================================================================================
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): July 25, 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,
and the SLM Student Loan Trust 1997-2)
Delaware 33-95474/333-2502 23-2815650
- --------------- ----------------- ------------------
(State or other (Commission File (I.R.S. employer
Jurisdiction of Numbers) Identification No.)
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>
Item 5. Other Events
On July 25, 1997, the Sallie Mae Student Loan Trust 1995-1 made its seventh, the
Sallie Mae Student Loan Trust 1996-1 made its sixth, the SLM Student Loan Trust
1996-2 made its fifth, the SLM Student Loan Trust 1996-3 made its fourth, the
SLM Student Loan Trust 1996-4 made its third, and the SLM Student Loan Trust
1997-1 made its second regular quarterly distribution of funds to holders of
their respective Floating Rate Student Loan-Backed Notes 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 July 25, 1997.
Page 2 of 5
Exhibit Index appears on Page 5
<PAGE>
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>
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: July 29, 1997
SLM FUNDING
CORPORATION
By: /s/ DENISE B. MCGLONE
-------------------------
Name: Denise B. McGlone
Title: President
Page 4 of 5
Exhibit Index appears on Page 5
<PAGE>
INDEX TO EXHIBIT
----------------
Exhibit Sequentially
Number Exhibit Numbered
- ------ ------- Page
----
19.1 Quarterely Servicing Reports.
Page 5 of 5
Exhibit Index appears on Page 5
<PAGE>
Sallie Mae Student Loan Trust 1995-1
Quarterly Servicing Report
Report Date: 6/30/97 Reporting Period: 4/01/97-6/30/97
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 3/31/97 Activity 6/30/97
-----------------------------------------------------------------------------------------------------------------
i Portfolio Balance $714,234,131.11 $(41,877,849.08) $672,356,282.03
ii Interest to be Capitalized 747,655.59 741,333.62
--------------- ---------------
iii Total Pool $714,981,786.70 $673,097,615.65
=============== ===============
B i Weighted Average Coupon (WAC) 8.1929% 8.1956%
ii Weighted Average Remaining Term 80.38 78.75
iii Number of Loans 415,916 395,324
iv Number of Borrowers 179,156 169,597
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 4/25/97 % of Pool Balance 7/25/97 % of Pool
----------------------------------------------------------------------------------------------------------------
i A-1 Notes 795452AA9 0.575% $464,981,786.70 65.0$4% $423,097,615.65 62.858%
ii A-2 Notes 795452AB7 0.750% 215,000,000.00 30.071% 215,000,000.00 31.942%
iii Certificates795452AC5 1.000% 35,000,000.00 4.895% 35,000,000.00 5.200%
----------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $714,981,786.70 100.000% $673,097,615.65 100.000%
================================================================================================================
----------------------------------------------------------------------------------------------------------------
D Reserve Account 4/25/97 7/25/97
----------------------------------------------------------------------------------------------------------------
i Required Reserve Acct Deposit (%) 0.50% 0.50%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $3,574,908.93 $3,365,488.08
iv Reserve Account Floor Balance ($) $1,000,000.00 $1,000,000.00
v Current Reserve Acct Balance ($) $3,574,908.93 $3,365,488.08
</TABLE>
Page 1
<PAGE>
- --------------------------------------------------------------------------------
II. 1995-1 Transactions from: 4/1/97 through 6/30/97
- --------------------------------------------------------------------------------
A Student Loan Principal Activity
i Regular Principal Collections $34,449,289.71
ii Principal Collections from Guarantor $5,521,766.77
iii Principal Reimbursements $2,643,630.36
iv Other System Adjustments $0.00
--------------
v Total Principal Collections $42,614,686.84
B Student Loan Non-Cash Principal Activity
i Other Adjustments $218,645.87
ii Capitalized Interest ($955,483.63)
--------------
iii Total Non-Cash Principal Activity $(736,837.76)
-------------------------------------------------------------
C Total Student Loan Principal Activity $41,877,849.08
-------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $12,116,179.07
ii Interest Claims Received from Guarantors $317,247.10
iii Interest Reimbursements $28,749.41
iv Other System Adjustments $0.00
v Special Allowance Payments $829,740.65
vi Subsidy Payments $541,554.00
--------------
vii Total Interest Collections $13,833,470.23
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($143,456.34)
ii Capitalized Interest $955,483.63
--------------
iii Total Non-Cash Interest Adjustments $812,027.29
-------------------------------------------------------------
F Total Student Loan Interest Activity $14,645,497.52
-------------------------------------------------------------
Page 2
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------
III. 1995-1 Collection Account Activity 4/1/97 through 6/30/97
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $39,971,056.48
ii Cash Forwarded by Administrator on behalf of Seller $245,883.41
iii Cash Forwarded by Administrator on behalf of Servicer $6,534.86
iv Cash Forwarded by Administrator for Consolidation Activity $2,391,212.09
---------------
v Total Principal Collections $42,614,686.84
B Interest Collections
i Interest Payments Received-Cash $13,804,720.82
ii Cash Forwarded by Administrator on behalf of Seller $5,934.67
iii Cash Forwarded by Administrator on behalf of Servicer $6,004.82
iv Cash Forwarded by Administrator for Consolidation Activity $16,809.92
---------------
v Total Interest Collections $13,833,470.23
C Other Reimbursements $59,892.03
D Administrator Account Investment Income $451,163.84
E TOTAL FUNDS RECEIVED $56,959,212.94
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $(1,135,692.80)
-----------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $55,823,520.14
-----------------------------------------------------------------------------------------
F Servicing Fee Calculation-Current Month
i Unit Charge Calculation $552,236.80
ii Percentage of Principal Calculation $862,588.15
iii Lesser of Unit or Principal Calculation $552,236.80
G Servicing Fees Due for Current Period $552,236.80
H Carryover Servicing Fees Due $941,004.83
APR 1997 Servicing Carryover $325,445.42
MAY 1997 Servicing Carryover $317,747.74
JUN 1997 Servicing Carryover $310,351.35
-----------
$953,544.51
Less: Servicing ADJ [A iii + B iii] ($12,539.68)
-----------
Carryover Servicing Fee Due $941,004.83
===========
I Administration Fees Due $20,000.00
-----------------------------------------------------------------------------------------
J Total Fees Due for Period $1,513,241.63
-----------------------------------------------------------------------------------------
</TABLE>
Page 3
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
IV. 1995-1 Portfolio Characteristics
- ---------------------------------------------------------------------------------------------------
----------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ---------------------------------------------------------------------------------------------------
STATUS 3/31/97 6/30/97 3/31/97 6/30/97 3/31/97 6/30/97
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 8.1798% 8.1726% 405 336 0.0974% 0.0850%
Grace
Current 8.1793% 8.1935% 134 138 0.0322% 0.0349%
- ---------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.1797% 8.1790% 539 474 0.1296% 0.1199%
- ---------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.1930% 8.1958% 358,657 341,855 86.2330% 86.4746%
31-60 Days Delinquent 8.2353% 8.2288% 14,553 14,327 3.4990% 3.6241%
61-90 Days Delinquent 8.2349% 8.2378% 5,903 6,118 1.4193% 1.5476%
91-120 Days Delinquent 8.2255% 8.2271% 2,954 2,561 0.7102% 0.6478%
Greater than 120 Days
Delinquent 8.2259% 8.2291% 4,410 4,345 1.0603% 1.0991%
Deferment
Current 8.1397% 8.1435% 19,282 16,717 4.6360% 4.2287%
Forbearance
Current 8.1808% 8.1840% 7,734 7,123 1.8595% 1.8018%
- ---------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.1927% 8.1955% 413,493 393,046 99.4174% 99.4238%
- ---------------------------------------------------------------------------------------------------
Claims in Process (1) 8.2472% 8.2199% 1,884 1,786 0.4530% 0.4518%
Aged Claims Rejected (2) 0% 8.1810% 0 18 0% 0.0046%
- ---------------------------------------------------------------------------------------------------
GRAND TOTAL 8.1929% 8.1950% 415,916 395,324 100.00% 100.00%
- ---------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------
Principal Amount %
-------------------------------------------------------------------------------------------
STATUS 3/31/97 6/30/97 3/31/97 6/30/97
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $836,518.68 $684,219.37 0.1171% 0.1018%
Grace
Current $277,596.17 $303,712.10 0.0389% 0.0452%
-------------------------------------------------------------------------------------------
TOTAL INTERIM $1,114,114.85 $987,931.47 0.1560% 0.1469%
-------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $598,705,759.46 $565,464,742.66 83.8249% 84.1019%
31-60 Days Delinquent $27,646,083.25 $26,966,778.83 3.8707% 4.0108%
61-90 Days Delinquent $11,643,790.13 $11,985,696.14 1.6302% 1.7826%
91-120 Days Delinquent $5,808,884.43 $5,229,149.75 0.8133% 0.7777%
Greater than 120
Days Delinquent $8,821,357.46 $8,323,889.53 1.2351% 1.2380%
Deferment
Current $40,718,946.40 $35,043,973.90 5.7011% 5.2121%
Forbearance
Current $16,442,138.74 $15,461,875.28 2.3021% 2.2997%
- --------------------------------------------------------------------------------------------
TOTAL REPAYMENT $709,786,959.87 $668,476,106.09 99.3774% 99.4229%
- --------------------------------------------------------------------------------------------
Claims in Process(1) $3,333,056.38 $2,840,749.31 0.4667% 0.4225%
Aged Claims Rejected(2) $-- $51,495.15 0% 0.0077%
- --------------------------------------------------------------------------------------------
GRAND TOTAL $714,234,131.10 $672,356,282.02 100.00% 100.00%
- --------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
Page 4
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
V. 1995-1 Interest Calculation
- ----------------------------------------------------------------------------------------------------
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $13,230,389.51
B Interest Subsidy Payments Accrued During Collection Period $787,106.72
C SAP Payments Accrued During Collection Period $501,180.84
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $58,807.76
E Investment Earnings (ADMINISTRATOR ACT) $451,163.84
-----------
F Net Expected Interest Collections $15,028,648.67
G Student Loan Rate
i Days in Collection Period (4/1/97-6/30/97) 91
ii Days in Year 365
iii Net Expected Interest Collections $15,028,648.67
iv Primary Servicing Fee $1,687,929.60
v Administration Fee $20,000.00
vi Total Pool Balance at Beginning of Collection Period $714,981,786.70
vii Student Loan Rate 7.47281%
Accrued
Int Factor Accrual Period
---------- --------------
H Class A-1 T-Bill Based Interest Rate 5.75907%
I Class A-1 Interest Rate 0.01435822 (4/25/97-7/25/97) 5.75907%
J Class A-2 T-Bill Based Interest Rate 5.93407%
K Class A-2 Interest Rate 0.014794521 (4/25/97-7/25/97) 5.93407%
L Certificate T-Bill Based Rate of Return 6.18407%
M Certificate Rate of Return 0.015417808 (4/25/97-7/25/97) 6.18407%
- ----------------------------------------------------------------------------------------------------
</TABLE>
Page 5
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
VI. 1995-1 Inputs From Previous Quarterly Servicing Reports 3/31/97
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $714,234,131.11
ii Interest To Be Capitalized $747,655.59
---------------
iii Total Student Loan Pool Outstanding $714,981,786.70
===============
B Total Note and Certificate Factor 0.71498178670
C Total Note and Certificate Balance $714,981,786.70
--------------------------------------------------------------------------------------------------------
D Note Balance 4/25/97 Class A-1 Class A-2 Certificates
--------------------------------------------------------------------------------------------------------
i Current Factor-4/25/97 0.6199757156 1.0000000000 1.0000000000
ii Note Principal Shortfall $0.00 $0.00 $0.00
iii Expected Note Balance $464,98$,786.70 $215,000,000.00 $35,000,000.00
--------------------------------------------------------------------------------------------------------
iv Note Balance $464,981,786.70 $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 $3,574,908.93
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>
Page 6
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
VII. 1995-1 Waterfall for Distributions
- -------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds (Section III E + Section V-D) $55,882,327.90 $55,882,327.90
B Primary Servicing Fees-Current Month $552,236.80 $55,330,091.10
C Administration Fee-Quarterly $20,000.00 $55,310,091.10
D Noteholder's Interest Distribution Amount
