SLM Student Loan Trust 2005-5 8-K

What Happened
SLM Student Loan Trust 2005-5 filed an 8-K reporting that the scheduled reset of its class A‑5 notes on January 26, 2026 resulted in a failed remarketing. The remarketing agent could not obtain sufficient committed purchasers by the required deadline of 3:00 P.M. (New York time) on January 21, 2026, so all existing A‑5 noteholders must retain their notes on the reset date. The interest rate for the failed remarketing will be the failed remarketing rate equal to SOFR (Secured Overnight Financing Rate) plus 0.75% per annum, with a three‑month reset period. The next reset date is April 27, 2026.

Key Details

• Event filed on Form 8-K: Other Events (Item 8.01).
• Scheduled reset date: January 26, 2026; spread determination deadline: Jan 21, 2026, 3:00 P.M. ET.
• Result: failed remarketing — insufficient committed purchasers.
• New interest terms: failed remarketing rate = SOFR + 0.75% per annum; reset period = 3 months; next reset April 27, 2026.

Why It Matters
For holders of the A‑5 notes, this means they cannot tender their notes at the reset and will receive interest at the failed remarketing rate (SOFR+0.75%) for the upcoming three‑month period. That determines near‑term cash interest payments and the timing of the next opportunity to remarket or reset the notes (April 27, 2026). Investors should note the change in rate-setting outcome but the filing does not report changes to principal, credit support, or other trust terms.