10/15/2024 | Press release | Distributed by Public on 10/15/2024 15:16
|
• |
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
|
$
|
387,165,557
|
||
Aggregate Outstanding Principal Balance - Treasury Bill
|
$
|
55,489,804
|
||
Percentage of Aggregate Outstanding Principal Balance - Treasury Bill
|
14.33
|
%
|
||
Aggregate Outstanding Principal Balance - One-Month LIBOR(1)
|
$
|
331,675,753
|
||
Percentage of Aggregate Outstanding Principal Balance - One-Month LIBOR(1)
|
85.67
|
%
|
||
Number of Borrowers
|
9,803
|
|||
Average Outstanding Principal Balance Per Borrower
|
$
|
39,495
|
||
Number of Loans
|
17,259
|
|||
Average Outstanding Principal Balance Per Loan - Treasury Bill
|
$
|
47,836
|
||
Average Outstanding Principal Balance Per Loan - One-Month LIBOR
|
$
|
20,602
|
||
Weighted Average Remaining Term to Scheduled Maturity
|
179 months
|
|||
Weighted Average Annual Interest Rate
|
4.82
|
%
|
(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%
|
3,184
|
$
|
49,241,745
|
12.7
|
%
|
|||||||
3.01% to 3.50%
|
3,853
|
59,031,126
|
15.2
|
|||||||||
3.51% to 4.00%
|
3,868
|
77,527,520
|
20.0
|
|||||||||
4.01% to 4.50%
|
3,567
|
78,150,792
|
20.2
|
|||||||||
4.51% to 5.00%
|
572
|
16,946,120
|
4.4
|
|||||||||
5.01% to 5.50%
|
222
|
7,482,283
|
1.9
|
|||||||||
5.51% to 6.00%
|
203
|
8,335,475
|
2.2
|
|||||||||
6.01% to 6.50%
|
182
|
8,098,626
|
2.1
|
|||||||||
6.51% to 7.00%
|
195
|
8,804,948
|
2.3
|
|||||||||
7.01% to 7.50%
|
150
|
5,568,442
|
1.4
|
|||||||||
7.51% to 8.00%
|
509
|
22,726,382
|
5.9
|
|||||||||
8.01% to 8.50%
|
356
|
15,929,490
|
4.1
|
|||||||||
Equal to or greater than 8.51%
|
398
|
29,322,608
|
7.6
|
|||||||||
Total
|
17,259
|
$
|
387,165,557
|
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
|
1,262
|
$
|
2,975,240
|
0.8
|
%
|
|||||||||
$
|
5,000.00-$ 9,999.99
|
1,311
|
9,718,899
|
2.5
|
||||||||||
$
|
10,000.00-$14,999.99
|
1,122
|
13,941,217
|
3.6
|
||||||||||
$
|
15,000.00-$19,999.99
|
874
|
15,147,227
|
3.9
|
||||||||||
$
|
20,000.00-$24,999.99
|
742
|
16,636,097
|
4.3
|
||||||||||
$
|
25,000.00-$29,999.99
|
650
|
17,799,533
|
4.6
|
||||||||||
$
|
30,000.00-$34,999.99
|
477
|
15,410,384
|
4.0
|
||||||||||
$
|
35,000.00-$39,999.99
|
433
|
16,185,185
|
4.2
|
||||||||||
$
|
40,000.00-$44,999.99
|
344
|
14,572,597
|
3.8
|
||||||||||
$
|
45,000.00-$49,999.99
|
292
|
13,846,807
|
3.6
|
||||||||||
$
|
50,000.00-$54,999.99
|
245
|
12,834,186
|
3.3
|
||||||||||
$
|
55,000.00-$59,999.99
|
227
|
13,013,095
|
3.4
|
||||||||||
$
|
60,000.00-$64,999.99
|
210
|
13,104,269
|
3.4
|
||||||||||
$
|
