Exhibit 99.1
THE TRUST STUDENT LOAN POOL
The following tables provide a description of specified characteristics of the trust student loans as of August 1, 2005 (the “statistical disclosure date”). The aggregate outstanding principal balance of the loans in each of the following tables includes the principal balance due from borrowers, plus accrued interest of $7,042,531 to be capitalized as of the statistical disclosure date. Percentages and dollar amounts in any table may not total 100% or whole dollars due to rounding. The following tables also contain information concerning the total number of loans and total number of borrowers in the portfolio of trust student loans. For ease of administration, the servicer separates a consolidation loan on its system into two separate loan segments representing subsidized and unsubsidized segments of the same loan. The following tables reflect those loan segments within the number of loans. In addition, approximately 29 borrowers have more than one trust student loan.
The distribution by weighted average interest rate applicable to the trust student loans on any date following the statistical disclosure date may vary significantly from that in the following tables as a result of variations in the effective rates of interest applicable to the trust student loans and in rates of principal reduction. Moreover, the information below about the weighted average remaining term to maturity of the trust student loans as of the statistical disclosure date may vary significantly from the actual term to maturity of any of the trust student loans as a result of prepayments or of the granting of deferral and forbearance periods.
COMPOSITION OF THE TRUST STUDENT LOANS
AS OF THE STATISTICAL DISCLOSURE DATE
Aggregate Outstanding Principal Balance |
| $ | 1,893,835,825 |
|
Aggregate Outstanding Principal Balance—Treasury Bill |
| $ | 340,525,763 |
|
Aggregate Outstanding Principal Balance—Commercial Paper |
| $ | 1,553,310,061 |
|
Number of Borrowers |
| 59,676 |
| |
Average Outstanding Principal Balance Per Borrower |
| $ | 31,735 |
|
Number of Loans |
| 97,799 |
| |
Average Outstanding Principal Balance Per Loan—Treasury Bill |
| $ | 24,511 |
|
Average Outstanding Principal Balance Per Loan—Commercial Paper |
| $ | 18,513 |
|
Weighted Average Remaining Term to Scheduled Maturity |
| 254 months |
| |
Weighted Average Annual Borrower Interest Rate |
| 6.24 | % | |
A-1
We determined the weighted average remaining term to maturity shown in the table from the statistical disclosure date to the stated maturity date of the applicable trust student loan without giving effect to any deferral or forbearance periods that may be granted in the future. See Appendix A to the original prospectus.
The weighted average annual borrower interest rate shown in the table is exclusive of special allowance payments. The weighted average spread, including special allowance payments, to the 91-day Treasury bill rate was 3.10% as of the statistical disclosure date.
The weighted average spread, including special allowance payments, to the three-month commercial paper rate was 2.64% as of the statistical disclosure date. See “Special Allowance Payments” in Appendix A to the original prospectus.
For this purpose, the three-month commercial paper rate is the average of the bond equivalent rates of the three-month commercial paper (financial) rates in effect for each of the days in a calendar quarter as reported by the Federal Reserve in Publication H.15 (or its successor) for that calendar quarter. The 91-day Treasury bill rate is the weighted average per annum discount rate, expressed on a bond equivalent basis and applied on a daily basis, for direct obligations of the United States with a maturity of thirteen weeks, as reported by the U.S. Department of the Treasury.
