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8-K - 8-K - SLM STudent Loan Trust 2003-12d357102d8k.htm

Exhibit 99.1

ANNEX A

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 Student Loan Marketing Association 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):

 

    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 90 days or more 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 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 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 $2,050,881 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, 15 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

   $ 765,421,002  

Aggregate Outstanding Principal Balance – Treasury Bill

   $ 97,803,150  

Percentage of Aggregate Outstanding Principal Balance – Treasury Bill

     12.78

Aggregate Outstanding Principal Balance – One-Month LIBOR

   $ 667,617,852  

Percentage of Aggregate Outstanding Principal Balance – One-Month LIBOR

     87.22

Number of Borrowers

     30,033  

Average Outstanding Principal Balance Per Borrower

   $ 25,486  

Number of Loans

     51,030  

Average Outstanding Principal Balance Per Loan – Treasury Bill

   $ 27,496  

Average Outstanding Principal Balance Per Loan – One-Month LIBOR

   $ 14,063  

Weighted Average Remaining Term to Scheduled Maturity

     179 months  

Weighted Average Annual Interest Rate

     4.89

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%

     4,042      $ 44,185,109        5.8

3.01% to 3.50%

     7,241        84,339,294        11.0  

3.51% to 4.00%

     9,258        127,439,839        16.6  

4.01% to 4.50%

     16,373        210,335,655        27.5  

4.51% to 5.00%

     7,019        107,084,200        14.0  

5.01% to 5.50%

     1,144        24,548,839        3.2  

5.51% to 6.00%

     572        13,251,558        1.7  

6.01% to 6.50%

     555        16,543,116        2.2  

6.51% to 7.00%

     585        14,509,340        1.9  

7.01% to 7.50%

     507        12,854,620        1.7  

7.51% to 8.00%

     1,661        41,960,634        5.5  

8.01% to 8.50%

     945        27,436,914        3.6  

Equal to or greater than 8.51%

     1,128        40,931,883        5.3  
  

 

 

    

 

 

    

 

 

 

Total

     51,030      $ 765,421,002        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 – 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

     6,611      $ 13,546,099        1.8

$5,000.00-$9,999.99

     5,180        39,744,024        5.2  

$10,000.00-$14,999.99

     4,042        49,391,476        6.5  

$15,000.00-$19,999.99

     2,506        43,563,811        5.7  

$20,000.00-$24,999.99

     2,211        49,694,374        6.5  

$25,000.00-$29,999.99

     1,650        45,035,581        5.9  

$30,000.00-$34,999.99

     1,189        38,410,088        5.0  

$35,000.00-$39,999.99

     924        34,619,560        4.5  

$40,000.00-$44,999.99

     829        35,214,389        4.6  

$45,000.00-$49,999.99

     681        32,248,299        4.2  

$50,000.00-$54,999.99

     557        29,231,783        3.8  

$55,000.00-$59,999.99

     510        29,283,443        3.8  

$60,000.00-$64,999.99

     390        24,316,694        3.2  

$65,000.00-$69,999.99

     347        23,445,830        3.1  

$70,000.00-$74,999.99

     305        22,080,309        2.9  

$75,000.00-$79,999.99

     234        18,107,779        2.4  

$80,000.00-$84,999.99

     245        20,181,100        2.6  

$85,000.00-$89,999.99

     181        15,802,180        2.1  

$90,000.00-$94,999.99

     166        15,356,392        2.0  

$95,000.00-$99,999.99

     149        14,502,624        1.9  

$100,000.00 and above

     1,126        171,645,167        22.4  
  

 

 

    

 

 

    

 

 

 

Total

     30,033      $ 765,421,002        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

     48,970      $ 716,880,817        93.7

31-60 days

     761        18,709,532        2.4  

61-90 days

     342        7,101,351        0.9  

91-120 days

     209        5,119,144        0.7  

121-150 days

     172        3,673,029        0.5  

151-180 days

     132        3,165,285        0.4  

181-210 days

     102        2,520,601        0.3  

Greater than 210 days

     342        8,251,242        1.1  
  

 

