DELAWARE
|
333-97247/
333-97247-06
|
04-3480392
|
||
(State or other jurisdiction
of formation)
|
(Commission File Numbers)
|
(I.R.S. employer
Identification No.)
|
c/o Deutsche Bank Trust Company Americas
60 Wall Street, 60th Floor
Mail Stop NYC60-2606
New York, New York 10005
|
||
(Address of registrant’s principal executive offices)
Registrant’s telephone number including area code: (703) 984-5858
|
¨
|
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 April 30, 2014.
|
SLM STUDENT LOAN TRUST 2003-1
|
|||||||
By: NAVIENT SOLUTIONS, INC., in its capacity as administrator of the Trust
|
|||||||
Dated: June 4, 2014
|
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 April 30, 2014.
|
·
|
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
|
$ | 806,356,247 | ||
Aggregate Outstanding Principal Balance – Treasury Bill
|
$ | 110,305,889 | ||
Percentage of Aggregate Outstanding Principal Balance – Treasury Bill
|
13.68 | % | ||
Aggregate Outstanding Principal Balance – One-Month LIBOR
|
$ | 696,050,358 | ||
Percentage of Aggregate Outstanding Principal Balance – One-Month LIBOR
|
86.32 | % | ||
Number of Borrowers
|
22,916 | |||
Average Outstanding Principal Balance Per Borrower
|
$ | 35,187 | ||
Number of Loans
|
39,231 | |||
Average Outstanding Principal Balance Per Loan – Treasury Bill
|
$ | 26,747 | ||
Average Outstanding Principal Balance Per Loan – One-Month LIBOR
|
$ | 19,827 | ||
Weighted Average Remaining Term to Scheduled Maturity
|
192 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 | 87,408 | * | |||||||||
3.51% to 4.00%
|
2 | 54,943 | * | |||||||||
4.01% to 4.50%
|
0 | 0 | 0.0 | % | ||||||||
4.51% to 5.00%
|
25 | 226,041 | * | |||||||||
5.01% to 5.50%
|
611 | 8,307,806 | 1.0 | |||||||||
5.51% to 6.00%
|
3,407 | 52,351,431 | 6.5 | |||||||||
6.01% to 6.50%
|
7,140 | 122,384,124 | 15.2 | |||||||||
6.51% to 7.00%
|
11,573 | 208,771,437 | 25.9 | |||||||||
7.01% to 7.50%
|
2,311 | 48,501,727 | 6.0 | |||||||||
7.51% to 8.00%
|
5,437 | 132,833,438 | 16.5 | |||||||||
8.01% to 8.50%
|
7,304 | 186,405,359 | 23.1 | |||||||||
Equal to or greater than 8.51%
|
1,417 | 46,426,212 | 5.8 | |||||||||
Total
|
39,231 | $ | 806,356,247 | 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
|
2,825 | $ | 7,777,694 | 1.0 | % | |||||||||
$5,000.00-$ 9,999.99 | 2,372 | 17,741,138 | 2.2 | |||||||||||
$10,000.00-$14,999.99 | 3,067 | 38,297,437 | 4.7 | |||||||||||
$15,000.00-$19,999.99 | 2,421 | 41,969,500 | 5.2 | |||||||||||
$20,000.00-$24,999.99 | 1,753 | 39,389,384 | 4.9 | |||||||||||
$25,000.00-$29,999.99 | 1,538 | 42,226,790 | 5.2 | |||||||||||
$30,000.00-$34,999.99 | 1,327 | 42,983,937 | 5.3 | |||||||||||
$35,000.00-$39,999.99 | 1,067 | 39,910,426 | 4.9 | |||||||||||
$40,000.00-$44,999.99 | 876 | 37,142,938 | 4.6 | |||||||||||
$45,000.00-$49,999.99 | 682 | 32,429,518 | 4.0 | |||||||||||
$50,000.00-$54,999.99 | 654 | 34,223,126 | 4.2 | |||||||||||
