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Organization and Business

1.	Organization and Business

Navient’s Business

Navient is the nation’s leading loan management, servicing and asset recovery company, committed to helping customers navigate the path to financial success. Servicing more than $300 billion in student loans, the Company supports the educational and economic achievements of more than 12 million customers. A growing number of government and higher education clients rely on Navient for proven solutions to meet their financial goals. Navient began trading on Nasdaq as an independent company on May 1, 2014. Our website is navient.com.

Navient holds the largest portfolio of education loans insured or guaranteed under the Federal Family Education Loan Program (“FFELP”), as well as the largest portfolio of Private Education Loans. FFELP Loans are insured or guaranteed by state or not-for-profit agencies based on guaranty agreements among the U.S. Department of Education (“ED”) and these agencies. Private Education Loans are education loans to students or their families that are non-federal loans and not insured or guaranteed under FFELP. Private Education Loans bear the full credit risk of the customer and any cosigner and are made primarily to bridge the gap between the cost of higher education and the amount funded through financial aid, federal loans or students’ and families’ resources.

Navient services its own portfolio of education loans, as well as those owned by banks, credit unions, non-profit education lenders and ED. Navient is one of four large servicers to ED under its Direct Student Loan Program (“DSLP”). Navient also provides asset recovery services on its own portfolio (consisting of both education loans as well as other asset classes), guaranty agencies, higher education institutions, ED and other federal clients, as well as states, courts, and municipalities.

Presentation of Information

Unless the context otherwise requires, references in this Annual Report on Form 10-K to:

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“We,” “our,” “us,” or the “Company” with respect to any period on or prior to the date of the Spin-Off refers to Old 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 refers to Navient and its consolidated subsidiaries.

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“Old SLM” refers to SLM Corporation, as it existed prior to the Spin-Off, and its consolidated subsidiaries. As part of an internal corporate reorganization of Old SLM, Old SLM was merged into a limited liability company and became a subsidiary of Navient, changing its name to “Navient, LLC.” On October 16, 2014, Navient, LLC was merged with and into Navient, with Navient as the surviving corporation.

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Navient’s historical business and operations refer to Old SLM’s portfolio of FFELP and Private Education Loans not held by Sallie Mae Bank, together with the servicing and asset recovery businesses that were retained by or transferred to Navient in connection with the internal corporate reorganization.

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“SLM BankCo” refers to New BLC Corporation, which became the publicly traded successor to Old SLM on April 29, 2014 by virtue of a merger pursuant to Section 251(g) of the Delaware General Corporation Law (“DGCL”), and its consolidated subsidiaries. Following consummation of the merger, New BLC Corporation changed its name to SLM Corporation. After the Spin-Off, SLM BankCo’s business consists primarily of the consumer banking business previously operated by Old SLM, which includes Sallie Mae Bank and its portfolio of Private Education Loans, a new Private Education Loan servicing business and the Upromise Rewards business.

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“Spin-Off” collectively refers to the internal reorganization of Old SLM on April 29, 2014 and the distribution on April 30, 2014 of all of the shares of common stock of Navient to the holders of shares of SLM BankCo.

Spin-Off of Navient

On April 30, 2014, the previously announced separation of Navient from SLM BankCo was completed. The separation was effected through the distribution by SLM BankCo of all the shares of common stock of Navient, on a one-to-one basis, to the holders of shares of SLM BankCo common stock as of the close of business on April 22, 2014, the record date for the distribution. As a result of the distribution, Navient is an independent, publicly traded company that operates the loan management, servicing and asset recovery business previously operated by Old SLM. Navient is comprised primarily of Old SLM’s portfolios of education loans that were not held in Sallie Mae Bank at the time of the separation, as well as servicing and asset recovery activities on those loans and loans held by third parties. In October 2014, Navient successfully completed the transition of the servicing operations and rolled out the Navient brand to its customers.

To implement the separation and distribution of Navient, an internal corporate reorganization of Old SLM was effected, pursuant to which, on April 29, 2014, SLM BankCo replaced Old SLM as the parent holding company pursuant to a holding company merger. In accordance with Section 251(g) of the DGCL, by action of the Old SLM board of directors and without a shareholder vote, Old SLM was merged into Navient, LLC, a wholly owned subsidiary of Old SLM, with Navient, LLC surviving. Immediately following the effective time of the merger, SLM BankCo changed its name to “SLM Corporation.” As part of the internal corporate reorganization and pursuant to the merger, all of the outstanding shares of Old SLM Series A preferred stock and Series B preferred stock were converted, on a one-to-one basis, into substantially identical shares of SLM BankCo preferred stock. Following the merger, the assets and liabilities associated with the loan management, servicing and asset recovery business were transferred to Navient, and those assets and liabilities associated with the consumer banking were transferred to SLM BankCo. On July 9, 2014, Navient received a private letter ruling from the Internal Revenue Service confirming the intended tax-free status of the Spin-Off and the related internal reorganization transactions. For further information on the Spin-Off and all related matters, please refer to our Registration Statement on Form 10, as amended (our “Form 10”), filed with the Securities and Exchange Commission (the “SEC”) on April 10, 2014, and declared effective on April 14, 2014.

Due to the relative significance of Navient to Old SLM, among other factors, for financial reporting purposes Navient is treated as the “accounting spinnor” and therefore is the “accounting successor” to Old SLM, notwithstanding the legal form of the Spin-Off. As a result, the historical financial statements of Old SLM prior to the distribution on April 30, 2014 are the historical financial statements of Navient. For that reason the historical financial information related to periods on or prior to April 30, 2014 contained in this Annual Report on Form 10-K is that of Old SLM, which includes the consolidated results of both the loan management, servicing and asset recovery business (Navient) and the consumer banking business (SLM BankCo).

Since Navient is the “accounting spinnor,” the financial statements of Navient reflect the deemed distribution of SLM BankCo to SLM BankCo’s stockholders on April 30, 2014, notwithstanding the legal form of the Spin-Off in which Navient common stock was distributed to the stockholders of SLM BankCo.

The following table shows the condensed balance sheet of SLM BankCo that the financial statements of Navient reflect as a shareholder distribution on April 30, 2014:


(Dollars in millions)	April 30, 2014
Assets
FFELP Loans, net	$	1,380
Private Education Loans, net		7,204
Investments		139
Cash and cash equivalents		2,170
Other assets		883

Total assets	$	11,776

Liabilities
Short-term borrowings	$	6,491
Long-term borrowings		2,750
Other liabilities⁽¹⁾		825

Total liabilities		10,066

Equity
Preferred stock
Series A		165
Series B		400
Common equity		1,145

Total equity⁽²⁾		1,710

Total liabilities and equity	$	11,776

⁽¹⁾	“Other liabilities” include net income tax liabilities of $383 million, which were presented as net income tax assets within “Other assets” on the consolidated financial statements of Navient.

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In addition to the $1,710 million of consumer banking business net assets distributed, we also removed $41 million of goodwill from our balance sheet as required under Accounting Standards Codification (“ASC”) 350, “Intangibles — Goodwill and Other,” in connection with the distribution. This goodwill was allocated to the consumer banking business based on relative fair value. This total of $1,751 million is the amount that appears on our consolidated statement of changes in stockholders’ equity in connection with the deemed distribution of the consumer banking business.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Significant Accounting Policies

2.	Significant Accounting Policies

Use of Estimates

Our financial reporting and accounting policies conform to generally accepted accounting principles in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Current market conditions increase the risk and complexity of the judgments in these estimates and actual results could differ from estimates. Key accounting policies that include the most significant judgments, estimates and assumptions include the allowance for loan losses, the effective interest rate method (amortization of student loan and debt premiums and discounts), fair value measurement, the consolidation of variable interest entities, and derivative accounting.

Consolidation

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

We consolidate any VIEs where we have determined we are the primary beneficiary. The primary beneficiary is the entity which has both: (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE. As it relates to our securitized assets as of December 31, 2014, we are the servicer of the securitized assets and own the Residual Interest of the securitization trusts. As a result, we are the primary beneficiary of our securitization trusts and consolidate those trusts.

In 2013, we sold Residual Interests in FFELP Loan securitization trusts to third parties. We continue to service the student loans in the trusts under existing agreements. Prior to the sale of the Residual Interests, we had consolidated the trusts as VIEs 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 Interests we were no longer the residual holder, thus we determined we no longer met criterion (2) above and deconsolidated the trusts. As a result of these transactions, we removed securitization trust assets of $12.5 billion and the related liabilities of $12.1 billion from the balance sheet and recorded a $312 million gain as part of “gains on sales of loans and investments” in 2013.

Fair Value Measurement

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

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

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

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

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In the notes to the financial statements.

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

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

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

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

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

Loans

Loans, consisting primarily of federally insured student loans and Private Education Loans, that we have the ability and intent to hold for the foreseeable future are classified as held-for-investment and are carried at amortized cost. Amortized cost includes the unamortized premiums, discounts, and capitalized origination costs and fees, all of which are amortized to interest income as further discussed below. Loans which are held-for-investment also have an allowance for loan loss as needed. Any loans we have not classified as held-for-investment are classified as held-for-sale, and carried at the lower of cost or fair value. Loans are classified as held-for-sale when we have the intent and ability to sell such loans. Loans which are held-for-sale do not have the associated premium, discount, and capitalized origination costs and fees amortized into interest income. In addition, once a loan is classified as held-for-sale, there is no further adjustment to the loan’s allowance for loan losses that existed immediately prior to the reclassification to held-for-sale.

Allowance for Loan Losses

We consider a loan to be impaired when, based on current information, a loss has been incurred and it is probable that we will not receive all contractual amounts due. When making our assessment as to whether a loan is impaired, we also take into account more than insignificant delays in payment. We generally evaluate impaired loans on an aggregate basis by grouping similar loans. Impaired loans also include those loans which are individually assessed and measured for impairment at a loan level, such as in a troubled debt restructuring (“TDR”). We maintain an allowance for loan losses at an amount sufficient to absorb losses incurred in our portfolios at the reporting date based on a projection of estimated probable credit losses incurred in the portfolio.

Our Private Education Loan portfolio contains TDR and non-TDR loans. 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. The allowance requirements are different based on these designations. In determining the allowance for loan losses on our non-TDR portfolio, we estimate the principal amount of loans that will default over the next two years (two years being the expected period between a loss event and default) and how much we expect to recover over time related to the defaulted amount. Expected defaults less our expected recoveries equal the allowance related to this portfolio. Our historical experience indicates that, on average, the time between the date that a customer experiences a default causing event (i.e., the loss trigger event) and the date that we charge off the unrecoverable portion of that loan is two years. Separately, for our TDR portfolio, we estimate an allowance amount sufficient to cover life-of-loan expected losses through an impairment calculation based on the difference between the loan’s basis and the present value of expected future cash flows (which would include life-of-loan default and recovery assumptions) discounted at the loan’s original effective interest rate. The separate allowance estimates for our TDR and non-TDR portfolios, are combined into our total Allowance for Private Education Loan losses.

In estimating both the non-TDR and TDR allowance amounts, we start with historical experience of customer default behavior. We make judgments about which historical period to start with and then make further judgments about whether that historical experience is representative of future expectations and whether additional adjustments may be needed to those historical default rates. We also take the economic environment into consideration when calculating the allowance for loan losses. We analyze key economic statistics and the effect we expect it to have on future defaults. Key economic statistics analyzed as part of the allowance for loan losses are unemployment rates and other asset type delinquency rates. Our allowance for loan losses is estimated using an analysis of delinquent and current accounts. Our model is used to estimate the likelihood that a loan receivable may progress through the various delinquency stages and ultimately charge off. The evaluation of the allowance for loan losses is inherently subjective, as it requires material estimates that may be susceptible to significant changes. The estimate for the allowance for loan losses is subject to a number of assumptions. If actual future performance in delinquency, charge-offs and recoveries are significantly different than estimated, this could materially affect our estimate of the allowance for loan losses and the related provision for loan losses on our income statement.

Below we describe in further detail our policies and procedures for the allowance for loan losses as they relate to our Private Education Loan and FFELP Loan portfolios.

Allowance for Private Education Loan Losses

We determine the collectability of our Private Education Loan portfolio by evaluating certain risk characteristics. We consider school type, credit score (FICO), existence of a cosigner, loan status and loan seasoning as the key credit quality indicators because they have the most significant effect on our determination of the adequacy of our allowance for loan losses. The type of school customers attend can have an impact on their job prospects after graduation and therefore affects their ability to make payments. Credit scores are an indicator of the creditworthiness of a customer and generally the higher the credit score the more likely it is the customer will be able to make all of their contractual payments. Loan status affects the credit risk because generally a past due loan is more likely to result in a credit loss than an up-to-date loan. Additionally, loans in a deferred payment status have different credit risk profiles compared with those in current pay status. Loan seasoning affects credit risk because a loan with a history of making payments generally has a lower incidence of default than a loan with a history of making infrequent or no payments. The existence of a cosigner lowers the likelihood of default. We monitor and update these credit quality indicators in the analysis of the adequacy of our allowance for loan losses on a quarterly basis.

To estimate the probable credit losses incurred in the loan portfolio at the reporting date, we use historical experience of customer payment behavior in connection with the key credit quality indicators and incorporate management expectation regarding macroeconomic and collection procedure factors. Our model is based upon the most recent 12 months of actual collection experience as the starting point and applies expected macroeconomic changes and collection procedure changes to estimate expected losses caused by loss events incurred as of the balance sheet date. Our model places a greater emphasis on the more recent default experience rather than the default experience for older historical periods, as we believe the recent default experience is more indicative of the probable losses incurred in the loan portfolio today. Similar to estimating defaults, we use historical customer payment behavior to estimate the timing and amount of future recoveries on charged-off loans. We use judgment in determining whether historical performance is representative of what we expect to collect in the future. We then apply the default and collection rate projections to each category of loans. Once the quantitative calculation is performed, we review the adequacy of the allowance for loan losses and determine if qualitative adjustments need to be considered. Additionally, we consider changes in laws and regulations that could potentially impact the allowance for loan losses. More judgment has been required over the last several years, compared with years prior, in light of the U.S. economy and its effect on our customer’s ability to pay their obligations. We believe that our model reflects recent customer behavior, loan performance, and collection performance, as well as expectations about economic factors.

Our collection policies allow for periods of nonpayment for customers requesting additional payment grace periods upon leaving school or experiencing temporary difficulty meeting payment obligations. This is referred to as forbearance status and is considered in our allowance for loan losses. The loss confirmation period is in alignment with our typical collection cycle and takes into account these periods of nonpayment.

As part of concluding on the adequacy of the allowance for loan losses, we review key allowance and loan metrics. The most relevant of these metrics considered are the allowance coverage of charge-offs ratio; the allowance as a percentage of total loans and of loans in repayment; and delinquency and forbearance percentages.

Certain Private Education Loans do not require customers to begin repayment until six months after they have graduated or otherwise left school. Consequently, our loss estimates for these programs are generally low while the customer is in school. At December 31, 2014, 10 percent of the principal balance in the higher education Private Education Loan portfolio was related to customers who are in an in-school/grace/deferment status and not required to make payments. As this population of customers leaves school, they will be required to begin payments on their loans, and the allowance for loan losses may change accordingly.

We consider a loan to be delinquent 31 days after the last payment was contractually due. We use a model to estimate the amount of uncollectible accrued interest on Private Education Loans and reserve for that amount against current period interest income.

In general, Private Education Loan principal is charged off against the allowance when at the end of the month the loan exceeds 212 days past due. The charged-off amount equals the estimated loss of the defaulted loan balance. Actual recoveries, as they are received, are applied against the remaining loan balance that was not charged off. If periodic recoveries are less than originally expected, the difference results in immediate additional provision expense and charge-off of such amount.

Our allowance for Private Education Loan losses also provides for possible additional future charge-offs related to the 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 2007 and 2014 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.

Allowance for FFELP Loan Losses

FFELP Loans are insured as to their principal and accrued interest in the event of default subject to a Risk Sharing level based on the date of loan disbursement. These insurance obligations are supported by contractual rights against the United States. For loans disbursed after October 1, 1993, and before July 1, 2006, we receive 98 percent reimbursement on all qualifying default claims. For loans disbursed on or after July 1, 2006, we receive 97 percent reimbursement. For loans disbursed prior to October 1, 1993, we receive 100 percent reimbursement.

Similar to the allowance for Private Education Loan losses, the allowance for FFELP Loan losses uses historical experience of customer default behavior and a two-year loss confirmation period to estimate the credit losses incurred in the loan portfolio at the reporting date. We apply the default rate projections, net of applicable Risk Sharing, to each category for the current period to perform our quantitative calculation. Once the quantitative calculation is performed, we review the adequacy of the allowance for loan losses and determine if qualitative adjustments need to be considered.

Investments

Our available-for-sale investment portfolio consists of investments that are carried at fair value, with the temporary changes in fair value carried as a separate component of stockholders’ equity, net of taxes. The amortized cost of debt securities in this category is adjusted for amortization of premiums and accretion of discounts, which are amortized using the effective interest rate method. Other-than-temporary impairment is evaluated by considering several factors, including the length of time and extent to which the fair value has been less than the amortized cost basis, the financial condition and near-term prospects of the security (considering factors such as adverse conditions specific to the security and ratings agency actions), and the intent and ability to retain the investment to allow for an anticipated recovery in fair value. The entire fair value loss on a security that is other-than-temporary impairment is recorded in earnings if we intend to sell the security or if it is more likely than not that we will be required to sell the security before the expected recovery of the loss. However, if the impairment is other-than-temporary, and those two conditions do not exist, the portion of the impairment related to credit losses is recorded in earnings and the impairment related to other factors is recorded in other comprehensive income. Securities classified as trading are accounted for at fair value with unrealized gains and losses included in investment income. Securities that we have the intent and ability to hold to maturity are classified as held-to-maturity and are accounted for at amortized cost unless the security is determined to have an other-than-temporary impairment. In this case it is accounted for in the same manner described above.

We also have other investments, including a receivable for cash collateral posted to derivative counterparties. These investments are accounted for at amortized cost in other investments.

Cash and Cash Equivalents

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

Restricted Cash and Investments

Restricted cash primarily includes amounts held in student loan securitization trusts and other secured borrowings. This cash must be used to make payments related to trust obligations. Amounts on deposit in these accounts are primarily the result of timing differences between when principal and interest is collected on the trust assets and when principal and interest is paid on trust liabilities. As such, changes in this balance are reflected in investing activities in the statement of cash flows.

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

Goodwill and Acquired Intangible Assets

We account for goodwill and acquired intangible assets in accordance with the applicable accounting guidance. Under this guidance goodwill is not amortized but is tested periodically for impairment. We test goodwill for impairment annually as of October 1 at the reporting unit level, which is the same as or one level below a business segment. Goodwill is also tested at interim periods if an event occurs or circumstances change that would indicate the carrying amount may be impaired.

We assess qualitative factors to determine whether it is “more-likely-than-not” that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. The “more-likely-than-not” threshold is defined as having a likelihood of more than 50 percent. If, after assessing relevant qualitative factors, we conclude that it is “more-likely-than-not” that the fair value of a reporting unit as of October 1 is less than its carrying amount, we will complete Step 1 of the goodwill impairment analysis. Step 1 consists of a comparison of the fair value of the reporting unit to the reporting unit’s carrying value, including goodwill. If the carrying value of the reporting unit exceeds the fair value, Step 2 in the goodwill impairment analysis is performed to measure the amount of impairment loss, if any. Step 2 of the goodwill impairment analysis compares the implied fair value of the reporting unit’s goodwill to the carrying value of the reporting unit’s goodwill. The implied fair value of goodwill is determined in a manner consistent with determining goodwill in a business combination. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of the goodwill, an impairment loss is recognized in an amount equal to that excess.

Other acquired intangible assets include, but are not limited to, trade names, customer and other relationships, and non-compete agreements. Acquired intangible assets with finite lives are amortized over their estimated useful lives in proportion to their estimated economic benefit. Finite-lived acquired intangible assets are reviewed for impairment using an undiscounted cash flow analysis when an event occurs or circumstances change indicating the carrying amount of a finite-lived asset or asset group may not be recoverable. If the carrying amount of the asset or asset groups exceeds the undiscounted cash flows, the fair value of the asset or asset group is determined using an acceptable valuation technique. An impairment loss would be recognized if the carrying amount of the asset (or asset group) exceeds the fair value of the asset or asset group. The impairment loss recognized would be the difference between the carrying amount and fair value. Indefinite-life acquired intangible assets are not amortized. We test these indefinite life acquired intangible assets for impairment annually as of October 1 or at interim periods if an event occurs or circumstances change that would indicate the carrying value of these assets may be impaired. The annual or interim impairment test of indefinite-lived acquired intangible assets is based primarily on a discounted cash flow analysis.

Transfer of Financial Assets and Extinguishments of Liabilities

We account for loan sales and debt repurchases in accordance with the applicable accounting guidance. Our securitizations and other asset-backed secured financings are accounted for as on-balance sheet secured borrowings. See “Securitization Accounting” of this Note 2 for further discussion on the criteria assessed to determine whether a transfer of financial assets is a sale or a secured borrowing. If a transfer of loans qualifies as a sale we derecognize the loan and recognize a gain or loss as the difference between the carrying basis of the loan sold and liabilities retained and the compensation received.

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

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

Securitization Accounting

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

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

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Owning the equity certificates of certain trusts.

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

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

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Our responsibilities relative to representation and warranty violations.

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

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

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

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

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

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

Under the terms of the transaction documents of certain trusts, we have, from time to time, exercised our options to purchase delinquent loans from Private Education Loan trusts, to purchase the remaining loans from trusts once the loan balance falls below 10 percent of the original amount, or to call rate reset notes. Certain trusts maintain financial arrangements with third parties also typical of securitization transactions, such as derivative contracts (swaps) and bond insurance policies that, in the case of a counterparty failure, could adversely impact the value of any Residual Interest.

We do not record servicing assets or servicing liabilities when our securitization trusts are accounted for as on-balance sheet secured financings. As of December 31, 2014 and 2013, all of our securitization trusts are on-balance sheet, except as discussed in the next paragraph, and as a result we do not have servicing assets or liabilities recorded on the consolidated balance sheet related to these securitization trusts.

As of December 31, 2014, we have $32 million of servicing assets on our balance sheet related to Residual Interests in FFELP Loan securitization trusts we sold in 2013. See “Note 3 — Student Loans” for further details.

Student Loan Interest Income

For loans classified as held-for-investment, we recognize student loan interest income as earned, adjusted for the amortization of premiums and capitalized direct origination costs, accretion of discounts, and Repayment Borrower Benefits. These adjustments result in income being recognized based upon the expected yield of the loan over its life after giving effect to prepayments and extensions, and to estimates related to Repayment Borrower Benefits. The estimate of the prepayment speed includes the effect of consolidations, voluntary prepayments and student loan defaults, all of which shorten the life-of-loan. Prepayment speed estimates also consider the utilization of deferment, forbearance and extended repayment plans which lengthen the life-of-loan. For Repayment Borrower Benefits, the estimates of their effect on student loan yield are based on analyses of historical payment behavior of customers who are eligible for the incentives and its effect on the ultimate qualification rate for these incentives. We regularly evaluate the assumptions used to estimate the prepayment speeds and the qualification rates used for Repayment Borrower Benefits. In instances where there are changes to the assumptions, amortization is adjusted on a cumulative basis to reflect the change since the acquisition of the loan. We also pay an annual 105 basis point Consolidation Loan Rebate Fee on FFELP Consolidation Loans which is netted against student loan interest income. Additionally, interest earned on student loans reflects potential non-payment adjustments in accordance with our uncollectible interest recognition policy as discussed further in “Allowance for Loan Losses” of this Note 2. We do not amortize any premiums, discounts or other adjustments to the basis of student loans when they are classified as held-for-sale.

Interest Expense

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

Derivative Accounting

The accounting guidance for our derivative instruments, which primarily includes interest rate swaps, cross-currency interest rate swaps and Floor Income Contracts, requires that every derivative instrument, including certain derivative instruments embedded in other contracts, be recorded at fair value on the balance sheet as either an asset or liability. Derivative positions are recorded as net positions by counterparty based on master netting arrangements (see “Note 7 — Derivative Financial Instruments — Risk Management Strategy”) exclusive of accrued interest and cash collateral held or pledged.

Many of our derivatives, mainly fixed to variable or variable to fixed interest rate swaps and cross-currency interest rate swaps, qualify as effective hedges. For these derivatives, the relationship between the hedging instrument and the hedged items (including the hedged risk and method for assessing effectiveness), as well as the risk management objective and strategy for undertaking various hedge transactions at the inception of the hedging relationship, is documented. Each derivative is designated to either a specific (or pool of) asset(s) or liability(ies) on the balance sheet or expected future cash flows, and designated as either a “fair value” or a “cash flow” hedge. Fair value hedges are designed to hedge our exposure to changes in fair value of a fixed rate or foreign denominated asset or liability, while cash flow hedges are designed to hedge our exposure to variability of either a floating rate asset’s or liability’s cash flows or an expected fixed rate debt issuance. For effective fair value hedges, both the derivative and the hedged item (for the risk being hedged) are marked-to-market with any difference reflecting ineffectiveness and recorded immediately in the statement of income. For effective cash flow hedges, the change in the fair value of the derivative is recorded in other comprehensive income, net of tax, and recognized in earnings in the same period as the earnings effects of the hedged item. The ineffective portion of a cash flow hedge is recorded immediately through earnings. The assessment of the hedge’s effectiveness is performed at inception and on an ongoing basis, generally using regression testing. For hedges of a pool of assets or liabilities, tests are performed to demonstrate the similarity of individual instruments of the pool. When it is determined that a derivative is not currently an effective hedge, ineffectiveness is recognized for the full change in value of the derivative with no offsetting mark-to-market of the hedged item for the current period. If it is also determined the hedge will not be effective in the future, we discontinue the hedge accounting prospectively, cease recording changes in the fair value of the hedged item, and begin amortization of any basis adjustments that exist related to the hedged item.

We also have derivatives, primarily Floor Income Contracts and certain basis swaps, that we believe are effective economic hedges but do not qualify for hedge accounting treatment. These derivatives are classified as “trading” and as a result they are marked-to-market through earnings with no consideration for the fair value fluctuation of the economically hedged item.

The “gains (losses) on derivative and hedging activities, net” line item in the consolidated statements of income includes the unrealized changes in the fair value of our derivatives (except effective cash flow hedges which are recorded in other comprehensive income), the unrealized changes in fair value of hedged items in qualifying fair value hedges, as well as the realized changes in fair value related to derivative net settlements and dispositions that do not qualify for hedge accounting. Net settlement income/expense on derivatives that qualify as hedges are included with the income or expense of the hedged item (mainly interest expense).

Servicing Revenue

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

Asset Recovery Revenue

We receive fees for collections or rehabilitation of delinquent or defaulted debt on behalf of clients performed on a contingency basis. Revenue is earned and recognized upon the completion of rehabilitation activities or upon receipt of the delinquent customer funds.

We also receive fees from Guarantor agencies for performing default aversion services on delinquent loans prior to default. The fee is received when the loan is initially placed with us and we are obligated to provide such services for the remaining life of the loan for no additional fee. In the event that the loan defaults, we are obligated to rebate a portion of the fee to the Guarantor agency in proportion to the principal and interest outstanding when the loan defaults. We recognize fees received, net of an estimate of future rebates owed due to subsequent defaults, over the service period which is estimated to be the life of the loan.

Accounting for Stock-Based Compensation

We recognize stock-based compensation cost in our consolidated statements of income using the fair value based method. Under this method we determine the fair value of the stock-based compensation at the time of the grant and recognize the resulting compensation expense over the vesting period of the stock-based grant.

Restructuring and Other Reorganization Expenses

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

We sponsor the Navient Corporation Employee Severance Plan (the “Severance Plan”) which provides severance benefits in the event of termination of our full-time employees (with the exception of certain specified levels of management) and part-time employees who work at least 24 hours per week. The Severance Plan establishes specified benefits based on base salary, job level immediately preceding termination and years of service upon termination of employment due to Involuntary Termination or a Job Abolishment, as defined in the Severance Plan. The benefits payable under the Severance Plan relate to past service and they accumulate and vest. Accordingly, we recognize severance costs to be paid pursuant to the Severance Plan when payment of such benefits is probable and reasonably estimable. Such benefits, including severance pay calculated based on the Severance Plan, medical and dental benefits, outplacement services and continuation pay, have been incurred during 2014, 2013 and 2012, as a direct result of our restructuring initiatives. Accordingly, such costs are classified as restructuring expenses in the accompanying consolidated statements of income.

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

Other reorganization expenses include internal costs, third-party costs and severance incurred in connection with our April 30, 2014 Spin transaction.

Income Taxes

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

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

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

Discontinued Operations

A “Component” of a business comprises operations and cash flows that can be clearly distinguished operationally and for financial reporting purposes from the rest of the Company. When we determine that a Component of our business has been disposed of or has met the criteria to be classified as held-for-sale such Component is presented separately as discontinued operations if the operations of the Component have been or will be eliminated from our ongoing operations and we will have no continuing involvement with the Component after the disposal transaction is complete. If a Component is classified as held-for-sale, then it is carried at the lower of its cost basis or fair value. Included within discontinued operations are the accounting results related to our Campus Solutions and 529 college-savings plan administration business, which were sold during 2013. See “Note 16 — Discontinued Operations” for further discussion.

Earnings (Loss) per Common Share

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

Reclassifications

Certain reclassifications have been made to the balances as of and for the years ended December 31, 2013 and 2012, to be consistent with classifications adopted for 2014, which had no effect on net income, total assets or total liabilities.

Recently Issued Accounting Pronouncements

Discontinued Operations

On April 10, 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity,” which changes the definition of a discontinued operation and the requirements for reporting discontinued operations to include disposals of a component or a group of components of a business which result in a strategic shift that has or will have a major impact on the company’s operations and financial results. Accordingly, this guidance, which is effective at the beginning of 2015, may result in a decrease in the number of disposals that qualify for discontinued operations presentation and preclude the Company from classifying future disposals, if any, as discontinued operations.

Revenue Recognition

On May 28, 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers,” which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet determined the effect of the standard on our ongoing financial reporting but do not expect it to be material.

Student Loans

12 Months Ended

Dec. 31, 2014

Receivables [Abstract]

Student Loans

3.	Student Loans

Student loans consist of FFELP and Private Education Loans.

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

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

Our Private Education Loans largely bridge the gap between the cost of higher education and the amount funded through financial aid, federal loans or customers’ resources. Private Education Loans bear the full credit risk of the customer. Private Education Loans generally carry a variable rate indexed to LIBOR or Prime indices. We encourage customers to include a cosigner on the loan, and the majority of loans in our portfolio are cosigned. We also encourage customers to make payments while in school. Similar to FFELP loans, Private Education Loans are generally non-dischargeable in bankruptcy. Most loans have repayment terms of 15 years or more, and for loans made prior to 2009, payments are typically deferred until after graduation. However, since 2009 we began to encourage interest-only or fixed payment options while the customer is enrolled in school and today, the majority of our customers with loans originated since 2009 make payments while in school.

The estimated weighted average life of student loans in our portfolio was approximately 7.2 years and 7.5 years at December 31, 2014 and 2013, respectively. The following table reflects the distribution of our student loan portfolio by program.


	December 31, 2014					Year Ended December 31, 2014
(Dollars in millions)	Ending Balance		% of Balance			Average Balance		Average Effective Interest Rate
FFELP Stafford and Other Student Loans, net⁽¹⁾	$	41,065		31	%	$	38,335		2.05	%
FFELP Consolidation Loans, net		63,456		47			62,327		2.84
Private Education Loans, net		29,796		22			33,672		6.40

Total student loans, net	$	134,317		100	%	$	134,334		3.51	%


	December 31, 2013					Year Ended December 31, 2013
(Dollars in millions)	Ending Balance		% of Balance			Average Balance		Average Effective Interest Rate
FFELP Stafford and Other Student Loans, net⁽¹⁾	$	40,021		28	%	$	42,039		2.01	%
FFELP Consolidation Loans, net		64,567		46			70,113		2.82
Private Education Loans, net		37,512		26			38,292		6.60

Total student loans, net	$	142,100		100	%	$	150,444		3.56	%

⁽¹⁾	The FFELP category is primarily Stafford Loans, but also includes federally guaranteed PLUS and HEAL Loans.

As of December 31, 2014 and 2013, 78 percent and 76 percent, respectively, of our student loan portfolio was in repayment.

Loan Sales

In 2013, we sold Residual Interests in FFELP Loan securitization trusts to third parties. We continue to service the student loans in the trusts under existing agreements. As a result of these transactions, we removed securitization trust assets of $12.5 billion and the related liabilities of $12.1 billion from the balance sheet and recorded a $312 million gain as part of “gains on sales of loans and investments” in 2013.

Certain Collection Tools — Private Education Loans

Forbearance involves granting the customer a temporary cessation of payments (or temporary acceptance of smaller than scheduled payments) for a specified period of time. Using forbearance extends the original term of the loan. Forbearance does not grant any reduction in the total repayment obligation (principal or interest). While in forbearance status, interest continues to accrue and is capitalized to principal when the loan re-enters repayment status. Our forbearance policies include limits on the number of forbearance months granted consecutively and the total number of forbearance months granted over the life of the loan. In some instances, we require good-faith payments before granting forbearance. Exceptions to forbearance policies are permitted when such exceptions are judged to increase the likelihood of collection of the loan. Forbearance as a collection tool is used most effectively when applied based on a customer’s unique situation, including historical information and judgments. We leverage updated customer information and other decision support tools to best determine who will be granted forbearance based on our expectations as to a customer’s ability and willingness to repay their obligation. This strategy is aimed at mitigating the overall risk of the portfolio as well as encouraging cash resolution of delinquent loans.

Forbearance may be granted to customers who are exiting their grace period to provide additional time to obtain employment and income to support their obligations, or to current customers who are faced with a hardship and request forbearance time to provide temporary payment relief. In these circumstances, a customer’s loan is placed into a forbearance status in limited monthly increments and is reflected in the forbearance status at month-end during this time. At the end of the granted forbearance period, the customer will enter repayment status as current and is expected to begin making scheduled monthly payments on a go-forward basis.

Forbearance may also be granted to customers who are delinquent in their payments. In these circumstances, the forbearance cures the delinquency and the customer is returned to a current repayment status. In more limited instances, delinquent customers will also be granted additional forbearance time.

During 2009, we instituted an interest rate reduction program to assist customers in repaying their Private Education Loans through reduced payments, while continuing to reduce their outstanding principal balance. This program is offered in situations where the potential for principal recovery, through a modification of the monthly payment amount, is better than other alternatives currently available. Along with demonstrating the ability and willingness to pay, the customer must make three consecutive monthly payments at the reduced rate to qualify for the program. Once the customer has made the initial three payments, the loan’s status is returned to current and the interest rate is reduced for the successive twelve month period.

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

Allowance for Loan Losses

Allowance for Loan Losses

12 Months Ended

Dec. 31, 2014

Receivables [Abstract]

4.	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


	Allowance for Loan Losses
	Year Ended December 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		40			588			—			628
Charge-offs⁽¹⁾		(60	)		(717	)		(4	)		(781	)
Reclassification of interest reserve⁽²⁾		—			17			—			17
Distribution of SLM BankCo		(6	)		(69	)		—			(75	)

Ending balance	$	93		$	1,916		$	24		$	2,033

Allowance:
Ending balance: individually evaluated for impairment	$	—		$	1,132		$	19		$	1,151
Ending balance: collectively evaluated for impairment	$	93		$	784		$	5		$	882
Loans:
Ending balance: individually evaluated for impairment	$	—		$	10,609		$	45		$	10,654
Ending balance: collectively evaluated for impairment	$	103,438		$	21,697		$	62		$	125,196
Charge-offs as a percentage of average loans in repayment		.08	%		2.51	%		3.31	%
Allowance as a percentage of the ending total loan balance		.09	%		5.93	%		22.23	%
Allowance as a percentage of the ending loans in repayment		.12	%		7.11	%		22.23	%
Allowance coverage of charge-offs		1.5			2.7			6.1
Ending total loans⁽³⁾	$	103,438		$	32,306		$	107
Average loans in repayment	$	72,829		$	28,577		$	117
Ending loans in repayment	$	78,211		$	26,949		$	107

⁽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.


	Allowance for Loan Losses
	Year Ended December 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		52			787			—			839
Charge-offs⁽¹⁾		(78	)		(878	)		(19	)		(975	)
Student loan sales		(14	)		—			—			(14	)
Reclassification of interest reserve⁽²⁾		—			17			—			17

Ending balance	$	119		$	2,097		$	28		$	2,244

Allowance:
Ending balance: individually evaluated for impairment	$	—		$	1,048		$	20		$	1,068
Ending balance: collectively evaluated for impairment	$	119		$	1,049		$	8		$	1,176
Loans:
Ending balance: individually evaluated for impairment	$	—		$	9,262		$	45		$	9,307
Ending balance: collectively evaluated for impairment	$	103,672		$	31,051		$	85		$	134,808
Charge-offs as a percentage of average loans in repayment		.10	%		2.78	%		12.28	%
Allowance as a percentage of the ending total loan balance		.12	%		5.20	%		21.42	%
Allowance as a percentage of the ending loans in repayment		.16	%		6.68	%		21.42	%
Allowance coverage of charge-offs		1.5			2.4			1.5
Ending total loans⁽³⁾	$	103,672		$	40,313		$	130
Average loans in repayment	$	80,822		$	31,556		$	156
Ending loans in repayment	$	76,504		$	31,370		$	130

⁽¹⁾

⁽²⁾

⁽³⁾

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


	Allowance for Loan Losses
	Year Ended December 31, 2012
(Dollars in millions)	FFELP Loans			Private Education Loans			Other Loans			Total
Allowance for Loan Losses
Beginning balance	$	187		$	2,171		$	69		$	2,427
Total provision		72			1,008			—			1,080
Charge-offs⁽¹⁾		(92	)		(1,037	)		(22	)		(1,151	)
Student loan sales		(8	)		—			—			(8	)
Reclassification of interest reserve⁽²⁾		—			29			—			29

Ending balance	$	159		$	2,171		$	47		$	2,377

Allowance:
Ending balance: individually evaluated for impairment	$	—		$	1,126		$	35		$	1,161
Ending balance: collectively evaluated for impairment	$	159		$	1,045		$	12		$	1,216
Loans:
Ending balance: individually evaluated for impairment	$	—		$	7,560		$	69		$	7,629
Ending balance: collectively evaluated for impairment	$	124,335		$	32,341		$	116		$	156,792

Charge-offs as a percentage of average loans in repayment		.10	%		3.37	%		9.51	%
Allowance as a percentage of the ending total loan balance		.13	%		5.44	%		25.39	%
Allowance as a percentage of the ending loans in repayment		.18	%		6.89	%		25.39	%
Allowance coverage of charge-offs		1.7			2.1			2.1
Ending total loans⁽³⁾	$	124,335		$	39,901		$	185
Average loans in repayment	$	91,653		$	30,750		$	231
Ending loans in repayment	$	90,731		$	31,514		$	185

⁽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
	December 31, 2014					December 31, 2013
(Dollars in millions)	Balance⁽³⁾		% of Balance			Balance⁽³⁾		% of Balance
Credit Quality Indicators
School Type/FICO Scores:
Traditional	$	28,527		92	%	$	36,140		93	%
Non-Traditional⁽¹⁾		2,534		8			2,860		7

Total	$	31,061		100	%	$	39,000		100	%

Cosigners:
With cosigner	$	20,001		64	%	$	26,321		67	%
Without cosigner		11,060		36			12,679		33

Total	$	31,061		100	%	$	39,000		100	%

Seasoning⁽²⁾:
1-12 payments	$	2,734		9	%	$	5,424		14	%
13-24 payments		3,161		10			5,466		14
25-36 payments		4,259		14			5,482		14
37-48 payments		4,404		14			5,040		13
More than 48 payments		13,450		43			11,060		28
Not yet in repayment		3,053		10			6,528		17

Total	$	31,061		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 received.

