10/08/2024 | Press release | Distributed by Public on 10/08/2024 09:17
Page 1 of 9
|
Trust 2013-2 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024 |
I.
|
Deal Parameters
|
A
|
Student Loan Portfolio Characteristics
|
04/11/2013
|
07/31/2024
|
08/31/2024
|
|||||||||
Principal Balance
|
$
|
1,199,855,662.11
|
$
|
268,690,673.86
|
$
|
265,154,012.01
|
|||||||
Interest to be Capitalized Balance
|
22,726,208.62
|
3,120,153.86
|
3,019,800.58
|
||||||||||
Pool Balance
|
$
|
1,222,581,870.73
|
$
|
271,810,827.72
|
$
|
268,173,812.59
|
|||||||
Specified Reserve Account Balance
|
7,490,748.00
|
- N/A -
|
- N/A -
|
||||||||||
Adjusted Pool (1)
|
$
|
1,230,072,618.73
|
$
|
271,810,827.72
|
$
|
268,173,812.59
|
|||||||
Weighted Average Coupon (WAC)
|
6.73%
|
|
6.94%
|
|
6.94%
|
|
|||||||
Number of Loans
|
289,265
|
43,056
|
42,337
|
||||||||||
Aggregate Outstanding Principal Balance - Tbill
|
$
|
538,489.90
|
$
|
515,738.28
|
|||||||||
Aggregate Outstanding Principal Balance - SOFR
|
$
|
271,272,337.82
|
$
|
267,658,074.31
|
|||||||||
Pool Factor
|
|
0.217717243
|
0.214804037
|
||||||||||
Since Issued Constant Prepayment Rate
|
(42.04)%
|
|
(43.63)%
|
|
(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
|
08/26/2024
|
09/25/2024
|
|||||
A |
78446CAA9
|
$
|
234,092,719.44
|
$
|
230,492,074.46
|
||||
B |
78446CAB7
|
$
|
35,000,000.00
|
$
|
35,000,000.00
|
C |
Account Balances
|
08/26/2024
|
09/25/2024
|
|||||
Reserve Account Balance
|
$
|
1,248,458.00
|
$
|
1,248,458.00
|
||||
Capitalized Interest Account Balance
|
-
|
-
|
||||||
Floor Income Rebate Account
|
$
|
28,543.18
|
$
|
8,608.59
|
||||
Supplemental Loan Purchase Account
|
-
|
-
|
D
|
Asset / Liability
|
08/26/2024
|
09/25/2024
|
|||||
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
271,810,827.72
|
$
|
268,173,812.59
|
||||
Total Notes
|
$
|
269,092,719.44
|
$
|
265,492,074.46
|
||||
Difference
|
$
|
2,718,108.28
|
$
|
2,681,738.13
|
||||
Parity Ratio
|
1.01010
|
1.01010
|
Page 2 of 9
|
Trust 2013-2 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024 |
II.
|
Trust Activity 08/01/2024 through 08/31/2024
|
A
|
Student Loan Principal Receipts
|
||||
Borrower Principal
|
556,739.55
|
||||
Guarantor Principal
|
1,896,332.22
|
||||
Consolidation Activity Principal
|
1,968,898.17
|
||||
Seller Principal Reimbursement
|
-
|
||||
Servicer Principal Reimbursement
|
-
|
||||
Rejected Claim Repurchased Principal
|
-
|
||||
Other Principal Deposits
|
2,073.67
|
||||
Total Principal Receipts
|
$
|
4,424,043.61
|
|||
B
|
Student Loan Interest Receipts
|
||||
Borrower Interest
|
310,186.85
|
||||
Guarantor Interest
|
94,394.44
|
||||
Consolidation Activity Interest
|
105,302.92
|
||||
Special Allowance Payments
|
650,725.64
|
||||
Interest Subsidy Payments
|
190,476.07
|
||||
Seller Interest Reimbursement
|
0.00
|
||||
Servicer Interest Reimbursement
|
0.00
|
||||
Rejected Claim Repurchased Interest
|
0.00
|
||||
Other Interest Deposits
|
25,960.02
|
||||
Total Interest Receipts
|
$
|
1,377,045.94
|
|||
C
|
Reserves in Excess of Requirement
|
|
-
|
||
D
|
Investment Income
|
$
|
40,032.78
|
||
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
|
$ |
28,543.18
|
||
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
|
$ |
(29,358.32)
|
|
||
Funds Allocated to the Floor Income Rebate Account
|
$
|
(8,608.59)
|
|
||
M
|
AVAILABLE FUNDS
|
$
|
5,831,698.60
|
||
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(887,381.76)
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
24,033.86
|
||
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
$ |
2,081.77
|
||
Q
|
Aggregate Loan Substitutions
|
-
|
Page 3 of 9
|
Trust 2013-2 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024 |
III.
