07/15/2024 | Press release | Distributed by Public on 07/15/2024 15:13
|
• |
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 fully disbursed;
|
|
• |
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
|
$
|
419,842,965
|
||
Aggregate Outstanding Principal Balance - Treasury Bill
|
$
|
63,358,627
|
||
Percentage of Aggregate Outstanding Principal Balance - Treasury Bill
|
15.09
|
%
|
||
Aggregate Outstanding Principal Balance - One-Month LIBOR(1)
|
$
|
356,484,338
|
||
Percentage of Aggregate Outstanding Principal Balance - One-Month LIBOR(1)
|
84.91
|
%
|
||
Number of Borrowers
|
10,521
|
|||
Average Outstanding Principal Balance Per Borrower
|
$
|
39,905
|
||
Number of Loans
|
18,483
|
|||
Average Outstanding Principal Balance Per Loan - Treasury Bill
|
$
|
48,926
|
||
Average Outstanding Principal Balance Per Loan - One-Month LIBOR
|
$
|
20,740
|
||
Weighted Average Remaining Term to Scheduled Maturity
|
181 months
|
|||
Weighted Average Annual Interest Rate
|
4.86
|
%
|
(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%
|
3,366
|
$
|
51,796,457
|
12.3
|
%
|
|||||||
3.01% to 3.50%
|
4,081
|
63,597,207
|
15.1
|
|||||||||
3.51% to 4.00%
|
4,126
|
82,152,551
|
19.6
|
|||||||||
4.01% to 4.50%
|
3,844
|
84,881,523
|
20.2
|
|||||||||
4.51% to 5.00%
|
628
|
18,832,071
|
4.5
|
|||||||||
5.01% to 5.50%
|
244
|
8,205,452
|
2.0
|
|||||||||
5.51% to 6.00%
|
222
|
9,052,467
|
2.2
|
|||||||||
6.01% to 6.50%
|
197
|
9,045,581
|
2.2
|
|||||||||
6.51% to 7.00%
|
205
|
9,188,351
|
2.2
|
|||||||||
7.01% to 7.50%
|
167
|
6,292,019
|
1.5
|
|||||||||
7.51% to 8.00%
|
552
|
25,786,038
|
6.1
|
|||||||||
8.01% to 8.50%
|
406
|
19,377,231
|
4.6
|
|||||||||
Equal to or greater than 8.51%
|
445
|
31,636,018
|
7.5
|
|||||||||
Total
|
18,483
|
$
|
419,842,965
|
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
|
1,427
|
$
|
3,299,140
|
0.8
|
%
|
||||||||
$5,000.00-$ 9,999.99
|
1,319
|
9,816,193
|
2.3
|
||||||||||
$10,000.00-$14,999.99
|
1,198
|
14,811,610
|
3.5
|
||||||||||
$15,000.00-$19,999.99
|
972
|
16,849,312
|
4.0
|
||||||||||
$20,000.00-$24,999.99
|
770
|
17,269,623
|
4.1
|
||||||||||
$25,000.00-$29,999.99
|
682
|
18,692,968
|
4.5
|
||||||||||
$30,000.00-$34,999.99
|
523
|
16,903,109
|
4.0
|
||||||||||
$35,000.00-$39,999.99
|
451
|
16,871,518
|
4.0
|
||||||||||
$40,000.00-$44,999.99
|
379
|
16,041,112
|
3.8
|
||||||||||
$45,000.00-$49,999.99
|
307
|
14,572,724
|
3.5
|
||||||||||
$50,000.00-$54,999.99
|
264
|
13,788,257
|
3.3
|
||||||||||
$55,000.00-$59,999.99
|
258
|
14,816,676
|
3.5
|
||||||||||
$60,000.00-$64,999.99
|
208
|
12,982,827
|
3.1
|
||||||||||
$65,000.00-$69,999.99
|
168
|
11,317,614
|
2.7
|
||||||||||
$70,000.00-$74,999.99
