10/15/2024 | Press release | Distributed by Public on 10/15/2024 15:20
|
• |
was guaranteed as to principal and interest by a guaranty agency under a guarantee agreement and the guaranty agency was, in turn, reinsured by the Department of Education in accordance with the FFELP;
|
|
• |
contained terms in accordance with those required by the FFELP, the guarantee agreements and other applicable requirements;
|
|
• |
was more than 30 days past the final disbursement;
|
|
• |
was not more than 210 days past due;
|
|
• |
did not have a borrower who was noted in the related records of the servicer as being currently involved in a bankruptcy proceeding; and
|
|
• |
had special allowance payments, if any, based on the three-month commercial paper rate or the 91-day Treasury bill rate.
|
Aggregate Outstanding Principal Balance
|
$
|
321,919,654
|
||
Aggregate Outstanding Principal Balance - Treasury Bill
|
$
|
36,489,814
|
||
Percentage of Aggregate Outstanding Principal Balance - Treasury Bill
|
11.34
|
%
|
||
Aggregate Outstanding Principal Balance - One-Month LIBOR
|
$
|
285,429,840
|
||
Percentage of Aggregate Outstanding Principal Balance - One-Month LIBOR
|
88.66
|
%
|
||
Number of Borrowers
|
9,989
|
|||
Average Outstanding Principal Balance Per Borrower
|
$
|
32,227
|
||
Number of Loans
|
17,945
|
|||
Average Outstanding Principal Balance Per Loan - Treasury Bill
|
$
|
47,575
|
||
Average Outstanding Principal Balance Per Loan - One-Month LIBOR
|
$
|
16,616
|
||
Weighted Average Remaining Term to Scheduled Maturity
|
172 months
|
|||
Weighted Average Annual Interest Rate
|
4.92
|
%
|
(1) |
Trust student loans with special allowance payments indexed to one-month LIBOR will be indexed to 30-day Average SOFR from and after July 1, 2023.
|
Interest Rates
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Less than or equal to 3.00%
|
3,361
|
$
|
49,875,091
|
15.5
|
%
|
|||||||
3.01% to 3.50%
|
3,425
|
46,028,253
|
14.3
|
|||||||||
3.51% to 4.00%
|
3,205
|
48,622,479
|
15.1
|
|||||||||
4.01% to 4.50%
|
3,718
|
55,189,395
|
17.1
|
|||||||||
4.51% to 5.00%
|
1,284
|
22,533,833
|
7.0
|
|||||||||
5.01% to 5.50%
|
323
|
7,884,504
|
2.4
|
|||||||||
5.51% to 6.00%
|
311
|
7,096,829
|
2.2
|
|||||||||
6.01% to 6.50%
|
373
|
8,096,845
|
2.5
|
|||||||||
6.51% to 7.00%
|
529
|
13,103,994
|
4.1
|
|||||||||
7.01% to 7.50%
|
212
|
5,950,083
|
1.8
|
|||||||||
7.51% to 8.00%
|
445
|
14,182,906
|
4.4
|
|||||||||
8.01% to 8.50%
|
420
|
20,131,362
|
6.3
|
|||||||||
Equal to or greater than 8.51%
|
339
|
23,224,080
|
7.2
|
|||||||||
Total
|
17,945
|
$
|
321,919,654
|
100.0
|
%
|
Range of Outstanding
Principal Balance
|
Number of
Borrowers
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
||||||||||
Less than $5,000.00
|
1,687
|
$
|
4,263,683
|
1.3
|
%
|
||||||||
$ 5,000.00-$ 9,999.99
|
1,531
|
11,403,861
|
3.5
|
||||||||||
$ 10,000.00-$14,999.99
|
1,165
|
14,456,226
|
4.5
|
||||||||||
$ 15,000.00-$19,999.99
|
920
|
16,097,749
|
5.0
|
||||||||||
$ 20,000.00-$24,999.99
|
727
|
16,264,271
|
5.1
|
||||||||||
$ 25,000.00-$29,999.99
|
590
|
16,208,644
|
5.0
|
||||||||||
$ 30,000.00-$34,999.99
|
522
|
16,947,504
|
5.3
|
||||||||||
$ 35,000.00-$39,999.99
|
395
|
14,788,056
|
4.6
|
||||||||||
$ 40,000.00-$44,999.99
|
336
|
14,275,918
|
4.4
|
||||||||||
$ 45,000.00-$49,999.99
|
275
|
13,036,073
|
4.0
|
||||||||||
$ 50,000.00-$54,999.99
|
227
|
11,861,506
|
3.7
|
||||||||||
$ 55,000.00-$59,999.99
|
185
|
10,609,790
|
3.3
|
||||||||||
$ 60,000.00-$64,999.99
|
139
|
8,672,742
|
2.7
|
