1 USA Group Secondary Market Services SMS Student Loan Trust 2000A QUARTERLY SERVICING REPORT Collection Period Ending 12/31/2004 Distribution Date 1/28/2005 I. DEAL PARAMETERS A. Student Loan Portfolio Characteristics 9/30/2004 Activity 12/31/2004 i Portfolio Balance 665,399,021.47 (32,008,815.90) 633,390,205.57 ii Interest to be Capitalized 3,908,375.61 3,381,933.74 iii Total Pool 669,307,397.08 636,772,139.31 iv Weighted Average Collateral Interest Rate 6.024% 6.089% v Weighted Average Collateral Remaining Term 153.77 154.43 vi Number of Loans 149,257 141,179 vii Number of Accounts 61,213 58,253 viii Average Account Size 10,870.22 10,873.09 B. Notes Spread Balance 10/28/04 % Balance 01/28/05 % i A1 Notes 784582AZ1 0.110% 0% 0% ii A2 Notes 784582BA5 0.190% 627,307,397.08 93.725% 594,772,139.31 93.404% iii Sub Notes 784582BB3 0.550% 42,000,00 6.275% 42,000,00 6.596% iv Total Notes 669,307,397.08 100% 636,772,139.31 100% C. Reserve Account 10/28/2004 1/28/2005 i Required Reserve Acct Deposit (%) 0.25% 0.25% ii Specified Reserve Acct Balance () 1,673,268.49 1,591,930.35 iii Reserve Account Floor Balance () 1,500,00 1,500,00 iv Current Reserve Acct Balance () 1,673,268.49 1,591,930.35 D. Other Account Balances 10/28/2004 1/28/2005 i Collateral Reinvestment Account ii Collection Account
2 II. 2000A Transactions From 10/1/2004 through 12/31/2004 A B Student Loan Principal Collection Activity i Regular Principal Collections 29,591,999.65 ii Principal Collections from Guarantor 6,795,340.30 iii Principal Reimbursements 694.95 iv Other System Adjustments v Serial Loan Purchases vi Total Principal Collections 36,388,034.90 Student Loan NonCash Principal Activity i Realized Losses 88,151.07 ii Other Adjustments 5,600.84 iii Capitalized Interest (4,472,970.91) iv Total NonCash Principal Activity (4,379,219.00) C Total Student Loan Principal Activity 32,008,815.90 D E Student Loan Interest Activity i Regular Interest Collections 4,869,280.09 ii Interest Claims Received from Guarantors 378,053.67 iii Collection Fees/Return Items 25,617.06 iv Late Fees 172,441.02 v Interest Reimbursements 1,257.40 vi Other System Adjustments vii Special Allowance Payments 436,880.23 viii Subsidy Payments 595,095.70 ix Total Interest Collections 6,478,625.17 Student Loan NonCash Interest Activity i Interest Accrual Adjustments (2,625.09) ii Capitalized Interest 4,472,970.91 iii Serial Loan Interest iv Total NonCash Interest Adjustments 4,470,345.82 F Total Student Loan Interest Activity 10,948,970.99 G Defaults Paid this Quarter 7,173,393.97 H Cumulative Defaults Paid to Date 150,752,208.13
3 III. 2000A Cash Receipts 10/1/04 through 12/31/04 A B Principal Collections i Principal Payments Received 20,186,546.39 ii Consolidation Principal Payments 16,200,793.56 iii Reimbursements by Seller iv Reimbursements by Servicer (53.01) v Borrower Benefit Principal Reimbursement 747.96 vi Repurchased Principal vii Total Principal Collections 36,388,034.90 Interest Collections i Interest Payments Received 6,091,967.23 ii Consolidation Interest Payments 187,342.46 iii Reimbursements by Seller iv Reimbursements by Servicer 1,218.29 v Borrower Benefit Interest Reimbursement 39.11 vi Repurchased Interest vii Collection Fees/Returned Items 25,617.06 viii Late Fees 172,441.02 ix Total Interest Collections 6,478,625.17 C Other Reimbursements 35,484.70 D Trust Account Investment Income 210,293.19 E Other Deposits F TOTAL FUNDS RECEIVED 43,112,437.96 LESS FUNDS PREVIOUSLY REMITTED: i Servicing Fees (470,267.60) ii Administration Fees (54,399.92) iii Consolidation Rebate Fees (844,460.55) iv Serial Loan Purchases G AVAILABLE FUNDS 41,743,309.89 H I J Servicing Fees Previously Remitted i October04 235,714.03 ii November04 234,553.57 iii Total 470,267.60 Administration Fees Previously Remitted i October04 27,428.00 ii November04 26,971.92 iii Total 54,399.92 Consolidation Loan Rebate Fees Previously Remitted i October04 283,220.79 ii November04 281,161.06 iii December04 280,078.70 iv Total 844,460.55 K Serial Loan Purchases During the Collection Period Principal Purchased Interest i October04 ii November04 iii December04 iv Total
