<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): JULY 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
the SLM Student Loan Trust 1998-2
and the SLM Student Loan Trust 1999-1)
DELAWARE 33-95474/333-2502/333-24949/333-44465 23-2815650
- --------------- ------------------------------------- -------------------
(State or other (Commission File Numbers) (I.R.S. employer
Jurisdiction of Identification No.)
Incorporation)
777 Twin Creek Drive
Killeen, Texas 76543
----------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (817) 554-4500
Page 1 of 5
Exhibit Index appears on Page 5
<PAGE>
Item 5. OTHER EVENTS
On July 26, 1999, the Sallie Mae Student Loan Trust 1995-1 made its
fifteenth, the Sallie Mae Student Loan Trust 1996-1 made its fourteenth, the SLM
Student Loan Trust 1996-2 made its thirteenth, the SLM Student Loan Trust 1996-3
made its twelfth, the SLM Student Loan Trust 1996-4 made its eleventh, the SLM
Student Loan Trust 1997-1 made its tenth, the SLM Student Loan Trust 1997-2 made
its ninth, the SLM Student Loan Trust 1997-3 made its eighth, the SLM Student
Loan Trust 1997-4 made its sixth, the SLM Student Loan Trust 1998-1 made its
fifth and the SLM Student Loan Trust 1998-2 made its fourth, 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 July 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 July 26, 1999.
LEGISLATIVE DEVELOPMENTS
On June 16, 1999, the United States Department of Education announced a
reduction in fees on student loans under the William D. Ford Direct Loan
Program. The reduced fees include:
- a one percentage point reduction in the up-front origination fee on
Direct Loans, from four percent to three percent of the total loan
balance;
- a 0.25 percentage point interest rate reduction for borrowers that pay
their Direct Loans electronically; and
- a 0.6 percentage point interest rate reduction for borrowers that
consolidate their Direct Loan while they are in school or during the
grace period prior to the loan entering repayment.
Page 2 of 5
Exhibit Index appears on Page 5
<PAGE>
Item 5. (continued)
REGULATORY DEVELOPMENTS
In the third quarter of 1999, European banking regulators the Financial
Services Authority (FSA) of the United Kingdom, De Nederlandsche Bank of the
Netherlands and The Commission de Surveillance du Secteur Financier of
Luxembourg 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 Registrant's senior student
loan-backed securities may be assigned to the 20 percent risk category.
Regulated financial institutions in the respective countries can assign the
Registrant's senior asset-backed securities to the more favorable risk weight
category to the extent that the underlying student loans are conditionally
guaranteed by the U.S. Department of Education. Management believes that, as a
result of these clarifications, regulated depository institutions in the
respective jurisdictions above 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 expectations 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: August 6, 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
Exhibit Index appears on Page 5
<PAGE>
Exhibit 19.1
SALLIE MAE STUDENT LOAN TRUST 1995-1
QUARTERLY SERVICING REPORT
REPORT DATE: 6/30/99 REPORTING PERIOD: 4/1/99-6/30/99
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 3/31/99 Activity 6/30/99
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 441,621,205.38 $ (27,937,300.26) $ 413,683,905.12
ii Interest to be Capitalized 1,244,891.78 1,145,213.69
---------------- ----------------
iii TOTAL POOL $ 442,866,097.16 $ 414,829,118.81
---------------- ----------------
---------------- ----------------
B i Weighted Average Coupon (WAC) 8.2868% 8.2983%
ii Weighted Average Remaining Term 69.63 68.16
iii Number of Loans 274,366 259,607
iv Number of Borrowers 115,888 109,322
-----------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 4/26/99 % of Pool Balance 7/26/99 % of Pool
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 795452AA9 0.575% $ 192,866,097.16 43.550% $ 164,829,118.81 39.734%
ii A-2 Notes 795452AB7 0.750% 215,000,000.00 48.547% 215,000,000.00 51.829%
iii Certificates 795452AC5 1.000% 35,000,000.00 7.903% 35,000,000.00 8.437%
------------------------------------------------------------------------------------------------------------------
iv TOTAL NOTES AND CERTIFICATES $ 442,866,097.16 100.000% $ 414,829,118.81 100.000%
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
Reserve Account 4/26/99 7/26/99
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.50% 0.50%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,214,330.49 $ 2,074,145.59
iv Reserve Account Floor Balance ($) $ 1,000,000.00 $ 1,000,000.00
v Current Reserve Acct Balance ($) $ 2,214,330.49 $ 2,074,145.59
---------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
- --------------------------------------------------------------------------------
II. 1995-1 Transactions from: 4/1/99 through: 6/30/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 25,514,750.59
ii Principal Collections from Guarantor 1,506,608.02
iii Principal Reimbursements 1,803,419.45
iv Other System Adjustments 0.00
---------------
v TOTAL PRINCIPAL COLLECTIONS $ 28,824,778.06
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 111,238.00
ii Capitalized Interest (998,715.80)
---------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (887,477.80)
---------------------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 27,937,300.26
---------------------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 7,015,510.14
ii Interest Claims Received from Guarantors 83,251.95
iii Late Fee Reimbursements 163,385.17
iv Interest Reimbursements 19,637.84
v Other System Adjustments 0.00
vi Special Allowance Payments 23,140.49
vii Subsidy Payments 818,762.28
------------------------
viii Total Interest Collections $ 8,123,687.87
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment $ (83,383.81)
ii Capitalized Interest 998,715.80
------------------------
iii Total Non-Cash Interest Adjustments $ 915,331.99
---------------------------------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 9,039,019.86
---------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
- --------------------------------------------------------------------------------
III. 1995-1 Collection Account Activity 4/1/99 through 6/30/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $ 27,021,358.61
ii Cash Forwarded by Administrator on behalf of Seller 15,373.66
iii Cash Forwarded by Administrator on behalf of Servicer 1,241.52
iv Cash Forwarded by Administrator for Consolidation Activity 1,786,804.27
---------------
v Total Principal Collections $ 28,824,778.06
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 7,940,664.86
ii Cash Forwarded by Administrator on behalf of Seller (581.15)
iii Cash Forwarded by Administrator on behalf of Servicer 2,291.65
iv Cash Forwarded by Administrator for Consolidation Activity 17,927.34
v Cash Forwarded by Administrator for Late Fee Activity 163,385.17
---------------
vi Total Interest Collections $ 8,123,687.87
C OTHER REIMBURSEMENTS $ 233,639.67
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 258,660.23
E TOTAL FUNDS RECEIVED $ 37,440,765.83
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (733,884.80)
--------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 36,706,881.03
--------------------------------------------------------------------------------------------------------------
F SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $ 356,176.00
ii Percentage of Principal Calculation $ 532,465.34
iii Lesser of Unit or Principal Calculation $ 356,176.00
G SERVICING FEES DUE FOR CURRENT PERIOD $ 356,176.00
H CARRYOVER SERVICING FEES DUE $ 538,306.02
APR 1999 Servicing Carryover $184,865.08
MAY 1999 Servicing Carryover $180,684.77
JUN 1999 Servicing Carryover $176,289.34
-----------
$541,839.19
Less: Servicing ADJ [A iii + B iii] $ (3,533.17)
-----------
Carryover Servicing Fee Due $538,306.02
-----------
-----------
I ADMINISTRATION FEES DUE $ 20,000.00
--------------------------------------------------------------------------------------------------------------
J TOTAL FEES DUE FOR PERIOD $ 914,482.02
--------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
- --------------------------------------------------------------------------------
IV. 1995-1 Portfolio Characteristics
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ------------------------------------------------------------------------------------------------------------------------------------
STATUS 3/31/99 6/30/99 3/31/99 6/30/99 3/31/99 6/30/99
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 8.149% 8.151% 150 112 0.054% 0.043%
Grace
Current 8.144% 8.127% 54 53 0.020% 0.020%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.148% 8.143% 204 165 0.074% 0.063%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.286% 8.298% 227,144 216,288 82.789% 83.314%
31-60 Days Delinquent 8.305% 8.315% 8,440 8,618 3.076% 3.320%
61-90 Days Delinquent 8.314% 8.297% 3,564 3,608 1.299% 1.390%
91-120 Days Delinquent 8.302% 8.314% 1,286 1,199 0.469% 0.462%
> 120 Days Delinquent 8.297% 8.316% 1,448 1,733 0.528% 0.668%
Deferment
Current 8.285% 8.299% 21,138 17,776 7.704% 6.847%
Forbearance
Current 8.286% 8.293% 10,597 9,944 3.862% 3.830%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.287% 8.298% 273,617 259,166 99.727% 99.831%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.318% 834.809% 540 275 0.197% 0.106%
Aged Claims Rejected (2) 8.710% 8.260% 5 1 0.002% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.287% 8.298% 274,366 259,607 100.000% 100.000%
- ------------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------
Principal Amount %
- ----------------------------------------------------------------------------------------------------------
STATUS 3/31/99 6/30/99 3/31/99 6/30/99
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 306,708.78 $ 223,521.09 0.069% 0.054%
Grace
Current $ 75,292.04 $ 111,700.85 0.017% 0.027%
- ----------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 382,000.82 $ 335,221.94 0.086% 0.081%
- ----------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 350,858,774.62 $ 330,029,676.14 79.448% 79.778%
31-60 Days Delinquent $ 14,916,514.23 $ 15,439,627.85 3.378% 3.732%
61-90 Days Delinquent $ 6,957,472.55 $ 7,108,569.80 1.576% 1.719%
91-120 Days Delinquent $ 2,448,304.76 $ 2,496,973.74 0.554% 0.604%
> 120 Days Delinquent $ 2,763,332.09 $ 3,298,114.10 0.626% 0.797%
Deferment
Current $ 40,131,676.96 $ 33,442,522.63 9.087% 8.084%
Forbearance
Current $ 22,271,868.91 $ 21,142,945.70 5.043% 5.111%
- ----------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 440,347,944.12 $ 412,958,429.96 99.712% 99.825%
- ----------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 884,452.04 $ 389,617.13 0.200% 0.094%
Aged Claims Rejected (2) $ 6,808.40 $ 636.09 0.002% 0.000%
- ----------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 441,621,205.38 $ 413,683,905.12 100.000% 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 6/30/99
- -------------------------------------------------------------------------------
<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 0.036% 0.006% 0.000% 0.000% 0.007% 0.001% 0.000% 0.000%
Grace
Current 0.015% 0.003% 0.000% 0.000% 0.004% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.051% 0.009% 0.000% 0.000% 0.011% 0.001% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 53.197% 3.341% 9.586% 0.000% 4.478% 0.301% 0.860% 0.000%
31-60 Days Delinquent 2.013% 0.144% 0.488% 0.000% 0.386% 0.023% 0.054% 0.000%
61-90 Days Delinquent 0.921% 0.060% 0.188% 0.000% 0.214% 0.014% 0.013% 0.000%
91-120 Days Delinquent 0.325% 0.018% 0.057% 0.000% 0.074% 0.007% 0.009% 0.000%
> 120 Days Delinquent 0.364% 0.028% 0.067% 0.000% 0.090% 0.003% 0.014% 0.000%
Deferment
Current 5.809% 0.409% 0.611% 0.000% 0.562% 0.057% 0.056% 0.000%
Forbearance
Current 2.946% 0.176% 0.480% 0.000% 0.555% 0.041% 0.046% 0.000%
- -------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 65.575% 4.176% 11.477% 0.000% 6.359% 0.446% 1.052% 0.000%
- -------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.034% 0.006% 0.014% 0.000% 0.017% 0.000% 0.001% 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 65.660% 4.191% 11.491% 0.000% 6.387% 0.447% 1.053% 0.000%
- -------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 81.342% 7.887%
- -------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------
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 5.429% 0.385% 1.893% 0.000% 0.258% 0.007% 0.043% 0.000%
31-60 Days Delinquent 0.486% 0.025% 0.106% 0.000% 0.005% 0.000% 0.002% 0.000%
61-90 Days Delinquent 0.249% 0.017% 0.043% 0.000% 0.000% 0.000% 0.000% 0.000%
91-120 Days Delinquent 0.087% 0.009% 0.017% 0.000% 0.001% 0.000% 0.000% 0.000%
> 120 Days Delinquent 0.188% 0.017% 0.024% 0.000% 0.002% 0.000% 0.000% 0.000%
Deferment
Current 0.440% 0.039% 0.074% 0.000% 0.023% 0.001% 0.003% 0.000%
Forbearance
Current 0.681% 0.051% 0.117% 0.000% 0.016% 0.000% 0.002% 0.000%
- ---------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.560% 0.543% 2.274% 0.000% 0.305% 0.008% 0.050% 0.000%
- ---------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.018% 0.001% 0.003% 0.000% 0.000% 0.000% 0.000% 0.000%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 7.586% 0.545% 2.277% 0.000% 0.305% 0.008% 0.050% 0.000%
- ---------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 10.408% 0.363%
- ---------------------------------------------------------------------------------------------------------------------
</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 0.042% 0.008% 0.004% 0.000% 0.054%
Grace
Current 0.018% 0.004% 0.005% 0.000% 0.027%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.060% 0.012% 0.009% 0.000% 0.081%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 66.124% 5.639% 7.707% 0.308% 79.778%
31-60 Days Delinquent 2.645% 0.463% 0.617% 0.007% 3.732%
61-90 Days Delinquent 1.169% 0.241% 0.309% 0.000% 1.719%
91-120 Days Delinquent 0.400% 0.090% 0.113% 0.001% 0.604%
> 120 Days Delinquent 0.459% 0.107% 0.229% 0.002% 0.797%
Deferment
Current 6.829% 0.675% 0.553% 0.027% 8.084%
Forbearance
Current 3.602% 0.642% 0.849% 0.018% 5.111%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 81.228% 7.857% 10.377% 0.363% 99.825%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.054% 0.018% 0.022% 0.000% 0.094%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 81.342% 7.887% 10.408% 0.363% 100.000%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
- -------------------------------------------------------------------------------
VI. 1995-1 Interest Calculation
- -------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 7,890,556.69
B Interest Subsidy Payments Accrued During Collection Period 680,114.16
C SAP Payments Accrued During Collection Period 24,335.11
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 41,755.63
E Investment Earnings (ADMINISTRATOR ACT) 258,660.23
----------
F NET EXPECTED INTEREST COLLECTIONS $ 8,895,421.82
G STUDENT LOAN RATE
i Days in Collection Period (4/1/99-6/30/99) 91
ii Days in Year 365
iii Net Expected Interest Collections $ 8,895,421.82
iv Primary Servicing Fee $ 1,090,060.80
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 442,866,097.16
vii STUDENT LOAN RATE 7.05111%
<CAPTION>
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.25946%
I CLASS A-1 INTEREST RATE 0.013112630 (4/26/99-7/26/99) 5.25946%
J Class A-2 T-Bill Based Interest Rate 5.43446%
K CLASS A-2 INTEREST RATE 0.013548932 (4/26/99-7/26/99) 5.43446%
L Certificate T-Bill Based Rate of Return 5.68446%
M CERTIFICATE RATE OF RETURN 0.014172219 (4/26/99-7/26/99) 5.68446%
</TABLE>
6
<PAGE>
- -------------------------------------------------------------------------------
VII. 1995-1 Inputs From Previous Quarterly Servicing Reports 3/31/99
- -------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 441,621,205.38
ii Interest To Be Capitalized $1,244,891.78
------------------
iii TOTAL STUDENT LOAN POOL OUTSTANDING $ 442,866,097.16
------------------
------------------
B Total Note and Certificate Factor 0.44286609716
C TOTAL NOTE AND CERTIFICATE BALANCE $ 442,866,097.16
<CAPTION>
D NOTE BALANCE 4/26/99 CLASS A-1 CLASS A-2 CERTIFICATES
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor-4/26/99 0.2571547962 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 192,866,097.16 $ 215,000,000.00 $ 35,000,000.00
---------------------------------------------------------
iv NOTE BALANCE $ 192,866,097.16 $ 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 $ 2,214,330.49
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> <C>
A TOTAL AVAILABLE FUNDS (SECTION III E + SECTION VI-D) $ 36,748,636.66 $ 36,748,636.66
B PRIMARY SERVICING FEES-CURRENT MONTH $ 356,176.00 $ 36,392,460.66
C ADMINISTRATION FEE-QUARTERLY $ 20,000.00 $ 36,372,460.66
D NOTEHOLDER'S INTEREST DISTRIBUTION AMOUNT
i Class A-1 $ 2,528,981.77 $ 33,843,478.89
ii Class A-2 $ 2,913,020.38 $ 30,930,458.51
---------------
iii TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $ 5,442,002.15
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 496,027.67 $ 30,434,430.84
F NOTEHOLDER'S PRINCIPAL DISTRIBUTION AMOUNT
i Class A-1 $ 28,036,978.35 $ 2,397,452.49
ii Class A-2 $ 0.00 $ 2,397,452.49
---------------
iii TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 28,036,978.35
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 2,397,452.49
H INCREASE TO THE SPECIFIED RESERVE ACCOUNT BALANCE $ 0.00 $ 2,397,452.49
I CARRYOVER SERVICING FEES $ 538,306.02 $ 1,859,146.47
J NOTEHOLDER'S INTEREST CARRYOVER
i Class A-1 $ 0.00 $ 1,859,146.47
i Class A-2 $ 0.00 $ 1,859,146.47
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 1,859,146.47
L EXCESS TO RESERVE ACCOUNT $ 1,859,146.47 $ 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 $2,528,981.77 $2,913,020.38 $496,027.67
ii Quarterly Interest Paid $2,528,981.77 $2,913,020.38 $496,027.67
------------ ------------ ----------
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 $28,036,978.35 $0.00 $0.00
viii Quarterly Principal Paid $28,036,978.35 $0.00 $0.00
------------- ---- ----
ix QUARTERLY PRINCIPAL SHORTFALL $0.00 $0.00 $0.00
--------------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 30,565,960.12 $ 2,913,020.38 $ 496,027.67
--------------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates Principal Balance 6/30/99 $442,866,097.16
ii Pool Balance 6/30/99 $414,829,118.81
---------------
iii Principal Distribution Amount $28,036,978.35
---------------
---------------
C Total Principal Distribution $28,036,978.35
D Total Interest Distribution $5,938,029.82
-------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 33,975,008.17
<CAPTION>
F Note & Certificate Balances 4/26/99 7/26/99
-------------------------------------------------------------------------------
<S> <C> <C> <C>
i A-1 Note Balance $ 192,866,097.16 $ 164,829,118.81
A-1 Note Pool Factor 0.2571547962 0.2197721584
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 $ 2,214,330.49
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 1,859,146.47
-----------------
iv Total Reserve Account Balance Available $ 4,073,476.96
v Required Reserve Account Balance $ 2,074,145.59
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp $ 1,999,331.37
viii Ending Reserve Account Balance $ 2,074,145.59
</TABLE>
9
<PAGE>
- -------------------------------------------------------------------------------
X. 1995-1 Historical Pool Information
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------
1998
------------------------------------------------------
4/1/99-6/30/99 1/1/99-3/31/99 1/1/98-12/31/98
