Exhibit 99.1

ANNEX A

THE TRUST STUDENT LOAN POOL

The trust student loans owned by the trust were originally selected from a portfolio of consolidation student loans owned by Student Loan Marketing Association by employing several criteria, including requirements that each trust student loan as of the original statistical cutoff date (and with respect to each additional trust student loan as of its related subsequent cutoff date):

•

was guaranteed as to principal and interest by a guaranty agency under a guarantee agreement and the guaranty agency was, in turn, reinsured by the Department of Education in accordance with the FFELP;

•

contained terms in accordance with those required by the FFELP, the guarantee agreements and other applicable requirements;

•

was more than 30 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 applicable cutoff date was subject to any prior obligation to sell that loan to a third party.

Unless otherwise specified, all information with respect to the trust student loans is presented as of August 31, 2019, 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 $1,281,659 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, 14 borrowers have more than one trust student loan.

The distribution by weighted average interest rate applicable to the trust student loans on any date following the statistical disclosure date may vary significantly from that in the following tables as a result of variations in the effective rates of interest applicable to the trust student loans and in rates of principal reduction. Moreover, the information below about the weighted average remaining term to maturity of the trust student loans as of the statistical disclosure date may vary significantly from the actual term to maturity of any of the trust student loans as a result of prepayments or the granting of deferment and forbearance periods.

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The following tables also contain information concerning the total number of loans and the total number of borrowers in the portfolio of initial trust student loans.

Percentages and dollar amounts in any table may not total 100% of the initial 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	$	538,873,888
Aggregate Outstanding Principal Balance – Treasury Bill	$	13,964,955
Percentage of Aggregate Outstanding Principal Balance – Treasury Bill		2.59	%
Aggregate Outstanding Principal Balance – One-Month LIBOR	$	524,908,933
Percentage of Aggregate Outstanding Principal Balance – One-Month LIBOR		97.41	%
Number of Borrowers		18,440
Average Outstanding Principal Balance Per Borrower	$	29,223
Number of Loans		33,326
Average Outstanding Principal Balance Per Loan – Treasury Bill	$	39,673
Average Outstanding Principal Balance Per Loan – One-Month LIBOR	$	15,919
Weighted Average Remaining Term to Scheduled Maturity	173 months
Weighted Average Annual Interest Rate		4.30	%

We determined the weighted average remaining term to maturity shown in the table from the statistical disclosure date to the stated maturity date of the applicable trust student loan without giving effect to any deferment or forbearance periods that may be granted in the future. See Appendix A to the preliminary remarketing memorandum.

The weighted average annual borrower interest rate shown in the table is exclusive of special allowance payments. The weighted average spread for special allowance payments to the 91-day Treasury bill rate was 3.10% as of the statistical disclosure date.

The weighted average spread for special allowance payments to the one-month LIBOR rate was 2.64% as of the statistical disclosure date. See “Special Allowance Payments” in Appendix A to the preliminary remarketing memorandum.

For these purposes, the 91-day Treasury bill rate is the weighted average per annum discount rate, expressed on a bond equivalent basis and applied on a daily basis, for direct obligations of the United States with a maturity of thirteen weeks, as reported by the U.S. Department of the Treasury.

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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%		7,508	$	118,070,974		21.9	%
3.01% to 3.50%		5,917		88,364,963		16.4
3.51% to 4.00%		6,579		92,841,813		17.2
4.01% to 4.50%		7,697		110,221,907		20.5
4.51% to 5.00%		1,651		26,737,964		5.0
5.01% to 5.50%		516		10,675,780		2.0
5.51% to 6.00%		459		9,895,838		1.8
6.01% to 6.50%		687		15,036,185		2.8
6.51% to 7.00%		775		17,596,205		3.3
7.01% to 7.50%		304		8,225,707		1.5
7.51% to 8.00%		507		12,852,051		2.4
8.01% to 8.50%		601		22,141,218		4.1
Equal to or greater than 8.51%		125		6,213,282		1.2

Total		33,326	$	538,873,888		100.0	%

We determined the interest rates shown in the table above using the interest rates applicable to the trust student loans as of the statistical disclosure date. Because trust student loans with different interest rates are likely to be repaid at different rates, this information is not likely to remain applicable to the trust student loans after the statistical disclosure date. See Appendix A to the preliminary remarketing memorandum and “The Student Loan Pools – The Student Loan Marketing Association’s Student Loan Financing Business” in the prospectus.

