<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): January 27, 1997
----------------
SLM FUNDING CORPORATION
-----------------------
formerly known as SALLIE MAE FUNDING CORPORATION
(Exact name of registrant as specified in its charter)
(Originator of the Sallie Mae Student Loan Trust 1995-1,
the Sallie Mae Student Loan Trust 1996-1,
the SLM Student Loan Trust 1996-2,
the SLM Student Loan Trust 1996-3,
and the SLM Student Loan Trust 1996-4)
<TABLE>
<S> <C> <C>
Delaware 33-95474/333-2502 23-2815650
- -------- ----------------- ----------
(State or other (Commission File (I.R.S. employer
Jurisdiction of Numbers) Identification No.)
Incorporation)
</TABLE>
777 Twin Creek Drive
Killeen, Texas 76543
------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (817) 554-4500
Page 1 of 5
Exhibit Index appears on Page 5
<PAGE> 2
Item 5. Other Events
On January 27, 1997, the Sallie Mae Student Loan Trust 1995-1
made its fifth, the Sallie Mae Student Loan Trust 1996-1 made its fourth, the
SLM Student Loan Trust 1996-2 made its third, the SLM Student Loan Trust 1996-3
made its second, and the SLM Student Loan Trust 1996-4 made its first, 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 January 27, 1997.
Page 2 of 5
Exhibit Index appears on Page 5
<PAGE> 3
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
(c) Exhibits
19.1 Quarterly Servicing Reports
Page 3 of 5
Exhibit Index appears on Page 5
<PAGE> 4
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, as amended, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
Dated: January 27, 1997
SLM FUNDING
CORPORATION
By: /s/ Robert R. Levine
------------------------
Name: Robert R. Levine
Title: Chief Financial Officer
and Director
Page 4 of 5
Exhibit Index appears on Page 5
<PAGE> 5
INDEX TO EXHIBIT
<TABLE>
<CAPTION>
Sequentially
Exhibit Numbered
Number Exhibit Page
------ ------- ----
<S> <C>
19.1 Quarterly Servicing Reports.
</TABLE>
Page 5 of 5
Exhibit Index appears on Page 5
<PAGE> 1
SALLIE MAE STUDENT LOAN TRUST 1995-1
QUARTERLY SERVICING REPORT
REPORT DATE: 12/31/96 REPORTING PERIOD: 10/01/96-12/31/96
I. DEAL PARAMETERS
<TABLE>
<CAPTION>
A STUDENT LOAN PORTFOLIO CHARACTERISTICS 09/30/96 ACTIVITY 12/31/96
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i Portfolio Balance $ 802,942,510.88 $(44,302,266.74) $ 758,640,244.14
ii Interest to be Capitalized $ 652,786.04 $ 691,772.32
--------------------- --------------------
iii TOTAL POOL $ 803,595,296.92 $ 759,332,016.46
===================== ====================
B i Weighted Average Coupon (WAC) 8.1816% 8.1898%
ii Weighted Average Remaining Term 83.39 81.87
iii Number of Loans 459,572 438,051
iv Number of Borrowers 198,283 188,893
</TABLE>
<TABLE>
<CAPTION>
C NOTES AND CERTIFICATES SPREAD BALANCE 10/25/96 % OF POOL
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i A-1 Notes 795452AA9 0.575% $ 553,595,296.92 68.890%
ii A-2 Notes 795452AB7 0.750% $ 215,000,000.00 26.755%
iii Certificates 795452AC5 1.000% $ 35,000,000.00 4.355%
----------------------------------------------------------------------------------------------------
iv TOTAL NOTES AND CERTIFICATES $ 803,595,296.92 100.000%
====================================================================================================
</TABLE>
<TABLE>
<CAPTION>
C NOTES AND CERTIFICATES BALANCE 1/27/97 % OF POOL
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i A-1 Notes 795452AA9 $ 509,332,016.46 67.076%
ii A-2 Notes 795452AB7 $ 215,000,000.00 28.314%
iii Certificates 795452AC5 $ 35,000,000.00 4.609%
---------------------------------------------------------------------------------------------
iv TOTAL NOTES AND CERTIFICATES $ 759,332,016.46 100.000%
=============================================================================================
</TABLE>
<TABLE>
<CAPTION>
D RESERVE ACCOUNT 10/25/96 01/27/97
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Required Reserve Acct Deposit (%) 0.50% 0.50%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 4,017,976.48 $ 3,796,660.08
iv Reserve Account Floor Balance ($) $ 1,000,000.00 $ 1,000,000.00
v Current Reserve Acct Balance ($) $ 4,017,976.48 $ 3,796,660.08
</TABLE>
SALLIE MAE STUDENT LOAN TRUST 1995-1 Page 1
<PAGE> 2
II. 1995-1 TRANSACTIONS FROM: 10/1/96 THROUGH: 12/31/96
<TABLE>
<S> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 36,816,067.27
ii Principal Collections from Guarantor $ 6,088,443.00
iii Principal Reimbursements $ 2,255,883.32
iv Other System Adjustments $ 131.71
-------------------
v TOTAL PRINCIPAL COLLECTIONS $ 45,160,525.30
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 225,811.89
ii Capitalized Interest $ (1,084,070.45)
-------------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (858,258.56)
-----------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 44,302,266.74
-----------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 13,807,543.15
ii Interest Claims Received from Guarantors $ 340,026.34
iii Interest Reimbursements $ 27,274.90
iv Other System Adjustments $ (715.16)
v Special Allowance Payments $ 734,667.87
vi Subsidy Payments $ 740,973.14
-------------------
vii TOTAL INTEREST COLLECTIONS $ 15,649,770.24
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment $ (158,675.64)
ii Capitalized Interest $ 1,084,070.45
-------------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 925,394.81
-----------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 16,575,165.05
-----------------------------------------------------------------------------
</TABLE>
SALLIE MAE STUDENT LOAN TRUST 1995-1 Page 2
<PAGE> 3
III. 1995-1 COLLECTION ACCOUNT ACTIVITY 10/1/96 THROUGH 12/31/96
<TABLE>
<S> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $ 42,904,510.27
ii Cash Forwarded by Administrator on behalf of Seller $ 462,125.56
iii Cash Forwarded by Administrator on behalf of Servicer $ 522.34
iv Cash Forwarded by Administrator for Consolidation Activity $ 1,793,367.13
---------------------
v TOTAL PRINCIPAL COLLECTIONS $ 45,160,525.30
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 15,623,210.50
ii Cash Forwarded by Administrator on behalf of Seller $ 7,977.61
iii Cash Forwarded by Administrator on behalf of Servicer $ 2,604.21
iv Cash Forwarded by Administrator for Consolidation Activity $ 15,977.92
---------------------
v TOTAL INTEREST COLLECTIONS $ 15,649,770.24
C OTHER REIMBURSEMENTS $ 58,964.25
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 485,117.85
E TOTAL FUNDS RECEIVED $ 61,354,377.64
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,259,436.80)
------------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 60,094,940.84
------------------------------------------------------------------------------------------------------------------
F SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $ 614,966.40
ii Percentage of Principal Calculation $ 972,793.09
iii Lesser of Unit or Principal Calculation $ 614,966.40
G SERVICING FEES DUE FOR CURRENT PERIOD $ 614,966.40
H CARRYOVER SERVICING FEES DUE $ 1,096,099.07
OCT 1996 Servicing Carryover $ 375,863.73
NOV 1996 Servicing Carryover $ 365,535.20
DEC 1996 Servicing Carryover $ 357,826.69
--------------------
$ 1,099,225.62
LESS: SERVICING ADJ [A iii + B iii] $ (3,126.55)
--------------------
CARRYOVER SERVICING FEE DUE $ 1,096,099.07
====================
I ADMINISTRATION FEES DUE $ 20,000.00
------------------------------------------------------------------------------------------------------------------
J TOTAL FEES DUE FOR PERIOD $ 1,731,065.47
------------------------------------------------------------------------------------------------------------------
</TABLE>
SALLIE MAE STUDENT LOAN TRUST 1995-1 Page 3
<PAGE> 4
IV. 1995-1 PORTFOLIO CHARACTERISTICS
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------
WEIGHTED AVG COUPON # OF LOANS %
- --------------------------------------------------------------------------------------------------------------------
STATUS 09/30/96 12/31/96 09/30/96 12/31/96 09/30/96 12/31/96
- --------------------------------------------------------------------------------------------------------------------
INTERIM:
<S> <C> <C> <C> <C> <C> <C>
IN SCHOOL
Current 8.1719% 8.1770% 485 428 0.1055% 0.0977%
Grace
Current 8.1812% 8.1743% 241 141 0.0524% 0.0322%
- --------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.1750% 8.1764% 726 569 0.1580% 0.1299%
- --------------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current 8.1805% 8.1892% 399,678 376,350 86.9674% 85.9147%
31-60 Days Delinquent 8.2289% 8.2308% 16,394 16,743 3.5672% 3.8222%
61-90 Days Delinquent 8.2275% 8.2411% 6,095 5,927 1.3262% 1.3530%
91-120 Days Delinquent 8.2166% 8.2088% 4,422 4,121 0.9622% 0.9408%
Greater than 120 Days Delinquent 8.2028% 8.2393% 5,982 5,985 1.3016% 1.3663%
DEFERMENT
Current 8.1355% 8.1374% 17,074 18,510 3.7152% 4.2255%
FORBEARANCE
Current 8.1580% 8.1728% 7,248 7,577 1.5771% 1.7297%
- --------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.1814% 8.1897% 456,893 435,213 99.4171% 99.3521%
- --------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 8.2291% 8.2120% 1,953 2,269 0.4250% 0.5180%
AGED CLAIMS REJECTED (2) 0% 0% - - 0% 0%
- --------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.1816% 8.1898% 459,572 438,051 100.00% 100.00%
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------
PRINCIPAL AMOUNT %
- --------------------------------------------------------------------------------------------------------------------
STATUS 09/30/96 12/31/96 09/30/96 12/31/96
- --------------------------------------------------------------------------------------------------------------------
INTERIM:
<S> <C> <C> <C> <C>
IN SCHOOL
Current $ 1,057,103.97 $ 927,161.03 0.1317% 0.1222%
GRACE
Current $ 529,145.20 $ 279,355.36 0.0659% 0.0368%
- --------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 1,586,249.17 $ 1,206,516.39 0.1976% 0.1590%
- --------------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current $ 680,405,628.84 $ 634,891,171.36 84.7390% 83.6880%
31-60 Days Delinquent $ 31,404,071.14 $ 31,435,531.35 3.9111% 4.1437%
61-90 Days Delinquent $ 12,333,766.79 $ 11,878,545.83 1.5361% 1.5658%
91-120 Days Delinquent $ 8,978,686.54 $ 8,180,939.32 1.1182% 1.0784%
Greater than 120 Days Delinquent $ 12,382,302.76 $ 11,867,749.53 1.5421% 1.5643%
DEFERMENT
Current $ 36,731,017.08 $ 39,186,187.93 4.5746% 5.1653%
FORBEARANCE
Current $ 15,454,838.62 $ 15,882,137.29 1.9248% 2.0935%
- --------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 797,690,311.77 $ 753,322,262.61 99.3459% 99.2990%
- --------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) $ 3,665,949.93 $ 4,111,465.13 0.4566% 0.5420%
AGED CLAIMS REJECTED (2) $ - $ - 0% 0%
- --------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 802,942,510.87 $ 758,640,244.13 100.00% 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.