|
2013-2 Portfolio Characteristics
|
08/31/2024
|
07/31/2024
|
||||||||||||||||||||||||||||
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of Principal
|
||||||||||||||||||||||
INTERIM:
|
IN SCHOOL
|
6.80%
|
|
18
|
$
|
97,714.30
|
0.037%
|
|
6.81%
|
|
21
|
$
|
104,287.48
|
0.039%
|
|
||||||||||||||
|
GRACE
|
6.93%
|
|
4
|
$
|
8,650.00
|
0.003%
|
|
6.80%
|
|
2
|
$
|
3,750.00
|
0.001%
|
|
||||||||||||||
|
DEFERMENT
|
6.85%
|
|
2,651
|
$
|
15,604,200.77
|
5.885%
|
|
6.89%
|
|
2,743
|
$
|
16,085,992.41
|
5.987%
|
|
||||||||||||||
REPAYMENT:
|
CURRENT
|
6.94%
|
|
27,578
|
$
|
162,173,830.48
|
61.162%
|
|
6.94%
|
|
27,702
|
$
|
161,680,151.10
|
60.173%
|
|
||||||||||||||
|
31-60 DAYS DELINQUENT
|
6.95%
|
|
1,132
|
$
|
7,939,895.85
|
2.994%
|
|
6.94%
|
|
1,432
|
$
|
10,294,523.25
|
3.831%
|
|
||||||||||||||
|
61-90 DAYS DELINQUENT
|
6.95%
|
|
976
|
$
|
7,351,756.23
|
2.773%
|
|
6.94%
|
|
1,009
|
$
|
7,587,217.26
|
2.824%
|
|
||||||||||||||
|
91-120 DAYS DELINQUENT
|
6.95%
|
|
721
|
$
|
5,351,184.03
|
2.018%
|
|
6.98%
|
|
685
|
$
|
5,327,490.26
|
1.983%
|
|
||||||||||||||
|
> 120 DAYS DELINQUENT
|
6.94%
|
|
1,823
|
$
|
13,156,876.49
|
4.962%
|
|
6.92%
|
|
1,764
|
$
|
12,394,340.47
|
4.613%
|
|
||||||||||||||
|
FORBEARANCE
|
6.96%
|
|
6,492
|
$
|
47,679,899.07
|
17.982%
|
|
6.97%
|
|
7,139
|
$
|
51,672,168.58
|
19.231%
|
|
||||||||||||||
|
CLAIMS IN PROCESS
|
7.05%
|
|
941
|
$
|
5,768,616.29
|
2.176%
|
|
6.97%
|
|
558
|
$
|
3,519,364.55
|
1.310%
|
|
||||||||||||||
AGED CLAIMS REJECTED |
|
|
6.80% |
|
|
|
1 |
|
$ |
21,388.50 |
|
|
0.008% |
|
|
|
6.80% |
|
|
|
1 |
|
$ |
21,388.50 |
|
|
0.008% |
||
TOTAL
|
42,337
|
$
|
265,154,012.01
|
100.00%
|
|
43,056
|
$
|
268,690,673.86
|
100.00%
|
|
*
|
Percentages may not total 100% due to rounding
|
Page 4 of 9
|
Trust 2013-2 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024 |
IV. |
2013-2 Portfolio Characteristics (cont'd) |
08/31/2024
|
07/31/2024
|
|||||||
Pool Balance
|
$
|
268,173,812.59
|
$
|
271,810,827.72
|
||||
Outstanding Borrower Accrued Interest
|
$
|
12,263,124.33
|
$
|
12,191,738.89
|
||||
Borrower Accrued Interest to be Capitalized
|
$
|
3,019,800.58
|
$
|
3,120,153.86
|
||||
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,489,038.65
|
$
|
1,332,712.18
|
||||
Total # Loans
|
42,337
|
43,056
|
||||||
Total # Borrowers
|
18,332
|
18,656
|
||||||
Weighted Average Coupon
|
6.94%
|
|
6.94%
|
|
||||
Weighted Average Remaining Term
|
188.25
|
188.16
|
||||||
Non-Reimbursable Losses
|
$
|
24,033.86
|
$
|
27,416.43
|
||||
Cumulative Non-Reimbursable Losses
|
$
|
6,317,526.93
|
$
|
6,293,493.07
|
||||
Since Issued Constant Prepayment Rate (CPR)
|
-43.63%
|
|
-42.04%
|
|
||||
Loan Substitutions
|
-
|
-
|
||||||
Cumulative Loan Substitutions
|
-
|
-
|
||||||
Rejected Claim Repurchases
|
-
|
-
|
||||||
Cumulative Rejected Claim Repurchases
|
$
|
541,651.02
|
$
|
541,651.02
|
||||
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
|
$
|
912,171.63
|
$
|
896,475.20
|
||||
Borrower Interest Accrued