-------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 441,621,205.38 $ 471,259,562.73 $ 598,939,825.14
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 25,514,750.59 $ 28,092,108.27 $ 117,840,096.63
ii Principal Collections from Guarantor 1,506,608.02 1,901,189.89 12,773,024.09
iii Principal Reimbursements 1,803,419.45 363,295.08 272,004.87
iv Other System Adjustments - - -
------------------------------------------------------
v Total Principal Collections $ 28,824,778.06 $ 30,356,593.24 $ 130,885,125.59
STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 111,238.00 $ 230,123.43 $ 581,385.00
ii Capitalized Interest (998,715.80) (948,359.32) (3,786,248.18)
------------------------------------------------------
iii Total Non-Cash Principal Activity $ (887,477.80) $ (718,235.89) $ (3,204,863.18)
-------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 27,937,300.26 $ 29,638,357.35 $ 127,680,262.41
-------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 7,015,510.14 $ 7,676,717.37 $ 37,295,397.70
ii Interest Claims Received from Guarantors 83,251.95 117,586.73 731,593.31
iii Late Fee Reimbursements 163,385.17 190,542.28 169,864.06
iv Interest Reimbursements 19,637.84 5,230.95 42,202.76
v Other System Adjustments - - -
vi Special Allowance Payments 23,140.49 22,759.71 1,109,268.84
vii Subsidy Payments 818,762.28 727,040.86 2,756,739.81
------------------------------------------------------
vii Total Interest Collections $ 8,123,687.87 $ 8,739,877.90 $ 42,105,066.48
STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment $ (83,383.81) $ (199,112.47) $ (463,028.25)
ii Capitalized Interest 998,715.80 948,359.32 3,786,248.18
------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 915,331.99 $ 749,246.85 $ 3,323,219.93
------------------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 9,039,019.86 $ 9,489,124.75 $ 45,428,286.41
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 413,683,905.12 $ 441,621,205.38 $ 471,259,562.73
-------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 1,145,213.69 $ 1,244,891.78 $ 1,124,605.86
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 414,829,118.81 $ 442,866,097.16 $ 472,384,168.59
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------
1997 1996 1995
--------------------------------------------------------
1/1/97-12/31/97 1/1/96-12/31/96 9/29/95 - 12/31/95
---------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 758,640,244.14 $ 954,345,726.48 $ 1,000,126,078.04
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 135,776,407.88 $ 164,406,654.75 $ 42,875,612.89
ii Principal Collections from Guarantor 19,577,395.65 21,487,892.73 92,046.91
iii Principal Reimbursements 7,736,614.83 13,375,144.98 2,775,561.40
iv Other System Adjustments - (494.35) 39,190.77
--------------------------------------------------------
v Total Principal Collections $ 163,090,418.36 $ 199,269,198.11 $ 45,782,411.97
STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 767,419.67 $ 776,676.12 $ 233,926.53
ii Capitalized Interest (4,157,419.03) (4,340,391.89) (235,986.94)
--------------------------------------------------------
iii Total Non-Cash Principal Activity $ (3,389,999.36) $ (3,563,715.77) $ (2,060.41)
---------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 159,700,419.00 $ 195,705,482.34 $ 45,780,351.56
---------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 47,980,015.48 $ 63,474,115.95 $ 18,633,508.65
ii Interest Claims Received from Guarantors 1,135,185.32 1,321,509.26 3,259.20
iii Late Fee Reimbursements 2.61 - -
iv Interest Reimbursements 108,937.72 136,064.30 17,871.78
v Other System Adjustments - (893.43) 7.70
vi Special Allowance Payments 2,210,441.84 3,001,742.09 43,719.37
vii Subsidy Payments 2,939,604.07 3,052,587.81 5,919.00
--------------------------------------------------------
vii Total Interest Collections $ 54,374,187.04 $ 70,985,125.98 $ 18,704,285.70
STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment $ (542,140.95) $ (527,092.37) $ (227,131.25)
ii Capitalized Interest 4,157,419.03 4,340,391.89 235,986.94
--------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 3,615,278.08 $ 3,813,299.52 $ 8,855.69
--------------------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 57,989,465.12 $ 74,798,425.50 $ 18,713,141.39
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 598,939,825.14 $ 758,640,244.14 $ 954,345,726.48
---------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 787,352.25 $ 691,772.32 $ 639,070.92
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 599,727,177.39 $759,332,016.46 $ 954,984,797.40
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
- -------------------------------------------------------------------------------
XI. 1995-1 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%
Jul-99 $ 414,829,119 3.03%
</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: 6/30/99 Reporting Period: 4/1/99-6/30/99
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 3/31/99 Activity 6/30/99
-------------------------------------------------------------------------------------------------------------------------
A i Portfolio Balance $ 865,913,534.97 $ (46,801,612.91) $ 819,111,922.06
ii Interest to be Capitalized 7,758,791.84 7,010,958.32
-------------------------- ----------------------------
iii Total Pool $ 873,672,326.81 $ 826,122,880.38
-------------------------- ----------------------------
-------------------------- ----------------------------
B i Weighted Average Coupon (WAC) 8.2495% 8.2527%
ii Weighted Average Remaining Term 90.44 89.11
iii Number of Loans 384,987 366,949
iv Number of Borrowers 144,359 137,426
-------------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 4/26/99 % of Pool Balance 7/26/99 % of Pool
------------------------------------------------------------------------------------------------------------------------------
C i A-1 Notes 795452AD3 0.56% $ 347,672,326.81 39.794% $ 300,122,880.38 36.329%
ii A-2 Notes 795452AE1 0.75% 473,500,000.00 54.197% 473,500,000.00 57.316%
iii Certificates 795452AF8 0.98% 52,500,000.00 6.009% 52,500,000.00 6.355%
------------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 873,672,326.81 100.000% $ 826,122,880.38 100.000%
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Reserve Account 4/26/99 7/26/99
-------------------------------------------------------------------------------------------------------------------------------
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,184,180.82 $ 2,065,307.20
iv Reserve Account Floor Balance ($) $ 1,500,000.00 $ 1,500,000.00
v Current Reserve Acct Balance ($) $ 2,184,180.82 $ 2,065,307.20
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
II. 1996-1 Transactions from: 4/1/99 through: 6/30/99
- ------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 36,698,097.40
ii Principal Collections from Guarantor 4,132,698.83
iii Principal Reimbursements 9,829,827.50
iv Other System Adjustments 0.00
------------------------
v Total Principal Collections $ 50,660,623.73
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 542,860.16
ii Capitalized Interest (4,401,870.98)
------------------------
iii Total Non-Cash Principal Activity $(3,859,010.82)
-------------------------------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 46,801,612.91
-------------------------------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 11,523,168.36
ii Interest Claims Received from Guarantors 245,838.88
iii Late Fee Reimbursements 247,285.91
iv Interest Reimbursements 144,702.79
v Other System Adjustments 0.00
vi Special Allowance Payments 45,568.63
vii Subsidy Payments 2,443,943.86
------------------------
viii Total Interest Collections $14,650,508.43
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (484,576.16)
ii Capitalized Interest 4,401,870.98
------------------------
iii Total Non-Cash Interest Adjustments $ 3,917,294.82
-------------------------------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $18,567,803.25
-------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
III. 1996-1 Collection Account Activity 4/1/99 through 6/30/99
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $ 40,830,796.23
ii Cash Forwarded by Administrator on behalf of Seller 36,219.07
iii Cash Forwarded by Administrator on behalf of Servicer 7,638.54
iv Cash Forwarded by Administrator for Consolidation Activity 9,785,969.89
------------------------
v TOTAL PRINCIPAL COLLECTIONS $ 50,660,623.73
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 14,258,519.73
ii Cash Forwarded by Administrator on behalf of Seller 10,468.66
iii Cash Forwarded by Administrator on behalf of Servicer 4,077.50
iv Cash Forwarded by Administrator for Consolidation Activity 130,156.63
v Cash Forwarded by Administrator for Late Fee Activity 247,285.91
------------------------
vi TOTAL INTEREST COLLECTIONS $14,650,508.43
C OTHER REIMBURSEMENTS $161,132.79
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $420,881.74
E TOTAL FUNDS RECEIVED $65,893,146.69
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,102,154.90)
---------------------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $64,790,991.79
---------------------------------------------------------------------------------------------------------------------------
F SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $537,486.95
ii Percentage of Principal Calculation $766,527.23
iii Lesser of Unit or Principal Calculation $537,486.95
G SERVICING FEES DUE FOR CURRENT PERIOD $ 537,486.95
H CARRYOVER SERVICING FEES DUE $ 689,072.19
APR 1999 Servicing Carryover $237,971.92
MAY 1999 Servicing Carryover $233,776.03
JUN 1999 Servicing Carryover $229,040.28
----------------------
$ 700,788.23
LESS: Servicing ADJ [A iii + B iii] ($11,716.04)
----------------------
TOTAL Carryover Servicing Fee Due $ 689,072.19
----------------------
----------------------
I ADMINISTRATION FEES DUE $ 20,000.00
---------------------------------------------------------------------------------------------------------------------------
J TOTAL FEES DUE FOR PERIOD $ 1,246,559.14
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
IV. 1996-1 Portfolio Characteristics
- -----------------------------------------------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
STATUS 3/31/99 6/30/99 3/31/99 6/30/99 3/31/99 6/30/99
- -----------------------------------------------------------------------------------------------------------------------------------
INTERIM:
In School
Current 8.138% 8.133% 7,774 5,290 2.019% 1.442%
Grace
Current 8.162% 8.141% 1,916 3,025 0.498% 0.824%
---------------------------------------------------------------------------------------------
TOTAL INTERIM 8.143% 8.136% 9,690 8,315 2.517% 2.266%
- -----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.246% 8.250% 279,178 270,654 72.516% 73.758%
31-60 Days Delinquent 8.278% 8.272% 14,092 14,437 3.660% 3.934%
61-90 Days Delinquent 8.281% 8.291% 6,435 6,686 1.672% 1.822%
91-120 Days Delinquent 8.288% 8.266% 2,919 2,801 0.758% 0.763%
Greater Than 120 Days Delinquent 8.288% 8.294% 2,810 3,364 0.730% 0.917%
Deferment
Current 8.261% 8.264% 43,264 36,881 11.238% 10.051%
Forbearance
Current 8.272% 8.276% 25,194 23,238 6.544% 6.333%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.253% 8.256% 373,892 358,061 97.118% 97.578%
- -----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.249% 8.337% 1,375 557 0.357% 0.152%
Aged Claims Rejected (2) 8.388% 8.406% 30 16 0.008% 0.004%
- -----------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.250% 8.253% 384,987 366,949 100.000% 100.000%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
IV. 1996-1
- -----------------------------------------------------------------------------------------------------------------
Principal Amount %
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
STATUS 3/31/99 6/30/99 3/31/99 6/30/99
- -----------------------------------------------------------------------------------------------------------------
INTERIM:
In School
Current $ 22,651,592.59 $ 15,781,866.85 2.616% 1.927%
Grace
Current $ 5,358,241.60 $ 8,441,529.67 0.619% 1.030%
----------------------------------------------------------------------------------------
TOTAL INTERIM $ 28,009,834.19 $ 24,223,396.52 3.235% 2.957%
- -----------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 582,278,401.33 $ 560,854,676.30 67.244% 68.471%
31-60 Days Delinquent $ 32,364,299.88 $ 33,579,611.77 3.737% 4.100%
61-90 Days Delinquent $ 16,181,644.67 $ 16,606,916.76 1.869% 2.027%
91-120 Days Delinquen $ 7,601,976.93 $ 7,234,025.84 0.878% 0.883%
Greater Than 120 Days
Delinquent $ 6,850,897.32 $ 8,534,496.66 0.791% 1.042%
Deferment
Current $ 113,546,079.33 $ 96,797,766.82 13.113% 11.817%
Forbearance
Current $ 75,990,695.53 $ 70,071,552.18 8.776% 8.555%
- -----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 834,813,994.99 $ 793,679,046.33 96.408% 96.895%
- -----------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 3,012,554.01 $ 1,160,603.15 0.348% 0.142%
Aged Claims Rejected (2) $ 77,151.78 $ 48,876.06 0.009% 0.006%
- -----------------------------------------------------------------------------------------------------------------
$ 865,913,534.97 $ 819,111,922.06 100.000% 100.000%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
V. 1996-1 Portfolio Characteristics by School and Program 6/30/99
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
--------------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 1.467% 0.229% 0.000% 0.000% 0.136% 0.035% 0.000% 0.000% 0.029%
Grace
Current 0.796% 0.110% 0.000% 0.000% 0.095% 0.019% 0.000% 0.000% 0.007%
TOTAL INTERIM 2.263% 0.339% 0.000% 0.000% 0.231% 0.054% 0.000% 0.000% 0.036%
REPAYMENT:
Active
Current 43.603% 6.093% 3.839% 4.314% 3.681% 0.706% 0.199% 0.548% 2.786%
31-60 Days Delinquent 2.199% 0.298% 0.228% 0.273% 0.383% 0.064% 0.017% 0.058% 0.328%
61-90 Days Delinquent 0.994% 0.130% 0.117% 0.148% 0.219% 0.032% 0.005% 0.028% 0.202%
91-120 Days Delinquent 0.452% 0.064% 0.033% 0.060% 0.110% 0.020% 0.002% 0.014% 0.076%
Greater Than 120
Days Delinquent 0.485% 0.068% 0.039% 0.077% 0.135% 0.017% 0.001% 0.021% 0.124%
Deferment
Current 7.448% 0.973% 0.586% 0.946% 0.746% 0.147% 0.032% 0.131% 0.393%
Forbearance
Current 4.484% 0.702% 0.343% 0.893% 0.733% 0.116% 0.022% 0.137% 0.541%
TOTAL REPAYMENT 59.665% 8.328% 5.185% 6.711% 6.007% 1.102% 0.278% 0.937% 4.450%
Claims in Process (1) 0.077% 0.005% 0.005% 0.015% 0.016% 0.002% 0.000% 0.001% 0.013%
Aged Claims Rejected (2) 0.002% 0.001% 0.000% 0.002% 0.000% 0.000% 0.000% 0.000% 0.001%
TOTAL BY SCHOOL, PROGRAM 62.007% 8.673% 5.190% 6.728% 6.254% 1.158% 0.278% 0.938% 4.500%
TOTAL BY SCHOOL TYPE 82.598% 8.628% 7.963%
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
V. 1996-1 Portfolio Characteristics by School and Program 6/30/99
TECHNICAL SCHOOLS UNKNOWN
-----------------------------------------------------------------------------
GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
<S> <C> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 0.008% 0.000% 0.000% 0.018% 0.005% 0.000% 0.000%
Grace
Current 0.002% 0.000% 0.000% 0.001% 0.000% 0.000% 0.000%
TOTAL INTERIM 0.010% 0.000% 0.000% 0.019% 0.005% 0.000% 0.000%
REPAYMENT:
Active
Current 0.675% 0.492% 1.118% 0.292% 0.026% 0.021% 0.078%
31-60 Days Delinquent 0.053% 0.041% 0.130% 0.017% 0.000% 0.004% 0.007%
61-90 Days Delinquent 0.036% 0.020% 0.077% 0.013% 0.000% 0.001% 0.005%
91-120 Days Delinquent 0.017% 0.003% 0.030% 0.002% 0.000% 0.000% 0.000%
Greater Than 120
Days Delinquent 0.023% 0.005% 0.042% 0.002% 0.000% 0.002% 0.001%
Deferment
Current 0.077% 0.036% 0.162% 0.082% 0.020% 0.002% 0.036%
Forbearance
Current 0.124% 0.044% 0.241% 0.091% 0.020% 0.004% 0.060%
TOTAL REPAYMENT 1.005% 0.641% 1.800% 0.499% 0.066% 0.034% 0.187%
Claims in Process (1) 0.001% 0.001% 0.005% 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%
TOTAL BY SCHOOL, PROGRAM 1.016% 0.642% 1.805% 0.519% 0.071% 0.034% 0.187%
TOTAL BY SCHOOL TYPE 7.963% 0.811%
- --------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
INTERIM:
<S> <C> <C> <C> <C> <C>
In School
Current 1.696% 0.171% 0.037% 0.023% 1.927%
Grace
Current 0.906% 0.114% 0.009% 0.001% 1.030%
TOTAL INTERIM 2.602% 0.285% 0.046% 0.024% 2.957%
REPAYMENT:
Active
Current 57.849% 5.134% 5.071% 0.417% 68.471%
31-60 Days Delinquent 2.998% 0.522% 0.552% 0.028% 4.100%
61-90 Days Delinquent 1.389% 0.284% 0.335% 0.019% 2.027%
91-120 Days Delinquent 0.609% 0.146% 0.126% 0.002% 0.883%
Greater Than 120
Days Delinquent 0.669% 0.174% 0.194% 0.005% 1.042%
Deferment
Current 9.953% 1.056% 0.668% 0.140% 11.817%
Forbearance
Current 6.422% 1.008% 0.950% 0.175% 8.555%
TOTAL REPAYMENT 79.889% 8.324% 7.896% 0.786% 96.895%
Claims in Process (1) 0.102% 0.019% 0.020% 0.001% 0.142%
Aged Claims Rejected (2) 0.005% 0.000% 0.001% 0.000% 0.006%
TOTAL BY SCHOOL TYPE 82.598% 8.628% 7.963% 0.811% 100.000%
--------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
VI. 1996-1 Interest Calculation
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Borrower Interest Accrued During Collection Period $ 14,980,080.96
B Interest Subsidy Payments Accrued During Collection Period $2,132,287.08
C SAP Payments Accrued During Collection Period $47,499.82
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $50,146.25
E Investment Earnings (ADMINISTRATOR ACT) $420,881.74
-----------
F Net Expected Interest Collections $17,630,895.85
G Student Loan Rate
i Days in Collection Period (4/1/99-6/30/99) 91
ii Days in Year 365
iii Net Expected Interest Collections $ 17,630,895.85
iv Primary Servicing Fee $ 1,639,641.85
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 873,672,326.81
vii Student Loan Rate 7.33233%
Accrued
Int Factor Accrual Period
---------- --------------
H Class A-1 T-Bill Based Interest Rate 5.24446%
I Class A-1 Interest Rate 0.013075233 (4/26/99-7/26/99) 5.24446%
J Class A-2 T-Bill Based Interest Rate 5.43446%
K Class A-2 Interest Rate 0.013548932 (4/26/99-7/26/99) 5.43446%
L Certificate T-Bill Based Rate of Return 5.66446%
M Certificate Rate of Return 0.014122356 (4/26/99-7/26/99) 5.66446%
- ----------------------------------------------------------------------------------------------------------------------------------
6
</TABLE>
<PAGE>
<TABLE>
- ----------------------------------------------------------------------------------------------
VII. 1996-1 Inputs From Previous Quarterly Servicing Reports 3/31/99
- ----------------------------------------------------------------------------------------------
A Total Student Loan Pool Outstanding
<S> <C> <C>
i Current Pool Balance $ 865,913,534.97
ii Interest To Be Capitalized $7,758,791.84
------------------
iii TOTAL STUDENT LOAN POOL OUTSTANDING $ 873,672,326.81
------------------
------------------
B Total Note and Certificate Factor 0.58244821787
C TOTAL NOTE AND CERTIFICATE BALANCE $ 873,672,326.81
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
D Note Balance 4/26/99 Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor-4/26/99 0.3569531076 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 347,672,326.81 $ 473,500,000.00 $ 52,500,000.00
-------------------------------------------------------
iv NOTE BALANCE $ 347,672,326.81 $ 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 $ 2,184,180.82
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
<TABLE>
- -------------------------------------------------------------------------------------------------------------------------
VIII. 1996-1 WATERFALL FOR DISTRIBUTIONS
- -------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C> <C>
A Total Available Funds (Section III E + Section VI-D) $ 64,841,138.04 $ 64,841,138.04
B Primary Servicing Fees-Current Month $ 537,486.95 $ 64,303,651.09
