Sallie Mae 2011 Annual Report Download - page 157
Download and view the complete annual report
Please find page 157 of the 2011 Sallie Mae annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147 -
148 -
149 -
150 -
151 -
152 -
153 -
154 -
155 -
156 -
157 -
158 -
159 -
160 -
161 -
162 -
163 -
164 -
165 -
166 -
167 -
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
-
201
-
202
-
203
-
204
-
205
-
206
-
207
-
208
-
209
-
210
-
211
 |
 |
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
6. Borrowings (Continued)
We currently consolidate all of our financing entities that are VIEs as a result of being the entities’ primary
beneficiary. As a result, these financing VIEs are accounted for as secured borrowings. We consolidate the
following financing VIEs as of December 31, 2011 and 2010:
December 31, 2011
Debt Outstanding
Carrying Amount of Assets Securing Debt
Outstanding
(Dollars in millions)
Short
Term
Long
Term Total Loans Cash Other Assets Total
Secured Borrowings — VIEs:
ED Conduit Program Facility . . $21,313 $ — $ 21,313 $ 21,445 $ 621 $ 442 $ 22,508
FFELP ABCP Facility ........ — 4,445 4,445 4,834 86 54 4,974
Private Education Loans ABCP
Facility .................. — 1,992 1,992 2,595 401 76 3,072
Securitizations — FFELP
Loans ................... — 107,905 107,905 109,257 3,783 529 113,569
Securitizations — Private
Education Loans .......... — 19,297 19,297 22,367 718 582 23,667
Total before hedge accounting
adjustments .............. 21,313 133,639 154,952 160,498 5,609 1,683 167,790
Hedge accounting
adjustments .............. — 894 894 — — 955 955
Total ...................... $21,313 $134,533 $155,846 $160,498 $5,609 $2,638 $168,745
December 31, 2010
Debt Outstanding
Carrying Amount of Assets Securing Debt
Outstanding
(Dollars in millions)
Short
Term
Long
Term Total Loans Cash Other Assets Total
Secured Borrowings — VIEs:
ED Conduit Program Facility . . $24,484 $ — $ 24,484 $ 24,511 $ 819 $ 634 $ 25,964
FFELP ABCP Facility ........ — 5,853 5,853 6,290 94 53 6,437
Securitizations — FFELP
Loans ................... — 113,671 113,671 114,949 3,857 981 119,787
Securitizations — Private
Education Loans .......... — 21,409 21,409 24,355 1,213 690 26,258
Total before hedge accounting
adjustments .............. 24,484 140,933 165,417 170,105 5,983 2,358 178,446
Hedge accounting
adjustments .............. — 1,311 1,311 — — 1,348 1,348
Total ...................... $24,484 $142,244 $166,728 $170,105 $5,983 $3,706 $179,794
The Department of Education Funding Programs
In August 2008, ED implemented the Purchase Program and the Participation Program pursuant to
ECASLA. Under the Purchase Program, ED purchased eligible FFELP Loans at a price equal to the sum of
(i) par value, (ii) accrued interest, (iii) the one-percent origination fee paid to ED, and (iv) a fixed amount of $75
F-48