<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): January 25, 1999
----------------
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 3
Exhibit Index appears on Page 3
<PAGE>
Item 5. Other Events
------------
On January 25, 1999, the Sallie Mae Student Loan Trust 1995-1 made its
thirteenth, the Sallie Mae Student Loan Trust 1996-1 made its twelfth, the SLM
Student Loan Trust 1996-2 made its eleventh, the SLM Student Loan Trust 1996-3
made its tenth, the SLM Student Loan Trust 1996-4 made its ninth, the SLM
Student Loan Trust 1997-1 made its eighth, the SLM Student Loan Trust 1997-2
made its seventh, the SLM Student Loan Trust 1997-3 made its sixth, the SLM
Student Loan Trust 1997-4 made its fourth, the SLM Student Loan Trust 1998-1
made its third and the SLM Student Loan Trust 1998-2 made its second, regular
quarterly distribution of funds to holders of their respective Floating Rate
Student Loan-Backed Notes and distributed their respective Quarterly Servicing
Reports dated as of January 25, 1999, filed herewith as an Exhibit to this Form
8-K, to Certificateholders and Noteholders of record.
The Registrant is hereby filing the Quarterly Servicing Reports
reflecting each Trust's activities for the period ended January 25, 1999.
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
-----------------------------------------------------------------
(c) Exhibits
19.1 Quarterly Servicing Reports
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Dated: February 1, 1999
SLM FUNDING CORPORATION
By: /s/ J. Lance Franke
___________________________
Name: J. Lance Franke
Title: Chief Financial Officer
Page 2 of 3
Exhibit Index appears on Page 3
<PAGE>
INDEX TO EXHIBIT
----------------
<TABLE>
<CAPTION>
Sequentially
Exhibit Numbered
Number Exhibit Page
- ------ ------- ----
<C> <S> <C>
19.1 Quarterly Servicing Reports.
</TABLE>
Page 3 of 3
Exhibit Index appears on Page 3
<PAGE>
SALLIE MAE STUDENT LOAN TRUST 1995-1
QUARTERLY SERVICING REPORT
REPORT DATE: 12/31/98 REPORTING PERIOD: 10/1/98-12/31/98
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
I. DEAL PARAMETERS
- ------------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PORTFOLIO CHARACTERISTICS 9/30/98 ACTIVITY 12/31/98
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A i Portfolio Balance $ 500,598,236.88 $ (29,338,674.15) $ 471,259,562.73
ii Interest to be Capitalized 912,955.31 1,124,605.86
================ ================
iii TOTAL POOL $ 501,511,192.19 $ 472,384,168.59
================ ================
B i Weighted Average Coupon (WAC) 8.2290% 8.2786%
ii Weighted Average Remaining Term 71.57 70.53
iii Number of Loans 306,306 289,617
iv Number of Borrowers 129,725 122,634
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
NOTES AND CERTIFICATES SPREAD Balance 10/26/98 % OF POOL BALANCE 1/25/99 % OF POOL
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
C i A-1 Notes 795452AA9 0.575% $ 251,511,192.19 50.151% $ 222,384,168.59 47.077%
ii A-2 Notes 795452AB7 0.750% 215,000,000.00 42.870% 215,000,000.00 45.514%
iii Certificates 795452AC5 1.000% 35,000,000.00 6.979% 35,000,000.00 7.409%
==========================================================================================================================
iv TOTAL NOTES AND CERTIFICATES $ 501,511,192.19 100.000% $ 472,384,168.59 100.000%
==========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
RESERVE ACCOUNT 10/26/98 01/25/98
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
D i Required Reserve Acct Deposit (%) 0.50% 0.50%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,507,555.96 $ 2,361,920.84
iv Reserve Account Floor Balance ($) $ 1,000,000.00 $ 1,000,000.00
v Current Reserve Acct Balance ($) $ 2,507,555.96 $ 2,361,920.84
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
II. 1995-1 Transactions from: 10/1/98 through: 12/31/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $27,180,489.42
ii Principal Collections from Guarantor $2,738,912.90
iii Principal Reimbursements $85,375.47
iv Other System Adjustments $0.00
---------------
v TOTAL PRINCIPAL COLLECTIONS $ 30,004,777.79
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $210,105.73
ii Capitalized Interest ($876,209.37)
---------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (666,103.64)
-----------------------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 29,338,674.15
-----------------------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $8,283,497.86
ii Interest Claims Received from Guarantors $160,575.11
iii Late Fee Reimbursements $163,639.55
iv Interest Reimbursements $5,590.22
v Other System Adjustments $0.00
vi Special Allowance Payments $122,240.70
vii Subsidy Payments $593,567.38
---------------
viii TOTAL INTEREST COLLECTIONS $ 9,329,110.82
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment ($192,628.08)
ii Capitalized Interest $876,209.37
---------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 683,581.29
-----------------------------------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 10,012,692.11
-----------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
III. 1995-1 Collection Account Activity 10/1/98 through 12/31/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $ 29,919,402.32
ii Cash Forwarded by Administrator on behalf of Seller $ 35,554.09
iii Cash Forwarded by Administrator on behalf of Servicer $ 2,459.46
iv Cash Forwarded by Administrator for Consolidation Activity $ 47,361.92
-----------------
v TOTAL PRINCIPAL COLLECTIONS $ 30,004,777.79
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 9,159,881.05
ii Cash Forwarded by Administrator on behalf of Seller $ 2,056.78
iii Cash Forwarded by Administrator on behalf of Servicer $ 3,365.75
iv Cash Forwarded by Administrator for Consolidation Activity $ 167.69
v Cash Forwarded by Administrator for Late Fee Activity $ 163,639.55
-----------------
vi TOTAL INTEREST COLLECTIONS $ 9,329,110.82
C OTHER REIMBURSEMENTS $ 157,527.71
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 273,743.10
E TOTAL FUNDS RECEIVED $ 39,765,159.42
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (823,004.80)
----------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 38,942,154.62
----------------------------------------------------------------------------------------------------------------
F SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $ 400,608.00
ii Percentage of Principal Calculation $ 604,749.15
iii Lesser of Unit or Principal Calculation $ 400,608.00
G SERVICING FEES DUE FOR CURRENT PERIOD $ 400,608.00
H CARRYOVER SERVICING FEES DUE $ 622,524.40
OCT 1998 Servicing Carryover $ 214,799.44
NOV 1998 Servicing Carryover $ 209,409.02
DEC 1998 Servicing Carryover $ 204,141.15
--------------
$ 628,349.61
LESS: Servicing ADJ [A iii + B iii] ($5,825.21)
==============
Carryover Servicing Fee Due $ 622,524.40
==============
I ADMINISTRATION FEES DUE $ 20,000.00
----------------------------------------------------------------------------------------------------------------
J TOTAL FEES DUE FOR PERIOD $ 1,043,132.40
----------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IV. 1995-1 Portfolio Characteristics
- ------------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ------------------------------------------------------------------------------------------------------------------------------------
STATUS 9/30/98 12/31/98 9/30/98 12/31/98 9/30/98 12/31/98 9/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 8.144% 8.139% 180 152 0.058% 0.053% $ 357,632.99
Grace
Current 8.179% 8.149% 98 54 0.032% 0.019% $ 218,584.91
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.157% 8.141% 278 206 0.090% 0.072% $ 576,217.90
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.229% 8.278% 259,885 241,238 84.845% 83.296% $ 408,994,416.85
31-60 Days Delinquent 8.269% 8.289% 11,498 11,043 3.753% 3.812% $ 20,831,125.32
61-90 Days Delinquent 8.251% 8.305% 4,364 4,024 1.425% 1.389% $ 8,595,797.09
91-120 Days Delinquent 8.267% 8.288% 2,559 2,463 0.835% 0.850% $ 4,918,642.39
more than 120 Days
Delinquent 8.255% 8.289% 2,625 2,251 0.857% 0.777% $ 5,031,303.70
Deferment
Current 8.187% 8.264% 15,096 17,226 4.928% 5.948% $ 30,619,745.35
Forbearance
Current 8.228% 8.283% 9,055 10,383 2.956% 3.585% $ 19,331,781.12
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.229% 8.279% 305,082 288,628 99.600% 99.657% $ 498,322,811.82
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.274% 8.294% 942 778 0.308% 0.269% $ 1,693,901.77
Aged Claims Rejected (2) 8.203% 8.667% 4 5 0.001% 0.002% $ 5,305.39
- ------------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.229% 8.279% 306,306 289,617 100.000% 100.000% $ 500,598,236.88
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ---------------------------------------------------------------------------------
IV. 1995-1
- ---------------------------------------------------------------------------------
--------------------------------------------------
Principal Amount %
- ---------------------------------------------------------------------------------
STATUS 12/31/98 9/30/98 12/31/98
- ---------------------------------------------------------------------------------
<S> <C> <C> <C>
INTERIM:
In School
Current $ 318,782.19 0.071% 0.068%
Grace
Current $ 102,575.95 0.044% 0.022%
- ---------------------------------------------------------------------------------
TOTAL INTERIM $ 421,358.14 0.115% 0.090%
- ---------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 377,427,340.23 81.701% 80.089%
31-60 Days Delinquent $ 19,747,165.13 4.161% 4.190%
61-90 Days Delinquent $ 7,729,407.51 1.717% 1.640%
91-120 Days Delinquent $ 4,658,830.01 0.983% 0.989%
more than 120 Days
Delinquent $ 4,191,430.61 1.005% 0.889%
DEFERMENT
Current $ 33,829,226.24 6.117% 7.179%
FORBEARANCE
Current $ 21,945,081.55 3.862% 4.657%
- ---------------------------------------------------------------------------------
TOTAL REPAYMENT $ 469,528,481.28 99.545% 99.633%
- ---------------------------------------------------------------------------------
Claims in Process (1) $ 1,302,726.79 0.338% 0.276%
Aged Claims Rejected (2) $ 6,996.52 0.001% 0.001%
- ---------------------------------------------------------------------------------
GRAND TOTAL $ 471,259,562.73 100.000% 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.
4
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
V. 1995-1 Portfolio Characteristics by School and Program 12/31/98
- ------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ---------------------------
STATUS
- ---------------------------
INTERIM:
In School
Current 0.045% 0.007% 0.000% 0.000% 0.006% 0.001% 0.000% 0.000%
Grace
Current 0.016% 0.001% 0.000% 0.000% 0.003% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.061% 0.008% 0.000% 0.000% 0.009% 0.001% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 53.476% 3.249% 9.732% 0.000% 4.423% 0.296% 0.862% 0.000%
31-60 Days Delinquent 2.278% 0.168% 0.520% 0.000% 0.405% 0.029% 0.071% 0.000%
61-90 Days Delinquent 0.907% 0.064% 0.192% 0.000% 0.182% 0.011% 0.014% 0.000%
91-120 Days Delinquent 0.508% 0.036% 0.077% 0.000% 0.130% 0.005% 0.011% 0.000%
greater than 120 Days
Delinquent 0.427% 0.021% 0.068% 0.000% 0.114% 0.007% 0.005% 0.000%
Deferment
Current 5.352% 0.355% 0.360% 0.000% 0.542% 0.057% 0.039% 0.000%
Forbearance
Current 2.615% 0.133% 0.459% 0.000% 0.511% 0.033% 0.044% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 65.563% 4.026% 11.408% 0.000% 6.307% 0.438% 1.046% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.125% 0.003% 0.024% 0.000% 0.047% 0.001% 0.004% 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 65.750% 4.037% 11.432% 0.000% 6.363% 0.440% 1.050% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 81.219% 7.853%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<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 0.007% 0.002% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.002% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.009% 0.002% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 5.503% 0.365% 1.869% 0.000% 0.264% 0.005% 0.045% 0.000%
31-60 Days Delinquent 0.531% 0.034% 0.140% 0.000% 0.011% 0.000% 0.003% 0.000%
61-90 Days Delinquent 0.199% 0.021% 0.046% 0.000% 0.003% 0.001% 0.000% 0.000%
91-120 Days Delinquent 0.176% 0.009% 0.036% 0.000% 0.001% 0.000% 0.000% 0.000%
> 120 Days Delinquent 0.208% 0.012% 0.025% 0.000% 0.001% 0.000% 0.000% 0.001%
Deferment
Current 0.371% 0.037% 0.041% 0.000% 0.023% 0.002% 0.000% 0.000%
Forbearance
Current 0.701% 0.042% 0.100% 0.000% 0.014% 0.003% 0.002% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.689% 0.520% 2.257% 0.000% 0.317% 0.011% 0.050% 0.001%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.060% 0.004% 0.008% 0.000% 0.000% 0.000% 0.000% 0.000%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 7.758% 0.526% 2.265% 0.000% 0.317% 0.011% 0.050% 0.001%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 10.549% 0.379%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</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 0.052% 0.007% 0.009% 0.000% 0.068%
Grace
Current 0.017% 0.003% 0.002% 0.000% 0.022%
-------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.069% 0.010% 0.011% 0.000% 0.090%
-------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 66.457% 5.581% 7.737% 0.314% 80.089%
31-60 Days Delinquent 2.966% 0.505% 0.705% 0.014% 4.190%
61-90 Days Delinquent 1.163% 0.207% 0.266% 0.004% 1.640%
91-120 Days Delinquent 0.621% 0.146% 0.221% 0.001% 0.989%
greater than 120 Days Delinquent 0.516% 0.126% 0.245% 0.002% 0.889%
Deferment
Current 6.067% 0.638% 0.449% 0.025% 7.179%
Forbearance
Current 3.207% 0.588% 0.843% 0.019% 4.657%
-------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 80.997% 7.791% 10.466% 0.379% 99.633%
-------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.152% 0.052% 0.072% 0.000% 0.276%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.001%
-------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 81.219% 7.853% 10.549% 0.379% 100.000%
-------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
VI. 1995-1 Interest Calculation
- --------------------------------------------------------------------------------
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 9,178,829.59
B Interest Subsidy Payments Accrued During Collection Period $ 727,020.08
C SAP Payments Accrued During Collection Period $ 22,626.08
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 50,844.66
E Investment Earnings (ADMINISTRATOR ACT) $ 273,743.10
---------------
F NET EXPECTED INTEREST COLLECTIONS $ 10,253,063.51
G STUDENT LOAN RATE
i Days in Collection Period (10/1/98-12/31/98) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 10,253,063.51
iv Primary Servicing Fee $ 1,223,612.80
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $501,511,192.19
vii STUDENT LOAN RATE 7.12726%
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
H Class A-1 T-Bill Based Interest Rate 5.06999%
I CLASS A-1 INTEREST RATE 0.012640247 (10/26/98-1/25/99) 5.06999%
J Class A-2 T-Bill Based Interest Rate 5.24499%
K CLASS A-2 INTEREST RATE 0.013076548 (10/26/98-1/25/99) 5.24499%
L Certificate T-Bill Based Rate of Return 5.49499%
M CERTIFICATE RATE OF RETURN 0.013699836 (10/26/98-1/25/99) 5.49499%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VII. 1995-1 Inputs From Previous Quarterly Servicing Reports 9/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 500,598,236.88
ii Interest To Be Capitalized $ 912,955.31
----------------
iii TOTAL STUDENT LOAN POOL OUTSTANDING $ 501,511,192.19
================
B Total Note and Certificate Factor 0.50151119219
C TOTAL NOTE AND CERTIFICATE BALANCE $ 501,511,192.19
-------------------------------------------------------------------------------------------------------------------
D Note Balance 10/26/98 Class A-1 Class A-2 Certificates
-------------------------------------------------------------------------------------------------------------------
i Current Factor-10/26/98 0.3353482563 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 251,511,192.19 $ 215,000,000.00 $ 35,000,000.00
-------------------------------------------------------------------------------------------------------------------
iv Note Balance $ 251,511,192.19 $ 215,000,000.00 $ 35,000,000.00
-------------------------------------------------------------------------------------------------------------------
E Interest Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest Carryover $ 0.00 $ 0.00 $ 0.00
-------------------------------------------------------------------------------------------------------------------
G Reserve Account Balance $ 2,507,555.96
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
VIII. 1995-1 Waterfall for Distributions
- -----------------------------------------------------------------------------------------------------------------------------
REMAINING
FUNDS BALANCE
-------------
<S> <C> <C>
A TOTAL AVAILABLE FUNDS (SECTION III E + SECTION VI-D) $ 38,992,999.28 $38,992,999.28
B PRIMARY SERVICING FEES-CURRENT MONTH $ 400,608.00 $38,592,391.28
C ADMINISTRATION FEE-QUARTERLY $ 20,000.00 $38,572,391.28
D NOTEHOLDER'S INTEREST DISTRIBUTION AMOUNT
i Class A-1 $ 3,179,163.59 $35,393,227.69
ii Class A-2 $ 2,811,457.82 $32,581,769.87
---------------
iii TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $ 5,990,621.41
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 479,494.26 $32,102,275.61
F NOTEHOLDER'S PRINCIPAL DISTRIBUTION AMOUNT
i Class A-1 $ 29,127,023.60 $ 2,975,252.01
ii Class A-2 $ 0.00 $ 2,975,252.01
---------------
iii TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 29,127,023.60
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 2,975,252.01
H INCREASE TO THE SPECIFIED RESERVE ACCOUNT BALANCE $ 0.00 $ 2,975,252.01
I CARRYOVER SERVICING FEES $ 622,524.40 $ 2,352,727.61
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 2,352,727.61
i Class A-2 $ 0.00 $ 2,352,727.61
---------------
iii TOTAL NOTEHOLDER'S INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 2,352,727.61
L EXCESS TO RESERVE ACCOUNT $ 2,352,727.61 $ 0.00
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
IX. 1995-1 Distributions
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
-------------------------------------------------------------------------------------------------------------------
i Quarterly Interest Due $ 3,179,163.59 $2,811,457.82 $479,494.26
ii Quarterly Interest Paid $ 3,179,163.59 $2,811,457.82 $479,494.26
--------------- ------------- -----------
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 $ 29,127,023.60 $0.00 $0.00
viii Quarterly Principal Paid $ 29,127,023.60 $0.00 $0.00
--------------- ------------- -----------
ix QUARTERLY PRINCIPAL SHORTFALL $0.00 $0.00 $0.00
-------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 32,306,187.19 $ 2,811,457.82 $ 479,494.26
-------------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates Principal Balance 12/31/98 $501,511,192.19
ii Pool Balance 12/31/98 $472,384,168.59
---------------
iii Principal Distribution Amount $ 29,127,023.60
===============
C Total Principal Distribution $ 29,127,023.60
D Total Interest Distribution $ 6,470,115.67
---------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 35,597,139.27
------------------------------------------------------------------------------
F Note & Certificate Balances 10/26/1998 1/25/1999
------------------------------------------------------------------------------
i A-1 Note Balance 251,511,192.19 $222,384,168.59
A-1 Note Pool Factor 0.3353482563 0.2965122248
ii A-2 Note Balance 215,000,000.00 $215,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance $ 35,000,000.00 $ 35,000,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
------------------------------------------------------------------------------
G RESERVE ACCOUNT RECONCILIATION
i Beginning of Period Balance $ 2,507,555.96
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 2,352,727.61
--------------
iv Total Reserve Account Balance Available $ 4,860,283.57
v Required Reserve Account Balance $ 2,361,920.84
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp $ 2,498,362.73
viii Ending Reserve Account Balance $ 2,361,920.84
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
1995-1 Historical Pool Information
- ------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------
10/1/98-12/31/98 7/1/98-9/30/98 4/1/98-6/30/98
-----------------------------------------------------------------------------
<S> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 500,598,236.88 $ 531,327,018 $ 564,161,223.01
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 27,180,489.42 $ 28,782,659.83 $ 30,225,803.00
ii Principal Collections from Guarantor 2,738,912.90 2,725,539.79 3,429,773.31
iii Principal Reimbursements 85,375.47 3,438.30 18,865.39
iv Other System Adjustments - - -
-------------------------------------------------------------------------------
v Total Principal Collections $ 30,004,777.79 $ 31,511,637.92 $ 33,674,441.70
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 210,105.73 $ 99,842.80 $ 116,986.84
ii Capitalized Interest (876,209.37) (882,699.54) (957,223.59)
-------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (666,103.64) $ (782,856.74) $ (840,236.75)
- ------------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 29,338,674.15 $ 30,728,781.18 $ 32,834,204.95
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 8,283,497.86 $ 9,101,270.33 $ 9,595,286.34
ii Interest Claims Received from Guarantors 160,575.11 145,727.59 196,436.29
iii Late Fee Reimbursements 163,639.55 6,224.51 -
iv Interest Reimbursements 5,590.22 6,973.47 10,037.33
v Other System Adjustments - - -
vi Special Allowance Payments 122,240.70 232,249.66 311,901.14
vii Subsidy Payments 593,567.38 671,295.35 735,214.00
-------------------------------------------------------------------------------
vii Total Interest Collections $ 9,329,110.82 $ 10,163,740.91 $ 10,848,875.10
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (192,628.08) $ (68,267.81) $ (82,076.39)
ii Capitalized Interest 876,209.37 882,699.54 957,223.59
-------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 683,581.29 $ 814,431.73 $ 875,147.20
-------------------------------------------------------------------------------
Total Student Loan Interest Activity $ 10,012,692.11 $ 10,978,172.64 $ 11,724,022.30
(=) Ending Student Loan Portfolio Balance $ 471,259,562.73 $ 500,598,236.88 $ 531,327,018.06
- ------------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 1,124,605.86 $ 912,955.31 $ 764,311.60
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 472,384,168.59 $ 501,511,192.19 $ 532,091,329,66
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------
1/1/98-3/31/98 10/1/97-12/31/97 7/1/97-9/30/97
------------------------------------------------------------------------------------
<S> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 598,939,825.14 $ 634,419,310.37 $ 672,356,282.03
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 31,651,144.38 $ 31,256,602.42 $ 33,024,660.00
ii Principal Collections from Guarantor 3,878,798.09 4,038,925.33 3,831,142.64
iii Principal Reimbursements 164,325.71 1,110,970.23 1,931,934.01
iv Other System Adjustments - - -
-------------------------------------------------------------------------------
v Total Principal Collections $ 35,694,268.18 $ 36,406,497.98 $ 38,787,736.65
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 154,449.63 $ 215,232.19 $ 148,944.93
ii Capitalized Interest (1,070,115.68) (1,142,244.94) (999,709.92)
-------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (915,666.05) $ (927,012.75) $ (850,764.99)
- ------------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 34,778,602.13 $ 35,479,485.23 $ 37,936,971.66
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 10,315,343.17 $ 10,820,940.12 $ 11,700,628.29
ii Interest Claims Received from Guarantors 228,854.32 242,885.58 217,004.71
iii Late Fee Reimbursements - 2.61 -
iv Interest Reimbursements 19,601.74 20,203.85 31,498.76
v Other System Adjustments - - -
vi Special Allowance Payments 442,877.34 423,277.21 497,397.49
vii Subsidy Payments 756,663.08 699,396.68 809,754.91
-------------------------------------------------------------------------------
vii Total Interest Collections $ 11,763,339.65 $ 12,206,706.05 $ 13,256,284.16
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (120,055.97) $ (165,175.08) $ (102,969.61)
ii Capitalized Interest 1,070,115.68 1,142,244.94 999,709.92
-------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 950,059.71 $ 977,069.86 $ 896,740.31
-------------------------------------------------------------------------------
Total Student Loan Interest Activity $ 12,713,399.36 $ 13,183,775.91 $ 14,153,024.47
(=) Ending Student Loan Portfolio Balance $ 564,161,223.01 $ 598,939,825.14 $ 634,419,310.37
- ------------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 800,429.12 $ 787,352.25 $ 758,675.11
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 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
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 714,234,131.11 $ 758,640,244.14 $ 802,942,510.88 $ 853,757,457.19
- ------------------------------------------------------------------------------------------------------------------------------------
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
------------------------------------------------------------------------------------
vii 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>
-----------------------------------------------------------------------------
4/1/96 - 6/30/96 1/1/96 - 3/31/96 9/29/95 - 12/31/95
-----------------------------------------------------------------------------
<S> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 905,375,401.17 $ 954,345,726.48 $ 1,000,126,078.04
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 41,999,553.67 $ 45,086,756.56 $ 42,875,612.89
ii Principal Collections from Guarantor 6,580,254.84 482,294.51 92,046.91
iii Principal Reimbursements 3,722,370.03 4,554,369.19 2,775,561.40
iv Other System Adjustments (48.49) - 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
-------------------------------------------------------------------------
vii Total Interest Collections $ 17,921,909.61 $ 19,954,420.90 $ 18,704,285.70
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (112,327.13) $ (144,452.46) $ (227,131.25)
ii Capitalized Interest 869,530.23 1,303,861.01 235,986.94
-------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 757,203.10 $ 1,159,408.55 $ 8,855.69
-------------------------------------------------------------------------
Total Student Loan Interest Activity $ 18,679,112.71 $ 21,113,829.45 $ 18,713,141.39
(=) Ending Student Loan Portfolio Balance $ 853,757,457.19 $ 905,375,401.17 $ 954,345,726.48
- -----------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 677,908.07 $ 602,404.08 $ 639,070.92
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 854,435,365.26 $ 905,977,805.25 $ 954,984,797.40
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
XI. 1995-1 Payment History and CPRs
- ------------------------------------------------------------------------------------------------------------------
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
<S> <C> <C>
Oct-95 $ 1,000,126,078 -
Jan-96 $ 954,984,797 4.87%
Apr-96 $ 905,977,805 4.96%
Jul-96 $ 854,435,365 5.71%
Oct-96 $ 803,595,297 6.25%
Jan-97 $ 759,332,016 6.10%
Apr-97 $ 714,981,787 6.00%
Jul-97 $ 673,097,616 5.80%
Oct-97 $ 635,177,985 5.32%
Jan-98 $ 599,727,177 4.90%
Apr-98 $ 564,961,652 4.48%
Jul-98 $ 532,091,330 3.95%
Oct-98 $ 501,511,192 3.39%
Jan-99 $ 472,384,169 2.55%
* "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.
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
11
<PAGE>
SALLIE MAE STUDENT LOAN TRUST 1996-1
Quarterly Servicing Report
Report Date: 12/31/98 Reporting Period: 10/1/98-12/31/98
- --------------------------------------------------------------------------------
1. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 09/30/1998 Activity 12/31/1998
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A i Portfolio Balance $ 948,193,498.71 $ (38,478,075.78) $ 909,715,422.93
ii Interest to be Capitalized 7,733,674.95 7,360,402.45
================= =================
iii TOTAL POOL $ 955,927,173.66 $ 917,075,825.38
================= =================
B i Weighted Average Coupon (WAC) 8.2337% 8.2476%
ii Weighted Average Remaining Term 91.77 91.04
iii Number of Loans 418,038 401,473
iv Number of Borrowers 157,427 150,803
------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 10/26/98 % of Pool Balance 1/25/99 % of Pool
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
C i A-1 Notes 795452AD3 0.56% $ 429,927,173.66 44.975% $ 391,075,825.38 42.644%
ii A-2 Notes 795452AE1 0.75% 473,500,000.00 49.533% 473,500,000.00 51.631%
iii Certificates 795452AF8 0.98% 52,500,000.00 5.492% 52,500,000.00 5.725%
---------------------------------------------------------------------------------------------------------------------
iv TOTAL NOTES AND CERTIFICATES $ 955,927,173.66 100.000% $ 917,075,825.38 100.000%
=====================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
Reserve Account 10/26/1998 01/25/1999
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,389,817.93 $ 2,292,689.56
iv Reserve Account Floor Balance ($) $ 1,500,000.00 $ 1,500,000.00
v Current Reserve Acct Balance ($) $ 2,389,817.93 $ 2,292,689.56
---------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
ii. 1996-1 Transactions from: 10/01/1998 through 12/31/1998
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 36,052,373.24
ii Principal Collections from Guarantor $ 6,283,885.49
iii Principal Reimbursements $ 129,137.31
iv Other System Adjustments $ 0.00
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 42,465,396.04
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 789,438.32
ii Capitalized Interest ($4,776,758.58)
----------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (3,987,320.26)
--------------------------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 38,478,075.78
--------------------------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 12,779,371.74
ii Interest Claims Received from Guarantors $ 377,463.94
iii Late Fee Reimbursements $ 241,110.80
iv Interest Reimbursements $ 16,989.19
v Other System Adjustments $ 0.00
vi Special Allowance Payments $ 208,907.25
vii Subsidy Payments $ 2,402,676.88
----------------
viii TOTAL INTEREST COLLECTIONS $ 16,026,519.80
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment ($720,324.84)
ii Capitalized Interest $ 4,776,758.58
----------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 4,056,433.74
--------------------------------------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 20,082,953.54
--------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
iii. 1996-1 Collection Account Activity 10/01/1998 through 12/31/1998
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $ 42,336,258.73
ii Cash Forwarded by Administrator on behalf of Seller $ 54,565.05
iii Cash Forwarded by Administrator on behalf of Servicer $ 10,132.84
iv Cash Forwarded by Administrator for Consolidation Activity $ 64,439.42
---------------
v TOTAL PRINCIPAL COLLECTIONS $ 42,465,396.04
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 15,768,419.81
ii Cash Forwarded by Administrator on behalf of Seller $ 2,596.48
iii Cash Forwarded by Administrator on behalf of Servicer $ 14,078.23
iv Cash Forwarded by Administrator for Consolidation Activity $ 314.48
v Cash Forwarded by Administrator for Late Fee Activity $ 241,110.80
---------------
vi TOTAL INTEREST COLLECTIONS $ 16,026,519.80
C OTHER REIMBURSEMENTS $ 137,204.74
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 398,077.71
E TOTAL FUNDS RECEIVED $ 59,027,198.29
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,203,791.05)
----------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 57,823,407.24
----------------------------------------------------------------------------------------------------------------
F SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $ 589,642.90
ii Percentage of Principal Calculation $ 845,312.77
iii Lesser of Unit or Principal Calculation $ 589,642.90
G SERVICING FEES DUE FOR CURRENT PERIOD $ 589,642.90
H CARRYOVER SERVICING FEES DUE $ 753,925.41
OCT 1998 Servicing Carryover $ 263,083.42
NOV 1998 Servicing Carryover $ 259,383.19
DEC 1998 Servicing Carryover $ 255,669.87
-------------------
$ 778,136.48
LESS: Servicing ADJ [A iii + B iii] ($24,211.07)
===================
TOTAL CARRYOVER SERVICING FEE DUE $ 753,925.41
===================
I ADMINISTRATION FEES DUE $ 20,000.00
----------------------------------------------------------------------------------------------------------------
J TOTAL FEES DUE FOR PERIOD $ 1,363,568.31
----------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
- ------------------------------------------------------------------------------
IV. 1996-1 Portfolio Characteristics
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ------------------------------------------------------------------------------------------------------------------------------------
STATUS 9/30/98 12/31/98 9/30/98 12/31/98 9/30/98 12/31/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 8.147% 8.143% 9,617 8,645 2.301% 2.153%
Grace
Current 8.162% 8.115% 7,315 2,094 1.750% 0.522%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.154% 8.138% 16,932 10,739 4.050% 2.675%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.232% 8.245% 303,652 293,090 72.637% 73.004%
31-60 Days Delinquent 8.260% 8.281% 18,427 17,558 4.408% 4.373%
61-90 Days Delinquent 8.262% 8.278% 9,192 7,496 2.199% 1.867%
91-120 Days Delinquent 8.266% 8.282% 4,979 4,030 1.191% 1.004%
* 120 Days Delinquent 8.268% 8.274% 4,863 4,471 1.163% 1.114%
Deferment
Current 8.248% 8.258% 35,386 37,206 8.465% 9.267%
Forbearance
Current 8.248% 8.265% 22,662 25,286 5.421% 6.298%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.238% 8.251% 399,161 389,137 95.484% 96.927%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.274% 8.299% 1,915 1,564 0.458% 0.390%
Aged Claims Rejected (2) 8.235% 8.307% 30 33 0.007% 0.008%
- ------------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.234% 8.248% 418,038 401,473 100.00% 100.00%
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Principal Amount %
- ------------------------------------------------------------------------------------------------------------------------------------
STATUS 9/30/98 12/31/98 9/30/98 12/31/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 27,953,682.32 $ 25,074,994.29 2.948% 2.756%
Grace
Current $ 20,522,445.91 $ 6,050,194.13 2.164% 0.665%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 48,476,128.23 $ 31,125,188.42 5.112% 3.421%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $637,237,174.92 $619,740,181.38 67.205% 68.125%
31-60 Days Delinquent $ 42,318,561.36 $ 40,209,596.99 4.463% 4.420%
61-90 Days Delinquent $ 23,971,233.31 $ 18,203,760.02 2.528% 2.001%
91-120 Days Delinquent $ 12,288,627.27 $ 9,795,923.81 1.296% 1.077%
* 120 Days Delinquent $ 12,299,389.29 $ 10,594,473.09 1.297% 1.165%
Deferment
Current $ 98,590,084.24 $ 101,060,839.47 10.398% 11.109%
Forbearance
Current $ 68,811,665.38 $ 75,211,263.63 7.257% 8.267%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $895,516,735.77 $ 874,816,038.39 94.445% 96.164%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 4,144,103.13 $ 3,702,139.36 0.437% 0.407%
Aged Claims Rejected (2) $ 56,531.58 $ 72,056,76 0.006% 0.008%
- ------------------------------------------------------------------------------------------------------------------------------------
948,193,498.71 909,715,422.93 100.000% 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.