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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		3,165	$	8,658,269		1.6	%
$5,000.00-$ 9,999.99		3,431		24,606,723		4.6
$10,000.00-$14,999.99		2,050		25,343,792		4.7
$15,000.00-$19,999.99		1,732		30,208,619		5.6
$20,000.00-$24,999.99		1,370		30,526,992		5.7
$25,000.00-$29,999.99		1,014		27,696,862		5.1
$30,000.00-$34,999.99		795		25,771,828		4.8
$35,000.00-$39,999.99		710		26,618,366		4.9
$40,000.00-$44,999.99		566		24,009,076		4.5
$45,000.00-$49,999.99		458		21,733,764		4.0
$50,000.00-$54,999.99		384		20,122,286		3.7
$55,000.00-$59,999.99		341		19,545,212		3.6
$60,000.00-$64,999.99		259		16,137,843		3.0
$65,000.00-$69,999.99		244		16,445,579		3.1
$70,000.00-$74,999.99		227		16,464,803		3.1
$75,000.00-$79,999.99		183		14,159,776		2.6
$80,000.00-$84,999.99		176		14,508,556		2.7
$85,000.00-$89,999.99		136		11,889,065		2.2
$90,000.00-$94,999.99		132		12,194,333		2.3
$95,000.00-$99,999.99		111		10,828,890		2.0
$100,000.00 and above		956		141,403,254		26.2

Total		18,440	$	538,873,888		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		32,279	$	515,831,784		95.7	%
31-60 days		382		7,963,995		1.5
61-90 days		192		3,651,255		0.7
91-120 days		94		2,002,527		0.4
121-150 days		82		2,340,120		0.4
151-180 days		77		2,112,514		0.4
181-210 days		62		1,333,643		0.2
Greater than 210 days		158		3,638,048		0.7

Total		33,326	$	538,873,888		100.0	%

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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		141	$	33,435		*
4 to 12		543		433,283		0.1	%
13 to 24		932		2,240,559		0.4
25 to 36		940		3,727,733		0.7
37 to 48		1,264		5,268,542		1.0
49 to 60		5,265		19,015,094		3.5
61 to 72		1,732		10,395,900		1.9
73 to 84		1,282		9,339,064		1.7
85 to 96		1,078		10,072,329		1.9
97 to 108		1,240		11,892,134		2.2
109 to 120		3,863		39,330,096		7.3
121 to 132		2,311		39,915,974		7.4
133 to 144		1,606		30,645,066		5.7
145 to 156		1,114		24,894,239		4.6
157 to 168		1,028		22,431,017		4.2
169 to 180		3,495		82,183,664		15.3
181 to 192		1,137		33,132,987		6.1
193 to 204		885		28,889,563		5.4
205 to 216		987		39,622,353		7.4
217 to 228		674		27,619,919		5.1
229 to 240		580		25,375,402		4.7
241 to 252		338		15,889,503		2.9
253 to 264		217		10,768,527		2.0
265 to 276		163		9,117,491		1.7
277 to 288		116		6,430,712		1.2
289 to 300		138		8,147,532		1.5
301 to 312		109		8,265,295		1.5
313 to 324		28		2,291,791		0.4
325 to 336		23		1,463,260		0.3
337 to 348		20		1,494,765		0.3
349 to 360		48		5,774,176		1.1
361 and above		29		2,772,483		0.5

Total		33,326	$	538,873,888		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 – The Student Loan Marketing Association’s Student Loan Financing Business” in the prospectus.

