Sallie Mae 2010 Annual Report Download - page 66
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Allowance for FFELP Loan Losses
The provision for student loan losses represents the periodic expense of maintaining an allowance
sufficient to absorb incurred Risk Sharing losses in the portfolio of FFELP Loans.
The following table summarizes changes in the allowance for FFELP Loan losses for the years ended
December 31, 2010, 2009 and 2008.
(Dollars in millions) 2010 2009 2008 2010
(1)
2009 2008 2010 2009 2008
GAAP-Basis
Years Ended December 31,
Off-Balance Sheet
Years Ended December 31,
“Core Earnings” Basis
Years Ended December 31,
Activity in Allowance for FFELP Loans
Allowance at beginning of period . . ........ $ 161 $ 138 $ 89 $25 $ 27 $ 29 $ 186 $ 165 $ 118
Provision for FFELP Loan losses . . ........ 98 106 106 — 13 21 98 119 127
Charge-offs . ...................... (87) (79) (58) — (15) (21) (87) (94) (79)
Student loan sales and securitization activity . . . (8) (4) 1 — — (2) (8) (4) (1)
Consolidation of securitization trusts
(1)
....... 25 — — (25) — — — — —
Allowance at end of period . ............. $ 189 $ 161 $ 138 $— $ 25 $ 27 $ 189 $ 186 $ 165
Charge-offs as a percentage of average loans in
repayment ...................... .11% .11% .09% —% .10% .13% .11% .11% .10%
Charge-offs as a percentage of average loans in
repayment and forbearance ............ .09% .10% .07% —% .09% .11% .09% .09% .08%
Allowance as a percentage of the ending total
loans, gross ...................... .13% .14% .11% —% .13% .12% .13% .13% .11%
Allowance as a percentage of ending loans in
repayment ...................... .20% .23% .20% —% .18% .18% .20% .22% .19%
Allowance coverage of charge-offs . ........ 2.2 2.0 2.4 — 1.7 1.3 2.2 2.0 2.1
Ending total loans, gross . . ............. $146,938 $119,027 $121,927 $ — $19,745 $22,134 $146,938 $138,772 $144,061
Average loans in repayment ............. $82,255 $ 69,020 $ 66,392 $ — $14,293 $16,086 $ 82,255 $ 83,313 $ 82,478
Ending loans in repayment . ............. $96,696 $ 69,827 $ 70,174 $ — $13,707 $15,198 $ 96,696 $ 83,534 $ 85,372
(1) Upon the adoption of the new consolidation accounting guidance on January 1, 2010, we consolidated all of our off-balance sheet
securitization trusts.
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