0000914121-22-004060.txt : 20220714 0000914121-22-004060.hdr.sgml : 20220714 20220713210805 ACCESSION NUMBER: 0000914121-22-004060 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220713 0000949114 0001601725 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220714 DATE AS OF CHANGE: 20220713 ABS ASSET CLASS: Student loans FILER: COMPANY DATA: COMPANY CONFORMED NAME: SLM Student Loan Trust 2004-10 CENTRAL INDEX KEY: 0001321769 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-104887-09 FILM NUMBER: 221082060 BUSINESS ADDRESS: STREET 1: 11600 SALLIE MAE DRIVE STREET 2: 1ST FLOOR CITY: RESTON STATE: VA ZIP: 20193 BUSINESS PHONE: 703-810-3000 MAIL ADDRESS: STREET 1: 11600 SALLIE MAE DRIVE STREET 2: 1ST FLOOR CITY: RESTON STATE: VA ZIP: 20193 8-K 1 sl58009549-8k_200410.htm FORM 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 of earliest event reported): July 13, 2022
_______________________________

SLM Student Loan Trust 2004-10
(Exact name of issuer as specified in its charter)
_______________________________
DELAWARE
333-104887/
333-1049887-09
04-3480392
(State or other jurisdiction
(Commission File Numbers)
(I.R.S. Employer
of formation)
 
Identification Number)
     
 
c/o Deutsche Bank Trust Company Americas
60 Wall Street, 16th Floor
Mail Stop NYC60-1625
New York, New York 10005
 
 
(Address of 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 financing account 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 4


Item 8.01 Other Events
On July 13, 2022, Navient Solutions, LLC, in its capacity as administrator, furnished to the applicable remarketing agents a preliminary remarketing memorandum (the “Remarketing Memorandum”) for distribution to certain qualified institutional buyers for purposes of remarketing the SLM Student Loan Trust 2004-10 Class A-7A, Class A-7B and Class A-8 Reset Rate Notes.  The Remarketing Memorandum included tables which provide a description of the SLM Student Loan Trust 2004-10 student loan pool as of May 31, 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
 
Tables showing SLM Student Loan Trust 2004-10 Pool Information as of May 31, 2022.

1

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 2004-10  
     
     
  By:  NAVIENT SOLUTIONS, LLC, in its capacity as administrator of the Trust  
     
     
       
Date: July 13, 2022
By:
/s/ C. Scott Booher  
  Name: C. Scott Booher  
  Title: Vice President  

2

SLM STUDENT LOAN TRUST 2004-10

Form 8-K

CURRENT REPORT


INDEX TO EXHIBITS



Exhibit
Number
 
Description
 
 
 
 
Tables Showing SLM Student Loan Trust 2004-10 Pool Information as of May 31, 2022.


3



EX-99.1 2 sl58009549-ex99_1.htm TABLES SHOWING SLM STUDENT LOAN TRUST 2004-10 POOL INFORMATION AS OF MAY 31, 2022.


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 SLM ECFC and VG Funding by employing several criteria, including requirements that each trust student loan as of the original cutoff date (and with respect to each additional trust student loan as of its related subsequent cutoff date):
was a consolidation loan 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 fully disbursed;
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 May 31, 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 $2,284,195 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, 6 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.
 
A-1
 
 
 
2004-10

The following tables also contain information concerning the total number of loans and the total number of borrowers in the portfolio of trust student loans.
Percentages and dollar amounts in any table may not total 100% of the 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
 
