View Filing Data

Print Document View Excel Document

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2015 shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	NAVI
Entity Registrant Name	NAVIENT CORP
Entity Central Index Key	0001593538
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	389,021,445

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Investments
Available-for-sale	$ 6	$ 6
Other	597	627
Total investments	603	633
Cash and cash equivalents	2,051	1,443
Restricted cash and investments	3,799	3,926
Goodwill and acquired intangible assets, net	549	369
Other assets	5,456	5,664
Total assets	143,872	146,352
Liabilities
Short-term borrowings	4,090	2,663
Long-term borrowings	132,330	136,866
Other liabilities	3,361	2,625
Total liabilities	139,781	142,154
Commitments and contingencies
Equity
Common stock, par value $0.01 per share, 1.125 billion shares authorized: 429 million and 426 million shares issued, respectively	4	4
Additional paid-in capital	2,935	2,893
Accumulated other comprehensive (loss) income (net of tax benefit (expense) of $21 and $(5,), respectively)	(36)	9
Retained earnings	1,951	1,724
Total Navient Corporation stockholders' equity before treasury stock	4,854	4,630
Less: Common stock held in treasury at cost: 40 million and 24 million shares, respectively	(767)	(432)
Total Navient Corporation stockholders' equity	4,087	4,198
Noncontrolling interest	4
Total equity	4,091	4,198
Total liabilities and equity	143,872	146,352
FFELP Loans [Member]
Assets
Loans, net	102,424	104,521
Private Education Loans [Member]
Assets
Loans, net	28,990	29,796
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Investments
Restricted cash and investments	3,607	3,733
Other assets	288	1,230
Liabilities
Short-term borrowings	631	653
Long-term borrowings	114,509	117,678
Net assets of consolidated variable interest entities	11,650	11,417
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| FFELP Loans [Member]
Assets
Loans, net	98,369	100,367
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Private Education Loans [Member]
Assets
Loans, net	$ 24,526	$ 24,418

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Allowance for loans losses	$ 1,963	$ 2,033
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,125,000,000	1,125,000,000
Common stock, shares issued	429,000,000	426,000,000
Tax benefit(expense) for accumulated other comprehensive (loss) income	$ 21	$ (5)
Common stock held in treasury	40,000,000	24,000,000
FFELP Loans [Member]
Allowance for loans losses	$ 91	$ 93
Private Education Loans [Member]
Allowance for loans losses	$ 1,849	$ 1,916

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Interest income:
Other loans	$ 2	$ 3
Cash and investments	2	3
Total interest income	1,097	1,296
Total interest expense	514	530
Net interest income	583	766
Less: provisions for loan losses	125	185
Net interest income after provisions for loan losses	458	581
Other income (loss):
Gains on sales of loans and investments	5
Gains (losses) on derivative and hedging activities, net	71	(8)
Servicing revenue	77	61
Asset recovery revenue	89	111
Gains on debt repurchases	0	0
Other	7	6
Total other income	249	170
Expenses:
Salaries and benefits	123	142
Other operating expenses	107	224
Total operating expenses	230	366
Goodwill and acquired intangible asset impairment and amortization expense	1	4
Restructuring and other reorganization expenses	3	26
Total expenses	234	396
Income from continuing operations, before income tax expense	473	355
Income tax expense	181	136
Net income from continuing operations	292	219
Income (loss) from discontinued operations, net of tax expense (benefit)	0	0
Net income	292	219
Less: net loss attributable to noncontrolling interest	0	0
Net income attributable to Navient Corporation	292	219
Preferred stock dividends		5
Net income attributable to Navient Corporation common stock	$ 292	$ 214
Basic earnings per common share attributable to Navient Corporation:
Continuing operations	$ 0.73	$ 0.50
Discontinued operations	0	0
Total	$ 0.73	$ 0.50
Average common shares outstanding	398	427
Diluted earnings per common share attributable to Navient Corporation:
Continuing operations	$ 0.72	$ 0.49
Discontinued operations	0	0
Total	$ 0.72	$ 0.49
Average common and common equivalent shares outstanding	405	435
Dividends per common share attributable to Navient Corporation	$ 0.16	$ 0.15
FFELP Loans [Member]
Interest income:
Student loans	$ 637	$ 646
Less: provisions for loan losses	5	10
Private Education Loans [Member]
Interest income:
Student loans	456	644
Less: provisions for loan losses	$ 120	$ 175

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 292	$ 219
Other comprehensive income (loss):
Unrealized hedging gains (losses) on derivatives	(71)	(11)
Reclassification adjustments for derivative losses included in net income (interest expense)		3
Total unrealized gains (losses) on derivatives	(71)	(8)
Income tax benefit	26	2
Total other comprehensive income (loss), net of tax	(45)	(6)
Comprehensive income attributable to Navient Corporation	$ 247	$ 213

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions	Total	Series A Preferred Stock [Member]	Series B Preferred Stock [Member]	Preferred Stock [Member]	Common Stock [Member]	Treasury Stock [Member]	Common Stock Shares Outstanding [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Retained Earnings [Member] Series A Preferred Stock [Member]	Retained Earnings [Member] Series B Preferred Stock [Member]	Total Stockholders' Equity [Member]	Total Stockholders' Equity [Member] Series A Preferred Stock [Member]	Total Stockholders' Equity [Member] Series B Preferred Stock [Member]	Noncontrolling Interest [Member]
Beginning Balance, Value at Dec. 31, 2013	$ 5,642			$ 565	$ 109	$ (2,033)		$ 4,399	$ 13	$ 2,584			$ 5,637			$ 5
Beginning Balance, Shares at Dec. 31, 2013				7,300,000	545,210,941	(116,262,066)	428,948,875
Comprehensive income:
Net income	219									219			219
Other comprehensive income (loss), net of tax	(6)								(6)				(6)
Total comprehensive income	213												213
Cash dividends:
Common stock	(64)									(64)			(64)
Preferred stock		$ (3)	$ (2)								$ (3)	$ (2)		$ (3)	$ (2)
Dividend equivalent units related to employee stock-based compensation plans	(1)									(1)			(1)
Issuance of common shares	$ 34				$ 1			33					34
Issuance of common shares, Shares	4,238,182				4,238,182		4,238,182
Tax benefit related to employee stock-based compensation plans	$ 11							11					11
Stock-based compensation expense	18							18					18
Common stock repurchased	$ (200)					$ (200)							(200)
Common stock repurchased, Shares	(8,368,300)					(8,368,300)	(8,368,300)
Shares repurchased related to employee stock-based compensation plans	$ (50)					$ (50)							(50)
Shares repurchased related to employee stock-based compensation plans, Shares	(2,115,470)					(2,115,470)	(2,115,470)
Ending Balance, Value at Mar. 31, 2014	$ 5,598			$ 565	$ 110	$ (2,283)		4,461	7	2,733			5,593			5
Ending Balance, Shares at Mar. 31, 2014				7,300,000	549,449,123	(126,745,836)	422,703,287
Beginning Balance, Value at Dec. 31, 2014	4,198				$ 4	$ (432)		2,893	9	1,724			4,198
Beginning Balance, Shares at Dec. 31, 2014					425,637,635	(23,902,829)	401,734,806
Comprehensive income:
Net income	292									292			292
Other comprehensive income (loss), net of tax	(45)								(45)				(45)
Total comprehensive income	247												247
Cash dividends:
Common stock	(63)									(63)			(63)
Dividend equivalent units related to employee stock-based compensation plans	(2)									(2)			(2)
Issuance of common shares	$ 21							21					21
Issuance of common shares, Shares	3,585,238				3,585,238		3,585,238
Tax benefit related to employee stock-based compensation plans	$ 9							9					9
Stock-based compensation expense	12							12					12
Common stock repurchased	$ (300)					$ (300)							(300)
Common stock repurchased, Shares	(14,653,835)					(14,653,835)	(14,653,835)
Shares repurchased related to employee stock-based compensation plans	$ (35)					$ (35)							(35)
Shares repurchased related to employee stock-based compensation plans, Shares	(1,644,764)					(1,644,764)	(1,644,764)
Noncontrolling interest in asset recovery business	$ 4															4
Ending Balance, Value at Mar. 31, 2015	$ 4,091				$ 4	$ (767)		$ 2,935	$ (36)	$ 1,951			$ 4,087			$ 4
Ending Balance, Shares at Mar. 31, 2015					429,222,873	(40,201,428)	389,021,445

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Dividends per common share attributable to Navient Corporation	$ 0.16	$ 0.15
Retained Earnings [Member]
Dividends per common share attributable to Navient Corporation	0.16	0.15
Total Stockholders' Equity [Member]
Dividends per common share attributable to Navient Corporation	$ 0.16	0.15
Series A Preferred Stock [Member]
Preferred stock, Dividends per preferred share		0.87
Series A Preferred Stock [Member] \| Retained Earnings [Member]
Preferred stock, Dividends per preferred share		0.87
Series A Preferred Stock [Member] \| Total Stockholders' Equity [Member]
Preferred stock, Dividends per preferred share		0.87
Series B Preferred Stock [Member]
Preferred stock, Dividends per preferred share		0.49
Series B Preferred Stock [Member] \| Retained Earnings [Member]
Preferred stock, Dividends per preferred share		0.49
Series B Preferred Stock [Member] \| Total Stockholders' Equity [Member]
Preferred stock, Dividends per preferred share		$ 0.49

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Operating activities
Net income	$ 292	$ 219
Adjustments to reconcile net income to net cash provided by operating activities:
Gains on loans and investments, net	(5)
Goodwill and acquired intangible asset impairment and amortization expense	1	4
Stock-based compensation expense	12	18
Unrealized gains on derivative and hedging activities	(224)	(181)
Provisions for loan losses	125	185
(Increase) decrease in restricted cash - other	(7)	5
Decrease in accrued interest receivable	148	109
Decrease in accrued interest payable	(60)	(69)
Decrease in other assets	153	257
Increase in other liabilities	64	11
Total net cash provided by operating activities	499	558
Investing activities
Student loans acquired and originated	(830)	(1,975)
Reduction of student loans:
Installment payments, claims and other	3,407	3,090
Proceeds from sales of student loans	193
Other investing activities, net	24	119
Purchases of available-for-sale securities		(25)
Proceeds from maturities of available-for-sale securities		2
Purchases of other securities		(65)
Proceeds from maturities of other securities	1	67
Decrease (increase) in restricted cash - variable interest entities	126	(221)
Purchase of subsidiary, net of cash acquired	(181)
Total net cash provided by investing activities	2,740	992
Financing activities
Borrowings collateralized by loans in trust - issued	1,678	2,649
Borrowings collateralized by loans in trust - repaid	(3,369)	(2,834)
Asset-backed commercial paper conduits, net	(539)	(1,918)
Other long-term borrowings issued	493	834
Other long-term borrowings repaid	(590)	(1,535)
Other financing activities, net	59	(11)
Retail and other deposits, net		86
Common stock repurchased	(300)	(200)
Common stock dividends paid	(63)	(64)
Preferred stock dividends paid		(5)
Net cash used in financing activities	(2,631)	(2,998)
Net increase (decrease) in cash and cash equivalents	608	(1,448)
Cash and cash equivalents at beginning of period	1,443	5,190
Cash and cash equivalents at end of period	2,051	3,742
Cash disbursements made (refunds received) for:
Interest	500	519
Income taxes paid	$ 1	38
Income taxes received		$ (1)

The Separation

3 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

The Separation

1.	The Separation

On April 30, 2014, the spin-off of Navient from SLM Corporation (the “Spin-Off”) was completed and Navient became an independent, publicly traded company focused on loan management, servicing and asset recovery. The separation was completed through the distribution of 100 percent of the outstanding shares of Navient common stock, on the basis of one share of Navient common stock for each share of SLM Corporation common stock. SLM Corporation continues operation as a separate publicly traded company and includes Sallie Mae Bank and its Private Education Loan originations business and the Private Education Loans the bank held at the time of the separation.

Due to the relative significance of Navient to SLM Corporation prior to the Spin-Off, for financial reporting purposes, Navient is treated as the “accounting spinnor” and therefore is the “accounting successor” to SLM Corporation as constituted prior to the Spin-Off, notwithstanding the legal form of the Spin-Off. Since Navient is the accounting successor, the historical financial statements of SLM Corporation prior to the distribution on April 30, 2014 are the historical financial statements of Navient. As a result, the GAAP financial results reported in this Quarterly Report on Form 10-Q include the historical financial results of SLM Corporation prior to the Spin-Off on April 30, 2014 (i.e., such consolidated results include our loan management, servicing and asset recovery business and the consumer banking business associated with Sallie Mae Bank (“SLM BankCo”)) and reflect the deemed distribution of SLM BankCo to SLM Corporation’s stockholders on April 30, 2014.

Significant Accounting Policies

3 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Significant Accounting Policies

2.	Significant Accounting Policies

Basis of Presentation

The accompanying unaudited, consolidated financial statements of Navient have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. The consolidated financial statements include the accounts of Navient and its majority-owned and controlled subsidiaries and those Variable Interest Entities (“VIEs”) for which we are the primary beneficiary, after eliminating the effects of intercompany accounts and transactions. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods have been included. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three-month period ended March 31, 2015 are not necessarily indicative of the results for the year ending December 31, 2015 or for any other period. These unaudited financial statements should be read in conjunction with the audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2014 (the “2014 Form 10-K”). Definitions for certain capitalized terms used but not otherwise defined in this Quarterly Report on Form 10-Q can be found in our 2014 Form 10-K.

Reclassifications

Certain reclassifications have been made to the balances as of and for the three months ended March 31, 2014 to be consistent with classifications adopted for 2015, and had no effect on net income, total assets, or total liabilities.

Recently Issued Accounting Pronouncements

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.

Allowance for Loan Losses

3 Months Ended

Mar. 31, 2015

Receivables [Abstract]

Allowance for Loan Losses

3.	Allowance for Loan Losses

The financial statements of Navient reflect the deemed distribution of SLM BankCo on April 30, 2014. As a result of the deemed distribution, all disclosures in this footnote as of a date prior to April 30, 2014 include SLM BankCo’s FFELP and Private Education Loans, whereas the disclosures as of December 31, 2014 and March 31, 2015 do not contain SLM BankCo’s FFELP and Private Education Loans.

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

Allowance for Loan Losses Metrics


	Three Months Ended March 31, 2015
(Dollars in millions)	FFELP Loans			Private Education Loans			Other Loans			Total
Allowance for Loan Losses
Beginning balance	$	93		$	1,916		$	24		$	2,033
Total provision		5			120			—			125
Charge-offs⁽¹⁾		(7	)		(190	)		(1	)		(198	)
Reclassification of interest reserve⁽²⁾		—			3			—			3

Ending balance	$	91		$	1,849		$	23		$	1,963

Allowance:
Ending balance: individually evaluated for impairment	$	—		$	1,077		$	18		$	1,095
Ending balance: collectively evaluated for impairment	$	91		$	772		$	5		$	868
Loans:
Ending balance: individually evaluated for impairment⁽³⁾	$	—		$	10,859		$	43		$	10,902
Ending balance: collectively evaluated for impairment⁽³⁾	$	101,347		$	20,561		$	59		$	121,967
Charge-offs as a percentage of average loans in repayment (annualized)		.03	%		2.89	%		3.43	%
Allowance as a percentage of the ending total loan balance		.09	%		5.88	%		22.30	%
Allowance as a percentage of the ending loans in repayment		.12	%		7.04	%		22.30	%
Allowance coverage of charge-offs (annualized)		3.6			2.4			6.3
Ending total loans⁽³⁾	$	101,347		$	31,420		$	102
Average loans in repayment	$	77,474		$	26,644		$	105
Ending loans in repayment	$	76,755		$	26,260		$	102

⁽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 recovered and any shortfalls in what was actually recovered in the period. See “Receivable for Partially Charged-Off Private Education Loans” for further discussion.

⁽²⁾	Represents the additional allowance related to the amount of uncollectible interest reserved within interest income that is transferred in the period to the allowance for loan losses when interest is capitalized to a loan’s principal balance.

⁽³⁾	Ending total loans for Private Education Loans includes the receivable for partially charged-off loans.


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

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

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

⁽¹⁾

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

⁽²⁾	Represents the additional allowance related to the amount of uncollectible interest reserved within interest income that is transferred in the period to the allowance for loan losses when interest is capitalized to a loan’s principal balance.

⁽³⁾	Ending total loans for Private Education Loans includes the receivable for partially charged-off loans.

