8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

_______________________________

FORM 8-K

_______________________________

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date earliest event reported):  April 13, 2022

_______________________________

SLM Student Loan Trust 2004-1
(Exact name of issuer as specified in its charter)

_______________________________

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)

Registrant’s telephone number including area code:  (703) 984-5858

______________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  [  ]  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  [  ]

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Not Applicable	Not Applicable	Not Applicable

Exhibit Index appears on page 3

Item 8.01          Other Events

On April 13, 2022, Navient Solutions, LLC, in its capacity as administrator, furnished to the remarketing agent a preliminary remarketing memorandum (the “Remarketing Memorandum”) for distribution to certain qualified institutional buyers for purposes of remarketing the SLM Student Loan Trust 2004-1 Class A-6 Reset Rate Notes. The Remarketing Memorandum included tables which provide a description of the SLM Student Loan Trust 2004-1 student loan pool as of February 28, 2022. These tables are attached as an exhibit to this current report.

Item 9.01          Financial Statements, Pro Forma Financial Statements and Exhibits

(a) Not applicable

(b) Not applicable

(c) Not applicable

(d) Exhibits

99.1 Tables showing SLM Student Loan Trust 2004-1 Pool Information as of February 28, 2022.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Trust has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	SLM STUDENT LOAN TRUST 2004-1
	By:  NAVIENT SOLUTIONS, LLC, in its capacity as administrator of the Trust
Dated:  April 13, 2022	By:  /s/ C. Scott Booher
	Name:  C. Scott Booher
	Title:    Vice President

2

SLM STUDENT LOAN TRUST 2004-1

Form 8-K

CURRENT REPORT

INDEX TO EXHIBITS

Exhibit

Number          Description

99.1          Tables Showing SLM Student Loan Trust 2004-1 Pool Information as of February 28, 2022.

3

EX-99.1

Exhibit 99.1

ANNEX A

THE TRUST STUDENT LOAN POOL

The trust student loans owned by the trust were originally selected from a portfolio of consolidation student loans owned by Student Loan Marketing Association by employing several criteria, including requirements that each trust student loan as of the original statistical cutoff date (and with respect to each additional trust student loan as of its related subsequent cutoff date):

• 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.

No trust student loan as of the applicable cutoff date was subject to any prior obligation to sell that loan to a third party.

Unless otherwise specified, all information with respect to the trust student loans is presented as of February 28, 2022, which is the statistical disclosure date.

The following tables provide a description of specified characteristics of the trust student loans as of the statistical disclosure date.  The aggregate outstanding principal balance of the loans in each of the following tables includes the principal balance due from borrowers, plus accrued interest of $1,005,803 to be capitalized as of the statistical disclosure date.  Percentages and dollar amounts in any table may not total 100% or whole dollars due to rounding.  The following tables also contain information concerning the total number of loans and total number of borrowers in the portfolio of trust student loans.  For ease of administration, the servicer separates a consolidation loan on its system into two separate loan segments representing subsidized and unsubsidized segments of the same loan.  The following tables reflect those loan segments within the number of loans.  In addition, 9 borrowers have more than one trust student loan.

The distribution by weighted average interest rate applicable to the trust student loans on any date following the statistical disclosure date may vary significantly from that in the following tables as a result of variations in the effective rates of interest applicable to the trust student loans and in rates of principal reduction.  Moreover, the information below about the weighted average remaining term to maturity of the trust student loans as of the statistical disclosure date may vary significantly from the actual term to maturity of any of the trust student loans as a result of prepayments or the granting of deferment and forbearance periods. See “Risk Factors—Forbearances Granted As a Result of the COVID-19 Pandemic May Delay Payments of Interest and Principal” in this remarketing memorandum.

 2004-1

A-1

The following tables also contain information concerning the total number of loans and the total number of borrowers in the portfolio of initial trust student loans.

Percentages and dollar amounts in any table may not total 100% of the initial trust student loan balance, as applicable, due to rounding.

