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): April 25, 1997
SLM FUNDING CORPORATION
-----------------------
formerly known as SALLIE MAE FUNDING CORPORATION
(Exact name of registrant as specified in its charter)
(Originator of the Sallie Mae Student Loan Trust 1995-1,
the Sallie Mae Student Loan Trust 1996-1,
the SLM Student Loan Trust 1996-2,
the SLM Student Loan Trust 1996-3,
the SLM Student Loan Trust 1996-4,
and the SLM Student Loan Trust 1997-1)
Delaware 33-95474/333-2502 23-2815650
- -------- ----------------- ----------
(State or other (Commission File (I.R.S. employer
Jurisdiction of Numbers) Identification No.)
Identification No.)
777 Twin Creek Drive
Killeen, Texas 76543
---------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (817) 554-4500
Page 1 of 5
Exhibit Index appears on Page 5
<PAGE>
Item 5. Other Events
On April 25, 1997, the Sallie Mae Student Loan Trust 1995-1 made
its sixth, the Sallie Mae Student Loan Trust 1996-1 made its fifth, the SLM
Student Loan Trust 1996-2 made its fourth, the SLM Student Loan Trust 1996-3
made its third, and the SLM Student Loan Trust 1996-4 made its second, regular
quarterly distribution of funds to holders of their respective Floating Rate
Student Loan-Backed Notes and distributed their respective Quarterly Servicing
Reports, filed herewith as an Exhibit to this Form 8-K, to Certificateholders
and Noteholders of record.
The Registrant is hereby filing the Quarterly Servicing Reports
reflecting each Trust's activities as of April 25, 1997.
Page 2 of 5
Exhibit Index appears on Page 5
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
(c) Exhibits
19.1 Quarterly Servicing Reports
Page 3 of 5
Exhibit Index appears on Page 5
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Dated: April 25, 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>
INDEX TO EXHIBIT
----------------
Sequentially
Exhibit Numbered
Number Exhibit Page
------ ------- ----
19.1 Quarterly Servicing Reports.
Page 5 of 5
Exhibit Index appears on Page 5
SLM Student Loan Trust 1996-4
Quarterly Servicing Report
Report Date: 3/31/97 Reporting Period: 1/01/97-3/31/97
<TABLE>
<CAPTION>
I. Deal Parameters
A Student Loan Portfolio Characteristics 12/31/96 Activity 3/31/97
-------------------------------------- -------- -------- -------
<S> <C> <C> <C> <C> <C>
i Portfolio Balance $1,429,671,216.95 $(53,636,440.71) $1,376,034,776.24
ii Interest to be Capitalized $ 15,760,176.45 $ 17,313,560.23
iii Total Pool $1,445,431,393.40 $1,393,348,336.47
iv Reserve Account Balance $ 3,752,958.00 $ 3,613,578.48
----------------- -----------------
v Total Adjusted Pool $1,449,184,351.40 $1,396,961,914.95
================= =================
B i Weighted Average Coupon (WAC) 8.1888% 8.1926%
ii Weighted Average Remaining Term 105.40 104.40
iii Number of Loans 597,763 583,998
iv Number of Borrowers 229,701 225,233
</TABLE>
<TABLE>
<CAPTION>
C Notes and Certificates Spread Balance 1/27/97 % of Pool Balance 4/25/97 % of Pool
---------------------- ------ --------------- --------- --------------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAG1 0.48% $ 901,484,351.40 62.206% $ 849,261,914.95 60.793%
ii A-2 Notes 78442GAH9 0.64% $ 495,000,000.00 34.157% $ 495,000,000.00 35.434%
iii Certificates 78442GAJ5 0.93% $ 52,700,000.00 3.637% $ 52,700,000.00 3.772%
---- ----------------- ----- ----------------- -----
iv Total Notes and Certificates $1,449,184,351.40 100.000% $1,396,961,914.95 100.000%
================= ======= ================= =======
</TABLE>
<TABLE>
<CAPTION>
D Reserve Account 1/27/97 4/25/97
--------------- ------- -------
<S> <C> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($) $ 3,752,958.00
iii Specified Reserve Acct Balance ($) $ 3,613,578.48 $ 3,483,370.84
iv Reserve Account Floor Balance ($) $ 1,501,183.00 $ 1,501,183.00
v Current Reserve Acct Balance ($) $ 3,613,578.48 $ 3,483,370.84
</TABLE>
E Reporting Period
i Begin Date 1/1/97
ii End Date 3/31/97
iii Days In Period 90
iv Days In Year 365
F Current Accrued Interest Balance
<PAGE>
II. 1996-4 Transactions from: 1/1/97 through: 3/31/97
A Student Loan Principal Activity
i Regular Principal Collections $37,211,977.76
ii Principal Collections from Guarantor $ 3,705,399.22
iii Principal Reimbursements $17,137,954.08
iv Other System Adjustments $ -
--------------
v Total Principal Collections $58,055,331.06
B Student Loan Non-Cash Principal Activity
i Other Adjustments $942,350.55
ii Capitalized Interest $(5,361,240.90)
--------------
iii Total Non-Cash Principal Activity $(4,418,890.35)
C Total Student Loan Principal Activity $53,636,440.71
D Student Loan Interest Activity
i Regular Interest Collections $14,654,685.30
ii Interest Claims Received from Guarantors $ 179,413.60
iii Interest Reimbursements $ 188,351.78
iv Other System Adjustments $ -
v Special Allowance Payments $ 422,026.77
vi Subsidy Payments $ 9,512,413.79
--------------
vii Total Interest Collections $24,956,891.24
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (909,268.24)
ii Capitalized Interest $ 5,361,240.90
--------------
iii Total Non-Cash Interest Adjustments $ 4,451,972.66
F Total Student Loan Interest Activity $29,408,863.90
<PAGE>
III. 1996-4 Collection Account Activity 1/1/97 through 3/31/97
<TABLE>
<CAPTION>
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $40,917,376.98
ii Cash Forwarded by Administrator on behalf of Seller $ 1,103,583.30
iii Cash Forwarded by Administrator on behalf of Servicer $ 4,356.63
iv Cash Forwarded by Administrator for Consolidation Activity $16,030,014.15
--------------
v Total Principal Collections $58,055,331.06
B Interest Collections
i Interest Payments Received-Cash $24,768,539.46
ii Cash Forwarded by Administrator on behalf of Seller $ 14,993.17
iii Cash Forwarded by Administrator on behalf of Servicer $ 897.14
iv Cash Forwarded by Administrator for Consolidation Activity $ 172,461.47
--------------
v Total Interest Collections $24,956,891.24
C Other Reimbursements $ 52,245.61
D Administrator Account Investment Income $ 544,508.94
E Return funds borrowed for previous distribution $(2,474,319.38)
F TOTAL FUNDS RECEIVED $81,134,657.47
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $(2,162,340.56)
--------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $78,972,316.91
==============
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 1,071,614.64
ii Percentage of Principal Calculation $ 1,464,329.64
iii Lesser of Unit or Principal Calculation $ 1,071,614.64
H Servicing Fees Due for Current Period $ 1,071,614.64
I Carryover Servicing Fees Due $ 1,207,805.44
JAN 1997 Servicing Carryover $ 416,966.06
FEB 1997 Servicing Carryover $ 403,378.15
MAR 1997 Servicing Carryover $ 392,715.00
-------------
$1,213,059.21
Less: Servicing ADJ [A iii + B iii] $ (5,253.77)
-------------
TOTAL: Carryover Servicing Fee Due $1,207,805.44
=============
J Administration Fees Due $ 20,000.00
K Total Fees Due for Period $2,299,420.08
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
IV. 1996-4 Portfolio Characteristics
Weighted Avg Coupon # of Loans % Principal Amount %
------------------- ----------------- ----------------- -------------------------- -------------------
STATUS 12/31/96 3/31/97 12/31/96 3/31/97 12/31/96 3/31/97 12/31/96 3/31/97 12/31/96 3/31/97
- ------ -------- ------- -------- -------- -------- ------- -------- ------- -------- -------
INTERIM:
In School
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Current 7.9668% 7.9706% 91,535 85,319 15.3129% 14.6095% $ 275,826,217.97 $ 257,094,718.06 19.2930% 18.6837%
Grace
Current 7.9826% 7.9910% 23,633 20,215 3.9536% 3.4615% $ 71,812,195.33 $ 59,999,781.96 5.0230% 4.3603%
------ ------ ------ ------ ------- ------- ----------------- ----------------- ------- -------
TOTAL INTERIM 7.9701% 7.9745% 115,168 105,534 19.2665% 18.0710% $ 347,638,413.30 $ 317,094,500.02 24.3160% 23.0441%
====== ====== ======= ======= ======= ======= ================= ================= ======= =======
REPAYMENT
Active
Current 8.2591% 8.2644% 366,364 345,213 61.2892% 59.1120% $ 775,104,870.15 $ 694,333,237.04 54.2156% 50.4590%
31-60 Days
Delinquent 8.2924% 8.2889% 24,152 21,532 4.0404% 3.6870% $ 52,249,497.01 $ 47,216,061.33 3.6547% 3.4313%
61-90 Days
Delinquent 8.2822% 8.2745% 11,849 14,134 1.9822% 2.4202% $ 25,787,949.57 $ 35,988,643.56 1.8038% 2.6154%
91-120 Days
Delinquent 8.2847% 8.2603% 6,951 9,168 1.1628% 1.5699% $ 15,835,178.81 $ 23,908,418.71 1.1076% 1.7375%
120 Days
Delinquent 8.2849% 8.2733% 10,556 10,946 1.7659% 1.8743% $ 25,259,487.52 $ 25,317,178.26 1.7668% 1.8399%
Deferment
Current 8.2449% 8.2177% 42,342 48,083 7.0834% 8.2334% $ 127,813,021.81 $ 144,795,384.53 8.9400% 10.5227%
Forbearance
Current 8.2622% 8.2635% 20,036 25,468 3.3518% 4.3610% $ 59,145,189.37 $ 78,112,548.64 4.1370% 5.6766%
TOTAL
REPAYMENT 8.261% 8.259% 482,250 474,544 80.6758% 81.2578% $1,081,195,194.24 $1,049,671,472.07 75.6254% 76.2823%
