SLM Student Loan Trust Quarterly Servicing Report Report Date: 3/31/2004 Reporting Period: 01/01/04-03/31/04

Transcription

1 SLM Student Loan Trust Quarterly Servicing Report Report Date: 3/31/2004 Reporting Period: 01/01/0403/31/04 I. Deal Parameters Student Loan Portfolio Characteristics 12/31/2003 Activity 3/31/2004 A i Portfolio Balance $975,327, ($70,264,132.74) $905,063, ii Interest to be Capitalized 5,035, ,847, iii Total Pool $980,363, $909,911, iv Specified Reserve Account Balance v Total Adjusted Pool $980,363, $ 909,911, B i Weighted Average Coupon (WAC) 5.877% 5.927% ii Weighted Average Remaining Term iii Number of Loans 262, ,711 iv Number of Borrowers 130, ,328 Notes and Certificates Spread Balance 01/26/04 % of Pool Balance 04/26/04 % of Pool C i A1 Notes 78442GBA3 0.68% $ 0.000% $ 0.000% ii A2 Notes 78442GBB1 0.73% 874,613, % 804,161, % iii Certificates 78442GBC9 0.95% 105,750, % 105,750, % iv Total Notes and Certificates $ 980,363, % $ 909,911, % Reserve Account 1/26/2004 4/26/2004 D i Required Reserve Acct Deposit (%) 0.25% 0.25% ii Reserve Acct Initial Deposit ($) iii Specified Reserve Acct Balance ($) $ 2,450, $ 2,274, iv Reserve Account Floor Balance ($) $ 3,006, $ 3,006, v Current Reserve Acct Balance ($) $ 3,006, $ 3,006,

2 II Transactions from: 1/1/2004 through: 3/31/2004 A Student Loan Principal Activity i Regular Principal Collections $ 67,058, ii Principal Collections from Guarantor 7,204, iii Principal Reimbursements 172, iv Other System Adjustments 0.00 v Total Principal Collections $ 74,434, B Student Loan NonCash Principal Activity i Other Adjustments $ 105, ii Capitalized Interest (4,276,762.45) iii Total NonCash Principal Activity $ (4,170,783.45) C Total Student Loan Principal Activity $ 70,264, D E Student Loan Interest Activity i Regular Interest Collections $ 8,558, ii Interest Claims Received from Guarantors 438, iii Collection Fees/Returned Items 38, iv Late Fee Reimbursements 418, v Interest Reimbursements 18, vi Other System Adjustments 0.00 vii Special Allowance Payments (68.63) viii Subsidy Payments 810, ix Total Interest Collections $ 10,282, Student Loan NonCash Interest Activity i Interest Accrual Adjustment $ 8, ii Capitalized Interest 4,276, iii Total NonCash Interest Adjustments $ 4,285, F Total Student Loan Interest Activity $ 14,568, G. NonReimbursable Losses During Collection Period $ 93, H. Cumulative NonReimbursable Losses to Date $ 2,632,

3 III Collection Account Activity 1/1/2004 through 3/31/2004 A B Principal Collections i Principal Payments Received $ 41,429, ii Consolidation Principal Payments 32,833, iii Reimbursements by Seller (15,890.12) iv Borrower Benefits Reimbursements 4, v Reimbursements by Servicer 126, vi Repurchased Principal 57, vii Total Principal Collections $ 74,434, Interest Collections i Interest Payments Received $ 9,511, ii Consolidation Interest Payments 296, iii Reimbursements by Seller 5, iv Borrower Benefits Reimbursements v Reimbursements by Servicer 7, vi Repurchased Interest 5, vii Collection Fees/Return Items 38, viii Late Fees 418, ix Total Interest Collections $ 10,282, C Other Reimbursements $ 436, D Administrator Account Investment Income $ E Return funds borrowed for previous distribution $ F TOTAL FUNDS RECEIVED $ 85,154, LESS FUNDS PREVIOUSLY REMITTED: Servicing Fees $ (1,207,212.12) Consolidation Loan Rebate Fees $ (654,325.55) TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 83,292, G Servicing Fee CalculationCurrent Month i Primary Servicing Fee NonConsolidation Loans $ 435, ii Primary Servicing Fee Consolidation Loans $ 145, H Servicing Fees Due for Current Period $ 580, I Carryover Servicing Fees Due $ J Administration Fees Due $ 20, K Total Fees Due for Period $ 600,

