SMB Private Education Loan Trust 2016-B

SMB Private Education Loan Trust 2016-B Monthly Servicing Report Distribution Date 01/15/2019 Collection Period 12/01/2018-12/31/2018 SMB Education Funding LLC - Depositor Sallie Mae Bank - Servicer and Administrator Deutsche Bank National Trust Company - Indenture Trustee Deutsche Bank Trust Company Americas - Trustee Page 1 of 10

I. Deal Parameters A Settlement Date Student Loan Portfolio Characteristics 07/21/2016 11/30/2018 12/31/2018 Principal Balance $ 703,406,286.90 $ 519,316,653.41 Interest to be Capitalized Balance 39,070,055.43 28,853,479.39 $ 513,042,866.68 26,562,927.34 Pool Balance $ 742,476,342.33 $ 548,170,132.80 Weighted Average Coupon (WAC) WAC1 (Contractual Interest Rate on the Loan) WAC2 (Average of Applicable Interest Rate) WAC3 (Average of Actual Interest Rate) $ 539,605,794.02 8.24% 9.41% 9.59% Weighted Average Remaining Term 132.26 125.61 125.44 Number of Loans 63,942 48,167 47,488 Number of Borrowers 61,393 46,080 45,440 Pool Factor 0.738299797 0.738299797 0.726764966 Since Issued Total Constant Prepayment Rate (1) 9.75% 9.82% 8.27% 8.17% 9.49% 9.33% 9.66% 9.51% B Debt Securities Cusip/Isin 12/17/2018 01/15/2019 A2A 78449GAB5 $205,460,605.10 $200,663,192.56 A2B 78449GAC3 $130,098,607.09 $127,060,863.25 B 78449GAD1 $50,000,00 $50,000,00 C AllBonds $999.00 $999.00 Certificates Cusip/Isin 12/17/2018 01/15/2019 Residual 78449G109 $ 100,00 $100,00 D Account Balances 12/17/2018 01/15/2019 Reserve Account Balance $ 1,868,916.00 $ 1,868,916.00 E Asset / Liability 12/17/2018 01/15/2019 Overcollateralization Percentage Specified Overcollateralization Amount Actual Overcollateralization Amount 29.66% 3% $164,451,039.84 $161,881,738.21 $162,610,920.61 $161,881,738.21 (1) For additional information, see 'Since Issued CPR Methodology' found on page 11 of this report. Page 2 of 10 Trust 2016-B Monthly Servicing Report: Collection Period 12/01/2018-12/31/2018, Distribution Date 01/15/2019

II. 2016-B Trust Activity 12/01/2018 through 12/31/2018 A Student Loan Principal Receipts Borrower Principal Consolidation Activity Principal Seller Principal Reimbursement Servicer Principal Reimbursement Delinquent Principal Purchases by Servicer Other Principal Deposits Total Principal Receipts 9,095,838.69 77,805.49 $ 9,173,644.18 B Student Loan Interest Receipts Borrower Interest Consolidation Activity Interest Seller Interest Reimbursement Servicer Interest Reimbursement Delinquent Interest Purchases by Servicer Other Interest Deposits Total Interest Receipts 2,683,322.42 2,889.75 $ 2,686,212.17 C Recoveries on Realized Losses $ 86,442.70 D E F G H I J Investment Income Funds Borrowed from Next Collection Period Funds Repaid from Prior Collection Period Loan Sale or Purchase Proceeds Initial Deposits to Distribution Account Excess Transferred from Other Accounts Borrower Benefit Reimbursements $ 24,696.93 K Other Deposits L Other Fees Collected M N O P AVAILABLE FUNDS Non-Cash Principal Activity During Collection Period Aggregate Purchased Amounts by the Depositor, Servicer or Seller Aggregate Loan Substitutions $ 11,970,995.98 $ 2,899,857.45 $ 80,695.24 Page 3 of 10 Trust 2016-B Monthly Servicing Report: Collection Period 12/01/2018-12/31/2018, Distribution Date 01/15/2019

