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Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2016	Jan. 31, 2017	Jun. 30, 2016
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Trading Symbol	NAVI
Entity Registrant Name	NAVIENT CORP
Entity Central Index Key	0001593538
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		291,008,528
Entity Public Float			$ 3.8

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Assets
Loans, net	$ 111,070	$ 122,796
Investments
Available-for-sale	3	5
Other	347	496
Total investments	350	501
Cash and cash equivalents	1,253	1,594
Restricted cash and investments	3,600	3,738
Goodwill and acquired intangible assets, net	670	705
Other assets	4,193	4,712
Total assets	121,136	134,046
Liabilities
Short-term borrowings	2,334	2,570
Long-term borrowings	112,368	124,833
Other liabilities	2,711	2,710
Total liabilities	117,413	130,113
Commitments and contingencies
Equity
Common stock, par value $0.01 per share; 1.125 billion shares authorized: 436 million and 431 million shares issued, respectively	4	4
Additional paid-in capital	3,022	2,967
Accumulated other comprehensive (loss) income (net of tax (expense) benefit of $(3) and $30, respectively)	6	(51)
Retained earnings	2,890	2,414
Total Navient Corporation stockholders' equity before treasury stock	5,922	5,334
Less: Common stock held in treasury at cost: 145 million and 82 million shares, respectively	(2,223)	(1,425)
Total Navient Corporation stockholders' equity	3,699	3,909
Noncontrolling interest	24	24
Total equity	3,723	3,933
Total liabilities and equity	121,136	134,046
FFELP Loans [Member]
Assets
Loans, net	87,730	96,402
Private Education Loans [Member]
Assets
Loans, net	23,340	26,394
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Assets
Loans, net	104,008	114,640
Investments
Restricted cash	3,434	3,553
Other assets, Net	(11)	293
Liabilities
Short-term borrowings	1,078	710
Long-term borrowings	95,492	106,510
Net assets of consolidated variable interest entities	10,861	11,266
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| FFELP Loans [Member]
Assets
Loans, net	83,429	91,516
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Private Education Loans [Member]
Assets
Loans, net	20,500	$ 23,124
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Other Loans [Member]
Assets
Loans, net	$ 79

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Allowance for loans losses	$ 1,433	$ 1,564
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,125,000,000	1,125,000,000
Common stock, shares issued	436,000,000	431,000,000
Tax (expense) benefit for accumulated other comprehensive loss	$ (3)	$ 30
Common stock held in treasury	145,000,000	82,000,000
FFELP Loans [Member]
Allowance for loans losses	$ 67	$ 78
Private Education Loans [Member]
Allowance for loans losses	$ 1,351	$ 1,471

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Interest income:
Cash and investments	$ 22	$ 8	$ 9
Total interest income	4,146	4,295	4,730
Total interest expense	2,441	2,074	2,063
Net interest income	1,705	2,221	2,667
Less: provisions for loan losses	429	581	647
Net interest income after provisions for loan losses	1,276	1,640	2,020
Other income (loss):
Servicing revenue	304	340	298
Asset recovery and business processing revenue	390	367	388
Other income	7	17	82
Losses on sales of loans and investments		(9)
Gains on debt repurchases	1	21
Gains (losses) on derivative and hedging activities, net	117	166	139
Total other income	819	902	907
Expenses:
Salaries and benefits	500	467	479
Other operating expenses	451	451	508
Total operating expenses	951	918	987
Goodwill and acquired intangible asset impairment and amortization expense	36	12	9
Restructuring and other reorganization expenses		32	113
Total expenses	987	962	1,109
Income from continuing operations, before income tax expense	1,108	1,580	1,818
Income tax expense	427	597	681
Net income from continuing operations	681	983	1,137
Income from discontinued operations, net of tax expense		1
Net income	681	984	1,137
Less: net income (loss) attributable to noncontrolling interest	0	0	0
Net income attributable to Navient Corporation	681	984	1,137
Preferred stock dividends			6
Net income attributable to Navient Corporation common stock	$ 681	$ 984	$ 1,131
Basic earnings per common share attributable to Navient Corporation	$ 2.15	$ 2.62	$ 2.71
Average common shares outstanding	316	376	417
Diluted earnings per common share attributable to Navient Corporation	$ 2.12	$ 2.58	$ 2.66
Average common and common equivalent shares outstanding	322	382	425
Dividends per common share attributable to Navient Corporation	$ 0.64	$ 0.64	$ 0.60
FFELP Loans [Member]
Interest income:
Total interest income	$ 2,528	$ 2,524	$ 2,556
Less: provisions for loan losses	43	46	59
Private Education Loans [Member]
Interest income:
Total interest income	1,587	1,756	2,156
Less: provisions for loan losses	383	538	588
Other Loans [Member]
Interest income:
Total interest income	$ 9	$ 7	$ 9

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 681	$ 984	$ 1,137
Other comprehensive income (loss):
Unrealized hedging gains (losses) on derivatives	91	(93)	(11)
Reclassification adjustments for derivative (gains) losses included in net income (interest expense)	(1)	(1)	3
Total unrealized gains (losses) on derivatives	90	(94)	(8)
Unrealized gains (losses) on investments			2
Income tax (expense) benefit	(33)	34	2
Other comprehensive income (loss), net of tax expense (benefit)	57	(60)	(4)
Total comprehensive income attributable to Navient Corporation	$ 738	$ 924	$ 1,133

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions	Total	Series A Preferred Stock [Member]	Series B Preferred Stock [Member]	Preferred Stock [Member]	Common Stock [Member]	Treasury Stock [Member]	Common Stock Shares Outstanding [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Retained Earnings [Member] Series A Preferred Stock [Member]	Retained Earnings [Member] Series B Preferred Stock [Member]	Total Stockholders' Equity [Member]	Total Stockholders' Equity [Member] Series A Preferred Stock [Member]	Total Stockholders' Equity [Member] Series B Preferred Stock [Member]	Noncontrolling Interest [Member]
Beginning Balance, Value at Dec. 31, 2013	$ 5,600			$ 565	$ 109	$ (2,033)		$ 4,399	$ 13	$ 2,542			$ 5,595			$ 5
Beginning Balance, Shares at Dec. 31, 2013				7,300,000	545,210,941	(116,262,066)	428,948,875
Comprehensive income:
Net income	1,137									1,137			1,137
Other comprehensive income (loss), net of tax	(4)								(4)				(4)
Total comprehensive income	1,133												1,133
Cash dividends:
Common stock	(249)									(249)			(249)
Preferred stock		$ (4)	$ (2)								$ (4)	$ (2)		$ (4)	$ (2)
Dividend equivalent units related to employee stock-based compensation plans	(3)									(3)			(3)
Issuance of common shares	$ 58				$ (80)			138					58
Issuance of common shares, Shares	7,389,962				7,389,962		7,389,962
Retirement of common stock in treasury					$ (25)	$ 2,288		(2,263)
Retirement of common stock in treasury, Shares					(126,963,268)	126,963,268
Tax impact of employee stock-based compensation plans	$ 15							15					15
Stock-based compensation expense	39							39					39
Common stock repurchased	(600)					$ (600)							(600)
Common stock repurchased, Shares						(30,432,689)	(30,432,689)
Shares repurchased related to employee stock-based compensation plans	$ (87)					$ (87)							(87)
Shares repurchased related to employee stock-based compensation plans, Shares	(4,171,342)					(4,171,342)	(4,171,342)
Deconsolidation of subsidiary	$ (5)															(5)
Distribution of consumer banking business	(1,751)			$ (565)				565		(1,751)			(1,751)
Distribution of consumer banking business, shares				(7,300,000)
Ending Balance, Value at Dec. 31, 2014	4,144				$ 4	$ (432)		2,893	9	1,670			4,144
Ending Balance, Shares at Dec. 31, 2014					425,637,635	(23,902,829)	401,734,806
Comprehensive income:
Net income	984									984			984
Other comprehensive income (loss), net of tax	(60)								(60)				(60)
Total comprehensive income	924												924
Cash dividends:
Common stock	(240)									(240)			(240)
Issuance of common shares	$ 34							34					34
Issuance of common shares, Shares	4,924,021				4,924,021		4,924,021
Tax impact of employee stock-based compensation plans	$ 11							11					11
Stock-based compensation expense	29							29					29
Common stock repurchased	(945)					$ (945)							(945)
Common stock repurchased, Shares						(56,043,711)	(56,043,711)
Shares repurchased related to employee stock-based compensation plans	$ (48)					$ (48)							(48)
Shares repurchased related to employee stock-based compensation plans, Shares	(2,404,328)					(2,404,328)	(2,404,328)
Noncontrolling interests in businesses	$ 24															24
Ending Balance, Value at Dec. 31, 2015	3,933				$ 4	$ (1,425)		2,967	(51)	2,414			3,909			24
Ending Balance, Shares at Dec. 31, 2015					430,561,656	(82,350,868)	348,210,788
Comprehensive income:
Net income	681									681			681
Other comprehensive income (loss), net of tax	57								57				57
Total comprehensive income	738												738
Cash dividends:
Common stock	(201)									(201)			(201)
Dividend equivalent units related to employee stock-based compensation plans	(4)									(4)			(4)
Issuance of common shares	$ 35							35					35
Issuance of common shares, Shares	5,476,010				5,476,010		5,476,010
Tax impact of employee stock-based compensation plans	$ (6)							(6)					(6)
Stock-based compensation expense	26							26					26
Common stock repurchased	(755)					$ (755)							(755)
Common stock repurchased, Shares						(59,625,325)	(59,625,325)
Shares repurchased related to employee stock-based compensation plans	$ (43)					$ (43)							(43)
Shares repurchased related to employee stock-based compensation plans, Shares	(3,197,355)					(3,197,355)	(3,197,355)
Ending Balance, Value at Dec. 31, 2016	$ 3,723				$ 4	$ (2,223)		$ 3,022	$ 6	$ 2,890			$ 3,699			$ 24
Ending Balance, Shares at Dec. 31, 2016					436,037,666	(145,173,548)	290,864,118

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Dividends per common share attributable to Navient Corporation	$ 0.64	$ 0.64	$ 0.60
Retained Earnings [Member]
Dividends per common share attributable to Navient Corporation	0.64	0.64	0.6
Total Stockholders' Equity [Member]
Dividends per common share attributable to Navient Corporation	$ 0.64	$ 0.64	0.6
Series A Preferred Stock [Member]
Preferred stock, Dividends per preferred share			1.74
Series A Preferred Stock [Member] \| Retained Earnings [Member]
Preferred stock, Dividends per preferred share			1.74
Series A Preferred Stock [Member] \| Total Stockholders' Equity [Member]
Preferred stock, Dividends per preferred share			1.74
Series B Preferred Stock [Member]
Preferred stock, Dividends per preferred share			0.98
Series B Preferred Stock [Member] \| Retained Earnings [Member]
Preferred stock, Dividends per preferred share			0.98
Series B Preferred Stock [Member] \| Total Stockholders' Equity [Member]
Preferred stock, Dividends per preferred share			$ 0.98

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating activities
Net income	$ 681	$ 984	$ 1,137
Adjustments to reconcile net income to net cash provided by operating activities:
Income from discontinued operations, net of tax		(1)
Losses on sales of loans and investments		9
Gains on debt repurchases, net	(1)	(21)
Goodwill and acquired intangible asset impairment and amortization expense	36	12	9
Stock-based compensation expense	26	29	39
Unrealized gains on derivative and hedging activities	(328)	(781)	(797)
Provisions for loan losses	429	581	647
Decrease (increase) in restricted cash - other	10	66	(64)
(Increase) decrease in accrued interest receivable	(26)	175	(75)
Decrease in accrued interest payable	(92)	(42)	(27)
Decrease in other assets	628	1,038	846
Decrease in other liabilities	(6)	(139)	(51)
Total net cash provided by operating activities	1,357	1,910	1,664
Investing activities
Education loans acquired	(3,683)	(3,736)	(13,803)
Reduction of education loans:
Installment payments, claims and other	14,923	13,933	12,321
Proceeds from sales of education loans		569
Other investing activities, net	35	131	123
Purchases of available-for-sale securities			(28)
Proceeds from maturities of available-for-sale securities	2	1	4
Purchases of other securities	(44)	(187)	(785)
Proceeds from sales and maturities of other securities	49	97	800
Purchase of subsidiaries, net of cash acquired		(342)
Total net cash provided by (used in) investing activities	11,411	10,686	(1,653)
Financing activities
Distribution of consumer banking business			(2,217)
Borrowings collateralized by loans in trust - issued	6,691	5,011	6,776
Borrowings collateralized by loans in trust - repaid	(13,226)	(14,706)	(12,534)
Other long-term borrowings issued	1,231	493	1,817
Other long-term borrowings repaid	(2,603)	(2,787)	(3,162)
Other financing activities, net	(244)	(245)	251
Retail and other deposits, net			726
Common stock repurchased	(755)	(945)	(600)
Common stock dividends paid	(201)	(240)	(249)
Preferred stock dividends paid			(6)
Net cash used in financing activities	(13,109)	(12,445)	(3,758)
Net (decrease) increase in cash and cash equivalents	(341)	151	(3,747)
Cash and cash equivalents at beginning of year	1,594	1,443	5,190
Cash and cash equivalents at end of year	1,253	1,594	1,443
Cash disbursements made (refunds received) for:
Interest	2,301	1,981	1,983
Income taxes paid	249	88	484
Income taxes received	(4)	(14)	(108)
Asset-backed Securities, Securitized Loans and Receivables [Member]
Financing activities
Asset-backed commercial paper conduits, net	(4,002)	974	5,440
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Reduction of education loans:
Decrease (increase) in restricted cash - variable interest entities	$ 129	$ 220	$ (285)

Organization and Business

12 Months Ended

Dec. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Business

1.	Organization and Business

Navient’s Business

Navient is a Fortune 500 company that provides asset management and business processing services to education, health care and government clients at the federal, state and local levels. We help our clients and millions of Americans achieve financial success through our services and support. Headquartered in Wilmington, Delaware, Navient employs team members in Western New York, Northeastern Pennsylvania, Indiana, Tennessee, Texas, Virginia and other locations.

Navient holds the largest portfolio of education loans insured or federally guaranteed under the Federal Family Education Loan Program (“FFELP”). We also hold the largest portfolio of Private Education Loans. Navient services its own portfolio of education loans, as well as education loans owned by the United States Department of Education (“ED”), financial institutions and nonprofit education lenders. Navient is one of the largest servicers to ED under its Direct Student Loan Program (“DSLP”). Our data-driven insight, service and innovation support customers on the path to successful education loan repayment.

Navient also provides business processing services to education-related clients, such as guaranty agencies and colleges and universities.

Finally, the company leverages its scale and expertise to provide additional business processing services to a variety of other clients, including federal agencies, state and local governments, regional authorities, courts, hospitals, health care systems and other health care providers, financial service providers, and municipalities.

For all our clients, we aim to improve their financial performance, optimize their operations, and maintain compassionate, compliant service for their customers and constituents.

Spin-Off of Navient

On April 30, 2014, the spin-off of Navient from SLM Corporation (the “Spin-Off”) was completed and Navient became an independent, publicly traded company focused on asset management and business processing services. The separation was completed through the distribution of 100 percent of the outstanding shares of Navient common stock, on the basis of one share of Navient common stock for each share of SLM Corporation common stock. SLM Corporation continues operation as a separate publicly traded company and includes Sallie Mae Bank.

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

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⁾

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

Significant Accounting Policies

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Significant Accounting Policies

2.	Significant Accounting Policies

Use of Estimates

Our financial reporting and accounting policies conform to generally accepted accounting principles in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. 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, 2016, 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:

•

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.

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:

•

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

•

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

•

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

Loans

Loans, consisting 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 graduation rate and 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 payment 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 performance 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, 2016, 6 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-offPrivate 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.

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. For FFELP Loans that have lost their government insurance and have been charged off, any subsequent cash recoveries benefit the allowance for loan losses when received.

Correction of an Immaterial Error in Prior Periods Related to FFELP Provision for Loan Losses

Under the FFELP, in the event of a borrower default, the principal balance and all unpaid accrued interest on FFELP Loans is insured for 97 percent to 100 percent of the defaulted amount. Under certain circumstances, FFELP Loans can lose their government insurance. In these cases, within our servicing systems these loans are assigned a “Permanently Uninsured” status code. When FFELP Loans become permanently uninsured, they no longer have the protection of government insurance and the owner of such loans is exposed to 100 percent of losses upon default. In the fourth quarter of 2016, the Company identified a portfolio of Permanently Uninsured FFELP Loans ($105 million as of December 31, 2015) that were correctly charged off in prior periods. Subsequent to the charge off, these loans were incorrectly accounted for as a recovery of previously defaulted loans as a result of the incorrect application of a system data field. This error understated the previously reported net charge-offs and provision for loan losses in 2015 and earlier years. The impact of this error to all prior periods was not material. The Company has revised the prior periods contained in this Form 10-K to correct this error. The table below shows the impact of this error to the years ended December 31, 2015 and 2014.


	Year Ended December 31,
(Dollars in millions)	2015			2014
Increase to FFELP Loan charge-offs and provision for loan losses⁽¹⁾	$	20		$	19
After-tax reduction to net income from increase in FFELP Loan provision for loan losses	$	(13	)	$	(12	)
Reduction to diluted earnings per share from increase in FFELP Loan provision for loan losses	$	(.03	)	$	(.03	)
GAAP net income — previously reported	$	997		$	1,149
GAAP net income — revised	$	984		$	1,137

⁽¹⁾

In 2015 and 2014, $20 million and $19 million of FFELP Permanently Uninsured Loans, respectively, were incorrectly classified as a recovery of previously defaulted loans, which understated the net charge-offs and provision for loan losses reported for FFELP Loans. The revised results correct for this error and result in $20 million and $19 million of additional FFELP Loan charge-offs and provision for loan losses being recorded in 2015 and 2014, respectively. There were $66 million of FFELP Permanently Uninsured Loans in years prior to 2014 that were incorrectly classified as a recovery of previously defaulted loans. The impact to each of the periods prior to 2014 was not material. Retained earnings were reduced by $42 million (after tax) as of December 31, 2013, to correct for this error.

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 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

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-life 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, 2016 and 2015, 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, 2016, we have $11 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

The Company has a net unamortized premium balance of $422 million in connection with its $112 billion education loan portfolio as of December 31, 2016. In 2016, the Company corrected its policy for applying the interest method used to amortize premium and discounts on the education loan portfolio. Previously, the Company amortized premium and discounts by including in its prepayment assumption forecasted payments in excess of contractually required payments as well as forecasted defaults and term extensions (deferment and forbearance or other payment modification programs). We determined that accounting rules allow only payments in excess of contractually required payments to be included in the prepayment assumption. Including defaults in estimated future prepayments has the effect of accelerating the amortization of the net premium balance related to our education loan portfolio. Including term extensions in estimated future prepayments has the effect of slowing down the amortization of the net premium balance related to our education loan portfolio.

The net impact of this error was a $2 million reduction to pre-tax net income for the year ended December 31, 2016. The Constant Prepayment Rates (“CPR”) as of December 31, 2016 under our revised policy are 5 percent, 3 percent and 5 percent for FFELP Stafford Loans, FFELP Consolidation Loans and Private Education Loans, respectively. Our prior policy’s CPRs as of December 31, 2016 would have been 5 percent, 3 percent and 6 percent for FFELP Stafford Loans, FFELP Consolidation Loans and Private Education Loans, respectively. We have concluded this error had an immaterial impact to 2016 results as well as results for prior years.

For loans classified as held-for-investment, we recognize education loan interest income as earned, adjusted for the amortization of premiums (which includes capitalized direct origination costs), 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 expected prepayments and to estimates related to Repayment Borrower Benefits. We amortize premium and discount on education loans using a CPR which measures the rate at which loans in the portfolio pay down principal compared to their stated terms. In determining the CPR, we only consider payments made in excess of contractually required payments. This would include loan consolidation and other early payoff activity. 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-paymentadjustments 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, premiums and 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, in accordance with certain contracts, 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. As of December 31, 2016, our balance sheet includes $105 million of liabilities attributed to deferred revenue and rebate reserves related to these default aversion services.

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

Restructuring and Other Reorganization Expenses

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

The Company administers the Navient Corporation Employee Severance Plan and the Navient Corporation Executive Severance Plan for Senior Officers (collectively, “the Severance Plan”). The Severance Plan provides severance benefits in the event of termination of the Company’s full-time employees and part-time employees who work at least 24 hours per week. The Severance Plan establishes specified benefits based on base salary, job level immediately preceding termination and years of service upon involuntary termination of employment. The benefits payable under the Severance Plan relate to past service, and they accumulate and vest. Accordingly, we recognize severance expenses to be paid pursuant to the Severance Plan when payment of such benefits is probable and can be reasonably estimated 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 and third-party costs incurred in connection with our April 30, 2014 Spin-Off transaction.

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 2015, primarily related to severance and other related costs.

Income Taxes

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

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

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

Discontinued Operations

A 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.

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, 2015 and 2014, to be consistent with classifications adopted for 2016, 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 new guidance supersedes current U.S. GAAP guidance on revenue recognition and requires the use of more estimates and judgements than the current revenue standards. The new guidance does not apply to revenue associated with financial instruments, including loans, that are accounted for under other U.S. GAAP. Accordingly, we do not expect the new revenue recognition guidance to have a material impact on our consolidated results of operations associated with our loan portfolios including net interest income.

We plan to adopt the new standard as of January 1, 2018, the effective date. The new standard permits the use of either the retrospective or cumulative effect transition method. Our implementation efforts to date include the identification of revenue and review of related contracts within the scope of the new standard. We have not yet identified nor do we anticipate material changes in the timing of revenue recognition. However, our review is ongoing as we continue to evaluate both contract revenue and certain contract costs.

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 new standard requires certain equity instruments be measured at fair value, with fair value changes recognized in earnings. In addition, the standard requires a cumulative-effect adjustment to retained earnings as of the beginning of the reporting period of adoption. It will be effective for the Company as of January 1, 2018. We are currently assessing the impact that adopting this new accounting standard will have on our consolidated financial statements and footnote disclosures, but expect it to be immaterial.

Leases

On February 25, 2016, the FASB issued ASU No. 2016-02, “Leases,” which requires the identification of arrangements that should be accounted for as leases by lessees. In general, for lease arrangements exceeding a twelve-month term, these arrangements must be recognized as assets and liabilities on the balance sheet of the lessee. A right-of-use asset and lease obligation will be recorded for all leases, whether operating or financing, while the income statement will reflect lease expense for operating leases and amortization/interest expense for financing leases. The balance sheet amount recorded for existing leases at the date of adoption must be calculated using the applicable incremental borrowing rate at the date of adoption. The standard requires the use of the modified retrospective transition method, which will require adjustment to all comparative periods presented. It will be effective for the Company as of January 1, 2019. Early adoption is permitted. We are currently assessing the impact that adopting this new accounting standard will have on our consolidated financial statements and footnote disclosures, but expect it to be immaterial.

Stock Compensation

On March 30, 2016, the FASB issued ASU No. 2016-09, “Compensation — Stock Compensation,” which identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. The new standard also requires that all excess tax benefits and tax deficiencies that pertain to employee stock-based incentive payments be recognized within income tax expense in the consolidated statements of income, rather than as previously reported within additional paid-in capital. The new standard was adopted on January 1, 2017 and is expected to have an immaterial impact on our consolidated financial statements and footnote disclosures.

Allowance for Loan Losses

On June 16, 2016, the FASB issued ASU No. 2016-13, “Financial Instruments — Credit Losses,” which requires measurement and recognition of an allowance for loan loss that estimates remaining expected credit losses for financial assets held at the reporting date. Our current allowance for loan loss is an incurred loss model. As a result, we expect the new guidance will result in an increase to our allowance for loan losses. The standard is to be applied through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The standard is effective for the Company as of January 1, 2020, and will primarily impact the allowance for loan losses related to our Private Education Loans and FFELP Loans. Early adoption is permitted on January 1, 2019. This standard represents a significant departure from existing GAAP, and may result in material changes to the Company’s accounting for the allowance for loan losses. We are currently evaluating the impact of adopting this accounting standard on our consolidated financial statements and footnote disclosures.

Intra-Entity Transfer of Assets

On October 24, 2016, the FASB issued ASU No. 2016-16, “Income Taxes — Intra-Entity Transfer of Assets Other and Inventory,” which requires recognition of the income tax consequences of an intra-entity transfer of non-inventoryassets when the transfer occurs. The new standard is effective for the Company as of January 1, 2018. We are currently assessing the impact that adopting this new accounting standard will have on our consolidated financial statements and footnote disclosures, but expect it to be immaterial.

Education Loans

12 Months Ended

Dec. 31, 2016

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 years at both December 31, 2016 and 2015. The following table reflects the distribution of our education loan portfolio by program.


	December 31, 2016					Year Ended December 31, 2016
(Dollars in millions)	Ending Balance		% of Balance			Average Balance		Average Effective Interest Rate
FFELP Stafford and Other Education Loans, net⁽¹⁾	$	32,319		29	%	$	34,710		2.31	%
FFELP Consolidation Loans, net		55,411		50			57,787		2.98
Private Education Loans, net		23,340		21			25,361		6.26

Total education loans, net	$	111,070		100	%	$	117,858		3.49	%


	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⁾	$	36,854		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	$	122,796		100	%	$	129,224		3.31	%

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

As of December 31, 2016 and 2015, 83 percent and 80 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. There were no loan sales in 2016.

- Definition

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

+ References + Details

Allowance for Loan Losses

12 Months Ended

Dec. 31, 2016

Receivables [Abstract]

Allowance for Loan Losses

4.	Allowance for Loan Losses

Our provisions for loan losses represent the periodic expense of maintaining an allowance sufficient to absorb incurred probable losses, net of expected recoveries, in the held-for-investment loan portfolios. The evaluation of the provisions for loan losses is inherently subjective, as it requires material estimates that may be susceptible to significant changes. We believe that the allowance for loan losses is appropriate to cover probable losses incurred in the loan portfolios.

We segregate our Private Education Loan portfolio into two classes of loans — traditional and non-traditional. Non-traditional loans are loans to (i) customers attending for-profit schools with an original Fair Isaac and Company (“FICO”) score of less than 670 and (ii) customers attending not-for-profit schools with an original FICO score of less than 640. The FICO score used in determining whether a loan is non-traditional is the greater of the customer or cosigner FICO score at origination. Traditional loans are defined as all other Private Education Loans that are not classified as non-traditional.

