DELAWARE
|
333-97247/
333-97247-06
|
04-3480392
|
||
(State or other jurisdiction
of formation)
|
(Commission File Numbers)
|
(I.R.S. employer
Identification No.)
|
¨
|
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 communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
¨
|
Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
|
(a)
|
Not applicable
|
|
(b)
|
Not applicable
|
|
(c)
|
Not applicable
|
|
(d)
|
Exhibits
99.1 Tables showing SLM Student Loan Trust 2003-1 Pool Information as of July 31, 2013.
|
SLM STUDENT LOAN TRUST 2003-1
|
|||||||
By: SALLIE MAE, INC., in its capacity as administrator of the Trust
|
|||||||
Dated: September 4, 2013
|
By: /s/ Mark D. Rein
|
||||||
Name: Mark D. Rein
|
|||||||
Title: Vice President
|
Exhibit
Number
|
Description
|
|
99.1
|
Tables Showing SLM Student Loan Trust 2003-1 Pool Information as of July 31, 2013.
|
·
|
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 120 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.
|
COMPOSITION OF THE TRUST STUDENT LOANS AS OF
THE STATISTICAL DISCLOSURE DATE
|
||||
Aggregate Outstanding Principal Balance
|
$ | 852,387,604 | ||
Aggregate Outstanding Principal Balance – Treasury Bill
|
$ | 117,611,433 | ||
Percentage of Aggregate Outstanding Principal Balance – Treasury Bill
|
13.80 | % | ||
Aggregate Outstanding Principal Balance – One-Month LIBOR
|
$ | 734,776,171 | ||
Percentage of Aggregate Outstanding Principal Balance – One-Month LIBOR
|
86.20 | % | ||
Number of Borrowers
|
24,627 | |||
Average Outstanding Principal Balance Per Borrower
|
$ | 34,612 | ||
Number of Loans
|
41,982 | |||
Average Outstanding Principal Balance Per Loan – Treasury Bill
|
$ | 25,923 | ||
Average Outstanding Principal Balance Per Loan – One-Month LIBOR
|
$ | 19,623 | ||
Weighted Average Remaining Term to Scheduled Maturity
|
198 months
|
|||
Weighted Average Annual Interest Rate
|
7.32 | % | ||
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%
|
1 | $ | 6,322 | * | ||||||||
3.01% to 3.50%
|
3 | 89,423 | * | |||||||||
3.51% to 4.00%
|
2 | 54,200 | * | |||||||||
4.01% to 4.50%
|
0 | 0 | 0.0 | % | ||||||||
4.51% to 5.00%
|
30 | 246,176 | * | |||||||||
5.01% to 5.50%
|
651 | 8,852,578 | 1.0 | |||||||||
5.51% to 6.00%
|
3,645 | 56,330,038 | 6.6 | |||||||||
6.01% to 6.50%
|
7,558 | 129,243,757 | 15.2 | |||||||||
6.51% to 7.00%
|
12,353 | 220,915,771 | 25.9 | |||||||||
7.01% to 7.50%
|
2,487 | 51,166,240 | 6.0 | |||||||||
7.51% to 8.00%
|
5,884 | 140,780,267 | 16.5 | |||||||||
8.01% to 8.50%
|
7,783 | 195,043,697 | 22.9 | |||||||||
Equal to or greater than 8.51%
|
1,585 | 49,659,135 | 5.8 | |||||||||
Total
|
41,982 | $ | 852,387,604 | 100.0 | % |
* Represents a percentage greater than 0% but less than 0.05%.
