<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): April 26, 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 5
Exhibit Index appears on Page 5
<PAGE>
Item 5. Other Events
On April 26, 1999, the Sallie Mae Student Loan Trust 1995-1 made its
fourteenth, the Sallie Mae Student Loan Trust 1996-1 made its thirteenth, the
SLM Student Loan Trust 1996-2 made its twelfth, the SLM Student Loan Trust
1996-3 made its eleventh, the SLM Student Loan Trust 1996-4 made its tenth, the
SLM Student Loan Trust 1997-1 made its ninth, the SLM Student Loan Trust 1997-2
made its eighth, the SLM Student Loan Trust 1997-3 made its seventh, the SLM
Student Loan Trust 1997-4 made its fifth, the SLM Student Loan Trust 1998-1 made
its fourth and the SLM Student Loan Trust 1998-2 made its third, 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 April 26, 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 April 26, 1999.
Legislative Developments
On February 1, 1999, President Clinton submitted his Fiscal Year
2000 budget proposal to Congress. The budget proposes significant savings from
the student loan programs, principally from the FFELP. Among the proposals for
student loans are the following:
o Reinstatement of a lower rate for new Federal Direct Consolidation Loans.
This variable rate (the 91-day Treasury bill rate plus 2.3 during
repayment and 1.7% during in-school and grace periods) would apply for
borrowers whose applications are received before September 30, 2000. The
budget proposals would also lower the annual fee paid by lenders on FFELP
consolidation loans made during the same period from 1.05 percent to .62
percent of the principal plus accrued unpaid interest;
o Creation of a 90-day period during which interest on a highly delinquent
FFELP loan does not accrue. The Reauthorization Legislation extended the
period before lenders can submit default claims from 180 days to 270 days;
the budget proposes to eliminate interest accrual during this extended
period;
o Reduction by 30 basis points of special allowance payments on FFELP loans
funded with tax exempt securities; and
o Implementation of additional Guarantor reforms, including the acceleration
of recall of Guarantor reserves mandated by the Reauthorization
Legislation, recall of an additional $1.5 billion in reserves, the
reduction of the Guarantor retention rate on payments on defaulted loans
to 18.5 percent, the reduction in the share of the remaining amount that
Guarantors may retain, and an expansion of the use of voluntary flexible
agreements authorized by the Reauthorization Legislation.
Budget resolutions for the FY 2000 budget passed by both houses of
Congress failed to include any of these proposals.
Page 2 of 5
Exhibit Index appears on Page 5
<PAGE>
Item 5. (continued)
REGULATORY DEVELOPMENTS
In the first quarter of 1999, each of the four principal banking
regulators - the Board of Governors of the Federal Reserve System, the Office
of the Comptroller of the Currency, the Office of Thrift Supervision and the
Federal Deposit Insurance Corporation - responded favorably to the
Registrant's request for an interpretation and clarification of the existing
risk-based capital standards governing the institutions they regulate with
respect to the appropriate risk-weighting of the senior student loan-backed
securities issued by the Trusts. Specifically, each of the banking
regulators agreed that the senior student loan-backed securities issued by
the Trusts may be assigned to the 20 percent risk category rather than the
100 percent risk category to the extent that the student loans underlying
such securities are guaranteed by the U.S. Department of Education. In
accordance with the two percent lender risk sharing provisions of the Higher
Education Act, 98 percent of such senior securities that are backed in whole
or in part by federally guaranteed student loans that were disbursed on or
after October 1, 1993 would be eligible for assignment to the 20 percent risk
category. Management believes that, as a result of these clarifications,
regulated depository institutions that hold senior student loan-backed
securities issued by the Trusts may be able to retain less capital on a
regulatory basis.
This Current Report on Form 8-K contains forward-looking
statements that are based on management's current expections as of the date
of this document. When used herein, the words "anticipate,"
"believe,""estimate" and "expect" and similar expressions, as they relate to
the Company's management, are intended to identify forward-looking
statements. Such forward-looking statements are subject to risks,
uncertainties, assumptions and other factors that may cause the actual
results of the Registrant to be materially different from those reflected in
such forward-looking statements. Such factors include, among others, changes
in the applicable laws and regulations; changes in the general interest rate
environment and in the securitization markets for student loans; and
interruptions of others' operations resulting from the inability of computer
or other systems to process Year 2000-related information.
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
(c) Exhibits
19.1 Quarterly Servicing Reports
Page 3 of 5
Exhibit Index appears on Page 5
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Dated: May 10, 1999
SLM FUNDING CORPORATION
By: /s/ J. Lance Franke
-------------------
Name: J. Lance Franke
Title: Chief Financial Officer
Page 4 of 5
Exhibit Index appears on Page 5
<PAGE>
INDEX TO EXHIBIT
<TABLE>
<CAPTION>
Sequentially
Exhibit Numbered
Number Exhibit Page
------ ------- ----
<S> <C> <C>
19.1 Quarterly Servicing Reports. 5
</TABLE>
Page 5 of 5
<PAGE>
Sallie Mae Student Loan Trust 1995-1
Quarterly Servicing Report
Report Date: 03/31/99 Reporting Period: 1/1/99-3/31/99
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 12/31/98 Activity 03/31/99
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 471,259,562.73 $ (29,638,357.35) $ 441,621,205.38
ii Interest to be Capitalized 1,124,605.86 1,244,891.78
---------------- ----------------
iii Total Pool $ 472,384,168.59 $ 442,866,097.16
---------------- ----------------
---------------- ----------------
B i Weighted Average Coupon (WAC) 8.2786% 8.2868%
ii Weighted Average Remaining Term 70.53 69.63
iii Number of Loans 289,617 274,366
iv Number of Borrowers 122,634 115,888
-------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 1/25/99 % of Pool Balance 4/26/99 % of Pool
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 795452AA9 0.575% $ 222,384,168.59 47.077% $ 192,866,097.16 43.550%
ii A-2 Notes 795452AB7 0.750% 215,000,000.00 45.514% 215,000,000.00 48.547%
iii Certificates 795452AC5 1.000% 35,000,000.00 7.409% 35,000,000.00 7.903%
--------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 472,384,168.59 100.000% $ 442,866,097.16 100.000%
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
Reserve Account 01/25/99 04/26/99
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.50% 0.50%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,361,920.84 $ 2,214,330.49
iv Reserve Account Floor Balance ($) $ 1,000,000.00 $ 1,000,000.00
v Current Reserve Acct Balance ($) $ 2,361,920.84 $ 2,214,330.49
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
1
<PAGE>
- --------------------------------------------------------------------------------
II. 1995-1 Transactions from: 01/01/99 through: 03/31/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $28,092,108.27
ii Principal Collections from Guarantor $ 1,901,189.89
iii Principal Reimbursements $ 363,295.08
iv Other System Adjustments $ 0.00
--------------
v Total Principal Collections $30,356,593.24
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 230,123.43
ii Capitalized Interest $ (948,359.32)
--------------
iii Total Non-Cash Principal Activity $ (718,235.89)
-------------------------------------------------------------------------
C Total Student Loan Principal Activity 29,638,357.35
-------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 7,676,717.37
ii Interest Claims Received from Guarantors $ 117,586.73
iii Late Fee Reimbursements $ 190,542.28
iv Interest Reimbursements $ 5,230.95
v Other System Adjustments $ 0.00
vi Special Allowance Payments $ 22,759.71
vii Subsidy Payments $ 727,040.86
--------------
viii Total Interest Collections $ 8,739,877.90
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (199,112.47)
ii Capitalized Interest $ 948,359.32
--------------
iii Total Non-Cash Interest Adjustments $ 749,246.85
-------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 9,489,124.75
-------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
2
<PAGE>
- --------------------------------------------------------------------------------
III. 1995-1 Collection Account Activity 01/01/99 through 03/31/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $ 29,993,298.16
ii Cash Forwarded by Administrator on behalf of Seller $ (594.20)
iii Cash Forwarded by Administrator on behalf of Servicer $ 8,577.58
iv Cash Forwarded by Administrator for Consolidation Activity $ 355,311.70
---------------
v Total Principal Collections $ 30,356,593.24
B Interest Collections
i Interest Payments Received-Cash $ 8,544,104.67
ii Cash Forwarded by Administrator on behalf of Seller $ (1,939.80)
iii Cash Forwarded by Administrator on behalf of Servicer $ 4,455.27
iv Cash Forwarded by Administrator for Consolidation Activity $ 2,715.48
v Cash Forwarded by Administrator for Late Fee Activity $ 190,542.28
---------------
vi Total Interest Collections $ 8,739,877.90
C Other Reimbursements $ 222,871.00
D Administrator Account Investment Income $ 253,974.27
E TOTAL FUNDS RECEIVED $ 39,573,316.41
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (778,000.00)
--------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 38,795,316.41
--------------------------------------------------------------------------------------
F Servicing Fee Calculation-Current Month
i Unit Charge Calculation $378,694.40
ii Percentage of Principal Calculation $569,349.38
iii Lesser of Unit or Principal Calculation $378,694.40
G Servicing Fees Due for Current Period $ 378,694.40
H Carryover Servicing Fees Due $ 573,787.19
JAN 1999 Servicing Carryover $ 200,572.81
FEB 1999 Servicing Carryover $ 195,592.25
MAR 1999 Servicing Carryover $ 190,654.98
------------
$ 586,820.04
Less: Servicing ADJ [A iii + B iii] $ (13,032.85)
------------
Carryover Servicing Fee Due $ 573,787.19
------------
------------
I Administration Fees Due $ 20,000.00
--------------------------------------------------------------------------------------
J Total Fees Due for Period $ 972,481.59
--------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
3
<PAGE>
- --------------------------------------------------------------------------------
IV. 1995-1 Portfolio Characteristics
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- -----------------------------------------------------------------------------------------------------------------------
STATUS 12/31/98 3/31/99 12/31/98 3/31/99 12/31/98
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 8.139% 8.149% 152 150 0.052%
Grace
Current 8.149% 8.144% 54 54 0.019%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.141% 8.148% 206 204 0.071%
- -----------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.278% 8.286% 241,238 227,144 83.296%
31-60 Days Delinquent 8.289% 8.305% 11,043 8,440 3.813%
61-90 Days Delinquent 8.305% 8.314% 4,024 3,564 1.389%
91-120 Days Delinquent 8.288% 8.302% 2,463 1,286 0.850%
> 120 Days Delinquent 8.289% 8.297% 2,251 1,448 0.777%
Deferment
Current 8.264% 8.285% 17,226 21,138 5.948%
Forbearance
Current 8.283% 8.286% 10,383 10,597 3.585%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.279% 8.287% 288,628 273,617 99.658%
- -----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.294% 8.318% 778 540 0.269%
Aged Claims Rejected (2) 8.667% 8.710% 5 5 0.002%
- -----------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.279% 8.287% 289,617 274,366 100.000%
- -----------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------
% Principal Amount %
- -----------------------------------------------------------------------------------------------------------------------
STATUS 3/31/99 12/31/98 3/31/99 12/31/98 3/31/99
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 0.054% $ 318,782.19 $ 306,708.78 0.068% 0.069%
Grace
Current 0.020% $ 102,575.95 $ 75,292.04 0.022% 0.017%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.074% $ 421,358.14 $ 382,000.82 0.090% 0.086%
- -----------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 82.789% $377,427,340.23 $350,858,774.62 80.089% 79.448%
31-60 Days Delinquent 3.076% $ 19,747,165.13 $ 14,916,514.23 4.190% 3.378%
61-90 Days Delinquent 1.299% $ 7,729,407.51 $ 6,957,472.55 1.640% 1.576%
91-120 Days Delinquent 0.469% $ 4,658,830.01 $ 2,448,304.76 0.989% 0.554%
> 120 Days Delinquent 0.528% $ 4,191,430.61 $ 2,763,332.09 0.889% 0.626%
Deferment
Current 7.704% $ 33,829,226.24 $ 40,131,676.96 7.179% 9.087%
Forbearance
Current 3.862% $ 21,945,081.55 $ 22,271,868.91 4.657% 5.043%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 99.727% $469,528,481.28 $440,347,944.12 99.633% 99.712%
- -----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.197% $ 1,302,726.79 $ 884,452.04 0.276% 0.200%
Aged Claims Rejected (2) 0.002% $ 6,996.52 $ 6,808.40 0.001% 0.002%
- -----------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 100.000% $471,259,562.73 $441,621,205.38 100.000% 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. 1995-1 Portfolio Characteristics by School and Program 3/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 0.048% 0.007% 0.000% 0.000% 0.009% 0.001% 0.000% 0.000%
Grace
Current 0.009% 0.001% 0.000% 0.000% 0.002% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.057% 0.008% 0.000% 0.000% 0.011% 0.001% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 52.958% 3.262% 9.512% 0.000% 4.482% 0.292% 0.873% 0.000%
31-60 Days Delinquent 1.850% 0.102% 0.484% 0.000% 0.301% 0.021% 0.043% 0.000%
61-90 Days Delinquent 0.866% 0.059% 0.183% 0.000% 0.163% 0.017% 0.020% 0.000%
91-120 Days Delinquent 0.284% 0.015% 0.060% 0.000% 0.073% 0.004% 0.002% 0.000%
> 120 Days Delinquent 0.310% 0.022% 0.046% 0.000% 0.070% 0.003% 0.005% 0.000%
Deferment
Current 6.543% 0.466% 0.681% 0.000% 0.663% 0.064% 0.057% 0.000%
Forbearance
Current 2.791% 0.171% 0.486% 0.000% 0.561% 0.037% 0.056% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 65.602% 4.097% 11.452% 0.000% 6.313% 0.438% 1.056% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.086% 0.005% 0.025% 0.000% 0.028% 0.001% 0.006% 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 65.746% 4.110% 11.477% 0.000% 6.352% 0.440% 1.062% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 81.333% 7.854%
- -------------------------------------------------------------------------------------------------------------------------------
<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 0.003% 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.005% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.008% 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 5.502% 0.369% 1.896% 0.000% 0.252% 0.005% 0.045% 0.000%
31-60 Days Delinquent 0.428% 0.035% 0.100% 0.000% 0.012% 0.001% 0.001% 0.000%
61-90 Days Delinquent 0.198% 0.010% 0.060% 0.000% 0.000% 0.000% 0.000% 0.000%
91-120 Days Delinquent 0.096% 0.004% 0.014% 0.000% 0.002% 0.000% 0.000% 0.000%
> 120 Days Delinquent 0.140% 0.012% 0.017% 0.000% 0.001% 0.000% 0.000% 0.000%
Deferment
Current 0.474% 0.043% 0.064% 0.000% 0.025% 0.004% 0.003% 0.000%
Forbearance
Current 0.756% 0.054% 0.110% 0.000% 0.019% 0.000% 0.002% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.594% 0.527% 2.261% 0.000% 0.311% 0.010% 0.051% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.043% 0.003% 0.001% 0.000% 0.001% 0.000% 0.001% 0.000%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 7.646% 0.531% 2.262% 0.000% 0.312% 0.010% 0.052% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 10.439% 0.374%
- -------------------------------------------------------------------------------------------------------------------------------
</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 0.055% 0.010% 0.004% 0.000% 0.069%
Grace
Current 0.010% 0.002% 0.005% 0.000% 0.017%
- -------------------------------------------------------------------------------------------
TOTAL INTERIM 0.065% 0.012% 0.009% 0.000% 0.086%
- -------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 65.732% 5.647% 7.767% 0.302% 79.448%
31-60 Days Delinquent 2.436% 0.365% 0.563% 0.014% 3.378%
61-90 Days Delinquent 1.108% 0.200% 0.268% 0.000% 1.576%
91-120 Days Delinquent 0.359% 0.079% 0.114% 0.002% 0.554%
> 120 Days Delinquent 0.378% 0.078% 0.169% 0.001% 0.626%
Deferment
Current 7.690% 0.784% 0.581% 0.032% 9.087%
Forbearance
Current 3.448% 0.654% 0.920% 0.021% 5.043%
- -------------------------------------------------------------------------------------------
TOTAL REPAYMENT 81.151% 7.807% 10.382% 0.372% 99.712%
- -------------------------------------------------------------------------------------------
Claims in Process (1) 0.116% 0.035% 0.047% 0.002% 0.200%
Aged Claims Rejected (2) 0.001% 0.000% 0.001% 0.000% 0.002%
- -------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 81.333% 7.854% 10.439% 0.374% 100.000%
- -------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
- --------------------------------------------------------------------------------
VI. 1995-1 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 8,252,819.69
B Interest Subsidy Payments Accrued During Collection Period $ 818,194.39
C SAP Payments Accrued During Collection Period $ 23,739.77
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 44,181.30
E Investment Earnings (ADMINISTRATOR ACT) $ 253,974.27
----------------
F Net Expected Interest Collections $ 9,392,909.42
G Student Loan Rate
i Days in Collection Period (1/1/99-3/31/99) 90
ii Days in Year 365
iii Net Expected Interest Collections $ 9,392,909.42
iv Primary Servicing Fee $ 1,156,694.40
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 472,384,168.59
vii Student Loan Rate 7.05386%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.08168%
I Class A-1 Interest Rate 0.012669397 (1/25/99-4/26/99) 5.08168%
J Class A-2 T-Bill Based Interest Rate 5.25668%
K Class A-2 Interest Rate 0.013105699 (1/25/99-4/26/99) 5.25668%
L Certificate T-Bill Based Rate of Return 5.50668%
M Certificate Rate of Return 0.013728986 (1/25/99-4/26/99) 5.50668%
</TABLE>
- --------------------------------------------------------------------------------
6
<PAGE>
- --------------------------------------------------------------------------------
VII. 1995-1 Inputs From Previous Quarterly Servicing Reports 12/31/98
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 471,259,562.73
ii Interest To Be Capitalized $ 1,124,605.86
----------------
iii Total Student Loan Pool Outstanding $ 472,384,168.59
----------------
----------------
B Total Note and Certificate Factor 0.47238416859
C Total Note and Certificate Balance $ 472,384,168.59
--------------------------------------------------------------------------------------------------------------
D Note Balance 1/25/99 Class A-1 Class A-2 Certificates
--------------------------------------------------------------------------------------------------------------
i Current Factor-1/25/99 0.2965122248 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 222,384,168.59 $ 215,000,000.00 $ 35,000,000.00
--------------------------------------------------------------------------------------------------------------
iv Note Balance $ 222,384,168.59 $ 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 $ 2,361,920.84
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>
- --------------------------------------------------------------------------------
VIII. 1995-1 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds (Section III E + Section VI-D) $ 38,839,497.71 $ 38,839,497.71
B Primary Servicing Fees-Current Month $ 378,694.40 $ 38,460,803.31
C Administration Fee-Quarterly $ 20,000.00 $ 38,440,803.31
D Noteholder's Interest Distribution Amount
i Class A-1 $ 2,817,473.32 $ 35,623,329.99
ii Class A-2 $ 2,817,725.29 $ 32,805,604.70
----------------
iii Total Noteholder's Interest Distribution $ 5,635,198.61
E Certificateholder's Return Distribution Amount $ 480,514.51 $ 32,325,090.19
F Noteholder's Principal Distribution Amount
i Class A-1 $ 29,518,071.43 $ 2,807,018.76
ii Class A-2 $ 0.00 $ 2,807,018.76
----------------
iii Total Noteholder's Principal Distribution $ 29,518,071.43
G Certificateholder's Balance Distribution Amount $ 0.00 $ 2,807,018.76
H Increase to the Specified Reserve Account Balance $ 0.00 $ 2,807,018.76
I Carryover Servicing Fees $ 573,787.19 $ 2,233,231.57
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 2,233,231.57
i Class A-2 $ 0.00 $ 2,233,231.57
----------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 2,233,231.57
L Excess to Reserve Account $ 2,233,231.57 $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
8
<PAGE>
- --------------------------------------------------------------------------------
IX. 1995-1 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 2,817,473.32 $ 2,817,725.29 $ 480,514.51
ii Quarterly Interest Paid $ 2,817,473.32 $ 2,817,725.29 $ 480,514.51
---------------- -------------- --------------
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 $ 29,518,071.43 $ 0.00 $ 0.00
viii Quarterly Principal Paid $ 29,518,071.43 $ 0.00 $ 0.00
---------------- -------------- --------------
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
-----------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 32,335,544.75 $ 2,817,725.29 $ 480,514.51
-----------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 3/31/99 $ 472,384,168.59
ii Pool Balance 3/31/99 $ 442,866,097.16
----------------
iii Principal Distribution Amount $ 29,518,071.43
================
C Total Principal Distribution $ 29,518,071.43
D Total Interest Distribution $ 6,115,713.12
----------------
E Total Cash Distributions-Note and Certificates $ 35,633,784.55
-------------------------------------------------------------------------------------------
F Note & Certificate Balances 01/25/99 04/26/99
-------------------------------------------------------------------------------------------
i A-1 Note Balance $ 222,384,168.59 $ 192,866,097.16
A-1 Note Pool Factor 0.2965122248 0.2571547962
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 $ 2,361,920.84
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ 2,233,231.57
----------------
iv Total Reserve Account Balance Available $ 4,595,152.41
v Required Reserve Account Balance $ 2,214,330.49
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to SLM Funding Corp $ 2,380,821.92
viii Ending Reserve Account Balance $ 2,214,330.49
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1995-1 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------
1998 1997
--------------------------------------------------------------
1/1/99-3/31/99 1/1/98-12/31/98 1/1/97-12/31/97
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Beginning Student Loan Portfolio Balance $ 471,259,562.73 $ 598,939,825.14 $ 758,640,244.14
- -----------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 28,092,108.27 $ 117,840,096.63 $ 135,776,407.88
ii Principal Collections from Guarantor 1,901,189.89 12,773,024.09 19,577,395.65
iii Principal Reimbursements 363,295.08 272,004.87 7,736,614.83
iv Other System Adjustments -- -- --
--------------------------------------------------------------
v Total Principal Collections $ 30,356,593.24 $ 130,885,125.59 $ 163,090,418.36
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 230,123.43 $ 581,385.00 $ 767,419.67
ii Capitalized Interest (948,359.32) (3,786,248.18) (4,157,419.03)
--------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (718,235.89) $ (3,204,863.18) $ (3,389,999.36)
- -----------------------------------------------------------------------------------------------------------------
(-)Total Student Loan Principal Activity $ 29,638,357.35 $ 127,680,262.41 $ 159,700,419.00
- -----------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 7,676,717.37 $ 37,295,397.70 $ 47,980,015.48
ii Interest Claims Received from Guarantors 117,586.73 731,593.31 1,135,185.32
iii Late Fee Reimbursements 190,542.28 169,864.06 2.61
iv Interest Reimbursements 5,230.95 42,202.76 108,937.72
v Other System Adjustments -- -- --
vi Special Allowance Payments 22,759.71 1,109,268.84 2,210,441.84
vii Subsidy Payments 727,040.86 2,756,739.81 2,939,604.07
--------------------------------------------------------------
viii Total Interest Collections $ 8,739,877.90 $ 42,105,066.48 $ 54,374,187.04
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (199,112.47) $ (463,028.25) $ (542,140.95)
ii Capitalized Interest 948,359.32 3,786,248.18 4,157,419.03
--------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 749,246.85 $ 3,323,219.93 $ 3,615,278.08
--------------------------------------------------------------
Total Student Loan Interest Activity $ 9,489,124.75 $ 45,428,286.41 $ 57,989,465.12
(=)Ending Student Loan Portfolio Balance $ 441,621,205.38 $ 471,259,562.73 $ 598,939,825.14
- -----------------------------------------------------------------------------------------------------------------
(+)Interest to be Capitalized $ 1,244,891.78 $ 1,124,605.86 $ 787,352.25
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
(=)TOTAL POOL $ 442,866,097.16 $ 472,384,168.59 $ 599,727,177.39
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------
1996 1995
----------------------------------------
1/1/96-12/31/96 9/29/95 - 12/31/95
- -------------------------------------------------------------------------------------------
<S> <C> <C>
Beginning Student Loan Portfolio Balance $ 954,345,726.48 $1,000,126,078.04
- -------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 164,406,654.75 $ 42,875,612.89
ii Principal Collections from Guarantor 21,487,892.73 92,046.91
iii Principal Reimbursements 13,375,144.98 2,775,561.40
iv Other System Adjustments (494.35) 39,190.77
----------------------------------------
v Total Principal Collections $ 199,269,198.11 $ 45,782,411.97
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 776,676.12 $ 233,926.53
ii Capitalized Interest (4,340,391.89) (235,986.94)
----------------------------------------
iii Total Non-Cash Principal Activity $ (3,563,715.77) $ (2,060.41)
- -------------------------------------------------------------------------------------------
(-)Total Student Loan Principal Activity $ 195,705,482.34 $ 45,780,351.56
- -------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 63,474,115.95 $ 18,633,508.65
ii Interest Claims Received from Guarantors 1,321,509.26 3,259.20
iii Late Fee Reimbursements -- --
iv Interest Reimbursements 136,064.30 17,871.78
v Other System Adjustments (893.43) 7.70
vi Special Allowance Payments 3,001,742.09 43,719.37
vii Subsidy Payments 3,052,587.81 5,919.00
----------------------------------------
viii Total Interest Collections $ 70,985,125.98 $ 18,704,285.70
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (527,092.37) $ (227,131.25)
ii Capitalized Interest 4,340,391.89 235,986.94
----------------------------------------
iii Total Non-Cash Interest Adjustments $ 3,813,299.52 $ 8,855.69
----------------------------------------
Total Student Loan Interest Activity $ 74,798,425.50 $ 18,713,141.39
(=)Ending Student Loan Portfolio Balance $ 758,640,244.14 $ 954,345,726.48
- -------------------------------------------------------------------------------------------
(+)Interest to be Capitalized $ 691,772.32 $ 639,070.92
- -------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------
(=)TOTAL POOL $ 759,332,016.46 $ 954,984,797.40
- -------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1997-2 Payment History and CPRs
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
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%
Apr-99 $ 442,866,097 2.76%
</TABLE>
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool
data.
