09/04/2024 | Press release | Distributed by Public on 09/04/2024 17:08
|
• |
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;
|
|
• |
was originated in the United States, its territories or its possessions in accordance with the FFELP;
|
|
• |
contained terms in accordance with those required by the FFELP, the guarantee agreements and other applicable requirements;
|
|
• |
provided for periodic payments that will fully amortize the amount financed over its term to maturity, exclusive of any deferral or forbearance periods;
|
|
• |
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
|
$
|
242,682,970
|
||
Aggregate Outstanding Principal Balance - Treasury Bill
|
$
|
36,322,426
|
||
Percentage of Aggregate Outstanding Principal Balance - Treasury Bill
|
14.97
|
%
|
||
Aggregate Outstanding Principal Balance - 30-day Average SOFR
|
$
|
206,360,544
|
||
Percentage of Aggregate Outstanding Principal Balance - 30-day Average SOFR
|
85.03
|
%
|
||
Number of Borrowers
|
6,308
|
|||
Average Outstanding Principal Balance Per Borrower
|
$
|
38,472
|
||
Number of Loans
|
11,229
|
|||
Average Outstanding Principal Balance Per Loan - Treasury Bill
|
$
|
41,846
|
||
Average Outstanding Principal Balance Per Loan - 30-day Average SOFR
|
$
|
19,917
|
||
Weighted Average Remaining Term to Scheduled Maturity
|
185 months
|
|||
Weighted Average Annual Interest Rate
|
6.19
|
%
|
Interest Rates
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Less than or equal to 3.00%
|
1
|
$
|
29,121
|
*
|
||||||||
3.01% to 3.50%
|
817
|
9,802,052
|
4.0
|
%
|
||||||||
3.51% to 4.00%
|
1,001
|
16,729,173
|
6.9
|
|||||||||
4.01% to 4.50%
|
2,074
|
28,801,194
|
11.9
|
|||||||||
4.51% to 5.00%
|
2,363
|
38,889,855
|
16.0
|
|||||||||
5.01% to 5.50%
|
541
|
9,671,392
|
4.0
|
|||||||||
5.51% to 6.00%
|
566
|
10,419,218
|
4.3
|
|||||||||
6.01% to 6.50%
|
894
|
20,516,950
|
8.5
|
|||||||||
6.51% to 7.00%
|
822
|
21,731,792
|
9.0
|
|||||||||
7.01% to 7.50%
|
351
|
11,775,746
|
4.9
|
|||||||||
7.51% to 8.00%
|
713
|
25,560,298
|
10.5
|
|||||||||
8.01% to 8.50%
|
840
|
32,654,418
|
13.5
|
|||||||||
Equal to or greater than 8.51%
|
246
|
16,101,761
|
6.6
|
|||||||||
Total
|
11,229
|
$
|
242,682,970
|
100.0
|
%
|
*
|
Represents a percentage greater than 0% but less than 0.05%.
