10/15/2024 | Press release | Distributed by Public on 10/15/2024 15:21
|
• |
was a consolidation loan 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;
|
|
• |
contained terms in accordance with those required by the FFELP, the guarantee agreements and other applicable requirements;
|
|
• |
was fully disbursed;
|
|
• |
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
|
$
|
506,765,868
|
||
Aggregate Outstanding Principal Balance - Treasury Bill
|
$
|
24,719,222
|
||
Percentage of Aggregate Outstanding Principal Balance - Treasury Bill
|
4.88
|
%
|
||
Aggregate Outstanding Principal Balance - One-Month LIBOR
|
$
|
445,271,476
|
||
Percentage of Aggregate Outstanding Principal Balance - One-Month LIBOR
|
87.87
|
%
|
||
Aggregate Outstanding Principal Balance - Treasury Bill Other
|
$
|
36,775,171
|
||
Percentage of Aggregate Outstanding Principal Balance - Treasury Bill Other
|
7.26
|
%
|
||
Number of Borrowers
|
15,523
|
|||
Average Outstanding Principal Balance Per Borrower
|
$
|
32,646
|
||
Number of Loans
|
28,518
|
|||
Average Outstanding Principal Balance Per Loan - Treasury Bill
|
$
|
43,597
|
||
Average Outstanding Principal Balance Per Loan - One-Month LIBOR
|
$
|
16,452
|
||
Average Outstanding Principal Balance Per Loan - Treasury Bill Other
|
$
|
41,507
|
||
Weighted Average Remaining Term to Scheduled Maturity
|
173 months
|
|||
Weighted Average Annual Interest Rate
|
4.84
|
%
|
(1)
|
Trust student loans with special allowance payments indexed to one-month LIBOR will be indexed to 30-day Average SOFR from and after July 1, 2023.
|
Interest Rates
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Less than or equal to 3.00%
|
6,120
|
$
|
77,590,265
|
15.3
|
%
|
|||||||
3.01% to 3.50%
|
7,266
|
87,721,737
|
17.3
|
|||||||||
3.51% to 4.00%
|
5,320
|
81,935,994
|
16.2
|
|||||||||
4.01% to 4.50%
|
5,104
|
84,531,996
|
16.7
|
|||||||||
4.51% to 5.00%
|
1,094
|
24,663,408
|
4.9
|
|||||||||
5.01% to 5.50%
|
472
|
11,436,195
|
2.3
|
|||||||||
5.51% to 6.00%
|
312
|
9,181,799
|
1.8
|
|||||||||
6.01% to 6.50%
|
288
|
10,785,562
|
2.1
|
|||||||||
6.51% to 7.00%
|
446
|
13,398,629
|
2.6
|
|||||||||
7.01% to 7.50%
|
194
|
7,258,593
|
1.4
|
|||||||||
7.51% to 8.00%
|
356
|
16,086,949
|
3.2
|
|||||||||
8.01% to 8.50%
|
1,336
|
68,228,747
|
13.5
|
|||||||||
Equal to or greater than 8.51%
|
210
|
13,945,994
|
2.8
|
|||||||||
Total
|
28,518
|
$
|
506,765,868
|
100.0 | % |
Range of Outstanding
Principal Balance
|
Number of
Borrowers
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||||
Less than $5,000.00
|
3,372
|
$
|
7,354,703
|
1.5
|
%
|
|||||||||
$
|
5,000.00-$ 9,999.99
|
2,251
|
16,655,253
|
3.3
|
||||||||||
$
|
10,000.00-$14,999.99
|
1,741
|
21,527,552
|
4.2
|
||||||||||
$
|
15,000.00-$19,999.99
|
1,306
|
