07/15/2024 | Press release | Distributed by Public on 07/15/2024 15:06
• |
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;
|
• |
contained terms in accordance with those required by the FFELP, the guarantee agreements and other applicable requirements;
|
|
• |
was more than 30 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
|
$
|
350,798,985
|
||
Aggregate Outstanding Principal Balance - Treasury Bill
|
$
|
42,364,154
|
||
Percentage of Aggregate Outstanding Principal Balance - Treasury Bill
|
12.08
|
%
|
||
Aggregate Outstanding Principal Balance - One-Month LIBOR
|
$
|
308,434,831
|
||
Percentage of Aggregate Outstanding Principal Balance - One-Month LIBOR
|
87.92
|
%
|
||
Number of Borrowers
|
10,693
|
|||
Average Outstanding Principal Balance Per Borrower
|
$
|
32,806
|
||
Number of Loans
|
19,153
|
|||
Average Outstanding Principal Balance Per Loan - Treasury Bill
|
$
|
50,918
|
||
Average Outstanding Principal Balance Per Loan - One-Month LIBOR
|
$
|
16,835
|
||
Weighted Average Remaining Term to Scheduled Maturity
|
175 months
|
|||
Weighted Average Annual Interest Rate
|
4.97
|
%
|
(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%
|
3,523
|
$
|
51,947,633
|
14.8
|
%
|
|||||||
3.01% to 3.50%
|
3,636
|
48,673,957
|
13.9
|
|||||||||
3.51% to 4.00%
|
3,434
|
52,640,060
|
15.0
|
|||||||||
4.01% to 4.50%
|
4,007
|
61,693,266
|
17.6
|
|||||||||
4.51% to 5.00%
|
1,360
|
23,880,835
|
6.8
|
|||||||||
5.01% to 5.50%
|
340
|
8,373,805
|
2.4
|
|||||||||
5.51% to 6.00%
|
345
|
8,158,963
|
2.3
|
|||||||||
6.01% to 6.50%
|
394
|
8,551,773
|
2.4
|
|||||||||
6.51% to 7.00%
|
581
|
15,264,942
|
4.4
|
|||||||||
7.01% to 7.50%
|
226
|
6,614,431
|
1.9
|
|||||||||
7.51% to 8.00%
|
474
|
16,187,914
|
4.6
|
|||||||||
8.01% to 8.50%
|
463
|
21,965,876
|
6.3
|
|||||||||
Equal to or greater than 8.51%
|
370
|
26,845,528
|
7.7
|
|||||||||
Total
|
19,153
|
$
|
350,798,985
|
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
|
1,822
|
$
|
4,410,895
|
1.3
|
%
|
|||||||||
$
|
5,000.00-$ 9,999.99
|
1,620
|
12,055,401
|
3.4
|
||||||||||
$
|
10,000.00-$14,999.99
|
1,251
|
15,564,936
|
4.4
|
||||||||||
$
|
15,000.00-$19,999.99
|
961
|
16,750,344
|
4.8
|
||||||||||
$
|
20,000.00-$24,999.99
|
783
|
17,488,442
|
5.0
|
||||||||||
$
|
25,000.00-$29,999.99
|
624
|
17,130,001
|
4.9
|
||||||||||
$
|
30,000.00-$34,999.99
|
529
|
17,143,161
|
4.9
|
||||||||||
$
|
35,000.00-$39,999.99
|
450
|
16,813,752
|
4.8
|
||||||||||
$
|
40,000.00-$44,999.99
|
352
|
14,987,196
|
4.3
|
||||||||||
$
|
45,000.00-$49,999.99
|
291
|
13,802,789
|
3.9
|
||||||||||
$
|
50,000.00-$54,999.99
|
252
|
13,173,039
|
3.8
|
||||||||||
$
|
55,000.00-$59,999.99
|
206
|
11,838,492