i Class A-1 $6,676,310.32 $48,633,780.78
ii Class A-2 $3,180,822.02 $45,452,958.76
-------------
iii Total Noteholder's Interest Distribution $9,857,132.34
E Certificateholder's Return Distribution Amount $539,623.28 $44,913,335.48
F Noteholder's Principal Distribution Amount
i Class A-1 $41,884,171.05 $3,029,164.43
ii Class A-2 $0.00 $3,029,164.43
--------------
iii Total Noteholder's Principal Distribution $41,884,171.05
G Certificateholder's Balance Distribution Amount $0.00 $3,029,164.43
H Increase to the Specified Reserve Account Balance $0.00 $3,029,164.43
I Carryover Servicing Fees $941,004.83 $2,088,159.60
J Noteholder's Interest Carryover
i Class A-1 $0.00 $2,088,159.60
i Class A-2 $0.00 $2,088,159.60
-------------
iii Total Noteholder's Interest Carryover $0.00
K Certificateholder's Return Carryover $0.00 $2,088,159.60
L Excess to Reserve Account $2,088,159.60 $0.00
- -------------------------------------------------------------------------------------------------
</TABLE>
Page 7
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
VIII. 1995-1 Distributions
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
----------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------
i Quarterly Interest Due $6,676,310.32 $3,180,822.02 $539,623.28
ii Quarterly Interest Paid $6,676,310.32 $3,180,822.02 $539,623.28
------------- ------------- -----------
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 (B) $41,884,171.05 $0.00 $0.00
viii Quarterly Principal Paid $41,884,171.05 $0.00 $0.00
-------------- ----- -----
ix Quarterly Principal Shortfall $0.00 $0.00 $0.00
----------------------------------------------------------------------------------------------------------
x Total Distribution Amount $48,560,481.37 $3,180,822.02 $539,623.28
----------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 6/30/97 $714,981,786.70
ii Pool Balance 6/30/97 $673,097,615.65
---------------
iii Principal Distribution Amount $41,884,171.05
===============
C Total Principal Distribution $41,884,171.05
D Total Interest Distribution $10,396,755.62
--------------
E Total Cash Distributions-Note and Certificates $52,280,926.67
-----------------------------------------------------------------------
F Note & Certificate Balances 4/25/97 7/25/97
-----------------------------------------------------------------------
i A-1 Note Balance $464,981,786.70 $423,097,615.65
A-1 Note Pool Factor 0.6199757156 0.5641301.42
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 $35,000,00$.00 35,000,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
-----------------------------------------------------------------------
G Reserve Account Reconciliation
i Beginning of Period Balance $3,574,908.93
ii Deposits to correct Shortfall $0.00
iii Deposits from Excess Servicing $2,088,159.60
-------------
iv Total Reserve Account Balance Available $5,663,068.53
v Required Reserve Account Balance $3,365,488.08
vi Shortfall Carried to Next Period $0.00
vii Excess Reserve - Release to SLM Funding Corp $2,297,580.45
viii Ending Reserve Account Balance $3,365,488.08
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 8
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
IX. 1995-1 Historical Pool Information
- --------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------
4/1/97-6/30/97 1/1/97-3/31/97 10/1/96-12/31/96 7/1/96 - 9/30/96
--------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $714,234,131.11 $758,640,244.14 $802,942,510.88 $853,757,457.19
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $34,449,289.71 $37,045,855.75 $36,816,067.27 $40,504,277.25
ii Principal Collections from Guarantor 5,521,766.77 6,185,560.91 6,088,443.00 8,336,900.38
iii Principal Reimbursements 2,643,630.36 2,050,080.23 2,255,883.32 2,842,522.44
iv Other System Adjustments 0.00.00 0.00 131.71 (577.57)
------------------------------------------------------------------------------
v Total Principal Collections $42,614,686.84 $45,281,496.89 $45,160,525.30 $51,683,122.50
Student Loan Non-Cash Principal Activity
i Other Adjustments $218,645.87 $184,596.68 $225,811.89 $214,754.01
ii Capitalized Interest (955,483.63) (1,059,980.54) (1,084,070.45) (1,082,930.20)
------------------------------------------------------------------------------
iii Total Non-Cash Principal Activi$y $(736,837.76) $(875,383.86) $(858,258.56) $868,176.19)
--------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $41,877,849.08 $44,406,113.03 $44,302,266.74 $50,814,946.31
--------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $12,116,179.07 $13,342,268.00 $13,807,543.15 $15,456,574.89
ii Interest Claims Received from Guarantors 317,247.10 358,047.93 340,026.34 557,105.25
iii Interest Reimbursements 28,749.41 28,485.70 27,274.90 36,142.78
iv Other System Adjustments 0.00 0.00 (715.16) (163.96)
v Special Allowance Payments 829,740.65 460,026.49 734,667.87 617,049.00
vi Subsidy Payments 541,554.00 888,898.48 740,973.14 792,317.27
------------------------------------------------------------------------------
vii Total Interest Collections $13,833,470.23 $15,077,726.60 $15,649,770.24 $17,459,025.23
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $(143,456.34) $(130,539.92) $(158,675.64) $(111,637.14)
ii Capitalized Interest 955,483.63 1,059,980.54 1,084,070.45 1,082,930.20
------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $812,027.29 $929,440.62 $925,394.81 $971,293.06
-------------------------------------------------------------------------------
Total Student Loan Interest Activity $14,645,497.52 $16,007,167.22 $16,575,165.05 $18,430,318.29
(=) Ending Student Loan Portfolio Balance $672,356,282.03 $714,234,131.11 $758,640,244.14 $802,942,510.88
--------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $741,333.62 $747,655.59 $691,772.32 $652,786.04
--------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $673,097,615.65 $714,981,786.70 $759,332,016.46 $803,595,296.92
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------
4/1/96 - 6/30/96 1/1/96 - 3/31/96 9/29/95 - 12/31/95
--------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $905,375,401.17 $954,345,726.48 $1,000,126,078.04
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $41,999,553.67 $45,086,756.56 $42,875,612.89
ii Principal Collections from Guarantor 6,580,254.84 482,294.51 92,046.91
iii Principal Reimbursements 3,722,370.03 4,554,369.19 2,775,561.40
iv Other System Adjustments (48.49) 0.00 39,190.77
-------------------------------------------------------------------
v Total Principal Collections $52,302,130.05 $50,123,420.26 $45,782,411.97
Student Loan Non-Cash Principal Activity
i Other Adjustments $185,344.16 $150,766.06 233,926.53
ii Capitalized Interest (869,530.23) (1,303,861.01) (235,986.94)
-------------------------------------------------------------------
iii Total Non-Cash Principal Activi$y $(684,186.07) $(1,153,094.95) (2,060.41)
--------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $51,617,943.98 $48,970,325.31 $45,780,351.56
--------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $16,104,237.23 $18,105,760.68 18,633,508.65
ii Interest Claims Received from Guarantors 410,448.66 13,929.01 3,259.20
iii Interest Reimbursements 33,086.35 39,560.27 17,871.78
iv Other System Adjustments (14.31) 0.00 7.70
v Special Allowance Payments 537,884.11 1,112,141.11 43,719.37
vi Subsidy Payments 836,267.57 683,029.83 5,919.00
-------------------------------------------------------------------
vii Total Interest Collections $17,921,909.61 19,954,420.90 18,704,285.70
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment (112,327.13) $(144,452.46) (227,131.25)
ii Capitalized Interest 869,530.23 1,303,861.01 235,986.94
-------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $757,203.10 $1,159,408.55 8,855.69
-------------------------------------------------------------------
Total Student Loan Interest Activity $18,679,112.71 $21,113,829.45 $18,713,141.39
(=) Ending Student Loan Portfolio Balance $853,757,457.19 $905,375,401.17 $954,345,726.48
--------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $677,908.07 $602,404.07 $639,070.92
--------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $854,435,365.26 $905,977,805.25 $954,984,797.40
--------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
X. 1995-1 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR*
Oct-95 $1,000,126,078 --
Jan-96 $954,984,797 4.9%
Apr-96 $905,977,805 5.0%
Jul-96 $854,435,365 5.7%
Oct-96 $803,595,297 6.3%
Jan-97 $759,332,016 6.1%
Apr-97 $714,981,787 6.0%
Jul-97 $673,097,616 5.8%
* "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.
- -------------------------------------------------------------------------------
Page 10
<PAGE>
Sallie Mae Student Loan Trust 1996-1
Quarterly Servicing Report
Report Date: 6/30/97 Reporting Period: 4/01/97-6/30/97
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 3/31/97 Activity 6/30/97
--------------------------------------------------------------------------------------------------------------------
i Portfolio Balance $1,228,206,792 $(54,341,91$.20) $1,173,864,873.47
ii Interest to be Capitalized 10,579,470.77 9,928,556.68
==================== ===================
iii Total Pool $1,238,786,263.44 $1,183,793,430.15
==================== ===================
B i Weighted Average Coupon (WAC) 8.2386% 8.2408%
ii Weighted Average Remaining Term 98.67 97.29
iii Number of Loans 532,560 510,385
iv Number of Borrowers 203,703 194,859
--------------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 4/25/97 % of Pool Balance 7/25/97 % of Pool
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
i A-1 Notes 795452AD3 0.56% $712,786,263.44 57.539% $657,793,430.15 55.566%
ii A-2 Notes 795452AE1 0.75% 473,500,000.00 38.223% 473,500,000.00 39.999%
iii Certificates 795452AF8 0.98% 52,500,000.00 4.238% 52,500,000.00 4.435%
-------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $1,238,786,263.44 100.000% $1,183,793,430.15 100.000%
===================================================================================================================
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
D Reserve Account 4/25/97 7/25/97
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $3,096,965.66 $2,959,483.58
iv Reserve Account Floor Balance ($) $1,500,000.00 $1,500,000.00
v Current Reserve Acct Balance ($) $3,096,965.66 $2,959,483.58
-------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 1
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------
II. 1996-1 Transactions from: 4/1/97 through 6/30/97
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $38,201,480.33
ii Principal Collections from Guarantor $12,257,546.06
iii Principal Reimbursements $8,394,035.19
iv Other System Adjustments $0.00
-------------------
v Total Principal Collections $58,853,061.58
B Student Loan Non-Cash Principal Activity
i Other Adjustments $901,335.61
ii Capitalized Interest ($5,412,477.99)
--------------------
iii Total Non-Cash Principal Activity $ (4,511,142.38)
-------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 54,341,919.20
-------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $15,398,211.29
ii Interest Claims Received from Guarantors $742,052.34
iii Interest Reimbursements $112,743.13
iv Other System Adjustments $0.00
v Special Allowance Payments $693,074.40
vi Subsidy Payments $4,559,733.43
-------------------
vii Total Interest Collections $ 21,505,814.59
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($742,970.05)
ii Capitalized Interest $5,412,477.99
--------------------
iii Total Non-Cash Interest Adjustments $ 4,669,507.94
-------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 26,175,322.53
-------------------------------------------------------------------------
</TABLE>
Page 2
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------
III. 1996-1 Collection Account Activity 4/1/97 through 6/30/97
- -----------------------------------------------------------------------------------------------------
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $50,459,026.39
ii Cash Forwarded by Administrator on behalf of Seller $515,660.65
iii Cash Forwarded by Administrator on behalf of Servicer $6,045.10
iv Cash Forwarded by Administrator for Consolidation Activity $7,872,329.44
--------------------
v Total Principal Collections $58,853,061.58
B Interest Collections
i Interest Payments Received-Cash $21,393,071.46
ii Cash Forwarded by Administrator on behalf of Seller $734.68
iii Cash Forwarded by Administrator on behalf of Servicer $11,667.46
iv Cash Forwarded by Administrator for Consolidation Activity $100,340.99
--------------------
v Total Interest Collections $21,505,814.59
C Other Reimbursements $76,349.50
D Administrator Account Investment Income $632,556.40
E TOTAL FUNDS RECEIVED $81,067,782.07
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $(1,556,208.50)
------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $79,511,573.57
------------------------------------------------------------------------------------------
F Servicing Fee Calculation-Current Month
i Unit Charge Calculation $760,028.50
ii Percentage of Principal Calculation $1,090,756.01
