<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): October 27, 1997
SLM FUNDING CORPORATION
-----------------------
formerly known as SALLIE MAE FUNDING CORPORATION
(Exact name of registrant as specified in its charter)
(Originator of the Sallie Mae Student Loan Trust 1995-1,
the Sallie Mae Student Loan Trust 1996-1,
the SLM Student Loan Trust 1996-2,
the SLM Student Loan Trust 1996-3,
the SLM Student Loan Trust 1996-4,
the SLM Student Loan Trust 1997-1,
the SLM Student Loan Trust 1997-2,
and the SLM Student Loan Trust 1997-3)
Delaware 33-95474/333-2502/333-24949 23-2815650
- -------- --------------------------- ----------
(State or other (Commission File Numbers) (I.R.S.
employer Identification No.)
Jurisdiction of
Incorporation)
777 Twin Creek Drive
Killeen, Texas 76543
--------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (817) 554-4500
Page 1 of 5
Exhibit Index appears on Page 5
<PAGE> 2
Item 5. Other Events
On October 27, 1997, the Sallie Mae Student Loan Trust 1995-1 made its
eighth, the Sallie Mae Student Loan Trust 1996-1 made its seventh, the SLM
Student Loan Trust 1996-2 made its sixth, the SLM Student Loan Trust 1996-3
made its fifth, the SLM Student Loan Trust 1996-4 made its fourth, the SLM
Student Loan Trust 1997-1 made its third, and the SLM Student Loan Trust 1997-2
made its second regular quarterly distribution of funds to holders of their
respective Floating Rate Student Loan-Backed Notes and Certificates and
distributed their respective Quarterly Servicing Reports, filed herewith as an
Exhibit to this Form 8-K, to Certificateholders and Noteholders of record.
The Registrant is hereby filing the Quarterly Servicing Reports
reflecting each Trust's activities as of October 27, 1997.
Page 2 of 5
Exhibit Index appears on Page 5
<PAGE> 3
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
(c) Exhibits
19.1 Quarterly Servicing Reports
Page 3 of 5
Exhibit Index appears on Page 5
<PAGE> 4
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Dated: October 31, 1997
SLM FUNDING
CORPORATION
By: /s/ ROBERT R. LEVINE
---------------------------------------
Name: Robert R. Levine
Title: Chief Financial Officer
Page 4 of 5
Exhibit Index appears on Page 5
<PAGE> 5
INDEX TO EXHIBIT
<TABLE>
<CAPTION>
Sequentially
Exhibit Numbered
Number Exhibit Page
- ------ ------- ----
<S> <C> <C>
19.1 Quarterly Servicing Reports.
</TABLE>
Page 5 of 5
Exhibit Index appears on Page 5
<PAGE> 1
- --------------------------------------------------------------------------------
VI. 1995-1 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
A Borrower Interest Accrued During Collection Period $ 12,746,442.95
B Interest Subsidy Payments Accrued During Collection Period $ 693,930.16
C SAP Payments Accrued During Collection Period $ 423,332.84
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 56,070.26
E Investment Earnings (ADMINISTRATOR ACT) $ 415,631.73
------------------
F NET EXPECTED INTEREST COLLECTIONS $ 14,335,407.94
G STUDENT LOAN RATE
i Days in Collection Period (7/1/97-9/30/97) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 14,335,407.94
iv Primary Servicing Fee $ 1,599,926.40
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 673,097,615.65
vii STUDENT LOAN RATE 7.49480%
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
H Class A-1 T-Bill Based Interest Rate 5.74085%
I CLASS A-1 INTEREST RATE 0.014784658 (7/25/97-10/27/97) 5.74085%
J Class A-2 T-Bill Based Interest Rate 5.91585%
K CLASS A-2 INTEREST RATE 0.015235342 (7/25/97-10/27/97) 5.91585%
L Certificate T-Bill Based Rate of Return 6.16585%
M CERTIFICATE RATE OF RETURN 0.015879178 (7/25/97-10/27/97) 6.16585%
</TABLE>
6
<PAGE> 2
- --------------------------------------------------------------------------------
VII. 1995-1 Inputs From Previous Quarterly Servicing Reports 6/30/1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 672,356,282.03
ii Interest To Be Capitalized $ 741,333.62
----------------
iii TOTAL STUDENT LOAN POOL OUTSTANDING $ 673,097,615.65
================
B Total Note and Certificate Factor 0.67309761565
C TOTAL NOTE AND CERTIFICATE BALANCE $ 673,097,615.65
D Note Balance 7/25/97 Class A-1 Class A-2 Certificates
---------------- ---------------- ----------------
i Current Factor-7/25/97 0.5641301542 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 423,097,615.65 $ 215,000,000.00 $ 35,000,000.00
iv Note Balance $ 423,097,615.65 $ 215,000,000.00 $ 35,000,000.00
---------------- ---------------- ----------------
E Interest Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest Carryover $ 0.00 $ 0.00 $ 0.00
G Reserve Account Balance $ 3,365,488.08
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
</TABLE>
7
<PAGE> 3
- --------------------------------------------------------------------------------
VIII. 1995-1 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
REMAINING
FUNDS BALANCE
-----------------
<S> <C> <C>
A TOTAL AVAILABLE FUNDS (SECTION III E + SECTION VI-D) $ 51,500,859.50 $ 51,500,859.50
B PRIMARY SERVICING FEES-CURRENT MONTH $ 524,092.80 $ 50,976,766.70
C ADMINISTRATION FEE-QUARTERLY $ 20,000.00 $ 50,956,766.70
D NOTEHOLDER'S INTEREST DISTRIBUTION AMOUNT
i Class A-1 $ 6,255,353.55 $ 44,701,413.15
ii Class A-2 $ 3,275,598.53 $ 41,425,814.62
-----------------
iii TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION 9,530,952.08
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 555,771.23 $ 40,870,043.39
F NOTEHOLDER'S PRINCIPAL DISTRIBUTION AMOUNT
i Class A-1 $ 37,919,630.17 $ 2,950,413.22
ii Class A-2 $ 0.00 $ 2,950,413.22
-----------------
iii TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 37,919,630.17
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 2,950,413.22
H INCREASE TO THE SPECIFIED RESERVE ACCOUNT BALANCE $ 0.00 $ 2,950,413.22
I CARRYOVER SERVICING FEES $ 874,288.69 $ 2,076,124.53
J NOTEHOLDER'S INTEREST CARRYOVER
i Class A-1 $ 0.00 $ 2,076,124.53
i Class A-2 $ 0.00 $ 2,076,124.53
-----------------
iii TOTAL NOTEHOLDER'S INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 2,076,124.53
L EXCESS TO RESERVE ACCOUNT $ 2,076,124.53 $ 0.00
</TABLE>
8
<PAGE> 4
- --------------------------------------------------------------------------------
IX. 1995-1 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Distribution Amounts Class A-1 Class A-2 Certificates
----------------- ---------------- --------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 6,255,353.55 $ 3,275,598.53 $ 555,771.23
ii Quarterly Interest Paid $ 6,255,353.55 $ 3,275,598.53 $ 555,771.23
----------------- ---------------- --------------
iii Interest Shortfall $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid $ 0.00 $ 0.00 $ 0.00
----------------- ---------------- --------------
vi Interest Carryover $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 37,919,630.17 $ 0.00 $ 0.00
viii Quarterly Principal Paid $ 37,919,630.17 $ 0.00 $ 0.00
----------------- ---------------- --------------
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
----------------- ---------------- --------------
x Total Distribution Amount $ 44,174,983.72 $ 3,275,598.53 $ 555,771.23
================= ================ ==============
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 9/30/97 $ 673,097,615.65
ii Pool Balance 9/30/97 $ 635,177,985.48
------------------
iii Principal Distribution Amount $ 37,919,630.17
==================
C Total Principal Distribution $ 37,919,630.17
D Total Interest Distribution $ 10,086,723.31
------------------
E Total Cash Distributions-Note and Certificates $ 48,006,353.48
F Note & Certificate Balances 7/25/1997 10/27/1997
---------------- ----------------
i A-1 Note Balance $ 423,097,615.65 $ 385,177,985.48
A-1 Note Pool Factor 0.5641301542 0.5135706473
ii A-2 Note Balance $ 215,000,000.00 $ 215,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance $ 35,000,000.00 $ 35,000,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
G Reserve Account Reconciliation
i Beginning of Period Balance $ 3,365,488.08
ii Deposits to correct Shortfall $ 0.00
iii Deposits from Excess Servicing $ 2,076,124.53
----------------
iv Total Reserve Account Balance Available $ 5,441,612.61
v Required Reserve Account Balance $ 3,175,889.93
vi Shortfall Carried to Next Period $ 80.00
vii Excess Reserve - Release to SLM Funding Corp $ 2,265,722.68
viiiEnding Reserve Account Balance $ 3,175,889.93
</TABLE>
9
<PAGE> 5
- --------------------------------------------------------------------------------
1995-1 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------ ------------------ ------------------ ------------------
7/1/97-9/30/97 4/1/97-6/30/97 1/1/97-3/31/97 10/1/96-12/31/96
------------------ ------------------ ------------------ ------------------
<S> <C> <C> <C> <C>
Beginning Student Loan Portfolio Balance $ 672,356,282.03 $ 714,234,131.11 $ 758,640,244.14 $ 802,942,510.88
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 33,024,660.00 $ 34,449,289.71 $ 37,045,855.75 $ 36,816,067.27
ii Principal Collections from Guarantor 3,831,142.64 5,521,766.77 6,185,560.91 6,088,443.00
iii Principal Reimbursements 1,931,934.01 2,643,630.36 2,050,080.23 2,255,883.32
iv Other System Adjustments - 0.00 0.00 131.71
------------------ ------------------ ------------------ ------------------
