07/15/2024 | Press release | Distributed by Public on 07/15/2024 15:15
|
• |
was a consolidation loan 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
|
$
|
559,110,158
|
||
Aggregate Outstanding Principal Balance - Treasury Bill
|
$
|
28,446,303
|
||
Percentage of Aggregate Outstanding Principal Balance - Treasury Bill
|
5.09
|
%
|
||
Aggregate Outstanding Principal Balance - One-Month LIBOR
|
$
|
488,598,521
|
||
Percentage of Aggregate Outstanding Principal Balance - One-Month LIBOR
|
87.39
|
%
|
||
Aggregate Outstanding Principal Balance - Treasury Bill Other
|
$
|
42,065,334
|
||
Percentage of Aggregate Outstanding Principal Balance - Treasury Bill Other
|
7.52
|
%
|
||
Number of Borrowers
|
16,753
|
|||
Average Outstanding Principal Balance Per Borrower
|
$
|
33,374
|
||
Number of Loans
|
30,742
|
|||
Average Outstanding Principal Balance Per Loan - Treasury Bill
|
$
|
44,447
|
||
Average Outstanding Principal Balance Per Loan - One-Month LIBOR
|
$
|
16,768
|
||
Average Outstanding Principal Balance Per Loan - Treasury Bill Other
|
$
|
43,636
|
||
Weighted Average Remaining Term to Scheduled Maturity
|
176 months
|
|||
Weighted Average Annual Interest Rate
|
4.89
|
%
|
(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%
|
6,491
|
$
|
83,376,492
|
14.9
|
%
|
|||||||
3.01% to 3.50%
|
7,845
|
95,172,027
|
17.0
|
|||||||||
3.51% to 4.00%
|
5,727
|
90,450,559
|
16.2
|
|||||||||
4.01% to 4.50%
|
5,558
|
92,060,415
|
16.5
|
|||||||||
4.51% to 5.00%
|
1,184
|
27,215,172
|
4.9
|
|||||||||
5.01% to 5.50%
|
499
|
12,171,196
|
2.2
|
|||||||||
5.51% to 6.00%
|
325
|
9,371,771
|
1.7
|
|||||||||
6.01% to 6.50%
|
319
|
11,421,856
|
2.0
|
|||||||||
6.51% to 7.00%
|
485
|
14,642,156
|
2.6
|
|||||||||
7.01% to 7.50%
|
215
|
8,402,983
|
1.5
|
|||||||||
7.51% to 8.00%
|
391
|
17,669,299
|
3.2
|
|||||||||
8.01% to 8.50%
|
1,467
|
81,765,304
|
14.6
|
|||||||||
Equal to or greater than 8.51%
|
236
|
15,390,928
|
2.8
|
|||||||||
Total
|
30,742
|
$
|
559,110,158
|
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
|
3,743
|
$
|
8,091.542
|
1.4
|
%
|
|||||||||
$
|
5,000.00-$ 9,999.99
|
2,376
|
17,576,223
|
3.1
|
||||||||||
$
|
10,000.00-$14,999.99
|
1,857
|
22,993,951
|
4.1
|
||||||||||
$
|
15,000.00-$19,999.99
|
1,396
|
24,275,252
|
4.3
|
||||||||||
$
|
20,000.00-$24,999.99
|
1,117
|
25,043,503
|
4.5
|
||||||||||
$
|
25,000.00-$29,999.99
|
936
|
25,684,615
|
4.6
|
||||||||||
$
|
30,000.00-$34,999.99
|
777
|
25,225,625
|
4.5
|
||||||||||
$
|
35,000.00-$39,999.99
|
619
|
23,191,587
|
4.1
|
||||||||||
$
|
40,000.00-$44,999.99
|
529
|
22,467,625
|
4.0
|
||||||||||
$
|
45,000.00-$49,999.99
|
406
|
19,244,957
