UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

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FORM 8-K

 

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CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):  January 13, 2026

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SLM Student Loan Trust 2005-5

(Exact name of issuer as specified in its charter)

 

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Registrant’s telephone number including area code:  (703) 984-5858

 

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company   ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financing account standards provided pursuant to Section 13(a) of the Exchange Act.   ☐

Securities registered pursuant to Section 12(b) of the Act:

Exhibit Index appears on page 3

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On January 13, 2026, Navient Solutions, LLC, in its capacity as administrator, furnished to the applicable remarketing agents a preliminary remarketing memorandum (the “Remarketing Memorandum”) for distribution to certain qualified institutional buyers for purposes of remarketing the SLM Student Loan Trust 2005-5 Class A-5 Reset Rate Notes.  The Remarketing Memorandum is attached as an exhibit to this current report.

 

 

(a)

Not applicable

 

(b)

Not applicable

 

(c)

Not applicable

 

(d)

Exhibits

 

99.1

Remarketing Memorandum for SLM Student Loan Trust 2005-5 dated as of January 13, 2026.

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Trust has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

SLM STUDENT LOAN TRUST 2005-5

Form 8-K

CURRENT REPORT

 

 

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liquidation of the student loan or collection of the related guarantee payments; and

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purchase of a student loan by the depositor or the servicer.

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the original denomination of your note; and

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the applicable pool factor.

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the administrator advises the indenture trustee in writing that DTC is not willing or able to discharge its responsibilities as depository for the reset rate notes and the administrator is unable to locate a successor;

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the administrator, at its option, elects to terminate the book-entry system through DTC; or

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after the occurrence of an event of default, a servicer default or an administrator default, investors holding a majority of the outstanding principal balance of the reset rate notes, advise the trustee through DTC in writing that the continuation of a book-entry system through DTC or a successor is no longer in the best interest of the holders of these reset rate notes.

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the outstanding principal balance of the trust student loans plus

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any accrued but unpaid interest on the trust student loans as of the last day of the related collection period plus

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the balance of the reserve account on the distribution date following those distributions made under clauses (a) through (f) under “—Distributions—Distributions from the Collection Account” below minus

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the Specified Reserve Account Balance and the Supplemental Interest Account Deposit Amount for that distribution date, or

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if the class A-5 notes are denominated in U.S. Dollars, a 360-day year consisting of twelve 30-day months; or

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if the class A-5 notes are denominated in a currency other than U.S. Dollars, generally, the Actual/Actual (ISMA) accrual method as described in “—Determination of Indices” below or another day-count convention as set forth on the related Remarketing Terms Determination Date.

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the remarketing agent, in consultation with the administrator, with respect to the length of the reset period, the applicable currency (U.S. Dollars, Euros, Pounds Sterling or another currency), whether the interest rate is fixed or floating and, if floating, the applicable interest rate index, the day-count convention, the applicable interest rate determination dates, the interval between interest rate change dates during each accrual period, whether the class A-5 notes will be structured to amortize periodically or to receive a payment of principal only at the end of the reset period, and the related All Hold Rate (if applicable); and

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the remarketing agent with respect to the determination of the applicable fixed rate of interest or Spread to the chosen interest rate index, as applicable.

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at a floating interest rate, in which case the class A-5 notes are said to be in floating rate mode, or

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at a fixed interest rate, in which case the class A-5 notes are said to be in fixed rate mode,

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the weighted average life of the class A-5 notes under several assumed prepayment scenarios;

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the name and contact information of the remarketing agent;

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the next reset date and reset period;

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the applicable minimum denomination and additional increments;

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the interest rate mode (i.e., fixed rate or floating rate);

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the applicable currency;

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if in foreign exchange mode, the identities of the Eligible Swap Counterparties from which bids will be solicited;

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if in foreign exchange mode, the applicable distribution dates on which interest and principal will be paid to the reset rate noteholders, if other than quarterly;

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whether the class A-5 notes will be structured to amortize periodically or to receive a payment of principal only at the end of the related reset period (as will be the case, generally, but not exclusively, whenever the class A-5 notes bear a fixed rate of interest);

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if in floating rate mode, the applicable interest rate index;

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if in floating rate mode, the interval between interest rate change dates;

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if in floating rate mode, the applicable interest rate determination date;

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if in fixed rate mode, the applicable fixed rate pricing benchmark;

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if in fixed rate mode, the identities of the Eligible Swap Counterparties from which bids will be solicited;

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if in floating rate mode, whether there will be a swap agreement and if so the identities of the Eligible Swap Counterparties from which bids will be solicited;

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the applicable interest rate day-count basis; and

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the related All Hold Rate, if applicable.

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the remarketing agent, in consultation with the administrator, cannot determine the applicable required reset terms on or before the remarketing terms determination date;

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the remarketing agent cannot establish the required spread on the spread determination date;

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the remarketing agent is unable to remarket some or all of the tendered reset rate notes at the spread set by the remarketing agent, or one or more committed purchasers default on their purchase obligations and the remarketing agent chooses not to purchase such reset rate notes itself;

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any rating agency then rating the notes has not confirmed or upgraded its then-current rating of any class of notes, if such confirmation is required; or

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certain other conditions specified in the remarketing agreement are not satisfied.

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all holders of the class A-5 notes will retain their notes, including in all deemed mandatory tender situations;

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the related interest rate for the class A-5 notes will be reset to a failed remarketing rate of the SOFR Rate plus 0.75% per annum; and

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the related reset period will be set at three months.

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to facilitate the trust’s ability to pay principal and interest in the applicable currency;

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to pay additional interest at the applicable interest rate and in the applicable currency on the class A-5 notes from and including the related reset date to, but excluding the second business day following the related reset date; and

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to facilitate the exchange of all secondary market trade proceeds from a successful remarketing (or proceeds from the exercise of the call option) on the applicable reset date to the applicable currency.

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on the effective date of such currency swap agreement for the related reset date, the U.S. Dollar equivalent of all secondary market trade proceeds received from purchasers of the class A-5 notes using the exchange rate established on the effective date of such currency swap agreement;

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on or before each distribution date, (1) the rate of interest on the class A-5 notes multiplied by the outstanding principal balance of the class A-5 notes denominated in the applicable currency and (2) the currency equivalent of the U.S. Dollars such swap counterparty concurrently receives from the trust as a payment of principal allocated to the class A-5 notes, including, on the maturity date for the class A-5 notes, if a currency swap agreement is then in effect, the remaining outstanding principal balance of the class A-5 notes, but only to the extent that the required U.S. Dollar equivalent amount is received from the trust on such date, using the exchange rate established on the applicable effective date of the currency swap agreement;

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with respect to a distribution date that is also a reset date, other than for distribution dates during a reset period following a reset date upon which a failed remarketing has occurred, up to and including the reset date resulting in a successful remarketing or an exercise of the call option, additional interest at the applicable interest rate and in the applicable currency for the class A-5 notes from and including the related reset date to, but excluding, the second business day following the related reset date; and

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on the reset date corresponding to a successful remarketing or an exercise of the call option of the class A-5 notes, the currency equivalent of all U.S. Dollar secondary market trade proceeds or proceeds from the exercise of the call option received as of that reset date, as applicable, using the exchange rate established on the effective date of the applicable currency swap agreement for that reset date.

