Navient : EX-99.2

SOURCES OF LIQUIDITY AND AVAILABLE CAPACITY

Ending Balances

(Dollars in millions)		December 31, 2018				September 30, 2018				December 31, 2017
Sources of primary liquidity:
Total unrestricted cash and liquid investments		$	1,286			$	2,145			$	1,520
Unencumbered FFELP Loans			332				325				690
Total GAAP and Core Earnings basis		$	1,618			$	2,470			$	2,210

Average Balances

		QUARTERS ENDED																YEARS ENDED
(Dollars in millions)		December 31, 2018				September 30, 2018				December 31, 2017								December 31, 2018				December 31, 2017
Sources of primary liquidity:
Total unrestricted cash and liquid investments		$	1,933			$	1,533			$	1,349							$	1,672			$	1,234
Unencumbered FFELP Loans			647				658				879								705				960
Total GAAP and Core Earnings basis		$	2,580			$	2,191			$	2,228							$	2,377			$	2,194

Liquidity may also be available under secured credit facilities to the extent we have eligible collateral and capacity available. Maximum borrowing capacity under the FFELP Loan-other facilities will vary and be subject to each agreement's borrowing conditions, including, among others, facility size, current usage and availability of qualifying collateral from unencumbered FFELP Loans. As of December 31, 2018, September 30, 2018 and December 31, 2017, the maximum additional capacity under these facilities was $752 million, $2.6 billion and $2.4 billion, respectively. For the three months ended December 31, 2018, September 30, 2018 and December 31, 2017, the average maximum additional capacity under these facilities was $2.1 billion, $1.9 billion and $3.0 billion, respectively. For the years ended December 31, 2018 and 2017, the average maximum additional capacity under these facilities was $2.0 billion and $2.8 billion, respectively. As of December 31, 2018, the maturity dates of the FFELP Loan-other facilities ranged from November 2019 to April 2020.

Liquidity may also be available from our Private Education Loan asset-backed commercial paper ('ABCP') facilities. Maximum borrowing capacity under the Private Education Loan-other facilities will vary and be subject to each agreement's borrowing conditions, including, among others, facility size, current usage and availability of qualifying collateral from unencumbered Private Education Loans. As of December 31, 2018, September 30, 2018 and December 31, 2017, the maximum additional capacity under these facilities was $635 million, $108 million and $925 million, respectively. For the three months ended December 31, 2018, September 30, 2018 and December 31, 2017, the average maximum additional capacity under these facilities was $642 million, $608 million and $781 million, respectively. For the years ended December 31, 2018 and 2017, the average maximum additional capacity under these facilities was $714 million and $373 million, respectively. As of December 31, 2018, the maturity dates of the Private Education Loan facilities ranged from June 2019 to June 2020.

At December 31, 2018, we had a total of $5.7 billion of unencumbered tangible assets inclusive of those listed in the table above as sources of primary liquidity. Total unencumbered education loans comprised $2.9 billion of our unencumbered tangible assets of which $2.6 billion and $332 million related to Private Education Loans and FFELP Loans, respectively. In addition, as of December 31, 2018, we had $9.4 billion of encumbered net assets (i.e., overcollateralization) in our various financing facilities (consolidated variable interest entities). Since the fourth quarter of 2015, we have closed on $3.2 billion of Private Education Loan ABS Repurchase Facilities. These repurchase facilities are collateralized by Residual Interests in previously issued Private Education Loan ABS trusts. These are examples of how we can effectively finance previously encumbered assets to generate additional liquidity in addition to the unencumbered assets we traditionally have encumbered in the past. Additionally, these repurchase facilities had a cost of funds lower than that of a new unsecured debt issuance.

For further discussion of our various sources of liquidity, our access to the ABS market, our asset-backed financing facilities, and our issuance of unsecured debt, see 'Note 6 - Borrowings' in our Annual Report on Form 10-Kfor the year ended December 31, 2017.

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