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, 2015.
|
SLM STUDENT LOAN TRUST 2003-1
|
|||||||
By: NAVIENT SOLUTIONS, INC., in its capacity as administrator of the Trust
|
|||||||
|
|||||||
|
|||||||
Dated: December 3, 2015
|
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, 2015.
|
·
|
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
|
$
|
703,234,795
|
|
Aggregate Outstanding Principal Balance – Treasury Bill
|
$
|
94,271,636
|
|
Percentage of Aggregate Outstanding Principal Balance – Treasury Bill
|
13.41
|
%
|
|
Aggregate Outstanding Principal Balance – One-Month LIBOR
|
$
|
608,963,159
|
|
Percentage of Aggregate Outstanding Principal Balance – One-Month LIBOR
|
86.59
|
%
|
|
Number of Borrowers
|
19,307
|
||
Average Outstanding Principal Balance Per Borrower
|
$
|
36,424
|
|
Number of Loans
|
33,297
|
||
Average Outstanding Principal Balance Per Loan – Treasury Bill
|
$
|
28,611
|
|
Average Outstanding Principal Balance Per Loan – One-Month LIBOR
|
$
|
20,297
|
|
Weighted Average Remaining Term to Scheduled Maturity
|
182 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%
|
2
|
78,449
|
*
|
|||||||||
3.51% to 4.00%
|
2
|
54,557
|
*
|
|||||||||
4.01% to 4.50%
|
0
|
0
|
0.0
|
|||||||||
4.51% to 5.00%
|
21
|
162,467
|
*
|
|||||||||
5.01% to 5.50%
|
509
|
7,078,223
|
1.0
|
|||||||||
5.51% to 6.00%
|
2,980
|
45,646,582
|
6.5
|
|||||||||
6.01% to 6.50%
|
6,249
|
107,406,217
|
15.3
|
|||||||||
6.51% to 7.00%
|
9,892
|
183,423,140
|
26.1
|
|||||||||
7.01% to 7.50%
|
1,916
|
41,994,981
|
6.0
|
|||||||||
7.51% to 8.00%
|
4,463
|
114,962,182
|
16.3
|
|||||||||
8.01% to 8.50%
|
6,172
|
162,410,268
|
23.1
|
|||||||||
Equal to or greater than 8.51%
|
1,091
|
40,017,729
|
5.7
|
|||||||||
Total
|
33,297
|
$
|
703,234,795
|
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
|
2,317
|
$
|
5,412,046
|
0.8
|
%
|
|||||||
$ 5,000.00-$ 9,999.99
|
2,310
|
17,942,768
|
2.6
|
|||||||||
$10,000.00-$14,999.99
|
2,470
|
30,690,184
|
4.4
|
|||||||||
$15,000.00-$19,999.99
|
1,799
|
31,058,790
|
4.4
|
|||||||||
$20,000.00-$24,999.99
|
1,481
|
33,359,300
|
4.7
|
|||||||||
$25,000.00-$29,999.99
|
1,289
|
35,353,066
|
5.0
|
|||||||||
$30,000.00-$34,999.99
|
1,077
|
34,890,224
|
5.0
|
|||||||||
$35,000.00-$39,999.99
|
858
|
32,068,574
|
4.6
|
|||||||||
$40,000.00-$44,999.99
|
687
|
29,198,969
|
4.2
|
|||||||||
$45,000.00-$49,999.99
|
641
|
30,374,080
|
4.3
|
|||||||||
$50,000.00-$54,999.99
|
518
|
27,177,571
|
3.9
|
|||||||||
$55,000.00-$59,999.99
|
473
|
27,228,143
|
3.9
|
|||||||||
$60,000.00-$64,999.99
|
400
|
25,014,043
|
3.6
|
|||||||||
$65,000.00-$69,999.99
|
337
|
22,743,718
|
3.2
|
|||||||||
$70,000.00-$74,999.99
|
300
|
21,713,015
|
3.1
|
|||||||||
$75,000.00-$79,999.99
|
253
|
19,573,228
|
2.8
|
|||||||||
$80,000.00-$84,999.99
|
241
|
