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
|
(a)
|
Not applicable
|
(b)
|
Not applicable
|
(c)
|
Not applicable
|
(d)
|
Exhibits
|
Tables showing SLM Student Loan Trust 2004-1 Pool Information as of November 30, 2022.
|
SLM STUDENT LOAN TRUST 2004-1 | |||
By: NAVIENT SOLUTIONS, LLC, in its capacity as administrator of the Trust |
|||
Dated: January 12, 2023
|
By:
|
/s/ C. Scott Booher | |
Name: C. Scott Booher | |||
Title: Vice President |
|||
Exhibit
|
|
Number
|
Description
|
99.1 |
Tables Showing SLM Student Loan Trust 2004-1 Pool Information as of November 30, 2022.
|
• |
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
|
$
|
321,369,795
|
||
Aggregate Outstanding Principal Balance – Treasury Bill
|
$
|
10,451,429
|
||
Percentage of Aggregate Outstanding Principal Balance – Treasury Bill
|
3.25
|
%
|
||
Aggregate Outstanding Principal Balance – One-Month LIBOR
|
$
|
310,918,367
|
||
Percentage of Aggregate Outstanding Principal Balance – One-Month LIBOR
|
96.75
|
%
|
||
Number of Borrowers
|
10,693
|
|||
Average Outstanding Principal Balance Per Borrower
|
$
|
30,054
|
||
Number of Loans
|
19,381
|
|||
Average Outstanding Principal Balance Per Loan – Treasury Bill
|
$
|
52,257
|
||
Average Outstanding Principal Balance Per Loan – One-Month LIBOR
|
$
|
16,210
|
||
Weighted Average Remaining Term to Scheduled Maturity
|
167 months
|
|||
Weighted Average Annual Interest Rate
|
4.44
|
%
|
Interest Rates
|
Number
of Loans |
Aggregate
Outstanding Principal Balance |
Percent of Pool
by Outstanding Principal Balance |
|||||||||
Less than or equal to 3.00%
|
4,594
|
$
|
65,403,157
|
20.4
|
%
|
|||||||
3.01% to 3.50%
|
3,473
|
49,756,656
|
15.5
|
|||||||||
3.51% to 4.00%
|
3,740
|
53,127,171
|
16.5
|
|||||||||
4.01% to 4.50%
|
4,481
|
67,279,149
|
20.9
|
|||||||||
4.51% to 5.00%
|
876
|
15,723,651
|
4.9
|
|||||||||
5.01% to 5.50%
|
296
|
6,527,771
|
2.0
|
|||||||||
5.51% to 6.00%
|
244
|
5,649,496
|
1.8
|
|||||||||
6.01% to 6.50%
|
384
|
10,048,855
|
3.1
|
|||||||||
6.51% to 7.00%
|
414
|
10,773,496
|
3.4
|
|||||||||
7.01% to 7.50%
|
180
|
5,628,043
|
1.8
|
|||||||||
7.51% to 8.00%
|
292
|
8,645,276
|
2.7
|
|||||||||
8.01% to 8.50%
|
337
|
17,755,037
|
5.5
|
|||||||||
Equal to or greater than 8.51%
|
70
|
5,052,036
|
1.6
|
|||||||||
Total
|
19,381
|
$
|
321,369,795
|
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
|
2,218
|
$
|
4,726,447
|
1.5
|
%
|
||||||||
$5,000.00-$ 9,999.99
|
1,556
|
11,525,510
|
3.6
|
||||||||||
$10,000.00-$14,999.99
|
1,169
|
14,519,551
|
4.5
|
||||||||||
$15,000.00-$19,999.99
|
958
|
16,688,736
|
5.2
|
||||||||||
$20,000.00-$24,999.99
|
772
|
17,340,478
|
5.4
|
||||||||||