Allowance for Loan Losses Metrics


	Year Ended December 31, 2016
(Dollars in millions)	FFELP Loans			Private Education Loans			Other Loans			Total
Allowance for Loan Losses
Beginning balance	$	78		$	1,471		$	15		$	1,564
Total provision		43			383			3			429
Charge-offs⁽¹⁾		(54	)		(513	)		(3	)		(570	)
Reclassification of interest reserve⁽²⁾		—			10			—			10

Ending balance	$	67		$	1,351		$	15		$	1,433

Allowance:
Ending balance: individually evaluated for impairment	$	—		$	1,190		$	11		$	1,201
Ending balance: collectively evaluated for impairment	$	67		$	161		$	4		$	232
Loans:
Ending balance: individually evaluated for impairment	$	—		$	11,165		$	32		$	11,197
Ending balance: collectively evaluated for impairment	$	86,918		$	13,983		$	132		$	101,033
Charge-offs as a percentage of average loans in repayment		.07	%		2.20	%		2.10	%
Allowance coverage of charge-offs		1.2			2.6			7.0
Allowance as a percentage of the ending total loan balance		.08	%		5.37	%		9.35	%
Allowance as a percentage of the ending loans in repayment		.09	%		6.10	%		9.35	%
Ending total loans⁽³⁾	$	86,918		$	25,148		$	164
Average loans in repayment	$	72,714		$	23,275		$	104
Ending loans in repayment	$	70,557		$	22,150		$	164

⁽¹⁾

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

⁽²⁾

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

⁽³⁾

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


	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		46			538			(3	)		581
Net adjustment resulting from the change in the charge-off rate⁽¹⁾		—			(330	)		—			(330	)
Net charge-offs remaining⁽²⁾		(61	)		(659	)		(6	)		(726	)

Total net charge-offs		(61	)		(989	)		(6	)		(1,056	)
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⁾	$	95,393		$	17,431		$	49		$	112,873
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⁾		.08	%		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⁾		1.3			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		.11	%		6.00	%		17.28	%
Ending total loans⁽⁴⁾	$	95,393		$	28,396		$	86
Average loans in repayment	$	75,925		$	25,802		$	97
Ending loans in repayment	$	73,838		$	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⁾

⁽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		59			588			—			647
Charge-offs⁽¹⁾		(79	)		(717	)		(4	)		(800	)
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	$	103,362		$	21,697		$	62		$	125,121
Charge-offs as a percentage of average loans in repayment		.11	%		2.51	%		3.31	%
Allowance coverage of charge-offs		1.2			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⁾	$	103,362		$	32,306		$	107
Average loans in repayment	$	72,811		$	28,577		$	117
Ending loans in repayment	$	78,135		$	26,949		$	107

⁽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, 2016					December 31, 2015
(Dollars in millions)	Balance⁽³⁾		% of Balance			Balance⁽³⁾		% of Balance
Credit Quality Indicators
School Type/FICO Scores:
Traditional	$	22,367		92	%	$	25,280		92	%
Non-Traditional⁽¹⁾		1,966		8			2,235		8

Total	$	24,333		100	%	$	27,515		100	%

Cosigners:
With cosigner	$	15,610		64	%	$	17,738		64	%
Without cosigner		8,723		36			9,777		36

Total	$	24,333		100	%	$	27,515		100	%

Seasoning⁽²⁾:
1-12 payments	$	1,340		5	%	$	1,776		7	%
13-24 payments		1,271		5			1,977		7
25-36 payments		1,908		8			2,982		11
37-48 payments		2,723		11			3,787		14
More than 48 payments		15,698		65			14,953		54
Not yet in repayment		1,393		6			2,040		7

Total	$	24,333		100	%	$	27,515		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,
	2016						2015						2014
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	5,871					$	8,257					$	10,861
Loans in forbearance⁽²⁾		10,490						13,298						14,366
Loans in repayment and percentage of each status:
Loans current		61,977			87.8	%		62,651			84.8	%		65,221			83.5	%
Loans delinquent 31-60 days⁽³⁾		2,820			4.0			3,285			4.5			3,942			5.0
Loans delinquent 61-90 days⁽³⁾		1,325			1.9			1,856			2.5			2,451			3.1
Loans delinquent greater than 90 days⁽³⁾		4,435			6.3			6,046			8.2			6,521			8.4

Total FFELP Loans in repayment		70,557			100	%		73,838			100	%		78,135			100	%

Total FFELP Loans, gross		86,918						95,393						103,362
FFELP Loan unamortized premium		879						1,087						1,176

Total FFELP Loans		87,797						96,480						104,538
FFELP Loan allowance for losses		(67	)					(78	)					(93	)

FFELP Loans, net	$	87,730					$	96,402					$	104,445

Percentage of FFELP Loans in repayment					81.2	%					77.4	%					75.6	%

Delinquencies as a percentage of FFELP Loans in repayment					12.2	%					15.2	%					16.5	%

FFELP Loans in forbearance as a percentage of loans in repayment and forbearance					12.9	%					15.3	%					15.5	%

⁽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,
	2016						2015						2014
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	1,271					$	1,859					$	2,777
Loans in forbearance⁽²⁾		700						863						935
Loans in repayment and percentage of each status:
Loans current		19,020			93.3	%		21,085			93.5	%		23,012			92.7	%
Loans delinquent 31-60 days⁽³⁾		444			2.2			491			2.2			624			2.5
Loans delinquent 61-90 days⁽³⁾		269			1.3			292			1.3			363			1.5
Loans delinquent greater than 90 days⁽³⁾		663			3.2			690			3.0			816			3.3

Total traditional loans in repayment		20,396			100	%		22,558			100	%		24,815			100	%

Total traditional loans, gross		22,367						25,280						28,527
Traditional loans unamortized discount		(402	)					(470	)					(526	)

Total traditional loans		21,965						24,810						28,001
Traditional loans receivable for partially charged-off loans		526						560						775
Traditional loans allowance for losses		(1,138	)					(1,236	)					(1,515	)

Traditional loans, net	$	21,353					$	24,134					$	27,261

Percentage of traditional loans in repayment					91.2	%					89.2	%					87.0	%

Delinquencies as a percentage of traditional loans in repayment					6.7	%					6.5	%					7.3	%

Loans in forbearance as a percentage of traditional loans in repayment and forbearance					3.3	%					3.7	%					3.6	%

⁽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,
	2016						2015						2014
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	122					$	181					$	276
Loans in forbearance⁽²⁾		90						110						124
Loans in repayment and percentage of each status:
Loans current		1,486			84.8	%		1,646			84.7	%		1,749			81.9	%
Loans delinquent 31-60 days⁽³⁾		78			4.5			86			4.4			110			5.2
Loans delinquent 61-90 days⁽³⁾		52			2.9			56			2.9			73			3.4
Loans delinquent greater than 90 days⁽³⁾		138			7.8			156			8.0			202			9.5

Total non-traditional loans in repayment		1,754			100	%		1,944			100	%		2,134			100	%

Total non-traditional loans, gross		1,966						2,235						2,534
Non-traditional loans unamortized discount		(55	)					(61	)					(68	)

Total non-traditional loans		1,911						2,174						2,466
Non-traditional loans receivable for partially charged-off loans		289						321						470
Non-traditional loans allowance for losses		(213	)					(235	)					(401	)

Non-traditional loans, net	$	1,987					$	2,260					$	2,535

Percentage of non-traditional loans in repayment					89.2	%					87.0	%					84.2	%

Delinquencies as a percentage of non-traditional loans in repayment					15.2	%					15.3	%					18.1	%

Loans in forbearance as a percentage of non-traditional loans in repayment and forbearance					4.9	%					5.4	%					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.

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


	Years Ended December 31,
(Dollars in millions)	2016			2015			2014
Receivable at beginning of period	$	881		$	1,245		$	1,313
Expected future recoveries of current period defaults⁽¹⁾		128			183			233
Recoveries⁽²⁾		(181	)		(191	)		(215	)
Net adjustment resulting from the change in the charge-off rate⁽³⁾		—			(330	)		—
Net charge-offs remaining⁽⁴⁾		(13	)		(26	)		(86	)

Total net charge-offs⁽⁵⁾		(13	)		(356	)		(86	)

Receivable at end of period		815			881			1,245
Allowance for estimated recovery shortfalls⁽⁶⁾		—			—			(385	)

Net receivable at end of period	$	815		$	881		$	860

⁽¹⁾

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

⁽²⁾

Current period cash collections.

⁽³⁾

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.

⁽⁴⁾

Represents the current period recovery shortfall — the difference between what was expected to be collected and what was actually collected.

⁽⁵⁾

These amounts are included in total charge-offs as reported in the “Allowance for Private Education Loan Losses” table.

⁽⁶⁾

The allowance for estimated recovery shortfalls of the receivable for partially charged-off Private Education Loans is a component of the $1.9 billion overall allowance for Private Education Loan losses as of December 31, 2014. This component of the allowance was removed in the second quarter of 2015 due to the increase in the charge-off rate discussed above.

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 61 percent and 56 percent of the loans granted forbearance have qualified as a TDR loan at December 31, 2016, and 2015, respectively. The unpaid principal balance of TDR loans that were in an interest rate reduction plan as of December 31, 2016 and 2015 was $2.6 billion and $2.5 billion, respectively.

At December 31, 2016 and 2015, 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, 2016
Private Education Loans — Traditional	$	9,386	$	9,429	$	1,003
Private Education Loans — Non-Traditional		1,373		1,376		187

Total	$	10,759	$	10,805	$	1,190

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

⁽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,
	2016				2015				2014
(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	$	9,326	$	560	$	8,976	$	539	$	8,139	$	497
Private Education Loans — Non-Traditional		1,409		107		1,461		114		1,456		116

Total	$	10,735	$	667	$	10,437	$	653	$	9,595	$	613

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


	TDR Loan Delinquencies
	December 31,
	2016					2015					2014
(Dollars in millions)	Balance		%			Balance		%			Balance		%
Loans in deferment⁽¹⁾	$	579				$	706				$	825
Loans in forbearance⁽²⁾		588					694					745
Loans in repayment and percentage of each status:
Loans current		8,273		85.8	%		7,887		85.3	%		7,187		82.7	%
Loans delinquent 31-60 days⁽³⁾		412		4.3			414		4.5			464		5.3
Loans delinquent 61-90 days⁽³⁾		267		2.8			263		2.9			299		3.4
Loans delinquent greater than 90 days⁽³⁾		686		7.1			678		7.3			746		8.6

Total TDR loans in repayment		9,638		100	%		9,242		100	%		8,696		100	%

Total TDR loans, gross	$	10,805				$	10,642				$	10,266

⁽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.


	Years Ended December 31,
	2016						2015						2014
(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	$	1,079	$	302	$	226	$	1,464	$	351	$	342	$	1,858	$	332	$	449
Private Education Loans — Non-Traditional		90		80		39		140		108		61		206		107		100

Total	$	1,169	$	382	$	265	$	1,604	$	459	$	403	$	2,064	$	439	$	549

⁽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.


	Accrued Interest Receivable As of December 31,
(Dollars in millions)	Total		Greater Than 90 Days Past Due		Allowance for Uncollectible Interest
2016
Private Education Loans — Traditional	$	344	$	26	$	23
Private Education Loans — Non-Traditional		47		7		7

Total	$	391	$	33	$	30

2015
Private Education Loans — Traditional	$	433	$	27	$	26
Private Education Loans — Non-Traditional		57		8		9

Total	$	490	$	35	$	35

2014
Private Education Loans — Traditional	$	542	$	31	$	29
Private Education Loans — Non-Traditional		70		10		11

Total	$	612	$	41	$	40

Business Combinations, Goodwill and Acquired Intangible Assets

12 Months Ended

Dec. 31, 2016

Business Combinations [Abstract]

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.

Acquisition of Gila LLC

During February 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 services to 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. Navient has not disclosed the pro forma impact of this acquisition to the results of operations for the years ended December 31, 2016 and 2015, as the pro forma impact was deemed immaterial.

As of September 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 included the Gila LLC trade name, initially classified as an indefinite life intangible asset, with an aggregate 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 intangible assets will be amortized over 7 to 16 years depending on the estimated economic benefit derived from each of the underlying assets.

Acquisition of Xtend Healthcare

During October 2015, Navient acquired an 89 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. Navient has not disclosed the pro forma impact of this acquisition to the results of operations for the years ended December 31, 2016 and 2015, as the pro forma impact was deemed immaterial.

As of June 2016, the Company finalized its purchase price allocation for Xtend Healthcare which resulted in an excess purchase price over the fair value of net assets acquired, or goodwill, of $102 million.

Identifiable intangible assets at the acquisition date included definite life intangible assets with an estimated aggregate fair value of approximately $65 million primarily including customer relationships, developed technology, and the Xtend Healthcare trade name. These intangible assets will be amortized over a period of 10 to 15 years based on the estimated economic benefit derived from each of the underlying assets.

Goodwill

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


	As of December 31, 2016							As of December 31, 2015
(Dollars in millions)	Gross		Accumulated Impairments and Other Adjustments⁽¹⁾			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		(136	)		0		136		(129	)		7
Asset Recovery — Gila LLC		97		—			97		97		—			97
Asset Recovery — Xtend Healthcare		102		—			102		101		—			101

Total Business Services reportable segment		385		(136	)		249		384		(129	)		255

Total	$	726	$	(181	)	$	545	$	725	$	(174	)	$	551

⁽¹⁾	In conjunction with our Separation from SLM BankCo in 2014, 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.

Annual Goodwill Impairment Testing — October 1, 2016

We perform our goodwill impairment testing annually in the fourth quarter as of October 1. As part of the 2016 annual impairment testing, we retained a third-party appraisal firm to assist in the valuations required to perform Step 1 impairment testing of goodwill associated with our FFELP Loans, Private Education Loans and Servicing reporting units. The income approach was the primary approach used to estimate the fair value of these reporting units. No goodwill was deemed impaired in 2016 in conjunction with these reporting units.

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

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

We and the third-party appraisal firm also considered a market approach for each reporting unit. Market-based multiples for comparable publicly traded companies and similar transactions were evaluated as an indicator of the value of the reporting units to assess the reasonableness of the estimated fair value derived from the income approach. As of October 1, 2016 and December 31, 2016, our market capitalization was 20 percent and 28 percent higher than book equity, respectively,

The following table illustrates the carrying value of equity for our FFELP Loans, Private Education Loans and Servicing reporting units and the percentage by which the estimated fair value determined in conjunction with Step 1 impairment testing in the fourth quarter of 2016 exceeds the carrying value of equity.


(Dollars in millions)	Carrying Value of Equity		% of Fair Value in Excess of Carrying Value
FFELP Loans	$	773		95	%
Private Education Loans		2,380		14	%
Servicing		71		1,263	%

With respect to the Contingency, Gila and Xtend reporting units, we considered factors associated with Navient as a whole, such as market capitalization in excess of our book equity, our 2016 earnings, 2017 expectations and analyst’s expectations regarding our stock price. We also considered factors specific to the individual reporting units including but not limited to 2016 earnings, 2017 expectations, current customer base and revenue backlog as well as short and long term outlook. No goodwill was deemed impaired for the Gila and Xtend reporting units after assessing these relevant qualitative factors. With respect to the Contingency reporting unit, further assessment was warranted due primarily to revenue declines stemming from the wind-down nature of the Contingency reporting unit’s existing education loan asset recovery business. As a result, the Contingency reporting unit’s remaining goodwill of $7 million was impaired.

We acknowledge that a downturn in the economy coupled with liquidity constraints, and changes in legislation and the regulatory environment could adversely affect the operating results of our reporting units. If the forecasted performance of our reporting units is not achieved, or if our stock price declines resulting in deterioration in our total market capitalization, the fair value of one or more of the reporting units could be significantly reduced, and we may be required to record a charge, which could be material, for an impairment of goodwill associated with these reporting units.

Acquired Intangible Assets

Acquired intangible assets include the following:


	As of December 31, 2016							As of December 31, 2015
(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	$	292	$	(219	)	$	73	$	305	$	(202	)	$	103
Favorable lease		1		—			1		1		—			1
Non-competes		2		(2	)		—		2		(1	)		1
Software and technology		101		(82	)		19		91		(78	)		13
Trade names and trademarks⁽²⁾		44		(13	)		31		42		(6	)		36

Total acquired intangible assets	$	440	$	(316	)	$	124	$	441	$	(287	)	$	154

⁽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.

⁽²⁾	During 2016 we reclassified certain trade names from indefinite life to definite life intangible assets and began to amortize these assets over their expected benefit period.

We recorded amortization of acquired intangible assets from continuing operations totaling $29 million, $12 million and $9 million in 2016, 2015 and 2014, 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 $23 million, $20 million, $17 million, $14 million and $51 million in 2017, 2018, 2019, 2020 and after 2020, respectively.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
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-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7008-128479

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
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-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1486-128463

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
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-URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4845-128472

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
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-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1524-128463

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-Name Accounting Standards Codification
-Topic 805
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-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479

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-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
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-URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4922-128472

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-Name Accounting Standards Codification
-Topic 805
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-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479

+ Details

Borrowings

12 Months Ended

Dec. 31, 2016

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, 2016									December 31, 2015
(Dollars in millions)	Short Term			Long Term			Total			Short Term			Long Term			Total
Unsecured borrowings:
Senior unsecured debt	$	717		$	13,029		$	13,746		$	1,120		$	13,976		$	15,096

Total unsecured borrowings		717			13,029			13,746			1,120			13,976			15,096
Secured borrowings:
FFELP Loan securitizations		—			73,522			73,522			—			77,764			77,764
Private Education Loan securitizations⁽¹⁾		548			14,125			14,673			—			16,900			16,900
FFELP Loan — other facilities		—			12,443			12,443			—			16,276			16,276
Private Education Loan — other facilities		464			—			464			710			—			710
Other⁽²⁾		606			—			606			760			—			760

Total secured borrowings		1,618			100,090			101,708			1,470			110,940			112,410

Total before hedge accounting adjustments		2,335			113,119			115,454			2,590			124,916			127,506
Hedge accounting adjustments		(1	)		(751	)		(752	)		(20	)		(83	)		(103	)

Total	$	2,334		$	112,368		$	114,702		$	2,570		$	124,833		$	127,403

⁽¹⁾

Includes $548 million and $0 of short-term debt related to the Private Education Loan asset-backed securitization repurchase facility (“Repurchase Facility”) as of December 31, 2016 and 2015, respectively. Includes $475 million and $546 million of long-term debt related to the Repurchase Facility as of December 31, 2016 and 2015, respectively.

⁽²⁾	“Other” primarily includes the obligation to return cash collateral held related to derivative exposures, which includes $193 million of securities re-pledged subject to an overnight repurchase transaction.

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.


	December 31, 2016					Year Ended December 31, 2016
(Dollars in millions)	Ending Balance		Weighted Average Interest Rate			Average Balance		Weighted Average Interest Rate
Private Education Loan securitizations	$	548		3.72	%	$	42		3.81	%
FFELP Loan — other facilities		—		—			—		—
Private Education Loan — other facilities		464		2.02			389		1.83
Senior unsecured debt		716		4.22			1,032		5.01
Other interest-bearing liabilities		606		.96			629		.48

Total short-term borrowings	$	2,334		2.82	%	$	2,092		3.03	%

Maximum outstanding at any month end	$	2,637


	December 31, 2015					Year Ended December 31, 2015
(Dollars in millions)	Ending Balance		Weighted Average Interest Rate			Average Balance		Weighted Average Interest Rate
Private Education Loan securitizations	$	—		—	%	$	—		—	%
FFELP Loan — other facilities		—		—			8		.28
Private Education Loan —other facilities		710		1.47			636		1.29
Senior unsecured debt		1,100		5.97			1,625		5.42
Other interest-bearing liabilities		760		.20			898		.13

Total short-term borrowings	$	2,570		3.02	%	$	3,167		3.08	%

Maximum outstanding at any month end	$	4,710

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.


	December 31, 2016					Year Ended December 31, 2016
			Weighted Average			Year Ended December 31, 2016
(Dollars in millions)	Ending Balance⁽¹⁾		Interest Rate⁽²⁾			Average Balance
Floating rate notes:
U.S. dollar-denominated:
Interest bearing, due 2017-2083	$	88,575		1.65	%	$	93,881
Non-U.S. dollar-denominated:
Interest bearing, due 2023-2041		7,265		.28			8,761

Total floating rate notes		95,840		1.54			102,642
Fixed rate notes:
U.S. dollar-denominated:
Interest bearing, due 2018-2058		16,271		5.65			16,050
Non-U.S.-dollar denominated:
Interest bearing, due 2034-2035		257		2.82			281

Total fixed rate notes		16,528		5.60			16,331

Total long-term borrowings	$	112,368		2.14	%	$	118,973


	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

⁽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, 2016, 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
2017	$	—	$	14,221		$	14,221
2018		2,047		10,747			12,794
2019		2,361		7,662			10,023
2020		2,036		9,010			11,046
2021		1,288		7,498			8,786
2022-2083		5,297		50,952			56,249

		13,029		100,090			113,119
Hedge accounting adjustments		450		(1,201	)		(751	)

Total	$	13,479	$	98,889		$	112,368

⁽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 the securitized loans’ prepayment speeds. The projected principal paydowns in year 2017 include $14.2 billion related to the securitization trust debt.

⁽²⁾

The aggregate principal amount of debt that matures in each period is $14.3 billion in 2017, $12.9 billion in 2018, $10.1 billion in 2019, $11.1 billion in 2020, $8.9 billion in 2021 and $56.8 billion in 2022-2083.

Variable Interest Entities

We consolidate the following financing VIEs as of December 31, 2016 and 2015, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings.


	December 31, 2016
	Debt Outstanding								Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term			Total			Loans		Cash		Other Assets, Net			Total
Secured Borrowings — VIEs:
FFELP Loan securitizations	$	—	$	73,522		$	73,522		$	74,197	$	2,676	$	778		$	77,651
Private Education Loan securitizations⁽¹⁾		548		14,125			14,673			19,815		455		260			20,530
FFELP Loan — other facilities		—		9,046			9,046			9,232		289		172			9,693
Private Education Loan — other facilities		464		—			464			685		10		14			709
Other		66		—			66			79		4		—			83

Total before hedge accounting adjustments		1,078		96,693			97,771			104,008		3,434		1,224			108,666
Hedge accounting adjustments		—		(1,201	)		(1,201	)		—		—		(1,235	)		(1,235	)

Total	$	1,078	$	95,492		$	96,570		$	104,008	$	3,434	$	(11	)	$	107,431


	December 31, 2015
	Debt Outstanding								Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term			Total			Loans		Cash		Other Assets, Net			Total
Secured Borrowings — VIEs:
FFELP Loan securitizations	$	—	$	77,764		$	77,764		$	78,358	$	2,760	$	682		$	81,800
Private Education Loan securitizations		—		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

⁽¹⁾

Includes $548 million of short-term debt, $475 million of long-term debt and $49 million of restricted cash related to the Repurchase Facility as of December 31, 2016. 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 Facilities

In fourth-quarter 2015, we closed on a $550 million Private Education Loan ABS Repurchase Facility that matures in December 2017, and in second-quarter 2016, we closed on a second $478 million Private Education Loan ABS Repurchase Facility that matures in April 2018. Both repurchase facilities are collateralized by Residual Interests in previously issued Private Education Loan ABS trusts. The lenders also have unsecured recourse to Navient Corporation as guarantor for any shortfall in amounts payable. Because these facilities are secured by the Residual Interests in previous securitizations, we show the debt 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 2018 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, 2016, there was approximately $12.4 billion outstanding under these facilities, with approximately $13.8 billion of assets securing these facilities. As of December 31, 2016, the maximum unused capacity under these facilities was $2.2 billion. As of December 31, 2016, we had $0.4 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. As of December 31, 2016, the maximum capacity and the amount outstanding under this facility was $3.4 billion 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. On June 27, 2016, this facility was renewed and extended from its original maturity date of June 30, 2016 to June 26, 2017. This facility’s maximum financing amount, which was originally $1 billion, is now $750 million. At December 31, 2016, the available capacity under this facility was $285 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 $1.3 billion, $500 million and $1.9 billion of unsecured debt in 2016, 2015 and 2014, 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)	2016		2015		2014
Debt principal repurchased	$	1,467	$	1,744	$	548
Gains on debt repurchases		1		21		—

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2016

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, 2016 and 2015, 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 $110 million and $85 million, respectively.

Our on-balance sheet securitization trusts have $8.5 billion of Euro and British Pound Sterling denominated bonds outstanding as of December 31, 2016. 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 $10.2 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 with swaps have ISDA documentation with protections against counterparty risk. The collateral calculations contemplated in the ISDA documentation of our securitization trusts require collateral based on the fair value of the derivative which may be adjusted for additional collateral based on rating agency criteria requirements considered within the collateral agreement. The trusts are not required to post collateral to the counterparties. At December 31, 2016 and 2015, the net positive exposure on swaps in securitization trusts was $9 million and $8 million, respectively.

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, 2016 and 2015, and their impact on other comprehensive income and earnings for 2016, 2015 and 2014.

Impact of Derivatives on Consolidated Balance Sheet


			Cash Flow						Fair Value						Trading						Total
(Dollars in millions)	Hedged Risk Exposure		Dec. 31, 2016			Dec. 31, 2015			Dec. 31, 2016			Dec. 31, 2015			Dec. 31, 2016			Dec. 31, 2015			Dec. 31, 2016			Dec. 31, 2015
Fair Values⁽¹⁾
Derivative Assets:
Interest rate swaps		Interest rate	$	78		$	—		$	465		$	694		$	22		$	32		$	565		$	726
Cross-currency interest rate swaps		Foreign currency and interest rate		—			—			—			2			—			—			—			2

Total derivative assets⁽²⁾				78			—			465			696			22			32			565			728
Derivative Liabilities:
Interest rate swaps		Interest rate		(76	)		(89	)		(62	)		(3	)		(70	)		(68	)		(208	)		(160	)
Floor Income Contracts		Interest rate		—			—			—			—			(184	)		(365	)		(184	)		(365	)
Cross-currency interest rate swaps		Foreign currency and interest rate		—			—			(1,243	)		(926	)		(53	)		(62	)		(1,296	)		(988	)
Other⁽³⁾		Interest rate		—			—			—			—			(13	)		(2	)		(13	)		(2	)

Total derivative liabilities⁽²⁾				(76	)		(89	)		(1,305	)		(929	)		(320	)		(497	)		(1,701	)		(1,515	)

Net total derivatives			$	2		$	(89	)	$	(840	)	$	(233	)	$	(298	)	$	(465	)	$	(1,136	)	$	(787	)

⁽¹⁾

Fair values reported are exclusive of collateral held and pledged and accrued interest. Assets and liabilities are presented without consideration of master netting agreements. Derivatives are carried on the balance sheet based on net position by counterparty under master netting agreements, and classified in other assets or other liabilities depending on whether in a net positive or negative position.

⁽²⁾	The following table reconciles gross positions with the impact of master netting agreements to the balance sheet classification:


	Other Assets						Other Liabilities
(Dollar in millions)	December 31, 2016			December 31, 2015			December 31, 2016			December 31, 2015
Gross position	$	565		$	728		$	(1,701	)	$	(1,515	)
Impact of master netting agreements		(31	)		(50	)		31			50

Derivative values with impact of master netting agreements (as carried on balance sheet)		534			678			(1,670	)		(1,465	)
Cash collateral (held) pledged		(345	)		(759	)		319			466

Net position, as presented on the balance sheet	$	189		$	(81	)	$	(1,351	)	$	(999	)

⁽³⁾	“Other” includes embedded derivatives bifurcated from securitization debt as well as derivatives related to our Total Return Swap Facility.

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, 2016 and 2015 by $0 and $1 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, 2016 and 2015 by $31 million and $31 million, respectively.


	Cash Flow				Fair Value				Trading				Total
(Dollars in billions)	Dec. 31, 2016		Dec. 31, 2015		Dec. 31, 2016		Dec. 31, 2015		Dec. 31, 2016		Dec. 31, 2015		Dec. 31, 2016		Dec. 31, 2015
Notional Values:
Interest rate swaps	$	15.2	$	9.5	$	11.8	$	12.6	$	23.8	$	33.8	$	50.8	$	55.9
Floor Income Contracts		—		—		—		—		18.5		35.1		18.5		35.1
Cross-currency interest rate swaps		—		—		8.5		9.1		.3		.3		8.8		9.4
Other⁽¹⁾		—		—		—		—		2.6		3.2		2.6		3.2

Total derivatives	$	15.2	$	9.5	$	20.3	$	21.7	$	45.2	$	72.4	$	80.7	$	103.6

⁽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)	2016			2015			2014			2016			2015			2014			2016		2015		2014			2016			2015			2014
Fair Value Hedges:
Interest rate swaps	$	(288	)	$	(115	)	$	213		$	259		$	345		$	389		$	302	$	140	$	(185	)	$	273		$	370		$	417
Cross-currency interest rate swaps		(319	)		(794	)		(1,159	)		(86	)		(7	)		52			350		921		1,264			(55	)		120			157

Total fair value derivatives		(607	)		(909	)		(946	)		173			338			441			652		1,061		1,079			218			490			574
Cash Flow Hedges:
Interest rate swaps		—			—			—			(50	)		—			(3	)		—		—		—			(50	)		—			(3	)

Total cash flow derivatives		—			—			—			(50	)		—			(3	)		—		—		—			(50	)		—			(3	)
Trading:
Interest rate swaps		(13	)		61			54			42			42			46			—		—		—			29			103			100
Floor Income Contracts		297			557			633			(246	)		(650	)		(699	)		—		—		—			51			(93	)		(66	)
Cross-currency interest rate swaps		9			2			(33	)		(4	)		(4	)		(2	)		—		—		—			5			(2	)		(35	)
Other		(10	)		9			9			(3	)		(3	)		(2	)		—		—		—			(13	)		6			7

Total trading derivatives		283			629			663			(211	)		(615	)		(657	)		—		—		—			72			14			6

Total		(324	)		(280	)		(283	)		(88	)		(277	)		(219	)		652		1,061		1,079			240			504			577
Less: realized gains (losses) recorded in interest expense		—			—			—			123			338			438			—		—		—			123			338			438

Gains (losses) on derivative and hedging activities, net	$	(324	)	$	(280	)	$	(283	)	$	(211	)	$	(615	)	$	(657	)	$	652	$	1,061	$	1,079		$	117		$	166		$	139

⁽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)	2016		2015			2014
Total gains (losses) on cash flow hedges	$	26	$	(59	)	$	(7	)
Realized (gains) losses recognized in interest expense^(1)(2)(3)		31		(1	)		2

Total change in stockholders’ equity for unrealized gains (losses) on derivatives	$	57	$	(60	)	$	(5	)

⁽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 amortization of terminated hedge relationships.

