04/16/2024 | Press release | Distributed by Public on 04/16/2024 08:02
|
• |
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 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
|
$
|
378,126,699
|
||
Aggregate Outstanding Principal Balance - Treasury Bill
|
$
|
45,796,306
|
||
Percentage of Aggregate Outstanding Principal Balance - Treasury Bill
|
12.11
|
%
|
||
Aggregate Outstanding Principal Balance - One-Month LIBOR
|
$
|
332,330,393
|
||
Percentage of Aggregate Outstanding Principal Balance - One-Month LIBOR
|
87.89
|
%
|
||
Number of Borrowers
|
11,456
|
|||
Average Outstanding Principal Balance Per Borrower
|
$
|
33,007
|
||
Number of Loans
|
20,489
|
|||
Average Outstanding Principal Balance Per Loan - Treasury Bill
|
$
|
50,051
|
||
Average Outstanding Principal Balance Per Loan - One-Month LIBOR
|
$
|
16,978
|
||
Weighted Average Remaining Term to Scheduled Maturity
|
177 months
|
|||
Weighted Average Annual Interest Rate
|
4.99
|
%
|
Interest Rates
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Less than or equal to 3.00%
|
3,706
|
$
|
55,000,117
|
14.5
|
%
|
|||||||
3.01% to 3.50%
|
3,846
|
52,220,266
|
13.8
|
|||||||||
3.51% to 4.00%
|
3,664
|
57,077,895
|
15.1
|
|||||||||
4.01% to 4.50%
|
4,316
|
65,835,586
|
17.4
|
|||||||||
4.51% to 5.00%
|
1,459
|
25,618,100
|
6.8
|
|||||||||
5.01% to 5.50%
|
363
|
8,790,507
|
2.3
|
|||||||||
5.51% to 6.00%
|
372
|
9,037,984
|
2.4
|
|||||||||
6.01% to 6.50%
|
435
|
9,187,022
|
2.4
|
|||||||||
6.51% to 7.00%
|
640
|
16,258,988
|
4.3
|
|||||||||
7.01% to 7.50%
|
243
|
7,465,210
|
2.0
|
|||||||||
7.51% to 8.00%
|
524
|
19,139,144
|
5.1
|
|||||||||
8.01% to 8.50%
|
507
|
23,664,723
|
6.3
|
|||||||||
Equal to or greater than 8.51%
|
414
|
28,831,158
|
7.6
|
|||||||||
Total
|
20,489
|
$
|
378,126,699
|
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
|
1,971
|
$
|
4,757,782
|
1.3
|
%
|
|||||||||
$
|
5,000.00-$ 9,999.99
|
1,687
|
12,536,765
|
3.3
|
||||||||||
$
|
10,000.00-$14,999.99
|
1,332
|
16,470,993
|
4.4
|
||||||||||
$
|
15,000.00-$19,999.99
|
1,069
|
18,584,066
|
4.9
|
||||||||||
$
|
20,000.00-$24,999.99
|
835
|
18,683,259
|
4.9
|
||||||||||
$
|
25,000.00-$29,999.99
|
640
|
17,506,400
|
4.6
|
||||||||||
$
|
30,000.00-$34,999.99
|
577
|
18,655,712
|
4.9
|
||||||||||
$
|
35,000.00-$39,999.99
|
469
|
17,512,386
|
4.6
|
||||||||||
$
|
40,000.00-$44,999.99
|
377
|
16,017,152
|
4.2
|
||||||||||
$
|
45,000.00-$49,999.99
|
323
|
15,312,618
|
4.0
|
||||||||||
$
|
50,000.00-$54,999.99
|
263
|
13,756,214
|
3.6
|
||||||||||
$
|
55,000.00-$59,999.99