* greater than
4
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
V. 1996-1 Portfolio Characteristics by School and Program 12/31/98
- -----------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
-------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
-------------------------------------------------------------------------------------------
- ----------------------------------
STATUS
- ----------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 2.119% 0.328% 0.000% 0.000% 0.202% 0.047% 0.000% 0.000%
Grace
Current 0.475% 0.075% 0.000% 0.000% 0.067% 0.016% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 2.594% 0.403% 0.000% 0.000% 0.269% 0.063% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 43.590% 5.943% 3.948% 4.332% 3.535% 0.641% 0.202% 0.533%
31-60 Days Delinquent 2.377% 0.300% 0.288% 0.316% 0.376% 0.066% 0.017% 0.067%
61-90 Days Delinquent 1.031% 0.125% 0.116% 0.137% 0.212% 0.036% 0.006% 0.026%
91-120 Days Delinquent 0.519% 0.070% 0.055% 0.074% 0.119% 0.016% 0.004% 0.016%
* 120 Days Delinquent 0.559% 0.063% 0.040% 0.067% 0.160% 0.025% 0.003% 0.028%
Deferment
Current 7.146% 0.892% 0.431% 0.948% 0.716% 0.138% 0.019% 0.111%
Forbearance
Current 4.358% 0.650% 0.326% 0.854% 0.720% 0.113% 0.021% 0.122%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 59.580% 8.043% 5.204% 6.728% 5.838% 1.035% 0.272% 0.903%
- -----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.176% 0.025% 0.016% 0.021% 0.062% 0.007% 0.001% 0.008%
Aged Claims Rejected (2) 0.003% 0.000% 0.000% 0.001% 0.004% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL PROGRAM 62.353% 8.471% 5.220% 6.750% 6.173% 1.105% 0.273% 0.911%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.794% 8.462%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
<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 0.034% 0.007% 0.000% 0.000% 0.014% 0.005% 0.000% 0.000%
Grace
Current 0.017% 0.006% 0.000% 0.000% 0.008% 0.001% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM .051% .013% 0.000% 0.000% .022% .006% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 2.738% 0.634% 0.501% 1.104% 0.297% 0.030% 0.016% 0.081%
31-60 Days Delinquent 0.350% 0.063% 0.043% 0.133% 0.014% 0.001% 0.004% 0.005%
61-90 Days Delinquent 0.166% 0.035% 0.024% 0.077% 0.004% 0.005% 0.000% 0.001%
91-120 Days Delinquent 0.113% 0.021% 0.010% 0.048% 0.007% 0.000% 0.002% 0.003%
* 120 Days Delinquent 0.133% 0.023% 0.005% 0.049% 0.008% 0.000% 0.000% 0.002%
Deferment
Current 0.332% 0.066% 0.030% 0.133% 0.080% 0.016% 0.005% 0.046%
Forbearance
Current 0.573% 0.115% 0.044% 0.221% 0.092% 0.010% 0.006% 0.042%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 4.405% .957% .657% 1.765% .502% .062% .033% .16%
- -----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.053% 0.011% 0.004% 0.022% 0.001% 0.000% 0.000% 0.000%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL PROGRAM 4.509% .981% .661% 1.787% .525% .068% .033% .16%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 7.938% .806%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</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.
* greater than
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
------------------------------------
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 2.447% 0.249% 0.041% 0.019% 2.756%
Grace
Current 0.550% 0.083% 0.023% 0.009% 0.665%
--------------------------------------------------------------------------------------------
TOTAL INTERIM 2.997% .332% .064% .028% 3.421%
--------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 57.813% 4.911% 4.977% 0.424% 68.125%
31-60 Days Delinquent 3.281% 0.526% 0.589% 0.024% 4.420%
61-90 Days Delinquent 1.409% 0.280% 0.302% 0.010% 2.001%
91-120 Days Delinquent 0.718% 0.155% 0.192% 0.012% 1.077%
* 120 Days Delinquent 0.729% 0.216% 0.210% 0.010% 1.165%
Deferment
Current 9.417% 0.984% 0.561% 0.147% 11.109%
Forbearance
Current 6.188% 0.976% 0.953% 0.150% 8.267%
--------------------------------------------------------------------------------------------
TOTAL REPAYMENT 79.555% 8.048% 7.784% 0.777% 96.164%
--------------------------------------------------------------------------------------------
Claims in Process (1) 0.238% 0.078% 0.090% 0.001% 0.407%
Aged Claims Rejected (2) 0.004% 0.004% 0.000% 0.000% 0.008%
--------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.794% 8.462% 7.938% 0.806% 100.00%
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
</TABLE>
* greater than
5
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VI. 1996-1 Interest Calculation
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 16,649,363.78
B Interest Subsidy Payments Accrued During Collection Period $ 2,454,202.95
C SAP Payments Accrued During Collection Period $ 42,025.22
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 57,756.08
E Investment Earnings (ADMINISTRATOR ACT) $ 398,077.71
-----------
F Net Expected Interest Collections $ 19,601,425.74
G Student Loan Rate
i Days in Collection Period (10/1/98-12/31/98) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 19,601,425.74
iv Primary Servicing Fee $ 1,793,433.95
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $955,927,173.66
vii Student Loan Rate 7.38256%
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
H Class A-1 T-Bill Based Interest Rate 5.05499%
I Class A-1 Interest Rate 0.012602849 (10/26/98-1/25/99) 5.05499%
J Class A-2 T-Bill Based Interest Rate 5.24499%
K Class A-2 Interest Rate 0.013076548 (10/26/98-1/25/99) 5.24499%
L Certificate T-Bill Based Rate of Return 5.47499%
M Certificate Rate of Return 0.013649973 (10/26/98-1/25/99) 5.47499%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VII. 1996-1 Inputs From Previous Quarterly Servicing Reports 09/30/1998
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 948,193,498.71
ii Interest To Be Capitalized $ 7,733,674.95
----------------
iii Total Student Loan Pool Outstanding $ 955,927,173.66
================
B Total Note and Certificate Factor 0.63728478244
C Total Note and Certificate Balance $ 955,927,173.66
-----------------------------------------------------------------------------------------------------------------------
D Note Balance 10/26/98 Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------------
<C> <C>
i Current Factor-10/26/98 0.4414036691 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 429,927,173.66 $ 473,500,000.00 $ 52,500,000.00
----------------------------------------------------------------
iv Note Balance $ 429,927,173.66 $ 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 $ 2,389,817.93
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
VIII. 1996-1 Waterfall for Distributions
- ---------------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<S> <C> <C> <C>
A Total Available Funds (Section III E + Section VI-D) $ 57,881,163.32 $ 57,881,163.32
B Primary Servicing Fees-Current Month $ 589,642.90 $ 57,291,520.42
C Administration Fee $ 20,000.00 $ 57,271,520.42
D Noteholder's Interest Distribution Amount
i Class A-1 $ 5,418,307.25 $ 51,853,213.17
ii Class A-2 $ 6,191,745.48 $ 45,661,467.69
---------------
III TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $ 11,610,052.73
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 716,623.58 $ 44,944,844.11
F Noteholder's Principal Distribution Amount
i Class A-1 $ 38,851,348.28 $ 6,093,495.83
ii Class A-2 $ 0.00 $ 6,093,495.83
---------------
III TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 38,851,348.28
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 6,093,495.83
H Increase to the Specified Reserve Account Balance $ 0.00 $ 6,093,495.83
I Carryover Servicing Fees $ 753,925.41 $ 5,339,570.42
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 5,339,570.42
i Class A-2 $ 0.00 $ 5,339,570.42
---------------
III TOTAL NOTEHOLDER'S INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 5,339,570.42
L EXCESS TO RESERVE ACCOUNT $ 5,339,570.42 $ 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IX. 1996-1 Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
A DISTRIBUTION AMOUNTS CLASS A-1 CLASS A-2 CERTIFICATES
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 5,418,307.25 $ 6,191,745.48 $ 716,623.58
ii Quarterly Interest Paid $ 5,418,307.25 $ 6,191,745.48 $ 716,623.58
--------------- -------------- ------------
III INTEREST SHORTFALL $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid $ 0.00 $ 0.00 $ 0.00
----- ----- -----
VI INTEREST CARRYOVER $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 38,851,348.28 $ 0.00 $ 0.00
viii Quarterly Principal Paid $ 38,851,348.28 $ 0.00 $ 0.00
-------------- ----- -----
IX QUARTERLY PRINCIPAL SHORTFALL $ 0.00 $ 0.00 $ 0.00
------------------------------------------------------------------------------------------------------------------------
X Total Distribution Amount $ 44,269,655.53 $ 6,191,745.48 $ 716,623.58
------------------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates Principal Balance 12/31/98 $ 955,927,173.66
ii Pool Balance 12/31/98 $ 917,075,825.38
----------------
iii Pool Exceeding Notes and Certificate Balance (i-ii) $ 38,851,348.28
================
iv Principal Distribution Amount $ 38,851,348.28
================
C Total Principal Distribution $ 38,851,348.28
D Total Interest Distribution $ 12,326,676.31
----------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 51,178,024.59
----------------------------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 10/26/1998 01/25/1999
----------------------------------------------------------------------------------------------------
i A-1 Note Balance (795452AD3) $ 429,927,173.66 $ 391,075,825.38
A-1 Note Pool Factor 0.4414036691 0.4015152211
ii A-2 Note Balance (795452AE1) $ 473,500,000.00 $ 473,500,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (795452AF8) $ 52,500,000.00 $ 52,500,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
----------------------------------------------------------------------------------------------------
G RESERVE ACCOUNT RECONCILIATION
i Beginning of Period Balance $ 2,389,817.93
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 5,339,570.42
----------------
iv Total Reserve Account Balance Available $ 7,729,388.35
v Required Reserve Account Balance $ 2,292,689.56
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp $ 5,436,698.79
viii Ending Reserve Account Balance $ 2,292,689.56
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
X. 1996-1 Historical Pool Information
- -----------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------
10/1/98-12/31/98 7/1/98-9/30/98 4/1/98-6/30/98 1/1/98-3/31/98
- ----------------------------------------------------
Beginning Student Loan Portfolio Balance $948,193,498.71 $989,050,774.40 $1,031,597,043.47 $1,076,337,722.21
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 36,052,373.24 $ 36,697,431.27 $ 37,755,030.73 $ 37,459,499.22
ii Principal Collections from Guarantor 6,283,885.49 7,697,079.49 8,829,449.42 9,756,046.38
iii Principal Reimbursements 129,137.31 107,055.95 136,535.73 960,373.90
iv Other System Adjustments - - - -
----------------------------------------------------------------------------
v Total Principal Collections $ 42,465,396.04 $ 44,501,566.71 $ 46,721,015.88 $ 48,175,919.50
Student Loan Non-Cash Principal Activity
i Other Adjustments 789,438.32 614,776.38 658,657.50 844,417.76
ii Capitalized Interest (4,776,758.58) (4,259,067.40) (4,833,404.31) (4,279,658.52)
----------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (3,987,320.26) $ (3,644,291.02) $ (4,174,746.81) $ (3,435,240.76)
- -----------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 38,478,075.78 $ 40,857,275.69 $ 42,546,269.07 $ 44,740,678.74
- -----------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 12,779,371.74 $ 13,667,781.23 $ 13,871,152.11 $ 14,576,183.29
ii Interest Claims Received from Guarantors 377,463.94 462,074.05 553,588.53 593,827.40
iii Late Fee Reimbursements 241,110.80 36,439.21 2.35 -
iv Interest Reimbursements 16,989.19 22,897.84 26,466.14 44,171.71
v Other System Adjustments - - - -
vi Special Allowance Payments 208,907.25 372,223.72 486,530.47 654,995.78
vii Interest Subsidy Payments 2,402,676.88 2,809,118.89 2,964,572.48 3,475,239.18
----------------------------------------------------------------------------
viii Total Interest Collections $ 16,026,519.80 $ 17,370,534.94 $ 17,902,312.08 $ 19,344,417.36
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (720,324.84) $ (510,351.88) $ (529,166.21) $ (721,606.13)
ii Capitalized Interest 4,776,758.58 4,259,067.40 4,833,404.31 4,279,658.52
----------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 4,056,433.74 $ 3,748,715.52 $ 4,304,238.10 $ 3,558,052.39
----------------------------------------------------------------------------
Total Student Loan Interest Activity $ 20,082,953.54 $ 21,119,250.46 $ 22,206,550.18 $ 22,902,469.75
(=) Ending Student Loan Portfolio Balance $909,715,422.93 $948,193,498.71 $ 989,050,774.40 $1,031,597,043.47
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 7,360,402.45 $ 7,733,674.95 $ 7,835,712.86 $ 8,380,272.05
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $917,075,825.38 $955,927,173.66 $ 996,886,487.26 $1,039,977,315.52
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------
10/1/97-12/31/97 7/1/97-9/30/97 4/1/97-6/30/97 1/1/97-3/31/97
- ------------------------------------------------
Beginning Student Loan Portfolio Balance $1,124,635,411.07 $1,173,864,873.47 $1,228,206,792.67 $1,287,751,841.38
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 38,163,254.13 $ 37,394,659.75 $ 38,201,480.33 $ 38,946,758.98
ii Principal Collections from Guarantor 9,941,094.41 9,232,586.28 12,257,546.06 15,564,936.49
iii Principal Reimbursements 5,731,401.42 6,827,024.70 8,394,035.19 8,314,291.46
iv Other System Adjustments - - - -
----------------------------------------------------------------------------
v Total Principal Collections $ 53,835,749.96 $ 53,454,270.73 $ 58,853,061.58 $ 62,825,986.93
Student Loan Non-Cash Principal Activity
i Other Adjustments 1,006,978.88 821,162.61 901,335.61 1,018,784.42
ii Capitalized Interest (6,545,039.98) (5,045,970.94) (5,412,477.99) (4,299,722.64)
-----------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (5,538,061.10) $ (4,224,808.33) $ (4,511,142.38) $ (3,280,938.22)
- -----------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 48,297,688.86 $ 49,229,462.40 $ 54,341,919.20 $ 59,545,048.71
- -----------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 14,639,248.95 $ 15,343,792.96 $ 15,398,211.29 $ 16,506,842.23
ii Interest Claims Received from Guarantors 625,655.68 542,149.37 742,052.34 987,722.67
iii Late Fee Reimbursements - - - -
iv Interest Reimbursements 105,245.48 110,615.60 112,743.13 108,178.47
v Other System Adjustments - - - -
vi Special Allowance Payments 572,165.19 723,465.81 693,074.40 585,211.26
vii Interest Subsidy Payments 3,756,473.63 4,242,391.02 4,559,733.43 5,496,581.08
-----------------------------------------------------------------------------
viii Total Interest Collections $ 19,698,788.93 $ 20,962,414.76 $ 21,505,814.59 $ 23,684,535.71
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (878,436.97) $ (688,249.76) $ (742,970.05) $ (844,407.36)
ii Capitalized Interest 6,545,039.98 5,045,970.94 5,412,477.99 4,299,722.64
-----------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 5,666,603.01 $ 4,357,721.18 $ 4,669,507.94 $ 3,455,315.28
-----------------------------------------------------------------------------
Total Student Loan Interest Activity $ 25,365,391.94 $ 25,320,135.94 $ 26,175,322.53 $ 27,139,850.99
(=) Ending Student Loan Portfolio Balance $1,076,337,722.21 $1,124,635,411.07 $1,173,864,873.47 $1,228,206,792.67
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 8,040,248.28 $ 9,565,210.29 $ 9,928,556.68 $ 10,579,470.77
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $1,084,377,970.49 $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 2/5/96-3/31/96
- -----------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $1,349,145,820.06 $1,410,958,484.15 $1,459,260,458.15 $1,489,927,280.77
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 38,568,892.82 $ 41,001,385.22 $ 41,078,207.45 $ 27,226,246.55
ii Principal Collections from Guarantor 18,664,167.10 10,313,302.34 842,636.38 27,657.36
iii Principal Reimbursements 9,629,351.72 14,477,503.16 12,387,879.90 6,083,122.75
iv Other System Adjustments (7,343.12) (11,809.27) (548.12) 2,229.83
------------------------------------------------------------------------------
v Total Principal Collections $ 66,855,068.52 $ 65,780,381.45 $ 54,308,175.61 $ 33,339,256.49
Student Loan Non-Cash Principal Activity
i Other Adjustments 1,174,644.80 1,320,897.53 1,000,024.50 746,961.96
ii Capitalized Interest (6,635,734.64) (5,288,614.89) (7,006,226.11) (3,419,395.83)
iii Total Non-Cash Principal Activity ------------------------------------------------------------------------------
$ (5,461,089.84) $ (3,967,717.36) $ (6,006,201.61) $ (2,672,433.87)
- -----------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 61,393,978.68 $ 61,812,664.09 $ 48,301,974.00 $ 30,666,822.62
- -----------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 16,127,108.13 $ 17,372,003.89 $ 17,084,616.87 $ 10,764,171.47
ii Interest Claims Received from Guarantors 1,180,177.89 612,951.89 21,865.02 326.78
iii Late Fee Reimbursements - - - -
iv Interest Reimbursements 125,983.70 182,022.75 142,527.81 50,757.10
v Other System Adjustments (956.09) (960.98) 244.79 10,446.21
vi Special Allowance Payments 991,453.39 775,767.11 343,884.36 0.00
vii Interest Subsidy Payments 5,892,220.73 7,006,327.74 4,651,078.41 0.00
------------------------------------------------------------------------------
viii Total Interest Collections $ 24,315,987.75 $ 25,948,112.40 $ 22,244,217.26 $ 10,825,701.56
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (960,564.36 $ (1,187,918.97) $ (994,738.78) $ (733,594.53)
ii Capitalized Interest 6,635,734.64 5,288,614.89 7,006,226.11 3,419,395.83
------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 5,675,170.28 $ 4,100,695.92 $ 6,011,487.33 $ 2,685,801.30
------------------------------------------------------------------------------
Total Student Loan Interest Activity $ 29,991,158.03 $ 30,048,808.32 $ 28,255,704.59 $ 13,511,502.86
(=) Ending Student Loan Portfolio Balance $1,287,751,841.38 $1,349,145,820.06 $1,410,958,484.15 $1,459,260,458.15
- -----------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 9,711,152.12 $ 11,228,783.66 $ 10,991,431.27 $ 12,610,267.46
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $1,297,462,993.50 $1,360,374,603.72 $1,421,949,915.42 $1,471,870,725.61
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1996-1 Payment History and CPRs
- --------------------------------------------------------------------------------
DISTRIBUTION ACTUAL SINCE ISSUED
DATE BALANCES CPR *
Feb-96 $ 1,502,106,411 -
Apr-96 $ 1,471,870,726 5.14%
Jul-96 $ 1,421,949,915 5.64%
Oct-96 $ 1,360,374,604 7.09%
Jan-97 $ 1,297,462,994 7.90%
Apr-97 $ 1,238,786,263 8.30%
Jul-97 $ 1,183,793,430 8.30%
Oct-97 $ 1,134,200,621 7.79%
Jan-98 $ 1,084,377,970 7.38%
Apr-98 $ 1,039,977,316 6.84%
Jul-98 $ 996,886,487 6.35%
Oct-98 $ 955,927,174 5.87%
Jan-99 $ 917,075,825 5.36%
* "SINCE ISSUED CPR" IS BASED ON THE CURRENT PERIOD'S ENDING POOL
BALANCE CALCULATED AGAINST THE ORIGINAL POOL BALANCE AND ASSUMING
CUTOFF DATE POOL DATA.
- --------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1996-2
Quarterly Servicing Report
Report Date: 12/31/98 Reporting Period: 10/1/98-12/31/98
- -------------------------------------------------------------------------------
1. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 09/30/1998 Activity 12/31/1998
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A i Portfolio Balance $ 1,023,850,689.55 $ (40,547,046.60) $ 983,303,642.95
ii Interest to be Capitalized 11,876,896.15 10,283,328.75
================== ================
iii Total Pool $ 1,035,727,585.70 $ 993,586,971.70
================== ================
B i Weighted Average Coupon (WAC) 8.2199% 8.2266%
ii Weighted Average Remaining Term 95.25 94.47
iii Number of Loans 467,809 450,212
iv Number of Borrowers 193,228 185,242
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 10/26/98 % of Pool Balance 1/25/99 % of Pool
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAA4 0.51% $ 495,697,585.70 47.860% $ 453,556,971.70 45.649%
ii A-2 Notes 78442GAB2 0.71% 487,000,000.00 47.020% 487,000,000.00 49.014%
iii Certificates 78442GAC0 0.96% 53,030,000.00 5.120% 53,030,000.00 5.337%
===========================================================================================================================
iv Total Notes and Certificates $ 1,035,727,585.70 100.000% $ 993,586,971.70 100.000%
===========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
Reserve Account 10/26/1998 01/25/1999
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,589,318.96 $ 2,483,967.43
iv Reserve Account Floor Balance ($) $ 1,515,030.00 $ 1,515,030.00
v Current Reserve Acct Balance ($) $ 2,589,318.96 $ 2,483,967.43
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
1
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
11. 1962-2 Transactions from: 10/01/1998 through 12/31/1998
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 36,616,468.84
ii Principal Collections from Guarantor $ 9,677,674.96
iii Principal Reimbursements $146,198.17
iv Other System Adjustments $0.00
------------------
v Total Principal Collections $ 46,440,341.97
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $891,128.64
ii Capitalized Interest ($6,784,424.01)
------------------
iii Total Non-Cash Principal Activity $ (5,893,295.37)
--------------------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 40,547,046.60
--------------------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 12,726,733.16
ii Interest Claims Received from Guarantors $ 608,821.57
iii Late Fee Reimbursements $ 241,291.63
iv Interest Reimbursements $ 22,689.65
v Other System Adjustments $0.00
vi Special Allowance Payments $ 141,913.67
vii Subsidy Payments $ 3,274,698.77
------------------
viii Total Interest Collections $ 17,016,148.45
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment ($753,489.36)
ii Capitalized Interest
$ 6,784,424.01
------------------
iii Total Non-Cash Interest Adjustments $ 6,030,934.65
--------------------------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 23,047,083.10
--------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
111. 1996-2 Collection Account Activity 10/01/1998 through 12/31/1998
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $ 46,294,143.80
ii Cash Forwarded by Administrator on behalf of Seller $ 99.540.50
iii Cash Forwarded by Administrator on behalf of Servicer $ 7,460.38
iv Cash Forwarded by Administrator for Consolidation Activity $ 39,197.29
---------------------
v Total Principal Collections $ 46,440,341.97
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 16,752,167.17
ii Cash Forwarded by Administrator on behalf of Seller $ 9,979.74
iii Cash Forwarded by Administrator on behalf of Servicer $ 12,392.25
iv Cash Forwarded by Administrator for Consolidation Activity $ 317.66
v Cash Forwarded by Administrator for Late Fee Activity $ 241,291.63
---------------------
vi Total Interest Collections $ 17,016,148.45
C OTHER REIMBURSEMENTS $ 109,841.70
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 420,303.63
E TOTAL FUNDS RECEIVED $ 63,986,635.75
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,735,069.80)
---------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 62,251,565.95
---------------------------------------------------------------------------------------------------------------
F SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $ 850,058.32
ii Percentage of Principal Calculation $ 1,137,546.85
iii Lesser of Unit or Principal Calculation $ 850,058.32
G SERVICING FEES DUE FOR CURRENT PERIOD $ 850,058.32
H CARRYOVER SERVICING FEES DUE $ 854,281.44
OCT 1998 Servicing Carryover $295,505.64
NOV 1998 Servicing Carryover $291,139.90
DEC 1998 Servicing Carryover $287,488.53
------------------
$ 874,134.07
LESS: Servicing ADJ [A iii + B iii] ($19,852.63)
==================
TOTAL: Carryover Servicing Fee Due $ 854,281.44
==================
I ADMINISTRATION FEES DUE $ 20,000.00
---------------------------------------------------------------------------------------------------------------
J TOTAL FEES DUE FOR PERIOD $ 1,724,339.76
---------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
IV. 1996-2 PORTFOLIO CHARACTERISTICS
- -------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- -------------------------------------------------------------------------------------------------------------
STATUS 9/30/98 12/31/98 9/30/98 12/31/98 9/30/98 12/31/98
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 8.149% 8.145% 20,528 17,949 4.389% 3.987%
Grace
Current 8.163% 8.164% 15,707 4,834 3.358% 1.074%
- -------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.155% 8.149% 36,235 22,783 7.747% 5.061%
- -------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.222% 8.227% 319,216 315,289 68.236% 70.001%
31-60 Days Delinquent 8.253% 8.258% 20,320 19,489 4.344% 4.329%
61-90 Days Delinquent 8.250% 8.253% 10,938 8,947 2.338% 1.987%
91-120 Days Delinquent 8.246% 8.261% 5,752 4,872 1.230% 1.082%
* 120 Days Delinquent 8.263% 8.249% 6,390 5,399 1.366% 1.199%
Deferment
Current 8.221% 8.225% 40,332 41,528 8.621% 9.224%
Forbearance
Current 8.241% 8.248% 25,809 29,761 5.517% 6.610%
- -------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.227% 8.232% 428,757 425,285 91.652% 94.462%
- -------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.249% 8.282% 2,750 2,092 0.588% 0.465%
Aged Claims Rejected (2) 8.280% 8.279% 67 52 0.014% 0.012%
- -------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.220% 8.227% 467,809 450,212 100.000% 100.000%
- -------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------------------------------------
Principal Amount %
- -----------------------------------------------------------------------------------------------------
STATUS 9/30/98 12/31/98 9/30/98 12/31/98
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current 55,928,663.25 $ 49,121,508.33 5.463% 4.996%
Grace
Current 43,412,914.23 $ 12,950,784.36 4.240% 1.317%
- -----------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 99,341,577.48 $ 62,072,292.69 9.703% 6.313%
- -----------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 634,271,368.01 $ 634,203,047.10 61.950% 64.497%
31-60 Days Delinquent $ 45,701,757.71 $ 43,713,064.00 4.464% 4.446%
61-90 Days Delinquent $ 27,285,992.50 $ 21,402,082.63 2.665% 2.177%
91-120 Days Delinquent $ 13,865,262.00 $ 11,557,578.34 1.354% 1.175%
* 120 Days Delinquent $ 15,764,690.80 $ 12,865,885.88 1.540% 1.308%
Deferment
Current $ 107,160,609.14 $ 107,790,807.47 10.466% 10.962%
Forbearance
Current $ 73,978,669.26 $ 84,650,869.84 7.226% 8.609%
- -----------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 918,028,349.42 $ 916,183,335.26 89.664% 93.174%
- -----------------------------------------------------------------------------------------------------
Claims in Process (1) $ 6,310,904.67 $ 4,925,642.80 0.616% 0.501%
Aged Claims Rejected (2) $ 169,857.98 $ 122,372.20 0.017% 0.012%
- -----------------------------------------------------------------------------------------------------
$1,023,850,689.55 $ 983,333,642.95 130.000% 100.00%
- -----------------------------------------------------------------------------------------------------
</TABLE>
* Greater than.
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
V. 1996-2 PORTFOLIO CHARACTERISTICS BY SCHOOL PROGRAM 12.31??
- ---------------------------------------------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
------------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB SL-UNSUB PLUS SLS
------------------------------------------------------------------------------------------------
- --------------------------------
STATUS
- --------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 3.252% 0.870% 0.000% 0.000% 0.469% 0.137% 0.000% 0.000%
Grace
Current 0.797% 0.214% 0.000% 0.000% 0.135% 0.033% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM: 4.049% 1.084% 0.000% 0.000% 0.604% 0.170% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 41.052% 7.812% 1.936% 2.065% 4.190% 1.031% 0.146% 0.222%
31-60 Days Delinquent 2.281% 0.435% 0.157% 0.209% 0.479% 0.101% 0.015% 0.032%
61-90 Days Delinquent 1.090% 0.213% 0.061% 0.081% 0.237% 0.053% 0.002% 0.015%
91-120 Days Delinquent 0.572% 0.086% 0.026% 0.062% 0.133% 0.035% 0.001% 0.011%
* 120 Days Delinquent 0.603% 0.098% 0.020% 0.047% 0.172% 0.040% 0.001% 0.010%
Deferment
Current 6.537% 1.296% 0.232% 0.631% 0.939% 0.221% 0.013% 0.086%
Forbearance
Current 4.415% 0.978% 0.167% 0.500% 0.880% 0.201% 0.011% 0.071%
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 56.550% 10.918% 2.599% 3.595% 7.030% 1.682% 0.129% 0.447%
- ---------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.201% 0.043% 0.019% 0.020% 0.057% 0.014% 0.000% 0.010%
Aged Claims Rejected (2) 0.004% 0.000% 0.000% 0.002% 0.002% 0.001% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL PROGRAM 60.804% 12.045% 2.618% 3.617% 7.693% 01.867% 0.189% 0.457%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 79.084% 10.206%
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
----------------------------------------------------------------------------------------------
GSL-SUB SL-UNSUB PLUS SLS SL-SUB SL-UNSUB PLUS SLS
----------------------------------------------------------------------------------------------
- --------------------------------
STATUS
- --------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 0.112% 0.058% 0.000% 0.000% 0.054% 0.044% 0.000% 0.000%
Grace
Current 0.048% 0.032% 0.000% 0.000% 0.030% 0.028% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM: .160% .090% 0.000% 0.000% .084% .072% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 3.337% 1.378% 0.373% 0.484% 0.309% 0.088% 0.008% 0.066%
31-60 Days Delinquent 0.423% 0.161% 0.028% 0.074% 0.026% 0.017% 0.000% 0.008%
61-90 Days Delinquent 0.262% 0.094% 0.014% 0.044% 0.007% 0.001% 0.001% 0.002%
91-120 Days Delinquent 0.154% 0.059% 0.009% 0.023% 0.004% 0.000% 0.000% 0.000%
* 120 Days Delinquent 0.201% 0.081% 0.006% 0.025% 0.003% 0.001% 0.000% 0.000%
Deferment
Current 0.489% 0.192% 0.009% 0.116% 0.105% 0.055% 0.000% 0.041%
Forbearance
Current 0.744% 0.321% 0.040% 0.147% 0.063% 0.041% 0.002% 0.028%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 5.610% 2.286% .479% .913% .517% .203% .011% .145%
- -------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.083% 0.038% 0.002% 0.012% 0.001% 0.001% 0.000% 0.000%
Aged Claims Rejected (2) 0.002% 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL PROGRAM 5.855% 2.415% 0.481% 0.925% 0.602% 0.276% 0.011% 0.145%
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 9.676% 1.054%
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 4.122% 0.606% 0.170% 0.098% 4.996%
Grace
Current 1.011% 0.168% 0.080% 0.058% 1.317%
-------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 5.133% 0.774% 0.250% 0.156% 6.313%
-------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 52.865% 5.589% 5.572% 0.471% 64.497%
31-60 Days Delinquent 3.082% 0.627% 0.686% 0.051% 4.446%
61-90 Days Delinquent 1.445% 0.307% 0.414% 0.011% 2.177%
91-120 Days Delinquent 0.746% 0.180% 0.245% 0.004% 1.175%
* 120 Days Delinquent 0.768% 0.223% 0.313% 0.004% 1.308%
Deferment
Current 8.696% 1.259% 0.806% 0.201% 10.962%
Forbearance
Current 6.060% 1.163% 1.252% 0.134% 8.609%
-------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 73.662% 9.348% 9.288% 0.876% 93.174%
-------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.283% 0.081% 0.135% 0.002% 0.501%
Aged Claims Rejected (2) 0.006% 0.003% 0.003% 0.000% 0.012%
-------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 79.084% 10.206% 9.676% 1.034% 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.