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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		826	$	16,128,870		3.0	%
Forbearance		1,547		38,033,299		7.1
Repayment
First year in repayment		248		9,658,338		1.8
Second year in repayment		196		8,080,854		1.5
Third year in repayment		283		10,125,480		1.9
More than 3 years in repayment		30,226		456,847,047		84.8

Total		33,326	$	538,873,888		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 – The Student Loan Marketing Association’s Student Loan Financing Business” in the prospectus.

The weighted average number of months in repayment for all trust student loans currently in repayment is approximately 135.2 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.

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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		20.7		-		203.4
Forbearance		-		4.0		194.4
Repayment		-		-		169.5

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 $16,128,870 aggregate outstanding principal balance of the trust student loans in deferment as of the statistical disclosure date, $12,692,452 or approximately 78.7% 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.

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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		177	$	3,561,793		0.7	%
Alaska		56		791,381		0.1
Arizona		504		8,656,095		1.6
Arkansas		200		3,547,270		0.7
California		3,246		59,462,046		11.0
Colorado		522		8,246,141		1.5
Connecticut		453		5,211,510		1.0
Delaware		57		979,998		0.2
District of Columbia		114		2,347,618		0.4
Florida		1,163		22,884,260		4.2
Georgia		719		12,925,297		2.4
Hawaii		81		1,611,059		0.3
Idaho		105		1,837,607		0.3
Illinois		1,095		16,339,792		3.0
Indiana		586		9,430,591		1.8
Iowa		144		1,981,647		0.4
Kansas		315		4,008,368		0.7
Kentucky		303		4,441,937		0.8
Louisiana		842		12,121,053		2.2
Maine		71		1,090,711		0.2
Maryland		588		10,689,829		2.0
Massachusetts		823		11,409,946		2.1
Michigan		799		14,075,314		2.6
Minnesota		385		4,706,759		0.9
Mississippi		141		2,519,052		0.5
Missouri		541		8,294,750		1.5
Montana		36		585,109		0.1
Nebraska		50		697,163		0.1
Nevada		196		4,146,192		0.8
New Hampshire		150		1,878,016		0.3
New Jersey		806		16,434,427		3.0
New Mexico		99		1,567,357		0.3
New York		3,283		46,112,631		8.6
North Carolina		607		10,947,055		2.0
North Dakota		6		46,219		*
Ohio		4,499		76,895,632		14.3
Oklahoma		736		10,249,600		1.9
Oregon		501		7,244,055		1.3
Pennsylvania		957		17,039,567		3.2
Rhode Island		57		986,015		0.2
South Carolina		232		4,658,780		0.9
South Dakota		25		523,928		0.1
Tennessee		505		7,186,013		1.3
Texas		3,893		56,280,213		10.4
Utah		111		3,755,065		0.7
Vermont		58		1,076,270		0.2
Virginia		744		10,910,800		2.0
Washington		1,015		14,701,862		2.7
West Virginia		96		1,405,797		0.3
Wisconsin		392		5,641,948		1.0
Wyoming		12		137,581		*
Other		230		4,594,770		0.9

Total		33,326	$	538,873,888		100.0	%

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

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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.

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The following table provides certain information about trust student loans subject to the repayment terms described in the preceding paragraphs.

DISTRIBUTION OF THE TRUST STUDENT LOANS BY REPAYMENT

TERMS AS OF THE STATISTICAL DISCLOSURE DATE

Loan Repayment Terms	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
Level Repayment		18,141	$	239,561,689		44.5	%
Other Repayment Options⁽¹⁾		12,522		223,100,503		41.4
Income-driven Repayment⁽²⁾		2,663		76,211,696		14.1

Total		33,326	$	538,873,888		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 250 loans with an aggregate outstanding principal balance of $9,610,909 currently in an interest-only period. These interest-only loans represent approximately 1.8% 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		16,732	$	224,586,438		41.7	%
Unsubsidized		16,594		314,287,450		58.3

Total		33,326	$	538,873,888		100.0	%

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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		17	$	520,186		0.1	%
October 1, 1993 through June 30, 2006		33,309		538,353,702		99.9
July 1, 2006 and later		0		0		0.0

