06/09/2024 | Press release | Distributed by Public on 06/09/2024 16:00
Page 1 of 9
|
Trust 2013-2 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
I.
|
Deal Parameters
|
A
|
Student Loan Portfolio Characteristics
|
04/11/2013
|
06/30/2024
|
07/31/2024
|
|||||||||
Principal Balance
|
$
|
1,199,855,662.11
|
$
|
274,158,947.75
|
$
|
268,690,673.86
|
|||||||
Interest to be Capitalized Balance
|
22,726,208.62
|
2,994,764.84
|
3,120,153.86
|
||||||||||
Pool Balance
|
$
|
1,222,581,870.73
|
$
|
277,153,712.59
|
$
|
271,810,827.72
|
|||||||
Specified Reserve Account Balance
|
7,490,748.00
|
- N/A -
|
- N/A -
|
||||||||||
Adjusted Pool (1)
|
$
|
1,230,072,618.73
|
$
|
277,153,712.59
|
$
|
271,810,827.72
|
|||||||
Weighted Average Coupon (WAC)
|
6.73%
|
|
6.94%
|
|
6.94%
|
|
|||||||
Number of Loans
|
289,265
|
44,116
|
43,056
|
||||||||||
Aggregate Outstanding Principal Balance - Tbill
|
$
|
535,213.40
|
$
|
538,489.90
|
|||||||||
Aggregate Outstanding Principal Balance - SOFR
|
$
|
276,618,499.19
|
$
|
271,272,337.82
|
|||||||||
Pool Factor
|
0.221996830
|
0.217717243
|
|||||||||||
Since Issued Constant Prepayment Rate
|
(40.82)%
|
|
(42.04)%
|
|
(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
|
|||||
A |
78446CAA9
|
$
|
239,382,175.46
|
$
|
234,092,719.44
|
||||
B |
78446CAB7
|
$
|
35,000,000.00
|
$
|
35,000,000.00
|
C |
Account Balances
|
07/25/2024
|
08/26/2024
|
|||||
Reserve Account Balance
|
$
|
1,248,458.00
|
$
|
1,248,458.00
|
||||
Capitalized Interest Account Balance
|
-
|
-
|
||||||
Floor Income Rebate Account
|
$
|
19,382.16
|
$
|
28,543.18
|
||||
Supplemental Loan Purchase Account
|
-
|
-
|
D
|
Asset / Liability
|
07/25/2024
|
08/26/2024
|
|||||
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
277,153,712.59
|
$
|
271,810,827.72
|
||||
Total Notes
|
$
|
274,382,175.46
|
$
|
269,092,719.44
|
||||
Difference
|
$
|
2,771,537.13
|
$
|
2,718,108.28
|
||||
Parity Ratio
|
1.01010
|
1.01010
|
Page 2 of 9
|
Trust 2013-2 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
|
634,553.71
|
||||
Guarantor Principal
|
1,548,684.21
|
||||
Consolidation Activity Principal
|
4,153,735.66
|
||||
Seller Principal Reimbursement
|
-
|
||||
Servicer Principal Reimbursement
|
-
|
||||
Rejected Claim Repurchased Principal
|
-
|
||||
Other Principal Deposits
|
170.72
|
||||
Total Principal Receipts
|
$
|
6,337,144.30
|
|||
B
|
Student Loan Interest Receipts
|
||||
Borrower Interest
|
329,056.80
|
||||
Guarantor Interest
|
116,390.62
|
||||
Consolidation Activity Interest
|
183,435.94
|
||||
Special Allowance Payments
|
0.00
|
||||
Interest Subsidy Payments
|
0.00
|
||||
Seller Interest Reimbursement
|
0.00
|
||||
Servicer Interest Reimbursement
|
(94.82)
|
||||
Rejected Claim Repurchased Interest
|
0.00
|
||||
Other Interest Deposits
|
40,543.87
|
||||
Total Interest Receipts
|
$
|
669,332.41
|
|||
C
|
Reserves in Excess of Requirement
|
|
-
|
||
D
|
Investment Income
|
$
|
47,094.75
|
||
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
|
$
|
(9,161.02)
|
|
||
M
|
AVAILABLE FUNDS
|
$
|
7,044,410.44
|
||
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(868,870.41)
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
27,416.43
|
||
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
$
|
170.78
|
||
Q
|
Aggregate Loan Substitutions
|
|
-
|
Page 3 of 9
|
Trust 2013-2 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
III.