- --------------------------------------------------------------------------------
11
<PAGE>
Sallie Mae Student Loan Trust 1996-1
Quarterly Servicing Report
Report Date: 3/31/99 Reporting Period: 1/1/99-3/31/99
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 12/31/98 Activity 03/31/99
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 909,715,422.93 $ (43,801,887.96) $ 865,913,534.97
ii Interest to be Capitalized 7,360,402.45 7,758,791.84
---------------- ----------------
iii Total Pool $ 917,075,825.38 $ 873,672,326.81
---------------- ----------------
---------------- ----------------
B i Weighted Average Coupon (WAC) 8.2476% 8.2495%
ii Weighted Average Remaining Term 91.04 90.44
iii Number of Loans 401,473 384,987
iv Number of Borrowers 150,803 144,359
-------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 1/25/99 % of Pool Balance 4/26/99 % of Pool
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 795452AD3 0.56% $ 391,075,825.38 42.644% $ 347,672,326.81 39.794%
ii A-2 Notes 795452AE1 0.75% 473,500,000.00 51.631% 473,500,000.00 54.197%
iii Certificates 795452AF8 0.98% 52,500,000.00 5.725% 52,500,000.00 6.009%
--------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 917,075,825.38 100.000% $ 873,672,326.81 100.000%
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
Reserve Account 01/25/99 04/26/99
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,292,689.56 $ 2,184,180.82
iv Reserve Account Floor Balance ($) $ 1,500,000.00 $ 1,500,000.00
v Current Reserve Acct Balance ($) $ 2,292,689.56 $ 2,184,180.82
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
1
<PAGE>
- --------------------------------------------------------------------------------
II. 1996-1 Transactions from: 01/01/99 through: 03/31/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 39,443,775.06
ii Principal Collections from Guarantor $ 5,350,052.79
iii Principal Reimbursements $ 1,980,234.80
iv Other System Adjustments $ 0.00
---------------
v Total Principal Collections $ 46,774,062.65
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 898,616.99
ii Capitalized Interest $ (3,870,791.68)
---------------
iii Total Non-Cash Principal Activity $ (2,972,174.69)
-------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 43,801,887.96
-------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 12,383,811.54
ii Interest Claims Received from Guarantors $ 317,687.55
iii Late Fee Reimbursements $ 284,836.96
iv Interest Reimbursements $ 35,156.56
v Other System Adjustments $ 0.00
vi Special Allowance Payments $ 42,732.32
vii Subsidy Payments $ 2,454,629.18
---------------
viii Total Interest Collections $ 15,518,854.11
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (834,789.09)
ii Capitalized Interest $ 3,870,791.68
---------------
iii Total Non-Cash Interest Adjustments $ 3,036,002.59
-------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 18,554,856.70
-------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
2
<PAGE>
- --------------------------------------------------------------------------------
III. 1996-1 Collection Account Activity 01/01/99 through 03/31/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $44,793,827.85
ii Cash Forwarded by Administrator on behalf of Seller $40,454.73
iii Cash Forwarded by Administrator on behalf of Servicer $14,739.88
iv Cash Forwarded by Administrator for Consolidation Activity $ 1,925,040.19
--------------
v Total Principal Collections $46,774,062.65
B Interest Collections
i Interest Payments Received-Cash $15,198,860.59
ii Cash Forwarded by Administrator on behalf of Seller $11,276.74
iii Cash Forwarded by Administrator on behalf of Servicer $2,944.93
iv Cash Forwarded by Administrator for Consolidation Activity $20,934.89
v Cash Forwarded by Administrator for Late Fee Activity $284,836.96
--------------
vi Total Interest Collections $15,518,854.11
C Other Reimbursements $ 155,656.26
D Administrator Account Investment Income $ 381,313.56
E TOTAL FUNDS RECEIVED $62,829,886.58
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $(1,153,109.65)
-------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $61,676,776.93
-------------------------------------------------------------------------------------
F Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 564,852.75
ii Percentage of Principal Calculation $ 809,361.04
iii Lesser of Unit or Principal Calculation $ 564,852.75
G Servicing Fees Due for Current Period $ 564,852.75
H Carryover Servicing Fees Due $ 729,136.13
JAN 1999 Servicing Carryover $ 253,314.25
FEB 1999 Servicing Carryover $ 248,998.40
MAR 1999 Servicing Carryover $ 244,508.29
------------
$ 746,820.94
Less: Servicing ADJ [A iii + B iii] $ (17,684.81)
------------
TOTAL Carryover Servicing Fee Due $ 729,136.13
------------
------------
I Administration Fees Due $ 20,000.00
-------------------------------------------------------------------------------------
J Total Fees Due for Period $ 1,313,988.88
-------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
3
<PAGE>
- --------------------------------------------------------------------------------
IV. 1996-1 Portfolio Characteristics
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- -----------------------------------------------------------------------------------------------------------------------
STATUS 12/31/98 3/31/99 12/31/98 3/31/99 12/31/98
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 8.143% 8.138% 8,645 7,774 2.153%
Grace
Current 8.115% 8.162% 2,094 1,916 0.522%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.138% 8.143% 10,739 9,690 2.675%
- -----------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.245% 8.246% 293,090 279,178 73.004%
31-60 Days Delinquent 8.281% 8.278% 17,558 14,092 4.373%
61-90 Days Delinquent 8.278% 8.281% 7,496 6,435 1.867%
91-120 Days Delinquent 8.282% 8.288% 4,030 2,919 1.004%
> 120 Days Delinquent 8.274% 8.288% 4,471 2,810 1.114%
Deferment
Current 8.258% 8.261% 37,206 43,264 9.267%
Forbearance
Current 8.265% 8.272% 25,286 25,194 6.298%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.251% 8.253% 389,137 373,892 96.927%
- -----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.299% 8.249% 1,564 1,375 0.390%
Aged Claims Rejected (2) 8.307% 8.388% 33 30 0.008%
- -----------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.248% 8.250% 401,473 384,987 100.000%
- -----------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------
% Principal Amount %
- -----------------------------------------------------------------------------------------------------------------------
STATUS 3/31/99 12/31/98 3/31/99 12/31/98 3/31/99
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 2.019% $ 25,074,994.29 $ 22,651,592.59 2.756% 2.616%
Grace
Current 0.498% $ 6,050,194.13 $ 5,358,241.60 0.665% 0.619%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 2.517% $ 31,125,188.42 $ 28,009,834.19 3.421% 3.235%
- -----------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 72.516% $619,740,181.38 $582,278,401.33 68.125% 67.244%
31-60 Days Delinquent 3.660% $ 40,209,596.99 $ 32,364,299.88 4.420% 3.737%
61-90 Days Delinquent 1.672% $ 18,203,760.02 $ 16,181,644.67 2.001% 1.869%
91-120 Days Delinquent 0.758% $ 9,795,923.81 $ 7,601,976.93 1.077% 0.878%
> 120 Days Delinquent 0.730% $ 10,594,473.09 $ 6,850,897.32 1.165% 0.791%
Deferment
Current 11.238% $101,060,839.47 $113,546,079.33 11.109% 13.113%
Forbearance
Current 6.544% $ 75,211,263.63 $ 75,990,695.53 8.267% 8.776%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 97.118% $874,816,038.39 $834,813,994.99 96.164% 96.408%
- -----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.357% $ 3,702,139.36 $ 3,012,554.01 0.407% 0.348%
Aged Claims Rejected (2) 0.008% $ 72,056.76 $ 77,151.78 0.008% 0.009%
- -----------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 100.000% $909,715,422.93 $865,913,534.97 100.000% 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. 1996-1 Portfolio Characteristics by School and Program 3/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 2.005% 0.304% 0.000% 0.000% 0.199% 0.048% 0.000% 0.000%
Grace
Current 0.439% 0.082% 0.000% 0.000% 0.060% 0.013% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 2.444% 0.386% 0.000% 0.000% 0.259% 0.061% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 42.822% 5.928% 3.772% 4.249% 3.575% 0.655% 0.195% 0.518%
31-60 Days Delinquent 2.047% 0.247% 0.215% 0.290% 0.311% 0.052% 0.013% 0.051%
61-90 Days Delinquent 0.954% 0.120% 0.106% 0.141% 0.185% 0.027% 0.006% 0.034%
91-120 Days Delinquent 0.451% 0.061% 0.045% 0.059% 0.097% 0.013% 0.002% 0.014%
> 120 Days Delinquent 0.375% 0.046% 0.023% 0.056% 0.102% 0.013% 0.001% 0.011%
Deferment
Current 8.310% 1.071% 0.673% 1.012% 0.862% 0.175% 0.035% 0.142%
Forbearance
Current 4.637% 0.685% 0.353% 0.944% 0.746% 0.121% 0.022% 0.144%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 59.596% 8.158% 5.187% 6.751% 5.878% 1.056% 0.274% 0.914%
- -------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.169% 0.015% 0.009% 0.017% 0.056% 0.010% 0.001% 0.008%
Aged Claims Rejected (2) 0.003% 0.000% 0.000% 0.003% 0.002% 0.001% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 62.212% 8.559% 5.196% 6.771% 6.195% 1.128% 0.275% 0.922%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.738% 8.520%
- -------------------------------------------------------------------------------------------------------------------------------
<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 0.030% 0.008% 0.000% 0.000% 0.017% 0.005% 0.000% 0.000%
Grace
Current 0.014% 0.004% 0.000% 0.000% 0.004% 0.003% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.044% 0.012% 0.000% 0.000% 0.021% 0.008% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 2.794% 0.640% 0.505% 1.142% 0.312% 0.025% 0.018% 0.094%
31-60 Days Delinquent 0.292% 0.061% 0.030% 0.102% 0.015% 0.001% 0.003% 0.007%
61-90 Days Delinquent 0.159% 0.034% 0.019% 0.075% 0.007% 0.000% 0.001% 0.001%
91-120 Days Delinquent 0.072% 0.016% 0.003% 0.031% 0.010% 0.001% 0.000% 0.003%
> 120 Days Delinquent 0.100% 0.017% 0.004% 0.041% 0.001% 0.000% 0.000% 0.001%
Deferment
Current 0.418% 0.083% 0.037% 0.158% 0.078% 0.019% 0.005% 0.035%
Forbearance
Current 0.571% 0.121% 0.051% 0.238% 0.076% 0.017% 0.006% 0.044%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 4.406% 0.972% 0.649% 1.787% 0.499% 0.063% 0.033% 0.185%
- -------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.039% 0.008% 0.001% 0.014% 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 4.489% 0.992% 0.650% 1.801% 0.521% 0.071% 0.033% 0.185%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 7.932% 0.810%
- -------------------------------------------------------------------------------------------------------------------------------
</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 2.309% 0.247% 0.038% 0.022% 2.616%
Grace
Current 0.521% 0.073% 0.018% 0.007% 0.619%
- -------------------------------------------------------------------------------------------
TOTAL INTERIM 2.830% 0.320% 0.056% 0.029% 3.235%
- -------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 56.771% 4.943% 5.081% 0.449% 67.244%
31-60 Days Delinquent 2.799% 0.427% 0.485% 0.026% 3.737%
61-90 Days Delinquent 1.321% 0.252% 0.287% 0.009% 1.869%
91-120 Days Delinquent 0.616% 0.126% 0.122% 0.014% 0.878%
> 120 Days Delinquent 0.500% 0.127% 0.162% 0.002% 0.791%
Deferment
Current 11.066% 1.214% 0.696% 0.137% 13.113%
Forbearance
Current 6.619% 1.033% 0.981% 0.143% 8.776%
- -------------------------------------------------------------------------------------------
TOTAL REPAYMENT 79.692% 8.122% 7.814% 0.780% 96.408%
- -------------------------------------------------------------------------------------------
Claims in Process (1) 0.210% 0.075% 0.062% 0.001% 0.348%
Aged Claims Rejected (2) 0.006% 0.003% 0.000% 0.000% 0.009%
- -------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.738% 8.520% 7.932% 0.810% 100.000%
- -------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
- --------------------------------------------------------------------------------
VI. 1996-1 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 15,432,212.66
B Interest Subsidy Payments Accrued During Collection Period $ 2,442,975.49
C SAP Payments Accrued During Collection Period $ 47,109.64
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 50,780.95
E Investment Earnings (ADMINISTRATOR ACT) $ 381,313.56
---------------
F Net Expected Interest Collections $ 18,354,392.30
G Student Loan Rate
i Days in Collection Period (1/1/99-3/31/99) 90
ii Days in Year 365
iii Net Expected Interest Collections $ 18,354,392.30
iv Primary Servicing Fee $ 1,717,962.40
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $917,075,825.38
vii Student Loan Rate 7.34823%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.06668%
I Class A-1 Interest Rate 0.012632000 (1/25/99-4/26/99) 5.06668%
J Class A-2 T-Bill Based Interest Rate 5.25668%
K Class A-2 Interest Rate 0.013105699 (1/25/99-4/26/99) 5.25668%
L Certificate T-Bill Based Rate of Return 5.48668%
M Certificate Rate of Return 0.013679123 (1/25/99-4/26/99) 5.48668%
</TABLE>
- --------------------------------------------------------------------------------
6
<PAGE>
- --------------------------------------------------------------------------------
VII. 1996-1 Inputs From Previous Quarterly Servicing Reports 12/31/98
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 909,715,422.93
ii Interest To Be Capitalized $ 7,360,402.45
----------------
iii Total Student Loan Pool Outstanding $ 917,075,825.38
================
B Total Note and Certificate Factor 0.61138388359
C Total Note and Certificate Balance $ 917,075,825.38
--------------------------------------------------------------------------------------------------------------
D Note Balance 1/25/99 Class A-1 Class A-2 Certificates
--------------------------------------------------------------------------------------------------------------
i Current Factor-1/25/99 0.4015152211 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 391,075,825.38 $ 473,500,000.00 $ 52,500,000.00
------------------------------------------------------
iv Note Balance $ 391,075,825.38 $ 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 $ 2,292,689.56
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>
- --------------------------------------------------------------------------------
VIII. 1996-1 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds (Section III E + Section VI-D) $ 61,727,557.88 $ 61,727,557.88
B Primary Servicing Fees-Current Month $ 564,852.75 $ 61,162,705.13
C Administration Fee $ 20,000.00 $ 61,142,705.13
D Noteholder's Interest Distribution Amount
i Class A-1 $ 4,940,069.83 $ 56,202,635.30
ii Class A-2 $ 6,205,548.48 $ 49,997,086.82
----------------
iii Total Noteholder's Interest Distribution $ 11,145,618.31
E Certificateholder's Return Distribution Amount $ 718,153.96 $ 49,278,932.86
F Noteholder's Principal Distribution Amount
i Class A-1 $ 43,403,498.57 $ 5,875,434.29
ii Class A-2 $ 0.00 $ 5,875,434.29
----------------
iii Total Noteholder's Principal Distribution $ 43,403,498.57
G Certificateholder's Balance Distribution Amount $ 0.00 $ 5,875,434.29
H Increase to the Specified Reserve Account Balance $ 0.00 $ 5,875,434.29
I Carryover Servicing Fees $ 729,136.13 $ 5,146,298.16
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 5,146,298.16
i Class A-2 $ 0.00 $ 5,146,298.16
----------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 5,146,298.16
L Excess to Reserve Account $ 5,146,298.16 $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
8
<PAGE>
- --------------------------------------------------------------------------------
IX. 1996-1 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 4,940,069.83 $ 6,205,548.48 $ 718,153.96
ii Quarterly Interest Paid $ 4,940,069.83 $ 6,205,548.48 $ 718,153.96
---------------- -------------- --------------
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 $ 43,403,498.57 $ 0.00 $ 0.00
viii Quarterly Principal Paid $ 43,403,498.57 $ 0.00 $ 0.00
---------------- -------------- --------------
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
-----------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 48,343,568.40 $ 6,205,548.48 $ 718,153.96
-----------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 3/31/99 $ 917,075,825.38
ii Pool Balance 3/31/99 $ 873,672,326.81
----------------
iii Pool Exceeding Notes and Certificate Balance (i-ii) $ 43,403,498.57
----------------
iv Principal Distribution Amount $ 43,403,498.57
================
C Total Principal Distribution $ 43,403,498.57
D Total Interest Distribution $ 11,863,772.27
----------------
E Total Cash Distributions-Note and Certificates $ 55,267,270.84
-------------------------------------------------------------------------------------------
F Note & Certificate Balances 01/25/99 04/26/99
-------------------------------------------------------------------------------------------
i A-1 Note Balance (795452AD3) $ 391,075,825.38 $ 347,672,326.81
A-1 Note Pool Factor 0.4015152211 0.3569531076
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 $ 2,292,689.56
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ 5,146,298.16
----------------
iv Total Reserve Account Balance Available $ 7,438,987.72
v Required Reserve Account Balance $ 2,184,180.82
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to SLM Funding Corp $ 5,254,806.90
viii Ending Reserve Account Balance $ 2,184,180.82
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1996-1 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------
1998 1997 1996
------------------------------------------------------------------------------
1/1/99-3/31/99 1/1/98-12/31/98 1/1/97-12/31/97 2/6/96-12/31/96
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $909,715,422.93 $1,076,337,722.21 $1,287,751,841.38 $1,489,927,280.77
- ---------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 39,443,775.06 $ 147,964,334.46 $ 152,706,153.19 $ 147,874,732.04
ii Principal Collections from Guarantor 5,350,052.79 32,566,460.78 46,996,163.24 29,847,763.18
iii Principal Reimbursements 1,980,234.80 1,333,102.89 29,266,752.77 42,577,857.53
iv Other System Adjustments -- -- -- (17,470.68)
------------------------------------------------------------------------------
v Total Principal Collections $ 46,774,062.65 $ 181,863,898.13 $ 228,969,069.20 $ 220,282,882.07
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 898,616.99 $ 2,907,289.96 $ 3,748,261.52 $ 4,242,528.79
ii Capitalized Interest (3,870,791.68) (18,148,888.81) (21,303,211.55) (22,349,971.47)
------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (2,972,174.69) $ (15,241,598.85) $ (17,554,950.03) $ (18,107,442.68)
- ---------------------------------------------------------------------------------------------------------------------------------
(-)Total Student Loan Principal Activity $ 43,801,887.96 $ 166,622,299.28 $ 211,414,119.17 $ 202,175,439.39
- ---------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 12,383,811.54 $ 54,894,488.37 $ 61,888,095.43 $ 61,347,900.36
ii Interest Claims Received from Guarantors 317,687.55 1,986,953.92 2,897,580.06 1,815,321.58
iii Late Fee Reimbursements 284,836.96 277,552.36 -- --
iv Interest Reimbursements 35,156.56 110,524.88 436,782.68 501,291.36
v Other System Adjustments -- -- -- 8,773.93
vi Special Allowance Payments 42,732.32 1,722,657.22 2,573,916.66 2,111,104.86
vii Interest Subsidy Payments 2,454,629.18 11,651,607.43 18,055,179.16 17,549,626.88
------------------------------------------------------------------------------
viii Total Interest Collections $ 15,518,854.11 $ 70,643,784.18 $ 85,851,553.99 $ 83,334,018.97
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (834,789.09) $ (2,481,449.06) $ (3,154,064.14) $ (3,876,816.64)
ii Capitalized Interest 3,870,791.68 18,148,888.81 21,303,211.55 22,349,971.47
------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 3,036,002.59 $ 15,667,439.75 $ 18,149,147.41 $ 18,473,154.83
------------------------------------------------------------------------------
Total Student Loan Interest Activity $ 18,554,856.70 $ 86,311,223.93 $ 104,000,701.40 $ 101,807,173.80
(=)Ending Student Loan Portfolio Balance $865,913,534.97 $ 909,715,422.93 $1,076,337,722.21 $1,287,751,841.38
- ---------------------------------------------------------------------------------------------------------------------------------
(+)Interest to be Capitalized $ 7,758,791.84 $ 7,360,402.45 $ 8,040,248.28 $ 9,711,152.12
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
(=)TOTAL POOL $873,672,326.81 $ 917,075,825.38 $1,084,377,970.49 $1,297,462,993.50
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1995-1 Payment History and CPRs
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Distribution Actual Since Issued
Date Pool Balances CPR *
<S> <C> <C>
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%
Apr-99 $ 873,672,327 5.06%
</TABLE>
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool
data.
- --------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1996-2
Quarterly Servicing Report
Report Date: 3/31/99 Reporting Period: 1/1/99-3/31/99
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 12/31/98 Activity 03/31/99
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 983,303,642.95 $ (44,310,129.27) $ 938,993,513.68
ii Interest to be Capitalized 10,283,328.75 10,670,401.42
---------------- ----------------
iii Total Pool $ 993,586,971.70 $ 949,663,915.10
---------------- ----------------
---------------- ----------------
B i Weighted Average Coupon (WAC) 8.2266% 8.2273%
ii Weighted Average Remaining Term 94.47 93.82
iii Number of Loans 450,212 432,897
iv Number of Borrowers 185,242 177,616
-------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 1/25/99 % of Pool Balance 4/26/99 % of Pool
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAA4 0.51% $ 453,556,971.70 45.649% $ 409,633,915.10 43.135%
ii A-2 Notes 78442GAB2 0.71% 487,000,000.00 49.014% 487,000,000.00 51.281%
iii Certificates 78442GAC0 0.96% 53,030,000.00 5.337% 53,030,000.00 5.584%
--------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 993,586,971.70 100.000% $ 949,663,915.10 100.000%
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
Reserve Account 01/25/99 04/26/99
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,483,967.43 $ 2,374,159.79
iv Reserve Account Floor Balance ($) $ 1,515,030.00 $ 1,515,030.00
v Current Reserve Acct Balance ($) $ 2,483,967.43 $ 2,374,159.79
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
1
<PAGE>
- --------------------------------------------------------------------------------
II. 1996-2 Transactions from: 01/01/99 through: 03/31/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $39,259,855.76
ii Principal Collections from Guarantor $ 6,811,368.00
iii Principal Reimbursements $ 1,952,828.03
iv Other System Adjustments $ 0.00
--------------
v Total Principal Collections $48,024,051.79
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 921,649.52
ii Capitalized Interest $(4,635,572.04)
--------------
iii Total Non-Cash Principal Activity $(3,713,922.52)
-------------------------------------------------------------------------
C Total Student Loan Principal Activity $44,310,129.27
-------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $12,526,354.42
ii Interest Claims Received from Guarantors $ 397,961.26
iii Late Fee Reimbursements $ 288,493.20
iv Interest Reimbursements $ 23,599.94
v Other System Adjustments $ 0.00
vi Special Allowance Payments $ 4,793.14
vii Subsidy Payments $ 3,133,420.84
--------------
viii Total Interest Collections $16,374,622.80
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (805,748.99)
ii Capitalized Interest $ 4,635,572.04
--------------
iii Total Non-Cash Interest Adjustments $ 3,829,823.05
-------------------------------------------------------------------------
F Total Student Loan Interest Activity $20,204,445.85
-------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
2
<PAGE>
- --------------------------------------------------------------------------------
III. 1996-2 Collection Account Activity 01/01/99 through 03/31/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $46,071,223.76
ii Cash Forwarded by Administrator on behalf of Seller $ 93,100.09
iii Cash Forwarded by Administrator on behalf of Servicer $ 1,918.75
iv Cash Forwarded by Administrator for Consolidation Activity $ 1,857,809.19
--------------
v Total Principal Collections $48,024,051.79
B Interest Collections
i Interest Payments Received-Cash $16,062,529.66
ii Cash Forwarded by Administrator on behalf of Seller $ (5,590.73)
iii Cash Forwarded by Administrator on behalf of Servicer $ 9,916.84
iv Cash Forwarded by Administrator for Consolidation Activity $ 19,273.83
v Cash Forwarded by Administrator for Late Fee Activity $ 288,493.20
--------------
vi Total Interest Collections $16,374,622.80
C Other Reimbursements $ 109,106.50
D Administrator Account Investment Income $ 399,775.66
E TOTAL FUNDS RECEIVED $64,907,656.75
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $(1,663,396.16)
-------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $63,244,160.59
-------------------------------------------------------------------------------------
F Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 815,457.72
ii Percentage of Principal Calculation $ 1,091,184.29
iii Lesser of Unit or Principal Calculation $ 815,457.72
G Servicing Fees Due for Current Period $ 815,457.72
H Carryover Servicing Fees Due $ 829,956.80
JAN 1999 Servicing Carryover $ 285,311.15
FEB 1999 Servicing Carryover $ 280,754.67
MAR 1999 Servicing Carryover $ 275,726.57
------------
$ 841,792.39
Less: Servicing ADJ [A iii + B iii] $ (11,835.59)
------------
TOTAL: Carryover Servicing Fee Due $ 829,956.80
------------
------------
I Administration Fees Due $ 20,000.00
-------------------------------------------------------------------------------------
J Total Fees Due for Period $ 1,665,414.52
-------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
3
<PAGE>
- --------------------------------------------------------------------------------
IV. 1996-2 Portfolio Characteristics
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- -----------------------------------------------------------------------------------------------------------------------
STATUS 12/31/98 3/31/99 12/31/98 3/31/99 12/31/98
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 8.145% 8.144% 17,949 16,272 3.987%
Grace
Current 8.164% 8.165% 4,834 4,521 1.074%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.149% 8.148% 22,783 20,793 5.061%
- -----------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.227% 8.229% 315,289 300,986 70.031%
31-60 Days Delinquent 8.258% 8.254% 19,489 15,551 4.329%
61-90 Days Delinquent 8.253% 8.251% 8,947 8,130 1.987%
91-120 Days Delinquent 8.261% 8.261% 4,872 3,891 1.082%
> 120 Days Delinquent 8.249% 8.259% 5,399 3,455 1.199%
Deferment
Current 8.225% 8.226% 41,528 47,684 9.224%
Forbearance
Current 8.248% 8.248% 29,761 30,638 6.610%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.232% 8.232% 425,285 410,335 94.462%
- -----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.282% 8.261% 2,092 1,739 0.465%
Aged Claims Rejected (2) 8.279% 8.286% 52 30 0.012%
- -----------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.227% 8.227% 450,212 432,897 100.000%
- -----------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------
% Principal Amount %
- -----------------------------------------------------------------------------------------------------------------------
STATUS 3/31/99 12/31/98 3/31/99 12/31/98 3/31/99
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 3.759% $ 49,121,508.33 $ 44,697,952.14 4.996% 4.760%
Grace
Current 1.044% $ 12,950,784.36 $ 12,020,596.76 1.317% 1.280%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 4.803% $ 62,072,292.69 $ 56,718,548.90 6.313% 6.040%
- -----------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 69.528% $ 634,203,047.10 $ 595,615,024.56 64.497% 63.431%
31-60 Days Delinquent 3.592% $ 43,713,064.00 $ 35,589,132.64 4.446% 3.790%
61-90 Days Delinquent 1.878% $ 21,402,082.63 $ 20,140,633.02 2.177% 2.145%
91-120 Days Delinquent 0.899% $ 11,557,578.34 $ 9,913,813.07 1.175% 1.056%
> 120 Days Delinquent 0.798% $ 12,865,885.88 $ 8,499,450.77 1.308% 0.905%
Deferment
Current 11.015% $ 107,790,807.47 $ 120,871,834.58 10.962% 12.873%
Forbearance
Current 7.078% $ 84,650,869.84 $ 87,792,062.05 8.609% 9.350%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 94.788% $ 916,183,335.26 $ 878,421,950.69 93.174% 93.550%
- -----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.402% $ 4,925,642.80 $ 3,795,383.96 0.501% 0.404%
Aged Claims Rejected (2) 0.007% $ 122,372.20 $ 57,630.13 0.012% 0.006%
- -----------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 100.000% $ 983,303,642.95 $ 938,993,513.68 100.000% 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. 1996-2 Portfolio Characteristics by School and Program 3/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 3.112% 0.837% 0.000% 0.000% 0.438% 0.129% 0.000% 0.000%
Grace
Current 0.754% 0.211% 0.000% 0.000% 0.135% 0.039% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 3.866% 1.048% 0.000% 0.000% 0.573% 0.168% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 40.080% 7.627% 1.845% 2.001% 4.220% 1.037% 0.140% 0.231%
31-60 Days Delinquent 2.000% 0.375% 0.108% 0.168% 0.386% 0.090% 0.008% 0.027%
61-90 Days Delinquent 1.088% 0.224% 0.045% 0.087% 0.242% 0.050% 0.003% 0.013%
91-120 Days Delinquent 0.529% 0.129% 0.020% 0.053% 0.120% 0.030% 0.001% 0.004%
> 120 Days Delinquent 0.410% 0.075% 0.021% 0.040% 0.118% 0.033% 0.001% 0.007%
Deferment
Current 7.669% 1.544% 0.352% 0.675% 1.089% 0.259% 0.020% 0.094%
Forbearance
Current 4.813% 1.118% 0.174% 0.586% 0.926% 0.219% 0.017% 0.078%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 56.589% 11.092% 2.565% 3.610% 7.101% 1.718% 0.190% 0.454%
- -------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.171% 0.031% 0.011% 0.011% 0.057% 0.013% 0.000% 0.004%
Aged Claims Rejected (2) 0.003% 0.000% 0.000% 0.001% 0.001% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 60.629% 12.171% 2.576% 3.622% 7.732% 1.899% 0.190% 0.458%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 78.998% 10.279%
- -------------------------------------------------------------------------------------------------------------------------------
<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 0.097% 0.051% 0.000% 0.000% 0.052% 0.044% 0.000% 0.000%
Grace
Current 0.057% 0.034% 0.000% 0.000% 0.026% 0.024% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.154% 0.085% 0.000% 0.000% 0.078% 0.068% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 3.483% 1.469% 0.379% 0.519% 0.274% 0.063% 0.006% 0.057%
31-60 Days Delinquent 0.343% 0.144% 0.030% 0.068% 0.023% 0.010% 0.000% 0.010%
61-90 Days Delinquent 0.225% 0.092% 0.009% 0.040% 0.014% 0.007% 0.000% 0.006%
91-120 Days Delinquent 0.106% 0.033% 0.005% 0.018% 0.005% 0.003% 0.000% 0.000%
> 120 Days Delinquent 0.121% 0.048% 0.004% 0.020% 0.002% 0.003% 0.000% 0.002%
Deferment
Current 0.567% 0.218% 0.015% 0.127% 0.130% 0.072% 0.002% 0.040%
Forbearance
Current 0.758% 0.326% 0.026% 0.136% 0.079% 0.060% 0.001% 0.033%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 5.603% 2.330% 0.468% 0.928% 0.527% 0.218% 0.009% 0.148%
- -------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.064% 0.031% 0.002% 0.007% 0.001% 0.000% 0.000% 0.001%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 5.822% 2.446% 0.470% 0.935% 0.606% 0.286% 0.009% 0.149%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 9.673% 1.050%
- -------------------------------------------------------------------------------------------------------------------------------
</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 3.949% 0.567% 0.148% 0.096% 4.760%
Grace
Current 0.965% 0.174% 0.091% 0.050% 1.280%
- -------------------------------------------------------------------------------------------
TOTAL INTERIM 4.914% 0.741% 0.239% 0.146% 6.040%
- -------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 51.553% 5.628% 5.850% 0.400% 63.431%
31-60 Days Delinquent 2.651% 0.511% 0.585% 0.043% 3.790%
