EX-99.1 2 ex99_1.htm EXHIBIT 99.1
Exhibit 99.1

SLM Student Loan Trust      2010-2
 
Monthly Servicing Report

Distribution Date 01/25/2017

Collection Period 12/01/2016 - 12/31/2016

Navient Funding, LLC - Depositor

Navient Solutions -  Master Servicer and Administrator

Deutsche Bank National Trust Company - Indenture Trustee
 
Deutsche Bank Trust Company Americas - Eligible Lender Trustee

Navient Investment Corp. - Excess Distribution Certificateholder
 
Page 1 of 9
 
Trust 2010-2 Monthly Servicing Report: Collection Period 12/01/2016 - 12/31/2016, Distribution Date 01/25/2017
I.
Deal Parameters
 
A
Student Loan Portfolio Characteristics
  
08/26/2010
    
11/30/2016
    
12/31/2016
  
 
Principal Balance
  
$
679,589,352.80
    
$
322,013,791.50
    
$
318,200,529.32
  
 
Interest to be Capitalized Balance
    
17,411,085.17
      
2,800,724.22
      
2,630,543.60
  
 
Pool Balance
  
$
697,000,437.97
    
$
324,814,515.72
    
$
320,831,072.92
  
 
Capitalized Interest Account Balance
  
$
3,000,000.00
      
-
      
-
  
 
Specified Reserve Account Balance
    
3,768,055.00
      
1,624,072.58
      
1,604,155.36
  
 
Adjusted Pool (1)
  
$
703,768,492.97
    
$
326,438,588.30
    
$
322,435,228.28
  
 
Weighted Average Coupon (WAC)
    
5.14
%
    
5.61
%
    
5.61
%
 
Number of Loans
    
193,647
      
69,644
      
68,697
  
 
Aggregate Outstanding Principal Balance - Tbill
          
$
67,720,305.44
    
$
66,987,839.91
  
 
Aggregate Outstanding Principal Balance - Commercial Paper
          
$
29,646,738.26
    
$
29,220,161.63
  
 
Pool Factor 
            
0.442116406
      
0.436694402
  
 
Since Issued Constant Prepayment Rate
            
(0.04
)%
    
(0.17
)%
 
(1)
The Specified Reserve Account balance is included in the Adjusted Pool until the Pool Balance is less than or equal to 40% of the original pool.
 
B
 Debt Securities
Cusip/Isin
  
12/27/2016
    
01/25/2017
  
  A
78446AAA3
  
$
299,059,588.30
    
$
295,056,228.28
  
  B
78446AAB1
  
$
22,379,000.00
    
$
22,379,000.00
  
 
C
Account Balances
  
12/27/2016
    
01/25/2017
  
 
Reserve Account Balance
  
$
1,624,072.58
    
$
1,604,155.36
  
 
Capitalized Interest Account Balance
    
-
      
-
  
 
Floor Income Rebate Account
  
$
773,352.14
    
$
1,539,159.21
  
 
Supplemental Loan Purchase Account
    
-
      
-
  
 
D
Asset / Liability
  
12/27/2016
    
01/25/2017
  
 
Adjusted Pool Balance + Supplemental Loan Purchase
  
$
326,438,588.30
    
$
322,435,228.28
  
 
Total Notes
  
$
321,438,588.30
    
$
317,435,228.28
  
 
Difference
  
$
5,000,000.00
    
$
5,000,000.00
  
 
Parity Ratio
    
1.01556
      
1.01575
  
 
Page 2 of 9
 
Trust 2010-2 Monthly Servicing Report: Collection Period 12/01/2016 - 12/31/2016, Distribution Date 01/25/2017
II.
Trust Activity 12/01/2016 through 12/31/2016
 
