View Filing Data

Print Document View Excel Document

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2014	Apr. 30, 2014
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q1
Entity Registrant Name	NAVIENT CORP
Entity Central Index Key	0001593538
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		422,739,239

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Assets
FFELP Loans	$ 102,635	$ 104,588
Private Education Loans	38,157	37,512
Investments
Available-for-sale	135	109
Other	652	783
Total investments	787	892
Cash and cash equivalents	3,742	5,190
Restricted cash and investments	3,794	3,650
Goodwill and acquired intangible assets, net	421	424
Other assets	6,936	7,287
Total assets	156,472	159,543
Liabilities
Short-term borrowings	11,626	13,795
Long-term borrowings	136,177	136,648
Other liabilities	3,071	3,458
Total liabilities	150,874	153,901
Commitments and contingencies
Preferred stock, par value $0.20 per share, 20 million shares authorized
Common stock, par value $0.20 per share, 1.125 billion shares authorized: 549 million and 545 million shares issued, respectively	110	109
Additional paid-in capital	4,461	4,399
Accumulated other comprehensive income (loss) (net of tax (expense) benefit of $(4) and $(7), respectively)	7	13
Retained earnings	2,733	2,584
Total Navient Corporation stockholders' equity before treasury stock	7,876	7,670
Less: Common stock held in treasury at cost: 127 million and 116 million shares, respectively	(2,283)	(2,033)
Total Navient Corporation stockholders' equity	5,593	5,637
Noncontrolling interest	5	5
Total equity	5,598	5,642
Total liabilities and equity	156,472	159,543
Series A Preferred Stock [Member]
Preferred stock, par value $0.20 per share, 20 million shares authorized
Preferred stock, shares issued, at stated value	165	165
Series B Preferred Stock [Member]
Preferred stock, par value $0.20 per share, 20 million shares authorized
Preferred stock, shares issued, at stated value	400	400
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Assets
FFELP Loans	97,380	99,254
Private Education Loans	25,139	25,530
Investments
Restricted cash and investments	3,618	3,395
Other assets	2,163	2,322
Liabilities
Short-term borrowings	1,694	3,655
Long-term borrowings	115,533	115,538
Net assets of consolidated variable interest entities	$ 11,073	$ 11,308

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Allowance for FFELP Loans, net	$ 107	$ 119
Allowance for private education loans losses	$ 2,059	$ 2,097
Preferred stock, stated value	$ 0.20	$ 0.20
Preferred stock, shares authorized	20.0	20.0
Common stock, par value	$ 0.20	$ 0.20
Common stock, shares authorized	1,125.0	1,125.0
Common stock, shares issued	549.0	545.0
Tax effect for accumulated other comprehensive loss	$ (4)	$ (7)
Common stock held in treasury	127.0	116.0
Series A Preferred Stock [Member]
Preferred stock, stated value	$ 50	$ 50
Preferred stock, shares issued	3.3	3.3
Series B Preferred Stock [Member]
Preferred stock, stated value	$ 100	$ 100
Preferred stock, shares issued	4.0	4.0

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Interest income:
FFELP Loans	$ 646	$ 735
Private Education Loans	644	623
Other loans	3	3
Cash and investments	3	5
Total interest income	1,296	1,366
Total interest expense	530	571
Net interest income	766	795
Less: provisions for loan losses	185	241
Net interest income after provisions for loan losses	581	554
Other income (loss):
Gains on sales of loans and investments		55
Losses on derivative and hedging activities, net	(8)	(31)
Servicing revenue	61	70
Contingency revenue	111	99
Gains on debt repurchases		23
Other	6	34
Total other income (loss)	170	250
Expenses:
Salaries and benefits	142	125
Other operating expenses	224	110
Operating expenses	366	235
Goodwill and acquired intangible asset impairment and amortization expense	4	3
Restructuring and other reorganization expenses	26	10
Total expenses	396	248
Income from continuing operations, before income tax expense	355	556
Income tax expense	136	211
Net income from continuing operations	219	345
Income from discontinued operations, net of tax expense		1
Net income	219	346
Less: net loss attributable to noncontrolling interest
Net income attributable to Navient Corporation	219	346
Preferred stock dividends	5	5
Net income attributable to Navient Corporation common stock	$ 214	$ 341
Basic earnings per common share attributable to Navient Corporation:
Continuing operations	$ 0.50	$ 0.76
Discontinued operations
Total	$ 0.50	$ 0.76
Average common shares outstanding	427	451
Diluted earnings per common share attributable to Navient Corporation:
Continuing operations	$ 0.49	$ 0.74
Discontinued operations
Total	$ 0.49	$ 0.74
Average common and common equivalent shares outstanding	435	458
Dividends per common share attributable to Navient Corporation	$ 0.15	$ 0.15

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 219	$ 346
Other comprehensive income (loss):
Unrealized hedging gains (losses) on derivatives	(11)	1
Reclassification adjustments for derivative losses included in net income (interest expense)	3	3
Total unrealized gains (losses) on derivatives	(8)	4
Unrealized gains (losses) on investments		(1)
Income tax (expense) benefit	2	(1)
Other comprehensive income (loss), net of tax	(6)	2
Total comprehensive income	$ 213	$ 348

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions	Total	Series A Preferred Stock [Member]	Series B Preferred Stock [Member]	Preferred Stock [Member]	Common Stock [Member]	Treasury Stock [Member]	Common Stock Shares Outstanding [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Retained Earnings [Member] Series A Preferred Stock [Member]	Retained Earnings [Member] Series B Preferred Stock [Member]	Total Stockholders' Equity [Member]	Total Stockholders' Equity [Member] Series A Preferred Stock [Member]	Total Stockholders' Equity [Member] Series B Preferred Stock [Member]	Noncontrolling Interest [Member]
Beginning Balance, Value at Dec. 31, 2012	$ 5,066			$ 565	$ 107	$ (1,294)		$ 4,237	$ (6)	$ 1,451			$ 5,060			$ 6
Beginning Balance, Shares at Dec. 31, 2012				7,300,000	535,507,965	(82,910,021)	452,597,944
Comprehensive income:
Net income (loss)	346									346			346
Other comprehensive income, net of tax	2								2				2
Total comprehensive income	348												348
Cash dividends:
Common stock ($.15 per share)	(68)									(68)			(68)
Preferred stock		$ (3)	$ (2)								$ (3)	$ (2)		$ (3)	$ (2)
Dividend equivalent units related to employee stock-based compensation plans	(1)									(1)			(1)
Issuance of common shares	$ 34				$ 1			33					34
Issuance of common shares, Shares	4,157,795				4,157,795		4,157,795
Tax benefit related to employee stock-based compensation plans	$ 2							2					2
Stock-based compensation expense	19							19					19
Common stock repurchased	(199)					$ (199)							(199)
Common stock repurchased, Shares					(10,220,804)	(10,220,804)	(10,220,804)
Shares repurchased related to employee stock-based compensation plans	$ (42)					$ (42)							(42)
Shares repurchased related to employee stock-based compensation plans, Shares	(2,324,575)					(2,324,575)	(2,324,575)
Ending Balance, Value at Mar. 31, 2013	$ 5,154			$ 565	$ 108	$ (1,535)		4,291	(4)	1,723			5,148			6
Ending Balance, Shares at Mar. 31, 2013				7,300,000	539,665,760	(95,455,400)	444,210,360
Beginning Balance, Value at Dec. 31, 2012	5,066			$ 565	$ 107	$ (1,294)		4,237	(6)	1,451			5,060			6
Beginning Balance, Shares at Dec. 31, 2012				7,300,000	535,507,965	(82,910,021)	452,597,944
Cash dividends:
Common stock repurchased	$ (600)
Common stock repurchased, Shares	(27,000,000)
Ending Balance, Value at Dec. 31, 2013	$ 5,642			$ 565	$ 109	$ (2,033)		4,399	13	2,584			5,637			5
Ending Balance, Shares at Dec. 31, 2013				7,300,000	545,210,941	(116,262,066)	428,948,875
Comprehensive income:
Net income (loss)	219									219			219
Other comprehensive income, net of tax	(6)								(6)				(6)
Total comprehensive income	213												213
Cash dividends:
Common stock ($.15 per share)	(64)									(64)			(64)
Preferred stock		$ (3)	$ (2)								$ (3)	$ (2)		$ (3)	$ (2)
Dividend equivalent units related to employee stock-based compensation plans	(1)									(1)			(1)
Issuance of common shares	$ 34				$ 1			33					34
Issuance of common shares, Shares	4,238,182				4,238,182		4,238,182
Tax benefit related to employee stock-based compensation plans	$ 11							11					11
Stock-based compensation expense	18							18					18
Common stock repurchased	$ (200)					$ (200)							(200)
Common stock repurchased, Shares	(8,000,000)				(8,368,300)	(8,368,300)	(8,368,300)
Shares repurchased related to employee stock-based compensation plans	$ (50)					$ (50)							(50)
Shares repurchased related to employee stock-based compensation plans, Shares	(2,115,470)					(2,115,470)	(2,115,470)
Ending Balance, Value at Mar. 31, 2014	$ 5,598			$ 565	$ 110	$ (2,283)		$ 4,461	$ 7	$ 2,733			$ 5,593			$ 5
Ending Balance, Shares at Mar. 31, 2014				7,300,000	549,449,123	(126,745,836)	422,703,287

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Dividends per common share attributable to SLM Corporation	$ 0.15	$ 0.15
Series A Preferred Stock [Member]
Preferred stock, Dividends per preferred share	0.87	0.87
Series B Preferred Stock [Member]
Preferred stock, Dividends per preferred share	0.49	0.49
Retained Earnings [Member]
Dividends per common share attributable to SLM Corporation	0.15	0.15
Retained Earnings [Member] \| Series A Preferred Stock [Member]
Preferred stock, Dividends per preferred share	0.87	0.87
Retained Earnings [Member] \| Series B Preferred Stock [Member]
Preferred stock, Dividends per preferred share	0.49	0.49
Total Stockholders' Equity [Member]
Dividends per common share attributable to SLM Corporation	0.15	0.15
Total Stockholders' Equity [Member] \| Series A Preferred Stock [Member]
Preferred stock, Dividends per preferred share	0.87	0.87
Total Stockholders' Equity [Member] \| Series B Preferred Stock [Member]
Preferred stock, Dividends per preferred share	$ 0.49	$ 0.49

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Operating activities
Net income	$ 219	$ 346
Adjustments to reconcile net income to net cash provided by operating activities:
Income from discontinued operations, net of tax		(1)
Gains on loans and investments, net		(55)
Gains on debt repurchases		(23)
Goodwill and acquired intangible asset impairment and amortization expense	4	3
Stock-based compensation expense	18	19
Unrealized gains on derivative and hedging activities	(181)	(138)
Provisions for loan losses	185	241
Decrease (increase) in restricted cash - other	5	(15)
Decrease in accrued interest receivable	109	19
(Decrease) increase in accrued interest payable	(69)	2
Decrease in other assets	257	291
Increase (decrease) in other liabilities	11	(158)
Cash provided by operating activities - continuing operations	558	531
Cash (used in) operating activities - discontinued operations		(2)
Total net cash provided by operating activities	558	529
Investing activities
Student loans acquired and originated	(1,975)	(1,559)
Reduction of student loans:
Installment payments, claims and other	3,090	3,349
Proceeds from sales of student loans		226
Other investing activities, net	119	65
Purchases of available-for-sale securities	(25)	(14)
Proceeds from maturities of available-for-sale securities	2	9
Purchases of held-to-maturity and other securities	(65)	(93)
Proceeds from sales and maturities of held-to-maturity and other securities	67	94
(Increase) decrease in restricted cash - variable interest entities	(221)	107
Total net cash provided by investing activities	992	2,184
Financing activities
Borrowings collateralized by loans in trust - issued	2,649	2,588
Borrowings collateralized by loans in trust - repaid	(2,834)	(3,182)
Asset-backed commercial paper conduits, net	(1,918)	427
ED Conduit Program facility, net		(2,583)
Other long-term borrowings issued	834	1,489
Other long-term borrowings repaid	(1,535)	(1,433)
Other financing activities, net	(11)	(358)
Retail and other deposits, net	86	396
Common stock repurchased	(200)	(199)
Common stock dividends paid	(64)	(68)
Preferred stock dividends paid	(5)	(5)
Net cash used in financing activities	(2,998)	(2,928)
Net decrease in cash and cash equivalents	(1,448)	(215)
Cash and cash equivalents at beginning of period	5,190	3,900
Cash and cash equivalents at end of period	3,742	3,685
Cash disbursements made (refunds received) for:
Interest	519	568
Income taxes paid	38	15
Income taxes received	$ (1)	(1)
Noncash activity:
Investing activity - Student loans and other assets removed related to sale of Residual Interest in securitization		(3,665)
Financing activity - Borrowings removed related to sale of Residual Interest in securitization		$ (3,681)

Organization and Business

3 Months Ended

Mar. 31, 2014

Accounting Policies [Abstract]

Organization and Business

1.	Organization and Business

On May 29, 2013, SLM Corporation (“Existing SLM”) first announced its intent to separate into two distinct publicly traded entities — a loan management, servicing and asset recovery business and a consumer banking business. The loan management, servicing and asset recovery business, Navient Corporation (“Navient”), would be comprised primarily of Existing SLM’s portfolios of education loans not currently held in Sallie Mae Bank, as well as servicing and asset recovery activities on these loans and loans held by third parties. The consumer banking business would be comprised primarily of Sallie Mae Bank and its Private Education Loan origination business, the Private Education Loans it holds and a related servicing business, and would be a consumer banking franchise with expertise in helping families save, plan and pay for college.

On April 8, 2014, the board of directors of Existing SLM approved the distribution of all of the issued and outstanding shares of Navient common stock on the basis of one share of Navient common stock for each share of Existing SLM common stock issued and outstanding as of the close of business on April 22, 2014, the record date for the distribution. The distribution occurred on April 30, 2014. The distribution was preceded by an internal corporate reorganization of Existing SLM pursuant to which, on April 29, 2014, New BLC Corporation (“SLM BankCo”) replaced Existing SLM as the parent holding company of Sallie Mae pursuant to a holding company merger (the “Merger”). In accordance with Section 251(g) of the Delaware General Corporation Law, by action of the Existing SLM board of directors and without a shareholder vote, Existing SLM was merged into Navient, LLC, a wholly-owned subsidiary of SLM BankCo, with Navient, LLC surviving (“Existing SLM SurvivorCo”). Immediately following the effective time of the Merger, SLM BankCo changed its name to “SLM Corporation.” Following the Merger, the assets and liabilities associated with the education loan management, servicing and asset recovery business were transferred to Navient, and those assets and liabilities associated with the consumer banking business were transferred to Existing SLM. The internal corporate reorganization and the distribution of Navient common stock are sometimes collectively referred to herein as the “Spin-Off.” The separation and distribution is intended to be tax-free to stockholders of Sallie Mae. For further information on the Spin-Off, please refer to Navient’s Registration Statement on Form 10 (File No. 001-36228) filed with the Securities and Exchange Commission (“SEC”) on April 10, 2014 and declared effective on April 14, 2014 (the “Form 10”) and Existing SLM’s Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC on February 19, 2014 (the “2013 Form 10-K”).

Due to the relative significance of Navient to Existing SLM, among other factors, for financial reporting purposes Navient is treated as the “accounting spinnor” and therefore is the “accounting successor” to Existing SLM, notwithstanding the legal form of the Spin-Off. As a result, the historical financial statements of Existing SLM are the historical financial statements of Navient. For that reason, the historical financial information contained in this Quarterly Report on Form 10-Q is that of Existing SLM (which includes the consolidated results of both Navient and the consumer banking business). Navient will show the distribution of the approximate $1.7 billion of consumer banking business net assets as of the distribution date.

By virtue of Navient’s Form 10 registration statement being declared effective by the SEC on April 14, 2014, Navient is required to file this Form 10-Q for the quarter ended March 31, 2014.

On May 6, 2014, SLM BankCo, as reconstituted after the Spin Off, issued audited consolidated financial statements on a stand-alone basis for SLM BankCo and its subsidiaries for each of the three years ended December 31, 2013. These carve-out financial statements were presented on a basis of accounting that reflects a change in reporting entity. They reflected the results of the consumer banking business and did not include Navient’s results. As previously discussed, the historical financial statements of Existing SLM prior to the Spin-Off have become the historical financial statements of Navient.

For purposes of this Quarterly Report on Form 10-Q, any references to “we,” “our,” “us,” or the “Company” with respect to any period on or prior to the date of the Spin-Off means and refers to Existing SLM and its consolidated subsidiaries as constituted prior to the Spin-Off, and any references to “Navient,” “we,” “our,” “us,” or the “Company” with respect to any period after the date of the Spin-Off means and refers to Navient and its consolidated subsidiaries.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2134480

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2209116

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2197480

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2122150

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=28200181&loc=SL6228881-111685

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 272
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 720
-SubTopic 15
-URI http://asc.fasb.org/subtopic&trid=2122524

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 915
-SubTopic 235
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6472506&loc=d3e38932-110933

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7668296&loc=d3e288-107754

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6359566&loc=d3e326-107755

+ Details

Significant Accounting Policies

3 Months Ended

Mar. 31, 2014

Accounting Policies [Abstract]

Significant Accounting Policies

2.	Significant Accounting Policies

Basis of Presentation

The accompanying unaudited, consolidated financial statements of Navient Corporation have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. The consolidated financial statements include the accounts of Navient 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. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods have been included. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results for the year ending December 31, 2014 or for any other period. These unaudited financial statements should be read in conjunction with the audited financial statements and related notes included in the Form 10 and the 2013 Form 10-K. Definitions for certain capitalized terms used in this document can be found in the Form 10 and the 2013 Form 10-K.

Consolidation

In first-quarter 2013, we sold the Residual Interest in a FFELP Loan securitization trust to a third party. We will continue to service the student loans in the trust under existing agreements. Prior to the sale of the Residual Interest, we had consolidated the trust as a VIE because we had met the two criteria for consolidation. We had determined we were the primary beneficiary because (1) as servicer to the trust we had the power to direct the activities of the VIE that most significantly affected its economic performance and (2) as the residual holder of the trust we had an obligation to absorb losses or receive benefits of the trust that could potentially be significant. Upon the sale of the Residual Interest we are no longer the residual holder, thus we determined we no longer met criterion (2) above and deconsolidated the trust. As a result of this transaction we removed trust assets of $3.8 billion and the related liabilities of $3.7 billion from the balance sheet and recorded a $55 million gain as part of “gains on sales of loans and investments.”

Reclassifications

Certain reclassifications have been made to the balances as of and for the three months ended March 31, 2013 to be consistent with classifications adopted for 2014, and had no effect on net income, total assets, or total liabilities.

Allowance for Loan Losses

3 Months Ended

Mar. 31, 2014

Receivables [Abstract]

Allowance for Loan Losses

3.	Allowance for Loan Losses

Our provisions for loan losses represent the periodic expense of maintaining an allowance sufficient to absorb incurred probable losses, net of expected recoveries, in the held-for-investment loan portfolios. The evaluation of the provisions for loan losses is inherently subjective as it requires material estimates that may be susceptible to significant changes. We believe that the allowance for loan losses is appropriate to cover probable losses incurred in the loan portfolios. We segregate our Private Education Loan portfolio into two classes of loans — traditional and non-traditional. Non-traditional loans are loans to (i) customers attending for-profit schools with an original Fair Isaac and Company (“FICO”) score of less than 670 and (ii) customers attending not-for-profit schools with an original FICO score of less than 640. The FICO score used in determining whether a loan is non-traditional is the greater of the customer or cosigner FICO score at origination. Traditional loans are defined as all other Private Education Loans that are not classified as non-traditional.

Allowance for Loan Losses Metrics


	Three Months Ended March 31, 2014
(Dollars in millions)	FFELP Loans			Private Education Loans			Other Loans			Total
Allowance for Loan Losses
Beginning balance	$	119		$	2,097		$	28		$	2,244
Total provision		10			175			—			185
Charge-offs⁽¹⁾		(22	)		(218	)		(1	)		(241	)
Reclassification of interest reserve⁽²⁾		—			5			—			5

Ending balance	$	107		$	2,059		$	27		$	2,193

Allowance:
Ending balance: individually evaluated for impairment	$	—		$	1,081		$	20		$	1,101
Ending balance: collectively evaluated for impairment	$	107		$	978		$	7		$	1,092
Loans:
Ending balance: individually evaluated for impairment	$	—		$	9,590		$	44		$	9,634
Ending balance: collectively evaluated for impairment	$	101,727		$	31,307		$	79		$	133,113
Charge-offs as a percentage of average loans in repayment (annualized)		.12	%		2.82	%		3.62	%
Charge-offs as a percentage of average loans in repayment and forbearance (annualized)		.10	%		2.72	%		3.62	%
Allowance as a percentage of the ending total loan balance		.10	%		5.03	%		21.80	%
Allowance as a percentage of the ending loans in repayment		.15	%		6.58	%		21.80	%
Allowance coverage of charge-offs (annualized)		1.2			2.3			5.9
Ending total loans⁽³⁾	$	101,727		$	40,897		$	123
Average loans in repayment	$	73,496		$	31,416		$	126
Ending loans in repayment	$	73,061		$	31,309		$	123

⁽¹⁾

Charge-offs are reported net of expected recoveries. For Private Education Loans, the expected recovery amount is transferred to the receivable for partially charged-off loan balance. Charge-offs include charge-offs against the receivable for partially charged-off loans which represents the difference between what was expected to be collected and any shortfalls in what was actually collected in the period. See “Receivable for Partially Charged-Off Private Education Loans” for further discussion.

