Transcription
South Carolina Student Loan CorporationStudent Loan Backed Notes2010-1 Series Quarterly ReportDistribution Date: October 25, 2017
South Carolina Student Loan CorporationStudent Loan Backed Notes, 2010-1 SeriesQuarterly Servicing ReportDistribution Date:10/25/2017Collection Period Ending:9/30/2017Table of ContentsSCSLC Investor Report 2010-1 102517Page3I.Principal Parties to the TransactionII.Explanations, Definitions, AbbreviationsIII.Trust ParametersIV.Student Loan Default Summary6V.Transactions for the Time Period7VI.Payment History and CPR8VII.Cash Payment Detail and Available Funds for the Time Period9VIII.Distributions34-510 - 11IX.Portfolio Characteristics12X.Portfolio Characteristics by School Type13XI.Portfolio Characteristics by Student Grade Level Distribution13XII.Collateral Table14 - 15XIII.Collateral Table by Loan Type and Loan Status16 - 17XIV.Optional Redemption Information18XV.Interest Rates for Next Distribution Date18XVI.Items to Note18
I. Principal Parties to the TransactionIssuerSouth Carolina Student Loan CorporationServicerSouth Carolina Student Loan CorporationServices, administers and makes collections with respect to the Financed Student Loans. The Servicer is compensatedmonthly for these services. As of 8/19/2016, all loans are subserviced by Nelnet Servicing, LLC.Trustee, Paying Agent and RegistrarWells Fargo Bank, N.A.Acts for the benefit of and to protect the interests of the note holders and acts as paying agent for the notes. Also acts on behalf of thenote holders and represents their interests in the exercise of their rights under the 2010 General Resolution. The Trustee is compensatedannually for these services.Backup ServicerNelnet Servicing, LLCAssumes servicing of the Financed Student Loans upon the occurance of a "Servicer Transfer Trigger."II. Explanations, Definitions, AbbreviationsPool BalanceFor any date, the aggregate Principal Balance of all Financed Student Loans on that date plus accrued interest that is expected to becapitalized as authorized under the Higher Education Act, as determined by the Administrator.Adjusted Pool BalanceThe sum of the Pool Balance as of the end of the most recent Collection Period, the Value of the Debt Service Reserve Fund and theValue of the Capitalized Interest Fund, after giving effect to any withdrawals from each of the Funds since the end of the last CollectionPeriod, as determined by the Administrator.Principal Distribution AmountWith respect to any Distribution Date, the amount, if any, by which (a) the aggregate principal amount of the Notes Outstanding as ofthe end of the most recent Collection Period exceeds (b) the Adjusted Pool Balance divided by 120%; but not less than the amountof any principal due if such Distribution Date is also a Stated Maturity Date or Notes have been duly called for redemption on suchDistribution Date in accordance with the 2010-1 Series Resolution.Record DateWith respect to any installment of interest or principal to be paid on a Distribution Date, the Business Day prior to the Distribution Date.CPRConstant Prepayment Rate -- The annualized, compounded SMM (Single Monthly Mortality) rate. In any given month, the SMM measures thepercentage of the Initial Pool Balance and accrued interest to be capitalized that was paid back earlier than scheduled.Ending Balance FactorRepresents the outstanding principal balance divided by the original principal balance.SCSLC Investor Report 2010-1 1025173 of 18
