Sallie Mae 2006 Annual Report Download - page 77
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FFELP Private Total
Year Ended
December 31, 2005
Preferred Channel ...................................... $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 .................. 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 sheet
securitized trusts ..................................... 533 275 808
Total Managed student loan acquisitions...................... $23,838 $6,368 $30,206
FFELP Private Total
Year Ended
December 31, 2004
Preferred Channel ...................................... $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 ................................. 4,776 4 4,780
Acquisition of SLFA .................................... 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 sheet
securitized trusts ..................................... 565 172 737
Total Managed student loan acquisitions...................... $25,711 $4,205 $29,916
As shown on the above table, off-balance sheet FFELP Stafford loans that consolidate with us become an
on-balance sheet interest earning asset. This activity results in impairments of our Retained Interests in
securitizations, but this is offset by an increase in on-balance sheet interest earning assets, for which we do not
record an offsetting gain.
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