04/16/2024 | Press release | Distributed by Public on 04/16/2024 08:01
|
• |
was a consolidation loan 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 fully disbursed;
|
|
• |
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
|
$
|
595,076,732
|
||
Aggregate Outstanding Principal Balance - Treasury Bill
|
$
|
32,233,277
|
||
Percentage of Aggregate Outstanding Principal Balance - Treasury Bill
|
5.42
|
%
|
||
Aggregate Outstanding Principal Balance - One-Month LIBOR
|
$
|
518,182,686
|
||
Percentage of Aggregate Outstanding Principal Balance - One-Month LIBOR
|
87.08
|
%
|
||
Aggregate Outstanding Principal Balance - Treasury Bill Other
|
$
|
44,660,769
|
||
Percentage of Aggregate Outstanding Principal Balance - Treasury Bill Other
|
7.51
|
%
|
||
Number of Borrowers
|
17,792
|
|||
Average Outstanding Principal Balance Per Borrower
|
$
|
33,446
|
||
Number of Loans
|
32,615
|
|||
Average Outstanding Principal Balance Per Loan - Treasury Bill
|
$
|
47,125
|
||
Average Outstanding Principal Balance Per Loan - One-Month LIBOR
|
$
|
16,758
|
||
Average Outstanding Principal Balance Per Loan - Treasury Bill Other
|
$
|
44,219
|
||
Weighted Average Remaining Term to Scheduled Maturity
|
177 months
|
|||
Weighted Average Annual Interest Rate
|
4.90
|
%
|
Interest Rates
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Less than or equal to 3.00%
|
6,889
|
$
|
88,649,670
|
14.9
|
%
|
|||||||
3.01% to 3.50%
|
8,356
|
102,148,678
|
17.2
|
|||||||||
3.51% to 4.00%
|
6,023
|
94,247,693
|
15.8
|
|||||||||
4.01% to 4.50%
|
5,906
|
96,969,489
|
16.3
|
|||||||||
4.51% to 5.00%
|
1,259
|
28,759,043
|
4.8
|
|||||||||
5.01% to 5.50%
|
518
|
13,296,775
|
2.2
|
|||||||||
5.51% to 6.00%
|
357
|
10,339,544
|
1.7
|
|||||||||
6.01% to 6.50%
|
336
|
11,883,086
|
2.0
|
|||||||||
6.51% to 7.00%
|
525
|
16,265,844
|
2.7
|
|||||||||
7.01% to 7.50%
|
232
|
8,992,511
|
1.5
|
|||||||||
7.51% to 8.00%
|
418
|
18,666,043
|
3.1
|
|||||||||
8.01% to 8.50%
|
1,541
|
86,779,231
|
14.6
|
|||||||||
Equal to or greater than 8.51%
|
255
|
18,079,124
|
3.0
|
|||||||||
Total
|
32,615
|
$
|
595,076,732
|
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
|
3,967
|
$
|
8,849,101
|
1.5
|
%
|
||||||
$5,000.00-$ 9,999.99
|
2,555
|
18,969,479
|
3.2
|
||||||||
$10,000.00-$14,999.99
|
1,929
|
23,937,250
|
4.0
|
||||||||
$15,000.00-$19,999.99
|
1,523
|
26,473,084
|
4.4
|
||||||||
$20,000.00-$24,999.99
|
1,177
|
26,324,117
|
4.4
|
||||||||
$25,000.00-$29,999.99
|
1,004
|
27,527,438
|
4.6
|
||||||||
$30,000.00-$34,999.99
|
826
|
26,835,822
|
4.5
|
||||||||
$35,000.00-$39,999.99
|
638
|
23,910,760
