Exhibit 99.1

The Trust Student Loan Pool as of April 30, 2019

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 statistical cutoff date (and with respect to each additional trust student loan as of its related subsequent 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 90 days or more 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 applicable cutoff date was subject to any prior obligation to sell that loan to a third party.

Unless otherwise specified, all information with respect to the trust student loans is presented as of April 30, 2019, 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 $1,858,492 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, 11 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 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.

A-1

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	$	602,363,844
Aggregate Outstanding Principal Balance – Treasury Bill	$	75,516,232
Percentage of Aggregate Outstanding Principal Balance – Treasury Bill		12.54	%
Aggregate Outstanding Principal Balance – One-Month LIBOR	$	526,847,612
Percentage of Aggregate Outstanding Principal Balance – One-Month LIBOR		87.46	%
Number of Borrowers		21,901
Average Outstanding Principal Balance Per Borrower	$	27,504
Number of Loans		37,996
Average Outstanding Principal Balance Per Loan – Treasury Bill	$	30,785
Average Outstanding Principal Balance Per Loan – One-Month LIBOR	$	14,823
Weighted Average Remaining Term to Scheduled Maturity	171 months
Weighted Average Annual Interest Rate		4.90	%

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 one-month LIBOR 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 U.S. Department of the Treasury.

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DISTRIBUTION OF THE TRUST STUDENT LOANS

BY BORROWER INTEREST RATES AS OF THE STATISTICAL

DISCLOSURE DATE

Interest Rates	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
Less than or equal to 3.00%		3,110	$	34,894,604		5.8	%
3.01% to 3.50%		5,274		64,616,957		10.7
3.51% to 4.00%		7,110		101,725,311		16.9
4.01% to 4.50%		12,070		165,018,777		27.4
4.51% to 5.00%		5,199		84,308,975		14.0
5.01% to 5.50%		972		20,691,336		3.4
5.51% to 6.00%		440		10,222,829		1.7
6.01% to 6.50%		426		12,679,590		2.1
6.51% to 7.00%		434		11,590,422		1.9
7.01% to 7.50%		383		10,244,453		1.7
7.51% to 8.00%		1,131		30,365,626		5.0
8.01% to 8.50%		687		22,646,871		3.8
Equal to or greater than 8.51%		760		33,358,094		5.5

Total		37,996	$	602,363,844		100.0	%

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 prospectus.

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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 Borrowers		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
Less than $5,000.00		3,901	$	10,696,593		1.8	%
$ 5,000.00-$ 9,999.99		4,285		31,245,035		5.2
$10,000.00-$14,999.99		2,524		31,070,895		5.2
$15,000.00-$19,999.99		2,111		36,756,368		6.1
$20,000.00-$24,999.99		1,615		36,028,795		6.0
$25,000.00-$29,999.99		1,230		33,702,477		5.6
$30,000.00-$34,999.99		876		28,341,893		4.7
$35,000.00-$39,999.99		800		29,894,178		5.0
$40,000.00-$44,999.99		639		27,069,000		4.5
$45,000.00-$49,999.99		576		27,292,293		4.5
$50,000.00-$54,999.99		430		22,559,405		3.7
$55,000.00-$59,999.99		382		21,939,537		3.6
$60,000.00-$64,999.99		327		20,380,981		3.4
$65,000.00-$69,999.99		287		19,364,708		3.2
$70,000.00-$74,999.99		249		18,057,120		3.0
$75,000.00-$79,999.99		193		14,965,486		2.5
$80,000.00-$84,999.99		165		13,598,683		2.3
$85,000.00-$89,999.99		154		13,488,501		2.2
$90,000.00-$94,999.99		140		12,942,604		2.1
$95,000.00-$99,999.99		94		9,152,129		1.5
$100,000.00 and above		923		143,817,163		23.9