===== ===== ======= ======= ======= ======= ================= ================= ======= =======
Claims in
Process (1) 8.3508% 8.2986% 345 3,920 0.0577% 0.6712% $ 837,609.40 $ 9,268,804.14 0.0586% 0.6736%
Aged Claims
Rejected (2) 0.0000% 0.0000% - - 0% 0% $ - $ - 0% 0%
------ ------ ------- ------- ------ ------ ----------------- ----------------- ------ ------
GRAND TOTAL 8.189% 8.193% 597,763 583,998 100.00% 100.00% $1,429,671,216.94 $ 1,376,034,776.23 100.00% 100.00%
===== ===== ======= ======= ======= ======= ================== ================== ======= ======
</TABLE>
____________
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
<PAGE>
<TABLE>
<CAPTION>
V. Interest Calculation
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 21,257,901.73
B Interest Subsidy Payments Accrued During Collection Period $ 6,859,692.23
C SAP Payments Accrued During Collection Period $ 575,379.43
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 84,086.50
E Investment Earnings (ADMINISTRATOR ACT) $ 544,508.94
-----------------
F Net Expected Interest Collections $ 29,321,568.83
G Student Loan Rate
i Days in Collection Period (1/01/97-3/31/97) 90
ii Days in Year 365
iii Net Expected Interest Collections $ 29,321,568.83
iv Primary Servicing Fee $ 3,233,955.20
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $1,445,431,393.40
vii Student Loan Rate 7.31399%
</TABLE>
<TABLE>
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.71102%
I Class A-1 Interest Rate 0.013769041 (1/27/97-4/25/97) 5.71102%
J Class A-2 T-Bill Based Interest Rate 5.87102%
K Class A-2 Interest Rate 0.014154795 (1/27/97-4/25/97) 5.87102%
L Certificate T-Bill Based Rate of Return 6.16102%
M Certificate Rate of Return 0.014853973 (1/27/97-4/25/97) 6.16102%
</TABLE>
<PAGE>
VI. Inputs From Previous Quarterly Servicing Reports 12/31/96
A Total Student Loan Pool Outstanding
i Portfolio Balance $1,429,671,216.95
ii Interest To Be Capitalized $ 15,760,176.45
-----------------
iii Total Pool $1,445,431,393.40
iv Reserve Account Balance $ 3,752,958.00
-----------------
v Total Adjusted Pool $1,449,184,351.40
=================
B Total Note and Certificate Factor 0.96291319030
C Total Note and Certificate Balance $1,449,184,351.40
<TABLE>
<CAPTION>
D Note Balance 1/27/97 Class A-1 Class A-2 Certificates
------------ ------- --------- --------- ------------
<S> <C> <C> <C> <C> <C>
i Current Factor-1/27/97 0.9416947158 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 901,484,351.40 $495,000,000.00 $ 52,700,000.00
---------------- --------------- ---------------
iv Note Balance $ 901,484,351.40 $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>
G Reserve Account Balance $ 3,613,578.48
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) $ 1,271,829.42
K Interest Due on Upaid Carryover Servicing Fees $ 11,958.33
<PAGE>
VII. Waterfall for Distributions
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C> <C>
A Total Available Funds (Sections III -F + V-D) $ 79,056,403.41 $ 79,056,403.41
B Primary Servicing Fees-Current Month $ 1,071,614.64 $ 77,984,788.77
C Administration Fee $ 20,000.00 $ 77,964,788.77
D Noteholder's Interest Distribution Amount
i Class A-1 $ 12,412,575.00 $ 65,552,213.77
ii Class A-2 $ 7,006,623.53 $ 58,545,590.24
---------------
iii Total Noteholder's Interest Distribution $ 19,419,198.53
E Certificateholder's Return Distribution Amount $ 782,804.38 $ 57,762,785.86
F Noteholder's Principal Distribution Amount
i Class A-1 $ 52,222,436.45 $ 5,540,349.41
ii Class A-2 $ 0.00 $ 5,540,349.41
---------------
iii Total Noteholder's Principal Distribution $ 52,222,436.45
G Certificateholder's Balance Distribution Amount $ 0.00 $ 5,540,349.41
H Increase to the Specified Reserve Account Balance $ 0.00 $ 5,540,349.41
I Carryover Servicing Fees (1) $ 2,491,593.19 $ 3,048,756.22
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 3,048,756.22
i Class A-2 $ 0.00 $ 3,048,756.22
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 3,048,756.22
L Excess to Reserve Account $ 3,048,756.22 $ 0.00
</TABLE>
_________
(1) Includes carryover servicing fees due from last period
<PAGE>
VIII. Distributions
<TABLE>
<CAPTION>
A Distribution Amounts Class A-1 Class A-2 Certificates
-------------------- ----------------- ---------------- --------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 12,412,575.00 $ 7,006,623.53 $ 782,804.38
ii Quarterly Interest Paid $ 12,412,575.00 $ 7,006,623.53 $ 782,804.38
----------------- ---------------- --------------
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) $ 52,222,436.45 $ 0.00 $ 0.00
viii Quarterly Principal Paid $ 52,222,436.45 $ 0.00 $ 0.00
----------------- ---------------- --------------
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
----------------- ---------------- --------------
x Total Distribution Amount $ 64,635,011.45 $ 7,006,623.53 $ 782,804.38
================= ================ ==============
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 3/31/97 $1,449,184,351.40
ii Adjusted Pool Balance 3/31/97 $1,396,961,914.95
-----------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 52,222,436.45
-----------------
iv Principal Distribution Amount $ 52,222,436.45
=================
C Total Principal Distribution $ 52,222,436.45
D Total Interest Distribution $ 20,202,002.91
-----------------
E Total Cash Distributions-Note and Certificates $ 72,424,439.36
=================
</TABLE>
<TABLE>
<CAPTION>
F Note & Certificate Balances 1/27/97 4/25/97
--------------------------- ------- -------
<S> <C> <C> <C> <C>
i A-1 Note Balance (78442GAG1) $901,484,351.40 $849,261,914.95
A-1 Note Pool Factor 0.9416947158 0.8871429175
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>
<CAPTION>
<S> <C> <C>
G Reserve Account Reconciliation
i Beginning of Period Balance $ 3,613,578.48
ii Deposits to correct Shortfall $ 0.00
iii Deposits from Excess Servicing $ 3,048,756.22
iv Total Reserve Account Balance Available $ 6,662,334.70
v Required Reserve Account Balance $ 3,483,370.84
vi Shortfall Carried to Next Period $ 0.00
vii Excess Reserve -release to SLM Funding Corp $ 3,178,963.86
viii Ending Reserve Account Balance $ 3,483,370.84
</TABLE>
<PAGE>
IX. 1996-4 Historical Pool Information
<TABLE>
<CAPTION>
1/1/97-3/31/97 9/3/96-12/31/96
-------------- ---------------
<S> <C> <C> <C>
Beginning Student Loan Portfolio Balance $1,429,671,216.95 $1,478,535,335.85
Student Loan Principal Activity
i Regular Principal Collections $ 37,211,977.76 $ 47,792,030.07
ii Principal Collections from Guarantor $ 3,705,399.22 $ 651,773.25
iii Principal Reimbursements $ 17,137,954.08 $ 14,902,506.96
iv Other System Adjustments $ (713.51)
---------- ----------------- -----------------
v Total Principal Collections $ - $ 58,055,331.06 $ 63,345,596.77
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 942,350.55 $ 1,431,259.68
ii Capitalized Interest $ (5,361,240.90) $ (15,912,737.55)
---------- ----------------- -----------------
iii Total Non-Cash Principal Activity $ - $ (4,418,890.35) $ (14,481,477.87)
---------- ----------------- -----------------
(-) Total Student Loan Principal Activity $ - $ 53,636,440.71 $ 48,864,118.90
========== ================= =================
Student Loan Interest Activity
i Regular Interest Collections $ 14,654,685.30 $ 15,484,377.46
ii Interest Claims Received from Guarantors $ 179,413.60 $ 13,446.63
iii Interest Reimbursements $ 188,351.78 $ 282,181.00
iv Other System Adjustments $ - $ (287.62)
v Special Allowance Payments $ 422,026.77 $ 257,877.96
vi Subsidy Payments $ 9,512,413.79 $ 3,637,851.32
---------- ----------------- -----------------
vii Total Interest Collections $ - $ 24,956,891.24 $ 19,675,446.75
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (909,268.24) $ (1,407,772.50)
ii Capitalized Interest $ 5,361,240.90 $ 15,912,737.55
---------- ----------------- -----------------
iii Total Non-Cash Interest Adjustments $ - $ 4,451,972.66 $ 14,504,965.05
---------- ----------------- -----------------
Total Student Loan Interest Activity $ - $ 29,408,863.90 $ 34,180,411.80
(=) Ending Student Loan Portfolio Balance $ - $1,376,034,776.24 $1,429,671,216.95
---------- ----------------- -----------------
(+) Interest to be Capitalized $ - $ 17,313,560.23 $ 15,760,176.45
---------- ----------------- -----------------
(=) TOTAL POOL $ - $1,393,348,336.47 $1,445,431,393.40
========== ================= =================
(+) Reserve Account Balance $ 3,613,578.48 $ 3,752,958.00
----------------- -----------------
(=) Total Adjusted Pool $1,396,961,914.95 $1,449,184,351.40
================= =================
</TABLE>
<PAGE>
X. Payment History and CPRs
Distribution Actual Since Issued
Date Pool Balances CPR *
------------ ------------- ------------
Oct-96 $1,501,183,283 -
Jan-97 $1,445,431,393 5.7%
Apr-97 $1,393,348,336 5.8%
__________
* "Since Issued CPR" is based on the current period's ending
pool balance calculated against the original pool balance and
assuming cutoff date pool data.
