03/06/2024 | Press release | Distributed by Public on 03/06/2024 05:02
|
• |
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
|
$
|
250,861,654
|
||
Aggregate Outstanding Principal Balance - Treasury Bill
|
$
|
38,441,647
|
||
Percentage of Aggregate Outstanding Principal Balance - Treasury Bill
|
15.32
|
%
|
||
Aggregate Outstanding Principal Balance - 30-day Average SOFR
|
$
|
212,420,007
|
||
Percentage of Aggregate Outstanding Principal Balance - 30-day Average SOFR
|
84.68
|
%
|
||
Number of Borrowers
|
$
|
4,514
|
||
Average Outstanding Principal Balance Per Borrower
|
55,574
|
|||
Number of Loans
|
7,877
|
|||
Average Outstanding Principal Balance Per Loan - Treasury Bill
|
$
|
57,807
|
||
Average Outstanding Principal Balance Per Loan - One-Mo
|
29,454
|
|||
Weighted Average Remaining Term to Scheduled Maturity
|
212 months
|
|||
Weighted Average Annual Interest Rate
|
$
|
7.45
|
%
|
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
|
19,172
|
*
|
|||||||||
5.01% to 5.50%
|
116
|
1,240,547
|
0.5
|
|||||||||
5.51% to 6.00%
|
695
|
13,861,505
|
5.5
|
|||||||||
6.01% to 6.50%
|
1,513
|
31,713,423
|
12.6
|
|||||||||
6.51% to 7.00%
|
2,280
|
58,312,784
|
23.2
|
|||||||||
7.01% to 7.50%
|
463
|
15,602,220
|
6.2
|
|||||||||
7.51% to 8.00%
|
1,093
|
43,897,809
|
17.5
|
|||||||||
8.01% to 8.50%
|
1,509
|
69,085,704
|
27.5
|
|||||||||
Equal to or greater than 8.51%
|
204
|
17,128,489
|
6.8
|
|||||||||
Total
|
7,877
|
$
|
250,861,654
|
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
|
448
|
$
|
1,088,078
|
0.4
|
%
|
|||||||
$5,000.00-$ 9,999.99
|
445
|
3,325,778
|
1.3
|
|||||||||
$10,000.00-$14,999.99
|
420
|
5,147,656
|
2.1
|
|||||||||
$15,000.00-$19,999.99
|
293
|
5,131,692
|
2.0
|
|||||||||
$20,000.00-$24,999.99
|
291
|
6,550,223
|
2.6
|
|||||||||
$25,000.00-$29,999.99
|
269
|
7,410,560
|
3.0
|
|||||||||
$30,000.00-$34,999.99
|
282
|
9,107,345
|
3.6
|
|||||||||
$35,000.00-$39,999.99
|
230
|
8,604,981
|
3.4
|
|||||||||
$40,000.00-$44,999.99
|
180
|
7,631,541
|
3.0
|
|||||||||
$45,000.00-$49,999.99
|
138
|
6,553,630
|
2.6
|
|||||||||
$50,000.00-$54,999.99
|
142
|
7,428,468
|
3.0
|
|||||||||
$55,000.00-$59,999.99
|
105
|
6,053,168
|
2.4
|
|||||||||
$60,000.00-$64,999.99
|
103
|
6,430,079
|
2.6
|
|||||||||
$65,000.00-$69,999.99
|
91
|
6,162,473
|
2.5
|
|||||||||
$70,000.00-$74,999.99
|
79
|
5,736,753
|
2.3
|
|||||||||
$75,000.00-$79,999.99
|
79
|
6,107,988
|
2.4
|
|||||||||
$80,000.00-$84,999.99
|
79
|
6,526,026
|
2.6
|
|||||||||
$85,000.00-$89,999.99
|
66
|
5,759,457
|
2.3
|
|||||||||
$90,000.00-$94,999.99
|
45
|
4,149,434
|
1.7
|
|||||||||
$95,000.00-$99,999.99
|
39
|
3,802,865
|
1.5
|
|||||||||
$100,000.00 and above
|
690
|
132,153,459
|
52.7
|
|||||||||
Total
|
4,514
|
$
|
250,861,654
|
100.0
|
%
|
Number of Days Delinquent
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
0-30 days
|
7,367
|
228,665,804
|
91.2
|
%
|
||||||||
31-60 days
|
174
|
6,840,650
|
2.7
|
|||||||||
61-90 days
|
73
|
4,428,151
|
1.8
|
|||||||||
91-120 days
|
68
|
2,552,959
|
1.0
|
|||||||||
121-150 days
|
28
|
1,479,816
|
0.6
|
|||||||||
151-180 days
|
36
|
1,864,708
|
0.7
|
|||||||||
181-210 days
|
22
|
992,625
|
0.4
|
|||||||||
