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))
|
Title of each class
|
Trading
symbol(s)
|
Name of each exchange on which
registered
|
Not Applicable
|
Not Applicable
|
Not Applicable
|
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 July 31, 2019.
|
SLM STUDENT LOAN TRUST 2003-1
|
|
By: NAVIENT SOLUTIONS, LLC, in its capacity as
|
|
administrator of the Trust | |
Dated: September 4, 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 July 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
|
$
|
460,978,856
|
||
Aggregate Outstanding Principal Balance – Treasury Bill
|
$
|
60,054,719
|
||
Percentage of Aggregate Outstanding Principal Balance – Treasury Bill
|
13.03
|
%
|
||
Aggregate Outstanding Principal Balance – One-Month LIBOR
|
$
|
400,924,137
|
||
Percentage of Aggregate Outstanding Principal Balance – One-Month LIBOR
|
86.97
|
%
|
||
Number of Borrowers
|
$
|
11,302
|
||
Average Outstanding Principal Balance Per Borrower
|
40,787
|
|||
Number of Loans
|
19,862
|
|||
Average Outstanding Principal Balance Per Loan – Treasury Bill
|
$
|
35,556
|
||
Average Outstanding Principal Balance Per Loan – One-Month LIBOR
|
22,062
|
|||
Weighted Average Remaining Term to Scheduled Maturity
|
$
|
178 months
|
||
Weighted Average Annual Interest Rate
|
$
|
7.34
|
%
|
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
|
75,389
|
*
|
|||||||||
5.01% to 5.50%
|
319
|
3,837,273
|
0.8
|
|||||||||
5.51% to 6.00%
|
1,901
|
29,888,660
|
6.5
|
|||||||||
6.01% to 6.50%
|
3,866
|
67,213,882
|
14.6
|
|||||||||
6.51% to 7.00%
|
5,824
|
116,898,198
|
25.4
|
|||||||||
7.01% to 7.50%
|
1,193
|
29,445,388
|
6.4
|
|||||||||
7.51% to 8.00%
|
2,582
|
77,438,854
|
16.8
|
|||||||||
8.01% to 8.50%
|
3,666
|
111,801,431
|
24.3
|
|||||||||
Equal to or greater than 8.51%
|
497
|
24,324,647
|
5.3
|
|||||||||
Total
|
19,862
|
$
|
460,978,856
|
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
|
1,507
|
$
|
4,184,913
|
0.9
|
%
|
||||||||
$ 5,000.00-$ 9,999.99
|
1,436
|
10,432,186
|
2.3
|
||||||||||
$ 10,000.00-$14,999.99
|
990
|
12,275,452
|
2.7
|
||||||||||
$ 15,000.00-$19,999.99
|
985
|
17,215,419
|
3.7
|
||||||||||
$ 20,000.00-$24,999.99
|
887
|
19,902,641
|
4.3
|
||||||||||
$ 25,000.00-$29,999.99
|
690
|
18,868,473
|
4.1
|
||||||||||
$ 30,000.00-$34,999.99
|
595
|
19,243,081
|
4.2
|
||||||||||
$ 35,000.00-$39,999.99
|
491
|
18,355,111
|
4.0
|
||||||||||
$ 40,000.00-$44,999.99
|
398
|
16,874,937
|
3.7
|
||||||||||
$ 45,000.00-$49,999.99
|
418
|
19,803,828
|
4.3
|
||||||||||
$ 50,000.00-$54,999.99
|
341
|
17,886,395
|
3.9
|
||||||||||
$ 55,000.00-$59,999.99
|
267
|
15,315,266
|
3.3
|
||||||||||
$ 60,000.00-$64,999.99
|
238
|
14,860,473
|
3.2
|
||||||||||
$ 65,000.00-$69,999.99
|
199
|
13,418,284
|
2.9
|
||||||||||
$ 70,000.00-$74,999.99
|
201
|
14,554,973
|
3.2
|
||||||||||
$ 75,000.00-$79,999.99
|
158
|
12,219,670
|
2.7
|
||||||||||
