Slide 1: Q4 2011 Investor Presentation
Exhibit 99.1 SLM CORPORATION Q4 2011 Investor Presentation FEBRUARY 28, 2012 Confidential and proprietary information © 2012 Sallie Mae, Inc. All rights reserved.
Slide 2: Forward-Looking Statements
Forward-Looking Statements The following information is current as of February 28, 2012 (unless otherwise noted) and should be read in connection with SLM Corporation’s 2011 Annual Report on Form 10-K (the “2011 Form 10-K”) and subsequent reports filed with the Securities and Exchange Commission (th
Slide 3: SLM Corporation
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 Capitalization Page 43 FFELP ABS Appendix Page 46 Private Education Loan ABS Appendix Page 51 S
Slide 4: SLM Corporation Overview
SLM Corporation Overview 4 Confidential and proprietary information © 2012 Sallie Mae, Inc. All rights reserved.
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, as of December 31, 2011 Servicing for t
Slide 6: A Brief Corporate History
A Brief Corporate History SLM Corporate Debt Ratings • Congress creates the Guaranteed Student Loan Program, currently known as FFELP Moody’s S&P Fitch 1965 Long- Term Ba1 BBB- BBB- • Congress establishes, as a GSE, the Student Loan Marketing Association or “Sallie Mae” 1972 Short- Term Not-Prime A-
Slide 7: Q4 11 "Core Earnings" Summary
Q4 11 “Core Earnings” Summary* ($ millions), except per share amounts 2011 2010 Q411 Q410 EPS (Reported) $1.83 $1.92 $0.51 $0.75 Net Income $977 $1,028 $268 $401 Net Interest Income $3,064 $2,982 $773 $739 Loan Loss Provision $1,295 $1,419 $292 $320 Fee and Other Income - Excluding Debt Repurchase G
Slide 8: Consumer Lending Segment Earnings Detail
Consumer Lending Segment Earnings Detail ($ millions) 2011 2010 Q411 Q410 Private Originations $2,737 $2,307 $457 $413 Average Student Loans $36,955 $36,534 $37,259 $36,674 Net Interest Income after Provision - Private $455 $311 $162 $115 Net Interest Margin - Private Education 4.09% 3.85% 4.16% 3.9
Slide 9: FFELP Loan Segment Earnings Detail
FFELP Loan Segment Earnings Detail ($ millions) 2011 2010 Q411 Q410 Average Student Loans $143,109 $142,043 $139,308 $127,522 Net Interest Income after Provision - FFELP $1,361 $1,270 $337 $309 Net Interest Margin - FFELP 0.98% 0.93% 0.97% 0.99% Operating Expenses $760 $736 $185 $180 OpEx Annualized
Slide 10: Three Aspects of the SLM Business Model
Three Aspects of the SLM Business Model Consumer Lending – Largest originator of Private Education Loans – Significant long term value – Legacy portfolio quality vastly improved Business Services – Businesses include loan servicing and collections for Department of Education, payment processing for
Slide 11: The U.S. Student Loan Market
The U.S. Student Loan Market 11 Confidential and proprietary information © 2012 Sallie Mae, Inc. All rights reserved.
Slide 12: Favorable Student Loan Market Trends
Favorable Student Loan Market Trends Higher Education Enrollment (millions) Annual Cost of Education ($ thousands) Source: U.S. Department of Education, National Center for Education Statistics, 1990 through 2009 Integrated Postsecondary Education Data System, "Fall Enrollment Survey" (IPEDS-EF:90–9
Slide 13: College Grads Experience Lower Levels of Unemployment
College Grads Experience Lower Levels of Unemployment Source: U.S. Department of Labor, Bureau of Labor Statistics as of 01/31/2012 13 Confidential and proprietary information © 2012 Sallie Mae, Inc. All rights reserved.
Slide 14: SLM Private Education Loan Originations
SLM Private Education Loan Originations 14 Confidential and proprietary information © 2012 Sallie Mae, Inc. All rights reserved.