Greater than 210 days
|
109
|
4,036,941
|
1.6
|
|||||||||
Total
|
7,877
|
$
|
250,861,654
|
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
|
38
|
$
|
17,640
|
*
|
||||||||
4 to 12
|
184
|
228,046
|
0.1
|
%
|
||||||||
13 to 24
|
280
|
1,841,196
|
0.7
|
|||||||||
25 to 36
|
441
|
2,302,550
|
0.9
|
|||||||||
37 to 48
|
604
|
4,063,482
|
1.6
|
|||||||||
49 to 60
|
368
|
3,591,147
|
1.4
|
|||||||||
61 to 72
|
345
|
4,039,441
|
1.6
|
|||||||||
73 to 84
|
360
|
5,200,411
|
2.1
|
|||||||||
85 to 96
|
497
|
8,821,675
|
3.5
|
|||||||||
97 to 108
|
563
|
9,503,170
|
3.8
|
|||||||||
109 to 120
|
344
|
7,702,230
|
3.1
|
|||||||||
121 to 132
|
370
|
10,558,184
|
4.2
|
|||||||||
133 to 144
|
338
|
11,477,873
|
4.6
|
|||||||||
145 to 156
|
335
|
11,110,316
|
4.4
|
|||||||||
157 to 168
|
296
|
10,596,409
|
4.2
|
|||||||||
169 to 180
|
255
|
11,077,486
|
4.4
|
|||||||||
181 to 192
|
221
|
9,241,532
|
3.7
|
|||||||||
193 to 204
|
179
|
8,080,618
|
3.2
|
|||||||||
205 to 216
|
160
|
7,578,795
|
3.0
|
|||||||||
217 to 228
|
142
|
6,815,697
|
2.7
|
|||||||||
229 to 240
|
114
|
6,084,307
|
2.4
|
|||||||||
241 to 252
|
112
|
5,867,380
|
2.3
|
|||||||||
253 to 264
|
82
|
4,839,371
|
1.9
|
|||||||||
265 to 276
|
75
|
4,827,870
|
1.9
|
|||||||||
277 to 288
|
95
|
7,146,989
|
2.8
|
|||||||||
289 to 300
|
231
|
17,712,065
|
7.1
|
|||||||||
301 to 312
|
762
|
61,491,032
|
24.5
|
|||||||||
313 to 324
|
26
|
2,851,545
|
1.1
|
|||||||||
325 to 336
|
11
|
865,326
|
0.3
|
|||||||||
337 to 348
|
4
|
413,080
|
0.2
|
|||||||||
349 to 360
|
16
|
2,551,952
|
1.0
|
|||||||||
361 and above
|
29
|
2,362,840
|
0.9
|
|||||||||
Total
|
7,877
|
$
|
250,861,654
|
100.0
|
%
|
Current Borrower Payment Status
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Deferment
|
195
|
$
|
5,837,193
|
2.3
|
%
|
|||||||
Forbearance
|
777
|
42,991,043
|
16.7
|
|||||||||
Repayment
|
||||||||||||
First year in repayment
|
59
|
4.721.482
|
1.6
|
|||||||||
Second year in repayment
|
59
|
4,846,755
|
1.8
|
|||||||||
Third year in repayment
|
85
|
5,494,964
|
2.5
|
|||||||||
More than 3 years in repayment
|
6,702
|
199,774,330
|
75.2
|
|||||||||
Total
|
7,877
|
$
|
250,861,654
|
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
|
18.4
|
-
|
230.2
|
|||||||||
Forbearance
|
-
|
10.0
|
234.0
|
|||||||||
Repayment
|
-
|
-
|
204.7
|
State
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Alabama
|
120
|
$ |
3,784,187
|
|
1.5
|
% | ||||||
Alaska
|
9
|
238,725
|
0.1
|
|||||||||
Arizona
|
194
|
6,396,777
|
2.5
|
|||||||||
Arkansas
|
118
|
2,994,115
|
1.2
|
|||||||||
California
|
907
|
31,380,560
|
12.5
|
|||||||||
Colorado
|
148
|
4,029,941
|
1.6
|
|||||||||
Connecticut
|
57
|
1,323,618
|
0.5
|
|||||||||
Delaware
|
23
|
469,664
|
0.2
|
|||||||||
District of Columbia
|
20
|
385,363
|
0.2
|
|||||||||
Florida
|
496
|
17,754,415
|
7.1
|
|||||||||
Georgia
|
304
|
11,934,003
|
4.8
|
|||||||||
Hawaii
|
20
|
671,384
|
0.3
|
|||||||||
Idaho
|
47
|
1,738,431
|
0.7
|
|||||||||
Illinois
|
357
|
10,529,016
|
4.2
|
|||||||||
Indiana
|
116
|
2,693,492
|
1.1
|
|||||||||
Iowa
|
44
|
1,195,591
|
0.5
|
|||||||||
Kansas
|
179
|
5,539,755
|
2.2
|
|||||||||
Kentucky
|
70
|
2,797,191
|
1.1
|
|||||||||
Louisiana
