DELAWARE
|
333-97247/
333-97247-06
|
04-3480392
|
(State or other jurisdiction of formation)
|
(Commission File Numbers)
|
(I.R.S. Employer Identification Number)
|
☐ |
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))
|
Item 8.01 |
Other Events
|
Item 9.01 |
Financial Statements, Pro Forma Financial Statements and Exhibits
|
(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 January 31, 2019.
|
SLM STUDENT LOAN TRUST 2003-1
|
||
By: NAVIENT SOLUTIONS, LLC, in
its capacity as
administrator of the Trust
|
||
Dated: March 5, 2019
|
By:
|
/s/ C. Scott Booher
|
Name:
|
C. Scott Booher
|
|
Title:
|
Vice President
|
Exhibit
Number
|
Description
|
Tables Showing SLM Student Loan Trust 2003-1 Pool Information as of January 31, 2019.
|
· |
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.
|
Aggregate Outstanding Principal Balance
|
$
|
491,206,160
|
||
Aggregate Outstanding Principal Balance – Treasury Bill
|
$
|
64,616,024
|
||
Percentage of Aggregate Outstanding Principal Balance – Treasury Bill
|
13.15
|
%
|
||
Aggregate Outstanding Principal Balance – One-Month LIBOR
|
$
|
426,590,136
|
||
Percentage of Aggregate Outstanding Principal Balance – One-Month LIBOR
|
86.85
|
%
|
||
Number of Borrowers
|
12,348
|
|||
Average Outstanding Principal Balance Per Borrower
|
$
|
39,780
|
||
Number of Loans
|
21,624
|
|||
Average Outstanding Principal Balance Per Loan – Treasury Bill
|
$
|
33,672
|
||
Average Outstanding Principal Balance Per Loan – One-Month LIBOR
|
$
|
21,649
|
||
Weighted Average Remaining Term to Scheduled Maturity
|
179 months
|
|||
Weighted Average Annual Interest Rate
|
7.33
|
%
|
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%
|
0
|
0
|
0.0
|
|||||||||
3.51% to 4.00%
|
2
|
55,134
|
*
|
|||||||||
4.01% to 4.50%
|
0
|
0
|
0.0
|
|||||||||
4.51% to 5.00%
|
12
|
80,819
|
*
|
|||||||||
5.01% to 5.50%
|
361
|
4,157,483
|
0.8
|
|||||||||
5.51% to 6.00%
|
2,060
|
32,185,240
|
6.6
|
|||||||||
6.01% to 6.50%
|
4,177
|
72,526,688
|
14.8
|
|||||||||
6.51% to 7.00%
|
6,305
|
125,675,120
|
25.6
|
|||||||||
7.01% to 7.50%
|
1,294
|
31,379,046
|
6.4
|
|||||||||
7.51% to 8.00%
|
2,867
|
82,311,572
|
16.8
|
|||||||||
8.01% to 8.50%
|
3,967
|
116,692,196
|
23.8
|
|||||||||
Equal to or greater than 8.51%
|
579
|
26,142,862
|
5.3
|
|||||||||
Total
|
21,624
|
$
|
491,206,160
|
100.0
|
%
|
*
|
Represents a percentage greater than 0% but less than 0.05%.