|
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
|
2,850 | $ | 7,909,204 | 0.9 | % | |||||||
$ 5,000.00-$ 9,999.99
|
2,763 | 20,145,162 | 2.4 | |||||||||
$10,000.00-$14,999.99
|
3,151 | 39,599,006 | 4.6 | |||||||||
$15,000.00-$19,999.99
|
2,715 | 47,132,211 | 5.5 | |||||||||
$20,000.00-$24,999.99
|
1,968 | 44,014,723 | 5.2 | |||||||||
$25,000.00-$29,999.99
|
1,647 | 45,230,050 | 5.3 | |||||||||
$30,000.00-$34,999.99
|
1,437 | 46,622,637 | 5.5 | |||||||||
$35,000.00-$39,999.99
|
1,154 | 43,123,747 | 5.1 | |||||||||
$40,000.00-$44,999.99
|
929 | 39,384,672 | 4.6 | |||||||||
$45,000.00-$49,999.99
|
755 | 35,926,944 | 4.2 | |||||||||
$50,000.00-$54,999.99
|
710 | 37,185,671 | 4.4 | |||||||||
$55,000.00-$59,999.99
|
568 | 32,634,525 | 3.8 | |||||||||
$60,000.00-$64,999.99
|
493 | 30,840,164 | 3.6 | |||||||||
$65,000.00-$69,999.99
|
445 | 30,021,846 | 3.5 | |||||||||
$70,000.00-$74,999.99
|
375 | 27,168,819 | 3.2 | |||||||||
$75,000.00-$79,999.99
|
313 | 24,183,023 | 2.8 | |||||||||
$80,000.00-$84,999.99
|
268 | 22,097,319 | 2.6 | |||||||||
$85,000.00-$89,999.99
|
277 | 24,235,745 | 2.8 | |||||||||
$90,000.00-$94,999.99
|
199 | 18,398,190 | 2.2 | |||||||||
$95,000.00-$99,999.99
|
146 | 14,219,903 | 1.7 | |||||||||
$100,000.00 and above
|
1,464 | 222,314,043 | 26.1 | |||||||||
Total
|
24,627 | $ | 852,387,604 | 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
|
38,304 | $ | 747,800,264 | 87.7 | % | |||||||
31-60 days
|
1,325 | 33,123,796 | 3.9 | |||||||||
61-90 days
|
684 | 19,813,232 | 2.3 | |||||||||
91-120 days
|
426 | 12,430,672 | 1.5 | |||||||||
121-150 days
|
294 | 10,444,285 | 1.2 | |||||||||
151-180 days
|
262 | 8,420,050 | 1.0 | |||||||||
181-210 days
|
146 | 3,858,301 | 0.5 | |||||||||
Greater than 210 days
|
541 | 16,497,004 | 1.9 | |||||||||
Total
|
41,982 | $ | 852,387,604 | 100.0 | % | |||||||
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
|
42 | $ | 18,458 | * | ||||||||
4 to12
|
336 | 315,699 | * | |||||||||
13 to 24
|
569 | 1,248,329 | 0.1 | % | ||||||||
25 to 36
|
981 | 3,280,050 | 0.4 | |||||||||
37 to 48
|
2,743 | 9,779,601 | 1.1 | |||||||||
49 to 60
|
1,424 | 7,915,076 | 0.9 | |||||||||
61 to 72
|
1,204 | 8,496,736 | 1.0 | |||||||||
73 to 84
|
1,426 | 11,468,038 | 1.3 | |||||||||
85 to 96
|
1,890 | 18,405,011 | 2.2 | |||||||||
97 to 108
|
4,892 | 43,819,487 | 5.1 | |||||||||
109 to 120
|
2,264 | 27,659,075 | 3.2 | |||||||||
121 to 132
|
2,776 | 60,073,207 | 7.0 | |||||||||
133 to 144
|
2,186 | 50,827,713 | 6.0 | |||||||||
145 to 156
|
2,113 | 46,154,305 | 5.4 | |||||||||
157 to 168
|
3,296 | 64,103,886 | 7.5 | |||||||||
169 to 180
|
1,813 | 39,515,250 | 4.6 | |||||||||
181 to 192
|
1,360 | 32,333,511 | 3.8 | |||||||||
193 to 204
|
1,185 | 30,808,382 | 3.6 | |||||||||
205 to 216
|
1,377 | 39,112,046 | 4.6 | |||||||||
217 to 228
|
2,131 | 66,269,080 | 7.8 | |||||||||
229 to 240
|
1,271 | 42,724,057 | 5.0 | |||||||||
241 to 252
|
954 | 34,395,688 | 4.0 | |||||||||
253 to 264
|
634 | 25,545,716 | 3.0 | |||||||||
265 to 276
|
653 | 30,068,998 | 3.5 | |||||||||
277 to 288
|
609 | 30,300,466 | 3.6 | |||||||||
289 to 300
|
535 | 28,283,221 | 3.3 | |||||||||
301 to 312
|
416 | 22,777,048 | 2.7 | |||||||||
313 to 324
|
165 | 10,690,189 | 1.3 | |||||||||
325 to 336
|
109 | 7,445,274 | 0.9 | |||||||||
337 to 348
|
126 | 9,811,194 | 1.2 | |||||||||
349 to 360
|
246 | 22,762,108 | 2.7 | |||||||||
361 and above
|
256 | 25,980,705 | 3.0 | |||||||||
Total
|
41,982 | $ | 852,387,604 | 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