<PAGE>
SLM Student Loan Trust 1996-3
Quarterly Servicing Report
Report Date: 3/31/97 Reporting Period: 1/1/97 - 3/31/97
I. Deal Parameters
<TABLE>
<CAPTION>
A Student Loan Portfolio Characteristics 12/31/96 Activity 3/31/97
-------------------------------------- -------- -------- -------
<S> <C> <C> <C> <C> <C>
i Portfolio Balance $ 1,413,647,896.61 $ (51,806,502.36) $ 1,361,841,394.25
ii Interest to be Capitalized $ 15,933,644.48 $ 17,813,283.35
------------------ -------------------
iii Total Pool $ 1,429,581,541.09 $ 1,379,654,677.60
iv Reserve Account Balance $ 3,674,921.48 $ 3,573,953.85
------------------ -------------------
B v Total Adjusted Pool $ 1,433,256,462.57 $ 1,383,228,631.45
================== ===================
i Weighted Average Coupon (WAC) 8.1865% 8.1879%
ii Weighted Average Remaining Term 111.00 109.50
iii Number of Loans 505,341 491,146
iv Number of Borrowers 202,779 197,457
</TABLE>
<TABLE>
<CAPTION>
C Notes and Certificates Spread Balance 1/27/97 % of Pool Balance 4/25/97 % of Pool
---------------------- ------ ------------------ ---------- ------------------ ---------
<S> <C> <C> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAD8 0.49% $ 827,506,462.57 57.736% $ 777,478,631.45 56.208%
ii A-2 Notes 78442GAE6 0.68% $ 553,000,000.00 38.583% $ 553,000,000.00 39.979%
iii Certificates 78442GAF3 0.95% $ 52,750,000.00 3.680% $ 52,750,000.00 3.814%
------------------- ------- ------------------
iv Total Notes and Certificates $ 1,433,256,462.57 100.000% $ 1,383,228,631.45 100.000%
=================== ======= ==================
</TABLE>
<TABLE>
<CAPTION>
D Reserve Account 1/27/97 4/25/97
--------------- ------- -------
<S> <C> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 3,573,953.85 $ 3,449,136.69
iv Reserve Account Floor Balance ($) $ 1,502,704.00 $ 1,502,704.00
v Current Reserve Acct Balance ($) $ 3,573,953.85 $ 3,449,136.69
</TABLE>
E Reporting Period
i Begin Date 1/1/97
ii End Date 3/31/97
iii Days In Period 90
iv Days In Year 365
F Current Accrued Interest Balance
<PAGE>
II. 1996-3 Transactions from: 1/1/97 through: 3/31/97
<TABLE>
<CAPTION>
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 26,325,976.31
ii Principal Collections from Guarantor $ 16,603,607.75
iii Principal Reimbursements $ 12,784,224.04
iv Other System Adjustments $ -
----------------
v Total Principal Collections $ 55,713,808.10
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 920,763.16
ii Capitalized Interest $ (4,828,068.90)
----------------
iii Total Non-Cash Principal Activity $ (3,907,305.74)
----------------
C Total Student Loan Principal Activity $ 51,806,502.36
================
D Student Loan Interest Activity
i Regular Interest Collections $ 14,742,626.48
ii Interest Claims Received from Guarantors $ 1,067,757.11
iii Interest Reimbursements $ 154,787.09
iv Other System Adjustments $ -
v Special Allowance Payments $ 389,797.21
vi Subsidy Payments $ 8,217,893.54
----------------
vii Total Interest Collections $ 24,572,861.43
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (772,295.49)
ii Capitalized Interest $ 4,828,068.90
----------------
iii Total Non-Cash Interest Adjustments $ 4,055,773.41
----------------
F Total Student Loan Interest Activity $ 28,628,634.84
================
</TABLE>
<PAGE>
III. 1996-3 Collection Account Activity 1/1/97 through 3/31/97
<TABLE>
<CAPTION>
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $ 42,929,584.06
ii Cash Forwarded by Administrator on behalf of Seller $ 891,073.77
iii Cash Forwarded by Administrator on behalf of Servicer $ 4,904.54
iv Cash Forwarded by Administrator for Consolidation Activity $ 11,888,245.73
--------------
v Total Principal Collections $ 55,713,808.10
B Interest Collections
i Interest Payments Received-Cash $ 24,418,074.34
ii Cash Forwarded by Administrator on behalf of Seller $ 4,833.01
iii Cash Forwarded by Administrator on behalf of Servicer $ 7,482.37
iv Cash Forwarded by Administrator for Consolidation Activity $ 142,471.71
---------------
v Total Interest Collections $ 24,572,861.43
C Other Reimbursements $ 56,804.34
D Administrator Account Investment Income $ 512,449.24
E Funds borrowed from next Collection Period $ -
F TOTAL FUNDS RECEIVED $ 80,855,923.11
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,902,623.34)
---------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 78,953,299.77
===============
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 938,933.79
ii Percentage of Principal Calculation $ 1,344,376.88
iii Lesser of Unit or Principal Calculation $ 938,933.79
H Servicing Fees Due for Current Period $ 938,933.79
I Carryover Servicing Fees Due $ 1,229,720.48
JAN 1997 Servicing Carryover $ 423,217.61
FEB 1997 Servicing Carryover $ 413,446.69
MAR 1997 Servicing Carryover $ 405,443.09
-------------
$1,242,107.39
Less: Servicing ADJ [A iii + B iii] $ (12,386.91)
TOTAL: Carryover Servicing Fee Due $1,229,720.48
J Administration Fees Due $ 20,000.00
----------------
K Total Fees Due for Period $ 2,188,654.27
================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
IV. 1996-3 Portfolio Characteristics
Weighted Avg Coupon # of Loans % Principal Amount %
------------------- ----------------- ----------------- -------------------------- -------------------
STATUS 12/31/96 3/31/97 12/31/96 3/31/97 12/31/96 3/31/97 12/31/96 3/31/97 12/31/96 3/31/97
- ------ -------- ------- -------- -------- -------- ------- -------- ------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.9334% 7.9334% 94,234 87,998 18.6476% 17.916% $ 305,850,690.35 $ 285,419,975.67 21.6356% 20.9584%
Grace
Current 7.9883% 7.9839% 15,004 14,675 2.9691% 2.9879% $ 47,412,073.60 $ 46,355,173.78 3.3539% 3.4039
TOTAL INTERIM 7.9407% 7.9404% 109,238 102,673 21.6167% 20.9048% $ 353,262,763.95 $ 331,775,149.45 24.989 24.3622%
REPAYMENTP
Active
Current 8.2686% 8.2722% 278,571 266,651 55.1254% 54.2916% $ 745,194,752.38 $ 695,420,322.24 52.714 51.0647%
31-60 Days
Delinquent 8.2862% 8.2873% 22,394 19,405 4.4315% 3.9510% $ 56,664,724.69 $ 48,970,438.19 4.0084% 3.5959
61-90 Days
Delinquent 8.2822% 8.2860% 10,940 12,383 2.1649% 2.5212% $ 26,931,638.34 $ 32,330,701.96 1.9051% 2.3740
91-120 Days
Delinquent 8.2858% 8.2686% 6,570 7,453 1.3001% 1.5175% $ 15,681,575.81 $ 19,488,058.25 1.1093% 1.4310
120 Days
Delinquent 8.2808% 8.2900% 13,795 9,452 2.7298% 1.9245% $ 32,599,241.81 $ 23,353,262.08 2.3060% 1.7148
Deferment
Current 8.2584% 8.2397% 41,434 46,166 8.1992% 9.3996% $ 119,074,239.77 $ 132,847,535.78 8.4232% 9.7550
Forbearance
Current 8.2841% 8.2785% 17,659 21,402 3.4945% 4.3576% $ 52,575,819.13 $ 65,494,074.23 3.7192% 4.8092
TOTAL
REPAYMENT 8.270 % 8.270% 391,363 382,912 77.4453% 77.9630% $1,048,721,991.93 $1,017,904,392.73 74.1855% 74.7447%
----- ------ ------- ------- ------- ------ ----------------- ----------------- ------- --------
Claims in
Process (1) 8.2949% 8.2841% 4,740 5,560 0.9380% 1.1320% $ 11,663,140.73 $ 12,162,016.56 0.8250% 0.8931
Aged Claims
Rejected (2) 0.0000% 8.7200% - 1 0% 0% $ - $ (164.49) 0% 0%
------ ------ ------- ------- ------ ------ ----------------- ----------------- ------ ------
GRAND TOTAL 8.186 % 8.188% 505,341 491,146 100.00% 100.00% $1,413,647,896.61 $1,361,841,394.25 100.00% 100.00%
===== ===== ======= ======= ====== ====== ================= ================= ====== ======
</TABLE>
___________
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
<PAGE>
V. 1996-3 Interest Calculation
<TABLE>
<CAPTION>
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 21,026,040.58
B Interest Subsidy Payments Accrued During Collection Period $ 6,757,415.31
C SAP Payments Accrued During Collection Period $ 559,487.34
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 75,158.40
E Investment Earnings (ADMINISTRATOR ACT) $ 512,449.24
------------------
F Net Expected Interest Collections $ 28,930,550.87
G Student Loan Rate
i Days in Collection Period (1/1/97-3/31/97) 90
ii Days in Year 365
iii Net Expected Interest Collections $ 28,930,550.87
iv Primary Servicing Fee $ 2,841,557.13
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,429,581,541.09
vii Student Loan Rate 7.39547%
</TABLE>
<TABLE>
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.72102%
I Class A-1 Interest Rate 0.013793151 (1/27/97-4/25/97) 5.72102%
J Class A-2 T-Bill Based Interest Rate 5.91102%
K Class A-2 Interest Rate 0.014251233 (1/27/97-4/25/97) 5.91102%
L Certificate T-Bill Based Rate of Return 6.18102%
M Certificate Rate of Return 0.014902192 (1/27/97-4/25/97) 6.18102%
</TABLE>
<PAGE>
VI. 1996-3 Inputs From Previous Quarterly Servicing Reports 12/31/96
<TABLE>
<CAPTION>
<S> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,413,647,896.61
ii Interest To Be Capitalized $ 15,933,644.48
------------------
iii Total Pool $ 1,429,581,541.09
iv Reserve Account Balance $ 3,674,921.48
------------------
v Total Adjusted Pool Balance $ 1,433,256,462.57
==================
B Total Note and Certificate Factor 0.95122380127
C Total Note and Certificate Balance $ 1,433,256,462.57
</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 0.9184311460 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 827,506,462.57 $ 553,000,000.00 $ 52,750,000.00
------------------ ----------------- ----------------
iv Note Balance $ 827,506,462.57 $ 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 $ 3,573,953.85
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
K Interest Due on Upaid Carryover Servicing Fees $ -
</TABLE>
<PAGE>
VII. 1996-3 Waterfall for Distributions
<TABLE>
<CAPTION>
Remaining
Funds Balance
---------------
<S> <C> <C> <C>
A Total Available Funds (Sections III -F + V-D) $ 79,028,458.17 $ 79,028,458.17
B Primary Servicing Fees-Current Month $ 938,933.79 $ 78,089,524.38
C Administration Fee $ 20,000.00 $ 78,069,524.38
D Noteholder's Interest Distribution Amount
i Class A-1 $ 11,413,921.59 $ 66,655,602.79
ii Class A-2 $ 7,880,931.85 $ 58,774,670.94
-----------------
iii Total Noteholder's Interest Distribution $ 19,294,853.44
E Certificateholder's Return Distribution Amount $ 786,090.63 $ 57,988,580.31
F Noteholder's Principal Distribution Amount
i Class A-1 $ 50,027,831.12 $ 7,960,749.19
ii Class A-2 $ 0.00 $ 7,960,749.19
-----------------
iii Total Noteholder's Principal Distribution $ 50,027,831.12
G Certificateholder's Balance Distribution Amount $ 0.00 $ 7,960,749.19
H Increase to the Specified Reserve Account Balance $ 0.00 $ 7,960,749.19
I Carryover Servicing Fees $ 1,229,720.48 $ 6,731,028.71
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 6,731,028.71
ii Class A-2 $ 0.00 $ 6,731,028.71
-----------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 6,731,028.71
L Excess to Reserve Account $ 6,731,028.71 $ 0.00
</TABLE>
<PAGE>
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 $ 11,413,921.59 $ 7,880,931.85 $ 786,090.63
ii Quarterly Interest Paid $ 11,413,921.59 $ 7,880,931.85 $ 786,090.63
----------------- ---------------- --------------
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) $ 50,027,831.12 $ 0.00 $ 0.00
viii Quarterly Principal Paid $ 50,027,831.12 $ 0.00 $ 0.00
----------------- ---------------- --------------
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
----------------- ---------------- --------------
x Total Distribution Amount $ 61,441,752.71 $ 7,880,931.85 $ 786,090.63
================= ================ ==============
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 3/31/97 $ 1,433,256,462.57
ii Adjusted Pool Balance 3/31/97 $ 1,383,228,631.45
-------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 50,027,831.12
-------------------
iv Principal Distribution Amount $ 50,027,831.12
===================
C Total Principal Distribution $ 50,027,831.12
D Total Interest Distribution $ 20,080,944.07
-------------------
E Total Cash Distributions-Note and Certificates $ 70,108,775.19
</TABLE>
<TABLE>
<CAPTION>
F Note & Certificate Balances 1/27/97 4/25/97
--------------------------- ------- -------
<S> <C> <C> <C> <C>
i A-1 Note Balance (78442GAD8) $ 827,506,462.57 $ 777,478,631.45
A-1 Note Pool Factor 0.9184311460 0.8629063612
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
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
G Reserve Account Reconciliation
i Beginning of Period Balance $ 3,573,953.85
ii Deposits to correct Shortfall $ 0.00
iii Deposits from Excess Servicing $ 6,731,028.71
---------------
iv Total Reserve Account Balance Available $ 10,304,982.56
v Required Reserve Account Balance $ 3,449,136.69
vi Shortfall Carried to Next Period $ 0.00
vii Excess Reserve -release to SLM Funding Corp $ 6,855,845.87
viii Ending Reserve Account Balance $ 3,449,136.69
</TABLE>
<PAGE>
IX. 1996-3 Historical Pool Information
<TABLE>
<CAPTION>
1/1/97-3/31/97 10/1/96-12/31/96 6/17/96-9/30/96
-------------- ---------------- ---------------
<S> <C> <C> <C>
Beginning Student Loan Portfolio Balance $1,413,647,896.61 $1,447,395,386.24 $1,485,028,174.57
----------------- ----------------- -----------------
Student Loan Principal Activity
i Regular Principal Collections $ 26,325,976.31 $ 25,708,925.38 $ 30,349,661.79
ii Principal Collections from Guarantor $ 16,603,607.75 $ 3,613,377.63 $ 489,106.84
iii Principal reimbursements $ 12,784,224.04 $ 13,087,681.14 $ 12,486,491.73
iv Other Sytem Adjustments $ - $ (7,207.52) $ 5,047.44
----------------- ----------------- -----------------
v Total Principal Collections $ 55,713,808.10 $ 42,402,776.63 $ 43,330,307.80
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 920,763.16 $ 936,515.02 $ 1,290,030.17
ii Capitalized Interest $ (4,828,068.90) $ (9,591,802.02) $ (6,987,549.64)
----------------- ----------------- -----------------
iii Total Non-Cash Principal Activity $ (3,907,305.74) $ (8,655,287.00) $ (5,697,519.47)
----------------- ----------------- -----------------
(--) Total Student Loan Principal Activity $ 51,806,502.36 $ 33,747,489.63 $ 37,632,788.33
================= ================= =================
Student Loan Interest Activity
i Regular Interest Collections $ 14,742,626.48 $ 13,497,348.26 $ 15,754,166.36
ii Interest Claims Received from Guarantors $ 1,067,757.11 $ 184,632.17 $ 11,357.11
iii Interest Reimbursements $ 154,787.09 $ 225,135.74 $ 178,669.39
iv Other System Adjustments $ - $ (822.59) $ 437.04
v Special Allowance Payments $ 389,797.21 $ 799,805.67 $ 496,885.43
vi Subsidy Payments $ 8,217,893.54 $ 9,124,830.54 $ 10,221,660.77
----------------- ----------------- -----------------
vii Total Interest Collections $ 24,572,861.43 $ 23,830,929.79 $ 26,663,176.10
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (772,295.49) $ (906,394.19) $ (1,268,293.82)
ii Capitalized Interest $ 4,828,068.90 $ 9,591,802.02 $ 6,987,549.64
----------------- ----------------- -----------------
iii Total Non-Cash Interest Adjustments $ 4,055,773.41 $ 8,685,407.83 $ 5,719,255.82
----------------- ----------------- -----------------
Total Student Loan Interest Activity $ 28,628,634.84 $ 32,516,337.62 $ 32,382,431.92
(=) Ending Student Loan Portfolio Balance $1,361,841,394.25 $1,413,647,896.61 $1,447,395,386.24
----------------- ----------------- -----------------
(+) Interest to be Capitalized $ 17,813,283.35 $ 15,933,644.48 $ 18,816,445.60
----------------- ----------------- -----------------
(=) TOTAL POOL $1,379,654,677.60 $1,429,581,541.09 $1,466,211,831.84
----------------- ----------------- -----------------
(+) Reserve Account Balance $ 3,573,953.85 $ 3,674,921.48 $ 3,756,760.00
----------------- ----------------- -----------------
(=) TOTAL ADJUSTED POOL $1,383,228,631.45 $1,433,256,462.57 $1,469,968,591.84
================= ================= =================
</TABLE>
<PAGE>
X. 1996-3 Payment History and CPRs
Distribution Actual Since Issued
Date Pool Balances CPR *
------------ ------------- ------------
Jun-96 $ 1,502,704,078 -
Oct-96 $ 1,466,211,474 6.3%
Jan-97 $ 1,429,581,541 5.6%
Apr-97 $ 1,379,654,678 6.3%
_____________
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date
pool data.
