Navient to bid on six classes of SLM Student Loan Trust notes

By Wendy Van Sickle

Columbus, Ohio, May 14 – A Navient Funding, LLC affiliate plans to submit buy bids for all outstanding notes of six classes of notes from two SLM Student Loan Trusts, according to two 8-K filings with the Securities and Exchange Commission.

2002-7 notes

The notes include the following SLM Student Loan Trusts 2002-7 notes:

• $28.15 million class A6 notes with an auction date of May 20;

• $29.75 million class A11 notes with an auction date of May 22; and

• $29.75 million class A7 notes with an auction date of May 30.

Of these notes, $2.15 million of the A6 notes, $31.8 million of the A11 notes and $10,545,000 of the A7 notes are held by the affiliate.

The affiliate will submit buy bids for the notes at a rate equal to Libor plus 65 basis points.

2003-2 notes

The notes include the following SLM Student Loan Trusts 2003-2 notes:

• $66.55 million class A6 notes with an auction date of May 24;

• $100 million class A9 notes with an auction date of May 28; and

• $100 million class A7 notes with an auction date of May 31.

Of these notes, $19.05 million of the A6 notes, $35.75 million of the A9 notes and $21.7 of the A7 notes are held by the affiliate.

The affiliate will submit buy bids for these notes at a rate equal to Libor plus 120 bps.

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