<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): April 27, 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
and the SLM Student Loan Trust 1998-1)
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 5
Exhibit Index appears on Page 5
<PAGE>
Item 5. Other Events
------------
On April 27, 1998, the Sallie Mae Student Loan Trust 1995-1 made its
tenth, the Sallie Mae Student Loan Trust 1996-1 made its ninth, the SLM Student
Loan Trust 1996-2 made its eighth, the SLM Student Loan Trust 1996-3 made its
seventh, the SLM Student Loan Trust 1996-4 made its sixth, the SLM Student Loan
Trust 1997-1 made its fifth, the SLM Student Loan Trust 1997-2 made its fourth,
the SLM Student Loan Trust 1997-3 made its third, and the SLM Student Loan Trust
1997-4 made its first regular quarterly distribution of funds to holders of
their respective Floating Rate Student Loan-Backed Notes and distributed their
respective Quarterly Servicing Reports, filed herewith as an Exhibit to this
Form 8-K, to Certificateholders and Noteholders of record.
The Registrant is hereby filing the Quarterly Servicing Reports
reflecting each Trust's activities as of April 27, 1998.
Page 2 of 5
Exhibit Index appears on Page 5
<PAGE>
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
-----------------------------------------------------------------
(c) Exhibits
19.1 Quarterly Servicing Reports
Page 3 of 5
Exhibit Index appears on Page 5
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Dated: May 6, 1998
SLM FUNDING
CORPORATION
By: /s/ J. LANCE FRANKE
-------------------
Name: J. Lance Franke
Title: Chief Financial Officer
Page 4 of 5
Exhibit Index appears on Page 5
<PAGE>
INDEX TO EXHIBIT
----------------
Sequentially
Exhibit Numbered
Number Exhibit Page
- ------ ------- ----
19.1 Quarterly Servicing Reports.
Page 5 of 5
Exhibit Index appears on Page 5
<PAGE>
Sallie Mae Student Loan Trust 1995-1
Quarterly Servicing Report
Report Date: 3/31/98 Reporting Period: 1/1/98-3/31/98
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 12/31/97 Activity 3/31/98
---------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
i Portfolio Balance $ 598,939,825.14 $(34,778,602.13) $ 564,161,223.01
ii Interest to be Capitalized 787,352.25 800,429.12
---------------- ----------------
iii Total Pool $ 599,727,177.39 $ 564,961,652.13
================ ================
B i Weighted Average Coupon (WAC) 8.2720% 8.2795%
ii Weighted Average Remaining Term 75.82 74.40
iii Number of Loans 357,084 339,264
iv Number of Borrowers 152,672 144,783
---------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 1/26/98 % of Pool Balance 4/27/98 % of Pool
---------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C>
i A-1 Notes 795452AA9 0.575% $ 349,727,177.39 58.314% $ 314,961,652.13 55.749%
ii A-2 Notes 795452AB7 0.750% 215,000,000.00 35.850% 215,000,000.00 38.056%
iii Certificates795452AC5 1.000% 35,000,000.00 5.836% 35,000,000.00 6.195%
---------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 599,727,177.39 100.000% $ 564,961,652.13 100.000%
=====================================================================================================================
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
D Reserve Account 1/26/98 4/27/98
---------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
i Required Reserve Acct Deposit (%) 0.50% 0.50%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,998,635.89 $ 2,824,808.26
iv Reserve Account Floor Balance ($) $ 1,000,000.00 $ 1,000,000.00
v Current Reserve Acct Balance ($) $ 2,998,635.89 $ 2,824,808.26
---------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
Sallie Mae Student Loan Trust 1995-1 1
<PAGE>
- --------------------------------------------------------------------------------
II. 1995-1 Transactions from: 1/1/98 through 3/31/98
- --------------------------------------------------------------------------------
A Student Loan Principal Activity
i Regular Principal Collections $31,651,144.38
ii Principal Collections from Guarantor $3,878,798.09
iii Principal Reimbursements $164,325.71
iv Other System Adjustments $0.00
-----------------
v Total Principal Collections $ 35,694,268.18
B Student Loan Non-Cash Principal Activity
i Other Adjustments $154,449.63
ii Capitalized Interest ($1,070,115.68)
-----------------
iii Total Non-Cash Principal Activity $ (915,666.05)
----------------------------------------------------------------------
C Total Student Loan Principal Activity $ 34,778,602.13
----------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $10,315,343.17
ii Interest Claims Received from Guarantors $228,854.32
iii Late Fee Reimbursements $0.00
iv Interest Reimbursements $19,601.74
v Other System Adjustments $0.00
vi Special Allowance Payments $442,877.34
vii Subsidy Payments $756,663.08
-----------------
viii Total Interest Collections $ 11,763,339.65
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($120,055.97)
ii Capitalized Interest $1,070,115.68
-----------------
iii Total Non-Cash Interest Adjustments $ 950,059.71
----------------------------------------------------------------------
F Total Student Loan Interest Activity $ 12,713,399.36
----------------------------------------------------------------------
Sallie Mae Student Loan Trust 1995-1 2
<PAGE>
- --------------------------------------------------------------------------------
III. 1995-1 Collection Account Activity 1/1/98 through 3/31/98
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $35,529,942.47
ii Cash Forwarded by Administrator on behalf of Seller $43,897.55
iii Cash Forwarded by Administrator on behalf of Servicer ($1,539.95)
iv Cash Forwarded by Administrator for Consolidation Activity $121,968.11
----------------
v Total Principal Collections $ 35,694,268.18
B Interest Collections
i Interest Payments Received-Cash $11,743,737.91
ii Cash Forwarded by Administrator on behalf of Seller $12,987.88
iii Cash Forwarded by Administrator on behalf of Servicer $4,614.46
iv Cash Forwarded by Administrator for Consolidation Activity $1,999.40
v Cash Forwarded by Administrator for Late Fee Activity $0.00
----------------
vi Total Interest Collections $11,763,339.65
C Other Reimbursements $104,198.29
D Administrator Account Investment Income $352,852.35
E TOTAL FUNDS RECEIVED $ 47,914,658.47
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (968,748.80)
-----------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 46,945,909.67
-----------------------------------------------------------------------------------------
F Servicing Fee Calculation-Current Month
i Unit Charge Calculation $472,460.80
ii Percentage of Principal Calculation $725,871.59
iii Lesser of Unit or Principal Calculation $472,460.80
G Servicing Fees Due for Current Period $ 472,460.80
H Carryover Servicing Fees Due $ 774,567.95
JAN 1998 Servicing Carryover $265,115.55
FEB 1998 Servicing Carryover $259,116.12
MAR 1998 Servicing Carryover $253,410.79
---------------
$ 777,642.46
Less: Servicing ADJ [A iii + B iii] ($3,074.51)
---------------
Carryover Servicing Fee Due $ 774,567.95
===============
I Administration Fees Due $ 20,000.00
-----------------------------------------------------------------------------------------
J Total Fees Due for Period $ 1,267,028.75
-----------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
Sallie Mae Student Loan Trust 1995-1 3
<PAGE>
- --------------------------------------------------------------------------------
IV. 1995-1 Portfolio Characteristics
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- -------------------------------------------------------------------------------------------------------------------
STATUS 12/31/97 3/31/98 12/31/97 3/31/98 12/31/97 3/31/98
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 8.158% 8.151% 310 275 0.087% 0.081%
Grace
Current 8.188% 8.213% 68 76 0.019% 0.023%
- -------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.164% 8.165% 378 351 0.106% 0.104%
- -------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.274% 8.283% 301,658 289,720 84.478% 85.397%
31-60 Days Delinquent 8.310% 8.322% 14,625 12,284 4.096% 3.621%
61-90 Days Delinquent 8.321% 8.323% 5,765 5,167 1.614% 1.523%
91-120 Days Delinquent 8.323% 8.307% 3,941 2,542 1.104% 0.749%
greater than 120 Days Delinquent 8.310% 8.327% 4,730 3,099 1.325% 0.913%
Deferment
Current 8.192% 8.194% 17,151 17,848 4.803% 5.261%
Forbearance
Current 8.261% 8.275% 7,370 7,033 2.064% 2.073%
- -------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.272% 8.280% 355,240 337,693 99.484% 99.537%
- -------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.259% 8.328% 1,440 1,206 0.403% 0.355%
Aged Claims Rejected (2) 8.480% 8.268% 26 13 0.007% 0.004%
- -------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.272% 8.280% 357,084 339,263 100.00% 100.00%
- -------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
Principal Amount %
- -------------------------------------------------------------------------------------------------------------------
STATUS 12/31/97 3/31/98 12/31/97 3/31/98
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 613,310.93 $ 557,189.15 0.102% 0.099%
Grace
Current $ 134,661.06 $ 157,243.91 0.022% 0.028%
- -------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 747,971.99 $ 714,433.06 0.124% 0.127%
- -------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 489,359,562.11 $ 465,193,705.59 81.705% 82.458%
31-60 Days Delinquent $ 26,633,192.73 $ 23,027,082.24 4.447% 4.082%
61-90 Days Delinquent $ 11,469,447.44 $ 10,162,688.65 1.915% 1.801%
91-120 Days Delinquent $ 7,574,821.48 $ 4,973,910.28 1.264% 0.882%
greater than 120 Days Delinquent $ 9,169,332.68 $ 6,087,529.39 1.531% 1.079%
Deferment
Current $ 35,743,748.73 $ 36,732,616.10 5.968% 6.511%
Forbearance
Current $ 15,822,739.14 $ 15,233,674.70 2.641% 2.700%
- -------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 595,772,844.31 $ 561,411,206.95 99.471% 99.513%
- -------------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 2,382,521.56 $ 2,018,366.93 0.398% 0.357%
Aged Claims Rejected (2) $ 36,487.28 $ 17,216.07 0.007% 0.003%
- -------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 598,939,825.14 $ 564,161,223.01 100.00% 100.00%
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more also includes claims
deemed incurable pending repurchase.
Sallie Mae Student Loan Trust 1995-1 4
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
V. 1995-1 Portfolio Characteristics by School and Program 3/31/98
- ------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
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 0.065% 0.012% 0.000% 0.000% 0.011% 0.001% 0.000% 0.000%
Grace
Current 0.014% 0.003% 0.000% 0.000% 0.005% 0.002% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.079% 0.015% 0.000% 0.000% 0.016% 0.003% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 54.629% 3.129% 9.864% 0.000% 4.751% 0.298% 0.902% 0.000%
31-60 Days Delinquent 2.240% 0.138% 0.532% 0.000% 0.410% 0.032% 0.049% 0.000%
61-90 Days Delinquent 0.934% 0.064% 0.223% 0.000% 0.194% 0.015% 0.023% 0.000%
91-120 Days Delinquent 0.494% 0.028% 0.081% 0.000% 0.095% 0.007% 0.011% 0.000%
greater than 120 Days
Delinquent 0.514% 0.027% 0.097% 0.000% 0.140% 0.011% 0.016% 0.000%
Deferment
Current 4.911% 0.320% 0.238% 0.000% 0.523% 0.051% 0.018% 0.000%
Forbearance
Current 1.565% 0.081% 0.290% 0.000% 0.271% 0.018% 0.024% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 65.287% 3.787% 11.325% 0.000% 6.383% 0.432% 1.043% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.156% 0.012% 0.031% 0.000% 0.048% 0.003% 0.003% 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 65.523% 3.814% 11.356% 0.000% 6.447% 0.438% 1.046% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.693% 7.930%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<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 0.008% 0.002% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.004% 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.012% 0.002% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 6.179% 0.380% 1.976% 0.000% 0.300% 0.006% 0.044% 0.000%
31-60 Days Delinquent 0.516% 0.037% 0.121% 0.000% 0.005% 0.000% 0.001% 0.000%
61-90 Days Delinquent 0.279% 0.018% 0.046% 0.000% 0.003% 0.000% 0.001% 0.000%
91-120 Days Delinquent 0.127% 0.012% 0.026% 0.000% 0.001% 0.000% 0.002% 0.000%
greater than 120 Days
Delinquent 0.209% 0.018% 0.046% 0.000% 0.002% 0.000% 0.000% 0.000%
Deferment
Current 0.381% 0.033% 0.022% 0.000% 0.013% 0.002% 0.000% 0.000%
Forbearance
Current 0.366% 0.022% 0.053% 0.000% 0.008% 0.000% 0.002% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.057% 0.522% 2.289% 0.000% 0.330% 0.008% 0.049% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.084% 0.003% 0.017% 0.000% 0.001% 0.000% 0.000% 0.000%
Aged Claims Rejected (2) 0.002% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 8.155% 0.526% 2.307% 0.000% 0.331% 0.008% 0.049% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 10.988% 0.389%
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
INTERIM: -------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
In School
Current 0.077% 0.012% 0.009% 0.000% 0.099%
Grace
Current 0.017% 0.006% 0.004% 0.000% 0.028%
- ------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.094% 0.019% 0.014% 0.000% 0.127%
- ------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 67.622% 5.951% 8.535% 0.349% 82.458%
31-60 Days Delinquent 2.910% 0.490% 0.675% 0.006% 4.082%
61-90 Days Delinquent 1.221% 0.232% 0.344% 0.005% 1.801%
91-120 Days Delinquent 0.603% 0.112% 0.164% 0.002% 0.882%
greater than 120 Days
Delinquent 0.638% 0.167% 0.273% 0.002% 1.079%
Deferment
Current 5.468% 0.592% 0.436% 0.015% 6.511%
Forbearance
Current 1.937% 0.313% 0.441% 0.010% 2.700%
- ------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 80.399% 7.857% 10.868% 0.388% 99.513%
- ------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.199% 0.054% 0.104% 0.001% 0.357%
Aged Claims Rejected (2) 0.001% 0.000% 0.002% 0.000% 0.003%
- ------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.693% 7.930% 10.988% 0.389% 100.000%
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1995-1 5
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
VI. 1995-1 Interest Calculation
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
A Borrower Interest Accrued During Collection Period $ 11,004,303.27
B Interest Subsidy Payments Accrued During Collection Period $ 718,710.68
C SAP Payments Accrued During Collection Period $ 320,783.35
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 63,313.86
E Investment Earnings (ADMINISTRATOR ACT) $ 352,852.35
-----------
F Net Expected Interest Collections $ 12,459,963.51
G Student Loan Rate
i Days in Collection Period (1/1/98-3/31/98) 90
ii Days in Year 365
iii Net Expected Interest Collections $ 12,459,963.51
iv Primary Servicing Fee $ 1,441,209.60
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 599,727,177.39
vii Student Loan Rate 7.43772%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<C> <S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.76236%
I Class A-1 Interest Rate 0.014366438 (1/26/98-4/27/98) 5.76236%
J Class A-2 T-Bill Based Interest Rate 5.93736%
K Class A-2 Interest Rate 0.014802740 (1/26/98-4/27/98) 5.93736%
L Certificate T-Bill Based Rate of Return 6.18736%
M Certificate Rate of Return 0.015426027 (1/26/98-4/27/98) 6.18736%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1995-1 6
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VII. 1995-1 Inputs From Previous Quarterly Servicing Reports 12/31/97
- ------------------------------------------------------------------------------------------------------------------------------------
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 598,939,825.14
ii Interest To Be Capitalized $787,352.25
-------------------
iii Total Student Loan Pool Outstanding $ 599,727,177.39
===================
B Total Note and Certificate Factor 0.59972717739
C Total Note and Certificate Balance $ 599,727,177.39
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
D Note Balance 1/26/98 Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i Current Factor-1/26/98 0.4663029032 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 349,727,177.39 $ 215,000,000.00 $ 35,000,000.00
---------------------------------------------------------------------------------------------------------------------
iv Note Balance $ 349,727,177.39 $ 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 $ 2,998,635.89
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1995-1 7
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VIII. 1995-1 Waterfall for Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Remaining
Funds Balance
-------------
A Total Available Funds (Section III E + Section VI-D) $ 47,009,223.53 $ 47,009,223.53
B Primary Servicing Fees-Current Month $ 472,460.80 $ 46,536,762.73
C Administration Fee-Quarterly 20,000.00 $ 46,516,762.73
D Noteholder's Interest Distribution Amount
i Class A-1 $ 5,024,333.81 $ 41,492,428.92
ii Class A-2 $ 3,182,589.10 $ 38,309,839.82
----------------------
iii Total Noteholder's Interest Distribution $ 8,206,922.91
E Certificateholder's Return Distribution Amount $ 539,910.95 $ 37,769,928.87
F Noteholder's Principal Distribution Amount
i Class A-1 $ 34,765,525.26 $ 3,004,403.61
ii Class A-2 $ 0.00 $ 3,004,403.61
----------------------
iii Total Noteholder's Principal Distribution $ 34,765,525.26
G Certificateholder's Balance Distribution Amount $ 0.00 $ 3,004,403.61
H Increase to the Specified Reserve Account Balance $ 0.00 $ 3,004,403.61
I Carryover Servicing Fees $ 774,567.95 $ 2,229,835.66
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 2,229,835.66
i Class A-2 $ 0.00 $ 2,229,835.66
----------------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 2,229,835.66
L Excess to Reserve Account $ 2,229,835.66 $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1995-1 8
<PAGE>
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------------------
IX. 1995-1 Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------------
i Quarterly Interest Due $5,024,333.81 $3,182,589.10 $539,910.95
ii Quarterly Interest Paid $5,024,333.81 $3,182,589.10 $539,910.95
-------------- -------------- -----------
iii Interest Shortfall $0.00 $0.00 $0.00
iv Interest Carryover Due $0.00 $0.00 $0.00
v Interest Carryover Paid $0.00 $0.00 $0.00
------ ------ -----
vi Interest Carryover $0.00 $0.00 $0.00
vii Quarterly Principal Due $34,765,525.26 $0.00 $0.00
viii Quarterly Principal Paid $34,765,525.26 $0.00 $0.00
--------------- ------ -----
ix Quarterly Principal Shortfall $0.00 $0.00 $0.00
-----------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $39,789,859.07 $ 3,182,589.10 $ 539,910.95
-----------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 3/31/98 $599,727,177.39
ii Pool Balance 3/31/98 $564,961,652.13
---------------
iii Principal Distribution Amount $ 34,765,525.26
===================
C Total Principal Distribution $34,765,525.26
D Total Interest Distribution $8,746,833.86
-------------
E Total Cash Distributions-Note and Certificates $ 43,512,359.12
--------------------------------------------------------------------------------
F Note & Certificate Balances 1/26/98 4/27/98
---------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C> <C>
i A-1 Note Balance $ 349,727,177.39 $ 314,961,652.13
A-1 Note Pool Factor 0.4663029032 0.4199488695
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 $ 2,998,635.89
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 2,229,835.66
----------------
iv Total Reserve Account Balance Available $ 5,228,471.55
v Required Reserve Account Balance $ 2,824,808.26
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp $ 2,403,663.29
viii Ending Reserve Account Balance $ 2,824,808.26
- ---------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1995-1 9
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
1995-1 Historical Pool Information
- -----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------
1/1/98-3/31/98 10/1/97-12/31/97 7/1/97-9/30/97 4/1/97-6/30/97
- -----------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 598,939,825.14 $ 634,419,310.37 $ 672,356,282.03 $ 714,234,131.11
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 31,651,144.38 $ 31,256,602.42 $ 33,024,660.00 $ 34,449,289.71
ii Principal Collections from Guarantor 3,878,798.09 4,038,925.33 3,831,142.64 5,521,766.77
iii Principal Reimbursements 164,325.71 1,110,970.23 1,931,934.01 2,643,630.36
iv Other System Adjustments - - - -
------------------------------------------------------------------------------------
v Total Principal Collections $ 35,694,268.18 $ 36,406,497.98 $ 38,787,736.65 $ 42,614,686.84
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 154,449.63 $ 215,232.19 $ 148,944.93 $ 218,645.87
ii Capitalized Interest (1,070,115.68) (1,142,244.94) (999,709.92) (955,483.63)
------------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (915,666.05) (927,012.75) $ (850,764.99) $ (736,837.76)
- -----------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 34,778,602.13 $ 35,479,485.23 $ 37,936,971.66 $ 41,877,849.08
- -----------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 10,315,343.17 $ 10,820,940.12 $ 11,700,628.29 $ 12,116,179.07
ii Interest Claims Received from Guarantors 228,854.32 242,885.58 217,004.71 317,247.10
iii Late Fee Reimbursements - 2.61 - -
iv Interest Reimbursements 19,601.74 20,203.85 31,498.76 28,749.41
v Other System Adjustments - - - -
vi Special Allowance Payments 442,877.34 423,277.21 497,397.49 829,740.65
vii Subsidy Payments 756,663.08 699,396.68 809,754.91 541,554.00
------------------------------------------------------------------------------------
viii Total Interest Collections $ 11,763,339.65 $ 12,206,706.05 $ 13,256,284.16 $ 13,833,470.23
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (120,055.97) $ (165,175.08) $ (102,969.61) $ (143,456.34)
ii Capitalized Interest 1,070,115.68 1,142,244.94 999,709.92 955,483.63
------------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 950,059.71 $ 977,069.86 $ 896,740.31 $ 812,027.29
------------------------------------------------------------------------------------
Total Student Loan Interest Activity $ 12,713,399.36 $ 13,183,775.91 $ 14,153,024.47 $ 14,645,497.52
(=) Ending Student Loan Portfolio Balance $ 564,161,223.01 $ 598,939,825.14 $ 634,419,310.37 $ 672,356,282.03
- -----------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 800,429.12 $ 787,352.25 $ 758,675.11 $ 741,333.62
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 564,961,652.13 $ 599,727,177.39 $ 635,177,985.48 $ 673,097,615.65
------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------
1/1/97-3/31/97 10/1/96-12/31/96 7/1/96 - 9/30/96 4/1/96 - 6/30/96
-------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 758,640,244.14 $ 802,942,510.88 $ 853,757,457.19 $ 905,375,401.17
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 37,045,855.75 $ 36,816,067.27 $ 40,504,277.25 $ 41,999,553.67
ii Principal Collections from Guarantor 6,185,560.91 6,088,443.00 8,336,900.38 6,580,254.84
iii Principal Reimbursements 2,050,080.23 2,255,883.32 2,842,522.44 3,722,370.03
iv Other System Adjustments - 131.71 (577.57) (48.49)
-------------------------------------------------------------------------------------
v Total Principal Collections $ 45,281,496.89 $ 45,160,525.30 $ 51,683,122.50 $ 52,302,130.05
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 184,596.68 $ 225,811.89 $ 214,754.01 $ 185,344.16
ii Capitalized Interest (1,059,980.54) (1,084,070.45) (1,082,930.20) (869,530.23)
-------------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (875,383.86) $ (858,258.56) $ (868,176.19) $ (684,186.07)
- ------------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 44,406,113.03 $ 44,302,266.74 $ 50,814,946.31 $ 51,617,943.98
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 13,342,268.00 $ 13,807,543.15 $ 15,456,574.89 $ 16,104,237.23
ii Interest Claims Received from Guarantors 358,047.93 340,026.34 557,105.25 410,448.66
iii Late Fee Reimbursements - - - -
iv Interest Reimbursements 28,485.70 27,274.90 36,142.78 33,086.35
v Other System Adjustments - (715.16) (163.96) (14.31)
vi Special Allowance Payments 460,026.49 734,667.87 617,049.00 537,884.11
vii Subsidy Payments 888,898.48 740,973.14 792,317.27 836,267.57
-------------------------------------------------------------------------------------
viii Total Interest Collections $ 15,077,726.60 $ 15,649,770.24 $ 17,459,025.23 $ 17,921,909.61
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (130,539.92) $ (158,675.64) $ (111,637.14) $ (112,327.13)
ii Capitalized Interest 1,059,980.54 1,084,070.45 1,082,930.20 869,530.23
-------------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 929,440.62 $ 925,394.81 $ 971,293.06 $ 757,203.10
-------------------------------------------------------------------------------------
Total Student Loan Interest Activity $ 16,007,167.22 $ 16,575,165.05 $ 18,430,318.29 $ 18,679,112.71
(=) Ending Student Loan Portfolio Balance $ 714,234,131.11 $ 758,640,244.14 $ 802,942,510.88 $ 853,757,457.19
- ------------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 747,655.59 $ 691,772.32 $ 652,786.04 $ 677,908.07
- ------------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 714,981,786.70 $ 759,332,016.46 $ 803,595,296.92 $ 854,435,365.26
-------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------
1/1/96 - 3/31/96 9/29/95 - 12/31/95
- ----------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 954,345,726.48 $ 1,000,126,078.04
- ----------------------------------------------------------------------------------------
<S> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 45,086,756.56 $ 42,875,612.89
ii Principal Collections from Guarantor 482,294.51 92,046.91
iii Principal Reimbursements 4,554,369.19 2,775,561.40
iv Other System Adjustments - 39,190.77
-----------------------------------------
v Total Principal Collections $ 50,123,420.26 $ 45,782,411.97
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 150,766.06 $ 233,926.53
ii Capitalized Interest (1,303,861.01) (235,986.94)
-----------------------------------------
iii Total Non-Cash Principal Activity $ (1,153,094.95) $ (2,060.41)
- ----------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 48,970,325.31 $ 45,780,351.56
- ----------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 18,105,760.68 $ 18,633,508.65
ii Interest Claims Received from
Guarantor 13,929.01 3,259.20
iii Late Fee Reimbursements - -
iv Interest Reimbursements 39,560.27 17,871.78
v Other System Adjustments - 7.70
vi Special Allowance Payments 1,112,141.11 43,719.37
vii Subsidy Payments 683,029.83 5,919.00
-----------------------------------------
viii Total Interest Collections $ 19,954,420.90 $ 18,704,285.70
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (144,452.46) $ (227,131.25)
ii Capitalized Interest 1,303,861.01 235,986.94
-----------------------------------------
iii Total Non-Cash Interest Adjustments $ 1,159,408.55 $ 8,855.69
-----------------------------------------
Total Student Loan Interest Activity $ 21,113,829.45 $ 18,713,141.39
(=) Ending Student Loan Portfolio Balance $ 905,375,401.17 $ 954,345,726.48
- ----------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 602,404.08 $ 639,070.92
- ----------------------------------------------------------------------------------------
(=) TOTAL POOL $ 905,977,805.25 $ 954,984,797.40
-----------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1995-1 11
<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%
* "Since Issued CPR" is based on the current period's ending pool
balance calculated against the original pool balance and assuming
cutoff date pool data.