COMPOSITION OF THE TRUST STUDENT LOANS
AS OF THE STATISTICAL DISCLOSURE DATE

Aggregate Outstanding Principal Balance	$	392,765,110
Aggregate Outstanding Principal Balance – Treasury Bill	$	11,401,266
Percentage of Aggregate Outstanding Principal Balance – Treasury Bill		2.90	%
Aggregate Outstanding Principal Balance – One-Month LIBOR	$	381,363,844
Percentage of Aggregate Outstanding Principal Balance – One-Month LIBOR		97.10	%
Number of Borrowers		12,918
Average Outstanding Principal Balance Per Borrower	$	30,404
Number of Loans		23,542
Average Outstanding Principal Balance Per Loan – Treasury Bill	$	48,107
Average Outstanding Principal Balance Per Loan – One-Month LIBOR	$	16,364
Weighted Average Remaining Term to Scheduled Maturity	167 months
Weighted Average Annual Interest Rate		4.37	%

We determined the weighted average remaining term to maturity shown in the table from the statistical disclosure date to the stated maturity date of the applicable trust student loan without giving effect to any deferment or forbearance periods that may be granted in the future.  See Appendix A to the preliminary remarketing memorandum.

The weighted average annual borrower interest rate shown in the table is exclusive of special allowance payments.  The weighted average spread for special allowance payments to the 91-day Treasury bill rate was 3.11% as of the statistical disclosure date.

The weighted average spread for special allowance payments to the one-month LIBOR rate was 2.64% as of the statistical disclosure date.  See “Special Allowance Payments” in Appendix A to the preliminary remarketing memorandum.

For these purposes, the 91-day Treasury bill rate is the weighted average per annum discount rate, expressed on a bond equivalent basis and applied on a daily basis, for direct obligations of the United States with a maturity of thirteen weeks, as reported by the U.S. Department of the Treasury.

 2004-1

A-2

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%		5,518	$	82,627,369		21.0	%
3.01% to 3.50%		4,253		63,751,951		16.2
3.51% to 4.00%		4,644		66,505,826		16.9
4.01% to 4.50%		5,325		79,264,407		20.2
4.51% to 5.00%		1,106		19,620,719		5.0
5.01% to 5.50%		352		7,514,890		1.9
5.51% to 6.00%		312		7,135,710		1.8
6.01% to 6.50%		465		12,232,201		3.1
6.51% to 7.00%		516		12,757,361		3.2
7.01% to 7.50%		224		6,448,210		1.6
7.51% to 8.00%		342		9,809,557		2.5
8.01% to 8.50%		401		19,461,308		5.0
Equal to or greater than 8.51%		84		5,635,600		1.4
Total		23,542	$	392,765,110		100.0	%

We determined the interest rates shown in the table above using the interest rates applicable to the trust student loans as of the statistical disclosure date.  Because trust student loans with different interest rates are likely to be repaid at different rates, this information is not likely to remain applicable to the trust student loans after the statistical disclosure date.  See Appendix A to the preliminary remarketing memorandum and “The Student Loan Pools – The Student Loan Marketing Association’s Student Loan Financing Business” in the prospectus.

 2004-1

A-3

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		2,531	$	6,306,178		1.6	%
$  5,000.00-$ 9,999.99		1,834		13,688,721		3.5
$10,000.00-$14,999.99		1,470		18,207,287		4.6
$15,000.00-$19,999.99		1,175		20,395,593		5.2
$20,000.00-$24,999.99		954		21,333,449		5.4
$25,000.00-$29,999.99		729		19,961,461		5.1
$30,000.00-$34,999.99		652		21,160,720		5.4
$35,000.00-$39,999.99		507		18,961,627		4.8
$40,000.00-$44,999.99		416		17,657,382		4.5
$45,000.00-$49,999.99		308		14,631,683		3.7
$50,000.00-$54,999.99		281		14,727,673		3.7
$55,000.00-$59,999.99		272		15,609,472		4.0
$60,000.00-$64,999.99		222		13,879,538		3.5
$65,000.00-$69,999.99		182		12,253,014		3.1
$70,000.00-$74,999.99		166		12,039,812		3.1
$75,000.00-$79,999.99		135		10,451,269		2.7
$80,000.00-$84,999.99		120		9,897,215		2.5
$85,000.00-$89,999.99		118		10,316,482		2.6
$90,000.00-$94,999.99		91		8,411,779		2.1
$95,000.00-$99,999.99		86		8,411,189		2.1
$100,000.00 and above		669		104,463,566		26.6
Total		12,918	$	392,765,110		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		22,463	$	367,514,405		93.6	%
31-60 days		446		8,832,355		2.2
61-90 days		274		7,443,079		1.9
91-120 days		95		2,437,018		0.6
121-150 days		63		2,081,336		0.5
151-180 days		43		659,764		0.2
181-210 days		37		899,112		0.2
Greater than 210 days		121		2,898,042		0.7
Total		23,542	$	392,765,110		100.0	%

