Sallie Mae 2008 Annual Report Download - page 71
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(Dollars in millions) Balance % Balance % Balance %
2008 2007 2006
December 31,
Off-Balance Sheet FFELP
Loan Delinquencies
Loans in-school/grace/deferment
(1)
....... $ 4,115 $ 5,060 $ 7,392
Loans in forbearance
(2)
................ 2,821 2,950 3,789
Loans in repayment and percentage of each
status:
Loans current ..................... 12,441 81.9% 13,703 79.2% 16,655 77.7%
Loans delinquent 31-60 days
(3)
........ 881 5.8 1,017 5.9 1,278 6.0
Loans delinquent 61-90 days
(3)
........ 484 3.2 577 3.3 777 3.6
Loans delinquent greater than
90 days
(3)
...................... 1,392 9.1 1,999 11.6 2,721 12.7
Total FFELP loans in repayment ....... 15,198 100% 17,296 100% 21,431 100%
Total FFELP loans, gross .............. 22,134 25,306 32,612
FFELP loan unamortized premium ....... 567 636 741
Total FFELP loans ................... 22,701 25,942 33,353
FFELP loan allowance for losses ........ (27) (29) (14)
FFELP loans, net .................... $22,674 $25,913 $33,339
Percentage of FFELP loans in repayment . . 68.7% 68.4% 65.7%
Delinquencies as a percentage of FFELP
loans in repayment ................. 18.1% 20.8% 22.3%
FFELP loans in forbearance as a percentage
of loans in repayment and forbearance . . 15.7% 14.6% 15.0%
(1)
Loans for borrowers who still may be attending school or engaging in other permitted educational activities and are not yet
required to make payments on the loans, e.g., residency periods for medical students or a grace period for bar exam preparation,
as well as, loans for borrowers who have requested extension of grace period during employment transition or who have tempo-
rarily ceased making full payments due to hardship or other factors.
(2)
Loans for borrowers who have used their allowable deferment time or do not qualify for deferment, that need additional time to
obtain employment or who have temporarily ceased making full payments due to hardship or other factors.
(3)
The period of delinquency is based on the number of days scheduled payments are contractually past due.
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