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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 27, 2013
SLM CORPORATION
(Exact name of registrant as specified in its charter)
| Delaware | 001-13251 | 52-2013874 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
| 300 Continental Drive, Newark, Delaware | 19713 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (302) 283-8000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 8.01 | Other Events. |
SLM Corporation (the “Company”) frequently provides relevant information to its investors via posting to its corporate website. On February 27, 2013, a presentation entitled “Q4 2012 Investor Presentation” was made available on the Company’s web site at https://www1.salliemae.com/about/investors/webcasts/default.htm. In addition, the document is being furnished herewith as Exhibit 99.1.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| 99.1* | Q4 2012 Investor Presentation. |
| * | Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SLM CORPORATION | ||||||
| Date: February 27, 2013 | By: | /s/ Jonathan C. Clark | ||||
| Jonathan C. Clark | ||||||
| Executive Vice President and Chief Financial Officer | ||||||
EXHIBIT INDEX
| Exhibit |
Description | |
| 99.1* | Q4 2012 Investor Presentation. |
| * | Furnished herewith. |
 SLM
CORPORATION Q4 2012 Investor Presentation
FEBRUARY 27, 2013
Exhibit 99.1 |
 Forward-Looking
Statements; Non-GAAP Financial Measures 2
The
following
information
is
current
as
of
February
27,
2013
(unless
otherwise
noted)
and
should
be
read
in
connection
with
SLM
Corporation’s
Annual
Report
on
Form
10-K
for
the
year
ended
December
31,
2012
(the
“2012
Form
10-K”)
and
subsequent
reports
filed
with
the
Securities
and
Exchange
Commission
(the
“SEC”).
Definitions
for
capitalized terms
in
this
presentation
not
defined
herein
can
be
found
in
the
2012
Form
10-K
(filed
with
the
SEC
on
February
26,
2013).
This
Presentation
contains
forward-looking
statements
and
information
based
on
management’s
current
expectations
as
of
the
date
of
this
presentation.
Statements
that
are
not
historical
facts,
including
statements
about
our
opinions,
beliefs
or
expectations
and
statements
that
assume
or
are
dependent
upon
future
events,
are
forward-looking
statements.
Forward-looking
statements
are
subject
to
risks,
uncertainties,
assumptions
and
other
factors
that
may
cause
actual
results
to
be
materially
different
from
those
reflected
in
such
forward-looking
statements.
These
factors
include,
among
others,
the
risks
and
uncertainties
set
forth
in
Item
1A
“Risk
Factors”
and
elsewhere
in
the
2012
Form
10-K,
the
Company’s,
first,
second
and
third
quarter
Forms
10-Q
and
subsequent
filings
with
the
SEC;
increases
in
financing
costs;
limits
on
liquidity;
increases
in
costs
associated
with
compliance
with
laws
and
regulations;
changes
in
accounting
standards
and
the
impact
of
related
changes
in
significant
accounting
estimates;
any
adverse
outcomes
in
any
significant
litigation
to
which
we
are
a
party;
credit
risk
associated
with
our
exposure
to
third
parties,
including
counterparties
to
our
derivative
transactions;
and
changes
in
the
terms
of
student
loans
and
the
educational
credit
marketplace
(including
changes
resulting
from
new
laws
and
the
implementation
of
existing
laws).
We
could
also
be
affected
by,
among
other
things:
changes
in
our
funding
costs
and
availability;
reductions
to
our
credit
ratings
or
the
credit
ratings
of
the
United
States
of
America;
failures
of
our
operating
systems
or
infrastructure,
including
those
of
third-party
vendors;
damage
to
our
reputation;
failures
to
successfully
implement
cost-cutting
and
restructuring
initiatives
and
adverse
effects
of
such
initiatives
on
our
business;
changes
in
the
demand
for
educational
financing
or
in
financing
preferences
of
lenders,
educational
institutions,
students
and
their
families;
changes
in
law
and
regulations
with
respect
to
the
student
lending
business
and
financial
institutions
generally;
increased
competition
from
banks
and
other
consumer
lenders;
the
creditworthiness
of
our
customers;
changes
in
the
general
interest
rate
environment,
including
the
rate
relationships
among
relevant
money-market
instruments
and
those
of
our
earning
assets
versus
our
funding
arrangements;
changes
in
general
economic
conditions;
our
ability
to
successfully
effectuate
any
acquisitions
and
other
strategic
initiatives;
and
changes
in
the
demand
for
debt
management
services.
The
preparation
of
our
consolidated
financial
statements
also
requires
management
to
make
certain
estimates
and
assumptions
including
estimates
and
assumptions
about
future
events.
These
estimates
or
assumptions
may
prove
to
be
incorrect.
All
forward-looking
statements
contained
in
this
Presentation
are
qualified
by
these
cautionary
statements
and
are
made
only
as
of
the
date
of
this
Presentation.
We
do
not
undertake
any
obligation
to
update
or
revise
these
forward-looking
statements
to
conform
the
statement
to
actual
results
or
changes
in
our expectations.
The
Company
reports
financial
results
on
a
GAAP
basis
and
also
provides
certain
core
earnings
performance
measures.
The
difference
between
the
Company’s
core
earnings
and
GAAP
results
for
the
periods
presented
were
the
unrealized,
mark-to-market
gains/losses
on
derivative
contracts
and
the
goodwill
and
acquired
intangible
asset
amortization
and
impairment.
These
items
are
recognized
in
GAAP
but
not
in
core
earnings
results.
The
Company
provides
core
earnings
measures
because
this
is
what
management
uses
when
making
management
decisions
regarding
the
Company’s
performance
and
the
allocation
of
corporate
resources.
The
Company’s
core
earnings
are
not
defined
terms
within
GAAP
and
may
not
be
comparable
to
similarly
titled
measures
reported
by
other
companies.
For
additional
information,
see
“Core
Earnings
—
Definition
and
Limitations”
in
the
Company’s
2012
Form
10-K
for
a
further
discussion
and
a
complete
reconciliation
between
GAAP
net
income
and
core
earnings. |
 SLM
Corporation SLM Corporation Overview
Page 4
The U.S. Student Loan Market
Page 11
Credit Quality
Page 19
Servicing: A Competitive Advantage
Page 28
Funding Diversity and Liquidity
Page 32
Risk-Adjusted Capital
Page 42
FFELP ABS Appendix
Page 45
Private Education Loan ABS Appendix
Page 50
SLM Appendix
Page 71
3 |
 SLM
Corporation Overview 4 |
 company with 40-years of leadership in the
education lending market
U.S. for FFELP ¹
and Private Education Loans
approximately $257 billion in loans, as of December
31, 2012
for the Department of Education (“ED”), as of
December 31, 2012
scale and a broad franchise, traded on the
NASDAQ (ticker: SLM)
insured or guaranteed, as of December 31, 2012
SLM Corporation
1
Federal Family Education Loan Program (“FFELP”).
5
#1 saving, planning and paying for education
#1 servicer and collector of student loans in the
Serving 25 million unique customers and
Servicing for third parties, including 4.3 million loans
Fully independent private sector company with
$163
billion student loan portfolio, 77% of which is |
 As
of December 31, 2012 Net of provision
A Brief Corporate History
As of February 22, 2012
6
1965
1972
1996
2004
2008
2009
2010
•
Congress creates the Guaranteed Student Loan Program, currently
known
as FFELP
•
Congress establishes, as a GSE, the Student Loan Marketing Association or
“Sallie Mae”
•
Privatization of Sallie Mae approved by Congress, SLM Corporation holding
company created
•
GSE dissolved…
SLM Corporation becomes a fully independent, private
sector corporation
•
Challenging economy; U.S. Government support of FFELP, private
education lending curtailed
•
SLM wins 5 year contract to service for US Dept Education
•
Smart Option private loan introduced
•
FFELP eliminated in legislative reform July 2010
•
SLM acquires $25 billion FFELP portfolio from Student Loan Corporation
Loan Portfolio
Loan Type
$billions
%
SLM Corporate Debt Ratings
FFELP Loans
Private Education
Total Portfolio
$125.6
$36.9
$162.5
100%
23%
77%
Moody’s
S & P
Fitch
Ba1
BBB-
BBB-
Not-Prime
Stable
Neg.
