10/15/2024 | Press release | Distributed by Public on 10/15/2024 15:12
•
|
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
|
$
|
222,247,710
|
||
Aggregate Outstanding
|
$
|
7,559,794
|
||
Percentage of Aggregate Outstanding Principal Balance - Treasury Bill
|
3.40
|
%
|
||
Aggregate Outstanding Principal Balance - One-Month LIBOR
|
$
|
214,687,916
|
||
Percentage of Aggregate Outstanding Principal Balance - One-Month LIBOR
|
96.60
|
%
|
||
Number of Borrowers
|
7,234
|
|||
Average Outstanding Principal Balance Per Borrower
|
$
|
30,723
|
||
Number of Loans
|
13,200
|
|||
Average Outstanding Principal Balance Per Loan - Treasury Bill
|
$
|
63,528
|
||
Average Outstanding Principal Balance Per Loan - One-Month LIBOR
|
$
|
16,412
|
||
Weighted Average Remaining Term to Scheduled Maturity
|
160 months
|
|||
Weighted Average Annual Interest Rate
|
4.42
|
%
|
(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%
|
3,343
|
$
|
46,822,947
|
21.1
|
%
|
|||||||
3.01% to 3.50%
|
2,369
|
34,736,189
|
15.6
|
|||||||||
3.51% to 4.00%
|
2,542
|
36,097,963
|
16.2
|
|||||||||
4.01% to 4.50%
|
2,903
|
45,167,249
|
20.3
|
|||||||||
4.51% to 5.00%
|
621
|
11,266,298
|
5.1
|
|||||||||
5.01% to 5.50%
|
182
|
4,426,530
|
2.0
|
|||||||||
5.51% to 6.00%
|
154
|
3,907,661
|
1.8
|
|||||||||
6.01% to 6.50%
|
244
|
6,652,331
|
3.0
|
|||||||||
6.51% to 7.00%
|
269
|
7,968,648
|
3.6
|
|||||||||
7.01% to 7.50%
|
123
|
3,384,452
|
1.5
|
|||||||||
7.51% to 8.00%
|
187
|
6,350,558
|
2.9
|
|||||||||
8.01% to 8.50%
|
220
|
11,370,620
|
5.1
|
|||||||||
Equal to or greater than 8.51%
|
43
|
4,096,263
|
1.8
|
|||||||||
Total
|
13,200
|
$
|
222,247,710
|
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
|
1,249
|
$
|
3,114,946
|
1.4
|
%
|
||||||||
$ 5,000.00-$ 9,999.99
|
1,141
|
8,432,804
|
3.8
|
||||||||||
$ 10,000.00-$14,999.99
|
829
|
10,260,267
|
4.6
|
||||||||||
$ 15,000.00-$19,999.99
|
660
|
11,488,749
|
5.2
|
||||||||||
$ 20,000.00-$24,999.99
|
552
|
12,387,290
|
5.6
|
||||||||||
$ 25,000.00-$29,999.99
|
482
|
13,172,015
|
5.9
|
||||||||||
$ 30,000.00-$34,999.99
|
355
|
11,460,819
|
5.2
|
||||||||||
$ 35,000.00-$39,999.99
|
271
|
10,141,879
|
4.6
|
||||||||||
$ 40,000.00-$44,999.99
|
194
|
8,249,632
|
3.7
|
||||||||||
$ 45,000.00-$49,999.99
|
201
|
9,539,596
|
4.3
|
||||||||||
$ 50,000.00-$54,999.99
|
172
|
9,012,982
|
4.1
|
||||||||||
$ 55,000.00-$59,999.99
|
139
|
7,986,375
|
3.6
|
||||||||||
$ 60,000.00-$64,999.99
|
138
|
8,618,641
|
3.9
|
||||||||||
$ 65,000.00-$69,999.99
|
111
|
7,487,414
|
3.4
|
||||||||||
$ 70,000.00-$74,999.99
|
91
|
6,613,064
|
3.0
|
||||||||||
$ 75,000.00-$79,999.99
|
80
|
6,229,565
|
2.8
|
||||||||||
$ 80,000.00-$84,999.99
|
63
|
5,190,110
|
2.3
|
||||||||||
$ 85,000.00-$89,999.99
|
60
|
5,235,527
|
2.4
|
||||||||||
$ 90,000.00-$94,999.99
|
46
|
4,254,416
|
1.9
|
||||||||||
$ 95,000.00-$99,999.99
|
44
|
4,309,259
|
1.9
|
||||||||||
$ 100,000.00 and above
