09/06/2024 | Press release | Distributed by Public on 09/06/2024 10:00
Page 1 of 9
|
Trust 2013-1 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|
I.
|
Deal Parameters
|
A
|
Student Loan Portfolio Characteristics
|
02/14/2013
|
06/30/2024
|
07/31/2024
|
||||||||||
Principal Balance
|
$
|
1,181,837,043.20
|
$
|
247,359,322.06
|
$
|
242,017,527.99
|
||||||||
Interest to be Capitalized Balance
|
27,971,606.70
|
3,242,620.33
|
3,210,163.45
|
|||||||||||
Pool Balance
|
$
|
1,209,808,649.90
|
$
|
250,601,942.39
|
$
|
245,227,691.44
|
||||||||
Specified Reserve Account Balance
|
9,373,341.00
|
- N/A -
|
- N/A -
|
|||||||||||
Adjusted Pool (1)
|
$
|
1,219,181,990.90
|
$
|
250,601,942.39
|
$
|
245,227,691.44
|
||||||||
Weighted Average Coupon (WAC)
|
6.88%
|
|
6.96%
|
|
6.96%
|
|
||||||||
Number of Loans
|
271,308
|
39,133
|
38,300
|
|||||||||||
Aggregate Outstanding Principal Balance - Tbill
|
$
|
620,657.02
|
$
|
620,086.14
|
||||||||||
Aggregate Outstanding Principal Balance - SOFR
|
$
|
249,981,285.37
|
$
|
244,607,605.30
|
||||||||||
Pool Factor
|
0.200517030
|
0.196216868
|
||||||||||||
Since Issued Constant Prepayment Rate
|
(36.77)%
|
|
(38.14)%
|
|
(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
|
78447MAC2
|
$
|
213,095,922.97
|
$
|
207,847,076.76
|
|||||
B
|
78447MAD0
|
$
|
35,000,000.00
|
$
|
35,000,000.00
|
C
|
Account Balances
|
07/25/2024
|
08/26/2024
|
||||||
Reserve Account Balance
|
$
|
1,249,779.00
|
$
|
1,249,779.00
|
|||||
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
Floor Income Rebate Account
|
$
|
24,594.34
|
$
|
36,024.25
|
|||||
Supplemental Loan Purchase Account
|
-
|
-
|
D
|
Asset / Liability
|
07/25/2024
|
08/26/2024
|
||||||
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
250,601,942.39
|
$
|
245,227,691.44
|
|||||
Total Notes
|
$
|
248,095,922.97
|
$
|
242,847,076.76
|
|||||
Difference
|
$
|
2,506,019.42
|
$
|
2,380,614.68
|
|||||
Parity Ratio
|
1.01010
|
1.00980
|
Page 2 of 9
|
Trust 2013-1 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
|
687,311.34
|
||||
Guarantor Principal
|
1,570,256.66
|
||||
Consolidation Activity Principal
|
3,788,194.05
|
||||
Seller Principal Reimbursement
|
-
|
||||
Servicer Principal Reimbursement
|
-
|
||||
Rejected Claim Repurchased Principal
|
-
|
||||
Other Principal Deposits
|
-
|
||||
Total Principal Receipts
|
$
|
6,045,762.05
|
|||
B
|
Student Loan Interest Receipts
|
||||
Borrower Interest
|
316,588.62
|
||||
Guarantor Interest
|
76,613.98
|
||||
Consolidation Activity Interest
|
186,676.51
|
||||
Special Allowance Payments
|
0.00
|
||||
Interest Subsidy Payments
|
0.00
|
||||
Seller Interest Reimbursement
|
0.00
|
||||
Servicer Interest Reimbursement
|
(63.06)
|
||||
Rejected Claim Repurchased Interest
|
0.00
|
||||
Other Interest Deposits
|
37,907.59
|
||||
Total Interest Receipts
|
$
|
617,723.64
|
|||
C
|
Reserves in Excess of Requirement
|
|
-
|
||
D
|
Investment Income
|
$
|
45,332.85
|
||
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
|
$
|
(11,429.91)
|
|||
M
|
AVAILABLE FUNDS
|
$
|
6,697,388.63
|
||
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(703,967.98)
|
||
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
39,565.85
|
||
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
Q
|
Aggregate Loan Substitutions
|
-
|
Page 3 of 9
|
Trust 2013-1 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|
III.