A
Student Loan Principal Receipts
      
 
Borrower Principal
    
1,197,831.76
  
 
Guarantor Principal
    
1,790,613.76
  
 
Consolidation Activity Principal
    
1,878,139.61
  
 
Seller Principal Reimbursement
    
-
  
 
Servicer Principal Reimbursement
    
420.75
  
 
Rejected Claim Repurchased Principal
    
19,325.77
  
 
Other Principal Deposits
    
-
  
 
Total Principal Receipts
  
$
4,886,331.65
  
B
Student Loan Interest Receipts
        
 
Borrower Interest
    
316,912.92
  
 
Guarantor Interest
    
80,026.66
  
 
Consolidation Activity Interest
    
33,060.41
  
 
Special Allowance Payments
    
0.00
  
 
Interest Subsidy Payments
    
0.00
  
 
Seller Interest Reimbursement
    
0.00
  
 
Servicer Interest Reimbursement
    
1,271.18
  
 
Rejected Claim Repurchased Interest
    
1,575.29
  
 
Other Interest Deposits
    
21,361.70
  
 
Total Interest Receipts
  
$
454,208.16
  
C
Reserves in Excess of Requirement
  
$
19,917.22
  
D
Investment Income
  
$
2,790.42
  
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
    
-
  
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
    
-
  
 
Funds Allocated to the Floor Income Rebate Account
  
$
(765,807.07
)
M
AVAILABLE FUNDS
  
$
4,597,440.38
  
N
Non-Cash Principal Activity During Collection Period
  
$
(1,073,069.47
)
O
Non-Reimbursable Losses During Collection Period
  
$
42,942.80
  
P
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
  
$
20,901.06
  
Q
Aggregate Loan Substitutions
    
-
  
 
Page 3 of 9
 
Trust 2010-2 Monthly Servicing Report: Collection Period 12/01/2016 - 12/31/2016, Distribution Date 01/25/2017
III.
2010-2 Portfolio Characteristics
 
     
12/31/2016
    
11/30/2016
  
      
Wtd Avg Coupon
    
# Loans
    
Principal
    
% of Principal
    
Wtd Avg Coupon
    
# Loans
    
Principal
    
% of Principal
  
INTERIM:
IN SCHOOL
    
6.54
%
    
212
    
$
1,192,342.68
      
0.375
%
    
6.55
%
    
231
    
$
1,301,299.82
      
0.404
%
GRACE
    
6.27
%
    
95
    
$
514,256.14
      
0.162
%
    
6.32
%
    
103
    
$
569,280.58
      
0.177
%
DEFERMENT    
5.40
%
    
6,921
    
$
31,858,030.38
      
10.012
%
    
5.37
%
    
7,391
    
$
33,762,768.70
      
10.485
%
                                                                   
REPAYMENT:
CURRENT
    
5.59
%
    
42,029
    
$
180,592,549.98
      
56.754
%
    
5.60
%
    
42,530
    
$
182,624,920.83
      
56.713
%
31-60 DAYS DELINQUENT
    
5.56
%
    
2,918
    
$
14,687,131.44
      
4.616
%
    
5.62
%
    
2,815
    
$
14,481,797.04
      
4.497
%
61-90 DAYS DELINQUENT
    
5.60
%
    
1,618
    
$
8,221,713.63
      
2.584
%
    
5.65
%
    
1,487
    
$
7,308,800.74
      
2.270
%
91-120 DAYS DELINQUENT
    
5.85
%
    
1,029
    
$
5,175,285.57
      
1.626
%
    
5.39
%
    
976
    
$
4,564,009.95
      
1.417
%
> 120 DAYS DELINQUENT
    
5.49
%
    
3,455
    
$
16,847,767.04
      
5.295
%
    
5.55
%
    
3,553
    
$
17,891,552.89
      
5.556
%
                                                                   
FORBEARANCE
    
5.78
%
    
9,841
    
$
56,378,613.05
      
17.718
%
    
5.75
%
    
9,952
    
$
56,282,990.69
      
17.478
%
CLAIMS IN PROCESS
    
5.41
%
    
564
    
$
2,619,151.25
      
0.823
%
    
5.89
%
    
586
    
$
3,090,412.40
      
0.960
%
AGED CLAIMS REJECTED
    
6.08
%
    
15
    
$
113,688.16
      
0.036
%
    
5.83
%
    
20
    
$
135,957.86
      
0.042
%
                                                                   
TOTAL
              
68,697
    
$
318,200,529.32
      
100.00
%
            
69,644
    
$
322,013,791.50
      
100.00
%
 
*
Percentages may not total 100% due to rounding
 
Page 4 of 9
 
Trust 2010-2 Monthly Servicing Report: Collection Period 12/01/2016 - 12/31/2016, Distribution Date 01/25/2017
IV.
2010-2 Portfolio Characteristics (cont'd)
 
