DELAWARE
|
333-97247/
333-97247-06
|
04-3480392
|
(State or other jurisdiction of formation)
|
(Commission File Numbers)
|
(I.R.S. Employer Identification Number)
|
c/o Deutsche Bank Trust Company Americas
60 Wall Street, 60th Floor
Mail Stop NYC60-2606
New York, New York 10005
|
||
(Address of principal executive offices)
|
☐
|
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 January 31, 2020.
|
SLM STUDENT LOAN TRUST 2003-1
|
|
By: NAVIENT SOLUTIONS, LLC, in its capacity as
administrator of the Trust
|
|
Dated: March 4, 2020
|
By: /s/ C. Scott Booher
|
Name: C. Scott Booher
|
|
Title: Vice President
|
Exhibit
Number
|
Description |
|
|
99.1 |
Tables Showing SLM Student Loan Trust 2003-1 Pool Information as of January 31, 2020.
|
• |
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
|
$
|
437,500,626
|
||
Aggregate Outstanding Principal Balance – Treasury Bill
|
$
|
56,858,813
|
||
Percentage of Aggregate Outstanding Principal Balance – Treasury Bill
|
13.00
|
%
|
||
Aggregate Outstanding Principal Balance – One-Month LIBOR
|
$
|
380,641,813
|
||
Percentage of Aggregate Outstanding Principal Balance – One-Month LIBOR
|
87.00
|
%
|
||
Number of Borrowers
|
$
|
10,459
|
||
Average Outstanding Principal Balance Per Borrower
|
41,830
|
|||
Number of Loans
|
18,399
|
|||
Average Outstanding Principal Balance Per Loan – Treasury Bill
|
$
|
36,873
|
||
Average Outstanding Principal Balance Per Loan – One-Month LIBOR
|
22,581
|
|||
Weighted Average Remaining Term to Scheduled Maturity
|
$ |
168 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%
|
11
|
71,015
|
*
|
|||||||||
5.01% to 5.50%
|
289
|
3,441,113
|
0.8
|
|||||||||
5.51% to 6.00%
|
1,758
|
28,068,069
|
6.4
|
|||||||||
6.01% to 6.50%
|
3,601
|
63,344,715
|
14.5
|
|||||||||
6.51% to 7.00%
|
5,431
|
110,765,493
|
25.3
|
|||||||||
7.01% to 7.50%
|
1,098
|
28,079,131
|
6.4
|
|||||||||
7.51% to 8.00%
|
2,390
|
73,822,552
|
16.9
|
|||||||||
8.01% to 8.50%
|
3,369
|
107,070,339
|
24.5
|
|||||||||
Equal to or greater than 8.51%
|
450
|
22,783,064
|
5.2
|
|||||||||
Total
|
18,399
|
$
|
437,500,626
|
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
|
1,461
|
$
|
3,947,618
|
0.9
|
%
|
||||||||
$5,000.00-$ 9,999.99
|
1,212
|
8,857,355
|
2.0
|
||||||||||
$10,000.00-$14,999.99
|
880
|
10,908,879
|
2.5
|
||||||||||
$15,000.00-$19,999.99
|
944
|
16,446,636
|
3.8
|
||||||||||
$20,000.00-$24,999.99
|
821
|
18,403,611
|
4.2
|
||||||||||
$25,000.00-$29,999.99
|
640
|
17,558,953
|
4.0
|
||||||||||
$30,000.00-$34,999.99
|
531
|
17,195,520
|
3.9
|
||||||||||
$35,000.00-$39,999.99
|
454
|
17,021,218
|
3.9
|
||||||||||
$40,000.00-$44,999.99
|
394
|