65,000.00-$69,999.99
|
150
|
10,139,562
|
2.6
|
||||||||||
$
|
70,000.00-$74,999.99
|
134
|
9,711,432
|
2.5
|
||||||||||
$
|
75,000.00-$79,999.99
|
113
|
8,741,299
|
2.3
|
||||||||||
$
|
80,000.00-$84,999.99
|
110
|
9,043,206
|
2.3
|
||||||||||
$
|
85,000.00-$89,999.99
|
99
|
8,649,184
|
2.2
|
||||||||||
$
|
90,000.00-$94,999.99
|
83
|
7,681,972
|
2.0
|
||||||||||
$
|
95,000.00-$99,999.99
|
59
|
5,733,746
|
1.5
|
||||||||||
$100,000.00 and above
|
866
|
152,280,420
|
39.3
|
|||||||||||
Total
|
9,803
|
$
|
387,165,557
|
100.00
|
%
|
Number of Days Delinquent
|
Number of
Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool by
Outstanding
Principal Balance
|
|||||||||
0-30 days
|
16,397
|
$
|
356,964,418
|
92.2
|
%
|
|||||||
31-60 days
|
273
|
8,264,739
|
2.1
|
|||||||||
61-90 days
|
199
|
7,195,348
|
1.9
|
|||||||||
91-120 days
|
89
|
3,771,584
|
1.0
|
|||||||||
121-150 days
|
69
|
2,284,730
|
0.6
|
|||||||||
151-180 days
|
62
|
2,747,179
|
0.7
|
|||||||||
181-210 days
|
41
|
1,448,036
|
0.4
|
|||||||||
Greater than 210 days
|
129
|
4,489,522
|
1.2
|
|||||||||
Total
|
17,259
|
$
|
387,165,557
|
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
|
181
|
$
|
34,003
|
*
|
||||||||
4 to12
|
432
|
339,268
|
0.1
|
%
|
||||||||
13 to 24
|
640
|
1,825,896
|
0.5
|
|||||||||
25 to 36
|
584
|
3,243,299
|
0.8
|
|||||||||
37 to 48
|
480
|
3,185,372
|
0.8
|
|||||||||
49 to 60
|
1,832
|
9,846,719
|
2.5
|
|||||||||
61 to 72
|
1,130
|
9,073,563
|
2.3
|
|||||||||
73 to 84
|
704
|
7,047,443
|
1.8
|
|||||||||
85 to 96
|
586
|
6,591,321
|
1.7
|
|||||||||
97 to 108
|
547
|
8,839,261
|
2.3
|
|||||||||
109 to 120
|
2,328
|
35,323,511
|
9.1
|
|||||||||
121 to 132
|
1,812
|
36,190,740
|
9.3
|
|||||||||
133 to 144
|
1,159
|
30,020,762
|
7.8
|
|||||||||
145 to 156
|
934
|
28,593,991
|
7.4
|
|||||||||
157 to 168
|
747
|
26,610,552
|
6.9
|
|||||||||
169 to 180
|
652
|
24,775,023
|
6.4
|
|||||||||
181 to 192
|
508
|
22,256,778
|
5.7
|
|||||||||
193 to 204
|
373
|
17,023,411
|
4.4
|
|||||||||
205 to 216
|
238
|
11,569,849
|
3.0
|
|||||||||
217 to 228
|
205
|
11,132,691
|
2.9
|
|||||||||
229 to 240
|
187
|
10,547,239
|
2.7
|
|||||||||
241 to 252
|
135
|
7,661,498
|
2.0
|
|||||||||
253 to 264
|
99
|
5,323,314
|
1.4
|
|||||||||
265 to 276
|
70
|
4,507,549
|
1.2
|
|||||||||
277 to 288
|
79
|
5,344,954
|
1.4
|
|||||||||
289 to 300
|
146
|
14,252,243
|
3.7
|
|||||||||
301 to 312
|
333
|
32,621,858
|
8.4
|
|||||||||
313 to 324
|
19
|
1,420,943
|
0.4
|
|||||||||
325 to 336
|
18
|
1,479,610
|
0.4
|
|||||||||
337 to 348
|
28
|
3,049,170
|
0.8
|
|||||||||
349 to 360
|
