USA GROUP SECONDARY MARKET SERVICES, INC.
SMS Student Loan Trust 2000-B
QUARTERLY SERVICING REPORT
Interest Period July 28, 2000 through October 29, 2000
Collection Period July 1, 2000 through September 30, 2000
<TABLE>
I. DEAL PARAMETERS
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<S> <C> <C> <C>
A. Total Student Loan Portfolio Outstanding March 31, 2000 Activity September 30, 2000
i. Portfolio Balance $ 970,727,457.00 $ (12,602,960.76)$ 958,124,496.24
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B. Other Portfolio Statistics March 31, 2000 Activity September 30, 2000
i. Weighted Average Collateral Interest Rate 7.04% 0.99% 8.03%
ii. Weighted Average Collateral Remaining Term 146.00 (3.56) 142.44
iii. Number of Loans 252,670 (5,335) 247,335
iv. Number of Accounts 124,622 5,072 129,694
v. Average Account Size 7,789.37 (401.79) $ 7,387.58
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C. Notes and Certificates CUSIP Spread to Index March 31, 2000 September 30, 2000
i Class A-1 Notes 784582BC1 0.08% $ 200,000,000.00 $ 200,000,000.00
ii. Class A-2 Notes 784582BD9 0.20% $ 958,000,000.00 $ 958,000,000.00
iii. Subordinate Notes 784582BE7 0.70% $ 42,000,000.00 $ 42,000,000.00
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iv. Total Note Balance $ 1,200,000,000.00 $ 1,200,000,000.00
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D. Reserve Account March 31, 2000
i. Required Reserve Account Percentage 0.250%
ii. Reserve Account Initial Deposit ($) $ 3,000,000.00
iii. Specified Reserve Account Balance 0.125%
iv. Reserve Account Floor Amount ($) $ 1,500,000.00
v. Current Reserve Account Balance $ 3,000,000.00
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E. Other Account Balances March 31, 2000
i. Collateral Reinvestment Account $ -
ii. Collections Account $ 9,581,119.00
iii. Prefunding Account $ 190,000,000.00
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</TABLE>
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<TABLE>
II. INPUTS FROM PREVIOUS QUARTERLY SERVICER REPORTS
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<S> <C>
(A) Total Outstanding Bond Balance $1,200,000,000.00
(B) Total Bond Factor 1.00000000
(C) Pool Balance $970,727,457.00
(D) Pool Factor 1.67541463
(E) Senior Notes
(i) Note Balance $1,158,000,000.00
(ii) Note Pool Factor 1.00000000
(iii) Principal Shortfall $0.00
(F) Subordinate Notes
(i) Note Balance $42,000,000.00
(ii) Note Pool Factor 1.00000000
(iii) Principal Shortfall $0.00
(G) Cumulative Defaults, This Year $0.00
(H) Cumulative Defaults to Date $0.00
(I) Senior Noteholders' Interest Carryover Shortfall $0.00
(J) Senior Noteholders' Interest T-Bill Carryove(This can only be paid quarterly, after parity has been reached.) $0.00
(K) Subordinate Noteholders' Interest Carryover Shortfall $0.00
(L) Subordinate Noteholders' Interest T-Bill Car(Thisrcan only be paid quarterly, after parity has been reached.) $0.00
(M) Draw from Current Period's Collection Account in Prior Periods $0.00
(N) Reserve Account Balance $3,000,000.00
(O) Collateral Reinvestment Account Balance $0.00
(P) Collections Account Balance $9,581,119.00
(Q) Prefunding Account Balance $190,000,000.00
III. INPUTS FOR SERVICING, ADMININSTRATIVE AND CONSOLIDATION REBATE FEES
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(A) Unpaid Servicing Fees (Monthly) $0.00
(B) Unpaid Administration Fees (Monthly) $0.00
(C) Unpaid Servicing Fee Shortfalls (Monthly) $0.00
(D) Servicing Fees Accrued During Prior months $1,802,784.34
(E) Administration Fees Accrued During Prior months $201,861.63
(F) Monthly Consolidation Loan Rebate Fee Accrued During Prior months $607,480.00
V. SERVICING FEE CALCULATION - Monthly, if Prior to July 2008 Quarterly Distribution
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(A) Pool Balance as of the End of the Collection Period $958,124,496.24
(B) Maximum Servicing Fee Rate (annualized, as percentage of outstanding pool balance) 0.60%
(C) Maximum Servicing Fee Amount (IV(A)*IV(B)/12) $479,062.25
(D) Servicing Cost (uncapped servicing fee) $383,543.74
(E) Servicing Fee Due (MIN(IV(C),IV(D))) $383,543.74
(F) Servicing Fee Shortfall (IV(D)-IV(E)) $0.00
</TABLE>
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<TABLE>
IV. INTEREST RATE CALCULATION
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<S> <C>
Determination of Net Expected Interest Collections
(A) Leap Year? Yes
(B) Days in Year 366
(C) Actual Days in Interest Period (May 19 - July 27 = 70 days, July 28 - October 29 = 94 days) 164
(D) Borrower Interest Accrued During Collection Period $25,324,048.20
(E) Interest Subsidy Payments Accrued During Collection Period $10,505,049.25
(F) SAP Accrued During Collection Period $5,301,996.14
(G) Reinvestment Earnings Accrued During Collection Period (VIII(A+B+C+D)) $5,316,192.33