16,753,769
|
3.8
|
||||||||||
$45,000.00-$49,999.99
|
370
|
17,540,167
|
4.0
|
||||||||||
$50,000.00-$54,999.99
|
329
|
17,279,300
|
3.9
|
||||||||||
$55,000.00-$59,999.99
|
251
|
14,433,492
|
3.3
|
||||||||||
$60,000.00-$64,999.99
|
204
|
12,736,285
|
2.9
|
||||||||||
$65,000.00-$69,999.99
|
201
|
13,589,167
|
3.1
|
||||||||||
$70,000.00-$74,999.99
|
169
|
12,230,053
|
2.8
|
||||||||||
$75,000.00-$79,999.99
|
153
|
11,831,129
|
2.7
|
||||||||||
$80,000.00-$84,999.99
|
125
|
10,306,201
|
2.4
|
||||||||||
$85,000.00-$89,999.99
|
120
|
10,495,711
|
2.4
|
||||||||||
$90,000.00-$94,999.99
|
117
|
10,822,201
|
2.5
|
||||||||||
$95,000.00-$99,999.99
|
100
|
9,772,480
|
2.2
|
||||||||||
$100,000.00 and above
|
983
|
169,370,883
|
38.7
|
||||||||||
Total
|
10,459
|
$
|
437,500,626
|
100.0
|
%
|
Number of Days Delinquent
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
0-30 days
|
17,374
|
$
|
401,658,556
|
91.8
|
%
|
|||||||
31-60 days
|
343
|
11,462,371
|
2.6
|
|||||||||
61-90 days
|
225
|
7,820,187
|
1.8
|
|||||||||
91-120 days
|
94
|
3,682,597
|
0.8
|
|||||||||
121-150 days
|
93
|
4,387,814
|
1.0
|
|||||||||
151-180 days
|
61
|
1,966,087
|
0.4
|
|||||||||
181-210 days
|
44
|
1,539,085
|
0.4
|
|||||||||
Greater than 210 days
|
165
|
4,983,929
|
1.1
|
|||||||||
Total
|
18,399
|
$
|
437,500,626
|
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
|
55
|
$
|
29,043
|
*
|
||||||||
4 to 12
|
309
|
1,537,485
|
0.4
|
%
|
||||||||
13 to 24
|
1,059
|
8,655,248
|
2.0
|
|||||||||
25 to 36
|
1,526
|
9,558,302
|
2.2
|
|||||||||
37 to 48
|
970
|
12,897,226
|
2.9
|
|||||||||
49 to 60
|
854
|
9,683,020
|
2.2
|
|||||||||
61 to 72
|
865
|
11,515,587
|
2.6
|
|||||||||
73 to 84
|
1,135
|
13,897,694
|
3.2
|
|||||||||
85 to 96
|
1,378
|
17,893,727
|
4.1
|
|||||||||
97 to 108
|
772
|
13,306,830
|
3.0
|
|||||||||
109 to 120
|
762
|
14,152,223
|
3.2
|
|||||||||
121 to 132
|
1,281
|
31,225,425
|
7.1
|
|||||||||
133 to 144
|
1,305
|
34,855,712
|
8.0
|
|||||||||
145 to 156
|
1,338
|
35,117,905
|
8.0
|
|||||||||
157 to 168
|
814
|
27,166,532
|
6.2
|
|||||||||
169 to 180
|
667
|
23,190,071
|
5.3
|
|||||||||
181 to 192
|
560
|
23,240,172
|
5.3
|
|||||||||
193 to 204
|
484
|
18,516,383
|
4.2
|
|||||||||
205 to 216
|
417
|
18,515,491
|
4.2
|
|||||||||
217 to 228
|
333
|
15,507,739
|
3.5
|
|||||||||
229 to 240
|
284
|
14,478,798
|
3.3
|
|||||||||
241 to 252
|
212
|
10,472,498
|
2.4
|
|||||||||
253 to 264
|
143
|
7,791,633
|
1.8
|
|||||||||
265 to 276
|
121
|
7,953,175
|
1.8
|
|||||||||
277 to 288
|
91
|
5,668,188
|
1.3
|
|||||||||
289 to 300
|
165
|
11,540,556
|
2.6
|
|||||||||
301 to 312
|
383
|
26,320,304
|
6.0
|
|||||||||