III. 2016-B Portfolio Characteristics Loans by Repayment Status 12/31/2018 11/30/2018 Wtd Avg Coupon # Loans Principal and Interest Accrued to Capitalize % of Principal % of Loans in Repay (1) Wtd Avg Coupon # Loans Principal and Interest Accrued to Capitalize % of Principal % of Loans in Repay (1) INTERIM: IN SCHOOL 10.75% 3,324 $48,752,712.43 9.035% - % 10.55% 3,474 $50,427,164.77 9.199% - % GRACE 10.49% 737 $10,349,036.83 1.918% - % 10.19% 1,128 $15,953,712.38 2.910% - % DEFERMENT 10.45% 2,543 $30,679,265.82 5.685% - % 10.28% 2,645 $31,462,817.69 5.740% - % REPAYMENT: CURRENT 9.24% 38,235 $412,718,145.80 76.485% 91.751% 9.07% 38,443 $416,322,154.63 75.948% 92.449% 31-60 DAYS DELINQUENT 9.60% 736 $9,547,601.71 1.769% 2.123% 9.11% 603 $7,489,022.51 1.366% 1.663% 61-90 DAYS DELINQUENT 9.12% 310 $4,027,265.81 0.746% 0.895% 9.10% 267 $3,476,178.17 0.634% 0.772% > 90 DAYS DELINQUENT 10.20% 165 $2,223,325.16 0.412% 0.494% 10.21% 161 $2,061,270.37 0.376% 0.458% FORBEARANCE 9.85% 1,438 $21,308,440.46 3.949% 4.737% 9.57% 1,446 $20,977,812.28 3.827% 4.658% TOTAL 47,488 $539,605,794.02 10% 10% 48,167 $548,170,132.80 10% 10% * Percentages may not total 100% due to rounding 1 Loans classified in "Repayment" include any loan for which interim interest only, $25 fixed payments or full principal and interest payments are due. Loans by Borrower Status 12/31/2018 11/30/2018 Wtd Avg Coupon # Loans Principal and Interest Accrued to Capitalize % of Principal % of Loans in P&I Repay (2) Wtd Avg Coupon # Loans Principal and Interest Accrued to Capitalize % of Principal % of Loans in P&I Repay (2) INTERIM: IN SCHOOL 10.27% 7,074 $103,345,596.14 19.152% - % 10.07% 7,429 $107,465,106.89 19.604% - % GRACE 10.07% 1,524 $20,717,062.55 3.839% - % 9.74% 2,314 $33,142,460.97 6.046% - % DEFERMENT 10.07% 4,700 $55,296,040.19 10.247% - % 9.90% 4,893 $56,657,606.98 10.336% - % P&I REPAYMENT: CURRENT 9.11% 31,569 $323,431,981.56 59.939% 89.781% 8.92% 31,101 $317,508,971.44 57.922% 90.483% 31-60 DAYS DELINQUENT 9.56% 690 $8,933,606.83 1.656% 2.480% 9.00% 563 $6,955,204.12 1.269% 1.982% 61-90 DAYS DELINQUENT 9.08% 301 $3,940,771.84 0.730% 1.094% 9.09% 260 $3,428,116.63 0.625% 0.977% > 90 DAYS DELINQUENT 10.19% 163 $2,192,995.47 0.406% 0.609% 10.20% 158 $2,005,381.33 0.366% 0.571% FORBEARANCE 9.77% 1,467 $21,747,739.44 4.030% 6.037% 9.57% 1,449 $21,007,284.44 3.832% 5.987% TOTAL 47,488 $539,605,794.02 10% 10% 48,167 $548,170,132.80 10% 10% * 2 Percentages may not total 100% due to rounding Loans classified in "P&I Repayment" includes only those loans for which scheduled principal and interest payments are due. WAC reflects WAC3 To conform with company standard reporting these sections now include Princial and Interest Accrued to Capitalize. Page 4 of 10 Trust 2016-B Monthly Servicing Report: Collection Period 12/01/2018-12/31/2018, Distribution Date 01/15/2019

III. 2016-B Portfolio Characteristics (cont'd) Pool Balance Total # Loans Total # Borrowers Weighted Average Coupon Weighted Average Remaining Term Percent of Pool - Cosigned Percent of Pool - Non Cosigned Borrower Interest Accrued for Period Outstanding Borrower Interest Accrued 12/31/2018 11/30/2018 $539,605,794.02 47,488 45,440 9.59% 125.44 92.6% 7.4% $4,067,722.52 $548,170,132.80 48,167 46,080 9.41% 125.61 92.6% 7.4% $3,946,569.55 $29,910,352.47 $31,966,676.84 $99.00 $99.00 1. Gross Principal Realized Loss - Periodic * $485,371.90 $367,274.68 2. Gross Principal Realized Loss - Cumulative * $15,669,913.03 $15,184,541.13 5. Recoveries on Realized Losses - Periodic $86,442.70 $87,128.05 6. Recoveries on Realized Losses - Cumulative $2,096,887.80 $2,010,445.10 7. Net Losses - Periodic $398,929.20 $280,146.63 8. Net Losses - Cumulative $13,573,025.23 $13,174,096.03 Non-Cash Principal Activity - Capitalized Interest Since Issued Total Constant Prepayment Rate (CPR) (1) Loan Substitutions Cumulative Loan Substitutions Unpaid Servicing Fees Unpaid Administration Fees Unpaid Carryover Servicing Fees Note Interest Shortfall Loans in Modification % of Loans in Modification as a % of Loans in Repayment (P&I) $3,384,899.83 9.82% $29,936,388.66 8.84% $6,637,981.52 9.75% $29,176,737.97 8.84% % Annualized Gross Principal Realized Loss - Periodic as a % of Loans in Repayment (P&I) * 12 % Gross Principal Realized Loss - Cumulative as a % of Original Pool Balance 1.72% 1.34% 2.11% 2.05% * In accordance with the Servicer s current policies and procedures, after September 1, 2017 loans subject to bankruptcy claims generally will not be reported as a charged-off unless and until they are delinquent for 120 days. (1) For additional information, see 'Since Issued CPR Methodology' found on page 11 of this report. Page 5 of 10 Trust 2016-B Monthly Servicing Report: Collection Period 12/01/2018-12/31/2018, Distribution Date 01/15/2019

