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Current report (Form 8-K) · Jun 3, 2026 · Other material event · Investor press release · Financial statements
SLM Student Loan Trust 2003-1
7
Other material event
Jun 3, 2026
EX-99.1
ef20075517_ex99-1.htm
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EX-99.1 · ef20075517_ex99-1.htm EX-99.1 2 ef20075517_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 ANNEX A The Trust Student Loan Pool as of April 30, 2026 The trust student loans owned by the trust were originally selected from a portfolio of consolidation student loans owned by Student Loan Marketing Association by employing several criteria, including requirements that each trust student loan as of the original cutoff date: • was guaranteed as to principal and interest by a guaranty agency under a guarantee agreement and the guaranty agency was, in turn, reinsured by the Department of Education in accordance with the FFELP; • contained terms in accordance with those required by the FFELP, the guarantee agreements and other applicable requirements; • was more than 120 days past the final disbursement; • was not more than 210 days past due; • did not have a borrower who was noted in the related records of the servicer as being currently involved in a bankruptcy proceeding; and • had special allowance payments, if any, based on the three-month commercial paper rate or the 91-day Treasury bill rate. No trust student loan as of the original cutoff date was subject to the depositor’s or the Student Loan Marketing Association’s prior obligation to sell that loan to a third party. The Student Loan Marketing Association was dissolved on December 31, 2004 and all of its obligations were assumed by its affiliate, Navient Credit Finance Corporation. Unless otherwise specified, all information with respect to the trust student loans is presented as of April 30, 2026, 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 $1,338,671 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, 1 borrowers has more than one trust student loan. 2003-1 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 $ 168,937,875 Aggregate Outstanding Principal Balance – Treasury Bill $ 23,956,135 Percentage of Aggregate Outstanding Principal Balance – Treasury Bill 14.61 % Aggregate Outstanding Principal Balance – 30-day Average SOFR $ 139,981,739 Percentage of Aggregate Outstanding Principal Balance – 30-day Average SOFR 85.39 % Number of Borrowers 2,840 Average Outstanding Principal Balance Per Borrower $ 57,725 Number of Loans 4,965 Average Outstanding Principal Balance Per Loan – Treasury Bill $ 60,802 Average Outstanding Principal Balance Per Loan – One-Mo $ 30,624 Weighted Average Remaining Term to Scheduled Maturity 221 months Weighted Average Annual Interest Rate 7.41 % 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 30-day Average SOFR 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 United States Department of the Treasury. 2003-1 DISTRIBUTION OF THE TRUST STUDENT LOANS BY BORROWER INTEREST RATES AS OF THE STATISTICAL DISCLOSURE DATE Interest Rates Number of Loans Aggregate Outstanding Principal Balance Percent of Pool by Outstanding Principal Balance Less than or equal to 3.00% 0 $ 0 0.0 % 3.01% to 3.50% 0 0 0.0 3.51% to 4.00% 0 0 0.0 4.01% to 4.50% 0 0 0.0 4.51% to 5.00% 2 550 * 5.01% to 5.50% 74 847,013 0.5 5.51% to 6.00% 461 10,353,789 6.3 6.01% to 6.50% 969 21,540,815 13.1 6.51% to 7.00% 1,457 38,128,332 23.3 7.01% to 7.50% 294 10,167,487 6.2 7.51% to 8.00% 670 29,168,477 17.8 8.01% to 8.50% 924 44,133,141 26.9 Equal to or greater than 8.51% 114 9,598,270 5.9 Total 4,965 $ 163,937,875 100.0 % * Represents