|
230
|
13,208,446
|
3.5
|
||||||||||
$
|
60,000.00-$64,999.99
|
159
|
9,921,783
|
2.6
|
||||||||||
$
|
65,000.00-$69,999.99
|
172
|
11,606,816
|
3.1
|
||||||||||
$
|
70,000.00-$74,999.99
|
152
|
10,989,563
|
2.9
|
||||||||||
$
|
75,000.00-$79,999.99
|
142
|
10,985,145
|
2.9
|
||||||||||
$
|
80,000.00-$84,999.99
|
108
|
8,892,434
|
2.4
|
||||||||||
$
|
85,000.00-$89,999.99
|
96
|
8,384,426
|
2.2
|
||||||||||
$
|
90,000.00-$94,999.99
|
84
|
7,792,688
|
2.1
|
||||||||||
$
|
95,000.00-$99,999.99
|
67
|
6,533,590
|
1.7
|
||||||||||
$100,000.00 and above
|
703
|
120,018,461
|
31.7
|
|||||||||||
Total
|
11,456
|
$
|
378,126,699
|
100.0
|
%
|
Number of Days Delinquent
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
0-30 days
|
19,529
|
$
|
353,853,272
|
93.6
|
%
|
|||||||
31-60 days
|
329
|
8,799,459
|
2.3
|
|||||||||
61-90 days
|
208
|
5,141,812
|
1.4
|
|||||||||
91-120 days
|
87
|
1,838,982
|
0.5
|
|||||||||
121-150 days
|
66
|
1,438,073
|
0.4
|
|||||||||
151-180 days
|
50
|
1,394,991
|
0.4
|
|||||||||
181-210 days
|
46
|
1,601,415
|
0.4
|
|||||||||
Greater than 210 days
|
174
|
4,058,696
|
1.1
|
|||||||||
Total
|
20,489
|
$
|
378,126,699
|
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
|
214
|
$
|
66,469
|
*
|
||||||||
4 to 12
|
707
|
610,612
|
0.2
|
%
|
||||||||
13 to 24
|
944
|
1,827,522
|
0.5
|
|||||||||
25 to 36
|
809
|
2,777,986
|
0.7
|
|||||||||
37 to 48
|
975
|
4,859,455
|
1.3
|
|||||||||
49 to 60
|
2,076
|
10,281,576
|
2.7
|
|||||||||
61 to 72
|
1,239
|
10,261,294
|
2.7
|
|||||||||
73 to 84
|
871
|
8,228,784
|
2.2
|
|||||||||
85 to 96
|
784
|
8,937,398
|
2.4
|
|||||||||
97 to 108
|
841
|
10,458,442
|
2.8
|
|||||||||
109 to 120
|
2,279
|
31,955,351
|
8.5
|
|||||||||
121 to 132
|
1,614
|
30,776,266
|
8.1
|
|||||||||
133 to 144
|
1,221
|
27,601,688
|
7.3
|
|||||||||
145 to 156
|
1,227
|
31,918,600
|
8.4
|
|||||||||
157 to 168
|
906
|
27,681,329
|
7.3
|
|||||||||
169 to 180
|
772
|
24,271,251
|
6.4
|
|||||||||
181 to 192
|
623
|
23,115,501
|
6.1
|
|||||||||
193 to 204
|
386
|
13,522,805
|
3.6
|
|||||||||
205 to 216
|
343
|
12,784,972
|
3.4
|
|||||||||
217 to 228
|
245
|
8,771,946
|
2.3
|
|||||||||
229 to 240
|
185
|
7,832,693
|
2.1
|
|||||||||
241 to 252
|
114
|
5,033,420
|
1.3
|
|||||||||
253 to 264
|
105
|
4,118,015
|
1.1
|
|||||||||
265 to 276
|
101
|
5,084,329
|
1.3
|
|||||||||
277 to 288
|
96
|
3,739,567
|
1.0
|
|||||||||
289 to 300
|
194
|
14,993,689
|
4.0
|
|||||||||
301 to 312
|
422
|
31,133,091
|
8.2
|
|||||||||
313 to 324
|
26
|
2,407,420
|
0.6
|
|||||||||
325 to 336
|
38
|
2,957,362