|
3.4
|
||||||||||
$
|
60,000.00-$64,999.99
|
145
|
9,058,612
|
2.6
|
||||||||||
$
|
65,000.00-$69,999.99
|
161
|
10,868,234
|
3.1
|
||||||||||
$
|
70,000.00-$74,999.99
|
139
|
10,066,746
|
2.9
|
||||||||||
$
|
75,000.00-$79,999.99
|
128
|
9,896,843
|
2.8
|
||||||||||
$
|
80,000.00-$84,999.99
|
111
|
9,132,158
|
2.6
|
||||||||||
$
|
85,000.00-$89,999.99
|
87
|
7,605,662
|
2.2
|
||||||||||
$
|
90,000.00-$94,999.99
|
79
|
7,309,113
|
2.1
|
||||||||||
$
|
95,000.00-$99,999.99
|
72
|
7,018,886
|
2.0
|
||||||||||
$100,000.00 and above |
630
|
108,684,280
|
31.0
|
|||||||||||
Total
|
10,693
|
$
|
350,798,985
|
100.0
|
%
|
Number of Days Delinquent
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance |
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
0-30 days
|
18,236
|
$
|
327,757,067
|
93.4
|
%
|
|||||||
31-60 days
|
345
|
7,117,660
|
2.0
|
|||||||||
61-90 days
|
172
|
5,654,273
|
1.6
|
|||||||||
91-120 days
|
127
|
3,480,451
|
1.0
|
|||||||||
121-150 days
|
78
|
2,121,783
|
0.6
|
|||||||||
151-180 days
|
41
|
1,116,159
|
0.3
|
|||||||||
181-210 days
|
14
|
297,508
|
0.1
|
|||||||||
Greater than 210 days
|
140
|
3,254,083
|
0.9
|
|||||||||
Total
|
19,153
|
$
|
350,798,985
|
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
|
170
|
$
|
42,421
|
*
|
||||||||
4 to12
|
624
|
575,677
|
0.2
|
%
|
||||||||
13 to 24
|
838
|
1,570,491
|
0.4
|
|||||||||
25 to 36
|
766
|
2,868,776
|
0.8
|
|||||||||
37 to 48
|
952
|
4,524,939
|
1.3
|
|||||||||
49 to 60
|
2,083
|
10,328,674
|
2.9
|
|||||||||
61 to 72
|
1,077
|
9,138,360
|
2.6
|
|||||||||
73 to 84
|
754
|
7,011,893
|
2.0
|
|||||||||
85 to 96
|
738
|
8,828,012
|
2.5
|
|||||||||
97 to 108
|
837
|
10,417,777
|
3.0
|
|||||||||
109 to 120
|
2,314
|
32,385,066
|
9.2
|
|||||||||
121 to 132
|
1,406
|
27,831,830
|
7.9
|
|||||||||
133 to 144
|
1,117
|
24,719,266
|
7.0
|
|||||||||
145 to 156
|
1,120
|
29,356,341
|
8.4
|
|||||||||
157 to 168
|
895
|
26,670,638
|
7.6
|
|||||||||
169 to 180
|
704
|
21,359,816
|
6.1
|
|||||||||
181 to 192
|
574
|
21,371,943
|
6.1
|
|||||||||
193 to 204
|
372
|
12,989,672
|
3.7
|
|||||||||
205 to 216
|
301
|
11,730,379
|
3.3
|
|||||||||
217 to 228
|
224
|
7,565,419
|
2.2
|
|||||||||
229 to 240
|
154
|
6,284,971
|
1.8
|
|||||||||
241 to 252
|
120
|
5,224,369
|
1.5
|
|||||||||
253 to 264
|
89
|
3,654,500
|
1.0
|
|||||||||
265 to 276
|
107
|
4,462,812
|
1.3
|
|||||||||
277 to 288
|
99
|
4,565,296
|
1.3
|
|||||||||
289 to 300
|
153
|
11,220,490
|
3.2
|
|||||||||
301 to 312
|
387
|
30,187,525
|
8.6
|
|||||||||
313 to 324
|
27
|
2,095,608
|
0.6
|
|||||||||
325 to 336
|
28
|
2,216,834
|
0.6
|
|||||||||
337 to 348
|
18
|
1,094,381
|
0.3
|
|||||||||
349 to 360
|
33
|