Total		33,326	$	538,873,888		100.0	%

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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		868	$	11,452,257		2.1	%
College Assist		1		5,725		*
Educational Credit Management Corporation		964		13,751,527		2.6
Great Lakes Higher Education Corporation		13,373		275,974,390		51.2
Illinois Student Assistance Comm		1,080		11,597,544		2.2
Kentucky Higher Educ. Asst. Auth.		212		2,375,511		0.4
Louisiana Office Of Student Financial Asst		522		6,675,961		1.2
Michigan Guaranty Agency		625		9,092,978		1.7
New Jersey Higher Ed Student Assistance Authority		2,294		27,461,493		5.1
New York State Higher Ed Services Corp		6,736		86,158,064		16.0
Oklahoma Guaranteed Stud Loan Prog		520		7,227,498		1.3
Pennsylvania Higher Education Assistance Agency		2,344		32,368,093		6.0
Texas Guaranteed Student Loan Corp		3,786		54,733,550		10.2
United Student Aid Funds, Inc.		1		-703		*
Total		33,326	$	538,873,888		100.0	%

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

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SIGNIFICANT GUARANTOR INFORMATION

The information shown for the Significant Guarantors relates to all student loans, including but not limited to trust student loans, guaranteed by the Significant Guarantors.

We obtained the following information from various sources, including from the related Significant Guarantor and/or from the Department of Education. None of the depositor, the sellers, the servicer, their affiliates or the remarketing agent has audited or independently verified this information for accuracy or completeness.

ASCENDIUM EDUCATION SOLUTIONS, INC.

Ascendium Education Solutions, Inc. f/k/a Great Lakes Higher Education Guaranty Corporation (“Ascendium”) is a Wisconsin nonstock, nonprofit corporation, the sole member of which is Ascendium Education Group, Inc. f/k/a Great Lakes Higher Education Corporation (“Ascendium Education Group”). Ascendium’s predecessor organization, Ascendium Education Group, was organized as a Wisconsin nonstock, nonprofit corporation and began guaranteeing student loans under the Higher Education Act in 1967. Ascendium is the designated guaranty agency under the Higher Education Act for Wisconsin, Arkansas, Iowa, Minnesota, Montana, North Dakota, Ohio, South Dakota, Puerto Rico and the Virgin Islands. On January 1, 2002, Ascendium Education Group (and Ascendium directly and through its support services agreement with Ascendium Education Group), outsourced certain aspects of its student loan program guaranty support operations to Great Lakes Educational Loan Services, Inc. (“GLELSI”). Ascendium continues as the “guaranty agency” as defined in Section 435(j) of the Higher Education Act and continues its default aversion, claim purchase and compliance, collection support and federal reporting responsibilities as well as custody and responsibility for all revenues, expenses and assets related to that status. The primary operations center for Ascendium Education Group and its affiliates (including Ascendium) is in Madison, Wisconsin, which includes operational staff offices for guaranty functions. Ascendium also maintain offices in; Eagan, Minnesota; Aberdeen, South Dakota; and Indianapolis, Indiana. Ascendium will provide a copy of Ascendium Education Group’s most recent consolidated financial statements on receipt of a written request directed to 2501 International Lane, Madison, Wisconsin 53704, Attention: Chief Financial Officer.

United Student Aid Funds, Inc. (“USAF”) was organized as a private, nonprofit corporation under the General Corporation Law of the State of Delaware in 1960. USAF (i) maintained facilities for the provision of guarantee services with respect to approved education loans made to or for the benefit of eligible students attending approved educational institutions; (ii) guaranteed education loans made pursuant to certain loan programs under the Higher Education Act, as well as loans made under certain private loan programs; and (iii) served as the designated guarantor for education loan programs under the Higher Education Act of 1965, as amended (the “Act”) in Arizona, Hawaii and certain Pacific Islands, Indiana, Kansas, Maryland, Mississippi, Nevada and Wyoming.