A-2
DISTRIBUTION OF THE TRUST STUDENT LOANS
BY BORROWER INTEREST RATES
AS OF THE STATISTICAL DISCLOSURE DATE
Interest Rates |
| Number of |
| Aggregate |
| Percent of Pool |
| |
Less than or equal to 3.00% |
| 5 |
| $ | 142,528 |
|
| * |
3.01% to 3.50% |
| 1,446 |
| 22,927,220 |
| 1.2 | % | |
3.51% to 4.00% |
| 2,265 |
| 55,477,600 |
| 2.9 |
| |
4.01% to 4.50% |
| 15,672 |
| 243,982,115 |
| 12.9 |
| |
4.51% to 5.00% |
| 24,626 |
| 423,522,563 |
| 22.4 |
| |
5.01% to 5.50% |
| 4,453 |
| 88,663,662 |
| 4.7 |
| |
5.51% to 6.00% |
| 4,007 |
| 76,611,436 |
| 4.0 |
| |
6.01% to 6.50% |
| 7,111 |
| 135,079,323 |
| 7.1 |
| |
6.51% to 7.00% |
| 12,481 |
| 231,298,955 |
| 12.2 |
| |
7.01% to 7.50% |
| 3,072 |
| 66,631,344 |
| 3.5 |
| |
7.51% to 8.00% |
| 7,985 |
| 184,242,415 |
| 9.7 |
| |
8.01% to 8.50% |
| 8,616 |
| 198,225,127 |
| 10.5 |
| |
Equal to or greater than 8.51% |
| 6,060 |
| 167,031,536 |
| 8.8 |
| |
Total |
| 97,799 |
| $ | 1,893,835,825 |
| 100.0 | % |
* Represents a percentage greater than 0% but less than 0.05%.
We determined the interest rates shown in the table above using the interest rates applicable to the trust student loans as of the statistical disclosure date. Because most of the trust student loans bear interest at variable rates of interest that reset annually, this information will not remain applicable to the trust student loans after the statistical disclosure date.
A-3
DISTRIBUTION OF THE TRUST STUDENT LOANS
BY OUTSTANDING PRINCIPAL BALANCE PER BORROWER
AS OF THE STATISTICAL DISCLOSURE DATE
Range of Outstanding Principal Balance |
| Number of |
| Aggregate |
| Percent of Pool |
| |
Less than $5,000.00 |
| 1,673 |
| $ | 3,963,099 |
| 0.2 | % |
$5,000.00 - $9,999.99 |
| 6,916 |
| 54,714,387 |
| 2.9 |
| |
$10,000.00 - $14,999.99 |
| 9,622 |
| 120,243,365 |
| 6.3 |
| |
$15,000.00 - $19,999.99 |
| 7,973 |
| 138,881,483 |
| 7.3 |
| |
$20,000.00 - $24,999.99 |
| 6,727 |
| 150,502,372 |
| 7.9 |
| |
$25,000.00 - $29,999.99 |
| 4,938 |
| 135,494,510 |
| 7.2 |
| |
$30,000.00 - $34,999.99 |
| 3,969 |
| 128,682,555 |
| 6.8 |
| |
$35,000.00 - $39,999.99 |
| 2,994 |
| 112,024,138 |
| 5.9 |
| |
$40,000.00 - $44,999.99 |
| 2,481 |
| 105,212,024 |
| 5.6 |
| |
$45,000.00 - $49,999.99 |
| 2,019 |
| 95,864,847 |
| 5.1 |
| |
$50,000.00 - $54,999.99 |
| 1,591 |
| 83,457,681 |
| 4.4 |
| |
$55,000.00 - $59,999.99 |
| 1,359 |
| 78,023,697 |
| 4.1 |
| |
$60,000.00 - $64,999.99 |
| 1,093 |
| 68,140,666 |
| 3.6 |
| |
$65,000.00 - $69,999.99 |
| 929 |
| 62,665,497 |
| 3.3 |
| |
$70,000.00 - $74,999.99 |
| 791 |
| 57,298,181 |
| 3.0 |
| |
$75,000.00 - $79,999.99 |