|
Range of Outstanding
Principal Balance
|
Number of
Borrowers
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
||||||||||
Less than $5,000.00
|
1,527
|
$
|
4,183,258
|
0.9
|
%
|
||||||||
$5,000.00-$ 9,999.99
|
1,735
|
12,650,797
|
2.6
|
||||||||||
$10,000.00-$14,999.99
|
1,151
|
14,250,909
|
2.9
|
||||||||||
$15,000.00-$19,999.99
|
1,056
|
18,481,453
|
3.8
|
||||||||||
$20,000.00-$24,999.99
|
969
|
21,740,336
|
4.4
|
||||||||||
$25,000.00-$29,999.99
|
791
|
21,677,723
|
4.4
|
||||||||||
$30,000.00-$34,999.99
|
625
|
20,272,264
|
4.1
|
||||||||||
$35,000.00-$39,999.99
|
522
|
19,536,653
|
4.0
|
||||||||||
$40,000.00-$44,999.99
|
461
|
19,583,117
|
4.0
|
||||||||||
$45,000.00-$49,999.99
|
413
|
19,607,890
|
4.0
|
||||||||||
$50,000.00-$54,999.99
|
380
|
19,931,620
|
4.1
|
||||||||||
$55,000.00-$59,999.99
|
275
|
15,774,849
|
3.2
|
||||||||||
$60,000.00-$64,999.99
|
268
|
16,712,945
|
3.4
|
||||||||||
$65,000.00-$69,999.99
|
213
|
14,344,636
|
2.9
|
||||||||||
$70,000.00-$74,999.99
|
207
|
14,985,848
|
3.1
|
||||||||||
$75,000.00-$79,999.99
|
179
|
13,807,683
|
2.8
|
||||||||||
$80,000.00-$84,999.99
|
154
|
12,672,417
|
2.6
|
||||||||||
$85,000.00-$89,999.99
|
133
|
11,622,151
|
2.4
|
||||||||||
$90,000.00-$94,999.99
|
119
|
10,985,860
|
2.2
|
||||||||||
$95,000.00-$99,999.99
|
112
|
10,932,389
|
2.2
|
||||||||||
$100,000.00 and above
|
1,058
|
177,451,362
|
36.1
|
||||||||||
Total
|
12,348
|
$
|
491,206,160
|
100.0
|
%
|
Number of Days Delinquent
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
0-30 days
|
20,581
|
$
|
456,419,591
|
92.9
|
%
|
|||||||
31-60 days
|
420
|
12,752,564
|
2.6
|
|||||||||
61-90 days
|
156
|
6,043,463
|
1.2
|
|||||||||
91-120 days
|
99
|
3,280,268
|
0.7
|
|||||||||
121-150 days
|
74
|
3,335,548
|
0.7
|
|||||||||
151-180 days
|
41
|
1,600,815
|
0.3
|
|||||||||
181-210 days
|
45
|
1,464,651
|
0.3
|
|||||||||
Greater than 210 days
|
208
|
6,309,260
|
1.3
|
|||||||||
Total
|
21,624
|
$
|
491,206,160
|
100.0
|
%
|
Number of Months
Remaining to
Scheduled Maturity
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
0 to 3
|
56
|
$
|
21,277
|
*
|
||||||||
4 to 12
|
273
|
338,704
|
0.1
|
%
|
||||||||
13 to 24
|
685
|
1,786,633
|
0.4
|
|||||||||
25 to 36
|
1,386
|
5,001,735
|
1.0
|
|||||||||
37 to 48
|
2,030
|
9,393,638
|
1.9
|
|||||||||
49 to 60
|
1,065
|
7,618,058
|
1.6
|
|||||||||
61 to 72
|
978
|
8,040,321
|
1.6
|
|||||||||
73 to 84
|
917
|
10,169,988
|
2.1
|
|||||||||
85 to 96
|
1,246
|
15,089,437
|
3.1
|
|||||||||
97 to 108
|
1,605
|
20,967,119
|
4.3
|
|||||||||
109 to 120
|
957
|
16,359,811
|
3.3
|
|||||||||
121 to 132
|
1,574
|
36,861,770
|
7.5
|
|||||||||
133 to 144
|
1,231
|
33,887,183
|
6.9
|
|||||||||
145 to 156
|
1,326
|
40,285,042
|
8.2
|
|||||||||
157 to 168
|
1,551
|
46,239,358
|
9.4
|
|||||||||
169 to 180
|
870
|
29,588,123
|
6.0
|
|||||||||
181 to 192
|
687
|
25,813,518
|
5.3
|
|||||||||
193 to 204
|
588
|
24,275,140
|
4.9
|
|||||||||
205 to 216
|
471
|
20,771,997
|
4.2
|
|||||||||
217 to 228
|
426
|
20,351,775
|
4.1
|
|||||||||
229 to 240
|
386
|
19,100,170
|
3.9
|
|||||||||
241 to 252
|
229
|
12,904,972
|
2.6
|
|||||||||
253 to 264
|
179
|
10,809,951
|
2.2
|
|||||||||
265 to 276
|
151
|
9,184,439
|
1.9
|
|||||||||
277 to 288
|
108
|
7,613,255
|
1.5
|
|||||||||
289 to 300
|
199
|
15,456,201
|
3.1
|
|||||||||
301 to 312
|
302
|
27,216,279
|
5.5
|
|||||||||
313 to 324
|
31
|
2,533,384
|
0.5
|
|||||||||
325 to 336
|
15
|
1,308,045
|
0.3
|
|||||||||
337 to 348
|
28
|
2,991,899
|
0.6
|
|||||||||
349 to 360
|
52
|
6,506,141
|
1.3
|
|||||||||
361 and above
|
22
|
2,720,797
|
0.6
|
|||||||||
Total
|
21,624
|
$
|
491,206,160
|
100.0
|
%
|
*
|
Represents a percentage greater than 0% but less than 0.05%.