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on the effective date of such currency swap agreement for the related reset date, all secondary market trade proceeds received from purchasers of the class A-5 notes in the applicable currency;

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on or before each distribution date, (1) an interest rate of the SOFR Rate plus or minus a spread, as determined from the bidding process described below, multiplied by that swap counterpart’s pro rata share, as applicable, of the U.S. Dollar equivalent of the outstanding principal balance of the class A-5 notes, and (2) that swap counterpart’s pro rata share of all payments of principal in U.S. Dollars that are allocated to the class A-5 notes; provided that, all principal payments allocated to such notes on any distribution date will be deposited into the related accumulation account and paid to each related swap counterparty on or about the next reset date (including all amounts required to be deposited in the related accumulation account on the related reset date), but excluding all investment earnings thereon; and

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on the reset date corresponding to a successful remarketing or an exercise of the call option of the class A-5 notes, all U.S. Dollar secondary market trade proceeds or proceeds from the exercise of the call option, as applicable, received (1) from the remarketing agent that the remarketing agent either received directly from the purchasers of the class A-5 notes, if in U.S. Dollars; (2) from the new swap counterparty or counterparties pursuant to the related currency swap agreements for the upcoming reset period, if in a currency other than U.S. Dollars; or (3) from the holder of the call option, as applicable.

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the next succeeding related reset date resulting in a successful remarketing;

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the purchase of all outstanding notes on a reset date, following the exercise of a call option;

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the distribution date on which the outstanding principal balance of the class A-5 notes is reduced to zero, excluding for such purpose all amounts on deposit in the related accumulation account; or

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the maturity date of the class A-5 notes.

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the applicable spread as determined by the remarketing agent on the Spread Determination Date; and

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the yield to maturity on the Spread Determination Date of the applicable fixed rate pricing benchmark, selected by the remarketing agent, as having an expected weighted average life based on a scheduled maturity at the next reset date, which would be used in accordance with customary financial practice in pricing new issues of asset-backed securities of comparable average life, provided, that the remarketing agent shall establish that fixed rate equal to the rate that, in the reasonable opinion of the remarketing agent, will enable all of the tendered reset rate notes to be remarketed by the remarketing agent at 100% of their outstanding principal balance.  However, that fixed rate of interest will in no event be lower than the related All Hold Rate, if applicable.

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the next succeeding reset date, if the class A-5 notes are then denominated in U.S. Dollars, or the next succeeding reset date resulting in a successful remarketing, if the class A-5 notes are then in foreign exchange mode;

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the related reset date for which the call option is exercised;

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the distribution date on which the outstanding principal balance of the class A-5 notes is reduced to zero (including as the result of the optional purchase of the remaining trust student loans by the servicer or an auction of the trust student loans by the indenture trustee); or

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the maturity date of the class A-5 notes.

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an event of default under the indenture relating to the payment of principal on any class at its maturity date or to the payment of interest on any class of notes which has resulted in an acceleration of the maturity of the notes,

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an event of default under the indenture relating to an insolvency event or a bankruptcy with respect to the trust which has resulted in an acceleration of the maturity of the notes, or

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a liquidation of the trust assets following any event of default under the indenture,

A:

to the noteholders of the reset rate notes then denominated in U.S. Dollars and then structured not to receive a payment of principal until the end of its related reset period, the amount, if any, on deposit in the related accumulation account for the reset rate notes (exclusive of investment earnings) in reduction of the outstanding principal balance of such reset rate notes until they are paid in full; and/or

B:

to the related currency Swap Counterparty if the reset rate notes are then in foreign exchange mode and are then structured not to receive a payment of principal until the end of their reset period, the amount, if any, on deposit in the related accumulation account for the reset rate notes (exclusive of investment earnings) in reduction of the outstanding amount of the reset rate notes until they are paid in full;

A:

to the class A noteholders (other than the noteholders of the reset rate notes if a swap agreement with respect to interest payments to be made to such noteholders is then in effect), the Class A Noteholders’ Interest Distribution Amount, ratably, without preference or priority of any kind, based on the amounts due and payable as the Class A Noteholders’ Interest Distribution Amount;

B:

if a swap agreement is then in effect for the reset rate noteholders with respect to interest payments to be made to such noteholders, to each Swap Counterparty, the amount of any swap interest payments due and payable by the trust (other than as paid to that Swap Counterparty under clause FIRST); and

C:

if any swap agreement with respect to the reset rate notes has been terminated, to the related Swap Counterparty, the amount of any swap termination payments due to such Swap Counterparty under the related swap agreement due to a swap termination event relating to a payment default by the trust, acceleration of the notes or the insolvency of the trust;

A:

if the reset rate notes are in foreign exchange mode, pro rata (1) to the class A noteholders (other than the holders of any reset rate notes then in foreign exchange mode), ratably, an amount sufficient to reduce the respective principal balances of those class A notes to zero, and (2) to the applicable currency Swap Counterparties an amount sufficient to reduce the U.S. Dollar equivalent principal balance of the reset rate notes then in foreign exchange mode to zero; or

B:

if the reset rate notes are then denominated in U.S. Dollars, pro rata to the class A noteholders, ratably, an amount sufficient to reduce the respective principal balances of those class A notes to zero;

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“Benchmark” means, initially, Compounded SOFR; provided, that if the administrator determines prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement.

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“Benchmark Replacement” means, for any Interest Determination Date after the administrator has determined that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the first alternative set forth in the order below that can be determined by the administrator, without obtaining the consent of any noteholders, as of the Benchmark Replacement Date;

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“Benchmark Replacement Adjustment” means, for any Interest Determination Date after the administrator has determined that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the first alternative set forth in the order below that can be determined by the administrator as of the Benchmark Replacement Date:

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“Benchmark Replacement Conforming Changes” means, in connection with any determination and calculation of the Benchmark Replacement, any technical, administrative or operational changes (including changes to the accrual period, timing and frequency of determining rates and making payments of interest, rounding of amounts or tenors and other administrative matters) that the administrator decides in its reasonable discretion may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the administrator decides that adoption of any portion of such market practice is not administratively feasible or if the administrator determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the administrator determines in its reasonable discretion is reasonably necessary).