||||||||||
$ 65,000.00-$69,999.99
|
148
|
9,988,150
|
3.1
|
||||||||||
$ 70,000.00-$74,999.99
|
138
|
10,009,870
|
3.1
|
||||||||||
$ 75,000.00-$79,999.99
|
115
|
8,905,008
|
2.8
|
||||||||||
$ 80,000.00-$84,999.99
|
102
|
8,425,708
|
2.6
|
||||||||||
$ 85,000.00-$89,999.99
|
78
|
6,827,620
|
2.1
|
||||||||||
$ 90,000.00-$94,999.99
|
73
|
6,742,609
|
2.1
|
||||||||||
$ 95,000.00-$99,999.99
|
64
|
6,232,597
|
1.9
|
||||||||||
$ 100,000.00 and above
|
572
|
95,902,069
|
29.8
|
||||||||||
Total
|
9,989
|
$
|
321,919,654
|
100.0
|
%
|
||||||||
Number of Days Delinquent
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
0-30 days
|
17,074
|
$
|
299,215,006
|
92.9
|
%
|
|||||||
31-60 days
|
263
|
6,913,965
|
2.1
|
|||||||||
61-90 days
|
190
|
4,290,413
|
1.3
|
|||||||||
91-120 days
|
106
|
2,585,238
|
0.8
|
|||||||||
121-150 days
|
76
|
1,527,578
|
0.5
|
|||||||||
151-180 days
|
57
|
2,187,908
|
0.7
|
|||||||||
181-210 days
|
52
|
1,937,851
|
0.6
|
|||||||||
Greater than 210 days
|
127
|
3,261,695
|
1.0
|
|||||||||
Total
|
17,945
|
$
|
321,919,654
|
100.0
|
%
|
Number of Months
Remaining to
Scheduled Maturity
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
0 to 3
|
162
|
$
|
44,260
|
*
|
||||||||
4 to12
|
555
|
534,591
|
0.2
|
%
|
||||||||
13 to 24
|
764
|
2,461,128
|
0.8
|
|||||||||
25 to 36
|
707
|
2,595,177
|
0.8
|
|||||||||
37 to 48
|
945
|
4,575,400
|
1.4
|
|||||||||
49 to 60
|
2,042
|
9,734,447
|
3.0
|
|||||||||
61 to 72
|
963
|
7,496,779
|
2.3
|
|||||||||
73 to 84
|
697
|
6,706,571
|
2.1
|
|||||||||
85 to 96
|
713
|
8,387,543
|
2.6
|
|||||||||
97 to 108
|
818
|
10,349,306
|
3.2
|
|||||||||
109 to 120
|
2,308
|
32,307,784
|
10.0
|
|||||||||
121 to 132
|
1,254
|
25,442,743
|
7.9
|
|||||||||
133 to 144
|
1,043
|
23,505,421
|
7.3
|
|||||||||
145 to 156
|
1,026
|
27,730,152
|
8.6
|
|||||||||
157 to 168
|
796
|
23,840,403
|
7.4
|
|||||||||
169 to 180
|
668
|
20,695,753
|
6.4
|
|||||||||
181 to 192
|
460
|
17,419,645
|
5.4
|
|||||||||
193 to 204
|
377
|
12,039,718
|
3.7
|
|||||||||
205 to 216
|
262
|
9,254,753
|
2.9
|
|||||||||
217 to 228
|
197
|
7,373,660
|
2.3
|
|||||||||
229 to 240
|
133
|
5,810,634
|
1.8
|
|||||||||
241 to 252
|
117
|
4,755,259
|
1.5
|
|||||||||
253 to 264
|
90
|
3,165,221
|
1.0
|
|||||||||
265 to 276
|
96
|
4,277,532
|
1.3
|
|||||||||
277 to 288
|
91
|
4,019,987
|
1.2
|
|||||||||
289 to 300
|
167
|
10,894,942
|
3.4
|
|||||||||
301 to 312
|
331
|
25,518,530
|
7.9
|
|||||||||
313 to 324
|
24
|
2,052,787
|
0.6
|
|||||||||
325 to 336
|
19
|
696,991
|
0.2
|
|||||||||
337 to 348
|
22
|
1,352,768
|
0.4
|
|||||||||
349 to 360
|
36
|
3,381,731
|
1.1
|
|||||||||
361 and above
|
62
|
3,498,037
|
1.1
|
|||||||||
Total
|
17,945
|
$
|
321,919,654
|
100.0
|
%
|
Current Borrower Payment Status
|
Number of Loans
|
Aggregate Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal
Balance
|
|||||||||
Deferment
|
340
|
$
|
6,897,805
|
2.1
|
%
|
|||||||
Forbearance
|
1,759
|
44,066,727
|
13.7
|
|||||||||
Repayment
|
||||||||||||
First year in repayment
|
79
|
4,193,789
|
1.3
|
|||||||||
Second year in repayment
|
86
|
4,780,917
|
1.5
|
|||||||||
Third year in repayment
|
88
|
5,037,010
|
1.6
|
|||||||||
More than 3 years in repayment
|
15,593
|
256,943,406
|
79.8
|
|||||||||
Total
|
17,945
|
$
|
321,919,654
|
100.0
|
%
|
* |
Of the trust student loans in forbearance status, approximately 138 loans with an aggregate outstanding principal balance of $3,726,195, representing 1.16% of the pool by principal, are in the Coronavirus Disaster Forbearance Program.