SALLIE MAE STUDENT LOAN TRUST 1995-1 Page 4
<PAGE> 5
V. 1995-1 INTEREST CALCULATION
<TABLE>
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 15,109,109.83
B Interest Subsidy Payments Accrued During Collection Period $ 850,175.51
C SAP Payments Accrued During Collection Period $ 438,576.01
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 64,869.75
E Investment Earnings (ADMINISTRATOR ACT) $ 485,117.85
-------------------
F NET EXPECTED INTEREST COLLECTIONS $ 16,947,848.95
G STUDENT LOAN RATE
i Days in Collection Period (10/01/96-12/31/96) 92
ii Days in Year 366
iii Net Expected Interest Collections $ 16,947,848.95
iv Primary Servicing Fee $ 1,874,403.20
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 803,595,296.92
vii STUDENT LOAN RATE 7.45233%
</TABLE>
<TABLE>
<CAPTION>
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
<S> <C> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.69691%
I CLASS A-1 INTEREST RATE 0.014671507 (10/25/96-1/27/97) 5.69691%
J Class A-2 T-Bill Based Interest Rate 5.87191%
K CLASS A-2 INTEREST RATE 0.015122192 (10/25/96-1/27/97) 5.87191%
L Certificate T-Bill Based Rate of Return 6.12191%
M CERTIFICATE RATE OF RETURN 0.015766027 (10/25/96-1/27/97) 6.12191%
</TABLE>
SALLIE MAE STUDENT LOAN TRUST 1995-1 Page 5
<PAGE> 6
VI. 1995-1 INPUTS FROM PREVIOUS QUARTERLY SERVICING REPORTS 09/30/96
<TABLE>
<S> <C> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 802,942,510.88
ii Interest To Be Capitalized $ 652,786.04
----------------------
iii TOTAL STUDENT LOAN POOL OUTSTANDING $ 803,595,296.92
======================
B Total Note and Certificate Factor 0.80359529692
C TOTAL NOTE AND CERTIFICATE BALANCE $ 803,595,296.92
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 10/25/96 CLASS A-1 CLASS A-2 CERTIFICATES
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor-10/25/96 0.7381270626 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 553,595,296.92 $ 215,000,000.00 $ 35,000,000.00
-------------------------------------------------------------------------------------------------------------------------
iv NOTE BALANCE $ 553,595,296.92 $ 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 $ 4,017,976.48
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>
SALLIE MAE STUDENT LOAN TRUST 1995-1 Page 6
<PAGE> 7
VII. 1995-1 WATERFALL FOR DISTRIBUTIONS
<TABLE>
<CAPTION>
REMAINING
FUNDS BALANCE
-------------
<S> <C> <C> <C>
A TOTAL AVAILABLE FUNDS (SECTION III E + SECTION V-D) $ 60,159,810.59 $ 60,159,810.59
B PRIMARY SERVICING FEES-CURRENT MONTH $ 614,966.40 $ 59,544,844.19
C ADMINISTRATION FEE-QUARTERLY $ 20,000.00 $ 59,524,844.19
D NOTEHOLDER'S INTEREST DISTRIBUTION AMOUNT
i Class A-1 $ 8,122,077.27 $ 51,402,766.92
ii Class A-2 $ 3,251,271.28 $ 48,151,495.64
-------------------
iii TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $ 11,373,348.55
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 551,810.95 $ 47,599,684.69
F NOTEHOLDER'S PRINCIPAL DISTRIBUTION AMOUNT
i Class A-1 $ 44,263,280.46 $ 3,336,404.23
ii Class A-2 $ 0.00 $ 3,336,404.23
-------------------
iii TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 44,263,280.46
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 3,336,404.23
H INCREASE TO THE SPECIFIED RESERVE ACCOUNT BALANCE $ 0.00 $ 3,336,404.23
I CARRYOVER SERVICING FEES $ 1,096,099.07 $ 2,240,305.16
J NOTEHOLDER'S INTEREST CARRYOVER
i Class A-1 $ 0.00 $ 2,240,305.16
i Class A-2 $ 0.00 $ 2,240,305.16
-------------------
iii TOTAL NOTEHOLDER'S INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 2,240,305.16
L EXCESS TO RESERVE ACCOUNT $ 2,240,305.16 $ 0.00
</TABLE>
SALLIE MAE STUDENT LOAN TRUST 1995-1 Page 7
<PAGE> 8
VIII. 1995-1 DISTRIBUTIONS
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
A DISTRIBUTION AMOUNTS CLASS A-1 CLASS A-2 CERTIFICATES
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 8,122,077.27 $ 3,251,271.28 $ 551,810.95
ii Quarterly Interest Paid $ 8,122,077.27 $ 3,251,271.28 $ 551,810.95
----------------- ---------------- ----------------
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) $ 44,263,280.46 $ 0.00 $ 0.00
viii Quarterly Principal Paid $ 44,263,280.46 $ 0.00 $ 0.00
----------------- ---------------- ----------------
ix QUARTERLY PRINCIPAL SHORTFALL $ 0.00 $ 0.00 $ 0.00
-------------------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 52,385,357.73 $ 3,251,271.28 $ 551,810.95
-------------------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates Principal
Balance 12/31/96 $ 803,595,296.92
ii Pool Balance 12/31/96 $ 759,332,016.46
-----------------
iii Principal Distribution Amount $ 44,263,280.46
=================
C Total Principal Distribution $ 44,263,280.46
D Total Interest Distribution $ 11,925,159.50
-----------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 56,188,439.96
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 10/25/96 01/27/97
----------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance $ 553,595,296.92 $ 509,332,016.46
A-1 Note Pool Factor 0.7381270626 0.6791093553
ii A-2 Note Balance $ 215,000,000.00 $ 215,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance $ 35,000,000.00 $ 35,000,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
----------------------------------------------------------------------------
G RESERVE ACCOUNT RECONCILIATION
i Beginning of Period Balance $ 4,017,976.48
ii Deposits to correct Shortfall $ 0.00
iii Deposits from Excess Servicing $ 2,240,305.16
-----------------
iv Total Reserve Account Balance
Available $ 6,258,281.64
v Required Reserve Account Balance $ 3,796,660.08
vi Shortfall Carried to Next Period $ 0.00
vii Excess Reserve - Release to SLM
Funding Corp $ 2,461,621.56
viii Ending Reserve Account Balance $ 3,796,660.08
</TABLE>
SALLIE MAE STUDENT LOAN TRUST 1995-1 Page 8
<PAGE> 9
IX. HISTORICAL POOL INFORMATION 1995-1
<TABLE>
<CAPTION>
-------------------------------------------------------------------------
10/1/96-12/31/96 7/1/96 - 9/30/96 4/1/96 - 6/30/96
-------------------------------------------------------------------------------------------------------------------------------
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 802,942,510.88 $ 853,757,457.19 $ 905,375,401.17
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 36,816,067.27 $ 40,504,277.25 $ 41,999,553.67
ii Principal Collections from Guarantor $ 6,088,443.00 $ 8,336,900.38 $ 6,580,254.84
iii Principal Reimbursements $ 2,255,883.32 $ 2,842,522.44 $ 3,722,370.03
iv Other System Adjustments $ 131.71 $ (577.57) $ (48.49)
-------------------------------------------------------------------------
v Total Principal Collections $ 45,160,525.30 $ 51,683,122.50 $ 52,302,130.05
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 225,811.89 $ 214,754.01 $ 185,344.16
ii Capitalized Interest $ (1,084,070.45) $ (1,082,930.20) $ (869,530.23)
-------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (858,258.56) $ (868,176.19) $ (684,186.07)
-------------------------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 44,302,266.74 $ 50,814,946.31 $ 51,617,943.98
-------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 13,807,543.15 $ 15,456,574.89 $ 16,104,237.23
ii Interest Claims Received from Guarantors $ 340,026.34 $ 557,105.25 $ 410,448.66
iii Interest Reimbursements $ 27,274.90 $ 36,142.78 $ 33,086.35
iv Other System Adjustments $ (715.16) $ (163.96) $ (14.31)
v Special Allowance Payments $ 734,667.87 $ 617,049.00 $ 537,884.11
vi Subsidy Payments $ 740,973.14 $ 792,317.27 $ 836,267.57
-------------------------------------------------------------------------
vii Total Interest Collections $ 15,649,770.24 $ 17,459,025.23 $ 17,921,909.61
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (158,675.64) $ (111,637.14) $ (112,327.13)
ii Capitalized Interest $ 1,084,070.45 $ 1,082,930.20 $ 869,530.23
-------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 925,394.81 $ 971,293.06 $ 757,203.10
-------------------------------------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 16,575,165.05 $ 18,430,318.29 $ 18,679,112.71
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 758,640,244.14 $ 802,942,510.88 $ 853,757,457.19
-------------------------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $691,772.32 $ 652,786.04 $ 677,908.07
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 759,332,016.46 $ 803,595,296.92 $ 854,435,365.26
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------
1/1/96 - 3/31/96 9/29/95 - 12/31/95
------------------------------------------------------------------------------------------------------
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 954,345,726.48 $ 1,000,126,078.04
------------------------------------------------------------------------------------------------------
<S> <C> <C>
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 45,086,756.56 $ 42,875,612.89
ii Principal Collections from Guarantor $ 482,294.51 $ 92,046.91
iii Principal Reimbursements $ 4,554,369.19 $ 2,775,561.40
iv Other System Adjustments $ - $ 39,190.77
------------------------------------------------
v Total Principal Collections $ 50,123,420.26 $ 45,782,411.97
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 150,766.06 $ 233,926.53
ii Capitalized Interest $ (1,303,861.01) $ (235,986.94)
------------------------------------------------
iii Total Non-Cash Principal Activity $ (1,153,094.95) $ (2,060.41)
------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 48,970,325.31 $ 45,780,351.56
------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 18,105,760.68 $ 18,633,508.65
ii Interest Claims Received from Guarantors $ 13,929.01 $ 3,259.20
iii Interest Reimbursements $ 39,560.27 $ 17,871.78
iv Other System Adjustments $ - $ 7.70
v Special Allowance Payments $ 1,112,141.11 $ 43,719.37
vi Subsidy Payments $ 683,029.83 $ 5,919.00
------------------------------------------------
vii Total Interest Collections $ 19,954,420.90 $ 18,704,285.70
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (144,452.46) $ (227,131.25)
ii Capitalized Interest $ 1,303,861.01 $ 235,986.94
------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 1,159,408.55 $ 8,855.69
------------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 21,113,829.45 $ 18,713,141.39
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 905,375,401.17 $ 954,345,726.48
------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 602,404.08 $ 639,070.92
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 905,977,805.25 $ 954,984,797.40
------------------------------------------------------------------------------------------------------
</TABLE>
SALLIE MAE STUDENT LOAN TRUST 1995-1 Page 9
<PAGE> 10
X. PAYMENT HISTORY AND CPRS
<TABLE>
<CAPTION>
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
<S> <C> <C>
Oct-95 $1,000,126,078 -
Jan-96 $ 954,984,797 4.9%
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%
</TABLE>
* "SINCE ISSUED CPR" IS BASED ON THE CURRENT PERIOD'S ENDING POOL BALANCE
CALCULATED AGAINST THE ORIGINAL POOL BALANCE AND ASSUMING CUTOFF DATE POOL DATA.
SALLIE MAE STUDENT LOAN TRUST 1995-1 Page 10
<PAGE> 11
SALLIE MAE STUDENT LOAN TRUST 1995-1
OFFICER'S CERTIFICATE
INDENTURE TRUSTEE ELIGIBLE LENDER TRUSTEE
Bankers Trust Company Chase Manhattan Bank (USA)
Four Albany Street 1 Chase Manhattan Plaza
New York, NY 10006 Wilmington, Delaware 19801-1398
Attn: Corporate Trust & Agency Group Attn: Manager, Trust Division
(212) 250-6547 (302) 575-5022
ADMINISTRATOR SERVICER
Sallie Mae Sallie Mae Servicing Corporation
11600 Sallie Mae Drive 11600 Sallie Mae Drive
Reston, Virginia 20190-4798 Reston, Virginia 20193
Attn: Director, Corporate Finance Operations ATTN: Director ABS Administration
(703) 810-7711
================================================================================
Pursuant to Section 3.1 of the Administration Agreement (the "Agreement"), we,
the undersigned, hereby certify that (i) a review of the activities and
performances of the Servicer and Administrator from October 1, 1997 through
December 31, 1996 has been made, and (ii) to the best of our knowledge, the
Servicer and Administrator have fulfilled their obligations under the Agreement
throughout such period.