Total		21,901	$	602,363,844		100.0	%

DISTRIBUTION OF THE TRUST STUDENT LOANS

BY DELINQUENCY STATUS AS OF THE

STATISTICAL DISCLOSURE DATE

Number of Days Delinquent	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
0-30 days		36,500	$	564,619,949		93.7	%
31-60 days		583		13,030,555		2.2
61-90 days		298		8,396,273		1.4
91-120 days		181		5,542,711		0.9
121-150 days		122		2,972,189		0.5
151-180 days		94		2,927,240		0.5
181-210 days		36		1,149,936		0.2
Greater than 210 days		182		3,724,991		0.6

Total		37,996	$	602,363,844		100.0	%

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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 Remaining to Scheduled Maturity	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
0 to 3		131	$	34,698		*
4 to12		759		546,150		0.1	%
13 to 24		1,265		2,229,967		0.4
25 to 36		1,130		3,732,777		0.6
37 to 48		1,290		6,132,527		1.0
49 to 60		6,279		24,450,577		4.1
61 to 72		2,327		14,306,274		2.4
73 to 84		1,858		13,747,310		2.3
85 to 96		1,254		11,546,192		1.9
97 to 108		1,288		13,973,612		2.3
109 to 120		4,142		45,562,530		7.6
121 to 132		2,951		51,975,954		8.6
133 to 144		2,063		42,382,322		7.0
145 to 156		1,329		31,762,569		5.3
157 to 168		1,091		26,890,286		4.5
169 to 180		3,254		78,031,637		13.0
181 to 192		1,273		36,798,640		6.1
193 to 204		902		30,103,681		5.0
205 to 216		751		27,427,476		4.6
217 to 228		523		20,446,034		3.4
229 to 240		589		24,315,910		4.0
241 to 252		379		17,341,738		2.9
253 to 264		249		12,209,999		2.0
265 to 276		191		10,060,779		1.7
277 to 288		134		7,879,876		1.3
289 to 300		179		11,568,567		1.9
301 to 312		198		18,868,909		3.1
313 to 324		47		2,828,351		0.5
325 to 336		29		2,223,459		0.4
337 to 348		22		2,345,157		0.4
349 to 360		77		7,191,307		1.2
361 and above		42		3,448,581		0.6

Total		37,996	$	602,363,844		100.0	%

*	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 prospectus.

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DISTRIBUTION OF THE TRUST STUDENT LOANS

BY CURRENT BORROWER PAYMENT STATUS

AS OF THE STATISTICAL DISCLOSURE DATE

Current Borrower Payment Status	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
Deferment		1,181	$	21,726,174		3.6	%
Forbearance		1,831		46,490,234		7.7
Repayment
First year in repayment		298		13,733,916		2.3
Second year in repayment		332		13,471,530		2.2
Third year in repayment		419		13,456,254		2.2
More than 3 years in repayment		33,935		493,485,735		81.9

Total		37,996	$	602,363,844		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 prospectus.

The weighted average number of months in repayment for all trust student loans currently in repayment is approximately 129.4 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.

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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

	Scheduled Months in Status Remaining
Current Borrower Payment Status	Deferment		Forbearance		Repayment
Deferment		16.4		-		198.2
Forbearance		-		6.6		196.5
Repayment		-		-		166.8

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 $21,726,174 aggregate outstanding principal balance of the trust student loans in deferment as of the statistical disclosure date, $16,102,259 or approximately 74.1% 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 preliminary remarketing memorandum.

