EX-99.1 2 ex99_1.htm EXHIBIT 99.1  
Exhibit 99.1

SLM Student Loan Trust 2010-2

Monthly Servicing Report

Distribution Date 06/25/2020

Collection Period 05/01/2020 - 05/31/2020

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 Funding - Excess Distribution Certificateholder

Page 1 of 9
Trust 2010-2 Monthly Servicing Report: Collection Period 05/01/2020 - 05/31/2020, Distribution Date 06/25/2020
I.
Deal Parameters

A
Student Loan Portfolio Characteristics
  
08/26/2010
    
04/30/2020
    
05/31/2020
  

Principal Balance
  
$
679,589,352.80
    
$
209,856,052.08
    
$
208,515,627.13
  

Interest to be Capitalized Balance
    
17,411,085.17
      
3,223,180.67
      
3,648,997.05
  

Pool Balance
  
$
697,000,437.97
    
$
213,079,232.75
    
$
212,164,624.18
  

Capitalized Interest Account Balance
  
$
3,000,000.00
      
-
      
-
  

Specified Reserve Account Balance
    
3,768,055.00
      
- N/A -
      
- N/A -
  

Adjusted Pool (1)
  
$
703,768,492.97
    
$
213,079,232.75
    
$
212,164,624.18
  

Weighted Average Coupon (WAC)
    
5.14
%
    
6.24
%
    
6.24
%

Number of Loans
    
193,647
      
39,721
      
39,293
  

Aggregate Outstanding Principal Balance - Tbill
          
$
43,503,343.39
    
$
43,238,083.07
  

Aggregate Outstanding Principal Balance - LIBOR
          
$
169,575,889.36
    
$
168,926,541.11
  

Pool Factor
            
0.290029601
      
0.288784696
  

Since Issued Constant Prepayment Rate
            
(12.52
)%
    
(13.06
)%

(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
  
05/26/2020
    
06/25/2020
  
  A
78446AAA3
  
$
185,700,232.75
    
$
184,785,624.18
  
  B
78446AAB1
  
$
22,379,000.00
    
$
22,379,000.00
  

C
Account Balances
  
05/26/2020
    
06/25/2020
  

Reserve Account Balance
  
$
1,130,416.00
    
$
1,130,416.00
  

Capitalized Interest Account Balance
    
-
      
-
  

Floor Income Rebate Account
  
$
1,376,979.82
    
$
581,536.85
  

Supplemental Loan Purchase Account
    
-
      
-
  

D
Asset / Liability
  
05/26/2020
    
06/25/2020
  

Adjusted Pool Balance + Supplemental Loan Purchase
  
$
213,079,232.75
    
$
212,164,624.18
  

Total Notes
  
$
208,079,232.75
    
$
207,164,624.18
  

Difference
  
$
5,000,000.00
    
$
5,000,000.00
  

Parity Ratio
    
1.02403
      
1.02414
  

Page 2 of 9
Trust 2010-2 Monthly Servicing Report: Collection Period 05/01/2020 - 05/31/2020, Distribution Date 06/25/2020
II.
Trust Activity 05/01/2020 through 05/31/2020

A
Student Loan Principal Receipts
      

Borrower Principal
    
525,696.77
  

Guarantor Principal
    
752,672.21
  

Consolidation Activity Principal
    
538,316.41
  

Seller Principal Reimbursement
    
-
  

Servicer Principal Reimbursement
    
1,203.13
  

Rejected Claim Repurchased Principal
    
-
  

Other Principal Deposits
    
-
  

Total Principal Receipts
  
$
1,817,888.52
  
B
Student Loan Interest Receipts
        

Borrower Interest
    
177,108.29
  

Guarantor Interest
    
25,942.74
  

Consolidation Activity Interest
    
8,681.12
  

Special Allowance Payments
    
28,655.18
  

Interest Subsidy Payments
    
203,072.58
  

Seller Interest Reimbursement
    
35.36
  

Servicer Interest Reimbursement
    
3,298.75
  

Rejected Claim Repurchased Interest
    
0.00
  

Other Interest Deposits
    
15,331.65
  

Total Interest Receipts
  
$
462,125.67
  
C
Reserves in Excess of Requirement
  
-
  
D
Investment Income
  
$
507.85
  
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
   $
1,376,979.820
  
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
  
$
(1,282,719.27
)
 
Funds Allocated to the Floor Income Rebate Account
  
$
(581,536.85
)
M
AVAILABLE FUNDS
  
$
1,793,245.74
  
N
Non-Cash Principal Activity During Collection Period
  
$
(477,463.57
)
O
Non-Reimbursable Losses During Collection Period
  
$
13,460.13
  
P
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
  
-
  
Q
Aggregate Loan Substitutions
    
-
  

Page 3 of 9
Trust 2010-2 Monthly Servicing Report: Collection Period 05/01/2020 - 05/31/2020, Distribution Date 06/25/2020
III.
2010-2 Portfolio Characteristics