- --------------------------------------------------------------------------------
Sallie Mae Student Loan Trust 1995-1 11
<PAGE>
<TABLE>
<CAPTION>
Sallie Mae Student Loan Trust 1996-1
Quarterly Servicing Report
Report Date: 3/31/98 Reporting Period: 1/1/98-3/31/98
- ------------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 12/31/97 Activity 3/31/98
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Portfolio Balance $ 1,076,337,722.21 $ (44,740,678.74) $ 1,031,597,043.47
ii Interest to be Capitalized 8,040,248.28 8,380,272.05
----------------------- -----------------------
iii Total Pool $ 1,084,377,970.49 $ 1,039,977,315.52
======================= =======================
B i Weighted Average Coupon (WAC) 8.2969% 8.2995%
ii Weighted Average Remaining Term 95.06 93.90
iii Number of Loans 471,293 453,037
iv Number of Borrowers 179,224 171,648
--------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 1/26/98 % of Pool Balance 4/27/98 % of Pool
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
i A-1 Notes 795452AD3 0.56% $ 558,377,970.49 51.493% $ 513,977,315.52 49.422%
ii A-2 Notes 795452AE1 0.75% 473,500,000.00 43.666% 473,500,000.00 45.530%
iii Certificates 795452AF8 0.98% 52,500,000.00 4.841% 52,500,000.00 5.048%
--------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 1,084,377,970.49 100.000% $1,039,977,315.52 100.000%
==============================================================================================================================
------------------------------------------------------------------------------------------------------------------------------
D Reserve Account 1/26/98 4/27/98
------------------------------------------------------------------------------------------------------------------------------
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,710,944.93 $ 2,599,943.29
iv Reserve Account Floor Balance ($) $ 1,500,000.00 $ 1,500,000.00
v Current Reserve Acct Balance ($) $ 2,710,944.93 $ 2,599,943.29
------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------
II. 1996-1 Transactions from: 1/1/98 through 3/31/98
- ------------------------------------------------------------------------------------
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $37,459,499.22
ii Principal Collections from Guarantor $9,756,046.38
iii Principal Reimbursements $960,373.90
iv Other System Adjustments $0.00
----------------
v Total Principal Collections $ 48,175,919.50
B Student Loan Non-Cash Principal Activity
i Other Adjustments $844,417.76
ii Capitalized Interest ($4,279,658.52)
----------------
iii Total Non-Cash Principal Activity $ (3,435,240.76)
------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 44,740,678.74
------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 14,576,183.29
ii Interest Claims Received from Guarantors $593,827.40
iii Late Fee Reimbursements $0.00
iv Interest Reimbursements $44,171.71
v Other System Adjustments $0.00
vi Special Allowance Payments $654,995.78
vii Subsidy Payments $3,475,239.18
---------------
viii Total Interest Collections $ 19,344,417.36
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($721,606.13)
ii Capitalized Interest $4,279,658.52
----------------
iii Total Non-Cash Interest Adjustments $ 3,558,052.39
------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 22,902,469.75
------------------------------------------------------------------------
- ------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1996-1 2
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
III. 1996-1 Collection Account Activity 1/1/98 through 3/31/98
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $47,215,545.60
ii Cash Forwarded by Administrator on behalf of Seller $90,657.23
iii Cash Forwarded by Administrator on behalf of Servicer ($8,353.73)
iv Cash Forwarded by Administrator for Consolidation Activity $878,070.40
------------------
v Total Principal Collections $ 48,175,919.50
B Interest Collections
i Interest Payments Received-Cash $19,300,245.65
ii Cash Forwarded by Administrator on behalf of Seller $12,881.43
iii Cash Forwarded by Administrator on behalf of Servicer $16,650.22
iv Cash Forwarded by Administrator for Consolidation Activity $14,640.06
v Cash Forwarded by Administrator for Late Fee Activity $0.00
------------------
vi Total Interest Collections $19,344,417.36
C Other Reimbursements $116,217.29
D Administrator Account Investment Income $506,504.11
E TOTAL FUNDS RECEIVED $ 68,143,058.26
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,370,172.65)
-------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 66,772,885.61
-------------------------------------------------------------------------------------------
F Servicing Fee Calculation-Current Month
i Unit Charge Calculation $670,831.70
ii Percentage of Principal Calculation $960,573.72
iii Lesser of Unit or Principal Calculation $670,831.70
G Servicing Fees Due for Current Period $ 670,831.70
H Carryover Servicing Fees Due $ 870,978.97
JAN 1998 Servicing Carryover $296,630.51
FEB 1998 Servicing Carryover $292,902.93
MAR 1998 Servicing Carryover $289,742.02
-------------------
$ 879,275.46
Less: Servicing ADJ [A iii + B iii] $(8,296.49)
-------------------
TOTAL Carryover Servicing Fee Due $ 870,978.97
===================
I Administration Fees Due $ 20,000.00
-------------------------------------------------------------------------------------------
J Total Fees Due for Period $ 1,561,810.67
-------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1996-1 3
<PAGE>
- --------------------------------------------------------------------------------
IV. 1996-1 Portfolio Characteristics
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- -------------------------------------------------------------------------------------------------------------------
STATUS 12/31/97 3/31/98 12/31/97 3/31/98 12/31/97 3/31/98
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 8.162% 8.155% 18,217 16,682 3.865% 3.682%
Grace
Current 8.111% 8.165% 4,338 4,007 0.920% 0.884%
- -------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.152% 8.157% 22,555 20,689 4.786% 4.567%
- -------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.295% 8.297% 335,625 325,356 71.214% 71.817%
31-60 Days Delinquent 8.336% 8.349% 22,211 19,152 4.713% 4.227%
61-90 Days Delinquent 8.340% 8.344% 10,154 10,260 2.154% 2.265%
91-120 Days Delinquent 8.341% 8.333% 6,145 5,419 1.304% 1.196%
greater than 120 Days Delinquent 8.333% 8.343% 8,821 6,226 1.872% 1.374%
Deferment
Current 8.328% 8.327% 43,432 43,699 9.215% 9.646%
Forbearance
Current 8.337% 8.333% 19,097 19,339 4.052% 4.269%
- -------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.306% 8.308% 445,485 429,451 94.524% 94.794%
- -------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.321% 8.321% 3,197 2,829 0.678% 0.624%
Aged Claims Rejected (2) 8.415% 8.412% 56 68 0.012% 0.015%
- -------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.297% 8.300% 471,293 453,037 100.00% 100.00%
- -------------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------
Principal Amount %
- ---------------------------------------------------------------------------------------------------------------------
STATUS 12/31/97 3/31/98 12/31/97 3/31/98
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 51,599,292.04 $ 47,663,788.53 4.793% 4.620%
Grace
Current $ 12,567,165.86 $ 10,998,279.38 1.168% 1.066%
- ---------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 64,166,457.90 $ 58,662,067.91 5.961% 5.687%
- ---------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 714,140,224.55 $ 683,887,690.99 66.349% 66.294%
31-60 Days Delinquent $ 49,538,793.94 $ 44,469,207.28 4.603% 4.311%
61-90 Days Delinquent $ 24,217,865.10 $ 25,504,245.46 2.250% 2.472%
91-120 Days Delinquent $ 14,367,416.69 $ 13,695,087.50 1.334% 1.328%
greater than 120 Days Delinquent $ 21,876,511.30 $ 15,686,671.81 2.033% 1.521%
Deferment
Current $ 120,149,940.47 $ 120,502,426.43 11.163% 11.681%
Forbearance
Current $ 61,214,097.14 $ 63,034,495.96 5.687% 6.110%
- ---------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 1,005,504,849.19 $ 966,779,825.43 93.420% 93.717%
- ---------------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 6,524,214.64 $ 5,988,268.04 0.606% 0.580%
Aged Claims Rejected (2) $ 142,200.47 $ 166,882.09 0.013% 0.016%
- ---------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 1,076,337,722.20 $ 1,031,597,043.47 100.00% 100.00%
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
Sallie Mae Student Loan Trust 1996-1 4
<PAGE>
- --------------------------------------------------------------------------------
V. 1996-1 Portfolio Characteristics by School and Program 3/31/98
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------
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 3.487% 0.583% 0.000% 0.000% 0.347% 0.084% 0.000% 0.000%
Grace
Current 0.735% 0.148% 0.000% 0.000% 0.111% 0.022% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 4.223% 0.731% 0.000% 0.000% 0.458% 0.106% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 42.330% 5.354% 4.040% 4.039% 3.486% 0.617% 0.216% 0.518%
31-60 Days Delinquent 2.305% 0.274% 0.291% 0.319% 0.368% 0.053% 0.018% 0.052%
61-90 Days Delinquent 1.291% 0.151% 0.108% 0.190% 0.257% 0.034% 0.007% 0.042%
91-120 Days Delinquent 0.681% 0.099% 0.064% 0.076% 0.147% 0.026% 0.004% 0.020%
Greater than 120 Days Delinquent 0.707% 0.098% 0.068% 0.109% 0.175% 0.029% 0.003% 0.030%
Deferment
Current 7.318% 0.872% 0.443% 1.083% 0.841% 0.134% 0.022% 0.140%
Forbearance
Current 3.506% 0.485% 0.229% 0.719% 0.410% 0.060% 0.010% 0.075%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 58.139% 7.332% 5.243% 6.537% 5.683% 0.954% 0.280% 0.876%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.279% 0.033% 0.019% 0.036% 0.066% 0.011% 0.003% 0.011%
Aged Claims Rejected (2) 0.005% 0.000% 0.002% 0.002% 0.006% 0.001% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 62.646% 8.097% 5.264% 6.574% 6.213% 1.072% 0.283% 0.887%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.581% 8.455%
- ------------------------------------------------------------------------------------------------------------------------------------
<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 0.060% 0.019% 0.000% 0.000% 0.028% 0.012% 0.000% 0.000%
Grace
Current 0.028% 0.010% 0.000% 0.000% 0.007% 0.004% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.088% 0.029% 0.000% 0.000% 0.036% 0.016% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 2.990% 0.628% 0.542% 1.133% 0.290% 0.021% 0.016% 0.076%
31-60 Days Delinquent 0.338% 0.068% 0.050% 0.140% 0.020% 0.001% 0.004% 0.008%
61-90 Days Delinquent 0.223% 0.037% 0.028% 0.090% 0.008% 0.000% 0.003% 0.003%
91-120 Days Delinquent 0.126% 0.020% 0.010% 0.050% 0.003% 0.000% 0.001% 0.001%
Greater than 120 Days Delinquent 0.182% 0.042% 0.007% 0.058% 0.004% 0.000% 0.001% 0.006%
Deferment
Current 0.395% 0.072% 0.025% 0.166% 0.105% 0.016% 0.006% 0.043%
Forbearance
Current 0.302% 0.061% 0.023% 0.138% 0.057% 0.007% 0.000% 0.028%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 4.556% 0.929% 0.685% 1.775% 0.488% 0.044% 0.031% 0.165%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.068% 0.018% 0.004% 0.024% 0.004% 0.000% 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 4.713% 0.976% 0.689% 1.799% 0.527% 0.060% 0.031% 0.168%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 8.177% 0.787%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 4.070% 0.431% 0.079% 0.041% 4.620%
Grace
Current 0.884% 0.133% 0.038% 0.011% 1.066%
---------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 4.954% 0.564% 0.117% 0.052% 5.687%
---------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 55.762% 4.836% 5.294% 0.402% 66.294%
31-60 Days Delinquent 3.190% 0.491% 0.597% 0.033% 4.311%
61-90 Days Delinquent 1.740% 0.339% 0.378% 0.015% 2.472%
91-120 Days Delinquent 0.919% 0.196% 0.206% 0.006% 1.328%
Greater than 120 Days Delinquent 0.983% 0.238% 0.289% 0.010% 1.521%
Deferment
Current 9.717% 1.137% 0.657% 0.170% 11.681%
Forbearance
Current 4.940% 0.554% 0.524% 0.093% 6.110%
---------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 77.251% 7.793% 7.945% 0.728% 93.717%
---------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.368% 0.092% 0.114% 0.007% 0.580%
Aged Claims Rejected (2) 0.009% 0.007% 0.001% 0.000% 0.016%
---------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.581% 8.455% 8.177% 0.787% 100.000%
---------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1996-1 5
<PAGE>
- --------------------------------------------------------------------------------
VI. 1996-1 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 18,437,814.25
B Interest Subsidy Payments Accrued During Collection Period $ 2,926,964.31
C SAP Payments Accrued During Collection Period $ 495,709.65
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 70,487.95
E Investment Earnings (ADMINISTRATOR ACT) $ 506,504.11
------------------
F Net Expected Interest Collections $ 22,437,480.27
G Student Loan Rate
i Days in Collection Period (1/1/98-3/31/98) 90
ii Days in Year 365
iii Net Expected Interest Collections $ 22,437,480.27
iv Primary Servicing Fee $ 2,041,004.35
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,084,377,970.49
vii Student Loan Rate 7.62077%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.74736%
I Class A-1 Interest Rate 0.014329041 (1/26/98-4/27/98) 5.74736%
J Class A-2 T-Bill Based Interest Rate 5.93736%
K Class A-2 Interest Rate 0.014802740 (1/26/98-4/27/98) 5.93736%
L Certificate T-Bill Based Rate of Return 6.16736%
M Certificate Rate of Return 0.015376164 (1/26/98-4/27/98) 6.16736%
</TABLE>
- --------------------------------------------------------------------------------
Sallie Mae Student Loan Trust 1996-1 6
<PAGE>
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------------
VII. 1996-1 Inputs From Previous Quarterly Servicing Reports 12/31/97
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 1,076,337,722.21
ii Interest To Be Capitalized $8,040,248.28
-------------------
iii Total Student Loan Pool Outstanding $ 1,084,377,970.49
===================
B Total Note and Certificate Factor 0.72291864699
C Total Note and Certificate Balance $ 1,084,377,970.49
-----------------------------------------------------------------------------------------------------------
D Note Balance 1/26/98 Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C> <C>
i Current Factor-1/26/98 0.5732833373 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 558,377,970.49 $ 473,500,000.00 $ 52,500,000.00
----------------------------------------------------
iv Note Balance $ 558,377,970.49 $ 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 $ 2,710,944.93
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
VIII. 1996-1 Waterfall for Distributions
- -------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<C> <S> <C> <C>
A Total Available Funds (Section III E + Section VI-D) $ 66,843,373.56 $ 66,843,373.56
B Primary Servicing Fees-Current Month $ 670,831.70 $ 66,172,541.86
C Administration Fee $ 20,000.00 $ 66,152,541.86
D Noteholder's Interest Distribution Amount
i Class A-1 $ 8,001,020.83 $ 58,151,521.03
ii Class A-2 $ 7,009,097.39 $ 51,142,423.64
---------------
iii Total Noteholder's Interest Distribution $ 15,010,118.22
E Certificateholder's Return Distribution Amount $ 807,248.61 $ 50,335,175.03
F Noteholder's Principal Distribution Amount
i Class A-1 $ 44,400,654.97 $ 5,934,520.06
ii Class A-2 $ 0.00 $ 5,934,520.06
---------------
iii Total Noteholder's Principal Distribution $ 44,400,654.97
G Certificateholder's Balance Distribution Amount $ 0.00 $ 5,934,520.06
H Increase to the Specified Reserve Account Balance $ 0.00 $ 5,934,520.06
I Carryover Servicing Fees $ 870,978.97 $ 5,063,541.09
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 5,063,541.09
i Class A-2 $ 0.00 $ 5,063,541.09
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 5,063,541.09
L Excess to Reserve Account $ 5,063,541.09 $ 0.00
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1998-1 8
<PAGE>
- --------------------------------------------------------------------------------
IX. 1996-1 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $8,001,020.83 $7,009,097.39 $807,248.61
ii Quarterly Interest Paid $8,001,020.83 $7,009,097.39 $807,248.61
------------- ------------- -----------
iii Interest Shortfall $0.00 $0.00 $0.00
iv Interest Carryover Due $0.00 $0.00 $0.00
v Interest Carryover Paid $0.00 $0.00 $0.00
----- ----- -----
vi Interest Carryover $0.00 $0.00 $0.00
vii Quarterly Principal Due $44,400,654.97 $0.00 $0.00
viii Quarterly Principal Paid $44,400,654.97 $0.00 $0.00
-------------- ----- -----
ix Quarterly Principal Shortfall $0.00 $0.00 $0.00
----------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 52,401,675.80 $ 7,009,097.39 $ 807,248.61
----------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 3/31/98 $1,084,377,970.49
ii Pool Balance 3/31/98 $1,039,977,315.52
-----------------
iii Pool Exceeding Notes and Certificate Balance (i-ii) $ 44,400,654.97
-----------------
iv Principal Distribution Amount $ 44,400,654.97
=================
C Total Principal Distribution $44,400,654.97
D Total Interest Distribution $15,817,366.83
--------------
E Total Cash Distributions-Note and Certificates $ 60,218,021.80
<CAPTION>
-------------------------------------------------------------------------------------
F Note & Certificate Balances 1/26/98 4/27/98
-------------------------------------------------------------------------------------
<S> <C> <C> <C>
i A-1 Note Balance (795452AD3) $ 558,377,970.49 $ 513,977,315.52
A-1 Note Pool Factor 0.5732833373 0.5276974492
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 $ 2,710,944.93
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 5,063,541.09
-----------------
iv Total Reserve Account Balance Available $ 7,774,486.02
v Required Reserve Account Balance $ 2,599,943.29
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp $ 5,174,542.73
viii Ending Reserve Account Balance $ 2,599,943.29
</TABLE>
- --------------------------------------------------------------------------------
Sallie Mae Student Loan Trust 1996-1 9
<PAGE>
- --------------------------------------------------------------------------------
X. 1996-1 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------
1/1/98-3/31/98 10/1/97-12/31/97 7/1/97-9/30/97 4/1/97-6/30/97
----------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,076,337,722.21 $ 1,124,635,411.07 $ 1,173,864,873.47 $ 1,228,206,792.67
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 37,459,499.22 $ 38,163,254.13 $ 37,394,659.75 $ 38,201,480.33
ii Principal Collections from Guarantor 9,756,046.38 9,941,094.41 9,232,586.28 12,257,546.06
iii Principal Reimbursements 960,373.90 5,731,401.42 6,827,024.70 8,394,035.19
iv Other System Adjustments - - - -
----------------------------------------------------------------------------------
v Total Principal Collections $ 48,175,919.50 $ 53,835,749.96 $ 53,454,270.73 $ 58,853,061.58
Student Loan Non-Cash Principal Activity
i Other Adjustments 844,417.76 1,006,978.88 821,162.61 901,335.61
ii Capitalized Interest (4,279,658.52) (6,545,039.98) (5,045,970.94) (5,412,477.99)
----------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (3,435,240.76) $ (5,538,061.10) $ (4,224,808.33) $ (4,511,142.38)
----------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 44,740,678.74 $ 48,297,688.86 $ 49,229,462.40 $ 54,341,919.20
----------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 14,576,183.29 $ 14,639,248.95 $ 15,343,792.96 $ 15,398,211.29
ii Interest Claims Received from
Guarantors 593,827.40 625,655.68 542,149.37 742,052.34
iii Late Fee Reimbursements - - - -
iv Interest Reimbursements 44,171.71 105,245.48 110,615.60 112,743.13
v Other System Adjustments - - - -
vi Special Allowance Payments 654,995.78 572,165.19 723,465.81 693,074.40
vii Interest Subsidy Payments 3,475,239.18 3,756,473.63 4,242,391.02 4,559,733.43
----------------------------------------------------------------------------------
viii Total Interest Collections $ 19,344,417.36 $ 19,698,788.93 $ 20,962,414.76 $ 21,505,814.59
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (721,606.13) $ (878,436.97) $ (688,249.76) $ (742,970.05)
ii Capitalized Interest 4,279,658.52 6,545,039.98 5,045,970.94 5,412,477.99
----------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 3,558,052.39 $ 5,666,603.01 $ 4,357,721.18 $ 4,669,507.94
----------------------------------------------------------------------------------
Total Student Loan Interest Activity $ 22,902,469.75 $ 25,365,391.94 $ 25,320,135.94 $ 26,175,322.53
(=) Ending Student Loan Portfolio Balance $ 1,031,597,043.47 $ 1,076,337,722.21 $ 1,124,635,411.07 $ 1,173,864,873.47
----------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 8,380,272.05 $ 8,040,248.28 $ 9,565,210.29 $ 9,928,556.68
----------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,039,977,315.52 $ 1,084,377,970.49 $ 1,134,200,621.36 $ 1,183,793,430.15
----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------------
1/1/97-3/31/97 10/1/96-12/31/96 7/1/96-9/30/96 4/1/96-6/30/96
----------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,287,751,841.38 $ 1,349,145,820.06 $ 1,410,958,484.15 $ 1,459,260,458.15
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 38,946,758.98 $ 38,568,892.82 $ 41,001,385.22 $ 41,078,207.45
ii Principal Collections from Guarantor 15,564,936.49 18,664,167.10 10,313,302.34 842,636.38
iii Principal Reimbursements 8,314,291.46 9,629,351.72 14,477,503.16 12,387,879.90
iv Other System Adjustments - (7,343.12) (11,809.27) (548.12)
----------------------------------------------------------------------------------
v Total Principal Collections $ 62,825,986.93 $ 66,855,068.52 $ 65,780,381.45 $ 54,308,175.61
Student Loan Non-Cash Principal Activity
i Other Adjustments 1,018,784.42 1,174,644.80 1,320,897.53 1,000,024.50
ii Capitalized Interest (4,299,722.64) (6,635,734.64) (5,288,614.89) (7,006,226.11)
----------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (3,280,938.22) $ (5,461,089.84) $ (3,967,717.36) $ (6,006,201.61)
----------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 59,545,048.71 $ 61,393,978.68 $ 61,812,664.09 $ 48,301,974.00
----------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 16,506,842.23 $ 16,127,108.13 $ 17,372,003.89 $ 17,084,616.87
ii Interest Claims Received from
Guarantors 987,722.67 1,180,177.89 612,951.89 21,865.02
iii Late Fee Reimbursements - - - -
iv Interest Reimbursements 108,178.47 125,983.70 182,022.75 142,527.81
v Other System Adjustments - (956.09) (960.98) 244.79
vi Special Allowance Payments 585,211.26 991,453.39 775,767.11 343,884.36
vii Interest Subsidy Payments 5,496,581.08 5,892,220.73 7,006,327.74 4,651,078.41
----------------------------------------------------------------------------------
viii Total Interest Collections $ 23,684,535.71 $ 24,315,987.75 $ 25,948,112.40 $ 22,244,217.26
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (844,407.36) $ (960,564.36) $ (1,187,918.97) $ (994,738.78)
ii Capitalized Interest 4,299,722.64 6,635,734.64 5,288,614.89 7,006,226.11
----------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 3,455,315.28 $ 5,675,170.28 $ 4,100,695.92 $ 6,011,487.33
----------------------------------------------------------------------------------
Total Student Loan Interest Activity $ 27,139,850.99 $ 29,991,158.03 $ 30,048,808.32 $ 28,255,704.59
(=) Ending Student Loan Portfolio Balance $ 1,228,206,792.67 $ 1,287,751,841.38 $ 1,349,145,820.06 $ 1,410,958,484.15
----------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 10,579,470.77 $ 9,711,152.12 $ 11,228,783.66 $ 10,991,431.27
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,238,786,263.44 $ 1,297,462,993.50 $ 1,360,374,603.72 $ 1,421,949,915.42
----------------------------------------------------------------------------------------------------------------------------------
2/5/96-3/31/96
--------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,489,927,280.77
--------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 27,226,246.55
ii Principal Collections from Guarantor 27,657.36
iii Principal Reimbursements 6,083,122.75
iv Other System Adjustments 2,229.83
--------------------
v Total Principal Collections $ 33,339,256.49
Student Loan Non-Cash Principal Activity
i Other Adjustments 746,961.96
ii Capitalized Interest (3,419,395.83)
--------------------
iii Total Non-Cash Principal Activity $ (2,672,433.87)
--------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 30,666,822.62
--------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 10,764,171.47
ii Interest Claims Received from
Guarantors 326.78
iii Late Fee Reimbursements -
iv Interest Reimbursements 50,757.10
v Other System Adjustments 10,446.21
vi Special Allowance Payments 0.00
vii Interest Subsidy Payments 0.00
--------------------
viii Total Interest Collections $ 10,825,701.56
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (733,594.53)
ii Capitalized Interest 3,419,395.83
--------------------
iii Total Non-Cash Interest Adjustments $ 2,685,801.30
--------------------
Total Student Loan Interest Activity $ 13,511,502.86
(=) Ending Student Loan Portfolio Balance $ 1,459,260,458.15
--------------------------------------------------------------------
(+) Interest to be Capitalized $ 12,510,267.46
--------------------------------------------------------------------
--------------------------------------------------------------------
(=) TOTAL POOL $ 1,471,870,725.61
--------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1994-1 10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1996-1 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
Feb-96 $ 1,502,106,411 -
Apr-96 $ 1,471,870,726 5.14%
Jul-96 $ 1,421,949,915 5.64%
Oct-96 $ 1,360,374,604 7.09%
Jan-97 $ 1,297,462,994 7.90%
Apr-97 $ 1,238,786,263 8.30%
Jul-97 $ 1,183,793,430 8.30%
Oct-97 $ 1,134,200,621 7.79%
Jan-98 $ 1,084,377,970 7.38%
Apr-98 $ 1,039,977,316 6.84%
* "Since Issued CPR" is based on the current period's ending pool
balance calculated against the original pool balance and assuming
cutoff date pool data.