61-90 Days Delinquent 1.444% 0.308% 0.366% 0.027% 2.145%
91-120 Days Delinquent 0.731% 0.155% 0.162% 0.008% 1.056%
> 120 Days Delinquent 0.546% 0.159% 0.193% 0.007% 0.905%
Deferment
Current 10.240% 1.462% 0.927% 0.244% 12.873%
Forbearance
Current 6.691% 1.240% 1.246% 0.173% 9.350%
- -------------------------------------------------------------------------------------------
TOTAL REPAYMENT 73.856% 9.463% 9.329% 0.902% 93.550%
- -------------------------------------------------------------------------------------------
Claims in Process (1) 0.224% 0.074% 0.104% 0.002% 0.404%
Aged Claims Rejected (2) 0.004% 0.001% 0.001% 0.000% 0.006%
- -------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 78.998% 10.279% 9.673% 1.050% 100.000%
- -------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
- --------------------------------------------------------------------------------
VI. 1996-2 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 16,433,012.13
B Interest Subsidy Payments Accrued During Collection Period $ 2,938,817.84
C SAP Payments Accrued During Collection Period $ 10,368.05
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 54,911.81
E Investment Earnings (ADMINISTRATOR ACT) $ 399,775.66
----------------
F Net Expected Interest Collections $ 19,836,885.49
G Student Loan Rate
i Days in Collection Period (1/1/99 - 3/31/99) 90
ii Days in Year 365
iii Net Expected Interest Collections $ 19,836,885.49
iv Primary Servicing Fee $ 2,478,853.88
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 993,586,971.70
vii Student Loan Rate 7.07692%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.01668%
I Class A-1 Interest Rate 0.012507342 (1/25/99-4/26/99) 5.01668%
J Class A-2 T-Bill Based Interest Rate 5.21668%
K Class A-2 Interest Rate 0.013005973 (1/25/99-4/26/99) 5.21668%
L Certificate T-Bill Based Rate of Return 5.46668%
M Certificate Rate of Return 0.013629260 (1/25/99-4/26/99) 5.46668%
</TABLE>
- --------------------------------------------------------------------------------
6
<PAGE>
- --------------------------------------------------------------------------------
VII. 1996-2 Inputs From Previous Quarterly Servicing Reports 12/31/98
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 983,303,642.95
ii Interest To Be Capitalized $ 10,283,328.75
----------------
iii Total Student Loan Pool Outstanding $ 993,586,971.70
----------------
----------------
B Total Note and Certificate Factor 0.65581999809
C Total Note and Certificate Balance $ 993,586,971.70
--------------------------------------------------------------------------------------------------------------
D Note Balance 1/25/99 Class A-1 Class A-2 Certificates
--------------------------------------------------------------------------------------------------------------
i Current Factor-1/25/99 0.4651866376 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 453,556,971.70 $ 487,000,000.00 $ 53,030,000.00
---------------- ---------------- ----------------
iv Note Balance $ 453,556,971.70 $ 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 $ 2,483,967.43
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>
- --------------------------------------------------------------------------------
VIII. 1996-2 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds ( Sections III -E + VI-D) $ 63,299,072.40 $ 63,299,072.40
B Primary Servicing Fees-Current Month $ 815,457.72 $ 62,483,614.68
C Administration Fee $ 20,000.00 $ 62,463,614.68
D Noteholder's Interest Distribution Amount
i Class A-1 $ 5,672,792.16 $ 56,790,822.52
ii Class A-2 $ 6,333,908.85 $ 50,456,913.67
----------------
iii Total Noteholder's Interest Distribution $ 12,006,701.01
E Certificateholder's Return Distribution Amount $ 722,759.66 $ 49,734,154.01
F Noteholder's Principal Distribution Amount
i Class A-1 $ 43,923,056.60 $ 5,811,097.41
ii Class A-2 $ 0.00 $ 5,811,097.41
----------------
iii Total Noteholder's Principal Distribution $ 43,923,056.60
G Certificateholder's Balance Distribution Amount $ 0.00 $ 5,811,097.41
H Increase to the Specified Reserve Account Balance $ 0.00 $ 5,811,097.41
I Carryover Servicing Fees $ 829,956.80 $ 4,981,140.61
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 4,981,140.61
i Class A-2 $ 0.00 $ 4,981,140.61
----------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 4,981,140.61
L Excess to Reserve Account $ 4,981,140.61 $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
8
<PAGE>
- --------------------------------------------------------------------------------
IX. 1996-2 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 5,672,792.16 $6,333,908.85 $ 722,759.66
ii Quarterly Interest Paid $ 5,672,792.16 $6,333,908.85 $ 722,759.66
--------------- ------------- -------------
iii Interest Shortfall $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid $ 0.00 $ 0.00 $ 0.00
--------------- ------------- -------------
vi Interest Carryover $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 43,923,056.60 $ 0.00 $ 0.00
viii Quarterly Principal Paid $ 43,923,056.60 $ 0.00 $ 0.00
--------------- ------------- -------------
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 49,595,848.76 $6,333,908.85 $ 722,759.66
--------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 3/31/99 $993,586,971.70
ii Pool Balance 3/31/99 $949,663,915.10
iii Pool Exceeding Notes and Certificate Balance (i-ii) $ 43,923,056.60
---------------
iv Principal Distribution Amount $ 43,923,056.60
===============
C Total Principal Distribution $ 43,923,056.60
D Total Interest Distribution $ 12,729,460.67
---------------
E Total Cash Distributions-Note and Certificates $ 56,652,517.27
-------------------------------------------------------------------------------------------
F Note & Certificate Balances 01/25/99 04/26/99
-------------------------------------------------------------------------------------------
i A-1 Note Balance (78442GAA4) $453,556,971.70 $409,633,915.10
A-1 Note Pool Factor 0.4651866376 0.4201373488
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 $2,483,967.43
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $4,981,140.61
-------------
iv Total Reserve Account Balance Available $7,465,108.04
v Required Reserve Account Balance $2,374,159.79
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to SLM Funding Corp. $5,090,948.25
viii Ending Reserve Account Balance $2,374,159.79
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1996-2 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------
1998 1997 1996
------------------------------------------------------------------------------
1/1/99-3/31/99 1/1/98-12/31/98 1/1/97-12/31/97 4/8/96-12/31/96
<S> <C> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $983,303,642.95 $1,157,119,554.57 $1,368,940,609.46 $1,499,948,797.64
- ----------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 39,259,855.76 $ 149,949,538.87 $ 145,473,007.92 $ 104,817,308.47
ii Principal Collections from Guarantor 6,811,368.00 40,352,210.15 54,514,426.98 14,273,213.40
iii Principal Reimbursements 1,952,828.03 1,797,228.48 32,082,819.65 30,227,142.04
iv Other System Adjustments -- -- (0.00) (7,802.11)
-------------------------------------------------------------------------------
v Total Principal Collections $ 48,024,051.79 $ 192,098,977.50 $ 232,070,254.55 $ 149,309,861.80
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 921,649.52 $ 3,182,463.99 $ 3,855,960.11 $ 2,791,175.23
ii Capitalized Interest (4,635,572.04) (21,465,529.87) (24,105,159.77) (21,092,848.85)
-------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (3,713,922.52) $ (18,283,065.88) $ (20,249,199.66) $ (18,301,673.62)
- ----------------------------------------------------------------------------------------------------------------------------------
(-)Total Student Loan Principal Activity $ 44,310,129.27 $ 173,815,911.62 $ 211,821,054.89 $ 131,008,188.18
- ----------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 12,526,354.42 $ 54,432,803.82 $ 59,086,651.06 $ 43,848,689.58
ii Interest Claims Received from Guarantors 397,961.26 2,490,544.07 3,409,775.51 844,828.73
iii Late Fee Reimbursements 288,493.20 307,279.69 1.27 --
iv Interest Reimbursements 23,599.94 128,279.84 569,993.65 418,023.61
v Other System Adjustments -- -- -- (2,057.69)
vi Special Allowance Payments 4,793.14 1,384,583.73 2,071,430.41 1,356,833.19
vii Subsidy Payments 3,133,420.84 15,657,130.90 24,308,423.57 16,922,688.94
-------------------------------------------------------------------------------
viii Total Interest Collections $ 16,374,622.80 $ 74,400,622.05 $ 89,446,275.47 $ 63,389,006.36
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (805,748.99) $ (2,504,011.63) $ (2,963,405.97) $ (2,588,185.48)
ii Capitalized Interest 4,635,572.04 21,465,529.87 24,105,159.77 21,092,848.85
-------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 3,829,823.05 $ 18,961,518.24 $ 21,141,753.80 $ 18,504,663.37
-------------------------------------------------------------------------------
Total Student Loan Interest Activity $ 20,204,445.85 $ 93,362,140.29 $ 110,588,029.27 $ 81,893,669.73
(=)Ending Student Loan Portfolio Balance $938,993,513.68 $ 983,303,642.95 $1,157,119,554.57 $1,368,940,609.46
- ----------------------------------------------------------------------------------------------------------------------------------
(+)Interest to be Capitalized $ 10,670,401.42 $ 10,283,328.75 $ 11,609,569.57 $ 13,686,568.72
- ----------------------------------------------------------------------------------------------------------------------------------
(=)TOTAL POOL $949,663,915.10 $ 993,586,971.70 $1,168,729,124.14 $1,382,627,178.18
</TABLE>
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1996-2 Payment History and CPRs
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Distribution Actual Since Issued
Date Pool Balances CPR *
<S> <C> <C>
Apr-96 $1,517,607,923 --
Jul-96 $1,483,611,074 4.11%
Oct-96 $1,435,808,978 5.25%
Jan-97 $1,382,627,178 6.20%
Apr-97 $1,326,256,378 6.80%
Jul-97 $1,270,438,672 7.10%
Oct-97 $1,221,695,246 7.02%
Jan-98 $1,168,729,124 7.15%
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%
Apr-99 $ 949,663,915 5.47%
* "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 1996-3
Quarterly Servicing Report
Report Date: 03/31/99 Reporting Period: 1/1/99-3/31/99
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 12/31/98 Activity 03/31/99
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $1,083,954,845.53 $(39,833,690.39) $1,044,121,155.14
ii Interest to be Capitalized 13,191,211.43 14,011,587.78
----------------- -----------------
iii Total Pool $1,097,146,056.96 $1,058,132,742.92
iv Specified Reserve Account Balance 2,742,865.14 2,645,331.86
----------------- -----------------
v Total Adjusted Pool $1,099,888,922.10 $1,060,778,074.78
----------------- -----------------
----------------- -----------------
B i Weighted Average Coupon (WAC) 8.2339% 8.2342%
ii Weighted Average Remaining Term 99.97 98.99
iii Number of Loans 406,050 394,946
iv Number of Borrowers 159,655 154,643
--------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 1/25/99 % of Pool Balance 4/26/99 % of Pool
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAD8 0.49% $ 494,138,922.10 44.926% $ 455,028,074.78 42.896%
ii A-2 Notes 78442GAE6 0.68% 553,000,000.00 50.278% 553,000,000.00 52.131%
iii Certificates 78442GAF3 0.95% 52,750,000.00 4.796% 52,750,000.00 4.973%
--------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $1,099,888,922.10 100.000% $1,060,778,074.78 100.000%
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
Reserve Account 01/25/99 04/26/99
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,742,865.14 $ 2,645,331.86
iv Reserve Account Floor Balance ($) $ 1,502,704.00 $ 1,502,704.00
v Current Reserve Acct Balance ($) $ 2,742,865.14 $ 2,645,331.86
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
1
<PAGE>
- --------------------------------------------------------------------------------
II. 1996-3 Transactions from: 01/1/99 through: 03/31/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $34,580,443.93
ii Principal Collections from Guarantor $ 6,962,455.98
iii Principal Reimbursements $ 2,422,860.10
iv Other System Adjustments $ 0.00
--------------
v Total Principal Collections $43,965,760.01
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 986,851.63
ii Capitalized Interest $(5,118,921.25)
--------------
iii Total Non-Cash Principal Activity $(4,132,069.62)
-------------------------------------------------------------------------
C Total Student Loan Principal Activity $39,833,690.39
-------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $13,363,504.80
ii Interest Claims Received from Guarantors $ 420,619.68
iii Late Fee Reimbursements $ 259,215.91
iv Interest Reimbursements $ 39,260.85
v Other System Adjustments $ 0.00
vi Special Allowance Payments $ 4,951.40
vii Subsidy Payments $ 3,652,134.80
--------------
viii Total Interest Collections $17,739,687.44
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (895,332.14)
ii Capitalized Interest $ 5,118,921.25
--------------
iii Total Non-Cash Interest Adjustments $ 4,223,589.11
-------------------------------------------------------------------------
F Total Student Loan Interest Activity $21,963,276.55
-------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
2
<PAGE>
- --------------------------------------------------------------------------------
III. 1996-3 Collection Account Activity 01/01/99 through 03/31/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $41,542,899.91
ii Cash Forwarded by Administrator on behalf of Seller $ 32,679.16
iii Cash Forwarded by Administrator on behalf of Servicer $ 15,717.54
iv Cash Forwarded by Administrator for Consolidation Activity $ 2,374,463.40
--------------
v Total Principal Collections $43,965,760.01
B Interest Collections
i Interest Payments Received-Cash $17,441,210.68
ii Cash Forwarded by Administrator on behalf of Seller $ 885.44
iii Cash Forwarded by Administrator on behalf of Servicer $ 10,101.60
iv Cash Forwarded by Administrator for Consolidation Activity $ 28,273.81
v Cash Forwarded by Administrator for Late Fee Activity $ 259,215.91
--------------
vi Total Interest Collections $17,739,687.44
C Other Reimbursements $ 198,497.99
D Administrator Account Investment Income $ 374,047.02
E Funds borrowed from next Collection Period $ 0.00
F TOTAL FUNDS RECEIVED $62,277,992.46
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $(1,496,574.24)
-------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $60,781,418.22
-------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 737,534.19
ii Percentage of Principal Calculation $ 1,033,099.24
iii Lesser of Unit or Principal Calculation $ 737,534.19
H Servicing Fees Due for Current Period $ 737,534.19
I Carryover Servicing Fees Due $ 874,961.55
JAN 1999 Servicing Carryover $ 304,880.92
FEB 1999 Servicing Carryover $ 300,334.72
MAR 1999 Servicing Carryover $ 295,565.05
------------
$ 900,780.69
Less: Servicing ADJ [A iii + B iii] $ (25,819.14)
------------
TOTAL: Carryover Servicing Fee Due $ 874,961.55
------------
------------
J Administration Fees Due $ 20,000.00
-------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,632,495.74
-------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
3
<PAGE>
- --------------------------------------------------------------------------------
IV. 1996-3 Portfolio Characteristics
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- -----------------------------------------------------------------------------------------------------------------------
STATUS 12/31/98 3/31/99 12/31/98 3/31/99 12/31/98
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.875% 7.870% 27,573 25,120 6.791%
Grace
Current 7.947% 7.943% 5,038 5,415 1.241%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.886% 7.883% 32,611 30,535 8.032%
- -----------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.282% 8.284% 266,789 258,074 65.703%
31-60 Days Delinquent 8.293% 8.300% 17,952 14,297 4.421%
61-90 Days Delinquent 8.306% 8.292% 8,637 7,839 2.127%
91-120 Days Delinquent 8.307% 8.285% 4,354 3,423 1.072%
> 120 Days Delinquent 8.288% 8.295% 5,010 3,223 1.234%
Deferment
Current 8.165% 8.168% 38,705 45,029 9.532%
Forbearance
Current 8.284% 8.286% 29,933 31,000 7.372%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.270% 8.270% 371,380 362,885 91.461%
- -----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.298% 8.302% 2,023 1,493 0.498%
Aged Claims Rejected (2) 8.193% 8.236% 36 33 0.009%
- -----------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.280% 8.234% 406,050 394,946 100.000%
- -----------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------
% Principal Amount %
- -----------------------------------------------------------------------------------------------------------------------
STATUS 3/31/99 12/31/98 3/31/99 12/31/98 3/31/99
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 6.360% $ 82,313,829.39 $ 74,979,251.93 7.594% 7.181%
Current 1.371% $ 15,204,314.78 $ 15,848,656.41 1.403% 1.518%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.731% $ 97,518,144.17 $ 90,827,908.34 8.997% 8.699%
- -----------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 65.344% $ 682,522,353.14 $ 643,797,696.56 62.966% 61.659%
31-60 Days Delinquent 3.620% $ 46,876,954.10 $ 37,582,734.10 4.325% 3.599%
61-90 Days Delinquent 1.985% $ 22,190,355.22 $ 21,965,721.88 2.047% 2.104%
91-120 Days Delinquent 0.867% $ 11,356,258.91 $ 9,647,966.16 1.047% 0.924%
> 120 Days Delinquent 0.816% $ 13,026,172.83 $ 8,601,189.67 1.202% 0.824%
Deferment
Current 11.401% $ 111,118,319.87 $ 126,575,109.40 10.251% 12.123%
Forbearance
Current 7.849% $ 94,238,228.11 $ 101,427,947.30 8.694% 9.714%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 91.882% $ 981,328,642.18 $ 949,598,365.07 90.532% 90.947%
- -----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.378% $ 5,028,947.55 $ 3,623,404.82 0.464% 0.347%
Aged Claims Rejected (2) 0.009% $ 79,111.63 $ 71,476.91 0.007% 0.007%
- -----------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 100.000% $1,083,954,845.53 $1,044,121,155.14 100.000% 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. 1996-3 Portfolio Characteristics by School and Program 3/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 4.704% 1.693% 0.000% 0.000% 0.429% 0.151% 0.000% 0.000%
Grace
Current 0.942% 0.351% 0.000% 0.000% 0.111% 0.042% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 5.646% 2.044% 0.000% 0.000% 0.540% 0.193% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 35.121% 7.596% 6.281% 2.740% 3.320% 0.743% 0.289% 0.361%
31-60 Days Delinquent 1.771% 0.321% 0.362% 0.159% 0.336% 0.062% 0.015% 0.044%
61-90 Days Delinquent 1.023% 0.210% 0.137% 0.121% 0.205% 0.051% 0.005% 0.027%
91-120 Days Delinquent 0.462% 0.120% 0.047% 0.041% 0.090% 0.022% 0.000% 0.012%
> 120 Days Delinquent 0.378% 0.083% 0.033% 0.041% 0.101% 0.023% 0.001% 0.014%
Deferment
Current 6.923% 1.734% 0.797% 0.660% 0.862% 0.207% 0.053% 0.092%
Forbearance
Current 4.614% 1.375% 0.556% 0.776% 0.802% 0.190% 0.020% 0.104%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 50.292% 11.439% 8.213% 4.538% 5.716% 1.298% 0.383% 0.654%
- -------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.152% 0.025% 0.019% 0.023% 0.047% 0.010% 0.001% 0.005%
Aged Claims Rejected (2) 0.002% 0.000% 0.000% 0.000% 0.003% 0.001% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 56.092% 13.508% 8.232% 4.561% 6.306% 1.502% 0.384% 0.659%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.393% 8.851%
- -------------------------------------------------------------------------------------------------------------------------------
<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 0.053% 0.037% 0.000% 0.000% 0.063% 0.051% 0.000% 0.000%
Grace
Current 0.023% 0.016% 0.000% 0.000% 0.015% 0.018% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.076% 0.053% 0.000% 0.000% 0.078% 0.069% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 2.551% 0.845% 0.389% 0.772% 0.348% 0.183% 0.011% 0.109%
31-60 Days Delinquent 0.284% 0.087% 0.033% 0.096% 0.016% 0.008% 0.002% 0.003%
61-90 Days Delinquent 0.166% 0.046% 0.017% 0.059% 0.020% 0.010% 0.000% 0.007%
91-120 Days Delinquent 0.075% 0.021% 0.006% 0.021% 0.002% 0.003% 0.001% 0.001%
> 120 Days Delinquent 0.090% 0.029% 0.004% 0.023% 0.002% 0.001% 0.000% 0.001%
Deferment
Current 0.354% 0.109% 0.031% 0.115% 0.091% 0.069% 0.004% 0.022%
Forbearance
Current 0.592% 0.206% 0.050% 0.183% 0.123% 0.091% 0.001% 0.031%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 4.112% 1.343% 0.530% 1.269% 0.602% 0.365% 0.019% 0.174%
- -------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.040% 0.010% 0.002% 0.010% 0.002% 0.001% 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 4.229% 1.406% 0.532% 1.279% 0.682% 0.435% 0.019% 0.174%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 7.446% 1.310%
- -------------------------------------------------------------------------------------------------------------------------------
</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 6.397% 0.580% 0.090% 0.114% 7.181%
Grace
Current 1.293% 0.153% 0.039% 0.033% 1.518%
- -------------------------------------------------------------------------------------------
TOTAL INTERIM 7.690% 0.733% 0.129% 0.147% 8.699%
- -------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 51.738% 4.713% 4.557% 0.651% 61.659%
31-60 Days Delinquent 2.613% 0.457% 0.500% 0.029% 3.599%
61-90 Days Delinquent 1.491% 0.288% 0.288% 0.037% 2.104%
91-120 Days Delinquent 0.670% 0.124% 0.123% 0.007% 0.924%
> 120 Days Delinquent 0.535% 0.139% 0.146% 0.004% 0.824%
Deferment
Current 10.114% 1.214% 0.609% 0.186% 12.123%
Forbearance
Current 7.321% 1.116% 1.031% 0.246% 9.714%
- -------------------------------------------------------------------------------------------
TOTAL REPAYMENT 74.482% 8.051% 7.254% 1.160% 90.947%
- -------------------------------------------------------------------------------------------
Claims in Process (1) 0.219% 0.063% 0.062% 0.003% 0.347%
Aged Claims Rejected (2) 0.002% 0.004% 0.001% 0.000% 0.007%
- -------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.393% 8.851% 7.446% 1.310% 100.000%
- -------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
- --------------------------------------------------------------------------------
VI. 1996-3 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 18,121,693.40
B Interest Subsidy Payments Accrued During Collection Period $ 3,250,201.84
C SAP Payments Accrued During Collection Period $ 9,014.17
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 56,062.45
E Investment Earnings (ADMINISTRATOR ACT) $ 374,047.02
-----------------
F Net Expected Interest Collections $ 21,811,018.88
G Student Loan Rate
i Days in Collection Period (1/1/99-3/31/99) 90
ii Days in Year 365
iii Net Expected Interest Collections $ 21,811,018.88
iv Primary Servicing Fee $ 2,234,108.43
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $1,097,146,056.96
vii Student Loan Rate 7.22913%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 4.99668%
I Class A-1 Interest Rate 0.012457479 (1/25/99-4/26/99) 4.99668%
J Class A-2 T-Bill Based Interest Rate 5.18668%
K Class A-2 Interest Rate 0.012931178 (1/25/99-4/26/99) 5.18668%
L Certificate T-Bill Based Rate of Return 5.45668%
M Certificate Rate of Return 0.013604329 (1/25/99-4/26/99) 5.45668%
</TABLE>
- --------------------------------------------------------------------------------
6
<PAGE>
- --------------------------------------------------------------------------------
VII. 1996-3 Inputs From Previous Quarterly Servicing Reports 12/31/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $1,083,954,845.53
ii Interest To Be Capitalized 13,191,211.43
-----------------
iii Total Pool $1,097,146,056.96
iv Specified Reserve Account Balance 2,742,865.14
-----------------
v Total Adjusted Pool Balance $1,099,888,922.10
=================
B Total Note and Certificate Factor 0.72997439662
C Total Note and Certificate Balance $1,099,888,922.10
-------------------------------------------------------------------------------------------------------------
D Note Balance 1/25/99 Class A-1 Class A-2 Certificates
-------------------------------------------------------------------------------------------------------------
i Current Factor-1/25/99 0.5484338758 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 494,138,922.10 $ 553,000,000.00 $ 52,750,000.00
----------------- ----------------- ---------------
iv Note Balance $ 494,138,922.10 $ 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 $ 2,742,865.14
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>
- --------------------------------------------------------------------------------
VIII. 1996-3 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds ( Sections III -F + VI-D) $ 60,837,480.67 $ 60,837,480.67
B Primary Servicing Fees-Current Month $ 737,534.19 $ 60,099,946.48
C Administration Fee $ 20,000.00 $ 60,079,946.48
D Noteholder's Interest Distribution Amount
i Class A-1 $ 6,155,725.25 $ 53,924,221.23
ii Class A-2 $ 7,150,941.43 $ 46,773,279.80
----------------
iii Total Noteholder's Interest Distribution $ 13,306,666.68
E Certificateholder's Return Distribution Amount $ 717,628.35 $ 46,055,651.45
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 39,110,847.32 $ 6,944,804.13
ii Class A-2 $ 0.00 $ 6,944,804.13
----------------
iii Total Noteholder's Principal Distribution $ 39,110,847.32
G Certificateholder's Balance Distribution Amount $ 0.00 $ 6,944,804.13
H Increase to the Specified Reserve Account Balance $ 0.00 $ 6,944,804.13
I Carryover Servicing Fees $ 874,961.55 $ 6,069,842.58
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 6,069,842.58
ii Class A-2 $ 0.00 $ 6,069,842.58
----------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 6,069,842.58
L Excess to Reserve Account $ 6,069,842.58 $ 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 $ 6,155,725.25 $7,150,941.43 $ 717,628.35
ii Quarterly Interest Paid 6,155,725.25 7,150,941.43 717,628.35
------------------ ------------- ------------
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 $ 39,110,847.32 $ 0.00 $ 0.00
viii Quarterly Principal Paid 39,110,847.32 0.00 0.00
------------------ ------------- ------------
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
-----------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 45,266,572.57 $7,150,941.43 $ 717,628.35
-----------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 3/31/99 $ 1,099,888,922.10
ii Adjusted Pool Balance 3/31/99 1,060,778,074.78
------------------
iii Adjusted Pool Exceeding Notes and Certificate
Balance (i-ii) $ 39,110,847.32
==================
iv Adjusted Pool Balance 12/31/99 $ 1,099,888,922.10
v Adjusted Pool Balance 3/31/99 1,060,778,074.78
------------------
vi Current Principal Due (iv-v) $ 39,110,847.32
vii Principal Shortfall from Previous Collection Period --
------------------
viii Principal Distribution Amount (vi + vii) $ 39,110,847.32
------------------
ix Principal Distribution Amount Paid $ 39,110,847.32
x Principal Shortfall (viii - ix) $ --
C Total Principal Distribution $ 39,110,847.32
D Total Interest Distribution 14,024,295.03
------------------
E Total Cash Distributions-Note and Certificates $ 53,135,142.35
---------------------------------------------------------------------------------------------
F Note & Certificate Balances 1/25/99 4/26/99
---------------------------------------------------------------------------------------------
i A-1 Note Balance (78442GAD8) $494,138,922.10 $ 455,028,074.78
A-1 Note Pool Factor 0.5484338758 0.5050256102
ii A-2 Note Balance (78442GAE6) $553,000,000.00 $ 553,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAF3) $ 52,750,000.00 $ 52,750,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
---------------------------------------------------------------------------------------------
G Reserve Account Reconciliation
i Beginning of Period Balance $ 2,742,865.14
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ 6,069,842.58
------------------
iv Total Reserve Account Balance Available $ 8,812,707.72
v Required Reserve Account Balance $ 2,645,331.86
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to SLM Funding Corp $ 6,167,375.86
viii Ending Reserve Account Balance $ 2,645,331.86
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1996-3 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------
1998 1997 1996
------------------------------------------------------------------------------
1/1/99-3/31/99 1/1/98-12/31/98 1/1/97-12/31/97 6/17/96-12/31/96
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Beginning Student Loan Portfolio Balance $1,083,954,845.53 $1,228,714,371.63 $1,413,647,896.61 $1,485,028,174.57
- ---------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 34,580,443.93 $ 122,504,044.52 $ 109,020,540.61 $ 56,058,587.17
ii Principal Collections from Guarantor 6,962,455.98 41,298,428.76 56,780,983.13 4,102,484.47
iii Principal reimbursements 2,422,860.10 2,546,996.03 41,704,153.21 25,574,172.87
iv Other System Adjustments -- -- -- (2,160.08)
------------------------------------------------------------------------------
v Total Principal Collections $ 43,965,760.01 $ 166,349,469.31 $ 207,505,676.95 $ 85,733,084.43
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 986,851.63 $ 3,047,079.72 $ 3,675,838.55 $ 2,226,545.19
ii Capitalized Interest (5,118,921.25) (24,637,022.93) (26,247,990.52) (16,579,351.66)
------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (4,132,069.62) $ (21,589,943.21) $ (22,572,151.97) $ (14,352,806.47)
- ---------------------------------------------------------------------------------------------------------------------------------
(-)Total Student Loan Principal Activity $ 39,833,690.39 $ 144,759,526.10 $ 184,933,524.98 $ 71,380,277.96
- ---------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 13,363,504.80 $ 56,008,898.70 $ 56,916,994.63 $ 29,251,514.62
ii Interest Claims Received from Guarantors 420,619.68 2,555,312.40 3,556,475.39 195,989.28
iii Late Fee Reimbursements 259,215.91 271,571.86 -- --
iv Interest Reimbursements 39,260.85 129,824.10 640,157.64 403,805.13
v Other System Adjustments -- -- -- (385.55)
vi Special Allowance Payments 4,951.40 1,215,231.25 1,886,637.13 1,296,691.10
vii Subsidy Payments 3,652,134.80 18,157,524.99 27,499,868.72 19,346,491.31
------------------------------------------------------------------------------
viii Total Interest Collections $ 17,739,687.44 $ 78,338,363.30 $ 90,500,133.51 $ 50,494,105.89
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (895,332.14) $ (2,440,884.70) $ (2,985,922.64) $ (2,174,688.01)
ii Capitalized Interest 5,118,921.25 24,637,022.93 26,247,990.52 16,579,351.66
------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 4,223,589.11 $ 22,196,138.23 $ 23,262,067.88 $ 14,404,663.65
------------------------------------------------------------------------------
Total Student Loan Interest Activity $ 21,963,276.55 $ 100,534,501.53 $ 113,762,201.39 $ 64,898,769.54
(=)Ending Student Loan Portfolio Balance $1,044,121,155.14 $1,083,954,845.53 $1,228,714,371.63 $1,413,647,896.61
(+)Interest to be Capitalized $ 14,011,587.78 $ 13,191,211.43 $ 14,946,382.97 $ 15,933,644.48
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
(=)TOTAL POOL $1,058,132,742.92 $1,097,146,056.96 $1,243,660,754.60 $1,429,581,541.09
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
(+)Reserve Account Balance $ 2,645,331.86 $ 2,742,865.14 $ 3,222,987.71 $ 3,674,921.48
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
(=)TOTAL ADJUSTED POOL $1,060,778,074.78 $1,099,888,922.10 $1,246,883,742.31 $1,433,256,462.57
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1996-3 Payment History and CPRs
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Distribution Actual Since Issued
Date Pool Balances CPR *
<S> <C> <C>
Jun-96 $ 1,502,704,078 --
Oct-96 $ 1,466,211,474 6.31%
Jan-97 $ 1,429,581,541 5.60%
Apr-97 $ 1,379,654,678 6.30%
Jul-97 $ 1,331,618,519 6.60%
Oct-97 $ 1,289,195,084 6.48%
Jan-98 $ 1,243,660,755 6.53%
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%
Apr-99 $ 1,058,132,743 5.06%
</TABLE>
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool
data.