|
139
|
10,089,618
|
2.4
|
||||||||||
$75,000.00-$79,999.99
|
130
|
10,079,405
|
2.4
|
||||||||||
$80,000.00-$84,999.99
|
110
|
9,055,113
|
2.2
|
||||||||||
$85,000.00-$89,999.99
|
110
|
9,607,232
|
2.3
|
||||||||||
$90,000.00-$94,999.99
|
88
|
8,146,415
|
1.9
|
||||||||||
$95,000.00-$99,999.99
|
65
|
6,324,972
|
1.5
|
||||||||||
$100,000.00 and above
|
953
|
168,507,527
|
40.1
|
||||||||||
Total
|
10,521
|
$
|
419,842,965
|
100.00
|
%
|
Number of Days Delinquent
|
Number of
Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool by
Outstanding
Principal Balance
|
|||||||||
0-30 days
|
17,598
|
$
|
389,910,390
|
92.9
|
%
|
|||||||
31-60 days
|
270
|
8,031,231
|
1.9
|
|||||||||
61-90 days
|
198
|
6,673,053
|
1.6
|
|||||||||
91-120 days
|
114
|
4,812,904
|
1.1
|
|||||||||
121-150 days
|
79
|
2,233,223
|
0.5
|
|||||||||
151-180 days
|
59
|
2,521,468
|
0.6
|
|||||||||
181-210 days
|
36
|
1,026,047
|
0.2
|
|||||||||
Greater than 210 days
|
129
|
4,634,649
|
1.1
|
|||||||||
Total
|
18,483
|
$
|
419,842,965
|
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
|
166
|
$
|
36,540
|
*
|
||||||||
4 to12
|
562
|
458,565
|
0.1
|
%
|
||||||||
13 to 24
|
675
|
1,774,848
|
0.4
|
|||||||||
25 to 36
|
626
|
2,542,514
|
0.6
|
|||||||||
37 to 48
|
540
|
3,474,036
|
0.8
|
|||||||||
49 to 60
|
1,425
|
8,239,277
|
2.0
|
|||||||||
61 to 72
|
1,565
|
11,198,032
|
2.7
|
|||||||||
73 to 84
|
804
|
7,732,353
|
1.8
|
|||||||||
85 to 96
|
667
|
7,764,243
|
1.8
|
|||||||||
97 to 108
|
574
|
8,512,752
|
2.0
|
|||||||||
109 to 120
|
1,649
|
25,746,973
|
6.1
|
|||||||||
121 to 132
|
2,506
|
46,301,890
|
11.0
|
|||||||||
133 to 144
|
1,304
|
33,823,213
|
8.1
|
|||||||||
145 to 156
|
1,058
|
31,643,475
|
7.5
|
|||||||||
157 to 168
|
867
|
30,871,459
|
7.4
|
|||||||||
169 to 180
|
667
|
25,757,969
|
6.1
|
|||||||||
181 to 192
|
587
|
23,704,975
|
5.6
|
|||||||||
193 to 204
|
419
|
18,959,764
|
4.5
|
|||||||||
205 to 216
|
284
|
13,937,607
|
3.3
|
|||||||||
217 to 228
|
234
|
13,841,275
|
3.3
|
|||||||||
229 to 240
|
205
|
10,470,405
|
2.5
|
|||||||||
241 to 252
|
138
|
7,844,380
|
1.9
|
|||||||||
253 to 264
|
100
|
5,927,494
|
1.4
|
|||||||||
265 to 276
|
92
|
5,377,910
|
1.3
|
|||||||||
277 to 288
|
82
|
6,118,332
|
1.5
|
|||||||||
289 to 300
|
177
|
16,439,943
|
3.9
|
|||||||||
301 to 312
|
356
|
36,852,255
|
8.8
|
|||||||||
313 to 324
|
29
|
2,229,030
|
0.5
|
|||||||||
325 to 336
|
19
|
1,525,623
|
0.4
|
|||||||||
337 to 348
|
29
|
2,717,933
|
0.6
|
|||||||||
349 to 360
|
48
|
5,650,865
|
1.3
|
|||||||||
361 and above
|
29
|
2,367,035
|
0.6
|
|||||||||
Total
|
18,483
|
$
|
419,842,965
|
100.00
|
%
|
* |
Represents a percentage greater than 0% but less than 0.05%.