$55,000.00-$59,999.99 | 534 | 30,657,051 | 3.8 | |||||||||||
$60,000.00-$64,999.99 | 467 | 29,191,860 | 3.6 | |||||||||||
$65,000.00-$69,999.99 | 402 | 27,078,171 | 3.4 | |||||||||||
$70,000.00-$74,999.99 | 356 | 25,802,312 | 3.2 | |||||||||||
$75,000.00-$79,999.99 | 298 | 23,063,796 | 2.9 | |||||||||||
$80,000.00-$84,999.99 | 236 | 19,463,053 | 2.4 | |||||||||||
$85,000.00-$89,999.99 | 240 | 20,985,141 | 2.6 | |||||||||||
$90,000.00-$94,999.99 | 215 | 19,856,484 | 2.5 | |||||||||||
$95,000.00-$99,999.99 | 145 | 14,148,653 | 1.8 | |||||||||||
$100,000.00 and above
|
1,441 | 222,017,838 | 27.5 | |||||||||||
Total
|
22,916 | $ | 806,356,247 | 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
|
36,805 | $ | 735,751,791 | 91.2 | % | |||||||
31-60 days
|
917 | 25,582,245 | 3.2 | |||||||||
61-90 days
|
414 | 11,400,883 | 1.4 | |||||||||
91-120 days
|
227 | 6,862,805 | 0.9 | |||||||||
121-150 days
|
190 | 6,586,220 | 0.8 | |||||||||
151-180 days
|
121 | 3,073,130 | 0.4 | |||||||||
181-210 days
|
114 | 3,567,208 | 0.4 | |||||||||
Greater than 210 days
|
443 | 13,531,965 | 1.7 | |||||||||
Total
|
39,231 | $ | 806,356,247 | 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
|
68 | $ | 28,634 | * | ||||||||
4 to12
|
249 | 249,216 | * | |||||||||
13 to 24
|
704 | 1,445,390 | 0.2 | % | ||||||||
25 to 36
|
2,155 | 5,999,535 | 0.7 | |||||||||
37 to 48
|
1,460 | 6,171,217 | 0.8 | |||||||||
49 to 60
|
1,129 | 6,859,735 | 0.9 | |||||||||
61 to 72
|
1,204 | 8,892,314 | 1.1 | |||||||||
73 to 84
|
1,643 | 14,281,310 | 1.8 | |||||||||
85 to 96
|
4,250 | 35,495,739 | 4.4 | |||||||||
97 to 108
|
2,443 | 24,935,650 | 3.1 | |||||||||
109 to 120
|
1,801 | 22,394,747 | 2.8 | |||||||||
121 to 132
|
2,569 | 59,885,602 | 7.4 | |||||||||
133 to 144
|
2,322 | 58,080,546 | 7.2 | |||||||||
145 to 156
|
3,167 | 65,454,286 | 8.1 | |||||||||
157 to 168
|
2,106 | 47,667,197 | 5.9 | |||||||||
169 to 180
|
1,397 | 34,260,929 | 4.2 | |||||||||
181 to 192
|
1,257 | 32,643,795 | 4.0 | |||||||||
193 to 204
|
1,192 | 33,334,429 | 4.1 | |||||||||
205 to 216
|
2,058 | 60,486,558 | 7.5 | |||||||||
217 to 228
|
1,226 | 39,538,699 | 4.9 | |||||||||
229 to 240
|
1,034 | 38,060,648 | 4.7 | |||||||||
241 to 252
|
722 | 27,379,252 | 3.4 | |||||||||
253 to 264
|
585 | 25,869,246 | 3.2 | |||||||||
265 to 276
|
568 | 27,844,058 | 3.5 | |||||||||
277 to 288
|
485 | 25,335,299 | 3.1 | |||||||||
289 to 300
|
446 | 23,704,298 | 2.9 | |||||||||
301 to 312
|
292 | 17,636,551 | 2.2 | |||||||||
313 to 324
|
101 | 6,738,915 | 0.8 | |||||||||
325 to 336
|
95 | 6,769,718 | 0.8 | |||||||||
337 to 348
|
97 | 8,125,967 | 1.0 | |||||||||
349 to 360
|
228 | 22,239,814 | 2.8 | |||||||||
361 and above
|
178 | 18,546,955 | 2.3 | |||||||||
Total
|
39,231 | $ | 806,356,247 | 100.0 | % |
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
|
2,540 | $ | 66,543,777 | 8.3 | % | |||||||
Forbearance
|
3,108 | 102,525,259 | 12.7 | |||||||||
Repayment