| 640 |
| 49,529,084 |
| 2.6 |
| |
$80,000.00 - $84,999.99 |
| 554 |
| 45,659,623 |
| 2.4 |
| |
$85,000.00 - $89,999.99 |
| 484 |
| 42,305,124 |
| 2.2 |
| |
$90,000.00 - $94,999.99 |
| 411 |
| 37,990,339 |
| 2.0 |
| |
$95,000.00 - $99,999.99 |
| 357 |
| 34,769,248 |
| 1.8 |
| |
$100,000.00 and above |
| 2,155 |
| 288,413,906 |
| 15.2 |
| |
Total |
| 59,676 |
| $ | 1,893,835,825 |
| 100.0 | % |
A-4
DISTRIBUTION OF THE TRUST STUDENT LOANS
BY REMAINING TERM TO SCHEDULED MATURITY
AS OF THE STATISTICAL DISCLOSURE DATE
Number of Months Remaining to Scheduled Maturity |
| Number of |
| Aggregate |
| Percent of Pool |
| |
0 to 3 |
| 19 |
| $ | 11,653 |
|
| * |
4 to 12 |
| 86 |
| 141,095 |
|
| * | |
13 to 24 |
| 250 |
| 828,342 |
|
| * | |
25 to 36 |
| 482 |
| 2,507,852 |
| 0.1 | % | |
37 to 48 |
| 639 |
| 4,111,186 |
| 0.2 |
| |
49 to 60 |
| 811 |
| 6,304,278 |
| 0.3 |
| |
61 to 72 |
| 916 |
| 7,943,563 |
| 0.4 |
| |
73 to 84 |
| 1,092 |
| 11,476,500 |
| 0.6 |
| |
85 to 96 |
| 1,457 |
| 17,656,567 |
| 0.9 |
| |
97 to 108 |
| 1,616 |
| 14,665,206 |
| 0.8 |
| |
109 to 120 |
| 3,505 |
| 26,105,808 |
| 1.4 |
| |
121 to 132 |
| 2,036 |
| 21,666,405 |
| 1.1 |
| |
133 to 144 |
| 4,935 |
| 47,302,403 |
| 2.5 |
| |
145 to 156 |
| 12,225 |
| 106,465,745 |
| 5.6 |
| |
157 to 168 |
| 3,476 |
| 40,378,411 |
| 2.1 |
| |
169 to 180 |
| 4,193 |
| 53,423,953 |
| 2.8 |
| |
181 to 192 |
| 3,011 |
| 43,395,900 |
| 2.3 |
| |
193 to 204 |
| 5,065 |
| 76,331,408 |
| 4.0 |
| |
205 to 216 |
| 12,484 |
| 182,939,073 |
| 9.7 |
| |
217 to 228 |
| 3,897 |
| 68,544,171 |
| 3.6 |
| |
229 to 240 |
| 4,694 |
| 90,491,530 |
| 4.8 |
| |
241 to 252 |
| 2,996 |
| 63,949,518 |
| 3.4 |
| |
253 to 264 |
| 2,609 |
| 65,632,666 |
| 3.5 |
| |
265 to 276 |
| 6,079 |
| 143,615,885 |
| 7.6 |
| |
277 to 288 |
| 2,050 |
| 56,740,082 |
| 3.0 |
| |
289 to 300 |
| 2,818 |
| 84,613,186 |
| 4.5 |
| |
301 to 312 |
| 2,462 |
| 79,942,242 |
| 4.2 |
| |
313 to 324 |
| 1,595 |
| 63,263,213 |
| 3.3 |
| |
325 to 336 |
| 4,558 |
| 192,892,482 |
| 10.2 |
| |
337 to 348 |
| 1,480 |
| 72,670,088 |
| 3.8 |
| |
349 to 360 |
| 2,167 |
| 123,387,962 |
| 6.5 |
| |
361 and above |
| 2,096 |
| 124,437,452 |
| 6.6 |
| |
Total |
| 97,799 |
| $ | 1,893,835,825 |
| 100.0 | % |
* Represents a percentage greater than 0% but less than 0.05%.
We have determined the numbers of months remaining to scheduled maturity shown in the table from the statistical disclosure date to the stated maturity date of the applicable trust student loan without giving effect to any deferral or forbearance periods that may be granted in the future.
