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Significant Accounting Policies

2.	Significant Accounting Policies

Use of Estimates

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

Consolidation

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

We consolidate any VIEs where we have determined we are the primary beneficiary. The primary beneficiary is the entity which has both: (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE. As it relates to our securitizations and other secured borrowing facilities that are VIEs as of December 31, 2015, we are the servicer of the related education loan assets and own the Residual Interest of the securitization trusts and secured borrowing facilities. As a result, we are the primary beneficiary and consolidate those VIEs.

Fair Value Measurement

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

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

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

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

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In the notes to the financial statements.

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

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

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

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

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

Loans

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

Allowance for Loan Losses

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

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

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

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

Allowance for Private Education Loan Losses

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

To estimate the probable credit losses incurred in the loan portfolio at the reporting date, we use historical experience of customer payment behavior in connection with the key credit quality indicators and incorporate management expectations regarding macroeconomic and collection procedure factors. Our model is based upon the most recent twelve months of actual collection experience as the starting point for the non-TDR portfolio and the most recent approximate 10 years for the TDR portfolio and applies expected macroeconomic changes and collection procedure changes to estimate expected losses caused by loss events incurred as of the balance sheet date. Our model for the non-TDR portfolio places a greater emphasis on the more recent default experience rather than the default experience for older historical periods, as we believe the recent default experience is more indicative of the probable losses incurred in the loan portfolio today that will default over the next two years. The TDR portfolio uses a longer historical default experience since we are projecting life of loan remaining losses. Similar to estimating defaults, we use historical customer payment behavior to estimate the timing and amount of future recoveries on charged-off loans. We use judgment in determining whether historical performance is representative of what we expect to collect in the future. We then apply the default and collection rate projections to each category of loans. Once the quantitative calculation is performed, we review the adequacy of the allowance for loan losses and determine if qualitative adjustments need to be considered. Additionally, we consider changes in laws and regulations that could potentially impact the allowance for loan losses. More judgment has been required over the last several years, compared with years prior, in light of the U.S. economy and its effect on our customers’ ability to pay their obligations. We believe that our model reflects recent customer behavior, loan performance and collection performance, as well as expectations about economic factors.

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

Certain Private Education Loans do not require customers to begin repayment until six months after they have graduated or otherwise left school. Consequently, our loss estimates for these programs are generally low while the customer is in school. At December 31, 2015, 7 percent of the principal balance in the higher education Private Education Loan portfolio was related to customers who are in an in-school/grace/deferment status and not required to make payments. As this population of customers leaves school, they will be required to begin payments on their loans, and the allowance for loan losses may change accordingly.

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

Our allowance for Private Education Loan losses also provides for possible additional future charge-offs related to the receivable for partially charged-off Private Education Loans. At the end of each month, for loans that are 212 or more days past due, we charge off the estimated loss of a defaulted loan balance. Actual recoveries are applied against the remaining loan balance that was not charged off. We refer to this remaining loan balance as the “receivable for partially charged-off loans.” If actual periodic recoveries are less than expected, the difference is immediately charged off through the allowance for 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. The financial crisis, which began in 2007, impacted our collections on defaulted loans and as a result, Private Education Loans which defaulted from 2007 through March 31, 2015, experienced collection performance below our pre-financial crisis experience. For that reason, until we gained enough data and experience to determine the long-term, post-default recovery rate of 21 percent in second-quarter 2015, we established a reserve for potential shortfalls in recoveries. In the second quarter of 2015, the portion of the loan amount charged off at default increased from 73 percent to 79 percent. This did not impact the provision for loan losses as previously this had been reserved through the allowance for loan losses. This change resulted in a $330 million reduction to the balance of the receivable for partially charged-off loans. We no longer expect to have significant periodic recovery shortfalls as a result of this change; however, it is possible we may continue to experience shortfalls.

Allowance for FFELP Loan Losses

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

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

Investments

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

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

Cash and Cash Equivalents

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

Restricted Cash and Investments

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

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

Goodwill and Acquired Intangible Assets

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

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

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

Securitization Accounting

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

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

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Owning the equity certificates of certain trusts.

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

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

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Our responsibilities relative to representation and warranty violations.

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

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

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

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

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

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

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

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

We do not record servicing assets or servicing liabilities when our securitization trusts are accounted for as on-balance sheet secured financings. As of December 31, 2015 and 2014, all of our securitization trusts are on-balance sheet, except as discussed in the next paragraph, and as a result we do not have servicing assets or liabilities recorded on the consolidated balance sheet related to these securitization trusts.

As of December 31, 2015, we have $15 million of servicing assets on our balance sheet related to Residual Interests in FFELP Loan securitization trusts we sold in 2013. See “Note 3 — Education Loans” for further details.

Education Loan Interest Income

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

Interest Expense

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

Servicing Revenue

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

Asset Recovery and Business Processing Revenue

Asset recovery fees are received for collections or rehabilitation of delinquent or defaulted debt on behalf of clients performed on a contingency basis. Revenue is earned and recognized upon the completion of rehabilitation activities or upon receipt of the delinquent customer funds. We also receive fees from Guarantor agencies for performing default aversion services on delinquent loans prior to default. The fee is received when the loan is initially placed with us and we are obligated to provide such services for the remaining life of the loan for no additional fee. In the event that the loan defaults, we are obligated to rebate a portion of the fee to the Guarantor agency in proportion to the principal and interest outstanding when the loan defaults. We recognize fees received, net of an estimate of future rebates owed due to subsequent defaults, over the service period which is estimated to be the life of the loan.

Business processing fees are received generally based on processing transactions. Revenue is earned and recognized upon the completion of processing the transaction and in some cases also upon the processing of a payment.

Transfer of Financial Assets and Extinguishments of Liabilities

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

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

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

Derivative Accounting

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

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

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

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

Accounting for Stock-Based Compensation

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

Restructuring and Other Reorganization Expenses

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

During the second quarter of 2015, the Company launched an initiative to simplify and streamline its management structure following the Spin-Off of SLM BankCo to improve the operating efficiency and effectiveness of the organization. As part of the Company’s streamlining efforts, restructuring and other reorganization expenses of $29 million were recognized in the second quarter of 2015, primarily related to severance and other related costs.

The Company administers the Navient Corporation Employee Severance Plan and the Navient Corporation Executive Severance Plan for Senior Officers (collectively, “the Severance Plan”). The Severance Plan provides severance benefits in the event of termination of the Company’s full-time employees and part-time employees who work at least 24 hours per week. The Severance Plan establishes specified benefits based on base salary, job level immediately preceding termination and years of service upon involuntary termination of employment. The benefits payable under the Severance Plan relate to past service, and they accumulate and vest. Accordingly, we recognize severance expenses to be paid pursuant to the Severance Plan when payment of such benefits is probable and can be reasonably estimated in accordance with ASC 712, “Compensation — Nonretirement Postemployment Benefits.” Such benefits, including severance pay calculated based on the Severance Plan, medical and dental benefits, and outplacement services expenses are classified as restructuring and other reorganization expenses in the consolidated statements of income.

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

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

Income Taxes

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

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

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

Discontinued Operations

Effective in 2015, the criteria for what qualifies to be presented as discontinued operations changed. Under the new guidance, a disposal of a “Component” or group of components of a business resulting in a strategic shift that has or will have a major impact on the company’s operations and financial results is presented as discontinued operations. This may include strategic shifts such as a disposal of a major geographic area, a major line of business or a major equity method investment. When we determine that a Component of our business has been disposed of or has met the criteria to be classified as held-for-sale such Component is presented separately as discontinued operations. If a Component is classified as held-for-sale, then it is carried at the lower of its cost basis or fair value. Included within discontinued operations are the accounting results related to our Campus Solutions and 529 college-savings plan administration businesses, which were sold during 2013. See “Note 16 —Discontinued Operations” for further discussion.

Earnings (Loss) per Common Share

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

Reclassifications

Certain reclassifications have been made to the balances as of and for the years ended December 31, 2014 and 2013, to be consistent with classifications adopted for 2015, which had no effect on net income, total assets or total liabilities.

Recently Issued Accounting Pronouncements

Revenue Recognition

On May 28, 2014, the Financial Accounting Standards Board (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. In July 2015, the FASB agreed to defer the mandatory effective date by one year. Accordingly, the new standard is effective for the Company as of January 1, 2018. Early application is permitted as of January 2017. The standard permits the use of either the retrospective or cumulative effect transition method. We continue to evaluate the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We do not expect it to have a material impact.

Classification and Measurement

On January 5, 2016, the FASB issued ASU No. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities,” which reconsiders the classification and measurement of financial instruments. The objective of this project is to significantly improve the usefulness of financial instrument reporting for users of financial statements. It will be effective for public companies in fiscal years beginning after December 15, 2017. We do not expect this update to have a material impact on the company.

Education Loans

12 Months Ended

Dec. 31, 2015

Receivables [Abstract]

Education Loans

3.	Education Loans

Education loans consist of FFELP and Private Education Loans.

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

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

Private Education Loans bear the full credit risk of the customer. Private Education Loans generally carry a variable rate indexed to LIBOR or Prime indices. The majority of loans in our portfolio are cosigned. Similar to FFELP loans, Private Education Loans are generally non-dischargeable in bankruptcy. Most loans have repayment terms of 10 to 15 years or more, and for loans made prior to 2009, payments are typically deferred until after graduation. However, since 2009 we began to encourage interest-only or fixed payment options while the customer is enrolled in school.

The estimated weighted average life of education loans in our portfolio was approximately 7.1 years and 7.2 years at December 31, 2015 and 2014, respectively. The following table reflects the distribution of our education loan portfolio by program.


	December 31, 2015					Year Ended December 31, 2015
(Dollars in millions)	Ending Balance		% of Balance			Average Balance		Average Effective Interest Rate
FFELP Stafford and Other Education Loans, net⁽¹⁾	$	36,950		30	%	$	38,932		2.05	%
FFELP Consolidation Loans, net		59,548		48			61,489		2.80
Private Education Loans, net		26,394		22			28,803		6.10

Total education loans, net	$	122,892		100	%	$	129,224		3.31	%


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

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

⁽¹⁾	Primarily Stafford Loans, but also includes federally guaranteed PLUS and HEAL Loans.

As of December 31, 2015 and 2014, 80 percent and 78 percent, respectively, of our education loan portfolio was in repayment.

Loan Sales

In 2015, we sold $412 million of FFELP Loans for a $12 million gain and $178 million of low-interest rate Private Education Loans for a $21 million loss. In 2013, we sold Residual Interests in FFELP Loan securitization trusts to third parties. We continue to service the education loans in the trusts under existing agreements. As a result of these transactions, we removed securitization trust assets of $12.5 billion and the related liabilities of $12.1 billion from the balance sheet and recorded a $312 million gain as part of “gains on sales of loans and investments” in 2013.

Certain Collection Tools — Private Education Loans

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

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

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

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

Allowance for Loan Losses

12 Months Ended

Dec. 31, 2015

Receivables [Abstract]

Allowance for Loan Losses

4.	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 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


	Year Ended December 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		26			538			(3	)		561
Net adjustment resulting from the change in the charge-off rate⁽¹⁾		—			(330	)		—			(330	)
Net charge-offs remaining⁽²⁾		(41	)		(659	)		(6	)		(706	)

Total net charge-offs		(41	)		(989	)		(6	)		(1,036	)
Reclassification of interest reserve⁽³⁾		—			11			—			11
Loan sales		—			(5	)		—			(5	)

Ending balance	$	78		$	1,471		$	15		$	1,564

Allowance:
Ending balance: individually evaluated for impairment	$	—		$	1,209		$	12		$	1,221
Ending balance: collectively evaluated for impairment	$	78		$	262		$	3		$	343
Loans:
Ending balance: individually evaluated for impairment⁽⁴⁾	$	—		$	10,965		$	37		$	11,002
Ending balance: collectively evaluated for impairment⁽⁴⁾	$	95,489		$	17,431		$	49		$	112,969
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in the charge-off rate (annualized)⁽¹⁾		.05	%		2.55	%		6.17	%
Net adjustment resulting from the change in the charge-off rate as a percentage of average loans in repayment (annualized)⁽¹⁾		—	%		1.28	%		—	%
Allowance coverage of net charge-offs, excluding the net adjustment resulting from the change in the charge-off rate (annualized)⁽¹⁾		1.9			2.2			2.5
Allowance as a percentage of the ending total loan balance		.08	%		5.18	%		17.28	%
Allowance as a percentage of the ending loans in repayment		.10	%		6.00	%		17.28	%
Ending total loans⁽⁴⁾	$	95,489		$	28,396		$	86
Average loans in repayment	$	75,945		$	25,802		$	97
Ending loans in repayment	$	73,934		$	24,502		$	86

⁽¹⁾

In the second quarter of 2015, the portion of the loan amount charged off at default on Private Education Loans increased from 73 percent to 79 percent. This did not impact the provision for loan losses as previously this had been reserved through the allowance for loan losses. This change resulted in a $330 million reduction to the balance of the receivable for partially charged-off loans.

⁽²⁾

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.

⁽³⁾

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.

⁽⁴⁾

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


	Year Ended December 31, 2014
(Dollars in millions)	FFELP Loans			Private Education Loans			Other Loans			Total
Allowance for Loan Losses
Beginning balance	$	119		$	2,097		$	28		$	2,244
Total provision		40			588			—			628
Charge-offs⁽¹⁾		(60	)		(717	)		(4	)		(781	)
Reclassification of interest reserve⁽²⁾		—			17			—			17
Distribution of SLM BankCo		(6	)		(69	)		—			(75	)

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

Allowance:
Ending balance: individually evaluated for impairment	$	—		$	1,132		$	19		$	1,151
Ending balance: collectively evaluated for impairment	$	93		$	784		$	5		$	882
Loans:
Ending balance: individually evaluated for impairment	$	—		$	10,609		$	45		$	10,654
Ending balance: collectively evaluated for impairment	$	103,438		$	21,697		$	62		$	125,197
Charge-offs as a percentage of average loans in repayment		.08	%		2.51	%		3.31	%
Allowance coverage of charge-offs		1.5			2.7			6.1
Allowance as a percentage of the ending total loan balance		.09	%		5.93	%		22.23	%
Allowance as a percentage of the ending loans in repayment		.12	%		7.11	%		22.23	%
Ending total loans⁽³⁾	$	103,438		$	32,306		$	107
Average loans in repayment	$	72,829		$	28,577		$	117
Ending loans in repayment	$	78,211		$	26,949		$	107

⁽¹⁾

⁽²⁾

⁽³⁾

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


	Year Ended December 31, 2013
(Dollars in millions)	FFELP Loans			Private Education Loans			Other Loans			Total
Allowance for Loan Losses
Beginning balance	$	159		$	2,171		$	47		$	2,377
Total provision		52			787			—			839
Charge-offs⁽¹⁾		(78	)		(878	)		(19	)		(975	)
Student loan sales		(14	)		—			—			(14	)
Reclassification of interest reserve⁽²⁾		—			17			—			17

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

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

⁽¹⁾

⁽²⁾

⁽³⁾

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

Key Credit Quality Indicators

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

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


	Private Education Loans Credit Quality Indicators
	December 31, 2015					December 31, 2014
(Dollars in millions)	Balance⁽³⁾		% of Balance			Balance⁽³⁾		% of Balance
Credit Quality Indicators
School Type/FICO Scores:
Traditional	$	25,280		92	%	$	28,527		92	%
Non-Traditional⁽¹⁾		2,235		8			2,534		8

Total	$	27,515		100	%	$	31,061		100	%

Cosigners:
With cosigner	$	17,738		64	%	$	20,001		64	%
Without cosigner		9,777		36			11,060		36

Total	$	27,515		100	%	$	31,061		100	%

Seasoning⁽²⁾:
1-12 payments	$	1,776		7	%	$	2,734		9	%
13-24 payments		1,977		7			3,161		10
25-36 payments		2,982		11			4,259		14
37-48 payments		3,787		14			4,404		14
More than 48 payments		14,953		54			13,450		43
Not yet in repayment		2,040		7			3,053		10

Total	$	27,515		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
	December 31,
	2015						2014						2013
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	8,257					$	10,861					$	13,678
Loans in forbearance⁽²⁾		13,298						14,366						13,490
Loans in repayment and percentage of each status:
Loans current		62,651			84.7	%		65,221			83.4	%		63,330			82.8	%
Loans delinquent 31-60 days⁽³⁾		3,285			4.5			3,942			5.0			3,746			4.9
Loans delinquent 61-90 days⁽³⁾		1,856			2.5			2,451			3.1			2,207			2.9
Loans delinquent greater than 90 days⁽³⁾		6,142			8.3			6,597			8.5			7,221			9.4

Total FFELP Loans in repayment		73,934			100	%		78,211			100	%		76,504			100	%

Total FFELP Loans, gross		95,489						103,438						103,672
FFELP Loan unamortized premium		1,087						1,176						1,035

Total FFELP Loans		96,576						104,614						104,707
FFELP Loan allowance for losses		(78	)					(93	)					(119	)

FFELP Loans, net	$	96,498					$	104,521					$	104,588

Percentage of FFELP Loans in repayment					77.4	%					75.6	%					73.8	%

Delinquencies as a percentage of FFELP Loans in repayment					15.3	%					16.6	%					17.2	%

FFELP Loans in forbearance as a percentage of loans in repayment and forbearance					15.2	%					15.5	%					15.0	%

⁽¹⁾

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

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

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


	Traditional Private Education Loan Delinquencies
	December 31,
	2015						2014						2013
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	1,859					$	2,777					$	6,088
Loans in forbearance⁽²⁾		863						935						969
Loans in repayment and percentage of each status:
Loans current		21,085			93.5	%		23,012			92.7	%		26,977			92.8	%
Loans delinquent 31-60 days⁽³⁾		491			2.2			624			2.5			674			2.3
Loans delinquent 61-90 days⁽³⁾		292			1.3			363			1.5			420			1.4
Loans delinquent greater than 90 days⁽³⁾		690			3.0			816			3.3			1,012			3.5

Total traditional loans in repayment		22,558			100	%		24,815			100	%		29,083			100	%

Total traditional loans, gross		25,280						28,527						36,140
Traditional loans unamortized discount		(470	)					(526	)					(629	)

Total traditional loans		24,810						28,001						35,511
Traditional loans receivable for partially charged-off loans		560						775						799
Traditional loans allowance for losses		(1,236	)					(1,515	)					(1,592	)

Traditional loans, net	$	24,134					$	27,261					$	34,718

Percentage of traditional loans in repayment					89.2	%					87.0	%					80.5	%

Delinquencies as a percentage of traditional loans in repayment					6.5	%					7.3	%					7.2	%

Loans in forbearance as a percentage of traditional loans in repayment and forbearance					3.7	%					3.6	%					3.2	%

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

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

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


	Non-Traditional Private Education Loan Delinquencies
	December 31,
	2015						2014						2013
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	181					$	276					$	440
Loans in forbearance⁽²⁾		110						124						133
Loans in repayment and percentage of each status:
Loans current		1,646			84.7	%		1,749			81.9	%		1,791			78.3	%
Loans delinquent 31-60 days⁽³⁾		86			4.4			110			5.2			128			5.6
Loans delinquent 61-90 days⁽³⁾		56			2.9			73			3.4			93			4.1
Loans delinquent greater than 90 days⁽³⁾		156			8.0			202			9.5			275			12.0

Total non-traditional loans in repayment		1,944			100	%		2,134			100	%		2,287			100	%

Total non-traditional loans, gross		2,235						2,534						2,860
Non-traditional loans unamortized discount		(61	)					(68	)					(75	)

Total non-traditional loans		2,174						2,466						2,785
Non-traditional loans receivable for partially charged-off loans		321						470						514
Non-traditional loans allowance for losses		(235	)					(401	)					(505	)

Non-traditional loans, net	$	2,260					$	2,535					$	2,794

Percentage of non-traditional loans in repayment					87.0	%					84.2	%					80.0	%

Delinquencies as a percentage of non-traditional loans in repayment					15.3	%					18.1	%					21.7	%

Loans in forbearance as a percentage of non-traditional loans in repayment and forbearance					5.4	%					5.5	%					5.5	%

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

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

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

Receivable for Partially Charged-Off Private Education Loans

At the end of each month, for loans that are 212 or more days past due, we charge off the estimated loss of a defaulted loan balance. Actual recoveries are applied against the remaining loan balance that was not charged off. We refer to this remaining loan balance as the “receivable for partially charged-off loans.” If actual periodic recoveries are less than expected, the difference is immediately charged off through the allowance for 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. The financial crisis, which began in 2007, impacted our collections on defaulted loans and as a result, Private Education Loans which defaulted from 2007 through March 31, 2015, experienced collection performance below our pre-financial crisis experience. For that reason, until we gained enough data and experience to determine the long-term, post-default recovery rate of 21 percent in second-quarter 2015, we established a reserve for potential shortfalls in recoveries. In the second quarter of 2015, the portion of the loan amount charged off at default increased from 73 percent to 79 percent. This did not impact the provision for loan losses as previously this had been reserved through the allowance for loan losses. This change resulted in a $330 million reduction to the balance of the receivable for partially charged-off loans. We no longer expect to have significant periodic recovery shortfalls as a result of this change; however, it is possible we may continue to experience shortfalls.

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


	Years Ended December 31,
(Dollars in millions)	2015			2014			2013
Receivable at beginning of period	$	1,245		$	1,313		$	1,347
Expected future recoveries of current period defaults⁽¹⁾		183			233			290
Recoveries⁽²⁾		(198	)		(215	)		(230	)
Net adjustment resulting from the change in the charge-off rate⁽³⁾		(330	)		—			—
Net charge-offs remaining		(19	)		(86	)		(94	)

Total net charge-offs		(349	)		(86	)		(94	)

Receivable at end of period		881			1,245			1,313
Allowance for estimated recovery shortfalls⁽⁴⁾		—			(385	)		(336	)

Net receivable at end of period	$	881		$	860		$	977

⁽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⁾

Prior to second-quarter 2015, charge-offs represent the current period recovery shortfall — the difference between what was expected to be collected and what was actually collected. In the second quarter of 2015, the portion of the loan amount charged off at default increased from 73 percent to 79 percent. This change resulted in a $330 million reduction to the balance of the receivable for partially charged-off loans. These amounts are included in total charge-offs as reported in the “Allowance for Private Education Loan Losses” table.

⁽⁴⁾

The allowance for estimated recovery shortfalls of the receivable for partially charged-off Private Education Loans is a component of the overall allowance for Private Education Loan losses.

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 56 percent and 51 percent of the loans granted forbearance have qualified as a TDR loan at December 31, 2015, and 2014, respectively. The unpaid principal balance of TDR loans that were in an interest rate reduction plan as of December 31, 2015 and 2014 was $2.5 billion and $2.2 billion, respectively.

At December 31, 2015 and 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
December 31, 2015
Private Education Loans — Traditional	$	9,134	$	9,200	$	995
Private Education Loans — Non-Traditional		1,441		1,442		214

Total	$	10,575	$	10,642	$	1,209

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.


	Years Ended December 31,
	2015				2014				2013
(Dollars in millions)	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Private Education Loans — Traditional	$	8,976	$	539	$	8,139	$	497	$	6,805	$	418
Private Education Loans — Non-Traditional		1,461		114		1,456		116		1,376		112

Total	$	10,437	$	653	$	9,595	$	613	$	8,181	$	530

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


	TDR Loan Delinquencies
	December 31,
	2015					2014					2013
(Dollars in millions)	Balance		%			Balance		%			Balance		%
Loans in deferment⁽¹⁾	$	706				$	825				$	913
Loans in forbearance⁽²⁾		695					745					740
Loans in repayment and percentage of each status:
Loans current		7,885		85.3	%		7,186		82.7	%		5,613		76.5	%
Loans delinquent 31-60 days⁽³⁾		414		4.5			464		5.3			469		6.4
Loans delinquent 61-90 days⁽³⁾		263		2.8			299		3.4			330		4.5
Loans delinquent greater than 90 days⁽³⁾		679		7.4			747		8.6			921		12.6

Total TDR loans in repayment		9,241		100	%		8,696		100	%		7,333		100	%

Total TDR loans, gross	$	10,642				$	10,266				$	8,986

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

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

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

The following table provides the amount of 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 or do not involve an extended repayment plan.


	Years Ended December 31,
	2015						2014						2013
(Dollars in millions)	Modified Loans⁽¹⁾		Charge- Offs⁽²⁾		Payment- Default		Modified Loans⁽¹⁾		Charge- Offs⁽²⁾		Payment- Default		Modified Loans⁽¹⁾		Charge- Offs⁽²⁾		Payment- Default
Private Education Loans — Traditional	$	1,464	$	351	$	342	$	1,858	$	332	$	449	$	2,114	$	372	$	680
Private Education Loans — Non-Traditional		140		108		61		206		107		100		314		132		184

Total	$	1,604	$	459	$	403	$	2,064	$	439	$	549	$	2,428	$	504	$	864

⁽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.


(Dollars in millions)	Accrued Interest Receivable		Allowance for Uncollectible Interest
December 31, 2015
Private Education Loans — Traditional	$	433	$	26
Private Education Loans — Non-Traditional		57		9

Total	$	490	$	35

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

Total	$	612	$	40

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

Total	$	1,023	$	66

Business Combinations, Goodwill and Acquired Intangible Assets

12 Months Ended

Dec. 31, 2015

Business Combinations, Goodwill and Acquired Intangible Assets

5.	Business Combinations, Goodwill and Acquired Intangible Assets

Business Combinations

Acquisitions are accounted for under the acquisition method of accounting as defined in ASC 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 as determined by an independent appraiser.

During 2015, Navient completed the acquisitions of Gila LLC and Xtend Healthcare. Navient has not disclosed the pro forma impact of the acquisitions to the results of operations for the years ending December 31, 2015 and 2014, as the pro forma impact was deemed immaterial.

Acquisition of Gila LLC

On February 20, 2015, the Company acquired a 98 percent majority controlling interest in Gila LLC for approximately $185 million. Gila LLC is an asset recovery and business processing firm. The firm provides receivables management services and account processing solutions for state governments, agencies, court systems and municipalities. 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.

As of September 30, 2015, the Company finalized its purchase price allocation for Gila LLC which resulted in an excess purchase price over the fair value of net assets acquired, or goodwill, of $97 million.

Identifiable intangible assets at the acquisition date include the Gila LLC trade name, an indefinite life intangible asset, with an aggregate estimated fair value of approximately $13 million as of the acquisition date. Definite life intangible assets with an estimated aggregate fair value of approximately $71 million as of the acquisition date consist primarily of customer relationships. These definite life intangible assets will be amortized over two to 16 years depending on the economic benefit derived from each of the underlying assets.

Acquisition of Xtend Healthcare

On October 20, 2015, Navient acquired a 91 percent controlling interest in Xtend Healthcare for approximately $164 million. Xtend Healthcare is a health care revenue cycle management company that provides health insurance claims billing and account resolution, as well as patient billing and customer service. The results of operations of Xtend Healthcare have been included in Navient’s consolidated financial statements since the acquisition date and are reflected in Navient’s Business Services segment.

The Company’s purchase price allocation as of December 31, 2015 is preliminary as the Company is awaiting the final results of a valuation that is being performed by an independent appraiser. We anticipate the purchase price allocation will be completed by the end of the second quarter of 2016. The preliminary estimate of goodwill is $101 million.

Identifiable intangible assets at the acquisition date include the Xtend Healthcare trade name, an indefinite life intangible asset, with a preliminary estimated aggregate fair value of approximately $15 million as of the acquisition date. Definite life intangible assets with preliminary estimated aggregate fair values of approximately $51 million as of the acquisition date consist primarily of customer relationships.

Goodwill

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


	As of December 31, 2015							As of December 31, 2014
(Dollars in millions)	Gross		Accumulated Impairments			Net		Gross		Accumulated Impairments and Other Adjustments⁽¹⁾			Net
FFELP Loans reportable segment	$	194	$	(4	)	$	190	$	194	$	(4	)	$	190
Private Education Loans reportable segment⁽¹⁾		147		(41	)		106		147		(41	)		106
Business Services reportable segment:
Servicing		50		—			50		50		—			50
Asset Recovery — Contingency		136		(129	)		7		136		(129	)		7
Asset Recovery — Gila LLC		97		—			97		—		—			—
Asset Recovery — Xtend Healthcare		101		—			101		—		—			—

Total Business Services reportable segment		384		(129	)		255		186		(129	)		57

Total	$	725	$	(174	)	$	551	$	527	$	(174	)	$	353

⁽¹⁾

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

Annual Goodwill Impairment Testing — October 1, 2015

In performing our annual goodwill impairment analysis as of October 1, 2015, we assessed relevant qualitative factors to determine whether it is “more-likely-than-not” that the fair value of an individual reporting unit is less than its carrying value. As part of our qualitative assessment, we considered the amount of excess fair values over the carrying values of individual reporting units as of October 1, 2013 when we last performed a step 1 goodwill impairment test and engaged an appraisal firm to estimate the fair values of our reporting units. The fair values of our reporting units at October 1, 2013 were substantially in excess of their carrying amounts. With respect to Business Services, we also considered the acquisition values and projected outlook of the reporting units acquired during 2015, Gila LLC and Xtend Healthcare.

We also considered that our market capitalization was greater than our book equity, the current legislative environment, our 2015 earnings, 2016 expected earnings and analyst expectations regarding our stock price. We viewed these factors as favorable despite a decline in our stock price and market capitalization in 2015. In addition, the cash flows for our FFELP Loans, Private Education Loans and Servicing reporting units are very predictable and the outlook and associated cash flow projections of these reporting units have not changed significantly since 2013 when we performed a step 1 analysis. Although the revenue streams have declined within the Asset Recovery — Contingency reporting unit, management has taken steps to reduce costs and create efficiencies. After assessing these relevant qualitative factors, we determined that it is more-likely-than-not that the fair values of our respective reporting units exceed their carrying amounts.