|
||||||||||||
First year in repayment
|
768 | 39,563,477 | 4.9 | |||||||||
Second year in repayment
|
644 | 28,069,369 | 3.5 | |||||||||
Third year in repayment
|
725 | 27,270,111 | 3.4 | |||||||||
More than 3 years in repayment
|
31,446 | 542,384,253 | 67.3 | |||||||||
Total
|
39,231 | $ | 806,356,247 | 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
|
12.6
|
-
|
227.0
|
|||
Forbearance
|
-
|
4.1
|
229.9
|
|||
Repayment
|
-
|
-
|
182.0
|
|||
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
|
463 | $ | 10,191,574 | 1.3 | % | |||||||
Alaska
|
75 | 1,181,326 | 0.1 | |||||||||
Arizona
|
864 | 18,094,401 | 2.2 | |||||||||
Arkansas
|
459 | 8,414,237 | 1.0 | |||||||||
California
|
4,514 | 104,213,654 | 12.9 | |||||||||
Colorado
|
888 | 16,473,005 | 2.0 | |||||||||
Connecticut
|
296 | 5,892,324 | 0.7 | |||||||||
Delaware
|
88 | 2,035,472 | 0.3 | |||||||||
District of Columbia
|
152 | 4,047,632 | 0.5 | |||||||||
Florida
|
2,028 | 48,325,083 | 6.0 | |||||||||
Georgia
|
1,425 | 33,109,634 | 4.1 | |||||||||
Hawaii
|
138 | 2,557,633 | 0.3 | |||||||||
Idaho
|
224 | 4,467,936 | 0.6 | |||||||||
Illinois
|
1,938 | 35,211,985 | 4.4 | |||||||||
Indiana
|
562 | 9,156,442 | 1.1 | |||||||||
Iowa
|
336 | 4,932,181 | 0.6 | |||||||||
Kansas
|
966 | 16,432,889 | 2.0 | |||||||||
Kentucky
|
300 | 5,766,424 | 0.7 | |||||||||
Louisiana
|
1,360 | 29,164,529 | 3.6 | |||||||||
Maine
|
105 | 1,842,579 | 0.2 | |||||||||
Maryland
|
766 | 18,758,952 | 2.3 | |||||||||
Massachusetts
|
575 | 11,981,517 | 1.5 | |||||||||
Michigan
|
1,370 | 29,907,518 | 3.7 | |||||||||
Minnesota
|
1,072 | 17,189,266 | 2.1 | |||||||||
Mississippi
|
537 | 10,221,859 | 1.3 | |||||||||
Missouri
|
1,235 | 24,257,779 | 3.0 | |||||||||
Montana
|
116 | 2,002,112 | 0.2 | |||||||||
Nebraska
|
163 | 3,215,865 | 0.4 | |||||||||
Nevada
|
312 | 6,388,545 | 0.8 | |||||||||
New Hampshire
|
113 | 2,335,425 | 0.3 | |||||||||
New Jersey
|
596 | 13,572,119 | 1.7 | |||||||||
New Mexico
|
152 | 3,614,017 | 0.4 | |||||||||
New York
|
1,560 | 33,914,139 | 4.2 | |||||||||
North Carolina
|
662 | 13,784,963 | 1.7 | |||||||||
North Dakota
|
42 | 538,847 | 0.1 | |||||||||
Ohio
|
213 | 3,810,140 | 0.5 | |||||||||
Oklahoma
|
1,059 | 18,881,606 | 2.3 | |||||||||
Oregon
|
949 | 20,256,390 | 2.5 | |||||||||
Pennsylvania
|
906 | 16,785,070 | 2.1 | |||||||||
Rhode Island
|
47 | 1,021,803 | 0.1 | |||||||||
South Carolina
|
337 | 7,816,105 | 1.0 | |||||||||
South Dakota
|
74 | 1,267,769 | 0.2 | |||||||||
Tennessee
|
962 | 19,854,782 | 2.5 | |||||||||
Texas
|
3,901 | 79,899,524 | 9.9 | |||||||||
Utah
|
172 | 3,366,666 | 0.4 | |||||||||
Vermont
|
27 | 666,325 | 0.1 | |||||||||
Virginia
|
859 | 16,138,362 | 2.0 | |||||||||
Washington
|
1,839 | 34,210,037 | 4.2 | |||||||||
West Virginia
|
106 | 1,802,966 | 0.2 | |||||||||
Wisconsin
|
902 | 18,143,897 | 2.3 | |||||||||
Wyoming
|
60 | 986,061 | 0.1 | |||||||||
Other
|
366 | 8,254,884 | 1.0 | |||||||||