Slide 15: SLM's Private Education Loan Portfolio
SLM’s Private Education Loan Portfolio Private Education Loan Portfolio Characteristics – $36 billion portfolio – 21% of SLM’s total student loan portfolio – Loans are based on floating interest rates, with loan margins determined by the credit quality of the borrower and/or cosigner – Approximately
Slide 16: SLM's New Private Education Loan Product
SLM’s New Private Education Loan Product 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 $25 monthly paymen
Slide 17: Role of Private Education Loan
Role of Private Education Loan 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 20 million students will en
Slide 18: Private Credit Industry Originations
Private Credit Industry Originations 2010-11 academic year market share approximately 40% SLM vs. Industry Originations (billions) $21.1 $19.0 $16.0 $13.0 $10.3 $9.4 $7.1 $7.7 $7.7 $6.8 $6.0 $4.8 $4.8 $3.8 $2.3 $2.5 03-04 04-05 05-06 06-07 07-08 08-09 09-10 10-11 SLM Total Market Private Education L
Slide 19: Credit Quality
Credit Quality 19 Confidential and proprietary information © 2012 Sallie Mae, Inc. All rights reserved.
Slide 20: Loan Losses
Loan Losses Total Charge-Offs (1) Charge-Offs (1) = 0.64% = 0.06% Charge-Offs (1) = 2.90% + = U.S. Government Guaranteed Loans (2) 79% Private Education Student Loan Portfolio (2) Loans(2) 21% (1) All data as of December 31, 2011. FFELP charge-offs as a percentage of average FFELP Loans. Private Edu
Slide 21: 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 93% 95% 98% 100% 100% 87% 90% 84% 80% 75% 80% 69% 61% 60% 50% 37% 40% 21% 16% 13% 13% 10% 20% 8% 8% 8% 6% 5% 4%
Slide 22: Private Education Loan Portfolio Performance
Private Education Loan Portfolio Performance Q4 11 Q3 11 Q2 11 Q1 11 Q4 10 (1) Charge-offs - Traditional Portfolio 2.7% 2.9% 2.8% 2.9% 3.6% (1) Charge-offs - Non-Traditional Portfolio 11.9% 11.5% 12.5% 13.4% 14.9% (1) Charge-offs - Total Portfolio 3.5% 3.7% 3.7% 3.9% 4.8% 90+ Day Delinq as a % of Re
Slide 23: Private Education Loan Portfolio Performance
Private Education Loan Portfolio Performance Traditional Loans with a Cosigner Q4 11 Q3 11 Q2 11 Q1 11 Q4 10 Outstanding Balance as a % of Total 59% 59% 58% 57% 56% 90+ Delinquency as a % of Repayment 2.9% 2.9% 2.7% 3.0% 3.1% Forbearance as a % of Repayment & Forbearance 3.8% 3.8% 4.0% 3.9% 4.0% Cha
Slide 24: Significant Improvement in Private Education Loan Portfolio Quality
Significant Improvement in Private Education Loan Portfolio Quality Legacy Loans Entering Repayment(1) $ Volume in % of Non % of Cosigned % of For Average Winning Billions Traditional Profit FICO Actual 2008 $7.4 15% 54% 33% 709 2009 $6.6 13% 56% 27% 711 2010 $5.2 11% 59% 21% 713 2011 $3.4 10% 62% 1
Slide 25: 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 26: Loan Seasoning
Loan Seasoning September 30, 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 6,930 Loans in Forbearance 761 8.6% 169 2.9% 112 2.4% 59 1.9% 65 1.3% 1,166 4.3% Loans in Rep
Slide 27: Loan Seasoning
Loan Seasoning December 31, 2010 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 7,419 Loans in Forbearance 844 8.8% 144 2.4% 82 2.0% 41 1.6% 45 1.2% 1,156 4.4% Loans in Repay
Slide 28: Servicing: A Competitive Advantage
Servicing: A Competitive Advantage 28 Confidential and proprietary information © 2012 Sallie Mae, Inc. All rights reserved.
Slide 29: Business Services Segment
Business Services Segment “Core Earnings” Revenue of $1.4 billion in 2011 Approximately 76% of revenue generated by services performed on FFELP Loans ED servicing and collections businesses will grow organically with increase in federal Direct Lending, added focus on increasing market share through
Slide 30: Business Services Segment Earnings Detail
Business Services Segment Earnings Detail ($ millions) 2011 2010 Q411 Q410 Intercompany loan servicing $739 $648 $180 $155 Third-party loan servicing $82 $77 $22 $22 Guarantor servicing $52 $93 $12 $15 Other servicing $97 $94 $24 $24 Contingency revenue $333 $330 $85 $78 Other Business Services reve
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 Murray, UT • Collections • Sallie Mae Bank Newark, DE Headquarters Kansas City, MO • C
Slide 32: Funding Diversity and Liquidity
Funding Diversity and Liquidity 32 Confidential and proprietary information © 2012 Sallie Mae, Inc. All rights reserved.