Collateral

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


(Dollars in millions)	December 31, 2016		December 31, 2015
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)⁽¹⁾	$	345	$	759
Securities at fair value — corporate derivatives (not recorded in financial statements)⁽²⁾		193		—
Securities at fair value — on-balance sheet securitization derivatives (not recorded in financial statements)⁽³⁾		230		301

Total collateral held	$	768	$	1,060

Derivative asset at fair value including accrued interest	$	689	$	896

Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	$	319	$	466

Total collateral pledged	$	319	$	466

Derivative liability at fair value including accrued interest and premium receivable	$	1,670	$	1,395

⁽¹⁾	At December 31, 2016 and 2015, $0 and $2 million, respectively, were held in restricted cash accounts.

⁽²⁾	The Company has the ability to sell or re-pledge securities it holds as collateral.

⁽³⁾	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 $408 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. Trust related derivatives do not contain credit contingent features related to our or the trusts’ credit ratings.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41620-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579240-113959

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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-Topic 815
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994

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-Name Accounting Standards Codification
-Topic 815
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-Section 50
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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579245-113959

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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+ Details

Other Assets

12 Months Ended

Dec. 31, 2016

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

Other Assets

8.	Other Assets

The following table provides the detail of our other assets.


(Dollars in millions)	December 31, 2016		December 31, 2015
Accrued interest receivable, net	$	1,663	$	1,637
Income tax asset, net current and deferred		725		945
Derivatives at fair value		534		678
Benefit and insurance-related investments		488		491
Fixed assets, net		160		162
Other loans, net		148		70
Accounts receivable		95		329
Other		380		400

Total	$	4,193	$	4,712

Stockholders' Equity

12 Months Ended

Dec. 31, 2016

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, 2016, 291 million shares were issued and outstanding and 23 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 2016, we paid full-year common stock dividends of $0.64 per share, compared with $0.64 in 2015 and $0.60 in 2014.

In 2014, we repurchased 30.4 million shares of common stock for $600 million (8.3 million shares for $200 million pre-Spin-Off, and 22.1 million shares for $400 million post-Spin-Off).

In 2015, we repurchased 56.0 million shares of common stock for $945 million.

In 2016, we repurchased 59.6 million shares of common stock for $755 million, fully utilizing our share repurchase programs. In December 2016, our board of directors authorized a new $600 million share repurchase program effective January 1, 2017.

The following table summarizes our common share repurchases and issuances.


	Years Ended December 31,
	2016		2015		2014
Common stock repurchased⁽¹⁾		59,625,325		56,043,711		30,432,689
Average purchase price per share	$	12.68	$	16.87	$	19.72
Shares repurchased related to employee stock-based compensation plans⁽²⁾		3,197,355		2,404,328		4,171,342
Average purchase price per share	$	13.21	$	19.81	$	20.91
Common shares issued⁽³⁾		5,476,010		4,924,021		7,389,962

⁽¹⁾

Common shares purchased under our share repurchase program.

⁽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, 2016 was $16.43.

- Definition

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

+ References

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+ Details

Earnings (Loss) per Common Share

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Earnings (Loss) per Common Share

10.

Earnings (Loss) per Common Share

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


	Years Ended December 31,
(In millions, except per share data)	2016		2015		2014
Numerator:
Net income attributable to Navient Corporation	$	681	$	984	$	1,137
Preferred stock dividends		—		—		6

Net income attributable to Navient Corporation common stock	$	681	$	984	$	1,131

Denominator:
Weighted average shares used to compute basic EPS		316		376		417
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units and Employee Stock Purchase Plan (“ESPP”)⁽¹⁾		6		6		8

Dilutive potential common shares⁽²⁾		6		6		8

Weighted average shares used to compute diluted EPS		322		382		425

Basic earnings per common share attributable to Navient Corporation	$	2.15	$	2.62	$	2.71

Diluted earnings per common share attributable to Navient Corporation	$	2.12	$	2.58	$	2.66

⁽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, 2016, 2015 and 2014, stock options covering approximately 4 million, 6 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, 2016

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.

We have one active stock-based incentive plan that provides for grants of equity awards to our employees and non-employee directors in various forms including stock options, restricted stock awards, restricted stock units and performance stock units. We also maintain an ESPP. Shares issued under these 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 and 45 million shares are authorized to be issued from this plan as of December 31, 2016. Our Navient Corporation ESPP was effective on May 1, 2014 and 1 million shares are authorized to be issued from this plan as of December 31, 2016.

For most awards, expense generally is recognized ratably over the vesting period net of estimated forfeitures, unless the employee meets certain retirement eligibility criteria. For employee awards that meet retirement eligibility criteria, we record the expense generally upon grant and for employees that become retirement eligible during the vesting period, we recognize expense from the grant date to the date on which the employee becomes retirement eligible. The total stock-based compensation cost recognized in 2016, 2015 and 2014 was $26 million, $29 million and $39 million, respectively. As of December 31, 2016, there was $18 million of total unrecognized compensation expense related to unvested stock awards, which is expected to be recognized over a weighted average period of 1.7 years.

Stock Options

The exercise price of stock options equals the fair market value of our common stock on the date of grant. The maximum contractual term for stock options is 5 years for grants made since 2012, and 10 years for grants made prior to 2012. Most stock options are time-vested, with one-third vesting per year beginning with the first anniversary of the grant date.

The fair values of the options granted in the years ended December 31, 2016, 2015 and 2014 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,
	2016			2015			2014 Post-Spin-Off			2014 Pre-Spin-Off
Expected life of the option		3.0 years			2.9 years			2.9 years			2.9 years
Expected volatility		30	%		22	%		27	%		26	%
Risk-free interest rate		.90	%		.95	%		.81	%		.76	%
Expected dividend rate		6.97	%		2.99	%		3.53	%		2.48	%
Weighted average fair value of options granted	$	1.01		$	2.22		$	2.29		$	3.48

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 2016.


(Dollars in millions, except per share data)	Number of Options			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value⁽¹⁾
Outstanding at December 31, 2015		15,761,488		$	14.56
Granted		3,837,609			9.18
Exercised⁽²⁾		(2,988,087	)		10.17
Canceled		(1,699,006	)		28.63

Outstanding at December 31, 2016⁽³⁾		14,912,004			12.45		2.5 yrs.	$	76

Exercisable at December 31, 2016		9,228,819		$	12.27		1.8 yrs.	$	48

⁽¹⁾

The aggregate intrinsic value represents the total intrinsic value (the aggregate difference between our closing stock price on December 31, 2016 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, 2016.

⁽²⁾

The total intrinsic value of SLM Corporation stock options exercised during periods prior to the Spin-Off was $23 million for 2014. The total intrinsic value of Navient stock options exercised subsequent to the Spin-Off was $13 million, $19 million and $23 million for 2016, 2015 and 2014, respectively.

⁽³⁾

As of December 31, 2016, there was $1 million of unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted average period of 1.8 years.

Restricted Stock

Restricted stock awards generally are granted to non-employee directors and generally vest upon the director’s election to the board. 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 2016.


	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested at December 31, 2015		—		$	—
Granted		87,144			9.18
Vested⁽¹⁾		(76,251	)		9.18
Canceled		(10,893	)		9.18

Non-vested at December 31, 2016⁽²⁾		—		$	—

⁽¹⁾

The total fair value of SLM Corporation shares that vested during periods prior to the Spin-Off was $1 million for 2014. The total fair value of Navient shares that vested subsequent to the Spin-Off was $1 million, $1 million and $1 million for 2016, 2015 and 2014, respectively.

⁽²⁾

As of December 31, 2016, 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 generally are time-vested, with one-third vesting per year beginning with the first anniversary of the grant date, while PSUs vest based on achieving certain corporate performance goals over a three-year performance 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 2016.


	Number of RSUs/ PSUs			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2015		3,672,229		$	16.15
Granted		2,864,435			9.23
Vested and converted to common stock⁽¹⁾		(2,109,162	)		14.30
Canceled		(55,126	)		12.11

Outstanding at December 31, 2016⁽²⁾		4,372,376		$	12.56

⁽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 for 2014. The total fair value of Navient RSUs and PSUs that vested and converted to common stock subsequent to the Spin-Off was $30 million, $29 million and $1 million for 2016, 2015 and 2014, respectively.

⁽²⁾

As of December 31, 2016, there was $16 million of unrecognized compensation cost related to RSUs and PSUs, which is expected to be recognized over a weighted average period of 1.7 years.

Fair Value Measurements

12 Months Ended

Dec. 31, 2016

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.

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) did not decrease the valuations at December 31, 2016.

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 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, 2016. 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 2016 and 2015, there were no significant transfers of financial instruments between levels.


	Fair Value Measurements on a Recurring Basis
	December 31, 2016											December 31, 2015
(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		—		2			—			2			—		4			—			4

Total available-for-sale investments		—		3			—			3			—		5			—			5
Derivative instruments:⁽¹⁾
Interest rate swaps		—		553			12			565			—		709			17			726
Cross-currency interest rate swaps		—		—			—			—			—		—			2			2
Other		—		—			—			—			—		—			—			—

Total derivative assets(2)		—		553			12			565			—		709			19			728

Total	$	—	$	556		$	12		$	568		$	—	$	714		$	19		$	733

Liabilities⁽³⁾
Derivative instruments⁽¹⁾
Interest rate swaps	$	—	$	(150	)	$	(58	)	$	(208	)	$	—	$	(99	)	$	(61	)	$	(160	)
Floor Income Contracts		—		(184	)		—			(184	)		—		(365	)		—			(365	)
Cross-currency interest rate swaps		—		(53	)		(1,243	)		(1,296	)		—		(83	)		(905	)		(988	)
Other		—		—			(13	)		(13	)		—		—			(2	)		(2	)

Total derivative liabilities(2)		—		(387	)		(1,314	)		(1,701	)		—		(547	)		(968	)		(1,515	)

Total	$	—	$	(387	)	$	(1,314	)	$	(1,701	)	$	—	$	(547	)	$	(968	)	$	(1,515	)

⁽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, 2016
	Derivative Instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other			Total Derivative Instruments
Balance, beginning of period	$	(44	)	$	(903	)	$	(2	)	$	(949	)
Total gains/(losses) (realized and unrealized):
Included in earnings⁽¹⁾		3			(428	)		(14	)		(439	)
Included in other comprehensive income		—			—			—			—
Settlements		3			88			3			94
Transfers in and/or out of level 3⁽²⁾		(8	)		—			—			(8	)

Balance, end of period	$	(46	)	$	(1,243	)	$	(13	)	$	(1,302	)

Change in unrealized gains/(losses) relating to instruments still held at the reporting date⁽³⁾	$	7		$	(340	)	$	(11	)	$	(344	)


	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⁽³⁾	$	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⁽³⁾	$	—		$	(1,225	)	$	10		$	(1,215	)

⁽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)	2016			2015			2014
Gains (losses) on derivative and hedging activities, net	$	(351	)	$	(741	)	$	(1,116	)
Interest expense		(88	)		(10	)		44

Total	$	(439	)	$	(751	)	$	(1,072	)

⁽²⁾

Consumer Price Index/LIBOR basis swaps were transferred from level 3 to level 2 as of the beginning of the fourth quarter of 2016 due to the conclusion that these swaps now trade in an active market.

⁽³⁾

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, 2016			Valuation Technique		Input		Range (Weighted Average)
Derivatives
Prime/LIBOR basis swaps	$	(46	)		Discounted cash flow		Constant Prepayment Rate		4.9%
							Bid/ask adjustment to discount rate		.05% — .05% (.05%)

Cross-currency interest rate swaps		(1,243	)		Discounted cash flow		Constant Prepayment Rate		3.3%
Other		(13	)

Total	$	(1,302	)

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:

•

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, 2016									December 31, 2015
(Dollars in millions)	Fair Value			Carrying Value			Difference			Fair Value			Carrying Value			Difference
Earning assets
FFELP Loans	$	86,626		$	87,730		$	(1,104	)	$	94,281		$	96,402		$	(2,121	)
Private Education Loans		23,191			23,340			(149	)		25,772			26,394			(622	)
Cash and investments⁽¹⁾		5,203			5,203			—			5,833			5,833			—

Total earning assets		115,020			116,273			(1,253	)		125,886			128,629			(2,743	)

Interest-bearing liabilities
Short-term borrowings		2,346			2,334			(12	)		2,569			2,570			1
Long-term borrowings		109,826			112,368			2,542			118,471			124,833			6,362

Total interest-bearing liabilities		112,172			114,702			2,530			121,040			127,403			6,363

Derivative financial instruments
Floor Income Contracts		(184	)		(184	)		—			(365	)		(365	)		—
Interest rate swaps		357			357			—			566			566			—
Cross-currency interest rate swaps		(1,296	)		(1,296	)		—			(986	)		(986	)		—
Other		(13	)		(13	)		—			(2	)		(2	)		—

Excess of net asset fair value over carrying value							$	1,277								$	3,620

⁽¹⁾	“Cash and investments” includes available-for-sale investments whose cost basis is $3 million and $4 million at December 31, 2016 and 2015, respectively, versus a fair value of $3 million and $5 million at December 31, 2016 and 2015, respectively.

Commitments, Contingencies and Guarantees

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments, Contingencies and Guarantees

13.

Commitments, Contingencies and Guarantees

Legal Proceedings

The Company has been named as defendant in a number of putative class action cases alleging violations of various state and federal consumer protection laws. One of these putative class action suits is Randy Johnson v. Navient Solutions, Inc. On May 4, 2015, Randy Johnson filed a putative class action in the United States District Court for the Southern District of Indiana alleging violations of the Telephone Consumer Protection Act (“TCPA”). During the fourth quarter of 2016, the parties entered into a settlement agreement and on December 23, 2016, filed a Motion to Approve the Class Action Settlement with the Court. The Court preliminarily approved the settlement on January 26, 2017. We have denied all claims asserted against the Company, but agreed to settle the case to avoid the burden, expense, risk and uncertainty of continued litigation. A reserve has been established for this matter as of December 31, 2016.

Regulatory Matters

On May 2, 2014, Navient Solutions, Inc., now known as Navient Solutions, LLC (“Solutions”), a wholly-owned subsidiary of Navient, and Sallie Mae Bank entered into consent orders, without admitting any wrongdoing, with the Federal Deposit Insurance Corporation (the “FDIC”) (respectively, the “Solutions Order” and the “Bank Order”; collectively, the “FDIC Orders”) to settle 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 Solutions and SLM BankCo on May 13, 2014, required Solutions to pay $3.3 million in civil monetary penalties. Solutions 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. While the FDIC issued its final exam report in December 2016, we are unable at this point in time to predict the timing of when the FDIC will lift the consent order.

The Solutions Order also required Solutions 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. Solutions 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 distribute amounts from the restitution fund is complete.

With respect to alleged civil violations of the SCRA, Solutions 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 Solutions from November 28, 2005 until the effective date of the settlement. The DOJ Order required Solutions 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 and has a term of four years. Shortly thereafter, Navient funded the settlement fund and paid the civil money penalties pursuant to the terms of the order. The funds were disbursed beginning in the second quarter of 2015. In the third quarter of 2016, the Company completed the distributions from the fund by distributing the remaining funds to charities approved by the DOJ.

The total reserves established by the Company in 2013 and 2014 to cover these costs were $177 million, and as of December 31, 2016, 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 have been 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, Solutions 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, Solutions received a letter from the CFPB notifying Solutions 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 Solutions. The NORA letter relates to a previously disclosed investigation into Solutions’ 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 Solutions. 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. The CFPB has informed the Company that they have combined this matter with the aforementioned servicing matter.

•

In December 2014, Solutions 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.

On January 18, 2017, the CFPB and Attorneys General for the State of Illinois and the State of Washington (collectively the “Attorneys General”) initiated civil actions naming Navient Corporation (the “Company”) and several of its subsidiaries as defendants alleging violations of Federal and State consumer protection statutes, including the Consumer Financial Protection Act of 2010, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act and various state consumer protection laws. These civil actions are related to the aforementioned CIDs and the NORA letter that were previously issued by the CFPB and the Attorneys General. In addition to these matters, a number of lawsuits have been or may be filed by additional governmental or nongovernmental parties seeking damages or other remedies related to similar issues raised by the CFPB and the Attorneys General. As the Company has previously stated, we believe the suit improperly seeks to impose penalties on Navient based on new servicing standards applied retroactively and applied only against one servicer and that the allegations are false. We intend to vigorously defend against the allegations. At this point in time, the Company is unable to anticipate the timing of a resolution or the ultimate impact that these legal proceedings may have on the Company’s consolidated financial position, liquidity, results of operation or cash flows. As a result, it is not possible at this time to estimate a range of potential exposure, if any, for amounts that may be payable in connection with these matters and reserves have not been established. It is possible that an adverse ruling or rulings may have a material adverse impact on the Company.

In addition, Navient and its subsidiaries are subject to examination or regulation by the SEC, 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 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, liabilities arising out of the regulatory matters and CFPB and State Attorneys General lawsuits mentioned above, other than fines or penalties directly levied against Sallie Mae Bank and other matters specifically excluded, 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, 2016.

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. In August 2016, we filed our notice of appeal relating to this Final Audit Determination to the Administrative Actions and Appeals Service Group of ED. This matter remains open. 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 and does not believe, at this time, that an adverse ruling would have a material effect on the Company as a whole.

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, except as otherwise disclosed.

Income Taxes

12 Months Ended

Dec. 31, 2016

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,
	2016			2015			2014
Statutory rate		35.0	%		35.0	%		35.0	%
State tax, net of federal benefit		3.8			2.6			2.0
Other, net		(.3	)		.1			.5

Effective tax rate		38.5	%		37.7	%		37.5	%

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.

Income tax expense consists of:


	December 31,
(Dollars in millions)	2016		2015		2014
Current provision/(benefit):
Federal	$	246	$	136	$	440
State		47		22		41
Foreign		1		—		—

Total current provision/(benefit)		294		158		481
Deferred provision/(benefit):
Federal		115		398		186
State		18		41		14
Foreign		—		—		—

Total deferred provision/(benefit)		133		439		200

Provision for income tax expense/(benefit)	$	427	$	597	$	681

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


	December 31,
(Dollars in millions)	2016		2015
Deferred tax assets:
Loan reserves	$	581	$	648
Education loan premiums and discounts, net		74		95
Market value adjustments on education loans, investments and derivatives		65		126
Deferred revenue		37		46
Accrued expenses not currently deductible		33		24
Stock-based compensation plans		32		43
Unrealized derivative and investment gains and losses, net		—		30
Other		45		29

Total deferred tax assets		867		1,041

Deferred tax liabilities:
Original issue discount on borrowings		27		23
Other		38		46

Total deferred tax liabilities		65		69

Net deferred tax assets	$	802	$	972

Included in other deferred tax assets is a valuation allowance of $7 million and $7 million as of December 31, 2016 and 2015, 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 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, 2016, we have apportioned state net operating loss carryforwards of $204 million which begin to expire in 2022.

Accounting for Uncertainty in Income Taxes

The following table summarizes changes in unrecognized tax benefits:


	December 31,
(Dollars in millions)	2016			2015			2014
Unrecognized tax benefits at beginning of year	$	56.3		$	51.9		$	56.0
Increases resulting from tax positions taken during a prior period		19.9			1.6			1.0
Decreases resulting from tax positions taken during a prior period		(5.6	)		(1.8	)		(12.4	)
Increases resulting from tax positions taken during the current period		4.4			6.9			8.4
Decreases related to settlements with taxing authorities		(.1	)		—			(.6	)
Increases related to settlements with taxing authorities		—			—			—
Reductions related to the lapse of statute of limitations		(1.9	)		(2.3	)		(.5	)

Unrecognized tax benefits at end of year	$	73.0		$	56.3		$	51.9

As of December 31, 2016, the gross unrecognized tax benefits are $73.0 million. Included in the $73.0 million are $45.5 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. All periods prior to 2013 are closed for federal examination purposes. Various combinations of subsidiaries, tax years, and jurisdictions remain open for review, subject to statute of limitations periods (typically 3 to 4 prior years). We do not expect the resolution of open audits to have a material impact on our unrecognized tax benefits.

Segment Reporting

12 Months Ended

Dec. 31, 2016

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. Although FFELP Loans are no longer originated, we continue to pursue acquisitions of FFELP Loan portfolios. These acquisitions leverage our servicing scale and generate incremental earnings and cash flow. In this segment, we generate revenue primarily through 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, 2016 was $87.7 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, 2016, Navient acquired $3.5 billion of FFELP Loans. FFELP Loans are insured or guaranteed by state or not-for-profit agencies and are protected by contractual rights to recovery from the United States pursuant to guaranty agreements among ED and these agencies. These guaranty agreements 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 strategy used for our FFELP Loan portfolio and the insurance and guarantees provided on these loans, the portfolio generates consistent and predictable cash flows. As of December 31, 2016, approximately 81 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 FFELP Loans, including ongoing communications with borrowers and default aversion requirements. Failure to service FFELP Loans properly could jeopardize the insurance, guarantees and federal support on these loans. The insurance and guarantees on Navient’s existing FFELP 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)	2016		2015
FFELP Loans, net	$	87,730	$	96,402
Cash and investments⁽¹⁾		3,212		3,572
Other		1,907		2,045

Total assets	$	92,849	$	102,019

⁽¹⁾

Includes restricted cash and investments.

Private Education Loans Segment

In this segment, we acquire, finance, and service our Private Education Loans. Private Education Loans primarily bridge the gap between the cost of higher education and the amount funded through financial aid, federal loans. or students’ and families’ resources. They also allow borrowers to refinance existing education loans at a lower rate. We pursue acquisitions of Private Education Loan portfolios. These acquisitions leverage our servicing scale and generate incremental earnings and cash flow. In this segment, we generate revenue primarily through 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, 2016 was $23.3 billion and we anticipate that this Private Education Loan portfolio will have an amortization period in excess of 20 years and a 6-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. As of December 31, 2016, approximately 61 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 borrower 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 applied when the loans were originated, the continued high levels of qualified cosigners, our internal servicing and risk mitigation practices, and our careful use of forbearance and loan modification programs. Navient believes that these elements and practices reduce the risk of payment interruptions and defaults on its Private Education Loan portfolio.

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


	December 31,
(Dollars in millions)	2016		2015
Private Education Loans, net	$	23,340	$	26,394
Cash and investments⁽¹⁾		667		596
Other		1,567		1,988

Total assets	$	25,574	$	28,978

⁽¹⁾

Includes restricted cash and investments.

Business Services Segment

Our Business Services segment generates revenue from business processing services related to servicing, asset recovery and other business processing activities. Within this segment, we generate revenue primarily through 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 and higher education institutions. In addition, we provide asset recovery and other business processing services for federal, state, court, and municipal clients, public authorities, and health care organizations.

We provide business processing services for over 1,000 clients, working with a broad spectrum of services and asset classes. This market is highly fragmented and provides attractive organic growth opportunities. As of December 31, 2016, Navient had an outstanding inventory of asset recovery receivables of approximately $20.0 billion, of which $10.1 billion was attributable to asset classes unrelated to education loans. Non-education related asset recovery revenues increased 77 percent, from $99 million in 2015 to $174 million in 2016.

Federal Education Loan Related Revenues

In 2016, federal education loan (FFELP and ED) related revenues in the Business Services segment accounted for 80 percent of total Business Services segment revenues compared with 87 percent in 2015. Total Business Services segment revenues were $1.01 billion for the year ended December 31, 2016, compared to $1.02 billion for the year ended December 31, 2015.

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 the trustee fees and exceed the actual cost of servicing the loans. Intercompany loan servicing revenues declined to $389 million in 2016 from $427 million in 2015. Intercompany loan servicing revenues will continue to decline as our FFELP Loan portfolio amortizes.

•

In 2016, we earned account maintenance fees on FFELP Loans serviced for Guarantors of $21 million, down from $33 million in 2015. These fees will continue to decline as the underlying FFELP Loan portfolio serviced for Guarantors amortizes.

•

As of December 31, 2016, we provide asset recovery (default aversion, post-default collections and claims processing) to 11 of the 26 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 2016, asset recovery revenue from Guarantor clients totaled $194 million, compared to $209 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 loan servicing 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 on 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 but less than 360 days delinquent (15 percent), a survey of borrowers (35 percent), and a survey of ED personnel (5 percent). Under this servicing contract as of December 31, 2016, we service approximately 6.2 million accounts or $197.0 billion in loans. We earned $151 million of revenue under the contract for the year ended December 31, 2016. We continually strive to help our customers succeed and seek to improve on the performance metrics that determine the allocation of new accounts under the servicing contract with ED.

On April 4, 2016, ED published the first part of a two-part RFP related to a new servicing platform for the Direct Student Loan Program. The first part of the RFP focused on screening candidates’ capabilities relative to certain published criteria. In July 2016, Navient was selected as one of three companies eligible to submit responses in the second part of the RFP process. On October 26, 2016, ED published the second part of the RFP. On January 9, 2017, Navient submitted its bid for ED’s single servicing solution contract. We have been informed that one of the two other bidders filed a bid protest in relation to this RFP on January 5, 2017.

At December 31, 2016 and 2015, the Business Services segment had total assets of $587 million and $657 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.

At December 31, 2016 and 2015, the Other segment had total assets of $2.1 billion and $2.4 billion, respectively.

Measure of Profitability

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

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

The financial results attributable to the operations of SLM BankCo prior to the Spin-Off and related restructuring and reorganization expense incurred in connection with the Spin-Off, 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 (SLM BankCo) 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, 2016
(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	$	2,395	$	1,587	$	—	$	—		$	—		$	3,982	$	247		$	(114	)	$	133	$	4,115
Other loans		—		—		—		9			—			9		—			—			—		9
Cash and investments		16		2		—		4			—			22		—			—			—		22

Total interest income		2,411		1,589		—		13			—			4,013		247			(114	)		133		4,146
Total interest expense		1,592		705		—		113			—			2,410		31			—			31		2,441

Net interest income (loss)		819		884		—		(100	)		—			1,603		216			(114	)		102		1,705
Less: provisions for loan losses		43		383		—		3			—			429		—			—			—		429

Net interest income (loss) after provisions for loan losses		776		501		—		(103	)		—			1,174		216			(114	)		102		1,276
Other income (loss):
Servicing revenue		55		14		624		—			(389	)		304		—			—			—		304
Asset recovery and business processing revenue		—		—		390		—			—			390		—			—			—		390
Other income		—		—		—		14			—			14		(216	)		326			110		124
Gains on debt repurchases		—		—		—		1			—			1		—			—			—		1

Total other income (loss)		55		14		1,014		15			(389	)		709		(216	)		326			110		819
Expenses:
Direct operating expenses		401		167		524		28			(389	)		731		—			—			—		731
Overhead expenses		—		—		—		220			—			220		—			—			—		220

Operating expenses		401		167		524		248			(389	)		951		—			—			—		951
Goodwill and acquired intangible asset impairment and amortization		—		—		—		—			—			—		—			36			36		36
Restructuring and other reorganization expenses		—		—		—		—			—			—		—			—			—		—

Total expenses		401		167		524		248			(389	)		951		—			36			36		987

Income (loss) from continuing operations, before income tax expense (benefit)		430		348		490		(336	)		—			932		—			176			176		1,108
Income tax expense (benefit)⁽³⁾		158		129		182		(124	)		—			345		—			82			82		427

Net income (loss) from continuing operations		272		219		308		(212	)		—			587		—			94			94		681
Income (loss) from discontinued operations, net of tax expense (benefit)		—		—		—		—			—			—		—			—			—		—

Net income (loss)	$	272	$	219	$	308	$	(212	)	$	—		$	587	$	—		$	94		$	94	$	681

⁽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, 2016
(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	$	—	$	102	$	—		$	102
Total other income (loss)		—		110		—			110
Operating expenses		—		—		—			—
Goodwill and acquired intangible asset impairment and amortization		—		—		36			36
Restructuring and other reorganization expenses		—		—		—			—

Total “Core Earnings” adjustments to GAAP	$	—	$	212	$	(36	)		176

Income tax expense (benefit)									82

Net income (loss)								$	94

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


	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		46		538			—		(3	)		—			581			—			—			—		581

Net interest income (loss) after provisions for loan losses		827		538			—		(100	)		—			1,265			613			(238	)		375		1,640
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)		491		370			537		(317	)		—			1,081			—			499			499		1,580
Income tax expense (benefit)⁽³⁾		183		137			199		(118	)		—			401			—			196			196		597

Net income (loss) from continuing operations		308		233			338		(199	)		—			680			—			303			303		983
Income (loss) from discontinued operations, net of tax expense (benefit)		—		—			—		1			—			1			—			—			—		1

Net income (loss)	$	308	$	233		$	338	$	(198	)	$	—		$	681		$	—		$	303		$	303	$	984

⁽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 (loss)		—			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 (benefit)										196

Net income (loss)									$	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			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	$	2,097	$	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		59		539		—		—			—			598		—			49			49			647

Net interest income (loss) after provisions for loan losses		874		711		—		(101	)		—			1,484		657			(121	)		536			2,020
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 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)		458		555		673		(407	)		—			1,279		—			539			539			1,818
Income tax expense (benefit)⁽³⁾		171		204		248		(150	)		—			473		—			208			208			681

Net income (loss) from continuing operations	$	287	$	351	$	425	$	(257	)	$	—		$	806	$	—		$	331		$	331		$	1,137
Income (loss) from discontinued operations, net of tax expense (benefit)		—		—		—		—			—			—		—			—			—			—

Net income (loss)	$	287	$	351	$	425	$	(257	)	$	—		$	806	$	—		$	331		$	331		$	1,137

⁽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 (loss)		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 (benefit)										208

Net income (loss)									$	331

⁽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)	2016			2015			2014
“Core Earnings” adjustments to GAAP:
Net impact of the removal of SLM BankCo’s operations and restructuring and reorganization expense in connection with the Spin-Off⁽¹⁾	$	—		$	(32	)	$	(25	)
Net impact of derivative accounting⁽²⁾		212			543			573
Net impact of goodwill and acquired intangible assets⁽³⁾		(36	)		(12	)		(9	)
Net tax effect⁽⁴⁾		(82	)		(196	)		(208	)

Total “Core Earnings” adjustments to GAAP	$	94		$	303		$	331

⁽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.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=68060357&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=68060357&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=68060357&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=68060357&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599

+ Details

Quarterly Financial Information (unaudited)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (unaudited)

16.

