Sallie Mae 2011 Annual Report Download - page 75

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Off-Balance Sheet
FFELP Loan
Delinquencies(4)
December 31,
2009
(Dollars in millions) Balance %
Loans in-school/grace/deferment(1) ............................................... $ 3,312
Loans in forbearance(2) ......................................................... 2,726
Loans in repayment and percentage of each status:
Loans current ................................................................ 11,304 82.5%
Loans delinquent 31-60 days(3) ................................................. 804 5.9
Loans delinquent 61-90 days(3) ................................................. 439 3.2
Loans delinquent greater than 90 days(3) ......................................... 1,160 8.4
Total FFELP Loans in repayment .............................................. 13,707 100%
Total FFELP Loans, gross ...................................................... 19,745
FFELP Loan unamortized premium ............................................... 577
Total FFELP Loans ........................................................... 20,322
FFELP Loan allowance for losses ................................................ (25)
FFELP Loans, net ............................................................. $20,297
Percentage of FFELP Loans in repayment .......................................... 69.4%
Delinquencies as a percentage of FFELP Loans in repayment .......................... 17.5%
FFELP Loans in forbearance as a percentage of loans in repayment and forbearance ........ 16.6%
“Core Earnings” Basis
FFELP Loan Delinquencies
December 31,
2011 2010 2009
(Dollars in millions) Balance % Balance % Balance %
Loans in-school/grace/deferment(1) ........................... $ 22,887 $ 28,214 $ 38,391
Loans in forbearance(2) .................................... 19,575 22,028 16,847
Loans in repayment and percentage of each status:
Loans current ......................................... 77,093 81.9% 80,026 82.8% 68,832 82.4%
Loans delinquent 31-60 days(3) ............................ 5,419 5.8 5,500 5.7 5,054 6.0
Loans delinquent 61-90 days(3) ............................ 3,438 3.7 3,178 3.3 2,644 3.2
Loans delinquent greater than 90 days(3) .................... 8,231 8.6 7,992 8.2 7,004 8.4
Total FFELP Loans in repayment .......................... 94,181 100% 96,696 100% 83,534 100%
Total FFELP Loans, gross ................................. 136,643 146,938 138,772
FFELP Loan unamortized premium .......................... 1,674 1,900 2,764
Total FFELP Loans ....................................... 138,317 148,838 141,536
FFELP Loan allowance for losses ........................... (187) (189) (186)
FFELP Loans, net ........................................ $138,130 $148,649 $141,350
Percentage of FFELP Loans in repayment ..................... 68.9% 65.8% 60.2%
Delinquencies as a percentage of FFELP Loans in repayment ...... 18.1% 17.2% 17.6%
FFELP Loans in forbearance as a percentage of loans in repayment
and forbearance ........................................ 17.2% 18.6% 16.8%
(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, as well as loans for
borrowers who have requested and qualify for other permitted program deferments such as military, unemployment, or economic
hardship.
(2) Loans for borrowers who have used their allowable deferment time or do not qualify for deferment, that need additional time to obtain
employment or who have temporarily ceased making full payments due to hardship or other factors.
(3) The period of delinquency is based on the number of days scheduled payments are contractually past due.
(4) On January 1, 2010, upon the adoption of the new consolidation accounting guidance, all off-balance sheet loans are included in GAAP-
basis.
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