19,900,686
|
2.8
|
|||||||||
$85,000.00-$89,999.99
|
208
|
18,166,006
|
2.6
|
|||||||||
$90,000.00-$94,999.99
|
151
|
13,933,742
|
2.0
|
|||||||||
$95,000.00-$99,999.99
|
157
|
15,335,495
|
2.2
|
|||||||||
$100,000.00 and above
|
1,340
|
212,101,149
|
30.2
|
|||||||||
Total
|
19,307
|
$
|
703,234,795
|
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
|
30,917
|
$
|
628,950,936
|
89.4
|
%
|
|||||||
31-60 days
|
836
|
23,731,654
|
3.4
|
|||||||||
61-90 days
|
457
|
16,484,568
|
2.3
|
|||||||||
91-120 days
|
229
|
6,745,600
|
1.0
|
|||||||||
121-150 days
|
156
|
5,501,066
|
0.8
|
|||||||||
151-180 days
|
161
|
5,911,750
|
0.8
|
|||||||||
181-210 days
|
117
|
3,335,836
|
0.5
|
|||||||||
Greater than 210 days
|
424
|
12,573,385
|
1.8
|
|||||||||
Total
|
33,297
|
$
|
703,234,795
|
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
|
61
|
$
|
28,076
|
*
|
||||||||
4 to 12
|
439
|
395,126
|
0.1
|
%
|
||||||||
13 to 24
|
1,530
|
2,698,294
|
0.4
|
|||||||||
25 to 36
|
913
|
3,403,012
|
0.5
|
|||||||||
37 to 48
|
887
|
4,886,382
|
0.7
|
|||||||||
49 to 60
|
1,255
|
7,869,649
|
1.1
|
|||||||||
61 to 72
|
1,884
|
13,909,010
|
2.0
|
|||||||||
73 to 84
|
3,628
|
26,486,486
|
3.8
|
|||||||||
85 to 96
|
1,710
|
16,676,997
|
2.4
|
|||||||||
97 to 108
|
1,389
|
15,441,423
|
2.2
|
|||||||||
109 to 120
|
1,450
|
22,014,948
|
3.1
|
|||||||||
121 to 132
|
2,559
|
60,110,440
|
8.5
|
|||||||||
133 to 144
|
3,270
|
72,063,833
|
10.2
|
|||||||||
145 to 156
|
1,731
|
45,452,722
|
6.5
|
|||||||||
157 to 168
|
1,312
|
39,932,863
|
5.7
|
|||||||||
169 to 180
|
1,284
|
36,629,872
|
5.2
|
|||||||||
181 to 192
|
1,293
|
39,076,162
|
5.6
|
|||||||||
193 to 204
|
1,793
|
53,988,789
|
7.7
|
|||||||||
205 to 216
|
911
|
31,599,586
|
4.5
|
|||||||||
217 to 228
|
733
|
26,912,965
|
3.8
|
|||||||||
229 to 240
|
693
|
29,158,331
|
4.1
|
|||||||||
241 to 252
|
579
|
25,052,630
|
3.6
|
|||||||||
253 to 264
|
500
|
26,043,389
|
3.7
|
|||||||||
265 to 276
|
355
|
18,171,908
|
2.6
|
|||||||||
277 to 288
|
299
|
16,876,705
|
2.4
|
|||||||||
289 to 300
|
247
|
15,286,597
|
2.2
|
|||||||||
301 to 312
|
182
|
13,524,446
|
1.9
|
|||||||||
313 to 324
|
63
|
4,104,985
|
0.6
|
|||||||||
325 to 336
|
55
|
4,761,432
|
0.7
|
|||||||||
337 to 348
|
66
|
5,656,629
|
0.8
|
|||||||||
349 to 360
|
120
|
14,051,294
|
2.0
|
|||||||||
361 and above
|
106
|
10,969,813
|
1.6
|
|||||||||
Total
|
33,297
|
$
|
703,234,795
|
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
|
1,694
|
$
|
47,206,711
|
6.7
|
%
|
|||||||
Forbearance
|
2,198
|
72,189,258
|
10.3
|
|||||||||
Repayment
|
||||||||||||
First year in repayment
|
534
|
28,791,154
|
4.1
|
|||||||||
Second year in repayment
|
557
|
27,839,945
|
4.0
|
|||||||||
Third year in repayment
|
606
|
27,554,255
|
3.9
|
|||||||||
More than 3 years in repayment
