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
|
$
|
243,383,495
|
||
Aggregate Outstanding Principal Balance - Treasury Bill
|
$
|
36,302,958
|
||
Percentage of Aggregate Outstanding Principal Balance - Treasury Bill
|
14.92
|
%
|
||
Aggregate Outstanding Principal Balance - 30-day Average SOFR
|
$
|
207,080,537
|
||
Percentage of Aggregate Outstanding Principal Balance - 30-day Average SOFR
|
85.08
|
%
|
||
Number of Borrowers
|
5,994
|
|||
Average Outstanding Principal Balance Per Borrower
|
$
|
40,605
|
||
Number of Loans
|
10,569
|
|||
Average Outstanding Principal Balance Per Loan - Treasury Bill
|
$
|
46,903
|
||
Average Outstanding Principal Balance Per Loan - 30-day Average SOFR
|
$
|
21,141
|
||
Weighted Average Remaining Term to Scheduled Maturity
|
190 months
|
|||
Weighted Average Annual Interest Rate
|
6.31
|
%
|
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%
|
194
|
2,225,619
|
0.9
|
|||||||||
3.51% to 4.00%
|
465
|
8,156,790
|
3.4
|
|||||||||
4.01% to 4.50%
|
1,927
|
26,084,247
|
10.7
|
|||||||||
4.51% to 5.00%
|
2,965
|
52,363,772
|
21.5
|
|||||||||
5.01% to 5.50%
|
582
|
11,776,205
|
4.8
|
|||||||||
5.51% to 6.00%
|
473
|
10,782,662
|
4.4
|
|||||||||
6.01% to 6.50%
|
745
|
15,490,318
|
6.4
|
|||||||||
6.51% to 7.00%
|
1,310
|
34,436,010
|
14.1
|
|||||||||
7.01% to 7.50%
|
294
|
8,480,918
|
3.5
|
|||||||||
7.51% to 8.00%
|
615
|
23,752,668
|
9.8
|
|||||||||
8.01% to 8.50%
|
763
|
33,807,506
|
13.9
|
|||||||||
Equal to or greater than 8.51%
|
236
|
16,026,780
|
6.6
|
|||||||||
Total
|
10,569
|
$
|
243,383,495
|
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
|
816
|
$
|
2,041,968
|
0.8
|
%
|
|||||||||
$
|
5,000.00-$ 9,999.99
|
774
|
5,752,866
|
2.4
|
||||||||||
$
|
10,000.00-$14,999.99
|
630
|
7,875,861
|
3.2
|
||||||||||
$
|
15,000.00-$19,999.99
|
539
|
9,418,572
|
3.9
|
||||||||||
$
|
20,000.00-$24,999.99
|
437
|
9,803,049
|
4.0
|
||||||||||
$
|
25,000.00-$29,999.99
|
367
|
10,093,017
|
4.1
|
||||||||||
$
|
30,000.00-$34,999.99
|
346
|
11,162,509
|
4.6
|
||||||||||
$
|
35,000.00-$39,999.99
|
259
|
9,720,221
|
4.0
|
||||||||||
$
|
40,000.00-$44,999.99
|
219
|
9,292,675
|
3.8
|
||||||||||
$
|
45,000.00-$49,999.99
|
195
|
9,248,332
|
3.8
|
||||||||||
$
|
50,000.00-$54,999.99
|
167
|
8,732,901
|
3.6
|
||||||||||
$
|
55,000.00-$59,999.99
|
123
|
7,065,443
|
2.9
|
||||||||||
$
|
60,000.00-$64,999.99
|
94
|
5,870,704
|
2.4
|
||||||||||
$
|
65,000.00-$69,999.99
|
99
|
6,673,797
|
2.7
|
||||||||||
$
|
70,000.00-$74,999.99
|
90
|
6,498,955
|
2.7
|
||||||||||
$
|
75,000.00-$79,999.99
|
71
|
5,500,894
|
2.3
|
||||||||||
$
|
80,000.00-$84,999.99
|
68
|
5,595,889
|
2.3
|
||||||||||
$
|
85,000.00-$89,999.99
|
52
|
4,535,606
|
1.9
|
||||||||||
$
|
90,000.00-$94,999.99
|
48
|
4,448,459
|
1.8
|
||||||||||
$
|
95,000.00-$99,999.99
|
43
|
4,187,391
|
1.7
|
||||||||||
$100,000.00 and above
|
557
|
99,864,385
|
41.0
|
|||||||||||
Total
|
5,994
|
$
|
243,383,495
|
100.0
|
%
|
Number of Days Delinquent
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
0-30 days
|
9,994
|
$
|
222,567,914
|
91.4
|
%
|
|||||||
31-60 days
|
171
|
5,616,665
|
2.3
|
|||||||||
61-90 days
|
125
|
4,838,885
|
2.0
|
|||||||||
91-120 days
|
65
|
1,815,164
|
0.7
|
|||||||||
121-150 days
|
58
|
2,297,197
|
0.9
|