|
3,204 | $ | 88,620,381 | 10.4 | % | |||||||
Forbearance
|
2,744 | 85,156,510 | 10.0 | |||||||||
Repayment
|
||||||||||||
First year in repayment
|
957 | 43,548,964 | 5.1 | |||||||||
Second year in repayment
|
749 | 31,354,466 | 3.7 | |||||||||
Third year in repayment
|
919 | 31,380,977 | 3.7 | |||||||||
More than 3 years in repayment
|
33,409 | 572,326,305 | 67.1 | |||||||||
Total
|
41,982 | $ | 852,387,604 | 100.0 | % |
·
|
may have temporarily ceased repaying the loan through a deferment or a forbearance period; 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
|
12.2 | - | 237.3 | |||||||||
Forbearance
|
- | 5.7 | 241.3 | |||||||||
Repayment
|
- | - | 186.9 |
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
|
497 | $ | 10,831,539 | 1.3 | % | |||||||
Alaska
|
90 | 1,484,671 | 0.2 | |||||||||
Arizona
|
939 | 19,376,890 | 2.3 | |||||||||
Arkansas
|
482 | 8,881,486 | 1.0 | |||||||||
California
|
4,840 | 109,113,585 | 12.8 | |||||||||
Colorado
|
943 | 17,502,339 | 2.1 | |||||||||
Connecticut
|
317 | 6,176,826 | 0.7 | |||||||||
Delaware
|
93 | 2,170,907 | 0.3 | |||||||||
District of Columbia
|
164 | 4,332,517 | 0.5 | |||||||||
Florida
|
2,121 | 49,768,244 | 5.8 | |||||||||
Georgia
|
1,492 | 34,245,760 | 4.0 | |||||||||
Hawaii
|
155 | 2,525,838 | 0.3 | |||||||||
Idaho
|
229 | 4,541,333 | 0.5 | |||||||||
Illinois
|
2,098 | 37,473,253 | 4.4 | |||||||||
Indiana
|
623 | 9,944,216 | 1.2 | |||||||||
Iowa
|
354 | 5,322,564 | 0.6 | |||||||||
Kansas
|
1,039 | 17,376,209 | 2.0 | |||||||||
Kentucky
|
322 | 6,002,578 | 0.7 | |||||||||
Louisiana
|
1,464 | 30,697,843 | 3.6 | |||||||||
Maine
|
106 | 2,051,041 | 0.2 | |||||||||
Maryland
|
807 | 19,544,875 | 2.3 | |||||||||
Massachusetts
|
610 | 12,875,563 | 1.5 | |||||||||
Michigan
|
1,479 | 31,967,554 | 3.8 | |||||||||
Minnesota
|
1,123 | 18,035,348 | 2.1 | |||||||||
Mississippi
|
585 | 11,426,119 | 1.3 | |||||||||
Missouri
|
1,322 | 26,054,121 | 3.1 | |||||||||
Montana
|
118 | 2,089,408 | 0.2 | |||||||||
Nebraska
|
164 | 3,174,805 | 0.4 | |||||||||
Nevada
|
341 | 6,930,691 | 0.8 | |||||||||
New Hampshire
|
120 | 2,367,850 | 0.3 | |||||||||
New Jersey
|
622 | 13,627,277 | 1.6 | |||||||||
New Mexico
|
151 | 3,363,079 | 0.4 | |||||||||
New York
|
1,690 | 36,218,415 | 4.2 | |||||||||
North Carolina
|
717 | 14,732,648 | 1.7 | |||||||||
North Dakota
|
51 | 686,067 | 0.1 | |||||||||
Ohio
|
243 | 4,575,041 | 0.5 | |||||||||
Oklahoma
|
1,161 | 20,171,428 | 2.4 | |||||||||
Oregon
|
1,020 | 20,932,498 | 2.5 | |||||||||
Pennsylvania
|
990 | 18,603,497 | 2.2 | |||||||||
Rhode Island
|
57 | 1,090,545 | 0.1 | |||||||||
South Carolina
|
344 | 7,279,192 | 0.9 | |||||||||
South Dakota
|
76 | 1,237,658 | 0.1 | |||||||||
Tennessee
|
1,026 | 21,225,765 | 2.5 | |||||||||
Texas
|
4,129 | 83,778,479 | 9.8 | |||||||||
Utah
|
179 | 3,323,032 | 0.4 | |||||||||
Vermont
|
36 | 847,561 | 0.1 | |||||||||
Virginia
|
929 | 17,306,349 | 2.0 | |||||||||
Washington
|
1,974 | 37,453,959 | 4.4 | |||||||||
West Virginia
|
106 | 1,857,189 | 0.2 | |||||||||
Wisconsin
|
969 | 19,379,132 | 2.3 | |||||||||
Wyoming
|
73 | 1,191,995 | 0.1 | |||||||||
Other
|
402 | 9,220,825 | 1.1 | |||||||||
Total
|
41,982 | $ | 852,387,604 | 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
|
21,019 | $ | 354,086,542 | 41.5 | % | |||||||
Other Repayment Options(1)
|
20,963 | 498,301,062 | 58.5 | |||||||||
Total
|
41,982 | $ | 852,387,604 | 100.0 | % |
(1) Includes, among others, graduated repayment and interest-only period loans.
