Sallie Mae 2002 Annual Report Download

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transformation & growth
SLM Corporation Summary Annual Report 2002

Table of contents

  • Page 1
    SLM Corpora tion Summa ry Annua l Re port 20 02 transformation & growth

  • Page 2
    ... ry s e e ms th e a ppropria te time to h ighligh t Sa llie Ma e 's firs t ge ne ra tion of s e rvice . Th is yea r's Annua...e a nd curre nt Cha irma n of th e Boa rd, our CEO a nd our Pres ide nt. In a ddition, you will lea rn ...ve us e d s tude nt loa ns to ga in a footh old on th e la dde r of th e ...

  • Page 3
    ... of increa s ing numb e rs of ne w college s tude nts . yes te rday 1973 Sallie Mae through the years today 2003 Th e s ucces s ful bus ine s s with a s ocia l purpos e e nvis ione d in 1973 by Sa llie Ma e 's founde rs ha s become very much a reality. The partnerships formed ove r th e yea rs...

  • Page 4
    ... s h e e t s tude nt loa ns , ne t Ma na ge d s tude nt loa ns , ne t $ 42,339 35,...pro -fo rma " co re cas h" pre s e ntatio ns as we ll as the state...rally Acce pte d Acco unting Principle s (" GAAP" ). Se e pag e s 14 and 15 fo r a pre se ntatio n o f GAAP Co nso lidate d Balance She e ts and State...

  • Page 5
    ...started to service loans ourselves and introduced new products, programs and technology to improve financial aid delivery. We als o took the company public, cementing a unique partners hip between a public-s ector mission and private-s ector capital. In the 1990s , Sallie Mae redefined its corporate...

  • Page 6
    ... schools , lenders and guarantors will help us open even more doors to higher education for future genera tions of s tudents a nd fa milies . This year's Annual Report chronicles Sallie Mae's evolving history. As you read the stories on th e following pa ges , you will be introduce d to individua...

  • Page 7
    ... nue Corpora tion, put us quickly a nd de e ply "De mogra ph ic a nd tuition proje ctions point to e ve n grea te r cre dit de ma nd for th e b a la nce of th is de ca de and give us ample opportunity to add to this success story." ALBERT L. LORD VICE CHAIRMAN & CHIEF EXECUTIVE OFFICER 5

  • Page 8
    ... h e s a loa n-s e rvicing ope ra tion in Lynn Ha ve n, Florida , nea r Pa na ma City. p rogra ms with Gre a t Re wa rd s ® ; th e comp a ny's ch a rita b le a rm, now ca lle d Th e Sa llie Ma e Fund , is e s ta b lis h e d . The federal government b e gins ma king loa ns d ire ctly to s tud e nts...

  • Page 9
    ... d, one -s ch ool-a ta -time ma rke ting a pproa ch wa s started in earnest only a few years ago. T oday, it builds our business." THOMAS J. FITZPATRICK PRESIDENT & CHIEF OPERATING OFFICER Tha nk you, Alb e rt L. Lord Vice Cha irma n & Ch ie f Exe cutive Office r Th oma s J. Fitzpa trick Pres...

  • Page 10

  • Page 11
    ... careers. "Through the exa mple my wife a nd I ha ve s et, our s ons s ee the va lue of college and the priority we place on it. They know that if they want success in life, they must work hard for it. College opens doors of opportunity, and Sallie Mae opens doors to college," John says . Pictured...

  • Page 12
    ... in public adminis tration from Florida International Univers ity. Then, with private loans through Sallie Mae, Juanita achieved a doctorate in education from Nova Southeas tern Univers ity. Today, Juanita is an advocate for underprivileged and homeles s children, h e lping oth e rs in Mia mi ga in...

  • Page 13

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  • Page 15
    ... b us ines s cons ulta nt a t India na University- Purdue University Indianapolis, Virginia Washington ensures that students find financing solutions to their higher education needs. On a personal front, student loans from USA Group (now part of Sallie Mae) made it possible for the Indiana native to...

  • Page 16
    ...Cons olida te d Ba la nce Sh e e ts December 31, (Dollars and shares in thousands, except per share amounts) 2002 2001 Assets Federally insured student loans (net of allowance for losses of $49,751 and $58,254, respectively) Private credit student loans...issued, respectively, at stated value of $50 ...

  • Page 17
    SLM Corporation Cons olida te d Sta te me nts of Income Years Ended December 31, (Dollars and shares in thousands, except per share amounts) 2002 2001 2000 Interest income: Student loans Academic facilities financings and other loans Investments Total interest income Interest expense Net interest ...

  • Page 18
    ...Pro-Forma "Core Ca s h " Cons olida te d Sta te me nts of Income Years Ended December 31, (Dollars in thousands) 2002 (Unaudited) 2001 (Unaudited) 2000 (Unaudited) Managed interest income: Managed student loans Academic facilities financings and other loans... included in the Company's Form 10-K ...

  • Page 19
    ... .71 $ 892 381 2.24 1.76% .72 Sallie Mae reports pro-forma "core cash" results, which the Company believes provide additional insights into its business. The differences ...incurred on the securitized loans. Floor income: The Company earns floor income on its student loan portfolio in certain ...

  • Page 20
    ... (1989- 1998), President of Commercial Credit Co. (1988- 1989), Pre s id e nt a nd Ch ie f Op e ra ting Office r of Ma nufa cturers Hanover Consumer Services (1983- 1988) and Chief Financial Office r of Ma nufa cture rs Ha nove r Cons ume r Se rvices (1978- 1983). Serves on the board of M. A. Bruder...

  • Page 21
    ... Chairman & CEO SLM Corporation Ra ndolph H. Wa te rfie ld Jr. Certified Public Accountant & Accounting Consultant Willia m M. Die fe nde rfe r III Vice Chairman & Co-founder enumerate Solutions , Inc. Ma rie V . McDe mmond President Norfolk State University Pa t Willia ms Senior Fellow Center...

  • Page 22
    ... Corpora tion Annua l Meeting Th e a nnua l me e ting of s h a re h old e rs will b e h e ld on Th urs d a y, Ma y 15, 20 03, a t 11:0 0 a .m. EST, a t th e Sa llie Ma e h e a d q ua rte rs office , 116 0 0 Sa llie Ma e Drive , Re s ton, VA 20 193. Th e Comp a ny's 20 0 2 Form 10 -K, a s file d with...

  • Page 23
    Corpora te Informa tion SALLIE MAE HEADQUARTERS 116 0 0 Sa llie Ma e Drive Res ton, VA 20 193 703 8 10 -30 0 0 www.s a llie ma e .com INVESTOR RELATIONS Je ffre y R. He inz Ma na ging Dire ctor 703 8 10 -7751 By fa cs imile : 703 8 10 -5074 CORPORATE SECRETARY Ma ry F. Eure Vice Pres ide nt 703 8 10...

  • Page 24
    SLM Corpora tion 116 0 0 Sa llie Ma e Drive Re s ton, Virginia 20 193 www.s allie mae .com