 2004-1

A-4

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		56	$	20,406		*
4 to 12		312		253,236		0.1	%
13 to 24		1,947		2,726,601		0.7
25 to 36		1,590		4,072,520		1.0
37 to 48		1,081		4,292,271		1.1
49 to 60		882		4,747,027		1.2
61 to 72		875		5,793,852		1.5
73 to 84		2,619		18,022,275		4.6
85 to 96		1,317		12,625,754		3.2
97 to 108		997		11,528,147		2.9
109 to 120		869		11,479,830		2.9
121 to 132		1,311		23,042,060		5.9
133 to 144		3,120		58,856,612		15.0
145 to 156		1,553		35,654,302		9.1
157 to 168		1,038		28,261,052		7.2
169 to 180		985		30,924,815		7.9
181 to 192		782		28,902,371		7.4
193 to 204		550		21,626,069		5.5
205 to 216		463		20,092,127		5.1
217 to 228		281		12,906,648		3.3
229 to 240		199		8,948,518		2.3
241 to 252		114		4,923,437		1.3
253 to 264		105		6,051,016		1.5
265 to 276		84		5,123,588		1.3
277 to 288		70		4,060,765		1.0
289 to 300		97		6,258,561		1.6
301 to 312		155		12,392,686		3.2
313 to 324		17		1,248,489		0.3
325 to 336		13		728,565		0.2
337 to 348		13		1,349,974		0.3
349 to 360		29		3,313,576		0.8
361 and above		18		2,537,960		0.6
Total		23,542	$	392,765,110		100.0	%

* Represents a percentage greater than 0% but less than 0.05%.

We have determined the number of months remaining to scheduled maturity shown in the table from the statistical disclosure date to the stated maturity date of the applicable trust student loan without giving effect to any deferment or forbearance periods that may be granted in the future.  See Appendix A to the preliminary remarketing memorandum and “The Student Loan Pools – The Student Loan Marketing Association’s Student Loan Financing Business” in the prospectus.

 2004-1

A-5

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		466	$	8,330,415		2.1	%
Forbearance*		1,143		28,784,144		7.3
Repayment
First year in repayment		134		5,589,154		1.4
Second year in repayment		153		6,232,886		1.6
Third year in repayment		149		5,327,172		1.4
More than 3 years in repayment		21,497		338,501,339		86.2
Total		23,542	$	392,765,110		100.0	%
* Of the trust student loans in forbearance status, approximately 45 loans with an aggregate outstanding principal balance of $1,138,669, representing 0.29% of the pool by principal, are in the Coronavirus Disaster Forbearance Program.

Current borrower payment status refers to the status of the borrower of each trust student loan as of the statistical disclosure date.  The borrower:

• 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.

See Appendix A to the preliminary remarketing memorandum and “The Student Loan Pools – The Student Loan Marketing Association’s Student Loan Financing Business” in the prospectus.

The weighted average number of months in repayment for all trust student loans currently in repayment is approximately 150.6 calculated as the term to maturity at the commencement of repayment less the number of months remaining to scheduled maturity as of the statistical disclosure date.