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USAF was the sole member of the Northwest Education Loan Association (“NELA”), a guarantor serving the states of Washington, Idaho and the Northwest. Ascendium Education Group became a member of USAF effective January 1, 2017.

Effective as of December 31, 2018, NELA was dissolved, with its remaining assets going to its sole member, USAF. Immediately thereafter, USAF was merged into Ascendium. Thus, the portfolios previously held by USAF and NELA are now held by Ascendium.

The information in the following tables has been provided to the Issuer from reports provided by or to the U.S. Department of Education and has not been verified by the Issuer, Ascendium, or the initial purchasers. No representation is made by the Issuer, Ascendium, or the initial purchasers as to the accuracy or completeness of this information. Prospective investors may consult the U.S. Department of Education Data Books and Web sites http://www2.ed.gov/finaid/prof/resources/data/opeloanvol.html and http://www.fp.ed.gov/pubs.html for further information concerning Ascendium or any other guaranty agency.

Guaranty Volume. Pursuant to the SAFRA Act, part of the Health Care and Education Reconciliation Act of 2010, Ascendium, the former USAF, and the former NELA ceased issuing new loan guarantees on June 30, 2010. The most recent year for which the U.S. Department of Education has issued guaranty volume information is 2009. Ascendium issued $7.0 billion in new loan guarantees in that year.

Reserve Ratio. The reserve ratios for Ascendium, the former USAF and the former NELA are as follows:

The Ascendium Portfolio (Without Consideration of USAF and NELA)

Following are Ascendium’s reserve fund levels as calculated in accordance with 34 CFR 682.410(a)(10) for the last five federal fiscal years:

Federal Fiscal Year	Federal Guaranty Reserve Fund Level1

2014	0.94%
2015	1.05%
2016	1.37%
2017	1.80%
2018	2.21%

The U.S. Department of Education’s website at http://www.fp.ed.gov/pubs.html has posted reserve ratios for Ascendium for federal years 2014, 2015, 2016, 2017 and 2018 of 0.699%, 0.648%, 0.608%, 0.827%, 1.000% and 1.480%, respectively. Ascendium believes the Department of Education has not calculated the reserve ratio in accordance with the Act and the correct ratio should be 0.94%, 1.05%, 1.37%, 1.80% and 2.21% respectively, as shown above and as explained in the following footnote. On November 17, 2006, the U.S. Department of Education advised Ascendium that beginning in Federal Fiscal Year 2006 it will publish reserve ratios that include loan loss provision and deferred revenues. Ascendium believes this change more closely approximates the statutory calculation. According to the U.S. Department of Education, available cash reserves may not always be an accurate barometer of a guarantor’s financial health.

¹ In accordance with Section 428(c)(9) of the Higher Education Act, does not include loans transferred from the former Higher Education Assistance Foundation, Northstar Guarantee Inc., Ohio Student Aid Commission or Puerto Rico Higher Education Assistance Corporation. (The minimum reserve fund ratio under the Higher Education Act is 0.25%.)

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The Former USAF Portfolio Now Held by Ascendium

Following are USAF’s reserve fund levels as calculated in accordance with 34 CFR 682.410(a)(10) for the last five federal fiscal years:

Federal Fiscal Year	Federal Guaranty Reserve Fund Level¹

2014	0.277%
2015	0.251%
2016	0.308%
2017	0.350%
2018	0.363%

The Former NELA Portfolio Now Held by Ascendium

Following are NELA’s reserve fund levels as calculated in accordance with 34 CFR 682.410(a)(10) for the last five federal fiscal years:

Federal Fiscal Year	Federal Guaranty Reserve Fund Level¹

2014	0.377%
2015	0.295%
2016	0.373%
2017	0.430%
2018	0.460%

Claims Rate. The claims rate for Ascendium, USAF and NELA are as follows:

The Ascendium Portfolio (Without Consideration of USAF and NELA)

For the past five federal fiscal years, Ascendium’s claims rate has not exceeded 5%, and, as a result, the highest allowable reinsurance has been paid on all Ascendium’s claims. The actual claims rates are as follows:

Federal Fiscal Year	Claims Rate

2014	2.05%
2015	0.96%
2016	1.00%
2017	0.35%
2018	0.35%

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The Former USAF Portfolio Now Held by Ascendium

For the past five federal fiscal years, USAF’s claims rate has not exceeded 5%, and, as a result, the highest allowable reinsurance has been paid on all USAF’s claims. The actual claims rates are as follows:

Federal Fiscal Year	Claims Rate

2014	4.73%
2015	4.71%
2016	0.60%
2017	0.67%
2018	2.15%

As a result of various statutory and regulatory changes over the past several years, historical rates may not be an accurate indicator of current delinquency or default trends or future claims rates.

The Former NELA Portfolio Now Held by Ascendium

For the past five federal fiscal years, NELA’s claims rate has not exceeded 5%, and, as a result, the highest allowable reinsurance has been paid on all NELA’s claims. The actual claims rates are as follows:

Federal Fiscal Year	Claims Rate

2014	1.37%
2015	0.60%
2016	1.31%
2017	0.63%
2018	1.52%

NEW YORK STATE HIGHER EDUCATION SERVICES CORPORATION

New York State Higher Education Services Corporation (“HESC”) was organized in 1975 as an agency of the State of New York, pursuant to an act of the New York legislature, to expand educational opportunities for students. HESC administers the New York Tuition Assistance Program and a variety of state scholarships in addition to acting as a guarantee agency under the Federal Family Education Loan Program (FFELP). HESC is the designated guarantee agency for the State of New York, and guarantees all types of FFELP loans.

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As a result of the 3/30/2010 enactment of the Health Care and Education Reconciliation Act of 2010 (HCERA) (HR4872), the FFELP was eliminated effective 7/1/2010. No new (first disbursed) Stafford, PLUS or consolidation loans may be disbursed through the FFELP after 6/30/2010. Existing FFELP loans will continue to be eligible for program benefits. Beginning 7/1/2010, all new Stafford, PLUS and consolidation loans will be made under the U. S. Department of Education’s Direct Loan Program.

For the FFELP, HESC will continue to have the responsibility for providing collection assistance to lenders for delinquent loans, paying lender claims for loans in default, and collection activities on loans after purchase by HESC. In addition to the FFELP, HESC continues to perform residual administrative activities of the State guaranteed loan program in which no new loans have been guaranteed since 1984.

HESC has a Federal Student Loan Reserve Fund (the “Federal Fund”) and an Agency Operating Fund to account for FFELP activity. The Federal Fund assets, and earnings on those assets, are restricted in use and are considered property of the Department of Education. The Agency Operating Fund is considered property of HESC, and its assets and earnings may be used generally for guarantee agency and other student financial aid related activities.

As of September 30, 2017, HESC had total FFELP assets of approximately $160 million (including balances for both the Federal Fund and the Agency Operating Fund) and had a total of approximately $12.1 billion in original principal amount of loans outstanding.

Guarantee Volume. As a result of HCERA, HESC has not guaranteed any loans in the last five federal fiscal years ended September 30.

Reserve Ratio. A guarantee agency’s reserve ratio is determined by dividing its Federal Fund Balance by the original principal amount of loans outstanding. HESC’s reserve ratio for the last five federal fiscal years ending September 30 is as follows:

	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 Rates. The Department of Education calculates a guaranty agency’s recovery rate by dividing the amount recovered from borrowers during a federal fiscal year by the guaranty agency’s outstanding default loan portfolio (beginning inventory) at the end of the prior federal fiscal year. HESC’s recovery rate for each of the past five federal fiscal years ending September 30 provided below uses the Department of Education’s calculation method:

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	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. A guaranty agency’s claims rate is determined by dividing the amount of federal reinsurance claims paid by the Department of Education during a federal fiscal year by the original principal amount of loans in repayment at the end of the prior federal fiscal year. HESC’s claims rate for each of the past five federal fiscal years ending September 30 is as follows:

	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	%

HESC is headquartered at 99 Washington Avenue, Albany, New York 12255. Its most recent annual report is available on its web site.