III. Trust ParametersA.i.ii.iii.iv.v.vi.vii.viii.ix.x.Student Loan Portfolio CharacteristicsPortfolio Principal BalanceInterest to be CapitalizedPool Balance (i. ii.)Borrower Accrued InterestWeighted Average Coupon (WAC) - GrossWeighted Average Coupon (WAC) - Net of Interest Rate ReductionsWeighted Average Remaining Months to MaturityNumber of LoansNumber of BorrowersAverage Borrower IndebtednessB. Debt CharacteristicsAccrual Period:First Date in Accrual PeriodLast Date in Accrual PeriodDays in Accrual PeriodNotesi.ii.iii.A-1 NotesA-2 NotesA-3 NotesSCSLC Investor Report 2010-1 102517Collection Period:First Date in Collection PeriodLast Date in Collection Period7/25/201710/24/201792CUSIP83715A AK583715A AL383715A AJ8 Rate TypeLIBORLIBORLIBORSpread0.45%1.00%1.05%Index Rate1.31444%1.31444%1.31444%4 of 186/30/2017Activity9/30/2017431,856,525.90 (15,573,531.70) 71.5610,933.917/1/20179/30/2017Coupon Rate1.76444%2.31444%2.36444%Record DateDistribution DateMaturity1/25/20217/25/202510/27/20367/25/2017 171,469,874.87 225,000,000.00 396,469,874.8710/24/201710/25/2017 Interest Due1,014,189.441,359,553.002,373,742.4410/25/2017 156,180,170.97 225,000,000.00 381,180,170.97
III. Trust Parameters(continued from previous page)C. Balance Sheet of the Trust Estate as of the end of the Collection Period9/30/2017i.ii.iii.iv.v.vi.vii.viii.Student Loan Principal BalanceBorrower Accrued InterestAccrued Interest SubsidyValue of Debt Service Reserve FundValue of Capitalized Interest FundValue of Collection FundOther AssetsTotal Assets otes OutstandingNote Accrued InterestOther LiabilitiesTotal Liabilities 41D. Parity Percentage7/25/2017i.ii.iii.iv.Pool BalanceDebt Service Reserve FundCapitalized Interest FundAdjusted Pool Balance v.Notes Outstandingvi.Parity Percentage [III.D.iv / III.D.v]SCSLC Investor Report 2010-1 102517 434,029,830.931,085,074.58435,114,905.51 418,341,848.541,045,854.62419,387,703.16 396,469,874.87 381,180,170.97109.75%5 of 1810/25/2017110.02%
IV. Student Loan Default SummaryA. Student Loan Defaultsi.Principal Balance of Student Loans Upon Transfer into Trust Estateii.Interest Capitalized to Date on Student Loans Since Transfer into Trust Estateiii.Total Principal Required to be Paid on Student Loans (IV.A.i. IV.A.ii.)iv.Principal Balance of Student Loans Defaulting During Period (Claim Filed)v.Cumulative Principal Balance of Defaulted Student Loansvi.Cumulative Default Rate ( IV.A.v. / IV.A.iii. )B. Student Loan Recoveryi.Default Claims Principal Balance Reimbursed During Periodii.Principal Balance of Loans Having a Claim Paid During Periodiii.Cumulative Default Claims Principal Balance Reimbursediv.Cumulative Principal Balance of Loans Having a Claim Paidv.Cumulative Principal Reimbursement Rate ( IV.B.iii / IV.B.iv )C. Claim RejectsiPrincipal of Default Claims Rejected During Periodii.Cumulative Principal of Default Claims Rejectediii.Cumulative Gross Reject Rate ( IV.C.ii / IV.A.v )SCSLC Investor Report 2010-1 1025176 of 18 249.15160,829,057.7115.25% 7198.78% 526,500.240.33%
V.Transactions for the Time Period7/01/2017 - 9/30/2017A. Student Loan Principal Collection Activityi.Regular Principal Collectionsii.Principal Collections from Guaranty Agencyiii.Principal Repurchases/Reimbursements by Serviceriv.Paydown due to Loan Consolidationv.Other System Adjustmentsvi.Total Principal Collections . Student Loan Non-Cash Principal Activityi.Principal Realized Losses - Claim Write-Offsii.Principal Realized Losses - Otheriii.Other Adjustments (Borrower Incentives)iv.Interest Capitalized into Principal During Collection Periodv.Other