C Administration Fee $ 20,000.00 $ 64,283,651.09
D Noteholder's Interest Distribution Amount
i Class A-1 $ 4,545,896.68 $ 59,737,754.41
ii Class A-2 $ 6,415,419.30 $ 53,322,335.11
----------------
iii TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $ 10,961,315.98
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 741,423.69 $ 52,580,911.42
F Noteholder's Principal Distribution Amount
i Class A-1 $ 47,549,446.43 $ 5,031,464.99
ii Class A-2 $ 0.00 $ 5,031,464.99
----------------
iii TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 47,549,446.43
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 5,031,464.99
H Increase to the Specified Reserve Account Balance $ 0.00 $ 5,031,464.99
I Carryover Servicing Fees $ 689,072.19 $ 4,342,392.80
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 4,342,392.80
i Class A-2 $ 0.00 $ 4,342,392.80
----------------
iii TOTAL NOTEHOLDER'S INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 4,342,392.80
L EXCESS TO RESERVE ACCOUNT $ 4,342,392.80 $ 0.00
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
<TABLE>
- --------------------------------------------------------------------------------------------------------------------------------
IX. 1996-1 Distributions
- --------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $4,545,896.68 $6,415,419.30 $741,423.69
ii Quarterly Interest Paid $4,545,896.68 $6,415,419.30 $741,423.69
------------- ------------- -----------
iii INTEREST SHORTFALL $0.00 $0.00 $0.00
iv Interest Carryover Due $0.00 $0.00 $0.00
v Interest Carryover Paid $0.00 $0.00 $0.00
----- ----- -----
vi INTEREST CARRYOVER $0.00 $0.00 $0.00
vii Quarterly Principal Due $47,549,446.43 $0.00 $0.00
viii Quarterly Principal Paid $47,549,446.43 $0.00 $0.00
-------------- ----- -----
ix QUARTERLY PRINCIPAL SHORTFALL $0.00 $0.00 $0.00
----------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 52,095,343.11 $ 6,415,419.30 $ 741,423.69
----------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 6/30/99 $873,672,326.81
ii Pool Balance 6/30/99 $826,122,880.38
-----------------
iii Pool Exceeding Notes and Certificate Balance (i-ii) $ 47,549,446.43
-----------------
iv Principal Distribution Amount $47,549,446.43
-----------------
-----------------
C Total Principal Distribution $47,549,446.43
D Total Interest Distribution $11,702,739.67
---------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 59,252,186.10
<CAPTION>
------------------------------------------------------------------------------
F Note & Certificate Balances 04/26/99 07/26/99
------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i A-1 Note Balance (795452AD3) $ 347,672,326.81 $ 300,122,880.38
A-1 Note Pool Factor 0.3569531076 0.3081343741
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 $ 2,184,180.82
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 4,342,392.80
-----------------
iv Total Reserve Account Balance Available $ 6,526,573.62
v Required Reserve Account Balance $ 2,065,307.20
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp $ 4,461,266.42
viii Ending Reserve Account Balance $ 2,065,307.20
</TABLE>
9
<PAGE>
<TABLE>
- -------------------------------------------------------------------------------------------------------------------------
X. 1996-1 HISTORICAL POOL INFORMATION
- -------------------------------------------------------------------------------------------------------------------------
<CAPTION>
1998
--------------------------------------------------------------
4/1/99-6/30/99 1/1/99-3/31/99 1/1/98-12/31/98
------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 865,913,534.97 $ 909,715,422.93 $ 1,076,337,722.21
------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 36,698,097.40 $ 39,443,775.06 $ 147,964,334.46
ii Principal Collections from Guarantor 4,132,698.83 5,350,052.79 32,566,460.78
iii Principal Reimbursements 9,829,827.50 1,980,234.80 1,333,102.89
iv Other System Adjustments - - -
--------------------------------------------------------------
v Total Principal Collections $ 50,660,623.73 $ 46,774,062.65 $ 181,863,898.13
STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 542,860.16 $ 898,616.99 $ 2,907,289.96
ii Capitalized Interest (4,401,870.98) (3,870,791.68) (18,148,888.81)
--------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (3,859,010.82) $ (2,972,174.69) $ (15,241,598.85)
------------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 46,801,612.91 $ 43,801,887.96 $ 166,622,299.28
------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 11,523,168.36 $ 12,383,811.54 $ 54,894,488.37
ii Interest Claims Received from Guarantors 245,838.88 317,687.55 1,986,953.92
iii Late Fee Reimbursements 247,285.91 284,836.96 277,552.36
iv Interest Reimbursements 144,702.79 35,156.56 110,524.88
v Other System Adjustments - - -
vi Special Allowance Payments 45,568.63 42,732.32 1,722,657.22
vii Interest Subsidy Payments 2,443,943.86 2,454,629.18 11,651,607.43
--------------------------------------------------------------
viii Total Interest Collections $ 14,650,508.43 $ 15,518,854.11 $ 70,643,784.18
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (484,576.16) $ (834,789.09) $ (2,481,449.06)
ii Capitalized Interest 4,401,870.98 3,870,791.68 18,148,888.81
--------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 3,917,294.82 $ 3,036,002.59 $ 15,667,439.75
--------------------------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 18,567,803.25 $ 18,554,856.70 $ 86,311,223.93
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 819,111,922.06 $ 865,913,534.97 $ 909,715,422.93
------------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 7,010,958.32 $ 7,758,791.84 $ 7,360,402.45
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 826,122,880.38 $ 873,672,326.81 $ 917,075,825.38
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
<CAPTION>
1997 1996
------------------------------------------
1/1/97-12/31/97 2/5/96-12/31/96
----------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,287,751,841.38 $ 1,489,927,280.77
----------------------------------------------------------------------------------------------
<C> <S> <C> <C>
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 152,706,153.19 $ 147,874,732.04
ii Principal Collections from Guarantor 46,996,163.24 29,847,763.18
iii Principal Reimbursements 29,266,752.77 42,577,857.53
iv Other System Adjustments - (17,470.68)
------------------------------------------
v Total Principal Collections $ 228,969,069.20 $ 220,282,882.07
STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 3,748,261.52 $ 4,242,528.79
ii Capitalized Interest (21,303,211.55) (22,349,971.47)
------------------------------------------
iii Total Non-Cash Principal Activity $ (17,554,950.03) $ (18,107,442.68)
----------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 211,414,119.17 $ 202,175,439.39
----------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 61,888,095.43 $ 61,347,900.36
ii Interest Claims Received from Guarantors 2,897,580.06 1,815,321.58
iii Late Fee Reimbursements - -
iv Interest Reimbursements 436,782.68 501,291.36
v Other System Adjustments - 8,773.93
vi Special Allowance Payments 2,573,916.66 2,111,104.86
vii Interest Subsidy Payments 18,055,179.16 17,549,626.88
------------------------------------------
viii Total Interest Collections $ 85,851,553.99 $ 83,334,018.97
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (3,154,064.14) $ (3,876,816.64)
ii Capitalized Interest 21,303,211.55 22,349,971.47
------------------------------------------
iii Total Non-Cash Interest Adjustments $ 18,149,147.41 $ 18,473,154.83
------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 104,000,701.40 $ 101,807,173.80
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 1,076,337,722.21 $ 1,287,751,841.38
----------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 8,040,248.28 $ 9,711,152.12
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,084,377,970.49 $ 1,297,462,993.50
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
- -------------------------------------------------------------------
XI. 1996-1 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%
Jul-99 $ 826,122,880 4.91%
</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: 6/30/99 Reporting Period: 4/1/99- 6/30/99
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- -------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 3/31/99 Activity 6/30/99
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A i Portfolio Balance $ 938,993,513.68 $ (47,353,762.46) $ 891,639,751.22
ii Interest to be Capitalized 10,670,401.42 9,646,061.44
----------------- ----------------
iii Total Pool $ 949,663,915.10 $ 901,285,812.66
----------------- ----------------
----------------- ----------------
B i Weighted Average Coupon (WAC) 8.2273% 8.2313%
ii Weighted Average Remaining Term 93.82 92.58
iii Number of Loans 432,897 414,417
iv Number of Borrowers 177,616 169,748
-----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 4/26/99 % of Pool Balance 7/26/99 % of Pool
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAA4 0.51% $ 409,633,915.10 43.135% $ 361,255,812.66 40.082%
ii A-2 Notes 78442GAB2 0.71% 487,000,000.00 51.281% 487,000,000.00 54.034%
iii Certificates 78442GAC0 0.96% 53,030,000.00 5.584% 53,030,000.00 5.884%
---------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 949,663,915.10 100.000% $ 901,285,812.66 100.000%
---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
Reserve Account 4/26/99 7/26/99
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,374,159.79 $ 2,253,214.53
iv Reserve Account Floor Balance ($) $ 1,515,030.00 $ 1,515,030.00
v Current Reserve Acct Balance ($) $ 2,374,159.79 $ 2,253,214.53
---------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
II. 1996-2 Transactions from: 4/1/99 through: 6/30/99
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 37,626,144.26
ii Principal Collections from Guarantor 5,021,480.25
iii Principal Reimbursements 9,379,936.73
iv Other System Adjustments 0.00
---------------
V TOTAL PRINCIPAL COLLECTIONS $ 52,027,561.24
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 595,950.28
ii Capitalized Interest (5,269,749.06)
---------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (4,673,798.78)
--------------------------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 47,353,762.46
--------------------------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 11,817,873.34
ii Interest Claims Received from Guarantors 299,501.31
iii Late Fee Reimbursements 255,264.17
iv Interest Reimbursements 135,407.31
v Other System Adjustments 0.00
vi Special Allowance Payments 9,750.19
vii Subsidy Payments 2,939,430.63
---------------
viii Total Interest Collections $ 15,457,226.95
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment $ (509,203.89)
ii Capitalized Interest 5,269,749.06
---------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 4,760,545.17
--------------------------------------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 20,217,772.12
--------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
III. 1996-2 Collection Account Activity 4/1/99 through 6/30/99
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $ 42,647,624.51
ii Cash Forwarded by Administrator on behalf of Seller 21,263.71
iii Cash Forwarded by Administrator on behalf of Servicer 1,485.26
iv Cash Forwarded by Administrator for Consolidation Activity 9,357,187.76
-----------------
v Total Principal Collections $ 52,027,561.24
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 15,066,555.47
ii Cash Forwarded by Administrator on behalf of Seller 498.47
iii Cash Forwarded by Administrator on behalf of Servicer 9,685.86
iv Cash Forwarded by Administrator for Consolidation Activity 125,222.98
v Cash Forwarded by Administrator for Late Fee Activity 255,264.17
-----------------
vi Total Interest Collections $ 15,457,226.95
C OTHER REIMBURSEMENTS $ 112,101.60
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 437,354.87
E TOTAL FUNDS RECEIVED $ 68,034,244.66
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,592,951.96)
------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 66,441,292.70
------------------------------------------------------------------------------------------------
F Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 778,362.08
ii Percentage of Principal Calculation $ 1,036,566.46
iii Lesser of Unit or Principal Calculation $ 778,362.08
G Servicing Fees Due for Current Period $ 778,362.08
H Carryover Servicing Fees Due $ 779,639.33
APR 1999 Servicing Carryover $269,193.27
MAY 1999 Servicing Carryover $263,412.80
JUN 1999 Servicing Carryover $258,204.38
------------
$790,810.45
Less: Servicing ADJ [A iii + B iii] $(11,171.12)
------------
TOTAL: Carryover Servicing Fee Due $779,639.33
------------
------------
I ADMINISTRATION FEES DUE $ 20,000.00
------------------------------------------------------------------------------------------------
J TOTAL FEES DUE FOR PERIOD $ 1,578,001.41
------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
IV. 1996-2 Portfolio Characteristics
- -----------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- -----------------------------------------------------------------------------------------------------------------------------------
STATUS 3/31/99 6/30/99 3/31/99 6/30/99 3/31/99 6/30/99
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 8.144% 8.146% 16,272 10,989 3.759% 2.652%
Grace
Current 8.165% 8.146% 4,521 6,280 1.044% 1.515%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.148% 8.146% 20,793 17,269 4.803% 4.167%
- -----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.229% 8.233% 300,986 293,672 69.528% 70.864%
31-60 Days Delinquent 8.254% 8.254% 15,551 16,580 3.592% 4.001%
61-90 Days Delinquent 8.251% 8.269% 8,130 8,228 1.878% 1.986%
91-120 Days Delinquent 8.261% 8.261% 3,891 3,661 0.899% 0.883%
greater than 120 Days Delinquent 8.259% 8.261% 3,455 4,866 0.798% 1.174%
Deferment
Current 8.226% 8.228% 47,684 40,974 11.015% 9.887%
Forbearance
Current 8.248% 8.249% 30,638 28,469 7.078% 6.870%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.232% 8.236% 410,335 396,450 94.788% 95.665%
- -----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.261% 8.247% 1,739 672 0.402% 0.162%
Aged Claims Rejected (2) 8.286% 8.253% 30 26 0.007% 0.006%
- -----------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.227% 8.231% 432,897 414,417 100.000% 100.000%
- -----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------
Principal Amount %
- -------------------------------------------------------------------------------------------------------------------
STATUS 3/31/99 6/30/99 3/31/99 6/30/99
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 44,697,952.14 $ 30,445,602.68 4.760% 3.415%
Grace
Current $ 12,020,596.76 $ 17,092,377.76 1.280% 1.917%
- ------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 56,718,548.90 $ 47,537,980.44 6.040% 5.332%
- ------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 595,615,024.56 $ 577,760,757.29 63.431% 64.798%
31-60 Days Delinquent $ 35,589,132.64 $ 37,705,066.25 3.790% 4.229%
61-90 Days Delinquent $ 20,140,633.02 $ 20,107,470.57 2.145% 2.255%
91-120 Days Delinquent $ 9,913,813.07 $ 9,119,539.55 1.056% 1.023%
greater than 120 Days Delinquent $ 8,499,450.77 $ 12,461,003.68 0.905% 1.397%
Deferment
Current $ 120,871,834.58 $ 104,107,109.87 12.873% 11.676%
Forbearance
Current $ 87,792,062.05 $ 81,523,207.12 9.350% 9.143%
- ------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 878,421,950.69 $ 842,784,154.33 93.550% 94.521%
- ------------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 3,795,383.96 $ 1,262,212.63 0.404% 0.141%
Aged Claims Rejected (2) $ 57,630.13 $ 55,403.82 0.006% 0.006%
- ------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 938,993,513.68 $ 891,639,751.22 100.000% 100.000%
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
V. 1996-2 Portfolio Characteristics by School and Program 6/30/99
- --------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
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 2.261% 0.593% 0.000% 0.000% 0.303% 0.090% 0.000% 0.000%
Grace
Current 1.204% 0.344% 0.000% 0.000% 0.198% 0.054% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 3.465% 0.937% 0.000% 0.000% 0.501% 0.144% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 40.798% 7.943% 1.897% 2.040% 4.333% 1.098% 0.141% 0.234%
31-60 Days Delinquent 2.189% 0.413% 0.138% 0.159% 0.452% 0.098% 0.008% 0.037%
61-90 Days Delinquent 1.083% 0.209% 0.062% 0.104% 0.273% 0.062% 0.005% 0.013%
91-120 Days Delinquent 0.464% 0.089% 0.015% 0.035% 0.135% 0.038% 0.001% 0.009%
greater than 120 Days Delinquent 0.632% 0.156% 0.012% 0.059% 0.183% 0.043% 0.001% 0.009%
Deferment
Current 6.904% 1.408% 0.273% 0.637% 0.977% 0.233% 0.016% 0.095%
Forbearance
Current 4.766% 1.130% 0.152% 0.561% 0.901% 0.220% 0.017% 0.057%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 56.836% 11.348% 2.549% 3.595% 7.254% 1.792% 0.189% 0.454%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.058% 0.007% 0.006% 0.001% 0.023% 0.005% 0.001% 0.001%
Aged Claims Rejected (2) 0.002% 0.001% 0.000% 0.000% 0.001% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 60.361% 12.293% 2.555% 3.596% 7.779% 1.941% 0.190% 0.455%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 78.805% 10.365%
- ------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
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 0.071% 0.038% 0.000% 0.000% 0.034% 0.025% 0.000% 0.000%
Grace
Current 0.048% 0.026% 0.000% 0.000% 0.022% 0.021% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.119% 0.064% 0.000% 0.000% 0.056% 0.046% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 3.432% 1.490% 0.368% 0.526% 0.315% 0.108% 0.008% 0.067%
31-60 Days Delinquent 0.419% 0.170% 0.026% 0.072% 0.028% 0.011% 0.000% 0.009%
61-90 Days Delinquent 0.267% 0.107% 0.011% 0.050% 0.008% 0.001% 0.000% 0.000%
91-120 Days Delinquent 0.145% 0.060% 0.003% 0.027% 0.001% 0.001% 0.000% 0.000%
Greater than 120 Days 0.175% 0.075% 0.012% 0.027% 0.006% 0.005% 0.000% 0.002%
Delinquent
Deferment
Current 0.529% 0.207% 0.015% 0.117% 0.133% 0.089% 0.002% 0.041%
Forbearance
Current 0.737% 0.306% 0.026% 0.118% 0.071% 0.045% 0.002% 0.034%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 5.704% 2.415% 0.461% 0.937% 0.562% 0.260% 0.012% 0.153%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.021% 0.009% 0.001% 0.007% 0.001% 0.000% 0.000% 0.000%
Aged Claims Rejected (2) 0.001% 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 5.845% 2.489% 0.462% 0.944% 0.619% 0.306% 0.012% 0.153%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 9.740% 1.090%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 2.854% 0.393% 0.109% 0.059% 3.415%
Grace
Current 1.548% 0.252% 0.074% 0.043% 1.917%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 4.402% 0.645% 0.183% 0.102% 5.332%
- -----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 52.678% 5.806% 5.816% 0.498% 64.798%
31-60 Days Delinquent 2.899% 0.595% 0.687% 0.048% 4.229%
61-90 Days Delinquent 1.458% 0.353% 0.435% 0.009% 2.255%
91-120 Days Delinquent 0.603% 0.183% 0.235% 0.002% 1.023%
greater than 120 Days Delinquent 0.859% 0.236% 0.289% 0.013% 1.397%
Deferment
Current 9.222% 1.321% 0.868% 0.265% 11.676%
Forbearance
Current 6.609% 1.195% 1.187% 0.152% 9.143%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 74.328% 9.689% 9.517% 0.987% 94.521%
- -----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.072% 0.030% 0.038% 0.001% 0.141%
Aged Claims Rejected (2) 0.003% 0.001% 0.002% 0.000% 0.006%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 78.805% 10.365% 9.740% 1.090% 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.
