EX-99.1 2 ex99_1.htm EXHIBIT 99.1
Exhibit 99.1
 
SLC Student Loan Trust 2010-01
 
Quarterly Servicing Report

Distribution Date 02/26/2018

Collection Period 11/01/2017 - 01/31/2018
 
Page 1 of 9
Trust 2010-01 Quarterly Servicing Report: Collection Period 11/01/2017 - 01/31/2018, Distribution Date 02/26/2018
I.
Deal Parameters

A
Student Loan Portfolio Characteristics
  
10/31/2017
    
01/31/2018
  
               
 
Principal Balance
  
$
371,323,712.88
    
$
361,932,108.37
  
 
Interest to be Capitalized Balance
    
2,402,438.08
      
2,293,367.94
  
 
Pool Balance
  
$
373,726,150.96
    
$
364,225,476.31
  
 
Capitalized Interest Account Balance
    
-
      
-
  
 
Specified Reserve Account Balance
    
1,200,450.00
      
1,200,450.00
  
 
Adjusted Pool(1)
  
$
374,926,600.96
    
$
365,425,926.31
  
 
Weighted Average Coupon (WAC)
    
5.77
%
    
5.77
%
 
Weighted Average Remaining Term
    
170.21
      
169.48
  
 
Number of Loans
    
36,769
      
35,714
  
 
Number of Borrowers
    
16,839
      
16,373
  
 
Aggregate Outstanding Principal Balance - Tbill
  
$
13,883,534.12
    
$
13,582,494.81
  
 
Aggregate Outstanding Principal Balance - LIBOR
  
$
359,842,616.84
    
$
350,642,981.50
  
 
Pool Factor
    
0.466796809
      
0.454930140
  
 
Since Issued Constant Prepayment Rate
    
2.85
%
    
2.68
%
 
(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
  
11/27/2017
    
02/26/2018
  
 
A
78444WAA7
  
$
270,845,914.67
    
$
259,717,594.11
  
 
C
Account Balances
  
11/27/2017
    
02/26/2018
  
 
Reserve Account Balance
  
$
1,200,450.00
    
$
1,200,450.00
  
 
Capitalized Interest Account Balance
    
-
      
-
  
 
D
Asset / Liability
  
11/27/2017
    
02/26/2018
  
 
Adjusted Pool Balance
  
$
374,926,600.96
    
$
365,425,926.31
  
 
Total Notes
  
$
270,845,914.67
    
$
259,717,594.11
  
 
Difference
  
$
104,080,686.29
    
$
105,708,332.20
  
 
Parity Ratio
    
1.38428
      
1.40701
  
 
Page 2 of 9
Trust 2010-01 Quarterly Servicing Report: Collection Period 11/01/2017 - 01/31/2018, Distribution Date 02/26/2018
II.
 Trust Activity 11/01/2017 through 01/31/2018
 
A
Student Loan Principal Receipts
      
 
Borrower Principal
    
3,751,260.53
  
 
Guarantor Principal
    
2,512,393.09
  
 
Consolidation Activity Principal
    
5,543,134.35
  
 
Seller Principal Reimbursement
    
-
  
 
Servicer Principal Reimbursement
    
557.36
  
 
Rejected Claim Repurchased Principal
    
-
  
 
Other Principal Deposits
    
-
  
 
Total Principal Receipts
  
$
11,807,345.33
  
B
Student Loan Interest Receipts
        
 
Borrower Interest
    
1,699,481.57
  
 
Guarantor Interest
    
130,198.44
  
 
Consolidation Activity Interest
    
74,196.60
  
 
Special Allowance Payments
    
178,128.83
  
 
Interest Subsidy Payments
    
424,597.32
  
 
Seller Interest Reimbursement
    
2.72
  
 
Servicer Interest Reimbursement
    
4,005.72
  
 
Rejected Claim Repurchased Interest
    
0.00
  
 
Other Interest Deposits
    
57,753.92
  
 
Total Interest Receipts
  
$
2,568,365.12
  
C
Reserves in Excess of Requirement
    
-
  
D
Investment Income
  
$
30,385.21
  
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
    
0.00
  
L
Less:  Funds Previously Remitted:
        
 
Servicing Fees to Servicer
  
$
(108,998.50
)
 
Consolidation Loan Rebate Fees to Dept. of Education
  
$
(702,793.14
)
 
Floor Income Rebate Fees to Dept. of Education
  
$
(792,019.11
)
M
AVAILABLE FUNDS
  
$
12,802,284.91
  
N
Non-Cash Principal Activity During Collection Period
  
$
(2,415,740.82
)
O
Non-Reimbursable Losses During Collection Period
  
$
47,276.18
  
P
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
    
-
  
Q
Aggregate Loan Substitutions
    
-
  
 
Page 3 of 9
Trust 2010-01 Quarterly Servicing Report: Collection Period 11/01/2017 - 01/31/2018, Distribution Date 02/26/2018
III.
2010-01 Portfolio Characteristics
 