Adjustmentsvi.Total Non-Cash Principal Activity 49,933.8323,230.90(2,592,603.75)(2,519,439.02)C. Total Student Loan Principal Activity ( A.vi B.vi. ) 15,573,531.70 53,334,520.99Student Loan Non-Cash Interest Activityi.Interest Losses - Claim Write-offsii.Interest Losses - Otheriii.Interest Capitalized into Principal During Collection Periodiv.Other Adjustmentsvii.Total Non-Cash Interest Adjustments 64.7020,656.712,592,603.752,613,325.16Total Student Loan Interest Activity ( D.viv. E.vii. ) 5,947,846.15 D. Student Loan Interest Activityi.Regular Interest Collectionsii.Interest Claims Received from Guaranty Agencyiii.Late Fees & Otheriv.Interest Repurchases/Reimbursements by Servicerv.Interest due to Loan Consolidationvi.Other System Adjustmentsvii.Special Allowance Paymentsviii.Interest Subsidy Paymentsviv.Total Interest CollectionsE.F.G. Interest Expected to be Capitalizedi.Interest Expected to be Capitalized - Beginningii.Interest Capitalized into Principal During Collection Period ( V.B.iv )iii.Change in Interest Expected to be Capitalizediv.Interest Expected to be Capitalized - EndingSCSLC Investor Report 2010-1 1025177 of 18
VI. Payment History and CPRA.CPR of All 6/30/20179/30/2017B. Pool urrent %7.40%Periodic CPR by Payment Type of Loans in Active Repayment at the Beginning of the PeriodBeginning Principal Ending PrincipalPeriodCPR from Claim PaymentBalanceBalance10/21/2010 - 12/31/2010 457,496,390.90 447,551,133.563.32%1/1/2011 - 3/31/2011 497,142,679.33 481,861,248.372.12%4/1/2011 - 6/30/2011 475,464,877.94 460,345,094.043.64%7/1/2011 - 9/30/2011 491,142,104.97 476,645,640.582.80%3.14%10/1/2011 - 12/31/2011 470,906,146.36 456,804,660.471/1/2012 - 3/31/2012 501,496,446.26 484,091,020.983.67%4/1/2012 - 6/30/2012 482,685,941.39 458,591,445.602.95%3.82%7/1/2012 - 9/30/2012 479,127,602.98 455,654,600.4310/1/2012 - 12/31/2012 461,061,128.22 446,465,637.583.09%1/1/2013 - 3/31/2013 474,926,241.95 457,398,545.604.91%4/1/2013 - 6/30/2013 457,892,091.13 440,121,509.485.24%7/1/2013 - 9/30/2013 449,700,303.91 432,484,864.845.06%5.75%10/1/2013 - 12/31/2013 441,059,899.52 424,435,102.211/1/2014 - 3/31/2014 444,112,249.76 428,482,209.593.70%2.93%4/1/2014 - 6/30/2014 428,664,753.41 413,214,286.967/1/2014 - 9/30/2014 418,586,568.67 403,866,450.383.17%3.85%10/1/2014 - 12/31/2014 411,650,159.25 395,465,645.061/1/2015 - 3/31/2015 410,071,361.84 394,072,312.693.18%4/1/2015 - 6/30/2015 397,279,519.98 382,714,221.092.39%7/1/2015 - 9/30/2015 392,991,707.21 378,133,063.493.01%10/1/2015 - 12/31/2015 380,409,459.05 366,096,484.913.07%1/1/2016 - 3/31/2016 376,769,164.29 361,653,734.423.47%4/1/2016 - 6/30/2016 364,662,954.18 350,443,019.262.84%1.61%6/1/2016 - 9/30/2016 351,444,781.99 338,008,963.8810/1/2016 - 12/31/2016 343,458,546.70 330,268,464.103.11%1/1/2017 - 3/31/2017 345,637,764.34 333,733,472.490.84%4/1/2017 - 6/30/2017 349,410,278.85 337,211,218.971.08%7/1/2017 - 9/30/2017 345,118,375.99 333,027,854.342.36%SCSLC Investor Report 2010-1 102517 .769,528,932.23Voluntary CPR Due 4.37%8 of 18Voluntary CPR Due toBorrower al %