|
$
|
1,495,773.28
|
$
|
1,526,326.34
|
||||
Interest Subsidy Payments Accrued
|
$
|
59,756.83
|
$
|
60,901.94
|
||||
Special Allowance Payments Accrued
|
$
|
218,091.50
|
$
|
216,685.12
|
Page 5 of 9
|
Trust 2013-2 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024 |
V. |
2013-2 Portfolio Statistics by School and Program |
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
||||||||
- GSL (1) - Subsidized
|
6.83%
|
|
22,735
|
104,806,775.17
|
39.527%
|
|
||||||||
- GSL - Unsubsidized
|
6.83%
|
|
18,601
|
143,212,011.22
|
54.011%
|
|
||||||||
- PLUS (2) Loans
|
8.50%
|
|
996
|
17,124,567.72
|
6.458%
|
|
||||||||
- SLS (3) Loans
|
8.27%
|
|
5
|
10,657.90
|
0.004%
|
|
||||||||
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||
Total
|
6.94%
|
|
42,337
|
$
|
265,154,012.01
|
100.000%
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
||||||||
- Four Year
|
6.95%
|
|
34,956
|
228,665,561.48
|
86.239%
|
|
||||||||
- Two Year
|
6.89%
|
|
6,285
|
30,849,448.11
|
11.635%
|
|
||||||||
- Technical
|
6.91%
|
|
1,071
|
5,558,261.62
|
2.096%
|
|
||||||||
- Other
|
7.03%
|
|
25
|
80,740.80
|
0.030%
|
|
||||||||
Total
|
6.94%
|
|
42,337
|
$
|
265,154,012.01
|
100.000%
|
|
*
|
Percentages may not total 100% due to rounding.
|
(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 2013-2 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024 |
VI.
|
2013-2 Waterfall for Distributions |
Paid
|
Remaining
Funds Balance
|
|||||||
Total Available Funds
|
$
|
5,831,698.60
|
||||||
A |
Trustee Fees |
-
|
$ |
5,831,698.60
|
||||
B |
Primary Servicing Fee
|
$
|
90,806.13
|
$
|
5,740,892.47
|
|||
C |
Administration Fee
|
$
|
6,667.00
|
$
|
5,734,225.47
|
|||
D |
Class A Noteholders' Interest Distribution Amount
|
$
|
1,153,554.30
|
$
|
4,580,671.17
|
|||
E |
Class B Noteholders' Interest Distribution Amount
|
$
|
203,096.83
|
$
|
4,377,574.34
|
|||
F |
Reserve Account Reinstatement
|
-
|
$
|
4,377,574.34
|
||||
G |
Class A Noteholders' Principal Distribution Amount
|
$
|
3,600,644.98
|
$
|
776,929.36
|
|||
H |
Class B Noteholders' Principal Distribution Amount
|
-
|
$
|
776,929.36
|
||||
I |
Unpaid Expenses of The Trustees
|
-
|
$
|
776,929.36
|
||||
J |
Carryover Servicing Fee
|
-
|
$
|
776,929.36
|
||||
K |
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
776,929.36
|
||||
L |
Excess Distribution Certificateholder
|
$
|
776,929.36
|
-
|
Waterfall Triggers
|
|||||
A |
Student Loan Principal Outstanding
|
$
|
265,154,012.01
|
||
B |
Interest to be Capitalized
|
$
|
3,019,800.58
|
||
C |
Capitalized Interest Account Balance
|
-
|
|||
D |
Reserve Account Balance (after any reinstatement)
|
$
|
1,248,458.00
|
||
E |
Less: Specified Reserve Account Balance
|
$
|
(1,248,458.00)
|
|
|
F |
Total
|
$
|
268,173,812.59
|
||
G |
Class A Notes Outstanding (after application of available funds)
|
$
|
230,492,074.46
|
||
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 2013-2 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024 |
VII.