v Total Principal Collections $ 38,787,736.65 $ 42,614,686.84 $ 45,281,496.89 $ 45,160,525.30
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 148,944.93 $ 218,645.87 $ 184,596.68 $ 225,811.89
ii Capitalized Interest (999,709.92) (955,483.63) (1,059,980.54) (1,084,070.45)
------------------ ------------------ ------------------ ------------------
iii Total Non-Cash Principal Activity $ (850,764.99) $ (736,837.76) $ (875,383.86) $ (858,258.56)
------------------ ------------------ ------------------ ------------------
(-) Total Student Loan Principal Activity $ 37,936,971.66 $ 41,877,849.08 $ 44,406,113.03 $ 44,302,266.74
------------------ ------------------ ------------------ ------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 11,700,628.29 $ 12,116,179.07 $ 13,342,268.00 $ 13,807,543.15
ii Interest Claims Received from Guarantors 217,004.71 317,247.10 358,047.93 340,026.34
iii Interest Reimbursements 31,498.76 28,749.41 28,485.70 27,274.90
iv Other System Adjustments 0.00 0.00 0.00 (715.16)
v Special Allowance Payments 497,397.49 829,740.65 460,026.49 734,667.87
vi Subsidy Payments 809,754.91 541,554.00 888,898.48 740,973.14
------------------ ------------------ ------------------ ------------------
vii Total Interest Collections $ 13,256,284.16 $ 13,833,470.23 $ 15,077,726.60 $ 15,649,770.24
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (102,969.61) $ (143,456.34) $ (130,539.92) $ (158,675.64)
ii Capitalized Interest 999,709.92 955,483.63 1,059,980.54 1,084,070.45
------------------ ------------------ ------------------ ------------------
iii Total Non-Cash Interest Adjustments $ 896,740.31 $ 812,027.29 $ 929,440.62 $ 925,394.81
------------------ ------------------ ------------------ ------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 14,153,024.47 $ 14,645,497.52 $ 16,007,167.22 $ 16,575,165.05
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 634,419,310.37 $ 672,356,282.03 $ 714,234,131.11 $ 758,640,244.14
------------------ ------------------ ------------------ ------------------
(+) Interest to be Capitalized $ 758,675.11 $ 741,333.62 $ 747,655.59 $ 691,772.32
------------------ ------------------ ------------------ ------------------
(=) TOTAL POOL $ 635,177,985.48 $ 673,097,615.65 $ 714,981,786.70 $ 759,332,016.46
------------------ ------------------ ------------------ ------------------
------------------ ------------------ ------------------
7/1/96-9/30/96 4/1/96-6/30/96 1/1/96-3/31/96
------------------ ------------------ ------------------
Beginning Student Loan Portfolio Balance $ 853,757,457.19 $ 905,375,401.17 $ 954,345,726.48
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 40,504,277.25 $ 41,999,553.67 $ 45,086,756.56
ii Principal Collections from Guarantor 8,336,900.38 6,580,254.84 482,294.51
iii Principal Reimbursements 2,842,522.44 3,722,370.03 4,554,369.19
iv Other System Adjustments (577.57) (48.49) 0.00
------------------ ------------------ ------------------
v Total Principal Collections $ 51,683,122.50 $ 52,302,130.05 $ 50,123,420.26
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 214,754.01 $ 185,344.16 $ 150,766.06
ii Capitalized Interest (1,082,930.20) (869,530.23) (1,303,861.01)
------------------ ------------------ ------------------
iii Total Non-Cash Principal Activity $ (868,176.19) $ (684,186.07) $ (1,153,094.95)
------------------ ------------------ ------------------
(-) Total Student Loan Principal Activity $ 50,814,946.31 $ 51,617,943.98 $ 48,970,325.31
------------------ ------------------ ------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 15,456,574.89 $ 16,104,237.23 $ 18,105,760.68
ii Interest Claims Received from Guarantors 557,105.25 410,448.66 13,929.01
iii Interest Reimbursements 36,142.78 33,086.35 39,560.27
iv Other System Adjustments (163.96) (14.31) 0.00
v Special Allowance Payments 617,049.00 537,884.11 1,112,141.11
vi Subsidy Payments 792,317.27 836,267.57 683,029.83
------------------ ------------------ ------------------
vii Total Interest Collections $ 17,459,025.23 $ 17,921,909.61 $ 19,954,420.90
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (111,637.14) $ (112,327.13) $ (144,452.46)
ii Capitalized Interest 1,082,930.20 869,530.23 1,303,861.01
------------------ ------------------ ------------------
iii Total Non-Cash Interest Adjustments $ 971,293.06 $ 757,203.10 $ 1,159,408.55
------------------ ------------------ ------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 18,430,318.29 $ 18,679,112.71 $ 21,113,829.45
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 802,942,510.88 $ 853,757,457.19 $ 905,375,401.17
------------------ ------------------ ------------------
(+) Interest to be Capitalized $ 652,786.04 $ 677,908.07 $ 602,404.08
------------------ ------------------ ------------------
(=) TOTAL POOL $ 803,595,296.92 $ 854,435,365.26 $ 905,977,805.25
------------------ ------------------ ------------------
</TABLE>
10
<PAGE> 6
- --------------------------------------------------------------------------------
XI. 1995-1 Payment History and CPRs
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
------ -------------- -----
<S> <C> <C>
Oct-95 $1,000,126,078 -
Jan-96 $ 954,984,797 4.87%
Apr-96 $ 905,977,805 4.96%
Jul-96 $ 854,435,365 5.71%
Oct-96 $ 803,595,297 6.25%
Jan-97 $ 759,332,016 6.10%
Apr-97 $ 714,981,787 6.00%
Jul-97 $ 673,097,616 5.80%
Oct-97 $ 635,177,985 5.32%
</TABLE>
* "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.
11
<PAGE> 7
- --------------------------------------------------------------------------------
VI. 1996-1 INTEREST CALCULATION
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 20,071,837.07
B Interest Subsidy Payments Accrued During Collection Period $3,763,002.23
C SAP Payments Accrued During Collection Period $573,784.43
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $53,894.50
E Investment Earnings (ADMINISTRATOR ACT) $581,811.77
-----------
F NET EXPECTED INTEREST COLLECTIONS $ 25,044,330.00
G STUDENT LOAN RATE
i Days in Collection Period (7/01/97-9/30/97) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 25,044,330.00
iv Primary Servicing Fee $ 2,220,033.20
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,183,793,430.15
vii STUDENT LOAN RATE 7.64268%
</TABLE>
<TABLE>
<CAPTION>
ACCRUED
INT FACTOR ACCRUAL PERIOD
----------- --------------
<S> <C> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.72585%
I CLASS A-1 INTEREST RATE 0.014746027 (7/25/97-10/27/97) 5.72585%
J Class A-2 T-Bill Based Interest Rate 5.91585%
K CLASS A-2 INTEREST RATE 0.015235342 (7/25/97-10/27/97) 5.91585%
L Certificate T-Bill Based Rate of Return 6.14585%
M CERTIFICATE RATE OF RETURN 0.015827671 (7/25/97-10/27/97) 6.14585%
</TABLE>
6
<PAGE> 8
- --------------------------------------------------------------------------------
VII. 1996-1 INPUTS FROM PREVIOUS QUARTERLY SERVICING REPORTS 6/30/97
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 1,173,864,873.47
ii Interest To Be Capitalized $9,928,556.68
------------------
iii TOTAL STUDENT LOAN POOL OUTSTANDING $ 1,183,793,430.15
==================
B Total Note and Certificate Factor 0.78919562010
C TOTAL NOTE AND CERTIFICATE BALANCE $ 1,183,793,430.15
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 7/25/97 CLASS A-1 CLASS A-2 CERTIFICATES
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i Current Factor-7/25/97 0.6753525977 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 657,793,430.15 $ 473,500,000.00 $ 52,500,000.00
-------------------------------------------------------------
iv NOTE BALANCE $ 657,793,430.15 $ 473,500,000.00 $ 52,500,000.00
E Interest Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest Carryover $ 0.00 $ 0.00 $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
G Reserve Account Balance $ 2,959,483.58
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
7
<PAGE> 9
- --------------------------------------------------------------------------------
VIII. 1996-1 WATERFALL FOR DISTRIBUTIONS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
REMAINING
FUNDS BALANCE
-------------
<S> <C> <C> <C> <C>
A Total Available Funds (Section III E + Section VI-D) $ 73,646,671.88 $ 73,646,671.88
B Primary Servicing Fees-Current Month $ 729,902.25 $ 72,916,769.63
C Administration Fee $ 20,000.00 $ 72,896,769.63
D Noteholder's Interest Distribution Amount
i Class A-1 $ 9,699,839.68 $ 63,196,929.95
ii Class A-2 $ 7,213,934.44 $ 55,982,995.51
---------------
iii TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $ 16,913,774.12
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 830,952.73 $ 55,152,042.78
F Noteholder's Principal Distribution Amount
i Class A-1 $ 49,592,808.79 $ 5,559,233.99
ii Class A-2 $ 0.00 $ 5,559,233.99
---------------
iii TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 49,592,808.79
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 5,559,233.99
H Increase to the Specified Reserve Account Balance $ 0.00 $ 5,559,233.99
I Carryover Servicing Fees $ 931,255.71 $ 4,627,978.28
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 4,627,978.28
i Class A-2 $ 0.00 $ 4,627,978.28
---------------
iii TOTAL NOTEHOLDER'S INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 4,627,978.28
L EXCESS TO RESERVE ACCOUNT $ 4,627,978.28 $ 0.00
</TABLE>
