iv Specified Reserve Account Balance $ 2,435, E is Capitalized Interest Account Balance $ 13,700, $ - $ 13,700,000.00

Transcription

1 I. SLC TRUST Deal Parameters Student Portfolio Characteristics 02/28/2006 Activity 05/31/2006 A is Portfolio Balance $ 970,517, $ 23,088, $ 947,429, ii Interest to be Capitalized $3,459, $ 3,692, iii Total Pool $ 973,977, $ 951,121, iv Specified Reserve Account Balance $ 2,435, $ 2,377, v Capitalized Interest Account Balance $ 13,700, $ 13,700, vi Total Adjusted Pool $ 990,112, $ 967,199, B is Portfolio Balance as a Percent of Original Balance 96.41% 94.12% ii Weighted Average Coupon (WAC) 3.755% 3.752% iii Weighted Average Remaining Term iv Number of Loans 61,528 60,371 v Number of Borrowers 35,975 35,277 vi Average Outstanding Principal Balance $958,973, Notes CUSIP Spread Balance Pool Factor Balance Pool Factor 03/15/ /15/ /15/ /15/2006 C is A1 Notes AF % $ 313,901, $ 289,241, ii A2 Notes AG % $ 196,000, $ 196,000, iii A3 Notes AH % $ 189,000, $ 189,000, iv A4 Notes AJ % $ 262,450, $ 262,450, v B Notes AK % $ 30,800, $ 30,800, Total Notes $ 992,151, $ 967,491, Parity 99.79% 99.97% Reserve Account 03/15/2006 Activity 06/15/2006 D is Required Reserve Acc Deposit (%) 0.25% 0.25% ii Reserve Acct Initial Deposit ($) $ 2,525, $ $ 2,525, iii Specified Reserve Acct Balance ($) $ 2,435, $ (57,281.57) $ 2,377, iv Reserve Account Floor Balance ($) $ 1,515, $ $ 1,515, v Current Reserve Acct Balance ($) $ 2,435, $ (57,281.57) $ 2,377, Capitalized Interest Account 03/15/2006 Activity 06/15/2006 E is Capitalized Interest Account Balance $ 13,700, $ $ 13,700, Page 1

2 II. SLC TRUST Distributions Interest Quarterly Quarterly Interest Interest Class CUSIP Interest Interest Interest Carryover Carryover Interest Interest Rate Next Due Paid Shortfall Due Paid Carryover Factor Rate A AF8 $ 3,938, $ 3,938, $ $ $ $ % % A AG6 $ 2,499, $ 2,499, $ $ $ $ % % A AH4 $ 2,424, $ 2,424, $ $ $ $ % % A AJ0 $ 3,400, $ 3,400, $ $ $ $ % % B AK7 $ 408, $ 408, $ $ $ $ % % TOTAL $ 12,671, $ 12,671, $ $ $ $ Principal CUR LIBOR % Quarterly Quarterly Quarterly NEXT LIBOR % Class CUSIP Principal Principal Principal Principal Due Paid Shortfall Factor A AF8 $ 24,951, $ 24,659, $ 292, A AG6 $ $ $ A AH4 $ $ $ A AJ0 $ $ $ B AK7 $ $ $ TOTAL $ 24,951, $ 24,659, $ 292, Page 2

3 III. SLC TRUST Transactions from: 03/01/2006 through: 05/31/2006 A B Student Loan Principal Activity is Regular Principal Collections $ 21,619, ii Principal Collections from Guarantor $ 3,220, iii Principal Reimbursements $ iv Other System Adjustments $ v Total Principal Collections $ 24,840, Student Loan NonCash Principal Activity is Other Adjustments $ (234,451.14) ii Capitalized Interest $ (1,516,750.75) iii Total NonCash Principal Activity $ (1,751,201.89) C Total Student Loan Principal Activity $ 23,088, D E Student Loan Interest Activity is Regular Interest Collections $ 6,165, ii Interest Claims Received from Guarantors $ 129, iii Collection Fees / Returned Items $ iv Late Fee Reimbursements $ 75, v Interest Reimbursements $ vi Other System Adjustments $ vii Special Allowance Payments $ 8,732, viii Subsidy Payments $ 600, ix Total Interest Collections $ 15,703, Student Loan NonCash Interest Activity is Interest Accrual Adjustments $ (8,229,237.22) ii Government Interest Accrual Adjustments $ (9,939,033.37) iii Capitalized Interest $ 1,516, iv Total NonCash Interest Adjustments $ (16,651,519.84) F Total Student Loan Interest Activity $ (947,988.33) G Realized Losses During Collection Period $ H Cumulative Realized Losses to Date $ Page 3