$ 80,000.00-$84,999.99
|
139
|
11,474,113
|
2.5
|
||||||||||
$ 85,000.00-$89,999.99
|
127
|
11,105,624
|
2.4
|
||||||||||
$ 90,000.00-$94,999.99
|
110
|
10,168,353
|
2.2
|
||||||||||
$ 95,000.00-$99,999.99
|
115
|
11,235,913
|
2.4
|
||||||||||
$ 100,000.00 and above
|
1,010
|
171,583,752
|
37.2
|
||||||||||
Total
|
11,302
|
$
|
460,978,856
|
100.0
|
%
|
Number of Days Delinquent
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
0-30 days
|
18,824
|
$
|
424,826,611
|
92.2
|
%
|
|||||||
31-60 days
|
331
|
9,474,946
|
2.1
|
|||||||||
61-90 days
|
172
|
6,477,168
|
1.4
|
|||||||||
91-120 days
|
87
|
3,856,067
|
0.8
|
|||||||||
121-150 days
|
105
|
4,688,780
|
1.0
|
|||||||||
151-180 days
|
95
|
4,118,025
|
0.9
|
|||||||||
181-210 days
|
71
|
2,000,640
|
0.4
|
|||||||||
Greater than 210 days
|
177
|
5,536,619
|
1.2
|
|||||||||
Total
|
19,862
|
$
|
460,978,856
|
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
|
44
|
$
|
36,525
|
*
|
||||||||
4 to 12
|
297
|
516,282
|
0.1
|
%
|
||||||||
13 to 24
|
636
|
2,705,116
|
0.6
|
|||||||||
25 to 36
|
1,991
|
8,110,433
|
1.8
|
|||||||||
37 to 48
|
1,183
|
7,556,957
|
1.6
|
|||||||||
49 to 60
|
873
|
7,139,406
|
1.5
|
|||||||||
61 to 72
|
928
|
8,938,711
|
1.9
|
|||||||||
73 to 84
|
912
|
10,817,619
|
2.3
|
|||||||||
85 to 96
|
1,649
|
18,925,401
|
4.1
|
|||||||||
97 to 108
|
991
|
15,351,971
|
3.3
|
|||||||||
109 to 120
|
825
|
14,341,402
|
3.1
|
|||||||||
121 to 132
|
1,328
|
32,696,976
|
7.1
|
|||||||||
133 to 144
|
1,297
|
36,232,987
|
7.9
|
|||||||||
145 to 156
|
1,588
|
43,228,861
|
9.4
|
|||||||||
157 to 168
|
956
|
29,721,673
|
6.4
|
|||||||||
169 to 180
|
737
|
26,552,331
|
5.8
|
|||||||||
181 to 192
|
651
|
26,030,515
|
5.6
|
|||||||||
193 to 204
|
539
|
22,423,452
|
4.9
|
|||||||||
205 to 216
|
459
|
19,862,413
|
4.3
|
|||||||||
217 to 228
|
358
|
17,114,047
|
3.7
|
|||||||||
229 to 240
|
326
|
17,123,322
|
3.7
|
|||||||||
241 to 252
|
207
|
11,388,058
|
2.5
|
|||||||||
253 to 264
|
170
|
9,254,742
|
2.0
|
|||||||||
265 to 276
|
142
|
9,300,105
|
2.0
|
|||||||||
277 to 288
|
101
|
7,877,083
|
1.7
|
|||||||||
289 to 300
|
171
|
12,653,828
|
2.7
|
|||||||||
301 to 312
|
375
|
30,876,445
|
6.7
|
|||||||||
313 to 324
|
29
|
2,295,326
|
0.5
|
|||||||||
325 to 336
|
14
|
893,419
|
0.2
|
|||||||||
337 to 348
|
27
|
3,321,347
|
0.7
|
|||||||||
349 to 360
|
42
|
5,682,428
|
1.2
|
|||||||||
361 and above
|
16
|
2,009,678
|
0.4
|
|||||||||
Total
|
19,862
|
$
|
460,978,856
|
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
|
611
|
$
|
18,511,899
|
4.0
|
%
|
|||||||
Forbearance
|
1,320
|
48,615,553
|
10.5
|
|||||||||
Repayment
|
||||||||||||
First year in repayment
|
185
|
11,136,478
|
2.4
|
|||||||||
Second year in repayment
|
169
|
10,831,265
|
2.3
|
|||||||||
Third year in repayment
|
236
|
12,887,243
|
2.8
|
|||||||||
More than 3 years in repayment
|
17,341
|
358,996,418
|
77.9
|