|
3.4
|
||||||||||
$
|
50,000.00-$54,999.99
|
363
|
19,070,814
|
3.4
|
||||||||||
$
|
55,000.00-$59,999.99
|
313
|
17,951,593
|
3.2
|
||||||||||
$
|
60,000.00-$64,999.99
|
266
|
16,584,873
|
3.0
|
||||||||||
$
|
65,000.00-$69,999.99
|
173
|
11,666,194
|
2.1
|
||||||||||
$
|
70,000.00-$74,999.99
|
177
|
12,828,764
|
2.3
|
||||||||||
$
|
75,000.00-$79,999.99
|
152
|
11,775,925
|
2.1
|
||||||||||
$
|
80,000.00-$84,999.99
|
153
|
12,607,819
|
2.3
|
||||||||||
$
|
85,000.00-$89,999.99
|
113
|
9,867,135
|
1.8
|
||||||||||
$
|
90,000.00-$94,999.99
|
105
|
9,700,446
|
1.7
|
||||||||||
$
|
95,000.00-$99,999.99
|
103
|
10,048,742
|
1.8
|
||||||||||
$
|
100,000.00 and above |
1,079
|
213,212,972
|
38.1
|
||||||||||
|
||||||||||||||
Total
|
16,753
|
$
|
559,110,158
|
100.0
|
%
|
Number of Days Delinquent
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
0-30 days
|
29,226
|
$
|
519,641,075
|
92.9
|
%
|
|||||||
31-60 days
|
508
|
13,560,713
|
2.4
|
|||||||||
61-90 days
|
299
|
8,282,402
|
1.5
|
|||||||||
91-120 days
|
175
|
4,686,481
|
0.8
|
|||||||||
121-150 days
|
115
|
3,002,563
|
0.5
|
|||||||||
151-180 days
|
126
|
3,593,669
|
0.6
|
|||||||||
181-210 days
|
58
|
1,172,652
|
0.2
|
|||||||||
Greater than 210 days
|
235
|
5,170,603
|
0.9
|
|||||||||
Total
|
30,742
|
$
|
559,110,158
|
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
|
286
|
$
|
68,907
|
*
|
||||||||
4 to 12
|
1,942
|
1,140,169
|
0.2
|
%
|
||||||||
13 to 24
|
1,697
|
3,824,902
|
0.7
|
|||||||||
25 to 36
|
1,526
|
4,387,552
|
0.8
|
|||||||||
37 to 48
|
1,309
|
5,665,083
|
1.0
|
|||||||||
49 to 60
|
1,157
|
6,359,115
|
1.1
|
|||||||||
61 to 72
|
3,045
|
17,976,082
|
3.2
|
|||||||||
73 to 84
|
1,433
|
12,020,288
|
2.1
|
|||||||||
85 to 96
|
1,286
|
13,416,637
|
2.4
|
|||||||||
97 to 108
|
1,466
|
19,935,573
|
3.6
|
|||||||||
109 to 120
|
1,345
|
19,654,329
|
3.5
|
|||||||||
121 to 132
|
4,096
|
67,628,100
|
12.1
|
|||||||||
133 to 144
|
2,041
|
46,394,475
|
8.3
|
|||||||||
145 to 156
|
1,658
|
45,104,224
|
8.1
|
|||||||||
157 to 168
|
1,517
|
46,171,694
|
8.3
|
|||||||||
169 to 180
|
1,014
|
33,537,189
|
6.0
|
|||||||||
181 to 192
|
866
|
33,840,907
|
6.1
|
|||||||||
193 to 204
|
666
|
28,706,674
|
5.1
|
|||||||||
205 to 216
|
406
|
17,362,586
|
3.1
|
|||||||||
217 to 228
|
327
|
13,136,098
|
2.3
|
|||||||||
229 to 240
|
308
|
13,938,509
|
2.5
|
|||||||||
241 to 252
|
211
|
9,979,507
|
1.8
|
|||||||||
253 to 264
|
124
|
6,816,627
|
1.2
|
|||||||||
265 to 276
|
124
|
6,401,479
|
1.1
|
|||||||||
277 to 288
|
127
|
6,640,871
|
1.2
|
|||||||||
289 to 300
|
165
|
13,291,938
|
2.4
|
|||||||||
301 to 312
|
403
|
45,316,598
|
8.1
|
|||||||||
