Navient Solutions is securitizing its 63rdstudent-loan securitization, with a pool made up of private, non-refinanced student loans – many of them well-seasoned direct-to-consumer loans taken out by parents of college students.
Navient Private Education Loan Trust 2021-D includes $558 million in notes, including a $427 million floating-rate Class A tranche with preliminary triple-A ratings from Moody’s Investors Service and DBRS Morningstar.
The loans have a weighted-average interest rate of 8.57%, balances averaging $15,182 and remaining scheduled terms of 186 months.
The loans were originally pooled in a 2015 securitization sponsored by Navient.
The pool has an estimated gross excess spread of between 5.5%-7.5%, according to ratings agency reports.
Moody’s has a net loss expectation of 14.7% on the transaction.