Quarterly Financial Information (unaudited)


	2016
(Dollars in millions, except per share data)	First Quarter		Second Quarter			Third Quarter		Fourth Quarter
Net interest income	$	486	$	429		$	412	$	378
Less: provisions for loan losses		111		110			106		102

Net interest income after provisions for loan losses		375		319			306		276
Other income		159		151			174		218
Gains (losses) on derivative and hedging activities, net		1		(28	)		137		6
Operating expenses		247		230			228		246
Goodwill and acquired intangible asset impairment and amortization expense		4		6			12		13
Restructuring and other reorganization expenses		—		—			—		—
Income tax expense		103		81			147		96

Net income from continuing operations		181		125			230		145
Income from discontinued operations, net of tax expense		—		—			—		—

Net income		181		125			230		145
Less: net income (loss) attributable to noncontrolling interest		—		—			—		—

Net income attributable to Navient Corporation	$	181	$	125		$	230	$	145

Basic earnings per common share attributable to Navient Corporation	$	.53	$	.39		$	.74	$	.49

Diluted earnings per common share attributable to Navient Corporation	$	.53	$	.38		$	.73	$	.48


	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		130		203			128		120

Net interest income after provisions for loan losses		453		346			425		416
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		179		111			142		164

Net income from continuing operations		289		179			233		283
Income from discontinued operations, net of tax expense		—		—			1		—

Net income		289		179			234		283
Less: net income (loss) attributable to noncontrolling interest		—		—			—		—

Net income attributable to Navient Corporation	$	289	$	179		$	234	$	283

Basic earnings per common share attributable to Navient Corporation	$	.73	$	.47		$	.63	$	.80

Diluted earnings per common share attributable to Navient Corporation	$	.71	$	.46		$	.63	$	.78

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

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

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

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.

Allowance for FFELP Loan Losses

Correction of an Immaterial Error in Prior Periods Related to FFELP Provision for Loan Losses


	Year Ended December 31,
(Dollars in millions)	2015			2014
Increase to FFELP Loan charge-offs and provision for loan losses⁽¹⁾	$	20		$	19
After-tax reduction to net income from increase in FFELP Loan provision for loan losses	$	(13	)	$	(12	)
Reduction to diluted earnings per share from increase in FFELP Loan provision for loan losses	$	(.03	)	$	(.03	)
GAAP net income — previously reported	$	997		$	1,149
GAAP net income — revised	$	984		$	1,137

⁽¹⁾

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

For loans classified as held-for-investment, we recognize education loan interest income as earned, adjusted for the amortization of premiums (which includes capitalized direct origination costs), 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 expected prepayments and to estimates related to Repayment Borrower Benefits. We amortize premium and discount on education loans using a CPR which measures the rate at which loans in the portfolio pay down principal compared to their stated terms. In determining the CPR, we only consider payments made in excess of contractually required payments. This would include loan consolidation and other early payoff activity. 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

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 and third-party costs incurred in connection with our April 30, 2014 Spin-Off 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

Leases

Stock Compensation

Allowance for Loan Losses

Intra-Entity Transfer of Assets

On October 24, 2016, the FASB issued ASU No. 2016-16, “Income Taxes — Intra-Entity Transfer of Assets Other and Inventory,” which requires recognition of the income tax consequences of an intra-entity transfer of non-inventory assets when the transfer occurs. The new standard is effective for the Company as of January 1, 2018. We are currently assessing the impact that adopting this new accounting standard will have on our consolidated financial statements and footnote disclosures, but expect it to be immaterial.

Organization and Business (Tables)

12 Months Ended

Dec. 31, 2016

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⁾

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Schedule of Revised Earnings After Adjusting Error Corrections

The table below shows the impact of this error to the years ended December 31, 2015 and 2014.


	Year Ended December 31,
(Dollars in millions)	2015			2014
Increase to FFELP Loan charge-offs and provision for loan losses⁽¹⁾	$	20		$	19
After-tax reduction to net income from increase in FFELP Loan provision for loan losses	$	(13	)	$	(12	)
Reduction to diluted earnings per share from increase in FFELP Loan provision for loan losses	$	(.03	)	$	(.03	)
GAAP net income — previously reported	$	997		$	1,149
GAAP net income — revised	$	984		$	1,137

⁽¹⁾

Education Loans (Tables)

12 Months Ended

Dec. 31, 2016

Receivables [Abstract]

Education Loan Portfolio by Program

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


	December 31, 2016					Year Ended December 31, 2016
(Dollars in millions)	Ending Balance		% of Balance			Average Balance		Average Effective Interest Rate
FFELP Stafford and Other Education Loans, net⁽¹⁾	$	32,319		29	%	$	34,710		2.31	%
FFELP Consolidation Loans, net		55,411		50			57,787		2.98
Private Education Loans, net		23,340		21			25,361		6.26

Total education loans, net	$	111,070		100	%	$	117,858		3.49	%


	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⁾	$	36,854		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	$	122,796		100	%	$	129,224		3.31	%

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

Allowance for Loan Losses (Tables)

12 Months Ended

Dec. 31, 2016

Allowance for Credit Losses and Recorded Investments in Loans

Allowance for Loan Losses Metrics


	Year Ended December 31, 2016
(Dollars in millions)	FFELP Loans			Private Education Loans			Other Loans			Total
Allowance for Loan Losses
Beginning balance	$	78		$	1,471		$	15		$	1,564
Total provision		43			383			3			429
Charge-offs⁽¹⁾		(54	)		(513	)		(3	)		(570	)
Reclassification of interest reserve⁽²⁾		—			10			—			10

Ending balance	$	67		$	1,351		$	15		$	1,433

Allowance:
Ending balance: individually evaluated for impairment	$	—		$	1,190		$	11		$	1,201
Ending balance: collectively evaluated for impairment	$	67		$	161		$	4		$	232
Loans:
Ending balance: individually evaluated for impairment	$	—		$	11,165		$	32		$	11,197
Ending balance: collectively evaluated for impairment	$	86,918		$	13,983		$	132		$	101,033
Charge-offs as a percentage of average loans in repayment		.07	%		2.20	%		2.10	%
Allowance coverage of charge-offs		1.2			2.6			7.0
Allowance as a percentage of the ending total loan balance		.08	%		5.37	%		9.35	%
Allowance as a percentage of the ending loans in repayment		.09	%		6.10	%		9.35	%
Ending total loans⁽³⁾	$	86,918		$	25,148		$	164
Average loans in repayment	$	72,714		$	23,275		$	104
Ending loans in repayment	$	70,557		$	22,150		$	164

⁽¹⁾

⁽²⁾

⁽³⁾

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


	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		46			538			(3	)		581
Net adjustment resulting from the change in the charge-off rate⁽¹⁾		—			(330	)		—			(330	)
Net charge-offs remaining⁽²⁾		(61	)		(659	)		(6	)		(726	)

Total net charge-offs		(61	)		(989	)		(6	)		(1,056	)
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⁾	$	95,393		$	17,431		$	49		$	112,873
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⁾		.08	%		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⁾		1.3			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		.11	%		6.00	%		17.28	%
Ending total loans⁽⁴⁾	$	95,393		$	28,396		$	86
Average loans in repayment	$	75,925		$	25,802		$	97
Ending loans in repayment	$	73,838		$	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		59			588			—			647
Charge-offs⁽¹⁾		(79	)		(717	)		(4	)		(800	)
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	$	103,362		$	21,697		$	62		$	125,121
Charge-offs as a percentage of average loans in repayment		.11	%		2.51	%		3.31	%
Allowance coverage of charge-offs		1.2			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⁾	$	103,362		$	32,306		$	107
Average loans in repayment	$	72,811		$	28,577		$	117
Ending loans in repayment	$	78,135		$	26,949		$	107

⁽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,
	2016						2015						2014
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	5,871					$	8,257					$	10,861
Loans in forbearance⁽²⁾		10,490						13,298						14,366
Loans in repayment and percentage of each status:
Loans current		61,977			87.8	%		62,651			84.8	%		65,221			83.5	%
Loans delinquent 31-60 days⁽³⁾		2,820			4.0			3,285			4.5			3,942			5.0
Loans delinquent 61-90 days⁽³⁾		1,325			1.9			1,856			2.5			2,451			3.1
Loans delinquent greater than 90 days⁽³⁾		4,435			6.3			6,046			8.2			6,521			8.4

Total FFELP Loans in repayment		70,557			100	%		73,838			100	%		78,135			100	%

Total FFELP Loans, gross		86,918						95,393						103,362
FFELP Loan unamortized premium		879						1,087						1,176

Total FFELP Loans		87,797						96,480						104,538
FFELP Loan allowance for losses		(67	)					(78	)					(93	)

FFELP Loans, net	$	87,730					$	96,402					$	104,445

Percentage of FFELP Loans in repayment					81.2	%					77.4	%					75.6	%

Delinquencies as a percentage of FFELP Loans in repayment					12.2	%					15.2	%					16.5	%

FFELP Loans in forbearance as a percentage of loans in repayment and forbearance					12.9	%					15.3	%					15.5	%

⁽¹⁾

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

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


	Traditional Private Education Loan Delinquencies
	December 31,
	2016						2015						2014
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	1,271					$	1,859					$	2,777
Loans in forbearance⁽²⁾		700						863						935
Loans in repayment and percentage of each status:
Loans current		19,020			93.3	%		21,085			93.5	%		23,012			92.7	%
Loans delinquent 31-60 days⁽³⁾		444			2.2			491			2.2			624			2.5
Loans delinquent 61-90 days⁽³⁾		269			1.3			292			1.3			363			1.5
Loans delinquent greater than 90 days⁽³⁾		663			3.2			690			3.0			816			3.3

Total traditional loans in repayment		20,396			100	%		22,558			100	%		24,815			100	%

Total traditional loans, gross		22,367						25,280						28,527
Traditional loans unamortized discount		(402	)					(470	)					(526	)

Total traditional loans		21,965						24,810						28,001
Traditional loans receivable for partially charged-off loans		526						560						775
Traditional loans allowance for losses		(1,138	)					(1,236	)					(1,515	)

Traditional loans, net	$	21,353					$	24,134					$	27,261

Percentage of traditional loans in repayment					91.2	%					89.2	%					87.0	%

Delinquencies as a percentage of traditional loans in repayment					6.7	%					6.5	%					7.3	%

Loans in forbearance as a percentage of traditional loans in repayment and forbearance					3.3	%					3.7	%					3.6	%

⁽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,
	2016						2015						2014
(Dollars in millions)	Balance			%			Balance			%			Balance			%
Loans in-school/grace/deferment⁽¹⁾	$	122					$	181					$	276
Loans in forbearance⁽²⁾		90						110						124
Loans in repayment and percentage of each status:
Loans current		1,486			84.8	%		1,646			84.7	%		1,749			81.9	%
Loans delinquent 31-60 days⁽³⁾		78			4.5			86			4.4			110			5.2
Loans delinquent 61-90 days⁽³⁾		52			2.9			56			2.9			73			3.4
Loans delinquent greater than 90 days⁽³⁾		138			7.8			156			8.0			202			9.5

Total non-traditional loans in repayment		1,754			100	%		1,944			100	%		2,134			100	%

Total non-traditional loans, gross		1,966						2,235						2,534
Non-traditional loans unamortized discount		(55	)					(61	)					(68	)

Total non-traditional loans		1,911						2,174						2,466
Non-traditional loans receivable for partially charged-off loans		289						321						470
Non-traditional loans allowance for losses		(213	)					(235	)					(401	)

Non-traditional loans, net	$	1,987					$	2,260					$	2,535

Percentage of non-traditional loans in repayment					89.2	%					87.0	%					84.2	%

Delinquencies as a percentage of non-traditional loans in repayment					15.2	%					15.3	%					18.1	%

Loans in forbearance as a percentage of non-traditional loans in repayment and forbearance					4.9	%					5.4	%					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.

Loans Modified Accounts for TDR

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, 2016
Private Education Loans — Traditional	$	9,386	$	9,429	$	1,003
Private Education Loans — Non-Traditional		1,373		1,376		187

Total	$	10,759	$	10,805	$	1,190

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

⁽¹⁾

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

Entity Loan Modification Program [Member]

Loans Modified Accounts for TDR


	Years Ended December 31,
	2016						2015						2014
(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	$	1,079	$	302	$	226	$	1,464	$	351	$	342	$	1,858	$	332	$	449
Private Education Loans — Non-Traditional		90		80		39		140		108		61		206		107		100

Total	$	1,169	$	382	$	265	$	1,604	$	459	$	403	$	2,064	$	439	$	549

⁽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.

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,
	2016					2015					2014
(Dollars in millions)	Balance		%			Balance		%			Balance		%
Loans in deferment⁽¹⁾	$	579				$	706				$	825
Loans in forbearance⁽²⁾		588					694					745
Loans in repayment and percentage of each status:
Loans current		8,273		85.8	%		7,887		85.3	%		7,187		82.7	%
Loans delinquent 31-60 days⁽³⁾		412		4.3			414		4.5			464		5.3
Loans delinquent 61-90 days⁽³⁾		267		2.8			263		2.9			299		3.4
Loans delinquent greater than 90 days⁽³⁾		686		7.1			678		7.3			746		8.6

Total TDR loans in repayment		9,638		100	%		9,242		100	%		8,696		100	%

Total TDR loans, gross	$	10,805				$	10,642				$	10,266

⁽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.

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,
	2016				2015				2014
(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	$	9,326	$	560	$	8,976	$	539	$	8,139	$	497
Private Education Loans — Non-Traditional		1,409		107		1,461		114		1,456		116

Total	$	10,735	$	667	$	10,437	$	653	$	9,595	$	613

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, 2016					December 31, 2015
(Dollars in millions)	Balance⁽³⁾		% of Balance			Balance⁽³⁾		% of Balance
Credit Quality Indicators
School Type/FICO Scores:
Traditional	$	22,367		92	%	$	25,280		92	%
Non-Traditional⁽¹⁾		1,966		8			2,235		8

Total	$	24,333		100	%	$	27,515		100	%

Cosigners:
With cosigner	$	15,610		64	%	$	17,738		64	%
Without cosigner		8,723		36			9,777		36

Total	$	24,333		100	%	$	27,515		100	%

Seasoning⁽²⁾:
1-12 payments	$	1,340		5	%	$	1,776		7	%
13-24 payments		1,271		5			1,977		7
25-36 payments		1,908		8			2,982		11
37-48 payments		2,723		11			3,787		14
More than 48 payments		15,698		65			14,953		54
Not yet in repayment		1,393		6			2,040		7

Total	$	24,333		100	%	$	27,515		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)	2016			2015			2014
Receivable at beginning of period	$	881		$	1,245		$	1,313
Expected future recoveries of current period defaults⁽¹⁾		128			183			233
Recoveries⁽²⁾		(181	)		(191	)		(215	)
Net adjustment resulting from the change in the charge-off rate⁽³⁾		—			(330	)		—
Net charge-offs remaining⁽⁴⁾		(13	)		(26	)		(86	)

Total net charge-offs⁽⁵⁾		(13	)		(356	)		(86	)

Receivable at end of period		815			881			1,245
Allowance for estimated recovery shortfalls⁽⁶⁾		—			—			(385	)

Net receivable at end of period	$	815		$	881		$	860

⁽¹⁾

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

⁽²⁾

Current period cash collections.

⁽³⁾

⁽⁴⁾

Represents the current period recovery shortfall — the difference between what was expected to be collected and what was actually collected.

⁽⁵⁾

These amounts are included in total charge-offs as reported in the “Allowance for Private Education Loan Losses” table.

⁽⁶⁾

Accrued Interest Receivable

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


	Accrued Interest Receivable As of December 31,
(Dollars in millions)	Total		Greater Than 90 Days Past Due		Allowance for Uncollectible Interest
2016
Private Education Loans — Traditional	$	344	$	26	$	23
Private Education Loans — Non-Traditional		47		7		7

Total	$	391	$	33	$	30

2015
Private Education Loans — Traditional	$	433	$	27	$	26
Private Education Loans — Non-Traditional		57		8		9

Total	$	490	$	35	$	35

2014
Private Education Loans — Traditional	$	542	$	31	$	29
Private Education Loans — Non-Traditional		70		10		11

Total	$	612	$	41	$	40

Business Combinations, Goodwill and Acquired Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Carrying Value of Equity and Percentage of Fair Value in Excess of Carrying Value

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


	As of December 31, 2016							As of December 31, 2015
(Dollars in millions)	Gross		Accumulated Impairments and Other Adjustments⁽¹⁾			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		(136	)		0		136		(129	)		7
Asset Recovery — Gila LLC		97		—			97		97		—			97
Asset Recovery — Xtend Healthcare		102		—			102		101		—			101

Total Business Services reportable segment		385		(136	)		249		384		(129	)		255

Total	$	726	$	(181	)	$	545	$	725	$	(174	)	$	551

⁽¹⁾	In conjunction with our Separation from SLM BankCo in 2014, 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.

Acquired Intangible Assets

Acquired intangible assets include the following:


	As of December 31, 2016							As of December 31, 2015
(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	$	292	$	(219	)	$	73	$	305	$	(202	)	$	103
Favorable lease		1		—			1		1		—			1
Non-competes		2		(2	)		—		2		(1	)		1
Software and technology		101		(82	)		19		91		(78	)		13
Trade names and trademarks⁽²⁾		44		(13	)		31		42		(6	)		36

Total acquired intangible assets	$	440	$	(316	)	$	124	$	441	$	(287	)	$	154

⁽¹⁾

⁽²⁾	During 2016 we reclassified certain trade names from indefinite life to definite life intangible assets and began to amortize these assets over their expected benefit period.

Goodwill Impairment Test Under Step One [Member]

Schedule of Carrying Value of Equity and Percentage of Fair Value in Excess of Carrying Value


(Dollars in millions)	Carrying Value of Equity		% of Fair Value in Excess of Carrying Value
FFELP Loans	$	773		95	%
Private Education Loans		2,380		14	%
Servicing		71		1,263	%

Borrowings (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Company's Borrowings

The following table summarizes our borrowings.


	December 31, 2016									December 31, 2015
(Dollars in millions)	Short Term			Long Term			Total			Short Term			Long Term			Total
Unsecured borrowings:
Senior unsecured debt	$	717		$	13,029		$	13,746		$	1,120		$	13,976		$	15,096

Total unsecured borrowings		717			13,029			13,746			1,120			13,976			15,096
Secured borrowings:
FFELP Loan securitizations		—			73,522			73,522			—			77,764			77,764
Private Education Loan securitizations⁽¹⁾		548			14,125			14,673			—			16,900			16,900
FFELP Loan — other facilities		—			12,443			12,443			—			16,276			16,276
Private Education Loan — other facilities		464			—			464			710			—			710
Other⁽²⁾		606			—			606			760			—			760

Total secured borrowings		1,618			100,090			101,708			1,470			110,940			112,410

Total before hedge accounting adjustments		2,335			113,119			115,454			2,590			124,916			127,506
Hedge accounting adjustments		(1	)		(751	)		(752	)		(20	)		(83	)		(103	)

Total	$	2,334		$	112,368		$	114,702		$	2,570		$	124,833		$	127,403

⁽¹⁾

⁽²⁾	“Other” primarily includes the obligation to return cash collateral held related to derivative exposures, which includes $193 million of securities re-pledged subject to an overnight repurchase transaction.

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.


	December 31, 2016					Year Ended December 31, 2016
(Dollars in millions)	Ending Balance		Weighted Average Interest Rate			Average Balance		Weighted Average Interest Rate
Private Education Loan securitizations	$	548		3.72	%	$	42		3.81	%
FFELP Loan — other facilities		—		—			—		—
Private Education Loan — other facilities		464		2.02			389		1.83
Senior unsecured debt		716		4.22			1,032		5.01
Other interest-bearing liabilities		606		.96			629		.48

Total short-term borrowings	$	2,334		2.82	%	$	2,092		3.03	%

Maximum outstanding at any month end	$	2,637


	December 31, 2015					Year Ended December 31, 2015
(Dollars in millions)	Ending Balance		Weighted Average Interest Rate			Average Balance		Weighted Average Interest Rate
Private Education Loan securitizations	$	—		—	%	$	—		—	%
FFELP Loan — other facilities		—		—			8		.28
Private Education Loan —other facilities		710		1.47			636		1.29
Senior unsecured debt		1,100		5.97			1,625		5.42
Other interest-bearing liabilities		760		.20			898		.13

Total short-term borrowings	$	2,570		3.02	%	$	3,167		3.08	%

Maximum outstanding at any month end	$	4,710

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.


	December 31, 2016					Year Ended December 31, 2016
			Weighted Average			Year Ended December 31, 2016
(Dollars in millions)	Ending Balance⁽¹⁾		Interest Rate⁽²⁾			Average Balance
Floating rate notes:
U.S. dollar-denominated:
Interest bearing, due 2017-2083	$	88,575		1.65	%	$	93,881
Non-U.S. dollar-denominated:
Interest bearing, due 2023-2041		7,265		.28			8,761

Total floating rate notes		95,840		1.54			102,642
Fixed rate notes:
U.S. dollar-denominated:
Interest bearing, due 2018-2058		16,271		5.65			16,050
Non-U.S.-dollar denominated:
Interest bearing, due 2034-2035		257		2.82			281

Total fixed rate notes		16,528		5.60			16,331

Total long-term borrowings	$	112,368		2.14	%	$	118,973


	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

⁽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, 2016, 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
2017	$	—	$	14,221		$	14,221
2018		2,047		10,747			12,794
2019		2,361		7,662			10,023
2020		2,036		9,010			11,046
2021		1,288		7,498			8,786
2022-2083		5,297		50,952			56,249

		13,029		100,090			113,119
Hedge accounting adjustments		450		(1,201	)		(751	)

Total	$	13,479	$	98,889		$	112,368

⁽¹⁾

⁽²⁾

Financing VIEs

We consolidate the following financing VIEs as of December 31, 2016 and 2015, as we are the primary beneficiary. As a result, these VIEs are accounted for as secured borrowings.


	December 31, 2016
	Debt Outstanding								Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term			Total			Loans		Cash		Other Assets, Net			Total
Secured Borrowings — VIEs:
FFELP Loan securitizations	$	—	$	73,522		$	73,522		$	74,197	$	2,676	$	778		$	77,651
Private Education Loan securitizations⁽¹⁾		548		14,125			14,673			19,815		455		260			20,530
FFELP Loan — other facilities		—		9,046			9,046			9,232		289		172			9,693
Private Education Loan — other facilities		464		—			464			685		10		14			709
Other		66		—			66			79		4		—			83

Total before hedge accounting adjustments		1,078		96,693			97,771			104,008		3,434		1,224			108,666
Hedge accounting adjustments		—		(1,201	)		(1,201	)		—		—		(1,235	)		(1,235	)

Total	$	1,078	$	95,492		$	96,570		$	104,008	$	3,434	$	(11	)	$	107,431


	December 31, 2015
	Debt Outstanding								Carrying Amount of Assets Securing Debt Outstanding
(Dollars in millions)	Short Term		Long Term			Total			Loans		Cash		Other Assets, Net			Total
Secured Borrowings — VIEs:
FFELP Loan securitizations	$	—	$	77,764		$	77,764		$	78,358	$	2,760	$	682		$	81,800
Private Education Loan securitizations		—		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

⁽¹⁾

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)	2016		2015		2014
Debt principal repurchased	$	1,467	$	1,744	$	548
Gains on debt repurchases		1		21		—

- Definition

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.

+ References

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
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+ Details

- Definition

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

+ References + Details

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Impact of Derivatives on Consolidated Balance Sheet

Impact of Derivatives on Consolidated Balance Sheet


			Cash Flow						Fair Value						Trading						Total
(Dollars in millions)	Hedged Risk Exposure		Dec. 31, 2016			Dec. 31, 2015			Dec. 31, 2016			Dec. 31, 2015			Dec. 31, 2016			Dec. 31, 2015			Dec. 31, 2016			Dec. 31, 2015
Fair Values⁽¹⁾
Derivative Assets:
Interest rate swaps		Interest rate	$	78		$	—		$	465		$	694		$	22		$	32		$	565		$	726
Cross-currency interest rate swaps		Foreign currency and interest rate		—			—			—			2			—			—			—			2

Total derivative assets⁽²⁾				78			—			465			696			22			32			565			728
Derivative Liabilities:
Interest rate swaps		Interest rate		(76	)		(89	)		(62	)		(3	)		(70	)		(68	)		(208	)		(160	)
Floor Income Contracts		Interest rate		—			—			—			—			(184	)		(365	)		(184	)		(365	)
Cross-currency interest rate swaps		Foreign currency and interest rate		—			—			(1,243	)		(926	)		(53	)		(62	)		(1,296	)		(988	)
Other⁽³⁾		Interest rate		—			—			—			—			(13	)		(2	)		(13	)		(2	)

Total derivative liabilities⁽²⁾				(76	)		(89	)		(1,305	)		(929	)		(320	)		(497	)		(1,701	)		(1,515	)

Net total derivatives			$	2		$	(89	)	$	(840	)	$	(233	)	$	(298	)	$	(465	)	$	(1,136	)	$	(787	)

⁽¹⁾

⁽²⁾	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

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, 2016			December 31, 2015			December 31, 2016			December 31, 2015
Gross position	$	565		$	728		$	(1,701	)	$	(1,515	)
Impact of master netting agreements		(31	)		(50	)		31			50

Derivative values with impact of master netting agreements (as carried on balance sheet)		534			678			(1,670	)		(1,465	)
Cash collateral (held) pledged		(345	)		(759	)		319			466

Net position, as presented on the balance sheet	$	189		$	(81	)	$	(1,351	)	$	(999	)

⁽³⁾	“Other” includes embedded derivatives bifurcated from securitization debt as well as derivatives related to our Total Return Swap Facility.