4 IV Portfolio Characteristics Weighted Avg Coupon # of Loans % * Principal Amount % * STATUS 12/31/2003 3/31/ /31/2003 3/31/ /31/2003 3/31/ /31/2003 3/31/ /31/2003 3/31/2004 INTERIM: In School Current 3.870% 3.856% 1,929 1, % 0.704% $6,279, $5,733, % 0.634% Grace Current 3.777% 3.869% % 0.168% $1,767, $1,353, % 0.150% TOTAL INTERIM 3.850% 3.859% 2,444 2, % 0.871% $8,047, $7,087, % 0.783% REPAYMENT Active Current 6.082% 6.159% 171, , % % $583,864, $543,983, % % 3160 Days Delinquent 6.067% 6.132% 10,788 9, % 3.670% $45,982, $39,137, % 4.324% 6190 Days Delinquent 6.006% 6.059% 6,668 4, % 1.958% $29,741, $21,990, % 2.430% Days Delinquent 5.944% 5.899% 3,684 2, % 1.123% $16,611, $13,345, % 1.474% > 120 Days Delinquent 5.834% 5.772% 8,566 8, % 3.566% $40,146, $41,049, % 4.536% Deferment Current 5.212% 5.262% 29,114 28, % % $111,262, $109,909, % % Forbearance Current 5.592% 5.598% 27,674 25, % % $134,866, $123,422, % % TOTAL REPAYMENT 5.897% 5.945% 258, , % % $962,475, $892,838, % % Claims in Process (1) 5.302% 5.528% 1,262 1, % 0.454% $4,756, $5,112, % 0.565% Aged Claims Rejected (2) 4.292% 4.542% % 0.004% $49, $25, % 0.003% GRAND TOTAL 5.877% 5.927% 262, , % % $975,327, $905,063, % % (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. *Percentages may not total 100% due to rounding. 4

5 V Portfolio Characteristics by School and Program LOAN TYPE WAC # Loans $ Amount % GSL Subsidized 4.348% 148,956 $322,877, % GSL Unsubsidized 4.130% 48,738 $156,872, % PLUS Loans 4.058% 14,097 $46,993, % SLS Loans 4.128% 9,921 $35,485, % Consolidation Loans: 8.666% 23,999 $342,834, % Total 5.927% 245,711 $905,063, % SCHOOL TYPE WAC # Loans $ Amount % Four Year 4.281% 180,835 $487,826, % Two Year 4.229% 28,329 $53,031, % Technical 4.273% 12,679 $24,273, % Other 8.662% 23,868 $339,931, % Total 5.927% 245,711 $ 905,063, % *Percentages may not total 100% due to rounding. 5

6 VI Interest Calculation A Borrower Interest Accrued During Collection Period $ 12,588, B Interest Subsidy Payments Accrued During Collection Period 758, C SAP Payments Accrued During Collection Period 3.15 D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 163, E Investment Earnings (ADMINISTRATOR ACCOUNTS) 0.00 F Net Expected Interest Collections $ 13,510, G Student Loan Rate i Days in Calculation Period 91 ii Days in Year 366 iii Net Expected Interest Collections $ 13,510, iv Primary Servicing Fee $ 1,787, v Administration Fee $ 20, vi Total Pool Balance at Beginning of Collection Period $ 980,363, vii Student Loan Rate % Accrued Int Factor Accrual Period H Class A1 TBill Based Interest Rate % I Class A1 Interest Rate (01/26/04 04/26/04) % J Class A2 TBill Based Interest Rate % K Class A2 Interest Rate (01/26/04 04/26/04) % L Certificate TBill Based Rate of Return % M Certificate Rate of Return (01/26/04 04/26/04) % 6

7 VII Weekly TBill Rate Resets Number of Period Days Weighted 91 Day Tbill A2 Reset CERT Reset 1/26/2004 1/26/ % 1.621% 1.841% 1/27/2004 2/2/ % 1.637% 1.857% 2/3/2004 2/9/ % 1.669% 1.889% 2/10/2004 2/17/ % 1.669% 1.889% 2/18/2004 2/23/ % 1.661% 1.881% 2/24/2004 3/1/ % 1.677% 1.897% 3/2/2004 3/8/ % 1.687% 1.907% 3/9/2004 3/15/ % 1.675% 1.895% 3/16/2004 3/22/ % 1.691% 1.911% 3/23/2004 3/29/ % 1.675% 1.895% 3/30/2004 4/5/ % 1.691% 1.911% 4/6/2004 4/12/ % 1.675% 1.895% 4/13/2004 4/25/ % 1.659% 1.879% Total Days in Accrual Period 91 7