Stable
A-3
F3
Long-
Term
Short-
Term
Outlook |
 Q4
12 “Core Earnings” Summary
*
($ millions, except per share amounts)
Q4 12
Q4 11
2012
2011
EPS (Reported)
$0.55
$0.51
$2.16
$1.83
Net Income
$257
$268
$1,062
$977
Net Interest Income
$714
$773
$2,818
$3,064
Loan Loss Provision
$314
$292
$1,080
$1,295
Fee and Other Income - Excluding Debt Repurchase Gains
$201
$188
$780
$767
Debt Repurchase Gains
$43
$0
$145
$64
Operating Expenses
$252
$243
$996
$1,100
Average Student Loans
$164,800
$176,567
$169,815
$180,064
*
For
a
GAAP
to
“Core
Earnings”
reconciliation,
see
slide
72
7 |
 Consumer Lending Segment Earnings Detail –
“Core Earnings”
Basis
($ millions)
Q412
Q411
2012
2011
Private Originations
$514
$457
$3,345
$2,737
Average Private Education Loans
$37,926
$37,259
$37,691
$36,955
Net Interest Income after Provision - Private
$123
$162
$655
$455
Net Interest Margin - Private Education
4.07%
4.16%
4.13%
4.09%
Operating Expenses
$65
$67
$265
$304
OpEx Annualized as a % of Average Private Education Loans
0.68%
0.72%
0.70%
0.82%
Net Income
$46
$63
$278
$128
8
(1)
Includes non-GAAP adjustments of 0.05%, 0.13%, 0.10%, and 0.08%, respectively,
related to the accounting for derivative instruments. (1)
|
 FFELP Loan Segment Earnings Detail –
“Core Earnings”
Basis
($ millions)
Q4 12
Q4 11
2012
2011
Average FFELP Loans
$126,874
$139,308
$132,124
$143,109
Net Interest Income after Provision - FFELP
$279
$337
$1,092
$1,361
Net Interest Margin - FFELP
0.89%
0.97%
0.84%
0.98%
Operating Expenses
$165
$185
$702
$760
OpEx Annualized as a % of Average FFELP Loans
0.52%
0.53%
0.53%
0.53%
Net Income
$89
$109
$307
$434
(1)Includes non-GAAP adjustments of (0.37%), (0.33%), (0.31%) and (0.34%),
respectively, related to the accounting for derivative instruments.
9
(1) |
 Three Aspects of the SLM Business Model
–
Largest originator of Private Education Loans
–
Significant long term value
–
High quality loan originations growing in double digits
–
Growing net income
–
Businesses
include
loan
servicing
and
collections
for
Department
of
Education, payment processing for colleges and universities and 529
savings plan servicing
–
ABS servicing cash flows are super senior
–
Opportunities exist to expand services provided, including industry
consolidation
–
Efficient cost structure and top performer
–
Existing portfolios generating substantial income and cash flow
–
Residuals stable due to minimal credit and interest rate risk
–
Actively seeking to acquire additional FFELP loan portfolios
Consumer Lending
Business Services
FFELP Loan Portfolio
10 |
 The
U.S. Student Loan Market 11 |
 Favorable Student
Loan Market Trends Source: Trends in College Pricing.©
2012 The College Board,. www.collegeboard.org,
Note: Academic years, average published tuition, fees, room and board charges at four-year
institutions; enrollment-weighted
Higher Education Enrollment (millions)
Source: U.S. Department of Education, National Center for Education Statistics, Integrated
Postsecondary Education Data System (IPEDS), "Fall Enrollment Survey"
(IPEDS-EF:90-99), and Spring 2001 through Spring 2011, Enrollment component; and
Enrollment in Degree-Granting Institutions Model, 1980–2010. Note: Total enrollment in
all degree-granting institutions; middle alternative projections for 2010 onward Annual Cost
of Education ($ thousands) 12
19.1
20.4
21.0
21.3
21.6
21.8
22.0
22.3
22.5
22.8
23.2
23.6
23.9
24.1
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
$27.5
$28.7
$30.5
$32.0
$33.8
$35.1
$36.5
$38.0
$39.5
11.4
12.1
12.8
13.6
14.4
15.2
16.2
17.1
17.9
2013
2012
2011
2010
2009
2008
2007
2006
2005
Public
Private
75.8
94.5
104.3
108.9
114.7
120.8
127.4
134.4
141.8
2008
2009
2010
2011
2012
2013
2014
2015
2016
100,000
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
Less than H.S.
High school
Some college
Associate
Bachelor’s
Master’s
Doctorate
Professional
14%
12%
10%
8%
6%
4%
2%
0%
Unemployment
Average annual income
Federal Student Loan Origination Volume ($ billions)
Relationship Between Higher Education, Income and Employment
Source: U.S. Bureau of Labor Statistics, Current Population Survey, 2012 Annual Social and
Economic Supplement. Represents median earnings for a full time, year-round worker over age
25. Unemployment data as of Annual Average 2012. Represents unemployment for
civilian non-institutional population over age 25.
Source: President’s 2013 Budget. Net commitments by fiscal year
Note: Excludes consolidation volume |
 College Grads Experience Lower Levels of Unemployment
Source: U.S. Bureau of Labor Statistics as of 12/31/2012
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
Total Unemployment Rate
0.0%
Unemployment Rate with a Bachelor’s Degree or Higher
13 |
 Private Education Loans –
High Quality Originations
Originations of $2.3 bn in 2010 had an average winning FICO of 739 and 89% were
cosigned. Originations of $2.7 bn in 2011 had an average winning FICO of 748
and 91% were cosigned. $500
$250
$750
$1,000
$1,250
$1,500
$0
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
Originations
Year over Year Growth
-20%
40%
30%
20%
10%
0%
-10%
14
Originations of $3.3 bn in 2012 had an average winning FICO of 748 and 90% were
cosigned. 4Q12 |
 –
$37 billion portfolio
–
23% of SLM’s total student loan portfolio
–
Approximately 65% of portfolio has a cosigner, typically a parent
–
Loans originated since 2009 are approximately 90% cosigned with average FICO
scores above 740
–
Higher education loans typically non-dischargeable in bankruptcy
–
Integrated underwriting, servicing and collections
SLM’s Private Education Loan Portfolio
As of December 31, 2012
15
?
Private Education Loan Portfolio Characteristics |
 balance their goals and budget while in school
–
Interest Only -
Requires interest only payment during in-school period
–
Fixed Repayment -
Requires $25 monthly payments during in-school period
–
Deferred Repayment –
Allows the customer to defer payments while in-school
education expenses
SLM’s Private Education Smart Option Student Loan Products
Smart
Option
Student
Loan
product
offers
three
repayment
choices
designed
to
help
borrowers
Variable and Fixed Interest Rate Options
Repayment
term
is
driven
by
cumulative
amount
borrowed
and
grade
level
Full communication with customers during in-school period
Full
collection
activities
are
employed
at
both
the
customer
and
cosigner
level
All loans are certified by the school’s financial aid office to ensure that
proceeds are used for 16 |
 Private Education Loan products bridge the funding gap between the cost of a
college education and funds available through U.S. Department of Education
(ED) programs, grants, and other sources Estimates for academic year
2011-12 project that 21 million students will enroll in higher education and incur costs
of over $436 billion; $7 billion of which is funded by private education
loans Role of Private Education Loans
Cost of College (Based on a Four-Year Term)
Total Cost of Education (in billions)
2011/2012 Academic Year
Source: U.S. Department of Education, President’s 2013 Budget &
Company analysis $78,299
$17,125
$17,125
$19,003
$124,884
$41,544
$27,000
$27,000
Full-Time
Full-Time
Full-Time
Full-Time
Private School
Public School
Private School
Public School
ED Lending Limit
Cost of attendance gap
Family
Contributions
Private
Education
Loans
Federal
Grants
$200
$116
$113
$7
Cost of
attendance
gap
Cost of
attendance
gap
$95,424
$36,128
$68,544
$151,884
17
AY
2001-2002
AY
2011-2012
Source: Trends in College Pricing.© 2012 The College Board,.
www.collegeboard.org, U.S.
Department of Education 2012 |
 Private Education Loan Industry Originations
Source: Trends in Student Aid.©
2012 The College Board,.
www.collegeboard.org, industry data is
preliminary. Based on current dollars. Data reported by academic year, SLM quarterly data converted to academic year basis.