(H) Origination Fees Accrued During Collection Period (VIII(E)) $31,372.22
(I) Servicing and Administration Fees Accrued During Collection Period (III(D)+V(D)+VI $2,428,111.56
(J) Monthly Consolidation Loan Rebate Fee Accrued During Collection Period $732,991.00
(K) Net Trust Swap Receipts -
(L) Net Trust Swap Payments -
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(M) Net Expected Interest Collections (IV(D+E+F+G-H-I-J+K-L) $43,254,811.14
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(L) Adjusted Student Loan Rate ((IV(B)/IV(C))*IV(M)/(II(A)) N/A
(M) Interest Period Index Value - 3 Month LIBOR (close - July 27, 2000) 6.80875%
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<S> <C> <C> <C> <C> <C> <C>
Class of Debt Index Value Spread Stated Coupon Adjusted Coupon $ Interest
Class A-1 6.80875% 0.08% 6.88875% 6.88875% $2,678,958.33
Class A-2 6.80875% 0.20% 7.00875% 7.00875% $13,055,743.75
Subordinate 6.80875% 0.70% 7.50875% 7.50875% $613,214.58
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(M) Interest Period Index Value - 3 Month LIBOR (July 28, 2000 - October 29, 2000) 6.71250%
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Class of Debt Index Value Spread Stated Coupon Adjusted Coupon $ Interest
Class A-1 6.71250% 0.08% 6.79250% 6.79250% $3,547,194.44
Class A-2 6.71250% 0.20% 6.91250% 6.91250% $17,291,234.72
Subordinate 6.71250% 0.70% 7.41250% 7.41250% $812,904.17
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</TABLE>
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<TABLE>
VARIOUS INPUTS
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VI. Cash Inputs
<S> <C>
(A) Total Interest Collections (Including Liquidations, Not Including Recoveries) $4,574,319.33
(B) Total Principal Collections (Including Liquidations and Repurchased Contracts, Not including recoveries) $38,340,849.13
(C) SAP $0.00
(D) Subsidy Payments $0.00
(E) Recoveries (Principal and Interest) and Other Charges $0.00
VII. Other Servicer Inputs
(A) Accrued Interest to be Capitalized
(i) Beginning Accrued Interest $11,961,410.36
(ii) Beginning Accrued Interest for Purchased (New and Serial) Loan $4,954.71
(iii) Negative Amortization $8,831,344.85
(iv) Ending Accrued Interest $19,722,948.51
(v) Accrued Interest to be Capitalized (-i-ii+iii+iv) $16,587,928.29
(B) New Loans (purchased by Collateral Reinvestment account)
(i) Outstanding Balance $0.00
(ii) Purchase Premium $0.00
(C) Serial Loans (purchased by Collateral Reinvestment account)
(i) Outstanding Balance $0.00
(ii) Purchase Premium $0.00
(D) Consolidation Loans (purchased by Collateral Reinvestment account) $0.00
(E) New Loans (purchased by Prefunding account)
(i) Outstanding Balance $0.00
(ii) Purchase Premium $0.00
(F) Serial Loans (purchased by Prefunding account)
(i) Outstanding Balance $3,607,657.54
(ii) Purchase Premium $54,407.53
(G) Consolidation Loan (purchased by Prefunding account) $6,274,443.41
VIII. Inputs from Other Sources
(A) Collection Account Investment Income $441,558.81
(B) Reserve Account Investment Income $72,249.96
(C) Collateral Reinvestment Account Investment Income $315,395.75
(D) Prefunding Account Investment Income $4,486,987.81
(E) Administration Fee $241,783.48
(F) Loan Origination Fees $31,372.22
(G) Draw from Collection Account of Subsequent Monthly Collections $0.00
(H) Transfer from Collection Account to the Collateral Reinvestment Account $38,340,849.13
(I) Draw from Collateral Reinvestment Account for Accrued Interest (VII(A)(v)) $16,587,928.29
(J) Unpaid Purchase Premium Amounts $0.00
</TABLE>
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<TABLE>
FLOW OF PRINCIPAL AND LOSSES
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<S> <C> <C>
IX. Quarterly Flow of Loan Principal
(A) Student Loan Principal Collections
(i) Regular Principal Collections $35,909,154.09
(ii) Principal Collections from Guarantors $2,321,746.55
(iv) Loan Principal Repurchased by SMS $109,948.49
(v) Loan Principal Repurchased by Servicer $0.00
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(vi) Total Principal Collections (i+ii+iii+iv+v) $38,340,849.13 $38,340,849.13
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(B) Student Loan Principal Additions
(i) New Loan Additions / Prefunded Loan Additions $0.00
(ii) Serial Loan Additions $3,607,657.54
(iii) Consolidation Loan Additions $6,274,443.41
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(iv) Total Principal Additions (i+ii+iii) $9,882,100.95 $9,882,100.95
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(C) Non-Cash Principal Adjustments
(i) Realized Losses ($2,744.66)
(ii) Waived Principal/Other Adjustments $734,885.53
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(iii) Total Non-Cash Principal Adjustments (i+ii) $732,140.87