Derivative Notional Values


	Cash Flow				Fair Value				Trading				Total
(Dollars in billions)	Dec. 31, 2016		Dec. 31, 2015		Dec. 31, 2016		Dec. 31, 2015		Dec. 31, 2016		Dec. 31, 2015		Dec. 31, 2016		Dec. 31, 2015
Notional Values:
Interest rate swaps	$	15.2	$	9.5	$	11.8	$	12.6	$	23.8	$	33.8	$	50.8	$	55.9
Floor Income Contracts		—		—		—		—		18.5		35.1		18.5		35.1
Cross-currency interest rate swaps		—		—		8.5		9.1		.3		.3		8.8		9.4
Other⁽¹⁾		—		—		—		—		2.6		3.2		2.6		3.2

Total derivatives	$	15.2	$	9.5	$	20.3	$	21.7	$	45.2	$	72.4	$	80.7	$	103.6

⁽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)	2016			2015			2014			2016			2015			2014			2016		2015		2014			2016			2015			2014
Fair Value Hedges:
Interest rate swaps	$	(288	)	$	(115	)	$	213		$	259		$	345		$	389		$	302	$	140	$	(185	)	$	273		$	370		$	417
Cross-currency interest rate swaps		(319	)		(794	)		(1,159	)		(86	)		(7	)		52			350		921		1,264			(55	)		120			157

Total fair value derivatives		(607	)		(909	)		(946	)		173			338			441			652		1,061		1,079			218			490			574
Cash Flow Hedges:
Interest rate swaps		—			—			—			(50	)		—			(3	)		—		—		—			(50	)		—			(3	)

Total cash flow derivatives		—			—			—			(50	)		—			(3	)		—		—		—			(50	)		—			(3	)
Trading:
Interest rate swaps		(13	)		61			54			42			42			46			—		—		—			29			103			100
Floor Income Contracts		297			557			633			(246	)		(650	)		(699	)		—		—		—			51			(93	)		(66	)
Cross-currency interest rate swaps		9			2			(33	)		(4	)		(4	)		(2	)		—		—		—			5			(2	)		(35	)
Other		(10	)		9			9			(3	)		(3	)		(2	)		—		—		—			(13	)		6			7

Total trading derivatives		283			629			663			(211	)		(615	)		(657	)		—		—		—			72			14			6

Total		(324	)		(280	)		(283	)		(88	)		(277	)		(219	)		652		1,061		1,079			240			504			577
Less: realized gains (losses) recorded in interest expense		—			—			—			123			338			438			—		—		—			123			338			438

Gains (losses) on derivative and hedging activities, net	$	(324	)	$	(280	)	$	(283	)	$	(211	)	$	(615	)	$	(657	)	$	652	$	1,061	$	1,079		$	117		$	166		$	139

⁽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)	2016		2015			2014
Total gains (losses) on cash flow hedges	$	26	$	(59	)	$	(7	)
Realized (gains) losses recognized in interest expense^(1)(2)(3)		31		(1	)		2

Total change in stockholders’ equity for unrealized gains (losses) on derivatives	$	57	$	(60	)	$	(5	)

⁽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 amortization of terminated hedge relationships.

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, 2016		December 31, 2015
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)⁽¹⁾	$	345	$	759
Securities at fair value — corporate derivatives (not recorded in financial statements)⁽²⁾		193		—
Securities at fair value — on-balance sheet securitization derivatives (not recorded in financial statements)⁽³⁾		230		301

Total collateral held	$	768	$	1,060

Derivative asset at fair value including accrued interest	$	689	$	896

Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	$	319	$	466

Total collateral pledged	$	319	$	466

Derivative liability at fair value including accrued interest and premium receivable	$	1,670	$	1,395

⁽¹⁾	At December 31, 2016 and 2015, $0 and $2 million, respectively, were held in restricted cash accounts.

⁽²⁾	The Company has the ability to sell or re-pledge securities it holds as collateral.

⁽³⁾	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, 2016

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, 2016		December 31, 2015
Accrued interest receivable, net	$	1,663	$	1,637
Income tax asset, net current and deferred		725		945
Derivatives at fair value		534		678
Benefit and insurance-related investments		488		491
Fixed assets, net		160		162
Other loans, net		148		70
Accounts receivable		95		329
Other		380		400

Total	$	4,193	$	4,712

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Common Share Repurchases and Issuances

The following table summarizes our common share repurchases and issuances.


	Years Ended December 31,
	2016		2015		2014
Common stock repurchased⁽¹⁾		59,625,325		56,043,711		30,432,689
Average purchase price per share	$	12.68	$	16.87	$	19.72
Shares repurchased related to employee stock-based compensation plans⁽²⁾		3,197,355		2,404,328		4,171,342
Average purchase price per share	$	13.21	$	19.81	$	20.91
Common shares issued⁽³⁾		5,476,010		4,924,021		7,389,962

⁽¹⁾

Common shares purchased under our share repurchase program.

⁽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, 2016

Earnings Per Share [Abstract]

Schedule of Earnings (Loss) per Common Share


	Years Ended December 31,
(In millions, except per share data)	2016		2015		2014
Numerator:
Net income attributable to Navient Corporation	$	681	$	984	$	1,137
Preferred stock dividends		—		—		6

Net income attributable to Navient Corporation common stock	$	681	$	984	$	1,131

Denominator:
Weighted average shares used to compute basic EPS		316		376		417
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units and Employee Stock Purchase Plan (“ESPP”)⁽¹⁾		6		6		8

Dilutive potential common shares⁽²⁾		6		6		8

Weighted average shares used to compute diluted EPS		322		382		425

Basic earnings per common share attributable to Navient Corporation	$	2.15	$	2.62	$	2.71

Diluted earnings per common share attributable to Navient Corporation	$	2.12	$	2.58	$	2.66

⁽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, 2016, 2015 and 2014, stock options covering approximately 4 million, 6 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, 2016

Postemployment Benefits [Abstract]

Black-Scholes Model Assumptions for Calculating Stock Option Fair Values


	Years Ended December 31,
	2016			2015			2014 Post-Spin-Off			2014 Pre-Spin-Off
Expected life of the option		3.0 years			2.9 years			2.9 years			2.9 years
Expected volatility		30	%		22	%		27	%		26	%
Risk-free interest rate		.90	%		.95	%		.81	%		.76	%
Expected dividend rate		6.97	%		2.99	%		3.53	%		2.48	%
Weighted average fair value of options granted	$	1.01		$	2.22		$	2.29		$	3.48

Stock Option Activity

The following table summarizes Navient’s stock option activity in 2016.


(Dollars in millions, except per share data)	Number of Options			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value⁽¹⁾
Outstanding at December 31, 2015		15,761,488		$	14.56
Granted		3,837,609			9.18
Exercised⁽²⁾		(2,988,087	)		10.17
Canceled		(1,699,006	)		28.63

Outstanding at December 31, 2016⁽³⁾		14,912,004			12.45		2.5 yrs.	$	76

Exercisable at December 31, 2016		9,228,819		$	12.27		1.8 yrs.	$	48

⁽¹⁾

⁽²⁾

⁽³⁾

As of December 31, 2016, there was $1 million of unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted average period of 1.8 years.

Restricted Stock Activity

The following table summarizes Navient’s restricted stock activity in 2016.


	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested at December 31, 2015		—		$	—
Granted		87,144			9.18
Vested⁽¹⁾		(76,251	)		9.18
Canceled		(10,893	)		9.18

Non-vested at December 31, 2016⁽²⁾		—		$	—

⁽¹⁾

⁽²⁾

As of December 31, 2016, 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 2016.


	Number of RSUs/ PSUs			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2015		3,672,229		$	16.15
Granted		2,864,435			9.23
Vested and converted to common stock⁽¹⁾		(2,109,162	)		14.30
Canceled		(55,126	)		12.11

Outstanding at December 31, 2016⁽²⁾		4,372,376		$	12.56

⁽¹⁾

⁽²⁾

As of December 31, 2016, there was $16 million of unrecognized compensation cost related to RSUs and PSUs, which is expected to be recognized over a weighted average period of 1.7 years.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

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


	Fair Value Measurements on a Recurring Basis
	December 31, 2016											December 31, 2015
(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		—		2			—			2			—		4			—			4

Total available-for-sale investments		—		3			—			3			—		5			—			5
Derivative instruments:⁽¹⁾
Interest rate swaps		—		553			12			565			—		709			17			726
Cross-currency interest rate swaps		—		—			—			—			—		—			2			2
Other		—		—			—			—			—		—			—			—

Total derivative assets(2)		—		553			12			565			—		709			19			728

Total	$	—	$	556		$	12		$	568		$	—	$	714		$	19		$	733

Liabilities⁽³⁾
Derivative instruments⁽¹⁾
Interest rate swaps	$	—	$	(150	)	$	(58	)	$	(208	)	$	—	$	(99	)	$	(61	)	$	(160	)
Floor Income Contracts		—		(184	)		—			(184	)		—		(365	)		—			(365	)
Cross-currency interest rate swaps		—		(53	)		(1,243	)		(1,296	)		—		(83	)		(905	)		(988	)
Other		—		—			(13	)		(13	)		—		—			(2	)		(2	)

Total derivative liabilities(2)		—		(387	)		(1,314	)		(1,701	)		—		(547	)		(968	)		(1,515	)

Total	$	—	$	(387	)	$	(1,314	)	$	(1,701	)	$	—	$	(547	)	$	(968	)	$	(1,515	)

⁽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, 2016
	Derivative Instruments
(Dollars in millions)	Interest Rate Swaps			Cross Currency Interest Rate Swaps			Other			Total Derivative Instruments
Balance, beginning of period	$	(44	)	$	(903	)	$	(2	)	$	(949	)
Total gains/(losses) (realized and unrealized):
Included in earnings⁽¹⁾		3			(428	)		(14	)		(439	)
Included in other comprehensive income		—			—			—			—
Settlements		3			88			3			94
Transfers in and/or out of level 3⁽²⁾		(8	)		—			—			(8	)

Balance, end of period	$	(46	)	$	(1,243	)	$	(13	)	$	(1,302	)

Change in unrealized gains/(losses) relating to instruments still held at the reporting date⁽³⁾	$	7		$	(340	)	$	(11	)	$	(344	)


	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⁽³⁾	$	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⁽³⁾	$	—		$	(1,225	)	$	10		$	(1,215	)

⁽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)	2016			2015			2014
Gains (losses) on derivative and hedging activities, net	$	(351	)	$	(741	)	$	(1,116	)
Interest expense		(88	)		(10	)		44

Total	$	(439	)	$	(751	)	$	(1,072	)

⁽²⁾

Consumer Price Index/LIBOR basis swaps were transferred from level 3 to level 2 as of the beginning of the fourth quarter of 2016 due to the conclusion that these swaps now trade in an active market.

⁽³⁾

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

Unobservable Data Used in Recurring Valuations of Level 3

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


(Dollars in millions)	Fair Value at December 31, 2016			Valuation Technique		Input		Range (Weighted Average)
Derivatives
Prime/LIBOR basis swaps	$	(46	)		Discounted cash flow		Constant Prepayment Rate		4.9%
							Bid/ask adjustment to discount rate		.05% — .05% (.05%)

Cross-currency interest rate swaps		(1,243	)		Discounted cash flow		Constant Prepayment Rate		3.3%
Other		(13	)

Total	$	(1,302	)

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, 2016									December 31, 2015
(Dollars in millions)	Fair Value			Carrying Value			Difference			Fair Value			Carrying Value			Difference
Earning assets
FFELP Loans	$	86,626		$	87,730		$	(1,104	)	$	94,281		$	96,402		$	(2,121	)
Private Education Loans		23,191			23,340			(149	)		25,772			26,394			(622	)
Cash and investments⁽¹⁾		5,203			5,203			—			5,833			5,833			—

Total earning assets		115,020			116,273			(1,253	)		125,886			128,629			(2,743	)

Interest-bearing liabilities
Short-term borrowings		2,346			2,334			(12	)		2,569			2,570			1
Long-term borrowings		109,826			112,368			2,542			118,471			124,833			6,362

Total interest-bearing liabilities		112,172			114,702			2,530			121,040			127,403			6,363

Derivative financial instruments
Floor Income Contracts		(184	)		(184	)		—			(365	)		(365	)		—
Interest rate swaps		357			357			—			566			566			—
Cross-currency interest rate swaps		(1,296	)		(1,296	)		—			(986	)		(986	)		—
Other		(13	)		(13	)		—			(2	)		(2	)		—

Excess of net asset fair value over carrying value							$	1,277								$	3,620

⁽¹⁾	“Cash and investments” includes available-for-sale investments whose cost basis is $3 million and $4 million at December 31, 2016 and 2015, respectively, versus a fair value of $3 million and $5 million at December 31, 2016 and 2015, respectively.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

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,
	2016			2015			2014
Statutory rate		35.0	%		35.0	%		35.0	%
State tax, net of federal benefit		3.8			2.6			2.0
Other, net		(.3	)		.1			.5

Effective tax rate		38.5	%		37.7	%		37.5	%

Components of Provision for Income Tax Expense (Benefit)

Income tax expense consists of:


	December 31,
(Dollars in millions)	2016		2015		2014
Current provision/(benefit):
Federal	$	246	$	136	$	440
State		47		22		41
Foreign		1		—		—

Total current provision/(benefit)		294		158		481
Deferred provision/(benefit):
Federal		115		398		186
State		18		41		14
Foreign		—		—		—

Total deferred provision/(benefit)		133		439		200

Provision for income tax expense/(benefit)	$	427	$	597	$	681

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)	2016		2015
Deferred tax assets:
Loan reserves	$	581	$	648
Education loan premiums and discounts, net		74		95
Market value adjustments on education loans, investments and derivatives		65		126
Deferred revenue		37		46
Accrued expenses not currently deductible		33		24
Stock-based compensation plans		32		43
Unrealized derivative and investment gains and losses, net		—		30
Other		45		29

Total deferred tax assets		867		1,041

Deferred tax liabilities:
Original issue discount on borrowings		27		23
Other		38		46

Total deferred tax liabilities		65		69

Net deferred tax assets	$	802	$	972

Summary of Changes in Unrecognized Tax Benefits

The following table summarizes changes in unrecognized tax benefits:


	December 31,
(Dollars in millions)	2016			2015			2014
Unrecognized tax benefits at beginning of year	$	56.3		$	51.9		$	56.0
Increases resulting from tax positions taken during a prior period		19.9			1.6			1.0
Decreases resulting from tax positions taken during a prior period		(5.6	)		(1.8	)		(12.4	)
Increases resulting from tax positions taken during the current period		4.4			6.9			8.4
Decreases related to settlements with taxing authorities		(.1	)		—			(.6	)
Increases related to settlements with taxing authorities		—			—			—
Reductions related to the lapse of statute of limitations		(1.9	)		(2.3	)		(.5	)

Unrecognized tax benefits at end of year	$	73.0		$	56.3		$	51.9

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2016

Segment Results and Reconciliations to GAAP

Segment Results and Reconciliations to GAAP


	Year Ended December 31, 2016
(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	$	2,395	$	1,587	$	—	$	—		$	—		$	3,982	$	247		$	(114	)	$	133	$	4,115
Other loans		—		—		—		9			—			9		—			—			—		9
Cash and investments		16		2		—		4			—			22		—			—			—		22

Total interest income		2,411		1,589		—		13			—			4,013		247			(114	)		133		4,146
Total interest expense		1,592		705		—		113			—			2,410		31			—			31		2,441

Net interest income (loss)		819		884		—		(100	)		—			1,603		216			(114	)		102		1,705
Less: provisions for loan losses		43		383		—		3			—			429		—			—			—		429

Net interest income (loss) after provisions for loan losses		776		501		—		(103	)		—			1,174		216			(114	)		102		1,276
Other income (loss):
Servicing revenue		55		14		624		—			(389	)		304		—			—			—		304
Asset recovery and business processing revenue		—		—		390		—			—			390		—			—			—		390
Other income		—		—		—		14			—			14		(216	)		326			110		124
Gains on debt repurchases		—		—		—		1			—			1		—			—			—		1

Total other income (loss)		55		14		1,014		15			(389	)		709		(216	)		326			110		819
Expenses:
Direct operating expenses		401		167		524		28			(389	)		731		—			—			—		731
Overhead expenses		—		—		—		220			—			220		—			—			—		220

Operating expenses		401		167		524		248			(389	)		951		—			—			—		951
Goodwill and acquired intangible asset impairment and amortization		—		—		—		—			—			—		—			36			36		36
Restructuring and other reorganization expenses		—		—		—		—			—			—		—			—			—		—

Total expenses		401		167		524		248			(389	)		951		—			36			36		987

Income (loss) from continuing operations, before income tax expense (benefit)		430		348		490		(336	)		—			932		—			176			176		1,108
Income tax expense (benefit)⁽³⁾		158		129		182		(124	)		—			345		—			82			82		427

Net income (loss) from continuing operations		272		219		308		(212	)		—			587		—			94			94		681
Income (loss) from discontinued operations, net of tax expense (benefit)		—		—		—		—			—			—		—			—			—		—

Net income (loss)	$	272	$	219	$	308	$	(212	)	$	—		$	587	$	—		$	94		$	94	$	681

⁽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, 2016
(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	$	—	$	102	$	—		$	102
Total other income (loss)		—		110		—			110
Operating expenses		—		—		—			—
Goodwill and acquired intangible asset impairment and amortization		—		—		36			36
Restructuring and other reorganization expenses		—		—		—			—

Total “Core Earnings” adjustments to GAAP	$	—	$	212	$	(36	)		176

Income tax expense (benefit)									82

Net income (loss)								$	94

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


	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		46		538			—		(3	)		—			581			—			—			—		581

Net interest income (loss) after provisions for loan losses		827		538			—		(100	)		—			1,265			613			(238	)		375		1,640
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)		491		370			537		(317	)		—			1,081			—			499			499		1,580
Income tax expense (benefit)⁽³⁾		183		137			199		(118	)		—			401			—			196			196		597

Net income (loss) from continuing operations		308		233			338		(199	)		—			680			—			303			303		983
Income (loss) from discontinued operations, net of tax expense (benefit)		—		—			—		1			—			1			—			—			—		1

Net income (loss)	$	308	$	233		$	338	$	(198	)	$	—		$	681		$	—		$	303		$	303	$	984

⁽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 (loss)		—			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 (benefit)										196

Net income (loss)									$	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			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	$	2,097	$	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		59		539		—		—			—			598		—			49			49			647

Net interest income (loss) after provisions for loan losses		874		711		—		(101	)		—			1,484		657			(121	)		536			2,020
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 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)		458		555		673		(407	)		—			1,279		—			539			539			1,818
Income tax expense (benefit)⁽³⁾		171		204		248		(150	)		—			473		—			208			208			681

Net income (loss) from continuing operations	$	287	$	351	$	425	$	(257	)	$	—		$	806	$	—		$	331		$	331		$	1,137
Income (loss) from discontinued operations, net of tax expense (benefit)		—		—		—		—			—			—		—			—			—			—

Net income (loss)	$	287	$	351	$	425	$	(257	)	$	—		$	806	$	—		$	331		$	331		$	1,137

⁽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 (loss)		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 (benefit)										208

Net income (loss)									$	331

⁽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)	2016			2015			2014
“Core Earnings” adjustments to GAAP:
Net impact of the removal of SLM BankCo’s operations and restructuring and reorganization expense in connection with the Spin-Off⁽¹⁾	$	—		$	(32	)	$	(25	)
Net impact of derivative accounting⁽²⁾		212			543			573
Net impact of goodwill and acquired intangible assets⁽³⁾		(36	)		(12	)		(9	)
Net tax effect⁽⁴⁾		(82	)		(196	)		(208	)

Total “Core Earnings” adjustments to GAAP	$	94		$	303		$	331

⁽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)	2016		2015
FFELP Loans, net	$	87,730	$	96,402
Cash and investments⁽¹⁾		3,212		3,572
Other		1,907		2,045

Total assets	$	92,849	$	102,019

⁽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)	2016		2015
Private Education Loans, net	$	23,340	$	26,394
Cash and investments⁽¹⁾		667		596
Other		1,567		1,988

Total assets	$	25,574	$	28,978

⁽¹⁾

Includes restricted cash and investments.

Quarterly Financial Information (unaudited) (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information


	2016
(Dollars in millions, except per share data)	First Quarter		Second Quarter			Third Quarter		Fourth Quarter
Net interest income	$	486	$	429		$	412	$	378
Less: provisions for loan losses		111		110			106		102

Net interest income after provisions for loan losses		375		319			306		276
Other income		159		151			174		218
Gains (losses) on derivative and hedging activities, net		1		(28	)		137		6
Operating expenses		247		230			228		246
Goodwill and acquired intangible asset impairment and amortization expense		4		6			12		13
Restructuring and other reorganization expenses		—		—			—		—
Income tax expense		103		81			147		96

Net income from continuing operations		181		125			230		145
Income from discontinued operations, net of tax expense		—		—			—		—

Net income		181		125			230		145
Less: net income (loss) attributable to noncontrolling interest		—		—			—		—

Net income attributable to Navient Corporation	$	181	$	125		$	230	$	145

Basic earnings per common share attributable to Navient Corporation	$	.53	$	.39		$	.74	$	.49

Diluted earnings per common share attributable to Navient Corporation	$	.53	$	.38		$	.73	$	.48


	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		130		203			128		120

Net interest income after provisions for loan losses		453		346			425		416
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		179		111			142		164

Net income from continuing operations		289		179			233		283
Income from discontinued operations, net of tax expense		—		—			1		—

Net income		289		179			234		283
Less: net income (loss) attributable to noncontrolling interest		—		—			—		—

Net income attributable to Navient Corporation	$	289	$	179		$	234	$	283

Basic earnings per common share attributable to Navient Corporation	$	.73	$	.47		$	.63	$	.80

Diluted earnings per common share attributable to Navient Corporation	$	.71	$	.46		$	.63	$	.78

Organization and Business - Additional Information (Detail) - Spinoff [Member]	12 Months Ended
	Dec. 31, 2016	Apr. 30, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common stock distribution percentage		100.00%
Common stock conversion basis	On the basis of one share of Navient common stock for each share of SLM Corporation common stock.

Organization and Business - Navient Shareholder Distribution of SLM BankCo (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Apr. 30, 2014	Dec. 31, 2013
Assets
Loans, net	$ 111,070	$ 122,796
Investments	350	501
Cash and cash equivalents	1,253	1,594	$ 1,443		$ 5,190
Other assets	4,193	4,712
Total assets	121,136	134,046
Liabilities
Short-term borrowings	2,334	2,570
Long-term borrowings	112,368	124,833
Other liabilities	2,711	2,710
Total liabilities	117,413	130,113
Preferred stock
Total equity	3,723	3,933	$ 4,144		$ 5,600
Total liabilities and equity	$ 121,136	$ 134,046
SLM BankCo [Member]
Assets
Investments				$ 139
Cash and cash equivalents				2,170
Other assets				883
Total assets				11,776
Liabilities
Short-term borrowings				6,491
Long-term borrowings				2,750
Other liabilities				825
Total liabilities				10,066
Preferred stock
Common equity				1,145
Total equity				1,710
Total liabilities and equity				11,776
SLM BankCo [Member] \| Series A Preferred Stock [Member]
Preferred stock
Preferred stock value				165
SLM BankCo [Member] \| Series B Preferred Stock [Member]
Preferred stock
Preferred stock value				400
SLM BankCo [Member] \| FFELP Loans [Member]
Assets
Loans, net				1,380
SLM BankCo [Member] \| Private Education Loans - Traditional [Member]
Assets
Loans, net				$ 7,204

Organization and Business - Navient Shareholder Distribution of SLM BankCo (Parenthetical) (Detail) - USD ($) $ in Millions		12 Months Ended
	Apr. 30, 2014	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2013
Condensed Balance Sheet Statements, Captions [Line Items]
Net assets distribution of consumer banking business		$ 4,144	$ 3,723	$ 3,933	$ 5,600
Distribution of consumer banking business		$ (1,751)
SLM BankCo [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Net income tax liabilities	$ 383
Net assets distribution of consumer banking business	1,710
Goodwill allocated to consumer banking business	41
Distribution of consumer banking business	$ 1,751

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Loans, net			$ 111,070	$ 122,796
Percentage of threshold			50.00%
Goodwill impaired method for fair value determination			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.
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
Income (loss) from continuing operations, before income tax expense (benefit)			$ 1,108	1,580	$ 1,818
Deferred revenue and rebate reserves related to default aversion services			$ 105
Description of post employment benefits			The Company administers the Navient Corporation Employee Severance Plan and the Navient Corporation Executive Severance Plan for Senior Officers (collectively, "the Severance Plan"). The Severance Plan provides severance benefits in the event of termination of the Company's full-time employees and part-time employees who work at least 24 hours per week.
Restructuring and other reorganization expenses	$ 29	$ 3		32	113
FFELP Loans [Member]
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Loans, net			$ 87,730	96,402
Total loans gross including receivable for partially charged-off loans			$ 86,918	95,393	103,362
FFELP Loans [Member] \| After October 1 1993 and before July 1 2006 [Member]
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Percentage reimbursement on all qualifying default claims period			98.00%
FFELP Loans [Member] \| On or After July 1 2006 [Member]
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Percentage reimbursement on all qualifying default claims period			97.00%
FFELP Loans [Member] \| Prior to October 1 1993 [Member]
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Percentage reimbursement on all qualifying default claims period			100.00%
FFELP Loans [Member] \| Immaterial Correction of Error [Member] \| Permanently Uninsured [Member]
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Loans, net				105
Securitization Trust [Member]
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Assets			$ 11
Loans Receivable For Partially Charged Off Loans [Member]
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Net adjustment resulting from the change in the charge-off rate				$ 330
Minimum [Member]
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Delinquency period (in days)			212 days	212 days
Minimum [Member] \| FFELP Loans [Member]
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Portion of loan amount charged off at default			97.00%
Maximum [Member]
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Percentage of aggregate education loan to purchase			10.00%
Maximum [Member] \| FFELP Loans [Member]
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Portion of loan amount charged off at default			100.00%
Private Education Loans [Member]
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Allowance for credit losses factors influenced managements judgment			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.
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			6.00%
Loans default recovery rate	21.00%
Loans, net			$ 23,340	$ 26,394
Total loans gross including receivable for partially charged-off loans			$ 25,148	28,396	32,306
Constant prepayment rates			5.00%
Private Education Loans [Member] \| Loans Receivable For Partially Charged Off Loans [Member]
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Net adjustment resulting from the change in the charge-off rate	$ (330)			330
Loans, net			$ 815	$ 881	$ 1,245	$ 1,313
Private Education Loans [Member] \| Previous Interest Method Policy [Member]
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Constant prepayment rates			6.00%
Private Education Loans [Member] \| Minimum [Member]
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Portion of loan amount charged off at default	73.00%
Private Education Loans [Member] \| Maximum [Member]
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Portion of loan amount charged off at default	79.00%
Certain Private Education Loans [Member]
Quantifying Misstatement in Current Year Financial Statements [Line Items]
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
Education Loan Portfolio [Member]
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Loans unamortized premium (discount)			$ 422
Total loans gross including receivable for partially charged-off loans			112,000
Education Loan Portfolio [Member] \| Immaterial Error Correction Adjustments [Member] \| Scenario, Plan [Member]
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Income (loss) from continuing operations, before income tax expense (benefit)			$ (2)
FFELP Stafford Loans [Member]
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Constant prepayment rates			5.00%
FFELP Stafford Loans [Member] \| Previous Interest Method Policy [Member]
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Constant prepayment rates			5.00%
FFELP Consolidation Loans [Member]
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Constant prepayment rates			3.00%
FFELP Consolidation Loans [Member] \| Previous Interest Method Policy [Member]
Quantifying Misstatement in Current Year Financial Statements [Line Items]
Constant prepayment rates			3.00%

Significant Accounting Policies - Schedule of Revised Earnings After Adjusting Error Corrections (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Increase to FFELP Loan charge-offs and provision for loan losses									$ (570)	$ 1,056	$ (800)
After-tax reduction to net income from increase in FFELP Loan provision for loan losses	$ 145	$ 230	$ 125	$ 181	$ 283	$ 234	$ 179	$ 289	$ 681	$ 984	$ 1,137
Reduction to diluted earnings per share from increase in FFELP Loan provision for loan losses	$ 0.48	$ 0.73	$ 0.38	$ 0.53	$ 0.78	$ 0.63	$ 0.46	$ 0.71	$ 2.12	$ 2.58	$ 2.66
FFELP Loans [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Increase to FFELP Loan charge-offs and provision for loan losses									$ (54)	$ 61	$ (79)
Immaterial Correction of Error [Member] \| FFELP Loans [Member] \| Permanently Uninsured [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
After-tax reduction to net income from increase in FFELP Loan provision for loan losses										984	1,137
Immaterial Correction of Error [Member] \| FFELP Loans [Member] \| Permanently Uninsured [Member] \| Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Increase to FFELP Loan charge-offs and provision for loan losses										20	19
After-tax reduction to net income from increase in FFELP Loan provision for loan losses										$ (13)	$ (12)
Reduction to diluted earnings per share from increase in FFELP Loan provision for loan losses										$ (0.03)	$ (0.03)
Immaterial Correction of Error [Member] \| FFELP Loans [Member] \| Permanently Uninsured [Member] \| Scenario, Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
After-tax reduction to net income from increase in FFELP Loan provision for loan losses										$ 997	$ 1,149