313 to 324
|
26
|
2,135,125
|
0.4
|
|||||||||
325 to 336
|
34
|
2,762,640
|
0.5
|
|||||||||
337 to 348
|
29
|
2,226,681
|
0.4
|
|||||||||
349 to 360
|
61
|
8,232,664
|
1.5
|
|||||||||
361 and above
|
47
|
5,036,934
|
0.9
|
|||||||||
|
||||||||||||
Total
|
30,742
|
$
|
559,110,158
|
100.0
|
%
|
* | 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
|
673
|
$
|
13,352,335
|
2.4
|
%
|
|||||||
Forbearance(1)
|
2,842
|
82,408,437
|
14.7
|
|||||||||
Repayment
|
||||||||||||
First year in repayment
|
193
|
11,855,334
|
2.1
|
|||||||||
Second year in repayment
|
191
|
10,465,417
|
1.9
|
|||||||||
Third year in repayment
|
213
|
8,919,418
|
1.6
|
|||||||||
More than 3 years in repayment
|
26,630
|
432,109,217
|
77.3
|
|||||||||
|
||||||||||||
Total
|
30,742
|
$
|
559,110,158
|
100.0
|
%
|
|
• |
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.
|
|
Scheduled Months in Status Remaining
|
|||||||||||
Current Borrower Payment Status
|
Deferment
|
Forbearance
|
Repayment
|
|||||||||
Deferment
|
15.8
|
-
|
195.2
|
|||||||||
Forbearance
|
-
|
11.6
|
209.2
|
|||||||||
Repayment
|
-
|
-
|
166.5
|
State
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Alabama
|
269
|
$ |
4,686,064
|
|
0.8
|
% | ||||||
Alaska
|
37
|
526,724
|
0.1
|
|||||||||
Arizona
|
647
|
14,087,360
|
2.7
|
|||||||||
Arkansas
|
191
|
3,588,552
|
0.6
|
|||||||||
California
|
3,236
|
65,669,205
|
11.8
|
|||||||||
Colorado
|
542
|
8,395,405
|
1.4
|
|||||||||
Connecticut
|
426
|
5,776,532
|
1.0
|
|||||||||
Delaware
|
101
|
2,512,115
|
0.4
|
|||||||||
District of Columbia
|
119
|
2,195,077
|
0.4
|
|||||||||
Florida
|
2,535
|
51,403,449
|
9.0
|
|||||||||
Georgia
|
940
|
23,052,039
|
4.2
|
|||||||||
Hawaii
|
137
|
2,307,149
|
0.4
|
|||||||||
Idaho
|
117
|
3,349,616
|
0.6
|
|||||||||
Illinois
|
1,226
|
20,464,461
|
3.9
|
|||||||||
Indiana
|
832
|
11,534,799
|
2.1
|
|||||||||
Iowa
|
118
|
2,338,823
|
0.4
|
|||||||||
Kansas
|
510
|
6,403,918
|
1.2
|
|||||||||
Kentucky
|
245
|
3,846,565
|
0.7
|
|||||||||
Louisiana
|
990
|
15,503,996
|
2.9
|
|||||||||
Maine
|
97
|
1,497,879
|
0.3
|
|||||||||
Maryland
|
659
|
13,292,425
|
2.3
|
|||||||||
Massachusetts
|
738
|
9,924,268
|
1.9
|
|||||||||
Michigan
|
631
|
13,015,871
|
2.3
|
|||||||||
Minnesota
|
314
|
6,408,005
|
1.2
|
|||||||||
Mississippi
|
268
|
5,589,942
|
1.0
|
|||||||||
Missouri
|
627
|
9,666,325
|
1.7
|
|||||||||
Montana
|
77
|
1,297,467
|
0.2
|
|||||||||
Nebraska
|
36
|
677,435
|
0.2
|
|||||||||
Nevada
|
200
|
3,480,019
|
0.6
|
|||||||||
New Hampshire
|
138
|
2,262,102
|
0.4
|
|||||||||
New Jersey
|
855
|
15,414,603
|
2.6
|
|||||||||
New Mexico
|
90
|
1,212,302
|
0.2
|
|||||||||
New York
|
