04/16/2024 | Press release | Distributed by Public on 04/16/2024 08:12
|
• |
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 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
|
$
|
451,861,717
|
||
Aggregate Outstanding Principal Balance - Treasury Bill
|
$
|
70,289,847
|
||
Percentage of Aggregate Outstanding Principal Balance - Treasury Bill
|
15.56
|
%
|
||
Aggregate Outstanding Principal Balance - One-Month LIBOR
|
$
|
381,571,870
|
||
Percentage of Aggregate Outstanding Principal Balance - One-Month LIBOR
|
84.44
|
%
|
||
Number of Borrowers
|
11,262
|
|||
Average Outstanding Principal Balance Per Borrower
|
$
|
40,123
|
||
Number of Loans
|
19,759
|
|||
Average Outstanding Principal Balance Per Loan - Treasury Bill
|
$
|
49,570
|
||
Average Outstanding Principal Balance Per Loan - One-Month LIBOR
|
$
|
20,804
|
||
Weighted Average Remaining Term to Scheduled Maturity
|
182 months
|
|||
Weighted Average Annual Interest Rate
|
4.88
|
%
|
Interest Rates
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Less than or equal to 3.00%
|
3,568
|
$
|
54,573,631
|
12.1%
|
|
|||||||
3.01% to 3.50%
|
4,370
|
68,579,449
|
15.2
|
|||||||||
3.51% to 4.00%
|
4,403
|
88,272,456
|
19.5
|
|||||||||
4.01% to 4.50%
|
4,107
|
90,966,141
|
20.1
|
|||||||||
4.51% to 5.00%
|
673
|
20,437,947
|
4.5
|
|||||||||
5.01% to 5.50%
|
267
|
9,158,128
|
2.0
|
|||||||||
5.51% to 6.00%
|
233
|
9,574,959
|
2.1
|
|||||||||
6.01% to 6.50%
|
209
|
9,354,948
|
2.1
|
|||||||||
6.51% to 7.00%
|
219
|
9,627,920
|
2.1
|
|||||||||
7.01% to 7.50%
|
168
|
6,201,926
|
1.4
|
|||||||||
7.51% to 8.00%
|
596
|
27,974,136
|
6.2
|
|||||||||
8.01% to 8.50%
|
453
|
21,111,670
|
4.7
|
|||||||||
Equal to or greater than 8.51%
|
493
|
36,028,407
|
8.0
|
|||||||||
Total
|
19,759
|
$
|
451,861,717
|
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
|
1,592
|
$
|
3,547,492
|
0.8%
|
|
|||||||
$5,000.00-$ 9,999.99
|
1,368
|
10,182,147
|
2.3
|
|||||||||
$10,000.00-$14,999.99
|
1,267
|
15,688,756
|
3.5
|
|||||||||
$15,000.00-$19,999.99
|
1,030
|
17,876,941
|
4.0
|
|||||||||
$20,000.00-$24,999.99
|
827
|
18,571,275
|
4.1
|
|||||||||
$25,000.00-$29,999.99
|
707
|
19,372,765
|
4.3
|
|||||||||
$30,000.00-$34,999.99
|
572
|
18,476,560
|
4.1
|
|||||||||
$35,000.00-$39,999.99
|
484
|
18,133,718
|
4.0
|
|||||||||
$40,000.00-$44,999.99
|
392
|
16,610,670
|
3.7
|
|||||||||
$45,000.00-$49,999.99
|
338
|
16,053,690
|
3.6
|
|||||||||
$50,000.00-$54,999.99
|
294
|
15,396,632
|
3.4
|
|||||||||
$55,000.00-$59,999.99
|
268
|
15,441,474
|
3.4
|
|||||||||
