-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QzZsCCcId3mig4BEtErX5vVTHxZn0j/kBFXQDkzthT6eHqZxsXV3YJeGq37Oazes RygOqsDR91tlohCVweogqg== 0000950133-05-003512.txt : 20050808 0000950133-05-003512.hdr.sgml : 20050808 20050808115549 ACCESSION NUMBER: 0000950133-05-003512 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050725 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050808 DATE AS OF CHANGE: 20050808 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SLM Student Loan Trust 1996-3 CENTRAL INDEX KEY: 0001321663 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-02502-01 FILM NUMBER: 051004927 BUSINESS ADDRESS: STREET 1: 11600 SALLIE MAE DRIVE STREET 2: 1ST FLOOR CITY: RESTON STATE: VA ZIP: 20193 BUSINESS PHONE: 703-810-3000 MAIL ADDRESS: STREET 1: 11600 SALLIE MAE DRIVE STREET 2: 1ST FLOOR CITY: RESTON STATE: VA ZIP: 20193 8-K 1 w1105601e8vk.htm FORM 8-K e8vk
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934

Date of Report (Date of earliest event reported): July 25, 2005

SLM Student Loan Trust 1996-3

(Exact name of registrant as specified in its charter)
         
Delaware
 
(333-2502)
 
52-1985606
(State or other
 
(Commission File Numbers)
 
 
Jurisdiction of
 
 
 
(I.R.S. employer
Incorporation)
 
 
 
Identification No.)

12061 Bluemont Way, V3419
Reston, Virginia 20190
(Address of principal executive offices)

Registrant’s telephone number, including area code: (703) 984-6419

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);

[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Page 1 of 3
Exhibit Index appears on Page 3

 

 

Item 8.01. OTHER EVENTS

On July 25, 2005 the SLM Student Loan Trust 1996-3 (the “Trust”) made its regular quarterly distribution of funds to holders of its Student Loan-Backed Notes and Certificates. Sallie Mae, Inc., as the administrator, distributed the Quarterly Servicing Report for the Trust dated as of July 25, 2005 to the Trust’s noteholders of record.

Item 9.01. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL STATEMENTS AND EXHIBITS

     The Administrator is filing, on behalf of the Trust, the Quarterly Servicing Report reflecting the Trust’s activities for the period ended June 30, 2005 as an Exhibit to this Form 8-K. The Quarterly Servicing Report as well as other information about the Trust are also available on the Administrator’s website at http://www2.salliemae.com/investors/debtasset/slmsltrusts/.

     (c) Exhibits

19.1         Quarterly Servicing Report for SLM Student Loan Trust 1996-3

SIGNATURES

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

Dated: August 8, 2005

     

      
     
SLM STUDENT LOAN TRUST 1996-3
     
By: SALLIE MAE, INC.,
the Administrator
     
By:   /s/ C. E. ANDREWS
   
    Name: C. E. Andrews
   

Title: Executive Vice President, Risk Management and Accounting

     

 

     Page 2 of 3
Exhibit Index appears on Page 3

 

 

INDEX TO EXHIBITS

             
 
 
 
 
  
 
 
 
 
  
Exhibit Number
 
Exhibit 
 
19.1  
Quarterly Servicing Report for SLM Student Loan Trust 1996-3

Page 3 of 3
Exhibit Index appears on Page 3

  EX-19.1 2 w1105601exv19w1.htm EXHIBIT 19.1 exv19w1

 

SLM Student Loan Trust 1996-3 Quarterly Servicing Report
 
Collection Period 04/01/2005 - 06/30/2005 Distribution Date 07/25/2005

I. Deal Parameters

                                     
 
                                    
A   Student Loan Portfolio Characteristics    07/09/1996
    03/31/2005
    06/30/2005
 
                                    
    Principal Balance   $ 1,485,028,174.00     $ 175,670,327.54     $ 151,704,510.09  
    Interest to be Capitalized Balance     17,675,904.00       818,173.63       635,377.99  
 
                              
    Pool Balance   $ 1,502,704,078.00     $ 176,488,501.17     $ 152,339,888.08  
    Specified Reserve Account Balance     3,756,760.00       - N/A -       - N/A -  
 
                              
    Adjusted Pool (1)   $ 1,506,460,838.00     $ 176,488,501.17     $ 152,339,888.08  
 
                                    
    Weighted Average Coupon (WAC)     8.37 %     4.44 %     4.44 %
    Weighted Average Remaining Term     114.00       73.16       72.09  
    Number of Loans     521,045       106,334       94,962  
    Number of Borrowers     207,948       43,340       39,064  
 
                                    
    Since Issued CPR             4.91 %     4.96 %
 
                                    
(1)   The Specified Reserve Account balance is included in the Adjusted Pool until the Pool Balance is less than 40% of the original pool.
 