$25,000.00-$29,999.99
|
605
|
16,592,577
|
5.2
|
||||||||||
$30,000.00-$34,999.99
|
528
|
17,071,860
|
5.3
|
||||||||||
$35,000.00-$39,999.99
|
402
|
15,028,779
|
4.7
|
||||||||||
$40,000.00-$44,999.99
|
308
|
13,052,591
|
4.1
|
||||||||||
$45,000.00-$49,999.99
|
271
|
12,885,100
|
4.0
|
||||||||||
$50,000.00-$54,999.99
|
235
|
12,310,203
|
3.8
|
||||||||||
$55,000.00-$59,999.99
|
196
|
11,244,290
|
3.5
|
||||||||||
$60,000.00-$64,999.99
|
196
|
12,220,668
|
3.8
|
||||||||||
$65,000.00-$69,999.99
|
145
|
9,770,614
|
3.0
|
||||||||||
$70,000.00-$74,999.99
|
134
|
9,715,347
|
3.0
|
||||||||||
$75,000.00-$79,999.99
|
116
|
8,995,533
|
2.8
|
||||||||||
$80,000.00-$84,999.99
|
94
|
7,732,480
|
2.4
|
||||||||||
$85,000.00-$89,999.99
|
97
|
8,482,428
|
2.6
|
||||||||||
$90,000.00-$94,999.99
|
75
|
6,930,759 |
2.2
|
||||||||||
$95,000.00-$99,999.99
|
65
|
6,335,347
|
2.0
|
||||||||||
$100,000.00 and above
|
552
|
88,200,498
|
27.4
|
||||||||||
Total
|
10,693
|
$
|
321,369,795
|
100.0
|
%
|
Number of Days Delinquent
|
Number
of Loans |
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding Principal Balance |
|||||||||
0-30 days
|
18,303
|
$
|
298,671,249
|
92.9
|
%
|
|||||||
31-60 days
|
344
|
7,867,792
|
2.4
|
|||||||||
61-90 days
|
155
|
2,382,879
|
0.7
|
|||||||||
91-120 days
|
114
|
2,852,022
|
0.9
|
|||||||||
121-150 days
|
75
|
1,780,021
|
0.6
|
|||||||||
151-180 days
|
80
|
1,677,738
|
0.5
|
|||||||||
181-210 days
|
81
|
1,329,394
|
0.4
|
|||||||||
Greater than 210 days
|
229
|
4,808,702
|
1.5
|
|||||||||
Total
|
19,381 | $ |
321,369,795 | 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
|
80
|
$
|
14,835
|
*
|
||||||||
4 to12
|
658
|
434,538
|
0.1
|
%
|
||||||||
13 to 24
|
1,445
|
2,137,862
|
0.7
|
|||||||||
25 to 36
|
977
|
2,764,457
|
0.9
|
|||||||||
37 to 48
|
788
|
3,238,489
|
1.0
|
|||||||||
49 to 60
|
687
|
3,861,263
|
1.2
|
|||||||||
61 to 72
|
1,473
|
8,804,984
|
2.7
|
|||||||||
73 to 84
|
1,790
|
12,077,286
|
3.8
|
|||||||||
85 to 96
|
888
|
9,336,088
|
2.9
|
|||||||||
97 to 108
|
728
|
8,224,160
|
2.6
|
|||||||||
109 to 120
|
672
|
9,095,916
|
2.8
|
|||||||||
121 to 132
|
1,827
|
31,470,511
|
9.8
|
|||||||||
133 to 144
|
2,288
|
42,832,674
|
13.3
|
|||||||||
145 to 156
|
1,080
|
25,737,065
|
8.0
|
|||||||||
157 to 168
|
878
|
24,885,537
|
7.7
|
|||||||||
169 to 180
|
811
|
26,712,291
|
8.3
|
|||||||||
181 to 192
|
565
|
19,922,277
|
6.2
|
|||||||||
193 to 204
|
456
|
18,588,752
|
5.8
|
|||||||||
205 to 216
|
311
|
13,545,130
|
4.2
|
|||||||||
217 to 228
|
218
|
9,162,040
|
2.9
|
|||||||||
229 to 240
|
127
|
5,601,953
|
1.7
|
|||||||||
241 to 252
|
91
|
4,534,230
|
1.4
|
|||||||||
253 to 264
|
78
|
4,445,181