⁽²⁾

Represents the additional allowance related to the amount of uncollectible interest reserved within interest income that is transferred in the period to the allowance for loan losses when interest is capitalized to a loan’s principal balance.

⁽³⁾

Ending total loans for Private Education Loans includes the receivable for partially charged-off loans.


	Three Months Ended March 31, 2013
(Dollars in millions)	FFELP Loans			Private Education Loans			Other Loans			Total
Allowance for Loan Losses
Beginning balance	$	159		$	2,171		$	47		$	2,377
Total provision		16			225			—			241
Charge-offs⁽¹⁾		(22	)		(232	)		(5	)		(259	)
Student loan sales		(6	)		—			—			(6	)
Reclassification of interest reserve⁽²⁾		—			6			—			6

Ending balance	$	147		$	2,170		$	42		$	2,359

Allowance:
Ending balance: individually evaluated for impairment	$	—		$	1,157		$	31		$	1,188
Ending balance: collectively evaluated for impairment	$	147		$	1,013		$	11		$	1,171
Loans:
Ending balance: individually evaluated for impairment	$	—		$	8,018		$	65		$	8,083
Ending balance: collectively evaluated for impairment	$	118,058		$	32,389		$	106		$	150,553
Charge-offs as a percentage of average loans in repayment (annualized)		.10	%		2.97	%		10.95	%
Charge-offs as a percentage of average loans in repayment and forbearance (annualized)		.09	%		2.87	%		10.95	%

Allowance as a percentage of the ending total loan balance		.12	%		5.37	%		24.55	%
Allowance as a percentage of the ending loans in repayment		.17	%		6.88	%		24.55	%
Allowance coverage of charge-offs (annualized)		1.6			2.3			2.1
Ending total loans⁽³⁾	$	118,058		$	40,407		$	171
Average loans in repayment	$	87,256		$	31,645		$	179
Ending loans in repayment	$	85,304		$	31,533		$	171

⁽¹⁾

⁽²⁾

⁽³⁾

Ending total loans for Private Education Loans includes the receivable for partially charged-off loans.

Key Credit Quality Indicators

FFELP Loans are substantially insured and guaranteed as to their principal and accrued interest in the event of default; therefore, the key credit quality indicator for this portfolio is loan status. The impact of changes in loan status is incorporated quarterly into the allowance for loan losses calculation.

For Private Education Loans, the key credit quality indicators are school type, FICO scores, the existence of a cosigner, the loan status and loan seasoning. The school type/FICO score are assessed at origination and maintained through the traditional/non-traditional loan designation. The other Private Education Loan key quality indicators can change and are incorporated quarterly into the allowance for loan losses calculation. The following table highlights the principal balance (excluding the receivable for partially charged-off loans) of our Private Education Loan portfolio stratified by the key credit quality indicators.


	Private Education Loans Credit Quality Indicators
	March 31, 2014					December 31, 2013
(Dollars in millions)	Balance⁽³⁾		% of Balance			Balance⁽³⁾		% of Balance
Credit Quality Indicators
School Type/FICO Scores:
Traditional	$	36,822		93	%	$	36,140		93	%
Non-Traditional⁽¹⁾		2,778		7			2,860		7

Total	$	39,600		100	%	$	39,000		100	%

Cosigners:
With cosigner	$	27,084		68	%	$	26,321		67	%
Without cosigner		12,516		32			12,679		33

Total	$	39,600		100	%	$	39,000		100	%

Seasoning⁽²⁾:
1-12 payments	$	5,305		13	%	$	5,171		14	%
13-24 payments		5,282		13			5,511		14
25-36 payments		5,186		13			5,506		14
37-48 payments		5,038		13			5,103		13
More than 48 payments		11,714		30			11,181		29
Not yet in repayment		7,075		18			6,528		16

Total	$	39,600		100	%	$	39,000		100	%

⁽¹⁾	Defined as loans to customers attending for-profit schools (with a FICO score of less than 670 at origination) and customers attending not-for-profit schools (with a FICO score of less than 640 at origination).

⁽²⁾	Number of months in active repayment for which a scheduled payment was due.

⁽³⁾	Balance represents gross Private Education Loans.

The following tables provide information regarding the loan status and aging of past due loans.


	FFELP Loan Delinquencies
	March 31, 2014						December 31, 2013
(Dollars in millions)	Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	13,016					$	13,678
Loans in forbearance⁽²⁾		15,650						13,490
Loans in repayment and percentage of each status:
Loans current		62,721			85.9	%		63,330			82.8	%
Loans delinquent 31-60 days⁽³⁾		3,059			4.2			3,746			4.9
Loans delinquent 61-90 days⁽³⁾		1,784			2.4			2,207			2.9
Loans delinquent greater than 90 days⁽³⁾		5,497			7.5			7,221			9.4

Total FFELP Loans in repayment		73,061			100	%		76,504			100	%

Total FFELP Loans, gross		101,727						103,672
FFELP Loan unamortized premium		1,015						1,035

Total FFELP Loans		102,742						104,707
FFELP Loan allowance for losses		(107	)					(119	)

FFELP Loans, net	$	102,635					$	104,588

Percentage of FFELP Loans in repayment					71.8	%					73.8	%

Delinquencies as a percentage of FFELP Loans in repayment					14.2	%					17.2	%

FFELP Loans in forbearance as a percentage of loans in repayment and forbearance					17.6	%					15.0	%

⁽¹⁾

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

⁽²⁾	Loans for customers who have used their allowable deferment time or do not qualify for deferment, that need additional time to obtain employment or who have temporarily ceased making full payments due to hardship or other factors.

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


	Private Education Traditional Loan Delinquencies
	March 31, 2014						December 31, 2013
(Dollars in millions)	Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	6,637					$	6,088
Loans in forbearance⁽²⁾		1,069						969
Loans in repayment and percentage of each status:
Loans current		27,364			94.0	%		26,977			92.8	%
Loans delinquent 31-60 days⁽³⁾		550			1.9			674			2.3
Loans delinquent 61-90 days⁽³⁾		353			1.2			420			1.4
Loans delinquent greater than 90 days⁽³⁾		849			2.9			1,012			3.5

Total traditional loans in repayment		29,116			100	%		29,083			100	%

Total traditional loans, gross		36,822						36,140
Traditional loans unamortized discount		(609	)					(629	)

Total traditional loans		36,213						35,511
Traditional loans receivable for partially charged-off loans		795						799
Traditional loans allowance for losses		(1,583	)					(1,592	)

Traditional loans, net	$	35,425					$	34,718

Percentage of traditional loans in repayment					79.1	%					80.5	%

Delinquencies as a percentage of traditional loans in repayment					6.0	%					7.2	%

Loans in forbearance as a percentage of loans in repayment and forbearance					3.5	%					3.2	%

⁽¹⁾	Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not required to make payments on their loans, e.g., residency periods for medical students or a grace period for bar exam preparation.

⁽²⁾	Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.

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


	Private Education Non-Traditional Loan Delinquencies
	March 31, 2014						December 31, 2013
(Dollars in millions)	Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	438					$	440
Loans in forbearance⁽²⁾		147						133
Loans in repayment and percentage of each status:
Loans current		1,792			81.7	%		1,791			78.3	%
Loans delinquent 31-60 days⁽³⁾		105			4.8			128			5.6
Loans delinquent 61-90 days⁽³⁾		77			3.5			93			4.1
Loans delinquent greater than 90 days⁽³⁾		219			10.0			275			12.0

Total non-traditional loans in repayment		2,193			100	%		2,287			100	%

Total non-traditional loans, gross		2,778						2,860
Non-traditional loans unamortized discount		(72	)					(75	)

Total non-traditional loans		2,706						2,785
Non-traditional loans receivable for partially charged-off loans		502						514
Non-traditional loans allowance for losses		(476	)					(505	)

Non-traditional loans, net	$	2,732					$	2,794

Percentage of non-traditional loans in repayment					79.0	%					80.0	%

Delinquencies as a percentage of non-traditional loans in repayment					18.3	%					21.7	%

Loans in forbearance as a percentage of loans in repayment and forbearance					6.3	%					5.5	%

⁽¹⁾	Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not required to make payments on their loans, e.g., residency periods for medical students or a grace period for bar exam preparation.

⁽²⁾	Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, 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.

Receivable for Partially Charged-Off Private Education Loans

At the end of each month, for loans that are 212 days past due, we charge off the estimated loss of a defaulted loan balance. Actual recoveries are applied against the remaining loan balance that was not charged off. We refer to this remaining loan balance as the “receivable for partially charged-off loans.” If actual periodic recoveries are less than expected, the difference is immediately charged off through the allowance for loan losses with an offsetting reduction in the receivable for partially charged-off Private Education 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. Private Education Loans which defaulted between 2008 and 2013 for which we have previously charged off estimated losses have, to varying degrees, not met our post-default recovery expectations to date and may continue not to do so. According to our policy, we have been charging off these periodic shortfalls in expected recoveries against our allowance for Private Education Loan losses and the related receivable for partially charged-off Private Education Loans and we will continue to do so. There was $334 million and $209 million in the allowance for Private Education Loan losses at March 31, 2014 and 2013, respectively, providing for possible additional future charge-offs related to the receivable for partially charged-off Private Education Loans.

The following table summarizes the activity in the receivable for partially charged-off Private Education Loans.


	Three Months Ended March 31,
(Dollars in millions)	2014			2013
Receivable at beginning of period	$	1,313		$	1,347
Expected future recoveries of current period defaults⁽¹⁾		71			78
Recoveries⁽²⁾		(61	)		(68	)
Charge-offs⁽³⁾		(26	)		(18	)

Receivable at end of period		1,297			1,339
Allowance for estimated recovery shortfalls⁽⁴⁾		(334	)		(209	)

Net receivable at end of period	$	963		$	1,130

⁽¹⁾

Represents the difference between the loan balance and our estimate of the amount to be collected in the future.

⁽²⁾

Current period cash recoveries.

⁽³⁾

Represents the current period recovery shortfall — the difference between what was expected to be collected and what was actually collected. These amounts are included in the Private Education Loan total charge-offs as reported in the “Allowance for Loan Losses Metrics” tables.

⁽⁴⁾

The allowance for estimated recovery shortfalls of the receivable for partially charged-off Private Education Loans is a component of the $2.1 billion and $2.2 billion overall allowance for Private Education Loan losses as of March 31, 2014 and 2013, respectively.

Troubled Debt Restructurings (“TDRs”)

We modify the terms of loans for certain customers when we believe such modifications may increase the ability and willingness of a customer to make payments and thus increase the ultimate overall amount collected on a loan. These modifications generally take the form of a forbearance, a temporary interest rate reduction or an extended repayment plan. For customers experiencing financial difficulty, certain Private Education Loans for which we have granted either a forbearance of greater than three months, an interest rate reduction or an extended repayment plan are classified as TDRs. Approximately 46 percent and 45 percent of the loans granted forbearance have qualified as a TDR loan at March 31, 2014 and December 31, 2013, respectively. The unpaid principal balance of TDR loans that were in an interest rate reduction plan as of March 31, 2014 and December 31, 2013 was $1.7 billion and $1.5 billion, respectively.

At March 31, 2014 and December 31, 2013, all of our TDR loans had a related allowance recorded. The following table provides the recorded investment, unpaid principal balance and related allowance for our TDR loans.


	TDR Loans
(Dollars in millions)	Recorded Investment⁽¹⁾		Unpaid Principal Balance		Related Allowance
March 31, 2014
Private Education Loans — Traditional	$	7,800	$	7,856	$	852
Private Education Loans — Non-Traditional		1,441		1,439		229

Total	$	9,241	$	9,295	$	1,081

December 31, 2013
Private Education Loans — Traditional	$	7,515	$	7,559	$	812
Private Education Loans — Non-Traditional		1,434		1,427		236

Total	$	8,949	$	8,986	$	1,048

⁽¹⁾

The recorded investment is equal to the unpaid principal balance and accrued interest receivable net of unamortized deferred fees and costs.

The following table provides the average recorded investment and interest income recognized for our TDR loans.


	Three Months Ended March 31,
	2014				2013
(Dollars in millions)	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Private Education Loans — Traditional	$	7,631	$	118	$	6,185	$	96
Private Education Loans — Non-Traditional		1,434		29		1,315		27

Total	$	9,065	$	147	$	7,500	$	123

The following table provides information regarding the loan status and aging of TDR loans that are past due.


	TDR Loan Delinquencies
	March 31, 2014					December 31, 2013
(Dollars in millions)	Balance		%			Balance		%
Loans in deferment⁽¹⁾	$	997				$	913
Loans in forbearance⁽²⁾		786					740
Loans in repayment and percentage of each status:
Loans current		6,045		80.5	%		5,613		76.5	%
Loans delinquent 31-60 days⁽³⁾		413		5.5			469		6.4
Loans delinquent 61-90 days⁽³⁾		286		3.8			330		4.5
Loans delinquent greater than 90 days⁽³⁾		768		10.2			921		12.6

Total TDR loans in repayment		7,512		100	%		7,333		100	%

Total TDR loans, gross	$	9,295				$	8,986

⁽¹⁾	Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not required to make payments on the loans, e.g. residency periods for medical students or a grace period for bar exam preparation.

⁽²⁾	Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, 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.

The following table provides the amount of modified loans that resulted in a TDR in the periods presented. Additionally, the table summarizes charge-offs occurring in the TDR portfolio, as well as TDRs for which a payment default occurred in the current period within 12 months of the loan first being designated as a TDR. We define payment default as 60 days past due for this disclosure. The majority of our loans that are considered TDRs involve a temporary forbearance of payments and do not change the contractual interest rate of the loan.


	Three Months Ended March 31,
	2014						2013
(Dollars in millions)	Modified Loans⁽¹⁾		Charge- Offs⁽²⁾		Payment Default		Modified Loans⁽¹⁾		Charge- Offs⁽²⁾		Payment Default
Private Education Loans — Traditional	$	466	$	100	$	119	$	545	$	97	$	216
Private Education Loans — Non-Traditional		57		34		29		90		34		57

Total	$	523	$	134	$	148	$	635	$	131	$	273

⁽¹⁾	Represents period ending balance of loans that have been modified during the period and resulted in a TDR.

⁽²⁾	Represents loans that charged off that were classified as TDRs.

Accrued Interest Receivable

The following table provides information regarding accrued interest receivable on our Private Education Loans. The table also discloses the amount of accrued interest on loans greater than 90 days past due as compared to our allowance for uncollectible interest. The allowance for uncollectible interest exceeds the amount of accrued interest on our 90 days past due portfolio for all periods presented.


	Accrued Interest Receivable
(Dollars in millions)	Total		Greater Than 90 Days Past Due		Allowance for Uncollectible Interest
March 31, 2014
Private Education Loans — Traditional	$	939	$	29	$	41
Private Education Loans — Non-Traditional		85		11		18

Total	$	1,024	$	40	$	59

December 31, 2013
Private Education Loans — Traditional	$	926	$	35	$	46
Private Education Loans — Non-Traditional		97		13		20

Total	$	1,023	$	48	$	66

Borrowings

3 Months Ended

Mar. 31, 2014

Debt Disclosure [Abstract]

Borrowings

4.	Borrowings

The following table summarizes our borrowings.


	March 31, 2014						December 31, 2013
(Dollars in millions)	Short Term		Long Term		Total		Short Term		Long Term		Total
Unsecured borrowings:
Senior unsecured debt	$	1,046	$	16,836	$	17,882	$	2,213	$	16,056	$	18,269
Bank deposits		5,964		2,755		8,719		6,133		2,807		8,940
Other⁽¹⁾		684		—		684		691		—		691

Total unsecured borrowings		7,694		19,591		27,285		9,037		18,863		27,900

Secured borrowings:
FFELP Loan securitizations		—		90,608		90,608		—		90,756		90,756
Private Education Loan securitizations		—		18,861		18,861		—		18,835		18,835
FFELP Loans — other facilities		3,919		4,400		8,319		4,715		5,311		10,026
Private Education Loans — other facilities		—		597		597		—		843		843

Total secured borrowings		3,919		114,466		118,385		4,715		115,745		120,460

Total before hedge accounting adjustments		11,613		134,057		145,670		13,752		134,608		148,360
Hedge accounting adjustments		13		2,120		2,133		43		2,040		2,083

Total	$	11,626	$	136,177	$	147,803	$	13,795	$	136,648	$	150,443

⁽¹⁾	“Other” primarily consists of the obligation to return cash collateral held related to derivative exposures.

Variable Interest Entities

We consolidate the following financing VIEs as of March 31, 2014 and December 31, 2013, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings.


	March 31, 2014
	Debt Outstanding						Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term		Total		Loans		Cash		Other Assets		Total
Secured Borrowings — VIEs:
FFELP Loan securitizations	$	—	$	90,608	$	90,608	$	91,299	$	3,055	$	700	$	95,054
Private Education Loan securitizations		—		18,861		18,861		23,880		390		428		24,698
FFELP Loans — other facilities		1,694		4,137		5,831		6,081		157		73		6,311
Private Education Loans — other facilities		—		597		597		1,259		16		24		1,299

Total before hedge accounting adjustments		1,694		114,203		115,897		122,519		3,618		1,225		127,362
Hedge accounting adjustments		—		1,330		1,330		—		—		938		938

Total	$	1,694	$	115,533	$	117,227	$	122,519	$	3,618	$	2,163	$	128,300


	December 31, 2013
	Debt Outstanding						Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term		Total		Loans		Cash		Other Assets		Total
Secured Borrowings — VIEs:
FFELP Loan securitizations	$	—	$	90,756	$	90,756	$	91,535	$	2,913	$	683	$	95,131
Private Education Loan securitizations		—		18,835		18,835		23,947		338		540		24,825
FFELP Loans — other facilities		3,655		3,791		7,446		7,719		128		91		7,938
Private Education Loans — other facilities		—		843		843		1,583		16		30		1,629

Total before hedge accounting adjustments		3,655		114,225		117,880		124,784		3,395		1,344		129,523
Hedge accounting adjustments		—		1,313		1,313		—		—		978		978

Total	$	3,655	$	115,538	$	119,193	$	124,784	$	3,395	$	2,322	$	130,501

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2014

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

5.	Derivative Financial Instruments

Our risk management strategy and use of and accounting for derivatives have not materially changed from that discussed in the Form 10 and the 2013 Form 10-K. Please refer to “Note 7 — Derivative Financial Instruments” in the Form 10 and the 2013 Form 10-K for a full discussion.

Summary of Derivative Financial Statement Impact

The following tables summarize the fair values and notional amounts of all derivative instruments at March 31, 2014 and December 31, 2013, and their impact on other comprehensive income and earnings for the three months ended March 31, 2014 and 2013.

Impact of Derivatives on Consolidated Balance Sheet


		Cash Flow				Fair Value						Trading						Total
(Dollars in millions)	Hedged Risk Exposure	Mar. 31, 2014		Dec. 31, 2013		Mar. 31, 2014			Dec. 31, 2013			Mar. 31, 2014			Dec. 31, 2013			Mar. 31, 2014			Dec. 31, 2013
Fair Values⁽¹⁾
Derivative Assets:
Interest rate swaps	Interest rate	$	16	$	24	$	753		$	738		$	47		$	61		$	816		$	823
Cross-currency interest rate swaps	Foreign currency & interest rate		—		—		1,118			1,185			—			—			1,118			1,185
Other⁽²⁾	Interest rate		—		—		—			—			1			2			1			2

Total derivative assets⁽³⁾			16		24		1,871			1,923			48			63			1,935			2,010
Derivative Liabilities:
Interest rate swaps	Interest rate		—		—		(110	)		(149	)		(180	)		(215	)		(290	)		(364	)
Floor Income Contracts	Interest rate		—		—		—			—			(1,206	)		(1,384	)		(1,206	)		(1,384	)
Cross-currency interest rate swaps	Foreign currency & interest rate		—		—		(142	)		(155	)		(25	)		(31	)		(167	)		(186	)
Other⁽²⁾	Interest rate		—		—		—			—			(4	)		(23	)		(4	)		(23	)

Total derivative liabilities⁽³⁾			—		—		(252	)		(304	)		(1,415	)		(1,653	)		(1,667	)		(1,957	)

Net total derivatives		$	16	$	24	$	1,619		$	1,619		$	(1,367	)	$	(1,590	)	$	268		$	53

⁽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⁾	“Other” includes embedded derivatives bifurcated from securitization debt as well as derivatives related to our Total Return Swap Facility and back-to-back private credit floors.

⁽³⁾	The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification:


	Other Assets						Other Liabilities
(Dollar in millions)	March 31, 2014			December 31, 2013			March 31, 2014			December 31, 2013
Gross position	$	1,935		$	2,010		$	(1,667	)	$	(1,957	)
Impact of master netting agreements		(342	)		(386	)		342			386

Derivative values with impact of master netting agreements (as carried on balance sheet)		1,593			1,624			(1,325	)		(1,571	)
Cash collateral (held) pledged		(683	)		(687	)		645			777

Net position	$	910		$	937		$	(680	)	$	(794	)

The above fair values include adjustments for counterparty credit risk both for when we are exposed to the counterparty, net of collateral postings, and when the counterparty is exposed to us, net of collateral postings. The net adjustments decreased the overall net asset positions at March 31, 2014 and December 31, 2013 by $87 million and $91 million, respectively. In addition, the above fair values reflect adjustments for illiquid derivatives as indicated by a wide bid/ask spread in the interest rate indices to which the derivatives are indexed. These adjustments decreased the overall net asset positions at March 31, 2014 and December 31, 2013 by $82 million and $84 million, respectively.


