SLM Student Loan Trust 2006-5

SLM Student Loan Trust 2006-5 Quarterly Servicing Report Distribution Date 10/26/2015 Collection Period 07/01/2015-09/30/2015 Navient Funding, LLC - Depositor Navient Solutions - Servicer and Administrator Deutsche ank National Trust Company - Indenture Trustee Deutsche ank Trust Company Americas - Eligible Lender Trustee Navient Investment Corp. - Excess Distribution Certificateholder Page 1 of 12

I. Deal Parameters A Student Loan Portfolio Characteristics 06/21/2006 06/30/2015 09/30/2015 Principal alance $ 2,962,149,138.19 $ 1,498,318,371.35 $ 1,461,204,655.99 Interest to be Capitalized alance $ 9,967,291.42 $ 3,601,827.56 $ 3,250,949.50 Pool alance $ 2,972,116,429.61 $ 1,501,920,198.91 $ 1,464,455,605.49 Capitalized Interest Account alance $ 75,000,000.00 Add-on Consolidation Loan Account alance $ 15,000,000.00 Specified Reserve Account alance $ 7,540,932.00 $ 4,524,559.00 $ 4,524,559.00 (1) Adjusted Pool $ 3,069,657,361.61 $ 1,506,444,757.91 $ 1,468,980,164.49 Weighted Average Coupon (WAC) 4.90% 4.81% 4.81% Weighted Average Remaining Term 263.13 206.27 204.14 Number of Loans 184,839 93,600 91,517 Number of orrowers 115,099 54,693 53,455 Aggregate Outstanding Principal alance - Tbill $ 48,274,383.23 $ 47,346,126.64 Aggregate Outstanding Principal alance - LIOR $ 1,453,645,815.68 $ 1,417,109,478.85 Pool Factor Since Issued Constant Prepayment Rate 0.497922643 3.35% 0.485502230 3.37% (1) The Specified Reserve Account balance is included in the Adjusted Pool until the Pool alance is less than or equal to 40% of the original pool. Debt Securities Cusip/Isin 07/27/2015 10/26/2015 A4 83149EAD9 $ 62,040,371.44 $ 26,328,045.93 A5 83149EAE7 $ 591,000,000.00 $ 591,000,000.00 A6A 83149EAH0 $ 382,946,000.00 $ 382,946,000.00 A6 83149EAJ6 A6C 83149EAK3 83149EAG2 $ 70,458,386.47 $ 68,706,118.56 C Account alances 07/27/2015 10/26/2015 Reserve Account alance $ 4,524,559.00 $ 4,524,559.00 Capitalized Interest Account alance Add-on Consolidation Loan Account Supplemental Loan Purchase Account Remarketing Fee Account Accumulation Accounts Supplemental Interest Accounts Investment Reserve Account Investment Premium Purchase Account D Asset / Liability 07/27/2015 10/26/2015 Adjusted Pool alance + Supplemental Loan Purchase Total Notes Difference Parity Ratio $ 1,506,444,757.91 $ 1,468,980,164.49 $ 1,506,444,757.91 $ 1,468,980,164.49 1.00000 1.00000 Page 2 of 12 Trust 2006-5 Quarterly Servicing Report: Collection Period 07/01/2015-09/30/2015, Distribution Date 10/26/2015

