Sallie Mae 2010 Annual Report Download - page 74

(Dollars in millions)
December 31, 2008 1 to 12 13 to 24 25 to 36 37 to 48 More than 48
Not Yet in
Repayment Total
Monthly Scheduled Payments Due
Loans in-school/grace/deferment . . . . . . . $ — $ — $ — $ — $ — $13,620 $13,620
Loans in forbearance . . . . . . . . . . . . . . . 1,255 151 70 36 50 — 1,562
Loans in repayment — current . . . . . . . . . 8,674 3,877 2,329 1,469 2,242 — 18,591
Loans in repayment — delinquent
31-60 days. . . . . . . . . . . . . . . . . . . . . 596 132 61 32 45 — 866
Loans in repayment — delinquent
61-90 days. . . . . . . . . . . . . . . . . . . . . 286 65 30 14 22 — 417
Loans in repayment — delinquent greater
than 90 days . . . . . . . . . . . . . . . . . . . 543 148 64 33 50 — 838
Total . . . . . . . . . . . . . . . . . . . . . . . . . . $11,354 $4,373 $2,554 $1,584 $2,409 $13,620 35,894
Unamortized discount . . . . . . . . . . . . . . . (896)
Receivable for partially charged-off
loans . . . . . . . . . . . . . . . . . . . . . . . . . 314
Allowance for loan losses . . . . . . . . . . . . (1,813)
Total “Core Earnings” basis Private
Education Loans, net . . . . . . . . . . . . . $33,499
Loans in forbearance as a percentage of
loans in repayment and forbearance . . . 11.1% 3.5% 2.8% 2.3% 2.1% —% 7.0%
The table below stratifies the portfolio of “Core Earnings” basis Private Education Loans in forbearance
by the cumulative number of months the borrower has used forbearance as of the dates indicated. As detailed
in the table below, 3 percent of loans currently in forbearance have cumulative forbearance of more than
24 months.
(Dollars in millions)
Forbearance
Balance
%of
Total
Forbearance
Balance
%of
Total
Forbearance
Balance
%of
Total
December 31,
2010
December 31,
2009
December 31,
2008
Cumulative number of months
borrower has used forbearance
Up to 12 months .............. $ 958 71% $1,050 74% $1,075 69%
13 to 24 months ............... 343 26 332 23 368 23
More than 24 months ........... 39 3 38 3 119 8
Total ....................... $1,340 100% $1,420 100% $1,562 100%
Receivable for Partially Charged-Off Private Education Loans
At the end of each month, for loans that are 212 days past due, we charge off the estimated loss of a
defaulted loan balance. Actual recoveries are applied against the remaining loan balance that was not charged
off. We refer to this remaining loan balance as the “receivable for partially charged-off loans.” If actual
periodic recoveries are less than expected, the difference is charged off and immediately included in provision
expense.
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