|
0.8
|
|||||||||
337 to 348
|
13
|
877,031
|
0.2
|
|||||||||
349 to 360
|
34
|
3,547,858
|
0.9
|
|||||||||
361 and above
|
85
|
5,692,978
|
1.5
|
|||||||||
Total
|
20,489
|
$
|
378,126,699
|
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
|
402
|
$
|
9,929,479
|
2.6
|
%
|
|||||||
Forbearance
|
2,059
|
50,630,033
|
13.4
|
|||||||||
Repayment
|
||||||||||||
First year in repayment
|
104
|
6,972,714
|
1.8
|
|||||||||
Second year in repayment
|
89
|
4,986,283
|
1.3
|
|||||||||
Third year in repayment
|
111
|
6,868,568
|
1.8
|
|||||||||
More than 3 years in repayment
|
17,724
|
298,739,622
|
79.0
|
|||||||||
Total
|
20,489
|
$
|
378,126,699
|
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
|
-
|
217.3
|
Forbearance
|
-
|
25.0
|
201.4
|
Repayment
|
-
|
-
|
167.0
|
State
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Alabama
|
129
|
$
|
3,001,669
|
0.8
|
%
|
|||||||
Alaska
|
28
|
555,605
|
0.1
|
|||||||||
Arizona
|
503
|
10,450,774
|
2.8
|
|||||||||
Arkansas
|
84
|
1,759,344
|
0.5
|
|||||||||
California
|
2,324
|
42,848,012
|
11.3
|
|||||||||
Colorado
|
356
|
6,969,783
|
1.8
|
|||||||||
Connecticut
|
245
|
3,420,242
|
0.9
|
|||||||||
Delaware
|
51
|
1,747,846
|
0.5
|
|||||||||
District of Columbia
|
71
|
977,240
|
0.3
|
|||||||||
Florida
|
3,200
|
55,212,064
|
14.6
|
|||||||||
Georgia
|
590
|
11,428,482
|
3.0
|
|||||||||
Hawaii
|
72
|
1,460,020
|
0.4
|
|||||||||
Idaho
|
75
|
1,359,767
|
0.4
|
|||||||||
Illinois
|
546
|
8,618,532
|
2.3
|
|||||||||
Indiana
|
366
|
6,173,753
|
1.6
|
|||||||||
Iowa
|
101
|
1,688,244
|
0.4
|
|||||||||
Kansas
|
368
|
6,548,352
|
1.7
|
|||||||||
Kentucky
|
95
|
1,584,935
|
0.4
|
|||||||||
Louisiana
|
393
|
7,747,692
|
2.0
|
|||||||||
Maine
|
44
|
492,170
|
0.1
|
|||||||||
Maryland
|
409
|
7,321,968
|
1.9
|
|||||||||
Massachusetts
|
431
|
6,451,151
|
1.7
|
|||||||||
Michigan
|
370
|
7,572,989
|
2.0
|
|||||||||
Minnesota
|
282
|
5,616,109
|
1.5
|
|||||||||
Mississippi
|
97
|
2,660,356
|
0.7
|
|||||||||
Missouri
|
458
|
9,485,443
|
2.5
|
|||||||||
Montana
|
54
|
779,004
|
0.2
|
|||||||||
Nebraska
|
46
|
740,716
|
0.2
|
|||||||||
Nevada
|
155
|
3,385,299
|
0.9
|
|||||||||
New Hampshire
|
81
|
1,529,560
|
0.4
|
|||||||||
New Jersey
|
538
|
8,533,869
|
2.3
|
|||||||||
New Mexico
|
64
|
1,536,028
|
0.4
|
|||||||||
New York
|
1,187
|
18,794,848
|
5.0
|
|||||||||
North Carolina
|
471
|
7,310,712
|
1.9
|
|||||||||
North Dakota
|
15
|
373,202
|
0.1
|
|||||||||
Ohio
|
1,456
|
33,007,995
|
8.7
|
|||||||||
Oklahoma
|
261
|
4,964,310
|
1.3
|
|||||||||
Oregon
|
329
|
5,793,692
