0001193125-26-076753 | 10-K | XBRL Viewer

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Income Taxes - Components of Provision for Income Tax Expense (Benefit) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current provision/(benefit):
Federal	$ (28)	$ 29	$ 63
State	(5)	8	24
Total current provision/(benefit)	(33)	37	87
Deferred provision/(benefit):
Federal	2	5	0
State	0	1	(2)
Total deferred provision/(benefit)	2	6	(2)
Federal	(26)	34	63
State	(5)	9	22
Provision for income tax expense/(benefit)	$ (31)	$ 43	$ 85

Fair Value Measurements - Unobservable Data Used in Recurring Valuations of Level 3 (Detail) $ in Millions	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
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	$ (76)	$ (244)
Level 3 [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	(76)
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	$ (76)
Derivative Asset (Liability) Net, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Derivatives	0.05
Derivative Asset (Liability) Net, Measurement Input [Extensible Enumeration]	us-gaap:MeasurementInputConstantPrepaymentRateMember

Allowance for Loan Losses - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2025
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%

Segment Reporting - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) Segment	Dec. 31, 2024 USD ($)
Segment Reporting Information [Line Items]
Number of reportable operating segments \| Segment	3
Number of reportable segments \| Segment	3
Total assets	$ 48,681	$ 51,789
Business Processing [Member]
Segment Reporting Information [Line Items]
Total assets	0	103
Other Segment [Member]
Segment Reporting Information [Line Items]
Total assets	$ 1,300	$ 1,300

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Dividends per common share	$ 0.64	$ 0.64	$ 0.64
Retained Earnings [Member]
Dividends per common share	$ 0.64	$ 0.64	$ 0.64

Derivative Financial Instruments - Derivative Notional Values (Detail) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Total Derivative Notional Values	$ 7,300,000,000	$ 7,700,000,000
Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	1,300,000,000	100,000,000
Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	5,300,000,000	5,400,000,000
Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	700,000,000	2,200,000,000
Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	6,100,000,000	6,400,000,000
Interest Rate Swaps [Member] \| Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	1,300,000,000	100,000,000
Interest Rate Swaps [Member] \| Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	4,100,000,000	4,100,000,000
Interest Rate Swaps [Member] \| Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	700,000,000	2,200,000,000
Cross-Currency Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	1,200,000,000	1,300,000,000
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	1,200,000,000	1,300,000,000
Cross-Currency Interest Rate Swaps [Member] \| Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	$ 0	$ 0

Other Assets - Schedule of Other Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Accrued interest receivable	$ 1,658	$ 1,733
Benefit and insurance-related investments	458	459
Income tax asset, net	150	120
Derivatives at fair value	42	25
Fixed assets	23	52
Accounts receivable	12	49
Other	42	100
Total	$ 2,385	$ 2,538

- Definition

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

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+ Details

Organization and Business

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Business

1. Organization and Business

Navient’s Business

Navient creates long-term value for customers and investors with responsible lending, flexible refinancing, trusted servicing oversight, and decades of education finance and portfolio management expertise. Through our Earnest brand's business, we help customers confidently achieve financial success through digital financial services. Our employees thrive in a culture of belonging, where they are supported and proud to deliver meaningful outcomes.

Navient’s business consists of:

•

Consumer Lending

We own and manage a portfolio of $15.5 billion of Private Education Loans. Through our Earnest brand we help students and families succeed with education lending and digital financial services, originating Earnest branded in-school student loans and refinancing products. In 2025, we originated $2.5 billion of Private Education Loans, a 77% increase from $1.4 billion a year ago.

•

Federal Education Loans

We own and manage a portfolio of $28.1 billion of federally guaranteed Federal Family Education Loan Program (FFELP) Loans. We support the success of our customers and ensure a compliant, efficient customer experience.

Navient previously provided both healthcare and government business processing services. Our healthcare services business was sold in September 2024 and our government services business was sold in February 2025, marking the end of Navient providing business processing solutions.

Borrowings - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Outstanding borrowings under facility	$ 45,706	$ 48,318
Issuance of unsecured debt	500	$ 0	$ 1,000
Private Education Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Outstanding borrowings under facility	2,300
Assets securing facility	1,900
Maximum unused capacity	1,700
Unencumbered Loans	$ 1,300
Private Education Loan ABCP Facilities [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Facility maturity date	2026-06
Private Education Loan ABCP Facilities [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Facility maturity date	2026-10
Private Education Loan Repurchase Facilities \| Asset-backed Securities, Securitized Loans and Receivables [Member]
Debt Instrument [Line Items]
Outstanding borrowings under facility	$ 500
FFELP Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Outstanding borrowings under facility	2,200
Assets securing facility	2,300
Maximum unused capacity	193
Unencumbered Loans	$ 83
FFELP Loan ABCP Facilities [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Facility maturity date	2026-11
FFELP Loan ABCP Facilities [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Facility maturity date	2027-04
FFELP Loan \| Asset-backed Securities, Securitized Loans and Receivables [Member]
Debt Instrument [Line Items]
Outstanding borrowings under facility	$ 100

Earnings (Loss) per Common Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings (Loss) per Common Share

10. Earnings (Loss) per Common Share

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


	Years Ended December 31,
(In millions, except per share data)	2025			2024		2023
Numerator:
Net income (loss)	$	(80	)	$	131	$	228
Denominator:
Weighted average shares used to compute basic EPS		99			109		122
Effect of dilutive securities:
Dilutive effect of restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan (ESPP)(1)		—			2		1
Dilutive potential common shares(2)		—			2		1
Weighted average shares used to compute diluted EPS		99			111		123
Basic earnings (loss) per common share	$	(.81	)	$	1.20	$	1.87
Diluted earnings (loss) per common share	$	(.81	)	$	1.18	$	1.85

(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 years ended December 31, 2025, 2024 and 2023, there were 2 million, 0 and 0 shares outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

Income Taxes - Summary of Changes in Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Unrecognized tax benefits at beginning of year	$ 47.1	$ 48.5	$ 50.7
Increases resulting from tax positions taken during a prior period	0.0	8.8	3.8
Decreases resulting from tax positions taken during a prior period	(4.0)	(6.4)	(4.5)
Increases resulting from tax positions taken during the current period	7.2	10.2	7.4
Decreases related to settlements with taxing authorities	(0.5)	(6.0)	(3.8)
Increases related to settlements with taxing authorities	0.0	0.0	0.0
Reductions related to the lapse of statute of limitations	(2.6)	(8.0)	(5.1)
Unrecognized tax benefits at end of year	$ 47.2	$ 47.1	$ 48.5

Derivative Financial Instruments - Derivative Positions Net of Collateral (Detail) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative assets	$ 42	$ 25
Derivative values (as carried on balance sheet), Assets	$ 42	$ 25
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Cash collateral (held) pledged, Assets	$ (44)	$ (26)
Net position, Assets	(2)	(1)
Derivative liabilities	(79)	(244)
Derivative values (as carried on balance sheet), Liabilities	$ (79)	$ (244)
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Cash collateral (held) pledged, Liabilities	$ 40	$ 30
Net position, Liabilities	$ (39)	$ (214)

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions			3 Months Ended		12 Months Ended
	Feb. 28, 2025	Dec. 19, 2024	Sep. 30, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Summary Of Significant Accounting Policies [Line Items]
Transferable tax credits purchases			$ 25		$ 23
Discount on transferable credits purchased			2
Percentage of threshold					50.00%
Reduction in current year provision for income tax expense			$ 2
Goodwill impaired method for fair value determination					We complete a goodwill impairment analysis which may be a qualitative or a quantitative analysis depending on the facts and circumstances associated with the reporting unit. In conjunction with a qualitative impairment analysis, we assess relevant qualitative factors to determine whether it is “more-likely-than-not” that the fair value of a reporting unit is less than its carrying amount. The “more-likely-than-not” threshold is defined as having a likelihood of more than 50%. If, based on first assessing impairment utilizing a qualitative approach, we determine it is “more-likely-than-not” that the fair value of the reporting unit is less than its carrying amount, we will also complete a quantitative impairment analysis. In conjunction with a quantitative impairment analysis, we compare the fair value of the reporting unit to the reporting unit’s carrying value, including goodwill. If the carrying value of the reporting unit exceeds the fair value, goodwill is impaired in an amount equal to the amount by which the carrying value exceeds the fair value of the reporting unit not to exceed the goodwill amount attributed to the reporting unit.
Option to exercise clean-up call and purchase education loans from trust of original loan balance					10% or less of the original loan balance
Percentage of trust's asset balance needed to trigger clean-up call					10.00%
Option to purchase education loan of the trust's initial pool balance					up to 10% of the trust’s initial pool balance
Assets				$ 51,789	$ 48,681	$ 51,789
Description of post employment benefits					The Company administers the Navient Corporation Employee Severance Plan and the Navient Corporation Executive Severance Plan for Senior Officers (collectively, the Severance Plan). The Severance Plan provides severance benefits in the event of termination of the Company’s full-time employees and part-time employees who work at least 24 hours per week.
Restructuring/other reorganization expenses					$ 17	39	$ 25
Gain on sale of subsidiaries, net					0	191	$ 0
Business Processing [Member]
Summary Of Significant Accounting Policies [Line Items]
Assets				103	0	$ 103
Securitization Trust [Member]
Summary Of Significant Accounting Policies [Line Items]
Assets					$ 6
Government Services [Member]
Summary Of Significant Accounting Policies [Line Items]
Gain on sale of subsidiaries, net		$ (28)		$ (28)
Government Services [Member] \| Business Processing [Member]
Summary Of Significant Accounting Policies [Line Items]
Sale of equity interests in subsidiary	$ 44
Loans Disbursed after October 1, 1993, and before July 1, 2006 [Member] \| FFELP Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage reimbursement on all qualifying default claims period					98.00%
Loans Disbursed on or after July 1, 2006 [Member] \| FFELP Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage reimbursement on all qualifying default claims period					97.00%
Loans Disbursed prior to October 1, 1993 [Member] \| FFELP Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage reimbursement on all qualifying default claims period					100.00%
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Percentage of aggregate education loan to purchase					10.00%
Private Education Loans [Member] \| Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Delinquency period (in days)					212 days

Allowance for Loan Losses - Loan Type (Detail) - FFELP Loans [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	$ 28,314	$ 31,032	$ 38,140
Change	(2,718)
Stafford Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	9,290	9,966
Change	(676)
Consolidation Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	16,151	17,956
Change	(1,805)
Rehab Loans [Member]
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans, gross	2,873	$ 3,110
Change	$ (237)

- 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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- Definition

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

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+ Details

Allowance for Loan Losses - Summary of Performance and Related Loan Status of Loans Modified (Details) - Private Education Loans [Member] - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment status (Amortized Cost)	$ 2,680	$ 2,695	$ 2,729
School/Deferment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment status (Amortized Cost)	24	21	22
Forbearance [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment status (Amortized Cost)	73	162	93
Financing Asset, Not Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment status (Amortized Cost)	2,056	2,037	2,199
Financial Asset, 31 to 60 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment status (Amortized Cost)	191	172	160
Financial Asset, 61 to 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment status (Amortized Cost)	125	117	96
Financial Asset, 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment status (Amortized Cost)	$ 211	$ 186	$ 159

Income Taxes - Summary of Changes in Unrecognized Tax Benefits (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 47.2	$ 47.1	$ 48.5	$ 50.7
Unrecognized tax benefits recognition impact on effective tax rate	$ 37.3

Insider Trading Arrangements

3 Months Ended

Dec. 31, 2025

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Director and Officer Trading Arrangements

During the quarter ended December 31, 2025, none of the Company’s directors or officers who are subject to the filing requirements of Section 16 of the Securities and Exchange Act of 1934 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), 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)	November 21, 2025	Trading plan intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c).	November 21, 2025 – December 31, 2026	Up to 50,000 shares

(1)

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

Steve Hauber [Member]

Trading Arrangements, by Individual

Name

Steve Hauber

Title

Executive Vice President & Chief Administrative Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

November 21, 2025

Arrangement Duration

406 days

Aggregate Available

50,000

Directors or Officers [Member]

Trading Arrangements, by Individual

Title

directors or officers

Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Earnings (Loss) per Common Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings (Loss) per Common Share


	Years Ended December 31,
(In millions, except per share data)	2025			2024		2023
Numerator:
Net income (loss)	$	(80	)	$	131	$	228
Denominator:
Weighted average shares used to compute basic EPS		99			109		122
Effect of dilutive securities:
Dilutive effect of restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan (ESPP)(1)		—			2		1
Dilutive potential common shares(2)		—			2		1
Weighted average shares used to compute diluted EPS		99			111		123
Basic earnings (loss) per common share	$	(.81	)	$	1.20	$	1.87
Diluted earnings (loss) per common share	$	(.81	)	$	1.18	$	1.85

(1)

(2)

Education Loans - Education Loan Portfolio by Program (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounts Notes And Loans Receivable [Line Items]
Loans, Carrying Value	$ 43,592	$ 46,568
Percentage to total education loans	100.00%	100.00%
Average Balance education loans	$ 45,932	$ 50,755
Average Effective Interest Rate of education loans	6.58%	7.20%
FFELP Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Loans, Carrying Value	$ 28,141	$ 30,852
Percentage to total education loans	65.00%	66.00%
Average Balance education loans	$ 29,945	$ 33,946
Average Effective Interest Rate of education loans	6.35%	7.06%
Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Loans, Carrying Value	$ 15,451	$ 15,716
Percentage to total education loans	35.00%	34.00%
Average Balance education loans	$ 15,987	$ 16,809
Average Effective Interest Rate of education loans	7.02%	7.49%

Segment Reporting - Segment Result and Reconciliations to GAAP - Core Earnings Adjustments (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income (loss) after provisions for loan losses	$ 239	$ 423	$ 739
Goodwill and acquired intangible asset impairment and amortization	3	146	10
Income tax expense (benefit)	(31)	43	85
Net income (loss)	(80)	131	228
Total Adjustments [Member] \| Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income (loss) after provisions for loan losses	32	37	84
Total other income (loss)	30	(70)	(11)
Goodwill and acquired intangible asset impairment and amortization	(3)	(146)	(10)
Total Core Earnings adjustments to GAAP	65	113	83
Income tax expense (benefit)	20	23	8
Net income (loss)	45	90	75
Net Impact of Goodwill and Acquired Intangible Assets [Member] \| Total Adjustments [Member] \| Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income (loss) after provisions for loan losses	0	0	0
Total other income (loss)	0	0	0
Goodwill and acquired intangible asset impairment and amortization	(3)	(146)	(10)
Total Core Earnings adjustments to GAAP	3	146	10
Net Impact of Derivative Accounting [Member] \| Total Adjustments [Member] \| Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income (loss) after provisions for loan losses	32	37	84
Total other income (loss)	30	(70)	(11)
Goodwill and acquired intangible asset impairment and amortization	0	0	0
Total Core Earnings adjustments to GAAP	$ 62	$ (33)	$ 73

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Loss from continuing operations before income tax benefit from U. S. operations	$ 111
Valuation allowance, Operating loss and credit carryovers	$ 151	$ 123
Minimum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Statute of limitation period for open tax reviews	3 years
Maximum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Statute of limitation period for open tax reviews	4 years

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Common Share Repurchases, Issuances and Dividends Paid

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


	Years Ended December 31,
(Dollars and shares in millions, except per share amounts)	2025		2024		2023
Common stock repurchased(1)		8.5		11.5		18.0
Common stock repurchased (in dollars)(1)	$	111	$	179	$	310
Average purchase price per share(1)	$	13.08	$	15.51	$	17.21
Remaining common stock repurchase authority(1)	$	100	$	111	$	290
Shares repurchased related to employee stock- based compensation plans(2)		.5		.5		1.3
Average purchase price per share(2)	$	13.67	$	15.83	$	18.44
Common shares issued(3)		1.5		1.6		2.6
Dividends paid	$	63	$	70	$	78
Dividends per share	$	.64	$	.64	$	.64

(1)

Common shares purchased under our share repurchase program. Our Board of Directors authorized a $1 billion share repurchase program in 2021 and subsequently authorized an additional $100 million share repurchase program in October 2025.

(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.

Earnings (Loss) per Common Share - Schedule of Earnings (Loss) per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net income	$ (80)	$ 131	$ 228
Denominator:
Weighted average shares used to compute basic EPS	99	109	122
Effect of dilutive securities:
Dilutive effect of restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan ("ESPP")	0	2	1
Dilutive potential common shares	0	2	1
Weighted average shares used to compute diluted EPS	99	111	123
Basic earnings (loss) per common share	$ (0.81)	$ 1.20	$ 1.87
Diluted earnings (loss) per common share	$ (0.81)	$ 1.18	$ 1.85

Business Combinations and Divestitures, Goodwill and Acquired Intangible Assets - Summary of Acquired Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost Basis	$ 245	$ 245
Intangible assets subject to amortization, Accumulated Impairment and Amortization	(239)	(236)
Intangible assets subject to amortization, Net	6	9
Customer, Services And Lending Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost Basis	139	139
Intangible assets subject to amortization, Accumulated Impairment and Amortization	(139)	(139)
Intangible assets subject to amortization, Net	0	0
Software and Technology [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost Basis	93	93
Intangible assets subject to amortization, Accumulated Impairment and Amortization	(90)	(88)
Intangible assets subject to amortization, Net	3	5
Trademarks and Trade Names [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost Basis	13	13
Intangible assets subject to amortization, Accumulated Impairment and Amortization	(10)	(9)
Intangible assets subject to amortization, Net	$ 3	$ 4

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions	Total	Open Market Repurchases [Member]	Common Stock [Member]	Treasury Stock [Member]	Treasury Stock [Member] Open Market Repurchases [Member]	Common Stock Shares Outstanding [Member]	Common Stock Shares Outstanding [Member] Open Market Repurchases [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]
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			130,209,438
Treasury Stock, Common, Shares at Dec. 31, 2022				(330,878,152)
Comprehensive income (loss):
Net Income (Loss)	228									228
Other comprehensive income (loss), net of tax	(68)								(68)
Total comprehensive income (loss)	160
Cash dividends:
Common stock	(78)									(78)
Dividend equivalent units related to employee stock-based compensation plans	(2)									(2)
Issuance of common shares	$ 16							16
Issuance of common shares, Shares	2,600,000		2,627,458			2,627,458
Stock-based compensation expense	$ 24							24
Common stock repurchased		$ (310)			$ (310)	$ (310)
Common stock repurchased, shares					(18,016,941)	(18,000,000)	(18,016,941)
Shares repurchased related to employee stock-based compensation plans	$ (24)			$ (24)
Shares repurchased related to employee stock-based compensation plans, Shares	(1,300,000)			(1,315,644)		(1,315,644)
Other	$ (3)			$ (3)
Ending Balance, Value at Dec. 31, 2023	2,760		$ 4	$ (5,254)				3,353	19	4,638
Ending Balance, Shares at Dec. 31, 2023			463,715,048			113,504,311
Treasury Stock, Common, Shares at Dec. 31, 2023				(350,210,737)
Comprehensive income (loss):
Net Income (Loss)	131									131
Other comprehensive income (loss), net of tax	(16)								(16)
Total comprehensive income (loss)	115
Cash dividends:
Common stock	(70)									(70)
Dividend equivalent units related to employee stock-based compensation plans	(2)									(2)
Issuance of common shares	$ 4							4
Issuance of common shares, Shares	1,600,000		1,593,853			1,593,853
Stock-based compensation expense	$ 23							23
Common stock repurchased		(179)			$ (179)	$ (179)
Common stock repurchased, shares					(11,541,905)	(11,500,000)	(11,541,905)
Shares repurchased related to employee stock-based compensation plans	$ (8)			$ (8)
Shares repurchased related to employee stock-based compensation plans, Shares	(500,000)			(530,702)		(530,702)
Other	$ (2)			$ (2)
Ending Balance, Value at Dec. 31, 2024	$ 2,641		$ 4	$ (5,443)				3,380	3	4,697
Ending Balance, Shares at Dec. 31, 2024			465,308,901			103,025,557
Treasury Stock, Common, Shares at Dec. 31, 2024	362,000,000			(362,283,344)
Comprehensive income (loss):
Net Income (Loss)	$ (80)									(80)
Other comprehensive income (loss), net of tax	(1)								(1)
Total comprehensive income (loss)	(81)
Cash dividends:
Common stock	(63)									(63)
Dividend equivalent units related to employee stock-based compensation plans	(2)									(2)
Issuance of common shares	$ 2							2
Issuance of common shares, Shares	1,500,000		1,483,994			1,483,994
Stock-based compensation expense	$ 21							21
Common stock repurchased		$ (111)			$ (111)	$ (111)
Common stock repurchased, shares					(8,488,248)	(8,500,000)	(8,488,248)
Shares repurchased related to employee stock-based compensation plans	$ (7)			$ (7)
Shares repurchased related to employee stock-based compensation plans, Shares	(500,000)			(509,961)		(509,961)
Other	$ (1)			$ (1)
Ending Balance, Value at Dec. 31, 2025	$ 2,399		$ 4	$ (5,562)				$ 3,403	$ 2	$ 4,552
Ending Balance, Shares at Dec. 31, 2025			466,792,895			95,511,342
Treasury Stock, Common, Shares at Dec. 31, 2025	371,000,000			(371,281,553)

Borrowings (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Company's Borrowings

The following table summarizes our borrowings.


	December 31, 2025															December 31, 2024
(Dollars in millions)	Short Term			Weighted Average Interest Rate(8)			Long Term			Weighted Average Interest Rate(8)			Total			Short Term			Weighted Average Interest Rate(8)			Long Term			Weighted Average Interest Rate(8)			Total
Unsecured borrowings:
Senior unsecured debt	$	525			6.71	%	$	4,782			6.73	%	$	5,307		$	553			6.64	%	$	4,806			6.61	%	$	5,359
Total unsecured borrowings		525			6.71			4,782			6.73			5,307			553			6.64			4,806			6.61			5,359
Secured borrowings:
Private Education Loan securitizations(1)		469			6.98			10,250			3.66			10,719			631			7.76			10,338			3.50			10,969
FFELP Loan securitizations(2)(3)(4)		109			6.78			25,302			4.77			25,411			41			6.01			28,268			5.53			28,309
Private Education Loan ABCP facilities(5)		1,942			5.09			—			—			1,942			2,274			5.93			—			—			2,274
FFELP Loan ABCP facilities(5)		1,869			4.89			299			4.73			2,168			1,586			5.62			74			5.46			1,660
Other(6)		160			4.32			39			5.50			199			54			4.81			40			5.50			94
Total secured borrowings		4,549			5.21			35,890			4.45			40,439			4,586			6.06			38,720			4.99			43,306
Total before hedge accounting adjustments(7)		5,074			5.37			40,672			4.72			45,746			5,139			6.12			43,526			5.17			48,665
Hedge accounting adjustments		(1	)		—			(39	)		—			(40	)		(5	)		.01			(342	)		.04			(347	)
Total	$	5,073			5.37	%	$	40,633			4.73	%	$	45,706		$	5,134			6.13	%	$	43,184			5.21	%	$	48,318

(1)

Includes $469 million and $631 million of short-term debt related to the Private Education Loan ABS repurchase facilities (Private Education Loan Repurchase Facilities) as of December 31, 2025 and 2024, respectively.

(2)

Includes $109 million and $41 million of short-term debt and $0 million and $87 million of long-term debt related to the FFELP Loan ABS repurchase facilities (FFELP Loan Repurchase Facilities) as of December 31, 2025 and 2024, respectively.

(3)

Includes $1.2 billion and $1.3 billion of non-U.S. dollar-denominated debt as of December 31, 2025 and 2024, respectively, which has been hedged with swaps converting to U.S. dollars.

(4)

Includes defaulted FFELP secured debt tranches with a remaining principal amount of $1.1 billion as of December 31, 2025 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 2027 and 2037. There is no impact to the principal amount owed or the coupon at which the bonds accrue, and there is no revised contractual maturity date.

(5)

ABCP facilities include $2.4 billion and $1.3 billion of gross issuances in the years ended December 31, 2025 and 2024, respectively, and $2.3 billion and $1.4 billion of gross paydowns in the years ended December 31, 2025 and 2024, respectively.

(6)

“Other” primarily includes repurchase obligations and cash collateral held related to derivative exposures.

(7)

Includes $26.4 billion and $30.0 billion of long-term floating rate debt as of December 31, 2025 and 2024, respectively, and $14.2 billion and $14.0 billion of long-term fixed rate debt as of December 31, 2025 and 2024, respectively.

Weighted average interest rate is as of end of period.

Expected Maturities of Long-term Borrowings

As of December 31, 2025, the expected maturities of our long-term borrowings are shown in the following table.


	Expected Maturity
(Dollars in millions)	Senior Unsecured Debt			Secured Borrowings(1)			Total
Year of Maturity
2026	$	—		$	3,722		$	3,722
2027		699			3,695			4,394
2028		514			3,224			3,738
2029		947			3,389			4,336
2030		526			3,138			3,664
2031-2050		2,096			18,722			20,818
Total before hedge accounting adjustments		4,782			35,890			40,672
Hedge accounting adjustments		(23	)		(16	)		(39	)
Total	$	4,759		$	35,874		$	40,633

(1)

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

Financing VIEs

We consolidated the following financing VIEs as of December 31, 2025 and 2024, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings.


	December 31, 2025
	Debt Outstanding								Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term			Total			Loans		Cash		Other Assets, Net			Total
Secured Borrowings — VIEs:
Private Education Loan securitizations	$	469	$	10,250		$	10,719		$	11,960	$	364	$	127		$	12,451
FFELP Loan securitizations		109		25,302			25,411			25,942		950		1,096			27,988
Private Education Loan ABCP facilities		1,942		—			1,942			2,173		68		44			2,285
FFELP Loan ABCP facilities		1,869		299			2,168			2,115		84		108			2,307
Total before hedge accounting adjustments		4,389		35,851			40,240			42,190		1,466		1,375			45,031
Hedge accounting adjustments		—		(16	)		(16	)		—		—		(75	)		(75	)
Total	$	4,389	$	35,835		$	40,224		$	42,190	$	1,466	$	1,300		$	44,956


	December 31, 2024
	Debt Outstanding								Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term			Total			Loans		Cash		Other Assets, Net			Total
Secured Borrowings — VIEs:
Private Education Loan securitizations	$	631	$	10,338		$	10,969		$	12,054	$	335	$	113		$	12,502
FFELP Loan securitizations		41		28,268			28,309			28,983		901		1,211			31,095
Private Education Loan ABCP facilities		2,274		—			2,274			2,584		75		66			2,725
FFELP Loan ABCP facilities		1,586		74			1,660			1,637		53		78			1,768
Total before hedge accounting adjustments		4,532		38,680			43,212			45,258		1,364		1,468			48,090
Hedge accounting adjustments		—		(183	)		(183	)		—		—		(244	)		(244	)
Total	$	4,532	$	38,497		$	43,029		$	45,258	$	1,364	$	1,224		$	47,846

Summary of Activity Related to Senior Unsecured Debt Repurchases

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


	Years Ended December 31,
(Dollars in millions)	2025		2024		2023
Debt principal repurchased	$	—	$	—	$	850
Losses on debt repurchases	$	—	$	—	$	(8	)

- 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

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

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 2025 and 2024, there were no significant transfers of financial instruments between levels.


	Fair Value Measurements on a Recurring Basis
	December 31, 2025										December 31, 2024
(Dollars in millions)	Level 1		Level 2		Level 3			Total			Level 1		Level 2		Level 3			Total
Assets
Derivative instruments:(1)
Interest rate swaps	$	—	$	39	$	—		$	39		$	—	$	25	$	—		$	25
Cross-currency interest rate swaps		—		—		3			3			—		—		—			—
Total derivative assets		—		39		3			42			—		25		—			25
Total	$	—	$	39	$	3		$	42		$	—	$	25	$	—		$	25
Liabilities(2)
Derivative instruments(1)
Interest rate swaps	$	—	$	—	$	—		$	—		$	—	$	—	$	—		$	—
Cross-currency interest rate swaps		—		—		(79	)		(79	)		—		—		(244	)		(244	)
Total derivative liabilities		—		—		(79	)		(79	)		—		—		(244	)		(244	)
Total	$	—	$	—	$	(79	)	$	(79	)	$	—	$	—	$	(244	)	$	(244	)

(1)

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

(2)

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.


	Year Ended December 31, 2025
	Derivative Instruments
(Dollars in millions)	Interest Rate Swaps		Cross Currency Interest Rate Swaps			Other		Total Derivative Instruments
Balance, beginning of period	$	—	$	(244	)	$	—	$	(244	)
Total gains/(losses):
Included in earnings(1)		—		134			—		134
Included in other comprehensive income		—		—			—		—
Settlements		—		34			—		34
Transfers in and/or out of level 3		—		—			—		—
Balance, end of period	$	—	$	(76	)	$	—	$	(76	)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date(2)	$	—	$	168		$	—	$	168


	Year Ended December 31, 2024
	Derivative Instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other		Total Derivative Instruments
Balance, beginning of period	$	(1	)	$	(189	)	$	—	$	(190	)
Total gains/(losses):
Included in earnings(1)		—			(93	)		—		(93	)
Included in other comprehensive income		—			—			—		—
Settlements		—			38			—		38
Transfers in and/or out of level 3		1			—			—		1
Balance, end of period	$	—		$	(244	)	$	—	$	(244	)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date(2)	$	—		$	(55	)	$	—	$	(55	)


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

(1)

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

Included in Earnings


	Years Ended December 31,
(Dollars in millions)	2025		2024			2023
Gains (losses) on derivative and hedging activities, net	$	—	$	—		$	1
Interest expense		134		(93	)		17
Total	$	134	$	(93	)	$	18

Recorded in “gains (losses) on derivative and hedging activities, net” in the consolidated statements of income for interest rate swaps. Recorded in interest expense for cross-currency interest rate swaps in fair value hedges.