- --------------------------------------------------------------------------------
Sallie Mae Student Loan Trust 1996-1 11
<PAGE>
SLM Student Loan Trust 1996-2
Quarterly Servicing Report
Report Date: 3/31/98 Reporting Period: 1/1/98-3/31/98
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 12/31/97 Activity 3/31/98
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Portfolio Balance $ 1,157,119,554.57 $ (46,247,405.65) $ 1,110,872,148.92
ii Interest to be Capitalized 11,609,569.57 12,137,145.07
-------------------- -------------------
iii Total Pool $ 1,168,729,124.14 $1,123,009,293.99
==================== ===================
B i Weighted Average Coupon (WAC) 8.2551% 8.2560%
ii Weighted Average Remaining Term 98.46 97.43
iii Number of Loans 518,435 502,105
iv Number of Borrowers 217,172 209,152
---------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 1/26/98 % of Pool Balance 4/27/98 % of Pool
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAA4 0.51% $ 628,699,124.14 53.793% $ 582,979,293.99 51.912%
ii A-2 Notes 78442GAB2 0.71% 487,000,000.00 41.669% 487,000,000.00 43.366%
iii Certificates 78442GAC0 0.96% 53,030,000.00 4.538% 53,030,000.00 4.722%
-----------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 1,168,729,124.14 100.000% $1,123,009,293.99 100.000%
============================================================================================================================
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
D Reserve Account 1/26/98 4/27/98
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,921,822.81 $ 2,807,523.23
iv Reserve Account Floor Balance ($) $ 1,515,030.00 $ 1,515,030.00
v Current Reserve Acct Balance ($) $ 2,921,822.81 $ 2,807,523.23
-----------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-2 1
<PAGE>
- --------------------------------------------------------------------------------
II. 1996-2 Transactions from: 1/1/98 through 3/31/98
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Student Loan Principal Activity
<S> <C> <C>
i Regular Principal Collections $37,887,256.31
ii Principal Collections from Guarantor $11,003,483.98
iii Principal Reimbursements $1,253,085.07
iv Other System Adjustments $0.00
-------------------
v Total Principal Collections $ 50,143,825.36
B Student Loan Non-Cash Principal Activity
i Other Adjustments $884,091.41
ii Capitalized Interest ($4,780,511.12)
-------------------
iii Total Non-Cash Principal Activity $ (3,896,419.71)
------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 46,247,405.65
------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $14,403,189.08
ii Interest Claims Received from Guarantors $660,711.04
iii Late Fee Reimbursements $8.64
iv Interest Reimbursements $43,796.57
v Other System Adjustments $0.00
vi Special Allowance Payments $570,832.04
vii Subsidy Payments $4,677,736.68
-------------------
viii Total Interest Collections $ 20,356,274.05
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($693,323.69)
ii Capitalized Interest $4,780,511.12
-------------------
iii Total Non-Cash Interest Adjustments $ 4,087,187.43
------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 24,443,461.48
------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-2 2
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
III. 1996-2 Collection Account Activity 1/1/98 through 3/31/98
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $48,890,740.29
ii Cash Forwarded by Administrator on behalf of Seller $135,074.25
iii Cash Forwarded by Administrator on behalf of Servicer $6,101.23
iv Cash Forwarded by Administrator for Consolidation Activity $1,111,909.59
-------------------
v Total Principal Collections $ 50,143,825.36
B Interest Collections
i Interest Payments Received-Cash $20,312,468.84
ii Cash Forwarded by Administrator on behalf of Seller $5,598.83
iii Cash Forwarded by Administrator on behalf of Servicer $25,002.39
iv Cash Forwarded by Administrator for Consolidation Activity $13,195.35
v Cash Forwarded by Administrator for Late Fee Activity $8.64
-------------------
vi Total Interest Collections $20,356,274.05
C Other Reimbursements $99,537.53
D Administrator Account Investment Income $521,366.44
E TOTAL FUNDS RECEIVED $ 71,121,003.38
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,951,595.88)
-------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 69,169,407.50
-------------------------------------------------------------------------------------------------------
F Servicing Fee Calculation-Current Month
i Unit Charge Calculation $958,547.36
ii Percentage of Principal Calculation $1,288,110.73
iii Lesser of Unit or Principal Calculation $958,547.36
G Servicing Fees Due for Current Period $ 958,547.36
H Carryover Servicing Fees Due $ 971,888.73
JAN 1998 Servicing Carryover $339,427.38
FEB 1998 Servicing Carryover $334,001.60
MAR 1998 Servicing Carryover $329,563.37
-----------------
$ 1,002,992.35
Less: Servicing ADJ [A iii + B iii] ($31,103.62)
-----------------
TOTAL: Carryover Servicing Fee Due $ 971,888.73
=================
I Administration Fees Due $ 20,000.00
-------------------------------------------------------------------------------------------------------
J Total Fees Due for Period $ 1,950,436.09
-------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-2 3
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
IV. 1996-2
- ----------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ----------------------------------------------------------------------------------------------------------------------------------
STATUS 12/31/97 3/31/98 12/31/97 3/31/98 12/31/97 3/31/98
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 8.156% 8.155% 38,553 35,726 7.436% 7.115%
Grace
Current 8.162% 8.171% 8,675 8,310 1.673% 1.655%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.157% 8.158% 47,228 44,036 9.110% 8.770%
- ----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.258% 8.260% 347,914 337,703 67.109% 67.257%
31-60 Days Delinquent 8.302% 8.300% 23,561 20,133 4.545% 4.010%
61-90 Days Delinquent 8.293% 8.293% 11,563 11,920 2.230% 2.374%
91-120 Days Delinquent 8.298% 8.285% 7,212 6,811 1.391% 1.356%
(greater than) 120 Days Delinquent 8.297% 8.301% 10,497 7,510 2.025% 1.496%
Deferment
Current 8.280% 8.279% 46,412 48,222 8.952% 9.604%
Forbearance
Current 8.288% 8.287% 20,392 22,198 3.933% 4.421%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.267% 8.268% 467,551 454,497 90.185% 90.518%
- ----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.303% 8.314% 3,575 3,425 0.690% 0.682%
Aged Claims Rejected (2) 8.325% 8.242% 81 147 0.016% 0.029%
- ----------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.255% 8.256% 518,435 502,105 100.00% 100.00%
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------
Principal Amount %
- -------------------------------------------------------------------------------------------------------------
STATUS 12/31/97 3/31/98 12/31/97 3/31/98
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 105,360,406.08 $ 97,887,786.91 9.105% 8.812%
Grace
Current $ 23,773,341.46 $ 22,208,257.11 2.055% 1.999%
TOTAL INTERIM $ 129,133,747.54 $ 120,096,044.02 11.160% 10.811%
- -------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 716,110,598.85 $ 677,998,241.93 61.887% 61.033%
31-60 Days Delinquent $ 52,729,519.67 $ 45,596,256.40 4.557% 4.105%
61-90 Days Delinquent $ 26,994,077.36 $ 29,633,700.15 2.333% 2.668%
91-120 Days Delinquent $ 16,724,239.48 $ 17,099,963.69 1.445% 1.539%
(greater than) 120 Days
Delinquent $ 24,866,513.83 $ 18,325,642.00 2.149% 1.650%
Deferment
Current $ 123,301,596.85 $ 127,295,655.88 10.656% 11.459%
Forbearance
Current $ 59,444,517.26 $ 67,237,566.15 5.137% 6.053%
TOTAL REPAYMENT $1,020,171,063.30 $ 983,187,026.20 88.165% 88.506%
- -------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 7,637,592.47 $ 7,269,847.71 0.660% 0.654%
Aged Claims Rejected (2) $ 177,151.25 $ 319,230.99 0.015% 0.029%
- -------------------------------------------------------------------------------------------------------------
GRAND TOTAL $1,157,119,554.56 $1,110,872,148.92 100.00% 100.00%
- -------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
SLM Student Loan Trust 1996-2 4
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
V. 1996-2 Portfolio Characteristics by School and Program 3/31/98
- ------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------
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 5.704% 1.602% 0.000% 0.000% 0.802% 0.227% 0.000% 0.000%
Grace
Current 1.205% 0.306% 0.000% 0.000% 0.208% 0.060% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 6.909% 1.907% 0.000% 0.000% 1.010% 0.286% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 38.870% 6.570% 2.075% 1.836% 4.064% 0.903% 0.154% 0.221%
31-60 Days Delinquent 2.106% 0.373% 0.153% 0.163% 0.424% 0.089% 0.010% 0.030%
61-90 Days Delinquent 1.355% 0.240% 0.061% 0.117% 0.292% 0.058% 0.005% 0.023%
91-120 Days Delinquent 0.778% 0.152% 0.030% 0.071% 0.171% 0.038% 0.001% 0.010%
Greater than 120 Days
Delinquent 0.718% 0.124% 0.037% 0.093% 0.214% 0.041% 0.001% 0.011%
Deferment
Current 6.865% 1.262% 0.238% 0.756% 0.995% 0.228% 0.011% 0.102%
Forbearance
Current 3.317% 0.713% 0.114% 0.476% 0.478% 0.113% 0.014% 0.036%
- ------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 54.008% 9.434% 2.709% 3.513% 6.636% 1.471% 0.195% 0.434%
- ------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.274% 0.050% 0.015% 0.026% 0.090% 0.021% 0.000% 0.006%
Aged Claims Rejected (2) 0.007% 0.002% 0.000% 0.000% 0.012% 0.002% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 61.198% 11.394% 2.724% 3.539% 7.749% 1.782% 0.195% 0.442%
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 78.855% 10.168%
- ------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
<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 0.169% 0.085% 0.000% 0.000% 0.122% 0.102% 0.000% 0.000%
Grace
Current 0.107% 0.056% 0.000% 0.000% 0.035% 0.022% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.277% 0.141% 0.000% 0.000% 0.157% 0.124% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 3.638% 1.421% 0.416% 0.512% 0.250% 0.051% 0.007% 0.046%
31-60 Days Delinquent 0.451% 0.173% 0.032% 0.073% 0.018% 0.002% 0.000% 0.006%
61-90 Days Delinquent 0.299% 0.114% 0.022% 0.050% 0.021% 0.004% 0.001% 0.008%
91-120 Days Delinquent 0.180% 0.071% 0.006% 0.026% 0.002% 0.000% 0.000% 0.001%
Greater than 120 Days
Delinquent 0.246% 0.105% 0.009% 0.038% 0.009% 0.002% 0.000% 0.002%
Deferment
Current 0.514% 0.182% 0.014% 0.131% 0.076% 0.035% 0.001% 0.049%
Forbearance
Current 0.437% 0.171% 0.012% 0.084% 0.048% 0.021% 0.001% 0.017%
- ----------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 5.766% 2.237% 0.511% 0.915% 0.423% 0.116% 0.010% 0.128%
- ----------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.106% 0.040% 0.003% 0.019% 0.001% 0.000% 0.000% 0.000%
Aged Claims Rejected (2) 0.003% 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 6.150% 2.419% 0.514% 0.934% 0.581% 0.240% 0.010% 0.128%
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 10.018% 0.959%
- ----------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------- FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.305% 1.029% 0.254% 0.223% 8.812%
Grace
Current 1.511% 0.268% 0.163% 0.057% 1.999%
- --------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.816% 1.297% 0.418% 0.281% 10.811%
- --------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 49.352% 5.341% 5.987% 0.353% 61.033%
31-60 Days Delinquent 2.795% 0.553% 0.730% 0.026% 4.105%
61-90 Days Delinquent 1.773% 0.378% 0.484% 0.033% 2.668%
91-120 Days Delinquent 1.032% 0.221% 0.283% 0.003% 1.539%
Greater than 120 Days
Delinquent 0.972% 0.266% 0.398% 0.013% 1.650%
Deferment
Current 9.121% 1.336% 0.841% 0.161% 11.459%
Forbearance
Current 4.620% 0.641% 0.704% 0.088% 6.053%
- --------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 69.664% 8.736% 9.428% 0.677% 88.506%
- --------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.365% 0.120% 0.168% 0.001% 0.654%
Aged Claims Rejected (2) 0.009% 0.015% 0.004% 0.000% 0.029%
- --------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 78.855% 10.168% 10.018% 0.959% 100.000%
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1994-3 5
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
VI. 1996-2 Interest Calculation
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Borrower Interest Accrued During Collection Period $ 18,986,782.89
B Interest Subsidy Payments Accrued During Collection Period $3,903,256.38
C SAP Payments Accrued During Collection Period $408,065.25
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $75,209.58
E Investment Earnings (ADMINISTRATOR ACT) $521,366.44
-----------
F Net Expected Interest Collections $ 23,894,680.54
G Student Loan Rate
i Days in Collection Period (1/1/98 - 3/31/98) 90
ii Days in Year 365
iii Net Expected Interest Collections $ 23,894,680.54
iv Primary Servicing Fee $ 2,910,143.24
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,168,729,124.14
vii Student Loan Rate 7.27481%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.69736%
I Class A-1 Interest Rate 0.014204384 (1/26/98-4/27/98) 5.69736%
J Class A-2 T-Bill Based Interest Rate 5.89736%
K Class A-2 Interest Rate 0.014703014 (1/26/98-4/27/98) 5.89736%
L Certificate T-Bill Based Rate of Return 6.14736%
M Certificate Rate of Return 0.015326301 (1/26/98-4/27/98) 6.14736%
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-2 6
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
VII. 1996-2 Inputs From Previous Quarterly Servicing Reports 12/31/97
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 1,157,119,554.57
ii Interest To Be Capitalized $11,609,569.57
===================
iii Total Student Loan Pool Outstanding $ 1,168,729,124.14
===================
B Total Note and Certificate Factor 0.77142309006
C Total Note and Certificate Balance $ 1,168,729,124.14
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
D Note Balance 1/26/98 Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i Current Factor-1/26/98 0.6448196145 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 628,699,124.14 $ 487,000,000.00 $ 53,030,000.00
----------------- ----------------- ---------------
iv Note Balance $ 628,699,124.14 $ 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 $ 2,921,822.81
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>
<PAGE>
- --------------------------------------------------------------------------------
VIII. 1996-2 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C> <C>
A Total Available Funds (Sections III -E + VI-D) $ 69,244,617.08 $ 69,244,617.08
B Primary Servicing Fees-Current Month $ 958,547.36 $ 68,286,069.72
C Administration Fee $ 20,000.00 $ 68,266,069.72
D Noteholder's Interest Distribution Amount
i Class A-1 $ 8,930,283.78 $ 59,335,785.94
ii Class A-2 $ 7,160,367.82 $ 52,175,418.12
---------------
iii Total Noteholder's Interest Distribution $ 16,090,651.60
E Certificateholder's Return Distribution Amount $ 812,753.74 $ 51,362,664.38
F Noteholder's Principal Distribution Amount
i Class A-1 $ 45,719,830.15 $ 5,642,834.23
ii Class A-2 $ 0.00 $ 5,642,834.23
---------------
iii Total Noteholder's Principal Distribution $ 45,719,830.15
G Certificateholder's Balance Distribution Amount $ 0.00 $ 5,642,834.23
H Increase to the Specified Reserve Account Balance $ 0.00 $ 5,642,834.23
I Carryover Servicing Fees $ 971,888.73 $ 4,670,945.50
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 4,670,945.50
i Class A-2 $ 0.00 $ 4,670,945.50
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 4,670,945.50
L Excess to Reserve Account $ 4,670,945.50 $ 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-2 8
<PAGE>
- --------------------------------------------------------------------------------
IX. 1996-2 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $8,930,283.78 $7,160,367.82 $812,753.74
ii Quarterly Interest Paid $8,930,283.78 $7,160,367.82 $812,753.74
------------- ------------- -----------
iii Interest Shortfall $0.00 $0.00 $0.00
iv Interest Carryover Due $0.00 $0.00 $0.00
v Interest Carryover Paid $0.00 $0.00 $0.00
----- ----- -----
vi Interest Carryover $0.00 $0.00 $0.00
vii Quarterly Principal Due $45,719,830.15 $0.00 $0.00
viii Quarterly Principal Paid $45,719,830.15 $0.00 $0.00
-------------- ----- -----
ix Quarterly Principal Shortfall $0.00 $0.00 $0.00
-----------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 54,650,113.93 $ 7,160,367.82 $ 812,753.74
-----------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C>
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 3/31/98 $1,168,729,124.14
ii Pool Balance 3/31/98 $1,123,009,293.99
--------------------
iii Pool Exceeding Notes and Certificate Balance (i-ii) $45,719,830.15
--------------------
iv Principal Distribution Amount $45,719,830.15
====================
C Total Principal Distribution $45,719,830.15
D Total Interest Distribution $16,903,405.34
--------------
E Total Cash Distributions-Note and Certificates $ 62,623,235.49
<CAPTION>
----------------------------------------------------------------------------------
F Note & Certificate Balances 1/26/98 4/27/98
----------------------------------------------------------------------------------
<S> <C> <C> <C>
i A-1 Note Balance (78442GAA4) $ 628,699,124.14 $ 582,979,293.99
A-1 Note Pool Factor 0.6448196145 0.5979274810
ii A-2 Note Balance (78442GAB2) $ 487,000,000.00 $ 487,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAC0) $ 53,030,000.00 $ 53,030,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
----------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C>
G Reserve Account Reconciliation
i Beginning of Period Balance $ 2,921,822.81
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 4,670,945.50
------------------
iv Total Reserve Account Balance Available $ 7,592,768.31
v Required Reserve Account Balance $ 2,807,523.23
vi Shortfall Carried to Next Period $ -
vii Excess Reserve -release to SLM Funding Corp. $ 4,785,245.08
viii Ending Reserve Account Balance $ 2,807,523.23
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1996-2 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
1/1/98-3/31/98 10/1/97-12/31/97 7/1/97-9/30/97 4/1/97-6/30/97
--------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,157,119,554.57 $ 1,207,164,935.71 $ 1,256,198,718.19 $ 1,311,435,448.63
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 37,887,256.31 $ 38,924,495.06 $ 34,879,780.38 $ 36,262,930.45
ii Principal Collections from Guarantor 11,003,483.98 12,246,196.59 11,329,576.41 14,581,644.47
iii Principal Reimbursements 1,253,085.07 6,209,725.84 7,134,873.73 9,351,268.08
iv Other System Adjustments - - - (0.00)
-------------------------------------------------------------------------------
v Total Principal Collections $ 50,143,825.36 $ 57,380,417.49 $ 53,344,230.52 $ 60,195,843.00
Student Loan Non-Cash Principal Activity
i Other Adjustments 884,091.41 980,697.54 942,924.37 876,021.96
ii Capitalized Interest (4,780,511.12) (8,315,733.89) (5,253,372.41) (5,835,134.52)
-------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (3,896,419.71) $ (7,335,036.35) $ (4,310,448.04) $ (4,959,112.56)
--------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 46,247,405.65 $ 50,045,381.14 $ 49,033,782.48 $ 55,236,730.44
--------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 14,403,189.08 $ 14,129,984.08 $ 14,694,854.50 $ 14,705,223.01
ii Interest Claims Received from
Guarantors 660,711.04 761,002.07 685,566.92 908,642.82
iii Late Fee Reimbursements 8.64 1.27 - -
iv Interest Reimbursements 43,796.57 156,325.20 121,773.86 163,727.00
v Other System Adjustments - - - -
vi Special Allowance Payments 570,832.04 447,663.98 611,281.83 569,960.22
vii Subsidy Payments 4,677,736.68 5,110,300.53 5,801,151.40 6,074,126.25
-------------------------------------------------------------------------------
viii Total Interest Collections $ 20,356,274.05 $ 20,605,277.13 $ 21,914,628.51 $ 22,421,679.30
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (693,323.69) $ (773,454.47) $ (759,643.24) $ (634,501.44)
ii Capitalized Interest 4,780,511.12 8,315,733.89 5,253,372.41 5,835,134.52
-------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 4,087,187.43 $ 7,542,279.42 $ 4,493,729.17 $ 5,200,633.08
-------------------------------------------------------------------------------
Total Student Loan Interest Activity $ 24,443,461.48 $ 28,147,556.55 $ 26,408,357.68 $ 27,622,312.38
(=) Ending Student Loan Portfolio Balance $ 1,110,872,148.92 $ 1,157,119,554.57 $ 1,207,164,935.71 $ 1,256,198,718.19
--------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 12,137,145.07 $ 11,609,569.57 $ 14,530,310.02 $ 14,239,953.83
--------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,123,009,293.99 $ 1,168,729,124.14 $ 1,221,695,245.73 $ 1,270,438,672.02
--------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
1/1/97-3/31/97 10/1/96-12/31/96 7/1/96-9/30/96 4/8/96-6/30/96
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Beginning Student Loan Portfolio Balance $ 1,368,940,609.46 $ 1,420,136,733.54 $ 1,468,666,284.76 $ 1,499,948,797.64
---------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 35,405,802.03 $ 35,315,114.14 $ 37,115,081.98 $ 32,387,112.35
ii Principal Collections from Guarantor 16,357,009.51 12,433,036.92 1,608,162.94 232,013.54
iii Principal Reimbursements 9,386,952.00 10,214,361.81 14,131,988.74 5,880,791.49
iv Other System Adjustments - (4,608.47) (1,484.32) (1,709.32)
-------------------------------------------------------------------------------
v Total Principal Collections $ 61,149,763.54 $ 57,957,904.40 $ 52,853,749.34 $ 38,498,208.06
Student Loan Non-Cash Principal Activity
i Other Adjustments 1,056,316.24 1,080,860.52 1,010,052.49 700,262.22
ii Capitalized Interest (4,700,918.95) (7,842,640.84) (5,334,250.61) (7,915,957.40)
-------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (3,644,602.71) $ (6,761,780.32) $ (4,324,198.12) $ (7,215,695.18)
-------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 57,505,160.83 $ 51,196,124.08 $ 48,529,551.22 $ 31,282,512.88
-------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 15,556,589.47 $ 14,810,858.15 $ 15,710,941.68 $ 13,326,889.75
ii Interest Claims Received from
Guarantors 1,054,563.70 774,638.29 65,496.81 4,693.63
iii Late Fee Reimbursements - - - -
iv Interest Reimbursements 128,167.59 166,885.49 161,064.40 90,073.72
v Other System Adjustments - (2,349.39) (18.17) 309.87
vi Special Allowance Payments 442,524.38 875,314.62 481,518.57 -
vii Subsidy Payments 7,322,845.39 7,898,909.32 9,023,779.62 -
-------------------------------------------------------------------------------
viii Total Interest Collections $ 24,504,690.53 $ 24,524,256.48 $ 25,442,782.91 $ 13,421,966.97
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (795,806.82) $ (912,392.77) $ (986,037.72) $ (689,754.99)
ii Capitalized Interest 4,700,918.95 7,842,640.84 5,334,250.61 7,915,957.40
-------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 3,905,112.13 $ 6,930,248.07 $ 4,348,212.89 $ 7,226,202.41
-------------------------------------------------------------------------------
Total Student Loan Interest Activity $ 28,409,802.66 $ 31,454,504.55 $ 29,790,995.80 $ 20,648,169.38
(=) Ending Student Loan Portfolio Balance $ 1,311,435,448.63 $ 1,368,940,609.46 $ 1,420,136,733.54 $ 1,468,666,284.76
---------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 14,820,929.42 $ 13,686,568.72 $ 15,672,244.73 $ 14,944,789.14
---------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,326,256,378.05 $ 1,382,627,178.18 $ 1,435,808,978.27 $ 1,483,611,073.90
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-2 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%
* "Since Issued CPR" is based on the current period's
ending pool balance calculated against the original pool
balance and assuming cutoff date pool data.