|||||||||
151-180 days
|
33
|
687,331
|
0.3
|
|||||||||
181-210 days
|
27
|
1,189,631
|
0.5
|
|||||||||
Greater than 210 days
|
96
|
4,370,708
|
1.8
|
|||||||||
Total
|
10,569
|
$
|
243,383,495
|
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
|
67
|
$
|
30,145
|
*
|
||||||||
4 to12
|
242
|
292,370
|
0.1
|
%
|
||||||||
13 to 24
|
409
|
1,228,003
|
0.5
|
|||||||||
25 to 36
|
415
|
1,762,887
|
0.7
|
|||||||||
37 to 48
|
1,141
|
5,232,338
|
2.1
|
|||||||||
49 to 60
|
661
|
5,251,622
|
2.2
|
|||||||||
61 to 72
|
521
|
5,204,139
|
2.1
|
|||||||||
73 to 84
|
439
|
5,586,192
|
2.3
|
|||||||||
85 to 96
|
451
|
6,153,298
|
2.5
|
|||||||||
97 to 108
|
1,264
|
17,105,424
|
7.0
|
|||||||||
109 to 120
|
663
|
11,966,487
|
4.9
|
|||||||||
121 to 132
|
655
|
14,690,792
|
6.0
|
|||||||||
133 to 144
|
530
|
14,703,509
|
6.0
|
|||||||||
145 to 156
|
436
|
12,812,900
|
5.3
|
|||||||||
157 to 168
|
398
|
13,084,342
|
5.4
|
|||||||||
169 to 180
|
328
|
12,109,483
|
5.0
|
|||||||||
181 to 192
|
299
|
11,634,691
|
4.8
|
|||||||||
193 to 204
|
225
|
9,073,413
|
3.7
|
|||||||||
205 to 216
|
187
|
7,708,567
|
3.2
|
|||||||||
217 to 228
|
142
|
6,269,176
|
2.6
|
|||||||||
229 to 240
|
135
|
7,575,964
|
3.1
|
|||||||||
241 to 252
|
94
|
6,365,850
|
2.6
|
|||||||||
253 to 264
|
93
|
5,242,214
|
2.2
|
|||||||||
265 to 276
|
68
|
3,331,404
|
1.4
|
|||||||||
277 to 288
|
64
|
3,318,630
|
1.4
|
|||||||||
289 to 300
|
157
|
11,258,429
|
4.6
|
|||||||||
301 to 312
|
392
|
33,468,341
|
13.8
|
|||||||||
313 to 324
|
23
|
2,350,824
|
1.0
|
|||||||||
325 to 336
|
7
|
694,515
|
0.3
|
|||||||||
337 to 348
|
10
|
1,289,757
|
0.5
|
|||||||||
349 to 360
|
30
|
4,167,257
|
1.7
|
|||||||||
361 and above
|
23
|
2,420,533
|
1.0
|
|||||||||
Total
|
10,569
|
$
|
243,383,495
|
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
|
190
|
$
|
5,609,553
|
2.3
|
%
|
|||||||
Forbearance
|
853
|
32,798,983
|
13.5
|
|||||||||
Repayment
|
||||||||||||
First year in repayment
|
64
|
6,191,545
|
2.5
|
|||||||||
Second year in repayment
|
60
|
4,460,428
|
1.8
|
|||||||||
Third year in repayment
|
54
|
2,897,671
|
1.2
|
|||||||||
More than 3 years in repayment
|
9,348
|
191,425,313
|
78.7
|
|||||||||
Total
|
10,569
|
$
|
243,383,495
|
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
|
25.3
|
-
|
209.7
|
|||||||||
Forbearance
|
-
|
12.8
|
213.7
|
|||||||||
Repayment
|
-
|
-
|
182.5
|
State
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
Alabama
|
85
|
$ |
1,900,637
|
0.8
|
%
|
|||||||
Alaska
|
8
|
119,041
|
*
|
|||||||||
Arizona
|
219
|
5,357,561
|
2.2
|
|||||||||
Arkansas
|
56
|
1,744,880
|
0.7
|
|||||||||
California
|
1,246
|
30,344,271
|
12.5
|
|||||||||
Colorado
|
170
|
3,098,660
|
1.3
|
|||||||||
Connecticut
|
163
|
3,830,595
|
1.6
|
|||||||||
Delaware
|
23
|
782,336
|
0.3
|
|||||||||
District of Columbia
|
32
|
459,577
|
0.2
|
|||||||||
Florida
|
781
|
21,401,230
|
8.8
|
|||||||||
Georgia
|
426
|
10,769,336
|
4.4
|
|||||||||
Hawaii
|
23
|
388,841
|
0.2
|
|||||||||
Idaho
|
37
|
986,577
|
0.4
|
|||||||||
Illinois
|
458
|
8,072,393
|
3.3
|
|||||||||
Indiana
|
136
|
1,962,007
|
0.8
|
|||||||||
Iowa
|
56
|
1,404,561
|
0.6
|
|||||||||
Kansas
|
151
|
3,287,668
|
1.4
|
|||||||||
Kentucky
|
51
|
1,085,280
|
0.4
|
|||||||||
Louisiana
|
342
|
7,884,070
|