Acquired Intangible Assets

Acquired intangible assets include the following:


	As of December 31, 2015							As of December 31, 2014
(Dollars in millions)	Cost Basis⁽¹⁾		Accumulated Impairment and Amortization⁽¹⁾			Net		Cost Basis⁽¹⁾		Accumulated Impairment and Amortization⁽¹⁾			Net
Customer, services and lending relationships	$	305	$	(202	)	$	103	$	199	$	(192	)	$	7
Favorable lease		1		—			1		—		—			—
Non-competes		2		(1	)		1		—		—			—
Software and technology		91		(78	)		13		78		(78	)		—
Trade names and trademarks		42		(6	)		36		14		(5	)		9

Total acquired intangible assets	$	441	$	(287	)	$	154	$	291	$	(275	)	$	16

⁽¹⁾

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

Acquired intangible assets are subject to amortization with the exception of indefinite life trade names and trademarks totaling $34 million and $6 million, net of accumulated impairment, as of December 31, 2015 and 2014, respectively.

We recorded amortization of acquired intangible assets from continuing operations totaling $12 million, $9 million and $13 million in 2015, 2014 and 2013, respectively. We will continue to amortize our intangible assets with definite useful lives over their remaining estimated useful lives. We estimate amortization expense associated with these intangible assets will be $19 million, $15 million, $13 million, $12 million and $60 million in 2016, 2017, 2018, 2019 and after 2019, respectively.

Borrowings

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Borrowings

6.	Borrowings

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

The following table summarizes our borrowings.


	December 31, 2015									December 31, 2014
(Dollars in millions)	Short Term			Long Term			Total			Short Term		Long Term		Total
Unsecured borrowings:
Senior unsecured debt	$	1,120		$	13,976		$	15,096		$	1,066	$	16,311	$	17,377

Total unsecured borrowings		1,120			13,976			15,096			1,066		16,311		17,377
Secured borrowings:
FFELP Loan securitizations		—			77,764			77,764			—		86,241		86,241
Private Education Loan securitizations⁽¹⁾		—			16,900			16,900			—		17,997		17,997
FFELP Loan — other facilities		—			16,276			16,276			—		15,358		15,358
Private Education Loan — other facilities		710			—			710			653		—		653
Other⁽²⁾		760			—			760			937		—		937

Total secured borrowings		1,470			110,940			112,410			1,590		119,596		121,186

Total before hedge accounting adjustments		2,590			124,916			127,506			2,656		135,907		138,563
Hedge accounting adjustments		(20	)		(83	)		(103	)		7		959		966

Total	$	2,570		$	124,833		$	127,403		$	2,663	$	136,866	$	139,529

⁽¹⁾	Includes $546 million of long-term debt related to the Private Education Loan asset-backed securitization repurchase facility (“Repurchase Facility”) as of December 31, 2015.

⁽²⁾	“Other” primarily consists of the obligation to return cash collateral held related to derivative exposure.

Short-term Borrowings

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


	December 31, 2015					Year Ended December 31, 2015
(Dollars in millions)	Ending Balance		Weighted Average Interest Rate			Average Balance		Weighted Average Interest Rate
FFELP Loan — other facilities	$	—		—	%	$	8		.40	%
Private Education Loan — other facilities		710		1.47			636		1.86
Senior unsecured debt		1,100		5.97			1,625		5.48
Other interest-bearing liabilities		760		.20			898		.13

Total short-term borrowings	$	2,570		3.02	%	$	3,167		3.23	%

Maximum outstanding at any month end	$	4,710


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

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

Maximum outstanding at any month end	$	13,142

Long-term Borrowings

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


	December 31, 2015					Year Ended December 31, 2015
			Weighted Average			Year Ended December 31, 2015
(Dollars in millions)	Ending Balance⁽¹⁾		Interest Rate⁽²⁾			Average Balance
Floating rate notes:
U.S. dollar-denominated:
Interest bearing, due 2017-2058	$	98,926		1.13	%	$	103,037
Non-U.S. dollar-denominated:
Interest bearing, due 2023-2041		8,169		.47			8,601

Total floating rate notes		107,095		1.08			111,638
Fixed rate notes:
U.S. dollar-denominated:
Interest bearing, due 2017-2047		17,488		5.52			17,252
Non-U.S.-dollar denominated:
Interest bearing, due 2034-2035		250		2.89			927

Total fixed rate notes		17,738		5.48			18,179

Total long-term borrowings	$	124,833		1.71	%	$	129,817


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

Total floating rate notes		116,137		.92			109,808
Fixed rate notes:
U.S. dollar-denominated:
Interest bearing, due 2016-2047		19,495		5.61			18,108
Non-U.S.-dollar denominated:
Interest bearing, due 2016-2039		1,234		4.57			1,416

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

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

⁽¹⁾

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

⁽²⁾

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

As of December 31, 2015, the stated maturities of our long-term borrowings are shown in the following table.


	Stated Maturity
(Dollars in millions)	Senior Unsecured Debt		Secured Borrowings⁽¹⁾			Total⁽²⁾
Year of Maturity
2016	$	—	$	16,872		$	16,872
2017		1,481		13,014			14,495
2018		2,626		8,130			10,756
2019		2,446		8,837			11,283
2020		2,033		10,037			12,070
2021-2058		5,390		54,050			59,440

		13,976		110,940			124,916
Hedge accounting adjustments		747		(830	)		(83	)

Total	$	14,723	$	110,110		$	124,833

⁽¹⁾

We view our securitization trust debt as long-term based on the contractual maturity dates and have projected the expected principal paydowns based on our current estimates regarding loan prepayment speeds. The projected principal paydowns in year 2016 include $16.9 billion related to the securitization trust debt.

⁽²⁾

The aggregate principal amount of debt that matures in each period is $16.9 billion in 2016, $14.6 billion in 2017, $10.8 billion in 2018, $11.4 billion in 2019, $12.1 billion in 2020 and $60.0 billion in 2021-2058.

Variable Interest Entities

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


	December 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	$	—	$	77,764		$	77,764		$	78,358	$	2,760	$	682		$	81,800
Private Education Loan securitizations⁽¹⁾		—		16,900			16,900			22,014		452		323			22,789
FFELP Loan — other facilities		—		12,676			12,676			13,158		324		168			13,650
Private Education Loan — other facilities		710		—			710			1,110		17		31			1,158

Total before hedge accounting adjustments		710		107,340			108,050			114,640		3,553		1,204			119,397
Hedge accounting adjustments		—		(830	)		(830	)		—		—		(911	)		(911	)

Total	$	710	$	106,510		$	107,220		$	114,640	$	3,553	$	293		$	118,486


	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

⁽¹⁾	Includes $546 million of long-term debt and $41 million of restricted cash related to the Repurchase Facility as of December 31, 2015.

Securitizations

Private Education Loan ABS Repurchase Facility

On December 2, 2015, we closed a new $550 million Private Education Loan asset-backed securitization (“ABS”) repurchase facility (“Repurchase Facility”) collateralized by the Residual Interests (i.e., encumbered net assets) we retained in three Private Education Loan ABS previously issued. The facility matures on December 4, 2017 and has an all-in cost of 3-month LIBOR plus 3.35 percent. The lenders also have unsecured recourse to Navient Corporation as guarantor for any shortfall in amounts payable. Because it is secured by the Residual Interests in previous securitizations, we show the debt and assets as part of Private Education Loan securitizations in the Secured Borrowings table above.

FFELP Loans — Other Secured Borrowing Facilities

We have various secured borrowing facilities that we use to finance our FFELP Loans. Liquidity is available under these secured credit facilities to the extent we have eligible collateral and available capacity. The maximum borrowing capacity under these facilities will vary and is subject to each agreement’s borrowing conditions. These include but are not limited to the facility’s size, current usage and the availability and fair value of qualifying unencumbered FFELP Loan collateral. Our borrowings under these facilities are non-recourse. The maturity dates on these facilities range from March 2017 to December 2020. The interest rate on certain facilities can increase under certain circumstances. The facilities are subject to termination under certain circumstances. As of December 31, 2015, there was approximately $16.3 billion outstanding under these facilities, with approximately $17.8 billion of assets securing these facilities. As of December 31, 2015, the maximum unused capacity under these facilities was $3.6 billion. As of December 31, 2015, we had $1.0 billion of unencumbered FFELP Loans.

On December 22, 2015, we received notice from the Federal Home Loan Bank of Des Moines (“FHLB”) that availability under their facility would be reduced from approximately $10.7 billion to approximately $5 billion from December 22, 2015 to October 31, 2016, and to approximately $3.6 billion thereafter. In addition, in January 2016 we were informed this facility will mature in the first quarter of 2021. Both of these actions were taken by the FHLB in relation to the publication in January 2016 of new rules by the Federal Home Finance Agency, the primary regulator of the FHLB, governing eligibility of, and borrowing capacity for, certain insurance companies who are existing members of the Federal Home Loan Bank system. We anticipate that borrowing under this facility will vary and will continue to be subject to the rules and regulations of the FHLB and their regulator and the availability of qualifying collateral. As of December 31, 2015, there was $3.6 billion outstanding in this facility and we do not expect to borrow more than this amount in the future.

Private Education Loans — Other Secured Borrowing Facilities

In addition to the FFELP Loan — other facilities, liquidity may also be available from our Private Education Loan asset-backed commercial paper (“ABCP”) facility. This facility provides liquidity for Private Education Loan acquisitions and for the refinancing of loans presently on our balance sheet or in other short-term facilities. The maximum capacity under this facility is $1 billion and it matures in June 2016. At December 31, 2015, the available capacity under this facility was $290 million. Borrowing under this facility will vary and is subject to the availability of qualifying collateral from unencumbered Private Education Loans.

Other Funding Sources

Senior Unsecured Debt

We issued $500 million, $1.9 billion and $3.8 billion of unsecured debt in 2015, 2014 and 2013, respectively.

Debt Repurchases

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


	Years Ended December 31,
(Dollars in millions)	2015		2014		2013
Debt principal repurchased	$	1,744	$	548	$	1,279
Gains on debt repurchases		21		—		42

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

7.	Derivative Financial Instruments

Risk Management Strategy

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

Although we use derivatives to offset (or minimize) the risk of interest rate and foreign currency changes, the use of derivatives does expose us to both market and credit risk. Market risk is the chance of financial loss resulting from changes in interest rates, foreign exchange rates and market liquidity. Credit risk is the risk that a counterparty will not perform its obligations under a contract and it is limited to the loss of the fair value gain in a derivative that the counterparty owes us. When the fair value of a derivative contract is negative, we owe the counterparty and, therefore, have no credit risk exposure to the counterparty; however, the counterparty has exposure to us. We minimize the credit risk in derivative instruments by entering into transactions with highly rated counterparties that are reviewed regularly by our Credit Department. We also maintain a policy of requiring that all derivative contracts be governed by an International Swaps and Derivative Association Master Agreement. Depending on the nature of the derivative transaction, bilateral collateral arrangements related to Navient Corporation contracts generally are required as well. When we have more than one outstanding derivative transaction with the counterparty, and there exists legally enforceable netting provisions with the counterparty (i.e., a legal right to offset receivable and payable derivative contracts), the “net” mark-to-market exposure, less collateral the counterparty has posted to us, represents exposure with the counterparty. When there is a net negative exposure, we consider our exposure to the counterparty to be zero. At December 31, 2015 and 2014, we had a net positive exposure (derivative gain positions to us less collateral which has been posted by counterparties to us) related to Navient Corporation derivatives of $85 million and $96 million, respectively.

Our on-balance sheet securitization trusts have $9.0 billion of Euro and British Pound Sterling denominated bonds outstanding as of December 31, 2015. To convert these non-U.S. dollar denominated bonds into U.S. dollar liabilities, the trusts have entered into foreign-currency swaps with highly — rated counterparties. In addition, the trusts have entered into $11.8 billion notional of interest rates swaps which are primarily used to convert Prime received on securitized education loans to LIBOR paid on the bonds. Our securitization trusts require collateral in all cases if the counterparty’s credit rating is withdrawn or downgraded below a certain level. Additionally, securitizations involving foreign currency notes issued after November 2005 also require the counterparty to post collateral to the trust based on the fair value of the derivative, regardless of credit rating. The trusts are not required to post collateral to the counterparties. At December 31, 2015, the net positive exposure on swaps in securitization trusts is $8 million.

Accounting for Derivative Instruments

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

Fair Value Hedges

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

Cash Flow Hedges

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

Trading Activities

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

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

Summary of Derivative Financial Statement Impact

The following tables summarize the fair values and notional amounts or number of contracts of all derivative instruments at December 31, 2015 and 2014, and their impact on other comprehensive income and earnings for 2015, 2014 and 2013.

Impact of Derivatives on Consolidated Balance Sheet


		Cash Flow						Fair Value						Trading						Total
(Dollars in millions)	Hedged Risk Exposure	Dec. 31, 2015			Dec. 31, 2014			Dec. 31, 2015			Dec. 31, 2014			Dec. 31, 2015			Dec. 31, 2014			Dec. 31, 2015			Dec. 31, 2014
Fair Values⁽¹⁾
Derivative Assets:
Interest rate swaps	Interest rate	$	—		$	6		$	694		$	828		$	32		$	23		$	726		$	857
Cross-currency interest rate swaps	Foreign currency and interest rate		—			—			2			164			—			—			2			164
Other⁽²⁾	Interest rate		—			—			—			—			—			1			—			1

Total derivative assets⁽³⁾			—			6			696			992			32			24			728			1,022
Derivative Liabilities:
Interest rate swaps	Interest rate		(89	)		(3	)		(3	)		(22	)		(68	)		(120	)		(160	)		(145	)
Floor Income Contracts	Interest rate		—			—			—			—			(365	)		(915	)		(365	)		(915	)
Cross-currency interest rate swaps	Foreign currency and interest rate		—			—			(926	)		(293	)		(62	)		(65	)		(988	)		(358	)
Other⁽²⁾	Interest rate		—			—			—			—			(2	)		(12	)		(2	)		(12	)

Total derivative liabilities⁽³⁾			(89	)		(3	)		(929	)		(315	)		(497	)		(1,112	)		(1,515	)		(1,430	)

Net total derivatives		$	(89	)	$	3		$	(233	)	$	677		$	(465	)	$	(1,088	)	$	(787	)	$	(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 with the impact of master netting agreements to the balance sheet classification:


	Other Assets						Other Liabilities
(Dollar in millions)	December 31, 2015			December 31, 2014			December 31, 2015			December 31, 2014
Gross position	$	728		$	1,022		$	(1,515	)	$	(1,430	)
Impact of master netting agreements		(50	)		(241	)		50			241

Derivative values with impact of master netting agreements (as carried on balance sheet)		678			781			(1,465	)		(1,189	)
Cash collateral (held) pledged		(759	)		(935	)		466			624

Net position	$	(81	)	$	(154	)	$	(999	)	$	(565	)

The above fair values include adjustments for counterparty credit risk for both when we are exposed to the counterparty, net of collateral postings, and when the counterparty is exposed to us, net of collateral postings. The net adjustments decreased the overall net asset positions at December 31, 2015 and 2014 by $1 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 December 31, 2015 and 2014 by $31 million and $73 million, respectively.


	Cash Flow				Fair Value				Trading				Total
(Dollars in billions)	Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2015		Dec. 31, 2014
Notional Values:
Interest rate swaps	$	9.5	$	6.0	$	12.6	$	14.3	$	33.8	$	28.7	$	55.9	$	49.0
Floor Income Contracts		—		—		—		—		35.1		35.2		35.1		35.2
Cross-currency interest rate swaps		—		—		9.1		9.4		.3		.4		9.4		9.8
Other⁽¹⁾		—		—		—		—		3.2		3.6		3.2		3.6

Total derivatives	$	9.5	$	6.0	$	21.7	$	23.7	$	72.4	$	67.9	$	103.6	$	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


	Years Ended December 31,
	Unrealized Gain (Loss) on Derivatives⁽¹⁾⁽²⁾									Realized Gain (Loss) on Derivatives⁽³⁾									Unrealized Gain (Loss) on Hedged Item⁽¹⁾								Total Gain (Loss)
(Dollars in millions)	2015			2014			2013			2015			2014			2013			2015		2014			2013			2015			2014			2013
Fair Value Hedges:
Interest rate swaps	$	(115	)	$	213		$	(806	)	$	345		$	389		$	414		$	140	$	(185	)	$	873		$	370		$	417		$	481
Cross-currency interest rate swaps		(794	)		(1,159	)		1			(7	)		52			98			921		1,264			(183	)		120			157			(84	)

Total fair value derivatives		(909	)		(946	)		(805	)		338			441			512			1,061		1,079			690			490			574			397
Cash Flow Hedges:
Interest rate swaps		—			—			—			—			(3	)		(9	)		—		—			—			—			(3	)		(9	)

Total cash flow derivatives		—			—			—			—			(3	)		(9	)		—		—			—			—			(3	)		(9	)
Trading:
Interest rate swaps		61			54			(107	)		42			46			71			—		—			—			103			100			(36	)
Floor Income Contracts		557			633			785			(650	)		(699	)		(815	)		—		—			—			(93	)		(66	)		(30	)
Cross-currency interest rate swaps		2			(33	)		(101	)		(4	)		(2	)		35			—		—			—			(2	)		(35	)		(66	)
Other		9			9			(19	)		(3	)		(2	)		(2	)		—		—			—			6			7			(21	)

Total trading derivatives		629			663			558			(615	)		(657	)		(711	)		—		—			—			14			6			(153	)

Total		(280	)		(283	)		(247	)		(277	)		(219	)		(208	)		1,061		1,079			690			504			577			235
Less: realized gains (losses) recorded in interest expense		—			—			—			338			438			503			—		—			—			338			438			503

Gains (losses) on derivative and hedging activities, net	$	(280	)	$	(283	)	$	(247	)	$	(615	)	$	(657	)	$	(711	)	$	1,061	$	1,079		$	690		$	166		$	139		$	(268	)

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

⁽²⁾	Represents ineffectiveness related to cash flow hedges.

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

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


	Years Ended December 31,
(Dollars in millions)	2015			2014			2013
Total gains (losses) on cash flow hedges	$	(59	)	$	(7	)	$	16
Realized (gains) losses recognized in interest expense^(1)(2)(3)		(1	)		2			6

Total change in stockholders’ equity for unrealized gains (losses) on derivatives	$	(60	)	$	(5	)	$	22

⁽¹⁾

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

⁽²⁾

Includes net settlement income/expense.

⁽³⁾

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

Collateral

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


(Dollars in millions)	December 31, 2015		December 31, 2014
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)⁽¹⁾	$	759	$	935
Securities at fair value — on-balance sheet securitization derivatives (not recorded in financial statements)⁽²⁾		301		344

Total collateral held	$	1,060	$	1,279

Derivative asset at fair value including accrued interest	$	896	$	1,091

Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	$	466	$	624

Total collateral pledged	$	466	$	624

Derivative liability at fair value including accrued interest and premium receivable	$	1,395	$	926

⁽¹⁾	At December 31, 2015 and 2014, $2 million and $0 million, respectively, were held in restricted cash accounts.

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

Our corporate derivatives contain credit contingent features. At our current unsecured credit rating, we have fully collateralized our corporate derivative liability position (including accrued interest and net of premiums receivable) of $468 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 $17 million and have posted $12 million of collateral to these counterparties. If these two counterparties exercised their right to terminate, we would be required to deliver material additional assets of $5 million to settle the contracts. Trust related derivatives do not contain credit contingent features related to our or the trusts’ credit ratings.

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

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

Other Assets

12 Months Ended

Dec. 31, 2015

Other Assets

8.	Other Assets

The following table provides the detail of our other assets.


(Dollars in millions)	December 31, 2015		December 31, 2014
Accrued interest receivable, net	$	1,646	$	1,821
Income tax asset, net current and deferred		906		1,389
Derivatives at fair value		678		781
Benefit and insurance-related investments		491		485
Accounts receivable		329		558
Fixed assets, net		162		152
Other loans, net		70		83
Other		400		395

Total	$	4,682	$	5,664

Stockholders' Equity

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Stockholders' Equity

9.	Stockholders’ Equity

Common Stock

Our shareholders have authorized the issuance of 1.125 billion shares of common stock. The par value of Navient common stock is $0.01 per share. At December 31, 2015, 348 million shares were issued and outstanding and 24 million shares were unissued but encumbered for outstanding stock options, restricted stock units and dividend equivalent units for employee compensation and remaining authority for stock-based compensation plans. The stock-based compensation plans are described in “Note 11 — Stock-Based Compensation Plans and Arrangements.”

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

Dividend and Share Repurchase Program

In 2015, we paid quarterly common stock dividends of $0.16 per share, resulting in a full-year common stock dividend of $0.64 per share.

In 2013, SLM Corporation authorized $800 million to be utilized in a new common share repurchase program and repurchased 27.0 million shares for $600 million.

In May 2014, Navient authorized $400 million to be utilized in a new common share repurchase program. We repurchased 30.4 million shares of common stock for $600 million in 2014 (8.3 million shares for $200 million pre-Spin-Off, and 22.1 million shares for $400 million post-Spin-Off), fully utilizing the 2013 and 2014 share repurchase programs.

In January 2015, Navient authorized $1.0 billion to be utilized in a new common share repurchase program. We repurchased 56.0 million shares of common stock for $945 million in 2015. In December 2015, Navient authorized an additional $700 million to be utilized in a new common share repurchase program. As of December 31, 2015, the remaining repurchase authority was $755 million. Since the Spin-Off, we repurchased 78.1 million shares.

The following table summarizes our common share repurchases and issuances.


	Years Ended December 31,
	2015		2014		2013
Common stock repurchased⁽¹⁾		56,043,711		30,432,689		26,987,043
Average purchase price per share	$	16.87	$	19.72	$	22.26
Shares repurchased related to employee stock-based compensation plans⁽²⁾		2,404,328		4,171,342		6,365,002
Average purchase price per share	$	19.81	$	20.91	$	21.76
Common shares issued⁽³⁾		4,924,021		7,389,962		9,702,976

⁽¹⁾

Common shares purchased under our share repurchase programs.

⁽²⁾

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

⁽³⁾

Common shares issued under our various compensation and benefit plans.

The closing price of our common stock on December 31, 2015 was $11.45.

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

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Earnings (Loss) per Common Share

Earnings (Loss) per Common Share

12 Months Ended

Dec. 31, 2015

Earnings Per Share [Abstract]

10.

Earnings (Loss) per Common Share

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


	Years Ended December 31,
(In millions, except per share data)	2015		2014		2013
Numerator:
Net income attributable to Navient Corporation	$	997	$	1,149	$	1,418
Preferred stock dividends		—		6		20

Net income attributable to Navient Corporation common stock	$	997	$	1,143	$	1,398

Denominator:
Weighted average shares used to compute basic EPS		376		417		440
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units and Employee Stock Purchase Plan (“ESPP”)⁽¹⁾		6		8		9

Dilutive potential common shares⁽²⁾		6		8		9

Weighted average shares used to compute diluted EPS		382		425		449

Basic earnings (loss) per common share attributable to Navient Corporation:
Continuing operations	$	2.66	$	2.74	$	2.94
Discontinued operations		—		—		.24

Total	$	2.66	$	2.74	$	3.18

Diluted earnings (loss) per common share attributable to Navient Corporation:
Continuing operations	$	2.61	$	2.69	$	2.89
Discontinued operations		—		—		.23

Total	$	2.61	$	2.69	$	3.12

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

⁽²⁾	For the years ended December 31, 2015, 2014 and 2013, stock options covering approximately 6 million, 3 million and 3 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

Stock-Based Compensation Plans and Arrangements

12 Months Ended

Dec. 31, 2015

Postemployment Benefits [Abstract]

Stock-Based Compensation Plans and Arrangements

11.

Stock-Based Compensation Plans and Arrangements

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

As of December 31, 2015, we have one active stock-based incentive plan that provides for grants of equity awards to our employees and non-employee directors. We also maintain an ESPP. Shares issued under these stock-based compensation plans may be either shares reacquired by us or shares that are authorized but unissued.

Our Navient Corporation 2014 Omnibus Incentive Plan was effective on April 7, 2014. At December 31, 2015, 45 million shares were authorized to be issued from this plan.

Our Navient Corporation ESPP was effective on May 1, 2014. At December 31, 2015, 1 million shares were authorized to be issued from this plan.

The total stock-based compensation cost recognized in the consolidated statements of income for 2015, 2014 and 2013 was $29 million, $39 million and $47 million, respectively. As of December 31, 2015, there was $15 million of total unrecognized compensation expense related to unvested stock awards, which is expected to be recognized over a weighted average period of 1.9 years. We amortize compensation expense on a straight-line basis over the related vesting periods of each tranche of each award.

Stock Options

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

The fair values of the options granted in the years ended December 31, 2015, 2014 and 2013 were estimated as of the grant date using a Black-Scholes option pricing model with the following weighted average assumptions (information for the 2014 period prior to the Spin-Off is based on stock option awards for SLM Corporation common stock):


	Years Ended December 31,
	2015			2014 Post-Spin-Off			2014 Pre-Spin-Off			2013
Expected life of the option		2.9 years			2.9 years			2.9 years			2.8 years
Expected volatility		22	%		27	%		26	%		31	%
Risk-free interest rate		.95	%		.81	%		.76	%		.65	%
Expected dividend rate		2.99	%		3.53	%		2.48	%		3.35	%
Weighted average fair value of options granted	$	2.22		$	2.29		$	3.48		$	3.11

The expected life is based in general on observed historical exercise patterns of SLM Corporation’s employees pre-Spin-Off (excluding employees who transitioned to SLM Bank) and Navient’s employees post-Spin-Off. The expected volatility is based in general on implied volatility from publicly-traded options on our stock at the grant date and historical volatility of both our stock and our peer group consistent with the expected life of the option. The risk-free interest rate is based on the U.S. Treasury spot rate at the grant date consistent with the expected life of the option. The dividend yield is based on the projected annual dividend payment per share based on the dividend amount at the grant date, divided by the stock price at the grant date.

The following table summarizes Navient’s stock option activity in 2015.


	Number of Options			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value⁽¹⁾
Outstanding at December 31, 2014		17,321,559		$	14.68
Granted		1,978,622			21.47
Exercised⁽²⁾⁽³⁾		(2,005,832	)		9.45
Canceled		(1,532,861	)		31.52

Outstanding at December 31, 2015⁽⁴⁾		15,761,488			14.56		2.6 yrs	$	19

Exercisable at December 31, 2015		11,373,279		$	13.36		2.4 yrs	$	19

⁽¹⁾

The aggregate intrinsic value represents the total intrinsic value (the aggregate difference between our closing stock price on December 31, 2015 and the exercise price of in-the-money options) that would have been received by the option holders if all in-the-money options had been exercised on December 31, 2015.

⁽²⁾

The total intrinsic value of SLM Corporation stock options exercised during periods prior to the Spin-Off was $23 million and $73 million for 2014 and 2013, respectively. The total intrinsic value of Navient stock options exercised subsequent to the Spin-Off was $19 million and $23 million for 2015 and 2014, respectively.

⁽³⁾

There was no cash received from option exercises in 2015. The actual tax benefit realized for the tax deductions from option exercises totaled $9 million for 2015.

⁽⁴⁾

As of December 31, 2015, there was $1 million of unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted average period of 1.9 years.

Restricted Stock

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

The following table summarizes Navient’s restricted stock activity in 2015.


	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested at December 31, 2014		—		$	—
Granted		32,326			21.65
Vested⁽¹⁾		(32,326	)		21.65
Canceled		—			—

Non-vested at December 31, 2015⁽²⁾		—		$	—

⁽¹⁾

The total fair value of SLM Corporation shares that vested during periods prior to the Spin-Off was $1 million and $2 million for 2014 and 2013, respectively. The total fair value of Navient shares that vested subsequent to the Spin-Off was $1 million and $1 million for 2015 and 2014, respectively.

⁽²⁾

As of December 31, 2015, there was no unrecognized compensation cost related to restricted stock.

Restricted Stock Units and Performance Stock Units

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

The following table summarizes Navient’s RSU and PSU activity in 2015.


	Number of RSUs/ PSUs			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2014		4,869,221		$	12.34
Granted		1,364,610			21.62
Vested and converted to common stock⁽¹⁾		(2,511,419	)		11.73
Canceled		(50,183	)		16.34

Outstanding at December 31, 2015⁽²⁾		3,672,229		$	16.15

⁽¹⁾

The total fair value of SLM Corporation RSUs and PSUs that vested and converted to common stock during periods prior to the Spin-Off was $35 million and $27 million for 2014 and 2013, respectively. The total fair value of Navient RSUs and PSUs that vested and converted to common stock subsequent to the Spin-Off was $29 million and $1 million for 2015 and 2014, respectively.

⁽²⁾

As of December 31, 2015, there was $13 million of unrecognized compensation cost related to RSUs and PSUs, which is expected to be recognized over a weighted average period of 2.0 years.

Fair Value Measurements

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

12.

Fair Value Measurements

We use estimates of fair value in applying various accounting standards for our financial statements. We categorize our fair value estimates based on a hierarchical framework associated with three levels of price transparency utilized in measuring financial instruments at fair value.