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(D) Accrued Interest to be Capitalized (VII(A)(v)) $16,587,928.29
(E) Net Reduction/(Increase) in Student Loan Principal Balance (IX(A(vi)-B(iv)+C(iii)-D)) $12,602,960.76
X. QUARTERLY UNINSURED LOSS AND RECOVERIES REPORTING
(A) Realized Losses
(i) Principal Amount (IX(C(i))) ($2,744.66)
(ii) Interest Amount $20,554.43
(iii) Total Realized Losses (i+ii) $17,809.77
(B) Defaults This Quarter $2,425,331.48
(C) Current Year's Cumulative Defaults (II(G)+X(B)) $2,425,331.48
(D) Cumulative Defaults to Date (II(H)+X(B)) $2,425,331.48
</TABLE>
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<TABLE>
XI. PORTFOLIO CHARACTERISTICS
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<S> <C> <C> <C> <C>
Weighted Avg. Coupon # of Loans % of Total Principal Amount % of Total
September 30, 2000 September 30, 2000 September 30, 2000 September 30, 2000 September 30, 2000
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In-School 7.666% 89,925 36.358% 317,183,666.59 33.105%
In-Grace 7.687% 35,366 14.299% 129,249,659.72 13.490%
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Total Interim 125,291 50.656% 446,433,326.31 46.595%
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Current Repayment 8.366% 76,257 30.831% 327,822,543.73 34.215%
31-60 Days Delinquent 8.441% 6,091 2.463% 22,769,752.39 2.376%
61-90 Days Delinquent 8.386% 4,925 1.991% 15,992,136.94 1.669%
91-120 Days Delinquent 8.419% 2,477 1.001% 8,357,749.61 0.872%
120+ Days Delinquent 8.484% 7,329 2.963% 23,711,530.66 2.475%
Deferment 8.193% 13,996 5.659% 56,377,102.15 5.884%
Forbearance 8.265% 10,969 4.435% 56,660,354.45 5.914%
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Total Repayment 122,044 49.344% 511,691,169.93 53.405%
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Claims in Process 0.000% 0.000% 0.000% 0.00 0.000%
Aged Claims Rejected 0.000% 0.000% 0.00 0.000%
Grand Total 8.032% 247,335 100.000% 958,124,496.24 100.000%
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</TABLE>
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<TABLE>
XI. PORTFOLIO CHARACTERISTICS
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FOUR YEAR SCHOOLS TWO YEAR SCHOOLS TECHNICAL SCHOOLS OTHER
GSL-Sub GSL-UnsubPLUS SLS ConsolGSL-SubGSL-UnsubPLUS SLS ConsolGSL-SubGSL-UnsubPLUS SLS ConsolGSL-SubGSL-Unsub PLUS SLS Con
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
In-School 14.18% 10.74%0.00% 0.00% 0.00% 0.83% 0.57% 0.00% 0.00% 0.00% 3.49% 0.00% 0.00% 0.00%0.00%0.00%0.00% 0.00% 0.00% 0.00%
In-Grace 3.74% 2.83% 0.00% 0.00% 0.00% 0.29% 0.20% 0.00% 0.00% 0.00% 3.34% 3.10% 0.00% 0.00%0.00%0.00%0.00% 0.00% 0.00% 0.00%
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Total Interim17.92% 13.57% 0.00% 0.00% 0.00% 1.12% 0.77% 0.00% 0.00% 0.00% 6.63% 6.59% 0.00% 0.00%0.00%0.00%0.00% 0.00% 0.00% 0.00%
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Current Repay 5.73% 3.19% 3.73% 0.11% 11.62%0.58% 0.36% 0.12% 0.01% 0.05% 3.29% 2.69% 2.57% 0.04%0.04%0.00%0.00% 0.00% 0.00% 0.00%
31-60Days Del 0.47% 0.23% 0.16% 0.02% 0.70% 0.07% 0.04% 0.01% 0.00% 0.01% 0.27% 0.23% 0.17% 0.01%0.01%0.00%0.00% 0.00% 0.00% 0.00%
61-90Days Del 0.44% 0.24% 0.05% 0.01% 0.30% 0.07% 0.04% 0.00% 0.00% 0.00% 0.23% 0.21% 0.07% 0.01%0.00%0.00%0.00% 0.00% 0.00% 0.00%
91-120Day Del 0.16%t0.08% 0.03% 0.01% 0.22% 0.03% 0.02% 0.00% 0.00% 0.00% 0.15% 0.13% 0.03% 0.00%0.00%0.00%0.00% 0.00% 0.00% 0.00%
120+ Days Del 0.55% 0.24% 0.07% 0.03% 0.55% 0.13% 0.06% 0.00% 0.00% 0.00% 0.38% 0.35% 0.10% 0.01%0.00%0.00%0.00% 0.00% 0.00% 0.00%
Deferment 1.95% 1.17% 0.27% 0.09% 1.43% 0.22% 0.12% 0.01% 0.01% 0.01% 0.28% 0.25 0.07% 0.01%0.00%0.00%0.00% 0.00% 0.00% 0.00%
Forbearance 0.94% 0.48% 0.20% 0.06% 2.63% 0.10% 0.05% 0.02% 0.00% 0.00% 0.64% 0.56% 0.21% 0.01%0.00%0.00%0.00% 0.00% 0.00% 0.00%
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Total Repay 10.24% 5.63% 4.51% 0.33% 17.45%1.20% 0.69% 0.16% 0.02% 0.07% 5.24% 4.42% 3.22% 0.09%0.05%0.00%0.00% 0.00% 0.00% 0.00%
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Claims in
Process 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%0.00%0.00%0.00% 0.00% 0.00% 0.00%
Aged Claims
Rejected 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%0.00%0.00%0.00% 0.00% 0.00% 0.00%
Grand Total 28.16%19.20% 4.51% 0.33% 17.45% 2.32% 1.46% 0.16% 0.02% 0.07%11.87%11.01% 3.22% 0.09%0.05%0.01%0.01% 0.00% 0.00% 0.12%
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Four Year Two Year Technical
Schools Schools Schools Other Total
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<S> <C> <C> <C> <C> <C>
In-School 24.92% 1.40% 6.78% 0.00% 33.10%
In-Grace 6.57% 0.49% 6.44% 0.00% 13.50%
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Total Interim 31.49% 1.89% 13.22% 0.00% 46.60%
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Current Repay 24.38% 1.12% 8.63% 0.09% 34.22%