January 21, 1997
SALLIE MAE, AS ADMINISTRATOR
/s/ Robert R. Levine
- ----------------------------------
Robert R. Levine, Vice President
and Treasurer
/s/ Mark G. Overend
- ----------------------------------
Mark G. Overend, Vice President
and Controller
<PAGE> 12
SALLIE MAE STUDENT LOAN TRUST 1996-1
QUARTERLY SERVICING REPORT
REPORT DATE: 12/31/96 REPORTING PERIOD: 10/01/96-12/31/96
I. DEAL PARAMETERS
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
A STUDENT LOAN PORTFOLIO CHARACTERISTICS 09/30/96 ACTIVITY 12/31/96
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i Portfolio Balance $ 1,349,145,820.06 $ (61,393,978.68) $ 1,287,751,841.38
ii Interest to be Capitalized $ 11,228,783.66 $ 9,711,152.12
-------------------- --------------------
iii TOTAL POOL $ 1,360,374,603.72 $ 1,297,462,993.50
==================== ====================
B i Weighted Average Coupon (WAC) 8.2286% 8.2366%
ii Weighted Average Remaining Term 100.90 99.75
iii Number of Loans 577,299 555,101
iv Number of Borrowers 220,871 212,510
-------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
C NOTES AND CERTIFICATES SPREAD BALANCE 10/25/96 % OF POOL BALANCE 1/27/97 % OF POOL
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
i A-1 Notes 795452AD3 0.56% $ 834,374,603.72 61.334% $ 771,462,993.50 59.459%
ii A-2 Notes 795452AE1 0.75% $ 473,500,000.00 34.807% $ 473,500,000.00 36.494%
iii Certificates795452AF8 0.98% $ 52,500,000.00 3.859% $ 52,500,000.00 4.046%
----------------------------------------------------------------------------------------------------------------------
iv TOTAL NOTES AND CERTIFICATES $ 1,360,374,603.72 100.000% $ 1,297,462,993.50 100.000%
======================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
D RESERVE ACCOUNT 10/25/96 1/27/97
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 3,400,936.51 $ 3,243,657.48
iv Reserve Account Floor Balance ($) $ 1,500,000.00 $ 1,500,000.00
v Current Reserve Acct Balance ($) $ 3,400,936.51 $ 3,243,657.48
----------------------------------------------------------------------------------------------------------------------
</TABLE>
SALLIE MAE STUDENT LOAN TRUST 1996-1 1
<PAGE> 13
II. 1996-1 TRANSACTIONS FROM: 10/1/96 THROUGH: 12/31/96
<TABLE>
<S> <C> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 38,568,892.82
ii Principal Collections from Guarantor $ 18,664,167.10
iii Principal Reimbursements $ 9,629,351.72
iv Other System Adjustments $ (7,343.12)
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 66,855,068.52
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 1,174,644.80
ii Capitalized Interest $ (6,635,734.64)
----------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (5,461,089.84)
-------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 61,393,978.68
-------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 16,127,108.13
ii Interest Claims Received from Guarantors $ 1,180,177.89
iii Interest Reimbursements $ 125,983.70
iv Other System Adjustments $ (956.09)
v Special Allowance Payments $ 991,453.39
vi Subsidy Payments $ 5,892,220.73
----------------
vii TOTAL INTEREST COLLECTIONS $ 24,315,987.75
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment $ (960,564.36)
ii Capitalized Interest $ 6,635,734.64
----------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 5,675,170.28
-------------------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 29,991,158.03
-------------------------------------------------------------------------------------------
</TABLE>
SALLIE MAE STUDENT LOAN TRUST 1996-1 2
<PAGE> 14
III. 1996-1 COLLECTION ACCOUNT ACTIVITY 10/1/96 THROUGH 12/31/96
<TABLE>
<S> <C> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $ 57,233,059.92
ii Cash Forwarded by Administrator on behalf of Seller $ 2,019,936.56
iii Cash Forwarded by Administrator on behalf of Servicer $ 1,039.34
iv Cash Forwarded by Administrator for Consolidation Activity $ 7,601,032.70
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 66,855,068.52
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 24,190,960.14
ii Cash Forwarded by Administrator on behalf of Seller $ 18,941.19
iii Cash Forwarded by Administrator on behalf of Servicer $ 4,820.38
iv Cash Forwarded by Administrator for Consolidation Activity $ 101,266.04
----------------
v TOTAL INTEREST COLLECTIONS $ 24,315,987.75
C OTHER REIMBURSEMENTS $ 66,996.53
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 700,333.90
E TOTAL FUNDS RECEIVED $ 91,938,386.70
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,689,125.90)
--------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 90,249,260.80
--------------------------------------------------------------------------------------------------
F SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $ 828,508.45
ii Percentage of Principal Calculation $ 1,197,647.06
iii Lesser of Unit or Principal Calculation $ 828,508.45
G SERVICING FEES DUE FOR CURRENT PERIOD $ 828,508.45
H CARRYOVER SERVICING FEES DUE $ 1,125,855.46
OCT 1996 Servicing Carryover $ 386,363.65
NOV 1996 Servicing Carryover $ 376,212.92
DEC 1996 Servicing Carryover $ 369,138.61
------------------
$ 1,131,715.18
LESS: Servicing ADJ [A iii + B iii] $ (5,859.72)
------------------
TOTAL CARRYOVER SERVICING FEE DUE $ 1,125,855.46
==================
I ADMINISTRATION FEES DUE $ 20,000.00
--------------------------------------------------------------------------------------------------
J TOTAL FEES DUE FOR PERIOD $ 1,974,363.91
--------------------------------------------------------------------------------------------------
</TABLE>
SALLIE MAE STUDENT LOAN TRUST 1996-1 3
<PAGE> 15
IV. 1996-1 PORTFOLIO CHARACTERISTICS
<TABLE>
<CAPTION>
----------------------------------------------------------------------
WEIGHTED AVG COUPON # OF LOANS %
- --------------------------------------------------------------------------------------------------
STATUS 9/30/96 12/31/96 9/30/96 12/31/96 9/30/96 12/31/96
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 8.1675% 8.1673% 40,103 35,941 6.9467% 6.4747%
GRACE
Current 8.1515% 8.1273% 24,361 8,512 4.2198% 1.5334%
- --------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.1612% 8.1596% 64,464 44,453 11.1665% 8.0081%
- --------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current 8.2268% 8.2337% 372,843 380,107 64.5840% 68.4753%
31-60 Days Delinquent 8.2651% 8.2745% 24,085 24,104 4.1720% 4.3423%
61-90 Days Delinquent 8.2652% 8.2798% 12,630 10,161 2.1878% 1.8305%
91-120 Days Delinquent 8.2836% 8.2789% 8,136 6,536 1.4093% 1.1774%
Greater than 120 Days
Delinquent 8.2714% 8.2787% 11,950 11,127 2.0700% 2.0045%
DEFERMENT
Current 8.2690% 8.2726% 57,718 55,367 9.9979% 9.9742%
FORBEARANCE
Current 8.2597% 8.2609% 19,855 18,222 3.4393% 3.2826%
- --------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.2395% 8.2448% 507,217 505,624 87.8604% 91.0868%
- --------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 8.2491% 8.2782% 5,618 5,024 0.9732% 0.9051%
AGED CLAIMS REJECTED (2) 0.0000% 0.0000% - - 0% 0%
- --------------------------------------------------------------------------------------------------
GRAND TOTAL 8.2286% 8.2366% 577,299 555,101 100.00% 100.00%
- --------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
PRINCIPAL AMOUNT %
- --------------------------------------------------------------------------------------------------
STATUS 09/30/96 12/31/96 09/30/96 12/31/96
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current $ 115,553,753.55 $ 103,629,819.65 8.5650% 8.0473%
GRACE
Current $ 74,652,685.26 $ 24,524,973.42 5.5333% 1.9045%
- --------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 190,206,438.81 $ 128,154,793.07 14.0983% 9.9518%
- --------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current $ 787,184,214.78 $ 817,775,722.01 58.3469% 63.5041%
31-60 Days Delinquent $ 52,552,551.72 $ 52,704,249.74 3.8952% 4.0927%
61-90 Days Delinquent $ 32,028,678.70 $ 23,584,918.85 2.3740% 1.8315%
91-120 Days Delinquent $ 19,982,432.45 $ 15,583,310.19 1.4811% 1.2101%
Greater Than 120 Days
Delinquent $ 28,878,790.29 $ 27,541,775.22 2.1405% 2.1387%
DEFERMENT
Current $ 164,244,366.46 $ 156,532,280.20 12.1740% 12.1555%
FORBEARANCE
Current $ 60,805,130.02 $ 54,920,289.54 4.5069% 4.2648%
- --------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 1,145,676,164.42 $ 1,148,642,545.75 84.9186% 89.1975%
- --------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) $ 13,263,216.82 $ 10,954,502.55 0.9831% 0.8507%
AGED CLAIMS REJECTED (2) $ - $ - 0% 0%
- --------------------------------------------------------------------------------------------------
GRAND TOTAL $ 1,349,145,820.05 $ 1,287,751,841.37 100.00% 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.
SALLIE MAE STUDENT LOAN TRUST 1996-1 4
<PAGE> 16
V. INTEREST CALCULATION
<TABLE>
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 21,685,505.15
B Interest Subsidy Payments Accrued During Collection Period $ 5,413,282.55
C SAP Payments Accrued During Collection Period $ 580,608.69
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 59,659.58
E Investment Earnings (ADMINISTRATOR ACT) $ 700,333.90
------------------
F NET EXPECTED INTEREST COLLECTIONS $ 28,439,389.87
G STUDENT LOAN RATE
i Days in Collection Period (10/01/96-12/31/96) 92
ii Days in Year 366
iii Net Expected Interest Collections $ 28,439,389.87
iv Primary Servicing Fee $ 2,517,634.35
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,360,374,603.72
vii STUDENT LOAN RATE 7.57467%
</TABLE>
<TABLE>
<CAPTION>
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
<S> <C> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.68192%
I CLASS A-1 INTEREST RATE 0.014632877 (10/25/96-1/27/97) 5.68192%
J Class A-2 T-Bill Based Interest Rate 5.87191%
K CLASS A-2 INTEREST RATE 0.015122192 (10/25/96-1/27/97) 5.87191%
L Certificate T-Bill Based Rate of Return 6.10192%
M CERTIFICATE RATE OF RETURN 0.015714521 (10/25/96-1/27/97) 6.10192%
</TABLE>
SALLIE MAE STUDENT LOAN TRUST 1996-1 5
<PAGE> 17
VI. INPUTS FROM PREVIOUS QUARTERLY SERVICING REPORTS 09/30/96
<TABLE>
<S> <C> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 1,349,145,820.06
ii Interest To Be Capitalized $ 11,228,783.66
--------------------
iii TOTAL STUDENT LOAN POOL OUTSTANDING $ 1,360,374,603.72
====================
B Total Note and Certificate Factor 0.90691640248
C TOTAL NOTE AND CERTIFICATE BALANCE $ 1,360,374,603.72
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 10/25/96 CLASS A-1 CLASS A-2 CERTIFICATES
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor-10/25/96 0.8566474371 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 834,374,603.72 $ 473,500,000.00 $ 52,500,000.00
------------------ ---------------- ---------------
iv NOTE BALANCE $ 834,374,603.72 $ 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 $ 3,400,936.51
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>
SALLIE MAE STUDENT LOAN TRUST 1996-1 6
<PAGE> 18
VII. WATERFALL FOR DISTRIBUTIONS
<TABLE>
<CAPTION>
REMAINING
FUNDS BALANCE
-------------
<S> <C> <C> <C>
A Total Available Funds (Section III E + Section V-D) $ 90,308,920.38 $ 90,308,920.38
B Primary Servicing Fees-Current Month $ 828,508.45 $ 89,480,411.93
C Administration Fee $ 20,000.00 $ 89,460,411.93
D Noteholder's Interest Distribution Amount
i Class A-1 $ 12,209,300.95 $ 77,251,110.98
ii Class A-2 $ 7,160,357.91 $ 70,090,753.07
---------------
iii TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $ 19,369,658.86
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 825,012.35 $ 69,265,740.72
F Noteholder's Principal Distribution Amount
i Class A-1 $ 62,911,610.22 $ 6,354,130.50
ii Class A-2 $ 0.00 $ 6,354,130.50
---------------
iii TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 62,911,610.22
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 6,354,130.50
H Increase to the Specified Reserve Account Balance $ 0.00 $ 6,354,130.50
I Carryover Servicing Fees $ 1,125,855.46 $ 5,228,275.04
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 5,228,275.04
i Class A-2 $ 0.00 $ 5,228,275.04
---------------
iii TOTAL NOTEHOLDER'S INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 5,228,275.04
L EXCESS TO RESERVE ACCOUNT $ 5,228,275.04 $ 0.00
</TABLE>
SALLIE MAE STUDENT LOAN TRUST 1996-1 7
<PAGE> 19
VIII. DISTRIBUTIONS
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
A DISTRIBUTION AMOUNTS CLASS A-1 CLASS A-2 CERTIFICATES
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 12,209,300.95 $ 7,160,357.91 $ 825,012.35
ii Quarterly Interest Paid $ 12,209,300.95 $ 7,160,357.91 $ 825,012.35
--------------- -------------- -------------
iii INTEREST SHORTFALL $ 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) $ 62,911,610.22 $ 0.00 $ 0.00
viii Quarterly Principal Paid $ 62,911,610.22 $ 0.00 $ 0.00
--------------- -------------- -------------
ix QUARTERLY PRINCIPAL SHORTFALL $ 0.00 $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 75,120,911.17 $ 7,160,357.91 $ 825,012.35
--------------------------------------------------------------------------------------------------------------
</TABLE>
B PRINCIPAL DISTRIBUTION RECONCILIATION
<TABLE>
<S> <C> <C>
i Notes and Certificates Principal Balance 12/31/96 $ 1,360,374,603.72
ii Pool Balance 12/31/96 $ 1,297,462,993.50
------------------
iii Pool Exceeding Notes and Certificate Balance (i-ii) $ 62,911,610.22
------------------
iv Principal Distribution Amount $ 62,911,610.22
==================
C Total Principal Distribution $ 62,911,610.22
D Total Interest Distribution $ 20,194,671.21
------------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 83,106,281.43
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 10/25/96 01/27/97
--------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i A-1 Note Balance (795452AD3) $ 834,374,603.72 $ 771,462,993.50
A-1 Note Pool Factor 0.8566474371 0.7920564615
