•
|
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 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.
|
COMPOSITION OF THE TRUST STUDENT LOANS AS OF
THE STATISTICAL DISCLOSURE DATE
|
||||
Aggregate Outstanding Principal Balance
|
$
|
311,119,251
|
||
Aggregate Outstanding Principal Balance – Treasury Bill
|
$
|
45,417,753
|
||
Percentage of Aggregate Outstanding Principal Balance – Treasury Bill
|
14.60
|
%
|
||
Aggregate Outstanding Principal Balance – One-Month LIBOR
|
$
|
265,701,498
|
||
Percentage of Aggregate Outstanding Principal Balance – One-Month LIBOR
|
85.40
|
%
|
||
Number of Borrowers
|
$
|
6,009
|
||
Average Outstanding Principal Balance Per Borrower
|
51,776
|
|||
Number of Loans
|
10,499
|
|||
Average Outstanding Principal Balance Per Loan – Treasury Bill
|
$
|
50,746
|
||
Average Outstanding Principal Balance Per Loan – One-Month LIBOR
|
27,666
|
|||
Weighted Average Remaining Term to Scheduled Maturity
|
205 months
|
|||
Weighted Average Annual Interest Rate
|
$
|
7.42
|
%
|
DISTRIBUTION OF THE TRUST STUDENT LOANS
BY BORROWER INTEREST RATES AS OF THE STATISTICAL
DISCLOSURE DATE
|
Interest Rates
|
Number
of Loans
|
Aggregate Outstanding Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Less than or equal to 3.00%
|
0
|
$
|
0
|
0.0
|
%
|
|||||||
3.01% to 3.50%
|
0
|
0
|
0.0
|
|||||||||
3.51% to 4.00%
|
0
|
0
|
0.0
|
|||||||||
4.01% to 4.50%
|
1
|
29,766
|
*
|
|||||||||
4.51% to 5.00%
|
8
|
38,304
|
*
|
|||||||||
5.01% to 5.50%
|
152
|
1,739,019
|
0.6
|
|||||||||
5.51% to 6.00%
|
960
|
17,969,785
|
5.8
|
|||||||||
6.01% to 6.50%
|
2,010
|
40,000,814
|
12.9
|
|||||||||
6.51% to 7.00%
|
3,041
|
74,464,253
|
23.9
|
|||||||||
7.01% to 7.50%
|
603
|
18,861,314
|
6.1
|
|||||||||
7.51% to 8.00%
|
1,456
|
54,711,263
|
17.6
|
|||||||||
8.01% to 8.50%
|
1,991
|
83,326,914
|
26.8
|
|||||||||
Equal to or greater than 8.51%
|
277
|
19,977,820
|
6.4
|
|||||||||
Total
|
10,499
|
$
|
311,119,251
|
100.0
|
%
|
* Represents a percentage greater than 0% but less than 0.05%.
|
DISTRIBUTION OF THE TRUST STUDENT LOANS BY
OUTSTANDING PRINCIPAL BALANCE PER BORROWER
AS OF THE STATISTICAL DISCLOSURE DATE
|
Range of Outstanding
Principal Balance
|
Number of Borrowers
|
Aggregate Outstanding Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Less than $5,000.00
|
669
|
$
|
1,574,334
|
0.5
|
%
|
|||||||
$ 5,000.00-$9,999.99
|
555
|
4,128,884
|
1.3
|
|||||||||
$10,000.00-$14,999.99
|
584
|
7,298,987
|
2.3
|
|||||||||
$15,000.00-$19,999.99
|
494
|
8,585,602
|
2.8
|
|||||||||
$20,000.00-$24,999.99
|
374
|
8,396,576
|
2.7
|
|||||||||
$25,000.00-$29,999.99
|
357
|
9,815,998
|
3.2
|
|||||||||
$30,000.00-$34,999.99
|
341
|
11,070,620
|
3.6
|
|||||||||
$35,000.00-$39,999.99
|
283
|
10,568,903
|
3.4
|
|||||||||
$40,000.00-$44,999.99
|
254
|
10,809,782
|
3.5
|
|||||||||
$45,000.00-$49,999.99
|
205
|
9,719,933
|
3.1
|
|||||||||
$50,000.00-$54,999.99
|
188
|
9,879,648
|
3.2
|
|||||||||
$55,000.00-$59,999.99
|
137
|
7,864,366
|
2.5
|
|||||||||
$60,000.00-$64,999.99
|
118
|
7,393,120
|
2.4
|
|||||||||