|
356
|
59,062,362
|
26.6
|
||||||||||
Total
|
7,234
|
$
|
222,247,710
|
100.0
|
%
|
Number of Days Delinquent
|
Number
of Loans |
Aggregate Outstanding
Principal Balance
|
Percent of Pool
by Outstanding Principal
Balance
|
|||||||||
0-30 days
|
12,662
|
$
|
209,030,586
|
94.1
|
%
|
|||||||
31-60 days
|
170
|
4,246,038
|
1.9
|
|||||||||
61-90 days
|
130
|
2,977,527
|
1.3
|
|||||||||
91-120 days
|
67
|
1,693,238
|
0.8
|
|||||||||
121-150 days
|
23
|
405,577
|
0.2
|
|||||||||
151-180 days
|
25
|
646,274
|
0.3
|
|||||||||
181-210 days
|
19
|
873,660
|
0.4
|
|||||||||
Greater than 210 days
|
104
|
2,374,809
|
1.1
|
|||||||||
Total
|
13,200
|
$
|
222,247,710
|
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
|
126
|
$
|
30,780
|
*
|
||||||||
4 to12
|
392
|
273,762
|
0.1
|
%
|
||||||||
13 to 24
|
539
|
1,036,278
|
0.5
|
|||||||||
25 to 36
|
494
|
1,678,946
|
0.8
|
|||||||||
37 to 48
|
595
|
2,504,718
|
1.1
|
|||||||||
49 to 60
|
1,871
|
8,608,715
|
3.9
|
|||||||||
61 to 72
|
640
|
5,175,218
|
2.3
|
|||||||||
73 to 84
|
535
|
4,990,489
|
2.2
|
|||||||||
85 to 96
|
468
|
5,081,984
|
2.3
|
|||||||||
97 to 108
|
543
|
6,685,024
|
3.0
|
|||||||||
109 to 120
|
2,170
|
31,026,598
|
14.0
|
|||||||||
121 to 132
|
924
|
17,459,643
|
7.9
|
|||||||||
133 to 144
|
768
|
17,178,507
|
7.7
|
|||||||||
145 to 156
|
806
|
22,040,841
|
9.9
|
|||||||||
157 to 168
|
568
|
17,042,838
|
7.7
|
|||||||||
169 to 180
|
504
|
17,011,741
|
7.7
|
|||||||||
181 to 192
|
296
|
11,552,952
|
5.2
|
|||||||||
193 to 204
|
202
|
7,538,322
|
3.4
|
|||||||||
205 to 216
|
138
|
6,081,836
|
2.7
|
|||||||||
217 to 228
|
103
|
4,538,939
|
2.0
|
|||||||||
229 to 240
|
68
|
3,919,453
|
1.8
|
|||||||||
241 to 252
|
59
|
2,691,473
|
1.2
|
|||||||||
253 to 264
|
49
|
1,985,742
|
0.9
|
|||||||||
265 to 276
|
57
|
4,595,673
|
2.1
|
|||||||||
277 to 288
|
32
|
1,744,430
|
0.8
|
|||||||||
289 to 300
|
56
|
4,849,288
|
2.2
|
|||||||||
301 to 312
|
152
|
10,855,188
|
4.9
|
|||||||||
313 to 324
|
15
|
943,998
|
0.4
|
|||||||||
325 to 336
|
5
|
244,754
|
0.1
|
|||||||||
337 to 348
|
9
|
805,239
|
0.4
|
|||||||||
349 to 360
|
7
|
719,090
|
0.3
|
|||||||||
361 and above
|
9
|
1,355,252
|
0.6
|
|||||||||
Total
|
13,200
|
$
|
222,247,710
|
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
|
232
|
$
|
3,702,588
|
1.7
|
%
|
|||||||
Forbearance
|
853
|
33,041,860
|
11.2
|
|||||||||
Repayment
|
||||||||||||
First year in repayment
|
37
|
1,475,923
|
0.7
|
|||||||||
Second year in repayment
|
63
|
3,573,136
|
1.6
|
|||||||||
Third year in repayment
|
68
|
2,234,420
|
1.0
|
|||||||||
More than 3 years in repayment
|
11,947
|
186,390,124
|
83.9
|
|||||||||
Total
|
13,200
|
$
|
222,247,710
|
100.0
|
%
|
(1)
|
Of the trust student loans in forbearance status, approximately 115 loans with an aggregate outstanding principal balance of $2,385,624, representing 1.07% 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.
