<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): July 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,
the SLM Student Loan Trust 1998-1
and the SLM Student Loan Trust 1998-2)
Delaware 33-95474/333-2502/333-24949/333-44465 23-2815650
- -------- ------------------------------------- ----------
(State or other (Commission File Numbers) (I.R.S. employer
Jurisdiction of Identification No.)
Incorporation)
777 Twin Creek Drive
Killeen, Texas 76543
--------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (817) 554-4500
Page 1 of 5
Exhibit Index appears on Page 5
<PAGE>
Item 5. Other Events
------------
On July 27, 1998, the Sallie Mae Student Loan Trust 1995-1 made its
eleventh, the Sallie Mae Student Loan Trust 1996-1 made its tenth, the SLM
Student Loan Trust 1996-2 made its ninth, the SLM Student Loan Trust 1996-3 made
its eighth, the SLM Student Loan Trust 1996-4 made its seventh, the SLM Student
Loan Trust 1997-1 made its sixth, the SLM Student Loan Trust 1997-2 made its
fifth, the SLM Student Loan Trust 1997-3 made its fourth, the SLM Student Loan
Trust 1997-4 made its second, and the SLM Student Loan Trust 1998-1 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 July 27, 1998.
On July 1, 1998, the Department of Education published a notice in the
Federal Register in which it announced that it reduced current borrower interest
rates on Federal Direct Consolidation Loans for borrowers whose applications for
such loans are processed after July 1, 1998 from 8.25% to 7.46% (6.86% during
in-school, grace and deferment periods), which rates are adjusted annually based
on a formula equal to the 91-day Treasury bill rate plus 2.3 percent (1.7
percent during in-school, grace and deferment periods). The availability of the
reduced borrower interest rates on Federal Direct Consolidations Loan may
increase the likelihood that a student loan owned by the related trust (each a
"Trust Student Loan") will be prepaid from the proceeds of such loans. The
volume of Trust Student Loans that may be prepaid in this fashion cannot be
determined at this time and will be affected by, among other things, the
operational limitations on the Department of Education's ability to process a
significant increase in Federal Direct Consolidation Loan volume and the period
during which reduced rates are available. The Congress is expected to address
the rate on Federal Direct Consolidation Loans as part of the reauthorization of
the Higher Education Act scheduled for this session of Congress. There can be
no assurance that the Congress will address the rate on consolidation loans,
either as to pending or future applications, or that any legislation adopted
will provide for the same rate on both FFELP and Federal Direct Consolidation
Loans or that any legislated consolidation loan rate will not prompt borrowers
to refinance Trust Student Loans at a level greater than the current level of
such refinancings.
As of July 27, 1998 the ratio of (1) the principal balance of the
assets in the Trusts to (2) the aggregate principal amount outstanding of the
Securities of such Trust (the "Parity Ratio")/1/ is as follows :
Trust Parity Ratio
----- ------------
1995-1 100%
1996-1 100%
1996-2 100%
1996-3 100%
1996-4 100%
1997-1 99.3%
1997-2 98.8%
1997-3 98.4%
1997-4 97.6%
1998-1 99.1%
1998-2 99.8%/2/
1. The Parity Ratios calculated, which are based on the asset principal
balances, understate total assets (and, therefore, the true ratio of assets to
liabilities in the related Trust) as certain accrued interest asset amounts have
not been included in the numerator of the ratio. As of July 27, 1998 there was
no accrued interest on the Notes and Certificates in the related Trusts.
2. Estimated using Pool Balance as of the Cutoff Date of May 25, 1998 and
Reserve Account and Collection Account balances and Securities principal
amounts as of the Closing Date of June 18, 1998 since the first Distribution
Date is October 26, 1998.
Page 2 of 5
Exhibit Index appears on Page 5
<PAGE>
Until the Parity Ratio reaches 100%, the Securityholders must rely primarily on
interest and subsidy payments on the Trust Student Loans and interest on other
Trust assets in excess of Servicing Fees, Administration Fees and interest
payable on the Securities to reduce the aggregate principal amount of the
Securities to an amount equal to the principal amount of the Trust's assets. To
the extent that Securityholders are so reliant, the Securityholders could be
adversely affected by a significant increase in the rate of prepayments.
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: July 28, 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: 6/30/98 Reporting Period: 4/1/98-6/30/98
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ----------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 3/31/98 Activity 6/30/98
---------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C>
i Portfolio Balance $ 564,161,223.01 $ (32,834,204.95) $ 531,327,018.06
ii Interest to be Capitalized 800,429.12 764,311.60
----------------- -----------------
iii Total Pool $ 564,961,652.13 $ 532,091,329.66
================= =================
B i Weighted Average Coupon (WAC) 8.2795% 8.2899%
ii Weighted Average Remaining Term 74.40 72.80
iii Number of Loans 339,264 322,311
iv Number of Borrowers 144,783 136,925
---------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 4/27/98 % of Pool Balance 7/27/98 % of Pool
-----------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C> <C> <C> <C>
i A-1 Notes 795452AA9 0.575% $ 314,961,652.13 55.749% $ 282,091,329.66 53.015%
ii A-2 Notes 795452AB7 0.750% 215,000,000.00 38.056% 215,000,000.00 40.407%
iii Certificates 795452AC5 1.000% 35,000,000.00 6.195% 35,000,000.00 6.578%
-----------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 564,961,652.13 100.000% $ 532,091,329.66 100.000%
=============================================================================================================================
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
D Reserve Account 4/27/98 7/27/98
----------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C>
i Required Reserve Acct Deposit (%) 0.50% 0.50%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,824,808.26 $ 2,660,456.65
iv Reserve Account Floor Balance ($) $ 1,000,000.00 $ 1,000,000.00
v Current Reserve Acct Balance ($) $ 2,824,808.26 $ 2,660,456.65
-----------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1995-1
1
<PAGE>
- --------------------------------------------------------------------------------
II. 1995-1 Transactions from: 4/1/98 through: 6/30/98
- --------------------------------------------------------------------------------
A Student Loan Principal Activity
i Regular Principal Collections $30,225,803.00
ii Principal Collections from Guarantor $3,429,773.31
iii Principal Reimbursements $18,865.39
iv Other System Adjustments $0.00
----------------
v Total Principal Collections $ 33,674,441.70
B Student Loan Non-Cash Principal Activity
i Other Adjustments $116,986.84
ii Capitalized Interest ($957,223.59)
----------------
iii Total Non-Cash Principal Activity $ (840,236.75)
-------------------------------------------------------------------
C Total Student Loan Principal Activity $ 32,834,204.95
-------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $9,595,286.34
ii Interest Claims Received from Guarantors $196,436.29
iii Late Fee Reimbursements $0.00
iv Interest Reimbursements $10,037.33
v Other System Adjustments $0.00
vi Special Allowance Payments $311,901.14
vii Subsidy Payments $735,214.00
----------------
viii Total Interest Collections $ 10,848,875.10
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($82,076.39)
ii Capitalized Interest $957,223.59
----------------
iii Total Non-Cash Interest Adjustments $ 875,147.20
-------------------------------------------------------------------
F Total Student Loan Interest Activity $ 11,724,022.30
-------------------------------------------------------------------
- -------------------------------------------------------------------------------
Sallie Mae Student Loan Trust 1995-1
2
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
III. 1995-1 Collection Account Activity 4/1/98 through 6/30/98
- --------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
A Principal Collections
i Principal Payments Received-Cash $ 33,655,576.31
ii Cash Forwarded by Administrator on behalf of Seller $ 17,817.11
iii Cash Forwarded by Administrator on behalf of Servicer $ (457.67)
iv Cash Forwarded by Administrator for Consolidation Activity $ 1,505.95
------------------
v Total Principal Collections $ 33,674,441.70
B Interest Collections
i Interest Payments Received-Cash $ 10,838,837.77
ii Cash Forwarded by Administrator on behalf of Seller $ 7,390.58
iii Cash Forwarded by Administrator on behalf of Servicer $ 2,613.99
iv Cash Forwarded by Administrator for Consolidation Activity $ 32.76
v Cash Forwarded by Administrator for Late Fee Activity $ 0.00
------------------
vi Total Interest Collections $ 10,848,875.10
C Other Reimbursements $ 113,439.25
D Administrator Account Investment Income $ 351,412.67
E TOTAL FUNDS RECEIVED $ 44,988,168.72
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (917,539.20)
---------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 44,070,629.52
---------------------------------------------------------------------------------------------------
<CAPTION>
F Servicing Fee Calculation-Current Month
<C> <C> <S> <C> <C>
i Unit Charge Calculation $ 445,974.40
ii Percentage of Principal Calculation $ 682,621.73
iii Lesser of Unit or Principal Calculation $ 445,974.40
G Servicing Fees Due for Current Period $ 445,974.40
H Carryover Servicing Fees Due $ 722,464.15
APR 1998 Servicing Carryover $ 246,597.27
MAY 1998 Servicing Carryover $ 241,375.87
JUN 1998 Servicing Carryover $ 236,647.33
---------------------
$ 724,620.47
Less: Servicing ADJ [A iii + B iii] $ (2,156.32)
---------------------
Carryover Servicing Fee Due $ 722,464.15
=====================
I Administration Fees Due $ 20,000.00
---------------------------------------------------------------------------------------------------
J Total Fees Due for Period $ 1,188,438.55
---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1995-1
3
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
IV. 1995-1 Portfolio Characteristics
- ---------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ---------------------------------------------------------------------------------------------------------
STATUS 3/31/98 6/30/98 3/31/98 6/30/98 3/31/98 6/30/98
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 8.151% 8.152% 275 208 0.081% 0.064%
Grace
Current 8.213% 8.182% 76 79 0.023% 0.025%
- ---------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.165% 8.159% 351 287 0.104% 0.089%
- ---------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.283% 8.293% 289,720 276,917 85.397% 85.915%
31-60 Days Delinquent 8.322% 8.334% 12,284 12,237 3.621% 3.796%
61-90 Days Delinquent 8.323% 8.323% 5,167 5,186 1.523% 1.609%
91-120 Days Delinquent 8.307% 8.286% 2,542 1,779 0.749% 0.552%
Greater than 120 Days Delinquent 8.327% 8.309% 3,099 2,788 0.913% 0.865%
Deferment
Current 8.194% 8.203% 17,848 14,955 5.261% 4.640%
Forbearance
Current 8.275% 8.285% 7,033 7,123 2.073% 2.210%
- ---------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.280% 8.290% 337,693 320,985 99.537% 99.587%
- ---------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.328% 8.355% 1,206 1,037 0.355% 0.322%
Aged Claims Rejected (2) 8.268% 8.152% 13 6 0.004% 0.002%
- ---------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.280% 8.290% 339,263 322,315 100.00% 100.00%
- ---------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------
Principal Amount %
- -----------------------------------------------------------------------------------------------------
STATUS 3/31/98 6/30/98 3/31/98 6/30/98
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 557,189.15 $ 438,850.60 0.099% 0.083%
Grace
Current $ 157,243.91 $ 145,527.93 0.028% 0.027%
- -----------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 714,433.06 $ 584,378.53 0.127% 0.110%
- -----------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 465,193,705.59 $ 441,033,056.97 82.458% 83.006%
31-60 Days Delinquent $ 23,027,082.24 $ 22,584,306.63 4.082% 4.251%
61-90 Days Delinquent $ 10,162,688.65 $ 10,185,490.01 1.801% 1.917%
91-120 Days Delinquent $ 4,973,910.28 $ 3,620,854.27 0.882% 0.681%
Greater than 120 Days Delinquent $ 6,087,529.39 $ 5,530,427.94 1.079% 1.041%
Deferment
Current $ 36,732,616.10 $ 30,528,187.33 6.511% 5.745%
Forbearance
Current $ 15,233,674.70 $ 15,540,340.98 2.700% 2.925%
- -----------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 561,411,206.95 $ 529,022,664.13 99.513% 99.566%
- -----------------------------------------------------------------------------------------------------
Claims in Process (1) $ 2,018,366.93 $ 1,710,845.49 0.357% 0.322%
Aged Claims Rejected (2) $ 17,216.07 $ 10,565.47 0.003% 0.002%
- -----------------------------------------------------------------------------------------------------
GRAND TOTAL $ 564,161,223.01 $ 531,328,453.62 100.00% 100.00%
- -----------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
Sallie Mae Student Loan Trust 1995-1
4
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
V. 1995-1 Portfolio Characteristics by School and Program 6/30/98
- -----------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
--------------------------------------------------------------------------------------
- --------------------------------------------
STATUS
- --------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 0.055% 0.009% 0.000% 0.000% 0.007% 0.002% 0.000% 0.000%
Grace
Current 0.017% 0.005% 0.000% 0.000% 0.004% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.072% 0.014% 0.000% 0.000% 0.011% 0.002% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 55.253% 3.212% 9.955% 0.000% 4.710% 0.298% 0.895% 0.000%
31-60 Days Delinquent 2.341% 0.124% 0.554% 0.000% 0.429% 0.034% 0.054% 0.000%
61-90 Days Delinquent 1.025% 0.060% 0.217% 0.000% 0.229% 0.018% 0.020% 0.000%
91-120 Days Delinquent 0.347% 0.032% 0.057% 0.000% 0.084% 0.008% 0.011% 0.000%
Greater than 120 Days Delinquent 0.492% 0.032% 0.073% 0.000% 0.139% 0.015% 0.010% 0.000%
Deferment
Current 4.304% 0.299% 0.212% 0.000% 0.456% 0.042% 0.019% 0.000%
Forbearance
Current 1.668% 0.104% 0.287% 0.000% 0.308% 0.018% 0.032% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 65.428% 3.863% 11.355% 0.000% 6.355% 0.434% 1.041% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.141% 0.013% 0.035% 0.000% 0.041% 0.004% 0.001% 0.000%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 65.642% 3.890% 11.390% 0.000% 6.407% 0.439% 1.043% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.922% 7.889%
- -----------------------------------------------------------------------------------------------------------------------------------
<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 0.008% 0.002% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.009% 0.002% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 5.981% 0.387% 1.976% 0.000% 0.292% 0.006% 0.041% 0.000%
31-60 Days Delinquent 0.554% 0.026% 0.116% 0.000% 0.016% 0.000% 0.003% 0.000%
61-90 Days Delinquent 0.275% 0.017% 0.049% 0.000% 0.003% 0.000% 0.003% 0.000%
91-120 Days Delinquent 0.110% 0.012% 0.020% 0.000% 0.001% 0.000% 0.000% 0.000%
Greater than 120 Days Delinquent 0.235% 0.018% 0.026% 0.000% 0.001% 0.000% 0.000% 0.000%
Deferment
Current 0.354% 0.031% 0.018% 0.000% 0.009% 0.002% 0.000% 0.000%
Forbearance
Current 0.403% 0.028% 0.068% 0.000% 0.005% 0.000% 0.003% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.911% 0.519% 2.274% 0.000% 0.327% 0.009% 0.050% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.068% 0.006% 0.012% 0.000% 0.001% 0.000% 0.000% 0.000%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 7.989% 0.527% 2.286% 0.000% 0.328% 0.009% 0.050% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 10.802% 0.387%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 0.064% 0.009% 0.010% 0.000% 0.083%
Grace
Current 0.022% 0.004% 0.001% 0.000% 0.027%
- -------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.086% 0.013% 0.011% 0.000% 0.110%
- -------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 68.420% 5.903% 8.344% 0.339% 83.006%
31-60 Days Delinquent 3.018% 0.517% 0.696% 0.019% 4.251%
61-90 Days Delinquent 1.302% 0.268% 0.341% 0.006% 1.917%
91-120 Days Delinquent 0.435% 0.103% 0.143% 0.001% 0.681%
Greater than 120 Days Delinquent 0.597% 0.164% 0.279% 0.001% 1.041%
Deferment
Current 4.815% 0.517% 0.403% 0.011% 5.745%
Forbearance
Current 2.059% 0.358% 0.500% 0.008% 2.925%
- -------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 80.646% 7.830% 10.704% 0.386% 99.566%
- -------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.189% 0.046% 0.086% 0.001% 0.322%
Aged Claims Rejected (2) 0.001% 0.000% 0.001% 0.000% 0.002%
- -------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.922% 7.889% 10.802% 0.387% 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 $ 10,501,570.05
B Interest Subsidy Payments Accrued During Collection Period $ 671,076.72
C SAP Payments Accrued During Collection Period $ 237,852.62
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 60,368.75
E Investment Earnings (ADMINISTRATOR ACT) $ 351,412.67
-----------
F Net Expected Interest Collections $ 11,822,280.81
G Student Loan Rate
i Days in Collection Period (4/1/98-6/30/98) 91
ii Days in Year 365
iii Net Expected Interest Collections $ 11,822,280.81
iv Primary Servicing Fee $ 1,363,513.60
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 564,961,652.13
vii Student Loan Rate 7.41108%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<C> <S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.70157%
I Class A-1 Interest Rate 0.014214877 (4/27/98-7/27/98) 5.70157%
J Class A-2 T-Bill Based Interest Rate 5.87657%
K Class A-2 Interest Rate 0.014651178 (4/27/98-7/27/98) 5.87657%
L Certificate T-Bill Based Rate of Return 6.12657%
M Certificate Rate of Return 0.015274466 (4/27/98-7/27/98) 6.12657%
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1995-1
6
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VII. 1995-1 Inputs From Previous Quarterly Servicing Reports 3/31/98
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 564,161,223.01
ii Interest To Be Capitalized $800,429.12
------------------
iii Total Student Loan Pool Outstanding $ 564,961,652.13
==================
B Total Note and Certificate Factor 0.56496165213
C Total Note and Certificate Balance $ 564,961,652.13
<CAPTION>
------------------------------------------------------------------------------------------------------------------
D Note Balance 4/27/98 Class A-1 Class A-2 Certificates
------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
i Current Factor-4/27/98 0.4199488695 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 314,961,652.13 $ 215,000,000.00 $ 35,000,000.00
------------------------------------------------------------------------------------------------------------------
iv Note Balance $ 314,961,652.13 $ 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
------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<C> <S> <C>
G Reserve Account Balance $ 2,824,808.26
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1995-1
7
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
VIII. 1995-1 Waterfall for Distributions
- -------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds (Section III E + Section VI-D) $ 44,130,998.27 $ 44,130,998.27
B Primary Servicing Fees-Current Month $ 445,974.40 $ 43,685,023.87
C Administration Fee-Quarterly $ 20,000.00 $ 43,665,023.87
D Noteholder's Interest Distribution Amount
i Class A-1 $ 4,477,141.14 $ 39,187,882.73
ii Class A-2 $ 3,150,003.27 $ 36,037,879.46
---------------
iii Total Noteholder's Interest Distribution $ 7,627,144.41
E Certificateholder's Return Distribution Amount $ 534,606.31 $ 35,503,273.15
F Noteholder's Principal Distribution Amount
i Class A-1 $ 32,870,322.47 $ 2,632,950.68
ii Class A-2 $ 0.00 $ 2,632,950.68
---------------
iii Total Noteholder's Principal Distribution $ 32,870,322.47
G Certificateholder's Balance Distribution Amount $ 0.00 $ 2,632,950.68
H Increase to the Specified Reserve Account Balance $ 0.00 $ 2,632,950.68
I Carryover Servicing Fees $ 722,464.15 $ 1,910,486.53
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 1,910,486.53
i Class A-2 $ 0.00 $ 1,910,486.53
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 1,910,486.53
L Excess to Reserve Account $ 1,910,486.53 $ 0.00
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1995-1
8
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IX. 1995-1 Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------------------
<C> <C> <S> <C> <C> <C>
i Quarterly Interest Due $4,477,141.14 $3,150,003.27 $534,606.31
ii Quarterly Interest Paid $4,477,141.14 $3,150,003.27 $534,606.31
------------- ------------ -----------
iii Interest Shortfall $0.00 $0.00 $0.00
iv Interest Carryover Due $0.00 $0.00 $0.00
v Interest Carryover Paid $0.00 $0.00 $0.00
----- ----- -----
vi Interest Carryover $0.00 $0.00 $0.00
vii Quarterly Principal Due $32,870,322.47 $0.00 $0.00
viii Quarterly Principal Paid $32,870,322.47 $0.00 $0.00
-------------- ----- -----
ix Quarterly Principal Shortfall $0.00 $0.00 $0.00
-----------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $37,347,463.61 $ 3,150,003.27 $ 534,606.31
-----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
B Principal Distribution Reconciliation
<C> <S> <C>
i Notes and Certificates Principal Balance 6/30/98 $564,961,652.13
ii Pool Balance 6/30/98 $532,091,329.66
---------------
iii Principal Distribution Amount $ 32,870,322.47
===============
C Total Principal Distribution $ 32,870,322.47
D Total Interest Distribution $ 8,161,750.72
-------------
E Total Cash Distributions-Note and Certificates $ 41,032,073.19
<CAPTION>
-----------------------------------------------------------------------------------------
F Note & Certificate Balances 4/27/98 7/27/98
-----------------------------------------------------------------------------------------
<C> <S> <C> <C>
i A-1 Note Balance $ 314,961,652.13 $ 282,091,329.66
A-1 Note Pool Factor 0.4199488695 0.3761217729
ii A-2 Note Balance $ 215,000,000.00 $ 215,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance $ 35,000,000.00 $ 35,000,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
-----------------------------------------------------------------------------------------
<CAPTION>
G Reserve Account Reconciliation
<C> <S> <C>
i Beginning of Period Balance $ 2,824,808.26
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 1,910,486.53
--------------
iv Total Reserve Account Balance Available $ 4,735,294.79
v Required Reserve Account Balance $ 2,660,456.65
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp $ 2,074,838.14
viii Ending Reserve Account Balance $ 2,660,456.65
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1995-1
9
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
X. 1995-1 Historical Pool Information
- ---------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------
4/1/98-6/30/98 1/1/98-3/31/98 10/1/97-12/31/97 7/1/97-9/30/97
- ---------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Principal Balances $ 564,161,223.01 $ 598,939,825.14 $ 634,419,310.37 $ 672,356,282.03
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 30,225,803.00 $ 31,651,144.38 $ 31,256,602.42 $ 33,024,660.00
ii Principal Collections from Guarantor 3,429,773.31 3,878,798.09 4,038,925.33 3,831,142.64
iii Principal Reimbursements 18,865.39 164,325.71 1,110,970.23 1,931,934.01
iv Other System Adjustments - - - -
-----------------------------------------------------------------------------
v Total Principal Collections $ 33,674,441.70 $ 35,694,268.18 $ 36,406,497.98 $ 38,787,736.65
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 116,986.84 $ 154,449.63 $ 215,232.19 $ 148,944.93
ii Capitalized Interest (957,223.59) (1,070,115.68) (1,142,244.94) (999,709.92)
-----------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (840,236.75) $ (915,666.05) $ (927,012.75) $ (850,764.99)
- ---------------------------------------------------------------------------------------------------------------------------
(-)Total Student Loan Principal Activity $ 32,834,204.95 $ 34,778,602.13 $ 35,479,485.23 $ 37,936,971.66
- ---------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 9,595,286.34 $ 10,315,343.17 $ 10,820,940.12 $ 11,700,628.29
ii Interest Claims Received from Guarantors 196,436.29 228,854.32 242,885.58 217,004.71
iii Late Fee Reimbursements - - 2.61 -
iv Interest Reimbursements 10,037.33 19,601.74 20,203.85 31,498.76
v Other System Adjustments - - - -
vi Special Allowance Payments 311,901.14 442,877.34 423,277.21 497,397.49
vii Subsidy Payments 735,214.00 756,663.08 699,396.68 809,754.91
-----------------------------------------------------------------------------
viii Total Interest Collections $ 10,848,875.10 $ 11,763,339.65 $ 12,206,706.05 $ 13,256,284.16
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (82,076.39) $ (120,055.97) $ (165,175.08) $ (102,969.61)
ii Capitalized Interest 957,223.59 1,070,115.68 1,142,244.94 999,709.92
-----------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 875,147.20 $ 950,059.71 $ 977,069.86 $ 896,740.31
-----------------------------------------------------------------------------
Total Student Loan Interest Activity $ 11,724,022.30 $ 12,713,399.36 $ 13,183,775.91 $ 14,153,024.47
(=)Ending Student Loan Portfolio Balance $ 531,327,018.06 $ 564,161,223.01 $ 598,939,825.14 $ 634,419,310.37
- ---------------------------------------------------------------------------------------------------------------------------
(+)Interest to be Capitalized $ 764,311.60 $ 800,429.12 $ 787,352.25 $ 758,675.11
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
(=)TOTAL POOL $ 532,091,329.66 $ 564,961,652.13 $ 599,727,177.39 $ 635,177,985.48
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------
4/1/97-6/30/97 1/1/97-3/31/97 10/1/96-12/31/96 7/1/96 - 9/30/96
- ---------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Principal Balances $ 714,234,131.11 $ 758,640,244.14 $ 802,942,510.88 $ 853,757,457.19
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 34,449,289.71 $ 37,045,855.75 $ 36,816,067.27 $ 40,504,277.25
ii Principal Collections from Guarantor 5,521,766.77 6,185,560.91 6,088,443.00 8,336,900.38
iii Principal Reimbursements 2,643,630.36 2,050,080.23 2,255,883.32 2,842,522.44
iv Other System Adjustments - - 131.71 (577.57)
-----------------------------------------------------------------------------
v Total Principal Collections $ 42,614,686.84 $ 45,281,496.89 $ 45,160,525.30 $ 51,683,122.50
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 218,645.87 $ 184,596.68 $ 225,811.89 $ 214,754.01
ii Capitalized Interest (955,483.63) (1,059,980.54) (1,084,070.45) (1,082,930.20)
-----------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (736,837.76) $ (875,383.86) $ (858,258.56) $ (868,176.19)
- ---------------------------------------------------------------------------------------------------------------------------
(-)Total Student Loan Principal Activity $ 41,877,849.08 $ 44,406,113.03 $ 44,302,266.74 $ 50,814,946.31
- ---------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 12,116,179.07 $ 13,342,268.00 $ 13,807,543.15 $ 15,456,574.89
ii Interest Claims Received from Guarantors 317,247.10 358,047.93 340,026.34 557,105.25
iii Late Fee Reimbursements - - - -
iv Interest Reimbursements 28,749.41 28,485.70 27,274.90 36,142.78
v Other System Adjustments - - (715.16) (163.96)
vi Special Allowance Payments 829,740.65 460,026.49 734,667.87 617,049.00
vii Subsidy Payments 541,554.00 888,898.48 740,973.14 792,317.27
-----------------------------------------------------------------------------
viii Total Interest Collections $ 13,833,470.23 $ 15,077,726.60 $ 15,649,770.24 $ 17,459,025.23
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (143,456.34) $ (130,539.92) $ (158,675.64) $ (111,637.14)
ii Capitalized Interest 955,483.63 1,059,980.54 1,084,070.45 1,082,930.20
-----------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 812,027.29 $ 929,440.62 $ 925,394.81 $ 971,293.06
-----------------------------------------------------------------------------
Total Student Loan Interest Activity $ 14,645,497.52 $ 16,007,167.22 $ 16,575,165.05 $ 18,430,318.29
(=)Ending Student Loan Portfolio Balance $ 672,356,282.03 $ 714,234,131.11 $ 758,640,244.14 $ 802,942,510.88
- ---------------------------------------------------------------------------------------------------------------------------
(+)Interest to be Capitalized $ 741,333.62 $ 747,655.59 $ 691,772.32 $ 652,786.04
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
(=)TOTAL POOL $ 673,097,615.65 $ 714,981,786.70 $ 759,332,016.46 $ 803,595,296.92
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------
Beginning Student Loan Principal Balance 4/1/96 - 6/30/96 1/1/96 - 3/31/96 9/29/95 - 12/31/95
- -------------------------------------------------------------------------------------------------------------------
$ 905,375,401.17 $ 954,345,726.48 $ 1,000,126,078.04
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 41,999,553.67 $ 45,086,756.56 $ 42,875,612.89
ii Principal Collections from Guarantor 6,580,254.84 482,294.51 92,046.91
iii Principal Reimbursements 3,722,370.03 4,554,369.19 2,775,561.40
iv Other System Adjustments (48.49) - 39,190.77
------------------------------------------------------------------
v Total Principal Collections $ 52,302,130.05 $ 50,123,420.26 $ 45,782,411.97
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 185,344.16 $ 150,766.06 $ 233,926.53
ii Capitalized Interest (869,530.23) (1,303,861.01) (235,986.94)
------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (684,186.07) $ (1,153,094.95) $ (2,060.41)
- -------------------------------------------------------------------------------------------------------------------
(-)Total Student Loan Principal Activity $ 51,617,943.98 $ 48,970,325.31 $ 45,780,351.56
- -------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 16,104,237.23 $ 18,105,760.68 $ 18,633,508.65
ii Interest Claims Received from Guarantors 410,448.66 13,929.01 3,259.20
iii Late Fee Reimbursements - - -
iv Interest Reimbursements 33,086.35 39,560.27 17,871.78
v Other System Adjustments (14.31) - 7.70
vi Special Allowance Payments 537,884.11 1,112,141.11 43,719.37
vii Subsidy Payments 836,267.57 683,029.83 5,919.00
------------------------------------------------------------------
viii Total Interest Collections $ 17,921,909.61 $ 19,954,420.90 $ 18,704,285.70
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (112,327.13) $ (144,452.46) $ (227,131.25)
ii Capitalized Interest 869,530.23 1,303,861.01 235,986.94
------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 757,203.10 $ 1,159,408.55 $ 8,855.69
------------------------------------------------------------------
Total Student Loan Interest Activity $ 18,679,112.71 $ 21,113,829.45 $ 18,713,141.39
(=)Ending Student Loan Portfolio Balance $ 853,757,457.19 $ 905,375,401.17 $ 954,345,726.48
- -------------------------------------------------------------------------------------------------------------------
(+)Interest to be Capitalized $ 677,908.07 $ 602,404.08 $ 639,070.92
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
(=)TOTAL POOL $ 854,435,365.26 $ 905,977,805.25 $ 954,984,797.40
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1995-1
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1995-1 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR*
Oct-95 $ 1,000,126,078 -
Jan-96 $ 954,984,797 4.87%
Apr-96 $ 905,977,805 4.96%
Jul-96 $ 854,435,365 5.71%
Oct-96 $ 803,595,297 6.25%
Jan-97 $ 759,332,016 6.10%
Apr-97 $ 714,981,787 6.00%
Jul-97 $ 673,097,616 5.80%
Oct-97 $ 635,177,985 5.32%
Jan-98 $ 599,727,177 4.90%
Apr-98 $ 564,961,652 4.48%
Jul-98 $ 532,091,330 3.95%
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool data.