|
2013-1 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
|
6.87%
|
|
46
|
$
|
212,189.46
|
0.088%
|
|
6.88%
|
|
32
|
$
|
153,584.00
|
0.062%
|
|
||||||||||||||||||
|
GRACE
|
6.77%
|
|
23
|
$
|
103,004.00
|
0.043%
|
|
6.82%
|
|
37
|
$
|
161,609.46
|
0.065%
|
|
||||||||||||||||||
|
DEFERMENT
|
6.89%
|
|
2,503
|
$
|
14,839,860.81
|
6.132%
|
|
6.87%
|
|
2,600
|
$
|
15,198,173.30
|
6.144%
|
|
||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||
REPAYMENT:
|
CURRENT
|
6.96%
|
|
25,102
|
$
|
150,761,536.57
|
62.294%
|
|
6.96%
|
|
25,682
|
$
|
153,279,863.33
|
61.966%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT
|
6.97%
|
|
1,109
|
$
|
8,058,001.71
|
3.330%
|
|
6.99%
|
|
1,297
|
$
|
9,988,264.72
|
4.038%
|
|
||||||||||||||||||
|
61-90 DAYS DELINQUENT
|
7.00%
|
|
951
|
$
|
7,650,452.10
|
3.161%
|
|
6.90%
|
|
852
|
$
|
5,890,303.30
|
2.381%
|
|
||||||||||||||||||
|
91-120 DAYS DELINQUENT
|
6.90%
|
|
574
|
$
|
3,972,745.62
|
1.642%
|
|
6.99%
|
|
593
|
$
|
4,495,978.65
|
1.818%
|
|
||||||||||||||||||
|
> 120 DAYS DELINQUENT
|
6.97%
|
|
1,574
|
$
|
11,213,419.34
|
4.633%
|
|
6.96%
|
|
1,458
|
$
|
10,271,303.95
|
4.152%
|
|
||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
|
FORBEARANCE
|
6.96%
|
|
6,071
|
$
|
42,967,032.49
|
17.754%
|
|
6.98%
|
|
6,254
|
$
|
45,710,392.80
|
18.479%
|
|
||||||||||||||||||
|
CLAIMS IN PROCESS
|
6.98%
|
|
347
|
$
|
2,239,285.89
|
0.925%
|
|
6.80%
|
|
328
|
$
|
2,209,848.55
|
0.893%
|
|
||||||||||||||||||
TOTAL
|
38,300
|
$
|
242,017,527.99
|
100.00%
|
|
39,133
|
$
|
247,359,322.06
|
100.00%
|
|
Page 4 of 9
|
Trust 2013-1 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|
IV.
|
2013-1 Portfolio Characteristics (cont'd)
|
07/31/2024
|
06/30/2024
|
|||||||
Pool Balance
|
$
|
245,227,691.44
|
$
|
250,601,942.39
|
||||
Outstanding Borrower Accrued Interest
|
$
|
11,435,480.68
|
$
|
11,390,529.24
|
||||
Borrower Accrued Interest to be Capitalized
|
$
|
3,210,163.45
|
$
|
3,242,620.33
|
||||
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,199,293.30
|
$
|
1,076,893.40
|
||||
Total # Loans
|
38,300
|
39,133
|
||||||
Total # Borrowers
|
15,495
|
15,840
|
||||||
Weighted Average Coupon
|
6.96%
|
|
6.96%
|
|
||||
Weighted Average Remaining Term
|
182.48
|
182.18
|
||||||
Non-Reimbursable Losses
|
$
|
39,565.85
|
$
|
23,296.21
|
||||
Cumulative Non-Reimbursable Losses
|
$
|
6,270,443.24
|
$
|
6,230,877.39
|
||||
Since Issued Constant Prepayment Rate (CPR)
|
-38.14%
|
|
-36.77%
|
|
||||
Loan Substitutions
|
-
|
-
|
||||||
Cumulative Loan Substitutions
|
-
|
-
|
||||||
Rejected Claim Repurchases
|
-
|
-
|
||||||
Cumulative Rejected Claim Repurchases
|
$
|
477,941.48
|
$
|
477,941.48
|
||||
Unpaid Primary Servicing Fees
|
-
|
-
|
||||||
Unpaid Administration Fees
|
-
|
-
|
||||||
Unpaid Carryover Servicing Fees
|
-
|
-
|
||||||
Note Principal Shortfall
|
$
|
71,662.23
|
-
|
|||||
Note Interest Shortfall
|
-
|
-
|
||||||
Unpaid Interest Carryover
|
-
|
-
|
||||||
Non-Cash Principal Activity - Capitalized Interest
|
$
|
746,792.67
|
$
|
879,371.59
|
||||
Borrower Interest Accrued
|
$
|
1,372,402.71
|
$
|
1,353,428.17
|
||||
Interest Subsidy Payments Accrued
|
$
|
52,571.53
|
$
|
51,832.65
|
||||
Special Allowance Payments Accrued
|
$
|
194,875.80
|
$
|
194,025.69
|
Page 5 of 9
|
Trust 2013-1 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|
V.
|
2013-1 Portfolio Statistics by School and Program
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
% *
|
||||||||||||
- GSL (1) - Subsidized
|
6.79%
|
|
20,045
|
88,667,270.71
|
36.637%
|
|
|||||||||||
- GSL - Unsubsidized
|
6.82%
|
|
17,288
|
132,562,887.82
|
54.774%
|
|
|||||||||||
- PLUS (2) Loans
|
8.50%
|
|
962
|
20,759,362.27
|
8.578%
|
|
|||||||||||
- SLS (3) Loans
|
8.25%
|
|
5
|
28,007.19
|
0.012%
|
|
|||||||||||
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
Total
|
6.96%
|
|
38,300
|
$
|
242,017,527.99
|
100.000%
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
% *
|
||||||||||||
- Four Year
|
6.98%
|
|
29,728
|
200,189,879.27
|
82.717%
|
|
|||||||||||
- Two Year
|
6.84%
|
|
7,021
|
34,152,781.64
|
14.112%
|
|
|||||||||||
- Technical
|
6.87%
|
|
1,551
|
7,674,867.08
|
3.171%
|
|
|||||||||||
- Other
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
Total
|
6.96%
|
|
38,300
|
$
|
242,017,527.99
|
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 2013-1 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|
VI.