Education Loans

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

FFELP Loans

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

Private Education Loans

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

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

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

Borrowings

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

Derivative Financial Instruments

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

When determining the fair value of derivatives, we take into account counterparty credit risk for positions where there is exposure to the counterparty on a net basis by assessing exposure net of collateral held. The net exposures for each counterparty are adjusted based on market information available for the specific counterparty, including spreads from credit default swaps. When the counterparty has exposure to us under derivatives with us, we fully collateralize the exposure, minimizing the adjustment necessary to the derivative valuations for our credit risk. While trusts that contain derivatives are not required to post collateral, when the counterparty is exposed to the trust the credit quality and securitized nature of the trusts minimizes any adjustments for the counterparty’s exposure to the trusts. The net credit risk adjustment (adjustments for our exposure to counterparties net of adjustments for the counterparties’ exposure to us) decreased the valuations by $1 million at December 31, 2015.

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

•

Interest rate swaps — Derivatives are valued using standard derivative cash flow models. Derivatives that swap fixed interest payments for LIBOR interest payments (or vice versa) and derivatives swapping quarterly reset LIBOR for daily reset LIBOR or one-month LIBOR were valued using the LIBOR swap yield curve which is an observable input from an active market. These derivatives are level 2 fair value estimates in the hierarchy. Other derivatives swapping LIBOR interest payments for another variable interest payment (primarily T-Bill or Prime) or swapping interest payments based on the Consumer Price Index for LIBOR interest payments are valued using the LIBOR swap yield curve and observable market spreads for the specified index. The markets for these swaps are generally illiquid as indicated by a wide bid/ask spread. The adjustment made for liquidity decreased the valuations by $31 million at December 31, 2015. These derivatives are level 3 fair value estimates.

•

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

•

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

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

The following table summarizes the valuation of our financial instruments that are marked-to-market on a recurring basis. During 2015 and 2014, there were no significant transfers of financial instruments between levels.


	Fair Value Measurements on a Recurring Basis
	December 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		—		4			—			4			—		5			—			5

Total available-for-sale investments		—		5			—			5			—		6			—			6
Derivative instruments:⁽¹⁾
Interest rate swaps		—		709			17			726			—		841			16			857
Cross-currency interest rate swaps		—		—			2			2			—		—			164			164
Other		—		—			—			—			—		—			1			1

Total derivative assets⁽²⁾		—		709			19			728			—		841			181			1,022

Total	$	—	$	714		$	19		$	733		$	—	$	847		$	181		$	1,028

Liabilities⁽³⁾
Derivative instruments⁽¹⁾
Interest rate swaps	$	—	$	(99	)	$	(61	)	$	(160	)	$	—	$	(41	)	$	(104	)	$	(145	)
Floor Income Contracts		—		(365	)		—			(365	)		—		(915	)		—			(915	)
Cross-currency interest rate swaps		—		(83	)		(905	)		(988	)		—		(77	)		(281	)		(358	)
Other		—		—			(2	)		(2	)		—		—			(12	)		(12	)

Total derivative liabilities⁽²⁾		—		(547	)		(968	)		(1,515	)		—		(1,033	)		(397	)		(1,430	)

Total	$	—	$	(547	)	$	(968	)	$	(1,515	)	$	—	$	(1,033	)	$	(397	)	$	(1,430	)

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

⁽²⁾	See “Note 7 — Derivative Financial Instruments” for a reconciliation of gross positions without the impact of master netting agreements to the balance sheet classification.

⁽³⁾	Borrowings which are the hedged 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.

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


	Year Ended December 31, 2015
	Derivative Instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other			Total Derivative Instruments
Balance, beginning of period	$	(88	)	$	(117	)	$	(11	)	$	(216	)
Total gains/(losses) (realized and unrealized):
Included in earnings⁽¹⁾		39			(796	)		6			(751	)
Included in other comprehensive income		—			—			—			—
Settlements		5			10			3			18
Transfers in and/or out of level 3		—			—			—			—

Balance, end of period	$	(44	)	$	(903	)	$	(2	)	$	(949	)

Change in unrealized gains/(losses) relating to instruments still held at the reporting date⁽²⁾	$	37		$	(783	)	$	9		$	(737	)


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

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

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


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

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

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

⁽¹⁾

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


	Years Ended December 31,
(Dollars in millions)	2015			2014			2013
Gains (losses) on derivative and hedging activities, net	$	(741	)	$	(1,116	)	$	(27	)
Interest expense		(10	)		44			77

Total	$	(751	)	$	(1,072	)	$	50

⁽²⁾

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

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


(Dollars in millions)	Fair Value at December 31, 2015			Valuation Technique	Input	Range (Weighted Average)
Derivatives
Consumer Price Index/LIBOR basis swaps	$	8		Discounted cash flow	Bid/ask adjustment to discount rate	.02% — .05% (.04%)

Prime/LIBOR basis swaps		(52	)	Discounted cash flow	Constant Prepayment Rate	4.7%
					Bid/ask adjustment to discount rate	.03% — .09% (.03%)

Cross-currency interest rate swaps		(903	)	Discounted cash flow	Constant Prepayment Rate	2.8%
Other		(2	)

Total	$	(949	)

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

•

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

•

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

•

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

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


	December 31, 2015									December 31, 2014
(Dollars in millions)	Fair Value			Carrying Value			Difference			Fair Value			Carrying Value			Difference
Earning assets
FFELP Loans	$	94,377		$	96,498		$	(2,121	)	$	104,419		$	104,521		$	(102	)
Private Education Loans		25,772			26,394			(622	)		29,433			29,796			(363	)
Cash and investments⁽¹⁾		5,833			5,833			—			6,002			6,002			—

Total earning assets		125,982			128,725			(2,743	)		139,854			140,319			(465	)

Interest-bearing liabilities
Short-term borrowings		2,569			2,570			1			2,661			2,663			2
Long-term borrowings		118,471			124,833			6,362			134,201			136,866			2,665

Total interest-bearing liabilities		121,040			127,403			6,363			136,862			139,529			2,667

Derivative financial instruments
Floor Income Contracts		(365	)		(365	)		—			(915	)		(915	)		—
Interest rate swaps		566			566			—			712			712			—
Cross-currency interest rate swaps		(986	)		(986	)		—			(194	)		(194	)		—
Other		(2	)		(2	)		—			(11	)		(11	)		—

Excess of net asset fair value over carrying value							$	3,620								$	2,202

⁽¹⁾

“Cash and investments” includes available-for-sale investments that consist of investments that are primarily agency securities whose cost basis is $4 million and $5 million at December 31, 2015 and 2014, respectively, versus a fair value of $5 million and $6 million at December 31, 2015 and 2014, respectively.

Commitments, Contingencies and Guarantees

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments, Contingencies and Guarantees

13.

Commitments, Contingencies and Guarantees

Regulatory Matters

On May 2, 2014, Navient Solutions, Inc. (“NSI”), a wholly-owned subsidiary of Navient, and Sallie Mae Bank entered into consent orders with the Federal Deposit Insurance Corporation (the “FDIC”) (respectively, the “NSI Order” and the “Bank Order”; collectively, the “FDIC Orders”) to resolve matters related to certain cited violations of Section 5 of the Federal Trade Commission Act, including the disclosures and assessments of certain late fees, as well as alleged violations under the Servicemembers Civil Relief Act (the “SCRA”). The FDIC Orders, which became effective upon the signing of the consent order with the United States Department of Justice (the “DOJ”) by NSI and SLM BankCo on May 13, 2014, required NSI to pay $3.3 million in civil monetary penalties. NSI 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 in May 2014. The DOJ consent order (the “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 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 penalties pursuant to the terms of the order. On April 15, 2015, the DOJ approved the distribution plan for the settlement fund and the funds were disbursed 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 December 31, 2015, substantially all of this amount had been paid or credited or refunded to customer accounts. The final cost of these proceedings will remain uncertain until all of the work under the various consent orders has been completed and the consent orders are lifted.

As previously disclosed, the Company and various of its subsidiaries are subject to the following investigations and inquiries:

•

In December 2013, Navient received Civil Investigative Demands (“CIDs”) 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. 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 received a series of supplemental CIDs on these matters. On August 19, 2015, NSI received a letter from the CFPB notifying NSI that, in accordance with the CFPB’s discretionary Notice and Opportunity to Respond and Advise (“NORA”) process, the CFPB’s Office of Enforcement is considering recommending that the CFPB take legal action against NSI. The NORA letter relates to a previously disclosed investigation into NSI’s disclosures and assessment of late fees and other matters and states that, in connection with any action, the CFPB may seek restitution, civil monetary penalties and corrective action against NSI. The Company responded to the NORA letter on September 10, 2015.

•

In November 2014, Navient’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.

•

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.

We have been in discussions with each of these regulatory entities or bodies and 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.

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 also routinely receive inquiries or requests from various regulatory entities or bodies or government agencies concerning our business or our assets. The Company endeavors to cooperate with each such inquiry or request.

Under the terms of the Separation Agreement, Navient has agreed to be responsible and indemnify SLM BankCo for all claims, actions, damages, losses or expenses that may arise from the conduct of all activities of pre-Spin-Off SLM BankCo occurring prior to the Spin-Off other than those specifically excluded in the Separation and Distribution Agreement. As a result, all liabilities arising out of the 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 December 31, 2015.

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 period to file an appeal in this matter has not expired. 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.

Income Taxes

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Income Taxes

14.

Income Taxes

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


	Years Ended December 31,
	2015			2014			2013
Statutory rate		35.0	%		35.0	%		35.0	%
State tax, net of federal benefit		2.6			2.0			2.0
Other, net		.1			.5			.1

Effective tax rate		37.7	%		37.5	%		37.1	%

The effective tax rates for discontinued operations for the years ended December 31, 2015, 2014 and 2013 are 37.0 percent, 37.0 percent, and 16.2 percent, respectively. The effective tax rate varies from the statutory U.S. federal rate of 35 percent primarily due to the impact of state taxes, net of federal benefit, for the years ended December 31, 2015, 2014 and 2013 and the release of valuation allowances against capital loss carryforwards for the year ended December 31, 2013.

Income tax expense consists of:


	December 31,
(Dollars in millions)	2015		2014			2013
Continuing operations current provision/(benefit):
Federal	$	136	$	443		$	567
State		22		42			47

Total continuing operations current provision/(benefit)		158		485			614
Continuing operations deferred provision/(benefit):
Federal		404		189			142
State		42		14			20

Total continuing operations deferred provision/(benefit)		446		203			162

Continuing operations provision for income tax expense/(benefit)		604		688			776

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

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

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

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

Provision for income tax expense/(benefit)	$	604	$	688		$	796

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


	December 31,
(Dollars in millions)	2015		2014
Deferred tax assets:
Loan reserves	$	609	$	795
Market value adjustments on education loans, investments and derivatives		126		352
Education loan premiums and discounts, net		95		114
Deferred revenue		46		49
Stock-based compensation plans		43		50
Unrealized derivative and investment gains and losses, net		30		—
Accrued expenses not currently deductible		24		27
Other		29		25

Total deferred tax assets		1,002		1,412

Deferred tax liabilities:
Original issue discount on borrowings		23		13
Other		46		51

Total deferred tax liabilities		69		64

Net deferred tax assets	$	933	$	1,348

Included in other deferred tax assets is a valuation allowance of $7 million and $8 million as of December 31, 2015 and 2014, respectively, against a portion of the Company’s federal and state deferred tax assets. The valuation allowance is primarily attributable to deferred tax assets for state capital loss carryforwards and state net operating loss carryforwards that management believes it is more likely than not will expire prior to being realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income of the appropriate character (i.e., capital or ordinary) during the period in which the temporary differences become deductible. Management considers, among other things, the economic slowdown, the scheduled reversals of deferred tax liabilities, and the history of positive taxable income available for net operating loss carrybacks in evaluating the realizability of the deferred tax assets.

As of December 31, 2015, we have apportioned state net operating loss carryforwards of $251 million which begin to expire in 2024 and state capital loss carryforwards of $2 million which begin to expire in 2017.

Accounting for Uncertainty in Income Taxes

The following table summarizes changes in unrecognized tax benefits:


	December 31,
(Dollars in millions)	2015			2014			2013
Unrecognized tax benefits at beginning of year	$	51.9		$	56.0		$	41.2
Increases resulting from tax positions taken during a prior period		1.6			1.0			5.8
Decreases resulting from tax positions taken during a prior period		(1.8	)		(12.4	)		(7.7	)
Increases resulting from tax positions taken during the current period		6.9			8.4			28.1
Decreases related to settlements with taxing authorities		—			(.6	)		(7.7	)
Increases related to settlements with taxing authorities		—			—			—
Reductions related to the lapse of statute of limitations		(2.3	)		(.5	)		(3.7	)

Unrecognized tax benefits at end of year	$	56.3		$	51.9		$	56.0

As of December 31, 2015, the gross unrecognized tax benefits are $56.3 million. Included in the $56.3 million are $33.9 million of unrecognized tax benefits that, if recognized, would favorably impact the effective tax rate.

The Company or one of its subsidiaries files income tax returns at the U.S. federal level, in most U.S. states and various foreign jurisdictions. U.S. federal income tax returns filed for years 2010 and prior have either been audited or surveyed and are now resolved. Various combinations of subsidiaries, tax years and jurisdictions remain open for review, subject to statute of limitations periods (typically 3 to 4 prior years). We do not expect the resolution of open audits to have a material impact on our unrecognized tax benefits.

Segment Reporting

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Segment Reporting

15.

Segment Reporting

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

FFELP Loans Segment

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

We are currently the largest holder of FFELP Loans. Navient’s portfolio of FFELP Loans as of December 31, 2015 was $96.5 billion and we anticipate that this FFELP Loan portfolio will have an amortization period in excess of 20 years and a 7-year remaining weighted average life. Navient’s goal is to maximize and optimize the timing of the cash flows generated by its FFELP Loan portfolio. Navient also seeks to acquire FFELP Loan portfolios from third parties to add net interest income and servicing revenue. During the year ended December 31, 2015, Navient acquired $3.7 billion of FFELP Loans. FFELP Loans are insured or guaranteed by state or not-for-profit agencies and are also protected by contractual rights to recovery from the United States pursuant to guaranty agreements among ED and these agencies. These guarantees generally cover at least 97 percent of a FFELP Loan’s principal and accrued interest for loans disbursed. For more discussion of the FFELP and related credit support mechanisms, see Appendix A “Description of Federal Family Education Loan Program.”

As a result of the long-term funding used in the FFELP Loan portfolio and the insurance and guarantees provided on these loans, the portfolio generates consistent and predictable cash flows and the capital we choose to allocate to the segment is modest. As of December 31, 2015, approximately 78 percent of the FFELP Loans held by Navient were funded to term with non-recourse, long-term securitization debt.

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

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


	December 31,
(Dollars in millions)	2015		2014
FFELP Loans, net	$	96,498	$	104,521
Cash and investments⁽¹⁾		3,572		4,050
Other		2,015		2,566

Total assets	$	102,085	$	111,137

⁽¹⁾

Includes restricted cash and investments.

Private Education Loans Segment

In this segment, we acquire, finance and service our 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 earnings and cash flow as the portfolio amortizes.

We are currently the largest holder of Private Education Loans. Navient’s portfolio of Private Education Loans as of December 31, 2015 was $26.4 billion and we anticipate that this Private Education Loan portfolio will have an amortization period in excess of 20 years and a 7-year remaining weighted average life. Navient’s goal is to maximize and optimize the timing of the cash flows generated by its Private Education Loan portfolio. Navient also seeks to acquire Private Education Loan portfolios from third parties to add net interest income. As of December 31, 2015, approximately 62 percent of the Private Education Loans held by Navient were funded to term with non-recourse, long-term securitization debt.

Unlike FFELP Loans, the holder of a Private Education Loan bears the full credit risk of the customer and any cosigner. Navient believes the credit risk of the Private Education Loans it owns is well managed through the rigorous underwriting practices and risk-based pricing utilized when the loans were originated, the continued high levels of qualified cosigners and our internal servicing and risk mitigation practices, as well as our careful use of forbearance and our loan modification programs. Navient expects the existence of these elements and the use of these practices when taken together reduces the risk of payment interruptions and defaults on its Private Education Loan portfolio. In the second quarter of 2015, we changed our assumptions related to estimated recoveries and as a result, the portion of the loan amount charged off at default increased from 73 percent to 79 percent. This change resulted in a $330 million reduction to the balance of the receivable for partially charged-off loans. Excluding this amount, on a “Core Earnings” basis the 2015 charge-off rate for Private Education Loans as a percentage of loans in repayment was 2.6 percent.

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


	December 31,
(Dollars in millions)	2015		2014
Private Education Loans, net	$	26,394	$	29,796
Cash and investments⁽¹⁾		596		402
Other		1,988		2,453

Total assets	$	28,978	$	32,651

⁽¹⁾

Includes restricted cash and investments.

Business Services Segment

Our Business Services segment generates revenue from servicing, asset recovery and business processing activities. Within this segment, we primarily generate revenue from servicing our FFELP Loan portfolio as well as servicing education loans for Guarantors of FFELP Loans and other institutions, including ED. We provide asset recovery services for loans and receivables on behalf of Guarantors of FFELP Loans, higher education institutions and federal, state, court and municipal clients. In addition, we provide business processing services on behalf of municipalities, public authorities and hospitals.

In February 2015, Navient completed the acquisition of Gila LLC, an asset recovery and business processing firm. The firm provides receivables management services and account processing solutions for state governments, agencies, court systems and municipalities. In October 2015, Navient completed the acquisition of Xtend Healthcare, a health care revenue cycle management company. The firm provides health insurance claims billing and account resolution, as well as patient billing and customer service. The acquisitions of Gila LLC and Xtend Healthcare expanded Navient’s capabilities into new geographies and sectors.

We provide asset recovery and business processing services for over 1,000 clients, working with a broad spectrum of asset classes. This market is highly fragmented and provides attractive organic growth opportunities. As of December 31, 2015, Navient had an outstanding inventory of asset recovery receivables of approximately $20.2 billion, of which $9.9 billion was attributable to asset classes unrelated to education loans, an increase of $7.0 billion from December 31, 2014. Non-federal education loan related asset recovery revenues increased from $49 million in 2014 to $118 million in 2015.

Federal Education Related Revenues

In 2015, federal education loan (FFELP and ED) related revenues in the business services segment accounted for 87 percent of total Business Services segment revenues compared with 94 percent in 2014. Total Business Services segment revenues were $1.02 billion for the year ended December 31, 2015, down from $1.06 billion for the year ended December 31, 2014.

Navient is currently the largest servicer and collector of loans made under the FFELP program, and the majority of our income has been derived, directly or indirectly, from our portfolio of FFELP Loans and the servicing and asset recovery we have provided for Guarantors and third-party owners of FFELP Loans. In 2010, Congress passed legislation ending the origination of education loans under FFELP. The terms and conditions of existing FFELP Loans were not affected by this legislation. We anticipate that the revenue we earn from providing servicing and asset recovery services on FFELP Loans will decline over time.

•

Servicing revenues from the FFELP Loans we own represent intercompany charges to the FFELP Loans segment at rates paid to us by the securitization trusts which own the loans. These fees are contractually the first payment priority of the trusts after the payment of trustee fees and exceed the actual cost of servicing the loans. Intercompany loan servicing revenues declined to $427 million in 2015 from $456 million in 2014. Intercompany loan servicing revenues will continue to decline as our FFELP Loan portfolio amortizes.

•

In 2015, we earned account maintenance fees on FFELP Loans serviced for Guarantors of $33 million, down from $36 million in 2014. These fees will continue to decline as the underlying FFELP Loan portfolio serviced for Guarantors amortizes.

•

As of December 31, 2015, we provide asset recovery (default aversion, post-default collections and claims processing) to 11 of the 29 Guarantor agencies that serve as intermediaries between the U.S. federal government and FFELP lenders and are responsible for paying the claims made on defaulted loans. In 2015, asset recovery revenue from Guarantor clients totaled $209 million, compared to $275 million the prior year. As FFELP Loans are no longer originated, these revenues will decline over time unless we add additional Guarantor clients. The rate at which these revenues will decrease has also been affected by the Bipartisan Budget Act (the “Budget Act”) enacted on December 26, 2013 and effective on July 1, 2014, which reduced the amount to be paid to Guarantor agencies for assisting customers to rehabilitate their defaulted FFELP Loans under Section 428F of the HEA. This aspect of the Budget Act reduced our revenue by approximately $79 million in 2015 compared to 2014.

Since 2009 when we were selected through a competitive bidding process, Navient has been one of four TIVAS that provides customer service for federal loans owned by ED. This contract has been extended through 2019. Under the terms of the contract extension, the allocation of new borrower volume is determined twice each year based on the relative performance of the servicers of five metrics: borrowers in current repayment status (30 percent), borrowers more than 90 but less than 271 days delinquent (15 percent), borrowers 271 days or more up to 360 days delinquent (15 percent), a survey of borrowers (35 percent), and a survey of ED personnel (5 percent). In 2015, other state-based not-for-profit servicers that had previously received a contract through a legislative, no-bid process began to receive a 26 percent allocation of total new borrowers, leaving a 74 percent allocation to the TIVAS. In the last allocation, Navient received 15 percent of new loan volume. In December 2015, Congress passed legislation that requires an allocation system to award new loan volume to all the servicers on the basis of their performance utilizing established common metrics, and on the basis of the capacity of each servicer to process new and existing accounts. ED has previously indicated that the portfolios of the not-for-profit servicers and the TIVAS cannot be compared due to differences in the borrower composition of the portfolios. ED has not yet announced how it will implement the requirement to ensure capacity and common metrics. It is possible that Navient’s market share of new borrowers would decline. ED has said that it intends to start a rebidding process for these servicing contracts sometime in 2016. Under this servicing contract as of December 31, 2015, we service approximately 6.3 million accounts or $186.0 billion in loans. We earned $139 million of revenue under the contract for the year ended December 31, 2015.

Since 1997, Navient has provided asset recovery services on defaulted education loans to ED. This contract expired by its terms on February 21, 2015 and our Pioneer Credit Recovery (“Pioneer”) subsidiary received no new account placements under the contract. We engaged with ED to learn more about their decision and address any questions or concerns they may have. In addition, on March 9, 2015, Pioneer filed a bid protest with the U.S. Government Accountability Office (“GAO”). This bid protest was dismissed on March 13, 2015 from the GAO based upon overlapping jurisdiction. Following the bid protest dismissal, Pioneer filed its own complaint with the U.S. Court of Federal Claims, which complaint was consolidated with several similar cases filed by other private collection agencies. On April 16, 2015, Pioneer’s complaint, together with the other plaintiffs’ consolidated complaints, was dismissed for lack of jurisdiction. We have appealed this decision. Pioneer’s appeal along with the appeals from some of the other similar cases was heard on November 5, 2015 and no ruling has been issued.

Separately, we have submitted a response to ED’s request for proposals (“RFP”) in relation to a new contract for similar services. There can be no assurances that Pioneer will be awarded an extension of the existing contract, or a new contract awarded to Pioneer or any other Navient subsidiary.

At December 31, 2015 and 2014, the Business Services segment had total assets of $657 million and $416 million, respectively.

Other Segment

Our Other segment primarily consists of activities of our holding company, including the repurchase of debt, our corporate liquidity portfolio, unallocated overhead and regulatory-related costs. We also include results from certain smaller wind-down 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. Regulatory-related costs include actual settlement amounts as well as third-party professional fees we incur in connection with regulatory matters.

At December 31, 2015 and 2014, the Other segment had total assets of $2.4 billion and $2.1 billion, respectively.

Measure of Profitability

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

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

The financial results attributable to the operations of SLM BankCo prior to the Spin-Off and related restructuring and other reorganization expense incurred in connection with the Spin-Off, including the restructuring expenses related to the restructuring initiative launched in second-quarter 2015 to simplify and streamline the Company’s management structure post-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


	Year Ended December 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:
Education loans	$	2,112	$	1,756		$	—	$	—		$	—		$	3,868		$	650		$	(238	)	$	412	$	4,280
Other loans		—		—			—		7			—			7			—			—			—		7
Cash and investments		6		—			—		2			—			8			—			—			—		8

Total interest income		2,118		1,756			—		9			—			3,883			650			(238	)		412		4,295
Total interest expense		1,245		680			—		112			—			2,037			37			—			37		2,074

Net interest income (loss)		873		1,076			—		(103	)		—			1,846			613			(238	)		375		2,221
Less: provisions for loan losses		26		538			—		(3	)		—			561			—			—			—		561

Net interest income (loss) after provisions for loan losses		847		538			—		(100	)		—			1,285			613			(238	)		375		1,660
Other income (loss):
Servicing revenue		95		21			651		—			(427	)		340			—			—			—		340
Asset recovery and business processing revenue		—		—			367		—			—			367			—			—			—		367
Other income		—		—			4		11			—			15			(613	)		781			168		183
Gains (losses) on sales of loans and investments		12		(21	)		—		—			—			(9	)		—			—			—		(9	)
Gains on debt repurchases		—		—			—		21			—			21			—			—			—		21

Total other income (loss)		107		—			1,022		32			(427	)		734			(613	)		781			168		902
Expenses:
Direct operating expenses		443		168			485		30			(427	)		699			—			—			—		699
Overhead expenses		—		—			—		219			—			219			—			—			—		219

Operating expenses		443		168			485		249			(427	)		918			—			—			—		918
Goodwill and acquired intangible asset impairment and amortization		—		—			—		—			—			—			—			12			12		12
Restructuring and other reorganization expenses		—		—			—		—			—			—			—			32			32		32

Total expenses		443		168			485		249			(427	)		918			—			44			44		962

Income (loss) from continuing operations, before income tax expense (benefit)		511		370			537		(317	)		—			1,101			—			499			499		1,600
Income tax expense (benefit)⁽³⁾		190		137			199		(118	)		—			408			—			196			196		604

Net income (loss) from continuing operations		321		233			338		(199	)		—			693			—			303			303		996
Income from discontinued operations, net of tax expense		—		—			—		1			—			1			—			—			—		1

Net income (loss)	$	321	$	233		$	338	$	(198	)	$	—		$	694		$	—		$	303		$	303	$	997

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

⁽²⁾	“Core Earnings” adjustments to GAAP:


	Year Ended December 31, 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	$	—		$	375	$	—		$	375
Total other income		—			168		—			168
Operating expenses		—			—		—			—
Goodwill and acquired intangible asset impairment and amortization		—			—		12			12
Restructuring and other reorganization expenses		32			—		—			32

Total “Core Earnings” adjustments to GAAP	$	(32	)	$	543	$	(12	)		499

Income tax expense										196

Net income									$	303

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


	Year Ended December 31, 2014
(Dollars in millions)	FFELP Loans		Private Education Loans		Business Services		Other			Eliminations⁽¹⁾			Total “Core Earnings”		Adjustments									Total GAAP
(Dollars in millions)	FFELP Loans		Private Education Loans		Business Services		Other			Eliminations⁽¹⁾			Total “Core Earnings”		Reclassifications			Additions/ (Subtractions)			Total Adjustments⁽²⁾			Total GAAP
Interest income:
Education loans	$	2,097	$	1,958	$	—	$	—		$	—		$	4,055	$	699		$	(42	)	$	657		$	4,712
Other loans		—		—		—		9			—			9		—			—			—			9
Cash and investments		4		—		—		4			—			8		—			1			1			9

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

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

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

Total other income (loss)		62		25		1,062		26			(456	)		719		(657	)		845			188			907
Expenses:
Direct operating expenses		478		181		389		132			(456	)		724		—			36			36			760
Overhead expenses		—		—		—		200			—			200		—			27			27			227

Operating expenses		478		181		389		332			(456	)		924		—			63			63			987
Goodwill and acquired intangible asset impairment and amortization		—		—		—		—			—			—		—			9			9			9
Restructuring and other reorganization expenses		—		—		—		—			—			—		—			113			113			113

Total expenses		478		181		389		332			(456	)		924		—			185			185			1,109
Income (loss) from continuing operations, before income tax expense (benefit)		477		555		673		(407	)		—			1,298		—			539			539			1,837
Income tax expense (benefit)⁽³⁾		178		204		248		(150	)		—			480		—			208			208			688

Net income (loss) from continuing operations	$	299	$	351	$	425	$	(257	)	$	—		$	818	$	—		$	331		$	331		$	1,149
Income (loss) from discontinued operations, net of tax expense (benefit)		—		—		—		—			—			—		—			—			—			—

Net income (loss)	$	299	$	351	$	425	$	(257	)	$	—		$	818	$	—		$	331		$	331		$	1,149

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

⁽²⁾	“Core Earnings” adjustments to GAAP:


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

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

Income tax expense										208

Net income									$	331

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


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

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

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

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

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

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

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

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

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

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

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

⁽²⁾	“Core Earnings” adjustments to GAAP:


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

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

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

Net income									$	176

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

Summary of “Core Earnings” Adjustments to GAAP


	Years Ended December 31,
(Dollars in millions)	2015			2014			2013
“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⁾	$	(32	)	$	(25	)	$	84
Net impact of derivative accounting⁽²⁾		543			573			243
Net impact of goodwill and acquired intangible assets⁽³⁾		(12	)		(9	)		(13	)
Net tax effect⁽⁴⁾		(196	)		(208	)		(133	)
Net impact of discontinued operations and noncontrolling interest		—			—			(5	)

Total “Core Earnings” adjustments to GAAP	$	303		$	331		$	176

⁽¹⁾

SLM BankCo’s operations and restructuring and other 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 other reorganization expense incurred in connection with the Spin-Off, including the restructuring expenses related to the restructuring initiative launched in second-quarter 2015 to simplify and streamline the Company’s management structure post-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. The restructuring and other reorganization expense incurred in connection with the Spin-Off includes the restructuring expenses related to the restructuring initiative launched in second-quarter 2015 to simplify and streamline the Company’s management structure post-Spin-Off.

⁽²⁾

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

⁽³⁾

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

⁽⁴⁾

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

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

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=51669610&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=51669610&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=51669610&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=51669610&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
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-Name Accounting Standards Codification
-Topic 280
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Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

12 Months Ended

Dec. 31, 2015

Discontinued Operations

16.

