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 April 30, 2023.
|
SLM STUDENT LOAN TRUST 2003-1
|
||
By: NAVIENT SOLUTIONS, LLC, in its capacity as administrator of the Trust
|
||
Dated: June 5, 2023
|
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 April 30, 2023.
|
• |
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
|
$
|
279,205,863
|
||
Aggregate Outstanding Principal Balance – Treasury Bill
|
$
|
41,101,874
|
||
Percentage of Aggregate Outstanding Principal Balance – Treasury Bill
|
14.72
|
%
|
||
Aggregate Outstanding Principal Balance – One-Month LIBOR
|
$
|
238,103,989
|
||
Percentage of Aggregate Outstanding Principal Balance – One-Month LIBOR
|
85.28
|
%
|
||
Number of Borrowers
|
$
|
5,273
|
||
Average Outstanding Principal Balance Per Borrower
|
52,950
|
|||
Number of Loans
|
9,216
|
|||
Average Outstanding Principal Balance Per Loan – Treasury Bill
|
$
|
52,898
|
||
Average Outstanding Principal Balance Per Loan – One-Month LIBOR
|
28,215
|
|||
Weighted Average Remaining Term to Scheduled Maturity
|
206 months
|
|||
Weighted Average Annual Interest Rate
|
$
|
7.42
|
%
|
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%
|
0
|
0
|
0.0
|
|||||||||
4.01% to 4.50%
|
1
|
28,701
|
*
|
|||||||||
4.51% to 5.00%
|
7
|
22,819
|
*
|
|||||||||
5.01% to 5.50%
|
135
|
1,548,208
|
0.6
|
|||||||||
5.51% to 6.00%
|
826
|
16,226,859
|
5.8
|
|||||||||
6.01% to 6.50%
|
1,749
|
35,713,484
|
12.8
|
|||||||||
6.51% to 7.00%
|
2,703
|
66,965,554
|
24.0
|
|||||||||
7.01% to 7.50%
|
523
|
16,886,277
|
6.0
|
|||||||||
7.51% to 8.00%
|
1,286
|
49,369,369
|
17.7
|
|||||||||
8.01% to 8.50%
|
1,748
|
74,592,536
|
26.7
|
|||||||||
Equal to or greater than 8.51%
|
238
|
17,852,055
|
6.4
|
|||||||||
Total
|
9,216
|
$
|
279,205,863
|
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
|
539
|
$
|
1,317,058
|
0.5
|
%
|
||||||||
$ 5,000.00-$9,999.99
|
489
|
3,635,106
|
1.3
|
||||||||||
$ 10,000.00-$14,999.99
|
531
|
6,582,356
|
2.4
|
||||||||||
$ 15,000.00-$19,999.99
|
390
|
6,741,093
|
2.4
|
||||||||||
$ 20,000.00-$24,999.99
|
349
|
7,826,903
|
2.8
|
||||||||||
$ 25,000.00-$29,999.99
|
303
|
8,347,666
|
3.0
|
||||||||||
$ 30,000.00-$34,999.99
|
316
|
10,243,854
|
3.7
|
||||||||||
$ 35,000.00-$39,999.99
|
252
|
9,409,748
|
3.4
|
||||||||||
$ 40,000.00-$44,999.99
|
226
|
9,601,219
|
3.4
|
||||||||||
$ 45,000.00-$49,999.99
|
169
|
8,002,229
|
2.9
|
||||||||||
$ 50,000.00-$54,999.99
|
176
|
9,240,301
|
3.3
|
||||||||||
$ 55,000.00-$59,999.99
|
118
|
6,777,667
|
2.4
|
||||||||||
$ 60,000.00-$64,999.99
|
111
|
6,942,300
|
2.5
|
||||||||||
$ 65,000.00-$69,999.99
|
95
|
6,413,603
|
2.3
|
||||||||||
$ 70,000.00-$74,999.99
|
97
|
7,021,840
|
2.5
|
||||||||||
$ 75,000.00-$79,999.99
|
90
|
6,963,698
|
2.5
|
||||||||||
$ 80,000.00-$84,999.99
|
90
|
7,413,095
|
2.7
|
||||||||||
$ 85,000.00-$89,999.99
|
75
|
6,572,346
|
2.4
|
||||||||||
$ 90,000.00-$94,999.99
|
48
|
4,421,652
|
1.6
|
||||||||||
