THE TRUST STUDENT LOAN POOL - Form 8-K

THE TRUST STUDENT LOAN POOL

The trust student loans owned by the trust were originally selected from a portfolio of consolidation student loans owned by SLMA, VG Funding and SLM ELC by employing several criteria, including requirements that each trust student loan as of the original statistical cutoff date (and with respect to each additional trust student loan as of its related subsequent cutoff date):

No trust student loan as of the applicable cutoff date was subject to any prior obligation to sell that loan to a third party.

Unless otherwise specified, all information with respect to the trust student loans is presented as of February 29, 2024, which is the statistical disclosure date.

The following tables provide a description of specified characteristics of the trust student loans as of the statistical disclosure date. The aggregate outstanding principal balance of the loans in each of the following tables includes the principal balance due from borrowers, plus accrued interest of $3,112,050 to be capitalized as of the statistical disclosure date. Percentages and dollar amounts in any table may not total 100% or whole dollars due to rounding. The following tables also contain information concerning the total number of loans and total number of borrowers in the portfolio of trust student loans. For ease of administration, the servicer separates a consolidation loan on its system into two separate loan segments representing subsidized and unsubsidized segments of the same loan. The following tables reflect those loan segments within the number of loans. In addition, 4 borrowers have more than one trust student loan.

The distribution by weighted average interest rate applicable to the trust student loans on any date following the statistical disclosure date may vary significantly from that in the following tables as a result of variations in the effective rates of interest applicable to the trust student loans and in rates of principal reduction. Moreover, the information below about the weighted average remaining term to maturity of the trust student loans as of the statistical disclosure date may vary significantly from the actual term to maturity of any of the trust student loans as a result of prepayments or the granting of deferment and forbearance periods.

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The following tables also contain information concerning the total number of loans and the total number of borrowers in the portfolio of initial trust student loans.

Percentages and dollar amounts in any table may not total 100% of the initial trust student loan balance, as applicable, due to rounding.

We determined the weighted average remaining term to maturity shown in the table from the statistical disclosure date to the stated maturity date of the applicable trust student loan without giving effect to any deferment or forbearance periods that may be granted in the future. See Appendix A to the preliminary remarketing memorandum.

The weighted average annual borrower interest rate shown in the table is exclusive of special allowance payments. The weighted average spread for special allowance payments to the 91-day Treasury bill rate was 3.11% as of the statistical disclosure date.

The weighted average spread for special allowance payments to the one-month LIBOR rate was 2.64% as of the statistical disclosure date. See "Special Allowance Payments" in Appendix A to the preliminary remarketing memorandum.

For these purposes, the 91-day Treasury bill rate is the weighted average per annum discount rate, expressed on a bond equivalent basis and applied on a daily basis, for direct obligations of the United States with a maturity of thirteen weeks, as reported by the U.S. Department of the Treasury.

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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%

We determined the interest rates shown in the table above using the interest rates applicable to the trust student loans as of the statistical disclosure date. Because trust student loans with different interest rates are likely to be repaid at different rates, this information is not likely to remain applicable to the trust student loans after the statistical disclosure date. See Appendix A to the preliminary remarketing memorandum and "The Student Loan Pools - The Student Loan Marketing Association's Student Loan Financing Business" in the prospectus.

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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%

DISTRIBUTION OF THE TRUST STUDENT LOANS

BY DELINQUENCY STATUS AS OF THE

STATISTICAL DISCLOSURE DATE

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%

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DISTRIBUTION OF THE TRUST STUDENT LOANS

BY REMAINING TERM TO SCHEDULED MATURITY

AS OF THE STATISTICAL DISCLOSURE DATE

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%

We have determined the number of months remaining to scheduled maturity shown in the table from the statistical disclosure date to the stated maturity date of the applicable trust student loan without giving effect to any deferment or forbearance periods that may be granted in the future. See Appendix A to the preliminary remarketing memorandum and "The Student Loan Pools - The Student Loan Marketing Association's Student Loan Financing Business" in the prospectus.

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DISTRIBUTION OF THE TRUST STUDENT LOANS

BY CURRENT BORROWER PAYMENT STATUS

AS OF THE STATISTICAL DISCLOSURE DATE

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%

Current borrower payment status refers to the status of the borrower of each trust student loan as of the statistical disclosure date. The borrower:

See Appendix A to the preliminary remarketing memorandum and "The Student Loan Pools - The Student Loan Marketing Association's Student Loan Financing Business" in the prospectus.

The weighted average number of months in repayment for all trust student loans currently in repayment is approximately 154.3 calculated as the term to maturity at the commencement of repayment less the number of months remaining to scheduled maturity as of the statistical disclosure date.

