06/09/2024 | Press release | Distributed by Public on 06/09/2024 16:00
Page 1 of 9
|
Trust 2013-3 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
I. |
Deal Parameters
|
A
|
Student Loan Portfolio Characteristics
|
06/20/2013
|
06/30/2024
|
07/31/2024
|
|||||||||
Principal Balance
|
$
|
1,205,799,342.60
|
$
|
286,604,456.22
|
$
|
281,555,976.10
|
|||||||
Interest to be Capitalized Balance
|
25,233,370.46
|
3,510,112.10
|
3,449,735.13
|
||||||||||
Pool Balance
|
$
|
1,231,032,713.06
|
$
|
290,114,568.32
|
$
|
285,005,711.23
|
|||||||
Specified Reserve Account Balance
|
6,249,953.00
|
- N/A -
|
- N/A -
|
||||||||||
Adjusted Pool(1)
|
$
|
1,237,282,666.06
|
$
|
290,114,568.32
|
$
|
285,005,711.23
|
|||||||
Weighted Average Coupon (WAC)
|
6.58%
|
|
6.93%
|
|
6.93%
|
|
|||||||
Number of Loans
|
277,088
|
44,655
|
43,770
|
||||||||||
Aggregate Outstanding Principal Balance - Tbill
|
$
|
500,912.83
|
$
|
492,598.18
|
|||||||||
Aggregate Outstanding Principal Balance - SOFR
|
$
|
289,613,655.49
|
$
|
284,513,113.05
|
|||||||||
Pool Factor
|
0.232093382
|
0.228006266
|
|||||||||||
Since Issued Constant Prepayment Rate
|
(34.19)%
|
|
(36.57)%
|
|
(1)
|
The Specified Reserve Account balance is included in the Adjusted Pool until the Pool Balance is less than or equal to 40% of the original pool.
|
B
|
Debt Securities
|
Cusip/Isin
|
07/25/2024
|
08/26/2024
|
||||||
A3
|
78447YAC6
|
$
|
252,213,422.64
|
$
|
247,155,654.12
|
|||||
B
|
78447YAD4
|
$
|
35,000,000.00
|
$
|
35,000,000.00
|
C
|
Account Balances
|
07/25/2024
|
08/26/2024
|
||||||
Reserve Account Balance
|
$
|
1,249,991.00
|
$
|
1,249,991.00
|
|||||
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
Floor Income Rebate Account
|
$
|
19,578.27
|
$
|
28,915.41
|
|||||
Supplemental Loan Purchase Account
|
-
|
-
|
D
|
Asset / Liability
|
07/25/2024
|
08/26/2024
|
||||||
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
290,114,568.32
|
$
|
285,005,711.23
|
|||||
Total Notes
|
$
|
287,213,422.64
|
$
|
282,155,654.12
|
|||||
Difference
|
$
|
2,901,145.68
|
$
|
2,850,057.11
|
|||||
Parity Ratio
|
1.01010
|
1.01010
|
Page 2 of 9
|
Trust 2013-3 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
II. |
Trust Activity 07/01/2024 through 07/31/2024
|
A
|
Student Loan Principal Receipts
|
||||
Borrower Principal
|
620,210.48
|
||||
Guarantor Principal
|
1,534,377.06
|
||||
Consolidation Activity Principal
|
3,963,158.14
|
||||
Seller Principal Reimbursement
|
133.04
|
||||
Servicer Principal Reimbursement
|
-
|
||||
Rejected Claim Repurchased Principal
|
-
|
||||
Other Principal Deposits
|
-
|
||||
Total Principal Receipts
|
$
|
6,117,878.72
|
|||
B
|
Student Loan Interest Receipts
|
||||
Borrower Interest
|
343,270.93
|
||||
Guarantor Interest
|
141,869.59
|
||||
Consolidation Activity Interest
|
183,614.49
|
||||
Special Allowance Payments
|
0.00
|
||||
Interest Subsidy Payments
|
0.00
|
||||
Seller Interest Reimbursement