|
4.0
|
||||||||
$40,000.00-$44,999.99
|
554
|
23,470,690
|
3.9
|
||||||||
$45,000.00-$49,999.99
|
452
|
21,396,305
|
3.6
|
||||||||
$50,000.00-$54,999.99
|
376
|
19,764,515
|
3.3
|
||||||||
$55,000.00-$59,999.99
|
319
|
18,314,689
|
3.1
|
||||||||
$60,000.00-$64,999.99
|
281
|
17,510,317
|
2.9
|
||||||||
$65,000.00-$69,999.99
|
183
|
12,329,488
|
2.1
|
||||||||
$70,000.00-$74,999.99
|
180
|
13,028,825
|
2.2
|
||||||||
$75,000.00-$79,999.99
|
164
|
12,691,703
|
2.1
|
||||||||
$80,000.00-$84,999.99
|
160
|
13,169,011
|
2.2
|
||||||||
$85,000.00-$89,999.99
|
137
|
11,957,752
|
2.0
|
||||||||
$90,000.00-$94,999.99
|
100
|
9,251,625
|
1.6
|
||||||||
$95,000.00-$99,999.99
|
105
|
10,225,466
|
1.7
|
||||||||
$100,000.00 and above
|
1,162
|
229,139,293
|
38.5
|
||||||||
|
|||||||||||
Total
|
17,792
|
$
|
595,076,732
|
100.0
|
%
|
Number of Days Delinquent
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
0-30 days
|
30,945
|
$
|
553,956,026
|
93.1
|
%
|
|||||||
31-60 days
|
547
|
14,408,956
|
2.4
|
|||||||||
61-90 days
|
335
|
7,729,873
|
1.3
|
|||||||||
91-120 days
|
203
|
5,673,617
|
1.0
|
|||||||||
121-150 days
|
137
|
3,593,331
|
0.6
|
|||||||||
151-180 days
|
89
|
2,616,989
|
0.4
|
|||||||||
181-210 days
|
63
|
1,453,482
|
0.2
|
|||||||||
Greater than 210 days
|
296
|
5,644,457
|
0.9
|
|||||||||
Total
|
32,615
|
$
|
595,076,732
|
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
|
127
|
$
|
26,552
|
*
|
||||||||
4 to12
|
2,002
|
1,296,064
|
0.2
|
%
|
||||||||
13 to 24
|
1,978
|
3,129,198
|
0.5
|
|||||||||
25 to 36
|
1,707
|
4,883,397
|
0.8
|
|||||||||
37 to 48
|
1,455
|
6,203,275
|
1.0
|
|||||||||
49 to 60
|
1,236
|
6,998,497
|
1.2
|
|||||||||
61 to 72
|
2,983
|
17,582,549
|
3.0
|
|||||||||
73 to 84
|
1,640
|
13,488,430
|
2.3
|
|||||||||
85 to 96
|
1,364
|
14,095,435
|
2.4
|
|||||||||
97 to 108
|
1,524
|
19,695,673
|
3.3
|
|||||||||
109 to 120
|
1,493
|
22,007,786
|
3.7
|
|||||||||
121 to 132
|
4,091
|
69,328,154
|
11.7
|
|||||||||
133 to 144
|
2,274
|
51,904,874
|
8.7
|
|||||||||
145 to 156
|
1,792
|
46,558,784
|
7.8
|
|||||||||
157 to 168
|
1,610
|
49,905,416
|
8.4
|
|||||||||
169 to 180
|
1,088
|
36,591,349
|
6.1
|
|||||||||
181 to 192
|
917
|
36,502,303
|
6.1
|
|||||||||
193 to 204
|
743
|
30,108,418
|
5.1
|
|||||||||
205 to 216
|
436
|
17,640,740
|
3.0
|
|||||||||
217 to 228
|
362
|
14,237,041
|
2.4
|
|||||||||
229 to 240
|
339
|
15,262,963
|
2.6
|
|||||||||
241 to 252
|
205
|
10,280,384
|
1.7
|
|||||||||
253 to 264
|
168
|
8,397,049
|
1.4
|
|||||||||
265 to 276
|
135
|
7,738,370
|
1.3
|
|||||||||
277 to 288
|
120
|
5,524,162
|
0.9
|
|||||||||
