Sallie Mae Student Loan Trust 1996-1 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 $ 1,349,145,820.06 $ (61,393,978.68) $ 1,287,751,841.38 ii Interest to be Capitalized $ 11,228,783.66 $ 9,711,152.12 iii Total Pool $ 1,360,374,603.72 $ 1,297,462,993.50 B i Weighted Average Coupon (WAC) 8.2286% 8.2366% ii Weighted Average Remaining Term 100.90 99.75 iii Number of Loans 577,299 555,101 iv Number of Borrowers 220,871 212,510 C Notes and Certificates Spread Balance 10/25/96 % of Pool Balance 1/27/97 % of Pool i A-1 Notes 795452AD3 0.56% $ 834,374,603.72 61.334% $ 771,462,993.50 59.459% ii A-2 Notes 795452AE1 0.75% $ 473,500,00 34.807% $ 473,500,00 36.494% iii Certificates 795452AF8 0.98% $ 52,500,00 3.859% $ 52,500,00 4.046% iv Total Notes and Certificates $ 1,360,374,603.72 100% $ 1,297,462,993.50 100% D Reserve Account 10/25/96 1/27/97 i Required Reserve Acct Deposit (%) 0.25% 0.25% ii Reserve Acct Initial Deposit ($) iii Specified Reserve Acct Balance ($) $ 3,400,936.51 $ 3,243,657.48 iv Reserve Account Floor Balance ($) $ 1,500,00 $ 1,500,00 v Current Reserve Acct Balance ($) $ 3,400,936.51 $ 3,243,657.48 Sallie Mae Student Loan Trust 1996-1 1
II. 1996-1 Transactions from: 10/1/96 through 12/31/96 A B Student Loan Principal Activity i Regular Principal Collections $ 38,568,892.82 ii Principal Collections from Guarantor $ 18,664,167.10 iii Principal Reimbursements $ 9,629,351.72 iv Other System Adjustments $ (7,343.12) v Total Principal Collections $ 66,855,068.52 Student Loan Non-Cash Principal Activity i Other Adjustments $ 1,174,644.80 ii Capitalized Interest $ (6,635,734.64) iii Total Non-Cash Principal Activity $ (5,461,089.84) C Total Student Loan Principal Activity $ 61,393,978.68 D E Student Loan Interest Activity i Regular Interest Collections $ 16,127,108.13 ii Interest Claims Received from Guarantors $ 1,180,177.89 iii Interest Reimbursements $ 125,983.70 iv Other System Adjustments $ (956.09) v Special Allowance Payments $ 991,453.39 vi Subsidy Payments $ 5,892,220.73 vii Total Interest Collections $ 24,315,987.75 Student Loan Non-Cash Interest Activity i Interest Accrual Adjustment $ (960,564.36) ii Capitalized Interest $ 6,635,734.64 iii Total Non-Cash Interest Adjustments $ 5,675,170.28 F Total Student Loan Interest Activity $ 29,991,158.03 Sallie Mae Student Loan Trust 1996-1 2
III. 1996-1 Collection Account Activity 10/1/96 through 12/31/96 A B Principal Collections i Principal Payments Received-Cash $ 57,233,059.92 ii Cash Forwarded by Administrator on behalf of Seller $ 2,019,936.56 iii Cash Forwarded by Administrator on behalf of Servicer $ 1,039.34 iv Cash Forwarded by Administrator for Consolidation Activity $ 7,601,032.70 v Total Principal Collections $ 66,855,068.52 Interest Collections i Interest Payments Received-Cash $ 24,190,960.14 ii Cash Forwarded by Administrator on behalf of Seller $ 18,941.19 iii Cash Forwarded by Administrator on behalf of Servicer $ 4,820.38 iv Cash Forwarded by Administrator for Consolidation Activity $ 101,266.04 v Total Interest Collections $ 24,315,987.75 C Other Reimbursements $ 66,996.53 D Administrator Account Investment Income $ 700,333.90 E TOTAL FUNDS RECEIVED $ 91,938,386.70 (LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,689,125.90) TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 90,249,260.80 F Servicing Fee Calculation-Current Month i Unit Charge Calculation $ 828,508.45 ii Percentage of Principal Calculation $ 1,197,647.06 iii Lesser of Unit or Principal Calculation $ 828,508.45 G Servicing Fees Due for Current Period $ 828,508.45 H Carryover Servicing Fees Due $ 1,125,855.46 OCT 1996 Servicing Carryover $ 386,363.65 NOV 1996 Servicing Carryover $ 376,212.92 DEC 1996 Servicing Carryover $ 369,138.61 $ 1,131,715.18 Less: Servicing ADJ [A iii + B iii] $ (5,859.72) TOTAL Carryover Servicing Fee Due $ 1,125,855.46 I Administration Fees Due $ 20,00 J Total Fees Due for Period $ 1,974,363.91 Sallie Mae Student Loan Trust 1996-1 3
IV. 1996-1 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 8.1675% 8.1673% 40,103 35,941 6.9467% 6.4747% $ 115,553,753.55 $ 103,629,819.65 8.5650% 8.0473% Grace Current 8.1515% 8.1273% 24,361 8,512 4.2198% 1.5334% $ 74,652,685.26 $ 24,524,973.42 5.5333% 1.9045% TOTAL INTERIM 8.1612% 8.1596% 64,464 44,453 11.1665% 8.0081% $ 190,206,438.81 $ 128,154,793.07 14.0983% 9.9518% REPAYMENT Active Current 8.2268% 8.2337% 372,843 380,107 64.5840% 68.4753% $ 787,184,214.78 $ 817,775,722.01 58.3469% 63.5041% 31-60 Days Delinquent 8.2651% 8.2745% 24,085 24,104 4.1720% 4.3423% $ 52,552,551.72 $ 52,704,249.74 3.8952% 4.0927% 61-90 Days Delinquent 8.2652% 8.2798% 12,630 10,161 2.1878% 1.8305% $ 32,028,678.70 $ 23,584,918.85 2.3740% 1.8315% 91-120 Days Delinquent 8.2836% 8.2789% 8,136 6,536 1.4093% 1.1774% $ 19,982,432.45 $ 15,583,310.19 1.4811% 1.2101% > 120 Days Delinquent 8.2714% 8.2787% 11,950 11,127 2.0700% 2.0045% $ 28,878,790.29 $ 27,541,775.22 2.1405% 2.1387% Deferment Current 8.2690% 8.2726% 57,718 55,367 9.9979% 9.9742% $ 164,244,366.46 $ 156,532,280.20 12.1740% 12.1555% Forbearance Current 8.2597% 8.2609% 19,855 18,222 3.4393% 3.2826% $ 60,805,130.02 $ 54,920,289.54 4.5069% 4.2648% TOTAL REPAYMENT 8.2395% 8.2448% 507,217 505,624 87.8604% 91.0868% $ 1,145,676,164.42 $ 1,148,642,545.75 84.9186% 89.1975% Claims in Process (1) 8.2491% 8.2782% 5,618 5,024 0.9732% 0.9051% $13,263,216.82 $10,954,502.55 0.9831% 0.8507% Aged Claims Rejected (2) 00% 00% - - 0% 0% $ - $ - 0% 0% GRAND TOTAL 8.2286% 8.2366% 577,299 555,101 10% 10% $ 1,349,145,820.05 $ 1,287,751,841.37 10% 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 1996-1 4
V. Interest Calculation A Borrower Interest Accrued During Collection Period $ 21,685,505.15 B Interest Subsidy Payments Accrued During Collection Period $ 5,413,282.55 C SAP Payments Accrued During Collection Period $ 580,608.69 D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 59,659.58 E Investment Earnings (ADMINISTRATOR ACT) $ 700,333.90 F Net Expected Interest Collections $ 28,439,389.87 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 $ 28,439,389.87 iv Primary Servicing Fee $ 2,517,634.35 v Administration Fee $ 20,00 vi Total Pool Balance at Beginning of Collection Period $ 1,360,374,603.72 vii Student Loan Rate 7.57467% Accrued Int Factor Accrual Period H Class A-1 T-Bill Based Interest Rate 5.68192% I Class A-1 Interest Rate 0.014632877 (10/25/96-1/27/97) 5.68192% J Class A-2 T-Bill Based Interest Rate 5.87191% K Class A-2 Interest Rate 0.015122192 (10/25/96-1/27/97) 5.87191% L Certificate T-Bill Based Rate of Return 6.10192% M Certificate Rate of Return 0.015714521 (10/25/96-1/27/97) 6.10192% Sallie Mae Student Loan Trust 1996-1 5