5
<PAGE>
- -------------------------------------------------------------------------------
VI. 1996-2 Interest Calculation
- -------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 15,963,945.92
B Interest Subsidy Payments Accrued During Collection Period 2,641,964.03
C SAP Payments Accrued During Collection Period 12,463.28
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 53,070.85
E Investment Earnings (ADMINISTRATOR ACT) 437,354.87
----------
F Net Expected Interest Collections $ 19,108,798.95
G Student Loan Rate
i Days in Collection Period (4/1/99 - 6/30/99) 91
ii Days in Year 365
iii Net Expected Interest Collections $ 19,108,798.95
iv Primary Servicing Fee $ 2,371,314.04
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 949,663,915.10
vii Student Loan Rate 7.06078%
</TABLE>
<TABLE>
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.19446%
I Class A-1 Interest Rate 0.012950575 (4/26/99-7/26/99) 5.19446%
J Class A-2 T-Bill Based Interest Rate 5.39446%
K Class A-2 Interest Rate 0.013449205 (4/26/99-7/26/99) 5.39446%
L Certificate T-Bill Based Rate of Return 5.64446%
M Certificate Rate of Return 0.014072493 (4/26/99-7/26/99) 5.64446%
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------
VII. 1996-2 Inputs From Previous Quarterly Servicing Reports 3/31/99
- --------------------------------------------------------------------------------------
<S> <C> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 938,993,513.68
ii Interest To Be Capitalized $ 10,670,401.42
-----------------
iii Total Student Loan Pool Outstanding $ 949,663,915.10
-----------------
-----------------
B Total Note and Certificate Factor 0.62682845561
C Total Note and Certificate Balance $ 949,663,915.10
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
D Note Balance 4/26/99 Class A-1 Class A-2 Certificates
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor-4/26/99 0.4201373488 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 409,633,915.10 $ 487,000,000.00 $ 53,030,000.00
---------------- ---------------- ---------------
iv Note Balance $ 409,633,915.10 $ 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 $ 2,374,159.79
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> <C>
A Total Available Funds (Sections III -E + VI-D) $ 66,494,363.55 $ 66,494,363.55
B Primary Servicing Fees-Current Month $ 778,362.08 $ 65,716,001.47
C Administration Fee $ 20,000.00 $ 65,696,001.47
D Noteholder's Interest Distribution Amount
i Class A-1 $ 5,304,994.74 $ 60,391,006.73
ii Class A-2 $ 6,549,762.84 $ 53,841,243.89
- ---------------
iii Total Noteholder's Interest Distribution $ 11,854,757.58
E Certificateholder's Return Distribution Amount $ 746,264.30 $ 53,094,979.59
F Noteholder's Principal Distribution Amount
i Class A-1 $ 48,378,102.44 $ 4,716,877.15
ii Class A-2 $ 0.00 $ 4,716,877.15
---------------
iii Total Noteholder's Principal Distribution $ 48,378,102.44
G Certificateholder's Balance Distribution Amount $ 0.00 $ 4,716,877.15
H Increase to the Specified Reserve Account Balance $ 0.00 $ 4,716,877.15
I Carryover Servicing Fees $ 779,639.33 $ 3,937,237.82
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 3,937,237.82
i Class A-2 $ 0.00 $ 3,937,237.82
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 3,937,237.82
L Excess to Reserve Account $ 3,937,237.82 $ 0.00
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
IX. 1996-2 Distributions
- -----------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $5,304,994.74 $6,549,762.84 $746,264.30
ii Quarterly Interest Paid $5,304,994.74 $6,549,762.84 $746,264.30
------------- ------------- -----------
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 $48,378,102.44 $0.00 $0.00
viii Quarterly Principal Paid $48,378,102.44 $0.00 $0.00
------------- ------------- -----------
ix Quarterly Principal Shortfall $0.00 $0.00 $0.00
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $53,683,097.18 $6,549,762.84 $746,264.30
-------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 6/30/99 $949,663,915.10
ii Pool Balance 6/30/99 $901,285,812.66
- -- -- ---------------
iii Pool Exceeding Notes and Certificate Balance (i-ii) $ 48,378,102.44
-----------------
iv Principal Distribution Amount $ 48,378,102.44
-----------------
-----------------
C Total Principal Distribution $ 48,378,102.44
D Total Interest Distribution $ 12,601,021.88
---------------
E Total Cash Distributions-Note and Certificates $ 60,979,124.32
</TABLE>
<TABLE>
<CAPTION>
F Note & Certificate Balances 04/26/99 7/26/99
---------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GAA4) $ 409,633,915.10 $ 361,255,812.66
A-1 Note Pool Factor 0.4201373488 0.3705187822
ii A-2 Note Balance (78442GAB2) $ 487,000,000.00 $ 487,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAC0) $ 53,030,000.00 $ 53,030,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
</TABLE>
<TABLE>
<S> <C>
G Reserve Account Reconciliation
i Beginning of Period Balance $ 2,374,159.79
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 3,937,237.82
----------------
iv Total Reserve Account Balance Available $ 6,311,397.61
v Required Reserve Account Balance $ 2,253,214.53
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp. $ 4,058,183.08
viii Ending Reserve Account Balance $ 2,253,214.53
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
X. 1996-2 Historical Pool Information
- ------------------------------------------------------------------------------------------------------------------------
1998
---------------------------------------------------------
4/1/99-6/30/99 1/1/99-3/31/99 1/1/98-12/31/98
<S> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 938,993,513.68 $ 983,303,642.95 $ 1,157,119,554.57
------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 37,626,144.26 $ 39,259,855.76 $ 149,949,538.87
ii Principal Collections from Guarantor 5,021,480.25 6,811,368.00 40,352,210.15
iii Principal Reimbursements 9,379,936.73 1,952,828.03 1,797,228.48
iv Other System Adjustments - - -
---------------------------------------------------------
v Total Principal Collections $ 52,027,561.24 $ 48,024,051.79 $ 192,098,977.50
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 595,950.28 $ 921,649.52 $ 3,182,463.99
ii Capitalized Interest (5,269,749.06) (4,635,572.04) (21,465,529.87)
---------------------------------------------------------
iii Total Non-Cash Principal Activity $ (4,673,798.78) $ (3,713,922.52) $ (18,283,065.88)
------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 47,353,762.46 $ 44,310,129.27 $ 173,815,911.62
------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 11,817,873.34 $ 12,526,354.42 $ 54,432,803.82
ii Interest Claims Received from Guarantors 299,501.31 397,961.26 2,490,544.07
iii Late Fee Reimbursements 255,264.17 288,493.20 307,279.69
iv Interest Reimbursements 135,407.31 23,599.94 128,279.84
v Other System Adjustments - - -
vi Special Allowance Payments 9,750.19 4,793.14 1,384,583.73
vii Subsidy Payments 2,939,430.63 3,133,420.84 15,657,130.90
---------------------------------------------------------
viii Total Interest Collections $ 15,457,226.95 $ 16,374,622.80 $ 74,400,622.05
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (509,203.89) $ (805,748.99) $ (2,504,011.63)
ii Capitalized Interest 5,269,749.06 4,635,572.04 21,465,529.87
---------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 4,760,545.17 $ 3,829,823.05 $ 18,961,518.24
---------------------------------------------------------
Total Student Loan Interest Activity $ 20,217,772.12 $ 20,204,445.85 $ 93,362,140.29
(=) Ending Student Loan Portfolio Balance $ 891,639,751.22 $ 938,993,513.68 $ 983,303,642.95
-------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 9,646,061.44 $ 10,670,401.42 $ 10,283,328.75
-------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 901,285,812.66 $ 949,663,915.10 $ 993,586,971.70
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
1997 1996
------------------------------------------
1/1/97-12/31/97 4/8/96-12/31/96
<S> <C> <C>
---------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,368,940,609.46 $ 1,499,948,797.64
---------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 145,473,007.92 $ 104,817,308.47
ii Principal Collections from Guarantor 54,514,426.98 14,273,213.40
iii Principal Reimbursements 32,082,819.65 30,227,142.04
iv Other System Adjustments (0.00) (7,802.11)
------------------------------------------
v Total Principal Collections $ 232,070,254.55 $ 149,309,861.80
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 3,855,960.11 $ 2,791,175.23
ii Capitalized Interest (24,105,159.77) (21,092,848.85)
------------------------------------------
iii Total Non-Cash Principal Activity $ (20,249,199.66) $ (18,301,673.62)
(-) Total Student Loan Principal Activity $ 211,821,054.89 $ 131,008,188.18
------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 59,086,651.06 $ 43,848,689.58
ii Interest Claims Received from Guarantors 3,409,775.51 844,828.73
iii Late Fee Reimbursements 1.27 -
iv Interest Reimbursements 569,993.65 418,023.61
v Other System Adjustments - (2,057.69)
vi Special Allowance Payments 2,071,430.41 1,356,833.19
vii Subsidy Payments 24,308,423.57 16,922,688.94
------------------------------------------
viii Total Interest Collections $ 89,446,275.47 $ 63,389,006.36
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,963,405.97) $ (2,588,185.48)
ii Capitalized Interest 24,105,159.77 21,092,848.85
------------------------------------------
iii Total Non-Cash Interest Adjustments $ 21,141,753.80 $ 18,504,663.37
------------------------------------------
Total Student Loan Interest Activity $ 110,588,029.27 $ 81,893,669.73
(=) Ending Student Loan Portfolio Balance $ 1,157,119,554.57 $ 1,368,940,609.46
-------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 11,609,569.57 $ 13,686,568.72
-------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 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%
Jul-99 $ 901,285,813 5.41%
</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 1996-3
QUARTERLY SERVICING REPORT
REPORT DATE: 6/30/99 REPORTING PERIOD: 4/1/99-6/30/99
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- -----------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 3/31/99 Activity 6/30/99
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 1,044,121,155.14 $ (45,809,379.70) $ 998,311,775.44
ii Interest to be Capitalized 14,011,587.78 12,965,524.53
------------------ ----------------
iii Total Pool $ 1,058,132,742.92 $1,011,277,299.97
iv Specified Reserve Account Balance 2,645,331.86 2,528,193.25
------------------ ----------------
v TOTAL ADJUSTED POOL $1,060,778,074.78 $1,013,805,493.22
------------------ ----------------
------------------ ----------------
B i Weighted Average Coupon (WAC) 8.2342% 8.2392%
ii Weighted Average Remaining Term 98.99 97.41
iii Number of Loans 394,946 381,687
iv Number of Borrowers 154,643 149,077
--------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 4/26/99 % of Pool Balance 7/26/99 % of Pool
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAD8 0.49% $ 455,028,074.78 42.896% $ 408,055,493.22 40.250%
ii A-2 Notes 78442GAE6 0.68% 553,000,000.00 52.131% 553,000,000.00 54.547%
iii Certificates 78442GAF3 0.95% 52,750,000.00 4.973% 52,750,000.00 5.203%
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
iv TOTAL NOTES AND CERTIFICATES $1,060,778,074.78 100.000% $1,013,805,493.22 100.000%
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
Reserve Account 4/26/99 7/26/99
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,645,331.86 $ 2,528,193.25
iv Reserve Account Floor Balance ($) $ 1,502,704.00 $ 1,502,704.00
v Current Reserve Acct Balance ($) $ 2,645,331.86 $ 2,528,193.25
----------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
II. 1996-3 Transactions from: 4/1/99 through: 6/30/99
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $33,236,782.82
ii Principal Collections from Guarantor $4,852,237.71
iii Principal Reimbursements $13,184,604.14
iv Other System Adjustments $0.00
--------------
v TOTAL PRINCIPAL COLLECTIONS $51,273,624.67
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $632,127.83
ii Capitalized Interest ($6,096,372.80)
--------------
iii Total Non-Cash Principal Activity $(5,464,244.97)
----------------------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $45,809,379.70
----------------------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $12,714,216.88
ii Interest Claims Received from Guarantors $289,850.39
iii Late Fee Reimbursements $232,312.74
iv Interest Reimbursements $224,015.30
v Other System Adjustments $0.00
vi Special Allowance Payments $7,789.18
vii Subsidy Payments $3,251,050.27
--------------
viii TOTAL INTEREST COLLECTIONS $16,719,234.76
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment ($560,383.59)
ii Capitalized Interest $6,096,372.80
--------------
iii Total Non-Cash Interest Adjustments $ 5,535,989.21
----------------------------------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $22,255,223.97
----------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------------
III. 1996-3 Collection Account Activity 4/1/99 through 6/30/99
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $38,089,020.53
ii Cash Forwarded by Administrator on behalf of Seller $121,067.42
iii Cash Forwarded by Administrator on behalf of Servicer $1,442.21
iv Cash Forwarded by Administrator for Consolidation Activity $13,062,094.51
--------------
v TOTAL PRINCIPAL COLLECTIONS $51,273,624.67
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $16,262,906.72
ii Cash Forwarded by Administrator on behalf of Seller $12,214.29
iii Cash Forwarded by Administrator on behalf of Servicer $5,647.22
iv Cash Forwarded by Administrator for Consolidation Activity $206,153.79
v Cash Forwarded by Administrator for Late Fee Activity $232,312.74
--------------
vi TOTAL INTEREST COLLECTIONS $16,719,234.76
C OTHER REIMBURSEMENTS $205,690.54
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $423,219.45
E FUNDS BORROWED FROM NEXT COLLECTION PERIOD $0.00
F TOTAL FUNDS RECEIVED $68,621,769.42
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $(1,447,496.04)
---------------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $67,174,273.38
---------------------------------------------------------------------------------------------------------------------
G SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $710,630.67
ii Percentage of Principal Calculation $989,773.69
iii Lesser of Unit or Principal Calculation $710,630.67
H SERVICING FEES DUE FOR CURRENT PERIOD $ 710,630.67
I CARRYOVER SERVICING FEES DUE $ 845,867.25
APR 1999 Servicing Carryover $289,649.59
MAY 1999 Servicing Carryover $284,164.07
JUN 1999 Servicing Carryover $279,143.02
-----------
$852,956.68
LESS: Servicing ADJ [A iii + B iii] ($7,089.43)
-----------
-----------
TOTAL: Carryover Servicing Fee Due $845,867.25
-----------
-----------
J ADMINISTRATION FEES DUE $ 20,000.00
---------------------------------------------------------------------------------------------------------------------
K TOTAL FEES DUE FOR PERIOD $ 1,576,497.92
---------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
IV. 1996-3 Portfolio Characteristics
- --------------------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- --------------------------------------------------------------------------------------------------------
STATUS 3/31/99 6/30/99 3/31/99 6/30/99 3/31/99 6/30/99
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.870% 7.896% 25,120 15,479 6.360% 4.055%
Grace
Current 7.943% 7.847% 5,415 10,924 1.371% 2.862%
- --------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.883% 7.875% 30,535 26,403 7.731% 6.917%
- --------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.284% 8.286% 258,074 256,197 65.344% 67.122%
31-60 Days Delinquent 8.300% 8.305% 14,297 15,611 3.620% 4.090%
61-90 Days Delinquent 8.292% 8.296% 7,839 8,048 1.985% 2.109%
91-120 Days Delinquent 8.285% 8.300% 3,423 3,300 0.867% 0.865%
> 120 Days Delinquent 8.295% 8.285% 3,223 4,303 0.816% 1.127%
Deferment
Current 8.168% 8.163% 45,029 38,587 11.401% 10.110%
Forbearance
Current 8.286% 8.288% 31,000 28,594 7.849% 7.491%
- --------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.270% 8.273% 362,885 354,640 91.882% 92.914%
- --------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.302% 8.311% 1,493 621 0.378% 0.163%
Aged Claims Rejected (2) 8.236% 8.264% 33 23 0.009% 0.006%
- --------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.234% 8.239% 394,946 381,687 100.000% 100.000%
- --------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
IV. 1996-3 Portfolio Characteristics
- -----------------------------------------------------------------------------------------------------------
Principal Amount %
- -----------------------------------------------------------------------------------------------------------
STATUS 3/31/99 6/30/99 3/31/99 6/30/99
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 74,979,251.93 $ 46,255,118.35 7.181% 4.633%
Grace
Current $ 15,848,656.41 $ 32,590,492.03 1.518% 3.265%
- -----------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 90,827,908.34 $ 78,845,610.38 8.699% 7.898%
- -----------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 643,797,696.56 $633,746,276.82 61.659% 63.482%
31-60 Days Delinquent $ 37,582,734.10 $ 40,456,144.88 3.599% 4.052%
61-90 Days Delinquent $ 21,965,721.88 $ 21,723,038.90 2.104% 2.176%
91-120 Days Delinquent $ 9,647,966.16 $ 8,969,443.49 0.924% 0.898%
> 120 Days Delinquent $ 8,601,189.67 $ 11,795,916.06 0.824% 1.182%
Deferment
Current $ 126,575,109.40 $108,583,941.19 12.123% 10.877%
Forbearance
Current $ 101,427,947.30 $ 92,715,671.38 9.714% 9.287%
- -----------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 949,598,365.07 $917,990,432.72 90.947% 91.954%
- -----------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 3,623,404.82 $ 1,435,410.73 0.347% 0.144%
Aged Claims Rejected (2) $ 71,476.91 $ 40,321.61 0.007% 0.004%
- -----------------------------------------------------------------------------------------------------------
GRAND TOTAL $1,044,121,155.14 $998,311,775.44 100.000% 100.000%
- -----------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
V. 1996-3 Portfolio Characteristics by School and Program 6/30/99
- -----------------------------------------------------------------------------------------------------------------------
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 2.992% 1.076% 0.000% 0.000% 0.302% 0.108% 0.000% 0.000%
Grace
Current 2.160% 0.775% 0.000% 0.000% 0.181% 0.060% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 5.152% 1.851% 0.000% 0.000% 0.483% 0.168% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 36.202% 8.099% 6.365% 2.760% 3.381% 0.818% 0.285% 0.365%
31-60 Days Delinquent 1.927% 0.374% 0.393% 0.195% 0.400% 0.069% 0.019% 0.047%
61-90 Days Delinquent 1.025% 0.200% 0.154% 0.111% 0.235% 0.046% 0.008% 0.032%
91-120 Days Delinquent 0.407% 0.093% 0.057% 0.039% 0.104% 0.020% 0.003% 0.012%
> 120 Days Delinquent 0.534% 0.122% 0.037% 0.052% 0.147% 0.036% 0.001% 0.019%
Deferment
Current 6.223% 1.597% 0.633% 0.617% 0.774% 0.178% 0.041% 0.086%
Forbearance
Current 4.481% 1.302% 0.522% 0.700% 0.793% 0.187% 0.028% 0.099%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 50.799% 11.787% 8.161% 4.474% 5.834% 1.354% 0.385% 0.660%
- -----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.064% 0.016% 0.010% 0.013% 0.016% 0.002% 0.000% 0.003%
Aged Claims Rejected (2) 0.003% 0.000% 0.000% 0.000% 0.001% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 56.018% 13.654% 8.171% 4.487% 6.334% 1.524% 0.385% 0.663%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.330% 8.906%
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
V. 1996-3 Portfolio Characteristics by School and Program 6/30/99
- -----------------------------------------------------------------------------------------------------------------------
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 0.037% 0.030% 0.000% 0.000% 0.050% 0.038% 0.000% 0.000%
Grace
Current 0.026% 0.016% 0.000% 0.000% 0.023% 0.024% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.063% 0.046% 0.000% 0.000% 0.073% 0.062% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 2.514% 0.841% 0.406% 0.745% 0.371% 0.204% 0.014% 0.112%
31-60 Days Delinquent 0.341% 0.099% 0.032% 0.115% 0.025% 0.010% 0.000% 0.006%
61-90 Days Delinquent 0.211% 0.068% 0.015% 0.061% 0.008% 0.001% 0.000% 0.001%
91-120 Days Delinquent 0.095% 0.028% 0.007% 0.026% 0.002% 0.002% 0.000% 0.003%
> 120 Days Delinquent 0.127% 0.043% 0.007% 0.043% 0.008% 0.005% 0.001% 0.000%
Deferment
Current 0.327% 0.106% 0.017% 0.112% 0.081% 0.063% 0.002% 0.020%
Forbearance
Current 0.540% 0.192% 0.040% 0.179% 0.110% 0.083% 0.000% 0.031%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 4.155% 1.377% 0.524% 1.281% 0.605% 0.368% 0.017% 0.173%
- -----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.013% 0.003% 0.001% 0.002% 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 4.231% 1.426% 0.525% 1.283% 0.679% 0.430% 0.017% 0.173%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 7.465% 1.299%
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
INTERIM:
<S> <C> <C> <C> <C> <C>
In School
Current 4.068% 0.410% 0.067% 0.088% 4.633%
Grace
Current 2.935% 0.241% 0.042% 0.047% 3.265%
----------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.003% 0.651% 0.109% 0.135% 7.898%
----------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 53.426% 4.849% 4.506% 0.701% 63.482%
31-60 Days Delinquent 2.889% 0.535% 0.587% 0.041% 4.052%
61-90 Days Delinquent 1.490% 0.321% 0.355% 0.010% 2.176%
91-120 Days Delinquent 0.596% 0.139% 0.156% 0.007% 0.898%
> 120 Days Delinquent 0.745% 0.203% 0.220% 0.014% 1.182%
Deferment
Current 9.070% 1.079% 0.562% 0.166% 10.877%
Forbearance
Current 7.005% 1.107% 0.951% 0.224% 9.287%
----------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 75.221% 8.233% 7.337% 1.163% 91.954%
----------------------------------------------------------------------------------------------------
Claims in Process (1) 0.103% 0.021% 0.019% 0.001% 0.144%