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 December 31, 2025			Valuation Technique	Input	Range and Weighted Average
Derivatives
Cross-currency interest rate swaps	$	(76	)	Discounted cash flow	Constant Prepayment Rate	5%
Total	$	(76	)

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

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


	December 31, 2025									December 31, 2024
(Dollars in millions)	Fair Value			Carrying Value			Difference			Fair Value			Carrying Value			Difference
Earning assets
Private Education Loans	$	15,051		$	15,451		$	(400	)	$	15,367		$	15,716		$	(349	)
FFELP Loans		28,096			28,141			(45	)		30,766			30,852			(86	)
Cash and investments		2,270			2,270			—			2,246			2,246			—
Total earning assets		45,417			45,862			(445	)		48,379			48,814			(435	)
Interest-bearing liabilities
Short-term borrowings		5,084			5,073			(11	)		5,144			5,134			(10	)
Long-term borrowings		40,120			40,633			513			42,361			43,184			823
Total interest-bearing liabilities		45,204			45,706			502			47,505			48,318			813
Derivative financial instruments
Interest rate swaps		39			39			—			25			25			—
Cross-currency interest rate swaps		(76	)		(76	)		—			(244	)		(244	)		—
Excess of net asset fair value over carrying value							$	57								$	378

Segment Reporting - Asset Information for Loans Segment (Detail) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Loans, net	$ 43,592	$ 46,568
Other	2,385	2,538
Total assets	48,681	51,789
Consumer Lending [Member]
Segment Reporting Information [Line Items]
Loans, net	15,451	15,716
Cash and investments	529	524
Other	565	569
Total assets	16,545	16,809
Federal Education Loans [Member]
Segment Reporting Information [Line Items]
Loans, net	28,141	30,852
Cash and investments	1,034	955
Other	1,681	1,818
Total assets	$ 30,856	$ 33,625

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

+ Details

Fair Value Measurements - Valuation of Financial Instruments that are Marked-to-Market on Recurring Basis (Detail) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 42	$ 25
Derivative liabilities	(79)	(244)
Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	39	25
Derivative liabilities	0	0
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	3	0
Derivative liabilities	(79)	(244)
Fair Value Measurements Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	42	25
Total	42	25
Derivative liabilities	(79)	(244)
Total	(79)	(244)
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	39	25
Total	39	25
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	3	0
Total	3	0
Derivative liabilities	(79)	(244)
Total	(79)	(244)
Fair Value Measurements Recurring [Member] \| Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	39	25
Derivative liabilities	0	0
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	39	25
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	0
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	3	0
Derivative liabilities	(79)	(244)
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	3	0
Derivative liabilities	$ (79)	$ (244)

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Interest income:
Cash and investments	$ 83	$ 154	$ 153
Total interest income	3,108	3,809	4,419
Total interest expense	2,589	3,273	3,557
Net interest income (loss)	519	536	862
Less: provisions for loan losses	280	113	123
Net interest income (loss) after provisions for loan losses	239	423	739
Other income (loss):
Servicing revenue	51	54	64
Asset recovery and business processing revenue	23	271	321
Other income	47	30	21
Gain on sale of subsidiaries, net	0	191	0
Losses on debt repurchases	0	0	(8)
Gains (losses) on derivative and hedging activities, net	(30)	70	11
Total other income (loss)	91	616	409
Expenses:
Salaries and benefits	149	316	401
Other operating expenses	272	364	399
Total operating expenses	421	680	800
Goodwill and acquired intangible asset impairment and amortization expense	3	146	10
Restructuring/other reorganization expenses	17	39	25
Total expenses	441	865	835
Income (loss) before income tax expense (benefit)	(111)	174	313
Income tax expense (benefit)	(31)	43	85
Net income (loss)	$ (80)	$ 131	$ 228
Basic earnings (loss) per common share	$ (0.81)	$ 1.20	$ 1.87
Average common shares outstanding	99	109	122
Diluted earnings (loss) per common share	$ (0.81)	$ 1.18	$ 1.85
Average common and common equivalent shares outstanding	99	111	123
Dividends per common share	$ 0.64	$ 0.64	$ 0.64
FFELP Loans [Member]
Interest income:
Total interest income	$ 1,903	$ 2,396	$ 2,897
Less: provisions for loan losses	31	1	56
Private Education Loans [Member]
Interest income:
Total interest income	1,122	1,259	1,369
Less: provisions for loan losses	$ 249	$ 112	$ 67

Business Combinations and Divestitures, Goodwill and Acquired Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination [Abstract]

Summary of Goodwill for Each Reporting Units and Reportable Segments

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


	As of December 31,
(Dollars in millions)	2025		2024
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
Federal Education Loans reportable segment:
FFELP Loans		227		227
Federal Education Loan Servicing		5		5
Total		232		232
Total goodwill	$	428	$	428

Acquired Intangible Assets

Acquired intangible assets include the following:


	As of December 31, 2025							As of December 31, 2024
(Dollars in millions)	Cost Basis		Accumulated Impairment and Amortization(3)(4)			Net		Cost Basis		Accumulated Impairment and Amortization(3)(4)			Net
Customer, services and lending relationships(1)	$	139	$	(139	)	$	—	$	139	$	(139	)	$	—
Software and technology(1)(2)		93		(90	)		3		93		(88	)		5
Trade names and trademarks(1)(2)		13		(10	)		3		13		(9	)		4
Total acquired intangible assets	$	245	$	(239	)	$	6	$	245	$	(236	)	$	9

(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 trade name assets.

(2)

During September 2024, $1 million of government services developed technology and trade name assets were impaired as a result of certain events that took place in mid-September 2024 related to a contract termination.

(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 $3 million, $8 million and $10 million in 2025, 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 $4 million, $2 million and $0.3 million in 2026, 2027 and 2028, respectively.

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

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

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

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Fair Value Measurements - Included in Earnings (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Gains (losses) on derivative and hedging activities, net	$ 134	$ (93)	$ 18
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gains on derivative and hedging activities, net	Gains on derivative and hedging activities, net	Gains on derivative and hedging activities, net
Gains (losses) on derivative and hedging activities, net
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Gains (losses) on derivative and hedging activities, net	$ 0	$ 0	$ 1
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gains on derivative and hedging activities, net	Gains on derivative and hedging activities, net	Gains 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	$ 134	$ (93)	$ 17
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gains on derivative and hedging activities, net	Gains on derivative and hedging activities, net	Gains on derivative and hedging activities, net

Business Combinations and Divestitures, Goodwill and Acquired Intangible Assets

12 Months Ended

Dec. 31, 2025

Business Combination [Abstract]

Business Combinations and Divestitures, Goodwill and Acquired Intangible Assets

5. Business Combinations and Divestitures, Goodwill and Acquired Intangible Assets

Divestitures

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.

With respect to the Government Services reporting unit, in 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 was a significant part of a Government Services contract, remained unfunded during the third quarter of 2025. At that time, there was significant uncertainty as to when or if Congress would fund this program, which would have resulted in resumption of services provided by Government Services under this contract. These 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 at the time and their indication of a potential purchase price, Navient concluded that Government Services’ $138 million of goodwill and acquired intangible assets were fully impaired.

On December 19, 2024, Navient entered into an agreement to sell its government services businesses. During the fourth quarter of 2024, our government services businesses met the criteria for held for sale classification. The basis of these subsidiaries was written down to their estimated sales price or fair value less cost to sell, which was equal to the estimated net sales price resulting in a $28 million loss, which is presented in the "Gain on sale of subsidiaries, net" line in the statement of income. In February 2025, Navient completed the sale of its government services businesses for net consideration of $44 million, which constitutes the remainder of the Business Processing segment.

The $23 million of revenue in the Business Processing segment in 2025 was related to government services, of which $4 million, $8 million and $11 million related to federal government, state and local government, and tolling authorities clients, respectively.

The $271 million of revenue in the Business Processing segment in 2024 included $88 million related to healthcare services and $183 million related to government services of which $41 million, $73 million and $69 million related to federal government, state and local government, and tolling authorities clients, respectively.

The $321 million of revenue in the Business Processing segment in 2023 included $121 million related to healthcare services and $200 million related to government services of which $62 million, $68 million and $70 million related to federal government, state and local government, and tolling authorities clients, respectively.

Goodwill

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


	As of December 31,
(Dollars in millions)	2025		2024
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
Federal Education Loans reportable segment:
FFELP Loans		227		227
Federal Education Loan Servicing		5		5
Total		232		232
Total goodwill	$	428	$	428

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

Interim Goodwill Impairment Testing

Based on the current performance of and economic environment impacting the reporting units with goodwill, we determined that no triggering events occurred during 2025. Accordingly, an interim impairment test was not warranted to test goodwill associated with reporting units with goodwill at March 31, June 30 and September 30, 2025.

Annual Impairment Testing

We performed annual goodwill impairment testing as of October 1, 2025. In accordance with our policy to perform a quantitative test for all reporting units with goodwill every three years in conjunction with annual impairment testing, we elected to retain a third-party appraisal firm to assist in the valuations required to perform a quantitative impairment test for our Private Education Legacy In-School Loans, Private Education Refinance Loans, Private Education Recent In-School Loans, FFELP Loans, and Federal Education Loan Servicing reporting units as of October 1, 2025. Utilizing an income approach, no goodwill was deemed impaired in conjunction with these reporting units as a result of the quantitative impairment test as the fair values of the reporting units were greater than their respective carry values. Additionally, fair values resulting from sensitivity analyses factoring in more conservative discount rates and growth rates for each reporting unit also yielded fair values in excess of the carrying values of each reporting unit.

The income approach measures the value of each reporting unit’s future economic benefit determined by its discounted cash flows derived from our projections plus an assumed terminal growth rate consistent with what we believe a market participant would assume in an acquisition. These projections are generally five-year projections that reflect the anticipated cash flow fluctuations of the respective reporting units. If a component of a reporting unit is winding down or is assumed to wind down, the projections extend through the anticipated wind-down period, and no residual value is ascribed.

Under our guidance, the third-party appraisal firm developed the discount rate for each reporting unit incorporating such factors as the risk-free rate, a market rate of return, a measure of volatility (Beta), a capital markets risk premium and a company-specific risk premium for each reporting unit, as appropriate, to adjust for volatility and uncertainty in the economy and to capture specific risk related to the respective reporting units. We considered whether an asset sale or an equity sale would be the most likely sale structure for each reporting unit and valued each reporting unit based on the more likely hypothetical scenario. The discount rates reflect market-based estimates of capital costs and are adjusted for our assessment of a market participant’s view with respect to execution and other risks associated with the projected cash flows of individual reporting units. We reviewed and approved the discount rates provided by the third-party appraiser, including the factors incorporated in developing the discount rates for each reporting unit.

Although the timing of impairment remains uncertain for the FFELP Loans reporting unit, goodwill will be impaired at some point in the future due to the runoff nature of the portfolio. 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 could result in partial impairment of FFELP goodwill in the next couple of years. The potential timing of impairment could be accelerated if prepayment rates are higher than anticipated 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.

To derive the cash flows underlying the income approach for each reporting unit, we considered the regulatory and legislative environment, the economic environment, our 2025 earnings, and our 2026 expected earnings as of October 1, 2025. We also considered our market capitalization in relation to our book equity and concluded that no goodwill associated with our reporting units was impaired as of October 1, 2025. Although our market capitalization was less than our book equity at October 1, 2025, we have concluded that our market capitalization is not indicative of the value of our reporting units with goodwill on a standalone basis.

We considered events subsequent to October 1, 2025, including the decrease in share price which occurred subsequent to December 31, 2025, noting no event which negatively impacted the fair values of our reporting units with goodwill through December 31, 2025. We will continue to monitor our market capitalization to determine if a triggering event occurs in 2026.

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

Acquired Intangible Assets

Acquired intangible assets include the following:


	As of December 31, 2025							As of December 31, 2024
(Dollars in millions)	Cost Basis		Accumulated Impairment and Amortization(3)(4)			Net		Cost Basis		Accumulated Impairment and Amortization(3)(4)			Net
Customer, services and lending relationships(1)	$	139	$	(139	)	$	—	$	139	$	(139	)	$	—
Software and technology(1)(2)		93		(90	)		3		93		(88	)		5
Trade names and trademarks(1)(2)		13		(10	)		3		13		(9	)		4
Total acquired intangible assets	$	245	$	(239	)	$	6	$	245	$	(236	)	$	9

(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 trade name assets.

(2)

(3)

(4)

- Definition

The entire disclosure for business combination.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-8

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Derivative Financial Instruments - Carrying Value and Related Fair Value Hedging Adjustments of Liabilities (Detail) - Designated as Hedging Instrument [Member] - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Short-term borrowings [Member]
Derivatives Fair Value [Line Items]
Carrying Value	$ 499	$ 495
Hedge Basis Adjustments	(1)	(5)
Long-term borrowings [Member]
Derivatives Fair Value [Line Items]
Carrying Value	4,675	4,517
Hedge Basis Adjustments	$ (42)	$ (345)

Allowance for Loan Losses - Private Education Loan Portfolio Stratified by Key Credit Quality Indicators (Parenthetical) (Detail)	Dec. 31, 2025	Dec. 31, 2024
With Cosigner [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators, Excluding Refinance Loans, Percent	67.00%	66.00%

Allowance for Loan Losses - Private Education Loan Portfolio Stratified by Key Credit Quality Indicators (Detail) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Loan allowance for losses	$ (537)	$ (621)	$ (832)	$ (1,022)
Loans, net	43,592	46,568
Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Total loans, gross	15,815	16,157	17,519
Loan allowance for losses	(364)	(441)	$ (617)	$ (800)
Loans, net	15,451	15,716
Loan, Net Charge-Offs in Year One	(1)	(1)
Loan, Net Charge-Offs in Year Two	(6)	(4)
Loan, Net Charge-Offs in Year Three	(7)	(11)
Loan, Net Charge-Offs in Year Four	(14)	(18)
Loan, Net Charge-Offs in Year Five	(26)	(4)
Loan, Net Charge-Offs in Year Prior	(281)	(297)
Total Charge Offs	(335)	(335)
FICO Scores [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	2,176	1,206
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,062	772
Total Private Education Loan Credit Quality Indicators by Origination Year Three	596	1,400
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,152	3,443
Total Private Education Loan Credit Quality Indicators by Origination Year Five	2,885	1,041
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	7,944	8,295
Total loans, gross	$ 15,815	$ 16,157
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	$ 2,146	$ 1,186
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,009	741
Total Private Education Loan Credit Quality Indicators by Origination Year Three	546	1,317
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,048	3,294
Total Private Education Loan Credit Quality Indicators by Origination Year Five	2,724	1,005
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	6,431	6,904
Total loans, gross	$ 13,904	$ 14,447
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	88.00%	89.00%
FICO Scores [Member] \| Below 640 [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 30	$ 20
Total Private Education Loan Credit Quality Indicators by Origination Year Two	53	31
Total Private Education Loan Credit Quality Indicators by Origination Year Three	50	83
Total Private Education Loan Credit Quality Indicators by Origination Year Four	104	149
Total Private Education Loan Credit Quality Indicators by Origination Year Five	161	36
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	1,513	1,391
Total loans, gross	$ 1,911	$ 1,710
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	12.00%	11.00%
Loan Status [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 2,176	$ 1,206
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,062	772
Total Private Education Loan Credit Quality Indicators by Origination Year Three	596	1,400
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,152	3,443
Total Private Education Loan Credit Quality Indicators by Origination Year Five	2,885	1,041
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	7,944	8,295
Total loans, gross	$ 15,815	$ 16,157
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100.00%	100.00%
Loan Status [Member] \| In-school/Grace/Deferment/Forbearance [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 89	$ 73
Total Private Education Loan Credit Quality Indicators by Origination Year Two	94	69
Total Private Education Loan Credit Quality Indicators by Origination Year Three	50	67
Total Private Education Loan Credit Quality Indicators by Origination Year Four	50	82
Total Private Education Loan Credit Quality Indicators by Origination Year Five	69	18
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	279	485
Total loans, gross	$ 631	$ 794
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	4.00%	5.00%
Loan Status [Member] \| Current/90 Days or Less Delinquent [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 2,083	$ 1,130
Total Private Education Loan Credit Quality Indicators by Origination Year Two	962	697
Total Private Education Loan Credit Quality Indicators by Origination Year Three	537	1,319
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,085	3,340
Total Private Education Loan Credit Quality Indicators by Origination Year Five	2,790	1,017
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	7,293	7,441
Total loans, gross	$ 14,750	$ 14,944
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	93.00%	92.00%
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	$ 4	$ 3
Total Private Education Loan Credit Quality Indicators by Origination Year Two	6	6
Total Private Education Loan Credit Quality Indicators by Origination Year Three	9	14
Total Private Education Loan Credit Quality Indicators by Origination Year Four	17	21
Total Private Education Loan Credit Quality Indicators by Origination Year Five	26	6
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	372	369
Total loans, gross	$ 434	$ 419
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	3.00%	3.00%
Seasoning [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 2,176	$ 1,206
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,062	772
Total Private Education Loan Credit Quality Indicators by Origination Year Three	596	1,400
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,152	3,443
Total Private Education Loan Credit Quality Indicators by Origination Year Five	2,885	1,041
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	7,944	8,295
Total loans, gross	$ 15,815	$ 16,157
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	$ 2,103	$ 1,143
Total Private Education Loan Credit Quality Indicators by Origination Year Two	213	148
Total Private Education Loan Credit Quality Indicators by Origination Year Three	22	24
Total Private Education Loan Credit Quality Indicators by Origination Year Four	16	19
Total Private Education Loan Credit Quality Indicators by Origination Year Five	7	2
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	25	36
Total loans, gross	$ 2,386	$ 1,372
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	15.00%	8.00%
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	772	568
Total Private Education Loan Credit Quality Indicators by Origination Year Three	129	144
Total Private Education Loan Credit Quality Indicators by Origination Year Four	27	49
Total Private Education Loan Credit Quality Indicators by Origination Year Five	27	9
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	30	48
Total loans, gross	$ 985	$ 818
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	6.00%	5.00%
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	406	1,189
Total Private Education Loan Credit Quality Indicators by Origination Year Four	139	751
Total Private Education Loan Credit Quality Indicators by Origination Year Five	62	17
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	67	87
Total loans, gross	$ 674	$ 2,044
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	4.00%	13.00%
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	939	2,581
Total Private Education Loan Credit Quality Indicators by Origination Year Five	667	133
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	113	162
Total loans, gross	$ 1,719	$ 2,876
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	11.00%	18.00%
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	2,089	872
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	7,567	7,803
Total loans, gross	$ 9,656	$ 8,675
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	61.00%	54.00%
Seasoning [Member] \| School/Grace/Deferment [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 73	$ 63
Total Private Education Loan Credit Quality Indicators by Origination Year Two	77	56
Total Private Education Loan Credit Quality Indicators by Origination Year Three	39	43
Total Private Education Loan Credit Quality Indicators by Origination Year Four	31	43
Total Private Education Loan Credit Quality Indicators by Origination Year Five	33	8
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	142	159
Total loans, gross	$ 395	$ 372
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	3.00%	2.00%
Certain Loan Modifications [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 2,176	$ 1,206
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,062	772
Total Private Education Loan Credit Quality Indicators by Origination Year Three	596	1,400
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,152	3,443
Total Private Education Loan Credit Quality Indicators by Origination Year Five	2,885	1,041
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	$ 7,944	8,295
Total loans, gross		$ 16,157
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	100.00%	100.00%
Certain Loan Modifications [Member] \| Modified Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 1	$ 0
Total Private Education Loan Credit Quality Indicators by Origination Year Two	22	14
Total Private Education Loan Credit Quality Indicators by Origination Year Three	39	85
Total Private Education Loan Credit Quality Indicators by Origination Year Four	111	186
Total Private Education Loan Credit Quality Indicators by Origination Year Five	222	57
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	4,810	5,272
Total loans, gross	$ 5,205	$ 5,614
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	33.00%	35.00%
Certain Loan Modifications [Member] \| Non-modified Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 2,175	$ 1,206
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,040	758
Total Private Education Loan Credit Quality Indicators by Origination Year Three	557	1,315
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,041	3,257
Total Private Education Loan Credit Quality Indicators by Origination Year Five	2,663	984
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	3,134	3,023
Total loans, gross	$ 10,610	$ 10,543
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	67.00%	65.00%
Cosigners [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 2,176	$ 1,206
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,062	772
Total Private Education Loan Credit Quality Indicators by Origination Year Three	596	1,400
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,152	3,443
Total Private Education Loan Credit Quality Indicators by Origination Year Five	2,885	1,041
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	7,944	8,295
Total loans, gross	$ 15,815	$ 16,157
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	$ 413	$ 277
Total Private Education Loan Credit Quality Indicators by Origination Year Two	315	246
Total Private Education Loan Credit Quality Indicators by Origination Year Three	198	152
Total Private Education Loan Credit Quality Indicators by Origination Year Four	122	79
Total Private Education Loan Credit Quality Indicators by Origination Year Five	63	19
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	3,872	4,468
Total loans, gross	$ 4,983	$ 5,241
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	32.00%	32.00%
Cosigners [Member] \| Without Cosigner [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 1,763	$ 929
Total Private Education Loan Credit Quality Indicators by Origination Year Two	747	526
Total Private Education Loan Credit Quality Indicators by Origination Year Three	398	1,248
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,030	3,364
Total Private Education Loan Credit Quality Indicators by Origination Year Five	2,822	1,022
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	4,072	3,827
Total loans, gross	$ 10,832	$ 10,916
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	68.00%	68.00%
School Type [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 2,176	$ 1,206
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,062	772
Total Private Education Loan Credit Quality Indicators by Origination Year Three	596	1,400
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,152	3,443
Total Private Education Loan Credit Quality Indicators by Origination Year Five	2,885	1,041
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	7,944	8,295
Total loans, gross	$ 15,815	$ 16,157
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	$ 2,056	$ 1,132
Total Private Education Loan Credit Quality Indicators by Origination Year Two	1,003	729
Total Private Education Loan Credit Quality Indicators by Origination Year Three	563	1,325
Total Private Education Loan Credit Quality Indicators by Origination Year Four	1,090	3,241
Total Private Education Loan Credit Quality Indicators by Origination Year Five	2,714	995
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	6,904	7,107
Total loans, gross	$ 14,330	$ 14,529
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	91.00%	90.00%
School Type [Member] \| For Profit [Member]
Accounts Notes And Loans Receivable [Line Items]
Total Private Education Loan Credit Quality Indicators by Origination Year One	$ 120	$ 74
Total Private Education Loan Credit Quality Indicators by Origination Year Two	59	43
Total Private Education Loan Credit Quality Indicators by Origination Year Three	33	75
Total Private Education Loan Credit Quality Indicators by Origination Year Four	62	202
Total Private Education Loan Credit Quality Indicators by Origination Year Five	171	46
Total Private Education Loan Credit Quality Indicators by Origination Year Prior	1,040	1,188
Total loans, gross	$ 1,485	$ 1,628
Total Private Education Loan Credit Quality Indicators by Origination Year, Percent	9.00%	10.00%

Consolidated Balance Sheets - Supplemental Information - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Loans, net	$ 43,592	$ 46,568
Short-term borrowings	5,073	5,134
Long-term borrowings	40,633	43,184
FFELP Loans [Member]
Loans, net	28,141	30,852
Private Education Loans [Member]
Loans, net	15,451	15,716
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Loans, net	42,190	45,258
Restricted cash	1,466	1,364
Other assets, net	1,300	1,224
Short-term borrowings	4,389	4,532
Long-term borrowings	35,835	38,497
Net assets of consolidated variable interest entities	4,732	4,817
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| FFELP Loans [Member]
Loans, net	28,057	30,620
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Private Education Loans [Member]
Loans, net	$ 14,133	$ 14,638

- Definition

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

+ References

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-Name Accounting Standards Codification
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+ Details

Borrowings

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Borrowings

6. Borrowings

Borrowings consist of secured borrowings issued through our securitization program, borrowings through secured facilities, and unsecured notes issued by us.

The following table summarizes our borrowings.


	December 31, 2025															December 31, 2024
(Dollars in millions)	Short Term			Weighted Average Interest Rate(8)			Long Term			Weighted Average Interest Rate(8)			Total			Short Term			Weighted Average Interest Rate(8)			Long Term			Weighted Average Interest Rate(8)			Total
Unsecured borrowings:
Senior unsecured debt	$	525			6.71	%	$	4,782			6.73	%	$	5,307		$	553			6.64	%	$	4,806			6.61	%	$	5,359
Total unsecured borrowings		525			6.71			4,782			6.73			5,307			553			6.64			4,806			6.61			5,359
Secured borrowings:
Private Education Loan securitizations(1)		469			6.98			10,250			3.66			10,719			631			7.76			10,338			3.50			10,969
FFELP Loan securitizations(2)(3)(4)		109			6.78			25,302			4.77			25,411			41			6.01			28,268			5.53			28,309
Private Education Loan ABCP facilities(5)		1,942			5.09			—			—			1,942			2,274			5.93			—			—			2,274
FFELP Loan ABCP facilities(5)		1,869			4.89			299			4.73			2,168			1,586			5.62			74			5.46			1,660
Other(6)		160			4.32			39			5.50			199			54			4.81			40			5.50			94
Total secured borrowings		4,549			5.21			35,890			4.45			40,439			4,586			6.06			38,720			4.99			43,306
Total before hedge accounting adjustments(7)		5,074			5.37			40,672			4.72			45,746			5,139			6.12			43,526			5.17			48,665
Hedge accounting adjustments		(1	)		—			(39	)		—			(40	)		(5	)		.01			(342	)		.04			(347	)
Total	$	5,073			5.37	%	$	40,633			4.73	%	$	45,706		$	5,134			6.13	%	$	43,184			5.21	%	$	48,318

(1)

(2)

(3)

Includes $1.2 billion and $1.3 billion of non-U.S. dollar-denominated debt as of December 31, 2025 and 2024, respectively, which has been hedged with swaps converting to U.S. dollars.

(4)

(5)

(6)

“Other” primarily includes repurchase obligations and cash collateral held related to derivative exposures.

(7)

(8)

Weighted average interest rate is as of end of period.

6. Borrowings (Continued)

As of December 31, 2025, the expected maturities of our long-term borrowings are shown in the following table.


	Expected Maturity
(Dollars in millions)	Senior Unsecured Debt			Secured Borrowings(1)			Total
Year of Maturity
2026	$	—		$	3,722		$	3,722
2027		699			3,695			4,394
2028		514			3,224			3,738
2029		947			3,389			4,336
2030		526			3,138			3,664
2031-2050		2,096			18,722			20,818
Total before hedge accounting adjustments		4,782			35,890			40,672
Hedge accounting adjustments		(23	)		(16	)		(39	)
Total	$	4,759		$	35,874		$	40,633

(1)

Variable Interest Entities

We consolidated the following financing VIEs as of December 31, 2025 and 2024, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings.


	December 31, 2025
	Debt Outstanding								Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term			Total			Loans		Cash		Other Assets, Net			Total
Secured Borrowings — VIEs:
Private Education Loan securitizations	$	469	$	10,250		$	10,719		$	11,960	$	364	$	127		$	12,451
FFELP Loan securitizations		109		25,302			25,411			25,942		950		1,096			27,988
Private Education Loan ABCP facilities		1,942		—			1,942			2,173		68		44			2,285
FFELP Loan ABCP facilities		1,869		299			2,168			2,115		84		108			2,307
Total before hedge accounting adjustments		4,389		35,851			40,240			42,190		1,466		1,375			45,031
Hedge accounting adjustments		—		(16	)		(16	)		—		—		(75	)		(75	)
Total	$	4,389	$	35,835		$	40,224		$	42,190	$	1,466	$	1,300		$	44,956


	December 31, 2024
	Debt Outstanding								Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term			Total			Loans		Cash		Other Assets, Net			Total
Secured Borrowings — VIEs:
Private Education Loan securitizations	$	631	$	10,338		$	10,969		$	12,054	$	335	$	113		$	12,502
FFELP Loan securitizations		41		28,268			28,309			28,983		901		1,211			31,095
Private Education Loan ABCP facilities		2,274		—			2,274			2,584		75		66			2,725
FFELP Loan ABCP facilities		1,586		74			1,660			1,637		53		78			1,768
Total before hedge accounting adjustments		4,532		38,680			43,212			45,258		1,364		1,468			48,090
Hedge accounting adjustments		—		(183	)		(183	)		—		—		(244	)		(244	)
Total	$	4,532	$	38,497		$	43,029		$	45,258	$	1,364	$	1,224		$	47,846

6. Borrowings (Continued)

Secured Facilities and Unsecured Debt

Private Education Loan ABCP Facilities

We have various ABCP borrowing facilities that we use to finance our Private Education Loans. Liquidity is available under these secured credit facilities to the extent we have eligible collateral and available capacity. The maximum borrowing capacity under these facilities will vary and is subject to each agreement’s borrowing conditions. These include but are not limited to the facility’s size, current usage and the availability and fair value of qualifying unencumbered Private Education Loan collateral. Our borrowings under these facilities are non-recourse. The maturity dates on these facilities range from June 2026 to October 2026. The interest rate on certain facilities can increase under certain circumstances. The facilities are subject to termination under certain circumstances. As of December 31, 2025, there was approximately $1.9 billion outstanding under these facilities, with approximately $2.3 billion of assets securing these facilities. As of December 31, 2025, the maximum unused capacity under these facilities was $1.7 billion and we had $1.3 billion of unencumbered Private Education Loans.

Private Education Loan Repurchase Facilities

These repurchase facilities are collateralized by the net assets in previously issued Private Education Loan ABS trusts. The lenders also have unsecured recourse to Navient Corporation as Guarantor for any shortfall in amounts payable. Because these facilities are secured by the Residual Interests in previous securitizations, we show the debt as part of Private Education Loan securitizations in the various borrowing tables above. As of December 31, 2025, there was approximately $0.5 billion outstanding under these facilities.

FFELP Loan ABCP Facilities

We have various ABCP borrowing facilities that we use to finance our FFELP Loans. Liquidity is available under these secured credit facilities to the extent we have eligible collateral and available capacity. The maximum borrowing capacity under these facilities will vary and is subject to each agreement’s borrowing conditions. These include but are not limited to the facility’s size, current usage and the availability and fair value of qualifying unencumbered FFELP Loan collateral. Our borrowings under these facilities are non-recourse. The maturity dates on these facilities range from November 2026 to April 2027. The interest rate on certain facilities can increase under certain circumstances. The facilities are subject to termination under certain circumstances. As of December 31, 2025, there was approximately $2.2 billion outstanding under these facilities, with approximately $2.3 billion of assets securing these facilities. As of December 31, 2025, the maximum unused capacity under these facilities was $193 million and we had $83 million of unencumbered FFELP Loans.

