Sallie Mae 2006 Annual Report Download - page 61
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Average Balances:
FFELP
Stafford and
Other
(1)
FFELP
Consolidation
Loans Total FFELP
Private
Education
Loans Total
Year Ended December 31, 2006
On-balance sheet ............ $21,152 $55,119 $ 76,271 $ 8,585 $ 84,856
Off-balance sheet ............ 19,546 15,652 35,198 11,138 46,336
Total Managed .............. $40,698 $70,771 $111,469 $19,723 $131,192
% of on-balance sheet FFELP . . . 28% 72% 100%
% of Managed FFELP ........ 37% 63% 100%
% of total ................. 31% 54% 85% 15% 100%
FFELP
Stafford and
Other
(1)
FFELP
Consolidation
Loans Total FFELP
Private
Education
Loans Total
Year Ended December 31, 2005
On-balance sheet ............ $20,720 $47,082 $ 67,802 $ 6,922 $ 74,724
Off-balance sheet ............ 24,182 9,800 33,982 7,238 41,220
Total Managed .............. $44,902 $56,882 $101,784 $14,160 $115,944
% of on-balance sheet FFELP . . . 31% 69% 100%
% of Managed FFELP ........ 44% 56% 100%
% of total ................. 39% 49% 88% 12% 100%
FFELP
Stafford and
Other
(1)
FFELP
Consolidation
Loans Total FFELP
Private
Education
Loans Total
Year Ended December 31, 2004
On-balance sheet ............. $19,317 $31,773 $51,090 $ 4,795 $55,885
Off-balance sheet ............. 27,365 7,698 35,063 5,495 40,558
Total Managed ............... $46,682 $39,471 $86,153 $10,290 $96,443
% of on-balance sheet FFELP. . . . 38% 62% 100%
% of Managed FFELP ......... 54% 46% 100%
% of total .................. 48% 41% 89% 11% 100%
(1)
FFELP category is primarily Stafford loans and also includes federally insured PLUS and HEAL loans.
Student Loan Spread
An important performance measure closely monitored by management is the student loan spread. The
student loan spread is the difference between the income earned on the student loan assets and the interest
paid on the debt funding those assets. A number of factors can affect the overall student loan spread such as:
• the mix of student loans in the portfolio, with FFELP Consolidation Loans having the lowest spread
and Private Education Loans having the highest spread;
• the premiums paid, borrower fees charged and capitalized costs incurred to acquire student loans which
impact the spread through subsequent amortization;
• the type and level of Borrower Benefits programs;
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