	Cash Flow				Fair Value				Trading				Total
(Dollars in billions)	Mar. 31, 2014		Dec. 31, 2013		Mar. 31, 2014		Dec. 31, 2013		Mar. 31, 2014		Dec. 31, 2013		Mar. 31, 2014		Dec. 31, 2013
Notional Values:
Interest rate swaps	$	.7	$	.7	$	17.2	$	16.0	$	46.3	$	46.3	$	64.2	$	63.0
Floor Income Contracts		—		—		—		—		27.2		31.8		27.2		31.8
Cross-currency interest rate swaps		—		—		10.7		11.1		.4		.3		11.1		11.4
Other⁽¹⁾		—		—		—		—		3.8		3.9		3.8		3.9

Total derivatives	$	.7	$	.7	$	27.9	$	27.1	$	77.7	$	82.3	$	106.3	$	110.1

⁽¹⁾	“Other” includes embedded derivatives bifurcated from securitization debt, as well as derivatives related to our Total Return Swap Facility and back to back private credit floors.

Impact of Derivatives on Consolidated Statements of Income


	Three Months Ended March 31,
	Unrealized Gain (Loss) on Derivatives⁽¹⁾⁽²⁾						Realized Gain (Loss) on Derivatives⁽³⁾						Unrealized Gain (Loss) on Hedged Item⁽¹⁾					Total Gain (Loss)
(Dollars in millions)	2014			2013			2014			2013			2014			2013		2014			2013
Fair Value Hedges:
Interest rate swaps	$	53		$	(172	)	$	100		$	109		$	(53	)	$	195	$	100		$	132
Cross-currency interest rate swaps		(53	)		(556	)		22			21			7			552		(24	)		17

Total fair value derivatives		—			(728	)		122			130			(46	)		747		76			149
Cash Flow Hedges:
Interest rate swaps		—			—			(3	)		(3	)		—			—		(3	)		(3	)

Total cash flow derivatives		—			—			(3	)		(3	)		—			—		(3	)		(3	)
Trading:
Interest rate swaps		19			(19	)		12			24			—			—		31			5
Floor Income Contracts		181			189			(198	)		(213	)		—			—		(17	)		(24	)
Cross-currency interest rate swaps		7			(47	)		(1	)		20			—			—		6			(27	)
Other		19			(4	)		(1	)		—			—			—		18			(4	)

Total trading derivatives		226			119			(188	)		(169	)		—			—		38			(50	)

Total		226			(609	)		(69	)		(42	)		(46	)		747		111			96
Less: realized gains (losses) recorded in interest expense		—			—			119			127			—			—		119			127

Gains (losses) on derivative and hedging activities, net	$	226		$	(609	)	$	(188	)	$	(169	)	$	(46	)	$	747	$	(8	)	$	(31	)

⁽¹⁾	Recorded in “Gains (losses) on derivative and hedging activities, net” in the consolidated statements of income.

⁽²⁾	Represents ineffectiveness related to cash flow hedges.

⁽³⁾	For fair value and cash flow hedges, recorded in interest expense. For trading derivatives, recorded in “Gains (losses) on derivative and hedging activities, net.”

Collateral

Collateral held and pledged related to derivative exposures between us and our derivative counterparties are detailed in the following table:


(Dollars in millions)	March 31, 2014		December 31, 2013
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)⁽¹⁾	$	683	$	687
Securities at fair value — on-balance sheet securitization derivatives (not recorded in financial statements)⁽²⁾		633		629

Total collateral held	$	1,316	$	1,316

Derivative asset at fair value including accrued interest	$	1,824	$	1,878

Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	$	645	$	777

Total collateral pledged	$	645	$	777

Derivative liability at fair value including accrued interest and premium receivable	$	769	$	948

⁽¹⁾	At March 31, 2014 and December 31, 2013, $0 and $0 million, respectively, were held in restricted cash accounts.

⁽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 $581 million with our counterparties. Further downgrades would not result in any additional collateral requirements, except to increase the frequency of collateral calls. Two counterparties have the right to terminate the contracts based on our recent unsecured credit rating downgrades. We currently have a liability position with these derivative counterparties (including accrued interest and net of premiums receivable) of $133 million and have posted $118 million of collateral to these counterparties. If these two counterparties exercised their right to terminate, we would be required to deliver additional assets of $15 million to settle the contracts. 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41620-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579240-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624177-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7668309&loc=d3e80784-113994

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41641-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624258-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7668309&loc=d3e80748-113994

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5708775-113959

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5708773-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41635-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5580258-113959

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624181-113959

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Other Assets

3 Months Ended

Mar. 31, 2014

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Other Assets

6.	Other Assets

The following table provides the detail of our other assets.


	March 31, 2014					December 31, 2013
(Dollars in millions)	Ending Balance		% of Balance			Ending Balance		% of Balance
Accrued interest receivable, net	$	2,052		30	%	$	2,161		30	%
Derivatives at fair value		1,593		23			1,624		22
Income tax asset, net current and deferred		1,212		17			1,299		18
Accounts receivable		810		12			881		12
Benefit and insurance-related investments		480		7			477		7
Fixed assets, net		244		4			237		3
Other loans, net		96		1			101		1
Other		449		6			507		7

Total	$	6,936		100	%	$	7,287		100	%

Stockholders' Equity

3 Months Ended

Mar. 31, 2014

Equity [Abstract]

Stockholders' Equity

7.	Stockholders’ Equity

The following table summarizes Existing SLM’s common share repurchases and issuances.


	Three Months Ended March 31,
	2014		2013
Common shares repurchased⁽¹⁾		8,368,300		10,220,804
Average purchase price per share⁽²⁾	$	23.89	$	19.49
Shares repurchased related to employee stock-based compensation plans⁽³⁾		2,115,470		2,324,575
Average purchase price per share	$	23.56	$	18.11
Common shares issued⁽⁴⁾		4,238,182		4,157,795

⁽¹⁾

Common shares purchased under Existing SLM’s share repurchase program, of which $0 million remained available as of March 31, 2014.

⁽²⁾

Average purchase price per share includes purchase commission costs.

⁽³⁾

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

⁽⁴⁾

Common shares issued under Existing SLM’s various compensation and benefit plans.

The closing price of Existing SLM’s common stock on March 31, 2014 was $24.48.

Dividend and Share Repurchase Program

In the first-quarter 2014, Existing SLM paid a common stock dividend of $0.15 per common share.

In the first-quarter 2014, Existing SLM repurchased 8 million shares of common stock for $200 million, fully utilizing Existing SLM’s July 2013 share repurchase program authorization. In 2013, Existing SLM repurchased 27 million shares for an aggregate purchase price of $600 million.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

Earnings per Common Share

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Earnings per Common Share

8.	Earnings per Common Share

Basic earnings 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 follows.


	Three Months Ended March 31,
(In millions, except per share data)	2014		2013
Numerator:
Net income attributable to Navient Corporation	$	219	$	346
Preferred stock dividends		5		5

Net income attributable to Navient Corporation common stock	$	214	$	341

Denominator:
Weighted average shares used to compute basic EPS		427		451
Effect of dilutive securities:
Dilutive effect of stock options, non-vested restricted stock, restricted stock units and Employee Stock Purchase Plan (“ESPP”)⁽¹⁾		8		7

Dilutive potential common shares⁽²⁾		8		7

Weighted average shares used to compute diluted EPS		435		458

Basic earnings (loss) per common share attributable to Navient Corporation:
Continuing operations	$	.50	$	.76
Discontinued operations		—		—

Total	$	.50	$	.76

Diluted earnings (loss) per common share attributable to Navient Corporation:
Continuing operations	$	.49	$	.74
Discontinued operations		—		—

Total	$	.49	$	.74

⁽¹⁾

Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, non-vested deferred compensation and restricted stock, restricted stock units, and the outstanding commitment to issue shares under the ESPP, determined by the treasury stock method.

⁽²⁾	For the three months ended March 31, 2014 and 2013, securities covering approximately 3 million and 5 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

Fair Value Measurements

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements

9.	Fair Value Measurements

We use estimates of fair value in applying various accounting standards in our financial statements.

We categorize our fair value estimates based on a hierarchical framework associated with three levels of price transparency utilized in measuring financial instruments at fair value. Please refer to “Note 12 — Fair Value Measurements” in the Form 10 and the 2013 Form 10-K for a full discussion.

During the three months ended March 31, 2014, there were no significant transfers of financial instruments between levels, or changes in our methodology or assumptions used to value our financial instruments.

The following table summarizes the valuation of our financial instruments that are marked-to-market on a recurring basis.


	Fair Value Measurements on a Recurring Basis
	March 31, 2014											December 31, 2013
(Dollars in millions)	Level 1		Level 2			Level 3			Total			Level 1		Level 2			Level 3			Total
Assets
Available-for-sale investments:
Agency residential mortgage-backed securities	$	—	$	129		$	—		$	129		$	—	$	102		$	—		$	102
Guaranteed investment contracts		—		—			—			—			—		—			—			—
Other		—		6			—			6			—		7			—			7

Total available-for-sale investments		—		135			—			135			—		109			—			109
Derivative instruments:⁽¹⁾
Interest rate swaps		—		784			32			816			—		785			38			823
Cross-currency interest rate swaps		—		1			1,117			1,118			—		27			1,158			1,185
Other		—		—			1			1			—		—			2			2

Total derivative assets⁽³⁾		—		785			1,150			1,935			—		812			1,198			2,010

Total	$	—	$	920		$	1,150		$	2,070		$	—	$	921		$	1,198		$	2,119

Liabilities⁽²⁾
Derivative instruments⁽¹⁾
Interest rate swaps	$	—	$	(171	)	$	(119	)	$	(290	)	$	—	$	(239	)	$	(125	)	$	(364	)
Floor Income Contracts		—		(1,206	)		—			(1,206	)		—		(1,384	)		—			(1,384	)
Cross-currency interest rate swaps		—		(30	)		(137	)		(167	)		—		(35	)		(151	)		(186	)
Other		—		—			(4	)		(4	)		—		—			(23	)		(23	)

Total derivative liabilities⁽³⁾		—		(1,407	)		(260	)		(1,667	)		—		(1,658	)		(299	)		(1,957	)

Total	$	—	$	(1,407	)	$	(260	)	$	(1,667	)	$	—	$	(1,658	)	$	(299	)	$	(1,957	)

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

⁽²⁾	Borrowings which are the hedged items 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 are not reflected in this table.

⁽³⁾	See “Note 5 — Derivative Financial Instruments” for a reconciliation of gross positions without the impact of master netting agreements to the balance sheet classification.

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


	Three Months Ended March 31,
	2014												2013
	Derivative instruments												Derivative instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other			Total Derivative Instruments			Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other			Total Derivative Instruments
Balance, beginning of period	$	(87	)	$	1,007		$	(21	)	$	899		$	(73	)	$	1,053		$	4		$	984
Total gains/(losses) (realized and unrealized):
Included in earnings⁽¹⁾		—			(10	)		17			7			5			(546	)		(5	)		(546	)
Included in other comprehensive income		—			—			—			—			—			—			—			—
Settlements		—			(17	)		1			(16	)		(8	)		(37	)		1			(44	)
Transfers in and/or out of level 3		—			—			—			—			—			—			—			—

Balance, end of period	$	(87	)	$	980		$	(3	)	$	890		$	(76	)	$	470		$	—		$	394

Change in unrealized gains/(losses) relating to instruments still held at the reporting date⁽²⁾	$	—		$	(28	)	$	19		$	(9	)	$	(3	)	$	(514	)	$	(5	)	$	(522	)

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


	Three Months Ended March 31,
(Dollars in millions)	2014			2013
Gains (losses) on derivative and hedging activities, net	$	(11	)	$	(562	)
Interest expense		18			16

Total	$	7		$	(546	)

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

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 March 31, 2014			Valuation Technique		Input	Range (Weighted Average)
Derivatives
Consumer Price Index/ LIBOR basis swaps	$	29			Discounted cash flow	Bid/ask adjustment to discount rate	0.03% — 0.03% (0.03%)
Prime/LIBOR basis swaps		(116	)		Discounted cash flow	Constant prepayment rate	4.2%
						Bid/ask adjustment to discount rate	0.08% — 0.08% (0.08%)
Cross-currency interest rate swaps		980			Discounted cash flow	Constant prepayment rate	2.6%
Other		(3	)

Total	$	890

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:

•

Consumer Price Index/LIBOR basis swaps — These swaps do not actively trade in the markets as indicated by a wide bid/ask spread. A wider bid/ask spread will result in a decrease in the overall valuation.

•

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

•

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

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


	March 31, 2014									December 31, 2013
(Dollars in millions)	Fair Value			Carrying Value			Difference			Fair Value			Carrying Value			Difference
Earning assets
FFELP Loans	$	103,058		$	102,635		$	423		$	104,481		$	104,588		$	(107	)
Private Education Loans		38,862			38,157			705			37,485			37,512			(27	)
Cash and investments⁽¹⁾		8,323			8,323			—			9,732			9,732			—

Total earning assets		150,243			149,115			1,128			151,698			151,832			(134	)

Interest-bearing liabilities
Short-term borrowings		11,633			11,626			(7	)		13,807			13,795			(12	)
Long-term borrowings		134,190			136,177			1,987			133,578			136,648			3,070

Total interest-bearing liabilities		145,823			147,803			1,980			147,385			150,443			3,058

Derivative financial instruments
Floor Income Contracts		(1,206	)		(1,206	)		—			(1,384	)		(1,384	)		—
Interest rate swaps		526			526			—			459			459			—
Cross-currency interest rate swaps		951			951			—			999			999			—
Other		(3	)		(3	)		—			(21	)		(21	)		—

Excess of net asset fair value over carrying value							$	3,108								$	2,924

⁽¹⁾

“Cash and investments” includes available-for-sale investments that consist of investments that are primarily agency securities whose cost basis is $138 million and $113 million at March 31, 2014 and December 31, 2013, respectively, versus a fair value of $135 million and $109 million at March 31, 2014 and December 31, 2013, respectively.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2014

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

10.

Commitments and Contingencies

As previously reported, Sallie Mae Bank remains subject to a cease and desist order originally issued in August 2008 by the Federal Deposit Insurance Corporation (the “FDIC”) and the Utah Department of Financial Institutions. In July 2013, the FDIC first notified Sallie Mae Bank of plans to replace its order with a new formal enforcement action (the “Bank Order”) that more specifically addresses certain cited violations of Section 5 of the Federal Trade Commission Act, including the customer billing disclosures and assessments of certain late fees, as well as alleged violations under the Servicemembers Civil Relief Act (“SCRA”). In November 2013, the FDIC indicated an additional enforcement action would be issued against Sallie Mae, Inc. (“SMI”) in its capacity as a servicer of education loans for Sallie Mae Bank and other financial institutions. In connection with the recently completed spin-off of Navient Corporation (“Navient”) from SLM Corporation, SMI became a wholly-owned subsidiary of Navient and changed its name to Navient Solutions, Inc. (“NSI”).

Based on our discussions with the FDIC, we believe the FDIC intends to require certain late fee refunds to be made by NSI and Sallie Mae Bank with respect to loans owned or originated by Sallie Mae Bank from November 28, 2005 until the effective date of the agreement. To fulfill this requirement, NSI would fund a $30 million restitution reserve account.

In order to treat all customers in a similar manner, NSI expects to voluntarily make restitution of certain late fees to all other customers whose loans were neither owned nor originated by Sallie Mae Bank on the same basis and in the same manner as that which would be required by the FDIC. These refunds are estimated at $42 million.

With respect to alleged civil violations of the SCRA, NSI and Sallie Mae Bank remain engaged in discussions regarding a comprehensive settlement, remediation and civil settlement plan with the United States Department of Justice (“DOJ”), in its capacity as the agency having primary authority for enforcement of such matters. The DOJ inquiry covers all loans owned by either Sallie Mae Bank or serviced by NSI from November 28, 2005 until the effective date of the settlement. Based on our settlement discussions with the DOJ, NSI would be required to fund a $60 million settlement fund, which would represent the total amount of compensation due to service members under the DOJ agreement.

Previous regulatory requirements and guidance from the Department of Education regarding compliance with the SCRA statute provide that customers must provide both a copy of the military orders calling a person to active duty and a written request to receive the 6 percent interest rate cap available for active duty service members. The terms of the potential settlement with the DOJ, which remain subject to approval by the Department of Education, would provide new guidance on what a service member must do to receive the SCRA benefit and would apply this new approach retroactively to November 2005. The proposed settlement would assess a penalty for past non-compliance with this new approach. This new approach would reduce the documentation required, thereby easing the burden on service members.

As of December 31, 2013, a reserve of $70 million was established for estimated amounts and costs that were probable of being incurred for the FDIC and DOJ matters discussed above. In the first quarter of 2014, an additional reserve of $103 million was recorded for pending regulatory matters based on the progression of settlement discussions with the regulators. The final cost of these proceedings remains uncertain until final execution of the agreements with the regulators.

We are cooperating fully and expect to resolve these matters very soon. We have already made enhancements to our billing statements and late fee practices. In addition, since 2009, we have made a number of enhancements to better serve military customers and their families. NSI created a specialized customer service team to serve military customers; launched a special, comprehensive website for service members; worked with the U.S. Department of Education and other federal loan servicers to publish resources to help service members learn more about their benefits under SCRA; and expedited processing to provide responsive service to members of the armed forces.

NSI has also received Civil Investigative Demands (“CIDs”) from the Consumer Financial Protection Bureau (the “CFPB”) as part of the CFPB’s separate investigation regarding allegations relating to Navient’s disclosures and assessment of late fees. Navient recently commenced discussions with the CFPB relating to the customer billing statement disclosures and assessment of late fees. Reserves have not been established for this matter as such estimate cannot be made at this time. Navient and its subsidiaries will remain subject to the CIDs. Sallie Mae Bank is not currently subject to CFPB jurisdiction on these matters but may be subject to inquiry as an affiliate.

Pursuant to the Separation and Distribution Agreement among SLM Corporation, New BLC Corporation and Navient, dated April 28, 2014 (the “Separation Agreement”), entered into in connection with the internal reorganization and Spin-Off, all liabilities arising out of the aforementioned regulatory matters, other than fines or penalties directly levied against Sallie Mae Bank, are the responsibility of, or assumed by, Navient or one of its subsidiaries, and Navient has agreed to indemnify and hold harmless Sallie Mae and its subsidiaries, including Sallie Mae Bank, therefrom.

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.

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 numerous 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 such litigation and regulatory matters, we cannot 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 related to each pending matter may be.

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

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

Segment Reporting

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

Segment Reporting

11.

Segment Reporting

FFELP Loans Segment

Our FFELP Loans segment consists of our FFELP Loan portfolio and underlying debt and capital funding these loans. Even though FFELP Loans are no longer originated we continue to seek to acquire FFELP Loan portfolios to leverage our servicing scale to generate incremental earnings and cash flow. This segment is expected to generate significant amounts of cash as the FFELP Loan portfolio amortizes.

As of March 31, 2014, approximately $1.4 billion of FFELP Loans was held at Sallie Mae Bank, which remained with the consumer banking business following the separation and distribution. Navient will continue to service the FFELP Loans held by Sallie Mae Bank after the separation and distribution.

The following table includes asset information for our FFELP Loans segment.


(Dollars in millions)	March 31, 2014		December 31, 2013
FFELP Loans, net	$	102,635	$	104,588
Cash and investments⁽¹⁾		3,836		4,473
Other		2,808		3,587

Total assets	$	109,279	$	112,648

⁽¹⁾

Includes restricted cash and investments.

Private Education Loans Segment

In this segment, we acquire, finance, service and historically originated Private Education Loans. The Private Education Loans we historically originated were primarily to bridge the gap between the cost of higher education and the amount funded through financial aid, federal loans or customers’ resources. In this segment, we earn net interest income on the Private Education Loan portfolio (after provision for loan losses) as well as servicing fees, primarily late fees.

As of March 31, 2014, approximately $7.2 billion of our Private Education Loans was held at Sallie Mae Bank. In connection with the separation and distribution, Sallie Mae Bank, and its portfolio of Private Education Loans, will remain with the consumer banking business. Navient will provide servicing and asset recovery services for the consumer banking business’s Private Education Loans during a transition period, with Private Education Loans whose individual borrowers also have an education loan owned by Navient continuing to be serviced by Navient after the transition period. Navient cannot originate Private Education loans until 2019, pursuant to the terms of the separation and distribution agreement.

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


(Dollars in millions)	March 31, 2014		December 31, 2013
Private Education Loans, net	$	38,157	$	37,512
Cash and investments⁽¹⁾		1,724		2,555
Other		3,369		2,934

Total assets	$	43,250	$	43,001

⁽¹⁾

Includes restricted cash and investments.

Business Services Segment

Our Business Services segment generates the majority of its revenue from servicing our FFELP Loan portfolio. We also provide servicing, loan default aversion and asset recovery services for loans on behalf of Guarantors of FFELP Loans and other institutions, including ED. We also operate a consumer savings network that provides financial rewards on everyday purchases to help families save for college, Upromise.

After the separation and distribution, we will perform substantially all of the activities of the Business Services Segment, other than the activities of Upromise and the Insurance Business, which will be carried on by the consumer banking business.

At March 31, 2014 and December 31, 2013, the Business Services segment had total assets of $789 million and $892 million, respectively.