⁽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
	December 31,
	2014						2013						2012
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	10,861					$	13,678					$	17,702
Loans in forbearance⁽²⁾		14,366						13,490						15,902
Loans in repayment and percentage of each status:
Loans current		65,221			83.4	%		63,330			82.8	%		75,499			83.2	%
Loans delinquent 31-60 days⁽³⁾		3,942			5.0			3,746			4.9			4,710			5.2
Loans delinquent 61-90 days⁽³⁾		2,451			3.1			2,207			2.9			2,788			3.1
Loans delinquent greater than 90 days⁽³⁾		6,597			8.5			7,221			9.4			7,734			8.5

Total FFELP Loans in repayment		78,211			100	%		76,504			100	%		90,731			100	%

Total FFELP Loans, gross		103,438						103,672						124,335
FFELP Loan unamortized premium		1,176						1,035						1,436

Total FFELP Loans		104,614						104,707						125,771
FFELP Loan allowance for losses		(93	)					(119	)					(159	)

FFELP Loans, net	$	104,521					$	104,588					$	125,612

Percentage of FFELP Loans in repayment					75.6	%					73.8	%					73.0	%

Delinquencies as a percentage of FFELP Loans in repayment					16.6	%					17.2	%					16.8	%

FFELP Loans in forbearance as a percentage of loans in repayment and forbearance					15.5	%					15.0	%					14.9	%

⁽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 the 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
	December 31,
	2014						2013						2012
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	2,777					$	6,088					$	5,421
Loans in forbearance⁽²⁾		935						969						996
Loans in repayment and percentage of each status:
Loans current		23,012			92.7	%		26,977			92.8	%		26,597			91.9	%
Loans delinquent 31-60 days⁽³⁾		624			2.5			674			2.3			837			2.9
Loans delinquent 61-90 days⁽³⁾		363			1.5			420			1.4			375			1.3
Loans delinquent greater than 90 days⁽³⁾		816			3.3			1,012			3.5			1,121			3.9

Total traditional loans in repayment		24,815			100	%		29,083			100	%		28,930			100	%

Total traditional loans, gross		28,527						36,140						35,347
Traditional loans unamortized discount		(526	)					(629	)					(713	)

Total traditional loans		28,001						35,511						34,634
Traditional loans receivable for partially charged-off loans		775						799						797
Traditional loans allowance for losses		(1,515	)					(1,592	)					(1,637	)

Traditional loans, net	$	27,261					$	34,718					$	33,794

Percentage of traditional loans in repayment					87.0	%					80.5	%					81.9	%

Delinquencies as a percentage of traditional loans in repayment					7.3	%					7.2	%					8.1	%

Loans in forbearance as a percentage of traditional loans in repayment and forbearance					3.6	%					3.2	%					3.3	%

⁽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.


	Private Education Non-Traditional Loan Delinquencies
	December 31,
	2014						2013						2012
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	276					$	440					$	483
Loans in forbearance⁽²⁾		124						133						140
Loans in repayment and percentage of each status:
Loans current		1,749			81.9	%		1,791			78.3	%		1,978			76.5	%
Loans delinquent 31-60 days⁽³⁾		110			5.2			128			5.6			175			6.8
Loans delinquent 61-90 days⁽³⁾		73			3.4			93			4.1			106			4.1
Loans delinquent greater than 90 days⁽³⁾		202			9.5			275			12.0			325			12.6

Total non-traditional loans in repayment		2,134			100	%		2,287			100	%		2,584			100	%

Total non-traditional loans, gross		2,534						2,860						3,207
Non-traditional loans unamortized discount		(68	)					(75	)					(83	)

Total non-traditional loans		2,466						2,785						3,124
Non-traditional loans receivable for partially charged-off loans		470						514						550
Non-traditional loans allowance for losses		(401	)					(505	)					(534	)

Non-traditional loans, net	$	2,535					$	2,794					$	3,140

Percentage of non-traditional loans in repayment					84.2	%					80.0	%					80.6	%

Delinquencies as a percentage of non-traditional loans in repayment					18.1	%					21.7	%					23.4	%

Loans in forbearance as a percentage of non-traditional loans in repayment and forbearance					5.5	%					5.5	%					5.1	%

⁽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.

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 2007 and 2014 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 $385 million and $336 million in the allowance for Private Education Loan losses at December 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 loans.


	Years Ended December 31,
(Dollars in millions)	2014			2013			2012
Receivable at beginning of period	$	1,313		$	1,347		$	1,241
Expected future recoveries of current period defaults⁽¹⁾		233			290			351
Recoveries⁽²⁾		(215	)		(230	)		(189	)
Charge-offs⁽³⁾		(86	)		(94	)		(56	)

Receivable at end of period		1,245			1,313			1,347
Allowance for estimated recovery shortfalls⁽⁴⁾		(385	)		(336	)		(198	)

Net receivable at end of period	$	860		$	977		$	1,149

⁽¹⁾

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

⁽²⁾

Current period cash collections.

⁽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 $1.9 billion, $2.1 billion and $2.2 billion overall allowance for Private Education Loan losses as of December 31, 2014, 2013 and 2012, 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 51 percent and 45 percent of the loans granted forbearance have qualified as a TDR loan at December 31, 2014, and 2013, respectively. The unpaid principal balance of TDR loans that were in an interest rate reduction plan as of December 31, 2014 and 2013 was $2.2 billion and $1.5 billion, respectively.

At December 31, 2014 and 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
December 31, 2014
Private Education Loans — Traditional	$	8,728	$	8,790	$	917
Private Education Loans — Non-Traditional		1,477		1,476		215

Total	$	10,205	$	10,266	$	1,132

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.


	Years Ended December 31,
	2014				2013				2012
(Dollars in millions)	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Private Education Loans — Traditional	$	8,139	$	497	$	6,805	$	418	$	5,181	$	333
Private Education Loans — Non-Traditional		1,456		116		1,376		112		1,205		106

Total	$	9,595	$	613	$	8,181	$	530	$	6,386	$	439

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


	TDR Loan Delinquencies
	December 31,
	2014					2013					2012
(Dollars in millions)	Balance		%			Balance		%			Balance		%
Loans in deferment⁽¹⁾	$	825				$	913				$	574
Loans in forbearance⁽²⁾		745					740					544
Loans in repayment and percentage of each status:
Loans current		7,186		82.7	%		5,613		76.5	%		4,619		73.8	%
Loans delinquent 31-60 days⁽³⁾		464		5.3			469		6.4			478		7.6
Loans delinquent 61-90 days⁽³⁾		299		3.4			330		4.5			254		4.1
Loans delinquent greater than 90 days⁽³⁾		747		8.6			921		12.6			908		14.5

Total TDR loans in repayment		8,696		100	%		7,333		100	%		6,259		100	%

Total TDR loans, gross	$	10,266				$	8,986				$	7,377

⁽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.


	Years Ended December 31,
	2014						2013						2012
(Dollars in millions)	Modified Loans⁽¹⁾		Charge- Offs⁽²⁾		Payment- Default		Modified Loans⁽¹⁾		Charge- Offs⁽²⁾		Payment- Default		Modified Loans⁽¹⁾		Charge- Offs⁽²⁾		Payment- Default
Private Education Loans — Traditional	$	1,858	$	332	$	449	$	2,114	$	372	$	680	$	2,375	$	389	$	1,351
Private Education Loans — Non-Traditional		206		107		100		314		132		184		443		152		420

Total	$	2,064	$	439	$	549	$	2,428	$	504	$	864	$	2,818	$	541	$	1,771

⁽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.


	Accrued Interest Receivable As of December 31,
(Dollars in millions)	Total		Greater Than 90 Days Past Due		Allowance for Uncollectible Interest
2014
Private Education Loans — Traditional	$	542	$	31	$	29
Private Education Loans — Non-Traditional		70		10		11

Total	$	612	$	41	$	40

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

Total	$	1,023	$	48	$	66

2012
Private Education Loans — Traditional	$	798	$	39	$	45
Private Education Loans — Non-Traditional		106		16		22

Total	$	904	$	55	$	67

Goodwill and Acquired Intangible Assets

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Intangible Assets

5.	Goodwill and Acquired Intangible Assets

Goodwill

All acquisitions must be assigned to a reporting unit or units. A reporting unit is the same as, or one level below, an operating segment. We have four reportable segments: FFELP Loans, Private Education Loans, Business Services and Other. The following table summarizes our goodwill, accumulated impairments and net goodwill for our reporting units and reportable segments.


	As of December 31, 2014							As of December 31, 2013
(Dollars in millions)	Gross		Accumulated Impairments and Other Adjustments⁽¹⁾			Net		Gross		Accumulated Impairments			Net
Total FFELP Loans reportable segment	$	194	$	(4	)	$	190	$	194	$	(4	)	$	190
Total Private Education Loans reportable segment⁽¹⁾		147		(41	)		106		147		—			147
Business Services reportable segment:
Servicing		50		—			50		50		—			50
Asset Recovery		136		(129	)		7		136		(129	)		7

Total Business Services reportable segment		186		(129	)		57		186		(129	)		57

Total	$	527	$	(174	)	$	353	$	527	$	(133	)	$	394

⁽¹⁾

In conjunction with our Separation from SLM BankCo, we removed $41 million of goodwill from our balance sheet as required under ASC 350, “Intangibles — Goodwill and Other.” This goodwill was allocated to the consumer banking business retained by SLM BankCo based on relative fair value. The former Consumer Lending reportable segment became the Private Education Loans reportable segment.

Interim Goodwill Impairment Testing — June 30, 2014

We performed interim goodwill impairment testing during the second quarter of 2014 as the separation from SLM BankCo was deemed a triggering event warranting an impairment assessment. We assessed relevant qualitative factors consistent with the qualitative factors we considered in conjunction with our October 1, 2014 annual impairment assessment discussed below. We determined that it was more-likely-than-not that the fair values of these reporting units exceeded their carrying amounts as of June 30, 2014.

Annual Goodwill Impairment Testing — October 1, 2014

In performing our annual goodwill impairment analysis as of October 1, 2014, we assessed relevant qualitative factors to determine whether it is “more-likely-than-not” that the fair value of an individual reporting unit is less than its carrying value. As part of our qualitative assessment, we considered the amount of excess fair values over the carrying values of the FFELP Loans, Private Education Loans, Servicing and Asset Recovery reporting units as of October 1, 2013 when we performed a step 1 goodwill impairment test and engaged an appraisal firm to estimate the fair values of these reporting units. The fair value of each reporting unit at October 1, 2013 was substantially in excess of its carrying amount.

We also considered the current legislative environment, the increase in our 2014 stock price since fourth-quarter 2013 and subsequent to the April 30, 2014 separation from SLM BankCo, analyst expectations, EPS results and market capitalization, which was approximately $8.7 billion, up from approximately $7.0 billion on April 30, 2014. We believe the other qualitative factors we considered would indicate favorable changes to reporting unit fair values since appraised values were determined as of October 1, 2013. After assessing these relevant qualitative factors, we determined that it is more-likely-than-not that the fair values of the FFELP Loans, Private Education Loans, Servicing and Asset Recovery reporting units exceed their carrying amounts. Accordingly, we did not perform the Step 1 impairment analysis as of October 1, 2014 for these reporting units.

Acquired Intangible Assets

Acquired intangible assets include the following:


	As of December 31, 2014							As of December 31, 2013
(Dollars in millions)	Cost Basis⁽¹⁾		Accumulated Impairment and Amortization⁽¹⁾			Net		Cost Basis⁽¹⁾		Accumulated Impairment and Amortization⁽¹⁾			Net
Intangible assets subject to amortization:
Customer, services and lending relationships	$	199	$	(192	)	$	7	$	278	$	(261	)	$	17
Software and technology		78		(78	)		—		79		(79	)		—
Trade names and trademarks		14		(5	)		9		34		(21	)		13

Total acquired intangible assets	$	291	$	(275	)	$	16	$	391	$	(361	)	$	30

⁽¹⁾

Accumulated impairment and amortization includes impairment amounts only if the acquired intangible asset has been deemed partially impaired. When an acquired intangible asset is considered fully impaired and no longer in use, the cost basis and any accumulated amortization related to the asset is written off. In conjunction with our separation from SLM BankCo, we removed aggregate cost basis and accumulated impairment and amortization of $100 million and $94 million, respectively, related to Upromise and the Insurance Services reporting units, which were retained by SLM BankCo in their entirety.

Intangible assets not subject to amortization include trade names and trademarks totaling $6 million and $6 million, net of accumulated impairment, as of December 31, 2014 and 2013, respectively.

We recorded amortization of acquired intangible assets from continuing operations totaling $8 million, $13 million and $18 million in 2014, 2013 and 2012, respectively. We will continue to amortize our intangible assets with definite useful lives over their remaining estimated useful lives. We estimate amortization expense associated with these intangible assets will be $5 million, $3 million, $1 million, $1 million and $0 million in 2015, 2016, 2017, 2018 and 2019, respectively.

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Borrowings

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Borrowings

6.	Borrowings

Borrowings consist of secured borrowings issued through our securitization program, borrowings through secured facilities, unsecured notes issued by us, and other interest-bearing liabilities related primarily to obligations to return cash collateral held. To match the interest rate and currency characteristics of our borrowings with the interest rate and currency characteristics of our assets, we enter into interest rate and foreign currency swaps with independent parties. Under these agreements, we make periodic payments, generally indexed to the related asset rates or rates which are highly correlated to the asset rates, in exchange for periodic payments which generally match our interest obligations on fixed or variable rate notes (see “Note 7 —Derivative Financial Instruments”). Payments and receipts on our interest rate and currency swaps are not reflected in the following tables.

The following table summarizes our borrowings.


	December 31, 2014						December 31, 2013
(Dollars in millions)	Short Term		Long Term		Total		Short Term		Long Term		Total
Unsecured borrowings:
Senior unsecured debt	$	1,066	$	16,311	$	17,377	$	2,213	$	16,056	$	18,269
Bank deposits		—		—		—		6,133		2,807		8,940

Total unsecured borrowings		1,066		16,311		17,377		8,346		18,863		27,209

Secured borrowings:
FFELP Loan securitizations		—		86,241		86,241		—		90,756		90,756
Private Education Loan securitizations		—		17,997		17,997		—		18,835		18,835
FFELP Loan — other facilities		—		15,358		15,358		4,715		5,311		10,026
Private Education Loan — other facilities		653		—		653		—		843		843
Other⁽¹⁾		937		—		937		691		—		691

Total secured borrowings		1,590		119,596		121,186		5,406		115,745		121,151

Total before hedge accounting adjustments		2,656		135,907		138,563		13,752		134,608		148,360
Hedge accounting adjustments		7		959		966		43		2,040		2,083

Total	$	2,663	$	136,866	$	139,529	$	13,795	$	136,648	$	150,443

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

Short-term Borrowings

Short-term borrowings have a remaining term to maturity of one year or less. The following tables summarize outstanding short-term borrowings (secured and unsecured), the weighted average interest rates at the end of each period, and the related average balances and weighted average interest rates during the periods. Rates reflect stated interest of borrowings and related discounts and premiums.


	December 31, 2014					Year Ended December 31, 2014
(Dollars in millions)	Ending Balance		Weighted Average Interest Rate			Average Balance		Weighted Average Interest Rate
Bank deposits	$	—		—	%	$	2,032		1.14	%
FFELP Loan — other facilities		—		—			2,893		.37
Private Education Loan — other facilities		653		1.06			397		1.85
Senior unsecured debt		1,073		4.40			1,385		4.36
Other interest-bearing liabilities		937		.06			834		.09

Total short-term borrowings	$	2,663		2.06	%	$	7,541		1.36	%

Maximum outstanding at any month end	$	13,142


	December 31, 2013					Year Ended December 31, 2013
(Dollars in millions)	Ending Balance		Weighted Average Interest Rate			Average Balance		Weighted Average Interest Rate
Bank deposits	$	6,133		1.14	%	$	5,221		1.44	%
FFELP Loan — other facilities		4,715		.21			7,386		.84
Private Education Loan — other facilities		—		—			272		1.86
Senior unsecured debt		2,256		3.09			2,814		3.59
Other interest-bearing liabilities		691		.07			1,037		.14

Total short-term borrowings	$	13,795		1.09	%	$	16,730		1.46	%

Maximum outstanding at any month end	$	20,038

Long-term Borrowings

The following tables summarize outstanding long-term borrowings (secured and unsecured), the weighted average interest rates at the end of the periods, and the related average balances during the periods. Rates reflect stated interest rate of borrowings and related discounts and premiums.


	December 31, 2014					Year Ended December 31, 2014
			Weighted Average			Year Ended December 31, 2014
(Dollars in millions)	Ending Balance⁽¹⁾		Interest Rate⁽²⁾			Average Balance
Floating rate notes:
U.S. dollar-denominated:
Interest bearing, due 2016-2054	$	107,621		.95	%	$	100,966
Non-U.S. dollar-denominated:
Interest bearing, due 2021-2041		8,516		.47			8,842

Total floating rate notes		116,137		.95			109,808
Fixed rate notes:
U.S. dollar-denominated:
Interest bearing, due 2016-2047		19,495		5.61			18,108
Non-U.S.-dollar denominated:
Interest bearing, due 2016-2039		1,234		4.57			1,416

Total fixed rate notes		20,729		5.55			19,524
Brokered deposits — U.S. dollar-denominated		—		—			918

Total long-term borrowings	$	136,866		1.62	%	$	130,250


	December 31, 2013					Year Ended December 31, 2013
			Weighted Average			Year Ended December 31, 2013
(Dollars in millions)	Ending Balance⁽¹⁾		Interest Rate⁽²⁾			Average Balance
Floating rate notes:
U.S. dollar-denominated:
Interest bearing, due 2015-2048	$	102,878		.98	%	$	108,100
Non-U.S. dollar-denominated:
Interest bearing, due 2021-2041		9,249		.62			9,525

Total floating rate notes		112,127		.95			117,625
Fixed rate notes:
U.S. dollar-denominated:
Interest bearing, due 2015-2047		18,510		5.61			16,149
Non-U.S.-dollar denominated:
Interest bearing, due 2015-2039		3,204		2.72			2,420

Total fixed rate notes		21,714		5.18			18,569
Brokered deposits — U.S. dollar-denominated, due 2015-2018		2,807		1.32			2,488

Total long-term borrowings	$	136,648		1.63	%	$	138,682

⁽¹⁾

Ending balance is expressed in U.S. dollars using the spot currency exchange rate. Includes fair value adjustments under hedge accounting for notes designated as the hedged item in a fair value hedge.

⁽²⁾

Weighted average interest rate is stated rate relative to currency denomination of debt.

At December 31, 2014, we had outstanding long-term borrowings with call features totaling $1.7 billion. In addition, we have $15.4 billion of pre-payable debt related to our secured facilities. Generally, these instruments are callable at the par amount. As of December 31, 2014, the stated maturities and maturities if accelerated to the call dates are shown in the following table.


	Stated Maturity						Maturity to Call Date
(Dollars in millions)	Senior Unsecured Debt		Secured Borrowings⁽¹⁾		Total⁽²⁾		Senior Unsecured Debt		Secured Borrowings⁽¹⁾		Total
Year of Maturity
2015	$	—	$	16,786	$	16,786	$	1,699	$	16,786	$	18,485
2016		2,224		12,526		14,750		2,223		12,526		14,749
2017		1,834		12,832		14,666		1,812		12,832		14,644
2018		2,802		9,036		11,838		2,553		9,036		11,589
2019		2,438		10,333		12,771		2,257		10,333		12,590
2020-2054		7,013		58,083		65,096		5,767		58,083		63,850

		16,311		119,596		135,907		16,311		119,596		135,907
Hedge accounting adjustments		877		82		959		877		82		959

Total	$	17,188	$	119,678	$	136,866	$	17,188	$	119,678	$	136,866

⁽¹⁾

We view our securitization trust debt as long-term based on the contractual maturity dates and have projected the expected principal paydowns based on our current estimates regarding loan prepayment speeds. The projected principal paydowns in year 2015 include $16.8 billion related to the securitization trust debt.

⁽²⁾	The aggregate principal amount of debt that matures in each period is $16.9 billion in 2015, $14.8 billion in 2016, $14.7 billion in 2017, $11.9 billion in 2018, $12.8 billion in 2019, and $65.6 billion in 2020-2054.

Variable Interest Entities

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


	December 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	$	—	$	86,241	$	86,241	$	86,715	$	3,069	$	722		$	90,506
Private Education Loan securitizations		—		17,997		17,997		23,184		378		389			23,951
FFELP Loan — other facilities		—		13,358		13,358		13,653		269		260			14,182
Private Education Loan — other facilities		653		—		653		1,233		17		36			1,286

Total before hedge accounting adjustments		653		117,596		118,249		124,785		3,733		1,407			129,925
Hedge accounting adjustments		—		82		82		—		—		(177	)		(177	)

Total	$	653	$	117,678	$	118,331	$	124,785	$	3,733	$	1,230		$	129,748


	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 Loan — other facilities		3,655		3,791		7,446		7,719		128		91			7,938
Private Education Loan — 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

Securitizations

2013 Sales of FFELP Securitization Trust Residual Interests

FFELP Loans — Other Secured Borrowing Facilities

We have various secured borrowing facilities that we use to finance our FFELP Loans. Liquidity is available under these secured credit facilities to the extent we have eligible collateral and available capacity. The maximum borrowing capacity under these facilities will vary and is subject to each agreement’s borrowing conditions. These include but are not limited to the facility’s size, current usage and the availability and fair value of qualifying unencumbered FFELP Loan collateral. Our borrowings under these facilities are non-recourse. The maturity dates on these facilities range from January 2016 to February 2019. The interest rate on certain facilities can increase under certain circumstances. The facilities are subject to termination under certain circumstances. As of December 31, 2014, there was approximately $15.4 billion outstanding under these facilities, with approximately $16.5 billion of assets securing these facilities. As of December 31, 2014, the maximum unused capacity under these facilities was $13.2 billion. As of December 31, 2014, we had $1.9 billion of unencumbered FFELP Loans.

Private Education Loans — Other Secured Borrowing Facilities

In June 2014, Navient closed on a new $1.0 billion Private Education Loan asset-backed commercial paper (“ABCP”) facility. This facility, which matures in June 2015, provides liquidity for Private Education Loan acquisitions and for the refinancing of loans presently on our balance sheet or in other short-term facilities. As of December 31, 2014, there was $348 million outstanding under the facility. The book basis of the assets securing the facility as of December 31, 2014 was $440 million.

We also have a facility that was used to fund the call and redemption of our SLM 2009-D Private Education Loan trust asset-backed securities (“ABS”), which occurred on August 15, 2013. The maturity date of this facility is August 15, 2015. Our borrowings under this facility are non-recourse. The interest rate can increase under certain circumstances. The facility is subject to termination under certain circumstances. As of December 31, 2014, there was $305 million outstanding under the facility. The book basis of the assets securing the facility as of December 31, 2014 was $847 million. Additional borrowings are not available under this facility.

Other Funding Sources

Senior Unsecured Debt

We issued $1.9 billion, $3.8 billion and $2.7 billion of unsecured debt in 2014, 2013 and 2012, respectively.

Debt Repurchases

The following table summarizes activity related to our senior unsecured debt and ABS repurchases. “Gains on debt repurchases” is shown net of hedging-related gains and losses.


	Years Ended December 31,
(Dollars in millions)	2014		2013		2012
Debt principal repurchased	$	548	$	1,279	$	711
Gains on debt repurchases		—		42		145

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2014

Derivative Financial Instruments

7.	Derivative Financial Instruments

Risk Management Strategy

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

Although we use derivatives to offset (or minimize) the risk of interest rate and foreign currency changes, the use of derivatives does expose us to both market and credit risk. Market risk is the chance of financial loss resulting from changes in interest rates, foreign exchange rates and market liquidity. Credit risk is the risk that a counterparty will not perform its obligations under a contract and it is limited to the loss of the fair value gain in a derivative that the counterparty owes us. When the fair value of a derivative contract is negative, we owe the counterparty and, therefore, have no credit risk exposure to the counterparty; however, the counterparty has exposure to us. We minimize the credit risk in derivative instruments by entering into transactions with highly rated counterparties that are reviewed regularly by our Credit Department. We also maintain a policy of requiring that all derivative contracts be governed by an International Swaps and Derivative Association Master Agreement. Depending on the nature of the derivative transaction, bilateral collateral arrangements related to Navient Corporation contracts generally are required as well. When we have more than one outstanding derivative transaction with the counterparty, and there exists legally enforceable netting provisions with the counterparty (i.e., a legal right to offset receivable and payable derivative contracts), the “net” mark-to-market exposure, less collateral the counterparty has posted to us, represents exposure with the counterparty. When there is a net negative exposure, we consider our exposure to the counterparty to be zero. At December 31, 2014 and 2013, we had a net positive exposure (derivative gain positions to us less collateral which has been posted by counterparties to us) related to Navient Corporation derivatives of $96 million and $83 million, respectively.

Our on-balance sheet securitization trusts have $9.3 billion of Euro and British Pound Sterling denominated bonds outstanding as of December 31, 2014. To convert these non-U.S. dollar denominated bonds into U.S. dollar liabilities, the trusts have entered into foreign-currency swaps with highly–rated counterparties. In addition, the trusts have entered into $12.5 billion of interest rates swaps which are primarily used to convert Prime received on securitized student loans to LIBOR paid on the bonds. Our securitization trusts require collateral in all cases if the counterparty’s credit rating is withdrawn or downgraded below a certain level. Additionally, securitizations involving foreign currency notes issued after November 2005 also require the counterparty to post collateral to the trust based on the fair value of the derivative, regardless of credit rating. The trusts are not required to post collateral to the counterparties. At December 31, 2014, the net positive exposure on swaps in securitization trusts is $129 million.

Accounting for Derivative Instruments

Derivative instruments that are used as part of our interest rate and foreign currency risk management strategy include interest rate swaps, basis swaps, cross-currency interest rate swaps, and interest rate floor contracts with indices that relate to the pricing of specific balance sheet assets and liabilities. The accounting for derivative instruments requires that every derivative instrument, including certain derivative instruments embedded in other contracts, be recorded on the balance sheet as either an asset or liability measured at its fair value. As more fully described below, if certain criteria are met, derivative instruments are classified and accounted for by us as either fair value or cash flow hedges. If these criteria are not met, the derivative financial instruments are accounted for as trading.

Fair Value Hedges

Fair value hedges are generally used by us to hedge the exposure to changes in fair value of a recognized fixed rate asset or liability. We enter into interest rate swaps to economically convert fixed rate assets into variable rate assets and fixed rate debt into variable rate debt. We also enter into cross-currency interest rate swaps to economically convert foreign currency denominated fixed and floating debt to U.S. dollar denominated variable debt. For fair value hedges, we generally consider all components of the derivative’s gain and/or loss when assessing hedge effectiveness and generally hedge changes in fair values due to interest rates or interest rates and foreign currency exchange rates.

Cash Flow Hedges

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

Trading Activities

When derivative instruments do not qualify as hedges, they are accounted for as trading instruments where all changes in fair value are recorded through earnings. We sell interest rate floors (Floor Income Contracts) to hedge the embedded Floor Income options in student loan assets. The Floor Income Contracts are written options which have a more stringent hedge effectiveness hurdle to meet. Specifically, our Floor Income Contracts do not qualify for hedge accounting treatment because the pay down of principal of the student loans underlying the Floor Income embedded in those student loans does not exactly match the change in the notional amount of our written Floor Income Contracts. Additionally, the term, the interest rate index and the interest rate index reset frequency of the Floor Income Contracts can be different from that of the student loans. Therefore, Floor Income Contracts do not qualify for hedge accounting treatment, and are recorded as trading instruments. Regardless of the accounting treatment, we consider these contracts to be economic hedges for risk management purposes. We use this strategy to minimize our exposure to changes in interest rates.

We use basis swaps to minimize earnings variability caused by having different reset characteristics on our interest-earning assets and interest-bearing liabilities. The specific terms and notional amounts of the swaps are determined based on a review of our asset/liability structure, our assessment of future interest rate relationships, and on other factors such as short-term strategic initiatives. Hedge accounting requires that when using basis swaps, the change in the cash flows of the hedge effectively offset both the change in the cash flows of the asset and the change in the cash flows of the liability. Our basis swaps hedge variable interest rate risk; however, they generally do not meet this effectiveness criterion because the index of the swap does not exactly match the index of the hedged assets. Additionally, some of our FFELP Loans can earn at either a variable or a fixed interest rate depending on market interest rates and, therefore, swaps economically hedging these FFELP Loans do not meet the criteria for hedge accounting treatment. As a result, these swaps are recorded at fair value with changes in fair value reflected currently in the statement of income.

Summary of Derivative Financial Statement Impact

The following tables summarize the fair values and notional amounts or number of contracts of all derivative instruments at December 31, 2014 and 2013, and their impact on other comprehensive income and earnings for 2014, 2013 and 2012.

Impact of Derivatives on Consolidated Balance Sheet


		Cash Flow					Fair Value						Trading						Total
(Dollars in millions)	Hedged Risk Exposure	Dec. 31, 2014			Dec. 31, 2013		Dec. 31, 2014			Dec. 31, 2013			Dec. 31, 2014			Dec. 31, 2013			Dec. 31, 2014			Dec. 31, 2013
Fair Values⁽¹⁾
Derivative Assets:
Interest rate swaps	Interest rate	$	6		$	24	$	828		$	738		$	23		$	61		$	857		$	823
Cross-currency interest rate swaps	Foreign currency and interest rate		—			—		164			1,185			—			—			164			1,185
Other⁽²⁾	Interest rate		—			—		—			—			1			2			1			2

Total derivative assets⁽³⁾			6			24		992			1,923			24			63			1,022			2,010
Derivative Liabilities:
Interest rate swaps	Interest rate		(3	)		—		(22	)		(149	)		(120	)		(215	)		(145	)		(364	)
Floor Income Contracts	Interest rate		—			—		—			—			(915	)		(1,384	)		(915	)		(1,384	)
Cross-currency interest rate swaps	Foreign currency and interest rate		—			—		(293	)		(155	)		(65	)		(31	)		(358	)		(186	)
Other⁽²⁾	Interest rate		—			—		—			—			(12	)		(23	)		(12	)		(23	)

Total derivative liabilities⁽³⁾			(3	)		—		(315	)		(304	)		(1,112	)		(1,653	)		(1,430	)		(1,957	)

Net total derivatives		$	3		$	24	$	677		$	1,619		$	(1,088	)	$	(1,590	)	$	(408	)	$	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.

⁽³⁾	The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification:


	Other Assets						Other Liabilities
(Dollar in millions)	December 31, 2014			December 31, 2013			December 31, 2014			December 31, 2013
Gross position	$	1,022		$	2,010		$	(1,430	)	$	(1,957	)
Impact of master netting agreements		(241	)		(386	)		241			386

Derivative values with impact of master netting agreements (as carried on balance sheet)		781			1,624			(1,189	)		(1,571	)
Cash collateral (held) pledged		(935	)		(687	)		624			777

Net position	$	(154	)	$	937		$	(565	)	$	(794	)

The above fair values include adjustments for counterparty credit risk for both when we are exposed to the counterparty, net of collateral postings, and when the counterparty is exposed to us, net of collateral postings. The net adjustments decreased the overall net asset positions at December 31, 2014 and 2013 by $18 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 December 31, 2014 and 2013 by $73 million and $84 million, respectively.


	Cash Flow				Fair Value				Trading				Total
(Dollars in billions)	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2014		Dec. 31, 2013
Notional Values:
Interest rate swaps	$	6.0	$	.7	$	14.3	$	16.0	$	28.7	$	46.3	$	49.0	$	63.0
Floor Income Contracts		—		—		—		—		35.2		31.8		35.2		31.8
Cross-currency interest rate swaps		—		—		9.4		11.1		.4		.3		9.8		11.4
Other⁽¹⁾		—		—		—		—		3.6		3.9		3.6		3.9

Total derivatives	$	6.0	$	.7	$	23.7	$	27.1	$	67.9	$	82.3	$	97.6	$	110.1

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

Impact of Derivatives on Consolidated Statements of Income


	Years Ended December 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			2012			2014			2013			2012			2014			2013			2012			2014			2013			2012
Fair Value Hedges:
Interest rate swaps	$	213		$	(806	)	$	(75	)	$	389		$	414		$	449		$	(185	)	$	873		$	41		$	417		$	481		$	415
Cross-currency interest rate swaps		(1,159	)		1			42			52			98			167			1,264			(183	)		(182	)		157			(84	)		27

Total fair value derivatives		(946	)		(805	)		(33	)		441			512			616			1,079			690			(141	)		574			397			442
Cash Flow Hedges:
Interest rate swaps		—			—			(1	)		(3	)		(9	)		(26	)		—			—			—			(3	)		(9	)		(27	)

Total cash flow derivatives		—			—			(1	)		(3	)		(9	)		(26	)		—			—			—			(3	)		(9	)		(27	)
Trading:
Interest rate swaps		54			(107	)		(66	)		46			71			108			—			—			—			100			(36	)		42
Floor Income Contracts		633			785			412			(699	)		(815	)		(859	)		—			—			—			(66	)		(30	)		(447	)
Cross-currency interest rate swaps		(33	)		(101	)		(59	)		(2	)		35			7			—			—			—			(35	)		(66	)		(52	)
Other		9			(19	)		5			(2	)		(2	)		(1	)		—			—			—			7			(21	)		4

Total trading derivatives		663			558			292			(657	)		(711	)		(745	)		—			—			—			6			(153	)		(453	)

Total		(283	)		(247	)		258			(219	)		(208	)		(155	)		1,079			690			(141	)		577			235			(38	)
Less: realized gains (losses) recorded in interest expense		—			—			—			438			503			590			—			—			—			438			503			590

Gains (losses) on derivative and hedging activities, net	$	(283	)	$	(247	)	$	258		$	(657	)	$	(711	)	$	(745	)	$	1,079		$	690		$	(141	)	$	139		$	(268	)	$	(628	)

⁽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.”

Impact of Derivatives on Consolidated Statements of Changes in Stockholders’ Equity (net of tax)


	Years Ended December 31,
(Dollars in millions)	2014			2013		2012
Total gains (losses) on cash flow hedges	$	(7	)	$	16	$	(7	)
Realized losses recognized in interest expense^(1)(2)(3)		2			6		16

Total change in stockholders’ equity for unrealized gains on derivatives	$	(5	)	$	22	$	9

⁽¹⁾

Amounts included in “Realized gain (loss) on derivatives” in the “Impact of Derivatives on Consolidated Statements of Income” table above.

⁽²⁾

Includes net settlement income/expense.

⁽³⁾

We expect to reclassify $1 million of after-tax net losses from accumulated other comprehensive income to earnings during the next 12 months related to net settlement accruals on interest rate swaps.

Collateral

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


(Dollars in millions)	December 31, 2014		December 31, 2013
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$	935	$	687
Securities at fair value — on-balance sheet securitization derivatives (not recorded in financial statements)⁽¹⁾		344		629

Total collateral held	$	1,279	$	1,316

Derivative asset at fair value including accrued interest	$	1,091	$	1,878

Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	$	624	$	777

Total collateral pledged	$	624	$	777

Derivative liability at fair value including accrued interest and premium receivable	$	926	$	948

⁽¹⁾	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 $615 million with our counterparties. Downgrades in our unsecured credit rating 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 current unsecured credit rating. We currently have a liability position with these derivative counterparties (including accrued interest and net of premiums receivable) of $80 million and have posted $79 million of collateral to these counterparties. If these two counterparties exercised their right to terminate, we would be required to deliver additional assets of $1 million to settle the contracts. Trust related derivatives do not contain credit contingent features related to our or the trusts’ credit ratings.

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.

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=35706170&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=35706170&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=35706170&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=35706170&loc=SL5579240-113959

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

Other Assets

12 Months Ended

Dec. 31, 2014

Other Assets

8.	Other Assets

The following table provides the detail of our other assets.


	December 31, 2014					December 31, 2013
(Dollars in millions)	Ending Balance		% of Balance			Ending Balance		% of Balance
Accrued interest receivable, net	$	1,821		32	%	$	2,161		30	%
Derivatives at fair value		781		14			1,624		22
Income tax asset, net current and deferred		1,389		25			1,299		18
Accounts receivable		558		10			881		12
Benefit and insurance-related investments		485		9			477		7
Fixed assets, net		152		3			237		3
Other loans, net		83		1			101		1
Other		395		6			507		7

Total	$	5,664		100	%	$	7,287		100	%

Stockholders' Equity

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Stockholders' Equity

9.	Stockholders’ Equity

Preferred Stock

At December 31, 2013, Old SLM had outstanding 3.3 million shares of 6.97 percent Cumulative Redeemable Preferred Stock, Series A (the “Series A Preferred Stock”) and 4.0 million shares of Floating-Rate Non-Cumulative Preferred Stock, Series B (the “Series B Preferred Stock”). As part of the internal corporate reorganization and pursuant to the merger, all of the outstanding shares of Old SLM Series A Preferred Stock and Series B Preferred Stock were converted, on a one-to-one basis, into substantially identical shares of SLM BankCo preferred stock. Following the merger, SLM BankCo is the issuer of the Series A and Series B Preferred Stock.