* greater than
5
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
VI. 1996-2 Interest Calculation
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Borrower Interest Accrued During Collection Period $ 17,509,418.60
B Interest Subsidy Payments Accrued During Collection Period $ 3,133,206.75
C SAP Payments Accrued During Collection Period $ 7,636.84
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 61,818.88
E Investment Earnings (ADMINISTRATOR ACT) $ 420,303.63
------------------
F Net Expected Interest Collections $ 21,132,384.70
G Student Loan Rate
i Days in Collection Period (10/1/98 - 12/31/98) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 21,132,384.70
iv Primary Servicing Fee $ 2,585,128.12
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,035,727,585.70
vii Student Loan Rate 7.09693%
Accrued
Int Factor Accrual Period
---------- --------------
H Class A-1 T-Bill Based Interest Rate 5.00499%
I Class A-1 Interest Rate 0.012478192 (10/26/98-1/25/99) 5.00499%
J Class A-2 T-Bill Based Interest Rate 5.20499%
K Class A-2 Interest Rate 0.012976822 (10/26/98-1/25/99) 5.20499%
L Certificate T-Bill Based Rate of Return 5.45499%
M Certificate Rate of Return 0.013600110 (10/26/98-1/25/99) 5.45499%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VII. 1996-2 Inputs From Previous Quarterly Servicing Reports 09/30/1998
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 1,023,850,689.55
ii Interest To Be Capitalized $11,876,896.15
------------------
iii TOTAL STUDENT LOAN POOL OUTSTANDING $ 1,035,727,585.70
==================
B Total Note and Certificate Factor 0.68363503409
C TOTAL NOTE AND CERTIFICATE BALANCE $ 1,035,727,585.70
-------------------------------------------------------------------------------------------------------------------
D Note Balance 10/26/98 Class A-1 Class A-2 Certificates
-------------------------------------------------------------------------------------------------------------------
i Current Factor-10/26/98 0.5084077802 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 495,697,585.70 $ 487,000,000.00 $ 53,030,000.00
------------------ ----------------- ---------------
iv Note Balance $ 495,697,585.70 $ 487,000,000.00 $ 53,030,000.00
E Interest Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest Carryover $ 0.00 $ 0.00 $ 0.00
-------------------------------------------------------------------------------------------------------------------
G Reserve Account Balance $ 2,589,318.96
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) $ 62,313,384.83 $ 62,313,384.83
B Primary Servicing Fees-Current Month $ 850,058.32 $ 61,463,326.51
C Administration Fee $ 20,000.00 $ 61,443,326.51
D Noteholder's Interest Distribution Amount
i Class A-1 $ 6,185,409.65 $ 55,257,916.86
ii Class A-2 $ 6,319,712.31 $ 48,938,204.55
---------------
iii Total Noteholder's Interest Distribution $ 12,505,121.96
E Certificateholder's Return Distribution Amount $ 721,213.83 $ 48,216,990.72
F Noteholder's Principal Distribution Amount
i Class A-1 $ 42,140,614.00 $ 6,076,376.72
ii Class A-2 $ 0.00 $ 6,076,376.72
---------------
iii Total Noteholder's Principal Distribution $ 42,140,614.00
G Certificateholder's Balance Distribution Amount $ 0.00 $ 6,076,376.72
H Increase to the Specified Reserve Account Balance $ 0.00 $ 6,076,376.72
I Carryover Servicing Fees $ 854,281.44 $ 5,222,095.28
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 5,222,095.28
i Class A-2 $ 0.00 $ 5,222,095.28
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 5,222,095.28
L Excess to Reserve Account $ 5,222,095.28 $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IX. 1996-2 Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 6,185,409.65 $ 6,319,712.31 $ 721,213.83
ii Quarterly Interest Paid $ 6,185,409.65 $ 6,319,712.31 $ 721,213.83
----------------- -------------- ------------
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 $ 42,140,614.00 $ 0.00 $ 0.00
viii Quarterly Principal Paid $ 42,140,614.00 $ 0.00 $ 0.00
----------------- -------------- ------------
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 48,326,023.65 $ 6,319,712.31 $ 721,213.83
------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 12/31/98 $ 1,035,727,585.70
ii Pool Balance 12/31/98 $ 993,586,971.70
------------------
iii Pool Exceeding Notes and Certificate Balance (i-ii) $ 42,140,614.00
==================
iv Principal Distribution Amount $ 42,140,614.00
==================
C Total Principal Distribution $ 42,140,614.00
D Total Interest Distribution $ 13,226,335.79
------------------
E Total Cash Distributions-Note and Certificates $ 55,366,949.79
----------------------------------------------------------------------------------------
F Note & Certificate Balances 10/26/1998 01/25/1999
----------------------------------------------------------------------------------------
i A-1 Note Balance (78442GAA4) $ 495,697,585.70 $ 453,556,971.70
A-1 Note Pool Factor 0.5084077802 0.4651866376
ii A-2 Note Balance (78442GAB2) $ 487,000,000.00 $ 487,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAC0) $ 53,030,000.00 $ 53,030,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
----------------------------------------------------------------------------------------
G Reserve Account Reconciliation
i Beginning of Period Balance $ 2,589,318.96
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 5,222,095.28
--------------
iv Total Reserve Account Balance Available $ 7,811,414.24
v Required Reserve Account Balance $ 2,483,967.43
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp. $ 5,327,446.81
viii Ending Reserve Account Balance $ 2,483,967.43
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1996-2 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------
10/1/98-12/31/98 7/1/98-9/30/98
---------------------------------------------------------------
<S> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $1,023,850,689.55 $ 1,067,352,680.28
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 36,616,468.84 $ 37,444,134.76
ii Principal Collections from Guarantor 9,677,674.96 9,605,237.44
iii Principal Reimbursements 146,198.17 134,332.81
iv Other System Adjustments - -
-------------------------------------------------
v Total Principal Collections $ 46,440,341.97 $ 47,183,705.01
Student Loan Non-Cash Principal Activity
i Other Adjustments 891,128.64 740,695.47
ii Capitalized Interest (6,784,424.01) (4,422,409.75)
-------------------------------------------------
iii Total Non-Cash Principal Activity $ (5,893,295.37) $ (3,681,714.28)
------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 40,547,046.60 $ 43,501,990.73
------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 12,726,733.16 $ 13,571,462.53
ii Interest Claims Received from Guarantors 608,821.57 581,159.91
iii Late Fee Reimbursements 241,291.63 65,979.42
iv Interest Reimbursements 22,689.65 29,711.34
v Other System Adjustments - -
vi Special Allowance Payments 141,913.67 270,616.43
vii Subsidy Payments 3,274,698.77 3,745,474.78
-------------------------------------------------
viii Total Interest Collections $ 17,016,148.45 $ 18,264,404.41
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (753,489.36) $ (550,123.26)
ii Capitalized Interest 6,784,424.01 4,422,409.75
-------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 6,030,934.65 $ 3,872,286.49
-------------------------------------------------
Total Student Loan Interest Activity $ 23,047,083.10 $ 22,136,690.90
(=) Ending Student Loan Portfolio Balance $ 983,303,642.95 $ 1,023,850,689.55
-------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 10,283,328.75 $ 11,876,896.15
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 993,586,971.70 $ 1,035,727,585.70
-------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------
4/1/98-6/30/98 1/1/98-3/31/98 10/1/97-12/31/97
---------------------------------------------------------------------
<S> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $1,110,872,148.92 $1,157,119,554.57 $1,207,164,935.71
- --------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 38,001,678.96 $ 37,887,256.31 $ 38,924,495.06
ii Principal Collections from Guarantor 10,065,813.77 11,003,483.98 12,246,196.59
iii Principal Reimbursements 263,612.43 1,253,085.07 6,209,725.84
iv Other System Adjustments - - -
--------------------------------------------------------------------
v Total Principal Collections $ 48,331,105.16 $ 50,143,825.36 $ 57,380,417.49
Student Loan Non-Cash Principal Activity
i Other Adjustments 666,548.47 884,091.41 980,697.54
ii Capitalized Interest (5,478,184.99) (4,780,511.12) (8,315,733.89)
--------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (4,811,636.52) $ (3,896,419.71) $ (7,335,036.35)
- ------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 43,519,468.64 $ 46,247,405.65 $ 50,045,381.14
- ------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 13,731,419.05 $ 14,403,189.08 $ 14,129,984.08
ii Interest Claims Received from Guarantors 639,851.55 660,711.04 761,002.07
iii Late Fee Reimbursements 0.00 8.64 1.27
iv Interest Reimbursements 32,082.28 43,796.57 156,325.20
v Other System Adjustments - - -
vi Special Allowance Payments 401,221.59 570,832.04 447,663.98
vii Subsidy Payments 3,959,220.67 4,677,736.68 5,110,300.53
--------------------------------------------------------------------
viii Total Interest Collections $ 18,763,795.14 $ 20,356,274.05 $ 20,605,277.13
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (507,075.32) $ (693,323.69) $ (773,454.47)
ii Capitalized Interest 5,478,184.99 4,780,511.12 8,315,733.89
--------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 4,971,109.67 $ 4,087,187.43 $ 7,542,279.42
--------------------------------------------------------------------
Total Student Loan Interest Activity $ 23,734,904.81 $ 24,443,461.48 $ 28,147,556.55
(=) Ending Student Loan Portfolio Balance $1,067,352,680.28 $1,110,872,148.92 $1,157,119,554.57
- --------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 11,450,427.01 $ 12,137,145.07 $ 11,609,569.57
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $1,078,803,107.29 $1,123,009,293.99 $1,168,729,124.14
- --------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------
7/1/97-9/30/97 4/1/97-6/30/97 1/1/97-3/31/97
--------------------------------------------------------------------
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $1,256,198,718.19 $1,311,435,448.63 $1,368,940,609.46
- -------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 34,879,780.38 $ 36,262,930.45 $ 35,405,802.03
ii Principal Collections from Guarantor 11,329,576.41 14,581,644.47 16,357,009.51
iii Principal Reimbursements 7,134,873.73 9,351,268.08 9,386,952.00
iv Other System Adjustments - (0.00) -
----------------------------------------------------------------
v Total Principal Collections $ 53,344,230.52 $ 60,195,843.00 $ 61,149,763.54
Student Loan Non-Cash Principal Activity
i Other Adjustments 942,924.37 876,021.96 1,056,316.24
ii Capitalized Interest (5,253,372.41) (5,835,134.52) (4,700,918.95)
----------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (4,310,448.04) $ (4,959,112.56) $ (3,644,602.71)
- -----------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 49,033,782.48 $ 55,236,730.44 $ 57,505,160.83
- -----------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 14,694,854.50 $ 14,705,223.01 $ 15,556,589.47
ii Interest Claims Received from Guarantors 685,566.92 908,642.82 1,054,563.70
iii Late Fee Reimbursements - - -
iv Interest Reimbursements 121,773.86 163,727.00 128,167.59
v Other System Adjustments - - -
vi Special Allowance Payments 611,281.83 569,960.22 442,524.38
vii Subsidy Payments 5,801,151.40 6,074,126.25 7,322,845.39
----------------------------------------------------------------
viii Total Interest Collections $ 21,914,628.51 $ 22,421,679.30 $ 24,504,690.53
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (759,643.24) $ (634,501.44) $ (795,806.82)
ii Capitalized Interest 5,253,372.41 5,835,134.52 4,700,918.95
----------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 4,493,729.17 $ 5,200,633.08 $ 3,905,112.13
----------------------------------------------------------------
Total Student Loan Interest Activity $ 26,408,357.68 $ 27,622,312.38 $ 28,409,802.66
(=) Ending Student Loan Portfolio Balance $1,207,164,935.71 $1,256,198,718.19 $1,311,435,448.63
- -------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 14,530,310.02 $ 14,239,953.83 $ 14,820,929.42
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $1,221,695,245.73 $1,270,438,672.02 $1,326,256,378.05
- -------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------
10/1/96-12/31/96 7/1/96-9/30/96 4/8/96-6/30/96
--------------------------------------------------------------------
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $1,420,136,733.54 $1,468,666,284.76 $1,499,948,797.64
- -------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 35,315,114.14 $ 37,115,081.98 $ 32,387,112.35
ii Principal Collections from Guarantor 12,433,036.92 1,608,162.94 232,013.54
iii Principal Reimbursements 10,214,361.81 14,131,988.74 5,880,791.49
iv Other System Adjustments (4,608.47) (1,484.32) (1,709.32)
-----------------------------------------------------------------
v Total Principal Collections $ 57,957,904.40 $ 52,853,749.34 $ 38,498,208.06
Student Loan Non-Cash Principal Activity
i Other Adjustments 1,080,860.52 1,010,052.49 700,262.22
ii Capitalized Interest (7,842,640.84) (5,334,250.61) (7,915,957.40)
-----------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (6,761,780.32) $ (4,324,198.12) $ (7,215,695.18)
- ------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 51,196,124.08 $ 48,529,551.22 $ 31,282,512.88
- ------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 14,810,858.15 $ 15,710,941.68 $ 13,326,889.75
ii Interest Claims Received from Guarantors 774,638.29 65,496.81 4,693.63
iii Late Fee Reimbursements - - -
iv Interest Reimbursements 166,885.49 161,064.40 90,073.72
v Other System Adjustments (2,349.39) (18.17) 309.87
vi Special Allowance Payments 875,314.62 481,518.57 -
vii Subsidy Payments 7,898,909.32 9,023,779.62 -
-----------------------------------------------------------------
viii Total Interest Collections $ 24,524,256.48 $ 25,442,782.91 $ 13,421,966.97
-----------------------------------------------------------------
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (912,392.77) $ (986,037.72) $ (689,754.99)
ii Capitalized Interest 7,842,640.84 5,334,250.61 7,915,957.40
-----------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 6,930,248.07 $ 4,348,212.89 $ 7,226,202.41
-----------------------------------------------------------------
Total Student Loan Interest Activity $ 31,454,504.55 $ 29,790,995.80 $ 20,648,169.38
(=) Ending Student Loan Portfolio Balance $1,368,940,609.46 $1,420,136,733.54 $1,468,666,284.76
- ------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 13,686,568.72 $ 15,672,244.73 $ 14,944,789.14
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $1,382,627,178.18 $1,435,808,978.27 $1,483,611,073.90
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
XI. 1996-2 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
Apr-96 $ 1,517,607,923 -
Jul-96 $ 1,483,611,074 4.11%
Oct-96 $ 1,435,808,978 5.25%
Jan-97 $ 1,382,627,178 6.20%
Apr-97 $ 1,326,256,378 6.80%
Jul-97 $ 1,270,438,672 7.10%
Oct-97 $ 1,221,695,246 7.02%
Jan-98 $ 1,168,729,124 7.15%
Apr-98 $ 1,123,009,294 6.83%
Jul-98 $ 1,078,803,107 6.44%
Oct-98 $ 1,035,727,586 6.07%
Jan-99 $ 993,586,972 5.72%
* "Since Issued CPR" is based on the current period's
ending Pool balance calculated against the original
pool balance and assuming cutoff date pool data.
- --------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1996-3
Quarterly Servicing Report
Report Date: 12/31/98 Reporting Period: 10/1/98-12/31/98
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ----------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 9/30/1998 Activity 12/31/98
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A i Portfolio Balance $ 1,116,365,245.26 $ (32,410,399.73) $ 1,083,954,845.53
ii Interest to be Capitalized 16,211,645.68 13,191,211.43
------------------ ------------------
iii Total Pool $ 1,132,576,890.94 $ 1,097,146,056.96
iv Specified Reserve Account Balance 2,831,442.23 2,742,865.14
------------------ ------------------
v TOTAL ADJUSTED POOL $ 1,135,408,333.17 $ 1,099,888,922.10
================== ==================
B i Weighted Average Coupon (WAC) 8.2078% 8.2339%
ii Weighted Average Remaining Term 100.96 99.97
iii Number of Loans 416,896 406,050
iv Number of Borrowers 164,768 159,655
--------------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 10/26/98 % of Pool Balance 1/25/99 % of Pool
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAD8 0.49% $ 529,658,333.17 46.649% $ 494,138,922.10 44.926%
ii A-2 Notes 78442GAE6 0.68% 553,000,000.00 48.705% 553,000,000.00 50.278%
iii Certificates 78442GAF3 0.95% 52,750,000.00 4.646% 52,750,000.00 4.796%
====================================================================================================================
iv Total Notes and Certificates $ 1,135,408,333.17 100.000% $ 1,099,888,922.10 100.000%
====================================================================================================================
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
Reserve Account 10/26/98 1/25/99
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,831,442.23 $ 2,742,865.14
iv Reserve Account Floor Balance ($) $ 1,502,704.00 $ 1,502,704.00
v Current Reserve Acct Balance ($) $ 2,831,442.23 $ 2,742,865.14
--------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
II. 1996-3 Transactions from: 10/1/98 through: 12/31/98
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $31,157,043.56
ii Principal Collections from Guarantor $9,115,996.62
iii Principal Reimbursements $198,934.35
iv Other System Adjustments $0.00
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 40,471,974.53
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $951,478.64
ii Capitalized Interest ($9,013,053.44)
----------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (8,061,574.80)
--------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 32,410,399.73
--------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $13,382,947.24
ii Interest Claims Received from Guarantors $549,358.79
iii Late Fee Reimbursements $215,308.70
iv Interest Reimbursements $25,768.46
v Other System Adjustments $0.00
vi Special Allowance Payments $113,750.53
vii Subsidy Payments $3,853,804.62
----------------
viii TOTAL INTEREST COLLECTIONS $ 18,140,938.34
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment ($834,626.38)
ii Capitalized Interest $9,013,053.44
----------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 8,178,427.06
--------------------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 26,319,365.40
--------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
III. 1996-3 Collection Account Activity 10/1/1998 through 12/31/1998
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $ 40,273,040.18
ii Cash Forwarded by Administrator on behalf of Seller $ 135,079.16
iii Cash Forwarded by Administrator on behalf of Servicer $ 5,021.40
iv Cash Forwarded by Administrator for Consolidation Activity $ 58,833.79
-----------------
v TOTAL PRINCIPAL COLLECTIONS $ 40,471,974.53
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 17,899,861.18
ii Cash Forwarded by Administrator on behalf of Seller $ 19,133.24
iii Cash Forwarded by Administrator on behalf of Servicer $ 6,352.80
iv Cash Forwarded by Administrator for Consolidation Activity $ 282.42
v Cash Forwarded by Administrator for Late Fee Activity $ 215,308.70
-----------------
vi TOTAL INTEREST COLLECTIONS $ 18,140,938.34
C OTHER REIMBURSEMENTS $ 172,834.96
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 381,939.93
E FUNDS BORROWED FROM NEXT COLLECTION PERIOD $ 0.00
F TOTAL FUNDS RECEIVED $ 59,167,687.76
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,544,248.86)
---------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 57,623,438.90
---------------------------------------------------------------------------------------------------------------
G SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $ 760,198.71
ii Percentage of Principal Calculation $ 1,067,366.81
iii Lesser of Unit or Principal Calculation $ 760,198.71
H SERVICING FEES DUE FOR CURRENT PERIOD $ 760,198.71
I CARRYOVER SERVICING FEES DUE $ 916,790.63
OCT 1998 Servicing Carryover $312,398.83
NOV 1998 Servicing Carryover $308,597.90
DEC 1998 Servicing Carryover $307,168.10
------------
$ 928,164.83
LESS: Servicing ADJ [A iii + B iii] ($11,374.20)
============
TOTAL: CARRYOVER SERVICING FEE DUE $ 916,790.63
============
J ADMINISTRATION FEES DUE $ 20,000.00
---------------------------------------------------------------------------------------------------------------
K TOTAL FEES DUE FOR PERIOD $ 1,696,989.34
---------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
IV. 1996-3 Portfolio Characteristics
- ----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans % Principal Amount
- ----------------------------------------------------------------------------------------------------------------------------------
Status 9/30/98 12/31/98 9/30/98 12/31/98 9/30/98 12/31/98 9/30/98
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.882% 7.875% 30,165 27,573 7.236% 6.791% $ 90,266,473.31
Grace
Current 7.933% 7.947% 20,182 5,038 4.841% 1.241% $ 66,617,358.19
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.904% 7.886% 50,347 32,611 12.077% 8.032% $ 156,883,831.50
- ----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.270% 8.282% 261,431 266,789 62.709% 65.703% $ 658,278,696.55
31-60 Days Delinquent 8.285% 8.293% 18,903 17,952 4.534% 4.421% $ 48,913,139.91
61-90 Days Delinquent 8.283% 8.306% 10,528 8,637 2.525% 2.127% $ 29,865,045.37
91-120 Days Delinquent 8.275% 8.307% 5,573 4,354 1.337% 1.072% $ 14,757,795.69
> 120 Days Delinquent 8.277% 8.288% 6,195 5,010 1.486% 1.234% $ 16,355,611.79
Deferment
Current 8.164% 8.165% 36,933 38,705 8.860% 9.532% $ 107,955,410.74
Forbearance
Current 8.279% 8.284% 24,488 29,933 5.874% 7.372% $ 77,325,139.78
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.260% 8.270% 364,051 371,380 87.325% 91.461% $ 953,450,839.83
- ----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.287% 8.298% 2,452 2,023 0.588% 0.498% $ 5,934,438.30
Aged Claims Rejected (2) 8.242% 8.193% 46 36 0.011% 0.009% $ 96,135.63
- ----------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.280% 8.280% 416,896 406,050 100.000% 100.000% $ 1,116,365,245.26
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------
%
------------------------------------------------------
- -----------------------------------------------------------------------------------------
STATUS 12/31/98 9/30/98 12/31/98
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C>
INTERIM:
In School
Current $ 82,313,829.39 8.086% 7.594%
Grace
Current $ 15,204,314.78 5.967% 1.403%
- -----------------------------------------------------------------------------------------
TOTAL INTERIM $ 97,518,144.17 14.053% 8.997%
- -----------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 682,522,353.14 58.966% 62.966%
31-60 Days Delinquent $ 46,876,954.10 4.381% 4.325%
61-90 Days Delinquent $ 22,190,355.22 2.675% 2.047%
91-120 Days Delinquent $ 11,356,258.91 1.322% 1.047%
> 120 Days Delinquent $ 13,026,172.83 1.465% 1.202%
Deferment
Current $ 111,118,319.87 9.670% 10.251%
Forbearance
Current $ 94,238,228.11 6.927% 8.694%
- -----------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 981,328,642.18 85.407% 90.532%
- -----------------------------------------------------------------------------------------
Claims in Process (1) $ 5,028,947.55 0.531% 0.464%
Aged Claims Rejected (2) $ 79,111.63 0.009% 0.007%
- -----------------------------------------------------------------------------------------
GRAND TOTAL $ 1,083,954,845.53 100.000% 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.
4
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
V. 1996-3 Portfolio Characteristics by School and Program 12/31/98
- ------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
---------------------------------------------------------------------------------------
- ---------------------------
STATUS
- ---------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 4.959% 1.804% 0.000% 0.000% 0.455% 0.165% 0.000% 0.000%
Grace
Current 0.842% 0.319% 0.000% 0.000% 0.106% 0.035% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 5.801% 2.123% 0.000% 0.000% 0.561% 0.200% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 36.098% 7.879% 6.488% 2.828% 3.264% 0.738% 0.297% 0.356%
31-60 Days Delinquent 2.129% 0.407% 0.416% 0.238% 0.397% 0.079% 0.022% 0.050%
61-90 Days Delinquent 0.961% 0.168% 0.143% 0.107% 0.229% 0.050% 0.004% 0.030%
91-120 Days Delinquent 0.479% 0.084% 0.065% 0.055% 0.115% 0.023% 0.006% 0.020%
greater than 120 Days
Delinquent 0.528% 0.105% 0.049% 0.065% 0.149% 0.033% 0.003% 0.015%
Deferment
Current 5.914% 1.452% 0.545% 0.619% 0.730% 0.174% 0.032% 0.082%
Forbearance
Current 4.083% 1.120% 0.528% 0.634% 0.790% 0.170% 0.020% 0.096%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 50.192% 11.215% 8.234% 4.546% 5.674% 1.267% 0.384% 0.649%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.196% 0.033% 0.025% 0.023% 0.069% 0.015% 0.001% 0.007%
Aged Claims Rejected (2) 0.002% 0.000% 0.000% 0.000% 0.003% 0.001% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 56.191% 13.371% 8.259% 4.569% 6.307% 1.483% 0.385% 0.656%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.390% 8.831%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<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 0.055% 0.040% 0.000% 0.000% 0.063% 0.053% 0.000% 0.000%
Grace
Current 0.030% 0.020% 0.000% 0.000% 0.021% 0.030% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.085% 0.060% 0.000% 0.000% 0.084% 0.083% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 2.399% 0.788% 0.389% 0.722% 0.382% 0.211% 0.014% 0.113%
31-60 Days Delinquent 0.317% 0.088% 0.045% 0.097% 0.020% 0.012% 0.001% 0.007%
61-90 Days Delinquent 0.209% 0.055% 0.019% 0.060% 0.006% 0.004% 0.000% 0.002%
91-120 Days Delinquent 0.116% 0.033% 0.012% 0.033% 0.003% 0.000% 0.000% 0.003%
greater than 120 Days
Delinquent 0.154% 0.044% 0.004% 0.037% 0.010% 0.003% 0.000% 0.003%
Deferment
Current 0.328% 0.098% 0.024% 0.106% 0.079% 0.051% 0.002% 0.015%
Forbearance
Current 0.601% 0.213% 0.037% 0.204% 0.100% 0.067% 0.000% 0.031%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 4.124% 1.319% 0.530% 1.259% 0.600% 0.348% 0.017% 0.174%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.058% 0.016% 0.003% 0.017% 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 4.268% 1.395% 0.533% 1.276% 0.685% 0.431% 0.017% 0.174%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 7.472% 1.307%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</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 6.763% 0.620% 0.095% 0.116% 7.594%
Grace
Current 1.161% 0.141% 0.050% 0.051% 1.403%
----------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.924% 0.761% 0.145% 0.167% 8.997%
----------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 53.293% 4.655% 4.298% 0.720% 62.966%
31-60 Days Delinquent 3.190% 0.548% 0.547% 0.040% 4.325%
61-90 Days Delinquent 1.379% 0.313% 0.343% 0.012% 2.047%
91-120 Days Delinquent 0.683% 0.164% 0.194% 0.006% 1.047%
greater than 120 Days
Delinquent 0.747% 0.200% 0.239% 0.016% 1.202%
Deferment
Current 8.530% 1.018% 0.556% 0.147% 10.251%
Forbearance
Current 6.365% 1.076% 1.055% 0.198% 8.694%
----------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 74.187% 7.974% 7.232% 1.139% 90.532%
----------------------------------------------------------------------------------------------------
Claims in Process (1) 0.277% 0.092% 0.094% 0.001% 0.464%
Aged Claims Rejected (2) 0.002% 0.004% 0.001% 0.000% 0.007%
----------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.390% 8.831% 7.472% 1.307% 100.000%
----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
VI. 1996-3 Interest Calculation
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Borrower Interest Accrued During Collection Period $ 18,921,847.65
B Interest Subsidy Payments Accrued During Collection Period $ 3,651,106.84
C SAP Payments Accrued During Collection Period $ 6,913.41
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 62,399.25
E Investment Earnings (ADMINISTRATOR ACT) $ 381,939.93
---------------
F NET EXPECTED INTEREST COLLECTIONS $ 23,024,207.08
G STUDENT LOAN RATE
i Days in Collection Period (10/1/98-12/31/98) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 23,024,207.08
iv Primary Servicing Fee $ 2,304,447.57
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,132,576,890.94
vii Student Loan Rate 7.25108%
ACCRUED
INT FACTOR ACCRUAL PERIOD
H CLASS A-1 T-Bill Based Interest Rate 4.98499%
I CLASS A-1 INTEREST RATE 0.012428328 (10/26/98-1/25/99) 4.98499%
J Class A-2 T-Bill Based Interest Rate 5.17499%
K CLASS A-2 INTEREST RATE 0.012902027 (10/26/98-1/25/99) 5.17499%
L Certificate T-Bill Based Rate of Return 5.44499%
M CERTIFICATE RATE OF RETURN 0.013575178 (10/26/98-1/25/99) 5.44499%
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VII. 1996-3 Inputs From Previous Quarterly Servicing Reports 9/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,116,365,245.26
ii Interest To Be Capitalized 16,211,645.68
------------------
iii Total Pool $ 1,132,576,890.94
iv Specified Reserve Account Balance 2,831,442.23
------------------
v TOTAL ADJUSTED POOL BALANCE $ 1,135,408,333.17
==================
B Total Note and Certificate Factor 0.75354792313
C TOTAL NOTE AND CERTIFICATE BALANCE $ 1,135,408,333.17
------------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 10/26/98 CLASS A-1 CLASS A-2 CERTIFICATES
------------------------------------------------------------------------------------------------------------------
i Current Factor-10/26/98 0.5878560856 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 529,658,333.17 $ 553,000,000.00 $ 52,750,000.00
------------------ ---------------- ---------------
iv NOTE BALANCE $ 529,658,333.17 $ 553,000,000.00 $ 52,750,000.00
E Interest Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest Carryover $ 0.00 $ 0.00 $ 0.00
------------------------------------------------------------------------------------------------------------------
G Reserve Account Balance $ 2,831,442.23
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. 1996-3 Waterfall for Distributions
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
REMAINING
FUNDS BALANCE
-------------
A Total Available Funds ( Sections III -F + VI-D) $ 57,685,838.15 $ 57,685,838.15
B Primary Servicing Fees-Current Month $ 760,198.71 $ 56,925,639.44
C Administration Fee $ 20,000.00 $ 56,905,639.44
D Noteholder's Interest Distribution Amount
i Class A-1 $ 6,582,768.02 $ 50,322,871.42
ii Class A-2 $ 7,134,820.93 $ 43,188,050.49
---------------
iii TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $ 13,717,588.95
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 716,090.64 $ 42,471,959.85
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 35,519,411.07 $ 6,952,548.78
ii Class A-2 $ 0.00 $ 6,952,548.78
---------------
iii TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 35,519,411.07
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 6,952,548.78
H Increase to the Specified Reserve Account Balance $ 0.00 $ 6,952,548.78
I Carryover Servicing Fees $ 916,790.63 $ 6,035,758.15
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 6,035,758.15
ii Class A-2 $ 0.00 $ 6,035,758.15
---------------
iii TOTAL NOTEHOLDER'S INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 6,035,758.15
L EXCESS TO RESERVE ACCOUNT $ 6,035,758.15 $ 0.00
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
- --------------------------------------------------------------------------------
IX. 1996-3 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 6,582,768.02 $ 7,134,820.93 $ 716,090.64
ii Quarterly Interest Paid 6,582,768.02 7,134,820.93 716,090.64
--------------- -------------- ------------
iii INTEREST SHORTFALL $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00 0.00
--------------- -------------- ------------
vi INTEREST CARRYOVER $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 35,519,411.07 $ 0.00 $ 0.00
viii Quarterly Principal Paid 35,519,411.07 0.00 0.00
--------------- -------------- ------------
ix QUARTERLY PRINCIPAL SHORTFALL $ 0.00 $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 42,102,179.09 $ 7,134,820.93 $ 716,090.64
--------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
B PRINCIPAL DISTRIBUTION RECONCILIATION
<S> <C> <C>
i Notes and Certificates Principal Balance 12/31/98 $ 1,135,408,333.17
ii Adjusted Pool Balance 12/31/98 1,099,888,922.10
------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 35,519,411.07
==================
iv Adjusted Pool Balance 9/30/98 $ 1,135,408,333.17
v Adjusted Pool Balance 12/31/98 1,099,888,922.10
------------------
vi Current Principal Due (iv-v) $ 35,519,411.07
vii Principal Shortfall from Previous Collection Period -
------------------
viii Principal Distribution Amount (vi + vii) $ 35,519,411.07
==================
ix PRINCIPAL DISTRIBUTION AMOUNT PAID $ 35,519,411.07
x Principal Shortfall (viii - ix) $ -
C Total Principal Distribution $ 35,519,411.07
D Total Interest Distribution 14,433,679.59
------------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 49,953,090.66
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------
F Note & Certificate Balances 10/26/98 1/25/99
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i A-1 Note Balance (78442GAD8) $ 529,658,333.17 $ 494,138,922.10
A-1 Note Pool Factor 0.5878560856 0.5484338758
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>
G RESERVE ACCOUNT RECONCILIATION
<S> <C> <C>
i Beginning of Period Balance $ 2,831,442.23
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 6,035,758.15
------------------
iv Total Reserve Account Balance Available $ 8,867,200.38
v Required Reserve Account Balance $ 2,742,865.14
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp $ 6,124,335.24
viii Ending Reserve Account Balance $ 2,742,865.14
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1996-3 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------
10/1/98-12/31/98 7/1/98-9/30/98 4/1/98-6/30/98
------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,116,365,245.26 $ 1,152,596,910.96 $ 1,189,789,829.06
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 31,157,043.56 $ 30,961,477.43 $ 30,981,475.50
ii Principal Collections from Guarantor 9,115,996.62 9,249,791.42 11,373,276.66
iii Principal reimbursements 198,934.35 53,622.15 163,811.00
iv Other System Adjustments - - -
-----------------------------------------------------------------------
v TOTAL PRINCIPAL COLLECTIONS $ 40,471,974.53 $ 40,264,891.00 $ 42,518,565.16
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 951,478.64 $ 695,164.49 $ 633,223.47
ii Capitalized Interest (9,013,053.44) (4,728,389.79) (5,958,870.53)
-----------------------------------------------------------------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (8,061,574.80) $ (4,033,225.30) $ (5,325,647.06)
------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 32,410,399.73 $ 36,231,665.70 $ 37,192,918.10
------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 13,382,947.24 $ 14,041,409.07 $ 14,085,313.12
ii Interest Claims Received from Guarantors 549,358.79 578,867.20 718,304.83
iii Late Fee Reimbursements 215,308.70 56,259.92 2.70
iv Interest Reimbursements 25,768.46 16,099.41 20,990.65
v Other System Adjustments - - -
vi Special Allowance Payments 113,750.53 227,118.75 349,008.44
vii Subsidy Payments 3,853,804.62 4,362,475.39 4,568,906.58
-----------------------------------------------------------------------
viii Total Interest Collections $ 18,140,938.34 $ 19,282,229.74 $ 19,742,526.32
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (834,626.38) $ (542,779.84) $ (467,603.79)
ii Capitalized Interest 9,013,053.44 4,728,389.79 5,958,870.53
-----------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 8,178,427.06 $ 4,185,609.95 $ 5,491,266.74
-----------------------------------------------------------------------
Total Student Loan Interest Activity $ 26,319,365.40 $ 23,467,839.69 $ 25,233,793.06
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 1,083,954,845.53 $ 1,116,365,245.26 $ 1,152,596,910.96
------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 13,191,211.43 $ 16,211,645.68 $ 15,375,519.62
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,097,146,056.96 $ 1,132,576,890.94 $ 1,167,972,430.58
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 2,742,865.14 $ 2,831,442.23 $ 3,014,322.45
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 1,099,888,922.10 $ 1,135,408,333.17 $ 1,170,986,753.03
------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------
1/1/98-3/31/98 10/1/97-12/31/97 7/1/97-9/30/97
------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,228,714,371.63 $ 1,270,536,352.09 $ 1,314,028,719.03
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 29,404,048.03 $ 29,118,217.97 $ 26,848,008.48
ii Principal Collections from Guarantor 11,559,362.06 12,533,050.94 12,289,160.77
iii Principal reimbursements 2,130,628.53 9,081,106.61 8,698,514.06
iv Other System Adjustments - -
-----------------------------------------------------------------------
v TOTAL PRINCIPAL COLLECTIONS $ 43,094,038.62 $ 50,732,375.52 $ 47,835,683.31
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 767,213.12 $ 993,670.46 $ 871,626.88
ii Capitalized Interest (4,936,709.17) (9,904,065.52) (5,214,943.25)
-----------------------------------------------------------------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (4,169,496.05) $ (8,910,395.06) $ (4,343,316.37)
------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 38,924,542.57 $ 41,821,980.46 $ 43,492,366.94
------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 14,499,229.27 $ 13,912,469.88 $ 14,241,939.43
ii Interest Claims Received from Guarantors 708,781.58 782,995.06 750,914.57
iii Late Fee Reimbursements 0.54 - -
iv Interest Reimbursements 66,965.58 181,295.05 145,750.68
v Other System Adjustments - -
vi Special Allowance Payments 525,353.53 411,017.50 566,331.54
vii Subsidy Payments 5,372,338.40 5,904,071.73 6,554,583.06
-----------------------------------------------------------------------
viii Total Interest Collections $ 21,172,668.90 $ 21,191,849.22 $ 22,259,519.28
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (595,874.69) $ (829,125.40) $ (708,003.70)
ii Capitalized Interest 4,936,709.17 9,904,065.52 5,214,943.25
-----------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 4,340,834.48 $ 9,074,940.12 $ 4,506,939.55
-----------------------------------------------------------------------
Total Student Loan Interest Activity $ 25,513,503.38 $ 30,266,789.34 $ 26,766,458.83
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 1,189,789,829.06 $ 1,228,714,371.63 $ 1,270,536,352.09
------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 15,939,150.71 $ 14,946,382.97 $ 18,658,731.97
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,205,728,979.77 $ 1,243,660,754.60 $ 1,289,195,084.06
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 3,109,151.89 $ 3,222,987.71 $ 3,329,046.30
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 1,208,838,131.66 $ 1,246,883,742.31 $ 1,292,524,130.36
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------
4/1/97-6/30/97 1/1/97-3/31/97 10/1/96-12/31/96
------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,361,841,394.25 $ 1,413,647,896.61 $ 1,447,395,386.24
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 26,728,337.85 $ 26,325,976.31 $ 25,708,925.38
ii Principal Collections from Guarantor 15,355,163.67 16,603,607.75 3,613,377.63
iii Principal reimbursements 11,140,308.50 12,784,224.04 13,087,681.14
iv Other System Adjustments - - (7,207.52)
----------------------------------------------------------------------
v TOTAL PRINCIPAL COLLECTIONS $ 53,223,810.02 $ 55,713,808.10 $ 42,402,776.63
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 889,778.05 $ 920,763.16 $ 936,515.02
ii Capitalized Interest (6,300,912.85) (4,828,068.90) (9,591,802.02)
-----------------------------------------------------------------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (5,411,134.80) $ (3,907,305.74) $ (8,655,287.00)
------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 47,812,675.22 $ 51,806,502.36 $ 33,747,489.63
------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 14,019,958.84 $ 14,742,626.48 $ 13,497,348.26
ii Interest Claims Received from Guarantors 954,808.65 1,067,757.11 184,632.17
iii Late Fee Reimbursements - - -
iv Interest Reimbursements 158,324.82 154,787.09 225,135.74
v Other System Adjustments - - (822.59)
vi Special Allowance Payments 519,490.88 389,797.21 799,805.67
vii Subsidy Payments 6,823,320.39 8,217,893.54 9,124,830.54
-----------------------------------------------------------------------
viii Total Interest Collections $ 22,475,903.58 $ 24,572,861.43 $ 23,830,929.79
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (676,498.05) $ (772,295.49) $ (906,394.19)
ii Capitalized Interest 6,300,912.85 4,828,068.90 9,591,802.02
-----------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 5,624,414.80 $ 4,055,773.41 $ 8,685,407.83
-----------------------------------------------------------------------
Total Student Loan Interest Activity $ 28,100,318.38 $ 28,628,634.84 $ 32,516,337.62
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 1,314,028,719.03 $ 1,361,841,394.25 $ 1,413,647,896.61
-----------------------------------------------------------------------
(+) Interest to be Capitalized $ 17,589,800.26 $ 17,813,283.35 $ 15,933,644.48
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,331,618,519.29 $ 1,379,654,677.60 $ 1,429,581,541.09
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 3,449,136.69 $ 3,573,953.85 $ 3,674,921.48
------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 1,335,067,655.98 $ 1,383,228,631.45 $ 1,433,256,462.57
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------
6/17/96-9/30/96
-------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,485,028,174.57
-------------------------------------------------------------------------------------------------------------------------------
<S> <C>
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 30,349,661.79
ii Principal Collections from Guarantor 489,106.84
iii Principal reimbursements 12,486,491.73
iv Other System Adjustments 5,047.44
------------------
v TOTAL PRINCIPAL COLLECTIONS $ 43,330,307.80
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,290,030.17
ii Capitalized Interest (6,987,549.64)
----------------------------------------------------------------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (5,697,519.47)
----------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 37,632,788.33
------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 15,754,166.36
ii Interest Claims Received from Guarantors 11,357.11
iii Late Fee Reimbursements -
iv Interest Reimbursements 178,669.39
v Other System Adjustments 437.04
vi Special Allowance Payments 496,885.43
vii Subsidy Payments 10,221,660.77
----------------------------------------------------------------------
viii Total Interest Collections $ 26,663,176.10
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,268,293.82)
ii Capitalized Interest 6,987,549.64
----------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 5,719,255.82
----------------------------------------------------------------------
Total Student Loan Interest Activity $ 32,382,431.92
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 1,447,395,386.24
----------------------------------------------------------------------
(+) Interest to be Capitalized $ 18,816,445.60
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,466,211,831.84
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 3,756,760.00
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 1,469,968,591.84
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
XI. 1996-3 Payment History and CPRs
- ---------------------------------------------------------------------------------------------
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
<S> <C> <C> <C>
Jun-96 $ 1,502,704,078 -
Oct-96 $ 1,466,211,474 6.31%
Jan-97 $ 1,429,581,541 5.60%
Apr-97 $ 1,379,654,678 6.30%
Jul-97 $ 1,331,618,519 6.60%
Oct-97 $ 1,289,195,084 6.48%
Jan-98 $ 1,243,660,755 6.53%
Apr-98 $ 1,205,728,980 6.14%
Jul-98 $ 1,167,972,431 5.82%
Oct-98 $ 1,132,576,891 5.50%
Jan-99 $ 1,097,146,057 5.22%
* "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.
