DELAWARE
|
333-104887/
333-104887-07
|
04-3480392
|
(State or other jurisdiction
|
(Commission File Numbers)
|
(I.R.S. Employer
|
of formation)
|
Identification No.)
|
|
c/o Deutsche Bank Trust Company Americas
60 Wall Street, 16th Floor
Mail Stop NYC60-1625
New York, New York 10005
|
||
(Address of registrant’s principal executive offices)
|
Title of each class
|
Trading
symbol(s)
|
Name of each exchange on which registered
|
Not Applicable
|
Not Applicable
|
Not Applicable
|
SLM STUDENT LOAN TRUST 2004-1
|
|||||||
By: NAVIENT SOLUTIONS, LLC, in its capacity as administrator of the Trust
|
|||||||
|
|||||||
|
|||||||
Dated: January 12, 2022
|
By: /s/ C. Scott Booher
|
||||||
Name: C. Scott Booher
|
|||||||
Title: Vice President
|
|||||||
•
|
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
|
$
|
421,118,493
|
|
Aggregate Outstanding Principal Balance – Treasury Bill
|
$
|
12,406,183
|
|
Percentage of Aggregate Outstanding Principal Balance – Treasury Bill
|
2.95
|
%
|
|
Aggregate Outstanding Principal Balance – One-Month LIBOR
|
$
|
408,712,310
|
|
Percentage of Aggregate Outstanding Principal Balance – One-Month LIBOR
|
97.05
|
%
|
|
Number of Borrowers
|
13,942
|
||
Average Outstanding Principal Balance Per Borrower
|
$
|
30,205
|
|
Number of Loans
|
25,409
|
||
Average Outstanding Principal Balance Per Loan – Treasury Bill
|
$
|
48,086
|
|
Average Outstanding Principal Balance Per Loan – One-Month LIBOR
|
$
|
16,250
|
|
Weighted Average Remaining Term to Scheduled Maturity
|
169 months
|
||
Weighted Average Annual Interest Rate
|
4.35
|
%
|
Interest Rates
|
Number of Loans
|
Aggregate Outstanding Principal Balance
|
Percent of Pool by Outstanding Principal Balance
|
|||||||
Less than or equal to 3.00%
|
6,015
|
$
|
89,786,586
|
21.3
|
%
|
|||||
3.01% to 3.50%
|
4,611
|
69,221,264
|
16.4
|
|||||||
3.51% to 4.00%
|
4,990
|
71,580,467
|
17.0
|
|||||||
4.01% to 4.50%
|
5,704
|
84,968,444
|
20.2
|
|||||||
4.51% to 5.00%
|
1,196
|
20,417,927
|
4.8
|
|||||||
5.01% to 5.50%
|
370
|
7,920,918
|
1.9
|
|||||||
5.51% to 6.00%
|
336
|
7,613,532
|
1.8
|
|||||||
6.01% to 6.50%
|
505
|
12,795,871
|
3.0
|
|||||||
6.51% to 7.00%
|
562
|
13,499,619
|
3.2
|
|||||||
7.01% to 7.50%
|
235
|
6,632,400
|
1.6
|
|||||||
7.51% to 8.00%
|
367
|
10,906,080
|
2.6
|
|||||||
8.01% to 8.50%
|
428
|
19,951,427
|
4.7
|
|||||||
Equal to or greater than 8.51%
|
90
|
5,823,956
|
1.4
|
|||||||
Total
|
25,409
|
$
|
421,118,493
|
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
|
2,812
|
$
|
6,971,337
|
1.7
|
%
|
|||||
$5,000.00-$ 9,999.99
|
1,991
|
14,774,294
|
3.5
|
|||||||
$10,000.00-$14,999.99
|
1,580
|
19,668,368
|
4.7
|
|||||||
$15,000.00-$19,999.99
|
1,243
|
21,563,608
|
5.1
|
|||||||
$20,000.00-$24,999.99