II. Trust Activity 07/01/2015 through 09/30/2015 A C D E F G Student Loan Principal Receipts orrower Principal Guarantor Principal Consolidation Activity Principal Seller Principal Reimbursement Servicer Principal Reimbursement Rejected Claim Repurchased Principal Other Principal Deposits Total Principal Receipts Student Loan Interest Receipts orrower Interest Guarantor Interest Consolidation Activity Interest Special Allowance Payments Interest Subsidy Payments Seller Interest Reimbursement Servicer Interest Reimbursement Rejected Claim Repurchased Interest Other Interest Deposits Total Interest Receipts Reserves in Excess of Requirement Investment Income Funds orrowed from Next Collection Period Funds Repaid from Prior Collection Period Loan Sale or Purchase Proceeds 21,522,180.78 9,020,704.71 12,132,963.88 - (89.46) 43,314.82 - $ 42,719,074.73 9,969,536.73 429,847.33 134,243.06 (4,895.10) 970,606.24 3,324.16 10,355.62 2,904.45 172,880.07 $ 11,688,802.56 $ 5,117.88 H Gross Swap Receipts I J Initial Deposits to Collection Account Excess Transferred from Other Accounts K L M N O Excess Transferred from Remarketing Fee Account Other Deposits $ 672,767.49 Funds Released from Capitalized Interest Account Less: Funds Previously Remitted: Servicing Fees to Servicer Consolidation Loan Rebate Fees to Dept. of Education Floor Income Rebate Fees to Dept. of Education $(1,242,578.77) $(3,893,103.78) $(2,253,562.15) AVAILALE FUNDS $ 47,696,517.96 P Q R S Non-Cash Principal Activity During Collection Period Non-Reimbursable Losses During Collection Period Aggregate Purchased Amounts by the Depositor, Servicer or Seller Aggregate Loan Substitutions $(5,605,359.37) $ 115,997.81 $ 46,219.27 Page 3 of 12 Trust 2006-5 Quarterly Servicing Report: Collection Period 07/01/2015-09/30/2015, Distribution Date 10/26/2015

III. 2006-5 Portfolio Characteristics 09/30/2015 06/30/2015 Wtd Avg Coupon # Loans Principal % of Principal Wtd Avg Coupon # Loans Principal % of Principal INTERIM: DEFERMENT 4.99% 5,567 $98,829,970.03 6.764% 4.97% 5,960 $107,040,017.68 7.144% REPAYMENT: CURRENT 4.67% 73,187 $1,071,599,056.08 73.337% 4.67% 74,099 $1,084,887,816.42 72.407% 31-60 DAYS DELINQUENT 5.14% 2,297 $46,464,241.82 3.180% 5.18% 2,171 $46,819,154.64 3.125% 61-90 DAYS DELINQUENT 5.07% 1,049 $22,208,007.06 1.520% 5.19% 1,204 $25,121,263.09 1.677% 91-120 DAYS DELINQUENT 5.40% 764 $15,700,543.21 1.074% 5.38% 717 $14,941,889.58 0.997% > 120 DAYS DELINQUENT 5.34% 2,201 $45,010,023.27 3.080% 5.46% 2,364 $47,479,140.68 3.169% FOREARANCE 5.29% 6,068 $154,860,521.15 10.598% 5.22% 6,692 $165,271,973.33 11.030% CLAIMS IN PROCESS 5.65% 383 $6,510,941.76 0.446% 5.14% 391 $6,716,165.04 0.448% AGED CLAIMS REJECTED 7.00% 1 $21,351.61 0.001% 6.94% 2 $40,950.89 0.003% TOTAL 91,517 $1,461,204,655.99 100.00% 93,600 $1,498,318,371.35 100.00% * Percentages may not total 100% due to rounding Page 4 of 12 Trust 2006-5 Quarterly Servicing Report: Collection Period 07/01/2015-09/30/2015, Distribution Date 10/26/2015

