Sallie Mae 2005 Annual Report Download - page 149
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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)
F-27
4. Allowance for Student Loan Losses (Continued)
Delinquencies
The table below shows the Company’s Private Education Loan delinquency trends as of December 31,
2005, 2004 and 2003. Delinquencies have the potential to adversely impact earnings if the account charges
off and results in increased servicing and collection costs.
December 31,
2005 2004 2003
(Dollars in millions) Balance % Balance % Balance %
Loans in-school/grace/deferment(1) ............... $4,301 $2,787 $1,970
Loans in forbearance(2) .......................... 303 166 236
Loans in repayment and percentage of each status:
Loanscurrent................................ 3,311 90.4% 2,555 89.9% 2,268 88.9%
Loans delinquent 31-60 days(3) ................. 166 4.5 124 4.4 115 4.5
Loans delinquent 61-90 days................... 77 2.1 56 2.0 62 2.4
Loans delinquent greater than90 days.......... 108 3.0 107 3.7 106 4.2
Total Private Education Loans in repayment..... 3,662 100% 2,842 100
% 2,551 100.0%
Total PrivateEducation Loans, gross ............. 8,266 5,795 4,757
Private Education Loanunamortized discount..... (305) (203) (121 )
Total PrivateEducation Loans................... 7,961 5,592 4,636
Private Education Loan allowance for losses....... (204) (172) (166 )
Private Education Loans, net .................... $7,757 $5,420 $4,470
Percentage of Private Education Loans
inrepayment ................................ 44.3% 49.0% 53.6 %
Delinquencies as a percentage of Private Education
Loans in repayment .......................... 9.6% 10.1% 11.1 %
(1) Loans for borrowers who still may be attending school or engaging in other permitted educational activities and
are not yet 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 borrowers who have requested extension of grace period during employment transition or who have
temporarily ceased making full payments due to hardship or other factors, consistent with the established loan
program servicing procedures and policies.
(3) The period of delinquency is based on the number of days scheduled payments are contractually past due.