increase in federal student loan limits, an overall increase in the use of federal
student loans, an increase in federal grants, and tighter underwriting
standards. 2011-12 academic year market share approximately 47%
Private Education Loan originations declined from their peak as a result of
an SLM vs. Industry Originations
(billions)
$3.8
$11.6
$4.8
$15.5
$7.1
$18.5
$7.7
$21.1
$22.9
$7.7
$4.8
$10.6
$2.3
$7.1
$2.5
$6.2
$3.0
$6.4
03-04
04-05
05-06
06-07
07-08
08-09
09-10
10-11
11-12
SLM
Total Market
18 |
 Credit Quality
19 |
 20
Low Risk = Smart Option, Legacy Traditional Cosigned, and Law/MBA/MED/CT/Other
Moderate Risk = Legacy Traditional Non-Cosigned
Elevated Risk = Non-Traditional
Consumer Lending Segment –
High Quality Portfolio
15.1%
13.9%
11.8%
10.5%
9.4%
8.3%
27.8%
27.7%
27.4%
26.5%
25.1%
23.0%
57.1%
58.4%
60.8%
63.0%
65.5%
68.6%
Private Credit: % of Portfolio Outstandings by Segment
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
25%
20%
15%
10%
5%
0%
Dec. 07
Dec. 08
Dec. 09
Dec. 10
Dec. 11
Dec. 12
2007
2008
2009
2010
2011
2012
Low Risk
Moderate Risk
Elevated Risk
Low Risk
Moderate Risk
Elevated Risk
Overall
Portfolio
Private Credit Charge-off Rate by Segment
9.4%
10.3%
21.2%
17.1%
12.4%
10.9%
0.9%
1.0%
2.5%
2.4%
1.9%
2.8%
6.7%
6.7%
5.5%
5.4%
1.8%
1.7%
2.5%
2.9%
6.0%
5.0%
3.7%
3.4% |
 21
+
=
Private Education
Loans
(2)
22%
Charge-Offs
(1)
= 0.07%
Charge-Offs
(1)
= 2.75%
Total Charge-Offs
(1)
= 0.66%
(1)
All data as of Year Ended December 31, 2012. Annualized FFELP charge-offs as a
percentage of average FFELP Loans. Annualized Private Education Loan charge-offs as a
percentage of average Private Education Loans. Annualized total charge-offs as
a percentage of average FFELP Loans and Private Education Loans. (2)
Percentages of total student loan portfolio based upon average portfolio
balances. Loan Losses
(2)
(2)
Student Loan Portfolio
U.S. Government
Guaranteed Loans
78% |
 22
Private Credit Default Performance
Historical Defaults by Payments Made
Historical Defaults by Months in Repayment
The probability of default substantially diminishes as the number of payments and
years of seasoning increases
As of December 31, 2012
100%
50%
0%
12
24
36
48
60
72
84
96
108
120
132
144
156
168
180
12
24
36
48
60
72
84
96
108
120
132
144
156
168
180
100%
50%
0%
8%
8%
14%
22%
17%
39%
14%
52%
63%
10%
8%
71%
6%
77%
82%
5%
4%
86%
3%
89%
91%
3%
2%
94%
2%
2%
96%
98%
100%
2%
Months Since Repayment Begin Date
# Payments Made
Defaults Per Payments Made
Cumulative Defaults
Defaults Per Months Since Repayment Begin Date
Cumulative Defaults
59%
59%
11%
70%
7%
77%
5%
82%
85%
4%
3%
88%
3%
91%
93%
2%
2%
95%
1%
96%
97%
1%
1%
98%
1%
0%
99%
99%
100%
1% |
  23
Private Education Loan Portfolio Performance
(1) Charge-offs as a percentage of average loans in repayment annualized for
the quarters presented Q412
Q312
Q212
Q112
Q411
Charge-offs - Traditional Portfolio
(1)
3.4%
2.6%
2.5%
2.3%
2.7%
Charge-offs - Non-Traditional Portfolio
(1)
13.2%
10.5%
9.8%
10.3%
11.9%
Charge-offs - Total Portfolio
(1)
4.2%
3.2%
3.1%
3.0%
3.5%
90+ Day Delinq as a % of Repay - Traditional Portfolio
3.9%
4.4%
3.7%
3.6%
4.0%
90+ Day Delinq as a % of Repay - Non-Traditional Portfolio
12.6%
14.6%
12.6%
12.5%
13.6%
90+ Day Delinq as a % of Repay - Total Portfolio
4.6%
5.3%
4.5%
4.4%
4.9%
Forb as a % of Forb & Repay - Traditional Portfolio
3.3%
3.1%
4.1%
4.1%
4.2%
Forb as a % of Forb & Repay - Non-Traditional Portfolio
5.1%
5.0%
6.4%
6.8%
6.6%
Forb as a % of Forb & Repay - Total Portfolio
3.5%
3.2%
4.3%
4.3%
4.4%
Allowance as a % of Loans in Repay - Traditional Portfolio
5.7%
5.8%
5.7%
5.8%
5.6%
Allowance as a % of Loans in Repay - Non-Traditional Portfolio
20.7%
21.5%
22.5%
22.8%
23.1%
Allowance as a % of Loans in Repay - Total Portfolio
6.9%
7.1%
7.1%
7.2%
7.2% |
  24
Traditional Loans with a Cosigner
Q412
Q312
Q212
Q112
Q411
Outstanding Balance as a % of Total
62%
62%
60%
60%
59%
90+ Delinquency as a % of Repayment
2.9%
3.2%
2.7%
2.6%
2.9%
Forbearance as a % of Repayment & Forbearance
3.3%
2.9%
3.8%
3.7%
3.8%
Charge-Offs as a % of Repayment
2.1%
1.6%
1.5%
1.4%
1.7%
Traditional Loans without a Cosigner
Q412
Q312
Q212
Q112
Q411
Outstanding Balance as a % of Total
30%
30%
31%
31%
32%
90+ Delinquency as a % of Repayment
5.8%
6.7%
5.5%
5.5%
5.8%
Forbearance as a % of Repayment & Forbearance
3.4%
3.3%
4.5%
4.7%
4.7%
Charge-Offs as a % of Repayment
5.9%
4.5%
4.3%
3.9%
4.5%
Non-Traditional Loans with a Cosigner
Q412
Q312
Q212
Q112
Q411
Outstanding Balance as a % of Total
3%
3%
3%
3%
3%
90+ Delinquency as a % of Repayment
10.9%
12.3%
10.3%
10.4%
11.8%
Forbearance as a % of Repayment & Forbearance
6.5%
6.2%
7.6%
8.1%
7.8%
Charge-Offs as a % of Repayment
8.8%
6.9%
6.6%
7.1%
7.8%
Non-Traditional Loans without a Cosigner
Q412
Q312
Q212
Q112
Q411
Outstanding Balance as a % of Total
6%
6%
6%
6%
7%
90+ Delinquency as a % of Repayment
13.3%
15.6%
13.5%
13.3%
14.4%
Forbearance as a % of Repayment & Forbearance
4.6%
4.5%
5.9%
6.2%
6.1%
Charge-Offs as a % of Repayment
15.0%
11.9%
11.1%
11.6%
13.6%
Private Education Loan Portfolio Performance
(1) Charge-offs as a percentage of average loans in repayment annualized for
the quarters presented (1)
(1)
(1)
(1) |
 25
(Dollars in millions)
Loan Seasoning
December 31, 2012
Traditional Portfolio
Monthly Scheduled Payments Due
Loan Status
0-12 payments
13-24 payments
25-36 payments
37-48 payments
More than 48 payments
Total
Not Yet in Repayment
5,421
Loans in Forbearance
517
7.9%
173
3.1%
137
2.4%
74
1.7%
95
1.2%
996
3.3%
Loans in Repayment-
Current
5,109
78.3%
5,042
88.8%
5,090
90.4%
4,114
92.9%
7,242
94.5%
26,597
88.9%
Loans in Repayment-
Delinq 31-60 days
281
4.3%
160
2.8%
151
2.7%
98
2.2%
147
1.9%
837
2.8%
Loans in Repayment-
Delinq 61-90 days
137
2.1%
75
1.3%
67
1.2%
40
0.9%
56
0.7%
375
1.3%
Loans in Repayment-
Delinq 90 + days
484
7.4%
228
4.0%
184
3.3%
104
2.4%
121
1.6%
1,121
3.7%
Total Loans in Repayment or Forbearance
$ 6,528
100%
$ 5,678
100%
$ 5,629
100%
$ 4,430
100%
$ 7,661
100%
$ 29,926
100%
Charge-offs as a % of loans in repayment
8.6%
3.1%
2.1%
1.5%
1.1%
3.4%
Non-Traditional Portfolio
Monthly Scheduled Payments Due
Loan Status
0-12 payments
13-24 payments
25-36 payments
37-48 payments
More than 48 payments
Total
Not Yet in Repayment
483
Loans in Forbearance
85
10.1%
21
4.7%
12
2.9%
9
2.5%
13
2.0%
140
5.1%
Loans in Repayment-
Current
482
57.2%
324
70.6%
315
77.3%
289
82.7%
568
85.6%
1,978
72.6%
Loans in Repayment-
Delinq 31-60 days
72
8.5%
29
6.4%
24
5.9%
18
5.1%
32
4.8%
175
6.4%
Loans in Repayment-
Delinq 61-90 days
48
5.7%
20
4.3%
14
3.3%
9
2.6%
15
2.2%
106
3.9%
Loans in Repayment-
Delinq 90 + days
156
18.5%
65
14.1%
43
10.6%
25
7.1%
36
5.4%
325
11.9%
Total Loans in Repayment or Forbearance
$ 843
100%
$ 459
100%
$ 408
100%
$ 350
100%
$ 664
100%
$ 2,724
100%
Charge-offs as a % of loans in repayment
26.6%
13.8%
8.1%
5.0%
3.7%
13.2%
Total
Monthly Scheduled Payments Due
Loan Status
0-12 payments
13-24 payments
25-36 payments
37-48 payments
More than 48 payments
Total
Not Yet in Repayment
5,904
Loans in Forbearance
602
8.2%
195
3.2%
149
2.5%
83
1.7%
107
1.3%
1,136
3.5%
Loans in Repayment-
Current
5,591
75.9%
5,366
87.4%
5,405
89.5%
4,403
92.1%
7,810
93.8%
28,575
87.5%
Loans in Repayment-
Delinq 31-60 days
353
4.8%
189
3.1%
175
2.9%
116
2.4%
179
2.1%
1,012
3.1%
Loans in Repayment-
Delinq 61-90 days
185
2.5%
95
1.6%
81
1.3%
49
1.0%
71
0.9%
481
1.5%
Loans in Repayment-
Delinq 90 + days
640
8.7%
292
4.8%
227
3.8%
129
2.7%
158
1.9%
1,446
4.4%
Total Loans in Repayment or Forbearance
$ 7,371
100%
$ 6,137
100%
$ 6,037
100%
$ 4,780
100%
$ 8,325
100%
$ 32,650
100%
Charge-offs as a % of loans in repayment
10.6%
3.8%
2.5%
1.8%
1.3%
4.2% |
 26
(Dollars in millions)
Loan Seasoning
September 30, 2012
Traditional Portfolio
Monthly Scheduled Payments Due
Loan Status
0-12 payments
13-24 payments
25-36 payments
37-48 payments
More than 48 payments
Total
Not Yet in Repayment
6,234
Loans in Forbearance
501
7.4%
150
2.4%
110
2.1%
57
1.5%
80
1.2%
898
3.1%
Loans in Repayment-
Current
5,215