TEXAS GUARANTEED STUDENT LOAN CORPORATION

Guaranty Volume. The following table sets forth the approximate aggregate principal amount of federally reinsured education loans (including loans under the Parent Loans for Undergraduate Students (“PLUS”) program but excluding Federal Consolidation Loans) that have first become guaranteed in each of the following federal fiscal years calculated by subtracting the prior year end Form 2000 Line AR1 from that of the current year.

	Stafford SLS and PLUS Loans Guaranteed
	Federal Fiscal Year (ending September 30)
	($ in millions)
Guarantor	2013		2014		2015		2016		2017
Texas Guaranteed Student Loan Corporation⁽¹⁾	$	-	$	-	$	-	$	-	$	-

(1)

Information from TGSLC was provided by TGSLC from reports provided by or to the U.S. Department of Education and has not been verified by TGSLC. No representation is made by TGSLC as to the accuracy or completeness of the information.

Reserve Ratio. The reserve ratio is determined by dividing its cumulative federal fund cash and investment reserves, by the original principal amount of the outstanding loans guaranteed. The term “cumulative cash reserves” means the difference between sources and uses of monies in the federal reserve fund. The following table sets forth the respective reserve ratio for the following fiscal years:

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	Reserve Ratio
	Federal Fiscal Year (ending September 30)
Guarantor	2013			2014			2015			2016			2017
Texas Guaranteed Student Loan Corporation⁽¹⁾		2.400	%		2.610	%		2.970	%		3.600	%		4.314	%

(1)

Recovery Rates. Determined by dividing the cumulative amount recovered from borrowers (prior year total plus current year Form 2000 Lines MR 10,10A, 11A, 11B, 12A, 13A, 17,19 and 27) by the cumulative amount of default claims paid (Form 2000 Line AR 8). The table below sets forth the recovery rates for the following fiscal years:

	Recovery Rate
	Federal Fiscal Year (ending September 30)
Guarantor	2013			2014			2015			2016			2017
Texas Guaranteed Student Loan Corporation⁽¹⁾		92.1	%		96.0	%		103.9	%		109.8	%		114.7	%

(1)

Claims Rate. For the following federal fiscal years, the claims rate is as follows:

	Claims Rate
	Federal Fiscal Year (ending September 30)
	($ in millions)
Guarantor	2013			2014			2015			2016			2017
Texas Guaranteed Student Loan Corporation⁽¹⁾		3.02	%		2.67	%		1.01	%		1.53	%		1.72	%

(1)

Pursuant to the Health Care and Education Affordability Reconciliation Act which amended the Higher Education Act of 1965, the origination of federal student loans under FFELP after June 30, 2010 was discontinued.

Eligible FFELP loans selected for sale (“put”) to the Department of Education at the lenders option under provisions of The Ensuring Continued Access to Student Loans Act or consolidated into the Federal Direct Loan Program at the borrowers option under the Federal government’s temporary fiscal year 2012 initiative have been removed from Texas Guaranteed Student Loan Corporation’s portfolio.

Texas Guaranteed Student Loan Corporation (dba Trellis Company) can be contacted at P.O. Box 83100, Round Rock, Texas 78683 (Telephone: (800) 252-9743) or at www.trelliscompany.org.

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DELAWARE	333-104887/ 333-104887-07	04-3480392
(State or other jurisdiction of formation)	(Commission File Numbers)	(I.R.S. Employer Identification No.)

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Not Applicable	Not Applicable	Not Applicable

	SLM STUDENT LOAN TRUST 2004-1

	By: NAVIENT SOLUTIONS, LLC, in its capacity as administrator of the Trust

Dated: October 15, 2019	By: /s/ C. Scott Booher
	Name: C. Scott Booher
	Title: Vice President

Exhibit Number	Description

99.1	Tables Showing SLM Student Loan Trust 2004-1 Pool Information as of August 31, 2019.