SLM Student Loan Trust 2013 1
11/07/2024 | Press release | Distributed by Public on 11/07/2024 14:34
Asset Backed Issuer Distribution Report Form 10 D
SLM Student Loan Trust 2013-1
Monthly Servicing Report
Distribution Date 10/25/2024
Collection Period 09/01/2024 - 09/30/2024
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 2013-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
02/14/2013
|
08/31/2024
|
09/30/2024
|
||||||||||
|
Principal Balance
|
$
|
1,181,837,043.20
|
$
|
239,461,791.73
|
$
|
238,532,613.31
|
||||||||
|
Interest to be Capitalized Balance
|
27,971,606.70
|
3,128,843.77
|
3,089,662.98
|
|||||||||||
|
Pool Balance
|
$
|
1,209,808,649.90
|
$
|
242,590,635.50
|
$
|
241,622,276.29
|
||||||||
|
Specified Reserve Account Balance
|
9,373,341.00
|
- N/A -
|
- N/A -
|
|||||||||||
|
Adjusted Pool (1)
|
$
|
1,219,181,990.90
|
$
|
242,590,635.50
|
$
|
241,622,276.29
|
||||||||
|
Weighted Average Coupon (WAC)
|
6.88%
|
|
6.96%
|
|
6.96%
|
|
||||||||
|
Number of Loans
|
271,308
|
37,715
|
37,363
|
|||||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
624,837.14
|
$
|
621,762.43
|
||||||||||
| Aggregate Outstanding Principal Balance - SOFR |
$
|
241,965,798.36
|
$
|
241,000,513.86
|
||||||||||
|
Pool Factor
|
0.194106850
|
0.193332026
|
||||||||||||
|
Since Issued Constant Prepayment Rate
|
(40.03)%
|
|
(42.57)%
|
|
| (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
|
09/25/2024
|
10/25/2024
|
||||||
|
A3
|
78447MAC2
|
$
|
205,164,729.14
|
$
|
204,206,053.53
|
|||||
|
B
|
78447MAD0
|
$
|
35,000,000.00
|
$
|
35,000,000.00
|
|
C
|
Account Balances
|
09/25/2024
|
10/25/2024
|
||||||
|
Reserve Account Balance
|
$
|
1,249,779.00
|
$
|
1,249,779.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
10,825.21
|
$
|
22,703.38
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|
D
|
Asset / Liability
|
09/25/2024
|
10/25/2024
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
242,590,635.50
|
$
|
241,622,276.29
|
|||||
|
Total Notes
|
$
|
240,164,729.14
|
$
|
239,206,053.53
|
|||||
|
Difference
|
$
|
2,425,906.36
|
$
|
2,416,222.76
|
|||||
|
Parity Ratio
|
1.01010
|
1.01010
|
|
Page 2 of 9
|
Trust 2013-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
II.
|
Trust Activity 09/01/2024 through 09/30/2024
|
|
A
|
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
613,936.87
|
||||
|
Guarantor Principal
|
1,195,422.51
|
||||
|
Consolidation Activity Principal
|
157,201.06
|
||||
|
Seller Principal Reimbursement
|
-
|
||||
|
Servicer Principal Reimbursement
|
28.62
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
1,966,589.06
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
313,238.74
|
||||
|
Guarantor Interest
|
66,490.49
|
||||
|
Consolidation Activity Interest
|
3,506.40
|
||||
|
Special Allowance Payments
|
0.00
|
||||
|
Interest Subsidy Payments
|
0.00
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
0.29
|
||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
10,379.52
|
||||
|
Total Interest Receipts
|
$
|
393,615.44
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
|
D
|
Investment Income
|
$
|
24,598.14
|
||
|
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
|
$
|
(11,878.17)
|
|||
|
M
|
AVAILABLE FUNDS
|
$
|
2,372,924.47
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(1,037,410.64)
|
||
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
19,295.21
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|
Page 3 of 9
|
Trust 2013-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
III.