SLM Student Loan Trust 1996-2 11
<PAGE>
SLM Student Loan Trust 1996-3
Quarterly Servicing Report
Report Date: 3/31/98 Reporting Period: 1/1/98-3/31/98
- -------------------------------------------------------------------------------
I. Deal Parameters
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 12/31/97 Activity 3/31/98
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i Portfolio Balance $ 1,228,714,371.63 $ (38,924,542.57) $1,189,789,829.06
ii Interest to be Capitalized 14,946,382.97 15,939,150.71
----------------------- -------------------
iii Total Pool $ 1,243,660,754.60 $1,205,728,979.77
iv Reserve Account Balance 3,222,987.71 3,109,151.89
----------------------- -------------------
B v Total Adjusted Pool $ 1,246,883,742.31 $1,208,838,131.66
======================= ===================
i Weighted Average Coupon (WAC) 8.2693% 8.2716%
ii Weighted Average Remaining Term 105.30 103.80
iii Number of Loans 450,307 439,081
iv Number of Borrowers 180,082 175,034
------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 1/26/98 % of Pool Balance 4/27/98 % of Pool
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAD8 0.49% $ 641,133,742.31 51.419% $ 603,088,131.66 49.890%
ii A-2 Notes 78442GAE6 0.68% 553,000,000.00 44.351% 553,000,000.00 45.746%
iii Certificates 78442GAF3 0.95% 52,750,000.00 4.230% 52,750,000.00 4.364%
---------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 1,246,883,742.31 100.000% $1,208,838,131.66 100.000%
=====================================================================================================================
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
D Reserve Account 1/26/97 4/27/98
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 3,109,151.89 $ 3,014,322.45
iv Reserve Account Floor Balance ($) $ 1,502,704.00 $ 1,502,704.00
v Current Reserve Acct Balance ($) $ 3,109,151.89 $ 3,014,322.45
---------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-3 1
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
II. 1996-3 Transactions from: 1/1/98 through 3/31/98
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $29,404,048.03
ii Principal Collections from Guarantor $11,559,362.06
iii Principal Reimbursements $2,130,628.53
iv Other System Adjustments $0.00
---------------------
v Total Principal Collections $ 43,094,038.62
B Student Loan Non-Cash Principal Activity
i Other Adjustments $767,213.12
ii Capitalized Interest ($4,936,709.17)
---------------------
iii Total Non-Cash Principal Activity $ (4,169,496.05)
--------------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 38,924,542.57
--------------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $14,499,229.27
ii Interest Claims Received from Guarantors $708,781.58
iii Late Fee Reimbursements $0.54
iv Interest Reimbursements $66,965.58
v Other System Adjustments $0.00
vi Special Allowance Payments $525,353.53
vii Subsidy Payments $5,372,338.40
----------------------
viii Total Interest Collections $ 21,172,668.90
E Student Loan Non-Cash Interest Activity
i Interest Accural Adjustment ($595,874.69)
ii Capitalized Interest $4,936,709.17
----------------------
iii Total Non-Cash Interest Adjustments $ 4,340,834.48
--------------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 25,513,503.38
--------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-3 2
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
III. 1996-3 Collection Account Activity 1/1/98 through 3/31/98
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $40,963,410.09
ii Cash Forwarded by Administrator on behalf of Seller $177,993.07
iii Cash Forwarded by Administrator on behalf of Servicer ($8,087.63)
iv Cash Forwarded by Administrator for Consolidation Activity $1,960,723.09
--------------------
v Total Principal Collections $ 43,094,038.62
B Interest Collections
i Interest Payments Received-Cash $21,105,702.78
ii Cash Forwarded by Administrator on behalf of Seller $25,068.30
iii Cash Forwarded by Administrator on behalf of Servicer $19,907.96
iv Cash Forwarded by Administrator for Consolidation Activity $21,989.32
v Cash Forwarded by Administrator for Late Fee Activity $0.54
--------------------
vi Total Interest Collections $21,172,668.90
C Other Reimbursements $138,731.99
D Administrator Account Investment Income $480,762.34
E Funds borrowed from next Collection Period $0.00
F TOTAL FUNDS RECEIVED $ 64,886,201.85
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,688,200.59)
---------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 63,198,001.26
---------------------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $832,751.55
ii Percentage of Principal Calculation $1,173,871.92
iii Lesser of Unit or Principal Calculation $832,751.55
H Servicing Fees Due for Current Period $ 832,751.55
I Carryover Servicing Fees Due $ 1,023,802.57
JAN 1998 Servicing Carryover $349,810.29
FEB 1998 Servicing Carryover $344,692.24
MAR 1998 Servicing Carryover $341,120.37
------------------------
$ 1,035,622.90
Less: Servicing ADJ [A iii + B iii] ($11,820.33)
------------------------
TOTAL: Carryover Servicing Fee Due $ 1,023,802.57
========================
J Administration Fees Due $ 20,000.00
---------------------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,876,554.12
---------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-3 3
<PAGE>
- -------------------------------------------------------------------------------
IV. 1996-3
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ----------------------------------------------------------------------------------------------------------------------------
STATUS 12/31/97 3/31/98 12/31/97 3/31/98 12/31/97 3/31/98
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.907% 7.904% 54,161 50,358 12.028% 11.469%
Grace
Current 7.967% 7.964% 8,254 8,818 1.833% 2.008%
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.915% 7.912% 62,415 59,176 13.861% 13.477%
- ----------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.347% 8.353% 275,559 268,816 61.194% 61.222%
31-60 Days Delinquent 8.370% 8.371% 21,080 18,616 4.681% 4.240%
61-90 Days Delinquent 8.363% 8.355% 10,990 11,338 2.441% 2.582%
91-120 Days Delinquent 8.356% 8.343% 6,735 6,584 1.496% 1.499%
greater than 120 Days Delinquent 8.341% 8.352% 9,859 7,071 2.189% 1.610%
Deferment
Current 8.260% 8.248% 40,803 43,155 9.061% 9.828%
Forbearance
Current 8.357% 8.351% 19,334 20,972 4.294% 4.776%
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.339% 8.340% 384,360 376,552 85.355% 85.759%
- ----------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.342% 8.351% 3,460 3,312 0.768% 0.754%
Aged Claims Rejected (2) 8.236% 8.254% 72 41 0.016% 0.009%
- ----------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.269% 8.272% 450,307 439,081 100.00% 100.00%
- ----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------
Principal Amount %
- -------------------------------------------------------------------------------------------------------------------------------
STATUS 12/31/97 3/31/98 12/31/97 3/31/98
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 168,171,161.63 $ 156,637,755.03 13.687% 13.165%
Grace
Current $ 25,709,673.04 $ 26,714,795.00 2.092% 2.245%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 193,880,834.67 $ 183,352,550.03 15.779% 15.410%
- -------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 721,683,792.17 $ 689,058,602.69 58.735% 57.914%
31-60 Days Delinquent $ 54,195,790.44 $ 48,193,968.45 4.411% 4.051%
61-90 Days Delinquent $ 28,525,693.50 $ 30,486,170.90 2.322% 2.562%
91-120 Days Delinquent $ 17,238,270.48 $ 18,059,236.03 1.403% 1.518%
greater than 120 Days Delinquent $ 25,426,282.51 $ 18,753,304.42 2.069% 1.576%
Deferment
Current $ 119,715,952.01 $ 126,170,876.72 9.743% 10.604%
Forbearance
Current $ 60,065,725.71 $ 67,829,717.72 4.889% 5.701%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 1,026,851,506.82 $ 998,551,876.93 83.571% 83.927%
- -------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 7,791,214.67 $ 7,794,801.44 0.634% 0.655%
Aged Claims Rejected (2) $ 190,815.46 $ 90,600.66 0.016% 0.008%
- -------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 1,228,714,371.62 $ 1,189,789,829.06 100.00% 100.00%
- -------------------------------------------------------------------------------------------------------------------------------
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes claims deemed incurable pending repurchase.
</TABLE>
SLM Student Loan Trust 1998-3 4
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
V. 1996-3 Portfolio Characteristics by School and Program 3/31/98
- -------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
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 8.478% 3.160% 0.000% 0.000% 0.752% 0.265% 0.000% 0.000%
Grace
Current 1.383% 0.499% 0.000% 0.000% 0.174% 0.057% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 9.862% 3.658% 0.000% 0.000% 0.925% 0.322% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 32.752% 5.958% 6.740% 2.714% 3.208% 0.632% 0.312% 0.370%
31-60 Days Delinquent 2.007% 0.323% 0.391% 0.221% 0.371% 0.063% 0.020% 0.050%
61-90 Days Delinquent 1.217% 0.235% 0.189% 0.129% 0.281% 0.053% 0.011% 0.031%
91-120 Days Delinquent 0.755% 0.169% 0.086% 0.084% 0.155% 0.034% 0.005% 0.016%
greater than 100 Days Delinquent 0.678% 0.117% 0.081% 0.086% 0.191% 0.039% 0.003% 0.023%
Deferment
Current 6.076% 1.343% 0.491% 0.845% 0.811% 0.176% 0.028% 0.104%
Forbearance
Current 2.848% 0.732% 0.365% 0.442% 0.433% 0.096% 0.016% 0.057%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 46.333% 8.878% 8.344% 4.520% 5.450% 1.092% 0.395% 0.652%
- -----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.276% 0.059% 0.038% 0.029% 0.086% 0.017% 0.002% 0.007%
Aged Claims Rejected (2) 0.003% 0.000% 0.000% 0.001% 0.002% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 56.474% 12.596% 8.382% 4.550% 6.462% 1.432% 0.397% 0.659%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.002% 8.950%
- -----------------------------------------------------------------------------------------------------------------------------------
<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 0.106% 0.073% 0.000% 0.000% 0.164% 0.167% 0.000% 0.000%
Grace
Current 0.051% 0.031% 0.000% 0.000% 0.030% 0.020% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.158% 0.104% 0.000% 0.000% 0.194% 0.187% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 2.687% 0.833% 0.431% 0.802% 0.274% 0.092% 0.012% 0.096%
31-60 Days Delinquent 0.348% 0.087% 0.038% 0.105% 0.017% 0.003% 0.000% 0.007%
61-90 Days Delinquent 0.237% 0.059% 0.018% 0.070% 0.018% 0.004% 0.000% 0.011%
91-120 Days Delinquent 0.127% 0.033% 0.011% 0.036% 0.004% 0.002% 0.000% 0.000%
greater than 120 Days Delinquent 0.207% 0.063% 0.015% 0.059% 0.010% 0.000% 0.000% 0.004%
Deferment
Current 0.338% 0.096% 0.023% 0.112% 0.087% 0.047% 0.002% 0.026%
Forbearance
Current 0.342% 0.118% 0.021% 0.108% 0.059% 0.039% 0.003% 0.021%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 4.285% 1.289% 0.558% 1.292% 0.469% 0.188% 0.017% 0.164%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.080% 0.027% 0.010% 0.021% 0.001% 0.001% 0.000% 0.000%
Aged Claims Rejected (2) 0.001% 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 4.524% 1.421% 0.567% 1.313% 0.664% 0.377% 0.017% 0.164%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 7.826% 1.222%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- -------------------------------------------------------------------------------------------------------------
INTERIM:
<S> <C> <C> <C> <C> <C>
In School
Current 11.638% 1.017% 0.179% 0.331% 13.165%
Grace
Current 1.882% 0.231% 0.082% 0.050% 2.245%
- -------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 13.520% 1.248% 0.261% 0.381% 15.410%
- -------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 48.166% 4.522% 4.752% 0.474% 57.914%
31-60 Days Delinquent 2.943% 0.504% 0.578% 0.026% 4.051%
61-90 Days Delinquent 1.770% 0.375% 0.385% 0.033% 2.562%
91-120 Days Delinquent 1.095% 0.210% 0.207% 0.006% 1.518%
greater than 120 Days Delinquent 0.962% 0.256% 0.343% 0.015% 1.576%
Deferment
Current 8.754% 1.119% 0.569% 0.162% 10.604%
Forbearance
Current 4.387% 0.602% 0.589% 0.123% 5.701%
- -------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 68.076% 7.588% 7.424% 0.839% 83.927%
- -------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.402% 0.112% 0.139% 0.002% 0.655%
Aged Claims Rejected (2) 0.004% 0.002% 0.002% 0.000% 0.008%
- -------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.002% 8.950% 7.826% 1.222% 100.000%
- -------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-3 5
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
VI. 1996-3 Interest Calculation
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 19,910,469.47
B Interest Subsidy Payments Accrued During Collection Period $ 4,499,531.50
C SAP Payments Accrued During Collection Period $ 353,819.73
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 74,998.97
E Investment Earnings (ADMINISTRATOR ACT) $ 480,762.34
------------------
F Net Expected Interest Collections $ 25,319,582.01
G Student Loan Rate
i Days in Collection Period (1/1/98-3/31/98) 90
ii Days in Year 365
iii Net Expected Interest Collections $ 25,319,582.01
iv Primary Servicing Fee $ 2,520,952.14
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,243,660,754.60
vii Student Loan Rate 7.42807%
Accrued
Int Factor Accrual Period
---------- --------------
H Class A-1 T-Bill Based Interest Rate 5.67736%
I Class A-1 Interest Rate 0.014154521 (1/26/98-4/27/98) 5.67736%
J Class A-2 T-Bill Based Interest Rate 5.86736%
K Class A-2 Interest Rate 0.014628219 (1/26/98-4/27/98) 5.86736%
L Certificate T-Bill Based Rate of Return 6.13736%
M Certificate Rate of Return 0.015301370 (1/26/98-4/27/98) 6.13736%
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
VII. 1996-3 Inputs From Previous Quarterly Servicing Reports 12/31/97
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,228,714,371.63
ii Interest To Be Capitalized 14,946,382.97
-------------------
iii Total Pool $ 1,243,660,754.60
iv Reserve Account Balance 3,222,987.71
-------------------
v Total Adjusted Pool Balance $ 1,246,883,742.31
===================
B Total Note and Certificate Factor 0.82753193450
C Total Note and Certificate Balance $ 1,246,883,742.31
<CAPTION>
----------------------------------------------------------------------------------------------------------------
D Note Balance 1/26/98 Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor-1/26/98 0.7115801801 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 641,133,742.31 $ 553,000,000.00 $ 52,750,000.00
----------------- ----------------- ---------------
iv Note Balance $ 641,133,742.31 $ 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
----------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C>
G Reserve Account Balance $ 3,109,151.89
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
K Interest Due on Unpaid Carryover Servicing Fees $ 0.00
----------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-3 7
<PAGE>
- --------------------------------------------------------------------------------
VIII. 1996-3 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C> <C>
A Total Available Funds (Sections III -F + VI-D) $ 63,273,000.23 $ 63,273,000.23
B Primary Servicing Fees-Current Month $ 832,751.55 $ 62,440,248.68
C Administration Fee $ 20,000.00 $ 62,420,248.68
D Noteholder's Interest Distribution Amount
i Class A-1 $ 9,074,941.02 $ 53,345,307.66
ii Class A-2 $ 8,089,405.11 $ 45,255,902.55
---------------
iii Total Noteholder's Interest Distribution $ 17,164,346.13
E Certificateholder's Return Distribution Amount $ 807,147.27 $ 44,448,755.28
F Noteholder's Principal Distribution Amount
i Class A-1 $ 38,045,610.65 $ 6,403,144.63
ii Class A-2 $ 0.00 $ 6,403,144.63
---------------
iii Total Noteholder's Principal Distribution $ 38,045,610.65
G Certificateholder's Balance Distribution Amount $ 0.00 $ 6,403,144.63
H Increase to the Specified Reserve Account Balance $ 0.00 $ 6,403,144.63
I Carryover Servicing Fees $ 1,023,802.57 $ 5,379,342.06
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 5,379,342.06
ii Class A-2 $ 0.00 $ 5,379,342.06
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 5,379,342.06
L Excess to Reserve Account $ 5,379,342.06 $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
SLM Student Loan Trust 1996-3 8
<PAGE>
- --------------------------------------------------------------------------------
IX. 1996-3 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 9,074,941.02 $ 8,089,405.11 $ 807,147.27
ii Quarterly Interest Paid 9,074,941.02 8,089,405.11 807,147.27
------------ ------------ ----------
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 $ 38,045,610.65 $ 0.00 $ 0.00
viii Quarterly Principal Paid 38,045,610.65 0.00 0.00
------------- ---- ----
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
----------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 47,120,551.67 $ 8,089,405.11 $ 807,147.27
----------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C>
B Principal Distribution Reconciliation
i Notes and Certificates Principal <C>
Balance 3/31/98 $ 1,246,883,742.31
ii Adjusted Pool Balance 3/31/98 1,208,838,131.66
----------------
iii Adjusted Pool Exceeding Notes
and Certificate Balance (i-ii) $ 38,045,610.65
-------------------
iv Principal Distribution Amount $ 38,045,610.65
===================
C Total Principal Distribution $ 38,045,610.65
D Total Interest Distribution 17,971,493.40
-------------
E Total Cash Distributions-Note and
Certificates $ 56,017,104.05
<CAPTION>
--------------------------------------------------------------------------------------------------
F Note & Certificate Balances 1/26/98 4/27/98
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i A-1 Note Balance
(78442GAD8) $ 641,133,742.31 $ 603,088,131.66
A-1 Note Pool Factor 0.7115801801 0.6693541972
ii A-2 Note Balance
(78442GAE6) $ 553,000,000.00 $ 553,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance
(78442GAF3) $ 52,750,000.00 $ 52,750,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
--------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C>
G Reserve Account Reconciliation
i Beginning of Period Balance $ 3,109,151.89
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 5,379,342.06
----------------
iv Total Reserve Account Balance Available $ 8,488,493.95
v Required Reserve Account Balance $ 3,014,322.45
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - release to SLM Funding Corp $ 5,474,171.50
viii Ending Reserve Account Balance $ 3,014,322.45
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-3 9
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
X. 1996-3 Historical Pool Information
- ------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------
1/1/98-3/31/98 10/1/97-12/31/97 7/1/97-9/30/97 4/1/97-6/30/97
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
---------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $1,228,714,371.63 $1,270,536,352.09 $1,314,028,719.03 $1,361,841,394.25
---------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 29,404,048.03 $ 29,118,217.97 $ 26,848,008.48 $ 26,728,337.85
ii Principal Collections from Guarantor 11,559,362.06 12,533,050.94 12,289,160.77 15,355,163.67
iii Principal reimbursements 2,130,628.53 9,081,106.61 8,698,514.06 11,140,308.50
iv Other System Adjustments - - - -
-----------------------------------------------------------------------------
v Total Principal Collections $ 43,094,038.62 $ 50,732,375.52 $ 47,835,683.31 $ 53,223,810.02
Student Loan Non-Cash Principal Activity
i Other Adjustments $767,213.12 $993,670.46 $871,626.88 $889,778.05
ii Capitalized Interest (4,936,709.17) (9,904,065.52) (5,214,943.25) (6,300,912.85)
-----------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (4,169,496.05) $ (8,910,395.06) $ (4,343,316.37) $ (5,411,134.80)
---------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 38,924,542.57 $ 41,821,980.46 $ 43,492,366.94 $ 47,812,675.22
---------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 14,499,229.27 $ 13,912,469.88 $ 14,241,939.43 $ 14,019,958.84
ii Interest Claims Received from Guarantors 708,781.58 782,995.06 750,914.57 954,808.65
iii Late Fee Reimbursements 0.54 - - -
iv Interest Reimbursements 66,965.58 181,295.05 145,750.68 158,324.82
v Other System Adjustments - - - -
vi Special Allowance Payments 525,353.53 411,017.50 566,331.54 519,490.88
vii Subsidy Payments 5,372,338.40 5,904,071.73 6,554,583.06 6,823,320.39
-----------------------------------------------------------------------------
viii Total Interest Collections $ 21,172,668.90 $ 21,191,849.22 $ 22,259,519.28 $ 22,475,903.58
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (595,874.69) $ (829,125.40) $ (708,003.70) $ (676,498.05)
ii Capitalized Interest 4,936,709.17 9,904,065.52 5,214,943.25 6,300,912.85
-----------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 4,340,834.48 $ 9,074,940.12 $ 4,506,939.55 $ 5,624,414.80
-----------------------------------------------------------------------------
Total Student Loan Interest Activity $ 25,513,503.38 $ 30,266,789.34 $ 26,766,458.83 $ 28,100,318.38
(=) Ending Student Loan Portfolio Balance $1,189,789,829.06 $1,228,714,371.63 $1,270,536,352.09 $1,314,028,719.03
---------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 15,939,150.71 $ 14,946,382.97 $ 18,658,731.97 $ 17,589,800.26
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $1,205,728,979.77 $1,243,660,754.60 $1,289,195,084.06 $1,331,618,519.29
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 3,109,151.89 $ 3,222,987.71 $ 3,329,046.30 $ 3,449,136.69
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $1,208,838,131.66 $1,246,883,742.31 $1,292,524,130.36 $1,335,067,655.98
---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------
1/1/97-3/31/97 10/1/96-12/31/96 6/17/96-9/30/96
---------------------------------------------------------
Beginning Student Loan Portfolio Balance $1,413,647,896.61 $1,447,395,386.24 $1,485,028,174.57
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 26,325,976.31 $ 25,708,925.38 $ 30,349,661.79
ii Principal Collections from Guarantor 16,603,607.75 3,613,377.63 489,106.84
iii Principal reimbursements 12,784,224.04 13,087,681.14 12,486,491.73
iv Other System Adjustments - (7,207.52) 5,047.44
---------------------------------------------------------
v Total Principal Collections $ 55,713,808.10 $ 42,402,776.63 $ 43,330,307.80
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 920,763.16 $ 936,515.02 $ 1,290,030.17
ii Capitalized Interest (4,828,068.90) (9,591,802.02) (6,987,549.64)
---------------------------------------------------------
iii Total Non-Cash Principal Activity $ (3,907,305.74) $ (8,655,287.00) $ (5,697,519.47)
---------------------------------------------------------
(-) Total Student Loan Principal Activity $ 51,806,502.36 $ 33,747,489.63 $ 37,632,788.33
-------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
-------------------------------------------------------------------------------------------------------------
i Regular Interest Collections $ 14,742,626.48 $ 13,497,348.26 $ 15,754,166.36
ii Interest Claims Received from Guarantors 1,067,757.11 184,632.17 11,357.11
iii Late Fee Reimbursements - - -
iv Interest Reimbursements 154,787.09 225,135.74 178,669.39
v Other System Adjustments - (822.59) 437.04
vi Special Allowance Payments 389,797.21 799,805.67 496,885.43
vii Subsidy Payments 8,217,893.54 9,124,830.54 10,221,660.77
---------------------------------------------------------
viii Total Interest Collections $ 24,572,861.43 $ 23,830,929.79 $ 26,663,176.10
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (772,295.49) $ (906,394.19) $ (1,268,293.82)
ii Capitalized Interest 4,828,068.90 9,591,802.02 6,987,549.64
---------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 4,055,773.41 $ 8,685,407.83 $ 5,719,255.82
---------------------------------------------------------
Total Student Loan Interest Activity $ 28,628,634.84 $ 32,516,337.62 $ 32,382,431.92
(=) Ending Student Loan Portfolio Balance $1,361,841,394.25 $1,413,647,896.61 $1,447,395,386.24
-------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 17,813,283.35 $ 15,933,644.48 $ 18,816,445.60
-------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $1,379,654,677.60 $1,429,581,541.09 $1,466,211,831.84
-------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 3,573,953.85 $ 3,674,921.48 $ 3,756,760.00
-------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $1,383,228,631.45 $1,433,256,462.57 $1,469,968,591.84
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-3 10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1996-3 Payment History and CPRs
- --------------------------------------------------------------------------------
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%
* "Since Issued CPR" is based on the current period's ending
pool balance calculated against the original pool balance and
assuming cutoff date pool data.
