Sallie Mae 2008 Annual Report Download - page 153
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4. Allowance for Loan Losses (Continued)
Allowance for FFELP Student Loan Losses
The following table summarizes changes in the allowance for student loan losses for federally insured
student loan portfolios for the years ended December 31, 2008, 2007, and 2006.
2008 2007 2006
Years Ended December 31,
Allowance at beginning of year .............. $ 88,729 $ 20,315 $ 14,950
Provisions for student loan losses . . . ........... 105,568 89,083 13,907
Charge-offs .............................. (57,510) (21,235) (5,040)
Increase/decrease for student loan sales and
securitizations ........................... 756 566 (3,502)
Allowance at end of year ................... $ 137,543 $ 88,729 $ 20,315
Charge-offs as a percentage of average loans in
repayment.............................. .09% .04% .01%
Charge-offs as a percentage of average loans in
repayment and forbearance ................. .07% .03% .01%
Allowance as a percentage of the ending total loans,
gross ................................. .11% .08% .02%
Allowance as a percentage of the ending loans in
repayment.............................. .20% .14% .04%
Allowance coverage of charge-offs . . ........... 2.39 4.18 4.03
Ending total loans, gross ..................... $121,926,798 $107,164,729 $84,621,952
Average loans in repayment .................. $ 66,392,120 $ 58,999,119 $47,154,923
Ending loans in repayment ................... $ 70,174,192 $ 65,289,865 $53,125,823
The Company maintains an allowance for Risk Sharing loan losses on its FFELP portfolio. The level of
Risk Sharing has varied for the Company over the past few years primarily due to various legislative changes.
As of December 31, 2008, 48 percent of the on-balance sheet FFELP portfolio was subject to 3 percent Risk
Sharing, 51 percent was subject to 2 percent Risk Sharing and the remainder is not subject to any Risk
Sharing requirement.
F-33
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)