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7. Borrowings (Continued)
Long-term Borrowings
The following tables summarize outstanding long-term borrowings (secured and unsecured) at December 31,
2010 and 2009, the weighted average interest rates at the end of the periods, and the related average balances
during the periods. Rates reflect stated interest rate of borrowings and related discounts and premiums.
Ending
Balance
(1)
Weighted
Average
Interest
Rate
(2)
Average
Balance
Year Ended
December 31,
2010
December 31, 2010
Floating rate notes:
U.S. dollar-denominated:
Interest bearing, due 2012-2047 . ............................ $124,053,229 1.12% $112,909,791
Non-U.S. dollar-denominated:
Interest bearing, due 2012-2041 . ............................ 11,999,260 1.26 12,125,425
Total floating rate notes ...................................... 136,052,489 1.13 125,035,216
Fixed rate notes:
U.S. dollar-denominated:
Interest bearing, due 2012-2043 . ............................ 11,873,404 5.87 10,917,945
Non-U.S.-dollar denominated:
Interest bearing, due 2012-2039 . ............................ 5,484,681 3.35 6,256,958
Total fixed rate notes. . ...................................... 17,358,085 5.06 17,174,903
Unsecured term bank deposits — U.S. dollar-denominated, due 2012-2019 . . . . . 3,216,165 3.40 3,698,888
ABCP borrowings.......................................... 5,852,521 .81 4,855,478
SLC acquisition financing . . . ................................. 1,064,244 4.76 2,916
Total long-term borrowings. . . ................................. $163,543,504 1.60% $150,767,401
Ending
Balance
(1)
Weighted
Average
Interest
Rate
(2)
Average
Balance
Year Ended
December 31,
2009
December 31, 2009
Floating rate notes:
U.S. dollar-denominated:
Interest bearing, due 2011-2047 . . . . . . . . . . . . . . . . . . . . . . $ 84,849,160 1.20% $ 83,001,692
Non-U.S. dollar-denominated:
Interest bearing, due 2011-2041 . . . . . . . . . . . . . . . . . . . . . . 9,368,402 .96 10,589,114
Total floating rate notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,217,562 1.17 93,590,806
Fixed rate notes:
U.S. dollar-denominated:
Interest bearing, due 2011-2043 . . . . . . . . . . . . . . . . . . . . . . 12,355,688 5.55 11,556,520
Non-U.S.-dollar denominated:
Interest bearing, due 2011-2039 . . . . . . . . . . . . . . . . . . . . . . 10,382,384 3.34 9,727,213
Total fixed rate notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,738,072 4.51 21,283,733
Unsecured term bank deposits — U.S. dollar-denominated, due
2011-2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,789,223 3.19 3,824,908
ABCP borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,801,415 1.55 —
Total long-term borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $130,546,272 1.84% $118,699,447
(1) Ending balance is expressed in U.S. dollars at December 31, 2010 and 2009, respectively, spot currency exchange rate. Includes
fair value adjustments under ASC 815 for notes designated as the hedged item in a fair value hedge.
(2) Weighted average interest rate is stated rate relative to currency denomination of note.
F-50
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)