IV. 2006-5 Portfolio Characteristics (cont'd) 09/30/2015 06/30/2015 Pool alance Outstanding orrower Accrued Interest orrower Accrued Interest to be Capitalized orrower Accrued Interest >30 Days Delinquent Total # Loans Total # orrowers Weighted Average Coupon Weighted Average Remaining Term mnon-reimbursable Losses Cumulative Non-Reimbursable Losses Since Issued Constant Prepayment Rate (CPR) Loan Substitutions Cumulative Loan Substitutions Rejected Claim Repurchases Cumulative Rejected Claim Repurchases Unpaid Primary Servicing Fees Unpaid Administration Fees Unpaid Carryover Servicing Fees Note Principal Shortfall Note Interest Shortfall Unpaid Interest Carryover Non-Cash Principal Activity - Capitalized Interest orrower Interest Accrued Interest Subsidy Payments Accrued Special Allowance Payments Accrued $1,464,455,605.49 $13,154,633.48 $3,250,949.50 $3,342,355.63 91,517 53,455 4.81% 204.14 $115,997.81 $7,382,582.70 3.37% $46,219.27 $9,846,944.04 $5,721,808.23 $16,273,724.60 $963,641.31 $24,026.54 $1,501,920,198.91 $13,113,344.11 $3,601,827.56 $3,489,193.21 93,600 54,693 4.81% 206.27 $107,743.63 $7,266,584.89 3.35% $3,086.60 $9,800,724.77 $6,119,885.81 $16,495,674.55 $967,286.26 $19,874.17 Page 5 of 12 Trust 2006-5 Quarterly Servicing Report: Collection Period 07/01/2015-09/30/2015, Distribution Date 10/26/2015

V. 2006-5 Portfolio Statistics by School and Program Weighted A LOAN TYPE Average Coupon # LOANS $ AMOUNT % * - GSL (1) - Subsidized - GSL - Unsubsidized 0.00% 0-0.000% 0.00% 0-0.000% - PLUS (2) Loans 0.00% 0-0.000% - SLS (3) Loans 0.00% 0-0.000% - Consolidation Loans 4.81% 91,517 1,461,204,655.99 100.000% Total 4.81% 91,517 $ 1,461,204,655.99 100.000% SCHOOL TYPE Weighted Average Coupon # LOANS $ AMOUNT % * - Four Year 9.00% 1 799.97 0.000% - Two Year 0.00% 0-0.000% - Technical 0.00% 0-0.000% - Other 4.81% 91,516 1,461,203,856.02 100.000% Total 4.81% 91,517 $ 1,461,204,655.99 100.000% *Percentages may not total 100% due to rounding. (1) (2) (3) Guaranteed Stafford Loan Parent Loans for Undergraduate Students Supplemental Loans to Students. The Unsubsidized Stafford Loan program replaced the SLS program on July 1, 1994. Page 6 of 12 Trust 2006-5 Quarterly Servicing Report: Collection Period 07/01/2015-09/30/2015, Distribution Date 10/26/2015

VI. 2006-5 Waterfall for Distributions Paid Remaining Funds alance Total Available Funds $ 47,696,517.96 A Primary Servicing Fee $ 613,665.42 $ 47,082,852.54 Administration Fee $ 25,000.00 $ 47,057,852.54 C Quarterly Funding Amount (Remarketing Fee Account) $ 47,057,852.54 D i Class A Noteholders' Interest Distribution Amount $ 1,524,260.53 $ 45,533,592.01 ii Interest Rate Swap Payment $ 45,533,592.01 iii Swap Termination Payment $ 45,533,592.01 E Class Noteholders' Interest Distribution Amount $ 89,959.90 $ 45,443,632.11 F Class A Noteholders' Principal Distribution Amount $ 35,712,325.51 $ 9,731,306.60 G Supplemental Interest Account Deposit $ 9,731,306.60 H Investment Reserve Account Required Amount $ 9,731,306.60 I Class Noteholders' Principal Distribution Amount $ 1,752,267.91 $ 7,979,038.69 J Reserve Account Reinstatement $ 7,979,038.69 K Investment Premium Purchase Account Deposit Amount $ 7,979,038.69 L Carryover Servicing Fee $ 7,979,038.69 M Remaining Swap Termination Fees $ 7,979,038.69 N Remarketing Fees not paid from Remarketing Fee Account $ 7,979,038.69 O Reimbursement of unpaid remarketing fees to the Remarketing Agents or Administrator $ 7,979,038.69 P Excess Distribution Certificateholder $ 7,979,038.69 * In the event the trust student loans are not sold on the trust auction date, on each subsequent distribution date on which the Pool alance is equal to 10% or less of the initial Pool alance, accelerated payments of principal on the notes will be made in place of payments to the excess distribution certificateholder. Page 7 of 12 Trust 2006-5 Quarterly Servicing Report: Collection Period 07/01/2015-09/30/2015, Distribution Date 10/26/2015

