Sallie Mae 2012 Annual Report Download - page 143
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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
4. Allowance for Loan Losses (Continued)
The following tables provide information regarding the loan status and aging of past due loans.
FFELP Loan Delinquencies
December 31,
2012 2011 2010
(Dollars in millions) Balance % Balance % Balance %
Loans in-school/grace/deferment(1) .................. $ 17,702 $ 22,887 $ 28,214
Loans in forbearance(2) ........................... 15,902 19,575 22,028
Loans in repayment and percentage of each status:
Loans current ................................. 75,499 83.2% 77,093 81.9% 80,026 82.8%
Loans delinquent 31-60 days(3) ................... 4,710 5.2 5,419 5.8 5,500 5.7
Loans delinquent 61-90 days(3) ................... 2,788 3.1 3,438 3.7 3,178 3.3
Loans delinquent greater than 90 days(3) ............ 7,734 8.5 8,231 8.6 7,992 8.2
Total FFELP Loans in repayment ................. 90,731 100% 94,181 100% 96,696 100%
Total FFELP Loans, gross ......................... 124,335 136,643 146,938
FFELP Loan unamortized premium ................. 1,436 1,674 1,900
Total FFELP Loans .............................. 125,771 138,317 148,838
FFELP Loan allowance for losses ................... (159) (187) (189)
FFELP Loans, net ............................... $125,612 $138,130 $148,649
Percentage of FFELP Loans in repayment ............ 73.0% 68.9% 65.8%
Delinquencies as a percentage of FFELP Loans in
repayment ................................... 16.8% 18.1% 17.2%
FFELP Loans in forbearance as a percentage of loans in
repayment and forbearance ...................... 14.9% 17.2% 18.6%
(1) Loans for customers 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
customers who have requested and qualify for other permitted program deferments such as military, unemployment, or economic
hardships.
(2) Loans for customers 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.
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