- --------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1996-4
Quarterly Servicing Report
Report Date: 03/31/99 Reporting Period: 1/1/99-3/31/99
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 12/31/98 Activity 03/31/99
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 1,035,285,864.26 $ (45,389,354.06) $ 989,896,510.20
ii Interest to be Capitalized 12,585,073.13 13,445,234.50
------------------ -----------------
iii Total Pool $ 1,047,870,937.39 $1,003,341,744.70
iv Specified Reserve Account Balance 2,619,677.34 2,508,354.36
------------------ -----------------
v Total Adjusted Pool $ 1,050,490,614.73 $1,005,850,099.06
------------------ -----------------
------------------ -----------------
B i Weighted Average Coupon (WAC) 8.2158% 8.2148%
ii Weighted Average Remaining Term 98.42 97.99
iii Number of Loans 453,628 435,602
iv Number of Borrowers 171,313 164,133
--------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 1/25/99 % of Pool Balance 4/26/99 % of Pool
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAG1 0.48% $ 502,790,614.73 47.862% $ 458,150,099.06 45.549%
ii A-2 Notes 78442GAH9 0.64% 495,000,000.00 47.121% 495,000,000.00 49.212%
iii Certificates 78442GAJ5 0.93% 52,700,000.00 5.017% 52,700,000.00 5.239%
--------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $1,050,490,614.73 100.000% $1,005,850,099.06 100.000%
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
Reserve Account 01/25/99 04/26/99
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,619,677.34 $ 2,508,354.36
iv Reserve Account Floor Balance ($) $ 1,501,183.00 $ 1,501,183.00
v Current Reserve Acct Balance ($) $ 2,619,677.34 $ 2,508,354.36
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
1
<PAGE>
- --------------------------------------------------------------------------------
II. 1996-4 Transactions from: 01/01/99 through: 03/31/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $40,081,368.10
ii Principal Collections from Guarantor $ 7,220,781.26
iii Principal Reimbursements $ 2,041,504.14
iv Other System Adjustments $ 0.00
--------------
v Total Principal Collections $49,343,653.50
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 942,879.56
ii Capitalized Interest $(4,897,179.00)
--------------
iii Total Non-Cash Principal Activity $(3,954,299.44)
-------------------------------------------------------------------------
C Total Student Loan Principal Activity $45,389,354.06
-------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $12,454,690.30
ii Interest Claims Received from Guarantors $ 433,267.77
iii Late Fee Reimbursements $ 288,358.43
iv Interest Reimbursements $ 39,031.17
v Other System Adjustments $ 0.00
vi Special Allowance Payments $ 7,621.07
vii Subsidy Payments $ 3,521,618.20
--------------
viii Total Interest Collections $16,744,586.94
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (796,719.56)
ii Capitalized Interest $ 4,897,179.00
--------------
iii Total Non-Cash Interest Adjustments $ 4,100,459.44
-------------------------------------------------------------------------
F Total Student Loan Interest Activity $20,845,046.38
-------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
2
<PAGE>
- --------------------------------------------------------------------------------
III. 1996-4 Collection Account Activity 01/01/99 through 03/31/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $47,302,149.36
ii Cash Forwarded by Administrator on behalf of Seller $ 108,484.99
iii Cash Forwarded by Administrator on behalf of Servicer $ 22,033.11
iv Cash Forwarded by Administrator for Consolidation Activity $ 1,910,986.04
--------------
v Total Principal Collections $49,343,653.50
B Interest Collections
i Interest Payments Received-Cash $16,417,197.34
ii Cash Forwarded by Administrator on behalf of Seller $ (504.60)
iii Cash Forwarded by Administrator on behalf of Servicer $ 16,751.66
iv Cash Forwarded by Administrator for Consolidation Activity $ 22,784.11
v Cash Forwarded by Administrator for Late Fee Activity $ 288,358.43
--------------
vi Total Interest Collections $16,744,586.94
C Other Reimbursements $ 105,455.75
D Administrator Account Investment Income $ 398,756.91
E Return funds borrowed for previous distribution $ 0.00
F TOTAL FUNDS RECEIVED $66,592,453.10
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $(1,605,965.84)
-------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $64,986,487.26
-------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 786,866.48
ii Percentage of Principal Calculation $ 1,058,142.51
iii Lesser of Unit or Principal Calculation $ 786,866.48
H Servicing Fees Due for Current Period $ 786,866.48
I Carryover Servicing Fees Due $ 786,524.05
JAN 1999 Servicing Carryover $ 278,452.79
FEB 1999 Servicing Carryover $ 275,580.00
MAR 1999 Servicing Carryover $ 271,276.03
------------
$ 825,308.82
Less: Servicing ADJ [A iii + B iii] $ (38,784.77)
------------
TOTAL: Carryover Servicing Fee Due $ 786,524.05
------------
------------
J Administration Fees Due $ 20,000.00
-------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,593,390.53
-------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
3
<PAGE>
- --------------------------------------------------------------------------------
IV. 1996-4 Portfolio Characteristics
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- -----------------------------------------------------------------------------------------------------------------------
STATUS 12/31/98 3/31/99 12/31/98 3/31/99 12/31/98
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.947% 7.944% 25,510 23,380 5.624%
Grace
Current 7.976% 7.982% 5,838 5,560 1.287%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.952% 7.951% 31,348 28,940 6.911%
- -----------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.252% 8.254% 309,304 293,253 68.185%
31-60 Days Delinquent 8.271% 8.267% 19,660 15,991 4.334%
61-90 Days Delinquent 8.273% 8.269% 9,005 8,632 1.985%
91-120 Days Delinquent 8.265% 8.264% 4,927 3,806 1.086%
> 120 Days Delinquent 8.264% 8.277% 5,882 3,682 1.297%
Deferment
Current 8.138% 8.138% 39,268 45,985 8.656%
Forbearance
Current 8.267% 8.265% 31,977 33,215 7.049%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.242% 8.240% 420,023 404,564 92.592%
- -----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.277% 8.266% 2,199 2,052 0.485%
Aged Claims Rejected (2) 8.230% 8.315% 58 46 0.013%
- -----------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.216% 8.215% 453,628 435,602 100.000%
- -----------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------
% Principal Amount %
- -----------------------------------------------------------------------------------------------------------------------
STATUS 3/31/99 12/31/98 3/31/99 12/31/98 3/31/99
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 5.367% $ 73,054,917.50 $ 67,189,148.57 7.057% 6.787%
Grace
Current 1.276% $ 16,682,521.82 $ 15,141,292.99 1.611% 1.530%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 6.643% $ 89,737,439.32 $ 82,330,441.56 8.668% 8.317%
- -----------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 67.321% $ 638,225,351.20 $ 592,787,199.79 61.647% 59.884%
31-60 Days Delinquent 3.671% $ 44,640,174.56 $ 36,699,149.52 4.312% 3.707%
61-90 Days Delinquent 1.982% $ 21,774,191.08 $ 22,552,114.14 2.103% 2.278%
91-120 Days Delinquent 0.874% $ 12,069,759.06 $ 10,064,462.76 1.166% 1.017%
> 120 Days Delinquent 0.845% $ 14,932,592.94 $ 9,363,801.86 1.442% 0.946%
Deferment
Current 10.557% $ 109,851,085.10 $ 125,154,648.25 10.611% 12.643%
Forbearance
Current 7.625% $ 98,872,424.67 $ 106,187,594.38 9.550% 10.727%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 92.875% $ 940,365,578.61 $ 902,808,970.70 90.831% 91.202%
- -----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.471% $ 5,067,993.46 $ 4,672,405.70 0.490% 0.472%
Aged Claims Rejected (2) 0.011% $ 114,852.87 $ 84,692.24 0.011% 0.009%
- -----------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 100.000% $1,035,285,864.25 $ 989,896,510.20 100.000% 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. 1996-4 Portfolio Characteristics by School and Program 3/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 4.207% 1.432% 0.000% 0.000% 0.613% 0.236% 0.000% 0.000%
Grace
Current 0.872% 0.310% 0.000% 0.000% 0.169% 0.060% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 5.079% 1.742% 0.000% 0.000% 0.782% 0.296% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 35.639% 8.071% 3.018% 2.454% 3.477% 1.108% 0.164% 0.244%
31-60 Days Delinquent 1.931% 0.382% 0.193% 0.174% 0.328% 0.080% 0.017% 0.027%
61-90 Days Delinquent 1.113% 0.262% 0.099% 0.119% 0.224% 0.067% 0.006% 0.017%
91-120 Days Delinquent 0.502% 0.136% 0.021% 0.046% 0.109% 0.035% 0.003% 0.009%
> 120 Days Delinquent 0.392% 0.112% 0.024% 0.055% 0.111% 0.031% 0.000% 0.010%
Deferment
Current 7.189% 1.803% 0.579% 0.713% 1.034% 0.287% 0.026% 0.079%
Forbearance
Current 5.207% 1.607% 0.319% 0.908% 0.816% 0.243% 0.018% 0.070%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 51.973% 12.373% 4.253% 4.469% 6.099% 1.851% 0.234% 0.456%
- -------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.200% 0.039% 0.012% 0.020% 0.069% 0.014% 0.000% 0.004%
Aged Claims Rejected (2) 0.004% 0.000% 0.001% 0.000% 0.002% 0.001% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 57.256% 14.154% 4.266% 4.489% 6.952% 2.162% 0.234% 0.460%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.165% 9.808%
- -------------------------------------------------------------------------------------------------------------------------------
<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 0.126% 0.090% 0.000% 0.000% 0.041% 0.042% 0.000% 0.000%
Grace
Current 0.048% 0.037% 0.000% 0.000% 0.019% 0.015% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.174% 0.127% 0.000% 0.000% 0.060% 0.057% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 2.972% 1.235% 0.439% 0.695% 0.216% 0.080% 0.004% 0.068%
31-60 Days Delinquent 0.318% 0.120% 0.036% 0.082% 0.009% 0.002% 0.000% 0.008%
61-90 Days Delinquent 0.192% 0.081% 0.018% 0.040% 0.025% 0.010% 0.000% 0.005%
91-120 Days Delinquent 0.090% 0.038% 0.008% 0.015% 0.002% 0.002% 0.000% 0.001%
> 120 Days Delinquent 0.123% 0.051% 0.007% 0.025% 0.002% 0.002% 0.001% 0.000%
Deferment
Current 0.450% 0.177% 0.021% 0.119% 0.084% 0.044% 0.002% 0.036%
Forbearance
Current 0.745% 0.347% 0.052% 0.167% 0.109% 0.074% 0.000% 0.045%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 4.890% 2.049% 0.581% 1.143% 0.447% 0.214% 0.007% 0.163%
- -------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.067% 0.030% 0.003% 0.010% 0.002% 0.002% 0.000% 0.000%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 5.132% 2.206% 0.584% 1.153% 0.509% 0.273% 0.007% 0.163%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 9.075% 0.952%
- -------------------------------------------------------------------------------------------------------------------------------
</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 5.639% 0.849% 0.216% 0.083% 6.787%
Grace
Current 1.182% 0.229% 0.085% 0.034% 1.530%
- -------------------------------------------------------------------------------------------
TOTAL INTERIM 6.821% 1.078% 0.301% 0.117% 8.317%
- -------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 49.182% 4.993% 5.341% 0.368% 59.884%
31-60 Days Delinquent 2.680% 0.452% 0.556% 0.019% 3.707%
61-90 Days Delinquent 1.593% 0.314% 0.331% 0.040% 2.278%
91-120 Days Delinquent 0.705% 0.156% 0.151% 0.005% 1.017%
> 120 Days Delinquent 0.583% 0.152% 0.206% 0.005% 0.946%
Deferment
Current 10.284% 1.426% 0.767% 0.166% 12.643%
Forbearance
Current 8.041% 1.147% 1.311% 0.228% 10.727%
- -------------------------------------------------------------------------------------------
TOTAL REPAYMENT 73.068% 8.640% 8.663% 0.831% 91.202%
- -------------------------------------------------------------------------------------------
Claims in Process (1) 0.271% 0.087% 0.110% 0.004% 0.472%
Aged Claims Rejected (2) 0.005% 0.003% 0.001% 0.000% 0.009%
- -------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.165% 9.808% 9.075% 0.952% 100.000%
- -------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
- --------------------------------------------------------------------------------
VI. 1996-4 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 17,216,170.72
B Interest Subsidy Payments Accrued During Collection Period $ 3,158,344.61
C SAP Payments Accrued During Collection Period $ 11,574.54
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 56,375.72
E Investment Earnings (ADMINISTRATOR ACT) $ 398,756.91
------------------
F Net Expected Interest Collections $ 20,841,222.50
G Student Loan Rate
i Days in Collection Period (1/1/99-3/31/99) 90
ii Days in Year 365
iii Net Expected Interest Collections $ 20,841,222.50
iv Primary Servicing Fee $ 2,392,832.32
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,047,870,937.39
vii Student Loan Rate 7.13231%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 4.98668%
I Class A-1 Interest Rate 0.012432548 (1/25/99-4/26/99) 4.98668%
J Class A-2 T-Bill Based Interest Rate 5.14668%
K Class A-2 Interest Rate 0.012831452 (1/25/99-4/26/99) 5.14668%
L Certificate T-Bill Based Rate of Return 5.43668%
M Certificate Rate of Return 0.013554466 (1/25/99-4/26/99) 5.43668%
</TABLE>
- --------------------------------------------------------------------------------
6
<PAGE>
- --------------------------------------------------------------------------------
VII. 1996-4 Inputs From Previous Quarterly Servicing Reports 12/31/98
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,035,285,864.26
ii Interest To Be Capitalized $ 12,585,073.13
------------------
iii Total Pool $ 1,047,870,937.39
iv Specified Reserve Account Balance $ 2,619,677.34
------------------
v Total Adjusted Pool $ 1,050,490,614.73
==================
B Total Note and Certificate Factor 0.69800040846
C Total Note and Certificate Balance $ 1,050,490,614.73
----------------------------------------------------------------------------------------------------------------
D Note Balance 1/25/99 Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------
i Current Factor-1/25/99 0.5252173976 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 502,790,614.73 $ 495,000,000.00 $ 52,700,000.00
------------------ ---------------- ----------------
iv Note Balance $ 502,790,614.73 $ 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 $ 2,619,677.34
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>
- --------------------------------------------------------------------------------
VIII. 1996-4 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds ( Sections III -F + VI-D) $ 65,042,862.98 $ 65,042,862.98
B Primary Servicing Fees-Current Month $ 786,866.48 $ 64,255,996.50
C Administration Fee $ 20,000.00 $ 64,235,996.50
D Noteholder's Interest Distribution Amount
i Class A-1 $ 6,250,968.45 $ 57,985,028.05
ii Class A-2 $ 6,351,568.74 $ 51,633,459.31
----------------
iii Total Noteholder's Interest Distribution $ 12,602,537.19
E Certificateholder's Return Distribution Amount $ 714,320.36 $ 50,919,138.95
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 44,640,515.67 $ 6,278,623.28
ii Class A-2 $ 0.00 $ 6,278,623.28
----------------
iii Total Noteholder's Principal Distribution $ 44,640,515.67
G Certificateholder's Balance Distribution Amount $ 0.00 $ 6,278,623.28
H Increase to the Specified Reserve Account Balance $ 0.00 $ 6,278,623.28
I Carryover Servicing Fees $ 786,524.05 $ 5,492,099.23
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 5,492,099.23
i Class A-2 $ 0.00 $ 5,492,099.23
----------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 5,492,099.23
L Excess to Reserve Account $ 5,492,099.23 $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
8
<PAGE>
- --------------------------------------------------------------------------------
IX. 1996-4 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 6,250,968.45 $6,351,568.74 $714,320.36
ii Quarterly Interest Paid 6,250,968.45 6,351,568.74 714,320.36
----------------- ------------- -----------
iii Interest Shortfall $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00 0.00
----------------- ------------- -----------
vi Interest Carryover $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 44,640,515.67 $ 0.00 $ 0.00
viii Quarterly Principal Paid 44,640,515.67 0.00 0.00
----------------- ------------- -----------
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 50,891,484.12 $6,351,568.74 $714,320.36
---------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 3/31/99 $1,050,490,614.73
ii Adjusted Pool Balance 3/31/99 1,005,850,099.06
-----------------
iii Adjusted Pool Exceeding Notes and Certificate
Balance (i-ii) $ 44,640,515.67
-----------------
-----------------
iv Adjusted Pool Balance 12/31/98 $1,050,490,614.73
v Adjusted Pool Balance 3/31/99 $1,005,850,099.06
-----------------
vi Current Principal Due (iv-v) $ 44,640,515.67
vii Principal Shortfall from Previous Collection Period $ --
-----------------
viii Principal Distribution Amount(vi + vii) $ 44,640,515.67
-----------------
-----------------
ix Principal Distribution Amount Paid $ 44,640,515.67
x Principal Shortfall (viii - ix) $ --
C Total Principal Distribution $ 44,640,515.67
D Total Interest Distribution 13,316,857.55
-----------------
E Total Cash Distributions-Note and Certificates $ 57,957,373.22
-----------------------------------------------------------------------------------------------
F Note & Certificate Balances 01/25/99 04/26/99
-----------------------------------------------------------------------------------------------
i A-1 Note Balance (78442GAG1) $502,790,614.73 $ 458,150,099.06
A-1 Note Pool Factor 0.5252173976 0.4785857088
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 $ 2,619,677.34
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ 5,492,099.23
-----------------
iv Total Reserve Account Balance Available $ 8,111,776.57
v Required Reserve Account Balance $ 2,508,354.36
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to SLM Funding Corp. $ 5,603,422.21
viii Ending Reserve Account Balance $ 2,508,354.36
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1996-4 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------
1998 1997 1996
-------------------------------------------------------------------------------
1/1/99-3/31/99 1/1/98-12/31/98 1/1/97-12/31/97 9/3/96-12/31/96
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Beginning Student Loan Portfolio Balance $1,035,285,864.26 $1,207,834,554.65 $1,429,671,216.95 $1,478,535,335.85
- ----------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 40,081,368.10 $ 148,950,202.58 $ 150,239,015.41 $ 47,792,030.07
ii Principal Collections from Guarantor 7,220,781.26 43,325,114.59 47,800,739.56 651,773.25
iii Principal Reimbursements 2,041,504.14 2,347,438.60 46,963,233.81 14,902,506.96
iv Other System Adjustments -- -- -- (713.51)
-------------------------------------------------------------------------------
v Total Principal Collections $ 49,343,653.50 $ 194,622,755.77 $ 245,002,988.78 $ 63,345,596.77
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 942,879.56 $ 3,338,919.10 $ 3,929,552.20 $ 1,431,259.68
ii Capitalized Interest (4,897,179.00) (25,412,984.48) (27,095,878.68) (15,912,737.55)
-------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (3,954,299.44) $ (22,074,065.38) $ (23,166,326.48) $ (14,481,477.87)
- ----------------------------------------------------------------------------------------------------------------------------------
(-)Total Student Loan Principal Activity $ 45,389,354.06 $ 172,548,690.39 $ 221,836,662.30 $ 48,864,118.90
- ----------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 12,454,690.30 $ 53,198,257.71 $ 56,301,281.76 $ 15,484,377.46
ii Interest Claims Received from Guarantors 433,267.77 2,698,296.08 2,921,282.00 13,446.63
iii Late Fee Reimbursements 288,358.43 307,848.97 -- --
iv Interest Reimbursements 39,031.17 114,449.84 723,149.71 282,181.00
v Other System Adjustments -- -- -- (287.62)
vi Special Allowance Payments 7,621.07 1,315,559.80 1,981,421.00 257,877.96
vii Subsidy Payments 3,521,618.20 17,635,547.74 28,812,210.76 3,637,851.32
-------------------------------------------------------------------------------
viii Total Interest Collections $ 16,744,586.94 $ 75,269,960.14 $ 90,739,345.23 $ 19,675,446.75
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (796,719.56) $ (2,677,336.29) $ (3,293,910.82) $ (1,407,772.50)
ii Capitalized Interest 4,897,179.00 25,412,984.48 27,095,878.68 15,912,737.55
-------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 4,100,459.44 $ 22,735,648.19 $ 23,801,967.86 $ 14,504,965.05
-------------------------------------------------------------------------------
Total Student Loan Interest Activity $ 20,845,046.38 $ 98,005,608.33 $ 114,541,313.09 $ 34,180,411.80
- ----------------------------------------------------------------------------------------------------------------------------------
(=)Ending Student Loan Portfolio Balance $ 989,896,510.20 $1,035,285,864.26 $1,207,834,554.65 $1,429,671,216.95
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
(+)Interest to be Capitalized $ 13,445,234.50 $ 12,585,073.13 $ 14,614,638.32 $ 15,760,176.45
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
(=)TOTAL POOL $1,003,341,744.70 $1,047,870,937.39 $1,222,449,192.97 $1,445,431,393.40
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
(+)Reserve Account Balance $ 2,508,354.36 $ 2,619,677.34 $ 3,197,361.80 $ 3,752,958.00
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
(=)Total Adjusted Pool $1,005,850,099.06 $1,050,490,614.73 $1,225,646,554.77 $1,449,184,351.40
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1996-4 Payment History and CPRs
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Distribution Actual Since Issued
Date Pool Balances CPR *
<S> <C> <C>
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%
Apr-99 $1,003,341,745 5.09%
</TABLE>
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool
data.
- --------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1997-1
Quarterly Servicing Report
Report Date: 03/31/99 Reporting Period: 1/1/99-3/31/99
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 12/31/98 Activity 03/31/99
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 1,582,726,283.47 $ (59,021,321.07) $ 1,523,704,962.40
ii Interest to be Capitalized 17,531,654.15 18,734,083.24
------------------ ------------------
iii Total Pool $ 1,600,257,937.62 $ 1,542,439,045.64
iv Specified Reserve Account Balance 4,000,644.84 3,856,097.61
------------------ ------------------
v Total Adjusted Pool $ 1,604,258,582.46 $ 1,546,295,143.25
------------------ ------------------
------------------ ------------------
B i Weighted Average Coupon (WAC) 8.2177% 8.2171%
ii Weighted Average Remaining Term 103.64 102.50
iii Number of Loans 557,632 542,778
iv Number of Borrowers 235,121 228,117
-------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
% of O/S % of O/S
Notes and Certificates Spread Balance 1/25/99 Securities Balance 4/26/99 Securities
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAK2 0.46% $ 745,058,582.46 46.442% $ 687,095,143.25 44.435%
ii A-2 Notes 78442GAL0 0.57% 787,400,000.00 49.082% 787,400,000.00 50.922%
iii Certificates 78442GAM8 0.85% 71,800,000.00 4.476% 71,800,000.00 4.643%
--------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $1,604,258,582.46 100.000% $1,546,295,143.25 100.000%
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
Reserve Account 01/25/99 04/26/99
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 4,000,644.84 $ 3,856,097.61
iv Reserve Account Floor Balance ($) $ 2,004,092.00 $ 2,004,092.00
v Current Reserve Acct Balance ($) $ 4,000,644.84 $ 3,856,097.61
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
1
<PAGE>
- --------------------------------------------------------------------------------
II. 1997-1 Transactions from: 01/01/99 through: 03/31/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $50,183,441.22
ii Principal Collections from Guarantor $12,444,880.29
iii Principal Reimbursements $ 2,576,722.67
iv Other System Adjustments $ 0.00
--------------
v Total Principal Collections $65,205,044.18
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,379,815.99
ii Capitalized Interest $(7,563,539.10)
--------------
iii Total Non-Cash Principal Activity $(6,183,723.11)
-------------------------------------------------------------------------
C Total Student Loan Principal Activity $59,021,321.07
-------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $18,961,949.17
ii Interest Claims Received from Guarantors $ 776,948.88
iii Late Fee Reimbursements $ 385,400.09
iv Interest Reimbursements $ 54,695.28
v Other System Adjustments $ 0.00
vi Special Allowance Payments $ 4,379.61
vii Subsidy Payments $ 5,545,593.35
--------------
viii Total Interest Collections $25,728,966.38
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $(1,161,611.21)
ii Capitalized Interest $ 7,563,539.10
--------------
iii Total Non-Cash Interest Adjustments $ 6,401,927.89
-------------------------------------------------------------------------
F Total Student Loan Interest Activity $32,130,894.27
-------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
2
<PAGE>
- --------------------------------------------------------------------------------
III. 1997-1 Collection Account Activity 01/01/99 through 03/31/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $62,628,321.51
ii Cash Forwarded by Administrator on behalf of Seller $ 215,375.14
iii Cash Forwarded by Administrator on behalf of Servicer $ 2,867.00
iv Cash Forwarded by Administrator for Consolidation Activity $ 2,358,480.53
--------------
v Total Principal Collections $65,205,044.18
B Interest Collections
i Interest Payments Received-Cash $25,288,871.01
ii Cash Forwarded by Administrator on behalf of Seller $ 16,641.78
iii Cash Forwarded by Administrator on behalf of Servicer $ 10,257.55
iv Cash Forwarded by Administrator for Consolidation Activity $ 27,795.95
v Cash Forwarded by Administrator for Late Fee Activity $ 385,400.09
--------------
vi Total Interest Collections $25,728,966.38
C Other Reimbursements $ 175,010.85
D Administrator Account Investment Income $ 541,432.89
E Return funds borrowed for previous distribution $ --
F TOTAL FUNDS RECEIVED $91,650,454.30
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $(2,031,805.72)
-------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $89,618,648.58
-------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 1,001,928.06
ii Percentage of Principal Calculation $ 1,483,046.73
iii Lesser of Unit or Principal Calculation $ 1,001,928.06
H Servicing Fees Due for Current Period $ 1,001,928.06
I Carryover Servicing Fees Due $ 1,452,916.75
JAN 1999 Servicing Carryover $ 496,354.21
FEB 1999 Servicing Carryover $ 488,568.42
MAR 1999 Servicing Carryover $ 481,118.67
------------
$ 1,466,041.30
Less: Servicing ADJ [A iii + B iii] $ (13,124.55)
------------
TOTAL: Carryover Servicing Fee Due $ 1,452,916.75
============
J Administration Fees Due $ 20,000.00
-------------------------------------------------------------------------------------
K Total Fees Due for Period $ 2,474,844.81
-------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
3
<PAGE>
- --------------------------------------------------------------------------------
IV. 1997-1 Portfolio Characteristics
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- -----------------------------------------------------------------------------------------------------------------------
STATUS 12/31/98 3/31/99 12/31/98 3/31/99 12/31/98
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.975% 7.974% 34,879 32,005 6.255%
Grace
Current 7.996% 7.994% 8,358 8,046 1.499%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.979% 7.978% 43,237 40,051 7.754%
- -----------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.259% 8.261% 348,202 336,549 62.443%
31-60 Days Delinquent 8.266% 8.271% 23,962 19,756 4.297%
61-90 Days Delinquent 8.266% 8.262% 12,636 11,675 2.266%
91-120 Days Delinquent 8.262% 8.259% 6,637 5,587 1.190%
> 120 Days Delinquent 8.260% 8.262% 9,014 5,945 1.617%
Deferment
Current 8.106% 8.106% 63,934 71,608 11.465%
Forbearance
Current 8.254% 8.256% 46,363 48,536 8.314%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.240% 8.238% 510,748 499,656 91.592%
- -----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.255% 8.253% 3557 3,014 0.638%
Aged Claims Rejected (2) 8.258% 8.267% 90 57 0.016%
- -----------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.218% 8.217% 557,632 542,778 100.000%
- -----------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------
% Principal Amount %
- -----------------------------------------------------------------------------------------------------------------------
STATUS 3/31/99 12/31/98 3/31/99 12/31/98 3/31/99
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 5.897% $ 102,343,770.89 $ 94,293,984.37 6.466% 6.188%
Grace
Current 1.482% $ 24,000,005.91 $ 22,715,926.02 1.516% 1.491%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.379% $ 126,343,776.80 $ 117,009,910.39 7.983% 7.679%
- -----------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 62.005% $ 969,112,216.33 $ 913,200,061.35 61.231% 59.933%
31-60 Days Delinquent 3.640% $ 65,097,574.57 $ 54,975,666.86 4.113% 3.608%
61-90 Days Delinquent 2.151% $ 34,780,173.34 $ 32,896,041.88 2.198% 2.159%
91-120 Days Delinquent 1.029% $ 17,776,196.64 $ 15,575,885.93 1.123% 1.022%
> 120 Days Delinquent 1.095% $ 23,091,999.74 $ 15,492,645.37 1.459% 1.017%
Deferment
Current 13.193% $ 185,378,251.89 $ 203,334,296.94 11.713% 13.345%
Forbearance
Current 8.942% $ 152,426,693.81 $ 164,087,175.18 9.631% 10.769%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 92.055% $1,447,663,106.32 $1,399,561,773.51 91.467% 91.853%
- -----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.555% $ 8,538,145.23 $ 6,998,718.40 0.539% 0.459%
Aged Claims Rejected (2) 0.011% $ 181,255.12 $ 134,560.10 0.011% 0.009%
- -----------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 100.000% $1,582,726,283.47 $1,523,704,962.40 100.000% 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. 1997-1 Portfolio Characteristics by School and Program 3/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 3.864% 1.069% 0.000% 0.000% 0.587% 0.203% 0.000% 0.000%
Grace
Current 0.858% 0.266% 0.000% 0.000% 0.172% 0.068% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 4.722% 1.335% 0.000% 0.000% 0.759% 0.271% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 31.793% 9.614% 3.395% 1.935% 3.704% 1.336% 0.179% 0.237%
31-60 Days Delinquent 1.620% 0.475% 0.181% 0.129% 0.324% 0.104% 0.009% 0.023%
61-90 Days Delinquent 0.959% 0.262% 0.073% 0.071% 0.235% 0.070% 0.002% 0.013%
91-120 Days Delinquent 0.472% 0.136% 0.032% 0.037% 0.112% 0.031% 0.002% 0.007%
> 120 Days Delinquent 0.387% 0.099% 0.022% 0.028% 0.111% 0.030% 0.000% 0.006%
Deferment
Current 7.743% 1.949% 0.300% 0.604% 1.048% 0.346% 0.013% 0.071%
Forbearance
Current 4.959% 1.646% 0.253% 0.711% 0.857% 0.292% 0.020% 0.059%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 47.933% 14.181% 4.256% 3.515% 6.391% 2.209% 0.225% 0.416%
- -------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.176% 0.038% 0.010% 0.010% 0.071% 0.021% 0.001% 0.003%
Aged Claims Rejected (2) 0.002% 0.001% 0.000% 0.001% 0.002% 0.001% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 52.833% 15.555% 4.266% 3.526% 7.223% 2.502% 0.226% 0.419%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 76.180% 10.370%
- -------------------------------------------------------------------------------------------------------------------------------
<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>
INTERIM:
In School
Current 0.105% 0.072% 0.000% 0.000% 0.148% 0.140% 0.000% 0.000%
Grace
Current 0.046% 0.032% 0.000% 0.000% 0.026% 0.023% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.151% 0.104% 0.000% 0.000% 0.174% 0.163% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 3.722% 2.317% 0.746% 0.642% 0.172% 0.096% 0.013% 0.032%
31-60 Days Delinquent 0.403% 0.233% 0.035% 0.059% 0.007% 0.005% 0.000% 0.001%
61-90 Days Delinquent 0.247% 0.151% 0.017% 0.039% 0.010% 0.007% 0.000% 0.003%
91-120 Days Delinquent 0.106% 0.068% 0.005% 0.013% 0.001% 0.000% 0.000% 0.000%
> 120 Days Delinquent 0.183% 0.114% 0.007% 0.023% 0.003% 0.004% 0.000% 0.000%
Deferment
Current 0.541% 0.311% 0.019% 0.095% 0.148% 0.118% 0.001% 0.038%
Forbearance
Current 0.904% 0.565% 0.046% 0.146% 0.139% 0.129% 0.001% 0.042%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 6.106% 3.759% 0.875% 1.017% 0.480% 0.359% 0.015% 0.116%
- -------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.070% 0.045% 0.002% 0.008% 0.002% 0.000% 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 6.329% 3.908% 0.877% 1.025% 0.656% 0.522% 0.015% 0.118%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 12.139% 1.311%
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 4.933% 0.790% 0.177% 0.288% 6.188%
Grace
Current 1.124% 0.240% 0.078% 0.049% 1.491%
- -------------------------------------------------------------------------------------------
TOTAL INTERIM 6.057% 1.030% 0.255% 0.337% 7.679%
- -------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 46.737% 5.456% 7.427% 0.313% 59.933%
31-60 Days Delinquent 2.405% 0.460% 0.730% 0.013% 3.608%
61-90 Days Delinquent 1.365% 0.320% 0.454% 0.020% 2.159%
91-120 Days Delinquent 0.677% 0.152% 0.192% 0.001% 1.022%
> 120 Days Delinquent 0.536% 0.147% 0.327% 0.007% 1.017%
Deferment
Current 10.596% 1.478% 0.966% 0.305% 13.345%
Forbearance
Current 7.569% 1.228% 1.661% 0.311% 10.769%
- -------------------------------------------------------------------------------------------
TOTAL REPAYMENT 69.885% 9.241% 11.757% 0.970% 91.853%
- -------------------------------------------------------------------------------------------
Claims in Process (1) 0.234% 0.096% 0.125% 0.004% 0.459%
Aged Claims Rejected (2) 0.004% 0.003% 0.002% 0.000% 0.009%
- -------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 76.180% 10.370% 12.139% 1.311% 100.000%
- -------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
- --------------------------------------------------------------------------------
VI. 1997-1 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 26,264,320.15
B Interest Subsidy Payments Accrued During Collection Period $ 4,979,406.25
C SAP Payments Accrued During Collection Period $ 6,504.33
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 81,631.41
E Investment Earnings (ADMINISTRATOR ACT) $ 541,432.89
------------------
F Net Expected Interest Collections $ 31,873,295.03
G Student Loan Rate
i Days in Collection Period (1/1/99-3/31/99) 90
ii Days in Year 365
iii Net Expected Interest Collections $ 31,873,295.03
iv Primary Servicing Fee $ 3,033,733.78
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,600,257,937.62
vii Student Loan Rate 7.30378%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 4.96668%
I Class A-1 Interest Rate 0.012382685 (1/25/99-4/26/99) 4.96668%
J Class A-2 T-Bill Based Interest Rate 5.07668%
K Class A-2 Interest Rate 0.012656932 (1/25/99-4/26/99) 5.07668%
L Certificate T-Bill Based Rate of Return 5.35668%
M Certificate Rate of Return 0.013355014 (1/25/99-4/26/99) 5.35668%
</TABLE>
- --------------------------------------------------------------------------------
6
<PAGE>
- --------------------------------------------------------------------------------
VII. 1997-1 Inputs From Previous Quarterly Servicing Reports 12/31/98
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,582,726,283.47
ii Interest To Be Capitalized 17,531,654.15
------------------
iii Total Pool $ 1,600,257,937.62
iv Specified Reserve Account Balance 4,000,644.84
------------------
v Total Adjusted Pool $ 1,604,258,582.46
==================
B Total Note and Certificate Factor 0.78287067268
C Total Note and Certificate Balance $ 1,604,258,582.46
----------------------------------------------------------------------------------------------------------------
D Note Balance 1/25/99 Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------
i Current Factor-1/25/99 0.6260996491 1.0000000000 1.0000000000
ii Expected Note Balance $ 745,058,582.46 $ 787,400,000.00 $ 71,800,000.00
E Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00
----------------------------------------------------------------------------------------------------------------
H Reserve Account Balance $ 4,000,644.84
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) $ 12,558,519.24
L Interest Due on Unpaid Carryover Servicing Fees $ 174,416.50
</TABLE>
- --------------------------------------------------------------------------------
7
<PAGE>
- --------------------------------------------------------------------------------
VIII. 1997-1 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds
(Sections III-F + VI-D + IX-G-vii) $ 89,700,279.99 $ 89,700,279.99
B Primary Servicing Fees-Current Month $ 1,001,928.06 $ 88,698,351.93
C Administration Fee $ 20,000.00 $ 88,678,351.93
D Noteholder's Interest Distribution Amount
i Class A-1 $ 9,225,825.73 $ 79,452,526.20
ii Class A-2 $ 9,966,068.26 $ 69,486,457.94
----------------
iii Total Noteholder's Interest Distribution $ 19,191,893.99
E Certificateholder's Return Distribution Amount $ 958,890.01 $ 68,527,567.93
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 57,963,439.21 $ 10,564,128.72
ii Class A-2 $ 0.00 $ 10,564,128.72
----------------
iii Total Noteholder's Principal Distribution $ 57,963,439.21
G Certificateholder's Balance Distribution Amount $ 0.00 $ 10,564,128.72
H Increase to the Specified Reserve Account Balance $ 0.00 $ 10,564,128.72
I Carryover Servicing Fees (1) $ 5,014,922.82 $ 5,549,205.90
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 5,549,205.90
i Class A-2 $ 0.00 $ 5,549,205.90
----------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 5,549,205.90
L Excess to Reserve Account $ 5,549,205.90 $ 0.00
</TABLE>
(1) Includes principal and capitalized interest on unpaid carryover servicing
fees from prior quarters.
