SLM Student Loan Trust 2004-5

07/15/2026 | Press release | Distributed by Public on 07/15/2026 12:04

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 SLMA, VG Funding and SLM ELC 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 fully disbursed;

•
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 May 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 $1,433,338 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, 8 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.

A-1 2004-5
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
$
317,993,531
Aggregate Outstanding Principal Balance - Treasury Bill
$
45,026,132
Percentage of Aggregate Outstanding Principal Balance - Treasury Bill
14.16
%
Aggregate Outstanding Principal Balance - One-Month LIBOR
$
272,967,399
Percentage of Aggregate Outstanding Principal Balance - One-Month LIBOR
85.84
%
Number of Borrowers
7,906
Average Outstanding Principal Balance Per Borrower
$
40,222
Number of Loans
13,957
Average Outstanding Principal Balance Per Loan - Treasury Bill
$
51,814
Average Outstanding Principal Balance Per Loan - One-Month LIBOR
$
20,856
Weighted Average Remaining Term to Scheduled Maturity
177 months
Weighted Average Annual Interest Rate
4.81
%

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 3.11% 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.

A-2 2004-5
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%
2,641
$
40,163,227
12.6
%
3.01% to 3.50%
3,089
47,513,300
14.9
3.51% to 4.00%
3,209
65,037,223
20.5
4.01% to 4.50%
2,853
64,398,973
20.3
4.51% to 5.00%
461
13,896,678
4.4
5.01% to 5.50%
172
6,210,054
2.0
5.51% to 6.00%
175
7,897,340
2.5
6.01% to 6.50%
137
6,010,682
1.9
6.51% to 7.00%
148
7,107,457
2.2
7.01% to 7.50%
146
4,653,939
1.5
7.51% to 8.00%
378
18,049,777
5.7
8.01% to 8.50%
246
12,561,612
4.0
Equal to or greater than 8.51%
302
24,493,269
7.7

Total
13,957
$
317,993,531
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.

A-3 2004-5
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
1,090
$
3,004,206
0.9
%
$
5,000.00-$ 9,999.99
1,098
8,096,279
2.5
$
10,000.00-$14,999.99
805
10,012,164
3.1
$
15,000.00-$19,999.99
730
12,741,432
4.0
$
20,000.00-$24,999.99
599
13,453,013
4.2
$
25,000.00-$29,999.99
497
13,592,918
4.3
$
30,000.00-$34,999.99
430
13,939,697
4.4
$
35,000.00-$39,999.99
338
12,634,746
4.0
$
40,000.00-$44,999.99
243
10,296,234
3.2
$
45,000.00-$49,999.99
221
10,488,184
3.3
$
50,000.00-$54,999.99
208
10,917,239
3.4
$
55,000.00-$59,999.99
169
9,706,448
3.1
$
60,000.00-$64,999.99
165
10,309,910
3.2
$
65,000.00-$69,999.99
127
8,564,029
2.7
$
70,000.00-$74,999.99
93
6,754,720
2.1
$
75,000.00-$79,999.99
81
6,271,480
2.0
$
80,000.00-$84,999.99
95
7,811,419
2.5
$
85,000.00-$89,999.99
63
5,494,822
1.7
$
90,000.00-$94,999.99
76
7,035,388
2.2
$
95,000.00-$99,999.99
51
4,976,684
1.6
$
100,000.00 and above
727
131,892,520
41.5
Total
7,906
$
317,993,531
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
13,214
$
294,369,508
92.6
%
31-60 days
218
6,323,037
2.0
61-90 days
108
3,189,041
1.0
91-120 days
109
3,691,489
1.2
121-150 days
62
2,169,238
0.7
151-180 days
38
1,010,581
0.3
181-210 days
50
1,546,450
0.5
Greater than 210 days
158
5,694,185
1.8
Total
13,957
$
317,993,531
100.0
%

A-4 2004-5
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
95
$
48,993
*
4 to12
267
274,188
0.1
%
13 to 24
411
1,189,330
0.4
25 to 36
1,092
4,755,446
1.5
37 to 48
1,195
5,836,977
1.8
49 to 60
634
4,494,660
1.4
61 to 72
594
5,369,561
1.7
73 to 84
448
5,417,303
1.7
85 to 96
1,314
16,299,639
5.1
97 to 108
1,854
27,232,619
8.6
109 to 120
820
15,785,344
5.0
121 to 132
883
20,722,494
6.5
133 to 144
722
20,755,362
6.5
145 to 156
606
19,687,089
6.2
157 to 168
590
21,244,792
6.7
169 to 180
458
17,908,007
5.6
181 to 192
370
16,930,143
5.3
193 to 204
271
14,470,904
4.6
205 to 216
201
10,257,321
3.2
217 to 228
146
8,248,555
2.6
229 to 240
143
7,154,462
2.2
241 to 252
86
5,130,583
1.6
253 to 264
73
5,309,389
1.7
265 to 276
75
5,058,904
1.6
277 to 288
52
4,133,882
1.3
289 to 300
121
11,472,683
3.6
301 to 312
333
32,468,947
10.2
313 to 324
19
1,400,528
0.4
325 to 336
15
1,489,639
0.5
337 to 348
14
1,397,598
0.4
349 to 360
28
3,876,415
1.2
361 and above
27
2,171,775
0.7
Total
13,957
$
317,993,531
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.

