Sallie Mae 2007 Annual Report Download - page 88
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years ended December 31, 2007 and 2006, operating expenses for the Lending business segment also included
$31 million and $34 million, respectively, of stock option compensation expense.
2007 versus 2006
Operating expenses for the year ended December 31, 2007, increased by 10 percent to $709 million
versus $645 million for the year ended December 31, 2006. The increase is primarily due to increased
consolidation and higher education sales and marketing expenses, Private Education Loan collection costs, and
severance-related expenses.
2006 versus 2005
Operating expenses for the year ended December 31, 2006, increased by 18 percent to $645 million
versus $547 million for the year ended December 31, 2005. The increase is primarily due to sales and
marketing expenses related to our direct to consumer initiatives and to higher sales expenses for higher
education loan products. The increase was also due to an increase in origination and servicing costs, consistent
with the increase in origination volume and the number of borrowers. In 2006, corporate overhead includes
$34 million of stock option compensation expense, due to the implementation of SFAS No. 123(R).
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