VII.Cash Payment Detail and Available Funds for the Time PeriodA.Debt Service Reserve Fund Reconciliationi.Balance on Prior Distribution Dateii.Draws Due to Liquidity Needsiii.Debt Service Reserve Fund Requirementiv.Releases or Replenisments In Waterfall Processv.Balance on Current Distribution DateB.C.E.7/25/2017 Capitalized Interest Fund Reconciliationi.Balance on Prior Distribution Dateii.Draws Due to Liquidity Needsiii.Maximum Amount in Step-down Scheduleiv.Release per Step-down Schedulev.Balance on Current Distribution Date7/25/2017 Determination of Available Funds for Payment Waterfalli.Beginning Balanceii.Amount by which the Debt Service Reserve Fund Exceeds the Debt Service Reserve Requirementiii.Amount by which the Department Reserve Fund Exceeds the Department Reserve Fund Requirementiv.Amount by which the Capitalized Interest Fund Exceeds the Step-down Schedulev.Amount by which the Operating Fund Exceeds the Operating Fund Requirementvi.Amounts in the Collection Fund Received by the Servicer During the Collection Periodvii.Interest Earned on Investment Obligations and Deposited During the Collection Periodviii.Less Funds Previously Transferredix.D.07/25/2017 - 10/24/2017Available Funds for Payment WaterfallFunds Remitted During Collection Period: Department Reserve Fundi.Negative Special Allowanceii.Interest Subsidyiii.Special Allowanceiv.Consolidation Loan Rebate Feesv.Othervi.TotalSCSLC Investor Report 2010-1 10251739,219.9620,809,404.6642,821.72- 20,891,446.34 9 of 18- Funds Remitted During Collection Period: Operating Fundi.Primary Servicing Feesii.Backup Servicing Feesiii.Trustee Feesiv.Administrator 2,573,763.01672,510.7521,349.971,017.00694,877.72
VIII. DistributionsA.Waterfall Summary 20,891,446.34 RemainingFunds Balance20,891,446.34 2,700,000.00 18,191,446.34ii. To the Operating Fund, an amount that, when added to the amount therein,will equal the Operating Fund Requirement. 528,000.00 17,663,446.34iii. To the Interest Account, an amount such that, when added to any amounton deposit in the Interest Account on the day of the calculation, wouldbe equal to the interest due on all Outstanding Notes onthe Distribution Date. 2,373,742.44 15,289,703.90iv. To the Debt Service Reserve Fund, so much as may be required so that theamount therein shall equal the Debt Service Reserve Requirement. 15,289,703.90v. To the Principal Account, the Principal Distribution Amount, for the paymentof principal of the Notes. Current parity percentage equals 107.39% vi. To pay any indemnity or reimbursement amounts payable by the Corporationunder any Transaction Document including any such amounts payable toFiduciaries or other Operating costs not previously paid. vii. To the Principal Account, any remaining funds available for the paymentof principal on the Notes. Total Available Funds for Distribution ( VII.C.ix )i.To the Department Reserve Fund, an amount that, when added to the amounttherein, will equal the Department Reserve Fund Requirement.SCSLC Investor Report 2010-1 10251710 of 18-15,289,703.90 -- -- -
VIII. DistributionsB.(continued from previous page)Waterfall DetailInterest Duei.ii.iii.C.A-1 NotesA-2 NotesA-3 Notes Interest Paid1,014,189.441,359,553.00 1,014,189.441,359,553.00Principal Maturing Principal Paid-Note Principal Balances7/25/2017i.ii.iii.A-1 NotesA-1 Notes Ending Balance FactorA-2 NotesA-2 Notes Ending Balance FactorA-3 NotesA-3 Notes Ending Balance FactorSCSLC Investor Report 2010-1 102517 Paydown 0000000010/25/2017 0.037939712 -11 of 00 15,289,703.90-Total Distribution Amount 16,303,893.34 1,359,553.00
IX.Portfolio Characteristics as of 09/30/2017WACStatusInterim:In SchoolSubsidized LoansUnsubsidized LoansGraceSubsidized LoansUnsubsidized Loans6/30/20179/30/2017Number of Loans6/30/20179/30/2017WARM6/30/2017Principal 7,158.640.03%0.03%0.04%0.04%Total 0.19%RepaymentActiveDays Delinquent0-3031-6061-9091-120 %2.08%1.50%7.19%DefermentSubsidized LoansUnsubsidized 2,116,8914.68%5.17%4.76%5.31%ForbearanceSubsidized LoansUnsubsidized 2,632,4384.13%5.57%4.27%5.44%Total Repayment5.58%5.63%83,48179,783139.95139.05 429,557,327.84 412,114,210.1599.47%99.00%Claims In ProcessAged Claims Rejected / UninsuredGrand ,404,848431,856,525.90 100.00%SCSLC Investor Report 2010-1 10251712 of 18111.33145.22144.42 894,350.34