31-60 Days Del 1.58% 0.13% 0.69% 0.00% 2.40%
61-90 Days Del 1.04% 0.11% 0.52% 0.01% 1.68%
91-120 Days Del 0.50% 0.05% 0.31% 0.00% 0.86%
120+ Days Del 1.44% 0.19% 0.84% 0.00% 2.47%
Deferment 4.91% 0.37% 0.61% 0.02% 5.91%
Forbearance 4.31% 0.17% 1.42% 0.00% 5.90%
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Total Repayment 38.16% 2.14% 13.02% 0.12% 53.44%
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Claims in Process0.00% 0.00% 0.00% 0.00% 0.00%
Aged Claims Rej 0.00% 0.00% 0.00% 0.00% 0.00%
Grand Total 69.65% 4.03% 26.24% 0.12% 100.04%
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</TABLE>
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<TABLE>
QUARTERLY CASH AVAILABLE AND PRINCIPAL DISTRIBUTION TRIGGERS
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<S> <C>
SUMMARY OF QUARTERLY CASH GENERATION AND USAGE
(A-Balance) Existing Cash in Collections Account $9,581,119.00
(A) Total Interest Collections (Including Liquidations, Not Including Recoveries) (VI(A) $4,574,319.33
(B) Total Principal Collections (Including Liquidations and Repurchased Contracts, Not Including Recoveries $38,340,849.13
(C) SAP (VI(C)) $0.00
(D) Subsidy Payments (VI(D)) $0.00
(E) Proceeds of Recoveries (VI(E)) $0.00
(F) Draw from the Collateral Reinvestment Account for Accrued Interest (VIII(H)) $16,587,928.29
(G) Investment Earnings (VIII(A+B+C)) $5,316,192.33
(H) Draw from Current Period's Collection Account in Prior Periods (II(M)) $0.00
(I) Monthly Consolidation Loan Rebate Fee for Quarter (IV(J)) $732,991.00
(J) Transfer from Collection Account to the Collateral Reinvestment Account (VIII(G)) $38,340,849.13
(K) Required Distributions
(i) Servicing Fee Due $2,186,328.08
(ii) Administrative Fee Due $241,783.48
(iii) Class A-1 Noteholders' Interest Distribution Amount [Pro-Rata $6,226,152.77
(iv) Class A-2 Noteholders' Interest Distribution Amount [Pro-Rata $30,346,978.47
(v) Net Trust Swap Payment [Pro-Rata with (iii) and (iv)] [Receipt expresses a Negative] $0.00
(vi) Subordinate Noteholders' Interest Distribution Amount $1,426,118.75
(vii) Principal Distribution Amount (to Senior Noteholders until paid-off,to Sub. Noteholders) $0.00
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(viii) Total Required Distributions (i+ii+iii+iv+v+vi+vii) $40,427,361.55
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<S> <C> <C>
(L) Use of Existing Collections Account / Transfer from Collateral Reinvestment Account ($5,100,793.60) ($40,427,361.55)
IIN $3,000,000.00
MIN(MIN(II(N),(MIN(0,(A(ABalance+A+B+C+D+E+F+G-H-I-J-K)))*-1))),F(A+B+C+D+E+F+G),0) $9,581,119.00
(M) Draw From Reserve Fund due to Insufficient Cash Available Balance) $0.00 A(A) $4,574,319.33
MIN(MIN(II(N),(MIN(0,(A(ABalance+A+B+C+D+E+F+G-H-I-J-K)))*-1)))-A(L),0) A(B) $38,340,849.13
(N) Draw from Collection Account of Subsequent Monthly Collections (VIII(F)) $0.00 A(C) $0.00
(O) Total Amount Available for Distributions (A(ABalance+A+B+C+D+E+F+G-H-I-J+M+N)) $35,326,567.95 A(D) $0.00
A(E) $0.00
EARLY AMORTIZATION EVENT TRIGGERS (Yes = 1, No = 0) A(F) $16,587,928.29
(A) Has an Event of Default occurred under the Indenture? 0 A(G) $5,316,192.33
(B) Has a Servicer Default occurred under the Servicing Agreement? 0 A(H) $0.00
(C) Has an Administrator Default occurred under the Administration Agreement? 0 A(I) $732,991.00
(D) Has an event of insolvency occurred with respect to the Seller? 0 A(J) $38,340,849.13
(E) Has the Trust become subject to registration as an investment company under the A(K) $40,427,361.55
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Investment Company Act of 1940? 0 ($2,100,793.60)
(F) Has the percentage by principal balance of proprietary or vocational school loans F(A) $5,316,192.33
exceeded 35% of the Pool Balance? 0 F(B) $0.00
(i) Principal balance of proprietary or vocational school loans $290,819,403.09 F(C) $732,991.00
(ii) Percentage of proprietary or vocational school loans 30.35% F(D) $38,340,849.13
(G) Has the percentage by principal balance of student loans which are not in repayment F(E) $0.00
and are not eligible for subsidy exceeded 50% of the Pool Balance? 0 F(F) $0.00
(i) Principal balance of student loans which are not in repayment$217,986,007.00igible for subsidy F(G) $0.00
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(ii) Percentage of student loans which are not in repayment and are not el22.75% for subsidy $44,390,032.46
(H) Has the Excess Spread for this Quarterly Payment Date and for the preceding Quarterly Payment
Date fallen below .50%? (Not applicable for the first Quarterly Payment Date) 0
(I) Arithmetic average of the Delinquency Percentage as of the end of two successive collection
periods exceeds 20% 0
(J) Has an Early Amortization Event occured? 0
No. The Revolving Period continues.