Total
|
39,231 | $ | 806,356,247 | 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
|
19,102 | $ | 319,719,625 | 39.6 | % | |||||||
Other Repayment Options(1)
|
20,129 | 486,636,622 | 60.4 | |||||||||
Total
|
39,231 | $ | 806,356,247 | 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
|
19,438 | $ | 364,041,221 | 45.1 | % | |||||||
Unsubsidized
|
19,793 | 442,315,026 | 54.9 | |||||||||
Total
|
39,231 | $ | 806,356,247 | 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
|
167 | $ | 3,670,594 | 0.5 | % | |||||||
October 1, 1993 through June 30, 2006
|
39,064 | 802,685,653 | 99.5 | |||||||||
July 1, 2006 and later
|
0 | 0 | 0.0 | |||||||||
Total
|
39,231 | $ | 806,356,247 | 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
|
2,535 | $ | 35,250,253 | 4.4 | % | |||||||
College Assist
|
130 | 2,613,733 | 0.3 | |||||||||
Educational Credit Management Corporation
|
1,244 | 29,337,477 | 3.6 | |||||||||
Great Lakes Higher Education Corporation
|
1,139 | 26,279,392 | 3.3 | |||||||||
Illinois Student Assistance Commission
|
1,808 | 30,842,304 | 3.8 | |||||||||
Kentucky Higher Education Assistance Authority
|
180 | 3,227,759 | 0.4 | |||||||||
Louisiana Office Of Student Financial Assistance
|
571 | 9,447,914 | 1.2 | |||||||||
Michigan Guaranty Agency
|
877 | 17,176,680 | 2.1 | |||||||||
Montana Guaranteed Student Loan Program
|
9 | 118,211 | * | |||||||||
New Jersey Higher Education Student Assistance Authority
|
398 | 7,871,597 | 1.0 | |||||||||
New York State Higher Education Services Corporation
|
2,093 | 43,441,272 | 5.4 | |||||||||
Northwest Education Loan Association
|
1,542 | 26,483,357 | 3.3 | |||||||||
Oklahoma Guaranteed Student Loan Program
|
1,172 | 20,668,536 | 2.6 | |||||||||
Pennsylvania Higher Education Assistance Agency
|
3,918 | 78,971,015 | 9.8 | |||||||||
Student Loan Guarantee Foundation of Arkansas
|
286 | 4,761,658 | 0.6 | |||||||||
Tennessee Student Assistance Corporation
|
723 | 12,694,016 | 1.6 | |||||||||
Texas Guaranteed Student Loan Corporation
|
3,572 | 70,195,228 | 8.7 | |||||||||
United Student Aid Funds, Inc
|
17,034 | 386,975,844 | 48.0 | |||||||||
Total
|
39,231 | $ | 806,356,247 | 100.0 |
* Represents a percentage greater than 0% but less than 0.05%.
|
Reserve Ratio
|
|||||
Federal Fiscal Year
|
|||||
Guarantor
|
2009
|
2010
|
2011
|
2012
|
2013
|
United Student Aid Funds, Inc.
|
0.380%
|
0.400%
|
0.394%
|
0.354%
|
0.313%
|
Recovery Rate
|
|||||
Federal Fiscal Year
|
|||||
Guarantor
|
2009
|
2010
|
2011
|
2012
|
2013
|
United Student Aid Funds, Inc.
|
36.19%
|
32.90%
|
32.17%
|
31.82%
|
30.55%
|
Loss Rate
|
|||||
Federal Fiscal Year
|
|||||
Guarantor
|
2009
|
2010
|
2011
|
2012
|
2013
|
United Student Aid Funds, Inc.
|
4.48%
|
4.66%
|
4.71%
|
4.73%
|
4.74%
|
Claims Rate
|
|||||
Federal Fiscal Year
|
|||||
Guarantor
|
2009
|
2010
|
2011
|
2012
|
2013
|
United Student Aid Funds, Inc.
|
1.92%
|
1.69%
|
1.69%
|
1.58%
|
1.41%
|