     
01/31/2018
    
10/31/2017
        
   
Wtd Avg
Coupon
    
# Loans
    
Principal
    
% of
Principal
    
Wtd Avg
Coupon
    
# Loans
    
Principal
    
% of
Principal
  
INTERIM:
IN SCHOOL
    
3.81
%
    
147
    
$
686,408.00
      
0.190
%
    
4.10
%
    
144
    
$
659,782.41
      
0.178
%
GRACE
    
4.89
%
    
18
    
$
102,586.72
      
0.028
%
    
5.00
%
    
43
    
$
302,396.08
      
0.081
%
DEFERMENT
    
5.74
%
    
2,965
    
$
26,064,044.90
      
7.201
%
    
5.80
%
    
3,274
    
$
29,659,995.05
      
7.988
%
                                                                   
REPAYMENT:
CURRENT
    
5.65
%
    
24,213
    
$
240,334,928.08
      
66.403
%
    
5.64
%
    
25,242
    
$
253,623,208.89
      
68.302
%
31-60 DAYS DELINQUENT
    
5.92
%
    
1,639
    
$
17,624,227.56
      
4.869
%
    
6.29
%
    
926
    
$
9,635,817.68
      
2.595
%
61-90 DAYS DELINQUENT
    
6.13
%
    
737
    
$
8,535,644.50
      
2.358
%
    
6.10
%
    
755
    
$
7,567,464.68
      
2.038
%
91-120 DAYS DELINQUENT
    
5.98
%
    
351
    
$
3,862,263.84
      
1.067
%
    
6.09
%
    
371
    
$
3,130,289.29
      
0.843
%
> 120 DAYS DELINQUENT
    
6.01
%
    
1,159
    
$
10,025,824.27
      
2.770
%
    
6.23
%
    
1,179
    
$
10,525,300.54
      
2.835
%
                                                                   
FORBEARANCE
    
6.20
%
    
4,258
    
$
52,843,512.18
      
14.600
%
    
6.13
%
    
4,643
    
$
54,535,194.22
      
14.687
%
CLAIMS IN PROCESS
    
5.95
%
    
227
    
$
1,852,668.32
      
0.512
%
    
5.98
%
    
192
    
$
1,684,264.04
      
0.454
%
                                                                   
TOTAL
            
35,714
    
$
361,932,108.37
      
100.00
%
            
36,769
    
$
371,323,712.88
      
100.00
%

*
Percentages may not total 100% due to rounding
 
Page 4 of 9
Trust 2010-01 Quarterly Servicing Report: Collection Period 11/01/2017 - 01/31/2018, Distribution Date 02/26/2018
IV.
2010-01 Portfolio Characteristics (cont'd)
 
   
01/31/2018
    
10/31/2017
  
Pool Balance
  
$
364,225,476.31
    
$
373,726,150.96
  
Outstanding Borrower Accrued Interest
  
$
9,096,246.84
    
$
8,679,245.67
  
Borrower Accrued Interest to be Capitalized
  
$
2,293,367.94
    
$
2,402,438.08
  
Total # Loans
    
35,714
      
36,769
  
Total # Borrowers
    
16,373
      
16,839
  
Weighted Average Coupon
    
5.77
%
    
5.77
%
Weighted Average Remaining Term
    
169.48
      
170.21
  
Non-Reimbursable Losses
  
$
47,276.18
    
$
41,440.01
  
Cumulative Non-Reimbursable Losses
  
$
4,664,139.26
    
$
4,616,863.08
  
Since Issued Constant Prepayment Rate (CPR)
    
2.68
%
    
2.85
%
Loan Substitutions
    
-
      
-
  
Rejected Claim Repurchases
    
-
    
$
9,713.04
  
Unpaid Primary Servicing Fees
    
-
      
-
  
Unpaid Administration Fees
    
-
      
-
  
Unpaid Carryover Servicing Fees
    
-
      
-
  
Note Interest Shortfall
    
-
      
-
  
Non-Cash Principal Activity - Capitalized Interest
  
$
2,462,772.75
    
$
2,682,006.11
  
Borrower Interest Accrued
  
$
4,787,127.70
    
$
4,896,453.67
  
Interest Subsidy Payments Accrued
  
$
413,201.27
    
$
440,224.13
  
Special Allowance Payments Accrued
  
$
244,554.38
    
$
181,432.27
  
 
Page 5 of 9
Trust 2010-01 Quarterly Servicing Report: Collection Period 11/01/2017 - 01/31/2018, Distribution Date 02/26/2018
V.
2010-01 Portfolio Statistics by School and Program
 