   
05/31/2020
    
04/30/2020
  
   
Wtd Avg
Coupon
    
# Loans
    
Principal
    
% of
Principal
    
Wtd Avg
Coupon
    
# Loans
    
Principal
    
% of
Principal
  
INTERIM:
IN SCHOOL
    
6.22
%
    
52
    
$
196,077.31
      
0.094
%
    
6.32
%
    
63
    
$
237,803.31
      
0.113
%

GRACE    
6.33
%
    
19
    
$
106,842.09
      
0.051
%
    
6.14
%
    
10
    
$
77,616.09
      
0.037
%

DEFERMENT    
6.10
%
    
3,297
    
$
16,621,827.92
      
7.972
%
    
6.09
%
    
3,567
    
$
18,011,625.65
      
8.583
%
 
                                                               
REPAYMENT:
CURRENT
    
6.22
%
    
21,916
    
$
108,953,642.82
      
52.252
%
    
6.23
%
    
23,281
    
$
115,151,732.29
      
54.872
%

31-60 DAYS DELINQUENT    
6.27
%
    
880
    
$
5,464,969.99
      
2.621
%
    
6.41
%
    
959
    
$
5,874,754.79
      
2.799
%

61-90 DAYS DELINQUENT    
6.42
%
    
425
    
$
2,619,645.36
      
1.256
%
    
6.54
%
    
441
    
$
2,675,173.27
      
1.275
%

91-120 DAYS DELINQUENT    
6.59
%
    
251
    
$
1,580,647.53
      
0.758
%
    
6.28
%
    
348
    
$
2,020,456.71
      
0.963
%

> 120 DAYS DELINQUENT    
6.18
%
    
960
    
$
5,728,132.42
      
2.747
%
    
6.24
%
    
1,092
    
$
6,930,635.21
      
3.303
%
 
                                                               

FORBEARANCE
    
6.29
%
    
11,198
    
$
65,621,335.54
      
31.471
%
    
6.26
%
    
9,656
    
$
57,318,852.39
      
27.313
%

CLAIMS IN PROCESS
    
6.32
%
    
293
    
$
1,619,042.93
      
0.776
%
    
6.07
%
    
304
    
$
1,557,402.37
      
0.742
%

AGED CLAIMS REJECTED    
4.66
%
    
2
    
$
3,463.22
      
0.002
%
    
0.00
%
    
0
    
-
      
0.000
%
 
                                                               
TOTAL
           
39,293
    
$
208,515,627.13
      
100.00
%
            
39,721
    
$
209,856,052.08
      
100.00
%

*
Percentages may not total 100% due to rounding

Page 4 of 9
Trust 2010-2 Monthly Servicing Report: Collection Period 05/01/2020 - 05/31/2020, Distribution Date 06/25/2020
IV.
2010-2 Portfolio Characteristics (cont'd)

   
05/31/2020
    
04/30/2020
  
Pool Balance
  
$
212,164,624.18
    
$
213,079,232.75
  
Outstanding Borrower Accrued Interest
  
$
8,682,826.77
    
$
8,348,675.64
  
Borrower Accrued Interest to be Capitalized
  
$
3,648,997.05
    
$
3,223,180.67
  
Borrower Accrued Interest >30 Days Delinquent
  
$
533,207.56
    
$
586,607.94
  
Total # Loans
    
39,293
      
39,721
  
Total # Borrowers
    
17,338
      
17,504
  
Weighted Average Coupon
    
6.24
%
    
6.24
%
Weighted Average Remaining Term
    
136.22
      
135.74
  
Non-Reimbursable Losses
  
$
13,460.13
    
$
28,030.13
  
Cumulative Non-Reimbursable Losses
  
$
5,698,697.96
    
$
5,685,237.83
  
Since Issued Constant Prepayment Rate (CPR)
    
-13.06
%
    
-12.52
%
Loan Substitutions
    
-
      
-
  
Cumulative Loan Substitutions
    
-
      
-
  
Rejected Claim Repurchases
  
-
      
-
  
Cumulative Rejected Claim Repurchases
  
$
1,968,252.80
    
$
1,968,252.80
  
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
  
$
491,022.39
    
$
389,293.39
  
Borrower Interest Accrued
  
$
1,036,340.62
    
$
1,008,493.21
  
Interest Subsidy Payments Accrued
  
$
64,091.86
    
$
64,845.97
  
Special Allowance Payments Accrued
  
$
6,604.79
    
$
7,634.92
  

Page 5 of 9
Trust 2010-2 Monthly Servicing Report: Collection Period 05/01/2020 - 05/31/2020, Distribution Date 06/25/2020
V.
2010-2 Portfolio Statistics by School and Program

