EX-99.1 2 ex99_1.htm EXHIBIT 99.1  
Exhibit 99.1

SLM Student Loan Trust 2011-1

Monthly Servicing Report

Distribution Date 01/25/2019

Collection Period 12/01/2018 - 12/31/2018

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 10
Trust 2011-1 Monthly Servicing Report: Collection Period 12/01/2018 - 12/31/2018, Distribution Date 01/25/2019
I.
Deal Parameters

A
Student Loan Portfolio Characteristics
  
03/03/2011
    
11/30/2018
    
12/31/2018
  
 
Principal Balance
  
$
752,091,553.60
    
$
313,691,697.39
    
$
310,612,352.31
  
 
Interest to be Capitalized Balance
    
7,178,868.62
      
1,059,059.97
      
865,721.28
  
 
Pool Balance
  
$
759,270,422.22
    
$
314,750,757.36
  
  
$
311,478,073.59
  
 
Capitalized Interest Account Balance
  
$
65,100,000.00
      
-
      
-
  
 
Specified Reserve Account Balance
    
1,931,510.00
      
1,158,906.00
      
1,158,906.00
  
 
Adjusted Pool (1)   
  
$
826,301,932.22
    
$
315,909,663.36
    
$
312,636,979.59
  
 
Weighted Average Coupon (WAC)
    
5.64
%
    
5.78
%
    
5.79
%
 
Number of Loans
    
62,997
      
26,766
      
26,429
  
 
Aggregate Outstanding Principal Balance - Tbill
          
$
420,255.05
    
$
420,196.62
  
 
Aggregate Outstanding Principal Balance - LIBOR
          
$
314,330,502.31
    
$
311,057,876.97
  
 
Pool Factor
            
0.407389535
      
0.403153621
  
 
Since Issued Constant Prepayment Rate
            
4.76
%
    
4.74
%

(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
  
12/26/2018
    
01/25/2019
  
 
A1
83149VAA7
  
$
59,522,431.25
    
$
56,322,902.23
  
 
A2
83149VAB5
  
$
200,000,000.00
    
$
200,000,000.00
  
 
B
83149VAC3
  
$
24,370,000.00
    
$
24,370,000.00
  

C
Account Balances
  
12/26/2018
    
01/25/2019
  
 
Reserve Account Balance
  
$
1,158,906.00
    
$
1,158,906.00
  
 
Capitalized Interest Account Balance
    
-
      
-
  
 
Floor Income Rebate Account
  
$
273,538.83
    
$
535,100.51
  
 
Supplemental Loan Purchase Account
    
-
      
-
  

D
Asset / Liability
  
12/26/2018
    
01/25/2019
  
 
Adjusted Pool Balance + Supplemental Loan Purchase
  
$
315,909,663.36
    
$
312,636,979.59
  
 
Total Notes
  
$
283,892,431.25
    
$
280,692,902.23
  
 
Difference
  
$
32,017,232.11
    
$
31,944,077.36
  
 
Parity Ratio
    
1.11278
      
1.11380
  

Page 2 of 10
Trust 2011-1 Monthly Servicing Report: Collection Period 12/01/2018 - 12/31/2018, Distribution Date 01/25/2019
II.
Trust Activity 12/01/2018 through 12/31/2018

A
Student Loan Principal Receipts
      
 
Borrower Principal
    
2,256,301.02
  
 
Guarantor Principal
    
530,355.53
  
 
Consolidation Activity Principal
    
941,523.66
  
 
Seller Principal Reimbursement
    
-
  
 
Servicer Principal Reimbursement
    
135.10
  
 
Rejected Claim Repurchased Principal
    
-
  
 
Other Principal Deposits
    
-
  
 
Total Principal Receipts
  
$
3,728,315.31
  
B
Student Loan Interest Receipts
        
 
Borrower Interest
    
853,467.11
  
 
Guarantor Interest
    
32,206.91
  
 
Consolidation Activity Interest
    
8,791.04
  
 
Special Allowance Payments
    
0.00
  
 
Interest Subsidy Payments
    
0.00
  
 
Seller Interest Reimbursement
    
0.00
  
 
Servicer Interest Reimbursement
    
(121.73)
  
 
Rejected Claim Repurchased Interest
    
0.00
  
 
Other Interest Deposits
    
14,056.24
  
 
Total Interest Receipts
  
$
908,399.57
  
C
Reserves in Excess of Requirement
    
-
  
D
Investment Income
  
$
13,704.03
  
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
  
$
(276,146.97)
  
 
Floor Income Rebate Fees to Dept. of Education
    
-
  
 
Funds Allocated to the Floor Income Rebate Account
  
$
(261,561.68)
  