|
1,026
|
22,941,998
|
5.4
|
|||||||
$25,000.00-$29,999.99
|
783
|
21,447,296
|
5.1
|
|||||||
$30,000.00-$34,999.99
|
669
|
21,728,002
|
5.2
|
|||||||
$35,000.00-$39,999.99
|
555
|
20,756,650
|
4.9
|
|||||||
$40,000.00-$44,999.99
|
430
|
18,256,185
|
4.3
|
|||||||
$45,000.00-$49,999.99
|
338
|
16,034,737
|
3.8
|
|||||||
$50,000.00-$54,999.99
|
309
|
16,239,449
|
3.9
|
|||||||
$55,000.00-$59,999.99
|
281
|
16,151,998
|
3.8
|
|||||||
$60,000.00-$64,999.99
|
228
|
14,251,620
|
3.4
|
|||||||
$65,000.00-$69,999.99
|
204
|
13,741,938
|
3.3
|
|||||||
$70,000.00-$74,999.99
|
172
|
12,472,232
|
3.0
|
|||||||
$75,000.00-$79,999.99
|
143
|
11,091,009
|
2.6
|
|||||||
$80,000.00-$84,999.99
|
131
|
10,801,104
|
2.6
|
|||||||
$85,000.00-$89,999.99
|
123
|
10,759,920
|
2.6
|
|||||||
$90,000.00-$94,999.99
|
104
|
9,611,658
|
2.3
|
|||||||
$95,000.00-$99,999.99
|
84
|
8,192,882
|
1.9
|
|||||||
$100,000.00 and above
|
736
|
113,662,206
|
27.0
|
|||||||
Total
|
13,942
|
$
|
421,118,493
|
100.0
|
%
|
|||||
Number of Days Delinquent
|
Number of Loans
|
Aggregate Outstanding Principal Balance
|
Percent of Pool by Outstanding Principal Balance
|
||||||
0-30 days
|
24,748
|
$
|
406,446,734
|
96.5
|
%
|
||||
31-60 days
|
257
|
5,078,365
|
1.2
|
||||||
61-90 days
|
109
|
2,519,141
|
0.6
|
||||||
91-120 days
|
75
|
1,833,309
|
0.4
|
||||||
121-150 days
|
76
|
1,449,342
|
0.3
|
||||||
151-180 days
|
36
|
1,016,326
|
0.2
|
||||||
181-210 days
|
17
|
579,613
|
0.1
|
||||||
Greater than 210 days
|
91
|
2,195,662
|
0.5
|
||||||
Total
|
25,409
|
$
|
421,118,493
|
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
|
79
|
$
|
20,662
|
*
|
||||||
4 to 12
|
318
|
242,214
|
0.1
|
%
|
||||||
13 to 24
|
1,277
|
1,940,332
|
0.5
|
|||||||
25 to 36
|
2,616
|
5,271,044
|
1.3
|
|||||||
37 to 48
|
1,329
|
5,165,644
|
1.2
|
|||||||
49 to 60
|
982
|
4,980,797
|
1.2
|
|||||||
61 to 72
|
890
|
6,128,623
|
1.5
|
|||||||
73 to 84
|
1,653
|
12,155,034
|
2.9
|
|||||||
85 to 96
|
2,496
|
20,106,160
|
4.8
|
|||||||
97 to 108
|
1,090
|
12,449,371
|
3.0
|
|||||||
109 to 120
|
1,003
|
13,124,865
|
3.1
|
|||||||
121 to 132
|
1,367
|
24,610,393
|
5.8
|
|||||||
133 to 144
|
1,920
|
37,907,019
|
9.0
|
|||||||
145 to 156
|
2,829
|
58,382,267
|
13.9
|
|||||||
157 to 168
|
1,201
|
31,828,481
|
7.6
|
|||||||
169 to 180
|
942
|
28,046,435
|
6.7
|
|||||||
181 to 192
|
922
|
34,012,649
|
8.1
|
|||||||
193 to 204
|
639
|
23,952,328
|
5.7
|
|||||||
205 to 216
|
521
|
23,275,884
|
5.5
|
|||||||
217 to 228
|
345
|
15,159,424
|
3.6
|
|||||||
229 to 240
|
214
|
9,694,673
|
2.3
|
|||||||
241 to 252
|
136
|
6,452,139
|
1.5
|
|||||||
253 to 264
|
119
|
6,701,951
|
1.6
|
|||||||
265 to 276
|
86
|
5,377,778
|
1.3
|
|||||||
277 to 288
|
74
|
4,218,990
|
1.0
|
|||||||
