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Current report (Form 8-K) · Jun 3, 2026 · Other material event · Investor press release · Financial statements
SLM Student Loan Trust 2003-7
7
Other material event
Jun 3, 2026
EX-99.1
ef20075518_ex99-1.htm
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EX-99.1 · ef20075518_ex99-1.htm EX-99.1 2 ef20075518_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 ANNEX A THE TRUST STUDENT LOAN POOL 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 (and in the case of additional trust student loans, FFELP loans including consolidation and non-consolidation loans) owned by the Student Loan Marketing Association, SLM ECFC or one of their affiliates by employing several criteria, including requirements that each trust student loan as of the statistical cutoff date (and with respect to each additional trust student loan as of its related subsequent cutoff date): • was guaranteed as to principal and interest by a guaranty agency under a guarantee agreement and the guaranty agency was, in turn, reinsured by the Department of Education in accordance with the FFELP; • was originated in the United States, its territories or its possessions in accordance with the FFELP; • contained terms in accordance with those required by the FFELP, the guarantee agreements and other applicable requirements; • provided for periodic payments that will fully amortize the amount financed over its term to maturity, exclusive of any deferral or forbearance periods; • 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 $1,284,874 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, 3 borrowers have more than one trust student loan. 2003-7 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 $ 198,490,896 Aggregate Outstanding Principal Balance – Treasury Bill $ 30,025,077 Percentage of Aggregate Outstanding Principal Balance – Treasury Bill 15.13 % Aggregate Outstanding Principal Balance – 30-day Average SOFR $ 168,465,820 Percentage of Aggregate Outstanding Principal Balance – 30-day Average SOFR 84.87 % Number of Borrowers 4,837 Average Outstanding Principal Balance Per Borrower $ 41,036 Number of Loans 8,667 Average Outstanding Principal Balance Per Loan – Treasury Bill $ 48,040 Average Outstanding Principal Balance Per Loan – 30-day Average SOFR $ 20,948 Weighted Average Remaining Term to Scheduled Maturity 191 months Weighted Average Annual Interest Rate 6.23 % 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. 2003-7 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% 1 $ 29,121 * 3.01% to 3.50% 665 7,466,705 3.8 % 3.51% to 4.00% 837 13,782,398 6.9 4.01% to 4.50% 1,618 22,855,612 11.5 4.51% to 5.00% 1,802 31,059,907 15.6 5.01% to 5.50% 419 7,750,626 3.9 5.51% to 6.00% 414 8,228,514 4.1 6.01% to 6.50% 702 15,748,016 7.9 6.51% to 7.00% 613 18,003,585 9.1 7.01% to 7.50% 304 11,114,640 5.6 7.51% to 8.00% 517 21,181,527 10.7 8.01% to 8.50% 597 27,594,747 13.9 Equal to or greater than 8.51% 178 13,675,497 6.9 Total 8,667 $ 198,490,896 100.0 % * 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. 2003-7 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 $5,000.00 807 $ 2,029,598 1.0 % $ 5,000.00-$ 9,999.99 578 4,248,866 2.1 $ 10,000.00-$14,999.99 516 6,426,711 3.2 $ 15,000.00-$19,999.99 386 6,705,037 3.4 $ 20,000.00-$24,999.99 353 7,914,880 4.0 $ 25,000.00-$29,999.99 280 7,697,496 3.9 $ 30,000.00-$34,999.99 267 8,664,828 4.4 $ 35,000.00-$39,999.99 216 8,072,953 4.1 $ 40,000.00-$44,999.99 148 6,264,576 3.2 $ 45,000.00-$49,999.99 129 6,088,940 3.1 $ 50,000.00-$54,999.99 123 6,433,608 3.2 $ 55,000.00-$59,999.99 120 6,876,049 3.5 $ 60,000.00-$64,999.99 91 5,689,908 2.9 $ 65,000.00-$69,999.99 79 5,326,890 2.7 $ 70,000.00-$74,999.99 73 5,300,138 2.7 $ 75,000.00-$79,999.99 46 3,548,681 1.8 $ 80,000.00-$84,999.99 42 3,469,465 1.7 $ 85,000.00-$89,999.99 38 3,319,685 1.7 $ 