Sallie Mae 2010 Annual Report Download - page 136

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4. Allowance for Loan Losses (Continued)
The following tables provide information regarding the loan status and aging of past due loans for the
years ended December 31, 2010, 2009 and 2008.
(Dollars in millions) Balance % Balance % Balance %
2010 2009 2008
December 31,
FFELP Loan Delinquencies
Loans in-school/grace/deferment
(1)
............................ $ 28,214 $ 35,079 $ 39,270
Loans in forbearance
(2)
.................................... 22,028 14,121 12,483
Loans in repayment and percentage of each status:
Loans current . ....................................... 80,026 82.8% 57,528 82.4% 58,811 83.8%
Loans delinquent 31-60 days
(3)
............................. 5,500 5.7 4,250 6.1 4,044 5.8
Loans delinquent 61-90 days
(3)
............................. 3,178 3.3 2,205 3.1 2,064 2.9
Loans delinquent greater than 90 days
(3)
....................... 7,992 8.2 5,844 8.4 5,255 7.5
Total FFELP Loans in repayment............................ 96,696 100% 69,827 100% 70,174 100%
Total FFELP Loans, gross .................................. 146,938 119,027 121,927
FFELP Loan unamortized premium ............................ 1,900 2,187 2,431
Total FFELP Loans ...................................... 148,838 121,214 124,358
FFELP Loan allowance for losses ............................. (189) (161) (138)
FFELP Loans, net ....................................... $148,649 $121,053 $124,220
Percentage of FFELP Loans in repayment ....................... 65.8% 58.7% 57.6%
Delinquencies as a percentage of FFELP Loans in repayment . . ......... 17.2% 17.6% 16.2%
FFELP Loans in forbearance as a percentage of loans in repayment and
forbearance . . . ....................................... 18.6% 16.8% 15.1%
(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.
(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-33
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)