Sallie Mae 2005 Annual Report Download - page 204
Download and view the complete annual report
Please find page 204 of the 2005 Sallie Mae annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194 -
195 -
196 -
197 -
198 -
199 -
200 -
201 -
202 -
203 -
204 -
205 -
206 -
207 -
208 -
209 -
210 -
211 -
212 -
213 -
214
 |
 |
A-6
Interest. The borrower’s interest rate on a Stafford Loan can be fixed or variable. Variable rates are
reset annually each July 1 based on the bond equivalent rate of 91-day Treasury bills auctioned at the final
auction held before the preceding June 1. Stafford Loan interest rates are presented below.
Trigger Date Borrower Rate
Maximum
Borrower Rate Interest Rate Margin
Before 01/01/81......... 7% 7% N/A
From 01/01/81 through
09/12/83.............. 9% 9% N/A
From 09/13/83 through
06/30/88.............. 8% 8% N/A
From 07/01/88 through
09/30/92.............. 8%for48 months; thereafter, 8%for48 months, 3.25% for loansmade
91-day Treasury +
Interest Rate Margin
then 10% before 7/23/92 and for
loans made on or
before 10/1/92 to new
student borrowers;
3.10% for loans made
after 7/23/92 and
before 7/1/94 to
borrowers with
outstanding FFELP
loans
From 10/01/92 through
06/30/94.............. 91-day Treasury + 9% 3.10%
Interest Rate Margin
From 07/01/94 through
06/30/95.............. 91-day Treasury + 8.25% 3.10%
Interest Rate Margin
From 07/01/95 through
06/30/98.............. 91-day Treasury + 8.25% 2.50% (In-School,
Interest Rate Margin Grace or Deferment);
3.10% (Repayment)
From 07/01/98 through
06/30/06.............. 91-day Treasury + 8.25% 1.70% (In-School,
Interest Rate Margin Grace or Deferment);
2.30% (Repayment)
From 07/01/06 .......... 6.8% 6.8% N/A
The trigger date for Stafford Loans made before October 1, 1992 is the first day of the enrollment
period for which the borrower’s first Stafford Loan is made. The trigger date for Stafford Loans made on
or after October 1, 1992 is the date of the disbursement of the borrower’s Stafford Loan.
Interest Subsidy Payments. The Department of Education is responsible for paying interest on
Subsidized Stafford Loans:
•while the borrower is a qualified student,
•during the grace period, and
•during prescribed deferral periods.
The Department of Education makes quarterly interest subsidy payments to the owner of a Subsidized
Stafford Loan in an amount equal to the interest that accrues on the unpaid balance of that loan before