$65,000.00-$69,999.99
|
118
|
7,966,498
|
2.6
|
|||||||||
$70,000.00-$74,999.99
|
104
|
7,525,852
|
2.4
|
|||||||||
$75,000.00-$79,999.99
|
98
|
7,596,731
|
2.4
|
|||||||||
$80,000.00-$84,999.99
|
92
|
7,594,210
|
2.4
|
|||||||||
$85,000.00-$89,999.99
|
81
|
7,087,524
|
2.3
|
|||||||||
$90,000.00-$94,999.99
|
67
|
6,193,036
|
2.0
|
|||||||||
$95,000.00-$99,999.99
|
51
|
4,975,142
|
1.6
|
|||||||||
$100,000.00 and above
|
839
|
155,073,503
|
49.8
|
|||||||||
Total
|
6,009
|
$
|
311,119,251
|
100.0
|
%
|
|||||||
DISTRIBUTION OF THE TRUST STUDENT LOANS
BY DELINQUENCY STATUS AS OF THE
STATISTICAL DISCLOSURE DATE
|
Number of Days Delinquent
|
Number
of Loans
|
Aggregate Outstanding Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
0-30 days
|
9,696
|
$
|
281,043,143
|
90.3
|
%
|
|||||||
31-60 days
|
235
|
8,193,751
|
2.6
|
|||||||||
61-90 days
|
190
|
6,537,000
|
2.1
|
|||||||||
91-120 days
|
88
|
3,540,261
|
1.1
|
|||||||||
121-150 days
|
45
|
1,409,583
|
0.5
|
|||||||||
151-180 days
|
56
|
3,251,356
|
1.0
|
|||||||||
181-210 days
|
46
|
1,710,463
|
0.5
|
|||||||||
Greater than 210 days
|
143
|
5,433,693
|
1.7
|
|||||||||
Total
|
10,499
|
$
|
311,119,251
|
100.0
|
%
|
|||||||
DISTRIBUTION OF THE TRUST STUDENT LOANS
BY REMAINING TERM TO SCHEDULED MATURITY
AS OF THE STATISTICAL DISCLOSURE DATE
|
Number of Months
Remaining to
Scheduled Maturity
|
Number
of Loans
|
Aggregate Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
0 to 3
|
82
|
$
|
29,861
|
*
|
||||||||
4 to 12
|
283
|
410,390
|
0.1
|
%
|
||||||||
13 to 24
|
432
|
1,307,226
|
0.4
|
|||||||||
25 to 36
|
446
|
2,265,919
|
0.7
|
|||||||||
37 to 48
|
519
|
3,693,015
|
1.2
|
|||||||||
49 to 60
|
869
|
6,651,877
|
2.1
|
|||||||||
61 to 72
|
548
|
5,798,639
|
1.9
|
|||||||||
73 to 84
|
446
|
5,750,569
|
1.8
|
|||||||||
85 to 96
|
408
|
6,507,409
|
2.1
|
|||||||||
97 to 108
|
528
|
10,005,882
|
3.2
|
|||||||||
109 to 120
|
792
|
14,857,878
|
4.8
|
|||||||||
121 to 132
|
673
|
17,248,082
|
5.5
|
|||||||||
133 to 144
|
481
|
15,010,992
|
4.8
|
|||||||||
145 to 156
|
421
|
13,549,438
|
4.4
|
|||||||||
157 to 168
|
469
|
16,491,915
|
5.3
|
|||||||||
169 to 180
|
384
|
15,591,388
|
5.0
|
|||||||||
181 to 192
|
320
|
13,943,760
|
4.5
|
|||||||||
193 to 204
|
240
|
10,344,017
|
3.3
|
|||||||||
205 to 216
|
229
|
12,528,005
|
4.0
|
|||||||||
217 to 228
|
193
|
9,642,034
|
3.1
|
|||||||||
229 to 240
|
197
|
10,098,170
|
3.2
|
|||||||||
241 to 252
|
134
|
7,657,040
|
2.5
|
|||||||||
253 to 264
|
97
|
6,205,838
|
2.0
|
|||||||||
265 to 276
|
123
|
7,268,081
|
2.3
|
|||||||||
277 to 288
|
107
|
6,218,023
|
2.0
|
|||||||||
289 to 300
|
275
|
21,396,829
|
6.9
|
|||||||||
301 to 312
|
724
|
61,529,314
|
19.8
|
|||||||||
313 to 324
|
19
|
2,274,873
|
0.7
|
|||||||||
325 to 336
|
12
|
1,529,028
|
0.5
|
|||||||||
337 to 348
|
9
|
751,789
|
0.2
|
|||||||||
349 to 360
|
16
|
2,522,938
|
0.8
|
|||||||||
361 and above
|
23
|
2,039,033
|
0.7
|
|||||||||
Total
|
10,499
|
$
|
311,119,251
|
100.0
|
%
|
* Represents a percentage greater than 0% but less than 0.05%.
