SLM Student Loan Trust 2004-2

10/14/2026 | Press release | Distributed by Public on 10/14/2026 12:35

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 Student Loan Marketing Association 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 more than 30 days past the final disbursement;

•
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 August 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 $1,273,367 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, 3 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
2004-2
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
$
245,658,140
Aggregate Outstanding Principal Balance - Treasury Bill
$
31,033,022
Percentage of Aggregate Outstanding Principal Balance - Treasury Bill
12.63
%
Aggregate Outstanding Principal Balance - One-Month LIBOR
$
214,625,119
Percentage of Aggregate Outstanding Principal Balance - One-Month LIBOR
87.37
%
Number of Borrowers
7,378
Average Outstanding Principal Balance Per Borrower
$
33,296
Number of Loans
13,289
Average Outstanding Principal Balance Per Loan - Treasury Bill
$
57,256
Average Outstanding Principal Balance Per Loan - One-Month LIBOR
$
16,837
Weighted Average Remaining Term to Scheduled Maturity
169 months
Weighted Average Annual Interest Rate
4.98
%

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 3.14% 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
2004-2
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%
2,651
$
38,275,983
15.6
%
3.01% to 3.50%
2,502
34,248,532
13.9
3.51% to 4.00%
2,402
36,428,344
14.8
4.01% to 4.50%
2,703
42,079,021
17.1
4.51% to 5.00%
920
16,714,482
6.8
5.01% to 5.50%
240
5,169,951
2.1
5.51% to 6.00%
207
4,559,146
1.9
6.01% to 6.50%
257
5,704,020
2.3
6.51% to 7.00%
415
10,902,018
4.4
7.01% to 7.50%
146
4,533,267
1.8
7.51% to 8.00%
341
11,514,775
4.7
8.01% to 8.50%
257
15,401,637
6.3
Equal to or greater than 8.51%
248
20,126,964
8.2
Total
13,289
$
245,658,140
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
2004-2
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
1,269
$
3,454,867
1.4
%
$
5,000.00-$ 9,999.99
1,073
7,796,108
3.2
$
10,000.00-$14,999.99
802
9,925,240
4.0
$
15,000.00-$19,999.99
733
12,760,480
5.2
$
20,000.00-$24,999.99
513
11,506,074
4.7
$
25,000.00-$29,999.99
449
12,337,475
5.0
$
30,000.00-$34,999.99
367
11,930,980
4.9
$
35,000.00-$39,999.99
299
11,199,138
4.6
$
40,000.00-$44,999.99
245
10,431,367
4.2
$
45,000.00-$49,999.99
202
9,568,117
3.9
$
50,000.00-$54,999.99
170
8,902,881
3.6
$
55,000.00-$59,999.99
146
8,383,622
3.4
$
60,000.00-$64,999.99
103
6,433,835
2.6
$
65,000.00-$69,999.99
97
6,565,149
2.7
$
70,000.00-$74,999.99
110
7,964,093
3.2
$
75,000.00-$79,999.99
101
7,840,818
3.2
$
80,000.00-$84,999.99
79
6,503,674
2.6
$
85,000.00-$89,999.99
68
5,950,044
2.4
$
90,000.00-$94,999.99
64
5,928,393
2.4
$
95,000.00-$99,999.99
52
5,082,077
2.1
$100,000.00 and above
436
75,193,709
30.6
Total
7,378
$
245,658,140
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
12,544
$
227,006,360
92.4
%
31-60 days
232
6,194,932
2.5
61-90 days
156
4,426,282
1.8
91-120 days
78
1,512,200
0.6
121-150 days
44
1,240,853
0.5
151-180 days
48
1,054,018
0.4
181-210 days
33
1,066,354
0.4
Greater than 210 days
154
3,157,142
1.3
Total
13,289
$
245,658,140
100.0
%


A-4
2004-2
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
72
$
24,043
*
4 to12
287
285,676
0.1
%
13 to 24
606
1,402,070
0.6
25 to 36
1,555
4,563,520
1.9
37 to 48
743
4,837,911
2.0
49 to 60
577
4,185,833
1.7
61 to 72
591
5,194,171
2.1
73 to 84
682
6,721,851
2.7
85 to 96
2,008
22,684,799
9.2
97 to 108
776
11,933,590
4.9
109 to 120
723
13,404,617
5.5
121 to 132
890
22,484,555
9.2
133 to 144
646
17,945,474
7.3
145 to 156
545
15,894,761
6.5
157 to 168
469
14,601,068
5.9
169 to 180
420
13,370,567
5.4
181 to 192
289
10,037,434
4.1
193 to 204
238
7,920,153
3.2
205 to 216
151
6,032,293
2.5
217 to 228
123
5,109,455
2.1
229 to 240
92
3,444,321
1.4
241 to 252
83
3,175,200
1.3
253 to 264
90
3,841,739
1.6
265 to 276
49
2,168,750
0.9
277 to 288
41
2,470,911
1.0
289 to 300
110
8,188,798
3.3
301 to 312
363
27,563,943
11.2
313 to 324
13
1,338,615
0.5
325 to 336
9
995,399
0.4
337 to 348
5
564,716
0.2
349 to 360
20
1,654,451
0.7
361 and above
23
1,617,459
0.7