Other Segment

Our Other segment primarily consists of activities of our holding company, including the repurchase of debt, the corporate liquidity portfolio and all overhead. We also include results from certain smaller wind-down and discontinued operations within this segment.

At March 31, 2014 and December 31, 2013, the Other segment had total assets of $3.2 billion and $3.0 billion, respectively.

Measure of Profitability

The tables below include the condensed operating results for each of our reportable segments. Management, including the chief operating decision makers, evaluates the Company on certain performance measures that we refer to as “Core Earnings” performance measures for each operating segment. We use “Core Earnings” to manage each business segment because “Core Earnings” reflect adjustments to GAAP financial results for two items, discussed below, that 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 as we believe it provides investors with additional information regarding the operational and performance indicators that are most closely assessed by management. The two items adjusted for in our “Core Earnings” presentations are (1) 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 (2) the accounting for goodwill and acquired intangible assets. The tables presented below reflect “Core Earnings” operating measures reviewed and utilized by management to manage the business. Reconciliation of the “Core Earnings” segment totals to our consolidated operating results in accordance with GAAP is also included in the tables below.

Our “Core Earnings” performance measures are not defined terms within GAAP and may not be comparable to similarly titled measures reported by other companies. Unlike financial accounting, there is no comprehensive, authoritative guidance for management reporting. The management reporting process measures the performance of the operating segments based on the management structure of the Company and is not necessarily comparable with similar information for any other financial institution. Our operating segments are defined by the products and services they offer or the types of customers they serve, and they reflect the manner in which financial information is currently evaluated by management. Intersegment revenues and expenses are netted within the appropriate financial statement line items consistent with the income statement presentation provided to management. Changes in management structure or allocation methodologies and procedures may result in changes in reported segment financial information.

Segment Results and Reconciliations to GAAP


	Three Months Ended March 31, 2014
(Dollars in millions)	FFELP Loans		Private Education Loans		Business Services		Other			Eliminations⁽¹⁾			Total “Core Earnings”		Adjustments									Total GAAP
(Dollars in millions)	FFELP Loans		Private Education Loans		Business Services		Other			Eliminations⁽¹⁾			Total “Core Earnings”		Reclassifications			Additions/ (Subtractions)			Total Adjustments⁽²⁾			Total GAAP
Interest income:
Student loans	$	523	$	644	$	—	$	—		$	—		$	1,167	$	198		$	(75	)	$	123		$	1,290
Other loans		—		—		—		3			—			3		—			—			—			3
Cash and investments		1		1		1		1			(1	)		3		—			—			—			3

Total interest income		524		645		1		4			(1	)		1,173		198			(75	)		123			1,296
Total interest expense		293		206		—		21			(1	)		519		10			1	⁽⁴⁾		11			530

Net interest income (loss)		231		439		1		(17	)		—			654		188			(76	)		112			766
Less: provisions for loan losses		10		175		—		—			—			185		—			—			—			185

Net interest income (loss) after provisions for loan losses		221		264		1		(17	)		—			469		188			(76	)		112			581
Other income (loss):
Gains on sales of loans and investments		—		—		—		—			—			—		—			—			—			—
Servicing revenue		11		1		167		—			(118	)		61		—			—			—			61
Contingency revenue		—		—		111		—			—			111		—			—			—			111
Gains on debt repurchases		—		—		—		—			—			—		—			—			—			—
Other income (loss)		—		—		8		3			—			11		(188	)		175	⁽⁵⁾		(13	)		(2	)

Total other income (loss)		11		1		286		3			(118	)		183		(188	)		175			(13	)		170
Expenses:
Direct operating expenses		125		76		106		105			(118	)		294		—			—			—			294
Overhead expenses		—		—		—		72			—			72		—			—			—			72

Operating expenses		125		76		106		177			(118	)		366		—			—			—			366
Goodwill and acquired intangible asset impairment and amortization		—		—		—		—			—			—		—			4			4			4
Restructuring and other reorganization expenses		—		—		—		26			—			26		—			—			—			26

Total expenses		125		76		106		203			(118	)		392		—			4			4			396

Income (loss) from continuing operations, before income tax expense (benefit)		107		189		181		(217	)		—			260		—			95			95			355
Income tax expense (benefit)⁽³⁾		41		71		68		(83	)		—			97		—			39			39			136

Net income (loss) from continuing operations		66		118		113		(134	)		—			163		—			56			56			219
Income from discontinued operations, net of tax expense		—		—		—		—			—			—		—			—			—			—

Net income (loss)		66		118		113		(134	)		—			163		—			56			56			219
Less: net loss attributable to noncontrolling interest		—		—		—		—			—			—		—			—			—			—

Net income (loss) attributable to Navient Corporation	$	66	$	118	$	113	$	(134	)	$	—		$	163	$	—		$	56		$	56		$	219

⁽¹⁾	The eliminations in servicing revenue and direct operating expense represent the elimination of intercompany servicing revenue where the Business Services segment performs the loan servicing function for the FFELP Loans segment.

⁽²⁾	“Core Earnings” adjustments to GAAP:


	Three Months Ended March 31, 2014
(Dollars in millions)	Net Impact of Derivative Accounting			Net Impact of Goodwill and Acquired Intangibles			Total
Net interest income after provisions for loan losses	$	112		$	—		$	112
Total other loss		(13	)		—			(13	)
Goodwill and acquired intangible asset impairment and amortization		—			4			4

“Core Earnings” adjustments to GAAP	$	99		$	(4	)		95

Income tax benefit								39

Net income							$	56

⁽³⁾	Income taxes are based on a percentage of net income before tax for the individual reportable segment.

⁽⁴⁾	Represents a portion of the $6 million of “other derivative accounting adjustments.”

⁽⁵⁾	Represents the $180 million of “unrealized gains on derivative and hedging activities, net” as well as the remaining portion of the $6 million of “other derivative accounting adjustments.”


	Three Months Ended March 31, 2013
(Dollars in millions)	FFELP Loans		Private Education Loans		Business Services		Other			Eliminations⁽¹⁾			Total “Core Earnings”		Adjustments									Total GAAP
(Dollars in millions)	FFELP Loans		Private Education Loans		Business Services		Other			Eliminations⁽¹⁾			Total “Core Earnings”		Reclassifications			Additions/ (Subtractions)			Total Adjustments⁽²⁾			Total GAAP
Interest income:
Student loans	$	599	$	623	$	—	$	—		$	—		$	1,222	$	212		$	(76	)	$	136		$	1,358
Other loans		—		—		—		3			—			3		—			—			—			3
Cash and investments		2		1		1		2			(1	)		5		—			—			—			5

Total interest income		601		624		1		5			(1	)		1,230		212			(76	)		136			1,366
Total interest expense		340		203		—		13			(1	)		555		18			(2	)⁽⁴⁾		16			571

Net interest income (loss)		261		421		1		(8	)		—			675		194			(74	)		120			795
Less: provisions for loan losses		16		225		—		—			—			241		—			—			—			241

Net interest income (loss) after provisions for loan losses		245		196		1		(8	)		—			434		194			(74	)		120			554
Other income (loss):
Gains on sales of loans and investments		55		—		—		—			—			55		—			—			—			55
Servicing revenue		23		10		186		—			(149	)		70		—			—			—			70
Contingency revenue		—		—		99		—			—			99		—			—			—			99
Gains on debt repurchases		—		—		—		29			—			29		(6	)		—			(6	)		23
Other income (loss)		—		—		7		—			—			7		(188	)		184	⁽⁵⁾		(4	)		3

Total other income (loss)		78		10		292		29			(149	)		260		(194	)		184			(10	)		250
Expenses:
Direct operating expenses		157		67		95		3			(149	)		173		—			—			—			173
Overhead expenses		—		—		—		62			—			62		—			—			—			62

Operating expenses		157		67		95		65			(149	)		235		—			—			—			235
Goodwill and acquired intangible asset impairment and amortization		—		—		—		—			—			—		—			3			3			3
Restructuring and other reorganization expenses		—		—		—		10			—			10		—			—			—			10

Total expenses		157		67		95		75			(149	)		245		—			3			3			248

Income (loss) from continuing operations, before income tax expense (benefit)		166		139		198		(54	)		—			449		—			107			107			556
Income tax expense (benefit)⁽³⁾		62		52		73		(20	)		—			167		—			44			44			211

Net income (loss) from continuing operations		104		87		125		(34	)		—			282		—			63			63			345
Income from discontinued operations, net of tax expense		—		—		1		—			—			1		—			—			—			1

Net income (loss)		104		87		126		(34	)		—			283		—			63			63			346
Less: net loss attributable to noncontrolling interest		—		—		—		—			—			—		—			—			—			—

Net income (loss) attributable to Navient Corporation	$	104	$	87	$	126	$	(34	)	$	—		$	283	$	—		$	63		$	63		$	346

⁽¹⁾	The eliminations in servicing revenue and direct operating expense represent the elimination of intercompany servicing revenue where the Business Services segment performs the loan servicing function for the FFELP Loans segment.

⁽²⁾	“Core Earnings” adjustments to GAAP:


	Three Months Ended March 31, 2013
(Dollars in millions)	Net Impact of Derivative Accounting			Net Impact of Goodwill and Acquired Intangibles			Total
Net interest income after provisions for loan losses	$	120		$	—		$	120
Total other loss		(10	)		—			(10	)
Goodwill and acquired intangible asset impairment and amortization		—			3			3

“Core Earnings” adjustments to GAAP	$	110		$	(3	)		107

Income tax benefit								44

Net loss							$	63

⁽³⁾	Income taxes are based on a percentage of net income before tax for the individual reportable segment.

⁽⁴⁾	Represents a portion of the $29 million of “other derivative accounting adjustments.”

⁽⁵⁾	Represents the $157 million of “unrealized gains (losses) on derivative and hedging activities, net” as well as the remaining portion of the $29 million of “other derivative accounting adjustments.”

Summary of “Core Earnings” Adjustments to GAAP

The two adjustments required to reconcile from our “Core Earnings” results to our GAAP results of operations relate to differing treatments for: (1) 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 (2) the accounting for goodwill and acquired intangible assets. The following table reflects aggregate adjustments associated with these areas.


	Three Months Ended March 31,
(Dollars in millions)	2014			2013
“Core Earnings” adjustments to GAAP:
Net impact of derivative accounting⁽¹⁾	$	99		$	110
Net impact of goodwill and acquired intangibles assets⁽²⁾		(4	)		(3	)
Net tax effect⁽³⁾		(39	)		(44	)
Net effect from discontinued operations		—			—

Total “Core Earnings” adjustments to GAAP	$	56		$	63

⁽¹⁾

Derivative accounting: “Core Earnings” exclude periodic unrealized 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 unrealized gains and losses that are a result of ineffectiveness recognized related to effective hedges under GAAP. These unrealized gains and losses occur in our FFELP Loans, Private Education Loans and Other business segments. Under GAAP, for our derivatives that are held to maturity, the cumulative net unrealized gain or loss over the life of the contract will equal $0 except for Floor Income Contracts where the cumulative unrealized gain will equal the amount for which we sold the contract. In our “Core Earnings” presentation, we recognize the economic effect of these hedges, which generally results in any net settlement cash paid or received being recognized ratably as an interest expense or revenue over the hedged item’s life.

⁽²⁾

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

⁽³⁾

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

+ Details

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2014
Accounting Policies [Abstract]
Basis of Presentation	*Basis of Presentation* The accompanying unaudited, consolidated financial statements of Navient Corporation have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. The consolidated financial statements include the accounts of Navient 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. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods have been included. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results for the year ending December 31, 2014 or for any other period. These unaudited financial statements should be read in conjunction with the audited financial statements and related notes included in the Form 10 and the 2013 Form 10-K. Definitions for certain capitalized terms used in this document can be found in the Form 10 and the 2013 Form 10-K.
Consolidation	*Consolidation* In first-quarter 2013, we sold the Residual Interest in a FFELP Loan securitization trust to a third party. We will continue to service the student loans in the trust under existing agreements. Prior to the sale of the Residual Interest, we had consolidated the trust as a VIE because we had met the two criteria for consolidation. We had determined we were the primary beneficiary because (1) as servicer to the trust we had the power to direct the activities of the VIE that most significantly affected its economic performance and (2) as the residual holder of the trust we had an obligation to absorb losses or receive benefits of the trust that could potentially be significant. Upon the sale of the Residual Interest we are no longer the residual holder, thus we determined we no longer met criterion (2) above and deconsolidated the trust. As a result of this transaction we removed trust assets of $3.8 billion and the related liabilities of $3.7 billion from the balance sheet and recorded a $55 million gain as part of “gains on sales of loans and investments.”
Reclassifications	*Reclassifications* Certain reclassifications have been made to the balances as of and for the three months ended March 31, 2013 to be consistent with classifications adopted for 2014, and had no effect on net income, total assets, or total liabilities.

- Definition

Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.

+ References + Details

Allowance for Loan Losses (Tables)

3 Months Ended

Mar. 31, 2014

Allowance for Credit Losses and Recorded Investments in Loans

Allowance for Loan Losses Metrics


	Three Months Ended March 31, 2014
(Dollars in millions)	FFELP Loans			Private Education Loans			Other Loans			Total
Allowance for Loan Losses
Beginning balance	$	119		$	2,097		$	28		$	2,244
Total provision		10			175			—			185
Charge-offs⁽¹⁾		(22	)		(218	)		(1	)		(241	)
Reclassification of interest reserve⁽²⁾		—			5			—			5

Ending balance	$	107		$	2,059		$	27		$	2,193

Allowance:
Ending balance: individually evaluated for impairment	$	—		$	1,081		$	20		$	1,101
Ending balance: collectively evaluated for impairment	$	107		$	978		$	7		$	1,092
Loans:
Ending balance: individually evaluated for impairment	$	—		$	9,590		$	44		$	9,634
Ending balance: collectively evaluated for impairment	$	101,727		$	31,307		$	79		$	133,113
Charge-offs as a percentage of average loans in repayment (annualized)		.12	%		2.82	%		3.62	%
Charge-offs as a percentage of average loans in repayment and forbearance (annualized)		.10	%		2.72	%		3.62	%
Allowance as a percentage of the ending total loan balance		.10	%		5.03	%		21.80	%
Allowance as a percentage of the ending loans in repayment		.15	%		6.58	%		21.80	%
Allowance coverage of charge-offs (annualized)		1.2			2.3			5.9
Ending total loans⁽³⁾	$	101,727		$	40,897		$	123
Average loans in repayment	$	73,496		$	31,416		$	126
Ending loans in repayment	$	73,061		$	31,309		$	123

⁽¹⁾

⁽²⁾

⁽³⁾

Ending total loans for Private Education Loans includes the receivable for partially charged-off loans.


	Three Months Ended March 31, 2013
(Dollars in millions)	FFELP Loans			Private Education Loans			Other Loans			Total
Allowance for Loan Losses
Beginning balance	$	159		$	2,171		$	47		$	2,377
Total provision		16			225			—			241
Charge-offs⁽¹⁾		(22	)		(232	)		(5	)		(259	)
Student loan sales		(6	)		—			—			(6	)
Reclassification of interest reserve⁽²⁾		—			6			—			6

Ending balance	$	147		$	2,170		$	42		$	2,359

Allowance:
Ending balance: individually evaluated for impairment	$	—		$	1,157		$	31		$	1,188
Ending balance: collectively evaluated for impairment	$	147		$	1,013		$	11		$	1,171
Loans:
Ending balance: individually evaluated for impairment	$	—		$	8,018		$	65		$	8,083
Ending balance: collectively evaluated for impairment	$	118,058		$	32,389		$	106		$	150,553
Charge-offs as a percentage of average loans in repayment (annualized)		.10	%		2.97	%		10.95	%
Charge-offs as a percentage of average loans in repayment and forbearance (annualized)		.09	%		2.87	%		10.95	%

Allowance as a percentage of the ending total loan balance		.12	%		5.37	%		24.55	%
Allowance as a percentage of the ending loans in repayment		.17	%		6.88	%		24.55	%
Allowance coverage of charge-offs (annualized)		1.6			2.3			2.1
Ending total loans⁽³⁾	$	118,058		$	40,407		$	171
Average loans in repayment	$	87,256		$	31,645		$	179
Ending loans in repayment	$	85,304		$	31,533		$	171

⁽¹⁾

⁽²⁾

⁽³⁾

Ending total loans for Private Education Loans includes the receivable for partially charged-off loans.

Private Education Loan Portfolio Stratified by Key Credit Quality Indicators

The following table highlights the principal balance (excluding the receivable for partially charged-off loans) of our Private Education Loan portfolio stratified by the key credit quality indicators.


	Private Education Loans Credit Quality Indicators
	March 31, 2014					December 31, 2013
(Dollars in millions)	Balance⁽³⁾		% of Balance			Balance⁽³⁾		% of Balance
Credit Quality Indicators
School Type/FICO Scores:
Traditional	$	36,822		93	%	$	36,140		93	%
Non-Traditional⁽¹⁾		2,778		7			2,860		7

Total	$	39,600		100	%	$	39,000		100	%

Cosigners:
With cosigner	$	27,084		68	%	$	26,321		67	%
Without cosigner		12,516		32			12,679		33

Total	$	39,600		100	%	$	39,000		100	%

Seasoning⁽²⁾:
1-12 payments	$	5,305		13	%	$	5,171		14	%
13-24 payments		5,282		13			5,511		14
25-36 payments		5,186		13			5,506		14
37-48 payments		5,038		13			5,103		13
More than 48 payments		11,714		30			11,181		29
Not yet in repayment		7,075		18			6,528		16

Total	$	39,600		100	%	$	39,000		100	%

⁽¹⁾	Defined as loans to customers attending for-profit schools (with a FICO score of less than 670 at origination) and customers attending not-for-profit schools (with a FICO score of less than 640 at origination).

⁽²⁾	Number of months in active repayment for which a scheduled payment was due.

⁽³⁾	Balance represents gross Private Education Loans.

Age Analysis of Past Due Loans Delinquencies

The following tables provide information regarding the loan status and aging of past due loans.


	FFELP Loan Delinquencies
	March 31, 2014						December 31, 2013
(Dollars in millions)	Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	13,016					$	13,678
Loans in forbearance⁽²⁾		15,650						13,490
Loans in repayment and percentage of each status:
Loans current		62,721			85.9	%		63,330			82.8	%
Loans delinquent 31-60 days⁽³⁾		3,059			4.2			3,746			4.9
Loans delinquent 61-90 days⁽³⁾		1,784			2.4			2,207			2.9
Loans delinquent greater than 90 days⁽³⁾		5,497			7.5			7,221			9.4

Total FFELP Loans in repayment		73,061			100	%		76,504			100	%

Total FFELP Loans, gross		101,727						103,672
FFELP Loan unamortized premium		1,015						1,035

Total FFELP Loans		102,742						104,707
FFELP Loan allowance for losses		(107	)					(119	)

FFELP Loans, net	$	102,635					$	104,588

Percentage of FFELP Loans in repayment					71.8	%					73.8	%

Delinquencies as a percentage of FFELP Loans in repayment					14.2	%					17.2	%

FFELP Loans in forbearance as a percentage of loans in repayment and forbearance					17.6	%					15.0	%

⁽¹⁾

⁽²⁾	Loans for customers who have used their allowable deferment time or do not qualify for deferment, that need additional time to obtain employment or who have temporarily ceased making full payments due to hardship or other factors.

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


	Private Education Traditional Loan Delinquencies
	March 31, 2014						December 31, 2013
(Dollars in millions)	Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	6,637					$	6,088
Loans in forbearance⁽²⁾		1,069						969
Loans in repayment and percentage of each status:
Loans current		27,364			94.0	%		26,977			92.8	%
Loans delinquent 31-60 days⁽³⁾		550			1.9			674			2.3
Loans delinquent 61-90 days⁽³⁾		353			1.2			420			1.4
Loans delinquent greater than 90 days⁽³⁾		849			2.9			1,012			3.5

Total traditional loans in repayment		29,116			100	%		29,083			100	%

Total traditional loans, gross		36,822						36,140
Traditional loans unamortized discount		(609	)					(629	)

Total traditional loans		36,213						35,511
Traditional loans receivable for partially charged-off loans		795						799
Traditional loans allowance for losses		(1,583	)					(1,592	)

Traditional loans, net	$	35,425					$	34,718

Percentage of traditional loans in repayment					79.1	%					80.5	%

Delinquencies as a percentage of traditional loans in repayment					6.0	%					7.2	%

Loans in forbearance as a percentage of loans in repayment and forbearance					3.5	%					3.2	%

⁽¹⁾	Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not required to make payments on their loans, e.g., residency periods for medical students or a grace period for bar exam preparation.

⁽²⁾	Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.

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


	Private Education Non-Traditional Loan Delinquencies
	March 31, 2014						December 31, 2013
(Dollars in millions)	Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	438					$	440
Loans in forbearance⁽²⁾		147						133
Loans in repayment and percentage of each status:
Loans current		1,792			81.7	%		1,791			78.3	%
Loans delinquent 31-60 days⁽³⁾		105			4.8			128			5.6
Loans delinquent 61-90 days⁽³⁾		77			3.5			93			4.1
Loans delinquent greater than 90 days⁽³⁾		219			10.0			275			12.0

Total non-traditional loans in repayment		2,193			100	%		2,287			100	%

Total non-traditional loans, gross		2,778						2,860
Non-traditional loans unamortized discount		(72	)					(75	)

Total non-traditional loans		2,706						2,785
Non-traditional loans receivable for partially charged-off loans		502						514
Non-traditional loans allowance for losses		(476	)					(505	)

Non-traditional loans, net	$	2,732					$	2,794

Percentage of non-traditional loans in repayment					79.0	%					80.0	%

Delinquencies as a percentage of non-traditional loans in repayment					18.3	%					21.7	%

Loans in forbearance as a percentage of loans in repayment and forbearance					6.3	%					5.5	%

⁽¹⁾	Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not required to make payments on their loans, e.g., residency periods for medical students or a grace period for bar exam preparation.

