Sallie Mae Student Loan Trust Quarterly Servicing Report Report Date: 12/31/96 Reporting Period: 10/01/96-12/31/96

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1 Sallie Mae Student Loan Trust Quarterly Servicing Report Report Date: 12/31/96 Reporting Period: 10/01/96-12/31/96 I. Deal Parameters A Student Loan Portfolio Characteristics 9/30/96 Activity 12/31/96 i Portfolio Balance $ 1,349,145, $ (61,393,978.68) $ 1,287,751, ii Interest to be Capitalized $ 11,228, $ 9,711, iii Total Pool $ 1,360,374, $ 1,297,462, B i Weighted Average Coupon (WAC) % % ii Weighted Average Remaining Term iii Number of Loans 577, ,101 iv Number of Borrowers 220, ,510 C Notes and Certificates Spread Balance 10/25/96 % of Pool Balance 1/27/97 % of Pool i A-1 Notes AD3 0.56% $ 834,374, % $ 771,462, % ii A-2 Notes AE1 0.75% $ 473,500, % $ 473,500, % iii Certificates AF8 0.98% $ 52,500, % $ 52,500, % iv Total Notes and Certificates $ 1,360,374, % $ 1,297,462, % D Reserve Account 10/25/96 1/27/97 i Required Reserve Acct Deposit (%) 0.25% 0.25% ii Reserve Acct Initial Deposit ($) iii Specified Reserve Acct Balance ($) $ 3,400, $ 3,243, iv Reserve Account Floor Balance ($) $ 1,500,00 $ 1,500,00 v Current Reserve Acct Balance ($) $ 3,400, $ 3,243, Sallie Mae Student Loan Trust

2 II Transactions from: 10/1/96 through 12/31/96 A B Student Loan Principal Activity i Regular Principal Collections $ 38,568, ii Principal Collections from Guarantor $ 18,664, iii Principal Reimbursements $ 9,629, iv Other System Adjustments $ (7,343.12) v Total Principal Collections $ 66,855, Student Loan Non-Cash Principal Activity i Other Adjustments $ 1,174, ii Capitalized Interest $ (6,635,734.64) iii Total Non-Cash Principal Activity $ (5,461,089.84) C Total Student Loan Principal Activity $ 61,393, D E Student Loan Interest Activity i Regular Interest Collections $ 16,127, ii Interest Claims Received from Guarantors $ 1,180, iii Interest Reimbursements $ 125, iv Other System Adjustments $ (956.09) v Special Allowance Payments $ 991, vi Subsidy Payments $ 5,892, vii Total Interest Collections $ 24,315, Student Loan Non-Cash Interest Activity i Interest Accrual Adjustment $ (960,564.36) ii Capitalized Interest $ 6,635, iii Total Non-Cash Interest Adjustments $ 5,675, F Total Student Loan Interest Activity $ 29,991, Sallie Mae Student Loan Trust

3 III Collection Account Activity 10/1/96 through 12/31/96 A B Principal Collections i Principal Payments Received-Cash $ 57,233, ii Cash Forwarded by Administrator on behalf of Seller $ 2,019, iii Cash Forwarded by Administrator on behalf of Servicer $ 1, iv Cash Forwarded by Administrator for Consolidation Activity $ 7,601, v Total Principal Collections $ 66,855, Interest Collections i Interest Payments Received-Cash $ 24,190, ii Cash Forwarded by Administrator on behalf of Seller $ 18, iii Cash Forwarded by Administrator on behalf of Servicer $ 4, iv Cash Forwarded by Administrator for Consolidation Activity $ 101, v Total Interest Collections $ 24,315, C Other Reimbursements $ 66, D Administrator Account Investment Income $ 700, E TOTAL FUNDS RECEIVED $ 91,938, (LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,689,125.90) TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 90,249, F Servicing Fee Calculation-Current Month i Unit Charge Calculation $ 828, ii Percentage of Principal Calculation $ 1,197, iii Lesser of Unit or Principal Calculation $ 828, G Servicing Fees Due for Current Period $ 828, H Carryover Servicing Fees Due $ 1,125, OCT 1996 Servicing Carryover $ 386, NOV 1996 Servicing Carryover $ 376, DEC 1996 Servicing Carryover $ 369, $ 1,131, Less: Servicing ADJ [A iii + B iii] $ (5,859.72) TOTAL Carryover Servicing Fee Due $ 1,125, I Administration Fees Due $ 20,00 J Total Fees Due for Period $ 1,974, Sallie Mae Student Loan Trust

