Slide 1: SLM Corporation Q4 2012 Investor Presentation
Exhibit 99.1 SLM CORPORATION Q4 2012 Investor Presentation FEBRUARY 27, 2013
Slide 2: Forward-Looking Statements; Non-GAAP Financial Measures
Forward-Looking Statements; Non-GAAP Financial Measures 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
Slide 3: SLM Corporation contents
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 Appe
Slide 4: SLM Corporation Overview
SallieMae\ SLM Corporation Overview
Slide 5: SLM Corporation
SLM Corporation #1 saving, planning and paying for education company with 40-years of leadership in the education lending market #1 servicer and collector of student loans in the U.S. for FFELP ¹ and Private Education Loans Serving 25 million unique customers and approximately $257 billion in loans,
Slide 6: A Brief Corporate History
A Brief Corporate History Loan Portfolio • Congress creates the Guaranteed Student Loan Program, currently known 1965 as FFELP Loan Type $billions % FFELP Loans $125.6 • Congress establishes, as a GSE, the Student Loan Marketing Association or 77% “Sallie Mae” 1972 Private Education $36.9 23% • Priv
Slide 7: Q4 12 "Core Earnings" Summary
Q4 12 “Core Earnings” Summary* ($ 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 $1,295 Fee and Other Income - Excluding Debt Repurchase
Slide 8: Consumer Lending Segment Earnings Detail – "Core Earnings" Basis
Consumer Lending Segment Earnings Detail – “Core Earnings” Basis ($ 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 $455 (1) Net Interest Margin - P
Slide 9: FFELP Loan Segment Earnings Detail – "Core Earnings" Basis
FFELP Loan Segment Earnings Detail – “Core Earnings” Basis ($ 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 (1) 0.89% 0.97% 0.84% 0.98% Operating Expenses $165 $1
Slide 10: Three Aspects of the SLM Business Model
Three Aspects of the SLM Business Model – Largest originator of Private Education Loans – Significant long term value Consumer Lending – High quality loan originations growing in double digits – Growing net income – Businesses include loan servicing and collections for Department of Education, payme
Slide 11: The U.S. Student Loan Market
The U.S. Student Loan Market 11
Slide 12: Favorable Student Loan Market Trends
Favorable Student Loan Market Trends Higher Education Enrollment (millions) Annual Cost of Education ($ thousands) Public Private 24.1 23.6 23.9 22.8 23.2 $38.0 $39.5 21.8 22.0 22.3 22.5 $33.8 $35.1 $36.5 21.3 21.6 $30.5 $32.0 21.0 $27.5 $28.7 20.4 19.1 17.9 12.8 14.4 15.2 16.2 17.1 11.4 12.1 13.6 2
Slide 13: College Grads Experience Lower Levels of Unemployment
College Grads Experience Lower Levels of Unemployment 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Total Unemployment Rate Unemployment Rate with a Bachelor’s Degree or Higher Source: U.S. Bureau of Labor Statistics as of 12/31/2012 13
Slide 14: Private Education Loans – High Quality Originations
Private Education Loans – High Quality Originations $1,500 40% $1,250 30% $1,000 20% $750 10% $500 0% $250 -10% $0 -20% 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 Originations Year over Year Growth Originations of $2.3 bn in 2010 had an average winning FICO of 739 and 89% were cosigned. Origi
Slide 15: SLM's Private Education Loan Portfolio
SLM’s Private Education Loan Portfolio ? Private Education Loan Portfolio Characteristics – $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
Slide 16: SLM's Private Education Smart Option Student Loan Products
SLM’s Private Education Smart Option Student Loan Products Smart Option Student Loan product offers three repayment choices designed to help borrowers balance their goals and budget while in school – Interest Only - Requires interest only payment during in-school period – Fixed Repayment -Requires $
Slide 17: Role of Private Education Loans
Role of Private Education Loans 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 e