FFELP Loan Repurchase Facilities

These repurchase facilities are collateralized by the net assets in previously issued FFELP Loan ABS trusts. The lenders also have unsecured recourse to Navient Corporation as Guarantor for any shortfall in amounts payable. Because these facilities are secured by Navient-sponsored instruments issued in previous securitizations, we show the debt as part of FFELP Loan securitizations in the various borrowing tables above. As of December 31, 2025, there was approximately $0.1 billion outstanding under these facilities.

Senior Unsecured Debt

We issued $500 million, $0 and $1.0 billion of unsecured debt in 2025, 2024 and 2023, respectively.

Debt Repurchases

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


	Years Ended December 31,
(Dollars in millions)	2025		2024		2023
Debt principal repurchased	$	—	$	—	$	850
Losses on debt repurchases	$	—	$	—	$	(8	)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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+ Details

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates Our financial reporting and accounting policies conform to generally accepted accounting principles in the United States of America (GAAP). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Uncertain and volatile market and economic conditions increase the risk and complexity of the judgments in these estimates and actual results could differ from estimates. Accounting policies that include the most significant judgments, estimates and assumptions include the allowance for loan losses, goodwill and intangible asset impairment assessment and the amortization of loan premiums and discounts using the effective interest rate method.
Consolidation	Consolidation The consolidated financial statements include the accounts of Navient Corporation and its majority-owned and controlled subsidiaries and those Variable Interest Entities (VIEs) for which we are the primary beneficiary, after eliminating the effects of intercompany accounts and transactions. We consolidate any VIEs where we have determined we are the primary beneficiary. A VIE is a legal entity that does not have sufficient equity at risk to finance its own operations, or whose equity holders do not have the power to direct the activities that most significantly affect the economic performance of the entity, or whose equity holders do not share proportionately in the losses or benefits of the entity. The primary beneficiary of the VIE is the entity which has both: (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE. As it relates to our securitizations and other secured borrowing facilities that are VIEs as of December 31, 2025 that we consolidate, we are the primary beneficiary as we are the master servicer of the related education loan assets and own the Residual Interest of the securitization trusts and secured borrowing facilities.
Fair Value Measurement	Fair Value Measurement We use estimates of fair value in applying various accounting standards for our financial statements. Fair value measurements are used in one of four ways: • In the balance sheet with changes in fair value recorded in the statement of income; • In the balance sheet with changes in fair value recorded in the accumulated other comprehensive income section of the statement of changes in stockholders’ equity; • In the balance sheet for instruments carried at lower of cost or fair value with impairment charges recorded in the statement of income; and • In the notes to the financial statements. Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between willing and able market participants. In general, our policy in estimating fair value is to first look at observable market prices for identical assets and liabilities in active markets, where available. When these are not available, other inputs are used to model fair value such as prices of similar instruments, yield curves, volatilities, prepayment speeds, default rates and credit spreads, relying first on observable data from active markets. Depending on current market conditions, additional adjustments to fair value may be based on factors such as liquidity and credit spreads. Transaction costs are not included in the determination of fair value. When possible, we seek to validate the model’s output to market transactions. Depending on the availability of observable inputs and prices, different valuation models could produce materially different fair value estimates. The values presented may not represent future fair values and may not be realizable. We categorize our fair value estimates based on a hierarchical framework associated with three levels of price transparency utilized in measuring financial instruments at fair value. Classification is based on the lowest level of input that is significant to the fair value of the instrument. The three levels are as follows: • Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access at the measurement date. The types of financial instruments included in level 1 are highly liquid instruments with quoted prices. • Level 2 — Inputs from active markets, other than quoted prices for identical instruments, are used to determine fair value. Significant inputs are directly observable from active markets for substantially the full term of the asset or liability being valued. • Level 3 — Pricing inputs significant to the valuation are unobservable. Inputs are developed based on the best information available. However, significant judgment is required by us in developing the inputs.
Loans	Loans Loans, consisting of federally insured education loans and Private Education Loans, that we have the ability and intent to hold for the foreseeable future are classified as held-for-investment and are carried at amortized cost. Amortized cost includes the unamortized premiums, discounts, and capitalized origination costs and fees, all of which are amortized to interest income as further discussed below. Loans which are held-for-investment also have an allowance for loan loss. Any loans we have not classified as held-for-investment are classified as held-for-sale and carried at the lower of their carrying amount or fair value less costs to sell. Loans are classified as held-for-sale when we have the intent and ability to sell such loans. Loans which are held-for-sale do not have the associated premium, discount, and capitalized origination costs and fees amortized into interest income. In addition, once a loan is classified as held-for-sale, any allowance for loan losses that existed immediately prior to the reclassification to held-for-sale is reversed through provision.
Allowance for Loan Losses	Allowance for Loan Losses We account for our FFELP and Private Education Loans' allowance for loan losses under ASU No. 2016-13, “Financial Instruments — Credit Losses,” which requires measurement and recognition of an allowance for loan loss that estimates the remaining current expected credit losses (CECL) for financial assets measured at amortized cost held at the reporting date. We have determined that, for modeling current expected credit losses, we can reasonably estimate expected losses that incorporate current and forecasted economic conditions over a “reasonable and supportable” period. For Private Education Loans, we incorporate a reasonable and supportable forecast of various macroeconomic variables over the remaining life of the loans. The development of the reasonable and supportable forecast incorporates an assumption that each macroeconomic variable will revert to a long-term expectation starting in years 2-4 of the forecast and largely completing within the first five years of the forecast. For FFELP Loans, after a three-year reasonable and supportable period, there is an immediate reversion to a long-term expectation. The models used to project losses utilize key credit quality indicators of the loan portfolio and predict how those attributes are expected to perform in connection with the forecasted economic conditions. These losses are calculated on an undiscounted basis. For Private Education Loans, we utilize a transition rate model that estimates the probability of prepayment and default and apply the loss given default. For FFELP Loans, we use historical transition rates to determine prepayments and defaults. The forecasted economic conditions used in our modeling of expected losses are provided by a third party. The primary economic metrics we generally use in the economic forecast are unemployment, GDP, interest rates, consumer loan delinquency rates and consumer income. Several forecast scenarios are provided which represent the baseline economic expectations as well as favorable and adverse scenarios. We analyze and evaluate the alternative scenarios for reasonableness and determine the appropriate weighting of these alternative scenarios based upon the current economic conditions and our view of the likelihood and risks of the alternative scenarios. We project losses at the loan level and make estimates regarding prepayments and recoveries on defaults. Charge-offs include the discount or premium related to such defaulted loan. Once our loss model calculations are performed, we determine if qualitative adjustments are needed for factors not reflected in the quantitative model. These adjustments may include, but are not limited to, changes in lending and servicing and collection policies and practices, as well as the effect of other external factors such as the economy and changes in legal or regulatory requirements that impact the amount of future credit losses. At the end of each month, for Private Education Loans that are 212 days past due, we charge off the estimated loss of a defaulted loan balance by charging off the entire loan balance and estimating recoveries on a pool basis. These estimated recoveries are referred to as “expected future recoveries on previously fully charged-off loans.” If actual periodic recoveries are less than expected, the difference is immediately reflected as a reduction to expected future recoveries on previously fully charged-off loans. If actual periodic recoveries are greater than expected, they will be reflected as a recovery through the allowance for Private Education Loan losses once the cumulative recovery amount exceeds the cumulative amount originally expected to be recovered. FFELP Loans are insured as to their principal and accrued interest in the event of default subject to a Risk Sharing level based on the date of loan disbursement. These insurance obligations are supported by contractual rights against the United States. For loans disbursed after October 1, 1993, and before July 1, 2006, we receive 98% reimbursement on all qualifying default claims. For loans disbursed on or after July 1, 2006, we receive 97% reimbursement. For loans disbursed prior to October 1, 1993, we receive 100% reimbursement. We charge off the amount for which we do not receive reimbursement on the defaulted loan balance.
Investments	Investments Investments are primarily receivables for cash collateral posted to certain counterparties and investments in off-balance sheet securitizations.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents can include term federal funds, Eurodollar deposits, commercial paper, asset-backed commercial paper (ABCP), CDs, treasuries and money market funds with original terms to maturity of less than three months.
Restricted Cash and Investments	Restricted Cash and Investments Restricted cash primarily includes amounts held in education loan securitization trusts and other secured borrowings. This cash must be used to make payments related to trust obligations. Amounts on deposit in these accounts are primarily the result of timing differences between when principal and interest is collected on the trust assets and when principal and interest is paid on trust liabilities. Securities pledged as collateral related to our derivative portfolio, where the counterparty has rights to replace the securities, are classified as restricted. When the counterparty does not have these rights, the security is recorded in investments and disclosed as pledged collateral in the notes. Additionally, certain counterparties require cash collateral pledged to us to be segregated and held in restricted cash accounts.
Goodwill and Acquired Intangible Assets	Goodwill and Acquired Intangible Assets Acquisitions are accounted for under the acquisition method of accounting which results in the Company allocating the purchase price to the fair value of the acquired assets, liabilities and non-controlling interests, if any, with the remaining purchase price allocated to goodwill. Goodwill is not amortized but is tested periodically for impairment. We test goodwill for impairment annually as of October 1 at the reporting unit level, which is the same as or one level below a business segment. Goodwill is also tested at interim periods if an event occurs or circumstances change that would indicate the carrying amount may be impaired. We complete a goodwill impairment analysis which may be a qualitative or a quantitative analysis depending on the facts and circumstances associated with the reporting unit. In conjunction with a qualitative impairment analysis, we assess relevant qualitative factors to determine whether it is “more-likely-than-not” that the fair value of a reporting unit is less than its carrying amount. The “more-likely-than-not” threshold is defined as having a likelihood of more than 50%. If, based on first assessing impairment utilizing a qualitative approach, we determine it is “more-likely-than-not” that the fair value of the reporting unit is less than its carrying amount, we will also complete a quantitative impairment analysis. In conjunction with a quantitative impairment analysis, we compare the fair value of the reporting unit to the reporting unit’s carrying value, including goodwill. If the carrying value of the reporting unit exceeds the fair value, goodwill is impaired in an amount equal to the amount by which the carrying value exceeds the fair value of the reporting unit not to exceed the goodwill amount attributed to the reporting unit. Acquired intangible assets include, but are not limited to, trade names, customer and other relationships, and non-compete agreements. Acquired intangible assets with finite lives are amortized over their estimated useful lives in proportion to their estimated economic benefit. Finite-lived acquired intangible assets are reviewed for impairment using an undiscounted cash flow analysis when an event occurs or circumstances change indicating the carrying amount of a finite-lived asset or asset group may not be recoverable. If the carrying amount of the asset or asset group exceeds the undiscounted cash flows, the fair value of the asset or asset group is determined using an acceptable valuation technique. An impairment loss would be recognized if the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group. The impairment loss recognized would be the difference between the carrying amount and fair value.
Subsidiaries Held for Sale	Subsidiaries Held for Sale Held for sale classification is required if assets within a disposal group, including our subsidiaries, meet certain criteria that include management committing to a plan to sell the disposal group, initiating the activities necessary to identify a buyer to finalize the plan and completing a transaction that qualifies for recognition as a sale within one year of establishing the plan. The disposal group must be available for immediate sale and actively marketed at a reasonable sales price reflecting its current condition and thus, its value. Additionally, it must be unlikely that management will make significant changes to or withdraw the plan. If all of these criteria are met, the assets within a disposal group, including our subsidiaries, would be deemed held for sale and their basis would be recorded at the lower of its carrying amount or fair value less cost to sell. 2. Significant Accounting Policies (Continued) During the fourth quarter of 2024, Navient met all of these criteria with respect to its government services line of business resulting in held for sale classification of these subsidiaries. Also in the fourth quarter of 2024, Navient entered into an agreement to sell its government services businesses to a willing buyer. The net basis of these subsidiaries was written down to their estimated sales price or fair value less cost to sell, which was equal to the estimated net sales price resulting in a $28 million loss, which is presented in the "Gain on sale of subsidiaries, net" line in the statement of income. A balance sheet reserve was established to offset the basis of the assets held for sale in an amount equal to the estimated loss, which amount is included in Other Liabilities in the balance sheet. In February 2025, Navient completed the sale of its equity interests in its government services businesses for net consideration of $44 million, which constitutes the remainder of the Business Processing segment.
Securitization Accounting	Securitization Accounting Our securitizations use a two-step structure with a special purpose entity that legally isolates the transferred assets from us, even in the event of bankruptcy. Transactions receiving sale treatment are also structured to ensure that the holders of the beneficial interests issued are not constrained from pledging or exchanging their interests, and that we do not maintain effective control over the transferred assets. If these criteria are not met, then the transaction is accounted for as an on-balance sheet secured borrowing. In all cases, irrespective of whether they qualify as accounting sales, our securitizations are legally structured to be sales of assets that isolate the transferred assets from us. If a securitization qualifies as a sale, we then assess whether we are the primary beneficiary of the securitization trust (VIE) and are required to consolidate such trust. If we are the primary beneficiary, then no gain or loss is recognized. See “Consolidation” of this Note 2 for additional information regarding the accounting rules for consolidation when we are the primary beneficiary of these trusts. Irrespective of whether a securitization receives sale or on-balance sheet treatment, our continuing involvement with our securitization trusts is generally limited to: • Owning equity certificates or other certificates of certain trusts and, in certain cases, securities retained for the purpose of complying with risk retention requirements under securities laws. • Lending to certain trusts, under a revolving credit, amounts necessary to cover temporary cash flow needs of the trust. These amounts are repaid to us on a subordinated basis with interest at a market rate. • The servicing of the education loan assets within the securitization trusts, on both a pre- and post-default basis. • Our acting as administrator for the securitization transactions we sponsored, which includes remarketing certain bonds at future dates. • Our responsibilities relative to representation and warranty violations. • Temporarily advancing to the trust certain borrower benefits afforded the borrowers of education loans that have been securitized. These advances subsequently are returned to us in the next quarter. • Certain back-to-back derivatives entered into by us contemporaneously with the execution of derivatives by certain Private Education Loan securitization trusts. • The option held by us to buy certain delinquent loans from certain Private Education Loan securitization trusts. • The option to exercise the clean-up call and purchase the education loans from the trust when the asset balance is 10% or less of the original loan balance. • The option, on some trusts, to purchase education loans aggregating up to 10% of the trust’s initial pool balance. • The option (in certain trusts) to call rate reset notes in instances where the remarketing process has failed. The investors of the securitization trusts have no recourse to our other assets should there be a failure of the trusts to pay when due. Generally, the only arrangements under which we have to provide financial support to the trusts are representation and warranty violations requiring the buyback of loans. Under the terms of the transaction documents of certain trusts, we have, from time to time, exercised our options in various trusts to purchase delinquent loans from Private Education Loan trusts, to purchase the remaining loans from trusts once the loan balance falls below 10% of the original amount, to purchase education loans up to 10% of the trust’s initial balance, or to call rate reset notes. Certain trusts maintain financial arrangements with third parties also typical of securitization transactions, such as derivative contracts (swaps).
Education Loan Interest Income	Education Loan Interest Income For loans classified as held-for-investment, we recognize education loan interest income as earned, adjusted for the amortization of premiums (which includes premiums from loan purchases and capitalized direct origination costs) and discounts. These adjustments result in income being recognized based upon the expected yield of the loan over its life after giving effect to expected prepayments (i.e., the effective interest rate method). We amortize premium and discount on education loans using a Constant Prepayment Rate (CPR) which measures the rate at which loans in the portfolio pay down principal compared to their stated terms. In determining the CPR, we only consider payments made in excess of contractually required payments. This would include loan refinancing and consolidations and other early payoff activity. We regularly evaluate the assumptions used to estimate the prepayment speeds. In instances where there are changes to the assumptions, amortization is adjusted on a cumulative basis to reflect the change since the acquisition of the loan. We do not amortize any premiums, discounts or other adjustments to the basis of education loans when they are classified as held-for-sale.
Interest Expense	Interest Expense Interest expense is based upon contractual interest rates adjusted for the amortization of debt issuance costs, premiums and discounts. Our interest expense is also adjusted for net payments/receipts related to interest rate and foreign currency swap agreements that qualify and are designated as hedges, as well as the mark-to-market impact of derivatives and debt in fair value hedge relationships. Interest expense also includes the amortization of deferred gains and losses on closed hedge transactions that qualified as hedges. Amortization of debt issuance costs, premiums, discounts and terminated hedge-basis adjustments are recognized using the effective interest rate method.
Servicing Revenue	Servicing Revenue We perform loan servicing functions for third parties in return for a servicing fee. Our compensation is typically based on a per-unit fee arrangement or a percentage of the loans outstanding. We recognize servicing revenues associated with these activities based upon the contractual arrangements as the services are rendered. We recognize late fees on third-party serviced loans as well as on loans in our portfolio according to the contractual provisions of the promissory notes, as well as our expectation of collectability.
Asset Recovery and Business Processing Revenue	Asset Recovery and Business Processing Revenue The businesses that had asset recovery and business processing revenue were sold in 2024 and 2025. We accounted for that revenue (herein referred to as revenue from contracts with customers) in accordance with ASC 606, “Revenue from Contracts with Customers.” All Business Processing segment revenue was accounted for under ASC 606. Revenue that was earned by our Business Processing segment was derived from government services, which included receivables management services and account processing solutions, and healthcare services, which included revenue cycle management services. 2. Significant Accounting Policies (Continued) Most of our revenue from contracts with customers was derived from long-term contracts, the duration of which was expected to span more than one year. These contracts were billable monthly, as services were rendered, based on a percentage of the balance collected or the transaction processed, a flat fee per transaction or a stated rate per the service performed. In accordance with ASC 606, the unit of account is a contractual performance obligation, a promise to provide a distinct good or service to a customer. The transaction price is allocated to each distinct performance obligation when or as the good or service is transferred to the customer and the obligation is satisfied. Distinct performance obligations are identified based on the services specified in the contract that are capable of being distinct such that the customer can benefit from the service on its own or together with other resources that are available from the Company or a third party, and are also distinct in the context of the contract such that the transfer of the services is separately identifiable from other services promised in the contract. Most of our contracts include integrated service offerings that include obligations that are not separately identifiable and distinct in the context of our contracts. Accordingly, our contracts generally have a single performance obligation. A limited number of full-service offerings include multiple performance obligations. Substantially all our revenue was variable revenue which was recognized over time as our customers received and consumed the benefit of our services in an amount consistent with monthly billings. Accordingly, we do not disclose variable consideration associated with the remaining performance obligation as we have recognized revenue in the amount we have the right to invoice for services performed. Our fees correspond to the value the customer has realized from our performance of each increment of the service (for example, an individual transaction processed or collection of a past due balance).
Transfer of Financial Assets and Extinguishments of Liabilities	Transfer of Financial Assets and Extinguishments of Liabilities Our securitizations and other secured borrowings are generally accounted for as on-balance sheet secured borrowings. See “Securitization Accounting” of this Note 2 for further discussion on the criteria assessed to determine whether a transfer of financial assets is a sale or a secured borrowing. If a transfer of loans qualifies as a sale, we derecognize the loan and recognize a gain or loss as the difference between the carrying basis of the loan sold and liabilities retained and the compensation received. We periodically repurchase our outstanding debt in the open market or through public tender offers. We record a gain or loss on the early extinguishment of debt based upon the difference between the carrying cost of the debt and the amount paid to the third party and net of hedging gains and losses when the debt is in a qualifying hedge relationship. We recognize the results of a transfer of loans and the extinguishment of debt based upon the settlement date of the transaction.
Derivative Accounting	Derivative Accounting Derivative instruments that are used as part of our interest rate and foreign currency risk management strategy include interest rate swaps, cross-currency interest rate swaps, and interest rate floor contracts. The accounting for derivative instruments requires that every derivative instrument, including certain derivative instruments embedded in other contracts, be recorded on the balance sheet as either an asset or liability measured at its fair value. As more fully described below, if certain criteria are met, derivative instruments are classified and accounted for by us as either fair value or cash flow hedges. If these criteria are not met, the derivative financial instruments are accounted for as trading. Derivative positions are recorded as net positions by counterparty based on master netting arrangements exclusive of accrued interest and cash collateral held or pledged. Many of our derivatives, mainly fixed to variable or variable to fixed interest rate swaps and cross-currency interest rate swaps, qualify as effective hedges. For these derivatives, at the inception of the hedge relationship, the following is documented: the relationship between the hedging instrument and the hedged items (including the hedged risk, the method for assessing effectiveness, and the results of the upfront effectiveness testing), and the risk management objective and strategy for undertaking the hedge transaction. Each derivative is designated to either a specific (or pool of) asset(s) or liability(ies) on the balance sheet or expected future cash flows and designated as either a “fair value” or a “cash flow” hedge. The assessment of the hedge’s effectiveness is performed at inception and on an ongoing basis, generally using regression testing. For hedges of a pool of assets or liabilities, tests are performed to demonstrate the similarity of individual instruments of the pool. When it is determined that a derivative is not currently an effective hedge, ineffectiveness is recognized for the full change in value of the derivative with no offsetting mark-to-market of the hedged item for the current period. If it is also determined the hedge will not be effective in the future, we discontinue the hedge accounting prospectively, cease recording changes in the fair value of the hedged item, and begin amortization of any basis adjustments that exist related to the hedged item. 2. Significant Accounting Policies (Continued) Fair Value Hedges Fair value hedges are generally used by us to hedge the exposure to changes in the fair value of a recognized fixed rate asset or liability. We enter into interest rate swaps to economically convert fixed rate assets into variable rate assets and fixed rate debt into variable rate debt. We also enter into cross-currency interest rate swaps to economically convert foreign currency denominated fixed and floating debt to U.S. dollar denominated variable debt. For fair value hedges, we generally consider all components of the derivative’s gain and/or loss when assessing hedge effectiveness and generally hedge changes in fair values due to interest rates or interest rates and foreign currency exchange rates. For fair value hedges, both the derivative and the hedged item (for the risk being hedged) are marked-to-market through net interest income with any difference reflecting ineffectiveness. Cash Flow Hedges We use cash flow hedges to hedge the exposure to variability in cash flows for a forecasted debt issuance and for exposure to variability in cash flows of floating rate debt or assets. This strategy is used primarily to minimize the exposure to volatility from future changes in interest rates. For cash flow hedges, the change in the fair value of the derivative is recorded in other comprehensive income, net of tax, and recognized in earnings in the same period as the earnings effects of the hedged item. In the case of a forecasted debt issuance, gains and losses are reclassified to earnings over the period which the stated hedged transaction affects earnings. If we determine it is not probable that the anticipated transaction will occur, gains and losses are reclassified immediately to earnings. In assessing hedge effectiveness, generally all components of each derivative’s gains or losses are included in the assessment. We generally hedge exposure to changes in cash flows due to changes in interest rates or total changes in cash flow. Trading Activities When derivative instruments do not qualify as hedges, they are accounted for as trading instruments where all changes in fair value are recorded through earnings with no consideration for the corresponding change in fair value of the economically hedged item. Some of our derivatives, primarily Floor Income Contracts, basis swaps and certain other interest rate swaps do not qualify for hedge accounting treatment. Regardless of the accounting treatment, we consider these derivatives to be economic hedges for risk management purposes. We use this strategy to minimize our exposure to changes in interest rates. The “gains (losses) on derivative and hedging activities, net” line item in the consolidated statements of income includes the mark-to-market gains and losses of our derivatives that do not qualify for hedge accounting, as well as the realized changes in fair value related to derivative net settlements and dispositions that do not qualify for hedge accounting.
Accounting for Stock-Based Compensation	Accounting for Stock-Based Compensation We recognize stock-based compensation cost in our statements of income using the fair value-based method. Under this method we determine the fair value of the stock-based compensation at the time of the grant and recognize the resulting compensation expense over the grant’s vesting period. We record stock-based compensation expense net of estimated forfeitures and as such, only those stock-based awards that we expect to vest are recorded. We estimate the forfeiture rate based on historical forfeitures of equity awards and adjust the rate to reflect changes in facts and circumstances, if any. Ultimately, the total expense recognized over the vesting period will equal the fair value of awards that actually vest.
Restructuring and Other Reorganization Expenses	Restructuring and Other Reorganization Expenses From time to time we implement plans to restructure our business. In conjunction with these restructuring plans, involuntary benefit arrangements, disposal costs (including contract termination costs and other exit costs), as well as certain other costs that are incremental and incurred as a direct result of our restructuring plans, are classified as restructuring expenses in the consolidated statements of income. The Company administers the Navient Corporation Employee Severance Plan and the Navient Corporation Executive Severance Plan for Senior Officers (collectively, the Severance Plan). The Severance Plan provides severance benefits in the event of termination of the Company’s full-time employees and part-time employees who work at least 24 hours per week. The Severance Plan establishes specified benefits based on base salary, job level immediately preceding termination and years of service upon involuntary termination of employment. The benefits payable under the Severance Plan relate to past service, and they accumulate and vest. Accordingly, we recognize severance expenses to be paid pursuant to the Severance Plan when payment of such benefits is probable and can be reasonably estimated. Such benefits include severance pay calculated based on the Severance Plan, medical and dental benefits, and outplacement services expenses. Contract termination costs are expensed at the earlier of (1) the contract termination date or (2) the cease use date under the contract. Other exit costs are expensed as incurred and classified as restructuring expenses if (1) the cost is incremental to and incurred as a direct result of planned restructuring activities and (2) the cost is not associated with or incurred to generate revenues subsequent to our consummation of the related restructuring activities. Other reorganization expenses include certain internal costs and third-party costs incurred in connection with our cost reduction initiatives. During 2025, 2024 and 2023, the Company incurred $17 million, $39 million and $25 million, respectively, of restructuring/other reorganization expenses. In 2025 and 2024, these expenses related primarily to severance costs in connection with the various strategic initiatives that have been and continue to be implemented to simplify the Company, reduce our expense base and enhance our flexibility. Expense in 2023 related primarily to severance costs incurred in connection with the CEO transition as well as a facility lease termination and impairment of a facility held for sale in conjunction with the implementation of certain efficiency initiatives.
Income Taxes	Income Taxes We account for income taxes under the asset and liability approach which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and tax basis of our assets and liabilities. To the extent tax laws change, deferred tax assets and liabilities are adjusted in the period that the tax change is enacted. “Income tax expense/(benefit)” includes (i) deferred tax expense/(benefit), which represents the net change in the deferred tax asset or liability balance during the year plus any change in a valuation allowance and (ii) current tax expense/(benefit), which represents the amount of tax currently payable to or receivable from a tax authority plus amounts accrued for unrecognized tax benefits. Income tax expense/(benefit) excludes the tax effects related to adjustments recorded in equity. If we have an uncertain tax position, then that tax position is recognized only if it is more likely than not to be sustained upon examination based on the technical merits of the position. The amount of tax benefit recognized in the financial statements is the largest amount of benefit that is more than 50% likely of being sustained upon ultimate settlement of the uncertain tax position. We recognize interest related to unrecognized tax benefits in income tax expense/(benefit) and penalties, if any, in operating expenses. In August 2022, the Inflation Reduction Act of 2022 (IRA) was enacted and intended to incentivize investment in clean or renewable energy. With the passage of the IRA, certain renewable energy tax credits can now be transferred (sold) by those generating eligible credits to any qualified buyer seeking to purchase tax credits at a discount. We account for purchases of these nonrefundable, transferable credits under ASC 740 and present the purchased credit as an adjustment to income taxes payable when we use it to offset prior year and current year federal income tax liabilities. The difference between the purchase price and the ASC 740 measurement of the purchased credit is recognized in the provision for income tax expense in the period used. Direct costs to acquire the credits are treated separately from the purchase of the credits and are expensed as incurred. In the third quarter of 2025, we purchased $25 million of transferable credits at a discount of $2 million. The $25 million credit was used to reduce income tax liabilities from prior tax years and the benefit of $2 million was recorded as a reduction in the current year provision for income tax expense. The $23 million purchase, net of discount, was included in the current year disclosure of cash income taxes paid.
Earnings (Loss) per Common Share	Earnings (Loss) per Common Share We compute earnings (loss) per common share (EPS) by dividing net income allocated to common shareholders by the weighted average common shares outstanding. Diluted earnings per common share is computed by dividing income allocated to common shareholders by the weighted average common shares outstanding plus amounts representing the dilutive effect of stock options outstanding, restricted stock, restricted stock units, performance stock units and the outstanding commitment to issue shares under the Employee Stock Purchase Plan. See “Note 10 — Earnings (Loss) per Common Share” for further discussion.
Reclassifications	Reclassifications Certain reclassifications have been made to the balances as of and for the years ended December 31, 2024 and 2023, to be consistent with classifications adopted for 2025, which had no effect on net income, total assets or total liabilities.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Income Taxes In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes – Improvements to Income Tax Disclosures,” which requires companies to disclose additional information in specified categories regarding reconciliation of the effective tax rate to the statutory rate for federal, state, and foreign income taxes. The ASU also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. This guidance is effective for the current fiscal year and has been implemented prospectively. Income Statement Expense Disaggregation In November 2024, the FASB issued ASU No. 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures.” This update requires new financial statement disclosures in tabular format, disaggregating information about prescribed categories underlying any relevant expense caption presented on the income statement within continuing operations that represent functional or natural expense classifications. This guidance will become effective beginning after December 15, 2026, for annual reporting periods, and for interim reporting periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company continues to assess the impact of the income statement disclosure requirements. Internal-Use Software In September 2025, the FASB issued ASU No. 2025-06, “Intangibles – Goodwill and Other – Internal-Use Software – Targeted Improvements to the Accounting for Internal-Use Software.” This update considers different methods of software development and clarifies and expands the requirements for capitalization of software costs. The guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company continues to assess the impact to our accounting policies and financial statements. Interim Reporting In December 2025, the FASB issued ASU No. 2025-11, “Interim Reporting – Narrow Scope Improvements,” which clarifies interim disclosure requirements and the applicability of Topic 270 (Interim Reporting). This guidance will be effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. The Company continues to assess the impact of the interim reporting disclosure requirements.