$
821,084,314
 
Aggregate Outstanding Principal Balance – Treasury Bill
 
$
14,732,865
 
Percentage of Aggregate Outstanding Principal Balance –Treasury Bill
   
5.08
%
Aggregate Outstanding Principal Balance – One-Month LIBOR
 
$
721,106,574
 
Percentage of Aggregate Outstanding Principal Balance – One-Month LIBOR
   
87.82
%
Aggregate Outstanding Principal Balance – Treasury Bill Other
 
$
58,244875
 
Percentage of Aggregate Outstanding Principal Balance – Treasury Bill Other
   
7.09
%
Number of Borrowers
   
25,498
 
Average Outstanding Principal Balance Per Borrower
 
$
32,202
 
Number of Loans
   
46,592
 
Average Outstanding Principal Balance Per Loan – Treasury Bill
 
$
40,400
 
Average Outstanding Principal Balance Per Loan – One-Month LIBOR
 
$
16,296
 
Average Outstanding Principal Balance Per Loan – Treasury Bill Other
 
$
44,530
 
Weighted Average Remaining Term to Scheduled Maturity
 
174 months
 
Weighted Average Annual Interest Rate
   
4.43
%
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 3.12% 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.
The category “Other” in the table above represents the Health Education Assistance Loan Program (which we refer to as “HEAL” and the loans originated under such program as “HEAL Loans”) portion of any consolidation loans made under the FFELP which consolidated one or more Stafford Loans, SLS Loans and/or PLUS Loans with one or more student loans originated under the HEAL Program. These consolidation loans are guaranteed as to principal and interest by a guaranty agency and reinsured by the Department of Education. The HEAL portion of any consolidation loan is not eligible to receive special allowance payments or interest subsidy payments. The interest rate on the HEAL Loan segment of any such consolidation loan is variable and is reset each July 1, based upon the average bond-equivalent rate for 91-day Treasury bills auctioned during the three months ending June 30, plus 3.0%. In addition, the applicable interest rate on the HEAL Loan segment of any such consolidation loan is not subject to any cap on the interest rate that may apply to the principal of the HEAL Loan segment.
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.

 
A-2
 
 
 
2004-10

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%
   
9,770
   
$
126,299,264
     
15.4
%
3.01% to 3.50%
   
13,470
     
203,130,644
     
24.7
 
3.51% to 4.00%
   
8,609
     
133,837,870
     
16.3
 
4.01% to 4.50%
   
8,409
     
137,431,372
     
16.7
 
4.51% to 5.00%
   
1,807
     
40,653,945
     
5.0
 
5.01% to 5.50%
   
781
     
19,310,176
     
2.4
 
5.51% to 6.00%
   
522
     
13,878,399
     
1.7
 
6.01% to 6.50%
   
493
     
17,117,252
     
2.1
 
6.51% to 7.00%
   
740
     
22,730,048
     
2.8
 
7.01% to 7.50%
   
326
     
12,002,515
     
1.5
 
7.51% to 8.00%
   
625
     
25,577,012
     
3.1
 
8.01% to 8.50%
   
660
     
45,909,754
     
5.6
 
Equal to or greater than 8.51%
   
380
     
23,206,064
     
2.8
 
                         
Total
   
46,592
   
$
821,084,314
     
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 – SLM Corporation’s Student Loan Financing Business” in the prospectus.
 
A-3
 
 
 
2004-10

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
   
5,573
   
$
14,080,513
     
1.7
%
$  5,000.00-$ 9,999.99
   
3,888
     
28,461,019
     
3.5
 
$10,000.00-$14,999.99
   
2,821
     
35,108,857
     
4.3
 
$15,000.00-$19,999.99
   
2,215
     
38,581,201
     
4.7
 
$20,000.00-$24,999.99
   
1,730
     
38,726,653
     
4.7
 
$25,000.00-$29,999.99
   
1,444
     
39,636,175
     
4.8
 
$30,000.00-$34,999.99
   
1,068
     
34,687,639
     
4.2
 
$35,000.00-$39,999.99
   
907
     
33,979,566
     
4.1
 
$40,000.00-$44,999.99
   
766
     
32,510,151
     
4.0
 
$45,000.00-$49,999.99
   
670
     
31,738,003
     
3.9
 
$50,000.00-$54,999.99
   
507
     
26,633,831
     
3.2
 
$55,000.00-$59,999.99
   
436
     
25,089,991
     
3.1
 
$60,000.00-$64,999.99
   
371
     
23,185,623
     
2.8
 
$65,000.00-$69,999.99
   
310
     
20,874,487
     
2.5
 
$70,000.00-$74,999.99
   
261
     
18,913,163
     
2.3
 
$75,000.00-$79,999.99
   
231
     
17,850,543
     
2.2
 
$80,000.00-$84,999.99
   
205
     
16,867,996
     
2.1
 
$85,000.00-$89,999.99
   
193
     
16,877,198
     
2.1
 
$90,000.00-$94,999.99
   
185
     
17,130,006
     
2.1
 
$95,000.00-$99,999.99
   
148
     
14,441,744
     
1.8
 
$100,000.00 and above
   
1,569
     
295,709,953
     
36.0
 
                         
Total
   
25,498
   
$
821,084,314
     
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
   
43,899
   
$
752,506,769
     
91.6
%
31-60 days
   
921
     
21,559,680
     
2.6
 
61-90 days
   
618
     
15,743,126
     
1.9
 
91-120 days
   
247
     
6,322,611
     
0.8
 
121-150 days
   
232
     
6,024,192
     
0.7
 
151-180 days
   
197
     
6,026,506
     
0.7
 
181-210 days
   
116
     
3,778,957
     
0.5
 
Greater than 210 days
   
362
     
9,122,474
     
1.1
 
                         
Total
   
46,592
   
$
821,084,314
     
100.0
%

 
A-4
 
 
 
