Sallie Mae 2008 Annual Report Download - page 148
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3. Student Loans (Continued)
The estimated weighted average life of student loans in the Company’s portfolio was approximately
7.8 years and 9.0 years at December 31, 2008 and 2007, respectively. The following table reflects the
distribution of the Company’s student loan portfolio by program.
Ending
Balance
%of
Balance
Average
Balance
Average
Effective
Interest
Rate
December 31,
2008
Year Ended
December 31, 2008
FFELP Stafford and Other Student Loans,
net
(1)
............................. $ 52,476,337 36% $ 44,290,909 4.50%
FFELP Consolidation Loans, net ........... 71,743,435 50 73,091,087 4.35
Private Education Loans, net .............. 20,582,298 14 19,276,067 9.01
Total student loans, net
(2)
................ $144,802,070 100% $136,658,063 5.06%
Ending
Balance
%of
Balance
Average
Balance
Average
Effective
Interest
Rate
December 31,
2007
Year Ended
December 31, 2007
FFELP Stafford and Other Student Loans,
net
(1)
............................. $ 35,726,062 29% $ 31,293,956 6.59%
FFELP Consolidation Loans, net ........... 73,609,187 59 67,918,046 6.39
Private Education Loans, net .............. 14,817,725 12 12,506,662 11.65
Total student loans, net
(2)
................ $124,152,974 100% $111,718,664 7.04%
(1)
The FFELP category is primarily Stafford loans, but also includes federally insured PLUS and HEAL loans and $8.5 billion of
Stafford loans held-for-sale at December 31, 2008.
(2)
The total student loan ending balance includes net unamortized premiums/discounts of $1,895,220 and $1,791,153 as of Decem-
ber 31, 2008 and 2007, respectively.
4. Allowance for Loan Losses
The Company’s provisions for loan losses represent the periodic expense of maintaining an allowance
sufficient to absorb incurred losses, net of recoveries, in the student loan portfolios. The evaluation of the
provisions for student loan losses is inherently subjective as it requires material estimates that may be
susceptible to significant changes. The Company believes that the allowance for student loan losses is
appropriate to cover probable losses incurred in the student loan portfolios.
F-28
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)