289 to 300
|
102
|
6,798,489
|
1.6
|
|||||||
301 to 312
|
155
|
12,352,226
|
2.9
|
|||||||
313 to 324
|
15
|
1,127,513
|
0.3
|
|||||||
325 to 336
|
22
|
1,130,069
|
0.3
|
|||||||
337 to 348
|
15
|
2,202,909
|
0.5
|
|||||||
349 to 360
|
34
|
3,659,483
|
0.9
|
|||||||
361 and above
|
18
|
2,642,649
|
0.6
|
|||||||
Total
|
25,409
|
$
|
421,118,493
|
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
|
548
|
$
|
10,140,901
|
2.4
|
%
|
|||||
Forbearance*
|
1,360
|
35,177,820
|
8.4
|
|||||||
Repayment
|
||||||||||
First year in repayment
|
158
|
6,621,282
|
1.6
|
|||||||
Second year in repayment
|
141
|
5,135,631
|
1.2
|
|||||||
Third year in repayment
|
176
|
7,744,151
|
1.8
|
|||||||
More than 3 years in repayment
|
23,026
|
356,298,708
|
84.6
|
|||||||
Total
|
25,409
|
$
|
421,118,493
|
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
|
18.2
|
-
|
193.6
|
|||||||
Forbearance
|
-
|
5.1
|
197.2
|
|||||||
Repayment
|
-
|
-
|
164.4
|
State
|
Number
of Loans
|
Aggregate Outstanding
Principal Balance
|
Percent of Pool
by Outstanding Principal Balance
|
|||||||
Alabama
|
152
|
$
|
3,025,669
|
0.7
|
%
|
|||||
Alaska
|
38
|
548,349
|
0.1
|
|||||||
Arizona
|
396
|
7,506,067
|
1.8
|
|||||||
Arkansas
|
157
|
2,799,795
|
0.7
|
|||||||
California
|
2,494
|
45,477,015
|
10.8
|
|||||||
Colorado
|
401
|
6,394,100
|
1.5
|
|||||||
Connecticut
|
343
|
3,874,866
|
0.9
|
|||||||
Delaware
|
48
|
799,998
|
0.2
|
|||||||
District of Columbia
|
70
|
1,601,990
|
0.4
|
|||||||
Florida
|
966
|
19,517,969
|
4.6
|
|||||||
Georgia
|
593
|
10,339,448
|
2.5
|
|||||||
Hawaii
|
59
|
1,188,908
|
0.3
|
|||||||
Idaho
|
88
|
1,656,082
|
0.4
|
|||||||
Illinois
|
826
|
11,825,315
|
2.8
|
|||||||
Indiana
|
437
|
7,368,511
|
1.7
|
|||||||
Iowa
|
92
|
1,581,989
|
0.4
|
|||||||
Kansas
|
237
|
2,964,024
|
0.7
|
|||||||
Kentucky
|
209
|
3,186,789
|
0.8
|
|||||||
Louisiana
|
658
|
9,695,449
|
2.3
|
|||||||
Maine
|
57
|
910,982
|
0.2
|
|||||||
Maryland
|
446
|
8,220,281
|
2.0
|
|||||||
Massachusetts
|
638
|
8,770,221
|
2.1
|
|||||||
Michigan
|
615
|
10,838,839
|
2.6
|
|||||||
Minnesota
|
279
|
3,312,610
|
0.8
|
|||||||
Mississippi
|
96
|
1,820,941
|
0.4
|
|||||||
Missouri
|
427
|
6,688,005
|
1.6
|
|||||||
Montana
|
33
|
660,063
|
0.2
|
|||||||
Nebraska
|
41
|
562,737
|
0.1
|
|||||||
Nevada
|
143
|
2,761,888
|
0.7
|
|||||||
New Hampshire
|
106
|
1,243,613
|
0.3
|
|||||||
New Jersey
|
670
|
12,763,765
|
3.0
|
|||||||
New Mexico
|
81
|
1,294,367
|
0.3
|
|||||||
New York
|
2,485
|
34,481,461
|
8.2
|
|||||||
North Carolina
|
464
|
9,006,231
|
2.1
|
|||||||
North Dakota
|
4
|
33,525
|
*
|
|||||||
Ohio
|
3,226
|
59,876,040
|
14.2
|
|||||||
Oklahoma
|
564
|
8,542,996
|
2.0
|
|||||||
Oregon
|
389
|
5,645,461
|
1.3
|
|||||||
Pennsylvania
|