- ---------------------------------------------------------------------------------------------
</TABLE>
11
<PAGE>
SLM STUDENT LOAN TRUST 1996-4
QUARTERLY SERVICING REPORT
REPORT DATE: 12/31/98 REPORTING PERIOD: 10/1/98-12/31/98
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 9/30/98 Activity 12/31/98
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A i Portfolio Balance $ 1,073,546,313.25 $ (38,260,448.99) $ 1,035,285,864.26
ii Interest to be Capitalized 15,086,617.42 12,585,073.13
-------------------- --------------------
iii Total Pool $ 1,088,632,930.67 $ 1,047,870,937.39
iv Specified Reserve Account Balance 2,721,582.33 2,619,677.34
-------------------- --------------------
v TOTAL ADJUSTED POOL $ 1,091,354,513.00 $ 1,050,490,614.73
==================== ====================
B i Weighted Average Coupon (WAC) 8.1995% 8.2158%
ii Weighted Average Remaining Term 98.91 98.42
iii Number of Loans 471,613 453,628
iv Number of Borrowers 178,602 171,313
-----------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 10/26/98 % of Pool Balance 1/25/99 % of Pool
-------------------------------------------------------------------------------------------------------------------
C i A-1 Notes 78442GAG1 0.48% $ 543,654,513.00 49.815% $ 502,790,614.73 47.862%
ii A-2 Notes 78442GAH9 0.64% 495,000,000.00 45.356% 495,000,000.00 47.121%
iii Certificates 78442GAJ5 0.93% 52,700,000.00 4.829% 52,700,000.00 5.017%
===================================================================================================================
iv TOTAL NOTES AND CERTIFICATES $ 1,091,354,513.00 100.000% $ 1,050,490,614.73 100.000%
===================================================================================================================
-------------------------------------------------------------------------------------------------------------------
Reserve Account 10/26/98 1/25/99
-------------------------------------------------------------------------------------------------------------------
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,721,582.33 $ 2,619,677.34
iv Reserve Account Floor Balance ($) $ 1,501,183.00 $ 1,501,183.00
v Current Reserve Acct Balance ($) $ 2,721,582.33 $ 2,619,677.34
-------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
II. 1996-4 Transactions from: 10/1/1998 through: 12/31/1998
- --------------------------------------------------------------------------------------------------------------------------
<S> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 36,152,773.56
ii Principal Collections from Guarantor $ 9,446,820.81
iii Principal Reimbursements $ 264,085.45
iv Other System Adjustments $ 0.00
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 45,863,679.82
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 914,152.49
ii Capitalized Interest ($8,517,383.32)
----------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (7,603,230.83)
-----------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 38,260,448.99
-----------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 12,521,668.53
ii Interest Claims Received from Guarantors $ 596,890.06
iii Late Fee Reimbursements $ 245,775.16
iv Interest Reimbursements $ 22,851.65
v Other System Adjustments $ 0.00
vi Special Allowance Payments $ 134,882.43
vii Subsidy Payments $ 3,695,107.45
----------------
viii TOTAL INTEREST COLLECTIONS $ 17,217,175.28
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment ($776,246.67)
ii Capitalized Interest $ 8,517,383.32
----------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 7,741,136.65
-----------------------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 24,958,311.93
-----------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
III. 1996-4 Collection Account Activity 10/1/98 through 12/31/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $ 45,599,594.37
ii Cash Forwarded by Administrator on behalf of Seller $ 176,538.67
iii Cash Forwarded by Administrator on behalf of Servicer $ 15,388.26
iv Cash Forwarded by Administrator for Consolidation Activity $ 72,158.52
-----------------
v TOTAL PRINCIPAL COLLECTIONS $ 45,863,679.82
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 16,948,548.47
ii Cash Forwarded by Administrator on behalf of Seller $ 10,886.70
iii Cash Forwarded by Administrator on behalf of Servicer $ 11,587.44
iv Cash Forwarded by Administrator for Consolidation Activity $377.51
v Cash Forwarded by Administrator for Late Fee Activity $ 245,775.16
-----------------
vi TOTAL INTEREST COLLECTIONS $ 17,217,175.28
C OTHER REIMBURSEMENTS $ 101,570.05
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 418,543.26
E RETURN FUNDS BORROWED FOR PREVIOUS DISTRIBUTION $ 0.00
F TOTAL FUNDS RECEIVED $ 63,600,968.41
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,674,726.80)
----------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 61,926,241.61
----------------------------------------------------------------------------------------------------------------
G SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $ 820,680.56
ii Percentage of Principal Calculation $ 1,099,431.57
iii Lesser of Unit or Principal Calculation $ 820,680.56
H SERVICING FEES DUE FOR CURRENT PERIOD $ 820,680.56
I CARRYOVER SERVICING FEES DUE $ 816,630.85
OCT 1998 Servicing Carryover $ 284,222.18
NOV 1998 Servicing Carryover $ 280,633.36
DEC 1998 Servicing Carryover $ 278,751.01
-------------------
$ 843,606.55
LESS: Servicing ADJ [A iii + B iii] ($26,975.70)
===================
TOTAL: CARRYOVER SERVICING FEE DUE $ 816,630.85
===================
J ADMINISTRATION FEES DUE $ 20,000.00
----------------------------------------------------------------------------------------------------------------
K TOTAL FEES DUE FOR PERIOD $ 1,657,311.41
----------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
IV. 1996-4 Portfolio Characteristics
- -----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
WEIGHTED AVG COUPON # OF LOANS %
- -----------------------------------------------------------------------------------------------------------------------------------
STATUS 9/30/98 12/31/98 9/30/98 12/31/98 9/30/98 12/31/98
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.950% 7.947% 29,147 25,510 6.180% 5.624%
Grace
Current 7.965% 7.976% 17,632 5,838 3.739% 1.287%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.956% 7.952% 46,779 31,348 9.919% 6.911%
- -----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.248% 8.252% 312,074 309,304 66.172% 68.185%
31-60 Days Delinquent 8.269% 8.271% 20,998 19,660 4.452% 4.334%
61-90 Days Delinquent 8.267% 8.273% 11,889 9,005 2.521% 1.985%
91-120 Days Delinquent 8.255% 8.265% 5,851 4,927 1.241% 1.086%
Greater than 120 Days Delinquent 8.268% 8.264% 6,260 5,882 1.327% 1.297%
Deferment
Current 8.137% 8.138% 38,079 39,268 8.074% 8.656%
Forbearance
Current 8.256% 8.267% 26,900 31,977 5.704% 7.049%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.238% 8.242% 422,051 420,023 89.491% 92.592%
- -----------------------------------------------------------------------------------------------------------------------------------
Claims In Process (1) 8.274% 8.277% 2,722 2,199 0.577% 0.485%
Aged Claims Rejected (2) 8.231% 8.230% 61 58 0.013% 0.013%
- -----------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.252% 8.216% 471,613 453,628 100.000% 100.000%
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
IV. 1996-4
- -----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------
PRINCIPAL AMOUNT %
- -----------------------------------------------------------------------------------------------------------------------
STATUS 9/30/98 12/31/98 9/30/98 12/31/98
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 83,240,765.39 $ 73,054,917.50 7.754% 7.057%
Grace
Current $ 55,199,733.28 $ 16,682,521.82 5.142% 1.611%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 138,440,498.67 $ 89,737,439.32 12.896% 8.668%
- -----------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 625,991,608.27 $ 638,225,351.20 58.310% 61.647%
31-60 Days Delinquent $ 47,016,990.90 $ 44,640,174.56 4.380% 4.312%
61-90 Days Delinquent $ 31,535,177.06 $ 21,774,191.08 2.937% 2.103%
91-120 Days Delinquent $ 14,770,778.12 $ 12,069,759.06 1.376% 1.166%
Greater than 120 Days Delinquent $ 15,658,125.75 $ 14,932,592.94 1.459% 1.442%
Deferment
Current $ 111,175,541.60 $ 109,851,085.10 10.356% 10.611%
Forbearance
Current $ 82,667,801.39 $ 98,872,424.67 7.700% 9.550%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 928,816,023.09 $ 940,365,578.61 86.518% 90.831%
- -----------------------------------------------------------------------------------------------------------------------
Claims In Process (1) $ 6,164,607.30 $ 5,067,993.46 0.574% 0.490%
Aged Claims Rejected (2) $ 125,184.19 $ 114,852.87 0.012% 0.011%
- -----------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 1,073,546,313.25 $ 1,035,285,864.26 100.000% 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.
* greater than
4
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
V. 1996-4 Portfolio Characteristics by School and Program 12/31/98
- ----------------------------------------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
------------------------------------------------------------------------------------
- -------------------------------
STATUS
- -------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 4.368% 1.494% 0.000% 0.000% 0.636% 0.242% 0.000% 0.000%
GRACE
Current 0.917% 0.326% 0.000% 0.000% 0.157% 0.060% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 5.285% 1.820% 0.000% 0.000% 0.793% 0.302% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 36.969% 8.449% 3.171% 2.584% 3.508% 1.124% 0.177% 0.244%
31-60 Days Delinquent 2.115% 0.460% 0.220% 0.245% 0.397% 0.103% 0.020% 0.031%
61-90 Days Delinquent 1.018% 0.217% 0.103% 0.099% 0.222% 0.056% 0.006% 0.017%
91-120 Days Delinquent 0.544% 0.110% 0.051% 0.062% 0.123% 0.032% 0.002% 0.010%
More than 120 Days Delinquent 0.611% 0.151% 0.024% 0.063% 0.194% 0.045% 0.002% 0.015%
DEFERMENT
Current 6.093% 1.432% 0.393% 0.651% 0.851% 0.245% 0.016% 0.073%
FORBEARANCE
Current 4.572% 1.290% 0.350% 0.775% 0.762% 0.204% 0.016% 0.064%
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 51.922% 12.109% 4.312% 4.479% 6.057% 1.809% 0.239% 0.454%
- ----------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.195% 0.051% 0.015% 0.018% 0.065% 0.014% 0.001% 0.002%
Aged Claims Rejected (2) 0.005% 0.001% 0.000% 0.000% 0.003% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 57.407% 13.981% 4.327% 4.498% 6.918% 2.125% 0.240% 0.456%
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.213% 9.739%
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
V. 1996-4 Portfolio Characteristics by School and Program 12/31/98
- -------------------------------------------------------------------------------------------------------------------------
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 0.135% 0.100% 0.000% 0.000% 0.042% 0.040% 0.000% 0.000%
GRACE
Current 0.061% 0.041% 0.000% 0.000% 0.028% 0.021% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.196% 0.141% 0.000% 0.000% 0.070% 0.061% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 2.807% 1.132% 0.444% 0.647% 0.221% 0.096% 0.005% 0.069%
31-60 Days Delinquent 0.404% 0.148% 0.039% 0.089% 0.021% 0.011% 0.001% 0.008%
61-90 Days Delinquent 0.206% 0.084% 0.019% 0.045% 0.007% 0.002% 0.001% 0.001%
91-120 Days Delinquent 0.136% 0.059% 0.011% 0.024% 0.001% 0.001% 0.000% 0.000%
More than 120 Days Delinquent 0.194% 0.077% 0.009% 0.043% 0.007% 0.003% 0.001% 0.003%
DEFERMENT
Current 0.395% 0.166% 0.021% 0.113% 0.083% 0.040% 0.002% 0.037%
FORBEARANCE
Current 0.747% 0.339% 0.051% 0.183% 0.096% 0.055% 0.001% 0.045%
- -------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 4.889% 2.005% 0.594% 1.144% 0.436% 0.208% 0.011% 0.163%
- -------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.072% 0.032% 0.002% 0.018% 0.001% 0.001% 0.000% 0.002%
Aged Claims Rejected (2) 0.002% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 5.159% 2.178% 0.596% 1.162% 0.507% 0.270% 0.011% 0.165%
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 9.095% 0.953%
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) CLAIMS FILED AND UNPAID; INCLUDES CLAIMS REJECTED AGED LESS THAN 6 MONTHS.
(2) CLAIMS REJECTED (SUBJECT TO CURE) AGED 6 MONTHS OR MORE; ALSO INCLUDES
CLAIMS DEEMED INCURABLE PENDING REPURCHASE.
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
--------------------------------
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 5.862% 0.878% 0.235% 0.082% 7.057%
GRACE
Current 1.243% 0.217% 0.102% 0.049% 1.611%
--------------------------------------------------------------------------------------------
TOTAL INTERIM 7.105% 1.095% 0.337% 0.131% 8.668%
--------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 51.173% 5.053% 5.030% 0.391% 61.647%
31-60 Days Delinquent 3.040% 0.551% 0.680% 0.041% 4.312%
61-90 Days Delinquent 1.437% 0.301% 0.354% 0.011% 2.103%
91-120 Days Delinquent 0.767% 0.167% 0.230% 0.002% 1.166%
More than 120 Days
Delinquent 0.849% 0.256% 0.323% 0.014% 1.442%
DEFERMENT
Current 8.569% 1.185% 0.695% 0.162% 10.611%
FORBEARANCE
Current 6.987% 1.046% 1.320% 0.197% 9.550%
--------------------------------------------------------------------------------------------
TOTAL REPAYMENT 72.822% 8.559% 8.632% 0.818% 90.831%
--------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.280% 0.082% 0.124% 0.004% 0.490%
AGED CLAIMS REJECTED (2) 0.006% 0.003% 0.002% 0.000% 0.011%
--------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.213% 9.739% 9.095% 0.953% 100.00%
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
VI. 1996-4 Interest Calculation
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Borrower Interest Accrued During Collection Period $ 18,133,477.85
B Interest Subsidy Payments Accrued During Collection Period $ 3,521,117.55
C SAP Payments Accrued During Collection Period $ 8,487.28
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 63,466.05
E Investment Earnings (ADMINISTRATOR ACT) $ 418,543.26
-----------
F NET EXPECTED INTEREST COLLECTIONS $ 22,145,091.99
G STUDENT LOAN RATE
i Days in Collection Period (10/1/98-12/31/98) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 22,145,091.99
iv Primary Servicing Fee $ 2,495,407.36
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,088,632,930.67
vii STUDENT LOAN RATE 7.15380%
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
H Class A-1 T-Bill Based Interest Rate 4.97499%
I CLASS A-1 INTEREST RATE 0.012403397 (10/26/98-1/25/99) 4.97499%
J Class A-2 T-Bill Based Interest Rate 5.13499%
K CLASS A-2 INTEREST RATE 0.012802301 (10/26/98-1/25/99) 5.13499%
L Certificate T-Bill Based Rate of Return 5.42499%
M CERTIFICATE RATE OF RETURN 0.013525315 (10/26/98-1/25/99) 5.42499%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
VII. 1996-4 Inputs From Previous Quarterly Servicing Reports 9/30/1998
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,073,546,313.25
ii Interest To Be Capitalized $ 15,086,617.42
-------------------
iii Total Pool $ 1,088,632,930.67
iv Specified Reserve Account Balance $ 2,721,582.33
-------------------
V TOTAL ADJUSTED POOL $ 1,091,354,513.00
===================
B Total Note and Certificate Factor 0.72515250033
C TOTAL NOTE AND CERTIFICATE BALANCE $ 1,091,354,513.00
----------------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 10/26/1998 CLASS A-1 CLASS A-2 CERTIFICATES
----------------------------------------------------------------------------------------------------------------------
i Current Factor-10/26/98 0.5679040144 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 543,654,513.00 $ 495,000,000.00 $ 52,700,000.00
------------------ ----------------- ----------------
IV NOTE BALANCE $ 543,654,513.00 $ 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 $ 2,721,582.33
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) $ 61,989,707.66 $ 61,989,707.66
B Primary Servicing Fees-Current Month $ 820,680.56 $ 61,169,027.10
C Administration Fee $ 20,000.00 $ 61,149,027.10
D Noteholder's Interest Distribution Amount
i Class A-1 $ 6,743,162.76 $ 54,405,864.34
ii Class A-2 $ 6,337,139.00 $ 48,068,725.34
---------------
iii TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $ 13,080,301.76
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 712,784.10 $ 47,355,941.24
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 40,863,898.27 $ 6,492,042.97
ii Class A-2 $ 0.00 $ 6,492,042.97
---------------
iii TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 40,863,898.27
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 6,492,042.97
H Increase to the Specified Reserve Account Balance $ 0.00 $ 6,492,042.97
I Carryover Servicing Fees $ 816,630.85 $ 5,675,412.12
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 5,675,412.12
i Class A-2 $ 0.00 $ 5,675,412.12
---------------
iii TOTAL NOTEHOLDER'S INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 5,675,412.12
L EXCESS TO RESERVE ACCOUNT $ 5,675,412.12 $ 0.00
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
- --------------------------------------------------------------------------------
IX. 1996-4 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
A Distribution Class A-1 Class A-2 Certificates
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 6,743,162.76 $ 6,337,139.00 $ 712,784.10
ii Quarterly Interest Paid 6,743,162.76 6,337,139.00 712,784.10
------------- ------------- ----------
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 $ 40,863,898.27 $ 0.00 $ 0.00
viii Quarterly Principal Paid 40,863,898.27 0.00 0.00
------------- ---- ----
ix QUARTERLY PRINCIPAL SHORTFALL $ 0.00 0.00 0.00
-------------------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 47,607,061.03 $ 6,337,139.00 $ 712,784.10
-------------------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates Principal Balance 12/31/98 $ 1,091,354,513.00
ii Adjusted Pool Balance 12/31/98 1,050,490,614.73
----------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 40,863,898.27
================
iv Adjusted Pool Balance 9/30/98 $ 1,091,354,513.00
v Adjusted Pool Balance 12/31/98 $ 1,050,490,614.73
----------------
vi Current Principal Due (iv-v) $ 40,863,898.27
vii Principal Shortfall from Previous Collection Period $ -
----------------
viii Principal Distribution Amount(vi + vii) $ 40,863,898.27
================
ix PRINCIPAL DISTRIBUTION AMOUNT PAID $ 40,863,898.27
x Principal Shortfall (viii - ix) $ -
C Total Principal Distribution $ 40,863,898.27
D Total Interest Distribution 13,793,085.86
----------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 54,656,984.13
----------------------------------------------------------------------------------------------------
F Note & Certificate Balances 10/26/98 1/25/99
----------------------------------------------------------------------------------------------------
i A-1 Note Balance (78442GAG1) $ 543,654,513.00 $ 502,790,614.73
A-1 Note Pool Factor 0.5679040144 0.5252173976
ii A-2 Note Balance (78442GAH9) $ 495,000,000.00 $ 495,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAJ5) $ 52,700,000.00 $ 52,700,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
----------------------------------------------------------------------------------------------------
G RESERVE ACCOUNT RECONCILIATION
i Beginning of Period Balance $ 2,721,582.33
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 5,675,412.12
-------------------
iv Total Reserve Account Balance Available $ 8,396,994.45
v Required Reserve Account Balance $ 2,619,677.34
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp. $ 5,777,317.11
viii Ending Reserve Account Balance $ 2,619,677.34
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1996-4 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------
10/1/98-12/31/98 7/1/98-9/30/98 4/1/98-6/30/98
---------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $1,073,546,313.25 $1,115,793,556.82 $1,160,610,578.74
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 36,152,773.56 $ 37,118,318.50 $ 37,665,974.05
ii Principal Collections from Guarantor 9,446,820.81 9,693,434.07 12,444,802.42
iii Principal Reimbursements 264,085.45 75,065.59 157,322.49
iv Other System Adjustments - - -
------------------------------------------------------------
v Total Principal Collections $ 45,863,679.82 $ 46,886,818.16 $ 50,268,098.96
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 914,152.49 $ 792,250.51 $ 758,834.03
ii Capitalized Interest (8,517,383.32) (5,431,825.10) (6,209,911.07)
-------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (7,603,230.83) $ (4,639,574.59) $ (5,451,077.04)
---------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 38,260,448.99 $ 42,247,243.57 $ 44,817,021.92
---------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 12,521,668.53 $ 13,281,192.50 $ 13,397,029.54
ii Interest Claims Received from Guarantors 596,890.06 582,124.60 793,080.12
iii Late Fee Reimbursements 245,775.16 62,073.81 -
iv Interest Reimbursements 22,851.65 20,559.59 26,935.07
v Other System Adjustments - - -
vi Special Allowance Payments 134,882.43 248,744.18 381,969.15
vii Subsidy Payments 3,695,107.45 4,221,281.01 4,454,871.39
------------------------------------------------------------
viii Total Interest Collections $ 17,217,175.28 $ 18,415,975.69 $ 19,053,885.27
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (776,246.67) $ (638,085.12) $ (576,050.52)
ii Capitalized Interest 8,517,383.32 5,431,825.10 6,209,911.07
------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 7,741,136.65 $ 4,793,739.98 $ 5,633,860.55
------------------------------------------------------------
Total Student Loan Interest Activity $ 24,958,311.93 $ 23,209,715.67 $ 24,687,745.82
(=) Ending Student Loan Portfolio Balance $1,035,285,864.26 $1,073,546,313.25 $1,115,793,556.82
---------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 12,585,073.13 $ 15,086,617.42 $ 14,822,891.28
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $1,047,870,937.39 $1,088,632,930.67 $1,130,616,448.10
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 2,619,677.34 $ 2,721,582.33 $ 2,940,041.24
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $1,050,490,614.73 $1,091,354,513.00 $1,133,556,489.34
---------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------
1/1/98-3/31/98 10/1/97-12/31/97 7/1/97-9/30/97
---------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $1,207,834,554.65 $1,261,465,786.12 $1,318,538,330.71
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 38,013,136.47 $ 39,375,286.39 $ 35,463,933.58
ii Principal Collections from Guarantor 11,740,057.29 14,389,131.27 16,435,873.72
iii Principal Reimbursements 1,850,965.07 8,024,089.15 9,956,851.18
iv Other System Adjustments - - -
------------------------------------------------------------
v Total Principal Collections $ 51,604,158.83 $ 61,788,506.81 $ 61,856,658.48
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 873,682.07 $ 1,077,874.69 $ 1,042,185.29
ii Capitalized Interest (5,253,864.99) (9,235,150.03) (5,826,299.18)
------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (4,380,182.92) $ (8,157,275.34) $ (4,784,113.89)
---------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 47,223,975.91 $ 53,631,231.47 $ 57,072,544.59
---------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 13,998,367.14 $ 13,611,344.32 $ 14,124,575.01
ii Interest Claims Received from Guarantors 726,201.30 926,815.00 1,013,666.05
iii Late Fee Reimbursements - - -
iv Interest Reimbursements 44,103.53 174,774.63 175,690.15
v Other System Adjustments - - -
vi Special Allowance Payments 549,964.04 426,362.95 584,704.99
vii Subsidy Payments 5,264,287.89 5,767,225.44 6,612,759.11
------------------------------------------------------------
viii Total Interest Collections $ 20,582,923.90 $ 20,906,522.34 $ 22,511,395.31
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (686,953.98) $ (846,318.07) $ (797,681.12)
ii Capitalized Interest 5,253,864.99 9,235,150.03 5,826,299.18
------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 4,566,911.01 $ 8,388,831.96 $ 5,028,618.06
------------------------------------------------------------
Total Student Loan Interest Activity $ 25,149,834.91 $ 29,295,354.30 $ 27,540,013.37
(=) Ending Student Loan Portfolio Balance $1,160,610,578.74 $1,207,834,554.65 $1,261,465,786.12
---------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 15,405,918.06 $ 14,614,638.32 $ 17,478,935.22
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $1,176,016,496.80 $1,222,449,192.97 $1,278,944,721.34
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 3,056,122.98 $ 3,197,361.80 $ 3,338,912.01
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $1,179,072,619.78 $1,225,646,554.77 $1,282,283,633.35
---------------------------------------------------------------------------------------------------------------------
<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%
Oct-98 $ 1,088,632,931 5.70%
Jan-99 $ 1,047,870,937 5.32%
* "Since Issued CPR" is based on the current period's
ending pool balance calculated against the original
pool balance and assuming cutoff date pool data.