|||||||||
|
||||||||||||
Total
|
19,862
|
$
|
460,978,856
|
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
|
16.5
|
-
|
215.3
|
|||||||||
Forbearance
|
-
|
5.0
|
202.2
|
|||||||||
Repayment
|
-
|
-
|
171.8
|
State
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Alabama
|
251
|
$
|
6,690,572
|
1.5
|
%
|
|||||||
Alaska
|
24
|
348,785
|
0.1
|
|||||||||
Arizona
|
431
|
11,362,638
|
2.5
|
|||||||||
Arkansas
|
241
|
5,210,542
|
1.1
|
|||||||||
California
|
2,346
|
61,317,750
|
13.3
|
|||||||||
Colorado
|
391
|
7,762,198
|
1.7
|
|||||||||
Connecticut
|
144
|
2,747,888
|
0.6
|
|||||||||
Delaware
|
45
|
923,125
|
0.2
|
|||||||||
District of Columbia
|
63
|
1,608,664
|
0.3
|
|||||||||
Florida
|
1,102
|
30,653,527
|
6.6
|
|||||||||
Georgia
|
727
|
20,257,026
|
4.4
|
|||||||||
Hawaii
|
67
|
1,363,873
|
0.3
|
|||||||||
Idaho
|
108
|
2,485,943
|
0.5
|
|||||||||
Illinois
|
957
|
20,132,385
|
4.4
|
|||||||||
Indiana
|
290
|
5,254,555
|
1.1
|
|||||||||
Iowa
|
155
|
2,707,862
|
0.6
|
|||||||||
Kansas
|
439
|
9,491,564
|
2.1
|
|||||||||
Kentucky
|
167
|
3,825,398
|
0.8
|
|||||||||
Louisiana
|
774
|
17,490,640
|
3.8
|
|||||||||
Maine
|
56
|
1,388,645
|
0.3
|
|||||||||
Maryland
|
404
|
10,477,135
|
2.3
|
|||||||||
Massachusetts
|
323
|
6,723,109
|
1.5
|
|||||||||
Michigan
|
669
|
16,452,822
|
3.6
|
|||||||||
Minnesota
|
523
|
8,582,468
|
1.9
|
|||||||||
Mississippi
|
271
|
6,081,623
|
1.3
|
|||||||||
Missouri
|
610
|
13,673,229
|
3.0
|
|||||||||
Montana
|
67
|
1,179,583
|
0.3
|
|||||||||
Nebraska
|
82
|
2,045,517
|
0.4
|
|||||||||
Nevada
|
152
|
3,379,429
|
0.7
|
|||||||||
New Hampshire
|
58
|
1,056,557
|
0.2
|
|||||||||
New Jersey
|
299
|
7,863,908
|
1.7
|
|||||||||
New Mexico
|
63
|
1,662,541
|
0.4
|
|||||||||
New York
|
741
|
19,000,023
|
4.1
|
|||||||||
North Carolina
|
347
|
7,722,029
|
1.7
|
|||||||||
North Dakota
|
13
|
279,926
|
0.1
|
|||||||||
Ohio
|
123
|
2,095,067
|
0.5
|
|||||||||
Oklahoma
|
545
|
11,231,268
|
2.4
|
|||||||||
Oregon
|
486
|
12,376,496
|
2.7
|
|||||||||
Pennsylvania
|
437
|
8,839,806
|
1.9
|
|||||||||
Rhode Island
|
28
|
694,518
|
0.2
|
|||||||||
South Carolina
|
204
|
5,827,909
|
1.3
|
|||||||||
South Dakota
|
35
|
516,652
|
0.1
|
|||||||||
Tennessee
|
491
|
11,121,083
|
2.4
|
|||||||||
Texas
|
2,054
|
44,735,561
|
9.7
|
|||||||||
Utah
|
78
|
1,532,632
|
0.3
|
|||||||||
Vermont
|
20
|
460,806
|
0.1
|
|||||||||
Virginia
|
437
|
9,278,119
|
2.0
|
|||||||||
Washington
|
839
|
16,743,427
|
3.6
|
|||||||||
West Virginia
|
45
|
987,621
|
0.2
|
|||||||||
Wisconsin
|
440
|
10,083,110
|
2.2
|
|||||||||
Wyoming
|
29
|
579,892
|
0.1
|
|||||||||
Other
|
171
|
4,671,412
|
1.0
|
|||||||||
Total
|
19,862
|
$
|
460,978,856
|
100.0
|
%
|
Loan Repayment Terms
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Level Repayment
|
8,602
|
$
|
155,077,137
|
33.6
|
%
|
|||||||
Other Repayment Options(1)
|
7,970
|
160,240,167
|
