09/04/2024 | Press release | Distributed by Public on 09/04/2024 17:17
|
• |
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 120 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
|
$
|
202,848,431
|
||
Aggregate Outstanding Principal Balance - Treasury Bill
|
$
|
31,073,782
|
||
Percentage of Aggregate Outstanding Principal Balance - Treasury Bill
|
15.32
|
%
|
||
Aggregate Outstanding Principal Balance - 30-day Average SOFR
|
$
|
171,774,649
|
||
Percentage of Aggregate Outstanding Principal Balance - 30-day Average SOFR
|
84.68
|
%
|
||
Number of Borrowers
|
5,136
|
|||
Average Outstanding Principal Balance Per Borrower
|
$
|
39,495
|
||
Number of Loans
|
9,060
|
|||
Average Outstanding Principal Balance Per Loan - Treasury Bill
|
$
|
47,953
|
||
Average Outstanding Principal Balance Per Loan - 30-day Average SOFR
|
$
|
20,420
|
||
Weighted Average Remaining Term to Scheduled Maturity
|
187 months
|
|||
Weighted Average Annual Interest Rate
|
6.29
|
%
|
Interest Rates
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Less than or equal to 3.00%
|
0
|
$
|
0
|
0.0
|
%
|
|||||||
3.01% to 3.50%
|
183
|
2,081,268
|
1.0
|
|||||||||
3.51% to 4.00%
|
408
|
6,842,041
|
3.4
|
|||||||||
4.01% to 4.50%
|
1,657
|
22,021,264
|
10.9
|
|||||||||
4.51% to 5.00%
|
2,587
|
44,760,712
|
22.1
|
|||||||||
5.01% to 5.50%
|
498
|
10,022,252
|
4.9
|
|||||||||
5.51% to 6.00%
|
396
|
8,356,818
|
4.1
|
|||||||||
6.01% to 6.50%
|
613
|
12,649,992
|
6.2
|
|||||||||
6.51% to 7.00%
|
1,111
|
27,229,177
|
13.4
|
|||||||||
7.01% to 7.50%
|
252
|
7,498,937
|
3.7
|
|||||||||
7.51% to 8.00%
|
524
|
21,089,528
|
10.4
|
|||||||||
8.01% to 8.50%
|
629
|
27,069,558
|
13.3
|
|||||||||
Equal to or greater than 8.51%
|
202
|
13,226,884
|
6.5
|
|||||||||
Total
|
9,060
|
$
|
202,848,431
|
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
|
730
|
$
|
1,893,640
|
0.9
|
%
|
|||||||||
$
|
5,000.00-$ 9,999.99
|
686
|
5,110,743
|
2.5
|
||||||||||
$
|
10,000.00-$14,999.99
|
522
|
6,538,605
|
3.2
|
||||||||||
$
|
15,000.00-$19,999.99
|
457
|
7,976,442
|
3.9
|
||||||||||
$
|
20,000.00-$24,999.99
|
370
|
8,300,372
|
4.1
|
||||||||||
$
|
25,000.00-$29,999.99
|
336
|
9,235,985
|
4.6
|
||||||||||
$
|
30,000.00-$34,999.99
|
277
|
8,898,471
|
4.4
|
||||||||||
$
|
35,000.00-$39,999.99
|
222
|
8,304,705
|
4.1
|
||||||||||
$
|
40,000.00-$44,999.99
|
171
|
7,231,180
|
3.6
|
||||||||||
$
|
45,000.00-$49,999.99
|
177
|
8,373,548
|
4.1
|
||||||||||
$
|
50,000.00-$54,999.99
|
144
|
7,544,851
|
3.7
|
||||||||||
$
|
55,000.00-$59,999.99
|
105
|
6,022,165
|
3.0
|
||||||||||
$
|
60,000.00-$64,999.99
|
81
|
5,050,978
|
2.5
|
||||||||||
$
|
65,000.00-$69,999.99
|
94
|
6,342,109
|
3.1
|
||||||||||
$
|
70,000.00-$74,999.99
|
77
|
5,568,169
|
2.7
|
||||||||||
$
|
75,000.00-$79,999.99
|
66
|
5,105,937
|
2.5
|
||||||||||
$
|
80,000.00-$84,999.99
|
51
|
4,210,314
|
2.1
|
||||||||||
$
|
85,000.00-$89,999.99
|
52
|
4,546,824
|
2.2
|
||||||||||
$
|
90,000.00-$94,999.99
|
37
|
3,426,741
|
1.7
|
||||||||||
$
|
95,000.00-$99,999.99
|
33
|
3,226,579
|
1.6
|
||||||||||
$100,000.00 and above
|
448
|
79,940,073
|
39.4
|
|||||||||||
Total
|
5,136
|
$
|
202,848,431
|
100.0
|
%
|
Number of Days Delinquent
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
0-30 days
|
8,580
|
$
|
187,604,864