|
0.00
|
||||
Servicer Interest Reimbursement
|
(281.59)
|
||||
Rejected Claim Repurchased Interest
|
0.00
|
||||
Other Interest Deposits
|
33,701.30
|
||||
Total Interest Receipts
|
$
|
702,174.72
|
|||
C
|
Reserves in Excess of Requirement
|
|
-
|
||
D
|
Investment Income
|
$
|
49,156.51
|
||
E
|
Funds Borrowed from Next Collection Period
|
-
|
|||
F
|
Funds Repaid from Prior Collection Period
|
-
|
|||
G
|
Loan Sale or Purchase Proceeds
|
-
|
|||
H
|
Initial Deposits to Collection Account
|
-
|
|||
I
|
Excess Transferred from Other Accounts
|
|
-
|
||
J
|
Other Deposits
|
-
|
|||
K
|
Funds Released from Capitalized Interest Account
|
-
|
|||
L
|
Less: Funds Previously Remitted:
|
||||
Servicing Fees to Servicer
|
-
|
||||
Consolidation Loan Rebate Fees to Dept. of Education
|
-
|
||||
Floor Income Rebate Fees to Dept. of Education
|
|
-
|
|||
Funds Allocated to the Floor Income Rebate Account
|
$
|
(9,337.14)
|
|||
M
|
AVAILABLE FUNDS
|
$
|
6,859,872.81
|
||
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(1,069,398.60)
|
||
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
25,876.93
|
||
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
Q
|
Aggregate Loan Substitutions
|
-
|
Page 3 of 9
|
Trust 2013-3 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
III. |
2013-3 Portfolio Characteristics
|
07/31/2024
|
06/30/2024
|
||||||||||||||||||||||||||||||||
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
INTERIM:
|
IN SCHOOL
|
6.81%
|
|
64
|
$
|
366,367.50
|
0.130%
|
|
6.81%
|
|
64
|
$
|
366,367.50
|
0.128%
|
|
||||||||||||||||||
|
GRACE |
6.80%
|
|
4
|
$
|
28,396.00
|
0.010%
|
|
6.80%
|
|
4
|
$
|
28,396.00
|
0.010%
|
|
||||||||||||||||||
|
DEFERMENT
|
6.83%
|
|
2,598
|
$
|
16,035,510.61
|
5.695%
|
|
6.82%
|
|
2,650
|
$
|
16,446,255.31
|
5.738%
|
|
||||||||||||||||||
|
|||||||||||||||||||||||||||||||||
REPAYMENT:
|
CURRENT
|
6.93%
|
|
28,332
|
$
|
169,825,164.32
|
60.317%
|
|
6.93%
|
|
29,310
|
$
|
175,746,746.10
|
61.320%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
6.95%
|
|
1,589
|
$
|
11,681,403.32
|
4.149%
|
|
6.93%
|
|
1,576
|
$
|
11,319,253.46
|
3.949%
|
|
||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
6.92%
|
|
1,013
|
$
|
7,572,723.87
|
2.690%
|
|
6.85%
|
|
1,007
|
$
|
7,630,941.45
|
2.663%
|
|
||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
6.85%
|
|
684
|
$
|
5,291,048.13
|
1.879%
|
|
6.87%
|
|
677
|
$
|
4,800,645.70
|
1.675%
|
|
||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
6.93%
|
|
1,646
|
$
|
12,163,967.66
|
4.320%
|
|
6.94%
|
|
1,656
|
$
|
12,365,284.58
|
4.314%
|
|
||||||||||||||||||
|
FORBEARANCE
|
6.96%
|
|
7,142
|
$
|
53,944,758.99
|
19.160%
|
|
6.99%
|
|
7,355
|
$
|
55,637,741.80
|
19.413%
|
|
||||||||||||||||||
|
CLAIMS IN PROCESS
|
7.08%
|
|
698
|
$
|
4,646,635.70
|
1.650%
|
|
6.89%
|
|
356
|
$
|
2,262,824.32
|
0.790%
|
|
||||||||||||||||||
TOTAL
|
43,770
|
$
|
281,555,976.10
|
100.00%