Common Stock

Our shareholders have authorized the issuance of 1.125 billion shares of common stock. The par value of Navient common stock is $0.01 per share, while the par value of the common stock of Old SLM, our accounting predecessor, was $0.20 per share. At December 31, 2014, 402 million shares were issued and outstanding and 33 million shares were unissued but encumbered for outstanding stock options, restricted stock units and dividend equivalent units for employee compensation and remaining authority for stock-based compensation plans. The stock-based compensation plans are described in “Note 11 — Stock-Based Compensation Plans and Arrangements.”

In April 2014, in connection with the Spin-Off, Old SLM retired 127 million shares of common stock held in treasury. This retirement decreased the balance in treasury stock by $2.3 billion, with corresponding decreases of $25 million in common stock and $2.3 billion in additional paid-in capital. There was no impact to total equity from this retirement.

Dividend and Share Repurchase Program

In 2014, we paid quarterly common stock dividends of $0.15 per share, resulting in a full-year common stock dividend of $0.60 per share.

In 2012, Old SLM authorized the repurchase of up to $900 million of outstanding common stock in open market transactions and repurchased 58.0 million shares for an aggregate purchase price of $900 million. In 2013, Old SLM authorized the repurchase of up to $800 million of outstanding common stock in open market transactions and repurchased 27.0 million shares for an aggregate purchase price of $600 million.

In May 2014, Navient authorized $400 million to be utilized in a new common share repurchase program. We repurchased 30.4 million shares of common stock for $600 million in 2014 (8.3 million shares for $200 million pre-Spin-Off, and 22.1 million shares for $400 million post-Spin-Off), fully utilizing the 2013 and 2014 share repurchase programs. In December 2014, our board of directors authorized $1.0 billion to be utilized in a new common share repurchase program that is effective January 1, 2015 and does not have an expiration date.

The following table summarizes our common share repurchases and issuances.


	Years Ended December 31,
	2014		2013		2012
Common stock repurchased⁽¹⁾		30,432,689		26,987,043		58,038,239
Average purchase price per share	$	19.72	$	22.26	$	15.52
Shares repurchased related to employee stock-based compensation plans⁽²⁾		4,171,342		6,365,002		4,547,785
Average purchase price per share	$	20.91	$	21.76	$	15.86
Common shares issued⁽³⁾		7,389,962		9,702,976		6,432,643

⁽¹⁾

Common shares purchased under our share repurchase programs.

⁽²⁾

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

⁽³⁾

Common shares issued under our various compensation and benefit plans.

The closing price of our common stock on December 31, 2014 was $21.61.

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.

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Earnings (Loss) per Common Share

Earnings (Loss) per Common Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

10.

Earnings (Loss) per Common Share

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


	Years Ended December 31,
(In millions, except per share data)	2014		2013		2012
Numerator:
Net income attributable to Navient Corporation	$	1,149	$	1,418	$	939
Preferred stock dividends		6		20		20

Net income attributable to Navient Corporation common stock	$	1,143	$	1,398	$	919

Denominator:
Weighted average shares used to compute basic EPS		417		440		476
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units and Employee Stock Purchase Plan (“ESPP”)⁽¹⁾		8		9		7

Dilutive potential common shares⁽²⁾		8		9		7

Weighted average shares used to compute diluted EPS		425		449		483

Basic earnings (loss) per common share attributable to Navient Corporation:
Continuing operations	$	2.74	$	2.94	$	1.93
Discontinued operations		—		.24		—

Total	$	2.74	$	3.18	$	1.93

Diluted earnings (loss) per common share attributable to Navient Corporation:
Continuing operations	$	2.69	$	2.89	$	1.90
Discontinued operations		—		.23		—

Total	$	2.69	$	3.12	$	1.90

⁽¹⁾	Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, restricted stock, restricted stock units, and the outstanding commitment to issue shares under the ESPP, determined by the treasury stock method.

⁽²⁾	For the years ended December 31, 2014, 2013 and 2012, stock options covering approximately 3 million, 3 million and 12 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

Stock-Based Compensation Plans and Arrangements

12 Months Ended

Dec. 31, 2014

Postemployment Benefits [Abstract]

Stock-Based Compensation Plans and Arrangements

11.

Stock-Based Compensation Plans and Arrangements

In connection with the Spin-Off, SLM BankCo assumed the equity incentive plans of Old SLM and outstanding awards granted thereunder, as well as the ESPP of Old SLM. Following the Spin-Off, Navient established a new equity incentive plan and a new ESPP with respect to its common stock. In order to maintain the intrinsic value of outstanding equity awards prior to the distribution, certain adjustments to the exercise price and number of awards were made. In general, holders of awards granted prior to 2014 received both adjusted SLM BankCo and new Navient equity awards, and holders of awards granted in 2014 received solely equity awards of their post-distribution employer. Outstanding stock options, restricted stock, restricted stock units and dividend equivalent units were adjusted into equity in the new companies by a specific conversion ratio per company, which was based upon the volume weighted average prices for each company leading up to the time of the separation, to keep the intrinsic value of the equity awards constant. These adjustments were accounted for as modifications to the original awards. In general, the SLM BankCo and Navient awards are subject to substantially the same terms and conditions as the original Old SLM awards. A comparison of the fair value of the modified awards with the fair value of the original awards immediately before the modification resulted in an immaterial amount of incremental compensation expense which was recorded immediately.

As of December 31, 2014, we have one active stock-based incentive plan that provides for grants of equity awards to our employees and non-employee directors. We also maintain an ESPP. Shares issued under these stock-based compensation plans may be either shares reacquired by us or shares that are authorized but unissued.

Our Navient Corporation 2014 Omnibus Incentive Plan was effective on April 7, 2014. At December 31, 2014, 45 million shares were authorized to be issued from this plan.

Our Navient Corporation ESPP was effective on May 1, 2014. At December 31, 2014, 1 million shares were authorized to be issued from this plan.

The total stock-based compensation cost recognized in the consolidated statements of income for 2014, 2013 and 2012 was $39 million, $47 million and $47 million, respectively. As of December 31, 2014, there was $14 million of total unrecognized compensation expense related to unvested stock awards, which is expected to be recognized over a weighted average period of 1.7 years. We amortize compensation expense on a straight-line basis over the related vesting periods of each tranche of each award.

Stock Options

Stock options originally granted prior to 2012 expire 10 years after the grant date, and those granted since 2012 expire in 5 years. The exercise price must be equal to or greater than the market price of our common stock on the grant date. We have granted time-vested, price-vested and performance-vested options to our employees and non-employee directors. Time-vested options granted to management and non-management employees generally vest over three years. Price-vested options granted to management employees vest upon our common stock reaching a targeted closing price for a set number of days. Performance-vested options granted to management employees vest one-third per year for three years based on corporate earnings-related performance targets. Options granted to non-employee directors vest upon the director’s election to the board.

The fair values of the options granted in the years ended December 31, 2014, 2013 and 2012 were estimated as of the grant date using a Black-Scholes option pricing model with the following weighted average assumptions (information for the 2014 period prior to the Spin-Off is based on stock option awards for Old SLM common stock):


	Years Ended December 31,
	2014 Post-Spin-Off			2014 Pre-Spin-Off			2013			2012
Expected life of the option		2.9 years			2.9 years			2.8 years			2.8 years
Expected volatility		27	%		26	%		31	%		44	%
Risk-free interest rate		.81	%		.76	%		.65	%		.60	%
Expected dividend rate		3.53	%		2.48	%		3.35	%		3.13	%
Weighted average fair value of options granted	$	2.29		$	3.48		$	3.11		$	4.12

The expected life of the options for all periods presented is based on observed historical exercise patterns of Old SLM’s employees. Groups of employees (and non-employee directors) that have received similar option grant terms are considered separately for valuation purposes. The expected volatility for all pre-Spin-Off periods presented is based on implied volatility from publicly-traded options on Old SLM’s stock at the grant date and historical volatility of Old SLM’s stock consistent with the expected life of the option. The 2014 post-Spin-Off expected volatility is based on implied and historical volatility of Navient’s peer group as of May 1, 2014. The risk-free interest rate is based on the U.S. Treasury spot rate at the grant date consistent with the expected life of the option. The dividend yield is based on the projected annual dividend payment per share based on the dividend amount at the grant date, divided by the stock price at the grant date.

The following table summarizes stock option activity in 2014 for Old SLM (pre-Spin-Off) and Navient (post-Spin-Off) common stock.


	Number of Options			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value⁽¹⁾
Outstanding at December 31, 2013		20,272,760		$	20.55
Granted		16,132			24.24
Exercised⁽²⁾⁽³⁾		(1,990,681	)		12.71
Canceled		(206,046	)		38.04

Outstanding at April 30, 2014		18,092,165			21.21

Outstanding at May 1, 2014		—			—
Replacement awards granted upon distribution of SLM BankCo⁽⁴⁾		18,092,165			13.61
Granted		1,988,228			17.00
Exercised⁽²⁾⁽³⁾		(2,669,174	)		8.84
Canceled		(89,660	)		22.95

Outstanding at December 31, 2014⁽⁵⁾		17,321,559		$	14.68		3.1 yrs	$	155

Exercisable at December 31, 2014		12,390,540		$	15.14		3.0 yrs	$	116

⁽¹⁾

The aggregate intrinsic value represents the total intrinsic value (the aggregate difference between our closing stock price on December 31, 2014 and the exercise price of in-the-money options) that would have been received by the option holders if all in-the-money options had been exercised on December 31, 2014.

⁽²⁾

The total intrinsic value of Old SLM stock options exercised during periods prior to the Spin-Off was $23 million, $73 million and $27 million for 2014, 2013 and 2012, respectively. The total intrinsic value of Navient stock options exercised during 2014 subsequent to the Spin-Off was $23 million.

⁽³⁾

There was no cash received from option exercises in 2014. The actual tax benefit realized for the tax deductions from option exercises totaled $15 million for 2014.

⁽⁴⁾

In connection with the Spin-Off, holders of Old SLM stock options granted prior to the Spin-Off received the same number of Navient stock options with adjusted strike prices.

⁽⁵⁾

As of December 31, 2014, there was $2 million of unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted average period of 1.8 years.

Restricted Stock

Restricted stock awards are generally granted to non-employee directors and can be vested upon appointment to the board, upon the director’s election to the board, or in some cases after one year with continued board service. Outstanding restricted stock is entitled to dividend equivalent units that vest subject to the same vesting requirements or lapse of transfer restrictions, as applicable, as the underlying restricted stock award. The fair value of restricted stock awards is based on our stock price at the grant date.

The following table summarizes restricted stock activity in 2014 for Old SLM (pre-Spin-Off) and Navient (post-Spin-Off) common stock.


	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested at December 31, 2013		39,355		$	14.29
Granted		4,333			21.91
Vested⁽¹⁾		(38,355	)		13.48
Canceled		(1,000	)		45.41

Non-vested at April 30, 2014		4,333			21.91

Non-vested at May 1, 2014		—			—
Replacement awards granted upon distribution of SLM BankCo⁽²⁾		—			—
Granted		62,811			16.68
Vested⁽¹⁾		(62,811	)		16.68
Canceled		—			—

Non-vested at December 31, 2014⁽³⁾		—		$	—

⁽¹⁾

The total fair value of Old SLM shares that vested during periods prior to the Spin-Off was $1 million, $2 million and $4 million for 2014, 2013 and 2012, respectively. The total fair value of Navient shares that vested during 2014 subsequent to the Spin-Off was $1 million.

⁽²⁾

In connection with the Spin-Off, all holders of Old SLM restricted stock were associated with SLM BankCo and received solely restricted stock awards in SLM BankCo.

⁽³⁾

As of December 31, 2014, there was no unrecognized compensation cost related to restricted stock.

Restricted Stock Units and Performance Stock Units

Restricted stock units (“RSUs”) and performance stock units (“PSUs”) are equity awards granted to employees that entitle the holder to shares of our common stock when the award vests. RSUs may be time-vested over three years or vested at grant but subject to transfer restrictions, while PSUs vest based on corporate earnings-related performance targets over a three-year period. Outstanding RSUs and PSUs are entitled to dividend equivalent units that vest subject to the same vesting requirements or lapse of transfer restrictions, as applicable, as the underlying award. The fair value of RSUs and PSUs is based on our stock price at the grant date.

The following table summarizes RSU and PSU activity in 2014 for Old SLM (pre-Spin-Off) and Navient (post-Spin-Off) common stock.


	Number of RSUs/ PSUs			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2013		5,126,887		$	16.72
Granted		3,286,586			20.89
Vested and converted to common stock⁽¹⁾		(2,151,196	)		16.17
Canceled		(951,281	)		17.02

Outstanding at April 30, 2014		5,310,996			19.47

Outstanding at May 1, 2014		—			—
Replacement awards granted upon distribution of SLM BankCo⁽²⁾		4,980,459			12.23
Granted		62,920			16.95
Vested and converted to common stock⁽¹⁾		(125,430	)		10.37
Canceled		(48,728	)		12.38

Outstanding at December 31, 2014⁽³⁾		4,869,221		$	12.34

⁽¹⁾

The total fair value of Old SLM RSUs and PSUs that vested and converted to common stock during periods prior to the Spin-Off was $35 million, $27 million and $13 million for 2014, 2013 and 2012, respectively. The total fair value of Navient RSUs and PSUs that vested and converted to common stock during 2014 subsequent to the Spin-Off was $1 million.

⁽²⁾

In connection with the Spin-Off, holders of Old SLM RSUs granted prior to 2014 received the same number of Navient RSUs, and holders of Old SLM RSUs granted during 2014 received solely RSUs of their post-separation employer. This conversion resulted in 1 million less RSUs held by SLM BankCo employees and 0.7 million additional Navient RSUs for a net change to outstanding of 0.3 million RSUs.

⁽³⁾

As of December 31, 2014, there was $11 million of unrecognized compensation cost related to RSUs and PSUs, which is expected to be recognized over a weighted average period of 1.8 years.

Employee Stock Purchase Plan

Under the ESPP, employees can purchase shares of our common stock at the end of a 12-month offering period at a price equal to the share price at the beginning of the 12-month period, less 15 percent, up to a maximum purchase price of $7,500 plus accrued interest. The purchase price for each offering is determined at the beginning of the offering period.

The fair values of the stock purchase rights of the ESPP offerings were calculated using a Black-Scholes option pricing model with the following weighted average assumptions.


	Years Ended December 31,
	2014 Post-Spin-Off			2013			2012
Expected life of the option		1 year			1 year			1 year
Expected volatility		24	%		29	%		29	%
Risk-free interest rate		.13	%		.15	%		.13	%
Expected dividend rate		3.46	%		3.51	%		3.27	%
Weighted average fair value of stock purchase rights	$	2.74		$	2.95		$	3.01

The expected volatility for all pre-Spin-Off periods presented is based on implied volatility from publicly-traded options on Old SLM’s stock at the grant date and historical volatility of Old SLM’s stock consistent with the expected life. The 2014 post-Spin-Off expected volatility is based on implied and historical volatility of Navient’s peer group as of May 1, 2014. The risk-free interest rate is based on the U.S. Treasury spot rate at the grant date consistent with the expected life. The dividend yield is based on the projected annual dividend payment per share based on the current dividend amount at the grant date divided by the stock price at the grant date.

The fair values were amortized to compensation cost on a straight-line basis over a one-year vesting period. As of December 31, 2014, there was $0.4 million of unrecognized compensation cost related to the ESPP, which is expected to be recognized over a weighted average period of 0.6 years.

During 2014, 2013 and 2012, plan participants purchased 228,053 shares, 218,389 shares and 192,755 shares, respectively, of common stock, net of shares withheld for taxes.

Fair Value Measurements

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements

12.

Fair Value Measurements

We use estimates of fair value in applying various accounting standards for 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.

Student Loans

Our FFELP Loans and Private Education Loans are accounted for at cost or at the lower of cost or market if the loan is held-for-sale. Fair values were determined by modeling loan cash flows using stated terms of the assets and internally-developed assumptions to determine aggregate portfolio yield, net present value and average life.

FFELP Loans

The significant assumptions used to determine fair value of our FFELP Loans are prepayment speeds, default rates, cost of funds, capital levels, and expected Repayment Borrower Benefits to be earned. In addition, the Floor Income component of our FFELP Loan portfolio is valued with option models using both observable market inputs and internally developed inputs. A number of significant inputs into the models are internally derived and not observable to market participants. As such, these are level 3 valuations.

Private Education Loans

The significant assumptions used to determine fair value of our Private Education Loans are prepayment speeds, default rates, recovery rates, cost of funds and capital levels. A number of significant inputs into the models are internally derived and not observable to market participants nor can the resulting fair values be validated against market transactions. While the resulting fair value can be validated against market transactions where we are a participant, these markets are not considered active. As such, these are level 3 valuations.

Cash and Investments (Including “Restricted Cash and Investments”)

Cash and cash equivalents are carried at cost. Carrying value approximates fair value. Investments classified as trading or available-for-sale are carried at fair value in the financial statements. Investments in mortgage-backed securities are valued using observable market prices. These securities are primarily collateralized by real estate properties and are guaranteed by either a government sponsored enterprise or the U.S. government. Other investments (primarily municipal bonds) for which observable prices from active markets are not available were valued through standard bond pricing models using observable market yield curves adjusted for credit and liquidity spreads. These valuations are immaterial to the overall investment portfolio. The fair value of investments in commercial paper, asset-backed commercial paper, or demand deposits that have a remaining term of less than 90 days when purchased are estimated to equal their cost and, when needed, adjustments for liquidity and credit spreads are made depending on market conditions and counterparty credit risks. No additional adjustments were deemed necessary. These are level 2 valuations.

Borrowings

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

Derivative Financial Instruments

All derivatives are accounted for at fair value in the financial statements. The fair value of a majority of derivative financial instruments was determined by standard derivative pricing and option models using the stated terms of the contracts and observable market inputs. In some cases, we utilized internally developed inputs that are not observable in the market, and as such, classified these instruments as level 3 fair values. Complex structured derivatives or derivatives that trade in less liquid markets require significant estimates and judgment in determining fair value that cannot be corroborated with market transactions. It is our policy to compare our derivative fair values to those received by our counterparties in order to validate the model’s outputs. Any significant differences are identified and resolved appropriately.

When determining the fair value of derivatives, we take into account counterparty credit risk for positions where there is exposure to the counterparty on a net basis by assessing exposure net of collateral held. The net exposures for each counterparty are adjusted based on market information available for the specific counterparty, including spreads from credit default swaps. When the counterparty has exposure to us under derivatives with us, we fully collateralize the exposure, minimizing the adjustment necessary to the derivative valuations for our credit risk. While trusts that contain derivatives are not required to post collateral, when the counterparty is exposed to the trust the credit quality and securitized nature of the trusts minimizes any adjustments for the counterparty’s exposure to the trusts. The net credit risk adjustment (adjustments for our exposure to counterparties net of adjustments for the counterparties’ exposure to us) decreased the valuations by $18 million at December 31, 2014.

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

•

Interest rate swaps — Derivatives are valued using standard derivative cash flow models. Derivatives that swap fixed interest payments for LIBOR interest payments (or vice versa) and derivatives swapping quarterly reset LIBOR for daily reset LIBOR or one-month LIBOR were valued using the LIBOR swap yield curve which is an observable input from an active market. These derivatives are level 2 fair value estimates in the hierarchy. Other derivatives swapping LIBOR interest payments for another variable interest payment (primarily T-Bill or Prime) or swapping interest payments based on the Consumer Price Index for LIBOR interest payments are valued using the LIBOR swap yield curve and observable market spreads for the specified index. The markets for these swaps are generally illiquid as indicated by a wide bid/ask spread. The adjustment made for liquidity decreased the valuations by $73 million at December 31, 2014. These derivatives are level 3 fair value estimates.

•

Cross-currency interest rate swaps — Derivatives are valued using standard derivative cash flow models. Derivatives hedging foreign-denominated bonds are valued using the LIBOR swap yield curve (for both USD and the foreign-denominated currency), cross-currency basis spreads, and forward foreign currency exchange rates. The derivatives are primarily British Pound Sterling and Euro denominated. These inputs are observable inputs from active markets. Therefore, the resulting valuation is a level 2 fair value estimate. Amortizing notional derivatives (derivatives whose notional amounts change based on changes in the balance of, or pool of, assets or debt) hedging trust debt use internally derived assumptions for the trust assets’ prepayment speeds and default rates to model the notional amortization. Management makes assumptions concerning the extension features of derivatives hedging rate-reset notes denominated in a foreign currency. These inputs are not market observable; therefore, these derivatives are level 3 fair value estimates.

•

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

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

The following table summarizes the valuation of our financial instruments that are marked-to-market on a recurring basis. During 2014 and 2013, there were no significant transfers of financial instruments between levels.


	Fair Value Measurements on a Recurring Basis
	December 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	$	—	$	1		$	—		$	1		$	—	$	102		$	—		$	102
Other		—		5			—			5			—		7			—			7

Total available-for-sale investments		—		6			—			6			—		109			—			109
Derivative instruments:⁽¹⁾
Interest rate swaps		—		841			16			857			—		785			38			823
Cross-currency interest rate swaps		—		—			164			164			—		27			1,158			1,185
Other		—		—			1			1			—		—			2			2

Total derivative assets⁽³⁾		—		841			181			1,022			—		812			1,198			2,010

Total	$	—	$	847		$	181		$	1,028		$	—	$	921		$	1,198		$	2,119

Liabilities⁽²⁾
Derivative instruments⁽¹⁾
Interest rate swaps	$	—	$	(41	)	$	(104	)	$	(145	)	$	—	$	(239	)	$	(125	)	$	(364	)
Floor Income Contracts		—		(915	)		—			(915	)		—		(1,384	)		—			(1,384	)
Cross-currency interest rate swaps		—		(77	)		(281	)		(358	)		—		(35	)		(151	)		(186	)
Other		—		—			(12	)		(12	)		—		—			(23	)		(23	)

Total derivative liabilities⁽³⁾		—		(1,033	)		(397	)		(1,430	)		—		(1,658	)		(299	)		(1,957	)

Total	$	—	$	(1,033	)	$	(397	)	$	(1,430	)	$	—	$	(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 7 — 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.


	Year Ended December 31, 2014
	Derivative Instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other			Total Derivative Instruments
Balance, beginning of period	$	(87	)	$	1,007		$	(21	)	$	899
Total gains/(losses) (realized and unrealized):
Included in earnings⁽¹⁾		1			(1,081	)		8			(1,072	)
Included in other comprehensive income		—			—			—			—
Settlements		(2	)		(43	)		2			(43	)
Transfers in and/or out of level 3		—			—			—			—

Balance, end of period	$	(88	)	$	(117	)	$	(11	)	$	(216	)

Change in unrealized gains/(losses) relating to instruments still held at the reporting date⁽²⁾	$	—		$	(1,225	)	$	10		$	(1,215	)


	Year Ended December 31, 2013
	Derivative Instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other			Total Derivative Instruments
Balance, beginning of period	$	(73	)	$	1,053		$	4		$	984
Total gains/(losses) (realized and unrealized):
Included in earnings⁽¹⁾		9			63			(22	)		50
Included in other comprehensive income		—			—			—			—
Settlements		(23	)		(109	)		(3	)		(135	)
Transfers in and/or out of level 3		—			—			—			—

Balance, end of period	$	(87	)	$	1,007		$	(21	)	$	899

Change in unrealized gains/(losses) relating to instruments still held at the reporting date⁽²⁾	$	(2	)	$	116		$	(19	)	$	95


	Year Ended December 31, 2012
	Derivative Instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other		Total Derivative Instruments
Balance, beginning of period		$(40)			$1,021		$	1	$	982
Total gains/(losses) (realized and unrealized):
Included in earnings⁽¹⁾		(5	)		159			3		157
Included in other comprehensive income		—			—			—		—
Settlements		(28	)		(127	)		—		(155	)
Transfers in and/or out of level 3		—			—			—		—

Balance, end of period	$	(73	)	$	1,053		$	4	$	984

Change in unrealized gains/(losses) relating to instruments still held at the reporting date⁽²⁾	$	(31	)	$	55		$	4	$	28

⁽¹⁾

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


	Years Ended December 31,
(Dollars in millions)	2014			2013			2012
Gains (losses) on derivative and hedging activities, net	$	(1,116	)	$	(27	)	$	37
Interest expense		44			77			120

Total	$	(1,072	)	$	50		$	157

⁽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 December 31, 2014			Valuation Technique	Input	Range (Weighted Average)
Derivatives
Consumer Price Index/LIBOR basis swaps	$	13		Discounted cash flow	Bid/ask adjustment to discount rate	.02% — .05% (.05%)

Prime/LIBOR basis swaps		(101	)	Discounted cash flow	Constant Prepayment Rate	4.6%
					Bid/ask adjustment to discount rate	.08% — .08% (.08%)

Cross-currency interest rate swaps		(117	)	Discounted cash flow	Constant Prepayment Rate	2.7%
Other		(11	)

Total	$	(216	)

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.


	December 31, 2014									December 31, 2013
(Dollars in millions)	Fair Value			Carrying Value			Difference			Fair Value			Carrying Value			Difference
Earning assets
FFELP Loans	$	104,419		$	104,521		$	(102	)	$	104,481		$	104,588		$	(107	)
Private Education Loans		29,433			29,796			(363	)		37,485			37,512			(27	)
Cash and investments⁽¹⁾		6,002			6,002			—			9,732			9,732			—

Total earning assets		139,854			140,319			(465	)		151,698			151,832			(134	)

Interest-bearing liabilities
Short-term borrowings		2,661			2,663			2			13,807			13,795			(12	)
Long-term borrowings		134,201			136,866			2,665			133,578			136,648			3,070

Total interest-bearing liabilities		136,862			139,529			2,667			147,385			150,443			3,058

Derivative financial instruments
Floor Income Contracts		(915	)		(915	)		—			(1,384	)		(1,384	)		—
Interest rate swaps		712			712			—			459			459			—
Cross-currency interest rate swaps		(194	)		(194	)		—			999			999			—
Other		(11	)		(11	)		—			(21	)		(21	)		—

Excess of net asset fair value over carrying value							$	2,202								$	2,924

⁽¹⁾

“Cash and investments” includes available-for-sale investments that consist of investments that are primarily agency securities whose cost basis is $5 million and $113 million at December 31, 2014 and 2013, respectively, versus a fair value of $6 million and $109 million at December 31, 2014 and 2013, respectively.

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.

Commitments and Contingencies Disclosure [Abstract]

Commitments, Contingencies and Guarantees

12 Months Ended

Dec. 31, 2014

Commitments, Contingencies and Guarantees

13.

Commitments, Contingencies and Guarantees

Regulatory Matters

On May 2, 2014, Navient Solutions, Inc. (“NSI”), a wholly-owned subsidiary of Navient, and Sallie Mae Bank entered into consent orders with the Federal Deposit Insurance Corporation (the “FDIC”) (respectively, the “NSI Order” and the “Bank Order”; collectively, “the FDIC Orders”) to resolve matters related to certain cited violations of Section 5 of the Federal Trade Commission Act, including the disclosures and assessments of certain late fees, as well as alleged violations under the Servicemembers Civil Relief Act (“SCRA”). The FDIC Orders, which became effective upon the signing of the consent order with the United States Department of Justice (“DOJ”) by Navient and SLM BankCo on May 13, 2014, required NSI to pay $3.3 million in civil monetary penalties. NSI has paid its civil monetary penalties. In addition, the FDIC Orders required the establishment of a restitution reserve account totaling $30 million to provide restitution with respect to loans owned or originated by Sallie Mae Bank, from November 28, 2005 until the effective date of the FDIC Orders. Pursuant to the Separation and Distribution Agreement among SLM Corporation, SLM BankCo and Navient dated as of April 28, 2014 (the “Separation Agreement”), Navient was responsible for funding the restitution reserve account. We funded the account in May 2014.

The NSI Order requires NSI to ensure proper servicing for service members and proper application of SCRA benefits under a revised and broader definition of eligibility than previously required by the statute and regulatory guidance and to make changes to billing statements and late fee practices. These changes to billing statements have already been implemented. In order to treat all customers in a similar manner, NSI decided to voluntarily make restitution of certain late fees to all other customers whose loans were neither owned nor originated by Sallie Mae Bank. These payments will refund certain late fees incurred by the customer and were calculated 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 and the refund process is on-going.

With respect to alleged civil violations of the SCRA, NSI and Sallie Mae Bank entered into a consent order with the DOJ, in its capacity as the agency having primary authority for enforcement of such matters. The DOJ consent order (“DOJ Order”) covers all loans either owned by Sallie Mae Bank or serviced by NSI from November 28, 2005 until the effective date of the settlement. The DOJ Order required NSI to fund a $60 million settlement fund, which represents the total amount of compensation due to service members under the DOJ agreement, and to pay $55,000 in civil money penalties. The DOJ Order was approved by the United States District Court in Delaware on September 29, 2014, and as a result, Navient funded the settlement fund and paid the civil money penalties in October 2014.

In 2013, a reserve of $65 million was established for estimated amounts and costs that were probable of being incurred for the FDIC and DOJ matters discussed above. In 2014, an additional reserve of $112 million was recorded for pending regulatory matters based on the progression of settlement discussions with the regulators. As a result, the total reserve established by the Company to cover these costs was $177 million, and as of December 31, 2014, $78 million of those reserves remained. The final cost of these proceedings will remain uncertain until all of the work under the various consent orders has been completed.

As previously disclosed in April 2014, NSI received a Civil Investigative Demand (“CID”) 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 and other matters. Navient has been in discussions with the CFPB relating to these matters and is cooperating with the investigation and is committed to resolving any potential concerns. It is not possible at this time to estimate a range of potential exposure, if any, for amounts that may be payable in connection therewith and reserves have not been established in this matter.

In November 2014, NSI’s subsidiary, Pioneer Credit Recovery, Inc. (“Pioneer”), received a CID from the CFPB as part of the CFPB’s investigation regarding Pioneer’s activities relating to rehabilitation loans and collection of defaulted student debt. Navient has been in discussions with the CFPB relating to this matter, is cooperating with the investigation and is committed to resolving any potential concerns. It is not possible at this time to estimate a range of potential exposure, if any, for amounts that may be payable in connection therewith and reserves have not been established in this matter.

In December 2014, NSI received a subpoena from the New York Department of Financial Services (the “NY DFS”) as part of the NY DFS’s inquiry with regard to whether persons or entities have engaged in fraud or misconduct with respect to a financial product or service under New York Financial Services Law or other laws. Navient has been in discussions with the NY DFS relating to this matter, is cooperating with the investigation and is committed to resolving any potential concerns. It is not possible at this time to estimate a range of potential exposure, if any, for amounts that may be payable in connection therewith and reserves have not been established in this matter.

Navient has also received CIDs issued by the State of Illinois Office of Attorney General and the State of Washington Office of the Attorney General and continues to cooperate with multiple state Attorneys General in connection with these investigations. According to the CIDs, the investigations were initiated to ascertain whether any practices declared to be unlawful under the Consumer Fraud and Deceptive Business Practices Act have occurred or are about to occur. Navient is cooperating with these investigations and is committed to resolving any potential concerns. It is not possible at this time to estimate a range of potential exposure, if any, for amounts that may be payable in connection therewith and reserves have not been established in this matter.

Pursuant to the separation and distribution agreement entered into in connection with the Spin-Off, Navient has agreed to be responsible and indemnify SLM BankCo for all claims, actions, damages, losses or expenses that may arise from the conduct of all activities of pre-Spin-Off SLM BankCo occurring prior to the Spin-Off other than those specifically excluded in the Separation and Distribution Agreement. As a result, 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. There are no additional reserves Navient has related to other indemnification matters with SLM BankCo as of December 31, 2014.

OIG Audit

The Office of the Inspector General (the “OIG”) of ED commenced an audit regarding Special Allowance Payments (“SAP”) on September 10, 2007. On September 25, 2013, we received the final audit determination of Federal Student Aid (the “Final Audit Determination”) on the final audit report issued by the OIG on August 3, 2009 related to our billing practices for SAP. The Final Audit Determination concurred with the final audit report issued by the OIG and instructed us to make adjustment to our government billing to reflect the policy determination. Navient remains in active discussions with ED on this matter and we also have the right to appeal the Final Audit Determination to the Administrative Actions and Appeals Service Group of ED. The appeal must be filed no later than March 31, 2015. We continue to believe that our SAP billing practices were proper, considering then-existing ED guidance and lack of applicable regulations. The Company established a reserve for this matter in 2014.

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.

Income Taxes

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Taxes

14.

Income Taxes

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


	Years Ended December 31,
	2014			2013			2012
Statutory rate		35.0	%		35.0	%		35.0	%
State tax, net of federal benefit		2.0			2.0			.1
Other, net		.5			.1			(.5	)

Effective tax rate		37.5	%		37.1	%		34.6	%

The effective tax rates for discontinued operations for the years ended December 31, 2014, 2013 and 2012 are 37.0 percent, 16.2 percent, and 40.7 percent, respectively. The effective tax rate varies from the statutory U.S. federal rate of 35 percent primarily due to the impact of state taxes, net of federal benefit, for the years ended December 31, 2014, 2013 and 2012 and the release of valuation allowances against capital loss carryforwards for the year ended December 31, 2013.

Income tax expense consists of:


	December 31,
(Dollars in millions)	2014			2013			2012
Continuing operations current provision/(benefit):
Federal	$	443		$	567		$	474
State		42			47			27

Total continuing operations current provision/(benefit)		485			614			501
Continuing operations deferred provision/(benefit):
Federal		189			142			23
State		14			20			(26	)

Total continuing operations deferred provision/(benefit)		203			162			(3	)

Continuing operations provision for income tax expense/(benefit)		688			776			498

Discontinued operations current provision/(benefit):
Federal	$	(4	)	$	32		$	1
State		—			1			—

Total discontinued operations current provision/(benefit)		(4	)		33			1
Discontinued operations deferred provision/(benefit):
Federal		4			(12	)		(2	)
State		—			(1	)		—

Total discontinued operations deferred provision/(benefit)		4			(13	)		(2	)

Discontinued operations provision for income tax expense/(benefit)		—			20			(1	)

Provision for income tax expense/(benefit)	$	688		$	796		$	497

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


	December 31,
(Dollars in millions)	2014		2013
Deferred tax assets:
Loan reserves	$	795	$	893
Market value adjustments on student loans, investments and derivatives		352		572
Student loan premiums and discounts, net		114		25
Stock-based compensation plans		50		66
Deferred revenue		49		57
Accrued expenses not currently deductible		27		61
Other		25		30

Total deferred tax assets		1,412		1,704

Deferred tax liabilities:
Gains/(losses) on repurchased debt		—		304
Other		64		81

Total deferred tax liabilities		64		385

Net deferred tax assets	$	1,348	$	1,319

Included in other deferred tax assets is a valuation allowance of $8 million and $19 million as of December 31, 2014 and 2013, respectively, against a portion of the Company’s federal, state and international deferred tax assets. The valuation allowance is primarily attributable to deferred tax assets for state capital loss carryforwards and state and international net operating loss carryforwards that management believes it is more likely than not will expire prior to being realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income of the appropriate character (i.e., capital or ordinary) during the period in which the temporary differences become deductible. Management considers, among other things, the economic slowdown, the scheduled reversals of deferred tax liabilities, and the history of positive taxable income available for net operating loss carrybacks in evaluating the realizability of the deferred tax assets.

As of December 31, 2014, we have apportioned state net operating loss carryforwards of $245 million which begin to expire in 2024, state capital loss carryforwards of $2 million which begin to expire in 2017 and international net operating loss carryforwards of $0.3 million which begin to expire in 2032.

Accounting for Uncertainty in Income Taxes

The following table summarizes changes in unrecognized tax benefits:


	December 31,
(Dollars in millions)	2014			2013			2012
Unrecognized tax benefits at beginning of year	$	56.0		$	41.2		$	45.9
Increases resulting from tax positions taken during a prior period		1.0			5.8			20.0
Decreases resulting from tax positions taken during a prior period		(12.4	)		(7.7	)		(18.0	)
Increases resulting from tax positions taken during the current period		8.4			28.1			11.3
Decreases related to settlements with taxing authorities		(.6	)		(7.7	)		(14.7	)
Increases related to settlements with taxing authorities		—			—			—
Reductions related to the lapse of statute of limitations		(.5	)		(3.7	)		(3.3	)

Unrecognized tax benefits at end of year	$	51.9		$	56.0		$	41.2

As of December 31, 2014, the gross unrecognized tax benefits are $51.9 million. Included in the $51.9 million are $28.3 million of unrecognized tax benefits that, if recognized, would favorably impact the effective tax rate.

The Company or one of its subsidiaries files income tax returns at the U.S. federal level, in most U.S. states and various foreign jurisdictions. U.S. federal income tax returns filed for years 2011 and prior have either been audited or surveyed and are now resolved. Various combinations of subsidiaries, tax years and jurisdictions remain open for review, subject to statute of limitations periods (typically 3 to 4 prior years). We do not expect the resolution of open audits to have a material impact on our unrecognized tax benefits.

Segment Reporting

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Segment Reporting

15.

Segment Reporting

We monitor and assess our ongoing operations and results by three primary operating segments — the FFELP Loans operating segment, the Private Education Loans operating segment and the Business Services operating segment. These three operating segments meet the quantitative thresholds for reportable segments. Accordingly, the results of operations of our FFELP Loans, Private Education Loans and Business Services segments are presented separately. We have smaller operating segments that consist of business operations that have either been discontinued or are winding down. These operating segments do not meet the quantitative thresholds to be considered reportable segments. As a result, the results of operations for these operating segments (Purchased Paper business and mortgage and other loan business) are combined with gains/losses from the repurchase of debt, the financial results of our corporate liquidity portfolio and all unallocated overhead within the Other reportable segment. The management reporting process measures the performance of our operating segments based on our management structure, as well as the methodology we used to evaluate performance and allocate resources. Management, including our chief operating decision makers, evaluates the performance of our operating segments based on their profitability. As discussed further below, we measure the profitability of our operating segments based on “Core Earnings.” Accordingly, information regarding our reportable segments is provided based on a “Core Earnings” basis.