IV. 2000A Current Month Fees Due 12/31/04 A B Servicing Fees Due For Month i Unpaid Servicing Fees ii Unpaid Servicing Fee Shortfalls iii Current Month Servicing Fees 229,094.07 iv Total Due This Month Servicing Fees 229,094.07 Administration Fees Due for Month i Unpaid Admin Fees ii Unpaid Admin Fee Shortfalls iii Current Month Admin Fees 26,532.17 iv Total Due This Month Admin Fees 26,532.17 4
V. 2000A Excess Spread Calculation A Borrower Interest Accrued During Collection Period 9,280,640.35 Interest Subsidy Payments Accrued During Collection Period 549,277.18 SAP Payments Accrued During Collection Period 759,780.05 Reinvestment Earnings Accrued for Collection Period 210,293.19 Consolidation Rebate Fees Accrued During Collection Period (844,460.55) Expected Interest Collections 9,955,530.22 B Less: Servicing Fee Accrued During Collection Period 699,361.67 Administration Fee Accrued During Collection Period 80,932.10 Class A1 Interest Due Class A2 Interest Due 3,702,210.73 Class B Interest Due 286,513.45 Total Expenses 4,769,017.94 C Net Earnings (A B) 5,186,512.28 X4 20,746,049.11 D Beginning Pool 669,307,397.08 Ending Pool 636,772,139.31 Average Pool 653,039,768.20 E Excess Spread % 3.1768% VI. 2000A Accrued Interest Factors Accrued Int Factor Accrual Period Index Rate Coupon A Class A1 Interest Rate 0000000 10/28/041/28/05 000% 000% B Class A2 Interest Rate 5901749 10/28/041/28/05 2.11938% 2.30938% C Class B Interest Rate 6821749 10/28/041/28/05 2.11938% 2.66938% 5
6 VII. 2000A Inputs From Prior Quarter 9/30/04 A Total Student Loan Pool Outstanding 669,307,397.08 B Total Note Factor 0.55775616423 C Total Note Balance 669,307,397.08 D Note Balance 10/28/2004 Class A1 Class A2 Class B i Ending Balance Factor 00000000 0.7390956078 1.0000000000 ii Note Balance 627,307,397.08 42,000,00 Note Principal Shortfall Interest Shortfall Interest Carryover
7 VIII. 2000A Portfolio Characteristics Weighted Avg Coupon # of Loans % * Principal Amount % * STATUS 9/30/2004 12/31/2004 9/30/2004 12/31/2004 9/30/2004 12/31/2004 9/30/2004 12/31/2004 9/30/2004 12/31/2004 INTERIM: In School Current 2.986% 2.982% 2,865 2,459 1.920% 1.742% 8,575,563.51 7,279,897.59 1.289% 1.149% Grace Current 2.970% 2.987% 1,622 583 1.087% 0.413% 5,131,473.28 1,939,237.07 0.771% 0.306% TOTAL INTERIM 2.980% 2.983% 4,487 3,042 3.006% 2.155% 13,707,036.79 9,219,134.66 2.060% 1.456% REPAYMENT Active Current 6.274% 6.307% 86,164 81,620 57.729% 57.813% 350,284,307.69 329,978,076.06 52.643% 52.097% 3160 Days Delinquent 6.039% 6.101% 5,944 6,398 3.982% 4.532% 27,727,509.29 30,422,228.25 4.167% 4.803% 6190 Days Delinquent 5.901% 5.983% 4,221 4,490 2.828% 3.180% 19,224,283.23 22,823,500.53 2.889% 3.603% 91120 Days Delinquent 5.917% 5.920% 2,746 2,824 1.840% 2.000% 13,679,505.12 13,316,116.85 2.056% 2.102% > 120 Days Delinquent 5.620% 5.774% 7,545 7,342 5.055% 5.200% 33,238,710.15 33,424,331.17 4.995% 5.277% Deferment Current 5.398% 5.555% 17,104 15,785 11.459% 11.181% 78,838,256.34 73,645,779.47 11.848% 11.627% Forbearance Current 6.201% 6.202% 20,001 18,603 13.400% 13.177% 124,275,332.81 115,893,116.91 18.677% 18.297% TOTAL REPAYMENT 6.091% 6.139% 143,725 137,062 96.294% 97.084% 647,267,904.63 619,503,149.24 97.275% 97.808% Claims in Process (1) 5.648% 5.590% 1,009 1,042 0.676% 0.738% 4,325,494.60 4,573,624.30 0.650% 0.722% Aged Claims Rejected (2) 4.045% 4.038% 36 33 0.024% 0.023% 98,585.45 94,297.37 0.015% 0.015% GRAND TOTAL 6.024% 6.089% 149,257 141,179 100% 100% 665,399,021.47 633,390,205.57 100% 100% *Percentages may not total 100% due to rounding.