- -------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1997-1
Quarterly Servicing Report
Report Date: 12/31/98 Reporting Period: 10/1/98-12/31/98
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 9/30/98 Activity 12/31/98
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A i Portfolio Balance $ 1,632,263,228.31 $ (49,536,944.84) $ 1,582,726,283.47
ii Interest to be Capitalized 19,546,615.17 17,531,654.15
------------------ ------------------
iii Total Pool $ 1,651,809,843.48 $ 1,600,257,937.62
iv Specified Reserve Account Balance 4,129,524.61 4,000,644.84
------------------ ------------------
v Total Adjusted Pool $ 1,655,939,368.09 $ 1,604,258,582.46
================== ==================
B i Weighted Average Coupon (WAC) 8.2031% 8.2177%
ii Weighted Average Remaining Term 104.79 103.64
iii Number of Loans 572,352 557,632
iv Number of Borrowers 242,420 235,121
--------------------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
% of % of
Notes and Certificates Spread Balance 10/26/98 O/S Securities Balance 1/25/98 O/S Securities
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAK2 0.46% $ 797,964,732.95 48.152% $ 745,058,582.46 46.442%
ii A-2 Notes 78442GAL0 0.57% 787,400,000.00 47.515% 787,400,000.00 49.082%
iii Certificates 78442GAM8 0.85% 71,800,000.00 4.333% 71,800,000.00 4.476%
===========================================================================================================================
iv Total Notes and Certificates $ 1,657,164,732.95 100.000% $ 1,604,258,582.46 100.000%
===========================================================================================================================
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
Reserve Account 10/26/98 1/25/1999
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 4,129,524.61 $ 4,000,644.84
iv Reserve Account Floor Balance ($) $ 2,004,092.00 $ 2,004,092.00
v Current Reserve Acct Balance ($) $ 4,129,524.61 $ 4,000,644.84
---------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
II. 1997-1 Transactions from: 10/01/1998 through 12/31/1998
- --------------------------------------------------------------------------------------------------------------------
<S> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 42,355,263.57
ii Principal Collections from Guarantor $ 16,313,167.36
iii Principal Reimbursements $ 326,024.83
iv Other System Adjustments $ 0.00
-------------------
v TOTAL PRINCIPAL COLLECTIONS $ 58,994,455.76
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 1,368,556.06
ii Capitalized Interest $ (10,826,066.98)
-------------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (9,457,510.92)
-----------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 49,536,944.84
-----------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 18,900,994.79
ii Interest Claims Received from Guarantors $ 1,027,324.22
iii Late Fee Reimbursements $ 323,114.17
iv Interest Reimbursements $ 25,645.37
v Other System Adjustments $ 0.00
vi Special Allowance Payments $ 102,786.46
vii Subsidy Payments $ 5,779,538.71
-------------------
viii TOTAL INTEREST COLLECTIONS $ 26,159,403.72
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment $ (1,079,185.35)
ii Capitalized Interest $ 10,826,066.98
-------------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 9,746,881.63
-----------------------------------------------------------------------------------------------
F TOTAl STUDENT LOAN INTEREST ACTIVITY $ 35,906,285.35
-----------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
III. 1997-1 Collection Account Activity 10/01/1998 through 12/31/1998
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $ 58,668,430.93
ii Cash Forwarded by Administrator on behalf of Seller $ 206,174.48
iii Cash Forwarded by Administrator on behalf of Servicer $ 7,229.29
iv Cash Forwarded by Administrator for Consolidation Activity $ 112,621.06
------------------
v TOTAL PRINCIPAL COLLECTIONS $ 58,994,455.76
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 25,810,644.18
ii Cash Forwarded by Administrator on behalf of Seller $ 11,918.87
iii Cash Forwarded by Administrator on behalf of Servicer $ 13,237.58
iv Cash Forwarded by Administrator for Consolidation Activity $ 488.92
v Cash Forwarded by Administrator for Late Fee Activity $ 323,114.17
------------------
vi TOTAL INTEREST COLLECTIONS $ 26,159,403.72
C OTHER REIMBURSEMENTS $ 144,094.39
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 551,673.85
E RETURN FUNDS BORROWED FOR PREVIOUS DISTRIBUTION $ -
F TOTAL FUNDS RECEIVED $ 85,849,627.72
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (2,093,464.10)
-----------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 83,756,163.62
-----------------------------------------------------------------------------------------------------------
G SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $ 1,030,871.52
ii Percentage of Principal Calculation $ 1,531,804.29
iii Lesser of Unit or Principal Calculation $ 1,030,871.52
H SERVICING FEES DUE FOR CURRENT PERIOD $ 1,030,871.52
I CARRYOVER SERVICING FEES DUE $ 1,498,593.08
OCT 1998 Servicing Carryover $ 512,149.46
NOV 1998 Servicing Carryover $ 505,977.72
DEC 1998 Servicing Carryover $ 500,932.77
------------------
$ 1,519,059.95
LESS: Servicing ADJ [A iii + B iii] $ (20,466.87)
==================
TOTAL: Carryover Servicing Fee Due $ 1,498,593.08
==================
J ADMINISTRATION FEES DUE $ 20,000.00
-----------------------------------------------------------------------------------------------------------
K TOTAL FEES DUE FOR PERIOD $ 2,549,464.60
-----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
IV. 1997-1 Portfolio Characteristics
- ---------------------------------------------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans % Principal Amount
- ---------------------------------------------------------------------------------------------------------------------------------
STATUS 9/30/98 12/31/98 9/30/98 12/31/98 9/30/98 12/31/98 9/30/98 12/31/98
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.977% 7.975% 39,272 34,879 6.862% 6.255% $ 114,456,301.84 $ 102,343,770.89
Grace
Current 8.016% 7.996% 24,234 8,358 4.234% 1.499% $ 72,429,053.52 $ 24,000,005.91
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.992% 7.979% 63,506 43,237 11.096% 7.754% $ 186,885,355.36 $ 126,343,776.80
- ---------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.251% 8.259% 341,707 348,202 59.702% 62.443% $ 949,959,812.02 $ 969,112,216.33
31-60 Days Delinquent 8.256% 8.266% 24,637 23,962 4.305% 4.297% $ 67,225,807.53 $ 65,097,574.57
61-90 Days Delinquent 8.257% 8.266% 15,841 12,636 2.768% 2.266% $ 44,709,265.12 $ 34,780,173.34
91-120 Days Delinquent 8.253% 8.262% 8,439 6,637 1.474% 1.190% $ 22,849,611.34 $ 17,776,196.64
> 120 Days Delinquent 8.256% 8.260% 9,779 9,014 1.709% 1.617% $ 25,157,446.62 $ 23,091,999.74
Deferment
Current 8.102% 8.106% 63,460 63,934 11.088% 11.465% $ 191,723,002.67 $ 185,378,251.89
Forbearance
Current 8.251% 8.254% 40,423 46,363 7.063% 8.314% $ 132,692,737.14 $ 152,426,693.81
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.232% 8.240% 504,286 510,748 88.108% 91.592% $1,434,317,682.44 $1,447,663,106.32
Claims in Process (1) 8.248% 8.255% 4438 3,557 0.775% 0.638% $ 10,804,924.65 $ 8,538,145.23
Aged Claims Rejected (2) 8.256% 8.258% 122 90 0.021% 0.016% $ 255,265.86 $ 181,255.12
- ---------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.203% 8.218% 572,352 557,632 100.000% 100.000% $1,632,263.228.31 $1,582,726.283.47
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
IV. 1997-1 Portfolio Characteristics
- ----------------------------------------------------------------------------
%
- ----------------------------------------------------------------------------
STATUS 9/30/98 12/31/98
- ----------------------------------------------------------------------------
<S>
INTERIM:
In School
Current 7.012% 6.466%
Grace
Current 4.437% 1.516%
- ----------------------------------------------------------------------------
TOTAL INTERIM 11.449% 7.983%
- ----------------------------------------------------------------------------
REPAYMENT
Active
Current 58.199% 61.231%
31-60 Days Delinquent 4.119% 4.113%
61-90 Days Delinquent 2.739% 2.198%
91-120 Days Delinquent 1.400% 1.123%
> 120 Days Delinquent 1.541% 1.459%
Deferment
Current 11.746% 11.713%
Forbearance
Current 8.129% 9.631%
- ----------------------------------------------------------------------------
TOTAL REPAYMENT 87.873% 91.467%
- ----------------------------------------------------------------------------
Claims in Process (1) 0.662% 0.539%
Aged Claims Rejected (2) 0.016% 0.011%
- ----------------------------------------------------------------------------
GRAND TOTAL 100.000% 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.
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
V. 1997-1 Portfolio Characteristics by School and Program 12/31/98
- -------------------------------------------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
------------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 4.029% 1.140% 0.000% 0.000% 0.614% 0.213% 0.000% 0.000%
Grace
Current 0.857% 0.249% 0.000% 0.000% 0.160% 0.057% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 4.886% 1.389% 0.000% 0.000% 0.774% 0.270% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 32.694% 9.842% 3.501% 2.016% 3.796% 1.357% 0.185% 0.238%
31-60 Days Delinquent 1.861% 0.523% 0.184% 0.161% 0.374% 0.118% 0.011% 0.027%
61-90 Days Delinquent 0.938% 0.262% 0.100% 0.077% 0.229% 0.067% 0.003% 0.012%
91-120 Days Delinquent 0.456% 0.117% 0.035% 0.037% 0.120% 0.039% 0.001% 0.008%
> 120 Days Delinquent 0.547% 0.137% 0.030% 0.039% 0.194% 0.061% 0.003% 0.009%
Deferment
Current 6.853% 1.720% 0.196% 0.594% 0.891% 0.285% 0.010% 0.063%
Forbearance
Current 4.400% 1.448% 0.235% 0.603% 0.778% 0.268% 0.015% 0.056%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 47.749% 14.049% 4.281% 3.527% 6.382% 2.195% 0.228% 0.413%
- -------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.195% 0.047% 0.007% 0.022% 0.068% 0.025% 0.001% 0.004%
Aged Claims Rejected (2) 0.002% 0.001% 0.000% 0.000% 0.002% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 52.832% 15.486% 4.288% 3.549% 7.226% 2.490% 0.229% 0.417%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 76.155% 10.362%
- -------------------------------------------------------------------------------------------------------------------------------
<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 0.112% 0.080% 0.000% 0.000% 0.145% 0.133% 0.000% 0.000%
Grace
Current 0.066% 0.048% 0.000% 0.000% 0.042% 0.037% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.178% 0.128% 0.000% 0.000% 0.187% 0.170% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 3.616% 2.223% 0.744% 0.635% 0.202% 0.134% 0.012% 0.035%
31-60 Days Delinquent 0.456% 0.249% 0.041% 0.074% 0.015% 0.014% 0.000% 0.005%
61-90 Days Delinquent 0.273% 0.166% 0.024% 0.038% 0.005% 0.003% 0.000% 0.001%
91-120 Days Delinquent 0.166% 0.102% 0.008% 0.024% 0.004% 0.006% 0.000% 0.000%
> 120 Days Delinquent 0.239% 0.152% 0.008% 0.027% 0.007% 0.004% 0.000% 0.002%
Deferment
Current 0.472% 0.275% 0.017% 0.083% 0.125% 0.090% 0.001% 0.038%
Forbearance
Current 0.879% 0.549% 0.041% 0.134% 0.101% 0.087% 0.002% 0.035%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 6.101% 3.716% 0.883% 1.015% 0.459% 0.338% 0.015% 0.116%
- -------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.093% 0.064% 0.002% 0.009% 0.001% 0.002% 0.000% 0.000%
Aged Claims Rejected (2) 0.004% 0.002% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 6.376% 3.910% 0.885% 1.024% 0.647% 0.510% 0.015% 0.116%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 12.195% 1.288%
- -------------------------------------------------------------------------------------------------------------------------------
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes claims deemed incurable pending repurchase.
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 5.169% 0.827% 0.192% 0.278% 6.466%
Grace
Current 1.106% 0.217% 0.114% 0.079% 1.516%
- -----------------------------------------------------------------------------------------------------------
TOTAL INTERIM 6.275% 1.044% 0.306% 0.357% 7.982%
- -----------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 48.053% 5.576% 7.218% 0.383% 61.230%
31-60 Days Delinquent 2.729% 0.530% 0.820% 0.034% 4.113%
61-90 Days Delinquent 1.377% 0.311% 0.501% 0.009% 2.198%
91-120 Days Delinquent 0.645% 0.168% 0.300% 0.010% 1.123%
> 120 Days Delinquent 0.753% 0.267% 0.426% 0.013% 1.459%
Deferment
Current 9.363% 1.249% 0.847% 0.254% 11.713%
Forbearance
Current 6.686% 1.117% 1.603% 0.225% 9.631%
- -----------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 69.606% 9.218% 11.715% 0.928% 91.467%
- -----------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.271% 0.098% 0.168% 0.003% 0.540%
Aged Claims Rejected (2) 0.003% 0.002% 0.006% 0.000% 0.011%
- -----------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 76.155% 10.362% 12.195% 1.288% 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.
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
VI. 1997-1 Interest Graduation
- --------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Borrower Interest Accrued During Collection Period $27,492,340.45
B Interest Subsidy Payments Accrued During Collection Period $5,544,859.72
C SAP Payments Accrued During Collection Period $5,064.26
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $90,170.17
E Investment Earnings (ADMINISTRATOR ACT) $551,673.85
-----------
F Net Expected Interest Collections $ 33,684,108.45
G Student Loan Rate
i Days in Collection Period (10/1/98-12/31/98) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 33,684,108.45
iv Primary Servicing Fee $ 3,124,335.62
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $1,651,809,843.48
vii Student Loan Rate 7.33518%
<CAPTION>
Accrued
Int Factor Accrual Period
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 4.95499%
I Class A-1 Interest Rate 0.012353534 (10/26/98-1/25/99) 4.95499%
J Class A-2 T-Bill Based Interest Rate 5.06499%
K Class A-2 Interest Rate 0.012627761 (10/26/98-1/25/99) 5.06499%
L Certificate T-Bill Based Rate of Return 5.34499%
M Certificate Rate of Return 0.013325863 (10/26/98-1/25/99) 5.34499%
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
VII. 1997-1 Inputs From Previous Quarterly Servicing Reports 9/30/98
- --------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,632,263,228.31
ii Interest To Be Capitalized 19,546,615.17
------------------
iii Total Pool $ 1,651,809,843.48
iv Specified Reserve Account Balance 4,129,524.61
==================
v Total Adjusted Pool $ 1,655,939,368.09
==================
B Total Note and Certificate Factor 0.80868862627
C Total Note and Certificate Balance $ 1,657,164,732.95
<CAPTION>
--------------------------------------------------------------------------------------------------------------
D Note Balance 10/26/98 Class A-1 Class A-2 Certificates
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor-10/26/98 0.6705585991 1.0000000000 1.0000000000
ii Expected Note Balance $797,964,732.95 $ 787,400,000.00 $ 71,800,000.00
E Note Principal Shortfall $ 1,225,364.86 $ 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 $ 4,129,524.61
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) $ 10,900,541.52
L Interest Due on Unpaid Carryover Servicing Fees $ 159,384.64
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
VIII. 1997-1 Waterfall for Distributions
- --------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds ( Sections III-F + VI-D + IX-G-vii ) $ 83,975,213.56 $ 83,975,213.56
B Primary Servicing Fees-Current Month $ 1,030,871.52 $ 82,944,342.04
C Administration Fee $ 20,000.00 $ 82,924,342.04
D Noteholder's Interest Distribution Amount
i Class A-1 $ 9,857,684.46 $ 73,066,657.58
ii Class A-2 $ 9,943,114.76 $ 63,123,542.82
---------------
iii Total Noteholder's Interest Distribution $ 19,800,799.22
E Certificateholder's Return Distribution Amount $ 956,796.96 $ 62,166,745.86
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 52,906,150.49 $ 9,260,595.37
ii Class A-2 $ 0.00 $ 9,260,595.37
---------------
iii Total Noteholder's Principal Distribution $ 52,906,150.49
G Certificateholder's Balance Distribution Amount $ 0.00 $ 9,260,595.37
H Increase to the Specified Reserve Account Balance $ 0.00 $ 9,260,595.37
I Carryover Servicing Fees (1) $ 9,260,595.37 $ 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 principal and capitalized interest on unpaid carryover servicing
fees from prior quarters. Insufficient funds available to pay current
carryover servicing fees.
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
IX. 1997-1 Distributions
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
---------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------------
i Quarterly Interest Due $ 9,857,684.46 $ 9,943,114.76 $ 956,796.96
ii Quarterly Interest Paid 9,857,684.46 9,943,114.76 956,796.96
--------------- -------------- ------------
iii Interest Shortfall $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00 0.00
--------------- -------------- ------------
vi Interest Carryover $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 52,906,150.49 $ 0.00 $ 0.00
viii Quarterly Principal Paid 52,906,150.49 0.00 0.00
--------------- -------------- ------------
ix Quarterly Principal Shortfall $ (0.00) $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 62,763,834.95 $ 9,943,114.76 $ 956,796.96
---------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 12/31/98 $1,657,164,732.95
ii Adjusted Pool Balance 12/31/98 1,604,258,582.46
-----------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 52,906,150.49
=================
iv Adjusted Pool Balance 9/30/98 $ 1,655,939,368.09
v Adjusted Pool Balance 12/31/98 $ 1,604,258,582.46
------------------
vi Current Principal Due (iv-v) $ 51,680,785.63
vii Principal Shortfall from Previous Collection Period $ 1,225,364.86
------------------
viii Principal Distribution Amount (vi + vii) $ 52,906,150.49
==================
ix Principal Distribution Amount Paid $ 52,906,150.49
x Principal Shortfall (viii - ix) $ (0.00)
C Total Principal Distribution $ 52,906,150.49
D Total Interest Distribution 20,757,596.18
------------------
E Total Cash Distributions-Note and Certificates $ 73,663,746.67
<CAPTION>
---------------------------------------------------------------------------------------
F Note & Certificate Balances 10/26/98 1/25/99
---------------------------------------------------------------------------------------
<S> <C> <C> <C>
i A-1 Note Balance (78442GAK2) $ 797,964,732.95 $ 745,058,582.46
A-1 Note Pool Factor 0.6705585991 0.6260996491
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>
<S> <C>
G Reserve Account Reconciliation
i Beginning of Period Balance $ 4,129,524.61
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 0.00
----------------
iv Total Reserve Account Balance Available $ 4,129,524.61
v Required Reserve Account Balance $ 4,000,644.84
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to Waterfall $ 128,879.77
viii Ending Reserve Account Balance $ 4,000,644.84
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
X. 1997-1 Historical Pool Information
------------------------------------------------------------------
10/1/98-12/31/98 7/1/98-9/30/98 4/1/98-6/30/98
- --------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $1,632,263,228.31 $1,682,456,112.05 $1,736,744,144.67
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 42,355,263.57 $ 41,341,524.85 $ 41,231,457.88
ii Principal Collections from Guarantor 16,313,167.36 15,688,925.18 20,665,608.94
iii Principal Reimbursements 326,024.83 98,349.09 199,289.09
iv Other System Adjustments - - -
----------------- ----------------- -----------------
v Total Principal Collections $ 58,994,455.76 $ 57,128,799.12 $ 62,096,355.91
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,368,556.06 $ 1,181,085.99 $ 1,205,702.85
ii Capitalized Interest (10,826,066.98) (8,117,001.37) (9,014,026.14)
----------------- ----------------- ------------------
iii Total Non-Cash Principal Activity $ (9,457,510.92) $ (6,935,915.38) $ (7,808,323.29)
- --------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 49,536,944.04 $ 50,192,883.74 $ 54,288,032.62
- --------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 18,900,994.79 $ 19,864,234.62 $ 19,727,548.85
ii Interest Claims Received from Guarantors 1,027,324.22 967,577.64 1,336,513.84
iii Late Fee Reimbursements 323,114.17 137,842.05 -
iv Interest Reimbursements 25,645.37 15,962.15 11,212.26
v Other System Adjustments - - -
vi Special Allowance Payments 102,786.46 220,868.77 392,423.93
vii Subsidy Payments 5,779,538.71 6,654,786.09 6,964,790.56
------------------ ------------------ ------------------
viii Total Interest Collections $ 26,159,403.72 $ 27,861,271.32 $ 28,432,489.44
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,079,185.35) $ (911,353.60) $ (819,905.05)
ii Capitalized Interest 10,826,066.98 8,117,001.37 9,014,026.14
------------------ ------------------- ------------------
iii Total Non-Cash Interest Adjustments $ 9,746,881.63 $ 7,205,647.77 $ 8,194,121.09
------------------ ------------------- ------------------
Total Student Loan Interest Activity $ 35,906,285.35 $ 35,066,919.09 $ 36,626,610.53
(=) Ending Student Loan Portfolio Balance $1,582,726,283.47 $1,632,263,228.31 $1,682,456,112.05
- --------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $1,600,257,037.62 $ 19,546,615.17 $ 19,024,332.06
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $1,663,841,566.44 $1,651,809,843.48 $1,701,480,444.11
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 4,000,644.84 $ 4,129,524.61 $ 4,390,945.53
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $1,604,258,582.46 $1,655,939,368.09 $1,705,871,389.64
- --------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------
1/1/98-3/31/98 10/1/97-12/31/97 7/1/97 - 9/30/97 3/3/97 - 6/30/97
- --------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $1,797,260,482.27 $1,860,845,011.09 $1,91,755,393.25 $1,978,517,233.95
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 40,361,669.28 $ 41,583,288.72 $ 36,610,435.93 $ 51,140,092.35
ii Principal Collections from Guarantor 23,893,521.24 22,534,293.39 10,930,572.36 945,270.37
iii Principal Reimbursements 2,567,931.88 11,001,295.70 15,901,048.09 24,476,860.51
iv Other System Adjustments - - - -
-------------------------------------------------------------------------------
v Total Principal Collections $ 66,823,122.40 $ 75,118,877.81 $ 63,442,056.38 $ 76,562,223.23
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,588,347.95 $ 1,577,075.57 $ 1,401,854.63 $ 1,291,877.74
ii Capitalized Interest (7,895,132.75) (13,111,424.56) (8,933,528.85) (16,092,260.27)
-------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (6,306,784.80) $ (11,534,348.99) $ (7,531,674.22) $ (14,800,382.53)
- --------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 6,516,337.60 63,584,528.82 55,910,382.16 $ 61,761,840.70
- --------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 20,331,647.84 $ 19,309,485.54 $ 19,722,844.04 $ 23,785,588.02
ii Interest Claims Received from Guarantors 1,559,776.10 1,472,877.53 644,924.45 21,279.29
iii Late Fee Reimbursements - 8.50 - -
iv Interest Reimbursements 41,450.12 165,480.49 191,223.15 374,208.26
v Other System Adjustments - - - -
vi Special Allowance Payments 623,545.81 401,008.97 545,110.76 184,509.01
vii Subsidy Payments 8,336,308.48 8,965,413.68 10,794,397.88 3,932,916.04
-------------------------------------------------------------------------------
viii Total Interest Collections $ 30,892,728.35 $ 30,314,274.71 $ 31,898,500.28 $ 28,298,500.62
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,147,639.74) $ (1,165,619.32) $ (1,215,185.69) $ (1,233,779.83)
ii Capitalized Interest 7,895,132.75 13,111,424.56 8,933,528.85 16,092,260.27
-------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 6,747,493.01 $ 11,945,805.24 $ 7,718,343.16 $ 14,858,480.44
-------------------------------------------------------------------------------
Total Student Loan Interest Activity $ 37,640,221.36 $ 42,260,079.95 $ 39,616,843.44 $ 43,156,981.06
(=) Ending Student Loan Portfolio Balance $1,736,744,144.67 $1,797,260,482.27 $1,860,845,011.09 $1,916,755,393.25
- --------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 19,634,067.74 $ 18,359,448.41 $ 22,118,559.92 $ 21,576,775.70
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $1,756,378,212.41 $1,815,619,930.68 $1,882,963,571.01 $1,938,332,168.95
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 4,539,049.83 $ 4,707,408.93 $ 4,845,830.42 $ 5,010,230.00
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 1,760,917,262.24 $1,820,327,339.61 $1,88,809,401.43 $1,943,342,398.95
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
XI. 1997-1 Payment History and CPRs
- ---------------------------------------------------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
<S> <C> <C> <C>
Apr-97 $ 2,004,091,862 -
Jul-97 $ 1,938,332,169 6.60%
Oct-97 $ 1,882,963,571 6.39%
Jan-98 $ 1,815,619,931 7.05%
Apr-98 $ 1,756,378,212 6.92%
Jul-98 $ 1,701,480,444 6.66%
Oct-98 $ 1,651,809,843 6.27%
Jan-99 $ 1,600,257,938 6.02%
* "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.
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
SLM Student Loan Trust 1997-2
Quarterly Servicing Report
Report Date: 12/31/98 Reporting Period: 10/1/98-12/31/98
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- -----------------------------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 9/30/98 Activity 12/31/98
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A i Portfolio Balance $ 1,986,550,007.34 $ (69,266,149.30) $ 1,917,283,858.04
ii Interest to be Capitalized 20,872,281.33 18,006,404.61
------------------ ------------------
iii Total Pool $ 2,007,422,288.67 $ 1,935,290,262.65
iv Specified Reserve Account Balance 5,018,555.72 4,838,225.66
------------------ ------------------
v Total Adjusted Pool $ 2,012,440,844.39 $ 1,940,128,488.31
================== ==================
B i Weighted Average Coupon (WAC) 8.2146% 8.2350%
ii Weighted Average Remaining Term 97.02 96.00
iii Number of Loans 735,510 710,921
iv Number of Borrowers 311,556 299,788
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
% of O/S % of O/S
Notes and Certificates Spread Balance 10/26/98 Securities Balance 1/25/99 Securities
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAN6 0.54% $ 1,132,776,414.10 55.850% $ 1,049,870,278.74 53.969%
ii A-2 Notes 78442GAP1 0.60% 808,000,000.00 39.838% 808,000,000.00 41.536%
iii Certificates 78442GAQ9 0.83% 87,450,000.00 4.141% 87,450,000.00 4.495%
- -----------------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 2,028,226,414.10 100.000% $ 1,945,320,278.74 100.000%
===================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Reserve Account 10/26/98 1/25/99
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 5,018,555.72 $ 4,838,225.66
iv Reserve Account Floor Balance ($) $ 2,441,522.00 $ 2,441,522.00
v Current Reserve Acct Balance ($) $ 5,018,555.72 $ 4,838,225.66
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
II. 1997-2 Transactions from: 10/1/98 through: 12/31/98
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $64,432,081.54
ii Principal Collections from Guarantor $14,800,002.88
iii Principal Reimbursements $493,430.55
iv Other System Adjustments $0.00
---------------
v Total Principal Collections $ 79,725,514.97
B Student Loan Non-Cash Principal Activity
i Other Adjustments $1,451,840.85
ii Capitalized Interest ($11,911,206.52)
---------------
iii Total Non-Cash Principal Activity $ (10,459,365.67)
--------------------------------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 69,266,149.30
--------------------------------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $26,747,465.09
ii Interest Claims Received from Guarantors $934,624.75
iii Late Fee Reimbursements $491,416.30
iv Interest Reimbursements $25,874.66
v Other System Adjustments $0.00
vi Special Allowance Payments $159,600.67
vii Subsidy Payments $4,887,629.92
----------------
viii Total Interest Collections $ 33,246,611.39
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($1,180,963.02)
ii Capitalized Interest $11,911,206.52
----------------
iii Total Non-Cash Interest Adjustments $ 10,730,243.50
--------------------------------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 43,976,854.89
--------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
III. 1997-2 Collection Account Activity 10/1/98 through 12/31/98
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $79,232,084.42
ii Cash Forwarded by Administrator on behalf of Seller $221,461.87
iii Cash Forwarded by Administrator on behalf of Servicer $11,732.87
iv Cash Forwarded by Administrator for Consolidation Activity $260,235.81
-------------------
v Total Principal Collections $ 79,725,514.97
B Interest Collections
i Interest Payments Received-Cash $32,729,320.43
ii Cash Forwarded by Administrator on behalf of Seller $9,820.46
iii Cash Forwarded by Administrator on behalf of Servicer $13,721.69
iv Cash Forwarded by Administrator for Consolidation Activity $2,332.51
v Cash Forwarded by Administrator for Late Fee Activity $491,416.30
-------------------
vi Total Interest Collections $33,246,611.39
C Other Reimbursements $268,940.33
D Administrator Account Investment Income $749,251.32
E Return funds borrowed for previous distribution $0.00
F TOTAL FUNDS RECEIVED $ 113,990,318.01
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($3,849,137.02)
-----------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 110,141,180.99
-----------------------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $1,322,226.00
ii Percentage of Principal Calculation $1,891,544.98
iii Lesser of Unit or Principal Calculation $1,322,226.00
H Servicing Fees Due for Current Period $1,891,544.98
I Carryover Servicing Fees Due (1) $0.00
OCT 1998 Servicing Carryover $0.00
NOV 1998 Servicing Carryover $0.00
DEC 1998 Servicing Carryover $0.00
----------------------
TOTAL: Carryover Servicing Fee Due $0.00
======================
Less: Servicing ADJ [A iii + B iii] ($25,454.56)
J Administration Fees Due $ 20,000.00
-----------------------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,886,090.42
-----------------------------------------------------------------------------------------------------------------
(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 9/30/98 12/31/98 9/30/98 12/31/98 9/30/98 12/31/98 9/30/98 12/31/98 9/30/98 12/31/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.767% 7.763% 28,701 25,845 3.902% 3.635% $ 112,211,394.92 $ 100,976,494.26 5.649% 5.267%
Grace
Current 7.820% 7.854% 16,163 4,922 2.198% 0.692% $ 72,040,421.08 $ 17,101,191.25 3.626% 0.892%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.788% 7.776% 44,864 30,767 6.100% 4.327% $ 184,251,816.00 $ 118,077,685.51 9.275% 6.159%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.282% 8.289% 520,338 506,671 70.745% 71.270% $1,309,606,391.38 $1,294,967,601.43 65.924% 67.542%
31-60 Days
Delinquent 8.276% 8.289% 33,319 31,913 4.530% 4.489% $ 84,120,894.35 $ 81,234,696.60 4.235% 4.237%
61-90 Days
Delinquent 8.274% 8.279% 17,219 13,730 2.341% 1.931% $ 47,091,329.21 $ 35,415,431.28 2.371% 1.847%
91-120 Days
Delinquent 8.268% 8.274% 9,087 7,608 1.235% 1.070% $ 23,697,434.88 $ 19,874,391.88 1.193% 1.037%
> 120 Days
Delinquent 8.263% 8.265% 10,496 9,462 1.427% 1.331% $ 26,185,066.59 $ 23,702,784.93 1.318% 1.236%
Deferment
Current 8.093% 8.099% 58,339 62,509 7.932% 8.793% $ 178,687,174.83 $ 188,445,456.86 8.995% 9.829%
Forbearance
Current 8.271% 8.275% 37,701 44,661 5.126% 6.282% $ 123,117,550.27 $ 146,922,987.08 6.198% 7.663%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.261% 8.267% 686,499 676,554 93.336% 95.166% $1,792,505,841.51 $1,790,563,350.06 90.232% 93.391%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in
Process (1) 8.266% 8.271% 4058 3,525 0.552% 0.496% $ 9,609,975.61 $ 8,479,891.90 0.484% 0.442%
Aged Claims
Rejected (2) 8.258% 8.253% 89 75 0.012% 0.011% $ 182,374.22 $ 162,930.57 0.009% 0.008%
- ------------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.215% 8.235% 735,510 710,921 100.000% 100.000% $1,986,550,007.34 $1,917,283,858.04 100.000% 100.000%
====================================================================================================================================
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes claims deemed incurable pending repurchase.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
V. 1997-2 Portfolio Characteristics by School and Program 12/31/98
- -----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
-----------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
STATUS
- ------------------------------------
INTERIM:
In School
Current 2.989% 1.759% 0.000% 0.000% 0.272% 0.108% 0.000% 0.000%
Grace
Current 0.487% 0.230% 0.000% 0.000% 0.062% 0.025% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 3.476% 1.989% 0.000% 0.000% 0.334% 0.133% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 34.291% 8.934% 9.948% 2.324% 3.429% 0.913% 0.465% 0.234%
31-60 Days Delinquent 1.883% 0.449% 0.486% 0.171% 0.328% 0.087% 0.026% 0.026%
61-90 Days Delinquent 0.782% 0.192% 0.150% 0.064% 0.171% 0.047% 0.005% 0.012%
91-120 Days Delinquent 0.434% 0.106% 0.058% 0.043% 0.107% 0.027% 0.006% 0.006%
> 120 Days Delinquent 0.469% 0.125% 0.049% 0.030% 0.145% 0.042% 0.003% 0.008%
Deferment
Current 5.513% 1.671% 0.457% 0.473% 0.641% 0.174% 0.015% 0.041%
Forbearance
Current 3.351% 1.259% 0.498% 0.457% 0.542% 0.171% 0.022% 0.041%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 46.723% 12.736% 11.646% 3.562% 5.363% 1.461% 0.542% 0.368%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.157% 0.040% 0.018% 0.011% 0.057% 0.014% 0.000% 0.004%
Aged Claims Rejected (2) 0.002% 0.001% 0.000% 0.000% 0.001% 0.001% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 50.358% 14.766% 11.664% 3.573% 5.755% 1.609% 0.542% 0.372%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.361% 8.278%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
V. 1997-2 Portfolio Characteristics by School and Program 12/31/98
- -----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
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 0.045% 0.038% 0.000% 0.000% 0.029% 0.027% 0.000% 0.000%
Grace
Current 0.021% 0.018% 0.000% 0.000% 0.027% 0.022% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.066% 0.056% 0.000% 0.000% 0.056% 0.049% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 3.483% 1.741% 0.860% 0.614% 0.185% 0.075% 0.019% 0.027%
31-60 Days Delinquent 0.437% 0.182% 0.060% 0.074% 0.014% 0.009% 0.000% 0.005%
61-90 Days Delinquent 0.238% 0.114% 0.029% 0.037% 0.003% 0.002% 0.001% 0.000%
91-120 Days Delinquent 0.149% 0.062% 0.012% 0.023% 0.004% 0.000% 0.000% 0.000%
> 120 Days Delinquent 0.220% 0.099% 0.009% 0.025% 0.008% 0.002% 0.000% 0.002%
Deferment
Current 0.406% 0.195% 0.017% 0.069% 0.076% 0.050% 0.000% 0.031%
Forbearance
Current 0.694% 0.369% 0.048% 0.120% 0.044% 0.028% 0.002% 0.017%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 5.627% 2.762% 1.035% 0.962% 0.334% 0.166% 0.022% 0.082%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.084% 0.035% 0.005% 0.014% 0.002% 0.001% 0.000% 0.000%
Aged Claims Rejected (2) 0.002% 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 5.779% 2.854% 1.040% 0.976% 0.392% 0.216% 0.022% 0.082%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 10.649% 0.712%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(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>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------ FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 4.748% 0.380% 0.083% 0.056% 5.267%
Grace
Current 0.717% 0.087% 0.039% 0.049% 0.892%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 5.465% 0.467% 0.122% 0.105% 6.159%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 55.497% 5.041% 6.698% 0.306% 67.542%
31-60 Days Delinquent 2.989% 0.467% 0.753% 0.028% 4.237%
61-90 Days Delinquent 1.188% 0.235% 0.418% 0.006% 1.847%
91-120 Days Delinquent 0.641% 0.146% 0.246% 0.004% 1.037%
> 120 Days Delinquent 0.673% 0.198% 0.353% 0.012% 1.236%
Deferment
Current 8.114% 0.871% 0.687% 0.157% 9.829%
Forbearance
Current 5.565% 0.776% 1.231% 0.091% 7.663%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 74.667% 7.734% 10.386% 0.604% 93.391%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.226% 0.075% 0.138% 0.003% 0.442%