|
|
44,655
|
$
|
286,604,456.22
|
100.00%
|
|
Page 4 of 9
|
Trust 2013-3 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
IV. |
2013-3 Portfolio Characteristics (cont'd)
|
07/31/2024
|
06/30/2024
|
|||||||
Pool Balance
|
$
|
285,005,711.23
|
$
|
290,114,568.32
|
||||
Outstanding Borrower Accrued Interest
|
$
|
12,882,620.55
|
$
|
13,048,722.37
|
||||
Borrower Accrued Interest to be Capitalized
|
$
|
3,449,735.13
|
$
|
3,510,112.10
|
||||
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,492,160.75
|
$
|
1,362,076.67
|
||||
Total # Loans
|
43,770
|
44,655
|
||||||
Total # Borrowers
|
18,322
|
18,716
|
||||||
Weighted Average Coupon
|
6.93%
|
|
6.93%
|
|
||||
Weighted Average Remaining Term
|
190.04
|
189.22
|
||||||
Non-Reimbursable Losses
|
$
|
25,876.93
|
$
|
26,085.45
|
||||
Cumulative Non-Reimbursable Losses
|
$
|
6,037,016.60
|
$
|
6,011,139.67
|
||||
Since Issued Constant Prepayment Rate (CPR)
|
-36.57%
|
|
-34.19%
|
|
||||
Loan Substitutions
|
-
|
-
|
||||||
Cumulative Loan Substitutions
|
-
|
-
|
||||||
Rejected Claim Repurchases
|
-
|
-
|
||||||
Cumulative Rejected Claim Repurchases
|
$
|
587,377.65
|
$
|
587,377.65
|
||||
Unpaid Primary Servicing Fees
|
-
|
-
|
||||||
Unpaid Administration Fees
|
-
|
-
|
||||||
Unpaid Carryover Servicing Fees
|
-
|
-
|
||||||
Note Principal Shortfall
|
-
|
-
|
||||||
Note Interest Shortfall
|
-
|
-
|
||||||
Unpaid Interest Carryover
|
-
|
-
|
||||||
Non-Cash Principal Activity - Capitalized Interest
|
$
|
1,095,227.11
|
$
|
1,034,067.78
|
||||
Borrower Interest Accrued
|
$
|
1,600,123.05
|
$
|
1,572,690.07
|
||||
Interest Subsidy Payments Accrued
|
$
|
60,252.96
|
$
|
59,143.77
|
||||
Special Allowance Payments Accrued
|
$
|
227,757.24
|
$
|
227,573.62
|
Page 5 of 9
|
Trust 2013-3 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
V. |
2013-3 Portfolio Statistics by School and Program
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
% *
|
||||||||||||
- GSL (1) - Subsidized
|
6.81%
|
|
23,239
|
109,787,606.26
|
38.993%
|
|
|||||||||||
- GSL - Unsubsidized
|
6.85%
|
|
|
19,607
|
155,381,517.21
|
55.187%
|
|
||||||||||
- PLUS (2) Loans
|
8.50%
|
|
924
|
16,386,852.63
|
5.820%
|
|
|||||||||||
- SLS (3) Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
Total
|
6.93%
|
|
43,770
|
$
|
281,555,976.10
|
100.000%
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
% *
|
||||||||||||
- Four Year
|
6.93%
|
|
37,423
|
250,681,052.49
|
89.034%
|
|
|||||||||||
- Two Year
|
6.88%
|
|
5,460
|
26,467,076.41
|
9.400%
|
|
|||||||||||
- Technical
|
6.87%
|
|
848
|
4,229,701.26
|
1.502%
|
|
|||||||||||
- Other
|
7.07%
|
|
39
|
178,145.94
|
0.063%
|
|
|||||||||||
Total
|
6.93%
|
|
43,770
|
$
|
281,555,976.10
|
100.000%
|
|
(1) |
Guaranteed Stafford Loan
|
(2) |
Parent Loans for Undergraduate Students
|
(3) |
Supplemental Loans to Students. The Unsubsidized Stafford Loan program replaced the SLS program on July 1, 1994.