Cybersecurity Risk Management, Strategy, and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy, and Governance	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	CYBERSECURITY Risk Management and Strategy Navient is dedicated to helping our clients and customers keep their information secure. Recognizing the evolving threats facing all companies, Navient maintains a comprehensive corporate information security program (the CISP) that utilizes a defense-in-depth strategy to protect Navient’s resources, infrastructure, assets and most importantly, our customer data and information. The CISP is an integral component of Navient’s overall risk management program and follows the same risk management philosophy and framework described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Risk Management.” The integration of our corporate information security program into our broader risk management program is designed so that cybersecurity risks and considerations are a critical part of Navient’s overall risk management and decision-making processes. Due to the Company’s history as a contractor to the federal government, the security controls defined in the National Institute of Standards and Technology (NIST) Special Publication 800-53 are the foundation of our security practices. Even though we no longer perform federal work, NIST SP 800-53 continues to serve as a useful benchmark. Our posture is also heavily influenced by the Payment Card Industry Data Security Standard (PCI DSS) and the System and Organization Controls (SOC) 1 and SOC 2 standards of the American Institute of Certified Public Accountants (AICPA) Statement on Standards for Attestation Engagements (SSAE). The overall objective of the Navient CISP is to establish effective enterprise-wide policies, standards, programs, procedures and strategies that address the security of Navient’s computer resources, infrastructure, data and information assets. The CISP includes administrative, technical, and physical safeguards designed to achieve certain objectives, including ensuring the security, confidentiality, integrity and availability of information; protecting against any reasonably anticipated threats or hazards to the security or integrity of such information; protecting against unauthorized access to or use of such information that could result in substantial harm or inconvenience to any customer or individual, or to Navient; providing reasonable assurance that business objectives will be achieved and security incidents will be prevented or detected, contained and corrected; and complying with legal, statutory, contractual and internally developed requirements. As part of the policies and standards established by the CISP, Navient conducts security awareness training for employees upon hire and annually thereafter and maintains cyber insurance coverage to mitigate certain risks associated with cybersecurity incidents. As part of the CISP, Navient has developed and implemented a formal security incident response program which provides clear, practical guidelines and actionable steps to respond to cybersecurity incidents. The security incident response program provides a framework which is comprised of different phases and overarching functions, representing the key activities to prepare for and respond to a security incident. Additionally, a cross-functional incident response team is utilized to ensure that appropriate staff, resources and expertise are available at all times to provide a coordinated response to any incident or event that may threaten the computer systems, information resources or data of the Company. In the event of a suspected or confirmed security incident, the Company’s Chief Information Security Officer (CISO) is responsible for coordinating with internal departments, including risk, compliance and legal, and other senior management as appropriate as well as outside vendors and advisors. Incident response exercises and tests are conducted periodically to help ensure an adequate incident response program is in place. Upon completion of the tests, results are documented and evaluated and reported to the Company’s senior management and the Board of Directors, as appropriate. Any notable deficiencies or findings resulting from the tests are entered into the Company’s open issues tracking system, to be tracked for follow-up and/or remediation, as applicable. The CISP is characterized by strong board and senior management level support and governance, integration through the Company’s business processes and clear accountability for carrying out respective responsibilities. Navient’s information security team coordinates a review of the CISP on an annual basis to confirm that the CISP complies with applicable laws and regulations. The CISP is also reviewed and approved by the Company’s CISO and the Board of Directors at least annually. Further, our CISO is responsible for administering the CISP. Our CISO, along with our Chief Information Officer (CIO), provides periodic reports regarding the status of the program and the overall state of the Company’s security to senior management and the Board of Directors, as may be necessary or appropriate. From time to time, Navient engages third parties in connection with its risk management processes, including to conduct evaluations of our security controls, whether through penetration testing, independent audits or consulting on best practices. Navient may also from time to time engage third parties to provide services to Navient, pursuant to which the third-party service provider receives, maintains, processes, or otherwise accesses Navient customer data and other confidential or proprietary information. Navient maintains industry standard risk management practices to ensure that service provider risks are identified and mitigated. Outsourced functions are held to the same level of rigor, continuous monitoring, and security & privacy requirements as if the functions were performed within the Company. Navient maintains a third party and outsourcing security program that provides a framework for engaging with third-party service providers, emphasizing risk management oversight. Navient also takes appropriate steps to monitor and/or audit service providers to ensure compliance with this program. All material agreements with service providers contain a provision that requires them, at a minimum, to implement and maintain an information security program that complies with the customer/employee information safeguarding regulations, and to authorize the Company to conduct security assessments, reviews, auditing and monitoring to ensure compliance. As of the date of this Form 10-K, Navient has not encountered any cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect the Company. While we continually monitor potential or likely cybersecurity threats and remain prepared to respond to any threats or incidents in an efficient, effective and consistent manner, we may not be successful in preventing or mitigating a cybersecurity incident that could have a material adverse effect on the Company. See “Risk Factors — Operational Risks — We depend on secure information technology, and a breach of our information technology systems could result in significant losses, disclosure of confidential customer information and reputational damage, which would adversely affect our business” for further discussion of our cybersecurity risks. Governance The Company’s Board of Directors plays a critical role in overseeing the Company’s cybersecurity risk management program. The Board of Directors receives regular briefings from the Company’s CIO and CISO on material matters related to information security such as risk assessments, risk management and results of testing and security incidents, and is notified between such updates regarding significant new cybersecurity threats or incidents. The Board of Directors also receives a formal, annual report on the effectiveness of the Company’s CISP from the Company’s CIO and CISO and approves the program on an annual basis. The Company’s CISO is responsible for administering and managing the CISP as well as for managing, communicating, conducting and coordinating all investigations regarding information technology or related to the use or misuse of the Company’s or our vendor’s computer systems, applications, data or resources. No cybersecurity incident response activity is permitted to be executed without the consent and approval of our CISO. Our CISO provides periodic reports regarding the status of the CISP and the overall state of the Company’s security to senior management and to the Board of Directors. Further, the CISO and his information security team coordinate periodic incident response exercises and tests to help ensure an adequate incident response program is in place, as described above. Upon completion of the tests, results and any findings are reported to the Company’s senior management, the Board of Directors and the Enterprise Risk and Compliance Committee. The Company’s CISO has been with the Company for over 23 years. Prior to being appointed CISO in August 2025, he led the Incident Response and Penetration Testing teams and directly supported previous CISOs. He was also an integral member of the Security Architecture and Infrastructure Architecture teams. Navient’s Enterprise Risk and Compliance Committee is an executive management-level committee to whom senior management reports and with whom senior management reviews significant risks, including risks relating to cybersecurity, receives reports on adherence to established risk parameters, provides direction on mitigation and remediation of our risks and closure of issues and supervises our enterprise risk management program. For more information on our Enterprise Risk and Compliance Committee and its roles and responsibilities, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Risk Management—Risk Oversight, Roles and Responsibilities—Enterprise Risk and Compliance Committee.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The CISP is an integral component of Navient’s overall risk management program and follows the same risk management philosophy and framework described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Risk Management.” The integration of our corporate information security program into our broader risk management program is designed so that cybersecurity risks and considerations are a critical part of Navient’s overall risk management and decision-making processes.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Navient’s Enterprise Risk and Compliance Committee is an executive management-level committee to whom senior management reports and with whom senior management reviews significant risks, including risks relating to cybersecurity, receives reports on adherence to established risk parameters, provides direction on mitigation and remediation of our risks and closure of issues and supervises our enterprise risk management program. For more information on our Enterprise Risk and Compliance Committee and its roles and responsibilities, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Risk Management—Risk Oversight, Roles and Responsibilities—Enterprise Risk and Compliance Committee.”
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board of Directors receives regular briefings from the Company’s CIO and CISO on material matters related to information security such as risk assessments, risk management and results of testing and security incidents, and is notified between such updates regarding significant new cybersecurity threats or incidents.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board of Directors also receives a formal, annual report on the effectiveness of the Company’s CISP from the Company’s CIO and CISO and approves the program on an annual basis.
Cybersecurity Risk Role of Management [Text Block]	Navient’s Enterprise Risk and Compliance Committee is an executive management-level committee to whom senior management reports and with whom senior management reviews significant risks, including risks relating to cybersecurity, receives reports on adherence to established risk parameters, provides direction on mitigation and remediation of our risks and closure of issues and supervises our enterprise risk management program. For more information on our Enterprise Risk and Compliance Committee and its roles and responsibilities, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Risk Management—Risk Oversight, Roles and Responsibilities—Enterprise Risk and Compliance Committee.”
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Company’s CISO is responsible for administering and managing the CISP as well as for managing, communicating, conducting and coordinating all investigations regarding information technology or related to the use or misuse of the Company’s or our vendor’s computer systems, applications, data or resources.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Company’s CISO has been with the Company for over 23 years. Prior to being appointed CISO in August 2025, he led the Incident Response and Penetration Testing teams and directly supported previous CISOs. He was also an integral member of the Security Architecture and Infrastructure Architecture teams.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Navient’s Enterprise Risk and Compliance Committee is an executive management-level committee to whom senior management reports and with whom senior management reviews significant risks, including risks relating to cybersecurity, receives reports on adherence to established risk parameters, provides direction on mitigation and remediation of our risks and closure of issues and supervises our enterprise risk management program.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Commitments, Contingencies and Guarantees - Additional Information (Detail) $ in Millions	1 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($)	Jan. 31, 2022 StateAttorneysGeneral	Dec. 31, 2025 USD ($)	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Number of state attorneys general under agreement \| StateAttorneysGeneral		40
Probable contingency loss liability				$ 105
Loss contingency estimate of possible loss related to expected legal costs				$ 3
Settlement payment	$ 120		$ 120
Legal settlements			100
Loss contingency settlement penalty			$ 20
Accrual of loss contingency	$ 18

Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders' Equity

9. Stockholders’ Equity

Common Stock

Our shareholders have authorized the issuance of 1.125 billion shares of common stock. The par value of Navient common stock is $0.01 per share. At December 31, 2025, 96 million shares were issued and outstanding and 13 million shares were unissued but encumbered for outstanding stock options, restricted stock units, performance stock units and dividend equivalent units for employee compensation and remaining authority for stock-based compensation plans.

Dividend and Share Repurchase Program

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


	Years Ended December 31,
(Dollars and shares in millions, except per share amounts)	2025		2024		2023
Common stock repurchased(1)		8.5		11.5		18.0
Common stock repurchased (in dollars)(1)	$	111	$	179	$	310
Average purchase price per share(1)	$	13.08	$	15.51	$	17.21
Remaining common stock repurchase authority(1)	$	100	$	111	$	290
Shares repurchased related to employee stock- based compensation plans(2)		.5		.5		1.3
Average purchase price per share(2)	$	13.67	$	15.83	$	18.44
Common shares issued(3)		1.5		1.6		2.6
Dividends paid	$	63	$	70	$	78
Dividends per share	$	.64	$	.64	$	.64

(1)

(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 December 31, 2025 was $13.00.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Business Combinations and Divestitures, Goodwill and Acquired Intangible Assets - Additional Information (Details) - USD ($) $ in Millions				3 Months Ended	12 Months Ended
	Feb. 28, 2025	Dec. 19, 2024	Sep. 19, 2024	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill and acquired intangible assets				$ 437	$ 434	$ 437
Gain on sale of subsidiaries, net					0	191	$ 0
Government Services [Member]
Goodwill [Line Items]
Goodwill and acquired intangible assets fully impaired					138
Gain on sale of subsidiaries, net		$ (28)		$ (28)
Healthcare Services [Member]
Goodwill [Line Items]
Goodwill and acquired intangible assets			$ 112
Gain on sale of subsidiaries, net			$ 219
Business Processing [Member]
Goodwill [Line Items]
Revenue						271	321
Business Processing [Member] \| Federal Government [Member]
Goodwill [Line Items]
Revenue					4	41	62
Business Processing [Member] \| State and Local Government [Member]
Goodwill [Line Items]
Revenue					8	73	68
Business Processing [Member] \| Tolling Authorities [Member]
Goodwill [Line Items]
Revenue					11	69	70
Business Processing [Member] \| Government Services [Member]
Goodwill [Line Items]
Sale of equity interests in subsidiary	$ 44
Revenue					$ 23	183	200
Business Processing [Member] \| Healthcare Services [Member]
Goodwill [Line Items]
Revenue						$ 88	$ 121

Education Loans

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Education Loans

3. Education Loans

Education loans consist of Private Education Loans and FFELP Loans.

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

There are two principal categories of FFELP Loans: Stafford and Consolidation Loans. Generally, Stafford Loans have repayment periods of between 5 and 10 years. Consolidation Loans have repayment periods of 12 to 30 years. FFELP Loans do not require repayment, or have modified repayment plans, while the customer is in-school and during the grace period immediately upon leaving school. The customer may also be granted a deferment or forbearance for a period of time based on need, during which time the customer is not considered to be in repayment. Interest continues to accrue on loans in the in-school, deferment and forbearance periods. FFELP Loans obligate the customer to pay interest at a stated fixed rate or a variable rate reset annually (subject to a cap) on July 1 of each year depending on when the loan was originated and the loan type. FFELP Loans disbursed before April 1, 2006 earn interest at the greater of the borrower’s rate or a floating rate based on the Special Allowance Payment (SAP) formula, with the interest earned on the floating rate that exceeds the interest earned from the customer being paid directly by ED. For loans disbursed after April 1, 2006, FFELP Loans effectively only earn at the SAP rate, as the excess interest earned when the borrower rate exceeds the SAP rate (Floor Income) is required to be rebated to ED.

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

3. Education Loans (Continued)

As of December 31, 2025, the balance of in-school loans that had been originated since 2020 was $1.0 billion. These in-school Private Education Loans are generally fixed rate. In early 2020, Navient entered into a loan purchase agreement with a third party whereby Navient provides marketing services to the third party for the purpose of originating in-school loans. Navient purchases a participation interest in each loan immediately after disbursement, thereby carrying the loans on-balance sheet before holding legal title to the loan. Once the loan is fully disbursed, Navient purchases the remaining interest in the loan from the third party and full legal title to the loan is transferred to Navient. The difference between the marketing fee paid to Navient by the third party and the premium paid to the third party by Navient for the loans, is deferred and amortized through loan income over the life of the loans.

The estimated weighted average life of education loans in our portfolio was approximately 7 years and 7 years at December 31, 2025 and 2024, respectively. The following table reflects the distribution of our education loan portfolio by program.


	December 31, 2025					Year Ended December 31, 2025
(Dollars in millions)	Ending Balance		% of Balance			Average Balance		Average Effective Interest Rate
Private Education Loans, net	$	15,451		35	%	$	15,987		7.02	%
FFELP Loans, net		28,141		65			29,945		6.35
Total education loans, net	$	43,592		100	%	$	45,932		6.58	%


	December 31, 2024					Year Ended December 31, 2024
(Dollars in millions)	Ending Balance		% of Balance			Average Balance		Average Effective Interest Rate
Private Education Loans, net	$	15,716		34	%	$	16,809		7.49	%
FFELP Loans, net		30,852		66			33,946		7.06
Total education loans, net	$	46,568		100	%	$	50,755		7.20	%

As of December 31, 2025 and 2024, 88% and 86%, respectively, of our education loan portfolio was in repayment.

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Derivative Instruments Gain Loss [Line Items]

Total gains (losses) on cash flow hedges

$ 0

$ 5

$ 16

Net changes in cash flow hedges, net of tax

^[1]

(1)

(16)

(68)

Interest Expense [Member]

Derivative Instruments Gain Loss [Line Items]

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

^[2]

$ (1)

$ (21)

$ (84)

[1]	See “Note 7 — Derivative Financial Instruments.”
[2]	Includes net settlement income/expense.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Allowance for Loan Losses - Amount of Loans Modified for Borrowers Financial Difficulty and Payment Default (Parenthetical) (Details) - Private Education Loans [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified Loans (Amortized Cost)	$ 734	$ 569	$ 272
Interest Rate Reduction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified Loans (Amortized Cost)	568	429	175
Combination Rate Reduction and Term Extension [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified Loans (Amortized Cost)	26	30	14
More Than an Insignificant Payment Delay [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified Loans (Amortized Cost)	$ 140	$ 110	$ 83

Allowance for Loan Losses

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Allowance for Loan Losses

4. Allowance for Loan Losses

Allowance for Loan Losses Rollforward


	Year Ended December 31, 2025
(Dollars in millions)	Private Education Loans			FFELP Loans			Total
Beginning balance	$	441		$	180		$	621
Total provision		249			31			280
Charge-offs:
Gross charge-offs		(388	)		(38	)		(426	)
Expected future recoveries on current period gross charge-offs		53			—			53
Net charge-offs(1)		(335	)		(38	)		(373	)
Decrease in expected future recoveries on previously fully charged-off loans(2)		9			—			9
Allowance at end of period	$	364		$	173		$	537
Net charge-offs as a percentage of average loans in repayment		2.18	%		.15	%
Ending total loans	$	15,815		$	28,314
Average loans in repayment	$	15,343		$	24,777
Ending loans in repayment	$	15,184		$	23,572

(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)

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


	Year Ended December 31,
(Dollars in millions)	2025
Beginning of period expected future recoveries on previously fully charged-off loans	$	179
Expected future recoveries of current period defaults		53
Recoveries (cash collected)		(41	)
Charge-offs (as a result of lower recovery expectations)		(21	)
End of period expected future recoveries on previously fully charged-off loans	$	170
Change in balance during period	$	(9	)

4. Allowance for Loan Losses (Continued)


	Year Ended December 31, 2024
(Dollars in millions)	Private Education Loans			FFELP Loans			Total
Beginning balance	$	617		$	215		$	832
Total provision		112			1			113
Charge-offs:
Gross charge-offs		(378	)		(36	)		(414	)
Expected future recoveries on current period gross charge-offs		43			—			43
Net charge-offs(1)(2)		(335	)		(36	)		(371	)
Decrease in expected future recoveries on previously fully charged-off loans(3)		47			—			47
Allowance at end of period	$	441		$	180		$	621
Net charge-offs as a percentage of average loans in repayment		2.08	%		.13	%
Ending total loans	$	16,157		$	31,032
Average loans in repayment	$	16,078		$	27,190
Ending loans in repayment	$	15,363		$	25,405

(1)

$28 million of 2024 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)


	Year Ended December 31,
(Dollars in millions)	2024
Beginning of period expected future recoveries on previously fully charged-off loans	$	226
Expected future recoveries of current period defaults		43
Recoveries (cash collected)		(41	)
Charge-offs (as a result of lower recovery expectations)		(49	)
End of period expected future recoveries on previously fully charged-off loans	$	179
Change in balance during period	$	(47	)

4. Allowance for Loan Losses (Continued)


	Year Ended December 31, 2023
(Dollars in millions)	Private Education Loans			FFELP Loans			Total
Beginning balance	$	800		$	222		$	1,022
Total provision		67			56			123
Charge-offs:
Gross charge-offs		(345	)		(63	)		(408	)
Expected future recoveries on current period gross charge-offs		47			—			47
Net charge-offs(1)		(298	)		(63	)		(361	)
Decrease in expected future recoveries on previously fully charged-off loans(2)		48			—			48
Allowance at end of period	$	617		$	215		$	832
Net charge-offs as a percentage of average loans in repayment		1.68	%		.19	%
Ending total loans	$	17,519		$	38,140
Average loans in repayment	$	17,749		$	33,047
Ending loans in repayment	$	16,796		$	30,436

(1)

(2)


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

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.

4. Allowance for Loan Losses (Continued)

Private Education Loans

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


	Private Education Loan Credit Quality Indicators by Origination Year
	December 31, 2025
(Dollars in millions)	2025			2024			2023			2022			2021			Prior			Total			% of Total
Credit Quality Indicators
FICO Scores:
640 and above	$	2,146		$	1,009		$	546		$	1,048		$	2,724		$	6,431		$	13,904			88	%
Below 640		30			53			50			104			161			1,513			1,911			12
Total	$	2,176		$	1,062		$	596		$	1,152		$	2,885		$	7,944		$	15,815			100	%
Loan Status:
In-school/grace/ deferment/forbearance	$	89		$	94		$	50		$	50		$	69		$	279		$	631			4	%
Current/90 days or less delinquent		2,083			962			537			1,085			2,790			7,293			14,750			93
Greater than 90 days delinquent		4			6			9			17			26			372			434			3
Total	$	2,176		$	1,062		$	596		$	1,152		$	2,885		$	7,944		$	15,815			100	%
Seasoning(1):
1-12 payments	$	2,103		$	213		$	22		$	16		$	7		$	25		$	2,386			15	%
13-24 payments		—			772			129			27			27			30			985			6
25-36 payments		—			—			406			139			62			67			674			4
37-48 payments		—			—			—			939			667			113			1,719			11
More than 48 payments		—			—			—			—			2,089			7,567			9,656			61
Loans in-school/ grace/deferment		73			77			39			31			33			142			395			3
Total	$	2,176		$	1,062		$	596		$	1,152		$	2,885		$	7,944		$	15,815			100	%
Certain Loan Modifications(2):
Modified	$	1		$	22		$	39		$	111		$	222		$	4,810		$	5,205			33	%
Non-Modified		2,175			1,040			557			1,041			2,663			3,134			10,610			67
Total	$	2,176		$	1,062		$	596		$	1,152		$	2,885		$	7,944		$	15,815			100	%
Cosigners:
With cosigner(3)	$	413		$	315		$	198		$	122		$	63		$	3,872		$	4,983			32	%
Without cosigner		1,763			747			398			1,030			2,822			4,072			10,832			68
Total	$	2,176		$	1,062		$	596		$	1,152		$	2,885		$	7,944		$	15,815			100	%
School Type:
Not-for-profit	$	2,056		$	1,003		$	563		$	1,090		$	2,714		$	6,904		$	14,330			91	%
For-profit		120			59			33			62			171			1,040			1,485			9
Total	$	2,176		$	1,062		$	596		$	1,152		$	2,885		$	7,944		$	15,815			100	%
Allowance for loan losses																				(364	)
Total loans, net																			$	15,451

Charge-Offs	$	(1	)	$	(6	)	$	(7	)	$	(14	)	$	(26	)	$	(281	)	$	(335	)

(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 subsequent to January 1, 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, the cosigner rate was 67% for total loans at December 31, 2025.

4. Allowance for Loan Losses (Continued)


	Private Education Loan Credit Quality Indicators by Origination Year
	December 31, 2024
(Dollars in millions)	2024			2023			2022			2021			2020			Prior			Total			% of Total
Credit Quality Indicators
FICO Scores:
640 and above	$	1,186		$	741		$	1,317		$	3,294		$	1,005		$	6,904		$	14,447			89	%
Below 640		20			31			83			149			36			1,391			1,710			11
Total	$	1,206		$	772		$	1,400		$	3,443		$	1,041		$	8,295		$	16,157			100	%
Loan Status:
In-school/grace/ deferment/forbearance	$	73		$	69		$	67		$	82		$	18		$	485		$	794			5	%
Current/90 days or less delinquent		1,130			697			1,319			3,340			1,017			7,441			14,944			92
Greater than 90 days delinquent		3			6			14			21			6			369			419			3
Total	$	1,206		$	772		$	1,400		$	3,443		$	1,041		$	8,295		$	16,157			100	%
Seasoning(1):
1-12 payments	$	1,143		$	148		$	24		$	19		$	2		$	36		$	1,372			8	%
13-24 payments		—			568			144			49			9			48			818			5
25-36 payments		—			—			1,189			751			17			87			2,044			13
37-48 payments		—			—			—			2,581			133			162			2,876			18
More than 48 payments		—			—			—			—			872			7,803			8,675			54
Loans in-school/ grace/deferment		63			56			43			43			8			159			372			2
Total	$	1,206		$	772		$	1,400		$	3,443		$	1,041		$	8,295		$	16,157			100	%
Certain Loan Modifications(2):
Modified	$	—		$	14		$	85		$	186		$	57		$	5,272		$	5,614			35	%
Non-Modified		1,206			758			1,315			3,257			984			3,023			10,543			65
Total	$	1,206		$	772		$	1,400		$	3,443		$	1,041		$	8,295		$	16,157			100	%
Cosigners:
With cosigner(3)	$	277		$	246		$	152		$	79		$	19		$	4,468		$	5,241			32	%
Without cosigner		929			526			1,248			3,364			1,022			3,827			10,916			68
Total	$	1,206		$	772		$	1,400		$	3,443		$	1,041		$	8,295		$	16,157			100	%
School Type:
Not-for-profit	$	1,132		$	729		$	1,325		$	3,241		$	995		$	7,107		$	14,529			90	%
For-profit		74			43			75			202			46			1,188			1,628			10
Total	$	1,206		$	772		$	1,400		$	3,443		$	1,041		$	8,295		$	16,157			100	%
Allowance for loan losses																				(441	)
Total loans, net																			$	15,716

Charge-Offs	$	(1	)	$	(4	)	$	(11	)	$	(18	)	$	(4	)	$	(297	)	$	(335	)

(1)

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

(2)

(3)

Excluding Private Education Refinance Loans, the cosigner rate was 66% for total loans at December 31, 2024.

4. Allowance for Loan Losses (Continued)


	Private Education Loan Delinquencies
	December 31, 2025						December 31, 2024
(Dollars in millions)	Balance			%			Balance			%
Loans in-school/grace/deferment(1)	$	395					$	372
Loans in forbearance(2)		236						422
Loans in repayment and percentage of each status:
Loans current		14,230			93.7	%		14,419			93.9	%
Loans delinquent 31-60 days(3)		326			2.1			319			2.1
Loans delinquent 61-90 days(3)		194			1.3			206			1.3
Loans delinquent greater than 90 days(3)		434			2.9			419			2.7
Total loans in repayment		15,184			100	%		15,363			100	%
Total loans		15,815						16,157
Allowance for losses		(364	)					(441	)
Loans, net	$	15,451					$	15,716
Percentage of loans in repayment					96.0	%					95.1	%
Delinquencies as a percentage of loans in repayment					6.3	%					6.1	%
Loans in forbearance as a percentage of loans in repayment and forbearance					1.5	%					2.7	%

(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., 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 an extension of the 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.

4. Allowance for Loan Losses (Continued)

FFELP Loans

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


	FFELP Loan Delinquencies
	December 31, 2025						December 31, 2024
(Dollars in millions)	Balance			%			Balance			%
Loans in-school/grace/deferment(1)	$	1,210					$	1,262
Loans in forbearance(2)		3,532						4,365
Loans in repayment and percentage of each status:
Loans current		19,441			82.4	%		20,675			81.4	%
Loans delinquent 31-60 days(3)		1,075			4.6			1,479			5.8
Loans delinquent 61-90 days(3)		706			3.0			1,043			4.1
Loans delinquent greater than 90 days(3)		2,350			10.0			2,208			8.7
Total FFELP Loans in repayment		23,572			100	%		25,405			100	%
Total FFELP Loans		28,314						31,032
FFELP Loan allowance for losses		(173	)					(180	)
FFELP Loans, net	$	28,141					$	30,852
Percentage of FFELP Loans in repayment					83.3	%					81.9	%
Delinquencies as a percentage of FFELP Loans in repayment					17.5	%					18.6	%
FFELP Loans in forbearance as a percentage of loans in repayment and forbearance					13.0	%					14.7	%

(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, who 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)	December 31, 2025		December 31, 2024		Change
Stafford Loans	$	9,290	$	9,966	$	(676	)
Consolidation Loans		16,151		17,956		(1,805	)
Rehab Loans		2,873		3,110		(237	)
Total loans, gross	$	28,314	$	31,032	$	(2,718	)

Loan Modifications to Borrowers Experiencing Financial Difficulty

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

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

4. Allowance for Loan Losses (Continued)

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

The following tables show the amortized cost basis as of December 31, 2025, 2024 and 2023 of the loans to borrowers experiencing financial difficulty that were modified during the respective periods.


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
	Year Ended December 31, 2025
(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	$	1,727		10.9	%	$	847		5.4	%	$	106		.7	%

	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
	Year Ended December 31, 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	$	1,686		10.4	%	$	885		5.5	%	$	124		.8	%

	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
	Year Ended December 31, 2023
(Dollars in millions)	Interest Rate Reductions(1)					More Than an Insignificant Payment Delay (2)					Combination Rate Reduction and Term Extension
Loan Type	Amortized Cost		% of Loan Type			Amortized Cost		% of Loan Type			Amortized Cost		% of Loan Type
Private Education Loans	$	1,668		9.5	%	$	923		5.3	%	$	138		.8	%

(1)

As of December 31, 2025, 2024 and 2023, there was $1 billion, $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.

4. Allowance for Loan Losses (Continued)

For those loans modified in 2025, 2024 and 2023, the following tables show the impact of such modifications.


Year Ended December 31, 2025
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 12.2% to 5.3%	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 11.7% to 5.2%.

Year Ended December 31, 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 13.0% to 5.4%	Added an average 7 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 12.6% to 5.4%.

Year Ended December 31, 2023
Loan Type	Interest Rate Reductions	More Than an Insignificant Payment Delay	Combination Rate Reduction and Term Extension
Private Education Loans	Reduced the weighted average contractual rate from 13.2% to 5.3%	Added an average 7 months to the remaining life of the loans	Added an average 8 years to the remaining life of the loans and reduced the weighted average contractual rate from 12.7% to 5.2%.

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.


(Dollars in millions)	December 31, 2025		December 31, 2024		December 31, 2023
Modified loans (amortized cost) (1)	$	734	$	569	$	272
Payment default (par)	$	751	$	582	$	278
Charge-offs (par)	$	71	$	15	$	15

(1)

For the twelve months ended December 31, 2025, 2024 and 2023, the modified loans include $568 million, $429 million and $175 million, respectively, of Interest Rate Reduction, $26 million, $30 million and $14 million, respectively, of Combination Rate Reduction and Term Extension, and $140 million, $110 million and $83 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 within the 12 months prior to December 31, 2025, the 12 months prior to December 31, 2024 and the 12 months prior to December 31, 2023.