76.8%
5,744
90.1%
4,794
90.7%
3,627
93.0%
6,547
94.8%
25,927
88.6%
Loans in Repayment-
Delinq 31-60 days
270
4.0%
166
2.6%
141
2.7%
88
2.3%
119
1.7%
784
2.7%
Loans in Repayment-
Delinq 61-90 days
170
2.5%
77
1.2%
65
1.2%
38
1.0%
49
0.7%
399
1.4%
Loans in Repayment-
Delinq 90 + days
630
9.3%
238
3.7%
176
3.3%
92
2.4%
110
1.6%
1,246
4.3%
Total Loans in Repayment or Forbearance
$ 6,786
100%
$ 6,375
100%
$ 5,286
100%
$ 3,902
100%
$ 6,905
100%
$ 29,254
100%
Charge-offs as a % of loans in repayment
6.1%
2.2%
1.6%
1.2%
0.9%
2.6%
Non-Traditional Portfolio
Monthly Scheduled Payments Due
Loan Status
0-12 payments
13-24 payments
25-36 payments
37-48 payments
More than 48 payments
Total
Not Yet in Repayment
566
Loans in Forbearance
87
9.6%
19
4.7%
12
2.8%
8
2.3%
12
1.9%
138
5.0%
Loans in Repayment-
Current
482
53.4%
334
70.9%
321
77.0%
286
83.6%
536
86.1%
1,959
71.1%
Loans in Repayment-
Delinq 31-60 days
71
7.8%
32
6.7%
24
5.9%
16
4.8%
27
4.3%
170
6.2%
Loans in Repayment-
Delinq 61-90 days
51
5.7%
17
3.6%
15
3.7%
8
2.4%
14
2.2%
105
3.8%
Loans in Repayment-
Delinq 90 + days
211
23.4%
68
14.5%
45
10.8%
24
7.0%
34
5.4%
382
13.9%
Total Loans in Repayment or Forbearance
$ 902
100%
$ 470
100%
$ 417
100%
$ 342
100%
$ 623
100%
$ 2,754
100%
Charge-offs as a % of loans in repayment
20.1%
10.7%
5.8%
3.6%
3.4%
10.5%
Total
Monthly Scheduled Payments Due
Loan Status
0-12 payments
13-24 payments
25-36 payments
37-48 payments
More than 48 payments
Total
Not Yet in Repayment
6,800
Loans in Forbearance
588
7.7%
169
2.5%
122
2.1%
65
1.5%
92
1.2%
1,036
3.2%
Loans in Repayment-
Current
5,697
74.1%
6,078
88.8%
5,115
89.7%
3,913
92.2%
7,083
94.1%
27,886
87.1%
Loans in Repayment-
Delinq 31-60 days
341
4.4%
198
2.9%
165
2.9%
104
2.5%
146
1.9%
954
3.0%
Loans in Repayment-
Delinq 61-90 days
221
2.9%
94
1.4%
80
1.4%
46
1.1%
63
0.8%
504
1.6%
Loans in Repayment-
Delinq 90 + days
841
10.9%
306
4.5%
221
3.9%
116
2.7%
144
1.9%
1,628
5.1%
Total Loans in Repayment or Forbearance
$ 7,688
100%
$ 6,84
100%
$ 5,703
100%
$ 4,244
100%
$ 7,528
100%
$ 32,008
100%
Charge-offs as a % of loans in repayment
7.7%
2.7%
1.9%
1.4%
1.1%
3.2% |
 27
Loan Seasoning
(Dollars in millions)
December 31, 2011
Traditional Portfolio
Monthly Scheduled Payments Due
Not Yet in Repayment
5,866
Loans in Forbearance
787
9.7%
169
2.7%
112
2.1%
58
1.7%
69
1.2%
1,195
4.2%
Loans in Repayment-
Current
6,231
76.9%
5,658
89.5%
4,770
91.1%
3,245
93.1%
5,206
94.5%
25,110
87.6%
Loans in Repayment-
Delinq 31-60 days
397
4.9%
177
2.8%
132
2.5%
69
2.0%
93
1.7%
868
3.0%
Loans in Repayment-
Delinq 61-90 days
177
2.2%
78
1.2%
63
1.2%
33
1.0%
42
0.8%
393
1.4%
Loans in Repayment-
Delinq 90 + days
515
6.4%
242
3.8%
162
3.1%
80
2.3%
97
1.8%
1,096
3.8%
8,107
$
100%
6,324
$
100%
5,239
$
100%
3,485
$
100%
5,507
$
100%
28,662
$
100%
Charge-offs as a % of loans in repayment
5.0%
2.5%
1.8%
1.4%
1.1%
2.7%
Non-Traditional Portfolio
Monthly Scheduled Payments Due
Not Yet in Repayment
656
Loans in Forbearance
133
11.7%
25
4.7%
14
3.3%
8
2.6%
11
2.2%
191
6.6%
Loans in Repayment-
Current
635
55.8%
356
69.4%
340
77.6%
241
82.3%
440
83.5%
2,012
69.2%
Loans in Repayment-
Delinq 31-60 days
109
9.6%
35
6.9%
26
5.8%
14
4.8%
24
4.5%
208
7.2%
Loans in Repayment-
Delinq 61-90 days
68
6.0%
22
4.2%
15
3.5%
8
2.8%
14
2.7%
127
4.4%
Loans in Repayment-
Delinq 90 + days
194
17.0%
75
14.5%
43
9.9%
22
7.5%
37
7.1%
371
12.8%
1,139
$
100%
513
$
100%
438
$
100%
293
$
100%
526
$
100%
2,909
$
100%
Charge-offs as a % of loans in repayment
19.2%
12.3%
7.0%
5.6%
4.5%
11.9%
Total Managed
Monthly Scheduled Payments Due
Not Yet in Repayment
6,522
Loans in Forbearance
920
10.0%
194
2.8%
126
2.2%
66
1.8%
80
1.3%
1,386
4.4%
Loans in Repayment-
Current
6,866
74.3%
6,014
88.0%
5,110
90.0%
3,486
92.3%
5,646
93.6%
27,122
85.9%
Loans in Repayment-
Delinq 31-60 days
506
5.5%
212
3.1%
158
2.8%
83
2.2%
117
1.9%
1,076
3.4%
Loans in Repayment-
Delinq 61-90 days
245
2.6%
100
1.5%
78
1.4%
41
1.1%
56
0.9%
520
1.6%
Loans in Repayment-
Delinq 90 + days
709
7.7%
317
4.6%
205
3.6%
102
2.7%
134
2.2%
1,467
4.6%
9,246
$
100%
6,837
$
100%
5,677
$
100%
3,778
$
100%
6,033
$
100%
31,571
$
100%
Charge-offs as a % of loans in repayment
6.7%
3.2%
2.2%
1.7%
1.4%
3.5%
More than 48 payments
Total
Total Loans in Repayment or Forbearance
Total Loans in Repayment or Forbearance
Loan Status
0-12 payments
13-24 payments
25-36 payments
37-48 payments
Total
Total Loans in Repayment or Forbearance
Loan Status
0-12 payments
13-24 payments
25-36 payments
37-48 payments
More than 48 payments
Total
Loan Status
0-12 payments
13-24 payments
25-36 payments
37-48 payments
More than 48 payments |
 28
Servicing: A Competitive Advantage |
 29
Revenue of $1.3 billion in 2012
Approximately 76% of revenue generated by services performed on FFELP Loans
ED servicing and collections businesses will grow organically with increase in
federal Direct Lending
Business Services Segment –
“Core Earnings”
Basis |
 30
Business Services Segment Earnings Detail –
“Core Earnings”
Basis
($ millions)
Q4 12
Q4 11
2012
2011
Intercompany loan servicing
$158
$180
$670
$739
Third-party loan servicing
$24
$22
$98
$82
Guarantor servicing
$10
$12
$44
$52
Other servicing
$26
$24
$98
$97
Contingency revenue
$95
$85
$356
$333
Other Business Services revenue
$10
$40
$33
$70
Net Income
$134
$158
$540
$570 |
 31
Operations locations
Corporate Headquarters
Fishers, IN
•
Collections
•
Information Technology
•
Servicing
•
Fulfillment
•
Call Center
•
Sales
Reston, VA
•
Finance
•
Legal
•
Information Technology
New York State
Arcade, Perry,
Horseheads
•
Collections
Cincinnati, OH
(GRC)
•
Collections
Murray, UT
•
Sallie Mae Bank
Wilkes-Barre, PA
•
Servicing
•
Call Center
Newark, DE Headquarters
•
Credit &Collections
•
Customer Resolution Srvcs
•
Servicing
•
Fraud
•
Business Development
Washington, DC
•
Government Relations
Moorestown, NJ
•
Collections
Newton, MA
•
Upromise
•
Business
Kansas City, MO
•
Upromise
•
Campus Solutions
Muncie, IN
•
Collections
Development |
 32
Funding Diversity and Liquidity |
 33
Issued $4.2 billion of Private ABS
Issued $9.7 billion of FFELP ABS
Expanded and extended our FFELP ABCP facility to 2015
Issued $2.65 billion of long-term unsecured debt
Returned over $1.1 billion to shareholders through share repurchases and
dividends Maintained excess capital at Bank and SLM Corporation
2012 Capital Markets Summary |
 34
Non-Consolidation FFELP
Consolidation FFELP
Non-Consolidation FFELP
Issue
$1,249M SLM Trust 2013-1
$1,527M SLM Trust 2012-8
$1,251M SLM Trust 2012-7
Pricing Date
February 5, 2013
December 13, 2012
November 2, 2012
Collateral
US Govt. Guaranteed or Insured
FFELP Stafford and Plus Loans
US Govt. Guaranteed or Insured
FFELP Consolidation Loans
US Govt. Guaranteed or Insured
FFELP Stafford and Plus Loans
Prepayment
Speed
(1)
6% Constant Prepayment Rate
4% Constant Prepayment Rate
6% Constant Prepayment Rate
Tranching
Moody’s
Amt
WAL
(1)
Pricing
(2)
A-1 Aaa $280
1.0 L+17 A-2
Aaa $396 3.3 L+25
A-3 Aaa $538
6.8 L+55
B
A1 $35 8.6 L+225
Moody’s
Amt
WAL
(1)
Pricing
(2)
A-1 Aaa $1,485
7.8 L+90
B
A1 $43 17.4 L+360
Moody’s
Amt
WAL
(1)
Pricing
(2)
A-1 Aaa $278
1.1 L+20 A-2
Aaa $360 3.3 L+30
A-3 Aaa $575
7.0 L+65
B
A1 $38 9.0 L+350
Recent SLM FFELP ABS Transactions
(1)
Estimated based on a variety of assumptions concerning loan repayment behavior, as
more fully described in the related prospectus, which may be obtained at
http://www2.salliemae.com/investors/debtasset/slmsltrusts/. Actual average life may
vary significantly from estimates. (2)
Pricing represents the yield to expected call. |
 Recent SLM Private Education Loan ABS Transactions
(1)
Estimated based on a variety of assumptions concerning loan repayment behavior, as
more fully described in the related prospectus, which may be obtained at
http://www2.salliemae.com/investors/debtasset/slmsltrusts/. Actual average life may
vary significantly from estimates. (2)
Yield on fixed rate tranches were 2.10%, 2.98%, 3.34%, 3.51%, and 3.86% for
2012-E, 2012-D ,2012-C, 2012-B, and 2012-A respectively.