- -------------------------------------------------------------------------------
8
<PAGE> 10
- -------------------------------------------------------------------------------
IX. 1996-1 DISTRIBUTIONS
- -------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C> <C>
----------------------------------------------------------------------------------------------------------
A DISTRIBUTION AMOUNTS CLASS A-1 CLASS A-2 CERTIFICATES
----------------------------------------------------------------------------------------------------------
i Quarterly Interest Due $9,699,839.68 $7,213,934.44 $830,952.73
ii Quarterly Interest Paid $9,699,839.68 $7,213,934.44 $830,952.73
------------- ------------- -----------
iii INTEREST SHORTFALL $0.00 $0.00 $0.00
iv Interest Carryover Due $0.00 $0.00 $0.00
v Interest Carryover Paid $0.00 $0.00 $0.00
----- ----- -----
vi INTEREST CARRYOVER $0.00 $0.00 $0.00
vii Quarterly Principal Due $49,592,808.79 $0.00 $0.00
viii Quarterly Principal Paid $49,592,808.79 $0.00 $0.00
-------------- ----- -----
ix QUARTERLY PRINCIPAL SHORTFALL $0.00 $0.00 $0.00
----------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 59,292,648.47 $ 7,213,934.44 $ 830,952.73
----------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates Principal Balance 9/30/97 $1,183,793,430.15
ii Pool Balance 9/30/97 $1,134,200,621.36
-----------------
iii Pool Exceeding Notes and Certificate Balance (i-ii) $ 49,592,808.79
-----------------
iv Principal Distribution Amount $ 49,592,808.79
=================
C Total Principal Distribution $ 49,592,808.79
D Total Interest Distribution $ 17,744,726.85
-----------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 67,337,535.64
----------------------------------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 7/25/97 10/27/97
----------------------------------------------------------------------------------------------------------
i A-1 Note Balance (795452AD3) $ 657,793,430.15 $ 608,200,621.36
A-1 Note Pool Factor 0.6753525977 0.6244359562
ii A-2 Note Balance (795452AE1) $ 473,500,000.00 $ 473,500,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (795452AF8) $ 52,500,000.00 $ 52,500,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
----------------------------------------------------------------------------------------------------------
G RESERVE ACCOUNT RECONCILIATION
i Beginning of Period Balance $ 2,959,483.58
ii Deposits to correct Shortfall $ 0.00
iii Deposits from Excess Servicing $ 4,627,978.28
-----------------
iv Total Reserve Account Balance Available $ 7,587,461.86
v Required Reserve Account Balance $ 2,835,501.55
vi Shortfall Carried to Next Period $ 0.00
vii Excess Reserve - Release to SLM Funding Corp $ 4,751,960.31
viii Ending Reserve Account Balance $ 2,835,501.55
</TABLE>
- -------------------------------------------------------------------------------
9
<PAGE> 11
- -------------------------------------------------------------------------------
X. 1996-1 HISTORICAL POOL INFORMATION
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------
7/1/97-9/30/97 4/1/97-6/30/97 1/1/97-3/31/97 10/1/96-12/31/96
---------------------------------------------------------------------------
<S> <C> <C> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $1,173,864,873.47 $1,228,206,792.67 $1,287,751,841.38 $1,349,145,820.06
- ------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 37,394,659.75 $ 38,201,480.33 $ 38,946,758.98 $ 38,568,892.82
ii Principal Collections from Guarantor 9,232,586.28 12,257,546.06 15,564,936.49 18,664,167.10
iii Principal Reimbursements 6,827,024.70 8,394,035.19 8,314,291.46 9,629,351.72
iv Other System Adjustments 0.00 0.00 0.00 (7,343.12)
----------------- ----------------- ----------------- -----------------
v Total Principal Collections $ 53,454,270.73 $ 58,853,061.58 $ 62,825,986.93 $ 66,855,068.52
Student Loan Non-Cash Principal Activity
i Other Adjustments 821,162.61 901,335.61 1,018,784.42 1,174,644.80
ii Capitalized Interest (5,045,970.94) (5,412,477.99) (4,299,722.64) (6,635,734.64)
----------------- ----------------- ----------------- -----------------
iii Total Non-Cash Principal Activity $ (4,224,808.33) $ (4,511,142.38) $ (3,280,938.22) $ (5,461,089.84)
----------------- ----------------- ----------------- -----------------
(-) Total Student Loan Principal Activity $ 49,229,462.40 $ 54,341,919.20 $ 59,546,048.71 $ 61,393,978.68
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 15,343,792.96 $ 15,398,211.29 $ 16,506,842.23 $ 16,127,108.13
ii Interest Claims Received from Guarantors 542,149.37 742,052.34 987,722.67 1,180,177.89
iii Interest Reimbursements 110,615.60 112,743.13 108,178.47 125,983.70
iv Other System Adjustments 0.00 0.00 0.00 (956.09)
v Special Allowance Payments 723,465.81 693,074.40 585,211.26 991,453.39
vi Interest Subsidy Payments 4,242,391.02 4,559,733.43 5,496,581.08 5,892,220.73
----------------- ----------------- ----------------- -----------------
vii Total Interest Collections $ 20,962,414.76 $ 21,505,814.59 $ 23,684,535.71 $ 24,315,987.75
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (688,249.76) $ (742,970.05) $ (844,407.36) $ (960,564.36)
ii Capitalized Interest 5,045,970.94 5,412,477.99 4,299,722.64 6,635,734.64
----------------- ----------------- ----------------- -----------------
iii Total Non-Cash Interest Adjustments $ 4,357,721.18 $ 4,669,507.94 $ 3,455,315.28 $ 5,675,170.28
----------------- ----------------- ----------------- -----------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 25,320,135.94 $ 26,175,322.53 $ 27,139,850.99 $ 29,991,158.03
(=)ENDING STUDENT LOAN PORTFOLIO BALANCE $1,124,635,411.07 $1,173,864,873.47 $1,228,206,792.67 $1,287,751,841.38
----------------- ----------------- ----------------- -----------------
(+) Interest to be Capitalized $ 9,565,210.29 $ 9,928,556.68 $ 10,579,470.77 $ 9,711,152.12
----------------- ----------------- ----------------- -----------------
(=) TOTAL POOL $1,134,200,621.36 $1,183,793,430.15 $1,238,786,263.44 $1,297,462,993.50
----------------- ----------------- ----------------- -----------------
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------
7/1/96-9/30/96 4/1/96-6/30/96 2/5/96-3/31/96
-------------------------------------------------------
<S> <C> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $1,410,958,484.15 $1,459,260,458.15 $1,489,927,280.77
- ----------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 41,001,385.22 $ 41,078,207.45 $ 27,226,246.55
ii Principal Collections from Guarantor 10,313,302.34 842,636.38 27,657.36
iii Principal Reimbursements 14,477,503.16 12,387,879.90 6,083,122.75
iv Other System Adjustments (11,809.27) (548.12) 2,229.83
----------------- ----------------- -----------------
v Total Principal Collections $ 65,780,381.45 $ 54,308,175.61 $ 33,339,256.49
Student Loan Non-Cash Principal Activity
i Other Adjustments 1,320,897.53 1,000,024.50 746,961.96
ii Capitalized Interest (5,288,614.89) (7,006,226.11) (3,419,395.83)
----------------- ----------------- -----------------
iii Total Non-Cash Principal Activity $ (3,967,717.36) $ (6,006,201.61) $ (2,672,433.87)
----------------- ----------------- -----------------
(-) Total Student Loan Principal Activity $ 61,812,664.09 $ 48,301,974.00 $ 30,668,822.62
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 17,372,003.89 $ 17,084,616.87 $ 10,764,171.47
ii Interest Claims Received from Guarantors 612,951.89 21,865.02 326.78
iii Interest Reimbursements 182,022.75 142,527.81 50,757.10
iv Other System Adjustments (960.98) 244.79 10,446.21
v Special Allowance Payments 775,767.11 343,884.36 0.00
vi Interest Subsidy Payments 7,006,327.74 4,651,078.41 0.00
----------------- ----------------- -----------------
vii Total Interest Collections $ 25,948,112.40 $ 22,244,217.26 $ 10,825,701.56
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,187,918.97) $ (994,738.78) $ (733,594.53)
ii Capitalized Interest 5,288,614.89 7,006,226.11 3,419,395.83
----------------- ----------------- -----------------
iii Total Non-Cash Interest Adjustments $ 4,100,695.92 $ 6,011,487.33 $ 2,685,801.30
----------------- ----------------- -----------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 30,048,808.32 $ 28,255,704.59 $ 13,511,502.86
(=)ENDING STUDENT LOAN PORTFOLIO BALANCE $1,349,145,820.06 $1,410,958,484.15 $1,459,260,458.15
----------------- ----------------- -----------------
(+) Interest to be Capitalized $ 11,228,783.66 $ 10,991,431.27 $ 12,610,267.46
----------------- ----------------- -----------------
(=) TOTAL POOL $1,360,374,603.72 $1,421,949,915.42 $1,471,870,725.61
----------------- ----------------- -----------------
</TABLE>
- -------------------------------------------------------------------------------
10
<PAGE> 12
- --------------------------------------------------------------------------------
XI. 1996-1 Payment History and CPRs
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
------ --------------- -----
<S> <C> <C>
Feb-96 $ 1,502,106,411 -
Apr-96 $ 1,471,870,726 5.14%
Jul-96 $ 1,421,949,915 5.64%
Oct-96 $ 1,360,374,604 7.09%
Jan-97 $ 1,297,462,994 7.90%
Apr-97 $ 1,238,786,263 8.30%
Jul-97 $ 1,183,793,430 8.30%
Oct-97 $ 1,134,200,621 7.79%
</TABLE>
* "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.