- --------------------------------------------------------------------------------
Sallie Mae Student Loan Trust 1995-1
11
<PAGE>
Sallie Mae Student Loan Trust 1996-1
Quarterly Servicing Report
Report Date: 6/30/98 Reporting Period: 4/1/98-6/30/98
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- -------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 3/31/98 Activity 6/30/98
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Portfolio Balance $ 1,031,597,043.47 $ (42,546,269.07) $ 989,050,774.40
ii Interest to be Capitalized 8,380,272.05 7,835,712.86
------------------- -----------------
iii Total Pool $ 1,039,977,315.52 $ 996,886,487.26
=================== =================
B i Weighted Average Coupon (WAC) 8.2995% 8.3033%
ii Weighted Average Remaining Term 93.90 92.60
iii Number of Loans 453,037 435,244
iv Number of Borrowers 171,648 164,245
---------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 4/27/98 % of Pool Balance 7/27/98 % of Pool
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i A-1 Notes 795452AD3 0.56% $ 513,977,315.52 49.422% $ 470,886,487.26 47.236%
ii A-2 Notes 795452AE1 0.75% 473,500,000.00 45.530% 473,500,000.00 47.498%
iii Certificates 795452AF8 0.98% 52,500,000.00 5.048% 52,500,000.00 5.266%
------------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 1,039,977,315.52 100.000% $ 996,886,487.26 100.000%
==============================================================================================================================
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
D Reserve Account 4/27/98 7/27/98
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,599,943.29 $ 2,492,216.22
iv Reserve Account Floor Balance ($) $ 1,500,000.00 $ 1,500,000.00
v Current Reserve Acct Balance ($) $ 2,599,943.29 $ 2,492,216.22
-------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1996-1 1
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
II. 1996-1 Transactions from: 4/1/98 through: 6/30/98
- ------------------------------------------------------------------------------------------------------------------
<S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $37,755,030.73
ii Principal Collections from Guarantor $8,829,449.42
iii Principal Reimbursements $136,535.73
iv Other System Adjustments $0.00
-----------------
v Total Principal Collections $ 46,721,015.88
B Student Loan Non-Cash Principal Activity
i Other Adjustments $658,657.50
ii Capitalized Interest ($4,833,404.31)
-----------------
iii Total Non-Cash Principal Activity $ (4,174,746.81)
---------------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 42,546,269.07
---------------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $13,871,152.11
ii Interest Claims Received from Guarantors $553,588.53
iii Late Fee Reimbursements $2.35
iv Interest Reimbursements $26,466.14
v Other System Adjustments $0.00
vi Special Allowance Payments $486,530.47
vii Subsidy Payments $2,964,572.48
-----------------
viii Total Interest Collections $ 17,902,312.08
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($529,166.21)
ii Capitalized Interest $4,833,404.31
-----------------
iii Total Non-Cash Interest Adjustments $ 4,304,238.10
---------------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 22,206,550.18
---------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1996-1
2
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
III. 1996-1 Collection Account Activity 4/1/98 through: 6/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $46,584,480.15
ii Cash Forwarded by Administrator on behalf of Seller $100,625.87
iii Cash Forwarded by Administrator on behalf of Servicer $6,776.38
iv Cash Forwarded by Administrator for Consolidation Activity $29,133.48
-------------------
v Total Principal Collections $ 46,721,015.88
B Interest Collections
i Interest Payments Received-Cash $17,875,843.59
ii Cash Forwarded by Administrator on behalf of Seller $7,126.46
iii Cash Forwarded by Administrator on behalf of Servicer $18,679.78
iv Cash Forwarded by Administrator for Consolidation Activity $659.90
v Cash Forwarded by Administrator for Late Fee Activity $2.35
-------------------
vi Total Interest Collections $17,902,312.08
C Other Reimbursements $119,999.11
D Administrator Account Investment Income $499,482.40
E TOTAL FUNDS RECEIVED $ 65,242,809.47
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,311,340.80)
---------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 63,931,468.67
---------------------------------------------------------------------------------------------------------------
F Servicing Fee Calculation-Current Month
i Unit Charge Calculation $641,194.40
ii Percentage of Principal Calculation $919,247.32
iii Lesser of Unit or Principal Calculation $641,194.40
G Servicing Fees Due for Current Period $ 641,194.40
H Carryover Servicing Fees Due $ 818,354.82
APR 1998 Servicing Carryover $284,785.82
MAY 1998 Servicing Carryover $280,972.24
JUN 1998 Servicing Carryover $278,052.92
---------------
$ 843,810.98
Less: Servicing ADJ [A iii + B iii] ($25,456.16)
===============
TOTAL Carryover Servicing Fee Due $ 818,354.82
===============
I Administration Fees Due $ 20,000.00
---------------------------------------------------------------------------------------------------------------
J Total Fees Due for Period $ 1,479,549.22
---------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1996-1
3
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
IV. 1996-1 Portfolio Characteristics
- ----------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
STATUS 3/31/98 6/30/98 3/31/98 6/30/98 3/31/98 6/30/98
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 8.155% 8.149% 16,682 10,881 3.682% 2.500%
Grace
Current 8.165% 8.159% 4,007 6,810 0.884% 1.565%
- ----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.157% 8.153% 20,689 17,691 4.567% 4.065%
- ----------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.297% 8.301% 325,356 321,569 71.817% 73.882%
31-60 Days Delinquent 8.349% 8.345% 19,152 19,303 4.227% 4.435%
61-90 Days Delinquent 8.344% 8.336% 10,260 9,206 2.265% 2.115%
91-120 Days Delinquent 8.333% 8.346% 5,419 3,947 1.196% 0.907%
Greater than 120 Days Delinquent 8.343% 8.360% 6,226 5,669 1.374% 1.302%
Deferment
Current 8.327% 8.332% 43,699 36,085 9.646% 8.291%
Forbearance
Current 8.333% 8.341% 19,339 19,528 4.269% 4.487%
- ----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.308% 8.312% 429,451 415,307 94.794% 95.419%
- ----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.321% 8.313% 2,829 2,183 0.624% 0.502%
Aged Claims Rejected (2) 8.412% 8.400% 68 63 0.015% 0.014%
- ----------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.300% 8.303% 453,037 435,244 100.00% 100.00%
- ----------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------
Principal Amount %
- ----------------------------------------------------------------------------------------------------------------------
STATUS 3/31/98 6/30/98 3/31/98 6/30/98
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 47,663,788.53 $ 31,685,340.28 4.620% 3.204%
Grace
Current $ 10,998,279.38 $ 18,834,417.52 1.066% 1.904%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 58,662,067.91 $ 50,519,757.80 5.687% 5.108%
- -----------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 683,887,690.99 $ 678,920,964.43 66.294% 68.644%
31-60 Days Delinquent $ 44,469,207.28 $ 44,682,679.56 4.311% 4.518%
61-90 Days Delinquent $ 25,504,245.46 $ 22,123,321.81 2.472% 2.237%
91-120 Days Delinquent $ 13,695,087.50 $ 9,682,265.00 1.328% 0.979%
Greater than 120 Days Delinquent $ 15,686,671.81 $ 14,224,311.96 1.521% 1.438%
Deferment
Current $ 120,502,426.43 $ 101,488,183.12 11.681% 10.261%
Forbearance
Current $ 63,034,495.96 $ 62,471,909.64 6.110% 6.316%
- ----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 966,779,825.43 $ 933,593,635.52 93.717% 94.393%
- ----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 5,988,268.04 $ 4,812,323.24 0.580% 0.486%
Aged Claims Rejected (2) $ 166,882.09 $ 125,057.84 0.016% 0.013%
- ----------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 1,031,597,043.47 $ 989,050,774.40 100.00% 100.00%
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
Sallie Mae Student Loan Trust 1996-1 4
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
V. 1996-1 Portfolio Characteristics by School and Program 6/30/98
- -----------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------
STATUS
- ---------------------------------------------
INTERIM:
In School
Current 2.450% 0.383% 0.000% 0.000% 0.232% 0.054% 0.000%
Grace
Current 1.381% 0.255% 0.000% 0.000% 0.170% 0.041% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 3.831% 0.638% 0.000% 0.000% 0.402% 0.095% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 43.780% 5.691% 4.136% 4.244% 3.650% 0.650% 0.210%
31-60 Days Delinquent 2.459% 0.291% 0.293% 0.321% 0.421% 0.062% 0.022%
61-90 Days Delinquent 1.146% 0.136% 0.113% 0.152% 0.236% 0.036% 0.010%
91-120 Days Delinquent 0.487% 0.061% 0.049% 0.064% 0.109% 0.019% 0.003%
Greater than 120 Days Delinquent 0.668% 0.080% 0.052% 0.099% 0.186% 0.026% 0.003%
Deferment
Current 6.429% 0.780% 0.366% 1.007% 0.704% 0.116% 0.019%
Forbearance
Current 3.521% 0.510% 0.245% 0.722% 0.419% 0.064% 0.013%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 58.491% 7.548% 5.254% 6.609% 5.725% 0.974% 0.280%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.219% 0.032% 0.023% 0.030% 0.072% 0.012% 0.002%
Aged Claims Rejected (2) 0.005% 0.000% 0.002% 0.000% 0.004% 0.001% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 62.546% 8.218% 5.279% 6.639% 6.203% 1.082% 0.282%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.682% 8.461%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
---------------------------------------------------------------------------------------
SLS GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------
STATUS
- ---------------------------------------------
INTERIM:
In School
Current 0.000% 0.045% 0.014% 0.000% 0.000% 0.019% 0.007% 0.000% 0.000%
Grace
Current 0.000% 0.027% 0.009% 0.000% 0.000% 0.013% 0.008% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.000% 0.072% 0.024% 0.000% 0.000% 0.032% 0.015% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 0.545% 2.977% 0.638% 0.562% 1.144% 0.292% 0.019% 0.023% 0.082%
31-60 Days Delinquent 0.062% 0.328% 0.061% 0.039% 0.132% 0.015% 0.004% 0.002% 0.004%
61-90 Days Delinquent 0.038% 0.218% 0.039% 0.014% 0.085% 0.008% 0.000% 0.001% 0.003%
91-120 Days Delinquent 0.014% 0.104% 0.023% 0.009% 0.035% 0.002% 0.000% 0.000% 0.000%
Greater than 120 Days Delinquent 0.030% 0.182% 0.034% 0.008% 0.065% 0.002% 0.000% 0.001% 0.002%
Deferment
Current 0.117% 0.333% 0.068% 0.021% 0.149% 0.095% 0.017% 0.003% 0.037%
Forbearance
Current 0.079% 0.359% 0.071% 0.025% 0.165% 0.074% 0.007% 0.002% 0.040%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 0.886% 4.502% 0.933% 0.678% 1.775% 0.489% 0.049% 0.032% 0.168%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.008% 0.052% 0.015% 0.003% 0.015% 0.003% 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% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 0.894% 4.626% 0.972% 0.681% 1.790% 0.524% 0.064% 0.032% 0.168%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 8.069% 0.788%
- ------------------------------------------------------------------------------------------------------------------------------------
</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; 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 2.833% 0.286% 0.059% 0.025% 3.204%
Grace
Current 1.636% 0.211% 0.036% 0.021% 1.904%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 4.469% 0.497% 0.096% 0.046% 5.108%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 57.851% 5.056% 5.320% 0.416% 68.644%
31-60 Days Delinquent 3.364% 0.568% 0.561% 0.026% 4.518%
61-90 Days Delinquent 1.547% 0.321% 0.357% 0.012% 2.237%
91-120 Days Delinquent 0.660% 0.145% 0.171% 0.003% 0.979%
Greater than 120 Days Delinquent 0.899% 0.245% 0.289% 0.005% 1.438%
Deferment
Current 8.583% 0.956% 0.570% 0.152% 10.261%
Forbearance
Current 4.998% 0.574% 0.620% 0.124% 6.316%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 77.902% 7.865% 7.888% 0.738% 94.393%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.305% 0.094% 0.084% 0.003% 0.486%
Aged Claims Rejected (2) 0.007% 0.005% 0.000% 0.000% 0.013%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.682% 8.461% 8.069% 0.788% 100.000%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1996-1 5
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VI. 1996-1 Interest Calculation
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
A Borrower Interest Accrued During Collection Period $ 17,927,381.07
B Interest Subsidy Payments Accrued During Collection Period $ 2,811,025.72
C SAP Payments Accrued During Collection Period $ 370,435.99
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 66,095.77
E Investment Earnings (ADMINISTRATOR ACT) $ 499,482.40
-----------
F Net Expected Interest Collections $ 21,674,420.95
G Student Loan Rate
i Days in Collection Period (4/1/98-6/30/98) 91
ii Days in Year 365
iii Net Expected Interest Collections $ 21,674,420.95
iv Primary Servicing Fee $ 1,952,535.20
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,039,977,315.52
vii Student Loan Rate 7.59863%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<C> <S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.68657%
I Class A-1 Interest Rate 0.014177479 (4/27/98-7/27/98) 5.68657%
J Class A-2 T-Bill Based Interest Rate 5.87657%
K Class A-2 Interest Rate 0.014651178 (4/27/98-7/27/98) 5.87657%
L Certificate T-Bill Based Rate of Return 6.10657%
M Certificate Rate of Return 0.016224603 (4/27/98-7/27/98) 6.10657%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1996-1
6
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
VII. 1996-1 Inputs From Previous Quarterly Servicing Reports 3/31/98
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 1,031,597,043.47
ii Interest To Be Capitalized $8,380,272.05
--------------------
iii Total Student Loan Pool Outstanding $ 1,039,977,315.52
====================
B Total Note and Certificate Factor 0.69331821035
C Total Note and Certificate Balance $ 1,039,977,315.52
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
D Note Balance 4/27/98 Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
i Current Factor-4/27/98 0.5276974492 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 513,977,315.52 $ 473,500,000.00 $ 52,500,000.00
--------------------------------------------------------------
iv Note Balance $ 513,977,315.52 $ 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 $ 2,599,943.29
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1996-1
7
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VIII. 1996-1 Waterfall for Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds (Section III E + Section VI-D) $ 63,997,564.44 $ 63,997,564.44
B Primary Servicing Fees-Current Month $ 641,194.40 $ 63,356,370.04
C Administration Fee $ 20,000.00 $ 63,336,370.04
D Noteholder's Interest Distribution Amount
i Class A-1 $ 7,286,902.60 $ 56,049,467.44
ii Class A-2 $ 6,937,332.78 $ 49,112,134.66
---------------
iii Total Noteholder's Interest Distribution $ 14,224,235.38
E Certificateholder's Return Distribution Amount $ 799,291.66 $ 48,312,843.00
F Noteholder's Principal Distribution Amount
i Class A-1 $ 43,090,828.26 $ 5,222,014.74
ii Class A-2 $ 0.00 $ 5,222,014.74
---------------
iii Total Noteholder's Principal Distribution $ 43,090,828.26
G Certificateholder's Balance Distribution Amount $ 0.00 $ 5,222,014.74
H Increase to the Specified Reserve Account Balance $ 0.00 $ 5,222,014.74
I Carryover Servicing Fees $ 818,354.82 $ 4,403,659.92
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 4,403,659.92
i Class A-2 $ 0.00 $ 4,403,659.92
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 4,403,659.92
L Excess to Reserve Account $ 4,403,659.92 $ 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1996-1
8
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IX. 1996-1 Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $7,286,902.60 $6,937,332.78 $799,291.66
ii Quarterly Interest Paid $7,286,902.60 $6,937,332.78 $799,291.66
------------- ------------- -----------
iii Interest Shortfall $0.00 $0.00 $0.00
iv Interest Carryover Due $0.00 $0.00 $0.00
v Interest Carryover Paid $0.00 $0.00 $0.00
----- ----- -----
vi Interest Carryover $0.00 $0.00 $0.00
vii Quarterly Principal Due $43,090,828.26 $0.00 $0.00
viii Quarterly Principal Paid $43,090,828.26 $0.00 $0.00
-------------- ----- -----
ix Quarterly Principal Shortfall $0.00 $0.00 $0.00
---------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 50,377,730.86 $ 6,937,332.78 $799,291.66
---------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 6/30/98 $ 1,039,977,315.52
ii Pool Balance 6/30/98 $996,886,487.26
---------------
iii Pool Exceeding Notes and Certificate
Balance (i-ii) $ 43,090,828.26
------------------
iv Principal Distribution Amount $ 43,090,828.26
==================
C Total Principal Distribution $43,090,828.26
D Total Interest Distribution $15,023,527.04
--------------
E Total Cash Distributions-Note and Certificates $ 58,114,355.30
<CAPTION>
----------------------------------------------------------------------------------------
F Note & Certificate Balances 4/27/98 7/27/98
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i A-1 Note Balance (795452AD3) $ 513,977,315.52 $ 470,886,487.26
A-1 Note Pool Factor 0.5276974492 0.4834563524
ii A-2 Note Balance (795452AE1) $ 473,500,000.00 $ 473,500,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (795452AF8) $ 52,500,000.00 $ 52,500,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
----------------------------------------------------------------------------------------
<CAPTION>
G Reserve Account Reconciliation
<S> <C>
i Beginning of Period Balance $ 2,599,943.29
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 4,403,659.92
------------------
iv Total Reserve Account Balance Available $ 7,003,603.21
v Required Reserve Account Balance $ 2,492,216.22
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp $ 4,511,386.99
viii Ending Reserve Account Balance $ 2,492,216.22
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1996-1
9
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
X. 1996-1 Historical Pool Information
- -----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------
4/1/98-6/30/98 1/1/98-3/31/98 10/1/97-12/31/97
----------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,031,597,043.47 $ 1,076,337,722.21 $ 1,124,635,411.07
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 37,755,030.73 $ 37,459,499.22 $ 38,163,254.13
ii Principal Collections from Guarantor 8,829,449.42 9,756,046.38 9,941,094.41
iii Principal Reimbursements 136,535.73 960,373.90 5,731,401.42
iv Other System Adjustments - - -
----------------------------------------------------------------------
v Total Principal Collections $ 46,721,015.88 $ 48,175,919.50 $ 53,835,749.96
Student Loan Non-Cash Principal Activity
i Other Adjustments 658,657.50 844,417.76 1,006,978.88
ii Capitalized Interest (4,833,404.31) (4,279,658.52) (6,545,039.98)
----------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (4,174,746.81) $ (3,435,240.76) $ (5,538,061.10)
----------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 42,546,269.07 $ 44,740,678.74 $ 48,297,688.86
----------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 13,871,152.11 $ 14,576,183.29 $ 14,639,248.95
ii Interest Claims Received from Guarantors 553,588.53 593,827.40 625,655.68
iii Late Fee Reimbursements 2.35 - -
iv Interest Reimbursements 26,466.14 44,171.71 105,245.48
v Other System Adjustments - - -
vi Special Allowance Payments 486,530.47 654,995.78 572,165.19
vii Interest Subsidy Payments 2,964,572.48 3,475,239.18 3,756,473.63
----------------------------------------------------------------------
viii Total Interest Collections $ 17,902,312.08 $ 19,344,417.36 $ 19,698,788.93
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (529,166.21) $ (721,606.13) $ (878,436.97)
ii Capitalized Interest 4,833,404.31 4,279,658.52 6,545,039.98
----------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 4,304,238.10 $ 3,558,052.39 $ 5,666,603.01
----------------------------------------------------------------------
Total Student Loan Interest Activity $ 22,206,550.18 $ 22,902,469.75 $ 25,365,391.94
(=) Ending Student Loan Portfolio Balance $ 989,050,774.40 $ 1,031,597,043.47 $ 1,076,337,722.21
----------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 7,835,712.86 $ 8,380,272.05 $ 8,040,248.28
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 996,886,487.26 $ 1,039,977,315.52 $ 1,084,377,970.49
----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------
7/1/97-9/30/97 4/1/97-6/30/97 1/1/97-3/31/97
----------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,173,864,873.47 $ 1,228,206,792.67 $ 1,287,751,841.38
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 37,394,659.75 $ 38,201,480.33 $ 38,946,758.98
ii Principal Collections from Guarantor 9,232,586.28 12,257,546.06 15,564,936.49
iii Principal Reimbursements 6,827,024.70 8,394,035.19 8,314,291.46
iv Other System Adjustments - - -
----------------------------------------------------------------------
v Total Principal Collections $ 53,454,270.73 $ 58,853,061.58 $ 62,825,986.93
Student Loan Non-Cash Principal Activity
i Other Adjustments 821,162.61 901,335.61 1,018,784.42
ii Capitalized Interest (5,045,970.94) (5,412,477.99) (4,299,722.64)
----------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (4,224,808.33) $ (4,511,142.38) $ (3,280,938.22)
----------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 49,229,462.40 $ 54,341,919.20 $ 59,545,048.71
----------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 15,343,792.96 $ 15,398,211.29 $ 16,506,842.23
ii Interest Claims Received from Guarantors 542,149.37 742,052.34 987,722.67
iii Late Fee Reimbursements - - -
iv Interest Reimbursements 110,615.60 112,743.13 108,178.47
v Other System Adjustments - - -
vi Special Allowance Payments 723,465.81 693,074.40 585,211.26
vii Interest Subsidy Payments 4,242,391.02 4,559,733.43 5,496,581.08
----------------------------------------------------------------------
viii Total Interest Collections $ 20,962,414.76 $ 21,505,814.59 $ 23,684,535.71
----------------------------------------------------------------------
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (688,249.76) $ (742,970.05) $ (844,407.36)
ii Capitalized Interest 5,045,970.94 5,412,477.99 4,299,722.64
----------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 4,357,721.18 $ 4,669,507.94 $ 3,455,315.28
----------------------------------------------------------------------
Total Student Loan Interest Activity $ 25,320,135.94 $ 26,175,322.53 $ 27,139,850.99
(=) Ending Student Loan Portfolio Balance $ 1,124,635,411.07 $ 1,173,864,873.47 $ 1,228,206,792.67
----------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 9,565,210.29 $ 9,928,556.68 $ 10,579,470.77
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,134,200,621.36 $ 1,183,793,430.15 $ 1,238,786,263.44
----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------
10/1/96-12/31/96 7/1/96-9/30/96 4/1/96-6/30/96
----------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,349,145,820.06 $ 1,410,958,484.15 $ 1,459,260,458.15
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 38,568,892.82 $ 41,001,385.22 $ 41,078,207.45
ii Principal Collections from Guarantor 18,664,167.10 10,313,302.34 842,636.38
iii Principal Reimbursements 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 $ 66,855,068.52 $ 65,780,381.45 $ 54,308,175.61
Student Loan Non-Cash Principal Activity
i Other Adjustments 1,174,644.80 1,320,897.53 1,000,024.50
ii Capitalized Interest (6,635,734.64) (5,288,614.89) (7,006,226.11)
----------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (5,461,089.84) $ (3,967,717.36) $ (6,006,201.61)
----------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 61,393,978.68 $ 61,812,664.09 $ 48,301,974.00
----------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 16,127,108.13 $ 17,372,003.89 $ 17,084,616.87
ii Interest Claims Received from Guarantors 1,180,177.89 612,951.89 21,865.02
iii Late Fee Reimbursements - - -
iv Interest Reimbursements 125,983.70 182,022.75 142,527.81
v Other System Adjustments (956.09) (960.98) 244.79
vi Special Allowance Payments 991,453.39 775,767.11 343,884.36
vii Interest Subsidy Payments 5,892,220.73 7,006,327.74 4,651,078.41
----------------------------------------------------------------------
viii Total Interest Collections $ 24,315,987.75 $ 25,948,112.40 $ 22,244,217.26
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (960,564.36) $ (1,187,918.97) $ (994,738.78)
ii Capitalized Interest 6,635,734.64 5,288,614.89 7,006,226.11
----------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 5,675,170.28 $ 4,100,695.92 $ 6,011,487.33
----------------------------------------------------------------------
Total Student Loan Interest Activity $ 29,991,158.03 $ 30,048,808.32 $ 28,255,704.59
(=) Ending Student Loan Portfolio Balance $ 1,287,751,841.38 $ 1,349,145,820.06 $ 1,410,958,484.15
----------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 9,711,152.12 $ 11,228,783.66 $ 10,991,431.27
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,297,462,993.50 $ 1,360,374,603.72 $ 1,421,949,915.42
----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------
2/5/96-3/31/96
--------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,489,927,280.77
--------------------------------------------------------------------------
<S> <C>
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 $ 12,610,267.46
---------------------------------------------------------------------------
---------------------------------------------------------------------------
(=) TOTAL POOL $ 1,471,870,725.61
---------------------------------------------------------------------------
</TABLE>
Sallie Mae Student Loan Trust 1996-1 10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1996-1 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
Feb-96 $ 1,502,106,411 -
Apr-96 $ 1,471,870,726 5.14%
Jul-96 $ 1,421,949,915 5.64%