 

    

 

 

    

 

 

 

Total

     51,030      $ 765,421,002        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

     71      $ 32,573        *  

4 to12

     543        467,258        0.1

13 to 24

     5,028        4,866,213        0.6  

25 to 36

     2,207        5,843,799        0.8  

37 to 48

     1,869        7,220,657        0.9  

49 to 60

     1,412        7,543,482        1.0  

61 to 72

     1,595        10,825,607        1.4  

73 to 84

     7,931        45,619,821        6.0  

85 to 96

     2,772        22,101,995        2.9  

97 to 108

     2,158        20,297,543        2.7  

109 to 120

     1,675        19,830,298        2.6  

121 to 132

     2,992        58,322,779        7.6  

133 to 144

     5,453        84,813,746        11.1  

145 to 156

     2,217        43,519,668        5.7  

157 to 168

     1,502        31,958,825        4.2  

169 to 180

     1,078        23,579,056        3.1  

181 to 192

     1,032        26,098,195        3.4  

193 to 204

     3,454        91,756,753        12.0  

205 to 216

     1,328        41,513,806        5.4  

217 to 228

     1,013        35,469,330        4.6  

229 to 240

     965        36,131,719        4.7  

241 to 252

     575        23,632,414        3.1  

253 to 264

     547        25,763,667        3.4  

265 to 276

     448        20,338,324        2.7  

277 to 288

     223        11,386,810        1.5  

289 to 300

     323        17,659,956        2.3  

301 to 312

     180        13,465,874        1.8  

313 to 324

     104        7,603,212        1.0  

325 to 336

     49        3,758,435        0.5  

337 to 348

     62        4,326,716        0.6  

349 to 360

     148        13,581,612        1.8  

361 and above

     76        6,090,862        0.8  
  

 

 

    

 

 

    

 

 

 

Total

     51,030      $ 765,421,002        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

     1,759      $ 32,648,589        4.3

Forbearance

     2,356        58,915,100        7.7  

Repayment

        

First year in repayment

     637        26,365,534        3.4  

Second year in repayment

     519        17,426,202        2.3  

Third year in repayment

     602        19,935,727        2.6  

More than 3 years in repayment

     45,157        610,129,850        79.7  
  

 

 

    

 

 

    

 

 

 

Total

     51,030      $ 765,421,002        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 114.8 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

     16.9        —          210.1  

Forbearance

     —          4.4        209.6  

Repayment

     —          —          174.0  

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 $32,648,589 aggregate outstanding principal balance of the trust student loans in deferment as of the statistical disclosure date, $22,397,322 or approximately 68.6% 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.