Key Credit Quality Indicators

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

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


	Private Education Loans Credit Quality Indicators
	March 31, 2015					December 31, 2014
(Dollars in millions)	Balance⁽³⁾		% of Balance			Balance⁽³⁾		% of Balance
Credit Quality Indicators
School Type/FICO Scores:
Traditional	$	27,729		92	%	$	28,527		92	%
Non-Traditional⁽¹⁾		2,455		8			2,534		8

Total	$	30,184		100	%	$	31,061		100	%

Cosigners:
With cosigner	$	19,460		64	%	$	20,001		64	%
Without cosigner		10,724		36			11,060		36

Total	$	30,184		100	%	$	31,061		100	%

Seasoning⁽²⁾:
1-12 payments	$	2,355		8	%	$	2,734		9	%
13-24 payments		2,801		9			3,161		10
25-36 payments		4,043		13			4,259		14
37-48 payments		4,218		14			4,404		14
More than 48 payments		13,873		46			13,450		43
Not yet in repayment		2,894		10			3,053		10

Total	$	30,184		100	%	$	31,061		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
	March 31, 2015						December 31, 2014
(Dollars in millions)	Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	10,555					$	10,861
Loans in forbearance⁽²⁾		14,037						14,366
Loans in repayment and percentage of each status:
Loans current		64,522			84.1	%		65,221			83.4	%
Loans delinquent 31-60 days⁽³⁾		3,656			4.8			3,942			5.0
Loans delinquent 61-90 days⁽³⁾		2,087			2.7			2,451			3.1
Loans delinquent greater than 90 days⁽³⁾		6,490			8.4			6,597			8.5

Total FFELP Loans in repayment		76,755			100	%		78,211			100	%

Total FFELP Loans, gross		101,347						103,438
FFELP Loan unamortized premium		1,168						1,176

Total FFELP Loans		102,515						104,614
FFELP Loan allowance for losses		(91	)					(93	)

FFELP Loans, net	$	102,424					$	104,521

Percentage of FFELP Loans in repayment					75.7	%					75.6	%

Delinquencies as a percentage of FFELP Loans in repayment					15.9	%					16.6	%

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

⁽¹⁾

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

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

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


	Private Education Traditional Loan Delinquencies
	March 31, 2015						December 31, 2014
(Dollars in millions)	Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	2,630					$	2,777
Loans in forbearance⁽²⁾		909						935
Loans in repayment and percentage of each status:
Loans current		22,706			93.9	%		23,012			92.7	%
Loans delinquent 31-60 days⁽³⁾		444			1.8			624			2.5
Loans delinquent 61-90 days⁽³⁾		286			1.2			363			1.5
Loans delinquent greater than 90 days⁽³⁾		754			3.1			816			3.3

Total traditional loans in repayment		24,190			100	%		24,815			100	%

Total traditional loans, gross		27,729						28,527
Traditional loans unamortized discount		(515	)					(526	)

Total traditional loans		27,214						28,001
Traditional loans receivable for partially charged-off loans		775						775
Traditional loans allowance for losses		(1,470	)					(1,515	)

Traditional loans, net	$	26,519					$	27,261

Percentage of traditional loans in repayment					87.2	%					87.0	%

Delinquencies as a percentage of traditional loans in repayment					6.1	%					7.3	%

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

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

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

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


	Private Education Non-Traditional Loan Delinquencies
	March 31, 2015						December 31, 2014
(Dollars in millions)	Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	264					$	276
Loans in forbearance⁽²⁾		121						124
Loans in repayment and percentage of each status:
Loans current		1,745			84.3	%		1,749			81.9	%
Loans delinquent 31-60 days⁽³⁾		84			4.0			110			5.2
Loans delinquent 61-90 days⁽³⁾		55			2.7			73			3.4
Loans delinquent greater than 90 days⁽³⁾		186			9.0			202			9.5

Total non-traditional loans in repayment		2,070			100	%		2,134			100	%

Total non-traditional loans, gross		2,455						2,534
Non-traditional loans unamortized discount		(66	)					(68	)

Total non-traditional loans		2,389						2,466
Non-traditional loans receivable for partially charged-off loans		461						470
Non-traditional loans allowance for losses		(379	)					(401	)

Non-traditional loans, net	$	2,471					$	2,535

Percentage of non-traditional loans in repayment					84.3	%					84.2	%

Delinquencies as a percentage of non-traditional loans in repayment					15.7	%					18.1	%

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

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

⁽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 or more 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 Private Education 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 have defaulted since 2007 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 $380 million and $334 million in the allowance for Private Education Loan losses at March 31, 2015 and 2014, respectively, providing for possible additional future charge-offs related to the receivable for partially charged-off Private Education Loans.

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


	Three Months Ended March 31,
(Dollars in millions)	2015			2014
Receivable at beginning of period	$	1,245		$	1,313
Expected future recoveries of current period defaults⁽¹⁾		62			71
Recoveries⁽²⁾		(52	)		(61	)
Charge-offs⁽³⁾		(19	)		(26	)

Receivable at end of period		1,236			1,297
Allowance for estimated recovery shortfalls⁽⁴⁾		(380	)		(334	)

Net receivable at end of period	$	856		$	963

⁽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 $1.8 billion and $2.1 billion overall allowance for Private Education Loan losses as of March 31, 2015 and 2014, respectively.

Troubled Debt Restructurings (“TDRs”)

We sometimes 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 53 percent and 51 percent of the loans granted forbearance have qualified as a TDR loan at March 31, 2015 and December 31, 2014, respectively. The unpaid principal balance of TDR loans that were in an interest rate reduction plan was $2.2 billion as of March 31, 2015 and December 31, 2014.

At March 31, 2015 and December 31, 2014, all of our TDR loans had a related allowance recorded. The following table provides the recorded investment, unpaid principal balance and related allowance for our TDR loans.


	TDR Loans
(Dollars in millions)	Recorded Investment⁽¹⁾		Unpaid Principal Balance		Related Allowance
March 31, 2015
Private Education Loans — Traditional	$	8,954	$	9,021	$	875
Private Education Loans — Non-Traditional		1,472		1,472		202

Total	$	10,426	$	10,493	$	1,077

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

⁽¹⁾

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

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


	Three Months Ended March 31,
	2015				2014
(Dollars in millions)	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Private Education Loans — Traditional	$	8,856	$	132	$	7,631	$	118
Private Education Loans — Non-Traditional		1,476		29		1,434		29

Total	$	10,332	$	161	$	9,065	$	147

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


	TDR Loan Delinquencies
	March 31, 2015					December 31, 2014
(Dollars in millions)	Balance		%			Balance		%
Loans in deferment⁽¹⁾	$	846				$	825
Loans in forbearance⁽²⁾		760					745
Loans in repayment and percentage of each status:
Loans current		7,558		85.1	%		7,186		82.7	%
Loans delinquent 31-60 days⁽³⁾		365		4.1			464		5.3
Loans delinquent 61-90 days⁽³⁾		249		2.8			299		3.4
Loans delinquent greater than 90 days⁽³⁾		715		8.0			747		8.6

Total TDR loans in repayment		8,887		100	%		8,696		100	%

Total TDR loans, gross	$	10,493				$	10,266

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

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


	Three Months Ended March 31,
	2015						2014
(Dollars in millions)	Modified Loans⁽¹⁾		Charge- Offs⁽²⁾		Payment Default		Modified Loans⁽¹⁾		Charge- Offs⁽²⁾		Payment Default
Private Education Loans — Traditional	$	430	$	91	$	100	$	466	$	100	$	119
Private Education Loans — Non-Traditional		42		28		18		57		34		29

Total	$	472	$	119	$	118	$	523	$	134	$	148

⁽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 and our allowance for uncollectible interest.


(Dollars in millions)	Accrued Interest Receivable		Allowance for Uncollectible Interest
March 31, 2015
Private Education Loans — Traditional	$	513	$	24
Private Education Loans — Non-Traditional		65		9

Total	$	578	$	33

December 31, 2014
Private Education Loans — Traditional	$	542	$	29
Private Education Loans — Non-Traditional		70		11

Total	$	612	$	40

Borrowings

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Borrowings

4.	Borrowings

The following table summarizes our borrowings.


	March 31, 2015						December 31, 2014
(Dollars in millions)	Short Term		Long Term		Total		Short Term		Long Term		Total
Unsecured borrowings:
Senior unsecured debt	$	2,458	$	14,830	$	17,288	$	1,066	$	16,311	$	17,377

Total unsecured borrowings		2,458		14,830		17,288		1,066		16,311		17,377

Secured borrowings:
FFELP Loan securitizations		—		84,579		84,579		—		86,241		86,241
Private Education Loan securitizations		—		17,992		17,992		—		17,997		17,997
FFELP Loan — other facilities		—		14,841		14,841		—		15,358		15,358
Private Education Loan — other facilities		631		—		631		653		—		653
Other⁽¹⁾		983		—		983		937		—		937

Total secured borrowings		1,614		117,412		119,026		1,590		119,596		121,186

Total before hedge accounting adjustments		4,072		132,242		136,314		2,656		135,907		138,563
Hedge accounting adjustments		18		88		106		7		959		966

Total	$	4,090	$	132,330	$	136,420	$	2,663	$	136,866	$	139,529

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

Variable Interest Entities

We consolidated the following financing VIEs as of March 31, 2015 and December 31, 2014, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings.


	March 31, 2015
	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	$	—	$	84,579		$	84,579		$	85,245	$	2,882	$	667		$	88,794
Private Education Loan securitizations		—		17,992			17,992			23,319		472		401			24,192
FFELP Loan — other facilities		—		12,841			12,841			13,124		235		199			13,558
Private Education Loan — other facilities		631		—			631			1,207		18		37			1,262

Total before hedge accounting adjustments		631		115,412			116,043			122,895		3,607		1,304			127,806
Hedge accounting adjustments		—		(903	)		(903	)		—		—		(1,016	)		(1,016	)

Total	$	631	$	114,509		$	115,140		$	122,895	$	3,607	$	288		$	126,790


	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

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

5.	Derivative Financial Instruments

Our risk management strategy and use of and accounting for derivatives have not materially changed from that discussed in our 2014 Form 10-K. Please refer to “Note 7 — Derivative Financial Instruments” in our 2014 Form 10-K for a full discussion.

Summary of Derivative Financial Statement Impact

The following tables summarize the fair values and notional amounts of all derivative instruments at March 31, 2015 and December 31, 2014, and their impact on other comprehensive income and earnings for the three months ended March 31, 2015 and 2014.

Impact of Derivatives on Consolidated Balance Sheet


		Cash Flow						Fair Value						Trading						Total
(Dollars in millions)	Hedged Risk Exposure	Mar. 31, 2015			Dec. 31, 2014			Mar. 31, 2015			Dec. 31, 2014			Mar. 31, 2015			Dec. 31, 2014			Mar. 31, 2015			Dec. 31, 2014
Fair Values⁽¹⁾
Derivative Assets:
Interest rate swaps	Interest rate	$	—		$	6		$	930		$	828		$	32		$	23		$	962		$	857
Cross-currency interest rate swaps	Foreign currency and interest rate		—			—			—			164			—			—			—			164
Other⁽²⁾	Interest rate		—			—			—			—			1			1			1			1

Total derivative assets⁽³⁾			—			6			930			992			33			24			963			1,022
Derivative Liabilities:
Interest rate swaps	Interest rate		(68	)		(3	)		(2	)		(22	)		(112	)		(120	)		(182	)		(145	)
Floor Income Contracts	Interest rate		—			—			—			—			(845	)		(915	)		(845	)		(915	)
Cross-currency interest rate swaps	Foreign currency and interest rate		—			—			(972	)		(293	)		(65	)		(65	)		(1,037	)		(358	)
Other⁽²⁾	Interest rate		—			—			—			—			(14	)		(12	)		(14	)		(12	)

Total derivative liabilities⁽³⁾			(68	)		(3	)		(974	)		(315	)		(1,036	)		(1,112	)		(2,078	)		(1,430	)

Net total derivatives		$	(68	)	$	3		$	(44	)	$	677		$	(1,003	)	$	(1,088	)	$	(1,115	)	$	(408	)

⁽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 without the impact of master netting agreements to the balance sheet classification:


	Other Assets						Other Liabilities
(Dollar in millions)	March 31, 2015			December 31, 2014			March 31, 2015			December 31, 2014
Gross position	$	963		$	1,022		$	(2,078	)	$	(1,430	)
Impact of master netting agreements		(153	)		(241	)		153			241

Derivative values with impact of master netting agreements (as carried on balance sheet)		810			781			(1,925	)		(1,189	)
Cash collateral (held) pledged		(981	)		(935	)		594			624

Net position	$	(171	)	$	(154	)	$	(1,331	)	$	(565	)

The above fair values include adjustments for counterparty credit risk both for when we are exposed to the counterparty, net of collateral postings, and when the counterparty is exposed to us, net of collateral postings. The net adjustments decreased the overall net asset positions at March 31, 2015 and December 31, 2014 by $0 million and $18 million, respectively. In addition, the above fair values reflect adjustments for illiquid derivatives as indicated by a wide bid/ask spread in the interest rate indices to which the derivatives are indexed. These adjustments decreased the overall net asset positions at March 31, 2015 and December 31, 2014 by $74 million and $73 million, respectively.


	Cash Flow				Fair Value				Trading				Total
(Dollars in billions)	Mar. 31, 2015		Dec. 31, 2014		Mar. 31, 2015		Dec. 31, 2014		Mar. 31, 2015		Dec. 31, 2014		Mar. 31, 2015		Dec. 31, 2014
Notional Values:
Interest rate swaps	$	6.0	$	6.0	$	14.3	$	14.3	$	27.8	$	28.7	$	48.1	$	49.0
Floor Income Contracts		—		—		—		—		35.1		35.2		35.1		35.2
Cross-currency interest rate swaps		—		—		9.3		9.4		.4		.4		9.7		9.8
Other⁽¹⁾		—		—		—		—		3.5		3.6		3.5		3.6

Total derivatives	$	6.0	$	6.0	$	23.6	$	23.7	$	66.8	$	67.9	$	96.4	$	97.6

⁽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


	Three Months Ended March 31,
	Unrealized Gain (Loss) on Derivatives⁽¹⁾⁽²⁾						Realized Gain (Loss) on Derivatives⁽³⁾						Unrealized Gain (Loss) on Hedged Item⁽¹⁾						Total Gain (Loss)
(Dollars in millions)	2015			2014			2015			2014			2015			2014			2015			2014
Fair Value Hedges:
Interest rate swaps	$	121		$	53		$	95		$	100		$	(130	)	$	(53	)	$	86		$	100
Cross-currency interest rate swaps		(842	)		(53	)		2			22			988			7			148			(24	)

Total fair value derivatives		(721	)		—			97			122			858			(46	)		234			76
Cash Flow Hedges:
Interest rate swaps		—			—			—			(3	)		—			—			—			(3	)

Total cash flow derivatives		—			—			—			(3	)		—			—			—			(3	)
Trading:
Interest rate swaps		18			19			11			12			—			—			29			31
Floor Income Contracts		72			181			(162	)		(198	)		—			—			(90	)		(17	)
Cross-currency interest rate swaps		(1	)		7			(1	)		(1	)		—			—			(2	)		6
Other		(2	)		19			(1	)		(1	)		—			—			(3	)		18

Total trading derivatives		87			226			(153	)		(188	)		—			—			(66	)		38

Total		(634	)		226			(56	)		(69	)		858			(46	)		168			111
Less: realized gains (losses) recorded in interest expense		—			—			97			119			—			—			97			119

Gains (losses) on derivative and hedging activities, net	$	(634	)	$	226		$	(153	)	$	(188	)	$	858		$	(46	)	$	71		$	(8	)

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

⁽²⁾	Represents ineffectiveness related to cash flow hedges.

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

Collateral

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


(Dollars in millions)	March 31, 2015		December 31, 2014
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$	981	$	935
Securities at fair value — on-balance sheet securitization derivatives (not recorded in financial statements)⁽¹⁾		243		344

Total collateral held	$	1,224	$	1,279

Derivative asset at fair value including accrued interest	$	1,042	$	1,091

Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	$	594	$	624

Total collateral pledged	$	594	$	624

Derivative liability at fair value including accrued interest and premium receivable	$	1,642	$	926

⁽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 $639 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 $65 million and have posted $64 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.

- Definition

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

+ References

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

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

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624177-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41641-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579245-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624258-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5708775-113959

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5708773-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5618551-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5580258-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624181-113959

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41638-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Other Assets

3 Months Ended

Mar. 31, 2015

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

Other Assets

6.	Other Assets

The following table provides the detail of our other assets.