|
92.5%
|
|
|||||||
31-60 days
|
171
|
5,724,929
|
2.8
|
|||||||||
61-90 days
|
73
|
2,926,947
|
1.4
|
|||||||||
91-120 days
|
53
|
1,343,611
|
0.7
|
|||||||||
121-150 days
|
39
|
1,180,926
|
0.6
|
|||||||||
151-180 days
|
31
|
789,322
|
0.4
|
|||||||||
181-210 days
|
27
|
765,443
|
0.4
|
|||||||||
Greater than 210 days
|
86
|
2,512,388
|
1.2
|
|||||||||
Total
|
9,060
|
$
|
202,848,431
|
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
|
61
|
$
|
19,158
|
*
|
||||||||
4 to12
|
220
|
268,853
|
0.1%
|
|
||||||||
13 to 24
|
321
|
947,539
|
0.5
|
|||||||||
25 to 36
|
474
|
1,944,175
|
1.0
|
|||||||||
37 to 48
|
978
|
4,314,463
|
2.1
|
|||||||||
49 to 60
|
517
|
4,171,058
|
2.1
|
|||||||||
61 to 72
|
424
|
4,238,982
|
2.1
|
|||||||||
73 to 84
|
386
|
4,843,096
|
2.4
|
|||||||||
85 to 96
|
498
|
6,950,513
|
3.4
|
|||||||||
97 to 108
|
1,176
|
15,633,399
|
7.7
|
|||||||||
109 to 120
|
500
|
9,644,653
|
4.8
|
|||||||||
121 to 132
|
544
|
12,767,999
|
6.3
|
|||||||||
133 to 144
|
430
|
11,905,665
|
5.9
|
|||||||||
145 to 156
|
322
|
10,121,531
|
5.0
|
|||||||||
157 to 168
|
352
|
12,586,763
|
6.2
|
|||||||||
169 to 180
|
283
|
10,158,003
|
5.0
|
|||||||||
181 to 192
|
214
|
8,425,756
|
4.2
|
|||||||||
193 to 204
|
169
|
6,793,937
|
3.3
|
|||||||||
205 to 216
|
152
|
6,870,541
|
3.4
|
|||||||||
217 to 228
|
121
|
4,997,350
|
2.5
|
|||||||||
229 to 240
|
110
|
5,135,523
|
2.5
|
|||||||||
241 to 252
|
79
|
4,566,772
|
2.3
|
|||||||||
253 to 264
|
72
|
3,535,302
|
1.7
|
|||||||||
265 to 276
|
66
|
3,342,123
|
1.6
|
|||||||||
277 to 288
|
63
|
3,817,908
|
1.9
|
|||||||||
289 to 300
|
193
|
7,347,708
|
3.6
|
|||||||||
301 to 312
|
429
|
28,338,874
|
14.0
|
|||||||||
313 to 324
|
9
|
850,445
|
0.4
|
|||||||||
325 to 336
|
10
|
935,424
|
0.5
|
|||||||||
337 to 348
|
7
|
945,843
|
0.5
|
|||||||||
349 to 360
|
23
|
3,164,404
|
1.6
|
|||||||||
361 and above
|
26
|
3,264,672
|
1.6
|
|||||||||
Total
|
9,060
|
$
|
202,848,431
|
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
|
199
|
$
|
6,124,055
|
3.0%
|
|
|||||||
Forbearance
|
780
|
32,180,000
|
15.9
|
|||||||||
Repayment
|
||||||||||||
First year in repayment
|
36
|
2,976,524
|
1.5
|
|||||||||
Second year in repayment
|
35
|
2,431,291
|
1.2
|
|||||||||
Third year in repayment
|
48
|
3,052,295
|
1.5
|
|||||||||
More than 3 years in repayment
|
7,962
|
156,084,266
|
76.9
|
|||||||||
Total
|
9,060
|
$
|
202,848,431
|
100.0%
|
|
|
• |
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
|
17.6
|
-
|
217.8
|
|||||||||
Forbearance
|
-
|
11.2
|
225.4
|
|||||||||
Repayment
|
-
|
-
|
175.5
|
State
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Alabama
|
71
|
1,502,664
|
$
|
0.7
|
% | |||||||
Alaska
|
5
|
112,492
|
0.1
|
|||||||||
Arizona
|
189
|
4,409,802
|
2.2
|
|||||||||
Arkansas
|
51
|
1,739,216
|
0.9
|
|||||||||
California
|
1,062
|
24,306,687
|
12.0
|
|||||||||
Colorado
|
156
|
2,751,481
|
1.4
|
|||||||||
Connecticut
|
138
|
3,152,926
|
1.6
|
|||||||||
Delaware
|
14
|
692,775
|
0.3
|
|||||||||
District of Columbia
|
30
|
456,157
|
0.2
|
|||||||||
Florida
|
663
|
17,154,671
|
8.5
|
|||||||||
Georgia
|
364
|
8,658,281
|
4.3
|
|||||||||
Hawaii
|
22
|
363,206
|
0.2
|
|||||||||
Idaho
|
29
|
493,140
|
0.2
|
|||||||||
Illinois
|
373
|
6,998,603
|
3.5
|
|||||||||
Indiana
|
129
