Sallie Mae 2008 Annual Report Download - page 150
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4. Allowance for Loan Losses (Continued)
Allowance for Private Education Loan Losses — Prior Presentation
2008 2007 2006
Years Ended December 31,
Allowance at beginning of year ................ $ 885,931 $ 308,346 $ 204,112
Total provision .............................. 586,169 883,474 257,983
Charge-offs . ............................... (460,214) (332,188) (159,560)
Recoveries . . ............................... 35,643 32,079 22,599
Net charge-offs ............................. (424,571) (300,109) (136,961)
Reclassification of interest reserve
(1)
.............. 38,151 — —
Balance before securitization of Private Education
Loans................................... 1,085,680 891,711 325,134
Reduction for securitization of Private Education
Loans................................... — (5,780) (16,788)
Allowance at end of year ..................... $ 1,085,680 $ 885,931 $ 308,346
Net charge-offs as a percentage of average loans in
repayment ............................... 4.98% 5.04% 3.22%
Net charge-offs as a percentage of average loans in
repayment and forbearance ................... 4.39% 4.54% 2.99%
Allowance as a percentage of the ending total loans,
gross ................................... 4.89% 5.48% 2.96%
Allowance as a percentage of the ending loans in
repayment ............................... 9.71% 12.57% 6.36%
Allowance coverage of net charge-offs ............ 2.56 2.95 2.25
Ending total loans, gross ...................... $22,203,277 $16,171,752 $10,428,066
Average loans in repayment .................... $ 8,533,356 $ 5,949,007 $ 4,256,780
Ending loans in repayment ..................... $11,182,053 $ 7,046,709 $ 4,851,305
(1)
Represents the additional allowance related to the amount of uncollectible interest reserved within interest income that is trans-
ferred in the period to the allowance for loan losses when interest is capitalized to a loan’s principal balance. Prior to 2008, the
interest provision was reversed in interest income and then provided for through provision within the allowance for loan loss.
For the years ended December 31, 2007 and 2006, this amount was $21 million and $12 million, respectively.
F-30
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)