|
Range of Outstanding
Principal Balance
|
Number of
Borrowers
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
||||||||||
Less than $5,000.00
|
923
|
$
|
2,416,203
|
1.0
|
%
|
||||||||
$ 5,000.00-$ 9,999.99
|
882
|
6,583,452
|
2.7
|
||||||||||
$10,000.00-$14,999.99
|
682
|
8,380,979
|
3.5
|
||||||||||
$15,000.00-$19,999.99
|
555
|
9,649,540
|
4.0
|
||||||||||
$20,000.00-$24,999.99
|
429
|
9,632,101
|
4.0
|
||||||||||
$25,000.00-$29,999.99
|
421
|
11,548,566
|
4.8
|
||||||||||
$30,000.00-$34,999.99
|
331
|
10,762,818
|
4.4
|
||||||||||
$35,000.00-$39,999.99
|
285
|
10,679,295
|
4.4
|
||||||||||
$40,000.00-$44,999.99
|
225
|
9,542,808
|
3.9
|
||||||||||
$45,000.00-$49,999.99
|
183
|
8,682,860
|
3.6
|
||||||||||
$50,000.00-$54,999.99
|
135
|
7,094,092
|
2.9
|
||||||||||
$55,000.00-$59,999.99
|
139
|
7,970,732
|
3.3
|
||||||||||
$60,000.00-$64,999.99
|
120
|
7,480,255
|
3.1
|
||||||||||
$65,000.00-$69,999.99
|
101
|
6,811,556
|
2.8
|
||||||||||
$70,000.00-$74,999.99
|
97
|
6,989,357
|
2.9
|
||||||||||
$75,000.00-$79,999.99
|
68
|
5,251,043
|
2.2
|
||||||||||
$80,000.00-$84,999.99
|
59
|
4,855,475
|
2.0
|
||||||||||
$85,000.00-$89,999.99
|
65
|
5,674,764
|
2.3
|
||||||||||
$90,000.00-$94,999.99
|
46
|
4,254,383
|
1.8
|
||||||||||
$95,000.00-$99,999.99
|
43
|
4,201,307
|
1.7
|
||||||||||
$100,000.00 and above
|
519
|
94,221,384
|
38.8
|
||||||||||
Total
|
6,308
|
$
|
273,626,726
|
100.0
|
%
|
Number of Days Delinquent
|
Number
of Loans
|
Aggregate Outstanding
Principal Balance |
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
0-30 days
|
10,524
|
$
|
219,190,343
|
90.3
|
%
|
|||||||
31-60 days
|
247
|
8,196,373
|
3.4
|
|||||||||
61-90 days
|
151
|
5,757,513
|
2.4
|
|||||||||
91-120 days
|
74
|
2,408,515
|
1.0
|
|||||||||
121-150 days
|
54
|
1,844,568
|
0.8
|
|||||||||
151-180 days
|
34
|
1,277,048
|
0.5
|
|||||||||
181-210 days
|
26
|
513,396
|
0.2
|
|||||||||
Greater than 210 days
|
119
|
3,495,214
|
1.4
|
|||||||||
Total
|
11,229
|
$
|
242,682,970
|
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
|
69
|
$
|
23,303
|
*
|
||||||||
4 to 12
|
290
|
375,040
|
0.2
|
%
|
||||||||
13 to 24
|
444
|
1,250,070
|
0.5
|
|||||||||
25 to 36
|
585
|
2,557,973
|
1.1
|
|||||||||
37 to 48
|
1,289
|
5,811,140
|
2.4
|
|||||||||
49 to 60
|
619
|
4,478,349
|
1.8
|
|||||||||
61 to 72
|
520
|
5,098,357
|
2.1
|
|||||||||
73 to 84
|
451
|
5,606,223
|
2.3
|
|||||||||
85 to 96
|
489
|
7,708,171
|
3.2
|
|||||||||
97 to 108
|
1,446
|
19,330,168
|
8.0
|
|||||||||
109 to 120
|
635
|
12,146,085
|
5.0
|
|||||||||
121 to 132
|
672
|
14,878,643
|
6.1
|
|||||||||
133 to 144
|
612
|
15,586,062
|
6.4
|
|||||||||
145 to 156
|
473
|
13,437,027
|
5.5
|
|||||||||
157 to 168
|
426
|
13,696,817
|
5.6
|
|||||||||
169 to 180
|
317
|
10,497,528
|
4.3
|
|||||||||
181 to 192
|
232
|
8,580,407
|
3.5
|
|||||||||
193 to 204
|