|
DISTRIBUTION OF THE TRUST STUDENT LOANS
BY CURRENT BORROWER PAYMENT STATUS
AS OF THE STATISTICAL DISCLOSURE DATE
|
Current Borrower Payment Status
|
Number
of Loans
|
Aggregate Outstanding Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Deferment
|
276
|
$
|
8,238,651
|
2.6
|
%
|
|||||||
Forbearance
|
1,126
|
50,602,582
|
16.3
|
|||||||||
Repayment
|
||||||||||||
First year in repayment
|
73
|
5,004,565
|
1.6
|
|||||||||
Second year in repayment
|
66
|
4,677,572
|
1.5
|
|||||||||
Third year in repayment
|
106
|
8,942,224
|
2.9
|
|||||||||
More than 3 years in repayment
|
8,852
|
233,653,657
|
75.1
|
|||||||||
Total
|
10,499
|
$
|
311,119,251
|
100.0
|
%
|
____________
(1) Of the trust student loans in forbearance status, approximately 109 loans with an aggregate outstanding principal balance of $4,034,731, representing 1.30% of the pool by principal balance, 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 WEIGHTED AVERAGE REMAINING MONTHS IN
STATUS OF THE TRUST STUDENT LOANS BY
CURRENT BORROWER PAYMENT STATUS AS OF THE
STATISTICAL DISCLOSURE DATE
|
Scheduled Months in Status Remaining
|
||||||
Current Borrower Payment Status
|
Deferment
|
Forbearance
|
Repayment |
|||
Deferment
|
18.1
|
-
|
211.7 | |||
Forbearance
|
-
|
6.2
|
225.3 | |||
Repayment
|
-
|
-
|
199.4 | |||
GEOGRAPHIC DISTRIBUTION OF THE TRUST STUDENT LOANS
AS OF THE STATISTICAL DISCLOSURE DATE
|
State
|
Number
of Loans
|
Aggregate Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Alabama
|
167
|
$
|
4,594,388
|
1.5
|
%
|
|||||||
Alaska
|
12
|
319,047
|
0.1
|
|||||||||
Arizona
|
244
|
8,198,109
|
2.6
|
|||||||||
Arkansas
|
144
|
3,749,608
|
1.2
|
|||||||||
California
|
1,228
|
40,904,762
|
13.1
|
|||||||||
Colorado
|
202
|
4,632,498
|
1.5
|
|||||||||
Connecticut
|
75
|
1,589,442
|
0.5
|
|||||||||
Delaware
|
23
|
350,030
|
0.1
|
|||||||||
District of Columbia
|
30
|
589,003
|
0.2
|
|||||||||
Florida
|
621
|
21,576,769
|
6.9
|
|||||||||
Georgia
|
395
|
15,298,994
|
4.9
|
|||||||||
Hawaii
|
28
|
742,793
|
0.2
|
|||||||||
Idaho
|
59
|
1,884,680
|
0.6
|
|||||||||
Illinois
|
469
|
12,862,751
|
4.1
|
|||||||||
Indiana
|
143
|
3,382,483
|
1.1
|
|||||||||
Iowa
|
58
|
1,294,242
|
0.4
|
|||||||||
Kansas
|
234
|
7,341,310
|
2.4
|
|||||||||
Kentucky
|
97
|
3,159,771
|
1.0
|
|||||||||
Louisiana
|
462
|
12,947,145
|
4.2
|
|||||||||
Maine
|
33
|
1,194,318
|
0.4
|
|||||||||
Maryland
|
205
|
6,445,459
|
2.1
|
|||||||||
Massachusetts
|
177
|
3,604,981
|
1.2
|
|||||||||
Michigan
|
349
|
11,228,733
|
3.6
|
|||||||||
Minnesota
|
217
|
4,601,097
|
1.5
|
|||||||||
Mississippi
|
148
|
3,883,674
|
1.2
|
|||||||||
Missouri
|
319
|
9,406,932
|
3.0
|
|||||||||
Montana
|
41
|
490,573
|
0.2
|
|||||||||
Nebraska
|
45
|
1,338,781
|
0.4
|
|||||||||
Nevada
|
96
|
2,436,088
|
0.8
|
|||||||||
New Hampshire
|
31
|
659,551
|
0.2
|
|||||||||
New Jersey
|
153
|
4,796,084
|
1.5
|
|||||||||
New Mexico
|
39
|
1,302,060
|
0.4
|
|||||||||
New York
|
377
|
11,993,390
|
3.9
|
|||||||||
North Carolina
|
167
|
5,528,402
|
1.8
|
|||||||||
North Dakota
|
5
|
227,943
|
0.1
|
|||||||||
Ohio
|
56
|
981,642
|
0.3
|
|||||||||
Oklahoma
|
300
|
7,381,723
|
2.4
|
|||||||||
Oregon
|
252
|
8,302,358
|
2.7
|
|||||||||
Pennsylvania
