EX-99.1 2 w82765exv99w1.htm EXHIBIT 99.1 exv99w1
 
 

 

       
 
    
SLM Student Loan Trust 2010-2
Monthly Servicing Report
 
    
Distribution Date
  12/27/2010
Collection Period
  11/01/2010 - 11/30/2010
 
    
SLM Funding LLC -
    Depositor
Sallie Mae, Inc. -
  Master Servicer and Administrator
Deutsche Bank Trust Company Americas -
  Indenture Trustee
The Bank of New York Mellon Trust Company, N.A. -
  Eligible Lender Trustee
SLM Investment Corp. -
  Excess Distribution Certificateholder
 
    
Page 1 of 9

 

 
 
 
 

I. Deal Parameters
                                     
A     Student Loan Portfolio Characteristics   08/26/2010     10/31/2010     11/30/2010    
      Principal Balance   $ 679,589,352.80     $ 701,764,065.94     $ 698,701,951.43    
      Interest to be Capitalized Balance     17,411,085.17       18,078,446.27       15,874,094.40    
 
                              
      Pool Balance   $ 697,000,437.97     $ 719,842,512.21     $ 714,576,045.83    
      Capitalized Interest Account Balance   $ 3,000,000.00     $ 3,000,000.00     $ 3,000,000.00    
      Specified Reserve Account Balance     3,768,055.00       3,599,212.56       3,572,880.23    
 
                              
      Adjusted Pool (1)   $ 703,768,492.97     $ 726,441,724.77     $ 721,148,926.06    
 
                                    
      Weighted Average Coupon (WAC)     5.14%       5.18%       5.18%    
      Number of Loans     193,647       199,430       197,147    
      Aggregate Outstanding Principal Balance - Tbill           $ 192,330,149.53     $ 190,391,728.24    
      Aggregate Outstanding Principal Balance - Commercial Paper           $ 527,512,362.68     $ 524,184,317.59    
      Pool Factor             0.979802837       0.972634465    
      Since Issued Constant Prepayment Rate             10.18%       8.87%    
         
 
                                    
      (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   11/26/2010             12/27/2010    
    A   78446AAA3   $ 701,752,572.72             $ 694,199,057.19    
 
     B   78446AAB1   $ 22,379,000.00             $ 22,379,000.00    
         
                 
C     Account Balances       11/26/2010             12/27/2010    
    Reserve Account Balance   $ 3,599,212.56             $ 3,572,880.23    
      Capitalized Interest Account Balance   $ 3,000,000.00             $ 3,000,000.00    
      Floor Income Rebate Account   $ 3,749,372.99             $ 1,635,176.25    
      Supplemental Loan Purchase Account   $ -             $ -    
         
                 
D     Asset / Liability       11/26/2010             12/27/2010    
    Adjusted Pool Balance + Supplemental Loan Purchase   $ 726,441,724.77             $ 721,148,926.06    
      Total Notes   $ 724,131,572.72             $ 716,578,057.19    
      Difference   $ 2,310,152.05             $ 4,570,868.87    
      Parity Ratio     1.00319               1.00638    
         
 
Trust 2010-2 Monthly Servicing Report: Collection Period 11/01/2010 - 11/30/2010, Distribution Date 12/27/2010
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II. Trust Activity 11/01/2010 through 11/30/2010        
                     
 
                    
    A   Student Loan Principal Receipts        
 
           Borrower Principal     2,866,283.46  
 
           Guarantor Principal     491,256.33  
 
           Consolidation Activity Principal     3,265,851.19  
 
           Seller Principal Reimbursement     -  
 
           Servicer Principal Reimbursement     58.52  
 
           Rejected Claim Repurchased Principal     -  
 
           Other Principal Deposits     9,184.57  
 
              
 
           Total Principal Receipts   $ 6,632,634.07  
 
                    
    B   Student Loan Interest Receipts        
 
           Borrower Interest     444,153.81  
 
           Guarantor Interest     8,134.04  
 
           Consolidation Activity Interest     148,917.87  
 
           Special Allowance Payments     40,380.98  
 
           Interest Subsidy Payments     772,022.76  
 
           Seller Interest Reimbursement     0.00  
 
           Servicer Interest Reimbursement     95.90  
 
           Rejected Claim Repurchased Interest     0.00  
 
           Other Interest Deposits     40,832.67  
 
              
 