⁽²⁾	Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, 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.

Receivable for Partially Charged-Off Loans

The following table summarizes the activity in the receivable for partially charged-off Private Education Loans.


	Three Months Ended March 31,
(Dollars in millions)	2014			2013
Receivable at beginning of period	$	1,313		$	1,347
Expected future recoveries of current period defaults⁽¹⁾		71			78
Recoveries⁽²⁾		(61	)		(68	)
Charge-offs⁽³⁾		(26	)		(18	)

Receivable at end of period		1,297			1,339
Allowance for estimated recovery shortfalls⁽⁴⁾		(334	)		(209	)

Net receivable at end of period	$	963		$	1,130

⁽¹⁾

Represents the difference between the loan balance and our estimate of the amount to be collected in the future.

⁽²⁾

Current period cash recoveries.

⁽³⁾

⁽⁴⁾

Recorded Investment, Unpaid Principal Balance and Related Allowance for TDR Loans

The following table provides the recorded investment, unpaid principal balance and related allowance for our TDR loans.


	TDR Loans
(Dollars in millions)	Recorded Investment⁽¹⁾		Unpaid Principal Balance		Related Allowance
March 31, 2014
Private Education Loans — Traditional	$	7,800	$	7,856	$	852
Private Education Loans — Non-Traditional		1,441		1,439		229

Total	$	9,241	$	9,295	$	1,081

December 31, 2013
Private Education Loans — Traditional	$	7,515	$	7,559	$	812
Private Education Loans — Non-Traditional		1,434		1,427		236

Total	$	8,949	$	8,986	$	1,048

⁽¹⁾

The recorded investment is equal to the unpaid principal balance and accrued interest receivable net of unamortized deferred fees and costs.

Average Recorded Investment and Interest Income Recognized for TDR

The following table provides the average recorded investment and interest income recognized for our TDR loans.


	Three Months Ended March 31,
	2014				2013
(Dollars in millions)	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Private Education Loans — Traditional	$	7,631	$	118	$	6,185	$	96
Private Education Loans — Non-Traditional		1,434		29		1,315		27

Total	$	9,065	$	147	$	7,500	$	123

Modified Loans Accounts for TDR


	Three Months Ended March 31,
	2014						2013
(Dollars in millions)	Modified Loans⁽¹⁾		Charge- Offs⁽²⁾		Payment Default		Modified Loans⁽¹⁾		Charge- Offs⁽²⁾		Payment Default
Private Education Loans — Traditional	$	466	$	100	$	119	$	545	$	97	$	216
Private Education Loans — Non-Traditional		57		34		29		90		34		57

Total	$	523	$	134	$	148	$	635	$	131	$	273

⁽¹⁾	Represents period ending balance of loans that have been modified during the period and resulted in a TDR.

⁽²⁾	Represents loans that charged off that were classified as TDRs.

Accrued Interest Receivable

Accrued Interest Receivable


	Accrued Interest Receivable
(Dollars in millions)	Total		Greater Than 90 Days Past Due		Allowance for Uncollectible Interest
March 31, 2014
Private Education Loans — Traditional	$	939	$	29	$	41
Private Education Loans — Non-Traditional		85		11		18

Total	$	1,024	$	40	$	59

December 31, 2013
Private Education Loans — Traditional	$	926	$	35	$	46
Private Education Loans — Non-Traditional		97		13		20

Total	$	1,023	$	48	$	66

Troubled Debt Restructured Loans [Member]

Age Analysis of Past Due Loans Delinquencies

The following table provides information regarding the loan status and aging of TDR loans that are past due.


	TDR Loan Delinquencies
	March 31, 2014					December 31, 2013
(Dollars in millions)	Balance		%			Balance		%
Loans in deferment⁽¹⁾	$	997				$	913
Loans in forbearance⁽²⁾		786					740
Loans in repayment and percentage of each status:
Loans current		6,045		80.5	%		5,613		76.5	%
Loans delinquent 31-60 days⁽³⁾		413		5.5			469		6.4
Loans delinquent 61-90 days⁽³⁾		286		3.8			330		4.5
Loans delinquent greater than 90 days⁽³⁾		768		10.2			921		12.6

Total TDR loans in repayment		7,512		100	%		7,333		100	%

Total TDR loans, gross	$	9,295				$	8,986

⁽¹⁾	Deferment includes customers who have returned to school or are engaged in other permitted educational activities and are not required to make payments on the loans, e.g. residency periods for medical students or a grace period for bar exam preparation.

⁽²⁾	Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily ceased making full payments due to hardship or other factors, 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.

Borrowings (Tables)

3 Months Ended

Mar. 31, 2014

Debt Disclosure [Abstract]

Company's Borrowings

The following table summarizes our borrowings.


	March 31, 2014						December 31, 2013
(Dollars in millions)	Short Term		Long Term		Total		Short Term		Long Term		Total
Unsecured borrowings:
Senior unsecured debt	$	1,046	$	16,836	$	17,882	$	2,213	$	16,056	$	18,269
Bank deposits		5,964		2,755		8,719		6,133		2,807		8,940
Other⁽¹⁾		684		—		684		691		—		691

Total unsecured borrowings		7,694		19,591		27,285		9,037		18,863		27,900

Secured borrowings:
FFELP Loan securitizations		—		90,608		90,608		—		90,756		90,756
Private Education Loan securitizations		—		18,861		18,861		—		18,835		18,835
FFELP Loans — other facilities		3,919		4,400		8,319		4,715		5,311		10,026
Private Education Loans — other facilities		—		597		597		—		843		843

Total secured borrowings		3,919		114,466		118,385		4,715		115,745		120,460

Total before hedge accounting adjustments		11,613		134,057		145,670		13,752		134,608		148,360
Hedge accounting adjustments		13		2,120		2,133		43		2,040		2,083

Total	$	11,626	$	136,177	$	147,803	$	13,795	$	136,648	$	150,443

⁽¹⁾	“Other” primarily consists of the obligation to return cash collateral held related to derivative exposures.

Financing VIEs

We consolidate the following financing VIEs as of March 31, 2014 and December 31, 2013, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings.


	March 31, 2014
	Debt Outstanding						Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term		Total		Loans		Cash		Other Assets		Total
Secured Borrowings — VIEs:
FFELP Loan securitizations	$	—	$	90,608	$	90,608	$	91,299	$	3,055	$	700	$	95,054
Private Education Loan securitizations		—		18,861		18,861		23,880		390		428		24,698
FFELP Loans — other facilities		1,694		4,137		5,831		6,081		157		73		6,311
Private Education Loans — other facilities		—		597		597		1,259		16		24		1,299

Total before hedge accounting adjustments		1,694		114,203		115,897		122,519		3,618		1,225		127,362
Hedge accounting adjustments		—		1,330		1,330		—		—		938		938

Total	$	1,694	$	115,533	$	117,227	$	122,519	$	3,618	$	2,163	$	128,300


	December 31, 2013
	Debt Outstanding						Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term		Total		Loans		Cash		Other Assets		Total
Secured Borrowings — VIEs:
FFELP Loan securitizations	$	—	$	90,756	$	90,756	$	91,535	$	2,913	$	683	$	95,131
Private Education Loan securitizations		—		18,835		18,835		23,947		338		540		24,825
FFELP Loans — other facilities		3,655		3,791		7,446		7,719		128		91		7,938
Private Education Loans — other facilities		—		843		843		1,583		16		30		1,629

Total before hedge accounting adjustments		3,655		114,225		117,880		124,784		3,395		1,344		129,523
Hedge accounting adjustments		—		1,313		1,313		—		—		978		978

Total	$	3,655	$	115,538	$	119,193	$	124,784	$	3,395	$	2,322	$	130,501

- Definition

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

+ References + Details

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2014

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Impact of Derivatives on Consolidated Balance Sheet

Impact of Derivatives on Consolidated Balance Sheet


		Cash Flow				Fair Value						Trading						Total
(Dollars in millions)	Hedged Risk Exposure	Mar. 31, 2014		Dec. 31, 2013		Mar. 31, 2014			Dec. 31, 2013			Mar. 31, 2014			Dec. 31, 2013			Mar. 31, 2014			Dec. 31, 2013
Fair Values⁽¹⁾
Derivative Assets:
Interest rate swaps	Interest rate	$	16	$	24	$	753		$	738		$	47		$	61		$	816		$	823
Cross-currency interest rate swaps	Foreign currency & interest rate		—		—		1,118			1,185			—			—			1,118			1,185
Other⁽²⁾	Interest rate		—		—		—			—			1			2			1			2

Total derivative assets⁽³⁾			16		24		1,871			1,923			48			63			1,935			2,010
Derivative Liabilities:
Interest rate swaps	Interest rate		—		—		(110	)		(149	)		(180	)		(215	)		(290	)		(364	)
Floor Income Contracts	Interest rate		—		—		—			—			(1,206	)		(1,384	)		(1,206	)		(1,384	)
Cross-currency interest rate swaps	Foreign currency & interest rate		—		—		(142	)		(155	)		(25	)		(31	)		(167	)		(186	)
Other⁽²⁾	Interest rate		—		—		—			—			(4	)		(23	)		(4	)		(23	)

Total derivative liabilities⁽³⁾			—		—		(252	)		(304	)		(1,415	)		(1,653	)		(1,667	)		(1,957	)

Net total derivatives		$	16	$	24	$	1,619		$	1,619		$	(1,367	)	$	(1,590	)	$	268		$	53

⁽¹⁾

⁽²⁾	“Other” includes embedded derivatives bifurcated from securitization debt as well as derivatives related to our Total Return Swap Facility and back-to-back private credit floors.

⁽³⁾	The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification:

Gross Positions without Impact of Netting Agreements

⁽³⁾	The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification:


	Other Assets						Other Liabilities
(Dollar in millions)	March 31, 2014			December 31, 2013			March 31, 2014			December 31, 2013
Gross position	$	1,935		$	2,010		$	(1,667	)	$	(1,957	)
Impact of master netting agreements		(342	)		(386	)		342			386

Derivative values with impact of master netting agreements (as carried on balance sheet)		1,593			1,624			(1,325	)		(1,571	)
Cash collateral (held) pledged		(683	)		(687	)		645			777

Net position	$	910		$	937		$	(680	)	$	(794	)

Derivative Notional Values


	Cash Flow				Fair Value				Trading				Total
(Dollars in billions)	Mar. 31, 2014		Dec. 31, 2013		Mar. 31, 2014		Dec. 31, 2013		Mar. 31, 2014		Dec. 31, 2013		Mar. 31, 2014		Dec. 31, 2013
Notional Values:
Interest rate swaps	$	.7	$	.7	$	17.2	$	16.0	$	46.3	$	46.3	$	64.2	$	63.0
Floor Income Contracts		—		—		—		—		27.2		31.8		27.2		31.8
Cross-currency interest rate swaps		—		—		10.7		11.1		.4		.3		11.1		11.4
Other⁽¹⁾		—		—		—		—		3.8		3.9		3.8		3.9

Total derivatives	$	.7	$	.7	$	27.9	$	27.1	$	77.7	$	82.3	$	106.3	$	110.1

⁽¹⁾	“Other” includes embedded derivatives bifurcated from securitization debt, as well as derivatives related to our Total Return Swap Facility and back to back private credit floors.

Impact of Derivatives on Consolidated Statements of Income

Impact of Derivatives on Consolidated Statements of Income


	Three Months Ended March 31,
	Unrealized Gain (Loss) on Derivatives⁽¹⁾⁽²⁾						Realized Gain (Loss) on Derivatives⁽³⁾						Unrealized Gain (Loss) on Hedged Item⁽¹⁾					Total Gain (Loss)
(Dollars in millions)	2014			2013			2014			2013			2014			2013		2014			2013
Fair Value Hedges:
Interest rate swaps	$	53		$	(172	)	$	100		$	109		$	(53	)	$	195	$	100		$	132
Cross-currency interest rate swaps		(53	)		(556	)		22			21			7			552		(24	)		17

Total fair value derivatives		—			(728	)		122			130			(46	)		747		76			149
Cash Flow Hedges:
Interest rate swaps		—			—			(3	)		(3	)		—			—		(3	)		(3	)

Total cash flow derivatives		—			—			(3	)		(3	)		—			—		(3	)		(3	)
Trading:
Interest rate swaps		19			(19	)		12			24			—			—		31			5
Floor Income Contracts		181			189			(198	)		(213	)		—			—		(17	)		(24	)
Cross-currency interest rate swaps		7			(47	)		(1	)		20			—			—		6			(27	)
Other		19			(4	)		(1	)		—			—			—		18			(4	)

Total trading derivatives		226			119			(188	)		(169	)		—			—		38			(50	)

Total		226			(609	)		(69	)		(42	)		(46	)		747		111			96
Less: realized gains (losses) recorded in interest expense		—			—			119			127			—			—		119			127

Gains (losses) on derivative and hedging activities, net	$	226		$	(609	)	$	(188	)	$	(169	)	$	(46	)	$	747	$	(8	)	$	(31	)

⁽¹⁾	Recorded in “Gains (losses) on derivative and hedging activities, net” in the consolidated statements of income.

⁽²⁾	Represents ineffectiveness related to cash flow hedges.

⁽³⁾	For fair value and cash flow hedges, recorded in interest expense. For trading derivatives, recorded in “Gains (losses) on derivative and hedging activities, net.”

Collateral Held and Pledged

Collateral held and pledged related to derivative exposures between us and our derivative counterparties are detailed in the following table:


(Dollars in millions)	March 31, 2014		December 31, 2013
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)⁽¹⁾	$	683	$	687
Securities at fair value — on-balance sheet securitization derivatives (not recorded in financial statements)⁽²⁾		633		629

Total collateral held	$	1,316	$	1,316

Derivative asset at fair value including accrued interest	$	1,824	$	1,878

Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	$	645	$	777

Total collateral pledged	$	645	$	777

Derivative liability at fair value including accrued interest and premium receivable	$	769	$	948

⁽¹⁾	At March 31, 2014 and December 31, 2013, $0 and $0 million, respectively, were held in restricted cash accounts.

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

Other Assets (Tables)

3 Months Ended

Mar. 31, 2014

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Schedule of Other Assets

The following table provides the detail of our other assets.


	March 31, 2014					December 31, 2013
(Dollars in millions)	Ending Balance		% of Balance			Ending Balance		% of Balance
Accrued interest receivable, net	$	2,052		30	%	$	2,161		30	%
Derivatives at fair value		1,593		23			1,624		22
Income tax asset, net current and deferred		1,212		17			1,299		18
Accounts receivable		810		12			881		12
Benefit and insurance-related investments		480		7			477		7
Fixed assets, net		244		4			237		3
Other loans, net		96		1			101		1
Other		449		6			507		7

Total	$	6,936		100	%	$	7,287		100	%

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2014

Equity [Abstract]

Common Share Repurchases and Issuances

The following table summarizes Existing SLM’s common share repurchases and issuances.


	Three Months Ended March 31,
	2014		2013
Common shares repurchased⁽¹⁾		8,368,300		10,220,804
Average purchase price per share⁽²⁾	$	23.89	$	19.49
Shares repurchased related to employee stock-based compensation plans⁽³⁾		2,115,470		2,324,575
Average purchase price per share	$	23.56	$	18.11
Common shares issued⁽⁴⁾		4,238,182		4,157,795

⁽¹⁾

Common shares purchased under Existing SLM’s share repurchase program, of which $0 million remained available as of March 31, 2014.

⁽²⁾

Average purchase price per share includes purchase commission costs.

⁽³⁾

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

⁽⁴⁾

Common shares issued under Existing SLM’s various compensation and benefit plans.

Earnings per Common Share (Tables)

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Schedule of Earnings Per Common Share


	Three Months Ended March 31,
(In millions, except per share data)	2014		2013
Numerator:
Net income attributable to Navient Corporation	$	219	$	346
Preferred stock dividends		5		5

Net income attributable to Navient Corporation common stock	$	214	$	341

Denominator:
Weighted average shares used to compute basic EPS		427		451
Effect of dilutive securities:
Dilutive effect of stock options, non-vested restricted stock, restricted stock units and Employee Stock Purchase Plan (“ESPP”)⁽¹⁾		8		7

Dilutive potential common shares⁽²⁾		8		7

Weighted average shares used to compute diluted EPS		435		458

Basic earnings (loss) per common share attributable to Navient Corporation:
Continuing operations	$	.50	$	.76
Discontinued operations		—		—

Total	$	.50	$	.76

Diluted earnings (loss) per common share attributable to Navient Corporation:
Continuing operations	$	.49	$	.74
Discontinued operations		—		—

Total	$	.49	$	.74

⁽¹⁾

⁽²⁾	For the three months ended March 31, 2014 and 2013, securities covering approximately 3 million and 5 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

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.


	Fair Value Measurements on a Recurring Basis
	March 31, 2014											December 31, 2013
(Dollars in millions)	Level 1		Level 2			Level 3			Total			Level 1		Level 2			Level 3			Total
Assets
Available-for-sale investments:
Agency residential mortgage-backed securities	$	—	$	129		$	—		$	129		$	—	$	102		$	—		$	102
Guaranteed investment contracts		—		—			—			—			—		—			—			—
Other		—		6			—			6			—		7			—			7

Total available-for-sale investments		—		135			—			135			—		109			—			109
Derivative instruments:⁽¹⁾
Interest rate swaps		—		784			32			816			—		785			38			823
Cross-currency interest rate swaps		—		1			1,117			1,118			—		27			1,158			1,185
Other		—		—			1			1			—		—			2			2

Total derivative assets⁽³⁾		—		785			1,150			1,935			—		812			1,198			2,010

Total	$	—	$	920		$	1,150		$	2,070		$	—	$	921		$	1,198		$	2,119

Liabilities⁽²⁾
Derivative instruments⁽¹⁾
Interest rate swaps	$	—	$	(171	)	$	(119	)	$	(290	)	$	—	$	(239	)	$	(125	)	$	(364	)
Floor Income Contracts		—		(1,206	)		—			(1,206	)		—		(1,384	)		—			(1,384	)
Cross-currency interest rate swaps		—		(30	)		(137	)		(167	)		—		(35	)		(151	)		(186	)
Other		—		—			(4	)		(4	)		—		—			(23	)		(23	)

Total derivative liabilities⁽³⁾		—		(1,407	)		(260	)		(1,667	)		—		(1,658	)		(299	)		(1,957	)

Total	$	—	$	(1,407	)	$	(260	)	$	(1,667	)	$	—	$	(1,658	)	$	(299	)	$	(1,957	)

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

⁽²⁾	Borrowings which are the hedged items 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 are not reflected in this table.

⁽³⁾	See “Note 5 — Derivative Financial Instruments” for a reconciliation of gross positions without the impact of master netting agreements to the balance sheet classification.

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

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


	Three Months Ended March 31,
	2014												2013
	Derivative instruments												Derivative instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other			Total Derivative Instruments			Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other			Total Derivative Instruments
Balance, beginning of period	$	(87	)	$	1,007		$	(21	)	$	899		$	(73	)	$	1,053		$	4		$	984
Total gains/(losses) (realized and unrealized):
Included in earnings⁽¹⁾		—			(10	)		17			7			5			(546	)		(5	)		(546	)
Included in other comprehensive income		—			—			—			—			—			—			—			—
Settlements		—			(17	)		1			(16	)		(8	)		(37	)		1			(44	)
Transfers in and/or out of level 3		—			—			—			—			—			—			—			—

Balance, end of period	$	(87	)	$	980		$	(3	)	$	890		$	(76	)	$	470		$	—		$	394

Change in unrealized gains/(losses) relating to instruments still held at the reporting date⁽²⁾	$	—		$	(28	)	$	19		$	(9	)	$	(3	)	$	(514	)	$	(5	)	$	(522	)

⁽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


	Three Months Ended March 31,
(Dollars in millions)	2014			2013
Gains (losses) on derivative and hedging activities, net	$	(11	)	$	(562	)
Interest expense		18			16

Total	$	7		$	(546	)

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

Unobservable Data Used in Recurring Valuations of Level 3

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 March 31, 2014			Valuation Technique		Input	Range (Weighted Average)
Derivatives
Consumer Price Index/ LIBOR basis swaps	$	29			Discounted cash flow	Bid/ask adjustment to discount rate	0.03% — 0.03% (0.03%)
Prime/LIBOR basis swaps		(116	)		Discounted cash flow	Constant prepayment rate	4.2%
						Bid/ask adjustment to discount rate	0.08% — 0.08% (0.08%)
Cross-currency interest rate swaps		980			Discounted cash flow	Constant prepayment rate	2.6%
Other		(3	)

Total	$	890

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.