|
229
|
5,605,686
|
1.8
|
|||||||||
Rhode Island
|
14
|
551,654
|
0.2
|
|||||||||
South Carolina
|
98
|
3,441,096
|
1.1
|
|||||||||
South Dakota
|
11
|
287,679
|
0.1
|
|||||||||
Tennessee
|
261
|
7,605,723
|
2.4
|
|||||||||
Texas
|
1,152
|
32,504,318
|
10.4
|
|||||||||
Utah
|
46
|
1,356,842
|
0.4
|
|||||||||
Vermont
|
6
|
289,145
|
0.1
|
|||||||||
Virginia
|
217
|
6,420,124
|
2.1
|
|||||||||
Washington
|
382
|
10,576,121
|
3.4
|
|||||||||
West Virginia
|
29
|
912,748
|
0.3
|
|||||||||
Wisconsin
|
244
|
7,069,838
|
2.3
|
|||||||||
Wyoming
|
17
|
291,317
|
0.1
|
|||||||||
Other
|
92
|
2,985,349
|
1.0
|
|||||||||
Total
|
10,499
|
$
|
311,119,251
|
100.0
|
%
|
DISTRIBUTION OF THE TRUST STUDENT LOANS BY REPAYMENT
TERMS AS OF THE STATISTICAL DISCLOSURE DATE
|
Loan Repayment Terms
|
Number
of Loans
|
Aggregate
Outstanding Principal Balance |
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Level Repayment
|
4,483
|
$
|
113,938,396
|
36.6
|
%
|
|||||||
Other Repayment Options(1)
|
3,821
|
81,376,418
|
26.2
|
|||||||||
Income-driven Repayment(2)
|
2,195
|
115,804,437
|
37.2
|
|||||||||
Total
|
10,499
|
$
|
311,119,251
|
100.0
|
%
|
(1) Includes, among others, graduated repayment and interest-only period loans.
(2) Includes income sensitive and income based repayment.
|
DISTRIBUTION OF THE TRUST STUDENT LOANS BY LOAN
TYPE AS OF THE STATISTICAL DISCLOSURE DATE
|
Loan Type
|
Number
of Loans
|
Aggregate Outstanding
Principal Balance |
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Subsidized
|
5.275
|
$
|
131,891,687
|
42.4
|
%
|
|||||||
Unsubsidized
|
5,224
|
179,227,564
|
57.6
|
|||||||||
Total
|
10,499
|
$
|
311,119,251
|
100.0
|
%
|
|||||||
DISTRIBUTION OF THE TRUST STUDENT LOANS
BY DATE OF DISBURSEMENT AS OF
THE STATISTICAL DISCLOSURE DATE
|
Disbursement Date
|
Number
of Loans
|
Aggregate Outstanding Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
September 30, 1993 and earlier
|
31
|
$
|
814,985
|
0.3
|
%
|
|||||||
October 1, 1993 through June 30, 2006
|
10,468
|
310,304,266
|
99.7
|
|||||||||
July 1, 2006 and later
|
0
|
0
|
0.0
|
|||||||||
Total
|
10,499
|
$
|
311,119,251
|
100.0
|
%
|
|||||||
DISTRIBUTION OF THE TRUST STUDENT LOANS
BY GUARANTY AGENCY AS OF
THE STATISTICAL DISCLOSURE DATE
|
Name of Guaranty Agency
|
Number
of Loans
|
Aggregate Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
American Student Assistance
|
643
|
$
|
9,307,661
|
3.0
|
%
|
|||||||
College Assist
|
23
|
551,896
|
0.2
|
|||||||||
Educational Credit Management Corporation
|
926
|
27,697,022
|
8.9
|
|||||||||
Great Lakes Higher Education Corporation
|
5,437
|
172,384,909
|
55.4
|
|||||||||
Kentucky Higher Educ. Asst. Auth.
|
176
|
4,952,818
|
1.6
|
|||||||||
Louisiana Office Of Student Financial Asst
|
187
|
4,310,458
|
1.4
|
|||||||||
Michigan Guaranty Agency
|
207
|
5,557,220
|
1.8
|
|||||||||
New York State Higher Ed Services Corp
|
547
|
15,779,045
|
5.1
|
|||||||||
Oklahoma Guaranteed Stud Loan Prog
|
306
|
7,980,613
|
2.6
|
|||||||||
Pennsylvania Higher Education Assistance Agency
|
1,125
|
35,751,701
|
11.5
|
|||||||||
Texas Guaranteed Student Loan Corp
|
922
|
26,845,907
|
8.6
|
|||||||||
Total
|
10,499
|
$
|
311,119,251
|
100.0
|
%
|
|||||||