- --------------------------------------------------------------------------------
11
<PAGE> 13
- --------------------------------------------------------------------------------
VI. 1996-2 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $20,294,850.49
B Interest Subsidy Payments Accrued During Collection Period $5,118,680.93
C SAP Payments Accrued During Collection Period $481,274.25
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $57,325.06
E Investment Earnings (ADMINISTRATOR ACT) $586,701.48
-----------
F NET EXPECTED INTEREST COLLECTIONS $ 26,538,832.21
G STUDENT LOAN RATE
i Days in Collection Period (7/01/97-9/30/97) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 26,538,832.21
iv Primary Servicing Fee $ 3,136,296.92
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,270,438,672.02
vii STUDENT LOAN RATE 7.30202%
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
H Class A-1 T-Bill Based Interest Rate 5.67585%
I CLASS A-1 INTEREST RATE 0.014617260 (7/25/97-10/27/97) 5.67585%
J Class A-2 T-Bill Based Interest Rate 5.87585%
K CLASS A-2 INTEREST RATE 0.015132329 (7/25/97-10/27/97) 5.87585%
L Certificate T-Bill Based Rate of Return 6.12585%
M CERTIFICATE RATE OF RETURN 0.015776164 (7/25/97-10/27/97) 6.12585%
</TABLE>
6
<PAGE> 14
- --------------------------------------------------------------------------------
VII. 1996-2 Inputs From Previous Quarterly Servicing Reports 6/30/1997
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 1,256,198,718.19
ii Interest To Be Capitalized $14,239,953.83
------------------
iii TOTAL STUDENT LOAN POOL OUTSTANDING $ 1,270,438,672.02
==================
B Total Note and Certificate Factor 0.83855677579
C TOTAL NOTE AND CERTIFICATE BALANCE $ 1,270,438,672.02
- ------------------------------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 7/26/97 CLASS A-1 CLASS A-2 CERTIFICATES
- ------------------------------------------------------------------------------------------------------------------------------------
i Current Factor-7/25/97 0.7491370995 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 730,408,672.02 $ 487,000,000.00 $ 53,030,000.00
----------------- ----------------- ---------------
iv NOTE BALANCE $ 730,408,672.02 $ 487,000,000.00 $ 53,030,000.00
E Interest Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest Carryover $ 0.00 $ 0.00 $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
G Reserve Account Balance $ 3,176,096.68
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
K Interest Due on Upaid Carryover Servicing Fees $ -
</TABLE>
- --------------------------------------------------------------------------------
7
<PAGE> 15
- --------------------------------------------------------------------------------
VIII. 1996-2 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
REMAINING
FUNDS BALANCE
-------------
<S> <C> <C>
A Total Available Funds ( Sections III -E + VI-D) $ 73,874,035.87 $ 73,874,035.87
B Primary Servicing Fees-Current Month $ 1,032,833.56 $ 72,841,202.31
C Administration Fee $ 20,000.00 $ 72,821,202.31
D Noteholder's Interest Distribution Amount
i Class A-1 $ 10,676,573.47 $ 62,144,628.84
ii Class A-2 $ 7,369,444.22 $ 54,775,184.62
---------------
iii TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $ 18,046,017.69
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 836,609.98 $ 53,938,574.64
F Noteholder's Principal Distribution Amount
i Class A-1 $ 48,743,426.29 $ 5,195,148.35
ii Class A-2 $ 0.00 $ 5,195,148.35
---------------
iii TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 48,743,426.29
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 5,195,148.35
H Increase to the Specified Reserve Account Balance $ 0.00 $ 5,195,148.35
I Carryover Servicing Fees $ 1,082,517.64 $ 4,112,630.71
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 4,112,630.71
ii Class A-2 $ 0.00 $ 4,112,630.71
---------------
iii TOTAL NOTEHOLDER'S INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 4,112,630.71
L EXCESS TO RESERVE ACCOUNT $ 4,112,630.71 $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
6
<PAGE> 16
- --------------------------------------------------------------------------------
IX. 1996-2 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A Distribution Amounts Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------------------
i Quarterly Interest Due $10,676,573.47 $7,369,444.22 $836,609.98
ii Quarterly Interest Paid $10,676,573.47 $7,369,444.22 $836,609.98
--------------- -------------- -----------
iii INTEREST SHORTFALL $0.00 $0.00 $0.00
iv Interest Carryover Due $0.00 $0.00 $0.00
v Interest Carryover Paid $0.00 $0.00 $0.00
------ ------ -----
vi INTEREST CARRYOVER $0.00 $0.00 $0.00
vii Quarterly Principal Due $48,743,426.29 $0.00 $0.00
viii Quarterly Principal Paid $48,743,426.29 $0.00 $0.00
--------------- ------ -----
ix QUARTERLY PRINCIPAL SHORTFALL $0.00 $0.00 $0.00
---------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 59,419,999.76 $ 7,369,444.22 $ 836,609.98
---------------------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates Principal Balance 9/30/97 $1,270,438,672.02
ii Pool Balance 9/30/97 $1,221,695,245.73
-----------------
iii Pool Exceeding Notes and Certificate Balance (i-ii) $ 48,743,426.29
=================
iv Principal Distribution Amount $ 48,743,426.29
=================
C Total Principal Distribution $ 48,743,426.29
D Total Interest Distribution $ 18,882,627.67
-----------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 67,626,053.96
---------------------------------------------------------------------------------------------------------------------------
F Note & Certificate Balances 7/25/1997 10/27/1997
---------------------------------------------------------------------------------------------------------------------------
i A-1 Note Balance (78442GAA4) $730,408,672.02 $ 681,665,245.73
A-1 Note Pool Factor 0.7491370995 0.6991438418
ii A-2 Note Balance (78442GAB2) $487,000,000.00 $ 487,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAC0) $ 53,030,000.00 $ 53,030,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
---------------------------------------------------------------------------------------------------------------------------
G RESERVE ACCOUNT RECONCILIATION $ 3,176,096.68
i Beginning of Period Balance $ 0.00
ii Deposits to correct Shortfall $ 4,112,630.71
iii Deposits from Excess Servicing ---------------
$ 7,288,727.39
iv Total Reserve Account Balance Available $ 3,054,238.11
v Required Reserve Account Balance
$ 0.00
vi Shortfall Carried to Next Period $ 4,234,489.28
vii Excess Reserve -release to SLM Funding Corp. $ 3,054,238.11
viii Ending Reserve Account Balance
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE> 17
- --------------------------------------------------------------------------------
X. 1996-2 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------
7/1/97-9/30/97 4/1/97-6/30/97 1/1/97-3/31/97
-------------------------------------------------------------------------
<S> <C> <C> <C>
Beginning Student Loan Portfolio Balance $ 1,256,198,718.19 $ 1,311,435,448.63 $ 1,368,940,609.46
- ------------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 34,879,780.38 $ 36,262,930.45 $ 35,405,802.03
ii Principal Collections from Guarantor 11,329,576.41 14,581,644.47 16,357,009.51
iii Principal Reimbursements 7,134,873.73 9,351,268.08 9,386,952.00
iv Other System Adjustments 0.00 0.00 0.00
------------------ ------------------ ------------------
v Total Principal Collections $ 53,344,230.52 $ 60,195,843.00 $ 61,149,763.54
Student Loan Non-Cash Principal Activity
i Other Adjustments 942,924.37 876,021.96 1,056,316.24
ii Capitalized Interest (5,253,372.41) (5,835,134.52) (4,700,918.95)
------------------ ------------------ ------------------
iii Total Non-Cash Principal Activity $ (4,310,448.04) $ (4,959,112.56) $ (3,644,602.71
(-) Total Student Loan Principal Activity $ 49,033,782.48 $ 55,236,730.44 $ 57,505,160.83
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 14,694,854.50 $ 14,705,223.01 $ 15,556,589.47
ii Interest Claims Received from Guarantors 685,566.92 908,642.82 1,054,563.70
iii Interest Reimbursements 121,773.86 163,727.00 128,167.59
iv Other System Adjustments 0.00 0.00 0.00
v Special Allowance Payments 611,281.83 569,960.22 442,524.38
vi Subsidy Payments 5,801,151.40 6,074,126.25 7,322,845.39
------------------ ------------------ ------------------
vii Total Interest Collections $ 21,914,628.51 $ 22,421,679.30 $ 24,504,690.53
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (759,643.24) $ (634,501.44) $ (795,806.82)
ii Capitalized Interest 5,253,372.41 5,835,134.52 4,700,918.95
------------------ ------------------ ------------------
iii Total Non-Cash Interest Adjustments $ 4,493,729.17 $ 5,200,633.08 $ 3,905,112.13
------------------ ------------------ ------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 26,408,357.68 $ 27,622,312.38 $ 28,409,802.66
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 1,207,164,935.71 $ 1,256,198,718.19 $ 1,311,435,448.63
------------------ ------------------ ------------------
(+) Interest to be Capitalized $ 14,530,310.02 $ 14,239,953.83 $ 14,820,929.42
------------------ ------------------ ------------------
(=) TOTAL POOL $ 1,221,695,245.73 $ 1,270,438,672.02 $ 1,326,256,378.05
------------------ ------------------ ------------------
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------
10/1/96-12/31/96 7/1/96-9/30/96 4/8/96-6/30/96
-------------------------------------------------------------------------
<S> <C> <C> <C>
Beginning Student Loan Portfolio Balance $ 1,420,136,733.54 $ 1,468,666,284.76 $ 1,499,948,797.64
- ------------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 35,315,114.14 $ 37,115,081.98 $ 32,387,112.35
ii Principal Collections from Guarantor 12,433,036.92 1,608,162.94 232,013.54
iii Principal Reimbursements 10,214,361.81 14,131,988.74 5,880,791.49
iv Other System Adjustments (4,608.47) (1,484.32) (1,709.32)
------------------ ------------------ ------------------
v Total Principal Collections $ 57,957,904.40 $ 52,853,749.34 $ 38,498,208.06
Student Loan Non-Cash Principal Activity
i Other Adjustments 1,080,860.52 1,010,052.49 700,262.22
ii Capitalized Interest (7,842,640.84) (5,334,250.61) (7,915,957.40)
------------------ ------------------ ------------------
iii Total Non-Cash Principal Activity $ (6,761,780.32) $ (4,324,198.12) $ (7,215,695.18)
(-) Total Student Loan Principal Activity $ 51,196,124.08 $ 48,529,551.22 $ 31,282,512.88
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 14,810,858.15 $ 15,710,941.68 $ 13,326,889.75
ii Interest Claims Received from Guarantors 774,638.29 65,496.81 4,693.63
iii Interest Reimbursements 166,885.49 161,064.40 90,073.72
iv Other System Adjustments (2,349.39) (18.17) 309.87
v Special Allowance Payments 875,314.62 481,518.57 0.00
vi Subsidy Payments 7,898,909.32 9,023,779.62 0.00
------------------ ------------------ ------------------
vii Total Interest Collections $ 24,524,256.48 $ 25,442,782.91 $ 13,421,966.97
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (912,392.77) $ (986,037.72) $ (689,754.99)
ii Capitalized Interest 7,842,640.84 5,334,250.61 7,915,957.40
------------------ ------------------ ------------------
iii Total Non-Cash Interest Adjustments $ 6,930,248.07 $ 4,348,212.89 $ 7,226,202.41
------------------ ------------------ ------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 31,454,504.55 $ 29,790,995.80 $ 20,648,169.38
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 1,368,940,609.46 $ 1,420,136,733.54 $ 1,468,666,284.76
------------------ ------------------ ------------------
(+) Interest to be Capitalized $ 13,686,568.72 $ 15,672,244.73 $ 14,944,789.14
------------------ ------------------ ------------------
(=) TOTAL POOL $ 1,382,627,178.18 $ 1,435,808,978.27 $ 1,483,611,073.90
------------------ ------------------ ------------------
</TABLE>
10
<PAGE> 18
- --------------------------------------------------------------------------------
XI. 1996-2 Payment History and CPRs
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR*
------ --------------- -----
<S> <C> <C>
Apr-96 $ 1,517,607,923 -
Jul-96 $ 1,483,611,074 4.11%
Oct-96 $ 1,435,808,978 5.25%
Jan-97 $ 1,382,627,178 6.20%
Apr-97 $ 1,326,256,378 6.80%
Jul-97 $ 1,270,438,672 7.10%
Oct-97 $ 1,221,695,246 7.02%
</TABLE>
* "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.