- --------------------------------------------------------------------------------
SLM Student Loan Trust 1996-3 11
<PAGE>
SLM Student Loan Trust 1996-4
Quarterly Servicing Report
Report Date: 3/31/98 Reporting Period: 1/1/98-3/31/98
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 12/31/97 Activity 3/31/98
------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
i Portfolio Balance $ 1,207,834,554.65 $ (47,223,975.91) $ 1,160,610,578.74
ii Interest to be Capitalized 14,614,638.32 15,405,918.06
-------------------- --------------------
iii Total Pool $ 1,222,449,192.97 $ 1,176,016,496.80
iv Reserve Account Balance 3,197,361.80 3,056,122.98
-------------------- --------------------
v Total Adjusted Pool $ 1,225,646,554.77 $ 1,179,072,619.78
==================== ====================
B i Weighted Average Coupon (WAC) 8.2472% 8.2468%
ii Weighted Average Remaining Term 101.50 100.60
iii Number of Loans 525,807 507,897
iv Number of Borrowers 201,849 194,039
------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 1/26/98 % of Pool Balance 4/27/98 % of Pool
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAG1 0.48% $ 677,946,554.77 55.313% $ 631,372,619.78 53.548%
ii A-2 Notes 78442GAH9 0.64% 495,000,000.00 40.387% 495,000,000.00 41.982%
iii Certificates 78442GAJ5 0.93% 52,700,000.00 4.300% 52,700,000.00 4.470%
-------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 1,225,646,554.77 100.000% $1,179,072,619.78 100.000%
=========================================================================================================================
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
D Reserve Account 1/26/98 4/27/98
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 3,056,122.98 $ 2,940,041.24
iv Reserve Account Floor Balance ($) $ 1,501,183.00 $ 1,501,183.00
v Current Reserve Acct Balance ($) $ 3,056,122.98 $ 2,940,041.24
-------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-4 1
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------
II. 1996-4 Transactions from: 1/1/98 through 3/31/98
- -----------------------------------------------------------------------------------------------------
<C> <S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $38,013,136.47
ii Principal Collections from Guarantor $11,740,057.29
iii Principal Reimbursements $1,850,965.07
iv Other System Adjustments $0.00
--------------------
v Total Principal Collections $ 51,604,158.83
B Student Loan Non-Cash Principal Activity
i Other Adjustments $873,682.07
ii Capitalized Interest ($5,253,864.99)
--------------------
iii Total Non-Cash Principal Activity $ (4,380,182.92)
------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 47,223,975.91
------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $13,998,367.14
ii Interest Claims Received from Guarantors $726,201.30
iii Late Fee Reimbursements $0.00
iv Interest Reimbursements $44,103.53
v Other System Adjustments $0.00
vi Special Allowance Payments $549,964.04
vii Subsidy Payments $5,264,287.89
--------------------
viii Total Interest Collections $ 20,582,923.90
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($686,953.98)
ii Capitalized Interest $5,253,864.99
--------------------
iii Total Non-Cash Interest Adjustments $ 4,566,911.01
------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 25,149,834.91
------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Student Loan Trust 1996-4 2
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
III. 1996-4 Collection Account Activity 1/1/98 through 3/31/98
- ------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
A Principal Collections
i Principal Payments Received-Cash $ 49,753,193.76
ii Cash Forwarded by Administrator on behalf of Seller $ 54,210.99
iii Cash Forwarded by Administrator on behalf of Servicer $ 6,817.87
iv Cash Forwarded by Administrator for Consolidation Activity $ 1,789,936.21
-------------------
v Total Principal Collections $ 51,604,158.83
B Interest Collections
i Interest Payments Received-Cash $ 20,538,820.37
ii Cash Forwarded by Administrator on behalf of Seller $ (5,464.59)
iii Cash Forwarded by Administrator on behalf of Servicer $ 23,266.17
iv Cash Forwarded by Administrator for Consolidation Activity $ 26,301.95
v Cash Forwarded by Administrator for Late Fee Activity $ 0.00
-------------------
vi Total Interest Collections $ 20,582,923.90
C Other Reimbursements $ 88,272.71
D Administrator Account Investment Income $ 547,023.18
E Return funds borrowed for previous distribution $ 0.00
F TOTAL FUNDS RECEIVED $ 72,822,378.62
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,893,319.44)
--------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 70,929,059.18
--------------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 929,434.08
ii Percentage of Principal Calculation $ 1,236,838.28
iii Lesser of Unit or Principal Calculation $ 929,434.08
H Servicing Fees Due for Current Period $ 929,434.08
I Carryover Servicing Fees Due $ 903,419.35
JAN 1998 Servicing Carryover $ 315,499.00
FEB 1998 Servicing Carryover $ 310,600.19
MAR 1998 Servicing Carryover $ 307,404.20
--------------------
$ 933,503.39
Less: Servicing ADJ [A iii + B iii] $ (30,084.04)
--------------------
TOTAL: Carryover Servicing Fee Due $ 903,419.35
====================
J Administration Fees Due $ 20,000.00
--------------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,852,853.43
--------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan trust 1996-4 3
<PAGE>
- --------------------------------------------------------------------------------
IV. 1996-4
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ------------------------------------------------------------------------------------------------------------------
STATUS 12/31/97 3/31/98 12/31/97 3/31/98 12/31/97 3/31/98
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.957% 7.956% 50,760 46,219 9.654% 9.100%
Grace
Current 7.988% 7.979% 10,375 10,643 1.973% 2.096%
- ------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.962% 7.960% 61,135 56,862 11.627% 11.196%
- ------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.303% 8.305% 343,861 331,969 65.397% 65.361%
31-60 Days Delinquent 8.343% 8.340% 24,293 20,662 4.620% 4.068%
61-90 Days Delinquent 8.329% 8.311% 11,595 12,927 2.205% 2.545%
91-120 Days Delinquent 8.323% 8.313% 6,932 6,851 1.318% 1.349%
Greater than 120 Days
Delinquent 8.310% 8.327% 11,124 7,424 2.116% 1.462%
Deferment
Current 8.234% 8.222% 41,702 44,289 7.931% 8.720%
Forbearance
Current 8.324% 8.322% 21,319 22,922 4.055% 4.513%
- ------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.299% 8.298% 460,826 447,044 87.642% 88.019%
- ------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.306% 8.291% 3,810 3,936 0.725% 0.775%
Aged Claims Rejected (2) 8.518% 8.259% 36 55 0.007% 0.011%
- ------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.247% 8.247% 525,807 507,897 100.00% 100.00%
- ------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------
Principal Amount %
- ------------------------------------------------------------------------------------------------------------
STATUS 12/31/97 3/31/98 12/31/97 3/31/98
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 149,566,397.40 $ 136,643,002.54 12.383% 11.773%
Grace
Current $ 30,464,711.76 $ 30,659,844.70 2.522% 2.642%
- ------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 180,031,109.16 $ 167,302,847.24 14.905% 14.415%
- ------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 706,757,122.75 $ 664,452,402.03 58.514% 57.250%
31-60 Days Delinquent $ 53,721,187.05 $ 47,760,877.43 4.448% 4.115%
61-90 Days Delinquent $ 27,492,312.45 $ 31,623,609.06 2.276% 2.725%
91-120 Days Delinquent $ 16,286,911.13 $ 18,061,702.64 1.348% 1.556%
Greater than 120 Days
Delinquent $ 27,843,600.08 $ 18,449,471.80 2.305% 1.590%
Deferment
Current $ 123,504,159.52 $ 131,428,291.60 10.225% 11.324%
Forbearance
Current $ 64,075,168.10 $ 72,390,420.16 5.305% 6.237%
- ------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 1,019,680,461.08 $ 984,166,774.72 84.422% 84.797%
- ------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 8,046,523.91 $ 9,024,460.44 0.667% 0.778%
Aged Claims Rejected (2) $ 76,460.49 $ 116,496.34 0.006% 0.010%
- ------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 1,207,834,554.64 $1,160,610,578.74 100.00% 100.00%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
SLM Student Loan Trust 1996-4 4
<PAGE>
- --------------------------------------------------------------------------------
V. 1996-4 Portfolio Characteristics by School and Program 3/31/98
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 7.276% 2.649% 0.000% 0.000% 0.978% 0.357% 0.000% 0.000%
Grace
Current 1.539% 0.517% 0.000% 0.000% 0.257% 0.109% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.815% 3.165% 0.000% 0.000% 1.235% 0.466% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 34.418% 6.551% 3.491% 2.381% 3.308% 0.940% 0.200% 0.244%
31-60 Days Delinquent 2.048% 0.377% 0.251% 0.227% 0.365% 0.088% 0.013% 0.033%
61-90 Days Delinquent 1.364% 0.264% 0.114% 0.133% 0.289% 0.071% 0.006% 0.025%
91-120 Days Delinquent 0.789% 0.186% 0.041% 0.082% 0.158% 0.044% 0.004% 0.013%
Greater than 120 Days Delinquent 0.666% 0.135% 0.052% 0.088% 0.182% 0.046% 0.007% 0.013%
Deferment
Current 6.379% 1.460% 0.354% 0.947% 0.878% 0.225% 0.019% 0.072%
Forbearance
Current 3.179% 0.784% 0.214% 0.527% 0.476% 0.115% 0.009% 0.060%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 48.842% 9.758% 4.518% 4.385% 5.656% 1.529% 0.258% 0.459%
- ----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.353% 0.070% 0.016% 0.033% 0.118% 0.025% 0.003% 0.006%
Aged Claims Rejected (2) 0.005% 0.000% 0.000% 0.000% 0.002% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 58.015% 12.993% 4.534% 4.418% 7.011% 2.021% 0.261% 0.465%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 79.960% 9.758%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
<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 0.221% 0.151% 0.000% 0.000% 0.077% 0.066% 0.000% 0.000%
Grace
Current 0.112% 0.070% 0.000% 0.000% 0.020% 0.018% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.333% 0.221% 0.000% 0.000% 0.097% 0.084% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 3.094% 1.125% 0.521% 0.703% 0.174% 0.045% 0.006% 0.051%
31-60 Days Delinquent 0.384% 0.136% 0.049% 0.099% 0.025% 0.009% 0.001% 0.011%
61-90 Days Delinquent 0.264% 0.101% 0.021% 0.060% 0.008% 0.003% 0.001% 0.003%
91-120 Days Delinquent 0.142% 0.053% 0.009% 0.028% 0.004% 0.001% 0.000% 0.003%
Greater than 120 Days Delinquent 0.235% 0.097% 0.014% 0.051% 0.004% 0.000% 0.000% 0.001%
Deferment
Current 0.423% 0.178% 0.012% 0.134% 0.120% 0.071% 0.001% 0.051%
Forbearance
Current 0.434% 0.196% 0.034% 0.100% 0.055% 0.026% 0.002% 0.026%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 4.975% 1.886% 0.660% 1.174% 0.389% 0.154% 0.009% 0.145%
- ----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.090% 0.033% 0.003% 0.018% 0.008% 0.002% 0.000% 0.000%
Aged Claims Rejected (2) 0.001% 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 5.399% 2.140% 0.663% 1.192% 0.494% 0.239% 0.009% 0.146%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 9.394% 0.888%
- ----------------------------------------------------------------------------------------------------------------------------------
</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 9.924% 1.335% 0.371% 0.143% 11.773%
Grace
Current 2.056% 0.366% 0.182% 0.038% 2.642%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 11.980% 1.701% 0.553% 0.181% 14.415%
- ----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 46.841% 4.692% 5.442% 0.275% 57.250%
31-60 Days Delinquent 2.903% 0.499% 0.668% 0.045% 4.115%
61-90 Days Delinquent 1.875% 0.390% 0.445% 0.014% 2.725%
91-120 Days Delinquent 1.099% 0.218% 0.232% 0.007% 1.556%
(greater than) 120 Days Delinquent 0.941% 0.248% 0.396% 0.005% 1.590%
Deferment
Current 9.141% 1.194% 0.747% 0.243% 11.324%
Forbearance
Current 4.704% 0.660% 0.764% 0.108% 6.237%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 67.504% 7.902% 8.694% 0.698% 84.797%
- ----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.472% 0.152% 0.144% 0.010% 0.778%
Aged Claims Rejected (2) 0.005% 0.003% 0.002% 0.000% 0.010%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 79.960% 9.758% 9.394% 0.888% 100.000%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1995-4 5
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
VI. 1996-4 Interest Calculation
- ------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
A Borrower Interest Accrued During Collection Period $19,495,636.10
B Interest Subsidy Payments Accrued During Collection Period $4,377,934.98
C SAP Payments Accrued During Collection Period $385,602.80
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $79,248.40
E Investment Earnings (ADMINISTRATOR ACT) $547,023.18
-----------
F Net Expected Interest Collections $ 24,885,445.46
G Student Loan Rate
i Days in Collection Period (1/1/98-3/31/98) 90
ii Days in Year 365
iii Net Expected Interest Collections $ 24,885,445.46
iv Primary Servicing Fee $ 2,822,753.52
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,222,449,192.97
vii Student Loan Rate 7.31281%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<C> <S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.66736%
I Class A-1 Interest Rate 0.014129589 (1/26/98-4/27/98) 5.66736%
J Class A-2 T-Bill Based Interest Rate 5.82736%
K Class A-2 Interest Rate 0.014528493 (1/26/98-4/27/98) 5.82736%
L Certificate T-Bill Based Rate of Return 6.11736%
M Certificate Rate of Return 0.015251507 (1/26/98-4/27/98) 6.11736%
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-4 6
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
VII. 1996-4 Inputs From Previous Quarterly Servicing Reports 12/31/97
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,207,834,554.65
ii Interest To Be Capitalized $14,614,638.32
----------------------
iii Total Pool $ 1,222,449,192.97
iv Reserve Account Balance $3,197,361.80
----------------------
v Total Adjusted Pool $ 1,225,646,554.77
======================
B Total Note and Certificate Factor 0.81438309287
C Total Note and Certificate Balance $ 1,225,646,554.77
<CAPTION>
----------------------------------------------------------------------------------------------------------------
D Note Balance 1/26/98 Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor-1/26/98 0.7081861013 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 677,946,554.77 $ 495,000,000.00 $ 52,700,000.00
----------------- ----------------- ---------------
iv Note Balance $ 677,946,554.77 $ 495,000,000.00 $ 52,700,000.00
E Interest Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest Carryover $ 0.00 $ 0.00 $ 0.00
----------------------------------------------------------------------------------------------------------------
G Reserve Account Balance $ 3,056,122.98
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
K Interest Due on Unpaid Carryover Servicing Fees $ 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-4 7
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
VIII. 1996-4 Waterfall for Distributions
- ----------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
---------------
<S> <C> <C> <C>
A Total Available Funds ( Sections III -F + VI-D) $ 71,008,307.58 $ 71,008,307.58
B Primary Servicing Fees-Current Month $ 929,434.08 $ 70,078,873.50
C Administration Fee $ 20,000.00 $ 70,058,873.50
D Noteholder's Interest Distribution Amount
i Class A-1 $ 9,579,106.18 $ 60,479,767.32
ii Class A-2 $ 7,191,604.04 $ 53,288,163.28
--------------------
iii Total Noteholder's Interest Distribution $ 16,770,710.22
E Certificateholder's Return Distribution Amount $ 803,754.42 $ 52,484,408.86
F Noteholder's Principal Distribution Amount
i Class A-1 $ 46,573,934.99 $ 5,910,473.87
ii Class A-2 $ 0.00 $ 5,910,473.87
--------------------
iii Total Noteholder's Principal Distribution $ 46,573,934.99
G Certificateholder's Balance Distribution Amount $ 0.00 $ 5,910,473.87
H Increase to the Specified Reserve Account Balance $ 0.00 $ 5,910,473.87
I Carryover Servicing Fees $ 903,419.35 $ 5,007,054.52
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 5,007,054.52
i Class A-2 $ 0.00 $ 5,007,054.52
--------------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 5,007,054.52
L Excess to Reserve Account $ 5,007,054.52 $ 0.00
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-4 8
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IX. 1996-4 Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $9,579,106.18 $7,191,604.04 $803,754.42
ii Quarterly Interest Paid $9,579,106.18 $7,191,604.04 $803,754.42
------------- ------------- -----------
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 $46,573,934.99 $0.00 $0.00
viii Quarterly Principal Paid $46,573,934.99 $0.00 $0.00
--------------- ------ -----
ix Quarterly Principal Shortfall $0.00 $0.00 $0.00
---------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 56,153,041.17 $ 7,191,604.04 $ 803,754.42
---------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 3/31/98 $1,225,646,554.77
ii Adjusted Pool Balance 3/31/98 $1,179,072,619.78
-----------------
iii Adjusted Pool Exceeding Notes and Certificate
Balance (i-ii) $46,573,934.99
-----------------
iv Principal Distribution Amount $46,573,934.99
=================
C Total Principal Distribution $46,573,934.99
D Total Interest Distribution $17,574,464.64
--------------
E Total Cash Distributions-Note and Certificates $64,148,399.63
-------------------------------------------------------------------------------
F Note & Certificate Balances 1/26/98 4/27/98
-------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C> <C>
i A-1 Note Balance (78442GAG1) $ 677,946,554.77 $ 631,372,619.78
A-1 Note Pool Factor 0.7081861013 0.6595347538
ii A-2 Note Balance (78442GAH9) $ 495,000,000.00 $ 495,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAJ5) $ 52,700,000.00 $ 52,700,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
-------------------------------------------------------------------------------
G Reserve Account Reconciliation
i Beginning of Period Balance $ 3,056,122.98
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 5,007,054.52
-------------------
iv Total Reserve Account Balance Available $ 8,063,177.50
v Required Reserve Account Balance $ 2,940,041.24
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp $ 5,123,136.26
viii Ending Reserve Account Balance $ 2,940,041.24
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-4 9
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
X. 1996-4 Historical Pool Information
- -----------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------
1/1/98-3/31/98 10/1/97-12/31/97 7/1/97-9/30/97
------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,207,834,554.65 $ 1,261,465,786.12 $ 1,318,538,330.71
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 38,013,136.47 $ 39,375,286.39 $ 35,463,933.58
ii Principal Collections from Guarantor 11,740,057.29 14,389,131.27 16,435,873.72
iii Principal Reimbursements 1,850,965.07 8,024,089.15 9,956,851.18
iv Other System Adjustments - - -
---------------------------------------------------------------------
v Total Principal Collections $ 51,604,158.83 $ 61,788,506.81 $ 61,856,658.48
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 873,682.07 $ 1,077,874.69 $ 1,042,185.29
ii Capitalized Interest (5,253,864.99) (9,235,150.03) (5,826,299.18)
---------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (4,380,182.92) $ (8,157,275.34) $ (4,784,113.89)
------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 47,223,975.91 $ 53,631,231.47 $ 57,072,544.59
------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 13,998,367.14 $ 13,611,344.32 $ 14,124,575.01
ii Interest Claims Received from
Guarantors 726,201.30 926,815.00 1,013,666.05
iii Late Fee Reimbursements - - -
iv Interest Reimbursements 44,103.53 174,774.63 175,690.15
v Other System Adjustments - - -
vi Special Allowance Payments 549,964.04 426,362.95 584,704.99
vii Subsidy Payments 5,264,287.89 5,767,225.44 6,612,759.11
---------------------------------------------------------------------
viii Total Interest Collections $ 20,582,923.90 $ 20,906,522.34 $ 22,511,395.31
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (686,953.98) $ (846,318.07) $ (797,681.12)
ii Capitalized Interest 5,253,864.99 9,235,150.03 5,826,299.18
---------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 4,566,911.01 $ 8,388,831.96 $ 5,028,618.06
---------------------------------------------------------------------
Total Student Loan Interest Activity $ 25,149,834.91 $ 29,295,354.30 $ 27,540,013.37
(=) Ending Student Loan Portfolio Balance $ 1,160,610,578.74 $ 1,207,834,554.65 $ 1,261,465,786.12
------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 15,405,918.06 $ 14,614,638.32 $ 17,478,935.22
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,176,016,496.80 $ 1,222,449,192.97 $ 1,278,944,721.34
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 3,056,122.98 $ 3,197,361.80 $ 3,338,912.01
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 1,179,072,619.78 $ 1,225,646,554.77 $ 1,282,283,633.35
------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------
4/1/97-6/30/97 1/1/97-3/31/97 9/3/96-12/31/96
-----------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,376,034,776.24 $ 1,429,671,216.95 $ 1,478,535,335.85
-----------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 38,187,817.68 $ 37,211,977.76 $ 47,792,030.07
ii Principal Collections from
Guarantor 13,270,335.35 3,705,399.22 651,773.25
iii Principal Reimbursements 11,844,339.40 17,137,954.08 14,902,506.96
iv Other System Adjustments - - (713.51)
--------------------------------------------------------------------
v Total Principal Collections $ 63,302,492.43 $ 58,055,331.06 $ 63,345,596.77
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 867,141.67 $ $ 942,350.55 $ 1,431,259.68
ii Capitalized Interest (6,673,188.57) (5,361,240.90) (15,912,737.55)
--------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (5,806,046.90) $ (4,418,890.35) $ (14,481,477.87)
-----------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 57,496,445.53 $ 53,636,440.71 $ 48,864,118.90
-----------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 13,910,677.13 $ 14,654,685.30 $ 15,484,377.46
ii Interest Claims Received from
Guarantors 801,387.35 179,413.60 13,446.63
iii Late Fee Reimbursements - - -
iv Interest Reimbursements 184,333.15 188,351.78 282,181.00
v Other System Adjustments - - (287.62)
vi Special Allowance Payments 548,326.29 422,026.77 257,877.96
vii Subsidy Payments 6,919,812.42 9,512,413.79 3,637,851.32
--------------------------------------------------------------------
viii Total Interest Collections $ 22,364,536.34 $ 24,956,891.24 $ 19,675,446.75
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (740,643.39) $ (909,268.24) $ (1,407,772.50)
ii Capitalized Interest 6,673,188.57 5,361,240.90 15,912,737.55
--------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 5,932,545.18 $ 4,451,972.66 $ 14,504,965.05
--------------------------------------------------------------------
Total Student Loan Interest Activity $ 28,297,081.52 $ 29,408,863.90 $ 34,180,411.80
(=) Ending Student Loan Portfolio Balance $ 1,318,538,330.71 $ 1,376,034,776.24 $ 1,429,671,216.95
-----------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 17,026,473.67 $ 17,313,560.23 $ 15,760,176.45
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,335,564,804.38 $ 1,393,348,336.47 $ 1,445,431,393.40
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 3,483,370.84 $ 3,613,578.48 $ 3,752,958.00
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 1,339,048,175.22 $ 1,396,961,914.95 $ 1,449,184,351.40
-----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-4 10
<PAGE>
- -------------------------------------------------------------------------------
XI. 1996-4 Payment History and CPRs
- -------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
Oct-96 $ 1,501,183,283 -
Jan-97 $ 1,445,431,393 5.70%
Apr-97 $ 1,393,348,336 5.80%
Jul-97 $ 1,335,564,804 6.30%
Oct-97 $ 1,278,944,721 6.57%
Jan-98 $ 1,222,449,193 6.82%
Apr-98 $ 1,176,016,497 6.44%
* "Since Issued CPR" is based on the current period's ending pool
balance calculated against the original pool balance and assuming
cutoff date pool data.
