SLM Student Loan Trust 2006-7 Announces Note Hold and Buy Orders

What Happened
SLM Student Loan Trust 2006-7 filed an 8-K on September 14, 2026, disclosing actions related to upcoming auctions. For the Class A-6B notes (auction on September 16, 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 notes (auction on September 18, 2026), the same 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 already holds. The filing includes an Event Notice as Exhibit 99.1.

Key Details

• A-6B auction: September 16, 2026 — affiliate will submit a Hold Order for all issued and outstanding Class A-6B notes.
• A-6C auction: September 18, 2026 — affiliate will bid to buy all outstanding A-6C notes it does not hold at 30-day Average SOFR + 0.11448% + 1.50% p.a., and will Hold the A-6C notes it currently holds.
• Filing date: Form 8-K filed September 14, 2026; Event Notice attached as Exhibit 99.1.

Why It Matters
These are trustee/holder actions tied to scheduled note auctions that can affect who owns particular classes of trust notes and the interest rate at which A-6C notes may trade after the auction. A Hold Order for A-6B means no change in issuance for that class; buy bids for A-6C could increase the affiliate’s holdings and influence auction outcomes and market liquidity for that tranche. This filing is informational — it reports intended actions by a related-party affiliate rather than an operational change or financial result.