Sallie Mae 2014 Annual Report Download - page 50

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Year Ended December 31, 2013
(Dollars in thousands)
Private
Education
Loans
FFELP
Loans
Total
Portfolio
Beginning balance .................................
$
5,447,699
$
1,039,755
$
6,487,454
Acquisitions and originations..................
3,803,262
478,384
4,281,646
Capitalized interest and deferred
origination cost premium amortization.....
112,122
49,313
161,435
Sales ....................................................
(2,347,521
)
(1,182
)
(2,348,703
)
Loan consolidation to third parties ..........
(13,445
)
(23,456
)
(36,901
)
Repayments and other ............................
(495,475
)
(118,079
)
(613,554
)
Ending balance .....................................
$
6,506,642
$
1,424,735
$
7,931,377
Year Ended December 31, 2012
(Dollars in thousands)
Private
Education
Loans
FFELP
Loans
Total
Portfolio
Beginning balance .................................
$
5,062,788
$
239,452
$
5,302,240
Acquisitions and originations..................
3,344,732
817,305
4,162,037
Capitalized interest and deferred
origination cost premium amortization.....
74,619
23,814
98,433
Sales ....................................................
(2,535,304
)
(460
)
(2,535,764
)
Loan consolidation to third parties ..........
(15,283
)
(17,716
)
(32,999
)
Repayments and other ............................
(483,853
)
(22,640
)
(506,493
)
Ending balance .....................................
$
5,447,699
$
1,039,755
$
6,487,454
Private Education Loan Originations
The following table summarizes our Private Education Loan originations.
Years Ended December 31,
(Dollars in thousands)
2014
%
2013
%
2012
%
Smart Option - interest only(1) .............
$
998,612
25
%
$
942,568
25
%
$
945,903
28
%
Smart Option - fixed pay(1) .................
1,256,978
31
1,184,073
31
1,001,189
30
Smart Option - deferred
(1)
...................
1,817,011
44
1,666,547
44
1,394,553
42
Smart Option - principal and interest ...
3,347
—
1,347
—
589
—
Total Private Education Loan
originations .......................................
$
4,075,948
100
%
$
3,794,535
100
%
$
3,342,234
100
%
________
(1) Interest only, fixed pay and deferred describe the payment option while in school or in grace period. See “Private Education
Loan Repayment Options” for further discussion.
48