A
LOAN TYPE
  
Weighted
Average Coupon
    
# LOANS
    
$ AMOUNT
      
%*
 
 
 - GSL (1) - Subsidized
    
5.22
%
    
12,720
    
$
41,264,394.11
      
11.401
%
 
- GSL - Unsubsidized
    
5.62
%
    
9,462
      
52,781,979.75
      
14.583
%
 
- PLUS (2) Loans
    
8.29
%
    
407
      
6,023,507.61
      
1.664
%
 
 - SLS (3) Loans
    
4.52
%
    
310
      
2,841,440.77
      
0.785
%
 
- Consolidation Loans
    
5.85
%
    
12,815
      
259,020,786.13
      
71.566
%
 
Total
    
5.77
%
    
35,714
    
$
361,932,108.37
      
100.000
%
 
B
SCHOOL TYPE
  
Weighted Average
Coupon
    
# LOANS
    
$ AMOUNT
      
%*
 
 
- Four Year
    
5.55
%
    
19,184
    
$
90,786,047.98
      
25.084
%
 
- Two Year
    
5.77
%
    
3,122
      
9,960,761.81
      
2.752
%
 
- Technical
    
6.37
%
    
588
      
2,149,867.07
      
0.594
%
 
- Other
    
5.85
%
    
12,820
      
259,035,431.51
      
71.570
%
 
Total
    
5.77
%
    
35,714
    
$
361,932,108.37
      
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 2010-01 Quarterly Servicing Report: Collection Period 11/01/2017 - 01/31/2018, Distribution Date 02/26/2018
VI.
2010-01 Waterfall for Distributions
 
     
Paid
    
Remaining
Funds Balance
  
Total Available Funds        
$
12,802,284.91
  
A
Indenture trustee, administrator, indenture admin, owner trustee or eligible lender trustee fees
  
$
20,000.00
    
$
12,782,284.91
  
B
Primary Servicing Fee
  
$
53,738.75
    
$
12,728,546.16
  
C
Class A Noteholders' Interest Distribution Amount
  
$
1,600,225.60
    
$
11,128,320.56
  
D
Class A Noteholders' Principal Distribution Amount
    
-
    
$
11,128,320.56
  
E
Reserve Account Reinstatement
    
-
    
$
11,128,320.56
  
F
Additional Principal Distribution Amount
  
$
11,128,320.56
      
-
  
G
Carryover Servicing Fee
    
-
      
-
  
H
Unpaid Expenses of The Trustees + Irish Exchange
    
-
      
-
  
I
Excess Distribution Certificateholder
    
-
      
-
  
 
Page 7 of 9
Trust 2010-01 Quarterly Servicing Report: Collection Period 11/01/2017 - 01/31/2018, Distribution Date 02/26/2018
VII.
2010-01 Distributions
 
Distribution Amounts
 
      A
Cusip/Isin
  
78444WAA7
  
Beginning Balance
  
$
270,845,914.67
  
Index
  
LIBOR
  
Spread/Fixed Rate
    
0.875
%
Record Date (Days Prior to Distribution)
  
1 NEW YORK BUSINESS DAY
  
Accrual Period Begin
  
11/27/2017
  
Accrual Period End
  
2/26/2018
  
Daycount Fraction
    
0.25277778
  
Interest Rate*
    
2.33733
%
Accrued Interest Factor
    
0.005908251
  
Current Interest Due
  
$
1,600,225.60
  
Interest Shortfall from Prior Period Plus Accrued Interest
    
-
  
Total Interest Due
  
$
1,600,225.60
  
Interest Paid
  
$
1,600,225.60
  
Interest Shortfall
    
-
  
Principal Paid
  
$
11,128,320.56
  
Ending Principal Balance
  
$
259,717,594.11
  
Paydown Factor
    
0.013015580
  
Ending Balance Factor
    
0.303763268
  
 
*
Pay rates for Current Distribution.  For the interest rates applicable to the next distribution date, please see https://www.navient.com/about/investors/data/slcabrate.txt
 
Page 8 of 9
Trust 2010-01 Quarterly Servicing Report: Collection Period 11/01/2017 - 01/31/2018, Distribution Date 02/26/2018
VIII.
2010-01 Reconciliations
 
A
Principal Distribution Reconciliation
      
 
Notes Outstanding Principal Balance
  
$
270,845,914.67
  
 
Adjusted Pool Balance
  
$
365,425,926.31
  
 
Overcollateralization Amount
  
$
25,579,814.84
  
 
Principal Distribution Amount
    
-
  
 
Principal Distribution Amount Paid
  
$
11,128,320.56
  
           
B
Reserve Account Reconciliation
        
 
Beginning Period Balance
  
$
1,200,450.00
  
 
Reserve Funds Utilized
    
0.00
  
 
Reserve Funds Reinstated
    
0.00
  
 
Balance Available
  
$
1,200,450.00
  
 
Required Reserve Acct Balance
  
$
1,200,450.00
  
 
Release to Collection Account
    
-
  
 
Ending Reserve Account Balance
  
$
1,200,450.00
  
           
C
Capitalized Interest Account
        
 
Beginning Period Balance
    
-
  
 
Transfers to Collection Account
    
-
  
 
Ending Balance
    
-
  
 
 
Page 9 of 9
Trust 2010-01 Quarterly Servicing Report: Collection Period 11/01/2017 - 01/31/2018, Distribution Date 02/26/2018