Aged Claims Rejected (2) 0.003% 0.001% 0.000% 0.000% 0.004%
----------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.330% 8.906% 7.465% 1.299% 100.000%
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
VI. 1996-3 Interest Calculation
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 17,734,463.11
B Interest Subsidy Payments Accrued During Collection Period 2,972,626.91
C SAP Payments Accrued During Collection Period 10,599.38
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 55,265.86
E Investment Earnings (ADMINISTRATOR ACT) 423,219.45
----------
F NET EXPECTED INTEREST COLLECTIONS $ 21,196,174.71
G STUDENT LOAN RATE
i Days in Collection Period (4/1/99-6/30/99) 91
ii Days in Year 365
iii Net Expected Interest Collections $ 21,196,174.71
iv Primary Servicing Fee $ 2,158,126.71
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,058,132,742.92
vii STUDENT LOAN RATE 7.20904%
</TABLE>
<TABLE>
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.17446%
I CLASS A-1 INTEREST RATE 0.012900712 (4/26/99-7/26/99) 5.17446%
J Class A-2 T-Bill Based Interest Rate 5.36446%
K CLASS A-2 INTEREST RATE 0.013374411 (4/26/99-7/26/99) 5.36446%
L Certificate T-Bill Based Rate of Return 5.63446%
M CERTIFICATE RATE OF RETURN 0.014047562 (4/26/99-7/26/99) 5.63446%
</TABLE>
6
<PAGE>
<TABLE>
- -------------------------------------------------------------------------------------------
VII. 1996-3 Inputs From Previous Quarterly Servicing Reports 3/31/99
- -------------------------------------------------------------------------------------------
<S> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,044,121,155.14
ii Interest To Be Capitalized 14,011,587.78
--------------------
iii Total Pool $ 1,058,132,742.92
iv Specified Reserve Account Balance 2,645,331.86
--------------------
v TOTAL ADJUSTED POOL BALANCE $ 1,060,778,074.78
--------------------
--------------------
B Total Note and Certificate Factor 0.70401730531
C TOTAL NOTE AND CERTIFICATE BALANCE $ 1,060,778,074.78
</TABLE>
<TABLE>
<CAPTION>
D Note Balance 4/26/99 Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------
<S> <C> <C>
i Current Factor-4/26/99 0.5050256102 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 455,028,074.78 $ 553,000,000.00 $ 52,750,000.00
iv NOTE BALANCE $ 455,028,074.78 $ 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 $ 2,645,331.86
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> <C>
A Total Available Funds ( Sections III -F + VI-D) $ 67,229,539.24 $ 67,229,539.24
B Primary Servicing Fees-Current Month $ 710,630.67 $ 66,518,908.57
C Administration Fee $ 20,000.00 $ 66,498,908.57
D Noteholder's Interest Distribution Amount
i Class A-1 $ 5,870,186.14 $ 60,628,722.43
ii Class A-2 $ 7,396,049.28 $ 53,232,673.15
----------------
iii TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $ 13,266,235.42
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 741,008.90 $ 52,491,664.25
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 46,972,581.56 $ 5,519,082.69
ii Class A-2 $ 0.00 $ 5,519,082.69
----------------
iii TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 46,972,581.56
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 5,519,082.69
H Increase to the Specified Reserve Account Balance $ 0.00 $ 5,519,082.69
I Carryover Servicing Fees $ 845,867.25 $ 4,673,215.44
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 4,673,215.44
ii Class A-2 $ 0.00 $ 4,673,215.44
----------------
iii TOTAL NOTEHOLDER'S INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 4,673,215.44
L EXCESS TO RESERVE ACCOUNT $ 4,673,215.44 $ 0.00
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IX. 1996-3 Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 5,870,186.14 $ 7,396,049.28 $ 741,008.90
ii Quarterly Interest Paid 5,870,186.14 7,396,049.28 741,008.90
------------ ------------ ----------
iii INTEREST SHORTFALL $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00 0.00
---- ---- ----
vi INTEREST CARRYOVER $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 46,972,581.56 $ 0.00 $ 0.00
viii Quarterly Principal Paid 46,972,581.56 0.00 0.00
------------- ---- ----
ix QUARTERLY PRINCIPAL SHORTFALL $ 0.00 $ 0.00 $ 0.00
------------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 52,842,767.70 $ 7,396,049.28 $ 741,008.90
------------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates Principal Balance 6/30/99 $1,060,778,074.78
ii Adjusted Pool Balance 6/30/99 1,013,805,493.22
----------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii)$ 46,972,581.56
------------------
------------------
iv Adjusted Pool Balance 3/31/99 $1,060,778,074.78
v Adjusted Pool Balance 6/30/99 1,013,805,493.22
------------------
vi Current Principal Due (iv-v) $ 46,972,581.56
vii Principal Shortfall from Previous Collection Period -
------------------
viii Principal Distribution Amount (vi + vii) $ 46,972,581.56
------------------
------------------
ix PRINCIPAL DISTRIBUTION AMOUNT PAID $ 46,972,581.56
x Principal Shortfall (viii - ix) $ -
C Total Principal Distribution $ 46,972,581.56
D Total Interest Distribution 14,007,244.32
------------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 60,979,825.88
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
F Note & Certificate Balances 4/26/99 7/26/99
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i A-1 Note Balance (78442GAD8) $ 455,028,074.78 $ 408,055,493.22
A-1 Note Pool Factor 0.5050256102 0.4528917794
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 $ 2,645,331.86
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 4,673,215.44
-----------------
iv Total Reserve Account Balance Available $ 7,318,547.30
v Required Reserve Account Balance $ 2,528,193.25
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp $ 4,790,354.05
viii Ending Reserve Account Balance $ 2,528,193.25
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
X. 1996-3 Historical Pool Information
- ------------------------------------------------------------------------------------------------------------------------------------
1998
-------------------------------------------------------------------
4/1/99-6/30/99 1/1/99-3/31/99 1/1/98-12/31/98
------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,044,121,155.14 $ 1,083,954,845.53 $ 1,228,714,371.63
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 33,236,782.82 $ 34,580,443.93 $ 122,504,044.52
ii Principal Collections from Guarantor 4,852,237.71 6,962,455.98 41,298,428.76
iii Principal reimbursements 13,184,604.14 2,422,860.10 2,546,996.03
iv Other System Adjustments - - -
-------------------------------------------------------------------
v Total Principal Collections $ 51,273,624.67 $ 43,965,760.01 $ 166,349,469.31
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 632,127.83 $ 986,851.63 $ 3,047,079.72
ii Capitalized Interest (6,096,372.80) (5,118,921.25) (24,637,022.93)
-------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (5,464,244.97) $ (4,132,069.62) $ (21,589,943.21)
------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 45,809,379.70 $ 39,833,690.39 $ 144,759,526.10
------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 12,714,216.88 $ 13,363,504.80 $ 56,008,898.70
ii Interest Claims Received from Guarantors 289,850.39 420,619.68 2,555,312.40
iii Late Fee Reimbursements 232,312.74 259,215.91 271,571.86
iv Interest Reimbursements 224,015.30 39,260.85 129,824.10
v Other System Adjustments - - -
vi Special Allowance Payments 7,789.18 4,951.40 1,215,231.25
vii Subsidy Payments 3,251,050.27 3,652,134.80 18,157,524.99
-------------------------------------------------------------------
viii Total Interest Collections $ 16,719,234.76 $ 17,739,687.44 $ 78,338,363.30
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (560,383.59) $ (895,332.14) $ (2,440,884.70)
ii Capitalized Interest 6,096,372.80 5,118,921.25 24,637,022.93
-------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 5,535,989.21 $ 4,223,589.11 $ 22,196,138.23
-------------------------------------------------------------------
Total Student Loan Interest Activity $ 22,255,223.97 $ 21,963,276.55 $ 100,534,501.53
(=) Ending Student Loan Portfolio Balance $ 998,311,775.44 $ 1,044,121,155.14 $ 1,083,954,845.53
------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 12,965,524.53 $ 14,011,587.78 $ 13,191,211.43
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,011,277,299.97 $ 1,058,132,742.92 $ 1,097,146,056.96
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 2,528,193.25 $ 2,645,331.86 $ 2,742,865.14
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 1,013,805,493.22 $ 1,060,778,074.78 $ 1,099,888,922.10
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
1997 1996
-------------------------------------------
1/1/97-12/31/97 6/17/96-12/31/96
------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,413,647,896.61 $ 1,485,028,174.57
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 109,020,540.61 $ 56,058,587.17
ii Principal Collections from Guarantor 56,780,983.13 4,102,484.47
iii Principal reimbursements 41,704,153.21 25,574,172.87
iv Other System Adjustments - (2,160.08)
-------------------------------------------
v Total Principal Collections $ 207,505,676.95 $ 85,733,084.43
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 3,675,838.55 $ 2,226,545.19
ii Capitalized Interest (26,247,990.52) (16,579,351.66)
-------------------------------------------
iii Total Non-Cash Principal Activity $ (22,572,151.97) $ (14,352,806.47)
------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 184,933,524.98 $ 71,380,277.96
------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 56,916,994.63 $ 29,251,514.62
ii Interest Claims Received from Guarantors 3,556,475.39 195,989.28
iii Late Fee Reimbursements - -
iv Interest Reimbursements 640,157.64 403,805.13
v Other System Adjustments - (385.55)
vi Special Allowance Payments 1,886,637.13 1,296,691.10
vii Subsidy Payments 27,499,868.72 19,346,491.31
-------------------------------------------
viii Total Interest Collections $ 90,500,133.51 $ 50,494,105.89
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,985,922.64) $ (2,174,688.01)
ii Capitalized Interest 26,247,990.52 16,579,351.66
-------------------------------------------
iii Total Non-Cash Interest Adjustments $ 23,262,067.88 $ 14,404,663.65
-------------------------------------------
Total Student Loan Interest Activity $ 113,762,201.39 $ 64,898,769.54
(=) Ending Student Loan Portfolio Balance $ 1,228,714,371.63 $ 1,413,647,896.61
------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 14,946,382.97 $ 15,933,644.48
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,243,660,754.60 $ 1,429,581,541.09
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 3,222,987.71 $ 3,674,921.48
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 1,246,883,742.31 $ 1,433,256,462.57
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------
XI. 1996-3 Payment History and CPRs
- ----------------------------------------------------------------------------
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%
Jul-99 $ 1,011,277,300 5.16%
</TABLE>
* "Since Issued CPR" is based on the current period's ending
pool balance calculated against the original pool balance
and assuming cutoff date pool data.
- --------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1996-4
Quarterly Servicing Report
Report Date: 6/30/99 Reporting Period: 4/1/99-6/30/99
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 3/31/99 Activity 6/30/99
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 989,896,510.20 $ (49,517,160.40) $ 940,379,349.80
ii Interest to be Capitalized 13,445,234.50 12,547,679.20
---------------------------- ---------------------------
iii Total Pool $ 1,003,341,744.70 $ 952,927,029.00
iv Specified Reserve Account Balance 2,508,354.36 2,382,317.57
---------------------------- ---------------------------
v Total Adjusted Pool $1,005,850,099.06 $ 955,309,346.57
============================ ===========================
B i Weighted Average Coupon (WAC) 8.2148% 8.2195%
ii Weighted Average Remaining Term 97.99 96.88
iii Number of Loans 435,602 416,441
iv Number of Borrowers 164,133 156,748
----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 4/26/99 % of Pool Balance 7/26/99 % of Pool
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAG1 0.48% $ 458,150,099.06 45.549% $ 407,609,346.57 42.668%
ii A-2 Notes 78442GAH9 0.64% 495,000,000.00 49.212% 495,000,000.00 51.816%
iii Certificates 78442GAJ5 0.93% 52,700,000.00 5.239% 52,700,000.00 5.516%
==========================================================================================================================
iv Total Notes and Certificates $1,005,850,099.06 100.000% $ 955,309,346.57 100.000%
==========================================================================================================================
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
Reserve Account 4/26/99 7/26/99
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,508,354.36 $ 2,382,317.57
iv Reserve Account Floor Balance ($) $ 1,501,183.00 $ 1,501,183.00
v Current Reserve Acct Balance ($) $ 2,508,354.36 $ 2,382,317.57
----------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
II. 1996-4 Transactions from: 4/1/99 through: 6/30/99
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 37,587,044.10
ii Principal Collections from Guarantor 6,061,847.97
iii Principal Reimbursements 11,238,460.46
iv Other System Adjustments 0.00
------------------------
v Total Principal Collections $ 54,887,352.53
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 646,166.88
ii Capitalized Interest (6,016,359.01)
------------------------
iii Total Non-Cash Principal Activity $ (5,370,192.13)
---------------------------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $49,517,160.40
---------------------------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 11,713,431.73
ii Interest Claims Received from Guarantors 374,895.24
iii Late Fee Reimbursements 259,028.67
iv Interest Reimbursements 195,922.82
v Other System Adjustments 0.00
vi Special Allowance Payments 10,943.45
vii Subsidy Payments 3,159,498.51
------------------------
viii Total Interest Collections $15,713,720.42
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($537,422.80)
ii Capitalized Interest 6,016,359.01
------------------------
iii Total Non-Cash Interest Adjustments $ 5,478,936.21
---------------------------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $21,192,656.63
---------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
III. 1996-4 Collection Account Activity 4/1/99 through 6/30/99
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $ 43,648,892.07
ii Cash Forwarded by Administrator on behalf of Seller 67,212.68
iii Cash Forwarded by Administrator on behalf of Servicer 689.65
iv Cash Forwarded by Administrator for Consolidation Activity 11,170,558.13
-------------------
v Total Principal Collections $ 54,887,352.53
B Interest Collections
i Interest Payments Received-Cash $ 15,258,768.93
ii Cash Forwarded by Administrator on behalf of Seller 14,382.46
iii Cash Forwarded by Administrator on behalf of Servicer 8,199.64
iv Cash Forwarded by Administrator for Consolidation Activity 173,340.72
v Cash Forwarded by Administrator for Late Fee Activity 259,028.67
-------------------
vi Total Interest Collections $15,713,720.42
C Other Reimbursements $107,012.78
D Administrator Account Investment Income $451,784.59
E Return funds borrowed for previous distribution $0.00
F TOTAL FUNDS RECEIVED $71,159,870.32
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,537,157.68)
-------------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $69,622,712.64
-------------------------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $750,800.96
ii Percentage of Principal Calculation $1,005,377.19
iii Lesser of Unit or Principal Calculation $750,800.96
H Servicing Fees Due for Current Period $ 750,800.96
I Carryover Servicing Fees Due $ 769,786.32
APR 1999 Servicing Carryover $264,683.57
MAY 1999 Servicing Carryover $259,415.81
JUN 1999 Servicing Carryover $254,576.23
----------------------
$ 778,675.61
Less: Servicing ADJ [A iii + B iii] ($8,889.29)
======================
TOTAL: Carryover Servicing Fee Due $ 769,786.32
======================
J Administration Fees Due $ 20,000.00
-------------------------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,540,587.28
-------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
IV. 1996-4 Portfolio Characteristics
- --------------------------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
STATUS 3/31/99 6/30/99 3/31/99 6/30/99 3/31/99 6/30/99
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.944% 7.955% 23,380 15,292 5.367% 3.672%
Grace
Current 7.982% 7.935% 5,560 9,466 1.276% 2.273%
- --------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.951% 7.947% 28,940 24,758 6.643% 5.945%
- --------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.254% 8.254% 293,253 286,733 67.321% 68.853%
31-60 Days Delinquent 8.267% 8.274% 15,991 16,714 3.671% 4.014%
61-90 Days Delinquent 8.269% 8.282% 8,632 8,255 1.982% 1.982%
91-120 Days Delinquent 8.264% 8.274% 3,806 3,715 0.874% 0.892%
> 120 Days Delinquent 8.277% 8.262% 3,682 4,838 0.845% 1.162%
Deferment
Current 8.138% 8.138% 45,985 39,835 10.557% 9.566%
Forbearance
Current 8.265% 8.268% 33,215 30,809 7.625% 7.398%
- --------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.240% 8.243% 404,564 390,899 92.875% 93.867%
- --------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.266% 8.224% 2,052 758 0.471% 0.182%
Aged Claims Rejected (2) 8.315% 8.243% 46 26 0.011% 0.006%
- --------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.215% 8.219% 435,602 416,441 100.000% 100.000%
- --------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------
IV. 1996-4 Portfolio Characteristics
- ------------------------------------------------------------------------------------------------------
Principal Amount %
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
STATUS 3/31/99 6/30/99 3/31/99 6/30/99
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 67,189,148.57 $ 43,837,826.72 6.787% 4.662%
Grace
Current $ 15,141,292.99 $ 27,012,207.94 1.530% 2.872%
- ------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 82,330,441.56 $ 70,850,034.66 8.317% 7.534%
- ------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 592,787,199.79 $ 580,159,403.72 59.884% 61.694%
31-60 Days Delinquent $ 36,699,149.52 $ 38,791,488.75 3.707% 4.125%
61-90 Days Delinquent $ 22,552,114.14 $ 20,658,700.30 2.278% 2.197%
91-120 Days Delinquent $ 10,064,462.76 $ 9,199,236.47 1.017% 0.978%
> 120 Days Delinquent $ 9,363,801.86 $ 12,353,839.31 0.946% 1.314%
Deferment
Current $ 125,154,648.25 $ 108,416,934.68 12.643% 11.529%
Forbearance
Current $ 106,187,594.38 $ 98,261,848.45 10.727% 10.449%
- ------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 902,808,970.70 $ 867,841,451.68 91.202% 92.286%
- ------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 4,672,405.70 $ 1,643,613.23 0.472% 0.175%
Aged Claims Rejected (2) $ 84,692.24 $ 44,250.23 0.009% 0.005%
- ------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 989,896,510.20 $ 940,379,349.80 100.000% 100.000%
- ------------------------------------------------------------------------------------------------------
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
V. 1996-4 Portfolio Characteristics by School and Program 6/30/99
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 2.868% 0.966% 0.000% 0.000% 0.419% 0.165% 0.000% 0.000%
Grace
Current 1.763% 0.605% 0.000% 0.000% 0.287% 0.105% 0.000% 0.000%
TOTAL INTERIM 4.631% 1.571% 0.000% 0.000% 0.706% 0.270% 0.000% 0.000%
REPAYMENT:
Active
Current 36.580% 8.633% 3.015% 2.538% 3.603% 1.200% 0.164% 0.247%
31-60 Days Delinquent 2.011% 0.425% 0.220% 0.197% 0.400% 0.116% 0.011% 0.031%
61-90 Days Delinquent 1.038% 0.234% 0.098% 0.112% 0.231% 0.055% 0.007% 0.015%
91-120 Days Delinquent 0.442% 0.097% 0.033% 0.036% 0.125% 0.030% 0.004% 0.009%
> 120 Days Delinquent 0.572% 0.160% 0.020% 0.045% 0.169% 0.047% 0.001% 0.016%
Deferment
Current 6.531% 1.634% 0.509% 0.665% 0.913% 0.249% 0.024% 0.072%
Forbearance
Current 5.099% 1.580% 0.306% 0.858% 0.844% 0.254% 0.021% 0.072%
TOTAL REPAYMENT 52.273% 12.763% 4.201% 4.451% 6.285% 1.951% 0.232% 0.462%
Claims in Process (1) 0.072% 0.020% 0.004% 0.006% 0.022% 0.003% 0.000% 0.002%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.001% 0.001% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 56.977% 14.354% 4.205% 4.457% 7.014% 2.225% 0.232% 0.464%
TOTAL BY SCHOOL TYPE 79.993% 9.935%
- ----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
V. 1996-4 Portfolio Characteristics by School and Program 6/30/99
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 0.110% 0.084% 0.000% 0.000% 0.026% 0.024% 0.000% 0.000%
Grace
Current 0.045% 0.030% 0.000% 0.000% 0.017% 0.020% 0.000% 0.000%
TOTAL INTERIM 0.155% 0.114% 0.000% 0.000% 0.043% 0.044% 0.000% 0.000%
REPAYMENT:
Active
Current 2.941% 1.269% 0.428% 0.657% 0.241% 0.093% 0.005% 0.080%
31-60 Days Delinquent 0.390% 0.156% 0.037% 0.088% 0.019% 0.013% 0.001% 0.010%
61-90 Days Delinquent 0.230% 0.095% 0.022% 0.049% 0.008% 0.001% 0.000% 0.002%
91-120 Days Delinquent 0.116% 0.049% 0.009% 0.025% 0.002% 0.001% 0.000% 0.000%
> 120 Days Delinquent 0.166% 0.077% 0.005% 0.029% 0.006% 0.000% 0.000% 0.001%
Deferment
Current 0.424% 0.171% 0.024% 0.127% 0.091% 0.054% 0.002% 0.039%
Forbearance
Current 0.684% 0.313% 0.046% 0.163% 0.101% 0.076% 0.000% 0.032%
TOTAL REPAYMENT 4.951% 2.130% 0.571% 1.138% 0.468% 0.238% 0.008% 0.164%
Claims in Process (1) 0.029% 0.012% 0.001% 0.003% 0.000% 0.001% 0.000% 0.000%
Aged Claims Rejected (2) 0.001% 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 5.136% 2.257% 0.572% 1.141% 0.511% 0.283% 0.008% 0.164%
TOTAL BY SCHOOL TYPE 9.106% 0.966%
- -------------------------------------------------------------------------------------------------------------------------
</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 include
claims deemed incurable pending repurchase.
