SLM Student Loan Trust 2011-1

07/08/2024 | Press release | Distributed by Public on 07/08/2024 08:32

Asset Backed Issuer Distribution Report Form 10 D


SLM Student Loan Trust 2011-1

Monthly Servicing Report

Distribution Date 06/25/2024

Collection Period 05/01/2024 - 05/31/2024

Navient Funding, LLC - Depositor

Navient Solutions - Master Servicer and Administrator

Deutsche Bank National Trust Company - Indenture Trustee

Deutsche Bank Trust Company Americas - Eligible Lender Trustee

Navient Funding - Excess Distribution Certificateholder

Page 1 of 10
Trust 2011-1 Monthly Servicing Report: Collection Period 05/01/2024 - 05/31/2024, Distribution Date 06/25/2024
I.
Deal Parameters

A
Student Loan Portfolio Characteristics
03/03/2011
04/30/2024
05/31/2024

Principal Balance
$
752,091,553.60
$
127,792,606.83
$
124,047,253.74

Interest to be Capitalized Balance
7,178,868.62
1,227,171.48
963,564.99

Pool Balance
$
759,270,422.22
$
129,019,778.31
$
125,010,818.73

Capitalized Interest Account Balance
$
65,100,000.00
-
-

Specified Reserve Account Balance
1,931,510.00
- N/A -
- N/A -

Adjusted Pool (1)
$
826,301,932.22
$
129,019,778.31
$
125,010,818.73

Weighted Average Coupon (WAC)
5.64%

5.95%

5.96%


Number of Loans
62,997
8,583
8,354

Aggregate Outstanding Principal Balance - Tbill
$
110,706.69
$
118,937.11

Aggregate Outstanding Principal Balance - SOFR
$
128,909,071.62
$
124,891,881.62

Pool Factor
0.166993427
0.161804533

Since Issued Constant Prepayment Rate
4.28%

4.38%


(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
05/28/2024
06/25/2024
A2
83149VAB5
$
72,323,778.31
$
68,314,818.73
B
83149VAC3
$
24,370,000.00
$
24,370,000.00

C
 Account Balances
 05/28/2024 06/25/2024
Reserve Account Balance
$
1,158,906.00
$
1,158,906.00
Capitalized Interest Account Balance
-
-
Floor Income Rebate Account
$
8,218.93
$
2,915.39
Supplemental Loan Purchase Account
-
-

D
 Asset / Liability
 05/28/2024 06/25/2024
Adjusted Pool Balance + Supplemental Loan Purchase
$
129,019,778.31
$
125,010,818.73
Total Notes
$
96,693,778.31
$
92,684,818.73
Difference
$
32,326,000.00
$
32,326,000.00
Parity Ratio
1.33431
1.34877

Page 2 of 10
Trust 2011-1 Monthly Servicing Report: Collection Period 05/01/2024 - 05/31/2024, Distribution Date 06/25/2024
II.
Trust Activity 05/01/2024 through 05/31/2024

A
Student Loan Principal Receipts
Borrower Principal
785,196.48
Guarantor Principal
219,222.45
Consolidation Activity Principal
3,130,241.90
Seller Principal Reimbursement
-
Servicer Principal Reimbursement
-
Rejected Claim Repurchased Principal
-
Other Principal Deposits
-
Total Principal Receipts
$
4,134,660.83
B
Student Loan Interest Receipts
Borrower Interest
291,275.40
Guarantor Interest
77,691.81
Consolidation Activity Interest
236,162.28
Special Allowance Payments
736,449.53
Interest Subsidy Payments
47,067.17
Seller Interest Reimbursement
0.00
Servicer Interest Reimbursement
0.00
Rejected Claim Repurchased Interest
0.00
Other Interest Deposits
12,782.17
Total Interest Receipts
$
1,401,428.36
C
Reserves in Excess of Requirement
-
D
Investment Income
$
25,878.29
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
$
8,218.93
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
$
(112,531.33)

Floor Income Rebate Fees to Dept. of Education
$
(8,122.17)

Funds Allocated to the Floor Income Rebate Account
$
(2,915.39)

M
AVAILABLE FUNDS
$
5,446,617.52
N
Non-Cash Principal Activity During Collection Period
$ (389,307.74)
O
Non-Reimbursable Losses During Collection Period
$
1,770.43
P
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
-
Q
Aggregate Loan Substitutions
-

Page 3 of 10
Trust 2011-1 Monthly Servicing Report: Collection Period 05/01/2024 - 05/31/2024, Distribution Date 06/25/2024
III.
2011-1 Portfolio Characteristics

05/31/2024
04/30/2024
Wtd Avg
Coupon
# Loans
Principal
% of
Principal
Wtd Avg
Coupon
# Loans
Principal
% of
Principal
INTERIM:
DEFERMENT
6.14%