|
1.5
|
|||||||||
Pennsylvania
|
453
|
7,870,469
|
2.1
|
|||||||||
Rhode Island
|
52
|
1,108,727
|
0.3
|
|||||||||
South Carolina
|
143
|
4,072,360
|
1.1
|
|||||||||
South Dakota
|
16
|
193,433
|
0.1
|
|||||||||
Tennessee
|
317
|
6,329,403
|
1.7
|
|||||||||
Texas
|
1,536
|
28,081,477
|
7.4
|
|||||||||
Utah
|
66
|
1,935,617
|
0.5
|
|||||||||
Vermont
|
25
|
428,865
|
0.1
|
|||||||||
Virginia
|
463
|
8,600,637
|
2.3
|
|||||||||
Washington
|
687
|
12,310,297
|
3.3
|
|||||||||
West Virginia
|
69
|
1,286,813
|
0.3
|
|||||||||
Wisconsin
|
125
|
2,074,428
|
0.5
|
|||||||||
Wyoming
|
22
|
579,451
|
0.2
|
|||||||||
Other
|
170
|
3,352,944
|
0.9
|
|||||||||
Total
|
20,489
|
$ |
378,126,699
|
100.0
|
% |
Loan Repayment Terms
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Level Repayment
|
9,916
|
$
|
144,686,403
|
38.3
|
%
|
|||||||
Other Repayment Options(1)
|
7,992
|
143,178,972
|
37.9
|
|||||||||
Income-driven Repayment(2)
|
2,581
|
90,261,324
|
23.9
|
|||||||||
Total
|
20,489
|
$
|
378,126,699
|
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
|
10,174
|
$
|
150,634,641
|
39.8
|
%
|
|||||||
Unsubsidized
|
10,315
|
227,492,058
|
60.2
|
|||||||||
Total
|
20,489
|
$
|
378,126,699
|
100.0
|
%
|
Disbursement Date
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
September 30, 1993 and earlier
|
222
|
$
|
14,463,505
|
3.8
|
%
|
|||||||
October 1, 1993 through June 30, 2006
|
20,267
|
363,663,195
|
96.2
|
|||||||||
July 1, 2006 and later
|
0
|
0
|
0.0
|
|||||||||
Total
|
20,489
|
$
|
378,126,699
|
100.0
|
%
|
Name of Guaranty Agency
|
Number
of Loans
|
Aggregate Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
American Student Assistance
|
529
|
$
|
6,349,476
|
1.7
|
%
|
|||||||
College Assist
|
8
|
197,807
|
0.1
|
|||||||||
Educational Credit Management Corporation
|
999
|
18,236,200
|
4.8
|
|||||||||
Florida Off Of Student Fin'l Assistance
|
3,294
|
50,205,197
|
13.3
|
|||||||||
Great Lakes Higher Education Corporation
|
9,247
|
201,653,326
|
53.3
|
|||||||||
Kentucky Higher Educ. Asst. Auth.
|
1,083
|
15,689,248
|
4.1
|
|||||||||
Michigan Guaranty Agency
|
194
|
3,043,232
|
0.8
|
|||||||||
Nebraska National Student Loan Program
|
2
|
22,092
|
*
|
|||||||||
Oklahoma Guaranteed Stud Loan Prog
|
161
|
2,567,063
|
0.7
|
|||||||||
Pennsylvania Higher Education Assistance Agency
|
1,437
|
24,855,611
|
6.6
|
|||||||||
Texas Guaranteed Student Loan Corp
|
3,535
|
55,307,448
|
14.6
|
|||||||||
Total
|
20,489
|
$
|
378,126,699
|
100.0
|
%
|
|
* |
Represents a percentage greater than 0% but less than 0.05%.
|