# EDGAR Filing Document

**Accession Number:** 0001321778
**File Stem:** 0001140361-25-033815
**Filing Date:** 2025-9
**Character Count:** 30833
**Document Hash:** 19d649597ef5a931bd4e1af24eff8733
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-033815.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0001140361-25-033815

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250903

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**ABS ASSET CLASS**: Student loans

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SLM Student Loan Trust 2003-1
- **CENTRAL INDEX KEY:** 0001321778
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-97247-06
- **FILM NUMBER:** 251290097

**BUSINESS ADDRESS:**
- **STREET 1:** 11600 SALLIE MAE DRIVE
- **STREET 2:** 1ST FLOOR
- **CITY:** RESTON
- **STATE:** VA
- **ZIP:** 20193
- **BUSINESS PHONE:** 703-810-3000

**MAIL ADDRESS:**
- **STREET 1:** 11600 SALLIE MAE DRIVE
- **STREET 2:** 1ST FLOOR
- **CITY:** RESTON
- **STATE:** VA
- **ZIP:** 20193

?xml version='1.0' encoding='ASCII'?

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

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### FORM 8-K

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#### CURRENT REPORT

#### PURSUANT TO SECTION 13 OR 15(d) OF THE

#### SECURITIES EXCHANGE ACT OF 1934

#### Date of Report (Date of earliest event reported): September 3, 2025

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## SLM Student Loan Trust 2003-1

#### (Exact name of issuer as specified in its charter)

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---

| | | |
|:---|:---|:---|
| **<u>DELAWARE</u>** | **333-97247/**<br> **333-97247-06**<br>| **<u>04-3480392</u>** |
| **(State or other jurisdiction of formation)** | **(Commission File Numbers)** | **(I.R.S. Employer Identification Number)** |

---

---

| |
|:---|
| **c/o Deutsche Bank Trust Company Americas**<br> **60 Wall Street, 60th Floor**<br>**Mail Stop NYC60-2606**<br>**<u>New York, New York 10005</u>** |
| **(Address of principal executive offices)** |

---

#### Registrant's telephone number including area code: (703) 984-5858

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

---

| | | |
|:---|:---|:---|
| Title of each class | Trading<br> symbol(s) | Name of each exchange on which <br> registered |
| Not Applicable | Not Applicable | Not Applicable |

---

Exhibit Index appears on page 3

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| | |
|:---|:---|
| **Item 8.01** | **Other Events** |

---

On September 3, 2025, Navient Solutions, LLC, in its capacity as administrator, furnished to the remarketing agent a preliminary remarketing memorandum (the "Remarketing Memorandum") for distribution to certain qualified institutional buyers for purposes of remarketing the SLM Student Loan Trust 2003-1 Class A-5C Reset Rate Notes. The Remarketing Memorandum included tables which provide a description of the SLM Student Loan Trust 2003-1 student loan pool as of July 31, 2025. These tables are attached as an exhibit to this current report.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements, Pro Forma Financial Statements and Exhibits** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

99.1 Tables showing SLM Student Loan Trust 2003-1 Pool Information as of July 31, 2025.

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Trust has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | SLM STUDENT LOAN TRUST 2003-1 | SLM STUDENT LOAN TRUST 2003-1 |
|  | By: NAVIENT SOLUTIONS, LLC, in its capacity as administrator of the Trust | By: NAVIENT SOLUTIONS, LLC, in its capacity as administrator of the Trust |
| Dated: September 3, 2025 | By: /s/ Mai Le-Cao | By: /s/ Mai Le-Cao |
|  | Name:<br>| Mai Le-Cao |
|  | Title:<br>| Managing Director |

---

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#### SLM STUDENT LOAN TRUST 2003-1

#### Form 8-K

#### CURRENT REPORT

#### INDEX TO EXHIBITS

---

| | |
|:---|:---|
| Exhibit<br> **Number** | **Description** |
| [99.1](ef20055053_ex99-1.htm) | Tables Showing SLM Student Loan Trust 2003-1 Pool Information as of July 31, 2025. |