iii Lesser of Unit or Principal Calculation $760,028.50
G Servicing Fees Due for Current Period $760,028.50
H Carryover Servicing Fees Due $990,259.08
APR 1997 Servicing Carryover $341,599.68
MAY 1997 Servicing Carryover $335,644.45
JUN 1997 Servicing Carryover $330,727.51
-------------
$1,007,971.64
Less: Servicing ADJ [A iii + B iii] ($17,712.56)
-------------
TOTAL Carryover Servicing Fee Due $990,259.08
=============
I Administration Fees Due $20,000.00
-------------------------------------------------------------------------------------------
J Total Fees Due for Period $1,770,287.58
-------------------------------------------------------------------------------------------
</TABLE>
Page 3
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------
IV. 1996-1 Portfolio Characteristics
- -----------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- -----------------------------------------------------------------------------------------------------
STATUS 3/31/97 6/30/97 3/31/97 6/30/97 3/31/97 6/30/97
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 8.1672% 8.1589% 33,874 22,664 6.3606% 4.4406%
Grace
Current 8.1424% 8.1657% 7,358 13,318 1.3816% 2.6094%
--------------------------------------------------------------------------
TOTAL INTERIM 8.1628% 8.1614% 41,232 35,982 7.7422% 7.0500%
- -----------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.2353% 8.2384% 362,375 357,507 68.0440% 70.0465%
31-60 Days Delinquent 8.2768% 8.2829% 20,779 22,465 3.9017% 4.4016%
61-90 Days Delinquent 8.2760% 8.2719% 11,482 10,546 2.1560% 2.0663%
91-120 Days Delinquent 8.2482% 8.8281% 7,038 5,229 1.3215% 1.0245%
Greater than 120 Days
Delinquent 8.2767% 8.2567% 7,813 8,918 1.4671% 1.7473%
Deferment
Current 8.2768% 8.2741% 56,528 47,196 10.6144% 9.2471%
Forbearance
Current 8.2576% 8.2660% 21,364 19,104 4.0116% 3.7431%
- -----------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.2463% 8.2548% 487,379 470,965 91.5163% 92.2764%
- -----------------------------------------------------------------------------------------------------
Claims in Process (1) 8.2878% 8.2924% 3,949 3,424 0.7415% 0.6709%
Aged Claims Rejected (2) 0% 8.5660% 0 14 0% 0.0027%
- -----------------------------------------------------------------------------------------------------
GRAND TOTAL 8.2386% 8.2408% 532,560 510,385 100.00% 100.00%
- -----------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Principal Amount %
- -------------------------------------------------------------------------------------------
STATUS 3/31/97 6/30/97 3/31/97 6/30/97
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $97,499,216.36 $65,405,341.99 7.9383% 5.5718%
Grace
Current $20,826,641.65 $38,344,831.11 1.6957% 3.2665%
-----------------------------------------------------------------
TOTAL INTERIM $118,325,858.01 $103,750,173.10 9.6340% 8.8383%
- -------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $765,122,123.60 $758,448,504.89 62.2959% 64.6112%
31-60 Days Delinquent $46,221,368.88 $50,653,006.84 3.7633% 4.3151%
61-90 Days Delinquent $27,528,193.41 $24,679,447.71 2.2413% 2.1024%
91-120 Days Delinquent $17,492,525.21 $12,619,876.57 1.4242% 1.0751%
Greater than 120 Days
Delinquent $18,975,307.70 $22,353,593.00 1.5450% 1.9043%
Deferment
Current $159,151,932.76 $134,481,829.43 12.9581% 11.4563%
Forbearance
Current $60,404,457.69 $59,916,005.96 5.4066% 5.1042%
- ------------------------------------------------------------------------------------
TOTAL REPAYMENT $1,100,895,909.25 $1,063,152,264.40 89.6344% 90.5685%
- ------------------------------------------------------------------------------------
Claims in Process (1) $8,985,025.40 $6,889,546.37 0.7316% 0.5869%
Aged Claims Rejected (2) $- $72,889.59 0% 0.0062%
- -------------------------------------------------------------------------------------------
GRAND TOTAL $1,228,206,792.66 $1,173,864,873.46 100.00% 100.00%
- -------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
Page 4
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
V. 1996-1 Interest Calculation
- -------------------------------------------------------------------------------------------------
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $20,215,896.85
B Interest Subsidy Payments Accrued During Collection Period $4,242,565.68
C SAP Payments Accrued During Collection Period $686,188.16
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $56,115.95
E Investment Earnings (ADMINISTRATOR ACT) $632,556.40
--------------
F Net Expected Interest Collections $25,833,323.04
G Student Loan Rate
i Days in Collection Period (4/01/97-6/30/97) 91
ii Days in Year 365
iii Net Expected Interest Collections $25,833,323.04
iv Primary Servicing Fee $2,316,237.00
v Administration Fee $20,000.00
vi Total Pool Balance at Beginning of Collection Period $1,238,786,263.44
vii Student Loan Rate 7.60798%
Accrued
Int Factor Accrual Period
H Class A-1 T-Bill Based Interest Rate 5.74407%
I Class A-1 Interest Rate 0.014320822 (4/25/97-7/25/97) 5.74407%
J Class A-2 T-Bill Based Interest Rate 5.93407%
K Class A-2 Interest Rate 0.014794521 (4/25/97-7/25/97) 5.93407%
L Certificate T-Bill Based Rate of Return 6.16407%
M Certificate Rate of Return 0.015367945 (4/25/97-7/25/97) 6.16407%
- --------------------------------------------------------------------------------------------------
</TABLE>
Page 5
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
VI. 1996-1 Inputs From Previous Quarterly Servicing R3/31/97
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $1,228,206,792.67
ii Interest To Be Capitalized $10,579,470.77
------------------
iii Total Student Loan Pool Outstanding $1,238,786,263.44
==================
B Total Note and Certificate Factor 0.82585750896
C Total Note and Certificate Balance $1,238,786,263.44
--------------------------------------------------------------------------------------------------
D Note Balance 4/25/97 Class A-1 Class A-2 Certificates
--------------------------------------------------------------------------------------------------
i Current Factor-4/25/97 0.7318134122 1.0000000000 1.0000000000
ii Note Principal Shortfall $0.00 $0.00 $0.00
iii Expected Note Balance $712,786,263.44 473,500,000.00 $52,500,000.00
-----------------------------------------------
iv Note Balance $712,786,263.44 473,500,000.00 $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 $3,096,965.66
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>
Page 6
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
VII. 1996-1 Waterfall for Distributions
- -----------------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<S> <C> <C> <C>
A Total Available Funds (Section III E + Section V-D) $79,567,689.52 $79,567,689.52
B Primary Servicing Fees-Current Month $760,028.50 $78,807,661.02
C Administration Fee $ 20,000.00 $78,787,661.02
D Noteholder's Interest Distribution Amount
i Class A-1 $10,207,688.20 $68,579,975.82
ii Class A-2 $7,005,205.69 $61,574,770.13
--------------
iii Total Noteholder's Interest Distribution $17,212,890.89
E Certificateholder's Return Distribution Amount $806,817.11 $60,767,953.02
F Noteholder's Principal Distribution Amount
i Class A-1 $54,992,833.29 $5,775,119.73
ii Class A-2 $0.00 $5,775,119.73
--------------
iii Total Noteholder's Principal Distribution $54,992,833.29
G Certificateholder's Balance Distribution Amount $0.00 $5,775,119.73
H Increase to the Specified Reserve Account Balance $0.00 $5,775,119.73
I Carryover Servicing Fees $990,259.08 $4,784,860.65
J Noteholder's Interest Carryover
i Class A-1 $0.00 $4,784,860.65
i Class A-2 $0.00 $4,784,860.65
--------------
iii Total Noteholder's Interest Carryover $0.00 $0.00
K Certificateholder's Return Carryover $0.00 $4,784,860.65
L Excess to Reserve Account $4,784,860.65 $0.00
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 7
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
VIII. 1996-1 Distributions
- -----------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i Quarterly Interest Due $10,207,685.20 $7,005,205.69 $806,817.11
ii Quarterly Interest Paid $10,207,685.20 $7,005,205.69 $806,817.11
-------------- ------------- -----------
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 (B) $54,992,833.29 $0.00 $0.00
viii Quarterly Principal Paid $54,992,833.29 $0.00 $0.00
-------------- ----- -----
ix Quarterly Principal Shortfall $0.00 $0.00 $0.00
------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $65,200,518.49 $7,005,205.69 $806,817.11
------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 6/30/97 $1,238,786,263.44
ii Pool Balance 6/30/97 $1,183,793,430.15
-----------------
iii Pool Exceeding Notes and Certificate Balance(i-ii) $54,992,833.29
-----------------
iv Principal Distribution Amount $54,992,833.29
=================
C Total Principal Distribution $54,992,833.29
D Total Interest Distribution $18,019,708.00
--------------
E Total Cash Distributions-Note and Certificates $73,012,541.29
--------------------------------------------------------------------------
F Note & Certificate Balances 4/25/97 7/25/97
--------------------------------------------------------------------------
i A-1 Note Balance (795452AD3) $712,786,263.44 $657,793,430.15
A-1 Note Pool Factor 0.7318134122 0.6753525977
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 Balan(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 $3,096,965.66
ii Deposits to correct Shortfall $0.00
iii Deposits from Excess Servicing $4,784,860.65
-----------------
iv Total Reserve Account Balance Available $7,881,826.31
v Required Reserve Account Balance $2,959,483.58
vi Shortfall Carried to Next Period $0.00
vii Excess Reserve - Release to SLM Funding Corp $4,922,342.73
viii Ending Reserve Account Balance $2,959,483.58
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 8
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
IX. 1996-1 Historical Pool Information
- -----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------
4/1/97-6/30/97 1/1/97-3/31/97 10/1/96-12/31/96
------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $1,228,206,792.67 $1,287,751,841.38 $1,349,145,820.06
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $38,201,480.33 $38,946,758.98 $38,568,892.82
ii Principal Collections from Guarantor 12,257,546.06 15,564,936.49 18,664,167.10
iii Principal Reimbursements 8,394,035.19 8,314,291.46 9,629,351.72
iv Other System Adjustments 0.00 0.00 (7,343.12)
-------------------------------------------------------------
v Total Principal Collections $58,853,061.58 $62,825,986.93 $66,855,068.52
Student Loan Non-Cash Principal Activity
i Other Adjustments 901,335.61 1,018,784.42 1,174,644.80
ii Capitalized Interest (5,412,477.99) (4,299,722.64) (6,635,734.64)
-------------------------------------------------------------
iii Total Non-Cash Principal Activity $(4,511,142.38) $(3,280,938.22) $(5,461,089.84)
------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $54,341,919.20 $59,545,048.71 $61,393,978.68
------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $15,398,211.29 $16,506,842.23 $16,127,108.13
ii Interet Claims Received from Guarantors 742,052.34 987,722.67 1,180,177.89
iii Interest Reimbursements 112,743.13 108,178.47 125,983.70
iv Other System Adjustments 0.00 0.00 (956.09)
v Special Allowance Payments 693,074.40 585,211.26 991,453.39
vi Interest Subsidy Payments 4,559,733.43 5,496,581.08 5,892,220.73
-------------------------------------------------------------
vii Total Interest Collections $21,505,814.59 $23,684,535.71 $24,315,987.75
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $(742,970.05) $(844,407.36) $(960,564.36)
ii Capitalized Interest 5,412,477.99 4,299,722.64 6,635,734.64
-------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $4,669,507.94 $3,455,315.28 $5,675,170.28
-------------------------------------------------------------
Total Student Loan Interest Activity $26,175,322.53 $27,139,850.99 $29,991,158.03
(=) Ending Student Loan Portfolio Balance $1,173,864,873.47 $1,228,206,792.67 $1,287,751,841.38
------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $9,928,556.68 $10,579,470.77 $9,711,152.12
------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $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 2/5/96-3/31/9
-------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $1,410,958,484.15 $1,459,260,458.15 $1,489,927,280.77
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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 18,313,302.34 842,636.38 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 $30,666,822.62
---------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $17,372,003.89 $17,084,616.87 $10,764,171.47
ii Interet 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 $24,948,112.40 $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>
Page 9
<PAGE>
- --------------------------------------------------------------------------------
X. 1996-1 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR*
Feb-96 $1,502,106,411 --
Apr-96 $1,471,870,726 5.1%
Jul-96 $1,421,949,915 5.6%
Oct-96 $1,360,374,604 7.1%
Jan-97 $1,297,462,994 7.9%
Apr-97 $1,238,786,263 8.3%
Jul-97 $1,183,793,430 8.3%
* "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.