- --------------------------------------------------------------------------------
8
<PAGE>
- --------------------------------------------------------------------------------
IX. 1997-1 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 9,225,825.73 $ 9,966,068.26 $ 958,890.01
ii Quarterly Interest Paid 9,225,825.73 9,966,068.26 958,890.01
------------------ -------------- ------------
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 $ 57,963,439.21 $ 0.00 $ 0.00
viii Quarterly Principal Paid 57,963,439.21 0.00 0.00
------------------ -------------- ------------
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
----------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 67,189,264.94 $ 9,966,068.26 $ 958,890.01
----------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 3/31/99 $ 1,604,258,582.46
ii Adjusted Pool Balance 3/31/99 1,546,295,143.25
------------------
iii Adjusted Pool Exceeding Notes and Certificate
Balance (i-ii) $ 57,963,439.21
==================
iv Adjusted Pool Balance 12/31/98 $ 1,604,258,582.46
v Adjusted Pool Balance 3/31/99 $ 1,546,295,143.25
------------------
vi Current Principal Due (iv-v) $ 57,963,439.21
vii Principal Shortfall from Previous Collection Period $ --
viii Principal Distribution Amount (vi + vii) $ 57,963,439.21
------------------
ix Principal Distribution Amount Paid $ 57,963,439.21
==================
x Principal Shortfall (viii - ix) $ --
C Total Principal Distribution $ 57,963,439.21
D Total Interest Distribution 20,150,784.00
------------------
E Total Cash Distributions-Note and Certificates $ 78,114,223.21
----------------------------------------------------------------------------------------------
F Note & Certificate Balances 1/25/99 4/26/99
----------------------------------------------------------------------------------------------
i A-1 Note Balance (78442GAK2) $ 745,058,582.46 $ 687,095,143.25
A-1 Note Pool Factor 0.6260996491 0.5773908767
ii A-2 Note Balance (78442GAL0) $ 787,400,000.00 $ 787,400,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAM8) $ 71,800,000.00 $ 71,800,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
----------------------------------------------------------------------------------------------
G Reserve Account Reconciliation
i Beginning of Period Balance $ 4,000,644.84
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ 5,549,205.90
------------------
iv Total Reserve Account Balance Available $ 9,549,850.74
v Required Reserve Account Balance $ 3,856,097.61
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to SLM Funding Corp $ 5,693,753.13
viii Ending Reserve Account Balance $ 3,856,097.61
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1997-1 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------
1998 1997
-----------------------------------------------------------
1/1/99-3/31/99 1/1/98-12/31/98 3/3/97-12/31/97
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Beginning Student Loan Portfolio Balance $1,582,726,283.47 $1,797,260,482.27 $1,978,517,233.95
- --------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 50,183,441.22 $ 165,289,915.58 $ 129,333,817.00
ii Principal Collections from Guarantor 12,444,880.29 76,561,222.72 34,410,136.12
iii Principal Reimbursements 2,576,722.67 3,191,594.89 51,379,204.30
iv Other System Adjustments -- -- 0.00
-----------------------------------------------------------
v Total Principal Collections $ 65,205,044.18 $ 245,042,733.19 $ 215,123,157.42
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,379,815.99 $ 5,343,692.85 $ 4,270,807.94
ii Capitalized Interest (7,563,539.10) (35,852,227.24) (38,137,213.68)
-----------------------------------------------------------
iii Total Non-Cash Principal Activity $ (6,183,723.11) $ (30,508,534.39) $ (33,866,405.74)
- --------------------------------------------------------------------------------------------------------------
(-)Total Student Loan Principal Activity $ 59,021,321.07 $ 214,534,198.80 $ 181,256,751.68
- --------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 18,961,949.17 $ 78,824,426.10 $ 62,817,917.60
ii Interest Claims Received from Guarantors 776,948.88 4,891,191.80 2,139,081.27
iii Late Fee Reimbursements 385,400.09 460,956.22 8.50
iv Interest Reimbursements 54,695.28 94,269.90 730,911.90
v Other System Adjustments -- -- --
vi Special Allowance Payments 4,379.61 1,339,624.97 1,130,628.74
vii Subsidy Payments 5,545,593.35 27,735,423.84 23,692,727.60
-----------------------------------------------------------
viii Total Interest Collections $ 25,728,966.38 $ 113,345,892.83 $ 90,511,275.61
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,161,611.21) $ (3,958,083.74) $ (3,614,584.84)
ii Capitalized Interest 7,563,539.10 35,852,227.24 38,137,213.68
-----------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 6,401,927.89 $ 31,894,143.50 $ 34,522,628.84
-----------------------------------------------------------
Total Student Loan Interest Activity $ 32,130,894.27 $ 145,240,036.33 $ 125,033,904.45
(=)Ending Student Loan Portfolio Balance $1,523,704,962.40 $1,582,726,283.47 $1,797,260,482.27
- --------------------------------------------------------------------------------------------------------------
(+)Interest to be Capitalized $ 18,734,083.24 $ 17,531,654.15 $ 18,359,448.41
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
(=)TOTAL POOL $1,542,439,045.64 $1,600,257,937.62 $1,815,619,930.68
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
(+)Reserve Account Balance $ 3,856,097.61 $ 4,000,644.84 $ 4,707,408.93
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
(=)Total Adjusted Pool $1,546,295,143.25 $1,604,258,582.46 $1,820,327,339.61
- --------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1997-1 Payment History and CPRs
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Distribution Actual Since Issued
Date Pool Balances CPR *
<S> <C> <C>
Apr-97 $ 2,004,091,862 --
Jul-97 $ 1,938,332,169 6.60%
Oct-97 $ 1,882,963,571 6.39%
Jan-98 $ 1,815,619,931 7.05%
Apr-98 $ 1,756,378,212 6.92%
Jul-98 $ 1,701,480,444 6.66%
Oct-98 $ 1,651,809,843 6.27%
Jan-99 $ 1,600,257,938 6.02%
Apr-99 $ 1,542,439,046 5.94%
</TABLE>
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool
data.
- --------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1997-2
Quarterly Servicing Report
Report Date: 03/31/99 Reporting Period: 1/1/99-3/31/99
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 12/31/1998 Activity 03/31/1999
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 1,917,283,858.04 $ (81,076,451.16) $ 1,836,207,406.88
ii Interest to be Capitalized 18,006,404.61 19,847,544.12
------------------ ------------------
iii Total Pool $ 1,935,290,262.65 $ 1,856,054,951.00
iv Specified Reserve Account Balance 4,838,225.66 4,640,137.38
------------------ ------------------
v Total Adjusted Pool $ 1,940,128,488.31 $1,860,695,088.38
------------------ ------------------
------------------ ------------------
B i Weighted Average Coupon (WAC) 8.2350% 8.2330%
ii Weighted Average Remaining Term 96.00 95.05
iii Number of Loans 710,921 686,864
iv Number of Borrowers 299,788 288,317
-------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
% of O/S % of O/S
Notes and Certificates Spread Balance 1/25/99 Securities Balance 4/26/99 Securities
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAN6 0.54% $ 1,049,870,278.74 53.969% $ 965,245,088.38 51.875%
ii A-2 Notes 78442GAP1 0.60% 808,000,000.00 41.536% 808,000,000.00 43.425%
iii Certificates 78442GAQ9 0.83% 87,450,000.00 4.495% 87,450,000.00 4.700%
--------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 1,945,320,278.74 100.000% $1,860,695,088.38 100.000%
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
Reserve Account 01/25/1999 04/26/1999
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 4,838,225.66 $ 4,640,137.38
iv Reserve Account Floor Balance ($) $ 2,441,522.00 $ 2,441,522.00
v Current Reserve Acct Balance ($) $ 4,838,225.66 $ 4,640,137.38
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
1
<PAGE>
- --------------------------------------------------------------------------------
II. 1997-2 Transactions from: 01/01/9999 through: 03/31/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 71,932,323.70
ii Principal Collections from Guarantor $ 11,877,774.12
iii Principal Reimbursements $ 2,863,465.45
iv Other System Adjustments $ 0.00
-----------------
v Total Principal Collections $ 86,673,563.27
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,510,294.21
ii Capitalized Interest ($ 7,107,406.32)
-----------------
iii Total Non-Cash Principal Activity $ (5,597,112.11)
-------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 81,076,451.16
-------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 26,074,483.39
ii Interest Claims Received from Guarantors $ 715,674.61
iii Late Fee Reimbursements $ 569,406.79
iv Interest Reimbursements $ 64,491.83
v Other System Adjustments $ 0.00
vi Special Allowance Payments $ 7,031.03
vii Subsidy Payments $ 4,868,492.75
-----------------
viii Total Interest Collections $ 32,299,580.40
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($ 1,272,405.45)
ii Capitalized Interest $ 7,107,406.32
-----------------
iii Total Non-Cash Interest Adjustments $ 5,835,000.87
-------------------------------------------------------------------------
Total Student Loan Interest Activity $ 38,134,581.27
-------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
2
<PAGE>
- --------------------------------------------------------------------------------
III. 1997-2 Collection Account Activity 01/01/1999 through 03/31/1999
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $ 83,810,097.82
ii Cash Forwarded by Administrator on behalf of Seller $ 289,182.65
iii Cash Forwarded by Administrator on behalf of Servicer $ 1,035.03
iv Cash Forwarded by Administrator for Consolidation Activity $ 2,573,247.77
----------------
v Total Principal Collections $ 86,673,563.27
B Interest Collections
i Interest Payments Received-Cash $ 31,665,681.78
ii Cash Forwarded by Administrator on behalf of Seller $ 16,865.91
iii Cash Forwarded by Administrator on behalf of Servicer $ 15,828.42
iv Cash Forwarded by Administrator for Consolidation Activity $ 31,797.50
v Cash Forwarded by Administrator for Late Fee Activity $ 569,406.79
----------------
vi Total Interest Collections $ 32,299,580.40
C Other Reimbursements $ 303,840.02
D Administrator Account Investment Income $ 723,586.01
E Return funds borrowed for previous distribution $ 0.00
F TOTAL FUNDS RECEIVED $ 120,000,569.70
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($ 3,714,505.39)
-------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 116,286,064.31
-------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 1,272,753.45
ii Percentage of Principal Calculation $ 1,821,053.16
iii Lesser of Unit or Principal Calculation $ 1,272,753.45
H Servicing Fees Due for Current Period $ 1,821,053.16
I Carryover Servicing Fees Due (1) $ 0.00
JAN 1999 Servicing Carryover $0.00
FEB 1999 Servicing Carryover $0.00
MAR 1999 Servicing Carryover $0.00
---------------
TOTAL: Carryover Servicing Fee Due $0.00
---------------
---------------
Less: Servicing ADJ [A iii + B iii] ($ 16,863.45)
J Administration Fees Due $ 20,000.00
-------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,824,189.71
-------------------------------------------------------------------------------------------------
</TABLE>
(1) No Carryover Servicing Fees due before the June 2000 payment date
- --------------------------------------------------------------------------------
3
<PAGE>
- --------------------------------------------------------------------------------
IV. 1997-2 Portfolio Characteristics
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- -----------------------------------------------------------------------------------------------------------------------
STATUS 12/31/98 3/31/99 12/31/98 3/31/99 12/31/98
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.763% 7.760% 25,845 23,953 3.635%
Grace
Current 7.854% 7.827% 4,922 4,937 0.692%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.776% 7.770% 30,767 28,890 4.327%
- -----------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.289% 8.291% 506,671 485,775 71.270%
31-60 Days Delinquent 8.289% 8.295% 31,913 25,747 4.489%
61-90 Days Delinquent 8.279% 8.281% 13,730 13,066 1.931%
91-120 Days Delinquent 8.274% 8.272% 7,608 5,240 1.070%
> 120 Days Delinquent 8.265% 8.268% 9,462 6,389 1.331%
Deferment
Current 8.099% 8.103% 62,509 73,287 8.793%
Forbearance
Current 8.275% 8.276% 44,661 45,735 6.282%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.267% 8.265% 676,554 655,239 95.166%
- -----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.271% 8.270% 3525 2,674 0.496%
Aged Claims Rejected (2) 8.253% 8.226% 75 61 0.011%
- -----------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.235% 8.233% 710,921 686,864 100.000%
- -----------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------
% Principal Amount %
- -----------------------------------------------------------------------------------------------------------------------
STATUS 3/31/99 12/31/98 3/31/99 12/31/98 3/31/99
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 3.487% $ 100,976,494.26 $ 94,211,153.75 5.267% 5.131%
Grace
Current 0.719% $ 17,101,191.25 $ 16,611,310.82 0.892% 0.904%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 4.206% $ 118,077,685.51 $ 110,822,464.57 6.159% 6.035%
- -----------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 70.724% $ 1,294,967,601.43 $1,211,497,809.65 67.542% 65.978%
31-60 Days Delinquent 3.748% $ 81,234,696.60 $ 66,674,305.67 4.237% 3.631%
61-90 Days Delinquent 1.902% $ 35,415,431.28 $ 35,327,835.69 1.847% 1.924%
91-120 Days Delinquent 0.763% $ 19,874,391.88 $ 14,368,771.76 1.037% 0.783%
> 120 Days Delinquent 0.930% $ 23,702,784.93 $ 16,646,014.65 1.236% 0.907%
Deferment
Current 10.670% $ 188,445,456.86 $ 219,027,977.72 9.829% 11.928%
Forbearance
Current 6.659% $ 146,922,987.08 $ 155,093,191.95 7.663% 8.446%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 95.396% $ 1,790,563,350.06 $1,718,635,907.09 93.391% 93.597%
- -----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.389% $ 8,479,891.90 $ 6,621,145.89 0.442% 0.361%
Aged Claims Rejected (2) 0.009% $ 162,930.57 $ 127,889.33 0.008% 0.007%
- -----------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 100.000% $ 1,917,283,858.04 $1,836,207,406.88 100.000% 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. 1997-2 Portfolio Characteristics by School and Program 3/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 2.913% 1.725% 0.000% 0.000% 0.258% 0.105% 0.000% 0.000%
Grace
Current 0.507% 0.254% 0.000% 0.000% 0.070% 0.026% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 3.420% 1.979% 0.000% 0.000% 0.328% 0.131% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 33.331% 8.555% 9.660% 2.250% 3.399% 0.915% 0.447% 0.234%
31-60 Days Delinquent 1.594% 0.367% 0.478% 0.136% 0.270% 0.077% 0.025% 0.018%
61-90 Days Delinquent 0.850% 0.227% 0.141% 0.078% 0.180% 0.045% 0.006% 0.013%
91-120 Days Delinquent 0.334% 0.107% 0.048% 0.026% 0.079% 0.023% 0.002% 0.003%
> 120 Days Delinquent 0.354% 0.085% 0.041% 0.037% 0.101% 0.027% 0.002% 0.007%
Deferment
Current 6.536% 2.082% 0.766% 0.530% 0.750% 0.211% 0.032% 0.048%
Forbearance
Current 3.695% 1.477% 0.535% 0.491% 0.576% 0.186% 0.021% 0.044%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 46.694% 12.900% 11.669% 3.548% 5.355% 1.484% 0.535% 0.367%
- -------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.141% 0.036% 0.023% 0.006% 0.039% 0.013% 0.002% 0.002%
Aged Claims Rejected (2) 0.003% 0.000% 0.000% 0.000% 0.001% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 50.258% 14.915% 11.692% 3.554% 5.723% 1.628% 0.537% 0.369%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.419% 8.257%
- -------------------------------------------------------------------------------------------------------------------------------
<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 0.039% 0.031% 0.000% 0.000% 0.032% 0.028% 0.000% 0.000%
Grace
Current 0.017% 0.015% 0.000% 0.000% 0.007% 0.008% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.056% 0.046% 0.000% 0.000% 0.039% 0.036% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 3.622% 1.812% 0.854% 0.639% 0.163% 0.060% 0.018% 0.019%
31-60 Days Delinquent 0.370% 0.168% 0.048% 0.058% 0.013% 0.005% 0.001% 0.003%
61-90 Days Delinquent 0.209% 0.086% 0.026% 0.035% 0.014% 0.010% 0.000% 0.004%
91-120 Days Delinquent 0.093% 0.045% 0.006% 0.014% 0.002% 0.001% 0.000% 0.000%
> 120 Days Delinquent 0.147% 0.077% 0.007% 0.016% 0.004% 0.001% 0.000% 0.001%
Deferment
Current 0.461% 0.230% 0.026% 0.079% 0.087% 0.057% 0.001% 0.032%
Forbearance
Current 0.705% 0.381% 0.059% 0.125% 0.073% 0.053% 0.001% 0.024%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 5.607% 2.799% 1.026% 0.966% 0.356% 0.187% 0.021% 0.083%
- -------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.054% 0.029% 0.004% 0.008% 0.001% 0.001% 0.000% 0.002%
Aged Claims Rejected (2) 0.002% 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 5.719% 2.875% 1.030% 0.974% 0.396% 0.224% 0.021% 0.085%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 10.598% 0.726%
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 4.638% 0.363% 0.070% 0.060% 5.131%
Grace
Current 0.761% 0.096% 0.032% 0.015% 0.904%
- -------------------------------------------------------------------------------------------
TOTAL INTERIM 5.399% 0.459% 0.102% 0.075% 6.035%
- -------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 53.796% 4.995% 6.927% 0.260% 65.978%
31-60 Days Delinquent 2.575% 0.390% 0.644% 0.022% 3.631%
61-90 Days Delinquent 1.296% 0.244% 0.356% 0.028% 1.924%
91-120 Days Delinquent 0.515% 0.107% 0.158% 0.003% 0.783%
> 120 Days Delinquent 0.517% 0.137% 0.247% 0.006% 0.907%
Deferment
Current 9.914% 1.041% 0.796% 0.177% 11.928%
Forbearance
Current 6.198% 0.827% 1.270% 0.151% 8.446%
- -------------------------------------------------------------------------------------------
TOTAL REPAYMENT 74.811% 7.741% 10.398% 0.647% 93.597%
- -------------------------------------------------------------------------------------------
Claims in Process (1) 0.206% 0.056% 0.095% 0.004% 0.361%
Aged Claims Rejected (2) 0.003% 0.001% 0.003% 0.000% 0.007%
- -------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.419% 8.257% 10.598% 0.726% 100.000%
- -------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
- --------------------------------------------------------------------------------
VI. 1997-2 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $33,128,264.72
B Interest Subsidy Payments Accrued During Collection Period $4,578,044.86
C SAP Payments Accrued During Collection Period $13,415.53
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $102,502.61
E Investment Earnings (ADMINISTRATOR ACT) $723,586.01
---------------
F Net Expected Interest Collections $ 38,545,813.73
G Student Loan Rate
i Days in Collection Period (1/1/99-3/31/99) 90
ii Days in Year 365
iii Net Expected Interest Collections $ 38,545,813.73
iv Primary Servicing Fee $ 5,535,558.55
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,935,290,262.65
vii Student Loan Rate 6.91337%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.04668%
I Class A-1 Interest Rate 0.012582137 (1/25/99-4/26/99) 5.04668%
J Class A-2 T-Bill Based Interest Rate 5.10668%
K Class A-2 Interest Rate 0.012731726 (1/25/99-4/26/99) 5.10668%
L Certificate T-Bill Based Rate of Return 5.33668%
M Certificate Rate of Return 0.013305151 (1/25/99-4/26/99) 5.33668%
</TABLE>
- --------------------------------------------------------------------------------
6
<PAGE>
- --------------------------------------------------------------------------------
VII. 1997-2 Inputs From Previous Quarterly Servicing Reports 12/31/98
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,917,283,858.04
ii Interest To Be Capitalized 18,006,404.61
------------------
iii Total Pool $ 1,935,290,262.65
iv Specified Reserve Account Balance 4,838,225.66
------------------
v Total Adjusted Pool $ 1,940,128,488.31
==================
B Total Note and Certificate Factor 0.77923462466
C Total Note and Certificate Balance $ 1,945,320,278.74
----------------------------------------------------------------------------------------------------------------
D Note Balance 1/25/99 Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------
i Current Factor-1/25/99 0.6557590748 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,049,870,278.74 $ 808,000,000.00 $ 87,450,000.00
E Note Principal Shortfall $ 5,191,790.43 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00
----------------------------------------------------------------------------------------------------------------
H Reserve Account Balance $ 4,838,225.66
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. 1997-2 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds (Sections III-F + VI-D + IX-G-vii) $ 116,388,566.92 $ 116,388,566.92
B Primary Servicing Fees-Current Month $ 1,804,189.71 $ 114,584,377.21
C Administration Fee $ 20,000.00 $ 114,564,377.21
D Noteholder's Interest Distribution Amount
i Class A-1 $ 13,209,611.68 $ 101,354,765.53
ii Class A-2 $ 10,287,234.61 $ 91,067,530.92
----------------
iii Total Noteholder's Interest Distribution $ 23,496,846.29
E Certificateholder's Return Distribution Amount $ 1,163,535.45 $ 89,903,995.47
F Noteholder's Principal Distribution Amount
i Class A-1 $ 84,625,190.36 $ 5,278,805.11
ii Class A-2 $ 0.00 $ 5,278,805.11
----------------
iii Total Noteholder's Principal Distribution $ 84,625,190.36
G Certificateholder's Balance Distribution Amount $ 0.00 $ 5,278,805.11
H Increase to the Specified Reserve Account Balance $ 0.00 $ 5,278,805.11
I Carryover Servicing Fees $ 0.00 $ 5,278,805.11
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 5,278,805.11
i Class A-2 $ 0.00 $ 5,278,805.11
----------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 5,278,805.11
L Excess to Reserve Account $ 5,278,805.11 $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
8
<PAGE>
- --------------------------------------------------------------------------------
IX. 1997-2 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 13,209,611.68 $ 10,287,234.61 $ 1,163,535.45
ii Quarterly Interest Paid 13,209,611.68 10,287,234.61 1,163,535.45
------------------ ---------------- ----------------
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 $ 84,625,190.36 $ 0.00 $ 0.00
viii Quarterly Principal Paid 84,625,190.36 $ 0.00 $ 0.00
------------------ ---------------- ----------------
ix Quarterly Principal Shortfall $ (0.00)
-----------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 97,834,802.04 $ 10,287,234.61 $ 1,163,535.45
-----------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 3/31/99 $1,945,320,278.74
ii Adjusted Pool Balance 3/31/99 1,860,695,088.38
-----------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 84,625,190.36
=================
iv Adjusted Pool Balance 12/31/98 $1,940,128,488.31
v Adjusted Pool Balance 3/31/99 $1,860,695,088.38
-----------------
vi Current Principal Due (iv-v) $ 79,433,399.93
vii Principal Shortfall from Previous Collection Period $ 5,191,790.43
-----------------
viii Principal Distribution Amount (vi + vii) $ 84,625,190.36
=================
ix Principal Distribution Amount Paid $ 84,625,190.36
x Principal Shortfall (viii - ix) $ (0.00)
C Total Principal Distribution $ 84,625,190.36
D Total Interest Distribution 24,660,381.74
-----------------
E Total Cash Distributions-Note and Certificates $ 109,285,572.10
--------------------------------------------------------------------------------------
F Note & Certificate Balances 1/25/99 4/26/99
--------------------------------------------------------------------------------------
i A-1 Note Balance (78442GAN6) $ 1,049,870,278.74 $ 965,245,088.38
A-1 Note Pool Factor 0.6557590748 0.6029013669
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 $ 4,838,225.66
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ 5,278,805.11
-----------------
iv Total Reserve Account Balance Available $ 10,117,030.77
v Required Reserve Account Balance $ 4,640,137.38
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to SLM Funding Corp. $ 5,476,893.39
viii Ending Reserve Account Balance $ 4,640,137.38
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1997-2 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------
1998 1997 1996
-----------------------------------------------------------------------
1/1/99-3/31/99 1/1/98-12/31/98 6/2/97-12/31/97
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,917,283,858.04 $ 2,233,565,975.40 $ 2,417,769,037.18
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 71,932,323.70 $ 264,350,558.07 $ 154,030,100.79
ii Principal Collections from Guarantor 11,877,774.12 77,923,962.28 16,025,808.39
iii Principal Reimbursements 2,863,465.45 2,789,773.15 39,285,454.89
iv Other System Adjustments - - -
--------------------------------------------------------------------
v Total Principal Collections $ 86,673,563.27 $ 345,064,293.50 $ 209,341,364.07
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,510,294.21 $ 5,168,111.55 $ 2,950,257.67
ii Capitalized Interest (7,107,406.32) (33,950,287.69) (28,088,559.96)
--------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (5,597,112.11) $ (28,782,176.14) $ (25,138,302.29)
- ------------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 81,076,451.16 $ 316,282,117.36 $ 184,203,061.78
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 26,074,483.39 $ 115,485,649.82 $ 73,570,233.66
ii Interest Claims Received from Guarantors 715,674.61 5,010,138.66 942,409.55
iii Late Fee Reimbursements 569,406.79 652,960.74 -
iv Interest Reimbursements 64,491.83 90,862.70 603,909.65
v Other System Adjustments - - -
vi Special Allowance Payments 7,031.03 1,844,250.34 856,056.99
vii Subsidy Payments 4,868,492.75 22,372,421.48 9,250,855.29
--------------------------------------------------------------------
viii Total Interest Collections $ 32,299,580.40 $ 145,456,283.74 $ 85,223,465.14
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,272,405.45) $ (3,770,021.88) $ (2,673,876.35)
ii Capitalized Interest 7,107,406.32 33,950,287.69 28,088,559.96
--------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 5,835,000.87 $ 30,180,265.81 $ 25,414,683.61
--------------------------------------------------------------------
Total Student Loan Interest Activity $ 38,134,581.27 $ 175,636,549.55 $ 110,638,148.75
(=) Ending Student Loan Portfolio Balance $ 1,836,207,406.88 $ 1,917,283,858.04 $ 2,233,565,975.40
- ------------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 19,847,544.12 $ 18,006,404.61 $ 16,849,041.28
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,856,054,951.00 $ 1,935,290,262.65 $ 2,250,415,016.68
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 4,640,137.38 $ 4,838,225.66 $ 5,847,275.49
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 1,860,695,088.38 $ 1,940,128,488.31 $ 2,256,262,292.17
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1997-2 Payment History and CPRs
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Distribution Actual Since Issued
Date Pool Balances CPR *
<S> <C> <C>
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%
Apr-99 $ 1,856,054,951 5.78%
</TABLE>
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool
data.