<PAGE>
SLM Student Loan Trust 1996-2
Quarterly Servicing Report
Report Date: 3/31/97 Reporting Period: 1/01/97-3/31/97
<TABLE>
<CAPTION>
I. Deal Parameters
A Student Loan Portfolio Characteristics 12/31/96 Activity 3/31/97
-------------------------------------- -------- -------- -------
<S> <C> <C> <C> <C>
i Portfolio Balance $1,368,940,609.46 $(57,505,160.83) $1,311,435,448.63
ii Interest to be Capitalized $ 13,686,568.72 $ 14,820,929.42
----------------- -----------------
iii Total Pool $1,382,627,178.18 $1,326,256,378.05
================= =================
B i Weighted Average Coupon (WAC) 8.2145% 8.2167%
ii Weighted Average Remaining Term 103.20 102.10
iii Number of Loans 591,417 573,644
iv Number of Borrowers 251,004 243,130
</TABLE>
<TABLE>
<CAPTION>
C Notes and Certificates Spread Balance 1/27/97 % of Pool Balance 4/25/97 % of Pool
---------------------- ------ --------------- --------- --------------- ---------
<S> <C> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAA4 0.51% $ 842,597,178.18 60.942% $ 786,226,378.05 59.282%
ii A-2 Notes 78442GAB2 0.71% $ 487,000,000.00 35.223% $ 487,000,000.00 36.720%
iii Certificates 78442GAC0 0.96% $ 53,030,000.00 3.835% $ 53,030,000.00 3.998%
iv Total Notes and Certificates $1,382,627,178.18 100.000% $1,326,256,378.05 100.000%
D Reserve Account 1/27/97 4/25/97
--------------- ------- -------
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 3,456,567.95 $ 3,315,640.95
iv Reserve Account Floor Balance ($) $ 1,515,030.00 $ 1,515,030.00
v Current Reserve Acct Balance ($) $ 3,456,567.95 $ 3,315,640.95
</TABLE>
E Reporting Period
i Begin Date 1/1/97
ii End Date 3/31/97
iii Days In Period 90
iv Days In Year 365
F Current Accrued Interest Balance
<PAGE>
II. 1996-2 Transactions from: 1/1/97 through: 3/31/97
A Student Loan Principal Activity
i Regular Principal Collections $ 35,405,802.03
ii Principal Collections from Guarantor $ 16,357,009.51
iii Principal Reimbursements $ 9,386,952.00
iv Other System Adjustments $ -
---------------
v Total Principal Collections $ 61,149,763.54
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,056,316.24
ii Capitalized Interest $(4,700,918.95)
--------------
iii Total Non-Cash Principal Activity $(3,644,602.71)
--------------
C Total Student Loan Principal Activity $ 57,505,160.83
===============
D Student Loan Interest Activity
i Regular Interest Collections $ 15,556,589.47
ii Interest Claims Received from Guarantors $ 1,054,563.70
iii Interest Reimbursements $ 128,167.59
iv Other System Adjustments $ -
v Special Allowance Payments $ 442,524.38
vi Subsidy Payments $ 7,322,845.39
---------------
vii Total Interest Collections $ 24,504,690.53
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (795,806.82)
ii Capitalized Interest $ 4,700,918.95
---------------
iii Total Non-Cash Interest Adjustments $ 3,905,112.13
---------------
F Total Student Loan Interest Activity $ 28,409,802.66
===============
<PAGE>
<TABLE>
<CAPTION>
III. 1996-2 Collection Account Activity 1/1/97 through 3/31/97
----------- --------------------------- -------------- -------
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $51,762,811.54
ii Cash Forwarded by Administrator on behalf of Seller $ 833,280.26
iii Cash Forwarded by Administrator on behalf of Servicer $ 5,242.96
iv Cash Forwarded by Administrator for Consolidation Activity $ 8,548,428.78
--------------
v Total Principal Collections $61,149,763.54
B Interest Collections
i Interest Payments Received-Cash $24,376,522.94
ii Cash Forwarded by Administrator on behalf of Seller $ 12,651.70
iii Cash Forwarded by Administrator on behalf of Servicer $ 6,906.87
iv Cash Forwarded by Administrator for Consolidation Activity $ 108,609.02
--------------
v Total Interest Collections $24,504,690.53
C Other Reimbursements $ 56,741.33
D Administrator Account Investment Income $ 590,750.85
E TOTAL FUNDS RECEIVED $ 86,301,946.25
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (2,257,351.28)
---------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 84,044,594.97
===============
F Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 1,111,364.04
ii Percentage of Principal Calculation $ 1,519,332.29
iii Lesser of Unit or Principal Calculation $ 1,111,364.04
G Servicing Fees Due for Current Period $ 1,111,364.04
H Carryover Servicing Fees Due $1,240,863.81
JAN 1997 Servicing Carryover $ 428,335.78
FEB 1997 Servicing Carryover $ 416,709.61
MAR 1997 Servicing Carryover $ 407,968.25
---------------
$ 1,253,013.64
Less: Servicing ADJ [A iii + B iii] $ (12,149.83)
---------------
TOTAL: Carryover Servicing Fee Due $ 1,240,863.81
===============
I Administration Fees Due $ 20,000.00
---------------
J Total Fees Due for Period $ 2,372,227.85
===============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
IV. 1996-2 Portfolio Characteristics
Weighted Avg Coupon # of Loans % Principal Amount %
------------------- -------------- ------------------ ------------------------- -----------------
STATUS 12/31/96 3/31/97 12/31/96 3/31/97 12/31/96 3/31/97 12/31/96 3/31/97 12/31/96 3/31/97
- ------ -------- ---------------- ------- -------- ------- -------- ------- -------- -------
INTERIM:
In School
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Current 8.1586% 8.1579% 72,748 67,896 12.3006% 11.8359% $ 201,641,004.26 $ 189,133,506.13 14.7297% 14.4219%
Grace
Current 8.1494% 8.1564% 15,390 13,973 2.6022% 2.4358% $ 43,943,115.19 $ 38,751,347.07 3.2100% 2.9549%
------ ------ ------ ------ ------ ------ ----------------- ----------------- ------ ------
TOTAL INTERIM 8.1569% 8.1576% 88,138 81,869 14.9029% 14.2717% $ 245,584,119.45 $ 227,884,853.20 17.9397% 17.3767%
REPAYMENT ====== ====== ====== ====== ======= ======= ================= ================= ======= =======
Active
Current 8.2172% 8.2201% 370,603 356,401 62.6636% 62.1293% $ 787,196,195.78 $ 732,492,779.88 57.5040% 55.8543%
31-60 Days
Delinquent 8.2609% 8.2597% 23,294 20,538 3.9387% 3.5803% $ 51,713,949.40 $ 46,490,343.89 3.7777% 3.5450%
61-90 Days
Delinquent 8.2611% 8.2526% 10,553 12,940 1.7844% 2.2558% $ 24,243,711.28 $ 31,982,452.51 1.7710% 2.4387%
91-120 Days
Delinquent 8.2615% 8.2483% 7,084 7,972 1.1978% 1.3897% $ 16,383,542.17 $ 19,455,737.23 1.1968% 1.4835%
120 Days
Delinquent 8.2639% 8.2640% 14,029 9,335 2.3721% 1.6273% $ 32,152,772.77 $ 21,981,773.36 2.3487% 1.6762%
Deferment
Current 8.2462% 8.2486% 53,437 56,783 9.0354% 9.8986% $ 146,748,670.79 $ 154,441,385.19 10.7199% 11.7765%
Forbearance
Current 8.2353% 8.2339% 18,978 22,597 3.2089% 3.9392% $ 53,579,343.33 $ 65,458,969.41 3.9139% 4.9914%
------ ------ ------ ------ ------ ------ ----------------- ----------------- ------ ------
TOTAL REPAYMENT 8.227% 8.229% 497,978 486,566 84.2008% 84.8202% $1,112,018,185.52 $1,072,303,441.47 81.2320% 81.7656%
===== ===== ======= ======= ======= ======= ================= ================= ======= =======
Claims in
Process (1) 0.0305% 8.2544% 5,301 5,209 0.8963% 0.9081% $11,338,304.48 $ 11,247,153.95 0.8283% 0.8576%
Aged Claims
Rejected (2) 0.0000% 0.0000% - - 0% 0% $ - $ - 0% 0%
------ ------ ------- ------- ------- ------- ----------------- ----------------- ------- -------
GRAND TOTAL 8.214% 8.217% 591,417 573,644 100.00% 100.00% $1,368,940,609.45 $1,311,435,448.62 100.00% 100.00%
===== ===== ======= ======= ====== ====== ================= ================= ====== ======
- -----------
(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.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
V. Interest Calculation
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 20,893,534.58
B Interest Subsidy Payments Accrued During Collection Period $ 6,022,791.13
C SAP Payments Accrued During Collection Period $ 606,170.68
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 80,670.68
E Investment Earnings (ADMINISTRATOR ACT) $ 590,750.85
F Net Expected Interest Collections $ 28,193,917.92
G Student Loan Rate
i Days in Collection Period (1/01/97-3/31/97) 90
ii Days in Year 365
iii Net Expected Interest Collections $ 28,193,917.92
iv Primary Servicing Fee $ 3,368,715.32
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $1,382,627,178.18