- --------------------------------------------------------------------------------
Page 10
<PAGE>
SLM Student Loan Trust 1996-2
Quarterly Servicing Report
Report Date: 6/30/97 Reporting Period: 4/01/97-6/30/97
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 3/31/97 Activity 6/30/97
-----------------------------------------------------------------------------------------------------------
i Portfolio Balance $1,311,435,448.63 $(55,236,730.44) $1,256,198,718.19
ii Interest to be Capitalized 14,820,929.42 14,239,953.83
----------------- -----------------
iii Total Pool $1,326,256,378.05 $1,270,438,672.02
================= =================
B i Weighted Average Coupon (WAC) 8.2167% 8.2206%
ii Weighted Average Remaining Term 102.10 100.80
iii Number of Loans 573,644 554,154
iv Number of Borrowers 243,130 234,088
-----------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 4/25/97 % of Pool Balance 7/25/97 % of Pool
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAA4 0.51% $786,226,378.05 59.282% $730,408,672.02 57.493%
ii A-2 Notes 78442GAB2 0.71% 487,000,000.00 36.720% 487,000,000.00 38.333%
iii Certificates 78442GAC0 0.96% 53,030,000.00 3.998% 53,030,000.00 4.174%
--------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $1,326,256,378.05 100.000% $1,270,438,672.02 100.000%
==========================================================================================================================
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
D Reserve Account 4/25/97 7/25/97
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $3,315,640.95 $3,176,096.68
iv Reserve Account Floor Balance ($) $1,515,030.00 $1,515,030.00
v Current Reserve Acct Balance ($) $3,315,640.95 $3,176,096.68
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 1
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
II. 1996-2 Transactions from: 4/1/97 through 6/30/97
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $36,262,930.45
ii Principal Collections from Guarantor $14,581,644.47
iii Principal Reimbursements $9,351,268.08
iv Other System Adjustments ($0.00)
--------------
v Total Principal Collections $60,195,843.00
B Student Loan Non-Cash Principal Activity
i Other Adjustments $876,021.96
ii Capitalized Interest ($5,835,134.52)
--------------
iii Total Non-Cash Principal Activity $(4,959,112.56)
---------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $55,236,730.44
---------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $14,705,223.01
ii Interest Claims Received from Guarantors $908,642.82
iii Interest Reimbursements $163,727.00
iv Other System Adjustments $0.00
v Special Allowance Payments $569,960.22
vi Subsidy Payments $6,074,126.25
--------------
vii Total Interest Collections $22,421,679.30
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($634,501.44)
ii Capitalized Interest $5,835,134.52
--------------
iii Total Non-Cash Interest Adjustments $5,200,633.08
---------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $27,622,312.38
---------------------------------------------------------------------------------------
</TABLE>
Page 2
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
III. 1996-2 Collection Account Activity 4/1/97 through 6/30/97
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $50,844,574.92
ii Cash Forwarded by Administrator on behalf of Seller $871,777.13
iii Cash Forwarded by Administrator on behalf of Servicer $7,629.81
iv Cash Forwarded by Administrator for Consolidation Activity $8,471,861.14
--------------
v Total Principal Collections $60,195,843.00
B Interest Collections
i Interest Payments Received-Cash $22,257,952.30
ii Cash Forwarded by Administrator on behalf of Seller $25,372.24
iii Cash Forwarded by Administrator on behalf of Servicer $13,136.45
iv Cash Forwarded by Administrator for Consolidation Activity $129,826.61
--------------
v Total Interest Collections $22,426,287.60
C Other Reimbursements $62,449.89
D Administrator Account Investment Income $631,655.97
E TOTAL FUNDS RECEIVED $83,316,236.46
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $(2,183,150.96)
-----------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $81,133,085.50
-----------------------------------------------------------------------------------------
F Servicing Fee Calculation-Current Month
i Unit Charge Calculation $1,070,467.08
ii Percentage of Principal Calculation $1,452,996.80
iii Lesser of Unit or Principal Calculation $1,070,467.08
G Servicing Fees Due for Current Period $1,070,467.08
H Carryover Servicing Fees Due $1,149,109.03
APR 1997 Servicing Carryover $398,274.54
MAY 1997 Servicing Carryover $389,071.03
JUN 1997 Servicing Carryover $382,529.72
-------------
$1,169,875.29
Less: Servicing ADJ [A iii + B iii] ($20,766.26)
-------------
TOTAL: Carryover Servicing Fee Due $1,149,109.03
=============
I Administration Fees Due $20,000.00
-----------------------------------------------------------------------------------------
J Total Fees Due for Period $2,239,576.11
-----------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
Page 3
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
IV. 1996-2 Portfolio Characteristics
- ---------------------------------------------------------------------------------------------------
------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ---------------------------------------------------------------------------------------------------
STATUS 3/31/97 6/30/97 3/31/97 6/30/97 3/31/97 6/30/97
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 8.1579% 8.1540% 67,896 47,326 11.8359% 8.5402%
Grace
Current 8.1564% 8.1685% 13,973 24,394 2.4358% 4.4020%
- ---------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.1576% 8.1590% 81,869 71,720 14.2717% 12.9423%
- ---------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.2201% 8.2242% 356,401 359,325 62.1293% 64.8421%
31-60 Days Delinquent 8.2597% 8.2618% 20,538 22,754 3.5803% 4.1061%
61-90 Days Delinquent 8.2526% 8.2654% 12,940 11,199 2.2558% 2.0209%
91-120 Days Delinquent 8.2483% 8.2663% 7,972 6,112 1.3897% 1.1029%
Greater than 120 Days
Delinquent 8.2640% 8.2539% 9,335 10,317 1.6273% 1.8618%
Deferment
Current 8.2486% 8.2493% 56,783 48,977 9.8986% 8.8382%
Forbearance
Current 8.2339% 8.2371% 22,597 19,637 3.9392% 3.5436%
- ---------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.2292% 8.2323% 486,566 478,321 84.8202% 86.3155%
- ---------------------------------------------------------------------------------------------------
Claims in Process (1) 8.2544% 8.2600% 5,209 4,085 0.9081% 0.7372%
Aged Claims Rejected (2) 0% 8.2070% 0 28 0% 0.0051%
- ---------------------------------------------------------------------------------------------------
GRAND TOTAL 8.2170% 8.2206% 573,644 554,154 100.00% 100.00%
- ---------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Principal Amount %
- --------------------------------------------------------------------------------------------------
STATUS 3/31/97 6/30/97 3/31/97 6/30/97
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $189,133,506.13 $131,121,896.75 14.4219% 10.4380%
Grace
Current $38,751,347.07 $68,726,881.96 2.9549% 5.4710%
- --------------------------------------------------------------------------------------------------
TOTAL INTERIM $227,884,853.20 $199,848,778.71 17.3767% 15.9090%
- --------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $732,492,779.88 $739,313,537.13 55.8543% 58.8532%
31-60 Days Delinquent $46,490,343.89 $50,817,689.25 3.5450% 4.0454%
61-90 Days Delinquent $31,982,452.51 $26,010,271.21 2.4387% 2.0706%
91-120 Days Delinquent $19,455,737.23 $14,659,129.81 1.4835% 1.1669%
Greater than 120 Days
Delinquent $21,981,773.36 $25,154,883.36 1.6762% 2.0025%
Deferment
Current $154,441,385.19 $134,326,386.51 11.7765% 10.6931%
Forbearance
Current $65,458,969.41 $57,283,885.91 4.9914% 4.5601%
- --------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $1,072,303,441.47 $1,047,565,783.18 81.7656% 83.3917%
- --------------------------------------------------------------------------------------------------
Claims in Process (1) $11,247,153.95 $8,692,325.02 0.8576% 0.6920%
Aged Claims Rejected (2) $-- $91,831.27 0% 0.0073%
- --------------------------------------------------------------------------------------------------
GRAND TOTAL $1,311,435,448.62 $1,256,198,718.18 100.00% 100.00%
- --------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
Page 4
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
V. 1996-2 Interest Calculation
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Borrower Interest Accrued During Collection Period $20,312,043.71
B Interest Subsidy Payments Accrued During Collection Period $5,775,594.17
C SAP Payments Accrued During Collection Period $644,431.28
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $59,056.46
E Investment Earnings (ADMINISTRATOR ACT) $631,655.97
--------------
F Net Expected Interest Collections $27,422,781.59
G Student Loan Rate
i Days in Collection Period (4/01/97-6/30/97) 91
ii Days in Year 365
iii Net Expected Interest Collections $27,422,781.59
iv Primary Servicing Fee $3,253,618.04
v Administration Fee $20,000.00
vi Total Pool Balance at Beginning of Collection Period $1,326,256,378.05
vii Student Loan Rate 7.30342%
Accrued
Int Factor Accrual Period
---------- --------------
H Class A-1 T-Bill Based Interest Rate 5.69407%
I Class A-1 Interest Rate 0.014196164 (4/25/97-7/25/97) 5.69407%
J Class A-2 T-Bill Based Interest Rate 5.89407%
K Class A-2 Interest Rate 0.014694785 (4/25/97-7/25/97) 5.89407%
L Certificate T-Bill Based Rate of Return 6.14407%
M Certificate Rate of Return 0.015318082 (4/25/97-7/25/97) 6.14407%
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 5
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
VI. 1996-2 Inputs From Previous Quarterly Servicing Report 3/31/97
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $1,311,435,448.63
ii Interest To Be Capitalized $14,820,929.42
-----------------
iii Total Student Loan Pool Outstanding $1,326,256,378.05
=================
B Total Note and Certificate Factor 0.87539941655
C Total Note and Certificate Balance $1,326,256,378.05
----------------------------------------------------------------------------------------------------------
D Note Balance 4/25/97 Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------
i Current Factor-4/25/97 0.8063860288 1.0000000000 1.0000000000
ii Note Principal Shortfall $0.00 $0.00 $0.00
iii Expected Note Balance $786,226,378.05 $487,000,000.00 $53,030,000.00
--------------- --------------- --------------
iv Note Balance $786,226,378.05 $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 $3,315,640.95
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>
Page 6
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
VII. 1996-2 Waterfall for Distributions
- -------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
--------------
<S> <C> <C> <C>
A Total Available Funds (Sections III -E + V-D) $81,192,141.96 $81,192,141.96
B Primary Servicing Fees-Current Month $1,070,467.08 $80,121,674.88
C Administration Fee $20,000.00 $80,101,674.88
D Noteholder's Interest Distribution Amount
i Class A-1 $11,161,398.60 $68,940,276.28
ii Class A-2 $7,156,365.17 $61,783,911.11
--------------
iii Total Noteholder's Interest Distribution $18,317,763.77
E Certificateholder's Return Distribution Amount $812,317.89 $60,971,593.22
F Noteholder's Principal Distribution Amount
i Class A-1 $55,817,706.03 $5,153,887.19
ii Class A-2 $0.00 $5,153,887.19
--------------
iii Total Noteholder's Principal Distribution $55,817,706.03
G Certificateholder's Balance Distribution Amount $0.00 $5,153,887.19
H Increase to the Specified Reserve Account Balance $0.00 $5,153,887.19
I Carryover Servicing Fees $1,149,109.03 $4,004,778.16
J Noteholder's Interest Carryover
i Class A-1 $0.00 $4,004,778.16
i Class A-2 $0.00 $4,004,778.16
-------------
iii Total Noteholder's Interest Carryover $0.00
K Certificateholder's Return Carryover $0.00 $4,004,778.16
L Excess to Reserve Account $4,004,778.16 $0.00
- -------------------------------------------------------------------------------------------------------------
</TABLE>
Page 7
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
VIII. 1996-2 Distributions
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
-------------------------------------------------------------------------------------------------------------
i Quarterly Interest Due $11,161,398.60 $7,156,365.17 $812,317.89
ii Quarterly Interest Paid $11,161,398.60 $7,156,365.17 $812,317.89
-------------- ------------- -----------
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 (B) $55,817,706.03 $0.00 $0.00
viii Quarterly Principal Paid $55,817,706.03 $0.00 $0.00
-------------- ----- -----
ix Quarterly Principal Shortfall $0.00 $0.00 $0.00
-------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $66,979,104.63 $7,156,365.17 $812,317.89
-------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 6/30/97 $1,326,256,378.05
ii Pool Balance 6/30/97 $1,270,438,672.02
-----------------
iii Pool Exceeding Notes and Certificate Balance (i-ii) $55,817,706.03
-----------------
iv Principal Distribution Amount $55,817,706.03
=================
C Total Principal Distribution $55,817,706.03
D Total Interest Distribution $19,130,081.66
-----------------
E Total Cash Distributions-Note and Certificates $74,947,787.69
---------------------------------------------------------------------------
F Note & Certificate Balances 4/25/97 7/25/97
---------------------------------------------------------------------------
i A-1 Note Balance (78442GAA4) $786,226,378.05 $730,408,672.02
A-1 Note Pool Factor 0.8063860288 0.7491370995
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
i Beginning of Period Balance $3,315,640.95
ii Deposits to correct Shortfall $0.00
iii Deposits from Excess Servicing $4,004,778.16
-----------------
iv Total Reserve Account Balance Available $7,320,419.11
v Required Reserve Account Balance $3,176,096.68
vi Shortfall Carried to Next Period $0.00
vii Excess Reserve-release to SLM Funding Corp. $4,144,322.43
viii Ending Reserve Account Balance $3,176,096.68
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 8
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IX. 1996-2 Historical Pool Information
- ------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------
4/1/97-6/30/97 1/1/97-3/31/97 10/1/96-12/31/96 7/1/96-9/30/96
<S> <C> <C> <C> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $1,311,435,448.63 $1,368,940,609.46 $1,420,136,733.54 $1,468,666,284.76
--------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $36,262,930.45 $35,405,802.03 $35,315,114.14 $37,115,081.98
ii Principal Collections from Guarantor 14,581,644.47 16,357,009.51 12,433,036.92 1,608,162.94
iii Principal Reimbursements 9,351,268.08 9,386,952.00 10,214,361.81 14,131,988.74
iv Other System Adjustments 0.00 0.00 (4,608.47) (1,484.32)
-------------------------------------------------------------------------------
v Total Principal Collections $60,195,843.00 $61,149,763.54 $57,957,904.40 $52,853,749.34
Student Loan Non-Cash Principal Activity
i Other Adjustments 876,021.96 1,056,316.24 1,080,860.52 1,010,052.49
ii Capitalized Interest (5,835,134.52) (4,700,918.95) (7,842,640.84) (5,334,250.61)
-------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $(4,959,112.56) $(3,644,602.71) $(6,761,780.32) $(4,324,198.12)
--------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $55,236,730.44 $57,505,160.83 $51,196,124.08 $48,529,551.22
--------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $14,705,223.01 $15,556,589.47 $14,810,858.15 $15,710,941.68
ii Interest Claims Received from Guarantors 908,642.82 1,054,563.70 774,638.29 65,496.81
iii Interest Reimbursements 163,727.00 128,167.59 166,885.49 161,064.40
iv Other System Adjustments 0.00 0.00 (2,349.39) (18.17)
v Special Allowance Payments 569,960.22 442,524.38 875,314.62 481,518.57
vi Subsidy Payments 6,074,126.25 7,322,845.39 7,898,909.32 9,023,779.62
-------------------------------------------------------------------------------
vii Total Interest Collections $22,421,679.30 $24,504,690.53 $24,524,256.48 $25,442,782.91
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $(634,501.44) $(795,806.82) $(912,392.77) $(986,037.72)
ii Capitalized Interest 5,835,134.52 4,700,918.95 7,842,640.84 5,334,250.61
-------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $5,200,633.08 $3,905,112.13 $6,930,248.07 $4,348,212.89
-------------------------------------------------------------------------------
Total Student Loan Interest Activity $27,622,312.38 $28,409,802.66 $31,454,504.55 $29,790,995.89
(=) Ending Student Loan Portfolio Balance $1,256,198,718.19 $1,311,435,448.63 $1,368,940,609.46 $1,420,136,733.54
--------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $14,239,953.83 $14,820,929.42 $13,686,568.72 $15,672,244.73
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $1,270,438,672.02 $1,326,256,378.05 $1,382,627,178.18 $1,435,808,978.27
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------
4/8/96-6/30/96
------------------
<S> <C>
Beginning Student Loan Portfolio Balance $1,499,948,797.64
-------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $32,387,112.35
ii Principal Collections from Guaranto 232,013.54
iii Principal Reimbursements 5,880,791.49
iv Other System Adjustments (1,709.32)
------------------
v Total Principal Collections $38,498,208.06
Student Loan Non-Cash Principal Activity
i Other Adjustments 700,262.22
ii Capitalized Interest (7,915,957.40)
------------------
iii Total Non-Cash Principal Activity $(7,215,695.18)
-------------------------------------------------------------------
(-) Total Student Loan Principal Activity $31,282,512.88
-------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $13,326,889.75
ii Interest Claims Received from
Guarantors 4,693.63
iii Interest Reimbursements 90,073.72
iv Other System Adjustments 309.87
v Special Allowance Payments 0.00
vi Subsidy Payments 0.00
------------------
vii Total Interest Collections $13,421,966.97
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $(689,754.99)
ii Capitalized Interest 7,915,957.40
------------------
iii Total Non-Cash Interest Adjustments $7,226,202.41
------------------
Total Student Loan Interest Activity $20,648,169.38
(=) Ending Student Loan Portfolio Balance $1,468,666,284.76
--------------------------------------------------------------------
(+) Interest to be Capitalized $14,944,789.14
-------------------------------------------------------------------
-------------------------------------------------------------------
(=) TOTAL POOL $1,483,611,073.90
-------------------------------------------------------------------
</TABLE>
Page 9
<PAGE>
- --------------------------------------------------------------------------------
X. 1996-2 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR*
Apr-96 $1,517,607,923 --
Jul-96 $1,483,611,074 4.1%
Oct-96 $1,435,808,978 5.2%
Jan-97 $1,382,627,178 6.2%
Apr-97 $1,326,256,378 6.8%
Jul-97 $1,270,438,672 7.1%
* "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.