Total
13,289
$
245,658,140
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
2004-2
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
228
$
6,004,199
2.4
%
Forbearance
670
19,318,295
7.9
Repayment
First year in repayment
53
2,967,547
1.2
Second year in repayment
63
3,653,309
1.5
Third year in repayment
54
3,428,582
1.4
More than 3 years in repayment
12,221
210,286,208
85.6
Total
13,289
$
245,658,140
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 178.0 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
2004-2
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
17.3
-
217.0
Forbearance
-
17.1
209.6
Repayment
-
-
161.9

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 $6,004,199 aggregate outstanding principal balance of the trust student loans in deferment as of the statistical disclosure date, $4,232,146 or approximately 70.5% 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
2004-2
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
91
$
1,722,815
0.7
%
Alaska
21
362,322
0.1
Arizona
361
8,476,032
3.5
Arkansas
60
1,194,261
0.5
California
1,583
26,908,047
11.0
Colorado
233
4,432,974
1.8
Connecticut
141
1,786,934
0.7
Delaware
26
248,729
0.1
District of Columbia
48
765,694
0.3
Florida
1,858
34,076,447
13.9
Georgia
381
7,124,468
2.9
Hawaii
50
541,465
0.2
Idaho
58
873,474
0.4
Illinois
360
5,951,314
2.4
Indiana
228
4,475,423
1.8
Iowa
71
985,515
0.4
Kansas
222
4,428,645
1.8
Kentucky
62
1,139,472
0.5
Louisiana
258
4,770,307
1.9
Maine
26
323,957
0.1
Maryland
283
5,189,066
2.1
Massachusetts
254
3,985,331
1.6
Michigan
257
5,571,580
2.3
Minnesota
197
3,511,297
1.4
Mississippi
54
1,186,131
0.5
Missouri
348
6,314,778
2.6
Montana
32
607,211
0.2
Nebraska
28
391,350
0.2
Nevada
95
2,134,686
0.9
New Hampshire
53
1,081,416
0.4
New Jersey
364
5,770,546
2.3
New Mexico
48
1,286,935
0.5
New York
799
12,771,629
5.2
North Carolina
329
5,381,782
2.2
North Dakota
15
215,379
0.1
Ohio
933
23,569,822
9.6
Oklahoma
182
3,108,932
1.3
Oregon
218
4,108,151
1.7
Pennsylvania
280
4,647,908
1.9
Rhode Island
41
741,129
0.3
South Carolina
96
2,574,695
1.0
South Dakota
12
157,881
0.1
Tennessee
206
3,581,267
1.5
Texas
981
17,495,168
7.1
Utah
49
1,544,468
0.6
Vermont
19
331,807
0.1
Virginia
296
5,614,846
2.3
Washington
450
7,242,994
2.9
West Virginia
36
888,642
0.4
Wisconsin
72
1,109,210
0.5
Wyoming
11
426,663
0.2
Other
113
2,527,144
1.0

Total
13,289
$
245,658,140
100.0
%


A-8
2004-2
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
2004-2
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
6,243
$
87,033,884
35.4
%
Other Repayment Options(1)
5,038
86,961,156
35.4
Income-driven Repayment(2)
2,008
71,663,100
29.2

Total
13,289
$
245,658,140
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 $2,059,169 currently in an interest-only period. These interest-only loans represent approximately 0.8% 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
6,608
$
97,571,922
39.7
%
Unsubsidized
6,681
148,086,218
60.3
Total
13,289
$
245,658,140
100.0
%


A-10
2004-2
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
133
$
10,127,016
4.1
%
October 1, 1993 through June 30, 2006
13,156
235,531,125
95.9
July 1, 2006 and later
0
0
0.0
Total
13,289
$
245,658,140
100.0
%

The following table provides information about the trust student loans regarding date of disbursement.


A-11
2004-2
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
330
$
4,300,924
1.8
%
College Assist
5
59,775
*
Educational Credit Management Corporation
8,696
174,929,747
71.2
Great Lakes Higher Education Corporation
2
51
*
Kentucky Higher Educ. Asst. Auth.
726
10,190,347
4.1
Michigan Guaranty Agency
131
2,187,562
0.9
Nebraska National Student Loan Program
1
21,575
*
Oklahoma Guaranteed Stud Loan Prog
91
1,580,564
0.6
Pennsylvania Higher Education Assistance Agency
943
16,248,282
6.6
Texas Guaranteed Student Loan Corp
2,364
36,139,313
14.7
Total
13,289
$
245,658,140
100.0
%

*
Represents a percentage greater than 0% but less than 0.05%.



A-12
2004-2
SLM Student Loan Trust 2004-2 published this content on October 14, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on October 14, 2026 at 18:36 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]