	March 31, 2015					December 31, 2014
(Dollars in millions)	Ending Balance		% of Balance			Ending Balance		% of Balance
Accrued interest receivable, net	$	1,672		31	%	$	1,821		32	%
Income tax asset, net current and deferred		1,244		23			1,389		25
Derivatives at fair value		810		15			781		14
Accounts receivable		582		11			558		10
Benefit and insurance-related investments		488		9			485		9
Fixed assets, net		154		3			152		3
Other loans, net		79		1			83		1
Other		427		7			395		6

Total	$	5,456		100	%	$	5,664		100	%

Business Combination - Acquisition of Gila LLC

3 Months Ended

Mar. 31, 2015

Business Combinations [Abstract]

Business Combination - Acquisition of Gila LLC

7.	Business Combination — Acquisition of Gila LLC

Acquisitions are accounted for under the acquisition method of accounting as defined in ASC Topic 805, “Business Combinations.” The Company allocates the purchase price to the fair value of the acquired tangible assets, liabilities and identifiable intangible assets as of the acquisition date.

On February 20, 2015, Navient acquired a 97.9% controlling interest in Gila LLC. Gila LLC is an asset recovery and business process outsourcing firm serving more than 600 clients in 39 states. The firm provides receivables management services and account processing solutions for state governments, agencies, court systems and municipalities. We have engaged an independent appraiser to assist in the valuation of the assets acquired and liabilities assumed including identifiable intangible assets, primarily customer relationships, the trade name and developed technology. We anticipate the purchase price allocation will be completed by the end of the third quarter 2015. The results of operations of Gila LLC have been included in Navient’s consolidated financial statements since the acquisition date and are reflected in Navient’s Business Services segment results in “Note 12 — Segment Reporting.”

During the first-quarter 2015, there were no other changes or adjustments to goodwill and intangible assets.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7008-128479

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1486-128463

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=39739317&loc=d3e4845-128472

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1500-128463

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1524-128463

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=39739317&loc=d3e4922-128472

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=39739317&loc=d3e4934-128472

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=39739317&loc=d3e4926-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1383-128463

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479

+ Details

Stockholders' Equity

3 Months Ended

Mar. 31, 2015

Equity [Abstract]

Stockholders' Equity

8.	Stockholders’ Equity

The following table summarizes common share repurchases and issuances.


	Three Months Ended March 31,
	2015		2014
Common shares repurchased⁽¹⁾		14,653,835		8,368,300
Average purchase price per share	$	20.49	$	23.89
Shares repurchased related to employee stock-based compensation plans⁽²⁾		1,644,764		2,115,470
Average purchase price per share	$	20.86	$	23.56
Common shares issued⁽³⁾		3,585,238		4,238,182

⁽¹⁾

Common shares purchased under our share repurchase programs, including share repurchase programs conducted by SLM Corporation prior to April 30, 2014.

⁽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, including shares issued by SLM Corporation prior to April 30, 2014.

The closing price of our common stock on March 31, 2015 was $20.33.

Dividend and Share Repurchase Program

In March 2015, we paid a common stock dividend of $0.16 per share, up from $0.15 per share in the prior quarter.

We repurchased 14.7 million shares of common stock for $300 million in the first quarter of 2015. The shares were repurchased under our January 2015 share repurchase program that authorizes up to $1 billion of share repurchases, of which $700 million remained available at March 31, 2015. In first-quarter 2014, SLM Corporation repurchased 8.4 million shares for $200 million.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Earnings per Common Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings per Common Share

9.	Earnings per Common Share

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


	Three Months Ended March 31,
(In millions, except per share data)	2015		2014
Numerator:
Net income attributable to Navient Corporation	$	292	$	219
Preferred stock dividends		—		5

Net income attributable to Navient Corporation common stock	$	292	$	214

Denominator:
Weighted average shares used to compute basic EPS		398		427
Effect of dilutive securities:
Dilutive effect of stock options, non-vested restricted stock, restricted stock units and Employee Stock Purchase Plans (“ESPPs”)⁽¹⁾		7		8

Dilutive potential common shares⁽²⁾		7		8

Weighted average shares used to compute diluted EPS		405		435

Basic earnings (loss) per common share attributable to Navient Corporation:
Continuing operations	$	.73	$	.50
Discontinued operations		—		—

Total	$	.73	$	.50

Diluted earnings (loss) per common share attributable to Navient Corporation:
Continuing operations	$	.72	$	.49
Discontinued operations		—		—

Total	$	.72	$	.49

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

⁽²⁾	For the three months ended March 31, 2015 and 2014, stock options covering approximately 4 million and 3 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

Fair Value Measurements

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

10.

Fair Value Measurements

We use estimates of fair value in applying various accounting standards in our financial statements. We categorize our fair value estimates based on a hierarchical framework associated with three levels of price transparency utilized in measuring financial instruments at fair value. Please refer to “Note 12 — Fair Value Measurements” in our 2014 Form 10-K for a full discussion.

During the three months ended March 31, 2015, there were no significant transfers of financial instruments between levels, or changes in our methodology or assumptions used to value our financial instruments.

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


	Fair Value Measurements on a Recurring Basis
	March 31, 2015											December 31, 2014
(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		$	—	$	1		$	—		$	1
Other		—		5			—			5			—		5			—			5

Total available-for-sale investments		—		6			—			6			—		6			—			6
Derivative instruments:⁽¹⁾
Interest rate swaps		—		943			19			962			—		841			16			857
Cross-currency interest rate swaps		—		—			—			—			—		—			164			164
Other		—		—			1			1			—		—			1			1

Total derivative assets⁽³⁾		—		943			20			963			—		841			181			1,022

Total	$	—	$	949		$	20		$	969		$	—	$	847		$	181		$	1,028

Liabilities⁽²⁾
Derivative instruments⁽¹⁾
Interest rate swaps	$	—	$	(75	)	$	(107	)	$	(182	)	$	—	$	(41	)	$	(104	)	$	(145	)
Floor Income Contracts		—		(845	)		—			(845	)		—		(915	)		—			(915	)
Cross-currency interest rate swaps		—		(79	)		(958	)		(1,037	)		—		(77	)		(281	)		(358	)
Other		—		—			(14	)		(14	)		—		—			(12	)		(12	)

Total derivative liabilities⁽³⁾		—		(999	)		(1,079	)		(2,078	)		—		(1,033	)		(397	)		(1,430	)

Total	$	—	$	(999	)	$	(1,079	)	$	(2,078	)	$	—	$	(1,033	)	$	(397	)	$	(1,430	)

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

⁽²⁾	Borrowings which are the hedged items in a fair value hedge relationship and which are adjusted for changes in value due to benchmark interest rates only are not carried at full fair value and are not reflected in this table.

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

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


	Three Months Ended March 31,
	2015												2014
	Derivative instruments												Derivative instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other			Total Derivative Instruments			Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other			Total Derivative Instruments
Balance, beginning of period	$	(88	)	$	(117	)	$	(11	)	$	(216	)	$	(87	)	$	1,007		$	(21	)	$	899
Total gains/(losses) (realized and unrealized):
Included in earnings⁽¹⁾		1			(840	)		(3	)		(842	)		—			(10	)		17			7
Included in other comprehensive income		—			—			—			—			—			—			—			—
Settlements		(1	)		(1	)		1			(1	)		—			(17	)		1			(16	)
Transfers in and/or out of level 3		—			—			—			—			—			—			—			—

Balance, end of period	$	(88	)	$	(958	)	$	(13	)	$	(1,059	)	$	(87	)	$	980		$	(3	)	$	890

Change in unrealized gains/(losses) relating to instruments still held at the reporting date⁽²⁾	$	—		$	(838	)	$	(2	)	$	(840	)	$	—		$	(28	)	$	19		$	(9	)

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


	Three Months Ended March 31,
(Dollars in millions)	2015			2014
Gains (losses) on derivative and hedging activities, net	$	(843	)	$	(11	)
Interest expense		1			18

Total	$	(842	)	$	7

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

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


(Dollars in millions)	Fair Value at March 31, 2015			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		(958	)	Discounted cash flow	Constant prepayment rate	2.7%
Other		(13	)

Total	$	(1,059	)

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 the term of the swap is increased. The opposite is true for an increase in the input.

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


	March 31, 2015									December 31, 2014
(Dollars in millions)	Fair Value			Carrying Value			Difference			Fair Value			Carrying Value			Difference
Earning assets
FFELP Loans	$	102,440		$	102,424		$	16		$	104,419		$	104,521		$	(102	)
Private Education Loans		28,661			28,990			(329	)		29,433			29,796			(363	)
Cash and investments⁽¹⁾		6,453			6,453			—			6,002			6,002			—

Total earning assets		137,554			137,867			(313	)		139,854			140,319			(465	)

Interest-bearing liabilities
Short-term borrowings		4,114			4,090			(24	)		2,661			2,663			2
Long-term borrowings		130,015			132,330			2,315			134,201			136,866			2,665

Total interest-bearing liabilities		134,129			136,420			2,291			136,862			139,529			2,667

Derivative financial instruments
Floor Income Contracts		(845	)		(845	)		—			(915	)		(915	)		—
Interest rate swaps		780			780			—			712			712			—
Cross-currency interest rate swaps		(1,037	)		(1,037	)		—			(194	)		(194	)		—
Other		(13	)		(13	)		—			(11	)		(11	)		—

Excess of net asset fair value over carrying value							$	1,978								$	2,202

⁽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 $5 million at March 31, 2015 and December 31, 2014, respectively, versus a fair value of $6 million and $6 million at March 31, 2015 and December 31, 2014, respectively.

- Definition

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

+ References + Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

11.

Commitments and Contingencies

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 NSI 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 funded the restitution reserve account in May 2014.

The NSI Order also required 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 and late fee practices have already been implemented. NSI also decided to voluntarily make restitution of certain late fees to all other customers whose loans were neither owned nor originated by Sallie Mae Bank. They were calculated in the same manner as that which was required under the FDIC Orders and are estimated to be $42 million. The process to refund these fees as well as amounts from the restitution fund is substantially complete.

With respect to alleged civil violations of the SCRA, NSI and Sallie Mae Bank entered into a consent order with the DOJ. 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. Shortly thereafter, Navient funded the settlement fund and paid the civil money penalties pursuant to the terms of the order. On April 15, 2015, the DOJ approved the distribution plan for the settlement fund and we anticipate disbursements will begin in the second quarter of 2015.

The total reserves established by the Company in 2013 and 2014 to cover these costs were $177 million, and as of March 31, 2015, $73 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, the Company and various of its subsidiaries are subject to the following investigations and inquiries:

•

In December 2013, Navient received a Civil Investigative Demand (“CID”) issued by the State of Illinois Office of Attorney General and the State of Washington Office of the Attorney General and multiple other 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.

•

In April 2014, NSI received a 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 and has received a series of supplemental CIDs on these matters.

•

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 and has received a supplemental CID on these matters.

•

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.

In addition, Navient and its subsidiaries are subject to examination by the CFPB, FDIC, ED and various state agencies as part of its ordinary course of business. Items or matters similar to or different from those described above may arise during the course of those examinations.

We are cooperating with these investigations, inquiries or examinations and are 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 with these matters and reserves have not been established.

Under the terms of the Separation Agreement, Navient agreed to be responsible for, and to 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 regulatory matters mentioned above, 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. Navient has no additional reserves related to indemnification matters with SLM BankCo as of March 31, 2015 other than with respect to the FDIC Orders and the DOJ Order.

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 this audit. 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 last date to file an appeal in this matter has been extended by ED and is currently May 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 as part of the total reserve for pending regulatory matters discussed previously.

Contingencies

In the ordinary course of business, we and our subsidiaries are defendants in or parties to pending and threatened legal actions and proceedings including actions brought on behalf of various classes of claimants. These actions and proceedings may be based on alleged violations of consumer protection, securities, employment and other laws. In certain of these actions and proceedings, claims for substantial monetary damage are asserted against us and our subsidiaries.

In the ordinary course of business, we and our subsidiaries are subject to regulatory examinations, information gathering requests, inquiries and investigations. In connection with formal and informal inquiries in these cases, we and our subsidiaries receive numerous requests, subpoenas and orders for documents, testimony and information in connection with various aspects of our regulated activities.

In view of the inherent difficulty of predicting the outcome of such litigation and regulatory matters, we cannot predict what the eventual outcome of the pending matters will be, what the timing or the ultimate resolution of these matters will be, or what the eventual loss, fines or penalties related to each pending matter may be.

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

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

Segment Reporting

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Segment Reporting

12.

Segment Reporting

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.


(Dollars in millions)	March 31, 2015		December 31, 2014
FFELP Loans, net	$	102,424	$	104,521
Cash and investments⁽¹⁾		3,851		4,050
Other		2,462		2,566

Total assets	$	108,737	$	111,137

⁽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.

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


(Dollars in millions)	March 31, 2015		December 31, 2014
Private Education Loans, net	$	28,990	$	29,796
Cash and investments⁽¹⁾		446		402
Other		2,359		2,453

Total assets	$	31,795	$	32,651

⁽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.

At March 31, 2015 and December 31, 2014, the Business Services segment had total assets of $643 million and $416 million, respectively, on a GAAP basis.

Other Segment

Our 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 March 31, 2015 and December 31, 2014, the Other segment had total assets of $2.7 billion and $2.1 billion, respectively, on a GAAP basis.

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 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;

Unrealized mark-to-market gains/losses resulting from our use of derivative instruments to hedge our economic risks that do not qualify for hedge accounting treatment or do qualify for hedge accounting treatment but result in ineffectiveness; and

The accounting for goodwill and acquired intangible assets.

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

Segment Results and Reconciliations to GAAP


	Three Months Ended March 31, 2015
(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	$	534	$	456	$	—	$	—		$	—		$	990	$	162		$	(59	)	$	103	$	1,093
Other loans		—		—		—		2			—			2		—			—			—		2
Cash and investments		1		—		—		1			—			2		—			—			—		2

Total interest income		535		456		—		3			—			994		162			(59	)		103		1,097
Total interest expense		302		173		—		30			—			505		9			—			9		514

Net interest income (loss)		233		283		—		(27	)		—			489		153			(59	)		94		583
Less: provisions for loan losses		5		120		—		—			—			125		—			—			—		125

Net interest income (loss) after provisions for loan losses		228		163		—		(27	)		—			364		153			(59	)		94		458
Other income (loss):
Gains on sales of loans and investments		5		—		—		—			—			5		—			—			—		5
Servicing revenue		18		7		163		—			(111	)		77		—			—			—		77
Asset recovery revenue		—		—		89		—			—			89		—			—			—		89
Gains on debt repurchases		—		—		—		—			—			—		—			—			—		—
Other income (loss)		—		—		2		4			—			6		(153	)		225			72		78

Total other income (loss)		23		7		254		4			(111	)		177		(153	)		225			72		249
Expenses:
Direct operating expenses		115		46		116		4			(111	)		170		—			—			—		170
Overhead expenses		—		—		—		60			—			60		—			—			—		60

Operating expenses		115		46		116		64			(111	)		230		—			—			—		230
Goodwill and acquired intangible asset impairment and amortization		—		—		—		—			—			—		—			1			1		1
Restructuring and other reorganization expenses		—		—		—		—			—			—		—			3			3		3

Total expenses		115		46		116		64			(111	)		230		—			4			4		234
Income (loss) from continuing operations, before income tax expense (benefit)		136		124		138		(87	)		—			311		—			162			162		473
Income tax expense (benefit)⁽³⁾		51		47		52		(33	)		—			117		—			64			64		181

Net income (loss) from continuing operations	$	85	$	77	$	86	$	(54	)	$	—		$	194	$	—		$	98		$	98	$	292
Income (loss) from discontinued operations, net of tax expense (benefit)		—		—		—		—			—			—		—			—			—		—

Net income (loss)	$	85	$	77	$	86	$	(54	)	$	—		$	194	$	—		$	98		$	98	$	292

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

⁽²⁾	“Core Earnings” adjustments to GAAP:


	Three Months Ended March 31, 2015
(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	$	—		$	94	$	—		$	94
Total other income		—			72		—			72
Operating expenses		—			—		—			—
Goodwill and acquired intangible asset impairment and amortization		—			—		1			1
Restructuring and other reorganization expenses		3			—		—			3

Total “Core Earnings” adjustments to GAAP	$	(3	)	$	166	$	(1	)		162

Income tax expense										64

Net income									$	98

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


	Three Months Ended March 31, 2014
(Dollars in millions)	FFELP Loans		Private Education Loans		Business Services		Other			Eliminations⁽¹⁾			Total “Core Earnings”		Adjustments									Total GAAP
(Dollars in millions)	FFELP Loans		Private Education Loans		Business Services		Other			Eliminations⁽¹⁾			Total “Core Earnings”		Reclassifications			Additions/ (Subtractions)			Total Adjustments⁽²⁾			Total GAAP
Interest income:
Student loans	$	512	$	494	$	—	$	—		$	—		$	1,006	$	198		$	86		$	284		$	1,290
Other loans		—		—		—		3			—			3		—			—			—			3
Cash and investments		1		—		—		1			—			2		—			1			1			3