$ 95,000.00-$99,999.99
|
48
|
4,685,322
|
1.7
|
||||||||||
$ 100,000.00 and above
|
761
|
141,046,810
|
50.5
|
||||||||||
Total
|
5,273
|
$
|
279,205,863
|
100.0
|
%
|
Number of Days Delinquent
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
0-30 days
|
8,593
|
$
|
253,138,396
|
90.7
|
%
|
|||||||
31-60 days
|
220
|
8,863,230
|
3.2
|
|||||||||
61-90 days
|
122
|
4,327,056
|
1.5
|
|||||||||
91-120 days
|
69
|
4,416,482
|
1.6
|
|||||||||
121-150 days
|
38
|
978,096
|
0.4
|
|||||||||
151-180 days
|
43
|
3,163,252
|
1.1
|
|||||||||
181-210 days
|
26
|
1,458,709
|
0.5
|
|||||||||
Greater than 210 days
|
105
|
2,860,643
|
1.0
|
|||||||||
Total
|
9,216
|
$
|
279,205,863
|
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
|
75
|
$
|
33,490
|
*
|
||||||||
4 to 12
|
225
|
355,997
|
0.1
|
%
|
||||||||
13 to 24
|
356
|
994,848
|
0.4
|
|||||||||
25 to 36
|
394
|
3,135,891
|
1.1
|
|||||||||
37 to 48
|
695
|
4,732,132
|
1.7
|
|||||||||
49 to 60
|
578
|
4,854,044
|
1.7
|
|||||||||
61 to 72
|
426
|
4,682,932
|
1.7
|
|||||||||
73 to 84
|
367
|
5,208,278
|
1.9
|
|||||||||
85 to 96
|
414
|
6,844,923
|
2.5
|
|||||||||
97 to 108
|
677
|
12,243,287
|
4.4
|
|||||||||
109 to 120
|
528
|
10,578,929
|
3.8
|
|||||||||
121 to 132
|
486
|
12,835,298
|
4.6
|
|||||||||
133 to 144
|
409
|
13,773,672
|
4.9
|
|||||||||
145 to 156
|
386
|
13,419,710
|
4.8
|
|||||||||
157 to 168
|
407
|
15,025,856
|
5.4
|
|||||||||
169 to 180
|
302
|
11,377,118
|
4.1
|
|||||||||
181 to 192
|
293
|
12,758,377
|
4.6
|
|||||||||
193 to 204
|
212
|
9,522,005
|
3.4
|
|||||||||
205 to 216
|
200
|
9,741,328
|
3.5
|
|||||||||
217 to 228
|
156
|
7,023,108
|
2.5
|
|||||||||
229 to 240
|
155
|
7,999,312
|
2.9
|
|||||||||
241 to 252
|
108
|
6,694,425
|
2.4
|
|||||||||
253 to 264
|
95
|
4,498,509
|
1.6
|
|||||||||
265 to 276
|
106
|
6,334,694
|
2.3
|
|||||||||
277 to 288
|
91
|
5,304,288
|
1.9
|
|||||||||
289 to 300
|
290
|
22,889,814
|
8.2
|
|||||||||
301 to 312
|
712
|
59,608,744
|
21.3
|
|||||||||
313 to 324
|
22
|
1,429,593
|
0.5
|
|||||||||
325 to 336
|
5
|
158,199
|
0.1
|
|||||||||
337 to 348
|
8
|
1,063,418
|
0.4
|
|||||||||
349 to 360
|
17
|
2,460,142
|
0.9
|
|||||||||
361 and above
|
21
|
1,623,503
|
0.6
|
|||||||||
Total
|
9,216
|
$
|
279,205,863
|
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
|
229
|
$
|
7,136,699
|
2.6
|
%
|
|||||||
Forbearance
|
756
|
32,722,111
|
11.7
|
|||||||||
Repayment
|
||||||||||||
First year in repayment
|
71
|
4,796,020
|
1.7
|
|||||||||
Second year in repayment
|
69
|
4,304,023
|
1.5
|
|||||||||
Third year in repayment
|
94
|
7,829,822
|
2.8
|
|||||||||
More than 3 years in repayment
|
7,997
|
222,417,189
|
79.7
|
|||||||||
Total
|
9,216
|
$
|
279,205,863
|
100.0
|
%
|
• |
may have temporarily ceased repaying the loan through a deferment or a forbearance period (this category includes the Coronavirus Disaster Forbearance
Program.); or
|
• |
may be currently required to repay the loan – repayment.
