Sallie Mae 2006 Annual Report Download - page 69
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Delinquencies
The table below presents our Private Education Loan delinquency trends as of December 31, 2006, 2005
and 2004. Delinquencies have the potential to adversely impact earnings as they are an initial indication of the
borrower’s potential to possibly default and as a result command a higher loan loss reserve than loans in
current status. Delinquent loans also require increased servicing and collection efforts, resulting in higher
operating costs.
Balance % Balance % Balance %
December 31,
2006
December 31,
2005
December 31,
2004
On-Balance Sheet Private Education
Loan Delinquencies
Loans in-school/grace/deferment
(1)
......... $ 5,218 $4,301 $2,787
Loans in forbearance
(2)
................. 359 303 166
Loans in repayment and percentage of each
status:
Loans current ....................... 4,214 86.9% 3,311 90.4% 2,555 89.9%
Loans delinquent 31-60 days
(3)
.......... 250 5.1 166 4.5 124 4.4
Loans delinquent 61-90 days
(3)
.......... 132 2.7 77 2.1 56 2.0
Loans delinquent greater than 90 days
(3)
. . . 255 5.3 108 3.0 107 3.7
Total Private Education Loans in
repayment ....................... 4,851 100% 3,662 100% 2,842 100%
Total Private Education Loans, gross ....... 10,428 8,266 5,795
Private Education Loan unamortized
discount ........................... (365) (305) (203)
Total Private Education Loans ............ 10,063 7,961 5,592
Private Education Loan allowance for losses . . (308) (204) (172)
Private Education Loans, net ............. $ 9,755 $7,757 $5,420
Percentage of Private Education Loans in
repayment ......................... 46.5% 44.3% 49.0%
Delinquencies as a percentage of Private
Education Loans in repayment .......... 13.1% 9.6% 10.1%
(1)
Loans for borrowers who still may be attending school or engaging 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 borrowers who have requested extension of grace period generally during employment transition or who have tempo-
rarily ceased making full payments due to hardship or other factors, consistent with the established loan program servicing poli-
cies and procedures.
(3)
The period of delinquency is based on the number of days scheduled payments are contractually past due.
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