289 to 300
|
196
|
15,771,337
|
2.7
|
|||||||||
301 to 312
|
417
|
47,639,907
|
8.0
|
|||||||||
313 to 324
|
33
|
2,228,766
|
0.4
|
|||||||||
325 to 336
|
35
|
2,469,962
|
0.4
|
|||||||||
337 to 348
|
31
|
3,362,588
|
0.6
|
|||||||||
349 to 360
|
66
|
9,889,860
|
1.7
|
|||||||||
361 and above
|
48
|
4,327,450
|
0.7
|
|||||||||
Total
|
32,615
|
$
|
595,076,732
|
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
|
790
|
$
|
15,555,656
|
2.6
|
%
|
|||||||
Forbearance
|
2,661
|
71,654,403
|
12.0
|
|||||||||
Repayment
|
||||||||||||
First year in repayment
|
224
|
14,782,279
|
2.5
|
|||||||||
Second year in repayment
|
220
|
10,770,021
|
1.8
|
|||||||||
Third year in repayment
|
230
|
10,567,895
|
1.8
|
|||||||||
More than 3 years in repayment
|
28,490
|
471,746,478
|
79.3
|
|||||||||
Total
|
32,615
|
$
|
595,076,732
|
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
|
-
|
196.3
|
|||||||||
Forbearance
|
-
|
14.2
|
201.5
|
|||||||||
Repayment
|
-
|
-
|
170.1
|
State
|
Number
of Loans
|
Aggregate Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Alabama
|
292
|
$
|
5,110,979
|
0.9
|
%
|
|||||||
Alaska
|
37
|
535,785
|
0.1
|
|||||||||
Arizona
|
706
|
16,121,008
|
2.7
|
|||||||||
Arkansas
|
196
|
3,621,805
|
0.6
|
|||||||||
California
|
3,461
|
70,420,993
|
11.8
|
|||||||||
Colorado
|
569
|
8,506,146
|
1.4
|
|||||||||
Connecticut
|
458
|
5,964,040
|
1.0
|
|||||||||
Delaware
|
112
|
2,637,227
|
0.4
|
|||||||||
District of Columbia
|
121
|
2,199,293
|
0.4
|
|||||||||
Florida
|
2,672
|
53,587,660
|
9.0
|
|||||||||
Georgia
|
988
|
24,712,875
|
4.2
|
|||||||||
Hawaii
|
136
|
2,322,824
|
0.4
|
|||||||||
Idaho
|
126
|
3,500,933
|
0.6
|
|||||||||
Illinois
|
1,302
|
23,011,117
|
3.9
|
|||||||||
Indiana
|
900
|
12,657,566
|
2.1
|
|||||||||
Iowa
|
127
|
2,309,923
|
0.4
|
|||||||||
Kansas
|
536
|
7,233,688
|
1.2
|
|||||||||
Kentucky
|
252
|
3,973,672
|
0.7
|
|||||||||
Louisiana
|
1,048
|
17,241,435
|
2.9
|
|||||||||
Maine
|
103
|
1,550,038
|
0.3
|
|||||||||
Maryland
|
701
|
13,908,416
|
2.3
|
|||||||||
Massachusetts
|
818
|
11,126,979
|
1.9
|
|||||||||
Michigan
|
663
|
13,404,907
|
2.3
|
|||||||||
Minnesota
|
344
|
7,352,709
|
1.2
|
|||||||||
Mississippi
|
286
|
5,837,810
|
1.0
|
|||||||||
Missouri
|
650
|
10,053,101
|
1.7
|
|||||||||
Montana
|
77
|
1,306,672
|
0.2
|
|||||||||
Nebraska
|
40
|
912,073
|
0.2
|
|||||||||
Nevada
|
216
|
3,640,133
|
0.6
|
|||||||||
New Hampshire
|
151
|
2,399,615
|
0.4
|
|||||||||
New Jersey
|
904
|
15,751,224
|
2.6
|
|||||||||
New Mexico
|
95
|
1,256,097
|
0.2
|
|||||||||
New York
|
2,144
|
37,139,544
|
6.2
|
|||||||||
North Carolina
|
757
