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 October 31, 2014.
|
SLM STUDENT LOAN TRUST 2003-1
|
|||||||
By: NAVIENT SOLUTIONS, INC., in its capacity as administrator of the Trust
|
|||||||
Dated: December 3, 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 October 31, 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
|
$ | 771,429,098 | ||
Aggregate Outstanding Principal Balance – Treasury Bill
|
$ | 104,041,996 | ||
Percentage of Aggregate Outstanding Principal Balance – Treasury Bill
|
13.49 | % | ||
Aggregate Outstanding Principal Balance – One-Month LIBOR
|
$ | 667,387,102 | ||
Percentage of Aggregate Outstanding Principal Balance – One-Month LIBOR
|
86.51 | % | ||
Number of Borrowers
|
21,721 | |||
Average Outstanding Principal Balance Per Borrower
|
$ | 35,515 | ||
Number of Loans
|
37,291 | |||
Average Outstanding Principal Balance Per Loan – Treasury Bill
|
$ | 27,250 | ||
Average Outstanding Principal Balance Per Loan – One-Month LIBOR
|
$ | 19,938 | ||
Weighted Average Remaining Term to Scheduled Maturity
|
188 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%
|
0 | $ | 0 | 0.0 | % | |||||||
3.01% to 3.50%
|
3 | 85,740 | * | |||||||||
3.51% to 4.00%
|
2 | 54,281 | * | |||||||||
4.01% to 4.50%
|
0 | 0 | 0.0 | |||||||||
4.51% to 5.00%
|
25 | 220,474 | * | |||||||||
5.01% to 5.50%
|
582 | 7,900,241 | 1.0 | |||||||||
5.51% to 6.00%
|
3,289 | 50,078,444 | 6.5 | |||||||||
6.01% to 6.50%
|
6,849 | 117,651,818 | 15.3 | |||||||||
6.51% to 7.00%
|
11,017 | 200,518,082 | 26.0 | |||||||||
7.01% to 7.50%
|
2,191 | 46,241,812 | 6.0 | |||||||||
7.51% to 8.00%
|
5,110 | 126,221,500 | 16.4 | |||||||||
8.01% to 8.50%
|
6,916 | 178,132,952 | 23.1 | |||||||||
Equal to or greater than 8.51%
|
1,307 | 44,323,754 | 5.7 | |||||||||
Total
|
37,291 | 771,429,098 | 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
|
2,732 | $ | 7,238,086 | 0.9 | % | |||||||||
$5,000.00-$ 9,999.99 | 2,270 | 17,303,157 | 2.2 | |||||||||||
$10,000.00-$14,999.99 | 2,905 | 36,150,632 | 4.7 | |||||||||||
$15,000.00-$19,999.99 | 2,244 | 38,883,025 | 5.0 | |||||||||||
$20,000.00-$24,999.99 | 1,623 | 36,517,147 | 4.7 | |||||||||||
$25,000.00-$29,999.99 | 1,464 | 40,127,063 | 5.2 | |||||||||||
$30,000.00-$34,999.99 | 1,228 | 39,736,283 | 5.2 | |||||||||||
$35,000.00-$39,999.99 | 1,009 | 37,695,094 | 4.9 | |||||||||||
$40,000.00-$44,999.99 | 802 | 34,027,718 | 4.4 | |||||||||||
$45,000.00-$49,999.99 | 669 | 31,737,152 | 4.1 | |||||||||||
$50,000.00-$54,999.99 | 582 | 30,451,399 | 3.9 | |||||||||||
$55,000.00-$59,999.99 | 527 | 30,199,046 | 3.9 | |||||||||||
$60,000.00-$64,999.99 | 447 | 27,950,133 | 3.6 | |||||||||||
$65,000.00-$69,999.99 | 389 | 26,186,095 | 3.4 | |||||||||||
$70,000.00-$74,999.99 | 334 | 24,179,282 | 3.1 | |||||||||||
$75,000.00-$79,999.99 | 289 | 22,376,595 | 2.9 | |||||||||||
$80,000.00-$84,999.99 | 227 | 18,766,593 | 2.4 | |||||||||||
$85,000.00-$89,999.99 | 223 | 19,491,692 | 2.5 | |||||||||||
$90,000.00-$94,999.99 | 199 | 18,388,968 | 2.4 | |||||||||||
$95,000.00-$99,999.99 | 149 | 14,525,400 | 1.9 | |||||||||||
$100,000.00 and above
|
1,409 | 219,498,537 | 28.5 | |||||||||||
Total
|
21,721 | $ | 771,429,098 | 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
|
34,664 | $ | 693,030,250 | 89.8 | % | |||||||
31-60 days
|
1,082 | 31,567,010 | 4.1 | |||||||||
61-90 days
|
513 | 15,457,506 | 2.0 | |||||||||
91-120 days
|
286 | 9,512,042 | 1.2 | |||||||||
121-150 days
|
188 | 5,879,134 | 0.8 | |||||||||
151-180 days
|
150 | 4,785,765 | 0.6 | |||||||||