Oct-96 $ 1,360,374,604 7.09%
Jan-97 $ 1,297,462,994 7.90%
Apr-97 $ 1,238,786,263 8.30%
Jul-97 $ 1,183,793,430 8.30%
Oct-97 $ 1,134,200,621 7.79%
Jan-98 $ 1,084,377,970 7.38%
Apr-98 $ 1,039,977,316 6.84%
Jul-98 $ 996,886,487 6.35%
* "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: 6/30/98 Reporting Period: 4/1/98-6/30/98
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- -----------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 3/31/98 Activity 6/30/98
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Portfolio Balance $ 1,110,872,148.92 $ (43,519,468.64) $ 1,067,352,680.28
ii Interest to be Capitalized 12,137,145.07 11,450,427.01
==================== ====================
iii Total Pool $ 1,123,009,293.99 $ 1,078,803,107.29
==================== ====================
B i Weighted Average Coupon (WAC) 8.2560% 8.2580%
ii Weighted Average Remaining Term 97.43 96.11
iii Number of Loans 502,105 484,930
iv Number of Borrowers 209,152 200,993
------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 4/27/98 % of Pool Balance 7/27/98 % of Pool
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAA4 0.51% $ 582,979,293.99 51.912% $ 538,773,107.29 49.942%
ii A-2 Notes 78442GAB2 0.71% 487,000,000.00 43.366% 487,000,000.00 45.143%
iii Certificates 78442GAC0 0.96% 53,030,000.00 4.722% 53,030,000.00 4.915%
------------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 1,123,009,293.99 100.000% $ 1,078,803,107.29 100.000%
==============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
D Reserve Account 4/27/98 7/27/98
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,807,523.23 $ 2,697,007.77
iv Reserve Account Floor Balance ($) $ 1,515,030.00 $ 1,515,030.00
v Current Reserve Acct Balance ($) $ 2,807,523.23 $ 2,697,007.77
------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-2
1
<PAGE>
- --------------------------------------------------------------------------------
II. 1996-2 Transactions from: 4/1/98 through: 6/30/98
- --------------------------------------------------------------------------------
A Student Loan Principal Activity
i Regular Principal Collections $38,001,678.96
ii Principal Collections from Guarantor $10,065,813.77
iii Principal Reimbursements $263,612.43
iv Other System Adjustments $0.00
---------------
v Total Principal Collections $ 48,331,105.16
B Student Loan Non-Cash Principal Activity
i Other Adjustments $666,548.47
ii Capitalized Interest ($5,478,184.99)
---------------
iii Total Non-Cash Principal Activity $ (4,811,636.52)
-------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 43,519,468.64
-------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $13,731,419.05
ii Interest Claims Received from Guarantors $639,851.55
iii Late Fee Reimbursements $0.00
iv Interest Reimbursements $32,082.28
v Other System Adjustments $0.00
vi Special Allowance Payments $401,221.59
vii Subsidy Payments $3,959,220.67
---------------
viii Total Interest Collections $ 18,763,795.14
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($507,075.32)
ii Capitalized Interest $5,478,184.99
---------------
iii Total Non-Cash Interest Adjustments $ 4,971,109.67
------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 23,734,904.81
------------------------------------------------------------------------
- ------------------------------------------------------------------------------
SLM Student Loan Trust 1996-2
2
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
III. 1996-2 Collection Account Activity 4/1/98 through 6/30/98
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $48,067,492.73
ii Cash Forwarded by Administrator on behalf of Seller $154,847.41
iii Cash Forwarded by Administrator on behalf of Servicer $8,399.29
iv Cash Forwarded by Administrator for Consolidation Activity $100,365.73
----------------
v Total Principal Collections $ 48,331,105.16
B Interest Collections
i Interest Payments Received-Cash $18,731,712.86
ii Cash Forwarded by Administrator on behalf of Seller $16,423.69
iii Cash Forwarded by Administrator on behalf of Servicer $13,029.19
iv Cash Forwarded by Administrator for Consolidation Activity $2,629.40
v Cash Forwarded by Administrator for Late Fee Activity $0.00
----------------
vi Total Interest Collections $18,763,795.14
C Other Reimbursements $103,847.18
D Administrator Account Investment Income $509,042.05
E TOTAL FUNDS RECEIVED $ 67,707,789.53
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,877,363.92)
-------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 65,830,425.61
-------------------------------------------------------------------------------------------------------------
F Servicing Fee Calculation-Current Month
i Unit Charge Calculation $919,851.64
ii Percentage of Principal Calculation $1,234,739.43
iii Lesser of Unit or Principal Calculation $919,851.64
G Servicing Fees Due for Current Period $ 919,851.64
H Carryover Servicing Fees Due $ 934,852.96
APR 1998 Servicing Carryover $322,878.66
MAY 1998 Servicing Carryover $318,514.99
JUN 1998 Servicing Carryover $314,887.79
--------------------
$ 956,281.44
Less: Servicing ADJ [A iii + B iii] ($21,428.48)
=====================
TOTAL: Carryover Servicing Fee Due $ 934,852.96
=====================
I Administration Fees Due $ 20,000.00
--------------------------------------------------------------------------------------------------------------
J Total Fees Due for Period $ 1,874,704.60
--------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-2
3
<PAGE>
- --------------------------------------------------------------------------------
IV. 1996-2
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- -------------------------------------------------------------------------------------------------------------------------
STATUS 3/31/98 6/30/98 3/31/98 6/30/98 3/31/98 6/30/98
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 8.155% 8.146% 35,726 22,978 7.115% 4.739%
Grace
Current 8.171% 8.172% 8,310 14,705 1.655% 3.032%
- -------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.158% 8.156% 44,036 37,683 8.770% 7.771%
- -------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.260% 8.261% 337,703 338,569 67.257% 69.818%
31-60 Days Delinquent 8.300% 8.304% 20,133 20,662 4.010% 4.261%
61-90 Days Delinquent 8.293% 8.298% 11,920 10,649 2.374% 2.196%
91-120 Days Delinquent 8.285% 8.307% 6,811 4,829 1.356% 0.996%
Greater than 120 Days Delinquent 8.301% 8.292% 7,510 7,814 1.496% 1.611%
Deferment
Current 8.279% 8.280% 48,222 40,447 9.604% 8.341%
Forbearance
Current 8.287% 8.287% 22,198 21,567 4.421% 4.447%
- -------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.268% 8.269% 454,497 444,537 90.518% 91.670%
- -------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.314% 8.289% 3,425 2,610 0.682% 0.538%
Aged Claims Rejected (2) 8.242% 8.229% 147 100 0.029% 0.021%
- -------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.256% 8.258% 502,105 484,930 100.00% 100.00%
- -------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------
Principal Amount %
- ------------------------------------------------------------------------------------------------------------------
STATUS 3/31/98 6/30/98 3/31/98 6/30/98
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 97,887,786.91 $ 63,258,907.14 8.812% 5.927%
Grace
Current $ 22,208,257.11 $ 39,927,840.02 1.999% 3.741%
- ------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 120,096,044.02 $ 103,186,747.16 10.811% 9.668%
- ------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 677,998,241.93 $ 681,243,152.43 61.033% 63.826%
31-60 Days Delinquent $ 45,596,256.40 $ 46,517,619.61 4.105% 4.358%
61-90 Days Delinquent $ 29,633,700.15 $ 25,657,821.95 2.668% 2.404%
91-120 Days Delinquent $ 17,099,963.69 $ 11,956,778.12 1.539% 1.120%
Greater than 120 Days Delinquent $ 18,325,642.00 $ 19,164,557.77 1.650% 1.796%
Deferment
Current $ 127,295,655.88 $ 108,650,816.44 11.459% 10.179%
Forbearance
Current $ 67,237,566.15 $ 64,824,840.59 6.053% 6.073%
- ------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 983,187,026.20 $ 958,015,586.91 88.506% 89.756%
- ------------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 7,269,847.71 $ 5,926,850.71 0.654% 0.555%
Aged Claims Rejected (2) $ 319,230.99 $ 223,495.50 0.029% 0.021%
- ------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 1,110,872,148.92 $1,067,352,680.28 100.00% 100.00%
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
V. 1996-2 Portfolio Characteristics by School and Program 6/30/98
- --------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
----------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
----------------------------------------------------------------------------------------
- --------------------------------------
STATUS
- --------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 3.841% 1.042% 0.000% 0.000% 0.533% 0.146% 0.000% 0.000%
Grace
Current 2.366% 0.692% 0.000% 0.000% 0.359% 0.108% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 6.207% 1.733% 0.000% 0.000% 0.891% 0.254% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 40.623% 7.141% 2.088% 1.990% 4.243% 0.978% 0.150% 0.233%
31-60 Days Delinquent 2.243% 0.380% 0.166% 0.172% 0.490% 0.085% 0.012% 0.041%
61-90 Days Delinquent 1.151% 0.205% 0.067% 0.100% 0.285% 0.065% 0.006% 0.022%
91-120 Days Delinquent 0.508% 0.099% 0.033% 0.039% 0.140% 0.033% 0.003% 0.005%
Greater than 120 Days
Delinquent 0.805% 0.165% 0.024% 0.079% 0.222% 0.045% 0.001% 0.016%
Deferment
Current 6.035% 1.148% 0.188% 0.713% 0.868% 0.197% 0.010% 0.083%
Forbearance
Current 3.289% 0.685% 0.120% 0.438% 0.504% 0.129% 0.013% 0.043%
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 54.654% 9.823% 2.685% 3.532% 6.753% 1.532% 0.194% 0.442%
- --------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.250% 0.040% 0.009% 0.033% 0.075% 0.016% 0.001% 0.004%
Aged Claims Rejected (2) 0.007% 0.001% 0.000% 0.000% 0.008% 0.001% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 61.118% 11.597% 2.694% 3.565% 7.727% 1.802% 0.195% 0.446%
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 78.974% 10.170%
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
<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 0.140% 0.076% 0.000% 0.000% 0.081% 0.068% 0.000% 0.000%
Grace
Current 0.085% 0.043% 0.000% 0.000% 0.050% 0.040% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.225% 0.119% 0.000% 0.000% 0.131% 0.107% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 3.596% 1.428% 0.410% 0.519% 0.291% 0.070% 0.008% 0.058%
31-60 Days Delinquent 0.467% 0.169% 0.024% 0.081% 0.015% 0.007% 0.001% 0.005%
61-90 Days Delinquent 0.303% 0.112% 0.018% 0.053% 0.010% 0.005% 0.000% 0.001%
91-120 Days Delinquent 0.162% 0.065% 0.008% 0.024% 0.001% 0.000% 0.000% 0.000%
Greater than 120 Days Delinquent 0.266% 0.108% 0.009% 0.040% 0.011% 0.001% 0.000% 0.003%
Deferment
Current 0.474% 0.168% 0.009% 0.123% 0.079% 0.038% 0.000% 0.048%
Forbearance
Current 0.457% 0.205% 0.021% 0.079% 0.044% 0.026% 0.001% 0.017%
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 5.725% 2.255% 0.499% 0.919% 0.453% 0.147% 0.011% 0.133%
- --------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.082% 0.034% 0.001% 0.011% 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 6.035% 2.409% 0.500% 0.930% 0.584% 0.254% 0.011% 0.133%
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 9.874% 0.982%
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
</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 4.883% 0.679% 0.216% 0.149% 5.927%
Grace
Current 3.057% 0.466% 0.128% 0.089% 3.741%
- ----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.940% 1.145% 0.344% 0.238% 9.668%
- ----------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 51.841% 5.604% 5.952% 0.428% 63.826%
31-60 Days Delinquent 2.961% 0.628% 0.740% 0.028% 4.358%
61-90 Days Delinquent 1.523% 0.378% 0.486% 0.017% 2.404%
91-120 Days Delinquent 0.680% 0.181% 0.259% 0.001% 1.120%
Greater than 120 Days Delinquent 1.072% 0.284% 0.424% 0.016% 1.796%
Deferment
Current 8.083% 1.157% 0.774% 0.165% 10.179%
Forbearance
Current 4.533% 0.689% 0.764% 0.088% 6.073%
- ----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 70.694% 8.921% 9.398% 0.743% 89.756%
- ----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.332% 0.095% 0.127% 0.001% 0.555%
Aged Claims Rejected (2) 0.008% 0.009% 0.004% 0.000% 0.021%
- ----------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 78.974% 10.170% 9.874% 0.982% 100.000%
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
VI. 1996-2 Interest Calculation
- --------------------------------------------------------------------------------------------------------------------
<S> <C>
A Borrower Interest Accrued During Collection Period $18,516,006.78
B Interest Subsidy Payments Accrued During Collection Period $3,744,874.80
C SAP Payments Accrued During Collection Period $274,140.79
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $70,211.55
E Investment Earnings (ADMINISTRATOR ACT) $509,042.05
-----------
F Net Expected Interest Collections $23,114,275.97
G Student Loan Rate
i Days in Collection Period (4/1/98 - 6/30/98) 91
ii Days in Year 365
iii Net Expected Interest Collections $23,114,275.97
iv Primary Servicing Fee $2,797,215.56
v Administration Fee $20,000.00
vi Total Pool Balance at Beginning of Collection Period $1,123,009,293.99
vii Student Loan Rate 7.24939%
Accrued
Int Factor Accrual Period
---------- --------------
H Class A-1 T-Bill Based Interest Rate 5.63657%
I Class A-1 Interest Rate 0.014052822 (4/27/98-7/27/98) 5.63657%
J Class A-2 T-Bill Based Interest Rate 5.83657%
K Class A-2 Interest Rate 0.014551452 (4/27/98-7/27/98) 5.83657%
L Certificate T-Bill Based Rate of Return 6.08657%
M Certificate Rate of Return 0.015174740 (4/27/98-7/27/98) 6.08657%
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
VII. 1996-2 Inputs From Previous Quarterly Servicing Reports 3/31/98
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 1,110,872,148.92
ii Interest To Be Capitalized $12,137,145.07
===================
iii Total Student Loan Pool Outstanding $ 1,123,009,293.99
===================
B Total Note and Certificate Factor 0.74124558193
C Total Note and Certificate Balance $ 1,123,009,293.99
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
D Note Balance 4/27/98 Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor-4/27/98 0.5979274810 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 582,979,293.99 $ 487,000,000.00 $ 53,030,000.00
----------------- ----------------- ---------------
iv Note Balance $ 582,979,293.99 $ 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
----------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
G Reserve Account Balance $ 2,807,523.23
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
K Interest Due on Unpaid Carryover Servicing Fees $ 0.00
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
VIII. 1996-2 Waterfall for Distributions
- -------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds ( Sections III -E + VI-D) $ 65,900,637.16 $ 65,900,637.16
B Primary Servicing Fees-Current Month $ 919,851.64 $ 64,980,785.52
C Administration Fee $ 20,000.00 $ 64,960,785.52
D Noteholder's Interest Distribution Amount
i Class A-1 $ 8,192,504.25 $ 56,768,281.27
ii Class A-2 $ 7,086,557.12 $ 49,681,724.15
---------------
iii Total Noteholder's Interest Distribution $ 15,279,061.37
E Certificateholder's Return Distribution Amount $ 804,716.46 $ 48,877,007.69
F Noteholder's Principal Distribution Amount
i Class A-1 $ 44,206,186.70 $ 4,670,820.99
ii Class A-2 $ 0.00 $ 4,670,820.99
---------------
iii Total Noteholder's Principal Distribution $ 44,206,186.70
G Certificateholder's Balance Distribution Amount $ 0.00 $ 4,670,820.99
H Increase to the Specified Reserve Account Balance $ 0.00 $ 4,670,820.99
I Carryover Servicing Fees $ 934,852.96 $ 3,735,968.03
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 3,735,968.03
i Class A-2 $ 0.00 $ 3,735,968.03
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 3,735,968.03
L Excess to Reserve Account $ 3,735,968.03 $ 0.00
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
- --------------------------------------------------------------------------------
IX. 1996-2 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $8,192,504.25 $7,086,557.12 $804,716.46
ii Quarterly Interest Paid $8,192,504.25 $7,086,557.12 $804,716.46
-------------- -------------- -----------
iii Interest Shortfall $0.00 $0.00 $0.00
iv Interest Carryover Due $0.00 $0.00 $0.00
v Interest Carryover Paid $0.00 $0.00 $0.00
------ ------ -----
vi Interest Carryover $0.00 $0.00 $0.00
vii Quarterly Principal Due $44,206,186.70 $0.00 $0.00
viii Quarterly Principal Paid $44,206,186.70 $0.00 $0.00
--------------- ------ -----
ix Quarterly Principal Shortfall $0.00 $0.00 $0.00
--------------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 52,398,690.95 $ 7,086,557.12 $ 804,716.46
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
B Principal Distribution Reconciliation
<S> <C>
i Notes and Certificates Principal Balance 6/30/98 $1,123,009,293.99
ii Pool Balance 6/30/98 $1,078,803,107.29
-----------------
iii Pool Exceeding Notes and Certificate Balance (i-ii) $44,206,186.70
====================
iv Principal Distribution Amount $44,206,186.70
====================
C Total Principal Distribution $44,206,186.70
D Total Interest Distribution $16,083,777.83
--------------
E Total Cash Distributions-Note and Certificates $ 60,289,964.53
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
F Note & Certificate Balances 4/27/98 7/27/98
-------------------------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GAA4) $ 582,979,293.99 $ 538,773,107.29
A-1 Note Pool Factor 0.5979274810 0.5525878023
ii A-2 Note Balance (78442GAB2) $ 487,000,000.00 $ 487,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAC0) $ 53,030,000.00 $ 53,030,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
-------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
G Reserve Account Reconciliation
<S> <C>
i Beginning of Period Balance $ 2,807,523.23
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 3,735,968.03
-----------------
iv Total Reserve Account Balance Available $ 6,543,491.26
v Required Reserve Account Balance $ 2,697,007.77
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp. $ 3,846,483.49
viii Ending Reserve Account Balance $ 2,697,007.77
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1996-2 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
4/1/98-6/30/98 1/1/98-3/31/98 10/1/97-12/31/97 7/1/97-9/30/97
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,110,872,148.92 $ 1,157,119,554.57 $ 1,207,164,935.71 $ 1,256,198,718.19
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 38,001,678.96 $ 37,887,256.31 $ 38,924,495.06 $ 34,879,780.38
ii Principal Collections from Guarantor 10,065,813.77 11,003,483.98 12,246,196.59 11,329,576.41
iii Principal Reimbursements 263,612.43 1,253,085.07 6,209,725.84 7,134,873.73
iv Other System Adjustments - - - -
--------------------------------------------------------------------------------
v Total Principal Collections $ 48,331,105.16 $ 50,143,825.36 $ 57,380,417.49 $ 53,344,230.52
Student Loan Non-Cash Principal Activity
i Other Adjustments 666,548.47 884,091.41 980,697.54 942,924.37
ii Capitalized Interest (5,478,184.99) (4,780,511.12) (8,315,733.89) (5,253,372.41)
--------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (4,811,636.52) $ (3,896,419.71) $ (7,335,036.35) $ (4,310,448.04)
- ------------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 43,519,468.64 $ 46,247,405.65 $ 50,045,381.14 $ 49,033,782.48
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 13,731,419.05 $ 14,403,189.08 $ 14,129,984.08 $ 14,694,854.50
ii Interest Claims Received from Guarantors 639,851.55 660,711.04 761,002.07 685,566.92
iii Late Fee Reimbursements 0.00 8.64 1.27 -
iv Interest Reimbursements 32,082.28 43,796.57 156,325.20 121,773.86
v Other System Adjustments - - - -
vi Special Allowance Payments 401,221.59 570,832.04 447,663.98 611,281.83
vii Subsidy Payments 3,959,220.67 4,677,736.68 5,110,300.53 5,801,151.40
--------------------------------------------------------------------------------
viii Total Interest Collections $ 18,763,795.14 $ 20,356,274.05 $ 20,605,277.13 $ 21,914,628.51
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (507,075.32) $ (693,323.69) $ (773,454.47) $ (759,643.24)
ii Capitalized Interest 5,478,184.99 4,780,511.12 8,315,733.89 5,253,372.41
--------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 4,971,109.67 $ 4,087,187.43 $ 7,542,279.42 $ 4,493,729.17
--------------------------------------------------------------------------------
Total Student Loan Interest Activity $ 23,734,904.81 $ 24,443,461.48 $ 28,147,556.55 $ 26,408,357.68
(=) Ending Student Loan Portfolio Balance $ 1,067,352,680.28 $ 1,110,872,148.92 $ 1,157,119,554.57 $ 1,207,164,935.71
- ------------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 11,450,427.01 $ 12,137,145.07 $ 11,609,569.57 $ 14,530,310.02
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,078,803,107.29 $ 1,123,009,293.99 $ 1,168,729,124.14 $ 1,221,695,245.73
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------------------------------------------
4/1/97-6/30/97 1/1/97-3/31/97 10/1/96-12/31/96
- -----------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,311,435,448.63 $ 1,368,940,609.46 $ 1,420,136,733.54
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 36,262,930.45 $ 35,405,802.03 $ 35,315,114.14
ii Principal Collections from Guarantor 14,581,644.47 16,357,009.51 12,433,036.92
iii Principal Reimbursements 9,351,268.08 9,386,952.00 10,214,361.81
iv Other System Adjustments (0.00) - (4,608.47)
---------------------------------------------------------------------------
v Total Principal Collections $ 60,195,843.00 $ 61,149,763.54 $ 57,957,904.40
Student Loan Non-Cash Principal Activity
i Other Adjustments 876,021.96 1,056,316.24 1,080,860.52
ii Capitalized Interest (5,835,134.52) (4,700,918.95) (7,842,640.84)
---------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (4,959,112.56) $ (3,644,602.71) $ (6,761,780.32)
- -------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 55,236,730.44 $ 57,505,160.83 $ 51,196,124.08
- -------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 14,705,223.01 $ 15,556,589.47 $ 14,810,858.15
ii Interest Claims Received from Guarantors 908,642.82 1,054,563.70 774,638.29
iii Late Fee Reimbursements - - -
iv Interest Reimbursements 163,727.00 128,167.59 166,885.49
v Other System Adjustments - - (2,349.39)
vi Special Allowance Payments 569,960.22 442,524.38 875,314.62
vii Subsidy Payments 6,074,126.25 7,322,845.39 7,898,909.32
---------------------------------------------------------------------------
viii Total Interest Collections $ 22,421,679.30 $ 24,504,690.53 $ 24,524,256.48
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (634,501.44) $ (795,806.82) $ (912,392.77)
ii Capitalized Interest 5,835,134.52 4,700,918.95 7,842,640.84
---------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 5,200,633.08 $ 3,905,112.13 $ 6,930,248.07
---------------------------------------------------------------------------
Total Student Loan Interest Activity $ 27,622,312.38 $ 28,409,802.66 $ 31,454,504.55
(=) Ending Student Loan Portfolio Balance $ 1,256,198,718.19 $ 1,311,435,448.63 $ 1,368,940,609.46
- -------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 14,239,953.83 $14,820,929.42 $13,686,568.72
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,270,438,672.02 $ 1,326,256,378.05 $ 1,382,627,178.18
- -------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------
7/1/96-9/30/96 4/8/96-6/30/96
- -------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,468,666,284.76 $ 1,499,948,797.64
- -------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 37,115,081.98 $ 32,387,112.35
ii Principal Collections from Guarantor 1,608,162.94 232,013.54
iii Principal Reimbursements 14,131,988.74 5,880,791.49
iv Other System Adjustments (1,484.32) (1,709.32)
---------------------------------------------------------
v Total Principal Collections $ 52,853,749.34 $ 38,498,208.06
Student Loan Non-Cash Principal Activity
i Other Adjustments 1,010,052.49 700,262.22
ii Capitalized Interest (5,334,250.61) (7,915,957.40)
---------------------------------------------------------
iii Total Non-Cash Principal Activity $ (4,324,198.12) $ (7,215,695.18)
- -------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 48,529,551.22 $ 31,282,512.88
- -------------------------------------------------------------------------------------------------------------
<CAPTION>
Student Loan Interest Activity
i Regular Interest Collections $ 15,710,941.68 $ 13,326,889.75
ii Interest Claims Received from Guarantors 65,496.81 4,693.63
iii Late Fee Reimbursements - -
iv Interest Reimbursements 161,064.40 90,073.72
v Other System Adjustments (18.17) 309.87
vi Special Allowance Payments 481,518.57 -
vii Subsidy Payments 9,023,779.62 -
--------------------------------------------------------
viii Total Interest Collections $ 25,442,782.91 $ 13,421,966.97
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (986,037.72) $ (689,754.99)
ii Capitalized Interest 5,334,250.61 7,915,957.40
--------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 4,348,212.89 $ 7,226,202.41
--------------------------------------------------------
Total Student Loan Interest Activity $ 29,790,995.80 $ 20,648,169.38
(=) Ending Student Loan Portfolio Balance $ 1,420,136,733.54 $ 1,468,666,284.76
- ------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 15,672,244.73 $ 14,944,789.14
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,435,808,978.27 $ 1,483,611,073.90
-----------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
XI. 1996-2 Payment History and CPRs
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
Distribution Actual Since Issued
Date Pool Balances CPR *
Apr-96 $ 1,517,607,923 -
Jul-96 $ 1,483,611,074 4.11%
Oct-96 $ 1,435,808,978 5.25%
Jan-97 $ 1,382,627,178 6.20%
Apr-97 $ 1,326,256,378 6.80%
Jul-97 $ 1,270,438,672 7.10%
Oct-97 $ 1,221,695,246 7.02%
Jan-98 $ 1,168,729,124 7.15%
Apr-98 $ 1,123,009,294 6.83%
Jul-98 $ 1,078,803,107 6.44%
</TABLE>
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool
data.
