SLM Student Loan Trust 2010-2
07/08/2025 | Press release | Distributed by Public on 07/08/2025 07:26
Asset-Backed Issuer Distribution Report (Form 10-D)
SLM Student Loan Trust 2010-2
Monthly Servicing Report
Distribution Date 06/25/2025
Collection Period 05/01/2025 - 05/31/2025
Navient Funding, LLC - Depositor
Navient Solutions - Master Servicer and Administrator
Deutsche Bank National Trust Company - Indenture Trustee
Deutsche Bank Trust Company Americas - Eligible Lender Trustee
Navient Funding - Excess Distribution Certificateholder
|
Page 1 of 9
|
Trust 2010-2 Monthly Servicing Report: Collection Period 05/01/2025 - 05/31/2025, Distribution Date 06/25/2025
|
|
I.
|
Deal Parameters
|
|
A
|
Student Loan Portfolio Characteristics
|
08/26/2010
|
04/30/2025
|
05/31/2025
|
||||||||
|
Principal Balance
|
$
|
679,589,352.80
|
$
|
108,736,392.00
|
$
|
108,182,894.31
|
||||||
|
Interest to be Capitalized Balance
|
17,411,085.17
|
1,663,053.33
|
1,718,449.55
|
|||||||||
|
Pool Balance
|
$
|
697,000,437.97
|
$
|
110,399,445.33
|
$
|
109,901,343.86
|
||||||
|
Capitalized Interest Account Balance
|
$
|
3,000,000.00
|
- | - | ||||||||
|
Specified Reserve Account Balance
|
3,768,055.00
|
- N/A -
|
- N/A -
|
|||||||||
|
Adjusted Pool (1)
|
$
|
703,768,492.97
|
$
|
110,399,445.33
|
$
|
109,901,343.86
|
||||||
|
Weighted Average Coupon (WAC)
|
5.14%
|
|
7.09%
|
7.10%
|
||||||||
|
Number of Loans
|
193,647
|
15,510
|
15,359
|
|||||||||
|
Aggregate Outstanding Principal Balance - Tbill
|
$
|
22,312,517.19
|
$
|
22,283,715.73
|
||||||||
|
Aggregate Outstanding Principal Balance - SOFR
|
$
|
88,086,928.14
|
$
|
87,617,628.13
|
||||||||
|
Pool Factor
|
0.150268549 |
0.149590566 |
||||||||||
|
Since Issued Constant Prepayment Rate
|
(38.72)%
|
(38.99)%
|
||||||||||
| (1) |
The Specified Reserve Account balance is included in the Adjusted Pool until the Pool Balance is less than or equal to 40% of the original pool.
|
|
B
|
Debt Securities
|
Cusip/Isin
|
05/27/2025
|
06/25/2025
|
|||||||
| A |
|
78446AAA3
|
$
|
83,020,445.33
|
$
|
82,522,343.86
|
|||||
| B |
|
78446AAB1
|
$
|
22,379,000.00
|
$
|
22,379,000.00
|
|||||
|
C
|
Account Balances
|
05/27/2025
|
06/25/2025
|
||||||
|
Reserve Account Balance
|
$
|
1,130,416.00
|
$
|
1,130,416.00
|
|||||
|
Capitalized Interest Account Balance
|
-
|
-
|
|||||||
|
Floor Income Rebate Account
|
$
|
80,629.31
|
$
|
28,000.81
|
|||||
|
Supplemental Loan Purchase Account
|
-
|
-
|
|||||||
|
D
|
Asset / Liability
|
05/27/2025
|
06/25/2025
|
||||||
|
Adjusted Pool Balance + Supplemental Loan Purchase
|
$
|
110,399,445.33
|
$
|
109,901,343.86
|
|||||
|
Total Notes
|
$
|
105,399,445.33
|
$
|
104,901,343.86
|
|||||
|
Difference
|
$
|
5,000,000.00
|
$
|
5,000,000.00
|
|||||
|
Parity Ratio
|
1.04744
|
1.04766
|
|||||||
|
Page 2 of 9
|
Trust 2010-2 Monthly Servicing Report: Collection Period 05/01/2025 - 05/31/2025, Distribution Date 06/25/2025
|
|
II.