|
14,655,378
|
2.5
|
North Dakota
|
23
|
306,162
|
0.1
|
|||||||||
Ohio
|
1,621
|
31,875,728
|
5.4
|
|||||||||
Oklahoma
|
633
|
9,997,173
|
1.7
|
|||||||||
Oregon
|
497
|
8,241,145
|
1.4
|
|||||||||
Pennsylvania
|
1,133
|
19,313,639
|
3.2
|
|||||||||
Rhode Island
|
79
|
1,227,217
|
0.2
|
|||||||||
South Carolina
|
364
|
8,116,415
|
1.4
|
|||||||||
South Dakota
|
44
|
527,683
|
0.1
|
|||||||||
Tennessee
|
667
|
14,319,556
|
2.4
|
|||||||||
Texas
|
2,817
|
48,308,451
|
8.1
|
|||||||||
Utah
|
122
|
2,362,788
|
0.4
|
|||||||||
Vermont
|
49
|
676,709
|
0.1
|
|||||||||
Virginia
|
871
|
15,698,833
|
2.6
|
|||||||||
Washington
|
884
|
13,646,161
|
2.3
|
|||||||||
West Virginia
|
139
|
1,555,368
|
0.3
|
|||||||||
Wisconsin
|
297
|
4,908,807
|
0.8
|
|||||||||
Wyoming
|
42
|
769,873
|
0.1
|
|||||||||
Other
|
345
|
7,261,358
|
1.2
|
|||||||||
Total
|
32,615
|
$
|
595,076,732
|
100.0
|
%
|
Loan Repayment Terms
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Level Repayment
|
16,984
|
$
|
246,852,296
|
41.5
|
%
|
|||||||
Other Repayment Options(1)
|
11,795
|
204,191,506
|
34.3
|
|||||||||
Income-driven Repayment(2)
|
3,836
|
144,032,930
|
24.2
|
|||||||||
Total
|
32,615
|
$
|
595,076,732
|
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
|
15,638
|
$
|
218,710,114
|
36.8
|
%
|
|||||||
Unsubsidized
|
16,977
|
376,366,618
|
63.2
|
|||||||||
Total
|
32,615
|
$
|
595,076,732
|
100.0
|
%
|
Disbursement Date
|
Number
of Loans
|
Aggregate Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
September 30, 1993 and earlier
|
77
|
$
|
4,784,848
|
0.8
|
%
|
|||||||
October 1, 1993 through June 30, 2006
|
32,538
|
590,291,883
|
99.2
|
|||||||||
July 1, 2006 and later
|
0
|
0
|
0.0
|
|||||||||
Total
|
32,615
|
$
|
595,076,732
|
100.0
|
%
|
Name of Guaranty Agency
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
American Student Assistance
|
1,167
|
$
|
15,908,536
|
2.7
|
%
|
|||||||
College Assist
|
7
|
377,294
|
0.1
|
|||||||||
Educational Credit Management Corporation
|
2,749
|
39,902,798
|
6.7
|
|||||||||
Florida Off Of Student Fin'l Assistance
|
942
|
11,091,621
|
1.9
|
|||||||||
Great Lakes Higher Education Corporation
|
16,186
|
348,773,042
|
58.6
|
|||||||||
Kentucky Higher Educ. Asst. Auth.
|
775
|
9,493,760
|
1.6
|
|||||||||
Michigan Guaranty Agency
|
338
|
4,780,616
|
0.8
|
|||||||||
Oklahoma Guaranteed Stud Loan Prog
|
539
|
7,616,454
|
1.3
|
|||||||||
Pennsylvania Higher Education Assistance Agency
|
2,782
|
37,597,068
|
6.3
|
|||||||||
Texas Guaranteed Student Loan Corp
|
7,130
|
119,535,543
|
20.1
|
|||||||||
Total
|
32,615
|
$
|
595,076,732
|
100.0
|
%
|