ii A-2 Note Balance (795452AE1) $ 473,500,000.00 $ 473,500,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (795452AF8) $ 52,500,000.00 $ 52,500,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
--------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
G RESERVE ACCOUNT RECONCILIATION
i Beginning of Period Balance $ 3,400,936.51
ii Deposits to correct Shortfall $ 0.00
iii Deposits from Excess Servicing $ 5,228,275.04
------------------
iv Total Reserve Account Balance Available $ 8,629,211.55
v Required Reserve Account Balance $ 3,243,657.48
vi Shortfall Carried to Next Period $ 0.00
vii Excess Reserve - Release to SLM Funding Corp $ 5,385,554.07
viii Ending Reserve Account Balance $ 3,243,657.48
</TABLE>
SALLIE MAE STUDENT LOAN TRUST 1996-1 8
<PAGE> 20
IX. HISTORICAL POOL INFORMATION
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
10/1/96-12/31/96 7/1/96-9/30/96 4/1/96-6/30/96 2/5/96-3/31/96
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Beginning Student Loan Portfolio Balance $ 1,349,145,820.06 $1,410,958,484.15 $1,459,260,458.15 $1,489,927,280.77
- ---------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 38,568,892.82 $ 41,001,385.22 $ 41,078,207.45 $ 27,226,246.55
ii Principal Collections from Guarantor $ 18,664,167.10 $ 10,313,302.34 $ 842,636.38 $ 27,657.36
iii Principal Reimbursements $ 9,629,351.72 $ 14,477,503.16 $ 12,387,879.90 $ 6,083,122.75
iv Other System Adjustments $ (7,343.12) $ (11,809.27) $ (548.12) $ 2,229.83
-------------------------------------------------------------------------------
v Total Principal Collections $ 66,855,068.52 $ 65,780,381.45 $ 54,308,175.61 $ 33,339,256.49
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,174,644.80 $ 1,320,897.53 $ 1,000,024.50 $ 746,961.96
ii Capitalized Interest $ (6,635,734.64) $ (5,288,614.89) $ (7,006,226.11) $ (3,419,395.83)
-------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (5,461,089.84) $ (3,967,717.36) $ (6,006,201.61) $ (2,672,433.87)
- ---------------------------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 61,393,978.68 $ 61,812,664.09 $ 48,301,974.00 $ 30,666,822.62
- ---------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 16,127,108.13 $ 17,372,003.89 $ 17,084,616.87 $ 10,764,171.47
ii Interet Claims Received from
Guarantors $ 1,180,177.89 $ 612,951.89 $ 21,865.02 $ 326.78
iii Interest Reimbursements $ 125,983.70 $ 182,022.75 $ 142,527.81 $ 50,757.10
iv Other System Adjustments $ (956.09) $ (960.98) $ 244.79 $ 10,446.21
v Special Allowance Payments $ 991,453.39 $ 775,767.11 $ 343,884.36 $ 0.00
vi Interest Subsidy Payments $ 5,892,220.73 $ 7,006,327.74 $ 4,651,078.41 $ 0.00
-------------------------------------------------------------------------------
vii Total Interest Collections $ 24,315,987.75 $ 25,948,112.40 $ 22,244,217.26 $ 10,825,701.56
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (960,564.36) $ (1,187,918.97) $ (994,738.78) $ (733,594.53)
ii Capitalized Interest $ 6,635,734.64 $ 5,288,614.89 $ 7,006,226.11 $ 3,419,395.83
-------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 5,675,170.28 $ 4,100,695.92 $ 6,011,487.33 $ 2,685,801.30
-------------------------------------------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 29,991,158.03 $ 30,048,808.32 $ 28,255,704.59 $ 13,511,502.86
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $1,287,751,841.38 $1,349,145,820.06 $1,410,958,484.15 $1,459,260,458.15
- ---------------------------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $9,711,152.12 $ 11,228,783.66 $ 10,991,431.27 $ 12,610,267.46
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $1,297,462,993.50 $1,360,374,603.72 $1,421,949,915.42 $1,471,870,725.61
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SALLIE MAE STUDENT LOAN TRUST 1996-1 9
<PAGE> 21
X. PAYMENT HISTORY AND CPRS
<TABLE>
<CAPTION>
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
<S> <C> <C>
Feb-96 $ 1,502,106,411 -
Apr-96 $ 1,471,870,726 5.1%
Jul-96 $ 1,421,949,915 5.6%
Oct-96 $ 1,360,374,604 7.1%
Jan-97 $ 1,297,462,994 7.9%
</TABLE>
* "SINCE ISSUED CPR" IS BASED ON THE CURRENT PERIOD'S ENDING POOL
BALANCE CALCULATED AGAINST THE ORIGINAL POOL BALANCE AND ASSUMING
CUTOFF DATE POOL DATA.
SALLIE MAE STUDENT LOAN TRUST 1996-1 10
<PAGE> 22
SALLIE MAE STUDENT LOAN TRUST 1996-1
OFFICER'S CERTIFICATE
INDENTURE TRUSTEE ELIGIBLE LENDER TRUSTEE
Bankers Trust Company Chase Manhattan Bank (USA)
Four Albany Street 1 Chase Manhattan Plaza
New York, NY 10006 Wilmington, Delaware 19801-1398
Attn: Corporate Trust & Agency Group Attn: Manager, Trust Division
(212) 250-6547 (302) 575-5022
ADMINISTRATOR SERVICER
Sallie Mae Sallie Mae Servicing Corporation
11600 Sallie Mae Drive 11600 Sallie Mae Drive
Reston, Virginia 20190-4798 Reston, Virginia 20193
Attn: Director, Corporate Finance ATTN: Director ABS Administration
Operations
(703) 810-7711
================================================================================
Pursuant to Section 3.1 of the Administration Agreement (the "Agreement"), we,
the undersigned, hereby certify that (i) a review of the activities and
performances of the Servicer and Administrator from October 1, 1996 through
December 31, 1996 has been made, and (ii) to the best of our knowledge, the
Servicer and Administrator have fulfilled their obligations under the Agreement
throughout such period.
January 21, 1997
SALLIE MAE, AS ADMINISTRATOR
/s/ Robert R. Levine
- -----------------------------------
Robert R. Levine, Vice President
and Treasurer
/s/ Mark G. Overend
- -----------------------------------
Mark G. Overend, Vice President
and Controller
<PAGE> 23
SLM STUDENT LOAN TRUST 1996-2
QUARTERLY SERVICING REPORT
REPORT DATE: 12/31/96 REPORTING PERIOD: 10/01/96-12/31/96
I. DEAL PARAMETERS
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
A STUDENT LOAN PORTFOLIO CHARACTERISTICS 09/30/96 ACTIVITY 12/31/96
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i Portfolio Balance $1,420,136,733.54 $(51,196,124,08) $1,368,940,609.46
ii Interest to be Capitalized $ 15,672,244.73 $ 13,686,568.72
------------------ ------------------
iii TOTAL POOL $1,435,808,978.27 $1,382,627,178.18
================== ==================
B i Weighted Average Coupon (WAC) 8.2023% 8.2145%
ii Weighted Average Remaining Term 104.50 103.20
iii Number of Loans 606,964 591,417
iv Number of Borrowers 257,732 251,004
--------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
C NOTES AND CERTIFICATES SPREAD BALANCE 10/25/96 % OF POOL BALANCE 1/27/97 % OF POOL
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAA4 0.51% $ 895,778,978.27 62.388% $ 842,597,178.18 60.942%
ii A-2 Notes 78442GAB2 0.71% $ 487,000,000.00 33.918% $ 487,000,000.00 35.223%
iii Certificates 78442GAC0 0.96% $ 53,030,000.00 3.693% $ 53,030,000.00 3.835%
-------------------------------------------------------------------------------------------------------------------
iv TOTAL NOTES AND CERTIFICATES $1,435,808,978.27 100.000% $1,382,627,178.18 100.000%
===================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
D RESERVE ACCOUNT 10/25/96 01/27/97
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i REQUIRED RESERVE ACCT DEPOSIT (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $3,589,522.45 $3,456,567.95
iv Reserve Account Floor Balance ($) $1,515,030.00 $1,515,030.00
v Current Reserve Acct Balance ($) $3,589,522.45 $3,456,567.95
-------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM STUDENT LOAN TRUST 1996-2 Page 1
<PAGE> 24
II. 1996-2 TRANSACTIONS FROM: 10/1/96 THROUGH: 12/31/96
<TABLE>
<S> <C> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $35,315,114.14
ii Principal Collections from Guarantor $12,433,036.92
iii Principal Reimbursements $10,214,361.81
iv Other System Adjustments $ (4,608.47)
---------------
v TOTAL PRINCIPAL COLLECTIONS $57,957,904.40
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 1,080,860.52
ii Capitalized Interest $(7,842,640.84)
---------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $(6,761,780.32)
--------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $51,196,124.08
--------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $14,810,858.15
ii Interest Claims Received from Guarantors $ 774,638.29
iii Interest Reimbursements $ 166,885.49
iv Other System Adjustments $ (2,349.39)
v Special Allowance Payments $ 875,314.62
vi Subsidy Payments $ 7,898,909.32
---------------
vii TOTAL INTEREST COLLECTIONS $24,524,256.48
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment $ (912,392.77)
ii Capitalized Interest $ 7,842,640.84
---------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 6,930,248.07
--------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $31,454,504.55
--------------------------------------------------------------------------
</TABLE>
SLM STUDENT LOAN TRUST 1996-2 Page 2
<PAGE> 25
III. 1996-2 COLLECTION ACCOUNT ACTIVITY 10/01/96 THROUGH 12/31/96
<TABLE>
<S> <C> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $47,748,151.06
ii Cash Forwarded by Administrator on behalf of Seller $ 1,974,745.35
iii Cash Forwarded by Administrator on behalf of Servicer $ (2,138.67)
iv Cash Forwarded by Administrator for Consolidation Activity $ 8,237,146.66
---------------
v TOTAL PRINCIPAL COLLECTIONS $57,957,904.40
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $24,359,720.38
ii Cash Forwarded by Administrator on behalf of Seller $ 28,086.90
iii Cash Forwarded by Administrator on behalf of Servicer $ 1,549.44
iv Cash Forwarded by Administrator for Consolidation Activity $ 134,899.76
---------------
v TOTAL INTEREST COLLECTIONS $24,524,256.48
C OTHER REIMBURSEMENTS $ 52,733.19
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 571,969.60
E TOTAL FUNDS RECEIVED $83,106,863.67
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $(2,321,001.92)
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $80,785,861.75
F SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $ 1,145,675.36
ii Percentage of Principal Calculation $ 1,583,634.96
iii Lesser of Unit or Principal Calculation $ 1,145,675.36
G SERVICING FEES DUE FOR CURRENT PERIOD $ 1,145,675.36
H CARRYOVER SERVICING FEES DUE $ 1,341,202.24
OCT 1996 Servicing Carryover $ 456,374.13
NOV 1996 Servicing Carryover $ 446,279.28
DEC 1996 Servicing Carryover $ 437,959.60
-------------
$1,340,613.01
LESS: Servicing ADJ [A iii + B iii] $ 589.23
-------------
TOTAL: CARRYOVER SERVICING FEE DUE $1,341,202.24
=============
I ADMINISTRATION FEES DUE $ 20,000.00
----------------------------------------------------------------------------------------------
J TOTAL FEES DUE FOR PERIOD $ 2,506,877.60
----------------------------------------------------------------------------------------------
</TABLE>
SLM STUDENT LOAN TRUST 1996-2 Page 3
<PAGE> 26
IV. 1996-2 PORTFOLIO CHARACTERISTICS
<TABLE>
<CAPTION>
-------------------------------------------------------------------------
WEIGHTED AVG COUPON # OF LOANS %
- ---------------------------------------------------------------------------------------------------
STATUS 09/30/96 12/31/96 09/30/96 12/31/96 09/30/96 12/31/96
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 8.1569% 8.1586% 81,401 72,748 13.4112% 12.3006%
GRACE
Current 8.1539% 8.1494% 40,147 15,390 6.6144% 2.6022%
- ---------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.1558% 8.1569% 121,548 88,138 20.0256% 14.9029%
- ---------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current 8.2030% 8.2172% 348,505 370,603 57.4177% 62.6636%
31-60 Days Delinquent 8.2501% 8.2609% 23,070 23,294 3.8009% 3.9387%
61-90 Days Delinquent 8.2472% 8.2611% 14,766 10,553 2.4328% 1.7844%
91-120 Days Delinquent 8.2547% 8.2615% 8,538 7,084 1.4067% 1.1978%
greater than 120 Days
Delinquent 8.2534% 8.2639% 13,647 14,029 2.2484% 2.3721%
DEFERMENT
Current 8.2489% 8.2462% 53,162 53,437 8.7587% 9.0354%
FORBEARANCE
Current 8.2336% 8.2353% 20,304 18,978 3.3452% 3.2089%
- ---------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.217% 8.227% 481,992 497,978 79.4103% 84.2008%
- ---------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.1175% 0.0305% 3,424 5,301 0.5641% 0.8963%
AGED CLAIMS REJECTED (2) 0.0000% 0.0000% - - 0% 0%
- ---------------------------------------------------------------------------------------------------
GRAND TOTAL 8.202% 8.214% 606,964 591,417 100.00% 100.00%
- ---------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------------------------------------
PRINCIPAL AMOUNT %
- ---------------------------------------------------------------------------------------------------
STATUS 09/30/96 12/31/96 09/30/96 12/31/96
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current $ 226,777,199.14 $ 201,641,004.26 15.9687% 14.7297%
GRACE
Current $ 120,083,083.78 $ 43,943,115.19 8.4557% 3.2100%
- ---------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 346,860,282.92 $ 245,584,119.45 24.4244% 17.9397%
- ---------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current $ 724,340,151.13 $ 787,196,195.78 51.0050% 57.5040%
31-60 Days Delinquent $ 51,250,739.52 $ 51,713,949.40 3.6089% 3.7777%
61-90 Days Delinquent $ 34,971,358.47 $ 24,243,711.28 2.4625% 1.7710%
91-120 Days Delinquent $ 19,851,809.69 $ 16,383,542.17 1.3979% 1.1968%
greater than 120 Days
Delinquent $ 30,639,717.21 $ 32,152,772.77 2.1575% 2.3487%
DEFERMENT
Current $ 147,701,768.70 $ 146,748,670.79 10.4005% 10.7199%
FORBEARANCE
Current $ 57,054,348.03 $ 53,579,343.33 4.0175% 3.9139%
- ---------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $1,065,809,892.75 $1,112,018,185.52 75.0498% 81.2320%
- ---------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) $ 7,466,557.86 $ 11,338,304.48 0.5258% 0.8283%
AGED CLAIMS REJECTED (2) $ - $ - 0% 0%
- ---------------------------------------------------------------------------------------------------
GRAND TOTAL $1,420,136,733.53 $1,368,940,609.45 100.00% 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.