|
Trust Activity 05/01/2025 through 05/31/2025
|
|
A
|
Student Loan Principal Receipts
|
||||
|
Borrower Principal
|
152,894.70
|
||||
|
Guarantor Principal
|
463,841.58
|
||||
|
Consolidation Activity Principal
|
403,830.80
|
||||
|
Seller Principal Reimbursement
|
60.00
|
||||
|
Servicer Principal Reimbursement
|
-
|
||||
|
Rejected Claim Repurchased Principal
|
-
|
||||
|
Other Principal Deposits
|
-
|
||||
|
Total Principal Receipts
|
$
|
1,020,627.08
|
|||
|
B
|
Student Loan Interest Receipts
|
||||
|
Borrower Interest
|
105,887.63
|
||||
|
Guarantor Interest
|
20,500.27
|
||||
|
Consolidation Activity Interest
|
5,689.31
|
||||
|
Special Allowance Payments
|
51,287.52
|
||||
|
Interest Subsidy Payments
|
73,406.72
|
||||
|
Seller Interest Reimbursement
|
0.00
|
||||
|
Servicer Interest Reimbursement
|
0.00 | ||||
|
Rejected Claim Repurchased Interest
|
0.00
|
||||
|
Other Interest Deposits
|
11,942.82
|
||||
|
Total Interest Receipts
|
$
|
268,714.27
|
|||
|
C
|
Reserves in Excess of Requirement
|
|
-
|
||
|
D
|
Investment Income
|
$
|
8,671.40
|
||
|
E
|
Funds Borrowed from Next Collection Period
|
-
|
|||
|
F
|
Funds Repaid from Prior Collection Period
|
-
|
|||
|
G
|
Loan Sale or Purchase Proceeds
|
-
|
|||
|
H
|
Initial Deposits to Collection Account
|
-
|
|||
|
I
|
Excess Transferred from Other Accounts
|
$
|
80,629.31
|
||
|
J
|
Other Deposits
|
-
|
|||
|
K
|
Funds Released from Capitalized Interest Account
|
-
|
|||
|
L
|
Less: Funds Previously Remitted:
|
||||
|
Servicing Fees to Servicer
|
-
|
||||
|
Consolidation Loan Rebate Fees to Dept. of Education
|
-
|
||||
|
Floor Income Rebate Fees to Dept. of Education
|
$
|
(79,980.11)
|
|
||
|
Funds Allocated to the Floor Income Rebate Account
|
$
|
(28,000.81)
|
|
||
|
M
|
AVAILABLE FUNDS
|
$
|
1,270,661.14
|
||
|
N
|
Non-Cash Principal Activity During Collection Period
|
$
|
(467,129.39)
|
|
|
|
O
|
Non-Reimbursable Losses During Collection Period
|
$
|
12,155.45
|
||
|
P
|
Aggregate Purchased Amounts by the Depositor, Servicer or Seller
|
|
-
|
||
|
Q
|
Aggregate Loan Substitutions
|
-
|
|||
|
Page 3 of 9
|
Trust 2010-2 Monthly Servicing Report: Collection Period 05/01/2025 - 05/31/2025, Distribution Date 06/25/2025
|
|
III.
|
2010-2 Portfolio Characteristics
|
|
05/31/2025
|
04/30/2025
|
||||||||||||||||||||||||||||||||
|
Wtd Avg Coupon
|
# Loans
|
Principal
|
% of Principal
|
Wtd Avg
Coupon
|
# Loans
|
Principal
|
% of Principal
|
||||||||||||||||||||||||||
|
INTERIM:
|
IN SCHOOL
|
7.14%
|
|
9
|
$
|
56,000.00
|
0.052%
|
|
7.15%
|
|
10
|
$
|
57,311.99 |
0.053% |
|
||||||||||||||||||
|
|
GRACE |
7.48%
|
|
2
|
$
|
3,936.99
|
0.004%
|
|
7.10%
|
|
2
|
$
|
4,947.88 |
0.005% |
|
||||||||||||||||||
|
|
DEFERMENT
|
7.18%
|
|
1,134
|
$
|
7,708,626.58
|
7.126%
|
|
7.19%
|
|
1,195
|
$
|
7,937,568.39 |
7.300% |
|
||||||||||||||||||
|
REPAYMENT:
|
CURRENT
|
7.11%
|
|
9,124
|
$
|
58,144,439.05
|
53.746%
|
|
7.11%
|
|
9,140
|
$
|
58,371,492.76 |