vii Student Loan Rate 7.27592%
</TABLE>
<TABLE>
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C> <C>
H Class A-1 T-Bill Based
Interest Rate 5.74102%
I Class A-1 Interest Rate 0.013841370 (1/27/97-4/25/97) 5.74102%
J Class A-2 T-Bill Based
Interest Rate 5.94102%
K Class A-2 Interest Rate 0.014323562 (1/27/97-4/25/97) 5.94102%
L Certificate T-Bill Based
Rate of Return 6.19102%
M Certificate Rate of Return 0.014926301 (1/27/97-4/25/9 6.19102%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
VI. Inputs From Previous Quarterly Servicing Reports 12/31/96
<S> <C> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $1,368,940,609.46
ii Interest To Be Capitalized $ 13,686,568.72
-----------------
iii Total Student Loan Pool Outstanding $1,382,627,178.18
=================
B Total Note and Certificate Factor 0.91260712869
C Total Note and Certificate Balance $1,382,627,178.18
D Note Balance 1/27/97 Class A-1 Class A-2 Certificates
---------------------------------------- ----------------- ----------------- -----------------
i Current Factor-1/27/97 0.8642022340 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 842,597,178.1 $ 487,000,000.00 $ 53,030,000.00
----------------- ----------------- -----------------
iv Note Balance $ 842,597,178.1 $ 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 $ 3,456,567.95
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
K Interest Due on Upaid Carryover Servicing Fees $ -
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
VII. Waterfall for Distributions
Remaining
Funds Balance
-------------
<S> <C> <C> <C>
A Total Available Funds ( Sections III -E + V-D) $84,125,265.65 $84,125,265.65
B Primary Servicing Fees-Current Month $ 1,111,364.04 $83,013,901.61
C Administration Fee $ 20,000.00 $82,993,901.61
D Noteholder's Interest Distribution Amount
i Class A-1 $11,662,699.30 $71,331,202.31
ii Class A-2 $ 6,975,574.69 $64,355,627.62
--------------
iii Total Noteholder's Interest Distribution $18,638,273.99
E Certificateholder's Return Distribution Amount $ 791,541.74 $63,564,085.88
F Noteholder's Principal Distribution Amount
i Class A-1 $56,370,800.13 $ 7,193,285.75
ii Class A-2 $ 0.00 $ 7,193,285.75
--------------
iii Total Noteholder's Principal Distribution $56,370,800.13
G Certificateholder's Balance Distribution Amount $ 0.00 $ 7,193,285.75
H Increase to the Specified Reserve Account Balance $ 0.00 $ 7,193,285.75
I Carryover Servicing Fees $ 1,240,863.81 $ 5,952,421.94
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 5,952,421.94
i Class A-2 $ 0.00 $ 5,952,421.94
--------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 5,952,421.94
L Excess to Reserve Account $ 5,952,421.94 $ 0.00
</TABLE>
<PAGE>
VIII. Distributions
<TABLE>
<CAPTION>
A Distribution Amounts Class A-1 Class A-2 Certificates
-------------------- --------- --------- ------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 11,662,699.30 $6,975,574.69 $791,541.74
ii Quarterly Interest Paid $ 11,662,699.30 $6,975,574.69 $791,541.74
----------------- ------------- -----------
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) $ 56,370,800.13 $ 0.00 $ 0.00
viii Quarterly Principal Paid $ 56,370,800.13 $ 0.00 $ 0.00
----------------- ------------- -----------
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
----------------- ------------- -----------
x Total Distribution Amount $ 68,033,499.43 $6,975,574.69 $791,541.74
================= ============= ===========
B Principal Distribution Reconciliation
i Notes and Certificates
Principal Balance 3/31/97 $1,382,627,178.18
ii Pool Balance 3/31/97 $1,326,256,378.05
-----------------
iii Pool Exceeding Notes and
Certificate Balance (i-ii) $ 56,370,800.13
-----------------
iv Principal Distribution Amount $ 56,370,800.13
=================
C Total Principal Distribution $ 56,370,800.13
D Total Interest Distribution $ 19,429,815.73
-----------------
E Total Cash Distributions-Note
and Certificates $ 75,800,615.86
</TABLE>
<TABLE>
<CAPTION>
F Note & Certificate Balances 1/27/97 4/25/97
--------------------------- ------------- ---------------
<S> <C> <C> <C> <C>
i A-1 Note Balance (78442GAA4) $842,597,178.18 $786,226,378.05
A-1 Note Pool Factor 0.8642022340 0.8063860288
ii A-2 Note Balance (78442GAB2) $487,000,000.00 $487,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAC0) $ 53,030,000.00 $ 53,030,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
--------------- ---------------
G Reserve Account Reconciliation
i Beginning of Period Balance $3,456,567.95
ii Deposits to correct Shortfall $ 0.00
iii Deposits from Excess Servicing $5,952,421.94
-------------
iv Total Reserve Account Balance Available $9,408,989.89
v Required Reserve Account Balance $3,315,640.95
vi Shortfall Carried to Next Period $ 0.00
vii Excess Reserve -release to SLM Funding Corp. $6,093,348.94
viii Ending Reserve Account Balance $3,315,640.95
</TABLE>
<PAGE>
IX. 1996-2 Historical Pool Information
<TABLE>
<CAPTION>
1/1/97-3/31/97 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 $1,368,940,609.46 $1,420,136,733.54 $1,468,666,284.76 $1,499,948,797.64
Student Loan Principal Activity
i Regular Principal Collections $ 35,405,802.03 $ 35,315,114.14 $ 37,115,081.98 $ 32,387,112.35
ii Principal Collections from Guarantor $ 16,357,009.51 $ 12,433,036.92 $ 1,608,162.94 $ 232,013.54
iii Principal Reimbursements $ 9,386,952.00 $ 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 $ 61,149,763.54 $ 57,957,904.40 $ 52,853,749.34 $ 38,498,208.06
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,056,316.24 $ 1,080,860.52 $ 1,010,052.49 $ 700,262.22
ii Capitalized Interest $ (4,700,918.95) $ (7,842,640.84) $ (5,334,250.61) $ 7,915,957.40)
----------------- ----------------- ------------------ -----------------
iii Total Non-Cash Principal Activity $ (3,644,602.71) $ (6,761,780.32) $ (4,324,198.12) $ (7,215,695.18)
----------------- ----------------- ----------------- -----------------
(--) Total Student Loan Principal Activity $ 57,505,160.83 $ 51,196,124.08 $ 48,529,551.22 $ 31,282,512.88
================= ================= ================= =================
Student Loan Interest Activity
i Regular Interest Collections $ 15,556,589.47 $ 14,810,858.15 $ 15,710,941.68 $ 13,326,889.75
ii Interest Claims Received from $ 1,054,563.70 $ 774,638.29 $ 65,496.81 $ 4,693.63
Guarantors
iii Interest Reimbursements $ 128,167.59 $ 166,885.49 $ 161,064.40 $ 90,073.72
iv Other System Adjustments $ - $ (2,349.39) $ (18.17) $ 309.87
v Special Allowance Payments $ 442,524.38 $ 875,314.62 $ 481,518.57 $ -
vi Subsidy Payments $ 7,322,845.39 $ 7,898,909.32 $ 9,023,779.62 $ -
----------------- ----------------- ----------------- -----------------
vii Total Interest Collections $ 24,504,690.53 $ 24,524,256.48 $ 25,442,782.91 $ 13,421,966.97
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (795,806.82) $ (912,392.77) $ (986,037.72) $ (689,754.99)
ii Capitalized Interest $ 4,700,918.95 $ 7,842,640.84 $ 5,334,250.61 $ 7,915,957.40
----------------- ----------------- ----------------- -----------------
iii Total Non-Cash Interest Adjustments $ 3,905,112.13 $ 6,930,248.07 $ 4,348,212.89 $ 7,226,202.41
----------------- ----------------- ------------------ -----------------
Total Student Loan Interest Activity $ 28,409,802.66 $ 31,454,504.55 $ 29,790,995.80 $ 20,648,169.38
(=) Ending Student Loan Portfolio Balance $1,311,435,448.63 $1,368,940,609.46 $ 1,420,136,733.54 $1,468,666,284.76
(+) Interest to be Capitalized $ 14,820,929.42 $ 13,686,568.72 $ 15,672,244.73 $ 14,944,789.14
----------------- ----------------- ----------------- -----------------
(=) TOTAL POOL $1,326,256,378.05 $1,382,627,178.18 $1,435,808,978.27 $1,483,611,073.90
================= ================= ================= =================
</TABLE>
<PAGE>
X. Payment History and CPRs
Distribution Actual Since Issued
Date Pool Balances CPR *
Apr-96 $1,517,607,923 -
Jul-96 $1,483,611,074 4.1%
Oct-96 $1,435,808,978 5.2%
Jan-97 $1,382,627,178 6.2%
Apr-97 $1,326,256,378 6.8%
* "Since Issued CPR" is based on the current period's ending
pool balance calculated against the original pool balance and
assuming cutoff date pool data.