DETERMINATION OF PRINCIPAL DISTRIBUTION AMOUNT
(A) Revolving Period? (Yes = 1,No = 0) 1
(B) Required Principal Distribution Amount $0.00
</TABLE>
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<TABLE>
DISTRIBUTIONS
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<S> <C> <C>
DISTRIBUTIONS OF CASH
(A) Servicing Fee
(i) Servicing Fee Due $2,186,328.08
(ii) Servicing Fee Paid $38,241,033.4 $2,186,328.08
(iii) Unpaid Servicing Fee (i-ii) $0.00
(B) Administration Fee
(i) Administration Fee Due (VIII(D)+III(B) $241,783.48
(ii) Administration Fee Paid 37,999,249.99 $241,783.48
(iii) Unpaid Administration Fee (i-ii) $0.00
(C) Senior Note Interest and Net Trust Swap Payments
(i) Class A-1 Noteholders' Interest Distribution Amount [Pro-Rata] $6,226,152.77
(ii) Class A-2 Noteholders' Interest Distribution Amount [Pro-Rata] $30,346,978.47
(ii) Net Trust Swap Payment [Pro-Rata] $0.00
(ii) Senior Note Interest and Net Trust Swap Payments Paid 1,426,118.75 $36,573,131.24
(iii) Senior Note Interest Carryover Shortfall (i-ii) $0.00
(iv) Senior Note Interest T-Bill Carryover Shortfall $0.00
(D) Subordinate Note Interest
(i) Subordinate Noteholders' Interest Distribution Amount ((II(F)(i)+II($1,426,118.75C)/IV(B))
(ii) Subordinate Note Interest Paid - $1,426,118.75
(iii) Subordinate Note Interest Carryover Shortfall (i-ii) $0.00
(iv) Subordinate Note Interest T-Bill Carryover Shortfall $0.00
(E) Senior Note Principal
(i) Class A-1 Note Principal Due $0.00
(ii) Class A-1 Note Principal Paid - $0.00
(iii) Class A-1 Note Principal Shortfall $0.00
(iv) Class A-2 Note Principal Due $0.00
(v) Class A-2 Note Principal Paid - $0.00
(vi) Class A-2 Note Principal Shortfall $0.00
(F) Subordinate Note Principal
(i) Subordinate Notes Principal Due $0.00
(ii) Subordinate Notes Principal Paid - $0.00
(iii) Subordinate Notes Principal Shortfall (i-ii) $0.00
(G) Purchase Premium
(i) Purchase Premium Amounts Due $0.00
(ii) Purchase Premium Amounts Paid - $0.00
(iii) Unpaid Purchase Premium Amounts $0.00
(H) "Turbo" Principal
(i) Class A-1 Note Principal $0.00
(ii) Class A-2 Note Principal $0.00
(iii) Subordinate Note Principal $0.00
(iv) Total "Turbo" Principal $0.00
(I) Senior Note Interest T-Bill Carryover
(i) Senior Note Interest T-Bill Carryover Due $0.00
(ii) Senior Interest T-Bill Carryover Paid $0.00
(iii) Senior Note Interest T-Bill Carryover Shortfall (i-ii) $0.00
(J) Subordinate Note Interest T-Bill Carryover
(i) Subordinate Note Interest T-Bill Carryover Due $0.00
(ii) Subordinate Note Interest T-Bill Carryover Paid $0.00
(iii) Subordinate Note Interest T-Bill Carryover Shortfall (i-ii) $0.00
(K) Servicing Fee Shortfalls
(i) Servicing Fee Shortfall Due (V(F)+III(E)) $0.00
(ii) Servicing Fee Shortfall Paid $0.00
(iii) Unpaid Servicing Fee Shortfall (i-ii) $0.00
</TABLE>
<PAGE>
<TABLE>
RECONCILIATION OF BALANCES AND ADDITIONAL REPORTING REQUIREMENTS
----------------------------------------------------------------------------------------------------------------------
<S> <C>
RECONCILIATION OF RESERVE ACCOUNT
(A) Beginning Account Balance (II(N)) $3,000,000.00
(B) Draw Due to Insufficient Funds (A(M) $0.00
(C) Required Account Balance $3,000,000.00
(D) Account Deposit/(Release) $0.00
----------------------------------------------------------------------------------------------------------------------
(E) Ending Account Balance (E(A-B+D)) $3,000,000.00
----------------------------------------------------------------------------------------------------------------------
RECONCILIATION OF COLLATERAL REINVESTMENT ACCOUNT
(A) Beginning Account Balance (II(O)) $0.00
(B) Deposit from Collection Account (VIII(G)) $38,340,849.13
(C) Deposit from Reserve Fund Release(Deposit can be made only prior to Parity, during Revolving Period) $0.00
(D) Draw for Accrued Interest (VIII(H)) $16,587,928.29
(E) Draw for New Loans (VII(B)(i+ii)) $0.00
(F) Draw for Serial Loans (VII(C)(i+ii)) $0.00
(G) Draw for Consolidation Loans (VII(D)(ii)) $0.00
(H) Transfer to Collection Account for Increase in Available Funds (A(L)) $5,100,793.60
(I) Ending Account Balance (F(A+B+C-D-E-F-G-H)) $16,652,127.24
RECONCILIATION OF PREFUNDING ACCOUNT
(A) Beginning Account Balance (II(Q)) $190,000,000.00
(B) Draw for New Loans / Prefunding Loans (VII(E)(i+ii)) $0.00
(C) Draw for Serial Loans (VII(F)(i+ii)) $3,662,065.07