53.682% |
|
||||||||||||||||||
|
|
31-60 DAYS DELINQUENT
|
7.10%
|
|
722
|
$
|
5,849,829.45
|
5.407%
|
|
7.09%
|
|
536
|
$
|
4,450,876.09 |
4.093% |
|
||||||||||||||||||
|
|
61-90 DAYS DELINQUENT
|
7.12%
|
|
377
|
$
|
3,187,806.87
|
2.947%
|
|
7.06%
|
|
576
|
$
|
4,858,075.75 |
4.468% |
|
||||||||||||||||||
|
|
91-120 DAYS DELINQUENT
|
7.00%
|
|
408
|
$
|
3,610,096.42
|
3.337%
|
|
6.92%
|
|
522
|
$
|
4,186,159.42 |
3.850% |
|
||||||||||||||||||
|
|
> 120 DAYS DELINQUENT
|
6.99%
|
|
1,164
|
$
|
9,255,755.32
|
8.556%
|
|
7.03%
|
|
1,131
|
$
|
9,043,625.26 |
8.317% |
|
||||||||||||||||||
|
|
FORBEARANCE |
7.08%
|
|
2,209
|
$
|
18,756,599.19
|
17.338%
|
|
7.06%
|
|
2,201
|
$
|
18,437,895.61 |
16.957% |
|
||||||||||||||||||
|
|
CLAIMS IN PROCESS
|
7.11%
|
|
210
|
$
|
1,609,804.44
|
1.488%
|
|
7.23%
|
|
197
|
$
|
1,388,438.85 |
1.277% |
|
||||||||||||||||||
|
TOTAL
|
15,359
|
$
|
108,182,894.31
|
100.00%
|
|
15,510
|
$
|
108,736,392.00 |
100.00% |
|
|||||||||||||||||||||||
* Percentages may not total 100% due to rounding
|
Page 4 of 9
|
Trust 2010-2 Monthly Servicing Report: Collection Period 05/01/2025 - 05/31/2025, Distribution Date 06/25/2025
|
|
IV.
|
2010-2 Portfolio Characteristics (cont'd)
|
|
05/31/2025
|
04/30/2025
|
|||||||
|
Pool Balance
|
$
|
109,901,343.86
|
$
|
110,399,445.33
|
||||
|
Outstanding Borrower Accrued Interest
|
$
|
5,643,143.79
|
$
|
5,629,814.52
|
||||
|
Borrower Accrued Interest to be Capitalized
|
$
|
1,718,449.55
|
$
|
1,663,053.33
|
||||
|
Borrower Accrued Interest >30 Days Delinquent
|
$
|
846,868.30
|
$
|
887,497.39
|
||||
|
Total # Loans
|
15,359
|
15,510
|
||||||
|
Total # Borrowers
|
6,762
|
6,825
|
||||||
|
Weighted Average Coupon
|
7.10%
|
|
7.09%
|
|
||||
|
Weighted Average Remaining Term
|
187.93
|
186.84
|
||||||
|
Non-Reimbursable Losses
|
$
|
12,155.45
|
$
|
15,398.98
|
||||
|
Cumulative Non-Reimbursable Losses
|
$
|
6,603,955.61
|
$
|
6,591,800.16
|
||||
|
Since Issued Constant Prepayment Rate (CPR)
|
-38.99%
|
|
-38.72%
|
|
||||
|
Loan Substitutions
|
-
|
-
|
||||||
|
Cumulative Loan Substitutions
|
-
|
-
|
||||||
|
Rejected Claim Repurchases
|
|
-
|
-
|
|||||
|
Cumulative Rejected Claim Repurchases
|
$
|
1,998,784.46
|
$
|
1,998,784.46
|
||||
|
Unpaid Primary Servicing Fees
|
-
|
-
|
||||||
|
Unpaid Administration Fees
|
-
|
-
|
||||||
|
Unpaid Carryover Servicing Fees
|
-
|
-
|
||||||
|
Note Principal Shortfall
|
|
-
|
-
|
|||||
|
Note Interest Shortfall
|
-
|
-
|
||||||
|
Unpaid Interest Carryover
|
-
|
-
|
||||||
|
Non-Cash Principal Activity - Capitalized Interest
|
$
|
479,349.25
|
$
|
440,936.76
|
||||
|
Borrower Interest Accrued
|
$
|
626,399.75
|
$
|
609,039.59
|
||||
|
Interest Subsidy Payments Accrued
|
$
|
24,944.11
|
$
|
24,662.46
|
||||
|
Special Allowance Payments Accrued
|
$
|
17,539.36
|
$
|
17,304.26
|
||||
|
Page 5 of 9
|
Trust 2010-2 Monthly Servicing Report: Collection Period 05/01/2025 - 05/31/2025, Distribution Date 06/25/2025
|
|
V.