                                    
 
                                    
B   Debt Securities   Cusip/Isin    04/25/2005
            07/25/2005
 
                                    
 
   A2    78442GAE6
   $ 123,738,501.17             $ 99,589,888.08  
 
   Certs    78442GAF3
   $ 52,750,000.00             $ 52,750,000.00  
 
                                    
 
                                    
C   Account Balances    04/25/2005
            07/25/2005
 
                                    
    Reserve Account Balance   $ 1,502,704.00             $ 1,502,704.00  
 
                                    
 
                                    
D   Asset/Liability    04/25/2005
            07/25/2005
 
                                    
    Adjusted Pool Balance   $ 176,488,501.17             $ 152,339,888.08  
    Total Notes   $ 176,488,501.17             $ 152,339,888.08  
    Difference   $ —             $ —  
    Parity Ratio     1.00000               1.00000  

Page 1 of 8

 

II. Trust Activity 04/01/2005 through 06/30/2005

                 
A   Student Loan Principal Receipts        
      Borrower Principal     10,021,549.37  
      Guarantor Principal     2,331,312.93  
      Consolidation Activity Principal     12,306,599.79  
      Seller Principal Reimbursement     168.25  
      Servicer Principal Reimbursement     543.60  
      Rejected Claim Repurchased Principal   —  
      Other Principal Deposits     297.90  
               
      Total Principal Receipts   $ 24,660,471.84  
 
                
B   Student Loan Interest Receipts        
      Borrower Interest     883,918.77  
      Guarantor Interest     111,137.92  
      Consolidation Activity Interest     119,430.57  
      Special Allowance Payments     603,479.97  
      Interest Subsidy Payments     217,050.68  
      Seller Interest Reimbursement     543.80  
      Servicer Interest Reimbursement     10,100.20  
      Rejected Claim Repurchased Interest     0.00  
      Other Interest Deposits     139,661.78  
               
      Total Interest Receipts   $ 2,085,323.69  
 
                
C   Investment Income   $ 146,670.22  
 
                
D   Funds Borrowed from Next Collection Period   $ —  
 
                
E   Funds Repaid from Prior Collection Period   $ —  
 
                
F   Loan Sale or Purchase Proceeds   $ —  
 
                
G   Initial Deposits to Collection Account   $ —  
 
                
H   Other Deposits   $ 84,520.97  
 
                
I   Less: Funds Previously Remitted:        
     
Servicing Fees
   $ (335,486.58 )
     
Consolidation Loan Rebate Fees
   $ —  
               
     
Total Funds Previously Remitted
   $ (335,486.58 )
 
                
 
J   AVAILABLE FUNDS   $ 26,641,500.14  
 
 
                
K   Non-Cash Principal Activity During Collection Period   $ (694,654.39 )
 
                
L   Non-Reimbursable Losses During Collection Period   $ (0.92 )
 
                
M   Aggregate Purchased Amounts by the Depositor, Servicer or Seller   $ —  
 
                
N   Aggregate Loan Substitutions   $ —  

Trust 1996-3 Quarterly Servicing Report: Collection Period 04/01/2005 - 06/30/2005, Distribution Date 07/25/2005

Page 2 of 8

 

 

III. 1996-3 Portfolio Characteristics

                                                                     
        06/30/2005     03/31/2005  
        WAC     # Loans     Principal     % of Principal     WAC     # Loans     Principal     % of Principal  
INTERIM:  
IN SCHOOL
     4.08 %     255     $ 785,542.50       0.518 %     4.17 %     425     $ 1,445,625.41       0.823 %
   
 
                                                                
   
GRACE
     4.17 %     132     $ 461,251.08       0.304 %     4.07 %     84     $ 270,584.66       0.154 %
   
 
                                                                
   
DEFERMENT
     4.25 %     9,151     $ 21,639,330.11       14.264 %     4.22 %     10,902     $ 26,080,344.76       14.846 %
   
 
                                                                
   
 
                                                                
REPAYMENT:  
CURRENT
     4.46 %     66,689     $ 82,524,063.70       54.398 %     4.46 %     74,024     $ 95,331,439.78       54.267 %
   
 
                                                                
   
31-60 DAYS DELINQUENT
     4.50 %     3,840     $ 7,765,959.63       5.119 %     4.48 %     3,752     $ 7,840,311.92       4.463 %
   
 
                                                                
   
61-90 DAYS DELINQUENT
     4.56 %     2,056     $ 4,606,207.99       3.036 %     4.61 %     2,256     $ 5,148,564.60       2.931 %
   
 
                                                                
   
91-120 DAYS DELINQUENT
     4.52 %     1,123     $ 2,836,007.83       1.869 %     4.47 %     1,231     $ 3,359,746.11       1.913 %
   
