Sallie Mae 2009 Annual Report Download - page 106
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Off-Balance Sheet Net Assets
The following table summarizes our off-balance sheet net assets at December 31, 2009 and 2008 on a
basis equivalent to our GAAP on-balance sheet trusts, which presents the assets and liabilities in the off-
balance sheet trusts as if they were being accounted for on-balance sheet rather than off-balance sheet. This
presentation, therefore, includes a theoretical calculation of the premiums on student loans, the allowance for
loan losses, and the discounts and deferred financing costs on the debt. However, this presentation does not
include any impact of accounting under ASC 815 or ASC 830 for trust derivatives or foreign currency
denominated debt. This presentation is not, nor is it intended to be, a liquidation basis of accounting. (See also
“LENDING BUSINESS SEGMENT — Summary of our Managed Student Loan Portfolio — Ending Managed
Student Loan Balances, net” and “LIQUIDITY AND CAPITAL RESOURCES — Managed Borrowings —
Ending Balances” earlier in this section.)
December 31,
2009
December 31,
2008
Off-Balance Sheet Assets:
Total student loans, net ................................... $32,611 $35,591
Restricted cash and investments ............................ 1,055 1,557
Accrued interest receivable ................................ 537 937
Total off-balance sheet assets ................................ 34,203 38,085
Off-Balance Sheet Liabilities:
Debt, par value ......................................... 33,583 37,228
Debt, unamortized discount and deferred issuance costs ........... (77) (69)
Total debt............................................. 33,506 37,159
Accrued interest payable .................................. 25 166
Total off-balance sheet liabilities.............................. 33,531 37,325
Off-Balance Sheet Net Assets ............................... $ 672 $ 760
Servicing and Securitization Revenue
Servicing and securitization revenue, the ongoing revenue from securitized loan pools accounted for off-
balance sheet as QSPEs, includes the interest earned on the Residual Interest asset and the revenue we receive
for servicing the loans in the securitization trusts.
105