Aged Claims Rejected (2) 0.003% 0.002% 0.003% 0.000% 0.008%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.361% 8.278% 10.649% 0.712% 100.000%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VI. 1997-2 Interest Calculation
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $35,227,402.60
B Interest Subsidy Payments Accrued During Collection Period $4,866,783.04
C SAP Payments Accrued During Collection Period $10,276.25
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $115,108.00
E Investment Earnings (ADMINISTRATOR ACT) $749,251.32
-----------
F Net Expected Interest Collections $ 40,968,821.21
G Student Loan Rate
i Days in Collection Period (10/1/98-12/31/98) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 40,968,821.21
iv Primary Servicing Fee $ 5,740,682.00
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 2,007,422,288.67
vii Student Loan Rate 6.95840%
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Accrued
Int Factor Accrual Period
---------- --------------
H Class A-1 T-Bill Based Interest Rate 5.03499%
I Class A-1 Interest Rate 0.012552986 (10/26/98-1/25/99) 5.03499%
J Class A-2 T-Bill Based Interest Rate 5.09499%
K Class A-2 Interest Rate 0.012702575 (10/26/98-1/25/99) 5.09499%
L Certificate T-Bill Based Rate of Return 5.32499%
M Certificate Rate of Return 0.013276000 (10/26/98-1/25/99) 5.32499%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VII. 1997-2 Inputs From Previous Quarterly Servicing Reports 9/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,986,550,007.34
ii Interest To Be Capitalized 20,872,281.33
-------------------
iii Total Pool $ 2,007,422,288.67
iv Specified Reserve Account Balance 5,018,555.72
===================
v Total Adjusted Pool $ 2,012,440,844.39
===================
B Total Note and Certificate Factor 0.81244423646
C Total Note and Certificate Balance $ 2,028,226,414.10
------------------------------------------------------------------------------------------------------------------
D Note Balance 10/26/98 Class A-1 Class A-2 Certificates
------------------------------------------------------------------------------------------------------------------
i Current Factor-10/26/98 0.7075430444 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,132,776,414.10 $ 808,000,000.00 $ 87,450,000.00
E Note Principal Shortfall $ 15,785,569.71 $ 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 $ 5,018,555.72
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>
<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) $ 110,436,619.05 $ 110,436,619.05
B Primary Servicing Fees-Current Month $ 1,866,090.42 $ 108,570,528.63
C Administration Fee $ 20,000.00 $ 108,550,528.63
D Noteholder's Interest Distribution Amount
i Class A-1 $ 14,219,726.47 $ 94,330,802.16
ii Class A-2 $ 10,263,680.60 $ 84,067,121.56
------------------
iii Total Noteholder's Interest Distribution $ 24,483,407.07
E Certificateholder's Return Distribution Amount $ 1,160,986.20 $ 82,906,135.36
F Noteholder's Principal Distribution Amount
i Class A-1 $ 82,906,135.36 $ (0.00)
ii Class A-2 $ 0.00 $ (0.00)
------------------
iii Total Noteholder's Principal Distribution $ 82,906,135.36
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>
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IX. 1997-2 Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
--------------------------------------------------------------------------------------------------------------------
i Quarterly Interest Due $14,219,726.47 $ 10,263,680.60 $ 1,160,986.20
ii Quarterly Interest Paid 14,219,726.47 10,263,680.60 1,160,986.20
-------------- --------------- --------------
iii Interest Shortfall $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00 0.00
-------------- --------------- --------------
vi Interest Carryover $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $88,097,925.79 $ 0.00 $ 0.00
viii Quarterly Principal Paid 82,906,135.36 0.00 0.00
---------------- --------------- --------------
ix Quarterly Principal Shortfall $ 5,191,790.43 $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $97,125,861.83 $ 10,263,680.60 $ 1,160,986.20
---------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 12/31/98 $ 2,028,226,414.10
ii Adjusted Pool Balance 12/31/98 1,940,128,488.31
------------------
iii Adjusted Pool Exceeding Notes and Certificate
Balance (i-ii) $ 88,097,925.79
==================
iv Adjusted Pool Balance 9/30/98 $ 2,012,440,844.39
v Adjusted Pool Balance 12/31/98 $ 1,940,128,488.31
------------------
vi Current Principal Due (iv-v) $ 72,312,356.08
vii Principal Shortfall from Previous Collection Period $ 15,785,569.71
------------------
viii Principal Distribution Amount (vi + vii) $ 88,097,925.79
==================
ix Principal Distribution Amount Paid $ 82,906,135.36
x Principal Shortfall (viii - ix) $ 5,191,790.43
C Total Principal Distribution $ 82,906,135.36
D Total Interest Distribution 25,644,393.27
------------------
E Total Cash Distributions-Note and Certificates $ 108,550,528.63
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
F Note & Certificate Balances 10/26/98 1/25/99
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i A-1 Note Balance (78442GAN6) $ 1,132,776,414.10 $ 1,049,870,278.74
A-1 Note Pool Factor 0.7075430444 0.6557590748
ii A-2 Note Balance (78442GAP1) $ 808,000,000.00 $ 808,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAQ9) $ 87,450,000.00 $ 87,450,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
-----------------------------------------------------------------------------------------------------
G Reserve Account Reconciliation
i Beginning of Period Balance $ 5,018,555.72
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ -
------------------
iv Total Reserve Account Balance Available $ 5,018,555.72
v Required Reserve Account Balance $ 4,838,225.66
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to Waterfall $ 180,330.06
viii Ending Reserve Account Balance $ 4,838,225.66
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
X. 1997-2 Historical Pool Information
- ----------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------
10/1/98 - 12/31/98 7/1/98 - 9/30/98 4/1/98 - 6/30/98
- ----------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,986,550,007.34 $ 2,061,353,270.16 $ 2,145,013,127.14
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 64,432,081.54 $ 65,499,472.75 $ 67,173,046.87
ii Principal Collections from Guarantor 14,800,002.88 15,157,376.26 23,048,506.21
iii Principal Reimbursements 493,430.55 81,678.30 136,424.43
iv Other System Adjustments - -
----------------------------------------------------------------------------
v Total Principal Collections $ 79,725,514.97 $ 80,738,527.31 $ 90,357,977.51
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,451,840.85 $ 1,143,280.69 $ 1,112,815.97
ii Capitalized Interest (11,911,206.52) (7,078,545.18) (7,810,936.50)
----------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (10,459,365.67) $ (5,935,264.49) $ (6,698,120.53)
- -----------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 69,266,149.30 $ 74,803,262.82 $ 83,659,856.98
- -----------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 26,747,465.09 $ 28,487,677.43 $ 29,361,368.21
ii Interest Claims Received
from Guarantors 934,624.75 959,497.58 1,481,874.93
iii Late Fee Reimbursements 491,416.30 161,544.44 -
iv Interest Reimbursements 25,874.66 15,875.11 16,208.24
v Other System Adjustments - - -
vi Special Allowance Payments 159,600.67 321,697.44 529,230.24
vii Subsidy Payments 4,887,629.92 5,409,736.79 5,582,456.37
----------------------------------------------------------------------------
viii Total Interest Collections $ 33,246,611.39 $ 35,356,028.79 $ 36,971,137.99
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,180,963.02) $ (876,607.90) $ (679,094.72)
ii Capitalized Interest 11,911,206.52 7,078,545.18 7,810,936.50
----------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 10,730,243.50 $ 6,201,937.28 $ 7,131,841.78
----------------------------------------------------------------------------
Total Student Loan Interest Activity $ 43,976,854.89 $ 41,557,966.07 $ 44,102,979.77
(=) Ending Student Loan Portfolio Balance $ 1,917,283,858.04 $ 1,986,550,007.34 $ 2,061,353,270.16
- -----------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 18,006,404.61 $ 20,872,281.33 $ 19,359,897.56
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,935,290,262.65 $ 2,007,422,288.67 $ 2,080,713,167.72
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 4,838,225.66 $ 5,018,555.72 $ 5,409,624.08
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $1,940,128,488.31 $ 2,012,440,844.39 $ 2,086,122,791.80
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------
1/1/98 - 3/31/98 10/1/97 - 12/31/97 6/2/97 - 9/30/97
- ---------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 2,233,565,975.40 $ 2,318,693,583.17 $ 2,417,769,037.18
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 67,245,956.91 $ 68,082,756.87 $ 85,947,343.92
ii Principal Collections from Guarantor 24,918,076.93 14,843,554.74 1,182,253.65
iii Principal Reimbursements 2,078,239.87 13,644,697.01 25,640,757.88
iv Other System Adjustments - - -
--------------------------------------------------------------------------
v Total Principal Collections $ 94,242,273.71 $ 96,571,008.62 $ 112,770,355.45
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,460,174.04 $ 1,447,951.99 $ 1,502,305.68
ii Capitalized Interest (7,149,599.49) (12,891,352.84) (15,197,207.12)
--------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (5,689,425.45) $ (11,443,400.85) $ (13,694,901.44)
- ---------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 88,552,848.26 $ 85,127,607.77 $ 99,075,454.01
- ---------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 30,889,139.09 $ 30,948,506.97 $ 42,621,726.69
ii Interest Claims Received
from Guarantors 1,634,141.40 910,823.41 31,586.14
iii Late Fee Reimbursements - - -
iv Interest Reimbursements 32,904.69 221,585.93 382,323.72
v Other System Adjustments - - -
vi Special Allowance Payments 833,721.99 607,103.80 248,953.19
vii Subsidy Payments 6,492,598.40 6,718,468.64 2,532,386.65
--------------------------------------------------------------------------
viii Total Interest Collections $ 39,882,505.57 $ 39,406,488.75 $ 45,816,976.39
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,033,356.24) $ (1,219,435.19) $ (1,454,441.16)
ii Capitalized Interest 7,149,599.49 12,891,352.84 15,197,207.12
--------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 6,116,243.25 $ 11,671,917.65 $ 13,742,765.96
--------------------------------------------------------------------------
Total Student Loan Interest Activity $ 45,998,748.82 $ 51,078,406.40 $ 59,559,742.35
(=) Ending Student Loan Portfolio Balance $ 2,145,013,127.14 $ 2,233,565,975.40 $ 2,318,693,583.17
- ---------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 18,836,505.02 $ 16,849,041.28 $ 20,216,612.25
- -------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 2,163,849,632.16 $ 2,250,415,016.68 $ 2,338,910,195.42
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 5,626,037.54 $ 5,847,275.49 $ 6,103,806.00
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 2,169,475,669.70 $ 2,256,262,292.17 $ 2,345,014,001.42
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
XI. 1997-2 Payment History and CPRs
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Distribution Actual Since Issued
Date Pool Balances CPR *
Jul-97 $ 2,441,522,427 -
Oct-97 $ 2,338,910,195 5.99%
Jan-98 $ 2,250,415,017 6.53%
Apr-98 $ 2,163,849,632 6.60%
Jul-98 $ 2,080,713,168 6.51%
Oct-98 $ 2,007,422,289 6.14%
Jan-99 $ 1,935,290,263 5.85%
* "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.
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SLM STUDENT LOAN TRUST 1997-3
QUARTERLY SERVICING REPORT
REPORT DATE: 12/31/98 REPORTING PERIOD: 10/1/98-12/31/98
- ------------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 9/30/98 Activity 12/31/98
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A i Portfolio Balance $ 2,229,762,606.63 $ (42,589,596.48) $ 2,187,173,010.15
ii Interest to be Capitalized 48,135,240.86 39,623,139.23
------------------ ------------------
iii Total Pool $ 2,277,897,847.49 $ 2,226,796,149.38
iv Specified Reserve Account Balance 5,694,744.62 5,566,990.37
------------------ ------------------
v TOTAL ADJUSTED POOL $ 2,283,592,592.11 $ 2,232,363,139.75
================== ==================
B i Weighted Average Coupon (WAC) 8.1433% 8.1745%
ii Weighted Average Remaining Term 113.30 112.39
iii Number of Loans 659,887 645,224
iv Number of Borrowers 247,177 241,203
----------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
% OF % OF
Notes and Certificates Spread Balance 10/26/98 O/S Securities Balance 1/25/99 O/S Securities
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAR7 0.60% $ 1,191,870,578.28 51.584% $ 1,127,740,069.64 50.202%
ii A-2 Notes 78442GAS5 0.64% 1,028,500,000.00 44.514% 1,028,500,000.00 45.785%
iii Certificates 78442GAT3 0.83% 90,150,000.00 3.902% 90,150,000.00 4.013%
----------------------------------------------------------------------------------------------------------------------
iv TOTAL NOTES AND CERTIFICATES $ 2,310,520,578.28 100.000% $ 2,246,390,069.64 100.000%
======================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
Reserve Account 10/26/98 1/25/99
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 5,694,744.62 $ 5,566,990.37
iv Reserve Account Floor Balance ($) $ 2,503,690.00 $ 2,503,690.00
v Current Reserve Acct Balance ($) $ 5,694,744.62 $ 5,566,990.37
----------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
II. 1997-3 Transactions from: 10/01/1998 through 12/31/1998
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 47,764,554.08
ii Principal Collections from Guarantor $ 16,374,165.92
iii Principal Reimbursements $ 396,538.85
iv Other System Adjustments $ 0.00
-----------------
v TOTAL PRINCIPAL COLLECTIONS $ 64,535,258.85
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 2,590,725.97
ii Capitalized Interest ($24,536,388.34)
-----------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $(21,945,662.37)
-----------------------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 42,589,596.48
-----------------------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 21,372,912.03
ii Interest Claims Received from Guarantors $ 1,043,083.36
iii Late Fee Reimbursements $ 309,192.26
iv Interest Reimbursements $ 8,139.86
v Other System Adjustments $ 0.00
vi Special Allowance Payments $ 180,862.05
vii Subsidy Payments $ 9,571,167.87
-----------------
viii TOTAL INTEREST COLLECTIONS $ 32,485,357.43
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment ($2,342,131.31)
ii Capitalized Interest $ 24,536,388.34
-----------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 22,194,257.03
-----------------------------------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 54,679,614.46
-----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
III. 1997-3 Collection Account Activity 10/01/1998 through 12/31/1998
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $64,138,720.00
ii Cash Forwarded by Administrator on behalf of Seller $ 171,280.14
iii Cash Forwarded by Administrator on behalf of Servicer $ 5,470.19
iv Cash Forwarded by Administrator for Consolidation Activity $ 219,788.52
------------------
v TOTAL PRINCIPAL COLLECTIONS $64,535,258.85
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $32,168,025.31
ii Cash Forwarded by Administrator on behalf of Seller ($5,346.48)
iii Cash Forwarded by Administrator on behalf of Servicer $ 11,973.25
iv Cash Forwarded by Administrator for Consolidation Activity $ 1,513.09
v Cash Forwarded by Administrator for Late Fee Activity $ 309,192.26
------------------
vi TOTAL INTEREST COLLECTIONS $32,485,357.43
C OTHER REIMBURSEMENTS $ 170,914.16
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 628,320.22
E RETURN FUNDS BORROWED FOR PREVIOUS DISTRIBUTION $ 0.00
F TOTAL FUNDS RECEIVED $97,819,850.66
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($2,960,719.48)
-----------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $94,859,131.18
-----------------------------------------------------------------------------------------------------------------
G SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $ 989,999.01
ii Percentage of Principal Calculation $ 1,467,161.82
iii Lesser of Unit or Principal Calculation $ 989,999.01
H SERVICING FEES DUE FOR CURRENT PERIOD $ 1,467,161.82
I CARRYOVER SERVICING FEES DUE (1) $ 0.00
OCT 1998 Servicing Carryover $0.00
NOV 1998 Servicing Carryover $0.00
DEC 1998 Servicing Carryover $0.00
--------------------
TOTAL: Carryover Servicing Fee Due $0.00
====================
LESS: Servicing ADJ [A iii + B iii] ($17,443.44)
J ADMINISTRATION FEES DUE $ 20,000.00
-----------------------------------------------------------------------------------------------------------------
K TOTAL FEES DUE FOR PERIOD $ 1,469,718.38
-----------------------------------------------------------------------------------------------------------------
(1) No Carryover Servicing Fees due before the October 2001 payment date
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
IV. 1997-3 Portfolio Characteristics
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans % Principal Amount
- ---------------------------------------------------------------------------------------------------------------------------------
STATUS 9/30/98 12/31/98 9/30/98 12/31/98 9/30/98 12/31/98 9/30/98
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.825% 7.823% 74,504 66,048 11.290% 10.237% $ 267,338,068.78
Grace
Current 7.843% 7.860% 46,210 14,984 7.003% 2.322% $ 177,216,665.30
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.832% 7.829% 120,714 81,032 18.293% 12.559% $ 444,554,734.08
- ---------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.248% 8.255% 340,395 366,294 51.584% 56.770% $ 1,077,921,584.65
31-60 Days Delinquent 8.250% 8.260% 25,792 25,076 3.909% 3.886% $ 80,860,801.00
61-90 Days Delinquent 8.257% 8.257% 17,723 12,426 2.686% 1.926% $ 60,720,569.47
91-120 Days Delinquent 8.251% 8.249% 8,650 6,899 1.311% 1.069% $ 27,202,620.29
> 120 Days Delinquent 8.244% 8.255% 9,278 8,776 1.406% 1.360% $ 26,794,604.48
Deferment
Current 8.103% 8.091% 77,416 78,664 11.732% 12.192% $ 277,884,016.33
Forbearance
Current 8.246% 8.253% 55,488 62,470 8.409% 9.682% $ 221,635,461.23
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.225% 8.230% 534,742 560,605 81.035% 86.885% $ 1,773,019,657.45
- ---------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.242% 8.252% 4354 3,485 0.660% 0.540% $ 11,998,684.39
Aged Claims Rejected (2) 8.266% 8.245% 77 102 0.012% 0.016% $ 189,530.71
- ---------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.143% 8.174% 659,887 645,224 100.000% 100.000% $ 2,229,762,606.63
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------
Principal Amount %
- ------------------------------------------------------------------------------------
STATUS 12/31/98 9/30/98 12/31/98
- ------------------------------------------------------------------------------------
<S> <C> <C> <C>
INTERIM:
In School
Current $ 238,686,586.77 11.990% 10.913%
Grace
Current $ 49,874,426.19 7.948% 2.280%
- ------------------------------------------------------------------------------------
TOTAL INTERIM $ 288,561,012.96 19.938% 13.193%
- ------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 1,194,313,564.14 48.342% 54.605%
31-60 Days Delinquent $ 80,239,140.85 3.626% 3.669%
61-90 Days Delinquent $ 39,380,440.71 2.723% 1.801%
91-120 Days Delinquent $ 21,111,151.72 1.220% 0.965%
> 120 Days Delinquent $ 25,805,855.77 1.202% 1.180%
Deferment
Current $ 278,729,207.94 12.462% 12.744%
Forbearance
Current $ 249,224,703.10 9.940% 11.395%
- ------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 1,888,804,064.23 79.515% 86.359%
- ------------------------------------------------------------------------------------
Claims in Process (1) $ 9,563,268.57 0.538% 0.437%
Aged Claims Rejected (2) $ 244,664.39 0.009% 0.011%
- ------------------------------------------------------------------------------------
GRAND TOTAL $ 2,187,173,010.15 100.000% 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.
4
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
V. 1997-3 Portfolio Characteristics by School and Program 12.31.98
- ------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
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 3.647% 3.105% 0.000% 0.000% 0.583% 0.235% 0.000%
Grace
Current 1.285% 0.542% 0.000% 0.000% 0.134% 0.063% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.627% 3.647% 0.000% 0.000% 0.717% 0.298% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 30.431% 10.621% 4.171% 2.649% 1.889% 0.780% 0.183%
31-60 Days Delinquent 1.833% 0.608% 0.242% 0.216% 0.214% 0.081% 0.017%
61-90 Days Delinquent 0.884% 0.288% 0.095% 0.107% 0.124% 0.048% 0.006%
91-120 Days Delinquent 0.473% 0.145% 0.043% 0.053% 0.068% 0.027% 0.002%
* 120 Days Delinquent 0.556% 0.180% 0.038% 0.071% 0.100% 0.036% 0.001%
Deferment
Current 6.913% 2.263% 0.767% 1.121% 0.546% 0.202% 0.027%
Forbearance
Current 5.667% 2.251% 0.410% 1.127% 0.513% 0.214% 0.020%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 46.757% 16.356% 5.766% 5.344% 3.454% 1.388% 0.256%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.186% 0.059% 0.013% 0.025% 0.037% 0.014% 0.001%
Aged Claims Rejected (2) 0.004% 0.001% 0.000% 0.000% 0.002% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL PROGRAM 54.574% 20.063% 5.779% 5.369% 4.210% 1.700% 0.257%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.785% 6.502%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
SLS GLS-SUB GLS-UNSUB PLUS SLS GLS-SUB GLS-UNSUB PLUS SLS
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
STATUS
- --------------------------
INTERIM:
In School
Current 0.000% 0.269% 0.196% 0.000% 0.000% 0.096% 0.087% 0.000% 0.000%
Grace
Current 0.000% 0.122% 0.076% 0.000% 0.000% 0.029% 0.029% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.000% 0.391% 0.272% 0.000% 0.000% 0.125% 0.116% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 0.146% 1.775% 1.091% 0.263% 0.228% 0.211% 0.099% 0.010% 0.058%
31-60 Days Delinquent 0.023% 0.228% 0.134% 0.017% 0.029% 0.014% 0.005% 0.000% 0.008%
61-90 Days Delinquent 0.012% 0.126% 0.069% 0.008% 0.017% 0.009% 0.006% 0.000% 0.002%
91-120 Days Delinquent 0.005% 0.085% 0.049% 0.003% 0.010% 0.002% 0.000% 0.000% 0.000%
* 120 Days Delinquent 0.006% 0.114% 0.064% 0.003% 0.010% 0.001% 0.000% 0.000% 0.000%
Deferment
Current 0.075% 0.311% 0.177% 0.010% 0.074% 0.123% 0.074% 0.002% 0.059%
Forbearance
Current 0.065% 0.487% 0.288% 0.027% 0.077% 0.122% 0.075% 0.002% 0.050%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 0.332% 3.126% 1.872% 0.331% 0.445% 0.482% 0.259% 0.014% 0.177%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.003% 0.050% 0.035% 0.001% 0.003% 0.005% 0.003% 0.000% 0.002%
Aged Claims Rejected (2) 0.000% 0.002% 0.002% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL PROGRAM 0.335% 3.569% 2.181% 0.332% 0.448% 0.612% 0.378% 0.014% 0.179%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 6.530% 1.183%
- ------------------------------------------------------------------------------------------------------------------------------------
</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.
* greater than
<TABLE>
<CAPTION>
-------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
- -----------------------------------------------
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 9.447% 0.818% 0.465% 0.183% 10.913%
Grace
Current 1.827% 0.197% 0.198% 0.058% 2.280%
- ---------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 11.274% 1.015% 0.663% 0.241% 13.193%
- ---------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 47.872% 2.998% 3.357% 0.378% 54.605%
31-60 Days Delinquent 2.899% 0.335% 0.408% 0.027% 3.669%
61-90 Days Delinquent 1.374% 0.190% 0.220% 0.017% 1.801%
91-120 Days Delinquent 0.714% 0.102% 0.147% 0.002% 0.965%
* 120 Days Delinquent 0.845% 0.143% 0.191% 0.001% 1.180%
Deferment
Current 11.064% 0.850% 0.572% 0.258% 12.744%
Forbearance
Current 9.455% 0.812% 0.879% 0.249% 11.395%
- ---------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 74.223% 5.430% 5.774% 0.932% 86.359%
- ---------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.283% 0.055% 0.089% 0.010% 0.437%
Aged Claims Rejected (2) 0.005% 0.002% 0.004% 0.000% 0.011%
- ---------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.785% 6.502% 6.530% 1.183% 100.000%
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
* greater than
5
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
VI. 1997-3 Interest Calculation
- ----------------------------------------------------------------------------------------------------------------
<S> <C>
A Borrower Interest Accrued During Collection Period $ 36,174,599.03
B Interest Subsidy Payments Accrued During Collection Period $ 8,945,894.48
C SAP Payments Accrued During Collection Period $ 31,472.35
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 117,164.98
E Investment Earnings (ADMINISTRATOR ACT) $ 628,320.22
------------------
F NET EXPECTED INTEREST COLLECTIONS $ 45,897,451.06
G STUDENT LOAN RATE
i Days in Collection Period (10/1/98-12/31/98) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 45,897,451.06
iv Primary Servicing Fee $ 4,427,881.30
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 2,277,897,847.49
vii Student Loan Rate 7.21923%
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
H Class A-1 T-Bill Based Interest Rate 5.09499%
I Class A-1 Interest rate 0.012702575 (10/26/98-1/25/99) 5.09499%
J Class A-2 T-Bill Based Interest Rate 5.13499%
K Class A-2 Interest Rate 0.012802301 (10/26/98-1/25/99) 5.13499%
L Certificate T-Bill Based Rate of Return 5.32499%
M Certificate Rate of Return 0.013276000 (10/26/98-1/25/99) 5.32499%
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
VII. 1997-3 Inputs From Previous Quarterly Servicing Reports 9/30/98
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 2,229,762,606.63
ii Interest To Be Capitalized 48,135,240.86
------------------
iii Total Pool $ 2,277,897,847.49
iv Specified Reserve Account Balance 5,694,744.62
------------------
v Total Adjusted Pool $ 2,283,592,592.11
==================
B Total Note and Certificate Factor 0.89728954496
C Total Note and Certificate Balance $ 2,310,520,578.28
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
D Note Balance 10/26/98 Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor 10/26/98 0.8183957004 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,191,870,578.28 $ 1,028,500,000.00 $ 90,150,000.00
E Note Principal Shortfall $ 26,927,986.17 $ 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 $ 5,694,744.62
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
VIII. 1997-3 Waterfall for Distributions
- ----------------------------------------------------------------------------------------------------------------------------------
REMAINING
FUNDS BALANCE
-------------
<S> <C> <C> <C>
A Total Available Funds ( Sections III-F + VI-D + IX-G-vii) $95,104,050.41 $95,104,050.41
B Primary Servicing Fees-Current Month $ 1,449,718.38 $93,654,332.03
C Administration Fee $ 20,000.00 $93,634,332.03
D Noteholder's Interest Distribution Amount
i Class A-1 $15,139,825.41 $78,494,506.62
ii Class A-2 $13,167,166.58 $65,327,340.04
--------------
iii TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $28,306,991.99
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 1,196,831.40 $64,130,508.64
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $64,130,508.64 $ 0.00
ii Class A-2 $ 0.00 $ 0.00
--------------
iii Total Noteholder's Principal Distribution $64,130,508.64
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 0.00
H Increase to the Specified Reserve Account Balance $ 0.00 $ 0.00
I Carryover Servicing Fees $ 0.00 $ 0.00
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 0.00
i Class A-2 $ 0.00 $ 0.00
--------------
iii TOTAL NOTEHOLDER'S INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 0.00
L EXCESS TO RESERVE ACCOUNT $ 0.00 $ 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
IX. 1997-3 Distributions
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Distribution Amounts Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------------------
i Quarterly Interest Due $ 15,139,825.41 $13,167,166.58 $ 1,196,831.40
ii Quarterly Interest Paid 15,139,825.41 13,167,166.58 1,196,831.40
----------------- -------------- --------------
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 $ 78,157,438.53 $ 0.00 $ 0.00
viii Quarterly Principal Paid 64,130,508.64 0.00 0.00
----------------- -------------- ---------------
ix QUARTERLY PRINCIPAL SHORTFALL $ 14,026,929.89 $ 0.00 $ 0.00
-----------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 79,270,334.05 $13,167,166.58 $ 1,196,831.40
================= ============== ==============
-----------------------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates Principal Balance 12/31/98 $2,310,520,578.28
ii Adjusted Pool Balance 12/31/98 2,232,363,139.75
-----------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 78,157,438.53
=================
iv Adjusted Pool Balance 9/30/98 $2,283,592,592.11
v Adjusted Pool Balance 12/31/98 $2,232,363,139.75
-----------------
vi Current Principal Due (iv-v) $ 51,229,452.36
vii Principal Shortfall from Previous Collection Period $ 26,927,986.17
-----------------
viii Principal Distribution Amount (vi + vii) $ 78,157,438.53
=================
ix PRINCIPAL DISTRIBUTION AMOUNT PAID $ 64,130,508.64
x Principal Shortfall (viii - ix) $ 14,026,929.89
C Total Principal Distribution $ 64,130,508.64
D Total Interest Distribution 29,503,823.39
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 93,634,332.03
-------------------------------------------------------------------------------------
F Note & Certificate Balances 10/26/98 1/25/99
-------------------------------------------------------------------------------------
i A-1 Note Balance (78442GAR7) $1,191,870,578.28 $1,127,740,069.64
A-1 Note Pool Factor 0.8183957004 0.7743606067
ii A-2 Note Balance (78442GAS5) $1,028,500,000.00 $1,028,500,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAT3) $ 90,150,000.00 $ 90,150,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
------------------------------------------------------------------------------------
G RESERVE ACCOUNT RECONCILIATION
i Beginning of Period Balance $ 5,694,744.62
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ -
-----------------
iv Total Reserve Account Balance Available $ 5,694,744.62
v Required Reserve Account Balance $ 5,566,990.37
vi Shortfall Carried to Next Period $ -
vii EXCESS RESERVE - RELEASE TO WATERFALL $ 127,754.25
viii Ending Reserve Account Balance $ 5,566,990.37
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
X. 1997-3 Historical Pool Information
- ------------------------------------------------------------------------------------------------------------------------------------
10/1/98-12/31/98 7/1/98-9/30/98 4/1/98-6/30/98
---------------- -------------- --------------
<S> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 2,229,762,606.63 $ 2,283,995,258.51 $ 2,337,059,338.43
- ------------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 47,764,554.08 $ 45,954,700.42 $ 44,496,259.11
ii Principal Collections from Guarantor 16,374,165.92 20,445,857.39 22,435,972.31
iii Principal Reimbursements 396,538.85 138,078.83 523,349.84
iv Other System Adjustments - - -
-------------------------------------------------------------------------
v Total Principal Collections $ 64,535,258.85 $ 66,538,636.64 $ 67,455,581.26
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,590,725.97 $ 2,846,843.72 $ 2,212,497.89
ii Capitalized Interest (24,536,388.34) (15,152,828.48) (16,603,999.23)
-------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (21,945,662.37) $ (12,305,984.76) $ (14,391,501.34)
- ------------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 42,589,596.48 $ 54,232,651.88 $ 53,064,079.92
- ------------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 21,372,912.03 $ 21,624,035.45 $ 20,972,163.20
ii Interest Claims Received from Guarantors 1,043,083.36 1,285,261.81 1,430,615.52
iii Late Fee Reimbursements 309,192.26 124,355.72 39.86
iv Interest Reimbursements 8,139.86 12,292.04 14,244.93
v Other System Adjustments - - -
vi Special Allowance Payments 180,862.05 359,366.81 585,375.19
vii Subsidy Payments 9,571,167.87 10,922,635.70 11,502,531.76
----------------------------------------------------------------------
viii Total Interest Collections $ 32,485,357.43 $ 34,327,947.53 $ 34,504,970.46
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,342,131.31) $ (2,486,336.54) $ (1,858,866.04)
ii Capitalized Interest 24,536,388.34 15,152,828.48 16,603,999.23
----------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 22,194,257.03 $ 12,666,491.94 $ 14,745,133.19
----------------------------------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 54,679,614.46 $ 46,994,439.47 $ 49,250,103.65
- ------------------------------------------------------------------------------------------------------------------------------------
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 2,187,173,010.15 $ 2,229,762,606.63 $ 2,283,995,258.51
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 39,623,139.23 $ 48,135,240.86 $ 47,349,504.64
- ------------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 2,226,796,149.38 $ 2,277,897,847.49 $ 2,331,344,763.15
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 5,566,990.37 $ 5,694,744.62 $ 5,964,191.55
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 2,232,363,139.75 $ 2,283,592,592.11 $ 2,337,308,954.70
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
1/1/98-3/31/98 8/25/97 - 12/31/97
--------------- ------------------
<S> <C> <C>
- ---------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 2,388,313,848.15 $ 2,447,417,365.32
- ---------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 41,364,168.73 $ 49,821,559.10
ii Principal Collections from Guarantor 12,122,468.67 1,440,820.82
iii Principal Reimbursements 7,442,259.23 39,007,052.38
iv Other System Adjustments - -
-----------------------------------------------
v Total Principal Collections $ 60,928,896.63 $ 90,269,432.30
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,555,374.02 $ 3,533,441.93
ii Capitalized Interest (12,229,760.93) (34,699,357.06)
-----------------------------------------------
iii Total Non-Cash Principal Activity $ (9,674,386.91) $ (31,165,915.13)
- --------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 51,254,509.72 $ 59,103,517.17
- --------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 21,038,371.81 $ 24,529,728.52
ii Interest Claims Received from Guarantors 688,404.64 34,126.30
iii Late Fee Reimbursements 3.65 9.92
iv Interest Reimbursements 129,611.49 799,423.02
v Other System Adjustments - -
vi Special Allowance Payments 873,577.62 232,534.47
vii Subsidy Payments 14,632,177.89 6,806,739.23
----------------------------------------------
viii Total Interest Collections $ 37,362,147.10 $ 32,402,561.46
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,362,445.96) $ (3,498,891.99)
ii Capitalized Interest 12,229,760.93 34,699,357.06
----------------------------------------------
iii Total Non-Cash Interest Adjustments $ 9,867,314.97 $ 31,200,465.07
----------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 47,229,462.07 $ 63,603,026.53
- -------------------------------------------------------------------------------------------------------
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 2,337,059,338.43 $ 2,388,313,848.15
- -------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 48,617,280.06 $ 44,396,075.77
- -------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 2,385,676,618.49 $ 2,432,709,923.92
- -------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 6,081,774.81 $ 6,259,224.00
- -------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 2,391,758,393.30 $ 2,438,969,147.92
- -------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
- ------------------------------------------------------------------------
XI. 1997-3 PAYMENT HISTORY AND CPRS
- ------------------------------------------------------------------------
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
Oct-97 $ 2,503,689,634 -
Jan-98 $ 2,432,709,924 6.13%
Apr-98 $ 2,385,676,618 4.78%
Jul-98 $ 2,331,344,763 4.50%
Oct-98 $ 2,277,897,847 4.25%
Jan-99 $ 2,226,796,149 4.02%
* "SINCE ISSUED CPR" IS BASED ON THE CURRENT PERIOD'S ENDING
POOL BALANCE CALCULATED AGAINST THE ORIGINAL POOL BALANCE AND
ASSUMING CUTOFF DATE POOL DATA.
