15/07/2024 | Press release | Distributed by Public on 16/07/2024 04:04
•
|
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
|
$
|
240,609,918
|
||
Aggregate Outstanding
|
$
|
8,435,002
|
||
Percentage of Aggregate Outstanding Principal Balance - Treasury Bill
|
3.51
|
%
|
||
Aggregate Outstanding Principal Balance - One-Month LIBOR
|
$
|
232,174,915
|
||
Percentage of Aggregate Outstanding Principal Balance - One-Month LIBOR
|
96.49
|
%
|
||
Number of Borrowers
|
7,735
|
|||
Average Outstanding Principal Balance Per Borrower
|
$
|
31,107
|
||
Number of Loans
|
14,116
|
|||
Average Outstanding Principal Balance Per Loan - Treasury Bill
|
$
|
63,902
|
||
Average Outstanding Principal Balance Per Loan - One-Month LIBOR
|
$
|
16,603
|
||
Weighted Average Remaining Term to Scheduled Maturity
|
163 months
|
|||
Weighted Average Annual Interest Rate
|
4.46
|
%
|
(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%
|
3,525
|
$
|
49,388,718
|
20.5
|
%
|
|||||||
3.01% to 3.50%
|
2,510
|
37,237,294
|
15.5
|
|||||||||
3.51% to 4.00%
|
2,714
|
38,776,846
|
16.1
|
|||||||||
4.01% to 4.50%
|
3,137
|
48,999,098
|
20.4
|
|||||||||
4.51% to 5.00%
|
659
|
12,072,280
|
5.0
|
|||||||||
5.01% to 5.50%
|
205
|
5,192,221
|
2.2
|
|||||||||
5.51% to 6.00%
|
165
|
4,156,223
|
1.7
|
|||||||||
6.01% to 6.50%
|
276
|
7,541,727
|
3.1
|
|||||||||
6.51% to 7.00%
|
289
|
8,514,493
|
3.5
|
|||||||||
7.01% to 7.50%
|
130
|
3,843,410
|
1.6
|
|||||||||
7.51% to 8.00%
|
212
|
6,864,228
|
2.9
|
|||||||||
8.01% to 8.50%
|
247
|
13,077,256
|
5.4
|
|||||||||
Equal to or greater than 8.51%
|
47
|
4,946,125
|
2.1
|
|||||||||
Total
|
14,116
|
$
|
240,609,918
|
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
|
1,364
|
$
|
3,267,985
|
1.4
|
%
|
|||||||||
$
|
5,000.00-$ 9,999.99
|
1,191
|
8,816,141
|
3.7
|
||||||||||
$
|
10,000.00-$14,999.99
|
892
|
11,068,988
|
4.6
|
||||||||||
$
|
15,000.00-$19,999.99
|
692
|
12,044,853
|
5.0
|
||||||||||
$
|
20,000.00-$24,999.99
|
586
|
13,151,367
|
5.5
|
||||||||||
$
|
25,000.00-$29,999.99
|
515
|
14,115,004
|
5.9
|
||||||||||
$
|
30,000.00-$34,999.99
|
387
|
12,573,109
|
5.2
|
||||||||||
$
|
35,000.00-$39,999.99
|
268
|
10,043,946
|
4.2
|
||||||||||
$
|
40,000.00-$44,999.99
|
213
|
9,012,124
|
3.7
|
||||||||||
$
|
45,000.00-$49,999.99
|
215
|
10,199,519
|
4.2
|
||||||||||
$
|
50,000.00-$54,999.99
|
182
|
9,546,568
|
4.0
|
||||||||||
$
|
55,000.00-$59,999.99
|
157
|
9,013,457
|
3.7
|
||||||||||
$
|
60,000.00-$64,999.99
|
134
|
8,356,744
|
3.5
|
||||||||||
$
|
65,000.00-$69,999.99
|
119
|
8,009,422
|
3.3
|
||||||||||
$
|
70,000.00-$74,999.99
|
95
|
6,901,532
|
2.9
|
||||||||||
$
|
75,000.00-$79,999.99
|
85
|
6,589,761
|
2.7
|
||||||||||
$
|
80,000.00-$84,999.99
|
73
|
5,992,877
|
2.5
|
||||||||||
$
|
85,000.00-$89,999.99
|
70
|
6,114,689
|
2.5
|
||||||||||
$
|
90,000.00-$94,999.99
|
48
|
4,423,825
|
1.8
|
||||||||||
$
|
95,000.00-$99,999.99
|
48
|
4,697,201
|
2.0
|
||||||||||
$100,000.00 and above
|
401
|
66,670,807
|
27.7
|
|||||||||||
Total
|
7,735
|
$
|
240,609,918
|
100.0
|
%
|
Number of Days Delinquent
|
Number
of Loans
|
Aggregate Outstanding
Principal Balance
|
Percent of Pool
by Outstanding Principal
Balance
|
|||||||||
0-30 days
|
13,604
|
$
|
228,675,901
|
95.0
|
%
|
|||||||
31-60 days
|
143
|
2,828,498
|
1.2
|
|||||||||
61-90 days
|
115
|
