Giuliano Bologna: That’s great. And then on during the call as well. But when you think about the FFELP NIM, obviously there’s some positive carry dynamics when rates move up. I’d be curious if you think about, kind of what’s the stabilized and should be for the adult portfolio once things normalize a bit more rather than obviously a rising rate environment like we’re currently in?
Jack Remondi: Yes. So, our current forecast as I said earlier just includes two rate cuts in the back half of the year, so the rest would be negative pressure associated with that as we’ve discussed in a rising rate environment, the assets themselves reset quicker than the liabilities, so you get a benefit. So, you would get some pressure should that come to fruition in terms of a decreasing rate environment. In terms of normalized levels that we’ve seen over the last two years, really between that call it low-90s to mid-to-high 110 range. I would say in that somewhere in that range is where we would anticipate in terms of a flat rate environment is closer to 100 basis points, but that’s something that we just haven’t seen a flat environment in several quarters here.
Giuliano Bologna: That’s great. Thank you very much, and thanks for answering my questions. I’ll jump back in the queue.
Operator: Thank you. Our next question comes from the line of Jeff Adelson with Morgan Stanley. Your line is now open.
Jeff Adelson: Yes, hi. Thanks for taking my question. Related to the provision expense for the bankruptcy related items this quarter, based on what you know today and what you see in the portfolio, are there any potential items that could come through in the future on this? Maybe as we get some more bankruptcy related reform in the future?
Jack Remondi: Well, this is less of a political reform issue and more of an interpretation change that’s been happening at some of the of the equation and it really impacts loan categories that we inherited at the separation from Sallie Mae. They were originated a long time ago, we don’t originate any loan products in these categories today. They’re generally non-title and then loans that were dispersed directly to the student rather than through the schools. The courts have been moving around in terms of different interpretations of what qualifies as dischargeable and what doesn’t. This resolution brings a – hopefully brings a uniform approach to these categories of loans. And to the extent that it has an impact in the future per future deposit will be for loans that file for bankruptcy from these categories in the future. That is included in our estimates of our life of loan losses.
Jeff Adelson: Got it. Helpful. And then just to circle back on the comment that more , no meaningful benefit to refi volumes. I guess just trying to think through like what rate – what might you need to see from rates before you do start to see meaningful uptick or maybe something back towards pre-pandemic levels of volumes. You do have this backlog and you’ve got disbursements that are coming through at higher rates. Do we need to see something like the two-year drop below 3%, is it more like 2% just trying to think through how meaningful the benefit can be if rates do drop?
Jack Remondi: Well, pre-pandemic volume was certainly benefiting from a pre-interest rate increase volume was benefiting from the fact that rates were so low relative to historical loan origination activities. Today most of our refinance demand is coming from borrowers that have existing private student loans. And so, you’re seeing those customers particularly ones with variable rates looking to find solutions that allow them to lock in a fixed rate program for themselves and capture better terms and conditions. In terms of getting that volume activity back up to where we saw in years past, we’re looking at a fairly significant decrease in rates that are measured in percentage points versus basis points.
Operator: Thank you. Our next question comes from the line of Rick Shane with JPMorgan. Your line is now open.
