Transcription
South Carolina Student Loan CorporationStudent Loan Backed Notes2010-1 Series Quarterly ReportDistribution Date: July 25, 2019
South Carolina Student Loan CorporationStudent Loan Backed Notes, 2010-1 SeriesQuarterly Servicing ReportDistribution Date:7/25/2019Collection Period Ending:6/30/2019Table of ContentsSCSLC Investor Report 2010-1 072519Page3I.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.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 0725193 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 Periodi.ii.iii.A-1 NotesA-2 NotesA-3 NotesNotesSCSLC Investor Report 2010-1 072519Collection Period:First Date in Collection PeriodLast Date in Collection Period4/25/20197/24/201991CUSIP83715A AK583715A AL383715A AJ8 Rate TypeLIBORLIBORLIBORSpread0.45%1.00%1.05%Index Rate2.58025%2.58025%2.58025%4 of 183/31/2019Activity6/30/2019319,884,967.05 (13,610,908.32) ,385.8311,476.104/1/20196/30/2019Coupon Rate3.03025%3.58025%3.63025%Record DateDistribution DateMaturity1/25/20217/25/202510/27/20364/25/2019 62,205,305.75 225,000,000.00 287,205,305.757/24/20197/25/2019 Interest Due562,962.772,064,704.692,627,667.467/25/2019 48,036,844.58 225,000,000.00 273,036,844.58
III. Trust Parameters(continued from previous page)C. Balance Sheet of the Trust Estate as of the end of the Collection Period6/30/2019i.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 tes OutstandingNote Accrued InterestOther LiabilitiesTotal Liabilities D. Parity Percentage4/25/2019i.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 072519 322,514,207.57950,823.97323,465,031.54 308,924,628.25950,823.97309,875,452.22 287,205,305.75 273,036,844.58112.63%5 of 187/25/2019 113.49%
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 0725196 of 18 598.77198,578,373.5718.62% 5798.75% 25,648.18552,148.420.28%
V.Transactions for the Time Period4/01/2019 - 6/30/2019A. 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 5,679.05B. 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 63,596.50531.97(1,708,899.20)(1,644,770.73)C. Total Student Loan Principal Activity ( A.vi B.vi. ) 13,610,908.32 18,728.952,648,931.34Student 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 82.8259,926.771,708,899.201,768,908.79Total Student Loan Interest Activity ( D.viv. E.vii. ) 4,417,840.13 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 0725197 of 18
VI. Payment History and CPRA.CPR of All /201812/31/20183/31/20196/30/2019B. Pool rent 7.90%8.10%8.21%8.27%8.31%8.43%Periodic CPR by Payment Type of Loans in Active Repayment at the Beginning of the PeriodBeginning Principal Ending PrincipalBalanceBalancePeriodCPR from Claim Payment3.32%10/21/2010 - 12/31/2010 457,496,390.90 447,551,133.561/1/2011 - 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%10/1/2011 - 12/31/2011 470,906,146.36 456,804,660.473.14%1/1/2012 - 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%7/1/2012 - 9/30/2012 479,127,602.98 455,654,600.433.82%10/1/2012 - 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%10/1/2013 - 12/31/2013 441,059,899.52 424,435,102.215.75%1/1/2014 - 3/31/2014 444,112,249.76 428,482,209.593.70%4/1/2014 - 6/30/2014 428,664,753.41 413,214,286.962.93%7/1/2014 - 9/30/2014 418,586,568.67 403,866,450.383.17%10/1/2014 - 12/31/2014 411,650,159.25 395,465,645.063.85%1/1/2015 - 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%6/1/2016 - 9/30/2016 351,444,781.99 338,008,963.881.61%10/1/2016 - 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%10/1/2017 - 12/31/2017 329,806,157.47 319,966,523.380.79%1/1/2018 - 3/31/2018 325,675,575.24 309,080,602.6213.32%4/1/2018 - 6/30/2018 311,109,119.28 295,029,575.397.46%7/1/2018 - 9/30/2018 300,778,405.99 286,517,316.205.02%10/1/2018 - 12/31/2018 284,593,859.47 271,558,313.405.36%1/1/2019 - 3/31/2019 283,724,795.02 271,639,845.323.74%4/1/2019 - 6/30/2019 273,687,341.77 260,101,736.756.79%SCSLC Investor Report 2010-1 072519 6Voluntary CPR Due 4.37%3.44%5.76%5.41%6.87%4.98%5.59%5.59%Voluntary CPR Due toBorrower 9%3.43%1.83%1.08%1.96%1.63%1.24%8 of 18Total %6.22%22.51%14.70%12.97%12.30%10.96%13.62%
