<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): October 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,
the SLM Student Loan Trust 1997-4,
the SLM Student Loan Trust 1998-1
and the SLM Student Loan Trust 1998-2)
Delaware 33-95474/333-2502/333-24949/333-44465 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 4
Exhibit Index appears on Page 4
<PAGE>
Item 5. Other Events
------------
On October 26, 1998, the Sallie Mae Student Loan Trust 1995-1 made its
twelfth, the Sallie Mae Student Loan Trust 1996-1 made its eleventh, the SLM
Student Loan Trust 1996-2 made its tenth, the SLM Student Loan Trust 1996-3 made
its ninth, the SLM Student Loan Trust 1996-4 made its eighth, the SLM Student
Loan Trust 1997-1 made its seventh, the SLM Student Loan Trust 1997-2 made its
sixth, the SLM Student Loan Trust 1997-3 made its fifth, the SLM Student Loan
Trust 1997-4 made its third, the SLM Student Loan Trust 1998-1 made its second
and the SLM Student Loan Trust 1998-2 made its first, regular quarterly
distribution of funds to holders of their respective Floating Rate Student Loan-
Backed Notes and distributed their respective Quarterly Servicing Reports dated
as of October 26, 1998, 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 for the period ended October 26, 1998.
Effective October 1, 1998, Elizabeth Eldridge was elected to the Board
of Directors of the Registrant as an independent director. Ms. Eldridge replaced
Paul Schwartz in that capacity.
Legislative Developments
------------------------
On October 7, 1998, the President signed into law the Higher Education
Amendments of 1998, legislation that reauthorized federal higher education
programs for a five-year period (the "Reauthorization Legislation"). The
Reauthorization Legislation changed the borrower interest rate on Stafford loans
to a formula based on the 91-day Treasury bill rate plus 2.3 percent (1.7
percent during in-school and grace periods) and the lender's rate after special
allowance payments to the 91-day Treasury bill rate plus 2.8 percent (2.2
percent during in-school and grace periods) for loans originated on or after
October 1, 1998 and before July 1, 2003. The borrower interest rate on PLUS
loans originated during this period will be equal to the 91-day Treasury bill
rate plus 3.1 percent. Special allowance payments are also based on the 91-day
Treasury bill rate plus 3.1 percent. The Reauthorization Legislation also
maintained borrower interest rates on Federal Direct Consolidation Loans for
borrowers whose applications for such loans are received prior to February 1,
1999 at 7.46 percent (6.86 percent during in-school and grace periods), which
rates are adjusted annually based on a formula equal to the 91-day Treasury
bill rate plus 2.3 percent (1.7 percent during in-school and grace
periods). The borrower interest rates on Federal Direct Consolidation Loans for
borrowers whose applications are received on or after February 1, 1999 and
before July 1, 2003 will be the lesser of the weighted average of the interest
rates of the loans consolidated, adjusted up to the nearest one eighth of one
percent, and 8.25%. In addition, the Reauthorization Legislation reduced
borrower interest rates on FFELP consolidation loans for borrowers whose
applications are received on or after October 1, 1998 and before July 31, 2003
to the lesser of the weighted average of the loans consolidated, adjusted up to
the nearest one eighth of one percent, and 8.25%. The annual fee paid by
lenders on FFELP consolidation loans is reduced under the Reauthorization
Legislation from 1.05 percent to .62 percent of the principal plus accrued
unpaid interest on any such consolidation loans applications for which are
received on or after October 1, 1998 and before February 1, 1999. The
availability of the comparatively lower borrower interest rates on Federal
Direct Consolidation Loans from October 1, 1998 through January 31, 1999 may
increase the likelihood that a FFELP student loan owned by any of the Trusts
will be prepaid from the proceeds of such loans during such four-month period.
The volume of FFELP student loans owned by the Trusts that may be prepaid in
this fashion cannot be determined at this time and will be affected by, among
other things, operational limitations on the ability of the Department of
Education to process a significant increase in Federal Direct Consolidation Loan
volume and the period during which reduced rates are available.
Page 2 of 4
Exhibit Index appears on Page 4
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
-----------------------------------------------------------------
(c) Exhibits
19.1 Quarterly Servicing Reports
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: November 6, 1998
SLM FUNDING CORPORATION
By: /s/ J. LANCE FRANKE
----------------------
Name: J. Lance Franke
Title: Chief Financial Officer
Page 3 of 4
Exhibit Index appears on Page 4
<PAGE>
INDEX TO EXHIBIT
----------------
Sequentially
Exhibit Numbered
Number Exhibit Page
------ ------- ----
19.1 Quarterly Servicing Reports.
Page 4 of 4
Exhibit Index appears on Page 4
<PAGE>
Sallie Mae Student Loan Trust 1995-1
Quarterly Servicing Report
Report Date: 9/30/98 Reporting Period: 7/1/98-9/30/98
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
1. Deal Parameters
- ------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 6/30/98 Activity 9/30/98
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Portfolio Balance $ 531,327,018.06 $(30,728,781.18) $ 500,598,236.88
ii Interest to be Capitalized 764,311.60 912,955.31
------------------- -----------------
iii Total Pool $ 532,091,329.66 $ 501,511,192.19
=================== =================
B i Weighted Average Coupon (WAC) 8.2899% 8.2290%
ii Weighted Average Remaining Term 72.80 71.57
iii Number of Loans 322,311 306,306
iv Number of Borrowers 136,925 129,725
---------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 7/27/98 % of Pool Balance 10/26/98 % of Pool
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
i A-1 Notes 795452AA9 0.575% $ 282,091,329.66 53.015% $ 251,511,192.19 50.151%
ii A-2 Notes 795452AB7 0.750% 215,000,000.00 40.407% 215,000,000.00 42.870%
iii Certificates 795452AC5 1.000% 35,000,000.00 6.578% 35,000,000.00 6.979%
---------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 532,091,329.66 100.000% $ 501,511,192.19 100.000%
=====================================================================================================================
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
D Reserve Account 7/27/98 10/26/98
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Required Reserve Acct Deposit (%) 0.50% 0.50%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,660,456.65 $ 2,507,555.96
iv Reserve Account Floor Balance ($) $ 1,000,000.00 $ 1,000,000.00
v Current Reserve Acct Balance ($) $ 2,660,456.65 $ 2,507,555.96
----------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
11. 1995-1 Transactions from: 7/1/98 through 9/30/98
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 28,782,659.83
ii Principal Collections from Guarantor $ 2,725,539.79
iii Principal Reimbursements $ 3,438.30
iv Other System Adjustments $ 0.00
-----------------------
v Total Principal Collections $ 31,511,637.92
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 99,842.80
ii Capitalized Interest $ (882,699.54)
-----------------------
iii Total Non-Cash Principal Activity $ (782,856.74)
--------------------------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 30,728,781.18
--------------------------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 9,101,270.33
ii Interest Claims Received from Guarantors $ 145,727.59
iii Late Fee Reimbursements $ 6,224.51
iv Interest Reimbursements $ 6,973.47
v Other System Adjustments $ 0.00
vi Special Allowance Payments $ 232,249.66
vii Subsidy Payments $ 671,295.35
-----------------------
viii Total Interest Collections $ 10,163,740.91
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (68,267.81)
ii Capitalized Interest $ 882,699.54
-----------------------
iii Total Non-Cash Interest Adjustments $ 814,431.73
--------------------------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 10,978,172.64
--------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
III. 1995-1 Collection Account Activity 7/1/98 through 9/30/98
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $31,508,199.62
ii Cash Forwarded by Administrator on behalf of Seller $ 9,511.73
iii Cash Forwarded by Administrator on behalf of Servicer ($333.77)
iv Cash Forwarded by Administrator for Consolidation Activity ($5,739.66)
--------------
v TOTAL PRINCIPAL COLLECTIONS $31,511,637.92
B Interest Collections
i Interest Payments Received-Cash $10,150,542.93
ii Cash Forwarded by Administrator on behalf of Seller $ 4,547.36
iii Cash Forwarded by Administrator on behalf of Servicer $ 2,426.11
iv Cash Forwarded by Administrator for Consolidation Activity $ 0.00
v Cash Forwarded by Administrator for Late Fee Activity $ 6,224.51
--------------
vi Total Interest Collections $10,163,740.91
C Other Reimbursements $ 129,958.43
D Administrator Account Investment Income $ 335,150.98
E TOTAL FUNDS RECEIVED $42,140,488.24
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (868,361.60)
--------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $41,272,126.64
--------------------------------------------------------------------------------------------------
F Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 422,297.60
ii Percentage of Principal Calculation $ 641,792.48
iii Lesser of Unit or Principal Calculation $ 422,297.60
G Servicing Fees Due for Current Period $ 422,297.60
H Carryover Servicing Fees Due $ 672,962.80
JUL 1998 Servicing Carryover $230,426.49
AUG 1998 Servicing Carryover $225,133.77
SEP 1998 Servicing Carryover $219,494.88
-----------
$675,055.14
Less: Servicing Adj [A iii + B iii] ($2,092.34)
===========
Carryover Servicing Fee Due $672,962.80
===========
I Administration Fees Due $ 20,000.00
--------------------------------------------------------------------------------------------------
J Total Fees Due for Period $ 1,115,260.40
--------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
- --------------------------------------------------------------------------------
IV. 1995-1 Portfolio Characteristics
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
Weighted Avg Coupon # Of Loans % Principal Amount
- -----------------------------------------------------------------------------------------------------------------------------------
STATUS 6/30/98 9/30/98 6/30/98 9/30/98 6/30/98 9/30/98 6/30/98
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 8.152% 8.144% 208 180 0.064% 0.058% $ 438,850.60
Grace
Current 8.182% 8.179% 79 98 0.025% 0.032% $ 145,527.93
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.159% 8.157% 287 278 0.089% 0.090% $ 584,378.53
- -----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.293% 8.229% 276,917 259,885 85.915% 84.845% $441,033,056.97
31-60 Days Delinquent 8.334% 8.269% 12,237 11,498 3.796% 3.753% $ 22,584,306.63
61-90 Days Delinquent 8.323% 8.251% 5,186 4,364 1.609% 1.425% $ 10,185,490.01
91-120 Days Delinquent 8.286% 8.267% 1,779 2,559 0.552% 0.835% $ 3,620,854.27
* 120 Days Delinquent 8.309% 8.255% 2,788 2,625 0.865% 0.857% $ 5,530,427.94
Deferment
Current 8.203% 8.187% 14,955 15,096 4.640% 4.928% $ 30,528,187.33
Forbearance
Current 8.285% 8.228% 7,123 9,055 2.210% 2.956% $ 15,540,340.98
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.290% 8.229% 320,985 305,082 99.587% 99.600% $529,022,664.13
- -----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.355% 8.274% 1,037 942 0.322% 0.308% $ 1,710,845.49
Aged Claims Rejected (2) 8.152% 8.203% 6 4 0.002% 0.001% $ 10,565.47
- -----------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.290% 8.229% 322,315 306,306 100.00% 100.00% $531,328,453.62
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------
%
- -------------------------------------------------------------------------------------
STATUS 9/30/98 6/30/98 9/30/98
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
INTERIM:
In School
Current $ 357,632.99 0.083% 0.071%
GRACE
Current $ 218,584.91 0.027% 0.044%
- -------------------------------------------------------------------------------------
TOTAL INTERIM $ 576,217.90 0.110% 0.115%
- -------------------------------------------------------------------------------------
REPAYMENT
Active
Current $408,994,416.85 83.006% 81.701%
31-60 Days Delinquent $ 20,831,125.32 4.251% 4.161%
61-90 Days Delinquent $ 8,595,797.09 1.917% 1.717%
91-120 Days Delinquent $ 4,918,642.39 0.681% 0.983%
more than 120 Days Delinquent $ 5,031,303.70 1.041% 1.005%
DEFERMENT
Current $ 30,619,745.35 5.745% 6.117%
FORBEARANCE
Current $ 19,331,781.12 2.925% 3.862%
- -------------------------------------------------------------------------------------
TOTAL REPAYMENT $498,322,811.82 99.566% 99.545%
- -------------------------------------------------------------------------------------
Claims in Process (1) $ 1,693,901.77 0.322% 0.338%
Aged Claims Rejected (2) $ 5,305.39 0.002% 0.001%
- -------------------------------------------------------------------------------------
GRAND TOTAL $500,598,236.88 100.00% 100.00%
- -------------------------------------------------------------------------------------
</TABLE>
* Greater than.
(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.
4
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
V. 1995-1 Portfolio Characteristics by School and Program 9/30/98
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
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 0.047% 0.007% 0.000% 0.000% 0.008% 0.002% 0.000% 0.000%
Grace
Current 0.029% 0.008% 0.000% 0.000% 0.005% 0.001% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM: 0.076% 0.014% 0.000% 0.000% 0.013% 0.003% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 54.520% 3.233% 9.883% 0.000% 4.562% 0.305% 0.900% 0.000%
31-60 Days Delinquent 2.267% 0.137% 0.535% 0.000% 0.420% 0.021% 0.049% 0.000%
61-90 Days Delinquent 0.958% 0.059% 0.203% 0.000% 0.185% 0.011% 0.018% 0.000%
91-120 Days Delinquent 0.507% 0.026% 0.091% 0.000% 0.112% 0.010% 0.015% 0.000%
* 120 Days Delinquent 0.462% 0.020% 0.071% 0.000% 0.137% 0.014% 0.009% 0.000%
Deferment
Current 4.617% 0.330% 0.210% 0.000% 0.460% 0.045% 0.020% 0.000%
Forbearance
Current 2.164% 0.127% 0.388% 0.000% 0.439% 0.029% 0.032% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 65.494% 3.932% 11.381% 0.000% 6.315% 0.435% 1.043% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.148% 0.010% 0.026% 0.000% 0.048% 0.002% 0.001% 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 65.719% 3.957% 11.407% 0.000% 6.376% 0.439% 1.045% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 81.083% 7.860%
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
---------------------------------------------------------------------------------
GSL-SUB GSL- UNSUB PLUS SLS GSL-S UB GSL-UNSUB PLUS SLS
- -----------------------------------------------------------------------------------------------------------------------------
STATUS
- ---------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 0.007% 0.002% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM: 0.008% 0.002% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 5.674% 0.367% 1.931% 0.000% 0.277% 0.005% 0.045% 0.000%
31-60 Days Delinquent 0.559% 0.036% 0.128% 0.000% 0.008% 0.000% 0.002% 0.000%
61-90 Days Delinquent 0.193% 0.021% 0.062% 0.000% 0.006% 0.000% 0.000% 0.000%
91-120 Days Delinquent 0.178% 0.010% 0.026% 0.000% 0.006% 0.000% 0.002% 0.000%
* 120 Days Delinquent 0.244% 0.017% 0.029% 0.000% 0.002% 0.000% 0.001% 0.000%
Deferment
Current 0.356% 0.032% 0.024% 0.000% 0.018% 0.004% 0.000% 0.000%
Forbearance
Current 0.584% 0.035% 0.058% 0.000% 0.005% 0.000% 0.001% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT: 7.788% 0.519% 2.258% 0.000% 0.321% 0.009% 0.049% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.079% 0.010% 0.014% 0.000% 0.000% 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 7.875% 0.530% 2.272% 0.000% 0.322% 0.009% 0.049% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 10.677% 0.380%
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Greater than.
(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 0.053% 0.009% 0.009% 0.000% 0.071%
Grace
Current 0.037% 0.006% 0.001% 0.000% 0.044%
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.090% 0.015% 0.010% 0.000% 0.115%
- -----------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 67.636% 5.766% 7.972% 0.327% 81.701%
31-60 Days Delinquent 2.939% 0.490% 0.723% 0.009% 4.161%
61-90 Days Delinquent 1.220% 0.215% 0.276% 0.006% 1.717%
91-120 Days Delinquent 0.624% 0.137% 0.214% 0.007% 0.983%
* 120 Days Delinquent 0.553% 0.160% 0.290% 0.003% 1.005%
Deferment
Current 5.158% 0.525% 0.412% 0.022% 6.117%
Forbearance
Current 2.679% 0.500% 0.677% 0.006% 3.862%
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 80.808% 7.793% 10.565% 0.380% 99.546%
- -----------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.184% 0.051% 0.102% 0.000% 0.338%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.001%
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 81.083% 7.860% 10.677% 0.380% 100.000%
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Greater than.
11
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VI. 1995-1 Interest Calculation
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Borrower Interest Accrued During Collection Period $ 9,959,498.19
B Interest Subsidy Payments Accrued During Collection Period $ 593,408.88
C SAP Payments Accrued During Collection Period $ 125,232.27
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 57,232.33
E Investment Earnings (ADMINISTRATOR ACT) $ 335,150.98
----------------
F Net Expected Interest Collections $ 11,070,522.65
G Student Loan Rate
i Days in Collection Period (7/1/98-9/30/98) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 11,070,522.65
iv Primary Servicing Fee $ 1,290,659.20
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 532,091,329.66
vii Student Loan Rate 7.27717%
Accrued
Int Factor Accrual Period
---------- --------------
H Class A-1 T-Bill Based Interest Rate 5.32729%
I Class A-1 Interest Rate 0.013281726 (7/27/98-10/26/98) 5.32729%
J Class A-2 T-Bill Based Interest Rate 5.50229%
K Class A-2 Interest Rate 0.013718027 (7/27/98-10/26/98) 5.50229%
L Certificate T-Bill Based Rate of Return 5.75229%
M Certificate Rate of Return 0.014341315 (7/27/98-10/26/98) 5.75229%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VII. 1995-1 Inputs From Previous Quarterly Servicing Reports 6/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 531,327,018.06
ii Interest To Be Capitalized $ 764,311.60
----------------
iii Total Student Loan Pool Outstanding $ 532,091,329.66
================
B Total Note and Certificate Factor 0.53209132966
C Total Note and Certificate Balance $ 532,091,329.66
-----------------------------------------------------------------------------------------------------------------
D Note Balance 7/27/98 Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------
i Current Factor-7/27/98 0.3761217729 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 282,091,329.66 $ 215,000,000.00 $ 35,000,000.00
-----------------------------------------------------------------------------------------------------------------
iv Note Balance $ 282,091,329.66 $ 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 $ 2,660,456.65
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
<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) $ 41,329,358.97 $ 41,329,358.97
B Primary Servicing Fees-Current Month $ 422,297.60 $ 40,907,061.37
C Administration Fee-Quarterly $ 20,000.00 $ 40,887,061.37
D Noteholder's Interest Distribution Amount
i Class A-1 $ 3,746,659.75 $ 37,140,401.62
ii Class A-2 $ 2,949,375.81 $ 34,191,025.81
---------------
iii Total Noteholder's Interest Distribution $ 6,696,035.56
E Certificateholder's Return Distribution Amount $ 501,946.03 $ 33,689,079.78
F Noteholder's Principal Distribution Amount
i Class A-1 $ 30,580,137.47 $ 3,108,942.31
ii Class A-2 $ 0.00 $ 3,108,942.31
---------------
iii Total Noteholder's Principal Distribution $ 30,580,137.47
G Certificateholder's Balance Distribution Amount $ 0.00 $ 3,108,942.31
H Increase to the Specified Reserve Account Balance $ 0.00 $ 3,108,942.31
I Carryover Servicing Fees $ 672,962.80 $ 2,435,979.51
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 2,435,979.51
ii Class A-2 $ 0.00 $ 2,435,979.51
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 2,435,979.51
L Excess to Reserve Account $ 2,435,979.51 $ 0.00
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
IX. 1995-1 Distributions
- --------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i Quarterly Interest Due $ 3,746,659.75 $ 2,949,375.81 $ 501,946.03
ii Quarterly Interest Paid $ 3,746,659.75 $ 2,949,375.81 $ 501,946.03
---------------- -------------- ------------
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 $ 30,580,137.47 $ 0.00 $ 0.00
viii Quarterly Principal Paid $ 30,580,137.47 $ 0.00 $ 0.00
---------------- -------------- ------------
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 34,326,797.22 $ 2,949,375.81 $ 501,946.03
--------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 9/30/98 $ 532,091,329.66
ii Pool Balance 9/30/98 $ 501,511,192.19
iii Principal Distribution Amount $ 30,580,137.47
================
C Total Principal Distribution $ 30,580,137.47
D Total Interest Distribution $ 7,197,981.59
----------------
E Total Cash Distributions-Note and Certificates $ 37,778,119.06
----------------------------------------------------------------------------
F Note & Certificate Balances 7/27/98 10/26/98
----------------------------------------------------------------------------
i A-1 Note Balance $ 282,091,329.66 $ 251,511,192.19
A-1 Note Pool Factor 0.3761217729 0.3353482563
ii A-2 Note Balance $ 215,000,000.00 $ 215,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance $ 35,000,000.00 $ 35,000,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
----------------------------------------------------------------------------
G Reserve Account Reconciliation
i Beginning of Period Balance $ 2,660,456.65
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 2,435,979.51
----------------
iv Total Reserve Account Balance Available $ 5,096,436.16
v Required Reserve Account Balance $ 2,507,555.96
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp $ 2,588,880.20
viii Ending Reserve Account Balance $ 2,507,555.96
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
1995-1 Historical Pool Information
- ------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------
7/1/98-9/30/98 4/1/98-6/30/98 1/1/98-3/31/98 10/1/97-12/31/97
-------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 531,327,018.06 $ 564,161,223.01 $ 598,939,825.14 $ 634,419,310.37
- -------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 28,782,659.83 $ 30,225,803.00 $ 31,651,144.38 $ 31,256,602.42
ii Principal Collections from Guarantor 2,725,539.79 3,429,773.31 3,878,798.09 4,038,925.33
iii Principal Reimbursements 3,438.30 18,865.39 164,325.71 1,110,970.23
iv Other System Adjustments - - - -
-------------------------------------------------------------------------
v Total Principal Collections $ 31,511,637.92 $ 33,674,441.70 $ 35,694,268.18 $ 36,406,497.98
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 99,842.80 $ 116,986.84 $ 154,449.63 $ 215,232.19
ii Capitalized Interest (882,699.54) (957,223.59) (1,070,115.68) (1,142,244.94)
-------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (782,856.74) $ (840,236.75) $ (915,666.05) $ (927,012.75)
- -------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 30,728,781.18 $ 32,834,204.95 $ 34,778,602.13 $ 35,479,485.23
- -------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 9,101,270.33 $ 9,595,286.34 $ 10,315,343.17 $ 10,820,940.12
ii Interest Claims Received from Guarantors 145,727.59 196,436.29 228,854.32 242,885.58
iii Late Fee Reimbursements 6,224.51 - - 2.61
iv Interest Reimbursements 6,973.47 10,037.33 19,601.74 20,203.85
v Other System Adjustments - - - -
vi Special Allowance Payments 232,249.66 311,901.14 442,877.34 423,277.21
vii Subsidy Payments 671,295.35 735,214.00 756,663.08 699,396.68
-------------------------------------------------------------------------
viii Total Interest Collections $ 10,163,740.91 $ 10,848,875.10 $ 11,763,339.65 $ 12,206,706.05
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (68,267.81) $ (82,076.39) $ (120,055.97) $ (165,175.08)
ii Capitalized Interest 882,699.54 957,223.59 1,070,115.68 1,142,244.94
-------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 814,431.73 $ 875,147.20 $ 950,059.71 $ 977,069.86
-------------------------------------------------------------------------
Total Student Loan Interest Activity $ 10,978,172.64 $ 11,724,022.30 $ 12,713,399.36 $ 13,183,775.91
(=) Ending Student Loan Portfolio Balance $ 500,598,236.88 $ 531,327,018.06 $ 564,161,223.01 $ 598,939,825.14
- -------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 912,955.31 $ 764,311.60 $ 800,429.12 $ 787,352.25
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 501,511,192.19 $ 532,091,329.66 $ 564,961,652.13 $ 599,727,177.39
- -------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------
7/1/97-9/30/97 4/1/97-6/30/97 1/1/97-3/31/97 10/1/96-12/31/96
---------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 672,356,282.03 $ 714,234,131.11 $ 758,640,244.14 $ 802,942,510.88
- -------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 33,024,660.00 $ 34,449,289.71 $ 37,045,855.75 $ 36,816,067.27
ii Principal Collections from Guarantor 3,831,142.64 5,521,766.77 6,185,560.91 6,088,443.00
iii Principal Reimbursements 1,931,934.01 2,643,630.36 2,050,080.23 2,255,883.32
iv Other System Adjustments - - - 131.71
---------------------------------------------------------------------------
v Total Principal Collections $ 38,787,736.65 $ 42,614,686.84 $ 45,281,496.89 $ 45,160,525.30
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 148,944.93 $ 218,645.87 $ 184,596.68 $ 225,811.89
ii Capitalized Interest (999,709.92) (955,483.63) (1,059,980.54) (1,084,070.45)
---------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (850,764.99) $ (736,837.76) $ (875,383.86) $ (858,258.56)
- -------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 37,936,971.66 $ 41,877,849.08 $ 44,406,113.03 $ 44,302,266.74
- -------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 11,700,628.29 $ 12,116,179.07 $ 13,342,268.00 $ 13,807,543.15
ii Interest Claims Received from Guarantors 217,004.71 317,247.10 358,047.93 340,026.34
iii Late Fee Reimbursements - - - -
iv Interest Reimbursements 31,498.76 28,749.41 28,485.70 27,274.90
v Other System Adjustments - - - (715.16)
vi Special Allowance Payments 497,397.49 829,740.65 460,026.49 734,667.87
vii Subsidy Payments 809,754.91 541,554.00 888,898.48 740,973.14
---------------------------------------------------------------------------
viii Total Interest Collections $ 13,256,284.16 $ 13,833,470.23 $ 15,077,726.60 $ 15,649,770.24
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (102,969.61) $ (143,456.34) $ (130,539.92) $ (158,675.64)
ii Capitalized Interest 999,709.92 955,483.63 1,059,980.54 1,084,070.45
---------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 896,740.31 $ 812,027.29 $ 929,440.62 $ 925,394.81
---------------------------------------------------------------------------
Total Student Loan Interest Activity $ 14,153,024.47 $ 14,645,497.52 $ 16,007,167.22 $ 16,575,165.05
(=) Ending Student Loan Portfolio Balance $ 634,419,310.37 $ 672,356,282.03 $ 714,234,131.11 $ 758,640,244.14
- -------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 758,675.11 $ 741,333.62 $ 747,655.59 $ 691,772.32
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 635,177,985.48 $ 673,097,615.65 $ 714,981,786.70 $ 759,332,016.46
- -------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------
7/1/96 - 9/30/96 4/1/96 - 6/30/96 1/1/96 - 3/31/96 9/29/95 - 12/31/95
----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 853,757,457.19 $ 905,375,401.17 $ 954,345,726.48 $ 1,000,126,078.04
- ---------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 40,504,277.25 $ 41,999,553.67 $ 45,086,756.56 $ 42,875,612.89
ii Principal Collections from Guarantor 8,336,900.38 6,580,254.84 482,294.51 92,046.91
iii Principal Reimbursements 2,842,522.44 3,722,370.03 4,554,369.19 2,775,561.40
iv Other System Adjustments (577.57) (48.49) - 39,190.77
----------------------------------------------------------------------------
v Total Principal Collections $ 51,683,122.50 $ 52,302,130.05 $ 50,123,420.26 $ 45,782,411.97
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 214,754.01 $ 185,344.16 $ 150,766.06 $ 233,926.53
ii Capitalized Interest (1,082,930.20) (869,530.23) (1,303,861.01) (235,986.94)
----------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (868,176.19) $ (684,186.07) $ (1,153,094.95) $ (2,060.41)
- ---------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 50,814,946.31 $ 51,617,943.98 $ 48,970,325.31 $ 45,780,351.56
- ---------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 15,456,574.89 $ 16,104,237.23 $ 18,105,760.68 $ 18,633,508.65
ii Interest Claims Received from Guarantors 557,105.25 410,448.66 13,929.01 3,259.20
iii Late Fee Reimbursements - - - -
iv Interest Reimbursements 36,142.78 33,086.35 39,560.27 17,871.78
v Other System Adjustments (163.96) (14.31) - 7.70
vi Special Allowance Payments 617,049.00 537,884.11 1,112,141.11 43,719.37
vii Subsidy Payments 792,317.27 836,267.57 683,029.83 5,919.00
----------------------------------------------------------------------------
viii Total Interest Collections $ 17,459,025.23 $ 17,921,909.61 $ 19,954,420.90 $ 18,704,285.70
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (111,637.14) $ (112,327.13) $ (144,452.46) $ (227,131.25)
ii Capitalized Interest 1,082,930.20 869,530.23 1,303,861.01 235,986.94
----------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 971,293.06 $ 757,203.10 $ 1,159,408.55 $ 8,855.69
----------------------------------------------------------------------------
Total Student Loan Interest Activity $ 18,430,318.29 $ 18,679,112.71 $ 21,113,829.45 $ 18,713,141.39
(=) Ending Student Loan Portfolio Balance $ 802,942,510.88 $ 853,757,457.19 $ 905,375,401.17 $ 954,345,726.48
- ---------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 652,786.04 $ 677,908.07 $ 602,404.08 $ 639,070.92
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 803,595,296.92 $ 854,435,365.26 $ 905,977,805.25 $ 954,984,797.40
- ---------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1995-1 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
Oct-95 $ 1,000,126,078 -
Jan-96 $ 954,984,797 4.87%
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%
Apr-98 $ 564,961,652 4.48%
Jul-98 $ 532,091,330 3.95%
Oct-98 $ 501,511,192 3.39%
* "Since Issued CPR" is based on the current period's ending
pool balance calculated against the original pool balance and
assuming cutoff date pool data.
- --------------------------------------------------------------------------------
11
<PAGE>
Sallie Mae Student Loan Trust 1996-1
Quarterly Servicing Report
Report Date: 9/30/98 Reporting Period: 7/1/98-9/30/98
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- -----------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A Student Loan Portfolio Characteristics 6/30/98 Activity 9/30/98
-------------------------------------------------------------------------------------------------------
i Portfolio Balance $ 989,050,774.40 $ (40,857,275.69) $ 948,193,498.71
ii Interest to be Capitalized 7,835,712.86 7,733,674.95
------------------- -----------------
iii Total Pool $ 996,886,487.26 $ 955,927,173.66
=================== =================
B i Weighted Average Coupon (WAC) 8.3033% 8.2337%
ii Weighted Average Remaining Term 92.60 91.77
iii Number of Loans 435,244 418,038
iv Number of Borrowers 164,245 157,427
-------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 7/27/98 % of Pool Balance 10/26/98 %of Pool
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
i A-1 Notes 795452AD3 0.56% $ 470,886,487.26 47.236% $ 429,927,173.66 44.975%
ii A-2 Notes 795452AE1 0.75% 473,500,000.00 47.498% 473,500,000.00 49.533%
iii Certificates 795452AF8 0.98% 52,500,000.00 5.266% 52,500,000.00 5.492%
=================================================================================================================
iv Total Notes and Certificates $ 996,886,487.26 100.000% $ 955,927,173.66 100.000%
=================================================================================================================
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
D Reserve Account 7/27/98 10/26/98
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,492,216.22 $ 2,389,817.93
iv Reserve Account Floor Balance ($) $ 1,500,000.00 $ 1,500,000.00
v Current Reserve Acct Balance ($) $ 2,492,216.22 $ 2,389,817.93
-----------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
II. 1996-1 Transactions from: 7/1/98 through: 9/30/98
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 36,697,431.27
ii Principal Collections from Guarantor $ 7,697,079.49
iii Principal Reimbursements $ 107,055.95
iv Other System Adjustments $ 0.00
--------------------
v Total Principal Collections $ 44,501,566.71
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 614,776.38
ii Capitalized Interest ($ 4,259,067.40)
--------------------
iii Total Non-Cash Principal Activity $ (3,644,291.02)
------------------------------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 40,857,275.69
------------------------------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 13,667,781.23
ii Interest Claims Received from Guarantors $ 462,074.05
iii Late Fee Reimbursements $ 36,439.21
iv Interest Reimbursements $ 22,897.84
v Other System Adjustments $ 0.00
vi Special Allowance Payments $ 372,223.72
vii Subsidy Payments $ 2,809,118.89
--------------------
viii Total Interest Collections $ 17,370,534.94
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($ 510,351.88)
ii Capitalized Interest $ 4,259,067.40
--------------------
iii Total Non-Cash Interest Adjustments $ 3,748,715.52
------------------------------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 21,119,250.46
------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
III. 1996-1 Collection Account Activity 7/1/98 through 9/30/98
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $ 44,394,510.76
ii Cash Forwarded by Administrator on behalf of Seller $ 109,508.81
iii Cash Forwarded by Administrator on behalf of Servicer ($ 2,452.86)
iv Cash Forwarded by Administrator for Consolidation Activity $ 0.00
--------------------
v Total Principal Collections $ 44,501,566.71
B Interest Collections
i Interest Payments Received-Cash $ 17,311,197.89
ii Cash Forwarded by Administrator on behalf of Seller $ 13,344.86
iii Cash Forwarded by Administrator on behalf of Servicer $ 9,552.98
iv Cash Forwarded by Administrator for Consolidation Activity $ 0.00
v Cash Forwarded by Administrator for Late Fee Activity $ 36,439.21
--------------------
vi Total Interest Collections $ 17,370,534.94
C Other Reimbursements $ 127,836.88
D Administrator Account Investment Income $ 481,653.92
E TOTAL FUNDS RECEIVED $ 62,481,592.45
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,255,588.95)
----------------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 61,226,003.50
----------------------------------------------------------------------------------------------------------------------
F Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 614,159.70
ii Percentage of Principal Calculation $ 881,213.42
iii Lesser of Unit or Principal Calculation $ 614,159.70
G Servicing Fees Due for Current Period $ 614,159.70
H Carryover Servicing Fees Due $ 805,218.48
JUL 1998 Servicing Carryover $ 274,286.62
AUG 1998 Servicing Carryover $ 270,978.26
SEP 1998 Servicing Carryover $ 267,053.72
---------------------
$ 812,318.60
Less: Servicing ADJ [A iii + B iii] ($ 7,100.12)
=====================
TOTAL Carryover Servicing Fee Due $ 805,218.48
=====================
I Administration Fees Due $ 20,000.00
----------------------------------------------------------------------------------------------------------------------
J Total Fees Due for Period $ 1,439,378.18
----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IV. 1996-1 Portfolio Characteristics
- ------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans % Principal Amount
-----------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
STATUS 6/30/98 9/30/98 6/30/98 9/30/98 6/30/98 9/30/98 6/30/98 9/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 8.149% 8.147% 10,881 9,617 2.500% 2.301% $ 31,685,340.28 $ 27,953,682.32
Grace
Current 8.159% 8.162% 6,810 7,315 1.565% 1.750% $ 18,834,417.52 $ 20,522,445.91
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.153% 8.154% 17,691 16,932 4.065% 4.050% $ 50,519,757.80 $ 48,476,128.23
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.301% 8.232% 321,569 303,652 73.882% 72.637% $678,920,964.43 $637,237,174.92
31-60 Days Delinquent 8.345% 8.260% 19,303 18,427 4.435% 4.408% $ 44,682,679.56 $ 42,318,561.36
61-90 Days Delinquent 8.336% 8.262% 9,206 9,192 2.115% 2.199% $ 22,123,321.81 $ 23,971,233.31
91-120 Days Delinquent 8.346% 8.266% 3,947 4,979 0.907% 1.191% $ 9,682,265.00 $ 12,288,627.27
* 120 Days Delinquent 8.360% 8.268% 5,669 4,863 1.302% 1.163% $ 14,224,311.96 $ 12,299,389.29
Deferment
Current 8.332% 8.248% 36,085 35,386 8.291% 8.465% $101,488,163.12 $ 98,590,084.24
Forbearance
Current 8.341% 8.248% 19,528 22,662 4.487% 5.421% $ 62,471,909.64 $ 68,811,665.38
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.312% 8.238% 415,307 399,161 95.419% 95.484% $933,593,635.52 $895,516,735.77
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.313% 8.274% 2,183 1,915 0.502% 0.458% $ 4,812,323.24 $ 4,144,103.13
Aged Claims Rejected (2) 8.400% 8.235% 63 30 0.014% 0.007% $ 125,057.84 $ 56,531.58
- ------------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.303% 8.234% 435,244 418,038 100.00% 100.00% $989,050,774.40 $948,193,498.71
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------
%
------------------------------
- ------------------------------------------------------------------
STATUS 6/30/98 9/30/98
- ------------------------------------------------------------------
<S> <C> <C>
INTERIM:
In School
Current 3.204% 2.948%
Grace
Current 1.904% 2.164%
- ------------------------------------------------------------------
TOTAL INTERIM 5.108% 5.112%
- ------------------------------------------------------------------
REPAYMENT
Active
Current 68.644% 67.205%
31-60 Days Delinquent 4.518% 4.463%
61-90 Days Delinquent 2.237% 2.528%
91-120 Days Delinquent 0.979% 1.296%
* 120 Days Delinquent 1.438% 1.297%
Deferment
Current 10.261% 10.398%
Forbearance
Current 6.316% 7.257%
- ------------------------------------------------------------------
TOTAL REPAYMENT 94.393% 94.445%
- ------------------------------------------------------------------
Claims in Process (1) 0.486% 0.437%
Aged Claims Rejected (2) 0.013% 0.006%
- ------------------------------------------------------------------
GRAND TOTAL 100.00% 100.00%
- ------------------------------------------------------------------
</TABLE>
* Greater than.
(1) Claims filed and unpaid; includes slaims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
V. 1996-1 Portfolio Characteristics by School and Program 9/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
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 2.249% 0.345% 0.000% 0.000% 0.225% 0.057% 0.000% 0.000%
Grace
Current 1.604% 0.292% 0.000% 0.000% 0.173% 0.034% 0.000% 0.000%
- ------------------------------
TOTAL INTERIM 3.852% 0.637% 0.000% 0.000% 0.398% 0.091% 0.000% 0.000%
- ------------------------------
REPAYMENT:
Active
Current 42.924% 5.633% 4.068% 4.230% 3.476% 0.625% 0.201% 0.520%
31-60 Days Delinquent 2.365% 0.335% 0.292% 0.275% 0.401% 0.062% 0.030% 0.064%
61-90 Days Delinquent 1.377% 0.162% 0.097% 0.220% 0.233% 0.039% 0.011% 0.032%
91-120 Days Delinquent 0.664% 0.077% 0.063% 0.089% 0.146% 0.021% 0.004% 0.025%
* 120 Days Delinquent 0.598% 0.073% 0.043% 0.096% 0.177% 0.027% 0.005% 0.021%
Deferment
Current 6.576% 0.810% 0.371% 0.973% 0.709% 0.127% 0.015% 0.121%
Forbearance
Current 3.950% 0.562% 0.295% 0.781% 0.570% 0.089% 0.011% 0.112%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 58.455% 7.652% 5.229% 6.664% 5.712% 0.990% 0.277% 0.894%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.182% 0.022% 0.017% 0.024% 0.075% 0.010% 0.000% 0.009%
Aged Claims Rejected (2) 0.003% 0.000% 0.000% 0.000% 0.002% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 62.492% 8.311% 5.246% 6.688% 6.186% 1.091% 0.277% 0.903%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.737% 8.458%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<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 0.040% 0.011% 0.000% 0.000% 0.017% 0.006% 0.000% 0.000%
Grace
Current 0.030% 0.012% 0.000% 0.000% 0.013% 0.006% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.070% 0.022% 0.000% 0.000% 0.030% 0.013% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 2.836% 0.626% 0.525% 1.126% 0.302% 0.021% 0.018% 0.075%
31-60 Days Delinquent 0.344% 0.073% 0.043% 0.140% 0.023% 0.000% 0.005% 0.010%
61-90 Days Delinquent 0.197% 0.041% 0.017% 0.078% 0.015% 0.001% 0.001% 0.007%
91-120 Days Delinquent 0.120% 0.023% 0.013% 0.043% 0.005% 0.000% 0.001% 0.001%
* 120 Days Delinquent 0.156% 0.029% 0.008% 0.057% 0.005% 0.000% 0.000% 0.001%
Deferment
Current 0.319% 0.064% 0.023% 0.137% 0.084% 0.018% 0.003% 0.050%
Forbearance
Current 0.464% 0.084% 0.037% 0.193% 0.062% 0.013% 0.003% 0.031%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 4.437% 0.940% 0.665% 1.774% 0.496% 0.053% 0.031% 0.175%
- -----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.063% 0.012% 0.003% 0.021% 0.000% 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 4.570% 0.975% 0.668% 1.795% 0.526% 0.065% 0.031% 0.175%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 8.008% 0.797%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Greater than.
(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
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
------------------------------------
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 2.594% 0.281% 0.050% 0.023% 2.948%
Grace
Current 1.895% 0.207% 0.042% 0.020% 2.164%
----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 4.489% 0.488% 0.092% 0.043% 5.112%
----------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 56.855% 4.822% 5.113% 0.415% 67.205%
31-60 Days Delinquent 3.267% 0.558% 0.600% 0.038% 4.463%
61-90 Days Delinquent 1.855% 0.315% 0.333% 0.025% 2.528%
91-120 Days Delinquent 0.893% 0.196% 0.199% 0.008% 1.296%
* 120 Days Delinquent 0.811% 0.230% 0.251% 0.006% 1.297%
Deferment
Current 8.729% 0.970% 0.543% 0.155% 10.398%
Forbearance
Current 5.588% 0.783% 0.778% 0.109% 7.257%
----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 77.999% 7.874% 7.817% 0.755% 94.445%
----------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.245% 0.094% 0.098% 0.000% 0.437%
Aged Claims Rejected (2) 0.003% 0.002% 0.000% 0.000% 0.006%
----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.737% 8.458% 8.008% 0.797% 100.000%
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
</TABLE>
* Greater than.
5
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
VI. 1996-1 Interest Calculation
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Borrower Interest Accrued During Collection Period $ 17,535,681.20
B Interest Subsidy Payments Accrued During Collection Period $ 2,411,516.29
C SAP Payments Accrued During Collection Period $ 211,231.63
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 63,683.84
E Investment Earnings (ADMINISTRATOR ACT) $ 481,653.92
F Net Expected Interest Collections $ 20,703,766.88
G Student Loan Rate
i Days in Collection Period (7/1/98-9/30/98) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 20,703,766.88
iv Primary Servicing Fee $ 1,869,748.65
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 996,886,487.26
vii Student Loan Rate 7.48757%
Accrued
Int Factor Accrual Period
---------- --------------
H Class A-1 T-Bill Based Interest Rate 5.31229%
I Class A-1 Interest Rate 0.013244329 (7/27/98-10/26/98) 5.31229%
J Class A-2 T-Bill Based Interest Rate 5.50229%
K Class A-2 Interest Rate 0.013718027 (7/27/98-10/26/98) 5.50229%
L Certificate T-Bill Based Rate of Return 5.73229%
M Certificate Rate of Return 0.014291452 (7/27/98-10/26/98) 5.73229%
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VII. 1996-1 Inputs From Previous Quarterly Servicing Reports 6/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 989,050,774.40
ii Interest To Be Capitalized $7,835,712.86
--------------------
iii Total Student Loan Pool Outstanding $ 996,886,487.26
=====================
B Total Note and Certificate Factor 0.66459099151
C Total Note and Certificate Balance $ 996,886,487.26
--------------------------------------------------------------------------------------------------------------
D Note Balance 7/27/98 Class A-1 Class A-2 Certificates
------------------------------------------------------------------------- --------------- ------------------
i Current Factor-7/27/98 0.4834563524 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 0.00
iii Expected Note Balance $ 470,886,487.26 $473,500,000.00 $ 52,500,000.00
-------------------- --------------- ------------------
iv Note Balance $ 470,886,487.26 $473,500,000.00 $ 52,500,000.00
E Interest Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest Carryover $ 0.00 $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------
G Reserve Account Balance $ 2,492,216.22
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
<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) $ 61,289,687.34 $ 61,289,687.34
B Primary Servicing Fees-Current Month $ 614,159.70 $ 60,675,527.64
C Administration Fee $ 20,000.00 $ 60,655,527.64
D Noteholder's Interest Distribution Amount
i Class A-1 $ 6,236,575.56 $ 54,418,952.08
ii Class A-2 $ 6,495,485.78 $ 47,923,466.30
---------------
iii Total Noteholder's Interest Distribution $ 12,732,061.34
E Certificateholder's Return Distribution Amount $ 750,301.23 $ 47,173,165.07
F Noteholder's Principal Distribution Amount
i Class A-1 $ 40,959,313.60 $ 6,213,851.47
ii Class A-2 $ 0.00 $ 6,213,851.47
---------------
iii Total Noteholder's Principal Distribution $ 40,959,313.60
G Certificateholder's Balance Distribution Amount $ 0.00 $ 6,213,851.47
H Increase to the Specified Reserve Account Balance $ 0.00 $ 6,213,851.47
I Carryover Servicing Fees $ 805,218.48 $ 5,408,632.99
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 5,408,632.99
ii Class A-2 $ 0.00 $ 5,408,632.99
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 5,408,632.99
L Excess to Reserve Account $ 5,408,632.99 $ 0.00
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
IX. 1996-1 Distributions
- ----------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 6,236,575.56 $6,495,485.78 $750,301.23
ii Quarterly Interest Paid $ 6,236,575.56 $6,495,485.78 $750,301.23
------------ ------------ ----------
iii Interest Shortfall $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid $ 0.00 $ 0.00 $ 0.00
---- ---- ----
vi Interest Carryover $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 40,959,313.60 $ 0.00 $ 0.00
viii Quarterly Principal Paid $ 40,959,313.60 $ 0.00 $ 0.00
------------- ---- ----
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
-------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 47,195,889.16 $6,495,485.78 $750,301.23
-------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 9/30/98 $996,886,487.26
ii Pool Balance 9/30/98 $955,927,173.66
--------------
iii Pool Exceeding Notes and Certificate Balance (i-ii) $ 40,959,313.60
--------------
iv Principal Distribution Amount $ 40,959,313.60
==============
C Total Principal Distribution $ 40,959,313.60
D Total Interest Distribution $ 13,482,362.57
--------------
E Total Cash Distributions-Note and Certificates $ 54,441,676.17
<CAPTION>
---------------------------------------------------------------------------------------------------
F Note & Certificate Balances 7/27/98 10/26/98
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i A-1 Note Balance (795452AD3) $ 470,886,487.26 $ 429,927,173.66
A-1 Note Pool Factor 0.4834563524 0.4414036691
ii A-2 Note Balance (795452AE1) $ 473,500,000.00 $ 473,500,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (795452AF8) $ 52,500,000.00 $ 52,500,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
---------------------------------------------------------------------------------------------------
G Reserve Account Reconciliation
i Beginning of Period Balance $ 2,492,216.22
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 5,408,632.99
--------------
iv Total Reserve Account Balance Available $ 7,900,849.21
v Required Reserve Account Balance $ 2,389,817.93
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp $ 5,511,031.28
viii Ending Reserve Account Balance $ 2,389,817.93
- -------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
X. 1996-1 Historical Pool Information
- ------------------------------------------------------------------------------------------------------------------------------------
7/1/98-9/30/98 4/1/98-6/30/98 1/1/98-3/31/98 10/1/97-12/31/97
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 989,050,774.40 $1,031,597,043.47 $1,076,337,722.21 $1,124,635,411.07
-----------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 36,697,431.27 $ 37,755,030.73 $ 37,459,499.22 $ 38,163,254.13
ii Principal Collections from Guarantor 7,697,079.49 8,829,449.42 9,756,046.38 9,941,094.41
iii Principal Reimbursements 107,055.95 136,535.73 960,373.90 5,731,401.42
iv Other System Adjustments - - - -
----------------------------------------------------------------------------------
v Total Principal Collections $ 44,501,566.71 $ 46,721,015.88 $ 48,175,919.50 $ 53,835,749.96
Student Loan Non-Cash Principal Activity
i Other Adjustments 614,776.38 658,657.50 844,417.76 1,006,978.88
ii Capitalized Interest (4,259,067.40) (4,833,404.31) (4,279,658.52) (6,545,039.98)
----------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (3,644,291.02) $ (4,174,746.81) $ (3,435,240.76) $ (5,538,061.10)
- ------------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 40,857,275.69 $ 42,546,269.07 $ 44,740,678.74 $ 48,297,688.86
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 13,667,781.23 $ 13,871,152.11 $ 14,576,183.29 $ 14,639,248.95
ii Interest Claims Received from Guarantors 462,074.05 553,588.53 593,827.40 625,655.68
iii Late Fee Reimbursements 36,439.21 2.35 - -
iv Interest Reimbursements 22,897.84 26,466.14 44,171.71 105,245.48
v Other System Adjustments - - - -
vi Special Allowance Payments 372,223.72 486,530.47 654,995.78 572,165.19
vii Interest Subsidy Payments 2,809,118.89 2,964,572.48 3,475,239.18 3,756,473.63
----------------------------------------------------------------------------------
viii Total Interest Collections $ 17,370,534.94 $ 17,902,312.08 $ 19,344,417.36 $ 19,698,788.93
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (510,351.88) $ (529,166.21) $ (721,606.13) $ (878,436.97)
ii Capitalized Interest 4,259,067.40 4,833,404.31 4,279,658.52 6,545,039.98
----------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 3,748,715.52 $ 4,304,238.10 $ 3,558,052.39 $ 5,666,603.01
----------------------------------------------------------------------------------
Total Student Loan Interest Activity $ 21,119,250.46 $ 22,206,550.18 $ 22,902,469.75 $ 25,365,391.94
(=) Ending Student Loan Portfolio Balance $ 948,193,498.71 $ 989,050,774.40 $1,031,597,043.47 $1,076,337,722.21
- ------------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 7,733,674.95 $ 7,835,712.86 $ 8,380,272.05 $ 8,040,248.28
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 955,927,173.66 $ 996,886,487.26 $1,039,977,315.52 $1,084,377,970.49
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
X. 1996-1 Historical Pool Information
- ------------------------------------------------------------------------------------------------------------------------------------
7/1/97-9/30/97 4/1/97-6/30/97 1/1/97-3/31/97 10/1/96-12/31/96
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,173,864,873.47 $1,228,206,792.67 $1,287,751,841.38 $1,349,145,820.06
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 37,394,659.75 $ 38,201,480.33 $ 38,946,758.98 $ 38,568,892.82
ii Principal Collections from Guarantor 9,232,586.28 12,257,546.06 15,564,936.49 18,664,167.10
iii Principal Reimbursements 6,827,024.70 8,394,035.19 8,314,291.46 9,629,351.72
iv Other System Adjustments - - - (7,343.12)
----------------------------------------------------------------------------------
v Total Principal Collections $ 53,454,270.73 $ 58,853,061.58 $ 62,825,986.93 $ 66,855,068.52
Student Loan Non-Cash Principal Activity
i Other Adjustments 821,162.61 901,335.61 1,018,784.42 1,174,644.80
ii Capitalized Interest (5,045,970.94) (5,412,477.99) (4,299,722.64) (6,635,734.64)
----------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (4,224,808.33) $ (4,511,142.38) $ (3,280,938.22) $ (5,461,089.84)
- ------------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 49,229,462.40 $ 54,341,919.20 $ 59,545,048.71 $ 61,393,978.68
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 15,343,792.96 $ 15,398,211.29 $ 16,506,842.23 $ 16,127,108.13
ii Interest Claims Received from Guarantors 542,149.37 742,052.34 987,722.67 1,180,177.89
iii Late Fee Reimbursements - - - -
iv Interest Reimbursements 110,615.60 112,743.13 108,178.47 125,983.70
v Other System Adjustments - - - (956.09)
vi Special Allowance Payments 723,465.81 693,074.40 585,211.26 991,453.39
vii Interest Subsidy Payments 4,242,391.02 4,559,733.43 5,496,581.08 5,892,220.73
----------------------------------------------------------------------------------
viii Total Interest Collections $ 20,962,414.76 $ 21,505,814.59 $ 23,684,535.71 $ 24,315,987.75
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (688,249.76) $ (742,970.05) $ (844,407.36) $ (960,564.36)
ii Capitalized Interest 5,045,970.94 5,412,477.99 4,299,722.64 6,635,734.64
----------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 4,357,721.18 $ 4,669,507.94 $ 3,455,315.28 $ 5,675,170.28
----------------------------------------------------------------------------------
Total Student Loan Interest Activity $ 25,320,135.94 $ 26,175,322.53 $ 27,139,850.99 $ 29,991,158.03
(=) Ending Student Loan Portfolio Balance $ 1,124,635,411.07 $1,173,864,873.47 $1,228,206,792.67 $1,287,751,841.38
- ------------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 9,565,210.29 $ 9,928,556.68 $ 10,579,470.77 $ 9,711,152.12
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,134,200,621.36 $1,183,793,430.15 $1,238,786,263.44 $1,297,462,993.50
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------------
7/1/96-9/30/96 4/1/96-6/30/96 2/5/96-3/31/96
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,410,958,484.15 $ 1,459,260,458.15 $ 1,489,927,280.77
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 41,001,385.22 $ 41,078,207.45 $ 27,226,246.55
ii Principal Collections from Guarantor 10,313,302.34 842,636.38 27,657.36
iii Principal Reimbursements 14,477,503.16 12,387,879.90 6,083,122.75
iv Other System Adjustments (11,809.27) (548.12) 2,229.83
----------------------------------------------------------------------------------
v Total Principal Collections $ 65,780,381.45 $ 54,308,175.61 $ 33,339,256.49
Student Loan Non-Cash Principal Activity
i Other Adjustments 1,320,897.53 1,000,024.50 746,961.96
ii Capitalized Interest (5,288,614.89) (7,006,226.11) (3,419,395.83)
----------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (3,967,717.36) $ (6,006,201.61) $ (2,672,433.87)
- ------------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 61,812,664.09 $ 48,301,974.00 $ 30,666,822.62
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 17,372,003.89 $ 17,084,616.87 $ 10,764,171.47
ii Interest Claims Received from Guarantors 612,951.89 21,865.02 326.78
iii Late Fee Reimbursements - - -
iv Interest Reimbursements 182,022.75 142,527.81 50,757.10
v Other System Adjustments (960.98) 244.79 10,446.21
vi Special Allowance Payments 775,767.11 343,884.36 0.00
vii Interest Subsidy Payments 7,006,327.74 4,651,078.41 0.00
----------------------------------------------------------------------------------
viii Total Interest Collections $ 25,948,112.40 $ 22,244,217.26 $ 10,825,701.56
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,187,918.97) $ (994,738.78) $ (733,594.53)
ii Capitalized Interest 5,288,614.89 7,006,226.11 3,419,395.83
----------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 4,100,695.92 $ 6,011,487.33 $ 2,685,801.30
----------------------------------------------------------------------------------
Total Student Loan Interest Activity $ 30,048,808.32 $ 28,255,704.59 $ 13,511,502.86
(=) Ending Student Loan Portfolio Balance $ 1,349,145,820.06 $ 1,410,958,484.15 $ 1,459,260,458.15
- ------------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 11,228,783.66 $ 10,991,431.27 $ 12,610,267.46
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,360,374,603.72 $ 1,421,949,915.42 $ 1,471,870,725.61
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<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%
Apr-98 $ 1,039,977,316 6.84%
Jul-98 $ 996,886,487 6.35%
Oct-98 $ 955,927,174 5.87%
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date
pool data.
- --------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1996-2
Quarterly Servicing Report
Report Date: 9/30/98 Reporting Period: 7/1/98-9/30/98
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 6/30/98 Activity 9/30/98
--------------------------------------------------------------------------------------------------------------------------
i Portfolio Balance $ 1,067,352,680.28 $ (43,501,990.73) $ 1,023,850,689.55
ii Interest to be Capitalized 11,450,427.01 11,876,896.15
------------------ ------------------
iii Total Pool $ 1,078,803,107.29 $ 1,035,727,585.70
================== ==================
B i Weighted Average Coupon (WAC) 8.2580% 8.2199%
ii Weighted Average Remaining Term 96.11 95.25
iii Number of Loans 484,930 467,809
iv Number of Borrowers 200,993 193,228
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 7/27/98 % of Pool Balance 10/26/98 % of Pool
--------------------------------------------------------------------------------------------------------------------
i A-1 Notes 78442GAA4 0.51% $ 538,773,107.29 49.942% $ 495,697,585.70 47.860%
ii A-2 Notes 78442GAB2 0.71% 487,000,000.00 45.143% 487,000,000.00 47.020%
iii Certificates 78442GAC0 0.96% 53,030,000.00 4.915% 53,030,000.00 5.120%
====================================================================================================================
iv Total Notes and Certificates $ 1,078,803,107.29 100.000% $ 1,035,727,585.70 100.000%
====================================================================================================================
--------------------------------------------------------------------------------------------------------------------
D Reserve Account 7/27/98 10/26/98
--------------------------------------------------------------------------------------------------------------------
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,697,007.77 $ 2,589,318.96
iv Reserve Account Floor Balance ($) $ 1,515,030.00 $ 1,515,030.00
v Current Reserve Acct Balance ($) $ 2,697,007.77 $ 2,589,318.96
---------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
II. 1996-2 Transactions from: 7/1/98 through: 9/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 37,444,134.76
ii Principal Collections from Guarantor $ 9,605,237.44
iii Principal Reimbursements $ 134,332.81
iv Other System Adjustments $ 0.00
------------------
v Total Principal Collections $ 47,183,705.01
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 740,695.47
ii Capitalized Interest ($4,422,409.75)
------------------
iii Total Non-Cash Principal Activity $ (3,681,714.28)
--------------------------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 43,501,990.73
--------------------------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 13,571,462.53
ii Interest Claims Received from Guarantors $ 581,159.91
iii Late Fee Reimbursements $ 65,979.42
iv Interest Reimbursements $ 29,711.34
v Other System Adjustments $ 0.00
vi Special Allowance Payments $ 270,616.43
vii Subsidy Payments $ 3,745,474.78
------------------
viii Total Interest Collections $ 18,264,404.41
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($550,123.26)
ii Capitalized Interest $ 4,422,409.75
------------------
iii Total Non-Cash Interest Adjustments $ 3,872,286.49
-------------------------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 22,136,690.90
-------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
III. 1996-2 Collection Account Activity 7/1/98 through 9/30/98
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $ 47,049,372.20
ii Cash Forwarded by Administrator on behalf of Seller $ 98,741.39
iii Cash Forwarded by Administrator on behalf of Servicer $ 35,591.42
iv Cash Forwarded by Administrator for Consolidation Activity $ 0.00
-----------------
v Total Principal Collections $ 47,183,705.01
B Interest Collections
i Interest Payments Received-Cash $ 18,168,713.65
ii Cash Forwarded by Administrator on behalf of Seller $ 16,486.02
iii Cash Forwarded by Administrator on behalf of Servicer $ 13,225.32
iv Cash Forwarded by Administrator for Consolidation Activity $ 0.00
v Cash Forwarded by Administrator for Late Fee Activity $ 65,979.42
-----------------
vi Total Interest Collections $ 18,264,404.41
C Other Reimbursements $ 108,191.90
D Administrator Account Investment Income $ 496,536.63
E TOTAL FUNDS RECEIVED $ 66,052,837.95
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,805,631.52)
--------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 64,247,206.43
--------------------------------------------------------------------------------------------------------------
F Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 884,821.64
ii Percentage of Principal Calculation $ 1,185,063.82
iii Lesser of Unit or Principal Calculation $ 884,821.64
G Servicing Fees Due For Current Period $ 884,821.64
H Carryover Servicing Fees Due $ 866,315.04
JUL 1998 Servicing Carryover $ 310,072.61
AUG 1998 Servicing Carryover $ 304,816.99
SEP 1998 Servicing Carryover $ 300,242.18
---------------------
$ 915,131.78
Less: Servicing ADJ [A iii + B iii] ($48,816.74)
---------------------
TOTAL: Carryover Servicing Fee Due $ 866,315.04
=====================
I Administration Fees Due $ 20,000.00
--------------------------------------------------------------------------------------------------------------
J Total Fees Due For Period $ 1,771,136.68
--------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
IV. 1996-2
- -------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans % Principal Amount
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
STATUS 6/30/98 9/30/98 6/30/98 9/30/98 6/30/98 9/30/98 6/30/98
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 8.146% 8.149% 22,978 20,528 4.739% 4.389% $ 63,258,907.14
Grace
Current 8.172% 8.163% 14,705 15,707 3.032% 3.358% $ 39,927,840.02
- -------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.156% 8.155% 37,683 36,235 7.771% 7.747% $ 103,186,747.16
- -------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.261% 8.222% 338,569 319,216 69.818% 68.236% $ 681,243,152.43
31-60 Days Delinquent 8.304% 8.253% 20,662 20,320 4.261% 4.344% $ 46,517,619.61
61-90 Days Delinquent 8.298% 8.250% 10,649 10,938 2.196% 2.338% $ 25,657,821.95
91-120 Days Delinquent 8.307% 8.246% 4,829 5,752 0.996% 1.230% $ 11,956,778.12
Greater than 120 Days Delinquent 8.292% 8.263% 7,814 6,390 1.611% 1.366% $ 19,164,557.77
Deferment
Current 8.280% 8.221% 40,447 40,332 8.341% 8.621% $ 108,650,816.44
Forbearance
Current 8.287% 8.241% 21,567 25,809 4.447% 5.517% $ 64,824,840.59
- -------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.269% 8.227% 444,537 428,757 91.670% 91.652% $ 958,015,586.91
- -------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.289% 8.249% 2,610 2,750 0.538% 0.588% $ 5,926,850.71
Aged Claims Rejected (2) 8.229% 8.280% 100 67 0.021% 0.014% $ 223,495.50
- -------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.258% 8.220% 484,930 467,809 100.00% 100.00% $ 1,067,352,680.28
- -------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------
%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
STATUS 9/30/98 6/30/98 9/30/98
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
INTERIM:
In School
Current $ 55,928,663.25 5.927% 5.463%
Grace
Current $ 43,412,914.23 3.741% 4.240%
- --------------------------------------------------------------------------------
TOTAL INTERIM $ 99,341,577.48 9.668% 9.703%
- --------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 634,271,368.01 63.826% 61.950%
31-60 Days Delinquent $ 45,701,757.71 4.358% 4.464%
61-90 Days Delinquent $ 27,285,992.50 2.404% 2.665%
91-120 Days Delinquent $ 13,865,262.00 1.120% 1.354%
Greater than 120 Days Delinquent $ 15,764,690.80 1.796% 1.540%
Deferment
Current $ 107,160,609.14 10.179% 10.466%
Forbearance
Current $ 73,978,669.26 6.073% 7.226%
- --------------------------------------------------------------------------------
TOTAL REPAYMENT $ 918,028,349.42 89.756% 89.664%
- --------------------------------------------------------------------------------
Claims in Process (1) $ 6,310,904.67 0.555% 0.616%
Aged Claims Rejected (2) $ 169,857.98 0.021% 0.017%
- --------------------------------------------------------------------------------
GRAND TOTAL $1,023,850,689.55 100.00% 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.
4
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
V. 1996-2 Portfolio Characteristics by School and Program 9/30/98
- ----------------------------------------------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS TECHNICAL SCHOOLS
-----------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB
-----------------------------------------------------------------------------------------------
- -----------------------------------
STATUS
- -----------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 3.556% 0.951% 0.000% 0.000% 0.499% 0.139% 0.000% 0.000% 0.127% 0.066%
Grace
Current 2.708% 0.785% 0.000% 0.000% 0.399% 0.114% 0.000% 0.000% 0.081% 0.042%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 6.265% 1.737% 0.000% 0.000% 0.898% 0.253% 0.000% 0.000% 0.208% 0.108%
- ----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 39.600% 6.994% 2.018% 1.943% 3.990% 0.953% 0.147% 0.233% 3.438% 1.394%
31-60 Days Delinquent 2.343% 0.401% 0.151% 0.185% 0.475% 0.098% 0.010% 0.028% 0.436% 0.168%
61-90 Days Delinquent 1.324% 0.255% 0.072% 0.118% 0.300% 0.060% 0.007% 0.024% 0.292% 0.111%
91-120 Days Delinquent 0.663% 0.114% 0.030% 0.064% 0.174% 0.034% 0.002% 0.011% 0.165% 0.063%
More than 120 Days
Delinquent 0.667% 0.126% 0.035% 0.069% 0.204% 0.036% 0.002% 0.016% 0.242% 0.090%
Deferment
Current 6.215% 1.236% 0.177% 0.701% 0.903% 0.207% 0.008% 0.084% 0.457% 0.170%
Forbearance
Current 3.706% 0.814% 0.156% 0.469% 0.684% 0.163% 0.015% 0.049% 0.628% 0.274%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 54.517% 9.941% 2.640% 3.549% 6.730% 1.551% 0.192% 0.446% 5.658% 2.269%
- ----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.263% 0.051% 0.012% 0.022% 0.087% 0.016% 0.001% 0.007% 0.096% 0.040%
Aged Claims Rejected (2) 0.006% 0.000% 0.000% 0.001% 0.003% 0.001% 0.000% 0.000% 0.003% 0.002%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 61.051% 11.729% 2.653% 3.572% 7.718% 1.821% 0.193% 0.454% 5.966% 2.419%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 79.004% 10.185%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
UNKNOWN
-------------------------------------------------------
PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
- -------------------------------------
STATUS
- -------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 0.000% 0.000% 0.067% 0.057% 0.000% 0.000
Grace
Current 0.000% 0.000% 0.061% 0.050% 0.000% 0.000
- ----------------------------------------------------------------------------------------------
TOTAL INTERIM 0.000% 0.000% 0.128% 0.108% 0.000% 0.000
- ----------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 0.389% 0.474% 0.256% 0.054% 0.008% 0.059%
31-60 Days Delinquent 0.036% 0.081% 0.030% 0.012% 0.000% 0.006%
61-90 Days Delinquent 0.017% 0.055% 0.017% 0.005% 0.000% 0.006%
91-120 Days Delinquent 0.005% 0.026% 0.003% 0.000% 0.000% 0.001%
More than 120 Days
Delinquent 0.006% 0.039% 0.005% 0.002% 0.000% 0.000%
Deferment
Current 0.009% 0.115% 0.092% 0.048% 0.000% 0.044%
Forbearance
Current 0.027% 0.127% 0.058% 0.032% 0.002% 0.021%
- --------------------------------------------------------------------------------------------
TOTAL REPAYMENT 0.490% 0.917% 0.461% 0.154% 0.010% 0.137%
- --------------------------------------------------------------------------------------------
Claims in Process (1) 0.003% 0.012% 0.004% 0.002% 0.000% 0.000%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- --------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 0.493% 0.929% 0.593% 0.263% 0.010% 0.137%
- --------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 9.807% 1.004%
- --------------------------------------------------------------------------------------------
</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 4.508% 0.638% 0.193% 0.124% 5.463%
Grace
Current 3.494% 0.513% 0.123% 0.111% 4.240%
- -------------------------------------------------------------------------------------------
TOTAL INTERIM 8.001% 1.151% 0.316% 0.235% 9.703%
- -------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 50.556% 5.322% 5.694% 0.378% 61.950%
31-60 Days Delinquent 3.081% 0.612% 0.722% 0.049% 4.464%
61-90 Days Delinquent 1.769% 0.392% 0.476% 0.028% 2.665%
91-120 Days Delinquent 0.870% 0.220% 0.260% 0.004% 1.354%
More than 120 Days
Delinquent 0.897% 0.259% 0.377% 0.007% 1.540%
Deferment
Current 8.329% 1.202% 0.751% 0.184% 10.466%
Forbearance
Current 5.145% 0.912% 1.056% 0.112% 7.226%
- -------------------------------------------------------------------------------------------
TOTAL REPAYMENT 70.647% 8.919% 9.335% 0.763% 89.664%
- -------------------------------------------------------------------------------------------
Claims in Process (1) 0.349% 0.110% 0.151% 0.006% 0.616%
Aged Claims Rejected (2) 0.007% 0.005% 0.005% 0.000% 0.017%
- -------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 79.004% 10.185% 9.807% 1.004% 100.000%
- -------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
VI. 1996-2 Interest Calculation
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 18,240,013.31
B Interest Subsidy Payments Accrued During Collection Period $ 3,274,475.52
C SAP Payments Accrued During Collection Period $ 143,046.51
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 67,451.37
E Investment Earnings (ADMINISTRATOR ACT) $ 496,536.63
------------------
F Net Expected Interest Collections $ 22,221,523.34
G Student Loan Rate
i Days in Collection Period (7/1/98 - 9/30/98) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 22,221,523.34
iv Primary Servicing Fee $ 2,690,453.16
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,078,803,107.29
vii Student Loan Rate 7.17536%
Accrued
Int Factor Accrual Period
---------- --------------
H Class A-1 T-Bill Based Interest Rate 5.26229%
I Class A-1 Interest Rate 0.013119671 (7/27/98-10/26/98) 5.26229%
J Class A-2 T-Bill Based Interest Rate 5.46229%
K Class A-2 Interest Rate 0.013618301 (7/27/98-10/26/98) 5.46229%
L Certificate T-Bill Based Rate of Return 5.71229%
M Certificate Rate of Return 0.014241589 (7/27/98-10/26/98) 5.71229%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VII. 1996-2 Inputs From Previous Quarterly Servicing Reports 6/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 1,067,352,680.28
ii Interest To Be Capitalized $ 11,450,427.01
==================
iii Total Student Loan Pool Outstanding $ 1,078,803,107.29
==================
B Total Note and Certificate Factor 0.71206715860
C Total Note and Certificate Balance $ 1,078,803,107.29
-------------------------------------------------------------------------------------------------------------------
D Note Balance 7/27/98 Class A-1 Class A-2 Certificates
-------------------------------------------------------------------------------------------------------------------
i Current Factor-7/27/98 0.5525878023 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 538,773,107.29 $ 487,000,000.00 $ 53,030,000.00
---------------- ---------------- ---------------
iv Note Balance $ 538,773,107.29 $ 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 $ 2,697,007.77
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>
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) $ 64,314,657.80 $ 64,314,657.80
B Primary Servicing Fees-Current Month $ 884,821.64 $ 63,429,836.16
C Administration Fee $ 20,000.00 $ 63,409,836.16
D Noteholder's Interest Distribution Amount
i Class A-1 $ 7,068,525.91 $ 56,341,310.25
ii Class A-2 $ 6,632,112.59 $ 49,709,197.66
---------------
iii Total Noteholder's Interest Distribution $ 13,700,638.50
E Certificateholder's Return Distribution Amount $ 755,231.46 $ 48,953,966.20
F Noteholder's Principal Distribution Amount
i Class A-1 $ 43,075,521.59 $ 5,878,444.61
ii Class A-2 $ 0.00 $ 5,878,444.61
---------------
iii Total Noteholder's Principal Distribution $ 43,075,521.59
G Certificateholder's Balance Distribution Amount $ 0.00 $ 5,878,444.61
H Increase to the Specified Reserve Account Balance $ 0.00 $ 5,878,444.61
I Carryover Servicing Fees $ 866,315.04 $ 5,012,129.57
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 5,012,129.57
i Class A-2 $ 0.00 $ 5,012,129.57
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 5,012,129.57
L Excess to Reserve Account $ 5,012,129.57 $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
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 $ 7,068,525.91 $6,632,112.59 $755,231.46
ii Quarterly Interest Paid $ 7,068,525.91 $6,632,112.59 $755,231.46
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 $ 43,075,521.59 $ 0.00 $ 0.00
viii Quarterly Principal Paid $ 43,075,521.59 $ 0.00 $ 0.00
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 50,144,047.50 $6,632,112.59 $755,231.46
---------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 9/30/98 $1,078,803,107.29
ii Pool Balance 9/30/98 $1,035,727,585.70
-----------------
iii Pool Exceeding Notes and Certificate Balance (i-ii) $ 43,075,521.59
-----------------
iv Principal Distribution Amount $ 43,075,521.59
=================
C Total Principal Distribution $ 43,075,521.59
D Total Interest Distribution $ 14,455,869.96
-----------------
E Total Cash Distributions-Note and Certificates $ 57,531,391.55
----------------------------------------------------------------------------
F Note & Certificate Balances 7/27/98 10/26/98
----------------------------------------------------------------------------
i A-1 Note Balance (78442GAA4) $ 538,773,107.29 $ 495,697,585.70
A-1 Note Pool Factor 0.5525878023 0.5084077802
ii A-2 Note Balance (78442GAB2) $ 487,000,000.00 $ 487,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAC0) $ 53,030,000.00 $ 53,030,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
----------------------------------------------------------------------------
G Reserve Account Reconciliation
i Beginning of Period Balance $2,697,007.77
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $5,012,129.57
-------------
iv Total Reserve Account Balance Available $7,709,137.34
v Required Reserve Account Balance $2,589,318.96
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp. $5,119,818.38
viii Ending Reserve Account Balance $2,589,318.96
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
X. 1996-2 Historical Pool Information
- ------------------------------------------------------------------------------------------------------------------------------------
7/1/98-9/30/98 4/1/98-6/30/98 1/1/98-3/31/98 10/1/97-12/31/97
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,067,352,680.28 $ 1,110,872,148.92 $ 1,157,119,554.57 $ 1,207,164,935.71
- ------------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 37,444,134.76 $ 38,001,678.96 $ 37,887,256.31 $ 38,924,495.06
ii Principal Collections from Guarantor 9,605,237.44 10,065,813.77 11,003,483.98 12,246,196.59
iii Principal Reimbursements 134,332.81 263,612.43 1,253,085.07 6,209,725.84
iv Other System Adjustments - - - -
----------------------------------------------------------------------------------
v Total Principal Collections $ 47,183,705.01 $ 48,331,105.16 $ 50,143,825.36 $ 57,380,417.49
Student Loan Non-Cash Principal Activity
i Other Adjustments 740,695.47 666,548.47 884,091.41 980,697.54
ii Capitalized Interest (4,422,409.75) (5,478,184.99) (4,780,511.12) (8,315,733.89)
----------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (3,681,714.28) $ (4,811,636.52) $ (3,896,419.71) $ (7,335,036.35)
----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 43,501,990.73 $ 43,519,468.64 $ 46,247,405.65 $ 50,045,381.14
-----------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 13,571,462.53 $ 13,731,419.05 $ 14,403,189.08 $ 14,129,984.08
ii Interest Claims Received from Guarantors 581,159.91 639,851.55 660,711.04 761,002.07
iii Late Fee Reimbursements 65,979.42 0.00 8.64 1.27
iv Interest Reimbursements 29,711.34 32,082.28 43,796.57 156,325.20
v Other System Adjustments - - - -
vi Special Allowance Payments 270,616.43 401,221.59 570,832.04 447,663.98
vii Subsidy Payments 3,745,474.78 3,959,220.67 4,677,736.68 5,110,300.53
----------------------------------------------------------------------------------
viii Total Interest Collections $ 18,264,404.41 $ 18,763,795.14 $ 20,356,274.05 $ 20,605,277.13
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (550,123.26) $ (507,075.32) $ (693,323.69) $ (773,454.47)
ii Capitalized Interest 4,422,409.75 5,478,184.99 4,780,511.12 8,315,733.89
----------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 3,872,286.49 $ 4,971,109.67 $ 4,087,187.43 $ 7,542,279.42
----------------------------------------------------------------------------------
Total Student Loan Interest Activity $ 22,136,690.90 $ 23,734,904.81 $ 24,443,461.48 $ 28,147,556.55
(=) Ending Student Loan Portfolio Balance $ 1,023,850,689.55 $ 1,067,352,680.28 $ 1,110,872,148.92 $ 1,157,119,554.57
----------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 11,876,896.15 $ 11,450,427.01 $ 12,137,145.07 $ 11,609,569.57
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,035,727,585.70 $ 1,078,803,107.29 $ 1,123,009,293.99 $ 1,168,729,124.14
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
7/1/97-9/30/97 4/1/97-6/30/97 1/1/97-3/31/97 10/1/96-12/31/96
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,256,198,718.19 $ 1,311,435,448.63 $ 1,368,940,609.46 $ 1,420,136,733.54
- -----------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 34,879,780.38 $ 36,262,930.45 $ 35,405,802.03 $ 35,315,114.14
ii Principal Collections from Guaranto 11,329,576.41 14,581,644.47 16,357,009.51 12,433,036.92
iii Principal Reimbursements 7,134,873.73 9,351,268.08 9,386,952.00 10,214,361.81
iv Other System Adjustments - (0.00) - (4,608.47)
----------------------------------------------------------------------------------
v Total Principal Collections $ 53,344,230.52 $ 60,195,843.00 $ 61,149,763.54 $ 57,957,904.40
Student Loan Non-Cash Principal Activity
i Other Adjustments 942,924.37 876,021.96 1,056,316.24 1,080,860.52
ii Capitalized Interest (5,253,372.41) (5,835,134.52) (4,700,918.95) (7,842,640.84)
----------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (4,310,448.04) $ (4,959,112.56) $ (3,644,602.71) $ (6,761,780.32)
- ------------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 49,033,782.48 $ 55,236,730.44 $ 57,505,160.83 $ 51,196,124.08
- ------------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 14,694,854.50 $ 14,705,223.01 $ 15,556,589.47 $ 14,810,858.15
ii Interest Claims Received from Guarantors 685,566.92 908,642.82 1,054,563.70 774,638.29
iii Late Fee Reimbursements - - - -
iv Interest Reimbursements 121,773.86 163,727.00 128,167.59 166,885.49
v Other System Adjustments - - - (2,349.39)
vi Special Allowance Payments 611,281.83 569,960.22 442,524.38 875,314.62
vii Subsidy Payments 5,801,151.40 6,074,126.25 7,322,845.39 7,898,909.32
----------------------------------------------------------------------------------
viii Total Interest Collections $ 21,914,628.51 $ 22,421,679.30 $ 24,504,690.53 $ 24,524,256.48
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (759,643.24) $ (634,501.44) $ (795,806.82) $ (912,392.77)
ii Capitalized Interest 5,253,372.41 5,835,134.52 4,700,918.95 7,842,640.84
----------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 4,493,729.17 $ 5,200,633.08 $ 3,905,112.13 $ 6,930,248.07
----------------------------------------------------------------------------------
Total Student Loan InteresT Activity $ 26,408,357.68 $ 27,622,312.38 $ 28,409,802.66 $ 31,454,504.55
(=) Ending Student Loan Portfolio Balance $ 1,207,164,935.71 $ 1,256,198,718.19 $ 1,311,435,448.63 $ 1,368,940,609.46
- ------------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 14,530,310.02 $ 14,239,953.83 $ 14,820,929.42 $ 13,686,568.72
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,221,695,245.73 $ 1,270,438,672.02 $ 1,326,256,378.05 $ 1,382,627,178.18
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------------------
7/1/96-9/30/96 4/8/96-6/30/96
- --------------------------------------------------------------------------------------------
<S> <C> <C>
- --------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,468,666,284.76 $ 1,499,948,797.64
- --------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 37,115,081.98 $ 32,387,112.35
ii Principal Collections from Guarantor 1,608,162.94 232,013.54
iii Principal Reimbursements 14,131,988.74 5,880,791.49
iv Other System Adjustments (1,484.32) (1,709.32)
------------------------------------------
v Total Principal Collections $ 52,853,749.34 $ 38,498,208.06
Student Loan Non-Cash Principal Activity
i Other Adjustments 1,010,052.49 700,262.22
ii Capitalized Interest (5,334,250.61) (7,915,957.40)
------------------------------------------
iii Total Non-Cash Principal Activity $ (4,324,198.12) $ (7,215,695.18)
- --------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 48,529,551.22 $ 31,282,512.88
- --------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 15,710,941.68 $ 13,326,889.75
ii Interest Claims Received from Guarantors 65,496.81 4,693.63
iii Late Fee Reimbursements - -
iv Interest Reimbursements 161,064.40 90,073.72
v Other System Adjustments (18.17) 309.87
vi Special Allowance Payments 481,518.57 -
vii Subsidy Payments 9,023,779.62 -
------------------------------------------
viii Total Interest Collections $ 25,442,782.91 $ 13,421,966.97
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (986,037.72) $ (689,754.99)
ii Capitalized Interest 5,334,250.61 7,915,957.40
------------------------------------------
iii Total Non-Cash Interest Adjustments $ 4,348,212.89 $ 7,226,202.41
------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 29,790,995.80 $ 20,648,169.38
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 1,420,136,733.54 $ 1,468,666,284.76
- --------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 15,672,244.73 $ 14,944,789.14
- --------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,435,808,978.27 $ 1,483,611,073.90
- --------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1996-2 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
Apr-96 $ 1,517,607,923 -
Jul-96 $ 1,483,611,074 4.11%
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%
Apr-98 $ 1,123,009,294 6.83%
Jul-98 $ 1,078,803,107 6.44%
Oct-98 $ 1,035,727,586 6.07%
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool data.
- --------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1996-3
Quarterly Servicing Report
Report Date: 9/30/98 Reporting Period: 7/1/98-9/30/98
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 6/30/98 Activity 9/30/98
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Portfolio Balance $ 1,152,596,910.96 $ (36,231,665.70) $ 1,116,365,245.26
ii Interest to be Capitalized 15,375,519.62 16,211,645.68
------------------ ------------------
iii Total Pool $ 1,167,972,430.58 $ 1,132,576,890.94
iv Specified Reserve Account Balance 3,014,322.45 2,831,442.23
------------------ -----------------
v Total Adjusted Pool $ 1,170,986,753.03 $ 1,135,408,333.17
================== ==================
B i Weighted Average Coupon (WAC) 8.2796% 8.2078%
ii Weighted Average Remaining Term 102.13 100.96
iii Number of Loans 427,657 416,896
iv Number of Borrowers 169,755 164,768
----------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 7/27/98 % of Pool Balance 10/26/98 % of Pool
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAD8 0.49% $ 565,236,753.03 48.270% $ 529,658,333.17 46.649%
ii A-2 Notes 78442GAE6 0.68% 553,000,000.00 47.225% 553,000,000.00 48.705%
iii Certificates 78442GAF3 0.95% 52,750,000.00 4.505% 52,750,000.00 4.646%
======================================================================================================================
iv Total Notes and Certificates $ 1,170,986,753.03 100.000% $ 1,136,408,333.17 100.000%
======================================================================================================================
<CAPTION>
------------------------------------------------------------------------------------------------------------------
D Reserve Account 7/27/98 10/26/98
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,919,931.08 $ 2,831,442.23
iv Reserve Account Floor Balance ($) $ 1,502,704.00 $ 1,502,704.00
v Current Reserve Acct Balance ($) $ 2,919,931.08 $ 2,831,442.23
------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
II. 1996-3 Transactions from: 7/1/98 through: 9/30/98
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 30,961,477.43
ii Principal Collections from Guarantor $ 9,249,791.42
iii Principal Reimbursements $ 53,622.15
iv Other System Adjustments $ 0.00
---------------
v Total Principal Collections $ 40,264,891.00
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 695,164.49
ii Capitalized Interest $ (4,728,389.79)
---------------
iii Total Non-Cash Principal Activity $ (4,033,225.30)
-----------------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 36,231,665.70
-----------------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 14,041,409.07
ii Interest Claims Received from Guarantors $ 578,867.20
iii Late Fee Reimbursements $ 56,259.92
iv Interest Reimbursements $ 16,099.41
v Other System Adjustments $ 0.00
vi Special Allowance Payments $ 227,118.75
vii Subsidy Payments $ 4,362,475.39
---------------
viii Total Interest Collections $ 19,282,229.74
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (542,779.84)
ii Capitalized Interest $ 4,728,389.79
---------------
iii Total Non-Cash Interest Adjustments $ 4,185,609.95
-----------------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 23,467,839.69
-----------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
III. 1996-3 Collection Account Activity 7/1/98 through 9/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $ 40,211,268.85
ii Cash Forwarded by Administrator on behalf of Seller $48,529.96
iii Cash Forwarded by Administrator on behalf of Servicer $4,558.50
iv Cash Forwarded by Administrator for Consolidation Activity $533.69
---------------
v Total Principal Collections $ 40,264,891.00
B Interest Collections
i Interest Payments Received-Cash $ 19,209,870.41
ii Cash Forwarded by Administrator on behalf of Seller $ ( 471.50)
iii Cash Forwarded by Administrator on behalf of Servicer $ 16,568.89
iv Cash Forwarded by Administrator for Consolidation Activity $ 2.02
v Cash Forwarded by Administrator for Late Fee Activity $ 56,259.92
---------------
vi Total Interest Collections $ 19,282,229.74
C Other Reimbursements $ 160,699.01
D Administrator Account Investment Income $ 447,813.42
E Funds borrowed from next Collection Period $ 0.00
F TOTAL FUNDS RECEIVED $ 60,155,633.17
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,591,574.94)
---------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 58,564,058.23
---------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 783,809.94
ii Percentage of Principal Calculation $ 1,100,365.89
iii Lesser of Unit or Principal Calculation $ 783,809.94
H Servicing Fees Due for Current Period $ 783,809.94
I Carryover Servicing Fees Due $ 940,449.54
JUL 1998 Servicing Carryover $ 324,235.93
AUG 1998 Servicing Carryover $ 320,785.05
SEP 1998 Servicing Carryover $ 316,555.95
-----------------
$ 961,576.93
Less: Servicing ADJ [A iii + B iii] $ ( 21,127.39)
=================
TOTAL: Carryover Servicing Fee Due $ 940,449.54
=================
J Administration Fees Due $ 20,000.00
---------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,744,259.48
---------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IV. 1996-3
- ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans % Principal Amount %
- ------------------------------------------------------------------------------------------------------------------------------------
STATUS 6/30/98 9/30/98 6/30/98 9/30/98 6/30/98 9/30/98 6/30/98 9/30/98 6/30/98 9/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.887% 7.882% 33,387 30,165 7.807% 7.236% $ 102,015,116.35 $ 90,266,473.31 8.851% 8.086%
Grace
Current 7.941% 7.933% 19,120 20,182 4.471% 4.841% $ 60,938,981.83 $ 66,617,358.19 5.287% 5.967%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.907% 7.904% 52,507 50,347 12.278% 12.077% $ 162,954,098.18 $ 156,883,831.50 14.138% 14.053%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.353% 8.270% 274,813 261,431 64.260% 62.709% $ 703,653,453.57 $ 658,278,696.55 61.049% 58.966%
31-60 Days Delinquent 8.377% 8.285% 19,423 18,903 4.542% 4.534% $ 50,216,360.28 $ 48,913,139.91 4.357% 4.381%
61-90 Days Delinquent 8.376% 8.283% 10,026 10,528 2.344% 2.525% $ 26,644,090.38 $ 29,865,045.37 2.312% 2.675%
91-120 Days Delinquent 8.350% 8.275% 4,964 5,573 1.161% 1.337% $ 13,024,386.95 $ 14,757,795.69 1.130% 1.322%
Greater than 120 Days
Delinquent 8.353% 8.277% 7,104 6,195 1.661% 1.486% $ 19,057,430.64 $ 16,355,611.79 1.653% 1.465%
Deferment
Current 8.249% 8.164% 36,588 36,933 8.556% 8.860% $ 108,121,435.42 $ 107,955,410.74 9.381% 9.670%
Forbearance
Current 8.362% 8.279% 19,673 24,488 4.600% 5.874% $ 63,063,508.58 $ 77,325,139.78 5.471% 6.927%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.344% 8.260% 372,591 364,051 87.124% 87.325% $ 983,780,665.82 $ 953,450,839.83 85.353% 85.407%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.371% 8.287% 2,502 2,452 0.585% 0.588% $ 5,752,337.69 $ 5,934,438.30 0.499% 0.531%
Aged Claims Rejected (2) 8.320% 8.242% 57 46 0.013% 0.011% $ 109,809.27 $ 96,135.63 0.010% 0.009%
- ------------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.280% 8.280% 427,657 416,896 100.00% 100.00% $1,152,596,910.96 $1,116,365,245.26 100.00% 100.00%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Greater than.
(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.
4
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
V. 1996-3 Portfolio Characteristics by School and Program 9/30/98
- ---------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS TECHNICAL SCHOOLS
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB 6 SL-UNSUB PLUS SLS GSL-SUB
----------------------------------------------------------------------------------
- ----------------------------------------------
STATUS
- ----------------------------------------------
INTERIM:
In School
Current 5.244% 1.913% 0.000% 0.000% 0.499% 0.180% 0.000% 0.000% 0.068%
Grace
Current 3.805% 1.435% 0.000% 0.000% 0.311% 0.107% 0.000% 0.000% 0.050%
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 9.049% 3.348% 0.000% 0.000% 0.810% 0.287% 0.000% 0.000% 0.118%
- ---------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 33.577% 6.480% 6.624% 2.738% 3.175% 0.670% 0.320% 0.372% 2.512%
31-60 Days Delinquent 2.197% 0.374% 0.404% 0.253% 0.399% 0.081% 0.014% 0.051% 0.338%
61-90 Days Delinquent 1.298% 0.287% 0.227% 0.148% 0.242% 0.050% 0.008% 0.029% 0.219%
91-120 Days Delinquent 0.618% 0.112% 0.066% 0.074% 0.155% 0.033% 0.003% 0.020% 0.142%
Greater than 120 Days Delinquent 0.633% 0.109% 0.074% 0.077% 0.212% 0.033% 0.001% 0.021% 0.176%
Deferment
Current 5.545% 1.333% 0.440% 0.722% 0.705% 0.168% 0.022% 0.075% 0.317%
Forbearance
Current 3.281% 0.871% 0.452% 0.523% 0.601% 0.118% 0.019% 0.083% 0.468%
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 47.149% 9.567% 8.288% 4.534% 5.488% 1.152% 0.387% 0.651% 4.173%
- ---------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.219% 0.042% 0.025% 0.031% 0.085% 0.017% 0.004% 0.008% 0.064%
Aged Claims Rejected (2) 0.003% 0.001% 0.000% 0.000% 0.002% 0.001% 0.000% 0.000% 0.002%
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 56.420% 12.957% 8.313% 4.566% 6.385% 1.457% 0.391% 0.659% 4.356%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.257% 8.892%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
- ----------------------------------------------
STATUS
- ----------------------------------------------
INTERIM:
In School
Current 0.047% 0.000% 0.000% 0.071% 0.063% 0.000% 0.000%
Grace
Current 0.032% 0.000% 0.000% 0.109% 0.119% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.078% 0.000% 0.000% 0.180% 0.182% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 0.806% 0.406% 0.757% 0.303% 0.111% 0.013% 0.104%
31-60 Days Delinquent 0.087% 0.038% 0.096% 0.030% 0.012% 0.001% 0.007%
61-90 Days Delinquent 0.059% 0.020% 0.067% 0.013% 0.004% 0.000% 0.005%
91-120 Days Delinquent 0.038% 0.009% 0.045% 0.005% 0.001% 0.000% 0.002%
* 120 Days Delinquent 0.059% 0.009% 0.048% 0.008% 0.001% 0.000% 0.003%
Deferment
Current 0.098% 0.019% 0.105% 0.060% 0.038% 0.002% 0.020%
Forbearance
Current 0.162% 0.037% 0.153% 0.079% 0.050% 0.001% 0.029%
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 1.308% 0.538% 1.270% 0.497% 0.218% 0.018% 0.171%
- ---------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.016% 0.005% 0.015% 0.000% 0.000% 0.000% 0.000%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 1.402% 0.542% 1.285% 0.678% 0.400% 0.018% 0.171%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 7.585% 1.266%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Greater than.
(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> <C>
INTERIM:
In School
Current 7.157% 0.679% 0.115% 0.134% 8.086%
Grace
Current 5.240% 0.418% 0.082% 0.228% 5.967%
------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 12.397% 1.097% 0.196% 0.362% 14.053%
------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 49.418% 4.536% 4.481% 0.531% 58.966%
31-60 Days Delinquent 3.227% 0.544% 0.559% 0.051% 4.381%
61-90 Days Delinquent 1.961% 0.328% 0.365% 0.022% 2.675%
91-120 Days Delinquent 0.870% 0.211% 0.233% 0.007% 1.322%
* 120 Days Delinquent 0.894% 0.267% 0.291% 0.012% 1.465%
Deferment
Current 8.040% 0.970% 0.539% 0.121% 9.670%
Forbearance
Current 5.126% 0.822% 0.820% 0.159% 6.927%
------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 69.538% 7.678% 7.288% 0.903% 85.407%
------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.318% 0.114% 0.099% 0.000% 0.531%
Aged Claims Rejected (2) 0.004% 0.003% 0.002% 0.000% 0.009%
------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.257% 8.892% 7.585% 1.266% 100.000%
------------------------------------------------------------------------------------------------------------
</TABLE>
* Greater than.
5
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
VI. 1996-3 Interest Calculation
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 19,429,612.77
B Interest Subsidy Payments Accrued During Collection Period $ 3,853,054.29
C SAP Payments Accrued During Collection Period $ 114,754.86
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 68,354.39
E Investment Earnings (ADMINISTRATOR ACT) $ 447,813.42
-----------------
F Net Expected Interest Collections $ 23,913,589.73
G Student Loan Rate
i Days in Collection Period (7/1/98-9/30/98) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 23,913,589.73
iv Primary Servicing Fee $ 2,375,384.88
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $1,167,972,430.58
vii Student Loan Rate 7.30935%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.24229%
I Class A-1 Interest Rate 0.013069808 (7/27/98-10/26/98) 5.24229%
J Class A-2 T-Bill Based Interest Rate 5.43229%
K Class A-2 Interest Rate 0.013543607 (7/27/98-10/26/98) 5.43229%
L Certificate T-Bill Based Rate of Return 5.70229%
M Certificate Rate of Return 0.014216658 (7/27/98-10/26/98) 5.70229%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
VII. 1996-3 Inputs From Previous Quarterly Servicing Reports 6/30/98
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,152,596,910.96
ii Interest To Be Capitalized 15,375,519.62
-----------------
iii Total Pool $ 1,167,972,430.58
iv Specified Reserve Account Balance 3,014,322.45
-----------------
v Total Adjusted Pool Balance $ 1,170,986,753.03
=================
B Total Note and Certificate Factor 0.77716061260
C Total Note and Certificate Balance $ 1,170,986,753.03
<CAPTION>
----------------------------------------------------------------------------------------------------------------
D Note Balance 7/27/98 Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor-7/27/98 0.6273437880 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 565,236,753.03 $ 553,000,000.00 $ 52,750,000.00
---------------- --------------- --------------
iv Note Balance $ 565,236,753.03 $ 553,000,000.00 $ 52,750,000.00
E Interest Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest Carryover $ 0.00 $ 0.00 $ 0.00
----------------------------------------------------------------------------------------------------------------
G Reserve Account Balance $ 2,919,931.08
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
K Interest Due on Unpaid Carryover Servicing Fees $ 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
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) $ 58,632,412.62 $ 58,632,412.62
B Primary Servicing Fees-Current Month $ 783,809.94 $ 57,848,602.68
C Administration Fee $ 20,000.00 $ 57,828,602.68
D Noteholder's Interest Distribution Amount
i Class A-1 $ 7,387,535.84 $ 50,441,066.84
ii Class A-2 $ 7,489,559.37 $ 42,951,507.47
---------------
iii Total Noteholder's Interest Distribution $ 14,877,095.21
E Certificateholder's Return Distribution Amount $ 749,928.71 $ 42,201,578.76
F Noteholder's Principal Distribution Amount
i Class A-1 $ 35,578,419.86 $ 6,623,158.90
ii Class A-2 $ 0.00 $ 6,623,158.90
---------------
iii Total Noteholder's Principal Distribution $ 35,578,419.86
G Certificateholder's Balance Distribution Amount $ 0.00 $ 6,623,158.90
H Increase to the Specified Reserve Account Balance $ 0.00 $ 6,623,158.90
I Carryover Servicing Fees $ 940,449.54 $ 5,682,709.36
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 5,682,709.36
ii Class A-2 $ 0.00 $ 5,682,709.36
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ $ 0.00 $ 5,682,709.36
L Excess to Reserve Account $ 5,682,709.36 $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
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 $ 7,387,535.84 $ 7,489,559.37 $ 749,928.71
ii Quarterly Interest Paid 7,387,535.84 7,489,559.37 749,928.71
----------------- -------------- ------------
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 $ 35,578,419.86 $ 0.00 $ 0.00
viii Quarterly Principal Paid 35,578,419.86 0.00 0.00
------------- ---- ----
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 42,965,955.70 $ 7,489,559.37 $ 749,928.71
---------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 9/30/98 $1,170,986,753.03
ii Adjusted Pool Balance 9/30/98 1,135,408,333.17
----------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 35,578,419.86
=================
iv Adjusted Pool Balance 6/30/98 $1,170,986,753.03
v Adjusted Pool Balance 9/30/98 1,135,408,333.17
----------------
vi Current Principal Due (iv-v) $ 35,578,419.86
vii Principal Shortfall from Previous Collection Period -
-----------------
viii Total Principal Due (vi + vii) $ 35,578,419.86
=================
ix Principal Distribution Amount $ 35,578,419.86
x Total Principal Shortfall (viii - ix) $ -
C Total Principal Distribution $ 35,578,419.86
D Total Interest Distribution 15,627,023.92
-------------
E Total Cash Distributions-Note and Certificates $ 51,205,443.78
<CAPTION>
--------------------------------------------------------------------------------------------
F Note & Certificate Balances 7/27/98 10/26/98
--------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i A-1 Note Balance (78442GAD8) $ 565,236,753.03 $ 529,658,333.17
A-1 Note Pool Factor 0.6273437880 0.5878560856
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 $ 2,919,931.08
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 5,682,709.36
-----------------
iv Total Reserve Account Balance Available $ 8,602,640.44
v Required Reserve Account Balance $ 2,831,442.23
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp $ 5,771,198.21
viii Ending Reserve Account Balance $ 2,831,442.23
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
X. 1996-3 Historical Pool Information
- -----------------------------------------------------------------------------------------------------------------------------------
7/1/98-9/30/98 4/1/98-6/30/98 1/1/98-3/31/98 10/1/97-12/31/97
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $1,152,596,910.96 $1,189,789,829.06 $1,228,714,371.63 $1,270,536,352.09
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 30,961,477.43 $ 30,981,475.50 $ 29,404,048.03 $ 29,118,217.97
ii Principal Collections from Guarantor 9,249,791.42 11,373,278.66 11,559,362.06 12,533,050.94
iii Principal reimbursements 53,622.15 163,811.00 2,130,628.53 9,081,106.61
iv Other System Adjustments - - - -
-----------------------------------------------------------------------------
v Total Principal Collections $ 40,264,891.00 $ 42,518,565.16 $ 43,094,038.62 $ 50,732,375.52
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 695,164.49 $ 633,223.47 $ 767,213.12 $ 993,670.46
ii Capitalized Interest (4,728,389.79) (5,958,870.53) (4,936,709.17) (9,904,065.52)
-----------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (4,033,225.30) $ (5,325,647.06) $ (4,169,496.05) $ (8,910,395.06)
- ------------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 36,231,665.70 $ 37,192,918.10 $ 38,924,542.57 $ 41,821,980.46
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 14,041,409.07 $ 14,085,313.12 $ 14,499,229.27 $ 13,912,469.88
ii Interest Claims Received from Guarantors 578,867.20 718,304.83 708,781.58 782,995.06
iii Late Fee Reimbursements 56,259.92 2.70 0.54 -
iv Interest Reimbursements 16,099.41 20,990.65 66,965.58 181,295.05
v Other System Adjustments - - - -
vi Special Allowance Payments 227,118.75 349,008.44 525,353.53 411,017.50
vii Subsidy Payments 4,362,475.39 4,568,906.58 5,372,338.40 5,904,071.73
-----------------------------------------------------------------------------
viii Total Interest Collections $ 19,282,229.74 $ 19,742,526.32 $ 21,172,668.90 $ 21,191,849.22
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (542,779.84) $ (467,603.79) $ (595,874.69) $ (829,125.40)
ii Capitalized Interest 4,728,389.79 5,958,870.53 4,936,709.17 9,904,065.52
-----------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 4,185,609.95 $ 5,491,266.74 $ 4,340,834.48 $ 9,074,940.12
-----------------------------------------------------------------------------
Total Student Loan Interest Activity $ 23,467,839.69 $ 25,233,793.06 $ 25,513,503.38 $ 30,266,789.34
(=) Ending Student Loan Portfolio Balance $1,116,365,245.26 $1,152,596,910.96 $1,189,789,829.06 $1,228,714,371.63
- ------------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 16,211,645.68 $ 15,375,519.62 $ 15,939,150.71 $ 14,946,382.97
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $1,132,576,890.94 $1,167,972,430.58 $1,205,728,979.77 $1,243,660,754.60
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 2,831,442.23 $ 3,014,322.45 $ 3,109,151.89 $ 3,222,987.71
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $1,135,408,333.17 $1,170,986,753.03 $1,208,838,131.66 $1,246,883,742.31
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
7/1/97-9/30/97 4/1/97-6/30/97 1/1/97-3/31/97 10/1/96-12/31/96
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Beginning Student Loan Portfolio Balance $ 1,314,028,719.03 $ 1,361,841,394.25 $ 1,413,647,896.61 $ 1,447,395,386.24
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 26,848,008.48 $ 26,728,337.85 $ 26,325,976.31 $ 25,708,925.38
ii Principal Collections from Guarantor 12,289,160.77 15,355,163.67 16,603,607.75 3,613,377.63
iii Principal reimbursements 8,698,514.06 11,140,308.50 12,784,224.04 13,087,681.14
iv Other System Adjustments - - - (7,207.52)
-----------------------------------------------------------------------------
v Total Principal Collections $ 47,835,683.31 $ 53,223,810.02 $ 55,713,808.10 $ 42,402,776.63
Student Loan Non-Cash Principal Activity
i Other Adjustments $871,626.88 $889,778.05 $920,763.16 $936,515.02
ii Capitalized Interest (5,214,943.25) (6,300,912.85) (4,828,068.90) (9,591,802.02)
-----------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (4,343,316.37) $ (5,411,134.80) $ (3,907,305.74) $ (8,655,287.00)
- ------------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 43,492,366.94 $ 47,812,675.22 $ 51,806,502.36 $ 33,747,480.63
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 14,241,939.43 $ 14,019,958.84 $ 14,742,626.48 $ 13,497,348.26
ii Interest Claims Received from Guarantors 750,914.57 954,808.65 1,067,757.11 184,632.17
iii Late Fee Reimbursements - - - -
iv Interest Reimbursements 145,750.68 158,324.82 154,787.09 225,135.74
v Other System Adjustments - - - (822.59)
vi Special Allowance Payments 566,331.54 519,490.88 389,797.21 799,805.67
vii Subsidy Payments 6,554,583.06 6,823,320.39 8,217,893.54 9,124,830.54
-----------------------------------------------------------------------------
viii Total Interest Collections $ 22,259,519.28 $ 22,475,903.58 $ 24,572,861.43 $ 23,830,929.79
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (708,003.70) $ (676,498.05) $ (772,295.49) $ (906,394.19)
ii Capitalized Interest 5,214,943.25 6,300,912.85 4,828,068.90 9,591,802.02
-----------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 4,506,939.55 $ 5,624,414.80 $ 4,055,773.41 $ 8,685,407.83
-----------------------------------------------------------------------------
Total Student Loan Interest Activity $ 26,766,458.83 $ 28,100,318.38 $ 28,628,634.84 $ 32,516,337.62
(=) Ending Student Loan Portfolio Balance $ 1,270,536,352.09 $ 1,314,028,719.03 $ 1,361,841,394.25 $1,413,647,896.61
- ------------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 18,658,731.97 $ 17,589,800.26 $ 17,813,283.35 $ 15,933,644.48
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,289,195,084.06 $ 1,331,618,519.29 $ 1,379,654,677.60 $1,429,581,541.09
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 3,329,046.30 $ 3,449,136.69 $ 3,573,953.85 $ 3,674,921.48
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 1,292,524,130.36 $ 1,335,067,655.98 $ 1,383,228,631.45 $1,433,256,462.57
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
6/17/96 - 9/30/96
- ------------------------------------------------------------------------------
<S> <C>
Beginning Student Loan Portfolio Balance $ 1,485,028,174.57
- ------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 30,349,661.79
ii Principal Collections from Guarantor 489,106.64
iii Principal reimbursements 12,465,491.73
iv Other System Adjustments 5,047.44
-----------------------
v Total Principal Collections $ 43,330,307.80
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,290,030.17
ii Capitalized Interest (6,987,549.64)
-----------------------
iii Total Non-Cash Principal Activity (5,697,519.47)
- ------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 37,632,788.33
- ------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 15,754,166.36
ii Interest Claims Received from Guarantors 11.357.11
iii Late Fee Reimbursements -
iv Interest Reimbursements 178,669.39
v Other System Adjustments 437.04
vi Special Allowance Payments 496,885.43
vii Subsidy Payments 10,221,660.77
-----------------------
viii Total Interest Collections $ 26,663,176.10
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,268,293.82)
ii Capitalized Interest 6,987,549.64
-----------------------
iii Total Non-Cash Interest Adjustments $ 5,719,255.82
-----------------------
Total Student Loan Interest Activity $ 32,382,431.92
(=) Ending Student Loan Portfolio Balance $ 1,447,395,386.24
- ------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 18,816,445.60
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,466,211,831.84
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
(+) Reserve Account Balance $ 3,756,760.00
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 1,469,968,591.84
- ------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -------------------------------------------------------------------------------
XI. 1996-3 Payment History and CPRs
- -------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
Jun-96 $ 1,502,704,078 -
Oct-96 $ 1,466,211,474 6.31%
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%
Apr-98 $ 1,205,728,980 6.14%
Jul-98 $ 1,167,972,431 5.82%
Oct-98 $ 1,132,576,891 5.50%
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool data.
- ------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1996-4
Quarterly Servicing Report
Report Date: 9/30/98 Reporting Period: 7/1/98-9/30/98
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 6/30/98 Activity 9/30/98
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Portfolio Balance $ 1,115,793,566.82 $ (42,247,243.57) $ 1,073,546,313.25
ii Interest to be Capitalized 14,822,891.28 15,086,617.42
-------------------- ---------------------
iii Total Pool $ 1,130,616,448.10 $ 1,088,632,930.67
iv Specified Reserve Account Balance 2,940,041.24 2,721,582.33
-------------------- ---------------------
v Total Adjusted Pool $ 1,133,556,489.34 $1,091,354,513.00
==================== =====================
B i Weighted Average Coupon (WAC) 8.2518% 8.1995%
ii Weighted Average Remaining Term 99.46 98.91
iii Number of Loans 489,082 471,613
iv Number of Borrowers 185,908 178,602
-----------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 7/27/98 % of Pool Balance 10/26/98 % of Pool
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAG1 0.48% $ 585,856,489.34 51.683% $ 543,654,513.00 49.815%
ii A-2 Notes 78442GAH9 0.64% 495,000,000.00 43.688% 495,000,000.00 45.356%
iii Certificates 78442GAJ5 0.93% 52,700,000.00 4.649% 52,700,000.00 4.829%
======================================================================================================================
iv Total Notes and Certificates $ 1,133,556,489.34 100.000% $1,091,354,513.00 100.000%
======================================================================================================================
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
D Reserve Account 7/27/98 10/26/98
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,826,541.12 $ 2,721,582.33
iv Reserve Account Floor Balance ($) $ 1,501,183.00 $ 1,501,183.00
v Current Reserve Acct Balance ($) $ 2,826,541.12 $ 2,721,582.33
----------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
II. 1996-4 Transactions from: 7/1/98 through: 9/30/98
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 37,118,318.50
ii Principal Collections from Guarantor $ 9,693,434.07
iii Principal Reimbursements $ 75,065.59
iv Other System Adjustments $ 0.00
-----------------
v Total Principal Collections $ 46,886,818.16
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 792,250.51
ii Capitalized Interest ($ 5,431,825.10)
-----------------
iii Total Non-Cash Principal Activity $ (4,639,574.59)
---------------------------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 42,247,243.57
---------------------------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 13,281,192.50
ii Interest Claims Received from Guarantors $ 582,124.60
iii Late Fee Reimbursements $ 62,073.81
iv Interest Reimbursements $ 20,559.59
v Other System Adjustments $ 0.00
vi Special Allowance Payments $ 248,744.18
vii Subsidy Payments $ 4,221,281.01
-----------------
viii Total Interest Collections $ 18,415,975.69
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($ 638,085.12)
ii Capitalized Interest $ 5,431,825.10
-----------------
iii Total Non-Cash Interest Adjustments $ 4,793,739.98
---------------------------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 23,209,715.67
---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
III. 1996-4 Collection Account Activity 7/1/98 through 9/30/98
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $46,811,752.57
ii Cash Forwarded by Administrator on behalf of Seller $71,173.12
iii Cash Forwarded by Administrator on behalf of Servicer $3,892.47
iv Cash Forwarded by Administrator for Consolidation Activity $0.00
-----------------
v Total Principal Collections $ 46,886,818.16
B Interest Collections
i Interest Payments Received-Cash $18,333,342.29
ii Cash Forwarded by Administrator on behalf of Seller $7,803.03
iii Cash Forwarded by Administrator on behalf of Servicer $12,756.56
iv Cash Forwarded by Administrator for Consolidation Activity $0.00
v Cash Forwarded by Administrator for Late Fee Activity $62,073.81
-----------------
vi Total Interest Collections $18,415,975.69
C Other Reimbursements $98,288.98
D Administrator Account Investment Income $502,332.52
E Return funds borrowed for previous distribution $0.00
F TOTAL FUNDS RECEIVED $ 65,903,415.35
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,743,723.76)
--------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 64,159,691.59
--------------------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $853,734.72
ii Percentage of Principal Calculation $1,141,439.67
iii Lesser of Unit or Principal Calculation $853,734.72
H Servicing Fees Due for Current Period $ 853,734.72
I Carryover Servicing Fees Due $ 856,163.30
JUL 1998 Servicing Carryover $294,097.47
AUG 1998 Servicing Carryover $291,009.91
SEP 1998 Servicing Carryover $287,704.95
------------------
$ 872,812.33
Less: Servicing ADJ [A iii + B iii] ($16,649.03)
==================
TOTAL: Carryover Servicing Fee Due $ 856,163.30
==================
J Administration Fees Due $ 20,000.00
--------------------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,729,898.02
--------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
IV. 1996-4
- -----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- -----------------------------------------------------------------------------------------------------------------
STATUS 6/30/98 9/30/98 6/30/98 9/30/98 6/30/98 9/30/98
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.950% 7.950% 32,178 29,147 6.579% 6.180%
Grace
Current 7.970% 7.965% 17,160 17,632 3.509% 3.739%
- -----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.957% 7.956% 49,338 46,779 10.088% 9.919%
- -----------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 7.950% 8.248% 331,192 312,074 67.717% 66.172%
31-60 Days Delinquent 8.340% 8.269% 21,683 20,998 4.433% 4.452%
61-90 Days Delinquent 8.334% 8.267% 10,647 11,889 2.177% 2.521%
91-120 Days Delinquent 8.327% 8.255% 4,933 5,851 1.009% 1.241%
More than 120 Days Delinquent 8.318% 8.268% 8,059 6,260 1.648% 1.327%
Deferment
Current 8.219% 8.137% 38,338 38,079 7.839% 8.074%
Forbearance
Current 8.326% 8.256% 22,211 26,900 4.541% 5.704%
- -----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.053% 8.238% 437,063 422,051 89.364% 89.491%
- -----------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.301% 8.274% 2,624 2,722 0.537% 0.577%
Aged Claims Rejected (2) 8.296% 8.231% 57 61 0.012% 0.013%
- -----------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.252% 8.252% 489,082 471,613 100.00% 100.00%
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------------------------------
IV. 1996-4
- --------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------
Principal Amount %
- --------------------------------------------------------------------------------------------------------
STATUS 6/30/98 9/30/98 6/30/98 9/30/98
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 93,172,437.66 $ 83,240,765.39 8.350% 7.754%
Grace
Current $ 52,153,892.76 $ 55,199,733.28 4.674% 5.142%
- --------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 145,326,330.42 $ 138,440,498.67 13.024% 12.896%
- --------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 671,500,257.69 $ 625,991,608.27 60.181% 58.310%
31-60 Days Delinquent $ 49,556,943.77 $ 47,016,990.90 4.441% 4.380%
61-90 Days Delinquent $ 25,682,863.37 $ 31,535,177.06 2.302% 2.937%
91-120 Days Delinquent $ 12,340,301.57 $ 14,770,778.12 1.106% 1.376%
More than 120 Days Delinquent $ 20,766,947.24 $ 15,658,125.75 1.861% 1.459%
Deferment
Current $ 115,155,503.83 $ 111,175,541.60 10.321% 10.356%
Forbearance
Current $ 69,624,626.38 $ 82,667,801.39 6.240% 7.700%
- --------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 964,627,443.85 $ 928,816,023.09 86.452% 86.518%
- --------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 5,718,087.02 $ 6,164,607.30 0.513% 0.574%
Aged Claims Rejected (2) $ 121,695.53 $ 125,184.19 0.011% 0.012%
- --------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 1,115,793,556.82 $1,073,546,313.25 100.00% 100.00%
- --------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
V. 1996-4 Portfolio Characteristics by School and Program 9/30/98
-----------------------------------------------------------------------------------
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 4.781% 1.673% 0.000% 0.000% 0.693% 0.259% 0.000% 0.000%
Grace
Current 3.175% 1.212% 0.000% 0.000% 0.378% 0.138% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.956% 2.885% 0.000% 0.000% 1.071% 0.397% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 35.001% 7.176% 3.370% 2.468% 3.335% 1.023% 0.185% 0.249%
31-60 Days Delinquent 2.191% 0.424% 0.239% 0.204% 0.426% 0.099% 0.021% 0.028%
61-90 Days Delinquent 1.447% 0.330% 0.124% 0.201% 0.265% 0.071% 0.007% 0.026%
91-120 Days Delinquent 0.649% 0.135% 0.041% 0.071% 0.161% 0.036% 0.002% 0.010%
> 120 Days Delinquent 0.595% 0.143% 0.031% 0.065% 0.200% 0.047% 0.003% 0.011%
Deferment
Current 5.900% 1.406% 0.296% 0.772% 0.801% 0.223% 0.011% 0.068%
Forbearance
Current 3.772% 0.979% 0.272% 0.637% 0.616% 0.164% 0.016% 0.058%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 49.554% 10.593% 4.372% 4.419% 5.804% 1.664% 0.245% 0.451%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.241% 0.053% 0.016% 0.025% 0.089% 0.028% 0.003% 0.008%
Aged Claims Rejected (2) 0.006% 0.000% 0.000% 0.001% 0.003% 0.001% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 57.757% 13.530% 4.389% 4.446% 6.967% 2.090% 0.247% 0.459%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.122% 9.764%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB L-UNSUB PLUS SLS
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------
STATUS
- ------------------------------
INTERIM:
In School
Current 0.145% 0.111% 0.000% 0.000% 0.050% 0.041% 0.000% 0.000%
Grace
Current 0.104% 0.062% 0.000% 0.000% 0.037% 0.035% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.250% 0.174% 0.000% 0.000% 0.087% 0.076% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 2.911% 1.135% 0.472% 0.663% 0.196% 0.070% 0.005% 0.052%
31-60 Days Delinquent 0.404% 0.149% 0.047% 0.102% 0.021% 0.015% 0.001% 0.008%
61-90 Days Delinquent 0.254% 0.090% 0.023% 0.061% 0.021% 0.008% 0.000% 0.009%
91-120 Days Delinquent 0.159% 0.061% 0.009% 0.035% 0.003% 0.001% 0.000% 0.003%
> 120 Days Delinquent 0.212% 0.096% 0.008% 0.040% 0.004% 0.001% 0.000% 0.003%
Deferment
Current 0.384% 0.170% 0.014% 0.110% 0.099% 0.057% 0.002% 0.042%
Forbearance
Current 0.594% 0.265% 0.042% 0.141% 0.072% 0.031% 0.000% 0.040%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 4.917% 1.966% 0.615% 1.152% 0.417% 0.183% 0.008% 0.157%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.063% 0.030% 0.005% 0.012% 0.000% 0.000% 0.000% 0.001%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 5.230% 2.170% 0.620% 1.164% 0.504% 0.259% 0.008% 0.158%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 9.184% 0.930%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</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> <C>
INTERIM:
In School
Current 6.454% 0.952% 0.256% 0.091% 7.754%
Grace
Current 4.387% 0.516% 0.167% 0.072% 5.142%
------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 10.841% 1.469% 0.423% 0.163% 12.896%
------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 48.014% 4.793% 5.180% 0.323% 58.310%
31-60 Days Delinquent 3.058% 0.574% 0.701% 0.046% 4.380%
61-90 Days Delinquent 2.102% 0.369% 0.429% 0.038% 2.937%
91-120 Days Delinquent 0.896% 0.209% 0.264% 0.007% 1.376%
> 120 Days Delinquent 0.834% 0.261% 0.355% 0.009% 1.459%
Deferment
Current 8.374% 1.104% 0.678% 0.200% 10.356%
Forbearance
Current 5.660% 0.854% 1.043% 0.144% 7.700%
------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 68.939% 8.164% 8.650% 0.765% 86.518%
------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.335% 0.127% 0.111% 0.002% 0.574%
Aged Claims Rejected (2) 0.008% 0.004% 0.000% 0.000% 0.012%
------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.122% 9.764% 9.184% 0.930% 100.000%
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VI. 1996-4 Interest Calculation
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Borrower Interest Accrued During Collection Period $ 18,801,605.61
B Interest Subsidy Payments Accrued During Collection Period $ 3,694,728.84
C SAP Payments Accrued During Collection Period $ 136,816.76
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 70,268.28
E Investment Earnings (ADMINISTRATOR ACT) $ 502,332.52
----------
F Net Expected Interest Collections $ 23,205,752.01
G Student Loan Rate
i Days in Collection Period (7/1/98-9/30/98) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 23,205,752.01
iv Primary Servicing Fee $ 2,597,458.48
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,130,616,448.10
vii Student Loan Rate 7.22454%
Accrued
Int Factor Accrual Period
---------- --------------
H Class A-1 T-Bill Based Interest Rate 5.23229%
I Class A-1 Interest Rate 0.013044877 (7/27/98-10/26/98) 5.23229%
J Class A-2 T-Bill Based Interest Rate 5.39229%
K Class A-2 Interest Rate 0.013443781 (7/27/98-10/26/98) 5.39229%
L Certificate T-Bill Based Rate of Return 5.68229%
M Certificate Rate of Return 0.014166795 (7/27/98-10/26/98) 5.68229%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
VII. 1996-4 Inputs From Previous Quarterly Servicing Reports 6/30/98
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,115,793,556.82
ii Interest To Be Capitalized $ 14,822,891.28
------------------
iii Total Pool $ 1,130,616,448.10
iv Specified Reserve Account Balance 2,940,041.24
------------------
v Total Adjusted Pool $ 1,133,556,489.34
==================
B Total Note and Certificate Factor 0.75319368062
C Total Note and Certificate Balance $ 1,133,556,489.34
------------------------------------------------------------------------------------------------------------------
D Note Balance 7/27/98 Class A-1 Class A-2 Certificates
------------------------------------------------------------------------------------------------------------------
i Current Factor-7/27/98 0.6119883938 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 585,856,489.34 $ 495,000,000.00 $ 52,700,000.00
---------------- ---------------- ---------------
iv Note Balance $ 585,856,489.34 $ 495,000,000.00 $ 52,700,000.00
E Interest Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest Carryover $ 0.00 $ 0.00 $ 0.00
------------------------------------------------------------------------------------------------------------------
G Reserve Account Balance $ 2,826,541.12
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>
7
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
VIII. 1996-4 Waterfall for Distributions
- ----------------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<S> <C> <C> <C>
A Total Available Funds ( Sections III -F + VI-D) $ 64,229,959.87 $ 64,229,959.87
B Primary Servicing Fees-Current Month $ 853,734.72 $ 63,376,225.15
C Administration Fee $ 20,000.00 $ 63,356,225.15
D Noteholder's Interest Distribution Amount
i Class A-1 $ 7,642,425.84 $ 55,713,799.31
ii Class A-2 $ 6,654,671.60 $ 49,059,127.71
------------------
iii Total Noteholder's Interest Distribution $ 14,297,097.44
E Certificateholder's Return Distribution Amount $ 746,590.10 $ 48,312,537.61
F Noteholder's Principal Distribution Amount
i Class A-1 $ 42,201,976.34 $ 6,110,561.27
ii Class A-2 $ 0.00 $ 6,110,561.27
------------------
iii Total Noteholder's Principal Distribution $ 42,201,976.34
G Certificateholder's Balance Distribution Amount $ 0.00 $ 6,110,561.27
H Increase to the Specified Reserve Account Balance $ 0.00 $ 6,110,561.27
I Carryover Servicing Fees $ 856,163.30 $ 5,254,397.97
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 5,254,397.97
i Class A-2 $ 0.00 $ 5,254,397.97
------------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 5,254,397.97
L Excess to Reserve Account $ 5,254,397.97 $ 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
IX. 1996-4 Distributions
- -------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 7,642,425.84
ii Quarterly Interest Paid 7,642,425.84
------------
iii Interest Shortfall $ 0.00
iv Interest Carryover Due $ 0.00
v Interest Carryover Paid 0.00
----
vi Interest Carryover $ 0.00
vii Quarterly Principal Due $ 42,201,976.34
viii Quarterly Principal Paid 42,201,976.34
-------------
ix Quarterly Principal Shortfall $ 0.00
--------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 49,844,402.18
--------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 9/30/98 $ 1,133,556,489.34
ii Adjusted Pool Balance 9/30/98 1,091,354,513.00
----------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 42,201,976.34
==================
iv Adjusted Pool Balance 6/30/98 $ 1,133,556,489.34
v Adjusted Pool Balance 9/30/98 $ 1,091,354,513.00
------------------
vi Current Principal Due (iv-v) $ 42,201,976.34
vii Principal Shortfall from Previous Collection Period $ -
------------------
viii Total Principal Due (vi + vii) $ 42,201,976.34
==================
ix Principal Distribution Amount $ 42,201,976.34
x Total Principal Shortfall (viii - ix) $ -
C Total Principal Distribution $ 42,201,976.34
D Total Interest Distribution 15,043,687.54
-------------
E Total Cash Distributions-Note and Certificates $ 67,246,663.88
------------------------------------------------------------------------------------------------------
F Note & Certificate Balances 7/27/98 10/26/98
------------------------------------------------------------------------------------------------------
i A-1 Note Balance (78442GAG1) $ 585,856,489.34 $ 543,654,613.00
A-1 Note Pool Factor 0.6119883938 0.5679040144
ii A-2 Note Balance (78442GAH9) $ 495,000,000.00 $ 495,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAJ5) $ 52,700,000.00 $ 52,700,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
------------------------------------------------------------------------------------------------------
G Reserve Account Reconciliation
i Beginning of Period Balance $ 2,826,541.12
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 5,254,397.97
------------------
iv Total Reserve Account Balance Available $ 8,080,939.09
v Required Reserve Account Balance $ 2,721,582.33
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp. $ 5,359,366.76
viii Ending Reserve Account Balance $ 2,721,582.33
<CAPTION>
-----------------------------------------------------------------------------------
A Distribution Amounts Class A-2 Certificates
-----------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 6,654,671.60 $ 746,590.10
ii Quarterly Interest Paid 6,654,671.60 746,590.10
------------ ----------
iii Interest Shortfall $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00
---- ----
vi Interest Carryover $ 0.00 $ 0.00
vii Quarterly Principal Due $ 0.00 $ 0.00
viii Quarterly Principal Paid 0.00 0.00
---- ----
ix Quarterly Principal Shortfall $ 0.00 $ 0.00
-----------------------------------------------------------------------------------
x Total Distribution Amount $ 6,654,671.60 $ 746,590.10
-----------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
1996-4 Historical Pool Information
- -----------------------------------------------------------------------------------------------------------------------------------
7/1/98-9/30/98 4/1/98-6/30/98 1/1/98-3/31/98 10/1/97-12/31/97
------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,115,793,556.82 $ 1,160,610,578.74 $ 1,207,834,554.65 $ 1,261,465,786.12
- -----------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 37,118,318.50 $ 37,665,974.05 $ 38,013,136.47 $ 39,375,286.39
ii Principal Collections from Guarantor 9,693,434.07 12,444,802.42 11,740,057.29 14,389,131.27
iii Principal Reimbursements 75,065.59 157,322.49 1,850,965.07 8,024,089.15
iv Other System Adjustments - - - -
--------------------------------------------------------------------------------
v Total Principal Collections $ 46,886,818.16 $ 50,268,098.96 $ 51,604,158.83 $ 61,788,506.81
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 792,250.51 $ 758,834.03 $ 873,682.07 $ 1,077,874.69
ii Capitalized Interest (5,431,825.10) (6,209,911.07) (5,253,864.99) (9,235,150.03)
--------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (4,639,574.59) $ (5,451,077.04) $ (4,380,182.92) $ (8,157,275.34)
- -----------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 42,247,243.57 $ 44,817,021.92 $ 47,223,975.91 $ 53,631,231.47
- -----------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 13,281,192.50 $ 13,397,029.54 $ 13,998,367.14 $ 13,611,344.32
ii Interest Claims Received from Guarantors 582,124.60 793,080.12 726,201.30 926,815.00
iii Late Fee Reimbursements 62,073.81 - - -
iv Interest Reimbursements 20,559.59 26,935.07 44,103.53 174,774.63
v Other System Adjustments - - - -
vi Special Allowance Payments 248,744.18 381,969.15 549,964.04 426,362.95
vii Subsidy Payments 4,221,281.01 4,454,871.39 5,264,287.89 5,767,225.44
--------------------------------------------------------------------------------
viii Total Interest Collections $ 18,415,975.69 $ 19,053,885.27 $ 20,582,923.90 $ 20,906,522.34
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (638,085.12) $ (576,050.52) $ (686,953.98) $ (846,318.07)
ii Capitalized Interest 5,431,825.10 6,209,911.07 5,253,864.99 9,235,150.03
-------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 4,793,739.98 $ 5,633,860.55 $ 4,566,911.01 $ 8,388,831.96
-------------------------------------------------------------------------------
Total Student Loan Interest Activity $ 23,209,715.67 $ 24,687,745.82 $ 25,149,834.91 $ 29,295,354.30
(=) Ending Student Loan Portfolio Balance $ 1,073,546,313.25 $ 1,115,793,556.82 $ 1,160,610,578.74 $ 1,207,834,554.65
- -----------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 15,086,617.42 $ 14,822,891.28 $ 15,405,918.06 $ 14,614,638.32
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,088,632,930.67 $ 1,130,616,448.10 $ 1,176,016,496.80 $ 1,222,449,192.97
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 2,721,582.33 $ 2,940,041.24 $ 3,056,122.98 $ 3,197,361.80
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 1,091,354,513.00 $ 1,133,556,489.34 $ 1,179,072,619.78 $ 1,225,646,554.77
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
7/1/97-9/30/97 4/1/97-6/30/97 1/1/97-3/31/97 9/3/96-12/31/96
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,318,538,330.71 $ 1,376,034,776.24 $ 1,429,671,216.95 $ 1,478,535,335.85
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 35,463,933.58 $ 38,187,817.68 $ 37,211,977.76 $ 47,792,030.07
ii Principal Collections from Guarantor 16,435,873.72 13,270,335.35 3,705,399.22 651,773.25
iii Principal Reimbursements 9,956,851.18 11,844,339.40 17,137,954.08 14,902,506.96
iv Other System Adjustments - - - (713.51)
--------------------------------------------------------------------------------
v Total Principal Collections $ 61,856,658.48 $ 63,302,492.43 $ 58,055,331.06 $ 63,345,596.77
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,042,185.29 $ 867,141.67 $ 942,350.55 $ 1,431,259.68
ii Capitalized Interest (5,826,299.18) (6,673,188.57) (5,361,240.90) (15,912,737.55)
--------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (4,784,113.89) $ (5,806,046.90) $ (4,418,890.35) $ (14,481,477.87)
- ------------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 57,072,544.59 $ 57,496,445.53 $ 53,636,440.71 $ 48,864,118.90
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 14,124,575.01 $ 13,910,677.13 $ 14,654,685.30 $ 15,484,377.46
ii Interest Claims Received from Guarantors 1,013,666.05 801,387.35 179,413.60 13,446.63
iii Late Fee Reimbursements - - - -
iv Interest Reimbursements 175,690.15 184,333.15 188,351.78 282,181.00
v Other System Adjustments - - - (287.62)
vi Special Allowance Payments 584,704.99 548,326.29 422,026.77 257,877.96
vii Subsidy Payments 6,612,759.11 6,919,812.42 9,512,413.79 3,637,851.32
--------------------------------------------------------------------------------
viii Total Interest Collections $ 22,511,395.31 $ 22,364,536.34 $ 24,956,891.24 $ 19,675,446.75
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (797,681.12) $ (740,643.39) $ (909,268.24) $ (1,407,772.50)
ii Capitalized Interest 5,826,299.18 6,673,188.57 5,361,240.90 15,912,737.55
--------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 5,028,618.06 $ 5,932,545.18 $ 4,451,972.66 $ 14,504,965.05
--------------------------------------------------------------------------------
Total Student Loan Interest Activity $ 27,540,013.37 $ 28,297,081.52 $ 29,408,863.90 $ 34,180,411.80
(=) Ending Student Loan Portfolio Balance $ 1,261,465,786.12 $ 1,318,538,330.71 $ 1,376,034,776.24 $ 1,429,671,216.95
- ------------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 17,478,935.22 $ 17,026,473.67 $ 17,313,560.23 $ 15,760,176.45
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,278,944,721.34 $ 1,335,564,804.38 $ 1,393,348,336.47 $ 1,445,431,393.40
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 3,338,912.01 $ 3,483,370.84 $ 3,613,578.48 $ 3,752,958.00
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 1,282,283,633.35 $ 1,339,048,175.22 $ 1,396,961,914.95 $ 1,449,184,351.40
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<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%
Apr-98 $ 1,176,016,497 6.44%
Jul-98 $ 1,130,616,448 6.11%
Oct-98 $ 1,088,632,931 5.70%
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool data.
- --------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1997-1
Quarterly Servicing Report
Report Date: 9/30/98 Reporting Period: 7/1/98-9/30/98
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 6/30/98 Activity 9/30/98
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Portfolio Balance $ 1,682,456,112.05 $ (50,192,883.74) $ 1,632,263,228.31
ii Interest to be Capitalized 19,024,332.06 19,546,615.17
------------------ ------------------
iii Total Pool $ 1,701,480,444.11 $ 1,651,809,843.48
iv Specified Reserve Account Balance 4,390,945.53 4,129,524.61
------------------ ------------------
v TOTAL ADJUSTED POOL $ 1,705,871,389.64 $1,655,939,368.09
================== =================
B i Weighted Average Coupon (WAC) 8.2498% 8.2031%
ii Weighted Average Remaining Term 105.92 104.79
iii Number of Loans 586,956 572,352
iv Number of Borrowers 249,562 242,420
----------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
% of % of
C Notes and Certificates Spread Balance 7/27/98 O/S Securities Balance 10/26/98 O/S Securities
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAK2 0.46% $ 858,113,486.65 49.968% $ 797,964,732.95 48.152%
ii A-2 Notes 78442GAL0 0.57% 787,400,000.00 45.851% 787,400,000.00 47.515%
iii Certificates 78442GAM8 0.85% 71,800,000.00 4.181% 71,800,000.00 4.333%
====================================================================================================================
iv Total Notes and Certificates $ 1,717,313,486.65 100.000% $1,657,164,732.95 100.000%
====================================================================================================================
<CAPTION>
--------------------------------------------------------------------------------------------------------------
D Reserve Account 7/27/98 10/26/98
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 4,253,701.11 $ 4,129,524.61
iv Reserve Account Floor Balance ($) $ 2,004,092.00 $ 2,004,092.00
v Current Reserve Acct Balance ($) $ 4,253,701.11 $ 4,129,524.61
--------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------
II. 1997-1 Transactions from: 7/1/98 through: 9/30/98
- ------------------------------------------------------------------------------------------------
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 41,341,524.85
ii Principal Collections from Guarantor $ 15,688,925.18
iii Principal Reimbursements $ 98,349.09
iv Other System Adjustments $ 0.00
---------------
v Total Principal Collections $ 57,128,799.12
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,181,085.99
ii Capitalized Interest $ (8,117,001.37)
---------------
iii Total Non-Cash Principal Activity $ (6,935,915.38)
---------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 50,192,883.74
---------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 19,864,234.62
ii Interest Claims Received from Guarantors $ 967,577.64
iii Late Fee Reimbursements $ 137,842.05
iv Interest Reimbursements $ 15,962.15
v Other System Adjustments $ 0.00
vi Special Allowance Payments $ 220,868.77
vii Subsidy Payments $ 6,654,786.09
---------------
viii Total Interest Collections $ 27,861,271.32
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (911,353.60)
ii Capitalized Interest $ 8,117,001.37
---------------
iii Total Non-Cash Interest Adjustments $ 7,205,647.77
---------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 35,066,919.09
---------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
III. 1997-1 Collection Account Activity 7/1/98 through 9/30/98
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $ 57,030,450.03
ii Cash Forwarded by Administrator on behalf of Seller $ 96,570.81
iii Cash Forwarded by Administrator on behalf of Servicer $ 1,778.28
iv Cash Forwarded by Administrator for Consolidation Activity $ 0.00
---------------
v Total Principal Collections $ 57,128,799.12
B Interest Collections
i Interest Payments Received-Cash $ 27,707,467.12
ii Cash Forwarded by Administrator on behalf of Seller $ 5,086.36
iii Cash Forwarded by Administrator on behalf of Servicer $ 10,875.79
iv Cash Forwarded by Administrator for Consolidation Activity $ 0.00
v Cash Forwarded by Administrator for Late Fee Activity $ 137,842.05
---------------
vi Total Interest Collections $ 27,861,271.32
C Other Reimbursements $ 127,659.65
D Administrator Account Investment Income $ 648,142.99
E Return funds borrowed for previous distribution $ -
F TOTAL FUNDS RECEIVED $ 85,765,873.08
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (2,156,138.04)
--------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 83,609,735.04
--------------------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 1,062,410.30
ii Percentage of Principal Calculation $ 1,579,896.57
iii Lesser of Unit or Principal Calculation $ 1,062,410.30
H Servicing Fees Due for Current Period $ 1,062,410.30
I Carryover Servicing Fees Due $ 1,658,081.26
JUL 1998 Servicing Carryover $ 529,254.69
AUG 1998 Servicing Carryover $ 523,994.37
SEP 1998 Servicing Carryover $ 517,486.27
--------------
$ 1,570,735.33
Less: Servicing ADJ [A iii + B iii] $ (12,654.07)
==============
TOTAL: Carryover Servicing Fee Due $ 1,658,081.26
==============
J Administration Fees Due $ 20,000.00
--------------------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 2,640,491.56
--------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IV. 1997-1
- ------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- --------------------------------------------------------------------------------------------------------------------------
STATUS 6/30/98 9/30/98 6/30/98 9/30/98 9/30/98 9/30/98
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.977% 7.977% 43,635 39,272 7.434% 6.862%
Grace
Current 8.019% 8.016% 23,501 24,234 4.004% 4.234%
- --------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.991% 7.992% 67,136 63,506 11.438% 11.096%
- --------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.306% 8.251% 358,741 341,707 61.119% 59.702%
31-60 Days Delinquent 8.313% 8.256% 26,095 24,637 4.446% 4.305%
61-90 Days Delinquent 8.309% 8.257% 14,293 15,841 2.435% 2.768%
91-120 Days Delinquent 8.305% 8.253% 7,121 8,439 1.213% 1.474%
* 120 Days Delinquent 8.291% 8.256% 12,065 9,779 2.056% 1.709%
Deferment
Current 8.156% 8.102% 63,849 63,460 10.878% 11.088%
Forbearance
Current 8.304% 8.251% 33,555 40,423 5.717% 7.063%
- --------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.286% 8.232% 515,719 504,286 87.864% 88.108%
- --------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.295% 8.248% 3980 4,438 0.678% 0.775%
Aged Claims Rejected (2) 8.219% 8.256% 121 122 0.020% 0.021%
- --------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.250% 8.203% 586,956 572,352 100.00% 100.00%
- --------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------
Principal Amount %
- --------------------------------------------------------------------------------------------------------------------------
STATUS 6/30/98 9/30/98 6/30/98 9/30/98
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 128,567,775.96 $ 114,456,301.84 7.642% 7.012%
Grace
Current $ 68,689,560.24 $ 72,429,053.52 4.083% 4.437%
- --------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 197,257,336.20 $ 186,885,355.36 11.725% 11.449%
- --------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $1,006,855,903.49 $ 949,959,812.02 59.844% 58.199%
31-60 Days Delinquent $ 71,037,903.22 $ 67,225,807.53 4.222% 4.119%
61-90 Days Delinquent $ 38,826,288.30 $ 44,709,265.12 2.308% 2.739%
91-120 Days Delinquent $ 18,965,771.94 $ 22,849,611.34 1.127% 1.400%
* 120 Days Delinquent $ 31,921,889.11 $ 25,157,446.62 1.898% 1.541%
Deferment
Current $ 195,719,900.21 $ 191,723,002.67 11.633% 11.746%
Forbearance
Current $ 112,137,098.14 $ 132,692,737.14 6.665% 8.129%
- --------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $1,475,464,754.41 $1,434,317,682.44 87.697% 87.873%
- --------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 9,458,284.29 $ 10,804,924.65 0.562% 0.662%
Aged Claims Rejected (2) $ 275,737.15 $ 255,265.86 0.016% 0.016%
- --------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $1,682,456,112.05 $1,632,263,228.31 100.00% 100.00%
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Greater than.
(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.
4
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
V. 1997-1 Portfolio Characteristics by School and Program 9/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
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 4.347% 1.253% 0.000% 0.000% 0.666% 0.237% 0.000% 0.000%
Grace
Current 2.748% 0.782% 0.000% 0.000% 0.446% 0.126% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.095% 2.035% 0.000% 0.000% 1.112% 0.363% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 30.615% 9.089% 3.572% 1.939% 3.585% 1.280% 0.195% 0.236%
31-60 Days Delinquent 1.842% 0.512% 0.194% 0.132% 0.391% 0.130% 0.010% 0.020%
61-90 Days Delinquent 1.231% 0.353% 0.099% 0.105% 0.276% 0.092% 0.005% 0.018%
91-120 Days Delinquent 0.607% 0.146% 0.039% 0.042% 0.162% 0.045% 0.004% 0.010%
greater than 120 Days
Delinquent 0.555% 0.142% 0.026% 0.058% 0.193% 0.063% 0.001% 0.013%
Deferment
Current 6.896% 1.730% 0.168% 0.669% 0.863% 0.273% 0.005% 0.070%
Forbearance
Current 3.801% 1.193% 0.214% 0.558% 0.602% 0.198% 0.010% 0.047%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 45.546% 13.165% 4.310% 3.502% 6.074% 2.080% 0.232% 0.414%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.255% 0.064% 0.010% 0.016% 0.109% 0.031% 0.000% 0.005%
Aged Claims Rejected (2) 0.003% 0.001% 0.000% 0.000% 0.003% 0.001% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 52.899% 15.264% 4.320% 3.519% 7.297% 2.475% 0.232% 0.419%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 76.002% 10.423%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<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 0.138% 0.097% 0.000% 0.000% 0.142% 0.132% 0.000% 0.000%
Grace
Current 0.090% 0.058% 0.000% 0.000% 0.097% 0.090% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.227% 0.155% 0.000% 0.000% 0.240% 0.222% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 3.731% 2.265% 0.755% 0.650% 0.161% 0.086% 0.012% 0.029%
31-60 Days Delinquent 0.463% 0.266% 0.053% 0.074% 0.015% 0.009% 0.000% 0.006%
61-90 Days Delinquent 0.298% 0.176% 0.020% 0.043% 0.013% 0.007% 0.000% 0.003%
91-120 Days Delinquent 0.192% 0.112% 0.007% 0.027% 0.003% 0.004% 0.000% 0.000%
greater than 120 Days Delinquent 0.280% 0.167% 0.011% 0.030% 0.002% 0.001% 0.000% 0.001%
Deferment
Current 0.465% 0.272% 0.010% 0.079% 0.118% 0.089% 0.001% 0.039%
Forbearance
Current 0.716% 0.450% 0.041% 0.118% 0.083% 0.067% 0.002% 0.029%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 6.144% 3.708% 0.897% 1.020% 0.395% 0.264% 0.015% 0.108%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.096% 0.060% 0.003% 0.009% 0.002% 0.003% 0.000% 0.000%
Aged Claims Rejected (2) 0.005% 0.003% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 6.473% 3.925% 0.900% 1.029% 0.637% 0.489% 0.015% 0.108%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 12.327% 1.248%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</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 5.600% 0.903% 0.234% 0.274% 7.012%
Grace
Current 3.530% 0.572% 0.148% 0.188% 4.437%
---------------------------------------------------------------------------------------------------------
TOTAL INTERIM 9.130% 1.475% 0.382% 0.462% 11.449%
---------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 45.214% 5.297% 7.401% 0.288% 58.199%
31-60 Days Delinquent 2.681% 0.551% 0.857% 0.030% 4.119%
61-90 Days Delinquent 1.788% 0.391% 0.537% 0.024% 2.739%
91-120 Days Delinquent 0.833% 0.222% 0.337% 0.008% 1.400%
greater than 120 Days Delinquent 0.781% 0.270% 0.488% 0.003% 1.541%
Deferment
Current 9.462% 1.211% 0.826% 0.247% 11.746%
Forbearance
Current 5.765% 0.858% 1.325% 0.181% 8.129%
---------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 66.523% 8.799% 11.770% 0.781% 87.873%
---------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.344% 0.145% 0.168% 0.005% 0.662%
Aged Claims Rejected (2) 0.004% 0.004% 0.007% 0.000% 0.016%
---------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 76.002% 10.423% 12.327% 1.248% 100.000%
-----------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VI. 1997-1 Interest Calculation
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Borrower Interest Accrued During Collection Period $ 28,310,392.53
B Interest Subsidy Payments Accrued During Collection Period $ 5,777,755.79
C SAP Payments Accrued During Collection Period $ 103,847.06
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 99,519.71
E Investment Earnings (ADMINISTRATOR ACT) $ 648,142.99
-------------
F Net Expected Interest Collections $ 34,939,658.08
G Student Loan Rate
i Days in Collection Period (7/1/98-9/30/98) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 34,939,658.08
iv Primary Servicing Fee $ 3,218,548.34
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,701,480,444.11
vii Student Loan Rate 7.39184%
Accrued
Int Factor Accrual Period
---------- --------------
H Class A-1 T-Bill Based Interest Rate 5.21229%
I Class A-1 Interest Rate 0.012995014 (7/27/98-10/26/98) 5.21229%
J Class A-2 T-Bill Based Interest Rate 5.32229%
K Class A-2 Interest Rate 0.013269260 (7/27/98-10/26/98) 5.32229%
L Certificate T-Bill Based Rate of Return 5.60229%
M Certificate Rate of Return 0.013967342 (7/27/98-10/26/98) 5.60229%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VII. 1997-1 Inputs From Previous Quarterly Servicing Reports 6/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,682,456,112.05
ii Interest To Be Capitalized 19,024,332.06
------------------
iii Total Pool $ 1,701,480,444.11
iv Specified Reserve Account Balance 4,390,945.53
==================
v Total Adjusted Pool $ 1,705,871,389.64
==================
B Total Note and Certificate Factor 0.83804093629
C Total Note and Certificate Balance $ 1,717,313,486.65
----------------------------------------------------------------------------------------------------------------
D Note Balance 7/27/98 Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------
i Current Factor-7/27/98 0.7211037703 1.0000000000 1.0000000000
ii Expected Note Balance $ 858,113,486.65 $ 787,400,000.00 $ 71,800,000.00
E Note Principal Shortfall $ 11,442,097.01 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00
----------------------------------------------------------------------------------------------------------------
H Reserve Account Balance $ 4,253,701.11
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) $ 9,021,303.65
L Interest Due on Unpaid Carryover Servicing Fees $ 480,541.25
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
VIII. 1997-1 Waterfall for Distributions
- ----------------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<S> <C> <C> <C>
A Total Available Funds ( Sections III-F + VI-D + IX-G-vii) $ 83,833,431.25 $ 83,833,431.25
B Primary Servicing Fees-Current Month $ 1,062,410.30 $ 82,771,020.95
C Administration Fee $ 20,000.00 $ 82,751,020.95
D Noteholder's Interest Distribution Amount
i Class A-1 $ 11,151,196.77 $ 71,599,824.18
ii Class A-2 $ 10,448,215.32 $ 61,151,608.86
---------------
iii Total Noteholder's Interest Distribution $ 21,599,412.09
E Certificateholder's Return Distribution Amount $ 1,002,855.16 $ 60,148,753.70
F Noteholder's Principal Distribution Amount
i Class A-1 $ 60,148,753.70 $ 0.00
ii Class A-2 $ 0.00 $ 0.00
---------------
iii Total Noteholder's Principal Distribution $ 60,148,753.70
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
ii 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>
8
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IX. 1997-1 Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 11,151,196.77 $ 10,448,215.32 $ 1,002,855.16
ii Quarterly Interest Paid 11,151,196.77 10,448,215.32 1,002,855.16
------------- ------------- ------------
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 $ 61,374,118.56 $ 0.00 $ 0.00
viii Quarterly Principal Paid 60,148,753.70 0.00 0.00
ix Quarterly Principal Shortfall $ 1,225,364.86 $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 71,299,950.47 $ 10,448,215.32 $ 1,002,855.16
--------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 9/30/98 $ 1,717,313,486.65
ii Adjusted Pool Balance 9/30/98 1,655,939,368.09
----------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 61,374,118.56
================
iv Adjusted Pool Balance 6/30/98 $ 1,705,871,389.64
v Adjusted Pool Balance 9/30/98 $ 1,655,939,368.09
----------------
vi Current Principal Due (iv-v) $ 49,932,021.55
vii Principal Shortfall from Previous Collection Period $ 11,442,097.01
----------------
viii Total Principal Due (vi + vii) $ 61,374,118.56
================
ix Principal Distribution Amount $ 60,148,753.70
x Total Principal Shortfall (viii - ix) $ 1,225,364.86
C Total Principal Distribution $ 60,148,753.70
D Total Interest Distribution 22,602,267.25
----------------
E Total Cash Distributions-Note and Certificates $ 82,751,020.96
----------------------------------------------------------------------------------------------
F Note & Certificate Balances 7/27/98 10/26/98
----------------------------------------------------------------------------------------------
i A-1 Note Balance (78442GAK2) $ 856,113,486.65 $ 797,964,732.95
A-1 Note Pool Factor 0.7211037703 0.6705585991
ii A-2 Note Balance (78442GAL0) $ 787,400,000.00 $ 787,400,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAM8) $ 71,800,000.00 $ 71,800,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
----------------------------------------------------------------------------------------------
G Reserve Account Reconciliation
i Beginning of Period Balance $ 4,253,701.11
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 0.00
--------------
iv Total Reserve Account Balance Available $ 4,253,701.11
v Required Reserve Account Balance $ 4,129,524.61
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to Waterfall $ 124,176.50
viii Ending Reserve Account Balance $ 4,129,524.61
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
X. 1997-1 Historical Pool Information
- ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------
7/1/98-9/30/98 4/1/98-6/30/98 1/1/98-3/31/98
- ----------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,682,456,112.05 $ 1,736,744,144.67 $ 1,797,260,482.27
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 41,341,524.85 $ 41,231,457.88 $ 40,361,669.28
ii Principal Collections from Guarantor 15,688,925.18 20,665,608.94 23,893,521.24
iii Principal Reimbursements 98,349.09 199,289.09 2,567,931.88
iv Other System Adjustments - - -
------------------------------------------------------------------------------
v Total Principal Collections $ 57,128,799.12 $ 62,096,355.91 $ 66,823,122.40
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,181,085.99 $ 1,205,702.85 $ 1,588,347.95
ii Capitalized Interest (8,117,001.37) (9,014,026.14) (7,895,132.75)
------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (6,935,915.38) $ (7,808,323.29) $ (6,306,784.80)
- ----------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 50,192,883.74 $ 54,288,032.62 $ 60,516,337.60
- ----------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 19,864,234.62 $ 19,727,548.85 $ 20,331,647.84
ii Interest Claims Received from Guarantors 967,577.64 1,336,513.84 1,559,776.10
iii Late Fee Reimbursements 137,842.05 - -
iv Interest Reimbursements 15,962.15 11,212.26 41,450.12
v Other System Adjustments - - -
vi Special Allowance Payments 220,868.77 392,423.93 623,545.81
vii Subsidy Payments 6,654,786.09 6,964,790.56 8,336,308.48
------------------------------------------------------------------------------
viii Total Interest Collections $ 27,861,271.32 $ 28,432,489.44 $ 30,892,728.35
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (911,353.60) $ (819,905.05) $ (1,147,639.74)
ii Capitalized Interest 8,117,001.37 9,014,026.14 7,895,132.75
------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 7,205,647.77 $ 8,194,121.09 $ 6,747,493.01
------------------------------------------------------------------------------
Total Student Loan Interest Activity $ 35,066,919.09 $ 36,626,610.53 $ 37,640,221.36
(=) Ending Student Loan Portfolio Balance $ 1,632,263,228.31 $ 1,682,456,112.05 $ 1,736,744,144.67
- ----------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 19,546,615.17 $ 19,024,332.06 $ 19,634,067.74
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,651,809,843.48 $ 1,701,480,444.11 $ 1,756,378,212.41
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 4,129,524.61 $ 4,390,945.53 $ 4,539,049.83
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 1,655,939,368.09 $ 1,705,871,389.64 $ 1,760,917,262.24
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------------------------------------------
10/1/97 - 12/31/97 7/1/97 - 9/30/97 3/3/97 - 6/30/97
- ----------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,860,845,011.09 $ 1,916,755,393.25 $ 1,978,517,233.95
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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>
10
<PAGE>
- -------------------------------------------------------------------------------
XI. 1997-1 Payment History and CPRs
- -------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
Apr-97 $ 2,004,091,862 -
Jul-97 $ 1,938,332,169 6.60%
Oct-97 $ 1,882,963,571 6.39%
Jan-98 $ 1,815,619,931 7.05%
Apr-98 $ 1,756,378,212 6.92%
Jul-98 $ 1,701,480,444 6.66%
Oct-98 $ 1,651,809,843 6.27%
* "Since Issued CPR" is based on the current period's ending pool
balance calculated against the original pool balance and assuming
cutoff date pool data.
- -------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1997-2
Quarterly Servicing Report
Report Date: 9/30/98 Reporting Period: 7/1/98-9/30/98
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
1. Deal Parameters
- ------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 6/30/98 Activity 9/30/98
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Portfolio Balance $ 2,061,353,270.16 $ (74,803,262.82) $ 1,986,550,007.34
ii Interest to be Capitalized 19,359,897.56 20,872,281.33
----------------
iii Total Pool $ 2,080,713,167.72 $ 2,007,422,288.67
iv Specified Reserve Account Balance 5,409,624.08 5,018,555.72
---------------- ----------------
v Total Adjusted Pool $ 2,086,122,791.80 $ 2,012,440,844.39
================ ================
B i Weighted Average Coupon (WAC) 8.2972% 8.2146%
ii Weighted Average Remaining Term 98.10 97.02
iii Number of Loans 758,696 735,510
iv Number of Borrowers 322,988 311,556
-----------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------------------------------
% of % of
C Notes and Certificates Spread Balance 7/27/98 O/S Securities Balance 10/26/98 O/S Securities
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAN6 0.54% $1,216,334,311.56 57.598% $1,132,776,414.10 55.850%
ii A-2 Notes 78442GAP1 0.60% 808,000,000.00 38.261% 808,000,000.00 39.838%
iii Certificates 78442GAQ9 0.83% 87,450,000.00 4.141% 87,450,000.00 4.312%
====================================================================================================================
iv Total Notes and Certificates $2,111,784,311.56 100.000% 2,028,226,414.10 100.000%
====================================================================================================================
<CAPTION>
----------------------------------------------------------------------------------------------------
D Reserve Account 7/27/98 10/26/98
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 5,201,782.92 $ 5,018,555.72
iv Reserve Account Floor Balance ($) $ 2,441,522.00 $ 2,441,522.00
v Current Reserve Acct Balance ($) $ 5,201,782.92 $ 5,018,555.72
----------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
II. 1997-2 Transactions from: 7/1/98 through: 9/30/98
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 65,499,472.75
ii Principal Collections from Guarantor $ 15,157,376.26
iii Principal Reimbursements $ 81,678.30
iv Other System Adjustments $ 0.00
--------------------
v Total Principal Collections $ 80,738,527.31
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,143,280.69
ii Capitalized Interest ($7,078,545.18)
--------------------
iii Total Non-Cash Principal Activity $ (5,935,264.49)
-------------------------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 74,803,262.82
-------------------------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 28,487,677.43
ii Interest Claims Received from Guarantors $ 959,497.58
iii Late Fee Reimbursements $ 161,544.44
iv Interest Reimbursements $ 15,875.11
v Other System Adjustments $ 0.00
vi Special Allowance Payments $ 321,697.44
vii Subsidy Payments $ 5,409,736.79
--------------------
viii Total Interest Collections $ 35,356,028.79
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($876,607.90)
ii Capitalized Interest $ 7,078,545.18
--------------------
iii Total Non-Cash Interest Adjustments $ 6,201,937.28
-------------------------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 41,557,966.07
-------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
III. 1997-2 Collection Account Activity 7/1/98 through 9/30/98
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $ 80,656,849.01
ii Cash Forwarded by Administrator on behalf of Seller $ 55,230.47
iii Cash Forwarded by Administrator on behalf of Servicer $ 1,294.37
iv Cash Forwarded by Administrator for Consolidation Activity $ 25,153.46
----------------
v Total Principal Collections $ 80,738,527.31
B Interest Collections
i Interest Payments Received-Cash $ 35,178,609.24
ii Cash Forwarded by Administrator on behalf of Seller $ 3,998.57
iii Cash Forwarded by Administrator on behalf of Servicer $ 8,036.65
iv Cash Forwarded by Administrator for Consolidation Activity $ 3,839.89
v Cash Forwarded by Administrator for Late Fee Activity $ 161,544.44
----------------
vi Total Interest Collections $ 35,356,028.79
C Other Reimbursements $ 250,872.18
D Administrator Account Investment Income $ 914,261.02
E Return Funds Borrowed for Previous Distribution $ 0.00
F TOTAL FUNDS RECEIVED $ 117,259,689.30
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($3,995,376.83)
------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 113,264,312.47
------------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 1,371,533.25
ii Percentage of Principal Calculation $ 1,960,004.16
iii Lesser of Unit or Principal Calculation $ 1,371,533.25
H Servicing Fees Due for Current Period $ 1,960,004.16
I Carryover Servicing Fees Due (1) $ 0.00
JUL 1998 Servicing Carryover $0.00
AUG 1998 Servicing Carryover $0.00
SEP 1998 Servicing Carryover $0.00
------------
TOTAL: Carryover Servicing Fee Due $0.00
============
Less: Servicing ADJ [A iii + B iii] ($9,331.02)
J Administration Fees Due $ 20,000.00
------------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,970,673.14
------------------------------------------------------------------------------------------------------
(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 6/30/98 9/30/98 6/30/98 9/30/98 6/30/98 9/30/98
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.773% 7.767% 31,101 28,701 4.099% 3.902%
Grace
Current 7.819% 7.820% 15,201 16,163 2.004% 2.198%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.789% 7.788% 46,302 44,864 6.103% 6.100%
- ----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.378% 8.282% 549,883 520,338 72.477% 70.745%
31-60 Days Delinquent 8.371% 8.276% 33,928 33,319 4.472% 4.530%
61-90 Days Delinquent 8.345% 8.274% 16,341 17,219 2.154% 2.341%
91-120 Days Delinquent 8.336% 8.268% 8,154 9,087 1.075% 1.235%
* 120 Days Delinquent 8.312% 8.263% 12,257 10,496 1.616% 1.427%
Deferment
Current 8.155% 8.093% 56,192 58,339 7.406% 7.932%
Forbearance
Current 8.342% 8.271% 31,482 37,701 4.149% 5.126%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.352% 8.261% 708,237 686,499 93.349% 93.336%
- ----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.322% 8.266% 4112 4,058 0.542% 0.552%
Aged Claims Rejected (2) 8.258% 8.258% 45 89 0.006% 0.012%
- ----------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.297% 8.215% 758,696 735,510 100.00% 100.00%
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
IV. 1997-2 Portfolio Characteristics
- --------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------
Principal Amount %
- --------------------------------------------------------------------------------------------------------------
STATUS 6/30/98 9/30/98 6/30/98 9/30/98
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 122,732,997.34 $ 112,211,394.92 5.954% 5.649%
Grace
Current $ 66,474,180.84 $ 72,040,421.08 3.225% 3.626%
- --------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 189,207,178.18 $ 184,251,816.00 9.179% 9.275%
- --------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 1,401,234,941.36 $ 1,309,606,391.38 67.977% 65.924%
31-60 Days Delinquent $ 85,173,334.80 $ 84,120,894.35 4.132% 4.235%
61-90 Days Delinquent $ 41,849,408.18 $ 47,091,329.21 2.030% 2.371%
91-120 Days Delinquent $ 21,584,106.74 $ 23,697,434.88 1.047% 1.193%
* 120 Days Delinquent $ 31,907,563.08 $ 26,185,066.59 1.548% 1.318%
Deferment
Current $ 175,409,239.53 $ 178,687,174.83 8.509% 8.995%
Forbearance
Current $ 105,271,027.87 $ 123,117,550.27 5.107% 6.198%
- --------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 1,862,429,621.56 $ 1,792,505,841.51 90.350% 90.232%
- --------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 9,624,791.44 $ 9,609,975.61 0.467% 0.484%
Aged Claims Rejected (2) $ 91,679.00 $ 182,374.22 0.004% 0.009%
- --------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 2,061,353,270.18 $ 1,986,550,007.34 100.00% 100.00%
- --------------------------------------------------------------------------------------------------------------
</TABLE>
* Greater than.
(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.
4
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
V. 1997-2 Portfolio Characteristics by School and Program 9/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
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 3.195% 1.896% 0.000% 0.000% 0.285% 0.113% 0.000% 0.000%
Grace
Current 2.037% 1.232% 0.000% 0.000% 0.170% 0.071% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 5.232% 3.128% 0.000% 0.000% 0.455% 0.184% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 33.362% 7.860% 10.165% 2.312% 3.423% 0.881% 0.480% 0.244%
31-60 Days Delinquent 1.918% 0.418% 0.451% 0.146% 0.355% 0.092% 0.020% 0.021%
61-90 Days Delinquent 1.051% 0.277% 0.171% 0.111% 0.205% 0.052% 0.011% 0.015%
91-120 Days Delinquent 0.501% 0.118% 0.072% 0.040% 0.127% 0.036% 0.003% 0.007%
* 120 Days Delinquent 0.496% 0.121% 0.044% 0.038% 0.165% 0.044% 0.004% 0.010%
Deferment
Current 5.078% 1.461% 0.293% 0.505% 0.608% 0.162% 0.008% 0.039%
Forbearance
Current 2.737% 0.941% 0.465% 0.397% 0.426% 0.127% 0.021% 0.031%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 45.141% 11.196% 11.662% 3.549% 5.308% 1.394% 0.547% 0.368%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.182% 0.042% 0.024% 0.015% 0.063% 0.017% 0.001% 0.004%
Aged Claims Rejected (2) 0.003% 0.001% 0.000% 0.000% 0.001% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 50.558% 14.367% 11.686% 3.565% 5.828% 1.596% 0.548% 0.372%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.176 % 8.344%
- ------------------------------------------------------------------------------------------------------------------------------------
<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 0.052% 0.044% 0.000% 0.000% 0.033% 0.030% 0.000% 0.000%
Grace
Current 0.034% 0.025% 0.000% 0.000% 0.033% 0.024% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.086% 0.069% 0.000% 0.000% 0.066% 0.055% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 3.636% 1.772% 0.887% 0.638% 0.167% 0.053% 0.020% 0.021%
31-60 Days Delinquent 0.460% 0.191% 0.064% 0.075% 0.013% 0.008% 0.000% 0.002%
61-90 Days Delinquent 0.265% 0.116% 0.020% 0.050% 0.013% 0.007% 0.000% 0.005%
91-120 Days Delinquent 0.171% 0.072% 0.016% 0.026% 0.002% 0.001% 0.000% 0.000%
* 120 Days Delinquent 0.244% 0.106% 0.015% 0.031% 0.001% 0.001% 0.000% 0.000%
Deferment
Current 0.399% 0.195% 0.008% 0.064% 0.083% 0.058% 0.001% 0.034%
Forbearance
Current 0.544% 0.293% 0.041% 0.089% 0.043% 0.024% 0.001% 0.017%
- -------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 5.719% 2.745% 1.052% 0.973% 0.323% 0.152% 0.022% 0.079%
- -------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.080% 0.039% 0.003% 0.009% 0.001% 0.002% 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 5.888% 2.854% 1.055% 0.982% 0.391% 0.209% 0.022% 0.079%
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 10.779% 0.701%
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Greater than.
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to aged 6 months or more; also includes
claims deemed incurable pending purchase.
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
-------------------------------------
STATUS SCHOOL SCHOOL SCHOOL UNKNOWN TOTAL
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 5.091% 0.398% 0.096% 0.064% 5.649%
Grace
Current 3.269% 0.241% 0.059% 0.057% 3.626%
---------------------------------------------------------------------------------------
TOTAL INTERIM 8.360% 0.639% 0.155% 0.121% 9.275%
---------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 53.699% 5.029% 6.934% 0.262% 5.924%
31-60 Days Delinquent 2.933% 0.488% 0.790% 0.023% 4.235%
61-90 Days Delinquent 1.611% 0.283% 0.451% 0.026% 2.371%
91-120 Days Delinquent 0.731% 0.173% 0.285% 0.004% 1.193%
* 120 Days Delinquent 0.698% 0.223% 0.396% 0.002% 1.318%
Deferment
Current 7.337% 0.818% 0.665% 0.175% 8.995%
Forbearance
Current 4.540% 0.604% 0.968% 0.085% 6.198%
---------------------------------------------------------------------------------------
TOTAL REPAYMENT 71.549% 7.618% 10.489% 0.576% 90.232%
---------------------------------------------------------------------------------------
Claims in Process (1) 0.263% 0.085% 0.132% 0.003% 0.484%
Aged Claims Rejected (2) 0.004% 0.002% 0.003% 0.000% 0.009%
---------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.176% 8.344% 10.779% 0.701% 100.00%
---------------------------------------------------------------------------------------
</TABLE>
* Greater than.
5
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
VI. 1997-2 Interest Calculation
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Borrower Interest Accrued During Collection Period $ 36,708,166.14
B Interest Subsidy Payments Accrued During Collection Period $ 4,885,675.27
C SAP Payments Accrued During Collection Period $ 163,143.14
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 128,992.63
E Investment Earnings (ADMINISTRATOR ACT) $ 914,261.02
------------------
F Net Expected Interest Collections $ 42,800,238.20
G Student Loan Rate
i Days in Collection Period (7/1/98-9/30/98) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 42,800,238.20
iv Primary Servicing Fee $ 5,955,380.99
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 2,080,713,167.72
vii Student Loan Rate 7.02156%
Accrued
Int Factor Accrual Period
---------- --------------
H Class A-1 T-Bill Based Interest Rate 5.29229%
I Class A-1 Interest Rate 0.013194466 (7/27/98-10/26/98) 5.29229%
J Class A-2 T-Bill Based Interest Rate 5.35229%
K Class A-2 Interest Rate 0.013344055 (7/27/98-10/26/98) 5.35229%
L Certificate T-Bill Based Rate of Return 5.58229%
M Certificate Rate of Return 0.013917479 (7/27/98-10/26/98) 5.58229%
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VII. 1997-2 Inputs From Previous Quarterly Servicing Reports 6/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 2,061,353,270.16
ii Interest To Be Capitalized 19,359,897.56
------------------
iii Total Pool $ 2,080,713,167.72
iv Specified Reserve Account Balance 5,409,624.08
==================
v Total Adjusted Pool $ 2,086,122,791.80
==================
B Total Note and Certificate Factor 0.84591492382
C Total Note and Certificate Balance $ 2,111,784,311.56
-------------------------------------------------------------------------------------------------------------------
D Note Balance 7/27/98 CLASS A-1 CLASS A-2 CERTIFICATES
-------------------------------------------------------------------------------------------------------------------
i Current Factor-7/27/98 0.7597341109 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,216,334,311.56 $ 808,000,000.00 $ 87,450,000.00
E Note Principal Shortfall $ 25,661,519.76 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00
-------------------------------------------------------------------------------------------------------------------
H Reserve Account Balance $ 5,201,782.92
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>
7
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
VIII. 1997-2 Waterfall for Distributions
- ----------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<S> <C> <C> <C>
A Total Available Funds ( Sections III-F + VI-D + IX-G-vii ) $ 113,576,532.30 $ 113,576,532.30
B Primary Servicing Fees-Current Month $ 1,950,673.14 $ 111,625,859.16
C Administration Fee $ 20,000.00 $ 111,605,859.16
D Noteholder's Interest Distribution Amount
i Class A-1 $ 16,048,881.72 $ 95,556,977.44
ii Class A-2 $ 10,781,996.44 $ 84,774,981.00
----------------
iii Total Noteholder's Interest Distribution $ 26,830,878.16
E Certificateholder's Return Distribution Amount $ 1,217,083.54 $ 83,557,897.46
F Noteholder's Principal Distribution Amount
i Class A-1 $ 83,557,897.46 $ 0.00
ii Class A-2 $ 0.00 $ 0.00
----------------
iii Total Noteholder's Principal Distribution $ 83,557,897.46
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
ii 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>
8
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IX. 1997-2 Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 16,048,881.72 $ 10,781,996.44 $ 1,217,083.54
ii Quarterly Interest Paid 16,048,881.72 10,781,996.44 1,217,083.54
--------------- --------------- --------------
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 $ 99,343,467.17 $ 0.00 $ 0.00
viii Quarterly Principal Paid 83,557,897.46 0.00 0.00
--------------- --------------- --------------
ix Quarterly Principal Shortfall $ 15,785,569.71 $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 99,606,779.18 $ 10,781,996.44 $ 1,217,083.54
--------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 9/30/98 $ 2,111,784,311.56
ii Adjusted Pool Balance 9/30/98 2,012,440,844.39
------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 99,343,467.17
==================
iv Adjusted Pool Balance 6/30/98 $ 2,086,122,791.80
v Adjusted Pool Balance 9/30/98 $ 2,012,440,844.39
------------------
vi Current Principal Due (iv-v) $ 73,681,947.41
vii Principal Shortfall from Previous Collection Period $ 25,661,519.76
------------------
viii Total Principal Due (vi + vii) $ 99,343,467.17
==================
ix Principal Distribution Amount $ 83,557,897.46
x Total Principal Shortfall (viii - ix) $ 15,785,569.71
C Total Principal Distribution $ 83,557,897.46
D Total Interest Distribution 28,047,961.70
------------------
E Total Cash Distributions-Note and Certificates $ 111,605,859.16
--------------------------------------------------------------------------------------------------
F Note & Certificate Balances 7/27/98 10/26/98
--------------------------------------------------------------------------------------------------
i A-1 Note Balance (78442GAN6) $ 1,216,334,311.56 $ 1,132,776,414.10
A-1 Note Pool Factor 0.7597341109 0.7075430444
ii A-2 Note Balance (78442GAP1) $ 808,000,000.00 $ 808,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAQ9) $ 87,450,000.00 $ 87,450,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
--------------------------------------------------------------------------------------------------
G Reserve Account Reconciliation
i Beginning of Period Balance $ 5,201,782.92
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 0.00
------------------
iv Total Reserve Account Balance Available $ 5,201,782.92
v Required Reserve Account Balance $ 5,018,555.72
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to Waterfall $ 183,227.20
viii Ending Reserve Account Balance $ 5,018,555.72
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
X. 1997-2 Historical Pool Information
<S> <C> <C> <C>
-------------------------------------------------------------------------
7/1/98 - 9/30/98 4/1/98 - 6/30/98 1/1/98 - 3/31/98
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 2,061,353,270.16 $ 2,145,013,127.14 $ 2,233,565,975.40
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 65,499,472.75 $ 67,173,046.87 $ 67,245,956.91
ii Principal Collections from Guarantor 15,157,376.26 23,048,506.21 24,918,076.93
iii Principal Reimbursements 81,678.30 136,424.43 2,078,239.87
iv Other System Adjustments - - -
-------------------------------------------------------------------------
v Total Principal Collections $ 80,738,527.31 $ 90,357,977.51 $ 94,242,273.71
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,143,280.69 $ 1,112,815.97 $ 1,460,174.04
ii Capitalized Interest (7,078,545.18) (7,810,936.50) (7,149,599.49)
-------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (5,935,264.49) $ (6,698,120.53) $ (5,689,425.45)
- ------------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 74,803,262.82 $ 83,659,856.98 $ 88,552,848.26
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 28,487,677.43 $ 29,361,368.21 $ 30,889,139.09
ii Interest Claims Received from Guarantors 959,497.58 1,481,874.93 1,634,141.40
iii Late Fee Reimbursements 161,544.44 - -
iv Interest Reimbursements 15,875.11 16,208.24 32,904.69
v Other System Adjustments - - -
vi Special Allowance Payments 321,697.44 529,230.24 833,721.99
vii Subsidy Payments 5,409,736.79 5,582,456.37 6,492,598.40
-------------------------------------------------------------------------
viii Total Interest Collections $ 35,356,028.79 $ 36,971,137.99 $ 39,882,505.57
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (876,607.90) $ (679,094.72) $ (1,033,356.24)
ii Capitalized Interest 7,078,545.18 7,810,936.50 7,149,599.49
-------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 6,201,937.28 $ 7,131,841.78 $ 6,116,243.25
-------------------------------------------------------------------------
Total Student Loan Interest Activity $ 41,557,966.07 $ 44,102,979.77 $ 45,998,748.82
(=) Ending Student Loan Portfolio Balance $ 1,986,550,007.34 $ 2,061,353,270.16 $ 2,145,013,127.14
- ------------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 20,872,281.33 $ 19,359,897.56 $ 18,836,505.02
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 2,007,422,288.67 $ 2,080,713,167.72 $ 2,163,849,632.16
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 5,018,555.72 $ 5,409,624.08 $ 5,626,037.54
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 2,012,440,844.39 $ 2,086,122,791.80 $ 2,169,475,669.70
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C>
-----------------------------------------------------
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
- ----------------------------------------------------------------------------------------------------------------
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 - -
-----------------------------------------------------
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 - -
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>
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%
Apr-98 $ 2,163,849,632 6.60%
Jul-98 $ 2,080,713,168 6.51%
Oct-98 $ 2,007,422,289 6.14%
* "Since Issued CPR" is based on the current period's ending pool
balance calculated against the original pool balance and assuming
cutoff date pool data.
- --------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1997-3
Quarterly Servicing Report
Report Date: 9/30/98 Reporting Period: 7/1/98-9/30/98
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 6/30/98 Activity 9/30/98
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Portfolio Balance $ 2,283,995,258.51 $ (54,232,651.88) $2,229,762,606.63
ii Interest to be Capitalized 47,349,504.64 48,135,240.86
------------------ -----------------
iii Total Pool $ 2,331,344,763.15 $2,277,897,847.49
iv Specified Reserve Account Balance 5,964,191.55 5,694,744.62
------------------ -----------------
v Total Adjusted Pool $ 2,337,308,954.70 $2,283,592,592.11
================== ================
B i Weighted Average Coupon (WAC) 8.2020% 8.1433%
ii Weighted Average Remaining Term 114.18 113.30
iii Number of Loans 675,963 659,887
iv Number of Borrowers 253,624 247,177
-----------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
% of % of O/S
C Notes and Certificates Spread Balance 7/27/98 O/S Securities Balance 10/26/98 Securities
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAR7 0.60% $ 1,257,487,555.35 52.921% $1,191,870,578.28 51.584%
ii A-2 Notes 78442GAS5 0.64% 1,028,500,000.00 43.285% 1,028,500,000.00 44.514%
iii Certificates 78442GAT3 0.83% 90,150,000.00 3.794% 90,150,000.00 3.902%
-----------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 2,376,137,555.35 100.000% $2,310,520,578.28 100.000%
=======================================================================================================================
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
D Reserve Account 7/27/98 10/26/98
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 5,828,361.91 $ 5,694,744.62
iv Reserve Account Floor Balance ($) $ 2,503,690.00 $ 2,503,690.00
v Current Reserve Acct Balance ($) $ 5,828,361.91 $ 5,694,744.62
-----------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
II. 1997-3 Transactions from: 7/1/98 through 9/30/98
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 45,954,700.42
ii Principal Collections from Guarantor $ 20,445,857.39
iii Principal Reimbursements $ 138,078.83
iv Other System Adjustments $ 0.00
--------------
v Total Principal Collections $ 66,538,636.64
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,846,843.72
ii Capitalized Interest ($ 15,152,828.48)
--------------
iii Total Non-Cash Principal Activity $ (12,305,984.76)
--------------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 54,232,651.88
--------------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 21,624,035.45
ii Interest Claims Received from Guarantors $ 1,285,261.81
iii Late Fee Reimbursements $ 124,355.72
iv Interest Reimbursements $ 12,292.04
v Other System Adjustments $ 0.00
vi Special Allowance Payments $ 359,366.81
vii Subsidy Payments $ 10,922,635.70
--------------
viii Total Interest Collections $ 34,327,947.53
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($ 2,486,336.54)
ii Capitalized Interest $ 15,152,828.48
--------------
iii Total Non-Cash Interest Adjustments $ 12,666,491.94
--------------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 46,994,439.47
--------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
III. 1997-3 Collection Account Activity 7/1/98 through 9/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $ 66,400,557.81
ii Cash Forwarded by Administrator on behalf of Seller $ 133,012.68
iii Cash Forwarded by Administrator on behalf of Servicer $ 5,066.15
iv Cash Forwarded by Administrator for Consolidation Activity $ 0.00
------------------------
v Total Principal Collections $ 66,538,636.64
B Interest Collections
i Interest Payments Received-Cash $ 34,191,299.77
ii Cash Forwarded by Administrator on behalf of Seller ($4,351.75)
iii Cash Forwarded by Administrator on behalf of Servicer $ 16,643.79
iv Cash Forwarded by Administrator for Consolidation Activity $ 0.00
v Cash Forwarded by Administrator for Late Fee Activity $ 124,355.72
------------------------
vi Total Interest Collections $ 34,327,947.53
C Other Reimbursements $ 152,182.97
D Administrator Account Investment Income $ 732,575.48
E Return Funds Borrowed For Previous Distribution $ 0.00
F TOTAL FUNDS RECEIVED $ 101,751,342.62
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($3,035,250.68)
-------------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 98,716,091.94
-------------------------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-CurrenT Month
i Unit Charge Calculation $ 1,014,602.16
ii Percentage of Principal Calculation $ 1,498,936.91
iii Lesser of Unit or Principal Calculation $ 1,014,602.16
H Servicing Fees Due For Current Period $ 1,498,936.91
I Carryover Servicing Fees Due (1) $ 0.00
JUL 1998 Servicing Carryover $0.00
AUG 1998 Servicing Carryover $0.00
SEP 1998 Servicing Carryover $0.00
--------
TOTAL: Carryover Servicing Fee Due $0.00
=========
Less: Servicing ADJ [A iii + B iii] ($21,709.94)
J Administration Fees Due $ 20,000.00
-------------------------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,497,226.97
-------------------------------------------------------------------------------------------------------------------
(1) No Carryover Servicing Fees due before the October 2001 payment date
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IV. 1997-3 Portfolio Characteristics
- ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ------------------------------------------------------------------------------------------------------------------------------------
STATUS 6/30/98 9/30/98 6/30/98 9/30/98 6/30/98 9/30/98 6/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.827% 7.825% 82,002 74,504 12.131% 11.290% $ 296,538,594.35
Grace
Current 7.844% 7.843% 44,954 46,210 6.650% 7.003% $ 167,613,639.90
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.833% 7.832% 126,956 120,714 18.782% 18.293% $ 464,152,234.25
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.316% 8.248% 360,486 340,395 53.329% 51.584% $ 1,148,824,145.81
31-60 Days Delinquent 8.324% 8.250% 26,474 25,792 3.916% 3.909% $ 83,170,389.31
61-90 Days Delinquent 8.307% 8.257% 13,717 17,723 2.029% 2.686% $ 41,450,692.98
91-120 Days Delinquent 8.308% 8.251% 6,927 8,650 1.025% 1.311% $ 20,771,404.50
* 120 Days Delinquent 8.289% 8.244% 12,274 9,278 1.816% 1.406% $ 36,244,180.75
Deferment
Current 8.214% 8.103% 76,894 77,416 11.375% 11.732% $ 282,661,834.74
Forbearance
Current 8.326% 8.246% 47,445 55,488 7.019% 8.409% $ 194,688,125.23
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.301% 8.225% 544,217 534,742 80.510% 81.035% $ 1,807,810,773.32
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.134% 8.242% 4775 4,354 0.706% 0.660% $ 12,000,292.95
Aged Claims Rejected (2) 8.135% 8.266% 15 77 0.002% 0.012% $ 31,957.99
- ------------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.202% 8.143% 675,963 659,887 100.00% 100.00% $ 2,283,995,258.51
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------
Principal Amount %
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
STATUS 9/30/98 6/30/98 9/30/98
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
INTERIM:
In School
Current $ 267,338,068.78 12.983% 11.990%
Grace
Current $ 177,216,665.30 7.339% 7.948%
- -------------------------------------------------------------------------------
TOTAL INTERIM $ 444,554,734.08 20.322% 19.938%
- -------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 1,077,921,584.65 50.299% 48.342%
31-60 Days Delinquent $ 80,860,801.00 3.641% 3.626%
61-90 Days Delinquent $ 60,720,569.47 1.815% 2.723%
91-120 Days Delinquent $ 27,202,620.29 0.909% 1.220%
> 120 Days Delinquent $ 26,794,604.48 1.587% 1.202%
Deferment
Current $ 277,884,016.33 12.376% 12.462%
Forbearance
Current $ 221,635,461.23 8.524% 9.940%
- -------------------------------------------------------------------------------
TOTAL REPAYMENT $ 1,773,019,657.45 79.152% 79.515%
- -------------------------------------------------------------------------------
Claims in Process (1) $ 11,998,684.39 0.525% 0.538%
Aged Claims Rejected (2) $ 189,530.71 0.001% 0.009%
- -------------------------------------------------------------------------------
GRAND TOTAL $ 2,229,762,606.63 100.00% 100.00%
- -------------------------------------------------------------------------------
</TABLE>
* (Greater than).
(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.
4
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
V. 1997-3 Portfolio Characteristics by School and Program 9/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
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 6.952% 3.396% 0.000% 0.000% 0.643% 0.265% 0.000% 0.000%
Grace
Current 4.737% 2.336% 0.000% 0.000% 0.341% 0.147% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 11.689% 5.733% 0.000% 0.000% 0.983% 0.412% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 26.873% 8.389% 4.320% 2.362% 1.706% 0.683% 0.194% 0.141%
31-60 Days Delinquent 1.847% 0.572% 0.239% 0.198% 0.229% 0.083% 0.010% 0.017%
61-90 Days Delinquent 1.354% 0.438% 0.129% 0.237% 0.166% 0.062% 0.006% 0.021%
91-120 Days Delinquent 0.612% 0.192% 0.049% 0.097% 0.077% 0.027% 0.003% 0.007%
* 120 Days Delinquent 0.542% 0.167% 0.032% 0.068% 0.103% 0.032% 0.003% 0.011%
Deferment
Current 6.737% 2.113% 0.671% 1.288% 0.531% 0.203% 0.026% 0.084%
Forbearance
Current 5.028% 1.932% 0.367% 1.065% 0.403% 0.159% 0.017% 0.050%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 42.994% 13.803% 5.808% 5.315% 3.216% 1.249% 0.260% 0.329%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.231% 0.079% 0.019% 0.025% 0.051% 0.016% 0.001% 0.004%
Aged Claims Rejected (2) 0.004% 0.000% 0.000% 0.001% 0.001% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 54.917% 19.615% 5.827% 5.341% 4.251% 1.677% 0.261% 0.333%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.700% 6.521%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<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 0.313% 0.230% 0.000% 0.000% 0.097% 0.091% 0.000% 0.000%
Grace
Current 0.181% 0.107% 0.000% 0.000% 0.052% 0.048% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.495% 0.337% 0.000% 0.000% 0.150% 0.139% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.783% 1.082% 0.273% 0.222% 0.186% 0.075% 0.009% 0.045%
31-60 Days Delinquent
61-90 Days Delinquent 0.225% 0.124% 0.020% 0.027% 0.018% 0.010% 0.001% 0.007%
91-120 Days Delinquent 0.152% 0.084% 0.008% 0.022% 0.024% 0.010% 0.000% 0.009%
* 120 Days Delinquent 0.085% 0.048% 0.005% 0.011% 0.003% 0.001% 0.000% 0.002%
0.136% 0.084% 0.004% 0.012% 0.004% 0.003% 0.000% 0.001%
Deferment
Current
0.301% 0.167% 0.008% 0.083% 0.120% 0.064% 0.002% 0.064%
Forbearance
Current
0.395% 0.229% 0.021% 0.065% 0.103% 0.063% 0.001% 0.043%
- ------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT
3.076% 1.819% 0.339% 0.442% 0.457% 0.226% 0.013% 0.171%
- ------------------------------------------------------------------------------------------------------------------------
Claims in Process (1)
Aged Claims Rejected (2) 0.064% 0.040% 0.001% 0.004% 0.002% 0.001% 0.000% 0.000%
0.001% 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 3.636% 2.196% 0.340% 0.447% 0.608% 0.367% 0.013% 0.171%
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 6.619% 1.160%
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Greater than.
(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
TOTAL 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 10.349% 0.908% 0.544% 0.189% 11.990%
Grace
Current 7.073% 0.487% 0.288% 0.100% 7.948%
--------------------------------------------------------------------------------------------
TOTAL INTERIM 17.422% 1.395% 0.832% 0.289% 19.938%
--------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 41.944% 2.724% 3.360% 0.315% 48.342%
31-60 Days Delinquent 2.856% 0.338% 0.396% 0.036% 3.626%
61-90 Days Delinquent 2.158% 0.255% 0.267% 0.043% 2.723%
91-120 Days Delinquent 0.950% 0.115% 0.148% 0.006% 1.220%
* 120 Days Delinquent 0.809% 0.150% 0.236% 0.007% 1.202%
Deferment
Current 10.809% 0.844% 0.559% 0.250% 12.462%
Forbearance
Current 8.392% 0.628% 0.710% 0.210% 9.940%
--------------------------------------------------------------------------------------------
TOTAL REPAYMENT 67.918% 5.054% 5.676% 0.867% 79.515%
--------------------------------------------------------------------------------------------
Claims in Process (1) 0.355% 0.071% 0.109% 0.003% 0.538%
Aged Claims Rejected (2) 0.005% 0.001% 0.002% 0.000% 0.009%
--------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.700% 6.521% 6.619% 1.160% 100.000%
--------------------------------------------------------------------------------------------
</TABLE>
* Greater than
5
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VI. 1997-3 Interest Calculation
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 36,562,549.84
B Interest Subsidy Payments Accrued During Collection Period $ 9,566,996.94
C SAP Payments Accrued During Collection Period $ 181,872.56
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 126,067.40
E Investment Earnings (ADMINISTRATOR ACT) $ 732,575.48
------------------
F Net Expected Interest Collections $ 47,170,062.22
G Student Loan Rate
i Days in Collection Period (7/1/98-9/30/98) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 47,170,062.22
iv Primary Servicing Fee $ 4,534,187.59
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 2,331,344,763.15
vii Student Loan Rate 7.25220%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.35229%
I Class A-1 Interest Rate 0.013344055 (7/27/98-10/26/98) 5.35229%
J Class A-2 T-Bill Based Interest Rate 5.39229%
K Class A-2 Interest Rate 0.013443781 (7/27/98-10/26/98) 5.39229%
L Certificate T-Bill Based Rate of Return 5.58229%
M Certificate Rate of Return 0.013917479 (7/27/98-10/26/98) 5.58229%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
VII. 1997-3 Inputs From Previous Quarterly Servicing Reports 6/30/98
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 2,283,995,258.51
ii Interest To Be Capitalized 47,349,504.64
---------------------
iii Total Pool $ 2,331,344,763.15
iv Specified Reserve Account Balance 5,964,191.55
=====================
v Total Adjusted Pool $ 2,337,308,954.70
=====================
B Total Note and Certificate Factor 0.92277186616
C Total Note and Certificate Balance $ 2,376,137,555.35
-----------------------------------------------------------------------------------------------------------------------------
D Note Balance 7/27/98 Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------------------
i Current Factor 7/27/98 0.8634514748 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,257,487,555.35 $ 1,028,500,000.00 $ 90,150,000.00
E Note Principal Shortfall $ 38,828,600.65 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00
-----------------------------------------------------------------------------------------------------------------------------
H Reserve Account Balance $ 5,828,361.91
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>
7
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
VIII. 1997-3 Waterfall for Distributions
- ----------------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<S> <C> <C> <C>
A Total Available Funds ( Sections III-F + VI-D + IX-G-vii) $ 98,975,776.63 $ 98,975,776.63
B Primary Servicing Fees-Current Month $ 1,477,226.97 $ 97,498,549.66
C Administration Fee $ 20,000.00 $ 97,478,549.66
D Noteholder's Interest Distribution Amount
i Class A-1 $ 16,779,983.10 $ 80,698,566.56
ii Class A-2 $ 13,826,928.76 $ 66,871,637.80
---------------
iii Total Noteholder's Interest Distribution $ 30,606,911.86
E Certificateholder's Return Distribution Amount $ 1,254,660.73 $ 65,616,977.07
F Noteholder's Principal Distribution Amount
i Class A-1 $ 65,616,977.07 $ (0.00)
ii Class A-2 $ 0.00 $ (0.00)
---------------
iii Total Noteholder's Principal Distribution $ 65,616,977.07
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>
8
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IX. 1997-3 Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i Quarterly Interest Due $ 16,779,983.10 $ 13,826,928.76 $ 1,254,660.73
ii Quarterly Interest Paid 16,779,983.10 13,826,928.76 1,254,660.73
------------- ------------- ------------
iii Interest Shortfall $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00 0.00
------------- ------------- ------------
vi Interest Carryover $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 92,544,963.24 $ 0.00 $ 0.00
viii Quarterly Principal Paid 65,616,977.07 0.00 0.00
------------- ------------- ------------
ix Quarterly Principal Shortfall $ 26,927,986.17 $ 0.00 $ 0.00
-----------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 82,396,960.17 $ 13,826,928.76 $ 1,254,660.73
-----------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 9/30/98 $ 2,376,137,555.35
ii Adjusted Pool Balance 9/30/98 2,283,592,592.11
------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 92,544,963.24
==================
iv Adjusted Pool Balance 6/30/98 $ 2,337,308,954.70
v Adjusted Pool Balance 9/30/98 $ 2,283,592,592.11
------------------
vi Current Principal Due (iv-v) $ 53,716,362.59
vii Principal Shortfall from Previous Collection Period $ 38,828,600.65
------------------
viii Total Principal Due (vi + vii) $ 92,544,963.24
==================
ix Principal Distribution Amount $ 65,616,977.07
x Total Principal Shortfall (viii - ix) $ 26,927,986.17
C Total Principal Distribution $ 65,616,977.07
D Total Interest Distribution 31,861,572.59
------------------
E Total Cash Distributions-Note and Certificates $ 97,478,549.66
------------------------------------------------------------------------------------------
F Note & Certificate Balances 7/27/98 10/26/98
------------------------------------------------------------------------------------------
i A-1 Note Balance (78442GAR7) $ 1,257,487,555.35 $ 1,191,870,578.28
A-1 Note Pool Factor 0.8634514748 0.8183957004
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
------------------------------------------------------------------------------------------
G Reserve Account Reconciliation
i Beginning of Period Balance $ 5,828,361.91
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ -
------------------
iv Total Reserve Account Balance Available $ 5,828,361.91
v Required Reserve Account Balance $ 5,694,744.62
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to Waterfall $ 133,617.29
viii Ending Reserve Account Balance $ 5,694,744.62
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
X. 1997-3 Historical Pool Information
-----------------------------------------------------------------------------
7/1/98-9/30/98 4/1/98-6/30/98 1/1/98-3/31/98 8/25/97 - 12/31/97
-----------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $2,283,995,258.51 $ 2,337,059,338.43 $ 2,388,313,848.15 $2,447,417,365.32
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 45,954,700.42 $ 44,496,259.11 $ 41,364,168.73 $ 49,821,559.10
ii Principal Collections from Guarantor 20,445,857.39 22,435,972.31 12,122,468.67 1,440,820.82
iii Principal Reimbursements 138,078.83 523,349.84 7,442,259.23 39,007,052.38
iv Other System Adjustments - - - -
-----------------------------------------------------------------------------
v Total Principal Collections $ 66,538,636.64 $ 67,455,581.26 $ 60,928,896.63 $ 90,269,432.30
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,846,843.72 $ 2,212,497.89 $ 2,555,374.02 $ 3,533,441.93
ii Capitalized Interest (15,152,828.48) (16,603,999.23) (12,229,760.93) $ (34,699,357.06)
-----------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (12,305,984.76) $ (14,391,501.34) $ (9,674,386.91) $ (31,165,915.13)
-----------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 54,232,651.88 $ 53,064,079.92 $ 51,254,509.72 $ 59,103,517.17
-----------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 21,624,035.45 $ 20,972,163.20 $ 21,038,371.81 $ 24,529,728.52
ii Interest Claims Received from Guarantors 1,285,261.81 1,430,615.52 688,404.64 34,126.30
iii Late Fee Reimbursements 124,355.72 39.86 3.65 9.92
iv Interest Reimbursements 12,292.04 14,244.93 129,611.49 799,423.02
v Other System Adjustments - - - -
vi Special Allowance Payments 359,366.81 585,375.19 873,577.62 232,534.47
vii Subsidy Payments 10,922,635.70 11,502,531.76 14,632,177.89 6,806,739.23
-----------------------------------------------------------------------------
viii Total Interest Collections $ 34,327,947.53 $ 34,504,970.46 $ 37,362,147.10 $ 32,402,561.46
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,486,336.54) $ (1,858,866.04) $ (2,362,445.96) $ (3,498,891.99)
ii Capitalized Interest 15,152,828.48 16,603,999.23 12,229,760.93 34,699,357.06
-----------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 12,666,491.94 $ 14,745,133.19 $ 9,867,314.97 $ 31,200,465.07
-----------------------------------------------------------------------------
Total Student Loan Interest Activity $ 46,994,439.47 $ 49,250,103.65 $ 47,229,462.07 $ 63,603,026.53
(=) Ending Student Loan Portfolio Balance $2,229,762,606.63 $ 2,283,995,258.51 $ 2,337,059,338.43 $2,388,313,848.15
-----------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 48,135,240.86 $ 47,349,504.64 $ 48,617,280.06 $ 44,396,075.77
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
(=) Total Pool $2,277,897,847.49 $ 2,331,344,763.15 $ 2,385,676,618.49 $2,432,709,923.92
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 5,694,744.62 $ 5,964,191.55 $ 6,081,774.81 $ 6,259,224.00
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $2,283,592,592.11 $ 2,337,308,954.70 $ 2,391,758,393.30 $2,438,969,147.92
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
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%
Apr-98 $ 2,385,676,618 4.78%
Jul-98 $ 2,331,344,763 4.50%
Oct-98 $ 2,277,897,847 4.25%
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool
data.
- --------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1997-4
Quarterly Servicing Report
Report Date: 9/30/98 Reporting Period: 7/1/98-9/30/98
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 6/30/98 Activity 9/30/98
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Portfolio Balance $ 2,324,473,497.16 $ (60,234,352.04) $ 2,264,239,145.12
ii Interest to be Capitalized 39,109,031.25 40,338,277.49
-------------------- ---------------------
iii Total Pool $2,363,582,528.41 $ 2,304,577,422.61
iv Specified Reserve Account Balance 6,032,465.20 5,761,443.56
-------------------- ---------------------
v Total Adjusted Pool $2,369,614,993.61 $ 2,310,338,866.17
==================== =====================
B i Weighted Average Coupon (WAC) 8.1815% 8.1382%
ii Weighted Average Remaining Term 113.88 112.97
iii Number of Loans 737,547 720,027
iv Number of Borrowers 274,645 267,425
----------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
% of % of
C Notes and Certificates Spread Balance 7/27/98 O/S Securities Balance 10/26/98 O/S Securities
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAU0 0.75% $ 1,349,105,627.85 55.564% $ 1,279,019,229.86 54.243%
ii A-2 Notes 78442GAV8 0.75% 989,000,000.00 40.733% 989,000,000.00 41.944%
iii Certificates 78442GAW6 1.05% 89,900,000.00 3.703% 89,900,000.00 3.813%
----------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 2,428,005,627.85 100.000% $ 2,357,919,229.86 100.000%
============================================================================================================================
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
D Reserve Account 7/27/98 10/26/98
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 5,908,956.32 $ 5,761,443.56
iv Reserve Account Floor Balance ($) $ 2,502,640.00 $ 2,502,640.00
v Current Reserve Acct Balance ($) $ 5,908,956.32 $ 5,761,443.56
-----------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
II. 1997-4 Transactions from: 7/1/98 through: 9/30/98
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 48,117,709.57
ii Principal Collections from Guarantor $ 23,055,308.03
iii Principal Reimbursements $ 102,005.97
iv Other System Adjustments $ 0.00
--------------
v Total Principal Collections $ 71,275,023.57
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,280,730.60
ii Capitalized Interest ($ 13,321,402.13)
--------------
iii Total Non-Cash Principal Activity $ (11,040,671.53)
---------------------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 60,234,352.04
---------------------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 23,095,029.16
ii Interest Claims Received from Guarantors $ 1,463,495.60
iii Late Fee Reimbursements $ 130,539.41
iv Interest Reimbursements $ 8,115.95
v Other System Adjustments $ 0.00
vi Special Allowance Payments $ 334,088.81
vii Subsidy Payments $ 10,893,777.31
--------------
viii Total Interest Collections $ 35,925,046.24
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($ 1,860,715.96)
ii Capitalized Interest $ 13,321,402.13
--------------
iii Total Non-Cash Interest Adjustments $ 11,460,686.17
---------------------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 47,385,732.41
---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
III. 1997-4 Collection Account Activity 7/1/98 through 9/30/98
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $ 71,173,017.60
ii Cash Forwarded by Administrator on behalf of Seller $ 100,956.96
iii Cash Forwarded by Administrator on behalf of Servicer $ 1,049.01
iv Cash Forwarded by Administrator for Consolidation Activity ($0.00)
------------------
v Total Principal Collections $ 71,275,023.57
B Interest Collections
i Interest Payments Received-Cash $ 35,786,390.88
ii Cash Forwarded by Administrator on behalf of Seller ($3,764.49)
iii Cash Forwarded by Administrator on behalf of Servicer $ 11,880.44
iv Cash Forwarded by Administrator for Consolidation Activity $ 0.00
v Cash Forwarded by Administrator for Late Fee Activity $ 130,539.41
------------------
vi Total Interest Collections $ 35,925,046.24
C Other Reimbursements $ 163,044.31
D Administrator Account Investment Income $ 732,360.41
E Return funds borrowed for previous distribution $ 0.00
F TOTAL FUNDS RECEIVED $ 108,095,474.53
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($3,281,146.69)
----------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 104,814,327.84
----------------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-current Month
i Unit Charge Calculation $ 1,096,220.30
ii Percentage of Principal Calculation $ 1,618,876.53
iii Lesser of Unit or Principal Calculation $ 1,096,220.30
H Servicing Fees Due for Current Period $ 1,618,876.53
I Carryover Servicing Fees Due (1) $ 0.00
JUL 1998 Servicing Carryover $0.00
AUG 1998 Servicing Carryover $0.00
SEP 1998 Servicing Carryover $0.00
-------
TOTAL: Carryover Servicing Fee Due $0.00
=======
Less: Servicing ADJ [A iii + B iii] ($12,929.45)
J Administration Fees Due $ 20,000.00
----------------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,625,947.08
----------------------------------------------------------------------------------------------------------
(1) No Carryover Servicing Fees due before the October 2001 payment date
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
IV. 1997-4 Portfolio Characteristics
- -----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans % Principal Amount
- -----------------------------------------------------------------------------------------------------------------------------------
STATUS 6/30/98 9/30/98 6/30/98 9/30/98 6/30/98 9/30/98 6/30/98 9/30/98
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.822% 7.823% 88,828 81,352 12.044% 11.298% $ 288,670,791.14 $ 261,420,975.82
Grace
Current 7.838% 7.836% 45,829 46,088 6.214% 6.401% $ 154,042,137.16 $ 159,907,521.84
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.827% 7.828% 134,657 127,440 18.257% 17.699% $ 442,712,928.30 $ 421,328,497.66
- -----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.287% 8.240% 408,687 385,649 55.412% 53.560% $1,230,846,435.10 $1,151,269,925.53
31-60 Days Delinquent 8.303% 8.243% 27,169 27,559 3.684% 3.827% $ 81,596,571.65 $ 82,029,858.53
61-90 Days Delinquent 8.295% 8.241% 14,003 19,101 1.899% 2.653% $ 40,495,697.03 $ 61,550,702.04
91-120 Days Delinquent 8.277% 8.237% 7,431 9,239 1.008% 1.283% $ 21,007,923.17 $ 28,056,138.63
More than 120 Days Delinquent 8.269% 8.242% 15,274 9,734 2.071% 1.352% $ 42,980,928.27 $ 27,932,742.39
Deferment
Current 8.151% 8.057% 76,653 78,536 10.393% 10.907% $ 268,762,494.67 $ 268,526,058.39
Forbearance
Current 8.293% 8.238% 49,134 57,671 6.662% 8.010% $ 184,300,479.76 $ 210,210,004.02
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.269% 8.213% 598,351 587,489 81.127% 81.593% $1,869,990,529.65 $1,829,575,429.53
- -----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 11.328% 8.241% 4538 5,090 0.615% 0.707% $ 11,769,127.28 $ 13,310,151.46
Aged Claims Rejected (2) 8.000% 8.309% 1 8 0.000% 0.001% $ 911.93 $ 25,066.47
- ----------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.181% 8.138% 737,547 720,027 100.00% 100.00% $2,324,473,497.16 $2,264,239,145.12
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------
------------------------------
------------------------------
%
- ---------------------------------------------------------
STATUS 6/30/98 9/30/98
- ---------------------------------------------------------
<S> <C> <C>
INTERIM:
In School
Current 12.419% 11.546%
Grace
Current 6.627% 7.062%
- ---------------------------------------------------------
TOTAL INTERIM 19.046% 18.608%
- ---------------------------------------------------------
REPAYMENT
Active
Current 52.952% 50.846%
31-60 Days Delinquent 3.510% 3.623%
61-90 Days Delinquent 1.742% 2.718%
91-120 Days Delinquent 0.904% 1.239%
More than 120 Days Delinquent 1.849% 1.234%
Deferment
Current 11.562% 11.859%
Forbearance
Current 7.929% 9.284%
- ---------------------------------------------------------
TOTAL REPAYMENT 80.448% 80.803%
- ---------------------------------------------------------
Claims in Process (1) 0.506% 0.588%
Aged Claims Rejected (2) 0.000% 0.001%
- ---------------------------------------------------------
GRAND TOTAL 100.00% 100.00%
- ---------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
V. 1997-4 Portfolio Characteristics by School and Program 9/30/98
- --------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
---------------------------------------------------------------------------
---------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB SL-UNSUB PLUS SLS
---------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
STATUS
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 6.924% 3.034% 0.000% 0.000% 0.769% 0.368% 0.000% 0.000%
Grace
Current 4.329% 1.892% 0.000% 0.000% 0.380% 0.178% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 11.253% 4.926% 0.000% 0.000% 1.149% 0.546% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 29.464% 9.449% 3.129% 1.760% 2.272% 0.955% 0.172% 0.137%
31-60 Days Delinquent 1.908% 0.596% 0.175% 0.162% 0.263% 0.092% 0.010% 0.017%
61-90 Days Delinquent 1.430% 0.448% 0.092% 0.170% 0.202% 0.081% 0.002% 0.011%
91-120 Days Delinquent 0.659% 0.201% 0.036% 0.058% 0.095% 0.038% 0.002% 0.006%
* 120 Days Delinquent 0.564% 0.195% 0.025% 0.062% 0.107% 0.044% 0.001% 0.007%
Deferment
Current 6.675% 2.163% 0.450% 0.942% 0.549% 0.224% 0.015% 0.070%
Forbearance
Current 4.950% 1.845% 0.245% 0.687% 0.473% 0.195% 0.013% 0.049%
- ---------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 45.650%
- ---------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.274% 0.084% 0.011% 0.021% 0.066% 0.029% 0.000% 0.003%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 57.177% 19.909% 4.162% 3.860% 5.175% 2.203% 0.217% 0.301%
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.108% 7.896%
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
SL-SUB SL-UNSUB PLUS SLS SL-SUB SL-UNSUB PLUS SLS
-----------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
STATUS
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 0.183% 0.152% 0.000% 0.000% 0.066% 0.050% 0.000% 0.000%
Grace
Current 0.140% 0.098% 0.000% 0.000% 0.026% 0.019% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.323% 0.249% 0.000% 0.000% 0.092% 0.070% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.769% 0.996% 0.338% 0.189% 0.130% 0.060% 0.004% 0.021%
31-60 Days Delinquent 0.213% 0.123% 0.024% 0.026% 0.009% 0.005% 0.000% 0.002%
61-90 Days Delinquent 0.147% 0.081% 0.010% 0.018% 0.013% 0.007% 0.000% 0.006%
91-120 Days Delinquent 0.080% 0.047% 0.004% 0.010% 0.002% 0.001% 0.002% 0.000%
* 120 Days Delinquent 0.123% 0.079% 0.005% 0.013% 0.006% 0.002% 0.000% 0.001%
Deferment
Current 0.247% 0.145% 0.010% 0.058% 0.141% 0.096% 0.006% 0.068%
Forbearance
Current 0.360% 0.228% 0.019% 0.056% 0.079% 0.050% 0.000% 0.034%
- ---------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 2.939% 1.700% 0.409% 0.369% 0.379% 0.222% 0.012% 0.133%
- ---------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.057% 0.037% 0.001% 0.003% 0.001% 0.001% 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 3.319% 1.986% 0.410% 0.372% 0.472% 0.293% 0.012% 0.133%
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 6.086% 0.810%
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
* Greater than.
(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 9.958% 1.137% 0.334% 0.117% 11.546%
Grace
Current 6.221% 0.558% 0.238% 0.045% 7.062%
------------------------------------------------------------------------------------
TOTAL INTERIM 16.179% 1.695% 0.572% 0.162% 18.608%
------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 43.802% 3.537% 3.292% 0.215% 50.846%
31-60 Days Delinquent 2.840% 0.382% 0.385% 0.016% 3.623%
61-90 Days Delinquent 2.140% 0.296% 0.256% 0.026% 2.718%
91-120 Days Delinquent 0.953% 0.141% 0.140% 0.005% 1.239%
* 120 Days Delinquent 0.846% 0.159% 0.219% 0.010% 1.234%
Deferment
Current 10.231% 0.858% 0.460% 0.311% 11.859%
Forbearance
Current 7.727% 0.730% 0.664% 0.164% 9.284%
------------------------------------------------------------------------------------
TOTAL REPAYMENT 68.538% 6.103% 5.416% 0.746% 80.803%
------------------------------------------------------------------------------------
Claims in Process (1) 0.390% 0.098% 0.098% 0.002% 0.588%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.001%
------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.108% 7.896% 6.086% 0.910% 100.000%
------------------------------------------------------------------------------------
</TABLE>
* Greater than.
5
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
VI. 1997-4 Interest Calculation
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Borrower Interest Accrued During Collection Period $ 37,511,598.58
B Interest Subsidy Payments Accrued During Collection Period $ 9,344,824.84
C SAP Payments Accrued During Collection Period $ 159,093.96
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 125,191.57
E Investment Earnings (ADMINISTRATOR ACT) $ 732,360.41
-----------------
F Net Expected Interest Collections $ 47,873,069.36
G Student Loan Rate
i Days in Collection Period (7/1/98-9/30/98) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 47,873,069.36
iv Primary Servicing Fee $ 4,900,023.22
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $2,363,582,528.41
vii Student Loan Rate 7.20988%
Accrued
Int Factor Accrual Period
---------- --------------
H Class A-1 T-Bill Based Interest Rate 5.50229%
I Class A-1 Interest Rate 0.013718027 (7/27/98-10/26/98) 5.50229%
J Class A-2 T-Bill Based Interest Rate 5.50229%
K Class A-2 Interest Rate 0.013718027 (7/27/98-10/26/98) 5.50229%
L Certificate T-Bill Based Rate of Return 5.80229%
M Certificate Rate of Return 0.014465973 (7/27/98-10/26/98) 5.80229%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VII. 1997-4 Inputs From Previous Quarterly Servicing Reports 6/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 2,324,473,497.16
ii Interest To Be Capitalized 39,109,031.25
------------------
iii Total Pool $ 2,363,582,528.41
iv Specified Reserve Account Balance 6,032,465.20
------------------
v Total Adjusted Pool $ 2,369,614,993.61
==================
B Total Note and Certificate Factor 0.94589022862
C Total Note and Certificate Balance $ 2,428,005,627.85
-------------------------------------------------------------------------------------------------------------------
D Note Balance 7/27/98 Class A-1 Class A-2 Certificates
-------------------------------------------------------------------------------------------------------------------
i Current Factor 7/27/98 0.9066570080 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,349,105,627.85 $ 989,000,000.00 $ 89,900,000.00
E Note Principal Shortfall $ 58,390,634.24 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00
-------------------------------------------------------------------------------------------------------------------
H Reserve Account Balance $ 5,908,956.32
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>
7
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VIII. 1997-4 Waterfall for Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<S> <C> <C> <C>
A Total Available Funds ( Sections III-F + VI-D + IX-G-vii) $ 105,087,032.17 $ 105,087,032.17
B Primary Servicing Fees-Current Month $ 1,605,947.08 $ 103,481,085.09
C Administration Fee $ 20,000.00 $ 103,461,085.09
D Noteholder's Interest Distribution Amount
i Class A-1 $ 18,507,067.43 $ 84,954,017.66
ii Class A-2 $ 13,567,128.70 $ 71,386,888.96
----------------
iii Total Noteholder's Interest Distribution $ 32,074,196.13
E Certificateholder's Return Distribution Amount $ 1,300,490.97 $ 70,086,397.99
F Noteholder's Principal Distribution Amount
i Class A-1 $ 70,086,397.99 $ (0.00)
ii Class A-2 $ 0.00 $ (0.00)
----------------
iii Total Noteholder's Principal Distribution $ 70,086,397.99
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>
8
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
IX. 1997-4 Distributions
- ---------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 18,507,067.43 $ 13,567,128.70 $ 1,300,490.97
ii Quarterly Interest Paid 18,507,067.43 13,567,128.70 1,300,490.97
------------------- --------------- --------------
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 $ 117,666,761.68 $ 0.00 $ 0.00
viii Quarterly Principal Paid 70,086,397.99 0.00 0.00
------------------- ---- ----
ix Quarterly Principal Shortfall $ 47,580,363.69 $ 0.00 $ 0.00
-----------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 88,593,465.42 $ 13,567,128.70 $ 1,300,490.97
-----------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 9/30/98 $ 2,428,005,627.85
ii Adjusted Pool Balance 9/30/98 2,310,338,866.17
-------------------
iii Adjusted Pool Exceeding Notes and Certificate
Balance (i-ii) $ 117,666,761.68
===================
iv Adjusted Pool Balance 6/30/98 $ 2,369,614,993.61
v Adjusted Pool Balance 9/30/98 2,310,338,866.17
-------------------
vi Current Principal Due (iv-v) $ 59,276,127.44
vii Principal Shortfall from Previous Collection Period 58,390,634.24
-------------------
viii Total Principal Due (vi + vii) $ 117,666,761.68
===================
ix Principal Distribution Amount $ 70,086,397.99
x Total Principal Shortfall (viii - ix) $ 47,580,363.69
C Total Principal Distribution $ 70,086,397.99
D Total Interest Distribution 33,374,687.10
-------------------
E Total Cash Distributions-Note and Certificates $ 103,461,085.09
-------------------------------------------------------------------------------------------------
F Note & Certificate Balances 7/27/98 10/26/98
-------------------------------------------------------------------------------------------------
i A-1 Note Balance (78442GAU0) $ 1,349,105,627.85 $ 1,279,019,229.86
A-1 Note Pool Factor 0.9066570080 0.8595559340
ii A-2 Note Balance (78442GAV8) $ 989,000,000.00 $ 989,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAW6) $ 89,900,000.00 $ 89,900,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
-------------------------------------------------------------------------------------------------
G Reserve Account Reconciliation
i Beginning of Period Balance $ 5,908,956.32
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ -
-------------------
iv Total Reserve Account Balance Available $ 5,908,956.32
v Required Reserve Account Balance $ 5,761,443.56
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to Waterfall $ 147,512.76
viii Ending Reserve Account Balance $ 5,761,443.56
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
X. 1997-4 Historical Pool Information
- ------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------
7/1/98-9/30/98 4/1/98-6/30/98 10/27/97-3/31/98
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Beginning Student Loan Portfolio Balance $ 2,324,473,497.16 $ 2,372,502,462.70 $ 2,443,276,738.87
--------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 48,117,709.57 $ 46,264,811.82 $ 74,599,347.53
ii Principal Collections from Guarantor 23,055,308.03 $ 15,326,918.91 3,052,448.99
iii Principal Reimbursements 102,005.97 $ 426,956.50 33,642,034.51
iv Other System Adjustments - $ - -
-------------------------------------------------------------
v Total Principal Collections $ 71,275,023.57 $ 62,018,687.23 $ 111,293,831.03
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,280,730.60 $ 1,630,543.84 $ 3,636,486.74
ii Capitalized Interest (13,321,402.13) $ (15,620,265.53) (44,156,041.60)
-------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (11,040,671.53) $ (13,989,721.69) ($40,519,554.86)
--------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 60,234,352.04 $ 48,028,965.54 $ 70,774,276.17
--------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 23,095,029.16 $ 22,338,402.12 $ 34,622,975.83
ii Interest Claims Received from Guarantors 1,463,495.60 $ 940,134.03 102,472.19
iii Late Fee Reimbursements 130,539.41 $ - 86.82
iv Interest Reimbursements 8,115.95 $ 11,108.97 572,973.03
v Other System Adjustments - $ - -
vi Special Allowance Payments 334,088.81 $ 572,883.71 622,057.05
vii Subsidy Payments 10,893,777.31 $ 11,528,387.43 10,334,525.07
-------------------------------------------------------------
viii Total Interest Collections $ 35,925,046.24 $ 35,390,916.26 $ 46,255,089.99
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,860,715.96) $ (1,387,131.58) $ (3,586,478.16)
ii Capitalized Interest 13,321,402.13 $ 15,620,265.53 44,156,041.60
-------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 11,460,686.17 $ 14,233,133.95 $ 40,569,563.44
-------------------------------------------------------------
Total Student Loan Interest Activity $ 47,385,732.41 $ 49,624,050.21 $ 86,824,653.43
(=) Ending Student Loan Portfolio Balance $ 2,264,239,145.12 $ 2,324,473,497.16 $ 2,372,502,462.70
--------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 40,338,277.49 $ 39,109,031.25 $ 40,483,617.83
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 2,304,577,422.61 $ 2,363,582,528.41 $ 2,412,986,080.53
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 5,761,443.56 $ 6,032,465.20 $ 6,256,599.00
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 2,310,338,866.17 $ 2,369,614,993.61 $ 2,419,242,679.53
--------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1997-4 Payment History and CPRs
- --------------------------------------------------------------------------------
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
Jan-98 $ 2,502,639,587 -
Apr-98 $ 2,412,986,081 5.29%
Jul-98 $ 2,363,582,528 4.42%
Oct-98 $ 2,304,577,423 4.39%
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool
data.
- --------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1998-1
Quarterly Servicing Report
Report Date: 9/30/98 Reporting Period: 7/1/98-9/30/98
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
1. Deal Parameters
- ------------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 6/30/98 Activity 9/30/98
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Portfolio Balance $ 2,878,625,859.80 $ (69,981,378.62) $ 2,808,644,481.18
ii Interest to be Capitalized 48,049,973.40 49,456,872.12
------------------- -------------------
iii Total Pool $ 2,926,675,833.20 $ 2,858,101,353.30
iv Specified Reserve Account Balance 7,497,902.00 7,145,253.38
------------------- -------------------
v Total Adjusted Pool $ 2,934,173,735.20 $ 2,865,246,606.68
=================== ===================
B i Weighted Average Coupon (WAC) 8.2599% 8.2235%
ii Weighted Average Remaining Term 118.86 117.92
iii Number of Loans 747,984 730,864
iv Number of Borrowers 319,324 311,492
---------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
% of % of
C Notes and Certificates Spread Balance 7/27/98 O/S Securities Balance 10/26/98 O/S Securities
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAX4 0.71% $ 1,630,402,588.51 55.054% $ 1,546,856,234.63 53.750%
ii A-2 Notes 78442GAY2 0.76% 1,224,500,000.00 41.348% 1,224,500,000.00 42.548%
iii Certificates 78442GAZ9 0.97% 106,550,000.00 3.598% 106,550,000.00 3.702%
------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 2,961,452,588.51 100.000% $ 2,877,906,234.63 100.000%
========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
D Reserve Account 7/27/98 10/26/98
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 7,316,689.58 $ 7,145,253.38
iv Reserve Account Floor Balance ($) $ 2,999,161.00 $ 2,999,161.00
v Current Reserve Acct Balance ($) $ 7,316,689.58 $ 7,145,253.38
------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
II. 1998-1 Transactions from: 7/1/98 through 9/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 59,792,483.40
ii Principal Collections from Guarantor $ 24,778,763.45
iii Principal Reimbursements $ 153,341.40
iv Other System Adjustments $ 0.00
-------------------
v Total Principal Collections $ 84,724,588.25
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,778,134.69
ii Capitalized Interest ($17,521,344.32)
-------------------
iii Total Non-Cash Principal Activity $ (14,743,209.63)
------------------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 69,981,378.62
------------------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 29,488,963.28
ii Interest Claims Received from Guarantors $ 1,543,694.98
iii Late Fee Reimbursements $ 202,184.02
iv Interest Reimbursements $ 7,021.59
v Other System Adjustments $ 0.00
vi Special Allowance Payments $ 410,248.91
vii Subsidy Payments $ 12,593,294.44
-------------------
viii Total Interest Collections $ 44,245,407.22
E Student Loan Non-Cash Interest Activity
i Interest Accrued Adjustment ($2,348,039.35)
ii Capitalized Interest $ 17,521,344.32
-------------------
iii Total Non-Cash Interest Adjustments $ 15,173,304.97
------------------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 59,418,712.19
------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
III. 1998-1 Collection Account Activity 7/1/98 through 9/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $ 84,571,246.85
ii Cash Forwarded by Administrator on behalf of Seller $ 136,124.51
iii Cash Forwarded by Administrator on behalf of Servicer $ 8,063.75
iv Cash Forwarded by Administrator for Consolidation Activity $ 9,153.14
----------------
v Total Principal Collections $ 84,724,588.25
B Interest Collections
I Interest Payments Received-Cash $ 44,036,201.61
II Cash Forwarded by Administrator on behalf of Seller ($ 7,598.24)
III Cash Forwarded by Administrator on behalf of Servicer $ 14,204.86
iv Cash Forwarded by Administrator for Consolidation Activity $ 414.87
V Cash Forwarded by Administrator for Late Fee Activity $ 202,184.02
----------------
vi Total Interest Collections $ 44,245,407.22
C Other Reimbursements $ 186,862.36
D Administrator Account Investment Income $ 973,622.45
E Return Funds Borrowed For Previous Distribution $ -
F TOTAL FUNDS RECEIVED $130,130,480.28
LESS FUNDS PREVIOUSLY REMITTED:
Servicing Fees $ (3,875,302.47)
Consolidation Loan Rebate Fees $ (584,974.00)
--------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $125,670,203.81
--------------------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 1,255,545.27
ii Percentage of Principal Calculation $ 1,914,370.75
iii Lesser of Unit or Principal Calculation $ 1,255,545.27
H Servicing Fees Due For Current Period $ 1,914,370.75
I Carryover Servicing Fees Due (1) $ 0.00
JUL 1998 Servicing Carryover $ 0.00
AUG 1998 Servicing Carryover $ 0.00
SEP 1998 Servicing Carryover $ 0.00
------
TOTAL: Carryover Servicing Fee Due $ 0.00
======
Less: Servicing ADJ [A iii + B iii] ($ 22,268.71)
J Administration Fees Due $ 20,000.00
--------------------------------------------------------------------------------------------------------------
K TOTAL FEES DUE FOR PERIOD $ 1,912,102.04
--------------------------------------------------------------------------------------------------------------
(1) No Carryover Servicing Fees due before the April 2003 payment date
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IV. 1998-1 Portfolio Characteristics
- ------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Weighted Avg.
Coupon # of Charts % Principal Amount
- ------------------------------------------------------------------------------------------------------------------------------------
STATUS 6/30/98 9/30/98 6/30/98 9/30/98 6/30/98 9/30/98 6/30/98 9/30/98 6/30/98 9/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM
In School
Current 7.794% 7.794% 93,513 85,240 12.502% 11.663% $ 333,499,480.70 $ 298,626,300.59 11.585% 10.632%
Grace
Current 7.804% 7.804% 54,224 52,741 7.249% 7.216% $ 202,274,324.98 $ 206,132,780.48 7.027% 7.339%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.798% 7.798% 147,737 137,981 19.751% 18.879% $ 535,773,805.68 $ 504,759,031.07 18.612% 17.971%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.407% 8.371% 390,504 368,519 52.208% 50.422% $ 1,525,789,305.27 $ 1,430,904,017.07 53.004% 50.947%
31-60 Days Delinquent 8.430% 8.380% 29,413 29,443 3.932% 4.029% $ 112,125,834.11 $ 113,090,562.48 3.895% 4.027%
61-90 Days Delinquent 8.410% 8.350% 15,518 19,784 2.075% 2.707% $ 55,150,213.59 $ 77,558,339.40 1.916% 2.761%
91-120 Days Delinquent 8.375% 8.337% 9,321 10,923 1.246% 1.495% $ 31,132,934.77 $ 38,149,091.56 1.082% 1.358%
>120 Days Delinquent 8.319% 8.296% 21,136 13,464 2.826% 1.842% $ 64,951,225.06 $ 40,719,378.50 2.256% 1.450%
Deferment
Current 8.186% 8.091% 77,578 80,787 10.372% 11.054% $ 311,636,494.34 $ 315,558,599.19 10.826% 11.235%
Forbearance
Current 8.358% 8.309% 53,787 62,281 7.191% 8.522% $ 232,943,977.70 $ 266,480,573.40 8.092% 9.488%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.371% 8.323% 597,257 585,201 79.849% 80.071% $ 2,333,729,984.84 $ 2,282,460,561.60 81.071% 81.266%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims In Process (1) 8.344% 8.279% 2,989 7,678 0.400% 1.050% $ 9,113,494.67 $ 21,417,151.05 0.317% 0.763%
Aged Claims Rejected (2) 9.000% 8.053% 1 4 0.000% 0.000% $ 8.574.61 $ 7,687.46 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.167% 8.223% 747,984 730,864 100.00% 100.00% $ 2,878,625,859.80 $ 2,808,644,481.18 100.00% 100.00%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
V. 1998-1 Portfolio Characteristics by School and Program 9/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS GSL-SUB GSL-UNSUB CONS-SUB
------------------------------------------------------------------------------------------------------
- ------------------------------
STATUS
- ------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 6.199% 2.940% 0.000% 0.000% 0.000% 0.000% 0.499% 0.233% 0.000%
Grace
Current 4.171% 2.145% 0.000% 0.000% 0.000% 0.000% 0.287% 0.148% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 10.371% 5.085% 0.000% 0.000% 0.000% 0.000% 0.786% 0.381% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 21.465% 7.632% 0.000% 0.041% 2.155% 1.641% 1.611% 0.758% 0.000%
31-60 Days Delinquent 1.492% 0.485% 0.000% 0.007% 0.134% 0.165% 0.205% 0.087% 0.000%
61-90 Days Delinquent 1.134% 0.403% 0.000% 0.001% 0.063% 0.161% 0.133% 0.057% 0.000%
91-120 Days Delinquent 0.548% 0.173% 0.000% 0.001% 0.039% 0.067% 0.088% 0.035% 0.000%
* 120 Days Delinquent 0.530% 0.182% 0.000% 0.000% 0.020% 0.049% 0.117% 0.047% 0.000%
Deferment
Current 5.626% 1.966% 0.001% 0.001% 0.306% 0.859% 0.447% 0.162% 0.000%
Forbearance
Current 4.130% 1.731% 0.000% 0.003% 0.212% 0.738% 0.368% 0.159% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 34.945% 12.572% 0.001% 0.053% 2.931% 3.679% 2.969% 1.304% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.316% 0.109% 0.000% 0.001% 0.008% 0.022% 0.084% 0.030% 0.000%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 45.631% 17.766% 0.001% 0.055% 2.938% 3.701% 3.839% 1.716% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 70.091% 5.882%
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------
TWO YEAR SCHOOLS
------------------------------------------
------------------------------------------
CONS-UNSUB PLUS SLS
------------------------------------------
<S> <C> <C> <C>
- ----------------------------------
STATUS
- ----------------------------------
INTERIM:
In School
Current 0.000% 0.000% 0.000%
Grace
Current 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------
TOTAL INTERIM 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------
REPAYMENT:
Active
Current 0.002% 0.098% 0.092%
31-60 Days Delinquent 0.000% 0.006% 0.012%
61-90 Days Delinquent 0.000% 0.003% 0.008%
91-120 Days Delinquent 0.000% 0.002% 0.004%
* 120 Days Delinquent 0.000% 0.001% 0.006%
Deferment
Current 0.000% 0.009% 0.046%
Forbearance
Current 0.001% 0.007% 0.025%
- -----------------------------------------------------------------------------
TOTAL REPAYMENT 0.003% 0.126% 0.192%
- -----------------------------------------------------------------------------
Claims in Process (1) 0.000% 0.001% 0.005%
Aged Claims Rejected (2) 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 0.003% 0.127% 0.197%
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE
- -----------------------------------------------------------------------------
</TABLE>
* Greater than.