Slide 33: 2012 Capital Markets Summary
2012 Capital Markets Summary Issued $765 million of FFELP ABS Issued $547 million of Private ABS Expanded and extended our FFELP ABCP facility to 2015 Issued $1.5 billion of unsecured debt Increased quarterly dividend on common shares by 25% Announced $500 million share repurchase program As of Febr
Slide 34: Recent SLM FFELP ABS Transactions
Recent SLM FFELP ABS Transactions Non-Consolidation FFELP Consolidation FFELP Consolidation FFELP Issue $765M SLM Trust 2012-1 $836M SLM Trust 2011-3 $821M SLM Trust 2011-2 Pricing Date January 11, 2012 November 10, 2011 May 19, 2011 Collateral US Govt. Guaranteed FFELP US Govt. Guaranteed FFELP US
Slide 35: Recent SLM Private ABS Transactions
Recent SLM Private ABS Transactions Private Education Loans Private Education Loans Private Education Loans Issue $547M SLM Trust 2012-A $721M SLM Trust 2011-C $825M SLM Trust 2011-B Pricing Date February 2, 2012 November 21, 2011 June 15, 2011 Collateral Private Education Loans Private Education Lo
Slide 36: High Percentage of Student Loans Funded to Term
High Percentage of Student Loans Funded to Term $175 Billion Student Loan Portfolio as of December 31, 2011 Fixed Spread FFELP Consolidation Liabilities with Term ABS, $79 , 45% Average Life of 5.1 years, $23 , 13% ABCP Conduit & FHLB, $7 , 4% Straight A Conduit, $21 , 12% Indentures, $1 , 1% Privat
Slide 37: Unsecured Debt Maturities
Unsecured Debt Maturities As of January 31, 2012 (par value, $ in billions) $10 $5 $4.4 $3.0 $2.8 $2.3 $2.3 $1.7 $0.7 $1.0 $0.2 $0 Repurchased $894 million of debt in 2011 Repurchased $4.9 billion of debt in 2010 Note: Does not include Sallie Mae Bank or Subsidiary funding 37 Confidential and propri
Slide 38: Unencumbered Assets & Unsecured Debt
Unencumbered Assets & Unsecured Debt The difference between unencumbered assets and outstanding unsecured debt continues to diminish Unencumbered Assets & Unsecured Debt ($ in billions) 12/31/11 12/31/10 12/31/09 12/31/08 FFELP Stafford and Plus Loans, net $ 0.8 $ 1.0 $ 1.6 $ 3.8 FFELP Consolidation
Slide 39: Secured Cash Flow
Secured Cash Flow $ in Millions 2011 2010 2009 2008 FFELP Term Securitized Servicing (Cash Paid) $ 563 $ 533 $ 549 $ 525 Net Residual* (Excess Distributions) 715 746 1,435 1,338 Other Secured FFELP Net Cash Flow 568 1,465 1,296 589 Total FFELP $ 1,846 $ 2,743 $ 3,280 $ 2,452 Private Credit Term Secu
Slide 40: Projected Cash Flows From FFELP Portfolio
Projected Cash Flows From FFELP Portfolio* ($ in Millions) as of 12/31/11 2012 2013 2014 2015 2016 2017 2018 2019 Projected FFELP Average Balance $129,821 $117,875 $106,298 $95,944 $86,502 $77,008 $68,089 $59,642 Projected Excess Spread $851 $826 $739 $657 $618 $563 $526 $542 Projected Servicing Rev
Slide 41: Sallie Mae Bank
Sallie Mae Bank Bank charter – Utah based ILC regulated by FDIC and Utah Department of Financial Institutions (UDFI) – Charter granted October 2005 Current bank activity – Originates Sallie Mae’s Private Education Loans – Funded through affiliate and brokered deposits and a direct retail deposit pro
Slide 42: Sallie Mae Bank – Capital & Deposits
Sallie Mae Bank – Capital & Deposits Bank Deposits ($ millions) Dec 11 Sep 11 Jun 11 Mar 11 Dec 10 Sep 10 Brokered CDs $3,734 $3,262 $3,262 $4,177 $4,604 $4,961 Brokered – Other 529 519 284 273 274 234 Retail Deposits 1,589 1,435 1,199 1,222 1,090 838 Other Deposits* 473 529 436 461 458 542 Total De
Slide 43: Risk-Adjusted Capitalization
Risk-Adjusted Capitalization 43 Confidential and proprietary information © 2012 Sallie Mae, Inc. All rights reserved.