|
Scheduled Months in Status Remaining
|
||||||||||||
Current Borrower Payment Status
|
Deferment
|
Forbearance
|
Repayment
|
|||||||||
Deferment
|
17.3
|
-
|
173.7
|
|||||||||
Forbearance
|
-
|
7.3
|
202.1
|
|||||||||
Repayment
|
-
|
-
|
153.4
|
State |
Number of Loans |
Aggregate Outstanding Principal Balance |
Percent of Pool
by Outstanding
Principal Balance
|
||||||||||
Alabama |
83 |
$ | 2,336,827 | 1.1 | % | ||||||||
Alaska
|
21
|
243,822
|
0.1
|
||||||||||
Arizona
|
201
|
4,016,491
|
1.8
|
||||||||||
Arkansas
|
99
|
2,006,176
|
0.9
|
||||||||||
California
|
1,327
|
21,223,635
|
9.5
|
||||||||||
Colorado
|
210
|
3,377,933
|
1.5
|
||||||||||
Connecticut
|
148
|
1,867,818
|
0.8
|
||||||||||
Delaware
|
25
|
332,781
|
0.1
|
||||||||||
District of Columbia
|
26
|
1,360,217
|
0.6
|
||||||||||
Florida
|
612
|
11,761,144
|
5.3
|
||||||||||
Georgia
|
360
|
5,967,895
|
2.7
|
||||||||||
Hawaii
|
33
|
436,785
|
0.2
|
||||||||||
Idaho
|
52
|
802,649
|
0.4
|
||||||||||
Illinois
|
405
|
6,581,969
|
3.0
|
||||||||||
Indiana
|
229
|
4,441,946
|
2.0
|
||||||||||
Iowa
|
39
|
777,159
|
0.3
|
||||||||||
Kansas
|
115
|
1,649,087
|
0.7
|
||||||||||
Kentucky
|
124
|
1,726,920
|
0.8
|
||||||||||
Louisiana
|
333
|
5,080,268
|
2.3
|
||||||||||
Maine
|
39
|
601,125
|
0.3
|
||||||||||
Maryland
|
202
|
3,589,345
|
1.6
|
||||||||||
Massachusetts
|
259
|
2,956,667
|
1.3
|
||||||||||
Michigan
|
322
|
5,698,841
|
2.6
|
||||||||||
Minnesota
|
137
|
1,599,418
|
0.7
|
||||||||||
Mississippi
|
48
|
1,064,082
|
0.5
|
||||||||||
Missouri
|
199
|
3,173,726
|
1.4
|
||||||||||
Montana
|
21
|
428,805
|
0.2
|
||||||||||
Nebraska
|
13
|
193,151
|
0.1
|
||||||||||
Nevada
|
91
|
1,559,795
|
0.7
|
||||||||||
New Hampshire
|
45
|
531,811
|
0.2
|
||||||||||
New Jersey
|
400
|
6,894,074
|
3.1
|
||||||||||
New Mexico
|
40
|
825,362
|
0.4
|
||||||||||
New York
|
1,244
|
17,849,709
|
8.0
|
||||||||||
North Carolina
|
249
|
4,512,278
|
2.0
|
||||||||||
North Dakota
|
4
|
122,157
|
0.1
|
||||||||||
Ohio
|
1,644
|
34,238,489
|
15.4
|
||||||||||
Oklahoma
|
302
|
5,049,519
|
2.3
|
||||||||||
Oregon
|
180
|
2,530,668
|
1.1
|
||||||||||
Pennsylvania
|
311
|
5,810,967
|
2.6
|
||||||||||
Rhode Island
|
21
|
432,819
|
0.2
|
||||||||||
South Carolina
|
85