2,724,451
|
1.1
|
|||||||||
91-120 days
|
57
|
1,758,571
|
0.7
|
|||||||||
121-150 days
|
39
|
762,929
|
0.3
|
|||||||||
151-180 days
|
41
|
1,386,113
|
0.6
|
|||||||||
181-210 days
|
20
|
390,578
|
0.2
|
|||||||||
Greater than 210 days
|
97
|
2,082,876
|
0.9
|
|||||||||
Total
|
14,116
|
$
|
240,609,918
|
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
|
139
|
$
|
29,687
|
*
|
||||||||
4 to12
|
476
|
349,240
|
0.1
|
%
|
||||||||
13 to 24
|
580
|
1,086,887
|
0.5
|
|||||||||
25 to 36
|
531
|
1,822,170
|
0.8
|
|||||||||
37 to 48
|
590
|
2,449,548
|
1.0
|
|||||||||
49 to 60
|
1,921
|
8,981,465
|
3.7
|
|||||||||
61 to 72
|
719
|
5,497,172
|
2.3
|
|||||||||
73 to 84
|
571
|
5,185,749
|
2.2
|
|||||||||
85 to 96
|
518
|
5,766,981
|
2.4
|
|||||||||
97 to 108
|
545
|
6,560,016
|
2.7
|
|||||||||
109 to 120
|
2,150
|
30,236,612
|
12.6
|
|||||||||
121 to 132
|
1,050
|
20,098,237
|
8.4
|
|||||||||
133 to 144
|
818
|
18,165,517
|
7.5
|
|||||||||
145 to 156
|
850
|
22,753,433
|
9.5
|
|||||||||
157 to 168
|
681
|
20,674,041
|
8.6
|
|||||||||
169 to 180
|
505
|
16,897,311
|
7.0
|
|||||||||
181 to 192
|
372
|
13,420,331
|
5.6
|
|||||||||
193 to 204
|
250
|
9,660,933
|
4.0
|
|||||||||
205 to 216
|
146
|
6,265,247
|
2.6
|
|||||||||
217 to 228
|
123
|
5,765,220
|
2.4
|
|||||||||
229 to 240
|
68
|
3,372,489
|
1.4
|
|||||||||
241 to 252
|
81
|
4,317,445
|
1.8
|
|||||||||
253 to 264
|
52
|
2,194,088
|
0.9
|
|||||||||
265 to 276
|
56
|
4,054,689
|
1.7
|
|||||||||
277 to 288
|
30
|
1,876,819
|
0.8
|
|||||||||
289 to 300
|
75
|
6,438,655
|
2.7
|
|||||||||
301 to 312
|
171
|
12,720,974
|
5.3
|
|||||||||
313 to 324
|
15
|
765,226
|
0.3
|
|||||||||
325 to 336
|
6
|
252,792
|
0.1
|
|||||||||
337 to 348
|
7
|
684,672
|
0.3
|
|||||||||
349 to 360
|
9
|
589,583
|
0.2
|
|||||||||
361 and above
|
11
|
1,676,687
|
0.7
|
|||||||||
Total
|
14,116 |
$ |
240,609,918 |
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
|
242
|
$
|
3,684,620
|
1.5
|
%
|
|||||||
Forbearance
|
1,101
|
33,041,860
|
13.7
|
|||||||||
Repayment
|
||||||||||||
First year in repayment
|
47
|
2,631,324
|
1.1
|
|||||||||
Second year in repayment
|
63
|
2,713,923
|
1.1
|
|||||||||
Third year in repayment
|
66
|
2,365,767
|
1.0
|
|||||||||
More than 3 years in repayment
|
12,597
|
196,172,423
|
81.5
|
|||||||||
Total
|
14,116
|
$
|
240,609,918
|
100.0
|
%
|
(1)
|
Of the trust student loans in forbearance status, approximately 114 loans with an aggregate outstanding principal balance of $2,052,299, representing 0.85% 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
|
17.8
|
-
|
178.2
|
Forbearance
|
-
|
7.3
|
199.3
|
Repayment
|
-
|
-
|
154.9
|
State
|
Number
of Loans
|
Aggregate Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Alabama
|
83
|
$
|
2,346,440
|
1.0 |
%
|
|||||||
Alaska
|
23 |
255,843
|
0.1
|
|||||||||
Arizona
|
217
|
4,235,817
|
1.8
|
|||||||||
Arkansas
|
101 |
2,030,034
|
0.8
|
|||||||||
California
|
1,409
|
22,825,307
|
9.5
|
|||||||||
Colorado
|
231
|
3,737,489
|
1.6
|
|||||||||
Connecticut
|
160
|
1,999,542
|
0.8
|
|||||||||
Delaware
|
27
|
344,808
|
0.1
|
|||||||||
District of Columbia
|
31
|
1,509,123
|
0.6
|
|||||||||
Florida
|
639
|
12,569,651
|
5.2
|
|||||||||
Georgia
|
372
|
6,214,484
|
2.6
|
|||||||||
Hawaii
|
39
|
648,211
|
0.3
|
|||||||||
Idaho
|
54
|
920,065
|
0.4
|
|||||||||
Illinois