M
AVAILABLE FUNDS
  
$
4,112,710.26
  
N
Non-Cash Principal Activity During Collection Period
  
$
(648,970.23)
  
O
Non-Reimbursable Losses During Collection Period
  
$
8,599.76
  
P
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
  
-
  
Q
Aggregate Loan Substitutions
    
-
  

Page 3 of 10
Trust 2011-1 Monthly Servicing Report: Collection Period 12/01/2018 - 12/31/2018, Distribution Date 01/25/2019
III.
2011-1 Portfolio Characteristics

   
12/31/2018
    
11/30/2018
        
   
Wtd Avg Coupon
    
# Loans
    
Principal
    
% of Principal
    
Wtd Avg Coupon
    
# Loans
    
Principal
    
% of Principal
  
INTERIM:
DEFERMENT
    
5.78
%
    
982
    
$
13,426,167.09
      
4.322
%
    
5.72
%
    
1,066
    
$
14,033,373.77
      
4.474
%
                                                                   
REPAYMENT:
CURRENT
    
5.67
%
    
23,119
    
$
247,821,688.41
      
79.785
%
    
5.68
%
    
23,271
    
$
249,341,796.03
      
79.486
%
 
31-60 DAYS DELINQUENT
    
6.61
%
    
391
    
$
7,498,695.86
      
2.414
%
    
6.20
%
    
391
    
$
7,264,571.85
      
2.316
%
 
61-90 DAYS DELINQUENT
    
6.23
%
    
204
    
$
3,765,146.76
      
1.212
%
    
6.17
%
    
190
    
$
3,442,072.48
      
1.097
%
 
91-120 DAYS DELINQUENT
    
5.97
%
    
129
    
$
2,434,945.16
      
0.784
%
    
6.62
%
    
70
    
$
1,470,692.78
      
0.469
%
 
> 120 DAYS DELINQUENT
    
6.16
%
    
257
    
$
4,307,002.64
      
1.387
%
    
6.25
%
    
275
    
$
4,746,566.78
      
1.513
%
                                                                   
 
FORBEARANCE
    
6.34
%
    
1,276
    
$
29,686,555.05
      
9.557
%
    
6.32
%
    
1,431
    
$
31,872,565.27
      
10.160
%
 
CLAIMS IN PROCESS
    
7.05
%
    
71
    
$
1,672,151.34
      
0.538
%
    
6.77
%
    
72
    
$
1,520,058.43
      
0.485
%
                                                                   
TOTAL
            
26,429
    
$
310,612,352.31
      
100.00
%
            
26,766
    
$
313,691,697.39
      
100.00
%

* Percentages may not total 100% due to rounding

Page 4 of 10
Trust 2011-1 Monthly Servicing Report: Collection Period 12/01/2018 - 12/31/2018, Distribution Date 01/25/2019
IV.
2011-1 Portfolio Characteristics (cont'd)

   
12/31/2018
    
11/30/2018
  
Pool Balance
  
$
311,478,073.59
    
$
314,750,757.36
  
Outstanding Borrower Accrued Interest
  
$
4,829,880.18
    
$
4,951,850.51
  
Borrower Accrued Interest to be Capitalized
  
$
865,721.28
    
$
1,059,059.97
  
Borrower Accrued Interest >30 Days Delinquent
  
$
725,765.16
    
$
682,848.23
  
Total # Loans
    
26,429
      
26,766
  
Total # Borrowers
    
15,208
      
15,417
  
Weighted Average Coupon
    
5.79
%
    
5.78
%
Weighted Average Remaining Term
    
173.04
      
173.16
  
Non-Reimbursable Losses
  
$
8,599.76
    
$
10,303.07
  
Cumulative Non-Reimbursable Losses
  
$
1,973,345.62
    
$
1,964,745.86
  
Since Issued Constant Prepayment Rate (CPR)
    
4.74
%
    
4.76
%
Loan Substitutions
    
-
      
-
  
Cumulative Loan Substitutions
    
-
      
-
  
Rejected Claim Repurchases
    
-
      
-
  
Cumulative Rejected Claim Repurchases
  
$
21,115.68
    
$
21,115.68
  
Unpaid Primary Servicing Fees
    
-
      
-
  
Unpaid Administration Fees
    
-
      
-
  
Unpaid Carryover Servicing Fees
    
-
      
-
  
Note Principal Shortfall
  
$
381,922.64
    
$
308,767.89
  
Note Interest Shortfall
    
-
      
-
  
Unpaid Interest Carryover
    
-
      
-
  
Non-Cash Principal Activity - Capitalized Interest
  
$
657,849.90
    
$
366,698.09
  
Borrower Interest Accrued
  
$
1,422,321.03
    
$
1,390,514.65
  
Interest Subsidy Payments Accrued
  
$
65,729.67
    
$
65,027.44
  
Special Allowance Payments Accrued
  
$
97,074.91
    
$
83,549.74
  

Page 5 of 10
Trust 2011-1 Monthly Servicing Report: Collection Period 12/01/2018 - 12/31/2018, Distribution Date 01/25/2019
V.
2011-1 Portfolio Statistics by School and Program