	March 31, 2014									December 31, 2013
(Dollars in millions)	Fair Value			Carrying Value			Difference			Fair Value			Carrying Value			Difference
Earning assets
FFELP Loans	$	103,058		$	102,635		$	423		$	104,481		$	104,588		$	(107	)
Private Education Loans		38,862			38,157			705			37,485			37,512			(27	)
Cash and investments⁽¹⁾		8,323			8,323			—			9,732			9,732			—

Total earning assets		150,243			149,115			1,128			151,698			151,832			(134	)

Interest-bearing liabilities
Short-term borrowings		11,633			11,626			(7	)		13,807			13,795			(12	)
Long-term borrowings		134,190			136,177			1,987			133,578			136,648			3,070

Total interest-bearing liabilities		145,823			147,803			1,980			147,385			150,443			3,058

Derivative financial instruments
Floor Income Contracts		(1,206	)		(1,206	)		—			(1,384	)		(1,384	)		—
Interest rate swaps		526			526			—			459			459			—
Cross-currency interest rate swaps		951			951			—			999			999			—
Other		(3	)		(3	)		—			(21	)		(21	)		—

Excess of net asset fair value over carrying value							$	3,108								$	2,924

⁽¹⁾

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

Asset Information for Company's FFELP Loans Business Segment

The following table includes asset information for our FFELP Loans segment.


(Dollars in millions)	March 31, 2014		December 31, 2013
FFELP Loans, net	$	102,635	$	104,588
Cash and investments⁽¹⁾		3,836		4,473
Other		2,808		3,587

Total assets	$	109,279	$	112,648

⁽¹⁾

Includes restricted cash and investments.

Asset Information for Company's Private Education Loans Segment

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


(Dollars in millions)	March 31, 2014		December 31, 2013
Private Education Loans, net	$	38,157	$	37,512
Cash and investments⁽¹⁾		1,724		2,555
Other		3,369		2,934

Total assets	$	43,250	$	43,001

⁽¹⁾

Includes restricted cash and investments.

Segment Results and Reconciliations to GAAP

Segment Results and Reconciliations to GAAP


	Three Months Ended March 31, 2014
(Dollars in millions)	FFELP Loans		Private Education Loans		Business Services		Other			Eliminations⁽¹⁾			Total “Core Earnings”		Adjustments									Total GAAP
(Dollars in millions)	FFELP Loans		Private Education Loans		Business Services		Other			Eliminations⁽¹⁾			Total “Core Earnings”		Reclassifications			Additions/ (Subtractions)			Total Adjustments⁽²⁾			Total GAAP
Interest income:
Student loans	$	523	$	644	$	—	$	—		$	—		$	1,167	$	198		$	(75	)	$	123		$	1,290
Other loans		—		—		—		3			—			3		—			—			—			3
Cash and investments		1		1		1		1			(1	)		3		—			—			—			3

Total interest income		524		645		1		4			(1	)		1,173		198			(75	)		123			1,296
Total interest expense		293		206		—		21			(1	)		519		10			1	⁽⁴⁾		11			530

Net interest income (loss)		231		439		1		(17	)		—			654		188			(76	)		112			766
Less: provisions for loan losses		10		175		—		—			—			185		—			—			—			185

Net interest income (loss) after provisions for loan losses		221		264		1		(17	)		—			469		188			(76	)		112			581
Other income (loss):
Gains on sales of loans and investments		—		—		—		—			—			—		—			—			—			—
Servicing revenue		11		1		167		—			(118	)		61		—			—			—			61
Contingency revenue		—		—		111		—			—			111		—			—			—			111
Gains on debt repurchases		—		—		—		—			—			—		—			—			—			—
Other income (loss)		—		—		8		3			—			11		(188	)		175	⁽⁵⁾		(13	)		(2	)

Total other income (loss)		11		1		286		3			(118	)		183		(188	)		175			(13	)		170
Expenses:
Direct operating expenses		125		76		106		105			(118	)		294		—			—			—			294
Overhead expenses		—		—		—		72			—			72		—			—			—			72

Operating expenses		125		76		106		177			(118	)		366		—			—			—			366
Goodwill and acquired intangible asset impairment and amortization		—		—		—		—			—			—		—			4			4			4
Restructuring and other reorganization expenses		—		—		—		26			—			26		—			—			—			26

Total expenses		125		76		106		203			(118	)		392		—			4			4			396

Income (loss) from continuing operations, before income tax expense (benefit)		107		189		181		(217	)		—			260		—			95			95			355
Income tax expense (benefit)⁽³⁾		41		71		68		(83	)		—			97		—			39			39			136

Net income (loss) from continuing operations		66		118		113		(134	)		—			163		—			56			56			219
Income from discontinued operations, net of tax expense		—		—		—		—			—			—		—			—			—			—

Net income (loss)		66		118		113		(134	)		—			163		—			56			56			219
Less: net loss attributable to noncontrolling interest		—		—		—		—			—			—		—			—			—			—

Net income (loss) attributable to Navient Corporation	$	66	$	118	$	113	$	(134	)	$	—		$	163	$	—		$	56		$	56		$	219

⁽¹⁾	The eliminations in servicing revenue and direct operating expense represent the elimination of intercompany servicing revenue where the Business Services segment performs the loan servicing function for the FFELP Loans segment.

⁽²⁾	“Core Earnings” adjustments to GAAP:


	Three Months Ended March 31, 2014
(Dollars in millions)	Net Impact of Derivative Accounting			Net Impact of Goodwill and Acquired Intangibles			Total
Net interest income after provisions for loan losses	$	112		$	—		$	112
Total other loss		(13	)		—			(13	)
Goodwill and acquired intangible asset impairment and amortization		—			4			4

“Core Earnings” adjustments to GAAP	$	99		$	(4	)		95

Income tax benefit								39

Net income							$	56

⁽³⁾	Income taxes are based on a percentage of net income before tax for the individual reportable segment.

⁽⁴⁾	Represents a portion of the $6 million of “other derivative accounting adjustments.”

⁽⁵⁾	Represents the $180 million of “unrealized gains on derivative and hedging activities, net” as well as the remaining portion of the $6 million of “other derivative accounting adjustments.”


	Three Months Ended March 31, 2013
(Dollars in millions)	FFELP Loans		Private Education Loans		Business Services		Other			Eliminations⁽¹⁾			Total “Core Earnings”		Adjustments									Total GAAP
(Dollars in millions)	FFELP Loans		Private Education Loans		Business Services		Other			Eliminations⁽¹⁾			Total “Core Earnings”		Reclassifications			Additions/ (Subtractions)			Total Adjustments⁽²⁾			Total GAAP
Interest income:
Student loans	$	599	$	623	$	—	$	—		$	—		$	1,222	$	212		$	(76	)	$	136		$	1,358
Other loans		—		—		—		3			—			3		—			—			—			3
Cash and investments		2		1		1		2			(1	)		5		—			—			—			5

Total interest income		601		624		1		5			(1	)		1,230		212			(76	)		136			1,366
Total interest expense		340		203		—		13			(1	)		555		18			(2	)⁽⁴⁾		16			571

Net interest income (loss)		261		421		1		(8	)		—			675		194			(74	)		120			795
Less: provisions for loan losses		16		225		—		—			—			241		—			—			—			241

Net interest income (loss) after provisions for loan losses		245		196		1		(8	)		—			434		194			(74	)		120			554
Other income (loss):
Gains on sales of loans and investments		55		—		—		—			—			55		—			—			—			55
Servicing revenue		23		10		186		—			(149	)		70		—			—			—			70
Contingency revenue		—		—		99		—			—			99		—			—			—			99
Gains on debt repurchases		—		—		—		29			—			29		(6	)		—			(6	)		23
Other income (loss)		—		—		7		—			—			7		(188	)		184	⁽⁵⁾		(4	)		3

Total other income (loss)		78		10		292		29			(149	)		260		(194	)		184			(10	)		250
Expenses:
Direct operating expenses		157		67		95		3			(149	)		173		—			—			—			173
Overhead expenses		—		—		—		62			—			62		—			—			—			62

Operating expenses		157		67		95		65			(149	)		235		—			—			—			235
Goodwill and acquired intangible asset impairment and amortization		—		—		—		—			—			—		—			3			3			3
Restructuring and other reorganization expenses		—		—		—		10			—			10		—			—			—			10

Total expenses		157		67		95		75			(149	)		245		—			3			3			248

Income (loss) from continuing operations, before income tax expense (benefit)		166		139		198		(54	)		—			449		—			107			107			556
Income tax expense (benefit)⁽³⁾		62		52		73		(20	)		—			167		—			44			44			211

Net income (loss) from continuing operations		104		87		125		(34	)		—			282		—			63			63			345
Income from discontinued operations, net of tax expense		—		—		1		—			—			1		—			—			—			1

Net income (loss)		104		87		126		(34	)		—			283		—			63			63			346
Less: net loss attributable to noncontrolling interest		—		—		—		—			—			—		—			—			—			—

Net income (loss) attributable to Navient Corporation	$	104	$	87	$	126	$	(34	)	$	—		$	283	$	—		$	63		$	63		$	346

⁽¹⁾	The eliminations in servicing revenue and direct operating expense represent the elimination of intercompany servicing revenue where the Business Services segment performs the loan servicing function for the FFELP Loans segment.

⁽²⁾	“Core Earnings” adjustments to GAAP:


	Three Months Ended March 31, 2013
(Dollars in millions)	Net Impact of Derivative Accounting			Net Impact of Goodwill and Acquired Intangibles			Total
Net interest income after provisions for loan losses	$	120		$	—		$	120
Total other loss		(10	)		—			(10	)
Goodwill and acquired intangible asset impairment and amortization		—			3			3

“Core Earnings” adjustments to GAAP	$	110		$	(3	)		107

Income tax benefit								44

Net loss							$	63

⁽³⁾	Income taxes are based on a percentage of net income before tax for the individual reportable segment.

⁽⁴⁾	Represents a portion of the $29 million of “other derivative accounting adjustments.”

⁽⁵⁾	Represents the $157 million of “unrealized gains (losses) on derivative and hedging activities, net” as well as the remaining portion of the $29 million of “other derivative accounting adjustments.”

Core Earnings Adjustments to GAAP

The following table reflects aggregate adjustments associated with these areas.


	Three Months Ended March 31,
(Dollars in millions)	2014			2013
“Core Earnings” adjustments to GAAP:
Net impact of derivative accounting⁽¹⁾	$	99		$	110
Net impact of goodwill and acquired intangibles assets⁽²⁾		(4	)		(3	)
Net tax effect⁽³⁾		(39	)		(44	)
Net effect from discontinued operations		—			—

Total “Core Earnings” adjustments to GAAP	$	56		$	63

⁽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.

Organization and Business - Additional Information (Detail) $ in Billions	May 29, 2013 Entity	Apr. 30, 2014 USD ($)
Organization And Business Operations [Line Items]
Number of separate publicly traded entities \| Entity	2
Subsequent Event [Member]
Organization And Business Operations [Line Items]
Net assets distribution of consumer banking business \| $		$ 1.7

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2014	Dec. 31, 2013
Accounting Policies [Line Items]
Assets		$ 156,472	$ 159,543
Liabilities		$ 150,874	$ 153,901
Deconsolidation [Member]
Accounting Policies [Line Items]
Assets	$ 3,800
Liabilities	3,700
Gain from trust sale	$ 55

Allowance for Loan Losses - Additional Information (Detail) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2014 USD ($) CreditScore Loans	Dec. 31, 2013 USD ($)	Mar. 31, 2013 USD ($)
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables [Line Items]
Maximum original FICO score at for-profit schools to become eligible for non-traditional loans \| CreditScore	670
Maximum original FICO score at not-for-profit schools to become eligible for non-traditional loans \| CreditScore	640
Delinquency period (in days)	212 days
Allowance for estimated recovery shortfalls	$ 334		$ 209
Percentage of loans granted forbearance that migrated to TDR classification	46.00%	45.00%
TDR loans, Unpaid Principal Balance	$ 9,295	$ 8,986
Payment default period for TDRs	60 days past due
Criteria for loans to be considered as nonperforming	Greater than 90 days past due
Interest Rate Reduction [Member]
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables [Line Items]
TDR loans, Unpaid Principal Balance	$ 1,700	$ 1,500
Private Education Loans [Member]
Schedule Of Allowance For Credit Losses And Recorded Investment In Financing Receivables [Line Items]
Number of classes of loans \| Loans	2

Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2014 USD ($) SecurityLoan	Mar. 31, 2013 USD ($) SecurityLoan
Allowance for Loan Losses
Beginning balance	$ 2,244	$ 2,377
Total provision	185	241
Charge-offs	(241)	(259)
Student loan sales		(6)
Reclassification of interest reserve	5	6
Ending balance	2,193	2,359
Allowance:
Ending balance: individually evaluated for impairment	1,101	1,188
Ending balance: collectively evaluated for impairment	1,092	1,171
Loans:
Ending balance: individually evaluated for impairment	9,634	8,083
Ending balance: collectively evaluated for impairment	133,113	150,553
FFELP Loans [Member]
Allowance for Loan Losses
Beginning balance	119	159
Total provision	10	16
Charge-offs	(22)	(22)
Student loan sales		(6)
Ending balance	107	147
Allowance:
Ending balance: collectively evaluated for impairment	107	147
Loans:
Ending balance: collectively evaluated for impairment	$ 101,727	$ 118,058
Charge-offs as a percentage of average loans in repayment (annualized)	0.12%	0.10%
Charge-offs as a percentage of average loans in repayment and forbearance (annualized)	0.10%	0.09%
Allowance as a percentage of the ending total loan balance	0.10%	0.12%
Allowance as a percentage of the ending loans in repayment	0.15%	0.17%
Allowance coverage of charge-offs (annualized) \| SecurityLoan	1.2	1.6
Ending total loans	$ 101,727	$ 118,058
Average loans in repayment	73,496	87,256
Ending loans in repayment	73,061	85,304
Private Education Loans [Member]
Allowance for Loan Losses
Beginning balance	2,097	2,171
Total provision	175	225
Charge-offs	(218)	(232)
Reclassification of interest reserve	5	6
Ending balance	2,059	2,170
Allowance:
Ending balance: individually evaluated for impairment	1,081	1,157
Ending balance: collectively evaluated for impairment	978	1,013
Loans:
Ending balance: individually evaluated for impairment	9,590	8,018
Ending balance: collectively evaluated for impairment	$ 31,307	$ 32,389
Charge-offs as a percentage of average loans in repayment (annualized)	2.82%	2.97%
Charge-offs as a percentage of average loans in repayment and forbearance (annualized)	2.72%	2.87%
Allowance as a percentage of the ending total loan balance	5.03%	5.37%
Allowance as a percentage of the ending loans in repayment	6.58%	6.88%
Allowance coverage of charge-offs (annualized) \| SecurityLoan	2.3	2.3
Ending total loans	$ 40,897	$ 40,407
Average loans in repayment	31,416	31,645
Ending loans in repayment	31,309	31,533
Other Loans [Member]
Allowance for Loan Losses
Beginning balance	28	47
Charge-offs	(1)	(5)
Ending balance	27	42
Allowance:
Ending balance: individually evaluated for impairment	20	31
Ending balance: collectively evaluated for impairment	7	11
Loans:
Ending balance: individually evaluated for impairment	44	65
Ending balance: collectively evaluated for impairment	$ 79	$ 106
Charge-offs as a percentage of average loans in repayment (annualized)	3.62%	10.95%
Charge-offs as a percentage of average loans in repayment and forbearance (annualized)	3.62%	10.95%
Allowance as a percentage of the ending total loan balance	21.80%	24.55%
Allowance as a percentage of the ending loans in repayment	21.80%	24.55%
Allowance coverage of charge-offs (annualized) \| SecurityLoan	5.9	2.1
Ending total loans	$ 123	$ 171
Average loans in repayment	126	179
Ending loans in repayment	$ 123	$ 171

Allowance for Loan Losses - Private Education Loan Portfolio Stratified by Key Credit Quality Indicators (Detail) - Private Education Loans [Member] - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
School Type/FICO Scores [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
School type FICO scores traditional recorded investment	$ 36,822	$ 36,140
School type FICO scores traditional recorded investment, in percent	93.00%	93.00%
School type FICO scores non-traditional recorded investment	$ 2,778	$ 2,860
School type FICO scores non-traditional recorded investment, in percent	7.00%	7.00%
Total	$ 39,600	$ 39,000
Total in percent	100.00%	100.00%
Cosigners [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans with cosigner	$ 27,084	$ 26,321
Private Education Loans with cosigner in percent	68.00%	67.00%
Private Education Loans without cosigner	$ 12,516	$ 12,679
Private Education Loans without cosigner in percent	32.00%	33.00%
Total	$ 39,600	$ 39,000
Total in percent	100.00%	100.00%
Seasoning [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seasoning - based on monthly scheduled payments due from 1-12 payments	$ 5,305	$ 5,171
Seasoning - based on monthly scheduled payments due from 13-24 payments	5,282	5,511
Seasoning - based on monthly scheduled payments due from 25-36 payments	5,186	5,506
Seasoning - based on monthly scheduled payments due from 37-48 payments	5,038	5,103
Seasoning - based on monthly scheduled payments due from more than 48 payments	11,714	11,181
Seasoning - based on monthly scheduled payments due from not yet in repayment	7,075	6,528
Total	$ 39,600	$ 39,000
Seasoning based on monthly scheduled payments due from 1-12 payments, in percent	13.00%	14.00%
Seasoning based on monthly scheduled payments due from 13 - 24 payments, in percent	13.00%	14.00%
Seasoning based on monthly scheduled payments due from 25 - 36 payments, in percent	13.00%	14.00%
Seasoning based on monthly scheduled payments due from 37 - 48 payments, in percent	13.00%	13.00%
Seasoning based on monthly scheduled payments due from more than 48 payments, in percent	30.00%	29.00%
Seasoning - based on monthly scheduled payments due from not yet in repayment, in percent	18.00%	16.00%
Total in percent	100.00%	100.00%

Allowance for Loan Losses - Age Analysis of Past Due Loans Delinquencies (Detail) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012
Loans in repayment and percentage of each status:
Loans allowance for losses	$ (2,193)	$ (2,244)	$ (2,359)	$ (2,377)
FFELP Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans in-school/grace/deferment	13,016	13,678
Loans in forbearance	15,650	13,490
Loans in repayment and percentage of each status:
Loans current	62,721	63,330
Loans delinquent 31-60 days	3,059	3,746
Loans delinquent 61-90 days	1,784	2,207
Loans delinquent greater than 90 days	5,497	7,221
Total loans in repayment	73,061	76,504
Total loans, gross	101,727	103,672
Loans unamortized premium (discount)	1,015	1,035
Total loans	102,742	104,707
Loans allowance for losses	(107)	(119)
Loans, net	$ 102,635	$ 104,588
Loans current, in percentage	85.90%	82.80%
Loans delinquent 31-60 days, in percentage	4.20%	4.90%
Loans delinquent 61-90 days, in percentage	2.40%	2.90%
Loans delinquent greater than 90 days, in percentage	7.50%	9.40%
Total loans in repayment, in percentage	100.00%	100.00%
Percentage of loans in repayment	71.80%	73.80%
Delinquencies as a percentage of loans in repayment	14.20%	17.20%
Loans in forbearance as a percentage of loans in repayment and forbearance	17.60%	15.00%
Private Education Traditional Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans in-school/grace/deferment	$ 6,637	$ 6,088
Loans in forbearance	1,069	969
Loans in repayment and percentage of each status:
Loans current	27,364	26,977
Loans delinquent 31-60 days	550	674
Loans delinquent 61-90 days	353	420
Loans delinquent greater than 90 days	849	1,012
Total loans in repayment	29,116	29,083
Total loans, gross	36,822	36,140
Loans unamortized premium (discount)	(609)	(629)
Total loans	36,213	35,511
Loans receivable for partially charged-off loans	795	799
Loans allowance for losses	(1,583)	(1,592)
Loans, net	$ 35,425	$ 34,718
Loans current, in percentage	94.00%	92.80%
Loans delinquent 31-60 days, in percentage	1.90%	2.30%
Loans delinquent 61-90 days, in percentage	1.20%	1.40%
Loans delinquent greater than 90 days, in percentage	2.90%	3.50%
Total loans in repayment, in percentage	100.00%	100.00%
Percentage of loans in repayment	79.10%	80.50%
Delinquencies as a percentage of loans in repayment	6.00%	7.20%
Loans in forbearance as a percentage of loans in repayment and forbearance	3.50%	3.20%
Private Education Non-Traditional Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans in-school/grace/deferment	$ 438	$ 440
Loans in forbearance	147	133
Loans in repayment and percentage of each status:
Loans current	1,792	1,791
Loans delinquent 31-60 days	105	128
Loans delinquent 61-90 days	77	93
Loans delinquent greater than 90 days	219	275
Total loans in repayment	2,193	2,287
Total loans, gross	2,778	2,860
Loans unamortized premium (discount)	(72)	(75)
Total loans	2,706	2,785
Loans receivable for partially charged-off loans	502	514
Loans allowance for losses	(476)	(505)
Loans, net	$ 2,732	$ 2,794
Loans current, in percentage	81.70%	78.30%
Loans delinquent 31-60 days, in percentage	4.80%	5.60%
Loans delinquent 61-90 days, in percentage	3.50%	4.10%
Loans delinquent greater than 90 days, in percentage	10.00%	12.00%
Total loans in repayment, in percentage	100.00%	100.00%
Percentage of loans in repayment	79.00%	80.00%
Delinquencies as a percentage of loans in repayment	18.30%	21.70%
Loans in forbearance as a percentage of loans in repayment and forbearance	6.30%	5.50%
Troubled Debt Restructuring Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans in-school/grace/deferment	$ 997	$ 913
Loans in forbearance	786	740
Loans in repayment and percentage of each status:
Loans current	6,045	5,613
Loans delinquent 31-60 days	413	469
Loans delinquent 61-90 days	286	330
Loans delinquent greater than 90 days	768	921
Total loans in repayment	7,512	7,333
Total loans, gross	$ 9,295	$ 8,986
Loans current, in percentage	80.50%	76.50%
Loans delinquent 31-60 days, in percentage	5.50%	6.40%
Loans delinquent 61-90 days, in percentage	3.80%	4.50%
Loans delinquent greater than 90 days, in percentage	10.20%	12.60%
Total loans in repayment, in percentage	100.00%	100.00%

