Sallie Mae 2015 Annual Report Download - page 126

SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, unless otherwise noted)
6. Allowance for Loan Losses (Continued)
F-36
The following table provides information regarding the loan status of our Private Education Loans and the aging of our
past due Private Education Loans. Loans in repayment include loans on which borrowers are making interest only and fixed
payments as well as loans that have entered full principal and interest repayment status.
Private Education Loan Delinquencies
December 31,
2015 2014 2013
Balance % Balance % Balance %
Loans in-school/grace/deferment(1). . . . . . . . . . . . $ 3,427,964 $ 3,027,143 $ 2,574,711
Loans in forbearance(2) . . . . . . . . . . . . . . . . . . . . . 241,207 135,018 16,314
Loans in repayment and percentage of each
status:
Loans current . . . . . . . . . . . . . . . . . . . . . . . . . . 6,773,095 97.8% 5,045,600 98.0% 3,933,143 99.0%
Loans delinquent 31-60 days(3). . . . . . . . . . . . . 91,129 1.3 63,873 1.2 28,854 0.7
Loans delinquent 61-90 days(3). . . . . . . . . . . . . 42,048 0.6 29,041 0.6 10,280 0.3
Loans delinquent greater than 90 days(3) . . . . . 20,994 0.3 10,701 0.2 40 —
Total Private Education Loans in repayment . . . 6,927,266 100.0% 5,149,215 100.0% 3,972,317 100.0%
Total Private Education Loans, gross . . . . . . . . . . 10,596,437 8,311,376 6,563,342
Private Education Loans deferred origination
costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,884 13,845 5,063
Total Private Education Loans . . . . . . . . . . . . . . . 10,624,321 8,325,221 6,568,405
Private Education Loans allowance for losses . . . (108,816) (78,574) (61,763)
Private Education Loans, net . . . . . . . . . . . . . . . . $10,515,505 $ 8,246,647 $ 6,506,642
Percentage of Private Education Loans in
repayment(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65.4% 62.0% 60.5%
Delinquencies as a percentage of Private
Education Loans in repayment(4). . . . . . . . . . . . . . 2.2% 2.0% 1.0%
Loans in forbearance as a percentage of loans in
repayment and forbearance(4) . . . . . . . . . . . . . . . . 3.4% 2.6% 0.4%
(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) Loans in repayment include loans on which borrowers are making interest only and fixed payments as well as
loans that have entered full principal and interest repayment status.