SLM STUDENT LOAN TRUST 1996-2 Page 4
<PAGE> 27
V. INTEREST CALCULATION
<TABLE>
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 21,423,553.72
B Interest Subsidy Payments Accrued During Collection Period $ 7,235,832.32
C SAP Payments Accrued During Collection Period $ 462,033.17
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 59,718.11
E Investment Earnings (ADMINISTRATOR ACT) $ 571,969.60
------------------
F NET EXPECTED INTEREST COLLECTIONS $ 29,753,106.92
G STUDENT LOAN RATE
i Days in Collection Period (10/01/96-12/31/96) 92
ii Days in Year 366
iii Net Expected Interest Collections $ 29,753,106.92
iv Primary Servicing Fee $ 3,466,677.28
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,435,808,978.27
vii STUDENT LOAN RATE 7.27776%
</TABLE>
<TABLE>
<CAPTION>
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
<S> <C> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.63192%
I CLASS A-1 INTEREST RATE 0.014504110 (10/25/96-1/27/97) 5.63192%
J Class A-2 T-Bill Based Interest Rate 5.83191%
K CLASS A-2 INTEREST RATE 0.015019178 (10/25/96-1/27/97) 5.83191%
L Certificate T-Bill Based Rate of Return 6.08192%
M CERTIFICATE RATE OF RETURN 0.015663014 (10/25/96-1/27/97) 6.08192%
</TABLE>
SLM STUDENT LOAN TRUST 1996-2 Page 5
<PAGE> 28
VI. INPUTS FROM PREVIOUS QUARTERLY SERVICING REPORT 09/30/96
<TABLE>
<S> <C> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $1,420,136,733.54
ii Interest To Be Capitalized $ 15,672,244.73
------------------
iii TOTAL STUDENT LOAN POOL OUTSTANDING $1,435,808,978.27
==================
B Total Note and Certificate Factor 0.94770993199
C TOTAL NOTE AND CERTIFICATE BALANCE $1,435,808,978.27
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 10/25/96 CLASS A-1 CLASS A-2 CERTIFICATES
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor-10/25/96 0.9187476700 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $895,778,978.27 $487,000,000.00 $53,030,000.00
---------------- ---------------- ---------------
iv NOTE BALANCE $895,778,978.27 $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 $ 3,589,522.45
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) $ 52,607.23
K Interest Due on Upaid Carryover Servicing Fees $ 727.80
</TABLE>
SLM STUDENT LOAN TRUST 1996-2 Page 6
<PAGE> 29
VII. WATERFALL FOR DISTRIBUTIONS
<TABLE>
<CAPTION>
REMAINING
FUNDS BALANCE
-------------
<S> <C> <C> <C>
A Total Available Funds ( Sections III -E + V-D) $80,845,579.86 $80,845,579.86
B Primary Servicing Fees-Current Month $ 1,145,675.36 $79,699,904.50
C Administration Fee $ 20,000.00 $79,679,904.50
D Noteholder's Interest Distribution Amount
i Class A-1 $12,992,476.84 $66,687,427.66
ii Class A-2 $ 7,314,339.69 $59,373,087.97
---------------
iii TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $20,306,816.53
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 830,609.63 $58,542,478.34
F Noteholder's Principal Distribution Amount
i Class A-1 $53,181,800.09 $ 5,360,678.25
ii Class A-2 $ 0.00 $ 5,360,678.25
---------------
iii TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $53,181,800.09
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 5,360,678.25
H Increase to the Specified Reserve Account Balance $ 0.00 $ 5,360,678.25
I Carryover Servicing Fees (1) $ 1,394,537.27 $ 3,966,140.98
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 3,966,140.98
i Class A-2 $ 0.00 $ 3,966,140.98
---------------
iii TOTAL NOTEHOLDER'S INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 3,966,140.98
L EXCESS TO RESERVE ACCOUNT $ 3,966,140.98 $ 0.00
</TABLE>
(1) Includes unpaid carryover fees from prior period with interest.
(VI-J,K)
SLM STUDENT LOAN TRUST 1996-2 Page 7
<PAGE> 30
VIII. DISTRIBUTIONS
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
A DISTRIBUTION AMOUNTS CLASS A-1 CLASS A-2 CERTIFICATES
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 12,992,476.84 $7,314,339.69 $830,609.63
ii Quarterly Interest Paid $ 12,992,476.84 $7,314,339.69 $830,609.63
------------------ -------------- ------------
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) $ 53,181,800.09 $ 0.00 $ 0.00
viii Quarterly Principal Paid $ 53,181,800.09 $ 0.00 $ 0.00
------------------ -------------- ------------
ix QUARTERLY PRINCIPAL SHORTFALL $ 0.00 $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 66,174,276.93 $7,314,339.69 $830,609.63
--------------------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates Principal Balance 12/31/96 $1,435,808,978.27
ii Pool Balance 12/31/96 $1,382,627,178.18
------------------
iii Pool Exceeding Notes and Certificate Balance (i-ii) $ 53,181,800.09
------------------
iv Principal Distribution Amount $ 53,181,800.09
==================
C Total Principal Distribution $ 53,181,800.09
D Total Interest Distribution $ 21,137,426.16
------------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 74,319,226.25
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 10/25/96 01/27/97
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i A-1 Note Balance (78442GAA4) $895,778,978.27 $ 842,597,178.18
A-1 Note Pool Factor 0.9187476700 0.8642022340
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
--------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
G RESERVE ACCOUNT RECONCILIATION
i Beginning of Period Balance $3,589,522.45
ii Deposits to correct Shortfall $ 0.00
iii Deposits from Excess Servicing $3,966,140.98
--------------
iv Total Reserve Account Balance Available $7,555,663.43
v Required Reserve Account Balance $3,456,567.95
vi Shortfall Carried to Next Period $ 0.00
vii Excess Reserve -release to SLM Funding Corp. $4,099,095.48
viii Ending Reserve Account Balance $3,456,567.95
</TABLE>
SLM STUDENT LOAN TRUST 1996-2 Page 8
<PAGE> 31
IX. 1996-HISTORICAL POOL INFORMATION
<TABLE>
<CAPTION>
-----------------------------------------------------------------------
10/1/96-12/31/96 7/1/96-9/30/96 4/8/96-6/30/96
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $1,420,136,733.54 $1,468,666,284.76 $1,499,948,797.64
- ---------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 35,315,114.14 $ 37,115,081.98 $ 32,387,112.35
ii Principal Collections from Guarantor $ 12,433,036.92 $ 1,608,162.94 $ 232,013.54
iii Principal Reimbursements $ 10,214,361.81 $ 14,131,988.74 $ 5,880,791.49
iv Other System Adjustments $ (4,608.47) $ (1,484.32) $ (1,709.32)
---------------------------------------------------------------------
v Total Principal Collections $ 57,957,904.40 $ 52,853,749.34 $ 38,498,208.06
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,080,860.52 $ 1,010,052.49 $ 700,262.22
ii Capitalized Interest $ (7,842,640.84) $ (5,334,250.61) $ (7,915,957.40)
---------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (6,761,780.32) $ (4,324,198.12) $ (7,215,695.18)
- ---------------------------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 51,196,124.08 $ 48,529,551.22 $ 31,282,512.88
- ---------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 14,810,858.15 $ 15,710,941.68 $ 13,326,889.75
ii Interest Claims Received from Guarantors $ 774,638.29 $ 65,496.81 $ 4,693.63
iii Interest Reimbursements $ 166,885.49 $ 161,064.40 $ 90,073.72
iv Other System Adjustments $ (2,349.39) $ (18.17) $ 309.87
v Special Allowance Payments $ 875,314.62 $ 481,518.57 $ -
vi Subsidy Payments $ 7,898,909.32 $ 9,023,779.62 $ -
---------------------------------------------------------------------
vii Total Interest Collections $ 24,524,256.48 $ 25,442,782.91 $ 13,421,966.97
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (912,392.77) $ (986,037.72) $ (689,754.99)
ii Capitalized Interest $ 7,842,640.84 $ 5,334,250.61 $ 7,915,957.40
---------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 6,930,248.07 $ 4,348,212.89 $ 7,226,202.41
---------------------------------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 31,454,504.55 $ 29,790,995.80 $ 20,648,169.38
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $1,368,940,609.46 $1,420,136,733.54 $1,468,666,284.76
- ---------------------------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $13,686,568.72 $ 15,672,244.73 $ 14,944,789.14
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $1,382,627,178.18 $1,435,808,978.27 $1,483,611,073.90
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM STUDENT LOAN TRUST 1996-2 Page 9
<PAGE> 32
X. PAYMENT HISTORY AND CPRS
<TABLE>
<CAPTION>
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
<S> <C> <C>
Apr-96 $1,517,607,923 -
Jul-96 $1,483,611,074 4.1%
Oct-96 $1,435,808,978 5.2%
Jan-97 $1,382,627,178 6.2%
</TABLE>
* "SINCE ISSUED CPR" IS BASED ON THE CURRENT PERIOD'S ENDING POOL BALANCE
CALCULATED AGAINST THE ORIGINAL POOL BALANCE AND ASSUMING CUTOFF DATE POOL DATA.
SLM STUDENT LOAN TRUST 1996-2 Page 10
<PAGE> 33
SLM STUDENT LOAN TRUST 1996-2
OFFICER'S CERTIFICATE
<TABLE>
<S> <C>
INDENTURE TRUSTEE ELIGIBLE LENDER TRUSTEE
Bankers Trust Company Chase Manhattan Bank (USA)
Four Albany Street 1 Chase Manhattan Plaza
New York, NY 10006 Wilmington, Delaware 19801-1398
Attn: Corporate Trust & Agency Group Attn: Manager, Trust Division
(212) 250-6547 (302) 575-5022
ADMINISTRATOR SERVICER
Sallie Mae Sallie Mae Servicing Corporation
11600 Sallie Mae Drive 11600 Sallie Mae Drive
Reston, Virginia 20190-4798 Reston, Virginia 20193
Attn: Director, Corporate Finance Operations ATTN: Director ABS Administration
(703) 810-7711
</TABLE>
================================================================================
Pursuant to Section 3.1 of the Administration Agreement (the "Agreement"), we,
the undersigned, hereby certify that (i) a review of the activities and
performances of the Servicer and Administrator from October 1, 1996 through
December 31, 1996 has been made, and (ii) to the best of our knowledge, the
Servicer and Administrator have fulfilled their obligations under the Agreement
throughout such period.
