Student loan securitizations

Trusts that hold pools of student loans and sell bonds backed by them file a servicing report with the SEC every month (Form 10-D, or Form 8-K before 2006). These pages show what those reports say: how much the pool still owes, how many loans are behind, and how many defaulted or were charged off.

Coverage

Only trusts registered with the SEC appear. Many private and refinance deals (SoFi, College Ave, Navient and SLM refinance trusts after 2014, most of Earnest, Laurel Road and CommonBond) are sold privately under Rule 144A and file nothing public, and state and nonprofit student loan agencies usually issue municipal bonds reported to the MSRB, not the SEC. Student loans are not covered by the SEC's loan-level (Form ABS-EE) rules, so no loan-level data exists here: every figure is a pool total.

Rate definitions

Pool balance

Principal (plus interest to be capitalized, where the issuer includes it) of the loans the trust held at the end of the collection period, as the issuer reports it.

Delinquency rate

Every delinquent bucket the issuer reports (usually 31 days past due and over), summed, divided by the principal in repayment (current plus delinquent). Loans in school, grace, deferment, forbearance and FFELP claims in process are not in repayment. Where an issuer doesn't break out loans in repayment the page says so and divides by the pool balance.

Default rate (12 months)

Defaults reported over the latest 12 monthly reports, divided by the average pool balance over those months. What counts as a default differs by issuer family (see each family's definitions); FFELP defaults are mostly repaid by the guarantor, so they are not losses to the trust.

Charge-off rate (12 months)

Charge-offs over the latest 12 monthly reports, divided by the average pool balance. For FFELP trusts this is the uninsured share of claims.

12-month change

The latest delinquency rate minus the rate in the report for the same month a year earlier, in percentage points (none when that report is missing).

Issuers define defaults differently. FFELP loans are guaranteed: when a borrower defaults the guaranty agency pays the trust about 97 to 100% of the loan, so FFELP defaults are mostly not losses. Private loans have no guarantee. Compare rates across issuer families only with that in mind.

Issuers, servicers and trustees

Everyone named as depositor, servicer, administrator or trustee in the trusts' monthly reports, plus every student loan securitizer that files Form ABS-15G. Nonprofits are matched to their Form 990 filings: Exact means the same name and state, Fuzzy a similar name; each issuer page shows why.

Trusts

Source: SEC EDGAR filings by each trust. The boards: Largest student loan pools · Highest student loan default rates · Highest student loan charge-off rates · Highest student loan delinquency rates · Fastest-rising student loan delinquency.