22,698,393
|
4.5
|
||||||||||
$
|
20,000.00-$24,999.99
|
1,044
|
23,357,619
|
4.6
|
||||||||||
$
|
25,000.00-$29,999.99
|
887
|
24,310,146
|
4.8
|
||||||||||
$
|
30,000.00-$34,999.99
|
744
|
24,134,417
|
4.8
|
||||||||||
$
|
35,000.00-$39,999.99
|
574
|
21,505,358
|
4.2
|
||||||||||
$
|
40,000.00-$44,999.99
|
489
|
20,754,366
|
4.1
|
||||||||||
$
|
45,000.00-$49,999.99
|
370
|
17,538,181
|
3.5
|
||||||||||
$
|
50,000.00-$54,999.99
|
361
|
18,952,649
|
3.7
|
||||||||||
$
|
55,000.00-$59,999.99
|
293
|
16,830,392
|
3.3
|
||||||||||
$
|
60,000.00-$64,999.99
|
225
|
14,015,330
|
2.8
|
||||||||||
$
|
65,000.00-$69,999.99
|
174
|
11,740,361
|
2.3
|
||||||||||
$
|
70,000.00-$74,999.99
|
173
|
12,552,479
|
2.5
|
||||||||||
$
|
75,000.00-$79,999.99
|
143
|
11,104,622
|
2.2
|
||||||||||
$
|
80,000.00-$84,999.99
|
129
|
10,619,168
|
2.1
|
||||||||||
$
|
85,000.00-$89,999.99
|
103
|
9,014,996
|
1.8
|
||||||||||
$
|
90,000.00-$94,999.99
|
94
|
8,669,442
|
1.7
|
||||||||||
$
|
95,000.00-$99,999.99
|
89
|
8,679,814
|
1.7
|
||||||||||
$
|
100,000.00 and above |
961
|
184,750,627
|
36.5
|
||||||||||
Total
|
15,523
|
$
|
506,765,868
|
100.0
|
%
|
Number of Days Delinquent
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
0-30 days
|
27,174
|
$
|
471,169,019
|
93.0
|
%
|
|||||||
31-60 days
|
422
|
12,030,614
|
2.4
|
|||||||||
61-90 days
|
281
|
7,546,687
|
1.5
|
|||||||||
91-120 days
|
139
|
3,512,670
|
0.7
|
|||||||||
121-150 days
|
114
|
2,924,400
|
0.6
|
|||||||||
151-180 days
|
105
|
2,393,126
|
0.5
|
|||||||||
181-210 days
|
55
|
1,908,206
|
0.4
|
|||||||||
Greater than 210 days
|
228
|
5,281,148
|
1.0
|
|||||||||
Total
|
28,518
|
$
|
506,765,868
|
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
|
627
|
$
|
102,105
|
*
|
||||||||
4 to 12
|
1,387
|
1,212,146
|
0.2
|
%
|
||||||||
13 to 24
|
1,487
|
3,461,745
|
0.7
|
|||||||||
25 to 36
|
1,418
|
4,177,122
|
0.8
|
|||||||||
37 to 48
|
1,164
|
5,126,364
|
1.0
|
|||||||||
49 to 60
|
1,372
|
7,350,671
|
1.5
|
|||||||||
61 to 72
|
2,713
|
16,268,489
|
3.2
|
|||||||||
73 to 84
|
1,331
|
11,324,727
|
2.2
|
|||||||||
85 to 96
|
1,224
|
13,189,620
|
2.6
|
|||||||||
97 to 108
|
1,352
|
18,345,474
|
3.6
|
|||||||||
109 to 120
|
1,843
|
26,584,787
|
5.2
|
|||||||||
121 to 132
|
3,466
|
60,251,836
|
11.9
|
|||||||||
133 to 144
|
1,842
|
40,373,202
|
8.0
|
|||||||||
145 to 156
|
1,601
|
42,979,621
|
8.5
|
|||||||||
157 to 168
|
1,279
|
38,589,207
|
7.6
|
|||||||||
169 to 180
|
974
|
33,125,262
|
6.5
|
|||||||||
181 to 192
|
757
|
29,077,592
|
5.7
|
|||||||||
193 to 204
|
534
|
20,919,016
|
4.1
|
|||||||||
205 to 216
|
392
|
16,743,168
|
3.3
|
|||||||||
217 to 228
|
320
|
13,519,933
|
2.7
|
|||||||||
229 to 240
|
234
|
10,793,973
|
2.1
|
|||||||||
241 to 252
|
184
|
8,392,299
|
1.7
|
|||||||||
253 to 264
