Floor Income

 
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Floor Income - The amount of additional interest income generated when net interest margin exceeds the minimum expected spreads on FFEL Program loans. Floor income, which is a component of net interest income, is defined as the difference between the income earned at the borrower payment rate less the Department-stipulated asset spread and the funding cost of the asset. Floor income has been reduced under certain provisions of the Deficit Reduction Act which became effective April 1, 2006. These provisions require the rebate of almost all floor income to the Department from loans for which the first disbursement was made on or after April 1, 2006. Floor income, as defined by the Company, is a financial measure that is not defined by U.S. generally accepted accounting principles (GAAP).

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