A
LOAN TYPE
  
Weighted Average Coupon
    
# LOANS
    
$ AMOUNT
      
% *
  
 
- GSL (1) - Subsidized
    
0.00
%
    
0
      
-
      
0.000
%
 
- GSL - Unsubsidized
    
0.00
%
    
0
      
-
      
0.000
%
 
- PLUS (2) Loans
    
0.00
%
    
0
      
-
      
0.000
%
 
- SLS (3) Loans
    
0.00
%
    
0
      
-
      
0.000
%
 
- Consolidation Loans
    
5.79
%
    
26,429
      
310,612,352.31
      
100.000
%
 
Total
    
5.79
%
    
26,429
    
$
310,612,352.31
      
100.000
%

B
SCHOOL TYPE
  
Weighted Average Coupon
    
# LOANS
    
$ AMOUNT
      
% *
  
 
- Four Year
    
0.00
%
    
0
      
-
      
0.000
%
 
- Two Year
    
0.00
%
    
0
      
-
      
0.000
%
 
- Technical
    
0.00
%
    
0
      
-
      
0.000
%
 
- Other
    
5.79
%
    
26,429
      
310,612,352.31
      
100.000
%
 
Total
    
5.79
%
    
26,429
    
$
310,612,352.31
      
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 10
Trust 2011-1 Monthly Servicing Report: Collection Period 12/01/2018 - 12/31/2018, Distribution Date 01/25/2019
VI.
2011-1 Waterfall for Distributions

   
Paid
    
Remaining
Funds Balance
  
Total Available Funds
        
$
4,112,710.26
  
A
Primary Servicing Fee
  
$
77,855.85
    
$
4,034,854.41
  
B
Administration Fee
  
$
6,667.00
    
$
4,028,187.41
  
C
Class A Noteholders' Interest Distribution Amount
  
$
759,483.13
    
$
3,268,704.28
  
D
Class B Noteholders' Interest Distribution Amount
  
$
69,175.26
    
$
3,199,529.02
  
E
Reserve Account Reinstatement
    
-
    
$
3,199,529.02
  
F
Class A Noteholders' Principal Distribution Amount
  
$
3,199,529.02
    
-
  
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
  
$
310,612,352.31
          
B
Interest to be Capitalized
  
$
865,721.28
          
C
Capitalized Interest Account Balance
    
-
          
D
Reserve Account Balance (after any reinstatement)
  
$
1,158,906.00
          
E
Less:  Specified Reserve Account Balance
  
$
(1,158,906.00)
          
F
Total
  
$
311,478,073.59
          
G
Class A Notes Outstanding (after application of available funds)
  
$
256,322,902.23
          
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 10
Trust 2011-1 Monthly Servicing Report: Collection Period 12/01/2018 - 12/31/2018, Distribution Date 01/25/2019
VII.
2011-1 Distributions

Distribution Amounts

   
A1
    
A2
    
B
  
Cusip/Isin
  
83149VAA7
    
83149VAB5
    
83149VAC3
  
Beginning Balance
  
$
59,522,431.25
    
$
200,000,000.00
    
$
24,370,000.00
  
Index
  
LIBOR
    
LIBOR
    
LIBOR
  
Spread/Fixed Rate
    
0.52
%
    
1.15
%
    
0.90
%
Record Date (Days Prior to Distribution)
  
1 NEW YORK BUSINESS DAY
    
1 NEW YORK BUSINESS DAY
    
1 NEW YORK BUSINESS DAY
  
Accrual Period Begin
  
12/26/2018
    
12/26/2018
    
12/26/2018
  
Accrual Period End
  
1/25/2019
    
1/25/2019
    
1/25/2019
  
Daycount Fraction
    
0.08333333
      
0.08333333
      
0.08333333
  
Interest Rate*
    
3.02625
%
    
3.65625
%
    
3.40625
%
Accrued Interest Factor
    
0.002521875
      
0.003046875
      
0.002838542
  
Current Interest Due
  
$
150,108.13
    
$
609,375.00
    
$
69,175.26
  
Interest Shortfall from Prior Period Plus Accrued Interest
    
-
      
-
      
-
  
Total Interest Due
  
$
150,108.13
    
$
609,375.00
    
$
69,175.26
  
Interest Paid
  
$
150,108.13
    
$
609,375.00
    
$
69,175.26
  
Interest Shortfall
    
-
      
-
      
-
  
Principal Paid
  
$
3,199,529.02
      
-
      
-
  
Ending Principal Balance
  
$
56,322,902.23
    
$
200,000,000.00
    
$
24,370,000.00
  
Paydown Factor
    
0.005441589
      
0.000000000
      
0.000000000
  
Ending Balance Factor
    
0.095790996
      
1.000000000
      
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 10
Trust 2011-1 Monthly Servicing Report: Collection Period 12/01/2018 - 12/31/2018, Distribution Date 01/25/2019
VIII.
2011-1 Reconciliations