|
117
|
5,065,245
|
1.0
|
|||||||||
265 to 276
|
121
|
6,228,874
|
1.2
|
|||||||||
277 to 288
|
95
|
5,696,513
|
1.1
|
|||||||||
289 to 300
|
149
|
11,795,611
|
2.3
|
|||||||||
301 to 312
|
339
|
36,352,392
|
7.2
|
|||||||||
313 to 324
|
36
|
2,140,860
|
0.4
|
|||||||||
325 to 336
|
34
|
2,302,338
|
0.5
|
|||||||||
337 to 348
|
28
|
2,691,822
|
0.5
|
|||||||||
349 to 360
|
53
|
8,247,755
|
1.6
|
|||||||||
361 and above
|
45
|
4,336,101
|
0.9
|
|||||||||
|
||||||||||||
Total
|
28,518
|
$
|
506,765,868
|
100.0
|
%
|
Current Borrower Payment Status
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Deferment
|
624
|
$
|
12,635,619
|
2.5
|
%
|
|||||||
Forbearance(1)
|
2,209
|
56,708,817
|
11.2
|
|||||||||
Repayment
|
||||||||||||
First year in repayment
|
199
|
12,902,276
|
2.5
|
|||||||||
Second year in repayment
|
170
|
8,561,178
|
1.7
|
|||||||||
Third year in repayment
|
216
|
11,522,778
|
2.3
|
|||||||||
More than 3 years in repayment
|
25,100
|
404,435,200
|
79.8
|
|||||||||
Total
|
28,518
|
$
|
506,765,868
|
100.0
|
%
|
|
• |
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
|
||||||||||
Current Borrower Payment Status
|
|
Deferment
|
|
|
Forbearance
|
|
|
Repayment
|
||||
Deferment
|
16.4
|
-
|
193.2
|
|||||||||
Forbearance
|
-
|
14.7
|
205.0
|
|||||||||
Repayment
|
-
|
-
|
165.5
|
State
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Alabama
|
258
|
$
|
4,451,785
|
0.9
|
%
|
|||||||
Alaska
|
33
|
498,744
|
0.1
|
|||||||||
Arizona
|
618
|
13,650,572
|
2.7
|
|||||||||
Arkansas
|
184
|
3,488,889
|
0.7
|
|||||||||
California
|
3,002
|
58,706,131
|
11.6
|
|||||||||
Colorado
|
501
|
8,040,529
|
1.6
|
|||||||||
Connecticut
|
401
|
5,209,260
|
1.0
|
|||||||||
Delaware
|
94
|
2,278,353
|
0.4
|
|||||||||
District of Columbia
|
110
|
1,828,888
|
0.4
|
|||||||||
Florida
|
2,350
|
46,156,289
|
9.1
|
|||||||||
Georgia
|
871
|
21,230,380
|
4.2
|
|||||||||
Hawaii
|
129
|
2,081,869
|
0.4
|
|||||||||
Idaho
|
106
|
2,968,753
|
0.6
|
|||||||||
Illinois
|
1,083
|
17,218,608
|
3.4
|
|||||||||
Indiana
|
766
|
10,793,102
|
2.1
|
|||||||||
Iowa
|
105
|
1,549,906
|
0.3
|
|||||||||
Kansas
|
468
|
5,843,050
|
1.2
|
|||||||||
Kentucky
|
236
|
3,739,095
|
0.7
|
|||||||||
Louisiana
|
917
|
14,538,313
|
2.9
|
|||||||||
Maine
|
89
|
1,466,935
|
0.3
|
|||||||||
Maryland
|
625
|
12,283,582
|
2.4
|
|||||||||
Massachusetts
|
673
|
9,449,988
|
1.9
|
|||||||||
Michigan
|
601
|
12,105,826
|
2.4
|
|||||||||
Minnesota
|
291
|
6,004,416
|
1.2
|
|||||||||
Mississippi
|
255
|
5,288,805
|
1.0
|
|||||||||
Missouri
|
568
|
8,403,253
|
1.7
|
|||||||||
Montana
|
71
|
1,284,257
|
0.3
|
|||||||||
Nebraska
|
34
|
487,280
|
0.1
|
|||||||||
Nevada
|
180
|
3,163,042
|
0.6
|
|||||||||
New Hampshire
|
136
|
2,327,715
|
0.5
|
|||||||||
New Jersey
|
752
|
12,575,644