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GEOGRAPHIC DISTRIBUTION OF THE TRUST STUDENT LOANS

AS OF THE STATISTICAL DISCLOSURE DATE

State	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
Alabama		304	$	5,534,766		0.9	%
Alaska		70		1,120,334		0.2
Arizona		863		14,769,081		2.5
Arkansas		227		3,370,501		0.6
California		3,786		68,922,261		11.4
Colorado		624		7,403,471		1.2
Connecticut		735		10,452,138		1.7
Delaware		108		1,638,438		0.3
District of Columbia		152		2,538,571		0.4
Florida		2,302		45,517,108		7.6
Georgia		1,152		21,266,449		3.5
Hawaii		140		1,700,281		0.3
Idaho		135		1,825,836		0.3
Illinois		1,780		26,441,147		4.4
Indiana		1,136		16,254,206		2.7
Iowa		165		2,443,729		0.4
Kansas		628		7,812,997		1.3
Kentucky		266		4,396,535		0.7
Louisiana		1,216		20,928,262		3.5
Maine		159		2,278,262		0.4
Maryland		1,026		17,742,918		2.9
Massachusetts		1,315		16,451,055		2.7
Michigan		834		14,925,140		2.5
Minnesota		524		8,566,010		1.4
Mississippi		344		5,783,591		1.0
Missouri		757		11,451,810		1.9
Montana		85		1,249,629		0.2
Nebraska		69		754,537		0.1
Nevada		220		3,760,939		0.6
New Hampshire		277		3,895,138		0.6
New Jersey		1,160		16,923,991		2.8
New Mexico		129		2,583,426		0.4
New York		3,183		44,290,493		7.4
North Carolina		894		13,800,328		2.3
North Dakota		23		448,109		0.1
Ohio		246		5,031,664		0.8
Oklahoma		828		12,103,230		2.0
Oregon		568		9,066,304		1.5
Pennsylvania		1,592		25,980,737		4.3
Rhode Island		150		2,514,605		0.4
South Carolina		365		5,782,716		1.0
South Dakota		26		335,615		0.1
Tennessee		676		11,598,837		1.9
Texas		3,192		51,627,013		8.6
Utah		109		1,458,506		0.2
Vermont		60		673,859		0.1
Virginia		1,205		16,046,409		2.7
Washington		1,149		15,338,061		2.5
West Virginia		162		2,606,000		0.4
Wisconsin		525		6,127,561		1.0
Wyoming		31		326,831		0.1
Other		324		6,504,411		1.1

Total		37,996	$	602,363,844		100.0	%

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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

Loan Repayment Terms	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
Level Repayment		20,023	$	248,190,975		41.2	%
Other Repayment Options⁽¹⁾		14,513		249,074,054		41.3
Income-driven Repayment⁽²⁾		3,460		105,098,814		17.4

Total		37,996	$	602,363,844		100.0	%

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

(2)	Includes income sensitive and income based repayment.

With respect to interest-only loans, as of the statistical disclosure date, there are 425 loans with an aggregate outstanding principal balance of $14,920,044 currently in an interest-only period. These interest-only loans represent approximately 2.1% 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

Loan Type	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
Subsidized		18,554	$	251,047,548		41.7	%
Unsubsidized		19,442		351,316,296		58.3

Total		37,996	$	602,363,844		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

Disbursement Date	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
September 30, 1993 and earlier		60	$	2,233,792		0.4	%
October 1, 1993 through June 30, 2006		37,936		600,130,052		99.6
July 1, 2006 and later		0		0		0.0

Total		37,996	$	602,363,844		100.0	%

A-11

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

Name of Guaranty Agency	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
American Student Assistance		1,506	$	18,781,808		3.1	%
College Assist		16		549,496		0.1
Educational Credit Management Corporation		1,007		17,578,218		2.9
Great Lakes Higher Education Corporation		20,468		359,086,178		59.6
Illinois Student Assistance Comm		1,500		19,025,149		3.2
Kentucky Higher Educ. Asst. Auth.		179		2,338,486		0.4
Lousiana Office Of Student Financial Asst		199		3,173,165		0.5
Michigan Guaranty Agency		537		7,659,051		1.3
New Jersey Higher Ed Student Assistance Authority		1,341		15,041,704		2.5
New York State Higher Ed Services Corp		4,718		61,897,192		10.3
Oklahoma Guaranteed Stud Loan Prog		812		11,019,790		1.8
Pennsylvania Higher Education Assistance Agency		3,429		46,992,563		7.8
Texas Guaranteed Student Loan Corp		2,282		39,215,343		6.5
Uninsured		2		5,699		*
Total		37,996	$	602,363,844		100.0	%

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

A-12

SIGNIFICANT GUARANTOR INFORMATION

The information shown for the Significant Guarantors relates to all student loans, including but not limited to trust student loans, guaranteed by the Significant Guarantors.