|
Scheduled Months in Status Remaining
|
||||||||||||
Current Borrower Payment Status
|
Deferment
|
Forbearance
|
Repayment
|
|||||||||
Deferment
|
16.2
|
-
|
220.2
|
|||||||||
Forbearance
|
-
|
10.2
|
220.6
|
|||||||||
Repayment
|
-
|
-
|
202.2
|
State
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Alabama
|
151
|
$ |
4,348,364 |
1.6
|
% | |||||||
Alaska
|
9
|
236,656
|
0.1
|
|||||||||
Arizona
|
220
|
7,386,863
|
2.6
|
|||||||||
Arkansas
|
133
|
3,452,119
|
1.2
|
|||||||||
California
|
1,073
|
36,576,893
|
13.1
|
|||||||||
Colorado
|
178
|
4,630,657
|
1.7
|
|||||||||
Connecticut
|
61
|
1,450,405
|
0.5
|
|||||||||
Delaware
|
22
|
333,268
|
0.1
|
|||||||||
District of Columbia
|
26
|
556,607
|
0.2
|
|||||||||
Florida
|
565
|
19,153,461
|
6.9
|
|||||||||
Georgia
|
352
|
13,281,345
|
4.8
|
|||||||||
Hawaii
|
25
|
724,156
|
0.3
|
|||||||||
Idaho
|
52
|
1,631,103
|
0.6
|
|||||||||
Illinois
|
424
|
11,700,983
|
4.2
|
|||||||||
Indiana
|
134
|
3,201,566
|
1.1
|
|||||||||
Iowa
|
48
|
1,248,760
|
0.4
|
|||||||||
Kansas
|
202
|
6,296,408
|
2.3
|
|||||||||
Kentucky
|
80
|
2,992,027
|
1.1
|
|||||||||
Louisiana
|
404
|
11,018,998
|
3.9
|
|||||||||
Maine
|
29
|
1,194,528
|
0.4
|
|||||||||
Maryland
|
184
|
6,203,317
|
2.2
|
|||||||||
Massachusetts
|
146
|
2,956,959
|
1.1
|
|||||||||
Michigan
|
323
|
10,961,247
|
3.9
|
|||||||||
Minnesota
|
195
|
4,396,428
|
1.6
|
|||||||||
Mississippi
|
124
|
3,549,985
|
1.3
|
|||||||||
Missouri
|
265
|
7,903,529
|
2.8
|
|||||||||
Montana
|
34
|
436,194
|
0.2
|
|||||||||
Nebraska
|
42
|
1,292,002
|
0.5
|
|||||||||
Nevada
|
85
|
2,189,434
|
0.8
|
|||||||||
New Hampshire
|
27
|
600,068
|
0.2
|
|||||||||
New Jersey
|
124
|
3,789,878
|
1.4
|
|||||||||
New Mexico
|
29
|
1,051,387
|
0.4
|
|||||||||
New York
|
325
|
10,495,404
|
3.8
|
|||||||||
North Carolina
|
159
|
5,258,808
|
1.9
|
|||||||||
North Dakota
|
5
|
229,820
|
0.1
|
|||||||||
Ohio
|
50
|
841,082
|
0.3
|
|||||||||
Oklahoma
|
261
|
6,812,428
|
2.4
|
|||||||||
Oregon
|
220
|
7,429,323
|
2.7
|
|||||||||
Pennsylvania
|
202
|
5,178,626
|
1.9
|
|||||||||
Rhode Island
|
12
|
386,841
|
0.1
|
|||||||||
South Carolina
|
83
|
3,058,214
|
1.1
|
|||||||||
South Dakota
|
8
|
259,079
|
0.1
|
|||||||||