11
<PAGE> 19
- --------------------------------------------------------------------------------
VI. 1996-3 INTEREST CALCULATION
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
A Borrower Interest Accrued During Collection Period $ 20,746,172.73
B Interest Subsidy Payments Accrued During Collection Period $ 5,896,070.12
C SAP Payments Accrued During Collection Period $ 411,545.30
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 58,273.85
E Investment Earnings (ADMINISTRATOR ACT) $ 535,295.45
-----------------
F NET EXPECTED INTEREST COLLECTIONS $ 27,647,357.45
G STUDENT LOAN RATE
i Days in Collection Period (7/1/97-9/30/97) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 27,647,357.45
iv Primary Servicing Fee $ 2,676,245.55
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $1,331,618,519.29
vii STUDENT LOAN RATE 7.43387%
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
H Class A-1 T-Bill Based Interest Rate 5.65585%
I CLASS A-1 INTEREST RATE 0.014565753 (7/25/97-10/27/97) 5.65585%
J Class A-2 T-Bill Based Interest Rate 5.84585%
K CLASS A-2 INTEREST RATE 0.015055068 (7/25/97-10/27/97) 5.84585%
L Certificate T-Bill Based Rate of Return 6.11585%
M CERTIFICATE RATE OF RETURN 0.015750411 (7/25/97-10/27/97) 6.11585%
</TABLE>
6
<PAGE> 20
- --------------------------------------------------------------------------------
VII. 1996-3 Inputs From Previous Quarterly Servicing Reports 6/30/1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Total Student Loan Pool Outstanding
<S> <C> <C> <C>
i Portfolio Balance $ 1,314,028,719.03
ii Interest To Be Capitalized 17,589,800.26
------------------
iii Total Pool $ 1,331,618,519.29
iv Reserve Account Balance 3,449,136.69
------------------
v TOTAL ADJUSTED POOL BALANCE $ 1,335,067,655.98
==================
B Total Note and Certificate Factor 0.88605784369
C TOTAL NOTE AND CERTIFICATE BALANCE $ 1,335,067,655.98
--------------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 7/25/97 CLASS A-1 CLASS A-2 CERTIFICATES
--------------------------------------------------------------------------------------------------------------------
i Current Factor-7/25/97 0.8094535582 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 729,317,655.98 $ 553,000,000.00 $ 52,750,000.00
------------------
iv NOTE BALANCE $ 729,317,655.98 $ 553,000,000.00 $ 52,750,000.00
E Interest Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest Carryover $ 0.00 $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------------
G Reserve Account Balance $ 3,329,046.30
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
K Interest Due on Upaid Carryover Servicing Fees $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
7
<PAGE> 21
- --------------------------------------------------------------------------------
VIII. 1996-3 WATERFALL FOR DISTRIBUTIONS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
REMAINING
FUNDS BALANCE
---------------
<S> <C> <C>
A Total Available Funds ( Sections III -F + VI-D) $ 68,976,833.94 $ 68,976,833.94
B Primary Servicing Fees-Current Month $ 883,440.57 $ 68,093,393.37
C Administration Fee $ 20,000.00 $ 68,073,393.37
D Noteholder's Interest Distribution Amount
i Class A-1 $ 10,623,060.84 $ 57,450,332.53
ii Class A-2 $ 8,325,452.60 $ 49,124,879.93
---------------
iii TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $ 18,948,513.44
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 830,834.18 $ 48,294,045.75
F Noteholder's Principal Distribution Amount
i Class A-1 $ 42,543,525.62 $ 5,750,520.13
ii Class A-2 $ 0.00 $ 5,750,520.13
---------------
iii TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 42,543,525.62
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 5,750,520.13
H Increase to the Specified Reserve Account Balance $ 0.00 $ 5,750,520.13
I Carryover Servicing Fees $ 1,108,877.78 $ 4,641,642.35
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 4,641,642.35
ii Class A-2 $ 0.00 $ 4,641,642.35
---------------
iii TOTAL NOTEHOLDER'S INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 4,641,642.35
L EXCESS TO RESERVE ACCOUNT $ 4,641,642.35 $ 0.00
</TABLE>
8
<PAGE> 22
- --------------------------------------------------------------------------------
IX. 1996-3 DISTRIBUTIONS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------------------
A DISTRIBUTION AMOUNTS CLASS A-1 CLASS A-2 CERTIFICATES
-------------------------------------------------------------------------------------------------------------------------
i Quarterly Interest Due $ 10,623,060.84 $ 8,325,452.60 $ 830,834.18
ii Quarterly Interest Paid 10,623,060.84 8,325,452.60 830,834.18
--------------- -------------- ---------------
iii INTEREST SHORTFALL $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00 0.00
--------------- -------------- ---------------
vi INTEREST CARRYOVER $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 42,543,525.62 $ 0.00 $ 0.00
viii Quarterly Principal Paid 42,543,525.62 0.00 0.00
--------------- -------------- ---------------
ix QUARTERLY PRINCIPAL SHORTFALL $ 0.00 $ 0.00 $ 0.00
-------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 53,166,586.46 $ 8,325,452.60 $ 830,834.18
-------------------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates Principal Balance 9/30/97 $
ii 1,335,067,655.98 ii Adjusted Pool Balance 9/30/97
iii 1,292,524,130.36 iii Adjusted Pool Exceeding Notes and
Certificate Balance (i-ii) $ 42,543,525.62
---------------
iv PRINCIPAL DISTRIBUTION AMOUNT $ 42,543,525.62
---------------
C Total Principal Distribution $ 42,543,525.62
D Total Interest Distribution 19,779,347.62
---------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 62,322,873.24
-------------------------------------------------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 7/25/1997 10/27/1997
-------------------------------------------------------------------------------------------------------------------------
i A-1 Note Balance (78442GAD8) $729,317,655.98 $686,774,130.36
A-1 Note Pool Factor 0.8094535582 0.7622354388
ii A-2 Note Balance (78442GAE6) $ 553,000,000.00 $553,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAF3) $ 52,750,000.00 $ 52,750,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
-------------------------------------------------------------------------------------------------------------------------
G RESERVE ACCOUNT RECONCILIATION
i Beginning of Period Balance $ 3,329,046.30
ii Deposits to correct Shortfall 0.00
iii Deposits from Excess Servicing 4,641,642.35
---------------
iv Total Reserve Account Balance Available $ 7,970,688.65
v Required Reserve Account Balance $ 3,222,987.71
vi Shortfall Carried to Next Period $ 0.00
vii Excess Reserve -release to SLM Funding Corp $ 4,747,700.94
viii Ending Reserve Account Balance $ 3,222,987.71
</TABLE>
9
<PAGE> 23
- --------------------------------------------------------------------------------
X. 1996-3 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------------------
7/1/97-9/30/97 4/1/97-6/30/97 1/1/97-3/31/97
----------------------------------------------------------
<S> <C> <C> <C>
Beginning Student Loan Portfolio Balance $ 1,314,028,719.03 $ 1,361,841,394.25 $ 1,413,647,896.61
- ----------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 26,848,008.48 $ 26,728,337.85 $ 26,325,976.31
ii Principal Collections from Guarantor 12,289,160.77 15,355,163.67 16,603,607.75
iii Principal reimbursements 8,698,514.06 11,140,308.50 12,784,224.04
iv Other System Adjustments 0.00 0.00 0.00
------------------ ------------------ ------------------
v TOTAL PRINCIPAL COLLECTIONS $ 47,835,683.31 $ 53,223,810.02 $ 55,713,808.10
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 871,626.88 $ 889,778.05 $ 920,763.16
ii Capitalized Interest (5,214,943.25) (6,300,912.85) (4,828,068.90)
------------------ ------------------ ------------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (4,343,316.37) $ (5,411,134.80) $ (3,907,305.74)
Total Student Loan Principal Activity $ 43,492,366.94 $ 47,812,675.22 $ 51,806,502.36
------------------ ------------------ ------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 14,241,939.43 $ 14,019,958.84 $ 14,742,626.48
ii Interest Claims Received from Guarantors 750,914.57 954,808.65 1,067,757.11
iii Interest Reimbursements 145,750.68 158,324.82 154,787.09
iv Other System Adjustments 0.00 0.00 0.00
v Special Allowance Payments 566,331.54 519,490.88 389,797.21
vi Subsidy Payments 6,554,583.06 6,823,320.39 8,217,893.54
vii Total Interest Collections $ 22,259,519.28 $ 22,475,903.58 $ 24,572,861.43
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (708,003.70) $ (676,498.05) $ (772,295.49)
ii Capitalized Interest 5,214,943.25 6,300,912.85 4,828,068.90
------------------ ------------------ ------------------
iii Total Non-Cash Interest Adjustments $ 4,506,939.55 $ 5,624,414.80 $ 4,055,773.41
------------------ ------------------ ------------------
Total Student Loan Interest Activity $ 26,766,458.83 $ 28,100,318.38 $ 28,628,634.84
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $1,270,536,352.09 $1,314,028,719.03 $ ,361,841,394.25
------------------ ------------------ ------------------
(+) Interest to be Capitalized $ 18,658,731.97 $ 17,589,800.26 $ 17,813,283.35
------------------ ------------------ ------------------
(=) TOTAL POOL $1,289,195,084.06 $1,331,618,519.29 $1,379,654,677.60
------------------ ------------------ ------------------
(+) RESERVE ACCOUNT BALANCE $ 3,329,046.30 $ 3,449,136.69 $ 3,573,953.85
------------------ ------------------ ------------------
(=) TOTAL ADJUSTED POOL $1,292,524,130.36 $1,335,067,655.98 $1,383,228,631.45
------------------ ------------------ ------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------
10/1/96-12/31/96 6/17/96-9/30/96
--------------------------------------
<S> <C> <C>
Beginning Student Loan Portfolio Balance $ 1,447,395,386.24 $ 1,485,028,174.57
- --------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 25,708,925.38 $ 30,349,661.79
ii Principal Collections from Guarantor 3,613,377.63 489,106.84
iii Principal reimbursements 13,087,681.14 12,486,491.73
iv Other System Adjustments (7,207.52) 5,047.44
------------------ ------------------
v TOTAL PRINCIPAL COLLECTIONS $ 42,402,776.63 $ 43,330,307.80
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 936,515.02 $ 1,290,030.17
ii Capitalized Interest (9,591,802.02) (6,987,549.64)
------------------ ------------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (8,655,287.00) $ (5,697,519.47)
Total Student Loan Principal Activity $ 33,747,489.63 $ 37,632,788.33
------------------ ------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 13,497,348.26 $ 15,754,166.36
ii Interest Claims Received from Guarantors 184,632.17 11,357.11
iii Interest Reimbursements 225,135.74 178,669.39
iv Other System Adjustments (822.59) 437.04
v Special Allowance Payments 799,805.67 496,885.43
vi Subsidy Payments 9,124,830.54 10,221,660.77
------------------ ------------------
vii Total Interest Collections $ 23,830,929.79 $ 26,663,176.10
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (906,394.19) $ (1,268,293.82)
ii Capitalized Interest 9,591,802.02 6,987,549.64
------------------ ------------------
iii Total Non-Cash Interest Adjustments $ 8,685,407.83 $ 5,719,255.82
------------------ ------------------
Total Student Loan Interest Activity $ 32,516,337.62 $ 32,382,431.92
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 1,413,647,896.61 $ 1,447,395,386.24
------------------ ------------------
(+) Interest to be Capitalized $ 15,933,644.48 $ 18,816,445.60
------------------ ------------------
(=) TOTAL POOL $ 1,429,581,541.09 $ 1,466,211,831.84
------------------ ------------------
(+) RESERVE ACCOUNT BALANCE $ 3,674,921.48 $ 3,756,760.00
------------------ ------------------
(=) TOTAL ADJUSTED POOL $ 1,433,256,462.57 $ 1,469,968,591.84
------------------ ------------------
</TABLE>
11
<PAGE> 24
- --------------------------------------------------------------------------------
XI. 1996-3 Payment History and CPRs
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
------ --------------- -----
<S> <C> <C>
Jun-96 $ 1,502,704,078 -
Oct-96 $ 1,466,211,474 6.31%
Jan-97 $ 1,429,581,541 5.60%
Apr-97 $ 1,379,654,678 6.30%
Jul-97 $ 1,331,618,519 6.60%
Oct-97 $ 1,289,195,084 6.48%
</TABLE>
- --------------------------------------------------------------------------------
* "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.