3.2
|
|||||||||
Maine
|
46
|
1,310,244
|
0.5
|
|||||||||
Maryland
|
298
|
6,843,064
|
2.8
|
|||||||||
Massachusetts
|
293
|
4,395,389
|
1.8
|
|||||||||
Michigan
|
261
|
7,508,250
|
3.1
|
|||||||||
Minnesota
|
163
|
4,357,604
|
1.8
|
|||||||||
Mississippi
|
112
|
3,066,871
|
1.3
|
|||||||||
Missouri
|
258
|
5,846,046
|
2.4
|
|||||||||
Montana
|
15
|
453,306
|
0.2
|
|||||||||
Nebraska
|
20
|
480,450
|
0.2
|
|||||||||
Nevada
|
98
|
2,691,216
|
1.1
|
|||||||||
New Hampshire
|
49
|
1,032,134
|
0.4
|
|||||||||
New Jersey
|
281
|
6,525,756
|
2.7
|
|||||||||
New Mexico
|
32
|
876,815
|
0.4
|
|||||||||
New York
|
657
|
15,341,480
|
6.3
|
|||||||||
North Carolina
|
291
|
5,858,872
|
2.4
|
|||||||||
North Dakota
|
2
|
6,270
|
*
|
|||||||||
Ohio
|
41
|
1,180,976
|
0.5
|
|||||||||
Oklahoma
|
244
|
6,111,251
|
2.5
|
|||||||||
Oregon
|
179
|
4,281,171
|
1.8
|
|||||||||
Pennsylvania
|
334
|
6,608,296
|
2.7
|
|||||||||
Rhode Island
|
24
|
314,507
|
0.1
|
|||||||||
South Carolina
|
142
|
3,215,315
|
1.3
|
|||||||||
South Dakota
|
12
|
124,531
|
0.1
|
|||||||||
Tennessee
|
189
|
4,656,025
|
1.9
|
|||||||||
Texas
|
1,131
|
24,496,676
|
10.1
|
|||||||||
Utah
|
33
|
934,202
|
0.4
|
|||||||||
Vermont
|
15
|
277,110
|
0.1
|
|||||||||
Virginia
|
304
|
5,901,426
|
2.4
|
|||||||||
Washington
|
295
|
6,093,637
|
2.5
|
|||||||||
West Virginia
|
35
|
777,895
|
0.3
|
|||||||||
Wisconsin
|
124
|
4,157,987
|
1.7
|
|||||||||
Wyoming
|
9
|
109,155
|
*
|
|||||||||
Other
|
119
|
2,670,047
|
1.1
|
|||||||||
Total
|
10,569
|
$
|
243,383,495
|
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
|
4,917
|
$
|
84,896,817
|
34.9
|
%
|
|||||||
Other Repayment Options(1)
|
3,878
|
81,988,724
|
33.7
|
|||||||||
Income-driven Repayment(2)
|
1,774
|
76,497,954
|
31.4
|
|||||||||
Total
|
10,569
|
$
|
243,383,495
|
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
|
5,250
|
$
|
102,751,205
|
42.2
|
%
|
|||||||
Unsubsidized
|
5,319
|
140,632,290
|
57.8
|
|||||||||
Total
|
10,569
|
$
|
243,383,495
|
100.0
|
%
|
Disbursement Date
|
Number
of Loans
|
Aggregate Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance |
|||||||||
September 30, 1993 and earlier
|
17
|
$
|
822,126
|
0.3
|
%
|
|||||||
October 1, 1993 through June 30, 2006
|
10,552
|
242,561,369
|
99.7
|
|||||||||
July 1, 2006 and later
|
0
|
0
|
0.0
|
|||||||||
Total
|
10,569
|
$
|
243,383,495
|
100.0
|
%
|
Name of Guaranty Agency
|
Number
of Loans
|
Aggregate
Outstanding
Principal Balance
|
Percent of Pool
by Outstanding
Principal Balance
|
|||||||||
American Student Assistance
|
482
|
$
|
7,488,520
|
3.1
|
%
|
|||||||
College Assist
|
2
|
107,359
|
*
|
|||||||||
Educational Credit Management Corporation
|
858
|
17,872,272
|
7.3
|
|||||||||
Great Lakes Higher Education Corporation
|
5,723
|
143,731,156
|
59.1
|
|||||||||
Kentucky Higher Educ. Asst. Auth.
|
284
|
4,565,175
|
1.9
|
|||||||||
Michigan Guaranty Agency
|
156
|
3,290,190
|
1.4
|
|||||||||
Oklahoma Guaranteed Stud Loan Prog
|
243
|
4,539,846
|
1.9
|
|||||||||
Pennsylvania Higher Education Assistance Agency
|
897
|
19,628,794
|
8.1
|
|||||||||
Texas Guaranteed Student Loan Corp
|
1,924
|
42,160,182
|
17.3
|
|||||||||
Total
|
10,569
|
$
|
243,383,495
|
100.0
|
%
|
* |
Represents a percentage greater than 0% but less than 0.05%.
|