38
|
4,335,725
|
1.1
|
|||||||||
361 and above
|
35
|
3,098,000
|
0.8
|
|||||||||
Total
|
17,259
|
$
|
387,165,557
|
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
|
356
|
$
|
10,242,959
|
2.6
|
%
|
|||||||
Forbearance
|
1,278
|
53,083,526
|
13.7
|
|||||||||
Repayment
|
||||||||||||
First year in repayment
|
93
|
4,705,949
|
1.2
|
|||||||||
Second year in repayment
|
108
|
6,958,647
|
1.8
|
|||||||||
Third year in repayment
|
141
|
9,596,960
|
2.5
|
|||||||||
More than 3 years in repayment
|
15,283
|
302,577,516
|
78.2
|
|||||||||
Total
|
17,259
|
$
|
387,165,557
|
100.00
|
%
|
* |
Of the trust student loans in forbearance status, approximately 164 loans with an aggregate outstanding principal balance of $6,363,688, representing 1.64% 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
|
15.3
|
-
|
219.6
|
|||||||||
Forbearance
|
-
|
9.7
|
217.8
|
|||||||||
Repayment
|
-
|
-
|
168.8
|
State
|
Number
of Loans |
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Alabama
|
157
|
$
|
5,860,964
|
1.5
|
%
|
|||||||
Alaska
|
29
|
826,580
|
0.2
|
|||||||||
Arizona
|
451
|
10,538,573
|
2.7
|
|||||||||
Arkansas
|
81
|
1,353,136
|
0.3
|
|||||||||
California
|
2,086
|
45,695,690
|
11.8
|
|||||||||
Colorado
|
241
|
6,142,185
|
1.6
|
|||||||||
Connecticut
|
281
|
5,237,969
|
1.4
|
|||||||||
Delaware
|
52
|
1,345,288
|
0.3
|
|||||||||
District of Columbia
|
68
|
1,469,113
|
0.4
|
|||||||||
Florida
|
1,421
|
35,618,782
|
9.2
|
|||||||||
Georgia
|
575
|
16,319,253
|
4.2
|
|||||||||
Hawaii
|
97
|
2,345,088
|
0.6
|
|||||||||
Idaho
|
60
|
1,893,947
|
0.5
|
|||||||||
Illinois
|
648
|
12,730,830
|
3.3
|
|||||||||
Indiana
|
444
|
10,078,320
|
2.6
|
|||||||||
Iowa
|
53
|
642,151
|
0.2
|
|||||||||
Kansas
|
316
|
5,081,056
|
1.3
|
|||||||||
Kentucky
|
116
|
2,764,098
|
0.7
|
|||||||||
Louisiana
|
504
|
12,878,454
|
3.3
|
|||||||||
Maine
|
55
|
1,244,170
|
0.3
|
|||||||||
Maryland
|
442
|
11,214,555
|
2.9
|
|||||||||
Massachusetts
|
527
|
8,155,406
|
2.1
|
|||||||||
Michigan
|
317
|
7,522,687
|
1.9
|
|||||||||
Minnesota
|
203
|
4,356,941
|
1.1
|
|||||||||
Mississippi
|
124
|
3,373,119
|
0.9
|
|||||||||
Missouri
|
332
|
6,124,762
|
1.6
|
|||||||||
Montana
|
24
|
372,808
|
0.1
|
|||||||||
Nebraska
|
36
|
1,263,117
|
0.3
|
|||||||||
Nevada
|
150
|
4,635,440
|
1.2
|
|||||||||
New Hampshire
|
97
|
1,853,801
|
0.5
|
|||||||||
New Jersey
|
513
|
10,466,690
|
2.7
|
|||||||||
New Mexico
|
63
|
1,378,723
|
0.4
|
|||||||||
New York
|
1,167
|
24,624,770
|
6.4
|
|||||||||
North Carolina
|
358
|
7,111,210
|
1.8
|
|||||||||
North Dakota
|
11
|
129,179
|
