SLM Student Loan Trust 2005-5 8-K

What Happened

• SLM Student Loan Trust 2005-5 filed an 8-K on April 23, 2026, reporting that the scheduled reset of the Class A-5 notes on April 27, 2026 resulted in a failed remarketing. The remarketing agent did not obtain sufficient committed purchasers by the April 22, 2026 3:00 PM (New York City time) deadline, so a failed remarketing was declared. Under the trust documents, all existing Class A-5 noteholders must retain their Notes on the reset date.

Key Details

• Failed remarketing deadline: April 22, 2026 by 3:00 PM (NYC time).
• Scheduled reset date: April 27, 2026; next reset date: July 27, 2026.
• New interest rate (failed remarketing rate): SOFR + 0.75% per annum.
• Reset period following failure: three months.

Why It Matters

• Holders of the Class A-5 notes will be required to keep their positions and will earn the failed-remarketing interest rate (SOFR + 0.75% for a three-month period) instead of moving to newly remarketed terms or cashing out through the remarketing process. This affects liquidity for noteholders and determines the coupon they will receive until the next reset on July 27, 2026. The filing is factual and does not indicate changes to principal repayment terms or other classes of the trust.