224
|
9,019,768
|
3.7
|
|||||||||
205 to 216
|
185
|
7,577,577
|
3.1
|
|||||||||
217 to 228
|
145
|
6,728,182
|
2.8
|
|||||||||
229 to 240
|
115
|
5,431,632
|
2.2
|
|||||||||
241 to 252
|
93
|
4,898,602
|
2.0
|
|||||||||
253 to 264
|
72
|
4,034,622
|
1.7
|
|||||||||
265 to 276
|
79
|
3,853,323
|
1.6
|
|||||||||
277 to 288
|
63
|
3,656,813
|
1.5
|
|||||||||
289 to 300
|
193
|
17,496,778
|
7.2
|
|||||||||
301 to 312
|
429
|
33,818,415
|
13.9
|
|||||||||
313 to 324
|
20
|
1,817,230
|
0.7
|
|||||||||
325 to 336
|
3
|
119,921
|
*
|
|||||||||
337 to 348
|
9
|
540,156
|
0.2
|
|||||||||
349 to 360
|
6
|
1,303,416
|
0.5
|
|||||||||
361 and above
|
24
|
1,324,164
|
0.5
|
|||||||||
Total
|
11,229
|
$
|
242,682,970
|
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
|
241
|
$
|
6,067,298
|
2.5
|
%
|
|||||||
Forbearance
|
840
|
31,131,466
|
12.8
|
|||||||||
Repayment
|
||||||||||||
First year in repayment
|
46
|
4,477,536
|
1.8
|
|||||||||
Second year in repayment
|
40
|
2,717,173
|
1.1
|
|||||||||
Third year in repayment
|
83
|
5,128,091
|
2.1
|
|||||||||
More than 3 years in repayment
|
9,979
|
193,161,406
|
79.6
|
|||||||||
Total
|
11,229
|
$
|
242,682,970
|
100.0
|
%
|
(1) |
Of the trust student loans in forbearance status, approximately 90 loans with an aggregate outstanding principal balance of $2,919,862, representing 1.20% of the pool by principal, are in the Coronavirus Disaster Forbearance Program.
|
|
• |
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
|
|
Deferment
|
Forbearance
|
Repayment | |||
Current Borrower Payment Status
|
18.5
|
|
-
|
|
203.0
|
|
Deferment
|
6.9
|
|
225.7
|
|
|
|
Forbearance
|
-
|
|
-
|
|
177.2
|
|
Repayment
|
|
|
|
|
|
State
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Alabama
|
112
|
$
|
2,748,158
|
1.1
|
%
|
|||||||
Alaska
|
12
|
233,357
|
0.1
|
|||||||||
Arizona
|
374
|
7,328,328
|
3.0
|
|||||||||
Arkansas
|
71
|
1,629,903
|
0.7
|
|||||||||
California
|
1,035
|
20,640,261
|
8.5
|
|||||||||
Colorado
|
201
|
4,192,691
|
1.7
|
|||||||||
Connecticut
|
146
|
2,470,917
|
1.0
|
|||||||||
Delaware
|
29
|
639,649
|
0.3
|
|||||||||
District of Columbia
|
37
|
639,795
|
0.3
|
|||||||||
Florida
|
1,042
|
33,627,479
|
13.9
|
|||||||||
Georgia
|
419
|
10,425,131
|
4.3
|
|||||||||
Hawaii
|
42
|
489,254
|
0.2
|
|||||||||
Idaho
|
47
|
953,158
|
0.4
|
|||||||||
Illinois
|
396
|
7,805,965
|
3.2
|
|||||||||
Indiana
|
682
|
15,011,688
|
6.2
|
|||||||||
Iowa
|
20
|
374,129
|
0.2
|
|||||||||
Kansas
|
154
|
3,110,918
|
1.3
|
|||||||||
Kentucky
|
120
|
2,442,584
|
1.0
|
|||||||||
Louisiana
|
420
|
7,949,367
|
3.3
|
|||||||||
Maine
|
64
|
2,404,506
|
1.0
|
|||||||||
Maryland
|
307
|
7,268,167
|
3.0
|
|||||||||
Massachusetts
|
285
|
3,963,549
|
1.6
|
|||||||||
Michigan
|
224
|
4,338,853
|
1.8
|
|||||||||
Minnesota
|
132
|
3,061,797
|
1.3
|
|||||||||
Mississippi
|
97
|
