ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D)





UNITED STATES

SECURITIES
AND EXCHANGE COMMISSION

Washington, DC 20549





FORM 10-K





(Mark One)

|x | Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|- | ------------------------------------------------------------------------------------

For the fiscal year ended December 31, 2015 or



| ̈ | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|- | ----------------------------------------------------------------------------------------

For the transition period from  to

Commission File Number of issuing entity:
333-98169-03

Central Index Key of issuing entity: 0001321788





SLM PRIVATE CREDIT

STUDENT LOAN TRUST 2003-A

(Exact name of issuing entity as specified in its charter)





Commission File Number of depositor: 333-190926-01

Central Index Key of depositor: 0001179550





NAVIENT
CREDIT FUNDING, LLC

(Exact name of depositor as specified in its charter)





Central Index Key of sponsor: 0001601725





NAVIENT
SOLUTIONS, INC.

(Exact name of sponsor as specified in its charter)







|                                               |  |                                      
|---------------------------------------------- |  | -------------------------------------
|DELAWARE                                       |  | 04-3480392
04-3480392
54-1843973     
|(State or other Jurisdiction of Incorporation) |  | (I.R.S. Employer Identification Nos.)

c/o The Bank of New York Mellon Trust Company, National Association

2 North LaSalle Street, Suite 1020

Chicago, Illinois 60602

(Address of principal executive offices of issuing entity)

(703) 984-5858

Registrants telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act: None





Indicate by check mark if registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities
Act.    Yes   ̈    No  x

Indicate by check mark if registrant is not required to file reports pursuant to Section 13 or 15(d) of the
Act.    Yes   ̈    No  x

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past
90 days.    Yes  x    No   ̈

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule 405 of Regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such
files).    Yes  x    No   ̈

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is
not contained herein, and will not be contained, to the best of registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.   ̈

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated
filer, or a non-accelerated filer. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act (check one):



|                        |  |                                                  |  |                           |  |  
|----------------------- |  | ------------------------------------------------ |  | ------------------------- |  | -
|Large Accelerated Filer |  |  ̈                                                |  | Accelerated Filer         |  |  ̈
|                        |  |                                                  | 
|Non-Accelerated Filer   |  | x  (Do not check if a smaller reporting company) |  | Smaller Reporting Company |  |  ̈

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the
Exchange Act).    Yes   ̈    No  x

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which
the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrants most recently completed second fiscal quarter.

Not applicable.

Indicate by
check mark whether the registrant has filed all documents and reports required to be filed by section 12, 13, or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Not applicable.

Indicate the
number of shares outstanding of each of the registrants class of common stock, as of the latest practicable date.

Not applicable.

List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g. Part I, Part II,
etc.) into which the document is incorporated: (1) Any annual report to security holders; (2) Any proxy or information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933.
The listed documents should be clearly described for identification purposes (e.g. annual report to security holders for fiscal year ended December 24, 1980).

Not applicable.

This Annual
Report on Form 10-K (the Report) is filed with respect to SLM Private Credit Student Loan Trust 2003-A (the Issuing Entity). Certain information requested by this Report is omitted pursuant to Regulation AB (17 CFR
229.1101) and SEC Releases 33-8518; 34-50905; December 24, 2004 (Regulation AB) and General Instruction J to Form 10-K.









---

PART I



|Item 1. | Business
|------- | --------

Omitted.



|Item 1A. | Risk Factors
|-------- | ------------

Omitted.



|Item 1B. | Unresolved Staff Comments
|-------- | -------------------------

Not Applicable.



|Item 2. | Properties
|------- | ----------

Omitted.



|Item 3. | Legal Proceedings
|------- | -----------------

Omitted.



|Item 4. | Mine Safety Disclosures.
|------- | ------------------------

Not Applicable.



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---

PART II



|Item 5. | Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|------- | ------------------------------------------------------------------------------------------------------------

Omitted.



|Item 6. | Selected Financial Data
|------- | -----------------------

Omitted.



|Item 7. | Managements Discussion and Analysis of Financial Condition and Results of Operation
|------- | ------------------------------------------------------------------------------------

Omitted.



|Item 7A. | Quantitative and Qualitative Disclosures about Market Risk
|-------- | ----------------------------------------------------------

Omitted.



|Item 8. | Financial Statements and Supplementary Data
|------- | -------------------------------------------

Omitted.



|Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
|------- | ------------------------------------------------------------------------------------

Omitted.



|Item 9A. | Controls and Procedures
|-------- | -----------------------

Omitted.



|Item 9B. | Other Information
|-------- | -----------------

Nothing to report.



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---

PART III



|Item 10. | Directors, Executive Officers, and Corporate Governance
|-------- | -------------------------------------------------------

Omitted.



|Item 11. | Executive Compensation
|-------- | ----------------------

Omitted.



|Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|-------- | ----------------------------------------------------------------------------------------------

Omitted.



|Item 13. | Certain Relationships, Related Transactions, and Director Independence
|-------- | ----------------------------------------------------------------------

Omitted.



|Item 14. | Principal Accountant Fees and Services
|-------- | --------------------------------------

Omitted.

The following information is substitute information provided in accordance with General Instruction J to Form 10-K:

Item 1112(b) of Regulation AB. Significant Obligor Financial Information

No single obligor represents more than 10% of the pool assets held by the Issuing Entity.