We obtained the following information from various sources, including from the related Significant Guarantors and/or from the Department of Education. None of the depositor, the sellers, the servicer, their affiliates or the remarketing agents have audited or independently verified this information for accuracy or completeness.

ASCENDIUM EDUCATION SOLUTIONS, INC.

Ascendium Education Solutions, Inc. f/k/a Great Lakes Higher Education Guaranty Corporation (“Ascendium”) is a Wisconsin nonstock, nonprofit corporation, the sole member of which is Ascendium Education Group, Inc. f/k/a Great Lakes Higher Education Corporation (“Ascendium Education Group”). Ascendium’s predecessor organization, Ascendium Education Group, was organized as a Wisconsin nonstock, nonprofit corporation and began guaranteeing student loans under the Higher Education Act in 1967. Ascendium is the designated guaranty agency under the Higher Education Act for Wisconsin, Arkansas, Iowa, Minnesota, Montana, North Dakota, Ohio, South Dakota, Puerto Rico and the Virgin Islands. On January 1, 2002, Ascendium Education Group (and Ascendium directly and through its support services agreement with Ascendium Education Group), outsourced certain aspects of its student loan program guaranty support operations to Great Lakes Educational Loan Services, Inc. (“GLELSI”). Ascendium continues as the “guaranty agency” as defined in Section 4350) of the Higher Education Act and continues its default aversion, claim purchase and compliance, collection support and federal reporting responsibilities as well as custody and responsibility for all revenues, expenses and assets related to that status. The primary operations center for Ascendium Education Group and its affiliates (including Ascendium) is in Madison, Wisconsin, which includes operational staff offices for guaranty functions. Ascendium also maintain offices in; Eagan, Minnesota; Aberdeen, South Dakota; and Indianapolis, Indiana. Ascendium will provide a copy of Ascendium Education Group’s most recent consolidated financial statements on receipt of a written request directed to 2501 International Lane, Madison, Wisconsin 53704, Attention: Chief Financial Officer.

United Student Aid Funds, Inc. (“USAF”) was organized as a private, nonprofit corporation under the General Corporation Law of the State of Delaware in 1960. USAF (i) maintained facilities for the provision of guarantee services with respect to approved education loans made to or for the benefit of eligible students attending approved educational institutions; (ii) guaranteed education loans made pursuant to certain loan programs under the Higher Education Act, as well as loans made under certain private loan programs; and (iii) served as the designated guarantor for education-loan programs under the Higher Education Act of 1965, as amended (“the Act”) in Arizona, Hawaii and certain Pacific Islands, Indiana, Kansas, Maryland, Mississippi, Nevada and Wyoming.

USAF was the sole member of the Northwest Education Loan Association (“NELA”), a guarantor serving the states of Washington, Idaho and the Northwest. Ascendium Education Group became a member of USAF effective January 1, 2017.

Effective as of December 31, 2018, NELA was dissolved, with its remaining assets going to its sole member, USAF. Immediately thereafter, USAF was merged into Ascendium. Thus, the portfolios previously held by USAF and NELA are now held by Ascendium.

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The information in the following tables has been provided to the Issuer from reports provided by or to the U.S. Department of Education and has not been verified by the Issuer, Ascendium, or the initial purchasers. No representation is made by the Issuer, Ascendium, or the initial purchasers as to the accuracy or completeness of this information. Prospective investors may consult the U.S. Department of Education Data Books and Web sites http://www2.ed.gov/finaid/prof/resources/data/opeloanvol.html and http://www.fp.ed.gov/pubs.html for further information concerning Ascendium or any other guaranty agency.