Private Education Loans
Private Education Loans
Private Education Loans
Issue
$976M SLM Trust 2012-E
$640M SLM Trust 2012-D
$1,135M SLM Trust 2012-C
Pricing Date
October 11, 2012
July 23, 2012
May 23, 2012
Collateral
Private Education Loans
Private Education Loans
Private Education Loans
Prepayment Speed
(1)
4%
4%
4%
Tranching
35
Moody’s
Amt
WAL
(1)
Pricing
(2)
A-1 Aaa
$676 A-2A
Aaa $100
A-2B Aaa $200
4.5
Total
$976 2.6 L+122 Moody’s
Amt
WAL
(1)
Pricing
(2)
A-1 Aaa
$450
A-2 Aaa $190
4.3
Total
$640 2.5 Moody’s
Amt
WAL
(1)
Pricing
(2)
A-1 Aaa $781
1.75 A-2
Aaa $354
Total
$1,135 2.6 L+75
s+ 140
L+175
L+105
s+230
L+110
s+235
L+169
L+177
4.5
1.7
1.7
4.5 |
 High Percentage of Student Loans Funded to Term
*
Gross loans, Numbers may not add due to rounding.
36
$163* Billion Student Loan Portfolio
as of December 31, 2012
Fixed Spread Liabilities,
$25
FFELP Consolidation
Term ABS, $75
FFELP Non-
Consolidation Term
ABS, $28
Private Term ABS, $19
Straight A Conduit, $9
Private ABCP Conduit,
FFELP ABCP Conduit &
FHLB, $6
$1 |
 Unsecured Debt Maturities
Note: Does not include Sallie Mae Bank or Subsidiary funding
$10
$5
$0
$1.8
$3.0
$1.5
$2.3
$1.8
$2.8
$0.2
$1.6
$3.8
As of January 31, 2013
(par value, $ in billions)
37 |
    Secured Cash Flow
Note: Totals may not add due to rounding
*
Net residual represents excess distribution, net of payments on floor contracts and
receipts from basis swaps 38
2012
2011
2010
2009
Servicing (Cash Paid)
$ 526
$ 563
$ 533
$ 549
Net Residual* (Excess Distributions)
628
715
746
1,435
Net Cash Flow
934
568
1,465
1,296
$ 2,088
$ 1,846
$ 2,743
$ 3,280
Servicing (Cash Paid)
$ 181
$ 189
$ 179
$ 130
Residual (Excess Distribution)
103
28
8
90
Net Cash Flow
22
2
-
58
$ 306
$ 219
$ 187
$ 278
$ 2,394
$ 2,065
$ 2,930
$ 3,558
2012
2011
2010
2009
$ 104,913
$ 109,509
$ 99,041
$ 102,754
22,271
29,466
38,767
36,628
$ 127,184
$ 138,975
$ 137,808
$ 139,382
$ 25,111
$ 25,619
$ 25,854
$ 19,144
1,875
233
-
2,641
$ 26,987
$ 25,853
$ 25,854
$ 21,785
$ 154,171
$ 164,828
$ 163,661
$ 161,167
Total Private Credit
Total FFELP and Private Credit
Term FFELP
Other Secured FFELP
Total FFELP
Private Credit
Term Private Credit
Other Secured Financings
FFELP
FFELP
Term Securitized
Other Secured FFELP
Total FFELP
Private Credit
Term Securitized
Other Secured Financings
Total Private Credit
Total FFELP and Private Credit
Average Principal Balances
$ in Millions |
 Projected Cash Flows From FFELP Portfolio
*
as of 12/31/12
2013
2014
2015
2016
2017
2018
2019
2020
Projected FFELP Average Balance
$114,428
$105,109
$95,392
$85,830
$76,735
$67,906
$59,701
$52,042
Projected Excess Spread
$924
$883
$809
$731
$770
$747
$673
$597
Projected Servicing Revenue
$627
$579
$527
$477
$426
$374
$325
$279
Projected Total Revenue
$1,551
$1,462
$1,336
$1,208
$1,196
$1,120
$998
$876
2021
2022
2023
2024
2025
2026
2027
2028 - 2033
Projected FFELP Average Balance
$44,957
$38,462
$32,890
$28,316
$24,010
$19,900
$16,009
$6,505
Projected Excess Spread
$528
$459
$373
$314
$283
$245
$208
$552
Projected Servicing Revenue
$237
$198
$165
$141
$120
$100
$82
$206
Projected Total Revenue
$765
$657
$537
$456
$403
$345
$289
$758
Assumptions
No Floor Income, CPR/CDR = Stafford & Plus (4%), Consolidation (3%)
* These projections are based on internal estimates and assumptions and are subject
to ongoing review and modification. These projections may prove to be incorrect.
($ in Millions)
Total Cash Flows from Projected Excess Spread = $9.1 Billion
Total Cash Flows from Projected Servicing Revenues = $4.9 Billion
39 |
 Bank charter
–
Utah based ILC regulated by FDIC and Utah Department of Financial Institutions
(UDFI) –
Charter granted October 2005
Current bank activity
–
Total assets of $9.1 billion at December 31, 2012
–
Originates Sallie Mae’s Private Education Loans
–
Funded through affiliate, brokered and direct retail deposits
–
16.1% Total Risk-based Capital at December 31, 2012
–
Dividends of $420 million paid in 2012
Deposit taking activities
–
Deposits totaled $7.8 billion at December 31, 2012
•
$5.2 billion Brokered Deposits
•
$2.6 billion Direct Retail and other affiliate and non-affiliate
Deposits –
Brokered Deposit term portfolio has a weighted average maturity of 23.4
months –
Total deposits increased by 23% in 2012
Sallie Mae Bank
40 |
 Sallie Mae Bank –
Capital & Deposits
*Primarily affiliate deposit accounts with no stated maturities
Bank Deposits ($ millions)
Dec 12
Sep 12
Jun 12
Mar 12
Dec 11
Sep 11
Brokered CDs
$4,098
$3,346
$2,352
$3,455
$3,734
$3,262
Brokered –
Other
1,069
810
685
536
529
519
Retail Deposits
2,131
1,634
1,676
1,768
1,589
1,435
Other Deposits*
502
529
446
462
473
529
Total Deposits
$7,800
$6,319
$5,159
$6,221
$6,325
$5,745
Regulatory Capital Ratios
Ratio
Dec 12
Sep 12
Jun 12
Mar 12
Dec 11
Sep 11
Tier 1 Leverage
11.5%
13.8%
13.8%
14.2%
14.9%
16.4%
Tier 1 Risk Based
15.0%
14.8%
17.3%
16.7%
18.3%
20.3%
Total Risk Based
16.1%
15.7%
18.4%
17.7%
19.5%
21.4%
41 |
 Risk-Adjusted Capital
42 |
 *
“Tangible Economic Capital” and “Available Risk Capital” are non-GAAP
financial measures. The reconciliation to GAAP capital is shown on this slide.