           Total Interest Receipts   $ 1,454,538.03  
 
                    
    C   Reserves in Excess of Requirement   $ 26,332.33  
 
                    
    D   Investment Income   $ 345.79  
 
                    
    E   Funds Borrowed from Next Collection Period   $ -  
 
                    
    F   Funds Repaid from Prior Collection Period   $ -  
 
                    
    G   Loan Sale or Purchase Proceeds   $ -  
 
                    
    H   Initial Deposits to Collection Account   $ -  
 
                    
    I   Excess Transferred from Other Accounts   $ 3,749,372.99  
 
                    
    J   Other Deposits   $ -  
 
                    
    K   Funds Released from Capitalized Interest Account   $ -  
 
                    
    L   Less: Funds Previously Remitted:        
 
           Servicing Fees to Servicer   $ -  
 
           Consolidation Loan Rebate Fees to Dept. of Education   $ -  
 
           Floor Income Rebate Fees to Dept. of Education   $ (1,897,470.16 )
 
           Funds Allocated to the Floor Income Rebate Account   $ (1,635,176.25 )
 
                    
     
    M   AVAILABLE FUNDS   $ 8,330,576.80  
     
 
                    
    N   Non-Cash Principal Activity During Collection Period   $ (3,570,519.56 )
 
                    
    O   Non-Reimbursable Losses During Collection Period   $ 216.94  
 
                    
    P   Aggregate Purchased Amounts by the Depositor, Servicer or Seller   $ 9,695.02  
 
                    
    Q   Aggregate Loan Substitutions   $ -  
 
                    
Trust 2010-2 Monthly Servicing Report: Collection Period 11/01/2010 - 11/30/2010, Distribution Date 12/27/2010
Page 3 of 9

 

     
III. 2010-2 Portfolio Characteristics
                                                                                     
        11/30/2010       10/31/2010    
        Wtd Avg                                     Wtd Avg                            
        Coupon       #Loans       Principal       % of Principal       Coupon       #Loans       Principal       % of Principal    
                                                     
INTERIM:
                                                                                  
 
IN SCHOOL
       6.52 %       23,173       $ 121,311,114.59         17.362 %       6.52 %       23,728       $ 125,182,415.24         17.838 %  
 
 
                                                                                  
 
GRACE
       6.59 %       11,392       $ 63,939,699.40         9.151 %       6.58 %       14,778       $ 87,643,074.21         12.489 %  
 
 
                                                                                  
 
DEFERMENT
       4.25 %       29,358       $ 96,083,347.10         13.752 %       4.21 %       29,316       $ 95,415,728.40         13.597 %  
 
 
                                                                                  
REPAYMENT:
                                                                                  
 
CURRENT
       4.80 %       74,018       $ 199,048,288.84         28.488 %       4.55 %       74,714       $ 185,623,190.13         26.451 %  
 
31-60 DAYS DELINQUENT
       4.63 %       9,188       $ 30,967,945.08         4.432 %       4.80 %       9,301       $ 30,989,112.48         4.416 %  
 
61-90 DAYS DELINQUENT
       4.81 %       6,536       $ 22,684,317.46         3.247 %       5.07 %       6,225       $ 21,900,364.14         3.121 %  
 
91-120 DAYS DELINQUENT
       5.11 %       4,489       $ 16,037,495.29         2.295 %       4.84 %       4,998       $ 17,724,991.32         2.526 %  
 
> 120 DAYS DELINQUENT
       4.34 %       16,244       $ 56,777,367.62         8.126 %       4.16 %       14,416       $ 49,021,873.01         6.986 %  
 
 
                                                                                  
 
FORBEARANCE
       4.93 %       21,855       $ 88,853,448.61         12.717 %       4.84 %       21,616       $ 87,005,809.90         12.398 %  
 
CLAIMS IN PROCESS
       4.06 %       894       $ 2,998,927.44         0.429 %       3.79 %       338       $ 1,257,507.11         0.179 %  
 
 
                                                                                  
                                                     
TOTAL
                 197,147       $ 698,701,951.43         100.00 %                 199,430       $ 701,764,065.94         100.00 %  
                                                     
*Percentages may not total 100% due to rounding
Trust 2010-2 Monthly Servicing Report: Collection Period 11/01/2010 - 11/30/2010, Distribution Date 12/27/2010
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IV. 2010-2 Portfolio Characteristics (cont’d)
                         
            11/30/2010     10/31/2010  
       
Pool Balance
   $ 714,576,045.83     $ 719,842,512.21  
       
 
                
       
Total # Loans
     197,147       199,430  
       
 
                
       
Total # Borrowers
     89,499       90,548  
       
 
                
       
Weighted Average Coupon
     5.18 %     5.18 %
       
 
                
       
Weighted Average Remaining Term
     115.07       115.12  
       
 
                
       
Non-Reimbursable Losses
   $ 216.94     $ 163.39  
       
 
                
       
Cumulative Non-Reimbursable Losses
   $ 419.19     $ 202.25
       
 
                