Discontinued Operations

The following table summarizes our discontinued operations.


	Years Ended December 31,
(Dollars in millions)	2015		2014		2013
Operations:
Income from discontinued operations before income tax expense	$	1	$	—	$	126
Income tax expense		—		—		20

Income from discontinued operations, net of tax expense	$	1	$	—	$	106

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

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (unaudited)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information (unaudited)

17.

Quarterly Financial Information (unaudited)


	2015
(Dollars in millions, except per share data)	First Quarter		Second Quarter			Third Quarter		Fourth Quarter
Net interest income	$	583	$	549		$	553	$	536
Less: provisions for loan losses		125		198			123		115

Net interest income after provisions for loan losses		458		351			430		421
Other income		178		219			161		178
Gains (losses) on derivative and hedging activities, net		71		(18	)		20		93
Operating expenses		230		225			228		235
Goodwill and acquired intangible asset impairment and amortization expense		1		3			3		5
Restructuring and other reorganization expenses		3		29			—		—
Income tax expense		181		113			144		166

Net income from continuing operations		292		182			236		286
Income from discontinued operations, net of tax expense		—		—			1		—

Net income		292		182			237		286
Less: net income (loss) attributable to noncontrolling interest		—		—			—		—

Net income attributable to Navient Corporation		292		182			237		286
Preferred stock dividends		—		—			—		—

Net income attributable to Navient Corporation common stock	$	292	$	182		$	237	$	286

Basic earnings per common share attributable to Navient Corporation:
Continuing operations	$	.73	$	.48		$	.64	$	.80
Discontinued operations		—		—			—		—

Total	$	.73	$	.48		$	.64	$	.80

Diluted earnings per common share attributable to Navient Corporation:
Continuing operations	$	.72	$	.47		$	.63	$	.79
Discontinued operations		—		—			—		—

Total	$	.72	$	.47		$	.63	$	.79


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

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

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

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

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

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

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

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

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

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

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2015

Allowance for Loan Losses

Use of Estimates

Use of Estimates

Consolidation

Consolidation

Fair Value Measurement

Fair Value Measurement

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

•

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

•

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

•

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

•

In the notes to the financial statements.

•

Loans

Loans

Allowance for Loan Losses

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

Allowance for Private Education Loan Losses

Certain Private Education Loans do not require customers to begin repayment until six months after they have graduated or otherwise left school. Consequently, our loss estimates for these programs are generally low while the customer is in school. At December 31, 2015, 8 percent of the principal balance in the higher education Private Education Loan portfolio was related to customers who are in an in-school/grace/deferment status and not required to make payments. As this population of customers leaves school, they will be required to begin payments on their loans, and the allowance for loan losses may change accordingly.

Allowance for FFELP Loan Losses

Investments

Investments

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

Cash and Cash Equivalents

Cash and Cash Equivalents

Restricted Cash and Investments

Restricted Cash and Investments

Goodwill and Acquired Intangible Assets

Goodwill and Acquired Intangible Assets

Securitization Accounting

Securitization Accounting

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

•

Owning the equity certificates of certain trusts.

•

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

•

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

•

Our responsibilities relative to representation and warranty violations.

•

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

•

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

•

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

•

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

•

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

•

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

Education Loan Interest Income

Education Loan Interest Income

Interest Expense

Interest Expense

Servicing Revenue

Servicing Revenue

Asset Recovery and Business Processing Revenue

Asset Recovery and Business Processing Revenue

Transfer of Financial Assets and Extinguishments of Liabilities

Transfer of Financial Assets and Extinguishments of Liabilities

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

Derivative Accounting

Derivative Accounting

Accounting for Stock-Based Compensation

Accounting for Stock-Based Compensation

Restructuring and Other Reorganization Expenses

Restructuring and Other Reorganization Expenses

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

Income Taxes

Income Taxes

Discontinued Operations

Discontinued Operations

Earnings (Loss) per Common Share

Earnings (Loss) per Common Share

Reclassifications

Reclassifications

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

Revenue Recognition

Classification and Measurement

Organization and Business (Tables)

12 Months Ended

Dec. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Navient Shareholder Distribution of SLM BankCo

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


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

Total assets	$	11,776

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

Total liabilities		10,066

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

Total equity⁽²⁾		1,710

Total liabilities and equity	$	11,776

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

⁽²⁾

Education Loans (Tables)

12 Months Ended

Dec. 31, 2015

Receivables [Abstract]

Education Loan Portfolio by Program

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


	December 31, 2015					Year Ended December 31, 2015
(Dollars in millions)	Ending Balance		% of Balance			Average Balance		Average Effective Interest Rate
FFELP Stafford and Other Education Loans, net⁽¹⁾	$	36,950		30	%	$	38,932		2.05	%
FFELP Consolidation Loans, net		59,548		48			61,489		2.80
Private Education Loans, net		26,394		22			28,803		6.10

Total education loans, net	$	122,892		100	%	$	129,224		3.31	%


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

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

⁽¹⁾	Primarily Stafford Loans, but also includes federally guaranteed PLUS and HEAL Loans.

Allowance for Loan Losses (Tables)

12 Months Ended

Dec. 31, 2015

Allowance for Credit Losses and Recorded Investments in Loans

Allowance for Loan Losses Metrics


	Year Ended December 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		26			538			(3	)		561
Net adjustment resulting from the change in the charge-off rate⁽¹⁾		—			(330	)		—			(330	)
Net charge-offs remaining⁽²⁾		(41	)		(659	)		(6	)		(706	)

Total net charge-offs		(41	)		(989	)		(6	)		(1,036	)
Reclassification of interest reserve⁽³⁾		—			11			—			11
Loan sales		—			(5	)		—			(5	)

Ending balance	$	78		$	1,471		$	15		$	1,564

Allowance:
Ending balance: individually evaluated for impairment	$	—		$	1,209		$	12		$	1,221
Ending balance: collectively evaluated for impairment	$	78		$	262		$	3		$	343
Loans:
Ending balance: individually evaluated for impairment⁽⁴⁾	$	—		$	10,965		$	37		$	11,002
Ending balance: collectively evaluated for impairment⁽⁴⁾	$	95,489		$	17,431		$	49		$	112,969
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in the charge-off rate (annualized)⁽¹⁾		.05	%		2.55	%		6.17	%
Net adjustment resulting from the change in the charge-off rate as a percentage of average loans in repayment (annualized)⁽¹⁾		—	%		1.28	%		—	%
Allowance coverage of net charge-offs, excluding the net adjustment resulting from the change in the charge-off rate (annualized)⁽¹⁾		1.9			2.2			2.5
Allowance as a percentage of the ending total loan balance		.08	%		5.18	%		17.28	%
Allowance as a percentage of the ending loans in repayment		.10	%		6.00	%		17.28	%
Ending total loans⁽⁴⁾	$	95,489		$	28,396		$	86
Average loans in repayment	$	75,945		$	25,802		$	97
Ending loans in repayment	$	73,934		$	24,502		$	86

⁽¹⁾

⁽²⁾

⁽³⁾

⁽⁴⁾

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


	Year Ended December 31, 2014
(Dollars in millions)	FFELP Loans			Private Education Loans			Other Loans			Total
Allowance for Loan Losses
Beginning balance	$	119		$	2,097		$	28		$	2,244
Total provision		40			588			—			628
Charge-offs⁽¹⁾		(60	)		(717	)		(4	)		(781	)
Reclassification of interest reserve⁽²⁾		—			17			—			17
Distribution of SLM BankCo		(6	)		(69	)		—			(75	)

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

Allowance:
Ending balance: individually evaluated for impairment	$	—		$	1,132		$	19		$	1,151
Ending balance: collectively evaluated for impairment	$	93		$	784		$	5		$	882
Loans:
Ending balance: individually evaluated for impairment	$	—		$	10,609		$	45		$	10,654
Ending balance: collectively evaluated for impairment	$	103,438		$	21,697		$	62		$	125,197
Charge-offs as a percentage of average loans in repayment		.08	%		2.51	%		3.31	%
Allowance coverage of charge-offs		1.5			2.7			6.1
Allowance as a percentage of the ending total loan balance		.09	%		5.93	%		22.23	%
Allowance as a percentage of the ending loans in repayment		.12	%		7.11	%		22.23	%
Ending total loans⁽³⁾	$	103,438		$	32,306		$	107
Average loans in repayment	$	72,829		$	28,577		$	117
Ending loans in repayment	$	78,211		$	26,949		$	107

⁽¹⁾

⁽²⁾

⁽³⁾

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


	Year Ended December 31, 2013
(Dollars in millions)	FFELP Loans			Private Education Loans			Other Loans			Total
Allowance for Loan Losses
Beginning balance	$	159		$	2,171		$	47		$	2,377
Total provision		52			787			—			839
Charge-offs⁽¹⁾		(78	)		(878	)		(19	)		(975	)
Student loan sales		(14	)		—			—			(14	)
Reclassification of interest reserve⁽²⁾		—			17			—			17

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

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

⁽¹⁾

⁽²⁾

⁽³⁾

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

Age Analysis of Past Due Loans Delinquencies

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


	FFELP Loan Delinquencies
	December 31,
	2015						2014						2013
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	8,257					$	10,861					$	13,678
Loans in forbearance⁽²⁾		13,298						14,366						13,490
Loans in repayment and percentage of each status:
Loans current		62,651			84.7	%		65,221			83.4	%		63,330			82.8	%
Loans delinquent 31-60 days⁽³⁾		3,285			4.5			3,942			5.0			3,746			4.9
Loans delinquent 61-90 days⁽³⁾		1,856			2.5			2,451			3.1			2,207			2.9
Loans delinquent greater than 90 days⁽³⁾		6,142			8.3			6,597			8.5			7,221			9.4

Total FFELP Loans in repayment		73,934			100	%		78,211			100	%		76,504			100	%

Total FFELP Loans, gross		95,489						103,438						103,672
FFELP Loan unamortized premium		1,087						1,176						1,035

Total FFELP Loans		96,576						104,614						104,707
FFELP Loan allowance for losses		(78	)					(93	)					(119	)

FFELP Loans, net	$	96,498					$	104,521					$	104,588

Percentage of FFELP Loans in repayment					77.4	%					75.6	%					73.8	%

Delinquencies as a percentage of FFELP Loans in repayment					15.3	%					16.6	%					17.2	%

FFELP Loans in forbearance as a percentage of loans in repayment and forbearance					15.2	%					15.5	%					15.0	%

⁽¹⁾

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

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


	Traditional Private Education Loan Delinquencies
	December 31,
	2015						2014						2013
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	1,859					$	2,777					$	6,088
Loans in forbearance⁽²⁾		863						935						969
Loans in repayment and percentage of each status:
Loans current		21,085			93.5	%		23,012			92.7	%		26,977			92.8	%
Loans delinquent 31-60 days⁽³⁾		491			2.2			624			2.5			674			2.3
Loans delinquent 61-90 days⁽³⁾		292			1.3			363			1.5			420			1.4
Loans delinquent greater than 90 days⁽³⁾		690			3.0			816			3.3			1,012			3.5

Total traditional loans in repayment		22,558			100	%		24,815			100	%		29,083			100	%

Total traditional loans, gross		25,280						28,527						36,140
Traditional loans unamortized discount		(470	)					(526	)					(629	)

Total traditional loans		24,810						28,001						35,511
Traditional loans receivable for partially charged-off loans		560						775						799
Traditional loans allowance for losses		(1,236	)					(1,515	)					(1,592	)

Traditional loans, net	$	24,134					$	27,261					$	34,718

Percentage of traditional loans in repayment					89.2	%					87.0	%					80.5	%

Delinquencies as a percentage of traditional loans in repayment					6.5	%					7.3	%					7.2	%

Loans in forbearance as a percentage of traditional loans in repayment and forbearance					3.7	%					3.6	%					3.2	%

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

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

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


	Non-Traditional Private Education Loan Delinquencies
	December 31,
	2015						2014						2013
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	181					$	276					$	440
Loans in forbearance⁽²⁾		110						124						133
Loans in repayment and percentage of each status:
Loans current		1,646			84.7	%		1,749			81.9	%		1,791			78.3	%
Loans delinquent 31-60 days⁽³⁾		86			4.4			110			5.2			128			5.6
Loans delinquent 61-90 days⁽³⁾		56			2.9			73			3.4			93			4.1
Loans delinquent greater than 90 days⁽³⁾		156			8.0			202			9.5			275			12.0

Total non-traditional loans in repayment		1,944			100	%		2,134			100	%		2,287			100	%

Total non-traditional loans, gross		2,235						2,534						2,860
Non-traditional loans unamortized discount		(61	)					(68	)					(75	)

Total non-traditional loans		2,174						2,466						2,785
Non-traditional loans receivable for partially charged-off loans		321						470						514
Non-traditional loans allowance for losses		(235	)					(401	)					(505	)

Non-traditional loans, net	$	2,260					$	2,535					$	2,794

Percentage of non-traditional loans in repayment					87.0	%					84.2	%					80.0	%

Delinquencies as a percentage of non-traditional loans in repayment					15.3	%					18.1	%					21.7	%

Loans in forbearance as a percentage of non-traditional loans in repayment and forbearance					5.4	%					5.5	%					5.5	%

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

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

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

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

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


	TDR Loans
(Dollars in millions)	Recorded Investment⁽¹⁾		Unpaid Principal Balance		Related Allowance
December 31, 2015
Private Education Loans — Traditional	$	9,134	$	9,200	$	995
Private Education Loans — Non-Traditional		1,441		1,442		214

Total	$	10,575	$	10,642	$	1,209

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.


	Years Ended December 31,
	2015				2014				2013
(Dollars in millions)	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Private Education Loans — Traditional	$	8,976	$	539	$	8,139	$	497	$	6,805	$	418
Private Education Loans — Non-Traditional		1,461		114		1,456		116		1,376		112

Total	$	10,437	$	653	$	9,595	$	613	$	8,181	$	530

Loans Modified Accounts for TDR


	Years Ended December 31,
	2015						2014						2013
(Dollars in millions)	Modified Loans⁽¹⁾		Charge- Offs⁽²⁾		Payment- Default		Modified Loans⁽¹⁾		Charge- Offs⁽²⁾		Payment- Default		Modified Loans⁽¹⁾		Charge- Offs⁽²⁾		Payment- Default
Private Education Loans — Traditional	$	1,464	$	351	$	342	$	1,858	$	332	$	449	$	2,114	$	372	$	680
Private Education Loans — Non-Traditional		140		108		61		206		107		100		314		132		184

Total	$	1,604	$	459	$	403	$	2,064	$	439	$	549	$	2,428	$	504	$	864

⁽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.

Private Education Loans [Member]

Private Education Loan Portfolio Stratified by Key Credit Quality Indicators

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


	Private Education Loans Credit Quality Indicators
	December 31, 2015					December 31, 2014
(Dollars in millions)	Balance⁽³⁾		% of Balance			Balance⁽³⁾		% of Balance
Credit Quality Indicators
School Type/FICO Scores:
Traditional	$	25,280		92	%	$	28,527		92	%
Non-Traditional⁽¹⁾		2,235		8			2,534		8

Total	$	27,515		100	%	$	31,061		100	%

Cosigners:
With cosigner	$	17,738		64	%	$	20,001		64	%
Without cosigner		9,777		36			11,060		36

Total	$	27,515		100	%	$	31,061		100	%

Seasoning⁽²⁾:
1-12 payments	$	1,776		7	%	$	2,734		9	%
13-24 payments		1,977		7			3,161		10
25-36 payments		2,982		11			4,259		14
37-48 payments		3,787		14			4,404		14
More than 48 payments		14,953		54			13,450		43
Not yet in repayment		2,040		7			3,053		10

Total	$	27,515		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.

Receivable for Partially Charged-Off Loans

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


	Years Ended December 31,
(Dollars in millions)	2015			2014			2013
Receivable at beginning of period	$	1,245		$	1,313		$	1,347
Expected future recoveries of current period defaults⁽¹⁾		183			233			290
Recoveries⁽²⁾		(198	)		(215	)		(230	)
Net adjustment resulting from the change in the charge-off rate⁽³⁾		(330	)		—			—
Net charge-offs remaining		(19	)		(86	)		(94	)

Total net charge-offs		(349	)		(86	)		(94	)

Receivable at end of period		881			1,245			1,313
Allowance for estimated recovery shortfalls⁽⁴⁾		—			(385	)		(336	)

Net receivable at end of period	$	881		$	860		$	977

⁽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⁾

The allowance for estimated recovery shortfalls of the receivable for partially charged-off Private Education Loans is a component of the overall allowance for Private Education Loan losses.

Accrued Interest Receivable

The following table provides information regarding accrued interest receivable on our Private Education Loans.


(Dollars in millions)	Accrued Interest Receivable		Allowance for Uncollectible Interest
December 31, 2015
Private Education Loans — Traditional	$	433	$	26
Private Education Loans — Non-Traditional		57		9

Total	$	490	$	35

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

Total	$	612	$	40

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

Total	$	1,023	$	66

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
	December 31,
	2015					2014					2013
(Dollars in millions)	Balance		%			Balance		%			Balance		%
Loans in deferment⁽¹⁾	$	706				$	825				$	913
Loans in forbearance⁽²⁾		695					745					740
Loans in repayment and percentage of each status:
Loans current		7,885		85.3	%		7,186		82.7	%		5,613		76.5	%
Loans delinquent 31-60 days⁽³⁾		414		4.5			464		5.3			469		6.4
Loans delinquent 61-90 days⁽³⁾		263		2.8			299		3.4			330		4.5
Loans delinquent greater than 90 days⁽³⁾		679		7.4			747		8.6			921		12.6

Total TDR loans in repayment		9,241		100	%		8,696		100	%		7,333		100	%

Total TDR loans, gross	$	10,642				$	10,266				$	8,986

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

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

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

Business Combinations, Goodwill and Acquired Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2015

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

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


	As of December 31, 2015							As of December 31, 2014
(Dollars in millions)	Gross		Accumulated Impairments			Net		Gross		Accumulated Impairments and Other Adjustments⁽¹⁾			Net
FFELP Loans reportable segment	$	194	$	(4	)	$	190	$	194	$	(4	)	$	190
Private Education Loans reportable segment⁽¹⁾		147		(41	)		106		147		(41	)		106
Business Services reportable segment:
Servicing		50		—			50		50		—			50
Asset Recovery — Contingency		136		(129	)		7		136		(129	)		7
Asset Recovery — Gila LLC		97		—			97		—		—			—
Asset Recovery — Xtend Healthcare		101		—			101		—		—			—

Total Business Services reportable segment		384		(129	)		255		186		(129	)		57

Total	$	725	$	(174	)	$	551	$	527	$	(174	)	$	353

⁽¹⁾

Acquired Intangible Assets

Acquired intangible assets include the following:


	As of December 31, 2015							As of December 31, 2014
(Dollars in millions)	Cost Basis⁽¹⁾		Accumulated Impairment and Amortization⁽¹⁾			Net		Cost Basis⁽¹⁾		Accumulated Impairment and Amortization⁽¹⁾			Net
Customer, services and lending relationships	$	305	$	(202	)	$	103	$	199	$	(192	)	$	7
Favorable lease		1		—			1		—		—			—
Non-competes		2		(1	)		1		—		—			—
Software and technology		91		(78	)		13		78		(78	)		—
Trade names and trademarks		42		(6	)		36		14		(5	)		9

Total acquired intangible assets	$	441	$	(287	)	$	154	$	291	$	(275	)	$	16

⁽¹⁾

Borrowings (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Company's Borrowings

The following table summarizes our borrowings.


	December 31, 2015									December 31, 2014
(Dollars in millions)	Short Term			Long Term			Total			Short Term		Long Term		Total
Unsecured borrowings:
Senior unsecured debt	$	1,120		$	13,976		$	15,096		$	1,066	$	16,311	$	17,377

Total unsecured borrowings		1,120			13,976			15,096			1,066		16,311		17,377
Secured borrowings:
FFELP Loan securitizations		—			77,764			77,764			—		86,241		86,241
Private Education Loan securitizations⁽¹⁾		—			16,900			16,900			—		17,997		17,997
FFELP Loan — other facilities		—			16,276			16,276			—		15,358		15,358
Private Education Loan — other facilities		710			—			710			653		—		653
Other⁽²⁾		760			—			760			937		—		937

Total secured borrowings		1,470			110,940			112,410			1,590		119,596		121,186

Total before hedge accounting adjustments		2,590			124,916			127,506			2,656		135,907		138,563
Hedge accounting adjustments		(20	)		(83	)		(103	)		7		959		966

Total	$	2,570		$	124,833		$	127,403		$	2,663	$	136,866	$	139,529

⁽¹⁾	Includes $546 million of long-term debt related to the Private Education Loan asset-backed securitization repurchase facility (“Repurchase Facility”) as of December 31, 2015.

⁽²⁾	“Other” primarily consists of the obligation to return cash collateral held related to derivative exposure.

Outstanding Short-Term Borrowings

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


	December 31, 2015					Year Ended December 31, 2015
(Dollars in millions)	Ending Balance		Weighted Average Interest Rate			Average Balance		Weighted Average Interest Rate
FFELP Loan — other facilities	$	—		—	%	$	8		.40	%
Private Education Loan — other facilities		710		1.47			636		1.86
Senior unsecured debt		1,100		5.97			1,625		5.48
Other interest-bearing liabilities		760		.20			898		.13

Total short-term borrowings	$	2,570		3.02	%	$	3,167		3.23	%

Maximum outstanding at any month end	$	4,710


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

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

Maximum outstanding at any month end	$	13,142

Long-Term Borrowings


	December 31, 2015					Year Ended December 31, 2015
			Weighted Average			Year Ended December 31, 2015
(Dollars in millions)	Ending Balance⁽¹⁾		Interest Rate⁽²⁾			Average Balance
Floating rate notes:
U.S. dollar-denominated:
Interest bearing, due 2017-2058	$	98,926		1.13	%	$	103,037
Non-U.S. dollar-denominated:
Interest bearing, due 2023-2041		8,169		.47			8,601

Total floating rate notes		107,095		1.08			111,638
Fixed rate notes:
U.S. dollar-denominated:
Interest bearing, due 2017-2047		17,488		5.52			17,252
Non-U.S.-dollar denominated:
Interest bearing, due 2034-2035		250		2.89			927

Total fixed rate notes		17,738		5.48			18,179

Total long-term borrowings	$	124,833		1.71	%	$	129,817


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

Total floating rate notes		116,137		.92			109,808
Fixed rate notes:
U.S. dollar-denominated:
Interest bearing, due 2016-2047		19,495		5.61			18,108
Non-U.S.-dollar denominated:
Interest bearing, due 2016-2039		1,234		4.57			1,416

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

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

⁽¹⁾

⁽²⁾

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

Stated Maturities of Long-term Borrowings

As of December 31, 2015, the stated maturities of our long-term borrowings are shown in the following table.


	Stated Maturity
(Dollars in millions)	Senior Unsecured Debt		Secured Borrowings⁽¹⁾			Total⁽²⁾
Year of Maturity
2016	$	—	$	16,872		$	16,872
2017		1,481		13,014			14,495
2018		2,626		8,130			10,756
2019		2,446		8,837			11,283
2020		2,033		10,037			12,070
2021-2058		5,390		54,050			59,440

		13,976		110,940			124,916
Hedge accounting adjustments		747		(830	)		(83	)

Total	$	14,723	$	110,110		$	124,833

⁽¹⁾

⁽²⁾	The aggregate principal amount of debt that matures in each period is $16.9 billion in 2016, $14.6 billion in 2017, $10.8 billion in 2018, $11.4 billion in 2019, $12.1 billion in 2020 and $60.0 billion in 2021-2058.

Financing VIEs

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


	December 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	$	—	$	77,764		$	77,764		$	78,358	$	2,760	$	682		$	81,800
Private Education Loan securitizations⁽¹⁾		—		16,900			16,900			22,014		452		323			22,789
FFELP Loan — other facilities		—		12,676			12,676			13,158		324		168			13,650
Private Education Loan — other facilities		710		—			710			1,110		17		31			1,158

Total before hedge accounting adjustments		710		107,340			108,050			114,640		3,553		1,204			119,397
Hedge accounting adjustments		—		(830	)		(830	)		—		—		(911	)		(911	)

Total	$	710	$	106,510		$	107,220		$	114,640	$	3,553	$	293		$	118,486


	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

⁽¹⁾	Includes $546 million of long-term debt and $41 million of restricted cash related to the Repurchase Facility as of December 31, 2015.

Gains on Debt Repurchases

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


	Years Ended December 31,
(Dollars in millions)	2015		2014		2013
Debt principal repurchased	$	1,744	$	548	$	1,279
Gains on debt repurchases		21		—		42

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

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-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 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

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 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

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

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2015

Impact of Derivatives on Consolidated Balance Sheet

Impact of Derivatives on Consolidated Balance Sheet


		Cash Flow						Fair Value						Trading						Total
(Dollars in millions)	Hedged Risk Exposure	Dec. 31, 2015			Dec. 31, 2014			Dec. 31, 2015			Dec. 31, 2014			Dec. 31, 2015			Dec. 31, 2014			Dec. 31, 2015			Dec. 31, 2014
Fair Values⁽¹⁾
Derivative Assets:
Interest rate swaps	Interest rate	$	—		$	6		$	694		$	828		$	32		$	23		$	726		$	857
Cross-currency interest rate swaps	Foreign currency and interest rate		—			—			2			164			—			—			2			164
Other⁽²⁾	Interest rate		—			—			—			—			—			1			—			1

Total derivative assets⁽³⁾			—			6			696			992			32			24			728			1,022
Derivative Liabilities:
Interest rate swaps	Interest rate		(89	)		(3	)		(3	)		(22	)		(68	)		(120	)		(160	)		(145	)
Floor Income Contracts	Interest rate		—			—			—			—			(365	)		(915	)		(365	)		(915	)
Cross-currency interest rate swaps	Foreign currency and interest rate		—			—			(926	)		(293	)		(62	)		(65	)		(988	)		(358	)
Other⁽²⁾	Interest rate		—			—			—			—			(2	)		(12	)		(2	)		(12	)

Total derivative liabilities⁽³⁾			(89	)		(3	)		(929	)		(315	)		(497	)		(1,112	)		(1,515	)		(1,430	)

Net total derivatives		$	(89	)	$	3		$	(233	)	$	677		$	(465	)	$	(1,088	)	$	(787	)	$	(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 with the impact of master netting agreements to the balance sheet classification:

Gross Positions with Impact of Master Netting Agreements

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


	Other Assets						Other Liabilities
(Dollar in millions)	December 31, 2015			December 31, 2014			December 31, 2015			December 31, 2014
Gross position	$	728		$	1,022		$	(1,515	)	$	(1,430	)
Impact of master netting agreements		(50	)		(241	)		50			241

Derivative values with impact of master netting agreements (as carried on balance sheet)		678			781			(1,465	)		(1,189	)
Cash collateral (held) pledged		(759	)		(935	)		466			624

Net position	$	(81	)	$	(154	)	$	(999	)	$	(565	)

Derivative Notional Values


	Cash Flow				Fair Value				Trading				Total
(Dollars in billions)	Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2015		Dec. 31, 2014
Notional Values:
Interest rate swaps	$	9.5	$	6.0	$	12.6	$	14.3	$	33.8	$	28.7	$	55.9	$	49.0
Floor Income Contracts		—		—		—		—		35.1		35.2		35.1		35.2
Cross-currency interest rate swaps		—		—		9.1		9.4		.3		.4		9.4		9.8
Other⁽¹⁾		—		—		—		—		3.2		3.6		3.2		3.6

Total derivatives	$	9.5	$	6.0	$	21.7	$	23.7	$	72.4	$	67.9	$	103.6	$	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


	Years Ended December 31,
	Unrealized Gain (Loss) on Derivatives⁽¹⁾⁽²⁾									Realized Gain (Loss) on Derivatives⁽³⁾									Unrealized Gain (Loss) on Hedged Item⁽¹⁾								Total Gain (Loss)
(Dollars in millions)	2015			2014			2013			2015			2014			2013			2015		2014			2013			2015			2014			2013
Fair Value Hedges:
Interest rate swaps	$	(115	)	$	213		$	(806	)	$	345		$	389		$	414		$	140	$	(185	)	$	873		$	370		$	417		$	481
Cross-currency interest rate swaps		(794	)		(1,159	)		1			(7	)		52			98			921		1,264			(183	)		120			157			(84	)

Total fair value derivatives		(909	)		(946	)		(805	)		338			441			512			1,061		1,079			690			490			574			397
Cash Flow Hedges:
Interest rate swaps		—			—			—			—			(3	)		(9	)		—		—			—			—			(3	)		(9	)

Total cash flow derivatives		—			—			—			—			(3	)		(9	)		—		—			—			—			(3	)		(9	)
Trading:
Interest rate swaps		61			54			(107	)		42			46			71			—		—			—			103			100			(36	)
Floor Income Contracts		557			633			785			(650	)		(699	)		(815	)		—		—			—			(93	)		(66	)		(30	)
Cross-currency interest rate swaps		2			(33	)		(101	)		(4	)		(2	)		35			—		—			—			(2	)		(35	)		(66	)
Other		9			9			(19	)		(3	)		(2	)		(2	)		—		—			—			6			7			(21	)

Total trading derivatives		629			663			558			(615	)		(657	)		(711	)		—		—			—			14			6			(153	)

Total		(280	)		(283	)		(247	)		(277	)		(219	)		(208	)		1,061		1,079			690			504			577			235
Less: realized gains (losses) recorded in interest expense		—			—			—			338			438			503			—		—			—			338			438			503

Gains (losses) on derivative and hedging activities, net	$	(280	)	$	(283	)	$	(247	)	$	(615	)	$	(657	)	$	(711	)	$	1,061	$	1,079		$	690		$	166		$	139		$	(268	)

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

⁽²⁾	Represents ineffectiveness related to cash flow hedges.