January 21, 1997
SALLIE MAE, AS ADMINISTRATOR
/s/ Robert R. Levine
- -------------------------------------
Robert R. Levine, Vice President
and Treasurer
/s/ Mark G. Overend
- -------------------------------------
Mark G. Overend, Vice President
and Controller
<PAGE> 34
SLM STUDENT LOAN TRUST 1996-3
QUARTERLY SERVICING REPORT
REPORT DATE: 12/31/96 REPORTING PERIOD: 10/1/96-12/31/96
I. DEAL PARAMETERS
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
A STUDENT LOAN PORTFOLIO CHARACTERISTICS 09/30/96 ACTIVITY 12/31/96
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Portfolio Balance $1,447,395,386.24 ($33,747,489.63) $1,413,647,896.61
ii Interest to be Capitalized $ 18,816,445.60 $ 15,933,644.48
----------------- -----------------
iii Total Pool $1,466,211,831.84 $1,429,581,541.09
iv Reserve Account Balance $ 3,756,760.00 $ 3,674,921.48
----------------- -----------------
B v TOTAL ADJUSTED POOL $1,469,968,591.84 $1,433,256,462.57
================= =================
i Weighted Average Coupon (WAC) 8.1609% 8.1865%
ii Weighted Average Remaining Term 112.60 111.00
iii Number of Loans 513,697 505,341
iv Number of Borrowers 205,646 202,779
--------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
C NOTES AND CERTIFICATES SPREAD BALANCE 10/25/96 % OF POOL BALANCE 1/27/97 % OF POOL
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAD8 0.49% $ 864,218,591.84 58.792% $ 827,506,462.57 57.736%
ii A-2 Notes 78442GAE6 0.68% $ 553,000,000.00 37.620% $ 553,000,000.00 38.583%
iii Certificates 78442GAF3 0.95% $ 52,750,000.00 3.589% $ 52,750,000.00 3.680%
--------------------------------------------------------------------------------------------------------------------------
iv TOTAL NOTES AND CERTIFICATES $1,469,968,591.84 100.000% $1,433,256,462.57 100.000%
==========================================================================================================================
D RESERVE ACCOUNT 10/25/96 01/27/97
--------------------------------------------------------------------------------------------------------------------------
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($) $ 3,756,760.00
iii Specified Reserve Acct Balance ($) $ 3,674,921.48 $ 3,573,953.85
iv Reserve Account Floor Balance ($) $ 1,502,704.00 $ 1,502,704.00
v Current Reserve Acct Balance ($) $ 3,674,921.48 $ 3,573,953.85
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM STUDENT LOAN TRUST 1996-3 Page 1
<PAGE> 35
II. 1996-3 TRANSACTIONS FROM: 10/01/96 through: 12/31/96
<TABLE>
<S> <C> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 25,708,925.38
ii Principal Collections from Guarantor $ 3,613,377.63
iii Principal Reimbursements $ 13,087,681.14
iv Other System Adjustments $ (7,207.52)
--------------------
v TOTAL PRINCIPAL COLLECTIONS $ 42,402,776.63
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 936,515.02
ii Capitalized Interest $ (9,591,802.02)
--------------------
iii Total Non-Cash Principal Activity $ (8,655,287.00)
--------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 33,747,489.63
--------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 13,497,348.26
ii Interest Claims Received from Guarantors $ 184,632.17
iii Interest Reimbursements $ 225,135.74
iv Other System Adjustments $ (822.59)
v Special Allowance Payments $ 799,805.67
vi Subsidy Payments $ 9,124,830.54
--------------------
vii TOTAL INTEREST COLLECTIONS $ 23,830,929.79
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment $ (906,394.19)
ii Capitalized Interest $ 9,591,802.02
--------------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 8,685,407.83
--------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 32,516,337.62
--------------------------------------------------------------------------------
</TABLE>
SLM STUDENT LOAN TRUST 1996-3 Page 2
<PAGE> 36
III. 1996-3 COLLECTION ACCOUNT ACTIVITY 10/01/96 THROUGH 12/31/96
<TABLE>
<S> <C> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $ 29,322,303.01
ii Cash Forwarded by Administrator on behalf of Seller $ 2,551,658.56
iii Cash Forwarded by Administrator on behalf of Servicer $ 161.99
iv Cash Forwarded by Administrator for Consolidation Activity $ 10,528,653.07
------------------
v TOTAL PRINCIPAL COLLECTIONS $ 42,402,776.63
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 23,606,616.64
ii Cash Forwarded by Administrator on behalf of Seller $ 55,988.69
iii Cash Forwarded by Administrator on behalf of Servicer $ 102.63
iv Cash Forwarded by Administrator for Consolidation Activity $ 168,221.83
------------------
v TOTAL INTEREST COLLECTIONS $ 23,830,929.79
C OTHER REIMBURSEMENTS $ 49,819.06
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 488,029.44
E FUNDS BORROWED FROM NEXT COLLECTION PERIOD $ -
F TOTAL FUNDS RECEIVED $ 66,771,554.92
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,932,903.93)
--------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 64,838,650.99
--------------------------------------------------------------------------------------------------
G SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $ 960,091.11
ii Percentage of Principal Calculation $ 1,390,713.66
iii Lesser of Unit or Principal Calculation $ 960,091.11
H SERVICING FEES DUE FOR CURRENT PERIOD $ 960,091.11
I CARRYOVER SERVICING FEES DUE $ 1,308,865.78
OCT 1996 Servicing Carryover $ 442,617.84
NOV 1996 Servicing Carryover $ 435,890.01
DEC 1996 Servicing Carryover $ 430,622.55
-----------------
$ 1,309,130.40
LESS: Servicing ADJ [A iii + B iii] $ (264.62)
-----------------
TOTAL: CARRYOVER SERVICING FEE DUE $ 1,308,865.78
=================
J ADMINISTRATION FEES DUE $ 20,000.00
---------------------------------------------------------------------------------------------------
K TOTAL FEES DUE FOR PERIOD $ 2,288,956.89
---------------------------------------------------------------------------------------------------
</TABLE>
SLM STUDENT LOAN TRUST 1996-3 Page 3
<PAGE> 37
IV. 1996-3 PORTFOLIO CHARACTERISTICS
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
WEIGHTED AVG COUPON # OF LOANS %
- ---------------------------------------------------------------------------------------------------------
STATUS 09/30/96 12/31/96 09/30/96 12/31/96 09/30/96 12/31/96
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 7.9340% 7.9334% 101,470 94,234 19.7529% 18.6476%
GRACE
Current 8.0091% 7.9883% 47,969 15,004 9.3380% 2.9691%
- ---------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.9597% 7.9408% 149,439 109,238 29.0909% 21.6167%
- ---------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current 8.2642% 8.2686% 248,753 278,571 48.4241% 55.1254%
31-60 Days Delinquent 8.2676% 8.2862% 21,367 22,394 4.1595% 4.4315%
61-90 Days Delinquent 8.2687% 8.2822% 14,785 10,940 2.8782% 2.1649%
91-120 Days Delinquent 8.2780% 8.2858% 9,010 6,570 1.7540% 1.3001%
greater than
120 Days Delinquent 8.2833% 8.2808% 11,484 13,795 2.2356% 2.7298%
DEFERMENT
Current 8.2878% 8.2584% 39,556 41,434 7.7003% 8.1992%
FORBEARANCE
Current 8.2738% 8.2841% 19,034 17,659 3.7053% 3.4945%
- ---------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.269% 8.270% 363,989 391,363 70.8568% 77.4453%
- ---------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 8.3370% 8.2949% 269 4,740 0.0524% 0.9380%
AGED CLAIMS REJECTED (2) 0.0000% 0.0000% - - 0% 0%
- ---------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.161% 8.186% 513,697 505,341 100.00% 100.00%
- ---------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------------------------------------
Principal Amount %
- ---------------------------------------------------------------------------------------------------------
STATUS 09/30/96 12/31/96 09/30/96 12/31/96
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current $ 328,657,204.53 $ 305,850,690.35 22.7068% 21.6356%
GRACE
Current $ 170,566,666.58 $ 47,412,073.60 11.7844% 3.3539%
- ---------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 499,223,871.11 $ 353,262,763.95 34.4912% 24.9894%
- ---------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current $ 642,217,973.46 $ 745,194,752.38 44.3706% 52.7143%
31-60 Days Delinquent $ 52,352,839.22 $ 56,664,724.69 3.6170% 4.0084%
61-90 Days Delinquent $ 35,777,881.13 $ 26,931,638.34 2.4719% 1.9051%
91-120 Days Delinquent $ 22,293,783.91 $ 15,681,575.81 1.5403% 1.1093%
greater than
120 Days Delinquent $ 28,877,998.95 $ 32,599,241.81 1.9952% 2.3060%
DEFERMENT
Current $ 111,224,735.88 $ 119,074,239.77 7.6845% 8.4232%
FORBEARANCE
Current $ 54,775,608.55 $ 52,575,819.13 3.7844% 3.7192%
- ---------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 947,520,821.10 $1,048,721,991.93 65.4639% 74.1855%
- ---------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) $ 650,694.03 $ 11,663,140.73 0.0450% 0.8250%
AGED CLAIMS REJECTED (2) $ - $ - 0% 0%
- ---------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 1,447,395,386.24 $1,413,647,896.61 100.00% 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.