       
Since Issued Constant Prepayment Rate (CPR)
     8.87 %     10.18 %
       
 
                
       
Loan Substitutions
   $ -     $ -  
       
 
                
       
Cumulative Loan Substitutions
   $ -     $ -  
       
 
                
       
Rejected Claim Repurchases
   $ -     $ 8,747.83  
       
 
                
       
Cumulative Rejected Claim Repurchases
   $ 8,747.83     $ 8,747.83  
       
 
                
       
Unpaid Primary Servicing Fees
   $ -     $ -  
       
 
                
       
Unpaid Administration Fees
   $ -     $ -  
       
 
                
       
Unpaid Carryover Servicing Fees
   $ -     $ -  
       
 
                
       
Note Principal Shortfall
   $ 429,131.13     $ 2,689,847.95  
       
 
                
       
Note Interest Shortfall
   $ -     $ -  
       
 
                
       
Unpaid Interest Carryover
   $ -     $ -  
       
 
                
       
Borrower Interest Accrued
   $ 2,355,678.97     $ 2,413,267.13  
       
 
                
       
Interest Subsidy Payments Accrued
   $ 571,570.03     $ 625,925.34  
       
 
                
       
Special Allowance Payments Accrued
   $ 32,710.62     $ 33,028.73  
       
 
                
Trust 2010-2 Monthly Servicing Report: Collection Period 11/01/2010 - 11/30/2010, Distribution Date 12/27/2010
Page 5 of 9

 

V. 2010-2 Portfolio Statistics by School and Program
                                 
    Weighted                  
A LOAN TYPE   Average Coupon   # LOANS     $ AMOUNT     % *  
- GSL (1) - Subsidized
     4.72 %     112,061     317,014,908.37     45.372%  
- GSL - Unsubsidized
     5.50 %     75,276       325,523,077.74     46.590%  
- PLUS (2) Loans
     6.13 %     8,224       50,163,168.02     7.179%  
- SLS (3) Loans
     3.59 %     1,586       6,000,797.30     0.859%  
- Consolidation Loans
     0.00 %     0       -     0.000%  
 
                      
 
                                
Total
     5.18 %     197,147     $ 698,701,951.43     100.000%  
 
                                
 
                                
 
                                
    Weighted                  
B SCHOOL TYPE
   Average Coupon   # LOANS   $ AMOUNT   % *  
 
                      
 
                                
-Four Year
     5.26 %     149,189     576,321,776.82     82.485%  
-Two Year
     4.74 %     36,972       93,221,905.82       13.342%  
-Technical
     5.07 %     10,933       29,012,936.99     4.152%  
-Other
     4.76 %     53       145,331.80     0.021%  
 
                      
 
                                
Total
     5.18 %     197,147     $ 698,701,951.43     100.000%  
 
                                
*Percentages may not total 100% due to rounding.
 
                                
(1)   Guaranteed Stafford Loan
 
(2)   Parent Loans for Undergraduate Students
 
(3)   Supplemental Loans to Students. The Unsubsidized Stafford Loan program replaced the SLS program on July 1, 1994.
Trust 2010-2 Monthly Servicing Report: Collection Period 11/01/2010 - 11/30/2010, Distribution Date 12/27/2010
Page 6 of 9

 

VI.    2010-2 Waterfall for Distributions
                     
                Remaining  
        Paid     Funds Balance  
Total Available Funds
           $ 8,330,576.80  
 
                    
A
   Primary Servicing Fee   $ 292,872.60     $ 8,037,704.20  
 
                    
B
   Administration Fee   $ 6,667.00     $ 8,031,037.20  
 
                    
C
   Class A Noteholders’ Interest Distribution Amount   $ 455,293.95     $ 7,575,743.25  
 
                    
D
   Class B Noteholders’ Interest Distribution Amount   $ 22,227.72     $ 7,553,515.53  
 
                    
E
   Reserve Account Reinstatement   $ -     $ 7,553,515.53  
 
                    
F
   Class A Noteholders’ Principal Distribution Amount   $ 7,553,515.53     $ -  
 
                    
G
   Class B Noteholders’ Principal Distribution Amount   $ -     $ -  
 
                    
H
   Unpaid Expenses of The Trustees   $ -     $ -  
 
                    
I
   Carryover Servicing Fee   $ -     $ -  
 
                    
J
   Remaining Amounts to the Noteholders after the first auction date   $ -     $ -  
 
                    
K
   Excess Distribution Certificateholder   $ -     $ -  
 

                     
Waterfall Triggers
                
 
                    