Allowance for Loan Losses - Receivable for Partially Charged-Off Loans (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Receivables [Abstract]
Receivable at beginning of period	$ 1,313	$ 1,347
Expected future recoveries of current period defaults	71	78
Recoveries	(61)	(68)
Charge-offs	(26)	(18)
Receivable at end of period	1,297	1,339
Allowance for estimated recovery shortfalls	(334)	(209)
Net receivable at end of period	$ 963	$ 1,130

Allowance for Loan Losses - Receivable for Partially Charged-Off Loans (Parenthetical) (Detail) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
Receivables [Abstract]
Allowance for private education loans losses	$ 2,059	$ 2,097	$ 2,200

Allowance for Loan Losses - Recorded Investment, Unpaid Principal Balance and Related Allowance for TDR Loans (Detail) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
TDR Loans, Recorded Investment	$ 9,241	$ 8,949
TDR loans, Unpaid Principal Balance	9,295	8,986
TDR Loans, Related Allowance	1,081	1,048
Private Education Loans - Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
TDR Loans, Recorded Investment	7,800	7,515
TDR loans, Unpaid Principal Balance	7,856	7,559
TDR Loans, Related Allowance	852	812
Private Education Loans - Non-Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
TDR Loans, Recorded Investment	1,441	1,434
TDR loans, Unpaid Principal Balance	1,439	1,427
TDR Loans, Related Allowance	$ 229	$ 236

Allowance for Loan Losses - Average Recorded Investment and Interest Income Recognized for TDR (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Financing Receivable, Impaired [Line Items]
Impaired financing receivable, Average Recorded Investment	$ 9,065	$ 7,500
Impaired financing receivable, Interest Income Recognized	147	123
Private Education Loans - Traditional [Member]
Financing Receivable, Impaired [Line Items]
Impaired financing receivable, Average Recorded Investment	7,631	6,185
Impaired financing receivable, Interest Income Recognized	118	96
Private Education Loans - Non-Traditional [Member]
Financing Receivable, Impaired [Line Items]
Impaired financing receivable, Average Recorded Investment	1,434	1,315
Impaired financing receivable, Interest Income Recognized	$ 29	$ 27

Allowance for Loan Losses - Modified Loans Accounts for TDR (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Financing Receivable, Modifications [Line Items]
Modified Loans	$ 523	$ 635
Charge-Offs	134	131
Payment Default	148	273
Private Education Loans - Traditional [Member]
Financing Receivable, Modifications [Line Items]
Modified Loans	466	545
Charge-Offs	100	97
Payment Default	119	216
Private Education Loans - Non-Traditional [Member]
Financing Receivable, Modifications [Line Items]
Modified Loans	57	90
Charge-Offs	34	34
Payment Default	$ 29	$ 57

Allowance for Loan Losses - Accrued Interest Receivable (Detail) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Accrued Interest Receivable	$ 1,024	$ 1,023
Greater Than 90 Days Past Due	40	48
Allowance for Uncollectible Interest	59	66
Private Education Loans - Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Accrued Interest Receivable	939	926
Greater Than 90 Days Past Due	29	35
Allowance for Uncollectible Interest	41	46
Private Education Loans - Non-Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Accrued Interest Receivable	85	97
Greater Than 90 Days Past Due	11	13
Allowance for Uncollectible Interest	$ 18	$ 20

Borrowings - Company's Borrowings (Detail) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Long Term And Short Term Debt [Line Items]
Short-term borrowings	$ 11,626	$ 13,795
Long-term borrowings	136,177	136,648
Total	147,803	150,443
Senior Unsecured Debt [Member]
Long Term And Short Term Debt [Line Items]
Short-term borrowings	1,046	2,213
Long-term borrowings	16,836	16,056
Total	17,882	18,269
Bank Deposits [Member]
Long Term And Short Term Debt [Line Items]
Short-term borrowings	5,964	6,133
Long-term borrowings	2,755	2,807
Total	8,719	8,940
Other [Member]
Long Term And Short Term Debt [Line Items]
Short-term borrowings	684	691
Total	684	691
Total Unsecured Borrowings [Member]
Long Term And Short Term Debt [Line Items]
Short-term borrowings	7,694	9,037
Long-term borrowings	19,591	18,863
Total	27,285	27,900
FFELP Loan Securitizations [Member]
Long Term And Short Term Debt [Line Items]
Long-term borrowings	90,608	90,756
Total	90,608	90,756
Private Education Loan Securitizations [Member]
Long Term And Short Term Debt [Line Items]
Long-term borrowings	18,861	18,835
Total	18,861	18,835
FFELP Loans - Other Facilities [Member]
Long Term And Short Term Debt [Line Items]
Short-term borrowings	3,919	4,715
Long-term borrowings	4,400	5,311
Total	8,319	10,026
Private Education Loans - Other Facilities [Member]
Long Term And Short Term Debt [Line Items]
Long-term borrowings	597	843
Total	597	843
Total Secured Borrowings [Member]
Long Term And Short Term Debt [Line Items]
Short-term borrowings	3,919	4,715
Long-term borrowings	114,466	115,745
Total	118,385	120,460
Total Before Hedge Accounting Adjustments [Member]
Long Term And Short Term Debt [Line Items]
Short-term borrowings	11,613	13,752
Long-term borrowings	134,057	134,608
Total	145,670	148,360
Hedge Accounting Adjustments [Member]
Long Term And Short Term Debt [Line Items]
Short-term borrowings	13	43
Long-term borrowings	2,120	2,040
Total	$ 2,133	$ 2,083

Borrowings - Financing VIEs (Detail) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Securities Financing Transaction [Line Items]
Short-term borrowings	$ 11,626	$ 13,795
Long-term borrowings	136,177	136,648
Total	147,803	150,443
Cash	3,794	3,650
Other assets	6,936	7,287
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	1,694	3,655
Long-term borrowings	115,533	115,538
Total	117,227	119,193
Loans	122,519	124,784
Cash	3,618	3,395
Other assets	2,163	2,322
Total Carrying Amount of Assets Securing Debt Outstanding	128,300	130,501
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| FFELP Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	90,608	90,756
Total	90,608	90,756
Loans	91,299	91,535
Cash	3,055	2,913
Other assets	700	683
Total Carrying Amount of Assets Securing Debt Outstanding	95,054	95,131
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Private Education Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	18,861	18,835
Total	18,861	18,835
Loans	23,880	23,947
Cash	390	338
Other assets	428	540
Total Carrying Amount of Assets Securing Debt Outstanding	24,698	24,825
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| FFELP Loans - Other Facilities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	1,694	3,655
Long-term borrowings	4,137	3,791
Total	5,831	7,446
Loans	6,081	7,719
Cash	157	128
Other assets	73	91
Total Carrying Amount of Assets Securing Debt Outstanding	6,311	7,938
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Private Education Loans - Other Facilities [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	597	843
Total	597	843
Loans	1,259	1,583
Cash	16	16
Other assets	24	30
Total Carrying Amount of Assets Securing Debt Outstanding	1,299	1,629
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Total Before Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	1,694	3,655
Long-term borrowings	114,203	114,225
Total	115,897	117,880
Loans	122,519	124,784
Cash	3,618	3,395
Other assets	1,225	1,344
Total Carrying Amount of Assets Securing Debt Outstanding	127,362	129,523
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	1,330	1,313
Total	1,330	1,313
Other assets	938	978
Total Carrying Amount of Assets Securing Debt Outstanding	$ 938	$ 978

Derivative Financial Instruments - Impact of Derivatives on Consolidated Balance Sheet (Detail) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Derivative Assets:
Derivative assets	$ 1,935	$ 2,010
Derivative Liabilities:
Derivative liabilities	(1,667)	(1,957)
Net total derivatives	268	53
Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	816	823
Derivative Liabilities:
Derivative liabilities	(290)	(364)
Cross-Currency Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	1,118	1,185
Derivative Liabilities:
Derivative liabilities	(167)	(186)
Other [Member]
Derivative Assets:
Derivative assets	1	2
Derivative Liabilities:
Derivative liabilities	(4)	(23)
Floor Income Contracts [Member]
Derivative Liabilities:
Derivative liabilities	(1,206)	(1,384)
Cash Flow [Member]
Derivative Assets:
Derivative assets	16	24
Derivative Liabilities:
Net total derivatives	16	24
Cash Flow [Member] \| Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	16	24
Fair Value [Member]
Derivative Assets:
Derivative assets	1,871	1,923
Derivative Liabilities:
Derivative liabilities	(252)	(304)
Net total derivatives	1,619	1,619
Fair Value [Member] \| Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	753	738
Derivative Liabilities:
Derivative liabilities	(110)	(149)
Fair Value [Member] \| Cross-Currency Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	1,118	1,185
Derivative Liabilities:
Derivative liabilities	(142)	(155)
Trading [Member]
Derivative Assets:
Derivative assets	48	63
Derivative Liabilities:
Derivative liabilities	(1,415)	(1,653)
Net total derivatives	(1,367)	(1,590)
Trading [Member] \| Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	47	61
Derivative Liabilities:
Derivative liabilities	(180)	(215)
Trading [Member] \| Cross-Currency Interest Rate Swaps [Member]
Derivative Liabilities:
Derivative liabilities	(25)	(31)
Trading [Member] \| Other [Member]
Derivative Assets:
Derivative assets	1	2
Derivative Liabilities:
Derivative liabilities	(4)	(23)
Trading [Member] \| Floor Income Contracts [Member]
Derivative Liabilities:
Derivative liabilities	$ (1,206)	$ (1,384)

Derivative Financial Instruments - Gross Positions without Impact of Netting Agreements (Detail) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Derivatives, Fair Value [Line Items]
Gross position, Assets	$ 1,935	$ 2,010
Gross position, Liabilities	(1,667)	(1,957)
Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Gross position, Liabilities	(1,667)	(1,957)
Impact of master netting agreements, Liabilities	342	386
Derivative values with impact of master netting agreements (as carried on balance sheet), Liabilities	(1,325)	(1,571)
Cash collateral (held) pledged, Liabilities	645	777
Net position, Liabilities	(680)	(794)
Other Assets [Member]
Derivatives, Fair Value [Line Items]
Gross position, Assets	1,935	2,010
Impact of master netting agreements, Assets	(342)	(386)
Derivative values with impact of master netting agreements (as carried on balance sheet), Assets	1,593	1,624
Cash collateral (held) pledged, Assets	(683)	(687)
Net position, Assets	$ 910	$ 937

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Decrease in valuation due to net credit risk adjustment	$ 87	$ 91
Decrease in valuation due to liquidity adjustments	82	$ 84
Derivative liability position including accrued interest, net of premium receivable with counterparty	581
Liability position with derivative counterparties	133
Collateral posted to counterparties	118
Contingent additional assets due to counterparties	$ 15

Derivative Financial Instruments - Derivative Notional Values (Detail) - USD ($) $ in Billions	Mar. 31, 2014	Dec. 31, 2013
Derivative [Line Items]
Total Derivative Notional Values	$ 106.3	$ 110.1
Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	0.7	0.7
Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	27.9	27.1
Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	64.2	63.0
Interest Rate Swaps [Member] \| Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	0.7	0.7
Interest Rate Swaps [Member] \| Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	17.2	16.0
Floor Income Contracts [Member]
Derivative [Line Items]
Total Derivative Notional Values	27.2	31.8
Cross-Currency Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	11.1	11.4
Cross-Currency Interest Rate Swaps [Member] \| Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	10.7	11.1
Other [Member]
Derivative [Line Items]
Total Derivative Notional Values	3.8	3.9
Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	77.7	82.3
Trading [Member] \| Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	46.3	46.3
Trading [Member] \| Floor Income Contracts [Member]
Derivative [Line Items]
Total Derivative Notional Values	27.2	31.8
Trading [Member] \| Cross-Currency Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	0.4	0.3
Trading [Member] \| Other [Member]
Derivative [Line Items]
Total Derivative Notional Values	$ 3.8	$ 3.9

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statements of Income (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Derivative Instruments, Gain (Loss) [Line Items]
Less: realized gains (losses) recorded in interest expense	$ 119	$ 127
Unrealized Gain (Loss) on Derivatives	226	(609)
Realized Gain (Loss) on derivatives	(69)	(42)
Unrealized Gain (Loss) on Hedged Item	(46)	747
Derivative Gain (Loss) on Derivatives Net, Total	111	96
Realized Gain (Loss) on Derivatives	119	127
Unrealized Gain (Loss) on Derivatives, Total	226	(609)
Realized Gain (Loss) on derivatives, Total	(188)	(169)
Unrealized Gain (Loss) on Hedged Item, Total	(46)	747
Total Gain (Loss)	(8)	(31)
Fair Value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives		(728)
Realized Gain (Loss) on derivatives	122	130
Unrealized Gain (Loss) on Hedged Item	(46)	747
Derivative Gain (Loss) on Derivatives Net, Total	76	149
Fair Value [Member] \| Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	53	(172)
Realized Gain (Loss) on derivatives	100	109
Unrealized Gain (Loss) on Hedged Item	(53)	195
Derivative Gain (Loss) on Derivatives Net, Total	100	132
Fair Value [Member] \| Cross-Currency Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	(53)	(556)
Realized Gain (Loss) on derivatives	22	21
Unrealized Gain (Loss) on Hedged Item	7	552
Derivative Gain (Loss) on Derivatives Net, Total	(24)	17
Cash Flow [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on derivatives	(3)	(3)
Derivative Gain (Loss) on Derivatives Net, Total	(3)	(3)
Cash Flow [Member] \| Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on derivatives	(3)	(3)
Derivative Gain (Loss) on Derivatives Net, Total	(3)	(3)
Trading [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	226	119
Realized Gain (Loss) on derivatives	(188)	(169)
Derivative Gain (Loss) on Derivatives Net, Total	38	(50)
Trading [Member] \| Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	19	(19)
Realized Gain (Loss) on derivatives	12	24
Derivative Gain (Loss) on Derivatives Net, Total	31	5
Trading [Member] \| Cross-Currency Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	7	(47)
Realized Gain (Loss) on derivatives	(1)	20
Derivative Gain (Loss) on Derivatives Net, Total	6	(27)
Trading [Member] \| Floor Income Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	181	189
Realized Gain (Loss) on derivatives	(198)	(213)
Derivative Gain (Loss) on Derivatives Net, Total	(17)	(24)
Trading [Member] \| Other [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	19	(4)
Realized Gain (Loss) on derivatives	(1)
Derivative Gain (Loss) on Derivatives Net, Total	$ 18	$ (4)

Derivative Financial Instruments - Collateral Held and Pledged (Detail) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$ 683	$ 687
Securities at fair value - on-balance sheet securitization derivatives (not recorded in financial statements)	633	629
Total collateral held	1,316	1,316
Derivative asset at fair value including accrued interest	1,824	1,878
Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	645	777
Total collateral pledged	645	777
Derivative liability at fair value including accrued interest and premium receivable	$ 769	$ 948

Derivative Financial Instruments - Collateral Held and Pledged (Parenthetical) (Detail) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Collateral held in restricted cash	$ 0	$ 0

Other Assets - Schedule of Other Assets (Detail) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Other Assets [Line Items]
Total	$ 6,936	$ 7,287
Total as a percentage of total other assets	100.00%	100.00%
Other Assets [Member]
Other Assets [Line Items]
Accrued interest receivable, net	$ 2,052	$ 2,161
Derivatives at fair value	1,593	1,624
Income tax asset, net current and deferred	1,212	1,299
Accounts receivable	810	881
Benefit and insurance-related investments	480	477
Fixed assets, net	244	237
Other loans, net	96	101
Other	$ 449	$ 507
Accrued interest receivable, net as a percentage of total other assets	30.00%	30.00%
Derivatives at fair value as a percentage of total other assets	23.00%	22.00%
Income tax asset, net current and deferred as a percentage of total other assets	17.00%	18.00%
Accounts receivable as a percentage of total other assets	12.00%	12.00%
Benefit and insurance-related investments as a percentage of total other assets	7.00%	7.00%
Fixed assets, net as a percentage of total other assets	4.00%	3.00%
Other loans, net as a percentage of total other assets	1.00%	1.00%
Other, as a percentage of total other assets	6.00%	7.00%

Stockholders' Equity - Common Share Repurchases and Issuances (Detail) - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Equity, Class of Treasury Stock [Line Items]
Common shares repurchased	8,000,000		27,000,000
Average purchase price per share	$ 23.89	$ 19.49
Shares repurchased related to employee stock-based compensation plans	2,115,470	2,324,575
Average purchase price per share	$ 23.56	$ 18.11
Common shares issued	4,238,182	4,157,795
Common Stock [Member]
Equity, Class of Treasury Stock [Line Items]
Common shares repurchased	8,368,300	10,220,804
Common shares issued	4,238,182	4,157,795

Stockholders' Equity - Common Share Repurchases and Issuances (Parenthetical) (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2014 USD ($)
Equity [Abstract]
Authority remaining at end of period for repurchases	$ 0

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Class of Stock [Line Items]
Closing price of the company's common stock	$ 24.48
Dividends per common share attributable to SLM Corporation	$ 0.15	$ 0.15
Common shares repurchased	8		27
Purchase price of common stock repurchased on open market	$ 200	$ 199	$ 600
Current Year Quarterly Dividend [Member]
Class of Stock [Line Items]
Dividends per common share attributable to SLM Corporation	$ 0.15

Earnings Per Common Share - Schedule of Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Numerator:
Net income attributable to Navient Corporation	$ 219	$ 346
Preferred stock dividends	5	5
Net income attributable to Navient Corporation common stock	$ 214	$ 341
Denominator:
Weighted average shares used to compute basic EPS	427	451
Effect of dilutive securities:
Dilutive effect of stock options, non-vested restricted stock, restricted stock units and Employee Stock Purchase Plan ("ESPP")	8	7
Dilutive potential common shares	8	7
Weighted average shares used to compute diluted EPS	435	458
Basic earnings (loss) per common share attributable to Navient Corporation:
Continuing operations	$ 0.50	$ 0.76
Discontinued operations
Total	0.50	0.76
Diluted earnings (loss) per common share attributable to Navient Corporation:
Continuing operations	0.49	0.74
Discontinued operations
Total	$ 0.49	$ 0.74

Earnings Per Common Share - Schedule of Earnings Per Common Share (Parenthetical) (Detail) - shares shares in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Securities [Member]
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Line Items]
Stock awards not included in the computation of diluted earnings per share	3	5

Fair Value Measurements - Valuation of Financial Instruments that are Marked-to-Market on Recurring Basis (Detail) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Available-for-sale investments:
Available-for-sale investments	$ 135	$ 109
Derivative assets	1,935	2,010
Derivative liabilities	(1,667)	(1,957)
Cross-Currency Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	1,118	1,185
Derivative liabilities	(167)	(186)
Other [Member]
Available-for-sale investments:
Derivative assets	1	2
Derivative liabilities	(4)	(23)
Fair Value Measurements Recurring [Member]
Available-for-sale investments:
Available-for-sale investments	135	109
Derivative assets	1,935	2,010
Total	2,070	2,119
Derivative liabilities	(1,667)	(1,957)
Total	(1,667)	(1,957)
Fair Value Measurements Recurring [Member] \| Cross-Currency Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	1,118	1,185
Derivative liabilities	(167)	(186)
Fair Value Measurements Recurring [Member] \| Other [Member]
Available-for-sale investments:
Derivative assets	1	2
Derivative liabilities	(4)	(23)
Fair Value Measurements Recurring [Member] \| Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	816	823
Derivative liabilities	(290)	(364)
Fair Value Measurements Recurring [Member] \| Floor Income Contracts [Member]
Available-for-sale investments:
Derivative liabilities	(1,206)	(1,384)
Fair Value Measurements Recurring [Member] \| Agency Residential Mortgage-Backed Securities [Member]
Available-for-sale investments:
Available-for-sale investments	129	102
Fair Value Measurements Recurring [Member] \| Guaranteed Investment Contracts [Member]
Available-for-sale investments:
Available-for-sale investments
Fair Value Measurements Recurring [Member] \| Other [Member]
Available-for-sale investments:
Available-for-sale investments	6	7
Level 1 [Member] \| Fair Value Measurements Recurring [Member]
Available-for-sale investments:
Available-for-sale investments
Derivative assets
Total
Derivative liabilities
Total
Level 1 [Member] \| Fair Value Measurements Recurring [Member] \| Cross-Currency Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets
Derivative liabilities
Level 1 [Member] \| Fair Value Measurements Recurring [Member] \| Other [Member]
Available-for-sale investments:
Derivative assets
Derivative liabilities
Level 1 [Member] \| Fair Value Measurements Recurring [Member] \| Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets
Derivative liabilities
Level 1 [Member] \| Fair Value Measurements Recurring [Member] \| Floor Income Contracts [Member]
Available-for-sale investments:
Derivative liabilities
Level 1 [Member] \| Fair Value Measurements Recurring [Member] \| Agency Residential Mortgage-Backed Securities [Member]
Available-for-sale investments:
Available-for-sale investments
Level 1 [Member] \| Fair Value Measurements Recurring [Member] \| Guaranteed Investment Contracts [Member]
Available-for-sale investments:
Available-for-sale investments
Level 1 [Member] \| Fair Value Measurements Recurring [Member] \| Other [Member]
Available-for-sale investments:
Available-for-sale investments
Level 2 [Member] \| Fair Value Measurements Recurring [Member]
Available-for-sale investments:
Available-for-sale investments	135	109
Derivative assets	785	812
Total	920	921
Derivative liabilities	(1,407)	(1,658)
Total	(1,407)	(1,658)
Level 2 [Member] \| Fair Value Measurements Recurring [Member] \| Cross-Currency Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	1	27
Derivative liabilities	(30)	(35)
Level 2 [Member] \| Fair Value Measurements Recurring [Member] \| Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	784	785
Derivative liabilities	(171)	(239)
Level 2 [Member] \| Fair Value Measurements Recurring [Member] \| Floor Income Contracts [Member]
Available-for-sale investments:
Derivative liabilities	(1,206)	(1,384)
Level 2 [Member] \| Fair Value Measurements Recurring [Member] \| Agency Residential Mortgage-Backed Securities [Member]
Available-for-sale investments:
Available-for-sale investments	129	102
Level 2 [Member] \| Fair Value Measurements Recurring [Member] \| Guaranteed Investment Contracts [Member]
Available-for-sale investments:
Available-for-sale investments
Level 2 [Member] \| Fair Value Measurements Recurring [Member] \| Other [Member]
Available-for-sale investments:
Available-for-sale investments	6	7
Level 3 [Member] \| Fair Value Measurements Recurring [Member]
Available-for-sale investments:
Derivative assets	1,150	1,198
Total	1,150	1,198
Derivative liabilities	(260)	(299)
Total	(260)	(299)
Level 3 [Member] \| Fair Value Measurements Recurring [Member] \| Cross-Currency Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	1,117	1,158
Derivative liabilities	(137)	(151)
Level 3 [Member] \| Fair Value Measurements Recurring [Member] \| Other [Member]
Available-for-sale investments:
Derivative assets	1	2
Derivative liabilities	(4)	(23)
Level 3 [Member] \| Fair Value Measurements Recurring [Member] \| Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	32	38
Derivative liabilities	(119)	(125)
Level 3 [Member] \| Fair Value Measurements Recurring [Member] \| Guaranteed Investment Contracts [Member]
Available-for-sale investments:
Available-for-sale investments