8 VIII. 1998Inputs From Previous Quarterly Servicing Rep 12/31/2003 A Total Student Loan Pool Outstanding i Portfolio Balance $ 975,327, ii Interest To Be Capitalized 5,035, iii Total Pool $ 980,363, iv Specified Reserve Account Balance v Total Adjusted Pool $ 980,363, B Total Note and Certificate Factor C Total Note and Certificate Balance $ 980,363, D Note Balance 1/26/2004 Class A1 Class A2 Certificates i Current Factor ii Expected Note Balance $ 0.00 $ 874,613, $ 105,750, E Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00 F Interest Shortfall $ 0.00 $ 0.00 $ 0.00 G Interest Carryover $ 0.00 $ 0.00 $ 0.00 H Reserve Account Balance $ 3,006, I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00 J Unpaid Administration fees from Prior Quarter(s) $ 0.00 K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00 L Interest Due on Unpaid Carryover Servicing Fees $

9 IX Waterfall for Distributions Remaining Funds Balance A Total Available Funds ( Sections IIIF + VID ) $ 83,456, $ 83,456, B Primary Servicing FeesCurrent Month $ 580, $ 82,875, C Administration Fee $ 20, $ 82,855, D Noteholder's Interest Distribution Amount i Class A1 $ 0.00 $ 82,855, ii Class A2 $ 3,633, $ 79,222, iii Total Noteholder's Interest Distribution $ 3,633, E Certificateholder's Return Distribution Amount $ 497, $ 78,725, F Noteholder's Principal Distribution Amount Paid i Class A1 $ 0.00 $ 78,725, ii Class A2 $ 70,451, $ 8,273, iii Total Noteholder's Principal Distribution $ 70,451, G Certificateholder's Balance Distribution Amount $ 0.00 $ 8,273, H Increase to the Specified Reserve Account Balance $ 0.00 $ 8,273, I Carryover Servicing Fees $ 0.00 $ 8,273, J Noteholder's Interest Carryover i Class A1 $ 0.00 $ 8,273, i Class A2 $ 0.00 $ 8,273, iii Total Noteholder's Interest Carryover $ 0.00 K Certificateholder's Return Carryover $ 0.00 $ 8,273, L Excess to Reserve Account $ 8,273, $

10 X Distributions A Distribution Amounts Class A1 Class A2 Certificates i Quarterly Interest Due $ 0.00 $ 3,633, $ 497, ii Quarterly Interest Paid ,633, , iii Interest Shortfall $ 0.00 $ 0.00 $ 0.00 iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00 v Interest Carryover Paid vi Interest Carryover $ 0.00 $ 0.00 $ 0.00 vii Quarterly Principal Due $ 0.00 $ 70,451, $ 0.00 viii Quarterly Principal Paid ,451, ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00 x Total Distribution Amount $ 0.00 $ 74,084, $ 497, B Principal Distribution Reconciliation i Notes and Certificates Principal Balanc3/31/04 $ 980,363, ii Adjusted Pool Balance 3/31/04 909,911, iii Adjusted Pool Exceeding Notes and Certificate Balance (iii) $ 70,451, iv Adjusted Pool Balance 12/31/03 $ 980,363, v Adjusted Pool Balance 3/31/04 909,911, vi Current Principal Due (ivv) $ 70,451, vii Principal Shortfall from Previous Collection Period viii Principal Distribution Amount (vi + vii) $ 70,451, ix Principal Distribution Amount Paid $ 70,451, x Principal Shortfall (viii ix) $ C Total Principal Distribution $ 70,451, D Total Interest Distribution 4,130, E Total Cash DistributionsNote and Certificates $ 74,581, F Note & Certificate Balances 1/26/2004 4/26/2004 i A1 Note Balance (78442GBA3) $ $ A1 Note Pool Factor ii A2 Note Balance (78442GBB1) $ 874,613, $ 804,161, A2 Note Pool Factor iii Certificate Balance (78442GBC9) $ 105,750, $ 105,750, Certificate Pool Factor G Reserve Account Reconciliation i Beginning of Period Balance $ 3,006, ii Deposits to correct Shortfall $ iii Deposits from Excess Servicing $ 8,273, iv Total Reserve Account Balance Available $ 11,280, v Required Reserve Account Balance $ 3,006, vi Shortfall Carried to Next Period $ vii Excess Reserve Release to SLM Corp. $ 8,273, viii Ending Reserve Account Balance $ 3,006,