|
1.4
|
|||||||||
265 to 276
|
78
|
4,156,161
|
1.3
|
|||||||||
277 to 288
|
53
|
3,497,711
|
1.1
|
|||||||||
289 to 300
|
87
|
5,708,395
|
1.8
|
|||||||||
301 to 312
|
169
|
13,086,660
|
4.1
|
|||||||||
313 to 324
|
17
|
1,159,091
|
0.4
|
|||||||||
325 to 336
|
10
|
704,126
|
0.2
|
|||||||||
337 to 348
|
14
|
1,099,103
|
0.3
|
|||||||||
349 to 360
|
19
|
2,204,273
|
0.7
|
|||||||||
361 and above
|
18
|
2,326,756
|
0.7
|
|||||||||
Total
|
19,381
|
$
|
321,369,795
|
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
|
420
|
$
|
8,190,485
|
2.5
|
%
|
|||||||
Forbearance
|
1,332
|
32,666,874
|
10.2
|
|||||||||
Repayment
|
||||||||||||
First year in repayment
|
103
|
4,976,699
|
1.5
|
|||||||||
Second year in repayment
|
109
|
3,972,376
|
1.2
|
|||||||||
Third year in repayment
|
104
|
3,947,364
|
1.2
|
|||||||||
More than 3 years in repayment
|
17,313
|
267,615,997
|
83.3
|
|||||||||
Total
|
19,381
|
$
|
321,369,795
|
100.0
|
%
|
(1) Of the trust student loans in forbearance status, approximately 63 loans with an aggregate outstanding principal balance of $1,123,822 , representing 0.35% 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 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
|
20.8
|
-
|
189.4
|
Forbearance
|
-
|
7.9
|
199.8
|
Repayment
|
-
|
-
|
160.5
|
State
|
Number
of Loans |
Aggregate Outstanding
Principal Balance |
Percent of Pool
by Outstanding Principal Balance
|
|||||||||
Alabama
|
113
|
$
|
2,593,219
|
0.8
|
%
|
|||||||
Alaska
|
27
|
317,411
|
0.1
|
|||||||||
Arizona
|
298
|
5,331,372
|
1.7
|
|||||||||
Arkansas
|
128
|
2,301,536
|
0.7
|
|||||||||
California
|
1,943
|
35,103,748
|
10.9
|
|||||||||
Colorado
|
325
|
5,072,353
|
1.6
|
|||||||||
Connecticut
|
248
|
2,749,337
|
0.9
|
|||||||||
Delaware
|
39
|
536,113
|
0.2
|
|||||||||
District of Columbia
|
45
|
1,320,858
|
0.4
|
|||||||||
Florida
|
810
|
15,786,120
|
4.9
|
|||||||||
Georgia
|
479
|
8,032,517
|
2.5
|
|||||||||
Hawaii
|
46
|
858,065
|
0.3
|
|||||||||
Idaho
|
64
|
1,213,918
|
0.4
|
|||||||||
Illinois
|
634
|
9,190,282
|
2.9
|
|||||||||
Indiana
|
340
|
5,808,744
|
1.8
|
|||||||||
Iowa
|
73
|
1,306,206
|
0.4
|
|||||||||
Kansas
|
186
|
2,334,025
|
0.7
|
|||||||||
Kentucky
|
175
|
2,525,244
|
0.8
|
|||||||||
Louisiana
|
500
|
7,421,627
|
2.3
|
|||||||||
Maine
|
40
|
692,074
|
0.2
|
|||||||||
Maryland
|
319
|
6,076,505
|
1.9
|
|||||||||
Massachusetts
|
454
|
5,772,964
|
1.8
|
|||||||||
Michigan
|
487
|
8,574,299
|
2.7
|
|||||||||
Minnesota
|
203
|
2,490,611
|
0.8
|
|||||||||
Mississippi
|
79
|
1,421,755
|
0.4
|
|||||||||
Missouri
|
317
|
5,042,248
|
1.6
|
|||||||||
Montana
|
26
|
507,264
|
0.2
|
|||||||||
Nebraska
|
18
|
333,649
|
0.1
