<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): January 26, 1998
----------------
SLM FUNDING CORPORATION
------------------------
formerly known as SALLIE MAE FUNDING CORPORATION
(Exact name of registrant as specified in its charter)
(Originator of the Sallie Mae Student Loan Trust 1995-1,
the Sallie Mae Student Loan Trust 1996-1,
the SLM Student Loan Trust 1996-2,
the SLM Student Loan Trust 1996-3,
the SLM Student Loan Trust 1996-4,
the SLM Student Loan Trust 1997-1,
the SLM Student Loan Trust 1997-2,
the SLM Student Loan Trust 1997-3,
and the SLM Student Loan Trust 1997-4)
Delaware 33-95474/333-2502/333-24949 23-2815650
- -------- --------------------------- ----------
(State or other (Commission File Numbers) (I.R.S. employer
Jurisdiction of Identification No.)
Incorporation)
777 Twin Creek Drive
Killeen, Texas 76543
--------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (817) 554-4500
Page 1 of 5
Exhibit Index appears on Page 5
<PAGE>
Item 5. Other Events
------------
On January 26, 1998, the Sallie Mae Student Loan Trust 1995-1 made
its ninth, the Sallie Mae Student Loan Trust 1996-1 made its eighth, the SLM
Student Loan Trust 1996-2 made its seventh, the SLM Student Loan Trust 1996-3
made its sixth, the SLM Student Loan Trust 1996-4 made its fifth, the SLM
Student Loan Trust 1997-1 made its fourth, the SLM Student Loan Trust 1997-2
made its third, and the SLM Student Loan Trust 1997-3 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 January 26, 1998.
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: February 5, 1998
SLM FUNDING
CORPORATION
By: /s/ J. LANCE FRANKE
-------------------
Name: J. Lance Franke
Title: Chief Financial Officer
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
<PAGE>
Sallie Mae Student Loan Trust 1995-1
Quarterly Servicing Report
Report Date: 12/31/97 Reporting Period: 10/01/97-12/31/97
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ----------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 9/30/97 Activity 12/31/97
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i Portfolio Balance $ 634,419,310.37 $ (35,479,485.23) $ 598,939,825.14
ii Interest to be Capitalized 758,675.11 787,352.25
------------------- ------------------
iii Total Pool $ 635,177,985.48 $ 599,727,177.39
=================== ==================
B i Weighted Average Coupon (WAC) 8.2359% 8.2720%
ii Weighted Average Remaining Term 77.30 75.82
iii Number of Loans 376,577 357,084
iv Number of Borrowers 161,201 152,672
--------------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 10/27/97 % of Pool Balance 1/26/98 % of Pool
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
i A-1 Notes 795452AA9 0.575% $ 385,177,985.48 60.641% $ 349,727,177.39 58.314%
ii A-2 Notes 795452AB7 0.750% 215,000,000.00 33.849% 215,000,000.00 35.850%
iii Certificates 795452AC5 1.000% 35,000,000.00 5.510% 35,000,000.00 5.836%
--------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 635,177,985.48 100.000% $ 599,727,177.39 100.000%
====================================================================================================================
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
D Reserve Account 10/27/97 1/26/98
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Required Reserve Acct Deposit (%) 0.50% 0.50%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 3,175,889.93 $ 2,998,635.89
iv Reserve Account Floor Balance ($) $ 1,000,000.00 $ 1,000,000.00
v Current Reserve Acct Balance ($) $ 3,175,889.93 $ 2,998,635.89
--------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1995-1 1
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------
II. 1995-1 Transactions from: 10/1/97 through: 12/31/97
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $31,256,602.42
ii Principal Collections from Guarantor $4,038,925.33
iii Principal Reimbursements $1,110,970.23
iv Other System Adjustments $0.00
------------------------
v Total Principal Collections $ 36,406,497.98
B Student Loan Non-Cash Principal Activity
i Other Adjustments $215,232.19
ii Capitalized Interest ($1,142,244.94)
------------------------
iii Total Non-Cash Principal Activity $ (927,012.75)
-------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 35,479,485.23
-------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $10,820,940.12
ii Interest Claims Received from Guarantors $242,885.58
iii Late Fee Reimbursements $2.61
iv Interest Reimbursements $20,203.85
v Other System Adjustments $0.00
vi Special Allowance Payments $423,277.21
vii Subsidy Payments $699,396.68
------------------------
viii Total Interest Collections $ 12,206,706.05
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($165,175.08)
ii Capitalized Interest $1,142,244.94
------------------------
iii Total Non-Cash Interest Adjustments $ 977,069.86
-------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 13,183,775.91
-------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1995-1 2
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
III. 1995-1 Collection Account Activity 10/1/97 through 12/31/97
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
A Principal Collections
i Principal Payments Received-Cash $35,295,527.75
ii Cash Forwarded by Administrator on behalf of Seller $82,630.49
iii Cash Forwarded by Administrator on behalf of Servicer $4,507.30
iv Cash Forwarded by Administrator for Consolidation Activity $1,023,832.44
----------------------
v Total Principal Collections $ 36,406,497.98
B Interest Collections
i Interest Payments Received-Cash $12,186,499.59
ii Cash Forwarded by Administrator on behalf of Seller $3,986.63
iii Cash Forwarded by Administrator on behalf of Servicer $5,009.08
iv Cash Forwarded by Administrator for Consolidation Activity $11,208.14
v Cash Forwarded by Administrator for Late Fee Activity $2.61
----------------------
vi Total Interest Collections $12,206,706.05
C Other Reimbursements $70,307.94
D Administrator Account Investment Income $388,867.28
E TOTAL FUNDS RECEIVED $ 49,072,379.25
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,023,312.00)
-------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 48,049,067.25
-------------------------------------------------------------------------------------------------------------
F Servicing Fee Calculation-Current Month
i Unit Charge Calculation $498,601.60
ii Percentage of Principal Calculation $768,480.55
iii Lesser of Unit or Principal Calculation $498,601.60
G Servicing Fees Due for Current Period $ 498,601.60
H Carryover Servicing Fees Due $ 817,857.82
OCT 1997 Servicing Carryover $282,467.77
NOV 1997 Servicing Carryover $275,027.48
DEC 1997 Servicing Carryover $269,878.95
---------------------
$ 827,374.20
Less: Servicing ADJ [A iii + B iii] ($9,516.38)
---------------------
Carryover Servicing Fee Due $ 817,857.82
=====================
I Administration Fees Due $ 20,000.00
-----------------------------------------------------------------------------------------------------------------
J Total Fees Due for Period $ 1,336,459.42
-----------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1995-1 3
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IV. 1995-1 Portfolio Characteristics
- ------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Weighted Average Coupon # of Loans %
- ------------------------------------------------------------------------------------------------------------------------------------
STATUS 9/30/97 12/31/97 9/30/97 12/31/97 9/30/97 12/31/97
- ------------------------------------------------------------------------------------------------------------------------------------
INTERIM:
<S> <C> <C> <C> <C> <C> <C>
In School
Current 8.169% 8.158% 316 310 0.084% 0.087%
Grace
Current 8.180% 8.188% 158 68 0.042% 0.019%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.173% 8.164% 474 378 0.1259% 0.1059%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.238% 8.274% 319,644 301,658 84.881% 84.476%
31-60 Days Delinquent 8.289% 8.310% 15,067 14,625 4.001% 4.096%
61-90 Days Delinquent 8.266% 8.321% 6,125 5,765 1.627% 1.614%
91-120 Days Delinquent 8.274% 8.323% 4,190 3,941 1.113% 1.104%
greater than 120 Days
Delinquent 8.256% 8.310% 5,175 4,730 1.374% 1.325%
Deferment
Current 8.156% 8.192% 17,286 17,151 4.590% 4.803%
Forbearance
Current 8.217% 8.261% 7,201 7,370 1.912% 2.064%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.236% 8.272% 374,688 355,240 99.498% 99.484%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.278% 8.259% 1,389 1,440 0.369% 0.403%
Aged claims Rejected (2) 8.102% 8.480% 26 26 0.007% 0.007%
- ------------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.236% 8.272% 376,577 357,084 100% 100%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Principal Amount %
- ------------------------------------------------------------------------------------------------------------------------------------
9/30/97 12/31/97 9/30/97 12/31/97
- ------------------------------------------------------------------------------------------------------------------------------------
INTERIM:
<S> <C> <C> <C> <C>
In School
Current $ 636,056.15 $ 613,310.93 0.100% 0.102%
Grace
Current $ 340,318.20 134,661.06 0.054% 0.022%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 976,374.35 $ 747,971.99 0.154% 0.124%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 521,327,051.26 $ 489,359,562.11 82.174% 81.705%
31-60 Days Delinquent $ 28,163,149.40 $ 26,633,192.73 4.439% 4.447%
61-90 Days Delinquent $ 12,330,969.67 $ 11,469,447.44 1.944% 1.915%
91-120 Days Delinquent $ 7,927,697.81 $ 7,574,821.48 1.250% 1.264%
greater than 120 Days
Delinquent $ 9,991,050.49 $ 9,169,332.68 1.575% 1.531%
Deferment
Current $ 36,138,380.63 $ 35,743,748.73 5.696% 5.968%
Forbearance
Current $ 15,262,775.01 $ 15,822,739.14 2.406% 2.641%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 631,141,074.27 $ 595,772,844.31 99.483% 99.471%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 2,263,254.83 $ 2,382,521.56 0.357% 0.398%
Aged claims Rejected (2) $ 38,606.92 $ 36,487.28 0.006% 0.007%
- ------------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 634,419,310.37 $ 598,939,825.14 100.0% 100.0%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed Incurable pending repurchase.
Sallie Mae Student Loan Trust 1995-1 4
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
V. 1995-1 Portfolio Characteristics by School and Program 12/31/97
- -----------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
---------------------------------------------------------------------------------------------
- -------------------------------------
STATUS
- -------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 0.067% 0.012% 0.000% 0.000% 0.010% 0.001% 0.000% 0.000%
Grace
Current 0.012% 0.002% 0.000% 0.000% 0.005% 0.001% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.079% 0.014% 0.000% 0.000% 0.015% 0.002% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 54.278% 3.029% 9.757% 0.000% 4.689% 0.301% 0.876% 0.000%
31-60 Days Delinquent 2.474% 0.161% 0.523% 0.000% 0.452% 0.029% 0.054% 0.000%
61-90 Days Delinquent 1.027% 0.066% 0.250% 0.000% 0.219% 0.012% 0.029% 0.000%
91-120 Days Delinquent 0.638% 0.037% 0.142% 0.000% 0.125% 0.009% 0.021% 0.000%
greater than 120 Days
Delinquent 0.722% 0.036% 0.130% 0.000% 0.204% 0.016% 0.021% 0.000%
Deferment
Current 4.511% 0.299% 0.212% 0.000% 0.469% 0.050% 0.018% 0.000%
Forbearance
Current 1.519% 0.082% 0.242% 0.000% 0.265% 0.015% 0.017% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 65.170% 3.710% 11.256% 0.000% 6.422% 0.433% 1.875% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.179% 0.018% 0.021% 0.000% 0.059% 0.005% 0.003% 0.000%
Aged Claims Rejected (2) 0.002% 0.000% 0.001% 0.000% 0.002% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL PROGRAM 65.430% 3.742% 11.278% 0.000% 6.497% 0.439% 1.345% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.450% 7.977%
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
TECHNICAL SCHOOLS UNKNOWN
---------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
---------------------------------------------------------------------------------------------
- -------------------------------------
STATUS
- -------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 0.009% 0.002% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.002% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.011% 0.002% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 6.157% 0.363% 1.912% 0.000% 0.295% 0.006% 0.044% 0.000%
31-60 Days Delinquent 0.548% 0.039% 0.157% 0.000% 0.009% 0.000% 0.001% 0.000%
61-90 Days Delinquent 0.228% 0.020% 0.062% 0.000% 0.002% 0.002% 0.000% 0.000%
91-120 Days Delinquent 0.241% 0.013% 0.034% 0.000% 0.002% 0.000% 0.001% 0.033%
greater than 120 Days
Delinquent 0.321% 0.023% 0.052% 0.000% 0.006% 0.000% 0.001% 0.000%
Deferment
Current 0.328% 0.035% 0.027% 0.000% 0.017% 0.002% 0.000% 0.002%
Forbearance
Current 0.401% 0.025% 0.063% 0.000% 0.009% 0.000% 0.003% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.224% 0.519% 2.306% 0.000% 0.338% 0.000% 0.004% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.095% 0.008% 0.011% 0.000% 0.000% 0.000% 0.000% 0.000%
Aged Claims Rejected (2) 0.002% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL PROGRAM 8.332% 0.529% 2.317% 0.000% 0.338% 0.003% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 11.178% 0.395%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</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.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 0.079% 0.011% 0.011% 0.000% 0.102%
Grace
Current 0.014% 0.006% 0.002% 0.000% 0.022%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.093% 0.017% 0.013% 0.000% 0.124%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 67.064% 5.866% 8.432% 0.344% 81.705%
31-60 Days Delinquent 3.159% 0.535% 0.744% 0.009% 4.447%
61-90 Days Delinquent 1.343% 0.260% 0.310% 0.002% 1.915%
91-120 Days Delinquent 0.817% 0.155% 0.288% 0.003% 1.264%
greater than 120 Days
Delinquent 0.888% 0.241% 0.396% 0.006% 1.531%
Deferment
Current 5.022% 0.537% 0.390% 0.019% 5.968%
Forbearance
Current 1.843% 0.298% 0.489% 0.011% 2.641%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 80.136% 7.892% 11.049% 0.395% 99.471%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.218% 0.066% 0.114% 0.000% 0.398%
Aged Claims Rejected (2) 0.003% 0.002% 0.002% 0.000% 0.007%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.450% 7.977% 11.178% 0.395% 100.000%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1995-1 5
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VI. 1995-1 Interest Calculation
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 11,981,345.88
B Interest Subsidy Payments Accrued During Collection Period $722,815.65
C SAP Payments Accrued During Collection Period $442,559.35
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $68,246.34
E Investment Earnings (ADMINISTRATOR ACT) $388,867.28
-----------
F Net Expected Interest Collections $ 13,603,834.50
G Student Loan Rate
i Days in Collection Period (10/1/97-12/31/97) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 13,603,834.50
iv Primary Servicing Fee $ 1,521,913.60
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 635,177,985.48
vii Student Loan Rate 7.53401%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.83037%
I Class A-1 Interest Rate 0.014536000 (10/27/97-1/26/98) 5.83037%
J Class A-2 T-Bill Based Interest Rate 6.00537%
K Class A-2 Interest Rate 0.014972301 (10/27/97-1/26/98) 6.00537%
L Certificate T-Bill Based Rate of Return 6.25537%
M Certificate Rate of Return 0.015595589 (10/27/97-1/26/98) 6.25537%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1995-1 6
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VII. 1995-1 Inputs From Previous Quarterly Servicing Reports 9/30/97
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 634,419,310.37
ii Interest To Be Capitalized $758,675.11
-----------------
iii Total Student Loan Pool Outstanding $ 635,177,985.48
=================
B Total Note and Certificate Factor 0.63517798548
C Total Note and Certificate Balance $ 635,177,985.48
<CAPTION>
------------------------------------------------------------------------------------------------------------------
D Note Balance 10/27/97 Class A-1 Class A-2 Certificates
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i Current Factor-10/27/97 0.5135706473 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 385,177,985.48 $ 215,000,000.00 $ 35,000,000.00
------------------------------------------------------------------------------------------------------------------
iv Note Balance $ 385,177,985.48 $ 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 $ 3,175,889.93
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1995-1 7
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VIII. 1995-1 Waterfall for Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<S> <C> <C> <C>
A Total Available Funds (Section III E + Section VI-D) $ 48,117,313.59 $ 48,117,313.59
B Primary Servicing Fees-Current Month $ 498,601.60 $ 47,618,711.99
C Administration Fee-Quarterly $ 20,000.00 $ 47,598,711.99
D Noteholder's Interest Distribution Amount
i Class A-1 $ 5,598,947.20 $ 41,999,764.79
ii Class A-2 $ 3,219,044.72 $ 38,780,720.07
---------------
iii Total Noteholder's Interest Distribution $ 8,817,991.92
E Certificateholder's Return Distribution Amount $ 545,845.62 $ 38,234,874.45
F Noteholder's Principal Distribution Amount
i Class A-1 $ 35,450,808.09 $ 2,784,066.36
ii Class A-2 $ 0.00 $ 2,784,066.36
---------------
iii Total Noteholder's Principal Distribution $ 35,450,808.09
G Certificateholder's Balance Distribution Amount $ 0.00 $ 2,784,066.36
H Increase to the Specified Reserve Account Balance $ 0.00 $ 2,784,066.36
I Carryover Servicing Fees $ 817,857.82 $ 1,966,208.54
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 1,966,208.54
i Class A-2 $ 0.00 $ 1,966,208.54
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 1,966,208.54
L Excess to Reserve Account $ 1,966,208.54 $ 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1995-1 8
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IX. 1995-1 Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $5,598,947.20 $3,219,044.72 $545,845.62
ii Quarterly Interest Paid $5,598,947.20 $3,219,044.72 $545,845.62
------------ ------------ ----------
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 $35,450,808.09 $0.00 $0.00
viii Quarterly Principal Paid $35,450,808.09 $0.00 $0.00
------------- ---- ----
ix Quarterly Principal Shortfall $0.00 $0.00 $0.00
-----------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $41,049,755.29 $ 3,219,044.72 $ 545,845.62
-----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
B Principal Distribution Reconciliation
<S> <C> <C>
i Notes and Certificates Principal Balance 12/31/97 $635,177,985.48
ii Pool Balance 12/31/97 $599,727,177.39
---------------
iii Principal Distribution Amount $35,450,808.09
================
C Total Principal Distribution $35,450,808.09
D Total Interest Distribution $9,363,837.54
------------
E Total Cash Distributions-Note and Certificates $44,814,645.63
<CAPTION>
-------------------------------------------------------------------------------
F Note & Certificate Balances 10/27/97 1/26/98
-------------------------------------------------------------------------------
<S> <C> <C> <C>
i A-1 Note Balance $ 385,177,985.48 $ 349,727,177.39
A-1 Note Pool Factor 0.5135706473 0.4663029032
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 $3,175,889.93
ii Deposits to correct Shortfall $0.00
iii Deposits from Excess Servicing $1,966,208.54
------------
iv Total Reserve Account Balance Available $5,142,098.47
v Required Reserve Account Balance $2,998,635.89
vi Shortfall Carried to Next Period $0.00
vii Excess Reserve - Release to SLM Funding Corp $2,143,462.58
viii Ending Reserve Account Balance $2,998,635.89
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1995-1 9
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
1995-1 Historical Pool Information
- ---------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------
10/1/97-12/31/97 7/1/97-9/30/97 4/1/97-6/30/97
------------------------------------------------------------------------
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 634,419,310.37 $ 672,356,282.03 $ 714,234,131.11
- ---------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 31,256,602.42 $ 33,024,660.00 $ 34,449,289.71
ii Principal Collections from Guarantor 4,038,925.33 3,831,142.64 5,521,766.77
iii Principal Reimbursements 1,110,970.23 1,931,934.01 2,643,630.36
iv Other System Adjustments - - 0.00
------------------------------------------------------------------------
v Total Principal Collections $ 36,406,497.98 $ 38,787,736.65 $ 42,614,686.84
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 215,232.19 $ 148,944.93 $ 218,645.87
ii Capitalized Interest (1,142,244.94) (999,709.92) (955,483.63)
------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (927,012.75) $ (850,764.99) $ (736,837.76)
- ---------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 35,479,485.23 $ 37,936,971.66 $ 41,877,849.08
- ---------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 10,820,940.12 $ 11,700,628.29 $ 12,116,179.07
ii Interest Claims Received from Guarantors 242,885.58 217,004.71 317,247.10
iii Late Fee Reimbursements 2.61 - -
iv Interest Reimbursements 20,203.85 31,498.76 28,749.41
v Other System Adjustments 0.00 0.00 0.00
vi Special Allowance Payments 423,277.21 497,397.49 829,740.65
vii Subsidy Payments 699,396.68 809,754.91 541,554.00
------------------------------------------------------------------------
vii Total Interest Collections $ 12,206,706.05 $ 13,256,284.16 $ 13,833,470.23
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (165,175.08) $ (102,969.61) $ (143,456.34)
ii Capitalized Interest 1,142,244.94 999,709.92 955,483.63
------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 977,069.86 $ 896,740.31 $ 812,027.29
------------------------------------------------------------------------
Total Student Loan Interest Activity $ 13,183,775.91 $ 14,153,024.47 $ 14,645,497.52
(=) Ending Student Loan Portfolio Balance $ 598,939,825.14 $ 634,419,310.37 $ 672,356,282.03
- ---------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 787,352.25 $ 758,675.11 $ 741,333.62
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 599,727,177.39 $ 635,177,985.48 $ 673,097,615.65
- ---------------------------------------------------------------------------------------------------------------------------------
<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 $ 758,640,244.14 $ 802,942,510.88 $ 853,757,457.19
- ---------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 37,045,855.75 $ 36,816,067.27 $ 40,504,277.25
ii Principal Collections from Guarantor 6,185,560.91 6,088,443.00 8,336,900.38
iii Principal Reimbursements 2,050,080.23 2,255,883.32 2,842,522.44
iv Other System Adjustments 0.00 131.71 (577.57)
-------------------------------------------------------------------------
v Total Principal Collections $ 45,281,496.89 $ 45,160,525.30 $ 51,683,122.50
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 184,596.68 $ 225,811.89 $ 214,754.01
ii Capitalized Interest (1,059,980.54) (1,084,070.45) (1,082,930.20)
-------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (875,383.86) $ (858,258.56) $ (868,176.19)
- ---------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 44,406,113.03 $ 44,302,266.74 $ 50,814,946.31
- ---------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 13,342,268.00 $ 13,807,543.15 $ 15,456,574.89
ii Interest Claims Received from Guarantors 358,047.93 340,026.34 557,105.25
iii Late Fee Reimbursements - - -
iv Interest Reimbursements 28,485.70 27,274.90 36,142.78
v Other System Adjustments 0.00 (715.16) (163.96)
vi Special Allowance Payments 460,026.49 734,667.87 617,049.00
vii Subsidy Payments 888,898.48 740,973.14 792,317.27
-------------------------------------------------------------------------
vii Total Interest Collections $ 15,077,726.60 $ 15,649,770.24 $ 17,459,025.23
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (130,539.92) $ (158,675.64) $ (111,637.14)
ii Capitalized Interest 1,059,980.54 1,084,070.45 1,082,930.20
-------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 929,440.62 $ 925,394.81 $ 971,293.06
-------------------------------------------------------------------------
Total Student Loan Interest Activity $ 16,007,167.22 $ 16,575,165.05 $ 18,430,318.29
(=) Ending Student Loan Portfolio Balance $ 714,234,131.11 $ 758,640,244.14 $ 802,942,510.88
- ---------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 747,655.59 $ 691,772.32 $ 652,786.04
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 714,981,786.70 $ 759,332,016.46 $ 803,595,296.92
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------------------------------------
4/1/96 - 6/30/96 1/1/96 - 3/31/96 9/29/95 - 12/31/95
-------------------------------------------------------------------------
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 905,375,401.17 $ 954,345,726.48 $ 1,000,126,078.04
- ---------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 41,999,553.67 $ 45,086,756.56 $ 42,875,612.89
ii Principal Collections from Guarantor 6,580,254.84 482,294.51 92,046.91
iii Principal Reimbursements 3,722,370.03 4,554,369.19 2,775,561.40
iv Other System Adjustments (48.49) 0.00 39,190.77
----------------------------------------------------------------------------
v Total Principal Collections $ 52,302,130.05 $ 50,123,420.26 $ 45,782,411.97
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 185,344.16 $ 150,766.06 $ 233,926.53
ii Capitalized Interest (869,530.23) (1,303,861.01) (235,986.94)
----------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (684,186.07) $ (1,153,094.95) $ (2,060.41)
- ---------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 51,617,943.98 $ 48,970,325.31 $ 45,780,351.56
- ---------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 16,104,237.23 $ 18,105,760.68 $ 18,633,508.65
ii Interest Claims Received from Guarantors 410,448.66 13,929.01 3,259.20
iii Late Fee Reimbursements - - -
iv Interest Reimbursements 33,086.35 39,560.27 17,871.78
v Other System Adjustments (14.31) 0.00 7.70
vi Special Allowance Payments 537,884.11 1,112,141.11 43,719.37
vii Subsidy Payments 836,267.57 683,029.83 5,919.00
----------------------------------------------------------------------------
vii Total Interest Collections $ 17,921,909.61 $ 19,954,420.90 $ 18,704,285.70
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (112,327.13) $ (144,452.46) $ (227,131.25)
ii Capitalized Interest 869,530.23 1,303,861.01 235,986.94
----------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 757,203.10 $ 1,159,408.55 $ 8,855.69
----------------------------------------------------------------------------
Total Student Loan Interest Activity $ 18,679,112.71 $ 21,113,829.45 $ 18,713,141.39
(=) Ending Student Loan Portfolio Balance $ 853,757,457.19 $ 905,375,401.17 $ 954,345,726.48
- ---------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 677,908.07 $ 602,404.08 $ 639,070.92
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 854,435,365.26 $ 905,977,805.25 $ 954,984,797.40
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1995-1 10
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
XI. 1995-1 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
<S> <C> <C>
Oct-95 $1,000,126,078 -
Jan-96 $ 954,984,797 4.87%
Apr-96 $ 905,977,805 4.96%
Jul-96 $ 854,435,365 5.71%
Oct-96 $ 803,595,297 6.25%
Jan-97 $ 759,332,016 6.10%
Apr-97 $ 714,981,787 6.00%
Jul-97 $ 673,097,616 5.80%
Oct-97 $ 635,177,985 5.32%
Jan-98 $ 599,727,177 4.90%
</TABLE>
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool
data.
