09/06/2024 | Press release | Distributed by Public on 09/06/2024 10:00
Page 1 of 9
|
Trust 2013-5 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
I. |
Deal Parameters
|
A
|
Student Loan Portfolio Characteristics
|
09/19/2013
|
06/30/2024
|
07/31/2024
|
|||||||||
|
Principal Balance
|
$
|
956,725,270.81
|
$
|
209,829,524.42
|
$
|
205,298,841.73
|
||||||
|
Interest to be Capitalized Balance
|
20,662,241.00
|
2,382,710.33
|
2,331,195.13
|
|||||||||
|
Pool Balance
|
$
|
977,387,511.81
|
$
|
212,212,234.75
|
$
|
207,630,036.86
|
||||||
|
Specified Reserve Account Balance
|
4,994,371.00
|
- N/A -
|
- N/A -
|
|||||||||
|
Adjusted Pool (1)
|
$
|
982,381,882.81
|
$
|
212,212,234.75
|
$
|
207,630,036.86
|
||||||
|
Weighted Average Coupon (WAC)
|
6.75%
|
|
7.12%
|
|
7.11%
|
|
||||||
|
Number of Loans
|
202,865
|
32,130
|
31,395
|
|||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
-
|
-
|
||||||||||
|
Aggregate Outstanding Principal Balance - SOFR |
$
|
212,212,234.75
|
$
|
207,630,036.86
|
||||||||
|
Pool Factor |
0.212451406
|
0.207864043
|
||||||||||
|
Since Issued Constant Prepayment Rate |
(21.94)%
|
|
(23.47)%
|
|
(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
|
07/25/2024
|
08/26/2024
|
|||||||
A3
|
78448BAC5
|
$
|
182,690,112.40
|
$
|
178,153,736.49
|
||||||
B |
78448BAD3
|
$
|
27,400,000.00
|
$
|
27,400,000.00
|
C
|
Account Balances
|
07/25/2024
|
08/26/2024
|
||||||
|
Reserve Account Balance
|
$
|
998,874.00
|
$
|
998,874.00
|
||||
|
Capitalized Interest Account Balance
|
-
|
-
|
||||||
|
Floor Income Rebate Account
|
$
|
34,380.85
|
$
|
50,631.96
|
||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
D
|
Asset / Liability
|
07/25/2024
|
08/26/2024
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
212,212,234.75
|
$
|
207,630,036.86
|
||||
|
Total Notes
|
$
|
210,090,112.40
|
$
|
205,553,736.49
|
||||
|
Difference
|
$
|
2,122,122.35
|
$
|
2,076,300.37
|
||||
|
Parity Ratio
|
1.01010
|
1.01010
|
Page 2 of 9
|
Trust 2013-5 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
II. |
Trust Activity 07/01/2024 through 07/31/2024
|
A
|
Student Loan Principal Receipts
|
||||
Borrower Principal
|
488,685.86
|
||||
Guarantor Principal
|
1,185,971.65
|
||||
Consolidation Activity Principal
|
3,521,791.92
|
||||
Seller Principal Reimbursement
|
-
|
||||
Servicer Principal Reimbursement
|
-
|
||||
Rejected Claim Repurchased Principal
|
-
|
||||
Other Principal Deposits
|
50.01
|
||||
Total Principal Receipts
|
$
|
5,196,499.44
|
|||
B
|
Student Loan Interest Receipts
|
||||
Borrower Interest
|
308,864.30
|
||||
Guarantor Interest
|
86,893.68
|
||||
Consolidation Activity Interest
|
312,303.10
|
||||
Special Allowance Payments
|
0.00
|
||||
Interest Subsidy Payments
|
0.00
|
||||
Seller Interest Reimbursement
|
0.00
|
||||
Servicer Interest Reimbursement
|
29.46
|
|
|||
Rejected Claim Repurchased Interest
|
0.00
|
||||
Other Interest Deposits
|
26,723.82
|
||||
Total Interest Receipts
|
$
|
734,814.36
|
|||
C
|
Reserves in Excess of Requirement
|
|
-
|
||
D
|
Investment Income
|
$
|
46,518.96
|
||
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
|
$
|
(16,251.11)
|
|
||
M
|
AVAILABLE FUNDS
|
$
|
5,961,581.65
|
||
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(665,816.75)
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
24,944.40
|
||
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
$
|
50.02
|
||
Q
|
Aggregate Loan Substitutions
|
-
|
Page 3 of 9
|
Trust 2013-5 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
III. |
2013-5 Portfolio Characteristics
|
07/31/2024
|
06/30/2024
|
||||||||||||||||||||||||||||||||
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of Principal
|
||||||||||||||||||||||||||
INTERIM:
|
IN SCHOOL
|
6.85%
|
|
21
|
$
|
81,913.07
|
0.040%
|
|
6.85%
|
|
25
|
$
|
90,724.42
|
0.043%
|
|