 2004-1

A-6

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	23.3	-	177.3
Forbearance	-	6.1	198.8
Repayment	-	-	163.4

We have determined the scheduled weighted average remaining months in status shown in the previous table without giving effect to any deferment or forbearance periods that may be granted in the future.  Of the $8,330,415 aggregate outstanding principal balance of the trust student loans in deferment as of the statistical disclosure date, $6,793,419 or approximately 81.5% of such loans are to borrowers who had not graduated as of that date.  We expect that a significant portion of these loans could qualify for additional deferments or forbearances at the end of their current deferment periods as the related borrowers continue their education beyond their current degree programs.  As a result, the overall duration of any applicable deferment and forbearance periods as well as the likelihood of future deferment and forbearance periods within this pool of trust student loans is likely to be higher than in other pools of student loans without similar numbers of in-school consolidation loans.  See Appendix A to the preliminary remarketing memorandum.

 2004-1

A-7

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		140	$	2,954,457		0.8	%
Alaska		38		540,476		0.1
Arizona		365		6,656,326		1.7
Arkansas		155		2,691,519		0.7
California		2,340		42,683,526		10.9
Colorado		371		5,915,417		1.5
Connecticut		313		3,549,974		0.9
Delaware		44		697,639		0.2
District of Columbia		65		1,523,598		0.4
Florida		921		18,681,986		4.8
Georgia		561		9,866,346		2.5
Hawaii		57		1,155,821		0.3
Idaho		78		1,291,455		0.3
Illinois		759		11,065,216		2.8
Indiana		394		6,732,457		1.7
Iowa		89		1,562,907		0.4
Kansas		217		2,676,039		0.7
Kentucky		205		3,120,191		0.8
Louisiana		604		9,053,073		2.3
Maine		53		859,131		0.2
Maryland		400		7,350,955		1.9
Massachusetts		573		7,867,828		2.0
Michigan		584		10,569,377		2.7
Minnesota		254		3,177,497		0.8
Mississippi		93		1,689,069		0.4
Missouri		393		6,310,244		1.6
Montana		33		639,207		0.2
Nebraska		31		400,667		0.1
Nevada		143		2,765,062		0.7
New Hampshire		99		1,118,527		0.3
New Jersey		623		11,876,006		3.0
New Mexico		75		1,252,396		0.3
New York		2,286		32,430,714		8.3
North Carolina		410		8,245,784		2.1
North Dakota		2		31,430		*
Ohio		2,982		56,036,339		14.3
Oklahoma		524		7,858,645		2.0
Oregon		360		5,003,688		1.3
Pennsylvania		664		12,336,864		3.1
Rhode Island		41		814,598		0.2
South Carolina		179		3,462,502		0.9
South Dakota		21		390,636		0.1
Tennessee		373		4,947,535		1.3
Texas		2,879		44,374,880		11.3
Utah		74		2,702,960		0.7
Vermont		50		933,918		0.2
Virginia		522		7,857,466		2.0
Washington		624		9,069,656		2.3
West Virginia		68		1,241,247		0.3
Wisconsin		245		3,700,860		0.9
Wyoming		8		97,229		*
Other		160		2,933,772		0.7
Total		23,542	$	392,765,110		100.0	%

*     Represents a percentage greater than 0% but less than 0.05%.

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We have based the geographic distribution shown in the table on the billing addresses of the borrowers of the trust student loans shown on the servicer’s records as of the statistical disclosure date.

Each of the trust student loans provides or will provide for the amortization of its outstanding principal balance over a series of regular payments.  Except as described below, each regular payment consists of an installment of interest which is calculated on the basis of the outstanding principal balance of the trust student loan.  The amount received is applied first to interest accrued to the date of payment and the balance of the payment, if any, is applied to reduce the unpaid principal balance.  Accordingly, if a borrower pays a regular installment before its scheduled due date, the portion of the payment allocable to interest for the period since the preceding payment was made will be less than it would have been had the payment been made as scheduled, and the portion of the payment applied to reduce the unpaid principal balance will be correspondingly greater.  Conversely, if a borrower pays a monthly installment after its scheduled due date, the portion of the payment allocable to interest for the period since the preceding payment was made will be greater than it would have been had the payment been made as scheduled, and the portion of the payment applied to reduce the unpaid principal balance will be correspondingly less.

