Pheaa Student Loan Foundation Inc

Programs: The pheaa student loan foundation, inc. , a non-stock, nonprofit corporation incorporated under pennsylvania's nonprofit corporation law of 1988, as amended (the 'foundation') is organized to carry out student loan securitization transactions for the benefit of, or to carry out the purposes of, the pennsylvania higher education assistance agency ('pheaa'), a state agency of the commonwealth of pennsylvania ('commonwealth'),created and controlled by the commonwealth's legislature. The foundation's exempt purpose is to facilitate the securitization of student loans in order to raise funds for pheaa so that pheaa may continue to make, service and buy student loans and to otherwise improve higher educational opportunities for students, thereby lessening pheaas burdens of government. As of the end of the reporting period, the foundation had formed thirteen special purpose trusts known as the pheaa student loan trust i ( 'trust i'), pheaa student loan trust 2011-1 ("trust 2011-1"), pheaa student loan trust 2012-1 ("trust 2012-1"), pheaa student loan trust 2013-1 ("trust 2013-1"), pheaa student loan trust 2013-2 ("trust 2013-2"), pheaa warehouse facility trust ("warehouse trust 2013-1"), pheaa student loan trust 2013-3 ("trust 2013-3"), pheaa student loan trust 2014-1 ("trust 2014-1"), pheaa student loan trust 2014-2 ("trust 2014-2"), pheaa student loan trust 2014-3 ("trust 2014-3"), pheaa student loan trust 2015-1 ("trust 2015-1"), pheaa student loan trust 2016-1 ("trust 2016-1")and pheaa student loan trust 2016-2 ("trust 2016-2"), and collectively with trust i, trust 2011-1, trust 2012-1, trust 2013-1, trust 2013-2, warehouse trust 2013-1, trust 2013-3, trust 2014-1, trust 2014-2, trust 2014-3, trust 2015-1, trust 2016-1 and trust 2016-2, the "trusts") and three special purpose limited liability companies known as pheaa student loan company, llc ('slc i'), pheaa student loan company ii, llc ("slc ii"), and pheaa student loan company iii, llc ("slc iii"). The three slcs were dissolved on 7/30/2015. The trusts, slc i, slc ii a slc iii were organized to acquire, own and manage the student loans and other assets of such entities, issue notes to investors and make principal and interest payments on the notes to investors. Through a series of transactions in 2003, 2004 and 2005, trust i completed the issuance and sale of notes to purchase student loans from pheaa. In a transaction in june of 2009, slc i participated in the issuance and sale of notes through the straight-a funding conduit program to purchase student loans from pheaa. Slc ii and slc iii participated in similar transactions in december of 2009 and january of 2010, respectively. On july 14, 2011 trust 2011-1 issued notes in the amount of $1,676,400,000 and used substantially all of the proceeds of the notes to purchase certain student loans. On november 14, 2012, trust 2012-1 issued notes in the amount of $536,400,000 and used substantially all of the proceeds of the notes to purchase certain student loans. On june 12, 2013, trust 2013-1 issued notes in the amount of $583,950,000 and used substantially all of the proceeds of the notes to purchase certain student loans. On july 30, 2013, trust 2013-2 issued notes in the amount of $331,300,000 and used substantially all of the proceeds of the notes to purchase certain student loans. On november 20, 2013, trust 2013-3 issued notes in the amount of $517,850,000 and used substantially all of the proceeds of the notes to purchase certain student loans. On march 14, 2014, trust 2014-1 issued notes in the amount of $573,800,000 and used substantially all of the proceeds of the notes to purchase certain student loans. On june 17, 2014, trust 2014-2 issued notes in the amount of $573,800,000 and used substantially all of the proceeds of the notes to purchase certain student loans. On september 18, 2014, trust 2014-3 issued notes in the amount of $646,700,000, and used substantially all of the proceeds of the notes to purchase certain student loans. On april 22, 2015, trust 2015-1 issued notes in the amount of $636,900,000 and used substantially all of the proceeds of the notes to purchase certain student loans. On september 14, 2016, trust 2016-1 issued notes in the amount of $543,523,000 and used substantially all of the proceeds of the notes to purchase certain student loans. On november 22, 2016, trust 2016-2 issued notes in the amount of $382,700,000 and used substantially all of the proceeds of the notes to purchase certain student loans. However, as a cash basis taxpayer, the foundation does not have to recognize its residual interest as revenue until the cash flows become available. The foundation intends to distribute to pheaa, from time to time, all of the cash flows derived from the student loans, net of expenses (operating expenses and principal, and interest payment to investors). Pheaa intends to use grants and the proceeds from the sale of the student loans to continue other activities that subsidize the costs of higher education and satisfy pheaa's statutory mission.