
	September 30,		December 31,
(Dollars in thousands)	2024		2023
Private Education Loans:
Fixed-rate	$	16,510,149	$	13,985,791
Variable-rate	5,267,317		7,040,053
Total Private Education Loans, gross	21,777,466		21,025,844
Deferred origination costs and unamortized premium/(discount)	96,088		81,554
Allowance for credit losses	(1,413,621)		(1,335,105)
Total Private Education Loans, net	20,459,933		19,772,293

FFELP Loans(1)	—		537,401
Deferred origination costs and unamortized premium/(discount)	—		1,330
Allowance for credit losses	—		(4,667)
Total FFELP Loans, net	—		534,064





Loans held for investment, net	$	20,459,933	$	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 September 30, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	20,497,173	10.79	%	$	20,649,663	10.96	%
FFELP Loans(1)	—		—		563,502		7.35

Total portfolio	$	20,497,173			$	21,213,165


	2024				2023
Nine Months Ended September 30, (dollars in thousands)	Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
Private Education Loans	$	20,805,777	10.90	%	$	21,032,541	10.80	%
FFELP Loans(1)	—		—		583,427		7.10

Total portfolio	$	20,805,777			$	21,615,968