|
356
|
10,132,317
|
4.0
|
|||||||||
Maine
|
24
|
988,764
|
0.4
|
|||||||||
Maryland
|
146
|
4,845,055
|
1.9
|
|||||||||
Massachusetts
|
113
|
2,585,259
|
1.0
|
|||||||||
Michigan
|
280
|
10,436,109
|
4.2
|
|||||||||
Minnesota
|
165
|
3,667,930
|
1.5
|
|||||||||
Mississippi
|
98
|
2,987,048
|
1.2
|
|||||||||
Missouri
|
238
|
7,512,016
|
3.0
|
|||||||||
Montana
|
33
|
449,661
|
0.2
|
|||||||||
Nebraska
|
34
|
905,819
|
0.4
|
|||||||||
Nevada
|
75
|
1,978,500
|
0.8
|
|||||||||
New Hampshire
|
23
|
589,240
|
0.2
|
|||||||||
New Jersey
|
103
|
3,759,250
|
1.5
|
|||||||||
New Mexico
|
27
|
1,078,351
|
0.4
|
|||||||||
New York
|
262
|
9,355,223
|
3.7
|
|||||||||
North Carolina
|
144
|
5,079,383
|
2.0
|
|||||||||
North Dakota
|
3
|
169,880
|
0.1
|
|||||||||
Ohio
|
39
|
672,952
|
0.3
|
|||||||||
Oklahoma
|
229
|
6,255,733
|
2.5
|
|||||||||
Oregon
|
187
|
6,712,718
|
2.7
|
|||||||||
Pennsylvania
|
170
|
4,415,165
|
1.8
|
|||||||||
Rhode Island
|
10
|
264,676
|
0.1
|
|||||||||
South Carolina
|
71
|
2,562,495
|
1.0
|
|||||||||
South Dakota
|
8
|
180,471
|
0.1
|
|||||||||
Tennessee
|
191
|
5,777,964
|
2.3
|
|||||||||
Texas
|
891
|
26,321,695
|
10.5
|
|||||||||
Utah
|
38
|
1,212,984
|
0.5
|
|||||||||
Vermont
|
5
|
283,853
|
0.1
|
|||||||||
Virginia
|
146
|
5,692,460
|
2.3
|
|||||||||
Washington
|
263
|
8,754,265
|
3.5
|
|||||||||
West Virginia
|
21
|
665,938
|
0.3
|
|||||||||
Wisconsin
|
174
|
6,195,177
|
2.5
|
|||||||||
Wyoming
|
15
|
299,969
|
0.1
|
|||||||||
Other
|
66
|
2,217,106
|
0.9
|
|||||||||
Total
|
7,877
|
$ |
250,861,654 |
|
100.0 |
% |
Loan Repayment Terms
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Level Repayment
|
3,178
|
$
|
84,560,531
|
33.7
|
%
|
|||||||
Other Repayment Options(1)
|
2,752
|
60,842,448
|
24.3
|
|||||||||
Income-driven Repayment(2)
|
1,947
|
105,458,675
|
42.0
|
|||||||||
Total
|
7,877
|
$
|
250,861,654
|
100.0
|
%
|
Loan Type
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Subsidized
|
3,938
|
$
|
105,696,809
|
42.1
|
%
|
|||||||
Unsubsidized
|
3,939
|
145,164,846
|
57.9
|
|||||||||
Total
|
7,877
|
$
|
250,861,654
|
100.0
|
%
|
Disbursement Date
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
September 30, 1993 and earlier
|
19
|
$
|
535,014
|
0.2
|
%
|
|||||||
October 1, 1993 through June 30, 2006
|
7,858
|
250,326,640
|
99.8
|
|||||||||
July 1, 2006 and later
|
0
|
0
|
0.0
|
|||||||||
Total
|
7,877
|
$
|
250,861,654
|
100.0
|
%
|
Name of Guaranty Agency
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
American Student Assistance
|
434
|
$
|
6,952,519
|
2.8
|
%
|
|||||||
College Assist
|
14
|
304,726
|
0.1
|
|||||||||
Educational Credit Management Corporation
|
826
|
23,485,910
|
9.4
|
|||||||||
Great Lakes Higher Education Corporation
|
4,037
|
137,648,057
|
54.9
|
|||||||||
Kentucky Higher Educ. Asst. Auth.
|
133
|
3,969,303
|
1.6
|
|||||||||
Michigan Guaranty Agency
|
157
|
4,403,753
|
1.8
|
|||||||||
Oklahoma Guaranteed Stud Loan Prog
|
223
|
5,569,585
|
2.2
|
|||||||||
Pennsylvania Higher Education Assistance Agency
|
902
|
31,286,958
|
12.5
|
|||||||||
Texas Guaranteed Student Loan Corp
|
1,151
|
37,240,843
|
14.8
|
|||||||||
Total
|
7,877
|
$
|
250,861,654
|
100.0
|
%
|