Sallie Mae 2007 Annual Report Download - page 8
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earn at the SAP rate, as the excess interest earned when the borrower rate exceeds the SAP rate (Floor
Income) must be refunded to ED.
Variable rate PLUS Loans and SLS Loans earn SAP only if the variable rate, which is reset annually,
exceeds the applicable maximum borrower rate. For PLUS loans disbursed on or after January 1, 2000, this
limitation on SAP was repealed effective April 1, 2006.
Title IV Programs and Title IV Loans — Student loan programs created under Title IV of the HEA,
including the FFELP and the FDLP, and student loans originated under those programs, respectively.
Variable Rate Floor Income — For FFELP Stafford student loans whose borrower interest rate resets
annually on July 1, we may earn Floor Income or Embedded Floor Income (see definitions above) based on a
calculation of the difference between the borrower rate and the then current interest rate. We refer to this as
Variable Rate Floor Income because Floor Income is earned only through the next reset date.
Wholesale Consolidation Loans — During 2006, we implemented a loan acquisition strategy under
which we began purchasing a significant amount of FFELP Consolidation Loans, primarily via the spot
market, which augments our in-house FFELP Consolidation Loan origination process. Wholesale Consolida-
tion Loans are considered incremental volume to our core acquisition channels, which are focused on the retail
marketplace with an emphasis on our brand strategy.
7