New Hampshire education trust raises $143.9 million
The bonds exist with several redemption provisions, including the first maturity date, a special redemption option from excess revenues, and a special mandatory redemption from excess revenues.
Student loan ABS
ECMC Group Student Loan places $353.6 million in student loan ABS
This is ECMC's first securitization of a pool of rehabilitated loans since 2021.
CFPB assesses $100 million-plus in penalties on student loan servicer Navient
The action stems from 2017, when the CFPB filed a lawsuit claiming Navient steered borrowers who might have qualified for income-driven repayment plans into more expensive forbearance instead.
Massachusetts Educational Financing raised $473.9 million
The AA, A and BBB notes have 12.7%, 12.5% and 7.0% in credit support, which included excess spread.
College Avenue sponsors $511 million in private student loans
Firstrust Savings Bank and First Citizens Bank originated the loans, all of which are in-school, and a vast majority of the loans in the pool, 82.0%, are fixed rate.
SMB returns to raise $486 million in student loan ABS
The securitization amount is smaller than an earlier transaction, and its AAA notes are expected to price at wider spreads than the AAA notes on the 2024-A series.
Bayview Opportunity Master Fund’s credit-linked notes raise $296.2 million
Note payments are linked to two tranched credit default swap (CDS) transactions, one related to the reference obligation between the issuer and SoFi Bank and SoFi Lending and the Issuer.
New Jersey higher education agency to float about $226.5 million
Broken down by product type, the agency's NJCLASS Standard Fixed product should account for a large majority of the loans, 75.4%. NJCLASS Consolidation will account for the next-largest group, 14.1%.
College Ave’s next securitization raises $361.5 million
Most of the notes will be fixed rate, but the A1B tranche could be benchmarked to the three-month Secured Overnight Financing Rate (SOFR).
Repacked Sallie Mae loans fund residual notes, raising $68.4 million
There are four risk events that could stop cash flow into SMB 2024-R1's deal—missing overcollateralization targets, a stymied principal distribution and the deals do not exercise an optional clean-up call.
Biden details student loan ‘plan B’ as he woos young voters
Biden's "Plan B" would see loans reduced or wiped out for millions of Americans — including those whose debt exceeds their original principal amount.
PA’s higher ed agency floats $146.1 million in ABS
One tranche in the deal, supported by a pool of private student loans, matures every year beginning on June 1, 2029.
Rhode Island Student Loan Authority prepares to sell $126.9 million in notes
The amount of deferred loans allowed in the pool is capped at 70%, with at least 96% of them being cosigned. Also, no more than 6% of loans with a FICO score of less than 700 can be cosigned.
SMB offers $2.2 billion in student loan ABS to investors
Spreads are expected to come in at 120 basis points over the 3M, I-Curve on the A1A notes and then range from 185 bps—425 bps over the 3M, I-Curve on the class B through class D notes.
Despite a slow start, SLABS issuance expected to increase this year over 2023
Banks that had financed warehouse facilities and investment firms that previously bought pools of loans from originators and servicers are among student debt holders looking for an exit strategy.
Student loan financing picks up, but what of its 2024 ABS impact?
Higher education debt originations are poised to turn a corner next year amid industry changes. The big question for observers is whether securitization will follow in 2024 business.
By
Amilda Dymi
Sallie Mae Bank returns to sponsor $1 billion in private student loan ABS
The deal has 76,440 in underlying loans, compared with 46,671 on the 2023-C deal. The average balance per borrower, however, was just $14,657, compared with the $14,430 on the 2023-C deal.
Investors warm to consumer ABS despite cyclical challenges
Esoteric transactions' premiums and longer durations are especially attractive, as other consumer assets are put to the test.
By
John Hintze
Brazos Higher Ed places $43.1 million in student loan ABS
The outstanding notes have 18.6%-19.6% of credit support in place, based on stressed break-even cash flow scenarios.
Navient Private Education Loan Trust issues $516 million in SLABS
The deal has a sequential repayment structure and collateral with 168 months of seasoning. The loans are already past their peak default periods, which each typically occur three to five years after a borrower enters repayment.
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