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 Replenishments In Waterfall Processv.Balance on Current Distribution DateB.C.E.4/25/2019 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 Date4/25/2019 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.04/25/2019 - 07/24/2019Available 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 07251917,488,053.02103,075.61- 17,591,128.63 9 of 18- Funds Remitted During Collection Period: Operating Fundi.Primary Servicing Feesii.Backup Servicing Feesiii.Trustee Feesiv.Administrator 915,735.281,119.00512,505.77
VIII. DistributionsA.Waterfall SummaryTotal 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. 17,591,128.63- RemainingFunds Balance17,591,128.63 17,591,128.63ii. To the Operating Fund, an amount that, when added to the amount therein,will equal the Operating Fund Requirement. 795,000.00 16,796,128.63iii. 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. 2,627,667.46 14,168,461.17iv. To the Debt Service Reserve Fund, so much as may be required so that theamount therein shall equal the Debt Service Reserve Requirement. 14,168,461.17v. 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. SCSLC Investor Report 2010-1 07251910 of 1814,168,461.17 -- -- -
VIII. DistributionsB.Waterfall Detaili.ii.iii.C.(continued from previous page)A-1 NotesA-2 NotesA-3 Notes Interest Due562,962.772,064,704.69 Interest Paid562,962.772,064,704.69 Principal Maturing-Note Principal Balancesi.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 072519 000000000Paydown Factors0.035157472-11 of 18 00000000 Principal Paid14,168,461.17-Total Distribution Amount 14,731,423.94 2,064,704.69
IX.Portfolio Characteristics as of 06/30/2019StatusInterim:In SchoolSubsidized LoansUnsubsidized LoansGraceSubsidized LoansUnsubsidized Loans3/31/2019WAC6/30/2019Number of Loans3/31/20196/30/20193/31/2019WARMPrincipal 0%0.00%0.02%0.01%Total 08%RepaymentActiveDays Delinquent0-3031-6061-9091-120 74%1.46%5.93%DefermentSubsidized LoansUnsubsidized 4,214,9924.26%4.76%4.22%4.64%ForbearanceSubsidized LoansUnsubsidized 7,6482.32%3.03%2.39%3.05%Total Repayment5.67%5.67%58,80856,028131.48130.00 314,881,425.09 302,105,124.3598.44%98.64%Claims In ProcessAged Claims Rejected / UninsuredGrand ,747,058319,884,967.05 100.00%SCSLC Investor Report 2010-1 07251912 of 18106.56137.36136.03 256,484.12
X.Portfolio Characteristics by School Type as of 06/30/2019School TypeFour-Year Public & Private NonprofitTwo-Year Public & Private NonprofitFor Profit / VocationalOut of Country / .3995.00101.19178.76136.03Number of Loans41,73514,4944986856,795Principal 933.34 306,274,058.73WARMNumber of LoansPrincipal 56,795 lio Characteristics by Student Grade Level Distribution as of 06/30/2019Grade LevelFreshmanSophomoreJuniorSenior1st Year Graduate2nd Year Graduate3rd Year Graduate Unknown / ConsolidationTotalSCSLC Investor Report 2010-1 36.0313 of 00%
XII. Collateral Table as of 06/30/2019A. Distribution of the Student Loans by Borrower Interest Rate TypeRate TypeFixed RateVariable RateTotalNumber of Loans48,8657,93056,795Principal Balance283,898,061.7722,375,996.96 306,274,058.73Percent of Principal92.69%7.31%100.00%P
IV. Student Loan Default Summary A. Student Loan Defaults i. Principal Balance of Student Loans Upon Transfer into Trust Estate 926,276,694.00 ii. Interest Capitalized to Date on Student Loans Since Transfer into Trust Estate 140,312,034.39 iii. Total Principal Required to be Paid on Student Loans (IV.A.i. IV.A.ii.) 1,066,588,728.39 iv.