||||||||||||||||||
|
GRACE
|
6.80%
|
|
4
|
$
|
8,811.35
|
0.004%
|
|
0.00%
|
|
0 |
|
- |
0.000%
|
|
||||||||||||||||||
|
DEFERMENT
|
6.96%
|
|
1,781
|
$
|
11,222,610.21
|
5.466%
|
|
6.97%
|
|
1,766
|
$
|
11,095,019.25
|
5.288%
|
|
||||||||||||||||||
REPAYMENT:
|
CURRENT
|
7.11%
|
|
21,252
|
$
|
129,425,667.11
|
63.043%
|
|
7.12%
|
|
22,036
|
$
|
136,333,199.17
|
64.973%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
7.05%
|
|
1,061
|
$
|
7,678,994.20
|
3.740%
|
|
7.17%
|
|
1,100
|
$
|
8,141,427.49
|
3.880%
|
|
||||||||||||||||||
|
61-90 DAYS DELINQUENT |
7.19%
|
|
790
|
$
|
6,100,128.62
|
2.971%
|
|
7.16%
|
|
688
|
$
|
4,802,052.27
|
2.289%
|
|
||||||||||||||||||
|
91-120 DAYS DELINQUENT |
7.21%
|
|
489
|
$
|
3,289,715.51
|
1.602%
|
|
7.19%
|
|
496
|
$
|
4,042,000.06
|
1.926%
|
|
||||||||||||||||||
|
> 120 DAYS DELINQUENT |
7.12%
|
|
1,092
|
$
|
8,759,233.84
|
4.267%
|
|
7.12%
|
|
985
|
$
|
7,925,801.12
|
3.777%
|
|
||||||||||||||||||
|
FORBEARANCE |
7.18%
|
|
4,681
|
$
|
36,842,167.52
|
17.946%
|
|
7.16%
|
|
4,787
|
$
|
35,576,290.13
|
16.955%
|
|
||||||||||||||||||
|
CLAIMS IN PROCESS |
7.26%
|
|
224
|
$
|
1,889,600.30
|
0.920%
|
|
7.02%
|
|
247
|
$
|
1,823,010.51
|
0.869%
|
|
||||||||||||||||||
TOTAL
|
31,395
|
$
|
205,298,841.73
|
100.00%
|
|
32,130
|
$
|
209,829,524.42
|
100.00%
|
|
Page 4 of 9
|
Trust 2013-5 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
IV. |
2013-5 Portfolio Characteristics (cont'd) |
07/31/2024
|
06/30/2024
|
|||||||
Pool Balance
|
$
|
207,630,036.86
|
$
|
212,212,234.75
|
||||
Outstanding Borrower Accrued Interest
|
$
|
10,116,893.98
|
$
|
10,319,969.27
|
||||
Borrower Accrued Interest to be Capitalized
|
$
|
2,331,195.13
|
$
|
2,382,710.33
|
||||
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,044,822.73
|
$
|
987,522.30
|
||||
Total # Loans
|
31,395
|
32,130
|
||||||
Total # Borrowers
|
8,764
|
8,983
|
||||||
Weighted Average Coupon
|
7.11%
|
|
7.12%
|
|
||||
Weighted Average Remaining Term
|
192.95
|
192.31
|
||||||
Non-Reimbursable Losses
|
$
|
24,944.40
|
$
|
16,534.34
|
||||
Cumulative Non-Reimbursable Losses
|
$
|
2,999,283.04
|
$
|
2,974,338.64
|
||||
Since Issued Constant Prepayment Rate (CPR)
|
-23.47%
|
|
-21.94%
|
|
||||
Loan Substitutions
|
-
|
-
|
||||||
Cumulative Loan Substitutions
|
-
|
-
|
||||||
Rejected Claim Repurchases
|
-
|
-
|
||||||
Cumulative Rejected Claim Repurchases
|
$
|
211,826.85
|
$
|
211,826.85
|
||||
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
|
$
|
693,229.82
|
$
|
644,586.85
|
||||
Borrower Interest Accrued
|
$
|
1,198,820.75
|
$
|
1,185,016.73
|
||||
Interest Subsidy Payments Accrued
|
$
|
37,129.03
|
$
|
35,061.91
|
||||
Special Allowance Payments Accrued
|
$
|
154,805.63
|
$
|
153,938.78
|
Page 5 of 9
|
Trust 2013-5 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
V. |
2013-5 Portfolio Statistics by School and Program |
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- GSL (1) - Subsidized
|
6.89%
|
|
16,385
|
70,454,767.59
|
34.318%
|
|
||||||||||
|
- GSL - Unsubsidized
|
6.93%
|
|
14,150
|
108,625,766.61
|
52.911%
|
|
||||||||||
|
- PLUS (2) Loans
|
8.50%
|
|
860
|
26,218,307.53
|
12.771%
|
|
||||||||||
|
- SLS (3) Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
Total
|
7.11%
|
|
31,395
|
$
|
205,298,841.73
|
100.000%
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- Four Year
|
7.12%
|
|
27,282
|
188,443,298.74
|
91.790%
|
|
||||||||||
|
- Two Year
|
7.02%
|
|
3,553
|
14,750,398.28
|
7.185%
|
|
||||||||||
|
- Technical
|
7.20%
|
|
528
|
2,013,990.22
|
0.981%
|
|
||||||||||
|
- Other
|
7.10%
|
|
32
|
91,154.49
|
0.044%
|
|
||||||||||
|
Total
|
7.11%
|
|
31,395
|
$
|
205,298,841.73
|
100.000%
|
|
(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 2013-5 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
VI. |
2013-5 Waterfall for Distributions |