|
27,708
|
499,653,471
|
71.1
|
|||||||||
Total
|
33,297
|
$
|
703,234,795
|
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
|
14.4
|
-
|
219.1
|
|||
Forbearance
|
-
|
5.8
|
217.0
|
|||
Repayment
|
-
|
-
|
175.2
|
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
|
388
|
$
|
9,335,231
|
1.3
|
%
|
|||||||
Alaska
|
60
|
885,058
|
0.1
|
|||||||||
Arizona
|
726
|
16,156,311
|
2.3
|
|||||||||
Arkansas
|
389
|
6,966,975
|
1.0
|
|||||||||
California
|
3,846
|
92,644,705
|
13.2
|
|||||||||
Colorado
|
744
|
14,216,733
|
2.0
|
|||||||||
Connecticut
|
257
|
4,978,778
|
0.7
|
|||||||||
Delaware
|
78
|
1,653,915
|
0.2
|
|||||||||
District of Columbia
|
137
|
3,499,518
|
0.5
|
|||||||||
Florida
|
1,743
|
42,730,506
|
6.1
|
|||||||||
Georgia
|
1,255
|
30,482,652
|
4.3
|
|||||||||
Hawaii
|
114
|
2,091,815
|
0.3
|
|||||||||
Idaho
|
192
|
3,864,321
|
0.5
|
|||||||||
Illinois
|
1,626
|
29,345,649
|
4.2
|
|||||||||
Indiana
|
475
|
8,073,293
|
1.1
|
|||||||||
Iowa
|
261
|
4,130,784
|
0.6
|
|||||||||
Kansas
|
804
|
14,309,537
|
2.0
|
|||||||||
Kentucky
|
263
|
5,228,766
|
0.7
|
|||||||||
Louisiana
|
1,205
|
26,613,779
|
3.8
|
|||||||||
Maine
|
99
|
1,838,623
|
0.3
|
|||||||||
Maryland
|
644
|
15,795,378
|
2.2
|
|||||||||
Massachusetts
|
506
|
10,425,121
|
1.5
|
|||||||||
Michigan
|
1,128
|
25,788,633
|
3.7
|
|||||||||
Minnesota
|
895
|
14,334,121
|
2.0
|
|||||||||
Mississippi
|
457
|
9,038,933
|
1.3
|
|||||||||
Missouri
|
1,040
|
20,931,442
|
3.0
|
|||||||||
Montana
|
93
|
1,749,401
|
0.2
|
|||||||||
Nebraska
|
141
|
2,806,533
|
0.4
|
|||||||||
Nevada
|
278
|
5,932,716
|
0.8
|
|||||||||
New Hampshire
|
100
|
1,653,080
|
0.2
|
|||||||||
New Jersey
|
507
|
11,851,662
|
1.7
|
|||||||||
New Mexico
|
131
|
3,336,986
|
0.5
|
|||||||||
New York
|
1,297
|
28,423,205
|
4.0
|
|||||||||
North Carolina
|
563
|
12,377,085
|
1.8
|
|||||||||
North Dakota
|
33
|
310,718
|
*
|
|||||||||
Ohio
|
194
|
3,502,064
|
0.5
|
|||||||||
Oklahoma
|
912
|
17,465,974
|
2.5
|
|||||||||
Oregon
|
812
|
18,065,422
|
2.6
|
|||||||||
Pennsylvania
|
752
|
14,327,921
|
2.0
|
|||||||||
Rhode Island
|
38
|
970,994
|
0.1
|
|||||||||
South Carolina
|
289
|
6,619,336
|
0.9
|
|||||||||
South Dakota
|
51
|
843,258
|
0.1
|
|||||||||
Tennessee
|
777
|
16,200,908
|
2.3
|
|||||||||
Texas
|
3,371
|
69,372,777
|
9.9
|
|||||||||
Utah
|
151
|
2,962,998
|
0.4
|
|||||||||
Vermont
|
22
|
633,624
|
0.1
|
|||||||||
Virginia
|
739
|
14,815,461
|
2.1
|
|||||||||
Washington
|
1,516
|
28,899,378
|
4.1
|
|||||||||
West Virginia
|
90
|
1,744,252
|
0.2
|
|||||||||
Wisconsin
|
747
|
14,996,540
|
2.1
|
|||||||||
Wyoming
|
52
|
940,606
|
0.1
|
|||||||||
Other
|
309
|
7,071,317
|
1.0
|
|||||||||
Total
|
33,297
|
$
|
703,234,795
|
100.0
|
%
|
|||||||
* Represents a percentage greater than 0% but less than 0.05%.
