SLM Student Loan Trust 2013-3
11/07/2024 | Press release | Distributed by Public on 11/07/2024 14:34
Asset Backed Issuer Distribution Report Form 10 D
SLM Student Loan Trust 2013-3
Monthly Servicing Report
Distribution Date 10/25/2024
Collection Period 09/01/2024 - 09/30/2024
Navient Funding, LLC - Depositor
Navient Solutions - Master Servicer and Administrator
Deutsche Bank National Trust Company - Indenture Trustee
Deutsche Bank Trust Company Americas - Eligible Lender Trustee
Navient Funding - Excess Distribution Certificateholder
|
Page 1 of 9
|
Trust 2013-3 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
| I. |
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
06/20/2013
|
08/31/2024
|
09/30/2024
|
|||||||||
|
Principal Balance
|
$
|
1,205,799,342.60
|
$
|
278,260,086.47
|
$
|
274,800,668.93
|
|||||||
|
Interest to be Capitalized Balance
|
25,233,370.46
|
3,359,091.60
|
3,170,147.27
|
||||||||||
|
Pool Balance
|
$
|
1,231,032,713.06
|
$
|
281,619,178.07
|
$
|
277,970,816.20
|
|||||||
|
Specified Reserve Account Balance
|
6,249,953.00
|
- N/A -
|
- N/A -
|
||||||||||
|
Adjusted Pool(1)
|
$
|
1,237,282,666.06
|
$
|
281,619,178.07
|
$
|
277,970,816.20
|
|||||||
|
Weighted Average Coupon (WAC)
|
6.58%
|
|
6.93%
|
|
6.92%
|
|
|||||||
|
Number of Loans
|
277,088
|
43,097
|
42,261
|
||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
489,565.23
|
$
|
494,656.82
|
|||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
281,129,612.84
|
$
|
277,476,159.38
|
|||||||||
|
Pool Factor
|
0.225297019
|
0.222378308
|
|||||||||||
|
Since Issued Constant Prepayment Rate
|
(37.67)%
|
|
(38.93)%
|
|
|
(1)
|
The Specified Reserve Account balance is included in the Adjusted Pool until the Pool Balance is less than or equal to 40% of the original pool.
|
|
B
|
Debt Securities
|
Cusip/Isin
|
09/25/2024
|
10/25/2024
|
||||||
|
A3
|
78447YAC6
|
$
|
243,802,986.29
|
$
|
240,191,108.04
|
|||||
|
B
|
78447YAD4
|
$
|
35,000,000.00
|
$
|
35,000,000.00
|
|
C
|
Account Balances
|
09/25/2024
|
10/25/2024
|
||||||
|
Reserve Account Balance
|
$
|
1,249,991.00
|
$
|
1,249,991.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
8,764.65
|
$
|
18,064.64
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|
D
|
Asset / Liability
|
09/25/2024
|
10/25/2024
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
281,619,178.07
|
$
|
277,970,816.20
|
|||||
|
Total Notes
|
$
|
278,802,986.29
|
$
|
275,191,108.04
|
|||||
|
Difference
|
$
|
2,816,191.78
|
$
|
2,779,708.16
|
|||||
|
Parity Ratio
|
1.01010
|
1.01010
|
|
Page 2 of 9
|
Trust 2013-3 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
| II. |
Trust Activity 09/01/2024 through 09/30/2024
|
|
A
|
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
600,362.71
|
||||
|
Guarantor Principal
|
3,994,151.05
|
||||
|
Consolidation Activity Principal
|
108,959.87
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
4,703,473.63
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
332,484.15
|
||||
|
Guarantor Interest
|
229,242.38
|
||||
|
Consolidation Activity Interest
|
6,059.96
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
0.01
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
13,432.48
|
||||
|
Total Interest Receipts
|
$
|
581,218.98
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
|
D
|
Investment Income
|
$
|
33,167.58
|
||
|
E
|
Funds Borrowed from Next Collection Period
|
-
|
|||
|
F
|
Funds Repaid from Prior Collection Period
|
-
|
|||
|
G
|
Loan Sale or Purchase Proceeds
|
-
|
|||
|
H
|
Initial Deposits to Collection Account
|
-
|
|||
|
I
|
Excess Transferred from Other Accounts
|
|
-
|
||
|
J
|
Other Deposits
|
-
|
|||
|
K
|
Funds Released from Capitalized Interest Account
|
-
|
|||
|
L
|
Less: Funds Previously Remitted:
|
||||
|
Servicing Fees to Servicer
|
-
|
||||
|
Consolidation Loan Rebate Fees to Dept. of Education
|
-
|
||||
|
Floor Income Rebate Fees to Dept. of Education
|
|
-
|
|||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(9,299.99)
|
|||
|
M
|
AVAILABLE FUNDS
|
$
|
5,308,560.20
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(1,244,056.09)
|
||
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
25,150.64
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|
Page 3 of 9
|