IV. Portfolio Statistics as of 12/31/2018 A Loan Program Weighted Average Coupon # LOANS $ AMOUNT % * - Smart Option Interest-Only Loans 8.51% 10,810 $ 94,140,882.71 17.446% - Smart Option Fixed Pay Loans 9.53% 12,750 $ 172,411,632.71 31.951% - Smart Option Deferred Loans 9.84% 23,928 $ 273,053,278.60 50.602% - Other Loan Programs % 0 0% Total 9.51% 47,488 $ 539,605,794.02 100% * Percentages may not total 100% due to rounding B Index Type Weighted Average Coupon # LOANS $ AMOUNT % * - Fixed Rate Loans 7.83% 9,558 $ 122,223,854.32 22.651% - LIBOR Indexed Loans 1% 37,930 $ 417,381,939.70 77.349% - Other Index Rates % 0 0% Total 9.51% 47,488 $ 539,605,794.02 100% * Percentages may not total 100% due to rounding C Weighted Average Recent FICO Wtd Avg Recent FICO Band (2) # LOANS $ AMOUNT %* 0-639 3,750 $ 39,798,182.91 7.375% 640-669 2,825 $ 30,714,260.61 5.692% 670-699 5,125 $ 59,368,200.72 11.002% 700-739 10,408 $ 120,143,795.78 22.265% 740 + 25,374 $ 289,493,668.53 53.649% N/A(1) 6 $ 87,685.47 0.016% Total 47,488 $ 539,605,794.02 100% * Percentages may not total 100% due to rounding 1 Includes trust private education loans where recent FICO is unavailable or obtaining recent FICO is prohibited by law 2 Recent FICO is updated in quarterly intervals; unless prohibited by law WAC reflects WAC3 To conform with company standard reporting these sections now include Princial and Interest Accrued to Capitalize. Page 6 of 10 Trust 2016-B Monthly Servicing Report: Collection Period 12/01/2018-12/31/2018, Distribution Date 01/15/2019

V. 2016-B Reserve Account, Principal Distribution, and R-2 Certificate Calculations A. Reserve Account Specified Reserve Account Balance Actual Reserve Account Balance $ 1,868,916.00 $ 1,868,916.00 B. Principal Distribution Amount i. Class A Notes Outstanding $ 335,559,212.19 ii. iii. Pool Balance First Priority Principal Distribution Amount (i - ii) $ 539,605,794.02 iv. Class A and B Notes Outstanding $ 385,559,212.19 v. First Priority Principal Distribution Amount vi. vii. viii. Pool Balance Specified Overcollateralization Amount Regular Principal Distribution Amount (if (iv > 0, (iv - v) - (vi - vii)) $ 539,605,794.02 $ 161,881,738.21 $ 7,835,156.38 ix. Pool Balance $ 539,605,794.02 x. 10% of Initial Pool Balance $ 74,247,634.23 xi. xii. First Priority Principal Distribution Amount Regular Principal Distribution Amount $ 7,835,156.38 xiii. Available Funds (after payment of waterfall items A through I) $ 2,755,624.07 xiv. Additional Principal Distribution Amount (if(vi <= x,min(xiii, vi - xi - xii))) C. R-2 Certificate Previous Notional Balance Shortfall of Principal Shortfall of Interest Current Notional Balance Excess Distribution Allocated (1) $ 44,490,388.24 $ 44,490,388.24 $ 785,844.13 1. Until the notional amount of the R-2 Certificate is reduced to zero and if there is excess cash through the distribution available it will be distributed to the R-2 Certificate, otherwise the amount will be zero Page 7 of 10 Trust 2016-B Monthly Servicing Report: Collection Period 12/01/2018-12/31/2018, Distribution Date 01/15/2019