719
|
13,349,601
|
3.2
|
|||||||
Rhode Island
|
44
|
849,493
|
0.2
|
|||||||
South Carolina
|
193
|
3,985,257
|
0.9
|
|||||||
South Dakota
|
25
|
398,912
|
0.1
|
|||||||
Tennessee
|
403
|
5,387,544
|
1.3
|
|||||||
Texas
|
3,040
|
46,615,730
|
11.1
|
|||||||
Utah
|
81
|
3,053,473
|
0.7
|
|||||||
Vermont
|
50
|
931,954
|
0.2
|
|||||||
Virginia
|
574
|
8,716,758
|
2.1
|
|||||||
Washington
|
716
|
10,175,023
|
2.4
|
|||||||
West Virginia
|
75
|
1,291,709
|
0.3
|
|||||||
Wisconsin
|
283
|
4,321,070
|
1.0
|
|||||||
Wyoming
|
8
|
100,104
|
*
|
|||||||
Other
|
170
|
3,155,505
|
0.7
|
|||||||
Total
|
25,409
|
$
|
421,118,493
|
100.0
|
%
|
Loan Repayment Terms
|
Number
of Loans
|
Aggregate Outstanding
Principal Balance |
Percent of Pool
by Outstanding Principal Balance
|
|||||||
Level Repayment
|
13,169
|
$
|
178,424,167
|
42.4
|
%
|
|||||
Other Repayment Options(1)
|
9,858
|
170,468,892
|
40.5
|
|||||||
Income-driven Repayment(2)
|
2,382
|
72,225,434
|
17.2
|
|||||||
Total
|
25,409
|
$
|
421,118,493
|
100.0
|
%
|
Loan Type
|
Number
of Loans
|
Aggregate Outstanding Principal Balance
|
Percent of Pool
by Outstanding Principal Balance
|
|||||||
Subsidized
|
12,737
|
$
|
172,212,521
|
40.9
|
%
|
|||||
Unsubsidized
|
12,672
|
248,905,972
|
59.1
|
|||||||
Total
|
25,409
|
$
|
421,118,493
|
100.0
|
%
|
|||||
Disbursement Date
|
Number
of Loans
|
Aggregate Outstanding Principal Balance
|
Percent of Pool
by Outstanding Principal Balance
|
|||||||
September 30, 1993 and earlier
|
14
|
$
|
513,760
|
0.1
|
%
|
|||||
October 1, 1993 through June 30, 2006
|
25,395
|
420,604,733
|
99.9
|
|||||||
July 1, 2006 and later
|
0
|
0
|
0.0
|
|||||||
Total
|
25,409
|
$
|
421,118,493
|
100.0
|
%
|
|||||
Name of Guaranty Agency
|
Number
of Loans
|
Aggregate Outstanding
Principal Balance
|
Percent of Pool
by Outstanding Principal Balance
|
|||||||
American Student Assistance
|
634
|
$
|
8,072,696
|
1.9
|
%
|
|||||
College Assist
|
1
|
2,619
|
*
|
|||||||
Educational Credit Management Corporation
|
715
|
11,063,003
|
2.6
|
|||||||
Great Lakes Higher Education Corporation
|
10,340
|
218,968,874
|
52.0
|
|||||||
Illinois Student Assistance Comm
|
782
|
8,603,780
|
2.0
|
|||||||
Kentucky Higher Educ. Asst. Auth.
|
1,882
|
22,229,566
|
5.3
|
|||||||
Louisiana Office Of Student Financial Asst
|
433
|
5,539,727
|
1.3
|
|||||||
Michigan Guaranty Agency
|
477
|
7,393,615
|
1.8
|
|||||||
New York State Higher Ed Services Corp
|
5,178
|
65,550,923
|
15.6
|
|||||||
Oklahoma Guaranteed Stud Loan Prog
|
387
|
5,531,756
|
1.3
|
|||||||
Pennsylvania Higher Education Assistance Agency
|
1,659
|
24,794,654
|
5.9
|
|||||||
Texas Guaranteed Student Loan Corp
|
2,921
|
43,367,280
|
10.3
|
|||||||
Total
|
25,409
|
$
|
421,118,493
|
100.0
|
%
|