 
                                                                
   
> 120 DAYS DELINQUENT
     4.51 %     3,774     $ 10,177,000.33       6.708 %     4.52 %     4,301     $ 11,886,069.03       6.766 %
   
 
                                                                
   
 
                                                                
   
FORBEARANCE
     4.51 %     7,312     $ 19,203,419.84       12.658 %     4.52 %     8,661     $ 22,598,220.64       12.864 %
   
 
                                                                
   
CLAIMS IN PROCESS
     4.56 %     628     $ 1,701,426.86       1.122 %     4.61 %     696     $ 1,705,120.41       0.971 %
   
 
                                                                
   
AGED CLAIMS REJECTED
     4.25 %     2     $ 4,300.22       0.003 %     4.25 %     2     $ 4,300.22       0.002 %
   
 
                                                                
   
 
                                                                
                             
TOTAL  
 
             94,962     $ 151,704,510.09       100.00 %             106,334     $ 175,670,327.54       100.00 %

*   Percentages may not total 100% due to rounding

Trust 1996-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005

Page 3 of 8

 

 

IV. 1996-3 Portfolio Characteristics (cont’d)

                 
    06/30/2005     03/31/2005  
Pool Balance
   $ 152,339,888.08     $ 176,488,501.17  
Total # Loans
     94,962       106,334  
Total # Borrowers
     39,064       43,340  
Weighted Average Coupon
     4.44 %     4.44 %
Weighted Average Remaining Term
     72.09       73.16  
Non-Reimbursable Losses
   $ (0.92 )   $ 772.98  
Cumulative Non-Reimbursable Losses
   $ 2,012,322.73     $ 2,012,323.65  
Since Issued CPR
     4.96 %     4.91 %
Loan Substitutions
   $ —     $ —  
Cumulative Loan Substitutions
   $ —     $ —  
Rejected Claim Repurchases
   $ —     $ 5,034.57  
Cumulative Rejected Claim Repurchases
   $ 842,114.67     $ 842,114.67  
Unpaid Primary Servicing Fees
   $ —     $ —  
Unpaid Administration Fees
   $ —     $ —  
Unpaid Carryover Servicing Fees
   $ —     $ —  
Note Principal Shortfall
   $ —     $ —  
Note Interest Shortfall
   $ —     $ —  
Unpaid Interest Carryover
   $ —     $ —  

Trust 1996-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005

Page 4 of 8

 

 

V. 1996-3 Portfolio Statistics by School and Program

                                     
A   LOAN TYPE   WAC     # LOANS     $ AMOUNT     % *  
   
 
                                
   
- GSL - Subsidized
     4.38 %     70,536     $ 101,994,293.56       67.232 %
   
- GSL - Unsubsidized
     4.12 %     15,255       31,295,733.11       20.629 %
   
- PLUS Loans
     5.30 %     5,212       10,043,049.29       6.620 %
   
- SLS Loans
     5.31 %     3,959       8,371,434.13       5.518 %
   
- Consolidation Loans
     0.00 %     0       0.00       0.000 %
   
 
                        
   
Total
     4.44 %     94,962     $ 151,704,510.09       100.000 %
                                     
B   SCHOOL TYPE   WAC     # LOANS     $ AMOUNT     % *  
   
 
                                
   
- Four Year
     4.45 %     77,817     $ 126,500,367.22       83.386 %
   
- Two Year
     4.37 %     12,129       17,505,524.22       11.539 %
   
- Technical
     4.46 %     5,016       7,698,618.65       5.075 %
   
- Other
     0.00 %     0       0.00       0.000 %
   
 
                        
   
Total
     4.44 %     94,962     $ 151,704,510.09       100.000 %
   
 
                                
C  
Student Loan Rate Calculation
                                
   
 
                                
   
Borrower Interest Accrued
                     1,545,641.20          
   
Interest Subsidy Payments Accrued
                   $ 184,643.51          
   
Special Allowance Payments Accrued
                   $ 648,634.63          
   
Investment Income
                   $ 146,670.22          
   
 
                              
   
Net Expected Interest Collections
                   $ 2,525,589.56          
   
Accrual Daycount Fraction
                     0.249315068          
   
Primary Servicing Fee
                   $ 492,688.85          
   
Admin Fee
                   $ 20,000.00          
   
Pool Balance at Beginning of Collection Pd
                   $ 176,488,501.17          
   
Student Loan Rate
                     4.57465 %        

*     Percentages may not total 100% due to rounding.