<PAGE>
Sallie Mae Student Loan Trust 1996-1
Quarterly Servicing Report
Report Date: 3/31/97 Reporting Period: 1/01/97-3/31/97
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 12/31/96 Activity 3/31/97
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Portfolio Balance $ 1,287,751,841.38 $(59,545,048.71) $ 1,228,206,792.67
ii Interest to be Capitalized $ 9,711,152.12 $ 10,579,470.77
-------------------- ------------------
iii Total Pool $ 1,297,462,993.50 $ 1,238,786,263.44
==================== ==================
B i Weighted Average Coupon (WAC) 8.2366% 8.2386%
ii Weighted Average Remaining Term 99.75 98.67
iii Number of Loans 555,101 532,560
iv Number of Borrowers 212,510 203,703
-----------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 1/27/97 % of Pool Balance 4/25/97 % of Pool
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i A-1 Notes 795452AD3 0.56% $ 771,462,993.50 59.459% $ 712,786,263.44 57.539%
ii A-2 Notes 795452AE1 0.75% $ 473,500,000.00 36.494% $ 473,500,000.00 38.223%
iii Certificates 795452AF8 0.98% $ 52,500,000.00 4.046% $ 52,500,000.00 4.238%
------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 1,297,462,993.50 100.000% $ 1,238,786,263.44 100.000%
========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
D Reserve Account 1/27/97 4/25/97
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 3,243,657.48 $ 3,096,965.66
iv Reserve Account Floor Balance ($) $ 1,500,000.00 $ 1,500,000.00
v Current Reserve Acct Balance ($) $ 3,243,657.48 $ 3,096,965.66
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
II. 1996-1 Transactions from: 1/1/97 through: 3/31/97
- ------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 38,946,758.98
ii Principal Collections from Guarantor $ 15,564,936.49
iii Principal Reimbursements $ 8,314,291.46
iv Other System Adjustments $ -
-----------------
v Total Principal Collections $ 62,825,986.93
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,018,784.42
ii Capitalized Interest $ (4,299,722.64)
iii Total Non-Cash Principal Activity $ (3,280,938.22)
-----------------
C Total Student Loan Principal Activity $ 59,545,048.71
=================
D Student Loan Interest Activity
i Regular Interest Collections $ 16,506,842.23
ii Interest Claims Received from Guarantors $ 987,722.67
iii Interest Reimbursements $ 108,178.47
iv Other System Adjustments $ -
v Special Allowance Payments $ 585,211.26
vi Subsidy Payments $ 5,496,581.08
-----------------
vii Total Interest Collections $ 23,684,535.71
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (844,407.36)
ii Capitalized Interest $ 4,299,722.64
-----------------
iii Total Non-Cash Interest Adjustments $ 3,455,315.28
-----------------
Total Student Loan Interest Activity $ 27,139,850.99
=================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
III. 1996-1 Collection Account Activity 1/1/97 through 3/31/97
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $ 54,511,695.47
ii Cash Forwarded by Administrator on behalf of Seller $ 726,403.89
iii Cash Forwarded by Administrator on behalf of Servicer $ 10,155.91
iv Cash Forwarded by Administrator for Consolidation Activity $ 7,577,731.66
--------------------
v Total Principal Collections $ 62,825,986.93
B Interest Collections
i Interest Payments Received-Cash $ 23,576,357.24
ii Cash Forwarded by Administrator on behalf of Seller $ 8,718.09
iii Cash Forwarded by Administrator on behalf of Servicer $ 7,451.40
iv Cash Forwarded by Administrator for Consolidation Activity $ 92,008.98
--------------------
v Total Interest Collections $ 23,684,535.71
C Other Reimbursements $ 70,655.90
D Administrator Account Investment Income $ 631,412.67
E TOTAL FUNDS RECEIVED $ 87,212,591.21
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,624,854.00)
--------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 85,587,737.21
====================
F Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 795,825.80
ii Percentage of Principal Calculation $ 1,144,541.53
iii Lesser of Unit or Principal Calculation $ 795,825.80
G Servicing Fees Due for Current Period $ 795,825.80
H Carryover Servicing Fees Due $ 1,048,210.89
JAN 1997 Servicing Carryover $ 362,275.69
FEB 1997 Servicing Carryover $ 354,826.78
MAR 1997 Servicing Carryover $ 348,715.73
-------------
$1,065,818.20
Less: Servicing ADJ [A iii + B iii] $ (17,607.31)
-------------
TOTAL Carryover Servicing Fee Due $1,048,210.89
=============
I Administration Fees Due $ 20,000.00
--------------------
J Total Fees Due for Period $ 1,864,036.69
====================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
IV. 1996-1 Portfolio Characteristics
Weighted Avg Weighted Avg Weighted Avg
Coupon # of Loans Coupon # of Loans Coupon
% Principal Amount % Principal Amount Principal Amount
----------------- ------------------ ----------------- ----------------------------- ------------------
STATUS 12/31/96 3/31/97 12/31/96 3/31/97 12/31/96 3/31/97 12/31/96 3/31/97 12/31/96 3/31/97
- ------ -------- ------- -------- ------- -------- ------- -------------- ------------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 8.1673% 8.1672% 35,941 33,874 6.4747% 6.3606% $103,629,819.65 $ 97,499,216.36 8.0473% 7.9383%
Grace
Current 8.1273% 8.1424% 8,512 7,358 1.5334% 1.3816% $ 24,524,973.42 $ 20,826,641.65 1.9045% 1.6957%
------- ------- ------ ------ ------- ------- --------------- ------------------ ------- -------
TOTAL INTERIM 8.1596% 8.1628% 44.453 41,232 8.0081% 7.7422% $ 128,154,793.07 $ 118,325,858.01 9.9318% 9.6340%
======= ======= ====== ====== ======= ======= =============== ================== ======= =======
REPAYMENT
Active
Current 8.2337% 8.2353% 380,107 362,375 68.4753% 68.0440% $ 817,775,722.01 $ 765,122,123.60 63.5041% 62.2959%
31-60 Days
Delinquent 8.2745% 8.2768% 24,104 20,779 4.3423% 3.9017% $ 52,704,249.74 $ 46,221,368.88 4.0927% 3.7633%
61-90 Days
Delinquent 8.2798% 8.2760% 10,161 11,482 1.8305% 2.1560% $ 23,584,918.85 $ 27,528,193.41 1.8319% 2.2413%
91-120 Days
Delinquent 8.2789% 8.2482% 6,536 7,038 1.1774% 1.3215% $ 15,583,310.19 $ 17,492,523.21 1.2101% 1.4242%
> 120 Days
Delinquent 8.2787% 8.2767% 11,127 7,813 2.0045% 1.4671% $ 27,541,775.22 $ 18,975,307.70 2.1387% 1.5450%
Deferment
Current 8.2726% 8.2768% 55,367 56,528 9.9742% 10.6144% $ 156,532,280.20 $ 159,151,932.76 12.1555% 12.9581%
Forbearance
Current 8.2609% 8.2576% 18,222 21,364 3.2828% 4.0116% $ 54,920,289.54 $ 66,404,457.69 4.2648% 5.4066%
TOTAL REPAYMENT 8.2448% 8.2463% 505,624 487,379 91.0868% 91.5163% $1,148,642,545.75 $1,100,895,909.25 89.1975% 89.6344%
Claims in Process(1) 8.2782% 8.2878% 5,024 3,949 0.9051% 0.7415% $ 10,954,502.55 $ 8,985,025.40 0.8507% 0.7316%
Aged Claims
Rejected(2) 0.0000% 0.0000% -- -- 0% 0% $ -- $ -- 0% 0%
GRAND TOTAL 8.2366% 8.2386% 555,101 532,560 100.00% 100.00% $1,287,751,841.37 $1,228,206,792.66 100.00% 100.00%
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
<PAGE>
<TABLE>
V. Interest Calculation
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 20,776,242.14
B Interest Subsidy Payments Accrued During Collection Period $ 4,526,141.97
C SAP Payments Accrued During Collection Period $ 719,215.94
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 81,982.29
E Investment Earnings (ADMINISTRATOR ACT) $ 631,412.67
-----------------
F Net Expected Interest Collections $ 26,734,995.01
G Student Loan Rate
i Days in Collection Period (1/01/97-3/31/97) 90
ii Days in Year 365
iii Net Expected Interest Collections $ 26,734,995.01
iv Primary Servicing Fee $ 2,420,679.80
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $1,297,462,993.50
vii Student Loan Rate 7.59382%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.79102%
I Class A-1 Interest Rate 0.013961918 (1/27/97-4/25/97) 5.79102%
J Class A-2 T-Bill Based Interest Rate 5.98102%
K Class A-2 Interest Rate 0.014420000 (1/27/97-4/25/97) 5.98102%
L Certificate T-Bill Based Rate of Return 6.21102%
M Certificate Rate of Return 0.014974521 (1/27/97-4/25/97) 6.21102%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
VI. Inputs From Previous Quarterly Servicing Reports 12/31/96
--------
<S> <C> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 1,287,751,841.38
ii Interest To Be Capitalized $ 9,711,152.12
--------------------
iii Total Student Loan Pool Outstanding $ 1,297,462,993.50
====================
B Total Note and Certificate Factor 0.86497532900
C Total Note and Certificate Balance $ 1,297,462,993.50
<CAPTION>
---------------------------------------------------------------------------------------------------------------
D Note Balance 1/27/97 Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor-1/27/97 0.7920564615 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 771,462,993.50 $ 473,500,000.00 $ 52,500,000.00
---------------------------------------------------------
iv Note Balance $ 771,462,993.50 $ 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 $ 3,243,657.48
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>
<PAGE>
<TABLE>
<CAPTION>
VII. Waterfall for Distributions
Remaining
Funds Balance
-------------
<S> <C> <C> <C>
A Total Available Funds (Section III E + Section V-D) $ 85,669,719.50 $ 85,669,719.50
B Primary Servicing Fees-Current Month $ 795,825.80 $ 84,873,893.70
C Administration Fee $ 20,000.00 $ 84,853,893.70
D Noteholder's Interest Distribution Amount
i Class A-1 $ 10,771,103.06 $ 74,082,790.64
ii Class A-2 $ 6,827,870.00 $ 67,254,920.64
-----------------
iii Total Noteholder's Interest Distribution $ 17,598,973.06
E Certificateholder's Return Distribution Amount $ 786,162.35 $ 66,468,758.29
F Noteholder's Principal Distribution Amount
i Class A-1 $ 58,676,730.06 $ 7,792,028.23
ii Class A-2 $ 0.00 $ 7,792,028.23
-----------------
iii Total Noteholder's Principal Distribution $ 58,676,730.06
G Certificateholder's Balance Distribution Amount $ 0.00 $ 7,792,028.23
H Increase to the Specified Reserve Account Balance $ 0.00 $ 7,792,028.23
I Carryover Servicing Fees $ 1,048,210.89 $ 6,743,817.34
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 6,743,817.34
ii Class A-2 $ 0.00 $ 6,743,817.34
-----------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 6,743,817.34
L Excess to Reserve Account $ 6,743,817.34 $ 0.00
</TABLE>
<PAGE>
VIII. Distributions
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 10,771,103.06 $ 6,827,870.00 $ 786,162.35
ii Quarterly Interest Paid $ 10,771,103.06 $ 6,827,870.00 $ 786,162.35
----------------- -------------- ------------
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) $ 58,676,730.06 $ 0.00 $ 0.00
viii Quarterly Principal Paid $ 58,676,730.06 $ 0.00 $ 0.00
----------------- -------------- ------------
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 69,447,833.12 $ 6,827,870.00 $ 786,162.35
---------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C>
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 3/31/97 $1,297,462,993.50
ii Pool Balance 3/31/97 $1,238,786,263.44
-----------------
iii Pool Exceeding Notes and Certificate Balance (i-ii) $ 58,676,730.06
-----------------
iv Principal Distribution Amount $ 58,676,730.06
=================
C Total Principal Distribution $ 58,676,730.06
D Total Interest Distribution $ 18,385,135.41
-----------------
E Total Cash Distributions-Note and Certificates $ 77,061,865.47
<CAPTION>
---------------------------------------------------------------------------------
F Note & Certificate Balances 1/27/97 4/25/97
---------------------------------------------------------------------------------
<S> <C> <C> <C>
i A-1 Note Balance (795452AD3) $771,462,993.50 $712,786,263.44
A-1 Note Pool Factor 0.7920564615 0.7318134122
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
---------------------------------------------------------------------------------
<CAPTION>
<S> <C>
G Reserve Account Reconciliation
i Beginning of Period Balance $ 3,243,657.48
ii Deposits to correct Shortfall $ 0.00
iii Deposits from Excess Servicing $ 6,743,817.34
--------------
iv Total Reserve Account Balance Available $ 9,987,474.82
v Required Reserve Account Balance $ 3,096,965.66
vi Shortfall Carried to Next Period $ 0.00
vii Excess Reserve - Release to SLM Funding Corp $ 6,890,509.16
viii Ending Reserve Account Balance $ 3,096,965.66
</TABLE>
<PAGE>
IX. Historical Pool Information
<TABLE>
<CAPTION>
1/1/97-3/31/97 10/1/96-12/31/96 7/1/96-9/30/96
-------------- ---------------- --------------
<S> <C> <C> <C>
Beginning Student Loan Portfolio Balance $1,287,751,841.38 $1,349,145,820.06 $1,410,958,484.15
------------------ ------------------- -------------------
Student Loan Principal Activity
i Regular Principal Collections $ 38,946,758.98 $ 38,568,892.82 $ 41,001,385.22
ii Principal Collections from
Guarantor $ 15,564,936.49 $ 18,664,167.10 $ 10,313,302.34
iii Principal Reimbursements $ 8,314,291.46 $ 9,629,351.72 $ 14,477,503.16
iv Other System Adjustments $ - $ (7,343.12) $ (11,809.27)
------------------ ------------------- -------------------
v Total Principal Collections $ 62,825,986.93 $ 66,855,068.52 $ 65,780,381.45
Student Loan Non-Cash Principal
Activity
i Other Adjustments $ 1,018,784.42 $ 1,174,644.80 $ 1,320,897.53
ii Capitalized Interest $ (4,299,722.64) $ (6,635,734.64) $ (5,288,614.89)
------------------ ------------------- -------------------
iii Total Non-Cash Principal Activity $ (3,280,938.22) $ (5,461,089.84) $ (3,967,717.36)
------------------ ------------------- -------------------
(-) Total Student Loan Principal
Activity $ 59,545,048.71 $ 61,393,978.68 $ 61,812,664.09
================== ================= =================
Student Loan Interest Activity
i Regular Interest Collections $ 16,506,842.23 $ 16,127,108.13 $ 17,372,003.89
ii Interet Claims Received from
Guarantor $ 987,722.67 $ 1,180,177.89 $ 612,951.89
iii Interest Reimbursements $ 108,178.47 $ 125,983.70 $ 182,022.75
iv Other System Adjustments $ - $ (956.09) $ (960.98)
v Special Allowance Payments $ 585,211.26 $ 991,453.39 $ 775,767.11
vi Interest Subsidy Payments $ 5,496,581.08 $ 5,892,220.73 $ 7,006,327.74
----------------- ------------------- -------------------
vii Total Interest Collections $ 23,684,535.71 $ 24,315,987.75 $ 25,948,112.40
Student Loan Non-Cash Interest
Activity
i Interest Accrual Adjustment $ (844,407.36) $ (960,564.36) $ (1,187,918.97)
ii Capitalized Interest $ 4,299,722.64 $ 6,635,734.64 $ 5,288,614.89
----------------- ------------------- -------------------
iii Total Non-Cash Interest Adjustments $ 3,455,315.28 $ 5,675,170.28 $ 4,100,695.92
----------------- ------------------- -------------------
Total Student Loan Interest Activity $ 27,139,850.99 $ 29,991,158.03 $ 30,048,808.32
(=) Ending Student Loan Portfolio
Balance $1,228,206,792.67 $1,287,751,841.38 $1,349,145,820.06
(+) Interest to be Capitalized $ 10,579,470.77 $ 9,711,152.12 $ 11,228,783.66
(=) TOTAL POOL $1,238,786,263.44 $1,297,462,993.50 $1,360,374,603.72
================== ================= =================
<CAPTION>
4/1/96-6/30/96 2/5/96-3/31/96
-------------- --------------
<S> <C> <C>
Beginning Student Loan Portfolio Balance $1,459,260,458.15 $1,489,927,280.77
------------------ -------------------
Student Loan Principal Activity
i Regular Principal Collections $ 41,078,207.45 $ 27,226,246.55
ii Principal Collections from
Guarantor $ 842,636.38 $ 27,657.36
iii Principal Reimbursements $ 12,387,879.90 $ 6,083,122.75
iv Other System Adjustments $ (548.12) $ 2,229.83
----------------- ------------------
v Total Principal Collections $ 54,308,175.61 $ 33,339,256.49
Student Loan Non-Cash Principal
Activity
i Other Adjustments $ 1,000,024.50 $ 746,961.96
ii Capitalized Interest $ (7,006,226.11) $ (3,419,395.83)
----------------- ------------------
iii Total Non-Cash Principal Activity $ (6,006,201.61) $ (2,672,433.87)
----------------- ------------------
(-) Total Student Loan Principal
Activity $ 48,301,974.00 $ 30,666,822.62
================= =================
Student Loan Interest Activity
i Regular Interest Collections $ 17,084,616.87 $ 10,764,171.47
ii Interet Claims Received from
Guarantor $ 21,865.02 $ 326.78
iii Interest Reimbursements $ 142,527.81 $ 50,757.10
iv Other System Adjustments $ 244.79 $ 10,446.21
v Special Allowance Payments $ 343,884.36 $ -
vi Interest Subsidy Payments $ 4,651,078.41 $ -
----------------- ------------------
vii Total Interest Collections $ 22,244,217.26 $ 10,825,701.56
Student Loan Non-Cash Interest
Activity
i Interest Accrual Adjustment $ (994,738.78) $ (733,594.53)
ii Capitalized Interest $ 7,006,226.11 $ 3,419,395.83
----------------- ------------------
iii Total Non-Cash Interest Adjustments $ 6,011,487.33 $ 2,685,801.30
------------------- -----------------
Total Student Loan Interest Activity $ 28,255,704.59 $ 13,511,502.86
(=) Ending Student Loan Portfolio
Balance $1,410,958,484.15 $1,459,260,458.15
(+) Interest to be Capitalized $ 10,991,431.27 $ 12,610,267.46
(=) TOTAL POOL $1,421,949,915.42 $1,471,870,725.61
================= =================
</TABLE>
<PAGE>
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 $1,297,462,963 7.9%
Apr-97 $1,238,786,263 8.3%
</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.
<PAGE>
Sallie Mae Student Loan Trust 1995-1
Quarterly Servicing Report
Report Date: 3/31/97 Reporting Period: 1/01/97-3/31/97
I. Deal Parameters
<TABLE>
<CAPTION>
A Student Loan Portfolio Characteristics 12/31/96 Activity 3/31/97
-------------------------------------- -------- -------- -------
<S> <C> <C> <C>
i Portfolio Balance $758,640,244.14 $(44,406,113.03) $714,234,131.11
ii Interest to be Capitalized $ 691,772.32 $ 747,655.59
--------------- ---------------
iii Total Pool $759,332,016.46 $714,981,786.70
=============== ===============
B i Weighted Average Coupon (WAC) 8.1898% 8.1929%
ii Weighted Average Remaining Term 81.87 80.38
iii Number of Loans 438,051 415,916
iv Number of Borrowers 188,893 179,156
</TABLE>
<TABLE>
<CAPTION>
C Notes and Certificates Spread Balance 1/27/97 % of Pool Balance 4/25/97 % of Pool
---------------------- ------ --------------- --------- --------------- ---------
<S> <C> <C> <C> <C> <C>
i A-1 Notes 795452AA9 0.575% $509,332,016.46 67.076% $464,981,786.70 65.034%
ii A-2 Notes 795452AB7 0.750% $215,000,000.00 28.314% $215,000,000.00 30.071%
iii Certificates 795452AC5 1.000% $ 35,000,000.00 4.609% $ 35,000,000.00 4.895%
------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $759,332,016.46 100.000% $714,981,786.70 100.000%
======================================================================================================
</TABLE>
<TABLE>
<CAPTION>
D Reserve Account 1/27/97 4/25/97
--------------- ------- -------
<S> <C> <C>
i Required Reserve Acct Deposit (%) 0.50% 0.50%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $3,796,660.08 $3,574,908.93
iv Reserve Account Floor Balance ($) $1,000,000.00 $1,000,000.00
v Current Reserve Acct Balance ($) $3,796,660.08 $3,574,908.93
</TABLE>
<PAGE>
II. 1995-1 Transactions from: 1/1/97 through: 3/31/97
A Student Loan Principal Activity
i Regular Principal Collections $37,045,855.75
ii Principal Collections from Guarantor $ 6,185,560.91
iii Principal Reimbursements $ 2,050,080.23
iv Other System Adjustments $ -
---------------
v Total Principal Collections $45,281,496.89
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 184,596.68
ii Capitalized Interest $(1,059,980.54)
---------------
iii Total Non-Cash Principal Activity $ (875,383.86)
---------------
C Total Student Loan Principal Activity $44,406,113.03
===============
D Student Loan Interest Activity
i Regular Interest Collections $13,342,268.00
ii Interest Claims Received from Guarantors $ 358,047.93
iii Interest Reimbursements $ 28,485.70
iv Other System Adjustments $ -
v Special Allowance Payments $ 460,026.49
vi Subsidy Payments $ 888,898.48
---------------
vii Total Interest Collections $15,077,726.60
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (130,539.92)
ii Capitalized Interest $ 1,059,980.54
---------------
iii Total Non-Cash Interest Adjustments $ 929,440.62
---------------
F Total Student Loan Interest Activity $16,007,167.22
===============
<PAGE>
<TABLE>
<CAPTION>
III. 1995-1 Collection Account Activity 1/1/97 through 3/31/97
<S> <C> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $43,231,416.66
ii Cash Forwarded by Administrator on behalf of Seller $ 188,898.88
iii Cash Forwarded by Administrator on behalf of Servicer $ 7,466.66
iv Cash Forwarded by Administrator for Consolidation Activity $ 1,853,714.69
--------------
v Total Principal Collections $45,281,496.89
B Interest Collections
i Interest Payments Received-Cash $15,049,240.90
ii Cash Forwarded by Administrator on behalf of Seller $ 7,274.16
iii Cash Forwarded by Administrator on behalf of Servicer $ 4,966.80
iv Cash Forwarded by Administrator for Consolidation Activity $ 16,244.74
--------------
v Total Interest Collections $15,077,726.60
C Other Reimbursements $ 58,225.94
D Administrator Account Investment Income $ 439,925.45
E TOTAL FUNDS RECEIVED $60,857,374.88
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $(1,197,740.80)
--------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $59,659,634.08
==============
F Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 583,836.80
ii Percentage of Principal Calculation $ 918,553.11
iii Lesser of Unit or Principal Calculation $ 583,836.80
G Servicing Fees Due for Current Period $ 583,836.80
H Carryover Servicing Fees Due $ 1,014,840.26
JAN 1997 Servicing Carryover $ 350,164.71
FEB 1997 Servicing Carryover $ 342,392.70
MAR 1997 Servicing Carryover $ 334,716.31
-------------
$1,027,273.72
Less: Servicing ADJ [A iii + B iii] $ (12,433.46)
-------------
Carryover Servicing Fee Due $1,014,840.26
