Sallie Mae 2006 Annual Report Download - page 76
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The “other purchases” category includes the acquisition of Wholesale Consolidation Loans which totaled
$3.5 billion at an average premium percentage of 5.07 percent for the year ended December 31, 2006.
Wholesale Consolidation Loans are discussed in more detail at “Student Loan Spread — Wholesale Consolida-
tion Loans.” In 2004, “other purchases” included loans acquired in business combinations.
Included in “consolidation originations” is the 50 basis point FFELP Consolidation Loan origination fee
paid on the total balance of new FFELP Consolidation Loans, including internally consolidated loans from our
existing portfolio. The “consolidation originations” premium paid percentage is calculated on only consolida-
tion volume that is incremental to our portfolio. This percentage is largely driven by the mix of internal
consolidations.
Student Loan Acquisitions
In 2006, 76 percent of our Managed student loan acquisitions (exclusive of loans acquired through
business combinations 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, 2006, 2005 and 2004.
FFELP Private Total
Year Ended
December 31, 2006
Preferred Channel ...................................... $16,398 $7,611 $24,009
Other commitment clients ................................ 457 61 518
Spot purchases ........................................ 5,710 — 5,710
Consolidations from third parties ........................... 4,092 96 4,188
Acquisitions from off-balance sheet securitized trusts, primarily
consolidations ....................................... 7,141 255 7,396
Capitalized interest, premiums and discounts .................. 1,716 146 1,862
Total on-balance sheet student loan acquisitions ................ 35,514 8,169 43,683
Consolidations to SLM Corporation from off-balance sheet
securitized trusts ..................................... (7,141) (255) (7,396)
Capitalized interest, premiums and discounts — off-balance sheet
securitized trusts ..................................... 658 472 1,130
Total Managed student loan acquisitions...................... $29,031 $8,386 $37,417
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