Trust 1996-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005

Page 5 of 8

 

 

VI. 1996-3 T-Bill Rates

             
Accrual Period        
        Number of    
Start Date   Through   Days Weighted   91-Day T-Bill
04/25/2005
   04/25/2005   1   2.864%
04/26/2005
   05/02/2005   7   2.941%
05/03/2005
   05/09/2005   7   2.931%
05/10/2005
   05/16/2005   7   2.911%
05/17/2005
   05/23/2005   7   2.859%
05/24/2005
   05/31/2005   8   2.957%
06/01/2005
   06/06/2005   6   2.998%
06/07/2005
   06/13/2005   7   3.029%
06/14/2005
   06/20/2005   7   3.039%
06/21/2005
   06/27/2005   7   3.029%
06/28/2005
   07/05/2005   8   3.147%
07/06/2005
   07/11/2005   6   3.214%
07/12/2005
   07/24/2005   13     3.204%

Trust 1996-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005

Page 6 of 8

 

 

VII. 1996-3 Waterfall for Distributions

                   
                Remaining
        Paid     Funds Balance
Total Available Funds           $ 26,641,500.14
A
  Primary Servicing Fee   $ 157,202.27     $ 26,484,297.87
B
  Administration Fee   $ 20,000.00     $ 26,464,297.87
C
  Noteholders’ Interest Distribution Amount   $ 1,144,743.86     $ 25,319,554.01
D
  Certificateholders’ Return Distribution Amount   $ 523,515.57     $ 24,796,038.44
E
  Noteholders’ Principal Distribution Amount   $ 24,148,613.09     $ 647,425.35
F
  Certificateholders’ Balance Distribution Amount   $ —     $ 647,425.35
G
  Reserve Account Reinstatement   $ —     $ 647,425.35
H
  Carryover Servicing Fee   $ —     $ 647,425.35
I
  Noteholders’ Carryover Interest   $ —     $ 647,425.35
J
  Certificateholders’ Carryover Return   $ —     $ 647,425.35
K
  Excess Distribution   $ 647,425.35     $ —

Trust 1996-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005

Page 7 of 8

 

VIII. 1996-3 Distributions

                             
A  
Distribution Amounts
           A2   Certs
   
 
                        
   
Cusip/Isin
           78442GAE6     78442GAF3  
   
Beginning Balance
           $ 123,738,501.17     $ 52,750,000.00  
   
Index
           TBILL   TBILL
   
Spread/Fixed Rate
             0.68 %     0.95 %
   
Daycount Fraction
             0.24931507       0.24931507  
   
Interest Rate
             3.71069 %     3.98069 %
   
Accrued Interest Factor
             0.009251315       0.009924466  
   
Current Interest Due
           $ 1,144,743.86     $ 523,515.57  
   
Interest Shortfall from Prior Period Plus Accrued Interest
           $ —     $ —  
   
Total Interest Due
           $ 1,144,743.86     $ 523,515.57  
   
Interest Paid
           $ 1,144,743.86     $ 523,515.57  
   
Interest Shortfall
           $ —     $ —  
   
Carryover Interest Shortfall from Prior Period Plus Accrued Interest
           $ —     $ —  
   
Current Interest Carryover Due
           $ —     $ —  
   
Interest Carryover Paid
           $ —     $ —  
   
Unpaid Interest Carryover
           $ —     $ —  
   
Principal Paid
           $ 24,148,613.09     $ —  
   
Ending Principal Balance
           $ 99,589,888.08     $ 52,750,000.00  
   
Paydown Factor
             0.043668378       0.000000000  
   
Ending Balance Factor
             0.180090214       1.000000000  
   
 
                        
B  
Principal Distribution Reconciliation
                        
   
 
                        
   
Prior Adjusted Pool Balance
   $ 176,488,501.17                  
   
 
                        
   
Current Adjusted Pool Balance
   $ 152,339,888.08                  
   
 
                        
   
Current Principal Due
   $ 24,148,613.09                  
   
 
                        
   
Principal Shortfall from Previous Collection Period
     0.00                  
   
 
                      
   
Principal Distribution Amount
   $ 24,148,613.09                  
   
 
                      
   
 
                        
   
Principal Paid
   $ 24,148,613.09                  
   
 
                        
   
Principal Shortfall
   $ —                  
   
 
                        
C  
Reserve Account Reconciliation
                        
   
 
                        
   
Beginning Period Balance
   $ 1,502,704.00                  
   
 
                        
   
Reserve Funds Utilized
     0.00                  
   
 
                        
   
Reserve Funds Reinstated
     0.00                  
   
 
                        
   
Excess Distribution Deposit
     647,425.35                  
   
 
                      
   
 
                        
   
Balance Available
   $ 2,150,129.35                  
   
 
                        
   
Required Reserve Acct Balance
   $ 1,502,704.00                  
   
 
                        
   
Release to Excess Distribution Certificateholder
   $ 647,425.35                  
   
 
                        
   
Ending Reserve Account Balance
   $ 1,502,704.00                  

Trust 1996-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005

Page 8 of 8

 

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