|
Page 6 of 9
|
Trust 2013-3 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
VI. |
2013-3 Waterfall for Distributions
|
Paid
|
Remaining
Funds Balance |
||||||||
Total Available Funds
|
$
|
6,859,872.81
|
|||||||
A |
Trustee Fees |
|
-
|
$
|
6,859,872.81
|
||||
B
|
Primary Servicing Fee
|
$
|
92,405.73
|
$
|
6,767,467.08
|
||||
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
6,760,800.08
|
||||
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
1,336,533.85
|
$
|
5,424,266.23
|
||||
E
|
Class B Noteholders' Interest Distribution Amount
|
$ |
216,583.73
|
$
|
5,207,682.50
|
||||
F
|
Reserve Account Reinstatement
|
|
-
|
$
|
5,207,682.50
|
||||
G
|
Class A Noteholders' Principal Distribution Amount
|
$ |
5,057,768.52
|
$
|
149,913.98
|
||||
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
149,913.98
|
|||||
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
149,913.98
|
|||||
J
|
Carryover Servicing Fee
|
-
|
$
|
149,913.98
|
|||||
K
|
Remaining Amounts to the Noteholders after the first auction date
|
|
-
|
$ |
149,913.98
|
||||
L
|
Excess Distribution Certificateholder
|
$ |
149,913.98 |
- |
Waterfall Triggers
|
|||||
A
|
Student Loan Principal Outstanding
|
$
|
281,555,976.10
|
||
B
|
Interest to be Capitalized
|
$
|
3,449,735.13
|
||
C
|
Capitalized Interest Account Balance
|
-
|
|||
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
1,249,991.00
|
||
E
|
Less: Specified Reserve Account Balance
|
$
|
(1,249,991.00)
|
||
F
|
Total
|
$
|
285,005,711.23
|
||
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
247,155,654.12
|
||
H
|
Insolvency Event or Event of Default Under Indenture
|
N
|
|||
I
|
Available Funds Applied to Class A Noteholders' Distribution Amount Before Any Amounts are Applied to the Class B Noteholders' Distribution Amount (G>F or H=Y)
|
N
|
Page 7 of 9
|
Trust 2013-3 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
VII. |
2013-3 Distributions
|
A3
|
B
|
|||||||
Cusip/Isin
|
78447YAC6
|
78447YAD4
|
||||||
Beginning Balance
|
$
|
252,213,422.64
|
$
|
35,000,000.00
|
||||
Index
|
SOFR
|
SOFR
|
||||||
Spread/Fixed Rate
|
0.50%
|
|
1.50%
|
|
||||
Record Date (Days Prior to Distribution)
|
1 NEW YORK BUSINESS DAY
|
1 NEW YORK BUSINESS DAY
|
||||||
Accrual Period Begin
|
7/25/2024
|
7/25/2024
|
||||||
Accrual Period End
|
8/26/2024
|
8/26/2024
|
||||||
Daycount Fraction
|
0.08888889
|
0.08888889
|
||||||
Interest Rate*
|
5.96162%
|
|
6.96162%
|
|
||||
Accrued Interest Factor
|
0.005299218
|
0.006188107
|
||||||
Current Interest Due
|
$
|
1,336,533.85
|
$
|
216,583.73
|
||||
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
Total Interest Due
|
$
|
1,336,533.85
|
$
|
216,583.73
|
||||
Interest Paid
|
$
|
1,336,533.85
|
$
|
216,583.73
|
||||
Interest Shortfall
|
-
|
-
|
||||||
Principal Paid
|
$
|
5,057,768.52
|
-
|
|||||
Ending Principal Balance
|
$
|
247,155,654.12
|
$
|
35,000,000.00
|
||||
Paydown Factor
|
0.007977553
|
0.000000000
|
||||||
Ending Balance Factor
|
0.389835417
|
1.000000000
|
Page 8 of 9
|
Trust 2013-3 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
VIII. |
2013-3 Reconciliations
|
A
|
Principal Distribution Reconciliation
|
||||
Notes Outstanding Principal Balance
|
$
|
287,213,422.64
|
|||
Adjusted Pool Balance
|
$
|
285,005,711.23
|
|||
Overcollateralization Amount
|
$
|
2,850,057.11
|
|||
Principal Distribution Amount
|
$
|
5,057,768.52
|
|||
Principal Distribution Amount Paid
|
$
|
5,057,768.52
|
|||
B
|
Reserve Account Reconciliation
|
||||
Beginning Period Balance
|
$
|
1,249,991.00
|
|||
Reserve Funds Utilized
|
0.00
|
||||
Reserve Funds Reinstated
|
0.00
|
||||
Balance Available
|
$
|
1,249,991.00
|
|||
Required Reserve Acct Balance
|
$
|
1,249,991.00
|
|||
Release to Collection Account
|
|
-
|
|||
Ending Reserve Account Balance
|
$
|
1,249,991.00
|
|||
C
|
Floor Income Rebate Account
|
||||
Beginning Period Balance
|
$
|
19,578.27
|
|||
Deposits for the Period
|
$
|
9,337.14
|
|||
Release to Collection Account
|
|
-
|
|||
Ending Balance
|
$
|
28,915.41
|
|||
D
|
Supplemental Purchase Account
|
||||
Beginning Period Balance
|
-
|
||||
Supplemental Loan Purchases
|
-
|
||||
Transfers to Collection Account
|
-
|
||||
Ending Balance
|
-
|
Page 9 of 9
|
Trust 2013-3 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |