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, 2024.
|
SLM STUDENT LOAN TRUST 2003-1
|
||
By: NAVIENT SOLUTIONS, LLC, in its capacity as administrator of the Trust
|
||
Dated: September 4, 2024
|
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 July 31, 2024. |
• |
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
|
$
|
201,176,243
|
||
Aggregate Outstanding Principal Balance – Treasury Bill
|
$
|
29,448,137
|
||
Percentage of Aggregate Outstanding Principal Balance – Treasury Bill
|
14.64
|
%
|
||
Aggregate Outstanding Principal Balance – 30-day Average SOFR
|
$
|
171,728,106
|
||
Percentage of Aggregate Outstanding Principal Balance – 30-day Average SOFR
|
85.36
|
%
|
||
Number of Borrowers
|
$
|
3,799
|
||
Average Outstanding Principal Balance Per Borrower
|
52,955
|
|||
Number of Loans
|
6,625
|
|||
Average Outstanding Principal Balance Per Loan – Treasury Bill
|
$
|
53,348
|
||
Average Outstanding Principal Balance Per Loan – One-Mo
|
28,277
|
|||
Weighted Average Remaining Term to Scheduled Maturity
|
209 months
|
|||
Weighted Average Annual Interest Rate
|
$
|
7.41
|
%
|
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%
|
0
|
0
|
0.0
|
|||||||||
4.51% to 5.00%
|
4
|
17,754
|
*
|
|||||||||
5.01% to 5.50%
|
101
|
1,079,556
|
0.5
|
|||||||||
5.51% to 6.00%
|
608
|
12,650,451
|
6.3
|
|||||||||
6.01% to 6.50%
|
1,283
|
26,235,266
|
13.0
|
|||||||||
6.51% to 7.00%
|
1,918
|
46,347,423
|
23.0
|
|||||||||
7.01% to 7.50%
|
390
|
13,342,450
|
6.6
|
|||||||||
7.51% to 8.00%
|
913
|
36,386,369
|
18.1
|
|||||||||
8.01% to 8.50%
|
1,246
|
53,354,669
|
26.5
|
|||||||||
Equal to or greater than 8.51%
|
162
|
11,762,306
|
5.8
|
|||||||||
Total
|
6,625
|
$
|
201,176,243
|
100.0
|
%
|
Range of Outstanding
Principal Balance
|
Number of
Borrowers
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
||||||||||
Less than $5,000.00
|
403
|
$
|
1,006,204
|
0.5
|
%
|
||||||||
$ 5,000.00-$ 9,999.99
|
414
|
3,119,170
|
1.6
|
||||||||||
$10,000.00-$14,999.99
|
305
|
3,692,056
|
1.8
|
||||||||||
$15,000.00-$19,999.99
|
243
|
4,243,565
|
2.1
|
||||||||||
$20,000.00-$24,999.99
|
238
|
5,318,722
|
2.6
|
||||||||||
$25,000.00-$29,999.99
|
255
|
6,999,432
|
3.5
|
||||||||||
$30,000.00-$34,999.99
|
241
|
7,795,036
|
3.9
|
||||||||||
$35,000.00-$39,999.99
|
199
|
7,434,231
|
3.7
|
||||||||||
$40,000.00-$44,999.99
|
141
|
5,983,199
|
3.0
|
||||||||||
$45,000.00-$49,999.99
|
132
|
6,283,192
|
3.1
|
||||||||||
$50,000.00-$54,999.99
|
103
|
5,387,254
|
2.7
|
||||||||||
$55,000.00-$59,999.99
|
87
|
5,003,264
|
2.5
|
||||||||||
$60,000.00-$64,999.99
|
89
|
5,537,271
|
2.8
|
||||||||||
$65,000.00-$69,999.99
|
85
|
5,743,451
|
2.9
|
||||||||||
$70,000.00-$74,999.99
|
69
|
5,028,139
|
2.5
|
||||||||||
$75,000.00-$79,999.99
|
67
|
5,180,902
|
2.6
|
||||||||||
$80,000.00-$84,999.99
|
63
|
5,191,825
|
2.6
|
||||||||||
$85,000.00-$89,999.99
|
60
|
5,240,141
|
2.6
|
||||||||||
$90,000.00-$94,999.99
|
40
|
3.696.510
|
1.8
|
||||||||||
$95,000.00-$99,999.99
|
36
|
3,498,527
|
1.7
|
||||||||||
$100,000.00 and above
|
529
|
99,792,151
|
49.6
|
||||||||||
Total
|
3,799
|
$
|
201,176,243
|
100.0
|
%
|
Number of Days Delinquent
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
0-30 days
|
6,200
|
185,301,785
|
92.1
|
%
|
||||||||
31-60 days
|
153
|
5,730,361
|
2.8
|
|||||||||
61-90 days
|
86
|
3,118,094
|
1.5
|
|||||||||
91-120 days
|
36
|
1,426,813
|
0.7
|
|||||||||
121-150 days
|
36
|
1,529,562
|
0.8
|
|||||||||
151-180 days
|
28
|
1,142,231
|
0.6
|
|||||||||
181-210 days
|
29
|
918,982
|
0.5
|
|||||||||
Greater than 210 days
|
57
|
2,008,415
|
1.0
|
|||||||||
Total
|
6,625
|
$
|
201,176,243
|
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
|
41
|
$
|
16,615
|
*
|
||||||||
4 to 12
|
148
|
236,922
|
0.1
|
%
|
||||||||
13 to 24
|
257
|
944,847
|
0.5
|
|||||||||
25 to 36
|
562
|
2,570,643
|
1.3
|
|||||||||
37 to 48
|
359
|
2,882,734
|
1.4
|
|||||||||
49 to 60
|
309
|
2,828,016
|
1.4
|
|||||||||
61 to 72
|
300
|
3,851,599
|
1.9
|
|||||||||
73 to 84
|
353
|
5,372,082
|
2.7
|
|||||||||
85 to 96
|
579
|
9,560,703
|
4.8
|
|||||||||
97 to 108
|
345
|
6,457,231
|
3.2
|
|||||||||
109 to 120
|
236
|
5,744,494
|
2.9
|
|||||||||
121 to 132
|
311
|
8,435,750
|
4.2
|
|||||||||
133 to 144
|
317
|
10,192,261
|
5.1
|
|||||||||
145 to 156
|
246
|
9,226,601
|
4.6
|
|||||||||
157 to 168
|
231
|
8,347,105
|
4.1
|
|||||||||
169 to 180
|
173
|
6,547,805
|
3.3
|
|||||||||
181 to 192
|
154
|
7,346,121
|
3.7
|
|||||||||
193 to 204
|
178
|
8,160,111
|
4.1
|
|||||||||
205 to 216
|
126
|
5,390,134
|
2.7
|
|||||||||
217 to 228
|
83
|
4,158,549
|
2.1
|
|||||||||
229 to 240
|
99
|
5,523,172
|
2.7
|
|||||||||
241 to 252
|
94
|
4,944,548
|
2.5
|
|||||||||
253 to 264
|
73
|
4,653,285
|
2.3
|
|||||||||
265 to 276
|
72
|
4,132,587
|
2.1
|
|||||||||
277 to 288
|
66
|
3,683,396
|
1.8
|
|||||||||
289 to 300
|
222
|
18,011,548
|
9.0
|
|||||||||
301 to 312
|
619
|
46,031,507
|
22.9
|
|||||||||
313 to 324
|
31
|
2,104,922
|
1.0
|
|||||||||
325 to 336
|
3
|
106,505
|
0.1
|
|||||||||
337 to 348
|
2
|
370,417
|
0.2
|
|||||||||
349 to 360
|
14
|
1,545,713
|
0.8
|
|||||||||
361 and above
|
22
|
1,798,321
|
0.9
|
|||||||||
Total
|
6,625
|
$
|
201,176,243
|
100.0
|
%
|
Current Borrower Payment Status
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Deferment
|
155
|
$
|
4,358,465
|
2.2
|
%
|
|||||||
Forbearance
|
798
|
44,820,592
|
22.3
|
|||||||||
Repayment
|
||||||||||||
First year in repayment
|
45
|
3,428,154
|
1.7
|
|||||||||
Second year in repayment
|
40
|
2,071,448
|
1.0
|
|||||||||
Third year in repayment
|
67
|
5,220,635
|
2.6
|
|||||||||
More than 3 years in repayment
|
5,520
|
141,276,949
|
70.2
|
|||||||||
Total
|
6,625
|
$
|
201,176,243
|
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
|
18.2
|
-
|
233.3
|
|||||||||
Forbearance
|
-
|
7.2
|
235.4
|
|||||||||
Repayment
|
-
|
-
|
198.2
|
State
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Alabama
|
98
|
$
|
2,659,521
|
1.3
|
% | |||||||
Alaska
|
7
|
236,034
|
0.1
|
|||||||||
Arizona
|
151
|
4,931,326
|
2.5
|
|||||||||
Arkansas
|
102
|
2,432,834
|
1.2
|
|||||||||
California
|
776
|
24,994,374
|
12.4
|
|||||||||
Colorado
|
129
|
3,644,453
|
1.8
|
|||||||||
Connecticut
|
50
|
1,167,014
|
0.6
|
|||||||||
Delaware
|
17
|
417,865
|
0.2
|
|||||||||
District of Columbia
|
16
|
297,982
|
0.1
|
|||||||||
Florida
|
405
|
13,951,004
|
6.9
|
|||||||||
Georgia
|
240
|
9,159,097
|
4.6
|
|||||||||
Hawaii
|
15
|
287,364
|
0.1
|
|||||||||
Idaho
|
31
|
1,118,395
|
0.6
|
|||||||||
Illinois
|
305
|
8,618,809
|
4.3
|
|||||||||
Indiana
|
100
|
2,231,451
|
1.1
|
|||||||||
Iowa
|
41
|
1,181,737
|
0.6
|
|||||||||
Kansas
|
162
|
5,308,585
|
2.6
|
|||||||||
Kentucky
|
56
|
2,112,819
|
1.1
|
|||||||||
Louisiana
|
312
|
8,304,670
|
4.1
|
|||||||||
Maine
|
18
|
692,826
|
0.3
|
|||||||||
Maryland
|
130
|
4,035,775
|
2.0
|
|||||||||
Massachusetts
|
87
|
1,967,859
|
1.0
|
|||||||||
Michigan
|
235
|
8,292,779
|
4.1
|
|||||||||
Minnesota
|
140
|
3,076,495
|
1.5
|
|||||||||
Mississippi
|
90
|
2,933,066
|
1.5
|
|||||||||
Missouri
|
212
|
7,010,238
|
3.5
|
|||||||||
Montana
|
32
|
395,637
|
0.2
|
|||||||||
Nebraska
|
27
|
710,760
|
0.4
|
|||||||||
Nevada
|
69
|
1,578,596
|
0.8
|
|||||||||
New Hampshire
|
22
|
575,251
|
0.3
|
|||||||||
New Jersey
|
77
|
2,783,569
|
1.4
|
|||||||||
New Mexico
|
24
|
825,460
|
0.4
|
|||||||||
New York
|
209
|
6,890,865
|
3.4
|
|||||||||
North Carolina
|
118
|
4,285,774
|
2.1
|
|||||||||
North Dakota
|
3
|
177,236
|
0.1
|
|||||||||
Ohio
|
34
|
547,522
|
0.3
|
|||||||||
Oklahoma
|
192
|
5,096,939
|
2.5
|
|||||||||
Oregon
|
142
|
4,798,179
|
2.4
|
|||||||||
Pennsylvania
|
136
|
3,263,593
|
1.6
|
|||||||||
Rhode Island
|
10
|
263,229
|
0.1
|
|||||||||
South Carolina
|
57
|
1,904,658
|
0.9
|
|||||||||
South Dakota
|
10
|
259,847
|
0.1
|
|||||||||
Tennessee
|
162
|
4,210,736
|
2.1
|
|||||||||
Texas
|
752
|
20,452,650
|
10.2
|
|||||||||
Utah
|
30
|
950,180
|
0.5
|
|||||||||
Vermont
|
5
|
282,597
|
0.1
|
|||||||||
Virginia
|
134
|
4,743,335
|
2.4
|
|||||||||
Washington
|
231
|
8,052,552
|
4.0
|
|||||||||
West Virginia
|
19
|
637,814
|
0.3
|
|||||||||
Wisconsin
|
137
|
4,291,573
|
2.1
|
|||||||||
Wyoming
|
10
|
157,079
|
0.1
|
|||||||||
Other
|
58
|
1,976,241
|
1.0
|
|||||||||
Total
|
6,625
|
$
|
201,176,243
|
100.0
|
% |
Loan Repayment Terms
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Level Repayment
|
2,771
|
$
|
77,140,820
|
38.3
|
%
|
|||||||
Other Repayment Options(1)
|
2,312
|
50,988,820
|
25.3
|
|||||||||
Income-driven Repayment(2)
|
1,542
|
73,046,604
|
36.3
|
|||||||||
Total
|
6,625
|
$
|
201,176,243
|
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
|
3,326
|
$
|
87,484,118
|
43.5
|
%
|
|||||||
Unsubsidized
|
3,299
|
113,692,125
|
56.5
|
|||||||||
Total
|
6,625
|
$
|
201,176,243
|
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
|
14
|
$
|
358,210
|
0.2
|
%
|
|||||||
October 1, 1993 through June 30, 2006
|
6,611
|
200,818,034
|
99.8
|
|||||||||
July 1, 2006 and later
|
0
|
0
|
0.0
|
|||||||||
Total
|
6,625
|
$
|
201,176,243
|
100.0
|
%
|
Name of Guaranty Agency
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
American Student Assistance
|
362
|
$
|
5,208,773
|
2.6
|
%
|
|||||||
College Assist
|
10
|
271,025
|
0.1
|
|||||||||
Educational Credit Management Corporation
|
723
|
20,046,855
|
10.0
|
|||||||||
Great Lakes Higher Education Corporation
|
3,325
|
105,834,835
|
52.6
|
|||||||||
Kentucky Higher Educ. Asst. Auth.
|
108
|
2,916,710
|
1.4
|
|||||||||
Michigan Guaranty Agency
|
136
|
3,704,583
|
1.8
|
|||||||||
Oklahoma Guaranteed Stud Loan Prog
|
190
|
4,735,797
|
2.4
|
|||||||||
Pennsylvania Higher Education Assistance Agency
|
772
|
25,505,665
|
12.7
|
|||||||||
Texas Guaranteed Student Loan Corp
|
999
|
32,952,001
|
16.4
|
|||||||||
Total
|
6,625
|
$
|
201,176,243
|
100.0
|
%
|