Trust 2013-3 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
| III. |
2013-3 Portfolio Characteristics
|
|
09/30/2024
|
08/31/2024
|
||||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
IN SCHOOL
|
6.80%
|
|
55
|
$
|
309,157.60
|
0.113%
|
|
6.80%
|
|
58
|
$
|
339,922.06
|
0.122%
|
|
||||||||||||||||||
|
|
GRACE |
6.82%
|
|
13
|
$
|
85,605.90
|
0.031%
|
|
6.84%
|
|
10
|
$
|
54,841.44
|
0.020%
|
|
||||||||||||||||||
|
|
DEFERMENT
|
6.82%
|
|
2,453
|
$
|
15,333,956.91
|
5.580%
|
|
6.83%
|
|
2,490
|
$
|
15,351,899.92
|
5.517%
|
|
||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
6.93%
|
|
28,055
|
$
|
171,121,717.85
|
62.271%
|
|
6.93%
|
|
28,060
|
$
|
169,709,137.99
|
60.989%
|
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT
|
6.89%
|
|
1,251
|
$
|
9,525,522.24
|
3.466%
|
|
6.96%
|
|
1,228
|
$
|
9,147,080.01
|
3.287%
|
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT
|
6.96%
|
|
786
|
$
|
5,971,376.37
|
2.173%
|
|
6.93%
|
|
1,126
|
$
|
8,095,501.08
|
2.909%
|
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT
|
6.96%
|
|
723
|
$
|
5,284,789.88
|
1.923%
|
|
6.92%
|
|
746
|
$
|
5,479,088.27
|
1.969%
|
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT
|
6.90%
|
|
1,874
|
$
|
13,908,343.59
|
5.061%
|
|
6.90%
|
|
1,823
|
$
|
13,617,151.25
|
4.894%
|
|
||||||||||||||||||
|
|
FORBEARANCE
|
6.94%
|
|
6,238
|
$
|
48,542,315.81
|
17.665%
|
|
6.93%
|
|
6,390
|
$
|
49,572,160.52
|
17.815%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
7.00%
|
|
813
|
$
|
4,717,882.78
|
1.717%
|
|
7.06%
|
|
1,166
|
$
|
6,893,303.93
|
2.477%
|
|
||||||||||||||||||
|
TOTAL
|
42,261
|
$
|
274,800,668.93
|
100.00%
|
|
43,097
|
$
|
278,260,086.47
|
100.00%
|
|
* Percentages may not total 100% due to rounding
|
Page 4 of 9
|
Trust 2013-3 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
| IV. |
2013-3 Portfolio Characteristics (cont'd)
|
|
09/30/2024
|
08/31/2024
|
|||||||
|
Pool Balance
|
$
|
277,970,816.20
|
$
|
281,619,178.07
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
12,534,547.51
|
$
|
12,862,911.82
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
3,170,147.27
|
$
|
3,359,091.60
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,446,860.74
|
$
|
1,631,393.51
|
||||
|
Total # Loans
|
42,261
|
43,097
|
||||||
|
Total # Borrowers
|
17,644
|
18,018
|
||||||
|
Weighted Average Coupon
|
6.92%
|
|
6.93%
|
|
||||
|
Weighted Average Remaining Term
|
190.35
|
190.39
|
||||||
|
Non-Reimbursable Losses
|
$
|
25,150.64
|
$
|
18,964.46
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
6,081,131.70
|
$
|
6,055,981.06
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-38.93 %
|
|
-37.67 %
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$
|
587,377.65
|
$
|
587,377.65
|
||||
|
Unpaid Primary Servicing Fees
|
-
|
-
|
||||||
|
Unpaid Administration Fees
|
-
|
-
|
||||||
|
Unpaid Carryover Servicing Fees
|
-
|
-
|
||||||
|
Note Principal Shortfall
|
-
|
-
|
||||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
1,268,506.19
|
$
|
1,012,029.51
|
||||
|
Borrower Interest Accrued
|
$
|
1,506,563.88
|
$
|
1,574,579.62
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
54,467.49
|
$
|
57,997.16
|
||||
|
Special Allowance Payments Accrued
|
$
|
205,237.73
|
$
|
229,682.91
|
|
Page 5 of 9
|
Trust 2013-3 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
| V. |
2013-3 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
% *
|
||||||||||||
|
- GSL (1) - Subsidized
|
6.81%
|
|
22,450
|
107,280,273.48
|
39.039%
|
|
|||||||||||
|
- GSL - Unsubsidized
|
6.84%
|
|
|
18,950
|
152,231,868.15
|
55.397%
|
|
||||||||||
|
- PLUS (2) Loans
|
8.50%
|
|
861
|
15,288,527.30
|
5.563%
|
|
|||||||||||
|
- SLS (3) Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
Total
|
6.92%
|
|
42,261
|
$
|
274,800,668.93
|
100.000%
|
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
% *
|
||||||||||||
|
- Four Year
|
6.93%
|
|
36,159
|
244,759,452.90
|
89.068%
|
|
|||||||||||
|
- Two Year
|
6.88%
|
|
5,220
|
25,637,787.59
|
9.330%
|
|
|||||||||||
|
- Technical
|
6.87%
|
|
843
|
4,222,792.29
|
1.537%
|
|
|||||||||||
|
- Other
|
7.07%
|
|
39
|
180,636.15
|
0.066%
|
|
|||||||||||
|
Total
|
6.92%
|
|
42,261
|
$
|
274,800,668.93
|
100.000%
|
|
*Percentages may not total 100% due to rounding.