|
2013-2 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
|
6.81%
|
|
21
|
$
|
104,287.48
|
0.039%
|
|
6.81%
|
|
21
|
$
|
104,287.48
|
0.038%
|
|
||||||||||||||
|
GRACE
|
6.80%
|
|
2
|
$
|
3,750.00
|
0.001%
|
|
6.80%
|
|
2
|
$
|
3,750.00
|
0.001%
|
|
||||||||||||||
|
DEFERMENT
|
6.89%
|
|
2,743
|
$
|
16,085,992.41
|
5.987%
|
|
6.86%
|
|
2,788
|
$
|
16,235,251.94
|
5.922%
|
|
||||||||||||||
REPAYMENT:
|
CURRENT
|
6.94%
|
|
27,702
|
$
|
161,680,151.10
|
60.173%
|
|
6.94%
|
|
28,727
|
$
|
167,560,324.21
|
61.118%
|
|
||||||||||||||
|
31-60 DAYS DELINQUENT
|
6.94%
|
|
1,432
|
$
|
10,294,523.25
|
3.831%
|
|
6.93%
|
|
1,461
|
$
|
10,585,815.14
|
3.861%
|
|
||||||||||||||
|
61-90 DAYS DELINQUENT
|
6.94%
|
|
1,009
|
$
|
7,587,217.26
|
2.824%
|
|
6.98%
|
|
1,007
|
$
|
7,411,929.86
|
2.704%
|
|
||||||||||||||
|
91-120 DAYS DELINQUENT
|
6.98%
|
|
685
|
$
|
5,327,490.26
|
1.983%
|
|
6.89%
|
|
655
|
$
|
4,372,653.88
|
1.595%
|
|
||||||||||||||
|
> 120 DAYS DELINQUENT
|
6.92%
|
|
1,764
|
$
|
12,394,340.47
|
4.613%
|
|
6.93%
|
|
1,761
|
$
|
12,542,419.76
|
4.575%
|
|
||||||||||||||
|
FORBEARANCE
|
6.97%
|
|
7,139
|
$
|
51,672,168.58
|
19.231%
|
|
6.98%
|
|
7,284
|
$
|
52,710,766.64
|
19.226%
|
|
||||||||||||||
|
CLAIMS IN PROCESS
|
6.97%
|
|
558
|
$
|
3,519,364.55
|
1.310%
|
|
6.85%
|
|
410
|
$
|
2,631,748.84
|
0.960%
|
|
||||||||||||||
|
AGED CLAIMS REJECTED
|
|
|
6.80%
|
|
|
|
1
|
|
$ |
21,388.50
|
|
|
0.008%
|
|
|
|
0.00%
|
|
|
|
0
|
|
|
-
|
|
|
0.000%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
43,056
|
$
|
268,690,673.86
|
100.00%
|
|
44,116
|
$
|
274,158,947.75
|
100.00%
|
|
*
|
Percentages may not total 100% due to rounding
|
Page 4 of 9
|
Trust 2013-2 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
IV. |
2013-2 Portfolio Characteristics (cont'd) |
07/31/2024
|
06/30/2024
|
|||||||
Pool Balance
|
$
|
271,810,827.72
|
$
|
277,153,712.59
|
||||
Outstanding Borrower Accrued Interest
|
$
|
12,191,738.89
|
$
|
12,191,871.20
|
||||
Borrower Accrued Interest to be Capitalized
|
$
|
3,120,153.86
|
$
|
2,994,764.84
|
||||
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,332,712.18
|
$
|
1,274,789.84
|
||||
Total # Loans
|
43,056
|
44,116
|
||||||
Total # Borrowers
|
18,656
|
19,116
|
||||||
Weighted Average Coupon
|
6.94%
|
|
6.94%
|
|
||||
Weighted Average Remaining Term
|
188.16
|
187.48
|
||||||
Non-Reimbursable Losses
|
$
|
27,416.43
|
$
|
28,610.49
|
||||
Cumulative Non-Reimbursable Losses
|
$
|
6,293,493.07
|
$
|
6,266,076.64
|
||||
Since Issued Constant Prepayment Rate (CPR)
|
-42.04 %
|
|
-40.82 %
|
|
||||
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
|
$
|
896,475.20
|
$
|
1,023,138.86
|
||||
Borrower Interest Accrued
|
$
|
1,526,326.34
|
$
|
1,499,743.51
|
||||
Interest Subsidy Payments Accrued
|
$
|
60,901.94
|
$
|
59,996.83
|
||||
Special Allowance Payments Accrued
|
$
|
216,685.12
|
$
|
217,610.85
|
Page 5 of 9
|
Trust 2013-2 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
V. |
2013-2 Portfolio Statistics by School and Program |
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
||||||||
- GSL (1) - Subsidized
|
6.83%
|
|
23,144
|
106,291,246.02
|
39.559%
|
|
||||||||
- GSL - Unsubsidized
|
6.84%
|
|
18,896
|
145,076,463.26
|
53.994%
|
|
||||||||
- PLUS (2) Loans
|
8.50%
|
|
1,011
|
17,312,502.02
|
6.443%
|
|
||||||||
- SLS (3) Loans
|
8.27%
|
|
5
|
10,462.56
|
0.004%
|
|
||||||||
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
||||||||
Total
|
6.94%
|
|
43,056
|
$
|
268,690,673.86
|
100.000%
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
||||||||
- Four Year
|
6.95%
|
|
35,555
|
231,882,271.80
|
86.301%
|
|
||||||||
- Two Year
|
6.89%
|
|
6,406
|
31,183,956.91
|
11.606%
|
|
||||||||
- Technical
|
6.91%
|
|
1,070
|
5,543,322.05
|
2.063%
|
|
||||||||
- Other
|
7.03%
|
|
25
|
81,123.10
|
0.030%
|
|
||||||||
Total
|
6.94%
|
|
43,056
|
$
|
268,690,673.86
|
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 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
VI.