10
<PAGE> 25
- --------------------------------------------------------------------------------
VI. 1996-4 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
A Borrower Interest Accrued During Collection Period $ 20,802,367.68
B Interest Subsidy Payments Accrued During Collection Period $ 5,746,152.71
C SAP Payments Accrued During Collection Period $ 427,243.00
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 60,041.69
E Investment Earnings (ADMINISTRATOR ACT) $ 632,286.28
------------------
F NET EXPECTED INTEREST COLLECTIONS $ 27,668,091.36
G STUDENT LOAN RATE
i Days in Collection Period (7/01/97-9/30/97) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 27,668,091.36
iv Primary Servicing Fee $ 3,053,769.20
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,335,564,804.38
vii STUDENT LOAN RATE 7.30592%
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- ---------------
H Class A-1 T-Bill Based Interest Rate 5.64585%
I CLASS A-1 INTEREST RATE 0.014540000 (7/25/97-10/27/97) 5.64585%
J Class A-2 T-Bill Based Interest Rate 5.80585%
K CLASS A-2 INTEREST RATE 0.014952055 (7/25/97-10/27/97) 5.80585%
L Certificate T-Bill Based Rate of Return 6.09585%
M CERTIFICATE RATE OF RETURN 0.015698904 (7/25/97-10/27/97) 6.09585%
</TABLE>
6
<PAGE> 26
- --------------------------------------------------------------------------------
VII. 1996-4 Inputs From Previous Quarterly Servicing Reports 6/30/1997
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,318,538,330.71
ii Interest To Be Capitalized $ 17,026,473.67
------------------
iii Total Pool $ 1,335,564,804.38
iv Reserve Account Balance $ 3,483,370.84
==================
v TOTAL ADJUSTED POOL $ 1,339,048,175.22
==================
B Total Note and Certificate Factor 0.88973300679
C TOTAL NOTE AND CERTIFICATE BALANCE $ 1,339,048,175.22
---------------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 7/25/1997 CLASS A-1 CLASS A-2 CERTIFICATES
---------------------------------------------------------------------------------------------------------------------
i Current Factor-7/25/97 0.8266459576 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 791,348,175.22 $ 495,000,000.00 $ 52,700,000.00
------------------ ---------------- ---------------
iv NOTE BALANCE $ 791,348,175.22 $ 495,000,000.00 $ 52,700,000.00
E Interest Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest Carryover $ 0.00 $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------------------------------
G Reserve Account Balance $ 3,338,912.01
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
K Interest Due on Upaid Carryover Servicing Fees $ 0.00
---------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
7
<PAGE> 27
- --------------------------------------------------------------------------------
VIII. 1996-4 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
REMAINING
FUNDS BALANCE
-------------
<S> <C> <C>
A Total Available Funds ( Sections III -F + VI-D) $ 83,082,937.83 $ 83,082,937.83
B Primary Servicing Fees-Current Month $ 1,005,293.92 $ 82,077,643.91
C Administration Fee $ 20,000.00 $ 82,057,643.91
D Noteholder's Interest Distribution Amount
i Class A-1 $ 11,506,202.47 $ 70,551,441.44
ii Class A-2 $ 7,401,267.23 $ 63,150,174.21
---------------
iii TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $ 18,907,469.70
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 827,332.24 $ 62,322,841.97
F Noteholder's Principal Distribution Amount
i Class A-1 $ 56,764,541.87 $ 5,558,300.10
ii Class A-2 $ 0.00 $ 5,558,300.10
---------------
iii TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 56,764,541.87
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 5,558,300.10
H Increase to the Specified Reserve Account Balance $ 0.00 $ 5,558,300.10
I Carryover Servicing Fees $ 1,019,975.68 $ 4,538,324.42
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 4,538,324.42
i Class A-2 $ 0.00 $ 4,538,324.42
---------------
iii TOTAL NOTEHOLDER'S INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 4,538,324.42
L EXCESS TO RESERVE ACCOUNT $ 4,538,324.42 $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
8
<PAGE> 28
- --------------------------------------------------------------------------------
IX. 1996-4 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Distribution Amounts Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------------
i Quarterly Interest Due $11,506,202.47 $ 7,401,267.23 $ 827,332.24
ii Quarterly Interest Paid $11,506,202.47 $ 7,401,267.23 $ 827,332.24
--------------- -------------- ------------
iii INTEREST SHORTFALL $0.00 $0.00 $0.00
iv Interest Carryover Due $0.00 $0.00 $0.00
v Interest Carryover Paid $0.00 $0.00 $0.00
------ ------ -----
vi INTEREST CARRYOVER $0.00 $0.00 $0.00
vii Quarterly Principal Due $56,764,541.87 $0.00 $0.00
viii Quarterly Principal Paid $56,764,541.87 $0.00 $0.00
--------------- ------ -----
ix QUARTERLY PRINCIPAL SHORTFALL $0.00 $0.00 $0.00
-----------------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 68,270,744.34 $ 7,401,267.23 $ 827,332.24
-----------------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates Principal Balance 9/30/97 $ 1,339,048,175.22
ii Adjusted Pool Balance 9/30/97 $ 1,282,283,633.35
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 56,764,541.87
===================
iv PRINCIPAL DISTRIBUTION AMOUNT $ 56,764,541.87
===================
C Total Principal Distribution $ 56,764,541.87
D Total Interest Distribution $ 19,734,801.94
-------------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 76,499,343.81
-----------------------------------------------------------------------------------------------------------------------
F Note & Certificate Balances 7/25/1997 10/27/1997
-----------------------------------------------------------------------------------------------------------------------
i A-1 Note Balance (78442GAG1) $ 791,348,175.22 $ 734,583,633.35
A-1 Note Pool Factor 0.8266459576 0.7673494551
ii A-2 Note Balance (78442GAH9) $ 495,000,000.00 $ 495,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAJ5) $ 52,700,000.00 $ 52,700,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
-----------------------------------------------------------------------------------------------------------------------
G RESERVE ACCOUNT RECONCILIATION
i Beginning of Period Balance $ 3,338,912.01
ii Deposits to correct Shortfall $ 0.00
iii Deposits from Excess Servicing $ 4,538,324.42
-------------------
iv Total Reserve Account Balance Available $ 7,877,236.43
v Required Reserve Account Balance $ 3,197,361.80
vi Shortfall Carried to Next Period $ 0.00
vii Excess Reserve -release to SLM Funding Corp $ 4,679,874.63
viii Ending Reserve Account Balance $ 3,197,361.80
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE> 29
- --------------------------------------------------------------------------------
X. 1996-4 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
7/1/97-9/30/97 4/1/97-6/30/97 1/1/97-3/31/97 9/3/96-12/31/96
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Beginning Student Loan Portfolio Balance $ 1,318,538,330.71 $ 1,376,034,776.24 $ 1,429,671,216.95 $1,478,535,335.85
- ------------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 35,463,933.58 $ 38,187,817.68 $ 37,211,977.76 $ 47,792,030.07
ii Principal Collections from Guarantor 16,435,873.72 13,270,335.35 3,705,399.22 651,773.25
iii Principal Reimbursements 9,956,851.18 11,844,339.40 17,137,954.08 14,902,506.96
iv Other System Adjustments 0.00 0.00 0.00 (713.51)
------------------ ------------------ ------------------ -----------------
v Total Principal Collections $ 61,856,658.48 $ 63,302,492.43 $ 58,055,331.06 $ 63,345,596.77
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,042,185.29 $ 867,141.67 $ 942,350.55 $ 1,431,259.68
ii Capitalized Interest (5,826,299.18 (6,673,188.57) (5,361,240.90) (15,912,737.55)
------------------ ------------------ ------------------ -----------------
iii Total Non-Cash Principal Activity $ (4,784,113.89 $ (5,806,046.90) $ (4,418,890.35) $ (14,481,477.87)
------------------ ------------------ ------------------ -----------------
(-) Total Student Loan Principal Activity $ 57,072,544.59 $ 57,496,445.53 $ 53,636,440.71 $ 48,864,118.90
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 14,124,575.01 $ 13,910,677.13 $ 14,654,685.30 $ 15,484,377.46
ii Interest Claims Received from
Guarantors 1,013,666.05 801,387.35 179,413.60 13,446.63
iii Interest Reimbursements 175,690.15 184,333.15 188,351.78 282,181.00
iv Other System Adjustments 0.00 0.00 0.00 (287.62)
v Special Allowance Payments 584,704.99 548,326.29 422,026.77 257,877.96
vi Subsidy Payments 6,612,759.11 6,919,812.42 9,512,413.79 3,637,851.32
------------------ ------------------ ------------------ -----------------
vii Total Interest Collections $ 22,511,395.31 $ 22,364,536.34 $ 24,956,891.24 $ 19,675,446.75
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (797,681.12 $ (740,643.39) $ (909,268.24) $ (1,407,772.50)
ii Capitalized Interest 5,826,299.18 6,673,188.57 5,361,240.90 15,912,737.55
------------------ ------------------ ------------------ -----------------
iii Total Non-Cash Interest Adjustments $ 5,028,618.06 $ 5,932,545.18 $ 4,451,972.66 $ 14,504,965.05
------------------ ------------------ ------------------ -----------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 27,540,013.37 $ 28,297,081.52 $ 29,408,863.90 $ 34,180,411.80
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 1,261,465,786.12 $ 1,318,538,330.71 $ 1,376,034,776.24 $1,429,671,216.95
------------------ ------------------ ------------------ -----------------
(+) Interest to be Capitalized $ 17,478,935.22 $ 17,026,473.67 $ 17,313,560.23 $ 15,760,176.45
------------------ ------------------ ------------------ -----------------
------------------ ------------------ ------------------ -----------------
(=) TOTAL POOL $ 1,278,944,721.34 $ 1,335,564,804.38 $ 1,393,348,336.47 $1,445,431,393.40
------------------ ------------------ ------------------ -----------------
------------------ ------------------ ------------------ -----------------
(+) RESERVE ACCOUNT BALANCE $ 3,338,912.01 $ 3,483,370.84 $ 3,613,578.48 $ 3,752,958.00
------------------ ------------------ ------------------ -----------------
------------------ ------------------ ------------------ -----------------
(=) Total Adjusted Pool $ 1,282,283,633.35 $ 1,339,048,175.22 $ 1,396,961,914.95 $1,449,184,351.40
------------------ ------------------ ------------------ -----------------
</TABLE>
- --------------------------------------------------------------------------------
10
<PAGE> 30
- --------------------------------------------------------------------------------
XI. 1996-4 Payment History and CPRs
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
------ --------------- -----
<S> <C> <C>
Oct-96 $ 1,501,183,283 -
Jan-97 $ 1,445,431,393 5.70%
Apr-97 $ 1,393,348,336 5.80%
Jul-97 $ 1,335,564,804 6.30%
Oct-97 1,278,944,721 6.57%
</TABLE>
* "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.