- --------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1997-3
Quarterly Servicing Report
Report Date: 03/31/99 Reporting Period: 1/1/99-3/31/99
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 12/31/98 Activity 03/31/99
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 2,187,173,010.15 $ (68,681,146.64) $ 2,118,491,863.51
ii Interest to be Capitalized 39,623,139.23 43,078,880.85
------------------ ------------------
iii Total Pool $ 2,226,796,149.38 $ 2,161,570,744.36
iv Specified Reserve Account Balance 5,566,990.37 5,403,926.86
------------------ ------------------
v Total Adjusted Pool $ 2,232,363,139.75 $ 2,166,974,671.22
------------------ ------------------
------------------ ------------------
B i Weighted Average Coupon (WAC) 8.1745% 8.1730%
ii Weighted Average Remaining Term 112.39 111.41
iii Number of Loans 645,224 629,284
iv Number of Borrowers 241,203 235,092
-----------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
% of O/S % of O/S
Notes and Certificates Spread Balance 1/25/99 Securities Balance 4/26/99 Securities
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAR7 0.60% 1,127,740,069.64 50.202% $1,048,784,607.05 48.388%
ii A-2 Notes 78442GAS5 0.64% 1,028,500,000.00 45.785% $1,028,500,000.00 47.453%
iii Certificates 78442GAT3 0.83% 90,150,000.00 4.013% $ 90,150,000.00 4.159%
--------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $2,246,390,069.64 100.000% $2,167,434,607.05 100.000%
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
Reserve Account 01/25/99 04/26/99
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 5,566,990.37 $ 5,403,926.86
iv Reserve Account Floor Balance ($) $ 2,503,690.00 $ 2,503,690.00
v Current Reserve Acct Balance ($) $ 5,566,990.37 $ 5,403,926.86
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
1
<PAGE>
- --------------------------------------------------------------------------------
II. 1997-3 Transactions from: 01/01/99 through: 03/31/99
- --------------------------------------------------------------------------------
A Student Loan Principal Activity
i Regular Principal Collections $57,414,074.23
ii Principal Collections from Guarantor $13,303,830.96
iii Principal Reimbursements $7,983,617.17
iv Other System Adjustments $0.00
---------------
v Total Principal Collections $ 78,701,522.36
B Student Loan Non-Cash Principal Activity
i Other Adjustments $2,655,235.53
ii Capitalized Interest ($12,675,611.25)
---------------
iii Total Non-Cash Principal Activity $(10,020,375.72)
-----------------------------------------------------------------------
C Total Student Loan Principal Activity $ 68,681,146.64
-----------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $21,948,538.28
ii Interest Claims Received from Guarantors $805,049.57
iii Late Fee Reimbursements $372,821.54
iv Interest Reimbursements $138,548.53
v Other System Adjustments $0.00
vi Special Allowance Payments $30,263.12
vii Subsidy Payments $8,947,872.06
---------------
viii Total Interest Collections $ 32,243,093.10
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($2,446,874.04)
ii Capitalized Interest $12,675,611.25
---------------
iii Total Non-Cash Interest Adjustments $ 10,228,737.21
-----------------------------------------------------------------------
F Total Student Loan Interest Activity $ 42,471,830.31
-----------------------------------------------------------------------
- --------------------------------------------------------------------------------
2
<PAGE>
- --------------------------------------------------------------------------------
III. 1997-3 Collection Account Activity 01/01/99 through 03/31/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $70,717,905.19
ii Cash Forwarded by Administrator on behalf of Seller $174,766.16
iii Cash Forwarded by Administrator on behalf of Servicer $4,707.98
iv Cash Forwarded by Administrator for Consolidation Activity $7,804,143.03
---------------
v Total Principal Collections $ 78,701,522.36
B Interest Collections
i Interest Payments Received-Cash $31,731,723.03
ii Cash Forwarded by Administrator on behalf of Seller ($3,411.61)
iii Cash Forwarded by Administrator on behalf of Servicer $26,238.13
iv Cash Forwarded by Administrator for Consolidation Activity $115,722.01
v Cash Forwarded by Administrator for Late Fee Activity $372,821.54
---------------
vi Total Interest Collections $32,243,093.10
C Other Reimbursements $199,551.19
D Administrator Account Investment Income $622,009.80
E Return funds borrowed for previous distribution $0.00
F TOTAL FUNDS RECEIVED $ 111,766,176.45
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($2,903,195.09)
-----------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 108,862,981.36
-----------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $966,775.59
ii Percentage of Principal Calculation $1,431,627.94
iii Lesser of Unit or Principal Calculation $966,775.59
H Servicing Fees Due for Current Period $1,431,627.94
I Carryover Servicing Fees Due (1) $0.00
JAN 1999 Servicing Carryover $0.00
FEB 1999 Servicing Carryover $0.00
MAR 1999 Servicing Carryover $0.00
--------------
TOTAL: Carryover Servicing Fee Due $0.00
--------------
--------------
Less: Servicing ADJ [A iii + B iii] ($30,946.11)
J Administration Fees Due $ 20,000.00
-----------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,420,681.83
-----------------------------------------------------------------------------------------------------
</TABLE>
(1) No Carryover Servicing Fees due before the October 2001 payment date
- --------------------------------------------------------------------------------
3
<PAGE>
- --------------------------------------------------------------------------------
IV. 1997-3 Portfolio Characteristics
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- -----------------------------------------------------------------------------------------------------------------------
STATUS 12/31/98 3/31/99 12/31/98 3/31/99 12/31/98
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.823% 7.821% 66,048 59,905 10.237%
Grace
Current 7.860% 7.852% 14,984 14,023 2.322%
- ----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.829% 7.826% 81,032 73,928 12.559%
- ----------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.255% 8.255% 366,294 348,619 56.770%
31-60 Days Delinquent 8.260% 8.263% 25,076 19,969 3.886%
61-90 Days Delinquent 8.257% 8.250% 12,426 12,916 1.926%
91-120 Days Delinquent 8.249% 8.254% 6,899 6,519 1.069%
> 120 Days Delinquent 8.255% 8.257% 8,776 6,083 1.360%
Deferment
Current 8.091% 8.083% 78,664 88,592 12.192%
Forbearance
Current 8.253% 8.252% 62,470 69,444 9.682%
- ----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.230% 8.226% 560,605 552,142 86.885%
- ----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.252% 8.261% 3485 3,123 0.540%
Aged Claims Rejected (2) 8.245% 8.261% 102 91 0.016%
- ----------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.174% 8.173% 645,224 629,284 100.000%
- ----------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------
% Principal Amount %
- --------------------------------------------------------------------------------------------------------------------------------
STATUS 3/31/99 12/31/98 3/31/99 12/31/98 3/31/99
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 9.520% $ 238,686,586.77 $ 218,564,606.04 10.913% 10.317%
Grace
Current 2.228% $ 49,874,426.19 $ 45,200,194.69 2.280% 2.134%
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 11.748% $ 288,561,012.96 $ 263,764,800.73 13.193% 12.451%
- --------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 55.399% $ 1,194,313,564.14 $ 1,102,536,642.64 54.605% 52.044%
31-60 Days Delinquent 3.173% $ 80,239,140.85 $ 64,699,137.24 3.669% 3.054%
61-90 Days Delinquent 2.053% $ 39,380,440.71 $ 43,140,676.35 1.801% 2.036%
91-120 Days Delinquent 1.036% $ 21,111,151.72 $ 21,849,902.27 0.965% 1.031%
> 120 Days Delinquent 0.967% $ 25,805,855.77 $ 18,181,839.81 1.180% 0.858%
Deferment
Current 14.078% $ 278,729,207.94 $ 310,714,502.15 12.744% 14.667%
Forbearance
Current 11.035% $ 249,224,703.10 $ 284,558,418.88 11.395% 13.432%
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 87.741% $ 1,888,804,064.23 $ 1,845,681,119.34 86.359% 87.122%
- --------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.496% $ 9,563,268.57 $ 8,829,521.42 0.437% 0.417%
Aged Claims Rejected (2) 0.015% $ 244,664.39 $ 216,422.02 0.011% 0.010%
- --------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 100.000% $ 2,187,173,010.15 $ 2,118,491,863.51 100.000% 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. 1997-3 Portfolio Characteristics by School and Program 3/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 5.984% 2.960% 0.000% 0.000% 0.541% 0.221% 0.000% 0.000%
Grace
Current 1.215% 0.515% 0.000% 0.000% 0.144% 0.062% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.199% 3.475% 0.000% 0.000% 0.685% 0.283% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 29.032% 9.879% 3.984% 2.433% 1.849% 0.773% 0.184% 0.146%
31-60 Days Delinquent 1.527% 0.493% 0.218% 0.165% 0.177% 0.064% 0.010% 0.017%
61-90 Days Delinquent 1.045% 0.353% 0.088% 0.123% 0.118% 0.047% 0.006% 0.011%
91-120 Days Delinquent 0.522% 0.199% 0.035% 0.060% 0.072% 0.030% 0.002% 0.006%
> 120 Days Delinquent 0.393% 0.133% 0.018% 0.054% 0.073% 0.027% 0.000% 0.007%
Deferment
Current 7.859% 2.677% 1.004% 1.160% 0.650% 0.252% 0.037% 0.080%
Forbearance
Current 6.747% 2.877% 0.399% 1.299% 0.568% 0.235% 0.017% 0.068%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 47.125% 16.611% 5.746% 5.294% 3.507% 1.428% 0.256% 0.335%
- -------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.180% 0.065% 0.018% 0.025% 0.039% 0.015% 0.000% 0.000%
Aged Claims Rejected (2) 0.002% 0.001% 0.000% 0.001% 0.002% 0.000% 0.000% 0.002%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 54.506% 20.152% 5.764% 5.320% 4.233% 1.726% 0.256% 0.337%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.742% 6.552%
- -------------------------------------------------------------------------------------------------------------------------------
<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 0.251% 0.190% 0.000% 0.000% 0.090% 0.080% 0.000% 0.000%
Grace
Current 0.091% 0.056% 0.000% 0.000% 0.025% 0.026% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.342% 0.246% 0.000% 0.000% 0.115% 0.106% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.830% 1.128% 0.265% 0.223% 0.186% 0.079% 0.009% 0.044%
31-60 Days Delinquent 0.196% 0.115% 0.016% 0.030% 0.012% 0.006% 0.002% 0.006%
61-90 Days Delinquent 0.125% 0.072% 0.005% 0.020% 0.011% 0.009% 0.000% 0.003%
91-120 Days Delinquent 0.053% 0.034% 0.003% 0.006% 0.004% 0.001% 0.000% 0.004%
> 120 Days Delinquent 0.085% 0.054% 0.001% 0.009% 0.002% 0.002% 0.000% 0.000%
Deferment
Current 0.354% 0.202% 0.014% 0.078% 0.142% 0.090% 0.003% 0.065%
Forbearance
Current 0.518% 0.313% 0.024% 0.083% 0.135% 0.091% 0.001% 0.057%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.161% 1.918% 0.328% 0.449% 0.492% 0.278% 0.015% 0.179%
- -------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.043% 0.025% 0.002% 0.004% 0.001% 0.000% 0.000% 0.000%
Aged Claims Rejected (2) 0.001% 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 3.547% 2.190% 0.330% 0.453% 0.608% 0.384% 0.015% 0.179%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 6.520% 1.186%
- -------------------------------------------------------------------------------------------------------------------------------
</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 8.944% 0.762% 0.441% 0.170% 10.317%
Grace
Current 1.730% 0.206% 0.147% 0.051% 2.134%
- -------------------------------------------------------------------------------------------
TOTAL INTERIM 10.674% 0.968% 0.588% 0.221% 12.451%
- -------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 45.328% 2.952% 3.446% 0.318% 52.044%
31-60 Days Delinquent 2.403% 0.268% 0.357% 0.026% 3.054%
61-90 Days Delinquent 1.609% 0.182% 0.222% 0.023% 2.036%
91-120 Days Delinquent 0.816% 0.110% 0.096% 0.009% 1.031%
> 120 Days Delinquent 0.598% 0.107% 0.149% 0.004% 0.858%
Deferment
Current 12.700% 1.019% 0.648% 0.300% 14.667%
Forbearance
Current 11.322% 0.888% 0.938% 0.284% 13.432%
- -------------------------------------------------------------------------------------------
TOTAL REPAYMENT 74.776% 5.526% 5.856% 0.964% 87.122%
- -------------------------------------------------------------------------------------------
Claims in Process (1) 0.288% 0.054% 0.074% 0.001% 0.417%
Aged Claims Rejected (2) 0.004% 0.004% 0.002% 0.000% 0.010%
- -------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.742% 6.552% 6.520% 1.186% 100.000%
- -------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
- --------------------------------------------------------------------------------
VI. 1997-3 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 35,411,902.53
B Interest Subsidy Payments Accrued During Collection Period $ 7,724,977.91
C SAP Payments Accrued During Collection Period $ 37,010.62
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 104,784.86
E Investment Earnings (ADMINISTRATOR ACT) $ 622,009.80
------------------
F Net Expected Interest Collections $ 43,900,685.72
G Student Loan Rate
i Days in Collection Period (1/1/99-3/31/99) 90
ii Days in Year 365
iii Net Expected Interest Collections $ 43,900,685.72
iv Primary Servicing Fee $ 4,334,823.03
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 2,226,796,149.38
vii Student Loan Rate 7.20230%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.10668%
I Class A-1 Interest Rate 0.012731726 (1/25/99-4/26/99) 5.10668%
J Class A-2 T-Bill Based Interest Rate 5.14668%
K Class A-2 Interest Rate 0.012831452 (1/25/99-4/26/99) 5.14668%
L Certificate T-Bill Based Rate of Return 5.33668%
M Certificate Rate of Return 0.013305151 (1/25/99-4/26/99) 5.33668%
</TABLE>
- --------------------------------------------------------------------------------
6
<PAGE>
- --------------------------------------------------------------------------------
VII. 1997-3 Inputs From Previous Quarterly Servicing Reports 12/31/98
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 2,187,173,010.15
ii Interest To Be Capitalized 39,623,139.23
------------------
iii Total Pool $ 2,226,796,149.38
iv Specified Reserve Account Balance 5,566,990.37
------------------
v Total Adjusted Pool $ 2,232,363,139.75
------------------
------------------
B Total Note and Certificate Factor 0.87238449306
C Total Note and Certificate Balance $ 2,246,390,069.64
--------------------------------------------------------------------------------------------------------------------
D Note Balance 1/25/99 Class A-1 Class A-2 Certificates
--------------------------------------------------------------------------------------------------------------------
i Current Factor 1/25/99 0.7743606067 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,127,740,069.64 $ 1,028,500,000.00 $ 90,150,000.00
E Note Principal Shortfall $ 14,026,929.89 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------------
H Reserve Account Balance $ 5,566,990.37
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. 1997-3 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds ( Sections III-F + VI-D + IX-G-vii ) $ 109,130,829.73 $ 109,130,829.73
B Primary Servicing Fees-Current Month $ 1,400,681.83 $ 107,730,147.90
C Administration Fee $ 20,000.00 $ 107,710,147.90
D Noteholder's Interest Distribution Amount
i Class A-1 $ 14,358,077.57 $ 93,352,070.33
ii Class A-2 $ 13,197,148.38 $ 80,154,921.95
----------------
iii Total Noteholder's Interest Distribution $ 27,555,225.95
E Certificateholder's Return Distribution Amount $ 1,199,459.36 $ 78,955,462.59
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 78,955,462.59 $ (0.00)
ii Class A-2 $ 0.00 $ (0.00)
----------------
iii Total Noteholder's Principal Distribution $ 78,955,462.59
G Certificateholder's Balance Distribution Amount $ 0.00 $ (0.00)
H Increase to the Specified Reserve Account Balance $ 0.00 $ 0.00
I Carryover Servicing Fees $ 0.00 $ 0.00
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 0.00
i Class A-2 $ 0.00 $ 0.00
----------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 0.00
L Excess to Reserve Account $ 0.00 $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
8
<PAGE>
- --------------------------------------------------------------------------------
IX. 1997-3 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i Quarterly Interest Due $ 14,358,077.57 $ 13,197,148.38 $ 1,199,459.36
ii Quarterly Interest Paid 14,358,077.57 13,197,148.38 1,199,459.36
------------------ --------------- --------------
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 $ 79,415,398.42 $ 0.00 $ 0.00
viii Quarterly Principal Paid 78,955,462.59 0.00 0.00
------------------ --------------- --------------
ix Quarterly Principal Shortfall $ 459,935.83 $ 0.00 $ 0.00
-----------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 93,313,540.16 $ 13,197,148.38 $ 1,199,459.36
-----------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 3/31/99 $ 2,246,390,069.64
ii Adjusted Pool Balance 3/31/99 2,166,974,671.22
------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 79,415,398.42
------------------
------------------
iv Adjusted Pool Balance 12/31/98 $ 2,232,363,139.75
v Adjusted Pool Balance 3/31/99 $ 2,166,974,671.22
------------------
vi Current Principal Due (iv-v) $ 65,388,468.53
vii Principal Shortfall from Previous Collection Period $ 14,026,929.89
------------------
viii Principal Distribution Amount (vi + vii) $ 79,415,398.42
------------------
------------------
ix Principal Distribution Amount Paid $ 78,955,462.59
x Principal Shortfall (viii - ix) $ 459,935.83
C Total Principal Distribution $ 78,955,462.59
D Total Interest Distribution 28,754,685.31
------------------
E Total Cash Distributions-Note and Certificates $ 107,710,147.90
<CAPTION>
-----------------------------------------------------------------------------------------
F Note & Certificate Balances 1/25/99 4/26/99
-----------------------------------------------------------------------------------------
i A-1 Note Balance (78442GAR7) $ 1,127,740,069.64 $ 1,048,784,607.05
A-1 Note Pool Factor 0.7743606067 0.7201459862
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 $ 5,566,990.37
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ --
------------------
iv Total Reserve Account Balance Available $ 5,566,990.37
v Required Reserve Account Balance $ 5,403,926.86
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to Waterfall $ 163,063.51
viii Ending Reserve Account Balance $ 5,403,926.86
- --------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1997-3 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------
1998 1997
----------------------------------------------------------------
1/1/99-3/31/99 1/1/98-12/31/98 8/25/97 - 12/31/97
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 2,187,173,010.15 $ 2,388,313,848.15 $ 2,447,417,365.32
- -------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 57,414,074.23 $ 179,579,682.34 $ 49,821,559.10
ii Principal Collections from Guarantor 13,303,830.96 71,378,464.29 1,440,820.82
iii Principal Reimbursements 7,983,617.17 8,500,226.75 39,007,052.38
iv Other System Adjustments -- -- --
----------------------------------------------------------------
v Total Principal Collections $ 78,701,522.36 $ 259,458,373.38 $ 90,269,432.30
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,655,235.53 $ 10,205,441.60 $ 3,533,441.93
ii Capitalized Interest (12,675,611.25) (68,522,976.98) (34,699,357.06)
----------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (10,020,375.72) $ (58,317,535.38) $ (31,165,915.13)
- -------------------------------------------------------------------------------------------------------------------------
(-)Total Student Loan Principal Activity $ 68,681,146.64 $ 201,140,838.00 $ 59,103,517.17
- -------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 21,948,538.28 $ 85,007,482.49 $ 24,529,728.52
ii Interest Claims Received from Guarantors 805,049.57 4,447,365.33 34,126.30
iii Late Fee Reimbursements 372,821.54 433,591.49 9.92
iv Interest Reimbursements 138,548.53 164,288.32 799,423.02
v Other System Adjustments -- -- --
vi Special Allowance Payments 30,263.12 1,999,181.67 232,534.47
vii Subsidy Payments 8,947,872.06 46,628,513.22 6,806,739.23
----------------------------------------------------------------
viii Total Interest Collections $ 32,243,093.10 $ 138,680,422.52 $ 32,402,561.46
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,446,874.04) $ (9,049,779.85) $ (3,498,891.99)
ii Capitalized Interest 12,675,611.25 68,522,976.98 34,699,357.06
----------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 10,228,737.21 $ 59,473,197.13 $ 31,200,465.07
----------------------------------------------------------------
Total Student Loan Interest Activity $ 42,471,830.31 $ 198,153,619.65 $ 63,603,026.53
(=)Ending Student Loan Portfolio Balance $ 2,118,491,863.51 $ 2,187,173,010.15 $ 2,388,313,848.15
- -------------------------------------------------------------------------------------------------------------------------
(+)Interest to be Capitalized $ 43,078,880.85 $ 39,623,139.23 $ 44,396,075.77
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(=)TOTAL POOL $ 2,161,570,744.36 $ 2,226,796,149.38 $ 2,432,709,923.92
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(+)Reserve Account Balance $ 5,403,926.86 $ 5,566,990.37 $ 6,259,224.00
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(=)Total Adjusted Pool $ 2,166,974,671.22 $ 2,232,363,139.75 $ 2,438,969,147.92
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1997-3 Payment History and CPRs
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Distribution Actual Since Issued
Date Pool Balances CPR *
<S> <C> <C>
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%
Apr-99 $ 2,161,570,744 4.11%
</TABLE>
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool
data.