($ in Billions)
Q4 12
Q3 12
Q4 11
GAAP Capital
$5.1
$4.9
$5.3
Goodwill & Intangibles
(0.4)
(0.5)
(0.5)
Derivative Mark-to-Market
1.1
1.2
1.0
Unamortized Premiums from Floors
0.6
0.6
0.8
Tangible Economic Capital*
$6.2
$6.3
$6.5
Private Loan Loss Reserve
2.2
2.2
2.2
Available Risk Capital*
$8.4
$8.5
$8.7
Risk Assets (Before Loan Loss Reserves)
Private Credit
$39.1
$39.3
$38.5
Other Risk Assets
1.0
1.1
1.1
Total Risk Assets
$40.1
$40.4
$39.6
Capital to Risk Assets:
21.0%
21.0%
22.0%
Strong Capital Position
43 |
 Capital Allocation
SLM
allocates
capital
internally
based
on
the
risk
of
the
assets
it
supports
Assets
0.50%
12%
Capital
Allocation
0% -
15%*
Cash,
Investments,
Other Assets
10% of
Assets
Private
Education
Loans
21% of
Assets
FFELP
Loans
69% of
Assets
Based on Risk
*Other Assets includes a small amount of goodwill & intangible assets for which
capital is allocated at 100% 44 |
 FFELP ABS Appendix
45 |
 Federal Student Loan Market
Outstanding Government Student Loan Market Distribution
FFYE 9/30/2012 ($ in billions)
FDLP, $494
FFELP Loans,
$291
FFELP owned
by ED, $147
46
Source: Department of Education, U.S. Department of Education FY 2012 Agency Financial
Report |
 Issue size of $0.5B to $1.5B
Tranches or pass-through denominated in
US$
AAA rated senior tranches make up to 97%
of issue structure
Floating rate tied to 1 mo. LIBOR
Amortizing tranches with 1 to 15(+) year
average lives
Master servicer is Sallie Mae, Inc.
Insurance or guarantee of underlying collateral
insulates bondholders from virtually any loss
of principal
(1)
Formerly a 20% risk-weighted asset, now a
<10% risk-weighted under Basel II’s IRB
methodology
Offer significantly higher yields than
government agency securities with
comparable risk profiles
Short (1-3 yrs), intermediate (3-7 yrs), long (7-
10 yrs) and very long (10-15+ yrs) term
tranches available at new issue and in
secondary
SLM FFELP ABS Issue Characteristics
(1) Principal and accrued interest on underlying FFELP loan collateral carry
insurance or guarantee of 97%-100% dependent on origination year and on meeting
the servicing requirements of the U.S. Department of Education.
Typical SLM FFELP ABS Transaction Features
Unique Characteristics of FFELP Loan ABS
47 |
 SLM Stafford/PLUS ABS Trusts
Historical SLM Stafford/PLUS ABS CPRs
Prepayment Analysis
48
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
1
2
3
4
5
6
7
8
9
10
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
2002 Trusts
2003 Trusts
2004 Trusts
2005 Trusts
2006 Trusts
2007 Trusts
2008 Trusts
2010 Trusts
Years
Since Inception
Annualized CPRs for SLM Stafford/PLUS ABS Trusts have decreased significantly as incentives
for borrowers to consolidate have declined
After a temporary increase in mid 2012 due to the Special Direct Consolidation Loan
program, CPRs decreased in the fourth quarter
1
2
3
4
5
6
7
8
9
10
* Average CPR is the simple (non-weighted) average of four Quarterly CPR
calculations for each calendar year. Quarterly CPR assumes School and Grace loans are not
scheduled
to
make
payments.
Deferment,
Forbearance
and
Repayment
loans
are
scheduled
to
make
payments. |
 SLM Consolidation ABS Trusts
Historical Consolidation ABS CPRs
* Average CPR is the simple (non-weighted) average of four Quarterly CPR
calculations for each calendar year. Quarterly CPR assumes School and Grace loans are
not scheduled to make payments. Deferment, Forbearance and Repayment loans are
scheduled to make payments. Prepayment Analysis
49
0%
3%
5%
8%
10%
13%
15%
18%
20%
2004
2005
2006
2007
2008
2009
2010
2011
2012
0%
3%
5%
8%
10%
13%
15%
18%
20%
1
2
3
4
5
6
7
8
9
2002 Trusts
2003 Trusts
2004 Trusts
2005 Trusts
2006 Trusts
2009 Trusts
2011 Trusts
Years Since Inception
2007 Trusts
After a temporary increase in mid 2012 due to the Special Direct Consolidation Loan
program, CPRs decreased in the fourth quarter
CPRs for SLM Consolidation ABS Trusts have declined significantly following legislation
that prevented in-school and re-consolidation of borrowers’ loans
|
 Private Education Loan ABS Appendix
50 |
 SLM Private Education Loan ABS Issuance Profile
Sallie Mae is among largest issuers of ABS globally, having issued close to $250
billion in Private and FFELP ABS transactions to date
Sallie
Mae
has
been
the
market
leader
in
Private
Education
Loans
since
the
late
’80s,
with expected originations of at least $4.0 billion in 2013
Prior to the financial crisis, Sallie Mae was a programmatic issuer of
Private Education Loan ABS
In
2011,
Sallie
Mae
reestablished
programmatic
issuance
of
private
education
student
loan ABS
Executed 3 transactions in 2011 totaling $2.1 billion
Executed 5 transactions in 2012 totaling $4.2 billion
51 |
 Issue size of $500M to $1.5B
Triple-A rated senior notes only; no
subordinate tranches
20-30% overcollateralization
Multiple tranches with 2, 5, and/or 7 yr
average lives
Fixed rate or floating rate tied to 1 month
LIBOR
Full-turbo structure
Collateralized by loans made to students
and parents to fund college tuition, room
and board
Underwritten using FICO, Custom
Scorecard & judgmental criteria w/risk-
based pricing
70(+)% with cosigners, typically a parent
Typically non-dischargeable in bankruptcy
Serviced exclusively by Sallie Mae
Recent SLM Private Education Loan ABS Characteristics
Recent SLM Private Loan ABS Structures
Collateral Characteristics
52 |
 53
SLM Private Education Loan ABS Summary
(1)
Smart
Option
loans
considered
as
‘in
repayment’
if
borrowers
are
making
either
interest
only
payments
or
principal
and
interest
payments,
regardless
of
whether
the
borrower
is
otherwise in school, grace, or deferment status.
(2) Assumes Prime/LIBOR spread of 2.75%.
SLM
Private
Education
Loan
ABS
Trusts
(2009-D
-
Present)
Summary Information
09-D
09-CT
10-A
10-B
10-C
11-A
11-B
11-C
12-A
12-B
12-C
12-D
12-E
Bond Amount ($mil)
1,680
590
1,550
869
1,701
562
825
721
547
891
1,135
640
976
Initial AAA Enhancement (%)
32%
37%
23%
45%
37%
21%
18%
24%
27%
26%
25%
25%
21%
Loan Program (%)
Smart Option
--
--
--
--
--
--
--
10%
20%
30%
40%
45%
48%
Signature/Law/MBA/Med
52%
--
76%
46%
89%
88%
91%
71%
61%
48%
43%
37%
35%
Consolidation
14%
--
1%
8%
11%
0%
0%
7%
6%
9%
5%
5%
5%
Direct to Consumer
34%
--
10%
20%
--
9%
6%
12%
12%
12%
12%
12%
12%
Career Training
--
100%
13%
26%
--
3%
3%
0%
1%
1%
0%
0%
0%
Total
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Payment Status (%)
School, Grace, Deferment
57%
0%
63%
12%
36%
55%
55%
37%
25%
20%
16%
11%
13%
Repayment
40%
98%
32%
85%
60%
43%
43%
60%
73%
78%
81%
87%
85%
Forbearance
3%
2%
5%
3%
3%
2%
3%
2%
2%
2%
3%
2%
2%
Wtd Avg Term to Maturity (Mo.)