|
2013-1 Portfolio Characteristics
|
|
09/30/2024
|
08/31/2024
|
||||||||||||||||||||||||||||||||
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal |
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of
Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
IN SCHOOL
|
6.85%
|
|
43
|
$
|
208,852.94
|
0.088%
|
|
6.86%
|
|
48
|
$
|
231,068.46
|
0.096%
|
|
||||||||||||||||||
|
|
GRACE
|
6.82%
|
|
26
|
$
|
106,340.52
|
0.045%
|
|
6.76%
|
|
21
|
$
|
84,125.00
|
0.035%
|
|
||||||||||||||||||
|
|
DEFERMENT
|
6.85%
|
|
2,343
|
$
|
13,654,304.74
|
5.724%
|
|
6.83%
|
|
2,404
|
$
|
13,980,660.74
|
5.838%
|
|
||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
6.96%
|
|
24,896
|
$
|
150,972,900.61
|
63.292%
|
|
6.96%
|
|
24,948
|
$
|
151,853,860.27
|
63.415%
|
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT
|
6.92%
|
|
1,190
|
$
|
9,253,657.27
|
3.879%
|
|
6.90%
|
|
985
|
$
|
6,911,024.60
|
2.886%
|
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT
|
6.87%
|
|
666
|
$
|
4,814,841.36
|
2.019%
|
|
6.94%
|
|
814
|
$
|
6,011,727.05
|
2.511%
|
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT
|
6.93%
|
|
493
|
$
|
3,552,205.24
|
1.489%
|
|
7.03%
|
|
657
|
$
|
5,256,959.44
|
2.195%
|
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT
|
6.98%
|
|
1,604
|
$
|
11,830,626.61
|
4.960%
|
|
6.94%
|
|
1,628
|
$
|
11,627,272.72
|
4.856%
|
|
||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||
|
|
FORBEARANCE
|
6.98%
|
|
5,804
|
$
|
42,173,274.76
|
17.680%
|
|
6.97%
|
|
5,850
|
$
|
41,293,447.95
|
17.244%
|
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
6.96%
|
|
298
|
$
|
1,965,609.26
|
0.824%
|
|
6.94%
|
|
360
|
$
|
2,211,645.50
|
0.924%
|
|
||||||||||||||||||
|
TOTAL
|
37,363
|
$
|
238,532,613.31
|
100.00%
|
|
37,715
|
$
|
239,461,791.73
|
100.00%
|
|
* Percentages may not total 100% due to rounding
|
Page 4 of 9
|
Trust 2013-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
IV.
|
2013-1 Portfolio Characteristics (cont'd)
|
|
09/30/2024
|
08/31/2024
|
|||||||
|
Pool Balance
|
$
|
241,622,276.29
|
$
|
242,590,635.50
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
11,246,278.75
|
$
|
11,384,450.96
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
3,089,662.98
|
$
|
3,128,843.77
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
1,116,157.66
|
$
|
1,169,155.30
|
||||
|
Total # Loans
|
37,363
|
37,715
|
||||||
|
Total # Borrowers
|
15,097
|
15,259
|
||||||
|
Weighted Average Coupon
|
6.96%
|
|
6.96%
|
|
||||
|
Weighted Average Remaining Term
|
183.47
|
182.93
|
||||||
|
Non-Reimbursable Losses
|
$
|
19,295.21
|
$
|
18,133.41
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
6,307,871.86
|
$
|
6,288,576.65
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-42.57%
|
|
-40.03%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
-
|
-
|
||||||
|
Cumulative Rejected Claim Repurchases
|
$
|
477,941.48
|
$
|
477,941.48
|
||||
|
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
|
$
|
1,057,827.07
|
$
|
899,544.56
|
||||
|
Borrower Interest Accrued
|
$
|
1,300,507.21
|
$
|
1,350,428.04
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
47,678.31
|
$
|
51,007.59
|
||||
|
Special Allowance Payments Accrued
|
$
|
176,642.86
|
$
|
196,288.14
|
|
Page 5 of 9
|
Trust 2013-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
V.
|
2013-1 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
% *
|
||||||||||||
|
- GSL (1) - Subsidized
|
6.79%
|
|
19,536
|
87,189,108.95
|
36.552%
|
|
|||||||||||
|
- GSL - Unsubsidized
|
6.82%
|
|
16,886
|
130,880,860.92
|
54.869%
|
|
|||||||||||
|
- PLUS (2) Loans
|
8.50%
|
|
936
|
20,434,807.77
|
8.567%
|
|
|||||||||||
|
- SLS (3) Loans
|
8.25%
|
|
5
|
27,835.67
|
0.012%
|
|
|||||||||||
|
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
Total
|
6.96%
|
|
37,363
|
$
|
238,532,613.31
|
100.000%
|
|
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
% *
|
||||||||||||
|
- Four Year
|
6.98%
|
|
28,976
|
197,321,818.82
|
82.723%
|
|
|||||||||||
|
- Two Year
|
6.84%
|
|
6,855
|
33,618,489.56
|
14.094%
|
|
|||||||||||
|
- Technical
|
6.86%
|
|
1,532
|
7,592,304.93
|
3.183%
|
|
|||||||||||
|
- Other
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
Total
|
6.96%
|
|
37,363
|
$
|
238,532,613.31
|
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 9
|
Trust 2013-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
VI.
