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8-K - 8-K - SLM Student Loan Trust 2003-1d357122d8k.htm

Exhibit 99.1

ANNEX A

The Trust Student Loan Pool as of April 30, 3017

The trust student loans owned by the trust were originally selected from a portfolio of consolidation student loans owned by Student Loan Marketing Association by employing several criteria, including requirements that each trust student loan as of the original cutoff date:

 

    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.

No trust student loan as of the original cutoff date was subject to the depositor’s or the Student Loan Marketing Association’s prior obligation to sell that loan to a third party. The Student Loan Marketing Association was dissolved on December 31, 2004 and all of its obligations were assumed by its affiliate, Navient Credit Finance Corporation.

Unless otherwise specified, all information with respect to the trust student loans is presented as of April 30, 2017, 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 $2,443,367 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, 6 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.

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


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

COMPOSITION OF THE TRUST STUDENT LOANS AS OF

THE STATISTICAL DISCLOSURE DATE

 

Aggregate Outstanding Principal Balance

   $ 593,277,616  

Aggregate Outstanding Principal Balance – Treasury Bill

   $ 78,307,646  

Percentage of Aggregate Outstanding Principal Balance – Treasury Bill

     13.20

Aggregate Outstanding Principal Balance – One-Month LIBOR

   $ 514,969,970  

Percentage of Aggregate Outstanding Principal Balance – One-Month LIBOR

     86.80

Number of Borrowers

     15,580  

Average Outstanding Principal Balance Per Borrower

   $ 38,079  

Number of Loans

     27,128  

Average Outstanding Principal Balance Per Loan – Treasury Bill

   $ 30,613  

Average Outstanding Principal Balance Per Loan – One-Month LIBOR

   $ 20,959  

Weighted Average Remaining Term to Scheduled Maturity

     178 months  

Weighted Average Annual Interest Rate

     7.32

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 3.10% 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.


DISTRIBUTION OF THE TRUST STUDENT LOANS

BY BORROWER INTEREST RATES AS OF THE STATISTICAL

DISCLOSURE DATE

 

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%

     2        73,312            

3.51% to 4.00%

     2        55,134            

4.01% to 4.50%

     0        0        0.0  

4.51% to 5.00%

     15        99,994            

5.01% to 5.50%

     413        5,197,010        0.9  

5.51% to 6.00%

     2,511        38,690,954        6.5  

6.01% to 6.50%

     5,128        88,991,387        15.0  

6.51% to 7.00%

     7,989        154,263,221        26.0  

7.01% to 7.50%

     1,617        37,052,480        6.2  

7.51% to 8.00%

     3,621        99,265,642        16.7  

8.01% to 8.50%

     5,030        137,966,814        23.3  

Equal to or greater than 8.51%

     800        31,621,669        5.3  
  

 

 

    

 

 

    

 

 

 

Total

     27,128      $ 593,277,616        100.0
  

 

 

    

 

 

    

 

 

 

 

* Represents a percentage greater than 0% but less than 0.05%.

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 – Sallie Mae’s Student Loan Financing Business” in the original prospectus.


DISTRIBUTION OF THE TRUST STUDENT LOANS BY

OUTSTANDING PRINCIPAL BALANCE PER BORROWER

AS OF THE STATISTICAL DISCLOSURE DATE

 

Range of Outstanding

Principal Balance

   Number of
Borrowers
     Aggregate
Outstanding
Principal Balance
     Percent of Pool
by Outstanding
Principal Balance
 

Less than $5,000.00

     1,551      $ 3,762,522        0.6

$5,000.00-$9,999.99

     2,283        17,330,407        2.9  

$10,000.00-$14,999.99

     1,812        22,322,975        3.8  

$15,000.00-$19,999.99

     1,340        23,308,672        3.9  

$20,000.00-$24,999.99

     1,235        27,683,450        4.7  

$25,000.00-$29,999.99

     1,034        28,302,491        4.8  

$30,000.00-$34,999.99

     842        27,269,645        4.6  

$35,000.00-$39,999.99

     680        25,445,275        4.3  

$40,000.00-$44,999.99

     560        23,826,302        4.0  

$45,000.00-$49,999.99

     523        24,801,924        4.2  

$50,000.00-$54,999.99

     427        22,372,734        3.8  

$55,000.00-$59,999.99

     395        22,692,581        3.8  

$60,000.00-$64,999.99

     317        19,784,349        3.3  

$65,000.00-$69,999.99

     286        19,255,569        3.2  

$70,000.00-$74,999.99

     261        18,921,425        3.2  

$75,000.00-$79,999.99

     222        17,205,885        2.9  

$80,000.00-$84,999.99

     199        16,398,980        2.8  

$85,000.00-$89,999.99

     162        14,169,353        2.4  

$90,000.00-$94,999.99

     145        13,412,284        2.3  

$95,000.00-$99,999.99

     111        10,825,806        1.8  

$100,000.00 and above

     1,195        194,184,988        32.7  
  

 