(Dollars in millions)	Payment Status (Amortized Cost)
	Twelve Months Ended
Loan Status	December 31, 2025		December 31, 2024		December 31, 2023
Loans in School/Deferment	$	24	$	21	$	22
Loans in Forbearance		73		162		93
Loans current		2,056		2,037		2,199
Loans delinquent 31 - 60 days		191		172		160
Loans delinquent 61 - 90 days		125		117		96
Loans delinquent greater than 90 days		211		186		159
Total Modified Loans	$	2,680	$	2,695	$	2,729

Income Taxes - Schedule of Income Taxes Paid Net of Refunds Received (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Income Tax Disclosure [Abstract]
Federal	$ 18
State	1
Income taxes paid (net of refunds received)	$ 19

Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Allowance for Loan Losses
Allowance at beginning of period	$ 621	$ 832	$ 1,022
Provision:
Total provision	280	113	123
Charge-offs:
Charge-offs (as a result of lower recovery expectations)	(426)	(414)	(408)
Expected future recoveries on current period gross charge-offs	53	43	47
Net charge-offs	(373)	(371)	(361)
Decrease in expected future recoveries on previously fully charged-off loans	9	47	48
Allowance at end of period	537	621	832
FFELP Loans [Member]
Allowance for Loan Losses
Allowance at beginning of period	180	215	222
Provision:
Total provision	31	1	56
Charge-offs:
Charge-offs (as a result of lower recovery expectations)	(38)	(36)	(63)
Expected future recoveries on current period gross charge-offs	0	0	0
Net charge-offs	(38)	(36)	(63)
Decrease in expected future recoveries on previously fully charged-off loans	0	0	0
Allowance at end of period	$ 173	$ 180	$ 215
Net charge-offs as a percentage of average loans in repayment (annualized)	0.15%	0.13%	0.19%
Ending total loans	$ 28,314	$ 31,032	$ 38,140
Average loans in repayment	24,777	27,190	33,047
Ending loans in repayment	23,572	25,405	30,436
Private Education Loans [Member]
Allowance for Loan Losses
Allowance at beginning of period	441	617	800
Provision:
Total provision	249	112	67
Charge-offs:
Charge-offs (as a result of lower recovery expectations)	(388)	(378)	(345)
Expected future recoveries on current period gross charge-offs	53	43	47
Net charge-offs	(335)	(335)	(298)
Decrease in expected future recoveries on previously fully charged-off loans	9	47	48
Allowance at end of period	$ 364	$ 441	$ 617
Net charge-offs as a percentage of average loans in repayment (annualized)	2.18%	2.08%	1.68%
Ending total loans	$ 15,815	$ 16,157	$ 17,519
Average loans in repayment	15,343	16,078	17,749
Ending loans in repayment	$ 15,184	$ 15,363	$ 16,796

Stockholders' Equity - Additional Information (Detail) - $ / shares	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common stock, shares authorized	1,125,000,000	1,125,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	467,000,000	465,000,000
Common shares unissued but encumbered	13,000,000
Common Stock Shares Outstanding [Member]
Class of Stock [Line Items]
Common stock, shares issued	96,000,000
Common stock, shares outstanding	95,511,342	103,025,557	113,504,311	130,209,438
Common Stock [Member]
Class of Stock [Line Items]
Common stock, shares outstanding	466,792,895	465,308,901	463,715,048	461,087,590
Closing price of common stock	$ 13

- 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

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

7. Derivative Financial Instruments

Risk Management Strategy

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

Although we use derivatives to minimize the risk of interest rate and foreign currency changes, the use of derivatives does expose us to both market and credit risk. Market risk is the chance of financial loss resulting from changes in interest rates, foreign exchange rates and market liquidity. Credit risk is the risk that a counterparty will not perform its obligations under a contract and it is limited to the loss of the fair value gain in a derivative that the counterparty owes us. When the fair value of a derivative contract is negative, we owe the counterparty and, therefore, have no credit risk exposure to the counterparty; however, the counterparty has exposure to us. We minimize the credit risk in derivative instruments by entering into transactions with highly rated counterparties that are reviewed regularly by our Credit Department. We also maintain a policy of requiring that all derivative contracts be governed by an International Swaps and Derivatives Association (ISDA) Master Agreement. Depending on the nature of the derivative transaction, bilateral collateral arrangements related to Navient Corporation contracts generally are required as well. When we have more than one outstanding derivative transaction with the counterparty, and there exists legally enforceable netting provisions with the counterparty (i.e., a legal right to offset receivable and payable derivative contracts), the "net" mark to market exposure, less collateral the counterparty has posted to us, represents exposure with the counterparty. When there is a net negative exposure, we consider our exposure to the counterparty to be zero. At December 31, 2025 and 2024, we have a net positive exposure (derivative gain positions to us less collateral which has been posted by counterparties to us) related to Navient Corporation derivatives of $4 million and $9 million, respectively.

Our on-balance sheet securitization trusts have $1.2 billion of Euro denominated bonds outstanding as of December 31, 2025. To convert these non-US dollar denominated bonds into US dollar liabilities, the trusts have entered into foreign-currency swaps with highly-rated counterparties. Our securitization trusts with swaps have ISDA documentation with protections against counterparty risk. The collateral calculations contemplated in the ISDA documentation of our securitization trusts require collateral based on the fair value of the derivative which may be adjusted for additional collateral based on rating agency criteria requirements considered within the collateral agreement. The trusts are not required to post collateral to the counterparties. At December 31, 2025 and 2024, the net positive exposure on swaps in securitization trusts was $3 million and $0, respectively.

7. Derivative Financial Instruments (Continued)

Summary of Derivative Financial Statement Impact

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

Impact of Derivatives on Balance Sheet


		Cash Flow				Fair Value(3)						Trading				Total
(Dollars in millions)	Hedged Risk Exposure	Dec. 31, 2025		Dec. 31, 2024		Dec. 31, 2025			Dec. 31, 2024			Dec. 31, 2025		Dec. 31, 2024		Dec. 31, 2025			Dec. 31, 2024
Fair Values(1)
Derivative Assets:
Interest rate swaps	Interest rate	$	—	$	—	$	39		$	25		$	—	$	—	$	39		$	25
Cross-currency interest rate swaps			—		—		3			—			—		—		3			—
Total derivative assets(2)			—		—		42			25			—		—		42			25
Derivative Liabilities:
Interest rate swaps	Interest rate		—		—		—			—			—		—		—			—
Cross-currency interest rate swaps	Foreign currency and interest rate		—		—		(79	)		(244	)		—		—		(79	)		(244	)
Total derivative liabilities(2)			—		—		(79	)		(244	)		—		—		(79	)		(244	)
Net total derivatives		$	—	$	—	$	(37	)	$	(219	)	$	—	$	—	$	(37	)	$	(219	)

(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 shows derivative positions net of collateral:


	Other Assets						Other Liabilities
(Dollars in millions)	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Derivative values (as carried on balance sheet)	$	42		$	25		$	(79	)	$	(244	)
Cash collateral (held) pledged		(44	)		(26	)		40			30
Net position	$	(2	)	$	(1	)	$	(39	)	$	(214	)

(3)

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


	As of December 31, 2025					As of December 31, 2024
(Dollars in millions)	Carrying Value		Hedge Basis Adjustments			Carrying Value		Hedge Basis Adjustments
Short-term borrowings	$	499	$	(1	)	$	495	$	(5	)
Long-term borrowings	$	4,675	$	(42	)	$	4,517	$	(345	)

7. Derivative Financial Instruments (Continued)

The above fair values include adjustments when necessary for counterparty credit risk.


	Cash Flow				Fair Value				Trading				Total
(Dollars in billions)	Dec. 31, 2025		Dec. 31, 2024		Dec. 31, 2025		Dec. 31, 2024		Dec. 31, 2025		Dec. 31, 2024		Dec. 31, 2025		Dec. 31, 2024
Notional Values:
Interest rate swaps	$	1.3	$	.1	$	4.1	$	4.1	$	.7	$	2.2	$	6.1	$	6.4
Cross-currency interest rate swaps		—		—		1.2		1.3		—		—		1.2		1.3
Total derivatives	$	1.3	$	.1	$	5.3	$	5.4	$	.7	$	2.2	$	7.3	$	7.7

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


	Total Gains (Losses)
	Years Ended December 31,
(Dollars in millions)	2025			2024			2023
Fair Value Hedges:
Interest Rate Swaps
Gains (losses) recognized in net income on derivatives	$	131		$	—		$	104
Gains (losses) recognized in net income on hedged items		(140	)		(3	)		(128	)
Net fair value hedge ineffectiveness gains (losses)		(9	)		(3	)		(24	)
Cross-currency interest rate swaps
Gains (losses) recognized in net income on derivatives		168			(55	)		64
Gains (losses) recognized in net income on hedged items		(166	)		63			(86	)
Net fair value hedge ineffectiveness gains (losses)		2			8			(22	)
Total fair value hedges(1)(2)		(7	)		5			(46	)
Cash Flow Hedges:
Total cash flow hedges(2)		—			—			—
Trading:
Interest rate swaps		(30	)		70			11
Total trading derivatives(3)		(30	)		70			11
Mark-to-market gains (losses) recognized	$	(37	)	$	75		$	(35	)

(1)

Recorded in interest expense in the consolidated statements of income.

(2)

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

(3)

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

7. Derivative Financial Instruments (Continued)

Impact of Derivatives on Other Comprehensive Income (Equity)


	Years Ended December 31,
(Dollars in millions)	2025			2024			2023
Total gains (losses) on cash flow hedges	$	—		$	5		$	16
Reclassification adjustments for derivative (gains) losses included in net income (interest expense)(1)		(1	)		(21	)		(84	)
Net changes in cash flow hedges, net of tax	$	(1	)	$	(16	)	$	(68	)

(1)

Includes net settlement income/expense.

Collateral

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


(Dollars in millions)	December 31, 2025		December 31, 2024
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$	44	$	26
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	$	44	$	26
Derivative asset at fair value including accrued interest	$	51	$	33
Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	$	40	$	30
Total collateral pledged	$	40	$	30
Derivative liability at fair value including accrued interest and premium receivable	$	84	$	250

(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.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Commitments, Contingencies and Guarantees

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments, Contingencies and Guarantees

12. Commitments, Contingencies and Guarantees

Legal Proceedings

We and our subsidiaries and affiliates are subject to various claims, lawsuits and other actions that arise in the normal course of business. We believe that these claims, lawsuits and other actions will not, individually or in the aggregate, have a material adverse effect on our business, financial condition or results of operations, except as otherwise disclosed. Most of these matters are claims including individual and class action lawsuits relating to loan servicing or business processing and which allege violations 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.

12. 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 (of which $3 million related to expected legal costs). 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.

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 operations 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.

Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

14. Segment Reporting

We monitor and assess our ongoing operations and results based on the following three reportable operating segments: Consumer Lending, Federal Education Loans, and Other. As of February 2025, we had divested our Business Processing segment.

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, our chief executive officer, 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.

Consumer Lending Segment

Navient owns and manages Private Education Loans and is the master servicer for these portfolios. Through our Earnest brand, we originate in-school Private Education Loans, including undergraduate and graduate products, we refinance education loans for high-quality borrowers and we intend to expand into adjacent lending products over time. "Refinance" Private Education Loans are loans where a borrower has refinanced their education loans, and "In-school" Private Education Loans are loans originally made to borrowers while they are attending school. We generate revenue primarily through net interest income on our Private Education Loan portfolio.

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


	December 31,
(Dollars in millions)	2025		2024
Private Education Loans, net	$	15,451	$	15,716
Cash and investments(1)		529		524
Other		565		569
Total assets	$	16,545	$	16,809

(1)

Includes restricted cash and investments.

Federal Education Loans Segment

Navient owns and manages FFELP Loans and is the master servicer on this portfolio. We generate revenue primarily through net interest income on our FFELP Loans.

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


	December 31,
(Dollars in millions)	2025		2024
FFELP Loans, net	$	28,141	$	30,852
Cash and investments(1)		1,034		955
Other		1,681		1,818
Total assets	$	30,856	$	33,625

(1)

Includes restricted cash and investments.

14. Segment Reporting (Continued)

Business Processing Segment

In September 2024, Navient completed the sale of Xtend, which comprised the Company's healthcare services business in its Business Processing segment. In February 2025, Navient completed the sale of its government services businesses, which constituted the remainder of the Business Processing segment. Prior to the sale of its healthcare and government services businesses, Navient provided business processing solutions such as omnichannel contact center services, workflow processing, and revenue cycle optimization.

At December 31, 2025 and 2024, the Business Processing segment had total assets of $0 and $103 million, respectively.

Other Segment

This segment consists of our corporate liquidity portfolio, gains and losses incurred on the repurchase of debt, unallocated shared services which include certain corporate and IT costs as well as regulatory expenses, and restructuring/other reorganization expenses. Additionally, the segment contains the revenue and expenses in connection with the transition services we performed related to the outsourcing of loan servicing and divestiture of our Business Processing segment.

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

At December 31, 2025 and 2024, the Other segment had total assets of $1.3 billion and $1.3 billion, respectively.

14. 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.

14. Segment Reporting (Continued)

Segment Results and Reconciliations to GAAP


	Year Ended December 31, 2025
				Adjustments												Reportable Segments
(Dollars in millions)	Total GAAP			Reclassi- fications			Additions/ (Subtractions)			Total Adjustments (1)			Total Core Earnings			Consumer Lending		Federal Education Loans			Business Processing		Other
Interest income:
Education loans	$	3,025														$	1,122	$	1,903		$	—	$	—
Cash and investments		83															20		39			—		24
Total interest income		3,108															1,142		1,942			—		24
Total interest expense		2,589															731		1,730			—		96
Net interest income (loss)		519		$	18		$	14		$	32		$	551			411		212			—		(72	)
Less: provisions for loan losses		280												280			249		31			—		—
Net interest income (loss) after provisions for loan losses		239															162		181			—		(72	)
Other income (loss):
Servicing revenue		51															11		40			—		—
Asset recovery and business processing revenue		23															—		—			23		—
Other revenue		17															1		(1	)		—		47
Total other income (loss)		91			(18	)		48			30			121			12		39			23		47
Expenses:
Direct operating expenses		237															147		70			20		—
Unallocated shared services expenses		184															—		—			—		184
Operating expenses(2)		421			—			—			—			421			147		70			20		184
Goodwill and acquired intangible asset impairment and amortization		3			—			(3	)		(3	)		—			—		—			—		—
Restructuring/other reorganization expenses		17			—			—			—			17			—		—			—		17
Total expenses		441			—			(3	)		(3	)		438			147		70			20		201
Income (loss) before income tax expense (benefit)		(111	)					65			65			(46	)		27		150			3		(226	)
Income tax expense (benefit)(3)		(31	)		—			20			20			(11	)		7		35			1		(54	)
Net income (loss)	$	(80	)	$	—		$	45		$	45		$	(35	)	$	20	$	115		$	2	$	(172	)

(1)

Core Earnings adjustments to GAAP:


	Year Ended December 31, 2025
(Dollars in millions)	Net Impact of Derivative Accounting		Net Impact of Acquired Intangibles			Total
Net interest income (loss) after provisions for loan losses	$	32	$	—		$	32
Total other income (loss)		30		—			30
Goodwill and acquired intangible asset impairment and amortization		—		(3	)		(3	)
Total Core Earnings adjustments to GAAP	$	62	$	3			65
Income tax expense (benefit)							20
Net income (loss)						$	45

(2)

Reportable segment significant operating expenses are comprised of:


	Year Ended December 31, 2025
(Dollars in millions)	Consumer Lending		Federal Education Loans		Business Processing		Other		Total
Servicing expenses	$	53	$	65	$	—	$	5	$	123
Information technology expenses		34		—		1		77		112
Corporate expenses		1		2		—		84		87
Other/remaining expenses		59		3		19		18		99
Operating expenses	$	147	$	70	$	20	$	184	$	421

(3)

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

14. Segment Reporting (Continued)


	Year Ended December 31, 2024
			Adjustments											Reportable Segments
(Dollars in millions)	Total GAAP		Reclassi- fications			Additions/ (Subtractions)			Total Adjustments (1)			Total Core Earnings		Consumer Lending		Federal Education Loans		Business Processing		Other
Interest income:
Education loans	$	3,655												$	1,259	$	2,397	$	—	$	—
Cash and investments		154													25		88		—		41
Total interest income		3,809													1,284		2,485		—		41
Total interest expense		3,273													786		2,323		—		128
Net interest income (loss)		536	$	35		$	2		$	37		$	573		498		162		—		(87	)
Less: provisions for loan losses		113											113		112		1		—		—
Net interest income (loss) after provisions for loan losses		423													386		161		—		(87	)
Other income (loss):
Servicing revenue		54													10		44		—		—
Asset recovery and business processing revenue		271													—		—		271		—
Other revenue		100													1		5		—		24
Gain on sale of subsidiaries, net		191		—			—			—			—		—		—		191		—
Total other income (loss)		616		(35	)		(35	)		(70	)		546		11		49		462		24
Expenses:
Direct operating expenses		445													143		74		228		—
Unallocated shared services expenses		235													—		—		—		235
Operating expenses(2)		680		—			—			—			680		143		74		228		235
Goodwill and acquired intangible asset impairment and amortization		146		—			(146	)		(146	)		—		—		—		—		—
Restructuring/other reorganization expenses		39		—			—			—			39		—		—		—		39
Total expenses		865		—			(146	)		(146	)		719		143		74		228		274
Income (loss) before income tax expense (benefit)		174		—			113			113			287		254		136		234		(337	)
Income tax expense (benefit)(3)		43		—			23			23			66		58		31		54		(77	)
Net income (loss)	$	131	$	—		$	90		$	90		$	221	$	196	$	105	$	180	$	(260	)

(1)

Core Earnings adjustments to GAAP:


	Year Ended December 31, 2024
(Dollars in millions)	Net Impact of Derivative Accounting			Net Impact of Acquired Intangibles			Total
Net interest income (loss) after provisions for loan losses	$	37		$	—		$	37
Total other income (loss)		(70	)		—			(70	)
Goodwill and acquired intangible asset impairment and amortization		—			(146	)		(146	)
Total Core Earnings adjustments to GAAP	$	(33	)	$	146			113
Income tax expense (benefit)								23
Net income (loss)							$	90

(2)

Reportable segment significant operating expenses are comprised of:


	Year Ended December 31, 2024
(Dollars in millions)	Consumer Lending		Federal Education Loans		Business Processing		Other		Total
Servicing expenses	$	54	$	57	$	—	$	6	$	117
Information technology expenses		31		8		15		84		138
Corporate expenses		3		4		4		98		109
Other/remaining expenses		55		5		209		47		316
Operating expenses	$	143	$	74	$	228	$	235	$	680

(3)

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

14. Segment Reporting (Continued)


	Year Ended December 31, 2023
				Adjustments											Reportable Segments
(Dollars in millions)	Total GAAP			Reclassi- fications			Additions/ (Subtractions)			Total Adjustments (1)			Total Core Earnings		Consumer Lending		Federal Education Loans		Business Processing		Other
Interest income:
Education loans	$	4,266													$	1,369	$	2,901	$	—	$	—
Cash and investments		153														27		76		—		50
Total interest income		4,419														1,396		2,977		—		50
Total interest expense		3,557														816		2,497		—		164
Net interest income (loss)		862		$	32		$	52		$	84		$	946		580		480		—		(114	)
Less: provisions for loan losses		123												123		67		56		—		—
Net interest income (loss) after provisions for loan losses		739														513		424		—		(114	)
Other income (loss):
Servicing revenue		64														12		52		—		—
Asset recovery and business processing revenue		321														—		—		321		—
Other revenue		32														2		14		—		5
Losses on debt repurchases		(8	)		—			—			—			—		—		—		—		(8	)
Total other income (loss)		409			(32	)		21			(11	)		398		14		66		321		(3	)
Expenses:
Direct operating expenses		508														151		72		285		—
Unallocated shared services expenses		292														—		—		—		292
Operating expenses(2)		800			—			—			—			800		151		72		285		292
Goodwill and acquired intangible asset impairment and amortization		10			—			(10	)		(10	)		—		—		—		—		—
Restructuring/other reorganization expenses		25			—			—			—			25		—		—		—		25
Total expenses		835			—			(10	)		(10	)		825		151		72		285		317
Income (loss) before income tax expense (benefit)		313			—			83			83			396		376		418		36		(434	)
Income tax expense (benefit)(3)		85			—			8			8			93		89		99		8		(103	)
Net income (loss)	$	228		$	—		$	75		$	75		$	303	$	287	$	319	$	28	$	(331	)

(1)

Core Earnings adjustments to GAAP:


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

(2)

Reportable segment significant operating expenses are comprised of:


	Year Ended December 31, 2023
(Dollars in millions)	Consumer Lending		Federal Education Loans		Business Processing		Other		Total
Servicing expenses	$	55	$	44	$	—	$	—	$	99
Information technology expenses		29		16		18		81		144
Corporate expenses		3		7		7		125		142
Other/remaining expenses		64		5		260		86		415
Operating expenses	$	151	$	72	$	285	$	292	$	800

(3)

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

14. Segment Reporting (Continued)

Summary of Core Earnings Adjustments to GAAP


	Years Ended December 31,
(Dollars in millions)	2025			2024			2023
GAAP net income (loss)	$	(80	)	$	131		$	228
Core Earnings adjustments to GAAP:
Net impact of derivative accounting(1)		62			(33	)		73
Net impact of goodwill and acquired intangible assets(2)		3			146			10
Net income tax effect(3)		(20	)		(23	)		(8	)
Total Core Earnings adjustments to GAAP		45			90			75
Core Earnings net income (loss)	$	(35	)	$	221		$	303

(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. In our Core Earnings presentation, we recognize the economic effect of these hedges, which generally results in any net settlement cash paid or received being recognized ratably as an interest expense or revenue over the hedged item’s life.

(2)

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

(3)

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Allowance for Loan Losses - Amortized Cost Basis of Loans Modified to Borrowers with Financial Difficulty (Details) - Private Education Loans [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Interest Rate Reduction [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications, Amortized Cost	$ 1,727	$ 1,686	$ 1,668
Loan Modifications, % of Loan Type	10.90%	10.40%	9.50%
Loans receivable, weighted average rate of interest	12.20%	13.00%	13.20%
Loans receivable, weighted average rate of interest after reduction	5.30%	5.40%	5.30%
More Than an Insignificant Payment Delay [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications, Amortized Cost	$ 847	$ 885	$ 923
Loan Modifications, % of Loan Type	5.40%	5.50%	5.30%
Loans receivable, weighted average period added to remaining life of loan	6 months	7 months	7 months
Combination Rate Reduction and Term Extension [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan Modifications, Amortized Cost	$ 106	$ 124	$ 138
Loan Modifications, % of Loan Type	0.70%	0.80%	0.80%
Loans receivable, weighted average rate of interest	11.70%	12.60%	12.70%
Loans receivable, weighted average rate of interest after reduction	5.20%	5.40%	5.20%
Loans receivable, weighted average period added to remaining life of loan	7 years	7 years	8 years

Derivative Financial Instruments - Impact of Derivatives on Balance Sheet (Detail) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Derivative Assets:
Derivative assets	$ 42	$ 25
Derivative Liabilities:
Derivative liabilities	(79)	(244)
Net total derivatives	(37)	(219)
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	42	25
Derivative Liabilities:
Derivative liabilities	(79)	(244)
Net total derivatives	(37)	(219)
Trading [Member]
Derivative Assets:
Derivative assets	0	0
Derivative Liabilities:
Derivative liabilities	0	0
Net total derivatives	0	0
Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	39	25
Derivative Liabilities:
Derivative liabilities	0	0
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	39	25
Derivative Liabilities:
Derivative liabilities	0	0
Interest Rate Swaps [Member] \| Trading [Member]
Derivative Assets:
Derivative assets	0	0
Derivative Liabilities:
Derivative liabilities	0	0
Cross-Currency Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	3	0
Derivative Liabilities:
Derivative liabilities	(79)	(244)
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	3	0
Derivative Liabilities:
Derivative liabilities	(79)	(244)
Cross-Currency Interest Rate Swaps [Member] \| Trading [Member]
Derivative Assets:
Derivative assets	0	0
Derivative Liabilities:
Derivative liabilities	$ 0	$ 0

Borrowings - Summary of Activity Related to Senior Unsecured Debt Repurchases (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt principal repurchased	$ 0	$ 0	$ 850
Losses on debt repurchases	$ 0	$ 0	$ (8)

Derivative Financial Instruments - Mark-to-Market Impact of Derivatives on Statements of Income (Detail) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Derivative Instruments Gain Loss [Line Items]

Mark-to-market gains (losses) recognized

$ (30)

$ 70

$ 11

Interest Expense and Derivative Instruments Hedging Activities [Member]

Derivative Instruments Gain Loss [Line Items]

Mark-to-market gains (losses) recognized

(37)

(35)

Designated as Hedging Instrument [Member] | Fair Value [Member]

Derivative Instruments Gain Loss [Line Items]

Mark-to-market gains (losses) recognized

^[1],[2]

(7)

(46)

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

131

104

Gains (losses) recognized in net income on hedged items

(140)

(3)

(128)

Net fair value hedge ineffectiveness gains (losses)

(9)

(3)

(24)

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

168

(55)

Gains (losses) recognized in net income on hedged items

(166)

(86)

Net fair value hedge ineffectiveness gains (losses)

(22)

Designated as Hedging Instrument [Member] | Cash Flow [Member]

Derivative Instruments Gain Loss [Line Items]

Mark-to-market gains (losses) recognized

^[2]

Trading [Member]

Derivative Instruments Gain Loss [Line Items]

Mark-to-market gains (losses) recognized

^[3]

(30)

Trading [Member] | Interest Rate Swaps [Member]

Derivative Instruments Gain Loss [Line Items]

Mark-to-market gains (losses) recognized

$ (30)

$ 70

$ 11

[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.

Borrowings - Company's Borrowings (Detail) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Short-term borrowings, Carrying value	$ 5,073	$ 5,134
Short-term Weighted Average Interest Rate	5.37%	6.13%
Long-term borrowings, Carrying value	$ 40,633	$ 43,184
Long-term Weighted Average Interest Rate	4.73%	5.21%
Total	$ 45,706	$ 48,318
Private Education Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Total	2,300
FFELP Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Total	2,200
Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings, Carrying value	$ 5,074	$ 5,139
Short-term Weighted Average Interest Rate	5.37%	6.12%
Long-term borrowings, Carrying value	$ 40,672	$ 43,526
Long-term Weighted Average Interest Rate	4.72%	5.17%
Total	$ 45,746	$ 48,665
Total Before Hedge Accounting Adjustments [Member] \| Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Short-term borrowings, Carrying value	$ 525	$ 553
Short-term Weighted Average Interest Rate	6.71%	6.64%
Long-term borrowings, Carrying value	$ 4,782	$ 4,806
Long-term Weighted Average Interest Rate	6.73%	6.61%
Total	$ 5,307	$ 5,359
Total Before Hedge Accounting Adjustments [Member] \| Total Unsecured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings, Carrying value	$ 525	$ 553
Short-term Weighted Average Interest Rate	6.71%	6.64%
Long-term borrowings, Carrying value	$ 4,782	$ 4,806
Long-term Weighted Average Interest Rate	6.73%	6.61%
Total	$ 5,307	$ 5,359
Total Before Hedge Accounting Adjustments [Member] \| Private Education Loan Securitizations [Member]
Debt Instrument [Line Items]
Short-term borrowings, Carrying value	$ 469	$ 631
Short-term Weighted Average Interest Rate	6.98%	7.76%
Long-term borrowings, Carrying value	$ 10,250	$ 10,338
Long-term Weighted Average Interest Rate	3.66%	3.50%
Total	$ 10,719	$ 10,969
Total Before Hedge Accounting Adjustments [Member] \| FFELP Loan Securitizations [Member]
Debt Instrument [Line Items]
Short-term borrowings, Carrying value	$ 109	$ 41
Short-term Weighted Average Interest Rate	6.78%	6.01%
Long-term borrowings, Carrying value	$ 25,302	$ 28,268
Long-term Weighted Average Interest Rate	4.77%	5.53%
Total	$ 25,411	$ 28,309
Total Before Hedge Accounting Adjustments [Member] \| Private Education Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings, Carrying value	$ 1,942	$ 2,274
Short-term Weighted Average Interest Rate	5.09%	5.93%
Long-term borrowings, Carrying value	$ 0	$ 0
Long-term Weighted Average Interest Rate	0.00%	0.00%
Total	$ 1,942	$ 2,274
Total Before Hedge Accounting Adjustments [Member] \| FFELP Loan ABCP Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings, Carrying value	$ 1,869	$ 1,586
Short-term Weighted Average Interest Rate	4.89%	5.62%
Long-term borrowings, Carrying value	$ 299	$ 74
Long-term Weighted Average Interest Rate	4.73%	5.46%
Total	$ 2,168	$ 1,660
Total Before Hedge Accounting Adjustments [Member] \| Other [Member]
Debt Instrument [Line Items]
Short-term borrowings, Carrying value	$ 160	$ 54
Short-term Weighted Average Interest Rate	4.32%	4.81%
Long-term borrowings, Carrying value	$ 39	$ 40
Long-term Weighted Average Interest Rate	5.50%	5.50%
Total	$ 199	$ 94
Total Before Hedge Accounting Adjustments [Member] \| Secured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings, Carrying value	$ 4,549	$ 4,586
Short-term Weighted Average Interest Rate	5.21%	6.06%
Long-term borrowings, Carrying value	$ 35,890	$ 38,720
Long-term Weighted Average Interest Rate	4.45%	4.99%
Total	$ 40,439	$ 43,306
Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings, Carrying value	$ (1)	$ (5)
Short-term Weighted Average Interest Rate	0.00%	0.01%
Long-term borrowings, Carrying value	$ (39)	$ (342)
Long-term Weighted Average Interest Rate	0.00%	0.04%
Total	$ (40)	$ (347)

Organization and Business - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Organization And Business [Line Items]
Loans, net	$ 43,592	$ 46,568
Private Education Loans [Member]
Organization And Business [Line Items]
Loans, net	15,451	15,716
FFELP Loans [Member]
Organization And Business [Line Items]
Loans, net	28,141	30,852
Federal Education Loans [Member]
Organization And Business [Line Items]
Loans, net	28,141	30,852
Federal Education Loans [Member] \| FFELP Loans [Member]
Organization And Business [Line Items]
Loans, net	28,100
Consumer Lending [Member]
Organization And Business [Line Items]
Loans, net	15,451	15,716
Consumer Lending [Member] \| Private Education Loans [Member]
Organization And Business [Line Items]
Loans, net	15,500
Loans originated	$ 2,500	$ 1,400
Loans originated percentage		77.00%

Derivative Financial Instruments - Additional Information (Detail) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Derivative Instruments Gain Loss [Line Items]
Net positive exposure related to corporate derivatives	$ 4,000,000	$ 9,000,000
Euro and British Pound Sterling denominated bonds outstanding in securitization trusts	1,200,000,000
Notional of interest rate swaps entered into by the trusts to swap Prime to LIBOR	7,300,000,000	7,700,000,000
Net positive exposure on foreign currency swaps	3,000,000	0
Derivative liability at fair value including accrued interest and premium receivable	84,000,000	250,000,000
Counterparties [Member]
Derivative Instruments Gain Loss [Line Items]
Derivative liability at fair value including accrued interest and premium receivable	0
Interest Rate Swaps [Member]
Derivative Instruments Gain Loss [Line Items]
Notional of interest rate swaps entered into by the trusts to swap Prime to LIBOR	$ 6,100,000,000	$ 6,400,000,000