34.8
|
|||||||||
Income-driven Repayment(2)
|
3,290
|
145,661,552
|
31.6
|
|||||||||
Total
|
19,862
|
$
|
460,978,856
|
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
|
9,905
|
$
|
202,622,019
|
44.0
|
%
|
|||||||
Unsubsidized
|
9,957
|
258,356,838
|
56.0
|
|||||||||
Total
|
19,862
|
$
|
460,978,856
|
100.0
|
%
|
Disbursement Date
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
September 30, 1993 and earlier
|
56
|
$
|
1,289,438
|
0.3
|
%
|
|||||||
October 1, 1993 through June 30, 2006
|
19,806
|
459,689,418
|
99.7
|
|||||||||
July 1, 2006 and later
|
0
|
0
|
0.0
|
|||||||||
Total
|
19,862
|
$
|
460,978,856
|
100.0
|
%
|
Name of Guaranty Agency
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
American Student Assistance
|
1,392
|
$
|
18,437,873
|
3.9
|
%
|
|||||||
College Assist
|
45
|
768,234
|
0.2
|
|||||||||
Educational Credit Management Corporation
|
935
|
24,723,502
|
5.2
|
|||||||||
Great Lakes Higher Education Corporation
|
10,145
|
262,445,759
|
55.3
|
|||||||||
Illinois Student Assistance Comm
|
885
|
18,661,900
|
3.9
|
|||||||||
Kentucky Higher Educ. Asst. Auth.
|
103
|
1,929,450
|
0.4
|
|||||||||
Louisiana Office Of Student Financial Asst
|
328
|
6,457,579
|
1.4
|
|||||||||
Michigan Guaranty Agency
|
413
|
10,134,734
|
2.1
|
|||||||||
New Jersey Higher Ed Student Assistance Authority
|
214
|
5,294,629
|
1.1
|
|||||||||
New York State Higher Ed Services Corp
|
1,068
|
24,445,986
|
5.2
|
|||||||||
Oklahoma Guaranteed Stud Loan Prog
|
559
|
11,530,027
|
2.4
|
|||||||||
Pennsylvania Higher Education Assistance Agency
|
2,053
|
50,091,353
|
10.6
|
|||||||||
Texas Guaranteed Student Loan Corp
|
1,721
|
38,589,222
|
8.4
|
|||||||||
United Student Aid Funds, Inc.
|
1
|
-1
|
*
|
|||||||||
Total
|
19,862
|
$
|
460,978,856
|
100.0
|
%
|
Federal Fiscal Year
|
Federal Guaranty Reserve
Fund Level1
|
2014
|
0.94%
|
2015
|
1.05%
|
2016
|
1.37%
|
2017
|
1.80%
|
2018
|
2.21%
|
1
|
In accordance with Section 428(c)(9) of the Higher Education Act, does not include loans transferred from the former Higher Education Assistance Foundation, Northstar Guarantee Inc., Ohio Student Aid
Commission or Puerto Rico Higher Education Assistance Corporation. (The minimum reserve fund ratio under the Higher Education Act is 0.25%.)
|
Federal Fiscal Year
|
Federal Guaranty Reserve
Fund Level1
|
2014
|
0.277%
|
2015
|
0.251%
|
2016
|
0.308%
|
2017
|
0.350%
|
2018
|
0.363%
|
Federal Fiscal Year
|
Federal Guaranty Reserve
Fund Level1
|
2014
|
0.377%
|
2015
|
0.295%
|
2016
|
0.373%
|
2017
|
0.430%
|
2018
|
0.460%
|
Federal Fiscal Year
|
Claims Rate
|
2014
|
2.05%
|
2015
|
0.96%
|
2016
|
1.00%
|
2017
|
0.35%
|
2018
|
0.35%
|
Federal Fiscal Year
|
Claims Rate
|
2014
|
4.73%
|
2015
|
4.71%
|
2016
|
0.60%
|
2017
|
0.67%
|
2018
|
2.15%
|
Federal Fiscal Year
|
Claims Rate
|
2014
|
1.37%
|
2015
|
0.60%
|
2016
|
1.31%
|
2017
|
0.63%
|
2018
|
1.52%
|