Sallie Mae 2005 Annual Report Download - page 84
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74
decreased by $4 million from 2004 to 2005 and by $20 million from 2003 to 2004. These decreases were
primarily due to higher interest rates causing a slowdown in mortgage refinancings over the last two years.
Student Loan Acquisitions
In 2005, 75 percent of our Managed student loan acquisitions (exclusive of loans acquired through
business acquisitions and capitalized interest, premiums and discounts) were originated through our
Preferred Channel. The following tables summarize the components of our student loan acquisition
activity for the years ended December 31, 2005, 2004 and 2003.
December 31, 2005
FFELP Private Total
PreferredChannel................................ $14,847 $6,046 $ 20,893
Other commitment clients ......................... 500 56 556
Spot purchases ................................... 1,880 — 1,880
Consolidations from third parties................... 4,671 1 4,672
Acquisitions from off-balance sheet securitized trusts,
primarily consolidations ......................... 9,487 — 9,487
Acquisition of Idaho Transferee Corporation(1) ....... 43 — 43
Capitalized interest, premiums and discounts ......... 1,364 (10) 1,354
Total on-balance sheet student loan acquisitions ...... 32,792 6,093 38,885
Consolidations to SLM Corporation from off-balance
sheet securitized trusts........................... (9,487) — (9,487 )
Capitalized interest, premiums and discounts—off-
balance sheetsecuritized trusts................... 533 275 808
Total Managed student loan acquisitions............. $23,838 $6,368 $ 30,206
December 31, 2004
FFELP Private Total
PreferredChannel................................ $12,756 $3,982 $ 16,738
Other commitment clients ......................... 368 45 413
Spot purchases ................................... 1,804 4 1,808
Consolidations from third parties................... 2,609 — 2,609
Acquisitions from off-balance sheet securitized trusts,
primarily consolidations ......................... 5,554 — 5,554
Acquisition of Southwest(1) ......................... 4,776 4 4,780
Acquisition of SLFA(1) ............................. 1,435 — 1,435
Capitalized interest, premiums and discounts ......... 1,398 (2) 1,396
Total on-balance sheet student loan acquisitions ...... 30,700 4,033 34,733
Consolidations to SLM Corporation from off-balance
sheet securitized trusts........................... (5,554) — (5,554 )
Capitalized interest, premiums and discounts—off-
balance sheetsecuritized trusts................... 565 172 737
Total Managed student loan acquisitions............. $25,711 $4,205 $ 29,916
(1) See Note 11, “Acquisitions,” to the consolidated financial statements.