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“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark (including the daily published component used in the calculation thereof):

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“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark (including the daily published component used in the calculation thereof):

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“Compounded SOFR” with respect to any U.S. Government Securities Business Day, means:

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“Corresponding Tenor” means, with respect to a Benchmark Replacement, a tenor (including overnight) having approximately the same length (disregarding any business day adjustment) as the applicable tenor for the then-current Benchmark.

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“FRBNY” means the Federal Reserve Bank of New York.

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“FRBNY’s Website” means the website of the FRBNY, currently at https://apps.newyorkfed.org/markets/autorates/sofr-avg-ind or at such other page as may replace such page on the FRBNY’s website.

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“Interest Determination Date” means, for each accrual period, the second Business Day before the beginning of that accrual period.

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“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time.

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“ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark.

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“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.

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“Relevant Governmental Body” means the Federal Reserve Board and/or the FRBNY, or a committee officially endorsed or convened by the Federal Reserve Board and/or the FRBNY or any successor thereto.

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“SOFR” means, with respect to any date of determination, the secured overnight financing rate for the applicable tenor published on such date by the Federal Reserve Bank of New York, as the administrator of the Benchmark (or any successor administrator of the benchmark rate) on the website of the Federal Reserve Bank of New York, or any successor source.

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“SOFR Adjustment Conforming Changes” means, with respect to any SOFR Rate, any technical, administrative or operational changes (including changes to the accrual period, timing and frequency of determining rates and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the administrator decides, from time to time, may be appropriate to adjust such SOFR rate in a manner substantially consistent with or conforming to market practice (or, if the administrator decides that adoption of any portion of such market practice is not administratively feasible or if the administrator determines that no market practice exists, in such other manner as the administrator determines is reasonably necessary).

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“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

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“U.S. Government Securities Business Day” means any day except for a Saturday, a Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities.

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pay to noteholders the interest payable on the related distribution date; and

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reduce the outstanding principal amount of each class of notes then outstanding on the related distribution date to zero, taking into account all amounts then on deposit in any accumulation account.

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are then structured not to receive a payment of principal until the end of the related reset period, the outstanding principal balance of the reset rate notes will be deemed to have been reduced by any amounts on deposit, exclusive of any investment earnings, in the related accumulation account; and/or

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are then denominated in a non-U.S. Dollar currency, the U.S. Dollar equivalent of the then-outstanding principal balance of the reset rate notes will be determined based upon the exchange rate provided for in the related currency swap agreement or agreements.

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the minimum purchase amount described under “—Optional Purchase” above (plus any amounts owed to the servicer as carryover servicing fees); or

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the fair market value of the trust student loans as of the end of the related collection period.

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to correct or amplify the description of any property at any time subject to the lien of the indenture, or better to assure, convey and confirm unto the indenture trustee any property subject or required to be subjected to the lien of the indenture, or to subject to the lien of the indenture any additional property;

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to evidence the succession of another person to the trust, and the assumption by any such successor of the covenants of the trust in the indenture and in the notes;

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to add to the covenants of the trust for the benefit of the noteholders or to surrender any right or power herein conferred upon the trust;

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to convey, transfer, assign, mortgage or pledge any additional property to the indenture trustee;

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to cure any ambiguity, to correct or supplement any provision in the indenture which may be inconsistent with any other provision of the indenture; provided that such action shall not materially adversely affect the interests of the noteholders; or

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to modify, eliminate or add to the provisions of the indenture to such extent as shall be necessary to effect the qualification of this indenture under the Trust Indenture Act or under any similar federal statute later enacted and to add to the indenture such other provisions as may be expressly required by the Trust Indenture Act.

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change the date of payment of any installment of principal of or interest on any note, or reduce the principal amount thereof, the interest rate thereon or the redemption price with respect thereto, change the provisions of the indenture relating to the application of collections on, or the proceeds of the sale of, the trust estate to payment of principal of or interest on the notes, or change any place of payment where, or the coin or currency in which, any note or the interest thereon is payable or impair the right to institute suit for the enforcement of the provisions of the indenture requiring the application of funds available therefor to the payment of any such amount due on the notes on or after the respective due dates thereof (or, in the case of redemption, on or after the redemption date);

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reduce the percentage of the outstanding amount of the notes, the consent of the noteholders of which is required for any such supplemental indenture, or the consent of the noteholders of which is required for any waiver of compliance with certain provisions of the indenture or certain defaults thereunder and their consequences provided for in the indenture;

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modify or alter the provisions of the proviso to the definition of the term “Outstanding”;

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reduce the percentage of outstanding notes whose holders must consent to any supplemental indenture;

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reduce the percentage of outstanding notes whose holders must consent to a sale or liquidation of the trust student loans if the proceeds of the sale would be insufficient to pay the principal amount and accrued interest on the notes;

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modify the provisions of the indenture which specify the applicable percentages of principal amount of notes necessary to take specified actions except to increase these percentages or to specify additional provisions;

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modify any of the provisions of the indenture to affect the calculation of interest or principal due on any note on any distribution date or to affect the rights of the noteholders to the benefit of any provisions for the mandatory redemption of the notes; or

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permit the creation of any lien ranking prior or equal to the lien of the indenture on any of the collateral for that series or, except as otherwise permitted or contemplated in that indenture, terminate the lien of the indenture on any collateral or deprive the holder of any note of the security afforded by that lien.

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a default for five Business Days or more in the payment of any interest on any note after it is due and payable;

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a default in the payment of the principal of any note at maturity;

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a default in the performance of any covenant or agreement of the trust in the indenture, or a material breach of any representation or warranty made by the trust in the indenture or in any certificate, if the default or breach has a material adverse effect on the holders of the notes and is not cured within 30 days after notice by the indenture trustee or by holders of at least 25% in principal amount of the outstanding notes; or

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the occurrence of an insolvency event involving the trust.

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exercise remedies as a secured party against the trust student loans and other assets of the trust that are subject to the lien of the indenture;

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sell the trust student loans and other assets of the trust; or

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elect to have the eligible lender trustee, maintain ownership of the trust student loans and continue to apply collections on them as if there had been no declaration of acceleration.

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the holders of all the outstanding notes consent to the sale;

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the proceeds of the sale are sufficient to pay in full the principal and accrued interest on the outstanding notes, at the date of the sale; or

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the indenture trustee determines that the collections would not be sufficient on an ongoing basis to make all payments on the notes as the payments would have become due if the notes had not been declared due and payable, and the indenture trustee obtains the consent of the holders of 66 2/3% of the outstanding notes.

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the holder previously has given to the indenture trustee written notice of a continuing event of default;

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the holders of not less than 25% of the outstanding notes, have requested in writing that the indenture trustee institute a proceeding in its own name as indenture trustee;

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the holder or holders have offered the indenture trustee reasonable indemnity;

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the indenture trustee has for 60 days after receipt of notice failed to institute the proceeding; and

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no direction inconsistent with the written request has been given to the indenture trustee during the 60-day period by the holders of a majority of the outstanding notes.