FFELP Loans Segment

In the FFELP Loans segment, we acquire and finance FFELP Loans. Even though FFELP Loans are no longer originated due to changes in federal law that took effect in 2010, we continue to pursue acquisitions of FFELP Loan portfolios that leverage our servicing scale and generate incremental earnings and cash flow. In this segment, we primarily earn net interest income on the FFELP Loan portfolio. This segment is expected to generate significant amounts of earnings and cash flow as the portfolio amortizes.

We are currently the largest holder of FFELP Loans. Navient’s portfolio of FFELP Loans as of December 31, 2014 was $104.5 billion. Navient’s FFELP Loan portfolio will amortize over approximately 20 years. Navient’s goal is to maximize the cash flow generated by its FFELP Loan portfolio. Navient also seeks to acquire other third-party FFELP Loan portfolios to add net interest income and servicing revenue. During the year, Navient acquired $11.3 billion of FFELP Loans. FFELP Loans are insured or guaranteed by state or not-for-profit agencies and are also protected by contractual rights to recovery from the United States pursuant to guaranty agreements among ED and these agencies. These guarantees generally cover at least 97 percent of a FFELP Loan’s principal and accrued interest for loans disbursed.

As a result of the long-term funding used in the FFELP Loan portfolio and the insurance and guarantees provided on these loans, the net interest margin recorded in the FFELP Loans segment is relatively stable and the capital we choose to retain with respect to the segment is modest. As of December 31, 2014, approximately 80 percent of the FFELP Loans held by Navient were funded to term with non-recourse, long-term securitization debt through the use of securitization trusts. For more discussion of the FFELP and related credit support mechanisms, see Appendix A “Description of Federal Family Education Loan Program.”

For loans disbursed before April 1, 2006, FFELP Loans generally earn interest at the higher of either the borrower rate, which is fixed over a period of time, or a floating rate based on the SAP formula set by ED. Navient generally finances FFELP Loans with floating rate debt whose interest is matched closely to the floating nature of the applicable SAP formula. If a decline in interest rates causes the borrower rate to exceed the SAP formula rate, Navient will continue to earn interest on the loan at the fixed borrower rate while the floating rate interest on Navient debt will continue to decline. The additional spread earned between the fixed borrower rate and the SAP formula rate is referred to as Floor Income. Floor Income can be volatile as rates on the underlying debt move up and down. Navient may hedge this risk by using derivatives to lock in the value of the Floor Income over the term of the contract. As of December 31, 2014, approximately $27.2 billion (49 percent) of Navient’s FFELP Loans eligible to earn Floor Income was economically hedged. This amount we hedge declines over time.

The Higher Education Act of 1965 (“HEA”) continues to regulate every aspect of the FFELP, including ongoing communications with borrowers and default aversion requirements. Failure to service a FFELP Loan properly could jeopardize the insurance, guarantees and federal support on these loans. The insurance and guarantees on Navient’s existing loans were not affected by the termination of the FFELP program.

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


	December 31,
(Dollars in millions)	2014		2013
FFELP Loans, net	$	104,521	$	104,588
Cash and investments⁽¹⁾		4,050		4,473
Other		2,566		3,587

Total assets	$	111,137	$	112,648

⁽¹⁾

Includes restricted cash and investments.

Private Education Loans Segment

In this segment, we acquire, finance and service Private Education Loans. Even though we no longer originate Private Education Loans, we continue to pursue acquisitions of Private Education Loan portfolios that leverage our servicing scale and generate incremental earnings and cash flow. In this segment, we primarily earn net interest income on the Private Education Loan portfolio (after provision for loan losses). This segment is expected to generate significant amounts of cash as the portfolio amortizes.

Unlike FFELP Loans, the holder of a Private Education Loan bears the full credit risk of the customer and any cosigner. Private Education Loans are made primarily to bridge the gap between the cost of higher education and the amount funded through financial aid, federal loans or students’ and families’ resources. Navient believes the credit risk of the Private Education Loans it owns is well managed through the rigorous underwriting practices and risk-based pricing utilized when the loans were originated, the continued high levels of qualified cosigners and our internal servicing and risk mitigation practices, as well as our careful use of forbearance and our loan modification programs. Navient expects the combined existence of these elements and the use of these practices reduces the risk of payment interruptions and defaults on its Private Education Loan portfolio. On a “Core Earnings” basis, the 2014 charge-off rate for Private Education Loans as a percentage of loans in repayment was 2.6 percent.

Navient’s portfolio of Private Education Loans totaled $29.8 billion at December 31, 2014. During the year, Navient acquired $1.6 billion of Private Education Loans. As of December 31, 2014, approximately 59 percent of the Private Education Loans held by Navient were funded to term with non-recourse, long-term securitization debt through the use of securitization trusts.

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


	December 31,
(Dollars in millions)	2014		2013
Private Education Loans, net	$	29,796	$	37,512
Cash and investments⁽¹⁾		402		2,555
Other		2,453		2,934

Total assets	$	32,651	$	43,001

⁽¹⁾

Includes restricted cash and investments.

Business Services Segment

Our Business Services segment generates its revenue from servicing our FFELP Loan portfolio as well as providing servicing and asset recovery services for loans on behalf of Guarantors of FFELP Loans and other institutions, including ED, higher education institutions and other federal, state, court and municipal clients.

State, Local and Institutional Revenues

We provide asset recovery services for over 250 state and municipal clients, recovering on a broad spectrum of receivables including taxes, fines and court fees. Public agencies turn to qualified, responsible providers to supplement their own receivables management efforts to recover revenues to support public priorities. In addition, we provide recovery services for federal Perkins loan, tuition and other receivables for more than 1,000 colleges, universities and other institutional clients.

FFELP-Related Revenues

Navient is currently the largest servicer and collector of loans made under the FFELP program, and the majority of our income has been derived, directly or indirectly, from our portfolio of FFELP Loans and servicing we have provided for FFELP Loans. In 2010, Congress passed legislation ending the origination of education loans under FFELP. The terms and conditions of existing FFELP Loans were not affected by this legislation. Our FFELP Loan portfolio will amortize over approximately 20 years. The fee income we have earned from providing servicing and asset recovery services on such loans will similarly decline over time. We also provide servicing and asset recovery services on behalf of Guarantors of FFELP Loans and other institutions.

•

Servicing revenues from the FFELP Loans we own represent intercompany charges to the FFELP Loans segment at rates paid to us by the trusts which own the loans. These fees are legally the first payment priority of the trusts and exceed the actual cost of servicing the loans. Intercompany loan servicing revenues declined to $456 million in 2014 from $529 million in 2013. Intercompany loan servicing revenues will continue to decline as our FFELP Loan portfolio amortizes.

•

In 2014, we earned account maintenance fees on FFELP Loans serviced for Guarantors of $34 million, down from $38 million in 2013. These fees will continue to decline as the underlying FFELP Loan portfolio serviced for Guarantors amortizes.

•

We provide default aversion, post default collections and claims processing to 11 of the 29 Guarantor agencies that serve as an intermediary between the U.S. federal government and FFELP lenders and are responsible for paying the claims made on defaulted loans. As of December 31, 2014, Navient had an outstanding inventory of asset recovery receivables of approximately $15.4 billion, of which $12.5 billion was student loans ($10.0 billion FFELP Loans and $2.5 billion DSLP Loans) and the remainder was other asset classes. In 2014, asset recovery revenue from Guarantor clients totaled $275 million, compared to $303 million the prior year. As FFELP Loans are no longer originated, these revenues will decline over time unless we acquire additional portfolios from Guarantor clients. The rate at which these revenues will decrease has also been affected by the Bipartisan Budget Act (the “Budget Act”) enacted on December 26, 2013 and effective on July 1, 2014, which reduced the amount to be paid to Guarantor agencies for assisting customers to rehabilitate their defaulted FFELP Loans under Section 428F of the HEA. The Budget Act reduced fee income by approximately $78 million in 2014.

In 2014, FFELP-related revenues accounted for 77 percent of total Business Services segment revenues compared with 80 percent and 85 percent, respectively, in 2013 and 2012. Total Business Services segment revenues were $1.06 billion for the year ended December 31, 2014, down from $1.13 billion for the year ended December 31, 2013.

ED Asset Recovery and Servicing Revenues

Since 1997, Navient has provided asset recovery services on defaulted student loans to ED. This contract expired by its terms on February 21, 2015 and our Pioneer Credit Recovery subsidiary received no new account placements under the contract. We are engaged with ED to learn more about their decision and address any questions or concerns they may have. In addition, we have submitted a response to ED’s request for proposals (RFP) in relation to a new contract for similar services. There can be no assurances that Pioneer will be awarded an extension of the existing contract, a new contract under the RFP or what volume of accounts might be placed with Pioneer. In 2014, asset recovery revenue from ED totaled $65 million, compared to $62 million in the prior year.

Since the second quarter of 2009, we have been one of four large servicers awarded a servicing contract by ED to service federal loans owned by ED. We service approximately 6.2 million accounts under this servicing contract as of December 31, 2014. The servicing contract spans five years with the possibility of one five-year renewal at the option of ED. On August 27, 2014, ED extended its servicing contract with Navient to service federal loans for five more years. Under the terms of the contract extension, the allocation of ongoing volume will be determined twice each year based on the relative performance of the servicers of five metrics: borrowers in current repayment status (30 percent), borrowers more than 90 but less than 271 days delinquent (15 percent), borrowers 271 days or more up to 360 days delinquent (15 percent), a survey of borrowers (35 percent), and a survey of ED personnel (5 percent). Quarterly scores in each metric will be averaged together twice each year to calculate the final result of each metric. Our allocation under the servicing contract increased to 24 percent for the period beginning August 15, 2014 from 18 percent for the prior period beginning August 15, 2013. Beginning on January 1, 2015, the aggregate allocation for not-for-profit servicers increased to 25 percent of all new DSLP borrowers. We earned $130 million of revenue under the contract for the year ended December 31, 2014.

At December 31, 2014 and 2013, the Business Services segment had total assets of $416 million and $892 million, respectively.

Other Segment

The Other segment primarily consists of activities of our holding company, including the repurchase of debt, the corporate liquidity portfolio and all unallocated overhead. We also include results from certain smaller wind-down and discontinued operations within this segment. Overhead expenses include costs related to executive management, the board of directors, accounting, finance, legal, human resources, stock-based compensation expense and certain information technology costs related to infrastructure and operations.

At December 31, 2014 and 2013, the Other segment had total assets of $2.1 billion and $3.0 billion, respectively.

Measure of Profitability

We prepare financial statements in accordance with GAAP. However, we also evaluate our business segments on a basis that differs from GAAP. We refer to this different basis of presentation as “Core Earnings.” We provide this “Core Earnings” basis of presentation on a consolidated basis for each business segment because this is what we review internally when making management decisions regarding our performance and how we allocate resources. We also refer to this information in our presentations with credit rating agencies, lenders and investors. Because our “Core Earnings” basis of presentation corresponds to our segment financial presentations, we are required by GAAP to provide “Core Earnings” disclosure in the notes to our consolidated financial statements for our business segments.

“Core Earnings” are not a substitute for reported results under GAAP. We use “Core Earnings” to manage each business segment because “Core Earnings” reflect adjustments to GAAP financial results for three items, discussed below, that are either related to the Spin-Off or create significant volatility mostly due to timing factors generally beyond the control of management. Accordingly, we believe that “Core Earnings” provide management with a useful basis from which to better evaluate results from ongoing operations against the business plan or against results from prior periods. Consequently, we disclose this information because we believe it provides investors with additional information regarding the operational and performance indicators that are most closely assessed by management. When compared to GAAP results, the three items we remove to result in our “Core Earnings” presentations are:

The financial results attributable to the operations of the consumer banking business (SLM BankCo) prior to the Spin-Off and related restructuring and reorganization expense incurred in connection with the Spin-Off. For GAAP purposes, Navient reflected the deemed distribution of SLM BankCo on April 30, 2014. For “Core Earnings,” we exclude the consumer banking business as if it had never been a part of Navient’s historical results prior to the deemed distribution of SLM BankCo on April 30, 2014;

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 resulting in unrealized, mark-to-market gains/losses; and

The accounting for goodwill and acquired intangible assets.

While GAAP provides a uniform, comprehensive basis of accounting, for the reasons described above, our “Core Earnings” basis of presentation does not. “Core Earnings” are subject to certain general and specific limitations that investors should carefully consider. For example, there is no comprehensive, authoritative guidance for management reporting. Our “Core Earnings” are not defined terms within GAAP and may not be comparable to similarly titled measures reported by other companies. Accordingly, our “Core Earnings” presentation does not represent a comprehensive basis of accounting. Investors, therefore, may not be able to compare our performance with that of other financial services companies based upon “Core Earnings.” “Core Earnings” results are only meant to supplement GAAP results by providing additional information regarding the operational and performance indicators that are most closely used by management, our board of directors, rating agencies, lenders and investors to assess performance.

Old SLM’s definition of “Core Earnings” did not exclude the financial results attributable to the operations of the consumer banking business and related restructuring and reorganization expense incurred in connection with the Spin-Off. In the second quarter of 2014, in connection with the Spin-Off, Navient included this additional adjustment as a part of “Core Earnings” to allow better comparability of Navient’s results to pre-Spin-Off historical periods. All “Core Earnings” financial results for prior periods in this Annual Report on Form 10-K have been restated to conform to Navient’s revised definition of “Core Earnings.”

Segment Results and Reconciliations to GAAP


	Year Ended December 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	$	2,097	$	1,958	$	—	$	—		$	—		$	4,055	$	699		$	(42	)	$	657		$	4,712
Other loans		—		—		—		9			—			9		—			—			—			9
Cash and investments		4		—		—		4			—			8		—			1			1			9

Total interest income		2,101		1,958		—		13			—			4,072		699			(41	)		658			4,730
Total interest expense		1,168		708		—		114			—			1,990		42			31			73			2,063

Net interest income (loss)		933		1,250		—		(101	)		—			2,082		657			(72	)		585			2,667
Less: provisions for loan losses		40		539		—		—			—			579		—			49			49			628

Net interest income (loss) after provisions for loan losses		893		711		—		(101	)		—			1,503		657			(121	)		536			2,039
Other income (loss):
Gains (losses) on sales of loans and investments		—		—		—		—			—			—		—			—			—			—
Servicing revenue		62		25		668		—			(456	)		299		—			(1	)		(1	)		298
Asset recovery revenue		—		—		388		—			—			388		—			—			—			388
Gains on debt repurchases		—		—		—		—			—			—		—			—			—			—
Other income (loss)		—		—		6		26			—			32		(657	)		846			189			221

Total other income (loss)		62		25		1,062		26			(456	)		719		(657	)		845			188			907
Expenses:
Direct operating expenses		483		181		384		132			(456	)		724		—			36			36			760
Overhead expenses		—		—		—		200			—			200		—			27			27			227

Operating expenses		483		181		384		332			(456	)		924		—			63			63			987
Goodwill and acquired intangible asset impairment and amortization		—		—		—		—			—			—		—			9			9			9
Restructuring and other reorganization expenses		—		—		—		—			—			—		—			113			113			113

Total expenses		483		181		384		332			(456	)		924		—			185			185			1,109
Income (loss) from continuing operations, before income tax expense (benefit)		472		555		678		(407	)		—			1,298		—			539			539			1,837
Income tax expense (benefit)⁽³⁾		176		204		250		(150	)		—			480		—			208			208			688

Net income (loss) from continuing operations	$	296	$	351	$	428	$	(257	)	$	—		$	818	$	—		$	331		$	331		$	1,149
Income (loss) from discontinued operations, net of tax expense (benefit)		—		—		—		—			—			—		—			—			—			—

Net income (loss)	$	296	$	351	$	428	$	(257	)	$	—		$	818	$	—		$	331		$	331		$	1,149

⁽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:


	Year Ended December 31, 2014
(Dollars in millions)	Net Impact from Spin-Off of SLM BankCo			Net Impact of Derivative Accounting		Net Impact of Acquired Intangibles			Total
Net interest income after provisions for loan losses	$	136		$	400	$	—		$	536
Total other income		15			173		—			188
Operating expenses		63			—		—			63
Goodwill and acquired intangible asset impairment and amortization		—			—		9			9
Restructuring and other reorganization expenses		113			—		—			113

Total “Core Earnings” adjustments to GAAP	$	(25	)	$	573	$	(9	)		539

Income tax expense										208

Net income									$	331

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


	Year Ended December 31, 2013
(Dollars in millions)	FFELP Loans		Private Education Loans		Business Services		Other			Elimina- tions⁽¹⁾			Total “Core Earnings”		Adjustments									Total GAAP
(Dollars in millions)	FFELP Loans		Private Education Loans		Business Services		Other			Elimina- tions⁽¹⁾			Total “Core Earnings”		Reclassi- fications			Additions/ (Subtractions)			Total Adjustments⁽²⁾			Total GAAP
Interest income:
Student loans	$	2,274	$	2,037	$	—	$	—		$	—		$	4,311	$	816		$	222		$	1,038		$	5,349
Other loans		—		—		—		11			—			11		—			—			—			11
Cash and investments		5		2		—		5			—			12		—			5			5			17

Total interest income		2,279		2,039		—		16			—			4,334		816			227			1,043			5,377
Total interest expense		1,260		748		—		59			—			2,067		55			88			143			2,210

Net interest income (loss)		1,019		1,291		—		(43	)		—			2,267		761			139			900			3,167
Less: provisions for loan losses		48		722		—		—			—			770		—			69			69			839

Net interest income (loss) after provisions for loan losses		971		569		—		(43	)		—			1,497		761			70			831			2,328
Other income (loss):
Gains (losses) on sales of loans and investments		312		—		—		(10	)		—			302		—			—			—			302
Servicing revenue		76		33		705		(1	)		(529	)		284		—			6			6			290
Asset recovery revenue		—		—		420		—			—			420		—			—			—			420
Gains on debt repurchases		—		—		—		48			—			48		(6	)		—			(6	)		42
Other income (loss)		—		—		5		5			—			10		(755	)		577			(178	)		(168	)

Total other income (loss)		388		33		1,130		42			(529	)		1,064		(761	)		583			(178	)		886
Expenses:
Direct operating expenses		555		179		348		68			(529	)		621		—			185			185			806
Overhead expenses		—		—		—		167			—			167		—			69			69			236

Operating expenses		555		179		348		235			(529	)		788		—			254			254			1,042
Goodwill and acquired intangible asset impairment and amortization		—		—		—		—			—			—		—			13			13			13
Restructuring and other reorganization expenses		—		—		—		—			—			—		—			72			72			72

Total expenses		555		179		348		235			(529	)		788		—			339			339			1,127
Income (loss) from continuing operations, before income tax expense (benefit)		804		423		782		(236	)		—			1,773		—			314			314			2,087
Income tax expense (benefit)⁽³⁾		291		154		284		(86	)		—			643		—			133			133			776

Net income (loss) from continuing operations		513		269		498		(150	)		—			1,130		—			181			181			1,311
Income (loss) from discontinued operations, net of tax expense (benefit)		—		—		111		1			—			112		—			(6	)		(6	)		106

Net income (loss)		513		269		609		(149	)		—			1,242		—			175			175			1,417
Less: net loss attributable to noncontrolling interest		—		—		—		—			—			—		—			(1	)		(1	)		(1	)

Net income (loss) attributable to Navient Corporation	$	513	$	269	$	609	$	(149	)	$	—		$	1,242	$	—		$	176		$	176			1,418

⁽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:


	Year Ended December 31, 2013
(Dollars in millions)	Net Impact from Spin-Off of SLM BankCo		Net Impact of Derivative Accounting			Net Impact of Acquired Intangibles			Total
Net interest income after provisions for loan losses	$	376	$	455		$	—		$	831
Total other income (loss)		34		(212	)		—			(178	)
Operating expenses		254		—			—			254
Goodwill and acquired intangible asset impairment and amortization		—		—			13			13
Restructuring and other reorganization expenses		72		—			—			72

Total “Core Earnings” adjustments to GAAP	$	84	$	243		$	(13	)		314

Income tax expense										133
Loss from discontinued operations, net of tax benefit										(6	)
Net loss attributable to noncontrolling interest										(1	)

Net income									$	176

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


	Year Ended December 31, 2012
(Dollars in millions)	FFELP Loans		Private Education Loans			Business Services			Other			Elimina- tions⁽¹⁾			Total “Core Earnings”			Adjustments									Total GAAP
(Dollars in millions)	FFELP Loans		Private Education Loans			Business Services			Other			Elimina- tions⁽¹⁾			Total “Core Earnings”			Reclassi- fications			Additions/ (Subtractions)			Total Adjustments⁽²⁾			Total GAAP
Interest income:
Student loans	$	2,729	$	2,036		$	—		$	—		$	—		$	4,765		$	858		$	109		$	967		$	5,732
Other loans		—		—			—			16			—			16			—			—			—			16
Cash and investments		11		3			(3	)		2			4			17			—			4			4			21

Total interest income		2,740		2,039			(3	)		18			4			4,798			858			113			971			5,769
Total interest expense		1,589		733			—			38			4			2,364			115			82			197			2,561

Net interest income (loss)		1,151		1,306			(3	)		(20	)		—			2,434			743			31			774			3,208
Less: provisions for loan losses		68		946			—			—			—			1,014			—			66			66			1,080

Net interest income (loss) after provisions for loan losses		1,083		360			(3	)		(20	)		—			1,420			743			(35	)		708			2,128
Other income (loss):
Gains (losses) on sales of loans and investments		—		—			—			—			—			—			—			—			—			—
Servicing revenue		90		45			812			—			(669	)		278			—			1			1			279
Asset recovery revenue		—		—			356			—			—			356			—			—			—			356
Gains on debt repurchases		—		—			—			145			—			145			—			—			—			145
Other income (loss)		—		—			(2	)		15			—			13			(743	)		194			(549	)		(536	)

Total other income (loss)		90		45			1,166			160			(669	)		792			(743	)		195			(548	)		244
Expenses:
Direct operating expenses		699		150			312			13			(669	)		505			—			168			168			673
Overhead expenses		—		—			—			143			—			143			—			81			81			224

Operating expenses		699		150			312			156			(669	)		648			—			249			249			897
Goodwill and acquired intangible asset impairment and amortization		—		—			—			—			—			—			—			27			27			27
Restructuring and other reorganization expenses		—		—			—			—			—			—			—			11			11			11

Total expenses		699		150			312			156			(669	)		648			—			287			287			935
Income (loss) from continuing operations, before income tax expense (benefit)		474		255			851			(16	)		—			1,564			—			(127	)		(127	)		1,437
Income tax expense (benefit)⁽³⁾		171		87			305			(3	)		—			560			—			(62	)		(62	)		498

Net income (loss) from continuing operations		303		168			546			(13	)		—			1,004			—			(65	)		(65	)		939
Income (loss) from discontinued operations, net of tax expense (benefit)		—		(2	)		—			1			—			(1	)		—			(1	)		(1	)		(2	)

Net income (loss)		303		166			546			(12	)		—			1,003			—			(66	)		(66	)		937
Less: net loss attributable to noncontrolling interest		—		—			—			—			—			—			—			(2	)		(2	)		(2	)

Net income (loss) attributable to Navient Corporation	$	303	$	166		$	546		$	(12	)	$	—		$	1,003		$	—		$	(64	)	$	(64	)	$	939

⁽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:


	Year Ended December 31, 2012
(Dollars in millions)	Net Impact of SLM BankCo		Net Impact of Derivative Accounting			Net Impact of Acquired Intangibles			Total
Net interest income after provisions for loan losses	$	318	$	390		$	—		$	708
Total other income (loss)		36		(584	)		—			(548	)
Operating expenses		249		—			—			249
Goodwill and acquired intangible asset impairment and amortization		—		—			27			27
Restructuring and other reorganization expenses		11		—			—			11

Total “Core Earnings” adjustments to GAAP	$	94	$	(194	)	$	(27	)		(127	)

Income tax benefit										(62	)
Loss from discontinued operations, net of tax benefit										(1	)
Net loss attributable to noncontrolling interest										(2	)

Net loss									$	(64	)

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

Summary of “Core Earnings” Adjustments to GAAP


	Years Ended December 31,
(Dollars in millions)	2014			2013			2012
“Core Earnings” adjustments to GAAP:
Net impact of the removal of SLM BankCo’s operations and restructuring and reorganization expense in connection with the Spin-Off⁽¹⁾	$	(25	)	$	84		$	94
Net impact of derivative accounting⁽²⁾		573			243			(194	)
Net impact of goodwill and acquired intangible assets⁽³⁾		(9	)		(13	)		(27	)
Net tax effect⁽⁴⁾		(208	)		(133	)		62
Net impact of discontinued operations and noncontrolling interest		—			(5	)		1

Total “Core Earnings” adjustments to GAAP	$	331		$	176		$	(64	)

⁽¹⁾

SLM BankCo’s operations and restructuring and reorganization expense in connection with the Spin-Off: For “Core Earnings,” we have assumed the consumer banking business (SLM BankCo) was never a part of Navient’s historical results prior to the deemed distribution of SLM BankCo on April 30, 2014 and we have removed the restructuring and reorganization expense incurred in connection with the Spin-Off. Excluding these items provides management with a useful basis from which to better evaluate results from ongoing operations against results from prior periods. The adjustment relates to the exclusion of the consumer banking business and represents the operations, assets, liabilities and equity of SLM BankCo, which is comprised of Sallie Mae Bank, Upromise Rewards, the Insurance Business, and the Private Education Loan origination functions. Included in these amounts are also certain general corporate overhead expenses related to the consumer banking business. General corporate overhead consists of costs primarily associated with accounting, finance, legal, human resources, certain information technology costs, stock compensation, and executive management and the board of directors. These costs were generally allocated to the consumer banking business based on the proportionate level of effort provided to the consumer banking business relative to Old SLM using a relevant allocation driver (e.g., in proportion to the number of employees by function that were being transferred to SLM BankCo as opposed to remaining at Navient). All intercompany transactions between SLM BankCo and Navient have been eliminated. In addition, all preferred stock dividends have been removed as SLM BankCo succeeded Old SLM as the issuer of the preferred stock in connection with the Spin-Off.

⁽²⁾

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.

⁽³⁾

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

⁽⁴⁾

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

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.

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Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

12 Months Ended

Dec. 31, 2014

Discontinued Operations

16.

Discontinued Operations

In 2013, we sold our Campus Solutions business and our 529 college-savings plan administration business and recorded an after-tax gain of $38 million and $65 million, respectively. These businesses comprise operations and cash flows that can be clearly distinguished operationally and for financial reporting purposes from the rest of the Company and we will have no continuing involvement. As a result, these businesses are presented in discontinued operations of our Business Services segment for the periods presented.

At December 31, 2013, assets of our discontinued operations of $103 million, including primarily other assets of $98 million and the offsetting liability of $94 million included within other liabilities, consisted primarily of funds held in accordance with contractual requirements on behalf of the acquirer of our Campus Solutions business pending remittance to their school clients and transition of administration of remaining bank accounts, which transition was substantially complete at December 31, 2014.

The following table summarizes our discontinued operations.


	Years Ended December 31,
(Dollars in millions)	2014		2013		2012
Operations:
Income (loss) from discontinued operations before income tax expense (benefit)	$	—	$	126	$	(3	)
Income tax expense (benefit)		—		20		(1	)

Income (loss) from discontinued operations, net of tax expense (benefit)	$	—	$	106	$	(2	)

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information (Unaudited)

17.

Quarterly Financial Information (unaudited)


	2014
(Dollars in millions, except per share data)	First Quarter			Second Quarter		Third Quarter			Fourth Quarter
Net interest income	$	766		$	662	$	624		$	614
Less: provisions for loan losses		185			165		140			138

Net interest income after provisions for loan losses		581			497		484			476
Gains (losses) on derivative and hedging activities, net		(8	)		61		108			(22	)
Other income		178			214		180			194
Operating expenses		366			211		195			215
Goodwill and acquired intangible asset impairment and amortization expense		4			2		2			2
Restructuring and other reorganization expenses		26			61		14			10
Income tax expense		136			191		200			159

Net income from continuing operations		219			307		361			262
Income (loss) from discontinued operations, net of tax expense (benefit)		—			—		(2	)		1

Net income		219			307		359			263
Less: net loss attributable to noncontrolling interest		—			—		—			—

Net income attributable to Navient Corporation		219			307		359			263
Preferred stock dividends		5			2		—			—

Net income attributable to Navient Corporation common stock	$	214		$	305	$	359		$	263

Basic earnings per common share attributable to Navient Corporation:
Continuing operations	$	.50		$	.72	$	.87		$	.65
Discontinued operations		—			—		—			—

Total	$	.50		$	.72	$	.87		$	.65

Diluted earnings per common share attributable to Navient Corporation:
Continuing operations	$	.49		$	.71	$	.85		$	.64
Discontinued operations		—			—		—			—

Total	$	.49		$	.71	$	.85		$	.64


	2013
(Dollars in millions, except per share data)	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Net interest income	$	795		$	784		$	799		$	789
Less: provisions for loan losses		241			201			207			190

Net interest income after provisions for loan losses		554			583			592			599
Gains (losses) on derivative and hedging activities, net		(31	)		18			(127	)		(128	)
Other income		281			472			196			203
Operating expenses		235			244			257			305
Goodwill and acquired intangible asset impairment and amortization expense		3			3			4			3
Restructuring and other reorganization expenses		10			23			12			26
Income tax expense		211			299			136			129

Net income from continuing operations		345			504			252			211
Income from discontinued operations, net of tax expense		1			38			8			59

Net income		346			542			260			270
Less: net loss attributable to noncontrolling interest		—			(1	)		—			—

Net income attributable to Navient Corporation		346			543			260			270
Preferred stock dividends		5			5			5			5

Net income attributable to Navient Corporation common stock	$	341		$	538		$	255		$	265

Basic earnings per common share attributable to Navient Corporation:
Continuing operations	$	.76		$	1.14		$	.56		$	.47
Discontinued operations		—			.08			.02			.14

Total	$	.76		$	1.22		$	.58		$	.61

Diluted earnings per common share attributable to Navient Corporation:
Continuing operations	$	.74		$	1.12		$	.55		$	.47
Discontinued operations		—			.08			.02			.13

Total	$	.74		$	1.20		$	.57		$	.60

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2014

Allowance for Loan Losses

Use of Estimates

Use of Estimates

Consolidation

Consolidation

Fair Value Measurement

Fair Value Measurement

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

•

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

•

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

•

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

•

In the notes to the financial statements.

•

Loans

Loans

Allowance for Loan Losses

Below we describe in further detail our policies and procedures for the allowance for loan losses as they relate to our Private Education Loan and FFELP Loan portfolios.

Allowance for Private Education Loan Losses

Allowance for FFELP Loan Losses

Investments

Investments

We also have other investments, including a receivable for cash collateral posted to derivative counterparties. These investments are accounted for at amortized cost in other investments.

Cash and Cash Equivalents

Cash and Cash Equivalents

Restricted Cash and Investments

Restricted Cash and Investments

Goodwill and Acquired Intangible Assets

Goodwill and Acquired Intangible Assets

Transfer of Financial Assets and Extinguishments of Liabilities

Transfer of Financial Assets and Extinguishments of Liabilities

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

Securitization Accounting

Securitization Accounting

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

•

Owning the equity certificates of certain trusts.

•

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

•

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

•

Our responsibilities relative to representation and warranty violations.

•

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

•

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

•

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

•

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

•

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

Student Loan Interest Income

Student Loan Interest Income

Interest Expense

Interest Expense

Derivative Accounting

Derivative Accounting

Servicing Revenue

Servicing Revenue

Asset Recovery Revenue

Asset Recovery Revenue

Accounting for Stock-Based Compensation

Accounting for Stock-Based Compensation

Restructuring and Other Reorganization Expenses

Restructuring and Other Reorganization Expenses

Other reorganization expenses include internal costs, third-party costs and severance incurred in connection with our April 30, 2014 Spin transaction.

Income Taxes

Income Taxes

Discontinued Operations

Discontinued Operations

Earnings (Loss) per Common Share

Earnings (Loss) per Common Share

Reclassifications

Reclassifications

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

Discontinued Operations

Revenue Recognition

Organization and Business (Tables)

12 Months Ended

Dec. 31, 2014

Navient Shareholder Distribution of SLM BankCo

The following table shows the condensed balance sheet of SLM BankCo that the financial statements of Navient reflect as a shareholder distribution on April 30, 2014:


(Dollars in millions)	April 30, 2014
Assets
FFELP Loans, net	$	1,380
Private Education Loans, net		7,204
Investments		139
Cash and cash equivalents		2,170
Other assets		883

Total assets	$	11,776

Liabilities
Short-term borrowings	$	6,491
Long-term borrowings		2,750
Other liabilities⁽¹⁾		825

Total liabilities		10,066

Equity
Preferred stock
Series A		165
Series B		400
Common equity		1,145

Total equity⁽²⁾		1,710

Total liabilities and equity	$	11,776

⁽¹⁾	“Other liabilities” include net income tax liabilities of $383 million, which were presented as net income tax assets within “Other assets” on the consolidated financial statements of Navient.

⁽²⁾

Student Loans (Tables)

12 Months Ended

Dec. 31, 2014

Receivables [Abstract]

Student Loan Portfolio by Program

The following table reflects the distribution of our student loan portfolio by program.


	December 31, 2014					Year Ended December 31, 2014
(Dollars in millions)	Ending Balance		% of Balance			Average Balance		Average Effective Interest Rate
FFELP Stafford and Other Student Loans, net⁽¹⁾	$	41,065		31	%	$	38,335		2.05	%
FFELP Consolidation Loans, net		63,456		47			62,327		2.84
Private Education Loans, net		29,796		22			33,672		6.40

Total student loans, net	$	134,317		100	%	$	134,334		3.51	%


	December 31, 2013					Year Ended December 31, 2013
(Dollars in millions)	Ending Balance		% of Balance			Average Balance		Average Effective Interest Rate
FFELP Stafford and Other Student Loans, net⁽¹⁾	$	40,021		28	%	$	42,039		2.01	%
FFELP Consolidation Loans, net		64,567		46			70,113		2.82
Private Education Loans, net		37,512		26			38,292		6.60

Total student loans, net	$	142,100		100	%	$	150,444		3.56	%

⁽¹⁾	The FFELP category is primarily Stafford Loans, but also includes federally guaranteed PLUS and HEAL Loans.

Allowance for Loan Losses (Tables)

12 Months Ended

Dec. 31, 2014

Allowance for Credit Losses and Recorded Investments in Loans

Allowance for Loan Losses Metrics


	Allowance for Loan Losses
	Year Ended December 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		40			588			—			628
Charge-offs⁽¹⁾		(60	)		(717	)		(4	)		(781	)
Reclassification of interest reserve⁽²⁾		—			17			—			17
Distribution of SLM BankCo		(6	)		(69	)		—			(75	)

Ending balance	$	93		$	1,916		$	24		$	2,033

Allowance:
Ending balance: individually evaluated for impairment	$	—		$	1,132		$	19		$	1,151
Ending balance: collectively evaluated for impairment	$	93		$	784		$	5		$	882
Loans:
Ending balance: individually evaluated for impairment	$	—		$	10,609		$	45		$	10,654
Ending balance: collectively evaluated for impairment	$	103,438		$	21,697		$	62		$	125,196
Charge-offs as a percentage of average loans in repayment		.08	%		2.51	%		3.31	%
Allowance as a percentage of the ending total loan balance		.09	%		5.93	%		22.23	%
Allowance as a percentage of the ending loans in repayment		.12	%		7.11	%		22.23	%
Allowance coverage of charge-offs		1.5			2.7			6.1
Ending total loans⁽³⁾	$	103,438		$	32,306		$	107
Average loans in repayment	$	72,829		$	28,577		$	117
Ending loans in repayment	$	78,211		$	26,949		$	107

⁽¹⁾

⁽²⁾

⁽³⁾

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


	Allowance for Loan Losses
	Year Ended December 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		52			787			—			839
Charge-offs⁽¹⁾		(78	)		(878	)		(19	)		(975	)
Student loan sales		(14	)		—			—			(14	)
Reclassification of interest reserve⁽²⁾		—			17			—			17

Ending balance	$	119		$	2,097		$	28		$	2,244

Allowance:
Ending balance: individually evaluated for impairment	$	—		$	1,048		$	20		$	1,068
Ending balance: collectively evaluated for impairment	$	119		$	1,049		$	8		$	1,176
Loans:
Ending balance: individually evaluated for impairment	$	—		$	9,262		$	45		$	9,307
Ending balance: collectively evaluated for impairment	$	103,672		$	31,051		$	85		$	134,808
Charge-offs as a percentage of average loans in repayment		.10	%		2.78	%		12.28	%
Allowance as a percentage of the ending total loan balance		.12	%		5.20	%		21.42	%
Allowance as a percentage of the ending loans in repayment		.16	%		6.68	%		21.42	%
Allowance coverage of charge-offs		1.5			2.4			1.5
Ending total loans⁽³⁾	$	103,672		$	40,313		$	130
Average loans in repayment	$	80,822		$	31,556		$	156
Ending loans in repayment	$	76,504		$	31,370		$	130

⁽¹⁾

⁽²⁾

⁽³⁾

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


	Allowance for Loan Losses
	Year Ended December 31, 2012
(Dollars in millions)	FFELP Loans			Private Education Loans			Other Loans			Total
Allowance for Loan Losses
Beginning balance	$	187		$	2,171		$	69		$	2,427
Total provision		72			1,008			—			1,080
Charge-offs⁽¹⁾		(92	)		(1,037	)		(22	)		(1,151	)
Student loan sales		(8	)		—			—			(8	)
Reclassification of interest reserve⁽²⁾		—			29			—			29

Ending balance	$	159		$	2,171		$	47		$	2,377

Allowance:
Ending balance: individually evaluated for impairment	$	—		$	1,126		$	35		$	1,161
Ending balance: collectively evaluated for impairment	$	159		$	1,045		$	12		$	1,216
Loans:
Ending balance: individually evaluated for impairment	$	—		$	7,560		$	69		$	7,629
Ending balance: collectively evaluated for impairment	$	124,335		$	32,341		$	116		$	156,792

Charge-offs as a percentage of average loans in repayment		.10	%		3.37	%		9.51	%
Allowance as a percentage of the ending total loan balance		.13	%		5.44	%		25.39	%
Allowance as a percentage of the ending loans in repayment		.18	%		6.89	%		25.39	%
Allowance coverage of charge-offs		1.7			2.1			2.1
Ending total loans⁽³⁾	$	124,335		$	39,901		$	185
Average loans in repayment	$	91,653		$	30,750		$	231
Ending loans in repayment	$	90,731		$	31,514		$	185

⁽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
	December 31, 2014					December 31, 2013
(Dollars in millions)	Balance⁽³⁾		% of Balance			Balance⁽³⁾		% of Balance
Credit Quality Indicators
School Type/FICO Scores:
Traditional	$	28,527		92	%	$	36,140		93	%
Non-Traditional⁽¹⁾		2,534		8			2,860		7

Total	$	31,061		100	%	$	39,000		100	%

Cosigners:
With cosigner	$	20,001		64	%	$	26,321		67	%
Without cosigner		11,060		36			12,679		33

Total	$	31,061		100	%	$	39,000		100	%

Seasoning⁽²⁾:
1-12 payments	$	2,734		9	%	$	5,424		14	%
13-24 payments		3,161		10			5,466		14
25-36 payments		4,259		14			5,482		14
37-48 payments		4,404		14			5,040		13
More than 48 payments		13,450		43			11,060		28
Not yet in repayment		3,053		10			6,528		17

Total	$	31,061		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 received.

