Sallie Mae 2010 Annual Report Download - page 138

4. Allowance for Loan Losses (Continued)
(Dollars in millions) Balance % Balance % Balance %
2010 2009 2008
December 31,
Private Education Non-Traditional Loan Delinquencies
Loans in-school/grace/deferment
(1)
................................ $ 921 $1,097 $1,465
Loans in forbearance
(2)
........................................ 184 184 237
Loans in repayment and percentage of each status:
Loans current . ........................................... 2,038 72.6% 1,578 67.1% 1,673 69.1%
Loans delinquent 31-60 days
(3)
................................. 217 7.7 209 8.9 250 10.3
Loans delinquent 61-90 days
(3)
................................. 131 4.7 136 5.8 168 6.9
Loans delinquent greater than 90 days
(3)
........................... 422 15.0 429 18.2 330 13.7
Total non-traditional loans in repayment ........................... 2,808 100% 2,352 100% 2,421 100%
Total non-traditional loans, gross ................................. 3,913 3,633 4,123
Non-traditional loans unamortized discount . . . ....................... (93) (84) (99)
Total non-traditional loans ..................................... 3,820 3,549 4,024
Non-traditional loans receivable for partially charged-off loans . ............. 482 306 141
Non-traditional loans allowance for losses ........................... (791) (779) (823)
Non-traditional loans, net ...................................... $3,511 $3,076 $3,342
Percentage of non-traditional loans in repayment ....................... 71.8% 64.7% 58.7%
Delinquencies as a percentage of non-traditional loans in repayment . . ........ 27.4% 32.9% 30.9%
Loans in forbearance as a percentage of loans in repayment and forbearance . . . . . 6.1% 7.3% 8.9%
(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 established loan program servicing policies and
procedures.
(3) The period of delinquency is based on the number of days scheduled payments are contractually past due.
The following table provides information regarding accrued interest receivable on our Private Education
Loans for the years ended December 31, 2010, 2009 and 2008. The table also discloses the amount of accrued
interest on loans greater than 90 days past due as compared to our allowance for uncollectible interest. The
allowance for uncollectible interest exceeds the amount of accrued interest on our 90 days past due portfolio
for all periods presented.
F-35
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)