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the entity formed by or surviving the consolidation or merger is organized under the laws of the United States, any state or the District of Columbia;

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the surviving entity expressly assumes the trust’s obligation to make due and punctual payments on the notes and the performance or observance of every agreement and covenant of the trust under the indenture;

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no default will occur and be continuing immediately after the merger or consolidation;

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the trust has been advised that the ratings then applicable to the notes would not be reduced or withdrawn as a result of the merger or consolidation;

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any action that is necessary to maintain the lien and security interest created by the indenture shall have been taken; and

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the trust has received opinions of federal and Delaware tax counsel that the consolidation or merger would have no material adverse U.S. federal or Delaware state tax consequences to the trust or to any holder of the notes.

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except as expressly permitted by the indenture, the transfer and servicing agreements or other related documents, sell, transfer, exchange or otherwise dispose of any of the assets of that trust;

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claim any credit on or make any deduction from the principal and interest payable on notes of the series, other than amounts withheld under the Internal Revenue Code or applicable state law, or assert any claim against any present or former holder of notes because of the payment of taxes levied or assessed upon the trust;

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except as contemplated by the indenture and the related documents, dissolve or liquidate in whole or in part;

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permit the validity or effectiveness of the indenture to be impaired or permit any person to be released from any covenants or obligations under the indenture, except as expressly permitted by the indenture; or

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permit any lien, charge or other encumbrance to be created on the assets of the trust, except as expressly permitted by the indenture and the related documents.

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A financing statement or statements covering the student loans naming each related seller, as seller/debtor, was filed under the UCC to protect the interest of the depositor in the event that the transfer by such seller is deemed to be an assignment of collateral as security; and

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A financing statement or statements covering the trust student loans naming the depositor, as seller/debtor, was also filed under the UCC to protect the interest of the eligible lender trustee, in the event that the transfer by the depositor is deemed to be an assignment of collateral as security.

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a citizen or individual resident of the United States;

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a corporation (including an entity treated as such) organized in or under the laws of the United States, any state thereof or the District of Columbia;

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an estate the income of which is includible in gross income for U.S. federal income tax purposes, regardless of its source; or

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a trust whose administration is subject to the primary supervision of a U.S. court and which has one or more U.S. persons who have the authority to control all substantial decisions of the trust.

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is not actually or constructively a “10 percent shareholder” of Navient, Navient Credit Finance Corporation, the depositor or the trust, or a “controlled foreign corporation” with respect to which Navient, Navient Credit Finance Corporation, the depositor or the trust is a “related person” within the meaning of the Code, and

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provides an appropriate statement, signed under penalties of perjury, certifying that the holder is a foreign person and providing that foreign person’s name and address. For beneficial owners that are individuals or entities treated as corporations, this certification may be made on Form W-8BEN or Form W-8BEN-E.  If the information provided in this statement changes, the foreign person must report that change within 30 days of such change. The statement generally must be provided in the year a payment occurs or in any of the three preceding years.

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the gain is not effectively connected with the conduct of a trade or business in the United States by the foreign person, and

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in the case of an individual foreign person, the foreign person is not present in the United States for 183 days or more in the taxable year and certain other requirements are met.

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employee benefit plans as defined in Section 3(3) of ERISA that are subject to Title I of ERISA;

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certain other retirement plans and arrangements described in Section 4975 of the Code, including:

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collective investment funds and separate accounts and, as applicable, insurance company general accounts in which those plans, accounts or arrangements are invested that are subject to the fiduciary responsibility provisions of ERISA and Section 4975 of the Code;

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any other entity whose assets are deemed to be “plan assets” as a result of any of the above plans, arrangements, funds or accounts investing in such entity; and

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persons who are fiduciaries with respect to plans in connection with the investment of plan assets.

•

Prohibited Transaction Class Exemption (“PTCE”) 96‑23, which exempts certain transactions effected on behalf of a Plan by an “in‑house asset manager”;

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PTCE 90‑1, which exempts certain transactions between insurance company separate accounts and Parties in Interest;

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PTCE 91‑38, which exempts certain transactions between bank collective investment funds and Parties in Interest;

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PTCE 95‑60, which exempts certain transactions between insurance company general accounts and Parties in Interest; or

•

PTCE 84‑14, which exempts certain transactions effected on behalf of a Plan by a “qualified professional asset manager.”

•

Reports on Form 8-K (Current Report), following the occurrence of events specified in Form 8-K requiring disclosure, which are required to be filed within the time-frame specified in Form 8-K related to the type of event;

•

Reports on Form 10-D (Asset-Backed Issuer Distribution Report), containing the distribution and pool performance information required on Form 10-D, which are required to be filed 15 days following the distribution date; and

•

Report on Form 10-K (Annual Report), containing the items specified in Form 10-K with respect to a fiscal year and the items required pursuant to Items 1122 and 1123 of Regulation AB under the Securities Act.

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if the Pool Balance as of the last day of the related collection period is greater than 40% of the Initial Pool Balance, then the Adjusted Pool Balance shall be the sum of that Pool Balance and the Specified Reserve Account Balance for that distribution date, or

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if the Pool Balance as of the last day of the related collection period is less than or equal to 40% of the Initial Pool Balance, then the Adjusted Pool Balance shall be that Pool Balance.

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all collections on the trust student loans, including any guarantee payments received on the trust student loans, but net of:

•

any interest subsidy payments and special allowance payments received by the servicer or the eligible lender trustee with respect to the trust student loans during that collection period;

•

all proceeds of the liquidation of defaulted trust student loans which were liquidated during that collection period in accordance with the servicer’s customary servicing procedures, net of expenses incurred by the servicer related to their liquidation and any amounts required by law to be remitted to the borrower on the liquidated student loans, and all recoveries on liquidated student loans which were written off in prior collection periods or during that collection period;

•

the aggregate purchase amounts received during that collection period for those trust student loans repurchased by the depositor or purchased by the servicer or for trust student loans sold to another eligible lender pursuant to the servicing agreement;

•

the aggregate purchase amounts received during that collection period for those trust student loans purchased by the sellers;

•

the aggregate amounts, if any, received from the sellers, the depositor or the servicer as the case may be, as reimbursement of non-guaranteed interest amounts, or lost interest subsidy payments and special allowance payments, on the trust student loans pursuant to the sale agreement or the servicing agreement;

•

amounts received by the trust pursuant to the servicing agreement during that collection period as to yield or principal adjustments;

•

any interest remitted by the administrator to the collection account prior to that distribution date or monthly servicing date;