- --------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1997-4
Quarterly Servicing Report
Report Date: 03/31/99 Reporting Period: 1/1/99-3/31/99
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 12/31/98 Activity 3/31/99
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 2,214,648,812.93 $ (66,810,880.41) $ 2,147,837,932.52
ii Interest to be Capitalized 34,676,758.49 37,667,958.94
------------------ ------------------
iii Total Pool $ 2,249,325,571.42 $ 2,185,505,891.46
iv Specified Reserve Account Balance 5,623,313.93 5,463,764.73
------------------ ------------------
v Total Adjusted Pool $ 2,254,948,885.35 $ 2,190,969,656.19
------------------ ------------------
------------------ ------------------
B i Weighted Average Coupon (WAC) 8.1669% 8.1659%
ii Weighted Average Remaining Term 111.99 110.93
iii Number of Loans 703,599 687,075
iv Number of Borrowers 260,612 254,092
-------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
% of % of
Notes and Certificates Spread Balance 1/25/99 O/S Securities Balance 4/26/99 O/S Securities
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAU0 0.75% $1,211,908,929.66 52.903% $1,135,563,627.64 51.279%
ii A-2 Notes 78442GAV8 0.75% 989,000,000.00 43.173% 989,000,000.00 44.661%
iii Certificates 78442GAW6 1.05% 89,900,000.00 3.924% 89,900,000.00 4.060%
---------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $2,290,808,929.66 100.000% $2,214,463,627.64 100.000%
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
Reserve Account 1/25/99 4/26/99
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 5,623,313.93 $ 5,463,764.73
iv Reserve Account Floor Balance ($) $ 2,502,640.00 $ 2,502,640.00
v Current Reserve Acct Balance ($) $ 5,623,313.93 $ 5,463,764.73
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
1
<PAGE>
- --------------------------------------------------------------------------------
II. 1997-4 Transactions from: 01/01/99 through: 03/31/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 57,289,916.43
ii Principal Collections from Guarantor $ 13,036,350.70
iii Principal Reimbursements $ 6,227,642.48
iv Other System Adjustments $ 0.00
---------------
v Total Principal Collections $ 76,553,909.61
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,352,596.15
ii Capitalized Interest ($12,095,625.35)
---------------
iii Total Non-Cash Principal Activity $ (9,743,029.20)
--------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 66,810,880.41
--------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 23,267,977.17
ii Interest Claims Received from Guarantors $ 805,854.88
iii Late Fee Reimbursements $ 379,972.31
iv Interest Reimbursements $ 98,545.80
v Other System Adjustments $ 0.00
vi Special Allowance Payments $ 18,593.36
vii Subsidy Payments $ 8,868,220.13
---------------
viii Total Interest Collections $ 33,439,163.65
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($2,126,808.82)
ii Capitalized Interest $ 12,095,625.35
---------------
iii Total Non-Cash Interest Adjustments $ 9,968,816.53
--------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 43,407,980.18
--------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
2
<PAGE>
- --------------------------------------------------------------------------------
III. 1997-4 Collection Account Activity 01/01/99 through 03/31/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $ 70,326,267.13
ii Cash Forwarded by Administrator on behalf of Seller $ 73,502.30
iii Cash Forwarded by Administrator on behalf of Servicer $ 6,548.36
iv Cash Forwarded by Administrator for Consolidation Activity $ 6,147,591.82
---------------
v Total Principal Collections $ 76,553,909.61
B Interest Collections
i Interest Payments Received-Cash $ 32,960,645.54
ii Cash Forwarded by Administrator on behalf of Seller $ 841.47
iii Cash Forwarded by Administrator on behalf of Servicer $ 11,682.46
iv Cash Forwarded by Administrator for Consolidation Activity $ 86,021.87
v Cash Forwarded by Administrator for Late Fee Activity $ 379,972.31
---------------
vi Total Interest Collections $ 33,439,163.65
C Other Reimbursements $ 218,122.09
D Administrator Account Investment Income $ 625,498.13
E Return funds borrowed for previous distribution $ 0.00
F TOTAL FUNDS RECEIVED $110,836,693.48
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($3,124,749.20)
---------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $107,711,944.28
---------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 1,042,323.80
ii Percentage of Principal Calculation $ 1,541,837.83
iii Lesser of Unit or Principal Calculation $ 1,042,323.80
H Servicing Fees Due for Current Period $ 1,541,837.83
I Carryover Servicing Fees Due (1) $ 0.00
JAN 1999 Servicing Carryover $0.00
FEB 1999 Servicing Carryover $0.00
MAR 1999 Servicing Carryover $0.00
---------------
TOTAL: Carryover Servicing Fee Due $0.00
---------------
---------------
Less: Servicing ADJ [A iii + B iii] ($18,230.82)
J Administration Fees Due $ 20,000.00
---------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,543,607.01
---------------------------------------------------------------------------------------
</TABLE>
(1) No Carryover Servicing Fees due before the October 2001 payment date
- --------------------------------------------------------------------------------
3
<PAGE>
- --------------------------------------------------------------------------------
IV. 1997-4 Portfolio Characteristics
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- -----------------------------------------------------------------------------------------------------------------------
STATUS 12/31/98 3/31/99 12/31/98 3/31/99 12/31/98
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.823% 7.824% 70,910 64,363 10.078%
Grace
Current 7.838% 7.832% 16,617 15,556 2.362%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.826% 7.825% 87,527 79,919 12.440%
- -----------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.247% 8.248% 410,994 392,735 58.413%
31-60 Days Delinquent 8.256% 8.256% 26,037 21,840 3.700%
61-90 Days Delinquent 8.250% 8.251% 13,155 13,210 1.870%
91-120 Days Delinquent 8.253% 8.242% 7,532 6,974 1.070%
> 120 Days Delinquent 8.240% 8.248% 9,599 6,754 1.364%
Deferment
Current 8.048% 8.042% 80,299 92,010 11.413%
Forbearance
Current 8.245% 8.247% 65,282 70,591 9.278%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.219% 8.215% 612,898 604,114 87.108%
- -----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.251% 8.234% 3142 2,987 0.447%
Aged Claims Rejected (2) 8.313% 8.200% 32 55 0.005%
- -----------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.167% 8.166% 703,599 687,075 100.000%
- -----------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------
% Principal Amount %
- -----------------------------------------------------------------------------------------------------------------------
STATUS 3/31/99 12/31/98 3/31/99 12/31/98 3/31/99
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 9.368% $ 227,369,739.99 $ 207,160,457.11 10.267% 9.645%
Grace
Current 2.264% $ 53,051,231.01 $ 47,937,865.71 2.395% 2.232%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 11.632% $ 280,420,971.00 $ 255,098,322.82 12.662% 11.877%
- -----------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 57.160% $1,249,114,415.34 $1,166,638,125.36 56.402% 54.317%
31-60 Days Delinquent 3.179% $ 79,072,703.06 $ 66,580,659.30 3.570% 3.100%
61-90 Days Delinquent 1.923% $ 38,813,807.57 $ 41,230,894.20 1.753% 1.920%
91-120 Days Delinquent 1.015% $ 22,516,579.00 $ 21,152,761.85 1.017% 0.985%
> 120 Days Delinquent 0.983% $ 27,151,895.55 $ 19,391,632.92 1.226% 0.903%
Deferment
Current 13.392% $ 271,668,022.22 $ 305,130,320.96 12.267% 14.206%
Forbearance
Current 10.274% $ 237,726,475.26 $ 264,508,534.70 10.734% 12.315%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 87.925% $1,926,063,898.00 $1,884,632,929.29 86.969% 87.746%
- -----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.435% $ 8,080,046.24 $ 7,971,919.67 0.365% 0.371%
Aged Claims Rejected (2) 0.008% $ 83,897.69 $ 134,760.74 0.004% 0.006%
- -----------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 100.000% $2,214,648,812.93 $2,147,837,932.52 100.000% 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 3/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 5.806% 2.515% 0.000% 0.000% 0.644% 0.308% 0.000% 0.000%
Grace
Current 1.309% 0.563% 0.000% 0.000% 0.156% 0.075% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.115% 3.078% 0.000% 0.000% 0.800% 0.383% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 31.538% 10.752% 2.849% 1.779% 2.422% 1.061% 0.159% 0.132%
31-60 Days Delinquent 1.605% 0.536% 0.171% 0.139% 0.208% 0.079% 0.008% 0.016%
61-90 Days Delinquent 1.011% 0.332% 0.057% 0.094% 0.137% 0.054% 0.004% 0.009%
91-120 Days Delinquent 0.533% 0.176% 0.016% 0.033% 0.090% 0.039% 0.002% 0.004%
> 120 Days Delinquent 0.428% 0.134% 0.011% 0.044% 0.090% 0.034% 0.001% 0.004%
Deferment
Current 7.932% 2.740% 0.732% 0.836% 0.700% 0.304% 0.023% 0.071%
Forbearance
Current 6.549% 2.564% 0.262% 0.927% 0.644% 0.269% 0.018% 0.061%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 49.596% 17.234% 4.098% 3.852% 4.291% 1.840% 0.215% 0.297%
- -------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.182% 0.055% 0.009% 0.010% 0.044% 0.021% 0.000% 0.002%
Aged Claims Rejected (2) 0.003% 0.000% 0.000% 0.001% 0.001% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 56.896% 20.367% 4.107% 3.863% 5.136% 2.244% 0.215% 0.299%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.233% 7.894%
- -------------------------------------------------------------------------------------------------------------------------------
<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 0.151% 0.123% 0.000% 0.000% 0.056% 0.042% 0.000% 0.000%
Grace
Current 0.057% 0.044% 0.000% 0.000% 0.016% 0.012% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.208% 0.167% 0.000% 0.000% 0.072% 0.054% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.819% 1.071% 0.329% 0.199% 0.126% 0.059% 0.002% 0.020%
31-60 Days Delinquent 0.178% 0.105% 0.016% 0.022% 0.010% 0.005% 0.000% 0.002%
61-90 Days Delinquent 0.116% 0.070% 0.007% 0.013% 0.007% 0.007% 0.000% 0.002%
91-120 Days Delinquent 0.051% 0.032% 0.002% 0.005% 0.001% 0.001% 0.000% 0.000%
> 120 Days Delinquent 0.083% 0.056% 0.003% 0.008% 0.003% 0.003% 0.000% 0.001%
Deferment
Current 0.286% 0.156% 0.015% 0.064% 0.161% 0.112% 0.007% 0.067%
Forbearance
Current 0.450% 0.295% 0.024% 0.051% 0.092% 0.063% 0.002% 0.044%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 2.983% 1.785% 0.396% 0.362% 0.400% 0.250% 0.011% 0.136%
- -------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.027% 0.016% 0.001% 0.003% 0.000% 0.001% 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 3.219% 1.968% 0.397% 0.365% 0.472% 0.305% 0.011% 0.136%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 5.949% 0.924%
- -------------------------------------------------------------------------------------------------------------------------------
</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>
In School
Current 8.321% 0.952% 0.274% 0.098% 9.645%
Grace
Current 1.872% 0.231% 0.101% 0.028% 2.232%
- -------------------------------------------------------------------------------------------
TOTAL INTERIM 10.193% 1.183% 0.375% 0.126% 11.877%
- -------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 46.918% 3.774% 3.418% 0.207% 54.317%
31-60 Days Delinquent 2.451% 0.311% 0.321% 0.017% 3.100%
61-90 Days Delinquent 1.494% 0.204% 0.206% 0.016% 1.920%
91-120 Days Delinquent 0.758% 0.135% 0.090% 0.002% 0.985%
> 120 Days Delinquent 0.617% 0.129% 0.150% 0.007% 0.903%
Deferment
Current 12.240% 1.098% 0.521% 0.347% 14.206%
Forbearance
Current 10.302% 0.992% 0.820% 0.201% 12.315%
- -------------------------------------------------------------------------------------------
TOTAL REPAYMENT 74.780% 6.643% 5.526% 0.797% 87.746%
- -------------------------------------------------------------------------------------------
Claims in Process (1) 0.256% 0.067% 0.047% 0.001% 0.371%
Aged Claims Rejected (2) 0.004% 0.001% 0.001% 0.000% 0.006%
- -------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.233% 7.894% 5.949% 0.924% 100.000%
- -------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
- --------------------------------------------------------------------------------
VI. 1997-4 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 35,899,931.85
B Interest Subsidy Payments Accrued During Collection Period $ 7,764,199.89
C SAP Payments Accrued During Collection Period $ 23,369.76
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 107,308.11
E Investment Earnings (ADMINISTRATOR ACT) $ 625,498.13
------------------
F Net Expected Interest Collections $ 44,420,307.74
G Student Loan Rate
i Days in Collection Period (1/1/99-3/31/99) 90
ii Days in Year 365
iii Net Expected Interest Collections $ 44,420,307.74
iv Primary Servicing Fee $ 4,666,587.03
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 2,249,325,571.42
vii Student Loan Rate 7.16403%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.25668%
I Class A-1 Interest Rate 0.013105699 (1/25/99-4/26/99) 5.25668%
J Class A-2 T-Bill Based Interest Rate 5.25668%
K Class A-2 Interest Rate 0.013105699 (1/25/99-4/26/99) 5.25668%
L Certificate T-Bill Based Rate of Return 5.55668%
M Certificate Rate of Return 0.013853644 (1/25/99-4/26/99) 5.55668%
</TABLE>
- --------------------------------------------------------------------------------
6
<PAGE>
- --------------------------------------------------------------------------------
VII. 1997-4 Inputs From Previous Quarterly Servicing Reports 12/31/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $2,214,648,812.93
ii Interest To Be Capitalized 34,676,758.49
-----------------
iii Total Pool $2,249,325,571.42
iv Specified Reserve Account Balance 5,623,313.93
-----------------
v Total Adjusted Pool $2,254,948,885.35
-----------------
-----------------
B Total Note and Certificate Factor 0.89244182853
C Total Note and Certificate Balance $2,290,808,929.66
----------------------------------------------------------------------------------------------------------------
D Note Balance 1/25/99 Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------
i Current Factor 1/25/99 0.8144549258 1.0000000000 1.0000000000
ii Expected Note Balance $1,211,908,929.66 $989,000,000.00 $89,900,000.00
E Note Principal Shortfall $ 35,860,044.31 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00
----------------------------------------------------------------------------------------------------------------
H Reserve Account Balance $ 5,623,313.93
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 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) $107,978,801.59 $107,978,801.59
B Primary Servicing Fees-Current Month $ 1,523,607.01 $106,455,194.58
C Administration Fee $ 20,000.00 $106,435,194.58
D Noteholder's Interest Distribution Amount
i Class A-1 $ 15,882,913.65 $ 90,552,280.93
ii Class A-2 $ 12,961,536.31 $ 77,590,744.62
---------------
iii Total Noteholder's Interest Distribution $ 28,844,449.96
E Certificateholder's Return Distribution Amount $ 1,245,442.60 $ 76,345,302.02
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 76,345,302.02 $ 0.00
ii Class A-2 $ 0.00 $ 0.00
---------------
iii Total Noteholder's Principal Distribution $ 76,345,302.02
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 $ 15,882,913.65 $12,961,536.31 $1,245,442.60
ii Quarterly Interest Paid 15,882,913.65 12,961,536.31 1,245,442.60
----------------- -------------- -------------
iii Interest Shortfall $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00 0.00
----------------- -------------- -------------
vi Interest Carryover $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 99,839,273.47 $ 0.00 $ 0.00
viii Quarterly Principal Paid 76,345,302.02 0.00 0.00
----------------- -------------- -------------
ix Quarterly Principal Shortfall $ 23,493,971.45 $ 0.00 $ 0.00
----------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 92,228,215.67 $12,961,536.31 $1,245,442.60
----------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 3/31/99 $2,290,808,929.66
ii Adjusted Pool Balance 3/31/99 2,190,969,656.19
-----------------
iii Adjusted Pool Exceeding Notes and
Certificate Balance (i-ii) $ 99,839,273.47
-----------------
-----------------
iv Adjusted Pool Balance 12/31/98 $2,254,948,885.35
v Adjusted Pool Balance 3/31/99 2,190,969,656.19
-----------------
vi Current Principal Due (iv-v) $ 63,979,229.16
vii Principal Shortfall from Previous Collection Period 35,860,044.31
-----------------
viii Principal Distribution Amount (vi + vii) $ 99,839,273.47
-----------------
-----------------
ix Principal Distribution Amount Paid $ 76,345,302.02
x Principal Shortfall (viii - ix) $ 23,493,971.45
C Total Principal Distribution $ 76,345,302.02
D Total Interest Distribution 30,089,892.56
-----------------
E Total Cash Distributions-Note and Certificates $ 106,435,194.58
----------------------------------------------------------------------------------------
F Note & Certificate Balances 1/25/99 4/26/99
----------------------------------------------------------------------------------------
i A-1 Note Balance (78442GAU0) $1,211,908,929.66 $1,135,563,627.64
A-1 Note Pool Factor 0.8144549258 0.7631475992
ii A-2 Note Balance (78442GAV8) $ 989,000,000.00 $ 989,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAW6) $ 89,900,000.00 $ 89,900,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
----------------------------------------------------------------------------------------
G Reserve Account Reconciliation
i Beginning of Period Balance $ 5,623,313.93
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ 0.00
-----------------
iv Total Reserve Account Balance Available $ 5,623,313.93
v Required Reserve Account Balance $ 5,463,764.73
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to Waterfall $ 159,549.20
viii Ending Reserve Account Balance $ 5,463,764.73
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1997-4 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------
1/1/99-3/31/99 10/1/98-12/31/98 7/1/98-9/30/98
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Beginning Student Loan Portfolio Balance $2,214,648,812.93 $2,264,239,145.12 $2,324,473,497.16
- --------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 57,289,916.43 $ 48,527,526.19 $ 48,117,709.57
ii Principal Collections from Guarantor 13,036,350.70 19,185,256.33 23,055,308.03
iii Principal Reimbursements 6,227,642.48 321,590.96 102,005.97
iv Other System Adjustments -- -- --
-----------------------------------------------------------
v Total Principal Collections $ 76,553,909.61 $ 68,034,373.48 $ 71,275,023.57
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,352,596.15 $ 2,277,096.67 $ 2,280,730.60
ii Capitalized Interest (12,095,625.35) (20,721,137.96) (13,321,402.13)
-----------------------------------------------------------
iii Total Non-Cash Principal Activity $ (9,743,029.20) $ (18,444,041.29) $ (11,040,671.53)
- --------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 66,810,880.41 $ 49,590,332.19 $ 60,234,352.04
- --------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 23,267,977.17 $ 22,583,464.88 $ 23,095,029.16
ii Interest Claims Received from
Guarantors 805,854.88 1,237,499.61 1,463,495.60
iii Late Fee Reimbursements 379,972.31 305,743.95 130,539.41
iv Interest Reimbursements 98,545.80 13,484.78 8,115.95
v Other System Adjustments -- -- --
vi Special Allowance Payments 18,593.36 156,523.98 334,088.81
vii Subsidy Payments 8,868,220.13 9,347,995.87 10,893,777.31
-----------------------------------------------------------
viii Total Interest Collections $ 33,439,163.65 $ 33,644,713.07 $ 35,925,046.24
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,126,808.82) $ (1,972,706.67) $ (1,860,715.96)
ii Capitalized Interest 12,095,625.35 20,721,137.96 13,321,402.13
-----------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 9,968,816.53 $ 18,748,431.29 $ 11,460,686.17
-----------------------------------------------------------
Total Student Loan Interest Activity $ 43,407,980.18 $ 52,393,144.36 $ 47,385,732.41
(=) Ending Student Loan Portfolio Balance $2,147,837,932.52 $2,214,648,812.93 $2,264,239,145.12
- --------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 37,667,958.94 $ 34,676,758.49 $ 40,338,277.49
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $2,185,505,891.46 $2,249,325,571.42 $2,304,577,422.61
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 5,463,764.73 $ 5,623,313.93 $ 5,761,443.56
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $2,190,969,656.19 $2,254,948,885.35 $2,310,338,866.17
- --------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------
4/1/98-6/30/98 10/27/97-3/31/98
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Beginning Student Loan Portfolio Balance $2,372,502,462.70 $2,443,276,738.87
- --------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 46,264,811.82 $ 74,599,347.53
ii Principal Collections from Guarantor 15,326,918.91 3,052,448.99
iii Principal Reimbursements 426,956.50 33,642,034.51
iv Other System Adjustments -- --
--------------------------------------
v Total Principal Collections $ 62,018,687.23 $ 111,293,831.03
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,630,543.84 $ 3,636,486.74
ii Capitalized Interest (15,620,265.53) (44,156,041.60)
--------------------------------------
iii Total Non-Cash Principal Activity $ (13,989,721.69) ($40,519,554.86)
- --------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 48,028,965.54 $ 70,774,276.17
- --------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 22,338,402.12 $ 34,622,975.83
ii Interest Claims Received from
Guarantors 940,134.03 102,472.19
iii Late Fee Reimbursements -- 86.82
iv Interest Reimbursements 11,108.97 572,973.03
v Other System Adjustments -- --
vi Special Allowance Payments 572,883.71 622,057.05
vii Subsidy Payments 11,528,387.43 10,334,525.07
--------------------------------------
viii Total Interest Collections $ 35,390,916.26 $ 46,255,089.99
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,387,131.58) $ (3,586,478.16)
ii Capitalized Interest 15,620,265.53 44,156,041.60
--------------------------------------
iii Total Non-Cash Interest Adjustments $ 14,233,133.95 $ 40,569,563.44
--------------------------------------
Total Student Loan Interest Activity $ 49,624,050.21 $ 86,824,653.43
(=) Ending Student Loan Portfolio Balance $2,324,473,497.16 $2,372,502,462.70
- --------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 39,109,031.25 $ 40,483,617.83
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $2,363,582,528.41 $2,412,986,080.53
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 6,032,465.20 $ 6,256,599.00
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $2,369,614,993.61 $2,419,242,679.53
- --------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
10
<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%
Apr-99 $ 2,185,505,891 4.25%
</TABLE>
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool
data.
- --------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1998-1
Quarterly Servicing Report
Report Date: 03/31/99 Reporting Period: 1/1/99-3/31/99
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 12/31/98 Activity 03/31/99
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 2,743,530,724.67 $ (86,797,919.80) $ 2,656,732,804.87
ii Interest to be Capitalized 41,965,865.45 45,381,413.50
------------------ ------------------
iii Total Pool $ 2,785,496,590.12 $ 2,702,114,218.37
iv Specified Reserve Account Balance 6,963,741.48 6,755,285.55
------------------ ------------------
v Total Adjusted Pool $ 2,792,460,331.60 $ 2,708,869,503.92
------------------ ------------------
------------------ ------------------
B i Weighted Average Coupon (WAC) 8.2515% 8.2494%
ii Weighted Average Remaining Term 116.98 115.86
iii Number of Loans 710,972 692,660
iv Number of Borrowers 302,159 293,985
-------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
% of O/S % of O/S
Notes and Certificates Spread Balance 1/25/99 Securities Balance 4/26/99 Securities
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAX4 0.71% $ 1,461,410,331.60 52.334% $ 1,377,819,503.92 50.863%
ii A-2 Notes 78442GAY2 0.76% 1,224,500,000.00 43.850% 1,224,500,000.00 45.204%
iii Certificates 78442GAZ9 0.97% 106,550,000.00 3.816% 106,550,000.00 3.933%
--------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 2,792,460,331.60 100.000% $ 2,708,869,503.92 100.000%
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
Reserve Account 01/25/99 04/26/99
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 6,963,741.48 $ 6,755,285.55
iv Reserve Account Floor Balance ($) $ 2,999,161.00 $ 2,999,161.00
v Current Reserve Acct Balance ($) $ 6,963,741.48 $ 6,755,285.55
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
1
<PAGE>
- --------------------------------------------------------------------------------
II. 1998-1 Transactions from: 01/01/99 through: 03/31/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 74,511,775.00
ii Principal Collections from Guarantor $ 17,792,999.05
iii Principal Reimbursements $ 7,128,612.95
iv Other System Adjustments $ 0.00
---------------
v Total Principal Collections $ 99,433,387.00
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,902,786.01
ii Capitalized Interest $(15,538,253.21)
---------------
iii Total Non-Cash Principal Activity $(12,635,467.20)
--------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 86,797,919.80
--------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 29,723,371.77
ii Interest Claims Received from Guarantors $ 1,130,821.40
iii Late Fee Reimbursements $ 532,516.25
iv Interest Reimbursements $ 111,163.80
v Other System Adjustments $ 0.00
vi Special Allowance Payments $ 50,793.13
vii Subsidy Payments $ 10,087,539.96
---------------
viii Total Interest Collections $ 41,636,206.31
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,552,062.59)
ii Capitalized Interest $ 15,538,253.21
---------------
iii Total Non-Cash Interest Adjustments $ 12,986,190.62
--------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 54,622,396.93
--------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
2
<PAGE>
- --------------------------------------------------------------------------------
III. 1998-1 Collection Account Activity 01/01/99 through 03/31/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $ 92,304,774.05
ii Cash Forwarded by Administrator on behalf of Seller $ 173,518.10
iii Cash Forwarded by Administrator on behalf of Servicer $ (747.99)
iv Cash Forwarded by Administrator for Consolidation Activity $ 6,955,842.84
---------------
v Total Principal Collections $ 99,433,387.00
B Interest Collections
i Interest Payments Received-Cash $ 40,992,526.26
ii Cash Forwarded by Administrator on behalf of Seller $ 4,334.86
iii Cash Forwarded by Administrator on behalf of Servicer $ 17,022.51
iv Cash Forwarded by Administrator for Consolidation Activity $ 89,806.43
v Cash Forwarded by Administrator for Late Fee Activity $ 532,516.25
---------------
vi Total Interest Collections $ 41,636,206.31
C Other Reimbursements $ 272,019.06
D Administrator Account Investment Income $ 817,570.57
E Return funds borrowed for previous distribution $ --
F TOTAL FUNDS RECEIVED $142,159,182.94
LESS FUNDS PREVIOUSLY REMITTED:
Servicing Fees $ (3,687,304.09)
Consolidation Loan Rebate Fees $ (570,741.00)
--------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $137,901,137.85
--------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 1,185,564.66
ii Percentage of Principal Calculation $ 1,818,124.49
iii Lesser of Unit or Principal Calculation $ 1,185,564.66
H Servicing Fees Due for Current Period $ 1,818,124.49
I Carryover Servicing Fees Due (1) $ 0.00
JAN 1999 Servicing Carryover $0.00
FEB 1999 Servicing Carryover $0.00
MAR 1999 Servicing Carryover $0.00
-----
TOTAL: Carryover Servicing Fee Due $0.00
-----
-----
Less: Servicing ADJ [A iii + B iii] $ (16,274.52)
J Administration Fees Due $ 20,000.00
--------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,821,849.97
--------------------------------------------------------------------------------------
</TABLE>
(1) No Carryover Servicing Fees due before the April 2003 payment date
- --------------------------------------------------------------------------------
3
<PAGE>
- --------------------------------------------------------------------------------
IV. 1998-1 Portfolio Characteristics
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- -----------------------------------------------------------------------------------------------------------------------
STATUS 12/31/98 3/31/99 12/31/98 3/31/99 12/31/98
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.793% 7.793% 74,245 68,500 10.443%
Grace
Current 7.807% 7.803% 19,171 16,811 2.696%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.796% 7.795% 93,416 85,311 13.139%
- -----------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.362% 8.365% 396,263 378,669 55.736%
31-60 Days Delinquent 8.379% 8.377% 28,062 24,046 3.947%
61-90 Days Delinquent 8.382% 8.346% 14,036 14,857 1.974%
91-120 Days Delinquent 8.345% 8.312% 8,086 7,938 1.137%
> 120 Days Delinquent 8.306% 8.319% 11,457 7,622 1.612%
Deferment
Current 8.078% 8.074% 84,395 95,136 11.870%
Forbearance
Current 8.312% 8.309% 70,664 75,337 9.939%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.317% 8.311% 612,963 603,605 86.215%
- -----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.319% 8.308% 4582 3,699 0.644%
Aged Claims Rejected (2) 8.178% 8.250% 11 45 0.002%
- -----------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.252% 8.249% 710,972 692,660 100.000%
- -----------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------
% Principal Amount %
- -------------------------------------------------------------------------------------------------------------------------
STATUS 3/31/99 12/31/98 3/31/99 12/31/98 3/31/99
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School 9.889% $ 259,970,558.19 $ 240,295,566.30 9.476% 9.045%
Current
Grace 2.427% $ 66,212,254.09 $ 56,195,126.26 2.413% 2.115%
Current
- -------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 12.316% $ 326,182,812.28 $ 296,490,692.56 11.889% 11.160%
- -------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 54.669% $ 1,550,770,757.00 $ 1,452,609,648.90 56.525% 54.676%
31-60 Days Delinquent 3.472% $ 108,182,894.96 $ 93,157,230.52 3.943% 3.506%
61-90 Days Delinquent 2.145% $ 52,918,416.03 $ 55,812,424.14 1.929% 2.101%
91-120 Days Delinquent 1.146% $ 28,302,963.62 $ 28,256,761.37 1.032% 1.064%
> 120 Days Delinquent 1.100% $ 36,333,826.54 $ 25,131,041.22 1.324% 0.946%
Deferment
Current 13.735% $ 327,434,865.83 $ 366,828,810.71 11.935% 13.807%
Forbearance
Current 10.876% $ 300,751,620.54 $ 327,596,823.99 10.962% 12.331%
- -------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 87.143% $ 2,404,695,344.52 $ 2,349,392,740.85 87.650% 88.431%
- -------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.534% $ 12,632,722.63 $ 10,756,329.73 0.460% 0.405%
Aged Claims Rejected (2) 0.006% $ 19,845.24 $ 93,041.73 0.001% 0.004%
- -------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 100.000% $ 2,743,530,724.67 $ 2,656,732,804.87 100.000% 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. 1998-1 Portfolio Characteristics by School and Program 3/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------------------------------------
FOUR YEAR SCHOOLS
----------------------------------------------------------------------------
----------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 5.322% 2.499% 0.000% 0.000% 0.000% 0.000%
Grace
Current 1.127% 0.533% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 6.449% 3.032% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 23.510% 8.958% 0.000% 0.041% 1.985% 1.695%
31-60 Days Delinquent 1.312% 0.467% 0.000% 0.003% 0.117% 0.132%
61-90 Days Delinquent 0.854% 0.300% 0.000% 0.004% 0.042% 0.081%
91-120 Days Delinquent 0.456% 0.185% 0.000% 0.001% 0.016% 0.037%
> 120 Days Delinquent 0.364% 0.130% 0.000% 0.000% 0.017% 0.040%
Deferment
Current 6.792% 2.627% 0.000% 0.001% 0.484% 0.786%
Forbearance
Current 5.364% 2.476% 0.001% 0.003% 0.238% 0.919%
- ------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 38.652% 15.143% 0.001% 0.053% 2.899% 3.690%
- ------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.159% 0.061% 0.000% 0.000% 0.007% 0.014%
Aged Claims Rejected (2) 0.002% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 45.262% 18.236% 0.001% 0.053% 2.906% 3.704%
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 70.162%
- ------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------
TWO YEAR SCHOOLS
----------------------------------------------------------------------------
----------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 0.435% 0.202% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.122% 0.059% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.557% 0.261% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.694% 0.810% 0.000% 0.003% 0.095% 0.088%
31-60 Days Delinquent 0.166% 0.075% 0.000% 0.000% 0.005% 0.011%
61-90 Days Delinquent 0.120% 0.050% 0.000% 0.000% 0.003% 0.006%
91-120 Days Delinquent 0.074% 0.029% 0.000% 0.000% 0.001% 0.004%
> 120 Days Delinquent 0.077% 0.034% 0.000% 0.000% 0.001% 0.005%
Deferment
Current 0.562% 0.230% 0.000% 0.000% 0.012% 0.047%
Forbearance
Current 0.467% 0.217% 0.000% 0.000% 0.008% 0.031%
- ------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.160% 1.445% 0.000% 0.003% 0.125% 0.192%
- ------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.039% 0.017% 0.000% 0.000% 0.000% 0.002%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 3.757% 1.723% 0.000% 0.003% 0.125% 0.194%
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 5.802%
- ------------------------------------------------------------------------------------------------------------
<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 0.227% 0.182% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.119% 0.094% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.346% 0.276% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 2.019% 1.501% 0.000% 0.003% 0.295% 0.157%
31-60 Days Delinquent 0.213% 0.150% 0.000% 0.000% 0.020% 0.021%
61-90 Days Delinquent 0.140% 0.101% 0.000% 0.000% 0.008% 0.015%
91-120 Days Delinquent 0.065% 0.046% 0.000% 0.000% 0.002% 0.006%
> 120 Days Delinquent 0.095% 0.069% 0.000% 0.000% 0.002% 0.006%
Deferment
Current 0.349% 0.250% 0.000% 0.001% 0.016% 0.057%
Forbearance
Current 0.561% 0.414% 0.000% 0.000% 0.023% 0.060%
- ------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.442% 2.531% 0.000% 0.004% 0.366% 0.322%
- ------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.039% 0.023% 0.000% 0.000% 0.002% 0.002%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 3.828% 2.830% 0.000% 0.004% 0.368% 0.324%
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 7.354%
- ------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------
UNKNOWN
----------------------------------------------------------------------------
----------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 0.091% 0.087% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.034% 0.027% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.125% 0.114% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 0.162% 0.093% 3.284% 8.231% 0.013% 0.039%
31-60 Days Delinquent 0.013% 0.009% 0.241% 0.547% 0.000% 0.004%
61-90 Days Delinquent 0.013% 0.008% 0.118% 0.234% 0.000% 0.004%
91-120 Days Delinquent 0.006% 0.003% 0.040% 0.093% 0.000% 0.000%
> 120 Days Delinquent 0.001% 0.001% 0.028% 0.076% 0.000% 0.000%
Deferment
Current 0.197% 0.131% 0.426% 0.743% 0.002% 0.094%
Forbearance
Current 0.152% 0.115% 0.389% 0.834% 0.001% 0.058%
- ------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 0.544% 0.360% 4.526% 10.758% 0.016% 0.199%
- ------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.000% 0.000% 0.012% 0.028% 0.000% 0.000%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 0.669% 0.474% 4.538% 10.786% 0.016% 0.199%
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 16.682%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.821% 0.637% 0.409% 0.178% 9.045%
Grace
Current 1.660% 0.181% 0.213% 0.061% 2.115%
- -------------------------------------------------------------------------------------------
TOTAL INTERIM 9.481% 0.818% 0.622% 0.239% 11.160%
- -------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 36.189% 2.690% 3.975% 11.822% 54.676%
31-60 Days Delinquent 2.031% 0.257% 0.404% 0.814% 3.506%
61-90 Days Delinquent 1.281% 0.179% 0.264% 0.377% 2.101%
91-120 Days Delinquent 0.695% 0.108% 0.119% 0.142% 1.064%
> 120 Days Delinquent 0.551% 0.117% 0.172% 0.106% 0.946%
Deferment
Current 10.690% 0.851% 0.673% 1.593% 13.807%
Forbearance
Current 9.001% 0.723% 1.058% 1.549% 12.331%
- -------------------------------------------------------------------------------------------
TOTAL REPAYMENT 60.438% 4.925% 6.665% 16.403% 88.431%
- -------------------------------------------------------------------------------------------
Claims in Process (1) 0.241% 0.058% 0.066% 0.040% 0.405%
Aged Claims Rejected (2) 0.002% 0.001% 0.001% 0.000% 0.004%
- -------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 70.162% 5.802% 7.354% 16.682% 100.000%
- -------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
- --------------------------------------------------------------------------------
VI. 1998-1 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 45,751,751.16
B Interest Subsidy Payments Accrued During Collection Period $ 8,798,948.80
C SAP Payments Accrued During Collection Period $ 61,659.42
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 134,771.30
E Investment Earnings (ADMINISTRATOR ACT) $ 817,570.57
-----------------
F Net Expected Interest Collections 55,564,701.25
G Student Loan Rate
i Days in Collection Period (1/1/99-3/31/99) 90
ii Days in Year 365
iii Net Expected Interest Collections $ 55,564,701.25
iv Primary Servicing Fee $ 5,505,428.58
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $2,785,496,590.12
vii Student Loan Rate 7.28549%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.21668%
I Class A-1 Interest Rate 0.013005973 (1/25/99-4/26/99) 5.21668%
J Class A-2 T-Bill Based Interest Rate 5.26668%
K Class A-2 Interest Rate 0.013130630 (1/25/99-4/26/99) 5.26668%
L Certificate T-Bill Based Rate of Return 5.47668%
M Certificate Rate of Return 0.013654192 (1/25/99-4/26/99) 5.47668%
</TABLE>
6
<PAGE>
- --------------------------------------------------------------------------------
VII. 1998-1 Inputs From Previous Quarterly Servicing Reports 12/31/98
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $2,743,530,724.67
ii Interest To Be Capitalized 41,965,865.45
-----------------
iii Total Pool $2,785,496,590.12
iv Specified Reserve Account Balance 6,963,741.48
-----------------
v Total Adjusted Pool $2,792,460,331.60
-----------------
-----------------
B Total Note and Certificate Factor 0.91732021471
C Total Note and Certificate Balance $2,792,460,331.60
--------------------------------------------------------------------------------------------------------------
D Note Balance 1/25/99 Class A-1 Class A-2 Certificates
--------------------------------------------------------------------------------------------------------------
i Current Factor 1/25/99 0.8530794067 1.0000000000 1.0000000000
ii Expected Note Balance $1,461,410,331.60 $1,224,500,000.00 $106,550,000.00
E Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------
H Reserve Account Balance $ 6,963,741.48
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. 1998-1 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds (Sections III-F + VI-D) $ 138,035,909.15 $ 138,035,909.15
B Primary Servicing Fees-Current Month $ 1,801,849.97 $ 136,234,059.18
C Administration Fee $ 20,000.00 $ 136,214,059.18
D Noteholder's Interest Distribution Amount
i Class A-1 $ 19,007,063.31 $ 117,206,995.87
ii Class A-2 $ 16,078,456.44 $ 101,128,539.43
----------------
iii Total Noteholder's Interest Distribution $ 35,085,519.75
E Certificateholder's Return Distribution Amount $ 1,454,854.16 $ 99,673,685.27
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 83,590,827.68 $ 16,082,857.59
ii Class A-2 $ 0.00 $ 16,082,857.59
----------------
iii Total Noteholder's Principal Distribution $ 83,590,827.68
G Certificateholder's Balance Distribution Amount $ 0.00 $ 16,082,857.59
H Increase to the Specified Reserve Account Balance $ 0.00 $ 16,082,857.59
I Carryover Servicing Fees $ 0.00 $ 16,082,857.59
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 16,082,857.59
i Class A-2 $ 0.00 $ 16,082,857.59
----------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 16,082,857.59
L Excess to Reserve Account $ 16,082,857.59 $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
8
<PAGE>
- --------------------------------------------------------------------------------
IX. 1998-1 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 19,007,063.31 $16,078,456.44 $ 1,454,854.16
ii Quarterly Interest Paid 19,007,063.31 16,078,456.44 1,454,854.16
----------------- -------------- --------------
iii Interest Shortfall $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00 0.00
----------------- -------------- --------------
vi Interest Carryover $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 83,590,827.68 $ 0.00 $ 0.00
viii Quarterly Principal Paid 83,590,827.68 0.00 0.00
----------------- -------------- --------------
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
-----------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 102,597,890.99 $16,078,456.44 $ 1,454,854.16
-----------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 3/31/99 $2,792,460,331.60
ii Adjusted Pool Balance 3/31/99 2,708,869,503.92
-----------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 83,590,827.68
-----------------
-----------------
iv Adjusted Pool Balance 12/31/98 $2,792,460,331.60
v Adjusted Pool Balance 3/31/99 2,708,869,503.92
-----------------
vi Current Principal Due (iv-v) $ 83,590,827.68
vii Principal Shortfall from Previous Collection Period --
-----------------
viii Principal Distribution Amount (vi + vii) $ 83,590,827.68
-----------------
-----------------
ix Principal Distribution Amount Paid $ 83,590,827.68
x Principal Shortfall (viii - ix) $ (0.00)
C Total Principal Distribution $ 83,590,827.68
D Total Interest Distribution 36,540,373.91
-----------------
E Total Cash Distributions-Note and Certificates $ 120,131,201.59
-------------------------------------------------------------------------------------------
F Note & Certificate Balances 01/25/99 04/26/99
-------------------------------------------------------------------------------------------
i A-1 Note Balance (78442GAX4) $1,461,410,331.60 $1,377,819,503.92
A-1 Note Pool Factor 0.8530794067 0.8042843406
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 $ 6,963,741.48
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ 16,082,857.59
-----------------
iv Total Reserve Account Balance Available $ 23,046,599.07
v Required Reserve Account Balance $ 6,755,285.55
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to SLM Funding Corp. $ 16,291,313.52
viii Ending Reserve Account Balance $ 6,755,285.55
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1998-1 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
1/1/99-3/31/99 10/1/98-12/31/98 7/1/98-9/30/98 2/9/98-6/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $2,743,530,724.67 $2,808,644,481.18 $2,878,625,859.80 $2,949,265,754.91
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 74,511,775.00 $ 59,210,784.80 $ 59,792,483.40 $ 93,921,131.21
ii Principal Collections from Guarantor 17,792,999.05 28,779,094.13 24,778,763.45 3,138,024.59
iii Principal Reimbursements 7,128,612.95 576,431.42 153,341.40 1,814,535.76
iv Other System Adjustments -- -- -- --
--------------------------------------------------------------------------------
v Total Principal Collections $ 99,433,387.00 $ 88,566,310.35 $ 84,724,588.25 $ 98,973,691.56
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,902,786.01 $ 2,798,256.97 $ 2,778,134.69 3,337,507.27
ii Capitalized Interest (15,538,253.21) (26,250,810.81) (17,521,344.32) (31,571,303.72)
--------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (12,635,467.20) $ (23,452,553.84) $ (14,743,209.63) $ (28,233,796.45)
- ------------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 86,797,919.80 $ 65,113,756.51 $ 69,981,378.62 $ 70,639,895.11
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 29,723,371.77 $ 28,973,040.41 $ 29,488,963.28 $ 44,938,562.74
ii Interest Claims Received from Guarantors 1,130,821.40 1,974,897.18 1,543,694.98 94,728.01
iii Late Fee Reimbursements 532,516.25 449,911.41 202,184.02 --
iv Interest Reimbursements 111,163.80 29,866.35 7,021.59 62,121.23
v Other System Adjustments -- -- -- --
vi Special Allowance Payments 50,793.13 219,992.62 410,248.91 372,440.71
vii Subsidy Payments 10,087,539.96 10,800,581.18 12,593,294.44 7,591,720.01
--------------------------------------------------------------------------------
viii Total Interest Collections $ 41,636,206.31 $ 42,448,289.15 $ 44,245,407.22 $ 53,059,572.70
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,552,062.59) $ (2,297,269.37) $ (2,348,039.35) $ ($3,259,690.27)
ii Capitalized Interest 15,538,253.21 26,250,810.81 17,521,344.32 31,571,303.72
--------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 12,986,190.62 $ 23,953,541.44 $ 15,173,304.97 $ 28,311,613.45
--------------------------------------------------------------------------------
Total Student Loan Interest Activity $ 54,622,396.93 $ 66,401,830.59 $ 59,418,712.19 $ 81,371,186.15
(=) Ending Student Loan Portfolio Balance $2,656,732,804.87 $2,743,530,724.67 $2,808,644,481.18 $2,878,625,859.80
- ------------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 45,381,413.50 $ 41,965,865.45 $ 49,456,872.12 $ 48,049,973.40
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $2,702,114,218.37 $2,785,496,590.12 $2,858,101,353.30 $2,926,675,833.20
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 6,755,285.55 $ 6,963,741.48 $ 7,145,253.38 $ 7,497,902.00
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $2,708,869,503.92 $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
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Distribution Actual Since Issued
Date Pool Balances CPR *
<S> <C> <C>
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%
Apr-99 $ 2,702,114,218 4.97%
</TABLE>
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool
data.
