Sallie Mae 2012 Annual Report Download - page 77
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Allowance for FFELP Loan Losses
The following table summarizes changes in the allowance for FFELP Loan losses.
Years Ended December 31,
(Dollars in millions) 2012 2011 2010
Allowance at beginning of period ................................... $ 187 $ 189 $ 161
Consolidation of securitization trusts(1) ............................... — — 25
Allowance at beginning of period — total portfolio ..................... 187 189 186
Provision for FFELP Loan losses .................................... 72 86 98
Charge-offs ..................................................... (92) (78) (87)
Student loan sales ............................................... (8) (10) (8)
Allowance at end of period ........................................ $ 159 $ 187 $ 189
Charge-offs as a percentage of average loans in repayment ............... .10% .08% .11%
Charge-offs as a percentage of average loans in repayment and
forbearance ................................................... .08% .07% .09%
Allowance as a percentage of the ending total loans, gross ................ .13% .14% .13%
Allowance as a percentage of ending loans in repayment ................. .18% .20% .20%
Allowance coverage of charge-offs .................................. 1.7 2.4 2.2
Ending total loans, gross .......................................... $124,335 $136,643 $146,938
Average loans in repayment ........................................ $ 91,653 $ 94,359 $ 82,255
Ending loans in repayment ......................................... $ 90,731 $ 94,181 $ 96,696
(1) On January 1, 2010, upon the adoption of the new consolidation accounting guidance, all off-balance sheet loans were consolidated on-
balance sheet.
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