SLM Student Loan Trust 2006-5 8-K

What Happened SLM Student Loan Trust 2006-5 filed an 8-K (Item 8.01) on January 21, 2026, reporting a failed remarketing of its class A-6B and class A-6C notes. The notes were scheduled to reset on January 26, 2026, but the remarketing agents were unable to obtain sufficient committed purchasers by the 3:00 P.M. New York time deadline on January 21, 2026. As a result, a failed remarketing was declared and all existing holders will be required to retain their notes on the reset date.

Key Details

• Notes affected: class A-6B and class A-6C.
• Scheduled reset date: January 26, 2026; remarketing deadline: January 21, 2026 at 3:00 P.M. (NYC time).
• Failed remarketing rate: SOFR + 0.75% per annum.
• Reset period: three months; next reset date: April 27, 2026.

Why It Matters A failed remarketing means the trust could not re-sell the tendered notes at the proposed spread, so current noteholders must keep their securities and will receive the failed remarketing interest rate (SOFR + 0.75%) for the upcoming three-month reset period. For investors, this affects near-term interest payments and liquidity options for the A-6B and A-6C notes but does not in itself indicate a change in principal terms or a default.