$60,000.00-$64,999.99
|
207
|
12,924,351
|
2.9
|
|||||||||
$65,000.00-$69,999.99
|
197
|
13,255,312
|
2.9
|
|||||||||
$70,000.00-$74,999.99
|
141
|
10,216,721
|
2.3
|
|||||||||
$75,000.00-$79,999.99
|
145
|
11,226,455
|
2.5
|
|||||||||
$80,000.00-$84,999.99
|
127
|
10,470,939
|
2.3
|
|||||||||
$85,000.00-$89,999.99
|
114
|
9,968,678
|
2.2
|
|||||||||
$90,000.00-$94,999.99
|
101
|
9,336,192
|
2.1
|
|||||||||
$95,000.00-$99,999.99
|
72
|
7,011,756
|
1.6
|
|||||||||
$100,000.00 and above
|
1,019
|
182,099,193
|
40.3
|
|||||||||
Total
|
11,262
|
$
|
451,861,717
|
100.0%
|
|
Number of Days Delinquent
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
0-30 days
|
18,773
|
$
|
418,480,210
|
92.6%
|
|
|||||||
31-60 days
|
366
|
11,117,931
|
2.5
|
|||||||||
61-90 days
|
168
|
5,602,454
|
1.2
|
|||||||||
91-120 days
|
113
|
3,908,930
|
0.9
|
|||||||||
121-150 days
|
75
|
3,152,995
|
0.7
|
|||||||||
151-180 days
|
46
|
2,386,850
|
0.5
|
|||||||||
181-210 days
|
52
|
1,872,239
|
0.4
|
|||||||||
Greater than 210 days
|
166
|
5,340,108
|
1.2
|
|||||||||
Total
|
19,759
|
$
|
451,861,717
|
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
|
244
|
$
|
52,957
|
*
|
||||||||
4 to12
|
652
|
547,349
|
0.1%
|
|
||||||||
13 to 24
|
736
|
1,569,979
|
0.3
|
|||||||||
25 to 36
|
725
|
3,047,330
|
0.7
|
|||||||||
37 to 48
|
586
|
3,526,071
|
0.8
|
|||||||||
49 to 60
|
850
|
5,721,864
|
1.3
|
|||||||||
61 to 72
|
2,146
|
14,318,433
|
3.2
|
|||||||||
73 to 84
|
937
|
8,825,718
|
2.0
|
|||||||||
85 to 96
|
702
|
8,207,789
|
1.8
|
|||||||||
97 to 108
|
677
|
9,858,810
|
2.2
|
|||||||||
109 to 120
|
1,142
|
18,125,770
|
4.0
|
|||||||||
121 to 132
|
2,997
|
55,855,317
|
12.4
|
|||||||||
133 to 144
|
1,475
|
36,893,984
|
8.2
|
|||||||||
145 to 156
|
1,181
|
34,449,108
|
7.6
|
|||||||||
157 to 168
|
897
|
32,656,919
|
7.2
|
|||||||||
169 to 180
|
724
|
27,786,102
|
6.1
|
|||||||||
181 to 192
|
639
|
26,288,935
|
5.8
|
|||||||||
193 to 204
|
457
|
21,638,942
|
4.8
|
|||||||||
205 to 216
|
340
|
15,811,983
|
3.5
|
|||||||||
217 to 228
|
211
|
12,375,697
|
2.7
|
|||||||||
229 to 240
|
226
|
11,982,791
|
2.7
|
|||||||||
241 to 252
|
170
|
9,807,783
|
2.2
|
|||||||||
253 to 264
|
105
|
5,048,825
|
1.1
|
|||||||||
265 to 276
|
105
|
6,434,747
|
1.4
|
|||||||||
277 to 288
|
92
|
7,273,417
|
1.6
|
|||||||||
289 to 300
|
179
|
15,761,371
|
3.5
|
|||||||||
301 to 312
|
388
|
40,162,824
|
8.9
|
|||||||||
313 to 324
|
30
|
3,478,461
|
0.8
|
|||||||||
325 to 336
|
22
|
1,674,240
|
0.4
|
|||||||||
337 to 348
|
26
|
2,435,192
|
0.5
|