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
INTERIM:
<S> <C> <C> <C> <C> <C>
In School
Current 3.834% 0.584% 0.194% 0.050% 4.662%
Grace
Current 2.368% 0.392% 0.075% 0.037% 2.872%
TOTAL INTERIM 6.202% 0.976% 0.269% 0.087% 7.534%
REPAYMENT:
Active
Current 50.766% 5.214% 5.295% 0.419% 61.694%
31-60 Days Delinquent 2.853% 0.558% 0.671% 0.043% 4.125%
61-90 Days Delinquent 1.482% 0.308% 0.396% 0.011% 2.197%
91-120 Days Delinquent 0.608% 0.168% 0.199% 0.003% 0.978%
> 120 Days Delinquent 0.797% 0.233% 0.277% 0.007% 1.314%
Deferment
Current 9.339% 1.258% 0.746% 0.186% 11.529%
Forbearance
Current 7.843% 1.191% 1.206% 0.209% 10.449%
TOTAL REPAYMENT 73.688% 8.930% 8.790% 0.878% 92.286%
Claims in Process (1) 0.102% 0.027% 0.045% 0.001% 0.175%
Aged Claims Rejected (2) 0.001% 0.002% 0.002% 0.000% 0.005%
TOTAL BY SCHOOL TYPE 79.993% 9.935% 9.106% 0.966% 100.000%
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
VI. 1996-4 Interest Calculation
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Borrower Interest Accrued During Collection Period $ 16,711,407.60
B Interest Subsidy Payments Accrued During Collection Period $ 2,887,814.01
C SAP Payments Accrued During Collection Period $ 13,856.86
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $ 55,325.98
E Investment Earnings (ADMINISTRATOR ACT) $ 451,784.59
F Net Expected Interest Collections $ 20,120,189.04
G Student Loan Rate
i Days in Collection Period (4/1/99-6/30/99) 91
ii Days in Year 365
iii Net Expected Interest Collections $ 20,120,189.04
iv Primary Servicing Fee $ 2,287,958.64
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $1,003,341,744.70
vii Student Loan Rate 7.12067%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.16446%
I Class A-1 Interest Rate 0.012875781 (4/26/99-7/26/99) 5.16446%
J Class A-2 T-Bill Based Interest Rate 5.32446%
K Class A-2 Interest Rate 0.013274685 (4/26/99-7/26/99) 5.32446%
L Certificate T-Bill Based Rate of Return 5.61446%
M Certificate Rate of Return 0.013997699 (4/26/99-7/26/99) 5.61446%
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VII. 1996-4 Inputs From Previous Quarterly Servicing Reports 3/31/99
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 989,896,510.20
ii Interest To Be Capitalized $ 13,445,234.50
-------------------
iii Total Pool $1,003,341,744.70
iv Specified Reserve Account Balance $ 2,508,354.36
-------------------
v Total Adjusted Pool $1,005,850,099.06
-------------------
-------------------
B Total Note and Certificate Factor 0.66833893625
C Total Note and Certificate Balance $1,005,850,099.06
-------------------------------------------------------------------------------------------------------------------
D Note Balance 4/26/99 Class A-1 Class A-2 Certificates
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor-4/26/99 0.4785857088 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 458,150,099.06 $ 495,000,000.00 $ 52,700,000.00
iv Note Balance $ 458,150,099.06 $ 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
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
G Reserve Account Balance $ 2,508,354.36
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
K Interest Due on Unpaid Carryover Servicing Fees $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VIII. 1996-4 Waterfall for Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
<S> <C> <C> <C> <C>
A Total Available Funds ( Sections III -F + VI-D) $ 69,678,038.62 $ 69,678,038.62
B Primary Servicing Fees-Current Month $ 750,800.96 $ 68,927,237.66
C Administration Fee $ 20,000.00 $ 68,907,237.66
D Noteholder's Interest Distribution Amount
i Class A-1 $ 5,899,040.34 $ 63,008,197.32
ii Class A-2 $ 6,570,969.08 $ 56,437,228.24
iii Total Noteholder's Interest Distribution $ 12,470,009.42
E Certificateholder's Return Distribution Amount $ 737,678.74 $ 55,699,549.50
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 50,540,752.49 $ 5,158,797.01
ii Class A-2 $ 0.00 $ 5,158,797.01
iii Total Noteholder's Principal Distribution $ 50,540,752.49
G Certificateholder's Balance Distribution Amount $ 0.00 $ 5,158,797.01
H Increase to the Specified Reserve Account Balance $ 0.00 $ 5,158,797.01
I Carryover Servicing Fees $ 769,786.32 $ 4,389,010.69
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 4,389,010.69
i Class A-2 $ 0.00 $ 4,389,010.69
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 4,389,010.69
L Excess to Reserve Account $ 4,389,010.69 $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IX. 1996-4 Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A Distribution Amounts Class A-1 Class A-2 Certificates
------------------------------------------------------------------------------------------------------------------
i Quarterly Interest Due $ 5,899,040.34 $ 6,570,969.08 $ 737,678.74
ii Quarterly Interest Paid 5,899,040.34 6,570,969.08 737,678.74
iii Interest Shortfall $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00 0.00
vi Interest Carryover $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $50,540,752.49 $ 0.00 $ 0.00
viii Quarterly Principal Paid 50,540,752.49 0.00 0.00
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $56,439,792.83 $ 6,570,969.08 $ 737,678.74
------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal $ 1,005,850,099.06
Balance 6/30/99
ii Adjusted Pool Balance 6/30/99 $ 955,309,346.57
iii Adjusted Pool Exceeding Notes and $ 50,540,752.49
Certificate Balance (i-ii) -----------------------
-----------------------
iv Adjusted Pool Balance 3/31/99 $ 1,005,850,099.06
v Adjusted Pool Balance 6/30/99 $ 955,309,346.57
vi Current Principal Due (iv-v) $ 50,540,752.49
vii Principal Shortfall from Previous $ -
Collection Period ------------------------
viii Principal Distribution Amount(vi + vii) $ 50,540,752.49
------------------------
------------------------
ix Principal Distribution Amount Paid $ 50,540,752.49
x Principal Shortfall (viii - ix) $ -
C Total Principal Distribution $ 50,540,752.49
D Total Interest Distribution $ 13,207,688.16
E Total Cash Distributions-Note and Certificates $ 63,748,440.65
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
F Note & Certificate Balances 4/26/99 7/26/99
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i A-1 Note Balance (78442GAG1) $ 458,150,099.06 $ 407,609,346.57
A-1 Note Pool Factor 0.4785857088 0.4257906054
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 $ 2,508,354.36
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 4,389,010.69
--------------
iv Total Reserve Account Balance Available $ 6,897,365.05
v Required Reserve Account Balance $ 2,382,317.57
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp. $ 4,515,047.48
viii Ending Reserve Account Balance $ 2,382,317.57
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1996-4 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------------------
4/1/99-6/30/99 1/1/99-3/31/99
----------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 989,896,510.20 $ 1,035,285,864.26
----------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 37,587,044.10 $ 40,081,368.10
ii Principal Collections from Guarantor 6,061,847.97 7,220,781.26
iii Principal Reimbursements 11,238,460.46 2,041,504.14
iv Other System Adjustments - -
---------------------------------------------------
v Total Principal Collections $ 54,887,352.53 $ 49,343,653.50
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 646,166.88 $ 942,879.56
ii Capitalized Interest (6,016,359.01) (4,897,179.00)
---------------------------------------------------
iii Total Non-Cash Principal Activity $ (5,370,192.13) $ (3,954,299.44)
----------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 49,517,160.40 $ 45,389,354.06
----------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 11,713,431.73 $ 12,454,690.30
ii Interest Claims Received from Guarantors 374,895.24 433,267.77
iii Late Fee Reimbursements 259,028.67 288,358.43
iv Interest Reimbursements 195,922.82 39,031.17
v Other System Adjustments - -
vi Special Allowance Payments 10,943.45 7,621.07
vii Subsidy Payments 3,159,498.51 3,521,618.20
--------------------------------------------------
viii Total Interest Collections $ 15,713,720.42 $ 16,744,586.94
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (537,422.80) $ (796,719.56)
ii Capitalized Interest 6,016,359.01 4,897,179.00
--------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 5,478,936.21 $ 4,100,459.44
--------------------------------------------------
Total Student Loan Interest Activity $ 21,192,656.63 $ 20,845,046.38
(=) Ending Student Loan Portfolio Balance $ 940,379,349.80 $ 989,896,510.20
----------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 12,547,679.20 $ 13,445,234.50
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 952,927,029.00 $ 1,003,341,744.70
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 2,382,317.57 $ 2,508,354.36
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 955,309,346.57 $ 1,005,850,099.06
----------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------
1998 1997 1996
-----------------------------------------------------------------------
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 $ 1,207,834,554.65 $ 1,429,671,216.95 $ 1,478,535,335.85
---------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 148,950,202.58 $ 150,239,015.41 $ 47,792,030.07
ii Principal Collections from Guarantor 43,325,114.59 47,800,739.56 651,773.25
iii Principal Reimbursements 2,347,438.60 46,963,233.81 14,902,506.96
iv Other System Adjustments - - (713.51)
----------------------------------------------------------------------
v Total Principal Collections $ 194,622,755.77 $ 245,002,988.78 $ 63,345,596.77
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 3,338,919.10 $ 3,929,552.20 $ 1,431,259.68
ii Capitalized Interest (25,412,984.48) (27,095,878.68) (15,912,737.55)
----------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (22,074,065.38) $ (23,166,326.48) $(14,481,477.87)
---------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 172,548,690.39 $ 221,836,662.30 $ 48,864,118.90
---------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 53,198,257.71 $ 56,301,281.76 $ 15,484,377.46
ii Interest Claims Received from Guara 2,698,296.08 2,921,282.00 13,446.63
iii Late Fee Reimbursements 307,848.97 -
iv Interest Reimbursements 114,449.84 723,149.71 282,181.00
v Other System Adjustments - - (287.62)
vi Special Allowance Payments 1,315,559.80 1,981,421.00 257,877.96
vii Subsidy Payments 17,635,547.74 28,812,210.76 3,637,851.32
----------------------------------------------------------------------
viii Total Interest Collections $ 75,269,960.14 $ 90,739,345.23 $ 19,675,446.75
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,677,336.29) $ (3,293,910.82) $ (1,407,772.50)
ii Capitalized Interest 25,412,984.48 27,095,878.68 15,912,737.55
----------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 22,735,648.19 $ 23,801,967.86 $ 14,504,965.05
----------------------------------------------------------------------
Total Student Loan Interest Activity $ 98,005,608.33 $ 114,541,313.09 $ 34,180,411.80
(=) Ending Student Loan Portfolio Balance $ 1,035,285,864.26 $ 1,207,834,554.65 $ 1,429,671,216.95
---------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 12,585,073.13 $ 14,614,638.32 $ 15,760,176.45
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,047,870,937.39 $1,222,449,192.97 $1,445,431,393.40
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 2,619,677.34 $ 3,197,361.80 $ 3,752,958.00
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $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%
Jul-99 $ 952,927,029 5.11%
</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 1997-1
Quarterly Servicing Report
Report Date: 6/30/99 Reporting Period: 4/1/99-6/30/99
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ---------------------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 3/31/99 Activity 6/30/99
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A i Portfolio Balance $ 1,523,704,962.40 $ (65,321,324.29) $ 1,458,383,638.11
ii Interest to be Capitalized 18,734,083.24 17,635,600.06
------------------ ------------------
iii Total Pool $ 1,542,439,045.64 $ 1,476,019,238.17
iv Specified Reserve Account Balance 3,856,097.61 3,690,048.10
------------------ ------------------
v Total Adjusted Pool $ 1,546,295,143.25 $ 1,479,709,286.27
------------------ ------------------
------------------ ------------------
B i Weighted Average Coupon (WAC) 8.2171% 8.2217%
ii Weighted Average Remaining Term 102.50 100.84
iii Number of Loans 542,778 524,252
iv Number of Borrowers 228,117 219,778
----------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 4/26/99 % of Pool Balance 7/26/99 % of Pool
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAK2 0.46% $ 687,095,143.25 44.435% $ 620,509,286.27 41.935%
ii A-2 Notes 78442GAL0 0.57% 787,400,000.00 50.922% 787,400,000.00 53.213%
iii Certificates 78442GAM8 0.85% 71,800,000.00 4.643% 71,800,000.00 4.852%
------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $1,546,295,143.25 100.000% $1,479,709,286.27 100.000%
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------------------------------------------------------------------
Reserve Account 4/26/99 7/26/99
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 3,856,097.61 $ 3,690,048.10
iv Reserve Account Floor Balance ($) $ 2,004,092.00 $ 2,004,092.00
v Current Reserve Acct Balance ($) $ 3,856,097.61 $ 3,690,048.10
-------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
II. 1997-1 Transactions from: 4/1/99 through: 6/30/99
- ---------------------------------------------------------------------------------------------------------------
<S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 45,866,123.72
ii Principal Collections from Guarantor 9,287,753.06
iii Principal Reimbursements 17,975,004.98
iv Other System Adjustments 0.00
---------------
v Total Principal Collections $ 73,128,881.76
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 937,428.68
ii Capitalized Interest (8,744,986.15)
---------------
iii Total Non-Cash Principal Activity $ (7,807,557.47)
--------------------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 65,321,324.29
--------------------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 18,000,184.23
ii Interest Claims Received from Guarantors 584,932.87
iii Late Fee Reimbursements 350,919.00
iv Interest Reimbursements 291,497.63
v Other System Adjustments 0.00
vi Special Allowance Payments 6,361.36
vii Subsidy Payments 4,982,476.85
---------------
viii Total Interest Collections $ 24,216,371.94
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (760,868.03)
ii Capitalized Interest 8,744,986.15
---------------
iii Total Non-Cash Interest Adjustments $ 7,984,118.12
--------------------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 32,200,490.06
--------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
III. 1997-1 Collection Account Activity 4/1/99 through 6/30/99
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $ 55,153,876.78
ii Cash Forwarded by Administrator on behalf of Seller 94,685.38
iii Cash Forwarded by Administrator on behalf of Servicer 2,441.09
iv Cash Forwarded by Administrator for Consolidation Activity 17,877,878.51
------------------
v Total Principal Collections $ 73,128,881.76
B Interest Collections
i Interest Payments Received-Cash $ 23,573,955.31
ii Cash Forwarded by Administrator on behalf of Seller 15,010.47
iii Cash Forwarded by Administrator on behalf of Servicer 9,668.56
iv Cash Forwarded by Administrator for Consolidation Activity 266,818.60
v Cash Forwarded by Administrator for Late Fee Activity 350,919.00
------------------
vi Total Interest Collections $ 24,216,371.94
C Other Reimbursements $ 189,168.60
D Administrator Account Investment Income $ 619,845.99
E Return funds borrowed for previous distribution $ -
F TOTAL FUNDS RECEIVED $ 98,154,268.29
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,967,439.18)
-------------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 96,186,829.11
-------------------------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 965,372.24
ii Percentage of Principal Calculation $ 1,419,526.70
iii Lesser of Unit or Principal Calculation $965,372.24
H Servicing Fees Due for Current Period $ 965,372.24
I Carryover Servicing Fees Due $ 1,374,014.72
APR 1999 Servicing Carryover $470,189.47
MAY 1999 Servicing Carryover $461,780.44
JUN 1999 Servicing Carryover $454,154.46
----------------------
$ 1,386,124.37
Less: Servicing ADJ [A iii + B iii] ($12,109.65)
----------------------
TOTAL: Carryover Servicing Fee Due $ 1,374,014.72
----------------------
----------------------
J Administration Fees Due $ 20,000.00
-------------------------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 2,359,386.96
-------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
IV. 1997-1 Portfolio Characteristics
- ------------------------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ------------------------------------------------------------------------------------------------------------
STATUS 3/31/99 6/30/99 3/31/99 6/30/99 3/31/99 6/30/99
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.974% 7.974% 32,005 22,178 5.897% 4.230%
Grace
Current 7.994% 7.981% 8,046 12,342 1.482% 2.354%
- ------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.978% 7.977% 40,051 34,520 7.379% 6.584%
- ------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.261% 8.262% 336,549 336,237 62.005% 64.137%
31-60 Days Delinquent 8.271% 8.271% 19,756 21,181 3.640% 4.040%
61-90 Days Delinquent 8.262% 8.267% 11,675 11,316 2.151% 2.159%
91-120 Days Delinquent 8.259% 8.261% 5,587 5,218 1.029% 0.995%
Greater than 120 Days Delinquent 8.262% 8.263% 5,945 8,029 1.095% 1.532%
Deferment
Current 8.106% 8.106% 71,608 61,520 13.193% 11.735%
Forbearance
Current 8.256% 8.257% 48,536 45,114 8.942% 8.605%
- ------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.238% 8.241% 499,656 488,615 92.055% 93.203%
- ------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.253% 8.258% 3014 1,086 0.555% 0.207%
Aged Claims Rejected (2) 8.267% 8.275% 57 31 0.011% 0.006%
- ------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.217% 8.222% 542,778 524,252 100.000% 100.000%
- ------------------------------------------------------------------------------------------------------------
<CAPTION>
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
Principal Amount %
- ---------------------------------------------------------------------------------------------------
STATUS 3/31/99 6/30/99 3/31/99 6/30/99
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 94,293,984.37 $ 66,343,155.92 6.188% 4.549%
Grace
Current $ 22,715,926.02 $ 35,263,063.25 1.491% 2.418%
- ---------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 117,009,910.39 $ 101,606,219.17 7.679% 6.967%
- ---------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 913,200,061.35 $ 902,674,910.86 59.933% 61.896%
31-60 Days Delinquent $ 54,975,666.86 $ 57,448,105.84 3.608% 3.939%
61-90 Days Delinquent $ 32,896,041.88 $ 31,348,031.49 2.159% 2.150%
91-120 Days Delinquent $ 15,575,885.93 $ 14,190,934.91 1.022% 0.973%
Greater than 120 Days Delinquent $ 15,492,645.37 $ 21,558,853.67 1.017% 1.478%