   
12/31/2016
    
11/30/2016
  
Pool Balance
  
$
320,831,072.92
    
$
324,814,515.72
  
Outstanding Borrower Accrued Interest
  
$
6,967,116.84
    
$
7,122,572.98
  
Borrower Accrued Interest to be Capitalized
  
$
2,630,543.60
    
$
2,800,724.22
  
Borrower Accrued Interest >30 Days Delinquent
  
$
1,237,803.72
    
$
1,281,772.30
  
Total # Loans
    
68,697
      
69,644
  
Total # Borrowers
    
30,388
      
30,826
  
Weighted Average Coupon
    
5.61
%
    
5.61
%
Weighted Average Remaining Term
    
117.34
      
117.32
  
Non-Reimbursable Losses
  
$
42,942.80
    
$
31,288.57
  
Cumulative Non-Reimbursable Losses
  
$
4,580,831.79
    
$
4,537,888.99
  
Since Issued Constant Prepayment Rate (CPR)
    
-0.17
%
    
-0.04
%
Loan Substitutions
    
-
      
-
  
Cumulative Loan Substitutions
    
-
      
-
  
Rejected Claim Repurchases
  
$
20,901.06
      
-
  
Cumulative Rejected Claim Repurchases
  
$
1,860,905.63
    
$
1,840,004.57
  
Unpaid Primary Servicing Fees
    
-
      
-
  
Unpaid Administration Fees
    
-
      
-
  
Unpaid Carryover Servicing Fees
    
-
      
-
  
Note Principal Shortfall
    
-
      
-
  
Note Interest Shortfall
    
-
      
-
  
Unpaid Interest Carryover
    
-
      
-
  
Non-Cash Principal Activity - Capitalized Interest
  
$
1,114,843.05
    
$
1,006,789.80
  
Borrower Interest Accrued
  
$
1,393,432.40
    
$
1,363,451.59
  
Interest Subsidy Payments Accrued
  
$
108,145.80
    
$
107,787.45
  
Special Allowance Payments Accrued
  
$
31,123.52
    
$
25,438.54
  
 
Page 5 of 9
 
Trust 2010-2 Monthly Servicing Report: Collection Period 12/01/2016 - 12/31/2016, Distribution Date 01/25/2017
V.
2010-2 Portfolio Statistics by School and Program
 
A
LOAN TYPE
   Weighted Average Coupon    
# LOANS
    
$ AMOUNT
    
%*
 
 
 - GSL (1) - Subsidized
    
5.09
%
    
37,946
      
129,763,984.71
      
40.781
%
 
- GSL - Unsubsidized
    
5.89
%
    
28,272
      
167,785,837.89
      
52.730
%
 
- PLUS  (2) Loans
    
6.75
%
    
2,069
      
18,620,136.20
      
5.852
%
 
 - SLS (3) Loans  
    
3.97
%
    
410
      
2,030,570.52
      
0.638
%
 
- Consolidation Loans
    
0.00
%
    
0
      
-
      
0.000
%
 
Total
    
5.61
%
    
68,697
    
$
318,200,529.32
      
100.000
%
 
B
SCHOOL TYPE
    
Weighted Average Coupon
    
# LOANS
    
$ AMOUNT
    
%*
 
 
- Four Year 
    
5.67
%
    
53,545
      
270,278,649.96
      
84.940
%
 
- Two Year  
    
5.23
%
    
11,275
      
35,688,027.17
      
11.216
%
 
- Technical 
    
5.20
%
    
3,838
      
12,134,144.44
      
3.813
%
 
- Other  
    
4.30
%
    
39
      
99,707.75
      
0.031
%
 
Total      
    
5.61
%
    
68,697
    
$
318,200,529.32
      
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.
 
Page 6 of 9
 
Trust 2010-2 Monthly Servicing Report: Collection Period 12/01/2016 - 12/31/2016, Distribution Date 01/25/2017
VI.
2010-2 Waterfall for Distributions
 
        
Paid
    
Remaining Funds Balance
  
Total Available Funds
        
$
4,597,440.38
  
A Primary Servicing Fee  
$
126,731.53
    
$
4,470,708.85
  
B Administration Fee  
$
6,667.00
    
$
4,464,041.85
  
C Class A Noteholders' Interest Distribution Amount  
$
302,608.35
    
$
4,161,433.50
  
D Class B Noteholders' Interest Distribution Amount  
$
29,855.57
    
$
4,131,577.93
  
E Reserve Account Reinstatement    
-
    
$
4,131,577.93
  
F Class A Noteholders' Principal Distribution Amount  
$
4,003,360.02
    
$
128,217.91
  
G Class B Noteholders' Principal Distribution Amount    
-
    
$
128,217.91
  
H Unpaid Expenses of The Trustees    
-
    
$
128,217.91
  
I Carryover Servicing Fee    
-
    
$
128,217.91
  
J Remaining Amounts to the Noteholders after the first auction date    
-
    
$
128,217.91
  
K Excess Distribution Certificateholder  
$
128,217.91
      
-
  
 
Waterfall Triggers
      
A
Student Loan Principal Outstanding
  
$
318,200,529.32
  
B
Interest to be Capitalized
  
$
2,630,543.60
  
C
Capitalized Interest Account Balance
    
-
  
D
Reserve Account Balance (after any reinstatement)
  