Significant Accounting Policies - Schedule of Revised Earnings After Adjusting Error Corrections (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Increase to FFELP Loan charge-offs and provision for loan losses	$ (570)	$ 1,056	$ (800)
Loans, net	111,070	122,796
FFELP Loans [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Increase to FFELP Loan charge-offs and provision for loan losses	(54)	61	(79)
Loans, net	$ 87,730	96,402
Immaterial Correction of Error [Member] \| FFELP Loans [Member] \| Permanently Uninsured [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Loans, net		105
Immaterial Correction of Error [Member] \| FFELP Loans [Member] \| Permanently Uninsured [Member] \| Restatement Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Increase to FFELP Loan charge-offs and provision for loan losses		20	19
Loans, net				$ 66
Reduction to retained earnings				$ 42
Immaterial Correction of Error [Member] \| FFELP Loans [Member] \| Permanently Uninsured [Member] \| Scenario, Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Loans, net		$ 20	$ 19

Education Loans - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of education loan portfolio in repayment	83.00%	80.00%
Amount of loan sold	$ 0
FFELP Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loan sold		$ 412,000,000
Gain (loss) on sale of loans		$ 12,000,000
FFELP Loans [Member] \| After October 1 1993 and before July 1 2006 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage reimbursement on all qualifying default claims period	98.00%
FFELP Loans [Member] \| On or After July 1 2006 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage reimbursement on all qualifying default claims period	97.00%
Stafford Loans [Member] \| Minimum [Member] \| FFELP Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayment term	5 years
Stafford Loans [Member] \| Maximum [Member] \| FFELP Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayment term	10 years
Plus Loans [Member] \| Minimum [Member] \| FFELP Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayment term	5 years
Plus Loans [Member] \| Maximum [Member] \| FFELP Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayment term	10 years
Consolidation Loans Member \| Minimum [Member] \| FFELP Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayment term	12 years
Consolidation Loans Member \| Maximum [Member] \| FFELP Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Repayment term	30 years
Student Loan [Member] \| Weighted Average [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Estimated weighted average life of education loans	7 years	7 years
Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loan sold		$ 178,000,000
Gain (loss) on sale of loans		$ (21,000,000)
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

Education Loans - Education Loan Portfolio by Program (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ending Balance of education loans	$ 111,070	$ 122,796
Percentage to total education loans	100.00%	100.00%
Average Balance education loans	$ 117,858	$ 129,224
Average Effective Interest Rate of education loans	3.49%	3.31%
FFELP Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ending Balance of education loans	$ 87,730	$ 96,402
Stafford And Other Education Loans [Member] \| FFELP Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ending Balance of education loans	$ 32,319	$ 36,854
Percentage to total education loans	29.00%	30.00%
Average Balance education loans	$ 34,710	$ 38,932
Average Effective Interest Rate of education loans	2.31%	2.05%
Consolidation Loans Member \| FFELP Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ending Balance of education loans	$ 55,411	$ 59,548
Percentage to total education loans	50.00%	48.00%
Average Balance education loans	$ 57,787	$ 61,489
Average Effective Interest Rate of education loans	2.98%	2.80%
Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ending Balance of education loans	$ 23,340	$ 26,394
Percentage to total education loans	21.00%	22.00%
Average Balance education loans	$ 25,361	$ 28,803
Average Effective Interest Rate of education loans	6.26%	6.10%

Allowance for Loan Losses - Additional Information (Detail) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2015 USD ($)	Dec. 31, 2016 USD ($) Point Loans	Dec. 31, 2015 USD ($)
Financing Receivable, Allowance for Credit Losses [Line Items]
Percentage of loans granted forbearance that migrated to TDR classification		61.00%	56.00%
Payment default period for TDRs		60 days past due
Loans Receivable For Partially Charged Off Loans [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Net adjustment resulting from the change in the charge-off rate			$ 330
Interest Rate Reduction [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
TDR loans, Unpaid Principal Balance		$ 2,600	$ 2,500
Minimum [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Delinquency period (in days)		212 days	212 days
Minimum [Member] \| FICO Score, 600 to 699 [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Original FICO score at for-profit schools to become eligible for non-traditional loans \| Point		640
Maximum [Member] \| FICO Score, 600 to 699 [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Original FICO score at for-profit schools to become eligible for non-traditional loans \| Point		670
Private Education Loans [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Number of classes of loans \| Loans		2
Loans default recovery rate	21.00%
Private Education Loans [Member] \| Loans Receivable For Partially Charged Off Loans [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Net adjustment resulting from the change in the charge-off rate	$ (330)		$ 330
Private Education Loans [Member] \| Minimum [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Portion of loan amount charged off at default	73.00%
Private Education Loans [Member] \| Maximum [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Portion of loan amount charged off at default	79.00%

Allowance for Loan Losses - Allowance for Credit Losses and Recorded Investments in Loans (Detail) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016 USD ($)	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2016 USD ($) SecurityLoan	Dec. 31, 2015 USD ($) SecurityLoan	Dec. 31, 2014 USD ($) SecurityLoan
Allowance for Loan Losses
Beginning balance				$ 1,564				$ 2,033	$ 1,564	$ 2,033	$ 2,244
Total provision	$ 102	$ 106	$ 110	111	$ 120	$ 128	$ 203	130	429	581	647
Net charge-offs remaining										(726)
Total net charge-offs									(570)	1,056	(800)
Reclassification of interest reserve									10	11	17
Loan sales										(5)
Distribution of SLM BankCo											(1,751)
Ending balance	1,433				1,564				1,433	1,564	2,033
Allowance:
Ending balance: individually evaluated for impairment	1,201				1,221				1,201	1,221	1,151
Ending balance: collectively evaluated for impairment	232				343				232	343	882
Loans:
Ending balance: individually evaluated for impairment	11,197				11,002				11,197	11,002	10,654
Ending balance: collectively evaluated for impairment	101,033				112,873				101,033	112,873	125,121
Student Loan [Member]
Allowance for Loan Losses
Distribution of SLM BankCo											(75)
Loans Receivable For Partially Charged Off Loans [Member]
Allowance for Loan Losses
Net adjustment resulting from the change in the charge-off rate										(330)
FFELP Loans [Member]
Allowance for Loan Losses
Beginning balance				78				93	78	93	119
Total provision									43	46	59
Net charge-offs remaining										(61)
Total net charge-offs									(54)	61	(79)
Ending balance	67				78				67	78	93
Allowance:
Ending balance: collectively evaluated for impairment	67				78				67	78	93
Loans:
Ending balance: collectively evaluated for impairment	86,918				95,393				$ 86,918	$ 95,393	$ 103,362
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)										0.08%
Net charge-offs as a percentage of average loans in repayment									0.07%		0.11%
Allowance coverage of net charge-offs \| SecurityLoan									1.2		1.2
Allowance coverage of net charge-offs, excluding the net adjustment resulting from the change in the charge-off rate (annualized) \| SecurityLoan										1.3
Allowance as a percentage of the ending total loan balance									0.08%	0.08%	0.09%
Allowance as a percentage of the ending loans in repayment									0.09%	0.11%	0.12%
Ending total loans	86,918				95,393				$ 86,918	$ 95,393	$ 103,362
Average loans in repayment									72,714	75,925	72,811
Ending loans in repayment	70,557				73,838				70,557	73,838	78,135
FFELP Loans [Member] \| Student Loan [Member]
Allowance for Loan Losses
Distribution of SLM BankCo											(6)
Private Education Loans [Member]
Allowance for Loan Losses
Beginning balance				1,471				1,916	1,471	1,916	2,097
Total provision									383	538	588
Net charge-offs remaining										(659)
Total net charge-offs									(513)	989	(717)
Reclassification of interest reserve									10	11	17
Loan sales										(5)
Ending balance	1,351				1,471				1,351	1,471	1,916
Allowance:
Ending balance: individually evaluated for impairment	1,190				1,209				1,190	1,209	1,132
Ending balance: collectively evaluated for impairment	161				262				161	262	784
Loans:
Ending balance: individually evaluated for impairment	11,165				10,965				11,165	10,965	10,609
Ending balance: collectively evaluated for impairment	13,983				17,431				$ 13,983	$ 17,431	$ 21,697
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 charge-offs as a percentage of average loans in repayment									2.20%		2.51%
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 \| SecurityLoan									2.6		2.7
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									5.37%	5.18%	5.93%
Allowance as a percentage of the ending loans in repayment									6.10%	6.00%	7.11%
Ending total loans	25,148				28,396				$ 25,148	$ 28,396	$ 32,306
Average loans in repayment									23,275	25,802	28,577
Ending loans in repayment	22,150				24,502				22,150	24,502	26,949
Private Education Loans [Member] \| Student Loan [Member]
Allowance for Loan Losses
Distribution of SLM BankCo											(69)
Private Education Loans [Member] \| Loans Receivable For Partially Charged Off Loans [Member]
Allowance for Loan Losses
Net adjustment resulting from the change in the charge-off rate							$ 330			(330)
Net charge-offs remaining									(13)	(26)	(86)
Total net charge-offs									(13)	(356)	(86)
Other Loans [Member]
Allowance for Loan Losses
Beginning balance				$ 15				$ 24	15	24	28
Total provision									3	(3)
Net charge-offs remaining										(6)
Total net charge-offs									(3)	6	(4)
Ending balance	15				15				15	15	24
Allowance:
Ending balance: individually evaluated for impairment	11				12				11	12	19
Ending balance: collectively evaluated for impairment	4				3				4	3	5
Loans:
Ending balance: individually evaluated for impairment	32				37				32	37	45
Ending balance: collectively evaluated for impairment	132				49				$ 132	$ 49	$ 62
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%
Net charge-offs as a percentage of average loans in repayment									2.10%		3.31%
Allowance coverage of net charge-offs \| SecurityLoan									7.0		6.1
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									9.35%	17.28%	22.23%
Allowance as a percentage of the ending loans in repayment									9.35%	17.28%	22.23%
Ending total loans	164				86				$ 164	$ 86	$ 107
Average loans in repayment									104	97	117
Ending loans in repayment	$ 164				$ 86				$ 164	$ 86	$ 107

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	Dec. 31, 2015
Loans Receivable For Partially Charged Off Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net adjustment resulting from the change in the charge-off rate		$ 330
Private Education Loans [Member] \| Loans Receivable For Partially Charged Off Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net adjustment resulting from the change in the charge-off rate	$ (330)	$ 330
Private Education Loans [Member] \| Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Portion of loan amount charged off at default	73.00%
Private Education Loans [Member] \| Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Portion of loan amount charged off at default	79.00%

Allowance for Loan Losses - Private Education Loan Portfolio Stratified by Key Credit Quality Indicators (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators	$ 24,333	$ 27,515
School Type/FICO Scores [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators	$ 24,333	$ 27,515
School Type/FICO Scores [Member] \| Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators, Percent	100.00%	100.00%
School Type/FICO Scores [Member] \| Private Education Loans [Member] \| Traditional Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators	$ 22,367	$ 25,280
Total Private Education Loans Credit Quality Indicators, Percent	92.00%	92.00%
School Type/FICO Scores [Member] \| Private Education Loans [Member] \| Non Traditional Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators	$ 1,966	$ 2,235
Total Private Education Loans Credit Quality Indicators, Percent	8.00%	8.00%
Cosigners [Member] \| Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators, Percent	100.00%	100.00%
Cosigners [Member] \| Private Education Loans [Member] \| Cosigner Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators	$ 15,610	$ 17,738
Total Private Education Loans Credit Quality Indicators, Percent	64.00%	64.00%
Cosigners [Member] \| Private Education Loans [Member] \| Non Cosigner Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators	$ 8,723	$ 9,777
Total Private Education Loans Credit Quality Indicators, Percent	36.00%	36.00%
Seasoning [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators	$ 24,333	$ 27,515
Seasoning [Member] \| Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators, Percent	100.00%	100.00%
Seasoning [Member] \| Private Education Loans [Member] \| 1-12 Payments [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators	$ 1,340	$ 1,776
Total Private Education Loans Credit Quality Indicators, Percent	5.00%	7.00%
Seasoning [Member] \| Private Education Loans [Member] \| 13-24 Payments [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators	$ 1,271	$ 1,977
Total Private Education Loans Credit Quality Indicators, Percent	5.00%	7.00%
Seasoning [Member] \| Private Education Loans [Member] \| 25-36 Payments [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators	$ 1,908	$ 2,982
Total Private Education Loans Credit Quality Indicators, Percent	8.00%	11.00%
Seasoning [Member] \| Private Education Loans [Member] \| 37-48 Payments [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators	$ 2,723	$ 3,787
Total Private Education Loans Credit Quality Indicators, Percent	11.00%	14.00%
Seasoning [Member] \| Private Education Loans [Member] \| More than 48 Payments [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators	$ 15,698	$ 14,953
Total Private Education Loans Credit Quality Indicators, Percent	65.00%	54.00%
Seasoning [Member] \| Private Education Loans [Member] \| Not Yet in Repayment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total Private Education Loans Credit Quality Indicators	$ 1,393	$ 2,040
Total Private Education Loans Credit Quality Indicators, Percent	6.00%	7.00%

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, 2016	Dec. 31, 2015	Dec. 31, 2014
Financing Receivable, Allowance for Credit Losses [Line Items]
Receivable at beginning of period		$ 122,796
Net charge-offs remaining			$ (726)
Total net charge-offs		(570)	1,056	$ (800)
Receivable at end of period		111,070	122,796
Loans Receivable For Partially Charged Off Loans [Member]
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		26,394
Net charge-offs remaining			(659)
Total net charge-offs		(513)	989	(717)
Receivable at end of period		23,340	26,394
Allowance for estimated recovery shortfalls				(385)
Net receivable at end of period		815	881	860
Private Education Loans [Member] \| Loans Receivable For Partially Charged Off Loans [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Receivable at beginning of period		881	1,245	1,313
Expected future recoveries of current period defaults		128	183	233
Recoveries		(181)	(191)	(215)
Net adjustment resulting from the change in the charge-off rate	$ 330		(330)
Net charge-offs remaining		(13)	(26)	(86)
Total net charge-offs		(13)	(356)	(86)
Receivable at end of period		$ 815	$ 881	$ 1,245

Allowance for Loan Losses - Receivable for Partially Charged-Off Loans (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2014	Dec. 31, 2013
Financing Receivable, Allowance for Credit Losses [Line Items]
Overall allowance for private education loan losses		$ 1,564	$ 1,433	$ 2,033	$ 2,244
Loans Receivable For Partially Charged Off Loans [Member]
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]
Overall allowance for private education loan losses		1,471	$ 1,351	$ 1,916	$ 2,097
Private Education Loans [Member] \| Loans Receivable For Partially Charged Off Loans [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Net adjustment resulting from the change in the charge-off rate	$ (330)	$ 330
Private Education Loans [Member] \| Minimum [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Portion of loan amount charged off at default	73.00%
Private Education Loans [Member] \| Maximum [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Portion of loan amount charged off at default	79.00%

Allowance for Loan Losses - Recorded Investment, Unpaid Principal Balance and Related Allowance for TDR Loans (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Financing Receivable, Impaired [Line Items]
TDR Loans, Recorded Investment	$ 10,759	$ 10,575
TDR loans, Unpaid Principal Balance	10,805	10,642
TDR Loans, Related Allowance	1,190	1,209
Private Education Loans - Traditional [Member]
Financing Receivable, Impaired [Line Items]
TDR Loans, Recorded Investment	9,386	9,134
TDR loans, Unpaid Principal Balance	9,429	9,200
TDR Loans, Related Allowance	1,003	995
Private Education Loans - Non-Traditional [Member]
Financing Receivable, Impaired [Line Items]
TDR Loans, Recorded Investment	1,373	1,441
TDR loans, Unpaid Principal Balance	1,376	1,442
TDR Loans, Related Allowance	$ 187	$ 214

Allowance for Loan Losses - Average Recorded Investment and Interest Income Recognized for TDR (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Financing Receivable, Impaired [Line Items]
Impaired financing receivable, Average Recorded Investment	$ 10,735	$ 10,437	$ 9,595
Impaired financing receivable, Interest Income Recognized	667	653	613
Private Education Loans - Traditional [Member]
Financing Receivable, Impaired [Line Items]
Impaired financing receivable, Average Recorded Investment	9,326	8,976	8,139
Impaired financing receivable, Interest Income Recognized	560	539	497
Private Education Loans - Non-Traditional [Member]
Financing Receivable, Impaired [Line Items]
Impaired financing receivable, Average Recorded Investment	1,409	1,461	1,456
Impaired financing receivable, Interest Income Recognized	$ 107	$ 114	$ 116

Allowance for Loan Losses - Loans Modified Accounts for TDR (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Financing Receivable, Modifications [Line Items]
Modified Loans	$ 1,169	$ 1,604	$ 2,064
Charge-Offs	382	459	439
Payment-Default	265	403	549
Private Education Loans - Traditional [Member]
Financing Receivable, Modifications [Line Items]
Modified Loans	1,079	1,464	1,858
Charge-Offs	302	351	332
Payment-Default	226	342	449
Private Education Loans - Non-Traditional [Member]
Financing Receivable, Modifications [Line Items]
Modified Loans	90	140	206
Charge-Offs	80	108	107
Payment-Default	$ 39	$ 61	$ 100

Allowance for Loan Losses - Accrued Interest Receivable (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued Interest Receivable, Greater Than 90 Days Past Due	$ 1,663	$ 1,637
Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued Interest Receivable, Greater Than 90 Days Past Due	391	490	$ 612
Accrued Interest Receivable, Allowance for Uncollectible Interest	30	35	40
Private Education Loans [Member] \| Traditional Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued Interest Receivable, Greater Than 90 Days Past Due	344	433	542
Accrued Interest Receivable, Allowance for Uncollectible Interest	23	26	29
Private Education Loans [Member] \| Non Traditional Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued Interest Receivable, Greater Than 90 Days Past Due	47	57	70
Accrued Interest Receivable, Allowance for Uncollectible Interest	7	9	11
Accrued Interest Receivable, Greater Than 90 Days Past Due [Member] \| Private Education Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued Interest Receivable, Greater Than 90 Days Past Due	33	35	41
Accrued Interest Receivable, Greater Than 90 Days Past Due [Member] \| Private Education Loans [Member] \| Traditional Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued Interest Receivable, Greater Than 90 Days Past Due	26	27	31
Accrued Interest Receivable, Greater Than 90 Days Past Due [Member] \| Private Education Loans [Member] \| Non Traditional Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accrued Interest Receivable, Greater Than 90 Days Past Due	$ 7	$ 8	$ 10

Business Combinations, Goodwill and Acquired Intangible Assets - Additional Information (Detail)		1 Months Ended		12 Months Ended
	Dec. 31, 2016 USD ($)	Oct. 31, 2015 USD ($)	Feb. 28, 2015 USD ($)	Dec. 31, 2016 USD ($) Segment	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Oct. 01, 2016	Jun. 30, 2016 USD ($)	Sep. 30, 2015 USD ($)
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 545,000,000			$ 545,000,000	$ 551,000,000
Number of reportable segments \| Segment				4
Market capitalization percentage	28.00%			28.00%			20.00%
Amortization of acquired intangible assets				$ 29,000,000	$ 12,000,000	$ 9,000,000
2017	$ 23,000,000			23,000,000
2018	20,000,000			20,000,000
2019	17,000,000			17,000,000
2020	14,000,000			14,000,000
After 2020	$ 51,000,000			$ 51,000,000
Asset Recovery - Gila LLC [Member]
Indefinite-lived Intangible Assets [Line Items]
Business acquisition, effective date of acquisition				Feb. 28, 2015
Controlling interest percentage			98.00%
Business acquisition, purchase price			$ 185,000,000
Goodwill									$ 97,000,000
Business acquisition, definite life intangible assets									71,000,000
Business acquisition, indefinite life intangible asset									$ 13,000,000
Goodwill impairments				$ 0
Asset Recovery - Gila LLC [Member] \| Minimum [Member]
Indefinite-lived Intangible Assets [Line Items]
Definite life intangible assets, amortization period	7 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. 31, 2015
Controlling interest percentage		89.00%
Business acquisition, purchase price		$ 164,000,000
Goodwill								$ 102,000,000
Business acquisition, definite life intangible assets								$ 65,000,000
Goodwill impairments				$ 0
Asset Recovery - Xtend Healthcare [Member] \| Minimum [Member]
Indefinite-lived Intangible Assets [Line Items]
Definite life intangible assets, amortization period				10 years
Asset Recovery - Xtend Healthcare [Member] \| Maximum [Member]
Indefinite-lived Intangible Assets [Line Items]
Definite life intangible assets, amortization period				15 years
Asset Recovery - Contingency [Member]
Indefinite-lived Intangible Assets [Line Items]
Goodwill impairments				$ 7,000,000

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, 2016	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015
Goodwill [Line Items]
Gross	$ 726		$ 725
Accumulated Impairments and Other Adjustments	(181)		(174)
Net	545		551
FFELP Loans Segment [Member]
Goodwill [Line Items]
Gross	194		194
Accumulated Impairments and Other Adjustments	(4)		(4)
Net	190		190
Private Education Loans Segment [Member]
Goodwill [Line Items]
Gross	147		147
Accumulated Impairments and Other Adjustments	(41)		(41)
Net	106		106
Business Services Segment [Member]
Goodwill [Line Items]
Gross	385		384
Accumulated Impairments and Other Adjustments	(136)		(129)
Net	249		255
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 and Other Adjustments	(136)		(129)
Net	0		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		97
Net	97		97
Asset Recovery - Xtend Healthcare [Member]
Goodwill [Line Items]
Net		$ 102
Asset Recovery - Xtend Healthcare [Member] \| Business Services Segment [Member]
Goodwill [Line Items]
Gross	102		101
Net	$ 102		$ 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 - Schedule of Carrying Value of Equity and Percentage of Fair Value in Excess of Carrying Value (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Oct. 01, 2016
Schedule of Equity Method Investments [Line Items]
% of Fair Value in Excess of Carrying Value	28.00%	20.00%
FFELP Loans Segment [Member]
Schedule of Equity Method Investments [Line Items]
Carrying Value of Equity		$ 773
% of Fair Value in Excess of Carrying Value		95.00%
Private Education Loans Segment [Member]
Schedule of Equity Method Investments [Line Items]
Carrying Value of Equity		$ 2,380
% of Fair Value in Excess of Carrying Value		14.00%
Business Services Segment [Member] \| Servicing [Member]
Schedule of Equity Method Investments [Line Items]
Carrying Value of Equity		$ 71
% of Fair Value in Excess of Carrying Value		1263.00%

Business Combinations, Goodwill and Acquired Intangible Assets - Acquired Intangible Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost Basis	$ 440	$ 441
Intangible assets subject to amortization, Accumulated Impairment and Amortization	(316)	(287)
Intangible assets subject to amortization, Net	124	154
Customer, Services and Lending Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost Basis	292	305
Intangible assets subject to amortization, Accumulated Impairment and Amortization	(219)	(202)
Intangible assets subject to amortization, Net	73	103
Favorable Lease [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost Basis	1	1
Intangible assets subject to amortization, Net	1	1
Non-competes [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost Basis	2	2
Intangible assets subject to amortization, Accumulated Impairment and Amortization	(2)	(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	101	91
Intangible assets subject to amortization, Accumulated Impairment and Amortization	(82)	(78)
Intangible assets subject to amortization, Net	19	13
Trade Names and Trademarks [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets subject to amortization, Cost Basis	44	42
Intangible assets subject to amortization, Accumulated Impairment and Amortization	(13)	(6)
Intangible assets subject to amortization, Net	$ 31	$ 36

Borrowings - Company's Borrowings (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Short-term borrowings	$ 2,334	$ 2,570
Long-term borrowings	112,368	124,833
Total	114,702	127,403
Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Short-term borrowings	716	1,100
FFELP Loan - Other Facilities [Member]
Debt Instrument [Line Items]
Long-term borrowings	12,400
Private Education Loan - Other Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings	464	710
Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings	2,335	2,590
Long-term borrowings	113,119	124,916
Total	115,454	127,506
Total Before Hedge Accounting Adjustments [Member] \| Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
Short-term borrowings	717	1,120
Long-term borrowings	13,029	13,976
Total	13,746	15,096
Total Before Hedge Accounting Adjustments [Member] \| Total Unsecured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings	717	1,120
Long-term borrowings	13,029	13,976
Total	13,746	15,096
Total Before Hedge Accounting Adjustments [Member] \| FFELP Loan Securitizations [Member]
Debt Instrument [Line Items]
Long-term borrowings	73,522	77,764
Total	73,522	77,764
Total Before Hedge Accounting Adjustments [Member] \| Private Education Loan Securitizations [Member]
Debt Instrument [Line Items]
Short-term borrowings	548
Long-term borrowings	14,125	16,900
Total	14,673	16,900
Total Before Hedge Accounting Adjustments [Member] \| FFELP Loan - Other Facilities [Member]
Debt Instrument [Line Items]
Long-term borrowings	12,443	16,276
Total	12,443	16,276
Total Before Hedge Accounting Adjustments [Member] \| Private Education Loan - Other Facilities [Member]
Debt Instrument [Line Items]
Short-term borrowings	464	710
Total	464	710
Total Before Hedge Accounting Adjustments [Member] \| Other [Member]
Debt Instrument [Line Items]
Short-term borrowings	606	760
Total	606	760
Total Before Hedge Accounting Adjustments [Member] \| Secured Borrowings [Member]
Debt Instrument [Line Items]
Short-term borrowings	1,618	1,470
Long-term borrowings	100,090	110,940
Total	101,708	112,410
Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term borrowings	(1)	(20)
Long-term borrowings	(751)	(83)
Total	$ (752)	$ (103)

Borrowings - Company's Borrowings (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Long-term debt	$ 112,368	$ 124,833
Short-term Debt	2,334	2,570
Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Long-term debt	113,119	124,916
Short-term Debt	2,335	2,590
Other [Member] \| Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Short-term Debt	606	760
Private Education Loan Securitizations Repurchase Facility [Member]
Debt Instrument [Line Items]
Short-term Debt	548
Private Education Loan Securitizations Repurchase Facility [Member] \| Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Long-term debt	475	546
Short-term Debt	548	$ 0
Maturity Overnight [Member] \| Other [Member] \| Total Before Hedge Accounting Adjustments [Member]
Debt Instrument [Line Items]
Securities re-pledged subject to an overnight repurchase transaction	$ 193

Borrowings - Outstanding Short-Term Borrowings (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Short-term Debt [Line Items]
Maximum outstanding at any month end	$ 2,637,000,000	$ 4,710,000,000
Short-term borrowings, Ending Balance	$ 2,334,000,000	$ 2,570,000,000
Weighted Average Interest Rate	2.82%	3.02%
Short-term borrowings, Average Balance	$ 2,092,000,000	$ 3,167,000,000
Weighted Average Interest Rate, Average Balance	3.03%	3.08%
Private Education Loan Securitizations Repurchase Facility [Member]
Short-term Debt [Line Items]
Short-term borrowings, Ending Balance	$ 548,000,000
Weighted Average Interest Rate	3.72%
Short-term borrowings, Average Balance	$ 42,000,000
Weighted Average Interest Rate, Average Balance	3.81%
FFELP Loan - Other Facilities [Member]
Short-term Debt [Line Items]
Short-term borrowings, Average Balance		$ 8,000,000
Weighted Average Interest Rate, Average Balance		0.28%
Private Education Loan - Other Facilities [Member]
Short-term Debt [Line Items]
Short-term borrowings, Ending Balance	$ 464,000,000	$ 710,000,000
Weighted Average Interest Rate	2.02%	1.47%
Short-term borrowings, Average Balance	$ 389,000,000	$ 636,000,000
Weighted Average Interest Rate, Average Balance	1.83%	1.29%
Senior Unsecured Debt [Member]
Short-term Debt [Line Items]
Short-term borrowings, Ending Balance	$ 716,000,000	$ 1,100,000,000
Weighted Average Interest Rate	4.22%	5.97%
Short-term borrowings, Average Balance	$ 1,032,000,000	$ 1,625,000,000
Weighted Average Interest Rate, Average Balance	5.01%	5.42%
Other Interest Bearing Liabilities [Member]
Short-term Debt [Line Items]
Short-term borrowings, Ending Balance	$ 606,000,000	$ 760,000,000
Weighted Average Interest Rate	0.96%	0.20%
Short-term borrowings, Average Balance	$ 629,000,000	$ 898,000,000
Weighted Average Interest Rate, Average Balance	0.48%	0.13%