- Definition

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

+ References

+ Details

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Detail) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	$ 43,592	$ 46,568
Total earning assets, Carrying Value	45,862	48,814
Short-term borrowings, Carrying value	5,073	5,134
Long-term borrowings, Carrying value	40,633	43,184
Total	45,706	48,318
Total earning assets, Fair Value	45,417	48,379
Short-term borrowings, Fair Value	5,084	5,144
Long-term borrowings, Fair Value	40,120	42,361
Total interest-bearing liabilities, Fair Value	45,204	47,505
FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	28,141	30,852
Loans receivable, Fair Value	28,096	30,766
Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value		25
Derivative financial instruments, Fair Value	39	25
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(76)	(244)
Derivative financial instruments, Fair Value	(76)	(244)
Private Education Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	15,451	15,716
Loans receivable, Fair Value	15,051	15,367
Difference [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	0	0
Total earning assets, Fair Value	(445)	(435)
Short-term borrowings, Fair Value	(11)	(10)
Long-term borrowings, Fair Value	513	823
Total interest-bearing liabilities, Fair Value	502	813
Excess of net asset fair value over carrying value	57	378
Difference [Member] \| FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, Fair Value	(45)	(86)
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] \| Private Education Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, Fair Value	(400)	(349)
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	2,270	2,246
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	$ 2,270	$ 2,246

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Assets
Loans, net	$ 43,592	$ 46,568
Investments	166	143
Cash and cash equivalents	637	722
Restricted cash and cash equivalents	1,467	1,381
Goodwill and acquired intangible assets, net	434	437
Other assets	2,385	2,538
Total assets	48,681	51,789
Liabilities
Short-term borrowings	5,073	5,134
Long-term borrowings	40,633	43,184
Other liabilities	576	830
Total liabilities	46,282	49,148
Commitments and contingencies
Equity
Common stock, par value $0.01 per share; 1.125 billion shares authorized:467 million and 465 million shares issued, respectively	4	4
Additional paid-in capital	3,403	3,380
Accumulated other comprehensive income (net of tax expense of $1 and $1, respectively)	2	3
Retained earnings	4,552	4,697
Total Navient Corporation stockholders’ equity before treasury stock	7,961	8,084
Less: Common stock held in treasury at cost: 371 million and 362 million shares, respectively	(5,562)	(5,443)
Total equity	2,399	2,641
Total liabilities and equity	48,681	51,789
Series A Junior Participating Preferred Stock [Member]
Equity
Series A Junior Participating Preferred Stock, par value $0.20 per share; 2 million shares authorized; no shares issued or outstanding	0	0
Private Education Loans [Member]
Assets
Loans, net	15,451	15,716
FFELP Loans [Member]
Assets
Loans, net	$ 28,141	$ 30,852

Allowance for Loan Losses (Tables)

12 Months Ended

Dec. 31, 2025

Financing Receivable Allowance For Credit Losses [Line Items]

Allowance for Credit Losses and Recorded Investments in Loans

Allowance for Loan Losses Rollforward


	Year Ended December 31, 2025
(Dollars in millions)	Private Education Loans			FFELP Loans			Total
Beginning balance	$	441		$	180		$	621
Total provision		249			31			280
Charge-offs:
Gross charge-offs		(388	)		(38	)		(426	)
Expected future recoveries on current period gross charge-offs		53			—			53
Net charge-offs(1)		(335	)		(38	)		(373	)
Decrease in expected future recoveries on previously fully charged-off loans(2)		9			—			9
Allowance at end of period	$	364		$	173		$	537
Net charge-offs as a percentage of average loans in repayment		2.18	%		.15	%
Ending total loans	$	15,815		$	28,314
Average loans in repayment	$	15,343		$	24,777
Ending loans in repayment	$	15,184		$	23,572

(1)

(2)


	Year Ended December 31,
(Dollars in millions)	2025
Beginning of period expected future recoveries on previously fully charged-off loans	$	179
Expected future recoveries of current period defaults		53
Recoveries (cash collected)		(41	)
Charge-offs (as a result of lower recovery expectations)		(21	)
End of period expected future recoveries on previously fully charged-off loans	$	170
Change in balance during period	$	(9	)

4. Allowance for Loan Losses (Continued)


	Year Ended December 31, 2024
(Dollars in millions)	Private Education Loans			FFELP Loans			Total
Beginning balance	$	617		$	215		$	832
Total provision		112			1			113
Charge-offs:
Gross charge-offs		(378	)		(36	)		(414	)
Expected future recoveries on current period gross charge-offs		43			—			43
Net charge-offs(1)(2)		(335	)		(36	)		(371	)
Decrease in expected future recoveries on previously fully charged-off loans(3)		47			—			47
Allowance at end of period	$	441		$	180		$	621
Net charge-offs as a percentage of average loans in repayment		2.08	%		.13	%
Ending total loans	$	16,157		$	31,032
Average loans in repayment	$	16,078		$	27,190
Ending loans in repayment	$	15,363		$	25,405

(1)

$28 million of 2024 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)


	Year Ended December 31,
(Dollars in millions)	2024
Beginning of period expected future recoveries on previously fully charged-off loans	$	226
Expected future recoveries of current period defaults		43
Recoveries (cash collected)		(41	)
Charge-offs (as a result of lower recovery expectations)		(49	)
End of period expected future recoveries on previously fully charged-off loans	$	179
Change in balance during period	$	(47	)

4. Allowance for Loan Losses (Continued)


	Year Ended December 31, 2023
(Dollars in millions)	Private Education Loans			FFELP Loans			Total
Beginning balance	$	800		$	222		$	1,022
Total provision		67			56			123
Charge-offs:
Gross charge-offs		(345	)		(63	)		(408	)
Expected future recoveries on current period gross charge-offs		47			—			47
Net charge-offs(1)		(298	)		(63	)		(361	)
Decrease in expected future recoveries on previously fully charged-off loans(2)		48			—			48
Allowance at end of period	$	617		$	215		$	832
Net charge-offs as a percentage of average loans in repayment		1.68	%		.19	%
Ending total loans	$	17,519		$	38,140
Average loans in repayment	$	17,749		$	33,047
Ending loans in repayment	$	16,796		$	30,436

(1)

(2)


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

Key Credit Quality Indicators

Summary of Amortized Cost Basis of Loans to Borrowers


	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
	Year Ended December 31, 2025
(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	$	1,727		10.9	%	$	847		5.4	%	$	106		.7	%

	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
	Year Ended December 31, 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	$	1,686		10.4	%	$	885		5.5	%	$	124		.8	%

	Loan Modifications Made to Borrowers Experiencing Financial Difficulty
	Year Ended December 31, 2023
(Dollars in millions)	Interest Rate Reductions(1)					More Than an Insignificant Payment Delay (2)					Combination Rate Reduction and Term Extension
Loan Type	Amortized Cost		% of Loan Type			Amortized Cost		% of Loan Type			Amortized Cost		% of Loan Type
Private Education Loans	$	1,668		9.5	%	$	923		5.3	%	$	138		.8	%

(1)

As of December 31, 2025, 2024 and 2023, there was $1 billion, $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.

4. Allowance for Loan Losses (Continued)

For those loans modified in 2025, 2024 and 2023, the following tables show the impact of such modifications.


Year Ended December 31, 2025
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 12.2% to 5.3%	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 11.7% to 5.2%.

Year Ended December 31, 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 13.0% to 5.4%	Added an average 7 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 12.6% to 5.4%.

Year Ended December 31, 2023
Loan Type	Interest Rate Reductions	More Than an Insignificant Payment Delay	Combination Rate Reduction and Term Extension
Private Education Loans	Reduced the weighted average contractual rate from 13.2% to 5.3%	Added an average 7 months to the remaining life of the loans	Added an average 8 years to the remaining life of the loans and reduced the weighted average contractual rate from 12.7% to 5.2%.

Schedule of Amount of Loans Modified and Payment Default


(Dollars in millions)	December 31, 2025		December 31, 2024		December 31, 2023
Modified loans (amortized cost) (1)	$	734	$	569	$	272
Payment default (par)	$	751	$	582	$	278
Charge-offs (par)	$	71	$	15	$	15

(1)

Summary of Performance and Related Loan Status of Loans Modified


(Dollars in millions)	Payment Status (Amortized Cost)
	Twelve Months Ended
Loan Status	December 31, 2025		December 31, 2024		December 31, 2023
Loans in School/Deferment	$	24	$	21	$	22
Loans in Forbearance		73		162		93
Loans current		2,056		2,037		2,199
Loans delinquent 31 - 60 days		191		172		160
Loans delinquent 61 - 90 days		125		117		96
Loans delinquent greater than 90 days		211		186		159
Total Modified Loans	$	2,680	$	2,695	$	2,729

Private Education Loans [Member]

Financing Receivable Allowance For Credit Losses [Line Items]

Private Education Loan Portfolio Stratified by Key Credit Quality Indicators


	Private Education Loan Credit Quality Indicators by Origination Year
	December 31, 2025
(Dollars in millions)	2025			2024			2023			2022			2021			Prior			Total			% of Total
Credit Quality Indicators
FICO Scores:
640 and above	$	2,146		$	1,009		$	546		$	1,048		$	2,724		$	6,431		$	13,904			88	%
Below 640		30			53			50			104			161			1,513			1,911			12
Total	$	2,176		$	1,062		$	596		$	1,152		$	2,885		$	7,944		$	15,815			100	%
Loan Status:
In-school/grace/ deferment/forbearance	$	89		$	94		$	50		$	50		$	69		$	279		$	631			4	%
Current/90 days or less delinquent		2,083			962			537			1,085			2,790			7,293			14,750			93
Greater than 90 days delinquent		4			6			9			17			26			372			434			3
Total	$	2,176		$	1,062		$	596		$	1,152		$	2,885		$	7,944		$	15,815			100	%
Seasoning(1):
1-12 payments	$	2,103		$	213		$	22		$	16		$	7		$	25		$	2,386			15	%
13-24 payments		—			772			129			27			27			30			985			6
25-36 payments		—			—			406			139			62			67			674			4
37-48 payments		—			—			—			939			667			113			1,719			11
More than 48 payments		—			—			—			—			2,089			7,567			9,656			61
Loans in-school/ grace/deferment		73			77			39			31			33			142			395			3
Total	$	2,176		$	1,062		$	596		$	1,152		$	2,885		$	7,944		$	15,815			100	%
Certain Loan Modifications(2):
Modified	$	1		$	22		$	39		$	111		$	222		$	4,810		$	5,205			33	%
Non-Modified		2,175			1,040			557			1,041			2,663			3,134			10,610			67
Total	$	2,176		$	1,062		$	596		$	1,152		$	2,885		$	7,944		$	15,815			100	%
Cosigners:
With cosigner(3)	$	413		$	315		$	198		$	122		$	63		$	3,872		$	4,983			32	%
Without cosigner		1,763			747			398			1,030			2,822			4,072			10,832			68
Total	$	2,176		$	1,062		$	596		$	1,152		$	2,885		$	7,944		$	15,815			100	%
School Type:
Not-for-profit	$	2,056		$	1,003		$	563		$	1,090		$	2,714		$	6,904		$	14,330			91	%
For-profit		120			59			33			62			171			1,040			1,485			9
Total	$	2,176		$	1,062		$	596		$	1,152		$	2,885		$	7,944		$	15,815			100	%
Allowance for loan losses																				(364	)
Total loans, net																			$	15,451

Charge-Offs	$	(1	)	$	(6	)	$	(7	)	$	(14	)	$	(26	)	$	(281	)	$	(335	)

(1)

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

(2)

(3)

Excluding Private Education Refinance Loans, the cosigner rate was 67% for total loans at December 31, 2025.

4. Allowance for Loan Losses (Continued)


	Private Education Loan Credit Quality Indicators by Origination Year
	December 31, 2024
(Dollars in millions)	2024			2023			2022			2021			2020			Prior			Total			% of Total
Credit Quality Indicators
FICO Scores:
640 and above	$	1,186		$	741		$	1,317		$	3,294		$	1,005		$	6,904		$	14,447			89	%
Below 640		20			31			83			149			36			1,391			1,710			11
Total	$	1,206		$	772		$	1,400		$	3,443		$	1,041		$	8,295		$	16,157			100	%
Loan Status:
In-school/grace/ deferment/forbearance	$	73		$	69		$	67		$	82		$	18		$	485		$	794			5	%
Current/90 days or less delinquent		1,130			697			1,319			3,340			1,017			7,441			14,944			92
Greater than 90 days delinquent		3			6			14			21			6			369			419			3
Total	$	1,206		$	772		$	1,400		$	3,443		$	1,041		$	8,295		$	16,157			100	%
Seasoning(1):
1-12 payments	$	1,143		$	148		$	24		$	19		$	2		$	36		$	1,372			8	%
13-24 payments		—			568			144			49			9			48			818			5
25-36 payments		—			—			1,189			751			17			87			2,044			13
37-48 payments		—			—			—			2,581			133			162			2,876			18
More than 48 payments		—			—			—			—			872			7,803			8,675			54
Loans in-school/ grace/deferment		63			56			43			43			8			159			372			2
Total	$	1,206		$	772		$	1,400		$	3,443		$	1,041		$	8,295		$	16,157			100	%
Certain Loan Modifications(2):
Modified	$	—		$	14		$	85		$	186		$	57		$	5,272		$	5,614			35	%
Non-Modified		1,206			758			1,315			3,257			984			3,023			10,543			65
Total	$	1,206		$	772		$	1,400		$	3,443		$	1,041		$	8,295		$	16,157			100	%
Cosigners:
With cosigner(3)	$	277		$	246		$	152		$	79		$	19		$	4,468		$	5,241			32	%
Without cosigner		929			526			1,248			3,364			1,022			3,827			10,916			68
Total	$	1,206		$	772		$	1,400		$	3,443		$	1,041		$	8,295		$	16,157			100	%
School Type:
Not-for-profit	$	1,132		$	729		$	1,325		$	3,241		$	995		$	7,107		$	14,529			90	%
For-profit		74			43			75			202			46			1,188			1,628			10
Total	$	1,206		$	772		$	1,400		$	3,443		$	1,041		$	8,295		$	16,157			100	%
Allowance for loan losses																				(441	)
Total loans, net																			$	15,716

Charge-Offs	$	(1	)	$	(4	)	$	(11	)	$	(18	)	$	(4	)	$	(297	)	$	(335	)

(1)

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

(2)

(3)

Excluding Private Education Refinance Loans, the cosigner rate was 66% for total loans at December 31, 2024.

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (80)	$ 131	$ 228

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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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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-Name Accounting Standards Codification
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-Subparagraph (f)
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Stockholders' Equity - Common Share Repurchases, Issuances and Dividends Paid (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2025	Oct. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Authorized multi-year share repurchased program amount	$ 1,000	$ 100
Unused authorization	$ 100		$ 111	$ 290

Segment Reporting - Segment Results and Reconciliations to GAAP (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Interest income:
Cash and investments	$ 83	$ 154	$ 153
Total interest income	3,108	3,809	4,419
Total interest expense	2,589	3,273	3,557
Net interest income (loss)	519	536	862
Less: provisions for loan losses	280	113	123
Net interest income (loss) after provisions for loan losses	239	423	739
Other income (loss):
Servicing revenue	51	54	64
Asset recovery and business processing revenue	23	271	321
Other revenue	17	100	32
Gain on sale of subsidiaries, net	0	191	0
Losses on debt repurchases	0	0	(8)
Total other income (loss)	91	616	409
Expenses:
Direct operating expenses	237	445	508
Unallocated shared services expenses	184	235	292
Total operating expenses	421	680	800
Goodwill and acquired intangible asset impairment and amortization	3	146	10
Restructuring/other reorganization expenses	17	39	25
Total expenses	441	865	835
Income (loss) before income tax expense (benefit)	(111)	174	313
Income tax expense (benefit)	(31)	43	85
Net income (loss)	(80)	131	228
Federal Education Loans [Member]
Other income (loss):
Servicing revenue	51
Expenses:
Total operating expenses	70	74	72
Business Processing [Member]
Expenses:
Total operating expenses	20	228	285
Other Segment [Member]
Expenses:
Total operating expenses	184	235	292
Operating Segments [Member]
Interest income:
Net interest income (loss)	551	573	946
Less: provisions for loan losses	280	113	123
Other income (loss):
Gain on sale of subsidiaries, net		0
Losses on debt repurchases			0
Total other income (loss)	121	546	398
Expenses:
Total operating expenses	421	680	800
Goodwill and acquired intangible asset impairment and amortization	0	0	0
Restructuring/other reorganization expenses	17	39	25
Total expenses	438	719	825
Income (loss) before income tax expense (benefit)	(46)	287	396
Income tax expense (benefit)	(11)	66	93
Net income (loss)	(35)	221	303
Operating Segments [Member] \| Consumer Lending [Member]
Interest income:
Cash and investments	20	25	27
Total interest income	1,142	1,284	1,396
Total interest expense	731	786	816
Net interest income (loss)	411	498	580
Less: provisions for loan losses	249	112	67
Net interest income (loss) after provisions for loan losses	162	386	513
Other income (loss):
Servicing revenue	11	10	12
Asset recovery and business processing revenue	0	0	0
Other revenue	1	1	2
Gain on sale of subsidiaries, net		0
Losses on debt repurchases			0
Total other income (loss)	12	11	14
Expenses:
Direct operating expenses	147	143	151
Unallocated shared services expenses	0	0	0
Total operating expenses	147	143	151
Goodwill and acquired intangible asset impairment and amortization	0	0	0
Restructuring/other reorganization expenses	0	0	0
Total expenses	147	143	151
Income (loss) before income tax expense (benefit)	27	254	376
Income tax expense (benefit)	7	58	89
Net income (loss)	20	196	287
Operating Segments [Member] \| Federal Education Loans [Member]
Interest income:
Cash and investments	39	88	76
Total interest income	1,942	2,485	2,977
Total interest expense	1,730	2,323	2,497
Net interest income (loss)	212	162	480
Less: provisions for loan losses	31	1	56
Net interest income (loss) after provisions for loan losses	181	161	424
Other income (loss):
Servicing revenue	40	44	52
Asset recovery and business processing revenue	0	0	0
Other revenue	(1)	5	14
Gain on sale of subsidiaries, net		0
Losses on debt repurchases			0
Total other income (loss)	39	49	66
Expenses:
Direct operating expenses	70	74	72
Unallocated shared services expenses	0	0	0
Total operating expenses	70	74	72
Goodwill and acquired intangible asset impairment and amortization	0	0	0
Restructuring/other reorganization expenses	0	0	0
Total expenses	70	74	72
Income (loss) before income tax expense (benefit)	150	136	418
Income tax expense (benefit)	35	31	99
Net income (loss)	115	105	319
Operating Segments [Member] \| Business Processing [Member]
Interest income:
Cash and investments	0	0	0
Total interest income	0	0	0
Total interest expense	0	0	0
Net interest income (loss)	0	0	0
Less: provisions for loan losses	0	0	0
Net interest income (loss) after provisions for loan losses	0	0	0
Other income (loss):
Servicing revenue	0	0	0
Asset recovery and business processing revenue	23	271	321
Other revenue	0	0	0
Gain on sale of subsidiaries, net		191
Losses on debt repurchases			0
Total other income (loss)	23	462	321
Expenses:
Direct operating expenses	20	228	285
Unallocated shared services expenses	0	0	0
Total operating expenses	20	228	285
Goodwill and acquired intangible asset impairment and amortization	0	0	0
Restructuring/other reorganization expenses	0	0	0
Total expenses	20	228	285
Income (loss) before income tax expense (benefit)	3	234	36
Income tax expense (benefit)	1	54	8
Net income (loss)	2	180	28
Operating Segments [Member] \| Other Segment [Member]
Interest income:
Cash and investments	24	41	50
Total interest income	24	41	50
Total interest expense	96	128	164
Net interest income (loss)	(72)	(87)	(114)
Less: provisions for loan losses	0	0	0
Net interest income (loss) after provisions for loan losses	(72)	(87)	(114)
Other income (loss):
Servicing revenue	0	0	0
Asset recovery and business processing revenue	0	0	0
Other revenue	47	24	5
Gain on sale of subsidiaries, net		0
Losses on debt repurchases			(8)
Total other income (loss)	47	24	(3)
Expenses:
Direct operating expenses	0	0	0
Unallocated shared services expenses	184	235	292
Total operating expenses	184	235	292
Goodwill and acquired intangible asset impairment and amortization	0	0	0
Restructuring/other reorganization expenses	17	39	25
Total expenses	201	274	317
Income (loss) before income tax expense (benefit)	(226)	(337)	(434)
Income tax expense (benefit)	(54)	(77)	(103)
Net income (loss)	(172)	(260)	(331)
Adjustments [Member] \| Reclassifications [Member]
Interest income:
Net interest income (loss)	18	35	32
Other income (loss):
Gain on sale of subsidiaries, net		0
Losses on debt repurchases			(0)
Total other income (loss)	(18)	(35)	(32)
Expenses:
Total operating expenses	0	0	0
Goodwill and acquired intangible asset impairment and amortization	0	0	0
Restructuring/other reorganization expenses	0	0	0
Total expenses	0	0	0
Income (loss) before income tax expense (benefit)		0	0
Income tax expense (benefit)	0	0	0
Net income (loss)	0	0	0
Adjustments [Member] \| Additions (Subtractions) [Member]
Interest income:
Net interest income (loss)	14	2	52
Other income (loss):
Gain on sale of subsidiaries, net		0
Losses on debt repurchases			(0)
Total other income (loss)	48	(35)	21
Expenses:
Total operating expenses	0	0	0
Goodwill and acquired intangible asset impairment and amortization	(3)	(146)	(10)
Restructuring/other reorganization expenses	0	0	0
Total expenses	(3)	(146)	(10)
Income (loss) before income tax expense (benefit)	65	113	83
Income tax expense (benefit)	20	23	8
Net income (loss)	45	90	75
Adjustments [Member] \| Total Adjustments [Member]
Interest income:
Net interest income (loss)	32	37	84
Net interest income (loss) after provisions for loan losses	32	37	84
Other income (loss):
Gain on sale of subsidiaries, net		0
Losses on debt repurchases			(0)
Total other income (loss)	30	(70)	(11)
Expenses:
Total operating expenses	0	0	0
Goodwill and acquired intangible asset impairment and amortization	(3)	(146)	(10)
Restructuring/other reorganization expenses	0	0	0
Total expenses	(3)	(146)	(10)
Income (loss) before income tax expense (benefit)	65	113	83
Income tax expense (benefit)	20	23	8
Net income (loss)	45	90	75
Education Loan Portfolio [Member]
Interest income:
Total interest income	3,025	3,655	4,266
Education Loan Portfolio [Member] \| Operating Segments [Member] \| Consumer Lending [Member]
Interest income:
Total interest income	1,122	1,259	1,369
Education Loan Portfolio [Member] \| Operating Segments [Member] \| Federal Education Loans [Member]
Interest income:
Total interest income	1,903	2,397	2,901
Education Loan Portfolio [Member] \| Operating Segments [Member] \| Business Processing [Member]
Interest income:
Total interest income	0	0	0
Education Loan Portfolio [Member] \| Operating Segments [Member] \| Other Segment [Member]
Interest income:
Total interest income	$ 0	$ 0	$ 0

Other Assets

12 Months Ended

Dec. 31, 2025

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

Other Assets

8. Other Assets

The following table provides the detail of our other assets.


(Dollars in millions)	December 31, 2025		December 31, 2024
Accrued interest receivable	$	1,658	$	1,733
Benefit and insurance-related investments		458		459
Income tax asset, net		150		120
Derivatives at fair value		42		25
Fixed assets		23		52
Accounts receivable		12		49
Other		42		100
Total	$	2,385	$	2,538

Segment Reporting - Segment Results and Reconciliations to GAAP - Reportable Segment Significant Operating Expenses (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Servicing expenses	$ 123	$ 117	$ 99
Information technology expenses	112	138	144
Corporate expenses	87	109	142
Other/remaining expenses	99	316	415
Total operating expenses	421	680	800
Consumer Lending Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Servicing expenses	53	54	55
Information technology expenses	34	31	29
Corporate expenses	1	3	3
Other/remaining expenses	59	55	64
Total operating expenses	147	143	151
Federal Education Loans [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Servicing expenses	65	57	44
Information technology expenses	0	8	16
Corporate expenses	2	4	7
Other/remaining expenses	3	5	5
Total operating expenses	70	74	72
Business Processing [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Servicing expenses	0	0	0
Information technology expenses	1	15	18
Corporate expenses	0	4	7
Other/remaining expenses	19	209	260
Total operating expenses	20	228	285
Other Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Servicing expenses	5	6	0
Information technology expenses	77	84	81
Corporate expenses	84	98	125
Other/remaining expenses	18	47	86
Total operating expenses	$ 184	$ 235	$ 292

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Results and Reconciliations to GAAP


	Year Ended December 31, 2025
				Adjustments												Reportable Segments
(Dollars in millions)	Total GAAP			Reclassi- fications			Additions/ (Subtractions)			Total Adjustments (1)			Total Core Earnings			Consumer Lending		Federal Education Loans			Business Processing		Other
Interest income:
Education loans	$	3,025														$	1,122	$	1,903		$	—	$	—
Cash and investments		83															20		39			—		24
Total interest income		3,108															1,142		1,942			—		24
Total interest expense		2,589															731		1,730			—		96
Net interest income (loss)		519		$	18		$	14		$	32		$	551			411		212			—		(72	)
Less: provisions for loan losses		280												280			249		31			—		—
Net interest income (loss) after provisions for loan losses		239															162		181			—		(72	)
Other income (loss):
Servicing revenue		51															11		40			—		—
Asset recovery and business processing revenue		23															—		—			23		—
Other revenue		17															1		(1	)		—		47
Total other income (loss)		91			(18	)		48			30			121			12		39			23		47
Expenses:
Direct operating expenses		237															147		70			20		—
Unallocated shared services expenses		184															—		—			—		184
Operating expenses(2)		421			—			—			—			421			147		70			20		184
Goodwill and acquired intangible asset impairment and amortization		3			—			(3	)		(3	)		—			—		—			—		—
Restructuring/other reorganization expenses		17			—			—			—			17			—		—			—		17
Total expenses		441			—			(3	)		(3	)		438			147		70			20		201
Income (loss) before income tax expense (benefit)		(111	)					65			65			(46	)		27		150			3		(226	)
Income tax expense (benefit)(3)		(31	)		—			20			20			(11	)		7		35			1		(54	)
Net income (loss)	$	(80	)	$	—		$	45		$	45		$	(35	)	$	20	$	115		$	2	$	(172	)

(1)

Core Earnings adjustments to GAAP:


	Year Ended December 31, 2025
(Dollars in millions)	Net Impact of Derivative Accounting		Net Impact of Acquired Intangibles			Total
Net interest income (loss) after provisions for loan losses	$	32	$	—		$	32
Total other income (loss)		30		—			30
Goodwill and acquired intangible asset impairment and amortization		—		(3	)		(3	)
Total Core Earnings adjustments to GAAP	$	62	$	3			65
Income tax expense (benefit)							20
Net income (loss)						$	45

(2)

Reportable segment significant operating expenses are comprised of:


	Year Ended December 31, 2025
(Dollars in millions)	Consumer Lending		Federal Education Loans		Business Processing		Other		Total
Servicing expenses	$	53	$	65	$	—	$	5	$	123
Information technology expenses		34		—		1		77		112
Corporate expenses		1		2		—		84		87
Other/remaining expenses		59		3		19		18		99
Operating expenses	$	147	$	70	$	20	$	184	$	421

(3)

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

14. Segment Reporting (Continued)


	Year Ended December 31, 2024
			Adjustments											Reportable Segments
(Dollars in millions)	Total GAAP		Reclassi- fications			Additions/ (Subtractions)			Total Adjustments (1)			Total Core Earnings		Consumer Lending		Federal Education Loans		Business Processing		Other
Interest income:
Education loans	$	3,655												$	1,259	$	2,397	$	—	$	—
Cash and investments		154													25		88		—		41
Total interest income		3,809													1,284		2,485		—		41
Total interest expense		3,273													786		2,323		—		128
Net interest income (loss)		536	$	35		$	2		$	37		$	573		498		162		—		(87	)
Less: provisions for loan losses		113											113		112		1		—		—
Net interest income (loss) after provisions for loan losses		423													386		161		—		(87	)
Other income (loss):
Servicing revenue		54													10		44		—		—
Asset recovery and business processing revenue		271													—		—		271		—
Other revenue		100													1		5		—		24
Gain on sale of subsidiaries, net		191		—			—			—			—		—		—		191		—
Total other income (loss)		616		(35	)		(35	)		(70	)		546		11		49		462		24
Expenses:
Direct operating expenses		445													143		74		228		—
Unallocated shared services expenses		235													—		—		—		235
Operating expenses(2)		680		—			—			—			680		143		74		228		235
Goodwill and acquired intangible asset impairment and amortization		146		—			(146	)		(146	)		—		—		—		—		—
Restructuring/other reorganization expenses		39		—			—			—			39		—		—		—		39
Total expenses		865		—			(146	)		(146	)		719		143		74		228		274
Income (loss) before income tax expense (benefit)		174		—			113			113			287		254		136		234		(337	)
Income tax expense (benefit)(3)		43		—			23			23			66		58		31		54		(77	)
Net income (loss)	$	131	$	—		$	90		$	90		$	221	$	196	$	105	$	180	$	(260	)

(1)

Core Earnings adjustments to GAAP:


	Year Ended December 31, 2024
(Dollars in millions)	Net Impact of Derivative Accounting			Net Impact of Acquired Intangibles			Total
Net interest income (loss) after provisions for loan losses	$	37		$	—		$	37
Total other income (loss)		(70	)		—			(70	)
Goodwill and acquired intangible asset impairment and amortization		—			(146	)		(146	)
Total Core Earnings adjustments to GAAP	$	(33	)	$	146			113
Income tax expense (benefit)								23
Net income (loss)							$	90

(2)

Reportable segment significant operating expenses are comprised of:


	Year Ended December 31, 2024
(Dollars in millions)	Consumer Lending		Federal Education Loans		Business Processing		Other		Total
Servicing expenses	$	54	$	57	$	—	$	6	$	117
Information technology expenses		31		8		15		84		138
Corporate expenses		3		4		4		98		109
Other/remaining expenses		55		5		209		47		316
Operating expenses	$	143	$	74	$	228	$	235	$	680

(3)

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

14. Segment Reporting (Continued)


	Year Ended December 31, 2023
				Adjustments											Reportable Segments
(Dollars in millions)	Total GAAP			Reclassi- fications			Additions/ (Subtractions)			Total Adjustments (1)			Total Core Earnings		Consumer Lending		Federal Education Loans		Business Processing		Other
Interest income:
Education loans	$	4,266													$	1,369	$	2,901	$	—	$	—
Cash and investments		153														27		76		—		50
Total interest income		4,419														1,396		2,977		—		50
Total interest expense		3,557														816		2,497		—		164
Net interest income (loss)		862		$	32		$	52		$	84		$	946		580		480		—		(114	)
Less: provisions for loan losses		123												123		67		56		—		—
Net interest income (loss) after provisions for loan losses		739														513		424		—		(114	)
Other income (loss):
Servicing revenue		64														12		52		—		—
Asset recovery and business processing revenue		321														—		—		321		—
Other revenue		32														2		14		—		5
Losses on debt repurchases		(8	)		—			—			—			—		—		—		—		(8	)
Total other income (loss)		409			(32	)		21			(11	)		398		14		66		321		(3	)
Expenses:
Direct operating expenses		508														151		72		285		—
Unallocated shared services expenses		292														—		—		—		292
Operating expenses(2)		800			—			—			—			800		151		72		285		292
Goodwill and acquired intangible asset impairment and amortization		10			—			(10	)		(10	)		—		—		—		—		—
Restructuring/other reorganization expenses		25			—			—			—			25		—		—		—		25
Total expenses		835			—			(10	)		(10	)		825		151		72		285		317
Income (loss) before income tax expense (benefit)		313			—			83			83			396		376		418		36		(434	)
Income tax expense (benefit)(3)		85			—			8			8			93		89		99		8		(103	)
Net income (loss)	$	228		$	—		$	75		$	75		$	303	$	287	$	319	$	28	$	(331	)

(1)

Core Earnings adjustments to GAAP:


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

(2)

Reportable segment significant operating expenses are comprised of:


	Year Ended December 31, 2023
(Dollars in millions)	Consumer Lending		Federal Education Loans		Business Processing		Other		Total
Servicing expenses	$	55	$	44	$	—	$	—	$	99
Information technology expenses		29		16		18		81		144
Corporate expenses		3		7		7		125		142
Other/remaining expenses		64		5		260		86		415
Operating expenses	$	151	$	72	$	285	$	292	$	800

(3)

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

Core Earnings Adjustments to GAAP

Summary of Core Earnings Adjustments to GAAP


	Years Ended December 31,
(Dollars in millions)	2025			2024			2023
GAAP net income (loss)	$	(80	)	$	131		$	228
Core Earnings adjustments to GAAP:
Net impact of derivative accounting(1)		62			(33	)		73
Net impact of goodwill and acquired intangible assets(2)		3			146			10
Net income tax effect(3)		(20	)		(23	)		(8	)
Total Core Earnings adjustments to GAAP		45			90			75
Core Earnings net income (loss)	$	(35	)	$	221		$	303

(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.

