Navient to bid on all A-6B, A-6C notes that it does not currently hold

Chicago, March 11 – A Navient Funding, LLC affiliate plans to submit buy bids for all outstanding class A-6B and class A-6C auction-rate notes that it does not currently hold of SLM Student Loan Trust 2006-7, according to an 8-K filing with the Securities and Exchange Commission.

The auction for the class A-6B notes will occur on March 13, and the auction for the class A-6C notes will occur March 15.

The affiliate will submit buy bids for the notes at a rate equal to Libor plus 150 basis points.

The previous auctions for the class A-6B notes resulted in the depositor’s affiliate holding $64.3 million of the $88.2 million class A-6B notes.

The previous auctions for the class A-6C resulted in the depositor’s affiliate holding $20.6 million of the $88.2 million class A-6C notes.

The affiliate plans to submit a hold order for the class A-6B notes and class A-6C notes it currently holds.

Navient Funding is a subsidiary of Navient Corp., a loan management, servicing and asset recovery company based in Wilmington, Del.

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