181-210 days
|
104 | 2,905,898 | 0.4 | |||||||||
Greater than 210 days
|
304 | 8,291,492 | 1.1 | |||||||||
Total
|
37,291 | $ | 771,429,098 | 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
|
39 | $ | 14,016 | * | ||||||||
4 to12
|
328 | 347,811 | * | |||||||||
13 to 24
|
894 | 1,961,479 | 0.3 | % | ||||||||
25 to 36
|
2,068 | 5,405,284 | 0.7 | |||||||||
37 to 48
|
1,060 | 5,308,166 | 0.7 | |||||||||
49 to 60
|
1,035 | 6,416,244 | 0.8 | |||||||||
61 to 72
|
1,443 | 10,541,931 | 1.4 | |||||||||
73 to 84
|
2,127 | 17,817,188 | 2.3 | |||||||||
85 to 96
|
4,066 | 33,568,645 | 4.4 | |||||||||
97 to 108
|
1,875 | 19,730,589 | 2.6 | |||||||||
109 to 120
|
1,597 | 20,952,970 | 2.7 | |||||||||
121 to 132
|
2,538 | 59,353,930 | 7.7 | |||||||||
133 to 144
|
2,544 | 65,827,761 | 8.5 | |||||||||
145 to 156
|
3,083 | 63,111,107 | 8.2 | |||||||||
157 to 168
|
1,633 | 41,255,677 | 5.3 | |||||||||
169 to 180
|
1,318 | 33,632,016 | 4.4 | |||||||||
181 to 192
|
1,247 | 34,085,490 | 4.4 | |||||||||
193 to 204
|
1,305 | 38,057,094 | 4.9 | |||||||||
205 to 216
|
1,901 | 57,043,441 | 7.4 | |||||||||
217 to 228
|
929 | 32,997,628 | 4.3 | |||||||||
229 to 240
|
902 | 32,350,540 | 4.2 | |||||||||
241 to 252
|
691 | 27,992,306 | 3.6 | |||||||||
253 to 264
|
544 | 24,622,311 | 3.2 | |||||||||
265 to 276
|
505 | 26,058,632 | 3.4 | |||||||||
277 to 288
|
433 | 22,963,165 | 3.0 | |||||||||
289 to 300
|
379 | 21,177,930 | 2.7 | |||||||||
301 to 312
|
206 | 13,083,744 | 1.7 | |||||||||
313 to 324
|
76 | 5,083,607 | 0.7 | |||||||||
325 to 336
|
88 | 6,963,968 | 0.9 | |||||||||
337 to 348
|
75 | 6,878,710 | 0.9 | |||||||||
349 to 360
|
214 | 20,362,926 | 2.6 | |||||||||
361 and above
|
148 | 16,462,792 | 2.1 | |||||||||
Total
|
37,291 | $ | 771,429,098 | 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 Balances
|
|||||||||
Deferment
|
2,160 | 56,965,649 | 7.4 | % | ||||||||
Forbearance
|
3,062 | 106,042,746 | 13.7 | |||||||||
Repayment
|
||||||||||||
First year in repayment
|
648 | 32,575,700 | 4.2 | |||||||||
Second year in repayment
|
613 | 27,717,835 | 3.6 | |||||||||
Third year in repayment
|
695 | 28,014,463 | 3.6 | |||||||||
More than 3 years in repayment
|
30,113 | 520,112,704 | 67.4 | |||||||||
Total
|
37,291 | $ | 771,429,098 | 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
|
13.4
|
-
|
226.5
|
|||
Forbearance
|
-
|
4.5
|
228.6
|
|||
Repayment
|
-
|
-
|
177.9
|
|||
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
|
434 | $ | 9,687,620 | 1.3 | % | |||||||
Alaska
|
64 | 1,077,901 | 0.1 | |||||||||
Arizona
|
827 | 17,778,492 | 2.3 | |||||||||
Arkansas
|
437 | 7,890,698 | 1.0 | |||||||||
California
|
4,284 | 100,166,411 | 13.0 | |||||||||
Colorado
|
841 | 15,573,616 | 2.0 | |||||||||
Connecticut
|
283 | 5,612,553 | 0.7 | |||||||||
Delaware
|
82 | 1,771,521 | 0.2 | |||||||||
District of Columbia
|
144 | 3,784,570 | 0.5 | |||||||||
Florida
|
1,933 | 46,616,624 | 6.0 | |||||||||
Georgia
|
1,366 | 32,876,829 | 4.3 | |||||||||
Hawaii
|
132 | 2,428,708 | 0.3 | |||||||||
Idaho
|
210 | 4,304,065 | 0.6 | |||||||||
Illinois
|
1,837 | 33,081,696 | 4.3 | |||||||||
Indiana
|
526 | 8,790,054 | 1.1 | |||||||||
Iowa
|
304 | 4,493,004 | 0.6 | |||||||||
Kansas
|
921 | 15,859,107 | 2.1 | |||||||||
Kentucky
|
289 | 5,660,351 | 0.7 | |||||||||
Louisiana
|
1,305 | 28,102,738 | 3.6 | |||||||||
Maine
|
100 | 1,733,094 | 0.2 | |||||||||
Maryland
|
732 | 17,454,983 | 2.3 | |||||||||
Massachusetts
|
566 | 11,882,059 | 1.5 | |||||||||
Michigan
|
1,292 | 28,673,242 | 3.7 | |||||||||