Tennessee
|
238
|
6,652,010
|
2.4
|
|||||||||
Texas
|
1,024
|
28,972,886
|
10.4
|
|||||||||
Utah
|
43
|
1,274,553
|
0.5
|
|||||||||
Vermont
|
4
|
163,875
|
0.1
|
|||||||||
Virginia
|
182
|
6,037,285
|
2.2
|
|||||||||
Washington
|
315
|
9,503,654
|
3.4
|
|||||||||
West Virginia
|
22
|
638,574
|
0.2
|
|||||||||
Wisconsin
|
207
|
6,610,089
|
2.4
|
|||||||||
Wyoming
|
15
|
281,007
|
0.1
|
|||||||||
Other
|
75
|
2,376,713
|
0.9
|
|||||||||
Total
|
9,216
|
$ | 279,205,863 | $ |
100.0
|
% |
*
|
Represents a percentage greater than 0% but less than 0.05%.
|
Loan Repayment Terms
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Level Repayment
|
3,856
|
$
|
96,043,181
|
34.4
|
%
|
|||||||
Other Repayment Options(1)
|
3,310
|
70,574,521
|
25.3
|
|||||||||
Income-driven Repayment(2)
|
2,050
|
112,588,160
|
40.3
|
|||||||||
Total
|
9,216
|
$
|
279,205,863
|
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
|
4,633
|
$
|
118,033,680
|
42.3
|
%
|
|||||||
Unsubsidized
|
4,583
|
161,172,183
|
57.7
|
|||||||||
Total
|
9,216
|
$
|
279,205,863
|
100.0
|
%
|
Disbursement Date
|
Number
of Loans
|
Aggregate Outstanding Principal Balance
|
Percent of Pool
by Outstanding Principal Balance
|
|||||||||
September 30, 1993 and earlier
|
25
|
$
|
635,589
|
0.2
|
%
|
|||||||
October 1, 1993 through June 30, 2006
|
9,191
|
278,570,274
|
99.8
|
|||||||||
July 1, 2006 and later
|
0
|
0
|
0.0
|
|||||||||
Total
|
9,216
|
$
|
279,205,863
|
100.0
|
%
|
Name of Guaranty Agency
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
American Student Assistance
|
540
|
$
|
8,073,322
|
2.9
|
%
|
|||||||
College Assist
|
16
|
407,078
|
0.1
|
|||||||||
Educational Credit Management Corporation
|
977
|
26,748,366
|
9.6
|
|||||||||
Great Lakes Higher Education Corporation
|
4,759
|
155,158,700
|
55.6
|
|||||||||
Kentucky Higher Educ. Asst. Auth.
|
146
|
4,266,869
|
1.5
|
|||||||||
Michigan Guaranty Agency
|
188
|
5,172,820
|
1.9
|
|||||||||
Oklahoma Guaranteed Stud Loan Prog
|
270
|
6,829,344
|
2.4
|
|||||||||
Pennsylvania Higher Education Assistance Agency
|
1,014
|
32,915,407
|
11.8
|
|||||||||
Texas Guaranteed Student Loan Corp
|
1,306
|
39,633,960
|
14.2
|
|||||||||
Total
|
9,216
|
$
|
279,205,863
|
100.0
|
%
|