A
LOAN TYPE
  
Weighted
Average Coupon
    
# LOANS
    
$ AMOUNT
      
%*


- GSL (1) - Subsidized
    
5.90
%
    
21,690
      
83,688,794.16
      
40.136
%

- GSL - Unsubsidized
    
6.39
%
    
16,591
      
113,468,501.74
      
54.417
%

- PLUS (2) Loans
    
7.40
%
    
817
      
10,062,608.41
      
4.826
%

- SLS (3) Loans
    
5.53
%
    
195
      
1,295,722.82
      
0.621
%

- Consolidation Loans
    
0.00
%
    
0
      
-
      
0.000
%

Total    
6.24
%
    
39,293
    
$
208,515,627.13
      
100.000
%

B
SCHOOL TYPE
  
Weighted
Average Coupon
    
# LOANS
    
$ AMOUNT
      
%*


- Four Year
    
6.27
%
    
30,878
      
177,993,565.12
      
85.362
%

- Two Year
    
6.08
%
    
6,306
      
23,046,134.19
      
11.052
%

- Technical
    
5.95
%
    
2,082
      
7,397,882.37
      
3.548
%

- Other
    
5.88
%
    
27
      
78,045.45
      
0.037
%

Total
    
6.24
%
    
39,293
    
$
208,515,627.13
      
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 05/01/2020 - 05/31/2020, Distribution Date 06/25/2020
VI.
2010-2 Waterfall for Distributions

     
Paid
    
Remaining
Funds Balance
  
Total Available Funds
        
$
1,793,245.74
  
A
Primary Servicing Fee
  
$
78,888.22
    
$
1,714,357.52
  
B
Administration Fee
  
$
6,667.00
    
$
1,707,690.52
  
C
Class A Noteholders' Interest Distribution Amount
  
$
103,411.82
    
$
1,604,278.70
  
D
B INT
  
$
19,921.97
    
$
1,584,356.73
  
E
Reserve Account Reinstatement
    
-
    
$
1,584,356.73
  
F
Class A Noteholders' Principal Distribution Amount
  
$
914,608.57
     $
669,748.16
  
G
Class B Noteholders' Principal Distribution Amount
    
-
     $
669,748.16
  
H
Unpaid Expenses of The Trustees
    
-
     $
669,748.16
  
I
Carryover Servicing Fee
    
-
     $
669,748.16
  
J
Remaining Amounts to the Noteholders after the first auction date
    
-
     $
669,748.16
  
K
Excess Distribution Certificateholder
   $
669,748.16
    
-
  

                 
Waterfall Triggers
              
A
Student Loan Principal Outstanding
  
$
208,515,627.13
          
B
Interest to be Capitalized
  
$
3,648,997.05
          
C
Capitalized Interest Account Balance
    
-
          
D
Reserve Account Balance (after any reinstatement)
  
$
1,130,416.00
          
E
Less:  Specified Reserve Account Balance
  
$
(1,130,416.00
)
        
F
Total
  
$
212,164,624.18
          
G
Class A Notes Outstanding (after application of available funds)
  
$
184,785,624.18
          
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 05/01/2020 - 05/31/2020, Distribution Date 06/25/2020
VII.
2010-2 Distributions

Distribution Amounts

    A

  B

Cusip/Isin
  
78446AAA3
    
78446AAB1
  
Beginning Balance
  
$
185,700,232.75
    
$
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
  
5/26/2020
    
5/26/2020
  
Accrual Period End
  
6/25/2020
    
6/25/2020
  
Daycount Fraction
    
0.08333333
      
0.08333333
  
Interest Rate*
    
0.66825
%
    
1.06825
%
Accrued Interest Factor
    
0.000556875
      
0.000890208
  
Current Interest Due
  
$
103,411.82
    
$
19,921.97
  
Interest Shortfall from Prior Period Plus Accrued Interest
    
-
      
-
  
Total Interest Due
  
$
103,411.82
    
$
19,921.97
  
Interest Paid
  
$
103,411.82
    
$
19,921.97
  
Interest Shortfall
    
-
      
-
  
Principal Paid
  
$
914,608.57
      
-
  
Ending Principal Balance
  
$
184,785,624.18
    
$
22,379,000.00
  
Paydown Factor
    
0.001239307
      
0.000000000
  
Ending Balance Factor
    
0.250387025
      
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 05/01/2020 - 05/31/2020, Distribution Date 06/25/2020
VIII.
2010-2 Reconciliations

A
Principal Distribution Reconciliation
      

Notes Outstanding Principal Balance
  
$
208,079,232.75
  

Adjusted Pool Balance
  
$
212,164,624.18
  

Overcollateralization Amount
  
$
5,000,000.00
  

Principal Distribution Amount
  
$
914,608.57
  

Principal Distribution Amount Paid
  
$
914,608.57
  
 
       
B
Reserve Account Reconciliation
        

Beginning Period Balance
  
$
1,130,416.00
  

Reserve Funds Utilized
    
0.00
  

Reserve Funds Reinstated
    
0.00
  

Balance Available
  
$
1,130,416.00
  

Required Reserve Acct Balance
  
$
1,130,416.00
  

Release to Collection Account
  
-
  

Ending Reserve Account Balance
  
$
1,130,416.00
  
 
       
C
Capitalized Interest Account
        

Beginning Period Balance
    
-
  

Transfers to Collection Account
    
-
  

Ending Balance
    
-
  
 
       
D
Floor Income Rebate Account
        

Beginning Period Balance
  
$
1,376,979.82
  

Deposits for the Period
  
$
581,536.85
  

Release to Collection Account
  
$
(1,376,979.82
)

Ending Balance
  
$
581,536.85
  
 
       
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 05/01/2020 - 05/31/2020, Distribution Date 06/25/2020