Deferment
Current $ 203,334,296.94 $ 175,856,946.35 13.345% 12.058%
Forbearance
Current $ 164,087,175.18 $ 151,340,492.93 10.769% 10.377%
- ---------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 1,399,561,773.51 $1,354,418,276.05 91.853% 92.871%
- ---------------------------------------------------------------------------------------------------
Claims in Process (1) $ 6,998,718.40 $ 2,278,338.61 0.459% 0.156%
Aged Claims Rejected (2) $ 134,560.10 $ 80,804.28 0.009% 0.006%
- ---------------------------------------------------------------------------------------------------
GRAND TOTAL $ 1,523,704,962.40 $1,458,383,638.11 100.000% 100.000%
- ---------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
V. 1997-1 Portfolio Characteristics by School and Program 6/30/99
- -----------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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 2.802% 0.767% 0.000% 0.000% 0.422% 0.153% 0.000% 0.000%
Grace
Current 1.510% 0.422% 0.000% 0.000% 0.261% 0.086% 0.000% 0.000%
TOTAL INTERIM 4.312% 1.189% 0.000% 0.000% 0.683% 0.239% 0.000% 0.000%
REPAYMENT:
Active
Current 33.023% 10.004% 3.376% 1.955% 3.861% 1.427% 0.175% 0.242%
31-60 Days Delinquent 1.760% 0.476% 0.187% 0.142% 0.402% 0.118% 0.015% 0.024%
61-90 Days Delinquent 0.894% 0.253% 0.077% 0.077% 0.242% 0.078% 0.008% 0.012%
91-120 Days Delinquent 0.391% 0.111% 0.027% 0.026% 0.108% 0.035% 0.001% 0.005%
> 120 Days Delinquent 0.579% 0.156% 0.028% 0.049% 0.179% 0.052% 0.001% 0.008%
Deferment
Current 6.942% 1.789% 0.248% 0.571% 0.922% 0.298% 0.012% 0.073%
Forbearance
Current 4.792% 1.603% 0.263% 0.655% 0.814% 0.292% 0.014% 0.055%
TOTAL REPAYMENT 48.381% 14.392% 4.206% 3.475% 6.528% 2.300% 0.226% 0.419%
Claims in Process (1) 0.061% 0.016% 0.004% 0.004% 0.020% 0.005% 0.000% 0.002%
Aged Claims Rejected (2) 0.002% 0.000% 0.000% 0.000% 0.002% 0.001% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 52.756% 15.597% 4.210% 3.479% 7.233% 2.545% 0.226% 0.421%
TOTAL BY SCHOOL TYPE 76.042% 10.425%
- -----------------------------------------------------------------------------------------------------------------------
<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 0.081% 0.062% 0.000% 0.000% 0.135% 0.127% 0.000% 0.000%
Grace
Current 0.048% 0.029% 0.000% 0.000% 0.033% 0.029% 0.000% 0.000%
TOTAL INTERIM 0.129% 0.091% 0.000% 0.000% 0.168% 0.156% 0.000% 0.000%
REPAYMENT:
Active
Current 3.713% 2.329% 0.730% 0.653% 0.220% 0.135% 0.011% 0.042%
31-60 Days Delinquent 0.431% 0.251% 0.039% 0.066% 0.011% 0.011% 0.002% 0.004%
61-90 Days Delinquent 0.279% 0.173% 0.016% 0.037% 0.002% 0.001% 0.001% 0.000%
91-120 Days Delinquent 0.145% 0.099% 0.007% 0.017% 0.000% 0.000% 0.000% 0.001%
> 120 Days Delinquent 0.236% 0.147% 0.012% 0.028% 0.002% 0.001% 0.000% 0.000%
Deferment
Current 0.507% 0.295% 0.017% 0.093% 0.140% 0.118% 0.000% 0.033%
Forbearance
Current 0.867% 0.553% 0.047% 0.130% 0.130% 0.122% 0.000% 0.040%
TOTAL REPAYMENT 6.178% 3.847% 0.868% 1.024% 0.505% 0.388% 0.014% 0.120%
Claims in Process (1) 0.025% 0.015% 0.000% 0.004% 0.000% 0.000% 0.000% 0.000%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 6.333% 3.953% 0.868% 1.028% 0.673% 0.544% 0.014% 0.120%
TOTAL BY SCHOOL TYPE 12.182% 1.351%
- -------------------------------------------------------------------------------------------------------------------------
</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 3.569% 0.575% 0.143% 0.262% 4.549%
Grace
Current 1.932% 0.347% 0.077% 0.062% 2.418%
TOTAL INTERIM 5.501% 0.922% 0.220% 0.324% 6.967%
REPAYMENT:
Active
Current 48.358% 5.705% 7.425% 0.408% 61.896%
31-60 Days Delinquent 2.565% 0.559% 0.787% 0.028% 3.939%
61-90 Days Delinquent 1.301% 0.340% 0.505% 0.004% 2.150%
91-120 Days Delinquent 0.555% 0.149% 0.268% 0.001% 0.973%
> 120 Days Delinquent 0.812% 0.240% 0.423% 0.003% 1.478%
Deferment
Current 9.550% 1.305% 0.912% 0.291% 12.058%
Forbearance
Current 7.313% 1.175% 1.597% 0.292% 10.377%
TOTAL REPAYMENT 70.454% 9.473% 11.917% 1.027% 92.871%
Claims in Process (1) 0.085% 0.027% 0.044% 0.000% 0.156%
Aged Claims Rejected (2) 0.002% 0.003% 0.001% 0.000% 0.006%
TOTAL BY SCHOOL TYPE 76.042% 10.425% 12.182% 1.351% 100.000%
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
VI. 1997-1 INTEREST CALCULATION
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $25,663,011.62
B Interest Subsidy Payments Accrued During Collection Period $4,598,487.76
C SAP Payments Accrued During Collection Period $7,341.03
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) $80,941.46
E Investment Earnings (ADMINISTRATOR ACT) $619,845.99
-----------
F NET EXPECTED INTEREST COLLECTIONS $30,969,627.86
G STUDENT LOAN RATE
i Days in Collection Period (4/1/99-6/30/99) 91
ii Days in Year 365
iii Net Expected Interest Collections $30,969,627.86
iv Primary Servicing Fee $ 2,932,811.42
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $1,542,439,045.64
vii STUDENT LOAN RATE 7.28555%
<CAPTION>
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
<S> <C> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.14446%
I CLASS A-1 INTEREST RATE 0.012825918 (4/26/99-7/26/99) 5.14446%
J Class A-2 T-Bill Based Interest Rate 5.25446%
K Class A-2 Interest Rate 0.013100164 (4/26/99-7/26/99) 5.25446%
L Certificate T-Bill Based Rate of Return 5.53446%
M Certificate Rate of Return 0.013798247 (4/26/99-7/26/99) 5.53446%
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
VII. 1997-1 INPUTS FROM PREVIOUS QUARTERLY SERVICING REPORTS 3/31/99
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,523,704,962.40
ii Interest To Be Capitalized 18,734,083.24
----------------------
iii Total Pool $ 1,542,439,045.64
iv Specified Reserve Account Balance 3,856,097.61
----------------------
v TOTAL ADJUSTED POOL $1,546,295,143.25
----------------------
----------------------
B Total Note and Certificate Factor 0.75458478589
C TOTAL NOTE AND CERTIFICATE BALANCE $1,546,295,143.25
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 4/26/99 CLASS A-1 CLASS A-2 CERTIFICATES
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor-4/26/99 0.5773908767 1.0000000000 1.0000000000
ii Expected Note Balance $ 687,095,143.25 $ 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 $ 3,856,097.61
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 15,374.97
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
VIII. 1997-1 WATERFALL FOR DISTRIBUTIONS
- -------------------------------------------------------------------------------------------------------------------------
REMAINING
FUNDS BALANCE
------------------
<S> <C> <C> <C>
A Total Available Funds ( Sections III-F + VI-D ) $ 96,267,770.57 $ 96,267,770.57
B Primary Servicing Fees-Current Month $ 965,372.24 $ 95,302,398.33
C Administration Fee $ 20,000.00 $ 95,282,398.33
D Noteholder's Interest Distribution Amount
i Class A-1 $ 8,812,625.97 $ 86,469,772.36
ii Class A-2 $ 10,315,069.13 $ 76,154,703.23
---------------
iii TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $ 19,127,695.10
E Certificateholder's Return Distribution Amount $ 990,714.13 $ 75,163,989.10
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 66,585,856.98 $ 8,578,132.12
ii Class A-2 $ 0.00 $ 8,578,132.12
---------------
iii TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 66,585,856.98
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 8,578,132.12
H Increase to the Specified Reserve Account Balance $ 0.00 $ 8,578,132.12
I Carryover Servicing Fees (1) $ 1,389,389.69 $ 7,188,742.43
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 7,188,742.43
i Class A-2 $ 0.00 $ 7,188,742.43
---------------
iii TOTAL NOTEHOLDER'S INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 7,188,742.43
L EXCESS TO RESERVE ACCOUNT $ 7,188,742.43 $ 0.00
</TABLE>
(1) Includes interest on unpaid carryover servicing fees from prior
quarters.
8
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
IX. 1997-1 DISTRIBUTIONS
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------------
A DISTRIBUTION AMOUNTS CLASS A-1 CLASS A-2 CERTIFICATES
--------------------------------------------------------------------------------------------------------------------------
i Quarterly Interest Due $ 8,812,625.97 $ 10,315,069.13 $ 990,714.13
ii Quarterly Interest Paid 8,812,625.97 10,315,069.13 990,714.13
iii Interest Shortfall $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00 0.00
vi Interest Carryover $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $66,585,856.98 $ 0.00 $ 0.00
viii Quarterly Principal Paid 66,585,856.98 0.00 0.00
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 75,398,482.95 $ 10,315,069.13 $ 990,714.13
--------------------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates Principal Balance 6/30/99 1,546,295,143.25
ii Adjusted Pool Balance 6/30/99 1,479,709,286.27
----------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 66,585,856.98
-------------------
-------------------
iv Adjusted Pool Balance 3/31/99 $1,546,295,143.25
v Adjusted Pool Balance 6/30/99 $1,479,709,286.27
-----------------
vi Current Principal Due (iv-v) $ 66,585,856.98
vii Principal Shortfall from Previous Collection Period $ -
-------------------
viii Principal Distribution Amount (vi + vii) $ 66,585,856.98
-------------------
-------------------
ix PRINCIPAL DISTRIBUTION AMOUNT PAID $ 66,585,856.98
x Principal Shortfall (viii - ix) $ 0.00
C Total Principal Distribution $ 66,585,856.98
D Total Interest Distribution 20,118,409.23
-------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 86,704,266.21
<CAPTION>
----------------------------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 4/26/99 7/26/99
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i A-1 Note Balance (78442GAK2) $ 687,095,143.25 $ 620,509,286.27
A-1 Note Pool Factor 0.5773908767 0.5214363750
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 $ 3,856,097.61
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 7,188,742.43
-------------------------
iv Total Reserve Account Balance Available $ 11,044,840.04
v Required Reserve Account Balance $ 3,690,048.10
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp $ 7,354,791.94
viii Ending Reserve Account Balance $ 3,690,048.10
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------
X. 1997-1 HISTORICAL POOL INFORMATION
- ------------------------------------------------------------------------------------------------------
-----------------------------------------
4/1/99-6/30/99 1/1/99-3/31/99
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 1,523,704,962.40 $ 1,582,726,283.47
- ------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 45,866,123.72 $ 50,183,441.22
ii Principal Collections from Guarantor 9,287,753.06 12,444,880.29
iii Principal Reimbursements 17,975,004.98 2,576,722.67
iv Other System Adjustments - -
-----------------------------------------
v Total Principal Collections $ 73,128,881.76 $ 65,205,044.18
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 937,428.68 $ 1,379,815.99
ii Capitalized Interest (8,744,986.15) (7,563,539.10)
-----------------------------------------
iii Total Non-Cash Principal Activity $ (7,807,557.47) $ (6,183,723.11)
- ------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 65,321,324.29 $ 59,021,321.07
- ------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 18,000,184.23 $ 18,961,949.17
ii Interest Claims Received from Guarantors 584,932.87 776,948.88
iii Late Fee Reimbursements 350,919.00 385,400.09
iv Interest Reimbursements 291,497.63 54,695.28
v Other System Adjustments - -
vi Special Allowance Payments 6,361.36 4,379.61
vii Subsidy Payments 4,982,476.85 5,545,593.35
-----------------------------------------
viii Total Interest Collections $ 24,216,371.94 $ 25,728,966.38
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (760,868.03) $ (1,161,611.21)
ii Capitalized Interest 8,744,986.15 7,563,539.10
-----------------------------------------
iii Total Non-Cash Interest Adjustments $ 7,984,118.12 $ 6,401,927.89
-----------------------------------------
Total Student Loan Interest Activity $ 32,200,490.06 $ 32,130,894.27
(=) Ending Student Loan Portfolio Balance $ 1,458,383,638.11 $ 1,523,704,962.40
- ------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 17,635,600.06 $ 18,734,083.24
- ------------------------------------------------------------------------------------------------------
-----------------------------------------
(=) TOTAL POOL $ 1,476,019,238.17 $ 1,542,439,045.64
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 3,690,048.10 $ 3,856,097.61
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 1,479,709,286.27 $1,546,295,143.25
- ------------------------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
------------------------------------------------------
1998 1997
------------------------------------------------------
------------------------------------------------------
1/1/98-12/31/98 3/3/97-12/31/97
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 1,797,260,482.27 $1,978,517,233.95
- -------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 165,289,915.58 $ 129,333,817.00
ii Principal Collections from Guarantor 76,561,222.72 34,410,136.12
iii Principal Reimbursements 3,191,594.89 51,379,204.30
iv Other System Adjustments - 0.00
------------------------------------------------------
v Total Principal Collections $ 245,042,733.19 $ 215,123,157.42
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 5,343,692.85 $ 4,270,807.94
ii Capitalized Interest (35,852,227.24) (38,137,213.68)
------------------------------------------------------
iii Total Non-Cash Principal Activity $ (30,508,534.39) $ (33,866,405.74)
- -------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 214,534,198.80 $ 181,256,751.68
- -------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 78,824,426.10 $ 62,817,917.60
ii Interest Claims Received from Guarantors 4,891,191.80 2,139,081.27
iii Late Fee Reimbursements 460,956.22 8.50
iv Interest Reimbursements 94,269.90 730,911.90
v Other System Adjustments - -
vi Special Allowance Payments 1,339,624.97 1,130,628.74
vii Subsidy Payments 27,735,423.84 23,692,727.60
------------------------------------------------------
viii Total Interest Collections $ 113,345,892.83 $ 90,511,275.61
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (3,958,083.74) $ (3,614,584.84)
ii Capitalized Interest 35,852,227.24 38,137,213.68
------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 31,894,143.50 $ 34,522,628.84
------------------------------------------------------
Total Student Loan Interest Activity $ 145,240,036.33 $ 125,033,904.45
(=) Ending Student Loan Portfolio Balance $ 1,582,726,283.47 $1,797,260,482.27
- -------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 17,531,654.15 $ 18,359,448.41
- -------------------------------------------------------------------------------------------------------------------
------------------------------------------------------
(=) TOTAL POOL $ 1,600,257,937.62 $1,815,619,930.68
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 4,000,644.84 $ 4,707,408.93
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 1,604,258,582.46 $1,820,327,339.61
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------
XI. 1997-1 PAYMENT HISTORY AND CPRS
- -------------------------------------------------------------------------
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
<S> <C> <C>
Apr-97 $ 2,004,091,862 -
Jul-97 $ 1,938,332,169 6.60%
Oct-97 $ 1,882,963,571 6.39%
Jan-98 $ 1,815,619,931 7.05%
Apr-98 $ 1,756,378,212 6.92%
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%
Jul-99 $ 1,476,019,238 6.13%
</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: 6/30/99 Reporting Period: 4/1/99-6/30/99
- -------------------------------------------------------------------------------
I. Deal Parameters
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 3/31/99 Activity 6/30/99
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A i Portfolio Balance $1,836,207,406.88 $ (89,469,912.45) $1,746,737,494.43
ii Interest to be Capitalized 19,847,544.12 19,381,199.78
----------------- -----------------
iii Total Pool $1,856,054,951.00 $1,766,118,694.21
iv Specified Reserve Account Balance 4,640,137.38 4,415,296.74
----------------- -----------------
v Total Adjusted Pool $1,860,695,088.38 $1,770,533,990.95
----------------- -----------------
----------------- -----------------
B i Weighted Average Coupon (WAC) 8.2330% 8.2372%
ii Weighted Average Remaining Term 95.05 93.54
iii Number of Loans 686,864 659,711
iv Number of Borrowers 288,317 276,012
-------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 4/26/99 % of Pool Balance 7/26/99 % of Pool
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAN6 0.54% $ 965,245,088.38 51.875% $ 875,083,990.95 49.425%
ii A-2 Notes 78442GAP1 0.60% 808,000,000.00 43.425% 808,000,000.00 45.636%
iii Certificates 78442GAQ9 0.83% 87,450,000.00 4.700% 87,450,000.00 4.939%
------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $1,860,695,088.38 100.000% $1,770,533,990.95 100.000%
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
Reserve Account 4/26/99 7/26/99
------------------------------------------------------------------------------------
<S> <C> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $4,640,137.38 $4,415,296.74
iv Reserve Account Floor Balance ($) $2,441,522.00 $2,441,522.00
v Current Reserve Acct Balance ($) $4,640,137.38 $4,415,296.74
------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
- -------------------------------------------------------------------------------
II. 1997-2 Transactions from: 4/1/99 through: 6/30/99
- -------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $69,279,630.40
ii Principal Collections from Guarantor 9,732,981.43
iii Principal Reimbursements 17,741,819.14
iv Other System Adjustments 0.00
----------------
v Total Principal Collections $96,754,430.97
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 913,772.16
ii Capitalized Interest (8,198,290.68)
----------------
iii Total Non-Cash Principal Activity $(7,284,518.52)
-------------------------------------------------------------------------------
C Total Student Loan Principal Activity $89,469,912.45
-------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $24,498,931.27
ii Interest Claims Received from Guarantors 586,275.57
iii Late Fee Reimbursements 511,672.68
iv Interest Reimbursements 226,110.13
v Other System Adjustments 0.00
vi Special Allowance Payments 11,602.54
vii Subsidy Payments 4,584,838.18
----------------
viii Total Interest Collections $30,419,430.37
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (721,978.51)
ii Capitalized Interest 8,198,290.68
----------------
iii Total Non-Cash Interest Adjustments $ 7,476,312.17
-------------------------------------------------------------------------------
F Total Student Loan Interest Activity $37,895,742.54
-------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
- -------------------------------------------------------------------------------
III. 1997-2 Collection Account Activity 4/1/99 through: 6/30/99
- -------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $ 79,012,611.83
ii Cash Forwarded by Administrator on behalf of Seller 143,474.93