(D) Draw for Consolidation Loans (VII(G)(ii)) $6,274,443.41
(E) Ending Account Balance (E(A-B-C-D)) $180,063,491.52
RECONCILIATION OF COLLECTIONS ACCOUNT
(A) Beginning Account Balance $9,581,119.00
(B) Ending Account Balance $0.00
ADDITIONAL REPORTING REQUIREMENTS
7/28 - 10/29/00 5/19 - 7/27/00
(A)(i) Class A-1Notes Interest Rate (3 Month LIBOR) 6.79250% 6.88875%
(A)(ii) Class A-2Notes Interest Rate (3 Month LIBOR) 6.91250% 7.00875%
(B) Subordinate Notes Interest Rate (3 Month LIBOR) 7.41250% 7.50875%
(C) Cumulative New Loans/ Prefunded Loans This Quarter $0.00
(D) Cumulative Serial Loans This Quarter $3,607,657.54
(E) Cumulative Consolidation Loans This Quarter $6,274,443.41
(G) Cumulative Accrued Interest to be Capitalized This Quarter, From Collateral Reinvestment Account $16,587,928.29
(H) Cumulative Accrued Interest to be Capitalized This Quarter, From Collections $0.00
(I) Draw From Subsequent Collection Period (VIII(F)) $0.00
(J) Excess Available Funds Released to SMS $0.00
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
BOND AND POOL BALANCES AND FACTORS
--------------------------------------------------------------------------------------------
Beginning of Period Activity End of Period
--------------------------------------------------------------------------------------------
Total Bond Balance $1,200,000,000.00 $0.00 $1,200,000,000.00
Total Bond Factor 1.00000000 - 1.00000000
Pool Balance $970,727,457.00 ($12,602,960.76) $958,124,496.24
Pool Factor 1.67541463 (0.0217519188) 1.65366271
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Class A-1 Class A-2 Subordinate
Beginning of Period End of Period Beginning of Period End of Period Beginning of Period End of Period
Note Balance $200,000,000.00 $200,000,000.00 $958,000,000.00 $958,000,000.00 $42,000,000.00 $42,000,000.00
Note Factor 1.00000000000 1.00000000000 1.00000000000 1.00000000000 1.00000000000 1.00000000000
Note Shortfall $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
REMITTANCE REPORT SUMMARY
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
(i) The amount of the distribution allocable to principal for the:
(a) Class A-1 Notes (1a) $0.00
(b) Class A-2 Notes (1b) $0.00
(c) Subordinate Notes (1c) $0.00
(ii) The amount of the distribution allocable to interest for the:
(a) Class A-1 Notes (For Quarter) (2a) $6,226,152.77
(b) Class A-2 Notes (For Quarter) (2b) $30,346,978.47
(c) Subordinate Notes (For Quarter) (2c) $1,426,118.75
(iii) The interest rates for the: 7/28 - 10/29/00 5/19 - 7/27/00
(a) Class A-1 Notes (Quarterly) (3a) 6.79250% 6.88875%
(b) Class A-2 Notes (Quarterly) (3b) 6.91250% 7.00875%
(c) Subordinate Notes (Quarterly) (3c) 7.41250% 7.50875%
(iv) The Pool Balance as of the close of business on the last day of the(4)llection Pe$i958,124,496.24
(v) The ending aggregate outstanding principal balance for the:
(a) Class A-1 Notes (5a) $200,000,000.00
(b) Class A-2 Notes (5b) $958,000,000.00
(c) Subordinate Notes (5c) $42,000,000.00
(vi) The ending outstanding bond factors for the:
(a) Class A-1 Notes (6a) 1.00000000
(b) Class A-2 Notes (6b) 1.00000000
(c) Subordinate Notes (6c) 1.00000000
(vii) The amount of the Servicing Fee
Paid for Mon*h 1 $1,428,971.04
Paid for Month 2 $373,813.30
Paid for Month 3 $383,543.74
(a) Paid for the Quarter (7a) $2,186,328.08
(b) Unpaid for the Quarter (7b) $0.00
(viii) The amount of the Administration Fee
Paid for Mon*h 1 $161,720.62
Paid for Month 2 $40,141.01
Paid for Month 3 $39,921.85
(a) Paid for the Quarter (8a) $241,783.48
(b) Unpaid for the Quarter (8b) $0.00
(ix) The amount of Monthly Consolidation Loan Rebate Fee
Paid for Mon*h 1 483,820.00
Paid for Month 2 123,660.00
Paid for Month 3 125,511.00
(a) Paid for the Quarter (9a) $732,991.00
(x) The amount of aggreate Realized Losses for the Collection Period (10) $17,809.77
* Month 1 = Apr, May, June, July, 2000
</TABLE>
<PAGE>
PREPAYMENT HISTORY AND CPRs
----------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balance CPR
----------------------------------------------------------------------
Oct-00 958,124,496 n/a
n/a
n/a
n/a
----------------------------------------------------------------------
** rate not reported during initial reporting period since moving average cannot
be established
USA GROUP SECONDARY MARKET SERVICES, INC.