A-5 2004-5
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
239
$
8,534,013
2.7
%
Forbearance
662
29,309,120
9.2
Repayment
First year in repayment
56
5,731,556
1.8
Second year in repayment
71
4,378,838
1.4
Third year in repayment
111
6,039,022
1.9
More than 3 years in repayment
12,818
264,000,983
83.0
Total
13,957
$
317,993,531
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 168.3 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.

A-6 2004-5
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
17.4
-
218.8
Forbearance
-
13.7
212.5
Repayment
-
-
170.5

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 $8,534,013 aggregate outstanding principal balance of the trust student loans in deferment as of the statistical disclosure date, $5,978,175 or approximately 70.1% 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.

A-7 2004-5
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
130
$
5,159,870
1.6
%
Alaska
20
552,696
0.2
Arizona
372
8,450,071
2.7
Arkansas
74
1,574,951
0.5
California
1,767
37,640,573
11.8
Colorado
200
5,093,411
1.6
Connecticut
221
4,171,805
1.3
Delaware
35
977,441
0.3
District of Columbia
52
920,918
0.3
Florida
1,121
29,121,075
9.2
Georgia
481
13,021,354
4.1
Hawaii
81
1,882,426
0.6
Idaho
57
1,969,793
0.6
Illinois
532
11,320,141
3.6
Indiana
347
8,884,878
2.8
Iowa
36
509,319
0.2
Kansas
255
3,528,730
1.1
Kentucky
93
2,187,567
0.7
Louisiana
394
10,717,068
3.4
Maine
44
869,367
0.3
Maryland
362
9,259,820
2.9
Massachusetts
408
6,619,168
2.1
Michigan
253
6,083,430
1.9
Minnesota
159
3,470,195
1.1
Mississippi
99
2,613,407
0.8
Missouri
275
5,115,898
1.6
Montana
15
314,652
0.1
Nebraska
29
1,251,958
0.4
Nevada
115
3,874,284
1.2
New Hampshire
78
1,687,632
0.5
New Jersey
409
8,741,982
2.7
New Mexico
48
1,119,897
0.4
New York
930
19,084,115
6.0
North Carolina
303
6,092,707
1.9
North Dakota
6
63,172
*
Ohio
420
10,145,510
3.2
Oklahoma
267
6,370,251
2.0
Oregon
167
3,426,912
1.1
Pennsylvania
491
8,901,806
2.8
Rhode Island
38
962,543
0.3
South Carolina
164
5,476,798
1.7
South Dakota
26
598,018
0.2
Tennessee
183
4,714,580
1.5
Texas
1,210
28,709,037
9.0
Utah
50
1,026,052
0.3
Vermont
11
262,020
0.1
Virginia
380
6,908,997
2.2
Washington
354
6,629,079
2.1
West Virginia
75
1,555,524
0.5
Wisconsin
144
3,677,793
1.2
Wyoming
10
698,605
0.2
Other
166
3,984,233
1.3
Total
13,957
$
317,993,531
100.0
%
*
Represents a percentage greater than 0% but less than 0.05%.

A-8 2004-5
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.

A-9 2004-5
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
6,490
$
111,445,556
35.0
%
Other Repayment Options(1)
5,453
109,496,965
34.4
Income-driven Repayment(2)
2,014
97,051,009
30.5

Total
13,957
$
317,993,531
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 63 loans with an aggregate outstanding principal balance of $4,622,288 currently in an interest-only period. These interest-only loans represent approximately 1.5% 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
6,689
$
116,404,420
36.6
%
Unsubsidized
7,268
201,589,111
63.4
Total
13,957
$
317,993,531
100.0
%

A-10 2004-5
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
55
$
4,004,019
1.3
%
October 1, 1993 through June 30, 2006
13,902
313,989,511
98.7
July 1, 2006 and later
0
0
0.0
Total
13,957
$
317,993,531
100.0
%

A-11 2004-5
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
658
$
11,077,538
3.5
%
College Assist
5
644,519
0.2
Educational Credit Management Corporation
1,081
23,512,536
7.4
Great Lakes Higher Education Corporation
7,178
177,532,285
55.8
Kentucky Higher Educ. Asst. Auth.
504
7,874,850
2.5
Michigan Guaranty Agency
130
2,727,658
0.9
Oklahoma Guaranteed Stud Loan Prog
274
6,392,503
2.0
Pennsylvania Higher Education Assistance Agency
1,369
26,182,906
8.2
Texas Guaranteed Student Loan Corp
2,758
62,048,736
19.5
Total
13,957
$
317,993,531
100.0
%

A-12 2004-5
SLM Student Loan Trust 2004-5 published this content on July 15, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on July 15, 2026 at 18:04 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]