Sallie Mae 2013 Annual Report Download - page 95

Consumer Lending Portfolio Performance
Private Education Loan Delinquencies and Forbearance
The tables below present our Private Education Loan delinquency trends.
Private Education Loan Delinquencies
December 31,
2013 2012 2011
(Dollars in millions) Balance % Balance % Balance %
Loans in-school/grace/deferment(1) ..................... $ 6,528 $ 5,904 $ 6,522
Loans in forbearance(2) .............................. 1,102 1,136 1,386
Loans in repayment and percentage of each status:
Loans current .................................... 28,768 91.7% 28,575 90.7% 27,122 89.9%
Loans delinquent 31-60 days(3) ...................... 802 2.6 1,012 3.2 1,076 3.6
Loans delinquent 61-90 days(3) ...................... 513 1.6 481 1.5 520 1.6
Loans delinquent greater than 90 days(3) ............... 1,287 4.1 1,446 4.6 1,467 4.9
Total Private Education Loans in repayment ........... 31,370 100% 31,514 100% 30,185 100%
Total Private Education Loans, gross ................... 39,000 38,554 38,093
Private Education Loan unamortized discount ............ (704) (796) (873)
Total Private Education Loans ........................ 38,296 37,758 37,220
Private Education Loan receivable for partially charged-off
loans .......................................... 1,313 1,347 1,241
Private Education Loan allowance for losses ............. (2,097) (2,171) (2,171)
Private Education Loans, net .......................... $37,512 $36,934 $36,290
Percentage of Private Education Loans in repayment ....... 80.4% 81.7% 79.2%
Delinquencies as a percentage of Private Education Loans in
repayment ...................................... 8.3% 9.3% 10.1%
Loans in forbearance as a percentage of loans in repayment
and forbearance .................................. 3.4% 3.5% 4.4%
Loans in repayment greater than 12 months as a percentage
of loans in repayment(4) ............................ 85.1% 78.5% 72.4%
(1) Deferment includes customers who have returned to school or are engaged 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.
(2) Loans for customers who have requested extension of grace period generally during employment transition or who have temporarily
ceased making full payments due to hardship or other factors, consistent with established loan program servicing policies and procedures.
(3) The period of delinquency is based on the number of days scheduled payments are contractually past due.
(4) Based on number of months in an active repayment status for which a scheduled monthly payment was due.
93