220
$
4,573,072.70
3.687%

6.06%

246
$
5,000,924.80
3.913%

REPAYMENT:
CURRENT
5.83%

6,909
$
91,724,789.40
73.943%

5.83%

7,171
$
94,377,337.10
73.852%


31-60 DAYS DELINQUENT
5.96%

165
$
2,741,126.52
2.210%

6.34%

169
$
3,256,707.60
2.548%


61-90 DAYS DELINQUENT
5.85%

92
$
1,577,085.26
1.271%

6.36%

120
$
2,287,101.48
1.790%


91-120 DAYS DELINQUENT
6.65%

73
$
1,461,675.27
1.178%

6.51%

64
$
1,349,528.08
1.056%


> 120 DAYS DELINQUENT
6.46%

127
$
2,756,163.05
2.222%

6.50%

145
$
2,961,788.07
2.318%


FORBEARANCE
6.39%

733
$
18,379,413.64
14.816%

6.28%

638
$
18,042,599.41
14.119%


CLAIMS IN PROCESS
6.69%

35
$
833,927.90
0.672%

6.88%

30
$
516,620.29
0.404%

TOTAL
8,354
$
124,047,253.74
100.00%

8,583
$
127,792,606.83
100.00%


* Percentages may not total 100% due to rounding

Page 4 of 10
Trust 2011-1 Monthly Servicing Report: Collection Period 05/01/2024 - 05/31/2024, Distribution Date 06/25/2024
IV.
2011-1 Portfolio Characteristics (cont'd)

05/31/2024
04/30/2024
Pool Balance
$
125,010,818.73
$
129,019,778.31
Outstanding Borrower Accrued Interest
$
4,528,024.30
$
4,915,684.97
Borrower Accrued Interest to be Capitalized
$
963,564.99
$
1,227,171.48
Borrower Accrued Interest >30 Days Delinquent
$
296,480.52
$
384,140.57
Total # Loans
8,354
8,583
Total # Borrowers
4,781
4,913
Weighted Average Coupon
5.96%

5.95%

Weighted Average Remaining Term
184.92
184.19
Non-Reimbursable Losses
$
1,770.43
$
2,664.73
Cumulative Non-Reimbursable Losses
$
2,418,385.39
$
2,416,614.96
Since Issued Constant Prepayment Rate (CPR)
4.38%

4.28%

Loan Substitutions
-
-
Cumulative Loan Substitutions
-
-
Rejected Claim Repurchases
-
-
Cumulative Rejected Claim Repurchases
$
56,610.53
$
56,610.53
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
$
391,122.49
$
268,647.66
Borrower Interest Accrued
$
607,462.09
$
603,329.60
Interest Subsidy Payments Accrued
$
14,016.61
$
13,857.06
Special Allowance Payments Accrued
$
232,048.68
$
233,975.07

Page 5 of 10
Trust 2011-1 Monthly Servicing Report: Collection Period 05/01/2024 - 05/31/2024, Distribution Date 06/25/2024
V.
2011-1 Portfolio Statistics by School and Program

A
LOAN TYPE
Weighted
Average Coupon
# LOANS
$ AMOUNT
%*


- GSL (1) - Subsidized
0.00%


0

-

0.000%

- GSL - Unsubsidized
0.00%

0
-
0.000%

- PLUS (2) Loans
0.00%

0
-
0.000%


- SLS (3) Loans
0.00%

0
-
0.000%

- Consolidation Loans
5.96%

8,354
124,047,253.74
100.000%

Total
5.96%

8,354
$
124,047,253.74
100.000%


B
SCHOOL TYPE
Weighted
Average Coupon
# LOANS
$ AMOUNT
%*

- Four Year
0.00%

0
-
0.000%

- Two Year
0.00%

0
-
0.000%

- Technical
0.00%

0
-
0.000%

- Other
5.96%

8,354
124,047,253.74
100.000%

Total
5.96%

8,354
$
124,047,253.74
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 10
Trust 2011-1 Monthly Servicing Report: Collection Period 05/01/2024 - 05/31/2024, Distribution Date 06/25/2024
VI.
 2011-1 Waterfall for Distributions



Paid
Remaining
Funds Balance
Total Available Funds
$
5,446,617.52
A
 Trustee Fees
 -
 $
 5,446,617.52
B
Primary Servicing Fee
$
32,081.89
$
5,414,535.63
C
Administration Fee
$
6,667.00
$
5,407,868.63
D
Class A Noteholders' Interest Distribution Amount
$
370,599.42
$
5,037,269.21
E
Class B Noteholders' Interest Distribution Amount
$
120,137.44
$
4,917,131.77
F
Reserve Account Reinstatement
-
$
4,917,131.77
G
Class A Noteholders' Principal Distribution Amount
$
4,008,959.58
$
908,172.19
H
Class B Noteholders' Principal Distribution Amount
-
$
908,172.19
I
Unpaid Expenses of The Trustees
-
$
908,172.19
J
Carryover Servicing Fee
-
$
908,172.19
K
Remaining Amounts to the Noteholders after the first auction date
-
$
908,172.19
L
To the Lender under the Loan Agreement in repayment of the unpaid principal amount of the L
$
908,172.19
-
M
 Excess Distribution Certificateholder -
 -

