On October 14, 2026, the SLM Student Loan Trust 2004-5 filed a Current Report on Form 8-K announcing the distribution of a preliminary remarketing memorandum. The memorandum, furnished by Navient Solutions, LLC in its capacity as administrator, is intended for qualified institutional buyers and details the student loan pool as of August 31, 2026.
The trust holds a total of 13,556 loans with an aggregate outstanding principal balance of $309,062,960. This balance includes accrued interest of $1,326,867 to be capitalized as of the statistical disclosure date. The portfolio consists of 7,679 borrowers with an average outstanding principal balance of $40,248 per borrower.
Interest rate structures for the loans are primarily tied to benchmark rates. Approximately 85.74% of the aggregate balance, or $264,995,940, is linked to the One-Month LIBOR rate, while 14.26% ($44,067,021) is linked to the Treasury Bill rate. The weighted average annual interest rate for the pool is 4.82%.
Regarding delinquency, 92.5% of the aggregate balance, or $285,877,638, is comprised of loans that are 30 days or less past due. The remaining balance is distributed across various delinquency intervals, with the largest segment being loans greater than 210 days past due, which represents 1.4% of the pool ($4,403,733).
The pool also includes a significant volume of loans in deferment and forbearance. The aggregate outstanding principal balance for loans in deferment is $7,828,465 (2.5% of the pool), while loans in forbearance total $27,302,622 (8.8% of the pool). Of the loans currently in deferment, approximately 64.9% are held by borrowers who had not graduated as of the statistical disclosure date.
Geographically, the largest concentration of loans is in California, with an aggregate outstanding principal balance of $37,528,718 (12.1% of the pool), followed by Florida ($28,767,669; 9.3%) and New York ($18,525,591; 6.0%).