4 IV Portfolio Characteristics Weighted Avg Coupon # of Loans % Principal Amount % STATUS 9/30/96 12/31/96 9/30/96 12/31/96 9/30/96 12/31/96 9/30/96 12/31/96 9/30/96 12/31/96 INTERIM: In School Current % % 40,103 35, % % $ 115,553, $ 103,629, % % Grace Current % % 24,361 8, % % $ 74,652, $ 24,524, % % TOTAL INTERIM % % 64,464 44, % % $ 190,206, $ 128,154, % % REPAYMENT Active Current % % 372, , % % $ 787,184, $ 817,775, % % Days Delinquent % % 24,085 24, % % $ 52,552, $ 52,704, % % Days Delinquent % % 12,630 10, % % $ 32,028, $ 23,584, % % Days Delinquent % % 8,136 6, % % $ 19,982, $ 15,583, % % > 120 Days Delinquent % % 11,950 11, % % $ 28,878, $ 27,541, % % Deferment Current % % 57,718 55, % % $ 164,244, $ 156,532, % % Forbearance Current % % 19,855 18, % % $ 60,805, $ 54,920, % % TOTAL REPAYMENT % % 507, , % % $ 1,145,676, $ 1,148,642, % % Claims in Process (1) % % 5,618 5, % % $13,263, $10,954, % % Aged Claims Rejected (2) 00% 00% - - 0% 0% $ - $ - 0% 0% GRAND TOTAL % % 577, ,101 10% 10% $ 1,349,145, $ 1,287,751, % 10% (1) Claims filed and unpaid; includes claims rejected aged less than 6 months. (2) Claims rejected (subject to cure) aged 6 months or more; also includes claims deemed incurable pending repurchase. Sallie Mae Student Loan Trust

5 V. Interest Calculation A Borrower Interest Accrued During Collection Period $ 21,685, B Interest Subsidy Payments Accrued During Collection Period $ 5,413, C SAP Payments Accrued During Collection Period $ 580, D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 59, E Investment Earnings (ADMINISTRATOR ACT) $ 700, F Net Expected Interest Collections $ 28,439, G Student Loan Rate i Days in Collection Period (10/01/96-12/31/96) 92 ii Days in Year 366 iii Net Expected Interest Collections $ 28,439, iv Primary Servicing Fee $ 2,517, v Administration Fee $ 20,00 vi Total Pool Balance at Beginning of Collection Period $ 1,360,374, vii Student Loan Rate % Accrued Int Factor Accrual Period H Class A-1 T-Bill Based Interest Rate % I Class A-1 Interest Rate (10/25/96-1/27/97) % J Class A-2 T-Bill Based Interest Rate % K Class A-2 Interest Rate (10/25/96-1/27/97) % L Certificate T-Bill Based Rate of Return % M Certificate Rate of Return (10/25/96-1/27/97) % Sallie Mae Student Loan Trust

6 VI. Inputs From Previous Quarterly Servicing Repo 9/30/96 A Total Student Loan Pool Outstanding i Current Pool Balance $ 1,349,145, ii Interest To Be Capitalized $ 11,228, iii Total Student Loan Pool Outstanding $ 1,360,374, B Total Note and Certificate Factor C Total Note and Certificate Balance $ 1,360,374, D Note Balance 10/25/96 Class A-1 Class A-2 Certificates i Current Factor-10/25/ ii Note Principal Shortfall $ $ $ iii Expected Note Balance $ 834,374, $ 473,500,00 $ 52,500,00 iv Note Balance $ 834,374, $ 473,500,00 $ 52,500,00 E Interest Shortfall $ $ $ F Interest Carryover $ $ $ G Reserve Account Balance $ 3,400, H Unpaid Primary Servicing Fees from Prior Month(s) $ I Unpaid Administration fees from Prior Quarter(s) $ J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ Sallie Mae Student Loan Trust

7 VII. Waterfall for Distributions Remaining Funds Balance A Total Available Funds (Section III E + Section V-D) $ 90,308, $ 90,308, B Primary Servicing Fees-Current Month $ 828, $ 89,480, C Administration Fee $ 20,00 $ 89,460, D Noteholder's Interest Distribution Amount i Class A-1 $ 12,209, $ 77,251, ii Class A-2 $ 7,160, $ 70,090, iii Total Noteholder's Interest Distribution $ 19,369, E Certificateholder's Return Distribution Amount $ 825, $ 69,265, F Noteholder's Principal Distribution Amount i Class A-1 $ 62,911, $ 6,354, ii Class A-2 $ $ 6,354, iii Total Noteholder's Principal Distribution $ 62,911, G Certificateholder's Balance Distribution Amount $ $ 6,354, H Increase to the Specified Reserve Account Balance $ $ 6,354, I Carryover Servicing Fees $ 1,125, $ 5,228, J Noteholder's Interest Carryover i Class A-1 $ $ 5,228, i Class A-2 $ $ 5,228, iii Total Noteholder's Interest Carryover $ K Certificateholder's Return Carryover $ $ 5,228, L Excess to Reserve Account $ 5,228, $ Sallie Mae Student Loan Trust