---

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## Exhibit 99.1

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#### Exhibit 99.1

#### <br>

#### ANNEX A

#### The Trust Student Loan Pool as of July 31, 2025

The trust student loans owned by the trust were originally selected from a portfolio of consolidation student loans owned by Student Loan Marketing Association by employing several criteria, including requirements that each trust student loan as of the original cutoff date:

was guaranteed as to principal and interest by a guaranty agency under a guarantee agreement and the guaranty agency was, in turn, reinsured by the Department of Education in accordance with the FFELP;

contained terms in accordance with those required by the FFELP, the guarantee agreements and other applicable requirements;

was more than 120 days past the final disbursement;

was not more than 210 days past due;

did not have a borrower who was noted in the related records of the servicer as being currently involved in a bankruptcy proceeding; and

had special allowance payments, if any, based on the three-month commercial paper rate or the 91-day Treasury bill rate.

No trust student loan as of the original cutoff date was subject to the depositor's or the Student Loan Marketing Association's prior obligation to sell that loan to a third party. The Student Loan Marketing Association was dissolved on December 31, 2004 and all of its obligations were assumed by its affiliate, Navient Credit Finance Corporation.

Unless otherwise specified, all information with respect to the trust student loans is presented as of July 31, 2025, which is the statistical disclosure date.

The following tables provide a description of specified characteristics of the trust student loans as of 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 $1,376,581 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, 1 borrowers has more than one trust student loan.

2003-1<br>

------

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 the granting of deferment and forbearance periods.

The following tables also contain information concerning the total number of loans and the total number of borrowers in the portfolio of trust student loans.

Percentages and dollar amounts in any table may not total 100% of the trust student loan balance, as applicable, due to rounding.

#### COMPOSITION OF THE TRUST STUDENT LOANS AS OF

#### THE STATISTICAL DISCLOSURE DATE

---

| | |
|:---|:---|
| Aggregate Outstanding Principal Balance | $178927565 |
| &nbsp;&nbsp;&nbsp; Aggregate Outstanding Principal Balance – Treasury Bill | $25980548 |
| &nbsp;&nbsp;&nbsp; Percentage of Aggregate Outstanding Principal Balance – Treasury Bill | 14.52% |
| &nbsp;&nbsp;&nbsp; Aggregate Outstanding Principal Balance – 30-day Average SOFR | $152947017 |
| &nbsp;&nbsp;&nbsp; Percentage of Aggregate Outstanding Principal Balance – 30-day Average SOFR | 85.48% |
| Number of Borrowers | $3240 |
| Average Outstanding Principal Balance Per Borrower | 55225 |
| Number of Loans | 5661 |
| Average Outstanding Principal Balance Per Loan – Treasury Bill | $56113 |
| Average Outstanding Principal Balance Per Loan – One-Mo | 29424 |
| Weighted Average Remaining Term to Scheduled Maturity | 216 months |
| Weighted Average Annual Interest Rate | $7.41% |

---

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 deferment or forbearance periods that may be granted in the future. See Appendix A to the preliminary remarketing memorandum.

The weighted average annual borrower interest rate shown in the table is exclusive of special allowance payments. The weighted average spread for special allowance payments to the 91-day Treasury bill rate was 3.10% as of the statistical disclosure date.

The weighted average spread for special allowance payments to the 30-day Average SOFR Rate was 2.64% as of the statistical disclosure date. See *"Special Allowance Payments"* in Appendix A to the preliminary remarketing memorandum.

For these purposes, 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 United States Department of the Treasury.

2003-1<br>

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#### DISTRIBUTION OF THE TRUST STUDENT LOANS