Total interest income		513		494		—		4			—			1,011		198			87			285			1,296
Total interest expense		287		185		—		24			—			496		10			24			34			530

Net interest income (loss)		226		309		—		(20	)		—			515		188			63			251			766
Less: provisions for loan losses		10		136		—		—			—			146		—			39			39			185

Net interest income (loss) after provisions for loan losses		216		173		—		(20	)		—			369		188			24			212			581
Other income (loss):
Gains on sales of loans and investments		—		—		—		—			—			—		—			—			—			—
Servicing revenue		11		1		167		—			(118	)		61		—			—			—			61
Asset recovery revenue		—		—		111		—			—			111		—			—			—			111
Gains on debt repurchases		—		—		—		—			—			—		—			—			—			—
Other income (loss)		—		—		1		3			—			4		(188	)		182			(6	)		(2	)

Total other income (loss)		11		1		279		3			(118	)		176		(188	)		182			(6	)		170
Expenses:
Direct operating expenses		124		55		95		113			(118	)		269		—			25			25			294
Overhead expenses		—		—		—		49			—			49		—			23			23			72

Operating expenses		124		55		95		162			(118	)		318		—			48			48			366
Goodwill and acquired intangible asset impairment and amortization		—		—		—		—			—			—		—			4			4			4
Restructuring and other reorganization expenses		—		—		—		—			—			—		—			26			26			26

Total expenses		124		55		95		162			(118	)		318		—			78			78			396
Income (loss) from continuing operations, before income tax expense (benefit)		103		119		184		(179	)		—			227		—			128			128			355
Income tax expense (benefit)⁽³⁾		39		45		69		(67	)		—			86		—			50			50			136

Net income (loss) from continuing operations	$	64	$	74	$	115	$	(112	)	$	—		$	141	$	—		$	78		$	78		$	219
Income (loss) from discontinued operations, net of tax expense (benefit)		—		—		1		—			—			1		—			(1	)		(1	)		—

Net income (loss)	$	64	$	74	$	116	$	(112	)	$	—		$	142	$	—		$	77		$	77		$	219

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

⁽²⁾	“Core Earnings” adjustments to GAAP:


	Three Months Ended March 31, 2014
(Dollars in millions)	Net Impact 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	$	100	$	112		$	—		$	212
Total other loss		7		(13	)		—			(6	)
Operating expenses		48		—			—			48
Goodwill and acquired intangible asset impairment and amortization		—		—			4			4
Restructuring and other reorganization expenses		26		—			—			26

Total “Core Earnings” adjustments to GAAP	$	33	$	99		$	(4	)		128

Income tax expense										50
Income (loss) from discontinued operations										(1	)

Net income									$	77

⁽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


	Three Months Ended March 31,
(Dollars in millions)	2015			2014
“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⁾	$	(3	)	$	33
Net impact of derivative accounting⁽²⁾		166			99
Net impact of goodwill and acquired intangibles assets⁽³⁾		(1	)		(4	)
Net tax effect⁽⁴⁾		(64	)		(50	)
Net effect from discontinued operations and noncontrolling interest		—			(1	)

Total “Core Earnings” adjustments to GAAP	$	98		$	77

⁽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 SLM Corporation 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 SLM Corporation 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.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	*Basis of Presentation* The accompanying unaudited, consolidated financial statements of Navient have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. The consolidated financial statements include the accounts of Navient and its majority-owned and controlled subsidiaries and those Variable Interest Entities (“VIEs”) for which we are the primary beneficiary, after eliminating the effects of intercompany accounts and transactions. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods have been included. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Operating results for the three-month period ended March 31, 2015 are not necessarily indicative of the results for the year ending December 31, 2015 or for any other period. These unaudited financial statements should be read in conjunction with the audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2014 (the “2014 Form 10-K”). Definitions for certain capitalized terms used but not otherwise defined in this Quarterly Report on Form 10-Q can be found in our 2014 Form 10-K.
Reclassifications	*Reclassifications* Certain reclassifications have been made to the balances as of and for the three months ended March 31, 2014 to be consistent with classifications adopted for 2015, and had no effect on net income, total assets, or total liabilities.
Recently Issued Accounting Pronouncements	*Recently Issued Accounting Pronouncements* 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.

Allowance for Loan Losses (Tables)

3 Months Ended

Mar. 31, 2015

Allowance for Credit Losses and Recorded Investments in Loans

Allowance for Loan Losses Metrics


	Three Months Ended March 31, 2015
(Dollars in millions)	FFELP Loans			Private Education Loans			Other Loans			Total
Allowance for Loan Losses
Beginning balance	$	93		$	1,916		$	24		$	2,033
Total provision		5			120			—			125
Charge-offs⁽¹⁾		(7	)		(190	)		(1	)		(198	)
Reclassification of interest reserve⁽²⁾		—			3			—			3

Ending balance	$	91		$	1,849		$	23		$	1,963

Allowance:
Ending balance: individually evaluated for impairment	$	—		$	1,077		$	18		$	1,095
Ending balance: collectively evaluated for impairment	$	91		$	772		$	5		$	868
Loans:
Ending balance: individually evaluated for impairment⁽³⁾	$	—		$	10,859		$	43		$	10,902
Ending balance: collectively evaluated for impairment⁽³⁾	$	101,347		$	20,561		$	59		$	121,967
Charge-offs as a percentage of average loans in repayment (annualized)		.03	%		2.89	%		3.43	%
Allowance as a percentage of the ending total loan balance		.09	%		5.88	%		22.30	%
Allowance as a percentage of the ending loans in repayment		.12	%		7.04	%		22.30	%
Allowance coverage of charge-offs (annualized)		3.6			2.4			6.3
Ending total loans⁽³⁾	$	101,347		$	31,420		$	102
Average loans in repayment	$	77,474		$	26,644		$	105
Ending loans in repayment	$	76,755		$	26,260		$	102

⁽¹⁾

⁽²⁾	Represents the additional allowance related to the amount of uncollectible interest reserved within interest income that is transferred in the period to the allowance for loan losses when interest is capitalized to a loan’s principal balance.

⁽³⁾	Ending total loans for Private Education Loans includes the receivable for partially charged-off loans.


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

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

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

⁽¹⁾

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

⁽²⁾	Represents the additional allowance related to the amount of uncollectible interest reserved within interest income that is transferred in the period to the allowance for loan losses when interest is capitalized to a loan’s principal balance.

⁽³⁾	Ending total loans for Private Education Loans includes the receivable for partially charged-off loans.

Private Education Loan Portfolio Stratified by Key Credit Quality Indicators

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


	Private Education Loans Credit Quality Indicators
	March 31, 2015					December 31, 2014
(Dollars in millions)	Balance⁽³⁾		% of Balance			Balance⁽³⁾		% of Balance
Credit Quality Indicators
School Type/FICO Scores:
Traditional	$	27,729		92	%	$	28,527		92	%
Non-Traditional⁽¹⁾		2,455		8			2,534		8

Total	$	30,184		100	%	$	31,061		100	%

Cosigners:
With cosigner	$	19,460		64	%	$	20,001		64	%
Without cosigner		10,724		36			11,060		36

Total	$	30,184		100	%	$	31,061		100	%

Seasoning⁽²⁾:
1-12 payments	$	2,355		8	%	$	2,734		9	%
13-24 payments		2,801		9			3,161		10
25-36 payments		4,043		13			4,259		14
37-48 payments		4,218		14			4,404		14
More than 48 payments		13,873		46			13,450		43
Not yet in repayment		2,894		10			3,053		10

Total	$	30,184		100	%	$	31,061		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
	March 31, 2015						December 31, 2014
(Dollars in millions)	Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	10,555					$	10,861
Loans in forbearance⁽²⁾		14,037						14,366
Loans in repayment and percentage of each status:
Loans current		64,522			84.1	%		65,221			83.4	%
Loans delinquent 31-60 days⁽³⁾		3,656			4.8			3,942			5.0
Loans delinquent 61-90 days⁽³⁾		2,087			2.7			2,451			3.1
Loans delinquent greater than 90 days⁽³⁾		6,490			8.4			6,597			8.5

Total FFELP Loans in repayment		76,755			100	%		78,211			100	%

Total FFELP Loans, gross		101,347						103,438
FFELP Loan unamortized premium		1,168						1,176

Total FFELP Loans		102,515						104,614
FFELP Loan allowance for losses		(91	)					(93	)

FFELP Loans, net	$	102,424					$	104,521

Percentage of FFELP Loans in repayment					75.7	%					75.6	%

Delinquencies as a percentage of FFELP Loans in repayment					15.9	%					16.6	%

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

⁽¹⁾

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

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


	Private Education Traditional Loan Delinquencies
	March 31, 2015						December 31, 2014
(Dollars in millions)	Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	2,630					$	2,777
Loans in forbearance⁽²⁾		909						935
Loans in repayment and percentage of each status:
Loans current		22,706			93.9	%		23,012			92.7	%
Loans delinquent 31-60 days⁽³⁾		444			1.8			624			2.5
Loans delinquent 61-90 days⁽³⁾		286			1.2			363			1.5
Loans delinquent greater than 90 days⁽³⁾		754			3.1			816			3.3

Total traditional loans in repayment		24,190			100	%		24,815			100	%

Total traditional loans, gross		27,729						28,527
Traditional loans unamortized discount		(515	)					(526	)

Total traditional loans		27,214						28,001
Traditional loans receivable for partially charged-off loans		775						775
Traditional loans allowance for losses		(1,470	)					(1,515	)

Traditional loans, net	$	26,519					$	27,261

Percentage of traditional loans in repayment					87.2	%					87.0	%

Delinquencies as a percentage of traditional loans in repayment					6.1	%					7.3	%

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

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

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

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


	Private Education Non-Traditional Loan Delinquencies
	March 31, 2015						December 31, 2014
(Dollars in millions)	Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	264					$	276
Loans in forbearance⁽²⁾		121						124
Loans in repayment and percentage of each status:
Loans current		1,745			84.3	%		1,749			81.9	%
Loans delinquent 31-60 days⁽³⁾		84			4.0			110			5.2
Loans delinquent 61-90 days⁽³⁾		55			2.7			73			3.4
Loans delinquent greater than 90 days⁽³⁾		186			9.0			202			9.5

Total non-traditional loans in repayment		2,070			100	%		2,134			100	%

Total non-traditional loans, gross		2,455						2,534
Non-traditional loans unamortized discount		(66	)					(68	)

Total non-traditional loans		2,389						2,466
Non-traditional loans receivable for partially charged-off loans		461						470
Non-traditional loans allowance for losses		(379	)					(401	)

Non-traditional loans, net	$	2,471					$	2,535

Percentage of non-traditional loans in repayment					84.3	%					84.2	%

Delinquencies as a percentage of non-traditional loans in repayment					15.7	%					18.1	%

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

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

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

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

Receivable for Partially Charged-Off Loans

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


	Three Months Ended March 31,
(Dollars in millions)	2015			2014
Receivable at beginning of period	$	1,245		$	1,313
Expected future recoveries of current period defaults⁽¹⁾		62			71
Recoveries⁽²⁾		(52	)		(61	)
Charge-offs⁽³⁾		(19	)		(26	)

Receivable at end of period		1,236			1,297
Allowance for estimated recovery shortfalls⁽⁴⁾		(380	)		(334	)

Net receivable at end of period	$	856		$	963

⁽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
March 31, 2015
Private Education Loans — Traditional	$	8,954	$	9,021	$	875
Private Education Loans — Non-Traditional		1,472		1,472		202

Total	$	10,426	$	10,493	$	1,077

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

⁽¹⁾

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

Average Recorded Investment and Interest Income Recognized for TDR

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


	Three Months Ended March 31,
	2015				2014
(Dollars in millions)	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Private Education Loans — Traditional	$	8,856	$	132	$	7,631	$	118
Private Education Loans — Non-Traditional		1,476		29		1,434		29

Total	$	10,332	$	161	$	9,065	$	147

Loans Modified Accounts for TDR


	Three Months Ended March 31,
	2015						2014
(Dollars in millions)	Modified Loans⁽¹⁾		Charge- Offs⁽²⁾		Payment Default		Modified Loans⁽¹⁾		Charge- Offs⁽²⁾		Payment Default
Private Education Loans — Traditional	$	430	$	91	$	100	$	466	$	100	$	119
Private Education Loans — Non-Traditional		42		28		18		57		34		29

Total	$	472	$	119	$	118	$	523	$	134	$	148

⁽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 and our allowance for uncollectible interest.


(Dollars in millions)	Accrued Interest Receivable		Allowance for Uncollectible Interest
March 31, 2015
Private Education Loans — Traditional	$	513	$	24
Private Education Loans — Non-Traditional		65		9

Total	$	578	$	33

December 31, 2014
Private Education Loans — Traditional	$	542	$	29
Private Education Loans — Non-Traditional		70		11

Total	$	612	$	40

Troubled Debt Restructuring Loans [Member]

Age Analysis of Past Due Loans Delinquencies

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


	TDR Loan Delinquencies
	March 31, 2015					December 31, 2014
(Dollars in millions)	Balance		%			Balance		%
Loans in deferment⁽¹⁾	$	846				$	825
Loans in forbearance⁽²⁾		760					745
Loans in repayment and percentage of each status:
Loans current		7,558		85.1	%		7,186		82.7	%
Loans delinquent 31-60 days⁽³⁾		365		4.1			464		5.3
Loans delinquent 61-90 days⁽³⁾		249		2.8			299		3.4
Loans delinquent greater than 90 days⁽³⁾		715		8.0			747		8.6

Total TDR loans in repayment		8,887		100	%		8,696		100	%

Total TDR loans, gross	$	10,493				$	10,266

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

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

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

Borrowings (Tables)

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Company's Borrowings

The following table summarizes our borrowings.


	March 31, 2015						December 31, 2014
(Dollars in millions)	Short Term		Long Term		Total		Short Term		Long Term		Total
Unsecured borrowings:
Senior unsecured debt	$	2,458	$	14,830	$	17,288	$	1,066	$	16,311	$	17,377

Total unsecured borrowings		2,458		14,830		17,288		1,066		16,311		17,377

Secured borrowings:
FFELP Loan securitizations		—		84,579		84,579		—		86,241		86,241
Private Education Loan securitizations		—		17,992		17,992		—		17,997		17,997
FFELP Loan — other facilities		—		14,841		14,841		—		15,358		15,358
Private Education Loan — other facilities		631		—		631		653		—		653
Other⁽¹⁾		983		—		983		937		—		937

Total secured borrowings		1,614		117,412		119,026		1,590		119,596		121,186

Total before hedge accounting adjustments		4,072		132,242		136,314		2,656		135,907		138,563
Hedge accounting adjustments		18		88		106		7		959		966

Total	$	4,090	$	132,330	$	136,420	$	2,663	$	136,866	$	139,529

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

Financing VIEs

We consolidated the following financing VIEs as of March 31, 2015 and December 31, 2014, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings.