8 VIII. Distributions A Distribution Amounts Class A-1 Class A-2 Certificates i Quarterly Interest Due $ 12,209, $ 7,160, $ 825, ii Quarterly Interest Paid $ 12,209, $ 7,160, $ 825, iii Interest Shortfall $ $ $ iv Interest Carryover Due $ $ $ v Interest Carryover Paid $ $ $ vi Interest Carryover $ $ $ vii Quarterly Principal Due (B) $ 62,911, $ $ viii Quarterly Principal Paid $ 62,911, $ $ ix Quarterly Principal Shortfall $ $ $ x Total Distribution Amount $ 75,120, $ 7,160, $ 825, B Principal Distribution Reconciliation i Notes and Certificates Principal Balance 12/31/96 $ 1,360,374, ii Pool Balance 12/31/96 $ 1,297,462, iii Pool Exceeding Notes and Certificate Balance (i-ii) $ 62,911, iv Principal Distribution Amount $ 62,911, C Total Principal Distribution $ 62,911, D Total Interest Distribution $ 20,194, E Total Cash Distributions-Note and Certificates $ 83,106, F Note & Certificate Balances 10/25/96 1/27/97 i A-1 Note Balance (795452AD3) $ 834,374, $ 771,462, A-1 Note Pool Factor ii A-2 Note Balance (795452AE1) $ 473,500,00 $ 473,500,00 A-2 Note Pool Factor iii Certificate Balance (795452AF8) $ 52,500,00 $ 52,500,00 Certificate Pool Factor G Reserve Account Reconciliation i Beginning of Period Balance $ 3,400, ii Deposits to correct Shortfall $ iii Deposits from Excess Servicing $ 5,228, iv Total Reserve Account Balance Available $ 8,629, v Required Reserve Account Balance $ 3,243, vi Shortfall Carried to Next Period $ vii Excess Reserve - Release to SLM Funding Corp $ 5,385, viii Ending Reserve Account Balance $ 3,243, Sallie Mae Student Loan Trust

9 IX. Historical Pool Information 10/1/96-12/31/96 7/1/96-9/30/96 4/1/96-6/30/96 2/5/96-3/31/96 Beginning Student Loan Portfolio Balance $ 1,349,145, $ 1,410,958, $ 1,459,260, $ 1,489,927, Student Loan Principal Activity i Regular Principal Collections $ 38,568, $ 41,001, $ 41,078, $ 27,226, ii Principal Collections from Guarantor $ 18,664, $ 10,313, $ 842, $ 27, iii Principal Reimbursements $ 9,629, $ 14,477, $ 12,387, $ 6,083, iv Other System Adjustments $ (7,343.12) $ (11,809.27) $ (548.12) $ 2, v Total Principal Collections $ 66,855, $ 65,780, $ 54,308, $ 33,339, Student Loan Non-Cash Principal Activity i Other Adjustments $ 1,174, $ 1,320, $ 1,000, $ 746, ii Capitalized Interest $ (6,635,734.64) $ (5,288,614.89) $ (7,006,226.11) $ (3,419,395.83) iii Total Non-Cash Principal Activity $ (5,461,089.84) $ (3,967,717.36) $ (6,006,201.61) $ (2,672,433.87) (-) Total Student Loan Principal Activity $ 61,393, $ 61,812, $ 48,301, $ 30,666, Student Loan Interest Activity i Regular Interest Collections $ 16,127, $ 17,372, $ 17,084, $ 10,764, ii Interet Claims Received from Guarantors $ 1,180, $ 612, $ 21, $ iii Interest Reimbursements $ 125, $ 182, $ 142, $ 50, iv Other System Adjustments $ (956.09) $ (960.98) $ $ 10, v Special Allowance Payments $ 991, $ 775, $ 343, $ - vi Interest Subsidy Payments $ 5,892, $ 7,006, $ 4,651, $ - vii Total Interest Collections $ 24,315, $ 25,948, $ 22,244, $ 10,825, Student Loan Non-Cash Interest Activity i Interest Accrual Adjustment $ (960,564.36) $ (1,187,918.97) $ (994,738.78) $ (733,594.53) ii Capitalized Interest $ 6,635, $ 5,288, $ 7,006, $ 3,419, iii Total Non-Cash Interest Adjustments $ 5,675, $ 4,100, $ 6,011, $ 2,685, Total Student Loan Interest Activity $ 29,991, $ 30,048, $ 28,255, $ 13,511, (=) Ending Student Loan Portfolio Balance $ 1,287,751, $ 1,349,145, $ 1,410,958, $ 1,459,260, (+) Interest to be Capitalized $9,711, $ 11,228, $ 10,991, $ 12,610, (=) TOTAL POOL $ 1,297,462, $ 1,360,374, $ 1,421,949, $ 1,471,870, Sallie Mae Student Loan Trust

10 X. Payment History and CPRs Distribution Actual Since Issued Date Pool Balances CPR * Feb-96 $ 1,502,106,411 - Apr-96 $ 1,471,870, % Jul-96 $ 1,421,949, % Oct-96 $ 1,360,374, % Jan-97 $ 1,297,462, % * "Since Issued CPR" is based on the current period's ending pool balance calculated against the original pool balance and assuming cutoff date pool data. Sallie Mae Student Loan Trust