- ------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1997-4
Quarterly Servicing Report
Report Date: 12/31/98 Reporting Period: 10/1/98-12/31/98
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- -----------------------------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 9/30/98 Activity 12/31/98
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A i Portfolio Balance $ 2,264,239,145.12 $ (49,590,332.19) $ 2,214,648,812.93
ii Interest to be Capitalized 40,338,277.49 34,676,758.49
------------------- ------------------
iii Total Pool $ 2,304,577,422.61 $ 2,249,325,571.42
iv Specified Reserve Account Balance 5,761,443.56 5,623,313.93
------------------ ------------------
v TOTAL ADJUSTED POOL $ 2,310,338,866.17 $ 2,254,948,885.35
================== ==================
B i Weighted Average Coupon (WAC) 8.1382% 8.1669%
ii Weighted Average Remaining Term 112.97 111.99
iii Number of Loans 720,027 703,599
iv Number of Borrowers 267,425 260,612
----------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
% of % of
Notes and Certificates Spread Balance 10/26/98 O/S Securities Balance 1/25/99 O/S Securities
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAU0 0.75% $ 1,279,019,229.86 54.243% $ 1,211,908,929.66 52.903%
ii A-2 Notes 78442GAV8 0.75% 989,000,000.00 41.944% 989,000,000.00 43.173%
iii Certificates 78442GAW6 1.05% 89,900,000.00 3.813% 89,900,000.00 3.924%
-------------------------------------------------------------------------------------------------------------------------
iv TOTAL NOTES AND CERTIFICATES $ 2,357,919,229.86 100.000% $ 2,290,808,929.66 100.000%
=========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Reserve Account 10/26/98 1/25/99
------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 5,761,443.56 $ 5,623,313.93
iv Reserve Account Floor Ba $ 2,502,640.00 $ 2,502,640.00
v Current Reserve Acct Balance ($) $ 5,761,443.56 $ 5,623,313.93
-------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
12
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
II. 1997-4 Transactions from: 10/1/98 through: 12/31/98
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $48,527,526.19
ii Principal Collections from Guarantor $19,185,256.33
iii Principal Reimbursements $321,590.96
iv Other System Adjustments $0.00
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 68,034,373.48
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $2,277,096.67
ii Capitalized Interest ($20,721,137.96)
-----------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (18,444,041.29)
----------------------------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 49,590,332.19
----------------------------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $22,583,464.88
ii Interest Claims Received from Guarantors $1,237,499.61
iii Late Fee Reimbursements $305,743.95
iv Interest Reimbursements $13,484.78
v Other System Adjustments $0.00
vi Special Allowance Payments $156,523.98
vii Subsidy Payments $9,347,995.87
----------------
viii Total Interest Collections $ 33,644,713.07
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment ($1,972,706.67)
ii Capitalized Interest $20,721,137.96
----------------
iii Total Non-Cash Interest Adjustments $ 18,748,431.29
----------------------------------------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 52,393,144.36
----------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
13
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
III. 1997-4 Collection Account Activity 10/1/1998 through 12/31/1998
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $67,712,782.52
ii Cash Forwarded by Administrator on behalf of Seller $125,762.23
iii Cash Forwarded by Administrator on behalf of Servicer $1,546.62
iv Cash Forwarded by Administrator for Consolidation Activity $194,282.11
--------------
v Total Principal Collections $68,034,373.48
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $33,325,484.34
ii Cash Forwarded by Administrator on behalf of Seller $4,652.71
iii Cash Forwarded by Administrator on behalf of Servicer $7,333.15
iv Cash Forwarded by Administrator for Consolidation Activity $1,498.92
v Cash Forwarded by Administrator for Late Fee Activity $305,743.95
--------------
vi TOTAL INTEREST COLLECTIONS $33,644,713.07
C OTHER REIMBURSEMENTS $184,463.67
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $671,968.82
E RETURN FUNDS BORROWED FOR PREVIOUS DISTRIBUTION $0.00
F TOTAL FUNDS RECEIVED $102,535,519.04
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($3,192,689.90)
-------------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $99,342,829.14
-------------------------------------------------------------------------------------------------------------------
G SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $1,067,101.98
ii Percentage of Principal Calculation $1,579,588.81
iii Lesser of Unit or Principal Calculation $1,067,101.98
H SERVICING FEES DUE FOR CURRENT PERIOD $1,579,588.81
I CARRYOVER SERVICING FEES DUE (1) $0.00
OCT 1998 Servicing Carryover $0.00
NOV 1998 Servicing Carryover $0.00
DEC 1998 Servicing Carryover $0.00
------------
TOTAL: CARRYOVER SERVICING FEE DUE $0.00
============
Less: Servicing ADJ [A iii + B iii] ($8,879.77)
J ADMINISTRATION FEES DUE $ 20,000.00
--------------------------------------------------------------------------------------------------------
K TOTAL FEES DUE FOR PERIOD 1,590,709.04
--------------------------------------------------------------------------------------------------------
(1) No Carryover Servicing Fees due before the October 2001 payment date
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
IV. 1997-4 Portfolio Characteristics
- --------------------------------------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
STATUS 9/30/98 12/31/98 9/30/98 12/31/98 9/30/98 12/31/98
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.823% 7.823% 81,352 70,910 11.298% 10.078%
Grace
Current 7.836% 7.838% 46,088 16,617 6.401% 2.362%
- --------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.828% 7.826% 127,440 87,527 17.699% 12.440%
- --------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.240% 8.247% 385,649 410,994 53.560% 58.413%
31-60 Days Delinquent 8.243% 8.256% 27,559 26,037 3.827% 3.700%
61-90 Days Delinquent 8.241% 8.250% 19,101 13,155 2.653% 1.870%
91-120 Days Delinquent 8.237% 8.253% 9,239 7,532 1.283% 1.070%
greater than 120 Days Delinquent 8.242% 8.240% 9,734 9,599 1.352% 1.364%
Deferrment
Current 8.057% 8.048% 78,536 80,299 10.907% 11.413%
Forbearance
Current 8.238% 8.245% 57,671 65,282 8.010% 9.278%
- --------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.213% 8.219% 587,489 612,898 81.593% 87.108%
- --------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.241% 8.251% 5090 3,142 0.707% 0.447%
Aged Claims Rejected (2) 8.309% 8.313% 8 32 0.001% 0.005%
- --------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.138% 8.167% 720,027 703,599 100.000% 100.000%
- --------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
Principal Amount %
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
STATUS 9/30/98 12/31/98 9/30/98 12/31/98
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 261,420,975.82 $ 227,369,739.99 11.546% 10.267%
Grace
Current $ 159,907,521.84 $ 53,051,231.01 7.062% 2.395%
- ---------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 421,328,497.66 $ 280,420,971.00 18.608% 12.662%
- ---------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 1,151,269,925.53 $ 1,249,114,415.34 50.846% 56.402%
31-60 Days Delinquent $ 82,029,858.53 $ 79,072,703.06 3.623% 3.570%
61-90 Days Delinquent $ 61,550,702.04 $ 38,813,807.57 2.718% 1.753%
91-120 Days Delinquent $ 28,056,138.63 $ 22,516,579.00 1.239% 1.017%
greater than 120 Days Delinquent $ 27,932,742.39 $ 27,151,895.55 1.234% 1.226%
Deferment
Current $ 268,526,058.39 $ 271,668,022.22 11.859% 12.267%
Forbearance
Current $ 210,210,004.02 $ 237,726,475.26 9.284% 10.734%
- ---------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 1,829,575,429.53 $ 1,926,063,898.00 80.803% 86.969%
- ---------------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 13,310,151.46 $ 8,080,046.24 0.588% 0.365%
Aged Claims Rejected (2) $ 25,066.47 $ 83,897.69 0.001% 0.004%
- ---------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 2,264,239,145.12 $ 2,214,648,812.93 100.000% 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.
4
<PAGE>
- -------------------------------------------------------------------------------
V. 1997-4 Portfolio Characteristics by School and Program 12/31/98
<TABLE>
<CAPTION>
FOUR YEAR SCHOOLS
------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS
<S> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 6.201% 2.687% 0.000% 0.000%
Grace
Current 1.377% 0.613% 0.000% 0.000%
TOTAL INTERIM 7.578% 3.300% 0.000% 0.000%
REPAYMENT:
Active
Current 32.789% 11.249% 3.012% 1.919%
31-60 Days Delinquent 1.851% 0.617% 0.190% 0.150%
61-90 Days Delinquent 0.912% 0.271% 0.064% 0.083%
91-120 Days Delinquent 0.516% 0.145% 0.027% 0.055%
> 120 Days Delinquent 0.600% 0.182% 0.020% 0.046%
Deferment
Current 6.885% 2.348% 0.545% 0.819%
Forbearance
Current 5.656% 2.124% 0.267% 0.794%
TOTAL REPAYMENT 49.209% 16.936% 4.125% 3.866%
Claims in Process (1) 0.157% 0.054% 0.010% 0.015%
Aged Claims Rejected (2) 0.001% 0.001% 0.000% 0.001%
TOTAL BY SCHOOL, PROGRAM 56.945% 20.291% 4.135% 3.882%
TOTAL BY SCHOOL TYPE 85.253%
</TABLE>
<TABLE>
<CAPTION>
TWO YEAR SCHOOLS
------------------------------------------------------------------------------
SL-SUB GSL-UNSUB PLUS SLS
<S> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 0.677% 0.322% 0.000% 0.000%
Grace
Current 0.155% 0.066% 0.000% 0.000%
TOTAL INTERIM 0.832% 0.388% 0.000% 0.000%
REPAYMENT:
Active
Current 2.484% 1.103% 0.170% 0.136%
31-60 Days Delinquent 0.253% 0.097% 0.008% 0.021%
61-90 Days Delinquent 0.136% 0.044% 0.004% 0.009%
91-120 Days Delinquent 0.087% 0.030% 0.001% 0.005%
> 120 Days Delinquent 0.124% 0.055% 0.001% 0.007%
Deferment
Current 0.585% 0.247% 0.016% 0.060%
Forbearance
Current 0.581% 0.240% 0.015% 0.059%
TOTAL REPAYMENT 4.250% 1.816% 0.215% 0.297%
Claims in Process (1) 0.035% 0.013% 0.000% 0.001%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 5.118% 2.217% 0.215% 0.298%
TOTAL BY SCHOOL TYPE 7.848%
</TABLE>
<TABLE>
<CAPTION>
TECHNICAL SCHOOLS
------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS
<S> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 0.156% 0.127% 0.000% 0.000%
Grace
Current 0.082% 0.065% 0.000% 0.000%
TOTAL INTERIM 0.238% 0.192% 0.000% 0.000%
REPAYMENT:
Active
Current 1.766% 1.009% 0.323% 0.186%
31-60 Days Delinquent 0.194% 0.121% 0.018% 0.025%
61-90 Days Delinquent 0.126% 0.077% 0.009% 0.012%
91-120 Days Delinquent 0.081% 0.048% 0.003% 0.009%
> 120 Days Delinquent 0.105% 0.065% 0.004% 0.012%
Deferment
Current 0.245% 0.139% 0.016% 0.058%
Forbearance
Current 0.447% 0.286% 0.028% 0.061%
TOTAL REPAYMENT 2.964% 1.745% 0.401% 0.363%
Claims in Process (1) 0.042% 0.027% 0.002% 0.005%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 3.244% 1.964% 0.403% 0.368%
TOTAL BY SCHOOL TYPE 5.979%
</TABLE>
<TABLE>
<CAPTION>
UNKNOWN
------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS
<S> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 0.055% 0.042% 0.000% 0.000%
Grace
Current 0.022% 0.015% 0.000% 0.000%
TOTAL INTERIM 0.077% 0.057% 0.000% 0.000%
REPAYMENT:
Active
Current 0.148% 0.074% 0.004% 0.030%
31-60 Days Delinquent 0.012% 0.010% 0.000% 0.003%
61-90 Days Delinquent 0.004% 0.002% 0.000% 0.000%
91-120 Days Delinquent 0.005% 0.004% 0.000% 0.001%
> 120 Days Delinquent 0.002% 0.002% 0.000% 0.001%
Deferment
Current 0.140% 0.094% 0.006% 0.064%
Forbearance
Current 0.082% 0.059% 0.001% 0.034%
TOTAL REPAYMENT 0.393% 0.245% 0.011% 0.133%
Claims in Process (1) 0.003% 0.000% 0.000% 0.001%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 0.473% 0.302% 0.011% 0.134%
TOTAL BY SCHOOL TYPE 0.920%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
<TABLE>
<CAPTION>
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 8.888% 0.999% 0.283% 0.097% 10.267%
Grace
Current 1.990% 0.221% 0.147% 0.037% 2.395%
TOTAL INTERIM 10.878% 1.220% 0.430% 0.134% 12.662%
REPAYMENT:
Active
Current 48.969% 3.893% 3.284% 0.256% 56.402%
31-60 Days Delinquent 2.808% 0.379% 0.358% 0.025% 3.570%
61-90 Days Delinquent 1.330% 0.193% 0.224% 0.006% 1.753%
91-120 Days Delinquent 0.743% 0.123% 0.141% 0.010% 1.017%
> 120 Days Delinquent 0.848% 0.187% 0.186% 0.005% 1.226%
Deferment
Current 10.597% 0.908% 0.458% 0.304% 12.267%
Forbearance
Current 8.841% 0.895% 0.822% 0.176% 10.734%
TOTAL REPAYMENT 74.136% 6.578% 5.473% 0.782% 86.969%
Claims in Process (1) 0.236% 0.049% 0.076% 0.004% 0.365%
Aged Claims Rejected (2) 0.003% 0.001% 0.000% 0.000% 0.004%
TOTAL BY SCHOOL TYPE 85.253% 7.848% 5.979% 0.920% 100.000%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- -------------------------------------------------------------------------------
VI. 1997-4 Interest Calculation
- -------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $36,820,735.44
B Interest Subsidy Payments Accrued During Collection Period $8,865,243.68
C SAP Payments Accrued During Collection Period $19,507.11
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $120,734.71
E Investment Earnings (ADMINISTRATOR ACT) $671,968.82
--------------
F Net Expected Interest Collections $ 46,498,189.76
G Student Loan Rate
i Days in Collection Period (10/1/98-12/31/98) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 46,498,189.76
iv Primary Servicing Fee $ 4,772,278.71
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 2,304,577,422.61
vii Student Loan Rate 7.17978%
</TABLE>
<TABLE>
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.24499%
I Class A-1 Interest Rate 0.013076548 (10/26/98-1/25/99) 5.24499%
J Class A-2 T-Bill Based Interest Rate 5.24499%
K Class A-2 Interest Rate 0.013076548 (10/26/98-1/25/99) 5.24499%
L Certificate T-Bill Based Rate of Return 5.54499%
M Certificate Rate of Return 0.013824493 (10/26/98-1/25/99) 5.54499%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
- -------------------------------------------------------------------------------
VII. 1997-4 Inputs From Previous Quarterly Servicing Reports 9/30/98
- -------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 2,264,239,145.12
ii Interest To Be Capitalized 40,338,277.49
------------------
iii Total Pool $ 2,304,577,422.61
iv Specified Reserve Account Balance 5,761,443.56
==================
v Total Adjusted Pool $ 2,310,338,866.17
==================
B Total Note and Certificate Factor 0.91858632197
C Total Note and Certificate Balance $ 2,357,919,229.86
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
D Note Balance 10/26/98 Class A-1 Class A-2 Certificates
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor 10/26/98 0.8595559340 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,279,019,229.86 $ 989,000,000.00 $ 89,900,000.00
E Note Principal Shortfall $ 47,580,363.69 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00
------------------------------------------------------------------------------------------------------------------------
H Reserve Account Balance $ 5,761,443.56
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
- -------------------------------------------------------------------------------
VIII. 1997-4 Waterfall for Distributions
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
<S> <C> <C>
A Total Available Funds ( Sections III-F + VI-D + IX-G-vii ) $ 99,601,693.48 $ 99,601,693.48
B Primary Servicing Fees-Current Month $ 1,570,709.04 $ 98,030,984.44
C Administration Fee $ 20,000.00 $ 98,010,984.44
D Noteholder's Interest Distribution Amount
i Class A-1 $ 16,725,156.35 $ 81,285,828.09
ii Class A-2 $ 12,932,705.97 $ 68,353,122.12
---------------
iii Total Noteholder's Interest Distribution $ 29,657,862.32
E Certificateholder's Return Distribution Amount $ 1,242,821.92 $ 67,110,300.20
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 67,110,300.20 $ (0.00)
ii Class A-2 $ 0.00 $ (0.00)
---------------
iii Total Noteholder's Principal Distribution $ 67,110,300.20
G Certificateholder's Balance Distribution Amount $ 0.00 $ (0.00)
H Increase to the Specified Reserve Account Balance $ 0.00 $ 0.00
I Carryover Servicing Fees $ 0.00 $ 0.00
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 0.00
i Class A-2 $ 0.00 $ 0.00
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 0.00
L Excess to Reserve Account $ 0.00 $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
- --------------------------------------------------------------------------------
IX. 1997-4 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 16,725,156.35 $ 12,932,705.97 $ 1,242,821.92
ii Quarterly Interest Paid 16,725,156.35 12,932,705.97 1,242,821.92
----------------- --------------- --------------
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 $ 102,970,344.51 $ 0.00 $ 0.00
viii Quarterly Principal Paid 67,110,300.20 0.00 0.00
----------------- --------------- --------------
ix Quarterly Principal Shortfall $ 35,860,044.31 $ 0.00 $ 0.00
------------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 83,835,456.55 $ 12,932,705.97 $ 1,242,821.92
------------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal
Balance 12/31/98 $ 2,357,919,229.86
ii Adjusted Pool Balance 12/31/98 2,254,948,885.35
------------------
iii Adjusted Pool Exceeding Notes and
Certificate Balance (i-ii) $ 102,970,344.51
==================
iv Adjusted Pool Balance 9/30/98 $ 2,310,338,866.17
v Adjusted Pool Balance 12/31/98 2,254,948,885.35
------------------
vi Current Principal Due (iv-v) $ 55,389,980.82
vii Principal Shortfall from Previous
Collection Period 47,580,363.69
------------------
viii Principal Distribution Amount (vi + vii) $ 102,970,344.51
==================
ix Principal Distribution Amount Paid $ 67,110,300.20
x Principal Shortfall (viii - ix) $ 35,860,044.31
C Total Principal Distribution $ 67,110,300.20
D Total Interest Distribution 30,900,684.24
------------------
E Total Cash Distributions-Note and
Certificates $ 98,010,984.44
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------
F Note & Certificate Balances 10/26/98 1/25/99
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i A-1 Note Balance (78442GAU0) $ 1,279,019,229.86 $ 1,211,908,929.66
A-1 Note Pool Factor 0.8595559340 0.8144549258
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
------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
G Reserve Account Reconciliation
i Beginning of Period Balance $ 5,761,443.56
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ -
--------------
iv Total Reserve Account Balance Available $ 5,761,443.56
v Required Reserve Account Balance $ 5,623,313.93
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to Waterfall $ 138,129.63
viii Ending Reserve Account Balance $ 5,623,313.93
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE>
- -------------------------------------------------------------------------------
X. 1997-4 Historical Pool Information
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
10/1/98-12/31/98 7/1/98-9/30/98 4/1/98-6/30/98 10/27/97-3/31/98
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Beginning Student Loan Portfolio Balance $ 2,264,239,145.12 $ 2,324,473,497.16 $ 2,372,502,462.70 $ 2,443,276,738.87
---------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 48,527,526.19 $ 48,117,709.57 $ 46,264,811.82 $ 74,599,347.53
ii Principal Collections from Guarantor 19,185,256.33 23,055,308.03 15,326,918.91 3,052,448.99
iii Principal Reimbursements 321,590.96 102,005.97 426,956.50 33,642,034.51
iv Other System Adjustments - - - -
-------------------------------------------------------------------------------
v Total Principal Collections $ 68,034,373.48 $ 71,275,023.57 $ 62,018,687.23 $ 111,293,831.03
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,277,096.67 $ 2,280,730.60 $ 1,630,543.84 $ 3,636,486.74
ii Capitalized Interest (20,721,137.96) (13,321,402.13) (15,620,265.53) (44,156,041.60)
-------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (18,444,041.29) $ (11,040,671.53) $ (13,989,721.69) ($40,519,554.86)
---------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 49,590,332.19 $ 60,234,352.04 $ 48,028,965.54 $ 70,774,276.17
---------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 22,583,464.88 $ 23,095,029.16 $ 22,338,402.12 $ 34,622,975.83
ii Interest Claims Received from
Guarantors 1,237,499.61 1,463,495.60 940,134.03 102,472.19
iii Late Fee Reimbursements 305,743.95 130,539.41 - 86.82
iv Interest Reimbursements 13,484.78 8,115.95 11,108.97 572,973.03
v Other System Adjustments - - - -
vi Special Allowance Payments 156,523.98 334,088.81 572,883.71 622,057.05
vii Subsidy Payments 9,347,995.87 10,893,777.31 11,528,387.43 10,334,525.07
-------------------------------------------------------------------------------
viii Total Interest Collections $ 33,644,713.07 $ 35,925,046.24 $ 35,390,916.26 $ 46,255,089.99
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,972,706.67) $ (1,860,715.96) $ (1,387,131.58) $ (3,586,478.16)
ii Capitalized Interest 20,721,137.96 13,321,402.13 15,620,265.53 44,156,041.60
-------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 18,748,431.29 $ 11,460,686.17 $ 14,233,133.95 $ 40,569,563.44
-------------------------------------------------------------------------------
Total Student Loan Interest Activity $ 52,393,144.36 $ 47,385,732.41 $ 49,624,050.21 $ 86,824,653.43
(=) Ending Student Loan Portfolio Balance $ 2,214,648,812.93 $ 2,264,239,145.12 $ 2,324,473,497.16 $ 2,372,502,462.70
---------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 34,676,758.49 $ 40,338,277.49 $ 39,109,031.25 $ 40,483,617.83
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 2,249,325,571.42 $ 2,304,577,422.61 $ 2,363,582,528.41 $ 2,412,986,080.53
-------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 5,623,313.93 $ 5,761,443.56 $ 6,032,465.20 $ 6,256,599.00
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 2,254,948,885.35 $ 2,310,338,866.17 $ 2,369,614,993.61 $ 2,419,242,679.53
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
XI. 1997-4 Payment History and CPRs
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Distribution Actual Since Issued
Date Pool Balances CPR *
------------ ------------- ------------
<S> <C> <C>
Jan-98 $ 2,502,639,587 -
Apr-98 $ 2,412,986,081 5.29%
Jul-98 $ 2,363,582,528 4.42%
Oct-98 $ 2,304,577,423 4.39%
Jan-99 $ 2,249,325,571 4.22%
* "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.
- -------------------------------------------------------------------------------
</TABLE>
<PAGE>
SLM Student Loan Trust 1998-1
Quarterly Servicing Report
Report Date: 12/31/98 Reporting Period: 10/1/98-12/31/98
- -------------------------------------------------------------------------------
I. Deal Parameters
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 9/30/98 Activity 12/31/98
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A i Portfolio Balance $ 2,808,644,481.18 $ (65,113,756.51) $ 2,743,530,724.67
ii Interest to be Capitalized 49,456,872.12 41,965,865.45
------------------ ------------------
iii Total Pool $ 2,858,101,353.30 $ 2,785,496,590.12
iv Specified Reserve Account Balance 7,145,253.38 6,963,741.48
------------------ ------------------
v Total Adjusted Pool $ 2,865,246,606.68 $ 2,792,460,331.60
================== ==================
B i Weighted Average Coupon (WAC) 8.2235% 8.2515%
ii Weighted Average Remaining Term 117.92 116.98
iii Number of Loans 730,864 710,972
iv Number of Borrowers 311,492 302,159
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
% of % of
Notes and Certificates Spread Balance 10/26/98 O/S Securities Balance 1/25/99 O/S Securities
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAX4 0.71% $1,546,856,234.63 53.750% $ 1,461,410,331.60 52.334%
ii A-2 Notes 78442GAY2 0.76% 1,224,500,000.00 42.548% 1,224,500,000.00 43.850%
iii Certificates 78442GAZ9 0.97% 106,550,000.00 3.702% 106,550,000.00 3.816%
===============================================================================================================================
iv Total Notes and
Certificates $ 2,877,906,234.63 100.000% $2,792,460,331.60 100.000%
===============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
Reserve Account 10/26/98 1/25/99
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 7,145,253.38 $ 6,963,741.48
iv Reserve Account Floor Balance ($) $ 2,999,161.00 $ 2,999,161.00
v Current Reserve Acct Balance ($) $ 7,145,253.38 $ 6,963,741.48
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
II. 1998-1 Transactions from: 10/1/98 through: 12/31/98
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $59,210,784.80
ii Principal Collections from Guarantor $28,779,094.13
iii Principal Reimbursements $576,431.42
iv Other System Adjustments $0.00
----------------
v Total Principal Collections $ 88,566,310.35
B Student Loan Non-Cash Principal Activity
i Other Adjustments $2,798,256.97
ii Capitalized Interest ($26,250,810.81)
----------------
iii Total Non-Cash Principal Activity $ (23,452,553.84)
--------------------------------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 65,113,756.51
--------------------------------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 28,973,040.41
ii Interest Claims Received from Guarantors $1,974,897.18
iii Late Fee Reimbursements $449,911.41
iv Interest Reimbursements $29,866.35
v Other System Adjustments $0.00
vi Special Allowance Payments $219,992.62
vii Subsidy Payments $ 10,800,581.18
----------------
viii Total Interest Collections $ 42,448,289.15
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($2,297,269.37)
ii Capitalized Interest $26,250,810.81
----------------
iii Total Non-Cash Interest Adjustments $ 23,953,541.44
--------------------------------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 66,401,830.59
--------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
III. 1998-1 Collection Account Activity 10/1/98 through 12/31/98
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $ 87,989,878.93
ii Cash Forwarded by Administrator on behalf of Seller $305,024.24
iii Cash Forwarded by Administrator on behalf of Servicer $539.54
iv Cash Forwarded by Administrator for Consolidation Activity $270,867.64
----------------
v Total Principal Collections $ 88,566,310.35
B Interest Collections
i Interest Payments Received-Cash $ 41,968,511.39
ii Cash Forwarded by Administrator on behalf of Seller $12,216.92
iii Cash Forwarded by Administrator on behalf of Servicer $14,071.84
iv Cash Forwarded by Administrator for Consolidation Activity $3,577.59
v Cash Forwarded by Administrator for Late Fee Activity $449,911.41
----------------
vi Total Interest Collections $ 42,448,289.15
C Other Reimbursements $ 243,484.81
D Administrator Account Investment Income $ 844,468.51
E Return funds borrowed for previous distribution $ -
F TOTAL FUNDS RECEIVED $ 132,102,552.82
LESS FUNDS PREVIOUSLY REMITTED:
Servicing Fees $ (3,773,939.48)
Consolidation Loan Rebate Fees $ (578,245.00)
------------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 127,750,368.34
------------------------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 1,217,556.48
ii Percentage of Principal Calculation $ 1,864,855.40
iii Lesser of Unit or Principal Calculation $ 1,217,556.48
H Servicing Fees Due for Current Period $ 1,864,855.40
I Carryover Servicing Fees Due (1) $0.00
OCT 1998 Servicing Carryover $0.00
NOV 1998 Servicing Carryover $0.00
DEC 1998 Servicing Carryover $0.00
-----
TOTAL: Carryover Servicing Fee Due $0.00
=====
Less: Servicing ADJ [Aiii + Biii] ($14,611.38)
J Administration Fees Due $ 20,000.00
------------------------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,870,244.02
------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) No Carryover Servicing Fees due before the April 2003 payment date
- -------------------------------------------------------------------------------
<PAGE>
- -------------------------------------------------------------------------------
IV. 1998-1 Portfolio Characteristics
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
STATUS 9/30/98 12/31/98 9/30/98 12/31/98 9/30/98 12/31/98
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.794% 7.793% 85,240 74,245 11.663% 10.443%
Grace
Current 7.804% 7.807% 52,741 19,171 7.216% 2.696%
- ----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.798% 7.796% 137,981 93,416 18.879% 13.139%
- ----------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.371% 8.362% 368,519 396,263 50.422% 55.736%
31-60 Days Delinquent 8.380% 8.379% 29,443 28,062 4.029% 3.947%
61-90 Days Delinquent 8.350% 8.382% 19,784 14,036 2.707% 1.974%
91-120 Days Delinquent 8.337% 8.345% 10,923 8,086 1.495% 1.137%
> 120 Days Delinquent 8.298% 8.306% 13,464 11,457 1.842% 1.612%
Deferment
Current 8.091% 8.078% 80,787 84,395 11.054% 11.870%
Forbearance
Current 8.309% 8.312% 62,281 70,664 8.522% 9.939%
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.323% 8.317% 585,201 612,963 80.071% 86.215%
- ----------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.279% 8.319% 7678 4,582 1.050% 0.644%
Aged Claims Rejected (2) 8.083% 8.178% 4 11 0.000% 0.002%
- ----------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.223% 8.252% 730,864 710,972 100.000% 00.000%
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
% Principal Amount %
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
STATUS 9/30/98 12/31/98 9/30/98 12/31/98
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 298,626,300.59 $ 259,970,558.19 10.632% 9.476%
Grace
Current $ 206,132,780.48 $ 66,212,254.09 7.339% 2.413%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 504,759,081.07 $ 326,182,812.28 17.971% 11.889%
- -----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 1,430,904,017.07 $ 1,550,770,757.00 50.947% 56.525%
31-60 Days Delinquent $ 113,090,562.48 $ 108,182,894.96 4.027% 3.943%
61-90 Days Delinquent $ 77,558,339.40 $ 52,918,416.03 2.761% 1.929%
91-120 Days Delinquent $ 38,149,091.56 $ 28,302,963.62 1.358% 1.032%
> 120 Days Delinquent $ 40,719,378.50 $ 36,333,826.54 1.450% 1.324%
Deferment
Current $ 315,558,599.19 $ 327,434,865.83 11.235% 11.935%
Forbearance
Current $ 266,480,573.40 $ 300,751,620.54 9.488% 10.962%
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 2,282,460,561.60 $ 2,404,695,344.52 81.266% 87.650%
- ---------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 21,417,151.05 $ 12,632,722.63 0.763% 0.460%
Aged Claims Rejected (2) $ 7,687.46 $ 19,845.24 0.000% 0.001%
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 2,808,644,481.18 $ 2,743,530,724.67 100.000% 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.
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
V. 1998-1 Portfolio Characteristics by School and Program 12/31/98
- ------------------------------------------------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
---------------------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ---------------------
STATUS
- ---------------------
INTERIM:
IN SCHOOL
Current 5.566% 2.602% 0.000% 0.000% 0.000% 0.000% 0.449% 0.212% 0.000% 0.000% 0.000% 0.00O%
GRACE
Current 1.242% 0.618% 0.000% 0.000% 0.000% 0.000% 0.130% 0.063% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 6.808% 3.220% 0.000% 0.000% 0.000% 0.000% 0.579% 0.275% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 24.670% 9.545% 0.000% 0.046% 2.086% 1.809% 1.756% 0.835% 0.000% 0.002% 0.092% 0.093%
31-60 Days Delinquent 1.464% 0.522% 0.001% 0.001% 0.139% 0.148% 0.196% 0.080% 0.000% 0.000% 0.005% 0.012%
61-90 Days Delinquent 0.671% 0.233% 0.000% 0.003% 0.063% 0.077% 0.106% 0.046% 0.000% 0.000% 0.003% 0.009%
91-120 Days Delinquent 0.396% 0.134% 0.000% 0.001% 0.027% 0.037% 0.065% 0.028% 0.000% 0.000% 0.002% 0.004%
* 120 Days Delinquent 0.527% 0.193% 0.000% 0.000% 0.015% 0.050% 0.110% 0.047% 0.000% 0.000% 0.001% 0.004%
Deferment
Current 5.951% 2.220% 0.000% 0.001% 0.361% 0.762% 0.466% 0.184% 0.000% 0.000% 0.011% 0.041%
Forbearance
Current 4.688% 2.051% 0.000% 0.000% 0.225% 0.826% 0.436% 0.201% 0.000% 0.001% 0.010% 0.031%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 38.367% 14.898% 0.001% 0.052% 2.916% 3.709% 3.135% 1.421% 0.000% 0.003% 0.124% 0.194%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.171% 0.056% 0.000% 0.000% 0.006% 0.012% 0.040% 0.014% 0.000% 0.000% 0.000% 0.003%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 45.346% 18.174% 0.001% 0.052% 2.922% 3.721% 3.754% 1.710% 0.000% 0.003% 0.124% 0.197%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 70.216% 5.788%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
---------------------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- --------------
STATUS
- --------------
INTERIM:
IN SCHOOL
Current 0.251% 0.201% 0.000% 0.000% 0.000% 0.000% 0.102% 0.093% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.160% 0.127% 0.000% 0.000% 0.000% 0.000% 0.039% 0.034% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.411% 0.328% 0.000% 0.000% 0.000% 0.000% 0.141% 0.127% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.926% 1.419% 0.000% 0.002% 0.301% 0.160% 0.191% 0.114% 3.248% 8.168% 0.013% 0.049%
31-60 Days Delinquent 0.243% 0.170% 0.000% 0.001% 0.020% 0.024% 0.013% 0.008% 0.263% 0.628% 0.000% 0.005%
61-90 Days Delinquent 0.141% 0.098% 0.000% 0.000% 0.010% 0.012% 0.009% 0.006% 0.139% 0.298% 0.000% 0.005%
91-120 Days Delinquent 0.087% 0.057% 0.000% 0.000% 0.005% 0.009% 0.003% 0.002% 0.047% 0.125% 0.000% 0.003%
* 120 Days Delinquent 0.131% 0.090% 0.000% 0.000% 0.004% 0.009% 0.005% 0.004% 0.040% 0.093% 0.000% 0.001%
Deferment
Current 0.298% 0.214% 0.000% 0.000% 0.014% 0.053% 0.181% 0.117% 0.352% 0.623% 0.001% 0.085%
Forbearance
Current 0.556% 0.402% 0.000% 0.000% 0.017% 0.054% 0.117% 0.080% 0.390% 0.828% 0.002% 0.047%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.382% 2.450% 0.000% 0.003% 0.371% 0.321% 0.519% 0.331% 4.479% 10.763% 0.016% 0.195%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.059% 0.040% 0.000% 0.000% 0.002% 0.005% 0.003% 0.001% 0.014% 0.033% 0.000% 0.001%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 3.853% 2.818% 0.000% 0.003% 0.373% 0.326% 0.663% 0.459% 4.493% 10.796% 0.016% 0.196%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 7.373% 16.623%
- ------------------------------------------------------------------------------------------------------------------------------------
</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.
