Sallie Mae 2009 Annual Report Download - page 161

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4. Allowance for Loan Losses (Continued)
The table below shows the Company’s Private Education Loan delinquency trends as of December 31,
2009, 2008 and 2007.
Balance % Balance % Balance %
2009 2008 2007
December 31,
(Dollars in millions)
Loans in-school/grace/deferment
(1)
....... $ 8,910 $10,159 $ 8,151
Loans in forbearance
(2)
............... 967 862 974
Loans in repayment and percentage of each
status:
Loans current ..................... 12,421 86.4% 9,748 87.2% 6,236 88.5%
Loans delinquent 31-60 days
(3)
........ 647 4.5 551 4.9 306 4.3
Loans delinquent 61-90 days ......... 340 2.4 296 2.6 176 2.5
Loans delinquent greater than 90 days . . 971 6.7 587 5.3 329 4.7
Total Private Education Loans in
repayment ..................... 14,379 100% 11,182 100% 7,047 100%
Total Private Education Loans, gross ..... 24,256 22,203 16,172
Private Education Loan unamortized
discount ......................... (559) (535) (468)
Total Private Education Loans .......... 23,697 21,668 15,704
Private Education Loan receivable for
partially charged-off loans ........... 499 222 118
Private Education Loan allowance for
losses........................... (1,443) (1,308) (1,004)
Private Education Loans, net ........... $22,753 $20,582 $14,818
Percentage of Private Education Loans in
repayment ....................... 59.3% 50.4% 43.6%
Delinquencies as a percentage of Private
Education Loans in repayment ........ 13.6% 12.8% 11.5%
Loans in forbearance as a percentage of
loans in repayment and forbearance .... 6.3% 7.2% 12.1%
(1)
Loans for borrowers who may still 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.
(2)
Loans for borrowers who have requested extension of grace period generally during employment transition or who have temporarily
ceased making full payments due to hardship or other factors, consistent with the established loan program servicing procedures and
policies.
(3)
The period of delinquency is based on the number of days scheduled payments are contractually past due.
F-34
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)