- --------------------------------------------------------------------------------
<PAGE>
SLM Student Loan Trust 1996-3
Quarterly Servicing Report
Report Date: 6/30/98 Reporting Period: 4/1/98-6/30/98
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 3/31/98 Activity 6/30/98
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Portfolio Balance $ 1,189,789,829.06 $ (37,192,918.10) $ 1,152,596,910.96
ii Interest to be Capitalized 15,939,150.71 15,375,519.62
------------------------- ----------------------
iii Total Pool $ 1,205,728,979.77 $ 1,167,972,430.58
iv Reserve Account Balance 3,109,151.89 3,014,322.45
------------------------ ---------------------
B v Total Adjusted Pool $ 1,208,838,131.66 $1,170,986,753.03
======================== =====================
i Weighted Average Coupon (WAC) 8.2716% 8.2796%
ii Weighted Average Remaining Term 103.80 102.13
iii Number of Loans 439,081 427,657
iv Number of Borrowers 175,034 169,755
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 4/27/98 % of Pool Balance 7/27/98 % of Pool
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAD8 0.49% $ 603,088,131.66 49.890% $ 565,236,753.03 48.270%
ii A-2 Notes 78442GAE6 0.68% 553,000,000.00 45.746% 553,000,000.00 47.225%
iii Certificates 78442GAF3 0.95% 52,750,000.00 4.364% 52,750,000.00 4.505%
--------------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 1,208,838,131.66 100.000% $1,170,986,753.03 100.000%
================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
D Reserve Account 4/27/98 7/27/98
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 3,014,322.45 $ 2,919,931.08
iv Reserve Account Floor Balance ($) $ 1,502,704.00 $ 1,502,704.00
v Current Reserve Acct Balance ($) $ 3,014,322.45 $ 2,919,931.08
----------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
II. 1996-3 Transactions from: 4/1/98 through: 6/30/98
- --------------------------------------------------------------------------------
<S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $30,981,475.50
ii Principal Collections from Guarantor $11,373,278.66
iii Principal Reimbursements $163,811.00
iv Other System Adjustments $0.00
------------------
v Total Principal Collections $ 42,518,565.16
B Student Loan Non-Cash Principal Activity
i Other Adjustments $633,223.47
ii Capitalized Interest ($5,958,870.53)
------------------
iii Total Non-Cash Principal Activity $ (5,325,647.06)
--------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 37,192,918.10
--------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $14,085,313.12
ii Interest Claims Received from Guarantors $718,304.83
iii Late Fee Reimbursements $2.70
iv Interest Reimbursements $20,990.65
v Other System Adjustments $0.00
vi Special Allowance Payments $349,008.44
vii Subsidy Payments $4,568,906.58
------------------
viii Total Interest Collections $ 19,742,526.32
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($467,603.79)
ii Capitalized Interest $5,958,870.53
------------------
iii Total Non-Cash Interest Adjustments $ 5,491,266.74
-------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 25,233,793.06
-------------------------------------------------------------------------
- -------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
III. 1996-3 Collection Account Activity 4/1/98 through 6/30/98
- -------------------------------------------------------------------------------------------------------
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $42,354,754.16
ii Cash Forwarded by Administrator on behalf of Seller $93,658.31
iii Cash Forwarded by Administrator on behalf of Servicer $4,594.71
iv Cash Forwarded by Administrator for Consolidation Activity $65,557.98
---------------
v Total Principal Collections $ 42,518,565.16
B Interest Collections
i Interest Payments Received-Cash $19,721,532.97
ii Cash Forwarded by Administrator on behalf of Seller $6,889.33
iii Cash Forwarded by Administrator on behalf of Servicer $12,605.03
iv Cash Forwarded by Administrator for Consolidation Activity $1,496.29
v Cash Forwarded by Administrator for Late Fee Activity $2.70
---------------
vi Total Interest Collections $19,742,526.32
C Other Reimbursements $148,132.81
D Administrator Account Investment Income $465,814.71
E Funds borrowed from next Collection Period $0.00
F TOTAL FUNDS RECEIVED $ 62,875,039.00
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,639,927.80)
-------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 61,235,111.20
-------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $807,218.64
ii Percentage of Principal Calculation $1,135,107.93
iii Lesser of Unit or Principal Calculation $807,218.64
H Servicing Fees Due for Current Period $ 807,218.64
I Carryover Servicing Fees Due $ 977,846.30
APR 1998 Servicing Carryover $335,634.94
MAY 1998 Servicing Carryover $331,521.81
JUN 1998 Servicing Carryover $327,889.29
----------------------
$ 995,046.04
Less: Servicing ADJ [A iii + B iii] ($17,199.74)
======================
TOTAL: Carryover Servicing Fee Due $ 977,846.30
======================
J Administration Fees Due $ 20,000.00
-------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,805,064.94
-------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
IV. 1996-3
- --------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- --------------------------------------------------------------------------------------------------------------------------
STATUS 3/31/98 6/30/98 3/31/98 6/30/98 3/31/98 6/30/98
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.904% 7.887% 50,358 33,387 11.469% 7.807%
Grace
Current 7.964% 7.941% 8,818 19,120 2.008% 4.471%
- --------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.912% 7.907% 59,176 52,507 13.477% 12.278%
- --------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.353% 8.353% 268,816 274,813 61.222% 64.260%
31-60 Days Delinquent 8.371% 8.377% 18,616 19,423 4.240% 4.542%
61-90 Days Delinquent 8.355% 8.376% 11,338 10,026 2.582% 2.344%
91-120 Days Delinquent 8.343% 8.350% 6,584 4,964 1.499% 1.161%
Greater than 120 Days Delinquent 8.352% 8.353% 7,071 7,104 1.610% 1.661%
Deferment
Current 8.248% 8.249% 43,155 36,588 9.828% 8.556%
Forbearance
Current 8.351% 8.362% 20,972 19,673 4.776% 4.600%
- --------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.340% 8.344% 376,552 372,591 85.759% 87.124%
- --------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.351% 8.371% 3,312 2,502 0.754% 0.585%
Aged Claims Rejected (2) 8.254% 8.320% 41 57 0.009% 0.013%
- --------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.272% 8.280% 439,081 427,657 100.00% 100.00%
- --------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------------------------------------------------
Principal Amount %
- --------------------------------------------------------------------------------------------------------------------------
STATUS 3/31/98 6/30/98 3/31/98 6/30/98
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 156,637,755.03 $ 102,015,116.35 13.165% 8.851%
Grace
Current $ 26,714,795.00 $ 60,938,981.83 2.245% 5.287%
- --------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 183,352,550.03 $ 162,954,098.18 15.410% 14.138%
- --------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 689,058,602.69 $ 703,653,453.57 57.914% 61.049%
31-60 Days Delinquent $ 48,193,968.45 $ 50,216,360.28 4.051% 4.357%
61-90 Days Delinquent $ 30,486,170.90 $ 26,644,090.38 2.562% 2.312%
91-120 Days Delinquent $ 18,059,236.03 $ 13,024,386.95 1.518% 1.130%
Greater than 120 Days Delinquent $ 18,753,304.42 $ 19,057,430.64 1.576% 1.653%
Deferment
Current $ 126,170,876.72 $ 108,121,435.42 10.604% 9.381%
Forbearance
Current $ 67,829,717.72 $ 63,063,508.58 5.701% 5.471%
- --------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 998,551,876.93 $ 983,780,665.82 83.927% 85.353%
- --------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 7,794,801.44 $ 5,752,337.69 0.655% 0.499%
Aged Claims Rejected (2) $ 90,600.66 $ 109,809.27 0.008% 0.010%
- --------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 1,189,789,829.06 $1,152,596,910.96 100.00% 100.00%
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
V. 1996-3 Portfolio Characteristics by School and Program 6/30/98
- -----------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
---------------------------------------------------------------------------------------
- --------------------------------------------
STATUS
- --------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 5.685% 2.111% 0.000% 0.000% 0.517% 0.183% 0.000% 0.000%
Grace
Current 3.372% 1.252% 0.000% 0.000% 0.321% 0.113% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 9.058% 3.363% 0.000% 0.000% 0.838% 0.296% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 34.651% 6.734% 6.746% 2.830% 3.377% 0.708% 0.316% 0.373%
31-60 Days Delinquent 2.152% 0.339% 0.440% 0.228% 0.410% 0.077% 0.017% 0.049%
61-90 Days Delinquent 1.056% 0.178% 0.178% 0.134% 0.268% 0.043% 0.009% 0.036%
91-120 Days Delinquent 0.517% 0.093% 0.066% 0.062% 0.136% 0.023% 0.002% 0.018%
Greater than 120 Days Delinquent 0.737% 0.150% 0.079% 0.092% 0.211% 0.041% 0.006% 0.024%
Deferment
Current 5.380% 1.225% 0.414% 0.768% 0.674% 0.162% 0.022% 0.086%
Forbearance
Current 2.697% 0.694% 0.392% 0.420% 0.426% 0.079% 0.019% 0.066%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 47.189% 9.412% 8.315% 4.534% 5.501% 1.134% 0.392% 0.652%
- -----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.202% 0.034% 0.023% 0.031% 0.075% 0.015% 0.002% 0.008%
Aged Claims Rejected (2) 0.003% 0.000% 0.000% 0.001% 0.004% 0.001% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 56.452% 12.810% 8.338% 4.566% 6.417% 1.445% 0.394% 0.660%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.166% 8.916%
- -----------------------------------------------------------------------------------------------------------------------------------
<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 0.078% 0.054% 0.000% 0.000% 0.114% 0.110% 0.000% 0.000%
Grace
Current 0.058% 0.036% 0.000% 0.000% 0.066% 0.067% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.136% 0.090% 0.000% 0.000% 0.180% 0.177% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 2.664% 0.837% 0.432% 0.799% 0.327% 0.124% 0.015% 0.116%
31-60 Days Delinquent 0.368% 0.095% 0.040% 0.120% 0.014% 0.003% 0.000% 0.006%
61-90 Days Delinquent 0.239% 0.066% 0.020% 0.071% 0.008% 0.000% 0.000% 0.005%
91-120 Days Delinquent 0.129% 0.040% 0.005% 0.036% 0.003% 0.000% 0.000% 0.000%
Greater than 120 Days Delinquent 0.184% 0.054% 0.015% 0.048% 0.008% 0.004% 0.000% 0.001%
Deferment
Current 0.305% 0.092% 0.017% 0.104% 0.070% 0.039% 0.002% 0.021%
Forbearance
Current 0.331% 0.108% 0.018% 0.101% 0.060% 0.041% 0.001% 0.020%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 4.220% 1.293% 0.546% 1.279% 0.488% 0.212% 0.018% 0.169%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.067% 0.017% 0.006% 0.017% 0.002% 0.000% 0.000% 0.000%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 4.423% 1.400% 0.552% 1.296% 0.671% 0.389% 0.018% 0.169%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 7.671% 1.247%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</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 7.796% 0.699% 0.132% 0.224% 8.851%
Grace
Current 4.624% 0.435% 0.094% 0.134% 5.287%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 12.420% 1.134% 0.226% 0.358% 14.138%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 50.961% 4.774% 4.732% 0.582% 61.049%
31-60 Days Delinquent 3.158% 0.553% 0.623% 0.023% 4.357%
61-90 Days Delinquent 1.547% 0.357% 0.396% 0.012% 2.312%
91-120 Days Delinquent 0.738% 0.179% 0.209% 0.003% 1.130%
Greater than 120 Days Delinquent 1.057% 0.281% 0.301% 0.014% 1.653%
Deferment
Current 7.787% 0.944% 0.518% 0.131% 9.381%
Forbearance
Current 4.202% 0.589% 0.558% 0.122% 5.471%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 69.451% 7.678% 7.338% 0.887% 85.353%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.291% 0.099% 0.106% 0.003% 0.499%
Aged Claims Rejected (2) 0.004% 0.004% 0.001% 0.000% 0.010%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.166% 8.916% 7.671% 1.247% 100.000%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-3
11
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VI. 1996-3 Interest Calculation
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Borrower Interest Accrued During Collection Period $ 19,578,797.86
B Interest Subsidy Payments Accrued During Collection Period $ 4,337,114.76
C SAP Payments Accrued During Collection Period $ 230,103.22
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 70,180.53
E Investment Earnings (ADMINISTRATOR ACT) $ 465,814.71
------------------
F Net Expected Interest Collections $ 24,682,011.08
G Student Loan Rate
i Days in Collection Period (4/1/98-6/30/98) 91
ii Days in Year 365
iii Net Expected Interest Collections $ 24,682,011.08
iv Primary Servicing Fee $ 2,447,146.44
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,205,728,979.77
vii Student Loan Rate 7.39002%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.61657%
I Class A-1 Interest Rate 0.014002959 (4/27/98-7/27/98) 5.61657%
J Class A-2 T-Bill Based Interest Rate 5.80657%
K Class A-2 Interest Rate 0.014476658 (4/27/98-7/27/98) 5.80657%
L Certificate T-Bill Based Rate of Return 6.07657%
M Certificate Rate of Return 0.015149808 (4/27/98-7/27/98) 6.07657%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-3
6
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VII. 1996-3 Inputs From Previous Quarterly Servicing Reports 3/31/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,189,789,829.06
ii Interest To Be Capitalized 15,939,150.71
--------------------
iii Total Pool $ 1,205,728,979.77
iv Reserve Account Balance 3,109,151.89
--------------------
v Total Adjusted Pool Balance $ 1,208,838,131.66
====================
B Total Note and Certificate Factor 0.80228181959
C Total Note and Certificate Balance $ 1,208,838,131.66
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
D Note Balance 4/27/98 Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor-4/27/98 0.6693541972 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 603,088,131.66 $ 553,000,000.00 $ 52,750,000.00
---------------- ---------------- ---------------
iv Note Balance $ 603,088,131.66 $ 553,000,000.00 $ 52,750,000.00
E Interest Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest Carryover $ 0.00 $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------------------------------------
G Reserve Account Balance $ 3,014,322.45
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
K Interest Due on Unpaid Carryover Servicing Fees $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-3
7
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VIII. 1996-3 Waterfall for Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<C> <S> <C> <C>
A Total Available Funds (Sections III-F + VI-D) $ 61,305,291.73 $ 61,305,291.73
B Primary Servicing Fees-Current Month $ 807,218.64 $ 60,498,073.09
C Administration Fee $ 20,000.00 $ 60,478,073.09
D Noteholder's Interest Distribution Amount
i Class A-1 $ 8,445,018.38 $ 52,033,054.71
ii Class A-2 $ 8,005,591.87 $ 44,027,462.84
---------------
iii Total Noteholder's Interest Distribution $ 16,450,610.25
E Certificateholder's Return Distribution Amount $ 799,152.37 $ 43,228,310.47
F Noteholder's Principal Distribution Amount
i Class A-1 $ 37,851,378.63 $ 5,376,931.84
ii Class A-2 $ 0.00 $ 5,376,931.84
---------------
iii Total Noteholder's Principal Distribution $ 37,851,378.63
G Certificateholder's Balance Distribution Amount $ 0.00 $ 5,376,931.84
H Increase to the Specified Reserve Account Balance $ 0.00 $ 5,376,931.84
I Carryover Servicing Fees $ 977,846.30 $ 4,399,085.54
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 4,399,085.54
ii Class A-2 $ 0.00 $ 4,399,085.54
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 4,399,085.54
L Excess to Reserve Account $ 4,399,085.54 $ 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-3
8
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
IX. 1996-3 Distributions
- --------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 8,445,018.38 $ 8,005,591.87 $ 799,152.37
ii Quarterly Interest Paid 8,445,018.38 8,005,591.87 799,152.37
------------ ------------- ----------
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 $ 37,851,378.63 $ 0.00 $ 0.00
viii Quarterly Principal Paid 37,851,378.63 0.00 0.00
------------- ---- ----
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 46,296,397.01 $ 8,005,591.87 $ 799,152.37
---------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 6/30/98 $ 1,208,838,131.66
ii Adjusted Pool Balance 6/30/98 1,170,986,753.03
----------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 37,851,378.63
------------------
iv Principal Distribution Amount $ 37,851,378.63
==================
C Total Principal Distribution $ 37,851,378.63
D Total Interest Distribution 17,249,762.62
-------------
E Total Cash Distributions-Note and Certificates $ 55,101,141.25
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
F Note & Certificate Balances 4/27/98 7/27/98
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i A-1 Note Balance (78442GAD8) $ 603,088,131.66 $ 565,236,753.03
A-1 Note Pool Factor 0.6693541972 0.6273437880
ii A-2 Note Balance (78442GAE6) $ 553,000,000.00 $ 553,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAF3) $ 52,750,000.00 $ 52,750,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
---------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
G Reserve Account Reconciliation
i Beginning of Period Balance $ 3,014,322.45
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 4,399,085.54
--------------
iv Total Reserve Account Balance Available $ 7,413,407.99
v Required Reserve Account Balance $ 2,919,931.08
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp $ 4,493,476.91
viii Ending Reserve Account Balance $ 2,919,931.08
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-3
9
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
X. 1996-3 Historical Pool Information
- ------------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------
4/1/98-6/30/98 1/1/98-3/31/98 10/1/97-12/31/97
---------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,189,789,829.06 $ 1,228,714,371.63 $ 1,270,536,352.09
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 30,981,475.50 $ 29,404,048.03 $ 29,118,217.97
ii Principal Collections from Guarantor 11,373,278.66 11,559,362.06 12,533,050.94
iii Principal reimbursements 163,811.00 2,130,628.53 9,081,106.61
iv Other System Adjustments - - -
---------------------------------------------------------------------
v Total Principal Collections $ 42,518,565.16 $ 43,094,038.62 $ 50,732,375.52
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 633,223.47 $ 767,213.12 $ 993,670.46
ii Capitalized Interest (5,958,870.53) (4,936,709.17) (9,904,065.52)
---------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (5,325,647.06) $ (4,169,496.05) $ (8,910,395.06)
---------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 37,192,918.10 $ 38,924,542.57 $ 41,821,980.46
---------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 14,085,313.12 $ 14,499,229.27 $ 13,912,469.88
ii Interest Claims Received from Guarantors 718,304.83 708,781.58 782,995.06
iii Late Fee Reimbursements 2.70 0.54 -
iv Interest Reimbursements 20,990.65 66,965.58 181,295.05
v Other System Adjustments - - -
vi Special Allowance Payments 349,008.44 525,353.53 411,017.50
vii Subsidy Payments 4,568,906.58 5,372,338.40 5,904,071.73
---------------------------------------------------------------------
viii Total Interest Collections $ 19,742,526.32 $ 21,172,668.90 $ 21,191,849.22
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (467,603.79) $ (595,874.69) $ (829,125.40)
ii Capitalized Interest 5,958,870.53 4,936,709.17 9,904,065.52
---------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 5,491,266.74 $ 4,340,834.48 $ 9,074,940.12
---------------------------------------------------------------------
Total Student Loan Interest Activity $ 25,233,793.06 $ 25,513,503.38 $ 30,266,789.34
(=) Ending Student Loan Portfolio Balance $ 1,152,596,910.96 $ 1,189,789,829.06 $ 1,228,714,371.63
---------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 15,375,519.62 $ 15,939,150.71 $ 14,946,382.97
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,167,972,430.58 $ 1,205,728,979.77 $ 1,243,660,754.60
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 3,014,322.45 $ 3,109,151.89 $ 3,222,987.71
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 1,170,986,753.03 $ 1,208,838,131.66 $ 1,246,883,742.31
---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
7/1/97-9/30/97 4/1/97-6/30/97 1/1/97-3/31/97
---------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,314,028,719.03 $ 1,361,841,394.25 $1,413,647,896.61
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 26,848,008.48 $ 26,728,337.85 $ 26,325,976.31
ii Principal Collections from Guarantor 12,289,160.77 15,355,163.67 16,603,607.75
iii Principal reimbursements 8,698,514.06 11,140,308.50 12,784,224.04
iv Other System Adjustments - - -
-------------------------------------------------------------------
v Total Principal Collections $ 47,835,683.31 $ 53,223,810.02 $ 55,713,808.10
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 871,626.88 $ 889,778.05 920,763.16
ii Capitalized Interest (5,214,943.25) (6,300,912.85) (4,828,068.90)
-------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (4,343,316.37) $ (5,411,134.80) $ (3,907,305.74)
---------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 43,492,366.94 $ 47,812,675.22 $ 51,806,502.36
---------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 14,241,939.43 $ 14,019,958.84 $ 14,742,626.48
ii Interest Claims Received from Guarantors 750,914.57 954,808.65 1,067,757.11
iii Late Fee Reimbursements - - -
iv Interest Reimbursements 145,750.68 158,324.82 154,787.09
v Other System Adjustments - - -
vi Special Allowance Payments 566,331.54 519,490.88 389,797.21
vii Subsidy Payments 6,554,583.06 6,823,320.39 8,217,893.54
-------------------------------------------------------------------
viii Total Interest Collections $ 22,259,519.28 $ 22,475,903.58 $ 24,572,861.43
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (708,003.70) $ (676,498.05) $ (772,295.49)
ii Capitalized Interest 5,214,943.25 6,300,912.85 4,828,068.90
-------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 4,506,939.55 $ 5,624,414.80 $ 4,055,773.41
-------------------------------------------------------------------
Total Student Loan Interest Activity $ 26,766,458.83 $ 28,100,318.38 $ 28,628,634.84
(=) Ending Student Loan Portfolio Balance $ 1,270,536,352.09 $ 1,314,028,719.03 $1,361,841,394.25
---------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 18,658,731.97 $ 17,589,800.26 $ 17,813,283.35
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,289,195,084.06 $ 1,331,618,519.29 $1,379,654,677.60
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 3,329,046.30 $ 3,449,136.69 $ 3,573,953.85
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 1,292,524,130.36 $ 1,335,067,655.98 $1,383,228,631.45
---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
10/1/96-12/31/96 6/17/96-9/30/96
--------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,447,395,386.24 $ 1,485,028,174.57
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 25,708,925.38 $ 30,349,661.79
ii Principal Collections from Guarantor 3,613,377.63 489,106.84
iii Principal reimbursements 13,087,681.14 12,486,491.73
iv Other System Adjustments (7,207.52) 5,047.44
-----------------------------------------------------
v Total Principal Collections $ 42,402,776.63 $ 43,330,307.80
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 936,515.02 $ 1,290,030.17
ii Capitalized Interest (9,591,802.02) (6,987,549.64)
-----------------------------------------------------
iii Total Non-Cash Principal Activity $ (8,655,287.00) $ (5,697,519.47)
--------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 33,747,489.63 $ 37,632,788.33
--------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 13,497,348.26 $ 15,754,166.36
ii Interest Claims Received from Guarantors 184,632.17 11,357.11
iii Late Fee Reimbursements - -
iv Interest Reimbursements 225,135.74 178,669.39
v Other System Adjustments (822.59) 437.04
vi Special Allowance Payments 799,805.67 496,885.43
vii Subsidy Payments 9,124,830.54 10,221,660.77
-----------------------------------------------------
viii Total Interest Collections $ 23,830,929.79 $ 26,663,176.10
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (906,394.19) $ (1,268,293.82)
ii Capitalized Interest 9,591,802.02 6,987,549.64
------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 8,685,407.83 $ 5,719,255.82
------------------------------------------------------
Total Student Loan Interest Activity $ 32,516,337.62 $ 32,382,431.92
(=) Ending Student Loan Portfolio Balance $ 1,413,647,896.61 $ 1,447,395,386.24
--------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 15,933,644.48 $ 18,816,445.60
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,429,581,541.09 $ 1,466,211,831.84
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 3,674,921.48 $ 3,756,760.00
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 1,433,256,462.57 $ 1,469,968,591.84
--------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1996-3
10
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
XI. 1996-3 Payment History and CPRs
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
Distribution Actual Since Issued
Date Pool Balances CPR *
Jun-96 $ 1,502,704,078 -
Oct-96 $ 1,466,211,474 6.31%
Jan-97 $ 1,429,581,541 5.60%
Apr-97 $ 1,379,654,678 6.30%
Jul-97 $ 1,331,618,519 6.60%
Oct-97 $ 1,289,195,084 6.48%
Jan-98 $ 1,243,660,755 6.53%
Apr-98 $ 1,205,728,980 6.14%
Jul-98 $ 1,167,972,431 5.82%
</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.
- --------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1996-4
Quarterly Servicing Report
Report Date: 6/30/98 Reporting Period: 4/1/98-6/30/98
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 3/31/98 Activity 6/30/98
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Portfolio Balance $ 1,160,610,578.74 $(44,817,021.92) $ 1,115,793,556.82
ii Interest to be Capitalized 15,405,918.06 14,822,891.28
-------------------- ---------------------
iii Total Pool $ 1,176,016,496.80 $ 1,130,616,448.10
iv Reserve Account Balance 3,056,122.98 2,940,041.24
-------------------- ---------------------
v Total Adjusted Pool $ 1,179,072,619.78 $1,133,556,489.34
==================== =====================
B i Weighted Average Coupon (WAC) 8.2468% 8.2518%
ii Weighted Average Remaining Term 100.60 99.46
iii Number of Loans 507,897 489,082
iv Number of Borrowers 194,039 185,908
--------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 4/27/98 % of Pool Balance 7/27/98 % of Pool
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAG1 0.48% $ 631,372,619.78 53.548% $ 585,856,489.34 51.683%
ii A-2 Notes 78442GAH9 0.64% 495,000,000.00 41.982% 495,000,000.00 43.668%
iii Certificates 78442GAJ5 0.93% 52,700,000.00 4.470% 52,700,000.00 4.649%
========================================================================================================================
iv Total Notes and Certificates $ 1,179,072,619.78 100.000% $1,133,556,489.34 100.000%
========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
D Reserve Account 4/27/98 7/27/98
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,940,041.24 $ 2,826,541.12
iv Reserve Account Floor Balance ($) $ 1,501,183.00 $ 1,501,183.00
v Current Reserve Acct Balance ($) $ 2,940,041.24 $ 2,826,541.12
------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
1
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
II. 1996-4 Transactions from: 4/1/98 through: 6/30/98
- -------------------------------------------------------------------------------
<S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $37,665,974.05
ii Principal Collections from Guarantor $12,444,802.42
iii Principal Reimbursements $157,322.49
iv Other System Adjustments $0.00
----------------
v Total Principal Collections $ 50,268,098.96
B Student Loan Non-Cash Principal Activity
i Other Adjustments $758,834.03
ii Capitalized Interest ($6,209,911.07)
----------------
iii Total Non-Cash Principal Activity $ (5,451,077.04)
------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 44,817,021.92
------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $13,397,029.54
ii Interest Claims Received from Guarantors $793,080.12
iii Late Fee Reimbursements $0.00
iv Interest Reimbursements $26,935.07
v Other System Adjustments $0.00
vi Special Allowance Payments $381,969.15
vii Subsidy Payments $4,454,871.39
----------------
viii Total Interest Collections $ 19,053,885.27
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($576,050.52)
ii Capitalized Interest $6,209,911.07
----------------
iii Total Non-Cash Interest Adjustments $ 5,633,860.55
------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 24,687,745.82
------------------------------------------------------------------------
- --------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
III. 1996-4 Collection Account Activity 4/1/98 through 6/30/98
- ---------------------------------------------------------------------------------------------------------------------
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $50,110,776.47
ii Cash Forwarded by Administrator on behalf of Seller $80,989.93
iii Cash Forwarded by Administrator on behalf of Servicer $1,452.34
iv Cash Forwarded by Administrator for Consolidation Activity $74,880.22
---------------------
v Total Principal Collections $ 50,268,098.96
B Interest Collections
i Interest Payments Received-Cash $19,026,950.20
ii Cash Forwarded by Administrator on behalf of Seller $8,723.55
iii Cash Forwarded by Administrator on behalf of Servicer $16,121.37
iv Cash Forwarded by Administrator for Consolidation Activity $2,090.15
v Cash Forwarded by Administrator for Late Fee Activity $0.00
---------------------
vi Total Interest Collections $19,053,885.27
C Other Reimbursements $92,397.54
D Administrator Account Investment Income $528,447.20
E Return funds borrowed for previous distribution $0.00
F TOTAL FUNDS RECEIVED $ 69,942,828.97
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,817,591.76)
-------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 68,125,237.21
-------------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $889,030.88
ii Percentage of Principal Calculation $1,186,035.63
iii Lesser of Unit or Principal Calculation $889,030.88
H Servicing Fees Due for Current Period $ 889,030.88
I Carryover Servicing Fees Due $ 881,718.33
APR 1998 Servicing Carryover $302,777.02
MAY 1998 Servicing Carryover $299,510.27
JUN 1998 Servicing Carryover $297,004.75
-----------------
$ 899,292.04
Less: Servicing ADJ [A iii + B iii] ($17,573.71)
=================
TOTAL: Carryover Servicing Fee Due $ 881,718.33
=================
J Administration Fees Due $ 20,000.00
-------------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,790,749.21
-------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
- --------------------------------------------------------------------------------
IV. 1996-4
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans % Principal Amount
- ------------------------------------------------------------------------------------------------------------------------------------
STATUS 3/31/98 6/30/98 3/31/98 6/30/98 3/31/98 6/30/98 3/31/98 6/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.956% 7.950% 46,219 32,178 9.100% 6.579% $ 136,643,002.54 $ 93,172,437.66
Grace
Current 7.979% 7.970% 10,643 17,160 2.096% 3.509% $ 30,659,844.70 $ 52,153,892.76
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.960% 7.957% 56,862 49,338 11.196% 10.088% $ 167,302,847.24 $ 145,326,330.42
- -----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.305% 7.950% 331,969 331,192 65.361% 67.717% $ 664,452,402.03 $ 671,500,257.69
31-60 Days Delinquent 8.340% 8.340% 20,662 21,683 4.068% 4.433% $ 47,760,877.43 $ 49,556,943.77
61-90 Days Delinquent 8.311% 8.334% 12,927 10,647 2.545% 2.177% $ 31,623,609.06 $ 25,682,863.37
91-120 Days Delinquent 8.313% 8.327% 6,851 4,933 1.349% 1.009% $ 18,061,702.64 $ 12,340,301.57
greater than Days Delinquent 8.327% 8.318% 7,424 8,059 1.462% 1.648% $ 18,449,471.80 $ 20,766,947.24
Deferment
Current 8.222% 8.219% 44,289 38,338 8.720% 7.839% $ 131,428,291.60 $ 115,155,503.83
Forbearance
Current 8.322% 8.326% 22,922 22,211 4.513% 4.541% $ 72,390,420.16 $ 69,624,626.38
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.298% 8.053% 447,044 437,063 88.019% 89.364% $ 984,166,774.72 $ 964,627,443.85
- -----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.291% 8.301% 3,936 2,624 0.775% 0.537% $ 9,024,460.44 $ 5,718,087.02
Aged Claims Rejected (2) 8.259% 8.296% 55 57 0.011% 0.012% $ 116,496.34 $ 121,695.53
- -----------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.247% 8.252% 507,897 489,082 100.00% 100.00% $1,160,610,578.74 $1,115,793,556.82
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------
%
- ------------------------------------------------------
STATUS 3/31/98 6/30/98
- ------------------------------------------------------
<S> <C> <C>
INTERIM
In School
Current 11.773% 8.350%
Grace
Current 2.642% 4.674%
- ------------------------------------------------------
TOTAL INTERIM 14.415% 13.024%
- ------------------------------------------------------
REPAYMENT
Active
Current 57.250% 60.181%
31-60 Days Delinquent 4.115% 4.441%
61-90 Days Delinquent 2.725% 2.302%
91-120 Days Delinquen 1.556% 1.106%
greater than 120 Days Delinquent 1.590% 1.861%
Deferment
Current 11.324% 10.321%
Forbearance
Current 6.237% 6.240%
- ------------------------------------------------------
TOTAL REPAYMENT 84.797% 86.452%
- ------------------------------------------------------
Claims in Process (1) 0.778% 0.513%
Aged Claims Rejected (2) 0.010% 0.011%
- ------------------------------------------------------
GRAND TOTAL 100.00% 100.00%
- ------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
- --------------------------------------------------------------------------------
V. 1996-4 Portfolio Characteristics by School and Program 6/30/98
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
---------------------------------------------------------------------------------------------
- --------------------------------
STATUS
- --------------------------------
INTERIM:
In School
Current 5.144% 1.825% 0.000% 0.000% 0.708% 0.264% 0.000% 0.000%
Grace
Current 2.842% 1.072% 0.000% 0.000% 0.399% 0.142% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.986% 2.897% 0.000% 0.000% 1.107% 0.406% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 36.089% 7.279% 3.471% 2.476% 3.552% 1.072% 0.196% 0.256%
31-60 Days Delinquent 2.175% 0.424% 0.266% 0.230% 0.412% 0.101% 0.019% 0.039%
61-90 Days Delinquent 1.081% 0.214% 0.117% 0.126% 0.225% 0.050% 0.004% 0.015%
91-120 Days Delinquent 0.492% 0.098% 0.041% 0.057% 0.132% 0.030% 0.002% 0.009%
greater than 120 Days Delinquent 0.822% 0.200% 0.046% 0.094% 0.225% 0.060% 0.003% 0.021%
Deferment
Current 5.808% 1.390% 0.317% 0.882% 0.763% 0.198% 0.014% 0.064%
Forbearance
Current 3.201% 0.753% 0.193% 0.533% 0.490% 0.125% 0.012% 0.055%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 49.668% 10.358% 4.451% 4.397% 5.798% 1.637% 0.251% 0.459%