| (1) |
Guaranteed Stafford Loan
|
| (2) |
Parent Loans for Undergraduate Students
|
| (3) |
Supplemental Loans to Students. The Unsubsidized Stafford Loan program replaced the SLS program on July 1, 1994.
|
|
Page 6 of 9
|
Trust 2013-3 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
| VI. |
2013-3 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance |
||||||||
|
Total Available Funds
|
$
|
5,308,560.20
|
|||||||
|
A |
Trustee Fees |
|
-
|
$
|
5,308,560.20
|
||||
|
B
|
Primary Servicing Fee
|
$
|
88,953.40
|
$
|
5,219,606.80
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
5,212,939.80
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
1,197,600.90
|
$
|
4,015,338.90
|
||||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$ |
201,092.50
|
$
|
3,814,246.40
|
||||
|
F
|
Reserve Account Reinstatement
|
|
-
|
$
|
3,814,246.40
|
||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
3,611,878.25
|
$
|
202,368.15
|
||||
|
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
202,368.15
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
202,368.15
|
|||||
|
J
|
Carryover Servicing Fee
|
-
|
$
|
202,368.15
|
|||||
|
K
|
Remaining Amounts to the Noteholders after the first auction date
|
|
-
|
$ |
202,368.15
|
||||
|
L
|
Excess Distribution Certificateholder
|
|
$
|
202,368.15 |
|
|
|
- |
|
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
274,800,668.93
|
||
|
B
|
Interest to be Capitalized
|
$
|
3,170,147.27
|
||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
1,249,991.00
|
||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(1,249,991.00)
|
||
|
F
|
Total
|
$
|
277,970,816.20
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
240,191,108.04
|
||
|
H
|
Insolvency Event or Event of Default Under Indenture
|
N
|
|||
|
I
|
Available Funds Applied to Class A Noteholders' Distribution Amount Before Any Amounts are Applied to the Class B Noteholders' Distribution Amount (G>F or H=Y)
|
N
|
|
Page 7 of 9
|
Trust 2013-3 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
| VII. |
2013-3 Distributions
|
Distribution Amounts
|
A3
|
B
|
|||||||
|
Cusip/Isin
|
78447YAC6
|
78447YAD4
|
||||||
|
Beginning Balance
|
$
|
243,802,986.29
|
$
|
35,000,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
0.50%
|
|
1.50%
|
|
||||
|
Record Date (Days Prior to Distribution)
|
1 NEW YORK BUSINESS DAY
|
1 NEW YORK BUSINESS DAY
|
||||||
|
Accrual Period Begin
|
9/25/2024
|
9/25/2024
|
||||||
|
Accrual Period End
|
10/25/2024
|
10/25/2024
|
||||||
|
Daycount Fraction
|
0.08333333
|
0.08333333
|
||||||
|
Interest Rate*
|
5.89460%
|
|
6.89460%
|
|
||||
|
Accrued Interest Factor
|
0.004912167
|
0.005745500
|
||||||
|
Current Interest Due
|
$
|
1,197,600.90
|
$
|
201,092.50
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
1,197,600.90
|
$
|
201,092.50
|
||||
|
Interest Paid
|
$
|
1,197,600.90
|
$
|
201,092.50
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
3,611,878.25
|
-
|
|||||
|
Ending Principal Balance
|
$
|
240,191,108.04
|
$
|
35,000,000.00
|
||||
|
Paydown Factor
|
0.005696969
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.378850328
|
1.000000000
|
* Pay rates for Current Distribution. For the interest rates applicable to the next distribution date, please see https://images.navient.com/investors/data/abrate.txt.
|
Page 8 of 9
|
Trust 2013-3 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |
| VIII. |
2013-3 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
278,802,986.29
|
|||
|
Adjusted Pool Balance
|
$
|
277,970,816.20
|
|||
|
Overcollateralization Amount
|
$
|
2,779,708.16
|
|||
|
Principal Distribution Amount
|
$
|
3,611,878.25
|
|||
|
Principal Distribution Amount Paid
|
$
|
3,611,878.25
|
|||
|
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
1,249,991.00
|
|||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
1,249,991.00
|
|||
|
Required Reserve Acct Balance
|
$
|
1,249,991.00
|
|||
|
Release to Collection Account
|
|
-
|
|||
|
Ending Reserve Account Balance
|
$
|
1,249,991.00
|
|||
|
C
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
8,764.65
|
|||
|
Deposits for the Period
|
$
|
9,299.99
|
|||
|
Release to Collection Account
|
|
-
|
|||
|
Ending Balance
|
$
|
18,064.64
|
|||
|
D
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Supplemental Loan Purchases
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
|
Page 9 of 9
|
Trust 2013-3 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024 |