- -------------------------------------------------------------------------------
SLM Student Loan Trust 1996-4 11
<PAGE>
- --------------------------------------------------------------------------------
SLM Student Loan Trust 1997-1
Quarterly Servicing Report
Report Date: 3/31/98 Reporting Period: 1/1/98-3/31/98
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ------------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 12/31/97 Activity 3/31/98
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Portfolio Balance $ 1,797,260,482.27 $ (60,516,337.60) $ 1,736,744,144.67
ii Interest to be Capitalized 18,359,448.41 19,634,067.74
----------------------- --------------------
iii Total Pool $ 1,815,619,930.68 $ 1,756,378,212.41
iv Reserve Account Balance 4,707,408.93 4,539,049.83
----------------------- --------------------
v Total Adjusted Pool $ 1,820,327,339.61 $ 1,760,917,262.24
======================= ====================
B i Weighted Average Coupon (WAC) 8.2435% 8.2444%
ii Weighted Average Remaining Term 109.20 107.64
iii Number of Loans 619,943 603,337
iv Number of Borrowers 265,265 257,482
---------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 1/26/98 % of Pool Balance 4/27/98 % of Pool
-----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAK2 0.46% $ 990,295,076.30 53.544% $ 921,274,341.87 51.743%
ii A-2 Notes 78442GAL0 0.57% 787,400,000.00 42.574% 787,400,000.00 44.224%
iii Certificates 78442GAM8 0.85% 71,800,000.00 3.882% 71,800,000.00 4.033%
-----------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 1,849,495,076.30 100.000% $1,780,474,341.87 100.000%
=============================================================================================================================
-------------------------------------------------------------------------------------------------------------------------
D Reserve Account 1/26/98 4/27/98
-------------------------------------------------------------------------------------------------------------------------
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 4,539,049.83 $ 4,390,945.53
iv Reserve Account Floor Balance ($) $ 2,004,092.00 $ 2,004,092.00
v Current Reserve Acct Balance ($) $ 4,539,049.83 $ 4,390,945.53
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
SLM Student Loan Trust 1997-1 1
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
II. 1997-1 Transactions from: 1/1/98 through 3/31/98
- ---------------------------------------------------------------------------------------------
<C> <S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $40,361,669.28
ii Principal Collections from Guarantor $23,893,521.24
iii Principal Reimbursements $2,567,931.88
iv Other System Adjustments $0.00
--------------------
v Total Principal Collections $ 66,823,122.40
B Student Loan Non-Cash Principal Activity
i Other Adjustments $1,588,347.95
ii Capitalized Interest ($7,895,132.75)
--------------------
iii Total Non-Cash Principal Activity $ (6,306,784.80)
--------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 60,516,337.60
--------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $20,331,647.84
ii Interest Claims Received from Guarantors $1,559,776.10
iii Late Fee Reimbursements $0.00
iv Interest Reimbursements $41,450.12
v Other System Adjustments $0.00
vi Special Allowance Payments $623,545.81
vii Subsidy Payments $8,336,308.48
--------------------
viii Total Interest Collections $ 30,892,728.35
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($1,147,639.74)
ii Capitalized Interest $7,895,132.75
--------------------
iii Total Non-Cash Interest Adjustments $ 6,747,493.01
--------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 37,640,221.36
--------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-1 2
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
III. 1997-1 Collection Account Activity 1/1/98 through 3/31/98
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $ 64,255,190.52
ii Cash Forwarded by Administrator on behalf of Seller $163,722.43
iii Cash Forwarded by Administrator on behalf of Servicer $602.62
iv Cash Forwarded by Administrator for Consolidation Activity $ 2,403,606.83
----------------
v Total Principal Collections $ 66,823,122.40
B Interest Collections
i Interest Payments Received-Cash $ 30,851,278.23
ii Cash Forwarded by Administrator on behalf of Seller ($3,920.43)
iii Cash Forwarded by Administrator on behalf of Servicer $19,684.19
iv Cash Forwarded by Administrator for Consolidation Activity $25,686.36
v Cash Forwarded by Administrator for Late Fee Activity $0.00
----------------
vi Total Interest Collections $ 30,892,728.35
C Other Reimbursements $100,753.92
D Administrator Account Investment Income $712,579.82
E Return funds borrowed for previous distribution $0.00
F TOTAL FUNDS RECEIVED $ 98,529,184.49
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (2,291,046.94)
-------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 96,238,137.55
-------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 1,129,081.38
ii Percentage of Principal Calculation $ 1,685,694.05
iii Lesser of Unit or Principal Calculation $ 1,129,081.38
H Servicing Fees Due for Current Period $ 1,129,081.38
I Carryover Servicing Fees Due $ 1,670,845.76
JAN 1998 Servicing Carryover $571,124.53
FEB 1998 Servicing Carryover $563,395.37
MAR 1998 Servicing Carryover $556,612.67
-----------------
$ 1,691,132.57
Less: Servicing ADJ [A iii + B iii] ($20,286.81)
-----------------
TOTAL: Carryover Servicing Fee Due $ 1,670,845.76
=================
J Administration Fees Due $ 20,000.00
-------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 2,819,927.14
-------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-1 3
<PAGE>
<TABLE>
- ---------------------------------------------------------------------------------------------------------------------------
IV. 1997-1
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ---------------------------------------------------------------------------------------------------------------------------
STATUS 12/31/97 3/31/98 12/31/97 3/31/98 12/31/97 3/31/98
- ---------------------------------------------------------------------------------------------------------------------------
INTERIM:
In School
Current 7.989% 7.991% 67,498 62,281 10.888% 10.323%
Grace
Current 7.981% 7.991% 15,979 14,831 2.577% 2.458%
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.987% 7.991% 83,477 77,112 13.465% 12.781%
- ---------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.304% 8.307% 357,955 347,801 57.740% 57.646%
31-60 Days Delinquent 8.318% 8.313% 27,075 24,566 4.367% 4.072%
61-90 Days Delinquent 8.312% 8.295% 14,864 16,713 2.398% 2.770%
91-120 Days Delinquent 8.306% 8.286% 9,194 10,164 1.483% 1.685%
Greater than 120 Days Delinquent 8.291% 8.300% 17,779 11,313 2.868% 1.875%
Deferment
Current 8.171% 8.162% 70,953 74,081 11.445% 12.279%
Forbearance
Current 8.303% 8.302% 31,694 35,204 5.112% 5.835%
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.286% 8.284% 529,514 519,842 85.413% 86.162%
- ---------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.286% 8.294% 6,951 6,331 1.121% 1.049%
Aged Claims Rejected (2) 8.980% 8.220% 1 52 0.000% 0.008%
- ---------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.244% 8.244% 619,943 603,337 100.00% 100.00%
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------
Principal Amount %
- ----------------------------------------------------------------------------------------------------------------------
STATUS 12/31/97 3/31/98 12/31/97 3/31/98
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 198,162,234.70 $ 183,198,596.74 11.026% 10.548%
Grace
Current $ 46,430,895.80 $ 42,574,165.82 2.583% 2.451%
- ----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 244,593,130.50 $ 225,772,762.56 13.609% 12.999%
- ----------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 1,034,471,751.12 $ 982,635,992.76 57.558% 56.579%
31-60 Days Delinquent $ 73,866,053.16 $ 67,052,212.70 4.110% 3.861%
61-90 Days Delinquent $ 39,332,790.80 $ 46,115,767.88 2.188% 2.655%
91-120 Days Delinquent $ 24,034,129.68 $ 27,965,440.65 1.337% 1.610%
Greater than 120 Days Delinquent $ 45,966,684.40 $ 29,723,948.70 2.558% 1.712%
Deferment
Current $ 216,658,135.38 $ 225,008,460.19 12.055% 12.956%
Forbearance
Current $ 102,901,063.83 $ 117,466,259.82 5.725% 6.764%
- ----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 1,537,230,608.37 $1,495,968,082.70 85.532% 86.137%
- ----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 15,435,897.92 $ 14,885,601.46 0.859% 0.857%
Aged Claims Rejected (2) $ 845.47 $ 117,697.95 0.000% 0.007%
- ----------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 1,797,260,482.26 $1,736,744,144.67 100.00% 100.00%
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
SLM Student Loan Trust 1997-1 4
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
V. 1997-1 Portfolio Characteristics by School and Program 3/31/98
- ----------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
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 6.529% 1.905% 0.000% 0.000% 1.014% 0.335% 0.000% 0.000%
Grace
Current 1.401% 0.421% 0.000% 0.000% 0.261% 0.088% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.931% 2.327% 0.000% 0.000% 1.274% 0.423% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 29.395% 8.701% 3.600% 1.796% 3.556% 1.251% 0.198% 0.232%
31-60 Days Delinquent 1.691% 0.450% 0.210% 0.123% 0.369% 0.111% 0.013% 0.026%
61-90 Days Delinquent 1.171% 0.318% 0.089% 0.085% 0.303% 0.092% 0.005% 0.014%
91-120 Days Delinquent 0.757% 0.202% 0.035% 0.052% 0.181% 0.053% 0.006% 0.011%
Greater than 120 Days Delinquent 0.621% 0.172% 0.044% 0.061% 0.191% 0.055% 0.001% 0.011%
Deferment
Current 7.572% 1.772% 0.201% 0.823% 0.951% 0.283% 0.008% 0.081%
Forbearance
Current 3.293% 1.003% 0.181% 0.508% 0.473% 0.158% 0.008% 0.037%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 44.501% 12.617% 4.360% 3.447% 6.023% 2.004% 0.239% 0.411%
- ----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.325% 0.094% 0.022% 0.026% 0.108% 0.033% 0.002% 0.006%
Aged Claims Rejected (2) 0.003% 0.000% 0.000% 0.000% 0.003% 0.001% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 52.759% 15.038% 4.383% 3.473% 7.408% 2.460% 0.240% 0.418%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 75.653% 10.526%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
<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 0.203% 0.135% 0.000% 0.000% 0.223% 0.205% 0.000% 0.000%
Grace
Current 0.139% 0.091% 0.000% 0.000% 0.027% 0.023% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.342% 0.226% 0.000% 0.000% 0.250% 0.228% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 3.880% 2.270% 0.784% 0.668% 0.137% 0.076% 0.013% 0.022%
31-60 Days Delinquent 0.455% 0.261% 0.055% 0.070% 0.014% 0.011% 0.000% 0.001%
61-90 Days Delinquent 0.310% 0.185% 0.022% 0.046% 0.009% 0.005% 0.000% 0.001%
91-120 Days Delinquent 0.170% 0.099% 0.011% 0.021% 0.006% 0.004% 0.000% 0.000%
Greater than 120 Days Delinquent 0.310% 0.189% 0.013% 0.034% 0.005% 0.004% 0.000% 0.000%
Deferment
Current 0.535% 0.309% 0.010% 0.101% 0.152% 0.099% 0.000% 0.060%
Forbearance
Current 0.542% 0.351% 0.030% 0.089% 0.047% 0.035% 0.001% 0.010%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 6.203% 3.664% 0.924% 1.029% 0.369% 0.235% 0.015% 0.095%
- ----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.142% 0.079% 0.003% 0.014% 0.001% 0.001% 0.000% 0.002%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 6.688% 3.969% 0.927% 1.044% 0.619% 0.463% 0.015% 0.096%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 12.627% 1.194%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------- FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 8.435% 1.348% 0.338% 0.427% 10.548%
Grace
Current 1.822% 0.349% 0.230% 0.050% 2.451%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 10.257% 1.697% 0.568% 0.477% 12.999%
- -----------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 43.492% 5.237% 7.602% 0.248% 56.579%
31-60 Days Delinquent 2.474% 0.519% 0.842% 0.027% 3.861%
61-90 Days Delinquent 1.663% 0.415% 0.562% 0.015% 2.655%
91-120 Days Delinquent 1.047% 0.252% 0.302% 0.010% 1.610%
Greater than 120 Days Delinquent 0.898% 0.258% 0.546% 0.009% 1.712%
Deferment
Current 10.367% 1.323% 0.955% 0.311% 12.956%
Forbearance
Current 4.985% 0.675% 1.011% 0.093% 6.764%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 64.926% 8.677% 11.820% 0.713% 86.137%
- -----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.467% 0.148% 0.239% 0.003% 0.857%
Aged Claims Rejected (2) 0.003% 0.004% 0.000% 0.000% 0.007%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 75.653% 10.526% 12.627% 1.194% 100.000%
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
S&M Student Loan Trust 1997-8 5
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
VI. 1997-1 Interest Calculation
- ------------------------------------------------------------------------------------------------------------
<C> <S> <C>
A Borrower Interest Accrued During Collection Period $28,782,153.09
B Interest Subsidy Payments Accrued During Collection Period $6,851,546.65
C SAP Payments Accrued During Collection Period $395,492.30
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $109,713.18
E Investment Earnings (ADMINISTRATOR ACT) $712,579.82
-----------
F Net Expected Interest Collections $ 36,851,485.04
G Student Loan Rate
i Days in Collection Period (1/1/98-3/31/98) 90
ii Days in Year 365
iii Net Expected Interest Collections $ 36,851,485.04
iv Primary Servicing Fee $ 3,420,128.32
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,815,619,930.68
vii Student Loan Rate 7.46310%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<C> <S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.64736%
I Class A-1 Interest Rate 0.014079726 (1/26/98-4/27/98) 5.64736%
J Class A-2 T-Bill Based Interest Rate 5.75736%
K Class A-2 Interest Rate 0.014353973 (1/26/98-4/27/98) 5.75736%
L Certificate T-Bill Based Rate of Return 6.03736%
M Certificate Rate of Return 0.015052055 (1/26/98-4/27/98) 6.03736%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-1 6
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------
VII. 1997-1 Inputs From Previous Quarterly Servicing Reports 12/31/97
- ----------------------------------------------------------------------------------------------
<C> <S>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,797,260,482.27
ii Interest To Be Capitalized 18,359,448.41
---------------------
iii Total Pool $ 1,815,619,930.68
iv Reserve Account Balance 4,707,408.93
---------------------
v Total Adjusted Pool $ 1,820,327,339.61
=====================
B Total Note and Certificate Factor 0.90254493280
C Total Note and Certificate Balance $ 1,849,495,076.30
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
D Note Balance 1/26/98 Class A-1 Class A-2 Certificates
-------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
i Current Factor-1/26/98 0.8321807364 1.0000000000 1.0000000000
ii Expected Note Balance $ 990,295,076.30 $ 787,400,000.00 $ 71,800,000.00
E Note Principal Shortfall $ 29,167,736.69 $ 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 $ 4,539,049.83
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) $ 5,749,406.65
L Interest Due on Unpaid Carryover Servicing Fees $ 191,936.28
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-1 7
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
VIII. 1997-1 Waterfall for Distributions
- -------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<C> <S> <C> <C>
A Total Available Funds (Sections III-F + VI-D + IX-G-vii) $ 96,495,955.03 $ 96,495,955.03
B Primary Servicing Fees-Current Month $ 1,129,081.38 $ 95,366,873.65
C Administration Fee $ 20,000.00 $ 95,346,873.65
D Noteholder's Interest Distribution Amount
i Class A-1 $ 13,943,083.33 $ 81,403,790.32
ii Class A-2 $ 11,302,318.34 $ 70,101,471.98
---------------
iii Total Noteholder's Interest Distribution $ 25,245,401.67
E Certificateholder's Return Distribution Amount $ 1,080,737.55 $ 69,020,734.43
F Noteholder's Principal Distribution Amount
i Class A-1 $ 69,020,734.43 $ 0.00
ii Class A-2 $ 0.00 $ 0.00
---------------
iii Total Noteholder's Principal Distribution $ 69,020,734.43
G Certificateholder's Balance Distribution Amount $ 0.00 $ 0.00
H Increase to the Specified Reserve Account Balance $ 0.00 $ 0.00
I Carryover Servicing Fees (1) $ 0.00 $ 0.00
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 0.00
i Class A-2 $ 0.00 $ 0.00
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 0.00
L Excess to Reserve Account $ 0.00 $ 0.00
(1) Insufficient funds available to pay carryover servicing fees
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-1 8
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
IX. 1997-1 Distributions
- ----------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $13,943,083.33 $11,302,318.34 $1,080,737.55
ii Quarterly Interest Paid $13,943,083.33 $11,302,318.34 $1,080,737.55
-------------- -------------- -------------
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 $88,577,814.06 $0.00 $0.00
viii Quarterly Principal Paid $69,020,734.43 $0.00 $0.00
-------------- ----- -----
ix Quarterly Principal Shortfall $19,557,079.63 $0.00 $0.00
---------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 82,963,817.76 $ 11,302,318.34 $ 1,080,737.55
---------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 3/31/98 $ 1,849,495,076.30
ii Adjusted Pool Balance 3/31/98 1,760,917,262.24
--------------------
iii Adjusted Pool Exceeding Notes and Certificate
Balance (i-ii) $ 88,577,814.06
--------------------
iv Principal Distribution Amount $ 69,020,734.43
====================
C Total Principal Distribution $ 69,020,734.43
D Total Interest Distribution 26,326,139.22
--------------------
E Total Cash Distributions-Note and Certificates $ 95,346,873.65
<CAPTION>
------------------------------------------------------------------------------------
F Note & Certificate Balances 1/26/98 4/27/98
------------------------------------------------------------------------------------
<S> <C> <C> <C>
i A-1 Note Balance (78442GAK2) $ 990,295,076.30 $ 921,274,341.87
A-1 Note Pool Factor 0.8321807364 0.7741801192
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 $ 4,539,049.83
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 0.00
---------------
iv Total Reserve Account Balance Available $ 4,539,049.83
v Required Reserve Account Balance $ 4,390,945.53
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to Waterfall $ 148,104.30
viii Ending Reserve Account Balance $ 4,390,945.53
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-1 9
<PAGE>
- --------------------------------------------------------------------------------
X. 1997-1 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------
1/1/98-3/31/98 10/1/97 - 12/31/97 7/1/97 - 9/30/97
--------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,797,260,482.27 $ 1,860,845,011.09 $ 1,916,755,393.25
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 40,361,669.28 $ 41,583,288.72 $ 36,610,435.93
ii Principal Collections from Guarantor 23,893,521.24 22,534,293.39 10,930,572.36
iii Principal Reimbursements 2,567,931.88 11,001,295.70 15,901,048.09
iv Other System Adjustments - - -
-----------------------------------------------------------------------
v Total Principal Collections $ 66,823,122.40 $ 75,118,877.81 $ 63,442,056.38
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,588,347.95 $ 1,577,075.57 $ 1,401,854.63
ii Capitalized Interest (7,895,132.75) (13,111,424.56) (8,933,528.85)
-----------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (6,306,784.80) $ (11,534,348.99) $ (7,531,674.22)
--------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 60,516,337.60 $ 63,584,528.82 $ 55,910,382.16
--------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 20,331,647.84 $ 19,309,485.54 $ 19,722,844.04
ii Interest Claims Received from Guarantors 1,559,776.10 1,472,877.53 644,924.45
iii Late Fee Reimbursements - 8.50 -
iv Interest Reimbursements 41,450.12 165,480.49 191,223.15
v Other System Adjustments - - -
vi Special Allowance Payments 623,545.81 401,008.97 545,110.76
vii Subsidy Payments 8,336,308.48 8,965,413.68 10,794,397.88
-----------------------------------------------------------------------
viii Total Interest Collections $ 30,892,728.35 $ 30,314,274.71 $ 31,898,500.28
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,147,639.74) $ (1,165,619.32) $ (1,215,185.69)
ii Capitalized Interest 7,895,132.75 13,111,424.56 8,933,528.85
-----------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 6,747,493.01 $ 11,945,805.24 $ 7,718,343.16
-----------------------------------------------------------------------
Total Student Loan Interest Activity $ 37,640,221.36 $ 42,260,079.95 $ 39,616,843.44
(=) Ending Student Loan Portfolio Balance $ 1,736,744,144.67 $ 1,797,260,482.27 $ 1,860,845,011.09
--------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 19,634,067.74 $ 18,359,448.41 $ 22,118,559.92
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,756,378,212.41 $ 1,815,619,930.68 $ 1,882,963,571.01
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 4,539,049.83 $ 4,707,408.93 $ 4,845,830.42
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 1,760,917,262.24 $ 1,820,327,339.61 $ 1,887,809,401.43
--------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------
3/3/97 - 6/30/97
------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,978,517,233.95
------------------------------------------------------------------------------
<S> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 51,140,092.35
ii Principal Collections from Guarantor 945,270.37
iii Principal Reimbursements 24,476,860.51
iv Other System Adjustments -
---------------------
v Total Principal Collections $ 76,562,223.23
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,291,877.74
ii Capitalized Interest (16,092,260.27)
---------------------
iii Total Non-Cash Principal Activity $ (14,800,382.53)
------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 61,761,840.70
------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 23,785,588.02
ii Interest Claims Received from Guarantors 21,279.29
iii Late Fee Reimbursements -
iv Interest Reimbursements 374,208.26
v Other System Adjustments -
vi Special Allowance Payments 184,509.01
vii Subsidy Payments 3,932,916.04
---------------------
viii Total Interest Collections $ 28,298,500.62
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,233,779.83)
ii Capitalized Interest 16,092,260.27
---------------------
iii Total Non-Cash Interest Adjustments $ 14,858,480.44
---------------------
Total Student Loan Interest Activity $ 43,156,981.06
(=) Ending Student Loan Portfolio Balance $ 1,916,755,393.25
------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 21,576,775.70
------------------------------------------------------------------------------
------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,938,332,168.95
------------------------------------------------------------------------------
------------------------------------------------------------------------------
(+) Reserve Account Balance $ 5,010,230.00
------------------------------------------------------------------------------
------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 1,943,342,398.95
------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
SLM Student Loan Trust 1997-1 10
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
XI. 1997-1 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
<S> <C> <C>
Apr-97 $ 2,004,091,862 -
Jul-97 $ 1,938,332,169 6.60%
Oct-97 $ 1,882,963,571 6.39%
Jan-98 $ 1,815,619,931 7.05%
Apr-98 $ 1,756,378,212 6.92%
</TABLE>
* "Since Issued CPR" is based on the current period's ending pool
balance calculated against the original pool balance and assuming
cutoff date pool data.
- --------------------------------------------------------------------------------
SLM Student Loan 1997-1 11
<PAGE>
SLM Student Loan Trust 1997-2
Quarterly Servicing Report
Report Date: 3/31/98 Reporting Period: 1/1/98-3/31/98
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ---------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 12/31/97 Activity 3/31/98
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Portfolio Balance $ 2,233,565,975.40 $(88,552,848.26) $ 2,145,013,127.14
ii Interest to be Capitalized 16,849,041.28 18,836,505.02
--------------------- ---------------------
iii Total Pool $ 2,250,415,016.68 $ 2,163,849,632.16
iv Reserve Account Balance 5,847,275.49 5,626,037.54
--------------------- ---------------------
v Total Adjusted Pool $ 2,256,262,292.17 $ 2,169,475,669.70
===================== =====================
B i Weighted Average Coupon (WAC) 8.2923% 8.2927%
ii Weighted Average Remaining Term 101.00 99.68
iii Number of Loans 806,745 784,170
iv Number of Borrowers 345,606 335,230
--------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 1/26/98 % of Pool Balance 4/27/98 % of Pool
--------------------------------------------------------------------------------------------------------------------------
i A-1 Notes 78442GAN6 0.54% $ 1,403,927,504.15 61.057% $ 1,307,738,434.59 59.357%
ii A-2 Notes 78442GAP1 0.60% 808,000,000.00 35.140% 808,000,000.00 36.674%
iii Certificates 78442GAQ9 0.83% 87,450,000.00 3.803% 87,450,000.00 3.969%
--------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 2,299,377,504.15 100.000% $2,203,188,434.59 100.000%
==========================================================================================================================
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
D Reserve Account 1/26/98 4/27/98
--------------------------------------------------------------------------------------------------------------------------
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 5,626,037.54 $ 5,409,624.08
iv Reserve Account Floor Balance ($) $ 2,441,522.00 $ 2,441,522.00
v Current Reserve Acct Balance ($) $ 5,626,037.54 $ 5,409,624.08
--------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-2 1
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
II. 1997-2 Transactions from: 1/1/98 through: 3/31/98
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $67,245,956.91
ii Principal Collections from Guarantor $24,918,076.93
iii Principal Reimbursements $2,078,239.87
iv Other System Adjustments $0.00
-----------------------
v Total Principal Collections $ 94,242,273.71
B Student Loan Non-Cash Principal Activity
i Other Adjustments $1,460,174.04
ii Capitalized Interest ($7,149,599.49)
-----------------------
iii Total Non-Cash Principal Activity $ (5,689,425.45)
----------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 88,552,848.26
----------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $30,889,139.09
ii Interest Claims Received from Guarantors $1,634,141.40
iii Late Fee Reimbursements $0.00
iv Interest Reimbursements $32,904.69
v Other System Adjustments $0.00
vi Special Allowance Payments $833,721.99
vii Subsidy Payments $6,492,598.40
-----------------------
viii Total Interest Collections $ 39,882,505.57
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($1,033,356.24)
ii Capitalized Interest $7,149,599.49
-----------------------
iii Total Non-Cash Interest Adjustments $ 6,116,243.25
----------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 45,998,748.82
----------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-2
2
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
III. 1997-2 Collection Account Activity 1/1/98 through 3/31/98
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $92,164,033.84
ii Cash Forwarded by Administrator on behalf of Seller $109,074.85
iii Cash Forwarded by Administrator on behalf of Servicer ($3,741.63)
iv Cash Forwarded by Administrator for Consolidation Activity $1,972,906.65
---------------------
v Total Principal Collections $ 94,242,273.71
B Interest Collections
i Interest Payments Received-Cash $39,849,600.88
ii Cash Forwarded by Administrator on behalf of Seller ($4,285.23)
iii Cash Forwarded by Administrator on behalf of Servicer $15,054.11
iv Cash Forwarded by Administrator for Consolidation Activity $22,135.81
v Cash Forwarded by Administrator for Late Fee Activity $0.00
---------------------
vi Total Interest Collections $ 39,882,505.57
C Other Reimbursements $220,922.45
D Administrator Account Investment Income $964,822.00
E Return funds borrowed for previous distribution $0.00
F TOTAL FUNDS RECEIVED $ 135,310,523.73
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($4,326,657.26)
----------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 130,983,866.47
----------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $1,474,867.50
ii Percentage of Principal Calculation $2,123,305.39
iii Lesser of Unit or Principal Calculation $1,474,867.50
H Servicing Fees Due for Current Period $2,123,305.39
I Carryover Servicing Fees Due (1) $0.00
JAN 1998 Servicing Carryover $0.00
FEB 1998 Servicing Carryover $0.00
MAR 1998 Servicing Carryover $0.00
-----------------
TOTAL: Carryover Servicing Fee Due $0.00
=================
Less: Servicing ADJ [A iii + B iii] ($11,312.48)
J Administration Fees Due $ 20,000.00
----------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 2,131,992.91
----------------------------------------------------------------------------------------------
(1) No Carryover Servicing Fees due before the June 2000 payment date
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-3 3
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
IV. 1997-2 Portfolio Characteristics
- ---------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ---------------------------------------------------------------------------------------------------------------------------
STATUS 12/31/97 3/31/98 12/31/97 3/31/98 12/31/97 3/31/98
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.787% 7.786% 46,636 44,186 5.781% 5.635%
Grace
Current 7.861% 7.851% 9,160 7,957 1.135% 1.015%
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.797% 7.794% 55,796 52,143 6.916% 6.650%
- ---------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.374% 8.378% 566,109 553,601 70.172% 70.597%
31-60 Days Delinquent 8.366% 8.367% 38,061 34,315 4.718% 4.376%
61-90 Days Delinquent 8.334% 8.328% 17,330 18,731 2.148% 2.389%
91-120 Days Delinquent 8.333% 8.326% 11,887 9,669 1.473% 1.233%
Greater than 120 Days Delinquent 8.308% 8.322% 21,865 12,757 2.710% 1.627%
Deferment
Current 8.164% 8.153% 58,166 63,275 7.210% 8.069%
Forbearance
Current 8.335% 8.340% 31,100 31,975 3.855% 4.078%
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.350% 8.350% 744,518 724,323 92.287% 92.368%
- ---------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.300% 8.299% 6,430 7,703 0.797% 0.982%
Aged Claims Rejected (2) 8.980% 8.250% 1 1 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.292% 8.293% 806,745 784,170 100.00% 100.00%
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------
Principal Amount %
- -------------------------------------------------------------------------------------------------------------------
STATUS 12/31/97 3/31/98 12/31/97 3/31/98
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 190,888,466.49 $ 182,515,132.92 8.546% 8.509%
Grace
Current $ 30,070,496.22 $ 25,802,936.96 1.346% 1.203%
- -------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 220,958,962.71 $ 208,318,069.88 9.893% 9.712%
- -------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 1,491,831,730.65 $ 1,418,072,647.60 66.791% 66.110%
31-60 Days Delinquent $ 96,746,717.39 $ 88,589,672.26 4.331% 4.130%
61-90 Days Delinquent $ 43,879,487.55 $ 50,602,046.45 1.965% 2.359%
91-120 Days Delinquent $ 30,641,474.38 $ 26,404,704.99 1.372% 1.231%
Greater than 120 Days Delinquent $ 54,358,445.99 $ 32,554,747.57 2.434% 1.518%
Deferment
Current $ 179,127,138.82 $ 195,266,689.36 8.020% 9.103%
Forbearance
Current $ 100,400,882.21 $ 108,072,007.62 4.495% 5.038%
TOTAL REPAYMENT $ 1,996,985,876.99 $1,919,562,515.85 89.408% 89.489%
- -------------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 15,620,009.94 $ 17,129,781.72 0.699% 0.799%
Aged Claims Rejected (2) $ 1,125.77 $ 2,759.71 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 2,233,565,975.41 $2,145,013,127.16 100.00% 100.00%
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
SLM Student Loan Trust 1997-2 4
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
V. 1997-2 Portfolio Characteristics by School and Program 3/31/98
----------------------------------------------------------------------------------------------
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 4.789% 2.896% 0.000% 0.000% 0.409% 0.168% 0.000% 0.000%
Grace
Current 0.695% 0.303% 0.000% 0.000% 0.081% 0.034% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 5.483% 3.199% 0.000% 0.000% 0.490% 0.201% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 33.385% 7.476% 10.236% 2.307% 3.561% 0.863% 0.490% 0.246%
31-60 Days Delinquent 1.877% 0.385% 0.478% 0.153% 0.322% 0.084% 0.028% 0.023%
61-90 Days Delinquent 1.064% 0.261% 0.169% 0.078% 0.227% 0.057% 0.007% 0.015%
91-120 Days Delinquent 0.526% 0.149% 0.077% 0.052% 0.129% 0.033% 0.006% 0.006%
Greater than 120 Days Delinquent 0.571% 0.132% 0.074% 0.060% 0.169% 0.046% 0.005% 0.010%
Deferment
Current 5.084% 1.440% 0.300% 0.536% 0.658% 0.169% 0.006% 0.041%
Forbearance
Current 2.298% 0.785% 0.295% 0.363% 0.311% 0.102% 0.020% 0.030%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 44.805% 10.628% 11.630% 3.549% 5.376% 1.354% 0.562% 0.371%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.323% 0.093% 0.032% 0.017% 0.104% 0.031% 0.002% 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 50.611% 13.920% 11.662% 3.566% 5.970% 1.586% 0.564% 0.373%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 79.759% 8.494%
- ------------------------------------------------------------------------------------------------------------------------------------
<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 0.077% 0.063% 0.000% 0.000% 0.059% 0.049% 0.000% 0.000%
Grace
Current 0.045% 0.035% 0.000% 0.000% 0.005% 0.005% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.122% 0.098% 0.000% 0.000% 0.064% 0.054% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 3.911% 1.794% 0.925% 0.676% 0.156% 0.049% 0.019% 0.015%
31-60 Days Delinquent 0.442% 0.183% 0.064% 0.077% 0.010% 0.003% 0.000% 0.001%
61-90 Days Delinquent 0.277% 0.119% 0.026% 0.046% 0.008% 0.003% 0.000% 0.003%
91-120 Days Delinquent 0.152% 0.069% 0.009% 0.019% 0.003% 0.001% 0.000% 0.001%
Greater than 120 Days
Delinquent 0.269% 0.128% 0.014% 0.033% 0.004% 0.002% 0.000% 0.001%
Deferment
Current 0.409% 0.194% 0.009% 0.061% 0.094% 0.063% 0.000% 0.039%
Forbearance
Current 0.416% 0.228% 0.030% 0.080% 0.041% 0.022% 0.001% 0.014%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 5.875% 2.714% 1.079% 0.992% 0.317% 0.143% 0.022% 0.073%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.121% 0.054% 0.008% 0.010% 0.001% 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 6.118% 2.867% 1.087% 1.001% 0.382% 0.197% 0.022% 0.073%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 11.073% 0.674%
- ------------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(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.