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

     404      $ 6,966,567        0.9

Alaska

     109        1,444,154        0.2  

Arizona

     1,152        19,678,728        2.6  

Arkansas

     293        4,362,846        0.6  

California

     4,878        84,956,703        11.1  

Colorado

     838        9,779,224        1.3  

Connecticut

     975        12,940,558        1.7  

Delaware

     148        2,211,855        0.3  

District of Columbia

     204        3,640,934        0.5  

Florida

     2,911        55,856,230        7.3  

Georgia

     1,502        25,852,662        3.4  

Hawaii

     194        2,368,604        0.3  

Idaho

     173        2,471,080        0.3  

Illinois

     2,494        34,408,904        4.5  

Indiana

     1,556        20,092,211        2.6  

Iowa

     230        3,222,312        0.4  

Kansas

     873        10,656,373        1.4  

Kentucky

     361        5,319,969        0.7  

Louisiana

     1,632        26,172,986        3.4  

Maine

     209        3,056,749        0.4  

Maryland

     1,375        22,967,766        3.0  

Massachusetts

     1,878        22,636,680        3.0  

Michigan

     1,101        19,088,889        2.5  

Minnesota

     740        10,750,689        1.4  

Mississippi

     434        7,095,012        0.9  

Missouri

     1,068        13,982,982        1.8  

Montana

     102        1,370,685        0.2  

Nebraska

     96        1,142,447        0.1  

Nevada

     301        4,512,476        0.6  

New Hampshire

     372        4,998,659        0.7  

New Jersey

     1,567        22,416,443        2.9  

New Mexico

     169        2,921,844        0.4  

New York

     4,391        58,846,203        7.7  

North Carolina

     1,116        17,332,784        2.3  

North Dakota

     30        570,444        0.1  

Ohio

     329        5,957,949        0.8  

Oklahoma

     1,065        14,750,321        1.9  

Oregon

     828        12,063,889        1.6  

Pennsylvania

     2,151        31,677,159        4.1  

Rhode Island

     185        2,863,412        0.4  

South Carolina

     483        7,954,458        1.0  

South Dakota

     44        473,027        0.1  

Tennessee

     867        13,795,350        1.8  

Texas

     4,350        65,521,045        8.6  

Utah

     144        1,964,905        0.3  

Vermont

     86        956,247        0.1  

Virginia

     1,587        20,919,666        2.7  

Washington

     1,605        19,906,235        2.6  

West Virginia

     244        3,445,454        0.5  

Wisconsin

     685        8,618,572        1.1  

Wyoming

     50        453,400        0.1  

Other

     451        8,006,257        1.0  
  

 

 

    

 

 

    

 

 

 

Total

     51,030      $ 765,421,002        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

     29,073      $ 338,234,419        44.2

Other Repayment Options(1)

     18,894        329,814,220        43.1  

Income-driven Repayment(2)

     3,063        97,372,363        12.7  
  

 

 

    

 

 

    

 

 

 

Total

     51,030      $ 765,421,002        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 526 loans with an aggregate outstanding principal balance of $19,086,602 currently in an interest-only period. These interest-only loans represent approximately 2.5% 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

     24,968      $ 320,950,672        41.9

Unsubsidized

     26,062        444,470,330        58.1  
  

 

 

    

 

 

    

 

 

 

Total

     51,030      $ 765,421,002        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

     92      $ 2,818,525        0.4

October 1, 1993 through June 30, 2006

     50,938        762,602,477        99.6  

July 1, 2006 and later

     0        0        0.0  
  

 

 

    

 

 

    

 

 

 

Total

     51,030      $ 765,421,002        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

     2,080      $ 23,942,194        3.1

College Assist

     25        679,597        0.1  

Educational Credit Management Corporation

     1,371        22,263,372        2.9  

Great Lakes Higher Education Corporation

     522        10,837,632        1.4  

Illinois Student Assistance Comm

     2,083        25,316,767        3.3  

Kentucky Higher Educ. Asst. Auth.

     238        2,922,466        0.4  

Lousiana Office Of Student Financial Asst

     259        3,659,312        0.5  

Michigan Guaranty Agency

     731        9,928,946        1.3  

Montana Guaranteed Student Ln Prog

     5        40,679            

New Jersey Higher Ed Student Assistance Authority

     1,926        19,874,230        2.6  

New York State Higher Ed Services Corp

     6,368        78,251,716        10.2  

Northwest Education Loan Association

     3,944        49,593,999        6.5  

Oklahoma Guaranteed Stud Loan Prog

     1,105        14,029,370        1.8  

Pennsylvania Higher Education Assistance Agency

     4,573        59,563,959        7.8  

Texas Guaranteed Student Loan Corp

     3,162        49,145,215        6.4  

United Student Aid Funds, Inc.

     22,638        395,371,548        51.7  
  

 

 

    

 

 

    

 

 

 

Total

     51,030      $ 765,421,002        100.0
  

 

 

    

 

 

    

 

 

 

 

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