A
   Student Loan Principal Outstanding   $ 698,701,951.43          
 
                    
B
   Interest to be Capitalized   $ 15,874,094.40          
 
                    
C
   Capitalized Interest Account Balance   $ 3,000,000.00          
 
                    
D
   Reserve Account Balance (after any reinstatement)   $ 3,572,880.23        
 
                    
E
   Less: Specified Reserve Account Balance   $ (3,572,880.23)          
 
                    
F
   Total   $ 717,576,045.83          
 
                    
G
   Class A Notes Outstanding (after application of available funds)   $ 694,199,057.19          
 
                    
H
   Insolvency Event or Event of Default Under Indenture     N          
 
                    
I
   Available Funds Applied to Class A Noteholders’ Distribution Amount Before Any Amounts are Applied to the Class B Noteholders’ Distribution Amount (G>F or H=Y)     N          
 
                    
 

  
Trust 2010-2 Monthly Servicing Report: Collection Period 11/01/2010 - 11/30/2010, Distribution Date 12/27/2010
Page 7 of 9

 

 
         
VII. 2010-2
  Distributions  
 
 
       
Distribution Amounts
                          
    A     B  
 
                
Cusip/Isin
   78446AAA3     78446AAB1  
Beginning Balance
   $ 701,752,572.72     $ 22,379,000.00  
Index
   LIBOR     LIBOR  
Spread/Fixed Rate
     0.50 %     0.90 %
Record Date (Days Prior to Distribution)
   1 NEW YORK BUSINESS DAY     1 NEW YORK BUSINESS DAY  
Accrual Period Begin
   11/26/2010     11/26/2010  
Accrual Period End
   12/27/2010     12/27/2010  
Daycount Fraction
     0.08611111       0.08611111  
Interest Rate*
     0.75344 %     1.15344 %
Accrued Interest Factor
     0.000648796       0.000993240  
Current Interest Due
   $ 455,293.95     $ 22,227.72  
Interest Shortfall from Prior Period Plus Accrued Interest
   $ -     $ -  
Total Interest Due
   $ 455,293.95     $ 22,227.72  
Interest Paid
   $ 455,293.95     $ 22,227.72  
Interest Shortfall
   $ -     $ -  
Principal Paid
   $ 7,553,515.53     $ -  
Ending Principal Balance
   $ 694,199,057.19     $ 22,379,000.00  
Paydown Factor
     0.010235116       0.000000000  
Ending Balance Factor
     0.940649129       1.000000000  
* Pay rates for Current Distribution. For the interest rates applicable to the next distribution date, please see http://www.salliemae.com/salliemae/investor/slmtrust/extracts/abrate.txt.
 
Trust 2010-2 Monthly Servicing Report: Collection Period 11/01/2010 - 11/30/2010, Distribution Date 12/27/2010
Page 8 of 9

 

 

VIII. 2010-2               Reconciliations
                 
A
   Principal Distribution Reconciliation        
 
 
   Notes Outstanding Principal Balance   $ 724,131,572.72  
 
 
   Adjusted Pool Balance   $ 721,148,926.06  
 
 
   Overcollateralization Amount   $ 5,000,000.00  
 
 
   Principal Distribution Amount   $ 7,982,646.66  
 
 
   Principal Distribution Amount Paid   $ 7,553,151.53  
 
                
B
   Reserve Account Reconciliation        
 
 
   Beginning Period Balance   $ 3,599,212.56  
 
 
   Reserve Funds Utilized     0.00  
 
 
   Reserve Funds Reinstated     0.00  
 
 
            
 
   Balance Available   $ 3,599,212.56  
 
 
   Required Reserve Acct Balance   $ 3,572,880.23  
 
 
   Release to Collection Account   $ 26,332.33  
 
 
   Ending Reserve Account Balance   $ 3,572,880.23  
 
                
C
   Capitalized Interest Account        
 
 
   Beginning Period Balance   $ 3,000,000.00  
 
 
   Transfers to Collection Account   $ -  
 
 
   Ending Balance   $ 3,000,000.00  
 
                
D
   Floor Income Rebate Account        
 
 
   Beginning Period Balance   $ 3,749,372.99  
 
 
   Deposits for the Period   $ 1,635,176.25  
 
 
   Release to Collection Account   $ (3,749,372.99 )
 
 
   Ending Balance   $ 1,635,176.25  
 
                
E
   Supplemental Purchase Account        
 
 
   Beginning Period Balance   $ -  
 
 
   Supplemental Loan Purchases   $ -  
 
 
   Transfers to Collection Account   $ -  
 
 
   Ending Balance   $ -  
 
Trust 2010-2 Monthly Servicing Report: Collection Period 11/01/2010 - 11/30/2010, Distribution Date 12/27/2010
Page 9 of 9