VII. Trigger Events A Has the Stepdown Date Occurred?** ** The Stepdown Date is the earlier of (1) 07/25/2012 or (2) the first date on which no class A notes remain outstanding. Note alance Trigger Y i ii Less: Amounts in the Accumulation Account iii Total $ 1,468,980,164.49 iv Adjusted Pool alance $ 1,468,980,164.49 v Notes Outstanding (after application of available funds) Note alance Trigger Event Exists (iv > iii) After the stepdown date, a trigger event in existence results in a Class Percentage of 0 $ 1,468,980,164.49 N Class A Percentage (%) Class Percentage (%) 95.32% 4.68% C Other Waterfall Triggers i Student Loan Principal Outstanding $ 1,461,204,655.99 ii orrower Interest Accrued $ 16,273,724.60 iii Interest Subsidy Payments Accrued $ 963,641.31 iv Special Allowance Payments Accrued $ 24,026.54 v vi vii Capitalized Interest Account alance Add-On Account alance Reserve Account alance (after any reinstatement) $ 4,524,559.00 viii ix x xi xii xiii Total Less: Specified Reserve Account alance Less: Supplemental Interest Account Deposit Total Class A Notes Outstanding (after application of available funds) Less: Amounts in the Accumulation Accounts $ 1,482,990,607.44 $(4,524,559.00) $ 1,478,466,048.44 $ 1,400,274,045.93 xiv Total $ 1,400,274,045.93 xv Insolvency Event or Event of Default Under Indenture N xvi Available Funds Applied to Class A Noteholders Distribution Amount efore Any Amounts are Applied to the Class Noteholders Distribution Amount (xiv > xi or xv = Y) N Page 8 of 12 Trust 2006-5 Quarterly Servicing Report: Collection Period 07/01/2015-09/30/2015, Distribution Date 10/26/2015

VIII. 2006-5 Distributions Distribution Amounts Cusip/Isin A4 A5 A6A 83149EAD9 83149EAE7 eginning alance $ 62,040,371.44 $ 591,000,000.00 83149EAH0 $ 382,946,000.00 Index LIOR LIOR LIOR Next Remarketing Reset Date (if Reset Note) Spread/Fixed Rate 0.080% 0.110% 0.160% N/A Record Date (Days Prior to Distribution) 1 NEW YORK USINESS DAY 1 NEW YORK USINESS DAY 1 NEW YORK USINESS DAY Accrual Period egin 7/27/2015 7/27/2015 7/27/2015 Accrual Period End 10/26/2015 10/26/2015 10/26/2015 Daycount Fraction 0.25277778 0.25277778 0.25277778 Interest Rate* 0.37510% 0.40510% 0.45510% Accrued Interest Factor 0.000948169 0.001024003 0.001150392 Current Interest Due $ 58,824.78 $ 605,185.64 $ 440,537.89 Interest Shortfall from Prior Period Plus Accrued Interest Total Interest Due $ 58,824.78 $ 605,185.64 $ 440,537.89 Interest Paid $ 58,824.78 $ 605,185.64 $ 440,537.89 Interest Shortfall Principal Paid $35,712,325.51 Ending Principal alance $ 26,328,045.93 $ 591,000,000.00 $ 382,946,000.00 Paydown Factor 0.070438512 0.000000000 0.000000000 Factor 0.051929085 N/A 1.000000000 N/A 1.000000000 * Pay rates for Current Distribution. For the interest rates applicable to the next distribution date, please see https://www.navient.com/about/investors/data/abrate.txt. **Amounts allocated to classes of fixed rate reset notes are deposited into their accumulation account for distribution on the next related reset date Page 9 of 12 Trust 2006-5 Quarterly Servicing Report: Collection Period 07/01/2015-09/30/2015, Distribution Date 10/26/2015