 

    

 

 

    

 

 

 

Total

     15,580      $ 593,277,616        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

     25,660      $ 544,705,420        91.8

31-60 days

     520        17,600,544        3.0  

61-90 days

     248        7,691,732        1.3  

91-120 days

     189        5,942,479        1.0  

121-150 days

     121        3,855,329        0.6  

151-180 days

     94        3,558,665        0.6  

181-210 days

     59        1,838,490        0.3  

Greater than 210 days

     237        8,084,955        1.4  
  

 

 

    

 

 

    

 

 

 

Total

     27,128      $ 593,277,616        100.0
  

 

 

    

 

 

    

 

 

 


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

     120      $ 28,384            

4 to12

     432        432,631        0.1

13 to 24

     591        1,605,561        0.3  

25 to 36

     781        2,999,141        0.5  

37 to 48

     1,123        6,071,748        1.0  

49 to 60

     2,867        15,434,126        2.6  

61 to 72

     1,797        13,744,278        2.3  

73 to 84

     1,253        11,155,644        1.9  

85 to 96

     1,175        12,707,533        2.1  

97 to 108

     1,117        15,003,190        2.5  

109 to 120

     2,157        31,038,191        5.2  

121 to 132

     2,408        55,716,435        9.4  

133 to 144

     1,652        44,807,274        7.6  

145 to 156

     1,304        38,661,094        6.5  

157 to 168

     1,249        41,043,214        6.9  

169 to 180

     1,739        50,450,229        8.5  

181 to 192

     1,112        36,552,137        6.2  

193 to 204

     767        27,706,990        4.7  

205 to 216

     680        25,580,601        4.3  

217 to 228

     518        23,590,498        4.0  

229 to 240

     592        27,197,431        4.6  

241 to 252

     458        22,645,953        3.8  

253 to 264

     278        14,280,636        2.4  

265 to 276

     209        11,853,891        2.0  

277 to 288

     165        10,536,756        1.8  

289 to 300

     176        13,229,977        2.2  

301 to 312

     163        13,904,058        2.3  

313 to 324

     48        3,715,553        0.6  

325 to 336

     39        3,239,814        0.5  

337 to 348

     36        3,707,726        0.6  

349 to 360

     78        9,780,068        1.6  

361 and above

     44        4,856,851        0.8  
  

 

 

    

 

 

    

 

 

 

Total

     27,128      $ 593,277,616        100.0
  

 

 

    

 

 

    

 

 

 

 

* Represents a percentage greater than 0% but less than 0.05%.

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 – Sallie Mae’s Student Loan Financing Business” in the original prospectus.


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

     986      $ 26,518,311        4.5

Forbearance

     1,685        61,705,497        10.4  

Repayment

        

First year in repayment

     350        18,960,591        3.2  

Second year in repayment

     357        20,689,672        3.5  

Third year in repayment

     466        24,132,246        4.1  

More than 3 years in repayment

     23,284        441,271,298        74.4  
  

 

 

    

 

 

    

 

 

 

Total

     27,128      $ 593,277,616        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:

 

    may have temporarily ceased repaying the loan through a deferment or a forbearance period; or

 

    may be currently required to repay the loan – repayment.

See Appendix A to the preliminary remarketing memorandum and “The Student Loan Pools – Sallie Mae’s Student Loan Financing Business” in the original prospectus.

The weighted average number of months in repayment for all trust student loans currently in repayment is approximately 113.4 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.


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

     17.8        —          207.6  

Forbearance

     —          5.5        210.2  

Repayment

     —          —          171.2  

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 $26,518,311 aggregate outstanding principal balance of the trust student loans in deferment as of the statistical disclosure date, $19,037,628 or approximately 71.8% 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 original prospectus.