|
Current Borrower Payment Status
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Deferment
|
653
|
$
|
18,141,683
|
3.7
|
%
|
|||||||
Forbearance
|
1,304
|
50,392,002
|
10.3
|
|||||||||
Repayment
|
||||||||||||
First year in repayment
|
230
|
13,912,634
|
2.8
|
|||||||||
Second year in repayment
|
188
|
12,756,763
|
2.6
|
|||||||||
Third year in repayment
|
288
|
15,871,478
|
3.2
|
|||||||||
More than 3 years in repayment
|
18,961
|
380,131,599
|
77.4
|
|||||||||
Total
|
21,624
|
$
|
491,206,160
|
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 Months in Status Remaining
|
||||||||||||
Current Borrower Payment Status
|
Deferment
|
Forbearance
|
Repayment
|
|||||||||
Deferment
|
17.5
|
-
|
212.9
|
|||||||||
Forbearance
|
-
|
5.2
|
204.7
|
|||||||||
Repayment
|
-
|
-
|
173.2
|
State
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Alabama
|
264
|
$
|
6,924,355
|
1.4
|
%
|
|||||||
Alaska
|
30
|
370,338
|
0.1
|
|||||||||
Arizona
|
462
|
11,336,393
|
2.3
|
|||||||||
Arkansas
|
253
|
5,287,101
|
1.1
|
|||||||||
California
|
2,543
|
66,203,180
|
13.5
|
|||||||||
Colorado
|
435
|
8,333,456
|
1.7
|
|||||||||
Connecticut
|
160
|
3,013,883
|
0.6
|
|||||||||
Delaware
|
55
|
1,062,820
|
0.2
|
|||||||||
District of Columbia
|
72
|
2,024,108
|
0.4
|
|||||||||
Florida
|
1,209
|
33,039,765
|
6.7
|
|||||||||
Georgia
|
784
|
20,846,278
|
4.2
|
|||||||||
Hawaii
|
71
|
1,564,531
|
0.3
|
|||||||||
Idaho
|
120
|
2,700,356
|
0.5
|
|||||||||
Illinois
|
1,037
|
20,975,797
|
4.3
|
|||||||||
Indiana
|
308
|
5,518,467
|
1.1
|
|||||||||
Iowa
|
177
|
2,930,837
|
0.6
|
|||||||||
Kansas
|
485
|
10,040,792
|
2.0
|
|||||||||
Kentucky
|
179
|
3,728,765
|
0.8
|
|||||||||
Louisiana
|
836
|
19,102,382
|
3.9
|
|||||||||
Maine
|
66
|
1,445,999
|
0.3
|
|||||||||
Maryland
|
436
|
10,815,262
|
2.2
|
|||||||||
Massachusetts
|
346
|
7,105,381
|
1.4
|
|||||||||
Michigan
|
723
|
17,509,540
|
3.6
|
|||||||||
Minnesota
|
569
|
9,787,335
|
2.0
|
|||||||||
Mississippi
|
281
|
6,146,128
|
1.3
|
|||||||||
Missouri
|
673
|
14,431,836
|
2.9
|
|||||||||
Montana
|
75
|
1,415,300
|
0.3
|
|||||||||
Nebraska
|
90
|
2,103,330
|
0.4
|
|||||||||
Nevada
|
168
|
3,786,716
|
0.8
|
|||||||||
New Hampshire
|
63
|
986,217
|
0.2
|
|||||||||
New Jersey
|
327
|
8,647,947
|
1.8
|
|||||||||
New Mexico
|
65
|
1,716,761
|
0.3
|
|||||||||
New York
|
808
|
20,054,184
|
4.1
|
|||||||||
North Carolina
|
390
|
8,605,204
|
1.8
|
|||||||||
North Dakota
|
18
|
313,532
|
0.1
|
|||||||||
Ohio
|
132
|
2,149,188
|
0.4
|
|||||||||
Oklahoma
|
583
|
11,752,907
|
2.4
|
|||||||||
Oregon
|
517
|
12,749,274
|
2.6
|
|||||||||
Pennsylvania
|
463
|
9,276,351
|
1.9
|
|||||||||
Rhode Island
|
29
|
725,343
|
0.1
|
|||||||||
South Carolina
|
219
|
5,867,858
|
1.2
|
|||||||||
South Dakota
|
33
|
520,954
|
0.1
|
|||||||||
Tennessee
|
532
|
11,906,731
|
2.4
|
|||||||||
Texas
|
2,237
|
47,782,899
|
9.7
|
|||||||||
Utah
|
79
|
1,562,758
|
0.3
|
|||||||||
Vermont
|
20
|
474,168
|
0.1
|
|||||||||
Virginia
|
497
|
10,344,100
|
2.1
|
|||||||||
Washington
|
930
|
18,696,104
|
3.8
|
|||||||||
West Virginia
|
49
|
1,046,894
|
0.2
|
|||||||||
Wisconsin
|
509
|
11,091,508
|
2.3
|
|||||||||
Wyoming
|
35
|
689,304
|
0.1
|
|||||||||
Other
|
182
|
4,695,543
|
1.0
|
|||||||||
Total
|
21,624
|
$
|
491,206,160
|
100.0
|
%
|
Loan Repayment Terms
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Level Repayment
|
9,408
|
$
|
163,918,996
|
33.4
|
%
|
|||||||
Other Repayment Options(1)
|
8,827
|
177,486,989
|
36.1
|
|||||||||
Income-driven Repayment(2)
|
3,389
|
149,800,175
|
30.5
|
|||||||||
Total
|
21,624
|
$
|
491,206,160
|
100.0
|
%
|
(1) |
Includes, among others, graduated repayment and interest-only period loans.