⁽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
	December 31,
	2014						2013						2012
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	10,861					$	13,678					$	17,702
Loans in forbearance⁽²⁾		14,366						13,490						15,902
Loans in repayment and percentage of each status:
Loans current		65,221			83.4	%		63,330			82.8	%		75,499			83.2	%
Loans delinquent 31-60 days⁽³⁾		3,942			5.0			3,746			4.9			4,710			5.2
Loans delinquent 61-90 days⁽³⁾		2,451			3.1			2,207			2.9			2,788			3.1
Loans delinquent greater than 90 days⁽³⁾		6,597			8.5			7,221			9.4			7,734			8.5

Total FFELP Loans in repayment		78,211			100	%		76,504			100	%		90,731			100	%

Total FFELP Loans, gross		103,438						103,672						124,335
FFELP Loan unamortized premium		1,176						1,035						1,436

Total FFELP Loans		104,614						104,707						125,771
FFELP Loan allowance for losses		(93	)					(119	)					(159	)

FFELP Loans, net	$	104,521					$	104,588					$	125,612

Percentage of FFELP Loans in repayment					75.6	%					73.8	%					73.0	%

Delinquencies as a percentage of FFELP Loans in repayment					16.6	%					17.2	%					16.8	%

FFELP Loans in forbearance as a percentage of loans in repayment and forbearance					15.5	%					15.0	%					14.9	%

⁽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
	December 31,
	2014						2013						2012
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	2,777					$	6,088					$	5,421
Loans in forbearance⁽²⁾		935						969						996
Loans in repayment and percentage of each status:
Loans current		23,012			92.7	%		26,977			92.8	%		26,597			91.9	%
Loans delinquent 31-60 days⁽³⁾		624			2.5			674			2.3			837			2.9
Loans delinquent 61-90 days⁽³⁾		363			1.5			420			1.4			375			1.3
Loans delinquent greater than 90 days⁽³⁾		816			3.3			1,012			3.5			1,121			3.9

Total traditional loans in repayment		24,815			100	%		29,083			100	%		28,930			100	%

Total traditional loans, gross		28,527						36,140						35,347
Traditional loans unamortized discount		(526	)					(629	)					(713	)

Total traditional loans		28,001						35,511						34,634
Traditional loans receivable for partially charged-off loans		775						799						797
Traditional loans allowance for losses		(1,515	)					(1,592	)					(1,637	)

Traditional loans, net	$	27,261					$	34,718					$	33,794

Percentage of traditional loans in repayment					87.0	%					80.5	%					81.9	%

Delinquencies as a percentage of traditional loans in repayment					7.3	%					7.2	%					8.1	%

Loans in forbearance as a percentage of traditional loans in repayment and forbearance					3.6	%					3.2	%					3.3	%

⁽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.


	Private Education Non-Traditional Loan Delinquencies
	December 31,
	2014						2013						2012
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	276					$	440					$	483
Loans in forbearance⁽²⁾		124						133						140
Loans in repayment and percentage of each status:
Loans current		1,749			81.9	%		1,791			78.3	%		1,978			76.5	%
Loans delinquent 31-60 days⁽³⁾		110			5.2			128			5.6			175			6.8
Loans delinquent 61-90 days⁽³⁾		73			3.4			93			4.1			106			4.1
Loans delinquent greater than 90 days⁽³⁾		202			9.5			275			12.0			325			12.6

Total non-traditional loans in repayment		2,134			100	%		2,287			100	%		2,584			100	%

Total non-traditional loans, gross		2,534						2,860						3,207
Non-traditional loans unamortized discount		(68	)					(75	)					(83	)

Total non-traditional loans		2,466						2,785						3,124
Non-traditional loans receivable for partially charged-off loans		470						514						550
Non-traditional loans allowance for losses		(401	)					(505	)					(534	)

Non-traditional loans, net	$	2,535					$	2,794					$	3,140

Percentage of non-traditional loans in repayment					84.2	%					80.0	%					80.6	%

Delinquencies as a percentage of non-traditional loans in repayment					18.1	%					21.7	%					23.4	%

Loans in forbearance as a percentage of non-traditional loans in repayment and forbearance					5.5	%					5.5	%					5.1	%

⁽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.

Receivable for Partially Charged-Off Loans

The following table summarizes the activity in the receivable for partially charged-off loans.


	Years Ended December 31,
(Dollars in millions)	2014			2013			2012
Receivable at beginning of period	$	1,313		$	1,347		$	1,241
Expected future recoveries of current period defaults⁽¹⁾		233			290			351
Recoveries⁽²⁾		(215	)		(230	)		(189	)
Charge-offs⁽³⁾		(86	)		(94	)		(56	)

Receivable at end of period		1,245			1,313			1,347
Allowance for estimated recovery shortfalls⁽⁴⁾		(385	)		(336	)		(198	)

Net receivable at end of period	$	860		$	977		$	1,149

⁽¹⁾

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

⁽²⁾

Current period cash collections.

⁽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
December 31, 2014
Private Education Loans — Traditional	$	8,728	$	8,790	$	917
Private Education Loans — Non-Traditional		1,477		1,476		215

Total	$	10,205	$	10,266	$	1,132

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.


	Years Ended December 31,
	2014				2013				2012
(Dollars in millions)	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Private Education Loans — Traditional	$	8,139	$	497	$	6,805	$	418	$	5,181	$	333
Private Education Loans — Non-Traditional		1,456		116		1,376		112		1,205		106

Total	$	9,595	$	613	$	8,181	$	530	$	6,386	$	439

Modified Loans Accounts for TDR


	Years Ended December 31,
	2014						2013						2012
(Dollars in millions)	Modified Loans⁽¹⁾		Charge- Offs⁽²⁾		Payment- Default		Modified Loans⁽¹⁾		Charge- Offs⁽²⁾		Payment- Default		Modified Loans⁽¹⁾		Charge- Offs⁽²⁾		Payment- Default
Private Education Loans — Traditional	$	1,858	$	332	$	449	$	2,114	$	372	$	680	$	2,375	$	389	$	1,351
Private Education Loans — Non-Traditional		206		107		100		314		132		184		443		152		420

Total	$	2,064	$	439	$	549	$	2,428	$	504	$	864	$	2,818	$	541	$	1,771

⁽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 As of December 31,
(Dollars in millions)	Total		Greater Than 90 Days Past Due		Allowance for Uncollectible Interest
2014
Private Education Loans — Traditional	$	542	$	31	$	29
Private Education Loans — Non-Traditional		70		10		11

Total	$	612	$	41	$	40

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

Total	$	1,023	$	48	$	66

2012
Private Education Loans — Traditional	$	798	$	39	$	45
Private Education Loans — Non-Traditional		106		16		22

Total	$	904	$	55	$	67

Troubled Debt Restructuring Loans [Member]

Age Analysis of Past Due Loans Delinquencies

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


	TDR Loan Delinquencies
	December 31,
	2014					2013					2012
(Dollars in millions)	Balance		%			Balance		%			Balance		%
Loans in deferment⁽¹⁾	$	825				$	913				$	574
Loans in forbearance⁽²⁾		745					740					544
Loans in repayment and percentage of each status:
Loans current		7,186		82.7	%		5,613		76.5	%		4,619		73.8	%
Loans delinquent 31-60 days⁽³⁾		464		5.3			469		6.4			478		7.6
Loans delinquent 61-90 days⁽³⁾		299		3.4			330		4.5			254		4.1
Loans delinquent greater than 90 days⁽³⁾		747		8.6			921		12.6			908		14.5

Total TDR loans in repayment		8,696		100	%		7,333		100	%		6,259		100	%

Total TDR loans, gross	$	10,266				$	8,986				$	7,377

⁽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.

Goodwill and Acquired Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill, Accumulated Impairments and Net Goodwill for Each Reporting Units and Reportable Segments

The following table summarizes our goodwill, accumulated impairments and net goodwill for our reporting units and reportable segments.


	As of December 31, 2014							As of December 31, 2013
(Dollars in millions)	Gross		Accumulated Impairments and Other Adjustments⁽¹⁾			Net		Gross		Accumulated Impairments			Net
Total FFELP Loans reportable segment	$	194	$	(4	)	$	190	$	194	$	(4	)	$	190
Total Private Education Loans reportable segment⁽¹⁾		147		(41	)		106		147		—			147
Business Services reportable segment:
Servicing		50		—			50		50		—			50
Asset Recovery		136		(129	)		7		136		(129	)		7

Total Business Services reportable segment		186		(129	)		57		186		(129	)		57

Total	$	527	$	(174	)	$	353	$	527	$	(133	)	$	394

⁽¹⁾

Acquired Intangible Assets

Acquired Intangible Assets

Acquired intangible assets include the following:


	As of December 31, 2014							As of December 31, 2013
(Dollars in millions)	Cost Basis⁽¹⁾		Accumulated Impairment and Amortization⁽¹⁾			Net		Cost Basis⁽¹⁾		Accumulated Impairment and Amortization⁽¹⁾			Net
Intangible assets subject to amortization:
Customer, services and lending relationships	$	199	$	(192	)	$	7	$	278	$	(261	)	$	17
Software and technology		78		(78	)		—		79		(79	)		—
Trade names and trademarks		14		(5	)		9		34		(21	)		13

Total acquired intangible assets	$	291	$	(275	)	$	16	$	391	$	(361	)	$	30

⁽¹⁾

Borrowings (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Company's Borrowings

The following table summarizes our borrowings.


	December 31, 2014						December 31, 2013
(Dollars in millions)	Short Term		Long Term		Total		Short Term		Long Term		Total
Unsecured borrowings:
Senior unsecured debt	$	1,066	$	16,311	$	17,377	$	2,213	$	16,056	$	18,269
Bank deposits		—		—		—		6,133		2,807		8,940

Total unsecured borrowings		1,066		16,311		17,377		8,346		18,863		27,209

Secured borrowings:
FFELP Loan securitizations		—		86,241		86,241		—		90,756		90,756
Private Education Loan securitizations		—		17,997		17,997		—		18,835		18,835
FFELP Loan — other facilities		—		15,358		15,358		4,715		5,311		10,026
Private Education Loan — other facilities		653		—		653		—		843		843
Other⁽¹⁾		937		—		937		691		—		691

Total secured borrowings		1,590		119,596		121,186		5,406		115,745		121,151

Total before hedge accounting adjustments		2,656		135,907		138,563		13,752		134,608		148,360
Hedge accounting adjustments		7		959		966		43		2,040		2,083

Total	$	2,663	$	136,866	$	139,529	$	13,795	$	136,648	$	150,443

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

Outstanding Short-Term Borrowings

The following tables summarize outstanding short-term borrowings (secured and unsecured), the weighted average interest rates at the end of each period, and the related average balances and weighted average interest rates during the periods. Rates reflect stated interest of borrowings and related discounts and premiums.


	December 31, 2014					Year Ended December 31, 2014
(Dollars in millions)	Ending Balance		Weighted Average Interest Rate			Average Balance		Weighted Average Interest Rate
Bank deposits	$	—		—	%	$	2,032		1.14	%
FFELP Loan — other facilities		—		—			2,893		.37
Private Education Loan — other facilities		653		1.06			397		1.85
Senior unsecured debt		1,073		4.40			1,385		4.36
Other interest-bearing liabilities		937		.06			834		.09

Total short-term borrowings	$	2,663		2.06	%	$	7,541		1.36	%

Maximum outstanding at any month end	$	13,142


	December 31, 2013					Year Ended December 31, 2013
(Dollars in millions)	Ending Balance		Weighted Average Interest Rate			Average Balance		Weighted Average Interest Rate
Bank deposits	$	6,133		1.14	%	$	5,221		1.44	%
FFELP Loan — other facilities		4,715		.21			7,386		.84
Private Education Loan — other facilities		—		—			272		1.86
Senior unsecured debt		2,256		3.09			2,814		3.59
Other interest-bearing liabilities		691		.07			1,037		.14

Total short-term borrowings	$	13,795		1.09	%	$	16,730		1.46	%

Maximum outstanding at any month end	$	20,038

Long-Term Borrowings


	December 31, 2014					Year Ended December 31, 2014
			Weighted Average			Year Ended December 31, 2014
(Dollars in millions)	Ending Balance⁽¹⁾		Interest Rate⁽²⁾			Average Balance
Floating rate notes:
U.S. dollar-denominated:
Interest bearing, due 2016-2054	$	107,621		.95	%	$	100,966
Non-U.S. dollar-denominated:
Interest bearing, due 2021-2041		8,516		.47			8,842

Total floating rate notes		116,137		.95			109,808
Fixed rate notes:
U.S. dollar-denominated:
Interest bearing, due 2016-2047		19,495		5.61			18,108
Non-U.S.-dollar denominated:
Interest bearing, due 2016-2039		1,234		4.57			1,416

Total fixed rate notes		20,729		5.55			19,524
Brokered deposits — U.S. dollar-denominated		—		—			918

Total long-term borrowings	$	136,866		1.62	%	$	130,250


	December 31, 2013					Year Ended December 31, 2013
			Weighted Average			Year Ended December 31, 2013
(Dollars in millions)	Ending Balance⁽¹⁾		Interest Rate⁽²⁾			Average Balance
Floating rate notes:
U.S. dollar-denominated:
Interest bearing, due 2015-2048	$	102,878		.98	%	$	108,100
Non-U.S. dollar-denominated:
Interest bearing, due 2021-2041		9,249		.62			9,525

Total floating rate notes		112,127		.95			117,625
Fixed rate notes:
U.S. dollar-denominated:
Interest bearing, due 2015-2047		18,510		5.61			16,149
Non-U.S.-dollar denominated:
Interest bearing, due 2015-2039		3,204		2.72			2,420

Total fixed rate notes		21,714		5.18			18,569
Brokered deposits — U.S. dollar-denominated, due 2015-2018		2,807		1.32			2,488

Total long-term borrowings	$	136,648		1.63	%	$	138,682

⁽¹⁾

⁽²⁾

Weighted average interest rate is stated rate relative to currency denomination of debt.

Stated Maturities and Maturities to Call Dates

As of December 31, 2014, the stated maturities and maturities if accelerated to the call dates are shown in the following table.


	Stated Maturity						Maturity to Call Date
(Dollars in millions)	Senior Unsecured Debt		Secured Borrowings⁽¹⁾		Total⁽²⁾		Senior Unsecured Debt		Secured Borrowings⁽¹⁾		Total
Year of Maturity
2015	$	—	$	16,786	$	16,786	$	1,699	$	16,786	$	18,485
2016		2,224		12,526		14,750		2,223		12,526		14,749
2017		1,834		12,832		14,666		1,812		12,832		14,644
2018		2,802		9,036		11,838		2,553		9,036		11,589
2019		2,438		10,333		12,771		2,257		10,333		12,590
2020-2054		7,013		58,083		65,096		5,767		58,083		63,850

		16,311		119,596		135,907		16,311		119,596		135,907
Hedge accounting adjustments		877		82		959		877		82		959

Total	$	17,188	$	119,678	$	136,866	$	17,188	$	119,678	$	136,866

⁽¹⁾

⁽²⁾	The aggregate principal amount of debt that matures in each period is $16.9 billion in 2015, $14.8 billion in 2016, $14.7 billion in 2017, $11.9 billion in 2018, $12.8 billion in 2019, and $65.6 billion in 2020-2054.

Financing VIEs

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


	December 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	$	—	$	86,241	$	86,241	$	86,715	$	3,069	$	722		$	90,506
Private Education Loan securitizations		—		17,997		17,997		23,184		378		389			23,951
FFELP Loan — other facilities		—		13,358		13,358		13,653		269		260			14,182
Private Education Loan — other facilities		653		—		653		1,233		17		36			1,286

Total before hedge accounting adjustments		653		117,596		118,249		124,785		3,733		1,407			129,925
Hedge accounting adjustments		—		82		82		—		—		(177	)		(177	)

Total	$	653	$	117,678	$	118,331	$	124,785	$	3,733	$	1,230		$	129,748


	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 Loan — other facilities		3,655		3,791		7,446		7,719		128		91			7,938
Private Education Loan — 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

Gains on Debt Repurchases

The following table summarizes activity related to our senior unsecured debt and ABS repurchases. “Gains on debt repurchases” is shown net of hedging-related gains and losses.


	Years Ended December 31,
(Dollars in millions)	2014		2013		2012
Debt principal repurchased	$	548	$	1,279	$	711
Gains on debt repurchases		—		42		145

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
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Reference 4: 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.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
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-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

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.

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2014

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	Dec. 31, 2014			Dec. 31, 2013		Dec. 31, 2014			Dec. 31, 2013			Dec. 31, 2014			Dec. 31, 2013			Dec. 31, 2014			Dec. 31, 2013
Fair Values⁽¹⁾
Derivative Assets:
Interest rate swaps	Interest rate	$	6		$	24	$	828		$	738		$	23		$	61		$	857		$	823
Cross-currency interest rate swaps	Foreign currency and interest rate		—			—		164			1,185			—			—			164			1,185
Other⁽²⁾	Interest rate		—			—		—			—			1			2			1			2

Total derivative assets⁽³⁾			6			24		992			1,923			24			63			1,022			2,010
Derivative Liabilities:
Interest rate swaps	Interest rate		(3	)		—		(22	)		(149	)		(120	)		(215	)		(145	)		(364	)
Floor Income Contracts	Interest rate		—			—		—			—			(915	)		(1,384	)		(915	)		(1,384	)
Cross-currency interest rate swaps	Foreign currency and interest rate		—			—		(293	)		(155	)		(65	)		(31	)		(358	)		(186	)
Other⁽²⁾	Interest rate		—			—		—			—			(12	)		(23	)		(12	)		(23	)

Total derivative liabilities⁽³⁾			(3	)		—		(315	)		(304	)		(1,112	)		(1,653	)		(1,430	)		(1,957	)

Net total derivatives		$	3		$	24	$	677		$	1,619		$	(1,088	)	$	(1,590	)	$	(408	)	$	53

⁽¹⁾

⁽²⁾	“Other” includes embedded derivatives bifurcated from securitization debt as well as derivatives related to our Total Return Swap Facility.

⁽³⁾	The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification:

Gross Positions with Impact of Netting Agreements

⁽³⁾	The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification:


	Other Assets						Other Liabilities
(Dollar in millions)	December 31, 2014			December 31, 2013			December 31, 2014			December 31, 2013
Gross position	$	1,022		$	2,010		$	(1,430	)	$	(1,957	)
Impact of master netting agreements		(241	)		(386	)		241			386

Derivative values with impact of master netting agreements (as carried on balance sheet)		781			1,624			(1,189	)		(1,571	)
Cash collateral (held) pledged		(935	)		(687	)		624			777

Net position	$	(154	)	$	937		$	(565	)	$	(794	)

Derivative Notional Values


	Cash Flow				Fair Value				Trading				Total
(Dollars in billions)	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2014		Dec. 31, 2013
Notional Values:
Interest rate swaps	$	6.0	$	.7	$	14.3	$	16.0	$	28.7	$	46.3	$	49.0	$	63.0
Floor Income Contracts		—		—		—		—		35.2		31.8		35.2		31.8
Cross-currency interest rate swaps		—		—		9.4		11.1		.4		.3		9.8		11.4
Other⁽¹⁾		—		—		—		—		3.6		3.9		3.6		3.9

Total derivatives	$	6.0	$	.7	$	23.7	$	27.1	$	67.9	$	82.3	$	97.6	$	110.1

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

Impact of Derivatives on Consolidated Statements of Income

Impact of Derivatives on Consolidated Statements of Income


	Years Ended December 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			2012			2014			2013			2012			2014			2013			2012			2014			2013			2012
Fair Value Hedges:
Interest rate swaps	$	213		$	(806	)	$	(75	)	$	389		$	414		$	449		$	(185	)	$	873		$	41		$	417		$	481		$	415
Cross-currency interest rate swaps		(1,159	)		1			42			52			98			167			1,264			(183	)		(182	)		157			(84	)		27

Total fair value derivatives		(946	)		(805	)		(33	)		441			512			616			1,079			690			(141	)		574			397			442
Cash Flow Hedges:
Interest rate swaps		—			—			(1	)		(3	)		(9	)		(26	)		—			—			—			(3	)		(9	)		(27	)

Total cash flow derivatives		—			—			(1	)		(3	)		(9	)		(26	)		—			—			—			(3	)		(9	)		(27	)
Trading:
Interest rate swaps		54			(107	)		(66	)		46			71			108			—			—			—			100			(36	)		42
Floor Income Contracts		633			785			412			(699	)		(815	)		(859	)		—			—			—			(66	)		(30	)		(447	)
Cross-currency interest rate swaps		(33	)		(101	)		(59	)		(2	)		35			7			—			—			—			(35	)		(66	)		(52	)
Other		9			(19	)		5			(2	)		(2	)		(1	)		—			—			—			7			(21	)		4

Total trading derivatives		663			558			292			(657	)		(711	)		(745	)		—			—			—			6			(153	)		(453	)

Total		(283	)		(247	)		258			(219	)		(208	)		(155	)		1,079			690			(141	)		577			235			(38	)
Less: realized gains (losses) recorded in interest expense		—			—			—			438			503			590			—			—			—			438			503			590

Gains (losses) on derivative and hedging activities, net	$	(283	)	$	(247	)	$	258		$	(657	)	$	(711	)	$	(745	)	$	1,079		$	690		$	(141	)	$	139		$	(268	)	$	(628	)

⁽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.”

Impact of Derivatives on Consolidated Statements of Changes in Stockholders' Equity

Impact of Derivatives on Consolidated Statements of Changes in Stockholders’ Equity (net of tax)


	Years Ended December 31,
(Dollars in millions)	2014			2013		2012
Total gains (losses) on cash flow hedges	$	(7	)	$	16	$	(7	)
Realized losses recognized in interest expense^(1)(2)(3)		2			6		16

Total change in stockholders’ equity for unrealized gains on derivatives	$	(5	)	$	22	$	9

⁽¹⁾

Amounts included in “Realized gain (loss) on derivatives” in the “Impact of Derivatives on Consolidated Statements of Income” table above.

⁽²⁾

Includes net settlement income/expense.

⁽³⁾

We expect to reclassify $1 million of after-tax net losses from accumulated other comprehensive income to earnings during the next 12 months related to net settlement accruals on interest rate swaps.

Collateral Held and Pledged

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


(Dollars in millions)	December 31, 2014		December 31, 2013
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$	935	$	687
Securities at fair value — on-balance sheet securitization derivatives (not recorded in financial statements)⁽¹⁾		344		629

Total collateral held	$	1,279	$	1,316

Derivative asset at fair value including accrued interest	$	1,091	$	1,878

Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	$	624	$	777

Total collateral pledged	$	624	$	777

Derivative liability at fair value including accrued interest and premium receivable	$	926	$	948

⁽¹⁾	The trusts do not have the ability to sell or re-pledge securities they hold as collateral.

Other Assets (Tables)

12 Months Ended

Dec. 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.


	December 31, 2014					December 31, 2013
(Dollars in millions)	Ending Balance		% of Balance			Ending Balance		% of Balance
Accrued interest receivable, net	$	1,821		32	%	$	2,161		30	%
Derivatives at fair value		781		14			1,624		22
Income tax asset, net current and deferred		1,389		25			1,299		18
Accounts receivable		558		10			881		12
Benefit and insurance-related investments		485		9			477		7
Fixed assets, net		152		3			237		3
Other loans, net		83		1			101		1
Other		395		6			507		7

Total	$	5,664		100	%	$	7,287		100	%

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Common Share Repurchases and Issuances

The following table summarizes our common share repurchases and issuances.


	Years Ended December 31,
	2014		2013		2012
Common stock repurchased⁽¹⁾		30,432,689		26,987,043		58,038,239
Average purchase price per share	$	19.72	$	22.26	$	15.52
Shares repurchased related to employee stock-based compensation plans⁽²⁾		4,171,342		6,365,002		4,547,785
Average purchase price per share	$	20.91	$	21.76	$	15.86
Common shares issued⁽³⁾		7,389,962		9,702,976		6,432,643

⁽¹⁾

Common shares purchased under our share repurchase programs.

⁽²⁾

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

⁽³⁾

Common shares issued under our various compensation and benefit plans.

Earnings (Loss) per Common Share (Tables)

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Schedule of Earnings (Loss) per Common Share


	Years Ended December 31,
(In millions, except per share data)	2014		2013		2012
Numerator:
Net income attributable to Navient Corporation	$	1,149	$	1,418	$	939
Preferred stock dividends		6		20		20

Net income attributable to Navient Corporation common stock	$	1,143	$	1,398	$	919

Denominator:
Weighted average shares used to compute basic EPS		417		440		476
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units and Employee Stock Purchase Plan (“ESPP”)⁽¹⁾		8		9		7

Dilutive potential common shares⁽²⁾		8		9		7

Weighted average shares used to compute diluted EPS		425		449		483

Basic earnings (loss) per common share attributable to Navient Corporation:
Continuing operations	$	2.74	$	2.94	$	1.93
Discontinued operations		—		.24		—

Total	$	2.74	$	3.18	$	1.93

Diluted earnings (loss) per common share attributable to Navient Corporation:
Continuing operations	$	2.69	$	2.89	$	1.90
Discontinued operations		—		.23		—

Total	$	2.69	$	3.12	$	1.90

⁽¹⁾	Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, restricted stock, restricted stock units, and the outstanding commitment to issue shares under the ESPP, determined by the treasury stock method.

⁽²⁾	For the years ended December 31, 2014, 2013 and 2012, stock options covering approximately 3 million, 3 million and 12 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

Stock-Based Compensation Plans and Arrangements (Tables)

12 Months Ended

Dec. 31, 2014

Postemployment Benefits [Abstract]

Black-Scholes Model Assumptions for Calculating Stock Option Fair Values


	Years Ended December 31,
	2014 Post-Spin-Off			2014 Pre-Spin-Off			2013			2012
Expected life of the option		2.9 years			2.9 years			2.8 years			2.8 years
Expected volatility		27	%		26	%		31	%		44	%
Risk-free interest rate		.81	%		.76	%		.65	%		.60	%
Expected dividend rate		3.53	%		2.48	%		3.35	%		3.13	%
Weighted average fair value of options granted	$	2.29		$	3.48		$	3.11		$	4.12

Stock Option Activity

The following table summarizes stock option activity in 2014 for Old SLM (pre-Spin-Off) and Navient (post-Spin-Off) common stock.


	Number of Options			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value⁽¹⁾
Outstanding at December 31, 2013		20,272,760		$	20.55
Granted		16,132			24.24
Exercised⁽²⁾⁽³⁾		(1,990,681	)		12.71
Canceled		(206,046	)		38.04

Outstanding at April 30, 2014		18,092,165			21.21

Outstanding at May 1, 2014		—			—
Replacement awards granted upon distribution of SLM BankCo⁽⁴⁾		18,092,165			13.61
Granted		1,988,228			17.00
Exercised⁽²⁾⁽³⁾		(2,669,174	)		8.84
Canceled		(89,660	)		22.95

Outstanding at December 31, 2014⁽⁵⁾		17,321,559		$	14.68		3.1 yrs	$	155

Exercisable at December 31, 2014		12,390,540		$	15.14		3.0 yrs	$	116

⁽¹⁾

⁽²⁾

⁽³⁾

There was no cash received from option exercises in 2014. The actual tax benefit realized for the tax deductions from option exercises totaled $15 million for 2014.

⁽⁴⁾

In connection with the Spin-Off, holders of Old SLM stock options granted prior to the Spin-Off received the same number of Navient stock options with adjusted strike prices.

⁽⁵⁾

As of December 31, 2014, there was $2 million of unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted average period of 1.8 years.

Restricted Stock Activity

The following table summarizes restricted stock activity in 2014 for Old SLM (pre-Spin-Off) and Navient (post-Spin-Off) common stock.


	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested at December 31, 2013		39,355		$	14.29
Granted		4,333			21.91
Vested⁽¹⁾		(38,355	)		13.48
Canceled		(1,000	)		45.41

Non-vested at April 30, 2014		4,333			21.91

Non-vested at May 1, 2014		—			—
Replacement awards granted upon distribution of SLM BankCo⁽²⁾		—			—
Granted		62,811			16.68
Vested⁽¹⁾		(62,811	)		16.68
Canceled		—			—

Non-vested at December 31, 2014⁽³⁾		—		$	—

⁽¹⁾

⁽²⁾

In connection with the Spin-Off, all holders of Old SLM restricted stock were associated with SLM BankCo and received solely restricted stock awards in SLM BankCo.

⁽³⁾

As of December 31, 2014, there was no unrecognized compensation cost related to restricted stock.

Restricted Stock Unit and Performance Stock Unit Activity

The following table summarizes RSU and PSU activity in 2014 for Old SLM (pre-Spin-Off) and Navient (post-Spin-Off) common stock.


	Number of RSUs/ PSUs			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2013		5,126,887		$	16.72
Granted		3,286,586			20.89
Vested and converted to common stock⁽¹⁾		(2,151,196	)		16.17
Canceled		(951,281	)		17.02

Outstanding at April 30, 2014		5,310,996			19.47

Outstanding at May 1, 2014		—			—
Replacement awards granted upon distribution of SLM BankCo⁽²⁾		4,980,459			12.23
Granted		62,920			16.95
Vested and converted to common stock⁽¹⁾		(125,430	)		10.37
Canceled		(48,728	)		12.38

Outstanding at December 31, 2014⁽³⁾		4,869,221		$	12.34

⁽¹⁾

⁽²⁾

⁽³⁾

As of December 31, 2014, there was $11 million of unrecognized compensation cost related to RSUs and PSUs, which is expected to be recognized over a weighted average period of 1.8 years.

Black-Scholes Model Assumptions for Calculating ESPP Fair Values

The fair values of the stock purchase rights of the ESPP offerings were calculated using a Black-Scholes option pricing model with the following weighted average assumptions.


	Years Ended December 31,
	2014 Post-Spin-Off			2013			2012
Expected life of the option		1 year			1 year			1 year
Expected volatility		24	%		29	%		29	%
Risk-free interest rate		.13	%		.15	%		.13	%
Expected dividend rate		3.46	%		3.51	%		3.27	%
Weighted average fair value of stock purchase rights	$	2.74		$	2.95		$	3.01

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

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


	Fair Value Measurements on a Recurring Basis
	December 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	$	—	$	1		$	—		$	1		$	—	$	102		$	—		$	102
Other		—		5			—			5			—		7			—			7

Total available-for-sale investments		—		6			—			6			—		109			—			109
Derivative instruments:⁽¹⁾
Interest rate swaps		—		841			16			857			—		785			38			823
Cross-currency interest rate swaps		—		—			164			164			—		27			1,158			1,185
Other		—		—			1			1			—		—			2			2

Total derivative assets⁽³⁾		—		841			181			1,022			—		812			1,198			2,010

Total	$	—	$	847		$	181		$	1,028		$	—	$	921		$	1,198		$	2,119

Liabilities⁽²⁾
Derivative instruments⁽¹⁾
Interest rate swaps	$	—	$	(41	)	$	(104	)	$	(145	)	$	—	$	(239	)	$	(125	)	$	(364	)
Floor Income Contracts		—		(915	)		—			(915	)		—		(1,384	)		—			(1,384	)
Cross-currency interest rate swaps		—		(77	)		(281	)		(358	)		—		(35	)		(151	)		(186	)
Other		—		—			(12	)		(12	)		—		—			(23	)		(23	)

Total derivative liabilities⁽³⁾		—		(1,033	)		(397	)		(1,430	)		—		(1,658	)		(299	)		(1,957	)

Total	$	—	$	(1,033	)	$	(397	)	$	(1,430	)	$	—	$	(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 7 — 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.


	Year Ended December 31, 2014
	Derivative Instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other			Total Derivative Instruments
Balance, beginning of period	$	(87	)	$	1,007		$	(21	)	$	899
Total gains/(losses) (realized and unrealized):
Included in earnings⁽¹⁾		1			(1,081	)		8			(1,072	)
Included in other comprehensive income		—			—			—			—
Settlements		(2	)		(43	)		2			(43	)
Transfers in and/or out of level 3		—			—			—			—

Balance, end of period	$	(88	)	$	(117	)	$	(11	)	$	(216	)

Change in unrealized gains/(losses) relating to instruments still held at the reporting date⁽²⁾	$	—		$	(1,225	)	$	10		$	(1,215	)


	Year Ended December 31, 2013
	Derivative Instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other			Total Derivative Instruments
Balance, beginning of period	$	(73	)	$	1,053		$	4		$	984
Total gains/(losses) (realized and unrealized):
Included in earnings⁽¹⁾		9			63			(22	)		50
Included in other comprehensive income		—			—			—			—
Settlements		(23	)		(109	)		(3	)		(135	)
Transfers in and/or out of level 3		—			—			—			—

Balance, end of period	$	(87	)	$	1,007		$	(21	)	$	899

Change in unrealized gains/(losses) relating to instruments still held at the reporting date⁽²⁾	$	(2	)	$	116		$	(19	)	$	95


	Year Ended December 31, 2012
	Derivative Instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other		Total Derivative Instruments
Balance, beginning of period		$(40)			$1,021		$	1	$	982
Total gains/(losses) (realized and unrealized):
Included in earnings⁽¹⁾		(5	)		159			3		157
Included in other comprehensive income		—			—			—		—
Settlements		(28	)		(127	)		—		(155	)
Transfers in and/or out of level 3		—			—			—		—

Balance, end of period	$	(73	)	$	1,053		$	4	$	984

Change in unrealized gains/(losses) relating to instruments still held at the reporting date⁽²⁾	$	(31	)	$	55		$	4	$	28

⁽¹⁾

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

Included in Earnings


	Years Ended December 31,
(Dollars in millions)	2014			2013			2012
Gains (losses) on derivative and hedging activities, net	$	(1,116	)	$	(27	)	$	37
Interest expense		44			77			120

Total	$	(1,072	)	$	50		$	157

⁽²⁾

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

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

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


	December 31, 2014									December 31, 2013
(Dollars in millions)	Fair Value			Carrying Value			Difference			Fair Value			Carrying Value			Difference
Earning assets
FFELP Loans	$	104,419		$	104,521		$	(102	)	$	104,481		$	104,588		$	(107	)
Private Education Loans		29,433			29,796			(363	)		37,485			37,512			(27	)
Cash and investments⁽¹⁾		6,002			6,002			—			9,732			9,732			—

Total earning assets		139,854			140,319			(465	)		151,698			151,832			(134	)

Interest-bearing liabilities
Short-term borrowings		2,661			2,663			2			13,807			13,795			(12	)
Long-term borrowings		134,201			136,866			2,665			133,578			136,648			3,070

Total interest-bearing liabilities		136,862			139,529			2,667			147,385			150,443			3,058

Derivative financial instruments
Floor Income Contracts		(915	)		(915	)		—			(1,384	)		(1,384	)		—
Interest rate swaps		712			712			—			459			459			—
Cross-currency interest rate swaps		(194	)		(194	)		—			999			999			—
Other		(11	)		(11	)		—			(21	)		(21	)		—

Excess of net asset fair value over carrying value							$	2,202								$	2,924

⁽¹⁾

Level 3 [Member]

Unobservable Data Used in Recurring Valuations of Level 3

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


(Dollars in millions)	Fair Value at December 31, 2014			Valuation Technique	Input	Range (Weighted Average)
Derivatives
Consumer Price Index/LIBOR basis swaps	$	13		Discounted cash flow	Bid/ask adjustment to discount rate	.02% — .05% (.05%)

Prime/LIBOR basis swaps		(101	)	Discounted cash flow	Constant Prepayment Rate	4.6%
					Bid/ask adjustment to discount rate	.08% — .08% (.08%)

Cross-currency interest rate swaps		(117	)	Discounted cash flow	Constant Prepayment Rate	2.7%
Other		(11	)

Total	$	(216	)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

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

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


	Years Ended December 31,
	2014			2013			2012
Statutory rate		35.0	%		35.0	%		35.0	%
State tax, net of federal benefit		2.0			2.0			.1
Other, net		.5			.1			(.5	)

Effective tax rate		37.5	%		37.1	%		34.6	%

Components of Provision for Income Tax Expense (Benefit)

Income tax expense consists of:


	December 31,
(Dollars in millions)	2014			2013			2012
Continuing operations current provision/(benefit):
Federal	$	443		$	567		$	474
State		42			47			27

Total continuing operations current provision/(benefit)		485			614			501
Continuing operations deferred provision/(benefit):
Federal		189			142			23
State		14			20			(26	)

Total continuing operations deferred provision/(benefit)		203			162			(3	)

Continuing operations provision for income tax expense/(benefit)		688			776			498

Discontinued operations current provision/(benefit):
Federal	$	(4	)	$	32		$	1
State		—			1			—

Total discontinued operations current provision/(benefit)		(4	)		33			1
Discontinued operations deferred provision/(benefit):
Federal		4			(12	)		(2	)
State		—			(1	)		—

Total discontinued operations deferred provision/(benefit)		4			(13	)		(2	)

Discontinued operations provision for income tax expense/(benefit)		—			20			(1	)

Provision for income tax expense/(benefit)	$	688		$	796		$	497

Schedule of Deferred Tax Assets and Liabilities

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


	December 31,
(Dollars in millions)	2014		2013
Deferred tax assets:
Loan reserves	$	795	$	893
Market value adjustments on student loans, investments and derivatives		352		572
Student loan premiums and discounts, net		114		25
Stock-based compensation plans		50		66
Deferred revenue		49		57
Accrued expenses not currently deductible		27		61
Other		25		30

Total deferred tax assets		1,412		1,704

Deferred tax liabilities:
Gains/(losses) on repurchased debt		—		304
Other		64		81

Total deferred tax liabilities		64		385

Net deferred tax assets	$	1,348	$	1,319

Summary of Changes in Unrecognized Tax Benefits

The following table summarizes changes in unrecognized tax benefits:


	December 31,
(Dollars in millions)	2014			2013			2012
Unrecognized tax benefits at beginning of year	$	56.0		$	41.2		$	45.9
Increases resulting from tax positions taken during a prior period		1.0			5.8			20.0
Decreases resulting from tax positions taken during a prior period		(12.4	)		(7.7	)		(18.0	)
Increases resulting from tax positions taken during the current period		8.4			28.1			11.3
Decreases related to settlements with taxing authorities		(.6	)		(7.7	)		(14.7	)
Increases related to settlements with taxing authorities		—			—			—
Reductions related to the lapse of statute of limitations		(.5	)		(3.7	)		(3.3	)

Unrecognized tax benefits at end of year	$	51.9		$	56.0		$	41.2

Segment Reporting (Tables)

12 Months Ended

Dec. 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.