$
1,604,155.36
  
E
Less:  Specified Reserve Account Balance
  
$
(1,604,155.36
)
F
Total
  
$
320,831,072.92
  
G
Class A Notes Outstanding (after application of available funds)
  
$
295,056,228.28
  
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
 
 
Page 7 of 9
 
Trust 2010-2 Monthly Servicing Report: Collection Period 12/01/2016 - 12/31/2016, Distribution Date 01/25/2017
VII.
2010-2 Distributions
 
Distribution Amounts
 
   
A
  
B
 
Cusip/Isin
  
78446AAA3
    
78446AAB1
  
Beginning Balance
  
$
299,059,588.30
    
$
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
  
12/27/2016
    
12/27/2016
  
Accrual Period End
  
1/25/2017
    
1/25/2017
  
Daycount Fraction
    
0.08055556
      
0.08055556
  
Interest Rate*
    
1.25611
%
    
1.65611
%
Accrued Interest Factor
    
0.001011866
      
0.001334089
  
Current Interest Due
  
$
302,608.35
    
$
29,855.57
  
Interest Shortfall from Prior Period Plus Accrued Interest
    
-
      
-
  
Total Interest Due
  
$
302,608.35
    
$
29,855.57
  
Interest Paid
  
$
302,608.35
    
$
29,855.57
  
Interest Shortfall
    
-
      
-
  
Principal Paid
  
$
4,003,360.02
      
-
  
Ending Principal Balance
  
$
295,056,228.28
    
$
22,379,000.00
  
Paydown Factor
    
0.005424607
      
0.000000000
  
Ending Balance Factor
    
0.399805187
      
1.000000000
  
 
*
Pay rates for Current Distribution. For the interest rates applicable to the next distribution date, please see https://www.navient.com/about/investors/data/abrate.txt.
 
Page 8 of 9
 
Trust 2010-2 Monthly Servicing Report: Collection Period 12/01/2016 - 12/31/2016, Distribution Date 01/25/2017
VIII.
2010-2 Reconciliations
 
A
Principal Distribution Reconciliation
      
 
Notes Outstanding Principal Balance
  
$
321,438,588.30
  
 
Adjusted Pool Balance
  
$
322,435,228.28
  
 
Overcollateralization Amount
  
$
5,000,000.00
  
 
Principal Distribution Amount
  
$
4,003,360.02
  
 
Principal Distribution Amount Paid
  
$
4,003,360.02
  
           
B
Reserve Account Reconciliation
        
 
Beginning Period Balance
  
$
1,624,072.58
  
 
Reserve Funds Utilized
    
0.00
  
 
Reserve Funds Reinstated
    
0.00
  
 
Balance Available
  
$
1,624,072.58
  
 
Required Reserve Acct Balance
  
$
1,604,155.36
  
 
Release to Collection Account
  
$
19,917.22
  
 
Ending Reserve Account Balance
  
$
1,604,155.36
  
           
C
Capitalized Interest Account
        
 
Beginning Period Balance
    
-
  
 
Transfers to Collection Account
    
-
  
 
Ending Balance
    
-
  
           
D
Floor Income Rebate Account
        
 
Beginning Period Balance
  
$
773,352.14
  
 
Deposits for the Period
  
$
765,807.07
  
 
Release to Collection Account
    
-
  
 
Ending Balance
  
$
1,539,159.21
  
           
E
Supplemental Purchase Account
        
 
Beginning Period Balance
    
-
  
 
Supplemental Loan Purchases
    
-
  
 
Transfers to Collection Account
    
-
  
 
Ending Balance
    
-
  
 
 
Page 9 of 9
 
Trust 2010-2 Monthly Servicing Report: Collection Period 12/01/2016 - 12/31/2016, Distribution Date 01/25/2017