04/16/2024 | Press release | Distributed by Public on 04/16/2024 08:10
|
• |
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 30 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
|
$
|
258,393,350
|
||
Aggregate Outstanding Principal Balance - Treasury Bill
|
$
|
8,998,532
|
||
Percentage of Aggregate Outstanding Principal Balance - Treasury Bill
|
3.48
|
%
|
||
Aggregate Outstanding Principal Balance - One-Month LIBOR
|
$
|
249,394,818
|
||
Percentage of Aggregate Outstanding Principal Balance - One-Month LIBOR
|
96.52
|
%
|
||
Number of Borrowers
|
8,271
|
|||
Average Outstanding Principal Balance Per Borrower
|
$
|
31,241
|
||
Number of Loans
|
15,076
|
|||
Average Outstanding Principal Balance Per Loan - Treasury Bill
|
$
|
58,432
|
||
Average Outstanding Principal Balance Per Loan - One-Month LIBOR
|
$
|
16,713
|
||
Weighted Average Remaining Term to Scheduled Maturity
|
164 months
|
|||
Weighted Average Annual Interest Rate
|
4.46
|
%
|
Interest Rates
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Less than or equal to 3.00%
|
3,698
|
$
|
52,365,212
|
20.3
|
%
|
|||||||
3.01% to 3.50%
|
2,686
|
39,711,085
|
15.4
|
|||||||||
3.51% to 4.00%
|
2,869
|
41,575,683
|
16.1
|
|||||||||
4.01% to 4.50%
|
3,396
|
53,514,240
|
20.7
|
|||||||||
4.51% to 5.00%
|
708
|
13,246,184
|
5.1
|
|||||||||
5.01% to 5.50%
|
229
|
5,754,884
|
2.2
|
|||||||||
5.51% to 6.00%
|
171
|
4,313,546
|
1.7
|
|||||||||
6.01% to 6.50%
|
299
|
8,180,866
|
3.2
|
|||||||||
6.51% to 7.00%
|
317
|
9,028,006
|
3.5
|
|||||||||
7.01% to 7.50%
|
137
|
3,850,567
|
1.5
|
|||||||||
7.51% to 8.00%
|
240
|
7,302,500
|
2.8
|
|||||||||
8.01% to 8.50%
|
271
|
14,828,380
|
5.7
|
|||||||||
Equal to or greater than 8.51%
|
55
|
4,722,198
|
1.8
|
|||||||||
Total
|
15,076
|
$
|
258,393,350
|
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
|
1,448
|
$
|
3,487,750
|
1.3
|
%
|
|||||||||
$
|
5,000.00-$ 9,999.99
|
1,245
|
9,213,352
|
3.6
|
||||||||||
$
|
10,000.00-$14,999.99
|
971
|
12,014,008
|
4.6
|
||||||||||
$
|
15,000.00-$19,999.99
|
756
|
13,165,486
|
5.1
|
||||||||||
$
|
20,000.00-$24,999.99
|
626
|
14,058,835
|
5.4
|
||||||||||
$
|
25,000.00-$29,999.99
|
546
|
14,983,601
|
5.8
|
||||||||||
$
|
30,000.00-$34,999.99
|
413
|
13,386,988
|
5.2
|
||||||||||
$
|
35,000.00-$39,999.99
|
303
|
11,335,043
|
4.4
|
||||||||||
$
|
40,000.00-$44,999.99
|
228
|
9,672,621
|
3.7
|
||||||||||
$
|
45,000.00-$49,999.99
|
219
|
10,376,618
|
4.0
|
||||||||||
$
|
50,000.00-$54,999.99
|
192
|
10,039,606
|
3.9
|
||||||||||
$
|
55,000.00-$59,999.99
|
161
|
9,251,322
|
3.6
|
||||||||||
$
|
60,000.00-$64,999.99
|
151
|
9,433,118
|
3.7
|
||||||||||
$
|
65,000.00-$69,999.99
|
122
|
8,228,341
|
3.2
|
||||||||||
$
|
70,000.00-$74,999.99
|
102
|
7,402,268
|
2.9
|
||||||||||
$
|
75,000.00-$79,999.99
|
95
|
7,369,740
|
2.9
|
||||||||||
$
|
80,000.00-$84,999.99
|
80
|
6,582,567
|
2.5
|
||||||||||
$
|
85,000.00-$89,999.99
|
70
|
6,122,577
|
2.4
|
||||||||||
$
|
90,000.00-$94,999.99
|
58
|
5,351,618
|
2.1
|
||||||||||
$
|
95,000.00-$99,999.99
|
45
|
4,398,466
|
1.7
|
||||||||||
$100,000.00 and above
|
440
|
72,519,425
|
28.1
|
|||||||||||
Total
|
8,271
|
$
|
258,393,350
|
100.0
|
%
|
Number of Days Delinquent
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
0-30 days
|
14,395
|
$
|
243,598,330
|
94.3
|
%
|
|||||||
31-60 days
