SLM Student Loan Trust 2004 1

10/14/2026 | Press release | Distributed by Public on 10/14/2026 12:34

THE TRUST STUDENT LOAN POOL (Form 8-K)

THE TRUST STUDENT LOAN POOL

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 more than 30 days 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 August 31, 2026, 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 $478,714 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, 3 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.
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2004-1
The following tables also contain information concerning the total number of loans and the total number of borrowers in the portfolio of initial trust student loans.
Percentages and dollar amounts in any table may not total 100% of the initial 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
$
178,084,719
Aggregate Outstanding Principal Balance - Treasury Bill
$
6,817,192
Percentage of Aggregate Outstanding Principal Balance - Treasury Bill
3.83
%
Aggregate Outstanding Principal Balance - One-Month LIBOR
$
171,267,528
Percentage of Aggregate Outstanding Principal Balance - One-Month LIBOR
96.17
%
Number of Borrowers
5,573
Average Outstanding Principal Balance Per Borrower
$
31,955
Number of Loans
10,229
Average Outstanding Principal Balance Per Loan - Treasury Bill
$
78,359
Average Outstanding Principal Balance Per Loan - One-Month LIBOR
$
16,887
Weighted Average Remaining Term to Scheduled Maturity
159 months
Weighted Average Annual Interest Rate
4.49
%

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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2004-1
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%
2,728
$
36,324,807
20.4
%
3.01% to 3.50%
1,919
26,806,637
15.1
3.51% to 4.00%
1,875
27,761,814
15.6
4.01% to 4.50%
2,189
36,577,168
20.5
4.51% to 5.00%
475
9,331,087
5.2
5.01% to 5.50%
134
3,913,493
2.2
5.51% to 6.00%
112
3,412,964
1.9
6.01% to 6.50%
189
5,505,375
3.1
6.51% to 7.00%
190
6,554,705
3.7
7.01% to 7.50%
94
3,035,246
1.7
7.51% to 8.00%
128
5,370,283
3.0
8.01% to 8.50%
166
9,314,147
5.2
Equal to or greater than 8.51%
30
4,176,995
2.3
Total
10,229
$
178,084,719
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 - The Student Loan Marketing Association's Student Loan Financing Business" in the prospectus.
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2004-1
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
976
$
2,651,162
1.5
%
$5,000.00-$ 9,999.99
821
5,975,488
3.4
$10,000.00-$14,999.99
617
7,667,735
4.3
$15,000.00-$19,999.99
539
9,410,270
5.3
$20,000.00-$24,999.99
443
9,953,900
5.6
$25,000.00-$29,999.99
351
9,570,716
5.4
$30,000.00-$34,999.99
248
7,995,443
4.5
$35,000.00-$39,999.99
211
7,883,142
4.4
$40,000.00-$44,999.99
179
7,566,172
4.2
$45,000.00-$49,999.99
157
7,438,314
4.2
$50,000.00-$54,999.99
128
6,688,415
3.8
$55,000.00-$59,999.99
128
7,360,643
4.1
$60,000.00-$64,999.99
103
6,444,649
3.6
$65,000.00-$69,999.99
112
7,534,830
4.2
$70,000.00-$74,999.99
60
4,353,321
2.4
$75,000.00-$79,999.99
50
3,877,506
2.2
$80,000.00-$84,999.99
41
3,391,379
1.9
$85,000.00-$89,999.99
58
5,063,501
2.8
$90,000.00-$94,999.99
22
2,024,777
1.1
$95,000.00-$99,999.99
44
4,297,792
2.4
$100,000.00 and above
285
50,935,564
28.6
Total
5,573
$
178,084,719
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
9,724
$
164,651,833
92.5
%
31-60 days
156
3,513,704
2.0
61-90 days
91
2,640,136
1.5
91-120 days
44
1,668,497
0.9
121-150 days
45
804,899
0.5
151-180 days
37
821,859
0.5
181-210 days
22
610,051
0.3
Greater than 210 days
110
3,373,740
1.9
Total
10,229
$
178,084,719
100.0
%