3,684,331
|
1.1
|
|||||||||
361 and above
|
72
|
4,820,479
|
1.4
|
|||||||||
Total
|
19,153
|
$
|
350,798,985
|
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
|
368
|
$
|
8,008,653
|
2.3
|
%
|
|||||||
Forbearance
|
2,051
|
55,834,666
|
15.9
|
|||||||||
Repayment
|
||||||||||||
First year in repayment
|
80
|
5,127,041
|
1.5
|
|||||||||
Second year in repayment
|
84
|
4,649,906
|
1.3
|
|||||||||
Third year in repayment
|
116
|
7,463,607
|
2.1
|
|||||||||
More than 3 years in repayment
|
16,454
|
269,715,113
|
76.9
|
|||||||||
Total
|
19,153
|
$
|
350,798,985
|
100.0
|
%
|
* |
Of the trust student loans in forbearance status, approximately 117 loans with an aggregate outstanding principal balance of $3,709,755, representing 1.06% 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
|
||||||||||||
Current Borrower Payment Status
|
Deferment
|
Forbearance
|
Repayment
|
|||||||||
Deferment
|
17.8
|
-
|
207.4
|
|||||||||
Forbearance
|
-
|
20.9
|
206.4
|
|||||||||
Repayment
|
-
|
-
|
163.6
|
State
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Alabama
|
115
|
$
|
2,800,103
|
0.8
|
%
|
|||||||
Alaska
|
28
|
548,516
|
0.2
|
|||||||||
Arizona
|
472
|
9,871,765
|
2.8
|
|||||||||
Arkansas
|
83
|
1,646,490
|
0.5
|
|||||||||
California
|
2,177
|
39,885,401
|
11.4
|
|||||||||
Colorado
|
331
|
6,492,587
|
1.9
|
|||||||||
Connecticut
|
230
|
3,114,405
|
0.9
|
|||||||||
Delaware
|
47
|
1,759,480
|
0.5
|
|||||||||
District of Columbia
|
68
|
920,487
|
0.3
|
|||||||||
Florida
|
2,986
|
50,884,513
|
14.5
|
|||||||||
Georgia
|
541
|
10,265,856
|
2.9
|
|||||||||
Hawaii
|
74
|
1,415,053
|
0.4
|
|||||||||
Idaho
|
72
|
1,320,239
|
0.4
|
|||||||||
Illinois
|
523
|
8,357,960
|
2.4
|
|||||||||
Indiana
|
343
|
5,719,325
|
1.6
|
|||||||||
Iowa
|
97
|
1,624,376
|
0.5
|
|||||||||
Kansas
|
339
|
6,308,164
|
1.8
|
|||||||||
Kentucky
|
87
|
1,414,176
|
0.4
|
|||||||||
Louisiana
|
367
|
7,019,540
|
2.0
|
|||||||||
Maine
|
36
|
437,972
|
0.1
|
|||||||||
Maryland
|
398
|
7,236,083
|
2.1
|
|||||||||
Massachusetts
|
395
|
5,904,680
|
1.7
|
|||||||||
Michigan
|
350
|
7,152,641
|
2.0
|
|||||||||
Minnesota
|
269
|
5,031,553
|
1.4
|
|||||||||
Mississippi
|
87
|
2,245,401
|
0.6
|
|||||||||
Missouri
|
431
|
8,855,131
|
2.5
|
|||||||||
Montana
|
53
|
773,242
|
0.2
|
|||||||||
Nebraska
|
46
|
725,849
|
0.2
|
|||||||||
Nevada
|
136
|
2,595,579
|
0.7
|
|||||||||
New Hampshire
|
78
|
1,376,891
|
0.4
|
|||||||||
New Jersey
|
516
|
8,242,300
|
2.3
|
|||||||||
New Mexico
|
56
|
1,436,298
|
0.4
|
|||||||||
New York
|
1,118
|
17,592,448
|
5.0
|
|||||||||
North Carolina
|
450
|
7,036,404
|
2.0
|
|||||||||
North Dakota
|
15
|
373,161
|
0.1
|
|||||||||
Ohio
|
1,333
|
29,773,372