|
202
|
3,945,874
|
1.5
|
|||||||||
61-90 days
|
145
|
3,410,336
|
1.3
|
|||||||||
91-120 days
|
74
|
2,026,475
|
0.8
|
|||||||||
121-150 days
|
38
|
1,112,577
|
0.4
|
|||||||||
151-180 days
|
49
|
1,377,600
|
0.5
|
|||||||||
181-210 days
|
25
|
442,677
|
0.2
|
|||||||||
Greater than 210 days
|
|
148
|
|
|
2,479,480
|
|
|
1.0
|
||||
Total
|
15,076
|
$
|
258,393,350
|
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
|
157
|
$
|
52,838
|
*
|
||||||||
4 to 12
|
542
|
399,930
|
0.2
|
%
|
||||||||
13 to 24
|
640
|
1,143,680
|
0.4
|
|||||||||
25 to 36
|
601
|
1,877,570
|
0.7
|
|||||||||
37 to 48
|
598
|
2,629,345
|
1.0
|
|||||||||
49 to 60
|
1,841
|
8,832,434
|
3.4
|
|||||||||
61 to 72
|
905
|
6,383,295
|
2.5
|
|||||||||
73 to 84
|
641
|
6,115,220
|
2.4
|
|||||||||
85 to 96
|
550
|
6,032,370
|
2.3
|
|||||||||
97 to 108
|
575
|
7,093,173
|
2.7
|
|||||||||
109 to 120
|
2,094
|
29,220,703
|
11.3
|
|||||||||
121 to 132
|
1,236
|
23,338,356
|
9.0
|
|||||||||
133 to 144
|
917
|
20,105,965
|
7.8
|
|||||||||
145 to 156
|
895
|
23,602,591
|
9.1
|
|||||||||
157 to 168
|
735
|
22,130,448
|
8.6
|
|||||||||
169 to 180
|
532
|
17,636,592
|
6.8
|
|||||||||
181 to 192
|
408
|
15,013,437
|
5.8
|
|||||||||
193 to 204
|
257
|
10,884,817
|
4.2
|
|||||||||
205 to 216
|
183
|
7,707,462
|
3.0
|
|||||||||
217 to 228
|
147
|
6,985,120
|
2.7
|
|||||||||
229 to 240
|
80
|
3,993,775
|
1.5
|
|||||||||
241 to 252
|
79
|
4,066,474
|
1.6
|
|||||||||
253 to 264
|
53
|
2,454,835
|
1.0
|
|||||||||
265 to 276
|
53
|
3,325,133
|
1.3
|
|||||||||
277 to 288
|
38
|
2,447,057
|
0.9
|
|||||||||
289 to 300
|
92
|
6,895,788
|
2.7
|
|||||||||
301 to 312
|
178
|
13,682,952
|
5.3
|
|||||||||
313 to 324
|
8
|
693,991
|
0.3
|
|||||||||
325 to 336
|
11
|
404,163
|
0.2
|
|||||||||
337 to 348
|
10
|
959,102
|
0.4
|
|||||||||
349 to 360
|
8
|
583,798
|
0.2
|
|||||||||
361 and above
|
12
|
1,700,937
|
0.7
|
|||||||||
Total
|
15,076
|
$ |
258,393,350
|
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
|
261
|
$
|
3,961,173
|
1.5
|
%
|
|||||||
Forbearance
|
937
|
26,710,924
|
10.3
|
|||||||||
Repayment
|
||||||||||||
First year in repayment
|
56
|
2,936,425
|
1.1
|
|||||||||
Second year in repayment
|
60
|
2,752,047
|
1.1
|
|||||||||
Third year in repayment
|
88
|
3,581,900
|
1.4
|
|||||||||
More than 3 years in repayment
|
|
13,674
|
|
|
218,450,882
|
|
|
84.5
|
||||
Total
|
15,076
|
$
|
258,393,350
|
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
|
15.3
|
-
|
178.7
|
Forbearance
|
-
|
10.1
|
201.4
|
Repayment
|
-
|
-
|
157.5
|
State
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Alabama
|
96
|
$
|
2,444,402
|
0.9
|
%
|
|||||||
Alaska
|
23
|
262,520
|
0.1
|
|||||||||
Arizona
|
233
|
4,389,191
|
1.7
|
|||||||||
Arkansas
|
107
|
2,186,966
|
0.8
|
|||||||||
California
|
1,540
|
26,598,684
|
10.3
|
|||||||||
Colorado
|
244
|
4,231,078
|
1.6
|
|||||||||
Connecticut
|
169
|
2,099,303
|
0.8
|
|||||||||
Delaware
|
31
|
477,955
|
0.2
|
|||||||||
District of Columbia
|
31
|
1,389,524
|
0.5
|
|||||||||
Florida
|
688
|
13,152,376
|
5.1
|
|||||||||
Georgia
|
388
|
6,746,070
|
2.6
|
|||||||||
Hawaii
|
40
|
656,478
|
0.3
|
|||||||||
Idaho
|
55
|
966,535
|
0.4
|
|||||||||
Illinois
|
484
|
7,535,933
|
2.9
|
|||||||||
Indiana
|
247
|
4,769,122
|
1.8
|
|||||||||
Iowa
|
52
|
1,014,456
|
0.4
|
|||||||||
Kansas
|