2,016
|
36,376,933
|
6.2
|
|||||||||
North Carolina
|
737
|
13,912,462
|
2.5
|
|||||||||
North Dakota
|
21
|
299,057
|
0.1
|
|||||||||
Ohio
|
1,502
|
29,089,270
|
5.4
|
|||||||||
Oklahoma
|
603
|
9,395,485
|
1.7
|
|||||||||
Oregon
|
467
|
7,794,674
|
1.4
|
|||||||||
Pennsylvania
|
1,048
|
17,544,968
|
3.2
|
|||||||||
Rhode Island
|
78
|
1,142,547
|
0.2
|
|||||||||
South Carolina
|
342
|
7,749,001
|
1.4
|
|||||||||
South Dakota
|
39
|
552,407
|
0.1
|
|||||||||
Tennessee
|
640
|
14,092,992
|
2.4
|
|||||||||
Texas
|
2,715
|
46,540,838
|
8.1
|
|||||||||
Utah
|
116
|
2,053,018
|
0.4
|
|||||||||
Vermont
|
47
|
659,991
|
0.1
|
|||||||||
Virginia
|
817
|
14,698,001
|
2.6
|
|||||||||
Washington
|
834
|
12,409,637
|
2.3
|
|||||||||
West Virginia
|
134
|
1,510,763
|
0.3
|
|||||||||
Wisconsin
|
269
|
4,342,751
|
0.8
|
|||||||||
Wyoming
|
37
|
585,210
|
0.1
|
|||||||||
Other
|
332
|
6,979,661
|
1.2
|
|||||||||
Total
|
30,742
|
$ |
559,110,158
|
|
100.0
|
% |
Loan Repayment Terms
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Level Repayment
|
15,993
|
$
|
230,292,936
|
41.2
|
%
|
|||||||
Other Repayment Options(1)
|
11,088
|
192,881,633
|
34.5
|
|||||||||
Income-driven Repayment(2)
|
3,661
|
135,935,589
|
24.3
|
|||||||||
Total
|
30,742
|
$
|
559,110,158
|
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
|
14,739
|
$
|
205,884,818
|
36.8
|
%
|
|||||||
Unsubsidized
|
16,003
|
353,225,341
|
63.2
|
|||||||||
Total
|
30,742
|
$
|
559,110,158
|
100.0
|
%
|
Disbursement Date
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
September 30, 1993 and earlier
|
76
|
$
|
4,764,851
|
0.9
|
%
|
|||||||
October 1, 1993 through June 30, 2006
|
30,666
|
554,345,308
|
99.1
|
|||||||||
July 1, 2006 and later
|
0
|
0
|
0.0
|
|||||||||
Total
|
30,742
|
$
|
559,110,158
|
100.0
|
%
|
Name of Guaranty Agency
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
American Student Assistance
|
1,082
|
$
|
14,878,616
|
2.7
|
%
|
|||||||
College Assist
|
7
|
380,082
|
0.1
|
|||||||||
Educational Credit Management Corporation
|
2,597
|
36,289,099
|
6.5
|
|||||||||
Florida Off Of Student Fin'l Assistance
|
900
|
10,696,222
|
1.9
|
|||||||||
Great Lakes Higher Education Corporation
|
15,256
|
328,376,585
|
58.7
|
|||||||||
Kentucky Higher Educ. Asst. Auth.
|
737
|
9,150,775
|
1.6
|
|||||||||
Michigan Guaranty Agency
|
319
|
4,633,774
|
0.8
|
|||||||||
Oklahoma Guaranteed Stud Loan Prog
|
510
|
6,985,104
|
1.2
|
|||||||||
Pennsylvania Higher Education Assistance Agency
|
2,612
|
35,303,097
|
6.3
|
|||||||||
Texas Guaranteed Student Loan Corp
|
6,722
|
112,416,805
|
20.1
|
|||||||||
Total
|
30,742
|
$
|
559,110,158
|
100.0
|
%
|