A-5
DISTRIBUTION OF THE TRUST STUDENT LOANS
BY CURRENT BORROWER PAYMENT STATUS
AS OF THE STATISTICAL DISCLOSURE DATE
Current Borrower Payment Status |
| Number of |
| Aggregate |
| Percent of Pool |
| |
Deferral |
| 8,498 |
| $ | 178,587,900 |
| 9.4 | % |
Forbearance |
| 12,448 |
| 318,622,044 |
| 16.8 |
| |
Repayment |
|
|
|
|
|
|
| |
First year in repayment |
| 6,658 |
| 163,489,274 |
| 8.6 |
| |
Second year in repayment |
| 7,072 |
| 148,642,514 |
| 7.8 |
| |
Third year in repayment |
| 38,031 |
| 625,499,190 |
| 33.0 |
| |
More than 3 years in repayment |
| 25,092 |
| 458,994,902 |
| 24.2 |
| |
Total |
| 97,799 |
| $ | 1,893,835,825 |
| 100.0 | % |
Current borrower payment status refers to the status of the borrower of each trust student loan as of the statistical disclosure date. The borrower:
• may have temporarily ceased repaying the loan through a deferral or a forbearance period; or
• may be currently required to repay the loan—repayment.
The weighted average number of months in repayment for all trust student loans currently in repayment is approximately 38, calculated as the term to maturity at the commencement of repayment less the number of months remaining to scheduled maturity as of the statistical disclosure date.
SCHEDULED WEIGHTED AVERAGE REMAINING MONTHS
IN STATUS OF THE TRUST STUDENT LOANS
BY CURRENT BORROWER PAYMENT STATUS
AS OF THE STATISTICAL DISCLOSURE DATE
|
| Scheduled Months in Status Remaining |
| ||||
Current Borrower Payment Status |
| Deferral |
| Forbearance |
| Repayment |
|
Deferral |
| 14.8 |
| — |
| 270.2 |
|
Forbearance |
| — |
| 4.2 |
| 285.0 |
|
Repayment |
| — |
| — |
| 242.2 |
|
We have determined the scheduled months in status shown in the table without giving effect to any deferral or forbearance periods that may be granted in the future.
A-6
GEOGRAPHIC DISTRIBUTION OF THE TRUST STUDENT LOANS
AS OF THE STATISTICAL DISCLOSURE DATE
State |
| Number of |
| Aggregate |
| Percent of Pool |
| |
Alabama |
| 764 |
| $ | 14,960,803 |
| 0.8 | % |
Alaska |
| 156 |
| 2,998,007 |
| 0.2 |
| |
Arizona |
| 1,877 |
| 34,851,225 |
| 1.8 |
| |
Arkansas |
| 627 |
| 11,685,144 |
| 0.6 |
| |
California |
| 11,506 |
| 240,452,082 |
| 12.7 |
| |
Colorado |
| 1,493 |
| 26,258,797 |
| 1.4 |
| |
Connecticut |
| 1,347 |
| 24,345,187 |
| 1.3 |
| |
Delaware |
| 236 |
| 4,787,478 |
| 0.3 |
| |
District of Columbia |
| 559 |
| 12,046,588 |
| 0.6 |
| |
Florida |
| 5,404 |
| 120,337,880 |
| 6.4 |
| |
Georgia |
| 3,512 |
| 73,034,356 |
| 3.9 |
| |
Hawaii |
| 250 |
| 5,120,767 |
| 0.3 |
| |
Idaho |
| 307 |
| 5,815,747 |
| 0.3 |
| |
Illinois |
| 5,248 |
| 94,679,795 |
| 5.0 |
| |
Indiana |
| 1,433 |
| 22,670,166 |
| 1.2 |