|
Current Borrower Payment Status
|
Number of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Deferment
|
400
|
$
|
11,742,688
|
2.8
|
%
|
|||||||
Forbearance
|
1,519
|
62,766,097
|
14.9
|
|||||||||
Repayment
|
||||||||||||
First year in repayment
|
125
|
8,028,922
|
1.9
|
|||||||||
Second year in repayment
|
118
|
6,510,840
|
1.6
|
|||||||||
Third year in repayment
|
148
|
8,595,462
|
2.0
|
|||||||||
More than 3 years in repayment
|
16,173
|
322,198,956
|
76.7
|
|||||||||
Total
|
18,483
|
$
|
419,842,965
|
100.00
|
%
|
* |
Of the trust student loans in forbearance status, approximately 127 loans with an aggregate outstanding principal balance of $3,467,027, representing 0.83% 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; or
|
|
• |
may be currently required to repay the loan - repayment.
|
Scheduled Months in Status Remaining
|
||||||||||||
Current Borrower Payment Status
|
Deferment
|
Forbearance
|
Repayment
|
|||||||||
Deferment
|
15.9
|
-
|
223.8
|
|||||||||
Forbearance
|
-
|
9.0
|
207.2
|
|||||||||
Repayment
|
-
|
-
|
172.5
|
State
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Alabama
|
168
|
$
|
6,105,904
|
1.5
|
%
|
|||||||
Alaska
|
31
|
837,539
|
0.2
|
|||||||||
Arizona
|
481
|
11,352,263
|
2.7
|
|||||||||
Arkansas
|
84
|
1,475,004
|
0.4
|
|||||||||
California
|
2,243
|
50,647,837
|
12.1
|
|||||||||
Colorado
|
258
|
6,807,998
|
1.6
|
|||||||||
Connecticut
|
298
|
5,075,339
|
1.2
|
|||||||||
Delaware
|
54
|
1,183,267
|
0.3
|
|||||||||
District of Columbia
|
69
|
1,490,404
|
0.4
|
|||||||||
Florida
|
1,515
|
38,874,644
|
9.3
|
|||||||||
Georgia
|
620
|
18,640,150
|
4.4
|
|||||||||
Hawaii
|
100
|
2,383,819
|
0.6
|
|||||||||
Idaho
|
65
|
2,530,109
|
0.6
|
|||||||||
Illinois
|
707
|
13,851,708
|
3.3
|
|||||||||
Indiana
|
464
|
10,463,253
|
2.5
|
|||||||||
Iowa
|
61
|
819,386
|
0.2
|
|||||||||
Kansas
|
342
|
5,626,428
|
1.3
|
|||||||||
Kentucky
|
121
|
2,841,913
|
0.7
|
|||||||||
Louisiana
|
535
|
13,377,599
|
3.2
|
|||||||||
Maine
|
60
|
1,317,606
|
0.3
|
|||||||||
Maryland
|
470
|
11,762,551
|
2.8
|
|||||||||
Massachusetts
|
559
|
8,815,164
|
2.1
|
|||||||||
Michigan
|
345
|
9,138,520
|
2.2
|
|||||||||
Minnesota
|
217
|
4,598,288
|
1.1
|
|||||||||
Mississippi
|
132
|
3,351,199
|
0.8
|
|||||||||
Missouri
|
357
|
7,075,689
|
1.7
|
|||||||||
Montana
|
25
|
525,164
|
0.1
|
|||||||||
Nebraska
|
40
|
1,713,250
|
0.4
|
|||||||||
Nevada
|
158
|
5,185,849
|
1.2
|
|||||||||
New Hampshire
|
101
|
1,899,093
|
0.5
|
|||||||||
New Jersey
|
595
|
11,989,905
|
2.9
|
|||||||||
New Mexico
|
68
|
1,733,370
|
0.4
|
|||||||||
New York
|
1,253
|
27,060,059
|
6.4
|
|||||||||
North Carolina
|
384
|
7,490,681
|
1.8
|
|||||||||
North Dakota
|
11
|
133,198
|
*
|
|||||||||
Ohio
|
569
|
12,462,657