•

investment earnings for that distribution date earned on amounts on deposit in each Trust Account (other than any accumulation account and any currency account);

•

investment earnings actually received by the trust for that distribution date earned on amounts on deposit in any accumulation account;

•

amounts transferred from the remarketing fee account in excess of the Reset Period Target Amount for that distribution date;

•

amounts transferred from any investment premium purchase account in excess of the amount required to be on deposit therein pursuant to the formula set forth in the administration agreement;

•

all amounts on deposit in any investment reserve account not transferred to the accumulation account to offset realized losses on eligible investments as of that distribution date;

•

all amounts on deposit in any supplemental interest account;

•

amounts transferred from the reserve account in excess of the Specified Reserve Account Balance as of that distribution date;

•

all amounts received by the trust from any potential future cap counterparty, or otherwise under any potential future interest rate cap agreement, for deposit into the collection account for that distribution date; and

•

all amounts received by the trust from any Swap Counterparty for deposit into the collection account, but only to the extent paid in U.S. Dollars, for that distribution date;

•

if the class A-5 notes did not have at least one related swap agreement in effect during the previous reset period, the floating rate applicable for the most recent reset period during which the Failed Remarketing Rate was not in effect; or

•

if the class A-5 notes had one or more swap agreements in effect during the previous reset period, the weighted average of the floating rates of interest that were due to the related Swap Counterparties from the trust during the previous reset period.

•

the Class A Noteholders’ Interest Distribution Amount on the preceding distribution date, over

•

the amount of interest actually distributed to the class A noteholders on that preceding distribution date,

•

the Class A Noteholders’ Principal Distribution Amount on that distribution date, over

•

the amount of principal actually distributed or allocated to the class A noteholders or deposited into the accumulation account on that distribution date.

•

the amount of interest accrued at the class A note interest rates for the related accrual period on the aggregate outstanding principal balances of all classes of class A notes on the immediately preceding distribution date, after giving effect to all principal distributions to class A noteholders on that preceding distribution date; and

•

the Class A Note Interest Shortfall for that distribution date.

•

the Class B Noteholders’ Interest Distribution Amount on the preceding distribution date, over

•

the amount of interest actually distributed to the class B noteholders on that preceding distribution date,

•

the Class B Noteholders’ Principal Distribution Amount on that distribution date, over

•

the amount of principal actually distributed to the class B noteholders on that distribution date.

•

the amount of interest accrued at the class B note rate for the related accrual period on the outstanding principal balance of the class B notes on the immediately preceding distribution date, after giving effect to all principal distributions to class B noteholders on that preceding distribution date, and

•

the Class B Note Interest Shortfall for that distribution date.

•

prior to the Stepdown Date or with respect to any distribution date on which a Trigger Event is in effect, zero; and

•

on and after the Stepdown Date and provided that no Trigger Event is in effect, a fraction expressed as a percentage, the numerator of which is the aggregate principal balance of the class B notes immediately prior to that distribution date and the denominator of which is the aggregate principal balance of all outstanding notes, less all amounts (other than investment earnings) on deposit in the accumulation account, immediately prior to that distribution date.

•

the remarketing agent, in consultation with the administrator, cannot establish one or more of the terms required to be set on the Remarketing Terms Determination Date,

•

the remarketing agent are unable to establish the related Spread or fixed rate on the Spread Determination Date,

•

the remarketing agent are unable to remarket some or all of the tendered reset rate notes at the Spread or fixed rate established on the Spread Determination Date, or committed purchasers default on their purchase obligations, and the remarketing agent, in their sole discretion, elect not to purchase those class A-5 notes themselves,

•

the remarketing agent, in consultation with the administrator, are unable to obtain one or more swap agreements meeting the required criteria, if applicable,

•

certain conditions specified in the remarketing agreement are not satisfied, or

•

any applicable Rating Agency Condition has not been satisfied.

•

all payments received by the trust through that date from borrowers, the guaranty agencies and the Department of Education;

•

all amounts received by the trust through that date from repurchases of the trust student loans by any of the sellers, the depositor or the servicer;

•

all liquidation proceeds and Realized Losses on the trust student loans liquidated through that date;

•

the amount of any adjustments to balances of the trust student loans that the servicer makes under the servicing agreement through that date; and

•

the amount by which guarantor reimbursements of principal on defaulted trust student loans through that date are reduced from 100% to 98%, or other applicable percentage, as required by the risk sharing provisions of the Higher Education Act.

•

as to the initial distribution date, the amount by which the aggregate outstanding principal amount of the notes exceeds the Adjusted Pool Balance for that distribution date, and

•

as to each subsequent distribution date, the amount by which the Adjusted Pool Balance for the preceding distribution date exceeds the Adjusted Pool Balance for that distribution date.

•

the product of:

•

an amount that satisfies the Rating Agency Condition.

•

was a consolidation loan 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 fully disbursed;

•

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		$	244,613,468
Aggregate Outstanding Principal Balance – Treasury Bill		$	809,630
Percentage of Aggregate Outstanding Principal Balance – Treasury Bill			0.33	%
Aggregate Outstanding Principal Balance – 30-day SOFR		$	243,803,838
Percentage of Aggregate Outstanding Principal Balance – 30-day SOFR			99.67	%
Number of Borrowers			8,971
Average Outstanding Principal Balance Per Borrower		$	27,267
Number of Loans			15,670
Average Outstanding Principal Balance Per Loan – Treasury Bill		$	44,979
Average Outstanding Principal Balance Per Loan – 30-day SOFR		$	15,577
Weighted Average Remaining Term to Scheduled Maturity		161 months
Weighted Average Annual Interest Rate			4.04	%