VI. 2016-B Waterfall for Distributions Paid Funds Balance Total Available Funds $ 11,970,995.98 A Trustee Fees $ 11,970,995.98 B Servicing Fees $ 346,979.08 $ 11,624,016.90 C i. Administration Fees $ 8,333.00 $ 11,615,683.90 ii. Unreimbursed Administrator Advances plus any Unpaid $ 11,615,683.90 D Class A Noteholders Interest Distribution Amount $ 825,321.82 $ 10,790,362.08 E First Priority Principal Payment $ 10,790,362.08 F Class B Noteholders Interest Distribution Amount $ 199,581.63 $ 10,590,780.45 G Reinstatement Reserve Account $ 10,590,780.45 H Regular Principal Distribution $ 7,835,156.38 $ 2,755,624.07 I J Carryover Servicing Fees Additional Principal Distribution Amount $ 2,755,624.07 $ 2,755,624.07 K Unpaid Expenses of Trustee $ 2,755,624.07 L Unpaid Expenses of Administrator $ 2,755,624.07 M i. Remaining Funds to the R-1 Certificateholder(s) $ 1,969,779.94 $ 785,844.13 ii. Remaining Funds to the R-2 Certificateholder(s) $ 785,844.13 Page 8 of 10 Trust 2016-B Monthly Servicing Report: Collection Period 12/01/2018-12/31/2018, Distribution Date 01/15/2019

VII. 2016-B Distributions Distribution Amounts A2A A2B B Cusip/Isin 78449GAB5 78449GAC3 78449GAD1 Beginning Balance $ 205,460,605.10 $ 130,098,607.09 $ 50,000,00 Index Spread/Fixed Rate Record Date (Days Prior to Distribution) Accrual Period Begin Accrual Period End Daycount Fraction FIXED LIBOR 2.43% 1.45% 1 NEW YORK BUSINESS DAY 1 NEW YORK BUSINESS DAY 12/15/2018 12/17/2018 1/15/2019 1/15/2019 0.08333333 0.08055556 LIBOR 2.50% 1 NEW YORK BUSINESS DAY 12/17/2018 1/15/2019 0.08055556 Interest Rate* 2.43000% 3.90513% 4.95513% Accrued Interest Factor 2025000 3145799 3991633 Current Interest Due $ 416,057.73 $ 409,264.09 $ 199,581.63 Interest Shortfall from Prior Period Plus Accrued Interest Total Interest Due Interest Paid Interest Shortfall Principal Paid Ending Principal Balance Paydown Factor Ending Balance Factor $ 416,057.73 $ 409,264.09 $ 199,581.63 $ 416,057.73 $ 409,264.09 $ 199,581.63 $4,797,412.54 $ 3,037,743.84 $ 200,663,192.56 $ 127,060,863.25 $ 50,000,00 0.018522828 0.018522828 0000000 0.774761361 0.774761361 1.000000000 * Pay rates for Current Distribution. For the interest rates applicable to the next distribution date, please see https://www.salliemae.com/about/investors/data/smbabrate.txt. Page 9 of 10 Trust 2016-B Monthly Servicing Report: Collection Period 12/01/2018-12/31/2018, Distribution Date 01/15/2019

VIII. 2016-B Methodology Since Issued Total CPR TOTAL CPR = 1 APB PPB 12 MSC APB = Actual period-end Pool Balance PPB = Projected period-end Pool Balance assuming no prepayments and no defaults Pool Balance = Sum(Principal Balance + Interest Accrued to Capitalize Balance) MSC = Months Since Cut-Off Since-Issued Total Constant Prepayment Rate (CPR) Since-Issued Total CPR measures prepayments, both voluntary and involuntary, for a trust student loan pool over the life of a transaction. For each trust distribution, the actual month-end pool balance is compared against a month-end pool balance originally projected at issuance assuming no prepayments and defaults. For purposes of Since-Issued Total CPR calculations, projected period end pool balance assumes in-school status loans have up to a six month grace period before moving to repayment, grace status loans remain in grace status until their status end date and then to move to full principal and interest repayment, loans subject to interim interest or fixed payments during their in-school and grace period continue paying interim interest or fixed payments until full principal and interest repayment begins, all other trust loans are in full principal and interest repayment status, and that no trust loan in full principal and interest repayment moves from full principal and interest repayment status to any other status. Weighted Average Coupon WAC1 = (( CIR )*( APB)) APB WAC2 = (( APCL )*( APB)) APB WAC3 = (( ACTL )*( APB)) APB APB = Actual period-end Pool Balance CIR = Average of the Contractual Interest Rate (1) APCL = Average of the Applicable Interest Rate (2) ACTL = Average of the Actual Interest Rate (3) Weighted Average Coupon (WAC) (1) Contractual Interest Rate represents the interest rate indicated in the Promissory Note (2) Appliclable Interest Rate represents the interest rate after rate reductions, if applicable, are applied (3) Actual Interest Rate represents the interest rate when borrower incentive programs and rate reductions, if applicable, are applied Page 10 of 10 Trust 2016-B Monthly Servicing Report: Collection Period 12/01/2018-12/31/2018, Distribution Date 01/15/2019