VIII. 2006-5 Distributions Distribution Amounts A6 A6C Cusip/Isin eginning alance $ 70,458,386.47 Index Next Remarketing Reset Date (if Reset Note) 83149EAJ6 LIOR 1/25/2018 83149EAK3 LIOR 1/25/2018 83149EAG2 LIOR N/A Spread/Fixed Rate 0.120% 0.120% 0.210% Record Date (Days Prior to Distribution) 1 NEW YORK USINESS DAY 1 NEW YORK USINESS DAY 1 NEW YORK USINESS DAY Accrual Period egin 7/27/2015 7/27/2015 7/27/2015 Accrual Period End 10/26/2015 10/26/2015 10/26/2015 Daycount Fraction 0.25277778 0.25277778 0.25277778 Interest Rate* 0.41510% 0.41510% 0.50510% Accrued Interest Factor 0.001049281 0.001049281 0.001276781 Current Interest Due $ 209,856.11 $ 209,856.11 $ 89,959.90 Interest Shortfall from Prior Period Plus Accrued Interest Total Interest Due $ 209,856.11 $ 209,856.11 $ 89,959.90 Interest Paid $ 209,856.11 $ 209,856.11 $ 89,959.90 Interest Shortfall Principal Paid Ending Principal alance Paydown Factor 0.000000000 0.000000000 $ 1,752,267.91 $ 68,706,118.56 0.018848076 Factor 1.000000000 1.000000000 0.739029758 * Pay rates for Current Distribution. For the interest rates applicable to the next distribution date, please see https://www.navient.com/about/investors/data/abrate.txt. **Amounts allocated to classes of fixed rate reset notes are deposited into their accumulation account for distribution on the next related reset date Page 10 of 12 Trust 2006-5 Quarterly Servicing Report: Collection Period 07/01/2015-09/30/2015, Distribution Date 10/26/2015

IX. A C 2006-5 Reconciliations Principal Distribution Reconciliation Prior Adjusted Pool alance $ 1,506,444,757.91 Current Adjusted Pool alance $ 1,468,980,164.49 Current Principal Due $ 37,464,593.42 Principal Shortfall from Previous Collection Period Principal Distribution Amount $ 37,464,593.42 Principal Paid $ 37,464,593.42 Principal Shortfall Reserve Account Reconciliation eginning Period alance $ 4,524,559.00 Reserve Funds Utilized Reserve Funds Reinstated alance Available $ 4,524,559.00 Required Reserve Acct alance $ 4,524,559.00 Release to Collection Account Ending Reserve Account alance $ 4,524,559.00 Capitalized Interest Account eginning Period alance Transfers to Collection Account D Remarketing Fee Account A6 A6C Reset Period Target Amount Quarterly Required Amount eginning alance Quarterly Funding Amount Remarketing Fees Paid this distribution Reset Period Target Amount Excess E F Supplemental Purchase Account eginning Period alance Supplemental Loan Purchases Transfers to Collection Account Add-On Consolidation Loan Account eginning alance Add-on Loans Funded Transfers to Collection Account Page 11 of 12 Trust 2006-5 Quarterly Servicing Report: Collection Period 07/01/2015-09/30/2015, Distribution Date 10/26/2015

IX. 2006-5 Reconciliations (cont'd) G Accumulation Account A6 A6C eginning alance Principal Distribution Amount Deposits Principal Payments to Noteholders H Supplemental Interest Account Accumulation Account alance eginning alance Supplemental Interest Account Deposit Amount Funds Released into Collection Account I Investment Reserve Account Investment Downgrade Flag eginning alance Investment Reserve Account Required Amount Deposit Funds Released into Accumulation Accounts Funds Released to Collection Accounts N J Investment Premium Purchase Account eginning Account alance New Deposits (1% of new Accum Acct Dep) Payments made on investments in excess of par Page 12 of 12 Trust 2006-5 Quarterly Servicing Report: Collection Period 07/01/2015-09/30/2015, Distribution Date 10/26/2015