Slide 44: Strong Capital Position
Strong Capital Position ($ in Billions) Q4 11 Q3 11 Q4 10 GAAP Capital $5.3 $4.8 $5.0 Goodwill & Intangibles (0.5) (0.5) (0.5) Derivative Mark-to-Market 1.0 1.2 0.7 Unamortized Premiums from Floors 0.8 0.8 0.4 Tangible Economic Capital $6.5 $6.4 $5.6 Private Loan Reserve 2.2 2.2 2.0 Available Risk C
Slide 45: Capital Allocation
Capital Allocation SLM allocates capital internally based on the risk of the assets it supports Government Guaranteed Loan Assets Assets 71% of Assets Private Cash, Education Investments, Loans Other Assets 19% of 10% of Assets Assets Capital 12% 0% - 15%* Allocation 0.50% Based on Risk *Other Asset
Slide 46: FFELP ABS Appendix
FFELP ABS Appendix 46 Confidential and proprietary information © 2012 Sallie Mae, Inc. All rights reserved.
Slide 47: Federal Student Loan Market
Federal Student Loan Market Outstanding Government Student Loan Top 10 Holders of FFELP Loans Market Distribution FFYE 9/30/2010 ($ in millions) FFYE 9/30/2011 ($ in billions) FFELP Lender Name FY10 owned by 1 ED, $147 SLM CORPORATION $148,649 NELNET $24,514 FDLP, $256 WELLS FARGO $20,722 BRAZOS GRO
Slide 48: 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 $1.0B Insurance or guarantee of underlying collateral insulates bondholders from virtually any loss Tranches or pass-through denominated in of principal(1) U
Slide 49: 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 Historical SLM Stafford/PLUS ABS CPRs * Average CPR is the simple (non-weighted) average of four Quarterly CPR calcu
Slide 50: 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- consolidationof borrowers’ loans Historical Consolidation ABS CPRs * Average CPR is the simple (non-weighted) average of four Quar
Slide 51: Private Education Loan ABS Appendix
Private Education Loan ABS Appendix 51 Confidential and proprietary information © 2012 Sallie Mae, Inc. All rights reserved.
Slide 52: SLM ABS Issuance Profile
SLM ABS Issuance Profile Sallie Mae is among largest issuers of ABS globally, having issued $246 billion in ABS transactions to date Sallie Mae has been the market leader in Private Education Loans since the late ’80s, with targeted originations of $3.2 billion in 2012 Prior to the financial crisis,
Slide 53: 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 $1.0B Private education loans made to students and parents to fund college tuition, room and board Triple-A rated senior notes only; no subordinate tranches
Slide 54: SLM Private Education Loan ABS Summary
SLM Private Education Loan ABS Summary 09-B 09-C 09-D 09-CT 10-A 10-B 10-C 11-A 11-B 11-C 12-A Bond Amount ($mil) 2,593 1,109 1,680 590 1,550 869 1,701 562 825 743 547 Bond Wtd Avg Life @4CPR (yrs) 4.4 3.8 3.9 2.4 4.1 5.3 6.5 3.8 4.0 3.4 3.0 (1) Bond Wtd Avg LIBOR Equivalent Spread 6.00% 4.00% 3.00%
Slide 55: 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% 58.0% 60.0% 56.8% 55.7% 54.8% 54.4% 52.6% 52.7% 49.8% 48.2% 50.1% 50.0% 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-C 11-A 11-B 11-C 12-A 5
Slide 56: SLM Private Education Loan ABS Forbearance
SLM Private Education Loan ABS 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 56 Confidential
Slide 57: SLM Private Education Loan ABS 90+ Day Delinquencies
SLM Private Education Loan ABS 90+ Day Delinquencies As expected, later stage delinquency has remained elevated in recent periods due to tightening of forbearance and the current economic environment Increased emphasis on cash payment during delinquency means more borrowers remain in delinquency ins
Slide 58: Recent Private Education Loan ABS Trust Performance
Recent Private Education Loan ABS Trust Performance Sallie Mae is currently collecting payments from a much higher percentage of delinquent borrowers than in the past Delinquent borrowers who have made at least one payment during delinquency are far less likely to default >90 Day Delinquent Borrower