IX. 2000A Portfolio Characteristics by School and Program LOAN TYPE WAC # Loans Amount % GSL Subsidized 3.822% 67,136 144,273,361.36 22.778% GSL Unsubsidized 3.723% 35,590 95,234,483.15 15.036% PLUS Loans 4.659% 16,923 41,786,235.90 6.597% SLS Loans 5.361% 820 2,204,148.16 0.348% Consolidation Loans: 7.835% 20,710 349,891,977.00 55.241% Total 6.089% 141,179 633,390,205.57 100% SCHOOL TYPE WAC # Loans Amount % Four Year 3.898% 89,150 222,675,010.93 35.156% Two Year 4.025% 27,298 53,355,930.26 8.424% Technical 4.127% 4,015 7,493,261.62 1.183% Other 7.834% 20,716 349,866,002.76 55.237% Total 6.089% 141,179 633,390,205.57 100% *Percentages may not total 100% due to rounding. 8
9 X. 2000A Waterfall for Distributions Remaining Funds Balance A Total Available Funds for Distribution 41,743,309.89 41,743,309.89 B Servicing FeesCurrent Month 229,094.07 41,514,215.82 C Administration Fee Current Month 26,532.17 41,487,683.65 D Sr Noteholder's Interest Distribution Amount i Class A1 41,487,683.65 ii Class A2 3,702,210.73 37,785,472.92 iii Total Sr Noteholders' Interest Distribution 3,702,210.73 E Sub Noteholders' Interest Distribution Amount 286,513.45 37,498,959.47 F Sr Noteholders' Principal Distribution Amount ii Class A1 37,498,959.47 iii Class A2 32,535,257.77 4,963,701.70 iv Total Sr Noteholders' Principal Distribution 32,535,257.77 G Sub Noteholders' Principal Distribution Amount 4,963,701.70 H Excess to Reserve Account 4,963,701.70
10 XI. 2000A Distributions A Distribution Amounts Class A1 Class A2 Class B i Quarterly Interest Due 3,702,210.73 286,513.45 ii Quarterly Interest Paid 3,702,210.73 286,513.45 iii Interest Shortfall iv Interest Carryover Due v Interest Carryover Paid vi Interest Carryover vii Quarterly Principal Due 32,535,257.77 viii Quarterly Principal Paid 32,535,257.77 ix Quarterly Principal Shortfall B x Total Distribution Amount 36,237,468.50 286,513.45 Principal Distribution Amount Reconciliation i Principal Collections ( II Avi ) 36,388,034.90 ii Waived Principal/Losses (II Bi + ii) 93,751.91 iii Interest Capitalized into Principal During Collection Period (II Biii) (4,472,970.91) iv Collection Period Accrual Interest to be Capitalized* 526,441.87 v Serial/Addon Consolidation Loan Purchases (II Cii+iii) vi Principal Shortfall from Previous Collection Period C vii Senior Noteholders' Principal Distribution Amt 32,535,257.77 Reserve Account Reconciliation i Beginning of Period Balance 1,673,268.49 ii Deposits from Excess Servicing 4,963,701.70 iii Total Reserve Account Balance Available 6,636,970.19 iv Required Reserve Account Balance 1,591,930.35 v Payment of Unpaid Purchase Premium Amounts vii Excess Reserve Release to Company 5,045,039.84 D vii Ending Reserve Account Balance 1,591,930.35 Note Balances 10/28/2004 Paydown Factors 1/28/2005 i A1 Note Balance (784582AZ1) A1 Note Pool Factor 00000000 00000000 00000000 ii A2 Note Balance (784582BA5) 627,307,397.08 594,772,139.31 A2 Note Pool Factor 0.7390956078 0.0383331461 0.7007624616 iii B Note Balance (784582BB3) 42,000,00 42,000,00 B Note Pool Factor 1.0000000000 00000000 1.0000000000 * Increase/Decrease between Interest to be Capitalized as of 09/30/04 and 12/31/04. Includes Purchased Interest on Serial Loan Acquisitions.