#### BY BORROWER INTEREST RATES AS OF THE STATISTICAL

#### DISCLOSURE DATE

---

| | | | |
|:---|:---|:---|:---|
| **<u>Interest Rates</u>** | **Number**<br> **<u>of Loans</u>** | **Aggregate** <br> **Outstanding** <br> **<u>Principal Balance</u>** | **Percent of Pool**<br> **by Outstanding**<br> **<u>Principal Balance</u>** |
| Less than or equal to 3.00% | 0 | $0 | 0.0% |
| 3.01% to 3.50%<br>| 0 | 0 | 0.0 |
| 3.51% to 4.00%<br>| 0 | 0 | 0.0 |
| 4.01% to 4.50%<br>| 0 | 0 | 0.0 |
| 4.51% to 5.00% | 4 | 15032 | \* |
| 5.01% to 5.50% | 86 | 947217 | 0.5 |
| 5.51% to 6.00% | 514 | 11173331 | 6.2 |
| 6.01% to 6.50% | 1111 | 23719553 | 13.3 |
| 6.51% to 7.00% | 1649 | 41382942 | 23.1 |
| 7.01% to 7.50% | 332 | 11819107 | 6.6 |
| 7.51% to 8.00% | 768 | 32127465 | 18.0 |
| 8.01% to 8.50% | 1061 | 47454630 | 26.5 |
| Equal to or greater than 8.51% | 136 | 10288289 | 5.7 |
| &nbsp;&nbsp;&nbsp; Total | 5661 | $178927565 | 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 trust student loans with different interest rates are likely to be repaid at different rates, this information is not likely to remain applicable to the trust student loans after the statistical disclosure date. See Appendix A to the preliminary remarketing memorandum and *"The Student Loan Pools – Sallie Mae's Student Loan Financing Business"* in the original prospectus.

2003-1<br>

------

#### DISTRIBUTION OF THE TRUST STUDENT LOANS BY

#### OUTSTANDING PRINCIPAL BALANCE PER BORROWER

#### AS OF THE STATISTICAL DISCLOSURE DATE

---

| | | | |
|:---|:---|:---|:---|
| **Range of Outstanding**<br> **<u>Principal Balance</u>** | **Number of** <br> **<u>Borrowers</u>** | **Aggregate** <br> **Outstanding** <br> **<u>Principal Balance</u>** | **Percent of Pool**<br> **by Outstanding** <br> **<u>Principal Balance</u>** |
| Less than $5,000.00  | 375 | $936910 | 0.5% |
| $5,000.00-$9,999.99 | 314 | 2257345 | 1.3 |
| $10,000.00-$14,999.99 | 225 | 2796208 | 1.6 |
| $15,000.00-$19,999.99 | 206 | 3603545 | 2.0 |
| $20,000.00-$24,999.99 | 225 | 5048513 | 2.8 |
| $25,000.00-$29,999.99 | 218 | 5981233 | 3.3 |
| $30,000.00-$34,999.99 | 197 | 6383687 | 3.6 |
| $35,000.00-$39,999.99 | 163 | 6079008 | 3.4 |
| $40,000.00-$44,999.99 | 111 | 4727587 | 2.6 |
| $45,000.00-$49,999.99 | 110 | 5210202 | 2.9 |
| $50,000.00-$54,999.99 | 93 | 4882796 | 2.7 |
| $55,000.00-$59,999.99 | 82 | 4690659 | 2.6 |
| $60,000.00-$64,999.99 | 70 | 4369290 | 2.4 |
| $65,000.00-$69,999.99 | 85 | 5754764 | 3.2 |
| $70,000.00-$74,999.99 | 67 | 4838403 | 2.7 |
| $75,000.00-$79,999.99 | 57 | 4422291 | 2.5 |
| $80,000.00-$84,999.99 | 56 | 4622018 | 2.6 |
| $85,000.00-$89,999.99 | 49 | 4275286 | 2.4 |
| $90,000.00-$94,999.99 | 28 | 2596724 | 1.5 |
| $95,000.00-$99,999.99 | 32 | 3124094 | 1.7 |
| $100,000.00 and above  | 477 | 92327002 | 51.6 |
| &nbsp;&nbsp;&nbsp; Total  | 3240 | $178927565 | 100.0% |

---

2003-1<br>

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#### DISTRIBUTION OF THE TRUST STUDENT LOANS

#### BY DELINQUENCY STATUS AS OF THE

#### STATISTICAL DISCLOSURE DATE

---

| | | | |
|:---|:---|:---|:---|
| **<u>Number of Days Delinquent</u>** | **Number**<br> **<u>of Loans</u>** | **Aggregate** <br> **Outstanding** <br> **<u>Principal Balance</u>** | **Percent of Pool**<br> **by Outstanding**<br> **<u>Principal Balance</u>** |
| 0-30 days<br>| 5106 | $151775747 | 84.8% |
| 31-60 days | 162 | 7298708 | 4.1 |
| 61-90 days | 141 | 7667570 | 4.3 |
| 91-120 days | 64 | 3192951 | 1.8 |
| 121-150 days | 35 | 1446100 | 0.8 |
| 151-180 days | 32 | 1359052 | 0.8 |
| 181-210 days | 18 | 870654 | 0.5 |
| Greater than 210 days | 103 | 5316785 | 3.0 |
| &nbsp;&nbsp;&nbsp; Total | 5661 | $178927565 | 100.0% |