|
3.0
|
|||||||||
Oklahoma
|
340
|
7,926,047
|
1.9
|
|||||||||
Oregon
|
260
|
4,977,993
|
1.2
|
|||||||||
Pennsylvania
|
671
|
12,688,917
|
3.0
|
|||||||||
Rhode Island
|
48
|
1,141,756
|
0.3
|
|||||||||
South Carolina
|
193
|
6,208,754
|
1.5
|
|||||||||
South Dakota
|
26
|
637,066
|
0.2
|
|||||||||
Tennessee
|
255
|
5,871,591
|
1.4
|
|||||||||
Texas
|
1,588
|
35,823,926
|
8.5
|
|||||||||
Utah
|
62
|
1,418,545
|
0.3
|
|||||||||
Vermont
|
12
|
280,026
|
0.1
|
|||||||||
Virginia
|
487
|
9,800,332
|
2.3
|
|||||||||
Washington
|
482
|
9,788,332
|
2.3
|
|||||||||
West Virginia
|
93
|
1,838,471
|
0.4
|
|||||||||
Wisconsin
|
188
|
5,086,859
|
1.2
|
|||||||||
Wyoming
|
14
|
1,133,381
|
0.3
|
|||||||||
Other
|
204
|
4,584,159
|
1.1
|
|||||||||
Total
|
18,483
|
$
|
419,842,965
|
100.00
|
%
|
*
|
Represents a percentage greater than 0% but less than 0.05%.
|
Loan Repayment Terms
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Level Repayment
|
8,771
|
$
|
158,865,657
|
37.8
|
%
|
|||||||
Other Repayment Options(1)
|
7,322
|
153,470,887
|
36.6
|
|||||||||
Income-driven Repayment(2)
|
2,390
|
107,506,420
|
25.6
|
|||||||||
Total
|
18,483
|
$ | 419,842,965 | 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
|
8,802
|
$
|
155,506,188
|
37.0
|
%
|
|||||||
Unsubsidized
|
9,681
|
264,336,776
|
63.0
|
|||||||||
Total
|
18,483
|
$
|
419,842,965
|
100.0
|
%
|
Disbursement Date
|
Number of
Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool by
Outstanding
Principal Balance
|
|||||||||
September 30, 1993 and earlier
|
78
|
$
|
4,957,480
|
1.2
|
%
|
|||||||
October 1, 1993 through June 30, 2006
|
18,405
|
414,885,484
|
98.8
|
|||||||||
July 1, 2006 and later
|
0
|
0
|
0.0
|
|||||||||
Total
|
18,483
|
$
|
419,842,965
|
100.0
|
%
|
Name of Guaranty Agency
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
American Student Assistance
|
837
|
$
|
13,546,163
|
3.2
|
%
|
|||||||
College Assist
|
11
|
970,734
|
0.2
|
|||||||||
Educational Credit Management Corporation
|
1,148
|
27,149,518
|
6.5
|
|||||||||
Florida Off Of Student Fin'l Assistance
|
312
|
4,934,163
|
1.2
|
|||||||||
Great Lakes Higher Education Corporation
|
9,418
|
230,763,703
|
55.0
|
|||||||||
Kentucky Higher Educ. Asst. Auth.
|
695
|
12,171,539
|
2.9
|
|||||||||
Michigan Guaranty Agency
|
180
|
3,848,249
|
0.9
|
|||||||||
Nebraska National Student Loan Program
|
2
|
35,561
|
*
|
|||||||||
Oklahoma Guaranteed Stud Loan Prog
|
359
|
7,812,395
|
1.9
|
|||||||||
Pennsylvania Higher Education Assistance Agency
|
1,880
|
35,854,925
|
8.5
|
|||||||||
Texas Guaranteed Student Loan Corp
|
3,641
|
82,756,016
|
19.7
|
|||||||||
Total
|
18,483
|
$
|
419,842,965
|
100.0
|
%
|
*
|
Represents a percentage greater than 0% but less than 0.05%.
|