Interest Rates		Number of Loans				Aggregate Outstanding Principal Balance				Percent of Pool by Outstanding Principal Balance
Less than or equal to 3.00%			2,797			$	36,385,454				14.9	%
3.01% to 3.50%			5,211				57,984,159				23.7
3.51% to 4.00%			3,414				54,610,886				22.3
4.01% to 4.50%			3,001				54,844,559				22.4
4.51% to 5.00%			483				12,391,448				5.1
5.01% to 5.50%			223				6,664,964				2.7
5.51% to 6.00%			137				4,849,228				2.0
6.01% to 6.50%			105				3,108,521				1.3
6.51% to 7.00%			94				4,308,241				1.8
7.01% to 7.50%			68				2,844,091				1.2
7.51% to 8.00%			74				2,992,701				1.2
8.01% to 8.50%			56				3,381,919				1.4
Equal to or greater than 8.51%			7				247,296				0.1
Total			15,670			$	244,613,468				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				1,811			$	4,303,612				1.8	%
$5,000.00-$ 9,999.99				1,499				11,094,495				4.5
$10,000.00-$14,999.99				1,204				14,906,243				6.1
$15,000.00-$19,999.99				806				14,021,759				5.7
$20,000.00-$24,999.99				635				14,122,709				5.8
$25,000.00-$29,999.99				528				14,462,405				5.9
$30,000.00-$34,999.99				425				13,771,496				5.6
$35,000.00-$39,999.99				288				10,742,182				4.4
$40,000.00-$44,999.99				228				9,658,909				3.9
$45,000.00-$49,999.99				210				9,928,878				4.1
$50,000.00-$54,999.99				173				9,036,891				3.7
$55,000.00-$59,999.99				140				8,032,255				3.3
$60,000.00-$64,999.99				124				7,732,363				3.2
$65,000.00-$69,999.99				90				6,068,802				2.5
$70,000.00-$74,999.99				87				6,295,223				2.6
$75,000.00-$79,999.99				83				6,429,121				2.6
$80,000.00-$84,999.99				59				4,875,285				2.0
$85,000.00-$89,999.99				78				6,824,659				2.8
$90,000.00-$94,999.99				42				3,877,093				1.6
$95,000.00-$99,999.99				61				5,945,035				2.4
$100,000.00 and above				400				62,484,055				25.5
Total				8,971			$	244,613,468				100.0	%

Number of Days Delinquent		Number of Loans				Aggregate Outstanding Principal Balance				Percent of Pool by Outstanding Principal Balance
0-30 days			14,341			$	217,175,893				88.8	%
31-60 days			371				7,120,364				2.9
61-90 days			271				5,127,122				2.1
91-120 days			141				3,050,879				1.2
121-150 days			101				2,340,078				1.0
151-180 days			79				2,378,444				1.0
181-210 days			71				1,274,258				0.5
Greater than 210 days			295				6,146,432				2.5
Total			15,670			$	244,613,468				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			199			$	47,471				*
4 to 12			640				478,971				0.2	%
13 to 24			875				1,532,292				0.6
25 to 36			712				2,299,860				0.9
37 to 48			643				2,769,344				1.1
49 to 60			1,972				10,242,341				4.2
61 to 72			924				6,497,500				2.7
73 to 84			737				6,311,385				2.6
85 to 96			646				6,236,005				2.5
97 to 108			525				6,161,328				2.5
109 to 120			1,916				28,901,078				11.8
121 to 132			1,127				21,623,568				8.8
133 to 144			871				17,507,874				7.2
145 to 156			854				21,004,875				8.6
157 to 168			660				18,063,848				7.4
169 to 180			619				18,869,974				7.7
181 to 192			404				13,780,008				5.6
193 to 204			295				9,815,231				4.0
205 to 216			228				8,131,082				3.3
217 to 228			168				6,773,514				2.8
229 to 240			133				6,121,807				2.5
241 to 252			101				4,175,483				1.7
253 to 264			56				2,610,349				1.1
265 to 276			57				3,156,599				1.3
277 to 288			66				3,360,446				1.4
289 to 300			79				4,375,257				1.8
301 to 312			83				6,160,368				2.5
313 to 324			13				1,114,732				0.5
325 to 336			9				978,511				0.4
337 to 348			25				1,720,318				0.7
349 to 360			18				2,629,503				1.1
361 and above			15				1,162,546				0.5
Total			15,670			$	244,613,468				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			422			$	8,601,551				3.5	%
Forbearance			1,042				22,476,287				9.2
Repayment
First year in repayment			118				5,432,689				2.2
Second year in repayment			164				6,399,796				2.6
Third year in repayment			183				6,262,246				2.6
More than 3 years in repayment			13,741				195,440,900				79.9
Total			15,670			$	244,613,468				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.

State		Number of Loans				Aggregate Outstanding Principal Balance				Percent of Pool by Outstanding Principal Balance
Alabama			169			$	2,425,118				1.0	%
Alaska			16				329,778				0.1
Arizona			297				5,986,252				2.4
Arkansas			115				1,281,817				0.5
California			1,431				22,967,990				9.4
Colorado			274				4,131,089				1.7
Connecticut			279				4,624,277				1.9
Delaware			51				1,111,079				0.5
District of Columbia			59				858,699				0.4
Florida			1,254				20,142,074				8.2
Georgia			514				9,830,700				4.0
Hawaii			72				770,122				0.3
Idaho			88				1,583,113				0.6
Illinois			533				8,109,540				3.3
Indiana			576				7,658,377				3.1
Iowa			71				1,197,977				0.5
Kansas			294				3,684,102				1.5
Kentucky			135				1,581,569				0.6
Louisiana			556				10,203,648				4.2
Maine			43				341,075				0.1
Maryland			394				6,545,405				2.7
Massachusetts			410				6,526,610				2.7
Michigan			315				5,187,596				2.1
Minnesota			188				2,878,220				1.2

*	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			7,359			$	89,545,154				36.6	%
Other Repayment Options(1)			6,288				101,075,308				41.3
Income-driven Repayment(2)			2,023				53,993,006				22.1
Total			15,670			$	244,613,468				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			7,456			$	99,354,207				40.6	%
Unsubsidized			8,214				145,259,261				59.4
Total			15,670			$	244,613,468				100.0	%

Disbursement Date		Number of Loans				Aggregate Outstanding Principal Balance				Percent of Pool by Outstanding Principal Balance
September 30, 1993 and earlier			6			$	164,165				0.1	%
October 1, 1993 through June 30, 2006			15,664				244,449,303				99.9
July 1, 2006 and later			0				0				0.0
Total			15,670			$	244,613,468				100.0	%

Name of Guaranty Agency		Number of Loans				Aggregate Outstanding Principal Balance				Percent of Pool by Outstanding Principal Balance
American Student Assistance			652			$	7,970,263				3.3	%
Educational Credit Management Corporation			1,324				16,781,783				6.9
Florida Off Of Student Fin'l Assistance			332				3,949,561				1.6
Great Lakes Higher Education Corporation			7,308				130,839,067				53.5
Kentucky Higher Educ. Asst. Auth.			400				5,286,310				2.2
Michigan Guaranty Agency			165				2,711,941				1.1
Oklahoma Guaranteed Stud Loan Prog			280				4,464,018				1.8
Pennsylvania Higher Education Assistance Agency			1,602				22,662,628				9.3
Texas Guaranteed Student Loan Corp			3,607				49,947,895				20.4
Total			15,670			$	244,613,468				100.0	%

Federal Fiscal Year	Federal Guaranty Reserve Fund Level1
2015	1.05%
2016	1.37%
2017	1.80%
2018	2.21%
2019	0.64%

---

Federal Fiscal Year	Federal Guaranty Reserve Fund Level1
2014	0.277%
2015	0.251%
2016	0.308%
2017	0.350%
2018	0.363%