|
2013-1 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
2,372,924.47
|
|||||||
|
A |
Trustee Fees |
- |
$ |
2,372,924.47
|
|||||
|
B
|
Primary Servicing Fee
|
$
|
74,395.10
|
$
|
2,298,529.37
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
2,291,862.37
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
1,016,351.87
|
$
|
1,275,510.50
|
||||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
209,842.50
|
$
|
1,065,668.00
|
||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
1,065,668.00
|
|||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
958,675.61
|
$ |
106,992.39
|
||||
|
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$ |
106,992.39
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$ |
106,992.39
|
|||||
| J |
Carryover Servicing Fee
|
-
|
$ |
106,992.39
|
|||||
|
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$ |
106,992.39
|
|||||
|
L
|
Excess Distribution Certificateholder
|
$ |
106,992.39
|
$ |
0.00
|
|
Waterfall Triggers
|
|||||
|
A
|
Student Loan Principal Outstanding
|
$
|
238,532,613.31
|
||
|
B
|
Interest to be Capitalized
|
$
|
3,089,662.98
|
||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
1,249,779.00
|
||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(1,249,779.00)
|
||
|
F
|
Total
|
$
|
241,622,276.29
|
||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
204,206,053.53
|
||
|
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 2013-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
VII.
|
2013-1 Distributions
|
Distribution Amounts
|
A3
|
B
|
|||||||
|
Cusip/Isin
|
78447MAC2
|
78447MAD0
|
||||||
|
Beginning Balance
|
$
|
205,164,729.14
|
$
|
35,000,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
0.55%
|
|
1.80%
|
|
||||
|
Record Date (Days Prior to Distribution)
|
1 NEW YORK BUSINESS DAY
|
1 NEW YORK BUSINESS DAY
|
||||||
|
Accrual Period Begin
|
9/25/2024
|
9/25/2024
|
||||||
|
Accrual Period End
|
10/25/2024
|
10/25/2024
|
||||||
|
Daycount Fraction
|
0.08333333
|
0.08333333
|
||||||
|
Interest Rate*
|
5.94460%
|
|
7.19460%
|
|
||||
|
Accrued Interest Factor
|
0.004953833
|
0.005995500
|
||||||
|
Current Interest Due
|
$
|
1,016,351.87
|
$
|
209,842.50
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
1,016,351.87
|
$
|
209,842.50
|
||||
|
Interest Paid
|
$
|
1,016,351.87
|
$
|
209,842.50
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
958,675.61
|
-
|
|||||
|
Ending Principal Balance
|
$
|
204,206,053.53
|
$
|
35,000,000.00
|
||||
|
Paydown Factor
|
0.001781925
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.379565155
|
1.000000000
|
* Pay rates for Current Distribution. For the interest rates applicable to the next distribution date, please see https://images.navient.com/investors/data/abrate.txt.
|
Page 8 of 9
|
Trust 2013-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|
|
VIII.
|
2013-1 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
240,164,729.14
|
|||
|
Adjusted Pool Balance
|
$
|
241,622,276.29
|
|||
|
Overcollateralization Amount
|
$
|
2,416,222.76
|
|||
|
Principal Distribution Amount
|
$
|
958,675.61
|
|||
|
Principal Distribution Amount Paid
|
$
|
958,675.61
|
|||
|
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
1,249,779.00
|
|||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
1,249,779.00
|
|||
|
Required Reserve Acct Balance
|
$
|
1,249,779.00
|
|||
|
Release to Collection Account
|
|
-
|
|||
|
Ending Reserve Account Balance
|
$
|
1,249,779.00
|
|||
|
C
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
10,825.21
|
|||
|
Deposits for the Period
|
$
|
11,878.17
|
|||
|
Release to Collection Account
|
|
-
|
|||
|
Ending Balance
|
$
|
22,703.38
|
|||
|
D
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Supplemental Loan Purchases
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
|
Page 9 of 9
|
Trust 2013-1 Monthly Servicing Report: Collection Period 09/01/2024 - 09/30/2024, Distribution Date 10/25/2024
|