- --------------------------------------------------------------------------------
Page 10
<PAGE>
SLM Student Loan Trust 1996-3
Quarterly Servicing Report
Report Date: 6/30/97 Reporting Period: 4/1/97 - 6/30/97
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ---------------------------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 3/31/97 Activity 6/30/97
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i Portfolio Balance $ 1,361,841,394.25 $(47,812,675.22) $ 1,314,028,719.03
ii Interest to be Capitalized 17,813,283.35 17,589,800.26
------------------- -------------------
iii Total Pool $ 1,379,654,677.60 $ 1,331,618,519.29
iv Reserve Account Balance 3,573,953.85 3,449,136.69
------------------- -------------------
B v Total Adjusted Pool $ 1,383,228,631.45 $ 1,335,067,655.98
=================== ===================
i Weighted Average Coupon (WAC) 8.1879% 8.1957%
ii Weighted Average Remaining Term 109.50 108.10
iii Number of Loans 491,146 476,171
iv Number of Borrowers 197,457 191,214
------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 4/25/97 % of Pool Balance 7/25/97 % of Pool
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAD8 0.49% $ 777,478,631.45 56.208% $ 729,317,655.98 54.628%
ii A-2 Notes 78442GAE6 0.68% 553,000,000.00 39.979% 553,000,000.00 41.421%
iii Certificates 78442GAF3 0.95% 52,750,000.00 3.814% 52,750,000.00 3.951%
------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $1,383,228,631.45 100.000% $1,335,067,655.98 100.000%
==================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
D Reserve Account 4/25/97 7/25/97
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 3,449,136.69 $ 3,329,046.30
iv Reserve Account Floor Balance ($) $ 1,502,704.00 $ 1,502,704.00
v Current Reserve Acct Balance ($) $ 3,449,136.69 $ 3,329,046.30
------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 1
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
II. 1996-3 Transactions from: 4/1/97 through 6/30/97
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Student Loan Principal Activity
---------------------------------------------------------------------------
i Regular Principal Collections $26,728,337.85
ii Principal Collections from Guarantor $15,355,163.67
iii Principal Reimbursements $11,140,308.50
iv Other System Adjustments $ 0.00
--------------
v Total Principal Collections $53,223,810.02
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 889,778.05
ii Capitalized Interest ($6,300,912.85
--------------
iii Total Non-Cash Principal Activity $(5,411,134.80)
---------------------------------------------------------------------------
C Total Student Loan Principal Activity $47,812,675.22
---------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $14,019,958.84
ii Interest Claims Received from Guarantors $ 954,808.65
iii Interest Reimbursements $ 158,324.82
iv Other System Adjustments $ 0.00
v Special Allowance Payments $ 519,490.88
vi Subsidy Payments $ 6,823,320.39
--------------
vii Total Interest Collections $22,475,903.56
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($ 676,498.05)
ii Capitalized Interest $ 6,300,912.85
--------------
iii Total Non-Cash Interest Adjustments $ 5,624,414.80
---------------------------------------------------------------------------
F Total Student Loan Interest Activity $28,100,318.38
---------------------------------------------------------------------------
</TABLE>
Page 2
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
III. 1996-3 Collection Account Activity 4/1/97 through 6/30/97
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $42,083,501.52
ii Cash Forwarded by Administrator on behalf of Seller $ 832,008.66
iii Cash Forwarded by Administrator on behalf of Servicer $ 2,112.24
iv Cash Forwarded by Administrator for
Consolidation Activity $10,306,187.60
--------------
v Total Principal Collections $53,223,810.02
B Interest Collections
i Interest Payments Received-Cash $22,317,578.76
ii Cash Forwarded by Administrator on behalf of Seller ($ 1,774.93)
iii Cash Forwarded by Administrator on behalf
of Servicer $ 22,440.34
iv Cash Forwarded by Administrator for
Consolidation Activity $ 137,659.41
--------------
v Total Interest Collections $22,475,903.58
C Other Reimbursements $ 64,733.28
D Administrator Account Investment Income $ 583,555.64
E Funds borrowed from next Collection Period $ 0.00
F TOTAL FUNDS RECEIVED $76,348,002.52
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $(1,849,141.29)
---------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $74,498,861.23
===========================================================================
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 909,519.84
ii Percentage of Principal Calculation $ 1,294,389.64
iii Lesser of Unit or Principal Calculation $ 909,519.84
H Servicing Fees Due for Current Period $ 909,519.84
I Carryover Servicing Fees Due $ 1,148,480.03
APR 1997 Servicing Carryover $397,772.89
MAY 1997 Servicing Carryover $390,389.92
JUN 1997 Servicing Carryover $384,869.80
--------------
$1,173,032.61
Less: Servicing ADJ [A iii + B iii] ($ 24,552.58)
--------------
TOTAL: Carryover Servicing Fee Due $1,148,480.03
==============
J Administration Fees Due $ 20,000.00
---------------------------------------------------------------------------
K Total Fees Due for Period $ 2,077,999.87
===========================================================================
</TABLE>
Page 3
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
IV. 1996-3 Portfolio Characteristics
- ---------------------------------------------------------------------------------------------------------------------
Weighted Avg
Coupon # of Loans % Principal Amount
- ---------------------------------------------------------------------------------------------------------------------
STATUS 3/31/97 6/30/97 3/31/97 6/30/97 3/31/97 6/30/97 3/31/97 6/30/97
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.9334% 7.9176% 87,998 63,786 17.9169% 13.3956% $ 285,419,975.67 $ 200,775,006.30
Grace
Current 7.9839% 7.9757% 14,675 28,588 2.9879% 6.0037% $ 46,355,173.78 $ 98,041.127.54
- ---------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.9404% 7.9366% 102,673 92,374 20.9048% 19.3993% $ 331,775,149.45 $ 298,816,133.84
- ---------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.2722% 8.2758% 266,651 273,619 54.2916% 57.4623% $ 695,420,322.24 $ 712,050,127.72
31-60 Days Delinquent 8.2873% 8.3013% 19,405 21,676 3.9510% 4.5521% $ 48,970,438.18 $ 54,787,359.09
61-90 Days Delinquent 8.2860% 8.2988% 12,383 10,524 2.5212% 2.2101% $ 32,330,701.96 $ 27,070,219.59
91-120 Days Delinquent 8.2686% 8.2918% 7,453 5,955 1.5175% 1.2506% $ 19,488,058.25 $ 15,323,150.51
Greater than 120 Days
Delinquent 8.2900% 8.2806% 9,452 10,006 1.9245% 2.1013% $ 23,353,262.08 $ 25,861,807.31
Deferment
Current 8.2397% 8.2381% 46,166 39,611 9.3996% 8.3187% $ 132,847,535.78 $ 114,644,150.96
Forbearance
Current 8.2785% 8.2889% 21,402 18,252 4.3576% 3.8331% $ 65,494,074.23 $ 56,033,347.44
- ---------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.2700% 8.2746% 382,912 379,643 77.9630% 79.7283% $1,017,904,392.73 $1,005,770,162.62
- ---------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.2841% 8.2865% 5,560 4,138 1.1320% 0.8690% $ 12,162,016.56 $ 9,392,305.73
Aged Claims Rejected (2) 8.7200% 8.3180% 1 16 0.0002% 0.0034% $ (164.49) $ 50,116.84
- ---------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.1880% 8.1957% 491,146 476,171 100.00% 100.00% $1,361,841,394.25 $1,314,028,719.03
=====================================================================================================================
<PAGE>
<CAPTION>
---------------------
%
- -----------------------------------------------
STATUS 3/31/97 6/30/97
- -----------------------------------------------
<S> <C> <C>
INTERIM:
In School
Current 20.9584% 15.2793%
Grace
Current 3.4039% 7.4611%
- ------------------------------------------------
TOTAL INTERIM 24.3622% 22.7405%
- ------------------------------------------------
REPAYMENT
Active
Current 51.0647% 54.1883%
31-60 Days Delinquent 3.5959% 4.1694%
61-90 Days Delinquent 2.3740% 2.0601%
91-120 Days Delinquent 1.4310% 1.1661%
Greater than 120 Days
Delinquent 1.7148% 1.9681%
Deferment
Current 9.7550% 8.7246%
Forbearance
Current 4.8092% 4.2642%
- ------------------------------------------------
TOTAL REPAYMENT 74.7447% 76.5410%
- ------------------------------------------------
Claims in Process (1) 0.8931% 0.7148%
Aged Claims Rejected (2) 0% 0.0038%
- ------------------------------------------------
GRAND TOTAL 100.00% 100.00%
================================================
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
Page 4
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
V. 1996-3 Interest Calculation
- --------------------------------------------------------------------------------------------------
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 20,569,368.28
B Interest Subsidy Payments Accrued During Collection Period $ 6,513,296.87
C SAP Payments Accrued During Collection Period $ 527,090.30
D INV Earnings Accrued for Collection Period (RESERVE &
COLLECTION ACTS $ 59,902.28
E Investment Earnings (ADMINISTRATOR ACT) $ 583,555.64
------------------
F Net Expected Interest Collections $ 28,253,213.37
G Student Loan Rate
i Days in Collection Period (4/1/97-6/30/97) 91
ii Days in Year 365
iii Net Expected Interest Collections $ 28,253,213.37
iv Primary Servicing Fee $ 2,758,661.13
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,379,654,677.60
vii Student Loan Rate 7.40607%
</TABLE>
<TABLE>
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.67407%
I Class A-1 Interest Rate 0.014146301 (4/25/97-7/25/97) 5.67407%
J Class A-2 T-Bill Based Interest Rate 5.86407%
K Class A-2 Interest Rate 0.014620000 (4/25/97-7/25/97) 5.86407%
L Certificate T-Bill Based Rate of Return 6.13407%
M Certificate Rate of Return 0.015293151 (4/25/97-7/25/97) 6.13407%
</TABLE>
Page 5
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
VI. 1996-3 Inputs From Previous Quarterly Servicing Reports 3/31/97
- --------------------------------------------------------------------------------------------------
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,361,841,394.25
ii Interest To Be Capitalized 17,813,283.35
------------------
iii Total Pool $ 1,379,654,677.60
iv Reserve Account Balance 3,573,953.85
------------------
v Total Adjusted Pool Balance $ 1,383,228,631.45
==================
B Total Note and Certificate Factor 0.91802132500
C Total Note and Certificate Balance $ 1,383,228,631.45
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
D Note Balance 4/25/96 Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor-4/25/96 0.8629063612 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 777,478,631.45 $ 553,000,000.00 $ 52,750,000.00
------------------- -------------------- -------------------
iv Note Balance $ 777,478,631.45 $ 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 $ 3,449,136.69
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>
Page 6
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
VII. 1996-3 Waterfall for Distributions
- --------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
---------------
<S> <C> <C> <C>
A Total Available Funds (Sections III -F + V-D) $ 74,558,763.51 $ 74,558,763.51
B Primary Servicing Fees-Current Month $ 909,519.84 $ 73,649,243.67
C Administration Fee $ 20,000.00 $ 73,629,243.67
D Noteholder's Interest Distribution Amount
i Class A-1 $ 10,998,446.74 $ 62,630,796.93
ii Class A-2 $ 8,084,860.00 $ 54,545,936.93
---------------
iii Total Noteholder's Interest Distribution $ 19,083,306.74
E Certificateholder's Return Distribution Amount $ 806,713.72 $ 53,739,223.21
F Noteholder's Principal Distribution Amount
i Class A-1 $ 48,160,975.47 $ 5,578,247.74
ii Class A-2 $ 0.00 $ 5,578,247.74
---------------
iii Total Noteholder's Principal Distribution $ 48,160,975.47
G Certificateholder's Balance Distribution Amount $ 0.00 $ 5,578,247.74
H Increase to the Specified Reserve Account Balance $ 0.00 $ 5,578,247.74