|
1,777,503
|
0.9
|
|||||||||
Iowa
|
45
|
1,190,573
|
0.6
|
|||||||||
Kansas
|
123
|
3,027,962
|
1.5
|
|||||||||
Kentucky
|
49
|
862,390
|
0.4
|
|||||||||
Louisiana
|
290
|
6,381,286
|
3.1
|
|||||||||
Maine
|
38
|
935,125
|
0.5
|
|||||||||
Maryland
|
260
|
6,076,773
|
3.0
|
|||||||||
Massachusetts
|
241
|
3,856,012
|
1.9
|
|||||||||
Michigan
|
229
|
6,679,375
|
3.3
|
|||||||||
Minnesota
|
133
|
2,539,204
|
1.3
|
|||||||||
Mississippi
|
105
|
2,963,890
|
1.5
|
|||||||||
Missouri
|
227
|
4,837,964
|
2.4
|
|||||||||
Montana
|
11
|
402,344
|
0.2
|
|||||||||
Nebraska
|
14
|
396,803
|
0.2
|
|||||||||
Nevada
|
86
|
2,571,478
|
1.3
|
|||||||||
New Hampshire
|
47
|
982,619
|
0.5
|
|||||||||
New Jersey
|
226
|
4,970,144
|
2.5
|
|||||||||
New Mexico
|
26
|
507,373
|
0.3
|
|||||||||
New York
|
580
|
12,516,547
|
6.2
|
|||||||||
North Carolina
|
258
|
5,497,214
|
2.7
|
|||||||||
North Dakota
|
2
|
5,661
|
*
|
|||||||||
Ohio
|
71
|
1,200,868
|
0.6
|
|||||||||
Oklahoma
|
218
|
5,227,618
|
2.6
|
|||||||||
Oregon
|
146
|
3,479,537
|
1.7
|
|||||||||
Pennsylvania
|
246
|
4,927,107
|
2.4
|
|||||||||
Rhode Island
|
22
|
248,676
|
0.1
|
|||||||||
South Carolina
|
127
|
2,961,849
|
1.5
|
|||||||||
South Dakota
|
10
|
79,955
|
*
|
|||||||||
Tennessee
|
170
|
4,411,648
|
2.2
|
|||||||||
Texas
|
981
|
20,444,140
|
10.1
|
|||||||||
Utah
|
27
|
691,689
|
0.3
|
|||||||||
Vermont
|
13
|
151,804
|
0.1
|
|||||||||
Virginia
|
261
|
4,802,221
|
2.4
|
|||||||||
Washington
|
262
|
5,645,325
|
2.8
|
|||||||||
West Virginia
|
31
|
640,822
|
0.3
|
|||||||||
Wisconsin
|
102
|
3,751,105
|
1.8
|
|||||||||
Wyoming
|
9
|
103,401
|
0.1
|
|||||||||
Other
|
106
|
2,310,324
|
1.1
|
|||||||||
Total
|
9,060
|
$ |
202,848,431
|
|
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
|
4,222
|
$
|
71,669,631
|
35.3%
|
|
|||||||
Other Repayment Options(1)
|
3,337
|
69,934,786
|
34.5
|
|||||||||
Income-driven Repayment(2)
|
1,501
|
61,244,014
|
30.2
|
|||||||||
Total
|
9,060
|
$
|
202,848,431
|
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
|
4,485
|
$
|
85,564,821
|
42.2%
|
|
|||||||
Unsubsidized
|
4,575
|
117,283,610
|
57.8
|
|||||||||
Total
|
9,060
|
$
|
202,848,431
|
100.0%
|
|
Disbursement Date
|
Number
of Loans
|
Aggregate Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
September 30, 1993 and earlier
|
16
|
$
|
814,040
|
0.4%
|
|
|||||||
October 1, 1993 through June 30, 2006
|
9,044
|
202,034,392
|
99.6
|
|||||||||
July 1, 2006 and later
|
0
|
0
|
0.0
|
|||||||||
Total
|
9,060
|
$
|
202,848,431
|
100.0%
|
|
Name of Guaranty Agency
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
American Student Assistance
|
407
|
$
|
6,190,329
|
3.1%
|
|
|||||||
College Assist
|
2
|
107,359
|
0.1
|
|||||||||
Educational Credit Management Corporation
|
701
|
14,712,177
|
7.3
|
|||||||||
Great Lakes Higher Education Corporation
|
4,921
|
119,063,608
|
58.7
|
|||||||||
Kentucky Higher Educ. Asst. Auth.
|
242
|
3,984,430
|
2.0
|
|||||||||
Michigan Guaranty Agency
|
137
|
2,637,759
|
1.3
|
|||||||||
Oklahoma Guaranteed Stud Loan Prog
|
211
|
3,684,132
|
1.8
|
|||||||||
Pennsylvania Higher Education Assistance Agency
|
764
|
16,319,289
|
8.0
|
|||||||||
Texas Guaranteed Student Loan Corp
|
1,675
|
36,249,348
|
17.8
|
|||||||||
Total
|
9,060
|
$
|
202,848,431
|
100.0%
|
|