Sallie Mae 2012 Annual Report Download - page 69
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Allowance for Private Education Loan Losses
The following table summarizes changes in the allowance for Private Education Loan losses.
Years Ended December 31,
(Dollars in millions) 2012 2011 2010
Allowance at beginning of period ...................................... $ 2,171 $ 2,022 $ 1,443
Consolidation of securitization trusts(1) .................................. — — 524
Allowance at beginning of period — total portfolio ........................ 2,171 2,022 1,967
Provision for Private Education Loan losses .............................. 1,008 1,179 1,298
Charge-offs(2) ...................................................... (1,037) (1,072) (1,291)
Reclassification of interest reserve(3) .................................... 29 42 48
Allowance at end of period ........................................... $ 2,171 $ 2,171 $ 2,022
Charge-offs as a percentage of average loans in repayment .................. 3.37% 3.72% 5.04%
Charge-offs as a percentage of average loans in repayment and forbearance ..... 3.24% 3.55% 4.79%
Allowance as a percentage of the ending total loans ........................ 5.44% 5.52% 5.24%
Allowance as a percentage of ending loans in repayment .................... 6.89% 7.19% 7.26%
Average coverage of charge-offs ....................................... 2.1 2.0 1.6
Ending total loans(4) ................................................. $39,901 $39,334 $38,572
Average loans in repayment ........................................... $30,750 $28,790 $25,596
Ending loans in repayment ............................................ $31,514 $30,185 $27,852
(1) On January 1, 2010, upon the adoption of the new consolidation accounting guidance, all off-balance sheet loans were consolidated on-
balance sheet.
(2) Charge-offs are reported net of expected recoveries. The expected recovery amount is transferred to the receivable for partially charged-
off loan balance. Charge-offs include charge-offs against the receivable for partially charged-off loans which represents the difference
between what was expected to be collected and any shortfalls in what was actually collected in the period. See “Receivable for Partially
Charged-Off Private Education Loans” for further discussion.
(3) Represents the additional allowance related to the amount of uncollectible interest reserved within interest income that is transferred in the
period to the allowance for loan losses when interest is capitalized to a loan’s principal balance.
(4) Ending total loans represents gross Private Education Loans, plus the receivable for partially charged-off loans.
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