---

2003-1<br>

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#### DISTRIBUTION OF THE TRUST STUDENT LOANS

#### BY REMAINING TERM TO SCHEDULED MATURITY

#### AS OF THE STATISTICAL DISCLOSURE DATE

---

| | | | |
|:---|:---|:---|:---|
| **Number of Months**<br> **Remaining to**<br> **<u>Scheduled Maturity</u>** | **Number**<br> **<u>of Loans</u>** | **Aggregate** <br> **Outstanding**<br> **<u>Principal Balance</u>** | **Percent of Pool**<br> **by Outstanding**<br> **<u>Principal Balance</u>** |
| 0 to 3 | 33 | $31139 | \* |
| 4 to 12 | 127 | 205835 | 0.1% |
| 13 to 24 | 438 | 1267760 | 0.7 |
| 25 to 36<br>| 298 | 2005158 | 1.1 |
| 37 to 48 | 267 | 2073218 | 1.2 |
| 49 to 60 | 237 | 2773691 | 1.6 |
| 61 to 72 | 305 | 4183945 | 2.3 |
| 73 to 84 | 489 | 7186983 | 4.0 |
| 85 to 96 | 319 | 5545205 | 3.1 |
| 97 to 108 | 216 | 4632012 | 2.6 |
| 109 to 120 | 206 | 5434867 | 3.0 |
| 121 to 132 | 289 | 8563940 | 4.8 |
| 133 to 144 | 245 | 8400850 | 4.7 |
| 145 to 156 | 199 | 6568330 | 3.7 |
| 157 to 168 | 143 | 5987175 | 3.3 |
| 169 to 180 | 115 | 4121031 | 2.3 |
| 181 to 192 | 134 | 5871377 | 3.3 |
| 193 to 204 | 116 | 4945283 | 2.8 |
| 205 to 216 | 94 | 3577609 | 2.0 |
| 217 to 228 | 92 | 4279954 | 2.4 |
| 229 to 240 | 93 | 3884988 | 2.2 |
| 241 to 252 | 78 | 6295670 | 3.5 |
| 253 to 264 | 59 | 2946714 | 1.6 |
| 265 to 276 | 60 | 2610583 | 1.5 |
| 277 to 288 | 57 | 3615793 | 2.0 |
| 289 to 300 | 257 | 21652743 | 12.1 |
| 301 to 312 | 636 | 44866524 | 25.1 |
| 313 to 324 | 14 | 1259932 | 0.7 |
| 325 to 336 | 7 | 821575 | 0.5 |
| 337 to 348 | 8 | 610213 | 0.3 |
| 349 to 360 | 4 | 466950 | 0.3 |
| 361 and above | 26 | 2240519 | 1.3 |
| &nbsp;&nbsp;&nbsp; Total | 5661 | $178927565 | 100.0% |

---

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\* Represents a percentage greater than 0% but less than 0.05%.

We have determined the number 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 deferment or forbearance periods that may be granted in the future. See Appendix A to the preliminary remarketing memorandum and *"The Student Loan Pools –Sallie Mae's Student Loan Financing Business"* in the original prospectus.

2003-1<br>

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#### DISTRIBUTION OF THE TRUST STUDENT LOANS

#### BY CURRENT BORROWER PAYMENT STATUS

#### AS OF THE STATISTICAL DISCLOSURE DATE

---

| | | | |
|:---|:---|:---|:---|
| **<u>Current Borrower Payment Status</u>** | **Number**<br> **<u>of Loans</u>** | **Aggregate** <br> **Outstanding** <br> **<u>Principal Balance</u>** | **Percent of Pool**<br> **by Outstanding** <br> **<u>Principal Balance</u>** |
| Deferment<br>| 130 | $4645694 | 2.6% |
| Forbearance | 423 | 20495401 | 11.5 |
| Repayment<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; First year in repayment | 45 | 3474188 | 1.9 |
| &nbsp;&nbsp;&nbsp; Second year in repayment | 34 | 2732791 | 1.5 |
| &nbsp;&nbsp;&nbsp; Third year in repayment | 63 | 5192108 | 2.9 |
| &nbsp;&nbsp;&nbsp; More than 3 years in repayment | 4966 | 142387383 | 79.6 |
| &nbsp;&nbsp;&nbsp; Total | 5661 | $178927565 | 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 *deferment* or a *forbearance* period; or

may be currently required to repay the loan – *repayment*.

