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):  January 12, 2023

_______________________________

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 January 12, 2023, 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 November 30, 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 November 30, 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:  January 12, 2023	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 November 30, 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 November 30, 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 $1,144,997 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, 5 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 

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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.

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	$	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	%

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.

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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%		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	%

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.

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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		2,218	$	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	%

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		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	%

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2004‑1

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		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%.

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.

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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.

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 156.5 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.

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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

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 $8,190,485 aggregate outstanding principal balance of the trust student loans in deferment as of the statistical disclosure date, $5,925,494 or approximately 72.3% 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.

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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		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

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Wyoming	6	79,800	*
Other	126	2,488,495	0.8
Total	19,381	321,369,795	100.0	%

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

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		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.

With respect to interest-only loans, as of the statistical disclosure date, there are 105 loans with an aggregate outstanding principal balance of $4,572,985 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	9,700	$	130,622,093	40.6	%
Unsubsidized	9,681		190,747,702	59.4
Total	19,381	$	321,369,795	100.0	%

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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	$	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	%

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		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	%

A-11

2004‑1