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

     330      $ 8,128,777        1.4

Alaska

     48        594,785        0.1  

Arizona

     567        13,587,878        2.3  

Arkansas

     317        6,225,313        1.0  

California

     3,145        76,915,186        13.0  

Colorado

     579        10,838,602        1.8  

Connecticut

     219        4,255,524        0.7  

Delaware

     63        1,233,714        0.2  

District of Columbia

     106        2,825,105        0.5  

Florida

     1,468        38,157,402        6.4  

Georgia

     999        25,201,598        4.2  

Hawaii

     84        1,532,981        0.3  

Idaho

     174        3,433,341        0.6  

Illinois

     1,314        25,832,021        4.4  

Indiana

     388        6,866,664        1.2  

Iowa

     203        3,402,623        0.6  

Kansas

     666        12,148,683        2.0  

Kentucky

     209        4,380,978        0.7  

Louisiana

     1,013        22,748,954        3.8  

Maine

     80        1,625,695        0.3  

Maryland

     523        13,577,450        2.3  

Massachusetts

     421        8,294,439        1.4  

Michigan

     880        20,874,763        3.5  

Minnesota

     746        12,441,504        2.1  

Mississippi

     387        8,060,857        1.4  

Missouri

     868        18,272,613        3.1  

Montana

     86        1,548,982        0.3  

Nebraska

     120        2,521,982        0.4  

Nevada

     215        4,707,414        0.8  

New Hampshire

     78        1,354,795        0.2  

New Jersey

     401        9,835,487        1.7  

New Mexico

     88        2,289,834        0.4  

New York

     1,033        23,776,410        4.0  

North Carolina

     467        10,564,547        1.8  

North Dakota

     21        371,057        0.1  

Ohio

     154        2,612,503        0.4  

Oklahoma

     734        14,387,042        2.4  

Oregon

     632        15,261,540        2.6  

Pennsylvania

     581        11,425,312        1.9  

Rhode Island

     35        1,110,291        0.2  

South Carolina

     272        6,477,558        1.1  

South Dakota

     38        688,641        0.1  

Tennessee

     656        14,283,302        2.4  

Texas

     2,758        58,325,145        9.8  

Utah

     110        2,401,196        0.4  

Vermont

     21        551,156        0.1  

Virginia

     617        12,504,403        2.1  

Washington

     1,239        24,274,129        4.1  

West Virginia

     69        1,430,485        0.2  

Wisconsin

     628        12,952,106        2.2  

Wyoming

     38        830,182        0.1  

Other

     240        5,334,668        0.9  
  

 

 

    

 

 

    

 

 

 

Total

     27,128      $ 593,277,616        100.0
  

 

 

    

 

 

    

 

 

 


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.


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

     12,396      $ 222,140,092        37.4

Other Repayment Options(1)

     11,671        237,739,520        40.1  

Income-driven Repayment(2)

     3,061        133,398,004        22.5  
  

 

 

    

 

 

    

 

 

 

Total

     27,128      $ 593,277,616        100.0

 

(1) Includes, among others, graduated repayment and interest-only period loans.
(2) Includes income sensitive and income based repayment.

With respect to interest-only loans, as of the statistical disclosure date, there are 463 loans with an aggregate outstanding principal balance of $21,311,475 currently in an interest-only period. These interest-only loans represent approximately 3.6% 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

     13,464      $ 263,281,517        44.4

Unsubsidized

     13,664        329,996,099        55.6  
  

 

 

    

 

 

    

 

 

 

Total

     27,128      $ 593,277,616        100.0
  

 

 

    

 

 

    

 

 

 


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

     93      $ 2,083,209        0.4

October 1, 1993 through June 30, 2006

     27,035        591,194,407        99.6  

July 1, 2006 and later

     0        0        0.0  
  

 

 

    

 

 

    

 

 

 

Total

     27,128      $ 593,277,616        100.0
  

 

 

    

 

 

    

 

 

 


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

     1,870      $ 24,557,313        4.1

College Assist

     71        1,073,983        0.2  

Educational Credit Management Corporation

     1,284        30,768,308        5.2  

Great Lakes Higher Education Corporation

     940        21,628,864        3.6  

Illinois Student Assistance Comm

     1,217        22,465,811        3.8  

Kentucky Higher Educ. Asst. Auth.

     128        2,473,413        0.4  

Lousiana Office Of Student Financial Asst

     421        7,536,232        1.3  

Michigan Guaranty Agency

     572        12,477,363        2.1  

Montana Guaranteed Student Ln Prog

     5        64,757        *  

New Jersey Higher Ed Student Assistance Authority

     265        5,941,452        1.0  

New York State Higher Ed Services Corp

     1,482        30,848,339        5.2  

Northwest Education Loan Association

     1,015        18,224,447        3.1  

Oklahoma Guaranteed Stud Loan Prog

     781        14,665,582        2.5  

Pennsylvania Higher Education Assistance Agency

     2,747        59,692,295        10.1  

Texas Guaranteed Student Loan Corp

     2,415        51,513,041        8.7  

United Student Aid Funds, Inc.

     11,915        289,346,418        48.8  
  

 

 

    

 

 

    

 

 

 

Total

     27,128      $ 593,277,616        100.0
  

 

 

    

 

 

    

 

 

 

 

* Represents a percentage greater than 0% but less than 0.05%.