I Carryover Servicing Fees $ 1,148,480.03 $ 4,429,767.71
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 4,429,767.71
ii Class A-2 $ 0.00 $ 4,429,767.71
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 4,429,767.71
L Excess to Reserve Account $ 4,429,767.71 $ 0.00
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 7
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
VIII. 1996-3 Distributions
- --------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i Quarterly Interest Due $ 10,998,446.74 $8,084,860.00 $806,713.72
ii Quarterly Interest Paid 10,998,446.74 8,084,860.00 806,713.72
----------------- ------------- -----------
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 (B) $ 48,160,975.47 $ 0.00 $ 0.00
viii Quarterly Principal Paid 48,160,975.47 0.00 0.00
----------------- ------------- -----------
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 59,159,422.21 $8,084,860.00 $806,713.72
--------------------------------------------------------------------------------------------------------------
<CAPTION>
B Principal Distribution Reconciliation
<S> <C> <C> <C>
i Notes and Certificates Principal
Balance 6/30/97 $1,383,228,631.45
ii Adjusted Pool Balance 6/30/97 1,335,067,655.98
-----------------
iii Adjusted Pool Exceeding Notes and
Certificate Balance (i-ii $ 48,160,975.47
-----------------
iv Principal Distribution Amount $ 48,160,975.47
=================
C Total Principal Distribution $ 48,160,975.47
D Total Interest Distribution 19,890,020.46
-----------------
E Total Cash Distributions-Note and Certificates $ 68,050,995.93
<CAPTION>
---------------------------------------------------------------------------
F Note & Certificate Balances 4/25/97 7/25/97
---------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i A-1 Note Balance (78442GAD8) $777,478,631.45 $ 729,317,655.98
A-1 Note Pool Factor 0.8629063612 0.8094535582
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
---------------------------------------------------------------------------
<CAPTION>
G Reserve Account Reconciliation
<S> <C> <C>
i Beginning of Period Balance $3,449,136.69
ii Deposits to correct Shortfall 0.00
iii Deposits from Excess Servicing 4,429,767.71
-------------
iv Total Reserve Account Balance Available $7,878,904.40
v Required Reserve Account Balance $3,329,046.30
vi Shortfall Carried to Next Period $ 0.00
vii Excess Reserve -release to SLM Funding Corp $4,549,858.10
viii Ending Reserve Account Balance $3,329,046.30
</TABLE>
Page 8
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
IX. 1996-3 Historical Pool Information
- ---------------------------------------------------------------------------------------------------------------------------------
4/1/97-6/30/97 1/1/97-3/31/97 10/1/96-12/31/96 6/17/96-9/30/96
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Beginning Student Loan Portfolio Balance $1,361,841,394.25 $1,413,647,896.61 $1,447,395,386.24 $1,485,028,174.57
----------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal
Collections $ 26,728,337.85 $ 26,325,976.31 $ 25,708,925.38 $ 30,349,661.79
ii Principal Collections
from Guarantor 15,355,163.67 16,603,607.75 3,613,377.63 489,106.84
iii Principal reimbursements 11,140,308.50 12,784,224.04 13,087,681.14 12,486,491.73
iv Other System Adjustments 0.00 0.00 (7,207.52) 5,047.44
----------------- ----------------- ----------------- -----------------
v Total Principal Collections $ 53,223,810.02 $ 55,713,808.10 $ 42,402,776.63 $ 43,330,307.80
Student Loan Non-Cash Principal
Activity
i Other Adjustments $ 889,778.05 $ 920,763.16 $ 936,515.02 $ 1,290,030.17
----------------- ----------------- ----------------- -----------------
ii Capitalized Interest (6,300,912.85) (4,828,068.90) (9,591,802.02) (6,987,549.64)
----------------- ----------------- ----------------- -----------------
iii Total Non-Cash Principal
Activity $ (5,411,134.80) $ (3,907,305.74) $ (8,655,287.00) $ (5,697,519.47)
----------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal
Activity $ 47,812,675.22 $ 51,806,502,36 $ 33,747,489.63 $ 37,632,788.33
----------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 14,019,958.84 $ 14,742,626.48 $ 13,497,348.26 $ 15,754,166.36
ii Interest Claims Received
from Guarantors 954,808.65 1,067,757.11 184,632.17 11,357.11
iii Interest Reimbursements 158,324.82 154,787.09 225,135.74 178,669.39
iv Other System Adjustments 0.00 0.00 (822.59) 437.04
v Special Allowance Payments 519,490.88 389,797.21 799,805.67 496,885.43
vi Subsidy Payments 6,823,320.39 8,217,893.54 9,124,830.54 10,221,660.77
----------------- ----------------- ----------------- -----------------
vii Total Interest Collections $ 22,475,903.58 $ 24,572,861.43 $ 23,830,929.79 $ 26,663,176.10
Student Loan Non-Cash Interest
Activity
i Interest Accrual Adjustment $ (676,498.05) $ (772,295.49) $ (906,394.19) $ (1,268,293.82)
ii Capitalized Interest 6,300,912.85 4,828,068.90 9,591,802.02 6,987,549.64
----------------- ----------------- ----------------- -----------------
iii Total Non-Cash Interest
Adjustments $ 5,624,414.80 $ 4,055,773.41 $ 8,685,407.83 $ 5,719,255.82
----------------- ----------------- ----------------- -----------------
Total Student Loan Interest
Activity $ 28,100,318.38 $ 28,628,634.84 $ 32,516,337.62 $ 32,382,431.92
----------------- ----------------- ----------------- -----------------
(=) Ending Student Loan Portfolio
Balance $1,314,028,719.03 $1,361,841,394.25 $1,413,647,896.61 $1,447,395,386.24
----------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 17,589,800.26 $ 17,813,283.35 $ 15,933,644.48 $ 18,816,445.60
----------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $1,331,618,519.29 $1,379,654,677.60 $1,429,581,541.09 $1,466,211,831.84
----------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 3,449,136.69 $ 3,573,953.85 $ 3,674,921.48 $ 3,756,760.00
----------------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $1,335,067,655.98 $1,383,228,631.45 $1,433,256,462.57 $1,469,968,591.84
============================================================================================================================
</TABLE>
Page 9
<PAGE>
- --------------------------------------------------------------------------------
X. 1996-3 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR*
Jun-96 $ 1,502,704,078 --
Oct-96 $ 1,466,211,474 6.3%
Jan-97 $ 1,429,581,541 5.6%
Apr-97 $ 1,379,654,678 6.3%
Jul-97 $ 1,331,618,519 6.6%
* "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.
Page 10
<PAGE>
SLM Student Loan Trust 1996-4
Quarterly Servicing Report
Report Date: 6/30/97 Reporting Period: 4/01/97-6/30/97
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 3/31/97 Activity 6/30/97
-----------------------------------------------------------------------------------------------------------
i Portfolio Balance $1,376,034,776.24 $(57,496,445.53) $1,318,538,330.71
ii Interest to be Capitalized 17,313,560.23 17,026,473.67
----------------- -----------------
iii Total Pool $1,393,348,336.47 $1,335,564,804.38
iv Reserve Accunt Balance 3,613,578.48 3,483,370.84
----------------- -----------------
v Total Adjusted Pool $1,396,961,914.95 $1,339,048,175.22
================= =================
B i Weighted Average Coupon (WAC) 8.1926% 8.1986%
ii Weighted Average Remaining Term 104.40 103.30
iii Number of Loans 583,998 565,429
iv Number of Borrowers 225,233 218,349
-----------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 4/25/97 % of Pool Balance 7/25/97 % of Pool
--------------------------------------------------------------------------------------------------------------------------
i A-1 Notes 78442GAG1 0.48% $849,261,914.95 60.793% $791,348,175.22 59.098%
ii A-2 Notes 78442GAH9 0.64% 495,000,000.00 35.434% 495,000,000.00 36.966%
iii Certificates 78442GAJ5 0.93% 52,700,000.00 3.772% 52,700,000.00 3.936%
--------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $1,396,961,914.95 100.000% $1,339,048,175.22 100.000%
==========================================================================================================================
--------------------------------------------------------------------------------------------------------------------------
D Reserve Account 4/25/97 7/25/97
--------------------------------------------------------------------------------------------------------------------------
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $3,483,370.84 $3,338,912.01
iv Reserve Account Floor Balance ($) $1,501,183.00 $1,501,183.00
v Current Reserve Acct Balance ($) $3,483,370.84 $3,338,912.01
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 1
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
II. 1996-4 Transactions from: 4/1/97 through 6/30/97
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $38,187,817.68
ii Principal Collections from Guarantor $13,270,335.35
iii Principal Reimbursements $11,844,339.40
iv Other System Adjustments $0.00
--------------
v Total Principal Collections $63,302,492.43
B Student Loan Non-Cash Principal Activity
i Other Adjustments $867,141.67
ii Capitalized Interest ($6,673,188.57)
--------------
iii Total Non-Cash Principal Activity $(5,806,046.90)
---------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $57,496,445.53
---------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $13,910,677.13
ii Interest Claims Received from Guarantors $801,387.35
iii Interest Reimbursements $184,333.15
iv Other System Adjustments $0.00
v Special Allowance Payments $548,326.29
vi Subsidy Payments $6,919,812.42
--------------
vii Total Interest Collections $22,364,536.34
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($740,643.39)
ii Capitalized Interest $6,673,188.57
--------------
iii Total Non-Cash Interest Adjustments $5,932,545.18
---------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $28,297,081.52
---------------------------------------------------------------------------------------
</TABLE>
Page 2
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
III. 1996-4 Collection Account Activity 4/1/97 through 6/30/97
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $51,458,153.03
ii Cash Forwarded by Administrator on behalf of Seller $816,912.50
iii Cash Forwarded by Administrator on behalf of Servicer $4,569.45
iv Cash Forwarded by Administrator for Consolidation Activity $11,022,857.45
--------------
v Total Principal Collections $63,302,492.43
B Interest Collections
i Interest Payments Received-Cash $22,180,203.19
ii Cash Forwarded by Administrator on behalf of Seller $11,361.23
iii Cash Forwarded by Administrator on behalf of Servicer $10,564.79
iv Cash Forwarded by Administrator for Consolidation Activity $162,407.13
--------------
v Total Interest Collections $22,364,536.34
C Other Reimbursements $62,818.91
D Administrator Account Investment Income $616,998.09
E Return funds borrowed for previous distribution $0.00
F TOTAL FUNDS RECEIVED $86,346,845.77
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $(2,115,367.12)
-----------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $84,231,478.65
-----------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $1,041,519.92
ii Percentage of Principal Calculation $1,402,697.09
iii Lesser of Unit or Principal Calculation $1,041,519.92
H Servicing Fees Due for Current Period $1,041,519.92
I Carryover Servicing Fees Due $1,098,760.16
APR 1997 Servicing Carryover $381,736.76
MAY 1997 Servicing Carryover $370,980.47
JUN 1997 Servicing Carryover $361,177.17
-------------
$1,113,894.40
Less: Servicing ADJ [A iii + B iii] ($15,134.24)
-------------
TOTAL: Carryover Servicing Fee Due $1,098,760.16
=============
J Administration Fees Due $20,000.00
-----------------------------------------------------------------------------------------
K Total Fees Due for Period $2,160,280.08
-----------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
Page 3
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------
IV. 1996-4 Portfolio Characteristics
- ------------------------------------------------------------------------------------------------