127
|
1,814,357
|
0.7
|
|||||||||
Kentucky
|
142
|
2,003,446
|
0.8
|
|||||||||
Louisiana
|
372
|
5,859,046
|
2.3
|
|||||||||
Maine
|
38
|
637,012
|
0.2
|
|||||||||
Maryland
|
246
|
4,754,355
|
1.8
|
|||||||||
Massachusetts
|
314
|
3,849,943
|
1.5
|
|||||||||
Michigan
|
366
|
6,490,737
|
2.5
|
|||||||||
Minnesota
|
153
|
1,875,549
|
0.7
|
|||||||||
Mississippi
|
60
|
1,280,249
|
0.5
|
|||||||||
Missouri
|
238
|
4,046,392
|
1.6
|
|||||||||
Montana
|
24
|
471,032
|
0.2
|
|||||||||
Nebraska
|
13
|
198,422
|
0.1
|
|||||||||
Nevada
|
101
|
1,905,733
|
0.7
|
|||||||||
New Hampshire
|
50
|
643,196
|
0.2
|
|||||||||
New Jersey
|
447
|
7,865,801
|
3.0
|
|||||||||
New Mexico
|
40
|
874,934
|
0.3
|
|||||||||
New York
|
1,392
|
20,224,122
|
7.8
|
|||||||||
North Carolina
|
278
|
5,234,854
|
2.0
|
|||||||||
North Dakota
|
3
|
49,287
|
*
|
|||||||||
Ohio
|
1,882
|
39,954,523
|
15.5
|
|||||||||
Oklahoma
|
351
|
5,442,490
|
2.1
|
|||||||||
Oregon
|
217
|
3,016,283
|
1.2
|
|||||||||
Pennsylvania
|
393
|
7,480,170
|
2.9
|
|||||||||
Rhode Island
|
24
|
422,464
|
0.2
|
|||||||||
South Carolina
|
117
|
2,133,882
|
0.8
|
|||||||||
South Dakota
|
11
|
128,566
|
*
|
|||||||||
Tennessee
|
240
|
3,070,255
|
1.2
|
|||||||||
Texas
|
1,896
|
28,358,085
|
11.0
|
|||||||||
Utah
|
56
|
2,263,823
|
0.9
|
|||||||||
Vermont
|
35
|
685,389
|
0.3
|
|||||||||
Virginia
|
338
|
5,316,192
|
2.1
|
|||||||||
Washington
|
383
|
5,884,064
|
2.3
|
|||||||||
West Virginia
|
34
|
565,322
|
0.2
|
|||||||||
Wisconsin
|
154
|
2,293,544
|
0.9
|
|||||||||
Wyoming
|
5
|
61,656
|
*
|
|||||||||
Other
|
108
|
2,317,584
|
0.9
|
|||||||||
Total |
15,076
|
$ |
258,393,350
|
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
|
7,560
|
$
|
106,058,638
|
41.0
|
%
|
|||||||
Other Repayment Options(1)
|
5,833
|
98,240,711
|
38.0
|
|||||||||
Income-driven Repayment(2)
|
1,683
|
54,094,001
|
20.9
|
|||||||||
Total
|
15,076
|
$
|
258,393,350
|
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
|
7,549
|
$
|
104,488,289
|
40.4
|
%
|
|||||||
Unsubsidized
|
7,527
|
153,905,061
|
59.6
|
|||||||||
Total
|
15,076
|
$
|
258,393,350
|
100.0
|
%
|
Disbursement Date
|
Number
of Loans
|
Aggregate Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
September 30, 1993 and earlier
|
11
|
$
|
459,044
|
0.2
|
%
|
|||||||
October 1, 1993 through June 30, 2006
|
15,065
|
257,934,306
|
99.8
|
|||||||||
July 1, 2006 and later
|
0
|
0
|
0.0
|
|||||||||
Total
|
15,076
|
$
|
258,393,350
|
100.0
|
%
|
Name of Guaranty Agency
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
American Student Assistance
|
296
|
$
|
4,222,258
|
1.6
|
%
|
|||||||
Educational Credit Management Corporation
|
1,105
|
15,170,376
|
5.9
|
|||||||||
Great Lakes Higher Education Corporation
|
6,289
|
134,417,639
|
52.0
|
|||||||||
Kentucky Higher Educ. Asst. Auth.
|
1,129
|
14,110,838
|
5.5
|
|||||||||
Michigan Guaranty Agency
|
266
|
3,888,148
|
1.5
|
|||||||||
New York State Higher Ed Services Corp
|
1
|
42,268
|
*
|
|||||||||
Oklahoma Guaranteed Stud Loan Prog
|
230
|
3,275,833
|
1.3
|
|||||||||
Pennsylvania Higher Education Assistance Agency
|
972
|
16,682,808
|
6.5
|
|||||||||
Texas Guaranteed Student Loan Corp
|
4,788
|
66,583,179
|
25.8
|
|||||||||
Total
|
15,076
|
$
|
258,393,350
|
100.0
|
%
|
*
|
Represents a percentage greater than 0% but less than 0.05%.
|