Sallie Mae 2012 Annual Report Download - page 76

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Accrued Interest Receivable
The following table provides information regarding accrued interest receivable on our Private Education
Loans. The table also discloses the amount of accrued interest on loans greater than 90 days past due as
compared to our allowance for uncollectible interest. The allowance for uncollectible interest exceeds the amount
of accrued interest on our 90 days past due portfolio for all periods presented.
Accrued Interest Receivable
As of December 31,
(Dollars in millions) Total
Greater than
90 days
Past Due
Allowance for
Uncollectible
Interest
2012 ...................................... $ 904 $55 $ 67
2011 ...................................... $1,018 $54 $ 72
2010 ...................................... $1,271 $55 $ 94
2009 ...................................... $1,165 $41 $ 96
2008 ...................................... $1,135 $29 $106
FFELP Loan Portfolio Performance
FFELP Loan Delinquencies and Forbearance
The tables below present our FFELP Loan delinquency trends.
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 hardship.
(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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