- --------------------------------------------------------------------------------
Sallie Mae Student Loan Trust 1995-1 11
<PAGE>
Sallie Mae Student Loan Trust 1996-1
Quarterly Servicing Report
Report Date: 12/31/97 Reporting Period: 10/01/97-12/31/97
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 9/30/97 Activity 12/31/97
------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C>
i Portfolio Balance $ 1,124,635,411.07 $ (48,297,688.86) $ 1,076,337,722.21
ii Interest to be Capitalized 9,565,210.29 8,040,248.28
------------------- --------------------
iii Total Pool $ 1,134,200,621.36 $ 1,084,377,970.49
=================== ====================
B i Weighted Average Coupon (WAC) 8.2832% 8.2969%
ii Weighted Average Remaining Term 96.19 95.06
iii Number of Loans 491,321 471,293
iv Number of Borrowers 187,004 179,224
------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 10/27/97 % of Pool Balance 1/26/98 % of Pool
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
i A-1 Notes 795452AD3 0.56% $ 608,200,621.36 53.623% $ 558,377,970.49 51.493%
ii A-2 Notes 795452AE1 0.75% 473,500,000.00 41.748% 473,500,000.00 43.666%
iii Certificates 795452AF8 0.98% 52,500,000.00 4.629% 52,500,000.00 4.841%
---------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 1,134,200,621.36 100.000% $1,084,377,970.49 100.000%
=====================================================================================================================
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
D Reserve Account 10/27/97 1/26/98
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,835,501.55 $ 2,710,944.93
iv Reserve Account Floor Balance ($) $ 1,500,000.00 $ 1,500,000.00
v Current Reserve Acct Balance ($) $ 2,835,501.55 $ 2,710,944.93
---------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1996-1 1
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
II. 1996-1 Transactions from: 10/1/97 through: 12/31/97
- -------------------------------------------------------------------------------------------------
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $38,163,254.13
ii Principal Collections from Guarantor $9,941,094.41
iii Principal Reimbursements $5,731,401.42
iv Other System Adjustments $0.00
-----------------
v Total Principal Collections $ 53,835,749.96
B Student Loan Non-Cash Principal Activity
i Other Adjustments $1,006,978.88
ii Capitalized Interest ($6,545,039.98)
-----------------
iii Total Non-Cash Principal Activity $ (5,538,061.10)
------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 48,297,688.86
------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 14,639,248.95
ii Interest Claims Received from Guarantors $625,655.68
iii Late Fee Reimbursements $0.00
iv Interest Reimbursements $105,245.48
v Other System Adjustments $0.00
vi Special Allowance Payments $572,165.19
vii Subsidy Payments $3,756,473.63
-----------------
viii Total Interest Collections $ 19,698,788.93
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($878,436.97)
ii Capitalized Interest $ 6,545,039.98
-----------------
iii Total Non-Cash Interest Adjustments $ 5,666,603.01
------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 25,365,391.94
------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1996-1 2
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
III. 1996-1 Collection Account Activity 10/1/97 through 12/31/97
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $48,104,348.54
ii Cash Forwarded by Administrator on behalf of Seller $302,500.86
iii Cash Forwarded by Administrator on behalf of Servicer $4,711.20
iv Cash Forwarded by Administrator for Consolidation Activity $5,424,189.36
-----------------
v Total Principal Collections $ 53,835,749.96
B Interest Collections
i Interest Payments Received-Cash $ 19,593,543.45
ii Cash Forwarded by Administrator on behalf of Seller $7,632.50
iii Cash Forwarded by Administrator on behalf of Servicer $11,721.84
iv Cash Forwarded by Administrator for Consolidation Activity $85,891.14
v Cash Forwarded by Administrator for Late Fee Activity $0.00
-----------------
vi Total Interest Collections $19,698,788.93
C Other Reimbursements $94,731.44
D Administrator Account Investment Income $572,211.49
E TOTAL FUNDS RECEIVED $ 74,201,481.82
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,429,774.50)
-----------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 72,771,707.32
-----------------------------------------------------------------------------------------------------
F Servicing Fee Calculation-Current Month
i Unit Charge Calculation $700,334.25
ii Percentage of Principal Calculation $1,000,068.62
iii Lesser of Unit or Principal Calculation $700,334.25
G Servicing Fees Due for Current Period $ 700,334.25
H Carryover Servicing Fees Due $ 898,335.51
<CAPTION>
<C> <S> <C>
OCT 1997 Servicing Carryover $310,950.39
NOV 1997 Servicing Carryover $304,083.79
DEC 1997 Servicing Carryover $299,734.37
-------------------------
$ 914,768.55
Less: Servicing ADJ [A iii + B iii] ($16,433.04)
------------------------
TOTAL Carryover Servicing Fee Due $ 898,335.51
=========================
<CAPTION>
<S> <C>
I Administration Fees Due $ 20,000.00
-----------------------------------------------------------------------------------------------------
J Total Fees Due for Period $ 1,618,669.76
-----------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1996-1 3
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
IV. 1996-1 Portfolio Characteristics
- -----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
STATUS 9/30/97 12/31/97 9/30/97 12/31/97 9/30/97 12/31/97
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 8.160% 8.162% 19,639 18,217 3.997% 3.865%
Grace
Current 8.166% 8.111% 14,827 4,338 3.018% 0.920%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.163% 8.152% 34,466 22,555 7.015% 4.786%
- -----------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.282% 8.295% 336,494 335,625 68.488% 71.214%
31-60 Days Delinquent 8.333% 8.336% 22,624 22,211 4.605% 4.713%
61-90 Days Delinquent 8.310% 8.340% 11,710 10,154 2.383% 2.154%
91-120 Days Delinquent 8.338% 8.341% 7,894 6,145 1.607% 1.304%
greater than 120 Days Delinquent 8.327% 8.333% 9,545 8,821 1.943% 1.872%
Deferment
Current 8.322% 8.328% 46,216 43,432 9.407% 9.215%
Forbearance
Current 8.320% 8.337% 18,913 19,097 3.849% 4.052%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.295% 8.306% 453,396 445,485 92.281% 94.524%
- -----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.324% 8.321% 3,423 3,197 0.697% 0.678%
Aged Claims Rejected (2) 8.345% 8.415% 36 56 0.007% 0.012%
- -----------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.283% 8.297% 491,321 471,293 100.00% 100.00%
- -----------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
Principal Amount %
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
STATUS 9/30/97 12/31/97 9/30/97 12/31/97
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 55,763,680.54 $ 51,599,292.04 4.958% 4.793%
Grace
Current $ 43,314,890.84 $ 12,567,165.86 3.852% 1.168%
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 99,078,571.38 $ 64,166,457.90 8.810% 5.961%
- ----------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 706,668,534.87 $ 714,140,224.55 62.835% 66.349%
31-60 Days Delinquent $ 50,241,894.96 $ 49,538,793.94 4.467% 4.603%
61-90 Days Delinquent $ 29,766,225.46 $ 24,217,865.10 2.647% 2.250%
91-120 Days Delinquent $ 19,512,352.90 $ 14,367,416.69 1.735% 1.334%
greater than 120 Days Delinquent $ 23,060,973.07 $ 21,876,511.30 2.051% 2.033%
Deferment
Current $ 130,010,513.10 $ 120,149,940.47 11.560% 11.163%
Forbearance
Current $ 58,846,929.65 $ 61,214,097.14 5.233% 5.687%
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $1,018,107,424.01 $1,005,504,849.19 90.528% 93.420%
- ----------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 7,379,569.89 $ 6,524,214.64 0.656% 0.606%
Aged Claims Rejected (2) $ 69,845.78 $ 142,200.47 0.006% 0.013%
- ----------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $1,124,635,411.06 $1,076,337,722.20 100.00% 100.00%
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
Sallie Mae Student Loan Trust 1996-1 4
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
V. 1996-1 Portfolio Characteristics by School and Program 12/31/97
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
--------------------------------------------------------------------------------------
GSL-SUB SL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
- --------------------------------------------
STATUS
- --------------------------------------------
INTERIM:
<S> <C> <C> <C> <C> <C> <C> <C> <C>
In School
Current 3.606% 0.629% 0.000% 0.000% 0.353% 0.088% 0.000% 0.000%
Grace
Current 0.825% 0.128% 0.000% 0.000% 0.129% 0.023% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 4.431% 0.757% 0.000% 0.000% 0.482% 0.111% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 42.539% 5.323% 4.022% 4.046% 3.497% 0.608% 0.208% 0.522%
31-60 Days Delinquent 2.456% 0.286% 0.263% 0.302% 0.418% 0.063% 0.030% 0.066%
61-90 Days Delinquent 1.143% 0.154% 0.139% 0.140% 0.224% 0.035% 0.009% 0.028%
91-120 Days Delinquent 0.658% 0.086% 0.070% 0.092% 0.128% 0.022% 0.002% 0.022%
greater than 120 Days Delinquent 0.961% 0.114% 0.090% 0.127% 0.255% 0.041% 0.006% 0.036%
Deferment
Current 7.008% 0.818% 0.440% 1.059% 0.778% 0.121% 0.018% 0.132%
Forbearance
Current 3.188% 0.417% 0.224% 0.708% 0.362% 0.050% 0.010% 0.064%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 57.953% 7.199% 5.248% 6.474% 5.662% 0.939% 0.283% 0.870%
- ----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.272% 0.032% 0.023% 0.043% 0.087% 0.013% 0.002% 0.007%
Aged Claims Rejected (2) 0.006% 0.000% 0.000% 0.002% 0.003% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL PROGRAM 62.663% 7.989% 5.271% 6.519% 6.234% 1.063% 0.286% 0.877%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.442% 8.460%
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
V. 1996-1 Portfolio Characteristics by School and Program 12/31/97
- ----------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
---------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
- ---------------------------------------------
STATUS
- ---------------------------------------------
INTERIM:
<S> <C> <C> <C> <C> <C> <C> <C> <C>
In School
Current 0.063% 0.019% 0.000% 0.000% 0.023% 0.012% 0.000% 0.000%
Grace
Current 0.034% 0.013% 0.000% 0.000% 0.012% 0.004% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.097% 0.032% 0.000% 0.000% 0.035% 0.016% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 2.918% 0.606% 0.552% 1.093% 0.295% 0.026% 0.019% 0.076%
31-60 Days Delinquent 0.409% 0.065% 0.046% 0.174% 0.017% 0.000% 0.002% 0.006%
61-90 Days Delinquent 0.215% 0.042% 0.017% 0.084% 0.011% 0.001% 0.001% 0.007%
91-120 Days Delinquent 0.155% 0.030% 0.010% 0.053% 0.005% 0.000% 0.000% 0.001%
greater than 120 Days Delinquent 0.235% 0.055% 0.018% 0.079% 0.008% 0.001% 0.001% 0.006%
Deferment
Current 0.385% 0.067% 0.026% 0.155% 0.096% 0.012% 0.005% 0.043%
Forbearance
Current 0.328% 0.066% 0.026% 0.147% 0.060% 0.005% 0.002% 0.030%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 4.644% 0.932% 0.695% 1.785% 0.491% 0.047% 0.029% 0.168%
- ----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.082% 0.017% 0.003% 0.023% 0.002% 0.000% 0.000% 0.000%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 4.824% 0.982% 0.697% 1.808% 0.527% 0.063% 0.029% 0.168%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 8.311% 0.787%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
</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.
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
----------------------------------------
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
---------------------------------------------------------------------------------------------------------
INTERIM:
<S> <C> <C> <C> <C> <C> <C>
In School
Current 4.235% 0.441% 0.082% 0.035% 4.793%
Grace
Current 0.953% 0.152% 0.047% 0.016% 1.168%
-----------------------------------------------------------------------------------------------------------
TOTAL INTERIM 5.188% 0.593% 0.129% 0.051% 5.961%
-----------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 55.930% 4.835% 5.169% 0.415% 66.349%
31-60 Days Delinquent 3.307% 0.577% 0.694% 0.025% 4.603%
61-90 Days Delinquent 1.577% 0.296% 0.358% 0.019% 2.250%
91-120 Days Delinquent 0.906% 0.174% 0.248% 0.006% 1.334%
greater than 120 Days Delinquent 1.293% 0.338% 0.387% 0.015% 2.033%
Deferment
Current 9.325% 1.049% 0.633% 0.156% 11.163%
Forbearance
Current 4.537% 0.486% 0.567% 0.097% 5.687%
-----------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 76.875% 7.756% 8.056% 0.734% 93.420%
-----------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.370% 0.109% 0.125% 0.002% 0.606%
Aged Claims Rejected (2) 0.009% 0.003% 0.001% 0.000% 0.013%
-----------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.442% 8.460% 8.311% 0.787% 100.000%
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1996-1 5
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VI. 1996-1 Interest Calculation
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 19,418,821.32
B Interest Subsidy Payments Accrued During Collection Period $ 3,405,612.55
C SAP Payments Accrued During Collection Period $656,471.26
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $73,303.49
E Investment Earnings (ADMINISTRATOR ACT) $572,211.49
-----------
F Net Expected Interest Collections $ 24,126,420.11
G Student Loan Rate
i Days in Collection Period (10/01/97-12/31/97) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 24,126,420.11
iv Primary Servicing Fee $ 2,130,108.75
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,134,200,621.36
vii Student Loan Rate 7.68723%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.81537%
I Class A-1 Interest Rate 0.014498603 (10/27/97-1/26/97) 5.81537%
J Class A-2 T-Bill Based Interest Rate 6.00537%
K Class A-2 Interest Rate 0.014972301 (10/27/97-1/26/97) 6.00537%
L Certificate T-Bill Based Rate of Return 6.23537%
M Certificate Rate of Return 0.015545726 (10/27/97-1/26/97) 6.23537%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1996-1 6
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
VII. 1996-1 Inputs From Previous Quarterly Servicing Reports 9/30/97
- ----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 1,124,635,411.07
ii Interest To Be Capitalized $9,565,210.29
----------------------
iii Total Student Loan Pool Outstanding $ 1,134,200,621.36
======================
B Total Note and Certificate Factor 0.75613374757
C Total Note and Certificate Balance $ 1,134,200,621.36
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
D Note Balance 10/27/97 Class A-1 Class A-2 Certificates
-------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
i Current Factor-10/27/97 0.6244359562 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 608,200,621.36 $ 473,500,000.00 $ 52,500,000.00
------------------------------------------------------------
iv Note Balance $ 608,200,621.36 $ 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
-------------------------------------------------------------------------------------------------------------------
<CAPTION>
<C> <S> <C>
G Reserve Account Balance $ 2,835,501.55
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1996-1 7
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
VIII. 1996-1 Waterfall for Distributions
- ------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<S> <C> <C> <C>
A Total Available Funds (Section III E + Section VI-D) $ 72,845,010.81 $ 72,845,010.81
B Primary Servicing Fees-Current Month $ 700,334.25 $ 72,144,676.56
C Administration Fee $ 20,000.00 $ 72,124,676.56
D Noteholder's Interest Distribution Amount
i Class A-1 $ 8,818,059.35 $ 63,306,617.21
ii Class A-2 $ 7,089,384.52 $ 56,217,232.69
---------------
iii Total Noteholder's Interest Distribution $ 15,907,443.87
E Certificateholder's Return Distribution Amount $ 816,150.62 $ 55,401,082.07
F Noteholder's Principal Distribution Amount
i Class A-1 $ 49,822,650.87 $ 5,578,431.20
ii Class A-2 $ 0.00 $ 5,578,431.20
---------------
iii Total Noteholder's Principal Distribution $ 49,822,650.87
G Certificateholder's Balance Distribution Amount $ 0.00 $ 5,578,431.20
H Increase to the Specified Reserve Account Balance $ 0.00 $ 5,578,431.20
I Carryover Servicing Fees $ 898,335.51 $ 4,680,095.69
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 4,680,095.69
i Class A-2 $ 0.00 $ 4,680,095.69
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 4,680,095.69
L Excess to Reserve Account $ 4,680,095.69 $ 0.00
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1996-1 8
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IX. 1996-1 Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i Quarterly Interest Due $8,818,059.35 $7,089,384.52 $816,150.62
ii Quarterly Interest Paid $8,818,059.35 $7,089,384.52 $816,150.62
------------- ------------- -----------
iii Interest Shortfall $0.00 $0.00 $0.00
iv Interest Carryover Due $0.00 $0.00 $0.00
v Interest Carryover Paid $0.00 $0.00 $0.00
------------- ------------- -----------
vi Interest Carryover $0.00 $0.00 $0.00
vii Quarterly Principal Due $49,822,650.87 $0.00 $0.00
viii Quarterly Principal Paid $49,822,650.87 $0.00 $0.00
------------- ------------- -----------
ix Quarterly Principal Shortfall $0.00 $0.00 $0.00
---------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 58,640,710.22 $ 7,089,384.52 $ 816,150.62
---------------------------------------------------------------------------------------------------------------------
<CAPTION>
B Principal Distribution Reconciliation
<S> <C>
i Notes and Certificates Principal Balance 12/31/97 $1,134,200,621.36
ii Pool Balance 12/31/97 $1,084,377,970.49
--------------------
iii Pool Exceeding Notes and Certificate Balance (i-ii) $ 49,822,650.87
--------------------
iv Principal Distribution Amount $ 49,822,650.87
====================
C Total Principal Distribution $49,822,650.87
D Total Interest Distribution $16,723,594.49
E Total Cash Distributions-Note and Certificates $ 66,546,245.36
<CAPTION>
-----------------------------------------------------------------------------------
F Note & Certificate Balances 10/27/97 1/26/98
-----------------------------------------------------------------------------------
<S> <C> <C> <C>
i A-1 Note Balance (795452AD3) $ 608,200,621.36 $ 558,377,970.49
A-1 Note Pool Factor 0.6244359562 0.5732833373
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>
G Reserve Account Reconciliation
<S> <C>
i Beginning of Period Balance $2,835,501.55
ii Deposits to correct Shortfall $0.00
-----------------
iii Deposits from Excess Servicing $4,680,095.69
iv Total Reserve Account Balance Available $7,515,597.24
v Required Reserve Account Balance $2,710,944.93
vi Shortfall Carried to Next Period $0.00
vii Excess Reserve - Release to SLM Funding Corp $4,804,652.31
viii Ending Reserve Account Balance $2,710,944.93
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1996-1 9
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
1996-1 Historical Pool Information
- -----------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------
10/1/97-12/31/97 7/1/97-9/30/97 4/1/97-6/30/97
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Beginning Student Loan Portfolio Balance $ 1,124,635,411.07 $ 1,173,864,873.47 $ 1,228,206,792.67
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 38,163,254.13 $ 37,394,659.75 $ 38,201,480.33
ii Principal Collections from Guarantor 9,941,094.41 9,232,586.28 12,257,546.06
iii Principal Reimbursements 5,731,401.42 6,827,024.70 8,394,035.19
iv Other System Adjustments 0.00 0.00 0.00
-------------------------------------------------------------------------
v Total Principal Collections $ 53,835,749.96 $ 53,454,270.73 $ 58,853,061.58
Student Loan Non-Cash Principal Activity
i Other Adjustments 1,006,978.88 821,162.61 901,335.61
ii Capitalized Interest (6,545,039.98) (5,045,970.94) (5,412,477.99)
-------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (5,538,061.10) $ (4,224,808.33) $ (4,511,142.38)
- ------------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 48,297,688.86 $ 49,229,462.40 $ 54,341,919.20
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 14,639,248.95 $ 15,343,792.96 $ 15,398,211.29
ii Interest Claims Received from Guarantors 625,655.68 542,149.37 742,052.34
iii Late Fee Reimbursements $0.00 - -
iv Interest Reimbursements 105,245.48 110,615.60 112,743.13
v Other System Adjustments 0.00 0.00 0.00
vi Special Allowance Payments 572,165.19 723,465.81 693,074.40
vii Interest Subsidy Payments 3,756,473.63 4,242,391.02 4,559,733.43
-------------------------------------------------------------------------
viii Total Interest Collections $ 19,698,788.93 $ 20,962,414.76 $ 21,505,814.59
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (878,436.97) $ (688,249.76) $ (742,970.05)
ii Capitalized Interest 6,545,039.98 5,045,970.94 5,412,477.99
-------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 5,666,603.01 $ 4,357,721.18 $ 4,669,507.94
-------------------------------------------------------------------------
Total Student Loan Interest Activity $ 25,365,391.94 $ 25,320,135.94 $ 26,175,322.53
(=) Ending Student Loan Portfolio Balance $ 1,076,337,722.21 $ 1,124,635,411.07 $ 1,173,864,873.47
- ------------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 8,040,248.28 $ 9,565,210.29 $ 9,928,556.68
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,084,377,970.49 $ 1,134,200,621.36 $ 1,183,793,430.15
- ------------------------------------------------------------------------------------------------------------------------------------
<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 0.00 (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 Interest Claims Received from Guarantors 987,722.67 1,180,177.89 612,951.89
iii Late Fee Reimbursements - - -
iv Interest Reimbursements 108,178.47 125,983.70 182,022.75
v Other System Adjustments 0.00 (956.09) (960.98)
vi Special Allowance Payments 585,211.26 991,453.39 775,767.11
vii Interest Subsidy Payments 5,496,581.08 5,892,220.73 7,006,327.74
------------------------------------------------------------------------
viii 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 Interest Claims Received from Guarantors 21,865.02 326.78
iii Late Fee Reimbursements - -
iv Interest Reimbursements 142,527.81 50,757.10
v Other System Adjustments 244.79 10,446.21
vi Special Allowance Payments 343,884.36 0.00
vii Interest Subsidy Payments 4,651,078.41 0.00
-----------------------------------------------------
viii 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>
Sallie Mae Student Loan Trust 1996-1 10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1996-1 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
Feb-96 $ 1,502,106,411 -
Apr-96 $ 1,471,870,726 5.14%
Jul-96 $ 1,421,949,915 5.64%
Oct-96 $ 1,360,374,604 7.09%
Jan-97 $ 1,297,462,994 7.90%
Apr-97 $ 1,238,786,263 8.30%
Jul-97 $ 1,183,793,430 8.30%
Oct-97 $ 1,134,200,621 7.79%
Jan-98 $ 1,084,377,970 7.38%
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool
data.
- --------------------------------------------------------------------------------
Sallie Mae Student Loan Trust 1996-1 11
<PAGE>
SLM Student Loan Trust 1996-2
Quarterly Servicing Report
Report Date: 12/31/97 Reporting Period: 10/01/97-12/31/97
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 9/30/97 Activity 12/31/97
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Portfolio Balance $ 1,207,164,935.71 $ (50,045,381.14) $ 1,157,119,554.57
ii Interest to be Capitalized 14,530,310.02 11,609,569.57
---------------------- -------------------
iii Total Pool $ 1,221,695,245.73 $ 1,168,729,124.14
===================== ===================
B i Weighted Average Coupon (WAC) 8.2450% 8.2551%
ii Weighted Average Remaining Term 99.61 98.46
iii Number of Loans 536,737 518,435
iv Number of Borrowers 225,761 217,172
-------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 10/27/97 % of Pool Balance 1/26/98 % of Pool
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAA4 0.51% $ 681,665,245.73 55.797% $ 628,699,124.14 53.793%
ii A-2 Notes 78442GAB2 0.71% 487,000,000.00 39.863% 487,000,000.00 41.669%
iii Certificates 78442GAC0 0.96% 53,030,000.00 4.340% 53,030,000.00 4.538%
======================================================================================================================
iv Total Notes and Certificates $ 1,221,695,245.73 100.000% $1,168,729,124.14 100.000%
======================================================================================================================
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
D Reserve Account 10/27/97 1/26/98
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 3,054,238.11 $ 2,921,822.81
iv Reserve Account Floor Balance ($) $ 1,515,030.00 $ 1,515,030.00
v Current Reserve Acct Balance ($) $ 3,054,238.11 $ 2,921,822.81
----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-2 1
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
II. 1996-2 Transactions from: 10/1/97 through: 12/31/97
- -------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $38,924,495.06
ii Principal Collections from Guarantor $12,246,196.59
iii Principal Reimbursements $6,209,725.84
iv Other System Adjustments $0.00
-------------------
v Total Principal Collections $ 57,380,417.49
B Student Loan Non-Cash Principal Activity
i Other Adjustments $980,697.54
ii Capitalized Interest ($8,315,733.89)
-------------------
iii Total Non-Cash Principal Activity $ (7,335,036.35)
-----------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 50,045,381.14
-----------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $14,129,984.08
ii Interest Claims Received from Guarantors $761,002.07
iii Late Fee Reimbursements $1.27
iv Interest Reimbursements $156,325.20
v Other System Adjustments $0.00
vi Special Allowance Payments $447,663.98
vii Subsidy Payments $5,110,300.53
-------------------
viii Total Interest Collections $ 20,605,277.13
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($773,454.47)
ii Capitalized Interest $8,315,733.89
-------------------
iii Total Non-Cash Interest Adjustments $ 7,542,279.42
-----------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 28,147,556.55
-----------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-2 2
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
III. 1996-2 Collection Account Activity 10/1/97 through 12/31/97
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $51,170,691.65
ii Cash Forwarded by Administrator on behalf of Seller $525,392.09
iii Cash Forwarded by Administrator on behalf of Servicer $19,089.72
iv Cash Forwarded by Administrator for Consolidation Activity $5,665,244.03
-------------------------
v Total Principal Collections $ 57,380,417.49
B Interest Collections
i Interest Payments Received-Cash $20,448,950.66
ii Cash Forwarded by Administrator on behalf of Seller $22,800.41
iii Cash Forwarded by Administrator on behalf of Servicer $15,677.69
iv Cash Forwarded by Administrator for Consolidation Activity $117,847.10
v Cash Forwarded by Administrator for Late Fee Activity $1.27
-------------------------
vi Total Interest Collections $20,605,277.13
C Other Reimbursements $84,840.25
D Administrator Account Investment Income $585,505.79
E TOTAL FUNDS RECEIVED $ 78,656,040.66
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (2,027,107.00)
--------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 76,628,933.66
--------------------------------------------------------------------------------------------------------
F Servicing Fee Calculation-Current Month
i Unit Charge Calculation $994,901.72
ii Percentage of Principal Calculation $1,338,756.02
iii Lesser of Unit or Principal Calculation $994,901.72
G Servicing Fees Due for Current Period $ 994,901.72
<CAPTION>
H Carryover Servicing Fees Due $ 1,015,382.89
<S> <C>
OCT 1997 Servicing Carryover $357,740.25
NOV 1997 Servicing Carryover $348,555.75
DEC 1997 Servicing Carryover $343,854.30
-------------------------
$ 1,050,150.30
Less: Servicing ADJ [A iii + B iii] ($34,767.41)
-------------------------
TOTAL: Carryover Servicing Fee Due $ 1,015,382.89
=========================
<CAPTION>
<S> <C> <C>
I Administration Fees Due $ 20,000.00
--------------------------------------------------------------------------------------------------------
J Total Fees Due for Period $ 2,030,284.61
--------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-2 3
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
IV. 1996-2
- ----------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ----------------------------------------------------------------------------------------------------------------
STATUS 9/30/97 12/31/97 9/30/97 12/31/97 9/30/97 12/31/97
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 8.157% 8.156% 43,069 38,553 8.024% 7.436%
Grace
Current 8.164% 8.162% 25,253 8,675 4.705% 1.673%
- ----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.160% 8.157% 68,322 47,228 12.729% 9.110%
- ----------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.250% 8.258% 339,324 347,914 63.220% 67.109%
31-60 Days Delinquent 8.287% 8.302% 23,179 23,561 4.319% 4.545%
61-90 Days Delinquent 8.281% 8.293% 13,340 11,563 2.485% 2.230%
91-120 Days Delinquent 8.300% 8.298% 8,423 7,212 1.569% 1.391%
Greater than 120 Days Delinquent 8.296% 8.297% 10,833 10,497 2.018% 2.025%
Deferment
Current 8.283% 8.280% 48,797 46,412 9.091% 8.952%
Forbearance
Current 8.283% 8.288% 20,353 20,392 3.792% 3.933%
- ----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.261% 8.267% 464,249 467,551 86.495% 90.185%
- ----------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.283% 8.303% 4,091 3,575 0.762% 0.690%
Aged Claims Rejected (2) 8.294% 8.325% 75 81 0.014% 0.016%
- ----------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.245% 8.255% 536,737 518,435 100.00% 100.00%
- ----------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------
Principal Amount %
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
STATUS 9/30/97 12/31/97 9/30/97 12/31/97
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 117,882,120.59 $ 105,360,406.08 9.765% 9.105%
Grace
Current $ 72,517,488.29 $ 23,773,341.46 6.007% 2.055%
- -------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 190,399,608.88 $ 129,133,747.54 15.772% 11.160%
- -------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 686,396,551.77 $ 716,110,598.85 56.860% 61.887%
31-60 Days Delinquent $ 51,315,626.88 $ 52,729,519.67 4.251% 4.557%
61-90 Days Delinquent $ 32,373,706.12 $ 26,994,077.36 2.682% 2.333%
91-120 Days Delinquent $ 19,945,580.47 $ 16,724,239.48 1.652% 1.445%
Greater than 120 Days Delinquent $ 25,400,858.57 $ 24,866,513.83 2.104% 2.149%
Deferment
Current $ 132,028,609.60 $ 123,301,596.85 10.937% 10.656%
Forbearance
Current $ 59,913,231.92 $ 59,444,517.26 4.963% 5.137%
- -------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $1,007,374,165.33 $1,020,171,063.30 83.450% 88.165%
- -------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 9,242,372.63 $ 7,637,592.47 0.766% 0.660%
Aged Claims Rejected (2) $ 148,788.86 $ 177,151.25 0.012% 0.015%
- -------------------------------------------------------------------------------------------------------------
GRAND TOTAL $1,207,164,935.70 $1,157,119,554.56 100.00% 100.00%
- -------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
SLM Student Loan Trust 1996-2 4
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
V. 1996-2 Portfolio Characteristics by School and Program 12/31/97
- ------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
- ------------------------------------------------------------------------------------------------------------------------------------
STATUS
- ---------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 5.905% 1.641% 0.000% 0.000% 0.821% 0.223% 0.000% 0.000%
Grace
Current 1.234% 0.328% 0.000% 0.000% 0.213% 0.062% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.139% 1.969% 0.000% 0.000% 1.034% 0.285% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 39.538% 6.677% 2.076% 1.972% 4.108% 0.911% 0.157% 0.223%
31-60 Days Delinquent 2.375% 0.385% 0.170% 0.196% 0.457% 0.091% 0.016% 0.025%
61-90 Days Delinquent 1.146% 0.181% 0.078% 0.084% 0.273% 0.054% 0.006% 0.013%
91-120 Days Delinquent 0.662% 0.108% 0.045% 0.066% 0.182% 0.036% 0.002% 0.010%
Greater than 120 Days Delinquent 0.943% 0.165% 0.044% 0.095% 0.272% 0.065% 0.002% 0.019%
Deferment
Current 6.387% 1.145% 0.226% 0.741% 0.894% 0.201% 0.008% 0.099%
Forbearance
Current 2.741% 0.541% 0.110% 0.362% 0.445% 0.103% 0.008% 0.040%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 53.792% 9.201% 2.748% 3.515% 6.631% 1.460% 0.198% 0.429%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.253% 0.045% 0.009% 0.033% 0.098% 0.019% 0.001% 0.007%
Aged Claims Rejected (2) 0.004% 0.001% 0.000% 0.001% 0.006% 0.001% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 61.187% 11.216% 2.757% 3.549% 7.768% 1.765% 0.200% 0.436%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 78.709% 10.169%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOW
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
- ------------------------------------------------------------------------------------------------------------------------------------
STATUS
- ----------------------------------------
INTERIM:
In School
Current 0.193% 0.097% 0.000% 0.000% 0.124% 0.101% 0.000% 0.000%
Grace
Current 0.103% 0.054% 0.000% 0.000% 0.036% 0.023% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.297% 0.152% 0.000% 0.000% 0.160% 0.124% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 3.587% 1.380% 0.411% 0.491% 0.252% 0.048% 0.008% 0.051%
31-60 Days Delinquent 0.489% 0.182% 0.038% 0.079% 0.033% 0.012% 0.001% 0.010%
61-90 Days Delinquent 0.301% 0.117% 0.022% 0.047% 0.008% 0.001% 0.000% 0.001%
91-120 Days Delinquent 0.208% 0.077% 0.011% 0.037% 0.003% 0.000% 0.000% 0.000%
Greaterthan 120 Days Delinquent 0.352% 0.128% 0.008% 0.048% 0.008% 0.000% 0.000% 0.000%
Deferment
Current 0.491% 0.173% 0.016% 0.129% 0.070% 0.031% 0.000% 0.045%
Forbearance
Current 0.434% 0.172% 0.018% 0.089% 0.040% 0.016% 0.001% 0.018%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 5.861% 2.229% 0.524% 0.919% 0.414% 0.109% 0.010% 0.125%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.126% 0.051% 0.003% 0.013% 0.002% 0.000% 0.000% 0.000%
Aged Claims Rejected (2) 0.002% 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 6.286% 2.432% 0.527% 0.933% 0.576% 0.233% 0.011% 0.125%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 10.178% 0.944%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</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.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.546% 1.044% 0.291% 0.225% 9.105%
Grace
Current 1.562% 0.275% 0.158% 0.059% 2.055%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 9.108% 1.320% 0.448% 0.284% 11.160%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 50.262% 5.399% 5.868% 0.358% 61.887%
31-60 Days Delinquent 3.125% 0.589% 0.787% 0.056% 4.557%
61-90 Days Delinquent 1.489% 0.346% 0.488% 0.010% 2.333%
91-120 Days Delinquent 0.881% 0.229% 0.333% 0.003% 1.445%
Greater than 120 Days Delinquent 1.247% 0.358% 0.536% 0.009% 2.149%
Deferment
Current 8.499% 1.202% 0.808% 0.146% 10.656%
Forbearance
Current 3.753% 0.595% 0.713% 0.075% 5.137%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 69.256% 8.718% 9.533% 0.658% 88.165%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.340% 0.124% 0.194% 0.002% 0.660%
Aged Claims Rejected (2) 0.006% 0.007% 0.003% 0.000% 0.015%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 78.709% 10.169% 10.178% 0.944% 100.000%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-2 5
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
VI. 1996-2 Interest Calculation
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $19,778,452.53
B Interest Subsidy Payments Accrued During Collection Period $4,608,127.78
C SAP Payments Accrued During Collection Period $528,792.55
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $76,573.12
E Investment Earnings (ADMINISTRATOR ACT) $585,505.79
-----------
F Net Expected Interest Collections $ 25,577,451.77
G Student Loan Rate
i Days in Collection Period (10/01/97-12/31/97) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 25,577,451.77
iv Primary Servicing Fee $ 3,022,008.72
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,221,695,245.73
vii Student Loan Rate 7.31827%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.76537%
I Class A-1 Interest Rate 0.01 (10/27/97-1/26/98) 5.76537%
J Class A-2 T-Bill Based Interest Rate 5.96537%
K Class A-2 Interest Rate 0.01 (10/27/97-1/26/98) 5.96537%
L Certificate T-Bill Based Rate of Return 6.21537%
M Certificate Rate of Return 0.01 (10/27/97-1/26/98) 6.21537%
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-2 6
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
VII. 1996-2 Inputs From Previous Quarterly Servicing Reports 9/30/97
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 1,207,164,935.71
ii Interest To Be Capitalized $14,530,310.02
--------------------
iii Total Student Loan Pool Outstanding $ 1,221,695,245.73
====================
B Total Note and Certificate Factor $ 0.80638353414
C Total Note and Certificate Balance $ 1,221,695,245.73
<CAPTION>
------------------------------------------------------------------------------------------------------------------
D Note Balance 10/27/97 Class A-1 Class A-2 Certificates
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor-10/27/97 0.6991438418 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 681,665,245.73 $ 487,000,000.00 $ 53,030,000.00
---------------- ---------------- ---------------
iv Note Balance $ 681,665,245.73 $ 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 $ 3,054,238.11
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 Unpaid Carryover Servicing Fees $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-2 7
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
VIII. 1996-2 Waterfall for Distributions
- ----------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<S> <C> <C> <C>
A Total Available Funds (Sections III -E + VI-D) $ 76,705,506.78 $ 76,705,506.78
B Primary Servicing Fees-Current Month $ 994,901.72 $ 75,710,605.06
C Administration Fee $ 20,000.00 $ 75,690,605.06
D Noteholder's Interest Distribution Amount
i Class A-1 $ 9,798,218.75 $ 65,892,386.31
ii Class A-2 $ 7,242,944.03 $ 58,649,442.28
---------------
iii Total Noteholder's Interest Distribution $ 17,041,162.78
E Certificateholder's Return Distribution Amount $ 821,745.61 $ 57,827,696.67
F Noteholder's Principal Distribution Amount
i Class A-1 $ 52,966,121.59 $ 4,861,575.08
ii Class A-2 $ 0.00 $ 4,861,575.08
---------------
iii Total Noteholder's Principal Distribution $ 52,966,121.59
G Certificateholder's Balance Distribution Amount $ 0.00 $ 4,861,575.08
H Increase to the Specified Reserve Account Balance $ 0.00 $ 4,861,575.08
I Carryover Servicing Fees $ 1,015,382.89 $ 3,846,192.19
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 3,846,192.19
i Class A-2 $ 0.00 $ 3,846,192.19
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 3,846,192.19
L Excess to Reserve Account $ 3,846,192.19 $ 0.00
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-2 8
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IX. 1996-2 Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i Quarterly Interest Due $9,798,218.75 $7,242,944.03 $821,745.61
ii Quarterly Interest Paid $9,798,218.75 $7,242,944.03 $821,745.61
------------ ------------ ----------
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 $52,966,121.59 $0.00 $0.00
viii Quarterly Principal Paid $52,966,121.59 $0.00 $0.00
------------- ---- ----
ix Quarterly Principal Shortfall $0.00 $0.00 $0.00
-------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 62,764,340.34 $ 7,242,944.03 $ 821,745.61
-------------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C>
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 12/31/97 $1,221,695,245.73
ii Pool Balance 12/31/97 $1,168,729,124.14
------------------
iii Pool Exceeding Notes and Certificate Balance (i-ii) $52,966,121.59
------------------
iv Principal Distribution Amount $52,966,121.59
==================
C Total Principal Distribution $52,966,121.59
D Total Interest Distribution $17,862,908.39
-------------
E Total Cash Distributions-Note and Certificates $ 70,829,029.98
<CAPTION>
-----------------------------------------------------------------------------------
F Note & Certificate Balances 10/27/97 1/26/98
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i A-1 Note Balance (78442GAA4) $ 681,665,245.73 $ 628,699,124.14
A-1 Note Pool Factor 0.6991438418 0.6448196145
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
-----------------------------------------------------------------------------------
<CAPTION>
G Reserve Account Reconciliation
<S> <C> <C>
i Beginning of Period Balance $3,054,238.11
ii Deposits to correct Shortfall $0.00
iii Deposits from Excess Servicing $3,846,192.19
----------------
iv Total Reserve Account Balance Available $6,900,430.30
v Required Reserve Account Balance $2,921,822.81
vi Shortfall Carried to Next Period $0.00
vii Excess Reserve - release to SLM Funding Corp. $3,978,607.49
viii Ending Reserve Account Balance $2,921,822.81
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-2 9
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
X. 1996-2 Historical Pool Information
- --------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------
10/1/97-12/31/97 7/1/97-9/30/97 4/1/97-6/30/97
---------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,207,164,935.71 $ 1,256,198,718.19 $ 1,311,435,448.63
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 38,924,495.06 $ 34,879,780.38 $ 36,262,930.45
ii Principal Collections from Guarantor 12,246,196.59 11,329,576.41 14,581,644.47
iii Principal Reimbursements 6,209,725.84 7,134,873.73 9,351,268.08
iv Other System Adjustments - - (0.00)
------------------------------------------------------------------
v Total Principal Collections $ 57,380,417.49 $ 53,344,230.52 $ 60,195,843.00
Student Loan Non-Cash Principal Activity
i Other Adjustments 980,697.54 942,924.37 876,021.96
ii Capitalized Interest (8,315,733.89) (5,253,372.41) (5,835,134.52)
------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (7,335,036.35) $ (4,310,448.04) $ (4,959,112.56)
---------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 50,045,381.14 $ 49,033,782.48 $ 55,236,730.44
---------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 14,129,984.08 $ 14,694,854.50 $ 14,705,223.01
ii Interest Claims Received from Guarantors 761,002.07 685,566.92 908,642.82
iii Late Fee Reimbursements 1.27 - -
iv Interest Reimbursements 156,325.20 121,773.86 163,727.00
v Other System Adjustments - - -
vi Special Allowance Payments 447,663.98 611,281.83 569,960.22
vii Subsidy Payments 5,110,300.53 5,801,151.40 6,074,126.25
------------------------------------------------------------------
viii Total Interest Collections $ 20,605,277.13 $ 21,914,628.51 $ 22,421,679.30
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (773,454.47) $ (759,643.24) $ (634,501.44)
ii Capitalized Interest 8,315,733.89 5,253,372.41 5,835,134.52
------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 7,542,279.42 $ 4,493,729.17 $ 5,200,633.08
------------------------------------------------------------------
Total Student Loan Interest Activity $ 28,147,556.55 $ 26,408,357.68 $ 27,622,312.38
(=) Ending Student Loan Portfolio Balance $ 1,157,119,554.57 $ 1,207,164,935.71 $ 1,256,198,718.19
---------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 11,609,569.57 $ 14,530,310.02 $ 14,239,953.83
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,168,729,124.14 $ 1,221,695,245.73 $ 1,270,438,672.02
---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------
1/1/97-3/31/97 10/1/96-12/31/96 7/1/96-9/30/96
-------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,368,940,609.46 $ 1,420,136,733.54 $ 1,468,666,284.76
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 35,405,802.03 $ 35,315,114.14 $ 37,115,081.98
ii Principal Collections from Guarantor 16,357,009.51 12,433,036.92 1,608,162.94
iii Principal Reimbursements 9,386,952.00 10,214,361.81 14,131,988.74
iv Other System Adjustments - (4,608.47) (1,484.32)
---------------------------------------------------------------------
v Total Principal Collections $ 61,149,763.54 $ 57,957,904.40 $ 52,853,749.34
Student Loan Non-Cash Principal Activity
i Other Adjustments 1,056,316.24 1,080,860.52 1,010,052.49
ii Capitalized Interest (4,700,918.95) (7,842,640.84) (5,334,250.61)
---------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (3,644,602.71) $ (6,761,780.32) $ (4,324,198.12)
-------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 57,505,160.83 $ 51,196,124.08 $ 48,529,551.22
-------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 15,556,589.47 $ 14,810,858.15 $ 15,710,941.68
ii Interest Claims Received from Guarantors 1,054,563.70 774,638.29 65,496.81
iii Late Fee Reimbursements - - -
iv Interest Reimbursements 128,167.59 166,885.49 161,064.40
v Other System Adjustments - (2,349.39) (18.17)
vi Special Allowance Payments 442,524.38 875,314.62 481,518.57
vii Subsidy Payments 7,322,845.39 7,898,909.32 9,023,779.62
---------------------------------------------------------------------
viii Total Interest Collections $ 24,504,690.53 $ 24,524,256.48 $ 25,442,782.91
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (795,806.82) $ (912,392.77) $ (986,037.72)
ii Capitalized Interest 4,700,918.95 7,842,640.84 5,334,250.61
---------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 3,905,112.13 $ 6,930,248.07 $ 4,348,212.89
---------------------------------------------------------------------
Total Student Loan Interest Activity $ 28,409,802.66 $ 31,454,504.55 $ 29,790,995.80
(=) Ending Student Loan Portfolio Balance $ 1,311,435,448.63 $ 1,368,940,609.46 $ 1,420,136,733.54
-------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $14,820,929.42 $13,686,568.72 $ 15,672,244.73
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,326,256,378.05 $ 1,382,627,178.18 $ 1,435,808,978.27
-------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------
4/8/96-6/30/96
--------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,499,948,797.64
--------------------------------------------------------------------------------
<S> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 32,387,112.35
ii Principal Collections from Guarantor 232,013.54
iii Principal Reimbursements 5,880,791.49
iv Other System Adjustments (1,709.32)
--------------------
v Total Principal Collections $ 38,498,208.06
Student Loan Non-Cash Principal Activity
i Other Adjustments 700,262.22
ii Capitalized Interest (7,915,957.40)
--------------------
iii Total Non-Cash Principal Activity $ (7,215,695.18)
-------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 31,282,512.88
-------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 13,326,889.75
ii Interest Claims Received from Guarantors 4,693.63
iii Late Fee Reimbursements -
iv Interest Reimbursements 90,073.72
v Other System Adjustments 309.87
vi Special Allowance Payments 0.00
vii Subsidy Payments 0.00
--------------------
viii Total Interest Collections $ 13,421,966.97
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (689,754.99)
ii Capitalized Interest 7,915,957.40
--------------------
iii Total Non-Cash Interest Adjustments $ 7,226,202.41
--------------------
Total Student Loan Interest Activity $ 20,648,169.38
(=) Ending Student Loan Portfolio Balance $ 1,468,666,284.76
-------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 14,944,789.14
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,483,611,073.90
-------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-2 10
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
XI. 1996-2 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR*
<S> <C> <C>
Apr-96 $ 1,517,607,923 -
Jul-96 $ 1,483,611,074 4.11%
Oct-96 $ 1,435,808,978 5.25%
Jan-97 $ 1,382,627,178 6.20%
Apr-97 $ 1,326,256,378 6.80%
Jul-97 $ 1,270,438,672 7.10%
Oct-97 $ 1,221,695,246 7.02%
Jan-98 $ 1,168,729,124 7.15%
</TABLE>
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool
data.
- --------------------------------------------------------------------------------
SLM Student Loan Trust 1996-2 11
<PAGE>
SLM Student Loan Trust 1996-3
Quarterly Servicing Report
Report Date: 12/31/97 Reporting Period: 10/1/97 - 12/31/97
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 9/30/97 Activity 12/31/97
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Portfolio Balance $ 1,270,536,352.09 $ (41,821,980.46) $ 1,228,714,371.63
ii Interest to be Capitalized 18,658,731.97 14,946,382.97
--------------------- -------------------
iii Total Pool $ 1,289,195,084.06 $ 1,243,660,754.60
iv Reserve Account Balance 3,329,046.30 3,222,987.71
--------------------- -------------------
B v Total Adjusted Pool $ 1,292,524,130.36 $ 1,246,883,742.31
===================== ===================
i Weighted Average Coupon (WAC) 8.2390% 8.2693%
ii Weighted Average Remaining Term 106.60 105.30
iii Number of Loans 463,450 450,307
iv Number of Borrowers 185,763 180,082
----------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 10/27/97 % of Pool Balance 1/26/98 % of Pool
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAD8 0.49% $ 686,774,130.36 53.134% $ 641,133,742.31 51.419%
ii A-2 Notes 78442GAE6 0.68% 553,000,000.00 42.785% 553,000,000.00 44.351%
iii Certificates 78442GAF3 0.95% 52,750,000.00 4.081% 52,750,000.00 4.230%
----------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 1,292,524,130.36 100.000% $1,246,883,742.31 100.000%
======================================================================================================================
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
D Reserve Account 10/27/97 1/26/97
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 3,222,987.71 $ 3,109,151.89
iv Reserve Account Floor Balance ($) $ 1,502,704.00 $ 1,502,704.00
v Current Reserve Acct Balance ($) $ 3,222,987.71 $ 3,109,151.89
----------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-3 1
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
II. 1996-3 Transactions from: 10/1/97 through: 12/31/97
- ---------------------------------------------------------------------------------------------------
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $29,118,217.97
ii Principal Collections from Guarantor $12,533,050.94
iii Principal Reimbursements $9,081,106.61
iv Other System Adjustments $0.00
-------------------
v Total Principal Collections $50,732,375.52
B Student Loan Non-Cash Principal Activity
i Other Adjustments $993,670.46
ii Capitalized Interest ($9,904,065.52)
-------------------
iii Total Non-Cash Principal Activity $ (8,910,395.06)
------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 41,821,980.46
------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $13,912,469.88
ii Interest Claims Received from Guarantors $782,995.06
iii Late Fee Reimbursements $0.00
iv Interest Reimbursements $181,295.05
v Other System Adjustments $0.00
vi Special Allowance Payments $411,017.50
vii Subsidy Payments $5,904,071.73
------------------
viii Total Interest Collections $ 21,191,849.22
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($829,125.40)
ii Capitalized Interest $9,904,065.52
------------------
iii Total Non-Cash Interest Adjustments $ 9,074,940.12
-----------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 30,266,789.34
-----------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-3 2
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
III. 1996-3 Collection Account Activity 10/1/97 through 12/31/97
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $41,651,268.91
ii Cash Forwarded by Administrator on behalf of Seller $450,272.69
iii Cash Forwarded by Administrator on behalf of Servicer $19,074.95
iv Cash Forwarded by Administrator for Consolidation Activity $8,611,758.97
---------------
v Total Principal Collections $ 50,732,375.52
B Interest Collections
i Interest Payments Received-Cash $21,010,554.17
ii Cash Forwarded by Administrator on behalf of Seller $15,115.08
iii Cash Forwarded by Administrator on behalf of Servicer $17,119.33
iv Cash Forwarded by Administrator for Consolidation Activity $149,060.64
v Cash Forwarded by Administrator for Late Fee Activity $0.00
---------------
vi Total Interest Collections $21,191,849.22
C Other Reimbursements $100,362.38
D Administrator Account Investment Income $528,489.15
E Funds borrowed from next Collection Period $0.00
F TOTAL FUNDS RECEIVED $ 72,553,076.27
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,740,533.40)
---------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 70,812,542.87
---------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $857,111.67
ii Percentage of Principal Calculation $1,211,344.29
iii Lesser of Unit or Principal Calculation $857,111.67
H Servicing Fees Due for Current Period $ 857,111.67
I Carryover Servicing Fees Due $ 1,039,245.66
OCT 1997 Servicing Carryover $363,829.21
NOV 1997 Servicing Carryover $357,378.11
DEC 1997 Servicing Carryover $354,232.62
---------------
$ 1,075,439.94
Less: Servicing ADJ [A iii + B iii] ($36,194.28)
---------------
TOTAL: Carryover Servicing Fee Due $ 1,039,245.66
===============
J Administration Fees Due $ 20,000.00
---------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,916,357.33
---------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-3 3
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
IV. 1996-3
- ---------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------
Weighted Avg Coupon # of Loans
- ---------------------------------------------------------------------------------------------------------------
STATUS 9/30/97 12/31/97 9/30/97 12/31/97 9/30/97 12/31/97
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.911% 7.907% 59,393 54,161 12.815% 12.028%
Grace
Current 7.979% 7.967% 28,970 8,254 6.251% 1.833%
- ---------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.935% 7.915% 88,363 62,415 19.066% 13.861%
- ---------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.337% 8.347% 258,732 275,559 55.827% 61.194%
31-60 Days Delinquent 8.350% 8.370% 21,563 21,080 4.653% 4.681%
61-90 Days Delinquent 8.337% 8.363% 12,947 10,990 2.794% 2.441%
91-120 Days Delinquent 8.339% 8.356% 8,125 6,735 1.753% 1.496%
Greater than 120 Days Delinquent 8.329% 8.341% 10,059 9,859 2.171% 2.189%
Deferment
Current 8.281% 8.260% 40,528 40,803 8.745% 9.061%
Forbearance
Current 8.348% 8.357% 19,119 19,334 4.125% 4.294%
- ---------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.331% 8.339% 371,073 384,360 80.068% 85.355%
- ---------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.311% 8.342% 3,951 3,460 0.853% 0.768%
Aged Claims Rejected (2) 8.389% 8.236% 63 72 0.014% 0.016%
- ---------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.239% 8.269% 463,450 450,307 100.00% 100.00%
- ---------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
IV. 1996-3
- ------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------
% Principal Amount %
- ------------------------------------------------------------------------------------------------------------
STATUS 9/30/97 12/31/97 9/30/97 12/31/97
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 186,206,227.84 $ 168,171,161.63 14.656% 13.687%
Grace
Current $ 100,073,701.22 $ 25,709,673.04 7.877% 2.092%
- --------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 286,279,929.06 $ 193,880,834.67 22.532% 15.779%
- ---------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 663,766,237.48 $ 721,683,792.17 52.243% 58.735%
31-60 Days Delinquent $ 54,840,647.75 $ 54,195,790.44 4.316% 4.411%
61-90 Days Delinquent $ 34,345,431.45 $ 28,525,693.50 2.703% 2.322%
91-120 Days Delinquent $ 20,849,294.37 $ 17,238,270.48 1.641% 1.403%
Greater than 120 Days Delinquent $ 25,453,470.61 $ 25,426,282.51 2.003% 2.069%
Deferment
Current $ 116,362,822.66 $ 119,715,952.01 9.159% 9.743%
Forbearance
Current $ 59,178,507.50 $ 60,065,725.71 4.658% 4.889%
- ---------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 974,796,411.82 $ 1,026,851,506.82 76.723% 83.571%
- ---------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 9,288,997.24 $ 7,791,214.67 0.731% 0.634%
Aged Claims Rejected (2) $ 171,013.97 $ 190,815.46 0.014% 0.016%
- ---------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 1,270,536,352.09 $ 1,228,714,371.62 100.00% 100.00%
- ---------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
SLM Student Loan Trust 1996-3 4
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
V. 1996-3 Portfolio Characteristics by School and Program 12/31/97
- -----------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
--------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- --------------------------------------------
STATUS
- --------------------------------------------
INTERIM:
In School
Current 8.813% 3.295% 0.000% 0.000% 0.786% 0.274% 0.000% 0.000%
Grace
Current 1.236% 0.472% 0.000% 0.000% 0.164% 0.061% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 10.048% 3.767% 0.000% 0.000% 0.950% 0.335% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 33.484% 6.169% 6.677% 2.758% 3.249% 0.646% 0.320% 0.369%
31-60 Days Delinquent 2.161% 0.318% 0.402% 0.260% 0.423% 0.077% 0.014% 0.056%
61-90 Days Delinquent 1.084% 0.146% 0.191% 0.121% 0.262% 0.048% 0.008% 0.037%
91-120 Days Delinquent 0.643% 0.100% 0.092% 0.077% 0.157% 0.029% 0.005% 0.021%
Greater than 120 Days Delinquent 0.918% 0.163% 0.104% 0.105% 0.249% 0.045% 0.005% 0.025%
Deferment
Current 5.532% 1.173% 0.507% 0.824% 0.720% 0.139% 0.025% 0.093%
Forbearance
Current 2.339% 0.538% 0.378% 0.373% 0.405% 0.085% 0.022% 0.048%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 46.161% 8.609% 8.349% 4.518% 5.464% 1.069% 0.400% 0.649%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.245% 0.043% 0.027% 0.035% 0.093% 0.019% 0.004% 0.009%
Aged Claims Rejected (2) 0.007% 0.001% 0.000% 0.001% 0.002% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL PROGRAM 56.462% 12.420% 8.377% 4.554% 6.509% 1.423% 0.404% 0.658%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 81.813% 8.994%
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
-------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- --------------------------------------------
STATUS
- --------------------------------------------
INTERIM:
In School
Current 0.116% 0.079% 0.000% 0.000% 0.163% 0.161% 0.000% 0.000%
Grace
Current 0.068% 0.032% 0.000% 0.000% 0.034% 0.025% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.184% 0.111% 0.000% 0.000% 0.198% 0.187% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 2.589% 0.789% 0.425% 0.773% 0.281% 0.090% 0.012% 0.103%
31-60 Days Delinquent 0.394% 0.102% 0.044% 0.118% 0.024% 0.006% 0.000% 0.011%
61-90 Days Delinquent 0.249% 0.063% 0.020% 0.074% 0.010% 0.006% 0.000% 0.001%
91-120 Days Delinquent 0.169% 0.051% 0.009% 0.047% 0.002% 0.000% 0.000% 0.002%
Greater than 120 Days Delinquent 0.268% 0.081% 0.019% 0.072% 0.008% 0.003% 0.000% 0.004%
Deferment
Current 0.338% 0.103% 0.022% 0.107% 0.087% 0.045% 0.002% 0.027%
Forbearance
Current 0.354% 0.106% 0.030% 0.114% 0.046% 0.032% 0.003% 0.016%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 4.360% 1.295% 0.568% 1.305% 0.459% 0.183% 0.017% 0.163%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.097% 0.034% 0.002% 0.023% 0.001% 0.000% 0.002% 0.000%
Aged Claims Rejected (2) 0.001% 0.001% 0.000% 0.001% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL PROGRAM 4.643% 1.441% 0.570% 1.328% 0.658% 0.370% 0.019% 0.163%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 7.983% 1.210%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</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.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 12.108% 1.060% 0.194% 0.324% 13.687%
Grace
Current 1.708% 0.224% 0.100% 0.060% 2.092%
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 13.815% 1.285% 0.294% 0.385% 15.779%
- ------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 49.088% 4.585% 4.576% 0.486% 58.735%
31-60 Days Delinquent 3.141% 0.571% 0.658% 0.041% 4.411%
61-90 Days Delinquent 1.543% 0.355% 0.406% 0.017% 2.322%
91-120 Days Delinquent 0.912% 0.211% 0.276% 0.004% 1.403%
Greater than 120 Days Delinquent 1.290% 0.324% 0.439% 0.015% 2.069%
Deferment
Current 8.035% 0.976% 0.570% 0.161% 9.743%
Forbearance
Current 3.629% 0.560% 0.603% 0.097% 4.889%
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 67.638% 7.582% 7.529% 0.822% 83.571%
- ------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.350% 0.125% 0.157% 0.003% 0.634%
Aged Claims Rejected (2) 0.010% 0.002% 0.003% 0.000% 0.016%
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 81.813% 8.994% 7.983% 1.210% 100.000%
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-3 5
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
VI. 1996-3 Interest Calculation
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 20,483,385.98
B Interest Subsidy Payments Accrued During Collection Period $ 5,310,902.99
C SAP Payments Accrued During Collection Period $ 528,102.15
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 76,588.06
E Investment Earnings (ADMINISTRATOR ACT) $ 528,489.15
------------------
F Net Expected Interest Collections $ 26,927,468.33
G Student Loan Rate
i Days in Collection Period (10/1/97-12/31/97) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 26,927,468.33
iv Primary Servicing Fee $ 2,597,645.07
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,289,195,084.06
vii Student Loan Rate 7.48115%
<CAPTION>
Accrued
Int Factor Accrual Period
--------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.74537%
I Class A-1 Interest Rate 0.014324082 (10/27/97-1/26/98) 5.74537%
J Class A-2 T-Bill Based Interest Rate 5.93537%
K Class A-2 Interest Rate 0.014797781 (10/27/97-1/26/98) 5.93537%
L Certificate T-Bill Based Rate of Return 6.20537%
M Certificate Rate of Return 0.015470932 (10/27/97-1/26/98) 6.20537%
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-3 6
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VII. 1996-3 Inputs From Previous Quarterly Servicing Reports 9/30/97
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,270,536,352.09
ii Interest To Be Capitalized 18,658,731.97
---------------------
iii Total Pool $ 1,289,195,084.06
iv Reserve Account Balance 3,329,046.30
---------------------
v Total Adjusted Pool Balance $ 1,292,524,130.36
=====================
B Total Note and Certificate Factor 0.85782255209
C Total Note and Certificate Balance $ 1,292,524,130.36
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
D Note Balance 10/27/97 Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor-10/27/97 0.7622354388 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.0
iii Expected Note Balance $ 686,774,130.36 $ 553,000,000.00 $ 52,750,000.0
iv Note Balance $ 686,774,130.36 $ 553,000,000.00 $ 52,750,000.0
E Interest Shortfall $ 0.00 $ 0.00 $ 0.0
F Interest Carryover $ 0.00 $ 0.00 $ 0.0
----------------------------------------------------------------------------------------------------------------------
G Reserve Account Balance $ 3,222,987.71
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 Unpaid Carryover Servicing Fees $ 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-3 7
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
VIII. 1996-3 Waterfall for Distributions
- -----------------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<S> <C> <C> <C>
A Total Available Funds ( Sections III -F + VI-D) $ 70,889,130.93 $ 70,889,130.93
B Primary Servicing Fees-Current Month $ 857,111.67 $ 70,032,019.26
C Administration Fee $ 20,000.00 $ 70,012,019.26
D Noteholder's Interest Distribution Amount
i Class A-1 $ 9,837,408.96 $ 60,174,610.30
ii Class A-2 $ 8,183,172.89 $ 51,991,437.41
----------------
iii Total Noteholder's Interest Distribution $ 18,020,581.85
E Certificateholder's Return Distribution Amount $ 816,091.66 $ 51,175,345.75
F Noteholder's Principal Distribution Amount
i Class A-1 $ 45,640,388.05 $ 5,534,957.70
ii Class A-2 $ 0.00 $ 5,534,957.70
----------------
iii Total Noteholder's Principal Distribution $ 45,640,388.05
G Certificateholder's Balance Distribution Amount $ 0.00 $ 5,534,957.70
H Increase to the Specified Reserve Account Balance $ 0.00 $ 5,534,957.70
I Carryover Servicing Fees $ 1,039,245.66 $ 4,495,712.04
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 4,495,712.04
ii Class A-2 $ 0.00 $ 4,495,712.04
----------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 4,495,712.04
L Excess to Reserve Account $ 4,495,712.04 $ 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-3 8
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
IX. 1996-3 Distributions
- ----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 9,837,408.96 $ 8,183,172.89 $ 816,091.66
ii Quarterly Interest Paid 9,837,408.96 8,183,172.89 816,091.66
-------------- -------------- ------------
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 $ 45,640,388.05 $ 0.00 $ 0.00
viii Quarterly Principal Paid 45,640,388.05 0.00 0.00
--------------- ---- ----
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
-----------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 55,477,797.01 $ 8,183,172.89 $ 816,091.66
-----------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C>
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 12/31/97 $ 1,292,524,130.36
ii Adjusted Pool Balance 12/31/97 1,246,883,742.31
------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 45,640,388.05
------------------
iv Principal Distribution Amount $ 45,640,388.05
===================
C Total Principal Distribution $ 45,640,388.05
D Total Interest Distribution 18,836,673.51
-------------
E Total Cash Distributions-Note and Certificates $ 64,477,061.56
<CAPTION>
-----------------------------------------------------------------------------------------
F Note & Certificate Balances 10/27/97 1/26/98
-----------------------------------------------------------------------------------------
<S> <C> <C> <C>
i A-1 Note Balance (78442GAD8) $686,774,130.36 $641,133,742.31
A-1 Note Pool Factor 0.7622354388 0.7115801801
ii A-2 Note Balance (78442GAE6) $553,000,000.00 $553,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAF3) $ 52,750,000.00 $ 52,750,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
-----------------------------------------------------------------------------------------
G Reserve Account Reconciliation
i Beginning of Period Balance $ 3,222,987.71
ii Deposits to correct Shortfall 0.00
iii Deposits from Excess Servicing 4,495,712.04
-------------
iv Total Reserve Account Balance Available $ 7,718,699.75
v Required Reserve Account Balance $ 3,109,151.89
vi Shortfall Carried to Next Period $ 0.00
vii Excess Reserve -release to SLM Funding Corp $ 4,609,547.86
viii Ending Reserve Account Balance $ 3,109,151.89
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-3 9
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
X. 1996-3 Historical Pool Information
- ------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------
10/1/97-12/31/97 7/1/97-9/30/97 4/1/97-6/30/97
-----------------------------------------------------------------
<S> <C> <C> <C>
Beginning Student Loan Portfolio Balance $ 1,270,536,352.09 $ 1,314,028,719.03 $ 1,361,841,394.25
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 29,118,217.97 $ 26,848,008.48 $ 26,728,337.85
ii Principal Collections from Guarantor 12,533,050.94 12,289,160.77 15,355,163.67
iii Principal reimbursements 9,081,106.61 8,698,514.06 11,140,308.50
iv Other System Adjustments 0.00 0.00 0.00
-----------------------------------------------------------------
v Total Principal Collections $ 50,732,375.52 $ 47,835,683.31 $ 53,223,810.02
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 993,670.46 $ 871,626.88 $ 889,778.05
ii Capitalized Interest (9,904,065.52) (5,214,943.25) (6,300,912.85)
-----------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (8,910,395.06) $ (4,343,316.37) $ (5,411,134.80)
-------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 41,821,980.46 $ 43,492,366.94 $ 47,812,675.22
-------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 13,912,469.88 $ 14,241,939.43 $ 14,019,958.84
ii Interest Claims Received from Guarantors 782,995.06 750,914.57 954,808.65
iii Late Fee Reimbursements - - -
iv Interest Reimbursements 181,295.05 145,750.68 158,324.82
v Other System Adjustments 0.00 0.00 0.00
vi Special Allowance Payments 411,017.50 566,331.54 519,490.88
vii Subsidy Payments 5,904,071.73 6,554,583.06 6,823,320.39
-----------------------------------------------------------------
viii Total Interest Collections $ 21,191,849.22 $ 22,259,519.28 $ 22,475,903.58
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (829,125.40) $ (708,003.70) $ (676,498.05)
ii Capitalized Interest 9,904,065.52 5,214,943.25 6,300,912.85
-----------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 9,074,940.12 $ 4,506,939.55 $ 5,624,414.80
-----------------------------------------------------------------
Total Student Loan Interest Activity $ 30,266,789.34 $ 26,766,458.83 $ 28,100,318.38
(=) Ending Student Loan Portfolio Balance $ 1,228,714,371.63 $ 1,270,536,352.09 $ 1,314,028,719.03
-------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 14,946,382.97 $ 18,658,731.97 $ 17,589,800.26
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,243,660,754.60 $ 1,289,195,084.06 $ 1,331,618,519.29
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 3,222,987.71 $ 3,329,046.30 $ 3,449,136.69
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 1,246,883,742.31 $ 1,292,524,130.36 $ 1,335,067,655.98
-------------------------------------------------------------------------------------------------------------------------------
<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 System Adjustments 0.00 (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 Late Fee Reimbursements - - -
iv Interest Reimbursements 154,787.09 225,135.74 178,669.39
v Other System Adjustments 0.00 (822.59) 437.04
vi Special Allowance Payments 389,797.21 799,805.67 496,885.43
vii Subsidy Payments 8,217,893.54 9,124,830.54 10,221,660.77
-----------------------------------------------------------------
viii 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>
SLM Student Loan Trust 1996-3 10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1996-3 Payment History and CPRs
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Distribution Actual Since Issued
Date Pool Balances CPR*
<S> <C> <C>
Jun-96 $ 1,502,704,078 -
Oct-96 $ 1,466,211,474 6.31%
Jan-97 $ 1,429,581,541 5.60%
Apr-97 $ 1,379,654,678 6.30%
Jul-97 $ 1,331,618,519 6.60%
Oct-97 $ 1,289,195,084 6.48%
Jan-98 $ 1,243,660,755 6.53%
</TABLE>
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool
data.
- --------------------------------------------------------------------------------
SLM Student Loan Trust 1996-3 11
<PAGE>
SLM Student Loan Trust 1996-4
Quarterly Servicing Report
Report Date: 12/31/97 Reporting Period: 10/01/97-12/31/97
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 9/30/97 Activity 12/31/97
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Portfolio Balance $ 1,261,465,786.12 $ (53,631,231.47) $ 1,207,834,554.65
ii Interest to be Capitalized 17,478,935.22 14,614,638.32
--------------------- ----------------------
iii Total Pool $ 1,278,944,721.34 $ 1,222,449,192.97
iv Reserve Account Balance 3,338,912.01 3,197,361.80
--------------------- ----------------------
v Total Adjusted Pool $ 1,282,283,633.35 $ 1,225,646,554.77
===================== ======================
B i Weighted Average Coupon (WAC) 8.2304% 8.2472%
ii Weighted Average Remaining Term 102.40 101.50
iii Number of Loans 545,819 525,807
iv Number of Borrowers 210,267 201,849
----------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 10/27/97 % of Pool Balance 1/26/98 % of Pool
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAG1 0.48% $ 734,583,633.35 57.287% $ 677,946,554.77 55.313%
ii A-2 Notes 78442GAH9 0.64% 495,000,000.00 38.603% 495,000,000.00 40.387%
iii Certificates 78442GAJ5 0.93% 52,700,000.00 4.110% 52,700,000.00 4.300%
-----------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 1,282,283,633.35 100.000% $1,225,646,554.77 100.000%
=============================================================================================================================
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
D Reserve Account 10/27/97 1/26/98
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 3,197,361.80 $ 3,056,122.98
iv Reserve Account Floor Balance ($) $ 1,501,183.00 $ 1,501,183.00
v Current Reserve Acct Balance ($) $ 3,197,361.80 $ 3,056,122.98
-----------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-4 1
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
II. 1996-4 Transactions from: 10/1/97 through: 12/31/97
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $39,375,286.39
ii Principal Collections from Guarantor $14,389,131.27
iii Principal Reimbursements $8,024,089.15
iv Other System Adjustments $0.00
-------------------
v Total Principal Collections $ 61,788,506.81
B Student Loan Non-Cash Principal Activity
i Other Adjustments $1,077,874.69
ii Capitalized Interest ($9,235,150.03)
-------------------
iii Total Non-Cash Principal Activity $ (8,157,275.34)
--------------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 53,631,231.47
--------------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $13,611,344.32
ii Interest Claims Received from Guarantors $926,815.00
iii Late Fee Reimbursements $0.00
iv Interest Reimbursements $174,774.63
v Other System Adjustments $0.00
vi Special Allowance Payments $426,362.95
vii Subsidy Payments $5,767,225.44
-------------------
viii Total Interest Collections $ 20,906,522.34
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($846,318.07)
ii Capitalized Interest $9,235,150.03
-------------------
iii Total Non-Cash Interest Adjustments $ 8,388,831.96
--------------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 29,295,354.30
--------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-4 2
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
III. 1996-4 Collection Account Activity 10/1/97 through 12/31/97
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $53,764,417.66
ii Cash Forwarded by Administrator on behalf of Seller $465,526.65
iii Cash Forwarded by Administrator on behalf of Servicer $2,938.31
iv Cash Forwarded by Administrator for Consolidation Activity $7,555,624.19
-----------------------
v Total Principal Collections $ 61,788,506.81
B Interest Collections
i Interest Payments Received-Cash $20,731,747.71
ii Cash Forwarded by Administrator on behalf of Seller $8,496.73
iii Cash Forwarded by Administrator on behalf of Servicer $15,043.48
iv Cash Forwarded by Administrator for Consolidation Activity $151,234.42
v Cash Forwarded by Administrator for Late Fee Activity $0.00
-----------------------
vi Total Interest Collections $ 20,906,522.34
C Other Reimbursements $78,864.24
D Administrator Account Investment Income $638,057.14
E Return funds borrowed for previous distribution $0.00
F TOTAL FUNDS RECEIVED $ 83,411,950.53
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,971,392.96)
------------------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 81,440,557.57
-------------------------------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $965,929.12
ii Percentage of Principal Calculation $1,284,502.44
iii Lesser of Unit or Principal Calculation $965,929.12
H Servicing Fees Due for Current Period $ 965,929.12
<CAPTION>
I Carryover Servicing Fees Due $ 956,124.89
<S> <C>
OCT 1997 Servicing Carryover $332,078.84
NOV 1997 Servicing Carryover $323,454.52
DEC 1997 Servicing Carryover $318,573.32
----------------------
$ 974,106.68
Less: Servicing ADJ [A iii + B iii] ($17,981.79)
======================
TOTAL: Carryover Servicing Fee Due $ 956,124.89
======================
J Administration Fees Due $ 20,000.00
------------------------------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,942,054.01
------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-4 3
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
IV. 1996-4
- ---------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ----------------------------------------------------------------------------------------------------------------
STATUS 9/30/97 12/31/97 9/30/97 12/31/97 9/30/97 12/31/97
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.959% 7.957% 57,227 50,760 10.485% 9.654%
Grace
Current 7.999% 7.988% 28,700 10,375 5.258% 1.973%
- ----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.973% 7.962% 85,927 61,135 15.743% 11.627%
- ----------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.303% 8.303% 333,373 343,861 61.078% 65.397%
31-60 Days Delinquent 8.330% 8.343% 23,822 24,293 4.365% 4.620%
61-90 Days Delinquent 8.304% 8.329% 14,896 11,595 2.729% 2.205%
91-120 Days Delinquent 8.324% 8.323% 8,350 6,932 1.530% 1.318%
greater than 120 Days Delinquent 8.305% 8.310% 10,561 11,124 1.935% 2.116%
Deferment
Current 8.250% 8.234% 42,248 41,702 7.740% 7.931%
Forbearance
Current 8.317% 8.324% 21,804 21,319 3.995% 4.055%
- ----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.299% 8.299% 455,054 460,826 83.371% 87.642%
- ----------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.308% 8.306% 4,822 3,810 0.883% 0.725%
Aged Claims Rejected (2) 8.584% 8.518% 16 36 0.003% 0.007%
- ----------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.230% 8.247% 545,819 525,807 100.00% 100.00%
- ----------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------
Principal Amount %
- ----------------------------------------------------------------------------------------------------------------
STATUS 9/30/97 12/31/97 9/30/97 12/31/97
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 169,062,733.55 $ 149,566,397.40 13.402% 12.383%
Grace
Current $ 89,847,416.95 $ 30,464,711.76 7.123% 2.522%
- ----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 258,910,150.50 $ 180,031,109.16 20.525% 14.905%
- ----------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 662,620,282.90 $ 706,757,122.75 52.528% 58.514%
31-60 Days Delinquent $ 53,376,480.22 $ 53,721,187.05 4.231% 4.448%
61-90 Days Delinquent $ 38,078,316.81 $ 27,492,312.45 3.019% 2.276%
91-120 Days Delinquent $ 20,922,865.20 $ 16,286,911.13 1.659% 1.348%
greater than 120 Days Delinquent $ 25,414,162.74 $ 27,843,600.08 2.015% 2.305%
Deferment
Current $ 125,407,475.76 $ 123,504,159.52 9.941% 10.225%
Forbearance
Current $ 65,417,418.50 $ 64,075,168.10 5.186% 5.305%
- ----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 991,237,002.13 $ 1,019,680,461.08 78.578% 84.422%
- ----------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 11,284,894.95 $ 8,046,523.91 0.895% 0.667%
Aged Claims Rejected (2) $ 33,738.53 $ 76,460.49 0.003% 0.006%
- ----------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 1,261,465,786.11 $ 1,207,834,554.64 100.00% 100.00%
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
SLM Student Loan Trust 1996-4 4
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
V. 1996-4 Portfolio Characteristics by School and Program 12/31/97
- ----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------------------------------
STATUS
- ----------------------------------
INTERIM:
In School
Current 7.664% 2.788% 0.000% 0.000% 1.005% 0.368% 0.000% 0.000%
Grace
Current 1.416% 0.489% 0.000% 0.000% 0.247% 0.100% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 9.080% 3.277% 0.000% 0.000% 1.252% 0.468% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 35.317% 6.733% 3.514% 2.462% 3.429% 0.995% 0.202% 0.262%
31-60 Days Delinquent 2.153% 0.360% 0.273% 0.269% 0.407% 0.095% 0.016% 0.035%
61-90 Days Delinquent 1.098% 0.178% 0.132% 0.124% 0.228% 0.051% 0.009% 0.013%
91-120 Days Delinquent 0.636% 0.109% 0.053% 0.073% 0.144% 0.029% 0.004% 0.014%
greater than 120 Days
Delinquent 1.049% 0.201% 0.056% 0.122% 0.290% 0.063% 0.005% 0.018%
Deferment
Current 5.775% 1.253% 0.331% 0.912% 0.750% 0.180% 0.019% 0.068%
Forbearance
Current 2.691% 0.585% 0.214% 0.437% 0.423% 0.088% 0.010% 0.049%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 48.719% 9.419% 4.575% 4.400% 5.672% 1.502% 0.264% 0.459%
- ----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.268% 0.054% 0.017% 0.036% 0.096% 0.017% 0.001% 0.007%
Aged Claims Rejected (2) 0.002% 0.000% 0.000% 0.001% 0.001% 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL PROGRAM 58.069% 12.749% 4.592% 4.437% 7.021% 1.987% 0.265% 0.467%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 79.847% 9.739%
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------------------------------
STATUS
- ----------------------------------
INTERIM:
In School
Current 0.243% 0.166% 0.000% 0.000% 0.081% 0.068% 0.000% 0.000%
Grace
Current 0.149% 0.092% 0.000% 0.000% 0.017% 0.012% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.392% 0.258% 0.000% 0.000% 0.098% 0.081% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 3.015% 1.066% 0.527% 0.685% 0.190% 0.057% 0.007% 0.054%
31-60 Days Delinquent 0.465% 0.171% 0.053% 0.114% 0.021% 0.008% 0.001% 0.009%
61-90 Days Delinquent 0.256% 0.098% 0.026% 0.054% 0.004% 0.000% 0.000% 0.002%
91-120 Days Delinquent 0.166% 0.060% 0.013% 0.037% 0.004% 0.004% 0.000% 0.001%
greater than 120 Days
Delinquent 0.299% 0.109% 0.016% 0.054% 0.014% 0.005% 0.000% 0.003%
Deferment
Current 0.404% 0.157% 0.014% 0.135% 0.114% 0.061% 0.001% 0.051%
Forbearance
Current 0.414% 0.175% 0.031% 0.103% 0.045% 0.016% 0.001% 0.022%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 5.019% 1.837% 0.680% 1.181% 0.391% 0.151% 0.010% 0.143%
- ----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.106% 0.044% 0.007% 0.014% 0.000% 0.000% 0.000% 0.000%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL PROGRAM 5.518% 2.138% 0.687% 1.196% 0.490% 0.232% 0.010% 0.143%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 9.539% 0.875%
- ----------------------------------------------------------------------------------------------------------------------------------
</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.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 10.452% 1.373% 0.409% 0.149% 12.383%
Grace
Current 1.905% 0.347% 0.241% 0.029% 2.522%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 12.357% 1.720% 0.650% 0.179% 14.905%
- ----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 48.026% 4.889% 5.293% 0.307% 58.514%
31-60 Days Delinquent 3.054% 0.553% 0.802% 0.039% 4.448%
61-90 Days Delinquent 1.533% 0.302% 0.434% 0.007% 2.276%
91-120 Days Delinquent 0.872% 0.191% 0.276% 0.009% 1.348%
greater than 120 Days Delinquent 1.429% 0.376% 0.478% 0.022% 2.305%
Deferment
Current 8.271% 1.017% 0.710% 0.228% 10.225%
Forbearance
Current 3.927% 0.570% 0.724% 0.085% 5.305%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 67.113% 7.897% 8.717% 0.695% 84.422%
- ----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.375% 0.121% 0.170% 0.001% 0.667%
Aged Claims Rejected (2) 0.003% 0.001% 0.002% 0.000% 0.006%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 79.847% 9.739% 9.539% 0.875% 100.000%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-4 5
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
VI. 1996-4 Interest Calculation
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Borrower Interest Accrued During Collection Period $20,228,460.28
B Interest Subsidy Payments Accrued During Collection Period $5,185,987.81
C SAP Payments Accrued During Collection Period $556,563.31
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $82,761.11
E Investment Earnings (ADMINISTRATOR ACT) $638,057.14
-----------
F Net Expected Interest Collections $ 26,691,829.65
G Student Loan Rate
i Days in Collection Period (10/01/97-12/31/97) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 26,691,829.65
iv Primary Servicing Fee $ 2,937,322.08
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,278,944,721.34
vii Student Loan Rate 7.36264%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.73537%
I Class A-1 Interest Rate 0.014299151 (10/27/97-1/26/98) 5.73537%
J Class A-2 T-Bill Based Interest Rate 5.89537%
K Class A-2 Interest Rate 0.014698055 (10/27/97-1/26/98) 5.89537%
L Certificate T-Bill Based Rate of Return 6.18537%
M Certificate Rate of Return 0.015421068 (10/27/97-1/26/98) 6.18537%
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-4 6
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
VII. 1996-4 Inputs From Previous Quarterly Servicing Reports 9/30/97
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,261,465,786.12
ii Interest To Be Capitalized $17,478,935.22
------------------
iii Total Pool $ 1,278,944,721.34
iv Reserve Account Balance $3,338,912.01
------------------
v Total Adjusted Pool $ 1,282,283,633.35
==================
B Total Note and Certificate Factor 0.85201570322
C Total Note and Certificate Balance $ 1,282,283,633.35
<CAPTION>
------------------------------------------------------------------------------------------------------------------
D Note Balance 10/27/97 Class A-1 Class A-2 Certificates
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor-10/27/97 0.7673494551 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 734,583,633.35 $ 495,000,000.00 $ 52,700,000.00
iv Note Balance $ 734,583,633.35 $ 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
------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C>
G Reserve Account Balance $ 3,197,361.80
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 Unpaid Carryover Servicing Fees $ 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-4 7
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VIII. 1996-4 Waterfall for Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds (Sections III -F + VI-D) $ 81,523,318.68 $ 81,523,318.68
B Primary Servicing Fees-Current Month $ 965,929.12 $ 80,557,389.56
C Administration Fee $ 20,000.00 $ 80,537,389.56
D Noteholder's Interest Distribution Amount
i Class A-1 $ 10,503,922.30 $ 70,033,467.26
ii Class A-2 $ 7,275,537.23 $ 62,757,930.03
---------------
iii Total Noteholder's Interest Distribution $ 17,779,459.53
E Certificateholder's Return Distribution Amount $ 812,690.28 $ 61,945,239.75
F Noteholder's Principal Distribution Amount
i Class A-1 $ 56,637,078.58 $ 5,308,161.17
ii Class A-2 $ 0.00 $ 5,308,161.17
---------------
iii Total Noteholder's Principal Distribution $ 56,637,078.58
G Certificateholder's Balance Distribution Amount $ 0.00 $ 5,308,161.17
H Increase to the Specified Reserve Account Balance $ 0.00 $ 5,308,161.17
I Carryover Servicing Fees $ 956,124.89 $ 4,352,036.28
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 4,352,036.28
i Class A-2 $ 0.00 $ 4,352,036.28
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 4,352,036.28
L Excess to Reserve Account $ 4,352,036.28 $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-4 8
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IX. 1996-4 Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $10,503,922.30 $7,275,537.23 $812,690.28
ii Quarterly Interest Paid $10,503,922.30 $7,275,537.23 $812,690.28
-------------- ------------- -----------
iii Interest Shortfall $0.00 $0.00 $0.00
iv Interest Carryover Due $0.00 $0.00 $0.00
v Interest Carryover Paid $0.00 $0.00 $0.00
----- ----- -----
vi Interest Carryover $0.00 $0.00 $0.00
vii Quarterly Principal Due $56,637,078.58 $0.00 $0.00
viii Quarterly Principal Paid $56,637,078.58 $0.00 $0.00
-------------- ----- -----
ix Quarterly Principal Shortfall $0.00 $0.00 $0.00
----------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $67,141,000.88 $7,275,537.23 $812,690.28
----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
B Principal Distribution Reconciliation
<S> <C> <C>
i Notes and Certificates Principal Balance 12/31/97 $1,282,283,633.35
ii Adjusted Pool Balance 12/31/97 $1,225,646,554.77
-----------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $56,637,078.58
=================
iv Principal Distribution Amount $56,637,078.58
C Total Principal Distribution $56,637,078.58
D Total Interest Distribution $18,592,149.81
--------------
E Total Cash Distributions-Note and Certificates $75,229,228.39
<CAPTION>
-------------------------------------------------------------------------------------------
F Note & Certificate Balances 10/27/97 1/26/97
-------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i A-1 Note Balance (78442GAG1) $ 734,583,633.35 $ 677,946,554.77
A-1 Note Pool Factor 0.7673494551 0.7081861013
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
-------------------------------------------------------------------------------------------
<CAPTION>
G Reserve Account Reconciliation
<S> <C> <C>
i Beginning of Period Balance $3,197,361.80
ii Deposits to correct Shortfall $0.00
iii Deposits from Excess Servicing $4,352,036.28
-----------------
iv Total Reserve Account Balance Available $7,549,398.08
v Required Reserve Account Balance $3,056,122.98
vi Shortfall Carried to Next Period $0.00
vii Excess Reserve - Release to SLM Funding Corp $4,493,275.10
viii Ending Reserve Account Balance $3,056,122.98
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-4 9
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
X. 1996-4 Historical Pool Information
- ------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------
10/1/97-12/31/97 7/1/97-9/30/97 4/1/97-6/30/97
<S> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,261,465,786.12 $ 1,318,538,330.71 $ 1,376,034,776.24
-------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 39,375,286.39 $ 35,463,933.58 $ 38,187,817.68
ii Principal Collections from Guarantor 14,389,131.27 16,435,873.72 13,270,335.35
iii Principal Reimbursements 8,024,089.15 9,956,851.18 11,844,339.40
iv Other System Adjustments - - -
----------------------------------------------------------------
v Total Principal Collections $ 61,788,506.81 $ 61,856,658.48 $ 63,302,492.43
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,077,874.69 $ 1,042,185.29 $ 867,141.67
ii Capitalized Interest (9,235,150.03) (5,826,299.18) (6,673,188.57)
----------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (8,157,275.34) $ (4,784,113.89) $ (5,806,046.90)
-------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 53,631,231.47 $ 57,072,544.59 $ 57,496,445.53
-------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 13,611,344.32 $ 14,124,575.01 $ 13,910,677.13
ii Interest Claims Received from Guarantors 926,815.00 1,013,666.05 801,387.35
iii Late Fee Reimbursements - - -
iv Interest Reimbursements 174,774.63 175,690.15 184,333.15
v Other System Adjustments - - -
vi Special Allowance Payments 426,362.95 584,704.99 548,326.29
vii Subsidy Payments 5,767,225.44 6,612,759.11 6,919,812.42
----------------------------------------------------------------
viii Total Interest Collections $ 20,906,522.34 $ 22,511,395.31 $ 22,364,536.34
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (846,318.07) $ (797,681.12) $ (740,643.39)
ii Capitalized Interest 9,235,150.03 5,826,299.18 6,673,188.57
----------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 8,388,831.96 $ 5,028,618.06 $ 5,932,545.18
----------------------------------------------------------------
Total Student Loan Interest Activity $ 29,295,354.30 $ 27,540,013.37 $ 28,297,081.52
(=) Ending Student Loan Portfolio Balance $ 1,207,834,554.65 $ 1,261,465,786.12 $ 1,318,538,330.71
-------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 14,614,638.32 $ 17,478,935.22 $ 17,026,473.67
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,222,449,192.97 $ 1,278,944,721.34 $ 1,335,564,804.38
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 3,197,361.80 $ 3,338,912.01 $ 3,483,370.84
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 1,225,646,554.77 $ 1,282,283,633.35 $ 1,339,048,175.22
-------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------
1/1/97-3/31/97 9/3/96-12/31/96
<S> <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 Late Fee Reimbursements - -
iv Interest Reimbursements 188,351.78 282,181.00
v Other System Adjustments - (287.62)
vi Special Allowance Payments 422,026.77 257,877.96
vii Subsidy Payments 9,512,413.79 3,637,851.32
------------------------------------------------------
viii 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>
SLM Student Loan Trust 1996-4 10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1996-4 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
Oct-96 $ 1,501,183,283 -
Jan-97 $ 1,445,431,393 5.70%
Apr-97 $ 1,393,348,336 5.80%
Jul-97 $ 1,335,564,804 6.30%
Oct-97 $ 1,278,944,721 6.57%
Jan-98 $ 1,222,449,193 6.82%
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool data.
SLM Student Loan Trust 1996-4 11
<PAGE>
SLM Student Loan Trust 1997-1
Quarterly Servicing Report
Report Date: 12/31/97 Reporting Period: 10/01/97-12/31/97
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 9/30/97 Activity 12/31/97
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Portfolio Balance $ 1,860,845,011.09 $ (63,584,528.82) $ 1,797,260,482.27
ii Interest to be Capitalized 22,118,559.92 18,359,448.41
------------------- -------------------
iii Total Pool $ 1,882,963,571.01 $ 1,815,619,930.68
iv Reserve Account Balance 4,845,830.42 4,707,408.93
------------------- -------------------
v Total Adjusted Pool $ 1,887,809,401.43 $ 1,820,327,339.61
=================== ===================
B i Weighted Average Coupon (WAC) 8.2296% 8.2435%
ii Weighted Average Remaining Term 110.60 109.20
iii Number of Loans 639,026 619,943
iv Number of Borrowers 273,530 265,265
-----------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 10/27/97 % of Pool Balance 1/26/98 % of Pool
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAK2 0.46% $ 1,065,612,169.49 55.362% $ 990,295,076.30 53.544%
ii A-2 Notes 78442GAL0 0.57% 787,400,000.00 40.908% 787,400,000.00 42.574%
iii Certificates 78442GAM8 0.85% 71,800,000.00 3.730% 71,800,000.00 3.882%
---------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 1,924,812,169.49 100.000% $1,849,495,076.30 100.000%
===========================================================================================================================
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
D Reserve Account 10/27/97 1/26/98
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 4,707,408.93 $ 4,539,049.83
iv Reserve Account Floor Balance ($) $ 2,004,092.00 $ 2,004,092.00
v Current Reserve Acct Balance ($) $ 4,707,408.93 $ 4,539,049.83
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-1 1
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
II. 1997-1 Transactions from: 10/1/97 through 12/31/97
- ------------------------------------------------------------------------------------------------------------------
A Student Loan Principal Activity
<S> <C>
i Regular Principal Collections $41,583,288.72
ii Principal Collections from Guarantor $22,534,293.39
iii Principal Reimbursements $11,001,295.70
iv Other System Adjustments $0.00
------------------
v Total Principal Collections $ 75,118,877.81
B Student Loan Non-Cash Principal Activity
i Other Adjustments $1,577,075.57
ii Capitalized Interest ($13,111,424.56)
------------------
iii Total Non-Cash Principal Activity $ (11,534,348.99)
-----------------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 63,584,528.82
-----------------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $19,309,485.54
ii Interest Claims Received from Guarantors $1,472,877.53
iii Late Fee Reimbursements $8.50
iv Interest Reimbursements $165,480.49
v Other System Adjustments $0.00
vi Special Allowance Payments $401,008.97
vii Subsidy Payments $8,965,413.68
------------------
viii Total Interest Collections $ 30,314,274.71
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($1,165,619.32)
ii Capitalized Interest $13,111,424.56
------------------
iii Total Non-Cash Interest Adjustments $ 11,945,805.24
-----------------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 42,260,079.95
-----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-1 2
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
III. 1997-1 Collection Account Activity 10/1/97 through 12/31/97
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $64,117,582.11
ii Cash Forwarded by Administrator on behalf of Seller $883,097.67
iii Cash Forwarded by Administrator on behalf of Servicer $5,025.49
iv Cash Forwarded by Administrator for Consolidation Activity $10,113,172.54
----------------
v Total Principal Collections $ 75,118,877.81
B Interest Collections
i Interest Payments Received-Cash $30,148,785.72
ii Cash Forwarded by Administrator on behalf of Seller $3,221.23
iii Cash Forwarded by Administrator on behalf of Servicer $16,327.80
iv Cash Forwarded by Administrator for Consolidation Activity $145,931.46
v Cash Forwarded by Administrator for Late Fee Activity $8.50
----------------
vi Total Interest Collections $ 30,314,274.71
C Other Reimbursements $93,926.66
D Administrator Account Investment Income $770,129.88
E Return funds borrowed for previous distribution $0.00
F TOTAL FUNDS RECEIVED $ 106,297,209.06
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (2,361,124.92)
------------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 103,936,084.14
------------------------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $1,163,024.52
ii Percentage of Principal Calculation $1,740,102.61
iii Lesser of Unit or Principal Calculation $1,163,024.52
H Servicing Fees Due for Current Period $ 1,163,024.52
I Carryover Servicing Fees Due $ 1,735,644.77
<CAPTION>
<C> <S> <C>
OCT 1997 Servicing Carryover $596,189.60
NOV 1997 Servicing Carryover $583,730.37
DEC 1997 Servicing Carryover $577,078.09
----------------------
$ 1,756,998.06
Less: Servicing ADJ [A iii + B iii] ($21,353.29)
----------------------
TOTAL: Carryover Servicing Fee Due $ 1,735,644.77
======================
<CAPTION>
<S> <C>
J Administration Fees Due $ 20,000.00
------------------------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 2,918,669.29
------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-1 3
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
IV. 1997-1
- --------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- --------------------------------------------------------------------------------------------------------------------
STATUS 9/30/97 12/31/97 9/30/97 12/31/97 9/30/97 12/31/97
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.987% 7.989% 75,213 67,498 11.770% 10.888%
Grace
Current 8.012% 7.981% 46,264 15,979 7.240% 2.577%
- --------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.997% 7.987% 121,477 83,477 19.010% 13.465%
- --------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.308% 8.304% 327,396 357,955 51.234% 57.740%
31-60 Days Delinquent 8.306% 8.318% 27,725 27,075 4.339% 4.367%
61-90 Days Delinquent 8.291% 8.312% 20,131 14,864 3.150% 2.398%
91-120 Days Delinquent 8.300% 8.306% 12,349 9,194 1.933% 1.483%
greater than 120 Days Delinquent 8.295% 8.291% 18,760 17,779 2.936% 2.868%
Deferment
Current 8.190% 8.171% 71,625 70,953 11.209% 11.445%
Forbearance
Current 8.299% 8.303% 33,434 31,694 5.232% 5.112%
- ------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.288% 8.286% 511,420 529,514 80.031% 85.413%
- ------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.973% 8.286% 6129 6,951 0.959% 1.121%
Aged Claims Rejected (2) 0.000% 8.980% 0 1 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.230% 8.244% 639,026 619,943 100.00% 100.00%
- ------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------
Principal Amount %
- -------------------------------------------------------------------------------------------------------------------
STATUS 9/30/97 12/31/97 9/30/97 12/31/97
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 220,982,751.31 $ 198,162,234.70 11.875% 11.026%
Grace
Current $ 141,829,093.00 $ 46,430,895.80 7.622% 2.583%
- ------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 362,811,844.31 $ 244,593,130.50 19.497% 13.609%
- ------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 942,488,112.65 $1,034,471,751.12 50.648% 57.558%
31-60 Days Delinquent $ 75,342,377.06 $ 73,866,053.16 4.049% 4.110%
61-90 Days Delinquent $ 55,532,686.76 $ 39,332,790.80 2.984% 2.188%
91-120 Days Delinquent $ 32,983,667.87 $ 24,034,129.68 1.773% 1.337%
greater than 120 Days Delinquent $ 46,354,653.69 $ 45,966,684.40 2.491% 2.558%
Deferment
Current $ 221,810,464.64 $ 216,658,135.38 11.920% 12.055%
Forbearance
Current $ 108,543,274.89 $ 102,901,063.83 5.833% 5.725%
- ------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $1,483,055,237.56 $1,537,230,608.37 79.698% 85.532%
- ------------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 14,977,929.21 $ 15,435,897.92 0.805% 0.859%
Aged Claims Rejected (2) $ - $ 845.47 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $1,860,845,011.08 $1,797,260,482.26 100.00% 100.00%
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
SLM Student Loan Trust 1997-1 4
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
V. 1997-1 Portfolio Characteristics by School and Program 12/31/97
- -----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
----------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------
STATUS
- ------------------------------------
INTERIM:
In School
Current 6.816% 2.013% 0.000% 0.000% 1.054% 0.345% 0.000% 0.000%
Grace
Current 1.421% 0.418% 0.000% 0.000% 0.249% 0.095% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.238% 2.430% 0.000% 0.000% 1.303% 0.441% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 30.168% 8.836% 3.616% 1.837% 3.734% 1.301% 0.197% 0.235%
31-60 Days Delinquent 1.701% 0.495% 0.217% 0.158% 0.396% 0.119% 0.010% 0.026%
61-90 Days Delinquent 0.867% 0.234% 0.094% 0.081% 0.229% 0.063% 0.007% 0.014%
91-120 Days Delinquent 0.506% 0.125% 0.050% 0.040% 0.154% 0.042% 0.003% 0.010%
greater than 120 Days Delinquent 0.991% 0.258% 0.057% 0.082% 0.284% 0.083% 0.003% 0.016%
Deferment
Current 7.085% 1.633% 0.201% 0.815% 0.831% 0.239% 0.008% 0.078%
Forbearance
Current 2.748% 0.821% 0.165% 0.428% 0.406% 0.131% 0.011% 0.033%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 44.066% 12.402% 4.401% 3.443% 6.034% 1.977% 0.239% 0.412%
- -----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.265% 0.073% 0.015% 0.020% 0.101% 0.032% 0.002% 0.008%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL PROGRAM 52.568% 14.905% 4.416% 3.463% 7.438% 2.450% 0.240% 0.420%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 75.353% 10.548%
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
----------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------
STATUS
- ------------------------------------
INTERIM:
In School
Current 0.230% 0.155% 0.000% 0.000% 0.216% 0.197% 0.000% 0.000%
Grace
Current 0.200% 0.131% 0.000% 0.000% 0.037% 0.032% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.430% 0.286% 0.000% 0.000% 0.253% 0.229% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 3.745% 2.180% 0.782% 0.650% 0.150% 0.091% 0.013% 0.023%
31-60 Days Delinquent 0.527% 0.293% 0.063% 0.082% 0.013% 0.007% 0.000% 0.002%
61-90 Days Delinquent 0.328% 0.192% 0.022% 0.047% 0.004% 0.002% 0.001% 0.003%
91-120 Days Delinquent 0.218% 0.130% 0.016% 0.033% 0.005% 0.005% 0.000% 0.000%
greater than 120 Days Delinquent 0.441% 0.266% 0.016% 0.050% 0.005% 0.003% 0.000% 0.003%
Deferment
Current 0.497% 0.278% 0.010% 0.094% 0.142% 0.088% 0.000% 0.056%
Forbearance
Current 0.501% 0.306% 0.027% 0.083% 0.035% 0.022% 0.001% 0.006%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 6.256% 3.645% 0.936% 1.040% 0.355% 0.219% 0.015% 0.093%
- -----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.197% 0.117% 0.006% 0.015% 0.004% 0.003% 0.000% 0.002%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL PROGRAM 6.882% 4.048% 0.941% 1.055% 0.612% 0.451% 0.015% 0.095%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 12.926% 1.173%
- ------------------------------------------------------------------------------------------------------------------------------------
</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.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 8.829% 1.399% 0.385% 0.413% 11.026%
Grace
Current 1.839% 0.344% 0.331% 0.070% 2.583%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 10.668% 1.743% 0.715% 0.482% 13.609%
- -----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 44.457% 5.468% 7.357% 0.276% 57.558%
31-60 Days Delinquent 2.571% 0.551% 0.966% 0.022% 4.110%
61-90 Days Delinquent 1.277% 0.313% 0.588% 0.010% 2.188%
91-120 Days Delinquent 0.721% 0.209% 0.397% 0.011% 1.337%
greater than 120 Days Delinquent 1.388% 0.386% 0.772% 0.011% 2.558%
Deferment
Current 9.734% 1.155% 0.878% 0.287% 12.055%
Forbearance
Current 4.163% 0.581% 0.917% 0.064% 5.725%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 64.312% 8.663% 11.876% 0.682% 85.532%
- -----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.373% 0.142% 0.335% 0.009% 0.859%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 75.353% 10.548% 12.926% 1.173% 100.000%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-1 5
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VI. 1997-1 Interest Calculation
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $29,403,087.02
B Interest Subsidy Payments Accrued During Collection Period $8,226,333.72
C SAP Payments Accrued During Collection Period $621,181.62
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $108,631.87
E Investment Earnings (ADMINISTRATOR ACT) $770,129.88
-----------
F Net Expected Interest Collections $ 39,129,364.11
G Student Loan Rate
i Days in Collection Period (10/1/97-12/31/97) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 39,129,364.11
iv Primary Servicing Fee $ 3,524,149.44
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,882,963,571.01
vii Student Loan Rate 7.49778%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.71537%
I Class A-1 Interest Rate 0.014249288 (10/27/97-1/26/98) 5.71537%
J Class A-2 T-Bill Based Interest Rate 5.82537%
K Class A-2 Interest Rate 0.014523534 (10/27/97-1/26/98) 5.82537%
L Certificate T-Bill Based Rate of Return 6.10537%
M Certificate Rate of Return 0.015221616 (10/27/97-1/26/98) 6.10537%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-1 6
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VII. 1997-1 Inputs From Previous Quarterly Servicing Reports 9/30/97
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,860,845,011.09
ii Interest To Be Capitalized 22,118,559.92
------------------
iii Total Pool $ 1,882,963,571.01
iv Reserve Account Balance 4,845,830.42
------------------
v Total Adjusted Pool $ 1,887,809,401.43
==================
B Total Note and Certificate Factor 0.93929932144
C Total Note and Certificate Balance $ 1,924,812,169.49
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
D Note Balance 10/27/97 Class A-1 Class A-2 Certificates
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor-10/27/97 0.8954724113 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,065,612,169.49 $ 787,400,000.00 $ 71,800,000.00
E Note Principal Shortfall $ 37,002,768.06 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00
-------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C>
H Reserve Account Balance $ 4,707,408.93
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 4,013,761.88
L Interest Due on Unpaid Carryover Servicing Fees $ 94,643.59
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-1 7
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
VIII. 1997-1 Waterfall for Distributions
- --------------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-----------------
<S> <C> <C>
A Total Available Funds (Sections III-F + VI-D + IX-G-vii) $ 104,213,075.11 $ 104,213,075.11
B Primary Servicing Fees-Current Month $ 1,163,024.52 $ 103,050,050.59
C Administration Fee $ 20,000.00 $ 103,030,050.59
D Noteholder's Interest Distribution Amount
i Class A-1 $ 15,184,214.70 $ 87,845,835.89
ii Class A-2 $ 11,435,830.67 $ 76,410,005.22
---------------
iii Total Noteholder's Interest Distribution $ 26,620,045.37
E Certificateholder's Return Distribution Amount $ 1,092,912.03 $ 75,317,093.19
F Noteholder's Principal Distribution Amount
i Class A-1 $ 75,317,093.19 $ 0.00
ii Class A-2 $ 0.00 $ 0.00
---------------
iii Total Noteholder's Principal Distribution $ 75,317,093.19
G Certificateholder's Balance Distribution Amount $ 0.00 $ 0.00
H Increase to the Specified Reserve Account Balance $ 0.00 $ 0.00
I Carryover Servicing Fees(1) $ 0.00 $ 0.00
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 0.00
i Class A-2 $ 0.00 $ 0.00
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 0.00
L Excess to Reserve Account $ 0.00 $ 0.00
(1) Insufficient funds available to pay carryover servicing fees
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-1 8
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IX. 1997-1 Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $15,184,214.70 $11,435,830.67 $1,092,912.03
ii Quarterly Interest Paid $15,184,214.70 $11,435,830.67 $1,092,912.03
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 $104,484,829.88 $0.00 $0.00
viii Quarterly Principal Paid $75,317,093.19 $0.00 $0.00
ix Quarterly Principal Shortfall $29,167,736.69 $0.00 $0.00
---------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 90,501,307.89 $ 11,435,830.67 $ 1,092,912.03
---------------------------------------------------------------------------------------------------------------------
<CAPTION>
B Principal Distribution Reconciliation
<S> <C>
i Notes and Certificates Principal Balance 12/31/97 $ 1,924,812,169.49
ii Adjusted Pool Balance 12/31/97 1,820,327,339.61
-----------------
iii Adjusted Pool Exceeding Notes and Certificate
Balance (i-ii) $ 104,484,829.88
-----------------
iv Principal Distribution Amount $ 75,317,093.19
=================
C Total Principal Distribution $ 75,317,093.19
D Total Interest Distribution 27,712,957.40
-----------------
E Total Cash Distributions-Note and Certificates $ 103,030,050.59
<CAPTION>
------------------------------------------------------------------------------------
F Note & Certificate Balances 10/27/97 1/26/98
------------------------------------------------------------------------------------
<S> <C> <C> <C>
i A-1 Note Balance (78442GAK2) $ 1,065,612,169.49 $ 990,295,076.30
A-1 Note Pool Factor 0.8954724113 0.8321807364
ii A-2 Note Balance (78442GAL0) $ 787,400,000.00 $ 787,400,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAM8) $ 71,800,000.00 $ 71,800,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
------------------------------------------------------------------------------------
<CAPTION>
G Reserve Account Reconciliation
<S> <C>
i Beginning of Period Balance $ 4,707,408.93
ii Deposits to correct Shortfall 0.00
iii Deposits from Excess Servicing 0.00
--------------
iv Total Reserve Account Balance Available $ 4,707,408.93
v Required Reserve Account Balance $ 4,539,049.83
vi Shortfall Carried to Next Period $ 0.00
vii Excess Reserve - Release to Waterfall $ 168,359.10
viii Ending Reserve Account Balance $ 4,539,049.83
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-1 9
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
X. 1997-1 Historical Pool Information
- -----------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------
10/1/97 - 12/31/97 7/1/97 - 9/30/97 3/3/97 - 6/30/97
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Beginning Student Loan Portfolio Balance $ 1,860,845,011.09 $ 1,916,755,393.25 $ 1,978,517,233.95
-----------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $41,583,288.72 $ 36,610,435.93 $51,140,092.35
ii Principal Collections from Guarantor $22,534,293.39 $10,930,572.36 $945,270.37
iii Principal Reimbursements $11,001,295.70 $15,901,048.09 $24,476,860.51
iv Other System Adjustments - - -
---------------------------------------------------------------
v Total Principal Collections $ 75,118,877.81 $ 63,442,056.38 $ 76,562,223.23
Student Loan Non-Cash Principal Activity
i Other Adjustments $1,577,075.57 $1,401,854.63 $1,291,877.74
ii Capitalized Interest ($13,111,424.56) ($8,933,528.85) ($16,092,260.27)
---------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (11,534,348.99) $ (7,531,674.22) $ (14,800,382.53)
-----------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 63,584,528.82 $ 55,910,382.16 $ 61,761,840.70
-----------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $19,309,485.54 $19,722,844.04 $23,785,588.02
ii Interest Claims Received from Guarantors $1,472,877.53 $644,924.45 $21,279.29
iii Late Fee Reimbursements $8.50 - -
iv Interest Reimbursements $165,480.49 $191,223.15 $374,208.26
v Other System Adjustments - - -
vi Special Allowance Payments $401,008.97 $545,110.76 $184,509.01
vii Subsidy Payments $8,965,413.68 $10,794,397.88 $3,932,916.04
---------------------------------------------------------------
viii Total Interest Collections $ 30,314,274.71 $ 31,898,500.28 $ 28,298,500.62
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($1,165,619.32) $ (1,215,185.69) ($1,233,779.83)
ii Capitalized Interest $13,111,424.56 $ 8,933,528.85 $16,092,260.27
---------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 11,945,805.24 $ 7,718,343.16 $ 14,858,480.44
---------------------------------------------------------------
Total Student Loan Interest Activity $ 42,260,079.95 $ 39,616,843.44 $ 43,156,981.06
(=) Ending Student Loan Portfolio Balance $ 1,797,260,482.27 $ 1,860,845,011.09 $ 1,916,755,393.25
-----------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 18,359,448.41 $ 22,118,559.92 $ 21,576,775.70
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,815,619,930.68 $ 1,882,963,571.01 $ 1,938,332,168.95
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 4,707,408.93 $ 4,845,830.42 $ 5,010,230.00
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 1,820,327,339.61 $ 1,887,809,401.43 $ 1,943,342,398.95
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-1 10
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
XI. 1997-1 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
<S> <C> <C>
Apr-97 $ 2,004,091,862 -
Jul-97 $ 1,938,332,169 6.60%
Oct-97 $ 1,882,963,571 6.39%
Jan-98 $ 1,815,619,931 7.05%
</TABLE>
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool
data.
- --------------------------------------------------------------------------------
SLM Student Loan Trust 1997-1 11
<PAGE>
SLM Student Loan Trust 1997-2
Quarterly Servicing Report
Report Date: 12/31/97 Reporting Period: 10/1/97-12/31/97
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 9/30/97 Activity 12/31/97
-----------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
i Portfolio Balance $ 2,318,693,583.17 $ (85,127,607.77) $ 2,233,565,975.40
ii Interest to be Capitalized 20,216,612.25 16,849,041.28
-------------------- --------------------
iii Total Pool $ 2,338,910,195.42 $ 2,250,415,016.68
iv Reserve Account Balance 6,103,806.00 5,847,275.49
-------------------- --------------------
v Total Adjusted Pool $ 2,345,014,001.42 $2,256,262,292.17
==================== ====================
B i Weighted Average Coupon (WAC) 8.2724% 8.2923%
ii Weighted Average Remaining Term 102.20 101.00
iii Number of Loans 827,550 806,745
iv Number of Borrowers 354,214 345,606
-----------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 10/27/97 % of Pool Balance 1/26/98 % of Pool
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAN6 0.54% $ 1,500,032,378.78 62.619% $ 1,403,927,504.15 61.057%
ii A-2 Notes 78442GAP1 0.60% 808,000,000.00 33.730% 808,000,000.00 35.140%
iii Certificates 78442GAQ9 0.83% 87,450,000.00 3.651% 87,450,000.00 3.803%
-----------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 2,395,482,378.78 100.000% $2,299,377,504.15 100.000%
=============================================================================================================================
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
D Reserve Account 10/27/97 1/26/98
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 5,847,275.49 $ 5,626,037.54
iv Reserve Account Floor Balance ($) $ 2,441,522.00 $ 2,441,522.00
v Current Reserve Acct Balance ($) $ 5,847,275.49 $ 5,626,037.54
-----------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-2 1
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
II. 1997-2 Transactions from: 9/30/97 through: 12/31/97
- ------------------------------------------------------------------------------------------------------------
<C> <S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $68,082,756.87
ii Principal Collections from Guarantor $14,843,554.74
iii Principal Reimbursements $13,644,697.01
iv Other System Adjustments $0.00
--------------------
v Total Principal Collections $ 96,571,008.62
B Student Loan Non-Cash Principal Activity
i Other Adjustments $1,447,951.99
ii Capitalized Interest ($12,891,352.84)
--------------------
iii Total Non-Cash Principal Activity $ (11,443,400.85)
--------------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 85,127,607.77
--------------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $30,948,506.97
ii Interest Claims Received from Guarantors $910,823.41
iii Late Fee Reimbursements $0.00
iv Interest Reimbursements $221,585.93
v Other System Adjustments $0.00
vi Special Allowance Payments $607,103.80
vii Subsidy Payments $6,718,468.64
--------------------
viii Total Interest Collections $ 39,406,488.75
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($1,219,435.19)
ii Capitalized Interest $12,891,352.84
--------------------
iii Total Non-Cash Interest Adjustments $ 11,671,917.65
--------------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 51,078,406.40
--------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-2 2
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
III. 1997-2 Collection Account Activity 9/30/97 through 12/31/97
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
A Principal Collections
i Principal Payments Received-Cash $82,926,311.61
ii Cash Forwarded by Administrator on behalf of Seller $937,534.47
iii Cash Forwarded by Administrator on behalf of Servicer ($966.80)
iv Cash Forwarded by Administrator for Consolidation Activity $12,708,129.34
----------------
v Total Principal Collections $ 96,571,008.62
B Interest Collections
i Interest Payments Received-Cash $39,184,902.82
ii Cash Forwarded by Administrator on behalf of Seller $14,925.36
iii Cash Forwarded by Administrator on behalf of Servicer $4,278.77
iv Cash Forwarded by Administrator for Consolidation Activity $202,381.80
v Cash Forwarded by Administrator for Late Fee Activity $0.00
----------------
vi Total Interest Collections $ 39,406,488.75
C Other Reimbursements $180,998.14
D Administrator Account Investment Income $1,082,455.68
E Return funds borrowed for previous distribution $0.00
F TOTAL FUNDS RECEIVED $ 137,240,951.19
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($4,491,691.42)
----------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 132,749,259.77
----------------------------------------------------------------------------------------------------------------
<CAPTION>
<C> <S> <C> <C>
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $1,518,545.85
ii Percentage of Principal Calculation $2,205,786.22
iii Lesser of Unit or Principal Calculation $1,518,545.85
H Servicing Fees Due for Current Period $2,205,786.22
I Carryover Servicing Fees Due (1) $0.00
OCT 1997 Servicing Carryover $0.00
NOV 1997 Servicing Carryover $0.00
DEC 1997 Servicing Carryover $0.00
----------------------
TOTAL: Carryover Servicing Fee Due $0.00
======================
Less: Servicing ADJ [A iii + B iii] ($3,311.97)
J Administration Fees Due $ 20,000.00
----------------------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 2,222,474.25
----------------------------------------------------------------------------------------------------------------
(1) No Carryover Servicing Fees due before the June 2000 payment date
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
IV. 1997-2 Portfolio Characteristics
- --------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- --------------------------------------------------------------------------------------------------------------------------
STATUS 9/30/97 12/31/97 9/30/97 12/31/97 9/30/97 12/31/97
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.790% 7.787% 50,519 46,636 6.105% 5.781%
Grace
Current 7.881% 7.861% 29,776 9,160 3.598% 1.135%
- --------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.824% 7.797% 80,295 55,796 9.703% 6.916%
- --------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.369% 8.374% 561,452 566,109 67.845% 70.172%
31-60 Days Delinquent 8.342% 8.366% 39,277 38,061 4.746% 4.718%
61-90 Days Delinquent 8.303% 8.334% 27,509 17,330 3.324% 2.148%
91-120 Days Delinquent 8.325% 8.333% 13,819 11,887 1.670% 1.473%
greater than 120 Days Delinquent 8.307% 8.308% 19,613 21,865 2.370% 2.710%
Deferment
Current 8.212% 8.164% 52,307 58,166 6.321% 7.210%
Forbearance
Current 8.323% 8.335% 31,336 31,100 3.787% 3.855%
- --------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.348% 8.350% 745,313 744,518 90.063% 92.287%
- --------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.309% 8.300% 1942 6,430 0.235% 0.797%
Aged Claims Rejected (2) 0.000% 8.980% 0 1 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.272% 8.292% 827,550 806,745 100.00% 100.00%
- --------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------------------
Principal Amount %
- --------------------------------------------------------------------------------------------------------------------------
STATUS 9/30/97 12/31/97 9/30/97 12/31/97
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 203,894,207.81 $ 190,888,466.49 8.794% 8.546%
Grace
Current $ 120,532,652.79 $ 30,070,496.22 5.198% 1.346%
- --------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 324,426,860.60 $ 220,958,962.71 13.992% 9.893%
- --------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $1,476,200,031.31 $ 1,491,831,730.65 63.665% 66.791%
31-60 Days Delinquent $ 99,195,171.76 $ 96,746,717.39 4.278% 4.331%
61-90 Days Delinquent $ 70,175,143.88 $ 43,879,487.55 3.027% 1.965%
91-120 Days Delinquent $ 36,106,188.94 $ 30,641,474.38 1.557% 1.372%
greater than 120 Days Delinquent $ 49,537,161.17 $ 54,358,445.99 2.136% 2.434%
Deferment
Current $ 159,519,895.58 $ 179,127,138.82 6.880% 8.020%
Forbearance
Current $ 98,646,707.65 $ 100,400,882.21 4.254% 4.495%
- --------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $1,989,380,300.29 $ 1,996,985,876.99 85.798% 89.408%
- --------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 4,886,422.29 $ 15,620,009.94 0.211% 0.699%
Aged Claims Rejected (2) $ - $ 1,125.77 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $2,318,693,583.18 $ 2,233,565,975.41 100.00% 100.00%
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
SLM Student Loan Trust 4
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
V. 1997-2 Portfolio Characteristics by School and Program 12/31/97
- ------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
- ------------------------------------------------------------------------------------------------------------------------------------
STATUS
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 4.812% 2.894% 0.000% 0.000% 0.406% 0.168% 0.000% 0.000%
Grace
Current 0.757% 0.323% 0.000% 0.000% 0.092% 0.036% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 5.569% 3.217% 0.000% 0.000% 0.499% 0.204% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 33.923% 7.651% 10.196% 2.364% 3.622% 0.868% 0.506% 0.246%
31-60 Days Delinquent 1.923% 0.378% 0.496% 0.173% 0.359% 0.084% 0.025% 0.031%
61-90 Days Delinquent 0.835% 0.172% 0.150% 0.072% 0.185% 0.041% 0.007% 0.012%
91-120 Days Delinquent 0.539% 0.118% 0.093% 0.047% 0.144% 0.036% 0.003% 0.011%
greater than 120 Days Delinquent 0.994% 0.238% 0.110% 0.067% 0.278% 0.078% 0.008% 0.009%
Deferment
Current 4.506% 1.198% 0.266% 0.502% 0.571% 0.149% 0.006% 0.037%
Forbearance
Current 2.075% 0.653% 0.268% 0.321% 0.304% 0.099% 0.016% 0.026%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 44.795% 10.407% 11.578% 3.546% 5.463% 1.354% 0.571% 0.372%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.264% 0.068% 0.025% 0.021% 0.080% 0.019% 0.001% 0.004%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 50.628% 13.692% 11.603% 3.566% 6.042% 1.577% 0.572% 0.376%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 79.489% 8.566%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
- ------------------------------------------------------------------------------------------------------------------------------------
STATUS
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 0.088% 0.069% 0.000% 0.000% 0.059% 0.050% 0.000% 0.000%
Grace
Current 0.069% 0.060% 0.000% 0.000% 0.007% 0.003% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.156% 0.129% 0.000% 0.000% 0.066% 0.053% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 3.815% 1.736% 0.925% 0.659% 0.178% 0.058% 0.020% 0.024%
31-60 Days Delinquent 0.502% 0.200% 0.064% 0.082% 0.011% 0.003% 0.001% 0.001%
61-90 Days Delinquent 0.286% 0.120% 0.026% 0.044% 0.008% 0.004% 0.000% 0.002%
91-120 Days Delinquent 0.222% 0.096% 0.020% 0.032% 0.005% 0.003% 0.000% 0.003%
greater than 120 Days Delinquent 0.394% 0.183% 0.023% 0.042% 0.006% 0.003% 0.000% 0.000%
Deferment
Current 0.374% 0.172% 0.008% 0.065% 0.078% 0.053% 0.000% 0.036%
Forbearance
Current 0.391% 0.194% 0.027% 0.076% 0.025% 0.014% 0.001% 0.005%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 5.983% 2.702% 1.094% 1.001% 0.312% 0.138% 0.022% 0.072%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.133% 0.058% 0.006% 0.015% 0.002% 0.002% 0.000% 0.000%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 6.272% 2.889% 1.101% 1.016% 0.380% 0.193% 0.022% 0.072%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 11.278% 0.667%
- ------------------------------------------------------------------------------------------------------------------------------------
</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.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.706% 0.574% 0.156% 0.110% 8.546%
Grace
Current 1.080% 0.128% 0.129% 0.010% 1.346%
- -------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.786% 0.703% 0.285% 0.119% 9.893%
- -------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 54.133% 5.243% 7.135% 0.280% 66.791%
31-60 Days Delinquent 2.970% 0.497% 0.849% 0.016% 4.331%
61-90 Days Delinquent 1.229% 0.246% 0.476% 0.014% 1.965%
91-120 Days Delinquent 0.797% 0.193% 0.370% 0.011% 1.372%
greater than 120 Days Delinquent 1.408% 0.374% 0.642% 0.010% 2.434%
Deferment
Current 6.472% 0.762% 0.619% 0.167% 8.020%
Forbearance
Current 3.316% 0.445% 0.689% 0.045% 4.495%
- -------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 70.326% 7.759% 10.780% 0.543% 89.408%
- -------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.378% 0.104% 0.213% 0.004% 0.699%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 79.489% 8.566% 11.278% 0.667% 100.000%
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-2 5
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
VI. 1997-2 Interest Calculation
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Borrower Interest Accrued During Collection Period $40,723,163.84
B Interest Subsidy Payments Accrued During Collection Period $6,356,003.25
C SAP Payments Accrued During Collection Period $836,412.00
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $152,648.62
E Investment Earnings (ADMINISTRATOR ACT) $1,082,455.68
-------------
F Net Expected Interest Collections $ 49,150,683.39
G Student Loan Rate
i Days in Collection Period (10/01/97-12/31/97) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 49,150,683.39
iv Primary Servicing Fee $ 6,697,477.64
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $2,338,910,195.42
vii Student Loan Rate 7.19776%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.79537%
I Class A-1 Interest Rate 0.014448740 (10/27/97-1/26/98) 5.79537%
J Class A-2 T-Bill Based Interest Rate 5.85537%
K Class A-2 Interest Rate 0.014598329 (10/27/97-1/26/98) 5.85537%
L Certificate T-Bill Based Rate of Return 6.08537%
M Certificate Rate of Return 0.015171753 (10/27/97-1/26/98) 6.08537%
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-2 6
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
VII. 1997-2 Inputs From Previous Quarterly Servicing Reports 9/30/97
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 2,318,693,583.17
ii Interest To Be Capitalized 20,216,612.25
-----------------------
iii Total Pool $ 2,338,910,195.42
iv Reserve Account Balance 6,103,806.00
=======================
v Total Adjusted Pool $ 2,345,014,001.42
=======================
B Total Note and Certificate Factor 0.95955552035
C Total Note and Certificate Balance $ 2,395,482,378.78
<CAPTION>
---------------------------------------------------------------------------------------------------------------
D Note Balance 10/27/97 Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------
<S> <C> <C>
i Current Factor-10/27/97 0.9369346526 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,500,032,378.78 $ 808,000,000.00 $ 87,450,000.00
E Note Principal Shortfall $ 50,468,377.36 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C>
H Reserve Account Balance $ 5,847,275.49
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-2 7
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
VIII. 1997-2 Waterfall for Distributions
- ------------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds ( Sections III-F + VI-D + IX-G-vii) $ 133,123,146.34 $ 133,123,146.34
B Primary Servicing Fees-Current Month $ 2,202,474.25 $ 130,920,672.09
C Administration Fee $ 20,000.00 $ 130,900,672.09
D Noteholder's Interest Distribution Amount
i Class A-1 $ 21,673,577.83 $ 109,227,094.26
ii Class A-2 $ 11,795,449.83 $ 97,431,644.43
----------------
iii Total Noteholder's Interest Distribution $ 33,469,027.66
E Certificateholder's Return Distribution Amount $ 1,326,769.80 $ 96,104,874.63
F Noteholder's Principal Distribution Amount
i Class A-1 $ 96,104,874.63 $ (0.00)
ii Class A-2 $ 0.00 $ (0.00)
----------------
iii Total Noteholder's Principal Distribution $ 96,104,874.63
G Certificateholder's Balance Distribution Amount $ 0.00 $ (0.00)
H Increase to the Specified Reserve Account Balance $ 0.00 $ 0.00
I Carryover Servicing Fees $ 0.00 $ 0.00
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 0.00
i Class A-2 $ 0.00 $ 0.00
----------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 0.00
L Excess to Reserve Account $ 0.00 $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-2 8
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IX. 1997-2 Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $21,673,577.83 $11,795,449.83 $1,326,769.80
ii Quarterly Interest Paid $21,673,577.83 $11,795,449.83 $1,326,769.80
-------------- -------------- -------------
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 $139,220,086.61 $0.00 $0.00
viii Quarterly Principal Paid $96,104,874.63 $0.00 $0.00
-------------- ----- -----
ix Quarterly Principal Shortfall $43,115,211.98 $0.00 $0.00
--------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 117,778,452.46 $ 11,795,449.83 $ 1,326,769.80
--------------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C>
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 12/31/97 $ 2,395,482,378.78
ii Adjusted Pool Balance 12/31/97 2,256,262,292.17
------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 139,220,086.61
------------------
iv Principal Distribution Amount $ 96,104,874.63
==================
C Total Principal Distribution $ 96,104,874.63
D Total Interest Distribution 34,795,797.46
------------------
E Total Cash Distributions-Note and Certificates $ 130,900,672.09
<CAPTION>
------------------------------------------------------------------------------------------
F Note & Certificate Balances 10/27/97 1/26/97
------------------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GAN6) $ 1,500,032,378.78 $ 1,403,927,504.15
A-1 Note Pool Factor 0.9369346526 0.8769066235
ii A-2 Note Balance (78442GAP1) $ 808,000,000.00 $ 808,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAQ9) $ 87,450,000.00 $ 87,450,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
------------------------------------------------------------------------------------------
<CAPTION>
<S> <C>
G Reserve Account Reconciliation
i Beginning of Period Balance $ 5,847,275.49
ii Deposits to correct Shortfall $ 0.00
iii Deposits from Excess Servicing $ -
iv Total Reserve Account Balance Available $ 5,847,275.49
v Required Reserve Account Balance $ 5,626,037.54
vi Shortfall Carried to Next Period $ 0.00
vii Excess Reserve -release to Waterfall $ 221,237.95
viii Ending Reserve Account Balance $ 5,626,037.54
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-2 9
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
X. 1997-2 Historical Pool Information
- ------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------
10/1/97 - 12/31/97 6/2/97 - 9/30/97
--------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 2,318,693,583.17 $ 2,417,769,037.18
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $68,082,756.87 $85,947,343.92
ii Principal Collections from Guarantor $14,843,554.74 $1,182,253.65
iii Principal Reimbursements $13,644,697.01 $25,640,757.88
iv Other System Adjustments $0.00 $0.00
--------------------------------------------
v Total Principal Collections $ 96,571,008.62 $ 112,770,355.45
Student Loan Non-Cash Principal Activity
i Other Adjustments $1,447,951.99 $1,502,305.68
ii Capitalized Interest ($12,891,352.84) ($15,197,207.12)
--------------------------------------------
iii Total Non-Cash Principal Activity $ (11,443,400.85) $ (13,694,901.44)
-----------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 85,127,607.77 $ 99,075,454.01
-----------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $30,948,506.97 $42,621,726.69
ii Interest Claims Received from Guarantors $910,823.41 $31,586.14
iii Late Fee Reimbursements - -
iv Interest Reimbursements $221,585.93 $382,323.72
v Other System Adjustments $0.00 $0.00
vi Special Allowance Payments $607,103.80 $248,953.19
vii Subsidy Payments $6,718,468.64 $2,532,386.65
--------------------------------------------
viii Total Interest Collections $ 39,406,488.75 $ 45,816,976.39
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($1,219,435.19) ($1,454,441.16)
ii Capitalized Interest $12,891,352.84 $15,197,207.12
--------------------------------------------
iii Total Non-Cash Interest Adjustments $ 11,671,917.65 $ 13,742,765.96
--------------------------------------------
Total Student Loan Interest Activity $ 51,078,406.40 $ 59,559,742.35
(=) Ending Student Loan Portfolio Balance $ 2,233,565,975.40 $ 2,318,693,583.17
-----------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 16,849,041.28 $ 20,216,612.25
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 2,250,415,016.68 $ 2,338,910,195.42
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 5,847,275.49 $ 6,103,806.00
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 2,256,262,292.17 $ 2,345,014,001.42
-----------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-2 10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1997-2 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR*
Jul-97 $ 2,441,522,427 -
Oct-97 $ 2,338,910,195 5.99%
Jan-98 $ 2,250,415,017 6.53%
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date
pool data.
- --------------------------------------------------------------------------------
SLM Student Loan Trust 1997-2 11
<PAGE>
SLM Student Loan Trust 1997-3
Quarterly Servicing Report
Report Date: 12/31/97 Reporting Period: 8/25/97-12/31/97
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 8/25/97 Activity 12/31/97
--------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
i Portfolio Balance $ 2,447,417,365.32 $ (59,103,517.17) $ 2,388,313,848.15
ii Interest to be Capitalized 56,272,268.69 44,396,075.77
------------------- ---------------------
iii Total Pool $ 2,503,689,634.01 $ 2,432,709,923.92
iv Reserve Account Balance - 6,259,224.00
------------------- ---------------------
v Total Adjusted Pool $ 2,503,689,634.01 $ 2,438,969,147.92
=================== =====================
B i Weighted Average Coupon (WAC) 8.1347% 8.1898%
ii Weighted Average Remaining Term 118.70 117.30
iii Number of Loans 720,135 704,334
iv Number of Borrowers 269,170 264,683
----------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 9/11/97 % of Pool Balance 1/26/98 % of Pool
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAR7 0.60% $ 1,456,350,000.00 56.557% $ 1,379,437,386.62 55.220%
ii A-2 Notes 78442GAS5 0.64% 1,028,500,000.00 39.942% 1,028,500,000.00 41.171%
iii Certificates 78442GAT3 0.83% 90,150,000.00 3.501% 90,150,000.00 3.609%
----------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 2,575,000,000.00 100.000% $2,498,087,386.62 100.000%
======================================================================================================================
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
D Reserve Account 9/11/97 1/26/98
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($) $ 6,259,224.00
iii Specified Reserve Acct Balance ($) $ 6,081,774.81
iv Reserve Account Floor Balance ($) $ 2,503,690.00 $ 2,503,690.00
v Current Reserve Acct Balance ($) $ 6,259,224.00 $ 6,081,774.81
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-3 1
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
II. 1997-3 Transactions from: 8/25/97 through 12/31/97
- -------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $49,821,559.10
ii Principal Collections from Guarantor $1,440,820.82
iii Principal Reimbursements $39,007,052.38
iv Other System Adjustments $0.00
--------------------
v Total Principal Collections $ 90,269,432.30
B Student Loan Non-Cash Principal Activity
i Other Adjustments $3,533,441.93
ii Capitalized Interest ($34,699,357.06)
--------------------
iii Total Non-Cash Principal Activity $ (31,165,915.13)
-----------------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 59,103,517.17
-----------------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $24,529,728.52
ii Interest Claims Received from Guarantors $34,126.30
iii Late Fee Reimbursements $9.92
iv Interest Reimbursements $799,423.02
v Other System Adjustments $0.00
vi Special Allowance Payments $232,534.47
vii Subsidy Payments $6,806,739.23
--------------------
viii Total Interest Collections $ 32,402,561.46
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($3,498,891.99)
ii Capitalized Interest $34,699,357.06
--------------------
iii Total Non-Cash Interest Adjustments $ 31,200,465.07
-----------------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 63,603,026.53
-----------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-3 2
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
III. 1997-3 Collection Account Activity 8/25/97 through 12/31/97
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
A Principal Collections
i Principal Payments Received-Cash $51,262,379.92
ii Cash Forwarded by Administrator on behalf of Seller $4,549,937.15
iii Cash Forwarded by Administrator on behalf of Servicer $1,120.90
iv Cash Forwarded by Administrator for Consolidation Activity $34,455,994.33
-------------------
v Total Principal Collections $ 90,269,432.30
B Interest Collections
i Interest Payments Received-Cash $31,603,128.52
ii Cash Forwarded by Administrator on behalf of Seller $111,797.56
iii Cash Forwarded by Administrator on behalf of Servicer $2,808.11
iv Cash Forwarded by Administrator for Consolidation Activity $684,817.35
v Cash Forwarded by Administrator for Late Fee Activity $9.92
-------------------
vi Total Interest Collections $ 32,402,561.46
C Other Reimbursements $123,004.62
D Administrator Account Investment Income $739,675.70
E Return funds borrowed for previous distribution $0.00
F TOTAL FUNDS RECEIVED $ 123,534,674.08
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($4,313,086.52)
------------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 119,221,587.56
------------------------------------------------------------------------------------------------------------------
<CAPTION>
<C> <S> <C> <C>
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $1,083,132.82
ii Percentage of Principal Calculation $1,601,898.90
iii Lesser of Unit or Principal Calculation $1,083,132.82
H Servicing Fees Due for Current Period $1,601,898.90
I Carryover Servicing Fees Due (1) $0.00
OCT 1997 Servicing Carryover $0.00
NOV 1997 Servicing Carryover $0.00
DEC 1997 Servicing Carryover $0.00
--------------------
TOTAL: Carryover Servicing Fee Due $0.00
====================
Less: Servicing ADJ [A iii + B iii] ($3,929.01)
J Administration Fees Due $ 20,000.00
------------------------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,617,969.89
------------------------------------------------------------------------------------------------------------------
(1) No Carryover Servicing Fees due before the October 2001 payment date
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-3 3
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
IV. 1997-3 Portfolio Characteristics
- ---------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ---------------------------------------------------------------------------------------------------------------------
STATUS 8/25/97 12/31/97 8/25/97 12/31/97 8/25/97 12/31/97
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.839% 7.835% 137,608 130,680 19.109% 18.554%
Grace
Current 7.860% 7.856% 140,138 32,412 19.460% 4.602%
- ---------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.849% 7.839% 277,746 163,092 38.569% 23.155%
- ---------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.332% 8.316% 274,647 350,659 38.138% 49.786%
31-60 Days Delinquent 8.328% 8.329% 32,973 25,815 4.579% 3.665%
61-90 Days Delinquent 8.322% 8.319% 14,599 13,405 2.027% 1.903%
91-120 Days Delinquent 8.319% 8.296% 7,932 9,070 1.101% 1.288%
greater than 120 Days Delinquent - 8.297% - 16,152 - 2.293%
Deferment
Current 8.357% 8.255% 74,336 81,513 10.323% 11.573%
Forbearance
Current 8.317% 8.327% 37,902 42,952 5.263% 6.098%
- ---------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.334% 8.307% 442,389 539,566 61.431% 76.607%
- ---------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.000% 8.317% 0 1,673 0.000% 0.238%
Aged Claims Rejected (2) 0.000% 9.045% 0 3 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.135% 8.190% 720,135 704,334 100.00% 100.00%
- ---------------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------
Principal Amount %
- ---------------------------------------------------------------------------------------------------------------------
STATUS 8/25/97 12/31/97 8/25/97 12/31/97
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 508,235,592.33 $ 476,475,068.23 20.766% 19.950%
Grace
Current $ 487,372,054.90 $ 104,867,836.57 19.914% 4.391%
- ---------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 995,607,647.23 $ 581,342,904.80 40.680% 24.341%
- ---------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 857,339,905.87 $ 1,139,550,496.78 35.030% 47.714%
31-60 Days Delinquent $ 108,866,350.24 $ 78,469,397.24 4.448% 3.286%
61-90 Days Delinquent $ 44,626,816.89 $ 40,226,843.34 1.823% 1.684%
91-120 Days Delinquent $ 23,357,261.45 $ 26,082,754.56 0.954% 1.092%
greater than 120 Days Delinquent $ - $ 46,549,176.66 - 1.949%
Deferment
Current $ 271,715,409.94 $ 296,726,555.88 11.102% 12.424%
Forbearance
Current $ 145,903,973.69 $ 174,682,771.30 5.962% 7.314%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $1,451,809,718.08 $ 1,802,287,995.76 59.320% 75.463%
- -----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ - $ 4,666,021.74 0.000% 0.195%
Aged Claims Rejected (2) $ - $ 16,925.84 0.000% 0.001%
- -----------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $2,447,417,365.31 $ 2,388,313,848.14 100.00% 100.00%
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
SLM Student Loan Trust 1997-3 4
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
V. 1997-3 Portfolio Characteristics by School and Program 12/31/97
- -----------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- --------------------------------------
STATUS
- --------------------------------------
INTERIM:
In School
Current 11.722% 5.712% 0.000% 0.000% 0.993% 0.416% 0.000% 0.000%
Grace
Current 2.368% 0.970% 0.000% 0.000% 0.260% 0.109% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 14.089% 6.683% 0.000% 0.000% 1.252% 0.525% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 26.733% 8.170% 4.288% 2.315% 1.745% 0.663% 0.194% 0.142%
31-60 Days Delinquent 1.590% 0.427% 0.251% 0.237% 0.198% 0.074% 0.013% 0.020%
61-90 Days Delinquent 0.781% 0.201% 0.119% 0.106% 0.122% 0.044% 0.005% 0.009%
91-120 Days Delinquent 0.526% 0.140% 0.047% 0.067% 0.079% 0.027% 0.004% 0.007%
greater than 120 Days Delinquent 0.909% 0.260% 0.061% 0.120% 0.154% 0.049% 0.005% 0.012%
Deferment
Current 6.616% 1.918% 0.836% 1.500% 0.478% 0.162% 0.027% 0.097%
Forbearance
Current 3.810% 1.298% 0.264% 0.944% 0.263% 0.102% 0.017% 0.039%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 40.966% 12.414% 5.866% 5.289% 3.040% 1.123% 0.264% 0.324%
- -----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.078% 0.021% 0.011% 0.016% 0.016% 0.004% 0.000% 0.002%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL PROGRAM 55.134% 19.118% 5.878% 5.305% 4.308% 1.652% 0.264% 0.326%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.434% 6.550%
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- --------------------------------------
STATUS
- --------------------------------------
INTERIM:
In School
Current 0.503% 0.332% 0.000% 0.000% 0.143% 0.130% 0.000% 0.000%
Grace
Current 0.364% 0.232% 0.000% 0.000% 0.053% 0.035% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.867% 0.563% 0.000% 0.000% 0.196% 0.165% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.671% 0.961% 0.283% 0.219% 0.194% 0.066% 0.011% 0.058%
31-60 Days Delinquent 0.258% 0.137% 0.021% 0.032% 0.014% 0.007% 0.001% 0.007%
61-90 Days Delinquent 0.152% 0.095% 0.012% 0.018% 0.011% 0.004% 0.001% 0.005%
91-120 Days Delinquent 0.109% 0.062% 0.005% 0.014% 0.002% 0.002% 0.000% 0.002%
greater than 120 Days Delinquent 0.214% 0.120% 0.007% 0.025% 0.009% 0.002% 0.000% 0.002%
Deferment
Current 0.272% 0.131% 0.013% 0.101% 0.135% 0.065% 0.001% 0.072%
Forbearance
Current 0.259% 0.148% 0.019% 0.043% 0.054% 0.030% 0.000% 0.023%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 2.935% 1.653% 0.359% 0.451% 0.420% 0.175% 0.014% 0.169%
- -----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.028% 0.015% 0.001% 0.003% 0.002% 0.000% 0.000% 0.000%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL PROGRAM 3.829% 2.232% 0.360% 0.454% 0.617% 0.340% 0.014% 0.169%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 6.875% 1.141%
- -----------------------------------------------------------------------------------------------------------------------------------
</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.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 17.434% 1.409% 0.835% 0.273% 19.950%
Grace
Current 3.338% 0.369% 0.596% 0.088% 4.391%
- -----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 20.772% 1.777% 1.430% 0.361% 24.341%
- -----------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 41.506% 2.744% 3.134% 0.330% 47.714%
31-60 Days Delinquent 2.505% 0.305% 0.448% 0.028% 3.286%
61-90 Days Delinquent 1.207% 0.179% 0.278% 0.020% 1.684%
91-120 Days Delinquent 0.780% 0.117% 0.189% 0.006% 1.092%
greater than 120 Days
Delinquent 1.351% 0.220% 0.365% 0.013% 1.949%
Deferment
Current 10.870% 0.764% 0.516% 0.274% 12.424%
Forbearance
Current 6.316% 0.422% 0.468% 0.107% 7.314%
- -----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 64.535% 4.751% 5.398% 0.778% 75.463%
- -----------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.126% 0.021% 0.046% 0.002% 0.195%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.001%
- -----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.434% 6.550% 6.875% 1.141% 100.000%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-3 5
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
VI. 1997-3 Interest Calculation
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $48,128,127.54
B Interest Subsidy Payments Accrued During Collection Period $21,260,940.11
C SAP Payments Accrued During Collection Period $1,109,620.71
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $359,737.83
E Investment Earnings (ADMINISTRATOR ACT) $739,675.70
---------------
F Net Expected Interest Collections $ 71,598,101.89
G Student Loan Rate
i Days in Collection Period (8/25/97-12/31/97) 129
ii Days in Year 365
iii Net Expected Interest Collections $ 71,598,101.89
iv Primary Servicing Fee $ 5,914,985.42
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 2,503,689,634.01
vii Student Loan Rate 7.42069%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.79364%
I Class A-1 Interest Rate 0.021746000 (9/11/97-1/26/98) 5.79364%
J Class A-2 T-Bill Based Interest Rate 5.83364%
K Class A-2 Interest Rate 0.021896137 (9/11/97-1/26/98) 5.83364%
L Certificate T-Bill Based Rate of Return 6.02364%
M Certificate Rate of Return 0.022609288 (9/11/97-1/26/98) 6.02364%
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-3 6
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VII. 1997-3 Inputs From Original Data 8/25/97
- ------------------------------------------------------------------------------------------------------------------------------------
A Total Student Loan Pool Outstanding
<C> <S> <C>
i Portfolio Balance $ 2,447,417,365.32
ii Interest To Be Capitalized 56,272,268.69
-------------------
iii Total Pool $ 2,503,689,634.01
iv Reserve Account Balance -
-------------------
v Total Adjusted Pool $ 2,503,689,634.01
===================
B Total Note and Certificate Factor 1.00000000000
C Total Note and Certificate Balance $ 2,575,000,000.00
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
D Note Balance 9/11/97 Class A-1 Class A-2 Certificates
-------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
i Current Factor 1.0000000000 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,456,350,000.00 $ 1,028,500,000.00 $ 90,150,000.00
E Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00
-------------------------------------------------------------------------------------------------------------------
<CAPTION>
<C> <S> <C>
H Reserve Account Balance $ 6,259,224.00
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-3 7
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
VIII. 1997-3 Waterfall for Distributions
- ---------------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
---------------
<C> <S> <C> <C>
A Total Available Funds (Sections III-F + VI-D + IX-G-vii) (1) $ 134,758,774.58 $ 134,758,774.58
B Primary Servicing Fees-Current Month $ 1,597,969.89 $ 133,160,804.69
C Administration Fee $ 20,000.00 $ 133,140,804.69
D Noteholder's Interest Distribution Amount
i Class A-1 $ 31,669,787.10 $ 101,471,017.59
ii Class A-2 $ 22,520,176.90 $ 78,950,840.69
----------------
iii Total Noteholder's Interest Distribution $ 54,189,964.00
E Certificateholder's Return Distribution Amount $ 2,038,227.31 $ 76,912,613.38
F Noteholder's Principal Distribution Amount
i Class A-1 $ 76,912,613.38 $ (0.00)
ii Class A-2 $ 0.00 $ (0.00)
----------------
iii Total Noteholder's Principal Distribution $ 76,912,613.38
G Certificateholder's Balance Distribution Amount $ 0.00 $ (0.00)
H Increase to the Specified Reserve Account Balance $ 0.00 $ 0.00
I Carryover Servicing Fees $ 0.00 $ 0.00
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 0.00
i Class A-2 $ 0.00 $ 0.00
----------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 0.00
L Excess to Reserve Account $ 0.00 $ 0.00
(1) Includes initial deposit of $15,000,000 from seller
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-3 8
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IX. 1997-3 Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
i Quarterly Interest Due $31,669,787.10 $22,520,176.90 $2,038,227.31
ii Quarterly Interest Paid $31,669,787.10 $22,520,176.90 $2,038,227.31
-------------- -------------- -------------
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 $136,030,852.08 $0.00 $0.00
viii Quarterly Principal Paid $76,912,613.38 $0.00 $0.00
-------------- ----- -----
ix Quarterly Principal Shortfall $59,118,238.70 $0.00 $0.00
------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 108,582,400.48 $ 22,520,176.90 $ 2,038,227.31
------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C>
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 12/31/97 $ 2,575,000,000.00
ii Adjusted Pool Balance 12/31/97 2,438,969,147.92
------------------
iii Adjusted Pool Exceeding Notes and Certificate
Balance (i-ii) $ 136,030,852.08
------------------
iv Principal Distribution Amount $ 76,912,613.38
==================
C Total Principal Distribution $ 76,912,613.38
D Total Interest Distribution 56,228,191.31
------------------
E Total Cash Distributions-Note and Certificates $ 133,140,804.69
<CAPTION>
--------------------------------------------------------------------------------------
F Note & Certificate Balances 9/11/97 1/26/97
--------------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GAR7) $ 1,456,350,000.00 $ 1,379,437,386.62
A-1 Note Pool Factor 1.0000000000 0.9471880981
ii A-2 Note Balance (78442GAS5) $ 1,028,500,000.00 $ 1,028,500,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAT3) $ 90,150,000.00 $ 90,150,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
--------------------------------------------------------------------------------------
<CAPTION>
<S> <C>
G Reserve Account Reconciliation
i Beginning of Period Balance $ 6,259,224.00
ii Deposits to correct Shortfall $ 0.00
iii Deposits from Excess Servicing $ -
iv Total Reserve Account Balance Available $ 6,259,224.00
v Required Reserve Account Balance $ 6,081,774.81
vi Shortfall Carried to Next Period $ 0.00
vii Excess Reserve -release to Waterfall $ 177,449.19
viii Ending Reserve Account Balance $ 6,081,774.81
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-3 9
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
X. 1997-3 Historical Pool Information
- -----------------------------------------------------------------------------------------------------------
-------------------------
8/25/97 - 12/31/97
-------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 2,447,417,365.32
-------------------------------------------------------------------------------------------
<S> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 49,821,559.10
ii Principal Collections from Guarantor 1,440,820.82
iii Principal Reimbursements 39,007,052.38
iv Other System Adjustments -
-----------------------
v Total Principal Collections $ 90,269,432.30
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 3,533,441.93
ii Capitalized Interest (34,699,357.06)
-----------------------
iii Total Non-Cash Principal Activity $ (31,165,915.13)
-------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 59,103,517.17
-------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 24,529,728.52
ii Interest Claims Received from Guarantors 34,126.30
iii Late Fee Reimbursements 9.92
iv Interest Reimbursements 799,423.02
v Other System Adjustments -
vi Special Allowance Payments 232,534.47
vii Subsidy Payments 6,806,739.23
-----------------------
viii Total Interest Collections $ 32,402,561.46
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (3,498,891.99)
ii Capitalized Interest 34,699,357.06
-----------------------
iii Total Non-Cash Interest Adjustments $ 31,200,465.07
-----------------------
Total Student Loan Interest Activity $ 63,603,026.53
(=) Ending Student Loan Portfolio Balance $ 2,388,313,848.15
-------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 44,396,075.77
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 2,432,709,923.92
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 6,259,224.00
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 2,438,969,147.92
-------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-3 10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1997-3 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
Oct-97 $ 2,503,689,634 -
Jan-98 $ 2,432,709,924 6.13%
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool
data.
- --------------------------------------------------------------------------------
SLM Student Loan Trust 1997-3 11
