Navient is marketing $735.8 million of senior securities in the issuer’s eight securitization this year.
The collateral consist of loans that are guaranteed by the U.S. under the Federal Family Education Loan Program (FFELP).
DBRS assigned provisional ratings of AAA’ to the three tranches of class A notes. The notes have credit enhancement at 3.52%. The class A1 notes are due August 2020, the class A2 notes are due April 2023 and the class A3 notes are due May 2031. Also on offer are $20.8 million of AA’ rated, class B notes.
The pool consists of approximately 47.7% unsubsidized Stafford loans, 43.5% subsidized Stafford loans, 8.3% PLUS loans and 0.5% SLS loans. Approximately 20.0% of the pool contains rehabilitated FFELP loans, which are those that have defaulted and been restructured under the terms of the Higher Education Act of 1965.
Navient Solutions is the largest servicer of education loans, servicing over $300 billion in student loans for more than 12 million customers. The student loan servicer, which was spun off from Sallie Mae in April, priced six series of notes (NAVSL 2014-2 through 2014-7) in August The series all offered two tranches of notes rated AAA’/Aaa’ and AA’/Aa1’ respectively by Fitch Ratings and Moody’s Investors Service. All of the AAA/Aaa’ rated, class A notes throughout each series are due March 2043, the class B, AA’/ Aa1’ notes are due June 2054.