- --------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1998-2
Quarterly Servicing Report
Report Date: 3/31/99 Reporting Period: 1/1/99-3/31/99
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 12/31/98 Activity 03/31/99
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $2,823,690,030.91 $ (101,800,265.73) $2,721,889,765.18
ii Interest to be Capitalized 35,151,420.12 40,746,596.16
----------------- -----------------
iii Total Pool $2,858,841,451.03 $2,762,636,361.34
iv Specified Reserve Account Balance 7,147,103.63 6,906,590.90
----------------- -----------------
v Total Adjusted Pool $2,865,988,554.66 $2,769,542,952.24
----------------- -----------------
----------------- -----------------
B i Weighted Average Coupon (WAC) 8.2926% 8.2924%
ii Weighted Average Remaining Term 122.55 121.53
iii Number of Loans 704,138 683,222
iv Number of Borrowers 330,158 319,813
-------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
% of O/S % of O/S
Notes and Certificates Spread Balance 1/25/99 Securities Balance 4/26/99 Securities
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GBA3 0.68% $1,523,178,554.66 53.147% $1,426,732,952.24 51.515%
ii A-2 Notes 78442GBB1 0.73% 1,237,060,000.00 43.163% 1,237,060,000.00 44.667%
iii Certificates 78442GBC9 0.95% 105,750,000.00 3.690% 105,750,000.00 3.818%
--------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $2,865,988,554.66 100.000% $2,769,542,952.24 100.000%
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
Reserve Account 01/25/99 04/26/99
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 7,147,103.63 $ 6,906,590.90
iv Reserve Account Floor Balance ($) $ 3,006,252.00 $ 3,006,252.00
v Current Reserve Acct Balance ($) $ 7,147,103.63 $ 6,906,590.90
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
- --------------------------------------------------------------------------------
II. 1998-2 Transactions from: 01/01/99 through: 03/31/99
- --------------------------------------------------------------------------------
A Student Loan Principal Activity
i Regular Principal Collections $ 89,499,580.73
ii Principal Collections from Guarantor $ 16,134,520.97
iii Principal Reimbursements $ 6,194,442.22
iv Other System Adjustments $ 0.00
---------------
v Total Principal Collections $111,828,543.92
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,059,822.51
ii Capitalized Interest $(12,088,100.70)
---------------
iii Total Non-Cash Principal Activity $(10,028,278.19)
----------------------------------------------------------------------------
C Total Student Loan Principal Activity $101,800,265.73
----------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 33,566,214.64
ii Interest Claims Received from Guarantors $ 1,031,494.31
iii Late Fee Reimbursements $ 596,158.99
iv Interest Reimbursements $ 88,460.38
v Other System Adjustments $ 0.00
vi Special Allowance Payments $ 70,951.68
vii Subsidy Payments $ 9,124,398.31
---------------
viii Total Interest Collections $ 44,477,678.31
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,781,819.86)
ii Capitalized Interest $ 12,088,100.70
---------------
iii Total Non-Cash Interest Adjustments $ 10,306,280.84
----------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 54,783,959.15
----------------------------------------------------------------------------
- --------------------------------------------------------------------------------
2
<PAGE>
- --------------------------------------------------------------------------------
III. 1998-2 Collection Account Activity 01/01/99 through 03/31/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $ 105,634,101.70
ii Cash Forwarded by Administrator on behalf of Seller $202,026.64
iii Cash Forwarded by Administrator on behalf of Servicer $37,934.89
iv Cash Forwarded by Administrator for Consolidation Activity $5,954,480.69
----------------
v Total Principal Collections $ 111,828,543.92
B Interest Collections
i Interest Payments Received-Cash $ 43,793,058.94
ii Cash Forwarded by Administrator on behalf of Seller $ 11,641.81
iii Cash Forwarded by Administrator on behalf of Servicer $ 12,358.17
iv Cash Forwarded by Administrator for Consolidation Activity $ 64,460.40
v Cash Forwarded by Administrator for Late Fee Activity $ 596,158.99
----------------
vi Total Interest Collections $ 44,477,678.31
C Other Reimbursements $ 283,517.92
D Administrator Account Investment Income $ 860,896.08
E Return funds borrowed for previous distribution $ --
F TOTAL FUNDS RECEIVED $ 157,450,636.23
LESS FUNDS PREVIOUSLY REMITTED:
Servicing Fees $ (3,796,479.04)
Consolidation Loan Rebate Fees $ (1,096,284.00)
------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 152,557,873.19
------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Primary Servicing Fee - Non-Consolidation Loans $ 1,609,480.55
ii Primary Servicing Fee - Consolidation Loans $ 257,823.84
H Servicing Fees Due for Current Period $ 1,867,304.39
Less: Servicing ADJ [A iii + B iii] $ (50,293.06)
I Carryover Servicing Fees Due $ 0.00
J Administration Fees Due $ 20,000.00
------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,837,011.33
------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
3
<PAGE>
- --------------------------------------------------------------------------------
IV. 1998-2 Portfolio Characteristics
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- -----------------------------------------------------------------------------------------------------------------------
STATUS 12/31/98 3/31/99 12/31/98 3/31/99 12/31/98
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.713% 7.712% 72,295 66,744 10.267%
Grace
Current 7.754% 7.747% 14,991 13,480 2.129%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.719% 7.717% 87,286 80,224 12.396%
- -----------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.413% 8.420% 426,189 407,076 60.526%
31-60 Days Delinquent 8.440% 8.444% 24,599 20,809 3.494%
61-90 Days Delinquent 8.441% 8.404% 11,979 12,122 1.701%
91-120 Days Delinquent 8.379% 8.357% 6,928 5,794 0.984%
> 120 Days Delinquent 8.335% 8.345% 13,291 6,133 1.888%
Deferment
Current 8.154% 8.146% 67,738 77,131 9.620%
Forbearance
Current 8.357% 8.350% 62,303 68,837 8.848%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.378% 8.375% 613,027 597,902 87.061%
- -----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.333% 8.328% 3824 5,096 0.543%
Aged Claims Rejected (2) 8.410% 0.000% 1 0 0.000%
- -----------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.293% 8.292% 704,138 683,222 100.000%
- -----------------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------------------------------------------------
% Principal Amount %
- ---------------------------------------------------------------------------------------------------------------------------
STATUS 3/31/99 12/31/98 3/31/99 12/31/98 3/31/99
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 9.769% $ 298,260,624.93 $ 278,081,261.22 10.563% 10.217%
Grace
Current 1.973% $ 51,575,388.51 $ 46,493,198.69 1.827% 1.708%
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 11.742% $ 349,836,013.44 $ 324,574,459.91 12.390% 11.925%
- ---------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 59.582% $1,680,232,914.11 $1,566,106,668.00 59.505% 57.537%
31-60 Days Delinquent 3.046% $ 100,599,905.55 $ 86,779,879.13 3.563% 3.188%
61-90 Days Delinquent 1.774% $ 47,022,317.08 $ 48,389,676.62 1.665% 1.778%
91-120 Days Delinquent 0.848% $ 24,933,563.48 $ 22,152,254.71 0.883% 0.814%
> 120 Days Delinquent 0.898% $ 38,565,370.53 $ 19,697,803.60 1.366% 0.724%
Deferment
Current 11.289% $ 271,676,160.75 $ 302,155,207.38 9.621% 11.101%
Forbearance
Current 10.075% $ 299,658,909.79 $ 338,849,645.88 10.612% 12.449%
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 87.512% $2,462,689,141.29 $2,384,131,135.32 87.215% 87.591%
- ---------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.746% $ 11,161,626.61 $ 13,184,169.95 0.395% 0.484%
Aged Claims Rejected (2) 0.000% $ 3,249.57 $ -- 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 100.000% $2,823,690,030.91 $2,721,889,765.18 100.000% 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 3/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------------------------------------
FOUR YEAR SCHOOLS
----------------------------------------------------------------------------
----------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 5.535% 3.770% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.891% 0.508% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 6.426% 4.278% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 20.324% 6.260% 0.044% 0.133% 5.032% 3.182%
31-60 Days Delinquent 0.945% 0.300% 0.001% 0.007% 0.213% 0.153%
61-90 Days Delinquent 0.586% 0.192% 0.003% 0.001% 0.061% 0.103%
91-120 Days Delinquent 0.304% 0.120% 0.000% 0.004% 0.022% 0.048%
> 120 Days Delinquent 0.229% 0.067% 0.000% 0.000% 0.018% 0.030%
Deferment
Current 5.050% 1.780% 0.005% 0.009% 0.646% 1.087%
Forbearance
Current 4.996% 2.209% 0.004% 0.013% 0.265% 1.874%
- ------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 32.434% 10.928% 0.057% 0.167% 6.257% 6.477%
- ------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.194% 0.066% 0.000% 0.000% 0.012% 0.015%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 39.054% 15.272% 0.057% 0.167% 6.269% 6.492%
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 67.311%
- ------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------
TWO YEAR SCHOOLS
----------------------------------------------------------------------------
----------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 0.445% 0.245% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.108% 0.052% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.553% 0.297% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.612% 0.536% 0.002% 0.007% 0.229% 0.124%
31-60 Days Delinquent 0.148% 0.048% 0.000% 0.002% 0.013% 0.009%
61-90 Days Delinquent 0.099% 0.037% 0.000% 0.000% 0.004% 0.009%
91-120 Days Delinquent 0.051% 0.019% 0.000% 0.000% 0.001% 0.003%
> 120 Days Delinquent 0.068% 0.024% 0.000% 0.000% 0.001% 0.002%
Deferment
Current 0.426% 0.176% 0.001% 0.001% 0.019% 0.027%
Forbearance
Current 0.425% 0.183% 0.001% 0.001% 0.012% 0.056%
- ------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 2.829% 1.023% 0.004% 0.011% 0.279% 0.230%
- ------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.056% 0.022% 0.000% 0.000% 0.001% 0.002%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 3.438% 1.342% 0.004% 0.011% 0.280% 0.232%
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 5.307%
- ------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------
TECHNICAL SCHOOLS
----------------------------------------------------------------------------
----------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 0.105% 0.089% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.080% 0.061% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.185% 0.150% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.373% 0.932% 0.002% 0.010% 0.364% 0.129%
31-60 Days Delinquent 0.135% 0.078% 0.000% 0.000% 0.015% 0.011%
61-90 Days Delinquent 0.095% 0.055% 0.000% 0.000% 0.009% 0.007%
91-120 Days Delinquent 0.040% 0.023% 0.000% 0.001% 0.004% 0.003%
> 120 Days Delinquent 0.077% 0.049% 0.000% 0.000% 0.003% 0.004%
Deferment
Current 0.210% 0.130% 0.000% 0.001% 0.015% 0.024%
Forbearance
Current 0.363% 0.256% 0.001% 0.003% 0.023% 0.032%
- ------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 2.293% 1.523% 0.003% 0.015% 0.433% 0.210%
- ------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.040% 0.022% 0.000% 0.000% 0.002% 0.003%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 2.518% 1.695% 0.003% 0.015% 0.435% 0.213%
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 4.879%
- ------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------
UNKNOWN
----------------------------------------------------------------------------
----------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 0.018% 0.010% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.004% 0.004% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.022% 0.014% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 0.070% 0.026% 4.760% 12.368% 0.008% 0.010%
31-60 Days Delinquent 0.008% 0.004% 0.317% 0.779% 0.000% 0.002%
61-90 Days Delinquent 0.002% 0.001% 0.147% 0.367% 0.000% 0.000%
91-120 Days Delinquent 0.004% 0.002% 0.056% 0.108% 0.000% 0.001%
> 120 Days Delinquent 0.001% 0.000% 0.051% 0.100% 0.000% 0.000%
Deferment
Current 0.042% 0.022% 0.450% 0.965% 0.001% 0.014%
Forbearance
Current 0.020% 0.009% 0.488% 1.206% 0.001% 0.008%
- ------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 0.147% 0.064% 6.269% 15.893% 0.010% 0.035%
- ------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.001% 0.000% 0.011% 0.037% 0.000% 0.000%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 0.170% 0.078% 6.280% 15.930% 0.010% 0.035%
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 22.503%
- ------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 9.305% 0.690% 0.194% 0.028% 10.217%
Grace
Current 1.399% 0.160% 0.141% 0.008% 1.708%
- -------------------------------------------------------------------------------------------
TOTAL INTERIM 10.704% 0.850% 0.335% 0.036% 11.925%
- -------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 34.975% 2.510% 2.810% 17.242% 57.537%
31-60 Days Delinquent 1.619% 0.220% 0.239% 1.110% 3.188%
61-90 Days Delinquent 0.946% 0.149% 0.166% 0.517% 1.778%
91-120 Days Delinquent 0.498% 0.074% 0.071% 0.171% 0.814%
> 120 Days Delinquent 0.344% 0.095% 0.133% 0.152% 0.724%
Deferment
Current 8.577% 0.650% 0.380% 1.494% 11.101%
Forbearance
Current 9.361% 0.678% 0.678% 1.732% 12.449%
- -------------------------------------------------------------------------------------------
TOTAL REPAYMENT 56.320% 4.376% 4.477% 22.418% 87.591%
- -------------------------------------------------------------------------------------------
Claims in Process (1) 0.287% 0.081% 0.067% 0.049% 0.484%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 67.311% 5.307% 4.879% 22.503% 100.000%
- -------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
5
<PAGE>
- --------------------------------------------------------------------------------
VI. 1998-2 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 48,834,128.24
B Interest Subsidy Payments Accrued During Collection Period $ 7,527,243.07
C SAP Payments Accrued During Collection Period $ 88,675.46
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 134,778.32
E Investment Earnings (ADMINISTRATOR ACT) $ 860,896.08
-----------------
F Net Expected Interest Collections $ 57,445,721.17
G Student Loan Rate
i Days in Collection Period (1/1/99-3/31/99) 90
ii Days in Year 365
iii Net Expected Interest Collections $ 57,445,721.17
iv Primary Servicing Fee $ 5,663,783.43
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $2,858,841,451.03
vii Student Loan Rate 7.34295%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.18668%
I Class A-1 Interest Rate 0.012931178 (1/25/99-4/26/99) 5.18668%
J Class A-2 T-Bill Based Interest Rate 5.23668%
K Class A-2 Interest Rate 0.013055836 (1/25/99-4/26/99) 5.23668%
L Certificate T-Bill Based Rate of Return 5.45668%
M Certificate Rate of Return 0.013604329 (1/25/99-4/26/99) 5.45668%
</TABLE>
6
<PAGE>
- --------------------------------------------------------------------------------
VII. 1998-2 Inputs From Previous Quarterly Servicing Reports 12/31/98
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $2,823,690,030.91
ii Interest To Be Capitalized 35,151,420.12
-----------------
iii Total Pool $2,858,841,451.03
iv Specified Reserve Account Balance 7,147,103.63
-----------------
v Total Adjusted Pool $2,865,988,554.66
=================
B Total Note and Certificate Factor 0.94859763699
C Total Note and Certificate Balance $2,865,988,554.66
--------------------------------------------------------------------------------------------------------------
D Note Balance 1/25/99 Class A-1 Class A-2 Certificates
--------------------------------------------------------------------------------------------------------------
i Current Factor 1/25/99 0.9074749503 1.0000000000 1.0000000000
ii Expected Note Balance $1,523,178,554.66 $1,237,060,000.00 $105,750,000.00
E Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------
H Reserve Account Balance $ 7,147,103.63
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. 1998-2 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds (Sections III-F + VI-D) $152,692,651.51 $152,692,651.51
B Primary Servicing Fees-Current Month $ 1,817,011.33 $150,875,640.18
C Administration Fee $ 20,000.00 $150,855,640.18
D Noteholder's Interest Distribution Amount
i Class A-1 $ 19,696,493.02 $131,159,147.16
ii Class A-2 $ 16,150,852.48 $115,008,294.68
---------------
iii Total Noteholder's Interest Distribution $ 35,847,345.50
E Certificateholder's Return Distribution Amount $ 1,438,657.79 $113,569,636.89
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 96,445,602.42 $17,124,034.47
ii Class A-2 $ 0.00 $17,124,034.47
iii Total Noteholder's Principal Distribution $ 96,445,602.42
---------------
G Certificateholder's Balance Distribution Amount $ 0.00 $17,124,034.47
H Increase to the Specified Reserve Account Balance $ 0.00 $17,124,034.47
I Carryover Servicing Fees $ 0.00 $17,124,034.47
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $17,124,034.47
i Class A-2 $ 0.00 $17,124,034.47
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $17,124,034.47
L Excess to Reserve Account $ 17,124,034.47 $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
8
<PAGE>
- --------------------------------------------------------------------------------
IX. 1998-2 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 19,696,493.02 $16,150,852.48 $1,438,657.79
ii Quarterly Interest Paid 19,696,493.02 16,150,852.48 1,438,657.79
--------------- -------------- -------------
iii Interest Shortfall $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00 0.00
--------------- -------------- -------------
vi Interest Carryover $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 96,445,602.42 $ 0.00 $ 0.00
viii Quarterly Principal Paid 96,445,602.42 0.00 0.00
--------------- -------------- -------------
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
-----------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $116,142,095.44 $16,150,852.48 $1,438,657.79
-----------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 3/31/99 $ 2,865,988,554.66
ii Adjusted Pool Balance 3/31/99 2,769,542,952.24
-------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 96,445,602.42
===================
iv Adjusted Pool Balance 12/31/98 $ 2,865,988,554.66
v Adjusted Pool Balance 3/31/99 2,769,542,952.24
-------------------
vi Current Principal Due (iv-v) $ 96,445,602.42
vii Principal Shortfall from Previous Collection Period --
-------------------
viii Principal Distribution Amount (vi + vii) $ 96,445,602.42
===================
ix Principal Distribution Amount Paid $ 96,445,602.42
x Principal Shortfall (viii - ix) $ --
C Total Principal Distribution $ 96,445,602.42
D Total Interest Distribution 37,286,003.29
-------------------
E Total Cash Distributions-Note and Certificates $ 133,731,605.71
----------------------------------------------------------------------------------------------
F Note & Certificate Balances 1/25/99 4/26/99
----------------------------------------------------------------------------------------------
i A-1 Note Balance (78442GBA3) $1,523,178,554.66 $1,426,732,952.24
A-1 Note Pool Factor 0.9074749503 0.8500148660
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 $ 7,147,103.63
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ 17,124,034.47
-----------------
iv Total Reserve Account Balance Available $ 24,271,138.10
v Required Reserve Account Balance $ 6,906,590.90
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to SLM Funding Corp. $ 17,364,547.20
viii Ending Reserve Account Balance $ 6,906,590.90
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1998-2 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------
1/1/99-3/31/99 10/1/98-12/31/98 7/1/98-9/30/98
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Beginning Student Loan Portfolio Balance $2,823,690,030.91 $2,884,241,095.20 $2,955,578,269.52
- ---------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 89,499,580.73 $ 73,398,235.76 $ 99,781,470.14
ii Principal Collections from Guarantor 16,134,520.97 7,885,185.64 2,128,047.15
iii Principal Reimbursements 6,194,442.22 714,930.03 970,064.09
iv Other System Adjustments -- -- --
-----------------------------------------------------------
v Total Principal Collections $ 111,828,543.92 $ 81,998,351.43 $ 102,879,581.38
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,059,822.51 $ 1,935,559.76 $ 3,355,139.09
ii Capitalized Interest (12,088,100.70) (23,382,846.90) (34,897,546.15)
-----------------------------------------------------------
iii Total Non-Cash Principal Activity $ (10,028,278.19) $ (21,447,287.14) $ (31,542,407.06)
- ---------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 101,800,265.73 $ 60,551,064.29 $ 71,337,174.32
- ---------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 33,566,214.64 $ 32,921,560.24 $ 46,221,267.99
ii Interest Claims Received from Guarantors 1,031,494.31 458,144.52 50,657.73
iii Late Fee Reimbursements 596,158.99 499,583.91 182,082.85
iv Interest Reimbursements 88,460.38 11,125.28 22,196.97
v Other System Adjustments -- -- --
vi Special Allowance Payments 70,951.68 317,399.02 226,710.99
vii Subsidy Payments 9,124,398.31 9,964,075.42 5,059,708.37
-----------------------------------------------------------
viii Total Interest Collections $ 44,477,678.31 $ 44,171,888.39 $ 51,762,624.90
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,781,819.86) $ (1,871,905.30) $ (3,237,967.33)
ii Capitalized Interest 12,088,100.70 23,382,846.90 34,897,546.15
-----------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 10,306,280.84 $ 21,510,941.60 $ 31,659,578.82
-----------------------------------------------------------
Total Student Loan Interest Activity $ 54,783,959.15 $ 65,682,829.99 $ 83,422,203.72
(=) Ending Student Loan Portfolio Balance $2,721,889,765.18 $2,823,690,030.91 $2,884,241,095.20
- ---------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 40,746,596.16 $ 35,151,420.12 $ 40,537,081.96
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $2,762,636,361.34 $2,858,841,451.03 $2,924,778,177.16
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 6,906,590.90 $ 7,147,103.63 $ 7,311,945.44
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $2,769,542,952.24 $2,865,988,554.66 $2,932,090,122.60
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1998-2 Payment History and CPRs
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Distribution Actual Since Issued
Date Pool Balances CPR *
<S> <C> <C>
Jul-98 $3,006,252,430 --
Oct-98 $2,924,778,177 4.32%
Jan-99 $2,858,841,451 4.03%
Apr-99 $2,762,636,361 4.98%
</TABLE>
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool
data.
- --------------------------------------------------------------------------------
11