|||||||||
349 to 360
|
58
|
6,596,195
|
1.5
|
|||||||||
361 and above
|
40
|
3,646,815
|
0.8
|
|||||||||
Total
|
19,759
|
$
|
451,861,717
|
100.0%
|
|
Current Borrower Payment Status
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Deferment
|
415
|
$
|
13,491,337
|
3.0%
|
|
|||||||
Forbearance
|
1,441
|
61,032,888
|
13.5
|
|||||||||
Repayment
|
||||||||||||
First year in repayment
|
150
|
9,397,399
|
2.1
|
|||||||||
Second year in repayment
|
134
|
7,480,019
|
1.7
|
|||||||||
Third year in repayment
|
135
|
7,003,857
|
1.6
|
|||||||||
More than 3 years in repayment
|
17,484
|
353,456,218
|
78.2
|
|||||||||
Total
|
19,759
|
$
|
451,861,717
|
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
|
17.0
|
-
|
230.7
|
|||||||||
Forbearance
|
-
|
11.5
|
215.8
|
|||||||||
Repayment
|
-
|
-
|
172.8
|
State
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Alabama
|
176
|
$
|
5,920,342
|
1.3%
|
|
|||||||
Alaska
|
32
|
847,681
|
0.2
|
|||||||||
Arizona
|
506
|
11,675,303
|
2.6
|
|||||||||
Arkansas
|
94
|
2,002,060
|
0.4
|
|||||||||
California
|
2,389
|
54,690,991
|
12.1
|
|||||||||
Colorado
|
275
|
7,226,766
|
1.6
|
|||||||||
Connecticut
|
319
|
5,347,652
|
1.2
|
|||||||||
Delaware
|
55
|
1,472,044
|
0.3
|
|||||||||
District of Columbia
|
81
|
1,756,765
|
0.4
|
|||||||||
Florida
|
1,606
|
42,705,319
|
9.5
|
|||||||||
Georgia
|
663
|
22,507,560
|
5.0
|
|||||||||
Hawaii
|
100
|
2,411,061
|
0.5
|
|||||||||
Idaho
|
72
|
2,572,689
|
0.6
|
|||||||||
Illinois
|
754
|
15,427,313
|
3.4
|
|||||||||
Indiana
|
511
|
10,981,004
|
2.4
|
|||||||||
Iowa
|
64
|
885,403
|
0.2
|
|||||||||
Kansas
|
363
|
5,914,869
|
1.3
|
|||||||||
Kentucky
|
126
|
3,132,976
|
0.7
|
|||||||||
Louisiana
|
566
|
14,104,887
|
3.1
|
|||||||||
Maine
|
61
|
1,520,708
|
0.3
|
|||||||||
Maryland
|
504
|
12,287,954
|
2.7
|
|||||||||
Massachusetts
|
606
|
9,882,256
|
2.2
|
|||||||||
Michigan
|
375
|
9,465,433
|
2.1
|
|||||||||
Minnesota
|
231
|
4,716,018
|
1.0
|
|||||||||
Mississippi
|
138
|
3,532,807
|
0.8
|
|||||||||
Missouri
|
387
|
7,665,811
|
1.7
|
|||||||||
Montana
|
31
|
775,511
|
0.2
|
|||||||||
Nebraska
|
44
|
1,766,248
|
0.4
|
|||||||||
Nevada
|
165
|
5,163,255
|
1.1
|
|||||||||
New Hampshire
|
107
|
1,930,748
|
0.4
|
|||||||||
New Jersey
|
633
|
12,729,036
|
2.8
|
|||||||||
New Mexico
|
68
|
1,735,056
|
0.4
|
|||||||||
New York
|
1,343
|
28,903,466
|
6.4
|
|||||||||
North Carolina
|
409
|
7,859,731
|
1.7
|
|||||||||
North Dakota
|
11
|
138,054
|
*
|
|||||||||
Ohio
|
599
|
12,945,716
|
2.9
|
|||||||||
Oklahoma
|
368
|
8,013,597
|