	March 31, 2015
	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	$	—	$	84,579		$	84,579		$	85,245	$	2,882	$	667		$	88,794
Private Education Loan securitizations		—		17,992			17,992			23,319		472		401			24,192
FFELP Loan — other facilities		—		12,841			12,841			13,124		235		199			13,558
Private Education Loan — other facilities		631		—			631			1,207		18		37			1,262

Total before hedge accounting adjustments		631		115,412			116,043			122,895		3,607		1,304			127,806
Hedge accounting adjustments		—		(903	)		(903	)		—		—		(1,016	)		(1,016	)

Total	$	631	$	114,509		$	115,140		$	122,895	$	3,607	$	288		$	126,790


	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

- Definition

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

+ References + Details

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Impact of Derivatives on Consolidated Balance Sheet

Impact of Derivatives on Consolidated Balance Sheet


		Cash Flow						Fair Value						Trading						Total
(Dollars in millions)	Hedged Risk Exposure	Mar. 31, 2015			Dec. 31, 2014			Mar. 31, 2015			Dec. 31, 2014			Mar. 31, 2015			Dec. 31, 2014			Mar. 31, 2015			Dec. 31, 2014
Fair Values⁽¹⁾
Derivative Assets:
Interest rate swaps	Interest rate	$	—		$	6		$	930		$	828		$	32		$	23		$	962		$	857
Cross-currency interest rate swaps	Foreign currency and interest rate		—			—			—			164			—			—			—			164
Other⁽²⁾	Interest rate		—			—			—			—			1			1			1			1

Total derivative assets⁽³⁾			—			6			930			992			33			24			963			1,022
Derivative Liabilities:
Interest rate swaps	Interest rate		(68	)		(3	)		(2	)		(22	)		(112	)		(120	)		(182	)		(145	)
Floor Income Contracts	Interest rate		—			—			—			—			(845	)		(915	)		(845	)		(915	)
Cross-currency interest rate swaps	Foreign currency and interest rate		—			—			(972	)		(293	)		(65	)		(65	)		(1,037	)		(358	)
Other⁽²⁾	Interest rate		—			—			—			—			(14	)		(12	)		(14	)		(12	)

Total derivative liabilities⁽³⁾			(68	)		(3	)		(974	)		(315	)		(1,036	)		(1,112	)		(2,078	)		(1,430	)

Net total derivatives		$	(68	)	$	3		$	(44	)	$	677		$	(1,003	)	$	(1,088	)	$	(1,115	)	$	(408	)

⁽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 without the impact of master netting agreements to the balance sheet classification:

Gross Positions without Impact of Netting Agreements

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


	Other Assets						Other Liabilities
(Dollar in millions)	March 31, 2015			December 31, 2014			March 31, 2015			December 31, 2014
Gross position	$	963		$	1,022		$	(2,078	)	$	(1,430	)
Impact of master netting agreements		(153	)		(241	)		153			241

Derivative values with impact of master netting agreements (as carried on balance sheet)		810			781			(1,925	)		(1,189	)
Cash collateral (held) pledged		(981	)		(935	)		594			624

Net position	$	(171	)	$	(154	)	$	(1,331	)	$	(565	)

Derivative Notional Values


	Cash Flow				Fair Value				Trading				Total
(Dollars in billions)	Mar. 31, 2015		Dec. 31, 2014		Mar. 31, 2015		Dec. 31, 2014		Mar. 31, 2015		Dec. 31, 2014		Mar. 31, 2015		Dec. 31, 2014
Notional Values:
Interest rate swaps	$	6.0	$	6.0	$	14.3	$	14.3	$	27.8	$	28.7	$	48.1	$	49.0
Floor Income Contracts		—		—		—		—		35.1		35.2		35.1		35.2
Cross-currency interest rate swaps		—		—		9.3		9.4		.4		.4		9.7		9.8
Other⁽¹⁾		—		—		—		—		3.5		3.6		3.5		3.6

Total derivatives	$	6.0	$	6.0	$	23.6	$	23.7	$	66.8	$	67.9	$	96.4	$	97.6

⁽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


	Three Months Ended March 31,
	Unrealized Gain (Loss) on Derivatives⁽¹⁾⁽²⁾						Realized Gain (Loss) on Derivatives⁽³⁾						Unrealized Gain (Loss) on Hedged Item⁽¹⁾						Total Gain (Loss)
(Dollars in millions)	2015			2014			2015			2014			2015			2014			2015			2014
Fair Value Hedges:
Interest rate swaps	$	121		$	53		$	95		$	100		$	(130	)	$	(53	)	$	86		$	100
Cross-currency interest rate swaps		(842	)		(53	)		2			22			988			7			148			(24	)

Total fair value derivatives		(721	)		—			97			122			858			(46	)		234			76
Cash Flow Hedges:
Interest rate swaps		—			—			—			(3	)		—			—			—			(3	)

Total cash flow derivatives		—			—			—			(3	)		—			—			—			(3	)
Trading:
Interest rate swaps		18			19			11			12			—			—			29			31
Floor Income Contracts		72			181			(162	)		(198	)		—			—			(90	)		(17	)
Cross-currency interest rate swaps		(1	)		7			(1	)		(1	)		—			—			(2	)		6
Other		(2	)		19			(1	)		(1	)		—			—			(3	)		18

Total trading derivatives		87			226			(153	)		(188	)		—			—			(66	)		38

Total		(634	)		226			(56	)		(69	)		858			(46	)		168			111
Less: realized gains (losses) recorded in interest expense		—			—			97			119			—			—			97			119

Gains (losses) on derivative and hedging activities, net	$	(634	)	$	226		$	(153	)	$	(188	)	$	858		$	(46	)	$	71		$	(8	)

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

⁽²⁾	Represents ineffectiveness related to cash flow hedges.

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

Collateral Held and Pledged

Collateral

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


(Dollars in millions)	March 31, 2015		December 31, 2014
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$	981	$	935
Securities at fair value — on-balance sheet securitization derivatives (not recorded in financial statements)⁽¹⁾		243		344

Total collateral held	$	1,224	$	1,279

Derivative asset at fair value including accrued interest	$	1,042	$	1,091

Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	$	594	$	624

Total collateral pledged	$	594	$	624

Derivative liability at fair value including accrued interest and premium receivable	$	1,642	$	926

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

Other Assets (Tables)

3 Months Ended

Mar. 31, 2015

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

Schedule of Other Assets

The following table provides the detail of our other assets.


	March 31, 2015					December 31, 2014
(Dollars in millions)	Ending Balance		% of Balance			Ending Balance		% of Balance
Accrued interest receivable, net	$	1,672		31	%	$	1,821		32	%
Income tax asset, net current and deferred		1,244		23			1,389		25
Derivatives at fair value		810		15			781		14
Accounts receivable		582		11			558		10
Benefit and insurance-related investments		488		9			485		9
Fixed assets, net		154		3			152		3
Other loans, net		79		1			83		1
Other		427		7			395		6

Total	$	5,456		100	%	$	5,664		100	%

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2015

Equity [Abstract]

Common Share Repurchases and Issuances

The following table summarizes common share repurchases and issuances.


	Three Months Ended March 31,
	2015		2014
Common shares repurchased⁽¹⁾		14,653,835		8,368,300
Average purchase price per share	$	20.49	$	23.89
Shares repurchased related to employee stock-based compensation plans⁽²⁾		1,644,764		2,115,470
Average purchase price per share	$	20.86	$	23.56
Common shares issued⁽³⁾		3,585,238		4,238,182

⁽¹⁾

Common shares purchased under our share repurchase programs, including share repurchase programs conducted by SLM Corporation prior to April 30, 2014.

⁽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, including shares issued by SLM Corporation prior to April 30, 2014.

Earnings per Common Share (Tables)

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Schedule of Earnings per Common Share


	Three Months Ended March 31,
(In millions, except per share data)	2015		2014
Numerator:
Net income attributable to Navient Corporation	$	292	$	219
Preferred stock dividends		—		5

Net income attributable to Navient Corporation common stock	$	292	$	214

Denominator:
Weighted average shares used to compute basic EPS		398		427
Effect of dilutive securities:
Dilutive effect of stock options, non-vested restricted stock, restricted stock units and Employee Stock Purchase Plans (“ESPPs”)⁽¹⁾		7		8

Dilutive potential common shares⁽²⁾		7		8

Weighted average shares used to compute diluted EPS		405		435

Basic earnings (loss) per common share attributable to Navient Corporation:
Continuing operations	$	.73	$	.50
Discontinued operations		—		—

Total	$	.73	$	.50

Diluted earnings (loss) per common share attributable to Navient Corporation:
Continuing operations	$	.72	$	.49
Discontinued operations		—		—

Total	$	.72	$	.49

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

⁽²⁾	For the three months ended March 31, 2015 and 2014, stock options covering approximately 4 million and 3 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

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

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


	Fair Value Measurements on a Recurring Basis
	March 31, 2015											December 31, 2014
(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		$	—	$	1		$	—		$	1
Other		—		5			—			5			—		5			—			5

Total available-for-sale investments		—		6			—			6			—		6			—			6
Derivative instruments:⁽¹⁾
Interest rate swaps		—		943			19			962			—		841			16			857
Cross-currency interest rate swaps		—		—			—			—			—		—			164			164
Other		—		—			1			1			—		—			1			1

Total derivative assets⁽³⁾		—		943			20			963			—		841			181			1,022

Total	$	—	$	949		$	20		$	969		$	—	$	847		$	181		$	1,028

Liabilities⁽²⁾
Derivative instruments⁽¹⁾
Interest rate swaps	$	—	$	(75	)	$	(107	)	$	(182	)	$	—	$	(41	)	$	(104	)	$	(145	)
Floor Income Contracts		—		(845	)		—			(845	)		—		(915	)		—			(915	)
Cross-currency interest rate swaps		—		(79	)		(958	)		(1,037	)		—		(77	)		(281	)		(358	)
Other		—		—			(14	)		(14	)		—		—			(12	)		(12	)

Total derivative liabilities⁽³⁾		—		(999	)		(1,079	)		(2,078	)		—		(1,033	)		(397	)		(1,430	)

Total	$	—	$	(999	)	$	(1,079	)	$	(2,078	)	$	—	$	(1,033	)	$	(397	)	$	(1,430	)

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

⁽²⁾	Borrowings which are the hedged items in a fair value hedge relationship and which are adjusted for changes in value due to benchmark interest rates only are not carried at full fair value and are not reflected in this table.

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

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

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


	Three Months Ended March 31,
	2015												2014
	Derivative instruments												Derivative instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other			Total Derivative Instruments			Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other			Total Derivative Instruments
Balance, beginning of period	$	(88	)	$	(117	)	$	(11	)	$	(216	)	$	(87	)	$	1,007		$	(21	)	$	899
Total gains/(losses) (realized and unrealized):
Included in earnings⁽¹⁾		1			(840	)		(3	)		(842	)		—			(10	)		17			7
Included in other comprehensive income		—			—			—			—			—			—			—			—
Settlements		(1	)		(1	)		1			(1	)		—			(17	)		1			(16	)
Transfers in and/or out of level 3		—			—			—			—			—			—			—			—

Balance, end of period	$	(88	)	$	(958	)	$	(13	)	$	(1,059	)	$	(87	)	$	980		$	(3	)	$	890

Change in unrealized gains/(losses) relating to instruments still held at the reporting date⁽²⁾	$	—		$	(838	)	$	(2	)	$	(840	)	$	—		$	(28	)	$	19		$	(9	)

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

Included in Earnings


	Three Months Ended March 31,
(Dollars in millions)	2015			2014
Gains (losses) on derivative and hedging activities, net	$	(843	)	$	(11	)
Interest expense		1			18

Total	$	(842	)	$	7

⁽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.


	March 31, 2015									December 31, 2014
(Dollars in millions)	Fair Value			Carrying Value			Difference			Fair Value			Carrying Value			Difference
Earning assets
FFELP Loans	$	102,440		$	102,424		$	16		$	104,419		$	104,521		$	(102	)
Private Education Loans		28,661			28,990			(329	)		29,433			29,796			(363	)
Cash and investments⁽¹⁾		6,453			6,453			—			6,002			6,002			—

Total earning assets		137,554			137,867			(313	)		139,854			140,319			(465	)

Interest-bearing liabilities
Short-term borrowings		4,114			4,090			(24	)		2,661			2,663			2
Long-term borrowings		130,015			132,330			2,315			134,201			136,866			2,665

Total interest-bearing liabilities		134,129			136,420			2,291			136,862			139,529			2,667

Derivative financial instruments
Floor Income Contracts		(845	)		(845	)		—			(915	)		(915	)		—
Interest rate swaps		780			780			—			712			712			—
Cross-currency interest rate swaps		(1,037	)		(1,037	)		—			(194	)		(194	)		—
Other		(13	)		(13	)		—			(11	)		(11	)		—

Excess of net asset fair value over carrying value							$	1,978								$	2,202

⁽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 March 31, 2015			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		(958	)	Discounted cash flow	Constant prepayment rate	2.7%
Other		(13	)

Total	$	(1,059	)

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Asset Information for Company's FFELP Loans Business Segment

(Dollars in millions)	March 31, 2015		December 31, 2014
FFELP Loans, net	$	102,424	$	104,521
Cash and investments⁽¹⁾		3,851		4,050
Other		2,462		2,566

Total assets	$	108,737	$	111,137

⁽¹⁾

Includes restricted cash and investments.

Asset Information for Company's Private Education Loans Segment

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


(Dollars in millions)	March 31, 2015		December 31, 2014
Private Education Loans, net	$	28,990	$	29,796
Cash and investments⁽¹⁾		446		402
Other		2,359		2,453

Total assets	$	31,795	$	32,651

⁽¹⁾

Includes restricted cash and investments.

Segment Results and Reconciliations to GAAP

Segment Results and Reconciliations to GAAP


	Three Months Ended March 31, 2015
(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	$	534	$	456	$	—	$	—		$	—		$	990	$	162		$	(59	)	$	103	$	1,093
Other loans		—		—		—		2			—			2		—			—			—		2
Cash and investments		1		—		—		1			—			2		—			—			—		2

Total interest income		535		456		—		3			—			994		162			(59	)		103		1,097
Total interest expense		302		173		—		30			—			505		9			—			9		514

Net interest income (loss)		233		283		—		(27	)		—			489		153			(59	)		94		583
Less: provisions for loan losses		5		120		—		—			—			125		—			—			—		125

Net interest income (loss) after provisions for loan losses		228		163		—		(27	)		—			364		153			(59	)		94		458
Other income (loss):
Gains on sales of loans and investments		5		—		—		—			—			5		—			—			—		5
Servicing revenue		18		7		163		—			(111	)		77		—			—			—		77
Asset recovery revenue		—		—		89		—			—			89		—			—			—		89
Gains on debt repurchases		—		—		—		—			—			—		—			—			—		—
Other income (loss)		—		—		2		4			—			6		(153	)		225			72		78

Total other income (loss)		23		7		254		4			(111	)		177		(153	)		225			72		249
Expenses:
Direct operating expenses		115		46		116		4			(111	)		170		—			—			—		170
Overhead expenses		—		—		—		60			—			60		—			—			—		60

Operating expenses		115		46		116		64			(111	)		230		—			—			—		230
Goodwill and acquired intangible asset impairment and amortization		—		—		—		—			—			—		—			1			1		1
Restructuring and other reorganization expenses		—		—		—		—			—			—		—			3			3		3

Total expenses		115		46		116		64			(111	)		230		—			4			4		234
Income (loss) from continuing operations, before income tax expense (benefit)		136		124		138		(87	)		—			311		—			162			162		473
Income tax expense (benefit)⁽³⁾		51		47		52		(33	)		—			117		—			64			64		181

Net income (loss) from continuing operations	$	85	$	77	$	86	$	(54	)	$	—		$	194	$	—		$	98		$	98	$	292
Income (loss) from discontinued operations, net of tax expense (benefit)		—		—		—		—			—			—		—			—			—		—

Net income (loss)	$	85	$	77	$	86	$	(54	)	$	—		$	194	$	—		$	98		$	98	$	292

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

⁽²⁾	“Core Earnings” adjustments to GAAP:


	Three Months Ended March 31, 2015
(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	$	—		$	94	$	—		$	94
Total other income		—			72		—			72
Operating expenses		—			—		—			—
Goodwill and acquired intangible asset impairment and amortization		—			—		1			1
Restructuring and other reorganization expenses		3			—		—			3

Total “Core Earnings” adjustments to GAAP	$	(3	)	$	166	$	(1	)		162

Income tax expense										64

Net income									$	98

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


	Three Months Ended March 31, 2014
(Dollars in millions)	FFELP Loans		Private Education Loans		Business Services		Other			Eliminations⁽¹⁾			Total “Core Earnings”		Adjustments									Total GAAP
(Dollars in millions)	FFELP Loans		Private Education Loans		Business Services		Other			Eliminations⁽¹⁾			Total “Core Earnings”		Reclassifications			Additions/ (Subtractions)			Total Adjustments⁽²⁾			Total GAAP
Interest income:
Student loans	$	512	$	494	$	—	$	—		$	—		$	1,006	$	198		$	86		$	284		$	1,290
Other loans		—		—		—		3			—			3		—			—			—			3
Cash and investments		1		—		—		1			—			2		—			1			1			3

Total interest income		513		494		—		4			—			1,011		198			87			285			1,296
Total interest expense		287		185		—		24			—			496		10			24			34			530

Net interest income (loss)		226		309		—		(20	)		—			515		188			63			251			766
Less: provisions for loan losses		10		136		—		—			—			146		—			39			39			185

Net interest income (loss) after provisions for loan losses		216		173		—		(20	)		—			369		188			24			212			581
Other income (loss):
Gains on sales of loans and investments		—		—		—		—			—			—		—			—			—			—
Servicing revenue		11		1		167		—			(118	)		61		—			—			—			61
Asset recovery revenue		—		—		111		—			—			111		—			—			—			111
Gains on debt repurchases		—		—		—		—			—			—		—			—			—			—
Other income (loss)		—		—		1		3			—			4		(188	)		182			(6	)		(2	)

Total other income (loss)		11		1		279		3			(118	)		176		(188	)		182			(6	)		170
Expenses:
Direct operating expenses		124		55		95		113			(118	)		269		—			25			25			294
Overhead expenses		—		—		—		49			—			49		—			23			23			72

Operating expenses		124		55		95		162			(118	)		318		—			48			48			366
Goodwill and acquired intangible asset impairment and amortization		—		—		—		—			—			—		—			4			4			4
Restructuring and other reorganization expenses		—		—		—		—			—			—		—			26			26			26

Total expenses		124		55		95		162			(118	)		318		—			78			78			396
Income (loss) from continuing operations, before income tax expense (benefit)		103		119		184		(179	)		—			227		—			128			128			355
Income tax expense (benefit)⁽³⁾		39		45		69		(67	)		—			86		—			50			50			136

Net income (loss) from continuing operations	$	64	$	74	$	115	$	(112	)	$	—		$	141	$	—		$	78		$	78		$	219
Income (loss) from discontinued operations, net of tax expense (benefit)		—		—		1		—			—			1		—			(1	)		(1	)		—

Net income (loss)	$	64	$	74	$	116	$	(112	)	$	—		$	142	$	—		$	77		$	77		$	219

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

⁽²⁾	“Core Earnings” adjustments to GAAP:


	Three Months Ended March 31, 2014
(Dollars in millions)	Net Impact 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	$	100	$	112		$	—		$	212
Total other loss		7		(13	)		—			(6	)
Operating expenses		48		—			—			48
Goodwill and acquired intangible asset impairment and amortization		—		—			4			4
Restructuring and other reorganization expenses		26		—			—			26

Total “Core Earnings” adjustments to GAAP	$	33	$	99		$	(4	)		128

Income tax expense										50
Income (loss) from discontinued operations										(1	)

Net income									$	77

⁽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


	Three Months Ended March 31,
(Dollars in millions)	2015			2014
“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⁾	$	(3	)	$	33
Net impact of derivative accounting⁽²⁾		166			99
Net impact of goodwill and acquired intangibles assets⁽³⁾		(1	)		(4	)
Net tax effect⁽⁴⁾		(64	)		(50	)
Net effect from discontinued operations and noncontrolling interest		—			(1	)

Total “Core Earnings” adjustments to GAAP	$	98		$	77

⁽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.