	December 31,
(Dollars in millions)	2014		2013
FFELP Loans, net	$	104,521	$	104,588
Cash and investments⁽¹⁾		4,050		4,473
Other		2,566		3,587

Total assets	$	111,137	$	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.


	December 31,
(Dollars in millions)	2014		2013
Private Education Loans, net	$	29,796	$	37,512
Cash and investments⁽¹⁾		402		2,555
Other		2,453		2,934

Total assets	$	32,651	$	43,001

⁽¹⁾

Includes restricted cash and investments.

Segment Results and Reconciliations to GAAP

Segment Results and Reconciliations to GAAP


	Year Ended December 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	$	2,097	$	1,958	$	—	$	—		$	—		$	4,055	$	699		$	(42	)	$	657		$	4,712
Other loans		—		—		—		9			—			9		—			—			—			9
Cash and investments		4		—		—		4			—			8		—			1			1			9

Total interest income		2,101		1,958		—		13			—			4,072		699			(41	)		658			4,730
Total interest expense		1,168		708		—		114			—			1,990		42			31			73			2,063

Net interest income (loss)		933		1,250		—		(101	)		—			2,082		657			(72	)		585			2,667
Less: provisions for loan losses		40		539		—		—			—			579		—			49			49			628

Net interest income (loss) after provisions for loan losses		893		711		—		(101	)		—			1,503		657			(121	)		536			2,039
Other income (loss):
Gains (losses) on sales of loans and investments		—		—		—		—			—			—		—			—			—			—
Servicing revenue		62		25		668		—			(456	)		299		—			(1	)		(1	)		298
Asset recovery revenue		—		—		388		—			—			388		—			—			—			388
Gains on debt repurchases		—		—		—		—			—			—		—			—			—			—
Other income (loss)		—		—		6		26			—			32		(657	)		846			189			221

Total other income (loss)		62		25		1,062		26			(456	)		719		(657	)		845			188			907
Expenses:
Direct operating expenses		483		181		384		132			(456	)		724		—			36			36			760
Overhead expenses		—		—		—		200			—			200		—			27			27			227

Operating expenses		483		181		384		332			(456	)		924		—			63			63			987
Goodwill and acquired intangible asset impairment and amortization		—		—		—		—			—			—		—			9			9			9
Restructuring and other reorganization expenses		—		—		—		—			—			—		—			113			113			113

Total expenses		483		181		384		332			(456	)		924		—			185			185			1,109
Income (loss) from continuing operations, before income tax expense (benefit)		472		555		678		(407	)		—			1,298		—			539			539			1,837
Income tax expense (benefit)⁽³⁾		176		204		250		(150	)		—			480		—			208			208			688

Net income (loss) from continuing operations	$	296	$	351	$	428	$	(257	)	$	—		$	818	$	—		$	331		$	331		$	1,149
Income (loss) from discontinued operations, net of tax expense (benefit)		—		—		—		—			—			—		—			—			—			—

Net income (loss)	$	296	$	351	$	428	$	(257	)	$	—		$	818	$	—		$	331		$	331		$	1,149

⁽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:


	Year Ended December 31, 2014
(Dollars in millions)	Net Impact from Spin-Off of SLM BankCo			Net Impact of Derivative Accounting		Net Impact of Acquired Intangibles			Total
Net interest income after provisions for loan losses	$	136		$	400	$	—		$	536
Total other income		15			173		—			188
Operating expenses		63			—		—			63
Goodwill and acquired intangible asset impairment and amortization		—			—		9			9
Restructuring and other reorganization expenses		113			—		—			113

Total “Core Earnings” adjustments to GAAP	$	(25	)	$	573	$	(9	)		539

Income tax expense										208

Net income									$	331

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


	Year Ended December 31, 2013
(Dollars in millions)	FFELP Loans		Private Education Loans		Business Services		Other			Elimina- tions⁽¹⁾			Total “Core Earnings”		Adjustments									Total GAAP
(Dollars in millions)	FFELP Loans		Private Education Loans		Business Services		Other			Elimina- tions⁽¹⁾			Total “Core Earnings”		Reclassi- fications			Additions/ (Subtractions)			Total Adjustments⁽²⁾			Total GAAP
Interest income:
Student loans	$	2,274	$	2,037	$	—	$	—		$	—		$	4,311	$	816		$	222		$	1,038		$	5,349
Other loans		—		—		—		11			—			11		—			—			—			11
Cash and investments		5		2		—		5			—			12		—			5			5			17

Total interest income		2,279		2,039		—		16			—			4,334		816			227			1,043			5,377
Total interest expense		1,260		748		—		59			—			2,067		55			88			143			2,210

Net interest income (loss)		1,019		1,291		—		(43	)		—			2,267		761			139			900			3,167
Less: provisions for loan losses		48		722		—		—			—			770		—			69			69			839

Net interest income (loss) after provisions for loan losses		971		569		—		(43	)		—			1,497		761			70			831			2,328
Other income (loss):
Gains (losses) on sales of loans and investments		312		—		—		(10	)		—			302		—			—			—			302
Servicing revenue		76		33		705		(1	)		(529	)		284		—			6			6			290
Asset recovery revenue		—		—		420		—			—			420		—			—			—			420
Gains on debt repurchases		—		—		—		48			—			48		(6	)		—			(6	)		42
Other income (loss)		—		—		5		5			—			10		(755	)		577			(178	)		(168	)

Total other income (loss)		388		33		1,130		42			(529	)		1,064		(761	)		583			(178	)		886
Expenses:
Direct operating expenses		555		179		348		68			(529	)		621		—			185			185			806
Overhead expenses		—		—		—		167			—			167		—			69			69			236

Operating expenses		555		179		348		235			(529	)		788		—			254			254			1,042
Goodwill and acquired intangible asset impairment and amortization		—		—		—		—			—			—		—			13			13			13
Restructuring and other reorganization expenses		—		—		—		—			—			—		—			72			72			72

Total expenses		555		179		348		235			(529	)		788		—			339			339			1,127
Income (loss) from continuing operations, before income tax expense (benefit)		804		423		782		(236	)		—			1,773		—			314			314			2,087
Income tax expense (benefit)⁽³⁾		291		154		284		(86	)		—			643		—			133			133			776

Net income (loss) from continuing operations		513		269		498		(150	)		—			1,130		—			181			181			1,311
Income (loss) from discontinued operations, net of tax expense (benefit)		—		—		111		1			—			112		—			(6	)		(6	)		106

Net income (loss)		513		269		609		(149	)		—			1,242		—			175			175			1,417
Less: net loss attributable to noncontrolling interest		—		—		—		—			—			—		—			(1	)		(1	)		(1	)

Net income (loss) attributable to Navient Corporation	$	513	$	269	$	609	$	(149	)	$	—		$	1,242	$	—		$	176		$	176			1,418

⁽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:


	Year Ended December 31, 2013
(Dollars in millions)	Net Impact from Spin-Off of SLM BankCo		Net Impact of Derivative Accounting			Net Impact of Acquired Intangibles			Total
Net interest income after provisions for loan losses	$	376	$	455		$	—		$	831
Total other income (loss)		34		(212	)		—			(178	)
Operating expenses		254		—			—			254
Goodwill and acquired intangible asset impairment and amortization		—		—			13			13
Restructuring and other reorganization expenses		72		—			—			72

Total “Core Earnings” adjustments to GAAP	$	84	$	243		$	(13	)		314

Income tax expense										133
Loss from discontinued operations, net of tax benefit										(6	)
Net loss attributable to noncontrolling interest										(1	)

Net income									$	176

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


	Year Ended December 31, 2012
(Dollars in millions)	FFELP Loans		Private Education Loans			Business Services			Other			Elimina- tions⁽¹⁾			Total “Core Earnings”			Adjustments									Total GAAP
(Dollars in millions)	FFELP Loans		Private Education Loans			Business Services			Other			Elimina- tions⁽¹⁾			Total “Core Earnings”			Reclassi- fications			Additions/ (Subtractions)			Total Adjustments⁽²⁾			Total GAAP
Interest income:
Student loans	$	2,729	$	2,036		$	—		$	—		$	—		$	4,765		$	858		$	109		$	967		$	5,732
Other loans		—		—			—			16			—			16			—			—			—			16
Cash and investments		11		3			(3	)		2			4			17			—			4			4			21

Total interest income		2,740		2,039			(3	)		18			4			4,798			858			113			971			5,769
Total interest expense		1,589		733			—			38			4			2,364			115			82			197			2,561

Net interest income (loss)		1,151		1,306			(3	)		(20	)		—			2,434			743			31			774			3,208
Less: provisions for loan losses		68		946			—			—			—			1,014			—			66			66			1,080

Net interest income (loss) after provisions for loan losses		1,083		360			(3	)		(20	)		—			1,420			743			(35	)		708			2,128
Other income (loss):
Gains (losses) on sales of loans and investments		—		—			—			—			—			—			—			—			—			—
Servicing revenue		90		45			812			—			(669	)		278			—			1			1			279
Asset recovery revenue		—		—			356			—			—			356			—			—			—			356
Gains on debt repurchases		—		—			—			145			—			145			—			—			—			145
Other income (loss)		—		—			(2	)		15			—			13			(743	)		194			(549	)		(536	)

Total other income (loss)		90		45			1,166			160			(669	)		792			(743	)		195			(548	)		244
Expenses:
Direct operating expenses		699		150			312			13			(669	)		505			—			168			168			673
Overhead expenses		—		—			—			143			—			143			—			81			81			224

Operating expenses		699		150			312			156			(669	)		648			—			249			249			897
Goodwill and acquired intangible asset impairment and amortization		—		—			—			—			—			—			—			27			27			27
Restructuring and other reorganization expenses		—		—			—			—			—			—			—			11			11			11

Total expenses		699		150			312			156			(669	)		648			—			287			287			935
Income (loss) from continuing operations, before income tax expense (benefit)		474		255			851			(16	)		—			1,564			—			(127	)		(127	)		1,437
Income tax expense (benefit)⁽³⁾		171		87			305			(3	)		—			560			—			(62	)		(62	)		498

Net income (loss) from continuing operations		303		168			546			(13	)		—			1,004			—			(65	)		(65	)		939
Income (loss) from discontinued operations, net of tax expense (benefit)		—		(2	)		—			1			—			(1	)		—			(1	)		(1	)		(2	)

Net income (loss)		303		166			546			(12	)		—			1,003			—			(66	)		(66	)		937
Less: net loss attributable to noncontrolling interest		—		—			—			—			—			—			—			(2	)		(2	)		(2	)

Net income (loss) attributable to Navient Corporation	$	303	$	166		$	546		$	(12	)	$	—		$	1,003		$	—		$	(64	)	$	(64	)	$	939

⁽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:


	Year Ended December 31, 2012
(Dollars in millions)	Net Impact of SLM BankCo		Net Impact of Derivative Accounting			Net Impact of Acquired Intangibles			Total
Net interest income after provisions for loan losses	$	318	$	390		$	—		$	708
Total other income (loss)		36		(584	)		—			(548	)
Operating expenses		249		—			—			249
Goodwill and acquired intangible asset impairment and amortization		—		—			27			27
Restructuring and other reorganization expenses		11		—			—			11

Total “Core Earnings” adjustments to GAAP	$	94	$	(194	)	$	(27	)		(127	)

Income tax benefit										(62	)
Loss from discontinued operations, net of tax benefit										(1	)
Net loss attributable to noncontrolling interest										(2	)

Net loss									$	(64	)

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

Core Earnings Adjustments to GAAP

Summary of “Core Earnings” Adjustments to GAAP


	Years Ended December 31,
(Dollars in millions)	2014			2013			2012
“Core Earnings” adjustments to GAAP:
Net impact of the removal of SLM BankCo’s operations and restructuring and reorganization expense in connection with the Spin-Off⁽¹⁾	$	(25	)	$	84		$	94
Net impact of derivative accounting⁽²⁾		573			243			(194	)
Net impact of goodwill and acquired intangible assets⁽³⁾		(9	)		(13	)		(27	)
Net tax effect⁽⁴⁾		(208	)		(133	)		62
Net impact of discontinued operations and noncontrolling interest		—			(5	)		1

Total “Core Earnings” adjustments to GAAP	$	331		$	176		$	(64	)

⁽¹⁾

⁽²⁾

⁽³⁾

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

⁽⁴⁾

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

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2014

Discontinued Operations and Disposal Groups [Abstract]

Summary of Discontinued Operations

The following table summarizes our discontinued operations.


	Years Ended December 31,
(Dollars in millions)	2014		2013		2012
Operations:
Income (loss) from discontinued operations before income tax expense (benefit)	$	—	$	126	$	(3	)
Income tax expense (benefit)		—		20		(1	)

Income (loss) from discontinued operations, net of tax expense (benefit)	$	—	$	106	$	(2	)

Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information


	2014
(Dollars in millions, except per share data)	First Quarter			Second Quarter		Third Quarter			Fourth Quarter
Net interest income	$	766		$	662	$	624		$	614
Less: provisions for loan losses		185			165		140			138

Net interest income after provisions for loan losses		581			497		484			476
Gains (losses) on derivative and hedging activities, net		(8	)		61		108			(22	)
Other income		178			214		180			194
Operating expenses		366			211		195			215
Goodwill and acquired intangible asset impairment and amortization expense		4			2		2			2
Restructuring and other reorganization expenses		26			61		14			10
Income tax expense		136			191		200			159

Net income from continuing operations		219			307		361			262
Income (loss) from discontinued operations, net of tax expense (benefit)		—			—		(2	)		1

Net income		219			307		359			263
Less: net loss attributable to noncontrolling interest		—			—		—			—

Net income attributable to Navient Corporation		219			307		359			263
Preferred stock dividends		5			2		—			—

Net income attributable to Navient Corporation common stock	$	214		$	305	$	359		$	263

Basic earnings per common share attributable to Navient Corporation:
Continuing operations	$	.50		$	.72	$	.87		$	.65
Discontinued operations		—			—		—			—

Total	$	.50		$	.72	$	.87		$	.65

Diluted earnings per common share attributable to Navient Corporation:
Continuing operations	$	.49		$	.71	$	.85		$	.64
Discontinued operations		—			—		—			—

Total	$	.49		$	.71	$	.85		$	.64


	2013
(Dollars in millions, except per share data)	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Net interest income	$	795		$	784		$	799		$	789
Less: provisions for loan losses		241			201			207			190

Net interest income after provisions for loan losses		554			583			592			599
Gains (losses) on derivative and hedging activities, net		(31	)		18			(127	)		(128	)
Other income		281			472			196			203
Operating expenses		235			244			257			305
Goodwill and acquired intangible asset impairment and amortization expense		3			3			4			3
Restructuring and other reorganization expenses		10			23			12			26
Income tax expense		211			299			136			129

Net income from continuing operations		345			504			252			211
Income from discontinued operations, net of tax expense		1			38			8			59

Net income		346			542			260			270
Less: net loss attributable to noncontrolling interest		—			(1	)		—			—

Net income attributable to Navient Corporation		346			543			260			270
Preferred stock dividends		5			5			5			5

Net income attributable to Navient Corporation common stock	$	341		$	538		$	255		$	265

Basic earnings per common share attributable to Navient Corporation:
Continuing operations	$	.76		$	1.14		$	.56		$	.47
Discontinued operations		—			.08			.02			.14

Total	$	.76		$	1.22		$	.58		$	.61

Diluted earnings per common share attributable to Navient Corporation:
Continuing operations	$	.74		$	1.12		$	.55		$	.47
Discontinued operations		—			.08			.02			.13

Total	$	.74		$	1.20		$	.57		$	.60

Organization and Business - Additional Information (Detail) - Minimum [Member] Customer in Millions, $ in Billions	12 Months Ended
	Dec. 31, 2014 USD ($) Customer
Condensed Balance Sheet Statements, Captions [Line Items]
Student loans serviced \| $	$ 300
Number of customers company services \| Customer	12

Organization and Business - Navient Shareholder Distribution of SLM BankCo (Detail) - USD ($) $ in Millions	Dec. 31, 2014	Apr. 30, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Assets
Loans, net	$ 134,317		$ 142,100
Investments	633		892
Cash and cash equivalents	1,443		5,190	$ 3,900	$ 2,794
Other assets	5,664		7,287
Total assets	146,352		159,543
Liabilities
Short-term borrowings	2,663		13,795
Long-term borrowings	136,866		136,648
Other liabilities	2,625		3,458
Total liabilities	142,154		153,901
Preferred stock
Total equity	4,198		5,642	$ 5,066	$ 5,251
Total liabilities and equity	$ 146,352		159,543
Series A Preferred Stock [Member]
Preferred stock
Preferred stock value			165
Series B Preferred Stock [Member]
Preferred stock
Preferred stock value			$ 400
SLM BankCo [Member]
Assets
Investments		$ 139
Cash and cash equivalents		2,170
Other assets		883
Total assets		11,776
Liabilities
Short-term borrowings		6,491
Long-term borrowings		2,750
Other liabilities		825
Total liabilities		10,066
Preferred stock
Common equity		1,145
Total equity		1,710
Total liabilities and equity		11,776
SLM BankCo [Member] \| Series A Preferred Stock [Member]
Preferred stock
Preferred stock value		165
SLM BankCo [Member] \| Series B Preferred Stock [Member]
Preferred stock
Preferred stock value		400
SLM BankCo [Member] \| FFELP Loans [Member]
Assets
Loans, net		1,380
SLM BankCo [Member] \| Private Education Loans - Traditional [Member]
Assets
Loans, net		$ 7,204

Organization and Business - Navient Shareholder Distribution of SLM BankCo (Parenthetical) (Detail) - USD ($) $ in Millions		12 Months Ended
	Apr. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Condensed Balance Sheet Statements, Captions [Line Items]
Net assets distribution of consumer banking business		$ 4,198	$ 5,642	$ 5,066	$ 5,251
Distribution of consumer banking business		$ 1,751
SLM BankCo [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Net income tax liabilities	$ 383
Net assets distribution of consumer banking business	1,710
Goodwill allocated to consumer banking business	41
Distribution of consumer banking business	$ 1,751

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Accounting Policies [Line Items]
Gain from trust sale		$ 312
Delinquency period (in days)	212 days
Percentage reimbursement on all qualifying default claims period one	98.00%
Percentage reimbursement on all qualifying default claims period two	97.00%
Percentage reimbursement on all qualifying default claims period three	100.00%
Percentage of threshold	50.00%
Option to exercise clean-up call and purchase student loans from trust of original loan balance	10 percent or less of the original loan balance
Percentage of trust's asset balance needed to trigger clean-up call	10.00%
Condition for purchase remaining loan from trust	Loan balance below 10 percent
Consolidation loan rebate fee	105 basis point
Minimum number of working hours for Severance Plan eligibility	24 hours
Minimum settlement of tax position recognized	50.00%
Private Education Loans [Member]
Accounting Policies [Line Items]
Private Education Loan loss confirmation period (in years)	2 years
Period until which customers are not required to begin repayment under certain Private Education Loans	Six months after they have graduated or otherwise left school
Percentage of principal balance in higher education Private Education Loan portfolio related to customers who are in-school/grace/deferment status and not required to make payments	10.00%
Number of days after last payment contractually due Private Education Loan considered to be delinquent	31 days
Securitization Trust [Member]
Accounting Policies [Line Items]
Assets	$ 32	12,500
Liabilities		$ 12,100

Student Loans - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage reimbursement on all qualifying default claims period one	98.00%
Percentage reimbursement on all qualifying default claims period two	97.00%
Estimated weighted average life of student loans	7 years 2 months 12 days	7 years 6 months
Percentage of student loan portfolio in repayment	78.00%	76.00%
Gain from trust sale		$ 312
Interest rate reduction, description	Once the customer has made the initial three payments, the loan's status is returned to current and the interest rate is reduced for the successive twelve month period
Securitization Trust [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Assets	$ 32	12,500
Liabilities		$ 12,100
FFELP Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage reimbursement on all qualifying default claims period one	98.00%
Percentage reimbursement on all qualifying default claims period two	97.00%
FFELP Stafford Loans [Member] \| Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayment period	5 years
FFELP Stafford Loans [Member] \| Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayment period	10 years
FFELP Plus Loans [Member] \| Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayment period	5 years
FFELP Plus Loans [Member] \| Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayment period	10 years
FFELP Consolidation Loans, Net [Member] \| Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayment period	12 years
FFELP Consolidation Loans, Net [Member] \| Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayment period	30 years
Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayment term	15 years or more

Student Loans - Student Loan Portfolio by Program (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ending Balance of student loans	$ 134,317	$ 142,100
Percentage to total student loans	100.00%	100.00%
Average Balance student loans	$ 134,334	$ 150,444
Average Effective Interest Rate of student loans	3.51%	3.56%
FFELP Stafford and Other Student Loans, Net [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ending Balance of student loans	$ 41,065	$ 40,021
Percentage to total student loans	31.00%	28.00%
Average Balance student loans	$ 38,335	$ 42,039
Average Effective Interest Rate of student loans	2.05%	2.01%
FFELP Consolidation Loans, Net [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ending Balance of student loans	$ 63,456	$ 64,567
Percentage to total student loans	47.00%	46.00%
Average Balance student loans	$ 62,327	$ 70,113
Average Effective Interest Rate of student loans	2.84%	2.82%
Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ending Balance of student loans	$ 29,796	$ 37,512
Percentage to total student loans	22.00%	26.00%
Average Balance student loans	$ 33,672	$ 38,292
Average Effective Interest Rate of student loans	6.40%	6.60%

Allowance for Loan Losses - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2014 USD ($) CreditScore Loans	Dec. 31, 2013 USD ($)	Dec. 31, 2012 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	$ 385	$ 336	$ 198
Percentage of loans granted forbearance that migrated to TDR classification	51.00%	45.00%
TDR loans, Unpaid Principal Balance	$ 10,266	$ 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	$ 2,200	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 estimated recovery shortfalls	$ 385	$ 336

Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Detail) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2014 USD ($)	Sep. 30, 2014 USD ($)	Jun. 30, 2014 USD ($)	Mar. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Sep. 30, 2013 USD ($)	Jun. 30, 2013 USD ($)	Mar. 31, 2013 USD ($)	Dec. 31, 2014 USD ($) SecurityLoan	Dec. 31, 2013 USD ($) SecurityLoan	Dec. 31, 2012 USD ($) SecurityLoan
Allowance for Loan Losses
Beginning balance				$ 2,244				$ 2,377	$ 2,244	$ 2,377	$ 2,427
Total provision	$ 138	$ 140	$ 165	185	$ 190	$ 207	$ 201	241	628	839	1,080
Charge-offs									(781)	(975)	(1,151)
Student loan sales										(14)	(8)
Reclassification of interest reserve									17	17	29
Distribution of SLM BankCo									(75)
Ending balance	2,033				2,244				2,033	2,244	2,377
Allowance:
Ending balance: individually evaluated for impairment	1,151				1,068				1,151	1,068	1,161
Ending balance: collectively evaluated for impairment	882				1,176				882	1,176	1,216
Loans:
Ending balance: individually evaluated for impairment	10,654				9,307				10,654	9,307	7,629
Ending balance: collectively evaluated for impairment	125,196				134,808				125,196	134,808	156,792
FFELP Loans [Member]
Allowance for Loan Losses
Beginning balance				119				159	119	159	187
Total provision									40	52	72
Charge-offs									(60)	(78)	(92)
Student loan sales										(14)	(8)
Distribution of SLM BankCo									(6)
Ending balance	93				119				93	119	159
Allowance:
Ending balance: collectively evaluated for impairment	93				119				93	119	159
Loans:
Ending balance: collectively evaluated for impairment	103,438				103,672				$ 103,438	$ 103,672	$ 124,335
Charge-offs as a percentage of average loans in repayment									0.08%	0.10%	0.10%
Allowance as a percentage of the ending total loan balance									0.09%	0.12%	0.13%
Allowance as a percentage of the ending loans in repayment									0.12%	0.16%	0.18%
Allowance coverage of charge-offs \| SecurityLoan									1.5	1.5	1.7
Ending total loans	103,438				103,672				$ 103,438	$ 103,672	$ 124,335
Average loans in repayment									72,829	80,822	91,653
Ending loans in repayment	78,211				76,504				78,211	76,504	90,731
Private Education Loans [Member]
Allowance for Loan Losses
Beginning balance				2,097				2,171	2,097	2,171	2,171
Total provision									588	787	1,008
Charge-offs									(717)	(878)	(1,037)
Reclassification of interest reserve									17	17	29
Distribution of SLM BankCo									(69)
Ending balance	1,916				2,097				1,916	2,097	2,171
Allowance:
Ending balance: individually evaluated for impairment	1,132				1,048				1,132	1,048	1,126
Ending balance: collectively evaluated for impairment	784				1,049				784	1,049	1,045
Loans:
Ending balance: individually evaluated for impairment	10,609				9,262				10,609	9,262	7,560
Ending balance: collectively evaluated for impairment	21,697				31,051				$ 21,697	$ 31,051	$ 32,341
Charge-offs as a percentage of average loans in repayment									2.51%	2.78%	3.37%
Allowance as a percentage of the ending total loan balance									5.93%	5.20%	5.44%
Allowance as a percentage of the ending loans in repayment									7.11%	6.68%	6.89%
Allowance coverage of charge-offs \| SecurityLoan									2.7	2.4	2.1
Ending total loans	32,306				40,313				$ 32,306	$ 40,313	$ 39,901
Average loans in repayment									28,577	31,556	30,750
Ending loans in repayment	26,949				31,370				26,949	31,370	31,514
Other Loans [Member]
Allowance for Loan Losses
Beginning balance				$ 28				$ 47	28	47	69
Charge-offs									(4)	(19)	(22)
Ending balance	24				28				24	28	47
Allowance:
Ending balance: individually evaluated for impairment	19				20				19	20	35
Ending balance: collectively evaluated for impairment	5				8				5	8	12
Loans:
Ending balance: individually evaluated for impairment	45				45				45	45	69
Ending balance: collectively evaluated for impairment	62				85				$ 62	$ 85	$ 116
Charge-offs as a percentage of average loans in repayment									3.31%	12.28%	9.51%
Allowance as a percentage of the ending total loan balance									22.23%	21.42%	25.39%
Allowance as a percentage of the ending loans in repayment									22.23%	21.42%	25.39%
Allowance coverage of charge-offs \| SecurityLoan									6.1	1.5	2.1
Ending total loans	107				130				$ 107	$ 130	$ 185
Average loans in repayment									117	156	231
Ending loans in repayment	$ 107				$ 130				$ 107	$ 130	$ 185

Allowance for Loan Losses - Private Education Loan Portfolio Stratified by Key Credit Quality Indicators (Detail) - Private Education Loans [Member] - USD ($) $ in Millions	Dec. 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	$ 28,527	$ 36,140
School type FICO scores traditional recorded investment, in percent	92.00%	93.00%
School type FICO scores non-traditional recorded investment	$ 2,534	$ 2,860
School type FICO scores non-traditional recorded investment, in percent	8.00%	7.00%
Total	$ 31,061	$ 39,000
Total in percent	100.00%	100.00%
Cosigners [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans with cosigner	$ 20,001	$ 26,321
Private Education Loans with cosigner in percent	64.00%	67.00%
Private Education Loans without cosigner	$ 11,060	$ 12,679
Private Education Loans without cosigner in percent	36.00%	33.00%
Total	$ 31,061	$ 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	$ 2,734	$ 5,424
Seasoning - based on monthly scheduled payments due from 13-24 payments	3,161	5,466
Seasoning - based on monthly scheduled payments due from 25-36 payments	4,259	5,482
Seasoning - based on monthly scheduled payments due from 37-48 payments	4,404	5,040
Seasoning - based on monthly scheduled payments due from more than 48 payments	13,450	11,060
Seasoning - based on monthly scheduled payments due from not yet in repayment	3,053	6,528
Total	$ 31,061	$ 39,000
Seasoning based on monthly scheduled payments due from 1-12 payments, in percent	9.00%	14.00%
Seasoning based on monthly scheduled payments due from 13 - 24 payments, in percent	10.00%	14.00%
Seasoning based on monthly scheduled payments due from 25 - 36 payments, in percent	14.00%	14.00%
Seasoning based on monthly scheduled payments due from 37 - 48 payments, in percent	14.00%	13.00%
Seasoning based on monthly scheduled payments due from more than 48 payments, in percent	43.00%	28.00%
Seasoning - based on monthly scheduled payments due from not yet in repayment, in percent	10.00%	17.00%
Total in percent	100.00%	100.00%

Allowance for Loan Losses - Age Analysis of Past Due Loans Delinquencies (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Loans in repayment and percentage of each status:
Loans receivable for partially charged-off loans	$ 1,245	$ 1,313	$ 1,347	$ 1,241
Loans allowance for losses	(2,033)	(2,244)	(2,377)	(2,427)
Loans, net	134,317	142,100
FFELP Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans in-school/grace/deferment	10,861	13,678	17,702
Loans in forbearance	14,366	13,490	15,902
Loans in repayment and percentage of each status:
Loans current	65,221	63,330	75,499
Loans delinquent 31-60 days	3,942	3,746	4,710
Loans delinquent 61-90 days	2,451	2,207	2,788
Loans delinquent greater than 90 days	6,597	7,221	7,734
Total loans in repayment	78,211	76,504	90,731
Total loans, gross	103,438	103,672	124,335
Loans unamortized premium (discount)	1,176	1,035	1,436
Total loans	104,614	104,707	125,771
Loans allowance for losses	(93)	(119)	(159)	$ (187)
Loans, net	104,521	104,588	125,612
Private Education Loans - Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans in-school/grace/deferment	2,777	6,088	5,421
Loans in forbearance	935	969	996
Loans in repayment and percentage of each status:
Loans current	23,012	26,977	26,597
Loans delinquent 31-60 days	624	674	837
Loans delinquent 61-90 days	363	420	375
Loans delinquent greater than 90 days	816	1,012	1,121
Total loans in repayment	24,815	29,083	28,930
Total loans, gross	28,527	36,140	35,347
Loans unamortized premium (discount)	(526)	(629)	(713)
Total loans	28,001	35,511	34,634
Loans receivable for partially charged-off loans	775	799	797
Loans allowance for losses	(1,515)	(1,592)	(1,637)
Loans, net	27,261	34,718	33,794
Private Education Loans - Non-Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans in-school/grace/deferment	276	440	483
Loans in forbearance	124	133	140
Loans in repayment and percentage of each status:
Loans current	1,749	1,791	1,978
Loans delinquent 31-60 days	110	128	175
Loans delinquent 61-90 days	73	93	106
Loans delinquent greater than 90 days	202	275	325
Total loans in repayment	2,134	2,287	2,584
Total loans, gross	2,534	2,860	3,207
Loans unamortized premium (discount)	(68)	(75)	(83)
Total loans	2,466	2,785	3,124
Loans receivable for partially charged-off loans	470	514	550
Loans allowance for losses	(401)	(505)	(534)
Loans, net	2,535	2,794	3,140
Troubled Debt Restructuring Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans in-school/grace/deferment	825	913	574
Loans in forbearance	745	740	544
Loans in repayment and percentage of each status:
Loans current	7,186	5,613	4,619
Loans delinquent 31-60 days	464	469	478
Loans delinquent 61-90 days	299	330	254
Loans delinquent greater than 90 days	747	921	908
Total loans in repayment	8,696	7,333	6,259
Total loans, gross	$ 10,266	$ 8,986	$ 7,377
Credit Concentration Risk [Member] \| FFELP Loans [Member] \| Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	100.00%	100.00%	100.00%
Credit Concentration Risk [Member] \| FFELP Loans [Member] \| Financing Receivables, Current [Member] \| Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	83.40%	82.80%	83.20%
Credit Concentration Risk [Member] \| FFELP Loans [Member] \| Financing Receivables, 31 To 60 Days Past Due [Member] \| Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	5.00%	4.90%	5.20%
Credit Concentration Risk [Member] \| FFELP Loans [Member] \| Financing Receivables, 61 To 90 Days Past Due [Member] \| Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	3.10%	2.90%	3.10%
Credit Concentration Risk [Member] \| FFELP Loans [Member] \| Financing Receivables, 90 Days Past Due [Member] \| Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	8.50%	9.40%	8.50%
Credit Concentration Risk [Member] \| FFELP Loans [Member] \| Financing Receivables, Loans In Repayment [Member] \| Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	75.60%	73.80%	73.00%
Credit Concentration Risk [Member] \| FFELP Loans [Member] \| Financing Receivables, Delinquent Loans In Repayment [Member] \| Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	16.60%	17.20%	16.80%
Credit Concentration Risk [Member] \| FFELP Loans [Member] \| Financing Receivables, Forbearance, Loans In Repayment [Member] \| Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	15.50%	15.00%	14.90%
Credit Concentration Risk [Member] \| Private Education Loans - Traditional [Member] \| Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	100.00%	100.00%	100.00%
Credit Concentration Risk [Member] \| Private Education Loans - Traditional [Member] \| Financing Receivables, Current [Member] \| Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	92.70%	92.80%	91.90%
Credit Concentration Risk [Member] \| Private Education Loans - Traditional [Member] \| Financing Receivables, 31 To 60 Days Past Due [Member] \| Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	2.50%	2.30%	2.90%
Credit Concentration Risk [Member] \| Private Education Loans - Traditional [Member] \| Financing Receivables, 61 To 90 Days Past Due [Member] \| Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	1.50%	1.40%	1.30%
Credit Concentration Risk [Member] \| Private Education Loans - Traditional [Member] \| Financing Receivables, 90 Days Past Due [Member] \| Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	3.30%	3.50%	3.90%
Credit Concentration Risk [Member] \| Private Education Loans - Traditional [Member] \| Financing Receivables, Loans In Repayment [Member] \| Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	87.00%	80.50%	81.90%
Credit Concentration Risk [Member] \| Private Education Loans - Traditional [Member] \| Financing Receivables, Delinquent Loans In Repayment [Member] \| Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	7.30%	7.20%	8.10%
Credit Concentration Risk [Member] \| Private Education Loans - Traditional [Member] \| Financing Receivables, Forbearance, Loans In Repayment [Member] \| Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	3.60%	3.20%	3.30%
Credit Concentration Risk [Member] \| Private Education Loans - Non-Traditional [Member] \| Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	100.00%	100.00%	100.00%
Credit Concentration Risk [Member] \| Private Education Loans - Non-Traditional [Member] \| Financing Receivables, Current [Member] \| Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	81.90%	78.30%	76.50%
Credit Concentration Risk [Member] \| Private Education Loans - Non-Traditional [Member] \| Financing Receivables, 31 To 60 Days Past Due [Member] \| Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	5.20%	5.60%	6.80%
Credit Concentration Risk [Member] \| Private Education Loans - Non-Traditional [Member] \| Financing Receivables, 61 To 90 Days Past Due [Member] \| Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	3.40%	4.10%	4.10%
Credit Concentration Risk [Member] \| Private Education Loans - Non-Traditional [Member] \| Financing Receivables, 90 Days Past Due [Member] \| Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	9.50%	12.00%	12.60%
Credit Concentration Risk [Member] \| Private Education Loans - Non-Traditional [Member] \| Financing Receivables, Loans In Repayment [Member] \| Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	84.20%	80.00%	80.60%
Credit Concentration Risk [Member] \| Private Education Loans - Non-Traditional [Member] \| Financing Receivables, Delinquent Loans In Repayment [Member] \| Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	18.10%	21.70%	23.40%
Credit Concentration Risk [Member] \| Private Education Loans - Non-Traditional [Member] \| Financing Receivables, Forbearance, Loans In Repayment [Member] \| Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	5.50%	5.50%	5.10%
Credit Concentration Risk [Member] \| Troubled Debt Restructuring Loans [Member] \| Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	100.00%	100.00%	100.00%
Credit Concentration Risk [Member] \| Troubled Debt Restructuring Loans [Member] \| Financing Receivables, Current [Member] \| Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	82.70%	76.50%	73.80%
Credit Concentration Risk [Member] \| Troubled Debt Restructuring Loans [Member] \| Financing Receivables, 31 To 60 Days Past Due [Member] \| Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	5.30%	6.40%	7.60%
Credit Concentration Risk [Member] \| Troubled Debt Restructuring Loans [Member] \| Financing Receivables, 61 To 90 Days Past Due [Member] \| Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	3.40%	4.50%	4.10%
Credit Concentration Risk [Member] \| Troubled Debt Restructuring Loans [Member] \| Financing Receivables, 90 Days Past Due [Member] \| Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	8.60%	12.60%	14.50%