*
|
|||||||||
Ohio
|
526
|
11,866,489
|
3.1
|
|||||||||
Oklahoma
|
319
|
7,573,735
|
2.0
|
|||||||||
Oregon
|
237
|
4,322,395
|
1.1
|
|||||||||
Pennsylvania
|
607
|
11,738,626
|
3.0
|
|||||||||
Rhode Island
|
42
|
1,091,666
|
0.3
|
|||||||||
South Carolina
|
188
|
6,047,361
|
1.6
|
|||||||||
South Dakota
|
23
|
615,317
|
0.2
|
|||||||||
Tennessee
|
244
|
5,754,609
|
1.5
|
|||||||||
Texas
|
1,520
|
34,564,467
|
8.9
|
|||||||||
Utah
|
57
|
1,358,974
|
0.4
|
|||||||||
Vermont
|
10
|
225,532
|
0.1
|
|||||||||
Virginia
|
467
|
8,805,576
|
2.3
|
|||||||||
Washington
|
448
|
8,917,933
|
2.3
|
|||||||||
West Virginia
|
89
|
1,779,991
|
0.5
|
|||||||||
Wisconsin
|
177
|
4,322,242
|
1.1
|
|||||||||
Wyoming
|
14
|
1,138,754
|
0.3
|
|||||||||
Other
|
192
|
4,393,035
|
1.1
|
|||||||||
Total
|
17,259
|
$
|
387,165,557
|
100.00
|
%
|
Loan Repayment Terms
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Level Repayment
|
8,274
|
|
$ |
150,547,955
|
|
38.9
|
%
|
|||||
Other Repayment Options(1)
|
6,849
|
144,088,956
|
37.2
|
|||||||||
Income-driven Repayment(2)
|
2,136
|
92,528,645
|
23.9
|
|||||||||
Total
|
17,259
|
$
|
387,165,557
|
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
|
8,242
|
$
|
143,745,439
|
37.1
|
%
|
|||||||
Unsubsidized
|
9,017
|
243,420,118
|
62.9
|
|||||||||
Total
|
17,259
|
$
|
387,165,557
|
100.0
|
%
|
Disbursement Date
|
Number of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool by
Outstanding
Principal Balance
|
|||||||||
September 30, 1993 and earlier
|
68
|
$
|
4,461,865
|
1.2
|
%
|
|||||||
October 1, 1993 through June 30, 2006
|
17,191
|
382,703,692
|
98.8
|
|||||||||
July 1, 2006 and later
|
0
|
0
|
0.0
|
|||||||||
Total
|
17,259
|
$
|
387,165,557
|
100.0
|
%
|
Name of Guaranty Agency
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
American Student Assistance
|
794
|
$
|
12,952,043
|
3.3
|
%
|
|||||||
College Assist
|
10
|
660,488
|
0.2
|
|||||||||
Educational Credit Management Corporation
|
1,063
|
24,476,882
|
6.3
|
|||||||||
Florida Off Of Student Fin'l Assistance
|
300
|
4,707,432
|
1.2
|
|||||||||
Great Lakes Higher Education Corporation
|
8,786
|
212,277,664
|
54.8
|
|||||||||
Kentucky Higher Educ. Asst. Auth.
|
626
|
11,080,370
|
2.9
|
|||||||||
Michigan Guaranty Agency
|
160
|
3,152,207
|
0.8
|
|||||||||
Oklahoma Guaranteed Stud Loan Prog
|
328
|
6,953,132
|
1.8
|
|||||||||
Pennsylvania Higher Education Assistance Agency
|
1,756
|
33,882,706
|
8.8
|
|||||||||
Texas Guaranteed Student Loan Corp
|
3,436
|
77,022,633
|
19.9
|
|||||||||
Total
|
17,259
|
$
|
387,165,557
|
100.0
|
%
|