Slide 18: Private Education Loan Industry Originations
Private Education Loan Industry Originations 2011-12 academic year market share approximately 47% SLM vs. Industry Originations (billions) $22.9 $21.1 $18.5 $15.5 $11.6 $10.6 $7.1 $7.7 $7.7 $7.1 $6.2 $6.4 $4.8 $4.8 $3.8 $3.0 $2.3 $2.5 03-04 04-05 05-06 06-07 07-08 08-09 09-10 10-11 11-12 SLM Total M
Slide 19: Credit Quality
SallieMae\ Credit Quality
Slide 20: Consumer Lending Segment – High Quality Portfolio
Consumer Lending Segment – High Quality Portfolio Private Credit: % of Portfolio Outstandings by Segment Private Credit Charge-off Rate by Segment 25% Low Risk 100% 8.3% 21.2% 13.9% 11.8% 10.5% 9.4% Moderate Risk 15.1% 90% 20% Elevated Risk 80% 23.0% 17.1% 25.1% 26.5% Overall 27.4% 70% 27.8% 27.7% P
Slide 21: Loan Losses
Loan Losses Total Charge-Offs (1) Charge-Offs (1) = 0.66% = 0.07% Charge-Offs (1) = 2.75% + = U.S. Government Guaranteed Loans (2) (2) 78% Private Education Student Loan Portfolio Loans (2) 22% (1) All data as of Year Ended December 31, 2012. Annualized FFELP charge-offs as a percentage of average F
Slide 22: Private Credit Default Performance
Private Credit Default Performance The probability of default substantially diminishes as the number of payments and years of seasoning increases Historical Defaults by Months in Repayment 89% 91% 94% 96% 98% 100% 100% 86% 77% 82% 71% 63% 52% 50% 39% 22% 17% 14% 8% 8% 14% 10% 8% 6% 5% 4% 3% 2% 3% 2%
Slide 23: Private Education Loan Portfolio Performance
Private Education Loan Portfolio Performance 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 -
Slide 24: Private Education Loan Portfolio Performance
Private Education Loan Portfolio Performance 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-O
Slide 25: Loan Seasoning
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 Repaym
Slide 26: Loan Seasoning
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 Repay
Slide 27: Loan Seasoning
Loan Seasoning December 31, 2011 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 5,866 Loans in Forbearance 787 9.7% 169 2.7% 112 2.1% 58 1.7% 69 1.2% 1,195 4.2% Loans in Repa
Slide 28: Servicing: A Competitive Advantage
Servicing: A Competitive Advantage 28
Slide 29: Business Services Segment – "Core Earnings" Basis
Business Services Segment – “Core Earnings” Basis Revenue of $1.3 billion in 2012 Approximately 76% of revenue generated by services performed on FFELP Loans ED servicing and collections businesses will grow organically with increase in federal Direct Lending 29
Slide 30: Business Services Segment Earnings Detail – "Core Earnings" Basis
Business Services Segment Earnings Detail – “Core Earnings” Basis ($ 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 Ot
Slide 31: Operations locations
Operations locations Cincinnati, OH New York State (GRC) Arcade, Perry, Horseheads • Collections • Collections Newton, MA • Upromise • Business Development Wilkes-Barre, PA • Servicing • Call Center Moorestown, NJ • Collections Murray, UT • Sallie Mae Bank Newark, DE Headquarters Kansas City, MO • C
Slide 32: Funding Diversity and Liquidity
Funding Diversity and Liquidity 32
Slide 33: 2012 Capital Markets Summary
2012 Capital Markets Summary 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
Slide 34: Recent SLM FFELP ABS Transactions
Recent SLM FFELP ABS Transactions 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 US Govt. G
Slide 35: Recent SLM Private Education Loan ABS Transactions
Recent SLM Private Education Loan ABS Transactions 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
Slide 36: High Percentage of Student Loans Funded to Term
High Percentage of Student Loans Funded to Term $163* Billion Student Loan Portfolio as of December 31, 2012 Fixed Spread Liabilities, $25 FFELP ABCP Conduit & FHLB, $6 FFELP Consolidation Straight A Conduit, $9 Term ABS, $75 Private ABCP Conduit, $1 Private Term ABS, $19 FFELP Non- Consolidation Te