313 to 324
|
28
|
2,219,187
|
0.5
|
|||||||||
325 to 336
|
12
|
1,173,548
|
0.3
|
|||||||||
337 to 348
|
15
|
1,763,257
|
0.4
|
|||||||||
349 to 360
|
44
|
5,820,590
|
1.3
|
|||||||||
361 and above
|
17
|
1,837,077
|
0.4
|
|||||||||
Total
|
18,399
|
$
|
437,500,626
|
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
|
491
|
$
|
14,293,683
|
3.3
|
%
|
|||||||
Forbearance
|
1,133
|
46,251,039
|
10.6
|
|||||||||
Repayment
|
||||||||||||
First year in repayment
|
160
|
10,711,174
|
2.4
|
|||||||||
Second year in repayment
|
138
|
8,522,113
|
1.9
|
|||||||||
Third year in repayment
|
215
|
12,195,038
|
2.8
|
|||||||||
More than 3 years in repayment
|
16,262
|
345,527,579
|
79.0
|
|||||||||
Total
|
18,399
|
$
|
437,500,626
|
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
|
16.4
|
-
|
198.5
|
|||||||||
Forbearance
|
-
|
6.2
|
202.5
|
|||||||||
Repayment
|
-
|
-
|
161.4
|
State
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Alabama
|
243
|
$
|
6,523,282
|
1.5
|
%
|
|||||||
Alaska
|
27
|
437,281
|
0.1
|
|||||||||
Arizona
|
395
|
10,520,408
|
2.4
|
|||||||||
Arkansas
|
226
|
4,825,215
|
1.1
|
|||||||||
California
|
2,186
|
59,348,708
|
13.6
|
|||||||||
Colorado
|
350
|
7,317,160
|
1.7
|
|||||||||
Connecticut
|
137
|
2,714,951
|
0.6
|
|||||||||
Delaware
|
42
|
896,859
|
0.2
|
|||||||||
District of Columbia
|
60
|
1,487,755
|
0.3
|
|||||||||
Florida
|
1,031
|
29,846,681
|
6.8
|
|||||||||
Georgia
|
672
|
18,982,926
|
4.3
|
|||||||||
Hawaii
|
52
|
1,146,530
|
0.3
|
|||||||||
Idaho
|
95
|
2,467,352
|
0.6
|
|||||||||
Illinois
|
898
|
19,291,370
|
4.4
|
|||||||||
Indiana
|
276
|
4,859,716
|
1.1
|
|||||||||
Iowa
|
141
|
2,558,210
|
0.6
|
|||||||||
Kansas
|
417
|
9,218,757
|
2.1
|
|||||||||
Kentucky
|
149
|
3,688,733
|
0.8
|
|||||||||
Louisiana
|
732
|
16,451,973
|
3.8
|
|||||||||
Maine
|
49
|
1,352,054
|
0.3
|
|||||||||
Maryland
|
371
|
10,126,664
|
2.3
|
|||||||||
Massachusetts
|
295
|
5,952,085
|
1.4
|
|||||||||
Michigan
|
608
|
15,099,647
|
3.5
|
|||||||||
Minnesota
|
470
|
8,143,681
|
1.9
|
|||||||||
Mississippi
|
254
|
5,825,085
|
1.3
|
|||||||||
Missouri
|
566
|
12,957,973
|
3.0
|
|||||||||
Montana
|
57
|
1,039,043
|
0.2
|
|||||||||
Nebraska
|
81
|
1,839,312
|
0.4
|
|||||||||
Nevada
|
149
|
3,406,512
|
0.8
|
|||||||||
New Hampshire
|
53
|
987,786
|
0.2
|
|||||||||
New Jersey
|
276
|
6,921,219
|
1.6
|
|||||||||
New Mexico
|
63
|
1,734,617
|
0.4
|
|||||||||
New York
|
705
|
18,057,735
|
4.1
|
|||||||||
North Carolina
|
337
|
7,808,941
|
1.8
|
|||||||||
North Dakota
|
11
|
147,175
|
*
|
|||||||||
Ohio
|
111
|
2,023,932
|
0.5
|
|||||||||
Oklahoma
|
505
|
10,640,819
|
2.4
|
|||||||||
Oregon
|
449