SLM STUDENT LOAN TRUST 1996-3 Page 4
<PAGE> 38
V. 1996-3 INTEREST CALCULATION
<TABLE>
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 21,153,094.37
B Interest Subsidy Payments Accrued During Collection Period $ 8,129,108.57
C SAP Payments Accrued During Collection Period $ 388,034.18
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 59,906.66
E Investment Earnings (ADMINISTRATOR ACT) $ 488,029.44
------------------
F NET EXPECTED INTEREST COLLECTIONS $ 30,218,173.22
G STUDENT LOAN RATE
i Days in Collection Period (10/1/96-12/31/96) 92
ii Days in Year 366
iii Net Expected Interest Collections $ 30,218,173.22
iv Primary Servicing Fee $ 2,892,995.04
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,466,211,831.84
vii STUDENT LOAN RATE 7.40869%
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
H Class A-1 T-Bill Based Interest Rate 5.61191%
I CLASS A-1 INTEREST RATE 0.014452603 (10/25/96-1/27/96) 5.61191%
J Class A-2 T-Bill Based Interest Rate 5.80191%
K CLASS A-2 INTEREST RATE 0.014941918 (10/25/96-1/27/96) 5.80191%
L Certificate T-Bill Based Rate of Return 6.07191%
M CERTIFICATE RATE OF RETURN 0.015637260 (10/25/96-1/27/96) 6.07191%
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM STUDENT LOAN TRUST 1996-3 Page 5
<PAGE> 39
VI. 1996-3 INPUTS FROM PREVIOUS QUARTERLY SERVICING REPORTS 09/30/96
<TABLE>
<S> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,447,395,386.24
ii Interest To Be Capitalized $ 18,816,445.60
-------------------
iii Total Pool $ 1,466,211,831.84
iv Reserve Account Balance $ 3,756,760.00
-------------------
v TOTAL ADJUSTED POOL BALANCE $ 1,469,968,591.84
===================
B Total Note and Certificate Factor 0.97558891113
C TOTAL NOTE AND CERTIFICATE BALANCE $ 1,469,968,591.84
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 10/25/96 CLASS A-1 CLASS A-2 CERTIFICATES
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor-10/25/96 0.9591771275 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 864,218,591.84 $553,000,000.00 $52,750,000.00
------------------- --------------- --------------
iv NOTE BALANCE $ 864,218,591.84 $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 $ 3,674,921.48
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>
SLM STUDENT LOAN TRUST 1996-3 Page 6
<PAGE> 40
VII. 1996-3 WATERFALL FOR DISTRIBUTIONS
<TABLE>
REMAINING
FUNDS BALANCE
-------------
<S> <C> <C> <C>
A Total Available Funds ( Sections III -F + V-D) $ 64,898,557.65 $ 64,898,557.65
B Primary Servicing Fees-Current Month $ 960,091.11 $ 63,938,466.54
C Administration Fee $ 20,000.00 $ 63,918,466.54
D Noteholder's Interest Distribution Amount
i Class A-1 $ 12,490,208.21 $ 51,428,258.33
ii Class A-2 $ 8,262,880.65 $ 43,165,377.68
----------------
iii TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $ 20,753,088.86
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 824,865.47 $ 42,340,512.21
F Noteholder's Principal Distribution Amount
i Class A-1 $ 36,712,129.27 $ 5,628,382.94
ii Class A-2 $ 0.00 $ 5,628,382.94
----------------
iii TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 36,712,129.27
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 5,628,382.94
H Increase to the Specified Reserve Account Balance $ 0.00 $ 5,628,382.94
I Carryover Servicing Fees $ 1,308,865.78 $ 4,319,517.16
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 4,319,517.16
ii Class A-2 $ 0.00 $ 4,319,517.16
----------------
iii TOTAL NOTEHOLDER'S INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 4,319,517.16
L EXCESS TO RESERVE ACCOUNT $ 4,319,517.16 $ 0.00
</TABLE>
SLM STUDENT LOAN TRUST 1996-3 Page 7
<PAGE> 41
VIII. 1996-3 DISTRIBUTIONS
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
A DISTRIBUTION AMOUNTS CLASS A-1 CLASS A-2 CERTIFICATES
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 12,490,208.21 $8,262,880.65 $824,865.47
ii Quarterly Interest Paid $ 12,490,208.21 $8,262,880.65 $824,865.47
----------------- ------------- -----------
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) $ 36,712,129.27 $ 0.00 $ 0.00
viii Quarterly Principal Paid $ 36,712,129.27 $ 0.00 $ 0.00
----------------- ------------- -----------
ix QUARTERLY PRINCIPAL SHORTFALL $ $0.00 $ 0.00 $ 0.00
-------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 49,202,337.48 $8,262,880.65 $824,865.47
-------------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates Principal Balance 12/31/96 $1,469,968,591.84
ii Adjusted Pool Balance 12/31/96 $1,433,256,462.57
-----------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 36,712,129.27
-----------------
iv PRINCIPAL DISTRIBUTION AMOUNT $ 36,712,129.27
=================
C Total Principal Distribution $ 36,712,129.27
D Total Interest Distribution $ 21,577,954.33
-----------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 58,290,083.60
-------------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 10/25/96 01/27/97
-------------------------------------------------------------------------------------
i A-1 Note Balance (78442GAD8) $864,218,591.84 $ 827,506,462.57
A-1 Note Pool Factor 0.9591771275 0.9184311460
ii A-2 Note Balance (78442GAE6) $553,000,000.00 $ 553,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAF3) $52,750,000.00 $ 52,750,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
G RESERVE ACCOUNT RECONCILIATION
i Beginning of Period Balance $3,674,921.48
ii Deposits to correct Shortfall $ 0.00
iii Deposits from Excess Servicing $4,319,517.16
-------------
iv Total Reserve Account Balance Available $7,994,438.64
v Required Reserve Account Balance $3,573,953.85
vi Shortfall Carried to Next Period $ 0.00
vii Excess Reserve -release to SLM Funding Corp $4,420,484.79
viii Ending Reserve Account Balance $3,573,953.85
</TABLE>
SLM STUDENT LOAN TRUST 1996-3 Page 8
<PAGE> 42
IX. 1996-3 HISTORICAL POOL INFORMATION
<TABLE>
<CAPTION>
----------------------------------------------
10/1/96-12/31/96 6/17/96-9/30/96
<S> <C> <C>
-------------------------------------------------------------------------------------------------
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 1,447,395,386.24 $1,485,028,174.57
-------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 25,708,925.38 $ 30,349,661.79
ii Principal Collections from Guarantor $ 3,613,377.63 $ 489,106.84
iii Principal reimbursements $ 13,087,681.14 $ 12,486,491.73
iv Other Sytem Adjustments $ (7,207.52) $ 5,047.44
------------------ -----------------
v TOTAL PRINCIPAL COLLECTIONS $ 42,402,776.63 $ 43,330,307.80
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 936,515.02 $ 1,290,030.17
ii Capitalized Interest $ (9,591,802.02) $ (6,987,549.64)
------------------ -----------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (8,655,287.00) $ (5,697,519.47)
-------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 33,747,489.63 $ 37,632,788.33
-------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 13,497,348.26 $ 15,754,166.36
ii Interest Claims Received from Guarantors $ 184,632.17 $ 11,357.11
iii Interest Reimbursements $ 225,135.74 $ 178,669.39
iv Other System Adjustments $ (822.59) $ 437.04
v Special Allowance Payments $ 799,805.67 $ 496,885.43
vi Subsidy Payments $ 9,124,830.54 $ 10,221,660.77
------------------ -----------------
vii Total Interest Collections $ 23,830,929.79 $ 26,663,176.10
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (906,394.19) $ (1,268,293.82)
ii Capitalized Interest $ 9,591,802.02 $ 6,987,549.64
------------------ -----------------
iii Total Non-Cash Interest Adjustments $ 8,685,407.83 $ 5,719,255.82
------------------ -----------------
Total Student Loan Interest Activity $ 32,516,337.62 $ 32,382,431.92
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 1,413,647,896.61 $1,447,395,386.24
-------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 15,933,644.48 $ 18,816,445.60
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,429,581,541.09 $1,466,211,831.84
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 3,674,921.48 $ 3,756,760.00
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 1,433,256,462.57 $1,469,968,591.84
-------------------------------------------------------------------------------------------------
</TABLE>
SLM STUDENT LOAN TRUST 1996-3 Page 9
<PAGE> 43
X. 1996-3 PAYMENT HISTORY AND CPRS
<TABLE>
<CAPTION>
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
<S> <C> <C>
Jun-96 $1,502,704,078 -
Oct-96 $1,466,211,474 6.3%
Jan-97 $1,429,581,541 5.6%
</TABLE>
* "SINCE ISSUED CPR" IS BASED ON THE CURRENT PERIOD'S ENDING POOL BALANCE
CALCULATED AGAINST THE ORIGINAL POOL BALANCE AND ASSUMING CUTOFF DATE POOL
DATA.
SLM STUDENT LOAN TRUST 1996-3 Page 10
<PAGE> 44
SLM STUDENT LOAN TRUST 1996-3
OFFICER'S CERTIFICATE
INDENTURE TRUSTEE ELIGIBLE LENDER TRUSTEE
Bankers Trust Company Chase Manhattan Bank (USA)
Four Albany Street 1 Chase Manhattan Plaza
New York, NY 10006 Wilmington, Delaware 19801-1398
Attn: Corporate Trust & Agency Group Attn: Manager, Trust Division
(212) 250-6547 (302) 575-5022
ADMINISTRATOR SERVICER
Sallie Mae Sallie Mae Servicing Corporation
11600 Sallie Mae Drive 11600 Sallie Mae Drive
Reston, Virginia 20190-4798 Reston, Virginia 20193
Attn: Director, Corporate Finance ATTN: Director ABS Administration
Operations
(703) 810-7711
===============================================================================
Pursuant to Section 3.1 of the Administration Agreement (the "Agreement"), we,
the undersigned, hereby certify that (i) a review of the activities and
performances of the Servicer and Administrator from October 1, 1996 through
December 31, 1996 has been made, and (ii) to the best of our knowledge, the
Servicer and Administrator have fulfilled their obligations under the Agreement
throughout such period.
January 21, 1997
SALLIE MAE, AS ADMINISTRATOR
/s/ Robert R. Levine
- ------------------------------
Robert R. Levine, Vice President
and Treasurer
/s/ Mark G. Overend
- ------------------------------
Mark G. Overend, Vice President
and Controller
<PAGE> 45
SLM STUDENT LOAN TRUST 1996-4
QUARTERLY SERVICING REPORT
REPORT DATE: 12/31/96 REPORTING PERIOD: 9/02/96-12/31/96
I. DEAL PARAMETERS
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
A STUDENT LOAN PORTFOLIO CHARACTERISTICS 9/2/96 ACTIVITY 12/31/96
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i Portfolio Balance $ 1,478,535,335.85 $ (48,864,118.90) $ 1,429,671,216.95
ii Interest to be Capitalized $ 22,647,947.59 $ 15,760,176.45
iii Total Pool $ 1,501,183,283.44 $ 1,445,431,393.40
iv Reserve Account Balance $ - $ 3,752,958.00
-------------------- --------------------
v TOTAL ADJUSTED POOL $ 1,501,183,283.44 $ 1,449,184,351.40
==================== ====================
B i Weighted Average Coupon (WAC) 8.1337% 8.1888%
ii Weighted Average Remaining Term 106.70 105.40
iii Number of Loans 608,428 597,763
iv Number of Borrowers 232,999 229,701
---------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
C NOTES AND CERTIFICATES SPREAD BALANCE 10/3/96 % OF POOL BALANCE 1/27/97 % OF POOL
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAG1 0.48% $ 957,300,000.00 63.608% $ 901,484,351.40 62.206%
ii A-2 Notes 78442GAH9 0.64% $ 495,000,000.00 32.890% $ 495,000,000.00 34.157%
iii Certificates 78442GAJ5 0.93% $ 52,700,000.00 3.502% $ 52,700,000.00 3.637%
-------------------------------------------------------------------------------------------------------------------------
iv TOTAL NOTES AND CERTIFICATES $ 1,505,000,000.00 100.000% $ 1,449,184,351.40 100.000%
=========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
D RESERVE ACCOUNT 10/3/96 1/27/97
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($) $ 3,752,958.00
iii Specified Reserve Acct Balance ($) $ 3,752,958.00 $ 3,613,578.48
iv Reserve Account Floor Balance ($) $ 1,501,183.00 $ 1,501,183.00
v Current Reserve Acct Balance ($) $ 3,752,958.00 $ 3,613,578.48
-----------------------------------------------------------------------------------------------------------
</TABLE>
SLM STUDENT LOAN TRUST 1996-4 Page 1
<PAGE> 46
II. 1996-4 TRANSACTIONS FROM: 09/3/96 THROUGH: 12/31/96
<TABLE>
<S> <C> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 47,792,030.07
ii Principal Collections from Guarantor $ 651,773.25
iii Principal Reimbursements $ 14,902,506.96
iv Other System Adjustments $ (713.51)
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 63,345,596.77
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 1,431,259.68
ii Capitalized Interest $ (15,912,737.55)
----------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (14,481,477.87)
-----------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 48,864,118.90
-----------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 15,484,377.46
ii Interest Claims Received from Guarantors $ 13,446.63
iii Interest Reimbursements $ 282,181.00
iv Other System Adjustments $ (287.62)
v Special Allowance Payments $ 257,877.96
vi Subsidy Payments $ 3,637,851.32
----------------
vii TOTAL INTEREST COLLECTIONS $ 19,675,446.75
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment $ (1,407,772.50)
ii Capitalized Interest $ 15,912,737.55
----------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 14,504,965.05
-----------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 34,180,411.80
-----------------------------------------------------------------------
</TABLE>
SLM STUDENT LOAN TRUST 1996-4 Page 2
<PAGE> 47
III. 1996-4 COLLECTION ACCOUNT ACTIVITY 9/3/96 THROUGH 12/31/96
<TABLE>
<S> <C> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $ 48,443,803.32
ii Cash Forwarded by Administrator on behalf of Seller $ 2,829,472.85
iii Cash Forwarded by Administrator on behalf of Servicer $ 952.02
iv Cash Forwarded by Administrator for Consolidation Activity $ 12,071,368.58
---------------
v TOTAL PRINCIPAL COLLECTIONS $ 63,345,596.77
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 19,393,553.37
ii Cash Forwarded by Administrator on behalf of Seller $ 70,128.26
iii Cash Forwarded by Administrator on behalf of Servicer $ 18.38
iv Cash Forwarded by Administrator for Consolidation Activity $ 211,746.74
---------------
v TOTAL INTEREST COLLECTIONS $ 19,675,446.75
C OTHER REIMBURSEMENTS $ 54,062.66
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 405,017.15
E FUNDS BORROWED FROM NEXT COLLECTION PERIOD $ 2,474,319.38
F TOTAL FUNDS RECEIVED $ 85,954,442.71
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (2,122,691.80)
---------------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 83,831,750.91
---------------------------------------------------------------------------------------------------------------------
G SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $ 1,089,333.52
ii Percentage of Principal Calculation $ 1,516,168.68
iii Lesser of Unit or Principal Calculation $ 1,089,333.52
H SERVICING FEES DUE FOR CURRENT PERIOD $ 1,089,333.52
I CARRYOVER SERVICING FEES DUE $ 1,271,829.42
OCT 1996 Servicing Carryover $ 412,798.06
NOV 1996 Servicing Carryover $ 433,166.60
DEC 1996 Servicing Carryover $ 426,835.16
----------------
$ 1,272,799.82
LESS: Servicing ADJ [A iii + B iii] $ (970.40)
----------------
TOTAL: CARRYOVER SERVICING FEE DUE $ 1,271,829.42
================
J ADMINISTRATION FEES DUE $ 20,000.00
---------------------------------------------------------------------------------------------------------------------
K TOTAL FEES DUE FOR PERIOD $ 2,381,162.94
---------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM STUDENT LOAN TRUST 1996-4 Page 3
<PAGE> 48
IV. 1996-4 PORTFOLIO CHARACTERISTICS
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
WEIGHTED AVG COUPON # OF LOANS %
- ---------------------------------------------------------------------------------------------------------------------------------
STATUS 09/3/96 12/31/96 09/3/96 12/31/96 09/3/96 12/31/96
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 7.9623% 7.9668% 91,690 91,535 15.0700% 15.3129%
GRACE
Current 8.0074% 7.9826% 128,787 23,633 21.1672% 3.9536%
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.9893% 7.9701% 220,477 115,168 36.2372% 19.2665%
- ---------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current 8.2522% 8.2591% 290,239 366,364 47.7031% 61.2892%
31-60 Days Delinquent 8.2848% 8.2924% 29,190 24,152 4.7976% 4.0404%
61-90 Days Delinquent 8.2919% 8.2822% 10,288 11,849 1.6909% 1.9822%
91-120 Days Delinquent 8.2847% 6,951 1.1628%
Greater than 120 Days
Delinquent 8.2849% 10,556 1.7659%
DEFERMENT
Current 8.3033% 8.2449% 36,405 42,342 5.9835% 7.0834%
FORBEARANCE
Current 8.2681% 8.2622% 21,829 20,036 3.5878% 3.3518%
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.264% 8.261% 387,951 482,250 63.7628% 80.6758%
- ---------------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.0000% 8.3508% - 345 0.0000% 0.0577%
AGED CLAIMS REJECTED (2) 0.0000% 0.0000% - - 0% 0%
- ---------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.134% 8.189% 608,428 597,763 100.00% 100.00%
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------
PRINCIPAL AMOUNT %
- ---------------------------------------------------------------------------------------------------
STATUS 09/3/96 12/31/96 09/3/96 12/31/96
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current $ 278,155,973.24 $ 275,826,217.97 18.8129% 19.2930%
GRACE
Current $ 413,686,171.77 $ 71,812,195.33 27.9795% 5.0230%
- ---------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 691,842,145.01 $ 347,638,413.30 46.7924% 24.3160%
- ---------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current $ 529,398,436.12 $ 775,104,870.15 35.8056% 54.2156%
31-60 Days Delinquent $ 65,179,175.27 $ 52,249,497.01 4.4084% 3.6547%
61-90 Days Delinquent $ 21,579,483.42 $ 25,787,949.57 1.4595% 1.8038%
91-120 Days Delinquent $ 15,835,178.81 0.0000% 1.1076%
Greater than 120 Days
Delinquent $ 25,259,487.52 0.0000% 1.7668%
DEFERMENT
Current $ 108,967,023.01 $ 127,813,021.81 7.3699% 8.9400%
FORBEARANCE
Current $ 61,569,073.02 $ 59,145,189.37 4.1642% 4.1370%
- ---------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 786,693,190.84 $ 1,081,195,194.24 53.2076% 75.6254%
- ---------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) - $ 837,609.40 0.0000% 0.0586%
AGED CLAIMS REJECTED (2) - - 0% 0%
- ---------------------------------------------------------------------------------------------------
GRAND TOTAL $ 1,478,535,335.85 $ 1,429,671,216.94 100.00% 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.