- --------------------------------------------------------------------------------
11
<PAGE> 31
- --------------------------------------------------------------------------------
VI. 1997-1 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
A Borrower Interest Accrued During Collection Period $ 30,061,571.47
B Interest Subsidy Payments Accrued During Collection Period $ 8,885,858.69
C SAP Payments Accrued During Collection Period $ 402,362.14
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 83,917.10
E Investment Earnings (ADMINISTRATOR ACT) $ 700,411.85
-----------------
F NET EXPECTED INTEREST COLLECTIONS $ 40,134,121.25
G STUDENT LOAN RATE
i Days in Collection Period (7/1/97-9/30/97) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 40,134,121.25
iv Primary Servicing Fee $ 3,615,766.84
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $1,938,332,168.95
vii STUDENT LOAN RATE 7.47051%
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
H Class A-1 T-Bill Based Interest Rate 5.62585%
I CLASS A-1 INTEREST RATE 0.014488493 (7/25/97-10/27/97) 5.62585%
J Class A-2 T-Bill Based Interest Rate 5.73585%
K CLASS A-2 INTEREST RATE 0.014771781 (7/25/97-10/27/97) 5.73585%
L Certificate T-Bill Based Rate of Return 6.01585%
M CERTIFICATE RATE OF RETURN 0.015492877 (7/25/97-10/27/97) 6.01585%
</TABLE>
6
<PAGE> 32
- --------------------------------------------------------------------------------
VII. 1997-1 Inputs From Previous Quarterly Servicing Reports 6/30/1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,916,755,393.25
ii Interest To Be Capitalized 21,576,775.70
------------------
iii Total Pool $ 1,938,332,168.95
iv Reserve Account Balance 5,010,230.00
==================
v TOTAL ADJUSTED POOL $ 1,943,342,398.95
==================
B Total Note and Certificate Factor 0.97033968792
C TOTAL NOTE AND CERTIFICATE BALANCE $ 1,988,420,088.49
-----------------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 7/25/1997 CLASS A-1 CLASS A-2 CERTIFICATES
-----------------------------------------------------------------------------------------------------------------------
i Current Factor-7/25/97 0.9489244441 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,129,220,088.49 $ 787,400,000.00 $ 71,800,000.00
E Note Principal Shortfall $ 45,077,689.54 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00
-----------------------------------------------------------------------------------------------------------------------
H Reserve Account Balance $ 4,845,830.42
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 2,177,064.53
L Interest Due on Upaid Carryover Servicing Fees $ 29,597.83
</TABLE>
- --------------------------------------------------------------------------------
7
<PAGE> 33
- --------------------------------------------------------------------------------
VIII. 1997-1 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
REMAINING
FUNDS BALANCE
-------------
<S> <C> <C>
A Total Available Funds ( Sections III -F + VI-D) $ 93,930,314.54 $ 93,930,314.54
B Primary Servicing Fees-Current Month $ 1,198,009.26 $ 92,732,305.28
C Administration Fee $ 20,000.00 $ 92,712,305.28
D Noteholder's Interest Distribution Amount
i Class A-1 $ 16,360,697.35 $ 76,351,607.93
ii Class A-2 $ 11,631,300.36 $ 64,720,307.57
----------------
iii TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $ 27,991,997.71
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 1,112,388.57 $ 63,607,919.00
F Noteholder's Principal Distribution Amount
i Class A-1 $ 63,607,919.00 $ 0.00
ii Class A-2 $ 0.00 $ 0.00
---------------
iii TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 63,607,919.00
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 0.00
H Increase to the Specified Reserve Account Balance $ 0.00 $ 0.00
I Carryover Servicing Fees (1) $ 0.00 $ 0.00
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 0.00
i Class A-2 $ 0.00 $ 0.00
---------------
iii TOTAL NOTEHOLDER'S INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 0.00
L EXCESS TO RESERVE ACCOUNT $ 0.00 $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
(1) Insufficient funds available to pay carryover servicing fees
8
<PAGE> 34
- --------------------------------------------------------------------------------
IX. 1997-1 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Distribution Amounts Class A-1 Class A-2 Certificates
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $16,360,697.35 $11,631,300.36 $ 1,112,388.57
ii Quarterly Interest Paid $16,360,697.35 $11,631,300.36 $ 1,112,388.57
-------------- -------------- -------------
iii INTEREST SHORTFALL $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid $ 0.00 $ 0.00 $ 0.00
-------------- -------------- --------------
vi INTEREST CARRYOVER $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $100,610,687.06 $ 0.00 $ 0.00
viii Quarterly Principal Paid $ 63,607,919.00 $ 0.00 $ 0.00
-------------- -------------- --------------
ix QUARTERLY PRINCIPAL SHORTFALL $ 37,002,768.06 $ 0.00 $ 0.00
----------------------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 79,968,616.35 $11,631,300.36 $ 1,112,388.57
----------------------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates Principal Balance 9/30/97 $1,988,420,088.49
ii Adjusted Pool Balance 9/30/97 1,887,809,401.43
----------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 100,610,687.06
----------------
iv PRINCIPAL DISTRIBUTION AMOUNT $ 63,607,919.00
================
C Total Principal Distribution $ 63,607,919.00
D Total Interest Distribution 29,104,386.28
---------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 92,712,305.28
----------------------------------------------------------------------------------------------------------------------------
F Note & Certificate Balances 7/25/1997 10/27/1997
----------------------------------------------------------------------------------------------------------------------------
i A-1 Note Balance (78442GAK2) $1,129,220,088.49 $1,065,612,169.49
A-1 Note Pool Factor 0.9489244441 0.8954724113
ii A-2 Note Balance (78442GAL0) $ 787,400,000.00 $ 787,400,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAM8) $ 71,800,000.00 $ 71,800,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
----------------------------------------------------------------------------------------------------------------------------
G RESERVE ACCOUNT RECONCILIATION
i Beginning of Period Balance $ 4,845,830.42
ii Deposits to correct Shortfall 0.00
iii Deposits from Excess Servicing 0.00
----------------
iv Total Reserve Account Balance Available $ 4,845,830.42
v Required Reserve Account Balance $ 4,707,408.93
vi Shortfall Carried to Next Period $ 0.00
vii EXCESS RESERVE - RELEASE TO WATERFALL $ 138,421.49
viii Ending Reserve Account Balance $ 4,707,408.93
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE> 35
- --------------------------------------------------------------------------------
X. 1997-1 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C>
---------------------------------------
7/1/97 - 9/30/97 3/3/97 - 6/30/97
---------------------------------------
Beginning Student Loan Portfolio Balance $1,916,755,393.25 $ 1,978,517,233.95
--------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 36,610,435.93 $ 51,140,092.35
ii Principal Collections from Guarantor $ 10,930,572.36 $ 945,270.37
iii Principal Reimbursements $ 15,901,048.09 $ 24,476,860.51
iv Other System Adjustments $ 0.00 $ 0.00
----------------- -----------------
v Total Principal Collections $ 63,442,056.38 $ 76,562,223.23
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,401,854.63 $ 1,291,877.74
ii Capitalized Interest $ (8,933,528.85) $ (16,092,260.27)
----------------- -----------------
iii Total Non-Cash Principal Activity $ (7,531,674.22) $ (14,800,382.53)
----------------- -----------------
(-) Total Student Loan Principal Activity $ 55,910,382.16 $ 61,761,840.70
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 19,722,844.04 $ 23,785,588.02
ii Interest Claims Received from Guarantors $ 644,924.45 $ 21,279.29
iii Interest Reimbursements $ 191,223.15 $ 374,208.26
iv Other System Adjustments $ 0.00 $ 0.00
v Special Allowance Payments $ 545,110.76 $ 184,509.01
vi Subsidy Payments $ 10,794,397.88 $ 3,932,916.04
----------------- -----------------
vii Total Interest Collections $ 31,898,500.28 $ 28,298,500.62
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,215,185.69) $ (1,233,779.83)
ii Capitalized Interest $ 8,933,528.85 $ 16,092,260.27
----------------- -----------------
iii Total Non-Cash Interest Adjustments $ 7,718,343.16 $ 14,858,480.44
----------------- -----------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 39,616,843.44 $ 43,156,981.06
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $1,860,845,011.09 $1,916,755,393.25
----------------- -----------------
(+) Interest to be Capitalized $ 22,118,559.92 $ 21,576,775.70
----------------- -----------------
(=) TOTAL POOL $1,882,963,571.01 $1,938,332,168.95
----------------- -----------------
(+) RESERVE ACCOUNT BALANCE $ 4,845,830.42 $ 5,010,230.00
----------------- -----------------
(=) Total Adjusted Pool $1,887,809,401.43 $ 1,943,342,398.95
----------------- -----------------
</TABLE>
- --------------------------------------------------------------------------------
10
<PAGE> 36
- --------------------------------------------------------------------------------
XI. 1997-1 Payment History and CPRs
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Distributi on Actual Since Issued
Date Pool Balances CPR *
------ --------------- ------------
<S> <C> <C>
Apr-97 $ 2,004,091,862 -
Jul-97 $ 1,938,332,169 6.60%
Oct-97 $ 1,882,963,571 6.39%
</TABLE>
- --------------------------------------------------------------------------------
* "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.