Consumer Lending [Member]

Asset Information for Loans Segment

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


	December 31,
(Dollars in millions)	2025		2024
Private Education Loans, net	$	15,451	$	15,716
Cash and investments(1)		529		524
Other		565		569
Total assets	$	16,545	$	16,809

(1)

Includes restricted cash and investments.

Federal Education Loans [Member]

Asset Information for Loans Segment

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


	December 31,
(Dollars in millions)	2025		2024
FFELP Loans, net	$	28,141	$	30,852
Cash and investments(1)		1,034		955
Other		1,681		1,818
Total assets	$	30,856	$	33,625

(1)

Includes restricted cash and investments.

Allowance for Loan Losses - Amount of Loans Modified for Borrowers Financial Difficulty and Payment Default (Details) - Private Education Loans [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modified Loans (Amortized Cost)	$ 734	$ 569	$ 272
Payment Default (Par)	751	582	278
Charge-offs (par)	$ 71	$ 15	$ 15

Other Assets (Tables)

12 Months Ended

Dec. 31, 2025

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

Schedule of Other Assets

The following table provides the detail of our other assets.


(Dollars in millions)	December 31, 2025		December 31, 2024
Accrued interest receivable	$	1,658	$	1,733
Benefit and insurance-related investments		458		459
Income tax asset, net		150		120
Derivatives at fair value		42		25
Fixed assets		23		52
Accounts receivable		12		49
Other		42		100
Total	$	2,385	$	2,538

Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

Use of Estimates

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

Consolidation

The consolidated financial statements include the accounts of Navient Corporation and its majority-owned and controlled subsidiaries and those Variable Interest Entities (VIEs) for which we are the primary beneficiary, after eliminating the effects of intercompany accounts and transactions.

We consolidate any VIEs where we have determined we are the primary beneficiary. A VIE is a legal entity that does not have sufficient equity at risk to finance its own operations, or whose equity holders do not have the power to direct the activities that most significantly affect the economic performance of the entity, or whose equity holders do not share proportionately in the losses or benefits of the entity. The primary beneficiary of the VIE is the entity which has both: (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE. As it relates to our securitizations and other secured borrowing facilities that are VIEs as of December 31, 2025 that we consolidate, we are the primary beneficiary as we are the master servicer of the related education loan assets and own the Residual Interest of the securitization trusts and secured borrowing facilities.

2. Significant Accounting Policies (Continued)

Fair Value Measurement

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

•

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

•

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

•

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

•

In the notes to the financial statements.

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

We categorize our fair value estimates based on a hierarchical framework associated with three levels of price transparency utilized in measuring financial instruments at fair value. Classification is based on the lowest level of input that is significant to the fair value of the instrument. The three levels are as follows:

•

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

•

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

•

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

Loans

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

2. Significant Accounting Policies (Continued)

Allowance for Loan Losses

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

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

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

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

2. Significant Accounting Policies (Continued)

Investments

Investments are primarily receivables for cash collateral posted to certain counterparties and investments in off-balance sheet securitizations.

Cash and Cash Equivalents

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

Restricted Cash and Investments

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

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

Goodwill and Acquired Intangible Assets

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

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

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

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

Subsidiaries Held for Sale

Held for sale classification is required if assets within a disposal group, including our subsidiaries, meet certain criteria that include management committing to a plan to sell the disposal group, initiating the activities necessary to identify a buyer to finalize the plan and completing a transaction that qualifies for recognition as a sale within one year of establishing the plan. The disposal group must be available for immediate sale and actively marketed at a reasonable sales price reflecting its current condition and thus, its value. Additionally, it must be unlikely that management will make significant changes to or withdraw the plan. If all of these criteria are met, the assets within a disposal group, including our subsidiaries, would be deemed held for sale and their basis would be recorded at the lower of its carrying amount or fair value less cost to sell.

2. Significant Accounting Policies (Continued)

During the fourth quarter of 2024, Navient met all of these criteria with respect to its government services line of business resulting in held for sale classification of these subsidiaries. Also in the fourth quarter of 2024, Navient entered into an agreement to sell its government services businesses to a willing buyer. The net basis of these subsidiaries was written down to their estimated sales price or fair value less cost to sell, which was equal to the estimated net sales price resulting in a $28 million loss, which is presented in the "Gain on sale of subsidiaries, net" line in the statement of income. A balance sheet reserve was established to offset the basis of the assets held for sale in an amount equal to the estimated loss, which amount is included in Other Liabilities in the balance sheet. In February 2025, Navient completed the sale of its equity interests in its government services businesses for net consideration of $44 million, which constitutes the remainder of the Business Processing segment.

Securitization Accounting

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

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

•

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

•

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

•

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

•

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

•

Our responsibilities relative to representation and warranty violations.

•

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

•

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

•

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

•

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

•

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

•

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

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

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

2. Significant Accounting Policies (Continued)

We do not record servicing assets or servicing liabilities when our securitization trusts are consolidated. As of December 31, 2025, we had $6 million of servicing assets on our balance sheet, recorded in connection with asset sales where we retained the servicing.

Education Loan Interest Income

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

Interest Expense

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

Servicing Revenue

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

Asset Recovery and Business Processing Revenue

The businesses that had asset recovery and business processing revenue were sold in 2024 and 2025. We accounted for that revenue (herein referred to as revenue from contracts with customers) in accordance with ASC 606, “Revenue from Contracts with Customers.” All Business Processing segment revenue was accounted for under ASC 606. Revenue that was earned by our Business Processing segment was derived from government services, which included receivables management services and account processing solutions, and healthcare services, which included revenue cycle management services.

2. Significant Accounting Policies (Continued)

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

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

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

Transfer of Financial Assets and Extinguishments of Liabilities

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

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

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

Derivative Accounting

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

2. Significant Accounting Policies (Continued)

Fair Value Hedges

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

Cash Flow Hedges

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

Trading Activities

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

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

Accounting for Stock-Based Compensation

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

2. Significant Accounting Policies (Continued)

Restructuring and Other Reorganization Expenses

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

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

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

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

During 2025, 2024 and 2023, the Company incurred $17 million, $39 million and $25 million, respectively, of restructuring/other reorganization expenses. In 2025 and 2024, these expenses related primarily to severance costs in connection with the various strategic initiatives that have been and continue to be implemented to simplify the Company, reduce our expense base and enhance our flexibility. Expense in 2023 related primarily to severance costs incurred in connection with the CEO transition as well as a facility lease termination and impairment of a facility held for sale in conjunction with the implementation of certain efficiency initiatives.

Income Taxes

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

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

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

In August 2022, the Inflation Reduction Act of 2022 (IRA) was enacted and intended to incentivize investment in clean or renewable energy. With the passage of the IRA, certain renewable energy tax credits can now be transferred (sold) by those generating eligible credits to any qualified buyer seeking to purchase tax credits at a discount. We account for purchases of these nonrefundable, transferable credits under ASC 740 and present the purchased credit as an adjustment to income taxes payable when we use it to offset prior year and current year federal income tax liabilities. The difference between the purchase price and the ASC 740 measurement of the purchased credit is recognized in the provision for income tax expense in the period used. Direct costs to acquire the credits are treated separately from the purchase of the credits and are expensed as incurred. In the third quarter of 2025, we purchased $25 million of transferable credits at a discount of $2 million. The $25 million credit was used to reduce income tax liabilities from prior tax years and the benefit of $2 million was recorded as a reduction in the current year provision for income tax expense. The $23 million purchase, net of discount, was included in the current year disclosure of cash income taxes paid.

2. Significant Accounting Policies (Continued)

Earnings (Loss) per Common Share

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

Reclassifications

Certain reclassifications have been made to the balances as of and for the years ended December 31, 2024 and 2023, to be consistent with classifications adopted for 2025, which had no effect on net income, total assets or total liabilities.

Recently Issued Accounting Pronouncements

Income Taxes

In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes – Improvements to Income Tax Disclosures,” which requires companies to disclose additional information in specified categories regarding reconciliation of the effective tax rate to the statutory rate for federal, state, and foreign income taxes. The ASU also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. This guidance is effective for the current fiscal year and has been implemented prospectively.

Income Statement Expense Disaggregation

In November 2024, the FASB issued ASU No. 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures.” This update requires new financial statement disclosures in tabular format, disaggregating information about prescribed categories underlying any relevant expense caption presented on the income statement within continuing operations that represent functional or natural expense classifications. This guidance will become effective beginning after December 15, 2026, for annual reporting periods, and for interim reporting periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company continues to assess the impact of the income statement disclosure requirements.

Internal-Use Software

In September 2025, the FASB issued ASU No. 2025-06, “Intangibles – Goodwill and Other – Internal-Use Software – Targeted Improvements to the Accounting for Internal-Use Software.” This update considers different methods of software development and clarifies and expands the requirements for capitalization of software costs. The guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company continues to assess the impact to our accounting policies and financial statements.

Interim Reporting

In December 2025, the FASB issued ASU No. 2025-11, “Interim Reporting – Narrow Scope Improvements,” which clarifies interim disclosure requirements and the applicability of Topic 270 (Interim Reporting). This guidance will be effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. The Company continues to assess the impact of the interim reporting disclosure requirements.

Borrowings - Company's Borrowings (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Long-term debt	$ 40,633	$ 43,184
Short-term debt	5,073	5,134
FFELP Loan Securitizations ABS Repurchase Facilities [Member]
Debt Instrument [Line Items]
Debt tranches default principal amount	1,100
A B C P Facilities [Member]
Debt Instrument [Line Items]
Gross issunaces	2,400	1,300
Gross paydowns	2,300	1,400
Long Term Senior Unsecured Debt [Member] \| FFELP Loan Securitizations ABS Repurchase Facilities [Member]
Debt Instrument [Line Items]
Long-term debt	0	87
Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Long-term debt	40,672	43,526
Short-term debt	5,074	5,139
Total Before Hedge Accounting Adjustments [Member] \| FFELP Loan Securitizations ABS Repurchase Facilities [Member]
Debt Instrument [Line Items]
Short-term debt	109	41
Total Before Hedge Accounting Adjustments [Member] \| Non-U.S. Doller Denominated Debt [Member]
Debt Instrument [Line Items]
Long-term debt	1,200	1,300
Total Before Hedge Accounting Adjustments [Member] \| Private Education Loan Asset-backed Securitization Repurchase Facilities [Member]
Debt Instrument [Line Items]
Short-term debt	469	631
Total Before Hedge Accounting Adjustments [Member] \| Long-Term Floating Rate Debt [Member]
Debt Instrument [Line Items]
Long-term debt	26,400	30,000
Total Before Hedge Accounting Adjustments [Member] \| Long-Term Fixed Rate Debt [Member]
Debt Instrument [Line Items]
Long-term debt	$ 14,200	$ 14,000

Allowance for Loan Losses - Age Analysis of Past Due Loans Delinquencies (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Loans in repayment and percentage of each status:
Loan allowance for losses	$ (537)	$ (621)	$ (832)	$ (1,022)
Loans, net	43,592	46,568
Private Education Loans [Member]
Loans in repayment and percentage of each status:
Total loans, gross	15,815	16,157	17,519
Loan allowance for losses	(364)	(441)	(617)	(800)
Loans, net	15,451	15,716
FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total loans, gross	28,314	31,032	38,140
Loan allowance for losses	(173)	(180)	$ (215)	$ (222)
Loans, net	28,141	30,852
Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| Private Education Loans [Member]
Loans in repayment and percentage of each status:
Total loans, gross	15,815	16,157
Loan allowance for losses	(364)	(441)
Loans, net	15,451	15,716
Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total loans, gross	28,314	31,032
Loan allowance for losses	(173)	(180)
Loans, net	$ 28,141	$ 30,852
Dimensions of concentration risk		100.00%
Credit Concentration Risk [Member] \| Financing Receivables, Current [Member] \| Accounts Receivable [Member] \| Private Education Loans [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	93.70%	93.90%
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	82.40%	81.40%
Credit Concentration Risk [Member] \| Financing Receivables, 31 to 60 Days Past Due [Member] \| Accounts Receivable [Member] \| Private Education Loans [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	2.10%	2.10%
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	4.60%	5.80%
Credit Concentration Risk [Member] \| Financing Receivables, 61 to 90 Days Past Due [Member] \| Accounts Receivable [Member] \| Private Education Loans [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	1.30%	1.30%
Credit Concentration Risk [Member] \| Financing Receivables, 61 to 90 Days Past Due [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	3.00%	4.10%
Credit Concentration Risk [Member] \| Financing Receivables, 90 Days Past Due [Member] \| Accounts Receivable [Member] \| Private Education Loans [Member]
Loans in repayment and percentage of each status:
Loans delinquent, percentage	2.90%	2.70%
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	10.00%	8.70%
Credit Concentration Risk [Member] \| Financing Receivables, Loans In Repayment [Member] \| Accounts Receivable [Member] \| Private Education Loans [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	96.00%	95.10%
Credit Concentration Risk [Member] \| Financing Receivables, Loans In Repayment [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	83.30%	81.90%
Credit Concentration Risk [Member] \| Financing Receivables, Delinquent Loans in Repayment [Member] \| Accounts Receivable [Member] \| Private Education Loans [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	6.30%	6.10%
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	17.50%	18.60%
Credit Concentration Risk [Member] \| Financing Receivables, Forbearance, Loans In Repayment [Member] \| Accounts Receivable [Member] \| Private Education Loans [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	1.50%	2.70%
Credit Concentration Risk [Member] \| Financing Receivables, Forbearance, Loans In Repayment [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Dimensions of concentration risk	13.00%	14.70%
School/Grace/Deferment [Member] \| Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| Private Education Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	$ 395	$ 372
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	1,210	1,262
Forbearance [Member] \| Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| Private Education Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	236	422
Forbearance [Member] \| Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	3,532	4,365
Repayment [Member] \| Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| Private Education Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	$ 15,184	$ 15,363
Dimensions of concentration risk	100.00%	100.00%
Repayment [Member] \| Credit Concentration Risk [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total Loans, gross	$ 23,572	$ 25,405
Dimensions of concentration risk	100.00%
Repayment [Member] \| Credit Concentration Risk [Member] \| Financing Asset, Not Past Due [Member] \| Accounts Receivable [Member] \| Private Education Loans [Member]
Loans in repayment and percentage of each status:
Total loans, gross	$ 14,230	14,419
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	19,441	20,675
Repayment [Member] \| Credit Concentration Risk [Member] \| Financial Asset, 31 to 60 Days Past Due [Member] \| Accounts Receivable [Member] \| Private Education Loans [Member]
Loans in repayment and percentage of each status:
Total loans, gross	326	319
Repayment [Member] \| Credit Concentration Risk [Member] \| Financial Asset, 31 to 60 Days Past Due [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total loans, gross	1,075	1,479
Repayment [Member] \| Credit Concentration Risk [Member] \| Financial Asset, 61 to 90 Days Past Due [Member] \| Accounts Receivable [Member] \| Private Education Loans [Member]
Loans in repayment and percentage of each status:
Total loans, gross	194	206
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	706	1,043
Repayment [Member] \| Credit Concentration Risk [Member] \| Financial Asset, 90 Days Past Due [Member] \| Accounts Receivable [Member] \| Private Education Loans [Member]
Loans in repayment and percentage of each status:
Total loans, gross	434	419
Repayment [Member] \| Credit Concentration Risk [Member] \| Financial Asset, 90 Days Past Due [Member] \| Accounts Receivable [Member] \| FFELP Loans [Member]
Loans in repayment and percentage of each status:
Total loans, gross	$ 2,350	$ 2,208

Derivative Financial Instruments - Collateral Held and Pledged (Detail) - USD ($)
$ in Millions

Dec. 31, 2025

Dec. 31, 2024

Collateral held:

Cash (obligation to return cash collateral is recorded in short-term borrowings)

$ 44

$ 26

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

Derivative asset at fair value including accrued interest

Collateral pledged to others:

Cash (right to receive return of cash collateral is recorded in investments)

Total collateral pledged

Derivative liability at fair value including accrued interest and premium receivable

$ 84

$ 250

[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.

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Allowance for loans losses	$ 537	$ 621
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,125,000,000	1,125,000,000
Common stock, shares issued	467,000,000	465,000,000
Tax expense for accumulated other comprehensive loss	$ 1	$ 1
Common stock held in treasury	371,000,000	362,000,000
Series A Junior Participating Preferred Stock [Member]
Preferred stock, par value	$ 0.20	$ 0.20
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	$ 173	$ 180
Private Education Loans [Member]
Allowance for loans losses	$ 364	$ 441

Income Taxes - Summary of Operating Loss and Credit Carryovers (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating Loss Carryforwards [Line Items]
Net operating loss carryovers, Tax-Effected	$ 235
Valuation allowance, Operating loss and credit carryovers	151	$ 123
Operating Loss and Credit Carryovers	84
Federal [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryovers, Gross	318
Net capital loss carryovers, Gross	63
Net operating loss carryovers, Tax-Effected	66
Net capital loss carryovers, Tax-Effected	$ 13
Net operating loss, Expiration	2032
Net capital loss, Expiration	2030
Valuation allowance, Operating loss and credit carryovers	$ 0
Valuation allowance, Capital loss and credit carryovers	0
Operating Loss and Credit Carryovers	66
Capital Loss and Credit Carryover	13
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryovers, Gross	990
Net capital loss carryovers, Gross	63
Net operating loss carryovers, Tax-Effected	55
Net capital loss carryovers, Tax-Effected	$ 3
Net operating loss, Expiration	2026
Net capital loss, Expiration	2030
Valuation allowance, Operating loss and credit carryovers	$ 52
Valuation allowance, Capital loss and credit carryovers	1
Operating Loss and Credit Carryovers	3
Capital Loss and Credit Carryover	2
State IRC § 163(j) disallowed interest expense carryovers, Gross	6,824
State IRC § 163(j) disallowed interest expense carryovers, Tax-Effected	$ 98
State IRC § 163(j) disallowed interest expense carryovers, Expiration	Indefinite
State IRC § 163(j) disallowed interest expense carryovers, Corresponding Valuation Allowance	$ 98
State IRC § 163(j) disallowed interest expense carryovers, Operating Loss and Credit carryovers	$ 0

Fair Value Measurements - Change in Balance Sheet Carrying Value Associated with Level 3 Financial Instruments Carried at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	$ (244)	$ (190)	$ (255)
Total gains/(losses):
Included in earnings	$ 134	$ (93)	$ 18
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
Included in other comprehensive income	$ 0	$ 0	$ 0
Settlements	34	38	47
Transfers in and/or out of level 3	0	1	0
Balance, end of period	(76)	(244)	(190)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	168	(55)	65
Interest Rate Swaps [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	0	(1)	(2)
Total gains/(losses):
Included in earnings	0	0	1
Included in other comprehensive income	0	0	0
Settlements	0	0	0
Transfers in and/or out of level 3	0	1	0
Balance, end of period	0	0	(1)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	0	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	(244)	(189)	(253)
Total gains/(losses):
Included in earnings	134	(93)	17
Included in other comprehensive income	0	0	0
Settlements	34	38	47
Transfers in and/or out of level 3	0	0	0
Balance, end of period	(76)	(244)	(189)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	168	(55)	64
Other [Member]
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	0	0	0
Total gains/(losses):
Included in earnings	0	0	0
Included in other comprehensive income	0	0	0
Settlements	0	0	0
Transfers in and/or out of level 3	0	0	0
Balance, end of period	0	0	0
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date	$ 0	$ 0	$ 0

Borrowings - Expected Maturities of Long-term Borrowings (Detail) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total	$ 40,633	$ 43,184
Long-Term Borrowings [Member]
Debt Instrument [Line Items]
2026	3,722
2027	4,394
2028	3,738
2029	4,336
2030	3,664
2031-2050	20,818
Total before hedge accounting adjustments	40,672
Hedge accounting adjustments	(39)
Total	40,633
Long-Term Borrowings [Member] \| Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
2026	0
2027	699
2028	514
2029	947
2030	526
2031-2050	2,096
Total before hedge accounting adjustments	4,782
Hedge accounting adjustments	(23)
Total	4,759
Long-Term Borrowings [Member] \| Secured Borrowings [Member]
Debt Instrument [Line Items]
2026	3,722
2027	3,695
2028	3,224
2029	3,389
2030	3,138
2031-2050	18,722
Total before hedge accounting adjustments	35,890
Hedge accounting adjustments	(16)
Total	$ 35,874

Earnings (Loss) per Common Share - Schedule of Earnings (Loss) per Common Share (Parenthetical) (Detail) - shares shares in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 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

Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Notes And Loans Receivable [Line Items]
Charge-offs (as a result of lower recovery expectations)	$ (426)	$ (414)	$ (408)
Change in balance during period	(9)	(47)	(48)
Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Charge-offs (as a result of lower recovery expectations)	(388)	(378)	(345)
Change in balance during period	(9)	(47)	(48)
Private Education Loans [Member] \| Loans Receivable For Previously Fully Charged Off Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Beginning of period expected future recoveries on previously fully charged-off loans	179	226	274
Expected future recoveries of current period defaults	53	43	47
Recoveries (cash collected)	(41)	(41)	(46)
Charge-offs (as a result of lower recovery expectations)	(21)	(49)	(49)
Charge offs related to resolution of loans in bankruptcy	28
End of period expected future recoveries on previously fully charged-off loans	170	179	226
Change in balance during period	$ (9)	$ (47)	$ (48)

Education Loans - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounts Notes And Loans Receivable [Line Items]
Loans, net	$ 43,592	$ 46,568
Percentage of education loan portfolio in repayment	88.00%	86.00%
FFELP Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Loans, net	$ 28,141	$ 30,852
After October 1 1993 and before July 1 2006 [Member] \| FFELP Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Percentage reimbursement on all qualifying default claims period	98.00%
On or After July 1 2006 [Member] \| FFELP Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Percentage reimbursement on all qualifying default claims period	97.00%
Weighted Average [Member]
Accounts Notes And Loans Receivable [Line Items]
Estimated weighted average life of education loans	7 years	7 years
Stafford Loans [Member] \| Minimum [Member] \| FFELP Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Repayment term	5 years
Stafford Loans [Member] \| Maximum [Member] \| FFELP Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Repayment term	10 years
Consolidation Loans [Member] \| Minimum [Member] \| FFELP Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Repayment term	12 years
Consolidation Loans [Member] \| Maximum [Member] \| FFELP Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Repayment term	30 years
Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Loans, net	$ 15,451	$ 15,716
Private Education Loans [Member] \| Minimum [Member]
Accounts Notes And Loans Receivable [Line Items]
Repayment term	10 years
Private Education Loans [Member] \| Maximum [Member]
Accounts Notes And Loans Receivable [Line Items]
Repayment term	15 years
In School Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Loans, net	$ 1,000

Allowance for Loan Losses - Amortized Cost Basis of Loans Modified to Borrowers with Financial Difficulty (Parenthetical) (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Notes And Loans Receivable [Line Items]
Loans	$ 43,592	$ 46,568
Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Loans	15,451	15,716
Interest Rate Reduction [Member] \| Private Education Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Loans	$ 1,000	$ 1,000	$ 1,200

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

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

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


	Years Ended December 31,
	2024			2023
Statutory federal rate		21.0	%		21.0	%
Non-deductible goodwill impairment		4.2			—
Non-deductible regulatory-related expenses		2.4			—
Recognition of deferred tax asset on government services business basis difference		(5.3	)		—
State tax, net of federal income tax effect		4.2			5.5
Other, net		(1.5	)		.6
Effective tax rate		25.0	%		27.1	%


	Year Ended December 31, 2025
(Dollars in millions)	Amount			Percent
Statutory federal rate	$	(23	)		21.0	%
Federal
Tax credits
Energy-related tax credits		(2	)		1.6
Other		(1	)		.5
Nontaxable or nondeductible items
Executive compensation		2			(1.6	)
Market value adjustments on life insurance contracts		(2	)		2.1
Other		—			(.2	)
Other adjustments		(1	)		.8
State income taxes, net of federal income tax effect (1)		(6	)		5.6
Changes in unrecognized tax benefits		2			(1.7	)
Total tax (benefit) / expense and effective rate	$	(31	)		28.1	%

(1)

In 2025, state taxes in Virginia, California and Delaware comprise the majority of the state income taxes, net of federal income tax effect category.

13. Income Taxes (Continued)

Income tax expense (benefit) consists of:


	December 31,
(Dollars in millions)	2025			2024		2023
Current provision/(benefit):
Federal	$	(28	)	$	29	$	63
State		(5	)		8		24
Total current provision/(benefit)		(33	)		37		87

Deferred provision/(benefit):
Federal		2			5		—
State		—			1		(2	)
Total deferred provision/(benefit)		2			6		(2	)

Total provision/(benefit):
Federal		(26	)		34		63
State		(5	)		9		22
Provision for income tax expense/(benefit)	$	(31	)	$	43	$	85

Income taxes paid (net of refunds received) consists of

Components of Provision for Income Tax Expense (Benefit)

Income tax expense (benefit) consists of:


	December 31,
(Dollars in millions)	2025			2024		2023
Current provision/(benefit):
Federal	$	(28	)	$	29	$	63
State		(5	)		8		24
Total current provision/(benefit)		(33	)		37		87

Deferred provision/(benefit):
Federal		2			5		—
State		—			1		(2	)
Total deferred provision/(benefit)		2			6		(2	)

Total provision/(benefit):
Federal		(26	)		34		63
State		(5	)		9		22
Provision for income tax expense/(benefit)	$	(31	)	$	43	$	85

Schedule of Income Taxes Paid Net of Refunds Received

Income taxes paid (net of refunds received) consists of:


(Dollars in millions)	Year Ended December 31, 2025
Federal	$	18
State		1
Income taxes paid (net of refunds received)	$	19

Schedule of Deferred Tax Assets and Liabilities

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


	December 31,
(Dollars in millions)	2025		2024
Deferred tax assets:
Loan reserves	$	164	$	181
Accrued expenses not currently deductible		18		22
Education loan premiums and discounts, net		40		40
Government services business held for sale		—		18
Operating loss and credit carryovers		84		9
Stock-based compensation plans		7		7
Acquired intangible assets		—		9
Other		14		16
Total deferred tax assets		327		302
Deferred tax liabilities:
Market value adjustments on education loans, investments and derivatives		115		100
Original issue discount on borrowings		14		13
Acquired intangible assets		9		—
Other		2		5
Total deferred tax liabilities		140		118
Net deferred tax assets	$	187	$	184

Summary of Operating Loss and Credit Carryovers

The operating loss and credit carryovers consist of:


	December 31, 2025
(Dollars in millions)	Gross		Tax-Effected		Expiration	Corresponding Valuation Allowance(1)		Operating Loss and Credit Carryovers
Federal operating loss carryovers	$	318	$	66	Begins in 2032	$	—	$	66
Federal capital loss carryovers		63		13	Begins in 2030		—		13
State capital loss carryovers		63		3	Begins in 2030		1		2
State operating loss carryovers		990		55	Begins in 2026		52		3
State IRC § 163(j) disallowed interest expense carryovers		6,824		98	Indefinite		98		—
			$	235		$	151	$	84

(1)

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

Summary of Changes in Unrecognized Tax Benefits

The following table summarizes changes in unrecognized tax benefits:


	December 31,
(Dollars in millions)	2025			2024			2023
Unrecognized tax benefits at beginning of year	$	47.1		$	48.5		$	50.7
Increases resulting from tax positions taken during a prior period		—			8.8			3.8
Decreases resulting from tax positions taken during a prior period		(4.0	)		(6.4	)		(4.5	)
Increases resulting from tax positions taken during the current period		7.2			10.2			7.4
Decreases related to settlements with taxing authorities		(.5	)		(6.0	)		(3.8	)
Increases related to settlements with taxing authorities		—			—			—
Reductions related to the lapse of statute of limitations		(2.6	)		(8.0	)		(5.1	)
Unrecognized tax benefits at end of year (1)	$	47.2		$	47.1		$	48.5

(1)

Included in the $47.2 million of gross unrecognized tax benefits at December 31, 2025 are $37.3 million of unrecognized tax benefits that, if recognized, would favorably impact the effective tax rate.