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

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

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


	Years Ended December 31,
(Dollars in millions)	2015			2014			2013
Total gains (losses) on cash flow hedges	$	(59	)	$	(7	)	$	16
Realized (gains) losses recognized in interest expense^(1)(2)(3)		(1	)		2			6

Total change in stockholders’ equity for unrealized gains (losses) on derivatives	$	(60	)	$	(5	)	$	22

⁽¹⁾

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

⁽²⁾

Includes net settlement income/expense.

⁽³⁾

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

Collateral Held and Pledged

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


(Dollars in millions)	December 31, 2015		December 31, 2014
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)⁽¹⁾	$	759	$	935
Securities at fair value — on-balance sheet securitization derivatives (not recorded in financial statements)⁽²⁾		301		344

Total collateral held	$	1,060	$	1,279

Derivative asset at fair value including accrued interest	$	896	$	1,091

Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	$	466	$	624

Total collateral pledged	$	466	$	624

Derivative liability at fair value including accrued interest and premium receivable	$	1,395	$	926

⁽¹⁾	At December 31, 2015 and 2014, $2 million and $0 million, respectively, were held in restricted cash accounts.

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

Other Assets (Tables)

12 Months Ended

Dec. 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.


(Dollars in millions)	December 31, 2015		December 31, 2014
Accrued interest receivable, net	$	1,646	$	1,821
Income tax asset, net current and deferred		906		1,389
Derivatives at fair value		678		781
Benefit and insurance-related investments		491		485
Accounts receivable		329		558
Fixed assets, net		162		152
Other loans, net		70		83
Other		400		395

Total	$	4,682	$	5,664

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Common Share Repurchases and Issuances

The following table summarizes our common share repurchases and issuances.


	Years Ended December 31,
	2015		2014		2013
Common stock repurchased⁽¹⁾		56,043,711		30,432,689		26,987,043
Average purchase price per share	$	16.87	$	19.72	$	22.26
Shares repurchased related to employee stock-based compensation plans⁽²⁾		2,404,328		4,171,342		6,365,002
Average purchase price per share	$	19.81	$	20.91	$	21.76
Common shares issued⁽³⁾		4,924,021		7,389,962		9,702,976

⁽¹⁾

Common shares purchased under our share repurchase programs.

⁽²⁾

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

⁽³⁾

Common shares issued under our various compensation and benefit plans.

Earnings (Loss) per Common Share (Tables)

12 Months Ended

Dec. 31, 2015

Earnings Per Share [Abstract]

Schedule of Earnings (Loss) per Common Share


	Years Ended December 31,
(In millions, except per share data)	2015		2014		2013
Numerator:
Net income attributable to Navient Corporation	$	997	$	1,149	$	1,418
Preferred stock dividends		—		6		20

Net income attributable to Navient Corporation common stock	$	997	$	1,143	$	1,398

Denominator:
Weighted average shares used to compute basic EPS		376		417		440
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units and Employee Stock Purchase Plan (“ESPP”)⁽¹⁾		6		8		9

Dilutive potential common shares⁽²⁾		6		8		9

Weighted average shares used to compute diluted EPS		382		425		449

Basic earnings (loss) per common share attributable to Navient Corporation:
Continuing operations	$	2.66	$	2.74	$	2.94
Discontinued operations		—		—		.24

Total	$	2.66	$	2.74	$	3.18

Diluted earnings (loss) per common share attributable to Navient Corporation:
Continuing operations	$	2.61	$	2.69	$	2.89
Discontinued operations		—		—		.23

Total	$	2.61	$	2.69	$	3.12

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

⁽²⁾	For the years ended December 31, 2015, 2014 and 2013, stock options covering approximately 6 million, 3 million and 3 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.

Stock-Based Compensation Plans and Arrangements (Tables)

12 Months Ended

Dec. 31, 2015

Postemployment Benefits [Abstract]

Black-Scholes Model Assumptions for Calculating Stock Option Fair Values


	Years Ended December 31,
	2015			2014 Post-Spin-Off			2014 Pre-Spin-Off			2013
Expected life of the option		2.9 years			2.9 years			2.9 years			2.8 years
Expected volatility		22	%		27	%		26	%		31	%
Risk-free interest rate		.95	%		.81	%		.76	%		.65	%
Expected dividend rate		2.99	%		3.53	%		2.48	%		3.35	%
Weighted average fair value of options granted	$	2.22		$	2.29		$	3.48		$	3.11

Stock Option Activity

The following table summarizes Navient’s stock option activity in 2015.


	Number of Options			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value⁽¹⁾
Outstanding at December 31, 2014		17,321,559		$	14.68
Granted		1,978,622			21.47
Exercised⁽²⁾⁽³⁾		(2,005,832	)		9.45
Canceled		(1,532,861	)		31.52

Outstanding at December 31, 2015⁽⁴⁾		15,761,488			14.56		2.6 yrs	$	19

Exercisable at December 31, 2015		11,373,279		$	13.36		2.4 yrs	$	19

⁽¹⁾

⁽²⁾

⁽³⁾	There was no cash received from option exercises in 2015. The actual tax benefit realized for the tax deductions from option exercises totaled $9 million for 2015.

⁽⁴⁾	As of December 31, 2015, there was $1 million of unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted average period of 1.9 years.

Restricted Stock Activity

The following table summarizes Navient’s restricted stock activity in 2015.


	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested at December 31, 2014		—		$	—
Granted		32,326			21.65
Vested⁽¹⁾		(32,326	)		21.65
Canceled		—			—

Non-vested at December 31, 2015⁽²⁾		—		$	—

⁽¹⁾	The total fair value of SLM Corporation shares that vested during periods prior to the Spin-Off was $1 million and $2 million for 2014 and 2013, respectively. The total fair value of Navient shares that vested subsequent to the Spin-Off was $1 million and $1 million for 2015 and 2014, respectively.

⁽²⁾	As of December 31, 2015, there was no unrecognized compensation cost related to restricted stock.

Restricted Stock Unit and Performance Stock Unit Activity

The following table summarizes Navient’s RSU and PSU activity in 2015.


	Number of RSUs/ PSUs			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2014		4,869,221		$	12.34
Granted		1,364,610			21.62
Vested and converted to common stock⁽¹⁾		(2,511,419	)		11.73
Canceled		(50,183	)		16.34

Outstanding at December 31, 2015⁽²⁾		3,672,229		$	16.15

⁽¹⁾

⁽²⁾	As of December 31, 2015, there was $13 million of unrecognized compensation cost related to RSUs and PSUs, which is expected to be recognized over a weighted average period of 2.0 years.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

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


	Fair Value Measurements on a Recurring Basis
	December 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		—		4			—			4			—		5			—			5

Total available-for-sale investments		—		5			—			5			—		6			—			6
Derivative instruments:⁽¹⁾
Interest rate swaps		—		709			17			726			—		841			16			857
Cross-currency interest rate swaps		—		—			2			2			—		—			164			164
Other		—		—			—			—			—		—			1			1

Total derivative assets⁽²⁾		—		709			19			728			—		841			181			1,022

Total	$	—	$	714		$	19		$	733		$	—	$	847		$	181		$	1,028

Liabilities⁽³⁾
Derivative instruments⁽¹⁾
Interest rate swaps	$	—	$	(99	)	$	(61	)	$	(160	)	$	—	$	(41	)	$	(104	)	$	(145	)
Floor Income Contracts		—		(365	)		—			(365	)		—		(915	)		—			(915	)
Cross-currency interest rate swaps		—		(83	)		(905	)		(988	)		—		(77	)		(281	)		(358	)
Other		—		—			(2	)		(2	)		—		—			(12	)		(12	)

Total derivative liabilities⁽²⁾		—		(547	)		(968	)		(1,515	)		—		(1,033	)		(397	)		(1,430	)

Total	$	—	$	(547	)	$	(968	)	$	(1,515	)	$	—	$	(1,033	)	$	(397	)	$	(1,430	)

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

⁽²⁾	See “Note 7 — Derivative Financial Instruments” for a reconciliation of gross positions without the impact of master netting agreements to the balance sheet classification.

⁽³⁾	Borrowings which are the hedged 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.

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

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


	Year Ended December 31, 2015
	Derivative Instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other			Total Derivative Instruments
Balance, beginning of period	$	(88	)	$	(117	)	$	(11	)	$	(216	)
Total gains/(losses) (realized and unrealized):
Included in earnings⁽¹⁾		39			(796	)		6			(751	)
Included in other comprehensive income		—			—			—			—
Settlements		5			10			3			18
Transfers in and/or out of level 3		—			—			—			—

Balance, end of period	$	(44	)	$	(903	)	$	(2	)	$	(949	)

Change in unrealized gains/(losses) relating to instruments still held at the reporting date⁽²⁾	$	37		$	(783	)	$	9		$	(737	)


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

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

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


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

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

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

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

Included in Earnings


	Years Ended December 31,
(Dollars in millions)	2015			2014			2013
Gains (losses) on derivative and hedging activities, net	$	(741	)	$	(1,116	)	$	(27	)
Interest expense		(10	)		44			77

Total	$	(751	)	$	(1,072	)	$	50

⁽²⁾

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

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

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


	December 31, 2015									December 31, 2014
(Dollars in millions)	Fair Value			Carrying Value			Difference			Fair Value			Carrying Value			Difference
Earning assets
FFELP Loans	$	94,377		$	96,498		$	(2,121	)	$	104,419		$	104,521		$	(102	)
Private Education Loans		25,772			26,394			(622	)		29,433			29,796			(363	)
Cash and investments⁽¹⁾		5,833			5,833			—			6,002			6,002			—

Total earning assets		125,982			128,725			(2,743	)		139,854			140,319			(465	)

Interest-bearing liabilities
Short-term borrowings		2,569			2,570			1			2,661			2,663			2
Long-term borrowings		118,471			124,833			6,362			134,201			136,866			2,665

Total interest-bearing liabilities		121,040			127,403			6,363			136,862			139,529			2,667

Derivative financial instruments
Floor Income Contracts		(365	)		(365	)		—			(915	)		(915	)		—
Interest rate swaps		566			566			—			712			712			—
Cross-currency interest rate swaps		(986	)		(986	)		—			(194	)		(194	)		—
Other		(2	)		(2	)		—			(11	)		(11	)		—

Excess of net asset fair value over carrying value							$	3,620								$	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 December 31, 2015			Valuation Technique	Input	Range (Weighted Average)
Derivatives
Consumer Price Index/LIBOR basis swaps	$	8		Discounted cash flow	Bid/ask adjustment to discount rate	.02% — .05% (.04%)
Prime/LIBOR basis swaps		(52	)	Discounted cash flow	Constant Prepayment Rate	4.7%
					Bid/ask adjustment to discount rate	.03% — .09% (.03%)
Cross-currency interest rate swaps		(903	)	Discounted cash flow	Constant Prepayment Rate	2.8%
Other		(2	)

Total	$	(949	)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

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

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


	Years Ended December 31,
	2015			2014			2013
Statutory rate		35.0	%		35.0	%		35.0	%
State tax, net of federal benefit		2.6			2.0			2.0
Other, net		.1			.5			.1

Effective tax rate		37.7	%		37.5	%		37.1	%

Components of Provision for Income Tax Expense (Benefit)

Income tax expense consists of:


	December 31,
(Dollars in millions)	2015		2014			2013
Continuing operations current provision/(benefit):
Federal	$	136	$	443		$	567
State		22		42			47

Total continuing operations current provision/(benefit)		158		485			614
Continuing operations deferred provision/(benefit):
Federal		404		189			142
State		42		14			20

Total continuing operations deferred provision/(benefit)		446		203			162

Continuing operations provision for income tax expense/(benefit)		604		688			776

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

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

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

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

Provision for income tax expense/(benefit)	$	604	$	688		$	796

Schedule of Deferred Tax Assets and Liabilities

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


	December 31,
(Dollars in millions)	2015		2014
Deferred tax assets:
Loan reserves	$	609	$	795
Market value adjustments on education loans, investments and derivatives		126		352
Education loan premiums and discounts, net		95		114
Deferred revenue		46		49
Stock-based compensation plans		43		50
Unrealized derivative and investment gains and losses, net		30		—
Accrued expenses not currently deductible		24		27
Other		29		25

Total deferred tax assets		1,002		1,412

Deferred tax liabilities:
Original issue discount on borrowings		23		13
Other		46		51

Total deferred tax liabilities		69		64

Net deferred tax assets	$	933	$	1,348

Summary of Changes in Unrecognized Tax Benefits

The following table summarizes changes in unrecognized tax benefits:


	December 31,
(Dollars in millions)	2015			2014			2013
Unrecognized tax benefits at beginning of year	$	51.9		$	56.0		$	41.2
Increases resulting from tax positions taken during a prior period		1.6			1.0			5.8
Decreases resulting from tax positions taken during a prior period		(1.8	)		(12.4	)		(7.7	)
Increases resulting from tax positions taken during the current period		6.9			8.4			28.1
Decreases related to settlements with taxing authorities		—			(.6	)		(7.7	)
Increases related to settlements with taxing authorities		—			—			—
Reductions related to the lapse of statute of limitations		(2.3	)		(.5	)		(3.7	)

Unrecognized tax benefits at end of year	$	56.3		$	51.9		$	56.0

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2015

Segment Results and Reconciliations to GAAP

Segment Results and Reconciliations to GAAP


	Year Ended December 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:
Education loans	$	2,112	$	1,756		$	—	$	—		$	—		$	3,868		$	650		$	(238	)	$	412	$	4,280
Other loans		—		—			—		7			—			7			—			—			—		7
Cash and investments		6		—			—		2			—			8			—			—			—		8

Total interest income		2,118		1,756			—		9			—			3,883			650			(238	)		412		4,295
Total interest expense		1,245		680			—		112			—			2,037			37			—			37		2,074

Net interest income (loss)		873		1,076			—		(103	)		—			1,846			613			(238	)		375		2,221
Less: provisions for loan losses		26		538			—		(3	)		—			561			—			—			—		561

Net interest income (loss) after provisions for loan losses		847		538			—		(100	)		—			1,285			613			(238	)		375		1,660
Other income (loss):
Servicing revenue		95		21			651		—			(427	)		340			—			—			—		340
Asset recovery and business processing revenue		—		—			367		—			—			367			—			—			—		367
Other income		—		—			4		11			—			15			(613	)		781			168		183
Gains (losses) on sales of loans and investments		12		(21	)		—		—			—			(9	)		—			—			—		(9	)
Gains on debt repurchases		—		—			—		21			—			21			—			—			—		21

Total other income (loss)		107		—			1,022		32			(427	)		734			(613	)		781			168		902
Expenses:
Direct operating expenses		443		168			485		30			(427	)		699			—			—			—		699
Overhead expenses		—		—			—		219			—			219			—			—			—		219

Operating expenses		443		168			485		249			(427	)		918			—			—			—		918
Goodwill and acquired intangible asset impairment and amortization		—		—			—		—			—			—			—			12			12		12
Restructuring and other reorganization expenses		—		—			—		—			—			—			—			32			32		32

Total expenses		443		168			485		249			(427	)		918			—			44			44		962

Income (loss) from continuing operations, before income tax expense (benefit)		511		370			537		(317	)		—			1,101			—			499			499		1,600
Income tax expense (benefit)⁽³⁾		190		137			199		(118	)		—			408			—			196			196		604

Net income (loss) from continuing operations		321		233			338		(199	)		—			693			—			303			303		996
Income from discontinued operations, net of tax expense		—		—			—		1			—			1			—			—			—		1

Net income (loss)	$	321	$	233		$	338	$	(198	)	$	—		$	694		$	—		$	303		$	303	$	997

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

⁽²⁾	“Core Earnings” adjustments to GAAP:


	Year Ended December 31, 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	$	—		$	375	$	—		$	375
Total other income		—			168		—			168
Operating expenses		—			—		—			—
Goodwill and acquired intangible asset impairment and amortization		—			—		12			12
Restructuring and other reorganization expenses		32			—		—			32

Total “Core Earnings” adjustments to GAAP	$	(32	)	$	543	$	(12	)		499

Income tax expense										196

Net income									$	303

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


	Year Ended December 31, 2014
(Dollars in millions)	FFELP Loans		Private Education Loans		Business Services		Other			Eliminations⁽¹⁾			Total “Core Earnings”		Adjustments									Total GAAP
(Dollars in millions)	FFELP Loans		Private Education Loans		Business Services		Other			Eliminations⁽¹⁾			Total “Core Earnings”		Reclassifications			Additions/ (Subtractions)			Total Adjustments⁽²⁾			Total GAAP
Interest income:
Education loans	$	2,097	$	1,958	$	—	$	—		$	—		$	4,055	$	699		$	(42	)	$	657		$	4,712
Other loans		—		—		—		9			—			9		—			—			—			9
Cash and investments		4		—		—		4			—			8		—			1			1			9

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

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

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

Total other income (loss)		62		25		1,062		26			(456	)		719		(657	)		845			188			907
Expenses:
Direct operating expenses		478		181		389		132			(456	)		724		—			36			36			760
Overhead expenses		—		—		—		200			—			200		—			27			27			227

Operating expenses		478		181		389		332			(456	)		924		—			63			63			987
Goodwill and acquired intangible asset impairment and amortization		—		—		—		—			—			—		—			9			9			9
Restructuring and other reorganization expenses		—		—		—		—			—			—		—			113			113			113

Total expenses		478		181		389		332			(456	)		924		—			185			185			1,109
Income (loss) from continuing operations, before income tax expense (benefit)		477		555		673		(407	)		—			1,298		—			539			539			1,837
Income tax expense (benefit)⁽³⁾		178		204		248		(150	)		—			480		—			208			208			688

Net income (loss) from continuing operations	$	299	$	351	$	425	$	(257	)	$	—		$	818	$	—		$	331		$	331		$	1,149
Income (loss) from discontinued operations, net of tax expense (benefit)		—		—		—		—			—			—		—			—			—			—

Net income (loss)	$	299	$	351	$	425	$	(257	)	$	—		$	818	$	—		$	331		$	331		$	1,149

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

⁽²⁾	“Core Earnings” adjustments to GAAP:


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

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

Income tax expense										208

Net income									$	331

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


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

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

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

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

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

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

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

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

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

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

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

⁽²⁾	“Core Earnings” adjustments to GAAP:


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

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

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

Net income									$	176

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

Core Earnings Adjustments to GAAP

Summary of “Core Earnings” Adjustments to GAAP


	Years Ended December 31,
(Dollars in millions)	2015			2014			2013
“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⁾	$	(32	)	$	(25	)	$	84
Net impact of derivative accounting⁽²⁾		543			573			243
Net impact of goodwill and acquired intangible assets⁽³⁾		(12	)		(9	)		(13	)
Net tax effect⁽⁴⁾		(196	)		(208	)		(133	)
Net impact of discontinued operations and noncontrolling interest		—			—			(5	)

Total “Core Earnings” adjustments to GAAP	$	303		$	331		$	176

⁽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.

Assets [Member] | FFELP Loans Segment [Member]

Asset Information for Loans Segment

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


	December 31,
(Dollars in millions)	2015		2014
FFELP Loans, net	$	96,498	$	104,521
Cash and investments⁽¹⁾		3,572		4,050
Other		2,015		2,566

Total assets	$	102,085	$	111,137

⁽¹⁾	Includes restricted cash and investments.

Assets [Member] | Private Education Loans Segment [Member]

Asset Information for Loans Segment

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


	December 31,
(Dollars in millions)	2015		2014
Private Education Loans, net	$	26,394	$	29,796
Cash and investments⁽¹⁾		596		402
Other		1,988		2,453

Total assets	$	28,978	$	32,651

⁽¹⁾	Includes restricted cash and investments.

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Summary of Discontinued Operations

The following table summarizes our discontinued operations.


	Years Ended December 31,
(Dollars in millions)	2015		2014		2013
Operations:
Income from discontinued operations before income tax expense	$	1	$	—	$	126
Income tax expense		—		—		20

Income from discontinued operations, net of tax expense	$	1	$	—	$	106

Quarterly Financial Information (unaudited) (Tables)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information


	2015
(Dollars in millions, except per share data)	First Quarter		Second Quarter			Third Quarter		Fourth Quarter
Net interest income	$	583	$	549		$	553	$	536
Less: provisions for loan losses		125		198			123		115

Net interest income after provisions for loan losses		458		351			430		421
Other income		178		219			161		178
Gains (losses) on derivative and hedging activities, net		71		(18	)		20		93
Operating expenses		230		225			228		235
Goodwill and acquired intangible asset impairment and amortization expense		1		3			3		5
Restructuring and other reorganization expenses		3		29			—		—
Income tax expense		181		113			144		166

Net income from continuing operations		292		182			236		286
Income from discontinued operations, net of tax expense		—		—			1		—

Net income		292		182			237		286
Less: net income (loss) attributable to noncontrolling interest		—		—			—		—

Net income attributable to Navient Corporation		292		182			237		286
Preferred stock dividends		—		—			—		—

Net income attributable to Navient Corporation common stock	$	292	$	182		$	237	$	286

Basic earnings per common share attributable to Navient Corporation:
Continuing operations	$	.73	$	.48		$	.64	$	.80
Discontinued operations		—		—			—		—

Total	$	.73	$	.48		$	.64	$	.80

Diluted earnings per common share attributable to Navient Corporation:
Continuing operations	$	.72	$	.47		$	.63	$	.79
Discontinued operations		—		—			—		—

Total	$	.72	$	.47		$	.63	$	.79


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

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

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

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

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

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

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

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

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

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

Organization and Business - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2015 USD ($) Customer	Apr. 30, 2014
Condensed Balance Sheet Statements, Captions [Line Items]
Common stock distribution percentage		100.00%
Minimum [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Education loans serviced \| $	$ 300,000,000,000
Number of customers company services \| Customer	12,000,000

Organization and Business - Navient Shareholder Distribution of SLM BankCo (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014	Apr. 30, 2014	Dec. 31, 2013	Dec. 31, 2012
Assets
Loans, net	$ 122,892	$ 134,317
Investments	501	633
Cash and cash equivalents	1,594	1,443		$ 5,190	$ 3,900
Other assets	4,682	5,664
Total assets	134,112	146,352
Liabilities
Short-term borrowings	2,570	2,663
Long-term borrowings	124,833	136,866
Other liabilities	2,710	2,625
Total liabilities	130,113	142,154
Preferred stock
Total equity	3,999	4,198		5,642	$ 5,066
Total liabilities and equity	134,112	146,352
Private Education Loans - Traditional [Member]
Assets
Loans, net	$ 24,134	$ 27,261		$ 34,718
SLM BankCo [Member]
Assets
Investments			$ 139
Cash and cash equivalents			2,170
Other assets			883
Total assets			11,776
Liabilities
Short-term borrowings			6,491
Long-term borrowings			2,750
Other liabilities			825
Total liabilities			10,066
Preferred stock
Common equity			1,145
Total equity			1,710
Total liabilities and equity			11,776
SLM BankCo [Member] \| Series A Preferred Stock [Member]
Preferred stock
Preferred stock value			165
SLM BankCo [Member] \| Series B Preferred Stock [Member]
Preferred stock
Preferred stock value			400
SLM BankCo [Member] \| FFELP Loans [Member]
Assets
Loans, net			1,380
SLM BankCo [Member] \| Private Education Loans - Traditional [Member]
Assets
Loans, net			$ 7,204

Organization and Business - Navient Shareholder Distribution of SLM BankCo (Parenthetical) (Detail) - USD ($) $ in Millions	Apr. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Condensed Balance Sheet Statements, Captions [Line Items]
Net assets distribution of consumer banking business		$ 3,999	$ 4,198	$ 5,642	$ 5,066
SLM BankCo [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Net income tax liabilities	$ 383
Net assets distribution of consumer banking business	1,710
Goodwill allocated to consumer banking business	41
Distribution of consumer banking business	$ 1,751

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended						12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounting Policies [Line Items]
Net adjustment resulting from the change in the charge-off rate							$ 330
Percentage reimbursement on all qualifying default claims period one							98.00%
Percentage reimbursement on all qualifying default claims period two							97.00%
Percentage reimbursement on all qualifying default claims period three							100.00%
Percentage of threshold							50.00%
Option to exercise clean-up call and purchase education loans from trust of original loan balance							10 percent or less of the original loan balance
Percentage of trust's asset balance needed to trigger clean-up call							10.00%
Option to purchase education loan of the trust's initial pool balance							Up to 10 percent of the trust's initial pool balance
Restructuring and other reorganization expenses	$ 29	$ 3	$ 10	$ 14	$ 61	$ 26	$ 32	$ 113	$ 72
Minimum number of working hours for Severance Plan eligibility							24 hours
Minimum settlement of tax position recognized							50.00%
Securitization Trust [Member]
Accounting Policies [Line Items]
Assets							$ 15		$ 12,500
Minimum [Member]
Accounting Policies [Line Items]
Delinquency period (in days)							212 days
Maximum [Member]
Accounting Policies [Line Items]
Percentage of aggregate education loan to purchase							10.00%
Private Education Loans [Member]
Accounting Policies [Line Items]
Private Education Loan loss confirmation period (in years)							2 years
Period until which customers are not required to begin repayment under certain Private Education Loans							Six months after they have graduated or otherwise left school
Percentage of principal balance in higher education Private Education Loan portfolio related to customers who are in-school/grace/deferment status and not required to make payments							7.00%
Portion of loan amount charged off at default	79.00%	73.00%
Net adjustment resulting from the change in the charge-off rate	$ 330						$ 330
Loans default recovery rate	21.00%

Education Loans - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage reimbursement on all qualifying default claims period one	98.00%
Percentage reimbursement on all qualifying default claims period two	97.00%
Estimated weighted average life of education loans	7 years 1 month 6 days	7 years 2 months 12 days
Percentage of education loan portfolio in repayment	80.00%	78.00%
Gain from trust sale			$ 312
Interest rate reduction, description	Once the customer has made the initial three payments, the loan's status is returned to current and the interest rate is reduced for the successive twelve month period
FFELP Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage reimbursement on all qualifying default claims period one	98.00%
Percentage reimbursement on all qualifying default claims period two	97.00%
Amount of loan sold	$ 412
Gain (loss) on sale of loans	$ 12
FFELP Loans [Member] \| Stafford Loans [Member] \| Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayment term	5 years
FFELP Loans [Member] \| Stafford Loans [Member] \| Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayment term	10 years
FFELP Loans [Member] \| Plus Loans [Member] \| Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayment term	5 years
FFELP Loans [Member] \| Plus Loans [Member] \| Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayment term	10 years
FFELP Loans [Member] \| Consolidation Loans Member \| Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayment term	12 years
FFELP Loans [Member] \| Consolidation Loans Member \| Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayment term	30 years
Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loan sold	$ 178
Gain (loss) on sale of loans	$ (21)
Private Education Loans [Member] \| Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayment term	10 years
Private Education Loans [Member] \| Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayment term	15 years
Securitization Trust [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Assets	$ 15		12,500
Liabilities			$ 12,100

Education Loans - Education Loan Portfolio by Program (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ending Balance of education loans	$ 122,892	$ 134,317
Percentage to total education loans	100.00%	100.00%
Average Balance education loans	$ 129,224	$ 134,334
Average Effective Interest Rate of education loans	3.31%	3.51%
FFELP Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ending Balance of education loans	$ 96,498	$ 104,521	$ 104,588
FFELP Loans [Member] \| Stafford And Other Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ending Balance of education loans	$ 36,950	$ 41,065
Percentage to total education loans	30.00%	31.00%
Average Balance education loans	$ 38,932	$ 38,335
Average Effective Interest Rate of education loans	2.05%	2.05%
FFELP Loans [Member] \| Consolidation Loans Member
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ending Balance of education loans	$ 59,548	$ 63,456
Percentage to total education loans	48.00%	47.00%
Average Balance education loans	$ 61,489	$ 62,327
Average Effective Interest Rate of education loans	2.80%	2.84%
Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ending Balance of education loans	$ 26,394	$ 29,796
Percentage to total education loans	22.00%	22.00%
Average Balance education loans	$ 28,803	$ 33,672
Average Effective Interest Rate of education loans	6.10%	6.40%

Allowance for Loan Losses - Additional Information (Detail) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2015 USD ($)	Mar. 31, 2015	Dec. 31, 2015 USD ($) CreditScore Loans	Dec. 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
Net adjustment resulting from the change in the charge-off rate			$ 330
Percentage of loans granted forbearance that migrated to TDR classification			56.00%	51.00%
Payment default period for TDRs			60 days past due
Interest Rate Reduction [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
TDR loans, Unpaid Principal Balance			$ 2,500	$ 2,200
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
Portion of loan amount charged off at default	79.00%	73.00%
Net adjustment resulting from the change in the charge-off rate	$ 330		$ 330
Loans default recovery rate	21.00%

Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Detail) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2014 USD ($)	Jun. 30, 2014 USD ($)	Mar. 31, 2014 USD ($)	Dec. 31, 2015 USD ($) SecurityLoan	Dec. 31, 2014 USD ($) SecurityLoan	Dec. 31, 2013 USD ($) SecurityLoan
Allowance for Loan Losses
Beginning balance				$ 2,033				$ 2,244	$ 2,033	$ 2,244	$ 2,377
Total provision	$ 115	$ 123	$ 198	125	$ 138	$ 140	$ 165	185	561	628	839
Net adjustment resulting from the change in the charge-off rate									(330)
Net charge-offs remaining									(706)
Total net charge-offs									(1,036)	(781)	(975)
Reclassification of interest reserve									11	17	17
Loan sales									(5)		(14)
Ending balance	1,564				2,033				1,564	2,033	2,244
Distribution of SLM BankCo										(75)
Allowance:
Ending balance: individually evaluated for impairment	1,221				1,151				1,221	1,151	1,068
Ending balance: collectively evaluated for impairment	343				882				343	882	1,176
Loans:
Ending balance: individually evaluated for impairment	11,002				10,654				11,002	10,654	9,307
Ending balance: collectively evaluated for impairment	112,969				125,197				112,969	125,197	134,808
FFELP Loans [Member]
Allowance for Loan Losses
Beginning balance				93				119	93	119	159
Total provision									26	40	52
Net charge-offs remaining									(41)
Total net charge-offs									(41)	(60)	(78)
Loan sales											(14)
Ending balance	78				93				78	93	119
Distribution of SLM BankCo										(6)
Allowance:
Ending balance: collectively evaluated for impairment	78				93				78	93	119
Loans:
Ending balance: collectively evaluated for impairment	95,489				103,438				$ 95,489	$ 103,438	$ 103,672
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in the charge-off rate (annualized)									0.05%
Allowance coverage of net charge-offs, excluding the net adjustment resulting from the change in the charge-off rate (annualized) \| SecurityLoan									1.9
Allowance as a percentage of the ending total loan balance									0.08%	0.09%	0.12%
Allowance as a percentage of the ending loans in repayment									0.10%	0.12%	0.16%
Ending total loans	95,489				103,438				$ 95,489	$ 103,438	$ 103,672
Average loans in repayment									75,945	72,829	80,822
Ending loans in repayment	73,934				78,211				73,934	$ 78,211	$ 76,504
Charge-offs as a percentage of average loans in repayment										0.08%	0.10%
Allowance coverage of charge-offs \| SecurityLoan										1.5	1.5
Private Education Loans [Member]
Allowance for Loan Losses
Beginning balance				1,916				2,097	1,916	$ 2,097	$ 2,171
Total provision									538	588	787
Net adjustment resulting from the change in the charge-off rate			$ (330)						(330)
Net charge-offs remaining									(659)
Total net charge-offs									(989)	(717)	(878)
Reclassification of interest reserve									11	17	17
Loan sales									(5)
Ending balance	1,471				1,916				1,471	1,916	2,097
Distribution of SLM BankCo										(69)
Allowance:
Ending balance: individually evaluated for impairment	1,209				1,132				1,209	1,132	1,048
Ending balance: collectively evaluated for impairment	262				784				262	784	1,049
Loans:
Ending balance: individually evaluated for impairment	10,965				10,609				10,965	10,609	9,262
Ending balance: collectively evaluated for impairment	17,431				21,697				$ 17,431	$ 21,697	$ 31,051
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in the charge-off rate (annualized)									2.55%
Net adjustment resulting from the change in the charge-off rate as a percentage of average loans in repayment (annualized)									1.28%
Allowance coverage of net charge-offs, excluding the net adjustment resulting from the change in the charge-off rate (annualized) \| SecurityLoan									2.2
Allowance as a percentage of the ending total loan balance									5.18%	5.93%	5.20%
Allowance as a percentage of the ending loans in repayment									6.00%	7.11%	6.68%
Ending total loans	28,396				32,306				$ 28,396	$ 32,306	$ 40,313
Average loans in repayment									25,802	28,577	31,556
Ending loans in repayment	24,502				26,949				24,502	$ 26,949	$ 31,370
Charge-offs as a percentage of average loans in repayment										2.51%	2.78%
Allowance coverage of charge-offs \| SecurityLoan										2.7	2.4
Other Loans [Member]
Allowance for Loan Losses
Beginning balance				$ 24				$ 28	24	$ 28	$ 47
Total provision									(3)
Net charge-offs remaining									(6)
Total net charge-offs									(6)	(4)	(19)
Ending balance	15				24				15	24	28
Allowance:
Ending balance: individually evaluated for impairment	12				19				12	19	20
Ending balance: collectively evaluated for impairment	3				5				3	5	8
Loans:
Ending balance: individually evaluated for impairment	37				45				37	45	45
Ending balance: collectively evaluated for impairment	49				62				$ 49	$ 62	$ 85
Net charge-offs as a percentage of average loans in repayment, excluding the net adjustment resulting from the change in the charge-off rate (annualized)									6.17%
Allowance coverage of net charge-offs, excluding the net adjustment resulting from the change in the charge-off rate (annualized) \| SecurityLoan									2.5
Allowance as a percentage of the ending total loan balance									17.28%	22.23%	21.42%
Allowance as a percentage of the ending loans in repayment									17.28%	22.23%	21.42%
Ending total loans	86				107				$ 86	$ 107	$ 130
Average loans in repayment									97	117	156
Ending loans in repayment	$ 86				$ 107				$ 86	$ 107	$ 130
Charge-offs as a percentage of average loans in repayment										3.31%	12.28%
Allowance coverage of charge-offs \| SecurityLoan										6.1	1.5

Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net adjustment resulting from the change in the charge-off rate			$ 330
Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Portion of loan amount charged off at default	79.00%	73.00%
Net adjustment resulting from the change in the charge-off rate	$ 330		$ 330

Allowance for Loan Losses - Private Education Loan Portfolio Stratified by Key Credit Quality Indicators (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total	$ 27,515	$ 31,061
Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Private Education Loans with cosigner	17,738	20,001
Private Education Loans without cosigner	$ 9,777	$ 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	$ 27,515	$ 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	25,280	28,527
School type FICO scores non-traditional recorded investment	$ 2,235	$ 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	$ 27,515	$ 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	1,776	2,734
Seasoning - based on monthly scheduled payments due from 13-24 payments	1,977	3,161
Seasoning - based on monthly scheduled payments due from 25-36 payments	2,982	4,259
Seasoning - based on monthly scheduled payments due from 37-48 payments	3,787	4,404
Seasoning - based on monthly scheduled payments due from more than 48 payments	14,953	13,450
Seasoning - based on monthly scheduled payments due from not yet in repayment	$ 2,040	$ 3,053
Seasoning based on monthly scheduled payments due from 1-12 payments, in percent	7.00%	9.00%
Seasoning based on monthly scheduled payments due from 13 - 24 payments, in percent	7.00%	10.00%
Seasoning based on monthly scheduled payments due from 25 - 36 payments, in percent	11.00%	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	54.00%	43.00%
Seasoning - based on monthly scheduled payments due from not yet in repayment, in percent	7.00%	10.00%
Total in percent	100.00%	100.00%

Allowance for Loan Losses - Age Analysis of Past Due Loans Delinquencies (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Loans in repayment and percentage of each status:
Loans allowance for losses	$ (1,564)	$ (2,033)	$ (2,244)	$ (2,377)
Loans, net	122,892	134,317
Private Education Loans - Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans in-school/grace/deferment	1,859	2,777	6,088
Loans in forbearance	863	935	969
Loans in repayment and percentage of each status:
Loans current	21,085	23,012	26,977
Total loans in repayment	22,558	24,815	29,083
Total loans, gross	25,280	28,527	36,140
Loans unamortized premium (discount)	470	526	629
Total loans	24,810	28,001	35,511
Loans receivable for partially charged-off loans	560	775	799
Loans allowance for losses	(1,236)	(1,515)	(1,592)
Loans, net	24,134	27,261	34,718
Private Education Loans - Non-Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans in-school/grace/deferment	181	276	440
Loans in forbearance	110	124	133
Loans in repayment and percentage of each status:
Loans current	1,646	1,749	1,791
Total loans in repayment	1,944	2,134	2,287
Total loans, gross	2,235	2,534	2,860
Loans unamortized premium (discount)	(61)	(68)	(75)
Total loans	2,174	2,466	2,785
Loans receivable for partially charged-off loans	321	470	514
Loans allowance for losses	(235)	(401)	(505)
Loans, net	2,260	2,535	2,794
Troubled Debt Restructuring Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans in-school/grace/deferment	706	825	913
Loans in forbearance	695	745	740
Loans in repayment and percentage of each status:
Loans current	7,885	7,186	5,613
Total loans in repayment	9,241	8,696	7,333
Total loans, gross	10,642	10,266	8,986
Financing Receivables, 31 To 60 Days Past Due [Member] \| Private Education Loans - Traditional [Member]
Loans in repayment and percentage of each status:
Loans delinquent	491	624	674
Financing Receivables, 31 To 60 Days Past Due [Member] \| Private Education Loans - Non-Traditional [Member]
Loans in repayment and percentage of each status:
Loans delinquent	86	110	128
Financing Receivables, 31 To 60 Days Past Due [Member] \| Troubled Debt Restructuring Loans [Member]
Loans in repayment and percentage of each status:
Loans delinquent	414	464	469
Financing Receivables, 61 To 90 Days Past Due [Member] \| Private Education Loans - Traditional [Member]
Loans in repayment and percentage of each status:
Loans delinquent	292	363	420
Financing Receivables, 61 To 90 Days Past Due [Member] \| Private Education Loans - Non-Traditional [Member]
Loans in repayment and percentage of each status:
Loans delinquent	56	73	93
Financing Receivables, 61 To 90 Days Past Due [Member] \| Troubled Debt Restructuring Loans [Member]
Loans in repayment and percentage of each status:
Loans delinquent	263	299	330
Financing Receivables, 90 Days Past Due [Member] \| Private Education Loans - Traditional [Member]
Loans in repayment and percentage of each status:
Loans delinquent	690	816	1,012
Financing Receivables, 90 Days Past Due [Member] \| Private Education Loans - Non-Traditional [Member]
Loans in repayment and percentage of each status:
Loans delinquent	156	202	275
Financing Receivables, 90 Days Past Due [Member] \| Troubled Debt Restructuring Loans [Member]
Loans in repayment and percentage of each status:
Loans delinquent	679	747	921
FFELP Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans in-school/grace/deferment	8,257	10,861	13,678
Loans in forbearance	13,298	14,366	13,490
Loans in repayment and percentage of each status:
Loans current	62,651	65,221	63,330
Total loans in repayment	73,934	78,211	76,504
Total loans, gross	95,489	103,438	103,672
Loans unamortized premium (discount)	1,087	1,176	1,035
Total loans	96,576	104,614	104,707
Loans allowance for losses	(78)	(93)	(119)	$ (159)
Loans, net	96,498	104,521	104,588
FFELP Loans [Member] \| Financing Receivables, 31 To 60 Days Past Due [Member]
Loans in repayment and percentage of each status:
Loans delinquent	3,285	3,942	3,746
FFELP Loans [Member] \| Financing Receivables, 61 To 90 Days Past Due [Member]
Loans in repayment and percentage of each status:
Loans delinquent	1,856	2,451	2,207
FFELP Loans [Member] \| Financing Receivables, 90 Days Past Due [Member]
Loans in repayment and percentage of each status:
Loans delinquent	$ 6,142	$ 6,597	$ 7,221
Accounts Receivable [Member] \| Credit Concentration Risk [Member] \| Private Education Loans - Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	100.00%	100.00%	100.00%
Accounts Receivable [Member] \| Credit Concentration Risk [Member] \| Private Education Loans - Traditional [Member] \| Financing Receivables, 31 To 60 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	2.20%	2.50%	2.30%
Accounts Receivable [Member] \| Credit Concentration Risk [Member] \| Private Education Loans - Traditional [Member] \| Financing Receivables, 61 To 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	1.30%	1.50%	1.40%
Accounts Receivable [Member] \| Credit Concentration Risk [Member] \| Private Education Loans - Traditional [Member] \| Financing Receivables, 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	3.00%	3.30%	3.50%
Accounts Receivable [Member] \| Credit Concentration Risk [Member] \| Private Education Loans - Non-Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	100.00%	100.00%	100.00%
Accounts Receivable [Member] \| Credit Concentration Risk [Member] \| Troubled Debt Restructuring Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	100.00%	100.00%	100.00%
Accounts Receivable [Member] \| Credit Concentration Risk [Member] \| Troubled Debt Restructuring Loans [Member] \| Financing Receivables, 31 To 60 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	4.50%	5.30%	6.40%
Accounts Receivable [Member] \| Credit Concentration Risk [Member] \| Troubled Debt Restructuring Loans [Member] \| Financing Receivables, 61 To 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	2.80%	3.40%	4.50%
Accounts Receivable [Member] \| Credit Concentration Risk [Member] \| Troubled Debt Restructuring Loans [Member] \| Financing Receivables, 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	7.40%	8.60%	12.60%
Accounts Receivable [Member] \| Credit Concentration Risk [Member] \| Financing Receivables, Current [Member] \| Private Education Loans - Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	93.50%	92.70%	92.80%
Accounts Receivable [Member] \| Credit Concentration Risk [Member] \| Financing Receivables, Current [Member] \| Private Education Loans - Non-Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	84.70%	81.90%	78.30%
Accounts Receivable [Member] \| Credit Concentration Risk [Member] \| Financing Receivables, Current [Member] \| Troubled Debt Restructuring Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	85.30%	82.70%	76.50%
Accounts Receivable [Member] \| Credit Concentration Risk [Member] \| Financing Receivables, Loans In Repayment [Member] \| Private Education Loans - Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	89.20%	87.00%	80.50%
Accounts Receivable [Member] \| Credit Concentration Risk [Member] \| Financing Receivables, Loans In Repayment [Member] \| Private Education Loans - Non-Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	87.00%	84.20%	80.00%
Accounts Receivable [Member] \| Credit Concentration Risk [Member] \| Financing Receivables, Delinquent Loans In Repayment [Member] \| Private Education Loans - Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	6.50%	7.30%	7.20%
Accounts Receivable [Member] \| Credit Concentration Risk [Member] \| Financing Receivables, Delinquent Loans In Repayment [Member] \| Private Education Loans - Non-Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	15.30%	18.10%	21.70%
Accounts Receivable [Member] \| Credit Concentration Risk [Member] \| Financing Receivables, Forbearance, Loans In Repayment [Member] \| Private Education Loans - Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	3.70%	3.60%	3.20%
Accounts Receivable [Member] \| Credit Concentration Risk [Member] \| Financing Receivables, Forbearance, Loans In Repayment [Member] \| Private Education Loans - Non-Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	5.40%	5.50%	5.50%
Accounts Receivable [Member] \| Credit Concentration Risk [Member] \| Financing Receivables, 31 To 60 Days Past Due [Member] \| Private Education Loans - Non-Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	4.40%	5.20%	5.60%
Accounts Receivable [Member] \| Credit Concentration Risk [Member] \| Financing Receivables, 61 To 90 Days Past Due [Member] \| Private Education Loans - Non-Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	2.90%	3.40%	4.10%
Accounts Receivable [Member] \| Credit Concentration Risk [Member] \| Financing Receivables, 90 Days Past Due [Member] \| Private Education Loans - Non-Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	8.00%	9.50%	12.00%
Accounts Receivable [Member] \| Credit Concentration Risk [Member] \| FFELP Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	100.00%	100.00%	100.00%
Accounts Receivable [Member] \| Credit Concentration Risk [Member] \| FFELP Loans [Member] \| Financing Receivables, 31 To 60 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	4.50%	5.00%	4.90%
Accounts Receivable [Member] \| Credit Concentration Risk [Member] \| FFELP Loans [Member] \| Financing Receivables, 61 To 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	2.50%	3.10%	2.90%
Accounts Receivable [Member] \| Credit Concentration Risk [Member] \| FFELP Loans [Member] \| Financing Receivables, 90 Days Past Due [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	8.30%	8.50%	9.40%
Accounts Receivable [Member] \| Credit Concentration Risk [Member] \| FFELP Loans [Member] \| Financing Receivables, Current [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	84.70%	83.40%	82.80%
Accounts Receivable [Member] \| Credit Concentration Risk [Member] \| FFELP Loans [Member] \| Financing Receivables, Loans In Repayment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	77.40%	75.60%	73.80%
Accounts Receivable [Member] \| Credit Concentration Risk [Member] \| FFELP Loans [Member] \| Financing Receivables, Delinquent Loans In Repayment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	15.30%	16.60%	17.20%
Accounts Receivable [Member] \| Credit Concentration Risk [Member] \| FFELP Loans [Member] \| Financing Receivables, Forbearance, Loans In Repayment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Dimensions of concentration risk	15.20%	15.50%	15.00%

Allowance for Loan Losses - Receivable for Partially Charged-Off Loans (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Financing Receivable, Allowance for Credit Losses [Line Items]
Net adjustment resulting from the change in the charge-off rate		$ (330)
Private Education Loans [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Receivable at beginning of period		1,245	$ 1,313	$ 1,347
Expected future recoveries of current period defaults		183	233	290
Recoveries		(198)	(215)	(230)
Net adjustment resulting from the change in the charge-off rate	$ (330)	(330)
Net charge-offs remaining		(19)	(86)	(94)
Total net charge-offs		(349)	(86)	(94)
Receivable at end of period		881	1,245	1,313
Allowance for estimated recovery shortfalls			(385)	(336)
Net receivable at end of period		$ 881	$ 860	$ 977

Allowance for Loan Losses - Receivable for Partially Charged-Off Loans (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2015
Financing Receivable, Allowance for Credit Losses [Line Items]
Net adjustment resulting from the change in the charge-off rate			$ 330
Private Education Loans [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Portion of loan amount charged off at default	79.00%	73.00%
Net adjustment resulting from the change in the charge-off rate	$ 330		$ 330

Allowance for Loan Losses - Recorded Investment, Unpaid Principal Balance and Related Allowance for TDR Loans (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
TDR Loans, Recorded Investment	$ 10,575	$ 10,205
TDR loans, Unpaid Principal Balance	10,642	10,266
TDR Loans, Related Allowance	1,209	1,132
Private Education Loans - Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
TDR Loans, Recorded Investment	9,134	8,728
TDR loans, Unpaid Principal Balance	9,200	8,790
TDR Loans, Related Allowance	995	917
Private Education Loans - Non-Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
TDR Loans, Recorded Investment	1,441	1,477
TDR loans, Unpaid Principal Balance	1,442	1,476
TDR Loans, Related Allowance	$ 214	$ 215

Allowance for Loan Losses - Average Recorded Investment and Interest Income Recognized for TDR (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Financing Receivable, Impaired [Line Items]
Impaired financing receivable, Average Recorded Investment	$ 10,437	$ 9,595	$ 8,181
Impaired financing receivable, Interest Income Recognized	653	613	530
Private Education Loans - Traditional [Member]
Financing Receivable, Impaired [Line Items]
Impaired financing receivable, Average Recorded Investment	8,976	8,139	6,805
Impaired financing receivable, Interest Income Recognized	539	497	418
Private Education Loans - Non-Traditional [Member]
Financing Receivable, Impaired [Line Items]
Impaired financing receivable, Average Recorded Investment	1,461	1,456	1,376
Impaired financing receivable, Interest Income Recognized	$ 114	$ 116	$ 112

Allowance for Loan Losses - Loans Modified Accounts for TDR (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Financing Receivable, Modifications [Line Items]
Modified Loans	$ 1,604	$ 2,064	$ 2,428
Charge-Offs	459	439	504
Payment-Default	403	549	864
Private Education Loans - Traditional [Member]
Financing Receivable, Modifications [Line Items]
Modified Loans	1,464	1,858	2,114
Charge-Offs	351	332	372
Payment-Default	342	449	680
Private Education Loans - Non-Traditional [Member]
Financing Receivable, Modifications [Line Items]
Modified Loans	140	206	314
Charge-Offs	108	107	132
Payment-Default	$ 61	$ 100	$ 184

Allowance for Loan Losses - Accrued Interest Receivable (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Private Education Loans - Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued Interest Receivable	$ 433	$ 542	$ 926
Allowance for Uncollectible Interest	26	29	46
Private Education Loans - Non-Traditional [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued Interest Receivable	57	70	97
Allowance for Uncollectible Interest	9	11	20
Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued Interest Receivable	490	612	1,023
Allowance for Uncollectible Interest	$ 35	$ 40	$ 66

Business Combinations, Goodwill and Acquired Intangible Assets - Additional Information (Detail) $ in Millions			9 Months Ended	12 Months Ended
	Oct. 20, 2015 USD ($)	Feb. 20, 2015 USD ($)	Sep. 30, 2015 USD ($)	Dec. 31, 2015 USD ($) Segment	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Indefinite-lived Intangible Assets [Line Items]
Goodwill				$ 551	$ 353
Number of reportable segments \| Segment				4
Amortization of acquired intangible assets				$ 12	9	$ 13
2016				19
2017				15
2018				13
2019				12
After 2019				$ 60
Asset Recovery - Gila LLC [Member]
Indefinite-lived Intangible Assets [Line Items]
Business acquisition, effective date of acquisition				Feb. 20, 2015
Controlling interest percentage		98.00%
Business acquisition, purchase price		$ 185
Goodwill			$ 97
Business acquisition, indefinite life intangible asset			13
Business acquisition, definite life intangible assets			$ 71
Asset Recovery - Gila LLC [Member] \| Minimum [Member]
Indefinite-lived Intangible Assets [Line Items]
Definite life intangible assets, amortization period			2 years
Asset Recovery - Gila LLC [Member] \| Maximum [Member]
Indefinite-lived Intangible Assets [Line Items]
Definite life intangible assets, amortization period			16 years
Asset Recovery - Xtend Healthcare [Member]
Indefinite-lived Intangible Assets [Line Items]
Business acquisition, effective date of acquisition				Oct. 20, 2015
Controlling interest percentage	91.00%
Business acquisition, purchase price	$ 164
Goodwill				$ 101
Business acquisition, indefinite life intangible asset				15
Business acquisition, definite life intangible assets				51
Trade Names and Trademarks [Member]
Indefinite-lived Intangible Assets [Line Items]
Acquired intangible assets subject to amortization, net				$ 34	$ 6

Business Combinations, Goodwill and Acquired Intangible Assets - Summary of Goodwill, Accumulated Impairments and Net Goodwill for Each Reporting Units and Reportable Segments (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Goodwill [Line Items]
Gross	$ 725		$ 527
Accumulated Impairments	(174)		(174)
Net	551		353
FFELP Loan Segment [Member]
Goodwill [Line Items]
Gross	194		194
Accumulated Impairments	(4)		(4)
Net	190		190
Private Education Loans Segment [Member]
Goodwill [Line Items]
Gross	147		147
Accumulated Impairments	(41)		(41)
Net	106		106
Business Services Segment [Member]
Goodwill [Line Items]
Gross	384		186
Accumulated Impairments	(129)		(129)
Net	255		57
Business Services Segment [Member] \| Servicing [Member]
Goodwill [Line Items]
Gross	50		50
Net	50		50
Asset Recovery - Contingency [Member] \| Business Services Segment [Member]
Goodwill [Line Items]
Gross	136		136
Accumulated Impairments	(129)		(129)
Net	7		$ 7
Asset Recovery - Gila LLC [Member]
Goodwill [Line Items]
Net		$ 97
Asset Recovery - Gila LLC [Member] \| Business Services Segment [Member]
Goodwill [Line Items]
Gross	97
Net	97
Asset Recovery - Xtend Healthcare [Member]
Goodwill [Line Items]
Net	101
Asset Recovery - Xtend Healthcare [Member] \| Business Services Segment [Member]
Goodwill [Line Items]
Gross	101
Net	$ 101

Business Combinations, Goodwill and Acquired Intangible Assets - Summary of Goodwill, Accumulated Impairments and Net Goodwill for Each Reporting Units and Reportable Segments (Parenthetical) (Detail) $ in Millions	Apr. 30, 2014 USD ($)
SLM BankCo [Member]
Goodwill [Line Items]
Goodwill allocated to consumer banking business	$ 41

Business Combinations, Goodwill and Acquired Intangible Assets - Acquired Intangible Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost Basis	$ 441	$ 291
Intangible assets subject to amortization, Accumulated Impairment and Amortization	(287)	(275)
Intangible assets subject to amortization, Net	154	16
Customer, Services and Lending Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost Basis	305	199
Intangible assets subject to amortization, Accumulated Impairment and Amortization	(202)	(192)
Intangible assets subject to amortization, Net	103	7
Favorable Lease [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost Basis	1
Intangible assets subject to amortization, Net	1
Non-competes [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost Basis	2
Intangible assets subject to amortization, Accumulated Impairment and Amortization	(1)
Intangible assets subject to amortization, Net	1
Software and Technology [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost Basis	91	78
Intangible assets subject to amortization, Accumulated Impairment and Amortization	(78)	(78)
Intangible assets subject to amortization, Net	13
Trade Names and Trademarks [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost Basis	42	14
Intangible assets subject to amortization, Accumulated Impairment and Amortization	(6)	(5)
Intangible assets subject to amortization, Net	$ 36	$ 9

Business Combinations, Goodwill and Acquired Intangible Assets - Acquired Intangible Assets (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Acquired Finite-Lived Intangible Assets [Line Items]
Accumulated impairment and amortization	$ 287	$ 275
Upromise [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Accumulated impairment and amortization	100
Insurance Services [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Accumulated impairment and amortization	$ 94

Borrowings - Company's Borrowings (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Short-term borrowings	$ 2,570	$ 2,663
Long-term borrowings	124,833	136,866
Total	127,403	139,529
Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,100	1,073
FFELP Loan - Other Facilities [Member]
Debt Instrument [Line Items]
Long-term borrowings	16,300
Private Education Loan - Other Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings	710	653
Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings	2,590	2,656
Long-term borrowings	124,916	135,907
Total	127,506	138,563
Total Before Hedge Accounting Adjustments [Member] \| Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,120	1,066
Long-term borrowings	13,976	16,311
Total	15,096	17,377
Total Before Hedge Accounting Adjustments [Member] \| Total Unsecured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,120	1,066
Long-term borrowings	13,976	16,311
Total	15,096	17,377
Total Before Hedge Accounting Adjustments [Member] \| FFELP Loan Securitizations [Member]
Debt Instrument [Line Items]
Long-term borrowings	77,764	86,241
Total	77,764	86,241
Total Before Hedge Accounting Adjustments [Member] \| Private Education Loan Securitizations [Member]
Debt Instrument [Line Items]
Long-term borrowings	16,900	17,997
Total	16,900	17,997
Total Before Hedge Accounting Adjustments [Member] \| FFELP Loan - Other Facilities [Member]
Debt Instrument [Line Items]
Long-term borrowings	16,276	15,358
Total	16,276	15,358
Total Before Hedge Accounting Adjustments [Member] \| Private Education Loan - Other Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings	710	653
Total	710	653
Total Before Hedge Accounting Adjustments [Member] \| Other [Member]
Debt Instrument [Line Items]
Short-term borrowings	760	937
Total	760	937
Total Before Hedge Accounting Adjustments [Member] \| Secured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,470	1,590
Long-term borrowings	110,940	119,596
Total	112,410	121,186
Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings	(20)	7
Long-term borrowings	(83)	959
Total	$ (103)	$ 966

Borrowings - Company's Borrowings (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term debt	$ 124,833	$ 136,866
Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Long-term debt	124,916	$ 135,907
Private Education Loan Securitizations Repurchase Facility [Member] \| Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Long-term debt	$ 546

Borrowings - Outstanding Short-Term Borrowings (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Short-term Debt [Line Items]
Maximum outstanding at any month end	$ 4,710,000,000	$ 13,142,000,000
Short-term borrowings, Ending Balance	$ 2,570,000,000	$ 2,663,000,000
Weighted Average Interest Rate	3.02%	2.06%
Short-term borrowings, Average Balance	$ 3,167,000,000	$ 7,541,000,000
Weighted Average Interest Rate, Average Balance	3.23%	1.36%
Bank Deposits [Member]
Short-term Debt [Line Items]
Short-term borrowings, Average Balance		$ 2,032,000,000
Weighted Average Interest Rate, Average Balance		1.14%
FFELP Loan - Other Facilities [Member]
Short-term Debt [Line Items]
Short-term borrowings, Average Balance	$ 8,000,000	$ 2,893,000,000
Weighted Average Interest Rate, Average Balance	0.40%	0.37%
Private Education Loan - Other Facilities [Member]
Short-term Debt [Line Items]
Short-term borrowings, Ending Balance	$ 710,000,000	$ 653,000,000
Weighted Average Interest Rate	1.47%	1.06%
Short-term borrowings, Average Balance	$ 636,000,000	$ 397,000,000
Weighted Average Interest Rate, Average Balance	1.86%	1.85%
Senior Unsecured Debt [Member]
Short-term Debt [Line Items]
Short-term borrowings, Ending Balance	$ 1,100,000,000	$ 1,073,000,000
Weighted Average Interest Rate	5.97%	4.40%
Short-term borrowings, Average Balance	$ 1,625,000,000	$ 1,385,000,000
Weighted Average Interest Rate, Average Balance	5.48%	4.36%
Other Interest-Bearing Liabilities [Member]
Short-term Debt [Line Items]
Short-term borrowings, Ending Balance	$ 760,000,000	$ 937,000,000
Weighted Average Interest Rate	0.20%	0.06%
Short-term borrowings, Average Balance	$ 898,000,000	$ 834,000,000
Weighted Average Interest Rate, Average Balance	0.13%	0.09%