* greater than
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
---------------------------------------------------------------------------------------------------------
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 8.168% 0.661% 0.452% 0.195% 9.476%
GRACE
Current 1.860% 0.193% 0.287% 0.073% 2.413%
---------------------------------------------------------------------------------------------------------
TOTAL INTERIM 10.028% 0.854% 0.739% 0.268% 11.889%
---------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 38.156% 2.778% 3.808% 11.783% 56.525%
31-60 Days Delinquent 2.275% 0.293% 0.458% 0.917% 3.943%
61-90 Days Delinquent 1.047% 0.164% 0.261% 0.457% 1.929%
91-120 Days Delinquent 0.595% 0.099% 0.158% 0.180% 1.032%
* 120 Days Delinquent 0.785% 0.162% 0.234% 0.143% 1.324%
DEFERMENT
Current 9.295% 0.702% 0.579% 1.359% 11.935%
FORBEARANCE
Current 7.790% 0.679% 1.029% 1.464% 10.962%
---------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 59.943% 4.877% 6.527% 16.303% 87.650%
---------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.245% 0.057% 0.106% 0.052% 0.460%
Aged Claims Rejected (2) 0.000% 0.000% 0.001% 0.000% 0.001%
---------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 70.216% 5.788% 7.373% 16.623% 100.000%
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
</TABLE>
* greater than
5
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
VI. 1998-1 Interest Calculation
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Borrower Interest Accrued During Collection Period $ 47,121,686.21
B Interest Subsidy Payments Accrued During
Collection Period $ 10,082,964.59
C SAP Payments Accrued During Collection Period $ 52,196.64
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 147,845.94
E Investment Earnings (ADMINISTRATOR ACT) $ 844,468.51
------------------
F NET EXPECTED INTEREST COLLECTIONS $ 58,249,161.89
G STUDENT LOAN RATE
i Days in Collection Period (10/1/98-12/31/98) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 58,249,161.89
iv Primary Servicing Fee $ 5,638,794.88
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 2,858,101,353.30
vii STUDENT LOAN RATE 7.30018%
ACCRUED ACCRUAL
INT FACTOR PERIOD
---------- ------
H Class A-1 T-Bill Based Interest Rate 5.20499%
I CLASS A-1 INTEREST RATE 0.012976822 (10/26/98-1/25/99) 5.20499%
J Class A-2 T-Bill Based Interest Rate 5.25499%
K CLASS A-2 INTEREST RATE 0.013101479 (10/26/98-1/25/99) 5.25499%
L Certificate T-Bill Based Rate of Return 5.46499%
M CERTIFICATE RATE OF RETURN 0.013625041 (10/26/98-1/25/99) 5.46499%
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
VII. 1998-1 Inputs From Previous Quarterly Servicing Reports 9/30/98
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Total Student Loan Pool Outstanding $ 2,808,644,481.18
i Portfolio Balance 49,456,872.12
ii Interest To Be Capitalized ------------------
$ 2,858,101,353.30
iii Total Pool 7,145,253.38
iv Specified Reserve Account Balance ==================
$ 2,865,246,606.68
v TOTAL ADJUSTED POOL ==================
0.94538910193
B Total Note and Certificate Factor $ 2,877,906,234.63
C TOTAL NOTE AND CERTIFICATE BALANCE
-------------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 10/26/98 CLASS A-1 CLASS A-2 CERTIFICATES
-------------------------------------------------------------------------------------------------------------------
i Current Factor 10/26/98 0.9029573490 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,546,856,234.63 $ 1,224,500,000.00 $ 106,550,000.00
E Note Principal Shortfall $ 12,659,627.95 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00
-------------------------------------------------------------------------------------------------------------------
H Reserve Account Balance $ 7,145,253.38
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
VIII. 1998-1 Waterfall for Distributions
- -----------------------------------------------------------------------------------------------------------------------------
REMAINING
FUNDS BALANCE
-------------
<S> <C> <C>
A Total Available Funds ( Sections III-F + VI-D ) $ 127,898,214.28 $ 127,898,214.28
B Primary Servicing Fees-Current Month $ 1,850,244.02 $ 126,047,970.26
C Administration Fee $ 20,000.00 $ 126,027,970.26
D Noteholder's Interest Distribution Amount
i Class A-1 $ 20,073,278.02 $ 105,954,692.24
ii Class A-2 $ 16,042,761.04 $ 89,911,931.20
----------------
iii TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $ 36,116,039.06
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 1,451,748.12 $ 88,460,183.08
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 85,445,903.03 $ 3,014,280.05
ii Class A-2 $ 0.00 $ 3,014,280.05
----------------
iii TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 85,445,903.03
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 3,014,280.05
H Increase to the Specified Reserve Account Balance $ 0.00 $ 3,014,280.05
I Carryover Servicing Fees $ 0.00 $ 3,014,280.05
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 3,014,280.05
i Class A-2 $ 0.00 $ 3,014,280.05
----------------
iii TOTAL NOTEHOLDER'S INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 3,014,280.05
L EXCESS TO RESERVE ACCOUNT $ 3,014,280.05 $ 0.00
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IX. 1998-1 Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 20,073,278.02 $16,042,761.04 $1,451,748.12
ii Quarterly Interest Paid 20,073,278.02 16,042,761.04 1,451,748.12
------------------ -------------- ------------
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 $ 85,445,903.03 $ 0.00 $ 0.00
viii Quarterly Principal Paid 85,445,903.03 0.00 0.00
------------------ ---- ----
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
----------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 105,519,181.05 $16,042,761.04 $1,451,748.12
----------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 12/31/98 $ 2,877,906,234.63
ii Adjusted Pool Balance 12/31/98 2,792,460,331.60
------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 85,445,903.03
==================
iv Adjusted Pool Balance 9/30/98 $ 2,865,246,606.68
v Adjusted Pool Balance 12/31/98 2,792,460,331.60
------------------
vi Current Principal Due (iv-v) $ 72,786,275.08
vii Principal Shortfall from Previous Collection Period 12,659,627.95
------------------
viii Principal Distribution Amount (vi + vii) $ 85,445,903.03
==================
ix Principal Distribution Amount Paid $ 85,445,903.03
x Principal Shortfall (viii - ix) $ -
C Total Principal Distribution $ 85,445,903.03
D Total Interest Distribution 37,567,787.18
------------------
E Total Cash Distributions-Note and Certificates $ 123,013,690.21
<CAPTION>
-----------------------------------------------------------------------------------------------
F Note & Certificate Balances 10/26/98 12/31/98
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i A-1 Note Balance (78442GAX4) $ 1,546,856,234.63 $ 1,461,410,331.60
A-1 Note Pool Factor 0.9029573490 0.8530794067
ii A-2 Note Balance (78442GAY2) $ 1,224,500,000.00 $ 1,224,500,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAZ9) $ 106,550,000.00 $ 106,550,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
-----------------------------------------------------------------------------------------------
G Reserve Account Reconciliation
i Beginning of Period Balance $ 7,145,253.38
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 3,014,280.05
------------------
iv Total Reserve Account Balance Available $ 10,159,533.43
v Required Reserve Account Balance $ 6,963,741.48
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp. $ 3,195,791.95
viii Ending Reserve Account Balance $ 6,963,741.48
- --------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
X. 1998-1 Historical Pool Information
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
---------------------------------------------------------
10/1/98-12/31/98 7/1/98-9/30/98 2/9/98-6/30/98
------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 2,808,644,481.18 $ 2,878,625,859.80 $2,949,265,754.91
------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 59,210,784.80 $ 59,792,483.40 $ 93,921,131.21
ii Principal Collections from Guarantor 28,779,094.13 24,778,763.45 3,138,024.59
iii Principal Reimbursements 576,431.42 153,341.40 1,814,535.76
iv Other System Adjustments - - -
-----------------------------------------------------------------
v Total Principal Collections $ 88,566,310.35 $ 84,724,588.25 $ 98,873,691.56
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,798,256.97 $ 2,778,134.69 $ 3,337,507.27
ii Capitalized Interest (26,250,810.81) (17,521,344.32) (31,571,303.72)
-----------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (23,452,553.84) $ (14,743,209.63) $ (28,233,796.45)
------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 65,113,756.51 $ 69,981,378.62 $ 70,639,895.11
------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 28,973,040.41 $ 29,488,963.28 $ 44,938,562.74
ii Interest Claims Received from Guarantors 1,974,897.18 1,543,694.98 94,728.01
iii Late Fee Reimbursements 449,911.41 202,184.02 -
iv Interest Reimbursements 29,866.35 7,021.59 62,121.23
v Other System Adjustments - - -
vi Special Allowance Payments 219,992.62 410,248.91 372,440.71
vii Subsidy Payments 10,800,581.18 12,593,294.44 7,591,720.01
-----------------------------------------------------------------
viii Total Interest Collections $ 42,448,289.15 $ 44,245,407.22 $ 53,059,572.70
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,297,269.37) $ (2,348,039.35) ($3,259,690.27)
ii Capitalized Interest 26,250,810.81 17,521,344.32 31,571,303.72
-----------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 23,953,541.44 $ 15,173,304.97 $ 28,311,613.45
-----------------------------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 66,401,830.59 $ 59,418,712.19 $ 81,371,186.15
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 2,743,530,724.67 $ 2,808,644,481.18 $2,878,625,859.80
------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 41,965,865.45 $ 49,456,872.12 $ 48,049,973.40
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 2,785,496,590.12 $ 2,858,101,353.30 $2,926,675,833.20
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 6,963,741.48 $ 7,145,253.38 $ 7,497,902.00
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 2,792,460,331.60 $ 2,865,246,606.68 $2,934,173,735.20
------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1998-1 Payment History and CPRs
- --------------------------------------------------------------------------------
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
Apr-98 $ 2,999,160,860 --
Jul-98 $ 2,926,675,833 2.63%
Oct-98 $ 2,858,101,353 4.46%
Jan-99 $ 2,785,496,590 4.64%
* "Since Issued CPr" is based on the current period's ending pool balance
calculated against the Original pool balance and assuming cutoff date pool data.
- --------------------------------------------------------------------------------
11
<PAGE>
SLM STUDENT LOAN TRUST 1998-2
QUARTERLY SERVICING REPORT
REPORT DATE: 12/31/98 REPORTING PERIOD: 10/1/98-12/31/98
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 09/30/1998 Activity 12/31/1998
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 2,884,241,095.20 $ (60,551,064.29) $ 2,823,690,030.91
ii Interest to be Capitalized 40,537,081.96 35,151,420.12
---------------------- --------------------
iii Total Pool $ 2,924,778,177.16 $ 2,858,841,451.03
iv Specified Reserve Account Balance 7,311,945.44 7,147,103.63
---------------------- --------------------
v TOTAL ADJUSTED POOL $ 2,932,090,122.60 $ 2,865,988,554.66
====================== ====================
B i Weighted Average Coupon (WAC) 8.2613% 8.2926%
ii Weighted Average Remaining Term 123.54 122.55
iii Number of Loans 718,525 704,138
iv Number of Borrowers 337,409 330,158
------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
% of % of
Notes and Certificates Spread Balance 10/26/98 O/S Securities Balance 1/25/99 O/S Securities
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GBA3 0.68% $ 1,590,009,094.61 54.214% $ 1,523,178,554.66 53.147%
ii A-2 Notes 78442GBB1 0.73% 1,237,060,000.00 42.180% 1,237,060,000.00 43.163%
iii Certificates 78442GBC9 0.95% 105,750,000.00 3.606% 105,750,000.00 3.690%
----------------------------------------------------------------------------------------------------------------------
iv TOTAL NOTES AND CERTIFICATES $ 2,932,819,094.61 100.000% $ 2,865,988,554.66 100.000%
======================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
Reserve Account 10/26/1998 01/26/1999
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 7,311,945.44 $ 7,147,103.63
iv Reserve Account Floor Balance ($) $ 3,006,252.00 $ 3,006,252.00
v Current Reserve Acct Balance ($) $ 7,311,945.44 $ 7,147,103.63
----------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
II. 1998-2 Transactions from: 10/1/98 through: 12/31/98
- -------------------------------------------------------------------------------------------------------------
<S> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 73,398,235.76
ii Principal Collections from Guarantor $ 7,885,185.64
iii Principal Reimbursements $ 714,930.03
iv Other System Adjustments $ 0.00
-----------------
v TOTAL PRINCIPAL COLLECTIONS $ 81,998,351.43
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 1,935,559.76
ii Capitalized Interest ($23,382,846.90)
-----------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (21,447,287.14)
-------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 60,551,064.29
-------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 32,921,560.24
ii Interest Claims Received from Guarantors $ 458,144.52
iii Late Fee Reimbursements $ 499,583.91
iv Interest Reimbursements $ 11,125.28
v Other System Adjustments $ 0.00
vi Special Allowance Payments $ 317,399.02
vii Subsidy Payments $ 9,964,075.42
-----------------
viii TOTAL INTEREST COLLECTIONS $ 44,171,888.39
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment ($1,871,905.30)
ii Capitalized Interest $ 23,382,846.90
-----------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 21,510,941.60
-------------------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 65,682,829.99
-------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
III. 1998-2 Collection Account Activity 10/01/1998 through 12/31/1998
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $ 81,283,421.40
ii Cash Forwarded by Administrator on behalf of Seller $ 251,691.80
iii Cash Forwarded by Administrator on behalf of Servicer $ 1,936.53
iv Cash Forwarded by Administrator for Consolidation Activity $ 461,301.70
-------------------
V TOTAL PRINCIPAL COLLECTIONS $ 81,998,351.43
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 43,661,179.20
ii Cash Forwarded by Administrator on behalf of Seller $ 3,807.76
iii Cash Forwarded by Administrator on behalf of Servicer $ 4,675.00
iv Cash Forwarded by Administrator for Consolidation Activity $ 2,642.52
v Cash Forwarded by Administrator for Late Fee Activity $ 499,583.91
-------------------
VI TOTAL INTEREST COLLECTIONS $ 44,171,888.39
C OTHER REIMBURSEMENTS $ 254,997.99
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 875,796.73
E RETURN FUNDS BORROWED FOR PREVIOUS DISTRIBUTION $ -
F TOTAL FUNDS RECEIVED $ 127,301,034.54
LESS FUNDS PREVIOUSLY REMITTED:
Servicing Fees ($3,884,585.93)
Consolidation Loan Rebate Fees ($1,110,525.00)
--------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 122,305,923.61
--------------------------------------------------------------------------------------------------------------
G SERVICING FEE CALCULATION-CURRENT MONTH
i Primary Servicing Fee - Non-Consolidation Loans $ 1,658,962.46
ii Primary Servicing Fee - Consolidation Loans $ 263,432.85
H SERVICING FEES DUE FOR CURRENT PERIOD $ 1,922,395.31
LESS: Servicing ADJ [A iii + B iii] ($6,611.53)
I CARRYOVER SERVICING FEES DUE $ 0.00
J ADMINISTRATION FEES DUE $ 20,000.00
--------------------------------------------------------------------------------------------------------------
K TOTAL FEES DUE FOR PERIOD $ 1,935,783.78
--------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
IV. 1998-2 Portfolio Characteristics
- -----------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
WEIGHTED AVG COUPON # OF LOANS %
- -----------------------------------------------------------------------------------------------------------------------------------
STATUS 9/30/98 12/31/98 9/30/98 12/31/98 9/30/98 12/31/98
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 7.716% 7.713% 79,179 72,295 11.020% 10.267%
GRACE
Current 7.758% 7.754% 48,149 14,991 6.701% 2.129%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.731% 7.719% 127,328 87,286 17.721% 12.396%
- -----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current 8.424% 8.413% 403,070 426,189 56.097% 60.526%
31-60 Days Delinquent 8.429% 8.440% 27,674 24,599 3.851% 3.494%
61-90 Days Delinquent 8.357% 8.441% 25,745 11,979 3.583% 1.701%
91-120 Days Delinquent 8.384% 8.379% 8,434 6,928 1.174% 0.984%
more than 120 Days Delinquent 8.354% 8.335% 9,526 13,291 1.326% 1.888%
DEFERMENT
Current 8.172% 8.154% 66,553 67,738 9.262% 9.620%
FORBEARANCE
Current 8.357% 8.357% 49,334 62,303 6.866% 8.848%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.382% 8.378% 590,336 613,027 82.159% 87.061%
- -----------------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 8.419% 8.333% 861 3,824 0.120% 0.543%
AGED CLAIMS REJECTED (2) 0.000% 8.410% 0 1 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.167% 8.293% 718,525 704,138 100.000% 100.000%
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
PRINCIPAL AMOUNT %
- ----------------------------------------------------------------------------------------------------------------------------
STATUS 9/30/98 12/31/98 9/30/98 12/31/98
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current $ 325,411,313.20 $ 298,260,624.93 11.282% 10.563%
GRACE
Current $ 192,944,059.91 $ 51,575,388.51 6.690% 1.827%
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 518,355,373.11 $ 349,836,013.44 17.972% 12.390%
- ----------------------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current $ 1,566,971,315.02 $ 1,680,232,914.11 54.329% 59.505%
31-60 Days Delinquent $ 106,916,453.78 $ 100,599,905.55 3.707% 3.563%
61-90 Days Delinquent $ 92,931,391.73 $ 47,022,317.08 3.222% 1.665%
91-120 Days Delinquent $ 30,025,072.97 $ 24,933,563.48 1.041% 0.883%
more than 120 Days Delinquent $ 30,771,717.40 $ 38,565,370.53 1.067% 1.366%
DEFERMENT
Current $ 295,984,678.61 $ 271,676,160.75 10.262% 9.621%
FORBEARANCE
Current $ 239,194,067.35 $ 299,658,909.79 8.293% 10.612%
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 2,362,794,696.86 $ 2,462,689,141.29 81.921% 87.215%
- ----------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) $ 3,091,025.23 $ 11,161,626.61 0.107% 0.395%
AGED CLAIMS REJECTED (2) $ - $ 3,249.57 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 2,884,241,095.20 $ 2,823,690,030.91 100.000% 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.
4
<PAGE>
- --------------------------------------------------------------------------------
V. 1998-2 Portfolio Characteristics by School and Program 12/31/98
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOUR YEAR SCHOOLS
-------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB ONS-UNSUB PLUS SLS
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------
STATUS
- ---------------------------
INTERIM:
In SchooL
Current 5.718% 3.865% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.923% 0.531% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------
TOTAL INTERIM 6.641% 4.396% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 21.505% 6.833% 0.043% 0.124% 5.266% 3.527%
31-60 Days Delinquent 1.059% 0.305% 0.005% 0.011% 0.202% 0.187%
61-90 Days Delinquent 0.476% 0.127% 0.000% 0.004% 0.068% 0.077%
91-120 Days Delinquent 0.280% 0.079% 0.000% 0.002% 0.021% 0.039%
* 120 Days Delinquent 0.527% 0.169% 0.000% 0.001% 0.017% 0.053%
Deferment
Current 4.472% 1.520% 0.002% 0.008% 0.414% 1.081%
Forbearance
Current 4.173% 1.688% 0.005% 0.015% 0.252% 1.564%
- -------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 32.492% 10.721% 0.055% 0.165% 6.240% 6.528%
- -------------------------------------------------------------------------------------------------
Claims In Process (1) 0.136% 0.043% 0.000% 0.000% 0.014% 0.018%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 39.269% 15.160% 0.055% 0.165% 6.254% 6.546%
- -------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 67.449%
- -------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------
TWO YEAR SCHOOLS
--------------------------------------------------------------
GSL-SUB GSL-UNSUB ONS-SUB CONS-UNSUB PLUS SLS
--------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------
STATUS
- ---------------------------
INTERIM:
In School
Current 0.463% 0.250% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.110% 0.059% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.573% 0.309% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.644% 0.556% 0.000% 0.008% 0.238% 0.130%
31-60 Days Delinquent 0.184% 0.062% 0.000% 0.000% 0.011% 0.013%
61-90 Days Delinquent 0.099% 0.029% 0.001% 0.001% 0.004% 0.007%
91-120 Days Delinquent 0.057% 0.017% 0.001% 0.001% 0.002% 0.003%
* 120 Days Delinquent 0.128% 0.047% 0.000% 0.001% 0.002% 0.003%
Deferment
Current 0.353% 0.140% 0.001% 0.000% 0.013% 0.030%
Forbearance
Current 0.389% 0.152% 0.001% 0.001% 0.012% 0.045%
- ------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 2.854% 1.003% 0.004% 0.012% 0.282% 0.231%
- ------------------------------------------------------------------------------------------------
Claims In Process (1) 0.043% 0.010% 0.000% 0.001% 0.002% 0.003%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 3.470% 1.322% 0.004% 0.013% 0.284% 0.234%
- ------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 5.327%
- ------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<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 0.132% 0.106% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.105% 0.083% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.237% 0.189% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.311% 0.891% 0.002% 0.008% 0.371% 0.123%
31-60 Days Delinquent 0.161% 0.091% 0.000% 0.002% 0.020% 0.013%
61-90 Days Delinquent 0.101% 0.059% 0.000% 0.002% 0.006% 0.010%
91-120 Days Delinquent 0.070% 0.042% 0.000% 0.001% 0.004% 0.004%
* 120 Days Delinquent 0.129% 0.075% 0.000% 0.000% 0.005% 0.006%
Deferment
Current 0.185% 0.113% 0.000% 0.000% 0.012% 0.023%
Forbearance
Current 0.322% 0.209% 0.001% 0.002% 0.021% 0.033%
- ------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 2.279% 1.480% 0.003% 0.015% 0.439% 0.212%
- ------------------------------------------------------------------------------------------------
Claims in Process (1) 0.043% 0.022% 0.000% 0.000% 0.002% 0.004%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 2.559% 1.691% 0.003% 0.015% 0.441% 0.216%
- ------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 4.925%
- ------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------
UNKNOWN
-----------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
-----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------
STATUS
- ---------------------------
INTERIM:
In School
Current 0.018% 0.011% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.009% 0.007% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.027% 0.018% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------
Repayment:
Active
Current 0.069% 0.025% 4.626% 12.187% 0.007% 0.011%
31-60 Days Delinquent 0.004% 0.002% 0.375% 0.855% 0.000% 0.001%
61-90 Days Delinquent 0.006% 0.003% 0.171% 0.414% 0.000% 0.000%
91-120 Days Delinquent 0.005% 0.002% 0.080% 0.171% 0.000% 0.002%
* 120 Days Delinquent 0.005% 0.002% 0.057% 0.138% 0.000% 0.001%
Deferment
Current 0.039% 0.019% 0.398% 0.783% 0.001% 0.014%
Forbearance
Current 0.018% 0.007% 0.482% 1.211% 0.002% 0.007%
- ------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 0.146% 0.060% 6.189% 15.759% 0.010% 0.036%
- ------------------------------------------------------------------------------------------------
Claims in Process (1) 0.000% 0.000% 0.014% 0.040% 0.000% 0.000%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 0.173% 0.078% 6.203% 15.799% 0.010% 0.036%
- ------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 22.299%
- ------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 9.583% 0.713% 0.238% 0.029% 10.563%
Grace
Current 1.454% 0.169% 0.188% 0.016% 1.827%
- ------------------------------------------------------------------------------------------------
TOTAL INTERIM 11.037% 0.882% 0.426% 0.045% 12.390%
- ------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 37.298% 2.576% 2.706% 16.925% 59.505%
31-60 Days Delinquent 1.769% 0.270% 0.287% 1.237% 3.563%
61-90 Days Delinquent 0.752% 0.141% 0.178% 0.594% 1.665%
91-120 Days Delinquent 0.421% 0.081% 0.121% 0.260% 0.883%
* 120 Days Delinquent 0.767% 0.181% 0.215% 0.203% 1.366%
Deferment
Current 7.497% 0.537% 0.333% 1.254% 9.621%
Forbearance
Current 7.697% 0.600% 0.588% 1.727% 10.612%
- ------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 56.201% 4.386% 4.428% 22.200% 87.215%
- ------------------------------------------------------------------------------------------------
Claims In Process (1) 0.211% 0.059% 0.071% 0.054% 0.395%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 67.449% 5.327% 4.925% 22.299% 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.
* greater than
5
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
VI. 1998-2 Interest Calculation
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Borrower Interest Accrued During Collection Period $ 50,040,709.25
B Interest Subsidy Payments Accrued During Collection Period $ 9,116,961.20
C SAP Payments Accrued During Collection Period $ 73,995.80
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 160,386.00
E Investment Earnings (ADMINISTRATOR ACT) $ 875,796.73
------------------
F NET EXPECTED INTEREST COLLECTIONS $ 60,267,848.98
G STUDENT LOAN RATE
i Days in Collection Period (10/1/98-12/31/98) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 60,267,848.98
iv Primary Servicing Fee $ 5,806,981.24
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 2,924,778,177.16
vii STUDENT LOAN RATE 7.38477%
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
H Class A-1 T-Bill Based Interest Rate 5.17499%
I CLASS A-1 INTEREST RATE 0.012902027 (10/26/98-1/25/99) 5.17499%
J Class A-2 T-Bill Based Interest Rate 5.22499%
K CLASS A-2 INTEREST RATE 0.013026685 (10/26/98-1/25/99) 5.22499%
L Certificate T-Bill Based Rate of Return 5.44499%
M CERTIFICATE RATE OF RETURN 0.013575178 (10/26/98-1/25/99) 5.44499%
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VII. 1998-2 Inputs From Previous Quarterly Servicing Reports 9/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 2,884,241,095.20
ii Interest To Be Capitalized 40,537,081.96
------------------
iii Total Pool $ 2,924,778,177.16
iv Specified Reserve Account Balance 7,311,945.44
==================
v TOTAL ADJUSTED POOL $ 2,932,090,122.60
==================
B Total Note and Certificate Factor 0.97071750630
C TOTAL NOTE AND CERTIFICATE BALANCE $ 2,932,819,094.61
-------------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 10/26/98 CLASS A-1 CLASS A-2 CERTIFICATES
-------------------------------------------------------------------------------------------------------------------
i Current Factor 10/26/98 0.9472910577 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,590,009,094.61 $ 1,237,060,000.00 $ 105,750,000.00
E Note Principal Shortfall $ 728,972.01 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00
-------------------------------------------------------------------------------------------------------------------
H Reserve Account Balance $ 7,311,945.44
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
VIII. 1998-2 Waterfall for Distributions
- -------------------------------------------------------------------------------------------------------------------
REMAINING
FUNDS BALANCE
-------------
<S> <C> <C> <C>
A Total Available Funds ( Sections III-F + VI-D ) $ 122,466,309.61 $122,466,309.61
B Primary Servicing Fees-Current Month $ 1,915,783.78 $120,550,525.83
C Administration Fee $ 20,000.00 $120,530,525.83
D Noteholder's Interest Distribution Amount
i Class A-1 $ 20,514,340.27 $100,016,185.56
ii Class A-2 $ 16,114,790.95 $ 83,901,394.61
----------------
iii TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $ 36,629,131.22
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 1,435,575.07 $ 82,465,819.54
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 66,830,539.95 $ 15,635,279.59
ii Class A-2 $ 0.00 $ 15,635,279.59
---------------
iii TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 66,830,539.95
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 15,635,279.59
H Increase to the Specified Reserve Account Balance $ 0.00 $ 15,635,279.59
I Carryover Servicing Fees $ 0.00 $ 15,635,279.59
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 15,635,279.59
i Class A-2 $ 0.00 $ 15,635,279.59
---------------
iii TOTAL NOTEHOLDER'S INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 15,635,279.59
L EXCESS TO RESERVE ACCOUNT $ 15,635,279.59 $ 0.00
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IX. 1998-2 Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 20,514,340.27 $ 16,114,790.95 $ 1,435,575.07
ii Quarterly Interest Paid 20,514,340.27 16,114,790.95 1,435,575.07
------------------ --------------- --------------
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 $ 66,830,539.95 $ 0.00 $ 0.00
viii Quarterly Principal Paid 66,830,539.95 0.00 0.00
------------------ --------------- --------------
ix QUARTERLY PRINCIPAL SHORTFALL $ 0.00 $ 0.00 $ 0.00
------------------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 87,344,880.22 $ 16,114,790.95 $ 1,435,575.07
------------------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates Principal Balance 12/31/98 $ 2,932,819,094.61
ii Adjusted Pool Balance 12/31/98 2,865,988,554.66
------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 66,830,539.95
==================
iv Adjusted Pool Balance 9/30/98 $ 2,932,090,122.60
v Adjusted Pool Balance 12/31/98 2,865,988,554.66
------------------
vi Current Principal Due (iv-v) $ 66,101,567.94
vii Principal Shortfall from Previous Collection Period 728,972.01
------------------
viii Principal Distribution Amount (vi + vii) $ 66,830,539.95
==================
ix PRINCIPAL DISTRIBUTION AMOUNT PAID $ 66,830,539.95
x Principal Shortfall (viii - ix) $ 0.00
C Total Principal Distribution $ 66,830,539.95
D Total Interest Distribution 38,064,706.29
------------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 104,895,246.24
--------------------------------------------------------------------------------------------------------
F Note & Certificate Balances 10/26/98 1/25/99
--------------------------------------------------------------------------------------------------------
i A-1 Note Balance (78442GBA3) $ 1,590,009,094.61 $ 1,523,178,554.66
A-1 Note Pool Factor 0.9472910577 0.9074749503
ii A-2 Note Balance (78442GBB1) $ 1,237,060,000.00 $ 1,237,060,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GBC9) $ 105,750,000.00 $ 105,750,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
--------------------------------------------------------------------------------------------------------
G RESERVE ACCOUNT RECONCILIATION
i Beginning of Period Balance $ 7,311,945.44
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 15,635,279.59
------------------
iv Total Reserve Account Balance Available $ 22,947,225.03
v Required Reserve Account Balance $ 7,147,103.63
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp. $ 15,800,121.40
viii Ending Reserve Account Balance $ 7,147,103.63
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
X. 1998-2 Historical Pool Information
- ---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------
10/1/98-12/31/98 5/25/98-9/30/98
<S> <C> <C>
-----------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 2,884,241,095.20 $ 2,955,578,269.52
-----------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 73,398,235.76 $ 99,781,470.14
ii Principal Collections from Guarantor 7,885,185.64 2,128,047.15
iii Principal Reimbursements 714,930.03 970,064.09
iv Other System Adjustments - -
---------------------------------------------
v Total Principal Collections $ 81,998,351.43 $ 102,879,581.38
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,935,559.76 $ 3,355,139.09
ii Capitalized Interest (23,382,846.90) (34,897,546.15)
---------------------------------------------
iii Total Non-Cash Principal Activity $ (21,447,287.14) $ (31,542,407.06)
-----------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 60,551,064.29 $ 71,337,174.32
-----------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 32,921,560.24 $ 46,221,267.99
ii Interest Claims Received from Guarantors 458,144.52 50,657.73
iii Late Fee Reimbursements 499,583.91 182,082.85
iv Interest Reimbursements 11,125.28 22,196.97
v Other System Adjustments - -
vi Special Allowance Payments 317,399.02 226,710.99
vii Subsidy Payments 9,964,075.42 5,059,708.37
---------------------------------------------
viii Total Interest Collections $ 44,171,888.39 $ 51,762,624.90
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,871,905.30) $ (3,237,967.33)
ii Capitalized Interest 23,382,846.90 34,897,546.15
---------------------------------------------
iii Total Non-Cash Interest Adjustments $ 21,510,941.60 $ 31,659,578.82
---------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 65,682,829.99 $ 83,422,203.72
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 2,823,690,030.91 $ 2,884,241,095.20
-----------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 35,151,420.12 $ 40,537,081.96
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 2,858,841,451.03 $ 2,924,778,177.16
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 7,147,103.63 $ 7,311,945.44
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 2,865,988,554.66 $ 2,932,090,122.60
-----------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1998-2 Payment History and CPRs
- --------------------------------------------------------------------------------
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
Jul-98 $ 3,006,252,430 -
Oct-98 $ 2,924,778,177 4.32%
Jan-99 $ 2,858,841,451 4.03%
* "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
