SLM Student Loan Trust 2006-7 8-K

What Happened

• SLM Student Loan Trust 2006-7 filed an 8-K on June 22, 2026 reporting that an affiliate of Navient Funding, LLC plans to participate in upcoming note auctions. For the Class A-6B auction on June 24, 2026, the affiliate 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 June 26, 2026, the affiliate intends to submit buy bids for all outstanding A-6C Notes it does not currently 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 attaches an Event Notice as Exhibit 99.1 with additional details.

Key Details

• Filing date: June 22, 2026 (Form 8-K).
• Class A-6B auction date: June 24, 2026 — affiliate will submit a Hold Order for all issued and outstanding A-6B Notes it holds.
• Class A-6C auction date: June 26, 2026 — affiliate will submit buy bids for remaining A-6C Notes at 30‑day Average SOFR + 0.11448% + 1.50% p.a., and Hold Orders for A-6C Notes it already holds.
• Event Notice provided as Exhibit 99.1 to the 8-K for full terms.

Why It Matters

• Auctions set the pricing and allocation of these trust notes; the affiliate’s actions could determine whether ownership or yields change for the A-6B and A-6C tranches.
• A Hold Order for all A-6B Notes indicates no change in ownership for that class at the auction, while specified buy bids for A-6C Notes establish the affiliate’s price floor for purchases.
• Investors in related tranches or holders of these classes should review the Event Notice (Exhibit 99.1) to understand auction mechanics and potential effects on note pricing and cash flows.