Borrowings - Long-Term Borrowings (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term borrowings	$ 124,833	$ 136,866
Weighted Average Interest Rate	1.71%	1.62%
Long-term borrowings, Average Balance	$ 129,817	$ 130,250
U.S. Dollar-Denominated Interest Bearing, Due 2016-2054 [Member]
Debt Instrument [Line Items]
Long-term borrowings	$ 107,621
Weighted Average Interest Rate	0.95%
Long-term borrowings, Average Balance	$ 100,966
Non-U. S Dollar-Denominated Interest Bearing, Due 2023-2041 [Member]
Debt Instrument [Line Items]
Long-term borrowings	$ 8,169
Weighted Average Interest Rate	0.47%
Long-term borrowings, Average Balance	$ 8,601
Total Floating Rate Notes [Member]
Debt Instrument [Line Items]
Long-term borrowings	$ 107,095	$ 116,137
Weighted Average Interest Rate	1.08%	0.92%
Long-term borrowings, Average Balance	$ 111,638	$ 109,808
U.S. Dollar Denominated Interest Bearing, Due 2016-2047 [Member]
Debt Instrument [Line Items]
Long-term borrowings		$ 19,495
Weighted Average Interest Rate		5.61%
Long-term borrowings, Average Balance		$ 18,108
Non-U.S. Dollar Denominated Interest Bearing, Due 2016-2039 [Member]
Debt Instrument [Line Items]
Long-term borrowings		$ 1,234
Weighted Average Interest Rate		4.57%
Long-term borrowings, Average Balance		$ 1,416
Total Fixed Rate Notes [Member]
Debt Instrument [Line Items]
Long-term borrowings	$ 17,738	$ 20,729
Weighted Average Interest Rate	5.48%	5.55%
Long-term borrowings, Average Balance	$ 18,179	$ 19,524
Brokered Deposits - U.S. Dollar-Denominated [Member]
Debt Instrument [Line Items]
Long-term borrowings, Average Balance		918
U.S Dollar Denominated Interest Bearing, Due 2017-2058 [Member]
Debt Instrument [Line Items]
Long-term borrowings	$ 98,926
Weighted Average Interest Rate	1.13%
Long-term borrowings, Average Balance	$ 103,037
Non-U.S. Dollar-Denominated Interest Bearing, Due 2021-2041 [Member]
Debt Instrument [Line Items]
Long-term borrowings		$ 8,516
Weighted Average Interest Rate		0.47%
Long-term borrowings, Average Balance		$ 8,842
U.S Dollar Denominated Interest Bearing, Due 2017-2047 [Member]
Debt Instrument [Line Items]
Long-term borrowings	$ 17,488
Weighted Average Interest Rate	5.52%
Long-term borrowings, Average Balance	$ 17,252
Non-U. S Dollar Denominated Interest Bearing, Due 2034-2035 [Member]
Debt Instrument [Line Items]
Long-term borrowings	$ 250
Weighted Average Interest Rate	2.89%
Long-term borrowings, Average Balance	$ 927

Borrowings - Stated Maturities of Long-term Borrowings (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
2016	$ 16,900
2017	14,600
2018	10,800
2019	11,400
2020	12,100
2021-2058	60,000
Total, long-term debt	124,833	$ 136,866
Stated Maturity [Member]
Debt Instrument [Line Items]
2016	16,872
2017	14,495
2018	10,756
2019	11,283
2020	12,070
2021-2058	59,440
Long term debt maturities total	124,916
Hedge accounting adjustments	(83)
Total, long-term debt	124,833
Stated Maturity [Member] \| Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
2017	1,481
2018	2,626
2019	2,446
2020	2,033
2021-2058	5,390
Long term debt maturities total	13,976
Hedge accounting adjustments	747
Total, long-term debt	14,723
Stated Maturity [Member] \| Secured Borrowings [Member]
Debt Instrument [Line Items]
2016	16,872
2017	13,014
2018	8,130
2019	8,837
2020	10,037
2021-2058	54,050
Long term debt maturities total	110,940
Hedge accounting adjustments	(830)
Total, long-term debt	$ 110,110

Borrowings - Stated Maturities of Long-term Borrowings (Parenthetical) (Detail) $ in Billions	Dec. 31, 2015 USD ($)
Debt Disclosure [Abstract]
On-balance sheet securitization trust debt included in projected principal paydowns in 2016	$ 16.9
Aggregate principal amount of debt maturing in 2016	16.9
Aggregate principal amount of debt maturing in 2017	14.6
Aggregate principal amount of debt maturing in 2018	10.8
Aggregate principal amount of debt maturing in 2019	11.4
Aggregate principal amount of debt maturing in 2020	12.1
Aggregate principal amount of debt maturing in 2021-2058	$ 60.0

Borrowings - Financing VIEs (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Securities Financing Transaction [Line Items]
Short-term borrowings	$ 2,570	$ 2,663
Long-term borrowings	124,833	136,866
Total Debt Outstanding	127,403	139,529
Other assets	4,682	5,664
Total Before Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	2,590	2,656
Long-term borrowings	124,916	135,907
Total Debt Outstanding	127,506	138,563
Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	(20)	7
Long-term borrowings	(83)	959
Total Debt Outstanding	(103)	966
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	710	653
Long-term borrowings	106,510	117,678
Total Debt Outstanding	107,220	118,331
Loans	114,640	124,785
Cash	3,553	3,733
Other assets	293	1,230
Total Carrying Amount of Assets Securing Debt Outstanding	118,486	129,748
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| FFELP Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	77,764	86,241
Total Debt Outstanding	77,764	86,241
Loans	78,358	86,715
Cash	2,760	3,069
Other assets	682	722
Total Carrying Amount of Assets Securing Debt Outstanding	81,800	90,506
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Private Education Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	16,900	17,997
Total Debt Outstanding	16,900	17,997
Loans	22,014	23,184
Cash	452	378
Other assets	323	389
Total Carrying Amount of Assets Securing Debt Outstanding	22,789	23,951
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| FFELP Loan - Other Facilities [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	12,676	13,358
Total Debt Outstanding	12,676	13,358
Loans	13,158	13,653
Cash	324	269
Other assets	168	260
Total Carrying Amount of Assets Securing Debt Outstanding	13,650	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	710	653
Total Debt Outstanding	710	653
Loans	1,110	1,233
Cash	17	17
Other assets	31	36
Total Carrying Amount of Assets Securing Debt Outstanding	1,158	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	710	653
Long-term borrowings	107,340	117,596
Total Debt Outstanding	108,050	118,249
Loans	114,640	124,785
Cash	3,553	3,733
Other assets	1,204	1,407
Total Carrying Amount of Assets Securing Debt Outstanding	119,397	129,925
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	(830)	82
Total Debt Outstanding	(830)	82
Other assets	(911)	(177)
Total Carrying Amount of Assets Securing Debt Outstanding	$ (911)	$ (177)

Borrowings - Financing VIEs (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Securities Financing Transaction [Line Items]
Long-term debt	$ 124,833	$ 136,866
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Securities Financing Transaction [Line Items]
Long-term debt	106,510	117,678
Restricted cash	3,553	$ 3,733
Private Education Loan Securitizations [Member] \| Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Securities Financing Transaction [Line Items]
Long-term debt	546
Restricted cash	$ 41

Borrowings - Additional Information (Detail) - USD ($)		12 Months Ended
Borrowings - Additional Information (Detail) - USD ($)	Dec. 02, 2015	Dec. 31, 2015	Oct. 31, 2016	Dec. 22, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Outstanding borrowings under facility		$ 124,833,000,000			$ 136,866,000,000
Issuance of unsecured debt		500,000,000			$ 1,900,000,000	$ 3,800,000,000
Federal Home Loan Bank of Des Moines [Member]
Debt Instrument [Line Items]
Outstanding borrowings under facility		$ 3,600,000,000
Federal Home Loan Bank of Des Moines facility				$ 10,700,000,000
Federal Home Loan Bank of Des Moines facility maturity year		2021
Federal Home Loan Bank of Des Moines [Member] \| Scenario Forecast [Member]
Debt Instrument [Line Items]
Federal Home Loan Bank of Des Moines facility			$ 5,000,000,000
Federal Home Loan Bank of Des Moines [Member] \| Scenario Thereafter [Member]
Debt Instrument [Line Items]
Federal Home Loan Bank of Des Moines facility		$ 3,600,000,000
Private Education Loans - Other Facilities [Member]
Debt Instrument [Line Items]
Maximum unused capacity		290,000,000
Maximum borrowing capacity		$ 1,000,000,000
Credit facility maturity period		2016-06
FFELP Loan - Other Facilities [Member]
Debt Instrument [Line Items]
Outstanding borrowings under facility		$ 16,300,000,000
Assets securing facility		17,800,000,000
Maximum unused capacity		3,600,000,000
Unencumbered FFELP Loans		$ 1,000,000,000
Private Education Loan Securitizations [Member] \| Asset-backed Securities, Securitized Loans and Receivables [Member]
Debt Instrument [Line Items]
Amount of asset-backed securitization repurchase facility	$ 550,000,000
Debt instrument maturity date		Dec. 04, 2017
Private Education Loan Securitizations [Member] \| Three Month Libor [Member] \| Asset-backed Securities, Securitized Loans and Receivables [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	3.35%
Minimum [Member] \| FFELP Loan - Other Facilities [Member]
Debt Instrument [Line Items]
Facility maturity date		2017-03
Maximum [Member] \| FFELP Loan - Other Facilities [Member]
Debt Instrument [Line Items]
Facility maturity date		2020-12

Borrowings - Gains on Debt Repurchases (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Disclosure [Abstract]
Debt principal repurchased	$ 1,744	$ 548	$ 1,279
Gains on debt repurchases	$ 21		$ 42

Derivative Financial Instruments - Additional Information (Detail) $ in Millions	Dec. 31, 2015 USD ($) Counterparty	Dec. 31, 2014 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net positive exposure related to corporate derivatives	$ 85	$ 96
Euro and British Pound Sterling denominated bonds outstanding in securitization trusts	9,000
Notional of interest rate swaps entered into by the trusts to swap Prime to LIBOR	11,800
Net positive exposure on foreign currency swaps	8
Decrease in valuation due to net credit risk adjustments	1	18
Decrease in valuation due to liquidity adjustments	31	$ 73
Derivative liability position including accrued interest, net of premium receivable with counterparty	468
Liability position with derivative counterparties	17
Collateral posted to counterparties	$ 12
Number of counterparties with right to terminate \| Counterparty	2
Contingent material additional assets due to counterparties	$ 5

Derivative Financial Instruments - Impact of Derivatives on Consolidated Balance Sheet (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Derivative Assets:
Derivative assets	$ 728	$ 1,022
Derivative Liabilities:
Derivative liabilities	(1,515)	(1,430)
Net total derivatives	(787)	(408)
Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	726	857
Derivative Liabilities:
Derivative liabilities	(160)	(145)
Cross-Currency Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	2	164
Derivative Liabilities:
Derivative liabilities	(988)	(358)
Other [Member]
Derivative Assets:
Derivative assets		1
Derivative Liabilities:
Derivative liabilities	(2)	(12)
Floor Income Contracts [Member]
Derivative Liabilities:
Derivative liabilities	(365)	(915)
Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative Assets:
Derivative assets		6
Derivative Liabilities:
Derivative liabilities	(89)	(3)
Net total derivatives	(89)	3
Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative Assets:
Derivative assets	696	992
Derivative Liabilities:
Derivative liabilities	(929)	(315)
Net total derivatives	(233)	677
Designated as Hedging Instrument [Member] \| Interest Rate Swaps [Member] \| Cash Flow [Member]
Derivative Assets:
Derivative assets		6
Derivative Liabilities:
Derivative liabilities	(89)	(3)
Designated as Hedging Instrument [Member] \| Interest Rate Swaps [Member] \| Fair Value [Member]
Derivative Assets:
Derivative assets	694	828
Derivative Liabilities:
Derivative liabilities	(3)	(22)
Designated as Hedging Instrument [Member] \| Cross-Currency Interest Rate Swaps [Member] \| Fair Value [Member]
Derivative Assets:
Derivative assets	2	164
Derivative Liabilities:
Derivative liabilities	(926)	(293)
Trading [Member]
Derivative Assets:
Derivative assets	32	24
Derivative Liabilities:
Derivative liabilities	(497)	(1,112)
Net total derivatives	(465)	(1,088)
Trading [Member] \| Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	32	23
Derivative Liabilities:
Derivative liabilities	(68)	(120)
Trading [Member] \| Cross-Currency Interest Rate Swaps [Member]
Derivative Liabilities:
Derivative liabilities	(62)	(65)
Trading [Member] \| Other [Member]
Derivative Assets:
Derivative assets		1
Derivative Liabilities:
Derivative liabilities	(2)	(12)
Trading [Member] \| Floor Income Contracts [Member]
Derivative Liabilities:
Derivative liabilities	$ (365)	$ (915)

Derivative Financial Instruments - Gross Positions with Master Impact of Netting Agreements (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Gross position, Assets	$ 728	$ 1,022
Gross position, Liabilities	(1,515)	(1,430)
Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Gross position, Liabilities	(1,515)	(1,430)
Impact of master netting agreements, Liabilities	50	241
Derivative values with impact of master netting agreements (as carried on balance sheet), Liabilities	(1,465)	(1,189)
Cash collateral (held) pledged, Liabilities	466	624
Net position, Liabilities	(999)	(565)
Other Assets [Member]
Derivatives, Fair Value [Line Items]
Gross position, Assets	728	1,022
Impact of master netting agreements, Assets	(50)	(241)
Derivative values with impact of master netting agreements (as carried on balance sheet), Assets	678	781
Cash collateral (held) pledged, Assets	(759)	(935)
Net position, Assets	$ (81)	$ (154)

Derivative Financial Instruments - Derivative Notional Values (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Total Derivative Notional Values	$ 103,600,000,000	$ 97,600,000,000
Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	55,900,000,000	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	9,400,000,000	9,800,000,000
Other [Member]
Derivative [Line Items]
Total Derivative Notional Values	3,200,000,000	3,600,000,000
Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	9,500,000,000	6,000,000,000
Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	21,700,000,000	23,700,000,000
Designated as Hedging Instrument [Member] \| Interest Rate Swaps [Member] \| Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	9,500,000,000	6,000,000,000
Designated as Hedging Instrument [Member] \| Interest Rate Swaps [Member] \| Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	12,600,000,000	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	9,100,000,000	9,400,000,000
Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	72,400,000,000	67,900,000,000
Trading [Member] \| Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	33,800,000,000	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	300,000,000	400,000,000
Trading [Member] \| Other [Member]
Derivative [Line Items]
Total Derivative Notional Values	$ 3,200,000,000	$ 3,600,000,000

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statements of Income (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives									$ (280)	$ (283)	$ (247)
Realized Gain (Loss) on Derivatives									(277)	(219)	(208)
Unrealized Gain (Loss) on Hedged Item									1,061	1,079	690
Unrealized Gain (Loss) on Derivatives, Net									(280)	(283)	(247)
Total Gain (Loss) on Derivatives, Gross									504	577	235
Realized Gain (Loss) on Derivatives, Net									(615)	(657)	(711)
Unrealized Gain (Loss) on Hedged Item, Net									1,061	1,079	690
Total Gain (Loss) On Derivatives, Net	$ 93	$ 20	$ (18)	$ 71	$ (22)	$ 108	$ 61	$ (8)	166	139	(268)
Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives									(909)	(946)	(805)
Realized Gain (Loss) on Derivatives									338	441	512
Unrealized Gain (Loss) on Hedged Item									1,061	1,079	690
Total Gain (Loss) on Derivatives, Gross									490	574	397
Designated as Hedging Instrument [Member] \| Fair Value [Member] \| Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives									(115)	213	(806)
Realized Gain (Loss) on Derivatives									345	389	414
Unrealized Gain (Loss) on Hedged Item									140	(185)	873
Total Gain (Loss) on Derivatives, Gross									370	417	481
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									(794)	(1,159)	1
Realized Gain (Loss) on Derivatives									(7)	52	98
Unrealized Gain (Loss) on Hedged Item									921	1,264	(183)
Total Gain (Loss) on Derivatives, Gross									120	157	(84)
Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives										(3)	(9)
Total Gain (Loss) on Derivatives, Gross										(3)	(9)
Designated as Hedging Instrument [Member] \| Cash Flow [Member] \| Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives										(3)	(9)
Total Gain (Loss) on Derivatives, Gross										(3)	(9)
Trading [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives									629	663	558
Realized Gain (Loss) on Derivatives									(615)	(657)	(711)
Total Gain (Loss) on Derivatives, Gross									14	6	(153)
Trading [Member] \| Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives									61	54	(107)
Realized Gain (Loss) on Derivatives									42	46	71
Total Gain (Loss) on Derivatives, Gross									103	100	(36)
Trading [Member] \| Cross-Currency Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives									2	(33)	(101)
Realized Gain (Loss) on Derivatives									(4)	(2)	35
Total Gain (Loss) on Derivatives, Gross									(2)	(35)	(66)
Trading [Member] \| Floor Income Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives									557	633	785
Realized Gain (Loss) on Derivatives									(650)	(699)	(815)
Total Gain (Loss) on Derivatives, Gross									(93)	(66)	(30)
Trading [Member] \| Other [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives									9	9	(19)
Realized Gain (Loss) on Derivatives									(3)	(2)	(2)
Total Gain (Loss) on Derivatives, Gross									6	7	(21)
Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Less: realized gains (losses) recorded in interest expense									338	438	503
Realized Gain (Loss) on Derivatives									$ 338	$ 438	$ 503

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statements of Changes in Stockholders' Equity (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative Instruments, Gain (Loss) [Line Items]
Total gains (losses) on cash flow hedges	$ (59)	$ (7)	$ 16
Total change in stockholders' equity for unrealized gains (losses) on derivatives	(60)	(5)	22
Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized (gains) losses recognized in interest expense	$ (1)	$ 2	$ 6

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($)
Offsetting [Abstract]
Amount of after-tax net losses to be reclassified from accumulated other comprehensive income to earnings in the next 12 months	$ 1

Derivative Financial Instruments - Collateral Held and Pledged (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$ 759	$ 935
Securities at fair value - on-balance sheet securitization derivatives (not recorded in financial statements)	301	344
Total collateral held	1,060	1,279
Derivative asset at fair value including accrued interest	896	1,091
Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	466	624
Total collateral pledged	466	624
Derivative liability at fair value including accrued interest and premium receivable	$ 1,395	$ 926

Derivative Financial Instruments - Collateral Held and Pledged (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Collateral held in restricted cash account	$ 2	$ 0

Other Assets - Schedule of Other Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Other Assets [Line Items]
Other	$ 400	$ 395
Total	4,682	5,664
Other Assets [Member]
Other Assets [Line Items]
Accrued interest receivable, net	1,646	1,821
Income tax asset, net current and deferred	906	1,389
Derivatives at fair value	678	781
Benefit and insurance-related investments	491	485
Accounts receivable	329	558
Fixed assets, net	162	152
Other loans, net	$ 70	$ 83

Stockholders' Equity - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 30, 2014	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Jan. 31, 2015	May 31, 2014
Class of Stock [Line Items]
Common stock, shares authorized		1,125,000,000	1,125,000,000	1,125,000,000
Common stock, par value		$ 0.01	$ 0.01	$ 0.01
Common stock, shares issued		431,000,000	431,000,000	426,000,000
Common shares unissued but encumbered		24,000,000	24,000,000
Retired shares of common stock held in treasury	127,000,000
Decrease in the balance of treasury stock	$ 2,300,000,000
Common stock dividend paid		$ 0.16	$ 0.64
Authorized share repurchased program amount		$ 700,000,000	$ 700,000,000		$ 800,000,000	$ 1,000,000,000	$ 400,000,000
Common shares repurchased			30,400,000		27,000,000
Purchase price of common stock repurchased on open market			$ 945,000,000	$ 600,000,000	$ 600,000,000
Authorized share repurchased program remaining available amount		$ 755,000,000	$ 755,000,000
Pre-Spin-Off [Member]
Class of Stock [Line Items]
Common shares repurchased			8,300,000
Purchase price of common stock repurchased on open market			$ 200,000,000
Post-Spin-Off [Member]
Class of Stock [Line Items]
Common shares repurchased			22,100,000
Purchase price of common stock repurchased on open market			$ 400,000,000
Common Stock [Member]
Class of Stock [Line Items]
Retired shares of common stock held in treasury				126,963,268
Decrease in the balance of treasury stock	25,000,000			$ 25,000,000
Closing price of common stock		$ 11.45	$ 11.45
Common Stock Shares Outstanding [Member]
Class of Stock [Line Items]
Common stock, shares issued		348,000,000	348,000,000
Common shares repurchased			56,043,711	30,432,689	26,987,043
Common Stock Shares Outstanding [Member] \| Post-Spin-Off [Member]
Class of Stock [Line Items]
Common shares repurchased			78,100,000
Additional Paid-In Capital [Member]
Class of Stock [Line Items]
Decrease in the balance of treasury stock	$ 2,300,000,000			$ 2,263,000,000

Stockholders' Equity - Common Share Repurchases and Issuances (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Equity, Class of Treasury Stock [Line Items]
Common stock repurchased	30,400,000		27,000,000
Average purchase price per share	$ 16.87	$ 19.72	$ 22.26
Shares repurchased related to employee stock-based compensation plans	2,404,328	4,171,342	6,365,002
Average purchase price per share	$ 19.81	$ 20.91	$ 21.76
Common shares issued	4,924,021	7,389,962	9,702,976
Common Stock Shares Outstanding [Member]
Equity, Class of Treasury Stock [Line Items]
Common stock repurchased	56,043,711	30,432,689	26,987,043
Shares repurchased related to employee stock-based compensation plans	2,404,328	4,171,342	6,365,002
Common shares issued	4,924,021	7,389,962	9,702,976

Earnings (Loss) per Common Share - Schedule of Earnings per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator:
Net income attributable to Navient Corporation	$ 286	$ 237	$ 182	$ 292	$ 263	$ 359	$ 307	$ 219	$ 997	$ 1,149	$ 1,418
Preferred stock dividends							2	5		6	20
Net income attributable to Navient Corporation common stock	$ 286	$ 237	$ 182	$ 292	$ 263	$ 359	$ 305	$ 214	$ 997	$ 1,143	$ 1,398
Denominator:
Weighted average shares used to compute basic EPS									376	417	440
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units and Employee Stock Purchase Plan ("ESPP")									6	8	9
Dilutive potential common shares									6	8	9
Weighted average shares used to compute diluted EPS									382	425	449
Basic earnings (loss) per common share attributable to Navient Corporation:
Continuing operations	$ 0.80	$ 0.64	$ 0.48	$ 0.73	$ 0.65	$ 0.87	$ 0.72	$ 0.50	$ 2.66	$ 2.74	$ 2.94
Discontinued operations	0	0	0	0	0	0	0	0			0.24
Total	0.80	0.64	0.48	0.73	0.65	0.87	0.72	0.50	2.66	2.74	3.18
Diluted earnings (loss) per common share attributable to Navient Corporation:
Continuing operations	0.79	0.63	0.47	0.72	0.64	0.85	0.71	0.49	2.61	2.69	2.89
Discontinued operations	0	0	0	0	0	0	0	0			0.23
Total	$ 0.79	$ 0.63	$ 0.47	$ 0.72	$ 0.64	$ 0.85	$ 0.71	$ 0.49	$ 2.61	$ 2.69	$ 3.12

Earnings (Loss) per Common Share - Schedule of Earnings per Common Share (Parenthetical) (Detail) - shares shares in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock awards not included in the computation of diluted earnings per share	6	3	3

Stock-Based Compensation Plans and Arrangements - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation cost	$ 29,000,000	$ 39,000,000	$ 47,000,000
Unrecognized compensation cost	$ 15,000,000
Weighted average period for total unrecognized compensation cost	1 year 10 months 24 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 0
Vesting period	Vest upon appointment to board, director's election to board, or in some cases after one year with continued board service
Restricted Stock Units, RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	RSUs may be time-vested over three years or vested at grant but subject to transfer restrictions
Performance Stock Units, PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	PSUs vest based on corporate earnings-related performance targets over a three-year period
Management Employee [Member] \| Time Vested Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	Vest one-third per year for three years
Management Employee [Member] \| Price Vested Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	Vest upon our common stock reaching a targeted closing price for a set number of days
Management Employee [Member] \| Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	Vest one-third per year for three years based on corporate earnings-related performance targets
Non Management Employee [Member] \| Time Vested Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	Vest one-third per year for three years
Non Employee Director [Member] \| Time Vested Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	Vest upon the director's election to the board
Navient Corporation 2014 Omnibus Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Effective date	Apr. 07, 2014
Shares authorized to be issued under plan	45,000,000
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Effective date	May 01, 2014
Shares authorized to be issued under plan	1,000,000
Grants Made Prior to 2012 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum term for stock options (in years)	10 years
Grants Made since 2012 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum term for stock options (in years)	5 years

Stock-Based Compensation Plans and Arrangements - Black-Scholes Model Assumptions for Calculating Stock Option and ESPP Fair Values (Detail) - Employee Stock Option [Member] - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of the option	2 years 10 months 24 days		2 years 9 months 18 days
Expected volatility	22.00%		31.00%
Risk-free interest rate	0.95%		0.65%
Expected dividend rate	2.99%		3.35%
Weighted average fair value of options granted and stock purchase rights	$ 2.22		$ 3.11
Post-Spin-Off [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of the option		2 years 10 months 24 days
Expected volatility		27.00%
Risk-free interest rate		0.81%
Expected dividend rate		3.53%
Weighted average fair value of options granted and stock purchase rights		$ 2.29
Pre-Spin-Off [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of the option		2 years 10 months 24 days
Expected volatility		26.00%
Risk-free interest rate		0.76%
Expected dividend rate		2.48%
Weighted average fair value of options granted and stock purchase rights		$ 3.48

Stock-Based Compensation Plans and Arrangements - Stock Option Activity (Detail) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($) $ / shares shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of Options, Outstanding, beginning balance \| shares	17,321,559
Granted, Options \| shares	1,978,622
Exercised, Options \| shares	(2,005,832)
Canceled, Options \| shares	(1,532,861)
Number of Options, Outstanding, ending balance \| shares	15,761,488
Number of Options, Exercisable, ending balance \| shares	11,373,279
Weighted Average Exercise Price per Share, Outstanding, beginning balance \| $ / shares	$ 14.68
Granted, Weighted Average Exercise Price per Share \| $ / shares	21.47
Exercised, Weighted Average Exercise Price per Share \| $ / shares	9.45
Canceled, Weighted Average Exercise Price per Share \| $ / shares	31.52
Weighted Average Exercise Price per Share, Outstanding, ending balance \| $ / shares	14.56
Weighted Average Exercise Price per Share, Exercisable, ending balance \| $ / shares	$ 13.36
Weighted Average Remaining Contractual Term, Outstanding, ending balance	2 years 7 months 6 days
Weighted Average Remaining Contractual Term, Exercisable, ending balance	2 years 4 months 24 days
Aggregate Intrinsic Value, Outstanding, ending balance \| $	$ 19
Aggregate Intrinsic Value, Exercisable, ending balance \| $	$ 19

Stock-Based Compensation Plans and Arrangements - Stock Option Activity (Parenthetical) (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash received from option exercises	$ 0
Actual tax benefit realized for the tax deductions from option exercises	9,000,000
Unrecognized compensation cost	$ 15,000,000
Weighted average period for total unrecognized compensation cost	1 year 10 months 24 days
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 1,000,000
Weighted average period for total unrecognized compensation cost	1 year 10 months 24 days
Pre-Spin-Off [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of options exercised		$ 23,000,000	$ 73,000,000
Post-Spin-Off [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of options exercised	$ 19,000,000	$ 23,000,000

Stock-Based Compensation Plans and Arrangements - Restricted Stock and Performance Stock Unit Activity (Detail)	12 Months Ended
	Dec. 31, 2015 $ / shares shares
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, Shares \| shares	32,326
Vested, Shares \| shares	(32,326)
Granted, Weighted Average Grant Date Fair Value \| $ / shares	$ 21.65
Vested, Weighted Average Grant Date Fair Value \| $ / shares	$ 21.65
Restricted Stock Units and Performance Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Non-vested, beginning balance \| shares	4,869,221
Granted, Shares \| shares	1,364,610
Vested, Shares \| shares	(2,511,419)
Canceled, Shares \| shares	(50,183)
Number of Shares, Non-vested, ending balance \| shares	3,672,229
Weighted Average Grant Date Fair Value, Non-vested, beginning balance \| $ / shares	$ 12.34
Granted, Weighted Average Grant Date Fair Value \| $ / shares	21.62
Vested, Weighted Average Grant Date Fair Value \| $ / shares	11.73
Canceled, Weighted Average Grant Date Fair Value \| $ / shares	16.34
Weighted Average Grant Date Fair Value, Non-vested, ending balance \| $ / shares	$ 16.15

Stock-Based Compensation Plans and Arrangements - Restricted Stock and Performance Stock Unit Activity (Parenthetical) (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 15,000,000
Weighted average period for total unrecognized compensation cost	1 year 10 months 24 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 0
Restricted Stock Units and Performance Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 13,000,000
Weighted average period for total unrecognized compensation cost	2 years
Pre-Spin-Off [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock that vested		$ 1,000,000	$ 2,000,000
Pre-Spin-Off [Member] \| Restricted Stock Units and Performance Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock that vested		35,000,000	$ 27,000,000
Post-Spin-Off [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock that vested	$ 1,000,000	1,000,000
Post-Spin-Off [Member] \| Restricted Stock Units and Performance Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock that vested	$ 29,000,000	$ 1,000,000

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Maximum remaining term for investment purchased for estimating at cost	90 days
Decrease in valuation due to net credit risk adjustments	$ 1	$ 18
Decrease in valuation due to liquidity adjustments	$ 31	$ 73