2004-10

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
   
148
   
$
46,881
     
*
 
4 to 12
   
593
     
408,840
     
*
 
13 to 24
   
1,028
     
1,931,306
     
0.2
%
25 to 36
   
6,109
     
11,948,999
     
1.5
 
37 to 48
   
2,872
     
10,418,756
     
1.3
 
49 to 60
   
2,264
     
10,920,370
     
1.3
 
61 to 72
   
1,834
     
11,660,957
     
1.4
 
73 to 84
   
1,607
     
12,190,654
     
1.5
 
85 to 96
   
4,314
     
34,467,094
     
4.2
 
97 to 108
   
2,213
     
24,049,053
     
2.9
 
109 to 120
   
2,086
     
28,703,102
     
3.5
 
121 to 132
   
3,355
     
63,458,234
     
7.7
 
133 to 144
   
2,856
     
63,670,630
     
7.8
 
145 to 156
   
5,105
     
109,261,057
     
13.3
 
157 to 168
   
2,310
     
66,130,230
     
8.1
 
169 to 180
   
1,695
     
53,246,802
     
6.5
 
181 to 192
   
1,469
     
52,915,976
     
6.4
 
193 to 204
   
949
     
37,778,150
     
4.6
 
205 to 216
   
882
     
37,571,123
     
4.6
 
217 to 228
   
716
     
33,114,621
     
4.0
 
229 to 240
   
505
     
22,876,454
     
2.8
 
241 to 252
   
340
     
17,556,452
     
2.1
 
253 to 264
   
194
     
10,922,959
     
1.3
 
265 to 276
   
192
     
11,090,318
     
1.4
 
277 to 288
   
166
     
10,301,409
     
1.3
 
289 to 300
   
201
     
16,516,482
     
2.0
 
301 to 312
   
340
     
39,685,585
     
4.8
 
313 to 324
   
53
     
4,903,656
     
0.6
 
325 to 336
   
38
     
3,872,421
     
0.5
 
337 to 348
   
28
     
2,249,790
     
0.3
 
349 to 360
   
100
     
12,849,462
     
1.6
 
361 and above
   
30
     
4,366,491
     
0.5
 
                         
Total
   
46,592
   
$
821,084,314
     
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 – SLM Corporation’s Student Loan Financing Business” in the prospectus.
 
A-5
 
 
 
2004-10

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
   
1,094
   
$
18,553,076
     
2.3
%
Forbearance*
   
2,482
     
73,952,348
     
9.0
 
Repayment
                       
First year in repayment
   
396
     
22,114,662
     
2.7
 
Second year in repayment
   
396
     
13,530,492
     
1.6
 
Third year in repayment
   
519
     
19,197,168
     
2.3
 
More than 3 years in repayment
   
41,705
     
673,736,569
     
82.1
 
                         
Total
   
46,592
   
$
821,084,314
     
100.0
%
* Of the trust student loans in forbearance status, approximately 1 loan with an aggregate outstanding principal balance of $5,661, representing 0.001% 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 – SLM Corporation’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 138.8 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.
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
   
19.9
     
-
     
185.9
 
Forbearance
   
-
     
5.7
     
210.1
 
Repayment
   
-
     
-
     
169.3
 

 
A-6
 
 
 
2004-10

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 $18,553,076 aggregate outstanding principal balance of the trust student loans in deferment as of the statistical disclosure date, $14,355,954 or approximately 77.4% 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 and “The Student Loan Pools – SLM Corporation’s Student Loan Financing Business” in the prospectus.
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
   