4 IV. SLC TRUST Collection Account Activity 03/01/2006 through 05/31/2006 A B Principal Collections is Principal Payments Received $ 5,077, ii Principal Collections from Guarantor $ 3,220, iii Consolidation Principal Payments $ 16,542, iv Reimbursements by Seller $ v Borrower Benefits Reimbursements $ vi Reimbursements by Servicer $ vii Repurchased Principal $ viii Total Principal Collections $ 24,840, Interest Collections is Interest Payments Received $ 15,276, ii Interest Claims Received from Guarantors $ 129, iii Consolidation Interest Payments $ 222, iv Reimbursements by Seller $ v Borrower Benefits Reimbursements $ vi Reimbursements by Servicer $ vii Repurchased Interest $ viii Collection Fees / Returned Items $ ix Late Fees $ 75, x Total Interest Collections $ 15,703, C Other Reimbursements $ D Reserves in Excess of Reserve Requirement $ 57, E Interest Rate Cap Proceeds $ F Trust Account Investment Income $ 458, G Administrator Account Investment Income $ TOTAL FUNDS RECEIVED $ 41,059, LESS FUNDS PREVIOUSLY REMITTED/SET ASIDE: is Consolidation Loan Rebate Fees $ 2,524, H TOTAL AVAILABLE FUNDS $ 38,535, I Servicing Fees Due for Current Period $ 1,204, J Carryover Servicing Fees Due $ K Total Fees Due for Period $ 1,204, Page 4

5 V. SLC TRUST Waterfall for Distributions A Total Available Funds (IIIF) $ 38,535, B Trustee Fees $ C Primary Servicing Fees $ 1,204, E F Noteholders' Interest Distribution Amount Paid is Class A1 $ 3,938, ii Class A2 $ 2,499, iii Class A3 $ 2,424, iv Class A4 $ 3,400, v Class B $ 408, vi Total Noteholder's Interest Distribution $ 12,671, Noteholder's Principal Distribution Amount Paid is Class A1 $ 24,659, ii Class A2 $ iii Class A3 $ iv Class A4 $ v Class B $ vi Total Noteholder's Principal Distribution $ 24,659, G Increase to the Reserve Account Balance $ H Carryover Servicing Fees $ I Noteholder's Interest Carryover is Class A1 $ ii Class A2 $ iii Class A3 $ iv Class A4 $ v Class B $ vi Total Noteholder's Interest Carryover $ J Excess Distribution Release to Trust Certificateholders $ K Draw from Capitalized Interest Account $ Page 5