|
8.5
|
|||||||||
Oklahoma
|
249
|
4,985,518
|
1.4
|
|||||||||
Oregon
|
319
|
5,695,818
|
1.6
|
|||||||||
Pennsylvania
|
402
|
6,925,044
|
2.0
|
|||||||||
Rhode Island
|
51
|
1,085,467
|
0.3
|
|||||||||
South Carolina
|
133
|
3,798,534
|
1.1
|
|||||||||
South Dakota
|
18
|
202,811
|
0.1
|
|||||||||
Tennessee
|
288
|
5,381,630
|
1.5
|
|||||||||
Texas
|
1,429
|
26,900,820
|
7.7
|
|||||||||
Utah
|
62
|
1,919,244
|
0.5
|
|||||||||
Vermont
|
23
|
420,384
|
0.1
|
|||||||||
Virginia
|
448
|
8,306,588
|
2.4
|
|||||||||
Washington
|
630
|
10,603,093
|
3.0
|
|||||||||
West Virginia
|
64
|
1,220,768
|
0.3
|
|||||||||
Wisconsin
|
119
|
1,725,618
|
0.5
|
|||||||||
Wyoming
|
16
|
488,322
|
0.1
|
|||||||||
Other
|
155
|
2,981,886
|
0.9
|
|||||||||
Total
|
19,153
|
$
|
350,798,985
|
100.0
|
%
|
Loan Repayment Terms
|
Number of
Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal
Balance
|
|||||||||
Level Repayment
|
9,240
|
$
|
136,119,716
|
38.8
|
%
|
|||||||
Other Repayment Options(1)
|
7,474
|
132,824,612
|
37.9
|
|||||||||
Income-driven Repayment(2)
|
2,439
|
81,854,656
|
23.3
|
|||||||||
Total
|
19,153
|
$
|
350,798,985
|
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
|
9,524
|
$
|
139,679,062
|
39.8
|
%
|
|||||||
Unsubsidized
|
9,629
|
211,119,923
|
60.2
|
|||||||||
Total
|
19,153
|
$
|
350,798,985
|
100.0
|
%
|
Disbursement Date
|
Number of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal
Balance
|
|||||||||
September 30, 1993 and earlier
|
203
|
$
|
14,162,453
|
4.0
|
%
|
|||||||
October 1, 1993 through June 30, 2006
|
18,950
|
336,636,531
|
96.0
|
|||||||||
July 1, 2006 and later
|
0
|
0
|
0.0
|
|||||||||
Total
|
19,153
|
$
|
350,798,985
|
100.0
|
%
|
Name of Guaranty Agency
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
American Student Assistance
|
498
|
$
|
6,213,895
|
1.8
|
%
|
|||||||
College Assist
|
7
|
185,345
|
0.1
|
|||||||||
Educational Credit Management Corporation
|
942
|
16,944,528
|
4.8
|
|||||||||
Florida Off Of Student Fin'l Assistance
|
3,084
|
46,324,175
|
13.2
|
|||||||||
Great Lakes Higher Education Corporation
|
8,596
|
185,888,064
|
53.0
|
|||||||||
Kentucky Higher Educ. Asst. Auth.
|
1,022
|
15,181,604
|
4.3
|
|||||||||
Michigan Guaranty Agency
|
181
|
2,873,179
|
0.8
|
|||||||||
Nebraska National Student Loan Program
|
1
|
18,808
|
*
|
|||||||||
Oklahoma Guaranteed Stud Loan Prog
|
150
|
2,364,460
|
0.7
|
|||||||||
Pennsylvania Higher Education Assistance Agency
|
1,336
|
23,062,155
|
6.6
|
|||||||||
Texas Guaranteed Student Loan Corp
|
3,336
|
51,742,772
|
14.7
|
|||||||||
Total
|
19,153
|
$
|
350,798,985
|
100.0
|
%
|
* |
Represents a percentage greater than 0% but less than 0.05%.
|