VI. Inputs From Previous Quarterly Servicing Repo 9/30/96 A Total Student Loan Pool Outstanding i Current Pool Balance $ 1,349,145,820.06 ii Interest To Be Capitalized $ 11,228,783.66 iii Total Student Loan Pool Outstanding $ 1,360,374,603.72 B Total Note and Certificate Factor 0.90691640248 C Total Note and Certificate Balance $ 1,360,374,603.72 D Note Balance 10/25/96 Class A-1 Class A-2 Certificates i Current Factor-10/25/96 0.8566474371 1.0000000000 1.0000000000 ii Note Principal Shortfall $ $ $ iii Expected Note Balance $ 834,374,603.72 $ 473,500,00 $ 52,500,00 iv Note Balance $ 834,374,603.72 $ 473,500,00 $ 52,500,00 E Interest Shortfall $ $ $ F Interest Carryover $ $ $ G Reserve Account Balance $ 3,400,936.51 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 1996-1 6
VII. Waterfall for Distributions Remaining Funds Balance A Total Available Funds (Section III E + Section V-D) $ 90,308,920.38 $ 90,308,920.38 B Primary Servicing Fees-Current Month $ 828,508.45 $ 89,480,411.93 C Administration Fee $ 20,00 $ 89,460,411.93 D Noteholder's Interest Distribution Amount i Class A-1 $ 12,209,300.95 $ 77,251,110.98 ii Class A-2 $ 7,160,357.91 $ 70,090,753.07 iii Total Noteholder's Interest Distribution $ 19,369,658.86 E Certificateholder's Return Distribution Amount $ 825,012.35 $ 69,265,740.72 F Noteholder's Principal Distribution Amount i Class A-1 $ 62,911,610.22 $ 6,354,130.50 ii Class A-2 $ $ 6,354,130.50 iii Total Noteholder's Principal Distribution $ 62,911,610.22 G Certificateholder's Balance Distribution Amount $ $ 6,354,130.50 H Increase to the Specified Reserve Account Balance $ $ 6,354,130.50 I Carryover Servicing Fees $ 1,125,855.46 $ 5,228,275.04 J Noteholder's Interest Carryover i Class A-1 $ $ 5,228,275.04 i Class A-2 $ $ 5,228,275.04 iii Total Noteholder's Interest Carryover $ K Certificateholder's Return Carryover $ $ 5,228,275.04 L Excess to Reserve Account $ 5,228,275.04 $ Sallie Mae Student Loan Trust 1996-1 7
VIII. Distributions A Distribution Amounts Class A-1 Class A-2 Certificates i Quarterly Interest Due $ 12,209,300.95 $ 7,160,357.91 $ 825,012.35 ii Quarterly Interest Paid $ 12,209,300.95 $ 7,160,357.91 $ 825,012.35 iii Interest Shortfall $ $ $ iv Interest Carryover Due $ $ $ v Interest Carryover Paid $ $ $ vi Interest Carryover $ $ $ vii Quarterly Principal Due (B) $ 62,911,610.22 $ $ viii Quarterly Principal Paid $ 62,911,610.22 $ $ ix Quarterly Principal Shortfall $ $ $ x Total Distribution Amount $ 75,120,911.17 $ 7,160,357.91 $ 825,012.35 B Principal Distribution Reconciliation i Notes and Certificates Principal Balance 12/31/96 $ 1,360,374,603.72 ii Pool Balance 12/31/96 $ 1,297,462,993.50 iii Pool Exceeding Notes and Certificate Balance (i-ii) $ 62,911,610.22 iv Principal Distribution Amount $ 62,911,610.22 C Total Principal Distribution $ 62,911,610.22 D Total Interest Distribution $ 20,194,671.21 E Total Cash Distributions-Note and Certificates $ 83,106,281.43 F Note & Certificate