|
449
|
7,099,483
|
3.0
|
|||||||||
Indiana
|
244
|
4,710,507
|
2.0
|
|||||||||
Iowa
|
45
|
784,246
|
0.3
|
|||||||||
Kansas
|
124
|
1,785,058
|
0.7
|
|||||||||
Kentucky
|
132
|
1,862,310
|
0.8
|
|||||||||
Louisiana
|
354
|
5,513,911
|
2.3
|
|||||||||
Maine
|
36
|
558,681
|
0.2
|
|||||||||
Maryland
|
215
|
4,048,502
|
1.7
|
|||||||||
Massachusetts
|
281 |
3,330,751
|
1.4
|
|||||||||
Michigan
|
346 |
6,090,377
|
2.5
|
|||||||||
Minnesota
|
146
|
1,763,351
|
0.7
|
|||||||||
Mississippi
|
52
|
1,123,335
|
0.5
|
|||||||||
Missouri
|
218
|
3,420,327
|
1.4
|
|||||||||
Montana
|
23 |
464,573
|
0.2
|
|||||||||
Nebraska
|
13
|
195,778
|
0.1
|
|||||||||
Nevada
|
101
|
1,907,331
|
0.8
|
|||||||||
New Hampshire
|
46
|
618,862
|
0.3
|
|||||||||
New Jersey
|
432 |
7,519,469
|
3.1
|
|||||||||
New Mexico
|
40
|
841,580
|
0.3
|
|||||||||
New York
|
1,323
|
19,165,875
|
8.0
|
|||||||||
North Carolina
|
263
|
5,145,551
|
2.1
|
|||||||||
North Dakota
|
3
|
47,467
|
*
|
|||||||||
Ohio
|
1,759
|
37,374,778
|
15.5
|
|||||||||
Oklahoma
|
327
|
5,325,881
|
2.2
|
|||||||||
Oregon
|
196
|
2,780,644
|
1.2
|
|||||||||
Pennsylvania
|
358
|
6,882,404
|
2.9
|
|||||||||
Rhode Island
|
20
|
401,162
|
0.2
|
|||||||||
South Carolina
|
96
|
1,802,492
|
0.7
|
|||||||||
South Dakota
|
13
|
148,460
|
0.1
|
|||||||||
Tennessee
|
225
|
2,949,979
|
1.2
|
|||||||||
Texas
|
1,801
|
27,381,132
|
11.4
|
|||||||||
Utah
|
54
|
2,103,110
|
0.9
|
|||||||||
Vermont
|
35
|
685,057
|
0.3
|
|||||||||
Virginia
|
317
|
4,999,133
|
2.1
|
|||||||||
Washington
|
361
|
5,342,199
|
2.2
|
|||||||||
West Virginia
|
34
|
549,987
|
0.2
|
|||||||||
Wisconsin
|
143
|
2,018,077
|
0.8
|
|||||||||
Wyoming
|
2 |
60,329
|
*
|
|||||||||
Other
|
103
|
2,170,958
|
0.9
|
|||||||||
Total
|
14,116
|
$ |
240,609,918
|
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
|
7,132
|
$
|
100,638,111
|
41.8
|
%
|
|||||||
Other Repayment Options(1)
|
5,413
|
91,603,284
|
38.1
|
|||||||||
Income-driven Repayment(2)
|
1,571
|
48,368,522
|
20.1
|
|||||||||
Total
|
14,116
|
$
|
240,609,918
|
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
|
7,064
|
$
|
96,632,766
|
40.2
|
%
|
|||||||
Unsubsidized
|
7,052
|
143,977,151
|
59.8
|
|||||||||
Total
|
14,116
|
$
|
240,609,918
|
100.0
|
%
|
Disbursement Date
|
Number
of Loans
|
Aggregate Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
September 30, 1993 and earlier
|
7
|
$
|
435,132
|
0.2
|
%
|
|||||||
October 1, 1993 through June 30, 2006
|
14,109
|
240,174,786
|
99.8
|
|||||||||
July 1, 2006 and later
|
0
|
0
|
0.0
|
|||||||||
Total
|
14,116
|
$
|
240,609,918
|
100.0
|
%
|
Name of Guaranty Agency
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
American Student Assistance
|
269
|
$
|
3,977,750
|
1.7
|
%
|
|||||||
Educational Credit Management Corporation
|
1,040
|
14,362,053
|
6.0
|
|||||||||
Great Lakes Higher Education Corporation
|
5,864
|
124,021,117
|
51.5
|
|||||||||
Kentucky Higher Educ. Asst. Auth.
|
1,040
|
13,077,493
|
5.4
|
|||||||||
Michigan Guaranty Agency
|
250
|
3,699,847
|
1.5
|
|||||||||
Oklahoma Guaranteed Stud Loan Prog
|
214
|
3,112,544
|
1.3
|
|||||||||
Pennsylvania Higher Education Assistance Agency
|
918
|
15,464,222
|
6.4
|
|||||||||
Texas Guaranteed Student Loan Corp
|
4,521
|
62,894,891
|
26.1
|
|||||||||
Total
|
14,116
|
$
|
240,609,918
|
100.0
|
%
|