Allowance for Loan Losses - Receivable for Partially Charged-Off Loans (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Receivables [Abstract]
Receivable at beginning of period	$ 1,313	$ 1,347	$ 1,241
Expected future recoveries of current period defaults	233	290	351
Recoveries	(215)	(230)	(189)
Charge-offs	(86)	(94)	(56)
Receivable at end of period	1,245	1,313	1,347
Allowance for estimated recovery shortfalls	(385)	(336)	(198)
Net receivable at end of period	$ 860	$ 977	$ 1,149

Allowance for Loan Losses - Receivable for Partially Charged-Off Loans (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for Private Education Loans losses	$ 2,033	$ 2,244	$ 2,377	$ 2,427
Private Education Loans [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for Private Education Loans losses	$ 1,916	$ 2,097	$ 2,171	$ 2,171

Allowance for Loan Losses - Recorded Investment, Unpaid Principal Balance and Related Allowance for TDR Loans (Detail) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
TDR Loans, Recorded Investment	$ 10,205	$ 8,949
TDR loans, Unpaid Principal Balance	10,266	8,986
TDR Loans, Related Allowance	1,132	1,048
Private Education Loans - Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
TDR Loans, Recorded Investment	8,728	7,515
TDR loans, Unpaid Principal Balance	8,790	7,559
TDR Loans, Related Allowance	917	812
Private Education Loans - Non-Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
TDR Loans, Recorded Investment	1,477	1,434
TDR loans, Unpaid Principal Balance	1,476	1,427
TDR Loans, Related Allowance	$ 215	$ 236

Allowance for Loan Losses - Average Recorded Investment and Interest Income Recognized for TDR (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Financing Receivable, Impaired [Line Items]
Impaired financing receivable, Average Recorded Investment	$ 9,595	$ 8,181	$ 6,386
Impaired financing receivable, Interest Income Recognized	613	530	439
Private Education Loans - Traditional [Member]
Financing Receivable, Impaired [Line Items]
Impaired financing receivable, Average Recorded Investment	8,139	6,805	5,181
Impaired financing receivable, Interest Income Recognized	497	418	333
Private Education Loans - Non-Traditional [Member]
Financing Receivable, Impaired [Line Items]
Impaired financing receivable, Average Recorded Investment	1,456	1,376	1,205
Impaired financing receivable, Interest Income Recognized	$ 116	$ 112	$ 106

Allowance for Loan Losses - Modified Loans Accounts for TDR (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Financing Receivable, Modifications [Line Items]
Modified Loans	$ 2,064	$ 2,428	$ 2,818
Charge-Offs	439	504	541
Payment-Default	549	864	1,771
Private Education Loans - Traditional [Member]
Financing Receivable, Modifications [Line Items]
Modified Loans	1,858	2,114	2,375
Charge-Offs	332	372	389
Payment-Default	449	680	1,351
Private Education Loans - Non-Traditional [Member]
Financing Receivable, Modifications [Line Items]
Modified Loans	206	314	443
Charge-Offs	107	132	152
Payment-Default	$ 100	$ 184	$ 420

Allowance for Loan Losses - Accrued Interest Receivable (Detail) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Accrued Interest Receivable	$ 612	$ 1,023	$ 904
Greater Than 90 Days Past Due	41	48	55
Allowance for Uncollectible Interest	40	66	67
Private Education Loans - Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Accrued Interest Receivable	542	926	798
Greater Than 90 Days Past Due	31	35	39
Allowance for Uncollectible Interest	29	46	45
Private Education Loans - Non-Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Accrued Interest Receivable	70	97	106
Greater Than 90 Days Past Due	10	13	16
Allowance for Uncollectible Interest	$ 11	$ 20	$ 22

Goodwill and Acquired Intangible Assets - Additional Information (Detail) $ in Millions			12 Months Ended
	Oct. 01, 2014 USD ($)	Apr. 30, 2014 USD ($)	Dec. 31, 2014 USD ($) Segment	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Indefinite-lived Intangible Assets [Line Items]
Number of reportable segments \| Segment			4
Market capitalization	$ 8,700	$ 7,000
Amortization of acquired intangible assets			$ 8	$ 13	$ 18
2015			5
2016			3
2017			1
2018			1
2019			0
Trade Names and Trademarks [Member]
Indefinite-lived Intangible Assets [Line Items]
Intangible assets not subject to amortization, net			$ 6	$ 6

Goodwill and Acquired Intangible Assets - Summary of Goodwill, Accumulated Impairments and Net Goodwill for Each Reporting Units and Reportable Segments (Detail) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Goodwill [Line Items]
Gross	$ 527	$ 527
Accumulated Impairments	(174)	(133)
Net	353	394
FFELP Loan Segment [Member]
Goodwill [Line Items]
Gross	194	194
Accumulated Impairments	(4)	(4)
Net	190	190
Private Education Loans Segment [Member]
Goodwill [Line Items]
Gross	147	147
Accumulated Impairments	(41)
Net	106	147
Business Services [Member]
Goodwill [Line Items]
Gross	186	186
Accumulated Impairments	(129)	(129)
Net	57	57
Business Services [Member] \| Servicing [Member]
Goodwill [Line Items]
Gross	50	50
Net	50	50
Business Services [Member] \| Asset Recovery [Member]
Goodwill [Line Items]
Gross	136	136
Accumulated Impairments	(129)	(129)
Net	$ 7	$ 7

Goodwill and Acquired Intangible Assets - Summary of Goodwill, Accumulated Impairments and Net Goodwill for Each Reporting Units and Reportable Segments (Parenthetical) (Detail) $ in Millions	Apr. 30, 2014 USD ($)
SLM BankCo [Member]
Goodwill [Line Items]
Goodwill allocated to consumer banking business	$ 41

Goodwill and Acquired Intangible Assets - Acquired Intangible Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost Basis	$ 291	$ 391
Intangible assets subject to amortization, Accumulated Impairment and Amortization	(275)	(361)
Intangible assets subject to amortization, Net	16	30
Customer, Services and Lending Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost Basis	199	278
Intangible assets subject to amortization, Accumulated Impairment and Amortization	(192)	(261)
Intangible assets subject to amortization, Net	7	17
Software and Technology [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost Basis	78	79
Intangible assets subject to amortization, Accumulated Impairment and Amortization	(78)	(79)
Trade Names and Trademarks [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost Basis	14	34
Intangible assets subject to amortization, Accumulated Impairment and Amortization	(5)	(21)
Intangible assets subject to amortization, Net	$ 9	$ 13

Goodwill and Acquired Intangible Assets - Acquired Intangible Assets (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Acquired Finite-Lived Intangible Assets [Line Items]
Accumulated impairment and amortization	$ 275	$ 361
Upromise [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Accumulated impairment and amortization	100
Insurance Services [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Accumulated impairment and amortization	$ 94

Borrowings - Company's Borrowings (Detail) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Short-term borrowings	$ 2,663	$ 13,795
Long-term borrowings	136,866	136,648
Total	139,529	150,443
Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,073	2,256
Bank Deposits [Member]
Debt Instrument [Line Items]
Short-term borrowings		6,133
FFELP Loan - Other Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings		4,715
Private Education Loan - Other Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings	653
Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings	2,656	13,752
Long-term borrowings	135,907	134,608
Total	138,563	148,360
Total Before Hedge Accounting Adjustments [Member] \| Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,066	2,213
Long-term borrowings	16,311	16,056
Total	17,377	18,269
Total Before Hedge Accounting Adjustments [Member] \| Bank Deposits [Member]
Debt Instrument [Line Items]
Short-term borrowings		6,133
Long-term borrowings		2,807
Total		8,940
Total Before Hedge Accounting Adjustments [Member] \| Total Unsecured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,066	8,346
Long-term borrowings	16,311	18,863
Total	17,377	27,209
Total Before Hedge Accounting Adjustments [Member] \| FFELP Loan Securitizations [Member]
Debt Instrument [Line Items]
Long-term borrowings	86,241	90,756
Total	86,241	90,756
Total Before Hedge Accounting Adjustments [Member] \| Private Education Loan Securitizations [Member]
Debt Instrument [Line Items]
Long-term borrowings	17,997	18,835
Total	17,997	18,835
Total Before Hedge Accounting Adjustments [Member] \| FFELP Loan - Other Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings		4,715
Long-term borrowings	15,358	5,311
Total	15,358	10,026
Total Before Hedge Accounting Adjustments [Member] \| Private Education Loan - Other Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings	653
Long-term borrowings		843
Total	653	843
Total Before Hedge Accounting Adjustments [Member] \| Other [Member]
Debt Instrument [Line Items]
Short-term borrowings	937	691
Total	937	691
Total Before Hedge Accounting Adjustments [Member] \| Secured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,590	5,406
Long-term borrowings	119,596	115,745
Total	121,186	121,151
Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings	7	43
Long-term borrowings	959	2,040
Total	$ 966	$ 2,083

Borrowings - Outstanding Short-Term Borrowings (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Short-term Debt [Line Items]
Maximum outstanding at any month end	$ 13,142	$ 20,038
Short-term borrowings, Ending Balance	$ 2,663	$ 13,795
Weighted Average Interest Rate	2.06%	1.09%
Short-term borrowings, Average Balance	$ 7,541	$ 16,730
Weighted Average Interest Rate, Average Balance	1.36%	1.46%
Bank Deposits [Member]
Short-term Debt [Line Items]
Short-term borrowings, Ending Balance		$ 6,133
Weighted Average Interest Rate		1.14%
Short-term borrowings, Average Balance	$ 2,032	$ 5,221
Weighted Average Interest Rate, Average Balance	1.14%	1.44%
FFELP Loan - Other Facilities [Member]
Short-term Debt [Line Items]
Short-term borrowings, Ending Balance		$ 4,715
Weighted Average Interest Rate		0.21%
Short-term borrowings, Average Balance	$ 2,893	$ 7,386
Weighted Average Interest Rate, Average Balance	0.37%	0.84%
Private Education Loan - Other Facilities [Member]
Short-term Debt [Line Items]
Short-term borrowings, Ending Balance	$ 653
Weighted Average Interest Rate	1.06%
Short-term borrowings, Average Balance	$ 397	$ 272
Weighted Average Interest Rate, Average Balance	1.85%	1.86%
Senior Unsecured Debt [Member]
Short-term Debt [Line Items]
Short-term borrowings, Ending Balance	$ 1,073	$ 2,256
Weighted Average Interest Rate	4.40%	3.09%
Short-term borrowings, Average Balance	$ 1,385	$ 2,814
Weighted Average Interest Rate, Average Balance	4.36%	3.59%
Other Interest-Bearing Liabilities [Member]
Short-term Debt [Line Items]
Short-term borrowings, Ending Balance	$ 937	$ 691
Weighted Average Interest Rate	0.06%	0.07%
Short-term borrowings, Average Balance	$ 834	$ 1,037
Weighted Average Interest Rate, Average Balance	0.09%	0.14%

Borrowings - Long-Term Borrowings (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Long-term borrowings	$ 136,866	$ 136,648
Weighted Average Interest Rate	1.62%	1.63%
Long-term borrowings, Average Balance	$ 130,250	$ 138,682
U.S. Dollar-Denominated Interest Bearing, Due 2016-2054 [Member]
Debt Instrument [Line Items]
Long-term borrowings	$ 107,621
Weighted Average Interest Rate	0.95%
Long-term borrowings, Average Balance	$ 100,966
U.S. Dollar-Denominated Interest Bearing, Due 2015-2048 [Member]
Debt Instrument [Line Items]
Long-term borrowings		$ 102,878
Weighted Average Interest Rate		0.98%
Long-term borrowings, Average Balance		$ 108,100
Non-U.S. Dollar-Denominated Interest Bearing, Due 2021-2041 [Member]
Debt Instrument [Line Items]
Long-term borrowings	$ 8,516	$ 9,249
Weighted Average Interest Rate	0.47%	0.62%
Long-term borrowings, Average Balance	$ 8,842	$ 9,525
Total Floating Rate Notes [Member]
Debt Instrument [Line Items]
Long-term borrowings	$ 116,137	$ 112,127
Weighted Average Interest Rate	0.95%	0.95%
Long-term borrowings, Average Balance	$ 109,808	$ 117,625
U.S. Dollar Denominated Interest Bearing, Due 2016-2047 [Member]
Debt Instrument [Line Items]
Long-term borrowings	$ 19,495
Weighted Average Interest Rate	5.61%
Long-term borrowings, Average Balance	$ 18,108
U.S. Dollar Denominated Interest Bearing, Due 2015-2047 [Member]
Debt Instrument [Line Items]
Long-term borrowings		$ 18,510
Weighted Average Interest Rate		5.61%
Long-term borrowings, Average Balance		$ 16,149
Non-U.S. Dollar Denominated Interest Bearing, Due 2016-2039 [Member]
Debt Instrument [Line Items]
Long-term borrowings	$ 1,234
Weighted Average Interest Rate	4.57%
Long-term borrowings, Average Balance	$ 1,416
Non-U.S. Dollar Denominated Interest Bearing, Due 2015-2039 [Member]
Debt Instrument [Line Items]
Long-term borrowings		$ 3,204
Weighted Average Interest Rate		2.72%
Long-term borrowings, Average Balance		$ 2,420
Total Fixed Rate Notes [Member]
Debt Instrument [Line Items]
Long-term borrowings	$ 20,729	$ 21,714
Weighted Average Interest Rate	5.55%	5.18%
Long-term borrowings, Average Balance	$ 19,524	$ 18,569
Brokered Deposits - U.S. Dollar-Denominated [Member]
Debt Instrument [Line Items]
Long-term borrowings, Average Balance	$ 918
Brokered Deposits - U.S. Dollar-Denominated, Due 2015-2018 [Member]
Debt Instrument [Line Items]
Long-term borrowings		$ 2,807
Weighted Average Interest Rate		1.32%
Long-term borrowings, Average Balance		$ 2,488

Borrowings - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Debt [Line Items]
Gains on sales of loans and investments			$ 302
Issuance of unsecured debt		$ 1,900	3,800	$ 2,700
FFELP Loans [Member]
Debt [Line Items]
Outstanding borrowings under facility		15,400
Assets securing facility		16,500
Maximum unused capacity		13,200
Unencumbered FFELP Loans		1,900
Private Education Loans - Other Secured Borrowing Facilities [Member]
Debt [Line Items]
Outstanding borrowings under facility		348
Assets securing facility		$ 440
Facility maturity date		2015-06
Line of credit loan facility	$ 1,000
Private Education Loan ABS Borrowings [Member]
Debt [Line Items]
Outstanding borrowings under facility		$ 305
Assets securing facility		$ 847
Facility maturity date		Aug. 15, 2015
Minimum [Member] \| FFELP Loans [Member]
Debt [Line Items]
Facility maturity date		2016-01
Maximum [Member] \| FFELP Loans [Member]
Debt [Line Items]
Facility maturity date		2019-02
Long-Term Debt [Member] \| Pre-Payable Debt [Member] \| Secured Borrowings [Member]
Debt [Line Items]
Outstanding long-term borrowings		$ 15,400
Call Option [Member] \| Long-Term Debt [Member]
Debt [Line Items]
Outstanding long-term borrowings		1,700
Securitization Trust [Member]
Debt [Line Items]
Assets		$ 32	12,500
Liabilities			12,100
Gains on sales of loans and investments			$ 312

Borrowings - Stated Maturities and Maturities to Call Dates (Detail) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
2015	$ 16,900
2016	14,800
2017	14,700
2018	11,900
2019	12,800
2020-2054	65,600
Total, long-term debt	136,866	$ 136,648
Stated Maturity [Member]
Debt Instrument [Line Items]
2015	16,786
2016	14,750
2017	14,666
2018	11,838
2019	12,771
2020-2054	65,096
Long term debt maturities total	135,907
Hedge accounting adjustments	959
Total, long-term debt	136,866
Stated Maturity [Member] \| Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
2016	2,224
2017	1,834
2018	2,802
2019	2,438
2020-2054	7,013
Long term debt maturities total	16,311
Hedge accounting adjustments	877
Total, long-term debt	17,188
Stated Maturity [Member] \| Secured Borrowings [Member]
Debt Instrument [Line Items]
2015	16,786
2016	12,526
2017	12,832
2018	9,036
2019	10,333
2020-2054	58,083
Long term debt maturities total	119,596
Hedge accounting adjustments	82
Total, long-term debt	119,678
Maturity to Call Date [Member]
Debt Instrument [Line Items]
2015	18,485
2016	14,749
2017	14,644
2018	11,589
2019	12,590
2020-2054	63,850
Long term debt maturities total	135,907
Hedge accounting adjustments	959
Total, long-term debt	136,866
Maturity to Call Date [Member] \| Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
2015	1,699
2016	2,223
2017	1,812
2018	2,553
2019	2,257
2020-2054	5,767
Long term debt maturities total	16,311
Hedge accounting adjustments	877
Total, long-term debt	17,188
Maturity to Call Date [Member] \| Secured Borrowings [Member]
Debt Instrument [Line Items]
2015	16,786
2016	12,526
2017	12,832
2018	9,036
2019	10,333
2020-2054	58,083
Long term debt maturities total	119,596
Hedge accounting adjustments	82
Total, long-term debt	$ 119,678

Borrowings - Stated Maturities and Maturities to Call Dates (Parenthetical) (Detail) $ in Billions	Dec. 31, 2014 USD ($)
Debt Disclosure [Abstract]
On-balance sheet securitization trust debt included in projected principal paydowns in 2015	$ 16.8
Aggregate principal amount of debt maturing in 2015	16.9
Aggregate principal amount of debt maturing in 2016	14.8
Aggregate principal amount of debt maturing in 2017	14.7
Aggregate principal amount of debt maturing in 2018	11.9
Aggregate principal amount of debt maturing in 2019	12.8
Aggregate principal amount of debt maturing in 2020-2054	$ 65.6

Borrowings - Financing VIEs (Detail) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Securities Financing Transaction [Line Items]
Short-term borrowings	$ 2,663	$ 13,795
Long-term borrowings	136,866	136,648
Total	139,529	150,443
Cash	3,926	3,650
Other assets	5,664	7,287
Total Before Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	2,656	13,752
Long-term borrowings	135,907	134,608
Total	138,563	148,360
Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	7	43
Long-term borrowings	959	2,040
Total	966	2,083
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	653	3,655
Long-term borrowings	117,678	115,538
Total	118,331	119,193
Loans	124,785	124,784
Cash	3,733	3,395
Other assets	1,230	2,322
Total Carrying Amount of Assets Securing Debt Outstanding	129,748	130,501
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| FFELP Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	86,241	90,756
Total	86,241	90,756
Loans	86,715	91,535
Cash	3,069	2,913
Other assets	722	683
Total Carrying Amount of Assets Securing Debt Outstanding	90,506	95,131
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Private Education Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	17,997	18,835
Total	17,997	18,835
Loans	23,184	23,947
Cash	378	338
Other assets	389	540
Total Carrying Amount of Assets Securing Debt Outstanding	23,951	24,825
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| FFELP Loan - Other Facilities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings		3,655
Long-term borrowings	13,358	3,791
Total	13,358	7,446
Loans	13,653	7,719
Cash	269	128
Other assets	260	91
Total Carrying Amount of Assets Securing Debt Outstanding	14,182	7,938
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Private Education Loan - Other Facilities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	653
Long-term borrowings		843
Total	653	843
Loans	1,233	1,583
Cash	17	16
Other assets	36	30
Total Carrying Amount of Assets Securing Debt Outstanding	1,286	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	653	3,655
Long-term borrowings	117,596	114,225
Total	118,249	117,880
Loans	124,785	124,784
Cash	3,733	3,395
Other assets	1,407	1,344
Total Carrying Amount of Assets Securing Debt Outstanding	129,925	129,523
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	82	1,313
Total	82	1,313
Other assets	(177)	978
Total Carrying Amount of Assets Securing Debt Outstanding	$ (177)	$ 978

Borrowings - Gains on Debt Repurchases (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Debt Disclosure [Abstract]
Debt principal repurchased	$ 548	$ 1,279	$ 711
Gains on debt repurchases		$ 42	$ 145

Derivative Financial Instruments - Additional Information (Detail) $ in Millions	Dec. 31, 2014 USD ($) Counterparty	Dec. 31, 2013 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net positive exposure related to corporate derivatives	$ 96	$ 83
Euro and British Pound Sterling denominated bonds outstanding in securitization trusts	9,300
Interest rate swaps entered into by the trusts to swap Prime to LIBOR	12,500
Net positive exposure on foreign currency swaps	129
Decrease in valuation due to net credit risk adjustments	18	91
Decrease in valuation due to liquidity adjustments	73	$ 84
Derivative liability position including accrued interest, net of premium receivable with counterparty	615
Liability position with derivative counterparties	80
Collateral posted to counterparties	$ 79
Number of counterparties with right to terminate \| Counterparty	2
Contingent additional assets due to counterparties	$ 1

Derivative Financial Instruments - Impact of Derivatives on Consolidated Balance Sheet (Detail) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Derivative Assets:
Derivative assets	$ 1,022	$ 2,010
Derivative Liabilities:
Derivative liabilities	(1,430)	(1,957)
Net total derivatives	(408)	53
Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	857	823
Derivative Liabilities:
Derivative liabilities	(145)	(364)
Cross-Currency Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	164	1,185
Derivative Liabilities:
Derivative liabilities	(358)	(186)
Other [Member]
Derivative Assets:
Derivative assets	1	2
Derivative Liabilities:
Derivative liabilities	(12)	(23)
Floor Income Contracts [Member]
Derivative Liabilities:
Derivative liabilities	(915)	(1,384)
Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative Assets:
Derivative assets	6	24
Derivative Liabilities:
Derivative liabilities	(3)
Net total derivatives	3	24
Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative Assets:
Derivative assets	992	1,923
Derivative Liabilities:
Derivative liabilities	(315)	(304)
Net total derivatives	677	1,619
Designated as Hedging Instrument [Member] \| Interest Rate Swaps [Member] \| Cash Flow [Member]
Derivative Assets:
Derivative assets	6	24
Derivative Liabilities:
Derivative liabilities	(3)
Designated as Hedging Instrument [Member] \| Interest Rate Swaps [Member] \| Fair Value [Member]
Derivative Assets:
Derivative assets	828	738
Derivative Liabilities:
Derivative liabilities	(22)	(149)
Designated as Hedging Instrument [Member] \| Cross-Currency Interest Rate Swaps [Member] \| Fair Value [Member]
Derivative Assets:
Derivative assets	164	1,185
Derivative Liabilities:
Derivative liabilities	(293)	(155)
Trading [Member]
Derivative Assets:
Derivative assets	24	63
Derivative Liabilities:
Derivative liabilities	(1,112)	(1,653)
Net total derivatives	(1,088)	(1,590)
Trading [Member] \| Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	23	61
Derivative Liabilities:
Derivative liabilities	(120)	(215)
Trading [Member] \| Cross-Currency Interest Rate Swaps [Member]
Derivative Liabilities:
Derivative liabilities	(65)	(31)
Trading [Member] \| Other [Member]
Derivative Assets:
Derivative assets	1	2
Derivative Liabilities:
Derivative liabilities	(12)	(23)
Trading [Member] \| Floor Income Contracts [Member]
Derivative Liabilities:
Derivative liabilities	$ (915)	$ (1,384)

Derivative Financial Instruments - Gross Positions with Impact of Netting Agreements (Detail) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Derivatives, Fair Value [Line Items]
Gross position, Assets	$ 1,022	$ 2,010
Gross position, Liabilities	(1,430)	(1,957)
Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Gross position, Liabilities	(1,430)	(1,957)
Impact of master netting agreements, Liabilities	241	386
Derivative values with impact of master netting agreements (as carried on balance sheet), Liabilities	(1,189)	(1,571)
Cash collateral (held) pledged, Liabilities	624	777
Net position, Liabilities	(565)	(794)
Other Assets [Member]
Derivatives, Fair Value [Line Items]
Gross position, Assets	1,022	2,010
Impact of master netting agreements, Assets	(241)	(386)
Derivative values with impact of master netting agreements (as carried on balance sheet), Assets	781	1,624
Cash collateral (held) pledged, Assets	(935)	(687)
Net position, Assets	$ (154)	$ 937

Derivative Financial Instruments - Derivative Notional Values (Detail) - USD ($) $ in Billions	Dec. 31, 2014	Dec. 31, 2013
Derivative [Line Items]
Total Derivative Notional Values	$ 97.6	$ 110.1
Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	49.0	63.0
Floor Income Contracts [Member]
Derivative [Line Items]
Total Derivative Notional Values	35.2	31.8
Cross-Currency Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	9.8	11.4
Other [Member]
Derivative [Line Items]
Total Derivative Notional Values	3.6	3.9
Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	6.0	0.7
Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	23.7	27.1
Designated as Hedging Instrument [Member] \| Interest Rate Swaps [Member] \| Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	6.0	0.7
Designated as Hedging Instrument [Member] \| Interest Rate Swaps [Member] \| Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	14.3	16.0
Designated as Hedging Instrument [Member] \| Cross-Currency Interest Rate Swaps [Member] \| Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	9.4	11.1
Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	67.9	82.3
Trading [Member] \| Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	28.7	46.3
Trading [Member] \| Floor Income Contracts [Member]
Derivative [Line Items]
Total Derivative Notional Values	35.2	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	$ 3.6	$ 3.9

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statements of Income (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives									$ (283)	$ (247)	$ 258
Realized Gain (Loss) on Derivatives									(219)	(208)	(155)
Unrealized Gain (Loss) on Hedged Item									1,079	690	(141)
Unrealized Gain (Loss) on Derivatives, Total									(283)	(247)	258
Derivative Gain (Loss) on Derivatives Net, Total									577	235	(38)
Realized Gain (Loss) on Derivatives, Total									(657)	(711)	(745)
Unrealized Gain (Loss) on Hedged Item, Total									1,079	690	(141)
Total Gain (Loss)	$ (22)	$ 108	$ 61	$ (8)	$ (128)	$ (127)	$ 18	$ (31)	139	(268)	(628)
Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives									(946)	(805)	(33)
Realized Gain (Loss) on Derivatives									441	512	616
Unrealized Gain (Loss) on Hedged Item									1,079	690	(141)
Derivative Gain (Loss) on Derivatives Net, Total									574	397	442
Designated as Hedging Instrument [Member] \| Fair Value [Member] \| Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives									213	(806)	(75)
Realized Gain (Loss) on Derivatives									389	414	449
Unrealized Gain (Loss) on Hedged Item									(185)	873	41
Derivative Gain (Loss) on Derivatives Net, Total									417	481	415
Designated as Hedging Instrument [Member] \| Fair Value [Member] \| Cross-Currency Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives									(1,159)	1	42
Realized Gain (Loss) on Derivatives									52	98	167
Unrealized Gain (Loss) on Hedged Item									1,264	(183)	(182)
Derivative Gain (Loss) on Derivatives Net, Total									157	(84)	27
Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives											(1)
Realized Gain (Loss) on Derivatives									(3)	(9)	(26)
Derivative Gain (Loss) on Derivatives Net, Total									(3)	(9)	(27)
Designated as Hedging Instrument [Member] \| Cash Flow [Member] \| Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives											(1)
Realized Gain (Loss) on Derivatives									(3)	(9)	(26)
Derivative Gain (Loss) on Derivatives Net, Total									(3)	(9)	(27)
Trading [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives									663	558	292
Realized Gain (Loss) on Derivatives									(657)	(711)	(745)
Derivative Gain (Loss) on Derivatives Net, Total									6	(153)	(453)
Trading [Member] \| Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives									54	(107)	(66)
Realized Gain (Loss) on Derivatives									46	71	108
Derivative Gain (Loss) on Derivatives Net, Total									100	(36)	42
Trading [Member] \| Cross-Currency Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives									(33)	(101)	(59)
Realized Gain (Loss) on Derivatives									(2)	35	7
Derivative Gain (Loss) on Derivatives Net, Total									(35)	(66)	(52)
Trading [Member] \| Floor Income Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives									633	785	412
Realized Gain (Loss) on Derivatives									(699)	(815)	(859)
Derivative Gain (Loss) on Derivatives Net, Total									(66)	(30)	(447)
Trading [Member] \| Other [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives									9	(19)	5
Realized Gain (Loss) on Derivatives									(2)	(2)	(1)
Derivative Gain (Loss) on Derivatives Net, Total									7	(21)	4
Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Less: realized gains (losses) recorded in interest expense									438	503	590
Realized Gain (Loss) on Derivatives									$ 438	$ 503	$ 590

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statements of Changes in Stockholders' Equity (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Derivative Instruments, Gain (Loss) [Line Items]
Total gains (losses) on cash flow hedges	$ (7)	$ 16	$ (7)
Total change in stockholders' equity for unrealized gains on derivatives	(5)	22	9
Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized losses recognized in interest expense	$ 2	$ 6	$ 16

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2014 USD ($)
Offsetting [Abstract]
Amount of after-tax net losses to be reclassified from accumulated other comprehensive income to earnings in the next 12 months	$ 1

Derivative Financial Instruments - Collateral Held and Pledged (Detail) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$ 935	$ 687
Securities at fair value - on-balance sheet securitization derivatives (not recorded in financial statements)	344	629
Total collateral held	1,279	1,316
Derivative asset at fair value including accrued interest	1,091	1,878
Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	624	777
Total collateral pledged	624	777
Derivative liability at fair value including accrued interest and premium receivable	$ 926	$ 948

Other Assets - Schedule of Other Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Other Assets [Line Items]
Total	$ 5,664	$ 7,287
Accrued interest receivable, net as a percentage of total other assets	32.00%	30.00%
Derivatives at fair value as a percentage of total other assets	14.00%	22.00%
Income tax asset, net current and deferred as a percentage of total other assets	25.00%	18.00%
Accounts receivable as a percentage of total other assets	10.00%	12.00%
Benefit and insurance-related investments as a percentage of total other assets	9.00%	7.00%
Fixed assets, net as a percentage of total other assets	3.00%	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%
Total as a percentage of total other assets	100.00%	100.00%
Other Assets [Member]
Other Assets [Line Items]
Accrued interest receivable, net	$ 1,821	$ 2,161
Derivatives at fair value	781	1,624
Income tax asset, net current and deferred	1,389	1,299
Accounts receivable	558	881
Benefit and insurance-related investments	485	477
Fixed assets, net	152	237
Other loans, net	83	101
Other	$ 395	$ 507

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 30, 2014	Dec. 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	May 31, 2014
Class of Stock [Line Items]
Common stock, shares authorized		1,125,000,000	1,125,000,000	1,125,000,000
Common stock, par value		$ 0.01	$ 0.01	$ 0.20
Common stock, shares issued		426,000,000	426,000,000	545,000,000
Common shares unissued but encumbered		33,000,000	33,000,000
Retired shares of common stock held in treasury	127,000,000
Decrease in the balance of treasury stock	$ 2,300
Dividends per common share attributable to Navient Corporation		$ 0.15	$ 0.60	$ 0.60	$ 0.50
Authorized new share repurchased program amount		$ 1,000	$ 1,000	$ 800	$ 900	$ 400
Common shares repurchased			30,400,000	27,000,000	58,000,000
Purchase price of common stock repurchased on open market			$ 600	$ 600	$ 900
Effective date			Jan. 01, 2015
Closing price of common stock		$ 21.61	$ 21.61
Pre-Spin-Off [Member]
Class of Stock [Line Items]
Common shares repurchased			8,300,000
Purchase price of common stock repurchased on open market			$ 200
Post-Spin-Off [Member]
Class of Stock [Line Items]
Common shares repurchased			22,100,000
Purchase price of common stock repurchased on open market			$ 400
Common Stock [Member]
Class of Stock [Line Items]
Retired shares of common stock held in treasury			(126,963,268)
Decrease in the balance of treasury stock	25		$ 25
Common shares repurchased			30,432,689	26,987,043	58,038,239
Additional Paid-In Capital [Member]
Class of Stock [Line Items]
Decrease in the balance of treasury stock	$ 2,300		$ 2,263
Common Stock Shares Outstanding [Member]
Class of Stock [Line Items]
Common stock, shares issued		402,000,000	402,000,000
Common shares repurchased			30,432,689	26,987,043	58,038,239
SLM Corporation [Member]
Class of Stock [Line Items]
Common stock, par value		$ 0.20	$ 0.20
SLM Corporation [Member] \| Series A Preferred Stock [Member]
Class of Stock [Line Items]
Cumulative redeemable and non-cumulative preferred stock shares outstanding				3,300,000
Preferred stock, dividend rate, percentage				6.97%
SLM Corporation [Member] \| Series B Preferred Stock [Member]
Class of Stock [Line Items]
Cumulative redeemable and non-cumulative preferred stock shares outstanding				4,000,000

Stockholders' Equity - Common Share Repurchases and Issuances (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Equity, Class of Treasury Stock [Line Items]
Common stock repurchased	30,400,000	27,000,000	58,000,000
Average purchase price per share	$ 19.72	$ 22.26	$ 15.52
Shares repurchased related to employee stock-based compensation plans	4,171,342	6,365,002	4,547,785
Average purchase price per share	$ 20.91	$ 21.76	$ 15.86
Common shares issued	7,389,962	9,702,976	6,432,643
Common Stock [Member]
Equity, Class of Treasury Stock [Line Items]
Common stock repurchased	30,432,689	26,987,043	58,038,239
Common shares issued	7,389,962	9,702,976	6,432,643

Earnings (Loss) per Common Share - Schedule of Earnings (Loss) per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Numerator:
Net income attributable to Navient Corporation	$ 263	$ 359	$ 307	$ 219	$ 270	$ 260	$ 543	$ 346	$ 1,149	$ 1,418	$ 939
Preferred stock dividends			2	5	5	5	5	5	6	20	20
Net income attributable to Navient Corporation common stock	$ 263	$ 359	$ 305	$ 214	$ 265	$ 255	$ 538	$ 341	$ 1,143	$ 1,398	$ 919
Denominator:
Weighted average shares used to compute basic EPS									417	440	476
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units and Employee Stock Purchase Plan ("ESPP")									8	9	7
Dilutive potential common shares									8	9	7
Weighted average shares used to compute diluted EPS									425	449	483
Basic earnings (loss) per common share attributable to Navient Corporation:
Continuing operations	$ 0.65	$ 0.87	$ 0.72	$ 0.50	$ 0.47	$ 0.56	$ 1.14	$ 0.76	$ 2.74	$ 2.94	$ 1.93
Discontinued operations					0.14	0.02	0.08			0.24
Total	0.65	0.87	0.72	0.50	0.61	0.58	1.22	0.76	2.74	3.18	1.93
Diluted earnings (loss) per common share attributable to Navient Corporation:
Continuing operations	0.64	0.85	0.71	0.49	0.47	0.55	1.12	0.74	2.69	2.89	1.90
Discontinued operations					0.13	0.02	0.08			0.23
Total	$ 0.64	$ 0.85	$ 0.71	$ 0.49	$ 0.60	$ 0.57	$ 1.20	$ 0.74	$ 2.69	$ 3.12	$ 1.90

Earnings (Loss) per Common Share - Schedule of Earnings (Loss) per Common Share (Parenthetical) (Detail) - shares shares in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Earnings Per Share [Abstract]
Stock awards not included in the computation of diluted earnings per share	3	3	12

Stock-Based Compensation Plans and Arrangements - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation cost	$ 39,000,000	$ 47,000,000	$ 47,000,000
Unrecognized compensation cost	$ 14,000,000
Weighted average period for total unrecognized compensation cost	1 year 8 months 12 days
Offering period of employee stock purchase plan	12 months
Maximum contribution amount per employee to ESPP	$7,500 plus accrued interest
Shares of the company's common stock purchased by ESPP participants	228,053	218,389	192,755
Time Vested Stock Options [Member] \| Management Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	Vest over three years
Time Vested Stock Options [Member] \| Non Management Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	Vest over three years
Time Vested Stock Options [Member] \| Non Employee Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	Vest upon the director's election to the board
Performance Shares [Member] \| Management Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	Vest one-third per year for three years based on corporate earnings-related performance targets
Price Vested Stock Options [Member] \| Management Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	Vest upon our common stock reaching a targeted closing price for a set number of days
Navient Corporation 2014 Omnibus Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Effective date	Apr. 07, 2014
Shares authorized to be issued under plan	45,000,000
Grants Made Prior to 2012 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum term for stock options (in years)	10 years
Grants Made since 2012 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum term for stock options (in years)	5 years
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 0
Vesting period	Vest upon appointment to board, director's election to board, or after 1 year of continued board service
Restricted Stock Units, RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	RSUs may be time-vested over three years or vested at grant but subject to transfer restrictions
Performance Stock Units, PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	PSUs vest based on corporate earnings-related performance targets over a three-year period
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Effective date	May 01, 2014
Shares authorized to be issued under plan	1,000,000
Unrecognized compensation cost	$ 400,000
Weighted average period for total unrecognized compensation cost	7 months 6 days
Vesting period	One-year
Percentage of discount available to employees under ESPP	15.00%

Stock-Based Compensation Plans and Arrangements - Black-Scholes Model Assumptions for Calculating Stock Option and ESPP Fair Values (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of the option		2 years 9 months 18 days	2 years 9 months 18 days
Expected volatility		31.00%	44.00%
Risk-free interest rate		0.65%	0.60%
Expected dividend rate		3.35%	3.13%
Weighted average fair value of options granted		$ 3.11	$ 4.12
Employee Stock Option [Member] \| Post-Spin-Off [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of the option	2 years 10 months 24 days
Expected volatility	27.00%
Risk-free interest rate	0.81%
Expected dividend rate	3.53%
Weighted average fair value of options granted	$ 2.29
Employee Stock Option [Member] \| Pre-Spin-Off [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of the option	2 years 10 months 24 days
Expected volatility	26.00%
Risk-free interest rate	0.76%
Expected dividend rate	2.48%
Weighted average fair value of options granted	$ 3.48
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of the option		1 year	1 year
Expected volatility		29.00%	29.00%
Risk-free interest rate		0.15%	0.13%
Expected dividend rate		3.51%	3.27%
Weighted average fair value of options granted		$ 2.95	$ 3.01
Employee Stock Purchase Plan [Member] \| Post-Spin-Off [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of the option	1 year
Expected volatility	24.00%
Risk-free interest rate	0.13%
Expected dividend rate	3.46%
Weighted average fair value of options granted	$ 2.74