|
|
• |
may have temporarily ceased repaying the loan through a deferment or a forbearance period (this category includes the Coronavirus Disaster Forbearance Program); or
|
|
• |
may be currently required to repay the loan - repayment.
|
Current Borrower Payment Status
|
Scheduled Months in Status Remaining
|
|||||||||||
Deferment
|
Forbearance
|
Repayment
|
||||||||||
Deferment
|
15.3
|
-
|
201.6
|
|||||||||
Forbearance
|
-
|
24.1
|
201.4
|
|||||||||
Repayment
|
-
|
-
|
162.0
|
State
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Alabama
|
107
|
$
|
2,614,457
|
0.8
|
%
|
|||||||
Alaska
|
28
|
551,252
|
0.2
|
|||||||||
Arizona
|
456
|
9,706,761
|
3.0
|
|||||||||
Arkansas
|
74
|
1,562,131
|
0.5
|
|||||||||
California
|
2,010
|
35,427,036
|
11.0
|
|||||||||
Colorado
|
307
|
5,913,319
|
1.8
|
|||||||||
Connecticut
|
212
|
2,695,923
|
0.8
|
|||||||||
Delaware
|
43
|
1,310,447
|
0.4
|
|||||||||
District of Columbia
|
61
|
850,772
|
0.3
|
|||||||||
Florida
|
2,800
|
46,982,116
|
14.6
|
|||||||||
Georgia
|
509
|
9,018,477
|
2.8
|
|||||||||
Hawaii
|
72
|
1,398,997
|
0.4
|
|||||||||
Idaho
|
70
|
1,310,027
|
0.4
|
|||||||||
Illinois
|
483
|
7,603,411
|
2.4
|
|||||||||
Indiana
|
324
|
5,664,752
|
1.8
|
|||||||||
Iowa
|
95
|
1,501,987
|
0.5
|
|||||||||
Kansas
|
304
|
5,287,934
|
1.6
|
|||||||||
Kentucky
|
83
|
1,363,233
|
0.4
|
|||||||||
Louisiana
|
337
|
6,418,173
|
2.0
|
|||||||||
Maine
|
35
|
434,062
|
0.1
|
|||||||||
Maryland
|
374
|
6,512,343
|
2.0
|
|||||||||
Massachusetts
|
373
|
5,693,199
|
1.8
|
|||||||||
Michigan
|
326
|
6,538,753
|
2.0
|
|||||||||
Minnesota
|
253
|
4,434,951
|
1.4
|
|||||||||
Mississippi
|
84
|
2,219,308
|
0.7
|
|||||||||
Missouri
|
414
|
8,508,758
|
2.6
|
|||||||||
Montana
|
53
|
781,984
|
0.2
|
|||||||||
Nebraska
|
43
|
719,489
|
0.2
|
|||||||||
Nevada
|
133
|
2,501,607
|
0.8
|
|||||||||
New Hampshire
|
74
|
1,358,926
|
0.4
|
|||||||||
New Jersey
|
476
|
7,525,574
|
2.3
|
|||||||||
New Mexico
|
53
|
1,377,759
|
0.4
|
|||||||||
New York
|
1,058
|
16,184,334
|
5.0
|
|||||||||
North Carolina
|
433
|
6,838,042
|
2.1
|
|||||||||
North Dakota
|
16
|
302,572
|
0.1
|
|||||||||
Ohio
|
1,253
|
28,180,227
|
8.8
|
|||||||||
Oklahoma
|
236
|
3,906,785
|
1.2
|
|||||||||
Oregon
|
296
|
4,999,105
|
1.6
|
|||||||||
Pennsylvania
|
363
|
6,014,734
|
1.9
|
|||||||||
Rhode Island
|
49
|
951,706
|
0.3
|
|||||||||
South Carolina
|
125
|
3,219,348
|
1.0
|
|||||||||
South Dakota
|
16
|
191,719
|
0.1
|
|||||||||
Tennessee
|
267
|
4,984,235
|
1.5
|
|||||||||
Texas
|
1,330
|
24,704,304
|
7.7
|
|||||||||