|
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
|
15,601
|
$
|
260,550,612
|
37.1
|
%
|
|||||||
Other Repayment Options(1)
|
17,696
|
442,684,183
|
62.9
|
|||||||||
Total
|
33,297
|
$
|
703,234,795
|
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
|
16,507
|
$
|
313,800,984
|
44.6
|
%
|
|||||||
Unsubsidized
|
16,790
|
389,433,811
|
55.4
|
|||||||||
Total
|
33,297
|
$
|
703,234,795
|
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
|
125
|
$
|
3,055,532
|
0.4
|
%
|
|||||||
October 1, 1993 through June 30, 2006
|
33,172
|
700,179,263
|
99.6
|
|||||||||
July 1, 2006 and later
|
0
|
0
|
0.0
|
|||||||||
Total
|
33,297
|
$
|
703,234,795
|
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
|
2,199
|
$
|
30,209,480
|
4.3
|
%
|
|||||||
College Assist
|
104
|
1,986,858
|
0.3
|
|||||||||
Educational Credit Management Corporation
|
1,010
|
25,820,979
|
3.7
|
|||||||||
Great Lakes Higher Education Corporation
|
1,143
|
26,134,800
|
3.7
|
|||||||||
Illinois Student Assistance Commission
|
1,510
|
26,712,554
|
3.8
|
|||||||||
Kentucky Higher Education Assistance Authority
|
158
|
2,978,706
|
0.4
|
|||||||||
Louisiana Office Of Student Financial Assistance
|
498
|
8,584,314
|
1.2
|
|||||||||
Michigan Guaranty Agency
|
724
|
15,032,370
|
2.1
|
|||||||||
Montana Guaranteed Student Loan Program
|
8
|
80,400
|
*
|
|||||||||
New Jersey Higher Education Student Assistance Authority
|
337
|
6,870,158
|
1.0
|
|||||||||
New York State Higher Education Services Corporation
|
1,800
|
37,186,241
|
5.3
|
|||||||||
Northwest Education Loan Association
|
1,282
|
23,013,117
|
3.3
|
|||||||||
Oklahoma Guaranteed Student Loan Program
|
988
|
17,985,104
|
2.6
|
|||||||||
Pennsylvania Higher Education Assistance Agency
|
3,314
|
68,707,921
|
9.8
|
|||||||||
Tennessee Student Assistance Corporation
|
577
|
10,477,487
|
1.5
|
|||||||||
Texas Guaranteed Student Loan Corporation
|
2,987
|
60,232,840
|
8.6
|
|||||||||
United Student Aid Funds, Inc.
|
14,658
|
341,221,466
|
48.5
|
|||||||||
Total
|
33,297
|
$
|
703,234,795
|
100.0
|
%
|
|||||||
* Represents a percentage greater than 0% but less than 0.05%.
|
Reserve Ratio
|
|||||
Federal Fiscal Year
|
|||||
Guarantor
|
2010
|
2011
|
2012
|
2013
|
2014
|
United Student Aid Funds, Inc.
|
0.400%
|
0.394%
|
0.354%
|
0.313%
|
0.277%
|
Recovery Rate
|
|||||
Federal Fiscal Year
|
|||||
Guarantor
|
2010
|
2011
|
2012
|
2013
|
2014
|
United Student Aid Funds, Inc.
|
32.90%
|
32.17%
|
31.82%
|
30.55%
|
32.01%
|
Loss Rate
|
|||||
Federal Fiscal Year
|
|||||
Guarantor
|
2010
|
2011
|
2012
|
2013
|
2014
|
United Student Aid Funds, Inc.
|
4.66%
|
4.71%
|
4.73%
|
4.74%
|
4.73%
|
Claims Rate
|
|||||
Federal Fiscal Year
|
|||||
Guarantor
|
2010
|
2011
|
2012
|
2013
|
2014
|
United Student Aid Funds, Inc.
|
1.69%
|
1.69%
|
1.58%
|
1.41%
|
1.48%
|