Slide 37: Unsecured Debt Maturities
Unsecured Debt Maturities As of January 31, 2013 (par value, $ in billions) $10 $5 $3.8 $3.0 $2.8 $2.3 $1.8 $1.8 $1.6 $1.5 $0.2 $0 37 Note: Does not include Sallie Mae Bank or Subsidiary funding
Slide 38: Secured Cash Flow
Secured Cash Flow $ in Millions 2012 2011 2010 2009 FFELP Term Securitized Servicing (Cash Paid) $ 526 $ 563 $ 533 $ 549 Net Residual* (Excess Distributions) 628 715 746 1,435 Other Secured FFELP Net Cash Flow 934 568 1,465 1,296 Total FFELP $ 2,088 $ 1,846 $ 2,743 $ 3,280 Private Credit Term Securi
Slide 39: Projected Cash Flows From FFELP Portfolio
Projected Cash Flows From FFELP Portfolio* ($ in Millions) 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 Reve
Slide 40: Sallie Mae Bank
Sallie Mae Bank 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 $9.1 billion at December 31, 2012 – Originates Sallie Mae’s Private Education Loans – Funded through affiliate,
Slide 41: Sallie Mae Bank – Capital & Deposits
Sallie Mae Bank – Capital & Deposits Bank Deposits ($ 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 $3,262 Brokered – Other 1,069 810 685 536 529 519 Retail Deposits 2,131 1,634 1,676 1,768 1,589 1,435 Other Deposits* 502 529 446 462 473 529 Tota
Slide 42: Risk-Adjusted Capital
SallieMae\ Risk-Adjusted Capital
Slide 43: Strong Capital Position
Strong Capital Position ($ 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 $6.5 Private Loan Loss Reserve 2.2 2.2 2.2 Available
Slide 44: Capital Allocation
Capital Allocation SLM allocates capital internally based on the risk of the assets it supports FFELP Loans 69% of Assets Assets Private Cash, Education Investments, Loans Other Assets 21% of 10% of Assets Assets Capital 12% 0% - 15%* Allocation 0.50% Based on Risk *Other Assets includes a small amo
Slide 45: FFELP ABS Appendix
SallieMae\ FFELP ABS Appendix
Slide 46: Federal Student Loan Market
Federal Student Loan Market Outstanding Government Student Loan Market Distribution FFYE 9/30/2012 ($ in billions) FFELP owned by ED, $147 FDLP, $494 FFELP Loans, $291 Source: Department of Education, U.S. Department of Education FY 2012 Agency Financial Report 46
Slide 47: SLM FFELP ABS Issue Characteristics
SLM FFELP ABS Issue Characteristics Typical SLM FFELP ABS Transaction Features Unique Characteristics of FFELP Loan ABS Issue size of $0.5B to $1.5B Insurance or guarantee of underlying collateral insulates bondholders from virtually any loss Tranches or pass-through denominated in of principal(1) U
Slide 48: SLM Stafford/PLUS ABS Trusts
SLM Stafford/PLUS ABS Trusts Prepayment Analysis 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 f
Slide 49: SLM Consolidation ABS Trusts
SLM Consolidation ABS Trusts Prepayment Analysis CPRs for SLM Consolidation ABS Trusts have declined significantly following legislation that prevented in-school and re-consolidation of borrowers’ loans After a temporary increase in mid 2012 due to the Special Direct Consolidation Loan program, CPRs
Slide 50: Private Education Loan ABS Appendix
Private Education Loan ABS Appendix 50
Slide 51: SLM Private Education Loan ABS Issuance Profile
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 a
Slide 52: Recent SLM Private Education Loan ABS Characteristics
Recent SLM Private Education Loan ABS Characteristics Recent SLM Private Loan ABS Structures Collateral Characteristics Issue size of $500M to $1.5B Collateralized by loans made to students and parents to fund college tuition, room Triple-A rated senior notes only; no and board subordinate tranches
Slide 53: SLM Private Education Loan ABS Summary
SLM Private Education Loan ABS Summary SLM Private Education Loan ABS Trusts (2009-D - Present) Summary Information 09-D 09-CT 10-A 10-B 10-C 11-A 11-B 11-C 12-A 12-B 12-C 12-D 12-E Bond Amount ($mil) 1,680 590 1,550 869 1,701 562 825 721 547 891 1,135 640 976 Initial AAA Enhancement (%) 32% 37% 23%