a percentage greater than 0% but less than 0.05%. We determined the interest rates shown in the table above using the interest rates applicable to the trust student loans as of the statistical disclosure date. Because trust student loans with different interest rates are likely to be repaid at different rates, this information is not likely to remain applicable to the trust student loans after the statistical disclosure date. See Appendix A to the preliminary remarketing memorandum and “The Student Loan Pools – Sallie Mae’s Student Loan Financing Business” in the original prospectus. 2003-1 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 $5,000.00 345 $ 841,636 0.5 % $5,000.00-$ 9,999.99 234 1,737,274 1.1 $10,000.00-$14,999.99 183 2,272,949 1.4 $15,000.00-$19,999.99 193 3,399,366 2.1 $20,000.00-$24,999.99 202 4,544,556 2.8 $25,000.00-$29,999.99 185 5,061,807 3.1 $30,000.00-$34,999.99 162 5,300,931 3.2 $35,000.00-$39,999.99 133 4,980,155 3.0 $40,000.00-$44,999.99 97 4,100,885 2.5 $45,000.00-$49,999.99 95 4,511,101 2.8 $50,000.00-$54,999.99 96 5,048,540 3.1 $55,000.00-$59,999.99 67 3,848,739 2.3 $60,000.00-$64,999.99 65 4,063,462 2.5 $65,000.00-$69,999.99 84 5,669,389 3.5 $70,000.00-$74,999.99 61 4,422,451 2.7 $75,000.00-$79,999.99 42 3,251,425 2.0 $80,000.00-$84,999.99 60 4,938,525 3.0 $85,000.00-$89,999.99 36 3,145,601 1.9 $90,000.00-$94,999.99 31 2,874,486 1.8 $95,000.00-$99,999.99 40 3,906,981 2.4 $100,000.00 and above 429 86,017,615 52.5 Total 2,840 $ 163,937,875 100.0 % 2003-1 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 4,553 $ 144,707,243 88.3 % 31-60 days 116 3,312,867 2.0 61-90 days 83 6,576,837 4.0 91-120 days 43 1,936,579 1.2 121-150 days 19 495,754 0.3 151-180 days 37 1,631,977 1.0 181-210 days 24 765,738 0.5 Greater than 210 days 90 4,510,879 2.8 Total 4,965 $ 163,937,875 100.0 % 2003-1 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 35 $ 14,082 * 4 to 12 215 316,959 0.2 % 13 to 24 270 832,903 0.5 25 to 36 247 1,323,168 0.8 37 to 48 217 2,230,805 1.4 49 to 60 264 3,195,313 1.9 61 to 72 375 4,664,520 2.8 73 to 84 340 5,216,649 3.2 85 to 96 227 4,431,319 2.7 97 to 108 155 3,759,047 2.3 109 to 120 196 4,918,179 3.0 121 to 132 230 6,733,704 4.1 133 to 144 217 8,123,255 5.0 145 to 156 137 5,276,374 3.2 157 to 168 131 5,494,770 3.4 169 to 180 109 4,102,678 2.5 181 to 192 97 4,272,883 2.6 193 to 204 83 3,227,876 2.0 205 to 216 86 3,858,520 2.4 217 to 228 63 2,528,948 1.5 229 to 240 82 3,602,892 2.2 241 to 252 65 3,917,812 2.4 253 to 264 52 2,219,699 1.4 265 to 276 60 3,624,812 2.2 277 to 288 55 3,444,230 2.1 289 to 300 192 17,893,310 10.9 301 to 312 721 49,917,552 30.4 313 to 324 10 1,200,238 0.7 325 to 336 6 958,517 0.6 337 to 348 2 140,238 0.1 349 to 360 3 641,889 0.4 361 and above 23 1,854,736 1.1 Total 4,965 $ 163,937,875 100.0 % * 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. 2003-1 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 81 $ 3,991,114 2.4 % Forbearance 364 19,712,392 12.0 Repayment First year in repayment 34 2,229,324 1.4 Second year in repayment 33 2,839,698 1.7 Third year in repayment 43 3,860,937 2.4 More than 3 years in repayment 4,410 131,304,409 80.1 Total 4,965 $ 163,937,875 100.0 % 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 157.3 calculated as the term to maturity at the commencement of repayment less the number of months remaining to scheduled maturity as of the statistical disclosure date. 2003-1 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 21.7 - 236.9 Forbearance - 11.4 246.4 Repayment - - 215.1 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 $ 3,991,114 aggregate outstanding principal balance of the trust student