Sallie Mae 2007 Annual Report Download - page 70
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Private Education Loan Delinquencies
The table below presents our Private Education Loan delinquency trends as of December 31, 2007, 2006
and 2005. Delinquencies have the potential to adversely impact earnings as they are an initial indication of the
borrower’s potential to possibly default and as a result command a higher loan loss reserve than loans in
current status. Delinquent loans also require increased servicing and collection efforts, resulting in higher
operating costs.
Balance % Balance % Balance %
December 31,
2007
December 31,
2006
December 31,
2005
On-Balance Sheet Private Education
Loan Delinquencies
Loans in-school/grace/deferment
(1)
........ $ 8,151 $ 5,218 $4,301
Loans in forbearance
(2)
................. 974 359 303
Loans in repayment and percentage of each
status:
Loans current ...................... 6,236 88.5% 4,214 86.9% 3,311 90.4%
Loans delinquent 31-60 days
(3)
......... 306 4.3 250 5.1 166 4.5
Loans delinquent 61-90 days
(3)
......... 176 2.5 132 2.7 77 2.1
Loans delinquent greater than 90 days
(3)
. . 329 4.7 255 5.3 108 3.0
Total Private Education Loans in
repayment ...................... 7,047 100% 4,851 100% 3,662 100%
Total Private Education Loans, gross . . . . . . 16,172 10,428 8,266
Private Education Loan unamortized
discount .......................... (468) (365) (305)
Total Private Education Loans ........... 15,704 10,063 7,961
Private Education Loan allowance for
losses............................ (886) (308) (204)
Private Education Loans, net ............ $14,818 $ 9,755 $7,757
Percentage of Private Education Loans in
repayment ........................ 43.6% 46.5% 44.3%
Delinquencies as a percentage of Private
Education Loans in repayment ......... 11.5% 13.1% 9.6%
Loans in forbearance as a percentage of
loans in repayment and forbearance . . . . . 12.1% 6.9% 7.6%
(1)
Loans for borrowers who still may be attending school or engaging in other permitted educational activities and are not yet
required to make payments on the loans, e.g., residency periods for medical students or a grace period for bar exam preparation.
(2)
Loans for borrowers who have requested extension of grace period generally during employment transition or who have tempo-
rarily ceased making full payments due to hardship or other factors, consistent with the established loan program servicing poli-
cies and procedures.
(3)
The period of delinquency is based on the number of days scheduled payments are contractually past due.
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