|
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
|
20,777 | $ | 386,768,981 | 45.4 | % | |||||||
Unsubsidized
|
21,205 | 465,618,623 | 54.6 | |||||||||
Total
|
41,982 | $ | 852,387,604 | 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
|
194 | $ | 4,043,652 | 0.5 | % | |||||||
October 1, 1993 through June 30, 2006
|
41,788 | 848,343,952 | 99.5 | |||||||||
July 1, 2006 and later
|
0 | 0 | 0.0 | |||||||||
Total
|
41,982 | $ | 852,387,604 | 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
|
2,656 | $ | 37,686,009 | 4.4 | % | |||||||
College Assist
|
141 | 2,687,524 | 0.3 | |||||||||
Educational Credit Management Corporation
|
1,336 | 30,875,561 | 3.6 | |||||||||
Great Lakes Higher Education Corporation
|
1,246 | 28,488,367 | 3.3 | |||||||||
Illinois Student Assistance Commission
|
1,953 | 32,813,370 | 3.8 | |||||||||
Kentucky Higher Education Assistance Authority
|
199 | 3,581,886 | 0.4 | |||||||||
Louisiana Office Of Student Financial Assistance
|
616 | 9,945,831 | 1.2 | |||||||||
Michigan Guaranty Agency
|
953 | 17,982,625 | 2.1 | |||||||||
Montana Guaranteed Student Loan Program
|
10 | 124,255 | * | |||||||||
New Jersey Higher Education Student Assistance Authority
|
432 | 8,259,719 | 1.0 | |||||||||
New York State Higher Education Services Corporation
|
2,236 | 46,935,398 | 5.5 | |||||||||
Northwest Education Loan Association
|
1,671 | 28,262,420 | 3.3 | |||||||||
Oklahoma Guaranteed Student Loan Program
|
1,259 | 21,721,716 | 2.5 | |||||||||
Pennsylvania Higher Education Assistance Agency
|
4,180 | 84,026,946 | 9.9 | |||||||||
Student Loan Guarantee Foundation of Arkansas
|
316 | 5,335,153 | 0.6 | |||||||||
Tennessee Student Assistance Corporation
|
765 | 13,517,708 | 1.6 | |||||||||
Texas Guaranteed Student Loan Corporation
|
3,862 | 75,127,141 | 8.8 | |||||||||
United Student Aid Funds, Inc.
|
18,151 | 405,015,976 | 47.5 | |||||||||
Total
|
41,982 | $ | 852,387,604 | 100.0 | % |
* Represents a percentage greater than 0% but less than 0.05%.
|
Reserve Ratio
|
||||||||||
Federal Fiscal Year
|
||||||||||
Guarantor
|
2008
|
2009
|
2010
|
2011
|
2012
|
|||||
United Student Aid Funds, Inc.
|
0.33%
|
0.38%
|
0.40%
|
0.39%
|
0.35%
|
Loans Guaranteed
|
||||||||||
Federal Fiscal Year
|
||||||||||
($ in millions)
|
||||||||||
Guarantor
|
2008
|
2009
|
2010
|
2011
|
2012
|
|||||
United Student Aid Funds, Inc.
|
$17,202
|
$20,067
|
$7,705
|
N/A
|
N/A
|
Recovery Rate
|
||||||||||
Federal Fiscal Year
|
||||||||||
Guarantor
|
2008
|
2009
|
2010
|
2011
|
2012
|
|||||
United Student Aid Funds, Inc.
|
45.60%
|
36.19%
|
32.90%
|
32.17%
|
31.82%
|
Claims Rate
|
||||||||||
Federal Fiscal Year
|
||||||||||
Guarantor
|
2008
|
2009
|
2010
|
2011
|
2012
|
|||||
United Student Aid Funds, Inc.
|
2.07%
|
1.92%
|
1.69%
|
1.69%
|
1.58%
|