See Appendix A to the preliminary remarketing memorandum and *"The Student Loan Pools –Sallie Mae's Student Loan Financing Business"* in the original prospectus.

The weighted average number of months in repayment for all trust student loans currently in repayment is approximately 152.7 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.

2003-1<br>

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#### SCHEDULED WEIGHTED AVERAGE REMAINING MONTHS IN

#### STATUS OF THE TRUST STUDENT LOANS BY

#### CURRENT BORROWER PAYMENT STATUS AS OF THE

#### STATISTICAL DISCLOSURE DATE

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<u>Scheduled Months in Status Remaining</u>** | **<u>Scheduled Months in Status Remaining</u>** | **<u>Scheduled Months in Status Remaining</u>** | **<u>Scheduled Months in Status Remaining</u>** | **<u>Scheduled Months in Status Remaining</u>** | **<u>Scheduled Months in Status Remaining</u>** |
| **<u>Current Borrower Payment Status</u>** | **<u>Deferment</u>** | **<u>Deferment</u>** | **<u>Forbearance</u>** | **<u>Forbearance</u>** | **<u>Repayment</u>** | **<u>Repayment</u>** |
| Deferment |  | 19.4 |  | - |  | 233.4 |
| Forbearance |  | - |  | 12.1 |  | 232.9 |
| Repayment |  | - |  | - |  | 210.7 |

---

We have determined the scheduled weighted average remaining months in status shown in the previous table without giving effect to any deferment or forbearance periods that may be granted in the future. Of the $4,645,694 aggregate outstanding principal balance of the trust student loans in deferment as of the statistical disclosure date, $3,516,233 or approximately 75.7% of such loans are to borrowers who had not graduated as of that date. We expect that a significant portion of these loans could qualify for additional deferments or forbearances at the end of their current deferment periods as the related borrowers continue their education beyond their current degree programs. As a result, the overall duration of any applicable deferment and forbearance periods as well as the likelihood of future deferment and forbearance periods within this pool of trust student loans is likely to be higher than in other pools of student loans without similar numbers of in-school consolidation loans. See Appendix A to the original prospectus.