1.8
|
|||||||||
Oregon
|
281
|
5,517,884
|
1.2
|
|||||||||
Pennsylvania
|
760
|
14,439,329
|
3.2
|
|||||||||
Rhode Island
|
52
|
1,288,602
|
0.3
|
|||||||||
South Carolina
|
197
|
6,212,948
|
1.4
|
|||||||||
South Dakota
|
26
|
643,910
|
0.1
|
|||||||||
Tennessee
|
280
|
6,801,909
|
1.5
|
|||||||||
Texas
|
1,674
|
38,451,397
|
8.5
|
|||||||||
Utah
|
67
|
1,505,272
|
0.3
|
|||||||||
Vermont
|
15
|
347,377
|
0.1
|
|||||||||
Virginia
|
519
|
10,423,862
|
2.3
|
|||||||||
Washington
|
522
|
10,356,268
|
2.3
|
|||||||||
West Virginia
|
95
|
1,864,093
|
0.4
|
|||||||||
Wisconsin
|
197
|
5,046,048
|
1.1
|
|||||||||
Wyoming
|
16
|
1,128,636
|
0.2
|
|||||||||
Other
|
226
|
5,220,092
|
1.2
|
|||||||||
Total
|
19,759
|
$
|
451,861,717
|
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
|
9,421
|
$
|
171,201,975
|
37.9
|
%
|
|||||||
Other Repayment Options(1)
|
7,812
|
163,247,348
|
36.1
|
|||||||||
Income-driven Repayment(2)
|
2,526
|
117,412,394
|
26.0
|
|||||||||
Total
|
19,759
|
$
|
451,861,717
|
100.0
|
%
|
Loan Type
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Subsidized
|
9,405
|
$
|
166,776,657
|
36.9%
|
|
|||||||
Unsubsidized
|
10,354
|
285,085,060
|
63.1
|
|||||||||
Total
|
19,759
|
$
|
451,861,717
|
100.0%
|
|
Disbursement Date
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
September 30, 1993 and earlier
|
85
|
$
|
5,844,653
|
1.3%
|
|
|||||||
October 1, 1993 through June 30, 2006
|
19,674
|
446,017,064
|
98.7
|
|||||||||
July 1, 2006 and later
|
0
|
0
|
0.0
|
|||||||||
Total
|
19,759
|
$
|
451,861,717
|
100.0%
|
|
Name of Guaranty Agency
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
American Student Assistance
|
893
|
$
|
14,161,502
|
3.1%
|
|
|||||||
College Assist
|
11
|
963,193
|
0.2
|
|||||||||
Educational Credit Management Corporation
|
1,210
|
28,177,204
|
6.2
|
|||||||||
Florida Off Of Student Fin'l Assistance
|
330
|
5,102,620
|
1.1
|
|||||||||
Great Lakes Higher Education Corporation
|
10,086
|
251,281,225
|
55.6
|
|||||||||
Kentucky Higher Educ. Asst. Auth.
|
745
|
12,629,731
|
2.8
|
|||||||||
Michigan Guaranty Agency
|
192
|
4,034,539
|
0.9
|
|||||||||
Nebraska National Student Loan Program
|
2
|
36,353
|
*
|
|||||||||
Oklahoma Guaranteed Stud Loan Prog
|
395
|
8,261,438
|
1.8
|
|||||||||
Pennsylvania Higher Education Assistance Agency
|
2,038
|
38,840,877
|
8.6
|
|||||||||
Texas Guaranteed Student Loan Corp
|
3,857
|
88,373,035
|
19.6
|
|||||||||
Total
|
19,759
|
$
|
451,861,717
|
100.0%
|
|
*
|
Represents a percentage greater than 0% but less than 0.05%.
|