- -------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.205% 0.038% 0.017% 0.021% 0.070% 0.017% 0.002% 0.006%
Aged Claims Rejected (2) 0.004% 0.000% 0.000% 0.001% 0.002% 0.001% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 57.863% 13.292% 4.468% 4.419% 6.977% 2.061% 0.253% 0.465%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.042% 9.756%
- -------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
---------------------------------------------------------------------------------------------
- --------------------------------
STATUS
- --------------------------------
INTERIM:
In School
Current 0.176% 0.123% 0.000% 0.000% 0.060% 0.051% 0.000% 0.000%
Grace
Current 0.101% 0.072% 0.000% 0.000% 0.027% 0.019% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.277% 0.195% 0.000% 0.000% 0.087% 0.071% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 3.076% 1.149% 0.513% 0.701% 0.209% 0.081% 0.007% 0.056%
31-60 Days Delinquent 0.426% 0.157% 0.039% 0.114% 0.020% 0.007% 0.000% 0.011%
61-90 Days Delinquent 0.266% 0.113% 0.029% 0.060% 0.002% 0.000% 0.000% 0.000%
91-120 Days Delinquent 0.144% 0.054% 0.009% 0.030% 0.005% 0.001% 0.000% 0.002%
greater than 120 Days Delinquent 0.214% 0.097% 0.011% 0.042% 0.014% 0.005% 0.000% 0.007%
Deferment
Current 0.398% 0.173% 0.009% 0.116% 0.094% 0.055% 0.001% 0.038%
Forbearance
Current 0.430% 0.186% 0.026% 0.102% 0.067% 0.029% 0.001% 0.037%
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 4.954% 1.929% 0.637% 1.164% 0.411% 0.179% 0.009% 0.152%
- --------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.081% 0.032% 0.003% 0.018% 0.001% 0.000% 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 5.313% 2.157% 0.640% 1.182% 0.499% 0.250% 0.009% 0.152%
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 9.292% 0.910%
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
</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 6.969% 0.971% 0.299% 0.111% 8.350%
Grace
Current 3.914% 0.542% 0.172% 0.046% 4.674%
-------------------------------------------------------------------------------------------------
TOTAL INTERIM 10.883% 1.513% 0.472% 0.157% 13.024%
-------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 49.314% 5.076% 5.438% 0.353% 60.181%
31-60 Days Delinquent 3.096% 0.571% 0.736% 0.039% 4.441%
61-90 Days Delinquent 1.538% 0.293% 0.468% 0.003% 2.302%
91-120 Days Delinquent 0.687% 0.174% 0.237% 0.008% 1.106%
greater than 120 Days Delinquent 1.161% 0.310% 0.365% 0.026% 1.861%
Deferment
Current 8.397% 1.039% 0.696% 0.188% 10.321%
Forbearance
Current 4.680% 0.682% 0.744% 0.134% 6.240%
-------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 68.873% 8.145% 8.684% 0.751% 86.452%
-------------------------------------------------------------------------------------------------
Claims in Process (1) 0.281% 0.095% 0.135% 0.002% 0.513%
Aged Claims Rejected (2) 0.006% 0.003% 0.002% 0.000% 0.011%
-------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.042% 9.756% 9.292% 0.910% 100.000%
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
VI. 1996-4 Interest Calculation
- ----------------------------------------------------------------------------------------------------------------
<S> <C>
A Borrower Interest Accrued During Collection Period $19,004,653.85
B Interest Subsidy Payments Accrued During Collection Period $4,222,067.01
C SAP Payments Accrued During Collection Period $254,862.99
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $72,787.70
E Investment Earnings (ADMINISTRATOR ACT) $528,447.20
-----------
F Net Expected Interest Collections $24,082,818.75
G Student Loan Rate
i Days in Collection Period (4/1/98-6/30/98) 91
ii Days in Year 365
iii Net Expected Interest Collections $24,082,818.75
iv Primary Servicing Fee $2,706,622.64
v Administration Fee $20,000.00
vi Total Pool Balance at Beginning of Collection Period $1,176,016,496.80
vii Student Loan Rate 7.28387%
Accrued
Int Factor Accrual Period
--------- --------------
H Class A-1 T-Bill Based Interest Rate 5.60657%
I Class A-1 Interest Rate 0.013978027 (4/27/98-7/27/98) 5.60657%
J Class A-2 T-Bill Based Interest Rate 5.76657%
K Class A-2 Interest Rate 0.014376932 (4/27/98-7/27/98) 5.76657%
L Certificate T-Bill Based Rate of Return 6.05657%
M Certificate Rate of Return 0.015099945 (4/27/98-7/27/98) 6.05657%
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VII. 1996-4 Inputs From Previous Quarterly Servicing Reports 3/31/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,160,610,578.74
ii Interest To Be Capitalized $15,405,918.06
-------------------
iii Total Pool $ 1,176,016,496.80
iv Reserve Account Balance $3,056,122.98
===================
v Total Adjusted Pool $ 1,179,072,619.78
===================
B Total Note and Certificate Factor 0.78343695666
C Total Note and Certificate Balance $ 1,179,072,619.78
-----------------------------------------------------------------------------------------------------------------------------
D Note Balance 4/27/98 Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------------------
i Current Factor-4/27/98 0.6595347538 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 631,372,619.78 $ 495,000,000.00 $ 52,700,000.00
------------------ ---------------- ---------------
iv Note Balance $ 631,372,619.78 $ 495,000,000.00 $ 52,700,000.00
E Interest Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest Carryover $ 0.00 $ 0.00 $ 0.00
-----------------------------------------------------------------------------------------------------------------------------
G Reserve Account Balance $ 2,940,041.24
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
K Interest Due on Unpaid Carryover Servicing Fees $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
VIII. 1996-4 Waterfall for Distributions
- ---------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds ( Sections III -F + VI-D) $ 68,198,024.91 $ 68,198,024.91
B Primary Servicing Fees-Current Month $ 889,030.88 $ 67,308,994.03
C Administration Fee $ 20,000.00 $ 67,288,994.03
D Noteholder's Interest Distribution Amount
i Class A-1 $ 8,825,343.53 $ 58,463,650.50
ii Class A-2 $ 7,116,581.34 $ 51,347,069.16
---------------
iii Total Noteholder's Interest Distribution $ 15,941,924.87
E Certificateholder's Return Distribution Amount $ 795,767.10 $ 50,551,302.06
F Noteholder's Principal Distribution Amount
i Class A-1 $ 45,516,130.44 $ 5,035,171.62
ii Class A-2 $ 0.00 $ 5,035,171.62
---------------
iii Total Noteholder's Principal Distribution $ 45,516,130.44
G Certificateholder's Balance Distribution Amount $ 0.00 $ 5,035,171.62
H Increase to the Specified Reserve Account Balance $ 0.00 $ 5,035,171.62
I Carryover Servicing Fees $ 881,718.33 $ 4,153,453.29
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 4,153,453.29
i Class A-2 $ 0.00 $ 4,153,453.29
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 4,153,453.29
L Excess to Reserve Account $ 4,153,453.29 $ 0.00
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
- --------------------------------------------------------------------------------
IX. 1996-4 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $8,825,343.53 $7,116,581.34 $795,767.10
ii Quarterly Interest Paid $8,825,343.53 $7,116,581.34 $795,767.10
-------------- -------------- -----------
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 $45,516,130.44 $0.00 $0.00
viii Quarterly Principal Paid $45,516,130.44 $0.00 $0.00
--------------- ------ -----
ix Quarterly Principal Shortfall $0.00 $0.00 $0.00
-----------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 54,341,473.97 $ 7,116,581.34 $ 795,767.10
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 6/30/98 $1,179,072,619.78
ii Adjusted Pool Balance 6/30/98 $1,133,556,489.34
-----------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $45,516,130.44
=================
iv Principal Distribution Amount $45,516,130.44
=================
C Total Principal Distribution $45,516,130.44
D Total Interest Distribution $16,737,691.97
--------------
E Total Cash Distributions-Note and Certificates $62,253,822.41
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------
F Note & Certificate Balances 4/27/98 7/27/98
---------------------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GAG1) $ 631,372,619.78 $ 585,856,489.34
A-1 Note Pool Factor 0.6595347538 0.6119883938
ii A-2 Note Balance (78442GAH9) $ 495,000,000.00 $ 495,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAJ5) $ 52,700,000.00 $ 52,700,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
-----------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
G Reserve Account Reconciliation
i Beginning of Period Balance $ 2,940,041.24
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 4,153,453.29
--------------
iv Total Reserve Account Balance Available $ 7,093,494.53
v Required Reserve Account Balance $ 2,826,541.12
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp $ 4,266,953.41
viii Ending Reserve Account Balance $ 2,826,541.12
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1996-4 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
4/1/98-6/30/98 1/1/98-3/31/98 10/1/97-12/31/97 7/1/97-9/30/97
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $1,160,610,578.74 $1,207,834,554.65 $1,261,465,786.12 $1,318,538,330.71
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 37,665,974.05 $ 38,013,136.47 $ 39,375,286.39 $ 35,463,933.58
ii Principal Collections from Guarantor 12,444,802.42 11,740,057.29 14,389,131.27 16,435,873.72
iii Principal Reimbursements 157,322.49 1,850,965.07 8,024,089.15 9,956,851.18
iv Other System Adjustments -- -- -- --
v Total Principal Collections $ 50,268,098.96 $ 51,604,158.83 $ 61,788,506.81 $ 61,856,658.48
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 758,834.03 $ 873,682.07 $ 1,077,874.69 $ 1,042,185.29
ii Capitalized Interest (6,209,911.07) (5,253,864.99) (9,235,150.03) (5,826,299.18)
iii Total Non-Cash Principal Activity $ (5,451,077.04) $ (4,380,182.92) $ (8,157,275.34) $ (4,784,113.89)
- ------------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 44,817,021.92 $ 47,223,975.91 $ 53,631,231.47 $ 57,072,544.59
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 13,397,029.54 $ 13,998,367.14 $ 13,611,344.32 $ 14,124,575.01
ii Interest Claims Received
from Guarantors 793,080.12 726,201.30 926,815.00 1,013,666.05
iii Late Fee Reimbursements -- -- -- --
iv Interest Reimbursements 26,935.07 44,103.53 174,774.63 175,690.15
v Other System Adjustments -- -- -- --
vi Special Allowance Payments 381,969.15 549,964.04 426,362.95 584,704.99
vii Subsidy Payments 4,454,871.39 5,264,287.89 5,767,225.44 6,612,759.11
viii Total Interest Collections $ 19,053,885.27 $ 20,582,923.90 $ 20,906,522.34 $ 22,511,395.31
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (576,050.52) $ (686,953.98) $ (846,318.07) $ (797,681.12)
ii Capitalized Interest 6,209,911.07 5,253,864.99 9,235,150.03 5,826,299.18
iii Total Non-Cash Interest Adjustments $ 5,633,860.55 $ 4,566,911.01 $ 8,388,831.96 $ 5,028,618.06
Total Student Loan Interest Activity $ 24,687,745.82 $ 25,149,834.91 $ 29,295,354.30 $ 27,540,013.37
(=) Ending Student Loan Portfolio Balance $1,115,793,556.82 $1,160,610,578.74 $1,207,834,554.65 $1,261,465,786.12
- ------------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 14,822,891.28 $ 15,405,918.06 $ 14,614,638.32 $ 17,478,935.22
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $1,130,616,448.10 $ 1,176,016,496.80 $ 1,222,449,192.97 $ 1,278,944,721.34
- ------------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 2,940,041.24 $ 3,056,122.98 $ 3,197,361.80 $ 3,338,912.01
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $1,133,556,489.34 $1,179,072,619.78 $1,225,646,554.77 $1,282,283,633.35
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------------------------------
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
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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>
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%
Jul-98 $ 1,130,616,448 6.11%
* "Since Issued CPR" is based on the current period's
ending pool balance calculated against the original pool
balance and assuming cutoff date pool data.
- --------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1997-1
Quarterly Servicing Report
Report Date: 6/30/98 Reporting Period: 4/1/98-6/30/98
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 3/31/98 Activity 6/30/98
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Portfolio Balance $ 1,736,744,144.67 $ (54,288,032.62) $ 1,682,456,112.05
ii Interest to be Capitalized 19,634,067.74 19,024,332.06
------------------ -------------------
iii Total Pool $ 1,756,378,212.41 $ 1,701,480,444.11
iv Reserve Account Balance 4,539,049.83 4,390,945.53
------------------ -------------------
v Total Adjusted Pool $ 1,760,917,262.24 $ 1,705,871,389.64
================== ===================
B i Weighted Average Coupon (WAC) 8.2444% 8.2498%
ii Weighted Average Remaining Term 107.64 105.92
iii Number of Loans 603,337 586,956
iv Number of Borrowers 257,482 249,562
-----------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 4/27/98 % of Pool
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i A-1 Notes 78442GAK2 0.46% $ 921,274,341.87 51.743%
ii A-2 Notes 78442GAL0 0.57% 787,400,000.00 44.224%
iii Certificates 78442GAM8 0.85% 71,800,000.00 4.033%
--------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 1,780,474,341.87 100.000%
==================================================================================================
<CAPTION>
--------------------------------------------------------------------------------------------------
C Notes and Certificates Balance 7/27/98 % of Pool
--------------------------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Notes 78442GAK2 $ 858,113,486.65 49.968%
ii A-2 Notes 78442GAL0 787,400,000.00 45.851%
iii Certificates 78442GAM8 71,800,000.00 4.181%
--------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 1,717,313,486.65 100.000%
==================================================================================================
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
D Reserve Account 4/27/98 7/27/98
-----------------------------------------------------------------------------------------------------
<S> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 4,390,945.53 $ 4,253,701.11
iv Reserve Account Floor Balance ($) $ 2,004,092.00 $ 2,004,092.00
v Current Reserve Acct Balance ($) $ 4,390,945.53 $ 4,253,701.11
-----------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
1
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
II. 1997-1 Transactions from: 4/1/98 through: 6/30/98
- -----------------------------------------------------------------------------------------------------------------------
<S> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $41,231,457.88
ii Principal Collections from Guarantor $20,665,608.94
iii Principal Reimbursements $199,289.09
iv Other System Adjustments $0.00
---------------
v TOTAL PRINCIPAL COLLECTIONS $ 62,096,355.91
B Student Loan Non-Cash Principal Activity
i Other Adjustments $1,205,702.85
ii Capitalized Interest ($9,014,026.14)
---------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (7,808,323.29)
-----------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 54,288,032.62
-----------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 19,727,548.85
ii Interest Claims Received from Guarantors $1,336,513.84
iii Late Fee Reimbursements $0.00
iv Interest Reimbursements $11,212.26
v Other System Adjustments $0.00
vi Special Allowance Payments $392,423.93
vii Subsidy Payments $6,964,790.56
---------------
viii TOTAL INTEREST COLLECTIONS $ 28,432,489.44
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment ($819,905.05)
ii Capitalized Interest $9,014,026.14
---------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 8,194,121.09
-----------------------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 36,626,610.53
-----------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
III. 1997-1 Collection Account Activity 4/1/98 through: 6/30/98
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $61,897,066.82
ii Cash Forwarded by Administrator on behalf of Seller $103,982.79
iii Cash Forwarded by Administrator on behalf of Servicer $2,842.14
iv Cash Forwarded by Administrator for Consolidation Activity $92,464.16
----------------
v Total Principal Collections $ 62,096,355.91
B Interest Collections
i Interest Payments Received-Cash $28,421,277.18
ii Cash Forwarded by Administrator on behalf of Seller ($7,338.63)
iii Cash Forwarded by Administrator on behalf of Servicer $17,759.20
iv Cash Forwarded by Administrator for Consolidation Activity $791.69
v Cash Forwarded by Administrator for Late Fee Activity $0.00
----------------
vi Total Interest Collections $ 28,432,489.44
C Other Reimbursements $ 112,386.72
D Administrator Account Investment Income $ 698,447.84
E Return funds borrowed for previous distribution $ -
F TOTAL FUNDS RECEIVED $ 91,339,679.91
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (2,222,114.72)
-----------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 89,117,565.19
-----------------------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $1,093,532.44
ii Percentage of Principal Calculation $1,628,496.03
iii Lesser of Unit or Principal Calculation $1,093,532.44
H Servicing Fees Due for Current Period $ 1,093,532.44
I Carryover Servicing Fees Due $ 1,601,051.24
APR 1998 Servicing Carryover $546,907.92
MAY 1998 Servicing Carryover $539,781.07
JUN 1998 Servicing Carryover $534,963.59
----------------
$ 1,621,652.58
Less: Servicing ADJ [A iii + B iii] ($20,601.34)
================
TOTAL: Carryover Servicing Fee Due $ 1,601,051.24
================
J Administration Fees Due $ 20,000.00
-----------------------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 2,714,583.68
-----------------------------------------------------------------------------------------------------------------
</TABLE>
SLM STUDENT LOAN TRUST 1997-1
3
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
IV. 1997-1
- ---------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ---------------------------------------------------------------------------------------------------------------------------
STATUS 3/31/98 6/30/98 3/31/98 6/30/98 3/31/98 6/30/98
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.991% 7.977% 62,281 43,635 10.323% 7.434%
Grace
Current 7.991% 8.019% 14,831 23,501 2.458% 4.004%
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.991% 7.991% 77,112 67,136 12.781% 11.438%
- ---------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.307% 8.306% 347,801 358,741 57.646% 61.119%
31-60 Days Delinquent 8.313% 8.313% 24,566 26,095 4.072% 4.446%
61-90 Days Delinquent 8.295% 8.309% 16,713 14,293 2.770% 2.435%
91-120 Days Delinquent 8.286% 8.305% 10,164 7,121 1.685% 1.213%
Greater than 120 Days Delinquent 8.300% 8.291% 11,313 12,065 1.875% 2.056%
Deferment
Current 8.162% 8.156% 74,081 63,849 12.279% 10.878%
Forbearance
Current 8.302% 8.304% 35,204 33,555 5.835% 5.717%
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.284% 8.286% 519,842 515,719 86.162% 87.864%
- ---------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.294% 8.295% 6,331 3,980 1.049% 0.678%
Aged Claims Rejected (2) 8.220% 8.219% 52 121 0.008% 0.020%
- ---------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.244% 8.250% 603,337 586,956 100.00% 100.00%
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------
Principal Amount %
- ------------------------------------------------------------------------------------------------------------
STATUS 3/31/98 6/30/98 3/31/98 6/30/98
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 183,198,596.74 $ 128,567,775.96 10.548% 7.642%
Grace
Current $ 42,574,165.82 $ 68,689,560.24 2.451% 4.083%
- ------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 225,772,762.56 $ 197,257,336.20 12.999% 11.725%
- ------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 982,635,992.76 $ 1,006,855,903.49 56.579% 59.844%
31-60 Days Delinquent $ 67,052,212.70 $ 71,037,903.22 3.861% 4.222%
61-90 Days Delinquent $ 46,115,767.88 $ 38,826,288.30 2.655% 2.308%
91-120 Days Delinquent $ 27,965,440.65 $ 18,965,771.94 1.610% 1.127%
Greater than 120 Days Delinquent $ 29,723,948.70 $ 31,921,889.11 1.712% 1.898%
Deferment
Current $ 225,008,460.19 $ 195,719,900.21 12.956% 11.633%
Forbearance
Current $ 117,466,259.82 $ 112,137,098.14 6.764% 6.665%
- ------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 1,495,968,082.70 $ 1,475,464,754.41 86.137% 87.697%
- ------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 14,885,601.46 $ 9,458,284.29 0.857% 0.562%
Aged Claims Rejected (2) $ 117,697.95 $ 275,737.15 0.007% 0.016%
- ------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 1,736,744,144.67 $ 1,682,456,112.05 100.00% 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 6/30/98
- ---------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 4.668% 1.351% 0.000% 0.000% 0.724% 0.248% 0.000% 0.000%
Grace
Current 2.523% 0.734% 0.000% 0.000% 0.425% 0.133% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.191% 2.085% 0.000% 0.000% 1.148% 0.381% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 31.490% 9.296% 3.611% 1.914% 3.813% 1.344% 0.202% 0.245%
31-60 Days Delinquent 1.835% 0.523% 0.212% 0.137% 0.414% 0.122% 0.010% 0.027%
61-90 Days Delinquent 0.954% 0.250% 0.091% 0.089% 0.232% 0.070% 0.007% 0.016%
91-120 Days Delinquent 0.452% 0.126% 0.034% 0.038% 0.122% 0.041% 0.004% 0.009%
(greater than) 120 Days
Delinquent 0.777% 0.188% 0.037% 0.060% 0.251% 0.081% 0.002% 0.013%
Deferment
Current 6.744% 1.656% 0.172% 0.738% 0.836% 0.264% 0.005% 0.070%
Forbearance
Current 3.196% 0.991% 0.180% 0.506% 0.460% 0.148% 0.005% 0.036%
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 45.449% 13.031% 4.338% 3.482% 6.127% 2.069% 0.235% 0.415%
- ---------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.191% 0.060% 0.012% 0.022% 0.072% 0.021% 0.002% 0.004%
Aged Claims Rejected (2) 0.006% 0.000% 0.000% 0.000% 0.004% 0.002% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 52.837% 15.176% 4.349% 3.504% 7.351% 2.473% 0.237% 0.420%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 75.866% 10.481%
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
V. 1997-1 Portfolio Characteristics by School and Program 6/30/98
- ---------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
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 0.160% 0.114% 0.000% 0.000% 0.197% 0.179% 0.000% 0.000%
Grace
Current 0.111% 0.067% 0.000% 0.000% 0.047% 0.043% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.271% 0.181% 0.000% 0.000% 0.244% 0.223% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 3.872% 2.287% 0.778% 0.672% 0.169% 0.098% 0.014% 0.038%
31-60 Days Delinquent 0.508% 0.292% 0.048% 0.083% 0.006% 0.003% 0.000% 0.003%
61-90 Days Delinquent 0.328% 0.195% 0.021% 0.046% 0.003% 0.005% 0.001% 0.000%
91-120 Days Delinquent 0.170% 0.095% 0.011% 0.021% 0.003% 0.002% 0.000% 0.000%
(greater than) 120 Days
Delinquent 0.271% 0.163% 0.014% 0.031% 0.004% 0.004% 0.000% 0.000%
Deferment
Current 0.492% 0.302% 0.008% 0.089% 0.129% 0.089% 0.000% 0.041%
Forbearance
Current 0.537% 0.358% 0.030% 0.084% 0.066% 0.049% 0.000% 0.020%
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 6.178% 3.692% 0.909% 1.026% 0.380% 0.250% 0.015% 0.102%
- ---------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.109% 0.059% 0.002% 0.006% 0.000% 0.000% 0.000% 0.000%
Aged Claims Rejected (2) 0.003% 0.002% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 6.560% 3.934% 0.912% 1.032% 0.625% 0.473% 0.015% 0.102%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 12.438% 1.215%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
</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 6.019% 0.972% 0.274% 0.377% 7.642%
Grace
Current 3.257% 0.558% 0.178% 0.090% 4.083%
TOTAL INTERIM 9.276% 1.529% 0.452% 0.467% 11.725%
REPAYMENT:
Active
Current 46.312% 5.605% 7.609% 0.319% 59.844%
31-60 Days Delinquent 2.708% 0.572% 0.930% 0.012% 4.222%
61-90 Days Delinquent 1.383% 0.325% 0.591% 0.009% 2.308%
91-120 Days Delinquent 0.650% 0.175% 0.297% 0.006% 1.127%
(greater than) 120 Days
Delinquent 1.063% 0.346% 0.480% 0.009% 1.898%
Deferment
Current 9.310% 1.174% 0.890% 0.259% 11.633%
Forbearance
Current 4.873% 0.648% 1.009% 0.135% 6.665%
- ------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 66.298% 8.846% 11.805% 0.747% 87.697%
- ------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.285% 0.100% 0.176% 0.001% 0.562%
Aged Claims Rejected (2) 0.006% 0.006% 0.004% 0.000% 0.016%
- ------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 75.866% 10.481% 12.438% 1.215% 100.000%
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-1
5
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VI. 1997-1 Interest Calculation
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Borrower Interest Accrued During Collection Period $28,260,332.64
B Interest Subsidy Payments Accrued During Collection Period $6,653,306.28
C SAP Payments Accrued During Collection Period $221,554.40
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $104,071.99
E Investment Earnings (ADMINISTRATOR ACT) $698,447.84
-----------
F Net Expected Interest Collections $ 35,937,713.15
G Student Loan Rate
i Days in Collection Period (4/1/98-6/30/98) 91
ii Days in Year 365
iii Net Expected Interest Collections $ 35,937,713.15
iv Primary Servicing Fee $ 3,315,647.16
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,756,378,212.41
vii Student Loan Rate 7.44524%
</TABLE>
<TABLE>
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.58657%
I Class A-1 Interest Rate 0.013928164 (4/27/98-7/27/98) 5.58657%
J Class A-2 T-Bill Based Interest Rate 5.69657%
K Class A-2 Interest Rate 0.014202411 (4/27/98-7/27/98) 5.69657%
L Certificate T-Bill Based Rate of Return 5.97657%
M Certificate Rate of Return 0.014900493 (4/27/98-7/27/98) 5.97657%
</TABLE>
SLM Student Loan Trust 1997-1
6
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VII. 1997-1 Inputs From Previous Quarterly Servicing Reports 3/31/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,736,744,144.67
ii Interest To Be Capitalized 19,634,067.74
--------------------
iii Total Pool $ 1,756,378,212.41
iv Reserve Account Balance 4,539,049.83
--------------------
v Total Adjusted Pool $ 1,760,917,262.24
====================
B Total Note and Certificate Factor 0.86886313775
C Total Note and Certificate Balance $ 1,780,474,341.87
----------------------------------------------------------------------------------------------------------------------
D Note Balance 4/27/98 Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i Current Factor-4/27/98 0.7741801192 1.0000000000 1.0000000000
ii Expected Note Balance $ 921,274,341.87 $ 787,400,000.00 $ 71,800,000.00
E Note Principal Shortfall $ 19,557,079.63 $ 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 $ 4,390,945.53
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) $ 7,420,252.41
L Interest Due on Unpaid Carryover Servicing Fees $ 321,156.61
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-1
7
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VIII. 1997-1 Waterfall for Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<S> <C> <C> <C>
A Total Available Funds (Sections III-F + VI-D + IX-G-vii) $ 89,358,881.60 $ 89,358,881.60
B Primary Servicing Fees-Current Month $ 1,093,532.44 $ 88,265,349.16
C Administration Fee $ 20,000.00 $ 88,245,349.16
D Noteholder's Interest Distribution Amount
i Class A-1 $ 12,831,660.12 $ 75,413,689.04
ii Class A-2 $ 11,182,978.42 $ 64,230,710.62
---------------
iii Total Noteholder's Interest Distribution $ 24,014,638.54
E Certificateholder's Return Distribution Amount $ 1,069,855.40 $ 63,160,855.22
F Noteholder's Principal Distribution Amount
i Class A-1 $ 63,160,855.22 $ 0.00
ii Class A-2 $ 0.00 $ 0.00
---------------
iii Total Noteholder's Principal Distribution $ 63,160,855.22
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
-------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
i Quarterly Interest Due $12,831,660.12 $11,182,978.42 $1,069,855.40
ii Quarterly Interest Paid $12,831,660.12 $11,182,978.42 $1,069,855.40
-------------- -------------- -------------
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 $74,602,952.23 $0.00 $0.00
viii Quarterly Principal Paid $63,160,855.22 $0.00 $0.00
-------------- ----- -----
ix Quarterly Principal Shortfall $11,442,097.01 $0.00 $0.00
-------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 75,992,515.34 $11,182,978.42 $ 1,069,855.40
-------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 6/30/98 $ 1,780,474,341.87
ii Adjusted Pool Balance 6/30/98 1,705,871,389.64
------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 74,602,952.23
------------------
iv Principal Distribution Amount $ 63,160,855.22
==================
C Total Principal Distribution $ 63,160,855.22
D Total Interest Distribution 25,084,493.94
------------------
E Total Cash Distributions-Note and Certificates $ 88,245,349.16
<CAPTION>
--------------------------------------------------------------------------------------
F Note & Certificate Balances 4/27/98 7/27/98
--------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
i A-1 Note Balance (78442GAK2) $ 921,274,341.87 $ 858,113,486.65
A-1 Note Pool Factor 0.7741801192 0.7211037703
ii A-2 Note Balance (78442GAL0) $ 787,400,000.00 $ 787,400,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAM8) $ 71,800,000.00 $ 71,800,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
--------------------------------------------------------------------------------------
<CAPTION>
<C> <S> <C>
G Reserve Account Reconciliation
i Beginning of Period Balance $ 4,390,945.53
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 0.00
--------------
iv Total Reserve Account Balance Available $ 4,390,945.53
v Required Reserve Account Balance $ 4,253,701.11
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to Waterfall $ 137,244.42
viii Ending Reserve Account Balance $ 4,253,701.11
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-1
9
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
X. 1997-1 Historical Pool Information
- ------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------
4/1/98-6/30/98 1/1/98-3/31/98 10/1/97-12/31/97
-------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,736,744,144.67 $ 1,797,260,482.27 $ 1,860,845,011.09
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 41,231,457.88 $ 40,361,669.28 $ 41,583,288.72
ii Principal Collections from Guarantor 20,665,608.94 23,893,521.24 22,534,293.39
iii Principal Reimbursements 199,289.09 2,567,931.88 11,001,295.70
iv Other System Adjustments - - -
-------------------------------------------------------------
v Total Principal Collections $ 62,096,355.91 $ 66,823,122.40 $ 75,118,877.81
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,205,702.85 $ 1,588,347.95 $ 1,577,075.57
ii Capitalized Interest (9,014,026.14) (7,895,132.75) (13,111,424.56)
-------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (7,808,323.29) $ (6,306,784.80) $ (11,534,348.99)
-------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 54,288,032.62 $ 60,516,337.60 $ 63,584,528.82
-------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 19,727,548.85 $ 20,331,647.84 $ 19,309,485.54
ii Interest Claims Received from Guarantors 1,336,513.84 1,559,776.10 1,472,877.53
iii Late Fee Reimbursements - - 8.50
iv Interest Reimbursements 11,212.26 41,450.12 165,480.49
v Other System Adjustments - - -
vi Special Allowance Payments 392,423.93 623,545.81 401,008.97
vii Subsidy Payments 6,964,790.56 8,336,308.48 8,965,413.68
-------------------------------------------------------------
viii Total Interest Collections $ 28,432,489.44 $ 30,892,728.35 $ 30,314,274.71
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (819,905.05) $ (1,147,639.74) $ (1,165,619.32)
ii Capitalized Interest 9,014,026.14 7,895,132.75 13,111,424.56
-------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 8,194,121.09 $ 6,747,493.01 $ 11,945,805.24
-------------------------------------------------------------
Total Student Loan Interest Activity $ 36,626,610.53 $ 37,640,221.36 $ 42,260,079.95
(=) Ending Student Loan Portfolio Balance $ 1,682,456,112.05 $ 1,736,744,144.67 $ 1,797,260,482.27
-------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 19,024,332.06 $ 19,634,067.74 $ 18,359,448.41
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,701,480,444.11 $ 1,756,378,212.41 $ 1,815,619,930.68
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 4,390,945.53 $ 4,539,049.83 $ 4,707,408.93
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 1,705,871,389.64 $ 1,760,917,262.24 $ 1,820,327,339.61
-------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------
7/1/97 - 9/30/97 3/3/97 - 6/30/97
---------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,916,755,393.25 $1,978,517,233.95
---------------------------------------------------------------------------------------------------------
<S> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 36,610,435.93 $ 51,140,092.35
ii Principal Collections from Guarantor 10,930,572.36 945,270.37
iii Principal Reimbursements 15,901,048.09 24,476,860.51
iv Other System Adjustments - -
---------------------------------------------
v Total Principal Collections $ 63,442,056.38 $ 76,562,223.23
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,401,854.63 $ 1,291,877.74
ii Capitalized Interest (8,933,528.85) (16,092,260.27)
---------------------------------------------
iii Total Non-Cash Principal Activity $ (7,531,674.22) $ (14,800,382.53)
---------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 55,910,382.16 $ 61,761,840.70
---------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 19,722,844.04 $ 23,785,588.02
ii Interest Claims Received from Guarantors 644,924.45 21,279.29
iii Late Fee Reimbursements - -
iv Interest Reimbursements 191,223.15 374,208.26
v Other System Adjustments - -
vi Special Allowance Payments 545,110.76 184,509.01
vii Subsidy Payments 10,794,397.88 3,932,916.04
---------------------------------------------
viii Total Interest Collections $ 31,898,500.28 $ 28,298,500.62
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,215,185.69) $ (1,233,779.83)
ii Capitalized Interest 8,933,528.85 16,092,260.27
---------------------------------------------
iii Total Non-Cash Interest Adjustments $ 7,718,343.16 $ 14,858,480.44
---------------------------------------------
Total Student Loan Interest Activity $ 39,616,843.44 $ 43,156,981.06
(=) Ending Student Loan Portfolio Balance $ 1,860,845,011.09 $1,916,755,393.25
---------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 22,118,559.92 $ 21,576,775.70
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,882,963,571.01 $1,938,332,168.95
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 4,845,830.42 $ 5,010,230.00
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $1,887,809,401.43 $1,943,342,398.95
---------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-1
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1997-1 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
Apr-97 $ 2,004,091,862 -
Jul-97 $ 1,938,332,169 6.60%
Oct-97 $ 1,882,963,571 6.39%
Jan-98 $ 1,815,619,931 7.05%
Apr-98 $ 1,756,378,212 6.92%
Jul-98 $ 1,701,480,444 6.66%
* "Since Issued CPR" is based on the current period's ending
pool balance calculated against the original pool balance and
assuming cutoff date pool data.