---------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ------------------------------------------------------------------------------------------------
STATUS 3/31/97 6/30/97 3/31/97 6/30/97 3/31/97 6/30/97
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.9706% 7.9612% 85,319 62,270 14.6095% 11.0129%
Grace
Current 7.9910% 7.9960% 20,215 29,347 3.4615% 5.1902%
- ------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.9745% 7.9726% 105,534 91,617 18.0710% 16.2031%
- ------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.2644% 8.2640% 345,213 352,110 59.1120% 62.2731%
31-60 Days Delinquent 8.2889% 8.2922% 21,532 23,422 3.6870% 4.1423%
61-90 Days Delinquent 8.2745% 8.2897% 14,134 11,423 2.4202% 2.0202%
91-120 Days Delinquent 8.2603% 8.2881% 9,168 5,616 1.5699% 0.9932%
Greater than 120 Days
Delinquent 8.2733% 8.2617% 10,946 12,076 1.8743% 2.1357%
Deferment
Current 8.2177% 8.2121% 48,083 42,493 8.2334% 7.5152%
Forbearance
Current 8.2635% 8.2706% 25,468 21,416 4.3610% 3.7876%
- ------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.2595% 8.2602% 474,544 468,556 81.2578% 82.8673%
- ------------------------------------------------------------------------------------------------
Claims in Process (1) 8.2986% 8.2748% 3,920 5,253 0.6712% 0.9290%
Aged Claims Rejected (2) 0% 8.2590% 0 3 0% 0.0005%
- ------------------------------------------------------------------------------------------------
GRAND TOTAL 8.1930% 8.1986% 583,998 565,429 100.00% 100.00%
- ------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------
Principal Amount %
- ------------------------------------------------------------------------------------------
STATUS 3/31/97 6/30/97 3/31/97 6/30/97
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $257,094,718.06 $185,477,832.91 18.6837% 14.0669%
Grace
Current $59,999,781.96 $90,167,215.59 4.3603% 6.8384%
- ------------------------------------------------------------------------------------------
TOTAL INTERIM $317,094,500.02 $275,645,048.50 23.0441% 20.9053%
- ------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $694,333,237.04 $715,441,807.49 50.4590% 54.2602%
31-60 Days Delinquent $47,216,061.33 $51,945,063.54 3.4313% 3.9396%
61-90 Days Delinquent $35,988,643.56 $26,205,802.55 2.6154% 1.9875%
91-120 Days Delinquent $23,908,418.71 $13,964,272.28 1.7375% 1.0591%
Greater than 120 Days
Delinquent $25,317,178.26 $30,409,002.03 1.8399% 2.3063%
Deferment
Current $144,795,384.53 $128,783,479.26 10.5227% 9.7671%
Forbearance
Current $78,112,548.64 $64,781,767.26 5.6766% 4.9132%
- ------------------------------------------------------------------------------------------
TOTAL REPAYMENT $1,049,671,472.07 $1,031,531,194.41 76.2823% 78.2329%
- ------------------------------------------------------------------------------------------
Claims in Process (1) $9,268,804.14 $11,358,054.37 0.6736% 0.8614%
Aged Claims Rejected (2) $-- $4,033.42 0% 0.0003%
- ------------------------------------------------------------------------------------------
GRAND TOTAL $1,376,034,776.23 $1,318,538,330.70 100.00% 100.00%
- ------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
Page 4
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
V. 1996-4 Interest Calculation
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Borrower Interest Accrued During Collection Period $20,751,127.27
B Interest Subsidy Payments Accrued During Collection Period $6,546,068.00
C SAP Payments Accrued During Collection Period $547,444.10
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $60,518.83
E Investment Earnings (ADMINISTRATOR ACT) $616,998.09
--------------
F Net Expected Interest Collections $28,522,156.29
G Student Loan Rate
i Days in Collection Period (4/01/97-6/30/97) 91
ii Days in Year 365
iii Net Expected Interest Collections $28,522,156.29
iv Primary Servicing Fee $3,156,887.04
v Administration Fee $20,000.00
vi Total Pool Balance at Beginning of Collection Period $1,393,348,336.47
vii Student Loan Rate 7.29606%
Accrued
Int Factor Accrual Period
---------- --------------
H Class A-1 T-Bill Based Interest Rate 5.66407%
I Class A-1 Interest Rate 0.014121370 (4/25/97-7/25/97) 5.66407%
J Class A-2 T-Bill Based Interest Rate 5.82407%
K Class A-2 Interest Rate 0.014520274 (4/25/97-7/25/97) 5.82407%
L Certificate T-Bill Based Rate of Return 6.11407%
M Certificate Rate of Return 0.015243288 (4/25/97-7/25/97) 6.11407%
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 5
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
VI. 1996-4 Inputs From Previous Quarterly Servicing Report 3/31/97
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $1,376,034,776.24
ii Interest To Be Capitalized $17,313,560.23
-----------------
iii Total Pool $1,393,348,336.47
iv Reserve Account Balance $3,613,578.48
-----------------
v Total Adjusted Pool $1,396,961,914.95
=================
B Total Note and Certificate Factor 0.92821389698
C Total Note and Certificate Balance $1,396,961,914.95
----------------------------------------------------------------------------------------------------------
D Note Balance 4/25/97 Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------
i Current Factor-4/25/97 0.8871429175 1.0000000000 1.0000000000
ii Note Principal Shortfall $0.00 $0.00 $0.00
iii Expected Note Balance $849,261,914.95 $495,000,000.00 $52,700,000.00
--------------- --------------- --------------
iv Note Balance $849,261,914.95 $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 $3,483,370.84
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 $4,647.81
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 6
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
VII. 1996-4 Waterfall for Distributions
- -------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
--------------
<S> <C> <C> <C>
A Total Available Funds (Sections III -F + V-D) $84,291,997.48 $84,291,997.48
B Primary Servicing Fees-Current Month $1,041,519.92 $83,250,477.56
C Administration Fee $20,000.00 $83,230,477.56
D Noteholder's Interest Distribution Amount
i Class A-1 $11,992,741.73 $71,237,735.83
ii Class A-2 $7,187,535.63 $64,050,200.20
--------------
iii Total Noteholder's Interest Distribution $19,180,277.36
E Certificateholder's Return Distribution Amount $803,321.28 $63,246,878.92
F Noteholder's Principal Distribution Amount
i Class A-1 $57,913,739.73 $5,333,139.19
ii Class A-2 $0.00 $5,333,139.19
--------------
iii Total Noteholder's Principal Distribution $57,913,739.73
G Certificateholder's Balance Distribution Amount $0.00 $5,333,139.19
H Increase to the Specified Reserve Account Balance $0.00 $5,333,139.19
I Carryover Servicing Fees(1) $1,103,407.97 $4,229,731.22
J Noteholder's Interest Carryover
i Class A-1 $0.00 $4,229,731.22
ii Class A-2 $0.00 $4,229,731.22
-------------
iii Total Noteholder's Interest Carryover $0.00
K Certificateholder's Return Carryover $0.00 $4,229,731.22
L Excess to Reserve Account $4,229,731.22 $0.00
(1) Includes carryover servicing fees due from last period
- -------------------------------------------------------------------------------------------------------------
</TABLE>
Page 7
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VIII. 1996-4 Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A Distribution Amounts Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------------
i Quarterly Interest Due $11,992,741.73 $7,187,535.63 $803,321.28
ii Quarterly Interest Paid $11,992,741.73 $7,187,535.63 $803,321.28
-------------- ------------- -----------
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 (B) $57,913,739.73 $0.00 $0.00
viii Quarterly Principal Paid $57,913,739.73 $0.00 $0.00
-------------- ----- -----
ix Quarterly Principal Shortfall $0.00 $0.00 $0.00
---------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $69,906,481.46 $7,187,535.63 $803,321.28
---------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 6/30/97 $1,396,961,914.95
ii Adjusted Pool Balance 6/30/97 $1,339,048,175.22
-----------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii $57,913,739.73
-----------------
iv Principal Distribution Amount $57,913,739.73
=================
C Total Principal Distribution $57,913,739.73
D Total Interest Distribution $19,983,598.64
-----------------
E Total Cash Distributions-Note and Certificates $77,897,338.37
-----------------------------------------------------------------------------------
F Note & Certificate Balances 4/25/97 7/25/97
-----------------------------------------------------------------------------------
i A-1 Note Balance (78442GAG1) $849,261,914.95 $791,348,175.22
A-1 Note Pool Factor 0.8871429175 0.8266459576
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 $3,483,370.84
ii Deposits to Correct Shortfall $0.00
iii Deposits from Excess Servicing $4,229,731.22
-------------
iv Total Reserve Account Balance Available $7,713,102.06
v Required Reserve Account Balance $3,338,912.01
vi Shortfall Carried to Next Period $0.00
vii Excess Reserve-release to SLM Funding Corp $4,374,190.05
viii Ending Reserve Account Balance $3,338,912.01
</TABLE>
Page 8
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IX. 1996-4 Historical Pool Information
- ------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------
4/1/97-6/30/97 1/1/97-3/31/97 9/3/96-12/31/96
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Beginning Student Loan Portfolio Balance $1,376,034,776.24 $1,429,671,216.95 $1,478,535,335.85
-------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $38,187,817.68 37,211,977.76 47,792,030.07
ii Principal Collections from Guarantor 13,270,335.35 3,705,399.22 651,773.25
iii Principal Reimbursements 11,844,339.40 17,137,954.08 14,902,506.96
iv Other System Adjustments 0.00 0.00 (713.51)
-------------------------------------------------------------
v Total Principal Collections $63,302,492.43 $58,055,331.06 $63,345,596.77
Student Loan Non-Cash Principal Activity
i Other Adjustments $867,141.67 $942,350.55 $1,431,259.68
ii Capitalized Interest (6,673,188.57) (5,361,240.90) (15,912,737.55)
-------------------------------------------------------------
iii Total Non-Cash Principal Activity $(5,806,046.90) $(4,418,890.35) $(14,481,477.87)
-------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $57,496,445.53 $53,636,440.71 $48,864,118.90
-------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $13,910,677.13 $14,654,685.30 $15,484,377.46
ii Interest Claims Received from Guarantors 801,387.35 179,413.60 13,446.63
iii Interest Reimbursements 184,333.15 188,351.78 282,181.00
iv Other System Adjustments 0.00 0.00 (287.62)
v Special Allowance Payments 548,326.29 422,026.77 257,877.96
vi Subsidy Payments 6,919,812.42 9,512,413.79 3,637,851.32
-------------------------------------------------------------
vii Total Interest Collections $22,364,536.34 $24,956,891.24 $19,675,446.75
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $(740,643.39) $(909,268.24) $(1,407,772.50)
ii Capitalized Interest 6,673,188.57 5,361,240.90 15,912,737.55
-------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $5,932,545.18 $4,451,972.66 $14,504,965.05
-------------------------------------------------------------
Total Student Loan Interest Activity $28,297,081.52 $29,408,863.90 $34,180,411.80
(=) Ending Student Loan Portfolio Balance $1,318,538,330.71 $1,376,034,776.24 $1,429,671,216.95
-------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $17,026,473.67 $17,313,560.23 $15,760,176.45
-------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $1,335,564,804.38 $1,393,348,336.47 $1,445,431,393.40
-------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $3,483,370.84 $3,613,578.48 $3,752,958.00
-------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $1,339,048,175.22 $1,396,961,914.95 $1,449,184,351.40
-------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 9
<PAGE>
- --------------------------------------------------------------------------------
X. 1996-4 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR*
Oct-96 $1,501,183,283 --
Jan-97 $1,445,431,393 5.7%
Apr-97 $1,393,348,336 5.8%
Jul-97 $1,335,564,804 6.3%
* "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.