11
<PAGE> 37
- --------------------------------------------------------------------------------
1997-2 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
A Borrower Interest Accrued During Collection Period $ 55,410,967.32
B Interest Subsidy Payments Accrued During Collection Period $ 9,107,171.81
C SAP Payments Accrued During Collection Period $ 856,454.87
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 97,852.88
E Investment Earnings (ADMINISTRATOR ACT) $ 1,049,636.10
------------------
F NET EXPECTED INTEREST COLLECTIONS $ 66,522,082.98
G STUDENT LOAN RATE
i Days in Collection Period (6/02/97-9/30/97) 121
ii Days in Year 365
iii Net Expected Interest Collections $ 66,522,082.98
iv Primary Servicing Fee $ 7,945,576.58
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 2,441,522,427.14
vii STUDENT LOAN RATE 7.23472%
ACCRUED
INT FACTOR ACCRUAL PERIOD
H Class A-1 T-Bill Based Interest Rate 5.69832%
I CLASS A-1 INTEREST RATE 0.020451507 (6/18/97-10/27/97) 5.69832%
J Class A-2 T-Bill Based Interest Rate 5.75832%
K CLASS A-2 INTEREST RATE 0.020666849 (6/18/97-10/27/97) 5.75832%
L Certificate T-Bill Based Rate of Return 5.98832%
M CERTIFICATE RATE OF RETURN 0.021492329 (6/18/97-10/27/97) 5.98832%
</TABLE>
- --------------------------------------------------------------------------------
5
<PAGE> 38
- --------------------------------------------------------------------------------
VII. 1997-2 Inputs From Original Data 6/2/1997
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 2,417,769,037.18
ii Interest To Be Capitalized 23,753,389.96
------------------
iii Total Pool $ 2,441,522,427.14
iv Reserve Account Balance -
==================
v TOTAL ADJUSTED POOL $ 2,441,522,427.14
==================
B Total Note and Certificate Factor 1.00000000000
C TOTAL NOTE AND CERTIFICATE BALANCE $ 2,496,450,000.00
-------------------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 6/18/97 CLASS A-1 CLASS A-2 CERTIFICATES
-------------------------------------------------------------------------------------------------------------------------
i Current Factor-7/25/97 1.0000000000 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 1,601,000,000.00 $ 808,000,000.00 $ 87,450,000.00
------------------- ----------------- ---------------
iv NOTE BALANCE $ 1,601,000,000.00 $ 808,000,000.00 $ 87,450,000.00
E Interest Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest Carryover $ 0.00 $ 0.00 $ 0.00
-------------------------------------------------------------------------------------------------------------------------
G Reserve Account Balance $ 6,103,806.00
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
K Interest Due on Upaid Carryover Servicing Fees $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
7
<PAGE> 39
- --------------------------------------------------------------------------------
VIII. 1997-2 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
REMAINING
FUNDS BALANCE
-------------
<S> <C> <C>
A Total Available Funds ( Sections III -F + V-D) (1) $ 154,556,790.98 $ 154,556,790.98
B Primary Servicing Fees-Current Month $ 2,247,988.89 $ 152,308,802.09
C Administration Fee $ 20,000.00 $ 152,288,802.09
D Noteholder's Interest Distribution Amount
i Class A-1 $ 32,742,862.71 $ 119,545,939.38
ii Class A-2 $ 16,698,813.99 $ 102,847,125.39
-----------------
iii TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $ 49,441,676.70
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 1,879,504.17 $ 100,967,621.22
F Noteholder's Principal Distribution Amount
i Class A-1 $ 100,967,621.22 $ 0.00
ii Class A-2 $ 0.00 $ 0.00
-----------------
iii TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 100,967,621.22
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 0.00
H Increase to the Specified Reserve Account Balance $ 0.00 $ 0.00
I Carryover Servicing Fees (2) $ 0.00 $ 0.00
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 0.00
i Class A-2 $ 0.00 $ 0.00
-----------------
iii TOTAL NOTEHOLDER'S INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 0.00
L EXCESS TO RESERVE ACCOUNT $ 0.00 $ 0.00
</TABLE>
(1) Includes initial deposit of $25,000 from seller
(2) Insufficient funds available to pay carryover servicing fees
8
<PAGE> 40
- --------------------------------------------------------------------------------
IX. 1997-2 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Distribution Amounts Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 32,742,862.71 $ 16,698,813.99 $ 1,879,504.17
ii Quarterly Interest Paid $ 32,742,862.71 $ 16,698,813.99 $ 1,879,504.17
--------------- --------------- --------------
iii INTEREST SHORTFALL $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid $ 0.00 $ 0.00 $ 0.00
--------------- --------------- --------------
vi INTEREST CARRYOVER $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $151,435,998.58 $ 0.00 $ 0.00
viii Quarterly Principal Paid $100,967,621.22 $ 0.00 $ 0.00
--------------- --------------- --------------
ix QUARTERLY PRINCIPAL SHORTFALL $ 50,468,377.36 $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $133,710,483.93 $ 16,698,813.99 $ 1,879,504.17
---------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates Principal Balance 9/30/97 $2,496,450,000.00
ii Adjusted Pool Balance 9/30/97 2,345,014,001.42
-----------------
iii Adjusted Pool Exceeding Notes Certificate Balance (i-ii) $ 151,435,998.58
-----------------
iv PRINCIPAL DISTRIBUTION AMOUNT $ 100,967,621.22
=================
C Total Principal Distribution $ 100,967,621.22
D Total Interest Distribution 51,321,180.87
-----------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 152,288,802.09
------------------------------------------------------------------------------------------------------------------
F Note & Certificate Balances 6/18/1997 10/27/1997
------------------------------------------------------------------------------------------------------------------
i A-1 Note Balance (78442GAN6) $1,601,000,000.00 $ 1,500,032,378.78
A-1 Note Pool Factor 1.0000000000 0.9369346526
ii A-2 Note Balance (78442GAP1) $ 808,000,000.00 $ 808,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAQ9) $ 87,450,000.00 $ 87,450,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
------------------------------------------------------------------------------------------------------------------
G RESERVE ACCOUNT RECONCILIATION
i Beginning of Period Balance $ 6,103,806.00
ii Deposits to correct Shortfall $ 0.00
iii Deposits from Excess Servicing $ 0.00
iv Total Reserve Account Balance Available $ 6,103,806.00
v Required Reserve Account Balance $ 5,847,275.49
vi Shortfall Carried to Next Period $ 0.00
vii EXCESS RESERVE -RELEASE TO WATERFALL $ 256,530.51
viii Ending Reserve Account Balance $ 5,847,275.49
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE> 41
- --------------------------------------------------------------------------------
X. 1997-2 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------
6/2/97 - 9/30/97
------------------
<S> <C>
Beginning Student Loan Portfolio Balance $ 2,417,769,037.18
- ----------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 85,947,343.92
ii Principal Collections from Guarantor $ 1,182,253.65
iii Principal Reimbursements $ 25,640,757.88
iv Other System Adjustments $ 0.00
------------------
v Total Principal Collections $ 112,770,355.45
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,502,305.68
ii Capitalized Interest $ (15,197,207.12)
------------------
iii Total Non-Cash Principal Activity $ (13,694,901.44)
------------------
(-) Total Student Loan Principal Activity $ 99,075,454.01
------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 42,621,726.69
ii Interest Claims Received from Guarantors $ 31,586.14
iii Interest Reimbursements $ 382,323.72
iv Other System Adjustments $ 0.00
v Special Allowance Payments $ 248,953.19
vi Subsidy Payments $ 2,532,386.65
------------------
vii Total Interest Collections $ 45,816,976.39
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,454,441.16)
ii Capitalized Interest $ 15,197,207.12
------------------
iii Total Non-Cash Interest Adjustments $ 13,742,765.96
------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 59,559,742.35
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 2,318,693,583.17
------------------
(+) Interest to be Capitalized $ 20,216,612.25
------------------
(=) TOTAL POOL $ 2,338,910,195.42
------------------
------------------
(+) RESERVE ACCOUNT BALANCE $ 6,103,806.00
------------------
------------------
(=) Total Adjusted Pool $ 2,345,014,001.42
------------------
</TABLE>
10
<PAGE> 42
- --------------------------------------------------------------------------------
XI. 1997-2 Payment History and CPRs
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
------ --------------- -----
<S> <C> <C> <C>
Jul-97 $ 2,441,522,427 -
Oct-97 $ 2,338,910,195 5.99%
</TABLE>
* "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.
11