- --------------------------------------------------------------------------------
SLM Student Loan Trust 1997-1
11
<PAGE>
SLM Student Loan Trust 1997-2
Quarterly Servicing Report
Report Date: 6/30/98 Reporting Period: 4/1/98-6/30/98
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 3/31/98 Activity 6/30/98
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i Portfolio Balance $ 2,145,013,127.14 $ (83,659,856.98) $ 2,061,353,270.16
ii Interest to be Capitalized 18,836,505.02 19,359,897.56
-------------------- ------------------
iii Total Pool $ 2,163,849,632.16 $ 2,080,713,167.72
iv Reserve Account Balance 5,626,037.54 5,409,624.08
-------------------- ------------------
v Total Adjusted Pool $ 2,169,475,669.70 $ 2,086,122,791.80
==================== ==================
B i Weighted Average Coupon (WAC) 8.2927% 8.2972%
ii Weighted Average Remaining Term 99.68 98.10
iii Number of Loans 784,170 758,696
iv Number of Borrowers 335,230 322,988
---------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 4/27/98 % of Pool Balance 7/27/98 % of Pool
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAN6 0.54% $ 1,307,738,434.59 59.357% $ 1,216,334,311.56 57.598%
ii A-2 Notes 78442GAP1 0.60% 808,000,000.00 36.674% 808,000,000.00 38.261%
iii Certificates 78442GAQ9 0.83% 87,450,000.00 3.969% 87,450,000.00 4.141%
------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 2,203,188,434.59 100.000% $ 2,111,784,311.56 100.000%
========================================================================================================================
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
D Reserve Account 4/27/98 7/27/98
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 5,409,624.08 $ 5,201,782.92
iv Reserve Account Floor Balance ($) $ 2,441,522.00 $ 2,441,522.00
v Current Reserve Acct Balance ($) $ 5,409,624.08 $ 5,201,782.92
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-2
1
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
II. 1997-2 Transactions from: 4/1/98 through: 6/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $67,173,046.87
ii Principal Collections from Guarantor $23,048,506.21
iii Principal Reimbursements $136,424.43
iv Other System Adjustments $0.00
-------------------
v Total Principal Collections $ 90,357,977.51
B Student Loan Non-Cash Principal Activity
i Other Adjustments $1,112,815.97
ii Capitalized Interest ($7,810,936.50)
-------------------
iii Total Non-Cash Principal Activity $ (6,698,120.53)
--------------------------------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 83,659,856.98
--------------------------------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $29,361,368.21
ii Interest Claims Received from Guarantors $1,481,874.93
iii Late Fee Reimbursements $0.00
iv Interest Reimbursements $16,208.24
v Other System Adjustments $0.00
vi Special Allowance Payments $529,230.24
vii Subsidy Payments $5,582,456.37
---------------------
viii Total Interest Collections $ 36,971,137.99
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($679,094.72)
ii Capitalized Interest $7,810,936.50
---------------------
iii Total Non-Cash Interest Adjustments $ 7,131,841.78
--------------------------------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 44,102,979.77
--------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-2
2
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
III. 1997-2 Collection Account Activity 4/1/98 through 6/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
A Principal Collections
i Principal Payments Received-Cash $ 90,221,553.08
ii Cash Forwarded by Administrator on behalf of Seller $84,889.17
iii Cash Forwarded by Administrator on behalf of Servicer $10,531.61
iv Cash Forwarded by Administrator for Consolidation Activity $41,003.65
-----------------
v Total Principal Collections $ 90,357,977.51
B Interest Collections
i Interest Payments Received-Cash $ 36,954,929.75
ii Cash Forwarded by Administrator on behalf of Seller $ (8,638.07)
iii Cash Forwarded by Administrator on behalf of Servicer $ 23,432.13
iv Cash Forwarded by Administrator for Consolidation Activity $ 1,414.18
v Cash Forwarded by Administrator for Late Fee Activity $ 0.00
----------------
vi Total Interest Collections $ 36,971,137.99
C Other Reimbursements $ 234,139.20
D Administrator Account Investment Income $ 983,025.03
E Return funds borrowed for previous distribution $ 0.00
F TOTAL FUNDS RECEIVED $ 128,546,279.73
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (4,152,966.98)
-------------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 124,393,312.75
-------------------------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 1,421,754.00
ii Percentage of Principal Calculation $ 2,035,520.72
iii Lesser of Unit or Principal Calculation $ 1,421,754.00
H Servicing Fees Due for Current Period $ 2,035,520.72
I Carryover Servicing Fees Due (1) $ 0.00
APR 1998 Servicing Carryover $0.00
MAY 1998 Servicing Carryover $0.00
JUN 1998 Servicing Carryover $0.00
---------------------
TOTAL: Carryover Servicing Fee Due $0.00
=====================
Less: Servicing ADJ [A iii + B iii] $ (33,963.74)
J Administration Fees Due $ 20,000.00
------------------------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 2,021,556.98
------------------------------------------------------------------------------------------------------------------
(1) No Carryover Servicing Fees due before the June 2000 payment date
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IV. 1997-2 Portfolio Characteristics
- ------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans % Principal Amount
- ------------------------------------------------------------------------------------------------------------------------------------
STATUS 3/31/98 6/30/98 3/31/98 6/30/98 3/31/98 6/30/98 3/31/98 6/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.786% 7.773% 44,186 31,101 5.635% 4.099% $ 182,515,132.92 $ 122,732,997.34
Grace
Current 7.851% 7.819% 7,957 15,201 1.015% 2.004% $ 25,802,936.96 $ 66,474,180.84
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.794% 7.789% 52,143 46,302 6.650% 6.103% $ 208,318,069.88 $ 189,207,178.18
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.378% 8.378% 553,601 549,883 70.597% 72.477% $1,418,072,647.60 $1,401,234,941.36
31-60 Days Delinquent 8.367% 8.371% 34,315 33,928 4.376% 4.472% $ 88,589,672.26 $ 85,173,334.80
61-90 Days Delinquent 8.328% 8.345% 18,731 16,341 2.389% 2.154% $ 50,602,046.45 $ 41,849,408.18
91-120 Days Delinquent 8.326% 8.336% 9,669 8,154 1.233% 1.075% $ 26,404,704.99 $ 21,584,106.74
greater than 120 Days
Delinquent 8.322% 8.312% 12,757 12,257 1.627% 1.616% $ 32,554,747.57 $ 31,907,563.08
Deferment
Current 8.153% 8.155% 63,275 56,192 8.069% 7.406% $ 195,266,689.36 $ 175,409,239.53
Forbearance
Current 8.340% 8.342% 31,975 31,482 4.078% 4.149% $ 108,072,007.62 $ 105,271,027.87
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.350% 8.352% 724,323 708,237 92.368% 93.349% $1,919,562,515.85 $1,862,429,621.56
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.299% 8.322% 7,703 4,112 0.982% 0.542% $ 17,129,781.72 $ 9,624,791.44
Aged Claims Rejected (2) 8.250% 8.258% 1 45 0.000% 0.006% $ 2,759.71 $ 91,679.00
- ------------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.293% 8.297% 784,170 758,696 100.00% 100.00% $2,145,013,127.16 $2,061,353,270.18
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------
%
- -------------------------------------------------------------
STATUS 3/31/98 6/30/98
- -------------------------------------------------------------
<S> <C> <C>
INTERIM:
In School
Current 8.509% 5.954%
Grace
Current 1.203% 3.225%
- -------------------------------------------------------------
TOTAL INTERIM 9.712% 9.179%
- -------------------------------------------------------------
REPAYMENT
Active
Current 66.110% 67.977%
31-60 Days Delinquent 4.130% 4.132%
61-90 Days Delinquent 2.359% 2.030%
91-120 Days Delinquent 1.231% 1.047%
greater than 120 Days
Delinquent 1.518% 1.548%
Deferment
Current 9.103% 8.509%
Forbearance
Current 5.038% 5.107%
- -------------------------------------------------------------
TOTAL REPAYMENT 89.489% 90.350%
- -------------------------------------------------------------
Claims in Process (1) 0.799% 0.467%
Aged Claims Rejected (2) 0.000% 0.004%
- -------------------------------------------------------------
GRAND TOTAL 100.00% 100.00%
- -------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cute) 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 6/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
--------------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
- -------------------------------- --------------------------------------------------------------------------------------------------
STATUS
- --------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 3.341% 1.992% 0.000% 0.000% 0.290% 0.118% 0.000% 0.000%
Grace
Current 1.810% 1.092% 0.000% 0.000% 0.165% 0.068% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 5.150% 3.083% 0.000% 0.000% 0.455% 0.186% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 34.501% 8.063% 10.255% 2.371% 3.626% 0.913% 0.484% 0.250%
31-60 Days Delinquent 1.803% 0.377% 0.477% 0.156% 0.360% 0.083% 0.024% 0.027%
61-90 Days Delinquent 0.843% 0.203% 0.169% 0.074% 0.196% 0.048% 0.011% 0.010%
91-120 Days Delinquent 0.434% 0.096% 0.069% 0.040% 0.104% 0.029% 0.002% 0.005%
Greater than 120 Days
Delinquent 0.616% 0.150% 0.062% 0.050% 0.191% 0.051% 0.006% 0.010%
Deferment
Current 4.727% 1.369% 0.300% 0.511% 0.576% 0.155% 0.008% 0.038%
Forbearance
Current 2.339% 0.778% 0.331% 0.349% 0.330% 0.108% 0.017% 0.030%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 45.263% 11.036% 11.663% 3.551% 5.381% 1.387% 0.551% 0.370%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.169% 0.049% 0.021% 0.019% 0.055% 0.014% 0.001% 0.003%
Aged Claims Rejected (2) 0.002% 0.000% 0.000% 0.000% 0.001% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 50.584% 14.169% 11.684% 3.570% 5.892% 1.587% 0.553% 0.373%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.007% 8.405%
- ------------------------------------------------------------------------------------------------------------------------------------
<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 0.063% 0.053% 0.000% 0.000% 0.052% 0.045% 0.000% 0.000%
Grace
Current 0.037% 0.031% 0.000% 0.000% 0.013% 0.009% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.101% 0.084% 0.000% 0.000% 0.065% 0.054% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 3.841% 1.805% 0.916% 0.672% 0.174% 0.061% 0.019% 0.026%
31-60 Days Delinquent 0.467% 0.196% 0.060% 0.082% 0.012% 0.005% 0.000% 0.003%
61-90 Days Delinquent 0.288% 0.115% 0.025% 0.044% 0.003% 0.001% 0.000% 0.000%
91-120 Days Delinquent 0.156% 0.074% 0.013% 0.022% 0.002% 0.001% 0.000% 0.001%
Greater than 120 Days
Delinquent 0.237% 0.121% 0.011% 0.031% 0.008% 0.003% 0.000% 0.001%
Deferment
Current 0.391% 0.194% 0.007% 0.059% 0.083% 0.056% 0.001% 0.033%
Forbearance
Current 0.418% 0.226% 0.032% 0.073% 0.041% 0.023% 0.002% 0.012%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 5.798% 2.731% 1.064% 0.982% 0.323% 0.151% 0.022% 0.076%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.083% 0.035% 0.005% 0.011% 0.000% 0.000% 0.000% 0.000%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 5.982% 2.851% 1.070% 0.994% 0.388% 0.205% 0.022% 0.076%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 10.897% 0.691%
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 5.333% 0.408% 0.116% 0.097% 5.954%
Grace
Current 2.901% 0.233% 0.069% 0.022% 3.225%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.234% 0.641% 0.185% 0.119% 9.179%
- ----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 55.190% 5.272% 7.234% 0.280% 67.977%
31-60 Days Delinquent 2.813% 0.494% 0.804% 0.021% 4.132%
61-90 Days Delinquent 1.288% 0.266% 0.472% 0.005% 2.030%
91-120 Days Delinquent 0.639% 0.139% 0.265% 0.004% 1.047%
Greater than 120 Days
Delinquent 0.878% 0.258% 0.400% 0.012% 1.548%
Deferment
Current 6.908% 0.777% 0.650% 0.174% 8.509%
Forbearance
Current 3.796% 0.484% 0.749% 0.077% 5.107%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 71.513% 7.690% 10.574% 0.572% 90.350%
- ----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.258% 0.073% 0.135% 0.000% 0.467%
Aged Claims Rejected (2) 0.002% 0.001% 0.002% 0.000% 0.004%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.007% 8.405% 10.897% 0.691% 100.000%
- ----------------------------------------------------------------------------------------------------------------------------------
</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 5
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VI. 1997-2 Interest Calculation
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 37,707,345.79
B Interest Subsidy Payments Accrued During Collection Period $ $5,404,341.62
C SAP Payments Accrued During Collection Period $325,904.84
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $134,421.76
E Investment Earnings (ADMINISTRATOR ACT) $983,025.03
-----------
F Net Expected Interest Collections $ 44,555,039.04
G Student Loan Rate
i Days in Collection Period (4/1/98-6/30/98) 91
ii Days in Year 365
iii Net Expected Interest Collections $ 44,555,039.04
iv Primary Servicing Fee $ 6,188,487.70
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 2,163,849,632.16
vii Student Loan Rate 7.10805%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.66657%
I Class A-1 Interest Rate 0.014127616 (4/27/98-7/27/98) 5.66657%
J Class A-2 T-Bill Based Interest Rate 5.72657%
K Class A-2 Interest Rate 0.014277205 (4/27/98-7/27/98) 5.72657%
L Certificate T-Bill Based Rate of Return 5.95657%
M Certificate Rate of Return 0.014850630 (4/27/98-7/27/98) 5.95657%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-2
6
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VII. 1997-2 Inputs From Previous Quarterly Servicing Reports 3/31/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 2,145,013,127.14
ii Interest To Be Capitalized 18,836,505.02
-------------------
iii Total Pool $ 2,163,849,632.16
iv Reserve Account Balance 5,626,037.54
-------------------
v Total Adjusted Pool $ 2,169,475,669.70
===================
B Total Note and Certificate Factor 0.88252856440
C Total Note and Certificate Balance $ 2,203,188,434.59
<CAPTION>
------------------------------------------------------------------------------------------------------------------
D Note Balance 4/27/98 Class A-1 Class A-2 Certificates
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor-4/27/98 0.8168260054 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,307,738,434.59 $ 808,000,000.00 $ 87,450,000.00
E Note Principal Shortfall $ 33,712,764.89 $ 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 $ 5,409,624.08
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-2
7
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VIII. 1997-2 Waterfall for Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<S> <C> <C> <C>
A Total Available Funds ( Sections III-F + VI-D + IX-G-vii ) $124,735,575.67 $ 124,735,575.67
B Primary Servicing Fees-Current Month $ 2,001,556.98 $ 122,734,018.69
C Administration Fee $ 20,000.00 $ 122,714,018.69
D Noteholder's Interest Distribution Amount
i Class A-1 $ 18,475,226.43 $ 104,238,792.26
ii Class A-2 $ 11,535,981.64 $ 92,702,810.62
---------------
iii Total Noteholder's Interest Distribution $ 30,011,208.07
E Certificateholder's Return Distribution Amount $ 1,298,687.59 $ 91,404,123.03
F Noteholder's Principal Distribution Amount
i Class A-1 $ 91,404,123.03 $ 0.00
ii Class A-2 $ 0.00 $ 0.00
---------------
iii Total Noteholder's Principal Distribution $ 91,404,123.03
G Certificateholder's Balance Distribution Amount $ 0.00 $ 0.00
H Increase to the Specified Reserve Account Balance $ 0.00 $ 0.00
I Carryover Servicing Fees $ 0.00 $ 0.00
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 0.00
ii Class A-2 $ 0.00 $ 0.00
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 0.00
L Excess to Reserve Account $ 0.00 $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-2
8
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IX. 1997-2 Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $18,475,226.43 $11,535,981.64 $1,298,687.59
ii Quarterly Interest Paid $18,475,226.43 $11,535,981.64 $1,298,687.59
-------------- -------------- -------------
iii Interest Shortfall $0.00 $0.00 $0.00
iv Interest Carryover Due $0.00 $0.00 $0.00
v Interest Carryover Paid $0.00 $0.00 $0.00
----- ----- -----
vi Interest Carryover $0.00 $0.00 $0.00
vii Quarterly Principal Due $117,065,642.79 $0.00 $0.00
viii Quarterly Principal Paid $91,404,123.03 $0.00 $0.00
-------------- ----- -----
ix Quarterly Principal Shortfall $25,661,519.76 $0.00 $0.00
----------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $109,879,349.46 $11,535,981.64 $1,298,687.59
----------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 6/30/98 $ 2,203,188,434.59
ii Adjusted Pool Balance 6/30/98 2,086,122,791.80
------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 117,065,642.79
------------------
iv Principal Distribution Amount $ 91,404,123.03
==================
C Total Principal Distribution $ 91,404,123.03
D Total Interest Distribution 31,309,895.66
------------------
E Total Cash Distributions-Note and Certificates $ 122,714,018.69
<CAPTION>
---------------------------------------------------------------------------------------
F Note & Certificate Balances 4/27/98 7/27/98
---------------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GAN6) $ 1,307,738,434.59 $ 1,216,334,311.56
A-1 Note Pool Factor 0.8168260054 0.7597341109
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>
G Reserve Account Reconciliation
<S> <C>
i Beginning of Period Balance $ 5,409,624.08
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 0.00
iv Total Reserve Account Balance Available $ 5,409,624.08
v Required Reserve Account Balance $ 5,201,782.92
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to Waterfall $ 207,841.16
viii Ending Reserve Account Balance $ 5,201,782.92
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-2 9
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
X. 1997-2 Historical Pool Information
- ------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------
4/1/98 - 6/30/98 1/1/98 - 3/31/98 10/1/97 - 12/31/97 6/2/97 - 9/30/97
- -----------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $2,145,013,127.14 $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 $ 67,173,046.87 $ 67,245,956.91 $ 68,082,756.87 $ 85,947,343.92
ii Principal Collections from Guarantor 23,048,506.21 24,918,076.93 14,843,554.74 1,182,253.65
iii Principal Reimbursements 136,424.43 2,078,239.87 13,644,697.01 25,640,757.88
iv Other System Adjustments - - - -
----------------- ----------------- ----------------- -----------------
v Total Principal Collections $ 90,357,977.51 $ 94,242,273.71 $ 96,571,008.62 $ 112,770,355.45
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,112,815.97 $ 1,460,174.04 $ 1,447,951.99 $ 1,502,305.68
ii Capitalized Interest (7,810,936.50) (7,149,599.49) (12,891,352.84) (15,197,207.12)
----------------- ----------------- ----------------- -----------------
iii Total Non-Cash Principal Activity $ (6,698,120.53) $ (5,689,425.45) $ (11,443,400.85) $ (13,694,901.44)
- ------------------------------------------------------ ----------------- ----------------- ----------------- -----------------
(-) Total Student Loan Principal Activity $ 83,659,856.98 $ 88,552,848.26 $ 85,127,607.77 $ 99,075,454.01
- ------------------------------------------------------ ----------------- ----------------- ----------------- -----------------
Student Loan Interest Activity
i Regular Interest Collections $ 29,361,368.21 $ 30,889,139.09 $ 30,948,506.97 $ 42,621,726.69
ii Interest Claims Received from Guarantors 1,481,874.93 1,634,141.40 910,823.41 31,586.14
iii Late Fee Reimbursements - - - -
iv Interest Reimbursements 16,208.24 32,904.69 221,585.93 382,323.72
v Other System Adjustments - - - -
vi Special Allowance Payments 529,230.24 833,721.99 607,103.80 248,953.19
vii Subsidy Payments 5,582,456.37 6,492,598.40 6,718,468.64 2,532,386.65
----------------- ----------------- ----------------- -----------------
viii Total Interest Collections $ 36,971,137.99 $ 39,882,505.57 $ 39,406,488.75 $ 45,816,976.39
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (679,094.72) $ (1,033,356.24) $ (1,219,435.19) $ (1,454,441.16)
ii Capitalized Interest 7,810,936.50 7,149,599.49 12,891,352.84 15,197,207.12
----------------- ----------------- ----------------- -----------------
iii Total Non-Cash Interest Adjustments $ 7,131,841.78 $ 6,116,243.25 $ 11,671,917.65 $ 13,742,765.96
----------------- ----------------- ----------------- -----------------
Total Student Loan Interest Activity $ 44,102,979.77 $ 45,998,748.82 $ 51,078,406.40 $ 59,559,742.35
(=) Ending Student Loan Portfolio Balance $2,061,353,270.16 $2,145,013,127.14 $2,233,565,975.40 $2,318,693,583.17
- ------------------------------------------------------ ----------------- ----------------- ----------------- -----------------
(+) Interest to be Capitalized $ 19,359,897.56 $ 18,836,505.02 $ 16,849,041.28 $ 20,216,612.25
- ------------------------------------------------------ ----------------- ----------------- ----------------- -----------------
- ------------------------------------------------------ ----------------- ----------------- ----------------- -----------------
(=) TOTAL POOL $2,080,713,167.72 $2,163,849,632.16 $2,250,415,016.68 $2,338,910,195.42
- ------------------------------------------------------ ----------------- ----------------- ----------------- -----------------
- ------------------------------------------------------ ----------------- ----------------- ----------------- -----------------
(+) Reserve Account Balance $ 5,409,624.08 $ 5,626,037.54 $ 5,847,275.49 $ 6,103,806.00
- ------------------------------------------------------ ----------------- ----------------- ----------------- -----------------
- ------------------------------------------------------ ----------------- ----------------- ----------------- -----------------
(=) Total Adjusted Pool $2,086,122,791.80 $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%
Jul-98 $ 2,080,713,168 6.51%
* "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: 6/30/98 Reporting Period: 4/1/98-6/30/98
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 3/31/98 Activity 6/30/98
-----------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
i Portfolio Balance $ 2,337,059,338.43 $ (53,064,079.92) $ 2,283,995,258.51
ii Interest to be Capitalized 48,617,280.06 47,349,504.64
------------------- -------------------
iii Total Pool $ 2,385,676,618.49 $ 2,331,344,763.15
iv Reserve Account Balance 6,081,774.81 5,964,191.55
------------------- -------------------
v Total Adjusted Pool $ 2,391,758,393.30 $2,337,308,954.70
=================== ===================
B i Weighted Average Coupon (WAC) 8.1912% 8.2020%
ii Weighted Average Remaining Term 115.84 114.18
iii Number of Loans 692,018 675,963
iv Number of Borrowers 260,121 253,624
-----------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 4/27/98 % of Pool Balance 7/27/98 % of Pool
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAR7 0.60% $ 1,320,947,740.08 54.146% $ 1,257,487,555.35 52.921%
ii A-2 Notes 78442GAS5 0.64% 1,028,500,000.00 42.159% 1,028,500,000.00 43.285%
iii Certificates 78442GAT3 0.83% 90,150,000.00 3.695% 90,150,000.00 3.794%
-----------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 2,439,597,740.08 100.000% $2,376,137,555.35 100.000%
=======================================================================================================================
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
D Reserve Account 4/27/98 7/27/98
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 5,964,191.55 $ 5,828,361.91
iv Reserve Account Floor Balance ($) $ 2,503,690.00 $ 2,503,690.00
v Current Reserve Acct Balance ($) $ 5,964,191.55 $ 5,828,361.91
------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-3
1
<PAGE>
- -------------------------------------------------------------------------------
II. 1997-3 Transactions from: 4/1/98 through: 6/30/98
- -------------------------------------------------------------------------------
A Student Loan Principal Activity
i Regular Principal Collections $44,496,259.11
ii Principal Collections from Guarantor $22,435,972.31
iii Principal Reimbursements $523,349.84
iv Other System Adjustments $0.00
-----------------
v Total Principal Collections $ 67,455,581.26
B Student Loan Non-Cash Principal Activity
i Other Adjustments $2,212,497.89
ii Capitalized Interest ($16,603,999.23)
-----------------
iii Total Non-Cash Principal Activity $ (14,391,501.34)
------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 53,064,079.92
------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $20,972,163.20
ii Interest Claims Received from Guarantors $1,430,615.52
iii Late Fee Reimbursements $39.86
iv Interest Reimbursements $14,244.93
v Other System Adjustments $0.00
vi Special Allowance Payments $585,375.19
vii Subsidy Payments $11,502,531.76
-----------------
viii Total Interest Collections $ 34,504,970.46
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($1,858,866.04)
ii Capitalized Interest $16,603,999.23
-----------------
iii Total Non-Cash Interest Adjustments $ 14,745,133.19
------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 49,250,103.65
------------------------------------------------------------------------
- -------------------------------------------------------------------------------
SLM Student Loan Trust 1997-3
2
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
III. 1997-3 Collection Account Activity 4/1/98 through 6/30/98
- --------------------------------------------------------------------------------------------------------------
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $66,932,231.42
ii Cash Forwarded by Administrator on behalf of Seller $168,789.64
iii Cash Forwarded by Administrator on behalf of Servicer $2,682.93
iv Cash Forwarded by Administrator for Consolidation Activity $351,877.27
----------------
v Total Principal Collections $ 67,455,581.26
B Interest Collections
i Interest Payments Received-Cash $34,490,685.67
ii Cash Forwarded by Administrator on behalf of Seller $(14,732.98)
iii Cash Forwarded by Administrator on behalf of Servicer $23,956.27
iv Cash Forwarded by Administrator for Consolidation Activity $5,021.64
v Cash Forwarded by Administrator for Late Fee Activity $39.86
----------------
vi Total Interest Collections $34,504,970.46
C Other Reimbursements $134,677.14
D Administrator Account Investment Income $717,120.76
E Return funds borrowed for previous distribution $0.00
F TOTAL FUNDS RECEIVED $102,812,349.62
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($3,102,535.85)
---------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 99,709,813.77
---------------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $1,041,049.02
ii Percentage of Principal Calculation $1,532,953.44
iii Lesser of Unit or Principal Calculation $1,041,049.02
H Servicing Fees Due for Current Period $1,532,953.44
I Carryover Servicing Fees Due (1) $0.00
APR 1998 Servicing Carryover $0.00
MAY 1998 Servicing Carryover $0.00
JUN 1998 Servicing Carryover $0.00
------------
TOTAL: Carryover Servicing Fee Due $0.00
============
Less: Servicing ADJ [A iii + B iii] ($26,639.20)
J Administration Fees Due $ 20,000.00
---------------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,526,314.24
---------------------------------------------------------------------------------------------------------
(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 3/31/98 6/30/98 3/31/98 6/30/98 3/31/98 6/30/98
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.832% 7.827% 119,959 82,002 17.335% 12.131%
Grace
Current 7.869% 7.844% 28,213 44,954 4.077% 6.650%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.838% 7.833% 148,172 126,956 21.412% 18.782%
- -----------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.318% 8.316% 333,149 360,486 48.142% 53.329%
31-60 Days Delinquent 8.326% 8.324% 23,142 26,474 3.344% 3.916%