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.684% 0.577% 0.140% 0.108% 8.509%
Grace
Current 0.998% 0.115% 0.080% 0.010% 1.203%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.682% 0.692% 0.220% 0.118% 9.712%
- -----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 53.404% 5.160% 7.306% 0.240% 66.110%
31-60 Days Delinquent 2.892% 0.457% 0.765% 0.015% 4.130%
61-90 Days Delinquent 1.572% 0.306% 0.467% 0.014% 2.359%
91-120 Days Delinquent 0.804% 0.174% 0.249% 0.005% 1.231%
Greater than 120 Days Delinquent 0.837% 0.230% 0.444% 0.006% 1.518%
Deferment
Current 7.360% 0.873% 0.673% 0.197% 9.103%
Forbearance
Current 3.742% 0.462% 0.755% 0.079% 5.038%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 70.612% 7.663% 10.659% 0.555% 89.489%
- -----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.465% 0.139% 0.193% 0.001% 0.799%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 79.759% 8.494% 11.073% 0.674% 100.000%
- -----------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-2 5
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
VI. 1997-2 Interest Calculation
- -------------------------------------------------------------------------------------------------------------
<C> <S> <C>
A Borrower Interest Accrued During Collection Period $38,879,917.69
B Interest Subsidy Payments Accrued During Collection Period $5,452,547.94
C SAP Payments Accrued During Collection Period $536,913.01
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $138,098.70
E Investment Earnings (ADMINISTRATOR ACT) $964,822.00
-----------
F Net Expected Interest Collections $ 45,972,299.34
G Student Loan Rate
i Days in Collection Period (1/1/98-3/31/98) 90
ii Days in Year 365
iii Net Expected Interest Collections $ 45,972,299.34
iv Primary Servicing Fee $ 6,449,962.65
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 2,250,415,016.68
vii Student Loan Rate 7.11886%
Accrued
Int Factor Accrual Period
---------- --------------
<CAPTION>
<C> <S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.72736%
I Class A-1 Interest Rate 0.014279178 (1/26/98-4/27/98) 5.72736%
J Class A-2 T-Bill Based Interest Rate 5.78736%
K Class A-2 Interest Rate 0.014428767 (1/26/98-4/27/98) 5.78736%
L Certificate T-Bill Based Rate of Return 6.01736%
M Certificate Rate of Return 0.015002192 (1/26/98-4/27/98) 6.01736%
- -------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-2 6
<PAGE>
- --------------------------------------------------------------------------------
VII. 1997-2 Inputs From Previous Quarterly Servicing Reports 12/31/97
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 2,233,565,975.40
ii Interest To Be Capitalized 16,849,041.28
-------------------
iii Total Pool $ 2,250,415,016.68
iv Reserve Account Balance 5,847,275.49
===================
v Total Adjusted Pool $ 2,256,262,292.17
===================
B Total Note and Certificate Factor 0.92105890531
C Total Note and Certificate Balance $ 2,299,377,504.15
<CAPTION>
----------------------------------------------------------------------------------------------------------------
D Note Balance 1/26/98 Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor-1/26/98 0.8769066235 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,403,927,504.15 $ 808,000,000.00 $ 87,450,000.00
E Note Principal Shortfall $ 43,115,211.98 $ 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 $ 5,626,037.54
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
</TABLE>
SLM Student Loan Trust 1997-2 7
<PAGE>
- --------------------------------------------------------------------------------
VIII. 1997-2 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<C> <S> <C> <C>
A Total Available Funds (Sections III-F + VI-D + IX-G-vii) $ 131,338,378.63 $ 131,338,378.63
B Primary Servicing Fees-Current Month $ 2,111,992.91 $ 129,226,385.72
C Administration Fee $ 20,000.00 $ 129,206,385.72
D Noteholder's Interest Distribution Amount
i Class A-1 $ 20,046,930.73 $ 109,159,454.99
ii Class A-2 $ 11,658,443.74 $ 97,501,011.25
----------------
iii Total Noteholder's Interest Distribution $ 31,705,374.47
E Certificateholder's Return Distribution Amount $ 1,311,941.69 $ 96,189,069.56
F Noteholder's Principal Distribution Amount
i Class A-1 $ 96,189,069.56 $ (0.00)
ii Class A-2 $ 0.00 $ (0.00)
----------------
iii Total Noteholder's Principal Distribution $ 96,189,069.56
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>
- --------------------------------------------------------------------------------
IX. 1997-2 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 20,046,930.73 $11,658,443.74 $1,311,941.69
ii Quarterly Interest Paid $ 20,046,930.73 $11,658,443.74 $1,311,941.69
--------------- -------------- -------------
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 $129,901,834.45 $ 0.00 $ 0.00
viii Quarterly Principal Paid $ 96,189,069.56 $ 0.00 $ 0.00
-------------- ----- -----
ix Quarterly Principal Shortfall $ 33,712,764.89 $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $116,236,000.29 $11,658,443.74 $1,311,941.69
---------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C>
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 3/31/98 $ 2,299,377,504.15
ii Adjusted Pool Balance 3/31/98 2,169,475,669.70
-------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 129,901,834.45
===================
iv Principal Distribution Amount $ 96,189,069.56
===================
C Total Principal Distribution $ 96,189,069.56
D Total Interest Distribution 33,017,316.16
-------------------
E Total Cash Distributions-Note and Certificates $ 129,206,385.72
<CAPTION>
------------------------------------------------------------------------------------
F Note & Certificate Balances 1/26/98 4/27/98
------------------------------------------------------------------------------------
<S> <C> <C> <C>
i A-1 Note Balance (78442GAN6) $ 1,403,927,504.15 $ 1,307,738,434.59
A-1 Note Pool Factor 0.8769066235 0.8168260054
ii A-2 Note Balance (78442GAP1) $ 808,000,000.00 $ 808,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAQ9) $ 87,450,000.00 $ 87,450,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C>
G Reserve Account Reconciliation
i Beginning of Period Balance $ 5,626,037.54
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ -
iv Total Reserve Account Balance Available $ 5,626,037.54
v Required Reserve Account Balance $ 5,409,624.08
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - release to Waterfall $ 216,413.46
viii Ending Reserve Account Balance $ 5,409,624.08
</TABLE>
SLM Student Loan Trust 1997-2 9
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
X. 1997-2 Historical Pool Information
- ------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------
1/1/98 - 3/31/98 10/1/97 - 12/31/97 6/2/97 - 9/30/97
-------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 2,233,565,975.40 $ 2,318,693,583.17 $ 2,417,769,037.18
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 67,245,956.91 $ 68,082,756.87 $ 85,947,343.92
ii Principal Collections from Guarantor 24,918,076.93 14,843,554.74 1,182,253.65
iii Principal Reimbursements 2,078,239.87 13,644,697.01 25,640,757.88
iv Other System Adjustments - - -
----------------------------------------------------------------------
v Total Principal Collections $ 94,242,273.71 $ 96,571,008.62 $ 112,770,355.45
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,460,174.04 $ 1,447,951.99 $ 1,502,305.68
ii Capitalized Interest (7,149,599.49) (12,891,352.84) (15,197,207.12)
----------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (5,689,425.45) $ (11,443,400.85) $ (13,694,901.44)
-------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 88,552,848.26 $ 85,127,607.77 $ 99,075,454.01
-------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 30,889,139.09 $ 30,948,506.97 $ 42,621,726.69
ii Interest Claims Received from Guarantors 1,634,141.40 910,823.41 31,586.14
iii Late Fee Reimbursements - - -
iv Interest Reimbursements 32,904.69 221,585.93 382,323.72
v Other System Adjustments - - -
vi Special Allowance Payments 833,721.99 607,103.80 248,953.19
vii Subsidy Payments 6,492,598.40 6,718,468.64 2,532,386.65
----------------------------------------------------------------------
viii Total Interest Collections $ 39,882,505.57 $ 39,406,488.75 $ 45,816,976.39
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,033,356.24) $ (1,219,435.19) $ (1,454,441.16)
ii Capitalized Interest 7,149,599.49 12,891,352.84 15,197,207.12
----------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 6,116,243.25 $ 11,671,917.65 $ 13,742,765.96
----------------------------------------------------------------------
Total Student Loan Interest Activity $ 45,998,748.82 $ 51,078,406.40 $ 59,559,742.35
(=) Ending Student Loan Portfolio Balance $ 2,145,013,127.14 $ 2,233,565,975.40 $ 2,318,693,583.17
-------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 18,836,505.02 $ 5,647,275.49 $ 20,216,612.25
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 2,163,849,632.16 $ 2,250,415,016.68 $ 2,338,910,195.42
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 5,626,037.54 $ 5,847,275.49 $ 6,103,806.00
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 2,169,475,669.70 $ 2,256,262,292.17 $ 2,345,014,001.42
-------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-2 10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1997-2 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
Jul-97 $ 2,441,522,427 -
Oct-97 $ 2,338,910,195 5.99%
Jan-98 $ 2,250,415,017 6.53%
Apr-98 $ 2,163,849,632 6.60%
* "Since Issued CPR" is based on the current period's ending pool
balance calculated against the original pool balance and assuming
cutoff date pool data.
- --------------------------------------------------------------------------------
SLM Student Loan Trust 1997-2
11
<PAGE>
SLM Student Loan Trust 1997-3
Quarterly Servicing Report
Report Date: 3/31/98 Reporting Period: 1/1/98-3/31/98
- -------------------------------------------------------------------------------
I. Deal Parameters
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 12/31/97 Activity 3/31/98
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Portfolio Balance $ 2,388,313,848.15 $ (51,254,509.72) $ 2,337,059,338.43
ii Interest to be Capitalized 44,396,075.77 48,617,280.06
--------------------- --------------------
iii Total Pool $ 2,432,709,923.92 $ 2,385,676,618.49
iv Reserve Account Balance 6,259,224.00 6,081,774.81
--------------------- --------------------
v Total Adjusted Pool $ 2,438,969,147.92 $ 2,391,758,393.30
===================== ====================
B i Weighted Average Coupon (WAC) 8.1898% 8.1912%
ii Weighted Average Remaining Term 117.30 115.84
iii Number of Loans 704,334 692,018
iv Number of Borrowers 264,683 260,121
----------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 1/26/98 % of Pool Balance 4/27/98 % of Pool
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAR7 0.60% $ 1,379,437,386.62 55.220% $ 1,320,947,740.08 54.146%
ii A-2 Notes 78442GAS5 0.64% 1,028,500,000.00 41.171% 1,028,500,000.00 42.159%
iii Certificates 78442GAT3 0.83% 90,150,000.00 3.609% 90,150,000.00 3.695%
--------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 2,498,087,386.62 100.000% $ 2,439,597,740.08 100.000%
==========================================================================================================================
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
D Reserve Account 1/26/98 4/27/98
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 6,081,774.81 $ 5,964,191.55
iv Reserve Account Floor Balance ($) $ 2,503,690.00 $ 2,503,690.00
v Current Reserve Acct Balance ($) $ 6,081,774.81 $ 5,964,191.55
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-3
1
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
II. 1997-3 Transactions from: 1/1/98 through 3/31/98
- --------------------------------------------------------------------------------
<S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $41,364,168.73
ii Principal Collections from Guarantor $12,122,468.67
iii Principal Reimbursements $7,442,259.23
iv Other System Adjustments $0.00
------------------
v Total Principal Collections $ 60,928,896.63
B Student Loan Non-Cash Principal Activity
i Other Adjustments $2,555,374.02
ii Capitalized Interest ($12,229,760.93)
------------------
iii Total Non-Cash Principal Activity $ (9,674,386.91)
--------------------------------------------------------------------
C Total Student Loan Principal Activity $ 51,254,509.72
--------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $21,038,371.81
ii Interest Claims Received from
Guarantors $688,404.64
iii Late Fee Reimbursements $3.65
iv Interest Reimbursements $129,611.49
v Other System Adjustments $0.00
vi Special Allowance Payments $873,577.62
vii Subsidy Payments $14,632,177.89
------------------
viii Total Interest Collections $ 37,362,147.10
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($2,362,445.96)
ii Capitalized Interest $12,229,760.93
------------------
iii Total Non-Cash Interest Adjustments $ 9,867,314.97
--------------------------------------------------------------------
F Total Student Loan Interest Activity $ 47,229,462.07
--------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-3 2
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
III. 1997-3 Collection Account Activity 1/1/98 through 3/31/98
- -----------------------------------------------------------------------------------------------------------
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $53,486,637.40
ii Cash Forwarded by Administrator on behalf of Seller $221,483.22
iii Cash Forwarded by Administrator on behalf of Servicer $1,404.49
iv Cash Forwarded by Administrator for Consolidation Activity $7,219,371.52
---------------------
v Total Principal Collections $ 60,928,896.63
B Interest Collections
i Interest Payments Received-Cash $37,232,531.96
ii Cash Forwarded by Administrator on behalf of Seller $2,306.16
iii Cash Forwarded by Administrator on behalf of Servicer $8,351.39
iv Cash Forwarded by Administrator for Consolidation Activity $118,953.94
v Cash Forwarded by Administrator for Late Fee Activity $3.65
---------------------
vi Total Interest Collections $37,362,147.10
C Other Reimbursements $121,301.48
D Administrator Account Investment Income $718,866.26
E Return funds borrowed for previous distribution $0.00
F TOTAL FUNDS RECEIVED $ 99,131,211.47
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($3,173,841.47)
---------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 95,957,370.00
---------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $1,066,718.51
ii Percentage of Principal Calculation $1,572,323.19
iii Lesser of Unit or Principal Calculation $1,066,718.51
H Servicing Fees Due for Current Period $1,572,323.19
I Carryover Servicing Fees Due (1) $0.00
JAN 1998 Servicing Carryover $0.00
FEB 1998 Servicing Carryover $0.00
MAR 1998 Servicing Carryover $0.00
-----------------
TOTAL: Carryover Servicing Fee Due $0.00
=================
Less: Servicing ADJ [A iii + B iii] ($9,755.88)
J Administration Fees Due $ 20,000.00
---------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,582,567.31
---------------------------------------------------------------------------------------------
(1) No Carryover Servicing Fees due before the October 2001 payment date
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-3 3
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
IV. 1997-3 Portfolio Characteristics
- --------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
STATUS 12/31/97 3/31/98 12/31/97 3/31/98 12/31/97 3/31/98
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.835% 7.832% 130,680 119,959 18.554% 17.335%
Grace
Current 7.856% 7.869% 32,412 28,213 4.602% 4.077%
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.839% 7.838% 163,092 148,172 23.155% 21.412%
- ---------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.316% 8.318% 350,659 333,149 49.786% 48.142%
31-60 Days Delinquent 8.329% 8.326% 25,815 23,142 3.665% 3.344%
61-90 Days Delinquent 8.319% 8.300% 13,405 17,077 1.903% 2.468%
91-120 Days Delinquent 8.296% 8.281% 9,070 12,397 1.288% 1.791%
Greater than 120 Days Delinquent 8.297% 8.295% 16,152 12,179 2.293% 1.760%
Deferment
Current 8.255% 8.223% 81,513 89,775 11.573% 12.973%
Forbearance
Current 8.327% 8.323% 42,952 50,298 6.098% 7.268%
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.307% 8.300% 539,566 538,017 76.607% 77.746%
- ---------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.317% 8.284% 1,673 5,819 0.238% 0.841%
Aged Claims Rejected (2) 9.045% 8.250% 3 10 0.000% 0.001%
- ---------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.190% 8.191% 704,334 692,018 100.00% 100.00%
- ---------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
Principal Amount %
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
STATUS 12/31/97 3/31/98 12/31/97 3/31/98
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 476,475,068.23 $ 442,190,507.79 19.950% 18.921%
Grace
Current $ 104,867,836.57 $ 89,814,444.43 4.391% 3.843%
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 581,342,904.80 $ 532,004,952.22 24.341% 22.764%
- ---------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 1,139,550,496.78 $ 1,054,470,414.09 47.714% 45.120%
31-60 Days Delinquent $ 78,469,397.24 $ 72,634,266.46 3.286% 3.108%
61-90 Days Delinquent $ 40,226,843.34 $ 54,597,280.29 1.684% 2.336%
91-120 Days Delinquent $ 26,082,754.56 $ 39,178,272.74 1.092% 1.676%
Greater than 120 Days Delinquent $ 46,549,176.66 $ 34,472,061.14 1.949% 1.475%
Deferment
Current $ 296,726,555.88 $ 325,148,189.26 12.424% 13.913%
Forbearance
Current $ 174,682,771.30 $ 209,276,107.57 7.314% 8.955%
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 1,802,287,995.76 $ 1,789,776,591.55 75.463% 76.582%
- ---------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 4,666,021.74 $ 15,263,759.55 0.195% 0.653%
Aged Claims Rejected (2) $ 16,925.84 $ 14,035.11 0.001% 0.001%
- ---------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 2,388,313,848.14 $ 2,337,059,338.43 100.00% 100.00%
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
SLM Student Loan Trust 1997-3 4
<PAGE>
- --------------------------------------------------------------------------------
V. 1997-3 Portfolio Characteristics by School and Program 3/31/98
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
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 11.109% 5.470% 0.000% 0.000% 0.936% 0.389% 0.000% 0.000%
Grace
Current 2.183% 0.885% 0.000% 0.000% 0.243% 0.103% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 13.292% 6.354% 0.000% 0.000% 1.179% 0.491% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 25.096% 7.509% 4.226% 2.122% 1.624% 0.613% 0.196% 0.130%
31-60 Days Delinquent 1.528% 0.464% 0.253% 0.186% 0.183% 0.066% 0.012% 0.019%
61-90 Days Delinquent 1.190% 0.358% 0.119% 0.136% 0.146% 0.053% 0.004% 0.016%
91-120 Days Delinquent 0.885% 0.305% 0.048% 0.081% 0.125% 0.045% 0.001% 0.010%
Greater than 120 Days Delinquent 0.636% 0.178% 0.045% 0.095% 0.119% 0.049% 0.004% 0.009%
Deferment
Current 7.433% 2.269% 0.872% 1.507% 0.580% 0.212% 0.032% 0.104%
Forbearance
Current 4.699% 1.721% 0.272% 1.133% 0.302% 0.120% 0.014% 0.037%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 41.467% 12.804% 5.834% 5.259% 3.079% 1.157% 0.262% 0.325%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.295% 0.097% 0.017% 0.034% 0.060% 0.019% 0.001% 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 55.054% 19.256% 5.851% 5.294% 4.319% 1.668% 0.263% 0.328%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.455% 6.578%
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
- ------------------------------------------------------------------------------------------------------------------------------------
STATUS
- --------------------------------------
INTERIM:
<S> <C> <C> <C> <C> <C> <C> <C> <C>
In School
Current 0.450% 0.305% 0.000% 0.000% 0.136% 0.125% 0.000% 0.000%
Grace
Current 0.225% 0.131% 0.000% 0.000% 0.043% 0.031% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.675% 0.436% 0.000% 0.000% 0.180% 0.156% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.766% 1.043% 0.287% 0.218% 0.177% 0.059% 0.010% 0.044%
31-60 Days Delinquent 0.214% 0.118% 0.017% 0.025% 0.011% 0.008% 0.001% 0.004%
61-90 Days Delinquent 0.162% 0.095% 0.009% 0.022% 0.015% 0.007% 0.001% 0.006%
91-120 Days Delinquent 0.094% 0.057% 0.004% 0.012% 0.003% 0.002% 0.000% 0.003%
Greater than 120 Days Delinquent 0.197% 0.114% 0.004% 0.018% 0.005% 0.001% 0.000% 0.003%
Deferment
Current 0.322% 0.175% 0.012% 0.103% 0.147% 0.073% 0.002% 0.070%
Forbearance
Current 0.289% 0.160% 0.019% 0.048% 0.070% 0.036% 0.000% 0.035%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.042% 1.761% 0.351% 0.446% 0.429% 0.185% 0.014% 0.165%
Claims in Process (1) 0.067% 0.043% 0.001% 0.008% 0.004% 0.001% 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 3.785% 2.240% 0.353% 0.454% 0.613% 0.343% 0.014% 0.167%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 6.831% 1.136%
- ------------------------------------------------------------------------------------------------------------------------------------
</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 16.579% 1.325% 0.755% 0.262% 18.921%
Grace
Current 3.067% 0.346% 0.356% 0.074% 3.843%
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 19.646% 1.671% 1.111% 0.336% 22.764%
- ---------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 38.953% 2.563% 3.313% 0.290% 45.120%
31-60 Days Delinquent 2.431% 0.279% 0.373% 0.024% 3.108%
61-90 Days Delinquent 1.802% 0.219% 0.287% 0.028% 2.336%
91-120 Days Delinquent 1.320% 0.182% 0.167% 0.008% 1.676%
Greater than 120 Days Delinquent 0.953% 0.180% 0.333% 0.009% 1.475%
Deferment
Current 12.081% 0.927% 0.612% 0.293% 13.913%
Forbearance
Current 7.825% 0.472% 0.516% 0.142% 8.955%
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 65.365% 4.823% 5.601% 0.793% 76.582%
- ---------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.443% 0.084% 0.119% 0.007% 0.653%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.001%
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.455% 6.578% 6.831% 1.136% 100.000%
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-3 5
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
VI. 1997-3 Interest Calculation
- -------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
A Borrower Interest Accrued During Collection Period $36,028,200.01
B Interest Subsidy Payments Accrued During Collection Period $11,363,560.06
C SAP Payments Accrued During Collection Period $587,374.94
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $195,843.89
E Investment Earnings (ADMINISTRATOR ACT) $718,866.26
-----------
F Net Expected Interest Collections $ 48,893,845.16
G Student Loan Rate
i Days in Collection Period (1/1/98-3/31/98) 90
ii Days in Year 365
iii Net Expected Interest Collections $ 48,893,845.16
iv Primary Servicing Fee $ 4,746,164.66
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 2,432,709,923.92
vii Student Loan Rate 7.35650%
Accrued
Int Factor Accrual Period
---------- --------------
H Class A-1 T-Bill Based Interest Rate 5.78736%
I Class A-1 Interest Rate 0.014428767 (1/26/98-4/27/98) 5.78736%
J Class A-2 T-Bill Based Interest Rate 5.82736%
K Class A-2 Interest Rate 0.014528493 (1/26/98-4/27/98) 5.82736%
L Certificate T-Bill Based Rate of Return 6.01736%
M Certificate Rate of Return 0.015002192 (1/26/98-4/27/98) 6.01736%
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-3 6
<PAGE>
- --------------------------------------------------------------------------------
VII. 1997-3 Inputs From Previous Quarterly Servicing Reports 12/31/97
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<C> <S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 2,388,313,848.15
ii Interest To Be Capitalized 44,396,075.77
---------------------
iii Total Pool $ 2,432,709,923.92
iv Reserve Account Balance 6,259,224.00
=====================
v Total Adjusted Pool $ 2,438,969,147.92
=====================
B Total Note and Certificate Factor 0.97013102393
C Total Note and Certificate Balance $ 2,498,087,386.62
-------------------------------------------------------------------------------------------------------------------
D Note Balance 1/26/98 Class A-1 Class A-2 Certificates
-------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
i Current Factor 1/26/98 0.9471880981 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,379,437,386.62 $ 1,028,500,000.00 $ 90,150,000.00
E Note Principal Shortfall $ 59,118,238.70 $ 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 $ 6,081,774.81
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-3 7
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
VIII. 1997-3 Waterfall for Distributions
- -------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<C> <S> <C> <C>
A Total Available Funds (Sections III-F + VI-D + IX-G-vii) $ 96,270,797.15 $ 96,270,797.15
B Primary Servicing Fees-Current Month $ 1,562,567.31 $ 94,708,229.84
C Administration Fee $ 20,000.00 $ 94,688,229.84
D Noteholder's Interest Distribution Amount
i Class A-1 $ 19,903,580.64 $ 74,784,649.20
ii Class A-2 $ 14,942,555.05 $ 59,842,094.15
----------------
iii Total Noteholder's Interest Distribution $ 34,846,135.69
E Certificateholder's Return Distribution Amount $ 1,352,447.61 $ 58,489,646.54
F Noteholder's Principal Distribution Amount
i Class A-1 $ 58,489,646.54 $ 0.00
ii Class A-2 $ 0.00 $ 0.00
---------------
iii Total Noteholder's Principal Distribution $ 58,489,646.54
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>
- --------------------------------------------------------------------------------