Borrowings - Long-Term Borrowings (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Long-term borrowings	$ 112,368	$ 124,833
Weighted Average Interest Rate	2.14%	1.71%
Long-term borrowings, Average Balance	$ 118,973	$ 129,817
U.S Dollar Denominated Interest Bearing, Due 2017-2083 [Member]
Debt Instrument [Line Items]
Long-term borrowings	$ 88,575
Weighted Average Interest Rate	1.65%
Long-term borrowings, Average Balance	$ 93,881
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 2023-2041 [Member]
Debt Instrument [Line Items]
Long-term borrowings	$ 7,265	$ 8,169
Weighted Average Interest Rate	0.28%	0.47%
Long-term borrowings, Average Balance	$ 8,761	$ 8,601
Floating Rate Notes [Member]
Debt Instrument [Line Items]
Long-term borrowings	$ 95,840	$ 107,095
Weighted Average Interest Rate	1.54%	1.08%
Long-term borrowings, Average Balance	$ 102,642	$ 111,638
U.S Dollar Denominated Interest Bearing, Due 2018-2058 [Member]
Debt Instrument [Line Items]
Long-term borrowings	$ 16,271
Weighted Average Interest Rate	5.65%
Long-term borrowings, Average Balance	$ 16,050
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	$ 257	$ 250
Weighted Average Interest Rate	2.82%	2.89%
Long-term borrowings, Average Balance	$ 281	$ 927
Fixed Rate Notes [Member]
Debt Instrument [Line Items]
Long-term borrowings	$ 16,528	$ 17,738
Weighted Average Interest Rate	5.60%	5.48%
Long-term borrowings, Average Balance	$ 16,331	$ 18,179

Borrowings - Stated Maturities of Long-term Borrowings (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
2017	$ 14,300
2018	12,900
2019	10,100
2020	11,100
2021	8,900
2022-2083	56,800
Total, long-term debt	112,368	$ 124,833
Fixed Maturities [Member]
Debt Instrument [Line Items]
2017	14,221
2018	12,794
2019	10,023
2020	11,046
2021	8,786
2022-2083	56,249
Long term debt maturities total	113,119
Hedge accounting adjustments	(751)
Total, long-term debt	112,368
Fixed Maturities [Member] \| Senior Unsecured Debt [Member]
Debt Instrument [Line Items]
2018	2,047
2019	2,361
2020	2,036
2021	1,288
2022-2083	5,297
Long term debt maturities total	13,029
Hedge accounting adjustments	450
Total, long-term debt	13,479
Fixed Maturities [Member] \| Secured Borrowings [Member]
Debt Instrument [Line Items]
2017	14,221
2018	10,747
2019	7,662
2020	9,010
2021	7,498
2022-2083	50,952
Long term debt maturities total	100,090
Hedge accounting adjustments	(1,201)
Total, long-term debt	$ 98,889

Borrowings - Stated Maturities of Long-term Borrowings (Parenthetical) (Detail) $ in Billions	Dec. 31, 2016 USD ($)
Debt Disclosure [Abstract]
On-balance sheet securitization trust debt included in projected principal paydowns in 2017	$ 14.2
Aggregate principal amount of debt maturing in 2017	14.3
Aggregate principal amount of debt maturing in 2018	12.9
Aggregate principal amount of debt maturing in 2019	10.1
Aggregate principal amount of debt maturing in 2020	11.1
Aggregate principal amount of debt maturing in 2021	8.9
Aggregate principal amount of debt maturing in 2022-2083	$ 56.8

Borrowings - Financing VIEs (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Securities Financing Transaction [Line Items]
Short-term borrowings	$ 2,334	$ 2,570
Long-term borrowings	112,368	124,833
Total Debt Outstanding	114,702	127,403
Loans	111,070	122,796
Total Before Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	2,335	2,590
Long-term borrowings	113,119	124,916
Total Debt Outstanding	115,454	127,506
Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	(1)	(20)
Long-term borrowings	(751)	(83)
Total Debt Outstanding	(752)	(103)
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	1,078	710
Long-term borrowings	95,492	106,510
Total Debt Outstanding	96,570	107,220
Loans	104,008	114,640
Cash	3,434	3,553
Other assets, Net	(11)	293
Total Carrying Amount of Assets Securing Debt Outstanding	107,431	118,486
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| FFELP Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	73,522	77,764
Total Debt Outstanding	73,522	77,764
Loans	74,197	78,358
Cash	2,676	2,760
Other assets, Net	778	682
Total Carrying Amount of Assets Securing Debt Outstanding	77,651	81,800
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Private Education Loan Securitizations [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	548
Long-term borrowings	14,125	16,900
Total Debt Outstanding	14,673	16,900
Loans	19,815	22,014
Cash	455	452
Other assets, Net	260	323
Total Carrying Amount of Assets Securing Debt Outstanding	20,530	22,789
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| FFELP Loan - Other Facilities [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	9,046	12,676
Total Debt Outstanding	9,046	12,676
Loans	9,232	13,158
Cash	289	324
Other assets, Net	172	168
Total Carrying Amount of Assets Securing Debt Outstanding	9,693	13,650
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Private Education Loan - Other Facilities [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	464	710
Total Debt Outstanding	464	710
Loans	685	1,110
Cash	10	17
Other assets, Net	14	31
Total Carrying Amount of Assets Securing Debt Outstanding	709	1,158
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Total Before Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	1,078	710
Long-term borrowings	96,693	107,340
Total Debt Outstanding	97,771	108,050
Loans	104,008	114,640
Cash	3,434	3,553
Other assets, Net	1,224	1,204
Total Carrying Amount of Assets Securing Debt Outstanding	108,666	119,397
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Hedge Accounting Adjustments [Member]
Securities Financing Transaction [Line Items]
Long-term borrowings	(1,201)	(830)
Total Debt Outstanding	(1,201)	(830)
Other assets, Net	(1,235)	(911)
Total Carrying Amount of Assets Securing Debt Outstanding	(1,235)	$ (911)
Assets and Liabilities of Consolidated Variable Interest Entities [Member] \| Other [Member]
Securities Financing Transaction [Line Items]
Short-term borrowings	66
Total Debt Outstanding	66
Loans	79
Cash	4
Total Carrying Amount of Assets Securing Debt Outstanding	$ 83

Borrowings - Financing VIEs (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Securities Financing Transaction [Line Items]
Long-term debt	$ 112,368	$ 124,833
Short-term Debt	2,334	2,570
Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Securities Financing Transaction [Line Items]
Long-term debt	95,492	106,510
Short-term Debt	1,078	710
Restricted cash	3,434	3,553
Private Education Loan Securitizations Repurchase Facility [Member]
Securities Financing Transaction [Line Items]
Short-term Debt	548
Private Education Loan Securitizations Repurchase Facility [Member] \| Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Securities Financing Transaction [Line Items]
Long-term debt	475	546
Short-term Debt	548
Restricted cash	$ 49	$ 41

Borrowings - Additional Information (Detail) - USD ($)		3 Months Ended		12 Months Ended
Borrowings - Additional Information (Detail) - USD ($)	Jun. 27, 2016	Jun. 30, 2016	Dec. 31, 2015	Dec. 31, 2016	Oct. 31, 2016	Jun. 26, 2016	Dec. 22, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Outstanding borrowings under facility			$ 124,833,000,000	$ 112,368,000,000
Issuance of unsecured debt			500,000,000	1,300,000,000				$ 1,900,000,000
Federal Home Loan Bank of Des Moines [Member]
Debt Instrument [Line Items]
Outstanding borrowings under facility				$ 3,400,000,000
Federal Home Loan Bank of Des Moines facility					$ 5,000,000,000		$ 10,700,000,000
Federal Home Loan Bank of Des Moines facility maturity year				2021
Maximum borrowing capacity				$ 3,400,000,000
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 Loan Abcp Borrowings [Member]
Debt Instrument [Line Items]
Maximum unused capacity				285,000,000
Maximum borrowing capacity	$ 750,000,000					$ 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		$ 478,000,000	$ 550,000,000
Facility maturity date		2018-04	2017-12
FFELP Loan - Other Facilities [Member]
Debt Instrument [Line Items]
Outstanding borrowings under facility				12,400,000,000
Assets securing facility				13,800,000,000
Maximum unused capacity				2,200,000,000
Unencumbered FFELP Loans				$ 400,000,000
Minimum [Member] \| Private Education Loan Abcp Borrowings [Member]
Debt Instrument [Line Items]
Extended maturity date	Jun. 30, 2016
Minimum [Member] \| FFELP Loan - Other Facilities [Member]
Debt Instrument [Line Items]
Facility maturity date				2018-03
Maximum [Member] \| Private Education Loan Abcp Borrowings [Member]
Debt Instrument [Line Items]
Extended maturity date	Jun. 26, 2017
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, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Debt principal repurchased	$ 1,467	$ 1,744	$ 548
Gains on debt repurchases	$ 1	$ 21

Derivative Financial Instruments - Additional Information (Detail) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Net positive exposure related to corporate derivatives	$ 110,000,000	$ 85,000,000
Euro and British Pound Sterling denominated bonds outstanding in securitization trusts	8,500,000,000
Notional of interest rate swaps entered into by the trusts to swap Prime to LIBOR	80,700,000,000	103,600,000,000
Net positive exposure on foreign currency swaps	9,000,000	8,000,000
Decrease in valuation due to net credit risk adjustments	0	1,000,000
Decrease in valuation due to liquidity adjustments	31,000,000	31,000,000
Derivative liability at fair value including accrued interest and premium receivable	1,670,000,000	1,395,000,000
Counterparty [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability at fair value including accrued interest and premium receivable	408,000,000
Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional of interest rate swaps entered into by the trusts to swap Prime to LIBOR	50,800,000,000	$ 55,900,000,000
Interest Rate Swaps [Member] \| Assets and Liabilities of Consolidated Variable Interest Entities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Notional of interest rate swaps entered into by the trusts to swap Prime to LIBOR	$ 10,200,000,000

Derivative Financial Instruments - Impact of Derivatives on Consolidated Balance Sheet (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Derivative Assets:
Derivative assets	$ 565	$ 728
Derivative Liabilities:
Derivative liabilities	(1,701)	(1,515)
Net total derivatives	(1,136)	(787)
Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	565	726
Derivative Liabilities:
Derivative liabilities	(208)	(160)
Cross-Currency Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets		2
Derivative Liabilities:
Derivative liabilities	(1,296)	(988)
Other [Member]
Derivative Liabilities:
Derivative liabilities	(13)	(2)
Floor Income Contracts [Member]
Derivative Liabilities:
Derivative liabilities	(184)	(365)
Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative Assets:
Derivative assets	78
Derivative Liabilities:
Derivative liabilities	(76)	(89)
Net total derivatives	2	(89)
Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative Assets:
Derivative assets	465	696
Derivative Liabilities:
Derivative liabilities	(1,305)	(929)
Net total derivatives	(840)	(233)
Designated as Hedging Instrument [Member] \| Interest Rate Swaps [Member] \| Cash Flow [Member]
Derivative Assets:
Derivative assets	78
Derivative Liabilities:
Derivative liabilities	(76)	(89)
Designated as Hedging Instrument [Member] \| Interest Rate Swaps [Member] \| Fair Value [Member]
Derivative Assets:
Derivative assets	465	694
Derivative Liabilities:
Derivative liabilities	(62)	(3)
Designated as Hedging Instrument [Member] \| Cross-Currency Interest Rate Swaps [Member] \| Fair Value [Member]
Derivative Assets:
Derivative assets		2
Derivative Liabilities:
Derivative liabilities	(1,243)	(926)
Trading [Member]
Derivative Assets:
Derivative assets	22	32
Derivative Liabilities:
Derivative liabilities	(320)	(497)
Net total derivatives	(298)	(465)
Trading [Member] \| Interest Rate Swaps [Member]
Derivative Assets:
Derivative assets	22	32
Derivative Liabilities:
Derivative liabilities	(70)	(68)
Trading [Member] \| Cross-Currency Interest Rate Swaps [Member]
Derivative Liabilities:
Derivative liabilities	(53)	(62)
Trading [Member] \| Other [Member]
Derivative Liabilities:
Derivative liabilities	(13)	(2)
Trading [Member] \| Floor Income Contracts [Member]
Derivative Liabilities:
Derivative liabilities	$ (184)	$ (365)

Derivative Financial Instruments - Gross Positions without Impact of Master Netting Agreements (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Gross position, Assets	$ 565	$ 728
Derivative values with impact of master netting agreements (as carried on balance sheet), Assets	534	678
Cash collateral (held) pledged, Assets	(345)	(759)
Gross position, Liabilities	(1,701)	(1,515)
Cash collateral (held) pledged, Liabilities	319	466
Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Gross position, Liabilities	(1,701)	(1,515)
Impact of master netting agreements, Liabilities	31	50
Derivative values with impact of master netting agreements (as carried on balance sheet), Liabilities	(1,670)	(1,465)
Cash collateral (held) pledged, Liabilities	319	466
Net position, as presented on the balance sheet, Liabilities	(1,351)	(999)
Other Assets [Member]
Derivatives, Fair Value [Line Items]
Gross position, Assets	565	728
Impact of master netting agreements, Assets	(31)	(50)
Derivative values with impact of master netting agreements (as carried on balance sheet), Assets	534	678
Cash collateral (held) pledged, Assets	(345)	(759)
Net position, as presented on the balance sheet, Assets	$ 189	$ (81)

Derivative Financial Instruments - Derivative Notional Values (Detail) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Total Derivative Notional Values	$ 80,700,000,000	$ 103,600,000,000
Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	50,800,000,000	55,900,000,000
Floor Income Contracts [Member]
Derivative [Line Items]
Total Derivative Notional Values	18,500,000,000	35,100,000,000
Cross-Currency Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	8,800,000,000	9,400,000,000
Other [Member]
Derivative [Line Items]
Total Derivative Notional Values	2,600,000,000	3,200,000,000
Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	15,200,000,000	9,500,000,000
Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	20,300,000,000	21,700,000,000
Designated as Hedging Instrument [Member] \| Interest Rate Swaps [Member] \| Cash Flow [Member]
Derivative [Line Items]
Total Derivative Notional Values	15,200,000,000	9,500,000,000
Designated as Hedging Instrument [Member] \| Interest Rate Swaps [Member] \| Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	11,800,000,000	12,600,000,000
Designated as Hedging Instrument [Member] \| Cross-Currency Interest Rate Swaps [Member] \| Fair Value [Member]
Derivative [Line Items]
Total Derivative Notional Values	8,500,000,000	9,100,000,000
Trading [Member]
Derivative [Line Items]
Total Derivative Notional Values	45,200,000,000	72,400,000,000
Trading [Member] \| Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	23,800,000,000	33,800,000,000
Trading [Member] \| Floor Income Contracts [Member]
Derivative [Line Items]
Total Derivative Notional Values	18,500,000,000	35,100,000,000
Trading [Member] \| Cross-Currency Interest Rate Swaps [Member]
Derivative [Line Items]
Total Derivative Notional Values	300,000,000	300,000,000
Trading [Member] \| Other [Member]
Derivative [Line Items]
Total Derivative Notional Values	$ 2,600,000,000	$ 3,200,000,000

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statements of Income (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives, Net									$ (211)	$ (615)	$ (657)
Less: realized gains (losses) recorded in interest expense											438
Unrealized Gain (Loss) on Derivatives									(324)	(280)	(283)
Total Gain (Loss) On Derivatives, Net	$ 6	$ 137	$ (28)	$ 1	$ 93	$ 20	$ (18)	$ 71	117	166	139
Realized Gain (Loss) on Derivatives									(88)	(277)	(219)
Unrealized Gain (Loss) on Hedged Item									652	1,061	1,079
Total Gain (Loss) on Derivatives, Gross									240	504	577
Trading [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives									283	629	663
Realized Gain (Loss) on Derivatives									(211)	(615)	(657)
Unrealized Gain (Loss) on Derivatives, Net									(324)	(280)	(283)
Total Gain (Loss) on Derivatives, Gross									72	14	6
Trading [Member] \| Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives									(13)	61	54
Realized Gain (Loss) on Derivatives									42	42	46
Total Gain (Loss) on Derivatives, Gross									29	103	100
Trading [Member] \| Cross-Currency Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives									9	2	(33)
Realized Gain (Loss) on Derivatives									(4)	(4)	(2)
Total Gain (Loss) on Derivatives, Gross									5	(2)	(35)
Trading [Member] \| Floor Income Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives									297	557	633
Realized Gain (Loss) on Derivatives									(246)	(650)	(699)
Total Gain (Loss) on Derivatives, Gross									51	(93)	(66)
Trading [Member] \| Other [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives									(10)	9	9
Realized Gain (Loss) on Derivatives									(3)	(3)	(2)
Total Gain (Loss) on Derivatives, Gross									(13)	6	7
Designated as Hedging Instrument [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives									652	1,061	1,079
Designated as Hedging Instrument [Member] \| Fair Value [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives									(607)	(909)	(946)
Realized Gain (Loss) on Derivatives									173	338	441
Unrealized Gain (Loss) on Hedged Item									652	1,061	1,079
Total Gain (Loss) on Derivatives, Gross									218	490	574
Designated as Hedging Instrument [Member] \| Fair Value [Member] \| Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized Gain (Loss) on Derivatives									(288)	(115)	213
Realized Gain (Loss) on Derivatives									259	345	389
Unrealized Gain (Loss) on Hedged Item									302	140	(185)
Total Gain (Loss) on Derivatives, Gross									273	370	417
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									(319)	(794)	(1,159)
Realized Gain (Loss) on Derivatives									(86)	(7)	52
Unrealized Gain (Loss) on Hedged Item									350	921	1,264
Total Gain (Loss) on Derivatives, Gross									(55)	120	157
Designated as Hedging Instrument [Member] \| Cash Flow [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives									(50)		(3)
Total Gain (Loss) on Derivatives, Gross									(50)		(3)
Designated as Hedging Instrument [Member] \| Cash Flow [Member] \| Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized Gain (Loss) on Derivatives									(50)		(3)
Total Gain (Loss) on Derivatives, Gross									(50)		(3)
Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Less: realized gains (losses) recorded in interest expense									123	338
Realized Gain (Loss) on Derivatives									$ 123	$ 338	$ 438

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statements of Changes in Stockholders' Equity (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Total gains (losses) on cash flow hedges	$ 26	$ (59)	$ (7)
Total change in stockholders' equity for unrealized gains (losses) on derivatives	57	(60)	(5)
Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized (gains) losses recognized in interest expense	$ 31	$ (1)	$ 2

Derivative Financial Instruments - Impact of Derivatives on Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2016 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, 2016	Dec. 31, 2015
Collateral held:
Cash (obligation to return cash collateral is recorded in short-term borrowings)	$ 345	$ 759
Securities at fair value - corporate derivatives (not recorded in financial statements)	193
Securities at fair value - on-balance sheet securitization derivatives (not recorded in financial statements)	230	301
Total collateral held	768	1,060
Derivative asset at fair value including accrued interest	689	896
Collateral pledged to others:
Cash (right to receive return of cash collateral is recorded in investments)	319	466
Total collateral pledged	319	466
Derivative liability at fair value including accrued interest and premium receivable	$ 1,670	$ 1,395

Derivative Financial Instruments - Collateral Held and Pledged (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Collateral Pledged [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Collateral held in restricted cash account	$ 0	$ 2

Other Assets - Schedule of Other Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Offsetting [Abstract]
Accrued interest receivable, net	$ 1,663	$ 1,637
Income tax asset, net current and deferred	725	945
Derivatives at fair value	534	678
Benefit and insurance-related investments	488	491
Fixed assets, net	160	162
Other loans, net	148	70
Accounts receivable	95	329
Other	380	400
Total	$ 4,193	$ 4,712

Stockholders' Equity - Additional Information (Detail) - USD ($)	1 Months Ended	12 Months Ended
	Apr. 30, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Common stock, shares authorized		1,125,000,000	1,125,000,000
Common stock, par value		$ 0.01	$ 0.01
Common stock, shares issued		436,000,000	431,000,000
Common shares unissued but encumbered		23,000,000
Retired shares of common stock held in treasury	127,000,000
Decrease in the balance of treasury stock	$ 2,288,000,000
Common stock dividends paid		$ 0.64	$ 0.64	$ 0.60
Purchase price of common stock repurchased on open market		$ 755,000,000	$ 945,000,000	$ 600,000,000
Authorized share repurchased program amount		$ 600,000,000
Common Stock Shares Outstanding [Member]
Class of Stock [Line Items]
Common stock, shares issued		291,000,000
Common shares repurchased		59,625,325	56,043,711	30,432,689
Common Stock Shares Outstanding [Member] \| Spinoff [Member] \| Predecessor [Member]
Class of Stock [Line Items]
Common shares repurchased				8,300,000
Purchase price of common stock repurchased on open market				$ 200,000,000
Common Stock Shares Outstanding [Member] \| Spinoff [Member] \| Successor [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		$ 16.43
Additional Paid-In Capital [Member]
Class of Stock [Line Items]
Decrease in the balance of treasury stock	$ (2,263,000,000)			$ (2,263,000,000)

Stockholders' Equity - Common Share Repurchases and Issuances (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Equity, Class of Treasury Stock [Line Items]
Average purchase price per share	$ 12.68	$ 16.87	$ 19.72
Shares repurchased related to employee stock-based compensation plans	3,197,355	2,404,328	4,171,342
Average purchase price per share	$ 13.21	$ 19.81	$ 20.91
Common shares issued	5,476,010	4,924,021	7,389,962
Common Stock Shares Outstanding [Member]
Equity, Class of Treasury Stock [Line Items]
Common stock repurchased	59,625,325	56,043,711	30,432,689
Shares repurchased related to employee stock-based compensation plans	3,197,355	2,404,328	4,171,342
Common shares issued	5,476,010	4,924,021	7,389,962

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, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Numerator:
Net income attributable to Navient Corporation	$ 145	$ 230	$ 125	$ 181	$ 283	$ 234	$ 179	$ 289	$ 681	$ 984	$ 1,137
Preferred stock dividends											6
Net income attributable to Navient Corporation common stock									$ 681	$ 984	$ 1,131
Denominator:
Weighted average shares used to compute basic EPS									316	376	417
Effect of dilutive securities:
Dilutive effect of stock options, restricted stock, restricted stock units and Employee Stock Purchase Plan ("ESPP")									6	6	8
Dilutive potential common shares									6	6	8
Weighted average shares used to compute diluted EPS									322	382	425
Basic earnings per common share attributable to Navient Corporation	$ 0.49	$ 0.74	$ 0.39	$ 0.53	$ 0.80	$ 0.63	$ 0.47	$ 0.73	$ 2.15	$ 2.62	$ 2.71
Diluted earnings per common share attributable to Navient Corporation	$ 0.48	$ 0.73	$ 0.38	$ 0.53	$ 0.78	$ 0.63	$ 0.46	$ 0.71	$ 2.12	$ 2.58	$ 2.66

Earnings (Loss) per Common Share - Schedule of Earnings per Common Share (Parenthetical) (Detail) - shares shares in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
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	4	6	3

Stock-Based Compensation Plans and Arrangements - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation cost	$ 26	$ 29	$ 39
Unrecognized compensation cost	$ 18
Weighted average period for total unrecognized compensation cost	1 year 8 months 12 days
Time Vested Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	Most stock options are time-vested, with one-third vesting per year beginning with the first anniversary of the grant date.
Restricted Stock Units, RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	RSUs generally are time-vested, with one-third vesting per year beginning with the first anniversary of the grant date
Performance Stock Units, PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	PSUs vest based on achieving certain corporate performance goals over a three-year performance period
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 since 2012 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum term for stock options (in years)	5 years
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

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, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of the option	3 years	2 years 10 months 24 days
Expected volatility	30.00%	22.00%
Risk-free interest rate	0.90%	0.95%
Expected dividend rate	6.97%	2.99%
Weighted average fair value of options granted and stock purchase rights	$ 1.01	$ 2.22
Spinoff [Member] \| Successor [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
Spinoff [Member] \| Predecessor [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, 2016 USD ($) $ / shares shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of Options, Outstanding, beginning balance \| shares	15,761,488
Granted, Options \| shares	3,837,609
Exercised, Options \| shares	(2,988,087)
Canceled, Options \| shares	(1,699,006)
Number of Options, Outstanding, ending balance \| shares	14,912,004
Number of Options, Exercisable, ending balance \| shares	9,228,819
Weighted Average Exercise Price per Share, Outstanding, beginning balance \| $ / shares	$ 14.56
Granted, Weighted Average Exercise Price per Share \| $ / shares	9.18
Exercised, Weighted Average Exercise Price per Share \| $ / shares	10.17
Canceled, Weighted Average Exercise Price per Share \| $ / shares	28.63
Weighted Average Exercise Price per Share, Outstanding, ending balance \| $ / shares	12.45
Weighted Average Exercise Price per Share, Exercisable, ending balance \| $ / shares	$ 12.27
Weighted Average Remaining Contractual Term, Outstanding, ending balance	2 years 6 months
Weighted Average Remaining Contractual Term, Exercisable, ending balance	1 year 9 months 18 days
Aggregate Intrinsic Value, Outstanding, ending balance \| $	$ 76
Aggregate Intrinsic Value, Exercisable, ending balance \| $	$ 48

Stock-Based Compensation Plans and Arrangements - Stock Option Activity (Parenthetical) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 18
Weighted average period for total unrecognized compensation cost	1 year 8 months 12 days
Spinoff [Member] \| Predecessor [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of options exercised			$ 23
Spinoff [Member] \| Successor [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of options exercised	$ 13	$ 19	$ 23
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 1
Weighted average period for total unrecognized compensation cost	1 year 9 months 18 days

Stock-Based Compensation Plans and Arrangements - Restricted Stock and Performance Stock Unit Activity (Detail)	12 Months Ended
	Dec. 31, 2016 $ / shares shares
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Non-vested, beginning balance \| shares	0
Granted, Shares \| shares	87,144
Vested, Shares \| shares	(76,251)
Canceled, Shares \| shares	(10,893)
Number of Shares, Non-vested, ending balance \| shares	0
Weighted Average Grant Date Fair Value, Non-vested, beginning balance \| $ / shares	$ 0
Granted, Weighted Average Grant Date Fair Value \| $ / shares	9.18
Vested, Weighted Average Grant Date Fair Value \| $ / shares	9.18
Canceled, Weighted Average Grant Date Fair Value \| $ / shares	9.18
Weighted Average Grant Date Fair Value, Non-vested, ending balance \| $ / shares	$ 0
Restricted Stock Units and Performance Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Non-vested, beginning balance \| shares	3,672,229
Granted, Shares \| shares	2,864,435
Vested, Shares \| shares	(2,109,162)
Canceled, Shares \| shares	(55,126)
Number of Shares, Non-vested, ending balance \| shares	4,372,376
Weighted Average Grant Date Fair Value, Non-vested, beginning balance \| $ / shares	$ 16.15
Granted, Weighted Average Grant Date Fair Value \| $ / shares	9.23
Vested, Weighted Average Grant Date Fair Value \| $ / shares	14.30
Canceled, Weighted Average Grant Date Fair Value \| $ / shares	12.11
Weighted Average Grant Date Fair Value, Non-vested, ending balance \| $ / shares	$ 12.56

Stock-Based Compensation Plans and Arrangements - Restricted Stock and Performance Stock Unit Activity (Parenthetical) (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 18,000,000
Weighted average period for total unrecognized compensation cost	1 year 8 months 12 days
Restricted Stock Units and Performance Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 16,000,000
Weighted average period for total unrecognized compensation cost	1 year 8 months 12 days
Restricted Stock Units and Performance Stock Units [Member] \| Spinoff [Member] \| Predecessor [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock that vested			$ 35,000,000
Restricted Stock Units and Performance Stock Units [Member] \| Spinoff [Member] \| Successor [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock that vested	$ 30,000,000	$ 29,000,000	1,000,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	0
Restricted Stock [Member] \| Spinoff [Member] \| Predecessor [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of restricted stock that vested			1,000,000
Restricted Stock [Member] \| Spinoff [Member] \| Successor [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	$ 1,000,000

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
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	$ 0	$ 1
Decrease in valuation due to liquidity adjustments	$ 31	$ 31