A
Principal Distribution Reconciliation
      
 
Notes Outstanding Principal Balance
  
$
283,892,431.25
  
 
Adjusted Pool Balance
  
$
312,636,979.59
  
 
Overcollateralization Amount
  
$
32,326,000.00
  
 
Principal Distribution Amount
  
$
3,581,451.66
  
 
Principal Distribution Amount Paid
  
$
3,199,529.02
  
           
B
Reserve Account Reconciliation
        
 
Beginning Period Balance
  
$
1,158,906.00
  
 
Reserve Funds Utilized
    
0.00
  
 
Reserve Funds Reinstated
    
0.00
  
 
Balance Available
  
$
1,158,906.00
  
 
Required Reserve Acct Balance
  
$
1,158,906.00
  
 
Release to Collection Account
    
-
  
 
Ending Reserve Account Balance
  
$
1,158,906.00
  
           
C
Capitalized Interest Account
        
 
Beginning Period Balance
    
-
  
 
Transfers to Collection Account
    
-
  
 
Ending Balance
    
-
  
           
D
Floor Income Rebate Account
        
 
Beginning Period Balance
  
$
273,538.83
  
 
Deposits for the Period
  
$
261,561.68
  
 
Release to Collection Account
    
-
  
 
Ending Balance
  
$
535,100.51
  
           
E
Supplemental Purchase Account
        
 
Beginning Period Balance
    
-
  
 
Supplemental Loan Purchases
    
-
  
 
Transfers to Collection Account
    
-
  
 
Ending Balance
    
-
  

Page 9 of 10
Trust 2011-1 Monthly Servicing Report: Collection Period 12/01/2018 - 12/31/2018, Distribution Date 01/25/2019
IX.
2011-1 Other Characteristics

Principal Balance of All Loans
                        
   
Deferment
    
Forbearance
    
Repayment
    
Grand Total
  
Subsidized Consolidation Loans
  
$
6,278,294.39
    
$
12,067,622.35
    
$
115,986,057.60
    
$
134,331,974.34
  
Unsubsidized Consolidation Loans
  
$
7,827,625.31
    
$
18,289,553.29
    
$
151,028,920.65
    
$
177,146,099.25
  
Total
  
$
14,105,919.70
    
$
30,357,175.64
    
$
267,014,978.25
    
$
311,478,073.59
  

Weighted Average Remaining Term of All Loans
                    
   
Deferment
    
Forbearance
    
Repayment
    
Grand Total
  
Subsidized Consolidation Loans
    
203
      
196
      
151
      
157
  
Unsubsidized Consolidation Loans
    
234
      
242
      
176
      
185
  
Total
    
220
      
224
      
165
      
173
  

Weighted Average Coupon of All Loans
                    
   
Deferment
    
Forbearance
    
Repayment
    
Grand Total
  
Subsidized Consolidation Loans
    
5.720
%
    
6.167
%
    
5.591
%
    
5.649
%
Unsubsidized Consolidation Loans
    
5.837
%
    
6.482
%
    
5.824
%
    
5.892
%
Total
    
5.785
%
    
6.357
%
    
5.723
%
    
5.787
%

Weighted Average SAP Margin of All LIBOR Based Loans
                    
   
Deferment
    
Forbearance
    
Repayment
    
Grand Total
  
Subsidized Consolidation Loans
    
2.409
%
    
2.354
%
    
2.439
%
    
2.430
%
Unsubsidized Consolidation Loans
    
2.394
%
    
2.286
%
    
2.404
%
    
2.392
%
Total
    
2.401
%
    
2.313
%
    
2.419
%
    
2.408
%

Weighted Average SAP Margin of All T-Bill Based Loans
              
   
Forbearance
    
Repayment
    
Grand Total
  
Subsidized Consolidation Loans
    
3.100
%
    
3.100
%
    
3.100
%
Unsubsidized Consolidation Loans
    
3.100
%
    
3.100
%
    
3.100
%
Total
    
3.100
%
    
3.100
%
    
3.100
%


Page 10 of 10
Trust 2011-1 Monthly Servicing Report: Collection Period 12/01/2018 - 12/31/2018, Distribution Date 01/25/2019