Administrator
/CHERYL S. WATSON/
----------------------------------------
Cheryl E. Watson
Senior Vice President and CFO
<PAGE>
SMS STUDENT LOAN TRUST 2000B
ADMINISTRATOR'S CERTIFICATE
In accordance with Section 2(g) of the Administration Agreement dated as of
April 1, 2000, among SMS STUDENT LOAN TRUST 2000-B, a Delaware trust (the
"Issuer"), USA GROUP SECONDARY MARKET SERVICES, INC., a Delaware corporation, as
administrator (the "Administrator"), and BANKERS TRUST COMPANY, a New York
banking corporation, not in its individual capacity but solely as Indenture
Trustee (the "Indenture Trustee"), the undersigned, in their official capacities
as Authorized Officers, on behalf of the Administrator, hereby certify the
following statement to Noteholders:
Quarterly Payment Date: October 30, 2000
(i) Amount of principal being paid or distributed:
(a) Class A-1 $0.00 * $0.00 * per $1,000 original
principal amount of Notes
(b) Class A-2 $0.00 * $0.00 * per $1,000 original
principal amount of Notes
(c) Subordinate $0.00 * $0.00 * per $1,000 original
principal amount of Notes
* Portion of each sum amount attributable to Reserve Account Excess: $0.00
(ii) Amount of interest being paid or distributed:
(a) Class A-1 $6,226,152.77 $0.03 per $1,000 original
principal amount of Notes
(b) Class A-2 $30,346,978.47 $0.03 per $1,000 original
principal amount of Notes
(c) Subordinate $1,426,118.75 $0.03 per $1,000 original
principal amount of Notes
(iii) Amount of Senior Noteholders' Interest Basis Carryover being paid or
distributed (if any) and amount remaining (if any):
(a) Distributed: $0.00 $0.00 per $1,000 original principal
amount of Notes
(b) Balance: $0.00 $0.00 per $1,000 original principal
amount of Notes
(iv) Amount of Subordinate Noteholders' Interest Basis Carryover being paid
or distributed (if any) and amount remaining (if any):
(a) Distributed: $0.00 $0.00 per $1,000 original principal
amount of Notes
(b) Balance: $0.00 $0.00 per $1,000 original principal
amount of Notes
<TABLE>
<S> <C>
(v) Pool Balance at end of related Collection Period: $958,124,496.24
(vi) After giving effect to distributions on this Quarterly Payment Date:
(a) (1) outstanding principal amount of Class A-1 Notes: $200,000,000.00
(2) Class A-1 Note Pool Factor: 1.00000
(b) (1) outstanding principal amount of Class A-2 Notes: $958,000,000.00
(2) Class A-2 Note Pool Factor: 1.00000
(c) (1) outstanding principal amount of Subordinate Notes: $42,000,000.00
(2) Subordinate Note Pool Factor: 1.00000
(vii) Applicable Note Rate:
In general:
(1) Three-month LIBOR for the LIBOR Reset Period since the previous
Quarterly Payment Date was
5/19 - 7/27 6.80875% 7/28 - 10/29 6.71250%
Class A-1 Note Rate 6.88875% 6.79250% (based on LIBOR rate)
Class A-2 Note Rate 7.00875% 6.91250% (based on LIBOR rate)
Subordinate Note Rate: 7.50875% 7.41250% (based on LIBOR rate)
(viii) Amount of Servicing Fee for related Collection Period including a
breakdown of the components of the Servicing Fee attributable to each of the
items specified in clauses II(I) through (ix) of Section 3.06 of the Servicing
Agreement and the amount of any Servicing Fee Shortfall for such quarterly
Payment Date and for each Monthly Payment Date following the immediately
preceding Quarterly Payment Date: $2,186,328.08
(ix) Amount of Administration Fee for related Collection Period:
$241,783.48 0.00020 per $1,000 original principal amount of Notes
(x) the Trust Swap Payment Amount paid to the Swap Counterparty on such
Quarterly Payment Date: $0.00 the amount of any Net Trust Swap Payment Carryover
Shortfall for such Quarterly Payment Date: $0.00 the Trust Swap Receipt Amount
paid ot the Trust on such Quarterly Payment Date: $0.00
the Net Trust Swap Receipt Carryover Shortfall for such Quarterly Payment Date:
$0.00
(xi) Aggregate amount of Realized Lossess (if any) for the related
Collection Period: $17,809.77 (xii) Finance Student Loans delinquent at end of
related Collection period 20,822 number of delinquent loans $70,831,169.60
aggregate unpaid principal balance of delinquent loans
(xiii) Withdrawal from Reserve Account on related Quarterly Payment Date
(other than Reserve Account Excess) and on any $0.00ly Paylment Date since the
preceding Quarterly Payment Date (list each withdrawal separately): Purpose: n/a
Reserve Account Excess on related Quarterly Payment Date $0.00
Principal balance of Notes to be paid to reach Parity Date $241,875,503.76
(xix) Deposits to Collateral Reinvestment Account during related Collection
Period: $38,340,849.13 Amount to be depositied on related Quarterly Payment
Date: $0.00 Withdrawal from Collateral Reinvestment Account during related
Collection Period: $21,688,721.89 Amount in the Reserve Account (after giving
effect to
(xiii)): $3,000,000.00
(x) Amount in the Collateral Reinvestment Account (after giving effect to
(xx)): $16,652,127.24
(xi) Consolidation Loans:
225 loans with aggregate principal balance of
$6,274,443.41 were origianated during related Collection Period
$6,274,443.41 withdrawal from Collateral Reinvestment Account to fund
the origination of Consolidation Loans during related Collection
Period.
