Sallie Mae 2007 Annual Report Download - page 76
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FFELP Loans
Delinquencies
The table below presents our FFELP 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.
(Dollars in millions) Balance % Balance % Balance %
2007 2006 2005
December 31,
On-Balance Sheet FFELP
Loan Delinquencies
Loans in-school/grace/deferment
(1)
...... $ 31,200 $23,171 $18,685
Loans in forbearance
(2)
............... 10,675 8,325 9,643
Loans in repayment and percentage of
each status:
Loans current .................... 55,128 84.4% 45,664 86.0% 39,544 87.2%
Loans delinquent 31-60 days
(3)
....... 3,650 5.6 2,787 5.2 2,072 4.6
Loans delinquent 61-90 days ......... 1,841 2.8 1,468 2.8 1,190 2.6
Loans delinquent greater than 90 days . . 4,671 7.2 3,207 6.0 2,514 5.6
Total FFELP loans in repayment ...... 65,290 100% 53,126 100% 45,320 100%
Total FFELP loans, gross ............. 107,165 84,622 73,648
FFELP loan unamortized premium ...... 2,259 1,563 1,214
Total FFELP loans .................. 109,424 86,185 74,862
FFELP loan allowance for losses ....... (89) (20) (15)
FFELP loans, net ................... $109,335 $86,165 $74,847
Percentage of FFELP loans in
repayment ...................... 60.9% 62.8% 61.5%
Delinquencies as a percentage of FFELP
loans in repayment ................ 15.6% 14.0% 12.8%
FFELP loans in forbearance as a
percentage of loans in repayment and
forbearance...................... 14.1% 13.5% 17.5%
(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 pro-
cedures and policies.
(3)
The period of delinquency is based on the number of days scheduled payments are contractually past due.
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