=============
I Administration Fees Due $ 20,000.00
--------------
J Total Fees Due for Period $ 1,618,677.06
==============
</TABLE>
<PAGE>
IV. 1995-1 Portfolio Characteristics
<TABLE>
<CAPTION>
Weighted Avg Coupon # of Loans % Principal Amount %
STATUS 12/31/96 3/31/97 12/31/96 3/31/97 12/31/96 3/31/97 12/31/96 3/31/97 12/31/96 3/31/97
-------- ------- -------- ------- -------- ------- -------- ------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 8.1770% 8.1798% 428 405 0.0977% 0.0974% $ 927,161.03 $ 836,518.68 0.1222% 0.1171%
Grace
Current 8.1743% 8.1793% 141 134 0.0322% 0.0322% $ 279,355.36 $ 277,596.17 0.0368% 0.0389%
TOTAL INTERIM 8.1764% 8.1797% 569 539 0.1299% 0.1296% $ 1,206,516.39 $ 1,114,114.85 0.1590% 0.1560%
====== ====== ======= ======= ======= ======= =============== =============== ======= =======
REPAYMENT
Active
Current 8.1892% 8.1930% 376,350 358,657 85.9147% 86.2330% $634,891,171.36 $598,705,759.46 83.6880% 83.8249%
31-60 Days
Delinquent 8.2308% 8.2353% 16,743 14,553 3.8222% 3.4990% $ 31,435,531.35 $ 27,646,083.25 4.1437% 3.8707%
61-90 Days
Delinquent 8.2411% 8.2349% 5,927 5,903 1.3530% 1.4193% $ 11,878,545.83 $ 11,643,790.13 1.5658% 1.6302%
91-120 Days
Delinquent 8.2088% 8.2255% 4,121 2,954 0.9408% 0.7102% $ 8,180,939.32 $ 5,808,884.43 1.0784% 0.8133%
> 120 Days
Delinquent 8.2393% 8.2259% 5,985 4,410 1.3663% 1.0603% $ 11,867,749.53 $ 8,821,357.46 1.5643% 1.2351%
Deferment
Current 8.1374% 8.1397% 18,510 19,282 4.2255% 4.6360% $ 39,186,187.93 $ 40,718,946.40 5.1653% 5.7011%
Forbearance
Current 8.1728% 8.1808% 7,577 7,734 1.7297% 1.8595% $ 15,882,137.29 $ 16,442,138.74 2.0935% 2.3021%
TOTAL REPAYMENT 8.1897% 8.1927% 435,213 413,493 99.3521% 99.4174% $753,322,262.61 $709,786,959.87 99.2990% 99.3774%
====== ====== ======= ======= ======= ======= =============== =============== ======= =======
Claims in
Process (1) 8.2120% 8.2472% 2,269 1,884 0.5180% 0.4530% $ 4,111,465.13 $ 3,333,056.38 0.5420% 0.4667%
Aged Claims
Rejected (2) 0% 0% - - 0% 0% $ - $ - 0% 0%
GRAND TOTAL 8.1898% 8.1929% 438,051 415,916 100.00% 100.00% $758,640,244.13 $714,234,131.10 100.00% 100.00%
====== ====== ======= ======= ====== ====== =============== =============== ====== ======
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
<PAGE>
<TABLE>
<CAPTION>
V. 1995-1 Interest Calculation
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 13,939,311.47
B Interest Subsidy Payments Accrued During Collection Period $ 799,605.15
C SAP Payments Accrued During Collection Period $ 542,710.74
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 76,376.64
E Investment Earnings (ADMINISTRATOR ACT) $ 439,925.45
---------------
F Net Expected Interest Collections $ 15,797,929.45
G Student Loan Rate
i Days in Collection Period (1/1/97-3/31/97) 90
ii Days in Year 365
iii Net Expected Interest Collections $ 15,797,929.45
iv Primary Servicing Fee $ 1,781,577.60
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $759,332,016.46
vii Student Loan Rate 7.47538%
</TABLE>
<TABLE>
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.80602%
I Class A-1 Interest Rate 0.013998082 (1/27/97-4/25/97) 5.80602%
J Class A-2 T-Bill Based Interest Rate 5.98102%
K Class A-2 Interest Rate 0.014420000 (1/27/97-4/25/97) 5.98102%
L Certificate T-Bill Based Rate of Return 6.23102%
M Certificate Rate of Return 0.015022740 (1/27/97-4/25/97) 6.23102%
</TABLE>
<PAGE>
<TABLE>
VI. 1995-1 Inputs From Previous Quarterly Servicing Reports 12/31/96
<S> <C> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $758,640,244.14
ii Interest To Be Capitalized $ 691,772.32
---------------
iii Total Student Loan Pool Outstanding $759,332,016.46
===============
B Total Note and Certificate Factor 0.75933201646
C Total Note and Certificate Balance $759,332,016.46
<CAPTION>
D Note Balance 1/27/97 Class A-1 Class A-2 Certificates
-------------------------------------------------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
i Current Factor-1/27/97 0.6791093553 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $509,332,016.46 $215,000,000.00 $35,000,000.00
iv Note Balance $509,332,016.46 $215,000,000.00 $35,000,000.00
E Interest Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest Carryover $ 0.00 $ 0.00 $ 0.00
G Reserve Account Balance $ 3,796,660.08
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
</TABLE>
<PAGE>
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) $59,736,010.72 $59,736,010.72
B Primary Servicing Fees-Current Month $ 583,836.80 $59,152,173.92
C Administration Fee-Quarterly $ 20,000.00 $59,132,173.92
D Noteholder's Interest Distribution Amount
i Class A-1 $ 7,129,671.33 $52,002,502.59
ii Class A-2 $ 3,100,300.00 $48,902,202.59
--------------
iii Total Noteholder's Interest Distribution $10,229,971.33
E Certificateholder's Return Distribution Amount $ 525,795.90 $48,376,406.69
F Noteholder's Principal Distribution Amount
i Class A-1 $44,350,229.76 $ 4,026,176.93
ii Class A-2 $ 0.00 $ 4,026,176.93
--------------
iii Total Noteholder's Principal Distribution $44,350,229.76
G Certificateholder's Balance Distribution Amount $ 0.00 $ 4,026,176.93
H Increase to the Specified Reserve Account Balance $ 0.00 $ 4,026,176.93
I Carryover Servicing Fees $ 1,014,840.26 $ 3,011,336.67
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 3,011,336.67
i Class A-2 $ 0.00 $ 3,011,336.67
--------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 3,011,336.67
L Excess to Reserve Account $ 3,011,336.67 $ 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
VIII. 1995-1 Distributions
A Distribution Amounts Class A-1 Class A-2 Certificates
--------- --------- ------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 7,129,671.33 $3,100,300.00 $525,795.90
ii Quarterly Interest Paid $ 7,129,671.33 $3,100,300.00 $525,795.90
--------------- ------------- -----------
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) $ 44,350,229.76 $ 0.00 $ 0.00
viii Quarterly Principal Paid $ 44,350,229.76 $ 0.00 $ 0.00
--------------- ------------- -----------
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------
x Total Distribution Amount $ 51,479,901.09 $3,100,300.00 $525,795.90
=============================================================================================
B Principal Distribution Reconciliation
i Notes and Certificates Principal
Balance 3/31/97 $759,332,016.46
ii Pool Balance 3/31/97 $714,981,786.70
---------------
iii Principal Distribution Amount $ 44,350,229.76
===============
C Total Principal Distribution $ 44,350,229.76
D Total Interest Distribution $ 10,755,767.23
---------------
E Total Cash Distributions-Note
and Certificates $ 55,105,996.99
<CAPTION>
F Note & Certificate Balances 1/27/97 4/25/97
------- -------
<S> <C> <C> <C>
i A-1 Note Balance $509,332,016.46 $464,981,786.70
A-1 Note Pool Factor 0.6791093553 0.6199757156
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
<CAPTION>
G Reserve Account Reconciliation
<S> <C> <C>
i Beginning of Period Balance $3,796,660.08
ii Deposits to correct Shortfall $ 0.00
iii Deposits from Excess Servicing $3,011,336.67
-------------
iv Total Reserve Account Balance
Available $6,807,996.75
v Required Reserve Account Balance $3,574,908.93
vi Shortfall Carried to Next Period $ 0.00
vii Excess Reserve -- Release to
SLM Funding Corp $3,233,087.82
viii Ending Reserve Account Balance $3,574,908.93
</TABLE>
<PAGE>
IX. Historical Pool Information 1995-1
<TABLE>
<CAPTION>
1/1/97-3/31/97 10/1/96-12/31/96 7/1/96 - 9/30/96 4/1/96 - 6/30/96
<S> <C> <C> <C> <C>
Beginning Student Loan
Portfolio Balance $758,640,244.14 $802,942,510.88 $853,757,457.19 $905,375,401.17
Student Loan Principal Activity
i Regular Principal Collections $ 37,045,855.75 $ 36,816,067.27 $ 40,504,277.25 $ 41,999,553.67
ii Principal Collections from Guarantor $ 6,185,560.91 $ 6,088,443.00 $ 8,336,900.38 $ 6,580,254.84
iii Principal Reimbursements $ 2,050,080.23 $ 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 $ 45,281,496.89 $ 45,160,525.30 $ 51,683,122.50 $ 52,302,130.05
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 184,596.68 $ 225,811.89 $ 214,754.01 $ 185,344.16
ii Capitalized Interest $ (1,059,980.54) $ (1,084,070.45) $ (1,082,930.20) $ (869,530.23)
--------------- --------------- --------------- ---------------
iii Total Non-Cash Principal Activity $ (875,383.86) $ (858,258.56) $ (868,176.19) $ (684,186.07)
--------------- --------------- --------------- ---------------
(-) Total Student Loan Principal Activity $ 44,406,113.03 $ 44,302,266.74 $ 50,814,946.31 $ 51,617,943.98
=============== =============== =============== ===============
Student Loan Interest Activity
i Regular Interest Collections $ 13,342,268.00 $ 13,807,543.15 $ 15,456,574.89 $ 16,104,237.23
ii Interest Claims Received from
Guarantor $ 358,047.93 $ 340,026.34 $ 557,105.25 $ 410,448.66
iii Interest Reimbursements $ 28,485.70 $ 27,274.90 $ 36,142.78 $ 33,086.35
iv Other System Adjustments $ - $ (715.16) $ (163.96) $ (14.31)
v Special Allowance Payments $ 460,026.49 $ 734,667.87 $ 617,049.00 $ 537,884.11
vi Subsidy Payments $ 888,898.48 $ 740,973.14 $ 792,317.27 $ 836,267.57
--------------- --------------- --------------- ---------------
vii Total Interest Collections $ 15,077,726.60 $ 15,649,770.24 $ 17,459,025.23 $ 17,921,909.61
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (130,539.92) $ (158,675.64) $ (111,637.14) $ (112,327.13)
ii Capitalized Interest $ 1,059,980.54 $ 1,084,070.45 $ 1,082,930.20 $ 869,530.23
--------------- --------------- --------------- ---------------
iii Total Non-Cash Interest Adjustments $ 929,440.62 $ 925,394.81 $ 971,293.06 $ 757,203.10
--------------- --------------- --------------- ---------------
Total Student Loan Interest Activity $ 16,007,167.22 $ 16,575,165.05 $ 18,430,318.29 $ 18,679,112.71
(=) Ending Student Loan Portfolio Balance $714,234,131.11 $758,640,244.14 $802,942,510.88 $853,757,457.19
(+) Interest to be Capitalized $ 747,655.59 $ 691,772.32 $ 652,786.04 $ 677,908.07
--------------- --------------- --------------- ---------------
(=) TOTAL POOL $714,981,786.70 $759,332,016.46 $803,595,296.92 $854,435,365.26
=============== =============== =============== ===============
<CAPTION>
1/1/96 - 3/31/96 9/29/95 - 12/31/95
<S> <C> <C>
Beginning Student Loan
Portfolio Balance $954,345,726.48 $1,000,126,078.04
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 $ 8,105,760.68 $ 18,633,508.65
ii Interest Claims Received from
Guarantor $ 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>
<PAGE>
X. Payment History and CPRs
Distribution Actual Since Issued
Date Pool Balances CPR*
Oct-95 $1,000,126,078 -
Jan-96 $ 954,984,797 4.9%
Apr-96 $ 905,977,805 5.0%
Jul-96 $ 854,435,365 5.7%
Oct-96 $ 803,595,297 6.3%
Jan-97 $ 759,332,016 6.1%
Apr-97 $ 714,981,787 6.0%
* "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.