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
-----------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS GSL-SUB GSL-UNSUB CONS-SUB
- -------------------------------------------------------------------------------------------------------------------------------
STATUS
- --------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 0.307% 0.243% 0.000% 0.000% 0.000% 0.000% 0.111% 0.100% 0.000%
Grace
Current 0.252% 0.193% 0.000% 0.000% 0.000% 0.000% 0.074% 0.069% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.559% 0.436% 0.000% 0.000% 0.000% 0.000% 0.185% 0.169% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.891% 1.375% 0.000% 0.004% 0.310% 0.154% 0.146% 0.075% 3.240%
31-60 Days Delinquent 0.232% 0.159% 0.000% 0.000% 0.021% 0.024% 0.024% 0.016% 0.278%
61-90 Days Delinquent 0.151% 0.094% 0.000% 0.000% 0.007% 0.018% 0.020% 0.016% 0.151%
91-120 Days Delinquent 0.102% 0.070% 0.000% 0.000% 0.005% 0.010% 0.007% 0.003% 0.064%
* 120 Days Delinquent 0.181% 0.120% 0.000% 0.000% 0.004% 0.010% 0.008% 0.004% 0.048%
Defferment
Current 0.292% 0.204% 0.000% 0.000% 0.007% 0.055% 0.173% 0.103% 0.335%
Forbearance
Current 0.445% 0.326% 0.000% 0.000% 0.022% 0.050% 0.094% 0.057% 0.330%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.294% 2.348% 0.000% 0.0040% 0.376% 0.321% 0.472% 0.275% 4.448%
- -------------------------------------------------------------------------------------------------------------------------------
Claims in Process 0.078% 0.048% 0.000% 0.000% 0.002% 0.005% 0.004% 0.001% 0.011%
Aged Claims Rejected 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL PROGRAM 3.931% 2.831% 0.000% 0.004% 0.378% 0.326% 0.661% 0.445% 4.459%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 7.471% 16.556%
- -------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------
CONS-UNSUB PLUS SLS
- ---------------------------------------------------------
STATUS
- -----------------------------
<S> <C> <C> <C>
INTERIM:
In School
Current 0.000% 0.000% 0.000%
Grace
Current 0.000% 0.000% 0.000%
- ---------------------------------------------------------
TOTAL INTERIM 0.000% 0.000% 0.000%
- ---------------------------------------------------------
REPAYMENT
Active
Current 8.204% 0.014% 0.038%
31-60 Days Delinquent 0.671% 0.001% 0.007%
61-90 Days Delinquent 0.334% 0.000% 0.009%
91-120 Days Delinquent 0.136% 0.000% 0.003%
* 120 Days Delinquent 0.102% 0.000% 0.003%
Defferment
Current 0.553% 0.001% 0.089%
Forbearance
Current 0.745% 0.002% 0.042%
- ---------------------------------------------------------
TOTAL REPAYMENT 10.746% 0.017% 0.191%
- ---------------------------------------------------------
Claims in Process 0.037% 0.000% 0.001%
Aged Claims Rejected 0.000% 0.000% 0.000%
- ---------------------------------------------------------
TOTAL BY SCHOOL PROGRAM 10.782% 0.017% 0.191%
- ---------------------------------------------------------
TOTAL BY SCHOOL TYPE
- ---------------------------------------------------------
</TABLE>
* Greater than.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 9.139% 0.732% 0.550% 0.211% 10.632%
Grace
Current 6.316% 0.435% 0.445% 0.143% 7.339%
- -------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 15.455% 1.167% 0.995% 0.354% 17.971%
- -------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 32.934% 2.561% 3.734% 11.718% 50.947%
31-60 Days Delinquent 2.283% 0.311% 0.435% 0.997% 4.027%
61-90 Days Delinquent 1.762% 0.201% 0.269% 0.530% 2.761%
91-120 Days Delinquent 0.828% 0.129% 0.186% 0.215% 1.358%
* 120 Days Delinquent 0.801% 0.170% 0.315% 0.164% 1.450%
Deferment
Current 8.760% 0.663% 0.559% 1.253% 11.235%
Forbearance
Current 6.813% 0.560% 0.843% 1.271% 9.488%
- -------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 54.180% 4.595% 6.343% 16.148% 81.266%
- -------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.455% 0.121% 0.133% 0.054% 0.763%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 70.091% 5.882% 7.471% 16.556% 100.000%
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
* Greater than.
11
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VI. 1998-1 Interest Calculation
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Borrower Interest Accrued During Collection Period
B Interest Subsidy Payments Accrued During Collection Period $ 47,918,498.26
C SAP Payments Accrued During Collection Period $ 10,792,480.44
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 222,827.12
E Investment Earnings (ADMINISTRATOR ACT) $ 168,480.22
F Net Expected Interest Collections $ 973,622.45
-------------------
$ 60,075,908.49
G Student Loan Rate
I Days In Collection Period (7/1/98-9/30/98) $ 92
ii Days in Year $ 365
iii Net Expected Interest Collections $ 60,075,908.49
iv Primary Servicing Fee $ 5,789,673.22
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 2,926,675,833.20
vii Student Loan Rate 7.35631%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.46229%
I Class A-1 Interest Rate 0.013618301 (7/27/98-10/26/98) 5.46229%
J Class A-2 T-Bill Based Interest Rate 5.51229%
K Class A-2 Interest Rate 0.013742959 (7/27/98-10/26/98) 5.51229%
L Certificate T-Bill Based Rate of Return 5.72229%
M Certificate Rate of Return 0.014266521 (7/27/98-10/26/98) 5.72229%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VII. 1998-1 Inputs From Previous Quarterly Servicing Reports 6/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 2,878,625,859.80
ii Interest To Be Capitalized $ 48,049,973.40
-------------------
iii Total Pool $ 2,926,675,833.20
iv Specified Reserve Account Balance $ 7,497,902.00
-------------------
v Total Adjusted Pool $ 2,934,173,735.20
===================
B Total Note and Certificate Factor 0.97283398929
C Total Note and Certificate Balance $ 2,961,452,588.51
------------------------------------------------------------------------------------------------------------------------
D Note Balance 7/27/98 Class A-1 Class A-2 Certificates
------------------------------------------------------------------------------------------------------------------------
i Current Factor 7/27/98 0.9517264541 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,630,402,588.51 $ 1,224,500,000.00 $ 106,550,000.00
E Note Principal Shortfall $ 27,278,853.31 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00
------------------------------------------------------------------------------------------------------------------------
H Reserve Account Balance $ 7,316,689.58
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 form Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VII. 1998-1 Waterfall for Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds (Sections III-F + VI-D + IX-Gvii) $ 126,010,120.23 $ 126,010,120.23
B Primary Servicing Fees-Current Month $ 1,892,102.04 $ 124,118,018.19
C Administration Fee $ 20,000.00 $ 124,098,018.19
D Noteholder's Interest Distribution Amount
i Class A-1 $ 22,203,313.20 $ 101,894,704.99
ii Class A-2 $ 16,828,253.30 $ 85,066,451.69
-----------------
iii Total Noteholder's Interest Distribution $ 39,031,566.50
E Certificateholder's Return Distribution Amount $ 1,520,097.81 $ 83,546,353.88
F Noteholder's Principal Distribution Amount
i Class A-1 $ 83,546,353.88 $ 0.00
ii Class A-2 $ 0.00 $ 0.00
-----------------
iii Total Noteholder's Principal Distribution $ 83,546,353.88
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 Principal Carryover
i Class A-1 $ 0.00 $ 0.00
ii Class A-2 $ 0.00 $ 0.00
-----------------
iii Total Noteholder's Interest Carryover $ 0.00 $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 0.00
L Excess to Reserve Account $ 0.00 $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IX. 1998-1 Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 22,203,313.20 $ 16,828,253.30 $ 1,520,097.81
ii Quarterly Interest Paid 22,203,313.20 16,828,253.30 1,520,097.81
------------- ------------- ------------
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 $ 96,205,981.83 $ 0.00 $ 0.00
viii Quarterly Principal Paid 83,546,353.88 0.00 0.00
------------- ---- ----
ix Quarterly Principal Shortfall $ 12,659,627.95 $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 105,749,667.08 $ 16,828,253.30 $ 1,520,097.81
--------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 9/30/98 $ 2,961,452,588.51
ii Adjusted Pool Balance 9/30/98 2,865,246,606.68
------------------
iii Adjusted Pool Exceeding Notes and Certificate
Balance (i-ii) $ 96,205,981.83
==================
iv Adjusted Pool Balance 6/30/98 $ 2,934,173,735.20
v Adjusted Pool Balance 9/30/98 2,865,246,606.68
------------------
vi Current Principal Due (iv-v) $ 68,927,128.52
vii Principal Shortfall from Previous Collection Period 27,278,853.31
------------------
viii Total Principal Due (vi+vii) $ 96,205,981.83
==================
ix Principal Distribution Amount $ 83,546,353.88
x Total Principal Shortfall (viii-ix) $ 12,659,627.95
C Total Principal Distribution $ 83,546,353.88
D Total Interest Distribution 40,551,664.31
------------------
E Total Cash Distributions-Note and Certificates $ 124,098,018.19
------------------------------------------------------------------------------
F Note & Certificate Balances 7/27/98 10/26/98
------------------------------------------------------------------------------
i A-1 Note Balance (78442GAX4) $ 1,630,402,588.51 $ 1,546,856,234.63
A-1 Note Pool Factor 0.9517264541 0.9029573490
ii A-2 Note Balance (78442GAY2) $ 1,224,500,000.00 $ 1,224,500,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAZ9) $ 106,550,000.00 $ 106,550,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
------------------------------------------------------------------------------
G Reserve Account Reconciliation
i Beginning of Period Balance $ 7,316,689.58
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ -
------------------
iv Total Reserve Account Balance Available $ 7,316,689.58
v Required Reserve Account Balance $ 7,145,253.38
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to Waterfall $ 171,436.20
viii Ending Reserve Account Balance $ 7,145,253.38
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
X. 1998-1 Historical Pool Information
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
--------------------------------------------
7/1/98-9/30/98 2/9/98-6/30/98
-------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 2,878,625,859.80 $ 2,949,265,754.91
-------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 59,792,483.40 $ 93,921,131.21
ii Principal Collections from Guarantor 24,778,763.45 3,138,024.59
iii Principal Reimbursements 153,341.40 1,814,535.76
iv Other System Adjustments - -
------------------ -------------------
v Total Principal Collections $ 84,724,588.25 $ 98,873,691.56
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,778,134.69 $ 3,337,507.27
ii Capitalized Interest (17,521,344.32) (31,571,303.72)
------------------ -------------------
iii Total Non-Cash Principal Activity $ (14,743,209.63) $ (28,233,796.45)
-------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 69,981,378.62 $ 70,639,895.11
-------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interests Collections $ 29,488,963.28 $ 44,938,562.74
ii Interest Claims Received from Guarantors 1,543,694.98 94,728.01
iii Late Fee Reimbursements 202,184.02 -
iv Interest Reimbursements 7,021.59 62,121.23
v Other System Adjustments - -
vi Special Allowance Payments 410,248.91 372,440.71
vii Subsidy Payments 12,593,294.44 7,591,720.01
------------------ -------------------
viii Total Interest Collections $ 44,245,407.22 $ 53,059,572.70
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,348,039.35) $ (3,259,690.27)
ii Capitalized Interest 17,521,344.32 31,571,303.72
------------------ -------------------
iii Total Non-Cash Interest Adjustments $ 15,173,304.97 $ 28,311,613.45
------------------ -------------------
Total Student Loan Interest Activity $ 59,418,712.19 $ 81,371,186.15
(=) Ending Student Loan Portfolio Balance $ 2,808,644,481.18 $ 2,878,625,859.80
-------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 49,456,872.12 $ 48,049,973.40
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 2,858,101,353.30 $ 2,926,675,833.20
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 7,145,253.38 $ 7,497,902.00
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 2,865,246,606.68 $ 2,934,173,735.20
-------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1998-1 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR*
Apr-98 $ 2,999,160,860 -
Jul-98 $ 2,926,675,833 2.63%
Oct-98 $ 2,858,101,353 4.46%
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool
data.
- --------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1998-2
Quarterly Servicing Report
Report Date: 9/30/98 Reporting Period: 5/25/98-9/30/98
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 5/25/98 Activity 9/30/98
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Portfolio Balance $ 2,955,578,269.52 $ (71,337,174.32) $ 2,884,241,095.20
ii Interest to be Capitalized 50,674,160.31 40,537,081.96
---------------------- ---------------------
iii Total Pool $ 3,006,252,429.83 $ 2,924,778,177.16
iv Specified Reserve Account Balance 7,515,631.00 7,311,945.44
---------------------- ---------------------
v Total Adjusted Pool $ 3,013,768,060.83 $2,932,090,122.60
====================== =====================
B i Weighted Average Coupon (WAC) 8.2798% 8.2613%
ii Weighted Average Remaining Term 124.99 123.54
iii Number of Loans 732,090 718,525
iv Number of Borrowers 343,839 337,409
----------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
% of % of
C Notes and Certificates Spread Balance 6/18/98 O/S Securities Balance 10/26/98 O/S Securities
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
i A-1 Notes 78442GBA3 0.68% $ 1,678,480,000.00 55.555% $ 1,590,009,094.61 54.214%
ii A-2 Notes 78442GBB1 0.73% 1,237,060,000.00 40.945% 1,237,060,000.00 42.180%
iii Certificates 78442GBC9 0.95% 105,750,000.00 3.500% 105,750,000.00 3.606%
----------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 3,021,290,000.00 100.000% $ 2,932,819,094.61 100.000%
======================================================================================================================
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
D Reserve Account 6/18/98 10/26/98
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($) $ 7,515,631.00
iii Specified Reserve Acct Balance ($) $ 7,311,945.44
iv Reserve Account Floor Balance ($) $ 3,006,252.00 $ 3,006,252.00
v Current Reserve Acct Balance ($) $ 7,515,631.00 $ 7,311,945.44
----------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
II. 1998-2 Transactions from: 5/25/98 through: 9/30/98
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 99,781,470.14
ii Principal Collections from Guarantor $ 2,128,047.15
iii Principal Reimbursements $ 970,064.09
iv Other System Adjustments $ 0.00
----------------
v Total Principal Collections $ 102,879,581.38
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 3,355,139.09
ii Capitalized Interest $ (34,897,546.15)
----------------
iii Total Non-Cash Principal Activity $ (31,542,407.06)
------------------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 71,337,174.32
------------------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 46,221,267.99
ii Interest Claims Received from Guarantors $ 50,657.73
iii Late Fee Reimbursements $ 182,082.85
iv Interest Reimbursements $ 22,196.97
v Other System Adjustments $ 0.00
vi Special Allowance Payments $ 226,710.99
vii Subsidy Payments $ 5,059,708.37
----------------
viii Total Interest Collections $ 51,762,624.90
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (3,237,967.33)
ii Capitalized Interest $ 34,897,546.15
----------------
iii Total Non-Cash Interest Adjustments $ 31,659,578.82
------------------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 83,422,203.72
------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
III. 1998-2 Collection Account Activity 5/25/98 through 9/30/98
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $ 101,909,517.29
ii Cash Forwarded by Administrator on behalf of Seller $ 862,032.91
iii Cash Forwarded by Administrator on behalf of Servicer $ 14,518.54
iv Cash Forwarded by Administrator for Consolidation Activity $ 93,512.64
----------------
v Total Principal Collections $ 102,879,581.38
B Interest Collections
i Interest Payments Received-Cash $ 51,558,345.08
ii Cash Forwarded by Administrator on behalf of Seller $ 18,405.92
iii Cash Forwarded by Administrator on behalf of Servicer $ 11,342.04
iv Cash Forwarded by Administrator for Consolidation Activity $ 2,993.97
v Cash Forwarded by Administrator for Late Fee Activity $ 171,537.89
----------------
vi Total Interest Collections $ 51,762,624.90
C Other Reimbursements $ 308,283.61
D Administrator Account Investment Income $ 1,030,964.92
E Return funds borrowed for previous distribution $ -
F TOTAL FUNDS RECEIVED $ 155,981,454.81
LESS FUNDS PREVIOUSLY REMITTED:
Servicing Fees $ (4,836,135.40)
Consolidation Loan Rebate Fees $ (1,119,458.00)
-----------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 150,025,861.41
-----------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Primary Servicing Fee - Non-Consolidation Loans $ 1,697,590.65
ii Primary Servicing Fee - Consolidation Loans $ 267,310.09
H Servicing Fees Due for Current Period $ 1,964,900.74
Less: Servicing ADJ [A iii + B iii] $ (25,860.58)
I Carryover Servicing Fees Due $ 0.00
J Administration Fees Due $ 20,000.00
-----------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,959,040.16
-----------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
IV. 1998-2 Portfolio Characteristics
- ------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans % Principal Amount %
- ------------------------------------------------------------------------------------------------------------------------------
STATUS 5/25/98 9/30/98 5/25/98 9/30/98 5/25/98 9/30/98 5/25/98
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.729% 7.716% 90,893 79,179 12.416% 11.020% $ 383,082,112.54
Grace
Current 7.754% 7.758% 148,312 48,149 20.259% 6.701% $ 454,874,062.81
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.742% 7.731% 239,205 127,328 32.675% 17.721% $ 837,956,175.35
- ------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.531% 8.424% 352,216 403,070 48.111% 56.097% $ 1,443,286,111.67
31-60 Days Delinquent 8.529% 8.429% 23,170 27,674 3.165% 3.851% $ 96,333,479.45
61-90 Days Delinquent 8.499% 8.357% 12,586 25,745 1.719% 3.583% $ 54,738,752.42
91-120 Days Delinquent 8.506% 8.384% 5,150 8,434 0.703% 1.174% $ 22,074,734.38
* 120 Days Delinquent - 8.354% - 9,526 - 1.326% $ -
Deferment
Current 8.341% 8.172% 59,808 66,553 8.169% 9.262% $ 287,073,270.52
Forbearance
Current 8.475% 8.357% 39,955 49,334 5.457% 6.866% $ 214,115,745.73
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.498% 8.382% 492,885 590,336 67.325% 82.159% $ 2,117,622,094.17
- ------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.000% 8.419% 0 861 0.000% 0.120% $ -
Aged Claims Rejected (2) 0.000% 0.000% 0 0 0.000% 0.000% $ -
- ------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.232% 8.167% 732,090 718,525 100.00% 100.00% $ 2,955,578,269.52
- ------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------
Principal Amount %
- ---------------------------------------------------------------------
STATUS 9/30/98 5/25/98 9/30/98
- ---------------------------------------------------------------------
<S> <C> <C> <C>
INTERIM:
In School
Current $ 325,411,313.20 12.961% 11.282%
Grace
Current $ 192,944,059.91 15.390% 6.690%
- ---------------------------------------------------------------------
TOTAL INTERIM $ 518,355,373.11 28.352% 17.972%
- ---------------------------------------------------------------------
REPAYMENT
Active
Current 1,566,971,315.02 48.833% 54.329%
31-60 Days Delinquent $ 106,916,453.78 3.259% 3.707%
61-90 Days Delinquent $ 92,931,391.73 1.852% 3.222%
91-120 Days Delinquent $ 30,025,072.97 0.747% 1.041%
* 120 Days Delinquent $ 30,771,717.40 - 1.067%
Deferment
Current $ 295,984,678.61 9.713% 10.262%
Forbearance
Current $ 239,194,067.35 7.244% 8.293%
- ---------------------------------------------------------------------
TOTAL REPAYMENT $ 2,362,794,696.86 71.648% 81.921%
- ---------------------------------------------------------------------
Claims in Process (1) $ 3,091,025.23 0.000% 0.107%
Aged Claims Rejected (2) $ - 0.000% 0.000%
- ---------------------------------------------------------------------
GRAND TOTAL $ 2 ,884,241,095.20 100.00% 100.00%
- ---------------------------------------------------------------------
</TABLE>
* Greater than.
(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.
4
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
V. 1998-2 Portfolio Characteristics by School and Program 9/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
------------------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS GSL-SUB GSL-UNSUB CONS-SUB
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------
STATUS
- ------------------------------
INTERIM:
In School
Current 6.068% 4.116% 0.000% 0.000% 0.000% 0.000% 0.492% 0.263% 0.000%
Grace
Current 3.736% 2.046% 0.000% 0.000% 0.000% 0.000% 0.310% 0.178% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 9.804% 6.162% 0.000% 0.000% 0.000% 0.000% 0.802% 0.441% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 18.511% 4.797% 0.043% 0.135% 5.489% 3.174% 1.553% 0.466% 0.002%
31-60 Days Delinquent 1.171% 0.334% 0.004% 0.009% 0.184% 0.178% 0.192% 0.054% 0.000%
61-90 Days Delinquent 1.270% 0.465% 0.000% 0.003% 0.064% 0.277% 0.204% 0.077% 0.000%
91-120 Days Delinquent 0.325% 0.082% 0.000% 0.002% 0.024% 0.067% 0.076% 0.022% 0.000%
* 120 Days Delinquent 0.354% 0.094% 0.000% 0.002% 0.024% 0.057% 0.093% 0.023% 0.000%
Deferment
Current 4.901% 1.695% 0.004% 0.005% 0.306% 1.493% 0.303% 0.110% 0.001%
Forbearance
Current 3.283% 1.150% 0.005% 0.010% 0.213% 1.263% 0.282% 0.107% 0.001%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 29.816% 8.618% 0.056% 0.166% 6.305% 6.509% 2.703% 0.859% 0.003%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.031% 0.009% 0.000% 0.000% 0.011% 0.006% 0.009% 0.002% 0.000%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 39.651% 14.789% 0.056% 0.166% 6.316% 6.515% 3.513% 1.302% 0.003%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 67.492% 5.359%
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------------------------------------------------------------
TWO YEAR SCHOOLS
------------------------------------------
------------------------------------------
CONS-UNSUB PLUS SLS
------------------------------------------
<S> <C> <C> <C>
- ----------------------------------
STATUS
- ----------------------------------
INTERIM:
In School
Current 0.000% 0.000% 0.000%
Grace
Current 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------
TOTAL INTERIM 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------
REPAYMENT:
Active
Current 0.008% 0.247% 0.129%
31-60 Days Delinquent 0.002% 0.011% 0.011%
61-90 Days Delinquent 0.001% 0.004% 0.010%
91-120 Days Delinquent 0.000% 0.003% 0.006%
* 120 Days Delinquent 0.001% 0.004% 0.005%
Deferment
Current 0.000% 0.009% 0.044%
Forbearance
Current 0.000% 0.010% 0.034%
- -----------------------------------------------------------------------------
TOTAL REPAYMENT 0.012% 0.288% 0.239%
- -----------------------------------------------------------------------------
Claims in Process (1) 0.000% 0.002% 0.000%
Aged Claims Rejected (2) 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 0.012% 0.290% 0.239%
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE
- -----------------------------------------------------------------------------
</TABLE>
* Greater than.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS GSL-SUB GSL-UNSUB CONS-SUB
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ---------------------------------
STATUS
- ---------------------------------
INTERIM:
In School
Current 0.171% 0.140% 0.000% 0.000% 0.000% 0.000% 0.020% 0.012% 0.000%
Grace
Current 0.221% 0.176% 0.000% 0.000% 0.000% 0.000% 0.014% 0.010% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.392% 0.316% 0.000% 0.000% 0.000% 0.000% 0.034% 0.022% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.300% 0.845% 0.002% 0.011% 0.388% 0.127% 0.068% 0.022% 4.678%
31-60 Days Delinquent 0.181% 0.099% 0.000% 0.001% 0.018% 0.016% 0.009% 0.003% 0.351%
61-90 Days Delinquent 0.131% 0.077% 0.000% 0.001% 0.010% 0.011% 0.004% 0.002% 0.164%
91-120 Days Delinquent 0.086% 0.052% 0.000% 0.000% 0.005% 0.006% 0.003% 0.000% 0.089%
* 120 Days Delinquent 0.113% 0.052% 0.000% 0.001% 0.006% 0.008% 0.003% 0.000% 0.070%
Deferment
Current 0.155% 0.093% 0.000% 0.001% 0.006% 0.022% 0.032% 0.015% 0.369%
Forbearance
Current 0.228% 0.138% 0.000% 0.001% 0.018% 0.029% 0.020% 0.009% 0.442%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 2.193% 1.355% 0.003% 0.016% 0.451% 0.219% 0.139% 0.053% 6.162%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.010% 0.004% 0.000% 0.000% 0.001% 0.001% 0.000% 0.000% 0.007%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 2.594% 1.675% 0.003% 0.016% 0.452% 0.220% 0.173% 0.075% 6.169%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 4.960% 22.189%
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------
UNKNOWN
-------------------------------------
CONS-UNSUB PLUS SLS
-------------------------------------
<S> <C> <C> <C>
- ---------------------------------
STATUS
- ---------------------------------
INTERIM:
In School
Current 0.000% 0.000% 0.000%
Grace
Current 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------
TOTAL INTERIM 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------
REPAYMENT:
Active
Current 12.319% 0.007% 0.011%
31-60 Days Delinquent 0.876% 0.001% 0.001%
61-90 Days Delinquent 0.444% 0.000% 0.002%
91-120 Days Delinquent 0.193% 0.000% 0.001%
* 120 Days Delinquent 0.155% 0.000% 0.000%
Deferment
Current 0.684% 0.001% 0.012%
Forbearance
Current 1.042% 0.001% 0.007%
- ------------------------------------------------------------------------
TOTAL REPAYMENT 15.713% 0.009% 0.034%
- ------------------------------------------------------------------------
Claims in Process (1) 0.016% 0.000% 0.000%
Aged Claims Rejected (2) 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 15.729% 0.009% 0.034%
- ------------------------------------------------------------------------
- ------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE
- ------------------------------------------------------------------------
</TABLE>
* Greater than.
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
---------------------------------
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 10.184% 0.755% 0.311% 0.032% 11.282%
Grace
Current 5.782% 0.488% 0.396% 0.024% 6.690%
--------------------------------------------------------------------------------------------
TOTAL IN TERM 15.966% 1.242% 0.708% 0.056% 17.972%
--------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 32.149% 2.404% 2.672% 17.104% 54.329%
31-60 Days Delinquent 1.880% 0.270% 0.316% 1.241% 3.707%
61-90 Days Delinquent 2.081% 0.295% 0.230% 0.616% 3.222%
91-120 Days Delinquent 0.499% 0.106% 0.149% 0.286% 1.041%
* 120 Days Delinquent 0.532% 0.127% 0.180% 0.228% 1.067%
Deferment
Current 8.404% 0.467% 0.277% 1.114% 10.262%
Forbearance
Current 5.925% 0.434% 0.414% 1.521% 8.293%
--------------------------------------------------------------------------------------------
TOTAL REPAYMENT 51.470% 4.104% 4.237% 22.110% 81.921%
--------------------------------------------------------------------------------------------
Claims in Process (1) 0.057% 0.012% 0.015% 0.023% 0.107%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000%
--------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 67.492% 5.359% 4.960% 22.189% 100.000%
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
</TABLE>
* Greater than.
5
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
VI. 1998-2 Interest Calculation
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 70,078,753.15
B Interest Subsidy Payments Accrued During Collection Period $ 14,984,739.39
C SAP Payments Accrued During Collection Period $ 547,427.65
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 119,113.50
E Investment Earnings (ADMINISTRATOR ACT) $ 1,030,964.92
------------------
F Net Expected Interest Collections $ 86,760,998.61
G Student Loan Rate
i Days in Collection Period (5/25/98-9/30/98) 129
ii Days in Year 365
iii Net Expected Interest Collections $ 86,760,998.61
iv Primary Servicing Fee $ 6,801,036.14
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 3,006,252,429.83
vii Student Loan Rate 7.52388%
Accrued
Int Factor Accrual Period
---------- --------------
H Class A-1 T-Bill Based Interest Rate 5.54066%
I Class A-1 Interest Rate 0.019733863 (6/18/98-10/26/98) 5.54066%
J Class A-2 T-Bill Based Interest Rate 5.59066%
K Class A-2 Interest Rate 0.019911945 (6/18/98-10/26/98) 5.59066%
L Certificate T-Bill Based Rate of Return 5.81066%
M Certificate Rate of Return 0.020695507 (6/18/98-10/26/98) 5.81066%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VII. 1998-2 Inputs From Original Data 5/25/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 2,955,578,269.52
ii Interest To Be Capitalized 50,674,160.31
------------------
iii Total Pool $ 3,006,252,429.83
iv Specified Reserve Account Balance 7,515,631.00
==================
v Total Adjusted Pool $ 3,013,768,060.83
==================
B Total Note and Certificate Factor 1.00000000000
C Total Note and Certificate Balance $ 3,021,290,000.00
-------------------------------------------------------------------------------------------------------------------
D Note Balance 6/18/98 Class A-1 Class A-2 Certificates
-------------------------------------------------------------------------------------------------------------------
i Current Factor 6/18/98 1.0000000000 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,678,480,000.00 $ 1,237,060,000.00 $ 105,750,000.00
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
-------------------------------------------------------------------------------------------------------------------
H Reserve Account Balance $ 7,515,631.00
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>
7
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VIII. 1998-2 Waterfall for Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<S> <C> <C> <C>
A Total Available Funds ( Sections III-F + VI-D + IX-G-vii ) (1) $ 150,373,660.47 $ 150,373,660.47
B Primary Servicing Fees-Current Month $ 1,939,040.16 $ 148,434,620.31
C Administration Fee $ 20,000.00 $ 148,414,620.31
D Noteholder's Interest Distribution Amount
i Class A-1 $ 33,122,894.37 $ 115,291,725.94
ii Class A-2 $ 24,632,270.68 $ 90,659,455.26
----------------
iii Total Noteholder's Interest Distribution $ 57,755,165.05
E Certificateholder's Return Distribution Amount $ 2,188,549.87 $ 88,470,905.39
F Noteholder's Principal Distribution Amount
i Class A-1 $ 88,470,905.39 $ 0.00
ii Class A-2 $ 0.00 $ 0.00
----------------
iii Total Noteholder's Principal Distribution $ 88,470,905.39
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
ii Class A-2 $ 0.00 $ 0.00
----------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 0.00
L Excess to Reserve Account $ 0.00 $ 0.00
(1) Includes initial deposit of $25,000 from seller
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IX. 1998-2 Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i Quarterly Interest Due $ 33,122,894.37 $ 24,632,270.68 $ 2,188,549.87
ii Quarterly Interest Paid 33,122,894.37 24,632,270.68 2,188,549.87
------------------ --------------- --------------
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 $ 89,199,877.40 $ 0.00 $ 0.00
viii Quarterly Principal Paid 88,470,905.39 0.00 0.00
------------------ --------------- --------------
ix Quarterly Principal Shortfall $ 728,972.01 $ 0.00 $ 0.00
-------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 121,593,799.76 $ 24,632,270.68 $ 2,188,549.87
-------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 9/30/98 $ 3,021,290,000.00
ii Adjusted Pool Balance 9/30/98 2,932,090,122.60
------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 89,199,877.40
==================
iv Adjusted Pool Balance 6/30/98 $ 3,013,768,060.83
v Adjusted Pool Balance 9/30/98 2,932,090,122.60
------------------
vi Current Principal Due (iv-v) $ 81,677,938.23
vii Notes and Certificates Issued Exceeding Adjusted Pool Balance 7,521,939.17
------------------
viii Total Principal Due (vi + vii) $ 89,199,877.40
==================
ix Principal Distribution Amount $ 88,470,905.39
x Total Principal Shortfall (viii - ix) $ 728,972.01
C Total Principal Distribution $ 88,470,905.39
D Total Interest Distribution 59,943,714.92
------------------
E Total Cash Distributions-Note and Certificates $ 148,414,620.31
----------------------------------------------------------------------------------------
F Note & Certificate Balances 6/18/98 10/26/98
----------------------------------------------------------------------------------------
i A-1 Note Balance (78442GBA3) $ 1,678,480,000.00 $ 1,590,009,094.61
A-1 Note Pool Factor 1.0000000000 0.9472910577
ii A-2 Note Balance (78442GBB1) $ 1,237,060,000.00 $ 1,237,060,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GBC9) $ 105,750,000.00 $ 105,750,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
----------------------------------------------------------------------------------------
G Reserve Account Reconciliation
i Beginning of Period Balance $ 7,515,631.00
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 0.00
------------------
iv Total Reserve Account Balance Available $ 7,515,631.00
v Required Reserve Account Balance $ 7,311,945.44
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to Waterfall $ 203,685.56
viii Ending Reserve Account Balance $ 7,311,945.44
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
X. 1998-2 Historical Pool Information
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
---------------------
5/25/98-9/30/98
- ---------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 2,955,578,269.52
- ---------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 99,781,470.14
ii Principal Collections from Guarantor 2,128,047.15
iii Principal Reimbursements 970,064.09
iv Other System Adjustments -
---------------------
v Total Principal Collections $ 102,879,581.38
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 3,355,139.09
ii Capitalized Interest (34,897,546.15)
---------------------
iii Total Non-Cash Principal Activity $ (31,542,407.06)
- ---------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 71,337,174.32
- ---------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 46,221,267.99
ii Interest Claims Received from Guarantors 50,657.73
iii Late Fee Reimbursements 182,082.85
iv Interest Reimbursements 22,196.97
v Other System Adjustments -
vi Special Allowance Payments 226,710.99
vii Subsidy Payments 5,059,708.37
---------------------
viii Total Interest Collections $ 51,762,624.90
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (3,237,967.33)
ii Capitalized Interest 34,897,546.15
---------------------
iii Total Non-Cash Interest Adjustments $ 31,659,578.82
---------------------
Total Student Loan Interest Activity $ 83,422,203.72
(=) Ending Student Loan Portfolio Balance $ 2,884,241,095.20
- ---------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 40,537,081.96
- ---------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
(=) TOTAL POOL $ 2,924,778,177.16
- ---------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 7,311,945.44
- ---------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 2,932,090,122.60
- ---------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1998-2 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
Jul-98 $ 3,006,252,430 -
Oct-98 $ 2,924,778,177 4.32%
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool data.
- --------------------------------------------------------------------------------
11