X.Portfolio Characteristics by School Type as of 09/30/2017School TypeFour-Year Public & Private NonprofitTwo-Year Public & Private NonprofitFor Profit / VocationalOut of Country / .39105.16110.17188.95144.42Number of 112.75124.94129.79125.71202.29144.42Number of LoansPrincipal 2580,668 416,282,994.20Principal 5,068.39 lio Characteristics by Student Grade Level Distribution as of 09/30/2017Grade LevelFreshmanSophomoreJuniorSenior1st Year Graduate2nd Year Graduate3rd Year Graduate Unknown / ConsolidationTotalSCSLC Investor Report 2010-1 .67%13 of 00%
XII. Collateral Table as of 09/30/2017A. Distribution of the Student Loans by Borrower Interest Rate TypeRate TypeFixed RateVariable RateTotalNumber of Loans69,19011,47880,668Principal Balance385,007,194.0531,275,800.15 416,282,994.20Percent of Principal92.49%7.51%100.00%Principal 686,669.96 416,282,994.20Percent of %0.00%100.00%B. Distribution of the Student Loans by Interest RateInterest Rate1.00% - 1.99%2.00% - 2.99%3.00% - 3.99%4.00% - 4.99%5.00% - 5.99%6.00% - 6.99%7.00% - 7.99%8.00% - 8.99%9.00% and greaterTotalNumber of C. Distribution of the Student Loans by Date of First Disbursement(Dates Correspond to Changes in Special Allowance Support Level)Disbursement DatePrior to April 1, 2006April 1, 2006 - Sept. 30, 2007October 1, 2007 and afterTotalNumber of Loans15,09450,55015,02480,668Principal Balance72,170,615.16254,978,721.9789,133,657.07 416,282,994.20Percent of Principal17.34%61.25%21.41%100.00%D. Distribution of the Student Loans by # of Months Remaining Until Scheduled MaturityNumber of Months0 - 1213 - 2425 - 3637 - 4849 - 6061 - 7273 - 8485 - 9697 - 108109 - 120121 - 132133 - 144145 - 156157 - 168169 - 180181 - 192193 - 204205 - 216217 - 228229 - 240241 - 252253 - 264265 - 276277 - 288289 - 300301 and aboveTotalSCSLC Investor Report 2010-1 102517Number of 587686686629234280,668Principal 60,638.086,022,272.7013,915,003.88 416,282,994.2014 of 18Percent of 3.52%3.44%3.33%3.05%2.97%2.90%1.45%3.34%100.00%
XII. Collateral Table as of 09/30/2017(continued from previous page)E. Distribution of the Student Loans in Repayment by Repayment Year1st year of repayment2nd year of repayment3rd year of repaymentMore than 3 years of repaymentTotalNumber of Loans9,10014,8798,82946,97579,783Principal 290,186.21 412,114,210.15Percent of Principal11.34%18.50%11.37%58.79%100.00%Number of incipal 6,303,173.95 416,282,994.20Percent of .20%6.32%100.00%Number of Loans80,668Principal Balance416,282,994.20Percent of Principal100.00%Number of Loans80,668Principal Balance416,282,994.20Percent of Principal100.00%F. Distribution of the Student Loans by Range of Principal BalancePrincipal BalanceLess than 1,000 1,000 to 1,999 2,000 to 2,999 3,000 to 3,999 4,000 to 4,999 5,000 to 5,999 6,000 to 6,999 7,000 to 7,999 8,000 to 8,999 9,000 to 9,999 10,000 to 14,999 15,000 to 19,999 20,000 to 24,999 25,000 to 29,999 30,000 to 34,999 35,000 to 39,999 40,000 to 44,999 45,000 to 49,999 50,000 to 54,999 55,000 or GreaterTotalG. Distribution of Student Loans by Guaranty Agency*Guaranty AgencyEducational Credit Management Corporation (ECMC)* Aged Claims Rejected / Uninsured not included in tableH. Distribution of Student Loans by ServicerServicerSouth Carolina Student Loan**Loans are subserviced by Nelnet Servicing, LLC.SCSLC Investor Report 2010-1 10251715 of 18