Waterfall Triggers
A
Student Loan Principal Outstanding
$
124,047,253.74
B
Interest to be Capitalized
$
963,564.99
C
Capitalized Interest Account Balance
-
D
Reserve Account Balance (after any reinstatement)
$
1,158,906.00
E
Less: Specified Reserve Account Balance
$
(1,158,906.00)
F
Total
$
125,010,818.73
G
Class A Notes Outstanding (after application of available funds)
$
68,314,818.73
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 10
Trust 2011-1 Monthly Servicing Report: Collection Period 05/01/2024 - 05/31/2024, Distribution Date 06/25/2024
VII.
2011-1 Distributions

Distribution Amounts

A2
B

Cusip/Isin
83149VAB5
83149VAC3
Beginning Balance
$
72,323,778.31
$
24,370,000.00
Index
SOFR
SOFR
Spread/Fixed Rate
1.15%

0.90%

Record Date (Days Prior to Distribution)
1 NEW YORK BUSINESS DAY
1 NEW YORK BUSINESS DAY
Accrual Period Begin
5/28/2024
5/28/2024
Accrual Period End
6/25/2024
6/25/2024
Daycount Fraction
0.07777778
0.07777778
Interest Rate*
6.58822%

6.33822%

Accrued Interest Factor
0.005124171
0.004929727
Current Interest Due
$
370,599.42
$
120,137.44
Interest Shortfall from Prior Period Plus Accrued Interest
-
-
Total Interest Due
$
370,599.42
$
120,137.44
Interest Paid
$
370,599.42
$
120,137.44
Interest Shortfall
-
-
Principal Paid
$
4,008,959.58
-
Ending Principal Balance
$
68,314,818.73
$
24,370,000.00
Paydown Factor
0.020044798
0.000000000
Ending Balance Factor
0.341574094
1.000000000

* Pay rates for Current Distribution. For the interest rates applicable to the next distribution date, please see https://images.navient.com/investors/data/abrate.txt.

Page 8 of 10
Trust 2011-1 Monthly Servicing Report: Collection Period 05/01/2024 - 05/31/2024, Distribution Date 06/25/2024
VIII.
2011-1 Reconciliations

A
Principal Distribution Reconciliation

Notes Outstanding Principal Balance
$
96,693,778.31

Adjusted Pool Balance
$
125,010,818.73

Overcollateralization Amount
$
32,326,000.00

Principal Distribution Amount
$
4,008,959.58

Principal Distribution Amount Paid
$
4,008,959.58
B
Reserve Account Reconciliation

Beginning Period Balance
$
1,158,906.00

Reserve Funds Utilized
0.00

Reserve Funds Reinstated
0.00

Balance Available
$
1,158,906.00

Required Reserve Acct Balance
$
1,158,906.00

Release to Collection Account
-

Ending Reserve Account Balance
$
1,158,906.00
C
Capitalized Interest Account

Beginning Period Balance
-

Transfers to Collection Account
-

Ending Balance
-
D
Floor Income Rebate Account

Beginning Period Balance
$
8,218.93

Deposits for the Period
$
2,915.39

Release to Collection Account
$
(8,218.93)


Ending Balance
$
2,915.39
E
Supplemental Purchase Account

Beginning Period Balance
-

Supplemental Loan Purchases
-

Transfers to Collection Account
-

Ending Balance
-

Page 9 of 10
Trust 2011-1 Monthly Servicing Report: Collection Period 05/01/2024 - 05/31/2024, Distribution Date 06/25/2024
IX.
2011-1 Other Characteristics

Principal Balance of All Loans
Deferment
Forbearance
Repayment
Grand Total
Subsidized Consolidation Loans
$
1,658,902.76
$
7,466,001.01
$
41,633,896.72
$
50,758,800.49
Unsubsidized Consolidation Loans
$
3,195,684.83
$
11,932,039.79
$
59,124,293.62
$
74,252,018.24
Total
$
4,854,587.59
$
19,398,040.80
$
100,758,190.34
$
125,010,818.73

Weighted Average Remaining Term of All Loans
Deferment
Forbearance
Repayment
Grand Total
Subsidized Consolidation Loans
188
221
155
166
Unsubsidized Consolidation Loans
270
254
183
198
Total
242
241
171
185

Weighted Average Coupon of All Loans
Deferment
Forbearance
Repayment
Grand Total
Subsidized Consolidation Loans
5.692%

6.331%

5.723%

5.811%

Unsubsidized Consolidation Loans
6.370%

6.462%

5.962%

6.060%

Total
6.138%

6.412%

5.863%

5.959%


Weighted Average SAP Margin of All SOFR Based Loans
Deferment
Forbearance
Repayment
Grand Total
Subsidized Consolidation Loans
2.390%

2.353%

2.407%

2.399%

Unsubsidized Consolidation Loans
2.263%

2.301%

2.372%

2.356%

Total
2.306%

2.321%

2.386%

2.373%


Weighted Average SAP Margin of All T-Bill Based Loans
Forbearance
Repayment
Grand Total
Unsubsidized Consolidation Loans
3.100%

3.100%

3.100%

Total
3.100%

3.100%

3.100%



Page 10 of 10
Trust 2011-1 Monthly Servicing Report: Collection Period 05/01/2024 - 05/31/2024, Distribution Date 06/25/2024