
	March 31,		December 31,
(Dollars in thousands)	2024		2023
Private Education Loans:
Fixed-rate	$	14,788,341	$	13,985,791
Variable-rate	6,164,005		7,040,053
Total Private Education Loans, gross	20,952,346		21,025,844
Deferred origination costs and unamortized premium/(discount)	80,868		81,554
Allowance for credit losses	(1,345,431)		(1,335,105)
Total Private Education Loans, net	19,687,783		19,772,293

FFELP Loans	516,363		537,401
Deferred origination costs and unamortized premium/(discount)	1,270		1,330
Allowance for credit losses	(4,627)		(4,667)
Total FFELP Loans, net	513,006		534,064





Loans held for investment, net	$	20,200,789	$	20,306,357

The average balance (net of unamortized premium/(discount)) and the respective weighted average interest rates of loans held for investment in our portfolio are summarized as follows:


	2024				2023
Three Months Ended March 31, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	21,442,744	11.01	%	$	21,755,202	10.66	%
FFELP Loans	527,012		7.24		602,072		6.87

Total portfolio	$	21,969,756			$	22,357,274