Utah
|
58
|
1,783,892
|
0.6
|
|||||||||
Vermont
|
20
|
401,204
|
0.1
|
|||||||||
Virginia
|
430
|
7,447,909
|
2.3
|
|||||||||
Washington
|
599
|
9,596,543
|
3.0
|
|||||||||
West Virginia
|
55
|
1,083,524
|
0.3
|
|||||||||
Wisconsin
|
113
|
1,726,995
|
0.5
|
|||||||||
Wyoming
|
14
|
461,299
|
0.1
|
|||||||||
Other
|
148
|
3,153,258
|
1.0
|
|||||||||
Total
|
17,945
|
$
|
321,919,654
|
100.0
|
%
|
Loan Repayment Terms
|
Number of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal
Balance
|
|||||||||
Level Repayment
|
8,692
|
$
|
126,615,845
|
39.3
|
%
|
|||||||
Other Repayment Options(1)
|
7,030
|
122,633,618
|
38.1
|
|||||||||
Income-driven Repayment(2)
|
2,223
|
72,670,191
|
22.6
|
|||||||||
|
||||||||||||
Total
|
17,945
|
$
|
321,919,654
|
100.0
|
%
|
(1) |
Includes, among others, graduated repayment and interest-only period loans.
|
(2) |
Includes income sensitive and income based repayment.
|
Loan Type
|
Number of Loans
|
Aggregate Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal
Balance
|
|||||||||
Subsidized
|
8,923
|
$
|
129,694,439
|
40.3
|
%
|
|||||||
Unsubsidized
|
9,022
|
192,225,215
|
59.7
|
|||||||||
Total
|
17,945
|
$
|
321,919,654
|
100.0
|
%
|
Disbursement Date
|
Number of
Loans
|
Aggregate Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal
Balance |
|||||||||
September 30, 1993 and earlier
|
182
|
$
|
12,071,262
|
3.7
|
%
|
|||||||
October 1, 1993 through June 30, 2006
|
17,763
|
309,848,392
|
96.3
|
|||||||||
July 1, 2006 and later
|
0
|
0
|
0.0
|
|||||||||
Total
|
17,945
|
$
|
321,919,654
|
100.0
|
%
|
Name of Guaranty Agency
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
American Student Assistance
|
469
|
$
|
5,802,593
|
1.8
|
%
|
|||||||
College Assist
|
7
|
187,624
|
0.1
|
|||||||||
Educational Credit Management Corporation
|
872
|
15,280,802
|
4.7
|
|||||||||
Florida Off Of Student Fin'l Assistance
|
2,901
|
42,827,554
|
13.3
|
|||||||||
Great Lakes Higher Education Corporation
|
8,059
|
170,679,357
|
53.0
|
|||||||||
Kentucky Higher Educ. Asst. Auth.
|
945
|
13,451,855
|
4.2
|
|||||||||
Michigan Guaranty Agency
|
167
|
2,604,318
|
0.8
|
|||||||||
Nebraska National Student Loan Program
|
1
|
19,192
|
*
|
|||||||||
Oklahoma Guaranteed Stud Loan Prog
|
139
|
2,108,041
|
0.7
|
|||||||||
Pennsylvania Higher Education Assistance Agency
|
1,249
|
20,955,601
|
6.5
|
|||||||||
Texas Guaranteed Student Loan Corp
|
3,136
|
48,002,716
|
14.9
|
|||||||||
Total
|
17,945
|
$
|
321,919,654
|
100.0
|
%
|
* |
Represents a percentage greater than 0% but less than 0.05%.
|