(xvii) Add-on Consolidation Loans:
0 loans with aggregate principal balance of
$0.00 were added to the principal balance of a Consolidation Loan
$0.00 withdrawal from Collateral Reinvestment Account to fund the
addition of the principal balancers of Add-on Consolidation
Loans during the related Collection Period
(xiii) Serial Loans
1,092 loans
$3,607,657.54 aggregate principal balance
54,407.53 (portion represented by Purchase Premium Amounts)
were purchased during the related Collection Period.
(xiv) New Loans: 0.00 loans
$0.00 aggregate principal balance
$0.00 (portion represented by Purchase Premium Amounts)
were purchased during the related Collection Period).
(xv) Withdrawl from the Prefunding Account during the related Collection
Period: $9,936,508.48
(xvi) Amount in the Prefunding Account (after giving effect to
(xv): $180,063,491.52
(xvii) Financed Student Loans in the followign categories as of the end of
the related Collection Period:
<S> <C> <C> <C>
Weighted Average Number of Principal
Interest Rate Loans Balance
Status Type:
In-School 7.67% 89,925 $317,183,666.59
Grace 7.69% 35,366 $129,249,659.72
Repayment 8.37% 76,257 $327,822,543.73
Forbearance 8.27% 10,969 $56,660,354.45
Deferment 8.25% 13,996 $56,377,102.15
Delinquencies 8.43% 20,822 $70,831,169.60
Claims Filed Awaiting Pyament 0.00% - 0.00
8.03% 247,335 $958,124,496.24
Delinquencies:
31-60 Days 8.44% 6,091 $22,769,752.39
61-90 Days 8.39% 4,925 $15,992,136.94
91-120 Days 8.42% 2,477 $8,357,749.61
More than 120 Days Delinquent 8.48% 7,329 $23,711,530.66
Claims Filed Awaiting Payment 0.00% 0.00 $0.00
8.44% 20,822 $70,831,169.60
Loan Type:
Stafford Loans 7.89% 218,391 $708,822,970.47
SLS Loans 9.57% 1,054 $4,157,275.14
PLUS Loans 9.07% 17,810 $75,544,610.50
Consolidation Loans 8.14% 10,080 $169,599,640.13
8.03% 247,335 $958,124,496.24
School Type:
Traditional 8.04% 148,136 $667,305,093.15
Vocational/Proprietary 8.02% 99,199 $290,819,403.09
8.03% 247,335 $958,124,496.24
</TABLE>
In witness whereof, the undersigned have signed their names on behalf of the
Corporation on October 25, 2000.
USA GROUP SECONDARY MARKET SERVICES, INC.
Administrator
/CHERYL E. WATSON/
----------------------------------------
Cheryl E. Watson
Senior Vice President & Chief Financial Officer
/STEPHEN W. CLINTON/
----------------------------------------
Chairman of the Board, President & CEO
<PAGE>
SMS STUDENT LOAN TRUST 2000-B
OFFICERS' CERTIFICATE
In accordance with Section 11.02 of the Indenture dated as of January 1, 2000,
between SMS Student Loan Trust 2000-B, a Delaware trust (the "Issuer") and
BANKERS TRUST COMPANY, a New York banking corporation, as trustee and not in its
individual capacity (the "indenture Trustee") (such Indenture herinafter
referred to as the "Indenture"), the undersigned, in their official capacities
as Authorized Officers, on behalf of the Administrator and for purposes of the
certificate required of the Issuer under Section 11.01(b)(v) of the Indenture,
herby certify that (i) all dispositions of Collateral described in clauses (A)
and (B) of Section 11.01(b)(v) of the Indenture that occurred during the
immediately preceding three calendar months were in the ordinary course of the
Issuer's business and (ii) the proceeds therof were applied in accordance with
the Basic Documents.
Terms used herin and not specifically herin defined shall have the meaning
ascribed to them in the Indenture.
In witness whereof, the undersigned have signed their names on behalf of the
Corporation on November 10, 2000.
USA GROUP SECONDARY MARKET SERVICES, INC.
Administrator
/CHERYL E. WATSON/
----------------------------------------
Cheryl E. Watson
Senior Vice President & Chief Financial Officer
/STEPHEN W. CLINTON/
----------------------------------------
Stephen W. Clinton
Chairman of the Board, President and CEO