2003-1<br>

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#### GEOGRAPHIC DISTRIBUTION OF THE TRUST STUDENT LOANS

#### AS OF THE STATISTICAL DISCLOSURE DATE

---

| | | | |
|:---|:---|:---|:---|
| **<u>State</u>** | **Number**<br> **<u>of Loans</u>** | **Aggregate** <br> **Outstanding**<br> **<u>Principal Balance</u>** | **Percent of Pool**<br> **by Outstanding**<br> **<u>Principal Balance</u>** |
| Alabama | 75 | $2117440 | 1.2% |
| Alaska | 7 | 255454 | 0.1 |
| Arizona<br>| 119 | 4032841 | 2.3 |
| Arkansas | 94 | 2125048 | 1.2 |
| California | 648 | 23076685 | 12.9 |
| Colorado | 111 | 3251005 | 1.8 |
| Connecticut | 44 | 996369 | 0.6 |
| Delaware | 12 | 401824 | 0.2 |
| District of Columbia | 15 | 366062 | 0.2 |
| Florida | 344 | 12504710 | 7.0 |
| Georgia | 201 | 8174105 | 4.6 |
| Hawaii | 21 | 456127 | 0.3 |
| Idaho | 23 | 1017563 | 0.6 |
| Illinois | 274 | 8145506 | 4.6 |
| Indiana | 85 | 1643565 | 0.9 |
| Iowa | 30 | 946217 | 0.5 |
| Kansas | 134 | 4993297 | 2.8 |
| Kentucky | 51 | 1932975 | 1.1 |
| Louisiana | 260 | 7288532 | 4.1 |
| Maine | 12 | 535344 | 0.3 |
| Maryland | 117 | 4019500 | 2.2 |
| Massachusetts | 61 | 1527483 | 0.9 |
| Michigan | 192 | 6658950 | 3.7 |
| Minnesota | 114 | 2320829 | 1.3 |
| Mississippi | 76 | 2131732 | 1.2 |
| Missouri | 190 | 6234668 | 3.5 |
| Montana | 29 | 455145 | 0.3 |
| Nebraska | 25 | 734808 | 0.4 |
| Nevada | 65 | 1656388 | 0.9 |
| New Hampshire | 17 | 442899 | 0.2 |
| New Jersey | 71 | 2672427 | 1.5 |
| New Mexico | 15 | 582056 | 0.3 |
| New York | 185 | 6633584 | 3.7 |
| North Carolina | 99 | 3603134 | 2.0 |
| North Dakota | 1 | 32178 | \* |
| Ohio | 27 | 488092 | 0.3 |
| Oklahoma | 174 | 4840048 | 2.7 |
| Oregon | 132 | 4683458 | 2.6 |
| Pennsylvania | 119 | 2894254 | 1.6 |
| Rhode Island | 8 | 258221 | 0.1 |
| South Carolina | 56 | 1866915 | 1.0 |
| South Dakota | 6 | 156145 | 0.1 |
| Tennessee | 133 | 3607075 | 2.0 |
| Texas | 652 | 18778498 | 10.5 |
| Utah | 27 | 951165 | 0.5 |
| Vermont | 6 | 294643 | 0.2 |
| Virginia | 110 | 3240354 | 1.8 |
| Washington | 190 | 6866769 | 3.8 |
| West Virginia | 18 | 641778 | 0.4 |
| Wisconsin | 125 | 3308141 | 1.8 |
| Wyoming | 5 | 104337 | 0.1 |
| Other | 56 | 1981222 | 1.1 |
| &nbsp;&nbsp;&nbsp; Total | 5661 | $178927565 | 100% |

---

------

\* Represents a percentage greater than 0% but less than 0.05%.

2003-1<br>

------

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.

Each of the trust student loans provides or will provide for the amortization of its outstanding principal balance over a series of regular payments. Except as described below, each regular payment consists of an installment of interest which is calculated on the basis of the outstanding principal balance of the trust student loan. The amount received is applied first to interest accrued to the date of payment and the balance of the payment, if any, is applied to reduce the unpaid principal balance. Accordingly, if a borrower pays a regular installment before its scheduled due date, the portion of the payment allocable to interest for the period since the preceding payment was made will be less than it would have been had the payment been made as scheduled, and the portion of the payment applied to reduce the unpaid principal balance will be correspondingly greater. Conversely, if a borrower pays a monthly installment after its scheduled due date, the portion of the payment allocable to interest for the period since the preceding payment was made will be greater than it would have been had the payment been made as scheduled, and the portion of the payment applied to reduce the unpaid principal balance will be correspondingly less.

In either case, subject to any applicable deferment periods or forbearance periods, and except as provided below, the borrower pays a regular installment until the final scheduled payment date, at which time the amount of the final installment is increased or decreased as necessary to repay the then outstanding principal balance of that trust student loan.

The servicer makes available to borrowers of student loans it holds (including the trust student loans) payment terms that may result in the lengthening of the remaining term of the student loans. For example, not all of the loans sold to the trust provide for level payments throughout the repayment term of the loans. Some student loans provide for interest only payments to be made for a designated portion of the term of the loans, with amortization of the principal of the loans occurring only when payments increase in the latter stage of the term of the loans. Other loans provide for a graduated phase in of the amortization of principal with a greater portion of principal amortization being required in the latter stages than would be the case if amortization were on a level payment basis. The servicer also offers an income-sensitive repayment plan, under which repayments are based on the borrower's income. Under that plan, ultimate repayment may be delayed up to five years. Borrowers under trust student loans will continue to be eligible for the graduated payment and income-sensitive repayment plans. These programs are applicable to the trust student loans and may be offered by the servicer to related borrowers at its discretion.