211
141
190
169
194
192
189
182
171
164
151
144
148
% Loans with Cosigner
64%
70%
72%
65%
62%
72%
75%
71%
75%
77%
79%
80%
80%
% Loans with No Cosigner
36%
30%
28%
35%
38%
28%
25%
29%
25%
23%
21%
20%
20%
Wtd Avg FICO at Origination
731
747
739
734
727
737
736
733
735
736
737
740
733
Wtd Avg Recent FICO at Issuance
714
725
725
732
713
723
722
720
724
726
728
730
722
WA FICO (Cosigner at Origination)
744
753
749
744
742
747
745
744
745
745
745
748
741
WA FICO (Cosigner at Rescored)
729
734
739
740
733
736
731
734
732
734
735
738
728
WA FICO (Borrower at Origination)
707
734
714
712
701
709
710
704
705
705
707
710
702
WA FICO (Borrower at Rescored)
686
703
691
716
679
690
695
688
700
700
702
698
696
(1) |
 Constraining rating
agency AAA/Aaa gross default stress levels at issuance Source: Sallie Mae, Moody’s, Standard
& Poor’s, Fitch. 54
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
06-A
06-B
06-C
07-A
09-A
09-B
09-C
09-D
09-CT
10-A
10-B
10-C
11-A
11-B
11-C
12-A
12-B
12-C
12-D
12-E
52.5%
48.2%
50.9%
49.3%
52.7%
55.7%
58.0%
59.4%
54.4%
56.8%
50.1%
52.6%
48.2%
49.8%
44.4%
54.8%
27.6%
25.6%
33.9%
36.3% |
 Private Education ABS Trusts: Forbearance
Forbearance usage is typically highest when loans enter repayment, and declines as
loans season Use of forbearance as a collection tool peaked in early 2008;
forbearance has since declined as a result of changes in SLM’s
forbearance strategy 55 |
    SLM
Private Education ABS Trusts: 90+ Day Delinquencies 56
As expected, later stage delinquency has remained elevated in recent periods due
to tightening of forbearance policy and the current economic
environment Increased emphasis on cash payment during delinquency means more
borrowers remain in delinquency instead of receiving forbearance
Because they are paying, fewer delinquent borrowers are expected to default
|
 SLM Private Education ABS Trusts: Annualized Gross Charge-offs
Charge-offs have declined steadily since late 2009, after an increase resulting
from changes to forbearance policy and a weak economic environment
(1) For SLM Private Education Student Loan Trusts issued prior to 2005-B, the
servicer has the option, but not the obligation, to repurchase loans that (i) become 180+ days
delinquent and/or (ii) have a borrower who filed for bankruptcy or died. Prior to
November 1, 2008, the servicer exercised this repurchase option and actual charge-offs in these
trusts equalled zero. Beginning November 1, 2008, the servicer ceased
purchasing from the trust loans that are more than 180 days delinquent. For the purposes of comparison
across all deals, this chart reflects trust charge-offs for SLM Private
Education Student Loan Trusts issued prior to 2005-B as if the servicer had never exercised its repurchase
option.
57 |
 SLM Private Education Loan Gross Defaults
As
of
November
30,
2012
For
SLM
Private
Education
Loan
Trusts
issued
prior
to
2005-B,
the
servicer
has
the
option,
but
not
the
obligation,
to
repurchase
loans
that
(i)
become
180+
days
delinquent
and/or
(ii)
have
a
borrower
who
filed
for
bankruptcy
or
died.
Prior
to
November
1,
2008,
the
servicer
exercised
this
repurchase
option
and
actual
charge-offs
in
these
trusts
equaled
zero.
Beginning
November
1,
2008,
the
servicer
ceased
purchasing
from
the
trust
loans
that
are
more
than
180
days
delinquent.
For
the
purposes
of
comparison
across
all
deals,
this
chart
reflects
trust
charge-offs
for
SLM
Private
Education
Loan
Trusts
issued
prior
to
2005-B
as
if
the
servicer
had
never
exercised
its repurchase
option.
(1)
Charge-offs
per
the
servicer’s
portfolio
definition
which
is
generally
212+
days
delinquent.
Includes
loans
for
which
a
borrower
has
filed
bankruptcy
which
have
subsequently
become
212+
days
delinquent.
(2)
Charge-offs
due
to
a
borrower’s
bankruptcy
filing
for
which
the
loan
is
now
current
or
paid
off.
(3)
Charge-offs
due
to
a
borrower’s
bankruptcy
filing
or
death
for
which
the
loan
is
not
current
or
paid
off
but
has
not
become
212+
days
delinquent.
These
loans
are
in
various
statuses
including:
bankruptcy
stay,
deferment,
forbearance
or
delinquency.
58
9.24%
10.34%
11.35%
12.21%
13.45%
12.03%
15.15%
12.29%
12.08%
13.97%
15.40%
12.66%
5.83%
5.63%
4.17%
2.97%
3.75%
1.75%
1.66% |
 Recoveries
Recoveries are typically realized over many years as a result of
the prevalent use of long-
term payment plans
While student loans are generally non-dischargeable in bankruptcy, the proceedings can
postpone recoveries until after borrowers emerge from bankruptcy
In 2005, Sallie Mae changed its recovery practices
–
The 2005 cohort had a recovery rate of 26% seven years after default
Recovery experience for more recent cohorts has varied based on economic conditions
and the characteristics of defaulted loans
In Q3 2011, Sallie Mae provided additional provision for loan loss to provide for potential
uncertainty regarding future recoveries due to continued high unemployment rates; the
27% life-of loan recovery expectation remains in place
59 |
 SLM Private Education
Loan ABS Trusts – Prepayment Analysis
Historical SLM Private Education Loan ABS CPRs
Constant prepayment rates increased in 2007 due to the introduction of Private Education
Consolidation loans, then declined following SLM’s decision to suspend its consolidation
loan program in 2008 14
12
10
8
6
4
2
0
2002-A
2006-A
2010-C
2013-A
2006-B
2011-A
2003-B
2006-C
2011-B
2003-C
2007-A
2011-C
2004-A
2009-CT
2012-A
2004-B
2009-D
2012-B
2005-A
2010-A
2005-B
2010-B
60 |
 The following cohort
default triangles provide loan performance information for certain Private Education Loans of
SLM
Corporation
and
its
consolidated
subsidiaries
that
meet
such
subsidiaries’
current
securitization
criteria
(including those criteria listed below):
–
Program
types
include
Undergraduate/Graduate
,
Direct-to-Consumer
(“DTC”)
,
Career
Training
,
Private
Consolidation
Loans
and
Smart
Option
(interest
only)
loans
–
FICO scores are based on the greater of the borrower and cosigner scores as of a date near the loan
application and must be at least:
•
Undergraduate/Graduate
at
not-for-profit
schools:
640
•
Undergraduate/Graduate
at
for-profit
schools:
670
•
DTC
loans:
670
•
Career
Training
loans:
670
•
Private
Consolidation
loans:
640
–
Excludes loans made at selected schools that have historically experienced higher rates of
default The cohort default triangles are not representative of the characteristics of the
portfolio of Private Education Loans of SLM Corporation and its consolidated subsidiaries as a
whole or any particular securitization trust Cohort Default Triangles
(1)
Undergraduate/Graduate loans marketed under the Signature Student Loan brand.
(2)
Direct-to-Consumer Loans marketed under the Tuition Answer brand.
(3)
Career Training loans provide eligible borrowers financing at technical, trade, K-12 or tutoring
schools. 61
(1)
(2)
(3) |
 The cohort default
triangles featured on subsequent slides are segmented by loan program type, FICO score,
cosigner status, and school type Terms and calculations used in the cohort default triangles are
defined below: –
Repayment Year
–
The calendar year loans entered repayment
–
Disbursed Principal Entering Repayment
–
The amount of principal entering repayment in a
given year, based on disbursed principal prior to any interest capitalization
–
Years in Repayment –
Measured in years between repayment start date and default date.
Zero represents defaults that occurred prior to the start of repayment.
–
Periodic Defaults
–
Defaulted principal in each Year in Repayment as a percentage of the
disbursed principal entering repayment in each Repayment Year
•
Defaulted principal includes any interest capitalization that occurred prior to default
•
Defaulted principal is not reduced by any amounts recovered after the loan defaulted
•
Because the numerator includes capitalized interest while the denominator does not, default rates are
higher than if the numerator and denominator both included capitalized interest
–
Total
–
The
sum
of
Periodic
Defaults
across
Years
in
Repayment
for
each
Repayment
Year
Cohort Default Triangles
62 |
 Cohort Default
Triangles Note: Data as of 12/31/12.
(1)
Undergraduate/Graduate loans marketed under the Signature Student Loan brand.
(2)
Periodic
Defaults
for
the
most
recent
calendar
Year
in
Repayment
are
for
a
partial
year.
(3)
Numerator is the amount of principal in each cohort that defaulted in each Year in
Repayment. Denominator is the amount of disbursed principal for that Repayment Year.
Undergraduate/Graduate
(1)
63 |
 Note: Data
as of 12/31/12. (1)
Undergraduate/Graduate loans marketed under the Signature Student Loan brand.
(2)
Periodic
Defaults
for
the
most
recent
calendar
Year
in
Repayment
are
for
a
partial
year.
(3)
Numerator is the amount of principal in each cohort that defaulted in each Year in
Repayment. Denominator is the amount of disbursed principal for that Repayment Year.
Cohort Default Triangles
64
(1)
With
Cosigner
Undergraduate/Graduate
(1)
Without
Cosigner
Undergraduate/Graduate |
 Note: Data
as of 12/31/12. (1)
Undergraduate/Graduate loans marketed under the Signature Student Loan brand.
(2)
Periodic
Defaults
for
the
most
recent
calendar
Year
in
Repayment
are
for
a
partial
year.
(3)
Numerator is the amount of principal in each cohort that defaulted in each Year in
Repayment. Denominator is the amount of disbursed principal for that Repayment Year.
Cohort Default Triangles
Undergraduate/Graduate
For-Profit
(1)
Undergraduate/Graduate
(1)
Non-Profit
65 |
 Undergraduate/Graduate
(1)
Loans, FICO 740-850
(2)
Undergraduate/Graduate
(1)
Loans, FICO 700-739
(2)
Note:
Data
as
of
12/31/12.
(1)
Undergraduate/Graduate
loans
marketed
under
the
Signature
Student
Loan
brand.