6 VI. SLC TRUST Historical Pool Information 09/28/0511/30/05 12/01/0502/28/06 03/01/0605/31/06 06/01/0608/31/06 Student Loan Interest Activity is Regular Interest Collections $ 4,447, $ 6,352, $ 6,165, $ ii Interest Claims Received from Guarantors $ $ 11, $ 129, $ iii Collection Fees / Returned Items $ $ $ $ iv Late Fee Reimbursements $ 46, $ 75, $ 75, $ v Interest Reimbursements $ $ $ $ vi Other System Adjustments $ $ $ $ vii Special Allowance Payments $ 211, $ 7,851, $ 8,732, $ viii Subsidy Payments $ 19, $ 622, $ 600, $ ix Total Interest Collections $ 4,725, $ 14,913, $ 15,703, $ Student Loan NonCash Interest Activity is Interest Accrual Adjustments $ (5,847,071.91) $ (8,212,388.92) $ (8,229,237.22) $ ii Government Interest Accrual Adjustments $ (5,749,006.43) $ (9,054,989.48) $ (9,939,033.37) $ iii Capitalized Interest $ 1,386, $ 2,961, $ 1,516, $ iv Total NonCash Interest Adjustments $ (10,209,788.06) $ (14,305,586.62) $ (16,651,519.84) $ Total Student Loan Interest Activity $ (5,484,248.23) $ 607, $ (947,988.33) $ Beginning Student Loan Portfolio Balance $ 1,006,615, $ 992,440, $ 970,517, $ Student Loan Principal Activity is Regular Principal Collections $ 15,826, $ 24,362, $ 21,619, $ ii Principal Collections from Guarantor $ 52, $ 774, $ 3,220, $ iii Principal Reimbursements $ $ $ $ iv Other System Adjustments $ $ $ $ v Total Principal Collections $ 15,879, $ 25,136, $ 24,840, $ Student Loan NonCash Principal Activity is Other Adjustments $ (317,745.23) $ (252,008.50) $ (234,451.14) $ ii Capitalized Interest $ (1,386,290.28) $ (2,961,791.78) $ (1,516,750.75) $ iii Total NonCash Principal Activity $ (1,704,035.51) $ (3,213,800.28) $ (1,751,201.89) $ () Total Student Loan Principal Activity $ 14,175, $ 21,922, $ 23,088, $ (=) Ending Student Loan Portfolio Balance $ 992,440, $ 970,517, $ 947,429, $ (+) Interest to be Capitalized $ 4,532, $ 3,516, $ 3,692, $ (=) TOTAL POOL $ 996,972, $ 974,033, $ 951,121, $ (+) Reserve Account Balance $ 2,492, $ 2,435, $ 2,377, $ (+) Capitalized Interest Account Balance $ 13,700, $ 13,700, $ 13,700, $ (=) Total Adjusted Pool $ 1,013,165, $ 990,169, $ 967,199, $ Page 6

7 VII. SLC TRUST Portfolio Characteristics Weighted Avg Coupon # of Loans % Principal Amount % STATUS 02/28/ /31/ /28/ /31/ /28/ /31/ /28/ /31/ /28/ /31/2006 REPAYMENT Current 3.650% 3.637% 42,065 40, % % $634,426, $604,672, % % 130 Days Delinquent 3.896% 3.942% 4,076 4, % 7.326% $62,860, $63,303, % 6.656% 3160 Days Delinquent 3.978% 4.084% 1,196 1, % 2.448% $18,897, $21,523, % 2.263% 6190 Days Delinquent 4.010% 4.082% % 1.284% $7,642, $12,085, % 1.271% Days Delinquent 4.211% 4.148% % 0.885% $5,764, $7,581, % 0.797% Days Delinquent 4.057% 4.099% % 0.489% $3,859, $3,809, % 0.401% Days Delinquent 4.287% 4.226% % 0.267% $3,975, $2,101, % 0.221% Days Delinquent 4.440% 4.248% % 0.320% $2,833, $2,763, % 0.291% Days Delinquent 4.095% 4.194% % 0.278% $1,885, $2,202, % 0.232% Days Delinquent 3.921% 4.093% % 0.215% $1,430, $2,039, % 0.214% > 270 Days Delinquent 4.050% 4.223% % 0.310% $2,692, $2,440, % 0.257% TOTAL REPAYMENT 3.699% 3.701% 49,572 49, % % $746,268, $724,526, % % Deferment 3.847% 3.804% 6,929 6, % % $115,424, $111,484, % % Forbearance 4.054% 4.022% 4,857 4, % 7.775% $110,359, $113,336, % % Claims in Process 4.138% 4.048% % 0.247% $1,924, $1,774, % 0.187% Aged Claims Rejected 0.000% 0.000% % 0.000% $ $ 0.000% 0.000% GRAND TOTAL 3.757% 3.752% 61,528 60, % % 973,977, ,121, % % VIII. SLC TRUST Payment History and CPRs Distribution Date 05Dec 06Mar 06Jun $ $ $ Actual Pool Balances 996,944, ,977, ,121, Current Life CPR CPR 4.04% 4.04% 5.64% 4.98% 5.74% 5.27% Page 7