|
2.5
|
|||||||||
New Mexico
|
82
|
956,484
|
0.2
|
|||||||||
New York
|
1,883
|
32,286,591
|
6.4
|
|||||||||
North Carolina
|
683
|
12,760,793
|
2.5
|
|||||||||
North Dakota
|
21
|
294,035
|
0.1
|
|||||||||
Ohio
|
1,408
|
27,707,928
|
5.5
|
|||||||||
Oklahoma
|
554
|
8,411,330
|
1.7
|
|||||||||
Oregon
|
446
|
7,335,649
|
1.4
|
|||||||||
Pennsylvania
|
954
|
15,943,875
|
3.1
|
|||||||||
Rhode Island
|
70
|
1,106,537
|
0.2
|
|||||||||
South Carolina
|
327
|
7,616,340
|
1.5
|
|||||||||
South Dakota
|
38
|
544,504
|
0.1
|
|||||||||
Tennessee
|
596
|
12,386,807
|
2.4
|
|||||||||
Texas
|
2,542
|
40,768,223
|
8.0
|
|||||||||
Utah
|
105
|
1,756,585
|
0.3
|
|||||||||
Vermont
|
46
|
640,832
|
0.1
|
|||||||||
Virginia
|
762
|
13,629,861
|
2.7
|
|||||||||
Washington
|
775
|
10,874,830
|
2.1
|
|||||||||
West Virginia
|
125
|
1,507,236
|
0.3
|
|||||||||
Wisconsin
|
252
|
4,141,225
|
0.8
|
|||||||||
Wyoming
|
36
|
577,300
|
0.1
|
|||||||||
Other
|
306
|
6,405,640
|
1.3
|
|||||||||
Total
|
28,518
|
$
|
506,765,868
|
100.0
|
%
|
Loan Repayment Terms
|
Number
of Loans
|
Aggregate Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Level Repayment
|
14,871
|
$
|
211,861,061
|
41.8
|
%
|
|||||||
Other Repayment Options(1)
|
10,355
|
179,936,381
|
35.5
|
|||||||||
Income-driven Repayment(2)
|
3,292
|
114,968,425
|
22.7
|
|||||||||
Total
|
28,518
|
$
|
506,765,868
|
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
|
13,706
|
$
|
188,409,398
|
37.2
|
%
|
|||||||
Unsubsidized
|
14,812
|
318,356,470
|
62.8
|
|||||||||
Total
|
28,518
|
$
|
506,765,868
|
100.0
|
%
|
Disbursement Date
|
Number
of Loans
|
Aggregate Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
September 30, 1993 and earlier
|
65
|
$
|
4,268,614
|
0.8
|
%
|
|||||||
October 1, 1993 through June 30, 2006
|
28,453
|
502,497,254
|
99.2
|
|||||||||
July 1, 2006 and later
|
0
|
0
|
0.0
|
|||||||||
Total
|
28,518
|
$
|
506,765,868
|
100.0
|
%
|
Name of Guaranty Agency
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
American Student Assistance
|
999
|
$
|
13,957,060
|
2.8
|
%
|
|||||||
College Assist
|
7
|
380,732
|
0.1
|
|||||||||
Educational Credit Management Corporation
|
2,374
|
31,960,341
|
6.3
|
|||||||||
Florida Off Of Student Fin'l Assistance
|
850
|
10,345,394
|
2.0
|
|||||||||
Great Lakes Higher Education Corporation
|
14,161
|
296,686,454
|
58.5
|
|||||||||
Kentucky Higher Educ. Asst. Auth.
|
667
|
8,272,101
|
1.6
|
|||||||||
Michigan Guaranty Agency
|
302
|
4,412,926
|
0.9
|
|||||||||
Oklahoma Guaranteed Stud Loan Prog
|
466
|
6,366,838
|
1.3
|
|||||||||
Pennsylvania Higher Education Assistance Agency
|
2,420
|
32,536,873
|
6.4
|
|||||||||
Texas Guaranteed Student Loan Corp
|
6,272
|
101,847,149
|
20.1
|
|||||||||
Total
|
28,518
|
$
|
506,765,868
|
100.0
|
%
|