|
(2) |
Includes income sensitive and income based repayment.
|
Loan Type
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Subsidized
|
10,755
|
$
|
216,249,070
|
44.0
|
%
|
|||||||
Unsubsidized
|
10,869
|
274,957,090
|
56.0
|
|||||||||
Total
|
21,624
|
$
|
491,206,160
|
100.0
|
%
|
Disbursement Date
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
September 30, 1993 and earlier
|
66
|
$
|
1,494,657
|
0.3
|
%
|
|||||||
October 1, 1993 through June 30, 2006
|
21,558
|
489,711,502
|
99.7
|
|||||||||
July 1, 2006 and later
|
0
|
0
|
0.0
|
|||||||||
Total
|
21,624
|
$
|
491,206,160
|
100.0
|
%
|
Name of Guaranty Agency
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
American Student Assistance
|
1,519
|
$
|
19,309,987
|
3.9
|
%
|
|||||||
College Assist
|
55
|
849,517
|
0.2
|
|||||||||
Educational Credit Management Corporation
|
1,026
|
25,493,066
|
5.2
|
|||||||||
Great Lakes Higher Education Corporation
|
723
|
17,436,539
|
3.5
|
|||||||||
Illinois Student Assistance Comm
|
957
|
19,155,411
|
3.9
|
|||||||||
Kentucky Higher Educ. Asst. Auth.
|
105
|
1,960,398
|
0.4
|
|||||||||
Louisiana Office Of Student Financial Asst
|
353
|
6,565,520
|
1.3
|
|||||||||
Michigan Guaranty Agency
|
453
|
10,359,712
|
2.1
|
|||||||||
New Jersey Higher Ed Student Assistance Authority
|
220
|
5,330,697
|
1.1
|
|||||||||
New York State Higher Ed Services Corp
|
1,175
|
25,628,469
|
5.2
|
|||||||||
Northwest Education Loan Association
|
767
|
14,054,446
|
2.9
|
|||||||||
Oklahoma Guaranteed Stud Loan Prog
|
608
|
11,882,012
|
2.4
|
|||||||||
Pennsylvania Higher Education Assistance Agency
|
2,235
|
51,517,158
|
10.5
|
|||||||||
Texas Guaranteed Student Loan Corp
|
1,882
|
41,525,612
|
8.5
|
|||||||||
United Student Aid Funds, Inc.
|
9,546
|
240,137,615
|
48.9
|
|||||||||
Total
|
21,624
|
$
|
491,206,160
|
100.0
|
%
|
Reserve Ratio
|
||||||||||||||||||||
Federal Fiscal Year
|
||||||||||||||||||||
Guarantor
|
2013
|
2014
|
2015
|
2016
|
2017
|
|||||||||||||||
United Student Aid Funds, Inc.
|
0.354
|
%
|
0.277
|
%
|
0.251
|
%
|
0.308
|
%
|
0.350
|
%
|
Claims Rate
|
||||||||||||||||||||
Federal Fiscal Year
|
||||||||||||||||||||
Guarantor
|
2013
|
2014
|
2015
|
2016
|
2017
|
|||||||||||||||
United Student Aid Funds, Inc.
|
4.74
|
%
|
4.73
|
%
|
4.71
|
%
|
0.60
|
%
|
0.67
|
%
|