|
11,351,104
|
2.6
|
|||||||||
Pennsylvania
|
398
|
8,313,379
|
1.9
|
|||||||||
Rhode Island
|
26
|
688,903
|
0.2
|
|||||||||
South Carolina
|
186
|
5,408,887
|
1.2
|
|||||||||
South Dakota
|
25
|
351,041
|
0.1
|
|||||||||
Tennessee
|
462
|
10,632,411
|
2.4
|
|||||||||
Texas
|
1,905
|
42,535,347
|
9.7
|
|||||||||
Utah
|
73
|
1,459,301
|
0.3
|
|||||||||
Vermont
|
19
|
345,583
|
0.1
|
|||||||||
Virginia
|
382
|
8,699,741
|
2.0
|
|||||||||
Washington
|
760
|
16,009,445
|
3.7
|
|||||||||
West Virginia
|
38
|
764,811
|
0.2
|
|||||||||
Wisconsin
|
402
|
9,524,512
|
2.2
|
|||||||||
Wyoming
|
29
|
600,578
|
0.1
|
|||||||||
Other
|
155
|
4,167,437
|
1.0
|
|||||||||
Total
|
18,399
|
$
|
437,500,626
|
100.0
|
%
|
Loan Repayment Terms
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Level Repayment
|
7,938
|
$
|
147,564,481
|
33.7
|
%
|
|||||||
Other Repayment Options(1)
|
7,264
|
145,383,469
|
33.2
|
|||||||||
Income-driven Repayment(2)
|
3,197
|
144,552,676
|
33.0
|
|||||||||
Total
|
18,399
|
$
|
437,500,626
|
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
|
9,186
|
$
|
191,608,978
|
43.8
|
%
|
|||||||
Unsubsidized
|
9,213
|
245,891,648
|
56.2
|
|||||||||
Total
|
18,399
|
$
|
437,500,626
|
100.0
|
%
|
Disbursement Date
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
September 30, 1993 and earlier
|
52
|
$
|
1,146,291
|
0.3
|
%
|
|||||||
October 1, 1993 through June 30, 2006
|
18,347
|
436,354,335
|
99.7
|
|||||||||
July 1, 2006 and later
|
0
|
0
|
0.0
|
|||||||||
Total
|
18,399
|
$
|
437,500,626
|
100.0
|
%
|
Name of Guaranty Agency
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
American Student Assistance
|
1,262
|
$
|
16,959,725
|
3.9
|
%
|
|||||||
College Assist
|
37
|
699,820
|
0.2
|
|||||||||
Educational Credit Management Corporation
|
864
|
23,269,021
|
5.3
|
|||||||||
Great Lakes Higher Education Corporation
|
9,432
|
241,194,388
|
55.1
|
|||||||||
Illinois Student Assistance Comm
|
815
|
17,552,109
|
4.0
|
|||||||||
Kentucky Higher Educ. Asst. Auth.
|
289
|
6,499,502
|
1.5
|
|||||||||
Louisiana Office Of Student Financial Asst
|
314
|
5,763,004
|
1.3
|
|||||||||
Michigan Guaranty Agency
|
378
|
8,913,827
|
2.0
|
|||||||||
New York State Higher Ed Services Corp
|
997
|
22,769,017
|
5.2
|
|||||||||
Oklahoma Guaranteed Stud Loan Prog
|
524
|
10,773,567
|
2.5
|
|||||||||
Pennsylvania Higher Education Assistance Agency
|
1,906
|
46,757,606
|
10.7
|
|||||||||
Texas Guaranteed Student Loan Corp
|
1,581
|
36,349,039
|
8.3
|
|||||||||
Total
|
18,399
|
$
|
437,500,626
|
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%
|
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%
|