Fair Value Measurements - Change in Balance Sheet Carrying Value Associated with Level 3 Financial Instruments Carried at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	$ (87)	$ (73)
Total gains/(losses) (realized and unrealized):
Included in earnings		5
Included in other comprehensive income
Settlements		(8)
Transfers in and/or out of level 3
Balance, end of period	(87)	(76)
Change in unrealized gains/(losses) relating to instruments still held at the reporting date		(3)
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	1,007	1,053
Total gains/(losses) (realized and unrealized):
Included in earnings	(10)	(546)
Included in other comprehensive income
Settlements	(17)	(37)
Transfers in and/or out of level 3
Balance, end of period	980	470
Change in unrealized gains/(losses) relating to instruments still held at the reporting date	(28)	(514)
Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	(21)	4
Total gains/(losses) (realized and unrealized):
Included in earnings	17	(5)
Included in other comprehensive income
Settlements	1	1
Transfers in and/or out of level 3
Balance, end of period	(3)
Change in unrealized gains/(losses) relating to instruments still held at the reporting date	19	(5)
Total Derivative Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	899	984
Total gains/(losses) (realized and unrealized):
Included in earnings	7	(546)
Included in other comprehensive income
Settlements	(16)	(44)
Transfers in and/or out of level 3
Balance, end of period	890	394
Change in unrealized gains/(losses) relating to instruments still held at the reporting date	$ (9)	$ (522)

Fair Value Measurements - Included in Earnings (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Fair Value Disclosures [Abstract]
Gains (losses) on derivative and hedging activities, net	$ (11)	$ (562)
Interest expense	18	16
Total	$ 7	$ (546)

Fair Value Measurements - Unobservable Data Used in Recurring Valuations of Level 3 (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2014 USD ($)
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments	$ 890
Interest Rate Swaps [Member] \| Constant Prepayment Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative, Basis Spread on Variable Rate	2.60%
Cross-Currency Interest Rate Swaps [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments	$ 980
Discounted cash flow	Discounted cash flow
Cross-Currency Interest Rate Swaps [Member] \| Fair Value Measurements Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Constant prepayment rate	Constant prepayment rate
Other [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments	$ (3)
Consumer Price Index/LIBOR Basis Swaps [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments	$ 29
Discounted cash flow	Discounted cash flow
Consumer Price Index/LIBOR Basis Swaps [Member] \| Interest Rate Swaps [Member] \| Fair Value Measurements Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Bid/ask adjustment to discount rate	Bid/ask adjustment to discount rate
Consumer Price Index/LIBOR Basis Swaps [Member] \| Interest Rate Swaps [Member] \| Bid/Ask Adjustment to Discount Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative, Lower Range of Basis Spread on Variable Rate	0.03%
Derivative, Higher Range of Basis Spread on Variable Rate	0.03%
Derivative, Basis Spread on Variable Rate	0.03%
Prime/LIBOR Basis Swaps [Member] \| Interest Rate Swaps [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments	$ (116)
Discounted cash flow	Discounted cash flow
Prime/LIBOR Basis Swaps [Member] \| Interest Rate Swaps [Member] \| Fair Value Measurements Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Constant prepayment rate	Constant prepayment rate
Bid/ask adjustment to discount rate	Bid/ask adjustment to discount rate
Prime/LIBOR Basis Swaps [Member] \| Interest Rate Swaps [Member] \| Bid/Ask Adjustment to Discount Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative, Lower Range of Basis Spread on Variable Rate	0.08%
Derivative, Higher Range of Basis Spread on Variable Rate	0.08%
Derivative, Basis Spread on Variable Rate	0.08%
Prime/LIBOR Basis Swaps [Member] \| Interest Rate Swaps [Member] \| Constant Prepayment Rate [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative, Basis Spread on Variable Rate	4.20%

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Parenthetical) (Detail) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Fair Value Disclosures [Abstract]
Available-for-sale investments, cost basis	$ 138	$ 113
Available-for-sale investments, fair value	$ 135	$ 109

Commitments, Contingencies and Guarantees - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Contingencies And Commitments [Line Items]
Amount of reserve account to provide restitution under FDIC	$ 30
Reserve for estimated amounts and costs incurred	103	$ 70
Estimated amount of credits for similar assessed late fees	42
SCRA [Member]
Contingencies And Commitments [Line Items]
Settlement fund under DOJ	$ 60

Segment Reporting - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Total assets	$ 156,472	$ 159,543
Operating Segments [Member] \| Business Services [Member]
Segment Reporting Information [Line Items]
Total assets	789	892
Operating Segments [Member] \| Other Segment [Member]
Segment Reporting Information [Line Items]
Total assets	3,200	3,000
Operating Segments [Member] \| FFELP Loans [Member]
Segment Reporting Information [Line Items]
Loans held at Sallie Mae Bank	1,400
Total assets	109,279	112,648
Operating Segments [Member] \| Private Education Loans [Member]
Segment Reporting Information [Line Items]
Loans held at Sallie Mae Bank	7,200
Total assets	$ 43,250	$ 43,001

Segment Reporting - Asset Information for Company's FFELP Loans Business Segment (Detail) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
FFELP Loans, net	$ 102,635	$ 104,588
Other	6,936	7,287
Total assets	156,472	159,543
Operating Segments [Member] \| FFELP Loans [Member]
Segment Reporting Information [Line Items]
FFELP Loans, net	102,635	104,588
Cash and investments	3,836	4,473
Other	2,808	3,587
Total assets	$ 109,279	$ 112,648

Segment Reporting - Asset Information for Company's Private Education Loans Segment (Detail) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Other	$ 6,936	$ 7,287
Total assets	156,472	159,543
Operating Segments [Member] \| Private Education Loans [Member]
Segment Reporting Information [Line Items]
Private Education Loans, net	38,157	37,512
Cash and investments	1,724	2,555
Other	3,369	2,934
Total assets	$ 43,250	$ 43,001

Segment Reporting - Segment Results and Reconciliations to GAAP (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Interest income:
Student loans	$ 1,290	$ 1,358
Other loans	3	3
Cash and investments	3	5
Total interest income	1,296	1,366
Total interest expense	530	571
Net interest income (loss)	766	795
Less: provisions for loan losses	185	241
Net interest income (loss) after provisions for loan losses	581	554
Other income (loss):
Gains on sales of loans and investments		55
Servicing revenue	61	70
Contingency revenue	111	99
Gains on debt repurchases		23
Other income (loss)	(2)	3
Total other income (loss)	170	250
Expenses:
Direct operating expenses	294	173
Overhead expenses	72	62
Operating expenses	366	235
Goodwill and acquired intangible asset impairment and amortization	4	3
Restructuring and other reorganization expenses	26	10
Total expenses	396	248
Income (loss) from continuing operations, before income tax expense (benefit)	355	556
Income tax expense (benefit)	136	211
Net income (loss) from continuing operations	219	345
Income from discontinued operations, net of tax expense		1
Net income (loss)	219	346
Less: net loss attributable to noncontrolling interest
Net income (loss) attributable to Navient Corporation	219	346
Reclassifications [Member]
Interest income:
Student loans	198	212
Total interest income	198	212
Total interest expense	10	18
Net interest income (loss)	188	194
Net interest income (loss) after provisions for loan losses	188	194
Other income (loss):
Gains on debt repurchases		(6)
Other income (loss)	(188)	(188)
Total other income (loss)	(188)	(194)
Expenses:
Less: net loss attributable to noncontrolling interest
Additions/ (Subtractions) [Member]
Interest income:
Student loans	(75)	(76)
Total interest income	(75)	(76)
Total interest expense	1	(2)
Net interest income (loss)	(76)	(74)
Net interest income (loss) after provisions for loan losses	(76)	(74)
Other income (loss):
Other income (loss)	175	184
Total other income (loss)	175	184
Expenses:
Goodwill and acquired intangible asset impairment and amortization	4	3
Total expenses	4	3
Income (loss) from continuing operations, before income tax expense (benefit)	95	107
Income tax expense (benefit)	39	44
Net income (loss) from continuing operations	56	63
Net income (loss)	56	63
Less: net loss attributable to noncontrolling interest
Net income (loss) attributable to Navient Corporation	56	63
Total Adjustments [Member]
Interest income:
Student loans	123	136
Total interest income	123	136
Total interest expense	11	16
Net interest income (loss)	112	120
Net interest income (loss) after provisions for loan losses	112	120
Other income (loss):
Gains on debt repurchases		(6)
Other income (loss)	(13)	(4)
Total other income (loss)	(13)	(10)
Expenses:
Goodwill and acquired intangible asset impairment and amortization	4	3
Total expenses	4	3
Income (loss) from continuing operations, before income tax expense (benefit)	95	107
Income tax expense (benefit)	39	44
Net income (loss) from continuing operations	56	63
Income from discontinued operations, net of tax expense
Net income (loss)	56	63
Less: net loss attributable to noncontrolling interest
Net income (loss) attributable to Navient Corporation	56	63
Total Core Earnings [Member]
Interest income:
Student loans	1,167	1,222
Other loans	3	3
Cash and investments	3	5
Total interest income	1,173	1,230
Total interest expense	519	555
Net interest income (loss)	654	675
Less: provisions for loan losses	185	241
Net interest income (loss) after provisions for loan losses	469	434
Other income (loss):
Gains on sales of loans and investments		55
Servicing revenue	61	70
Contingency revenue	111	99
Gains on debt repurchases		29
Other income (loss)	11	7
Total other income (loss)	183	260
Expenses:
Direct operating expenses	294	173
Overhead expenses	72	62
Operating expenses	366	235
Restructuring and other reorganization expenses	26	10
Total expenses	392	245
Income (loss) from continuing operations, before income tax expense (benefit)	260	449
Income tax expense (benefit)	97	167
Net income (loss) from continuing operations	163	282
Income from discontinued operations, net of tax expense		1
Net income (loss)	163	283
Less: net loss attributable to noncontrolling interest
Net income (loss) attributable to Navient Corporation	163	283
Operating Segments [Member] \| FFELP Loans [Member]
Interest income:
Student loans	523	599
Cash and investments	1	2
Total interest income	524	601
Total interest expense	293	340
Net interest income (loss)	231	261
Less: provisions for loan losses	10	16
Net interest income (loss) after provisions for loan losses	221	245
Other income (loss):
Gains on sales of loans and investments		55
Servicing revenue	11	23
Total other income (loss)	11	78
Expenses:
Direct operating expenses	125	157
Operating expenses	125	157
Total expenses	125	157
Income (loss) from continuing operations, before income tax expense (benefit)	107	166
Income tax expense (benefit)	41	62
Net income (loss) from continuing operations	66	104
Net income (loss)	66	104
Less: net loss attributable to noncontrolling interest
Net income (loss) attributable to Navient Corporation	66	104
Operating Segments [Member] \| Private Education Loans [Member]
Interest income:
Student loans	644	623
Cash and investments	1	1
Total interest income	645	624
Total interest expense	206	203
Net interest income (loss)	439	421
Less: provisions for loan losses	175	225
Net interest income (loss) after provisions for loan losses	264	196
Other income (loss):
Servicing revenue	1	10
Total other income (loss)	1	10
Expenses:
Direct operating expenses	76	67
Operating expenses	76	67
Total expenses	76	67
Income (loss) from continuing operations, before income tax expense (benefit)	189	139
Income tax expense (benefit)	71	52
Net income (loss) from continuing operations	118	87
Net income (loss)	118	87
Less: net loss attributable to noncontrolling interest
Net income (loss) attributable to Navient Corporation	118	87
Operating Segments [Member] \| Business Services [Member]
Interest income:
Cash and investments	1	1
Total interest income	1	1
Net interest income (loss)	1	1
Net interest income (loss) after provisions for loan losses	1	1
Other income (loss):
Servicing revenue	167	186
Contingency revenue	111	99
Other income (loss)	8	7
Total other income (loss)	286	292
Expenses:
Direct operating expenses	106	95
Operating expenses	106	95
Total expenses	106	95
Income (loss) from continuing operations, before income tax expense (benefit)	181	198
Income tax expense (benefit)	68	73
Net income (loss) from continuing operations	113	125
Income from discontinued operations, net of tax expense		1
Net income (loss)	113	126
Less: net loss attributable to noncontrolling interest
Net income (loss) attributable to Navient Corporation	113	126
Operating Segments [Member] \| Other Segment [Member]
Interest income:
Other loans	3	3
Cash and investments	1	2
Total interest income	4	5
Total interest expense	21	13
Net interest income (loss)	(17)	(8)
Net interest income (loss) after provisions for loan losses	(17)	(8)
Other income (loss):
Gains on debt repurchases		29
Other income (loss)	3
Total other income (loss)	3	29
Expenses:
Direct operating expenses	105	3
Overhead expenses	72	62
Operating expenses	177	65
Restructuring and other reorganization expenses	26	10
Total expenses	203	75
Income (loss) from continuing operations, before income tax expense (benefit)	(217)	(54)
Income tax expense (benefit)	(83)	(20)
Net income (loss) from continuing operations	(134)	(34)
Net income (loss)	(134)	(34)
Less: net loss attributable to noncontrolling interest
Net income (loss) attributable to Navient Corporation	(134)	(34)
Eliminations [Member]
Interest income:
Cash and investments	(1)	(1)
Total interest income	(1)	(1)
Total interest expense	(1)	(1)
Other income (loss):
Servicing revenue	(118)	(149)
Total other income (loss)	(118)	(149)
Expenses:
Direct operating expenses	(118)	(149)
Operating expenses	(118)	(149)
Total expenses	(118)	(149)
Less: net loss attributable to noncontrolling interest

Segment Reporting - Segment Result and Reconciliations to GAAP - Core Earnings Adjustments (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Segment Results And Reconciliations [Line Items]
Net interest income after provisions for loan losses	$ 581	$ 554
Total other income (loss)	170	250
Goodwill and acquired intangible asset impairment and amortization	4	3
Income tax benefit	136	211
Net income attributable to Navient Corporation	219	346
Total Adjustments [Member]
Segment Results And Reconciliations [Line Items]
Net interest income after provisions for loan losses	112	120
Total other income (loss)	(13)	(10)
Goodwill and acquired intangible asset impairment and amortization	4	3
"Core Earnings" adjustments to GAAP	95	107
Income tax benefit	39	44
Net income attributable to Navient Corporation	56	63
Net Impact of Derivative Accounting [Member] \| Total Adjustments [Member]
Segment Results And Reconciliations [Line Items]
Net interest income after provisions for loan losses	112	120
Total other income (loss)	(13)	(10)
"Core Earnings" adjustments to GAAP	99	110
Net Impact of Goodwill and Acquired Intangibles [Member] \| Total Adjustments [Member]
Segment Results And Reconciliations [Line Items]
Goodwill and acquired intangible asset impairment and amortization	4	3
"Core Earnings" adjustments to GAAP	$ (4)	$ (3)

Segment Reporting - Segment Result and Reconciliations to GAAP - Core Earnings Adjustments (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Segment Reporting [Abstract]
Other derivative accounting adjustments	$ 6	$ 29
Unrealized gains (losses) on derivative and hedging activities, net	$ 180	$ 157

Segment Reporting - Core Earnings Adjustments to GAAP (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Summary of "Core Earnings" Adjustments to GAAP
Income tax (expense) benefit	$ (136)	$ (211)
Net effect from discontinued operations		1
Net income (loss) attributable to Navient Corporation	219	346
Total Adjustments [Member]
Summary of "Core Earnings" Adjustments to GAAP
Core Earnings adjustments to GAAP	95	107
Income tax (expense) benefit	(39)	(44)
Net effect from discontinued operations
Net income (loss) attributable to Navient Corporation	56	63
Total Adjustments [Member] \| Net Impact of Derivative Accounting [Member]
Summary of "Core Earnings" Adjustments to GAAP
Core Earnings adjustments to GAAP	99	110
Total Adjustments [Member] \| Net Impact of Goodwill and Acquired Intangibles [Member]
Summary of "Core Earnings" Adjustments to GAAP
Core Earnings adjustments to GAAP	$ (4)	$ (3)

- 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/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e565-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 19
-Article 5

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

+ Details

Segment Reporting - Core Earnings Adjustments to GAAP (Parenthetical) (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2014 USD ($)
Segment Reporting [Abstract]
Amount that will be equal to cumulative net unrealized gain or loss over the life of the contract	$ 0

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Detail) - USD ($) $ in Millions	Mar. 31, 2014	Dec. 31, 2013
Fair Value [Member]
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items]
Total earning assets	$ 150,243	$ 151,698
Total interest-bearing liabilities	145,823	147,385
Fair Value [Member] \| Floor Income Contracts [Member]
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items]
Derivative financial instruments	(1,206)	(1,384)
Fair Value [Member] \| Interest Rate Swaps [Member]
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items]
Derivative financial instruments	526	459
Fair Value [Member] \| Cross-Currency Interest Rate Swaps [Member]
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items]
Derivative financial instruments	951	999
Fair Value [Member] \| Other [Member]
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items]
Derivative financial instruments	(3)	(21)
Fair Value [Member] \| Short-Term Borrowings [Member]
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items]
Total interest-bearing liabilities	11,633	13,807
Fair Value [Member] \| Long-Term Borrowings [Member]
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items]
Total interest-bearing liabilities	134,190	133,578
Fair Value [Member] \| FFELP Loans [Member]
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items]
Total earning assets	103,058	104,481
Fair Value [Member] \| Private Education Loans [Member]
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items]
Total earning assets	38,862	37,485
Fair Value [Member] \| Cash and Investments [Member]
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items]
Total earning assets	8,323	9,732
Carrying Value [Member]
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items]
Total earning assets	149,115	151,832
Total interest-bearing liabilities	147,803	150,443
Carrying Value [Member] \| Floor Income Contracts [Member]
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items]
Derivative financial instruments	(1,206)	(1,384)
Carrying Value [Member] \| Interest Rate Swaps [Member]
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items]
Derivative financial instruments	526	459
Carrying Value [Member] \| Cross-Currency Interest Rate Swaps [Member]
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items]
Derivative financial instruments	951	999
Carrying Value [Member] \| Other [Member]
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items]
Derivative financial instruments	(3)	(21)
Carrying Value [Member] \| Short-Term Borrowings [Member]
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items]
Total interest-bearing liabilities	11,626	13,795
Carrying Value [Member] \| Long-Term Borrowings [Member]
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items]
Total interest-bearing liabilities	136,177	136,648
Carrying Value [Member] \| FFELP Loans [Member]
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items]
Total earning assets	102,635	104,588
Carrying Value [Member] \| Private Education Loans [Member]
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items]
Total earning assets	38,157	37,512
Carrying Value [Member] \| Cash and Investments [Member]
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items]
Total earning assets	8,323	9,732
Difference [Member]
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items]
Total earning assets	1,128	(134)
Total interest-bearing liabilities	1,980	3,058
Excess of net asset fair value over carrying value	3,108	2,924
Difference [Member] \| Short-Term Borrowings [Member]
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items]
Total interest-bearing liabilities	(7)	(12)
Difference [Member] \| Long-Term Borrowings [Member]
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items]
Total interest-bearing liabilities	1,987	3,070
Difference [Member] \| FFELP Loans [Member]
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items]
Total earning assets	423	(107)
Difference [Member] \| Private Education Loans [Member]
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items]
Total earning assets	$ 705	$ (27)