Items 1114(b)(2) of Regulation AB. Credit Enhancement and Other Support, Except for Certain Derivatives

No entity or group of affiliated entities provides external credit enhancement or other support with respect to payments on the notes issued by
the Issuing Entity.

Items 1115(b) of Regulation AB. Credit Derivatives Instruments

Not applicable.

Item 1117 of Regulation
AB. Legal Proceedings

Other than as stated in the following paragraph, no legal proceedings are pending against the Issuing Entity,
Navient Solutions, Inc., as the Sponsor, the Servicer and the Administrator, Navient Credit Funding, LLC, as the Depositor (the Depositor) and registrant under Registration Statement Number 333-190926-01 (the Registrant) or
to the Registrants knowledge, The Bank of New York Mellon, as the Indenture Trustee, that are or would be material to the holders of the notes issued by the Issuing Entity, nor does the Registrant know of any such proceeding contemplated by
any governmental authorities.

In the ordinary course of business, The Bank of New York Mellon is named as a defendant in or made a party
to pending and potential legal actions. In connection with its role as trustee of certain residential mortgage-backed securitization (RMBS) transactions, The Bank of New York Mellon has been named as a defendant in a number of legal
actions brought by RMBS investors. These lawsuits allege that the trustee had expansive duties under the governing agreements, including the duty to investigate and pursue breach of representation and warranty claims against other parties to the
RMBS transactions. While it is inherently difficult to predict the eventual outcomes of pending actions, The Bank of New York Mellon denies liability and intends to defend the litigations vigorously. The trust identified on the cover of this Form
10-K is not a party to this litigation.

Item 1119 of Regulation AB. Affiliations and Certain Relationships and Related Transactions

Pursuant to the Instruction to Item 1119 of Regulation AB, information required by Item 1119 has been omitted from this Report
because substantially the same information related to affiliates of the Issuing Entity and certain relationships and related transactions is provided in the section titled The Sponsor, Servicer and Administrator of the base prospectus,
previously filed with the SEC on November 19, 2014 pursuant to Securities Act Rule 424, file number 333-190926-01.

Item 1122 of
Regulation AB. Compliance with Applicable Servicing Criteria

Navient Solutions, Inc., as the Servicer, and Navient Solutions, Inc., as
the Administrator (collectively, the Servicing Parties) have each been identified by the Depositor as parties participating in the servicing function with respect to the asset pool held by the Issuing Entity. Each of the Servicing
Parties has completed a report on assessment of compliance with the servicing criteria applicable to it (each a Servicing Report), which Servicing Reports are attached as exhibits to this Form 10-K.



4



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Item 1123 of Regulation AB. Servicer Compliance Statement

A Servicer Compliance Statement for each of Navient Solutions, Inc., as Servicer, and Navient Solutions, Inc., as Administrator, is included as
an exhibit to this Report.



5



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PART IV



|Item 15. | Exhibits and Financial Statement Schedules
|-------- | ------------------------------------------



| | (a) | List of Documents Filed as Part of this Annual Report on Form 10-K
| | --- | ------------------------------------------------------------------



| | (1) | Not applicable.
| | --- | ---------------



| | (2) | Not applicable.
| | --- | ---------------



| | (3) | See Item 15 (b) below.
| | --- | ----------------------



| | (b) | Exhibits Required by Item 601 of Regulation S-K
| | --- | -----------------------------------------------



|        |  |                                                                                                                        
|------- |  | -----------------------------------------------------------------------------------------------------------------------
|EXHIBIT |  | DESCRIPTION                                                                                                            
|        | 
|31.1    |  | Rule 13a-14(d)/15d-14(d) Certification. (Section 302 Certification).                                                   
|        | 
|35.1    |  | Statement of Compliance of Navient Solutions, Inc., as Servicer and Administrator for the year ended December 31, 2015.



| | (c) | Not Applicable.
| | --- | ---------------



6



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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused
this report to be signed, on its behalf by the undersigned hereunto duly authorized.



|                      |  |  |  |                                                                                                                                   |  |                                                                      
|--------------------- |  |  |  | --------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------------------------------------------------------
|Dated: March 30, 2016 |  |  |  | NAVIENT CREDIT FUNDING, LLC,
the Depositor for itself as Registrant and on behalf of SLM Private
Credit Student Loan Trust 2003-A
|                      |  |  | 
|                      |  |  |  | By:                                                                                                                               |  | /s/ SOMSAK CHIVAVIBUL                                                
|                      |  |  |  | Name:                                                                                                                             |  | Somsak Chivavibul                                                    
|                      |  |  |  | Title:                                                                                                                            |  | President and Chief Financial Officer
(Senior Securitization Officer)

SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE
NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT.

No annual report, proxy statement, form of proxy or other proxy soliciting material has
been sent to holders of the notes issued by the Issuing Entity during the period covered by this Annual Report on Form 10-K and the Registrant does not intend to furnish such materials subsequent to the filing of the report.



7



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INDEX TO EXHIBITS



|               |  |                                                                                                                        
|-------------- |  | -----------------------------------------------------------------------------------------------------------------------
|Exhibit
Number |  | Exhibit                                                                                                                
|               | 
|31.1           |  | Rule 13a-14(d)/15d-14(d) Certification. (Section 302 Certification).                                                   
|               | 
|35.1           |  | Statement of Compliance of Navient Solutions, Inc., as Servicer and Administrator for the year ended December 31, 2015.



8