Stock-Based Compensation Plans and Arrangements - Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Millions	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 30, 2014	Dec. 31, 2014	Dec. 31, 2014	May 01, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of Options, Outstanding, beginning balance, post-spin				0
Number of Options, Outstanding, beginning balance	20,272,760	18,092,165	20,272,760
Weighted Average Exercise Price per Share, Outstanding, beginning balance	$ 20.55	$ 21.21	$ 20.55
Replacement awards granted upon distribution of SLM BankCo, Options		18,092,165
Granted, Options	16,132	1,988,228
Exercised, Options	(1,990,681)	(2,669,174)
Canceled, Options	(206,046)	(89,660)
Number of Options, Outstanding, ending balance	18,092,165	17,321,559	17,321,559
Number of Options, Exercisable, ending balance		12,390,540	12,390,540
Weighted Average Exercise Price per Share, Outstanding, beginning balance, post-spin				$ 0
Replacement awards granted upon distribution of SLM BankCo, Weighted Average Exercise Price per Share		$ 13.61
Granted, Weighted Average Exercise Price per Share	$ 24.24	17.00
Exercised, Weighted Average Exercise Price per Share	12.71	8.84
Canceled, Weighted Average Exercise Price per Share	38.04	22.95
Weighted Average Exercise Price per Share, Outstanding, ending balance	$ 21.21	14.68	$ 14.68
Weighted Average Exercise Price per Share, Exercisable, ending balance		$ 15.14	$ 15.14
Weighted Average Remaining Contractual Term, Outstanding, ending balance			3 years 1 month 6 days
Weighted Average Remaining Contractual Term, Exercisable, ending balance			3 years
Aggregate Intrinsic Value, Outstanding, ending balance		$ 155	$ 155
Aggregate Intrinsic Value, Exercisable, ending balance		$ 116	$ 116

Stock-Based Compensation Plans and Arrangements - Stock Option Activity (Parenthetical) (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash received from option exercises	$ 0
Actual tax benefit realized for the tax deductions from option exercises	15,000,000
Unrecognized compensation cost	$ 14,000,000
Weighted average period for total unrecognized compensation cost	1 year 8 months 12 days
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 2,000,000
Weighted average period for total unrecognized compensation cost	1 year 9 months 18 days
Pre-Spin-Off [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of options exercised	$ 23,000,000	$ 73,000,000	$ 27,000,000
Post-Spin-Off [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of options exercised	$ 23,000,000

Stock-Based Compensation Plans and Arrangements - Restricted Stock and Performance Stock Unit Activity (Detail) - $ / shares	4 Months Ended	8 Months Ended
	Apr. 30, 2014	Dec. 31, 2014	May 01, 2014
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Non-vested, beginning balance	39,355	4,333
Granted, Shares	4,333	62,811
Vested, Shares	(38,355)	(62,811)
Canceled, Shares	(1,000)
Number of Shares, Non-vested, ending balance	4,333
Number of shares, non-vested, beginning balance, post-spin			0
Weighted Average Grant Date Fair Value, Non-vested, beginning balance	$ 14.29	$ 21.91
Granted, Weighted Average Grant Date Fair Value	21.91	16.68
Vested, Weighted Average Grant Date Fair Value	13.48	$ 16.68
Canceled, Weighted Average Grant Date Fair Value	45.41
Weighted Average Grant Date Fair Value, Non-vested, ending balance	$ 21.91
Weighted average grant date fair value, non-vested, beginning balance, post-spin			$ 0
Restricted Stock Units and Performance Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Non-vested, beginning balance	5,126,887	5,310,996
Granted, Shares	3,286,586	62,920
Vested, Shares	(2,151,196)	(125,430)
Canceled, Shares	(951,281)	(48,728)
Number of Shares, Non-vested, ending balance	5,310,996	4,869,221
Number of shares, non-vested, beginning balance, post-spin			0
Replacement awards granted upon distribution of SLM BankCo, Shares		4,980,459
Weighted Average Grant Date Fair Value, Non-vested, beginning balance	$ 16.72	$ 19.47
Granted, Weighted Average Grant Date Fair Value	20.89	16.95
Vested, Weighted Average Grant Date Fair Value	16.17	10.37
Canceled, Weighted Average Grant Date Fair Value	17.02	12.38
Weighted Average Grant Date Fair Value, Non-vested, ending balance	$ 19.47	12.34
Weighted average grant date fair value, non-vested, beginning balance, post-spin			$ 0
Replacement awards granted upon distribution of SLM BankCo, Weighted Average Grant Date Fair Value		$ 12.23

Stock-Based Compensation Plans and Arrangements - Restricted Stock and Performance Stock Unit Activity (Parenthetical) (Detail) - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 14,000,000
Weighted average period for total unrecognized compensation cost	1 year 8 months 12 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 0
Restricted Stock Units and Performance Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 11,000,000
Weighted average period for total unrecognized compensation cost	1 year 9 months 18 days
Pre-Spin-Off [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock that vested	$ 1,000,000	$ 2,000,000	$ 4,000,000
Pre-Spin-Off [Member] \| Restricted Stock Units and Performance Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock that vested	35,000,000	$ 27,000,000	$ 13,000,000
Post-Spin-Off [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock that vested	1,000,000
Post-Spin-Off [Member] \| Restricted Stock Units and Performance Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock that vested	$ 1,000,000
Post-Spin-Off [Member] \| Restricted Stock Units, RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reduction in number of RSUs held by SLM BankCo employees as result of Spin-Off	1.0
Addition in number of RSUs held by Navient employees as result of Spin-Off	0.7
Net change in number of RSUs as result of Spin-Off	0.3

Fair Value Measurements - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Fair Value Disclosures [Abstract]
Maximum remaining term for investment purchased for estimating at cost	90 days
Decrease in valuation due to net credit risk adjustments	$ 18,000,000	$ 91,000,000
Decrease in valuation due to liquidity adjustments	73,000,000	84,000,000
Transfers of financial instruments between levels	$ 0	$ 0

Fair Value Measurements - Valuation of Financial Instruments that are Marked-to-Market on Recurring Basis (Detail) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Available-for-sale investments:
Available-for-sale investments	$ 6	$ 109
Derivative assets	1,022	2,010
Total	139,854	151,698
Derivative liabilities	(1,430)	(1,957)
Other [Member]
Available-for-sale investments:
Derivative assets	1	2
Derivative liabilities	(12)	(23)
Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	857	823
Derivative liabilities	(145)	(364)
Cross-Currency Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	164	1,185
Derivative liabilities	(358)	(186)
Floor Income Contracts [Member]
Available-for-sale investments:
Derivative liabilities	(915)	(1,384)
Fair Value Measurements Recurring [Member]
Available-for-sale investments:
Available-for-sale investments	6	109
Derivative assets	1,022	2,010
Total	1,028	2,119
Derivative liabilities	(1,430)	(1,957)
Total	(1,430)	(1,957)
Fair Value Measurements Recurring [Member] \| Other [Member]
Available-for-sale investments:
Available-for-sale investments	5	7
Derivative assets	1	2
Derivative liabilities	(12)	(23)
Fair Value Measurements Recurring [Member] \| Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	857	823
Derivative liabilities	(145)	(364)
Fair Value Measurements Recurring [Member] \| Cross-Currency Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	164	1,185
Derivative liabilities	(358)	(186)
Fair Value Measurements Recurring [Member] \| Floor Income Contracts [Member]
Available-for-sale investments:
Derivative liabilities	(915)	(1,384)
Fair Value Measurements Recurring [Member] \| Agency Residential Mortgage-Backed Securities [Member]
Available-for-sale investments:
Available-for-sale investments	1	102
Level 2 [Member] \| Fair Value Measurements Recurring [Member]
Available-for-sale investments:
Available-for-sale investments	6	109
Derivative assets	841	812
Total	847	921
Derivative liabilities	(1,033)	(1,658)
Total	(1,033)	(1,658)
Level 2 [Member] \| Fair Value Measurements Recurring [Member] \| Other [Member]
Available-for-sale investments:
Available-for-sale investments	5	7
Level 2 [Member] \| Fair Value Measurements Recurring [Member] \| Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	841	785
Derivative liabilities	(41)	(239)
Level 2 [Member] \| Fair Value Measurements Recurring [Member] \| Cross-Currency Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets		27
Derivative liabilities	(77)	(35)
Level 2 [Member] \| Fair Value Measurements Recurring [Member] \| Floor Income Contracts [Member]
Available-for-sale investments:
Derivative liabilities	(915)	(1,384)
Level 2 [Member] \| Fair Value Measurements Recurring [Member] \| Agency Residential Mortgage-Backed Securities [Member]
Available-for-sale investments:
Available-for-sale investments	1	102
Level 3 [Member] \| Fair Value Measurements Recurring [Member]
Available-for-sale investments:
Derivative assets	181	1,198
Total	181	1,198
Derivative liabilities	(397)	(299)
Total	(397)	(299)
Level 3 [Member] \| Fair Value Measurements Recurring [Member] \| Other [Member]
Available-for-sale investments:
Derivative assets	1	2
Derivative liabilities	(12)	(23)
Level 3 [Member] \| Fair Value Measurements Recurring [Member] \| Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	16	38
Derivative liabilities	(104)	(125)
Level 3 [Member] \| Fair Value Measurements Recurring [Member] \| Cross-Currency Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	164	1,158
Derivative liabilities	$ (281)	$ (151)

Fair Value Measurements - Change in Balance Sheet Carrying Value Associated with Level 3 Financial Instruments Carried at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	$ (87)	$ (73)	$ (40)
Total gains/(losses) (realized and unrealized):
Included in earnings	1	9	(5)
Included in other comprehensive income	0	0	0
Settlements	(2)	(23)	(28)
Transfers in and/or out of level 3	0	0	0
Balance, end of period	(88)	(87)	(73)
Change in unrealized gains/(losses) relating to instruments still held at the reporting date		(2)	(31)
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	1,021
Total gains/(losses) (realized and unrealized):
Included in earnings	(1,081)	63	159
Included in other comprehensive income	0	0	0
Settlements	(43)	(109)	(127)
Transfers in and/or out of level 3	0	0	0
Balance, end of period	(117)	1,007	1,053
Change in unrealized gains/(losses) relating to instruments still held at the reporting date	(1,225)	116	55
Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	(21)	4	1
Total gains/(losses) (realized and unrealized):
Included in earnings	8	(22)	3
Included in other comprehensive income	0	0	0
Settlements	2	(3)
Transfers in and/or out of level 3	0	0	0
Balance, end of period	(11)	(21)	4
Change in unrealized gains/(losses) relating to instruments still held at the reporting date	10	(19)	4
Total Derivative Instruments [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	899	984	982
Total gains/(losses) (realized and unrealized):
Included in earnings	(1,072)	50	157
Included in other comprehensive income	0	0	0
Settlements	(43)	(135)	(155)
Transfers in and/or out of level 3	0	0	0
Balance, end of period	(216)	899	984
Change in unrealized gains/(losses) relating to instruments still held at the reporting date	$ (1,215)	$ 95	$ 28

Fair Value Measurements - Included in Earnings (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Fair Value Disclosures [Abstract]
Gains (losses) on derivative and hedging activities, net	$ (1,116)	$ (27)	$ 37
Interest expense	44	77	120
Total	$ (1,072)	$ 50	$ 157

Fair Value Measurements - Unobservable Data Used in Recurring Valuations of Level 3 (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ (216)
Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	712	$ 459
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	(194)	999
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, Fair Value	$ (117)
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
Cross-Currency 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	2.70%
Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ (11)	$ (21)
Other [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	(11)
Consumer Price Index/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, Fair Value	$ 13
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	0.02%
Derivative, Higher Range of Basis Spread on Variable Rate	0.05%
Derivative, Basis Spread on Variable Rate	0.05%
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, Fair Value	$ (101)
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	4.60%

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Detail) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	$ 134,317	$ 142,100
Cash and investments, Carrying Value	6,002	9,732
Total earning assets, Carrying Value	140,319	151,832
Short-term borrowings, Carrying Value	2,663	13,795
Long-term borrowings, Carrying Value	136,866	136,648
Total interest-bearing liabilities, Carrying Value	139,529	150,443
Cash and investments, Fair Value	6,002	9,732
Total	139,854	151,698
Short-term borrowings, Fair Value	2,661	13,807
Long-term borrowings, Fair Value	134,201	133,578
Total interest-bearing liabilities, Fair Value	136,862	147,385
Floor Income Contracts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(915)	(1,384)
Derivative financial instruments, Fair Value	(915)	(1,384)
Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	712	459
Derivative financial instruments, Fair Value	712	459
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(194)	999
Derivative financial instruments, Fair Value	(194)	999
Other [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(11)	(21)
Derivative financial instruments, Fair Value	(11)	(21)
FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	104,521	104,588	$ 125,612
Loans receivable, Fair value	104,419	104,481
Private Education Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	29,796	37,512
Loans receivable, Fair value	29,433	37,485
Difference [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	(465)	(134)
Short-term borrowings, Fair Value	2	(12)
Long-term borrowings, Fair Value	2,665	3,070
Total interest-bearing liabilities, Fair Value	2,667	3,058
Excess of net asset fair value over Carrying Value	2,202	2,924
Difference [Member] \| FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, Fair value	(102)	(107)
Difference [Member] \| Private Education Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, Fair value	$ (363)	$ (27)

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Fair Value Disclosures [Abstract]
Available-for-sale investments, cost basis	$ 5	$ 113
Available-for-sale investments, fair value	$ 6	$ 109

Commitments, Contingencies and Guarantees - Additional Information (Detail) - USD ($)		12 Months Ended
	May 13, 2014	Dec. 31, 2014	Dec. 31, 2013
Contingencies And Commitments [Line Items]
Civil monetary penalties	$ 3,300,000
Establishment of a restitution reserve		$ 30,000,000
Separation and distribution agreement date		Apr. 28, 2014
Estimated amount of credits for similar assessed late fees		$ 42,000,000
Reserve for pending regulatory matters, additional expense recorded		112,000,000
Reserve for regulatory matters		78,000,000	$ 65,000,000
Total reserve established during year		177,000,000
Other Indemnification Matters [Member] \| SLM BankCo [Member]
Contingencies And Commitments [Line Items]
Reserve for estimated amounts and costs incurred		0
DOJ Order [Member]
Contingencies And Commitments [Line Items]
Civil monetary penalties		55,000
Settlement fund under DOJ		$ 60,000,000

Income Taxes - Reconciliations of Statutory U.S. Federal Income Tax Rates to Our Effective Tax Rate for Continuing Operations (Detail)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Statutory rate	35.00%	35.00%	35.00%
State tax, net of federal benefit	2.00%	2.00%	0.10%
Other, net	0.50%	0.10%	(0.50%)
Effective tax rate	37.50%	37.10%	34.60%

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Effective tax rates for discontinued operations	37.00%	16.20%	40.70%
Statutory U.S. federal rate	35.00%	35.00%	35.00%
Valuation allowance, deferred tax assets	$ 8.0	$ 19.0
Operating loss carryforwards	$ 245.0
Operating loss carryforwards, expiration dates	2024
Unrecognized tax benefits at end of year	$ 51.9	$ 56.0	$ 41.2	$ 45.9
Unrecognized tax benefits recognition impact on effective tax rate	28.3
State [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Operating loss carryforwards	$ 2.0
Operating loss carryforwards, expiration dates	2017
International [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Operating loss carryforwards	$ 0.3
Operating loss carryforwards, expiration dates	2032
Minimum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Statute of limitation period for open tax reviews	3 years
Maximum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Statute of limitation period for open tax reviews	4 years

Income Taxes - Components of Provision for Income Tax Expense (Benefit) (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Continuing operations current provision/(benefit):
Federal									$ 443	$ 567	$ 474
State									42	47	27
Total continuing operations current provision/(benefit)									485	614	501
Continuing operations deferred provision/(benefit):
Federal									189	142	23
State									14	20	(26)
Total continuing operations deferred provision/(benefit)									203	162	(3)
Continuing operations provision for income tax expense/(benefit)	$ 159	$ 200	$ 191	$ 136	$ 129	$ 136	$ 299	$ 211	688	776	498
Discontinued operations current provision/(benefit):
Federal									(4)	32	1
State										1
Total discontinued operations current provision/(benefit)									(4)	33	1
Discontinued operations deferred provision/(benefit):
Federal									4	(12)	(2)
State										(1)
Total discontinued operations deferred provision/(benefit)									4	(13)	(2)
Discontinued operations provision for income tax expense/(benefit)										20	(1)
Provision for income tax expense/(benefit)									$ 688	$ 796	$ 497

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Deferred tax assets:
Loan reserves	$ 795	$ 893
Market value adjustments on student loans, investments and derivatives	352	572
Student loan premiums and discounts, net	114	25
Stock-based compensation plans	50	66
Deferred revenue	49	57
Accrued expenses not currently deductible	27	61
Other	25	30
Total deferred tax assets	1,412	1,704
Deferred tax liabilities:
Gains/(losses) on repurchased debt		304
Other	64	81
Total deferred tax liabilities	64	385
Net deferred tax assets	$ 1,348	$ 1,319

Income Taxes - Summary of Changes in Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Unrecognized tax benefits at beginning of year	$ 56.0	$ 41.2	$ 45.9
Increases resulting from tax positions taken during a prior period	1.0	5.8	20.0
Decreases resulting from tax positions taken during a prior period	(12.4)	(7.7)	(18.0)
Increases resulting from tax positions taken during the current period	8.4	28.1	11.3
Decreases related to settlements with taxing authorities	(0.6)	(7.7)	(14.7)
Increases related to settlements with taxing authorities	0.0	0.0	0.0
Reductions related to the lapse of statute of limitations	(0.5)	(3.7)	(3.3)
Unrecognized tax benefits at end of year	$ 51.9	$ 56.0	$ 41.2

Segment Reporting - Additional Information (Detail) Accounts in Millions, $ in Millions			5 Months Ended	12 Months Ended
	Dec. 31, 2014 USD ($) States	Aug. 27, 2014	Dec. 31, 2014 USD ($) States	Dec. 31, 2014 USD ($) States Segment Institutions Agency Accounts	Dec. 31, 2013 USD ($)	Aug. 15, 2013	Dec. 31, 2012 USD ($)
Segment Reporting Information [Line Items]
Number of primary operating segments \| Segment				3
Loans, net	$ 134,317		$ 134,317	$ 134,317	$ 142,100
Percentage of general guarantees of FFELP loans				97.00%
FFELP loan portfolio amortization period				20 years
FFELP loans eligible to earn Floor Income economically hedged	$ 27,200
FFELP loans eligible to earn Floor Income economically hedged, percentage	49.00%		49.00%	49.00%
Number of state and municipal clients for asset recovery services \| States	250		250	250
Number of colleges, universities and other institutional clients for recovery services \| Institutions				1,000
Outstanding inventory of asset recovery receivables	$ 15,400		$ 15,400	$ 15,400
Asset recovery revenue				388	420		$ 356
Percentage of allocation under servicing contract			24.00%			18.00%
Total Assets	146,352		$ 146,352	$ 146,352	159,543
Borrowers in Current Repayment Status [Member]
Segment Reporting Information [Line Items]
Servicing contract allocation metric weighting		30.00%
Borrowers More Than 90 But Less Than 271 Days Delinquent [Member]
Segment Reporting Information [Line Items]
Servicing contract allocation metric weighting		15.00%
Borrowers 271 Days or More up to 360 Days Delinquent [Member]
Segment Reporting Information [Line Items]
Servicing contract allocation metric weighting		15.00%
Survey of Borrowers [Member]
Segment Reporting Information [Line Items]
Servicing contract allocation metric weighting		35.00%
Survey of ED Personnel [Member]
Segment Reporting Information [Line Items]
Servicing contract allocation metric weighting		5.00%
ED Asset Recovery and Servicing Contracts [Member]
Segment Reporting Information [Line Items]
Allocation methodology description				Since the second quarter of 2009, we have been one of four large servicers awarded a servicing contract by ED to service federal loans owned by ED. We service approximately 6.2 million accounts under this servicing contract as of December 31, 2014. The servicing contract spans five years with the possibility of one five-year renewal at the option of ED. On August 27, 2014, ED extended its servicing contract with Navient to service federal loans for five more years. Under the terms of the contract extension, the allocation of ongoing volume will be determined twice each year based on the relative performance of the servicers of 5 metrics: borrowers in current repayment status (30 percent), borrowers more than 90 but less than 271 days delinquent (15 percent), borrowers 271 days or more up to 360 days delinquent (15 percent), a survey of borrowers (35 percent), and a survey of ED personnel (5 percent).
Student Loans [Member]
Segment Reporting Information [Line Items]
Outstanding inventory of asset recovery receivables	12,500		12,500	$ 12,500
Beginning On January 1, 2015 [Member]
Segment Reporting Information [Line Items]
Percentage of allocation under servicing contract for not-for-profit servicers				25.00%
Business Services [Member] \| Department of Education [Member]
Segment Reporting Information [Line Items]
Asset recovery revenue				$ 65	62
Number of contracts under ED servicing contract \| Accounts				6.2
Span of ED servicing contract				5 years
Revenue from servicing contract				$ 130
Business Services [Member] \| Guarantors [Member]
Segment Reporting Information [Line Items]
Asset recovery revenue				275	303
Other Segment [Member]
Segment Reporting Information [Line Items]
Total Assets	2,100		2,100	2,100	3,000
FFELP Loans [Member]
Segment Reporting Information [Line Items]
Loans, net	104,521		104,521	$ 104,521	$ 104,588		$ 125,612
Charge-offs as a percentage of average loans in repayment				0.08%	0.10%		0.10%
Private Education Loans [Member]
Segment Reporting Information [Line Items]
Loans, net	$ 29,796		$ 29,796	$ 29,796	$ 37,512
Loans acquired				$ 1,600
Percentage of loans funded through securitization debt	59.00%		59.00%	59.00%
Charge-offs as a percentage of average loans in repayment				2.51%	2.78%		3.37%
Private Education Loans [Member] \| Private Education Loans Segment [Member]
Segment Reporting Information [Line Items]
Charge-offs as a percentage of average loans in repayment				2.60%
Dslp Loans [Member]
Segment Reporting Information [Line Items]
Outstanding inventory of asset recovery receivables	$ 2,500		$ 2,500	$ 2,500
FFELP Loans [Member]
Segment Reporting Information [Line Items]
FFELP loan portfolio amortization period				20 years
Loans acquired				$ 11,300
Percentage of loans funded through securitization debt	80.00%		80.00%	80.00%
Outstanding inventory of asset recovery receivables	$ 10,000		$ 10,000	$ 10,000
FFELP Loans [Member] \| Business Services [Member]
Segment Reporting Information [Line Items]
FFELP loan portfolio amortization period				20 years
Intercompany loan servicing revenue on FFELP Loans				$ 456	$ 529
Account maintenance fees and default aversion fees earned on FFELP loans				$ 34	38
Operating Segments [Member] \| Business Services [Member]
Segment Reporting Information [Line Items]
Number of guarantor agencies \| Agency				29
Default aversion provided \| Agency				11
Asset recovery revenue				$ 388	420		$ 356
Business Services segment revenue				1,060	1,130
Total Assets	416		416	416	892
Operating Segments [Member] \| Private Education Loans [Member] \| Private Education Loans Segment [Member]
Segment Reporting Information [Line Items]
Loans, net	29,796		29,796	29,796	37,512
Total Assets	$ 32,651		$ 32,651	32,651	$ 43,001
Operating Segments [Member] \| FFELP Loans [Member] \| Business Services [Member]
Segment Reporting Information [Line Items]
Reduced fee income on FFELP default collections				$ 78
Operating Segments [Member] \| FFELP Loans [Member] \| Business Services [Member] \| Sales Revenue Net [Member]
Segment Reporting Information [Line Items]
FFELP-related revenue as percentage of Business Services revenue				77.00%	80.00%		85.00%

Segment Reporting - Asset Information for Company's FFELP Loans Business Segment (Detail) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Loans, net	$ 134,317	$ 142,100
Other	5,664	7,287
Total assets	146,352	159,543
FFELP Loans [Member]
Segment Reporting Information [Line Items]
Loans, net	104,521	104,588	$ 125,612
Operating Segments [Member] \| FFELP Loan Segment [Member]
Segment Reporting Information [Line Items]
Cash and investments	4,050	4,473
Other	2,566	3,587
Total assets	111,137	112,648
Operating Segments [Member] \| FFELP Loan Segment [Member] \| FFELP Loans [Member]
Segment Reporting Information [Line Items]
Loans, net	$ 104,521	$ 104,588

Segment Reporting - Asset Information for Company's Private Education Loans Segment (Detail) - USD ($) $ in Millions	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Loans, net	$ 134,317	$ 142,100
Other	5,664	7,287
Total Assets	146,352	159,543
Private Education Loans [Member]
Segment Reporting Information [Line Items]
Loans, net	29,796	37,512
Operating Segments [Member] \| Private Education Loans Segment [Member] \| Private Education Loans [Member]
Segment Reporting Information [Line Items]
Loans, net	29,796	37,512
Cash and investments	402	2,555
Other	2,453	2,934
Total Assets	$ 32,651	$ 43,001

Segment Reporting - Segment Results and Reconciliations to GAAP (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Interest income:
Student loans									$ 4,712	$ 5,349	$ 5,732
Other loans									9	11	16
Cash and investments									9	17	21
Total interest income									4,730	5,377	5,769
Total interest expense									2,063	2,210	2,561
Net interest income (loss)	$ 614	$ 624	$ 662	$ 766	$ 789	$ 799	$ 784	$ 795	2,667	3,167	3,208
Less: provisions for loan losses	138	140	165	185	190	207	201	241	628	839	1,080
Net interest income (loss) after provisions for loan losses	476	484	497	581	599	592	583	554	2,039	2,328	2,128
Other income (loss):
Gains (losses) on sales of loans and investments										302
Servicing revenue									298	290	279
Asset recovery revenue									388	420	356
Gains on debt repurchases										42	145
Other income (loss)									221	(168)	(536)
Total other income (loss)									907	886	244
Expenses:
Direct operating expenses									760	806	673
Overhead expenses									227	236	224
Total operating expenses	215	195	211	366	305	257	244	235	987	1,042	897
Goodwill and acquired intangible asset impairment and amortization	2	2	2	4	3	4	3	3	9	13	27
Restructuring and other reorganization expenses	10	14	61	26	26	12	23	10	113	72	11
Total expenses									1,109	1,127	935
Income (loss) from continuing operations, before income tax expense (benefit)									1,837	2,087	1,437
Income tax expense (benefit)	159	200	191	136	129	136	299	211	688	776	498
Net income (loss) from continuing operations	262	361	307	219	211	252	504	345	1,149	1,311	939
Income (loss) from discontinued operations, net of tax expense (benefit)	1	(2)			59	8	38	1		106	(2)
Net income (loss)	263	359	307	219	270	260	542	346	1,149	1,417	937
Less: net loss attributable to noncontrolling interest							(1)			(1)	(2)
Net income (loss) attributable to Navient Corporation	$ 263	$ 359	$ 307	$ 219	$ 270	$ 260	$ 543	$ 346	1,149	1,418	939
Operating Segments [Member] \| FFELP Loans [Member]
Interest income:
Student loans									2,097	2,274	2,729
Cash and investments									4	5	11
Total interest income									2,101	2,279	2,740
Total interest expense									1,168	1,260	1,589
Net interest income (loss)									933	1,019	1,151
Less: provisions for loan losses									40	48	68
Net interest income (loss) after provisions for loan losses									893	971	1,083
Other income (loss):
Gains (losses) on sales of loans and investments										312
Servicing revenue									62	76	90
Total other income (loss)									62	388	90
Expenses:
Direct operating expenses									483	555	699
Total operating expenses									483	555	699
Total expenses									483	555	699
Income (loss) from continuing operations, before income tax expense (benefit)									472	804	474
Income tax expense (benefit)									176	291	171
Net income (loss) from continuing operations									296	513	303
Net income (loss)									296	513	303
Net income (loss) attributable to Navient Corporation										513	303
Operating Segments [Member] \| Private Education Loans [Member]
Interest income:
Student loans									1,958	2,037	2,036
Cash and investments										2	3
Total interest income									1,958	2,039	2,039
Total interest expense									708	748	733
Net interest income (loss)									1,250	1,291	1,306
Less: provisions for loan losses									539	722	946
Net interest income (loss) after provisions for loan losses									711	569	360
Other income (loss):
Servicing revenue									25	33	45
Total other income (loss)									25	33	45
Expenses:
Direct operating expenses									181	179	150
Total operating expenses									181	179	150
Total expenses									181	179	150
Income (loss) from continuing operations, before income tax expense (benefit)									555	423	255
Income tax expense (benefit)									204	154	87
Net income (loss) from continuing operations									351	269	168
Income (loss) from discontinued operations, net of tax expense (benefit)											(2)
Net income (loss)									351	269	166
Net income (loss) attributable to Navient Corporation										269	166
Operating Segments [Member] \| Business Services [Member]
Interest income:
Cash and investments											(3)
Total interest income											(3)
Net interest income (loss)											(3)
Net interest income (loss) after provisions for loan losses											(3)
Other income (loss):
Servicing revenue									668	705	812
Asset recovery revenue									388	420	356
Other income (loss)									6	5	(2)
Total other income (loss)									1,062	1,130	1,166
Expenses:
Direct operating expenses									384	348	312
Total operating expenses									384	348	312
Total expenses									384	348	312
Income (loss) from continuing operations, before income tax expense (benefit)									678	782	851
Income tax expense (benefit)									250	284	305
Net income (loss) from continuing operations									428	498	546
Income (loss) from discontinued operations, net of tax expense (benefit)										111
Net income (loss)									428	609	546
Net income (loss) attributable to Navient Corporation										609	546
Operating Segments [Member] \| Other Segment [Member]
Interest income:
Other loans									9	11	16
Cash and investments									4	5	2
Total interest income									13	16	18
Total interest expense									114	59	38
Net interest income (loss)									(101)	(43)	(20)
Net interest income (loss) after provisions for loan losses									(101)	(43)	(20)
Other income (loss):
Gains (losses) on sales of loans and investments										(10)
Servicing revenue										(1)
Gains on debt repurchases										48	145
Other income (loss)									26	5	15
Total other income (loss)									26	42	160
Expenses:
Direct operating expenses									132	68	13
Overhead expenses									200	167	143
Total operating expenses									332	235	156
Total expenses									332	235	156
Income (loss) from continuing operations, before income tax expense (benefit)									(407)	(236)	(16)
Income tax expense (benefit)									(150)	(86)	(3)
Net income (loss) from continuing operations									(257)	(150)	(13)
Income (loss) from discontinued operations, net of tax expense (benefit)										1	1
Net income (loss)									(257)	(149)	(12)
Net income (loss) attributable to Navient Corporation										(149)	(12)
Eliminations [Member]
Interest income:
Cash and investments											4
Total interest income											4
Total interest expense											4
Other income (loss):
Servicing revenue									(456)	(529)	(669)
Total other income (loss)									(456)	(529)	(669)
Expenses:
Direct operating expenses									(456)	(529)	(669)
Total operating expenses									(456)	(529)	(669)
Total expenses									(456)	(529)	(669)
Non Gaap Core Earnings [Member]
Interest income:
Student loans									4,055	4,311	4,765
Other loans									9	11	16
Cash and investments									8	12	17
Total interest income									4,072	4,334	4,798
Total interest expense									1,990	2,067	2,364
Net interest income (loss)									2,082	2,267	2,434
Less: provisions for loan losses									579	770	1,014
Net interest income (loss) after provisions for loan losses									1,503	1,497	1,420
Other income (loss):
Gains (losses) on sales of loans and investments										302
Servicing revenue									299	284	278
Asset recovery revenue									388	420	356
Gains on debt repurchases										48	145
Other income (loss)									32	10	13
Total other income (loss)									719	1,064	792
Expenses:
Direct operating expenses									724	621	505
Overhead expenses									200	167	143
Total operating expenses									924	788	648
Total expenses									924	788	648
Income (loss) from continuing operations, before income tax expense (benefit)									1,298	1,773	1,564
Income tax expense (benefit)									480	643	560
Net income (loss) from continuing operations									818	1,130	1,004
Income (loss) from discontinued operations, net of tax expense (benefit)										112	(1)
Net income (loss)									818	1,242	1,003
Net income (loss) attributable to Navient Corporation										1,242	1,003
Reclassifications [Member]
Interest income:
Student loans									699	816	858
Total interest income									699	816	858
Total interest expense									42	55	115
Net interest income (loss)									657	761	743
Net interest income (loss) after provisions for loan losses									657	761	743
Other income (loss):
Gains on debt repurchases										(6)
Other income (loss)									(657)	(755)	(743)
Total other income (loss)									(657)	(761)	(743)
Additions/ (Subtractions) [Member]
Interest income:
Student loans									(42)	222	109
Cash and investments									1	5	4
Total interest income									(41)	227	113
Total interest expense									31	88	82
Net interest income (loss)									(72)	139	31
Less: provisions for loan losses									49	69	66
Net interest income (loss) after provisions for loan losses									(121)	70	(35)
Other income (loss):
Servicing revenue									(1)	6	1
Other income (loss)									846	577	194
Total other income (loss)									845	583	195
Expenses:
Direct operating expenses									36	185	168
Overhead expenses									27	69	81
Total operating expenses									63	254	249
Goodwill and acquired intangible asset impairment and amortization									9	13	27
Restructuring and other reorganization expenses									113	72	11
Total expenses									185	339	287
Income (loss) from continuing operations, before income tax expense (benefit)									539	314	(127)
Income tax expense (benefit)									208	133	(62)
Net income (loss) from continuing operations									331	181	(65)
Income (loss) from discontinued operations, net of tax expense (benefit)										(6)	(1)
Net income (loss)									331	175	(66)
Less: net loss attributable to noncontrolling interest										(1)	(2)
Net income (loss) attributable to Navient Corporation										176	(64)
Total Adjustments [Member]
Interest income:
Student loans									657	1,038	967
Cash and investments									1	5	4
Total interest income									658	1,043	971
Total interest expense									73	143	197
Net interest income (loss)									585	900	774
Less: provisions for loan losses									49	69	66
Net interest income (loss) after provisions for loan losses									536	831	708
Other income (loss):
Servicing revenue									(1)	6	1
Gains on debt repurchases										(6)
Other income (loss)									189	(178)	(549)
Total other income (loss)									188	(178)	(548)
Expenses:
Direct operating expenses									36	185	168
Overhead expenses									27	69	81
Total operating expenses									63	254	249
Goodwill and acquired intangible asset impairment and amortization									9	13	27
Restructuring and other reorganization expenses									113	72	11
Total expenses									185	339	287
Income (loss) from continuing operations, before income tax expense (benefit)									539	314	(127)
Income tax expense (benefit)									208	133	(62)
Net income (loss) from continuing operations									331	181	(65)
Income (loss) from discontinued operations, net of tax expense (benefit)										(6)	(1)
Net income (loss)									331	175	(66)
Less: net loss attributable to noncontrolling interest										(1)	(2)
Net income (loss) attributable to Navient Corporation									$ 331	$ 176	$ (64)

Segment Reporting - Segment Result and Reconciliations to GAAP - Core Earnings Adjustments (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income after provisions for loan losses	$ 476	$ 484	$ 497	$ 581	$ 599	$ 592	$ 583	$ 554	$ 2,039	$ 2,328	$ 2,128
Total other income (loss)									907	886	244
Operating expenses	215	195	211	366	305	257	244	235	987	1,042	897
Goodwill and acquired intangible asset impairment and amortization	2	2	2	4	3	4	3	3	9	13	27
Restructuring and other reorganization expenses	10	14	61	26	26	12	23	10	113	72	11
Income tax benefit	159	200	191	136	129	136	299	211	688	776	498
Loss from discontinued operations, net of tax benefit	1	(2)			59	8	38	1		106	(2)
Net loss attributable to noncontrolling interest							(1)			(1)	(2)
Net income attributable to Navient Corporation	$ 263	$ 359	$ 307	$ 219	$ 270	$ 260	$ 543	$ 346	1,149	1,418	939
Total Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income after provisions for loan losses									536	831	708
Total other income (loss)									188	(178)	(548)
Operating expenses									63	254	249
Goodwill and acquired intangible asset impairment and amortization									9	13	27
Restructuring and other reorganization expenses									113	72	11
Total "Core Earnings" adjustments to GAAP									539	314	(127)
Income tax benefit									208	133	(62)
Loss from discontinued operations, net of tax benefit										(6)	(1)
Net loss attributable to noncontrolling interest										(1)	(2)
Net income attributable to Navient Corporation									331	176	(64)
Net Impact from Spin-Off of SLM BankCo [Member] \| Total Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income after provisions for loan losses									136	376	318
Total other income (loss)									15	34	36
Operating expenses									63	254	249
Restructuring and other reorganization expenses									113	72	11
Total "Core Earnings" adjustments to GAAP									(25)	84	94
Net Impact of Derivative Accounting [Member] \| Total Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income after provisions for loan losses									400	455	390
Total other income (loss)									173	(212)	(584)
Total "Core Earnings" adjustments to GAAP									573	243	(194)
Net Impact of Acquired Intangibles [Member] \| Total Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Goodwill and acquired intangible asset impairment and amortization									9	13	27
Total "Core Earnings" adjustments to GAAP									$ (9)	$ (13)	$ (27)

Segment Reporting - Core Earnings Adjustments to GAAP (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
"Core Earnings" adjustments to GAAP:
Net tax effect	$ (159)	$ (200)	$ (191)	$ (136)	$ (129)	$ (136)	$ (299)	$ (211)	$ (688)	$ (776)	$ (498)
Net income attributable to Navient Corporation	$ 263	$ 359	$ 307	$ 219	$ 270	$ 260	$ 543	$ 346	1,149	1,418	939
Total Adjustments [Member]
"Core Earnings" adjustments to GAAP:
Core Earnings adjustments to GAAP									539	314	(127)
Net tax effect									(208)	(133)	62
Net impact of discontinued operations and noncontrolling interest										(5)	1
Net income attributable to Navient Corporation									331	176	(64)
Total Adjustments [Member] \| Net Impact from Spin-Off of SLM BankCo [Member]
"Core Earnings" adjustments to GAAP:
Core Earnings adjustments to GAAP									(25)	84	94
Total Adjustments [Member] \| Net Impact of Derivative Accounting [Member]
"Core Earnings" adjustments to GAAP:
Core Earnings adjustments to GAAP									573	243	(194)
Total Adjustments [Member] \| Net Impact of Acquired Intangibles [Member]
"Core Earnings" adjustments to GAAP:
Core Earnings adjustments to GAAP									$ (9)	$ (13)	$ (27)

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