Income Taxes - Reconciliations of Statutory U.S. Federal Income Tax Rates to Our Effective Tax Rate for Continuing Operations (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Statutory federal rate	21.00%	21.00%	21.00%
Statutory federal rate, amount	$ (23)
Energy-related tax credits	1.60%
Energy-related tax credits, amount	$ (2)
Other	0.50%
Other, amount	$ (1)
Executive compensation	(1.60%)
Executive compensation, amount	$ 2
Market value adjustments on life insurance contracts	2.10%
Market value adjustments on life insurance contracts, amount	$ (2)
Other	(0.20%)
Other, amount	$ 0
Non-deductible goodwill impairment		4.20%	0.00%
Non-deductible regulatory-related expenses		2.40%	0.00%
Recognition of deferred tax asset on government services business basis difference		(5.30%)	0.00%
State income taxes, net of federal income tax effect	5.60%	4.20%	5.50%
State income taxes, net of federal income tax effect, amount	$ (6)
Effective Income Tax Rate Reconciliation, State and Local Jurisdiction, Contribution Greater than 50 Percent, Tax Effect [Extensible Enumeration]	stpr:CA, stpr:DE, stpr:VA
Other, net	0.80%	(1.50%)	0.60%
Other adjustments, amount	$ (1)
Changes in unrecognized tax benefits	(1.70%)
Changes in unrecognized tax benefits, amount	$ 2
Effective tax rate	28.10%	25.00%	27.10%
Provision for income tax expense/(benefit)	$ (31)	$ 43	$ 85

Education Loans (Tables)

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Education Loan Portfolio by Program


	December 31, 2025					Year Ended December 31, 2025
(Dollars in millions)	Ending Balance		% of Balance			Average Balance		Average Effective Interest Rate
Private Education Loans, net	$	15,451		35	%	$	15,987		7.02	%
FFELP Loans, net		28,141		65			29,945		6.35
Total education loans, net	$	43,592		100	%	$	45,932		6.58	%


	December 31, 2024					Year Ended December 31, 2024
(Dollars in millions)	Ending Balance		% of Balance			Average Balance		Average Effective Interest Rate
Private Education Loans, net	$	15,716		34	%	$	16,809		7.49	%
FFELP Loans, net		30,852		66			33,946		7.06
Total education loans, net	$	46,568		100	%	$	50,755		7.20	%

Stockholders' Equity - Common Share Repurchases, Issuances and Dividends Paid (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Equity, Class of Treasury Stock [Line Items]
Average purchase price per share	$ 13.08	$ 15.51	$ 17.21
Remaining common stock repurchase authority	$ 100	$ 111	$ 290
Shares repurchased related to employee stock-based compensation plans	500,000	500,000	1,300,000
Average purchase price per share	$ 13.67	$ 15.83	$ 18.44
Common shares issued	1,500,000	1,600,000	2,600,000
Dividends paid	$ 63	$ 70	$ 78
Dividends per share	$ 0.64	$ 0.64	$ 0.64
Common Stock Shares Outstanding [Member]
Equity, Class of Treasury Stock [Line Items]
Common stock repurchased, shares	8,500,000	11,500,000	18,000,000
Common stock repurchased, value	$ 111	$ 179	$ 310
Shares repurchased related to employee stock-based compensation plans	509,961	530,702	1,315,644
Common shares issued	1,483,994	1,593,853	2,627,458

Fair Value Measurements - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Maximum remaining term for investment purchased for estimating at cost	90 days

Borrowings - Financing VIEs (Detail) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Securities Financing Transaction [Line Items]
Short-term borrowings	$ 5,073	$ 5,134
Long-term borrowings	40,633	43,184
Total	45,706	48,318
Loans	43,592	46,568
Total assets	48,681	51,789
Total Before Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	5,074	5,139
Long-term borrowings	40,672	43,526
Total	45,746	48,665
Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	(1)	(5)
Long-term borrowings	(39)	(342)
Total	(40)	(347)
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	4,389	4,532
Long-term borrowings	35,835	38,497
Total	40,224	43,029
Loans	42,190	45,258
Cash	1,466	1,364
Other assets, Net	1,300	1,224
Total assets	44,956	47,846
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Private Education Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	469	631
Long-term borrowings	10,250	10,338
Total	10,719	10,969
Loans	11,960	12,054
Cash	364	335
Other assets, Net	127	113
Total assets	12,451	12,502
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| FFELP Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	109	41
Long-term borrowings	25,302	28,268
Total	25,411	28,309
Loans	25,942	28,983
Cash	950	901
Other assets, Net	1,096	1,211
Total assets	27,988	31,095
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Private Education Loan ABCP Facilities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	1,942	2,274
Long-term borrowings	0	0
Total	1,942	2,274
Loans	2,173	2,584
Cash	68	75
Other assets, Net	44	66
Total assets	2,285	2,725
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| FFELP Loan ABCP Facilities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	1,869	1,586
Long-term borrowings	299	74
Total	2,168	1,660
Loans	2,115	1,637
Cash	84	53
Other assets, Net	108	78
Total assets	2,307	1,768
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Total Before Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	4,389	4,532
Long-term borrowings	35,851	38,680
Total	40,240	43,212
Loans	42,190	45,258
Cash	1,466	1,364
Other assets, Net	1,375	1,468
Total assets	45,031	48,090
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	(16)	(183)
Total	(16)	(183)
Loans	0	0
Cash	0	0
Other assets, Net	(75)	(244)
Total assets	$ (75)	$ (244)

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

The 2025 loss from continuing operations before income tax benefit from U.S. operations is $111 million.

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


	Years Ended December 31,
	2024			2023
Statutory federal rate		21.0	%		21.0	%
Non-deductible goodwill impairment		4.2			—
Non-deductible regulatory-related expenses		2.4			—
Recognition of deferred tax asset on government services business basis difference		(5.3	)		—
State tax, net of federal income tax effect		4.2			5.5
Other, net		(1.5	)		.6
Effective tax rate		25.0	%		27.1	%


	Year Ended December 31, 2025
(Dollars in millions)	Amount			Percent
Statutory federal rate	$	(23	)		21.0	%
Federal
Tax credits
Energy-related tax credits		(2	)		1.6
Other		(1	)		.5
Nontaxable or nondeductible items
Executive compensation		2			(1.6	)
Market value adjustments on life insurance contracts		(2	)		2.1
Other		—			(.2	)
Other adjustments		(1	)		.8
State income taxes, net of federal income tax effect (1)		(6	)		5.6
Changes in unrecognized tax benefits		2			(1.7	)
Total tax (benefit) / expense and effective rate	$	(31	)		28.1	%

(1)

In 2025, state taxes in Virginia, California and Delaware comprise the majority of the state income taxes, net of federal income tax effect category.

13. Income Taxes (Continued)

Income tax expense (benefit) consists of:


	December 31,
(Dollars in millions)	2025			2024		2023
Current provision/(benefit):
Federal	$	(28	)	$	29	$	63
State		(5	)		8		24
Total current provision/(benefit)		(33	)		37		87

Deferred provision/(benefit):
Federal		2			5		—
State		—			1		(2	)
Total deferred provision/(benefit)		2			6		(2	)

Total provision/(benefit):
Federal		(26	)		34		63
State		(5	)		9		22
Provision for income tax expense/(benefit)	$	(31	)	$	43	$	85

Income taxes paid (net of refunds received) consists of:


(Dollars in millions)	Year Ended December 31, 2025
Federal	$	18
State		1
Income taxes paid (net of refunds received)	$	19

13. Income Taxes (Continued)

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


	December 31,
(Dollars in millions)	2025		2024
Deferred tax assets:
Loan reserves	$	164	$	181
Accrued expenses not currently deductible		18		22
Education loan premiums and discounts, net		40		40
Government services business held for sale		—		18
Operating loss and credit carryovers		84		9
Stock-based compensation plans		7		7
Acquired intangible assets		—		9
Other		14		16
Total deferred tax assets		327		302
Deferred tax liabilities:
Market value adjustments on education loans, investments and derivatives		115		100
Original issue discount on borrowings		14		13
Acquired intangible assets		9		—
Other		2		5
Total deferred tax liabilities		140		118
Net deferred tax assets	$	187	$	184

Included in operating loss and credit carryovers is a valuation allowance of $151 million and $123 million as of December 31, 2025 and 2024, respectively, against a portion of the Company’s state deferred tax assets. The valuation allowance is primarily attributable to deferred tax assets for state net operating loss carryovers and state IRC § 163(j) disallowed interest expense carryovers that management believes it is more likely than not will expire prior to being realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income of the appropriate character (i.e., capital or ordinary) during the period in which the temporary differences become deductible. Factors generally considered by management include (but are not limited to): any changes in economic conditions, the scheduled reversals of deferred tax liabilities, and the history of positive taxable income in evaluating the realizability of the deferred tax assets.

The operating loss and credit carryovers consist of:


	December 31, 2025
(Dollars in millions)	Gross		Tax-Effected		Expiration	Corresponding Valuation Allowance(1)		Operating Loss and Credit Carryovers
Federal operating loss carryovers	$	318	$	66	Begins in 2032	$	—	$	66
Federal capital loss carryovers		63		13	Begins in 2030		—		13
State capital loss carryovers		63		3	Begins in 2030		1		2
State operating loss carryovers		990		55	Begins in 2026		52		3
State IRC § 163(j) disallowed interest expense carryovers		6,824		98	Indefinite		98		—
			$	235		$	151	$	84

(1)

13. Income Taxes (Continued)

Accounting for Uncertainty in Income Taxes

The following table summarizes changes in unrecognized tax benefits:


	December 31,
(Dollars in millions)	2025			2024			2023
Unrecognized tax benefits at beginning of year	$	47.1		$	48.5		$	50.7
Increases resulting from tax positions taken during a prior period		—			8.8			3.8
Decreases resulting from tax positions taken during a prior period		(4.0	)		(6.4	)		(4.5	)
Increases resulting from tax positions taken during the current period		7.2			10.2			7.4
Decreases related to settlements with taxing authorities		(.5	)		(6.0	)		(3.8	)
Increases related to settlements with taxing authorities		—			—			—
Reductions related to the lapse of statute of limitations		(2.6	)		(8.0	)		(5.1	)
Unrecognized tax benefits at end of year (1)	$	47.2		$	47.1		$	48.5

(1)

The Company or one of its subsidiaries files income tax returns at the U.S. federal level, in most U.S. states, and various foreign jurisdictions. All periods prior to 2022 are closed for federal examination purposes. Various combinations of subsidiaries, tax years, and jurisdictions remain open for review, subject to statute of limitations periods (typically 3 to 4 prior years). We do not expect the resolution of open audits to have a material impact on our unrecognized tax benefits.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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+ Details

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Statement of Comprehensive Income [Abstract]

Net income (loss)

$ (80)

$ 131

$ 228

Net changes in cash flow hedges, net of tax

^[1]

(1)

(16)

(68)

Total comprehensive income (loss)

$ (81)

$ 115

$ 160

[1]	See “Note 7 — 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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+ Details

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Loan reserves	$ 164	$ 181
Accrued expenses not currently deductible	18	22
Government services business held for sale	0	18
Education loan premiums and discounts, net	40	40
Operating loss and credit carryovers	84	9
Stock-based compensation plans	7	7
Acquired intangible assets	0	9
Other	14	16
Total deferred tax assets	327	302
Deferred tax liabilities:
Market value adjustments on education loans, investments and derivatives	115	100
Original issue discount on borrowings	14	13
Acquired intangible assets	9	0
Other	2	5
Total deferred tax liabilities	140	118
Net deferred tax assets	$ 187	$ 184

Business Combinations and Divestitures, Goodwill and Acquired Intangible Assets - Summary of Goodwill for Each Reporting Units and Reportable Segments (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Line Items]
Goodwill	$ 428	$ 428
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	$ 232	$ 232

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Impact of Derivatives on Balance Sheet


		Cash Flow				Fair Value(3)						Trading				Total
(Dollars in millions)	Hedged Risk Exposure	Dec. 31, 2025		Dec. 31, 2024		Dec. 31, 2025			Dec. 31, 2024			Dec. 31, 2025		Dec. 31, 2024		Dec. 31, 2025			Dec. 31, 2024
Fair Values(1)
Derivative Assets:
Interest rate swaps	Interest rate	$	—	$	—	$	39		$	25		$	—	$	—	$	39		$	25
Cross-currency interest rate swaps			—		—		3			—			—		—		3			—
Total derivative assets(2)			—		—		42			25			—		—		42			25
Derivative Liabilities:
Interest rate swaps	Interest rate		—		—		—			—			—		—		—			—
Cross-currency interest rate swaps	Foreign currency and interest rate		—		—		(79	)		(244	)		—		—		(79	)		(244	)
Total derivative liabilities(2)			—		—		(79	)		(244	)		—		—		(79	)		(244	)
Net total derivatives		$	—	$	—	$	(37	)	$	(219	)	$	—	$	—	$	(37	)	$	(219	)

(1)

(2)

The following table shows derivative positions net of collateral:


	Other Assets						Other Liabilities
(Dollars in millions)	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Derivative values (as carried on balance sheet)	$	42		$	25		$	(79	)	$	(244	)
Cash collateral (held) pledged		(44	)		(26	)		40			30
Net position	$	(2	)	$	(1	)	$	(39	)	$	(214	)

(3)

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


	As of December 31, 2025					As of December 31, 2024
(Dollars in millions)	Carrying Value		Hedge Basis Adjustments			Carrying Value		Hedge Basis Adjustments
Short-term borrowings	$	499	$	(1	)	$	495	$	(5	)
Long-term borrowings	$	4,675	$	(42	)	$	4,517	$	(345	)

Derivative Positions Net of Collateral

(2)

The following table shows derivative positions net of collateral:


	Other Assets						Other Liabilities
(Dollars in millions)	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Derivative values (as carried on balance sheet)	$	42		$	25		$	(79	)	$	(244	)
Cash collateral (held) pledged		(44	)		(26	)		40			30
Net position	$	(2	)	$	(1	)	$	(39	)	$	(214	)

Carrying Value and Related Fair Value Hedging Adjustments of Liabilities

(3)

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


	As of December 31, 2025					As of December 31, 2024
(Dollars in millions)	Carrying Value		Hedge Basis Adjustments			Carrying Value		Hedge Basis Adjustments
Short-term borrowings	$	499	$	(1	)	$	495	$	(5	)
Long-term borrowings	$	4,675	$	(42	)	$	4,517	$	(345	)

Derivative Notional Values


	Cash Flow				Fair Value				Trading				Total
(Dollars in billions)	Dec. 31, 2025		Dec. 31, 2024		Dec. 31, 2025		Dec. 31, 2024		Dec. 31, 2025		Dec. 31, 2024		Dec. 31, 2025		Dec. 31, 2024
Notional Values:
Interest rate swaps	$	1.3	$	.1	$	4.1	$	4.1	$	.7	$	2.2	$	6.1	$	6.4
Cross-currency interest rate swaps		—		—		1.2		1.3		—		—		1.2		1.3
Total derivatives	$	1.3	$	.1	$	5.3	$	5.4	$	.7	$	2.2	$	7.3	$	7.7

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


	Total Gains (Losses)
	Years Ended December 31,
(Dollars in millions)	2025			2024			2023
Fair Value Hedges:
Interest Rate Swaps
Gains (losses) recognized in net income on derivatives	$	131		$	—		$	104
Gains (losses) recognized in net income on hedged items		(140	)		(3	)		(128	)
Net fair value hedge ineffectiveness gains (losses)		(9	)		(3	)		(24	)
Cross-currency interest rate swaps
Gains (losses) recognized in net income on derivatives		168			(55	)		64
Gains (losses) recognized in net income on hedged items		(166	)		63			(86	)
Net fair value hedge ineffectiveness gains (losses)		2			8			(22	)
Total fair value hedges(1)(2)		(7	)		5			(46	)
Cash Flow Hedges:
Total cash flow hedges(2)		—			—			—
Trading:
Interest rate swaps		(30	)		70			11
Total trading derivatives(3)		(30	)		70			11
Mark-to-market gains (losses) recognized	$	(37	)	$	75		$	(35	)

(1)

Recorded in interest expense in the consolidated statements of income.

(2)

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

(3)

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

Impact of Derivatives on Other Comprehensive Income (Equity)


	Years Ended December 31,
(Dollars in millions)	2025			2024			2023
Total gains (losses) on cash flow hedges	$	—		$	5		$	16
Reclassification adjustments for derivative (gains) losses included in net income (interest expense)(1)		(1	)		(21	)		(84	)
Net changes in cash flow hedges, net of tax	$	(1	)	$	(16	)	$	(68	)

(1)

Includes net settlement income/expense.

Collateral Held and Pledged

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


(Dollars in millions)	December 31, 2025		December 31, 2024
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$	44	$	26
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	$	44	$	26
Derivative asset at fair value including accrued interest	$	51	$	33
Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	$	40	$	30
Total collateral pledged	$	40	$	30
Derivative liability at fair value including accrued interest and premium receivable	$	84	$	250

(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.

Business Combinations and Divestitures, Goodwill and Acquired Intangible Assets - Schedule of Acquired Intangible Assets (Parenthetical) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment of intagible assets		$ 3.0	$ 146.0	$ 10.0
Amortization of acquired intangible assets		3.0	$ 8.0	$ 10.0
2026		4.0
2027		2.0
2028		$ 0.3
Customer Relationship, Developed Technology and Trade Name [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Removal of intangible assets	$ 6.0
Technology and Trade Name [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment of intagible assets	$ 1.0

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
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-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-11

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2025	Jan. 31, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Registrant Name	Navient Corporation
Entity Central Index Key	0001593538
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		95,089,668
Entity Public Float			$ 1.0
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	302
Local Phone Number	283-8000
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Document Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference	Portions of the proxy statement (the “2026 Proxy Statement”) relating to the Registrant’s 2026 Annual Meeting of Shareholders, to be filed no later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, are incorporated by reference into Part III of this Annual Report on Form 10-K.
Auditor Firm ID	185
Auditor Name	KPMG LLP
Auditor Location	McLean, VA
Auditor Opinion	Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Navient Corporation and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, changes in stockholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 26, 2026 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting. Basis for Opinion These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Assessment of the allowance for loan losses on private education loans As discussed in Notes 2 and 4 to the consolidated financial statements, the Company’s total allowance for loan losses for private education loans was $364 million as of December 31, 2025, which included allowance for loan losses related to the private education legacy in-school loans (private legacy ALL). For the private legacy ALL, the expected credit losses are the product of a transition rate model determining the Company's estimates of probability of default and prepayment as well as loss given default on an undiscounted basis. The Company makes estimates regarding transition rates including prepayments and recoveries on defaults, including expected future recoveries on previously fully charged off loans (expected recoveries). The model used to project losses, utilizes key credit quality indicators of the loan portfolio and predicts how those attributes are expected to perform at the loan level in connection with the forecasted economic conditions over the contractual term of the loans, including any prepayments and extension options within the control of the borrower. The private legacy ALL incorporates reasonable and supportable forecasts of various macro-economic variables, and several forecast scenarios over the remaining life of the loans. The development of the reasonable and supportable forecasts incorporates an assumption that each macro-economic variable will revert to a long-term expectation. Qualitative adjustments are based on factors not reflected in the quantitative model. We identified the assessment of the private legacy ALL as a critical audit matter. A high degree of audit effort, including skills and knowledge, and subjective and complex auditor judgment was involved in the assessment. Specifically, the assessment encompassed an evaluation of the private legacy ALL methodology including the method and model used to estimate the projected losses and certain assumptions. Such assumptions included (1) the forecasted economic scenarios, including related weightings, (2) the reasonable and supportable forecast periods, (3) the transition rates including estimated prepayments, and (4) certain of the qualitative adjustments. The assessment also included an evaluation of the conceptual soundness and performance of the model. In addition, auditor judgment was required to evaluate the sufficiency of audit evidence obtained. The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company's measurement of the private legacy ALL estimate including controls over: • evaluation of the private legacy ALL methodology • continued use and appropriateness of changes made to the model • identification and determination of certain assumptions used in the model to estimate credit losses • development of certain qualitative adjustments • performance monitoring of the model • analysis of private legacy ALL results, trends, and ratios We evaluated the Company's process to develop the private legacy ALL estimate by testing certain sources of data, factors, and assumptions that the Company used, and considered the relevance and reliability of such data, factors, and assumptions. In addition, we involved credit risk professionals with specialized industry, knowledge, and experience who assisted in: • evaluating the Company's private legacy ALL methodology for compliance with U.S. generally accepted accounting principles • evaluating the judgments made by the Company relative to the assessment and performance testing of the model, including transition rates used by the Company by comparing them to relevant Company specific metrics and trends and the applicable industry and regulatory practices • assessing the conceptual soundness and performance testing of the model including transition rates by inspecting the model documentation to determine whether the model is suitable for their intended use • evaluating the selection of the forecasted economic scenarios, including the weighting of the scenarios, and underlying assumptions by comparing them to business environment and relevant industry practices • evaluating the length of reasonable and supportable economic forecast periods by comparing them to specific portfolio risk characteristics and trends • evaluating the methodology used to develop certain of the qualitative adjustments and the effect of those adjustments on the private legacy ALL compared with relevant credit risk factors and consistency with credit trends and identified limitations of the underlying quantitative model. • We also assessed the sufficiency of the audit evidence obtained related to the Company’s private legacy ALL estimate by evaluating the: ▪ cumulative results of the audit procedures ▪ qualitative aspects of the Company’s accounting practices ▪ potential bias in the accounting estimates. /s/ KPMG LLP We have served as the Company’s auditor since 2012. Baltimore, Maryland February 26, 2026
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

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities
Net income (loss)	$ (80)	$ 131	$ 228
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
(Gain) on sale of subsidiaries, net	0	(191)	0
Losses on debt repurchases	0	0	8
Goodwill and acquired intangible asset impairment and amortization expense	3	146	10
Stock-based compensation expense	21	23	24
Mark-to-market (gains)/losses on derivative and hedging activities, net	124	25	147
Provisions for loan losses	280	113	123
(Increase) decrease in accrued interest receivable	76	348	(50)
Increase (decrease) in accrued interest payable	(3)	(31)	29
Decrease in other assets	58	91	52
Increase (decrease) in other liabilities	(38)	(196)	105
Total adjustments	521	328	448
Total net cash provided by operating activities	441	459	676
Investing activities
Education loans originated and acquired	(2,482)	(1,387)	(970)
Principal payments on education loans	5,182	9,500	8,322
Other investing activities, net	(13)	(6)	5
Disposal of a subsidiaries, net of cash disposed of	25	359	0
Total net cash provided by investing activities	2,712	8,466	7,357
Financing activities
Borrowings collateralized by loans in trust - issued	2,162	1,106	1,357
Borrowings collateralized by loans in trust - repaid	(5,345)	(9,770)	(9,753)
Long-term unsecured notes issued	495	0	989
Long-term unsecured notes repaid	(554)	(507)	(2,159)
Other financing activities, net	88	(79)	(101)
Common stock repurchased	(111)	(179)	(310)
Common dividends paid	(63)	(70)	(78)
Total net cash used in financing activities	(3,152)	(9,615)	(10,047)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	1	(690)	(2,014)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period	2,103	2,793	4,807
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	2,104	2,103	2,793
Supplemental disclosure of cash flow information:
Interest	2,563	3,238	3,431
Income taxes paid	26	38	57
Income taxes received	(7)	(3)	(5)
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets:
Cash and cash equivalents	637	722	839
Restricted cash and restricted cash equivalents	1,467	1,381	1,954
Total cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	2,104	2,103	2,793
Asset-backed Securities, Securitized Loans and Receivables [Member]
Financing activities
Asset-backed commercial paper conduits, net	$ 176	$ (116)	$ 8

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

11. Fair Value Measurements

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

During 2025, there were no significant transfers of financial instruments between levels, or changes in our methodology used to value our financial instruments.

Education Loans

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

Private Education Loans

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

FFELP Loans

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

Cash and Investments (Including “Restricted Cash”)

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

Borrowings

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

11. Fair Value Measurements (Continued)

Derivative Financial Instruments

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

When determining the fair value of derivatives, we take into account counterparty credit risk for positions where there is exposure to the counterparty on a net basis by assessing exposure net of collateral held. See “Note 7 — Derivative Financial Instruments” for further discussion on methodology.

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

•

Interest rate swaps — Fair value is determined using standard derivative cash flow models. Derivatives that swap fixed interest payments and SOFR interest payments are valued using the SOFR swap yield curve which is an observable input from an active market. These derivatives are level 2 fair value estimates in the hierarchy.

•

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

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


	Fair Value Measurements on a Recurring Basis
	December 31, 2025										December 31, 2024
(Dollars in millions)	Level 1		Level 2		Level 3			Total			Level 1		Level 2		Level 3			Total
Assets
Derivative instruments:(1)
Interest rate swaps	$	—	$	39	$	—		$	39		$	—	$	25	$	—		$	25
Cross-currency interest rate swaps		—		—		3			3			—		—		—			—
Total derivative assets		—		39		3			42			—		25		—			25
Total	$	—	$	39	$	3		$	42		$	—	$	25	$	—		$	25
Liabilities(2)
Derivative instruments(1)
Interest rate swaps	$	—	$	—	$	—		$	—		$	—	$	—	$	—		$	—
Cross-currency interest rate swaps		—		—		(79	)		(79	)		—		—		(244	)		(244	)
Total derivative liabilities		—		—		(79	)		(79	)		—		—		(244	)		(244	)
Total	$	—	$	—	$	(79	)	$	(79	)	$	—	$	—	$	(244	)	$	(244	)

(1)

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

(2)

11. Fair Value Measurements (Continued)

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


	Year Ended December 31, 2025
	Derivative Instruments
(Dollars in millions)	Interest Rate Swaps		Cross Currency Interest Rate Swaps			Other		Total Derivative Instruments
Balance, beginning of period	$	—	$	(244	)	$	—	$	(244	)
Total gains/(losses):
Included in earnings(1)		—		134			—		134
Included in other comprehensive income		—		—			—		—
Settlements		—		34			—		34
Transfers in and/or out of level 3		—		—			—		—
Balance, end of period	$	—	$	(76	)	$	—	$	(76	)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date(2)	$	—	$	168		$	—	$	168


	Year Ended December 31, 2024
	Derivative Instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other		Total Derivative Instruments
Balance, beginning of period	$	(1	)	$	(189	)	$	—	$	(190	)
Total gains/(losses):
Included in earnings(1)		—			(93	)		—		(93	)
Included in other comprehensive income		—			—			—		—
Settlements		—			38			—		38
Transfers in and/or out of level 3		1			—			—		1
Balance, end of period	$	—		$	(244	)	$	—	$	(244	)
Change in mark-to-market gains/(losses) relating to instruments still held at the reporting date(2)	$	—		$	(55	)	$	—	$	(55	)


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

(1)

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


	Years Ended December 31,
(Dollars in millions)	2025		2024			2023
Gains (losses) on derivative and hedging activities, net	$	—	$	—		$	1
Interest expense		134		(93	)		17
Total	$	134	$	(93	)	$	18

(2)

11. Fair Value Measurements (Continued)

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


(Dollars in millions)	Fair Value at December 31, 2025			Valuation Technique	Input	Range and Weighted Average
Derivatives
Cross-currency interest rate swaps	$	(76	)	Discounted cash flow	Constant Prepayment Rate	5%
Total	$	(76	)

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

•

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

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


	December 31, 2025									December 31, 2024
(Dollars in millions)	Fair Value			Carrying Value			Difference			Fair Value			Carrying Value			Difference
Earning assets
Private Education Loans	$	15,051		$	15,451		$	(400	)	$	15,367		$	15,716		$	(349	)
FFELP Loans		28,096			28,141			(45	)		30,766			30,852			(86	)
Cash and investments		2,270			2,270			—			2,246			2,246			—
Total earning assets		45,417			45,862			(445	)		48,379			48,814			(435	)
Interest-bearing liabilities
Short-term borrowings		5,084			5,073			(11	)		5,144			5,134			(10	)
Long-term borrowings		40,120			40,633			513			42,361			43,184			823
Total interest-bearing liabilities		45,204			45,706			502			47,505			48,318			813
Derivative financial instruments
Interest rate swaps		39			39			—			25			25			—
Cross-currency interest rate swaps		(76	)		(76	)		—			(244	)		(244	)		—
Excess of net asset fair value over carrying value							$	57								$	378

Segment Reporting - Core Earnings Adjustments to GAAP (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Adjustments Required To Reconcile Core Earnings [Line Items]
Net Income (Loss)	$ (80)	$ 131	$ 228
Net income tax effect	31	(43)	(85)
Operating Segments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Net Income (Loss)	(35)	221	303
Net income tax effect	11	(66)	(93)
Total Adjustments [Member] \| Adjustments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Net Income (Loss)	45	90	75
Core Earnings adjustments to GAAP	65	113	83
Net income tax effect	(20)	(23)	(8)
Net Impact of Derivative Accounting [Member] \| Total Adjustments [Member] \| Adjustments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Core Earnings adjustments to GAAP	62	(33)	73
Net Impact of Goodwill and Acquired Intangible Assets [Member] \| Total Adjustments [Member] \| Adjustments [Member]
Adjustments Required To Reconcile Core Earnings [Line Items]
Core Earnings adjustments to GAAP	$ 3	$ 146	$ 10

- 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

+ Details