399
   
$
7,537,879
     
0.9
%
Alaska
   
51
     
667,132
     
0.1
 
Arizona
   
959
     
19,330,476
     
2.4
 
Arkansas
   
278
     
5,162,132
     
0.6
 
California
   
4,984
     
97,794,389
     
11.9
 
Colorado
   
749
     
11,573,618
     
1.4
 
Connecticut
   
676
     
8,951,178
     
1.1
 
Delaware
   
151
     
3,849,806
     
0.5
 
District of Columbia
   
171
     
3,162,825
     
0.4
 
Florida
   
3,573
     
67,370,035
     
8.2
 
Georgia
   
1,404
     
32,342,875
     
3.9
 
Hawaii
   
204
     
3,320,969
     
0.4
 
Idaho
   
176
     
4,101,015
     
0.5
 
Illinois
   
1,820
     
31,136,440
     
3.8
 
Indiana
   
1,280
     
17,897,305
     
2.2
 
Iowa
   
190
     
3,219,846
     
0.4
 
Kansas
   
822
     
10,138,135
     
1.2
 
Kentucky
   
375
     
5,769,217
     
0.7
 
Louisiana
   
1,445
     
24,648,904
     
3.0
 
Maine
   
134
     
1,808,100
     
0.2
 
Maryland
   
1,134
     
22,469,907
     
2.7
 
Massachusetts
   
1,378
     
19,261,058
     
2.3
 
Michigan
   
913
     
17,459,697
     
2.1
 
Minnesota
   
495
     
9,509,490
     
1.2
 
Mississippi
   
386
     
7,594,064
     
0.9
 
Missouri
   
946
     
15,109,855
     
1.8
 
Montana
   
105
     
1,680,298
     
0.2
 
Nebraska
   
81
     
1,294,974
     
0.2
 
Nevada
   
309
     
4,528,304
     
0.6
 
New Hampshire
   
221
     
2,906,191
     
0.4
 
New Jersey
   
1,274
     
22,003,542
     
2.7
 
New Mexico
   
139
     
1,863,164
     
0.2
 
New York
   
3,158
     
53,560,639
     
6.5
 
North Carolina
   
1,024
     
19,120,934
     
2.3
 
North Dakota
   
33
     
601,126
     
0.1
 

 
A-7
 
 
 
2004-10


State    
Number
of Loans
     
Aggregate Outstanding
Principal Balance
     
Percent of Pool
by Outstanding
Principal Balance
 
Ohio
   
2,383
     
43,626,826
     
5.3
 
Oklahoma
   
872
     
13,759,100
     
1.7
 
Oregon
   
709
     
11,224,841
     
1.4
 
Pennsylvania
   
1,679
     
27,605,402
     
3.4
 
Rhode Island
   
113
     
1,704,519
     
0.2
 
South Carolina
   
518
     
12,041,594
     
1.5
 
South Dakota
   
55
     
707,805
     
0.1
 
Tennessee
   
941
     
19,412,731
     
2.4
 
Texas
   
3,965
     
66,927,150
     
8.2
 
Utah
   
161
     
3,390,556
     
0.4
 
Vermont
   
78
     
1,201,089
     
0.1
 
Virginia
   
1,267
     
21,237,959
     
2.6
 
Washington
   
1,288
     
19,404,770
     
2.4
 
West Virginia
   
213
     
2,648,800
     
0.3
 
Wisconsin
   
421
     
6,794,028
     
0.8
 
Wyoming
   
54
     
854,121
     
0.1
 
Other
   
438
     
9,797,504
     
1.2
 
                         
Total
   
46,592
   
$
821,084,314
     
100.0
%
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.
 
A-8
 
 
 
2004-10

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.
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
   
24,889
   
$
355,009,319
     
43.2
%
Other Repayment Options(1)
   
17,037
     
298,410,605
     
36.3
 
Income-driven Repayment(2)
   
4,666
     
167,664,390
     
20.4
 
                         
Total
   
46,592
   
$
821,084,314
     
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 214 loans with an aggregate outstanding principal balance of $8,901,755 currently in an interest-only period.  These interest-only loans represent approximately 1.1% 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
   
22,398
   
$
310,651,026
     
37.8
%
Unsubsidized
   
24,194
     
510,433,288
     
62.2
 
                         
Total
   
46,592
   
$
821,084,314
     
100.0
%

 
A-9
 
 
 
2004-10

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
   
115
   
$
5,999,485
     
0.7
%
October 1, 1993 through June 30, 2006
   
46,477
     
815,084,829
     
99.3
 
July 1, 2006 and later
   
0
     
0
     
0.0
 
                         
Total
   
46,592
   
$
821,084,314
     
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
   
1,861
   
$
24,176,805
     
2.9
%
College Assist
   
12
     
407,780
     
*
 
Educational Credit Management Corporation
   
3,269
     
47,324,772
     
5.8
 
Florida Off Of Student Fin’l Assistance
   
1,295
     
14,785,319
     
1.8
 
Great Lakes Higher Education Corporation
   
22,733
     
480,041,615
     
58.5
 
Kentucky Higher Educ. Asst. Auth.
   
1,100
     
14,380,117
     
1.8
 
Louisiana Office Of Student Financial Asst
   
737
     
9,633,031
     
1.2
 
Michigan Guaranty Agency
   
484
     
6,455,940
     
0.8
 
New York State Higher Ed Services Corp
   
5,676
     
89,820,862
     
10.9
 
Oklahoma Guaranteed Stud Loan Prog
   
781
     
10,977,947
     
1.3
 
Pennsylvania Higher Education Assistance Agency
   
4,087
     
52,548,061
     
6.4
 
Texas Guaranteed Student Loan Corp
   
4,557
     
70,532,064
     
8.6
 
Total
   
46,592
   
$
821,084,314
     
100.0
%
*
Represents a percentage greater than 0% but less than 0.05%.





 
A-10
 
 
 
2004-10