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2004-1
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
50
$
18,499
*
4 to12
183
199,576
0.1
%
13 to 24
363
733,025
0.4
25 to 36
1,378
3,774,437
2.1
37 to 48
522
2,704,618
1.5
49 to 60
458
3,120,845
1.8
61 to 72
400
3,311,839
1.9
73 to 84
410
4,264,067
2.4
85 to 96
1,917
22,073,823
12.4
97 to 108
626
9,647,541
5.4
109 to 120
539
9,681,288
5.4
121 to 132
722
16,767,207
9.4
133 to 144
558
14,324,139
8.0
145 to 156
455
14,012,305
7.9
157 to 168
354
10,636,003
6.0
169 to 180
277
9,046,641
5.1
181 to 192
187
7,202,166
4.0
193 to 204
148
6,344,371
3.6
205 to 216
87
3,641,286
2.0
217 to 228
98
4,371,502
2.5
229 to 240
74
3,083,217
1.7
241 to 252
43
1,491,526
0.8
253 to 264
35
2,076,279
1.2
265 to 276
32
2,070,913
1.2
277 to 288
37
2,156,935
1.2
289 to 300
58
4,044,308
2.3
301 to 312
190
14,745,684
8.3
313 to 324
7
438,855
0.2
325 to 336
2
235,882
0.1
337 to 348
1
29,575
*
349 to 360
10
1,035,313
0.6
361 and above
8
801,055
0.4
Total
10,229
$
178,084,719
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 - The Student Loan Marketing Association's Student Loan Financing Business" in the prospectus.
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2004-1
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
176
$
3,670,136
2.1
%
Forbearance
403
11,079,096
6.2
Repayment
First year in repayment
27
1,562,126
0.9
Second year in repayment
45
3,068,395
1.7
Third year in repayment
32
1,091,480
0.6
More than 3 years in repayment
9,546
157,613,486
88.5
Total
10,229
$
178,084,719
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 - The Student Loan Marketing Association'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 182.1 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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2004-1
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
15.3
-
190.3
Forbearance
-
15.6
191.8
Repayment
-
-
154.6

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 $3,670,136 aggregate outstanding principal balance of the trust student loans in deferment as of the statistical disclosure date, $1,987,721 or approximately 54.2% 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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2004-1
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
58
$
1,778,549
1.0
%
Alaska
13
198,408
0.1
Arizona
162
3,046,816
1.7
Arkansas
77
1,678,550
0.9
California
1,111
17,155,054
9.6
Colorado
167
2,646,611
1.5
Connecticut
109
1,370,506
0.8
Delaware
17
185,869
0.1
District of Columbia
13
1,101,080
0.6
Florida
519
9,994,196
5.6
Georgia
285
4,970,943
2.8
Hawaii
27
289,251
0.2
Idaho
45
774,738
0.4
Illinois
301
5,459,548
3.1
Indiana
182
3,632,640
2.0
Iowa
31
668,346
0.4
Kansas
92
1,219,770
0.7
Kentucky
90
1,308,628
0.7
Louisiana
251
4,037,366
2.3
Maine
24
487,508
0.3
Maryland
147
2,159,200
1.2
Massachusetts
192
1,874,124
1.1
Michigan
252
4,727,817
2.7
Minnesota
91
1,241,309
0.7
Mississippi
33
825,102
0.5
Missouri
144
2,486,261
1.4
Montana
15
330,707
0.2
Nebraska
7
138,075
0.1
Nevada
73
1,223,656
0.7
New Hampshire
31
423,242
0.2
New Jersey
343
5,597,150
3.1
New Mexico
27
578,044
0.3
New York
947
14,246,725
8.0
North Carolina
208
3,725,314
2.1
North Dakota
4
63,311
*
Ohio
1,239
28,243,325
15.9
Oklahoma
238
4,274,266
2.4
Oregon
124
1,893,609
1.1
Pennsylvania
238
4,692,441
2.6
Rhode Island
18
395,131
0.2
South Carolina
69
1,472,440
0.8
South Dakota
10
113,883
0.1
Tennessee
156
2,322,044
1.3
Texas
1,290
19,839,605
11.1
Utah
42
1,969,075
1.1
Vermont
32
458,249
0.3
Virginia
222
3,500,222
2.0
Washington
250
3,707,609
2.1
West Virginia
32
469,931
0.3
Wisconsin
95
1,013,086
0.6
Wyoming
3
56,530
*
Other
83
2,018,858
1.1
Total
10,229
$
178,084,719
100.0
%

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

A-8
2004-1
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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2004-1
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
5,002
$
67,146,733
37.7
%
Other Repayment Options(1)
3,883
63,094,804
35.4
Income-driven Repayment(2)
1,344
47,843,183
26.9
Total
10,229
$
178,084,719
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 24 loans with an aggregate outstanding principal balance of $1,340,736 currently in an interest-only period. These interest-only loans represent approximately 0.8% 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
5,109
$
70,732,800
39.7
%
Unsubsidized
5,120
107,351,919
60.3
Total
10,229
$
178,084,719
100.0
%

A-10
2004-1
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
4
$
190,122
0.1
%
October 1, 1993 through June 30, 2006
10,225
177,894,597
99.9
July 1, 2006 and later
0
0
0.0
Total
10,229
$
178,084,719
100.0
%

A-11
2004-1
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
185
$
2,997,935
1.7
%
Educational Credit Management Corporation
5,070
102,984,440
57.8
Kentucky Higher Educ. Asst. Auth.
749
9,109,991
5.1
Michigan Guaranty Agency
181
2,499,879
1.4
Oklahoma Guaranteed Stud Loan Prog
161
2,255,965
1.3
Pennsylvania Higher Education Assistance Agency
640
11,730,118
6.6
Texas Guaranteed Student Loan Corp
3,243
46,506,391
26.1
Total
10,229
$
178,084,719
100.0
%

A-12
2004-1
SLM Student Loan Trust 2004 1 published this content on October 14, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on October 14, 2026 at 18:34 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]