61-90 Days Delinquent 8.300% 8.307% 17,077 13,717 2.468% 2.029%
91-120 Days Delinquent 8.281% 8.308% 12,397 6,927 1.791% 1.025%
Greater than 120 Days Delinquent 8.295% 8.289% 12,179 12,274 1.760% 1.816%
Deferment
Current 8.223% 8.214% 89,775 76,894 12.973% 11.375%
Forbearance
Current 8.323% 8.326% 50,298 47,445 7.268% 7.019%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.300% 8.301% 538,017 544,217 77.746% 80.510%
- -----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.284% 8.134% 5819 4,775 0.841% 0.706%
Aged Claims Rejected (2) 8.250% 8.135% 10 15 0.001% 0.002%
- -----------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.191% 8.202% 692,018 675,963 100.00% 100.00%
- -----------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------
Principal Amount %
-----------------------------------------------------------------------------------
3/31/98 6/30/98 3/31/98 6/30/98
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 442,190,507.79 $ 296,538,594.35 18.921% 12.983%
Grace
Current $ 89,814,444.43 $ 167,613,639.90 3.843% 7.339%
- -------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 532,004,952.22 $ 464,152,234.25 22.764% 20.322%
- -------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 1,054,470,414.09 $ 1,148,824,145.81 45.120% 50.299%
31-60 Days Delinquent $ 72,634,266.46 $ 83,170,389.31 3.108% 3.641%
61-90 Days Delinquent $ 54,597,280.29 $ 41,450,692.98 2.336% 1.815%
91-120 Days Delinquent $ 39,178,272.74 $ 20,771,404.50 1.676% 0.909%
Greater than 120 Days Delinquent $ 34,472,061.14 $ 36,244,180.75 1.475% 1.587%
Deferment
Current $ 325,148,189.26 $ 282,661,834.74 13.913% 12.376%
Forbearance
Current $ 209,276,107.57 $ 194,688,125.23 8.955% 8.524%
- -------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 1,789,776,591.55 $ 1,807,810,773.32 76.582% 79.152%
- -------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 15,263,759.55 $ 12,000,292.95 0.653% 0.525%
Aged Claims Rejected (2) $ 14,035.11 $ 31,957.99 0.001% 0.001%
- -------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 2,337,059,338.43 $ 2,283,995,258.51 100.00% 100.00%
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
SLM Student Loan Trust 1997-3
4
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
V. 1997-3 Portfolio Characteristics by School and Program 6/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
-------------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ----------------------------
STATUS
- ----------------------------
INTERIM:
In School
Current 7.518% 3.676% 0.000% 0.000% 0.668% 0.278% 0.000% 0.000%
Grace
Current 4.332% 2.120% 0.000% 0.000% 0.356% 0.149% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 11.850% 5.796% 0.000% 0.000% 1.024% 0.427% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 27.978% 8.811% 4.400% 2.384% 1.844% 0.734% 0.197% 0.150%
31-60 Days Delinquent 1.823% 0.537% 0.277% 0.222% 0.220% 0.074% 0.020% 0.024%
61-90 Days Delinquent 0.879% 0.256% 0.097% 0.102% 0.134% 0.043% 0.006% 0.012%
91-120 Days Delinquent 0.429% 0.138% 0.042% 0.054% 0.068% 0.022% 0.002% 0.005%
Greater than
120 Days Delinquent 0.755% 0.245% 0.042% 0.086% 0.136% 0.050% 0.002% 0.010%
Deferment
Current 6.586% 2.059% 0.679% 1.359% 0.503% 0.188% 0.024% 0.086%
Forbearance
Current 4.438% 1.574% 0.296% 1.066% 0.313% 0.120% 0.011% 0.043%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 42.888% 13.619% 5.832% 5.273% 3.218% 1.230% 0.261% 0.330%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.212% 0.059% 0.011% 0.028% 0.045% 0.020% 0.001% 0.003%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 54.951% 19.475% 5.843% 5.302% 4.287% 1.677% 0.262% 0.333%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.571% 6.559%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<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 0.366% 0.261% 0.000% 0.000% 0.112% 0.106% 0.000% 0.000%
Grace
Current 0.193% 0.112% 0.000% 0.000% 0.043% 0.033% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.559% 0.373% 0.000% 0.000% 0.155% 0.139% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.845% 1.086% 0.282% 0.233% 0.205% 0.084% 0.010% 0.055%
31-60 Days Delinquent 0.235% 0.130% 0.022% 0.032% 0.012% 0.007% 0.000% 0.006%
61-90 Days Delinquent 0.159% 0.093% 0.011% 0.018% 0.003% 0.002% 0.000% 0.001%
91-120 Days Delinquent 0.082% 0.047% 0.003% 0.012% 0.002% 0.002% 0.000% 0.001%
Greater than
120 Days Delinquent 0.147% 0.087% 0.005% 0.015% 0.005% 0.002% 0.000% 0.000%
Deferment
Current 0.316% 0.178% 0.009% 0.087% 0.152% 0.079% 0.002% 0.071%
Forbearance
Current 0.283% 0.174% 0.014% 0.049% 0.073% 0.038% 0.001% 0.032%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.067% 1.796% 0.345% 0.445% 0.452% 0.214% 0.013% 0.166%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.080% 0.049% 0.002% 0.006% 0.005% 0.002% 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 3.705% 2.218% 0.347% 0.451% 0.612% 0.355% 0.013% 0.169%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 6.721% 1.149%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</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 11.194% 0.946% 0.626% 0.217% 12.983%
Grace
Current 6.452% 0.505% 0.306% 0.076% 7.339%
- -----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 17.646% 1.451% 0.932% 0.293% 20.322%
- -----------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 43.573% 2.926% 3.446% 0.355% 50.299%
31-60 Days Delinquent 2.859% 0.338% 0.419% 0.025% 3.641%
61-90 Days Delinquent 1.334% 0.195% 0.281% 0.005% 1.815%
91-120 Days Delinquent 0.663% 0.097% 0.144% 0.006% 0.909%
Greater than 120 Days Delinquent 1.127% 0.198% 0.254% 0.007% 1.587%
Deferment
Current 10.683% 0.801% 0.588% 0.304% 12.376%
Forbearance
Current 7.374% 0.486% 0.520% 0.144% 8.524%
- -----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 67.613% 5.040% 5.653% 0.846% 79.152%
- -----------------------------------------------------------------------------------------------------------------
Claims in process (1) 0.311% 0.068% 0.136% 0.010% 0.525%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.001%
- -----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.571% 6.559% 6.721% 1.149% 100.000%
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-3
5
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
VI. 1997-3 Interest Calculation
- -------------------------------------------------------------------------------------------------------------------
<S> <C>
A Borrower Interest Accrued During Collection Period $35,980,886.72
B Interest Subsidy Payments Accrued During Collection Period $10,844,761.36
C SAP Payments Accrued During Collection Period $360,013.84
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $125,756.09
E Investment Earnings (ADMINISTRATOR ACT) $717,120.76
-----------
F Net Expected Interest Collections $ 48,028,538.77
G Student Loan Rate
i Days in Collection Period (4/1/98-6/30/98) 91
ii Days in Year 365
iii Net Expected Interest Collections $ 48,028,538.77
iv Primary Servicing Fee $ 4,635,489.29
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 2,385,676,618.49
vii Student Loan Rate 7.29222%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<C> <S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.72657%
I Class A-1 Interest Rate 0.014277205 (4/27/98-7/27/98) 5.72657%
J Class A-2 T-Bill Based Interest Rate 5.76657%
K Class A-2 Interest Rate 0.014376932 (4/27/98-7/27/98) 5.76657%
L Certificate T-Bill Based Rate of Return 5.95657%
M Certificate Rate of Return 0.014850630 (4/27/98-7/27/98) 5.95657%
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-3
6
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VII. 1997-3 Inputs From Previous Quarterly Servicing Reports 3/31/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 2,337,059,338.43
ii Interest To Be Capitalized 48,617,280.06
--------------------
iii Total Pool $ 2,385,676,618.49
iv Reserve Account Balance 6,081,774.81
--------------------
v Total Adjusted Pool $ 2,391,758,393.30
====================
B Total Note and Certificate Factor 0.94741659809
C Total Note and Certificate Balance $ 2,439,597,740.08
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
D Note Balance 4/27/98 Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor 4/27/98 0.9070262918 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,320,947,740.08 $ 1,028,500,000.00 $ 90,150,000.00
E Note Principal Shortfall $ 47,839,346.78 $ 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 $ 5,964,191.55
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>
SML 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) $ 99,971,399.50 $ 99,971,399.50
B Primary Servicing Fees-Current Month $ 1,506,314.24 $ 98,465,085.26
C Administration Fee $ 20,000.00 $ 98,445,085.26
D Noteholder's Interest Distribution Amount
i Class A-1 $ 18,859,441.68 $ 79,585,643.58
ii Class A-2 $ 14,786,674.56 $ 64,798,969.02
---------------
iii Total Noteholder's Interest Distribution $ 33,646,116.24
E Certificateholder's Return Distribution Amount $ 1,338,784.29 $ 63,460,184.73
F Noteholder's Principal Distribution Amount
i Class A-1 $ 63,460,184.73 $ (0.00)
ii Class A-2 $ 0.00 $ (0.00)
---------------
iii Total Noteholder's Principal Distribution $ 63,460,184.73
G Certificateholder's Balance Distribution Amount $ 0.00 $ (0.00)
H Increase to the Specified Reserve Account Balance $ 0.00 $ 0.00
I Carryover Servicing Fees $ 0.00 $ 0.00
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 0.00
i Class A-2 $ 0.00 $ 0.00
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 0.00
L Excess to Reserve Account $ 0.00 $ 0.00
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-3
8
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IX. 1997-3 Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
i Quarterly Interest Due $18,859,441.68 $14,786,674.56 $1,338,784.29
ii Quarterly Interest Paid $18,859,441.68 $14,786,674.56 $1,338,784.29
-------------- -------------- -------------
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 $102,288,785.38 $0.00 $0.00
viii Quarterly Principal Paid $63,460,184.73 $0.00 $0.00
-------------- ----- -----
ix Quarterly Principal Shortfall $38,828,600.65 $0.00 $0.00
----------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 82,319,626.41 $ 14,786,674.56 $ 1,338,784.29
----------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 6/30/98 $2,439,597,740.08
ii Adjusted Pool Balance 6/30/98 2,337,308,954.70
-----------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 102,288,785.38
-----------------
iv Principal Distribution Amount $ 63,460,184.73
=================
C Total Principal Distribution $ 63,460,184.73
D Total Interest Distribution 34,984,900.53
-----------------
E Total Cash Distributions-Note and Certificates $ 98,445,085.26
<CAPTION>
-------------------------------------------------------------------------------------
F Note & Certificate Balances 4/27/98 7/27/98
-------------------------------------------------------------------------------------
<C> <S> <C> <C>
i A-1 Note Balance (78442GAR7) $ 1,320,947,740.08 $ 1,257,487,555.35
A-1 Note Pool Factor 0.9070262918 0.8634514748
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>
<C> <S> <C>
G Reserve Account Reconciliation
i Beginning of Period Balance $ 5,964,191.55
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ -
iv Total Reserve Account Balance Available $ 5,964,191.55
v Required Reserve Account Balance $ 5,828,361.91
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to Waterfall $ 135,829.64
viii Ending Reserve Account Balance $ 5,828,361.91
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-3
9
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
X. 1997-3 Historical Pool Information
- ------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------
4/1/98-6/30/98 1/1/98-3/31/98 8/25/97 - 12/31/97
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Beginning Student Loan Portfolio Balance $ 2,337,059,338.43 $ 2,388,313,848.15 $ 2,447,417,365.32
-------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 44,496,259.11 $ 41,364,168.73 $ 49,821,559.10
ii Principal Collections from Guarantor 22,435,972.31 $ 12,122,468.67 1,440,820.82
iii Principal Reimbursements 523,349.84 $ 7,442,259.23 39,007,052.38
iv Other System Adjustments - $ - -
----------------------------------------------------------------
v Total Principal Collections $ 67,455,581.26 $ 60,928,896.63 $ 90,269,432.30
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,212,497.89 $ 2,555,374.02 $ 3,533,441.93
ii Capitalized Interest (16,603,999.23) $ (12,229,760.93) (34,699,357.06)
----------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (14,391,501.34) $ (9,674,386.91) $ (31,165,915.13)
-------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 53,064,079.92 $ 51,254,509.72 $ 59,103,517.17
-------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 20,972,163.20 $ 21,038,371.81 $ 24,529,728.52
ii Interest Claims Received from Guarantors 1,430,615.52 $ 688,404.64 34,126.30
iii Late Fee Reimbursements 39.86 $ 3.65 9.92
iv Interest Reimbursements 14,244.93 $ 129,611.49 799,423.02
v Other System Adjustments - $ - -
vi Special Allowance Payments 585,375.19 $ 873,577.62 232,534.47
vii Subsidy Payments 11,502,531.76 $ 14,632,177.89 6,806,739.23
----------------------------------------------------------------
viii Total Interest Collections $ 34,504,970.46 $ 37,362,147.10 $ 32,402,561.46
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,858,866.04) $ (2,362,445.96) $ (3,498,891.99)
ii Capitalized Interest 16,603,999.23 $ 12,229,760.93 34,699,357.06
----------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 14,745,133.19 $ 9,867,314.97 $ 31,200,465.07
----------------------------------------------------------------
Total Student Loan Interest Activity $ 49,250,103.65 $ 47,229,462.07 $ 63,603,026.53
(=) Ending Student Loan Portfolio Balance $ 2,283,995,258.51 $ 2,337,059,338.43 $ 2,388,313,848.15
-------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 47,349,504.64 $ 48,617,280.06 $ 44,396,075.77
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 2,331,344,763.15 $ 2,385,676,618.49 $ 2,432,709,923.92
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 5,964,191.55 $ 6,081,774.81 $ 6,259,224.00
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 2,337,308,954.70 $ 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%
Jul-98 $ 2,331,344,763 4.50%
* "Since Issued CPR" is based on the current period's ending pool
balance calculated against the original pool balance and assuming
cutoff date pool data.
- --------------------------------------------------------------------------------
SLM Student Loan Trust 1997-3
11
<PAGE>
SLM Student Loan Trust 1997-4
Quarterly Servicing Report
Report Date: 6/30/98 Reporting Period: 4/1/98-6/30/98
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 3/31/98 Activity 6/30/98
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Portfolio Balance $ 2,372,502,462.70 $ (48,028,965.54) $ 2,324,473,497.16
ii Interest to be Capitalized 40,483,617.83 39,109,031.25
------------------- -------------------
iii Total Pool $ 2,412,986,080.53 $ 2,363,582,528.41
iv Reserve Account Balance 6,256,599.00 6,032,465.20
------------------- -------------------
v Total Adjusted Pool $ 2,419,242,679.53 $ 2,369,614,993.61
=================== ===================
B i Weighted Average Coupon (WAC) 8.1674% 8.1815%
ii Weighted Average Remaining Term 115.61 113.88
iii Number of Loans 751,498 737,547
iv Number of Borrowers 280,223 274,645
--------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 4/27/98 % of Pool Balance 7/27/98 % of Pool
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAU0 0.75% $ 1,406,295,314.81 56.587% $ 1,349,105,627.85 55.564%
ii A-2 Notes 78442GAV8 0.75% 989,000,000.00 39.795% 989,000,000.00 40.733%
iii Certificates 78442GAW6 1.05% 89,900,000.00 3.618% 89,900,000.00 3.703%
---------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 2,485,195,314.81 100.000% $ 2,428,005,627.85 100.000%
===========================================================================================================================
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
D Reserve Account 4/27/98 7/27/98
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 6,032,465.20 $ 5,908,956.32
iv Reserve Account Floor Balance ($) $ 2,502,640.00 $ 2,502,640.00
v Current Reserve Acct Balance ($) $ 6,032,465.20 $ 5,908,956.32
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-4
1
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
II. 1997-4 Transactions from: 4/1/97 through: 6/30/98
- ----------------------------------------------------------------------------------------------------
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $46,264,811.82
ii Principal Collections from Guarantor $15,326,918.91
iii Principal Reimbursements $426,956.50
iv Other System Adjustments $0.00
-------------------
v Total Principal Collections $ 62,018,687.23
B Student Loan Non-Cash Principal Activity
i Other Adjustments $1,630,543.84
ii Capitalized Interest ($15,620,265.53)
-------------------
iii Total Non-Cash Principal Activity $ (13,989,721.69)
-------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 48,028,965.54
-------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 22,338,402.12
ii Interest Claims Received from Guarantors $940,134.03
iii Late Fee Reimbursements $0.00
iv Interest Reimbursements $11,108.97
v Other System Adjustments $0.00
vi Special Allowance Payments $572,883.71
vii Subsidy Payments $11,528,387.43
-------------------
viii Total Interest Collections $ 35,390,916.26
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $(1,387,131.58)
ii Capitalized Interest $15,620,265.53
-------------------
iii Total Non-Cash Interest Adjustments $ 14,233,133.95
-------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 49,624,050.21
-------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-4
2
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
III. 1997-4 Collection Account Activity 4/1/97 through 6/30/98
- ------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
A Principal Collections
i Principal Payments Received-Cash $61,591,730.73
ii Cash Forwarded by Administrator on behalf of Seller $169,725.33
iii Cash Forwarded by Administrator on behalf of Servicer $(20,683.64)
iv Cash Forwarded by Administrator for Consolidation Activity $277,914.81
-----------------
v Total Principal Collections $ 62,018,687.23
B Interest Collections
i Interest Payments Received-Cash $35,379,807.29
ii Cash Forwarded by Administrator on behalf of Seller $435.40
iii Cash Forwarded by Administrator on behalf of Servicer $6,976.28
iv Cash Forwarded by Administrator for Consolidation Activity $3,697.29
v Cash Forwarded by Administrator for Late Fee Activity $0.00
-----------------
vi Total Interest Collections $35,390,916.26
C Other Reimbursements $141,134.09
D Administrator Account Investment Income $880,576.76
E Return funds borrowed for previous distribution $0.00
F TOTAL FUNDS RECEIVED $ 98,431,314.34
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $(3,348,534.06)
-----------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 95,082,780.28
-----------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $1,122,866.08
ii Percentage of Principal Calculation $1,657,029.20
iii Lesser of Unit or Principal Calculation $1,122,866.08
H Servicing Fees Due for Current Period $1,657,029.20
I Carryover Servicing Fees Due(1) $0.00
APR 1998 Servicing Carryover $0.00
MAY 1998 Servicing Carryover $0.00
JUN 1998 Servicing Carryover $0.00
-------------
TOTAL: Carryover Servicing Fee Due $0.00
=============
Less: Servicing ADJ [A iii + B iii] $13,707.36
J Administration Fees Due $ 20,000.00
-----------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,690,736.56
-----------------------------------------------------------------------------------------------------
(1) No Carryover Servicing Fees due before the October 2001 payment date
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-4
3
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
IV. 1997-4 Portfolio Characteristics
- ------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- -------------------------------------------------------------------------------------------------------------------
STATUS 3/31/98 6/30/98 3/31/98 6/30/98 3/31/98 6/30/98
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.827% 7.822% 126,714 88,828 16.862% 12.044%
Grace
Current 7.837% 7.838% 33,436 45,829 4.449% 6.214%
- -------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.829% 7.827% 160,150 134,657 21.311% 18.257%
- -------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.289% 8.287% 373,158 408,687 49.655% 55.412%
31-60 Days Delinquent 8.303% 8.303% 24,588 27,169 3.272% 3.684%
61-90 Days Delinquent 8.285% 8.295% 18,954 14,003 2.522% 1.899%
91-120 Days Delinquent 8.258% 8.277% 16,518 7,431 2.198% 1.008%
greater than 120 Days
Delinquent 8.282% 8.269% 12,151 15,274 1.617% 2.071%
Deferment
Current 8.157% 8.151% 88,086 76,653 11.721% 10.393%
Forbearance
Current 8.287% 8.293% 54,370 49,134 7.235% 6.662%
- -------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.267% 8.269% 587,825 598,351 78.220% 81.127%
- -------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.274% 11.328% 3,523 4,538 0.469% 0.615%
Aged Claims Rejected (2) 0.000% 8.000% 0 1 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.167% 8.181% 751,498 737,547 100.00% 100.00%
- -------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------------
Principal Amount %
- ------------------------------------------------------------------------------------------------------------------------
STATUS 3/31/98 6/30/98 3/31/98 6/30/98
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 418,533,716.27 $ 288,670,791.14 17.641% 12.419%
Grace
Current $ 103,657,389.58 $ 154,042,137.16 4.369% 6.627%
- ------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 522,191,105.85 $ 442,712,928.30 22.010% 19.046%
- ------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 1,117,799,138.48 $ 1,230,846,435.10 47.115% 52.952%
31-60 Days Delinquent $ 72,336,600.77 $ 81,596,571.65 3.049% 3.510%
61-90 Days Delinquent $ 56,808,123.47 $ 40,495,697.03 2.394% 1.742%
91-120 Days Delinquent $ 50,211,834.89 $ 21,007,923.17 2.116% 0.904%
greater than 120 Days
Delinquent $ 32,880,640.24 $ 42,980,928.27 1.386% 1.849%
Deferment
Current $ 305,274,124.89 $ 268,762,494.67 12.867% 11.562%
Forbearance
Current $ 205,811,217.12 $ 184,300,479.76 8.675% 7.929%
- ------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 1,841,121,679.86 $ 1,869,990,529.65 77.602% 80.448%
- ------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 9,189,676.99 $ 11,769,127.28 0.388% 0.506%
Aged Claims Rejected (2) $ - $ 911.93 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 2,372,502,462.70 $ 2,324,473,497.16 100.00% 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 1997-4
4
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
V. 1997-4 Portfolio Characteristics by School and Program 6/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 7.439% 3.285% 0.000% 0.000% 0.792% 0.379% 0.000% 0.000%
Grace
Current 3.984% 1.687% 0.000% 0.000% 0.416% 0.193% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 11.423% 4.972% 0.000% 0.000% 1.208% 0.572% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 30.743% 9.917% 3.153% 1.727% 2.452% 1.029% 0.176% 0.141%
31-60 Days Delinquent 1.818% 0.554% 0.208% 0.162% 0.241% 0.095% 0.008% 0.018%
61-90 Days Delinquent 0.866% 0.251% 0.082% 0.082% 0.130% 0.050% 0.006% 0.011%
91-120 Days Delinquent 0.457% 0.127% 0.024% 0.040% 0.079% 0.029% 0.002% 0.005%
greater than 120 Days
Delinquent 0.912% 0.298% 0.028% 0.066% 0.188% 0.074% 0.002% 0.010%
Deferment
Current 6.418% 2.080% 0.455% 1.021% 0.520% 0.202% 0.016% 0.069%
Forbearance
Current 4.330% 1.514% 0.213% 0.715% 0.353% 0.138% 0.009% 0.044%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 45.544% 14.740% 4.162% 3.813% 3.963% 1.615% 0.218% 0.298%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.222% 0.076% 0.009% 0.019% 0.056% 0.027% 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 57.189% 19.789% 4.171% 3.832% 5.227% 2.215% 0.219% 0.301%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 84.981% 7.962%
- ------------------------------------------------------------------------------------------------------------------------------------
<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 0.220% 0.178% 0.000% 0.000% 0.074% 0.053% 0.000% 0.000%
Grace
Current 0.176% 0.127% 0.000% 0.000% 0.022% 0.021% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.396% 0.305% 0.000% 0.000% 0.096% 0.074% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.817% 1.009% 0.352% 0.201% 0.138% 0.066% 0.006% 0.025%
31-60 Days Delinquent 0.213% 0.120% 0.018% 0.030% 0.011% 0.007% 0.000% 0.006%
61-90 Days Delinquent 0.142% 0.086% 0.010% 0.020% 0.004% 0.003% 0.000% 0.000%
91-120 Days Delinquent 0.078% 0.046% 0.004% 0.008% 0.004% 0.001% 0.000% 0.002%
greater than 120 Days
Delinquent 0.153% 0.096% 0.003% 0.012% 0.003% 0.002% 0.000% 0.001%
Deferment
Current 0.261% 0.144% 0.010% 0.062% 0.141% 0.094% 0.001% 0.067%
Forbearance
Current 0.265% 0.162% 0.016% 0.037% 0.064% 0.037% 0.005% 0.026%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 2.930% 1.664% 0.413% 0.370% 0.367% 0.210% 0.012% 0.127%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.054% 0.032% 0.001% 0.003% 0.001% 0.001% 0.000% 0.000%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 3.380% 2.001% 0.414% 0.374% 0.464% 0.285% 0.012% 0.127%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 6.169% 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 10.724% 1.171% 0.398% 0.126% 12.419%
Grace
Current 5.672% 0.609% 0.303% 0.043% 6.627%
- ---------------------------------------------------------------------------------------------------------
TOTAL INTERIM 16.395% 1.780% 0.701% 0.170% 19.046%
- ---------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 45.540% 3.798% 3.379% 0.234% 52.952%
31-60 Days Delinquent 2.743% 0.361% 0.382% 0.025% 3.510%
61-90 Days Delinquent 1.280% 0.196% 0.259% 0.007% 1.742%
91-120 Days Delinquent 0.648% 0.113% 0.136% 0.007% 0.904%
greater than 120 Days
Delinquent 1.304% 0.275% 0.264% 0.006% 1.849%
Deferment
Current 9.974% 0.807% 0.477% 0.304% 11.562%
Forbearance
Current 6.772% 0.544% 0.481% 0.132% 7.929%
- ---------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 68.259% 6.095% 5.378% 0.716% 80.448%
- ---------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.327% 0.086% 0.091% 0.002% 0.506%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 84.981% 7.962% 6.169% 0.888% 100.000%
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-4
5
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VI. 1997-4 Interest Calculation
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
A Borrower Interest Accrued During Collection Period $36,678,228.13
B Interest Subsidy Payments Accrued During Collection Period $10,819,230.45
C SAP Payments Accrued During Collection Period $335,757.28
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $152,413.54
E Investment Earnings (ADMINISTRATOR ACT) $880,576.76
-----------
F Net Expected Interest Collections $ 48,866,206.16
G Student Loan Rate
i Days in Collection Period (4/1/98-6/30/98) 91
ii Days in Year 365
iii Net Expected Interest Collections $ 48,866,206.16
iv Primary Servicing Fee $ 5,005,563.26
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 2,412,986,080.53
vii Student Loan Rate 7.28742%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<C> <S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.87657%
I Class A-1 Interest Rate 0.014651178 (4/27/98-7/27/98) 5.87657%
J Class A-2 T-Bill Based Interest Rate 5.87657%
K Class A-2 Interest Rate 0.014651178 (4/27/98-7/27/98) 5.87657%
L Certificate T-Bill Based Rate of Return 6.17657%
M Certificate Rate of Return 0.015399123 (4/27/98-7/27/98) 6.17657%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-4
6
<PAGE>
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------------------
VII. 1997-4 Inputs From Previous Quarterly Servicing Reports 3/31/98
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 2,372,502,462.70
ii Interest To Be Capitalized 40,483,617.83
------------------
iii Total Pool $ 2,412,986,080.53
iv Reserve Account Balance 6,256,599.00
------------------