The Separation - Additional Information (Detail)	Apr. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common stock distribution percentage	100.00%

Allowance for Loan Losses - Additional Information (Detail) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2015 USD ($) CreditScore Loans	Dec. 31, 2014 USD ($)	Mar. 31, 2014 USD ($)
Financing Receivable, Allowance for Credit Losses [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
Allowance for estimated recovery shortfalls	$ 380		$ 334
Percentage of loans granted forbearance that migrated to TDR classification	53.00%	51.00%
TDR loans, Unpaid Principal Balance	$ 10,493	$ 10,266
Payment default period for TDRs	60 days past due
Minimum [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Delinquency period (in days)	212 days
Private Education Loans [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Number of classes of loans \| Loans	2
Allowance for estimated recovery shortfalls	$ 380		$ 334
Interest Rate Reduction [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
TDR loans, Unpaid Principal Balance	$ 2,200	$ 2,200

Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2015 USD ($) SecurityLoan	Mar. 31, 2014 USD ($) SecurityLoan	Dec. 31, 2014 USD ($)
Allowance for Loan Losses
Beginning balance	$ 2,033	$ 2,244
Total provision	125	185
Charge-offs	(198)	(241)
Reclassification of interest reserve	3	5
Ending balance	1,963	2,193
Allowance:
Ending balance: individually evaluated for impairment	1,095	1,101
Ending balance: collectively evaluated for impairment	868	1,092
Loans:
Ending balance: individually evaluated for impairment	10,902	9,634
Ending balance: collectively evaluated for impairment	121,967	133,113
FFELP Loans [Member]
Allowance for Loan Losses
Beginning balance	93	119
Total provision	5	10
Charge-offs	(7)	(22)
Ending balance	91	107
Allowance:
Ending balance: collectively evaluated for impairment	91	107
Loans:
Ending balance: collectively evaluated for impairment	$ 101,347	$ 101,727
Charge-offs as a percentage of average loans in repayment (annualized)	0.03%	0.12%
Allowance as a percentage of the ending total loan balance	0.09%	0.10%
Allowance as a percentage of the ending loans in repayment	0.12%	0.15%
Allowance coverage of charge-offs (annualized) \| SecurityLoan	3.6	1.2
Ending total loans	$ 101,347	$ 101,727
Average loans in repayment	77,474	73,496
Ending loans in repayment	76,755	73,061	$ 78,211
Private Education Loans [Member]
Allowance for Loan Losses
Beginning balance	1,916	2,097
Total provision	120	175
Charge-offs	(190)	(218)
Reclassification of interest reserve	3	5
Ending balance	1,849	2,059
Allowance:
Ending balance: individually evaluated for impairment	1,077	1,081
Ending balance: collectively evaluated for impairment	772	978
Loans:
Ending balance: individually evaluated for impairment	10,859	9,590
Ending balance: collectively evaluated for impairment	$ 20,561	$ 31,307
Charge-offs as a percentage of average loans in repayment (annualized)	2.89%	2.82%
Allowance as a percentage of the ending total loan balance	5.88%	5.03%
Allowance as a percentage of the ending loans in repayment	7.04%	6.58%
Allowance coverage of charge-offs (annualized) \| SecurityLoan	2.4	2.3
Ending total loans	$ 31,420	$ 40,897
Average loans in repayment	26,644	31,416
Ending loans in repayment	26,260	31,309
Other Loans [Member]
Allowance for Loan Losses
Beginning balance	24	28
Charge-offs	(1)	(1)
Ending balance	23	27
Allowance:
Ending balance: individually evaluated for impairment	18	20
Ending balance: collectively evaluated for impairment	5	7
Loans:
Ending balance: individually evaluated for impairment	43	44
Ending balance: collectively evaluated for impairment	$ 59	$ 79
Charge-offs as a percentage of average loans in repayment (annualized)	3.43%	3.62%
Allowance as a percentage of the ending total loan balance	22.30%	21.80%
Allowance as a percentage of the ending loans in repayment	22.30%	21.80%
Allowance coverage of charge-offs (annualized) \| SecurityLoan	6.3	5.9
Ending total loans	$ 102	$ 123
Average loans in repayment	105	126
Ending loans in repayment	$ 102	$ 123

Allowance for Loan Losses - Private Education Loan Portfolio Stratified by Key Credit Quality Indicators (Detail) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 30,184	$ 31,061
Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans with cosigner	19,460	20,001
Private Education Loans without cosigner	$ 10,724	$ 11,060
Private Education Loans with cosigner in percent	64.00%	64.00%
Private Education Loans without cosigner in percent	36.00%	36.00%
Total in percent	100.00%	100.00%
School Type/FICO Scores [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 30,184	$ 31,061
School Type/FICO Scores [Member] \| Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
School type FICO scores traditional recorded investment	27,729	28,527
School type FICO scores non-traditional recorded investment	$ 2,455	$ 2,534
School type FICO scores traditional recorded investment, in percent	92.00%	92.00%
School type FICO scores non-traditional recorded investment, in percent	8.00%	8.00%
Total in percent	100.00%	100.00%
Seasoning [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 30,184	$ 31,061
Seasoning [Member] \| Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Seasoning - based on monthly scheduled payments due from 1-12 payments	2,355	2,734
Seasoning - based on monthly scheduled payments due from 13-24 payments	2,801	3,161
Seasoning - based on monthly scheduled payments due from 25-36 payments	4,043	4,259
Seasoning - based on monthly scheduled payments due from 37-48 payments	4,218	4,404
Seasoning - based on monthly scheduled payments due from more than 48 payments	13,873	13,450
Seasoning - based on monthly scheduled payments due from not yet in repayment	$ 2,894	$ 3,053
Seasoning based on monthly scheduled payments due from 1-12 payments, in percent	8.00%	9.00%
Seasoning based on monthly scheduled payments due from 13 - 24 payments, in percent	9.00%	10.00%
Seasoning based on monthly scheduled payments due from 25 - 36 payments, in percent	13.00%	14.00%
Seasoning based on monthly scheduled payments due from 37 - 48 payments, in percent	14.00%	14.00%
Seasoning based on monthly scheduled payments due from more than 48 payments, in percent	46.00%	43.00%
Seasoning - based on monthly scheduled payments due from not yet in repayment, in percent	10.00%	10.00%
Total in percent	100.00%	100.00%

Allowance for Loan Losses - Age Analysis of Past Due Loans Delinquencies (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Loans in repayment and percentage of each status:
Loans receivable for partially charged-off loans	$ 1,236	$ 1,245	$ 1,297	$ 1,313
Loans allowance for losses	(1,963)	(2,033)	(2,193)	(2,244)
FFELP Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans in-school/grace/deferment	10,555	10,861
Loans in forbearance	14,037	14,366
Loans in repayment and percentage of each status:
Loans current	64,522	65,221
Loans delinquent 31-60 days	3,656	3,942
Loans delinquent 61-90 days	2,087	2,451
Loans delinquent greater than 90 days	6,490	6,597
Total loans in repayment	76,755	78,211	73,061
Total loans, gross	101,347	103,438
Loans unamortized premium (discount)	1,168	1,176
Total loans	102,515	104,614
Loans allowance for losses	(91)	(93)	$ (107)	$ (119)
Loans, net	102,424	104,521
Private Education Loans - Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans in-school/grace/deferment	2,630	2,777
Loans in forbearance	909	935
Loans in repayment and percentage of each status:
Loans current	22,706	23,012
Loans delinquent 31-60 days	444	624
Loans delinquent 61-90 days	286	363
Loans delinquent greater than 90 days	754	816
Total loans in repayment	24,190	24,815
Total loans, gross	27,729	28,527
Loans unamortized premium (discount)	(515)	(526)
Total loans	27,214	28,001
Loans receivable for partially charged-off loans	775	775
Loans allowance for losses	(1,470)	(1,515)
Loans, net	26,519	27,261
Private Education Loans - Non-Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans in-school/grace/deferment	264	276
Loans in forbearance	121	124
Loans in repayment and percentage of each status:
Loans current	1,745	1,749
Loans delinquent 31-60 days	84	110
Loans delinquent 61-90 days	55	73
Loans delinquent greater than 90 days	186	202
Total loans in repayment	2,070	2,134
Total loans, gross	2,455	2,534
Loans unamortized premium (discount)	(66)	(68)
Total loans	2,389	2,466
Loans receivable for partially charged-off loans	461	470
Loans allowance for losses	(379)	(401)
Loans, net	2,471	2,535
Troubled Debt Restructuring Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans in-school/grace/deferment	846	825
Loans in forbearance	760	745
Loans in repayment and percentage of each status:
Loans current	7,558	7,186
Loans delinquent 31-60 days	365	464
Loans delinquent 61-90 days	249	299
Loans delinquent greater than 90 days	715	747
Total loans in repayment	8,887	8,696
Total loans, gross	$ 10,493	$ 10,266
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%
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	84.10%	83.40%
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	4.80%	5.00%
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	2.70%	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	8.40%	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	75.70%	75.60%
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	15.90%	16.60%
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%	15.50%
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%
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	93.90%	92.70%
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	1.80%	2.50%
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	1.20%	1.50%
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	3.10%	3.30%
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	87.20%	87.00%
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	6.10%	7.30%
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%	3.60%
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%
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	84.30%	81.90%
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	4.00%	5.20%
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	2.70%	3.40%
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	9.00%	9.50%
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	84.30%	84.20%
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	15.70%	18.10%
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%
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%
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	85.10%	82.70%
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	4.10%	5.30%
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	2.80%	3.40%
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	8.00%	8.60%

Allowance for Loan Losses - Receivable for Partially Charged-Off Loans (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Receivables [Abstract]
Receivable at beginning of period	$ 1,245	$ 1,313
Expected future recoveries of current period defaults	62	71
Recoveries	(52)	(61)
Charge-offs	(19)	(26)
Receivable at end of period	1,236	1,297
Allowance for estimated recovery shortfalls	(380)	(334)
Net receivable at end of period	$ 856	$ 963

Allowance for Loan Losses - Receivable for Partially Charged-Off Loans (Parenthetical) (Detail) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for Private Education Loans losses	$ 1,963	$ 2,033	$ 2,193	$ 2,244
Private Education Loans [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Allowance for Private Education Loans losses	$ 1,849	$ 1,916	$ 2,059	$ 2,097

Allowance for Loan Losses - Recorded Investment, Unpaid Principal Balance and Related Allowance for TDR Loans (Detail) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
TDR Loans, Recorded Investment	$ 10,426	$ 10,205
TDR loans, Unpaid Principal Balance	10,493	10,266
TDR Loans, Related Allowance	1,077	1,132
Private Education Loans - Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
TDR Loans, Recorded Investment	8,954	8,728
TDR loans, Unpaid Principal Balance	9,021	8,790
TDR Loans, Related Allowance	875	917
Private Education Loans - Non-Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
TDR Loans, Recorded Investment	1,472	1,477
TDR loans, Unpaid Principal Balance	1,472	1,476
TDR Loans, Related Allowance	$ 202	$ 215

Allowance for Loan Losses - Average Recorded Investment and Interest Income Recognized for TDR (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Financing Receivable, Impaired [Line Items]
Impaired financing receivable, Average Recorded Investment	$ 10,332	$ 9,065
Impaired financing receivable, Interest Income Recognized	161	147
Private Education Loans - Traditional [Member]
Financing Receivable, Impaired [Line Items]
Impaired financing receivable, Average Recorded Investment	8,856	7,631
Impaired financing receivable, Interest Income Recognized	132	118
Private Education Loans - Non-Traditional [Member]
Financing Receivable, Impaired [Line Items]
Impaired financing receivable, Average Recorded Investment	1,476	1,434
Impaired financing receivable, Interest Income Recognized	$ 29	$ 29

Allowance for Loan Losses - Loans Modified Accounts for TDR (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Financing Receivable, Modifications [Line Items]
Modified Loans	$ 472	$ 523
Charge-Offs	119	134
Payment-Default	118	148
Private Education Loans - Traditional [Member]
Financing Receivable, Modifications [Line Items]
Modified Loans	430	466
Charge-Offs	91	100
Payment-Default	100	119
Private Education Loans - Non-Traditional [Member]
Financing Receivable, Modifications [Line Items]
Modified Loans	42	57
Charge-Offs	28	34
Payment-Default	$ 18	$ 29

Allowance for Loan Losses - Accrued Interest Receivable (Detail) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Private Education Loans - Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued Interest Receivable	$ 513	$ 542
Allowance for Uncollectible Interest	24	29
Private Education Loans - Non-Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued Interest Receivable	65	70
Allowance for Uncollectible Interest	9	11
Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued Interest Receivable	578	612
Allowance for Uncollectible Interest	$ 33	$ 40

Borrowings - Company's Borrowings (Detail) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Short-term borrowings	$ 4,090	$ 2,663
Long-term borrowings	132,330	136,866
Total	136,420	139,529
Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings	4,072	2,656
Long-term borrowings	132,242	135,907
Total	136,314	138,563
Total Before Hedge Accounting Adjustments [Member] \| Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Short-term borrowings	2,458	1,066
Long-term borrowings	14,830	16,311
Total	17,288	17,377
Total Before Hedge Accounting Adjustments [Member] \| Total Unsecured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings	2,458	1,066
Long-term borrowings	14,830	16,311
Total	17,288	17,377
Total Before Hedge Accounting Adjustments [Member] \| FFELP Loan Securitizations [Member]
Debt Instrument [Line Items]
Long-term borrowings	84,579	86,241
Total	84,579	86,241
Total Before Hedge Accounting Adjustments [Member] \| Private Education Loan Securitizations [Member]
Debt Instrument [Line Items]
Long-term borrowings	17,992	17,997
Total	17,992	17,997
Total Before Hedge Accounting Adjustments [Member] \| FFELP Loan - Other Facilities [Member]
Debt Instrument [Line Items]
Long-term borrowings	14,841	15,358
Total	14,841	15,358
Total Before Hedge Accounting Adjustments [Member] \| Private Education Loan - Other Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings	631	653
Total	631	653
Total Before Hedge Accounting Adjustments [Member] \| Other [Member]
Debt Instrument [Line Items]
Short-term borrowings	983	937
Total	983	937
Total Before Hedge Accounting Adjustments [Member] \| Secured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,614	1,590
Long-term borrowings	117,412	119,596
Total	119,026	121,186
Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings	18	7
Long-term borrowings	88	959
Total	$ 106	$ 966