Paid
|
Remaining
Funds Balance
|
||||||||
Total Available Funds
|
$
|
5,961,581.65
|
|||||||
A |
Trustee Fees |
- |
$ |
5,961,581.65 |
|||||
B
|
Primary Servicing Fee
|
$
|
42,726.52
|
$
|
5,918,855.13
|
||||
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
5,912,188.13
|
||||
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
984,353.81
|
$
|
4,927,834.32
|
||||
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
169,554.12
|
$
|
4,758,280.20
|
||||
F
|
Reserve Account Reinstatement
|
-
|
$
|
4,758,280.20
|
|||||
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
4,536,375.91
|
$
|
221,904.29
|
||||
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
221,904.29
|
|||||
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
221,904.29
|
|||||
J
|
Carryover Servicing Fee
|
-
|
$
|
221,904.29
|
|||||
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
221,904.29
|
|||||
L
|
Excess Distribution Certificateholder
|
$
|
221,904.29 |
-
|
Waterfall Triggers
|
|||||
A
|
Student Loan Principal Outstanding
|
$
|
205,298,841.73
|
||
B
|
Interest to be Capitalized
|
$
|
2,331,195.13
|
||
C
|
Capitalized Interest Account Balance
|
-
|
|||
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
998,874.00
|
||
E
|
Less: Specified Reserve Account Balance
|
$
|
(998,874.00)
|
|
|
F
|
Total
|
$
|
207,630,036.86
|
||
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
178,153,736.49
|
||
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 2013-5 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
VII. |
2013-5 Distributions |
A3
|
B |
|
||||||
Cusip/Isin
|
78448BAC5
|
78448BAD3
|
||||||
Beginning Balance
|
$
|
182,690,112.40
|
$
|
27,400,000.00
|
||||
Index
|
SOFR
|
SOFR
|
||||||
Spread/Fixed Rate
|
0.60%
|
|
1.50%
|
|
||||
Record Date (Days Prior to Distribution)
|
1 NEW YORK BUSINESS DAY
|
1 NEW YORK BUSINESS DAY
|
||||||
Accrual Period Begin
|
7/25/2024
|
7/25/2024
|
||||||
Accrual Period End
|
8/26/2024
|
8/26/2024
|
||||||
Daycount Fraction
|
0.08888889
|
0.08888889
|
||||||
Interest Rate*
|
6.06162%
|
|
6.96162%
|
|
||||
Accrued Interest Factor
|
0.005388107
|
0.006188107
|
||||||
Current Interest Due
|
$
|
984,353.81
|
$
|
169,554.12
|
||||
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
Total Interest Due
|
$
|
984,353.81
|
$
|
169,554.12
|
||||
Interest Paid
|
$
|
984,353.81
|
$
|
169,554.12
|
||||
Interest Shortfall
|
-
|
-
|
||||||
Principal Paid
|
$
|
4,536,375.91
|
-
|
|||||
Ending Principal Balance
|
$
|
178,153,736.49
|
$
|
27,400,000.00
|
||||
Paydown Factor
|
0.008905332
|
0.000000000
|
||||||
Ending Balance Factor
|
0.349732502
|
1.000000000
|
Page 8 of 9
|
Trust 2013-5 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
VIII. |
2013-5 Reconciliations |
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
210,090,112.40
|
||
|
Adjusted Pool Balance
|
$
|
207,630,036.86
|
||
|
Overcollateralization Amount
|
$
|
2,076,300.37
|
||
|
Principal Distribution Amount
|
$
|
4,536,375.91
|
||
|
Principal Distribution Amount Paid
|
$
|
4,536,375.91
|
||
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
998,874.00
|
||
|
Reserve Funds Utilized
|
0.00
|
|||
|
Reserve Funds Reinstated
|
0.00
|
|||
|
Balance Available
|
$
|
998,874.00
|
||
|
Required Reserve Acct Balance
|
$
|
998,874.00
|
||
|
Release to Collection Account
|
-
|
|||
|
Ending Reserve Account Balance
|
$
|
998,874.00
|
||
C
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
34,380.85
|
||
|
Deposits for the Period
|
$
|
16,251.11
|
||
|
Release to Collection Account
|
|
- |
|
|
|
Ending Balance
|
$
|
50,631.96
|
||
D
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
|||
|
Supplemental Loan Purchases
|
-
|
|||
|
Transfers to Collection Account
|
-
|
|||
|
Ending Balance
|
-
|
Page 9 of 9
|
Trust 2013-5 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |