09/06/2024 | Press release | Distributed by Public on 09/06/2024 10:00
Page 1 of 9
|
Trust 2013-4 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|
I. |
Deal Parameters
|
A
|
Student Loan Portfolio Characteristics
|
08/15/2013
|
06/30/2024
|
07/31/2024
|
|||||||||
|
Principal Balance |
$
|
721,402,856.22
|
$
|
145,761,626.80
|
$
|
142,661,595.05
|
||||||
|
Interest to be Capitalized Balance |
12,923,603.00
|
1,550,295.27
|
1,578,893.86
|
|||||||||
|
Pool Balance |
$
|
734,326,459.22
|
$
|
147,311,922.07
|
$
|
144,240,488.91
|
||||||
|
Specified Reserve Account Balance |
3,744,487.00
|
- N/A -
|
- N/A -
|
|||||||||
|
Adjusted Pool(1) |
$
|
738,070,946.22
|
$
|
147,311,922.07
|
$
|
144,240,488.91
|
||||||
|
Weighted Average Coupon (WAC)
|
6.28%
|
|
7.09%
|
|
7.08%
|
|
||||||
|
Number of Loans |
163,648
|
23,300
|
22,752
|
|||||||||
|
Aggregate Outstanding Principal Balance - Tbill |
-
|
-
|
||||||||||
|
Aggregate Outstanding Principal Balance - SOFR |
$
|
147,311,922.07
|
$
|
144,240,488.91
|
||||||||
|
Pool Factor |
0.196705078
|
0.192603804
|
||||||||||
|
Since Issued Constant Prepayment Rate |
(23.87)%
|
|
(25.42)%
|
|
B
|
Debt Securities
|
Cusip/Isin
|
07/25/2024
|
08/26/2024
|
|||||||
A |
|
78448AAA1
|
$
|
125,269,052.17
|
$
|
122,198,084.02
|
|||||
B |
|
78448AAD5
|
$
|
20,600,000.00
|
$
|
20,600,000.00
|
C
|
Account Balances
|
07/25/2024
|
08/26/2024
|
||||||
|
Reserve Account Balance |
$
|
748,897.00
|
$
|
748,897.00
|
||||
|
Capitalized Interest Account Balance |
-
|
-
|
||||||
|
Floor Income Rebate Account |
$
|
15,382.18
|
$
|
22,704.31
|
||||
|
Supplemental Loan Purchase Account |
-
|
-
|
D
|
Asset / Liability
|
07/25/2024
|
08/26/2024
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase |
$
|
147,311,922.07
|
$
|
144,240,488.91
|
||||
|
Total Notes |
$
|
145,869,052.17
|
$
|
142,798,084.02
|
||||
|
Difference |
$
|
1,442,869.90
|
$
|
1,442,404.89
|
||||
|
Parity Ratio |
1.00989
|
1.01010
|
Page 2 of 9
|
Trust 2013-4 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
|
369,603.82
|
||||
Guarantor Principal
|
891,764.89
|
||||
Consolidation Activity Principal
|
2,295,117.68
|
||||
Seller Principal Reimbursement
|
-
|
||||
Servicer Principal Reimbursement
|
-
|
||||
Rejected Claim Repurchased Principal
|
-
|
||||
Other Principal Deposits
|
-
|
||||
Total Principal Receipts
|
$
|
3,556,486.39
|
|||
B |
Student Loan Interest Receipts
|
||||
Borrower Interest
|
208,231.05
|
||||
Guarantor Interest
|
68,640.86
|
||||
Consolidation Activity Interest
|
71,044.98
|
||||
Special Allowance Payments
|
0.00 | ||||
Interest Subsidy Payments
|
0.00
|
||||
Seller Interest Reimbursement
|
0.00
|
||||
Servicer Interest Reimbursement
|
(85.22)
|
|
|||
Rejected Claim Repurchased Interest
|
0.00
|
||||
Other Interest Deposits
|
23,168.80
|
||||
Total Interest Receipts
|
$
|
371,000.47
|
|||
C |
Reserves in Excess of Requirement
|
|
-
|
||
D |
Investment Income
|
$
|
29,531.47
|
||
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
|
$
|
(7,322.13)
|
|
||
M
|
AVAILABLE FUNDS
|
$
|
3,949,696.20
|
||
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(456,454.64)
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
15,375.18
|
||
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
Q
|
Aggregate Loan Substitutions
|
-
|
Page 3 of 9
|
Trust 2013-4 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|
III. |
2013-4 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
|
6.83%
|
|
22
|
$
|
190,417.00
|
0.133%
|
|
6.82%
|
|
18
|
$
|
153,417.00
|
0.105%
|
|
||||||||||||||||||
|
GRACE |
0.00%
|
|
0
|
|
-
|
0.000%
|
|
6.96%
|
|
4
|
$
|
37,000.00
|
0.025%
|
|
||||||||||||||||||
|
DEFERMENT |
6.85%
|
|
1,293
|
$
|
8,035,996.76
|
5.633%
|
|
6.87%
|
|
1,304
|
$
|
7,892,440.20
|
5.415%
|
|
||||||||||||||||||