|
1,608,469
|
0.7
|
||||||||||
South Dakota
|
13
|
146,978
|
0.1
|
||||||||||
Tennessee
|
220
|
2,867,017
|
1.3
|
||||||||||
Texas
|
1,699
|
25,255,482
|
11.4
|
||||||||||
Utah
|
56
|
2,049,875
|
0.9
|
||||||||||
Vermont
|
32
|
667,139
|
0.3
|
||||||||||
Virginia
|
290
|
4,543,863
|
2.0
|
||||||||||
Washington
|
331
|
4,838,547
|
2.2
|
||||||||||
West Virginia
|
32
|
540,882
|
0.2
|
||||||||||
Wisconsin
|
131
|
1,900,780
|
0.9
|
||||||||||
Wyoming
|
1
|
35,075
|
*
|
||||||||||
Other
|
97
|
2,139,275
|
1.0
|
||||||||||
Total
|
13,200
|
$ | 222,247,710 | 100.0 | % |
|
* |
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
|
6,708
|
$
|
93,859,404
|
42.2
|
%
|
|||||||
Other Repayment Options(1)
|
5,093
|
86,257,678
|
38.8
|
|||||||||
Income-driven Repayment(2)
|
1,399
|
42,130,628
|
19.0
|
|||||||||
Total
|
13,200
|
$
|
222,247,710
|
100.0
|
%
|
Loan Type
|
Number
of Loans |
Aggregate Outstanding
Principal Balance |
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Subsidized
|
6,610
|
$
|
89,347,824
|
40.2
|
%
|
|||||||
Unsubsidized
|
6,590
|
132,899,886
|
59.8
|
|||||||||
Total
|
13,200
|
$
|
222,247,710
|
100.0
|
%
|
Disbursement Date
|
Number
of Loans
|
Aggregate Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
September 30, 1993 and earlier
|
6
|
$
|
254,165
|
0.1
|
%
|
|||||||
October 1, 1993 through June 30, 2006
|
13,194
|
221,993,545
|
99.9
|
|||||||||
July 1, 2006 and later
|
0
|
0
|
0.0
|
|||||||||
Total
|
13,200
|
$
|
222,247,710
|
100.0
|
%
|
Name of Guaranty Agency
|
Number
of Loans |
Aggregate Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
American Student Assistance
|
252
|
$
|
3,529,008
|
1.6
|
%
|
|||||||
Educational Credit Management Corporation
|
974
|
13,519,764
|
6.1
|
|||||||||
Great Lakes Higher Education Corporation
|
5,475
|
113,239,702
|
51.0
|
|||||||||
Kentucky Higher Educ. Asst. Auth.
|
959
|
12,065,365
|
5.4
|
|||||||||
Michigan Guaranty Agency
|
229
|
3,079,661
|
1.4
|
|||||||||
Oklahoma Guaranteed Stud Loan Prog
|
207
|
2,930,078
|
1.3
|
|||||||||
Pennsylvania Higher Education Assistance Agency
|
868
|
14,837,912
|
6.7
|
|||||||||
Texas Guaranteed Student Loan Corp
|
4,236
|
59,046,221
|
26.6
|
|||||||||
Total
|
13,200
|
$
|
222,247,710
|
100.0
|
%
|