Federal Fiscal Year	Federal Guaranty Reserve Fund Level1
2014	0.377%
2015	0.295%
2016	0.373%
2017	0.430%
2018	0.460%

Federal Fiscal Year	Claims Rate
2015	0.96%
2016	1.00%
2017	0.35%
2018	0.35%
2019	2.00%

Federal Fiscal Year	Claims Rate
2014	4.73%
2015	4.71%
2016	0.60%
2017	0.67%
2018	2.15%

Federal Fiscal Year	Claims Rate
2014	1.37%
2015	0.60%
2016	1.31%
2017	0.63%
2018	1.52%

		Reserve Ratio as of Close of Federal Fiscal Year
Guarantor		2013				2014				2015				2016				2017
New York State Higher Education Services Corporation			0.31	%			0.29	%			0.32	%			0.45	%			0.60	%

		Recovery Rate Federal Fiscal Year
Guarantor		2013				2014				2015				2016				2017
New York State Higher Education Services Corporation			25.56	%			22.74	%			21.86	%			24.86	%			25.42	%

		Claims Rate Federal Fiscal Year
Guarantor		2013				2014				2015				2016				2017
New York State Higher Education Services Corporation			1.51	%			1.52	%			0.93	%			0.62	%			0.78	%

•

default of the borrower;

•

the death, bankruptcy or permanent, total disability of the borrower;

•

closing of the borrower’s school prior to the end of the academic period;

•

false certification of the borrower’s eligibility for the loan by the school; and

•

an unpaid school refund.

•

Subsidized Stafford Loans to students who demonstrated requisite financial need;

•

Unsubsidized Stafford Loans to students who either did not demonstrate financial need or require additional loans to supplement their Subsidized Stafford Loans;

•

Parent Loans for Undergraduate Students, known as “PLUS Loans,” to parents of dependent students whose estimated costs of attending school exceeded other available financial aid; and

•

Consolidation Loans, which consolidated into a single loan a borrower’s obligations under various federally authorized education loan programs.

•

is a United States citizen, national or permanent resident;

•

has been accepted for enrollment or is enrolled and is maintaining satisfactory academic progress at a participating educational institution;

•

is carrying at least one-half of the normal full-time academic workload for the course of study the student is pursuing; and

•

meets the financial need requirements for the particular loan program.

Date of First Disbursement		Special Allowance Margin
Before 10/17/86		3.50%
From 10/17/86 through 09/30/92		3.25%
From 10/01/92 through 06/30/95		3.10%
From 07/01/95 through 06/30/98		2.50% for Stafford Loans that are in In-School, Grace or Deferment
		3.10% for Stafford Loans that are in Repayment and all other loans
From 07/01/98 through 12/31/99		2.20% for Stafford Loans that are in In-School, Grace or Deferment
		2.80% for Stafford Loans that are in Repayment and Forbearance
		3.10% for PLUS, SLS and Consolidation Loans

Date of First Disbursement		Special Allowance Margin
From 01/01/00 through 09/30/07		1.74% for Stafford Loans that are in In-School, Grace or Deferment
		2.34% for Stafford Loans that are in Repayment and Forbearance
		2.64% for PLUS and Consolidation Loans
From 10/01/07 and after		1.19% for Stafford Loans that are In-School, Grace or Deferment
		1.79% for Stafford Loans that are in Repayment and PLUS
		2.09% for Consolidation Loans

Date of First Disbursement	Maximum Origination Fee
Before 07/01/06	3.0%
From 07/01/06 through 06/30/07	2.0%
From 07/01/07 through 06/30/08	1.5%
From 07/01/08 through 06/30/09	1.0%
From 07/01/09 through 06/30/10	0.5%
From 07/01/10 and after	0.0%

•

federal reimbursement of Stafford Loans made by eligible lenders to qualified students;

•

federal interest subsidy payments on Subsidized Stafford Loans paid by the Department of Education to holders of the loans in lieu of the borrowers’ making interest payments during in-school, grace and deferment periods or, in certain cases, during enrollment in an income-based repayment plan; and

•

special allowance payments representing an additional subsidy paid by the Department of Education to the holders of eligible Stafford Loans.

Trigger Date		Borrower Rate		Maximum Borrower Rate		Interest Rate Margin
Before 10/01/81		7%		N/A		N/A
From 01/01/81 through 09/12/83		9%		N/A		N/A
From 09/13/83 through 06/30/88		8%		N/A		N/A
From 07/01/88 through 09/30/92		8% for 48 months; thereafter, 91-day Treasury + Interest Rate Margin		8% for 48 months, then 10%		3.25% for loans made before 7/23/92 and for loans made on or before 10/1/92 to new student borrowers; 3.10% for loans made after 7/23/92 and before 7/1/94 to borrowers with outstanding FFELP loans
From 10/01/92 through 06/30/94		91-day Treasury + Interest Rate Margin		9%		3.10%
From 07/01/94 through 06/30/95		91-day Treasury + Interest Rate Margin		8.25%		3.10%
From 07/01/95 through 06/30/98		91-day Treasury + Interest Rate Margin		8.25%		2.50% (In-School, Grace or Deferment); 3.10% (Repayment)
From 07/01/98 through 06/30/06		91-day Treasury + Interest Rate Margin		8.25%		1.70% (In-School, Grace or Deferment); 2.30% (Repayment)
From 07/01/06 through 06/30/08		6.8%		N/A		N/A
From 07/01/08 through 06/30/09		6.0% for undergraduate subsidized loans; and 6.8% for unsubsidized loans and graduate subsidized loans		6.0%, 6.8%		N/A
From 07/01/09 through 06/30/10		5.6% for undergraduate subsidized loans; and 6.8% for unsubsidized loans and graduate loans		5.6%, 6.8%		N/A

•

the applicable maximum borrower rate

•

the sum of

•

the bond equivalent rate of 91-day Treasury bills auctioned at the final auction held before that June 1,

•

the applicable interest rate margin.

•

while the borrower is a qualified student,

•

during the grace period,

•

during prescribed deferment periods, and

•

in certain cases, during a borrower’s enrollment in an income-based repayment plan.

•

satisfaction of need criteria, and

•

continued eligibility of the loan for federal insurance or reinsurance.