v Total Adjusted Pool $ 2,419,242,679.53
==================
B Total Note and Certificate Factor 0.96816989942
C Total Note and Certificate Balance $ 2,485,195,314.81
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
D Note Balance 4/27/98 Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
i Current Factor 4/27/98 0.9450909374 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,406,295,314.81 $ 989,000,000.00 $ 89,900,000.00
E Note Principal Shortfall $ 65,952,635.28 $ 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 $ 6,032,465.20
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) $ 95,358,702.70 $ 95,358,702.70
B Primary Servicing Fees-Current Month $ 1,670,736.56 $ 93,687,966.14
C Administration Fee $ 20,000.00 $ 93,667,966.14
D Noteholder's Interest Distribution Amount
i Class A-1 $ 20,603,882.98 $ 73,064,083.16
ii Class A-2 $ 14,490,015.04 $ 58,574,068.12
---------------
iii Total Noteholder's Interest Distribution $ 35,093,898.02
E Certificateholder's Return Distribution Amount $ 1,384,381.16 $ 57,189,686.96
F Noteholder's Principal Distribution Amount
i Class A-1 $ 57,189,686.96 $ (0.00)
ii Class A-2 $ 0.00 $ (0.00)
---------------
iii Total Noteholder's Principal Distribution $ 57,189,686.96
G Certificateholder's Balance Distribution Amount $ 0.00 $ (0.00)
H Increase to the Specified Reserve Account Balance $ 0.00 $ 0.00
I Carryover Servicing Fees $ 0.00 $ 0.00
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 0.00
ii Class A-2 $ 0.00 $ 0.00
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 0.00
L Excess to Reserve Account $ 0.00 $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-4
8
<PAGE>
- --------------------------------------------------------------------------------
IX. 1997-4 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
--------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
i Quarterly Interest Due $20,603,882.98 $14,490,015.04 $1,384,381.16
ii Quarterly Interest Paid $20,603,882.98 $14,490,015.04 $1,384,381.16
-------------- -------------- -------------
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 $115,580,321.20 $0.00 $0.00
viii Quarterly Principal Paid $57,189,686.96 $0.00 $0.00
-------------- ----- -----
ix Quarterly Principal Shortfall $58,390,634.24 $0.00 $0.00
--------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 77,793,569.94 $ 14,490,015.04 $ 1,384,381.16
--------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 6/30/98 $ 2,485,195,314.81
ii Adjusted Pool Balance 6/30/98 2,369,614,993.61
------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 115,580,321.20
------------------
iv Principal Distribution Amount $ 57,189,686.96
==================
C Total Principal Distribution $ 57,189,686.96
D Total Interest Distribution 36,478,279.18
------------------
E Total Cash Distributions-Note and Certificates $ 93,667,966.14
<CAPTION>
---------------------------------------------------------------------------------------
F Note & Certificate Balances 4/27/98 7/27/98
---------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
i A-1 Note Balance (78442GAU0) $ 1,406,295,314.81 $ 1,349,105,627.85
A-1 Note Pool Factor 0.9450909374 0.9066570080
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
---------------------------------------------------------------------------------------
<CAPTION>
<C> <S> <C>
G Reserve Account Reconciliation
i Beginning of Period Balance $ 6,032,465.20
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ -
iv Total Reserve Account Balance Available $ 6,032,465.20
v Required Reserve Account Balance $ 5,908,956.32
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to Waterfall $ 123,508.88
viii Ending Reserve Account Balance $ 5,908,956.32
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1997-4 9
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
X. 1997-4 Historical Pool Information
- --------------------------------------------------------------------------------------------------------------------------
----------------------------------------------
4/1/98-6/30/98 10/27/97-3/31/98
--------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 2,372,502,462.70 $ 2,443,276,738.87
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 46,264,811.82 $ 74,599,347.53
ii Principal Collections from Guarantor 15,326,918.91 3,052,448.99
iii Principal Reimbursements 426,956.50 33,642,034.51
iv Other System Adjustments - -
----------------------------------------------
v Total Principal Collections $ 62,018,687.23 $ 111,293,831.03
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,630,543.84 $ 3,636,486.74
ii Capitalized Interest (15,620,265.53) (44,156,041.60)
----------------------------------------------
iii Total Non-Cash Principal Activity $ (13,989,721.69) ($40,519,554.86)
--------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 48,028,965.54 $ 70,774,276.17
--------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 22,338,402.12 $ 34,622,975.83
ii Interest Claims Received from Guarantors 940,134.03 102,472.19
iii Late Fee Reimbursements - 86.82
iv Interest Reimbursements 11,108.97 572,973.03
v Other System Adjustments - -
vi Special Allowance Payments 572,883.71 622,057.05
vii Subsidy Payments 11,528,387.43 10,334,525.07
----------------------------------------------
viii Total Interest Collections $ 35,390,916.26 $ 46,255,089.99
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,387,131.58) $ (3,586,478.16)
ii Capitalized Interest 15,620,265.53 44,156,041.60
----------------------------------------------
iii Total Non-Cash Interest Adjustments $ 14,233,133.95 $ 40,569,563.44
----------------------------------------------
Total Student Loan Interest Activity $ 49,624,050.21 $ 86,824,653.43
(=) Ending Student Loan Portfolio Balance $ 2,324,473,497.16 $ 2,372,502,462.70
--------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 39,109,031.25 $ 40,483,617.83
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 2,363,582,528.41 $ 2,412,986,080.53
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 6,032,465.20 $ 6,256,599.00
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 2,369,614,993.61 $ 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%
Jul-98 $ 2,363,582,528 4.42%
* "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
<PAGE>
SLM Student Loan Trust 1998-1
Quarterly Servicing Report
<TABLE>
<CAPTION>
Report Date: 6/30/98 Reporting Period: 2/9/98-6/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
A Student Loan Portfolio Characteristics 2/9/98 Activity 6/30/98
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Portfolio Balance $ 2,949,265,754.91 $ (70,639,895.11) $ 2,878,625,859.80
ii Interest to be Capitalized 49,895,104.80 48,049,973.40
------------------------ -----------------------
iii Total Pool $ 2,999,160,859.71 $ 2,926,675,833.20
iv Reserve Account Balance - 7,497,902.00
------------------------ -----------------------
v Total Adjusted Pool $ 2,999,160,859.71 $ 2,934,173,735.20
======================== =======================
B i Weighted Average Coupon (WAC) 8.2323% 8.2599%
ii Weighted Average Remaining Term 121.10 118.86
iii Number of Loans 761,259 747,984
iv Number of Borrowers 325,034 319,324
------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
C Notes and Certificates Spread Balance 3/19/98 % of Pool Balance 7/27/98 % of Pool
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
i A-1 Notes 78442GAX4 0.71% $ 1,713,100,000.00 56.275% $ 1,630,402,588.51 55.054%
ii A-2 Notes 78442GAY2 0.76% 1,224,500,000.00 40.225% 1,224,500,000.00 41.348%
iii Certificates 78442GAZ9 0.97% 106,550,000.00 3.500% 106,550,000.00 3.598%
========================================================================================================================
iv Total Notes and Certificates $ 3,044,150,000.00 100.000% $ 2,961,452,588.51 100.000%
========================================================================================================================
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
D Reserve Account 3/19/98 7/27/98
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($) $ 7,497,902.00
iii Specified Reserve Acct Balance ($) $ 7,316,689.58
iv Reserve Account Floor Balance ($) $ 2,999,161.00 $ 2,999,161.00
v Current Reserve Acct Balance ($) $ 7,497,902.00 $ 7,316,689.58
-------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
II. 1998-1 Transactions from: 2/9/98 through 6/30/98
- --------------------------------------------------------------------------------------------------
<C> <S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 93,921,131.21
ii Principal Collections from Guarantor $ 3,138,024.59
iii Principal Reimbursements $ 1,814,535.76
iv Other System Adjustments $ 0.00
-------------------------
v Total Principal Collections $ 98,873,691.56
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 3,337,507.27
ii Capitalized Interest $ (31,571,303.72)
-------------------------
iii Total Non-Cash Principal Activity $ (28,233,796.45)
-----------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 70,639,895.11
-----------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 44,938,562.74
ii Interest Claims Received from Guarantors $ 94,728.01
iii Late Fee Reimbursements $ 0.00
iv Interest Reimbursements $ 62,121.23
v Other System Adjustments $ 0.00
vi Special Allowance Payments $ 372,440.71
vii Subsidy Payments $ 7,591,720.01
-------------------------
viii Total Interest Collections $ 53,059,572.70
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (3,259,690.27)
ii Capitalized Interest $ 31,571,303.72
-------------------------
iii Total Non-Cash Interest Adjustments $ 28,311,613.45
-----------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 81,371,186.15
-----------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1998-1 2
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
III. 1998-1 Collection Account Activity 2/9/98 through 6/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $97,059,155.80
ii Cash Forwarded by Administrator on behalf of Seller $1,319,482.91
iii Cash Forwarded by Administrator on behalf of Servicer $3,802.34
iv Cash Forwarded by Administrator for Consolidation Activity $491,250.51
-------------------------
v Total Principal Collections $ 98,873,691.56
B Interest Collections
i Interest Payments Received-Cash $ 52,997,451.47
ii Cash Forwarded by Administrator on behalf of Seller $ 51,888.58
iii Cash Forwarded by Administrator on behalf of Servicer $ 2,496.07
iv Cash Forwarded by Administrator for Consolidation Activity $ 7,736.58
v Cash Forwarded by Administrator for Late Fee Activity $ 0.00
-------------------------
vi Total Interest Collections $ 53,059,572.70
C Other Reimbursements $ 325,038.60
D Administrator Account Investment Income $ 1,089,504.85
E Return funds borrowed for previous distribution $ -
F TOTAL FUNDS RECEIVED $ 153,347,807.71
LESS FUNDS PREVIOUSLY REMITTED:
Servicing Fees $ (4,763,829.14)
Consolidation Loan Rebate Fees $ (590,445.40)
------------------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 147,993,533.17
------------------------------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 1,279,884.27
ii Percentage of Principal Calculation $ 1,951,628.51
iii Lesser of Unit or Principal Calculation $ 1,279,884.27
H Servicing Fees Due for Current Period $ 1,951,628.51
I Carryover Servicing Fees Due (1) $ 0.00
APR 1998 Servicing Carryover $0.00
MAY 1998 Servicing Carryover $0.00
JUN 1998 Servicing Carryover $0.00
----------------------
TOTAL: Carryover Servicing Fee Due $0.00
======================
Less: Servicing ADJ [A iii + B iii] ($6,298.41)
J Administration Fees Due $ 20,000.00
------------------------------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,965,330.10
------------------------------------------------------------------------------------------------------------------------
(1) No Carryover Servicing Fees due before the April 2003 payment date
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IV. 1998-1 Portfolio Characteristics
- ------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ------------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
STATUS 2/9/98 6/30/98 2/9/98 6/30/98 2/9/98 6/30/98
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.798% 7.794% 133,817 93,513 17.578% 12.502%
Grace
Current 7.774% 7.804% 82,103 54,224 10.785% 7.249%
- --------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.790% 7.796% 215,920 147,737 28.364% 19.751%
- --------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.424% 8.407% 349,309 390,504 45.886% 52.208%
31-60 Days Delinquent 8.368% 8.430% 46,188 29,413 6.067% 3.932%
61-90 Days Delinquent 8.400% 8.410% 20,530 15,518 2.697% 2.075%
91-120 Days Delinquent 8.440% 8.375% 7,693 9,321 1.011% 1.246%
Greater than 120 Days Delinquent - 8.319% - 21,136 - 2.826%
Deferment
Current 8.252% 8.186% 74,203 77,578 9.747% 10.372%
Forbearance
Current 8.376% 8.358% 47,416 53,787 6.228% 7.191%
- --------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.390% 8.371% 545,339 597,257 71.636% 79.849%
- --------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.000% 8.344% 0 2,989 0.000% 0.400%
Aged Claims Rejected (2) 0.000% 9.000% 0 1 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.232% 8.167% 761,259 747,984 100.00% 100.00%
- --------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Principal Amount %
- -----------------------------------------------------------------------------------------------------------------------------------
STATUS 2/9/98 6/30/98 2/9/98 6/30/98
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 496,959,955.26 $ 333,499,480.70 16.850% 11.585%
Grace
Current $ 258,584,369.73 $ 202,274,324.98 8.768% 7.027%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 755,544,324.99 $ 535,773,805.68 25.618% 18.612%
- -----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 1,400,894,372.43 $ 1,525,789,305.27 47.500% 53.004%
31-60 Days Delinquent $ 168,789,918.33 $ 112,125,834.11 5.723% 3.895%
61-90 Days Delinquent $ 75,328,513.75 $ 55,150,213.59 2.554% 1.916%
91-120 Days Delinquent $ 27,744,163.61 $ 31,132,934.77 0.941% 1.082%
Greater than 120 Days Delinquent $ - $ 64,951,225.06 - 2.256%
Deferment
Current $ 305,540,319.25 $ 311,636,494.34 10.360% 10.826%
Forbearance
Current $ 215,424,142.54 $ 232,943,977.70 7.304% 8.092%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 2,193,721,429.91 $ 2,333,729,984.84 74.382% 81.071%
- -----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ - $ 9,113,494.67 0.000% 0.317%
Aged Claims Rejected (2) $ - $ 8,574.61 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 2,949,265,754.90 $ 2,878,625,859.80 100.00% 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 1998-1 4
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
V. 1998-1 Portfolio Characteristics by School and Program 6/30/98
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS
--------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 6.648% 3.249% 0.000% 0.000% 0.000% 0.000%
Grace
Current 3.891% 1.921% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 10.539% 5.170% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 22.557% 8.033% 0.000% 0.046% 2.225% 1.666%
31-60 Days Delinquent 1.373% 0.438% 0.000% 0.003% 0.148% 0.151%
61-90 Days Delinquent 0.653% 0.226% 0.000% 0.001% 0.055% 0.071%
91-120 Days Delinquent 0.410% 0.142% 0.000% 0.002% 0.021% 0.038%
(greater than) 120 Days
Delinquent 0.970% 0.329% 0.000% 0.000% 0.021% 0.079%
Deferment
Current 5.413% 1.832% 0.000% 0.001% 0.314% 0.954%
Forbearance
Current 3.702% 1.461% 0.000% 0.005% 0.166% 0.720%
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 35.079% 12.462% 0.000% 0.057% 2.950% 3.680%
- -----------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.119% 0.039% 0.000% 0.000% 0.007% 0.015%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 45.737% 17.671% 0.000% 0.057% 2.957% 3.695%
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 70.117%
- -----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
TWO YEAR SCHOOLS
--------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 0.523% 0.255% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.317% 0.157% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.841% 0.411% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.752% 0.803% 0.000% 0.002% 0.102% 0.095%
31-60 Days Delinquent 0.186% 0.074% 0.000% 0.000% 0.005% 0.011%
61-90 Days Delinquent 0.107% 0.040% 0.000% 0.001% 0.003% 0.007%
91-120 Days Delinquent 0.072% 0.031% 0.000% 0.000% 0.001% 0.003%
(greater than) 120 Days
Delinquent 0.213% 0.082% 0.000% 0.000% 0.002% 0.010%
Deferment
Current 0.402% 0.145% 0.000% 0.000% 0.008% 0.043%
Forbearance
Current 0.291% 0.126% 0.000% 0.000% 0.007% 0.027%
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.022% 1.301% 0.000% 0.003% 0.128% 0.196%
- -----------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.030% 0.011% 0.000% 0.000% 0.002% 0.002%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 3.893% 1.723% 0.000% 0.003% 0.130% 0.198%
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 5.947%
- -----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
TECHNICAL SCHOOLS
--------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 0.368% 0.293% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.343% 0.279% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.711% 0.572% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.902% 1.343% 0.000% 0.002% 0.321% 0.170%
31-60 Days Delinquent 0.256% 0.179% 0.000% 0.000% 0.020% 0.024%
61-90 Days Delinquent 0.176% 0.113% 0.000% 0.000% 0.009% 0.014%
91-120 Days Delinquent 0.100% 0.060% 0.000% 0.000% 0.005% 0.008%
(greater than) 120 Days
Delinquent 0.194% 0.125% 0.000% 0.000% 0.007% 0.016%
Deferment
Current 0.272% 0.178% 0.000% 0.000% 0.008% 0.056%
Forbearance
Current 0.313% 0.223% 0.000% 0.001% 0.012% 0.039%
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.213% 2.223% 0.000% 0.004% 0.383% 0.326%
- -----------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.035% 0.021% 0.000% 0.000% 0.001% 0.004%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 3.958% 2.815% 0.000% 0.004% 0.384% 0.330%
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 7.491%
- -----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
UNKNOWN
--------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 0.132% 0.118% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.063% 0.056% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.195% 0.174% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 0.169% 0.094% 3.303% 8.354% 0.013% 0.051%
31-60 Days Delinquent 0.018% 0.011% 0.290% 0.699% 0.002% 0.006%
61-90 Days Delinquent 0.007% 0.003% 0.129% 0.300% 0.001% 0.001%
91-120 Days Delinquent 0.003% 0.001% 0.062% 0.120% 0.000% 0.002%
(greater than) 120 Days
Delinquent 0.009% 0.002% 0.063% 0.131% 0.000% 0.003%
Deferment
Current 0.177% 0.101% 0.317% 0.513% 0.002% 0.090%
Forbearance
Current 0.076% 0.049% 0.245% 0.596% 0.000% 0.032%
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 0.459% 0.261% 4.410% 10.714% 0.017% 0.185%
- -----------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.000% 0.000% 0.010% 0.020% 0.000% 0.000%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 0.654% 0.434% 4.421% 10.734% 0.017% 0.185%
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 16.445%
- -----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 9.897% 0.778% 0.661% 0.249% 11.585%
Grace
Current 5.812% 0.474% 0.622% 0.119% 7.027%
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 15.709% 1.252% 1.283% 0.369% 18.612%
- -----------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 34.527% 2.753% 3.740% 11.984% 53.004%
31-60 Days Delinquent 2.114% 0.276% 0.480% 1.026% 3.895%
61-90 Days Delinquent 1.006% 0.159% 0.311% 0.440% 1.916%
91-120 Days Delinquent 0.613% 0.107% 0.174% 0.188% 1.082%
(greater than) 120 Days
Delinquent 1.400% 0.306% 0.342% 0.208% 2.256%
Deferment
Current 8.514% 0.597% 0.514% 1.200% 10.826%
Forbearance
Current 6.053% 0.451% 0.589% 0.999% 8.092%
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 54.228% 4.650% 6.148% 16.046% 81.071%
- -----------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.180% 0.045% 0.061% 0.031% 0.317%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 70.117% 5.947% 7.491% 16.445% 100.000%
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
</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 1998-1
7
<PAGE>
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------------------
VI. 1998-1 Interest Calculation
- ------------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C>
A Borrower Interest Accrued During Collection Period $ 72,774,983.45
B Interest Subsidy Payments Accrued During Collection Period $ 20,140,292.32
C SAP Payments Accrued During Collection Period $ 787,967.03
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 118,228.40
E Investment Earnings (ADMINISTRATOR ACT) $ 1,089,504.85
-------------
F Net Expected Interest Collections $ 94,910,976.05
G Student Loan Rate
i Days in Collection Period (2/9/98-6/30/98) 142
ii Days in Year 365
iii Net Expected Interest Collections $ 94,910,976.05
iv Primary Servicing Fee $ 6,715,457.65
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 2,999,160,859.71
vii Student Loan Rate 7.55706%
Accrued
Int Factor Accrual Period
---------- --------------
H Class A-1 T-Bill Based Interest Rate 5.84186%
I Class A-1 Interest Rate 0.020806630 (3/19/98-7/27/98) 5.84186%
J Class A-2 T-Bill Based Interest Rate 5.89186%
K Class A-2 Interest Rate 0.020984712 (3/19/98-7/27/98) 5.89186%
L Certificate T-Bill Based Rate of Return 6.10186%
M Certificate Rate of Return 0.021732658 (3/19/98-7/27/98) 6.10186%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1998-1
6
<PAGE>
<TABLE>
- ------------------------------------------------------------------------------------------------------------------------------------
VII. 1998-1 Inputs From Original Data 2/9/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 2,949,265,754.91
ii Interest To Be Capitalized 49,895,104.80
------------------
iii Total Pool $ 2,999,160,859.71
iv Reserve Account Balance -
------------------
v Total Adjusted Pool $ 2,999,160,859.71
==================
B Total Note and Certificate Factor 1.00000000000
C Total Note and Certificate Balance $ 3,044,150,000.00
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
D Note Balance 3/19/98 Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor 3/19/98 1.0000000000 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,713,100,000.00 $ 1,224,500,000.00 $ 106,550,000.00
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>
<S> <C>
H Reserve Account Balance $ 7,497,902.00
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 1998-1
7
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VIII. 1998-1 Waterfall for Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Remaining
Funds Balance
-------------
A Total Available Funds (Sections III-F + VI-D + IX-G-vii)(1) $ 148,317,973.99 $ 148,317,973.99
B Primary Servicing Fees-Current Month $ 1,945,330.10 $ 146,372,643.89
C Administration Fee $ 20,000.00 $ 146,352,643.89
D Noteholder's Interest Distribution Amount
i Class A-1 $ 35,643,837.85 $ 110,708,806.04
ii Class A-2 $ 25,695,779.84 $ 85,013,026.20
---------------------
iii Total Noteholder's Interest Distribution $ 61,339,617.69
E Certificateholder's Return Distribution Amount $ 2,315,614.71 $ 82,697,411.49
F Noteholder's Principal Distribution Amount
i Class A-1 $ 82,697,411.49 $ (0.00)
ii Class A-2 $ 0.00 $ (0.00)
----------------------
iii Total Noteholder's Principal Distribution $ 82,697,411.49
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 1998-1
8
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IX. 1998-1 Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
i Quarterly Interest Due $35,643,837.85 $25,695,779.84 $2,315,614.71
ii Quarterly Interest Paid $35,643,837.85 $25,695,779.84 $2,315,614.71
-------------- -------------- -------------
iii Interest Shortfall $0.00 $0.00 $0.00
iv Interest Carryover Due $0.00 $0.00 $0.00
v Interest Carryover Paid $0.00 $0.00 $0.00
----- ----- -----
vi Interest Carryover $0.00 $0.00 $0.00
vii Quarterly Principal Due $109,976,264.80 $0.00 $0.00
viii Quarterly Principal Paid $82,697,411.49 $0.00 $0.00
-------------- ----- -----
ix Quarterly Principal Shortfall $27,278,853.31 $0.00 $0.00
----------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 118,341,249.34 $ 25,695,779.84 $ 2,315,614.71
----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
B Principal Distribution Reconciliation
<C> <S> <C>
i Notes and Certificates Principal Balance 6/30/98 $ 3,044,150,000.00
ii Adjusted Pool Balance 6/30/98 2,934,173,735.20
------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 109,976,264.80
------------------
iv Principal Distribution Amount $ 82,697,411.49
==================
C Total Principal Distribution $ 82,697,411.49
D Total Interest Distribution 63,655,232.40
------------------
E Total Cash Distributions-Note and Certificates $ 146,352,643.89
<CAPTION>
----------------------------------------------------------------------------------------
F Note & Certificate Balances 3/19/98 7/27/98
----------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
i A-1 Note Balance (78442GAX4) $ 1,713,100,000.00 $ 1,630,402,588.51
A-1 Note Pool Factor 1.0000000000 0.9517264541
ii A-2 Note Balance (78442GAY2) $ 1,224,500,000.00 $ 1,224,500,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAZ9) $ 106,550,000.00 $ 106,550,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
----------------------------------------------------------------------------------------
<CAPTION>
G Reserve Account Reconciliation
<C> <S> <C>
i Beginning of Period Balance $ 7,497,902.00
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ -
iv Total Reserve Account Balance Available $ 7,497,902.00
v Required Reserve Account Balance $ 7,316,689.58
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to Waterfall $ 181,212.42
viii Ending Reserve Account Balance $ 7,316,689.58
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1998-1 9
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
X. 1998-1 Historical Pool Information
- ------------------------------------------------------------------------------------------------------------
-------------------
2/9/98-6/30/98
-------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 2,949,265,754.91
-------------------------------------------------------------------------------------------
<S> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 93,921,131.21
ii Principal Collections from Guarantor 3,138,024.59
iii Principal Reimbursements 1,814,535.76
iv Other System Adjustments -
-------------------
v Total Principal Collections $ 98,873,691.56
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 3,337,507.27
ii Capitalized Interest (31,571,303.72)
-------------------
iii Total Non-Cash Principal Activity $ (28,233,796.45)
-------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 70,639,895.11
-------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 44,938,562.74
ii Interest Claims Received from Guarantors 94,728.01
iii Late Fee Reimbursements -
iv Interest Reimbursements 62,121.23
v Other System Adjustments -
vi Special Allowance Payments 372,440.71
vii Subsidy Payments 7,591,720.01
-------------------
viii Total Interest Collections $ 53,059,572.70
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (3,259,690.27)
ii Capitalized Interest 31,571,303.72
-------------------
iii Total Non-Cash Interest Adjustments $ 28,311,613.45
-------------------
Total Student Loan Interest Activity $ 81,371,186.15
(=) Ending Student Loan Portfolio Balance $ 2,878,625,859.80
-------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 48,049,973.40
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 2,926,675,833.20
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 7,497,902.00
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 2,934,173,735.20
-------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
</TABLE>
SLM Student Loan Trust 1998-1
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1998-1 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR*
Apr-98 $ 2,999,160,860 -
Jul-98 $ 2,926,675,833 2.63%
* "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 1998-1
11