Borrowings - Financing VIEs (Detail) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Securities Financing Transaction [Line Items]
Short-term borrowings	$ 4,090	$ 2,663
Long-term borrowings	132,330	136,866
Total	136,420	139,529
Cash	3,799	3,926
Other assets	5,456	5,664
Total Before Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	4,072	2,656
Long-term borrowings	132,242	135,907
Total	136,314	138,563
Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	18	7
Long-term borrowings	88	959
Total	106	966
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	631	653
Long-term borrowings	114,509	117,678
Total	115,140	118,331
Loans	122,895	124,785
Cash	3,607	3,733
Other assets	288	1,230
Total Carrying Amount of Assets Securing Debt Outstanding	126,790	129,748
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| FFELP Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	84,579	86,241
Total	84,579	86,241
Loans	85,245	86,715
Cash	2,882	3,069
Other assets	667	722
Total Carrying Amount of Assets Securing Debt Outstanding	88,794	90,506
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Private Education Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	17,992	17,997
Total	17,992	17,997
Loans	23,319	23,184
Cash	472	378
Other assets	401	389
Total Carrying Amount of Assets Securing Debt Outstanding	24,192	23,951
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| FFELP Loan - Other Facilities [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	12,841	13,358
Total	12,841	13,358
Loans	13,124	13,653
Cash	235	269
Other assets	199	260
Total Carrying Amount of Assets Securing Debt Outstanding	13,558	14,182
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Private Education Loan - Other Facilities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	631	653
Total	631	653
Loans	1,207	1,233
Cash	18	17
Other assets	37	36
Total Carrying Amount of Assets Securing Debt Outstanding	1,262	1,286
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Total Before Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	631	653
Long-term borrowings	115,412	117,596
Total	116,043	118,249
Loans	122,895	124,785
Cash	3,607	3,733
Other assets	1,304	1,407
Total Carrying Amount of Assets Securing Debt Outstanding	127,806	129,925
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	(903)	82
Total	(903)	82
Other assets	(1,016)	(177)
Total Carrying Amount of Assets Securing Debt Outstanding	$ (1,016)	$ (177)

Derivative Financial Instruments - Impact of Derivatives on Consolidated Balance Sheet (Detail) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Derivative Assets:
Derivative assets	$ 963	$ 1,022
Derivative Liabilities:
Derivative liabilities	(2,078)	(1,430)
Net total derivatives	(1,115)	(408)
Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	962	857
Derivative Liabilities:
Derivative liabilities	(182)	(145)
Cross-Currency Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets		164
Derivative Liabilities:
Derivative liabilities	(1,037)	(358)
Other [Member]
Derivative Assets:
Derivative assets	1	1
Derivative Liabilities:
Derivative liabilities	(14)	(12)
Floor Income Contracts [Member]
Derivative Liabilities:
Derivative liabilities	(845)	(915)
Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative Assets:
Derivative assets		6
Derivative Liabilities:
Derivative liabilities	(68)	(3)
Net total derivatives	(68)	3
Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative Assets:
Derivative assets	930	992
Derivative Liabilities:
Derivative liabilities	(974)	(315)
Net total derivatives	(44)	677
Designated as Hedging Instrument [Member] \| Interest Rate Swaps [Member] \| Cash Flow [Member]
Derivative Assets:
Derivative assets		6
Derivative Liabilities:
Derivative liabilities	(68)	(3)
Designated as Hedging Instrument [Member] \| Interest Rate Swaps [Member] \| Fair Value [Member]
Derivative Assets:
Derivative assets	930	828
Derivative Liabilities:
Derivative liabilities	(2)	(22)
Designated as Hedging Instrument [Member] \| Cross-Currency Interest Rate Swaps [Member] \| Fair Value [Member]
Derivative Assets:
Derivative assets		164
Derivative Liabilities:
Derivative liabilities	(972)	(293)
Trading [Member]
Derivative Assets:
Derivative assets	33	24
Derivative Liabilities:
Derivative liabilities	(1,036)	(1,112)
Net total derivatives	(1,003)	(1,088)
Trading [Member] \| Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	32	23
Derivative Liabilities:
Derivative liabilities	(112)	(120)
Trading [Member] \| Cross-Currency Interest Rate Swaps [Member]
Derivative Liabilities:
Derivative liabilities	(65)	(65)
Trading [Member] \| Other [Member]
Derivative Assets:
Derivative assets	1	1
Derivative Liabilities:
Derivative liabilities	(14)	(12)
Trading [Member] \| Floor Income Contracts [Member]
Derivative Liabilities:
Derivative liabilities	$ (845)	$ (915)

Derivative Financial Instruments - Gross Positions without Impact of Netting Agreements (Detail) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Gross position, Assets	$ 963	$ 1,022
Gross position, Liabilities	(2,078)	(1,430)
Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Gross position, Liabilities	(2,078)	(1,430)
Impact of master netting agreements, Liabilities	153	241
Derivative values with impact of master netting agreements (as carried on balance sheet), Liabilities	(1,925)	(1,189)
Cash collateral (held) pledged, Liabilities	594	624
Net position, Liabilities	(1,331)	(565)
Other Assets [Member]
Derivatives, Fair Value [Line Items]
Gross position, Assets	963	1,022
Impact of master netting agreements, Assets	(153)	(241)
Derivative values with impact of master netting agreements (as carried on balance sheet), Assets	810	781
Cash collateral (held) pledged, Assets	(981)	(935)
Net position, Assets	$ (171)	$ (154)

Derivative Financial Instruments - Additional Information (Detail) $ in Millions	Mar. 31, 2015 USD ($) Counterparty	Dec. 31, 2014 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Decrease in valuation due to net credit risk adjustments	$ 0	$ 18
Decrease in valuation due to liquidity adjustments	74	$ 73
Derivative liability position including accrued interest, net of premium receivable with counterparty	639
Liability position with derivative counterparties	65
Collateral posted to counterparties	$ 64
Number of counterparties with right to terminate \| Counterparty	2
Contingent additional assets due to counterparties	$ 1

Derivative Financial Instruments - Derivative Notional Values (Detail) - USD ($)	Mar. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Total Derivative Notional Values	$ 96,400,000,000	$ 97,600,000,000
Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	48,100,000,000	49,000,000,000
Floor Income Contracts [Member]
Derivative [Line Items]
Total Derivative Notional Values	35,100,000,000	35,200,000,000
Cross-Currency Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	9,700,000,000	9,800,000,000
Other [Member]
Derivative [Line Items]
Total Derivative Notional Values	3,500,000,000	3,600,000,000
Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	6,000,000,000	6,000,000,000
Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	23,600,000,000	23,700,000,000
Designated as Hedging Instrument [Member] \| Interest Rate Swaps [Member] \| Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	6,000,000,000	6,000,000,000
Designated as Hedging Instrument [Member] \| Interest Rate Swaps [Member] \| Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	14,300,000,000	14,300,000,000
Designated as Hedging Instrument [Member] \| Cross-Currency Interest Rate Swaps [Member] \| Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	9,300,000,000	9,400,000,000
Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	66,800,000,000	67,900,000,000
Trading [Member] \| Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	27,800,000,000	28,700,000,000
Trading [Member] \| Floor Income Contracts [Member]
Derivative [Line Items]
Total Derivative Notional Values	35,100,000,000	35,200,000,000
Trading [Member] \| Cross-Currency Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	400,000,000	400,000,000
Trading [Member] \| Other [Member]
Derivative [Line Items]
Total Derivative Notional Values	$ 3,500,000,000	$ 3,600,000,000

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statements of Income (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	$ (634)	$ 226
Realized Gain (Loss) on Derivatives	(56)	(69)
Unrealized Gain (Loss) on Hedged Item	858	(46)
Unrealized Gain (Loss) on Derivatives, Total	(634)	226
Derivative Gain (Loss) on Derivatives Net, Total	168	111
Realized Gain (Loss) on Derivatives, Total	(153)	(188)
Unrealized Gain (Loss) on Hedged Item, Total	858	(46)
Total Gain (Loss)	71	(8)
Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	(721)
Realized Gain (Loss) on Derivatives	97	122
Unrealized Gain (Loss) on Hedged Item	858	(46)
Derivative Gain (Loss) on Derivatives Net, Total	234	76
Designated as Hedging Instrument [Member] \| Fair Value [Member] \| Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	121	53
Realized Gain (Loss) on Derivatives	95	100
Unrealized Gain (Loss) on Hedged Item	(130)	(53)
Derivative Gain (Loss) on Derivatives Net, Total	86	100
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	(842)	(53)
Realized Gain (Loss) on Derivatives	2	22
Unrealized Gain (Loss) on Hedged Item	988	7
Derivative Gain (Loss) on Derivatives Net, Total	148	(24)
Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives		(3)
Derivative Gain (Loss) on Derivatives Net, Total		(3)
Designated as Hedging Instrument [Member] \| Cash Flow [Member] \| Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives		(3)
Derivative Gain (Loss) on Derivatives Net, Total		(3)
Trading [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	87	226
Realized Gain (Loss) on Derivatives	(153)	(188)
Derivative Gain (Loss) on Derivatives Net, Total	(66)	38
Trading [Member] \| Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	18	19
Realized Gain (Loss) on Derivatives	11	12
Derivative Gain (Loss) on Derivatives Net, Total	29	31
Trading [Member] \| Cross-Currency Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	(1)	7
Realized Gain (Loss) on Derivatives	(1)	(1)
Derivative Gain (Loss) on Derivatives Net, Total	(2)	6
Trading [Member] \| Floor Income Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	72	181
Realized Gain (Loss) on Derivatives	(162)	(198)
Derivative Gain (Loss) on Derivatives Net, Total	(90)	(17)
Trading [Member] \| Other [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives	(2)	19
Realized Gain (Loss) on Derivatives	(1)	(1)
Derivative Gain (Loss) on Derivatives Net, Total	(3)	18
Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Less: realized gains (losses) recorded in interest expense	97	119
Realized Gain (Loss) on Derivatives	$ 97	$ 119

Derivative Financial Instruments - Collateral Held and Pledged (Detail) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$ 981	$ 935
Securities at fair value - on-balance sheet securitization derivatives (not recorded in financial statements)	243	344
Total collateral held	1,224	1,279
Derivative asset at fair value including accrued interest	1,042	1,091
Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	594	624
Total collateral pledged	594	624
Derivative liability at fair value including accrued interest and premium receivable	$ 1,642	$ 926

Other Assets - Schedule of Other Assets (Detail) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Other Assets [Line Items]
Other	$ 427	$ 395
Total	$ 5,456	$ 5,664
Accrued interest receivable, net as a percentage of total other assets	31.00%	32.00%
Income tax asset, net current and deferred as a percentage of total other assets	23.00%	25.00%
Derivatives at fair value as a percentage of total other assets	15.00%	14.00%
Accounts receivable as a percentage of total other assets	11.00%	10.00%
Benefit and insurance-related investments as a percentage of total other assets	9.00%	9.00%
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	7.00%	6.00%
Total as a percentage of total other assets	100.00%	100.00%
Other Assets [Member]
Other Assets [Line Items]
Accrued interest receivable, net	$ 1,672	$ 1,821
Income tax asset, net current and deferred	1,244	1,389
Derivatives at fair value	810	781
Accounts receivable	582	558
Benefit and insurance-related investments	488	485
Fixed assets, net	154	152
Other loans, net	$ 79	$ 83

Business Combination - Acquisition of Gila LLC - Additional Information (Detail)		3 Months Ended
	Feb. 20, 2015 States Clients	Mar. 31, 2015 USD ($)
Business Acquisition [Line Items]
Other changes or adjustments to goodwill and intangible assets \| $		$ 0
Gila LLC [Member]
Business Acquisition [Line Items]
Business acquisition, Effective date of acquisition		Feb. 20, 2015
Controlling interest percentage	97.90%
Number of states in which entity operates \| States	39
Gila LLC [Member] \| Minimum [Member]
Business Acquisition [Line Items]
Number of clients being served \| Clients	600

Stockholders' Equity - Common Share Repurchases and Issuances (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Equity [Abstract]
Common shares repurchased	14,653,835	8,368,300
Average purchase price per share	$ 20.49	$ 23.89
Shares repurchased related to employee stock-based compensation plans	1,644,764	2,115,470
Average purchase price per share	$ 20.86	$ 23.56
Common shares issued	3,585,238	4,238,182

Stockholders' Equity - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Class of Stock [Line Items]
Closing price of common stock	$ 20.33	$ 20.33
Dividends per common share attributable to Navient Corporation	$ 0.16	$ 0.16	$ 0.15	$ 0.15
Common shares repurchased		14,653,835		8,368,300
Purchase price of common stock repurchased on open market		$ 300,000,000		$ 200,000,000
Authorized share repurchased program remaining available amount	$ 700,000,000	700,000,000
January 2015 Share Repurchase Program [Member]
Class of Stock [Line Items]
Authorized share repurchased program amount	$ 1,000,000,000	$ 1,000,000,000
SLM Corporation [Member] \| Predecessor [Member]
Class of Stock [Line Items]
Common shares repurchased				8,400,000
Purchase price of common stock repurchased on open market				$ 200,000,000

Earnings per Common Share - Schedule of Earnings per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Numerator:
Net income attributable to Navient Corporation	$ 292	$ 219
Preferred stock dividends		5
Net income attributable to Navient Corporation common stock	$ 292	$ 214
Denominator:
Weighted average shares used to compute basic EPS	398	427
Effect of dilutive securities:
Dilutive effect of stock options, non-vested restricted stock, restricted stock units and Employee Stock Purchase Plans ("ESPPs")	7	8
Dilutive potential common shares	7	8
Weighted average shares used to compute diluted EPS	405	435
Basic earnings (loss) per common share attributable to Navient Corporation:
Continuing operations	$ 0.73	$ 0.50
Discontinued operations	0	0
Total	0.73	0.50
Diluted earnings (loss) per common share attributable to Navient Corporation:
Continuing operations	0.72	0.49
Discontinued operations	0	0
Total	$ 0.72	$ 0.49

Earnings per Common Share - Schedule of Earnings per Common Share (Parenthetical) (Detail) - shares shares in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Stock Options [Member]
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Line Items]
Stock awards not included in the computation of diluted earnings per share	4	3

Fair Value Measurements - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2015 USD ($)
Fair Value Disclosures [Abstract]
Transfers of financial instruments between levels	$ 0

Fair Value Measurements - Valuation of Financial Instruments that are Marked-to-Market on Recurring Basis (Detail) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Available-for-sale investments:
Available-for-sale investments	$ 6	$ 6
Derivative assets	963	1,022
Total	137,554	139,854
Derivative liabilities	(2,078)	(1,430)
Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	962	857
Derivative liabilities	(182)	(145)
Cross-Currency Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets		164
Derivative liabilities	(1,037)	(358)
Other [Member]
Available-for-sale investments:
Derivative assets	1	1
Derivative liabilities	(14)	(12)
Floor Income Contracts [Member]
Available-for-sale investments:
Derivative liabilities	(845)	(915)
Fair Value Measurements Recurring [Member]
Available-for-sale investments:
Available-for-sale investments	6	6
Derivative assets	963	1,022
Total	969	1,028
Derivative liabilities	(2,078)	(1,430)
Total	(2,078)	(1,430)
Fair Value Measurements Recurring [Member] \| Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	962	857
Derivative liabilities	(182)	(145)
Fair Value Measurements Recurring [Member] \| Cross-Currency Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets		164
Derivative liabilities	(1,037)	(358)
Fair Value Measurements Recurring [Member] \| Other [Member]
Available-for-sale investments:
Derivative assets	1	1
Derivative liabilities	(14)	(12)
Fair Value Measurements Recurring [Member] \| Floor Income Contracts [Member]
Available-for-sale investments:
Derivative liabilities	(845)	(915)
Fair Value Measurements Recurring [Member] \| Agency Residential Mortgage-Backed Securities [Member]
Available-for-sale investments:
Available-for-sale investments	1	1
Fair Value Measurements Recurring [Member] \| Other [Member]
Available-for-sale investments:
Available-for-sale investments	5	5
Level 2 [Member] \| Fair Value Measurements Recurring [Member]
Available-for-sale investments:
Available-for-sale investments	6	6
Derivative assets	943	841
Total	949	847
Derivative liabilities	(999)	(1,033)
Total	(999)	(1,033)
Level 2 [Member] \| Fair Value Measurements Recurring [Member] \| Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	943	841
Derivative liabilities	(75)	(41)
Level 2 [Member] \| Fair Value Measurements Recurring [Member] \| Cross-Currency Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative liabilities	(79)	(77)
Level 2 [Member] \| Fair Value Measurements Recurring [Member] \| Floor Income Contracts [Member]
Available-for-sale investments:
Derivative liabilities	(845)	(915)
Level 2 [Member] \| Fair Value Measurements Recurring [Member] \| Agency Residential Mortgage-Backed Securities [Member]
Available-for-sale investments:
Available-for-sale investments	1	1
Level 2 [Member] \| Fair Value Measurements Recurring [Member] \| Other [Member]
Available-for-sale investments:
Available-for-sale investments	5	5
Level 3 [Member] \| Fair Value Measurements Recurring [Member]
Available-for-sale investments:
Derivative assets	20	181
Total	20	181
Derivative liabilities	(1,079)	(397)
Total	(1,079)	(397)
Level 3 [Member] \| Fair Value Measurements Recurring [Member] \| Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	19	16
Derivative liabilities	(107)	(104)
Level 3 [Member] \| Fair Value Measurements Recurring [Member] \| Cross-Currency Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets		164
Derivative liabilities	(958)	(281)
Level 3 [Member] \| Fair Value Measurements Recurring [Member] \| Other [Member]
Available-for-sale investments:
Derivative assets	1	1
Derivative liabilities	$ (14)	$ (12)