| |
Iowa |
| 622 |
| 10,213,506 |
| 0.5 |
| |
Kansas |
| 1,565 |
| 25,590,993 |
| 1.4 |
| |
Kentucky |
| 665 |
| 12,937,897 |
| 0.7 |
| |
Louisiana |
| 2,729 |
| 51,051,162 |
| 2.7 |
| |
Maine |
| 240 |
| 4,927,736 |
| 0.3 |
| |
Maryland |
| 2,679 |
| 56,167,161 |
| 3.0 |
| |
Massachusetts |
| 3,206 |
| 55,550,326 |
| 2.9 |
| |
Michigan |
| 2,607 |
| 50,691,617 |
| 2.7 |
| |
Minnesota |
| 1,779 |
| 29,968,859 |
| 1.6 |
| |
Mississippi |
| 927 |
| 16,604,199 |
| 0.9 |
| |
Missouri |
| 2,235 |
| 41,773,762 |
| 2.2 |
| |
Montana |
| 136 |
| 2,028,070 |
| 0.1 |
| |
Nebraska |
| 180 |
| 3,170,763 |
| 0.2 |
| |
Nevada |
| 719 |
| 14,789,792 |
| 0.8 |
| |
New Hampshire |
| 373 |
| 6,763,932 |
| 0.4 |
| |
New Jersey |
| 2,554 |
| 55,473,267 |
| 2.9 |
| |
New Mexico |
| 310 |
| 6,825,811 |
| 0.4 |
| |
New York |
| 7,915 |
| 163,907,062 |
| 8.7 |
| |
North Carolina |
| 2,207 |
| 42,256,113 |
| 2.2 |
| |
North Dakota |
| 66 |
| 1,161,302 |
| 0.1 |
| |
Ohio |
| 257 |
| 5,962,836 |
| 0.3 |
| |
Oklahoma |
| 2,296 |
| 39,943,471 |
| 2.1 |
| |
Oregon |
| 2,019 |
| 37,353,974 |
| 2.0 |
| |
Pennsylvania |
| 3,345 |
| 64,995,113 |
| 3.4 |
| |
Rhode Island |
| 201 |
| 4,006,607 |
| 0.2 |
| |
South Carolina |
| 911 |
| 19,230,235 |
| 1.0 |
| |
South Dakota |
| 89 |
| 1,579,668 |
| 0.1 |
| |
Tennessee |
| 1,837 |
| 35,528,163 |
| 1.9 |
| |
Texas |
| 8,643 |
| 158,437,461 |
| 8.4 |
| |
Utah |
| 368 |
| 7,669,849 |
| 0.4 |
| |
Vermont |
| 98 |
| 2,095,403 |
| 0.1 |
| |
Virginia |
| 3,013 |
| 56,005,669 |
| 3.0 |
| |
Washington |
| 3,453 |
| 60,807,693 |
| 3.2 |
| |
West Virginia |
| 390 |
| 6,733,375 |
| 0.4 |
| |
Wisconsin |
| 1,528 |
| 28,578,268 |
| 1.5 |
| |
Wyoming |
| 96 |
| 1,617,802 |
| 0.1 |
| |
Other |
| 822 |
| 17,392,888 |
| 0.9 |
| |
Total |
| 97,799 |
| $ | 1,893,835,825 |
| 100.0 | % |
A-7
We have based the geographic distribution shown in the table on the billing addresses of the borrowers of the trust student loans shown on the servicer’s records as of the statistical disclosure date.
A-8
The following table provides certain information about trust student loans subject to the repayment terms described in the preceding paragraphs.
DISTRIBUTION OF THE TRUST STUDENT LOANS
BY REPAYMENT TERMS AS OF THE STATISTICAL DISCLOSURE DATE
Loan Repayment Terms |
| Number of |
| Aggregate |
| Percent of Pool |
| |
Level Payment |
| 64,754 |
| $ | 1,166,946,613 |
| 61.6 | % |
Other Repayment Options |
| 31,497 |
| 677,500,643 |
| 35.8 |
| |
Income Sensitive |
| 1,548 |
| 49,388,569 |
| 2.6 |
| |
Total |
| 97,799 |
| $ | 1,893,835,825 |
| 100.0 | % |
The other repayment options shown in the table include graduated repayment and interest-only period loans.