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SCHEDULED WEIGHTED AVERAGE REMAINING MONTHS IN

STATUS OF THE TRUST STUDENT LOANS BY

CURRENT BORROWER PAYMENT STATUS AS OF THE

STATISTICAL DISCLOSURE DATE

		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

We have determined the scheduled weighted average remaining months in status shown in the previous table without giving effect to any deferment or forbearance periods that may be granted in the future. Of the $13,491,337 aggregate outstanding principal balance of the trust student loans in deferment as of the statistical disclosure date, $10,198,231 or approximately 75.6% of such loans are to borrowers who had not graduated as of that date. We expect that a significant portion of these loans could qualify for additional deferments or forbearances at the end of their current deferment periods as the related borrowers continue their education beyond their current degree programs. As a result, the overall duration of any applicable deferment and forbearance periods as well as the likelihood of future deferment and forbearance periods within this pool of trust student loans is likely to be higher than in other pools of student loans without similar numbers of in-school consolidation loans. See Appendix A to the preliminary remarketing memorandum.

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GEOGRAPHIC DISTRIBUTION OF THE TRUST STUDENT LOANS

AS OF THE STATISTICAL DISCLOSURE DATE

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%

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We have based the geographic distribution shown in the table on the billing addresses of the borrowers of the trust student loans shown on the servicer's records as of the statistical disclosure date.

Each of the trust student loans provides or will provide for the amortization of its outstanding principal balance over a series of regular payments. Except as described below, each regular payment consists of an installment of interest which is calculated on the basis of the outstanding principal balance of the trust student loan. The amount received is applied first to interest accrued to the date of payment and the balance of the payment, if any, is applied to reduce the unpaid principal balance. Accordingly, if a borrower pays a regular installment before its scheduled due date, the portion of the payment allocable to interest for the period since the preceding payment was made will be less than it would have been had the payment been made as scheduled, and the portion of the payment applied to reduce the unpaid principal balance will be correspondingly greater. Conversely, if a borrower pays a monthly installment after its scheduled due date, the portion of the payment allocable to interest for the period since the preceding payment was made will be greater than it would have been had the payment been made as scheduled, and the portion of the payment applied to reduce the unpaid principal balance will be correspondingly less.

In either case, subject to any applicable deferment periods or forbearance periods, and except as provided below, the borrower pays a regular installment until the final scheduled payment date, at which time the amount of the final installment is increased or decreased as necessary to repay the then outstanding principal balance of that trust student loan.

The servicer makes available to borrowers of student loans it holds (including the trust student loans) payment terms that may result in the lengthening of the remaining term of the student loans. For example, not all of the loans sold to the trust provide for level payments throughout the repayment term of the loans. Some student loans provide for interest only payments to be made for a designated portion of the term of the loans, with amortization of the principal of the loans occurring only when payments increase in the latter stage of the term of the loans. Other loans provide for a graduated phase in of the amortization of principal with a greater portion of principal amortization being required in the latter stages than would be the case if amortization were on a level payment basis. The servicer also offers an income-sensitive repayment plan, under which repayments are based on the borrower's income. Under that plan, ultimate repayment may be delayed up to five years. Borrowers under trust student loans will continue to be eligible for the graduated payment and income-sensitive repayment plans. These programs are applicable to the trust student loans and may be offered by the servicer to related borrowers at its discretion.

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The following table provides certain information about trust student loans subject to the repayment terms described in the preceding paragraphs.

DISTRIBUTION OF THE TRUST STUDENT LOANS BY REPAYMENT

TERMS AS OF THE STATISTICAL DISCLOSURE DATE

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	%

With respect to interest-only loans, as of the statistical disclosure date, there are 128 loans with an aggregate outstanding principal balance of $6,966,042 currently in an interest-only period. These interest-only loans represent approximately 1.5% of the aggregate outstanding principal balance of the trust student loans. Interest-only periods range up to 48 months in overall length.

The servicer may in the future offer repayment terms similar to those described above to borrowers of trust student loans who are not entitled to these repayment terms as of the statistical disclosure date. If repayment terms are offered to and accepted by those borrowers, the weighted average life of the securities could be lengthened.

DISTRIBUTION OF THE TRUST STUDENT LOANS BY LOAN

TYPE AS OF THE STATISTICAL DISCLOSURE DATE

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%

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The following table provides information about the trust student loans regarding date of disbursement.

DISTRIBUTION OF THE TRUST STUDENT LOANS

BY DATE OF DISBURSEMENT AS OF

THE STATISTICAL DISCLOSURE DATE

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%

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Guaranty Agencies for the Trust Student Loans. The eligible lender trustee has entered into a separate guarantee agreement with each of the guaranty agencies listed below, under which each of the guarantors has agreed to serve as guarantor for specified trust student loans.

The following table provides information with respect to the portion of the trust student loans guaranteed by each guarantor.

DISTRIBUTION OF THE TRUST STUDENT LOANS

BY GUARANTY AGENCY AS OF

THE STATISTICAL DISCLOSURE DATE

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%.

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