Sallie Mae 2009 Annual Report Download - page 163
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4. Allowance for Loan Losses (Continued)
The table below shows the Company’s FFELP 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)
.... $ 35,079 $ 39,270 $ 31,200
Loans in forbearance
(2)
............. 14,121 12,483 10,675
Loans in repayment and percentage of
each status:
Loans current .................. 57,528 82.4% 58,811 83.8% 55,128 84.4%
Loans delinquent 31-60 days
(3)
..... 4,250 6.1 4,044 5.8 3,650 5.6
Loans delinquent 61-90 days ....... 2,205 3.1 2,064 2.9 1,841 2.8
Loans delinquent greater than
90 days..................... 5,844 8.4 5,255 7.5 4,671 7.2
Total FFELP loans in repayment .... 69,827 100% 70,174 100% 65,290 100%
Total FFELP loans, gross . . ......... 119,027 121,927 107,165
FFELP loan unamortized premium .... 2,187 2,431 2,259
Total FFELP loans ................ 121,214 124,358 109,424
FFELP loan allowance for losses ..... (161) (138) (89)
FFELP loans, net ................. $121,053 $124,220 $109,335
Percentage of FFELP loans in
repayment .................... 58.7% 57.6% 60.9%
Delinquencies as a percentage of
FFELP loans in repayment ........ 17.6% 16.2% 15.6%
FFELP loans in forbearance as a
percentage of loans in repayment and
forbearance.................... 16.8% 15.1% 14.1%
(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, as well as, loans
for borrowers who have requested extension of grace period during employment transition or who have temporarily 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.
F-36
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)