Fair Value Measurements - Valuation of Financial Instruments that are Marked-to-Market on Recurring Basis (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Available-for-sale investments:
Available-for-sale investments	$ 5	$ 6
Derivative assets	728	1,022
Derivative liabilities	(1,515)	(1,430)
Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	726	857
Derivative liabilities	(160)	(145)
Cross-Currency Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	2	164
Derivative liabilities	(988)	(358)
Other [Member]
Available-for-sale investments:
Derivative assets		1
Derivative liabilities	(2)	(12)
Floor Income Contracts [Member]
Available-for-sale investments:
Derivative liabilities	(365)	(915)
Fair Value Measurements Recurring [Member]
Available-for-sale investments:
Available-for-sale investments	5	6
Derivative assets	728	1,022
Total	733	1,028
Derivative liabilities	(1,515)	(1,430)
Total	(1,515)	(1,430)
Fair Value Measurements Recurring [Member] \| Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	726	857
Derivative liabilities	(160)	(145)
Fair Value Measurements Recurring [Member] \| Cross-Currency Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	2	164
Derivative liabilities	(988)	(358)
Fair Value Measurements Recurring [Member] \| Other [Member]
Available-for-sale investments:
Derivative assets		1
Derivative liabilities	(2)	(12)
Fair Value Measurements Recurring [Member] \| Floor Income Contracts [Member]
Available-for-sale investments:
Derivative liabilities	(365)	(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	4	5
Level 2 [Member] \| Fair Value Measurements Recurring [Member]
Available-for-sale investments:
Available-for-sale investments	5	6
Derivative assets	709	841
Total	714	847
Derivative liabilities	(547)	(1,033)
Total	(547)	(1,033)
Level 2 [Member] \| Fair Value Measurements Recurring [Member] \| Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	709	841
Derivative liabilities	(99)	(41)
Level 2 [Member] \| Fair Value Measurements Recurring [Member] \| Cross-Currency Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative liabilities	(83)	(77)
Level 2 [Member] \| Fair Value Measurements Recurring [Member] \| Floor Income Contracts [Member]
Available-for-sale investments:
Derivative liabilities	(365)	(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	4	5
Level 3 [Member] \| Fair Value Measurements Recurring [Member]
Available-for-sale investments:
Derivative assets	19	181
Total	19	181
Derivative liabilities	(968)	(397)
Total	(968)	(397)
Level 3 [Member] \| Fair Value Measurements Recurring [Member] \| Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	17	16
Derivative liabilities	(61)	(104)
Level 3 [Member] \| Fair Value Measurements Recurring [Member] \| Cross-Currency Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	2	164
Derivative liabilities	(905)	(281)
Level 3 [Member] \| Fair Value Measurements Recurring [Member] \| Other [Member]
Available-for-sale investments:
Derivative assets		1
Derivative liabilities	$ (2)	$ (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	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	$ (216)	$ 899	$ 984
Total gains/(losses) (realized and unrealized):
Included in earnings	(751)	(1,072)	50
Included in other comprehensive income	0	0	0
Settlements	18	(43)	(135)
Transfers in and/or out of level 3	0	0	0
Balance, end of period	(949)	(216)	899
Change in unrealized gains/(losses) relating to instruments still held at the reporting date	(737)	(1,215)	95
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)	(73)
Total gains/(losses) (realized and unrealized):
Included in earnings	39	1	9
Included in other comprehensive income	0	0	0
Settlements	5	(2)	(23)
Transfers in and/or out of level 3	0	0	0
Balance, end of period	(44)	(88)	(87)
Change in unrealized gains/(losses) relating to instruments still held at the reporting date	37		(2)
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	1,053
Total gains/(losses) (realized and unrealized):
Included in earnings	(796)	(1,081)	63
Included in other comprehensive income	0	0	0
Settlements	10	(43)	(109)
Transfers in and/or out of level 3	0	0	0
Balance, end of period	(903)	(117)	1,007
Change in unrealized gains/(losses) relating to instruments still held at the reporting date	(783)	(1,225)	116
Other [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	(11)	(21)	4
Total gains/(losses) (realized and unrealized):
Included in earnings	6	8	(22)
Included in other comprehensive income	0	0	0
Settlements	3	2	(3)
Transfers in and/or out of level 3	0	0	0
Balance, end of period	(2)	(11)	(21)
Change in unrealized gains/(losses) relating to instruments still held at the reporting date	$ 9	$ 10	$ (19)

Fair Value Measurements - Included in Earnings (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Gains (losses) on derivative and hedging activities, net	$ (751)	$ (1,072)	$ 50
Gain (Loss) on Derivative Instruments [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Gains (losses) on derivative and hedging activities, net	(741)	(1,116)	(27)
Interest Expense [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Gains (losses) on derivative and hedging activities, net	$ (10)	$ 44	$ 77

Fair Value Measurements - Unobservable Data Used in Recurring Valuations of Level 3 (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 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	$ (949)
Interest Rate Swaps [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	566	$ 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	(986)	(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	$ (903)
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	2.80%
Other [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ (2)	$ (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	(2)
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	$ 8
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	(0.04%)
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	$ (52)
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	0.03%
Derivative, Higher Range of Basis Spread on Variable Rate	0.09%
Derivative, Basis Spread on Variable Rate	(0.03%)
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	4.70%

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	$ 122,892	$ 134,317
Total earning assets, Carrying Value	128,725	140,319
Short-term borrowings, Carrying Value	2,570	2,663
Long-term borrowings, Carrying Value	124,833	136,866
Total interest-bearing liabilities, Carrying Value	127,403	139,529
Total earning assets, Fair Value	125,982	139,854
Short-term borrowings, Fair Value	2,569	2,661
Long-term borrowings, Fair Value	118,471	134,201
Total interest-bearing liabilities, Fair Value	121,040	136,862
Floor Income Contracts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(365)	(915)
Derivative financial instruments, Fair Value	(365)	(915)
Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	566	712
Derivative financial instruments, Fair Value	566	712
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(986)	(194)
Derivative financial instruments, Fair Value	(986)	(194)
Other [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(2)	(11)
Derivative financial instruments, Fair Value	(2)	(11)
FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	96,498	104,521	$ 104,588
Loans receivable, Fair Value	94,377	104,419
Private Education Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	26,394	29,796
Loans receivable, Fair Value	25,772	29,433
Difference [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total earning assets, Fair Value	(2,743)	(465)
Short-term borrowings, Fair Value	1	2
Long-term borrowings, Fair Value	6,362	2,665
Total interest-bearing liabilities, Fair Value	6,363	2,667
Excess of net asset fair value over carrying value	3,620	2,202
Difference [Member] \| FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, Fair Value	(2,121)	(102)
Difference [Member] \| Private Education Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, Fair Value	(622)	(363)
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	5,833	6,002
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	$ 5,833	$ 6,002

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Available-for-sale investments, cost basis	$ 4	$ 5
Available-for-sale investments, fair value	$ 5	$ 6

Commitments and Contingencies - Additional Information (Detail) - USD ($)		12 Months Ended
	May 13, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Loss Contingencies [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
Total reserves established during year			$ 177,000,000	$ 177,000,000
Indemnification Matters [Member] \| SLM BankCo [Member] \| Predecessor [Member]
Loss Contingencies [Line Items]
Reserve for estimated amounts and costs incurred		$ 0
DOJ Order [Member]
Loss Contingencies [Line Items]
Civil monetary penalties			55,000
Settlement fund under DOJ			$ 60,000,000

Income Taxes - Reconciliations of Statutory U.S. Federal Income Tax Rates to Our Effective Tax Rate for Continuing Operations (Detail)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Statutory rate	35.00%	35.00%	35.00%
State tax, net of federal benefit	2.60%	2.00%	2.00%
Other, net	0.10%	0.50%	0.10%
Effective tax rate	37.70%	37.50%	37.10%

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Effective tax rates for discontinued operations	37.00%	37.00%	16.20%
Statutory U.S. federal rate	35.00%	35.00%	35.00%
Valuation allowance, deferred tax assets	$ 7.0	$ 8.0
Operating loss carryforwards	$ 251.0
Operating loss carryforwards, expiration dates	2024
Unrecognized tax benefits at end of year	$ 56.3	$ 51.9	$ 56.0	$ 41.2
Unrecognized tax benefits recognition impact on effective tax rate	33.9
State [Member] \| Capital Loss Carryforward [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Operating loss carryforwards	$ 2.0
Operating loss carryforwards, expiration dates	2017
Minimum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Statute of limitation period for open tax reviews	3 years
Maximum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Statute of limitation period for open tax reviews	4 years

Income Taxes - Components of Provision for Income Tax Expense (Benefit) (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Continuing operations current provision/(benefit):
Federal									$ 136	$ 443	$ 567
State									22	42	47
Total continuing operations current provision/(benefit)									158	485	614
Continuing operations deferred provision/(benefit):
Federal									404	189	142
State									42	14	20
Total continuing operations deferred provision/(benefit)									446	203	162
Continuing operations provision for income tax expense/(benefit)	$ 166	$ 144	$ 113	$ 181	$ 159	$ 200	$ 191	$ 136	604	688	776
Discontinued operations current provision/(benefit):
Federal										(4)	32
State											1
Total discontinued operations current provision/(benefit)										(4)	33
Discontinued operations deferred provision/(benefit):
Federal										4	(12)
State											(1)
Total discontinued operations deferred provision/(benefit)										4	(13)
Discontinued operations provision for income tax expense/(benefit)											20
Provision for income tax expense/(benefit)									$ 604	$ 688	$ 796

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
Loan reserves	$ 609	$ 795
Market value adjustments on education loans, investments and derivatives	126	352
Education loan premiums and discounts, net	95	114
Deferred revenue	46	49
Stock-based compensation plans	43	50
Unrealized derivative and investment gains and losses, net	30
Accrued expenses not currently deductible	24	27
Other	29	25
Total deferred tax assets	1,002	1,412
Deferred tax liabilities:
Original issue discount on borrowings	23	13
Other	46	51
Total deferred tax liabilities	69	64
Net deferred tax assets	$ 933	$ 1,348

Income Taxes - Summary of Changes in Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Unrecognized tax benefits at beginning of year	$ 51.9	$ 56.0	$ 41.2
Increases resulting from tax positions taken during a prior period	1.6	1.0	5.8
Decreases resulting from tax positions taken during a prior period	(1.8)	(12.4)	(7.7)
Increases resulting from tax positions taken during the current period	6.9	8.4	28.1
Decreases related to settlements with taxing authorities		(0.6)	(7.7)
Increases related to settlements with taxing authorities	0.0	0.0	0.0
Reductions related to the lapse of statute of limitations	(2.3)	(0.5)	(3.7)
Unrecognized tax benefits at end of year	$ 56.3	$ 51.9	$ 56.0

Segment Reporting - Additional Information (Detail) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2015 USD ($)	Mar. 31, 2015	Dec. 31, 2015 USD ($) Segment Clients Accounts Agency	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Segment Reporting Information [Line Items]
Number of primary operating segments \| Segment			3
Loans, net			$ 122,892	$ 134,317
Net adjustment resulting from the change in the charge-off rate			330
Outstanding inventory of asset recovery receivables			20,200
Increase in outstanding inventory of asset recovery receivable			$ 7,000
Number of clients for asset recovery and business processing services \| Clients			1,000
Percentage of last allocation under servicing contract			15.00%
Total assets			$ 134,112	146,352
Borrowers in Current Repayment Status [Member]
Segment Reporting Information [Line Items]
Servicing contract allocation metric weighting			30.00%
Borrowers More Than 90 But Less Than 271 Days Delinquent [Member]
Segment Reporting Information [Line Items]
Servicing contract allocation metric weighting			15.00%
Borrowers 271 Days or More up to 360 Days Delinquent [Member]
Segment Reporting Information [Line Items]
Servicing contract allocation metric weighting			15.00%
Survey of Borrowers [Member]
Segment Reporting Information [Line Items]
Servicing contract allocation metric weighting			35.00%
Survey of ED Personnel [Member]
Segment Reporting Information [Line Items]
Servicing contract allocation metric weighting			5.00%
ED Asset Recovery and Servicing Contracts [Member]
Segment Reporting Information [Line Items]
Allocation methodology description			Since 2009 when we were selected through a competitive bidding process, Navient has been one of four Title IV Additional Servicers (“TIVAS”) that provides customer service for federal loans owned by ED. This contract has been extended through 2019. Under the terms of the contract extension, the allocation of new borrower volume is determined twice each year based on the relative performance of the servicers of five metrics: borrowers in current repayment status (30 percent), borrowers more than 90 but less than 271 days delinquent (15 percent), borrowers 271 days or more up to 360 days delinquent (15 percent), a survey of borrowers (35 percent), and a survey of ED personnel (5 percent). In 2015, other state-based not-for-profit servicers that had previously received a contract through a legislative, no-bid process began to receive a 26 percent allocation of total new borrowers, leaving a 74 percent allocation to the TIVAS. In the last allocation, Navient received 15 percent of new loan volume.
Title IV Additional Servicers [Member]
Segment Reporting Information [Line Items]
Percentage of allocation under servicing contract			74.00%
Business Services Segment [Member]
Segment Reporting Information [Line Items]
Asset recovery revenue			$ 209	275
Total assets			$ 657	416
Business Services Segment [Member] \| Department of Education [Member]
Segment Reporting Information [Line Items]
Number of contracts under ED servicing contract \| Accounts			6,300,000
Loans under service contract			$ 186,000
Revenue from servicing contract			139
Other Segment [Member]
Segment Reporting Information [Line Items]
Total assets			2,400	2,100
Private Education Loans Segment [Member]
Segment Reporting Information [Line Items]
Loans, net			26,394	29,796
Total assets			$ 28,978	32,651
Not For Profit Servicers [Member]
Segment Reporting Information [Line Items]
Percentage of allocation under servicing contract			26.00%
Asset Classes Other Than Education Loans [Member]
Segment Reporting Information [Line Items]
Outstanding inventory of asset recovery receivables			$ 9,900
Nonfederal Education Loan [Member]
Segment Reporting Information [Line Items]
Increase in outstanding inventory of asset recovery receivable			118	49
FFELP Loans [Member]
Segment Reporting Information [Line Items]
Loans, net			$ 96,498	$ 104,521	$ 104,588
Percentage of general guarantees of FFELP loans			97.00%
Loan portfolio amortization period weighted average life			7 years
Loans acquired			$ 3,700
Amortization period			20 years
Percentage of loans funded through securitization debt			78.00%
Charge-offs as a percentage of average loans in repayment				0.08%	0.10%
FFELP Loans [Member] \| Business Services Segment [Member]
Segment Reporting Information [Line Items]
Intercompany loan servicing revenue on FFELP Loans			$ 427	$ 456
Account maintenance fees and default aversion fees earned on FFELP loans			33	36
Private Education Loans [Member]
Segment Reporting Information [Line Items]
Loans, net			$ 26,394	$ 29,796
Loan portfolio amortization period weighted average life			7 years
Amortization period			20 years
Percentage of loans funded through securitization debt			62.00%
Portion of loan amount charged off at default	79.00%	73.00%
Net adjustment resulting from the change in the charge-off rate	$ 330		$ 330
Charge-offs as a percentage of average loans in repayment				2.51%	2.78%
Private Education Loans [Member] \| Private Education Loans Segment [Member]
Segment Reporting Information [Line Items]
Charge-offs as a percentage of average loans in repayment			2.60%
Operating Segments [Member] \| Business Services Segment [Member]
Segment Reporting Information [Line Items]
Business Services segment revenue			$ 1,020	$ 1,060
Number of guarantor agencies \| Agency			29
Default aversion provided \| Agency			11
Operating Segments [Member] \| FFELP Loans [Member] \| Business Services Segment [Member]
Segment Reporting Information [Line Items]
Reduced revenue on FFELP default collections			$ 79
Operating Segments [Member] \| FFELP Loans [Member] \| Business Services Segment [Member] \| Sales Revenue Net [Member]
Segment Reporting Information [Line Items]
Federal education loan related revenue as percentage of Business Services revenue			87.00%	94.00%

Segment Reporting - Asset Information for Loans Segment (Detail) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Loans, net	$ 122,892	$ 134,317
Other	4,682	5,664
Total assets	134,112	146,352
Private Education Loans Segment [Member]
Segment Reporting Information [Line Items]
Loans, net	26,394	29,796
Cash and investments	596	402
Other	1,988	2,453
Total assets	28,978	32,651
FFELP Loans Segment [Member]
Segment Reporting Information [Line Items]
Loans, net	96,498	104,521
Cash and investments	3,572	4,050
Other	2,015	2,566
Total assets	$ 102,085	$ 111,137

Segment Reporting - Segment Results and Reconciliations to GAAP (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Interest income:
Education loans									$ 4,280	$ 4,712	$ 5,349
Other loans									7	9	11
Cash and investments									8	9	17
Total interest income									4,295	4,730	5,377
Total interest expense									2,074	2,063	2,210
Net interest income (loss)	$ 536	$ 553	$ 549	$ 583	$ 614	$ 624	$ 662	$ 766	2,221	2,667	3,167
Less: provisions for loan losses	115	123	198	125	138	140	165	185	561	628	839
Net interest income (loss) after provisions for loan losses	421	430	351	458	476	484	497	581	1,660	2,039	2,328
Other income (loss):
Servicing revenue									340	298	290
Asset recovery and business processing revenue									367	388	420
Other income (loss)									183	221	(168)
Gains (losses) on sales of loans and investments									(9)		302
Gains on debt repurchases									21		42
Total other income									902	907	886
Expenses:
Direct operating expenses									699	760	806
Overhead expenses									219	227	236
Total operating expenses	235	228	225	230	215	195	211	366	918	987	1,042
Goodwill and acquired intangible asset impairment and amortization	5	3	3	1	2	2	2	4	12	9	13
Restructuring and other reorganization expenses			29	3	10	14	61	26	32	113	72
Total expenses									962	1,109	1,127
Income (loss) from continuing operations, before income tax expense (benefit)									1,600	1,837	2,087
Income tax expense (benefit)	166	144	113	181	159	200	191	136	604	688	776
Net income (loss) from continuing operations	286	236	182	292	262	361	307	219	996	1,149	1,311
Income (loss) from discontinued operations, net of tax expense (benefit)		1			1	(2)			1		106
Net income (loss)	286	237	182	292	263	359	307	219	997	1,149	1,417
Less: net loss attributable to noncontrolling interest	0	0	0	0	0	0	0	0			(1)
Net income (loss) attributable to Navient Corporation	$ 286	$ 237	$ 182	$ 292	$ 263	$ 359	$ 307	$ 219	997	1,149	1,418
Reclassifications [Member]
Interest income:
Education loans									650	699	816
Total interest income									650	699	816
Total interest expense									37	42	55
Net interest income (loss)									613	657	761
Net interest income (loss) after provisions for loan losses									613	657	761
Other income (loss):
Other income (loss)									(613)	(657)	(755)
Gains on debt repurchases											(6)
Total other income									(613)	(657)	(761)
Additions/ (Subtractions) [Member]
Interest income:
Education loans									(238)	(42)	222
Cash and investments										1	5
Total interest income									(238)	(41)	227
Total interest expense										31	88
Net interest income (loss)									(238)	(72)	139
Less: provisions for loan losses										49	69
Net interest income (loss) after provisions for loan losses									(238)	(121)	70
Other income (loss):
Servicing revenue										(1)	6
Other income (loss)									781	846	577
Total other income									781	845	583
Expenses:
Direct operating expenses										36	185
Overhead expenses										27	69
Total operating expenses										63	254
Goodwill and acquired intangible asset impairment and amortization									12	9	13
Restructuring and other reorganization expenses									32	113	72
Total expenses									44	185	339
Income (loss) from continuing operations, before income tax expense (benefit)									499	539	314
Income tax expense (benefit)									196	208	133
Net income (loss) from continuing operations									303	331	181
Income (loss) from discontinued operations, net of tax expense (benefit)											(6)
Net income (loss)									303	331	175
Less: net loss attributable to noncontrolling interest											(1)
Net income (loss) attributable to Navient Corporation											176
Total Adjustments [Member]
Interest income:
Education loans									412	657	1,038
Cash and investments										1	5
Total interest income									412	658	1,043
Total interest expense									37	73	143
Net interest income (loss)									375	585	900
Less: provisions for loan losses										49	69
Net interest income (loss) after provisions for loan losses									375	536	831
Other income (loss):
Servicing revenue										(1)	6
Other income (loss)									168	189	(178)
Gains on debt repurchases											(6)
Total other income									168	188	(178)
Expenses:
Direct operating expenses										36	185
Overhead expenses										27	69
Total operating expenses										63	254
Goodwill and acquired intangible asset impairment and amortization									12	9	13
Restructuring and other reorganization expenses									32	113	72
Total expenses									44	185	339
Income (loss) from continuing operations, before income tax expense (benefit)									499	539	314
Income tax expense (benefit)									196	208	133
Net income (loss) from continuing operations									303	331	181
Income (loss) from discontinued operations, net of tax expense (benefit)											(6)
Net income (loss)									303	331	175
Less: net loss attributable to noncontrolling interest											(1)
Net income (loss) attributable to Navient Corporation									303	331	176
Operating Segments [Member]
Interest income:
Education loans									3,868	4,055	4,311
Other loans									7	9	11
Cash and investments									8	8	12
Total interest income									3,883	4,072	4,334
Total interest expense									2,037	1,990	2,067
Net interest income (loss)									1,846	2,082	2,267
Less: provisions for loan losses									561	579	770
Net interest income (loss) after provisions for loan losses									1,285	1,503	1,497
Other income (loss):
Servicing revenue									340	299	284
Asset recovery and business processing revenue									367	388	420
Other income (loss)									15	32	10
Gains (losses) on sales of loans and investments									(9)		302
Gains on debt repurchases									21		48
Total other income									734	719	1,064
Expenses:
Direct operating expenses									699	724	621
Overhead expenses									219	200	167
Total operating expenses									918	924	788
Total expenses									918	924	788
Income (loss) from continuing operations, before income tax expense (benefit)									1,101	1,298	1,773
Income tax expense (benefit)									408	480	643
Net income (loss) from continuing operations									693	818	1,130
Income (loss) from discontinued operations, net of tax expense (benefit)									1		112
Net income (loss)									694	818	1,242
Net income (loss) attributable to Navient Corporation											1,242
Operating Segments [Member] \| FFELP Loans Segment [Member]
Interest income:
Education loans									2,112	2,097	2,274
Cash and investments									6	4	5
Total interest income									2,118	2,101	2,279
Total interest expense									1,245	1,168	1,260
Net interest income (loss)									873	933	1,019
Less: provisions for loan losses									26	40	48
Net interest income (loss) after provisions for loan losses									847	893	971
Other income (loss):
Servicing revenue									95	62	76
Gains (losses) on sales of loans and investments									12		312
Total other income									107	62	388
Expenses:
Direct operating expenses									443	478	555
Total operating expenses									443	478	555
Total expenses									443	478	555
Income (loss) from continuing operations, before income tax expense (benefit)									511	477	804
Income tax expense (benefit)									190	178	291
Net income (loss) from continuing operations									321	299	513
Net income (loss)									321	299	513
Net income (loss) attributable to Navient Corporation											513
Operating Segments [Member] \| Private Education Loans Segment [Member]
Interest income:
Education loans									1,756	1,958	2,037
Cash and investments											2
Total interest income									1,756	1,958	2,039
Total interest expense									680	708	748
Net interest income (loss)									1,076	1,250	1,291
Less: provisions for loan losses									538	539	722
Net interest income (loss) after provisions for loan losses									538	711	569
Other income (loss):
Servicing revenue									21	25	33
Gains (losses) on sales of loans and investments									(21)
Total other income										25	33
Expenses:
Direct operating expenses									168	181	179
Total operating expenses									168	181	179
Total expenses									168	181	179
Income (loss) from continuing operations, before income tax expense (benefit)									370	555	423
Income tax expense (benefit)									137	204	154
Net income (loss) from continuing operations									233	351	269
Net income (loss)									233	351	269
Net income (loss) attributable to Navient Corporation											269
Operating Segments [Member] \| Business Services Segment [Member]
Other income (loss):
Servicing revenue									651	668	705
Asset recovery and business processing revenue									367	388	420
Other income (loss)									4	6	5
Total other income									1,022	1,062	1,130
Expenses:
Direct operating expenses									485	389	348
Total operating expenses									485	389	348
Total expenses									485	389	348
Income (loss) from continuing operations, before income tax expense (benefit)									537	673	782
Income tax expense (benefit)									199	248	284
Net income (loss) from continuing operations									338	425	498
Income (loss) from discontinued operations, net of tax expense (benefit)											111
Net income (loss)									338	425	609
Net income (loss) attributable to Navient Corporation											609
Operating Segments [Member] \| Other Segment [Member]
Interest income:
Other loans									7	9	11
Cash and investments									2	4	5
Total interest income									9	13	16
Total interest expense									112	114	59
Net interest income (loss)									(103)	(101)	(43)
Less: provisions for loan losses									(3)
Net interest income (loss) after provisions for loan losses									(100)	(101)	(43)
Other income (loss):
Servicing revenue											(1)
Other income (loss)									11	26	5
Gains (losses) on sales of loans and investments											(10)
Gains on debt repurchases									21		48
Total other income									32	26	42
Expenses:
Direct operating expenses									30	132	68
Overhead expenses									219	200	167
Total operating expenses									249	332	235
Total expenses									249	332	235
Income (loss) from continuing operations, before income tax expense (benefit)									(317)	(407)	(236)
Income tax expense (benefit)									(118)	(150)	(86)
Net income (loss) from continuing operations									(199)	(257)	(150)
Income (loss) from discontinued operations, net of tax expense (benefit)									1		1
Net income (loss)									(198)	(257)	(149)
Net income (loss) attributable to Navient Corporation											(149)
Eliminations [Member]
Other income (loss):
Servicing revenue									(427)	(456)	(529)
Total other income									(427)	(456)	(529)
Expenses:
Direct operating expenses									(427)	(456)	(529)
Total operating expenses									(427)	(456)	(529)
Total expenses									$ (427)	$ (456)	$ (529)

Segment Reporting - Segment Result and Reconciliations to GAAP - Core Earnings Adjustments (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income after provisions for loan losses	$ 421	$ 430	$ 351	$ 458	$ 476	$ 484	$ 497	$ 581	$ 1,660	$ 2,039	$ 2,328
Total other income									902	907	886
Operating expenses	235	228	225	230	215	195	211	366	918	987	1,042
Goodwill and acquired intangible asset impairment and amortization	5	3	3	1	2	2	2	4	12	9	13
Restructuring and other reorganization expenses			29	3	10	14	61	26	32	113	72
Income tax expense	166	144	113	181	159	200	191	136	604	688	776
Income from discontinued operations, net of tax expense		1			1	(2)			1		106
Net loss attributable to noncontrolling interest	0	0	0	0	0	0	0	0			(1)
Net income attributable to Navient Corporation	$ 286	$ 237	$ 182	$ 292	$ 263	$ 359	$ 307	$ 219	997	1,149	1,418
Total Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income after provisions for loan losses									375	536	831
Total other income									168	188	(178)
Operating expenses										63	254
Goodwill and acquired intangible asset impairment and amortization									12	9	13
Restructuring and other reorganization expenses									32	113	72
Total "Core Earnings" adjustments to GAAP									499	539	314
Income tax expense									196	208	133
Income from discontinued operations, net of tax expense											(6)
Net loss attributable to noncontrolling interest											(1)
Net income attributable to Navient Corporation									303	331	176
Net Impact from Spin-Off of SLM BankCo [Member] \| Total Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income after provisions for loan losses										136	376
Total other income										15	34
Operating expenses										63	254
Restructuring and other reorganization expenses									32	113	72
Total "Core Earnings" adjustments to GAAP									(32)	(25)	84
Net Impact of Derivative Accounting [Member] \| Total Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income after provisions for loan losses									375	400	455
Total other income									168	173	(212)
Total "Core Earnings" adjustments to GAAP									543	573	243
Net Impact of Acquired Intangibles [Member] \| Total Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Goodwill and acquired intangible asset impairment and amortization									12	9	13
Total "Core Earnings" adjustments to GAAP									$ (12)	$ (9)	$ (13)

Segment Reporting - Core Earnings Adjustments to GAAP (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
"Core Earnings" adjustments to GAAP:
Net tax effect	$ (166)	$ (144)	$ (113)	$ (181)	$ (159)	$ (200)	$ (191)	$ (136)	$ (604)	$ (688)	$ (776)
Net income attributable to Navient Corporation	$ 286	$ 237	$ 182	$ 292	$ 263	$ 359	$ 307	$ 219	997	1,149	1,418
Total Adjustments [Member]
"Core Earnings" adjustments to GAAP:
Core Earnings adjustments to GAAP									499	539	314
Net tax effect									(196)	(208)	(133)
Net impact of discontinued operations and noncontrolling interest											(5)
Net income attributable to Navient Corporation									303	331	176
Total Adjustments [Member] \| Net Impact from Spin-Off of SLM BankCo [Member]
"Core Earnings" adjustments to GAAP:
Core Earnings adjustments to GAAP									(32)	(25)	84
Total Adjustments [Member] \| Net Impact of Derivative Accounting [Member]
"Core Earnings" adjustments to GAAP:
Core Earnings adjustments to GAAP									543	573	243
Total Adjustments [Member] \| Net Impact of Acquired Intangibles [Member]
"Core Earnings" adjustments to GAAP:
Core Earnings adjustments to GAAP									$ (12)	$ (9)	$ (13)

Amount after tax of income (loss) from a discontinued operation attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
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-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721673-107760

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-Section 45
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4569616-111683

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
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-Section 45
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-URI http://asc.fasb.org/extlink&oid=51664549&loc=SL4568447-111683

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
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-URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721525-107759

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
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-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-URI http://asc.fasb.org/extlink&oid=51716988&loc=d3e957-107759

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

Segment Reporting - Core Earnings Adjustments to GAAP (Parenthetical) (Detail)	12 Months Ended
	Dec. 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

Discontinued Operations - Summary of Discontinued Operations (Detail) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2015	Dec. 31, 2013
Operations:
Income from discontinued operations before income tax expense				$ 1	$ 126
Income tax expense					20
Income from discontinued operations, net of tax expense	$ 1	$ 1	$ (2)	$ 1	$ 106

Amount before tax of income (loss) from a discontinued operation. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

Amount after tax of income (loss) from a discontinued operation attributable to the parent. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.