In either case, subject to any applicable deferment periods or forbearance periods, and except as provided below, the borrower pays a regular installment until the final scheduled payment date, at which time the amount of the final installment is increased or decreased as necessary to repay the then outstanding principal balance of that trust student loan.

The servicer makes available to borrowers of student loans it holds (including the trust student loans) payment terms that may result in the lengthening of the remaining term of the student loans.  For example, not all of the loans sold to the trust provide for level payments throughout the repayment term of the loans.  Some student loans provide for interest only payments to be made for a designated portion of the term of the loans, with amortization of the principal of the loans occurring only when payments increase in the latter stage of the term of the loans.  Other loans provide for a graduated phase in of the amortization of principal with a greater portion of principal amortization being required in the latter stages than would be the case if amortization were on a level payment basis.  The servicer also offers an income-sensitive repayment plan, under which repayments are based on the borrower’s income.  Under that plan, ultimate repayment may be delayed up to five years.  Borrowers under trust student loans will continue to be eligible for the graduated payment and income-sensitive repayment plans.  These programs are applicable to the trust student loans and may be offered by the servicer to related borrowers at its discretion.

The following table provides certain information about trust student loans subject to the repayment terms described in the preceding paragraphs.

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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		12,190	$	166,461,048		42.4	%
Other Repayment Options(1)		9,154		157,871,399		40.2
Income-driven Repayment(2)		2,198		68,432,663		17.4
Total		23,542	$	392,765,110		100.0	%

(1)  Includes, among others, graduated repayment and interest-only period loans.

(2) Includes income sensitive and income based repayment.

With respect to interest-only loans, as of the statistical disclosure date, there are 118 loans with an aggregate outstanding principal balance of $5,672,563 currently in an interest-only period.  These interest-only loans represent approximately 1.4% of the aggregate outstanding principal balance of the trust student loans.  Interest-only periods range up to 48 months in overall length.

The servicer may in the future offer repayment terms similar to those described above to borrowers of trust student loans who are not entitled to these repayment terms as of the statistical disclosure date.  If repayment terms are offered to and accepted by those borrowers, the weighted average life of the securities could be lengthened.

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		11,807	$	160,961,060		41.0	%
Unsubsidized		11,735		231,804,050		59.0
Total		23,542	$	392,765,110		100.0	%

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A-10

The following table provides information about the trust student loans regarding date of disbursement.

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		13	$	501,233		0.1	%
October 1, 1993 through June 30, 2006		23,529		392,263,877		99.9
July 1, 2006 and later		0		0		0.0
Total		23,542	$	392,765,110		100.0	%

Guaranty Agencies for the Trust Student Loans.  The eligible lender trustee has entered into a separate guarantee agreement with each of the guaranty agencies listed below, under which each of the guarantors has agreed to serve as guarantor for specified trust student loans.

The following table provides information with respect to the portion of the trust student loans guaranteed by each guarantor.

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		578	$	7,589,340		1.9	%
College Assist		1		1,689		*
Educational Credit Management Corporation		654		10,545,727		2.7
Great Lakes Higher Education Corporation		9,641		203,192,772		51.7
Illinois Student Assistance Comm		711		8,063,171		2.1
Kentucky Higher Educ. Asst. Auth.		1,742		20,782,401		5.3
Louisiana Office Of Student Financial Asst		395		5,176,101		1.3
Michigan Guaranty Agency		450		6,914,201		1.8
New York State Higher Ed Services Corp		4,756		61,197,175		15.6
Oklahoma Guaranteed Stud Loan Prog		363		5,129,881		1.3
Pennsylvania Higher Education Assistance Agency		1,530		23,501,046		6.0
Texas Guaranteed Student Loan Corp		2,721		40,671,605		10.4
Total		23,542	$	392,765,110		100.0	%
*     Represents a percentage greater than 0% but less than 0.05%.

 2004-1

A-11