|
2013-2 Distributions |
|
A |
|
B
|
|
||||
Cusip/Isin
|
78446CAA9
|
78446CAB7
|
||||||
Beginning Balance
|
$
|
234,092,719.44
|
$
|
35,000,000.00
|
||||
Index
|
SOFR
|
SOFR
|
||||||
Spread/Fixed Rate
|
0.45%
|
|
1.50%
|
|
||||
Record Date (Days Prior to Distribution)
|
1 NEW YORK BUSINESS DAY
|
1 NEW YORK BUSINESS DAY
|
||||||
Accrual Period Begin
|
8/26/2024
|
8/26/2024
|
||||||
Accrual Period End
|
9/25/2024
|
9/25/2024
|
||||||
Daycount Fraction
|
0.08333333
|
0.08333333
|
||||||
Interest Rate*
|
5.91332%
|
|
6.96332%
|
|
||||
Accrued Interest Factor
|
0.004927767
|
0.005802767
|
||||||
Current Interest Due
|
$
|
1,153,554.30
|
$
|
203,096.83
|
||||
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
Total Interest Due
|
$
|
1,153,554.30
|
$
|
203,096.83
|
||||
Interest Paid
|
$
|
1,153,554.30
|
$
|
203,096.83
|
||||
Interest Shortfall
|
-
|
-
|
||||||
Principal Paid
|
$
|
3,600,644.98
|
-
|
|||||
Ending Principal Balance
|
$
|
230,492,074.46
|
$
|
35,000,000.00
|
||||
Paydown Factor
|
0.002973282
|
0.000000000 | ||||||
Ending Balance Factor
|
0.190332019
|
1.000000000
|
Page 8 of 9
|
Trust 2013-2 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024 |
VIII.
|
2013-2 Reconciliations |
A
|
Principal Distribution Reconciliation
|
||||
Notes Outstanding Principal Balance
|
$
|
269,092,719.44
|
|||
Adjusted Pool Balance
|
$
|
268,173,812.59
|
|||
Overcollateralization Amount
|
$
|
2,681,738.13
|
|||
Principal Distribution Amount
|
$
|
3,600,644.98
|
|||
Principal Distribution Amount Paid
|
$
|
3,600,644.98
|
|||
B
|
Reserve Account Reconciliation
|
||||
Beginning Period Balance
|
$
|
1,248,458.00
|
|||
Reserve Funds Utilized
|
0.00
|
||||
Reserve Funds Reinstated
|
0.00
|
||||
Balance Available
|
$
|
1,248,458.00
|
|||
Required Reserve Acct Balance
|
$
|
1,248,458.00
|
|||
Release to Collection Account
|
-
|
||||
Ending Reserve Account Balance
|
$
|
1,248,458.00
|
|||
C
|
Floor Income Rebate Account
|
||||
Beginning Period Balance
|
$
|
28,543.18
|
|||
Deposits for the Period
|
$
|
8,608.59
|
|||
Release to Collection Account
|
$
|
(28,543.18)
|
|
||
Ending Balance
|
$
|
8,608.59
|
|||
D
|
Supplemental Purchase Account
|
||||
Beginning Period Balance
|
-
|
||||
Supplemental Loan Purchases
|
-
|
||||
Transfers to Collection Account
|
-
|
||||
Ending Balance
|
-
|
Page 9 of 9
|
Trust 2013-2 Monthly Servicing Report: Collection Period 08/01/2024 - 08/31/2024, Distribution Date 09/25/2024 |