Slide 59: SLM Private Education Loan ABS Annualized Gross Charge-Offs
SLM Private Education Loan ABS Annualized Gross Charge-Offs Charge-offs declined in the latter half of 2009, after an increase resulting from changes to forbearance policy Charge-off levels have steadily declined through the economic downturn (1) For SLM Private Education Student Loan Trusts issued
Slide 60: SLM Private Education Loan ABS Gross Defaults
SLM Private Education Loan ABS Gross Defaults 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,
Slide 61: 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 changed
Slide 62: SLM Private Education Loan ABS Prepayment Analysis
SLM Private Education Loan ABS Prepayment Analysis Constant prepayment rates increased in 2007 due to the introduction of Private Credit Consolidation loans, but then declined accordingly following SLM’s decision to suspend its consolidation loan program Historical SLM Private Credit ABS CPRs 62 Con
Slide 63: Cohort Default Triangles
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. 63 Confident
Slide 64: Cohort Default Triangles
Cohort Default Triangles The cohort default triangles featured on subsequent slides are segmented by loan program type, FICO score, co-borrower status, and school type Terms and calculations used in the cohort default triangles are defined below: – Repayment Year – The calendar year loans entered re
Slide 65: Cohort Default Triangles
Cohort Default Triangles Undergraduate/Graduate(1) Note: Data as of 12/31/11. (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 66: Cohort Default Triangles
Cohort Default Triangles Undergraduate/Graduate(1) With Co-signer Undergraduate/Graduate(1) Without Co-signer Note: Data as of 12/31/11. (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 pa
Slide 67: Cohort Default Triangles
Cohort Default Triangles Undergraduate/Graduate(1) Non-Profit Undergraduate/Graduate(1) For-Profit Note: Data as of 12/31/11. (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 68: 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 12/31/11. (1) Undergraduate/Graduate loans marketed under the Signature Student Loan brand. (2) FICO scores are based on the greater of the borrower and co-borr
Slide 69: 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 12/31/11. (1) Undergraduate/Graduate loans marketed under the Signature Student Loan brand. (2) FICO scores are based on the greater of the borrower and co-borr
Slide 70: Cohort Default Triangles
Cohort Default Triangles Private Consolidation Loans With Co-signer Private Consolidation Loans Without Co-signer Note: Data as of 12/31/11. (1) Periodic Defaults for the most recent calendar Year in Repayment are for a partial year. 70 (2) Numerator is the amount of principal in each cohort that de
Slide 71: Cohort Default Triangles
Cohort Default Triangles DTC With Co-signer, FICO 670(1) DTC Without Co-signer, FICO 670(1) Note: Data as of 12/31/11. (1) FICO scores are based on the greater of the borrower and co-borrower scores as of a date near the loan application. (2) Periodic Defaults for the most recent calendar Year in Re
Slide 72: Cohort Default Triangles
Cohort Default Triangles Career Training Loans, 670+ FICO(1) Note: Data as of 12/31/11. (1) FICO scores are based on the greater of the borrower and co-borrower 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.
Slide 73: SLM Appendix
SLM Appendix 73 Confidential and proprietary information © 2012 Sallie Mae, Inc. All rights reserved.
Slide 74: GAAP to Core Earnings Reconciliation
GAAP to Core Earnings Reconciliation ($ in millions, except per share amounts) Years Ended Quarters Ended December 31, 2011 December 31, 2010 December 31, 2011 December 31, 2010 Dollars Diluted EPS Dollars Diluted EPS Dollars Diluted EPS Dollars Diluted EPS GAAP net income $ 633 $ 1.18 $ 530 $ 0.94
Slide 75: 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 fac