REPAYMENT:
|
CURRENT
|
7.08%
|
|
15,088
|
$
|
88,430,102.36
|
61.986%
|
|
7.08%
|
|
15,658
|
$
|
91,240,006.98
|
62.595%
|
|
||||||||||||||||||
|
31-60 DAYS DELINQUENT |
7.07%
|
|
758
|
$
|
5,485,134.60
|
3.845%
|
|
7.08%
|
|
856
|
$
|
6,249,167.98
|
4.287%
|
|
||||||||||||||||||
|
61-90 DAYS DELINQUENT |
7.08%
|
|
503
|
$
|
3,717,048.78
|
2.606%
|
|
7.25%
|
|
473
|
$
|
4,055,210.48
|
2.782%
|
|
||||||||||||||||||
|
91-120 DAYS DELINQUENT |
7.31%
|
|
345
|
$
|
3,105,029.91
|
2.177%
|
|
7.04%
|
|
365
|
$
|
2,693,368.26
|
1.848%
|
|
||||||||||||||||||
|
> 120 DAYS DELINQUENT |
7.06%
|
|
944
|
$
|
6,753,190.43
|
4.734%
|
|
7.06%
|
|
920
|
$
|
6,400,920.17
|
4.391%
|
|
||||||||||||||||||
|
FORBEARANCE |
7.12%
|
|
3,176
|
$
|
23,318,051.49
|
16.345%
|
|
7.18%
|
|
3,508
|
$
|
25,665,048.26
|
17.608%
|
|
||||||||||||||||||
|
CLAIMS IN PROCESS |
7.14%
|
|
623
|
$
|
3,626,623.72
|
2.542%
|
|
6.95%
|
|
194
|
$
|
1,375,047.47
|
0.943%
|
|
||||||||||||||||||
TOTAL
|
22,752
|
$
|
142,661,595.05
|
100.00%
|
|
23,300
|
$
|
145,761,626.80
|
100.00%
|
|
Page 4 of 9
|
Trust 2013-4 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|
IV. |
2013-4 Portfolio Characteristics (cont'd)
|
07/31/2024
|
06/30/2024
|
|||||||
Pool Balance
|
$
|
144,240,488.91
|
$
|
147,311,922.07
|
||||
Outstanding Borrower Accrued Interest
|
$
|
7,027,183.79
|
$
|
7,021,610.68
|
||||
Borrower Accrued Interest to be Capitalized
|
$
|
1,578,893.86
|
$
|
1,550,295.27
|
||||
Borrower Accrued Interest >30 Days Delinquent
|
$
|
812,436.48
|
$
|
747,936.85
|
||||
Total # Loans
|
22,752
|
23,300
|
||||||
Total # Borrowers
|
7,370
|
7,558
|
||||||
Weighted Average Coupon
|
7.08%
|
|
7.09%
|
|
||||
Weighted Average Remaining Term
|
185.21
|
184.46
|
||||||
Non-Reimbursable Losses
|
$
|
15,375.18
|
$
|
14,564.73
|
||||
Cumulative Non-Reimbursable Losses
|
$
|
2,583,066.13
|
$
|
2,567,690.95
|
||||
Since Issued Constant Prepayment Rate (CPR)
|
-25.42 %
|
|
-23.87 %
|
|
||||
Loan Substitutions
|
-
|
-
|
||||||
Cumulative Loan Substitutions
|
-
|
-
|
||||||
Rejected Claim Repurchases
|
-
|
-
|
||||||
Cumulative Rejected Claim Repurchases
|
$
|
145,788.07
|
$
|
145,788.07
|
||||
Unpaid Primary Servicing Fees
|
-
|
-
|
||||||
Unpaid Administration Fees
|
-
|
-
|
||||||
Unpaid Carryover Servicing Fees
|
-
|
-
|
||||||
Note Principal Shortfall
|
|
-
|
$ |
30,249.32
|
||||
Note Interest Shortfall
|
-
|
-
|
||||||
Unpaid Interest Carryover
|
-
|
-
|
||||||
Non-Cash Principal Activity - Capitalized Interest
|
$
|
472,555.80
|
$
|
487,860.89
|
||||
Borrower Interest Accrued
|
$
|
829,556.22
|
$
|
818,504.37
|
||||
Interest Subsidy Payments Accrued
|
$
|
28,425.44
|
$
|
27,532.52
|
||||
Special Allowance Payments Accrued
|
$
|
114,882.06
|
$
|
114,132.42
|
Page 5 of 9
|
Trust 2013-4 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|
V. |
2013-4 Portfolio Statistics by School and Program
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- GSL (1) - Subsidized |
6.90%
|
|
12,191
|
52,820,512.03
|
37.025%
|
|
||||||||||
|
- GSL - Unsubsidized |
6.90%
|
|
9,863
|
73,997,875.91
|
51.870%
|
|
||||||||||
|
- PLUS (2) Loans |
8.50%
|
|
698
|
15,843,207.11
|
11.105%
|
|
||||||||||
|
- SLS (3) Loans |
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
- Consolidation Loans |
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
Total |
7.08%
|
|
22,752
|
$
|
142,661,595.05
|
100.000%
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- Four Year |
7.09%
|
|
19,995
|
131,865,873.72
|
92.433%
|
|
||||||||||
|
- Two Year |
6.97%
|
|
2,352
|
9,269,053.76
|
6.497%
|
|
||||||||||
|
- Technical |
7.06%
|
|
405
|
1,526,667.57
|
1.070%
|
|
||||||||||
|
- Other |
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||||
|
Total |
7.08%
|
|
22,752
|
$
|
142,661,595.05
|
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 2013-4 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|
VI. |
2013-4 Waterfall for Distributions
|
Paid
|
Remaining
Funds Balance
|
||||||||
Total Available Funds
|
$
|
3,949,696.20
|
|||||||
A
|
Trustee Fees
|
-
|
$
|
3,949,696.20
|
|||||
B
|
Primary Servicing Fee
|
$
|
36,108.82
|
$
|
3,913,587.38
|
||||
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
3,906,920.38
|
||||
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
669,395.50
|
$
|
3,237,524.88
|
||||
E |
Class B Noteholders' Interest Distribution Amount
|
$
|
127,475.00
|
$
|
3,110,049.88
|
||||
F
|
Reserve Account Reinstatement
|
-
|
$
|
3,110,049.88
|
|||||
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
3,070,968.15
|
$
|
39,081.73
|
||||
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
39,081.73
|
|||||
I |
Unpaid Expenses of The Trustees
|
-
|
$
|
39,081.73
|
|||||
J
|
Carryover Servicing Fee
|
-
|
$
|
39,081.73
|
|||||
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
39,081.73
|
|||||
L |
Excess Distribution Certificateholder
|
$
|
39,081.73
|
-
|
Waterfall Triggers
|
|||||
A |
Student Loan Principal Outstanding
|
$
|
142,661,595.05
|
||
B |
Interest to be Capitalized
|
$
|
1,578,893.86
|
||
C |
Capitalized Interest Account Balance
|
-
|
|||
D |
Reserve Account Balance (after any reinstatement)
|
$
|
748,897.00
|
||
E
|
Less: Specified Reserve Account Balance
|
$
|
(748,897.00)
|
|
|
F
|
Total
|
$
|
144,240,488.91
|
||
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
122,198,084.02
|
||
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 2013-4 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|
VII. |
2013-4 Distributions
|
A |
|
B |
|
|||||
Cusip/Isin
|
78448AAA1
|
78448AAD5
|
||||||
Beginning Balance
|
$
|
125,269,052.17
|
$
|
20,600,000.00
|
||||
Index
|
SOFR
|
SOFR
|
||||||
Spread/Fixed Rate
|
0.55%
|
|
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*
|
6.01162%
|
|
6.96162%
|
|
||||
Accrued Interest Factor
|
0.005343662
|
0.006188107
|
||||||
Current Interest Due
|
$
|
669,395.50
|
$
|
127,475.00
|
||||
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
Total Interest Due
|
$
|
669,395.50
|
$
|
127,475.00
|
||||
Interest Paid
|
$
|
669,395.50
|
$
|
127,475.00
|
||||
Interest Shortfall
|
-
|
-
|
||||||
Principal Paid
|
$
|
3,070,968.15
|
-
|
|||||
Ending Principal Balance
|
$
|
122,198,084.02
|
$
|
20,600,000.00
|
||||
Paydown Factor
|
0.004229984
|
0.000000000
|
||||||
Ending Balance Factor
|
0.168316920
|
1.000000000
|
Page 8 of 9
|
Trust 2013-4 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|
VIII. |
2013-4 Reconciliations
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance |
$
|
145,869,052.17
|
||
|
Adjusted Pool Balance |
$
|
144,240,488.91
|
||
|
Overcollateralization Amount |
$
|
1,442,404.89
|
||
|
Principal Distribution Amount |
$
|
3,070,968.15
|
||
|
Principal Distribution Amount Paid |
$
|
3,070,968.15
|
||
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance |
$
|
748,897.00
|
||
|
Reserve Funds Utilized |
0.00
|
|||
|
Reserve Funds Reinstated |
0.00
|
|||
|
Balance Available |
$
|
748,897.00
|
||
|
Required Reserve Acct Balance |
$
|
748,897.00
|
||
|
Release to Collection Account |
|
-
|
||
|
Ending Reserve Account Balance |
$
|
748,897.00
|
||
C
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance |
$
|
15,382.18
|
||
|
Deposits for the Period |
$
|
7,322.13
|
||
|
Release to Collection Account |
|
-
|
|
|
|
Ending Balance |
$
|
22,704.31
|
||
D
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance |
-
|
|||
|
Supplemental Loan Purchases |
-
|
|||
|
Transfers to Collection Account |
-
|
|||
|
Ending Balance |
-
|
Page 9 of 9
|
Trust 2013-4 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024
|