|
2013-1 Waterfall for Distributions
|
Paid
|
Remaining
Funds Balance
|
||||||||
Total Available Funds
|
$
|
6,697,388.63
|
|||||||
A
|
Trustee Fees |
|
-
|
$
|
6,697,388.63
|
||||
B
|
Primary Servicing Fee
|
$
|
77,245.72
|
$
|
6,620,142.91
|
||||
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
6,613,475.91
|
||||
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
1,138,712.63
|
$
|
5,474,763.28
|
||||
E
|
Class B Noteholders' Interest Distribution Amount
|
$ |
225,917.07
|
$
|
5,248,846.21
|
||||
F
|
Reserve Account Reinstatement
|
|
-
|
$ |
5,248,846.21
|
||||
G
|
Class A Noteholders' Principal Distribution Amount
|
$ |
5,248,846.21
|
|
-
|
||||
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
|
-
|
|||||
I
|
Unpaid Expenses of The Trustees
|
-
|
|
-
|
|||||
J
|
Carryover Servicing Fee
|
-
|
|
-
|
|||||
K
|
Remaining Amounts to the Noteholders after the first auction date
|
|
-
|
-
|
|||||
L |
Excess Distribution Certificateholder
|
- |
- |
Waterfall Triggers
|
|||||
A
|
Student Loan Principal Outstanding
|
$
|
242,017,527.99
|
||
B
|
Interest to be Capitalized
|
$
|
3,210,163.45
|
||
C
|
Capitalized Interest Account Balance
|
-
|
|||
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
1,249,779.00
|
||
E
|
Less: Specified Reserve Account Balance
|
$
|
(1,249,779.00)
|
||
F
|
Total
|
$
|
245,227,691.44
|
||
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
207,847,076.76
|
||
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 2013-1 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|
VII.
|
2013-1 Distributions
|
A3
|
B
|
|||||||
Cusip/Isin
|
78447MAC2
|
78447MAD0
|
||||||
Beginning Balance
|
$
|
213,095,922.97
|
$
|
35,000,000.00
|
||||
Index
|
SOFR
|
SOFR
|
||||||
Spread/Fixed Rate
|
0.55%
|
|
1.80%
|
|
||||
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*
|
6.01162%
|
|
7.26162%
|
|
||||
Accrued Interest Factor
|
0.005343662
|
0.006454773
|
||||||
Current Interest Due
|
$
|
1,138,712.63
|
$
|
225,917.07
|
||||
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
Total Interest Due
|
$
|
1,138,712.63
|
$
|
225,917.07
|
||||
Interest Paid
|
$
|
1,138,712.63
|
$
|
225,917.07
|
||||
Interest Shortfall
|
-
|
-
|
||||||
Principal Paid
|
$
|
5,248,846.21
|
-
|
|||||
Ending Principal Balance
|
$
|
207,847,076.76
|
$
|
35,000,000.00
|
||||
Paydown Factor
|
0.009756220
|
0.000000000
|
||||||
Ending Balance Factor
|
0.386332856
|
1.000000000
|
Page 8 of 9
|
Trust 2013-1 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|
VIII.
|
2013-1 Reconciliations
|
A
|
Principal Distribution Reconciliation
|
||||
Notes Outstanding Principal Balance
|
$
|
248,095,922.97
|
|||
Adjusted Pool Balance
|
$
|
245,227,691.44
|
|||
Overcollateralization Amount
|
$
|
2,452,276.91
|
|||
Principal Distribution Amount
|
$
|
5,320,508.44
|
|||
Principal Distribution Amount Paid
|
$
|
5,248,846.21
|
|||
B
|
Reserve Account Reconciliation
|
||||
Beginning Period Balance
|
$
|
1,249,779.00
|
|||
Reserve Funds Utilized
|
0.00
|
||||
Reserve Funds Reinstated
|
0.00
|
||||
Balance Available
|
$
|
1,249,779.00
|
|||
Required Reserve Acct Balance
|
$
|
1,249,779.00
|
|||
Release to Collection Account
|
|
-
|
|||
Ending Reserve Account Balance
|
$
|
1,249,779.00
|
|||
C
|
Floor Income Rebate Account
|
||||
Beginning Period Balance
|
$
|
24,594.34
|
|||
Deposits for the Period
|
$
|
11,429.91
|
|||
Release to Collection Account
|
|
-
|
|||
Ending Balance
|
$
|
36,024.25
|
|||
D
|
Supplemental Purchase Account
|
||||
Beginning Period Balance
|
-
|
||||
Supplemental Loan Purchases
|
-
|
||||
Transfers to Collection Account
|
-
|
||||
Ending Balance
|
-
|
Page 9 of 9
|
Trust 2013-1 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|