loans in deferment as of the statistical disclosure date, $ 2,558,836 or approximately 64.1% of such loans are to borrowers who had not graduated as of that date. We expect that a significant portion of these loans could qualify for additional deferments or forbearances at the end of their current deferment periods as the related borrowers continue their education beyond their current degree programs. As a result, the overall duration of any applicable deferment and forbearance periods as well as the likelihood of future deferment and forbearance periods within this pool of trust student loans is likely to be higher than in other pools of student loans without similar numbers of in-school consolidation loans. See Appendix A to the original prospectus. 2003-1 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 73 $ 2,152,100 1.3 % Alaska 7 251,692 0.2 Arizona 101 3,627,246 2.2 Arkansas 87 1,999,907 1.2 California 579 21,108,611 12.9 Colorado 96 2,541,814 1.6 Connecticut 43 968,086 0.6 Delaware 15 425,640 0.3 District of Columbia 15 406,295 0.2 Florida 318 11,720,896 7.1 Georgia 176 7,653,756 4.7 Hawaii 13 337,251 0.2 Idaho 21 1,019,460 0.6 Illinois 240 7,493,616 4.6 Indiana 76 1,523,052 0.9 Iowa 28 878,412 0.5 Kansas 115 4,839,605 3.0 Kentucky 46 1,898,133 1.2 Louisiana 213 6,430,608 3.9 Maine 12 565,175 0.3 Maryland 96 3,621,796 2.2 Massachusetts 50 1,269,863 0.8 Michigan 169 6,342,247 3.9 Minnesota 93 2,023,924 1.2 Mississippi 72 2,078,529 1.3 Missouri 168 5,635,706 3.4 Montana 23 393,872 0.2 Nebraska 24 628,302 0.4 Nevada 57 1,547,088 0.9 New Hampshire 15 429,321 0.3 New Jersey 64 2,531,209 1.5 New Mexico 11 578,440 0.4 New York 159 6,384,435 3.9 North Carolina 94 3,760,137 2.3 North Dakota 1 32,178 * Ohio 25 526,881 0.3 Oklahoma 139 3,796,013 2.3 Oregon 112 3,965,932 2.4 Pennsylvania 89 2,617,085 1.6 Rhode Island 7 252,996 0.2 South Carolina 49 1,788,805 1.1 South Dakota 6 146,778 0.1 Tennessee 127 3,181,005 1.9 Texas 576 16,643,288 10.2 Utah 22 886,583 0.5 Vermont 5 306,813 0.2 Virginia 91 3,479,817 2.1 Washington 160 5,734,227 3.5 West Virginia 14 285,542 0.2 Wisconsin 120 3,217,745 2.0 Wyoming 5 104,951 0.1 Other 48 1,921,055 1.2 Total 4,965 $ 163,937,875 100.0 % * Represents a percentage greater than 0% but less than 0.05%. 2003-1 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. 2003-1 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 1,968 $ 55,250,105 33.7 % Other Repayment Options (1) 1,584 35,181,767 21.5 Income-driven Repayment (2) 1,413 73,506,003 44.8 Total 4,965 $ 163,937,875 100.0 % (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 41 loans with an aggregate outstanding principal balance of $1,912,651 currently in an interest-only period. These interest-only loans represent approximately 1.2% 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 2,499 $ 71,443,730 43.6 % Unsubsidized 2,466 92,494,145 56.4 Total 4,965 $ 163,937,875 100.0 % 2003-1 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 11 $ 341,011 0.2 % October 1, 1993 through June 30, 2006 4,954 163,596,863 99.8 July 1, 2006 and later 0 0 0.0 Total 4,965 $ 163,937,875 100.0 % 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 255 $ 4,298,218 2.6 % College Assist 8 284,296 0.2 Educational Credit Management Corporation 561 16,516,641 10.1 Great Lakes Higher Education Corporation 2,527 89,836,858 54.8 Kentucky Higher Educ. Asst. Auth. 80 2,086,968 1.3 Michigan Guaranty Agency 103 3,056,824 1.9 Oklahoma Guaranteed Stud Loan Prog 157 3,888,392 2.4 Pennsylvania Higher Education Assistance Agency 537 18,980,133 11.6 Texas Guaranteed Student Loan Corp 737 24,989,546 15.2 Total 4,965 $ 163,937,875 100.0 % 2003-1 |
