Sallie Mae 2012 Annual Report Download - page 101

Weighted Average Life
The following table reflects the weighted average life for our earning assets and liabilities at December 31,
2012.
(Averages in Years)
Weighted Average
Life
Earning assets
Student loans ................................ 8.0
Other loans .................................. 7.1
Cash and investments .......................... .1
Total earning assets ........................... 7.5
Borrowings
Short-term borrowings ......................... .3
Long-term borrowings ......................... 6.8
Total borrowings ............................. 6.0
Item 8. Financial Statements and Supplementary Data
Reference is made to the financial statements listed under the heading “(a) 1.A. Financial Statements” of
Item 15 hereof, which financial statements are incorporated by reference in response to this Item 8.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Nothing to report.
Item 9A. Controls and Procedures
Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer,
evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-
15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of December 31, 2012.
Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of
December 31, 2012, our disclosure controls and procedures were effective to ensure that information required to
be disclosed by us in the reports that we file or submit under the Exchange Act is (a) recorded, processed,
summarized and reported within the time periods specified in the SEC’s rules and forms and (b) accumulated and
communicated to our management, including our Chief Executive Officer and Chief Financial Officer as
appropriate, to allow timely decisions regarding required disclosure.
Managements’s Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial
reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended). Under the
supervision and with the participation of our management, including our Chief Executive Officer and Chief
Financial Officer, we assessed the effectiveness of our internal control over financial reporting as of December 31,
2012. In making this assessment, our management used the criteria established in Internal Control — Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).
Management also used an IT governance framework that is based on the COSO framework, Control Objectives for
Information and related Technology, which was issued by the Information Systems Audit and Control Association
and the IT Governance Institute. Based on our assessment and those criteria, management concluded that, as of
December 31, 2012, our internal control over financial reporting is effective.
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