IX. 1997-3 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
i Quarterly Interest Due $19,903,580.64 $14,942,555.05 $1,352,447.61
ii Quarterly Interest Paid $19,903,580.64 $14,942,555.05 $1,352,447.61
-------------- -------------- -------------
iii Interest Shortfall $0.00 $0.00 $0.00
iv Interest Carryover Due $0.00 $0.00 $0.00
v Interest Carryover Paid $0.00 $0.00 $0.00
----- ----- -----
vi Interest Carryover $0.00 $0.00 $0.00
vii Quarterly Principal Due $106,328,993.32 $0.00 $0.00
viii Quarterly Principal Paid $58,489,646.54 $0.00 $0.00
-------------- ----- -----
ix Quarterly Principal Shortfall $47,839,346.78 $0.00 $0.00
---------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 78,393,227.18 $ 14,942,555.05 $ 1,352,447.61
---------------------------------------------------------------------------------------------------------------------
<CAPTION>
B Principal Distribution Reconciliation
<C> <S> <C>
i Notes and Certificates Principal Balance 3/31/98 $ 2,498,087,386.62
ii Adjusted Pool Balance 3/31/98 2,391,758,393.30
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 106,328,993.32
------------------
iv Principal Distribution Amount $ 58,489,646.54
==================
C Total Principal Distribution $ 58,489,646.54
D Total Interest Distribution 36,198,583.30
------------------
E Total Cash Distributions-Note and Certificates $ 94,688,229.84
<CAPTION>
--------------------------------------------------------------------------------------
F Note & Certificate Balances 1/26/98 4/27/98
--------------------------------------------------------------------------------------
i A-1 Note Balance (78442GAR7) $ 1,379,437,386.62 $ 1,320,947,740.08
A-1 Note Pool Factor 0.9471880981 0.9070262918
ii A-2 Note Balance (78442GAS5) $ 1,028,500,000.00 $ 1,028,500,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAT3) $ 90,150,000.00 $ 90,150,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
--------------------------------------------------------------------------------------
<CAPTION>
G Reserve Account Reconciliation
<C> <S> <C>
i Beginning of Period Balance $ 6,081,774.81
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 0.00
iv Total Reserve Account Balance Available $ 6,081,774.81
v Required Reserve Account Balance $ 5,964,191.55
vi Shortfall Carried to Next Period $ -
vii Excess Reserve -release to Waterfall $ 117,583.26
viii Ending Reserve Account Balance $ 5,964,191.55
</TABLE>
- --------------------------------------------------------------------------------
SLM Student Loan Trust 1997-3 9
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
X. 1997-3 Historical Pool Information
- ----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------
1/1/98-3/31/98 8/25/97 - 12/31/97
---------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 2,388,313,848.15 $ 2,447,417,365.32
---------------------------------------------------------------------------------------------------------
<S> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 41,364,168.73 $ 49,821,559.10
ii Principal Collections from Guarantor 12,122,468.67 1,440,820.82
iii Principal Reimbursements 7,442,259.23 39,007,052.38
iv Other System Adjustments - -
-----------------------------------------
v Total Principal Collections $ 60,928,896.63 $ 90,269,432.30
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,555,374.02 $ 3,533,441.93
ii Capitalized Interest (12,229,760.93) (34,699,357.06)
-----------------------------------------
iii Total Non-Cash Principal Activity $ (9,674,386.91) $ (31,165,915.13)
---------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 51,254,509.72 $ 59,103,517.17
---------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 21,038,371.81 $ 24,529,728.52
ii Interest Claims Received from Guarantors 688,404.64 34,126.30
iii Late Fee Reimbursements 3.65 9.92
iv Interest Reimbursements 129,611.49 799,423.02
v Other System Adjustments - -
vi Special Allowance Payments 873,577.62 232,534.47
vii Subsidy Payments 14,632,177.89 6,806,739.23
-----------------------------------------
viii Total Interest Collections $ 37,362,147.10 $ 32,402,561.46
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,362,445.96) $ (3,498,891.99)
ii Capitalized Interest 12,229,760.93 34,699,357.06
-----------------------------------------
iii Total Non-Cash Interest Adjustments $ 9,867,314.97 $ 31,200,465.07
-----------------------------------------
Total Student Loan Interest Activity $ 47,229,462.07 $ 63,603,026.53
(=) Ending Student Loan Portfolio Balance $ 2,337,059,338.43 $ 2,388,313,848.15
---------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 48,617,280.06 $ 44,396,075.77
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 2,385,676,618.49 $ 2,432,709,923.92
---------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 6,081,774.81 $ 6,259,224.00
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 2,391,758,393.30 $ 2,438,969,147.92
---------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-3 10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1997-3 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
Oct-97 $ 2,503,689,634 -
Jan-98 $ 2,432,709,924 6.13%
Apr-98 $ 2,385,676,618 4.78%
* "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: 3/31/98 Reporting Period: 10/27/97-3/31/98
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 10/27/97 Activity 3/31/98
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Portfolio Balance $ 2,443,276,738.87 $ (70,774,276.17) $ 2,372,502,462.70
ii Interest to be Capitalized 59,362,848.18 40,483,617.83
------------------ ------------------
iii Total Pool $ 2,502,639,587.05 $ 2,412,986,080.53
iv Reserve Account Balance - 6,256,599.00
------------------ ------------------
v Total Adjusted Pool $ 2,502,639,587.05 $ 2,419,242,679.53
================== ==================
B i Weighted Average Coupon (WAC) 8.0723% 8.1674%
ii Weighted Average Remaining Term 117.50 115.61
iii Number of Loans 771,541 751,498
iv Number of Borrowers 286,444 280,223
-------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 11/12/98 % of Pool Balance 4/27/98 % of Pool
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAU0 0.75% $ 1,488,000,000.00 57.969% $ 1,406,295,314.81 56.587%
ii A-2 Notes 78442GAV8 0.75% 989,000,000.00 38.529% 989,000,000.00 39.795%
iii Certificates 78442GAW6 1.05% 89,900,000.00 3.502% 89,900,000.00 3.618%
----------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 2,566,900,000.00 100.000% $ 2,485,195,314.81 100.000%
============================================================================================================================
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
D Reserve Account 11/12/98 4/27/98
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($) $ 6,256,599.00
iii Specified Reserve Acct Balance ($) $ 6,032,465.20
iv Reserve Account Floor Balance ($) $ 2,502,640.00 $ 2,502,640.00
v Current Reserve Acct Balance ($) $ 6,256,599.00 $ 6,032,465.20
----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-4 1
<PAGE>
- --------------------------------------------------------------------------------
II. 1997-4 Transactions from: 10/27/97 through 3/31/98
- --------------------------------------------------------------------------------
A Student Loan Principal Activity
i Regular Principal Collections $74,599,347.53
ii Principal Collections from Guarantor $3,052,448.99
iii Principal Reimbursements $33,642,034.51
iv Other System Adjustments $0.00
----------------
v Total Principal Collections $111,293,831.03
B Student Loan Non-Cash Principal Activity
i Other Adjustments $3,636,486.74
ii Capitalized Interest ($44,156,041.60)
----------------
iii Total Non-Cash Principal Activity $(40,519,554.86)
--------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 70,774,276.17
--------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $34,622,975.83
ii Interest Claims Received from Guarantors $102,472.19
iii Late Fee Reimbursements $86.82
iv Interest Reimbursements $572,973.03
v Other System Adjustments $0.00
vi Special Allowance Payments $622,057.05
vii Subsidy Payments $10,334,525.07
----------------
viii Total Interest Collections $ 46,255,089.99
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($3,586,478.16)
ii Capitalized Interest $44,156,041.60
----------------
iii Total Non-Cash Interest Adjustments $ 40,569,563.44
--------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 86,824,653.43
--------------------------------------------------------------------------
- --------------------------------------------------------------------------------
2
<PAGE>
- -------------------------------------------------------------------------------
III. 1997-4 Collection Account Activity 10/27/97 through 3/31/98
- -------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $77,651,796.52
ii Cash Forwarded by Administrator on behalf of Seller $3,865,368.19
iii Cash Forwarded by Administrator on behalf of Servicer $28,638.47
iv Cash Forwarded by Administrator for Consolidation Activity $29,748,027.85
-----------------
v Total Principal Collections $ 111,293,831.03
B Interest Collections
i Interest Payments Received-Cash $45,682,030.14
ii Cash Forwarded by Administrator on behalf of Seller $89,017.93
iii Cash Forwarded by Administrator on behalf of Servicer $1,616.95
iv Cash Forwarded by Administrator for Consolidation Activity $482,338.15
v Cash Forwarded by Administrator for Late Fee Activity $86.82
-----------------
vi Total Interest Collections $46,255,089.99
C Other Reimbursements $184,501.04
D Administrator Account Investment Income $1,383,295.02
E Return funds borrowed for previous distribution $0.00
F TOTAL FUNDS RECEIVED $ 159,116,717.08
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($6,229,656.89)
---------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 152,887,060.19
---------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $1,143,665.46
ii Percentage of Principal Calculation $1,693,018.56
iii Lesser of Unit or Principal Calculation $1,143,665.46
H Servicing Fees Due for Current Period $1,693,018.56
I Carryover Servicing Fees Due (1) $0.00
JAN 1998 Servicing Carryover $0.00
FEB 1998 Servicing Carryover $0.00
MAR 1998 Servicing Carryover $0.00
-----------------
TOTAL: Carryover Servicing Fee Due $0.00
=================
Less: Servicing ADJ [A iii + B iii] ($30,255.42)
J Administration Fees Due $ 20,000.00
---------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,682,763.14
---------------------------------------------------------------------------------------------
</TABLE>
(1) No Carryover Servicing Fees due before the October 2001 payment date
- --------------------------------------------------------------------------------
SLM Student Loan Trust 1997-4 3
<PAGE>
- --------------------------------------------------------------------------------
IV. 1997-4 Portfolio Characteristics
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ----------------------------------------------------------------------------------------------------------------------------
STATUS 10/27/97 3/31/98 10/27/97 3/31/98 10/27/97 3/31/98
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.829% 7.827% 143,997 126,714 18.664% 16.862%
Grace
Current 7.846% 7.837% 206,965 33,436 26.825% 4.449%
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.839% 7.829% 350,962 160,150 45.489% 21.311%
- ----------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.306% 8.289% 265,711 373,158 34.439% 49.655%
31-60 Days Delinquent 8.307% 8.303% 22,627 24,588 2.933% 3.272%
61-90 Days Delinquent 8.298% 8.285% 13,517 18,954 1.752% 2.522%
91-120 Days Delinquent 8.283% 8.258% 10,448 16,518 1.354% 2.198%
Greater than 120 Days Delinquent - 8.282% - 12,151 - 1.617%
Deferment
Current 8.287% 8.157% 72,572 88,086 9.406% 11.721%
Forbearance
Current 8.300% 8.287% 35,704 54,370 4.627% 7.235%
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.301% 8.267% 420,579 587,825 54.511% 78.220%
- ----------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.000% 8.274% 0 3,523 0.000% 0.469%
Aged Claims Rejected (2) 0.000% 0.000% 0 0 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.072% 8.167% 771,541 751,496 100.00% 100.00%
- ----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------
Principal Amount %
- --------------------------------------------------------------------------------------------------------------------
STATUS 10/27/97 3/31/98 10/27/97 3/31/98
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 471,989,995.25 $ 418,533,716.27 19.318% 17.641%
Grace
Current $ 723,275,992.59 $ 103,657,389.58 29.603% 4.369%
- --------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 1,195,265,987.84 $ 522,191,105.85 48.921% 22.010%
- --------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 748,460,238.23 $ 1,117,799,138.48 30.633% 47.115%
31-60 Days Delinquent $ 64,882,351.41 $ 72,336,600.77 2.655% 3.049%
61-90 Days Delinquent $ 38,286,519.74 $ 56,808,123.47 1.567% 2.394%
91-120 Days Delinquent $ 30,211,129.27 $ 50,211,834.89 1.237% 2.116%
Greater than 120 Days Delinquent $ - $ 32,880,640.24 - 1.386%
Deferment
Current $ 239,536,613.14 $ 305,274,124.89 9.804% 12.867%
Forbearance
Current $ 126,633,899.25 $ 205,811,217.12 5.183% 8.675%
- --------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 1,248,010,751.04 $ 1,841,121,679.86 51.079% 77.602%
- --------------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ - $ 9,189,676.99 0.000% 0.388%
Aged Claims Rejected (2) $ - $ - 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 2,443,276,738.88 $ 2,372,502,462.70 100.00% 100.00%
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
SLM Student Loan Trust 1997-4 4
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
V. 1997-4 Portfolio Characteristics by School and Program 3/31/98
- ------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
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 10.667% 4.675% 0.000% 0.000% 1.102% 0.519% 0.000% 0.000%
Grace
Current 2.487% 0.987% 0.000% 0.000% 0.306% 0.140% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 13.153% 5.662% 0.000% 0.000% 1.408% 0.659% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 27.290% 8.424% 3.098% 1.563% 2.130% 0.862% 0.172% 0.138%
31-60 Days Delinquent 1.595% 0.467% 0.191% 0.151% 0.197% 0.069% 0.011% 0.016%
61-90 Days Delinquent 1.239% 0.376% 0.078% 0.121% 0.180% 0.078% 0.004% 0.010%
91-120 Days Delinquent 1.151% 0.407% 0.031% 0.060% 0.191% 0.079% 0.002% 0.007%
Greater than 120 Days Delinquent 0.646% 0.180% 0.036% 0.069% 0.128% 0.048% 0.002% 0.012%
Deferment
Current 7.237% 2.260% 0.565% 1.122% 0.584% 0.227% 0.019% 0.076%
Forbearance
Current 4.797% 1.756% 0.186% 0.724% 0.393% 0.163% 0.010% 0.040%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 43.955% 13.869% 4.185% 3.811% 3.803% 1.526% 0.220% 0.300%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.204% 0.058% 0.011% 0.022% 0.030% 0.010% 0.001% 0.002%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 57.312% 19.590% 4.196% 3.833% 5.240% 2.195% 0.221% 0.303%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 84.930% 7.959%
- ------------------------------------------------------------------------------------------------------------------------------------
<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 0.298% 0.222% 0.000% 0.000% 0.088% 0.070% 0.000% 0.000%
Grace
Current 0.225% 0.178% 0.000% 0.000% 0.029% 0.018% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.522% 0.400% 0.000% 0.000% 0.118% 0.088% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.753% 0.947% 0.353% 0.202% 0.110% 0.047% 0.006% 0.020%
31-60 Days Delinquent 0.187% 0.109% 0.016% 0.022% 0.009% 0.007% 0.001% 0.001%
61-90 Days Delinquent 0.163% 0.094% 0.010% 0.018% 0.008% 0.005% 0.000% 0.008%
91-120 Days Delinquent 0.106% 0.062% 0.003% 0.009% 0.005% 0.004% 0.000% 0.000%
Greater than 120 Days Delinquent 0.156% 0.088% 0.005% 0.013% 0.002% 0.002% 0.000% 0.000%
Deferment
Current 0.246% 0.131% 0.015% 0.068% 0.150% 0.093% 0.004% 0.071%
Forbearance
Current 0.271% 0.157% 0.018% 0.044% 0.059% 0.033% 0.000% 0.023%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 2.883% 1.589% 0.419% 0.377% 0.343% 0.189% 0.011% 0.123%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.029% 0.015% 0.002% 0.003% 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 3.434% 2.004% 0.421% 0.380% 0.461% 0.277% 0.011% 0.123%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 6.239% 0.872%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</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 15.342% 1.621% 0.520% 0.158% 17.641%
Grace
Current 3.474% 0.446% 0.403% 0.047% 4.369%
- -------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 18.815% 2.067% 0.922% 0.206% 22.010%
- -------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 40.376% 3.302% 3.255% 0.182% 47.115%
31-60 Days Delinquent 2.404% 0.294% 0.334% 0.018% 3.049%
61-90 Days Delinquent 1.815% 0.273% 0.286% 0.021% 2.394%
91-120 Days Delinquent 1.649% 0.279% 0.180% 0.009% 2.116%
Greater than 120 Days Delinquent 0.930% 0.189% 0.263% 0.004% 1.386%
Deferment
Current 11.184% 0.907% 0.460% 0.317% 12.867%
Forbearance
Current 7.463% 0.606% 0.490% 0.115% 8.675%
- -------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 65.819% 5.849% 5.268% 0.666% 77.602%
- -------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.296% 0.042% 0.049% 0.000% 0.388%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 84.930% 7.959% 6.239% 0.872% 100.000%
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-4 5
<PAGE>
- --------------------------------------------------------------------------------
VI. 1997-4 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $61,786,039.53
B Interest Subsidy Payments Accrued During Collection Period $21,643,997.38
C SAP Payments Accrued During Collection Period $1,201,693.79
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $134,517.82
E Investment Earnings (ADMINISTRATOR ACT) $1,383,295.02
-------------
F Net Expected Interest Collections $ 86,149,543.54
G Student Loan Rate
i Days in Collection Period (10/27/97-3/31/98) 156
ii Days in Year 365
iii Net Expected Interest Collections $ 86,149,543.54
iv Primary Servicing Fee $ 7,922,675.45
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 2,502,639,587.05
vii Student Loan Rate 7.31164%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.97566%
I Class A-1 Interest Rate 0.027176986 (11/12/97-4/27/98) 5.97566%
J Class A-2 T-Bill Based Interest Rate 5.97566%
K Class A-2 Interest Rate 0.027176986 (11/12/97-4/27/98) 5.97566%
L Certificate T-Bill Based Rate of Return 6.27566%
M Certificate Rate of Return 0.028541370 (11/12/97-4/27/98) 6.27566%
</TABLE>
- --------------------------------------------------------------------------------
SLM Student Loan Trust 1997-4 6
<PAGE>
- --------------------------------------------------------------------------------
VII. 1997-4 Inputs From Original Data 10/27/97
- --------------------------------------------------------------------------------
<TABLE>
<C> <S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 2,443,276,738.87
ii Interest To Be Capitalized 59,362,848.18
-------------------
iii Total Pool $ 2,502,639,587.05
iv Reserve Account Balance -
===================
v Total Adjusted Pool $ 2,502,639,587.05
===================
B Total Note and Certificate Factor 1.00000000000
C Total Note and Certificate Balance $ 2,566,900,000.00
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
D Note Balance 11/12/97 Class A-1 Class A-2 Certificates
--------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
i Current Factor 11/12/97 1.0000000000 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,488,000,000.00 $ 989,000,000.00 $ 89,900,000.00
E Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------------
<CAPTION>
<C> <S> <C>
H Reserve Account Balance $ 6,256,599.00
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
SLM Student Loan Trust 1997-4 7
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
VIII. 1997-4 Waterfall for Distributions
- ------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<C> <S> <C> <C>
A Total Available Funds (Sections III-F + VI-D + IX-G-vii)(1) $ 153,270,711.81 $ 153,270,711.81
B Primary Servicing Fees-Current Month $ 1,662,763.14 $ 151,607,948.67
C Administration Fee $ 20,000.00 $ 151,587,948.67
D Noteholder's Interest Distribution Amount
i Class A-1 $ 40,439,355.17 $ 111,148,593.50
ii Class A-2 $ 26,878,039.15 $ 84,270,554.35
----------------
iii Total Noteholder's Interest Distribution $ 67,317,394.32
E Certificateholder's Return Distribution Amount $ 2,565,869.16 $ 81,704,685.19
F Noteholder's Principal Distribution Amount
i Class A-1 $ 81,704,685.19 $ (0.00)
ii Class A-2 $ 0.00 $ (0.00)
----------------
iii Total Noteholder's Principal Distribution $ 81,704,685.19
G Certificateholder's Balance Distribution Amount $ 0.00 $ (0.00)
H Increase to the Specified Reserve Account Balance $ 0.00 $ 0.00
I Carryover Servicing Fees $ 0.00 $ 0.00
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 0.00
i Class A-2 $ 0.00 $ 0.00
----------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 0.00
L Excess to Reserve Account $ 0.00 $ 0.00
(1) Includes initial deposit of $25,000 from seller
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-4 8
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IX. 1997-4 Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $40,439,355.17 $26,878,039.15 $2,565,869.16
ii Quarterly Interest Paid $40,439,355.17 $26,878,039.15 $2,565,869.16
-------------- -------------- -------------
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 $147,657,320.47 $0.00 $0.00
viii Quarterly Principal Paid $81,704,685.19 $0.00 $0.00
-------------- ----- -----
ix Quarterly Principal Shortfall $65,952,635.28 $0.00 $0.00
------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 122,144,040.36 $ 26,878,039.15 $ 2,565,869.16
------------------------------------------------------------------------------------------------------------------------
<S> <C>
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 3/31/98 $ 2,566,900,000.00
ii Adjusted Pool Balance 3/31/98 2,419,242,679.53
---------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 147,657,320.47
---------------------
iv Principal Distribution Amount $ 81,704,685.19
=====================
C Total Principal Distribution $ 81,704,685.19
D Total Interest Distribution 69,883,263.48
-------------
E Total Cash Distributions-Note and Certificates $ 151,587,948.67
-------------------------------------------------------------------------------------
F Note & Certificate Balances 11/12/98 4/27/98
-------------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GAU0) $ 1,488,000,000.00 $ 1,406,295,314.81
A-1 Note Pool Factor 1.0000000000 0.9450909374
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
-------------------------------------------------------------------------------------
<S> <C>
G Reserve Account Reconciliation
i Beginning of Period Balance $ 6,256,599.00
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ -
iv Total Reserve Account Balance Available $ 6,256,599.00
v Required Reserve Account Balance $ 6,032,465.20
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - release to Waterfall $ 224,133.80
viii Ending Reserve Account Balance $ 6,032,465.20
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-4
9
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
X. 1997-4 Historical Pool Information
- --------------------------------------------------------------------------------
-------------------
10/27/97-3/31/98
---------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 2,443,276,738.87
---------------------------------------------------------------------------
<S> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 74,599,347.53
ii Principal Collections from Guarantor 3,052,448.99
iii Principal Reimbursements 33,642,034.51
iv Other System Adjustments -
-------------------
v Total Principal Collections $ 111,293,831.03
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 3,636,486.74
ii Capitalized Interest (44,156,041.60)
--------------------
iii Total Non-Cash Principal Activity $ (40,519,554.86)
----------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 70,774,276.17
----------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 34,622,975.83
ii Interest Claims Received from Guarantors 102,472.19
iii Late Fee Reimbursements 86.82
iv Interest Reimbursements 572,973.03
v Other System Adjustments -
vi Special Allowance Payments 622,057.05
vii Subsidy Payments 10,334,525.07
-------------------
viii Total Interest Collections $ 46,255,089.99
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (3,586,478.16)
ii Capitalized Interest 44,156,041.60
-------------------
iii Total Non-Cash Interest Adjustments $ 40,569,563.44
-------------------
Total Student Loan Interest Activity $ 86,824,653.43
(=) Ending Student Loan Portfolio Balance $ 2,372,502,462.70
----------------------------------------------------------------------------
(+) Interest to be Capitalized $ 40,483,617.83
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(=) TOTAL POOL $ 2,412,986,080.53
-------------------
----------------------------------------------------------------------------
(+) Reserve Account Balance $ 6,256,599.00
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(=) Total Adjusted Pool $ 2,419,242,679.53
----------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-4 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%
* "Since Issued CPR" is based on the current period's ending pool
balance calculated against the original pool balance and assuming
cutoff date pool data.
- --------------------------------------------------------------------------------
SLM Student Loan Trust 1997-4 11