90,000.00-$94,999.99 49 4,531,459 2.3 $ 95,000.00-$99,999.99 44 4,295,712 2.2 $100,000.00 and above 452 85,585,414 43.1 Total 4,387 $ 198,490,896 100.0 % DISTRIBUTION OF THE TRUST STUDENT LOANS BY DELINQUENCY STATUS AS OF THE STATISTICAL DISCLOSURE DATE Number of Days Delinquent Number of Loans Aggregate Outstanding Principal Balance Percent of Pool by Outstanding Principal Balance 0-30 days 8,107 $ 178,803,950 90.1 % 31-60 days 188 6,637,004 3.3 61-90 days 91 3,160,604 1.6 91-120 days 53 1,603,329 0.8 121-150 days 48 1,483,245 0.7 151-180 days 32 1,266,901 0.6 181-210 days 36 1,700,316 0.9 Greater than 210 days 112 3,835,548 1.9 Total 8,667 $ 198,490,896 100.0 % 2003-7 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 46 $ 19,258 * 4 to 12 242 297,457 0.1 % 13 to 24 840 1,833,510 0.9 25 to 36 526 2,319,549 1.2 37 to 48 439 2,858,163 1.4 49 to 60 383 3,233,979 1.6 61 to 72 373 4,383,387 2.2 73 to 84 1,181 12,822,406 6.5 85 to 96 539 8,142,970 4.1 97 to 108 381 7,210,365 3.6 109 to 120 414 8,220,302 4.1 121 to 132 512 12,992,347 6.5 133 to 144 403 11,793,376 5.9 145 to 156 314 10,881,237 5.5 157 to 168 236 8,074,312 4.1 169 to 180 209 7,015,965 3.5 181 to 192 186 5,878,504 3.0 193 to 204 136 5,659,350 2.9 205 to 216 114 4,566,155 2.3 217 to 228 124 5,749,050 2.9 229 to 240 88 4,321,206 2.2 241 to 252 80 3,422,544 1.7 253 to 264 83 4,056,738 2.0 265 to 276 70 3,448,597 1.7 277 to 288 65 3,389,618 1.7 289 to 300 165 14,238,441 7.2 301 to 312 475 37,947,720 19.1 313 to 324 19 1,532,455 0.8 325 to 336 3 118,498 0.1 337 to 348 4 276,141 0.1 349 to 360 4 766,327 0.4 361 and above 13 1,020,970 0.5 Total 8,667 $ 198,490,896 100.0 % * Represents a percentage greater than 0% but less than 0.05%. We have determined the number of months remaining to scheduled maturity shown in the table from the statistical disclosure date to the stated maturity date of the applicable trust student loan without giving effect to any deferment or forbearance periods that may be granted in the future. See Appendix A to the preliminary remarketing memorandum and “The Student Loan Pools – Sallie Mae’s Student Loan Financing Business” in the original prospectus. DISTRIBUTION OF THE TRUST STUDENT LOANS BY CURRENT BORROWER PAYMENT STATUS AS OF THE STATISTICAL DISCLOSURE DATE Current Borrower Payment Status Number of Loans Aggregate Outstanding Principal Balance Percent of Pool by Outstanding Principal Balance Deferment 174 $ 5,543,964 2.8 % Forbearance 517 20,338,764 10.2 Repayment First year in repayment 34 4,431,667 2.2 Second year in repayment 37 2,914,659 1.5 Third year in repayment 48 4,055,189 2.0 More than 3 years in repayment 7,857 161,206,653 81.2 Total 8,667 $ 198,490,896 100.0 % 2003-7 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 167.3 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. 2003-7 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 15.0 - 227.1 Forbearance - 9.6 215.5 Repayment - - 185.7 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 $ 5,543,964 aggregate outstanding principal balance of the trust student loans in deferment as of the statistical disclosure date, $ 3,841,483 or approximately 69.3% of such loans are to borrowers who had not graduated as of that date. We expect that a significant portion of these loans could qualify for additional deferments or forbearances at the end of their current deferment periods as the related borrowers continue their education beyond their current degree programs. As a result, the overall duration of any applicable deferment and forbearance periods as well as the likelihood of future deferment and forbearance periods within this pool of trust student loans is likely to be higher than in other pools of student loans without similar numbers of in-school consolidation loans. See Appendix A to the preliminary remarketing memorandum. 