|
2013-2 Waterfall for Distributions |
Paid
|
Remaining
Funds Balance
|
|||||||
Total Available Funds
|
$
|
7,044,410.44
|
||||||
A
|
Trustee Fees |
|
|
-
|
|
$ |
7,044,410.44
|
|
B
|
Primary Servicing Fee
|
$
|
93,051.20
|
$
|
6,951,359.24
|
|||
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
6,944,692.24
|
|||
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
1,257,899.07
|
$
|
5,686,793.17
|
|||
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
216,583.73
|
$
|
5,470,209.44
|
|||
F
|
Reserve Account Reinstatement
|
|
-
|
$
|
5,470,209.44
|
|||
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
5,289,456.02
|
$
|
180,753.42
|
|||
H
|
Class B Noteholders' Principal Distribution Amount
|
|
-
|
$
|
180,753.42
|
|||
I
|
Unpaid Expenses of The Trustees
|
-
|
$
|
180,753.42
|
||||
J
|
Carryover Servicing Fee
|
-
|
$
|
180,753.42
|
||||
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$
|
180,753.42
|
||||
L |
Excess Distribution Certificateholder
|
$
|
180,753.42 | - |
Waterfall Triggers
|
|||||
A |
Student Loan Principal Outstanding
|
$
|
268,690,673.86
|
||
B |
Interest to be Capitalized
|
$
|
3,120,153.86
|
||
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
|
$
|
271,810,827.72
|
||
G |
Class A Notes Outstanding (after application of available funds)
|
$
|
234,092,719.44
|
||
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 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
VII.
|
2013-2 Distributions |
|
A |
|
B
|
|
||||
Cusip/Isin
|
78446CAA9
|
78446CAB7
|
||||||
Beginning Balance
|
$
|
239,382,175.46
|
$
|
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
|
7/25/2024
|
7/25/2024
|
||||||
Accrual Period End
|
8/26/2024
|
8/26/2024
|
||||||
Daycount Fraction
|
0.08888889
|
0.08888889
|
||||||
Interest Rate*
|
5.91162%
|
|
6.96162%
|
|
||||
Accrued Interest Factor
|
0.005254773
|
0.006188107
|
||||||
Current Interest Due
|
$
|
1,257,899.07
|
$
|
216,583.73
|
||||
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
Total Interest Due
|
$
|
1,257,899.07
|
$
|
216,583.73
|
||||
Interest Paid
|
$
|
1,257,899.07
|
$
|
216,583.73
|
||||
Interest Shortfall
|
-
|
-
|
||||||
Principal Paid
|
$
|
5,289,456.02
|
-
|
|||||
Ending Principal Balance
|
$
|
234,092,719.44
|
$
|
35,000,000.00
|
||||
Paydown Factor
|
0.004367841
|
0.000000000
|
||||||
Ending Balance Factor
|
0.193305301
|
1.000000000
|
Page 8 of 9
|
Trust 2013-2 Monthly Servicing Report: Collection Period 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |
VIII.
|
2013-2 Reconciliations |
A
|
Principal Distribution Reconciliation
|
||||
Notes Outstanding Principal Balance
|
$
|
274,382,175.46
|
|||
Adjusted Pool Balance
|
$
|
271,810,827.72
|
|||
Overcollateralization Amount
|
$
|
2,718,108.28
|
|||
Principal Distribution Amount
|
$
|
5,289,456.02
|
|||
Principal Distribution Amount Paid
|
$
|
5,289,456.02
|
|||
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
|
$
|
19,382.16
|
|||
Deposits for the Period
|
$
|
9,161.02
|
|||
Release to Collection Account
|
|
-
|
|
||
Ending Balance
|
$
|
28,543.18
|
|||
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 07/01/2024 - 07/31/2024, Distribution Date 08/26/2024 |