- --------------------------------------------------------------------------------
<PAGE>
SLM Student Loan Trust 1997-1
Quarterly Servicing Report
Report Date: 6/30/97 Reporting Period: 3/03/97-6/30/97
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
---------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 3/3/97 Activity 6/30/97
---------------------------------------------------------------------------------------------------------
i Portfolio Balance $1,978,517,233.95 $(61,761,840.70) $1,916,755,393.25
ii Interest to be Capitalized 25,574,628.50 21,576,775.70
------------------ -----------------
iii Total Pool $2,004,091,862.45 $1,938,332,168.95
iv Reserve Account Balance -- 5,010,230.00
------------------ -----------------
v Total Adjusted Pool $2,004,091,862.45 $1,943,342,398.95
================== =================
B i Weighted Average Coupon (WAC) 8.1713% 8.1983%
ii Weighted Average Remaining Term 114.40 112.00
iii Number of Loans 66,748 653,188
iv Number of Borrowers 283,633 279,200
---------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 3/20/97 % of Pool Balance 7/25/97 % of Pool
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAK2 0.46% $1,190,000,000.00 58.071% $1,129,220,088.49 56.790%
ii A-2 Notes 78442GAL0 0.57% 787,400,000.00 38.425% 787,400,000.00 39.599%
iii Certificates 78442GAM8 0.85% 71,800,000.00 3.504% 71,800,000.00 3.611%
---------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $2,049,200,000.00 100.000% $1,988,420,088.49 100.000%
=====================================================================================================================
----------------------------------------------------------------------------------------------------------------
D Reserve Account 3/20/97 7/25/97
----------------------------------------------------------------------------------------------------------------
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($) $5,010,230.00
iii Specified Reserve Acct Balance ($) $4,845,830.42
iv Reserve Account Floor Balance ($) $2,004,092.00 $2,004,092.00
v Current Reserve Acct Balance ($) $5,010,230.00 $4,845,830.42
----------------------------------------------------------------------------------------------------------------
</TABLE>
Page 1
<PAGE>
- -------------------------------------------------------------------------------
II. 1997-1 Transactions from: 3/3/97 through 6/30/97
- -------------------------------------------------------------------------------
A Student Loan Principal Activity
i Regular Principal Collections $51,140,092.35
ii Principal Collections from Guarantor $945,270.37
iii Principal Reimbursements $24,476,860.51
iv Other System Adjustments $0.00
--------------
v Total Principal Collections $76,562,223.23
B Student Loan Non-Cash Principal Activity
i Other Adjustments $1,291,877.74
ii Capitalized Interest ($16,092,260.27)
----------------
iii Total Non-Cash Principal Activity $(14,800,382.53)
--------------------------------------------------------------------
C Total Student Loan Principal Activity $61,761,840.70
--------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $23,785,588.02
ii Interest Claims Received from Guarantors $21,279.29
iii Interest Reimbursements $374,208.26
iv Other System Adjustments $0.00
v Special Allowance Payments $184,509.01
vi Subsidy Payments $3,932,916.04
---------------
vii Total Interest Collections $28,298,500.62
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($1,233,779.83)
ii Capitalized Interest $16,092,260.27
---------------
iii Total Non-Cash Interest Adjustments $14,858,480.44
-------------------------------------------------------------------
F Total Student Loan Interest Activity $43,156,981.06
-------------------------------------------------------------------
- -------------------------------------------------------------------------------
Page 2
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
III. 1997-1Collection Account Activity 3/3/97 through 6/30/97
- -------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $52,085,362.72
ii Cash Forwarded by Administrator on behalf of Seller $2,493,740.47
iii Cash Forwarded by Administrator on behalf of Servicer $3,663.85
iv Cash Forwarded by Administrator for Consolidation Activity $21,979,456.19
--------------
v Total Principal Collections $76,562,223.23
B Interest Collections
i Interest Payments Received-Cash $27,924,292.36
ii Cash Forwarded by Administrator on behalf of Seller $37,448.33
iii Cash Forwarded by Administrator on behalf of Servicer $3,482.35
iv Cash Forwarded by Administrator for Consolidation Activity $333,277.58
--------------
v Total Interest Collections $28,298,500.62
C Other Reimbursements $92,468.98
D Administrator Account Investment Income $642,129.05
E Return funds borrowed for previous distribution $0.00
F TOTAL FUNDS RECEIVED $105,595,321.88
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $(2,930,155.62)
-------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $102,665,166.26
-------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $1,217,660.78
ii Percentage of Principal Calculation $1,850,032.18
iii Lesser of Unit or Principal Calculation $1,217,660.78
H Servicing Fees Due for Current Period $1,217,660.78
<CAPTION>
I Carryover Servicing Fees Due $2,177,064.53
<S> <C> <C> <C>
APR 1997 Servicing Carryover $909,082.97
MAY 1997 Servicing Carryover $642,756.36
JUN 1997 Servicing Carryover $632,371.40
-------------
$2,184,210.73
Less: Servicing ADJ [A iii + B iii] ($7,146.20)
-------------
TOTAL: Carryover Servicing Fee Due $2,177,064.53
=============
J Administration Fees Due $20,000.00
-------------------------------------------------------------------------------------------
K Total Fees Due for Period $3,414,725.31
-------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
</TABLE>
Page 3
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
IV. 1997-1 Portfolio Characteristics
- -------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- -------------------------------------------------------------------------------------------------------
STATUS 3/3/97 6/30/97 3/3/97 6/30/97 3/3/97 6/30/97
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.9959% 7.9850% 119,712 83,560 17.9546% 12.7926%
Grace
Current 7.9043% 7.9907% 76,900 50,858 11.5336% 7.7861%
- -------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.9614% 7.9871% 196,612 134,418 29.4882% 20.5788%
- -------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.2777% 8.2707% 295,646 348,118 44.3415% 53.2952%
31-60 Days Delinquent 8.2710% 8.2820% 26,885 28,286 4.0323% 4.3305%
61-90 Days Delinquent 8.2522% 8.2686% 18,762 16,735 2.8140% 2.5620%
91-120 Days Delinquent -- 8.2677% -- 8,676 -- 1.3283%
Greater than 120 Days
Delinquent -- 8.2561% -- 15,766 -- 2.4137%
Deferment
Current 8.2001% 8.1744% 85,327 69,857 12.7975% 10.6948%
Forbearance
Current 8.2579% 8.2574% 43,516 30,449 6.5266% 4.6616%
- -------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.2598% 8.2558% 470,136 517,887 70.5118% 79.286$%
- -------------------------------------------------------------------------------------------------------
Claims in Process (1) 0% 8.2654% 0 882 0% 0.1350%
Aged Claims Rejected (2) 0% 8.2500% 0 1 0% 0.0002%
- -------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.1727% 8.1983% 666,748 653,188 100.00% 100.00%
=======================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Principal Amount %
- ------------------------------------------------------------------------------------------
STATUS 3/3/97 6/30/97 3/3/97 6/30/97
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $359,933,786.32 $248,836,205.83 18.1921% 12.9822%
Grace
Current $217,546,026.01 $151,881,323.76 10.9954% 7.9239%
- ------------------------------------------------------ -----------------------------------
TOTAL INTERIM $577,479,812.33 $400,717,529.59 29.1875% 20.9060%
- ------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $876,672,324.39 $1,014,787,193.64 44.3096% 52.9430%
31-60 Days Delinquent $73,077,751.96 $75,180,843.72 3.6936% 3.9223%
61-90 Days Delinquent $50,997,402.84 $43,497,732.09 2.5776% 2.2693%
91-120 Days Delinquent $-- $22,005,339.40 -- 1.1481%
Greater than 120 Days
Delinquent $-- $39,642,323.16 -- 2.0682%
Deferment
Current $265,783,188.87 $221,001,440.79 13.4335% 11.5300%
Forbearance
Current $134,506,753.55 $97,740,277.81 6.7984% 5.0993%
- ------------------------------------------------------------------------------------------
TOTAL REPAYMENT $1,401,037,421.61 $1,513,855,150.61 70.8125% 78.9801%
- ------------------------------------------------------------------------------------------
Claims in Process (1) $-- $2,180,088.04 0% 0.1137%
Aged Claims Rejected (2) $-- $2,625.00 0% 0.0001%
- ------------------------------------------------------------------------------------------
GRAND TOTAL $1,978,517,233.94 $1,916,755,393.24 100.00% 100.00%
==========================================================================================
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
Page 4
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
V. 1997-1 Interest Calculation
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Borrower Interest Accrued During Collection Period $38,020,223.17
B Interest Subsidy Payments Accrued During Collection Period $14,600,694.27
C SAP Payments Accrued During Collection Period $715,568.61
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $78,141.15
E Investment Earnings (ADMINISTRATOR ACT) $642,129.05
--------------
F Net Expected Interest Collections $54,056,756.25
G Student Loan Rate
i Days in Collection Period (3/03/97-6/30/97) 120
ii Days in Year 365
iii Net Expected Interest Collections $54,056,756.25
iv Primary Servicing Fee $4,147,816.40
v Administration Fee $20,000.00
vi Total Pool Balance at Beginning of Collection Period $2,004,091,862.45
vii Student Loan Rate 7.57178%
Accrued
Int Factor Accrual Period
---------- --------------
H Class A-1 T-Bill Based Interest Rate 5.68244%
I Class A-1 Interest Rate 0.019771781 (3/20/97-7/25/97) 5.68244%
J Class A-2 T-Bill Based Interest Rate 5.79244%
K Class A-2 Interest Rate 0.020154521 (3/20/97-7/25/97) 5.79244%
L Certificate T-Bill Based Rate of Return 6.07244%
M Certificate Rate of Return 0.021128767 (3/20/97-7/25/97) 6.07244%
- --------------------------------------------------------------------------------------------------------
</TABLE>
Page 5
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
VI. 1997-1 Inputs From Previous Quarterly Servicing Repo3/3/97
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $1,978,517,233.95
ii Interest To Be Capitalized 25,574,628.50
-----------------
iii Total Pool $2,004,091,862.45
iv Reserve Account Balance --
-----------------
v Total Adjusted Pool $2,004,091,862.45
=================
B Total Note and Certificate Factor 1.00000000000
C Total Note and Certificate Balance $2,049,200,000.00
---------------------------------------------------------------------------------------------------------
D Note Balance 3/20/97 Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------
i Current Factor-4/25/97 1.0000000000 1.0000000000 1.0000000000
ii Note Principal Shortfall $0.00 $0.00 $0.00
iii Expected Note Balance $1,190,000.000.00 $787,400,000.00 $71,800,000.00
----------------- --------------- --------------
iv Note Balance $1,190,000.000.00 787,400,000.00 $71,800,000.00
E Interest Shortfall $0.00 $0.00 0.00
F Interest Carryover $0.00 $0.00 0.00
---------------------------------------------------------------------------------------------------------
G Reserve Account Balance $5,010,230.00
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>
Page 6
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
VII. 1997-1 Waterfall for Distributions
- -----------------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<S> <C> <C> <C>
A Total Available Funds (Section III-F + V-D)(1) $102,932,706.99 $102,932,702.99
B Primary Servicing Fees-Current Month $1,217,660.78 $101,715,046.21
C Administration Fee $20,000.00 $101,695,046.21
D Noteholder's Interest Distribution Amount
i Class A-1 $23,528,419.39 $78,166,626.82
ii Class A-2 $15,869,669.84 $62,296,956.98
- --------------
iii Total Noteholder's Interest Distribution $39,398,089.23
E Certificateholder's Return Distribution Amount $1,517,045.47 $60,779,911.51
F Noteholder's Principal Distribution Amount
i Class A-1 $60,779,911.51 $(0.00)
ii Class A-2 $0.00 $(0.00)
--------------
iii Total Noteholder's Principal Distribution $60,779,911.51
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
(1) Includes initial deposit of $25,000 from seller
(2) Insufficient funds available to pay carryover servicing fees
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 7
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
VIII. 1997-1 Distributions
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
------------------------------------------------------------------------------------------------------------------------
i Quarterly Interest Due $23,528,419.39 $15,869,669.84 $1,517,045.47
ii Quarterly Interest Paid $23,528,419.39 $15,869,669.84 $1,517,045.47
-------------- -------------- -------------
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 (B) $105,857,601.05 $0.00 $0.00
viii Quarterly Principal Paid $60,779,911.51 $0.00 $0.00
--------------- ----- -----
ix Quarterly Principal Shortfall $45,077,689.54 $0.00 $0.00
------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $84,308,330.90 $15,869,669.84 $1,517,045.47
------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 6/30/9$ $2,049,200,000.00
ii Adjusted Pool Balance 6/30/97 1,943,342,398.95
-----------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $105,857,601.05
-----------------
iv Principal Distribution Amount $60,779,911.51
=================
C Total Principal Distribution $60,779,911.51
D Total Interest Distribution 40,915,134.70
----------------
E Total Cash Distributions-Note and Certificates $101,695,046.21
-----------------------------------------------------------------------------------
F Note & Certificate Balances 3/20/97 7/25/97
-----------------------------------------------------------------------------------
i A-1 Note Balance (78442GAK2) $1,190,000,000.00 $1,129,220,088.49
A-1 Note Pool Factor 1.0000000000 0.9489244441
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 $5,010,230.00
ii Deposits to correct Shortfall --
iii Deposits from Excess Servicing --
-------------
iv Total Reserve Account Balance Available $5,010,230.00
v Required Reserve Account Balance $4,845,830.42
vi Shortfall Carried to Next Period $0.00
vii Excess Reserve -release to Waterfall $164,399.58
viii Ending Reserve Account Balance $4,845,830.42
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</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------
IX. 1997-1 Historical Pool Information
- ----------------------------------------------------------------------------------
--------------------
3/3/97 - 6/30/97
-----------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $1,978,517,233.95
-----------------------------------------------------------------------
<S> <C>
Student Loan Principal Activity
i Regular Principal Collections $51,140,092.35
ii Principal Collections from Guarantor $945,270.37
iii Principal Reimbursements $24,476,860.51
iv Other System Adjustments $0.00
-------------------
v Total Principal Collections $76,562,223.23
Student Loan Non-Cash Principal Activity
i Other Adjustments $1,291,877.74
ii Capitalized Interest ($16,092,260.27)
--------------------
iii Total Non-Cash Principal Activity $14,800,382.53)
-----------------------------------------------------------------------
(-) Total Student Loan Principal Activity $61,761,840.70
-----------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $23,785,588.02
ii Interest Claims Received from Guarantors $21,279.29
iii Interest Reimbursements $374,208.26
iv Other System Adjustments $0.00
v Special Allowance Payments $184,509.01
vi Subsidy Payments $3,932,916.04
--------------------
vii Total Interest Collections $28,298,500.62
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($1,233,779.83)
ii Capitalized Interest $16,092,260.27
--------------------
iii Total Non-Cash Interest Adjustments $14,858,480.44
--------------------
Total Student Loan Interest Activity $43,156,981.06
(=) Ending Student Loan Portfolio Balance $1,916,755,393.25
-----------------------------------------------------------------------
(+) Interest to be Capitalized $21,576,775.70
-----------------------------------------------------------------------
(=) TOTAL POOL $1,938,332,168.95
-----------------------------------------------------------------------
(+) Reserve Account Balance $5,010,230.00
-----------------------------------------------------------------------
(=) Total Adjusted Pool $1,943,342,398.95
-----------------------------------------------------------------------
- ----------------------------------------------------------------------------------
</TABLE>
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<PAGE>
- -------------------------------------------------------------------------------
X. 1997-1 Payment History and CPRs
- -------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR*
Apr-97 $2,004,091,862 --
Jul-97 $1,938,332,169 6.6%
* "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.
- -------------------------------------------------------------------------------
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