Guaranty Volume. Pursuant to the SAFRA Act, part of the Health Care and Education Reconciliation Act of 2010, Ascendium, the former USAF, and the former NELA ceased issuing new loan guarantees on June 30, 2010. The most recent year for which the U.S. Department of Education has issued guaranty volume information is 2009. Ascendium issued $7.0 billion in new loan guarantees in that year.

Reserve Ratio. The reserve ratios for Ascendium, the former USAF and the former NELA are as follows:

The Ascendium Portfolio (Without Consideration of USAF and NELA)

Following are Ascendium’s reserve fund levels as calculated in accordance with 34 CFR 682.41O(a)(10) for the last five federal fiscal years:

Federal Fiscal Year	Federal Guaranty Reserve Fund Level¹^/
2013	0.94%
2014	0.94%
2015	1.05%
2016	1.37%
2017	1.80%

The U.S. Department of Education’s website at http://www.fp.ed.gov/pu bs.html has posted reserve ratios for Ascendium for federal years 2013, 2014, 2015, 2016 and 2017 of 0.699%, 0.648% 0.608%, 0.827% and 01 .000%, respectively. Ascendium believes the Department of Education has not calculated the reserve ratio in accordance with the Act and the correct ratio should be 0.94%, 0.94%, 1.05%, 1.37% and 1.80% respectively, as shown above and as explained in the following footnote. On November 17, 2006, the U.S. Department of Education advised Ascendium that beginning in Federal Fiscal Year 2006 it will publish reserve ratios that include loan loss provision and deferred revenues. Ascendium believes this change more closely approximates the statutory calculation. According to the U.S. Department of Education, available cash reserves may not always be an accurate barometer of a guarantor’s financial health.

^1/

In accordance with Section 428(c)(9) of the Higher Education Act, does not include loans transferred from the former Higher Education Assistance Foundation, Northstar Guarantee Inc., Ohio Student Aid Commission or Puerto Rico Higher Education Assistance Corporation. (The minimum reserve fund ratio under the Higher Education Act is 0.25%.)

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The Former USAF Portfolio Now Held by Ascendium

Following are USAF’s reserve fund levels as calculated in accordance with 34 CFR 682.410(a)(10) for the last five federal fiscal years:

Federal Fiscal Year	Federal Guaranty Reserve Fund Level^1/
2013	0.354%
2014	0.277%
2015	1.251%
2016	1.308%
2017	1.350%

The Former NELA Portfolio Now Held by Ascendium

Following are NELA’s reserve fund levels as calculated in accordance with 34 CFR 682.410(a)(10) for the last five federal fiscal years:

Federal Fiscal Year	Federal Guaranty Reserve Fund Level^1/
2013	0.362%
2014	0.377%
2015	0.295%
2016	0.373%
2017	0.430%

Claims Rate. The claims rate for Ascendium, USAF and NELA are as follows:

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The Ascendium Portfolio (Without Consideration of USAF and NELA)

For the past five federal fiscal years, Ascendium’s claims rate has not exceeded 5%, and, as a result, the highest allowable reinsurance has been paid on all Ascendium’s claims. The actual claims rates are as follows:

Federal Fiscal Year	Claims Rate
2013	2.23%
2014	2.05%
2015	0.96%
2016	1.00%
2017	0.35%

The Former USAF Portfolio Now Held by Ascendium

For the past five federal fiscal years, USAF’s claims rate has not exceeded 5%, and, as a result, the highest allowable reinsurance has been paid on all USAF’s claims. The actual claims rates are as follows:

Federal Fiscal Year	Claims Rate
2013	4.74%
2014	4.73%
2015	4.71%
2016	0.60%
2017	0.67%

As a result of various statutory and regulatory changes over the past several years, historical rates may not be an accurate indicator of current delinquency or default trends or future claims rates.