|
2010-2 Portfolio Statistics by School and Program
|
|
A
|
LOAN TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- GSL (1) - Subsidized
|
7.02%
|
|
8,562
|
41,450,461.02
|
38.315%
|
|
|||||||||||
|
- GSL - Unsubsidized
|
7.02%
|
|
6,462
|
61,024,158.30
|
56.408%
|
|
|||||||||||
|
- PLUS (2) Loans
|
8.44%
|
|
243
|
4,846,173.05
|
4.480%
|
|
|||||||||||
|
- SLS (3) Loans
|
8.27%
|
|
92
|
862,101.94
|
0.797%
|
|
|||||||||||
|
- Consolidation Loans
|
0.00%
|
|
0
|
-
|
0.000%
|
|
|||||||||||
|
Total
|
7.10%
|
|
15,359
|
$
|
108,182,894.31
|
100.000%
|
|
||||||||||
|
B
|
SCHOOL TYPE
|
Weighted
Average Coupon
|
# LOANS
|
$ AMOUNT
|
%*
|
|
|||||||||||
|
- Four Year
|
7.10%
|
|
12,174
|
92,820,599.89
|
85.800%
|
|
|||||||||||
|
- Two Year
|
7.05%
|
|
2,270
|
11,018,043.41
|
10.185%
|
|
|||||||||||
|
- Technical
|
7.14%
|
|
905
|
4,338,334.46
|
4.010%
|
|
|||||||||||
|
- Other
|
7.82%
|
|
10
|
5,916.55
|
0.005%
|
|
|||||||||||
|
Total
|
7.10%
|
|
15,359
|
$
|
108,182,894.31
|
100.000%
|
|
||||||||||
|
*
|
Percentages may not total 100% due to rounding.
|
| (1) |
Guaranteed Stafford Loan
|
| (2) |
Parent Loans for Undergraduate Students
|
| (3) |
Supplemental Loans to Students. The Unsubsidized Stafford Loan program replaced the SLS program on July 1, 1994.
|
|
Page 6 of 9
|
Trust 2010-2 Monthly Servicing Report: Collection Period 05/01/2025 - 05/31/2025, Distribution Date 06/25/2025
|
|
VI.
|
2010-2 Waterfall for Distributions
|
|
Paid
|
Remaining
Funds Balance
|
||||||||
|
Total Available Funds
|
$
|
1,270,661.14
|
|||||||
|
A |
Trustee Fees |
|
- |
$
|
1,270,661.14
|
|
|||
|
B
|
Primary Servicing Fee
|
$
|
38,957.25
|
$
|
1,231,703.89
|
||||
|
C
|
Administration Fee
|
$
|
6,667.00
|
$
|
1,225,036.89
|
||||
|
D
|
Class A Noteholders' Interest Distribution Amount
|
$
|
330,137.83
|
$
|
894,899.06
|
||||
|
E
|
Class B Noteholders' Interest Distribution Amount
|
$
|
96,203.00
|
$
|
798,696.06
|
||||
|
F
|
Reserve Account Reinstatement
|
-
|
$
|
798,696.06
|
|||||
|
G
|
Class A Noteholders' Principal Distribution Amount
|
$
|
498,101.47
|
$ |
300,594.59
|
||||
|
H
|
Class B Noteholders' Principal Distribution Amount
|
-
|
$ |
300,594.59
|
|||||
|
I
|
Unpaid Expenses of The Trustees
|
-
|
$ |
300,594.59
|
|||||
|
J
|
Carryover Servicing Fee
|
-
|
$ |
300,594.59
|
|||||
|
K
|
Remaining Amounts to the Noteholders after the first auction date
|
-
|
$ |
300,594.59
|
|||||
|
L |
Excess Distribution Certificateholder
|
$ |
300,594.59
|
$ |
(0.00)
|
||||
|
Waterfall Triggers
|
|||||||||
|
A
|
Student Loan Principal Outstanding
|
$
|
108,182,894.31
|
||||||
|
B
|
Interest to be Capitalized
|
$
|
1,718,449.55
|
||||||
|
C
|
Capitalized Interest Account Balance
|
-
|
|||||||
|
D
|
Reserve Account Balance (after any reinstatement)
|
$
|
1,130,416.00
|
||||||
|
E
|
Less: Specified Reserve Account Balance
|
$
|
(1,130,416.00)
|
|
|||||
|
F
|
Total
|
$
|
109,901,343.86
|
||||||
|
G
|
Class A Notes Outstanding (after application of available funds)
|
$
|
82,522,343.86
|
||||||
|
H
|
Insolvency Event or Event of Default Under Indenture
|
N |
|
||||||
|
I
|
Available Funds Applied to Class A Noteholders' Distribution Amount Before Any Amounts are Applied to the Class B Noteholders' Distribution Amount (G>F or H=Y)
|
N |
|
||||||
|
Page 7 of 9
|
Trust 2010-2 Monthly Servicing Report: Collection Period 05/01/2025 - 05/31/2025, Distribution Date 06/25/2025
|
|
VII.