XIII. Collateral Table by Loan Type and Loan Status as of 09/30/2017A. Principal Balance of All LoansLoan TypeSubsidized Stafford LoansUnsubsidized Stafford LoansSubsidized Consolidation LoansUnsubsidized Consolidation LoansConsolidation Loans (HEAL)SLSGrad PLUSPLUS .08In 3,998,304.39333,129,952.72In 2.35%B. Principal Balance of LIBOR Based LoansLoan TypeSubsidized Stafford LoansUnsubsidized Stafford LoansSubsidized Consolidation LoansUnsubsidized Consolidation LoansConsolidation Loans (HEAL)SLSGrad PLUSPLUS 931,812.97C. Principal Balance of T-Bill Based LoansLoan TypeSubsidized Stafford LoansUnsubsidized Stafford LoansSubsidized Consolidation LoansUnsubsidized Consolidation LoansConsolidation Loans (HEAL)SLSGrad PLUSPLUS .33374.4918,834.36In SchoolRepayment2.27%2.27%2.54%2.54%In 36D. Weighted Average SAP Margin of LIBOR Based LoansLoan TypeSubsidized Stafford LoansUnsubsidized Stafford LoansSubsidized Consolidation LoansUnsubsidized Consolidation LoansConsolidation Loans (HEAL)SLSGrad PLUSPLUS te2.19%2.19%2.54%2.54%2.49%2.49%2.33%E. Weighted Average SAP Margin of T-Bill Based LoansLoan TypeSubsidized Stafford LoansUnsubsidized Stafford LoansSubsidized Consolidation LoansUnsubsidized Consolidation LoansConsolidation Loans (HEAL)SLSGrad PLUSPLUS UndergraduateTotalSCSLC Investor Report 2010-1 102517DefermentForbearance16 of 18GraceRepayment3.30%3.10%In SchoolAggregate3.30%3.10%3.25%3.25%3.29%3.29%
XIII. Collateral Table by Loan Type and Loan Status as of 09/30/2017(continued from previous page)F. Weighted Average Remaining Term of All LoansLoan TypeSubsidized Stafford LoansUnsubsidized Stafford LoansSubsidized Consolidation LoansUnsubsidized Consolidation LoansConsolidation Loans (HEAL)SLSGrad PLUSPLUS 41.80In 6208.65163.422.00133.86132.57144.42G. Weighted Average Coupon of All LoansLoan TypeSubsidized Stafford LoansUnsubsidized Stafford LoansSubsidized Consolidation LoansUnsubsidized Consolidation LoansConsolidation Loans (HEAL)SLSGrad PLUSPLUS 5%4.82%4.81%4.47%8.38%8.09%5.57%In School6.55%6.61%6.58%H. Weighted Average Months Remaining In Status of All LoansLoan TypeSubsidized Stafford LoansUnsubsidized Stafford LoansSubsidized Consolidation LoansUnsubsidized Consolidation LoansConsolidation Loans (HEAL)SLSGrad PLUSPLUS 2.592.00126.86126.02141.80I. Weighted Average Payments Made of Loans In RepaymentLoan TypeSubsidized Stafford LoansUnsubsidized Stafford LoansSubsidized Consolidation LoansUnsubsidized Consolidation LoansConsolidation Loans (HEAL)SLSGrad PLUSPLUS UndergraduateTotalSCSLC Investor Report 2010-1 317 of 6554.59In 4.75%4.47%8.41%8.11%5.67%
XIV.Optional Redemption Information (As of 09/30/2017) Current Pool Balance418,341,848.54 Initial Pool Balance950,823,965.0010 % or Less - Qualify for Optional RedemptionXV.%44.00%N2010-1 Series Interest Rates for Next Distribution DateNext Distribution DateFirst Date in Accrual PeriodLast Date in Accrual PeriodDays in Accrual Periodi.ii.iii.XVI.CUSIP83715A AK583715A AL383715A AJ8SCSLC Investor Report 2010-1 1025171/27/201810/25/20171/26/201894Rate TypeLIBORLIBORLIBORSpread0.45%1.00%1.05%Index Rate1.36742%1.36742%1.36742%Coupon Rate1.81742%2.36742%2.41742%18 of 18Items to Note
Student Loan Backed Notes, 2010-1 Series Quarterly Servicing Report Distribution Date: 10/25/2017 Collection Period Ending: 9/30/2017 Table of Contents. Page I. . SCSLC Investor Report 2010-1_102517 3 of 18. III. Trust Parameters A. Student Loan Portfolio Characteristics 6/30/2017.