		Dependent Students												Independent Students
Borrower’s Academic Level		Subsidized and Unsubsidized on or after 10/1/93				Subsidized and Unsubsidized on or after 7/1/07				Subsidized and Unsubsidized on or after 7/1/08				Additional Unsubsidized only on or after 7/1/94				Additional Unsubsidized only on or after 7/1/07				Additional Unsubsidized only on or after 7/1/08				Maximum Annual Total Amount
Undergraduate (per year):
1st year		$	2,625			$	3,500			$	5,500			$	4,000			$	4,000			$	4,000			$	9,500
2nd year		$	3,500			$	4,500			$	6,500			$	4,000			$	4,000			$	4,000			$	10,500
3rd year and above		$	5,500			$	5,500			$	7,500			$	5,000			$	5,000			$	5,000			$	12,500
Graduate (per year)		$	8,500			$	8,500			$	8,500			$	10,000			$	12,000			$	12,000			$	20,500
Aggregate Limit:
Undergraduate		$	23,000			$	23,000			$	31,000			$	23,000			$	23,000			$	26,500			$	57,500
Graduate (including undergraduate)		$	65,500			$	65,500			$	65,500			$	73,000			$	73,000			$	73,000			$	138,500

•

The loan limits include both FFELP and Federal Direct Lending Program (FDLP) loans.

•

The amounts in the final column represent the combined maximum loan amount per year for Subsidized and Unsubsidized Stafford Loans.  Accordingly, the maximum amount that a student may borrow under an Unsubsidized Stafford Loan is the difference between the combined maximum loan amount and the amount the student received in the form of a Subsidized Stafford Loan.

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Independent undergraduate students, graduate students and professional students were permitted to borrow the additional amounts shown in the third and fourth columns. Dependent undergraduate students were also permitted to receive these additional loan amounts if their parents were unable to provide the family contribution amount and could not qualify for a PLUS Loan.

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Students attending certain medical schools were eligible for $38,500 annually and $189,000 in the aggregate.

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The annual loan limits were sometimes reduced when the student was enrolled in a program of less than one academic year or has less than a full academic year remaining in his program.

Outstanding FFELP Indebtedness		Maximum Repayment Period
$7,500-$9,999		12 Years
$10,000-$19,999		15 Years
$20,000-$30,000		20 Years
$30,001-$59,999		25 Years
$60,000 or more		30 Years

Note:

Maximum repayment period excludes authorized periods of deferment and forbearance.

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enrolled in an approved graduate fellowship program or rehabilitation program;

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seeking, but unable to find, full-time employment, subject to a maximum deferment of three years; or

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having an economic hardship, as defined in the Higher Education Act, subject to a maximum deferment of three years; or

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serving on active duty during a war or other military operation or national emergency, or performing qualifying National Guard duty during a war or other military operation or national emergency, subject, to a maximum deferment period of three years, and effective July 1, 2006 on loans made on or after July 1, 2001.

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the applicable maximum borrower rate

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the sum of:

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the applicable 1-year Index or the bond equivalent rate of 91-day Treasury bills, as applicable,

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the applicable interest rate margin.

Trigger Date		Borrower Rate		Maximum Borrower Rate		Interest Rate Margin
Before 10/01/81		9%		N/A		N/A
From 10/01/81 through 10/30/82		14%		N/A		N/A
From 11/01/82 through 06/30/87		12%		N/A		N/A
From 07/01/87 through 09/30/92		1-year Index + Interest Rate Margin		12%		3.25%
From 10/01/92 through 06/30/94		1-year Index + Interest Rate Margin		PLUS 10%, SLS 11%		3.10%
From 07/01/94 through 06/30/98		1-year Index + Interest Rate Margin		9%		3.10%
From 07/01/98 through 06/30/06		91-day Treasury + Interest Rate Margin		9%		3.10%
From 07/01/06		8.5%		8.5%		N/A

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the borrower rate is set at the maximum borrower rate and

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the sum of the average of the bond equivalent rates of 91-day Treasury bills auctioned during that quarter and the applicable interest rate margin exceeds the maximum borrower rate.

Claims Paid Date		Maximum		5% Trigger		9% Trigger
Before October 1, 1993		100%		90%		80%
October 1, 1993 — September 30, 1998		98%		88%		78%
On or after October 1, 1998		95%		85%		75%

Source		Basis
Insurance Premium		Up to 1% of the principal amount guaranteed, withheld from the proceeds of each loan disbursement
Loan Processing and Issuance Fee		0.40% of the principal amount guaranteed, paid by the Department of Education

Source		Basis
Account Maintenance Fee		Originally 0.10%, which was reduced to 0.06% on October 1, 2007, of the original principal amount of loans outstanding, paid by the Department of Education
Default Aversion Fee		1% of the outstanding amount of loans submitted by a lender for default aversion assistance, minus 1% of the unpaid principal and interest paid on default claims, which is paid once per loan by transfers out of the Student Loan Reserve Fund
Collection Retention Fee		16% of the amount collected on loans on which reinsurance has been paid (10% or 18.5% of the amount collected for a defaulted loan that is purchased by a lender for consolidation or rehabilitation, respectively), withheld from gross receipts

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borrowing through Clearstream, Luxembourg or Euroclear for one day until the purchase side of the day trade is reflected in their Clearstream, Luxembourg or Euroclear accounts, in accordance with the clearing system’s customary procedures;

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borrowing the Global Securities in the U.S. from a DTC participant no later than one day before settlement, which would give the Global Securities sufficient time to be reflected in their Clearstream, Luxembourg or Euroclear account in order to settle the sale side of the trade; or

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staggering the value dates for the buy and sell sides of the trade so that the value date for the purchase from the DTC participant is at least one day before the value date for the sale to the Clearstream, Luxembourg participant or Euroclear participant.

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each clearing system, bank or other financial institution that holds customers’ securities in the ordinary course of its trade or business in the chain of intermediaries between the beneficial owner and the U.S. entity required to withhold tax complies with applicable certification requirements, and

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that holder takes one of the following steps to obtain an exemption or reduced tax rate:

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a citizen or individual resident of the United States,

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a corporation or partnership, including an entity treated as such for U.S. federal income tax purposes, organized in or under the laws of the United States or any state thereof or the District of Columbia,

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an estate the income of which is includible in gross income for U.S. federal income tax purposes, regardless of its source, or

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a trust whose administration is subject to the primary supervision of a U.S. court and which has one or more U.S. persons who have the authority to control all substantial decisions of the trust.

ELIGIBLE LENDER TRUSTEE DEUTSCHE BANK TRUST COMPANY AMERICAS c/o DEUTSCHE BANK NATIONAL TRUST COMPANY 1761 East St. Andrew Place Santa Ana, CA 92705

DELAWARE TRUSTEE BNY MELLON TRUST OF DELAWARE 301 Bellevue Parkway,  3rd Floor Wilmington, Delaware 19809

INDENTURE TRUSTEE AND PAYING AGENT DEUTSCHE BANK NATIONAL TRUST COMPANY 1761 E. Saint Andrew Place Santa Ana, California 92705

MORGAN, LEWIS & BOCKIUS LLP 1111 Pennsylvania Avenue, N.W. Washington, D.C. 20004-2541

RICHARDS, LAYTON & FINGER, P.A. 920 N. King Street Wilmington, Delaware 19801