|
2010-2 Distributions
|
Distribution Amounts
| A |
|
B |
|
|||||
|
Cusip/Isin
|
78446AAA3
|
78446AAB1
|
||||||
|
Beginning Balance
|
$
|
83,020,445.33
|
$
|
22,379,000.00
|
||||
|
Index
|
SOFR
|
SOFR
|
||||||
|
Spread/Fixed Rate
|
0.50%
|
|
0.90%
|
|
||||
|
Record Date (Days Prior to Distribution)
|
1 NEW YORK BUSINESS DAY
|
1 NEW YORK BUSINESS DAY
|
||||||
|
Accrual Period Begin
|
5/27/2025
|
5/27/2025
|
||||||
|
Accrual Period End
|
6/25/2025
|
6/25/2025
|
||||||
|
Daycount Fraction
|
0.08055556
|
0.08055556
|
||||||
|
Interest Rate*
|
4.93645%
|
|
5.33645%
|
|
||||
|
Accrued Interest Factor
|
0.003976585
|
0.004298807
|
||||||
|
Current Interest Due
|
$
|
330,137.83
|
$
|
96,203.00
|
||||
|
Interest Shortfall from Prior Period Plus Accrued Interest
|
-
|
-
|
||||||
|
Total Interest Due
|
$
|
330,137.83
|
$
|
96,203.00
|
||||
|
Interest Paid
|
$
|
330,137.83
|
$
|
96,203.00
|
||||
|
Interest Shortfall
|
-
|
-
|
||||||
|
Principal Paid
|
$
|
498,101.47
|
-
|
|||||
|
Ending Principal Balance
|
$
|
82,522,343.86
|
$
|
22,379,000.00
|
||||
|
Paydown Factor
|
0.000674934
|
0.000000000
|
||||||
|
Ending Balance Factor
|
0.111818894
|
1.000000000
|
||||||
* Pay rates for Current Distribution. For the interest rates applicable to the next distribution date, please see https://images.navient.com/investors/data/abrate.txt.
|
Page 8 of 9
|
Trust 2010-2 Monthly Servicing Report: Collection Period 05/01/2025 - 05/31/2025, Distribution Date 06/25/2025
|
|
VIII.
|
2010-2 Reconciliations
|
|
A
|
Principal Distribution Reconciliation
|
||||
|
Notes Outstanding Principal Balance
|
$
|
105,399,445.33
|
|||
|
Adjusted Pool Balance
|
$
|
109,901,343.86
|
|||
|
Overcollateralization Amount
|
$
|
5,000,000.00
|
|||
|
Principal Distribution Amount
|
$
|
498,101.47
|
|||
|
Principal Distribution Amount Paid
|
$
|
498,101.47
|
|||
|
B
|
Reserve Account Reconciliation
|
||||
|
Beginning Period Balance
|
$
|
1,130,416.00
|
|||
|
Reserve Funds Utilized
|
0.00
|
||||
|
Reserve Funds Reinstated
|
0.00
|
||||
|
Balance Available
|
$
|
1,130,416.00
|
|||
|
Required Reserve Acct Balance
|
$
|
1,130,416.00
|
|||
|
Release to Collection Account
|
|
-
|
|||
|
Ending Reserve Account Balance
|
$
|
1,130,416.00
|
|||
|
C
|
Capitalized Interest Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
D
|
Floor Income Rebate Account
|
||||
|
Beginning Period Balance
|
$
|
80,629.31
|
|||
|
Deposits for the Period
|
$
|
28,000.81
|
|||
|
Release to Collection Account
|
$ |
(80,629.31)
|
|
||
|
Ending Balance
|
$
|
28,000.81
|
|||
|
E
|
Supplemental Purchase Account
|
||||
|
Beginning Period Balance
|
-
|
||||
|
Supplemental Loan Purchases
|
-
|
||||
|
Transfers to Collection Account
|
-
|
||||
|
Ending Balance
|
-
|
||||
|
Page 9 of 9
|
Trust 2010-2 Monthly Servicing Report: Collection Period 05/01/2025 - 05/31/2025, Distribution Date 06/25/2025
|
SLM Student Loan Trust 2010-2 published this content on July 08, 2025, and is solely responsible for the information contained herein. Distributed via SEC EDGAR on July 08, 2025 at 13:27 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at support@pubt.io