The Former NELA Portfolio Now Held by Ascendium

For the past five federal fiscal years, NELA’s claims rate has not exceeded 5%, and, as a result, the highest allowable reinsurance has been paid on all NELA’s claims. The actual claims rates are as follows:

Federal Fiscal Year	Claims Rate
2013	1.52%
2014	1.37%
2015	0.60%
2016	1.31%
2017	0.63%

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NEW YORK STATE HIGHER EDUCATION SERVICES CORPORATION

New York State Higher Education Services Corporation (“HESC”) was organized in 1975 as an agency of the State of New York, pursuant to an act of the New York legislature, to expand educational opportunities for students. HESC administers the New York Tuition Assistance Program and a variety of state scholarships in addition to acting as a guarantee agency under the Federal Family Education Loan Program (FFELP). HESC is the designated guarantee agency for the State of New York, and guarantees all types of FFELP loans.

As a result of the 3/30/2010 enactment of the Health Care and Education Reconciliation Act of 2010 (HCERA) (HR4872), the FFELP was eliminated effective 7/1/2010. No new (first disbursed) Stafford, PLUS or consolidation loans may be disbursed through the FFELP after 6/30/2010. Existing FFELP loans will continue to be eligible for program benefits. Beginning 7/1/2010, all new Stafford, PLUS and consolidation loans will be made under the U. S. Department of Education’s Direct Loan Program.

For the FFELP, HESC will continue to have the responsibility for providing collection assistance to lenders for delinquent loans, paying lender claims for loans in default, and collection activities on loans after purchase by HESC. In addition to the FFELP, HESC continues to perform residual administrative activities of the State guaranteed loan program in which no new loans have been guaranteed since 1984.

HESC has a Federal Student Loan Reserve Fund (the “Federal Fund”) and an Agency Operating Fund to account for FFELP activity. The Federal Fund assets, and earnings on those assets, are restricted in use and are considered property of the Department of Education. The Agency Operating Fund is considered property of HESC, and its assets and earnings may be used generally for guarantee agency and other student financial aid related activities.

As of September 30, 2017, HESC had total FFELP assets of approximately $160 million (including balances for both the Federal Fund and the Agency Operating Fund) and had a total of approximately $12.1 billion in original principal amount of loans outstanding.

Guarantee Volume. As a result of HCERA, HESC has not guaranteed any loans in the last five federal fiscal years ended September 30.

Reserve Ratio. A guarantee agency’s reserve ratio is determined by dividing its Federal Fund Balance by the original principal amount of loans outstanding. HESC’s reserve ratio for the last five federal fiscal years ending September 30 is as follows:

	Reserve Ratio as of Close of Federal Fiscal Year
Guarantor	2013			2014			2015			2016			2017
New York State Higher Education Services Corporation		0.31	%		0.29	%		0.32	%		0.45	%		0.60	%

Recovery Rates. The Department of Education calculates a guaranty agency’s recovery rate by dividing the amount recovered from borrowers during a federal fiscal year by the guaranty agency’s outstanding default loan portfolio (beginning inventory) at the end of the prior federal fiscal year. HESC’s recovery rate for each of the past five federal fiscal years ending September 30 provided below uses the Department of Education’s calculation method:

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	Recovery Rate Federal Fiscal Year
Guarantor	2013			2014			2015			2016			2017
New York State Higher Education Services Corporation		25.56	%		22.74	%		21.86	%		24.86	%		25.42	%

Claims Rate. A guaranty agency’s claims rate is determined by dividing the amount of federal reinsurance claims paid by the Department of Education during a federal fiscal year by the original principal amount of loans in repayment at the end of the prior federal fiscal year. HESC’s claims rate for each of the past five federal fiscal years ending September 30 is as follows:

	Claims Rate Federal Fiscal Year
Guarantor	2013			2014			2015			2016			2017
New York State Higher Education Services Corporation		1.51	%		1.52	%		0.93	%		0.62	%		0.78	%

HESC is headquartered at 99 Washington Avenue, Albany, New York 12255. Its most recent annual report is available on its web site.

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SLM STudent Loan Trust 2003-12 8-K