Minnesota
|
1,025 | 16,259,162 | 2.1 | |||||||||
Mississippi
|
501 | 9,575,832 | 1.2 | |||||||||
Missouri
|
1,183 | 23,311,879 | 3.0 | |||||||||
Montana
|
111 | 1,907,167 | 0.2 | |||||||||
Nebraska
|
160 | 3,083,868 | 0.4 | |||||||||
Nevada
|
298 | 5,975,124 | 0.8 | |||||||||
New Hampshire
|
111 | 2,273,441 | 0.3 | |||||||||
New Jersey
|
556 | 12,692,264 | 1.6 | |||||||||
New Mexico
|
142 | 3,396,884 | 0.4 | |||||||||
New York
|
1,471 | 32,072,903 | 4.2 | |||||||||
North Carolina
|
621 | 12,847,078 | 1.7 | |||||||||
North Dakota
|
40 | 417,393 | 0.1 | |||||||||
Ohio
|
198 | 3,559,714 | 0.5 | |||||||||
Oklahoma
|
1,013 | 18,628,614 | 2.4 | |||||||||
Oregon
|
915 | 19,577,376 | 2.5 | |||||||||
Pennsylvania
|
851 | 15,733,052 | 2.0 | |||||||||
Rhode Island
|
39 | 973,493 | 0.1 | |||||||||
South Carolina
|
324 | 7,354,959 | 1.0 | |||||||||
South Dakota
|
68 | 1,266,128 | 0.2 | |||||||||
Tennessee
|
892 | 18,410,967 | 2.4 | |||||||||
Texas
|
3,752 | 76,609,335 | 9.9 | |||||||||
Utah
|
162 | 3,156,331 | 0.4 | |||||||||
Vermont
|
26 | 653,668 | 0.1 | |||||||||
Virginia
|
807 | 15,490,800 | 2.0 | |||||||||
Washington
|
1,747 | 32,506,328 | 4.2 | |||||||||
West Virginia
|
95 | 1,757,541 | 0.2 | |||||||||
Wisconsin
|
856 | 17,438,225 | 2.3 | |||||||||
Wyoming
|
64 | 1,043,316 | 0.1 | |||||||||
Other
|
354 | 8,156,320 | 1.1 | |||||||||
Total
|
37,291 | $ | 771,429,098 | 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
|
17,959 | $ | 301,051,838 | 39.0 | % | |||||||
Other Repayment Options(1)
|
19,332 | 470,377,260 | 61.0 | |||||||||
Total
|
37,291 | $ | 771,429,098 | 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
|
18,462 | $ | 347,149,765 | 45.0 | % | |||||||
Unsubsidized
|
18,829 | 424,279,333 | 55.0 | |||||||||
Total
|
37,291 | $ | 771,429,098 | 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
|
157 | $ | 3,530,206 | 0.5 | % | |||||||
October 1, 1993 through June 30, 2006
|
37,134 | 767,898,892 | 99.5 | |||||||||
July 1, 2006 and later
|
0 | 0 | 0.0 | |||||||||
Total
|
37,291 | $ | 771,429,098 | 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
|
2,431 | $ | 33,579,761 | 4.4 | % | |||||||
College Assist
|
121 | 2,371,645 | 0.3 | |||||||||
Educational Credit Management Corporation
|
1,164 | 27,928,257 | 3.6 | |||||||||
Great Lakes Higher Education Corporation
|
1,327 | 29,116,498 | 3.8 | |||||||||
Illinois Student Assistance Commission
|
1,727 | 29,664,472 | 3.8 | |||||||||
Kentucky Higher Education Assistance Authority
|
172 | 3,173,676 | 0.4 | |||||||||
Louisiana Office Of Student Financial Assistance
|
546 | 9,175,076 | 1.2 | |||||||||
Michigan Guaranty Agency
|
831 | 16,456,433 | 2.1 | |||||||||
Montana Guaranteed Student Loan Program
|
9 | 114,855 | * | |||||||||
New Jersey Higher Education Student Assistance Authority
|
372 | 7,149,915 | 0.9 | |||||||||
New York State Higher Education Services Corporation
|
1,996 | 40,231,958 | 5.2 | |||||||||
Northwest Education Loan Association
|
1,459 | 25,072,706 | 3.3 | |||||||||
Oklahoma Guaranteed Student Loan Program
|
1,108 | 19,899,919 | 2.6 | |||||||||
Pennsylvania Higher Education Assistance Agency
|
3,726 | 75,521,981 | 9.8 | |||||||||
Tennessee Student Assistance Corporation
|
678 | 12,096,212 | 1.6 | |||||||||
Texas Guaranteed Student Loan Corporation
|
3,357 | 66,374,096 | 8.6 | |||||||||
Uninsured
|
1 | 15,117 | * | |||||||||
United Student Aid Funds, Inc
|
16,266 | 373,486,520 | 48.4 | |||||||||
Total
|
37,291 | $ | 771,429,098 | 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%
|