SLM Student Loan Trust 2006-7 8-K

What Happened

• SLM Student Loan Trust 2006-7 filed an 8‑K (reported Feb 2, 2026) disclosing actions for upcoming note auctions. For the Class A‑6B auction on February 4, 2026, an affiliate of Navient Funding, LLC intends to submit a Hold Order for the Class A‑6B Notes it currently holds — which represent all issued and outstanding A‑6B Notes. For the Class A‑6C auction on February 6, 2026, the affiliate intends to submit buy bids for all outstanding A‑6C Notes it does not hold at a rate equal to 30‑day Average SOFR + 0.11448% + 1.50% per annum, and to submit a Hold Order for the A‑6C Notes it currently holds. The filing includes an Event Notice as Exhibit 99.1.

Key Details

• Auction dates: Class A‑6B on Feb 4, 2026; Class A‑6C on Feb 6, 2026.
• A‑6B: affiliate will submit a Hold Order for all currently issued and outstanding A‑6B Notes.
• A‑6C: affiliate will submit buy bids for all A‑6C Notes it does not hold at rate = 30‑day Average SOFR + 0.11448% + 1.50% p.a., and Hold Orders for A‑6C Notes it already holds.
• Source: 8‑K Item 8.01 and Event Notice (Exhibit 99.1).

Why It Matters

• These actions by an affiliate of Navient can influence the outcome and pricing of the trust’s upcoming note auctions — buy bids and hold orders affect whether notes trade and at what yield.
• The specified buy rate ties the purchase price to short‑term market interest (30‑day Average SOFR) plus a fixed spread, which determines investor return if bids are accepted.
• Retail investors holding or tracking these classes should note the dates and the affiliate’s intent, since acceptance of buy bids or hold orders could change outstanding balances and cash flows for these note classes.