SLM STUDENT LOAN TRUST 1996-4 Page 4
<PAGE> 49
V. INTEREST CALCULATION
<TABLE>
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 26,135,905.91
B Interest Subsidy Payments Accrued During Collection Period $ 13,052,761.59
C SAP Payments Accrued During Collection Period $ 686,626.02
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 49,872.39
E Investment Earnings (ADMINISTRATOR ACT) $ 405,017.15
------------------
F NET EXPECTED INTEREST COLLECTIONS $ 40,330,183.06
G STUDENT LOAN RATE
i Days in Collection Period (9/03/96-12/31/96) 120
ii Days in Year 366
iii Net Expected Interest Collections $ 40,330,183.06
iv Primary Servicing Fee $ 3,212,025.32
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,501,183,283.44
vii STUDENT LOAN RATE 7.53735%
</TABLE>
<TABLE>
<CAPTION>
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
<S> <C> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.60190%
I CLASS A-1 INTEREST RATE 0.017803288 (10/3/96-1/27/97) 5.60190%
J Class A-2 T-Bill Based Interest Rate 5.76190%
K CLASS A-2 INTEREST RATE 0.018311781 (10/3/96-1/27/97) 5.76190%
L Certificate T-Bill Based Rate of Return 6.05190%
M CERTIFICATE RATE OF RETURN 0.019233425 (10/3/96-1/27/97) 6.05190%
</TABLE>
SLM STUDENT LOAN TRUST 1996-4 Page 5
<PAGE> 50
VI. INPUTS FROM PREVIOUS QUARTERLY SERVICING REPORTS 09/2/96
<TABLE>
<S> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,478,535,335.85
ii Interest To Be Capitalized $ 22,647,947.59
--------------------
iii Total Pool $ 1,501,183,283.44
iv Reserve Account Balance $ -
--------------------
v TOTAL ADJUSTED POOL $ 1,501,183,283.44
====================
B Total Note and Certificate Factor 1.00000000000
C TOTAL NOTE AND CERTIFICATE BALANCE $ 1,505,000,000.00
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
D NOTE BALANCE 10/3/96 CLASS A-1 CLASS A-2 CERTIFICATES
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor-10/3/96 1.0000000000 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 957,300,000.00 $ 495,000,000.00 $ 52,700,000.00
------------------ ---------------- ---------------
iv NOTE BALANCE $ 957,300,000.00 $ 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
-----------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
G Reserve Account Balance $ 3,752,958.00
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 $ -
</TABLE>
SLM STUDENT LOAN TRUST 1996-4 Page 6
<PAGE> 51
VII. WATERFALL FOR DISTRIBUTIONS
<TABLE>
<CAPTION>
REMAINING
FUNDS BALANCE
-------------
<S> <C> <C> <C>
A Total Available Funds ( Sections III -F + V-D+VIII-G) $ 84,046,002.82 $ 84,046,002.82
B Primary Servicing Fees-Current Month $ 1,089,333.52 $ 82,956,669.30
C Administration Fee $ 20,000.00 $ 82,936,669.30
D Noteholder's Interest Distribution Amount
i Class A-1 $ 17,043,087.60 $ 65,893,581.70
ii Class A-2 $ 9,064,331.60 $ 56,829,250.10
---------------
iii TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $ 26,107,419.20
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 1,013,601.50 $ 55,815,648.60
F Noteholder's Principal Distribution Amount
i Class A-1 $ 55,815,648.60 $ (0.00)
ii Class A-2 $ 0.00 $ (0.00)
---------------
iii TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 55,815,648.60
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ (0.00)
H Increase to the Specified Reserve Account Balance $ 0.00 $ 0.00
I Carryover Servicing Fees (2) $ 0.00 $ 0.00
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 0.00
i Class A-2 $ 0.00 $ 0.00
---------------
iii TOTAL NOTEHOLDER'S INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 0.00
L EXCESS TO RESERVE ACCOUNT $ 0.00 $ 0.00
</TABLE>
(1) Includes initial deposit of $25,000 from Seller
(2) Insufficient Funds available to pay carryover Servicing Fees.
SLM STUDENT LOAN TRUST 1996-4 Page 7
<PAGE> 52
VIII. DISTRIBUTIONS
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
A DISTRIBUTION AMOUNTS CLASS A-1 CLASS A-2 CERTIFICATES
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 17,043,087.60 $ 9,064,331.60 $ 1,013,601.50
ii Quarterly Interest Paid $ 17,043,087.60 $ 9,064,331.60 $ 1,013,601.50
--------------- -------------- --------------
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) $ 55,815,648.60 $ 0.00 $ 0.00
viii Quarterly Principal Paid $ 55,815,648.60 $ 0.00 $ 0.00
--------------- -------------- --------------
ix QUARTERLY PRINCIPAL SHORTFALL $ 0.00 $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 72,858,736.20 $ 9,064,331.60 $ 1,013,601.50
--------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates Principal Balance 12/31/96 $ 1,505,000,000.00
ii Adjusted Pool Balance 12/31/96 $ 1,449,184,351.40
-------------------
iii Pool Exceeding Notes and Certificate Balance (i-ii) $ 55,815,648.60
-------------------
iv PRINCIPAL DISTRIBUTION AMOUNT $ 55,815,648.60
===================
C Total Principal Distribution $ 55,815,648.60
D Total Interest Distribution $ 27,121,020.70
-------------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 82,936,669.30
---------------------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 10/3/96 01/27/97
---------------------------------------------------------------------------------------------
i A-1 Note Balance (78442GAG1) $ 957,300,000.00 $ 901,484,351.40
A-1 Note Pool Factor 1.0000000000 0.9416947158
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
---------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
G RESERVE ACCOUNT RECONCILIATION
i Beginning of Period Balance $ 3,752,958.00
ii Deposits to correct Shortfall $ 0.00
iii Deposits from Excess Servicing $ 0.00
------------------
iv Total Reserve Account Balance Available $ 3,752,958.00
v Required Reserve Account Balance $ 3,613,578.48
vi Shortfall Carried to Next Period $ 0.00
vii EXCESS RESERVE -RELEASE TO WATERFALL $ 139,379.52
viii Ending Reserve Account Balance $ 3,613,578.48
</TABLE>
SLM STUDENT LOAN TRUST 1996-4 Page 8
<PAGE> 53
IX. 1996-4 HISTORICAL POOL INFORMATION
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
BEGINNING STUDENT LOAN PORTFOLIO BALANCE
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections
ii Principal Collections from Guarantor
iii Principal Reimbursements
iv Other System Adjustments
-----------------------------------------------------------------
v Total Principal Collections $ - $ -
Student Loan Non-Cash Principal Activity
i Other Adjustments
ii Capitalized Interest
-----------------------------------------------------------------
iii Total Non-Cash Principal Activity $ - $ - $ -
----------------------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ - $ - $ -
----------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections
ii Interest Claims Received from Guarantors
iii Interest Reimbursements
iv Other System Adjustments
v Special Allowance Payments
vi Subsidy Payments
-----------------------------------------------------------------
vii Total Interest Collections $ - $ - $ -
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment
ii Capitalized Interest
-----------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ - $ - $ -
-----------------------------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ - $ - $ -
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ - $ - $ -
----------------------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ -
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ - $ - $ -
----------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM STUDENT LOAN TRUST 1996-4 Page 9
<PAGE> 54
X. PAYMENT HISTORY AND CPRS
<TABLE>
<CAPTION>
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
<S> <C> <C>
Oct-96 $ 1,501,183,283 -
Jan-97 $ 1,445,431,393 5.7%
</TABLE>
* "SINCE ISSUED CPR" IS BASED ON THE CURRENT PERIOD'S ENDING POOL
BALANCE CALCULATED AGAINST THE ORIGINAL POOL BALANCE AND ASSUMING CUTOFF DATE
POOL DATA.
SLM STUDENT LOAN TRUST 1996-4 Page 10
<PAGE> 55
SLM STUDENT LOAN TRUST 1996-4
OFFICER'S CERTIFICATE
INDENTURE TRUSTEE ELIGIBLE LENDER TRUSTEE
Bankers Trust Company Chase Manhattan Bank (USA)
Four Albany Street 1 Chase Manhattan Plaza
New York, NY 10006 Wilmington, Delaware 19801-1398
Attn: Corporate Trust & Agency Group Attn: Manager, Trust Division
(212) 250-6547 (302) 575-5022
ADMINISTRATOR SERVICER
Sallie Mae Sallie Mae Servicing Corporation
11600 Sallie Mae Drive 11600 Sallie Mae Drive
Reston, Virginia 20190-4798 Reston, Virginia 20193
Attn: Director, Corporate Finance ATTN: Director ABS Administration
Operations
(703) 810-7711
================================================================================
Pursuant to Section 3.1 of the Administration Agreement (the "Agreement"), we,
the undersigned, hereby certify that (i) a review of the activities and
performances of the Servicer and Administrator from the Trust inception through
December 31, 1996 has been made, and (ii) to the best of our knowledge, the
Servicer and Administrator have fulfilled their obligations under the Agreement
throughout such period.
January 21, 1997
SALLIE MAE, AS ADMINISTRATOR
/s/ Robert R. Levine
- ----------------------------------
Robert R. Levine, Vice President
and Treasurer
/s/ Mark G. Overend
- ----------------------------------
Mark G. Overend, Vice President
and Controller