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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

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| | | | |
|:---|:---|:---|:---|
| **<u>Loan Repayment Terms</u>** | **Number**<br> **<u>of Loans</u>** | **Aggregate**<br> **Outstanding**<br> **<u>Principal Balance</u>** | **Percent of Pool**<br> **by Outstanding** <br> **<u>Principal Balance</u>** |
| Level Repayment | 2408 | $67898374 | 37.9% |
| Other Repayment Options<sup>(1)</sup> | 1857 | 41180244 | 23.0 |
| Income-driven Repayment<sup>(2)</sup> | 1396 | 69848947 | 39.0 |
| &nbsp;&nbsp;&nbsp; Total | 5661 | $178927565 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes, among others, graduated repayment and interest-only period loans.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Includes income sensitive and income based repayment.

With respect to interest-only loans, as of the statistical disclosure date, there are 51 loans with an aggregate outstanding principal balance of $2,560,513 currently in an interest-only period. These interest-only loans represent approximately 1.4% of the aggregate outstanding principal balance of the trust student loans. Interest-only periods range up to 48 months in overall length.

The servicer may in the future offer repayment terms similar to those described above to borrowers of trust student loans who are not entitled to these repayment terms as of the statistical disclosure date. If repayment terms are offered to and accepted by those borrowers, the weighted average life of the securities could be lengthened.

#### DISTRIBUTION OF THE TRUST STUDENT LOANS BY LOAN

#### TYPE AS OF THE STATISTICAL DISCLOSURE DATE

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| | | | |
|:---|:---|:---|:---|
| **<u>Loan Type</u>** | **Number**<br> **<u>of Loans</u>** | **Aggregate** <br> **Outstanding**<br> **<u>Principal Balance</u>** | **Percent of Pool**<br> **by Outstanding** <br> **<u>Principal Balance</u>** |
| Subsidized | 2841 | $77784863 | 43.5% |
| Unsubsidized | 2820 | 101142702 | 56.5 |
| &nbsp;&nbsp;&nbsp; Total | 5661 | $178927565 | 100.0% |

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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

#### <br>

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| | | | |
|:---|:---|:---|:---|
| **<u>Disbursement Date</u>** | **Number**<br> **<u>of Loans</u>** | **Aggregate** <br> **Outstanding<u> </u>**<br> **<u>Principal Balance</u>** | **Percent of Pool**<br> **by Outstanding** <br> **<u>Principal Balance</u>** |
| September 30, 1993 and earlier | 12 | $316701 | 0.2% |
| October 1, 1993 through June 30, 2006 | 5649 | 178610864 | 99.8 |
| July 1, 2006 and later | 0 | 0 | 0.0 |
| &nbsp;&nbsp;&nbsp; Total | 5661 | $178927565 | 100.0% |

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*Guaranty Agencies for the Trust Student Loans.* The eligible lender trustee has entered into a separate guarantee agreement with each of the guaranty agencies listed below, under which each of the guarantors has agreed to serve as guarantor for specified trust student loans.

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 GUARANTY AGENCY AS OF

#### THE STATISTICAL DISCLOSURE DATE

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| | | | |
|:---|:---|:---|:---|
| **<u>Name of Guaranty Agency</u>** | **Number**<br> **<u>of Loans</u>** | **Aggregate** <br> **Outstanding**<br> **<u>Principal Balance</u>** | **Percent of Pool**<br> **by Outstanding** <br> **<u>Principal Balance</u>** |
| American Student Assistance | 296 | $4591776 | 2.6% |
| College Assist<br>| 8 | 275404 | 0.2 |
| Educational Credit Management Corporation | 621 | 17876835 | 10.0 |
| Great Lakes Higher Education Corporation | 2855 | 96102337 | 53.7 |
| Kentucky Higher Educ. Asst. Auth. | 94 | 2585771 | 1.4 |
| Michigan Guaranty Agency | 108 | 3327079 | 1.9 |
| Oklahoma Guaranteed Stud Loan Prog | 168 | 4445984 | 2.5 |
| Pennsylvania Higher Education Assistance Agency | 655 | 21460056 | 12.0 |
| Texas Guaranteed Student Loan Corp | 856 | 28262323 | 15.8 |
| &nbsp;&nbsp;&nbsp; Total | 5661 | $178927565 | 100.0% |

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