Balances 10/25/96 1/27/97 i A-1 Note Balance (795452AD3) $ 834,374,603.72 $ 771,462,993.50 A-1 Note Pool Factor 0.8566474371 0.7920564615 ii A-2 Note Balance (795452AE1) $ 473,500,00 $ 473,500,00 A-2 Note Pool Factor 1.0000000000 1.0000000000 iii Certificate Balance (795452AF8) $ 52,500,00 $ 52,500,00 Certificate Pool Factor 1.0000000000 1.0000000000 G Reserve Account Reconciliation i Beginning of Period Balance $ 3,400,936.51 ii Deposits to correct Shortfall $ iii Deposits from Excess Servicing $ 5,228,275.04 iv Total Reserve Account Balance Available $ 8,629,211.55 v Required Reserve Account Balance $ 3,243,657.48 vi Shortfall Carried to Next Period $ vii Excess Reserve - Release to SLM Funding Corp $ 5,385,554.07 viii Ending Reserve Account Balance $ 3,243,657.48 Sallie Mae Student Loan Trust 1996-1 8
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 $ 1,349,145,820.06 $ 1,410,958,484.15 $ 1,459,260,458.15 $ 1,489,927,280.77 Student Loan Principal Activity i Regular Principal Collections $ 38,568,892.82 $ 41,001,385.22 $ 41,078,207.45 $ 27,226,246.55 ii Principal Collections from Guarantor $ 18,664,167.10 $ 10,313,302.34 $ 842,636.38 $ 27,657.36 iii Principal Reimbursements $ 9,629,351.72 $ 14,477,503.16 $ 12,387,879.90 $ 6,083,122.75 iv Other System Adjustments $ (7,343.12) $ (11,809.27) $ (548.12) $ 2,229.83 v Total Principal Collections $ 66,855,068.52 $ 65,780,381.45 $ 54,308,175.61 $ 33,339,256.49 Student Loan Non-Cash Principal Activity i Other Adjustments $ 1,174,644.80 $ 1,320,897.53 $ 1,000,024.50 $ 746,961.96 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 $ 61,393,978.68 $ 61,812,664.09 $ 48,301,974.00 $ 30,666,822.62 Student Loan Interest Activity i Regular Interest Collections $ 16,127,108.13 $ 17,372,003.89 $ 17,084,616.87 $ 10,764,171.47 ii Interet Claims Received from Guarantors $ 1,180,177.89 $ 612,951.89 $ 21,865.02 $ 326.78 iii Interest Reimbursements $ 125,983.70 $ 182,022.75 $ 142,527.81 $ 50,757.10 iv Other System Adjustments $ (956.09) $ (960.98) $ 244.79 $ 10,446.21 v Special Allowance Payments $ 991,453.39 $ 775,767.11 $ 343,884.36 $ - vi Interest Subsidy Payments $ 5,892,220.73 $ 7,006,327.74 $ 4,651,078.41 $ - vii Total Interest Collections $ 24,315,987.75 $ 25,948,112.40 $ 22,244,217.26 $ 10,825,701.56 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 $ 6,635,734.64 $ 5,288,614.89 $ 7,006,226.11 $ 3,419,395.83 iii Total Non-Cash Interest Adjustments $ 5,675,170.28 $ 4,100,695.92 $ 6,011,487.33 $ 2,685,801.30 Total Student Loan Interest Activity $ 29,991,158.03 $ 30,048,808.32 $ 28,255,704.59 $ 13,511,502.86 (=) Ending Student Loan Portfolio Balance $ 1,287,751,841.38 $ 1,349,145,820.06 $ 1,410,958,484.15 $ 1,459,260,458.15 (+) Interest to be Capitalized $9,711,152.12 $ 11,228,783.66 $ 10,991,431.27 $ 12,610,267.46 (=) TOTAL POOL $ 1,297,462,993.50 $ 1,360,374,603.72 $ 1,421,949,915.42 $ 1,471,870,725.61 Sallie Mae Student Loan Trust 1996-1 9
X. Payment History and CPRs Distribution Actual Since Issued Date Pool Balances CPR * Feb-96 $ 1,502,106,411 - Apr-96 $ 1,471,870,726 5.1% Jul-96 $ 1,421,949,915 5.6% Oct-96 $ 1,360,374,604 7.1% Jan-97 $ 1,297,462,994 7.9% * "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 1996-1 10