(2)
FICO
scores
are
based
on
the
greater
of
the
borrower
and
cosigner
scores
as
of
a
date
near
the
loan
application.
(3)
Periodic
Defaults
for
the
most
recent
calendar
Year
in
Repayment
are
for
a
partial
year.
(4)
Numerator
is
the
amount
of
principal
in
each
cohort
that
defaulted
in
each
Year
in
Repayment.
Denominator
is
the
amount
of
disbursed
principal
for
that
Repayment
Year.
Cohort Default Triangles
66 |
 Note:
Data
as
of
12/31/12.
(1)
Undergraduate/Graduate
loans
marketed
under
the
Signature
Student
Loan
brand.
(2)
FICO
scores
are
based
on
the
greater
of
the
borrower
and
cosigner
scores
as
of
a
date
near
the
loan
application.
(3)
Periodic
Defaults
for
the
most
recent
calendar
Year
in
Repayment
are
for
a
partial
year.
(4)
Numerator
is
the
amount
of
principal
in
each
cohort
that
defaulted
in
each
Year
in
Repayment.
Denominator
is
the
amount
of
disbursed
principal
for
that
Repayment
Year.
Undergraduate/Graduate
(1)
Loans, FICO 670-699
(2)
Undergraduate/Graduate
(1)
Loans, FICO 640-669
(2)
Cohort Default Triangles
67 |
     Private Consolidation Loans Without Cosigner
Private Consolidation Loans With Cosigner
Note:
Data
as
of
12/31/12.
(1)
Periodic
Defaults
for
the
most
recent
calendar
Year
in
Repayment
are
for
a
partial
year.
(2)
Numerator
is
the
amount
of
principal
in
each
cohort
that
defaulted
in
each
Year
in
Repayment.
Denominator
is
the
amount
of
disbursed
principal
for
that
Repayment
Year.
Cohort Default Triangles
Disbursed Principal
Entering
Repayment Year
Repayment ($m)
0
1
2
3
4
5
6
7
Total
2006
$249
0.0%
0.1%
0.1%
0.5%
0.6%
0.6%
0.4%
0.0%
2.3%
2007
$675
0.0%
0.0%
0.3%
0.4%
0.6%
0.4%
0.2%
1.8%
2008
$376
0.0%
0.1%
0.4%
0.7%
0.6%
0.4%
2.1%
Periodic Defaults by Years in Repayment
(1),(2)
Disbursed Principal
Entering
Repayment Year
Repayment ($m)
0
1
2
3
4
5
6
7
Total
2006
$125
0.0%
0.4%
1.0%
1.5%
1.6%
1.5%
1.0%
0.4%
7.3%
2007
$295
0.0%
0.0%
0.9%
1.0%
1.3%
1.0%
0.6%
4.7%
2008
$132
0.0%
0.2%
1.7%
2.1%
1.7%
1.1%
6.7%
Periodic Defaults by Years in Repayment
(1),(2)
68 |
   Note:
Data
as
of
12/31/12.
(1)
FICO
scores
are
based
on
the
greater
of
the
borrower
and
cosigner
scores
as
of
a
date
near
the
loan
application.
(2)
Periodic
Defaults
for
the
most
recent
calendar
Year
in
Repayment
are
for
a
partial
year.
(3)
Numerator
is
the
amount
of
principal
in
each
cohort
that
defaulted
in
each
Year
in
Repayment.
Denominator
is
the
amount
of
disbursed
principal
for
that
Repayment
Year.
DTC With Cosigner, FICO
670
(1)
DTC Without Cosigner, FICO
670
(1)
Cohort Default Triangles
Disbursed Principal
Entering
Repayment Year
Repayment ($m)
0
1
2
3
4
5
6
7
8
9
Total
2004
$8
0.0%
0.0%
0.0%
0.0%
0.0%
0.5%
0.1%
0.4%
0.0%
0.0%
1.0%
2005
$65
0.0%
0.1%
0.8%
0.8%
1.4%
2.1%
1.1%
1.0%
0.3%
7.6%
2006
$140
0.0%
0.7%
1.8%
4.4%
4.7%
2.4%
1.9%
0.8%
16.8%
2007
$245
0.0%
0.6%
4.7%
6.2%
4.2%
2.6%
0.9%
19.3%
2008
$369
0.0%
2.9%
5.9%
4.8%
3.5%
1.0%
18.2%
2009
$398
0.0%
3.7%
4.0%
3.8%
1.2%
12.7%
2010
$316
0.0%
3.5%
4.0%
2.5%
10.0%
2011
$193
0.1%
3.6%
2.2%
5.9%
2012
$105
0.0%
1.1%
1.1%
Periodic Defaults by Years in Repayment
(2),(3)
Disbursed Principal
Entering
Repayment Year
Repayment ($m)
0
1
2
3
4
5
6
7
8
9
Total
2004
$2
0.0%
0.0%
1.7%
1.3%
0.6%
5.5%
2.3%
3.1%
1.3%
0.0%
15.7%
2005
$18
0.0%
1.1%
2.1%
2.6%
4.1%
6.6%
2.8%
1.2%
0.1%
20.6%
2006
$66
0.0%
1.5%
2.7%
6.6%
6.5%
4.0%
2.6%
0.6%
24.4%
2007
$158
0.0%
1.1%
6.0%
8.1%
4.6%
3.6%
1.1%
24.6%
2008
$256
0.0%
3.9%
8.0%
7.2%
4.1%
1.5%
24.7%
2009
$236
0.1%
6.9%
6.2%
6.7%
2.1%
21.9%
2010
$152
0.2%
8.3%
6.8%
4.3%
19.6%
2011
$88
0.2%
7.7%
4.8%
12.7%
2012
$47
0.0%
3.1%
3.1%
Periodic Defaults by Years in Repayment
(2),(3)
69 |
   70
Note:
Data
as
of
12/31/12.
(1)
FICO
scores
are
based
on
the
greater
of
the
borrower
and
cosigner
scores
as
of
a
date
near
the
loan
application.
(2)
Periodic
Defaults
for
the
most
recent
calendar
Year
in
Repayment
are
for
a
partial
year.
(3)
Numerator
is
the
amount
of
principal
in
each
cohort
that
defaulted
in
each
Year
in
Repayment.
Denominator
is
the
amount
of
disbursed
principal
for
that
Repayment
Year.
Career Training Loans, 670+ FICO
(1)
Cohort Default Triangles
Disbursed Principal
Entering
Repayment Year
Repayment ($m)
0
1
2
3
4
5
6
7
8
9
10
Total
2003
$291
0.0%
0.4%
1.4%
1.6%
1.8%
1.4%
1.3%
1.0%
0.8%
0.5%
0.2%
10.5%
2004
$383
0.0%
0.4%
1.5%
2.3%
1.8%
1.8%
1.7%
1.1%
0.8%
0.2%
11.7%
2005
$513
0.0%
0.3%
2.2%
2.2%
2.5%
2.2%
1.5%
1.0%
0.3%
12.1%
2006
$633
0.0%
0.4%
2.5%
3.6%
3.2%
2.2%
1.5%
0.5%
13.9%
2007
$675
0.0%
0.5%
3.5%
3.9%
2.9%
1.8%
0.7%
13.3%
2008
$594
0.0%
0.6%
4.2%
3.5%
2.2%
0.8%
11.3%
2009
$186
0.0%
0.2%
1.9%
1.9%
0.9%
4.9%
2010
$24
0.0%
0.5%
0.9%
0.3%
1.7%
Periodic Defaults by Years in Repayment
(2),(3)
70 |
 SLM
Appendix 71 |
 GAAP to “Core Earnings”
Reconciliation
72
($ in millions, except per share amounts)
Quarters Ended
Years Ended
December 31, 2012
December 31, 2011
December 31, 2012
December 31, 2011
Dollars
Diluted EPS
Dollars
Diluted EPS
Dollars
Diluted EPS
Dollars
Diluted EPS
GAAP net income
348
$
$0.74
511
$
$0.99
939
$
1.90
$
633
$
1.18
$
Adjustment from GAAP to "Core Earnings"
Net impact of derivative accounting
(128)
(377)
194
540
Net impact of goodwill and acquired intangible assets
14
5
28
24
Total "Core Earnings" Adjustments before net tax effect
(114)
(372)
222
564
Net tax effect
23
129
(99)
(220)
Total "Core Earnings" Adjustments
(91)
(243)
123
344
"Core Earnings"
$257
$0.55
$268
$0.51
$1,062
$2.16
$977
$1.83 |
 Sallie Mae Investor Relations Website
www.salliemae.com/investors
73
SLM
student
loan
trust
data
(Debt/asset
backed
securities
–
SLM
Student
Loan
Trusts)
Static pool information –
Detailed portfolio stratifications by trust as of the cutoff date
Accrued interest factors
Quarterly distribution factors
Historical
trust
performance
-
monthly
charge-off,
delinquency,
loan
status,
CPR,
etc.
by
trust
Since issued CPR –
monthly CPR data by trust since issuance
SLM
student
loan
performance
by
trust
–
Issue
details
Current and historical monthly distribution reports
Distribution factors
Current rates
Prospectus for public transactions and Rule 144A transactions are available
through underwriters Additional information (Webcasts and presentations)
Archived and historical webcasts, transcripts and investor presentations
|