|
|||||||||
Nevada
|
122
|
2,419,617
|
0.8
|
|||||||||
New Hampshire
|
80
|
910,262
|
0.3
|
|||||||||
New Jersey
|
526
|
9,490,525
|
3.0
|
|||||||||
New Mexico
|
56
|
1,002,565
|
0.3
|
|||||||||
New York
|
1,830
|
25,864,491
|
8.0
|
|||||||||
North Carolina
|
338
|
6,392,437
|
2.0
|
|||||||||
North Dakota
|
2
|
30,855
|
*
|
|||||||||
Ohio
|
2,427
|
47,754,261
|
14.9
|
|||||||||
Oklahoma
|
428
|
6,288,813
|
2.0
|
|||||||||
Oregon
|
297
|
3,932,484
|
1.2
|
|||||||||
Pennsylvania
|
531
|
9,495,923
|
3.0
|
|||||||||
Rhode Island
|
30
|
443,969
|
0.1
|
|||||||||
South Carolina
|
151
|
2,733,606
|
0.9
|
|||||||||
South Dakota
|
17
|
361,848
|
0.1
|
|||||||||
Tennessee
|
299
|
3,935,058
|
1.2
|
|||||||||
Texas
|
2,404
|
36,492,604
|
11.4
|
|||||||||
Utah
|
65
|
2,386,421
|
0.7
|
|||||||||
Vermont
|
42
|
535,648
|
0.2
|
|||||||||
Virginia
|
424
|
6,231,174
|
1.9
|
|||||||||
Washington
|
509
|
7,546,881
|
2.3
|
|||||||||
West Virginia
|
49
|
680,171
|
0.2
|
|||||||||
Wisconsin
|
206
|
3,157,822
|
1.0
|
Wyoming
|
6
|
79,800
|
*
|
|||||||||
Other
|
126
|
2,488,495
|
0.8
|
|||||||||
Total
|
19,381
|
321,369,795
|
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
|
10,012
|
$
|
137,483,647
|
42.8
|
%
|
|||||||
Other Repayment Options(1)
|
7,583
|
126,756,485
|
39.4
|
|||||||||
Income-driven Repayment(2)
|
1,786
|
57,129,664
|
17.8
|
|||||||||
Total
|
19,381
|
$
|
321,369,795
|
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
|
9,700
|
$
|
130,622,093
|
40.6
|
%
|
|||||||
Unsubsidized
|
9,681
|
190,747,702
|
59.4
|
|||||||||
Total
|
19,381
|
$
|
321,369,795
|
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
|
13
|
$
|
521,205
|
0.1
|
%
|
|||||||
October 1, 1993 through June 30, 2006
|
19,386
|
320,848,590
|
99.8
|
|||||||||
July 1, 2006 and later
|
0
|
0
|
0.0
|
|||||||||
Total
|
19,381
|
$
|
321,369,795
|
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
|
435
|
$
|
5,607,105
|
1.7
|
%
|
|||||||
Educational Credit Management Corporation
|
1,097
|
14,807,660
|
4.6
|
|||||||||
Great Lakes Higher Education Corporation
|
7,962
|
165,815,485
|
51.6
|
|||||||||
Kentucky Higher Educ. Asst. Auth.
|
1,449
|
17,136,023
|
5.3
|
|||||||||
Lousiana Office Of Student Financial Asst
|
342
|
4,431,725
|
1.4
|
|||||||||
Michigan Guaranty Agency
|
369
|
5,697,892
|
1.8
|
|||||||||
New York State Higher Ed Services Corp
|
3,912
|
49,488,441
|
15.4
|
|||||||||
Oklahoma Guaranteed Stud Loan Prog
|
306
|
4,358,783
|
1.4
|
|||||||||
Pennsylvania Higher Education Assistance Agency
|
1,238
|
19,737,024
|
6.1
|
|||||||||
Texas Guaranteed Student Loan Corp
|
2,271
|
34,289,660
|
10.7
|
|||||||||
Total
|
19,381
|
$
|
321,369,795
|
100.0
|
%
|