Sallie Mae 2010 Annual Report Download - page 68
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(Dollars in millions) Balance % Balance %
December 31,
2008
December 31,
2009
Off-Balance Sheet Private Education
Loan Delinquencies
(4)
Loans in-school/grace/deferment
(1)
...................... $ 2,546 $ 3,461
Loans in forbearance
(2)
.............................. 453 700
Loans in repayment and percentage of each status:
Loans current ................................... 8,987 90.0% 8,843 92.8%
Loans delinquent 31-60 days
(3)
....................... 332 3.3 315 3.3
Loans delinquent 61-90 days
(3)
....................... 151 1.5 121 1.3
Loans delinquent greater than 90 days
(3)
................ 517 5.2 251 2.6
Total Private Education Loans in repayment ............. 9,987 100% 9,530 100%
Total Private Education Loans, gross .................... 12,986 13,691
Private Education Loan unamortized discount.............. (349) (361)
Total Private Education Loans ......................... 12,637 13,330
Private Education Loan receivable for partially charged-off
loans .......................................... 229 92
Private Education Loan allowance for losses .............. (524) (505)
Private Education Loans, net .......................... $12,342 $12,917
Percentage of Private Education Loans in repayment ........ 76.9% 69.6%
Delinquencies as a percentage of Private Education Loans in
repayment ...................................... 10.0% 7.2%
Loans in forbearance as a percentage of loans in repayment
and forbearance .................................. 4.3% 6.8%
(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 tempo-
rarily 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.
(4) On January 1, 2010, upon adoption of the new consolidation accounting guidance, all off-balance sheet loans are included in
GAAP-basis.
67