Slide 54: Constraining rating agency AAA/Aaa gross default stress levels at issuance
Constraining rating agency AAA/Aaa gross default stress levels at issuance 70.0% 59.4% 60.0% 56.8% 58.0% 54.8% 55.7% 54.4% 52.5% 52.6% 52.7% 50.1% 50.9% 49.8% 49.3% 48.2% 50.0% 48.2% 44.4% 40.0% 36.3% 33.9% 30.0% 27.6% 25.6% 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
Slide 55: Private Education ABS Trusts: Forbearance
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
Slide 56: SLM Private Education ABS Trusts: 90+ Day Delinquencies
SLM Private Education ABS Trusts: 90+ Day Delinquencies 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 delin
Slide 57: SLM Private Education ABS Trusts: Annualized Gross Charge-offs
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
Slide 58: SLM Private Education Loan Gross Defaults
SLM Private Education Loan Gross Defaults 15.15% 15.40% 13.45% 13.97% 12.21% 12.03% 12.29% 12.08% 11.35% 10.34% 9.24% 12.66% 5.83% 5.63% 4.17% 3.75% 2.97% 1.75% 1.66% As of November 30, 2012 For SLM Private Education Loan Trusts issued prior to 2005-B, the servicer has the option, but not the obliga
Slide 59: Recoveries
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 change
Slide 60: SLM Private Education Loan ABS Trusts – Prepayment Analysis
SLM Private Education Loan ABS Trusts – Prepayment Analysis 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 Historical SLM Private Education Loan ABS
Slide 61: Cohort Default Triangles
Cohort Default Triangles 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): – Progra
Slide 62: Cohort Default Triangles
Cohort Default Triangles 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 repay
Slide 63: Cohort Default Triangles
Cohort Default Triangles Undergraduate/Graduate(1) 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 eac
Slide 64: Cohort Default Triangles
Cohort Default Triangles Undergraduate/Graduate(1) With Cosigner Undergraduate/Graduate(1) Without Cosigner 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 part
Slide 65: Cohort Default Triangles
Cohort Default Triangles Undergraduate/Graduate(1) Non-Profit Undergraduate/Graduate(1) For-Profit 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.
Slide 66: Cohort Default Triangles
Cohort Default Triangles 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 cosigne
Slide 67: Cohort Default Triangles
Cohort Default Triangles Undergraduate/Graduate(1) Loans, FICO 670-699(2) Undergraduate/Graduate(1) Loans, FICO 640-669(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 cosigne
Slide 68: Cohort Default Triangles
Cohort Default Triangles Private Consolidation Loans With Cosigner Disbursed Principal Entering Periodic Defaults by Years in Repayment (1),(2) 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 $675 0.0% 0.0% 0.3% 0.4% 0.6% 0.4% 0.2% 1.8%
Slide 69: Cohort Default Triangles
Cohort Default Triangles DTC With Cosigner, FICO 670(1) Disbursed Principal (2),(3) Entering Periodic Defaults by Years in Repayment Repayment Year Repayment ($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 $65 0.0% 0.1% 0.8% 0.8% 1.4% 2.1% 1.1% 1.0%
Slide 70: Cohort Default Triangles
Cohort Default Triangles Career Training Loans, 670+ FICO(1) Disbursed Principal Entering Periodic Defaults by Years in Repayment (2),(3) Repayment Year Repayment ($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 $383 0.0% 0.4% 1.5% 2.3% 1.
Slide 71: SLM Appendix
SallieMae\ SLM Appendix
Slide 72: GAAP to "Core Earnings" Reconciliation
GAAP to “Core Earnings” Reconciliation ($ 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
Slide 73: Sallie Mae Investor Relations Website
Sallie Mae Investor Relations Website www.salliemae.com/investors 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 H