Fair Value Measurements - Valuation of Financial Instruments that are Marked-to-Market on Recurring Basis (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Available-for-sale investments:
Available-for-sale investments	$ 3	$ 5
Derivative assets	565	728
Derivative liabilities	(1,701)	(1,515)
Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	565	726
Derivative liabilities	(208)	(160)
Cross-Currency Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets		2
Derivative liabilities	(1,296)	(988)
Other [Member]
Available-for-sale investments:
Derivative liabilities	(13)	(2)
Floor Income Contracts [Member]
Available-for-sale investments:
Derivative liabilities	(184)	(365)
Fair Value Measurements Recurring [Member]
Available-for-sale investments:
Available-for-sale investments	3	5
Derivative assets	565	728
Total	568	733
Derivative liabilities	(1,701)	(1,515)
Total	(1,701)	(1,515)
Fair Value Measurements Recurring [Member] \| Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	565	726
Derivative liabilities	(208)	(160)
Fair Value Measurements Recurring [Member] \| Cross-Currency Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets		2
Derivative liabilities	(1,296)	(988)
Fair Value Measurements Recurring [Member] \| Other [Member]
Available-for-sale investments:
Derivative liabilities	(13)	(2)
Fair Value Measurements Recurring [Member] \| Floor Income Contracts [Member]
Available-for-sale investments:
Derivative liabilities	(184)	(365)
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	2	4
Level 2 [Member] \| Fair Value Measurements Recurring [Member]
Available-for-sale investments:
Available-for-sale investments	3	5
Derivative assets	553	709
Total	556	714
Derivative liabilities	(387)	(547)
Total	(387)	(547)
Level 2 [Member] \| Fair Value Measurements Recurring [Member] \| Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	553	709
Derivative liabilities	(150)	(99)
Level 2 [Member] \| Fair Value Measurements Recurring [Member] \| Cross-Currency Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative liabilities	(53)	(83)
Level 2 [Member] \| Fair Value Measurements Recurring [Member] \| Floor Income Contracts [Member]
Available-for-sale investments:
Derivative liabilities	(184)	(365)
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	2	4
Level 3 [Member] \| Fair Value Measurements Recurring [Member]
Available-for-sale investments:
Derivative assets	12	19
Total	12	19
Derivative liabilities	(1,314)	(968)
Total	(1,314)	(968)
Level 3 [Member] \| Fair Value Measurements Recurring [Member] \| Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets	12	17
Derivative liabilities	(58)	(61)
Level 3 [Member] \| Fair Value Measurements Recurring [Member] \| Cross-Currency Interest Rate Swaps [Member]
Available-for-sale investments:
Derivative assets		2
Derivative liabilities	(1,243)	(905)
Level 3 [Member] \| Fair Value Measurements Recurring [Member] \| Other [Member]
Available-for-sale investments:
Derivative liabilities	$ (13)	$ (2)

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, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	$ (949)	$ (216)	$ 899
Total gains/(losses) (realized and unrealized):
Included in earnings	(439)	(751)	(1,072)
Included in other comprehensive income	0	0	0
Settlements	94	18	(43)
Transfers in and/or out of level 3	(8)
Balance, end of period	(1,302)	(949)	(216)
Change in unrealized gains/(losses) relating to instruments still held at the reporting date	(344)	(737)	(1,215)
Interest Rate Swaps [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	(44)	(88)	(87)
Total gains/(losses) (realized and unrealized):
Included in earnings	3	39	1
Included in other comprehensive income	0	0	0
Settlements	3	5	(2)
Transfers in and/or out of level 3	(8)
Balance, end of period	(46)	(44)	(88)
Change in unrealized gains/(losses) relating to instruments still held at the reporting date	7	37
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	(903)	(117)	1,007
Total gains/(losses) (realized and unrealized):
Included in earnings	(428)	(796)	(1,081)
Included in other comprehensive income	0	0	0
Settlements	88	10	(43)
Balance, end of period	(1,243)	(903)	(117)
Change in unrealized gains/(losses) relating to instruments still held at the reporting date	(340)	(783)	(1,225)
Other [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	(2)	(11)	(21)
Total gains/(losses) (realized and unrealized):
Included in earnings	(14)	6	8
Included in other comprehensive income	0	0	0
Settlements	3	3	2
Balance, end of period	(13)	(2)	(11)
Change in unrealized gains/(losses) relating to instruments still held at the reporting date	$ (11)	$ 9	$ 10

Fair Value Measurements - Included in Earnings (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Gains (losses) on derivative and hedging activities, net	$ (439)	$ (751)	$ (1,072)
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	(351)	(741)	(1,116)
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	$ (88)	$ (10)	$ 44

Fair Value Measurements - Unobservable Data Used in Recurring Valuations of Level 3 (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Interest Rate Swaps [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ 357	$ 566
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	(1,296)	(986)
Other [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	(13)	$ (2)
Level 3 [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	(1,302)
Level 3 [Member] \| Cross-Currency Interest Rate Swaps [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ (1,243)
Discounted cash flow	Discounted Cash Flow, Constant Prepayment Rate
Constant prepayment rate	3.30%
Level 3 [Member] \| Other [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ (13)
Level 3 [Member] \| Prime/LIBOR Basis Swaps [Member] \| Interest Rate Swaps [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative financial instruments, Fair Value	$ (46)
Discounted cash flow	Discounted Cash Flow, Constant Prepayment Rate
Constant prepayment rate	4.90%
Level 3 [Member] \| Prime/LIBOR Basis Swaps [Member] \| Interest Rate Swaps [Member] \| Minimum [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Bid/ask adjustment to discount rate	0.05%
Level 3 [Member] \| Prime/LIBOR Basis Swaps [Member] \| Interest Rate Swaps [Member] \| Maximum [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Bid/ask adjustment to discount rate	0.05%
Level 3 [Member] \| Prime/LIBOR Basis Swaps [Member] \| Interest Rate Swaps [Member] \| Weighted Average [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Bid/ask adjustment to discount rate	0.05%

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	$ 111,070	$ 122,796
Total earning assets, Carrying Value	116,273	128,629
Short-term borrowings, Carrying Value	2,334	2,570
Long-term borrowings, Carrying Value	112,368	124,833
Total interest-bearing liabilities, Carrying Value	114,702	127,403
Total earning assets, Fair Value	115,020	125,886
Short-term borrowings, Fair Value	2,346	2,569
Long-term borrowings, Fair Value	109,826	118,471
Total interest-bearing liabilities, Fair Value	112,172	121,040
FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	87,730	96,402
Loans receivable, Fair Value	86,626	94,281
Floor Income Contracts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(184)	(365)
Derivative financial instruments, Fair Value	(184)	(365)
Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	357	566
Derivative financial instruments, Fair Value	357	566
Cross-Currency Interest Rate Swaps [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(1,296)	(986)
Derivative financial instruments, Fair Value	(1,296)	(986)
Other [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative financial instruments, Carrying Value	(13)	(2)
Derivative financial instruments, Fair Value	(13)	(2)
Private Education Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans, Carrying Value	23,340	26,394
Loans receivable, Fair Value	23,191	25,772
Difference [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total earning assets, Fair Value	(1,253)	(2,743)
Short-term borrowings, Fair Value	(12)	1
Long-term borrowings, Fair Value	2,542	6,362
Total interest-bearing liabilities, Fair Value	2,530	6,363
Excess of net asset fair value over carrying value	1,277	3,620
Difference [Member] \| FFELP Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, Fair Value	(1,104)	(2,121)
Difference [Member] \| Private Education Loans [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, Fair Value	(149)	(622)
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	5,203	5,833
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and investments	$ 5,203	$ 5,833

Fair Value Measurements - Fair Values of Financial Assets and Liabilities, Including Derivative Financial Instruments (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Available-for-sale investments, cost basis	$ 3	$ 4
Available-for-sale investments, fair value	$ 3	$ 5

Commitments and Contingencies - Additional Information (Detail) - USD ($)		12 Months Ended
	May 13, 2014	Dec. 31, 2016	Dec. 31, 2014	Dec. 31, 2013
Loss Contingencies [Line Items]
Lawsuit Filing Date		May 4, 2015
Lawsuit settlement date		January 26, 2017
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
Federal Deposit Insurance Corporation [Member]
Loss Contingencies [Line Items]
Establishment of a restitution reserve	$ 30,000,000
DOJ Order [Member]
Loss Contingencies [Line Items]
Settlement fund under DOJ			$ 60,000,000
Consent order, term			4 years
Navient Solutions LLC [Member] \| Federal Deposit Insurance Corporation [Member]
Loss Contingencies [Line Items]
Civil monetary penalties	$ 3,300,000
Navient Solutions LLC [Member] \| DOJ Order [Member]
Loss Contingencies [Line Items]
Civil monetary penalties			$ 55,000
SLM BankCo [Member] \| Indemnification Matters [Member]
Loss Contingencies [Line Items]
Reserve for estimated amounts and costs incurred		$ 0

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, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Statutory rate	35.00%	35.00%	35.00%
State tax, net of federal benefit	3.80%	2.60%	2.00%
Other, net	(0.30%)	0.10%	0.50%
Effective tax rate	38.50%	37.70%	37.50%

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Statutory U.S. federal rate	35.00%	35.00%	35.00%
Valuation allowance, deferred tax assets	$ 7.0	$ 7.0
Operating loss carryforwards	$ 204.0
Operating loss carryforwards, expiration dates	2022
Unrecognized tax benefits at end of year	$ 73.0	$ 56.3	$ 51.9	$ 56.0
Unrecognized tax benefits recognition impact on effective tax rate	$ 45.5
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, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current provision/(benefit):
Federal									$ 246	$ 136	$ 440
State									47	22	41
Foreign									1
Total current provision/(benefit)									294	158	481
Deferred provision/(benefit):
Federal									115	398	186
State									18	41	14
Foreign									0	0	0
Total deferred provision/(benefit)									133	439	200
Provision for income tax expense/(benefit)	$ 96	$ 147	$ 81	$ 103	$ 164	$ 142	$ 111	$ 179	$ 427	$ 597	$ 681

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Deferred tax assets:
Loan reserves	$ 581	$ 648
Education loan premiums and discounts, net	74	95
Market value adjustments on education loans, investments and derivatives	65	126
Deferred revenue	37	46
Accrued expenses not currently deductible	33	24
Stock-based compensation plans	32	43
Unrealized derivative and investment gains and losses, net		30
Other	45	29
Total deferred tax assets	867	1,041
Deferred tax liabilities:
Original issue discount on borrowings	27	23
Other	38	46
Total deferred tax liabilities	65	69
Net deferred tax assets	$ 802	$ 972

Income Taxes - Summary of Changes in Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Unrecognized tax benefits at beginning of year	$ 56.3	$ 51.9	$ 56.0
Increases resulting from tax positions taken during a prior period	19.9	1.6	1.0
Decreases resulting from tax positions taken during a prior period	(5.6)	(1.8)	(12.4)
Increases resulting from tax positions taken during the current period	4.4	6.9	8.4
Decreases related to settlements with taxing authorities	(0.1)		(0.6)
Increases related to settlements with taxing authorities	0.0	0.0	0.0
Reductions related to the lapse of statute of limitations	(1.9)	(2.3)	(0.5)
Unrecognized tax benefits at end of year	$ 73.0	$ 56.3	$ 51.9

Segment Reporting - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($) Segment Clients Agency Accounts	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Segment Reporting Information [Line Items]
Number of primary operating segments \| Segment	3
Loans, net	$ 111,070	$ 122,796
Outstanding inventory of asset recovery receivables	$ 20,000
Number of clients for business processing services \| Clients	1,000
Servicing revenue	$ 304	340	$ 298
Reduction of revenue	(628)	(1,038)	(846)
Total assets	121,136	134,046
FFELP Loans [Member]
Segment Reporting Information [Line Items]
Loans, net	$ 87,730	96,402
Percentage of general guaranty agreements of FFELP loans	97.00%
Loan portfolio amortization period weighted average life	7 years
Loans acquired	$ 3,500
Amortization period	20 years
Percentage of loans funded through securitization debt	81.00%
Business Services Segment [Member]
Segment Reporting Information [Line Items]
Asset recovery revenue	$ 194	209
Total assets	587	657
Business Services Segment [Member] \| FFELP Loans [Member]
Segment Reporting Information [Line Items]
Account maintenance fees and default aversion fees earned on FFELP loans	$ 21	33
Business Services Segment [Member] \| Department of Education [Member]
Segment Reporting Information [Line Items]
Number of contracts under ED servicing contract \| Accounts	6,200,000
Loans under service contract	$ 197,000
Revenue from servicing contract	151
Other Segment [Member]
Segment Reporting Information [Line Items]
Total assets	2,100	2,400
Asset Classes Other Than Education Loans [Member]
Segment Reporting Information [Line Items]
Outstanding inventory of asset recovery receivables	$ 10,100
Non-education [Member]
Segment Reporting Information [Line Items]
Increase percentage in outstanding inventory of asset recovery receivable	77.00%
Increase in outstanding inventory of asset recovery receivable	$ 174	99
Performing Financial Instruments [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 TIVAS that provides loan servicing 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 on 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 but less than 360 days delinquent (15 percent), a survey of borrowers (35 percent), and a survey of ED personnel (5 percent).
Operating Segments [Member]
Segment Reporting Information [Line Items]
Servicing revenue	$ 304	340	299
Operating Segments [Member] \| Business Services Segment [Member]
Segment Reporting Information [Line Items]
Business Services segment revenue	1,010	1,020
Servicing revenue	$ 624	$ 651	668
Number of guarantor agencies \| Agency	26
Default aversion provided \| Agency	11
Operating Segments [Member] \| Sales Revenue Net [Member] \| Business Services Segment [Member] \| Government Contracts Concentration Risk [Member] \| FFELP Loans [Member]
Segment Reporting Information [Line Items]
Federal education loan related revenue as percentage of Business Services revenue	80.00%	87.00%
Eliminations [Member]
Segment Reporting Information [Line Items]
Servicing revenue	$ (389)	$ (427)	$ (456)
Eliminations [Member] \| Business Services Segment [Member] \| FFELP Loans [Member]
Segment Reporting Information [Line Items]
Servicing revenue	389	427
Private Education Loans [Member]
Segment Reporting Information [Line Items]
Loans, net	$ 23,340	$ 26,394
Loan portfolio amortization period weighted average life	6 years
Amortization period	20 years
Percentage of loans funded through securitization debt	61.00%
FFELP Loans [Member] \| Operating Segments [Member] \| Business Services Segment [Member]
Segment Reporting Information [Line Items]
Reduction of revenue	$ (79)

Segment Reporting - Asset Information for Loans Segment (Detail) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Loans, net	$ 111,070	$ 122,796
Other	4,193	4,712
Total assets	121,136	134,046
Private Education Loans Segment [Member]
Segment Reporting Information [Line Items]
Loans, net	23,340	26,394
Cash and investments	667	596
Other	1,567	1,988
Total assets	25,574	28,978
FFELP Loans Segment [Member]
Segment Reporting Information [Line Items]
Loans, net	87,730	96,402
Cash and investments	3,212	3,572
Other	1,907	2,045
Total assets	$ 92,849	$ 102,019

Segment Reporting - Segment Results and Reconciliations to GAAP (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Interest income:
Cash and investments									$ 22	$ 8	$ 9
Total interest income									4,146	4,295	4,730
Total interest expense									2,441	2,074	2,063
Net interest income (loss)	$ 378	$ 412	$ 429	$ 486	$ 536	$ 553	$ 549	$ 583	1,705	2,221	2,667
Less: provisions for loan losses	102	106	110	111	120	128	203	130	429	581	647
Net interest income (loss) after provisions for loan losses	276	306	319	375	416	425	346	453	1,276	1,640	2,020
Other income (loss):
Servicing revenue									304	340	298
Asset recovery and business processing revenue									390	367	388
Other income									124	183	221
Gains (losses) on sales of loans and investments										(9)
Gains on debt repurchases									1	21
Total other income									819	902	907
Expenses:
Direct operating expenses									731	699	760
Overhead expenses									220	219	227
Total operating expenses	246	228	230	247	235	228	225	230	951	918	987
Goodwill and acquired intangible asset impairment and amortization	13	12	6	4	5	3	3	1	36	12	9
Restructuring and other reorganization expenses							29	3		32	113
Total expenses									987	962	1,109
Income (loss) from continuing operations, before income tax expense (benefit)									1,108	1,580	1,818
Income tax expense (benefit)	96	147	81	103	164	142	111	179	427	597	681
Net income (loss) from continuing operations	145	230	125	181	283	233	179	289	681	983	1,137
Income (loss) from discontinued operations, net of tax expense (benefit)						1				1
Net income (loss)	$ 145	$ 230	$ 125	$ 181	$ 283	$ 234	$ 179	$ 289	681	984	1,137
Education Loan Portfolio [Member]
Interest income:
Total interest income									4,115	4,280	4,712
Other Loans [Member]
Interest income:
Total interest income									9	7	9
Reclassifications [Member]
Interest income:
Total interest income									247	650	699
Total interest expense									31	37	42
Net interest income (loss)									216	613	657
Net interest income (loss) after provisions for loan losses									216	613	657
Other income (loss):
Other income									(216)	(613)	(657)
Total other income									(216)	(613)	(657)
Reclassifications [Member] \| Education Loan Portfolio [Member]
Interest income:
Total interest income									247	650	699
Additions/ (Subtractions) [Member]
Interest income:
Cash and investments											1
Total interest income									(114)	(238)	(41)
Total interest expense											31
Net interest income (loss)									(114)	(238)	(72)
Less: provisions for loan losses											49
Net interest income (loss) after provisions for loan losses									(114)	(238)	(121)
Other income (loss):
Servicing revenue											(1)
Other income									326	781	846
Total other income									326	781	845
Expenses:
Direct operating expenses											36
Overhead expenses											27
Total operating expenses											63
Goodwill and acquired intangible asset impairment and amortization									36	12	9
Restructuring and other reorganization expenses										32	113
Total expenses									36	44	185
Income (loss) from continuing operations, before income tax expense (benefit)									176	499	539
Income tax expense (benefit)									82	196	208
Net income (loss) from continuing operations									94	303	331
Net income (loss)									94	303	331
Additions/ (Subtractions) [Member] \| Education Loan Portfolio [Member]
Interest income:
Total interest income									(114)	(238)	(42)
Total Adjustments [Member]
Interest income:
Cash and investments											1
Total interest income									133	412	658
Total interest expense									31	37	73
Net interest income (loss)									102	375	585
Less: provisions for loan losses											49
Net interest income (loss) after provisions for loan losses									102	375	536
Other income (loss):
Servicing revenue											(1)
Other income									110	168	189
Total other income									110	168	188
Expenses:
Direct operating expenses											36
Overhead expenses											27
Total operating expenses											63
Goodwill and acquired intangible asset impairment and amortization									36	12	9
Restructuring and other reorganization expenses										32	113
Total expenses									36	44	185
Income (loss) from continuing operations, before income tax expense (benefit)									176	499	539
Income tax expense (benefit)									82	196	208
Net income (loss) from continuing operations									94	303	331
Net income (loss)									94	303	331
Total Adjustments [Member] \| Education Loan Portfolio [Member]
Interest income:
Total interest income									133	412	657
Operating Segments [Member]
Interest income:
Cash and investments									22	8	8
Total interest income									4,013	3,883	4,072
Total interest expense									2,410	2,037	1,990
Net interest income (loss)									1,603	1,846	2,082
Less: provisions for loan losses									429	581	598
Net interest income (loss) after provisions for loan losses									1,174	1,265	1,484
Other income (loss):
Servicing revenue									304	340	299
Asset recovery and business processing revenue									390	367	388
Other income									14	15	32
Gains (losses) on sales of loans and investments										(9)
Gains on debt repurchases									1	21
Total other income									709	734	719
Expenses:
Direct operating expenses									731	699	724
Overhead expenses									220	219	200
Total operating expenses									951	918	924
Total expenses									951	918	924
Income (loss) from continuing operations, before income tax expense (benefit)									932	1,081	1,279
Income tax expense (benefit)									345	401	473
Net income (loss) from continuing operations									587	680	806
Income (loss) from discontinued operations, net of tax expense (benefit)										1
Net income (loss)									587	681	806
Operating Segments [Member] \| Education Loan Portfolio [Member]
Interest income:
Total interest income									3,982	3,868	4,055
Operating Segments [Member] \| Other Loans [Member]
Interest income:
Total interest income									9	7	9
Operating Segments [Member] \| FFELP Loans Segment [Member]
Interest income:
Cash and investments									16	6	4
Total interest income									2,411	2,118	2,101
Total interest expense									1,592	1,245	1,168
Net interest income (loss)									819	873	933
Less: provisions for loan losses									43	46	59
Net interest income (loss) after provisions for loan losses									776	827	874
Other income (loss):
Servicing revenue									55	95	62
Gains (losses) on sales of loans and investments										12
Total other income									55	107	62
Expenses:
Direct operating expenses									401	443	478
Total operating expenses									401	443	478
Total expenses									401	443	478
Income (loss) from continuing operations, before income tax expense (benefit)									430	491	458
Income tax expense (benefit)									158	183	171
Net income (loss) from continuing operations									272	308	287
Net income (loss)									272	308	287
Operating Segments [Member] \| FFELP Loans Segment [Member] \| Education Loan Portfolio [Member]
Interest income:
Total interest income									2,395	2,112	2,097
Operating Segments [Member] \| Private Education Loans Segment [Member]
Interest income:
Cash and investments									2
Total interest income									1,589	1,756	1,958
Total interest expense									705	680	708
Net interest income (loss)									884	1,076	1,250
Less: provisions for loan losses									383	538	539
Net interest income (loss) after provisions for loan losses									501	538	711
Other income (loss):
Servicing revenue									14	21	25
Gains (losses) on sales of loans and investments										(21)
Total other income									14		25
Expenses:
Direct operating expenses									167	168	181
Total operating expenses									167	168	181
Total expenses									167	168	181
Income (loss) from continuing operations, before income tax expense (benefit)									348	370	555
Income tax expense (benefit)									129	137	204
Net income (loss) from continuing operations									219	233	351
Net income (loss)									219	233	351
Operating Segments [Member] \| Private Education Loans Segment [Member] \| Education Loan Portfolio [Member]
Interest income:
Total interest income									1,587	1,756	1,958
Operating Segments [Member] \| Business Services Segment [Member]
Other income (loss):
Servicing revenue									624	651	668
Asset recovery and business processing revenue									390	367	388
Other income										4	6
Total other income									1,014	1,022	1,062
Expenses:
Direct operating expenses									524	485	389
Total operating expenses									524	485	389
Total expenses									524	485	389
Income (loss) from continuing operations, before income tax expense (benefit)									490	537	673
Income tax expense (benefit)									182	199	248
Net income (loss) from continuing operations									308	338	425
Net income (loss)									308	338	425
Operating Segments [Member] \| Other Segment [Member]
Interest income:
Cash and investments									4	2	4
Total interest income									13	9	13
Total interest expense									113	112	114
Net interest income (loss)									(100)	(103)	(101)
Less: provisions for loan losses									3	(3)
Net interest income (loss) after provisions for loan losses									(103)	(100)	(101)
Other income (loss):
Other income									14	11	26
Gains on debt repurchases									1	21
Total other income									15	32	26
Expenses:
Direct operating expenses									28	30	132
Overhead expenses									220	219	200
Total operating expenses									248	249	332
Total expenses									248	249	332
Income (loss) from continuing operations, before income tax expense (benefit)									(336)	(317)	(407)
Income tax expense (benefit)									(124)	(118)	(150)
Net income (loss) from continuing operations									(212)	(199)	(257)
Income (loss) from discontinued operations, net of tax expense (benefit)										1
Net income (loss)									(212)	(198)	(257)
Operating Segments [Member] \| Other Segment [Member] \| Other Loans [Member]
Interest income:
Total interest income									9	7	9
Eliminations [Member]
Other income (loss):
Servicing revenue									(389)	(427)	(456)
Total other income									(389)	(427)	(456)
Expenses:
Direct operating expenses									(389)	(427)	(456)
Total operating expenses									(389)	(427)	(456)
Total expenses									$ (389)	$ (427)	$ (456)

Segment Reporting - Segment Result and Reconciliations to GAAP - Core Earnings Adjustments (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income after provisions for loan losses	$ 276	$ 306	$ 319	$ 375	$ 416	$ 425	$ 346	$ 453	$ 1,276	$ 1,640	$ 2,020
Total other income (loss)									819	902	907
Operating expenses	246	228	230	247	235	228	225	230	951	918	987
Goodwill and acquired intangible asset impairment and amortization	13	12	6	4	5	3	3	1	36	12	9
Restructuring and other reorganization expenses							29	3		32	113
Income tax expense (benefit)	96	147	81	103	164	142	111	179	427	597	681
Net income (loss)	$ 145	$ 230	$ 125	$ 181	$ 283	$ 234	$ 179	$ 289	681	984	1,137
Total Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income after provisions for loan losses									102	375	536
Total other income (loss)									110	168	188
Operating expenses											63
Goodwill and acquired intangible asset impairment and amortization									36	12	9
Restructuring and other reorganization expenses										32	113
Total "Core Earnings" adjustments to GAAP									176	499	539
Income tax expense (benefit)									82	196	208
Net income (loss)									94	303	331
Net Impact of Acquired Intangibles [Member] \| Total Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Goodwill and acquired intangible asset impairment and amortization									36	12	9
Total "Core Earnings" adjustments to GAAP									(36)	(12)	(9)
Net Impact of Derivative Accounting [Member] \| Total Adjustments [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net interest income after provisions for loan losses									102	375	400
Total other income (loss)									110	168	173
Total "Core Earnings" adjustments to GAAP									$ 212	543	573
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
Total other income (loss)											15
Operating expenses											63
Restructuring and other reorganization expenses										32	113
Total "Core Earnings" adjustments to GAAP										$ (32)	$ (25)

Segment Reporting - Core Earnings Adjustments to GAAP (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
"Core Earnings" adjustments to GAAP:
Net tax effect	$ (96)	$ (147)	$ (81)	$ (103)	$ (164)	$ (142)	$ (111)	$ (179)	$ (427)	$ (597)	$ (681)
Net income attributable to Navient Corporation	$ 145	$ 230	$ 125	$ 181	$ 283	$ 234	$ 179	$ 289	681	984	1,137
Total Adjustments [Member]
"Core Earnings" adjustments to GAAP:
Core Earnings adjustments to GAAP									176	499	539
Net tax effect									(82)	(196)	(208)
Net income attributable to Navient Corporation									94	303	331
Total Adjustments [Member] \| Net Impact of Acquired Intangibles [Member]
"Core Earnings" adjustments to GAAP:
Core Earnings adjustments to GAAP									(36)	(12)	(9)
Total Adjustments [Member] \| Net Impact of Derivative Accounting [Member]
"Core Earnings" adjustments to GAAP:
Core Earnings adjustments to GAAP									$ 212	543	573
Total Adjustments [Member] \| Net Impact from Spin-Off of SLM BankCo [Member]
"Core Earnings" adjustments to GAAP:
Core Earnings adjustments to GAAP										$ (32)	$ (25)

Segment Reporting - Core Earnings Adjustments to GAAP (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2016 USD ($)
Segment Reporting [Abstract]
Amount that will be equal to cumulative net unrealized gain or loss over the life of the contract	$ 0

Quarterly Financial Information (Unaudited) - Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Statement [Abstract]
Net interest income	$ 378	$ 412	$ 429	$ 486	$ 536	$ 553	$ 549	$ 583	$ 1,705	$ 2,221	$ 2,667
Less: provisions for loan losses	102	106	110	111	120	128	203	130	429	581	647
Net interest income after provisions for loan losses	276	306	319	375	416	425	346	453	1,276	1,640	2,020
Other income	218	174	151	159	178	161	219	178
Gains (losses) on derivative and hedging activities, net	6	137	(28)	1	93	20	(18)	71	117	166	139
Operating expenses	246	228	230	247	235	228	225	230	951	918	987
Goodwill and acquired intangible asset impairment and amortization expense	13	12	6	4	5	3	3	1	36	12	9
Restructuring and other reorganization expenses							29	3		32	113
Income tax expense	96	147	81	103	164	142	111	179	427	597	681
Net income from continuing operations	145	230	125	181	283	233	179	289	681	983	1,137
Income from discontinued operations, net of tax expense						1				1
Net income	145	230	125	181	283	234	179	289	681	984	1,137
Less: net income (loss) attributable to noncontrolling interest	0	0	0	0	0	0	0	0	0	0	0
Net income attributable to Navient Corporation	$ 145	$ 230	$ 125	$ 181	$ 283	$ 234	$ 179	$ 289	$ 681	$ 984	$ 1,137
Basic earnings per common share attributable to Navient Corporation	$ 0.49	$ 0.74	$ 0.39	$ 0.53	$ 0.80	$ 0.63	$ 0.47	$ 0.73	$ 2.15	$ 2.62	$ 2.71
Diluted earnings per common share attributable to Navient Corporation	$ 0.48	$ 0.73	$ 0.38	$ 0.53	$ 0.78	$ 0.63	$ 0.46	$ 0.71	$ 2.12	$ 2.58	$ 2.66