DISTRIBUTION OF THE TRUST STUDENT LOANS
BY LOAN TYPE AS OF THE STATISTICAL DISCLOSURE DATE
Loan Type |
| Number of |
| Aggregate |
| Percent of Pool |
| |
Subsidized |
| 47,852 |
| $ | 857,500,007 |
| 45.3 | % |
Unsubsidized |
| 49,947 |
| 1,036,335,817 |
| 54.7 |
| |
Total |
| 97,799 |
| $ | 1,893,835,825 |
| 100.0 | % |
A-9
The following table provides information about the trust student loans regarding date of disbursement.
DISTRIBUTION OF THE TRUST STUDENT LOANS
BY DATE OF DISBURSEMENT AS OF THE STATISTICAL DISCLOSURE DATE
Disbursement Date |
| Number of |
| Aggregate |
| Percent of Pool |
| |
Pre-October 1, 1993 |
| 1,040 |
| $ | 19,179,659 |
| 1.0 | % |
October 1, 1993 and after |
| 96,759 |
| 1,874,656,166 |
| 99.0 |
| |
Total |
| 97,799 |
| $ | 1,893,835,825 |
| 100.0 | % |
The following table provides information with respect to the portion of the trust student loans guaranteed by each guarantor:
DISTRIBUTION OF THE TRUST STUDENT LOANS
BY GUARANTEE AGENCY AS OF THE STATISTICAL DISCLOSURE DATE
Name of Guarantee Agency |
| Number of |
| Aggregate |
| Percent of Pool |
| |
American Student Assistance Guarantor |
| 4,982 |
| $ | 82,042,798 |
| 4.3 | % |
California Student Aid Commission |
| 1,706 |
| 41,144,019 |
| 2.2 |
| |
Colorado Student Loan Program |
| 115 |
| 2,126,784 |
| 0.1 |
| |
Great Lakes Higher Education Corporation |
| 1,391 |
| 37,711,568 |
| 2.0 |
| |
Illinois Student Assistance Commission |
| 4,932 |
| 83,137,629 |
| 4.4 |
| |
Iowa College Student Aid Commission |
| 565 |
| 8,645,068 |
| 0.5 |
| |
Kentucky Higher Education Assistance Authority |
| 416 |
| 7,414,992 |
| 0.4 |
| |
Louisiana Student Financial Assistance Commission |
| 998 |
| 15,732,350 |
| 0.8 |
| |
Michigan Higher Education Assistance Authority |
| 1,748 |
| 29,652,153 |
| 1.6 |
| |
Montana Guaranteed Student Loan Program |
| 10 |
| 131,139 |
|
| * | |
New Jersey Higher Education Assistance Authority |
| 2,164 |
| 36,760,240 |
| 1.9 |
| |
New York State Higher Education Services Corporation |
| 9,523 |
| 182,669,008 |
| 9.6 |
| |
Northwest Education Loan Association |
| 9,194 |
| 155,421,718 |
| 8.2 |
| |
Oklahoma State Regents for Higher Education |
| 2,617 |
| 44,813,468 |
| 2.4 |
| |
Oregon State Scholarship Commission |
| 1,204 |
| 19,302,601 |
| 1.0 |
| |
Pennsylvania Higher Education Assistance Agency |
| 8,036 |
| 146,509,249 |
| 7.7 |
| |
Student Loan Guarantee Foundation of Arkansas, Inc. |
| 458 |
| 7,844,387 |
| 0.4 |
| |
Tennessee Student Assistance Corporation |
| 1,399 |
| 24,837,186 |
| 1.3 |
| |
Texas Guaranteed Student Loan Corporation |
| 9,153 |
| 170,675,630 |
| 9.0 |
| |
United Student Aid Funds, Inc. |
| 37,188 |
| 797,263,839 |
| 42.1 |
| |
Total |
| 97,799 |
| $ | 1,893,835,825 |
| 100.0 | % |
* Represents a percentage greater than 0% but less than 0.05%.
A-10