1,957,930
|
0.8
|
|||||||||
Missouri
|
218
|
4,286,351
|
1.8
|
|||||||||
Montana
|
14
|
178,272
|
0.1
|
|||||||||
Nebraska
|
28
|
350,828
|
0.1
|
|||||||||
Nevada
|
68
|
1,301,907
|
0.5
|
|||||||||
New Hampshire
|
108
|
2,061,519
|
0.8
|
|||||||||
New Jersey
|
267
|
4,299,492
|
1.8
|
|||||||||
New Mexico
|
35
|
760,468
|
0.3
|
|||||||||
New York
|
827
|
14,287,932
|
5.9
|
|||||||||
North Carolina
|
303
|
6,933,606
|
2.9
|
|||||||||
North Dakota
|
7
|
267,200
|
0.1
|
|||||||||
Ohio
|
71
|
1,832,427
|
0.9
|
|||||||||
Oklahoma
|
172
|
3,573,173
|
1.5
|
|||||||||
Oregon
|
136
|
3,045,214
|
1.3
|
|||||||||
Pennsylvania
|
322
|
6,173,428
|
2.4
|
|||||||||
Rhode Island
|
26
|
400,229
|
0.2
|
|||||||||
South Carolina
|
157
|
4,610,302
|
1.9
|
|||||||||
South Dakota
|
8
|
183,923
|
0.1
|
|||||||||
Tennessee
|
160
|
4,169,121
|
1.7
|
|||||||||
Texas
|
956
|
20,399,860
|
8.4
|
|||||||||
Utah
|
45
|
984,265
|
0.4
|
|||||||||
Vermont
|
22
|
562,136
|
0.2
|
|||||||||
Virginia
|
313
|
6,659,389
|
2.7
|
|||||||||
Washington
|
264
|
4,334,545
|
1.8
|
|||||||||
West Virginia
|
60
|
1,361,974
|
0.6
|
|||||||||
Wisconsin
|
88
|
1,588,336
|
0.7
|
|||||||||
Wyoming
|
5
|
32,389
|
*
|
|||||||||
Other
|
81
|
2,397,141
|
1.0
|
|||||||||
Total
|
11,229
|
$
|
242,682,970
|
100.00
|
%
|
*
|
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
|
5,585
|
$
|
99,663,782
|
41.1
|
%
|
|||||||
Other Repayment Options(1)
|
3,827
|
72,483,279
|
29.9
|
|||||||||
Income-driven Repayment(2)
|
1,817
|
70,535,910
|
29.1
|
|||||||||
Total
|
11,229
|
$
|
242,682,970
|
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
|
5,575
|
$
|
100,404,607
|
41.4
|
%
|
|||||||
Unsubsidized
|
5,654
|
142,278,363
|
58.6
|
|||||||||
Total
|
11,229
|
$
|
242,682,970
|
100.0
|
%
|
Disbursement Date
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
September 30, 1993 and earlier
|
28
|
$
|
1,809,388
|
0.7
|
%
|
|||||||
October 1, 1993 through June 30, 2006
|
11,201
|
240,873,582
|
99.3
|
|||||||||
July 1, 2006 and later
|
0
|
0
|
0.0
|
|||||||||
Total
|
11,229
|
$
|
242,682,970
|
100.0
|
%
|
Name of Guaranty Agency
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
American Student Assistance
|
243
|
$
|
3,472,342
|
1.4
|
%
|
|||||||
College Assist
|
3
|
191,260
|
0.1
|
|||||||||
Educational Credit Management Corporation
|
683
|
14,295,905
|
5.9
|
|||||||||
Great Lakes Higher Education Corporation
|
7,736
|
177,110,467
|
73.0
|
|||||||||
Kentucky Higher Educ. Asst. Auth.
|
379
|
6,8779,726
|
2.8
|
|||||||||
Michigan Guaranty Agency
|
111
|
1,744,595
|
0.7
|
|||||||||
Oklahoma Guaranteed Stud Loan Prog
|
132
|
2,247,590
|
0.9
|
|||||||||
Pennsylvania Higher Education Assistance Agency
|
526
|
10,465,815
|
4.3
|
|||||||||
Texas Guaranteed Student Loan Corp
|
1,416
|
26,275,270
|
10.8
|
|||||||||
Total
|
11,229
|
$
|
242,682,970
|
100.0
|
%
|