Fair Value Measurements - Change in Balance Sheet Carrying Value Associated with Level 3 Financial Instruments Carried at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	$ (216)	$ 899
Total gains/(losses) (realized and unrealized):
Included in earnings	(842)	7
Included in other comprehensive income	0	0
Settlements	(1)	(16)
Transfers in and/or out of level 3	0	0
Balance, end of period	(1,059)	890
Change in unrealized gains/(losses) relating to instruments still held at the reporting date	(840)	(9)
Interest Rate Swaps [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	(88)	(87)
Total gains/(losses) (realized and unrealized):
Included in earnings	1
Included in other comprehensive income	0	0
Settlements	(1)
Transfers in and/or out of level 3	0	0
Balance, end of period	(88)	(87)
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	(117)	1,007
Total gains/(losses) (realized and unrealized):
Included in earnings	(840)	(10)
Included in other comprehensive income	0	0
Settlements	(1)	(17)
Transfers in and/or out of level 3	0	0
Balance, end of period	(958)	980
Change in unrealized gains/(losses) relating to instruments still held at the reporting date	(838)	(28)
Other [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	(11)	(21)
Total gains/(losses) (realized and unrealized):
Included in earnings	(3)	17
Included in other comprehensive income	0	0
Settlements	1	1
Transfers in and/or out of level 3	0	0
Balance, end of period	(13)	(3)
Change in unrealized gains/(losses) relating to instruments still held at the reporting date	$ (2)	$ 19

Fair Value Measurements - Included in Earnings (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Fair Value Disclosures [Abstract]
Gains (losses) on derivative and hedging activities, net	$ (843)	$ (11)
Interest expense	1	18
Total	$ (842)	$ 7

Fair Value Measurements - Unobservable Data Used in Recurring Valuations of Level 3 (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Level 3 [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ (1,059)
Interest Rate Swaps [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	780	$ 712
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	(1,037)	(194)
Cross-Currency Interest Rate Swaps [Member] \| Level 3 [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ (958)
Discounted cash flow	Discounted cash flow
Cross-Currency Interest Rate Swaps [Member] \| Fair Value Measurements Recurring [Member]
Fair Value, Net Derivative Asset (Liability) 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, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative, Basis Spread on Variable Rate	2.70%
Other [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ (13)	$ (11)
Other [Member] \| Level 3 [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	(13)
Consumer Price Index/LIBOR Basis Swaps [Member] \| Interest Rate Swaps [Member] \| Level 3 [Member]
Fair Value, Net Derivative Asset (Liability) 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, Net Derivative Asset (Liability) 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, Net Derivative Asset (Liability) 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, Net Derivative Asset (Liability) 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, Net Derivative Asset (Liability) 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, Net Derivative Asset (Liability) 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, Net Derivative Asset (Liability) 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	Mar. 31, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total earning assets, Carrying Value	$ 137,867	$ 140,319
Short-term borrowings, Carrying Value	4,090	2,663
Long-term borrowings, Carrying Value	132,330	136,866
Total interest-bearing liabilities, Carrying Value	136,420	139,529
Total earning assets, Fair Value	137,554	139,854
Short-term borrowings, Fair Value	4,114	2,661
Long-term borrowings, Fair Value	130,015	134,201
Total interest-bearing liabilities, Fair Value	134,129	136,862
Floor Income Contracts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(845)	(915)
Derivative financial instruments, Fair Value	(845)	(915)
Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	780	712
Derivative financial instruments, Fair Value	780	712
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(1,037)	(194)
Derivative financial instruments, Fair Value	(1,037)	(194)
Other [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(13)	(11)
Derivative financial instruments, Fair Value	(13)	(11)
FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	102,424	104,521
Loans receivable, Fair value	102,440	104,419
Private Education Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	28,990	29,796
Loans receivable, Fair value	28,661	29,433
Difference [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total earning assets, Fair Value	(313)	(465)
Short-term borrowings, Fair Value	(24)	2
Long-term borrowings, Fair Value	2,315	2,665
Total interest-bearing liabilities, Fair Value	2,291	2,667
Excess of net asset fair value over Carrying Value	1,978	2,202
Difference [Member] \| FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, Fair value	16	(102)
Difference [Member] \| Private Education Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, Fair value	(329)	(363)
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	6,453	6,002
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	$ 6,453	$ 6,002

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Parenthetical) (Detail) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Available-for-sale investments, cost basis	$ 5	$ 5
Available-for-sale investments, fair value	$ 6	$ 6

Commitments and Contingencies - Additional Information (Detail) - USD ($)		3 Months Ended	12 Months Ended
	May 13, 2014	Mar. 31, 2015	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 regulatory matters		73,000,000
Total reserves established during year			$ 177,000,000	$ 177,000,000
Indemnification Matters [Member] \| SLM BankCo [Member] \| Predecessor [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

Segment Reporting - Asset Information for Company's FFELP Loans Business Segment (Detail) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Other	$ 5,456	$ 5,664
Total assets	143,872	146,352
FFELP Loans [Member]
Segment Reporting Information [Line Items]
Loans, net	102,424	104,521
FFELP Loans Segment [Member]
Segment Reporting Information [Line Items]
Cash and investments	3,851	4,050
Other	2,462	2,566
Total assets	108,737	111,137
FFELP Loans Segment [Member] \| FFELP Loans [Member]
Segment Reporting Information [Line Items]
Loans, net	$ 102,424	$ 104,521

Segment Reporting - Asset Information for Company's Private Education Loans Segment (Detail) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Other	$ 5,456	$ 5,664
Total assets	143,872	146,352
Private Education Loans [Member]
Segment Reporting Information [Line Items]
Loans, net	28,990	29,796
Private Education Loans Segment [Member]
Segment Reporting Information [Line Items]
Cash and investments	446	402
Other	2,359	2,453
Total assets	31,795	32,651
Private Education Loans Segment [Member] \| Private Education Loans [Member]
Segment Reporting Information [Line Items]
Loans, net	$ 28,990	$ 29,796

Segment Reporting - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Total assets	$ 143,872	$ 146,352
Business Services Segment [Member]
Segment Reporting Information [Line Items]
Total assets	643	416
Other Segment [Member]
Segment Reporting Information [Line Items]
Total assets	$ 2,700	$ 2,100

Segment Reporting - Segment Results and Reconciliations to GAAP (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Interest income:
Other loans	$ 2	$ 3
Cash and investments	2	3
Total interest income	1,097	1,296
Total interest expense	514	530
Net interest income (loss)	583	766
Less: provisions for loan losses	125	185
Net interest income (loss) after provisions for loan losses	458	581
Other income (loss):
Gains on sales of loans and investments	5
Servicing revenue	77	61
Asset recovery revenue	89	111
Gains on debt repurchases	0	0
Other income (loss)	78	(2)
Total other income	249	170
Expenses:
Direct operating expenses	170	294
Overhead expenses	60	72
Total operating expenses	230	366
Goodwill and acquired intangible asset impairment and amortization	1	4
Restructuring and other reorganization expenses	3	26
Total expenses	234	396
Income (loss) from continuing operations, before income tax expense (benefit)	473	355
Income tax expense (benefit)	181	136
Net income (loss) from continuing operations	292	219
Income (loss) from discontinued operations, net of tax expense (benefit)	0	0
Net income (loss)	292	219
Student Loans [Member]
Interest income:
Student loans	1,093	1,290
Total Core Earnings [Member]
Interest income:
Other loans	2	3
Cash and investments	2	2
Total interest income	994	1,011
Total interest expense	505	496
Net interest income (loss)	489	515
Less: provisions for loan losses	125	146
Net interest income (loss) after provisions for loan losses	364	369
Other income (loss):
Gains on sales of loans and investments	5
Servicing revenue	77	61
Asset recovery revenue	89	111
Gains on debt repurchases	0	0
Other income (loss)	6	4
Total other income	177	176
Expenses:
Direct operating expenses	170	269
Overhead expenses	60	49
Total operating expenses	230	318
Total expenses	230	318
Income (loss) from continuing operations, before income tax expense (benefit)	311	227
Income tax expense (benefit)	117	86
Net income (loss) from continuing operations	194	141
Income (loss) from discontinued operations, net of tax expense (benefit)		1
Net income (loss)	194	142
Total Core Earnings [Member] \| Student Loans [Member]
Interest income:
Student loans	990	1,006
Reclassifications [Member]
Interest income:
Total interest income	162	198
Total interest expense	9	10
Net interest income (loss)	153	188
Net interest income (loss) after provisions for loan losses	153	188
Other income (loss):
Gains on debt repurchases	0	0
Other income (loss)	(153)	(188)
Total other income	(153)	(188)
Reclassifications [Member] \| Student Loans [Member]
Interest income:
Student loans	162	198
Additions/ (Subtractions) [Member]
Interest income:
Cash and investments		1
Total interest income	(59)	87
Total interest expense		24
Net interest income (loss)	(59)	63
Less: provisions for loan losses		39
Net interest income (loss) after provisions for loan losses	(59)	24
Other income (loss):
Gains on debt repurchases	0	0
Other income (loss)	225	182
Total other income	225	182
Expenses:
Direct operating expenses		25
Overhead expenses		23
Total operating expenses		48
Goodwill and acquired intangible asset impairment and amortization	1	4
Restructuring and other reorganization expenses	3	26
Total expenses	4	78
Income (loss) from continuing operations, before income tax expense (benefit)	162	128
Income tax expense (benefit)	64	50
Net income (loss) from continuing operations	98	78
Income (loss) from discontinued operations, net of tax expense (benefit)		(1)
Net income (loss)	98	77
Additions/ (Subtractions) [Member] \| Student Loans [Member]
Interest income:
Student loans	(59)	86
Total Adjustments [Member]
Interest income:
Cash and investments		1
Total interest income	103	285
Total interest expense	9	34
Net interest income (loss)	94	251
Less: provisions for loan losses		39
Net interest income (loss) after provisions for loan losses	94	212
Other income (loss):
Gains on debt repurchases	0	0
Other income (loss)	72	(6)
Total other income	72	(6)
Expenses:
Direct operating expenses		25
Overhead expenses		23
Total operating expenses		48
Goodwill and acquired intangible asset impairment and amortization	1	4
Restructuring and other reorganization expenses	3	26
Total expenses	4	78
Income (loss) from continuing operations, before income tax expense (benefit)	162	128
Income tax expense (benefit)	64	50
Net income (loss) from continuing operations	98	78
Income (loss) from discontinued operations, net of tax expense (benefit)		(1)
Net income (loss)	98	77
Total Adjustments [Member] \| Student Loans [Member]
Interest income:
Student loans	103	284
Operating Segments [Member] \| FFELP Loans Segment [Member]
Interest income:
Cash and investments	1	1
Total interest income	535	513
Total interest expense	302	287
Net interest income (loss)	233	226
Less: provisions for loan losses	5	10
Net interest income (loss) after provisions for loan losses	228	216
Other income (loss):
Gains on sales of loans and investments	5
Servicing revenue	18	11
Gains on debt repurchases	0	0
Total other income	23	11
Expenses:
Direct operating expenses	115	124
Total operating expenses	115	124
Total expenses	115	124
Income (loss) from continuing operations, before income tax expense (benefit)	136	103
Income tax expense (benefit)	51	39
Net income (loss) from continuing operations	85	64
Net income (loss)	85	64
Operating Segments [Member] \| Private Education Loans Segment [Member]
Interest income:
Total interest income	456	494
Total interest expense	173	185
Net interest income (loss)	283	309
Less: provisions for loan losses	120	136
Net interest income (loss) after provisions for loan losses	163	173
Other income (loss):
Servicing revenue	7	1
Gains on debt repurchases	0	0
Total other income	7	1
Expenses:
Direct operating expenses	46	55
Total operating expenses	46	55
Total expenses	46	55
Income (loss) from continuing operations, before income tax expense (benefit)	124	119
Income tax expense (benefit)	47	45
Net income (loss) from continuing operations	77	74
Net income (loss)	77	74
Operating Segments [Member] \| Business Services Segment [Member]
Other income (loss):
Servicing revenue	163	167
Asset recovery revenue	89	111
Gains on debt repurchases	0	0
Other income (loss)	2	1
Total other income	254	279
Expenses:
Direct operating expenses	116	95
Total operating expenses	116	95
Total expenses	116	95
Income (loss) from continuing operations, before income tax expense (benefit)	138	184
Income tax expense (benefit)	52	69
Net income (loss) from continuing operations	86	115
Income (loss) from discontinued operations, net of tax expense (benefit)		1
Net income (loss)	86	116
Operating Segments [Member] \| Other Segment [Member]
Interest income:
Other loans	2	3
Cash and investments	1	1
Total interest income	3	4
Total interest expense	30	24
Net interest income (loss)	(27)	(20)
Net interest income (loss) after provisions for loan losses	(27)	(20)
Other income (loss):
Gains on debt repurchases	0	0
Other income (loss)	4	3
Total other income	4	3
Expenses:
Direct operating expenses	4	113
Overhead expenses	60	49
Total operating expenses	64	162
Total expenses	64	162
Income (loss) from continuing operations, before income tax expense (benefit)	(87)	(179)
Income tax expense (benefit)	(33)	(67)
Net income (loss) from continuing operations	(54)	(112)
Net income (loss)	(54)	(112)
Operating Segments [Member] \| Student Loans [Member] \| FFELP Loans Segment [Member]
Interest income:
Student loans	534	512
Operating Segments [Member] \| Student Loans [Member] \| Private Education Loans Segment [Member]
Interest income:
Student loans	456	494
Eliminations [Member]
Other income (loss):
Servicing revenue	(111)	(118)
Gains on debt repurchases	0	0
Total other income	(111)	(118)
Expenses:
Direct operating expenses	(111)	(118)
Total operating expenses	(111)	(118)
Total expenses	$ (111)	$ (118)

Segment Reporting - Segment Result and Reconciliations to GAAP - Core Earnings Adjustments (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income after provisions for loan losses	$ 458	$ 581
Total other income (loss)	249	170
Operating expenses	230	366
Goodwill and acquired intangible asset impairment and amortization	1	4
Restructuring and other reorganization expenses	3	26
Income tax expense (benefit)	181	136
Income (loss) from discontinued operations, net of tax expense (benefit)	0	0
Net income attributable to Navient Corporation	292	219
Total Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income after provisions for loan losses	94	212
Total other income (loss)	72	(6)
Operating expenses		48
Goodwill and acquired intangible asset impairment and amortization	1	4
Restructuring and other reorganization expenses	3	26
Total "Core Earnings" adjustments to GAAP	162	128
Income tax expense (benefit)	64	50
Income (loss) from discontinued operations, net of tax expense (benefit)		(1)
Net income attributable to Navient Corporation	98	77
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		100
Total other income (loss)		7
Operating expenses		48
Restructuring and other reorganization expenses	3	26
Total "Core Earnings" adjustments to GAAP	(3)	33
Net Impact of Derivative Accounting [Member] \| Total Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income after provisions for loan losses	94	112
Total other income (loss)	72	(13)
Total "Core Earnings" adjustments to GAAP	166	99
Net Impact of Acquired Intangibles [Member] \| Total Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Goodwill and acquired intangible asset impairment and amortization	1	4
Total "Core Earnings" adjustments to GAAP	$ (1)	$ (4)

Segment Reporting - Core Earnings Adjustments to GAAP (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
"Core Earnings" adjustments to GAAP:
Net tax effect	$ (181)	$ (136)
Net income attributable to Navient Corporation	292	219
Total Adjustments [Member]
"Core Earnings" adjustments to GAAP:
Core Earnings adjustments to GAAP	162	128
Net tax effect	(64)	(50)
Net effect from discontinued operations and noncontrolling interest		(1)
Net income attributable to Navient Corporation	98	77
Total Adjustments [Member] \| Net Impact from Spin-Off of SLM BankCo [Member]
"Core Earnings" adjustments to GAAP:
Core Earnings adjustments to GAAP	(3)	33
Total Adjustments [Member] \| Net Impact of Derivative Accounting [Member]
"Core Earnings" adjustments to GAAP:
Core Earnings adjustments to GAAP	166	99
Total Adjustments [Member] \| Net Impact of Acquired Intangibles [Member]
"Core Earnings" adjustments to GAAP:
Core Earnings adjustments to GAAP	$ (1)	$ (4)

- Definition

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

+ References + Details

Segment Reporting - Core Earnings Adjustments to GAAP (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2015 USD ($)
Segment Reporting [Abstract]
Amount that will be equal to cumulative net unrealized gain or loss over the life of the contract	$ 0