11 XI Historical Pool Information /01/0403/31/04 01/01/0312/31/03 1/1/0212/31/02 1/1/0112/31/01 1/1/0012/31/00 1/1/9912/31/99 5/25/9812/31/98 Beginning Student Loan Portfolio Balance $ 975,327, $ 1,348,991, $ 1,807,063, $ 2,179,501, $ 2,478,450, $ 2,823,690, $ 2,955,578, Student Loan Principal Activity i Regular Principal Collections $ 67,058, $ 309,195, $ 249,376, $ 308,222, $ 270,189, $ 289,650, $ 173,179, ii Principal Collections from Guarantor 7,204, $ 34,304, $ 38,315, $ 40,090, ,880, $ 44,344, ,013, iii Principal Reimbursements 172, $ 52,745, $ 204,903, $ 75,438, ,740, $ 76,932, ,684, iv Other System Adjustments $ $ $ v Total Principal Collections $ 74,434, $ 396,245, $ 492,595, $ 423,751, $ 364,810, $ 410,927, $ 184,877, Student Loan NonCash Principal Activity i Other Adjustments $ 105, $ 2,797, $ 4,748, $ 5,070, $ 6,713, $ 8,145, $ 5,290, ii Capitalized Interest (4,276,762.45) $ (25,378,900.25) (39,271,730.41) (56,383,592.88) (72,575,570.07) $ (73,833,525.87) (58,280,393.05) iii Total NonCash Principal Activity $ (4,170,783.45) $ (22,581,624.01) $ (34,523,614.21) $ (51,313,258.40) $ (65,861,661.97) $ (65,687,962.15) $ (52,989,694.20) () Total Student Loan Principal Activity $ 70,264, $ 373,663, $ 458,071, $ 372,438, $ 298,949, $ 345,239, $ 131,888, Student Loan Interest Activity i Regular Interest Collections $ 8,558, $ 42,084, $ 64,638, $ 97,577, $ 114,269, $ 125,225, $ 79,142, ii Interest Claims Received from Guarantors 438, $ 2,219, $ 2,751, $ 3,112, ,908, $ 2,801, , iii Collection Fees/Return Items 38, $ 105, $ 37, iv Late Fee Reimbursements 418, $ 1,607, $ 1,772, $ 2,178, ,250, $ 2,230, , v Interest Reimbursements 18, $ 433, $ 1,864, $ 903, , $ 1,237, , vi Other System Adjustments $ $ $ (1,313.11) $ vii Special Allowance Payments (68.63) $ (2,831.70) $ (1,211.15) $ 4,319, ,519, $ 1,133, , viii Subsidy Payments 810, $ 4,452, $ 8,147, $ 13,743, ,867, $ 29,803, ,023, ix Total Interest Collections $ 10,282, $ 50,900, $ 79,210, $ 121,834, $ 155,606, $ 162,431, $ 95,934, Student Loan NonCash Interest Activity i Interest Accrual Adjustment $ 8, $ (2,293,707.61) $ (4,209,270.99) $ (4,482,180.67) $ (6,291,939.80) $ (7,343,266.92) $ (5,109,872.63) ii Capitalized Interest 4,276, $ 25,378, ,271, ,383, ,575, $ 73,833, ,280, iii Total NonCash Interest Adjustments $ 4,285, $ 23,085, $ 35,062, $ 51,901, $ 66,283, $ 66,490, $ 53,170, Total Student Loan Interest Activity $ 14,568, $ 73,985, $ 114,272, $ 173,735, $ 221,890, $ 228,921, $ 149,105, (=) Ending Student Loan Portfolio Balance $ 905,063, $ 975,327, $ 1,348,991, $ 1,807,063, $ 2,179,501, $ 2,478,450, $ 2,823,690, (+) Interest to be Capitalized $ 4,847, $ 5,035, $ 7,427, $ 11,593, $ 16,570, $ 27,266, $ 35,151, (=) TOTAL POOL $ 909,911, $ 980,363, $ 1,356,419, $ 1,818,656, $ 2,196,072, $ 2,505,717, $ 2,858,841, (+) Reserve Account Balance $ $ $ 3,391, $ 4,546, $ 5,490, $ 6,264, $ 7,147, (=) Total Adjusted Pool $ 909,911, $ 980,363, $ 1,359,810, $ 1,823,202, $ 2,201,562, $ 2,511,981, $ 2,865,988,

12 XII Payment History and CPRs Distribution Actual Since Issued Distribution Actual Since Issued Date Pool Balances CPR * Date Pool Balances CPR * Jul98 $ 3,006,252,430 Oct02 $ 1,476,422, % Oct98 $ 2,924,778, % Jan03 $ 1,356,419, % Jan99 $ 2,858,841, % Apr03 $ 1,251,903, % Apr99 $ 2,762,636, % Jul03 $ 1,190,240, % Jul99 $ 2,645,917, % Oct03 $ 1,053,647, % Oct99 $ 2,569,575, % Jan04 $ 980,363, % Jan00 $ 2,505,717, % Apr04 $ 909,911, % Apr00 $ 2,431,112, % Jul00 $ 2,356,448, % Oct00 $ 2,269,070, % Jan01 $ 2,196,072, % Apr01 $ 2,124,035, % Jul01 $ 2,040,922, % Oct01 $ 1,939,286, % Jan02 $ 1,818,656, % Apr02 $ 1,705,893, % Jul02 $ 1,617,068, % * "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 12