2003-7 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 86 $ 1,637,533 0.8 % Alaska 6 176,038 0.1 Arizona 293 6,524,348 3.3 Arkansas 50 1,086,031 0.5 California 813 16,694,625 8.4 Colorado 158 3,492,245 1.8 Connecticut 122 2,037,430 1.0 Delaware 20 605,021 0.3 District of Columbia 21 533,970 0.3 Florida 807 28,326,677 14.3 Georgia 311 8,709,782 4.4 Hawaii 31 342,779 0.2 Idaho 38 783,314 0.4 Illinois 296 5,995,545 3.0 Indiana 523 12,559,010 6.3 Iowa 17 311,093 0.2 Kansas 115 2,001,889 1.0 Kentucky 89 2,109,474 1.1 Louisiana 337 6,718,247 3.4 Maine 45 2,043,478 1.0 Maryland 232 6,044,811 3.0 Massachusetts 214 2,871,009 1.4 Michigan 168 3,758,503 1.9 Minnesota 99 2,650,703 1.3 Mississippi 86 1,806,626 0.9 Missouri 156 2,829,466 1.4 Montana 14 242,652 0.1 Nebraska 20 321,000 0.2 Nevada 59 1,197,140 0.6 New Hampshire 67 1,539,122 0.8 New Jersey 215 3,356,973 1.7 New Mexico 25 651,626 0.3 New York 620 11,493,290 5.8 North Carolina 242 5,362,220 2.7 North Dakota 5 282,609 0.1 Ohio 56 1,747,525 0.9 Oklahoma 133 2,799,671 1.4 Oregon 93 1,668,872 0.8 Pennsylvania 257 4,990,120 2.5 Rhode Island 21 336,635 0.2 South Carolina 125 3,503,485 1.8 South Dakota 10 170,264 0.1 Tennessee 125 3,508,501 1.8 Texas 768 17,553,272 8.8 Utah 34 851,193 0.4 Vermont 19 553,161 0.3 Virginia 243 5,336,736 2.7 Washington 198 3,529,480 1.8 West Virginia 48 1,190,206 0.6 Wisconsin 68 1,426,313 0.7 Wyoming 2 19,600 * Other 67 2,209,582 1.1 Total 8,667 $ 198,490,896 100.0 % * Represents a percentage greater than 0% but less than 0.05%. 2003-7 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. 2003-7 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 4,239 $ 70,998,038 35.8 % Other Repayment Options (1) 2,800 53,938,650 27.2 Income-driven Repayment (2) 1,628 73,554,208 37.1 Total 8,667 $ 198,490,896 100.0 % (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 24 loans with an aggregate outstanding principal balance of $926,702 currently in an interest-only period. These interest-only loans represent approximately 0.5% of the aggregate outstanding principal balance of the trust student loans. Interest-only periods range up to 48 months in overall length. The servicer may in the future offer repayment terms similar to those described above to borrowers of trust student loans who are not entitled to these repayment terms as of the statistical disclosure date. If repayment terms are offered to and accepted by those borrowers, the weighted average life of the securities could be lengthened. DISTRIBUTION OF THE TRUST STUDENT LOANS BY LOAN TYPE AS OF THE STATISTICAL DISCLOSURE DATE Loan Type Number of Loans Aggregate Outstanding Principal Balance Percent of Pool by Outstanding Principal Balance Subsidized 4,335 $ 81,401,644 41.0 % Unsubsidized 4,332 117,089,252 59.0 Total 8,667 $ 198,490,896 100.0 % The following table provides information about the trust student loans regarding date of disbursement. DISTRIBUTION OF THE TRUST STUDENT LOANS BY DATE OF DISBURSEMENT AS OF THE STATISTICAL DISCLOSURE DATE Disbursement Date Number of Loans Aggregate Outstanding Principal Balance Percent of Pool by Outstanding Principal Balance September 30, 1993 and earlier 21 $ 1,746,327 0.9 % October 1, 1993 through June 30, 2006 8,646 196,744,569 99.1 July 1, 2006 and later 0 0 0.0 Total 8,667 $ 198,490,896 100.0 % 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. 2003-7 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 186 $ 2,757,118 1.4 % College Assist 2 184,390 0.1 Educational Credit Management Corporation 524 11,566,415 5.8 Great Lakes Higher Education Corporation 6,058 147,878,077 74.5 Kentucky Higher Educ. Asst. Auth. 266 5,323,510 2.7 Michigan Guaranty Agency 80 1,458,744 0.7 Oklahoma Guaranteed Stud Loan Prog 106 2,049,302 1.0 Pennsylvania Higher Education Assistance Agency 394 7,908,122 4.0 Texas Guaranteed Student Loan Corp 1,051 19,365,219 9.8 Total 8,667 $ 198,490,896 100.0 % 2003-7 |