iii Cash Forwarded by Administrator on behalf of Servicer 10,520.12
iv Cash Forwarded by Administrator for Consolidation Activity 17,587,824.09
---------------
v Total Principal Collections $ 96,754,430.97
B Interest Collections
i Interest Payments Received-Cash $ 29,681,647.56
ii Cash Forwarded by Administrator on behalf of Seller 12,303.27
iii Cash Forwarded by Administrator on behalf of Servicer 7,128.21
iv Cash Forwarded by Administrator for Consolidation Activity 206,678.65
v Cash Forwarded by Administrator for Late Fee Activity 511,672.68
---------------
vi Total Interest Collections $ 30,419,430.37
C Other Reimbursements $ 313,349.59
D Administrator Account Investment Income $ 818,809.96
E Return funds borrowed for previous distribution $ --
F TOTAL FUNDS RECEIVED $128,306,020.89
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($3,551,076.92)
-----------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $124,754,943.97
-----------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 1,217,299.65
ii Percentage of Principal Calculation $ 1,732,652.27
iii Lesser of Unit or Principal Calculation $ 1,217,299.65
H Servicing Fees Due for Current Period $ 1,732,652.27
I Carryover Servicing Fees Due (1) $ 0.00
APR 1999 Servicing Carryover $0.00
MAY 1999 Servicing Carryover $0.00
JUN 1999 Servicing Carryover $0.00
-------------
TOTAL: Carryover Servicing Fee Due $0.00
-------------
-------------
Less: Servicing ADJ [A iii + B iii] ($17,648.33)
J Administration Fees Due $ 20,000.00
-----------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,735,003.94
-----------------------------------------------------------------------------------------------
</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 % Principal Amount %
- -----------------------------------------------------------------------------------------------------------------------------------
STATUS 3/31/99 6/30/99 3/31/99 6/30/99 3/31/99 6/30/99 3/31/99 6/30/99 3/31/99 6/30/99
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.760% 7.777% 23,953 15,766 3.487% 2.390% $ 94,211,153.75 $ 56,125,919.86 5.131% 3.213%
Grace
Current 7.827% 7.748% 4,937 9,440 0.719% 1.431% $ 16,611,310.82 $ 42,254,181.43 0.904% 2.419%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.770% 7.764% 28,890 25,206 4.206% 3.821% $ 110,822,464.57 $ 98,380,101.29 6.035% 5.632%
- -----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.291% 8.292% 485,775 473,359 70.724% 71.752% $1,211,497,809.65 $1,170,531,084.47 65.978% 67.013%
31-60 Days Delinquent 8.295% 8.294% 25,747 26,744 3.748% 4.054% $ 66,674,305.67 $ 68,496,915.85 3.631% 3.921%
61-90 Days Delinquent 8.281% 8.284% 13,066 12,886 1.902% 1.953% $ 35,327,835.69 $ 33,813,409.75 1.924% 1.936%
91-120 Days Delinquent 8.272% 8.279% 5,240 5,536 0.763% 0.839% $ 14,368,771.76 $ 14,729,626.73 0.783% 0.843%
greater than 120 Days
Delinquent 8.268% 8.270% 6,389 7,894 0.930% 1.197% $ 16,646,014.65 $ 20,966,494.23 0.907% 1.200%
Deferment
Current 8.103% 8.100% 73,287 64,164 10.670% 9.726% $ 219,027,977.72 $ 192,525,800.72 11.928% 11.022%
Forbearance
Current 8.276% 8.277% 45,735 42,684 6.659% 6.470% $ 155,093,191.95 $ 144,588,149.63 8.446% 8.278%
TOTAL REPAYMENT 8.265% 8.268% 655,239 633,267 95.396% 95.992% $1,718,635,907.09 $1,645,651,481.38 93.597% 94.213%
- -----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.270% 8.279% 2674 1,198 0.389% 0.182% $ 6,621,145.89 $ 2,614,871.98 0.361% 0.150%
Aged Claims Rejected(2) 8.226% 8.208% 61 40 0.009% 0.006% $ 127,889.33 $ 91,039.78 0.007% 0.005%
- -----------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.233% 8.237% 686,864 659,711 100.000% 100.000% $1,836,207,406.88 $1,746,737,494.43 100.000% 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 6/30/99
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS TECHNICAL SCHOOLS
---------------------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 1.842% 0.996% 0.000% 0.000% 0.186% 0.073% 0.000% 0.000% 0.031% 0.025% 0.000% 0.000%
Grace
Current 1.351% 0.869% 0.000% 0.000% 0.106% 0.042% 0.000% 0.000% 0.019% 0.020% 0.000% 0.000%
TOTAL INTERIM 3.193% 1.865% 0.000% 0.000% 0.292% 0.115% 0.000% 0.000% 0.050% 0.045% 0.000% 0.000%
REPAYMENT:
Active
Current 33.849% 8.960% 9.656% 2.212% 3.458% 0.978% 0.447% 0.232% 3.567% 1.836% 0.845% 0.644%
31-60 Days Delinquent 1.703% 0.404% 0.453% 0.151% 0.314% 0.080% 0.028% 0.022% 0.432% 0.191% 0.054% 0.072%
61-90 Days Delinquent 0.772% 0.208% 0.183% 0.063% 0.193% 0.048% 0.006% 0.013% 0.257% 0.124% 0.025% 0.040%
91-120 Days Delinquent 0.346% 0.086% 0.048% 0.035% 0.091% 0.027% 0.002% 0.006% 0.118% 0.057% 0.005% 0.016%
greater than 120 Days
Delinquent 0.469% 0.121% 0.048% 0.047% 0.131% 0.039% 0.004% 0.008% 0.194% 0.097% 0.011% 0.022%
Deferment
Current 6.053% 1.969% 0.645% 0.516% 0.674% 0.192% 0.026% 0.043% 0.432% 0.217% 0.025% 0.075%
Forbearance
Current 3.741% 1.435% 0.555% 0.473% 0.563% 0.176% 0.018% 0.041% 0.641% 0.338% 0.054% 0.104%
TOTAL REPAYMENT 46.933% 13.183% 11.588% 3.497% 5.424% 1.540% 0.531% 0.365% 5.641% 2.860% 1.019% 0.973%
Claims in Process(1) 0.053% 0.015% 0.011% 0.005% 0.018% 0.004% 0.000% 0.002% 0.025% 0.011% 0.002% 0.002%
Aged Claims Rejected(2) 0.002% 0.001% 0.000% 0.000% 0.001% 0.000% 0.000% 0.000% 0.001% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 50.181% 15.064% 11.599% 3.502% 5.735% 1.659% 0.531% 0.367% 5.717% 2.916% 1.021% 0.975%
TOTAL BY SCHOOL TYPE 80.346% 8.292% 10.629%
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------
UNKNOWN
-------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS
-------------------------------------
<S> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 0.031% 0.029% 0.000% 0.000%
Grace
Current 0.007% 0.005% 0.000% 0.000%
TOTAL INTERIM 0.038% 0.034% 0.000% 0.000%
REPAYMENT:
Active
Current 0.191% 0.089% 0.018% 0.031%
31-60 Days Delinquent 0.010% 0.004% 0.001% 0.002%
61-90 Days Delinquent 0.002% 0.001% 0.000% 0.001%
91-120 Days Delinquent 0.003% 0.002% 0.000% 0.001%
greater than 120 Days
Delinquent 0.005% 0.003% 0.000% 0.001%
Deferment
Current 0.075% 0.050% 0.001% 0.029%
Forbearance
Current 0.067% 0.048% 0.003% 0.021%
TOTAL REPAYMENT 0.353% 0.197% 0.023% 0.086%
Claims in Process(1) 0.002% 0.000% 0.000% 0.000%
Aged Claims Rejected(2) 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 0.393% 0.231% 0.023% 0.086%
TOTAL BY SCHOOL TYPE 0.733%
- --------------------------------------------------------------------
</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 2.838% 0.259% 0.056% 0.060% 3.213%
Grace
Current 2.220% 0.148% 0.039% 0.012% 2.419%
---------------------------------------------------------------------------------------
TOTAL INTERIM 5.058% 0.407% 0.095% 0.072% 5.632%
---------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 54.677% 5.115% 6.892% 0.329% 67.013%
31-60 Days Delinquent 2.711% 0.444% 0.749% 0.017% 3.921%
61-90 Days Delinquent 1.226% 0.260% 0.446% 0.004% 1.936%
91-120 Days Delinquent 0.515% 0.126% 0.196% 0.006% 0.843%
greater than 120 Days
Delinquent 0.685% 0.182% 0.324% 0.009% 1.200%
Deferment
Current 9.183% 0.935% 0.749% 0.155% 11.022%
Forbearance
Current 6.204% 0.798% 1.137% 0.139% 8.278%
---------------------------------------------------------------------------------------
TOTAL REPAYMENT 75.201% 7.860% 10.493% 0.659% 94.213%
---------------------------------------------------------------------------------------
Claims in Process (1) 0.084% 0.024% 0.040% 0.002% 0.150%
Aged Claims Rejected (2) 0.003% 0.001% 0.001% 0.000% 0.005%
---------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.346% 8.292% 10.629% 0.733% 100.000%
---------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
- --------------------------------------------------------------------------------
VI. 1997-2 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<C> <S> <C>
A Borrower Interest Accrued During Collection Period $ 32,108,562.81
B Interest Subsidy Payments Accrued During Collection Period 4,242,414.76
C SAP Payments Accrued During Collection Period 15,517.06
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 100,894.37
E Investment Earnings (ADMINISTRATOR ACT) 818,809.96
----------
F Net Expected Interest Collections $ 37,286,198.96
G Student Loan Rate
i Days in Collection Period (4/1/99-6/30/99) 91
ii Days in Year 365
iii Net Expected Interest Collections $ 37,286,198.96
iv Primary Servicing Fee $ 5,283,729.19
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,856,054,951.00
vii Student Loan Rate 6.91151%
</TABLE>
<TABLE>
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<C> <S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.22446%
I Class A-1 Interest Rate 0.013025370 (4/26/99-7/26/99) 5.22446%
J Class A-2 T-Bill Based Interest Rate 5.28446%
K Class A-2 Interest Rate 0.013174959 (4/26/99-7/26/99) 5.28446%
L Certificate T-Bill Based Rate of Return 5.51446%
M Certificate Rate of Return 0.013748384 (4/26/99-7/26/99) 5.51446%
</TABLE>
6
<PAGE>
- --------------------------------------------------------------------------------
VII. 1997-2 Inputs From Previous Quarterly Servicing Reports 03/31/99
- --------------------------------------------------------------------------------
<TABLE>
<C> <S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,836,207,406.88
ii Interest To Be Capitalized 19,847,544.12
--------------------
iii Total Pool $ 1,856,054,951.00
iv Specified Reserve Account Balance 4,640,137.38
--------------------
v Total Adjusted Pool $ 1,860,695,088.38
--------------------
--------------------
B Total Note and Certificate Factor 0.74533641306
C Total Note and Certificate Balance $ 1,860,695,088.38
</TABLE>
<TABLE>
<CAPTION>
D Note Balance 4/26/99 Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
i Current Factor-4/26/99 0.6029013669 1.0000000000 1.0000000000
ii Expected Note Balance $ 965,245,088.38 $ 808,000,000.00 $ 87,450,000.00
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 $ 4,640,137.38
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
</TABLE>
7
<PAGE>
- --------------------------------------------------------------------------------
VIII. 1997-2 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<C> <S> <C> <C>
A Total Available Funds ( Sections III-F + VI-D ) 124,855,838.34 $ 124,855,838.34
B Primary Servicing Fees-Current Month $ 1,715,003.94 $ 123,140,834.40
C Administration Fee $ 20,000.00 $ 123,120,834.40
D Noteholder's Interest Distribution Amount
i Class A-1 $ 12,572,674.42 $ 110,548,159.98
ii Class A-2 $ 10,645,366.87 $ 99,902,793.11
------------------
iii Total Noteholder's Interest Distribution $ 23,218,041.29
E Certificateholder's Return Distribution Amount $ 1,202,296.18 $ 98,700,496.93
F Noteholder's Principal Distribution Amount
i Class A-1 $ 90,161,097.43 $ 8,539,399.50
ii Class A-2 $ 0.00 $ 8,539,399.50
------------------
iii Total Noteholder's Principal Distribution $ 90,161,097.43
G Certificateholder's Balance Distribution Amount $ 0.00 $ 8,539,399.50
H Increase to the Specified Reserve Account Balance $ 0.00 $ 8,539,399.50
I Carryover Servicing Fees $ 0.00 $ 8,539,399.50
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 8,539,399.50
i Class A-2 $ 0.00 $ 8,539,399.50
------------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 8,539,399.50
L Excess to Reserve Account $ 8,539,399.50 $ 0.00
</TABLE>
8
<PAGE>
- --------------------------------------------------------------------------------
IX. 1997-2 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Distribution Amounts Class A-1 Class A-2 Certificates
------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
i Quarterly Interest Due $ 12,572,674.42 $ 10,645,366.87 $ 1,202,296.18
ii Quarterly Interest Paid 12,572,674.42 10,645,366.87 1,202,296.18
------------- ------------- ------------
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 $ 90,161,097.43 $ 0.00 $ 0.00
viii Quarterly Principal Paid 90,161,097.43 0.00 0.00
------------- ---- ----
ix Quarterly Principal Shortfall $ (0.00)$ 0.00 $ 0.00
------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 102,733,771.85 $ 10,645,366.87 $ 1,202,296.18
------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 6/30/99 $1,860,695,088.38
ii Adjusted Pool Balance 6/30/99 1,770,533,990.95
----------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii)$ 90,161,097.43
----------------
----------------
iv Adjusted Pool Balance 3/31/99 $1,860,695,088.38
v Adjusted Pool Balance 6/30/99 $1,770,533,990.95
----------------
vi Current Principal Due (iv-v) $ 90,161,097.43
vii Principal Shortfall from Previous Collection Period $ -
----------------
viii Principal Distribution Amount (vi + vii) $ 90,161,097.43
----------------
----------------
ix Principal Distribution Amount Paid $ 90,161,097.43
x Principal Shortfall (viii - ix) $ -
C Total Principal Distribution $ 90,161,097.43
D Total Interest Distribution 24,420,337.47
----------------
E Total Cash Distributions-Note and Certificates $ 114,581,434.90
</TABLE>
<TABLE>
<CAPTION>
F Note & Certificate Balances 4/26/99 7/26/99
------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
i A-1 Note Balance (78442GAN6) $ 965,245,088.38 $ 875,083,990.95
A-1 Note Pool Factor 0.6029013669 0.5465858782
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 $ 4,640,137.38
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 8,539,399.50
------------------
iv Total Reserve Account Balance Available $ 13,179,536.88
v Required Reserve Account Balance $ 4,415,296.74
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp. $ 8,764,240.14
viii Ending Reserve Account Balance $ 4,415,296.74
</TABLE>
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1997-2 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------
4/1/99-6/30/99 1/1/99-3/31/99
---------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,836,207,406.88 $ 1,917,283,858.04
---------------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 69,279,630.40 $ 71,932,323.70
ii Principal Collections from Guarantor 9,732,981.43 11,877,774.12
iii Principal Reimbursements 17,741,819.14 2,863,465.45
iv Other System Adjustments - -
------------------------------------------
v Total Principal Collections $ 96,754,430.97 $ 86,673,563.27
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 913,772.16 $ 1,510,294.21
ii Capitalized Interest (8,198,290.68) (7,107,406.32)
------------------------------------------
iii Total Non-Cash Principal Activity $ (7,284,518.52) $ (5,597,112.11)
---------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 89,469,912.45 $ 81,076,451.16
---------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 24,498,931.27 $ 26,074,483.39
ii Interest Claims Received from Guarantors 586,275.57 715,674.61
iii Late Fee Reimbursements 511,672.68 569,406.79
iv Interest Reimbursements 226,110.13 64,491.83
v Other System Adjustments - -
vi Special Allowance Payments 11,602.54 7,031.03
vii Subsidy Payments 4,584,838.18 4,868,492.75
------------------------------------------
viii Total Interest Collections $ 30,419,430.37 $ 32,299,580.40
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (721,978.51) $ (1,272,405.45)
ii Capitalized Interest 8,198,290.68 7,107,406.32
------------------------------------------
iii Total Non-Cash Interest Adjustments $ 7,476,312.17 $ 5,835,000.87
------------------------------------------
Total Student Loan Interest Activity $ 37,895,742.54 $ 38,134,581.27
(=) Ending Student Loan Portfolio Balance $ 1,746,737,494.43 $ 1,836,207,406.88
---------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 19,381,199.78 $ 19,847,544.12
---------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,766,118,694.21 $ 1,856,054,951.00
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 4,415,296.74 $ 4,640,137.38
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 1,770,533,990.95 $ 1,860,695,088.38
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
1998 1997
---------------------------------------
1/1/98-12/31/98 6/2/97-12/31/97
------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 2,233,565,975.40 $ 2,417,769,037.18
------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 264,350,558.07 $ 154,030,100.79
ii Principal Collections from Guarantor 77,923,962.28 16,025,808.39
iii Principal Reimbursements 2,789,773.15 39,285,454.89
iv Other System Adjustments - -
---------------------------------------
v Total Principal Collections $ 345,064,293.50 $ 209,341,364.07
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 5,168,111.55 $ 2,950,257.67
ii Capitalized Interest (33,950,287.69) (28,088,559.96)
---------------------------------------
iii Total Non-Cash Principal Activity $ (28,782,176.14) $ (25,138,302.29)
------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 316,282,117.36 $ 184,203,061.78
------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 115,485,649.82 $ 73,570,233.66
ii Interest Claims Received from Guarantors 5,010,138.66 942,409.55
iii Late Fee Reimbursements 652,960.74 -
iv Interest Reimbursements 90,862.70 603,909.65
v Other System Adjustments - -
vi Special Allowance Payments 1,844,250.34 856,056.99
vii Subsidy Payments 22,372,421.48 9,250,855.29
---------------------------------------
viii Total Interest Collections $ 145,456,283.74 $ 85,223,465.14
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (3,770,021.88) $ (2,673,876.35)
ii Capitalized Interest 33,950,287.69 28,088,559.96
---------------------------------------
iii Total Non-Cash Interest Adjustments $ 30,180,265.81 $ 25,414,683.61
---------------------------------------
Total Student Loan Interest Activity $ 175,636,549.55 $ 110,638,148.75
(=) Ending Student Loan Portfolio Balance $ 1,917,283,858.04 $ 2,233,565,975.40
------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 18,006,404.61 $ 16,849,041.28
------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,935,290,262.65 $ 2,250,415,016.68
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 4,838,225.66 $ 5,847,275.49
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 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%
Jul-99 $ 1,766,118,694 6.00%
</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: 6/30/99 Reporting Period: 4/1/99-6/30/99
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ---------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 3/31/99 Activity 6/30/99
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A i Portfolio Balance $ 2,118,491,863.51 $ (88,692,481.54) $ 2,029,799,381.97
ii Interest to be Capitalized 43,078,880.85 41,323,073.66
---------------------- --------------------
iii Total Pool $ 2,161,570,744.36 $ 2,071,122,455.63
iv Specified Reserve Account Balance 5,403,926.86 5,177,806.14
---------------------- --------------------
v Total Adjusted Pool $ 2,166,974,671.22 $ 2,076,300,261.77
---------------------- ---------------------------
---------------------- ---------------------------
B i Weighted Average Coupon (WAC) 8.1730% 8.1796%
ii Weighted Average Remaining Term 111.41 109.91
iii Number of Loans 629,284 606,931
iv Number of Borrowers 235,092 227,079
--------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 4/26/99 % of Pool Balance 7/26/99 % of Pool
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAR7 0.60% $ 1,048,784,607.05 48.388% $ 957,650,261.77 46.123%
ii A-2 Notes 78442GAS5 0.64% 1,028,500,000.00 47.453% 1,028,500,000.00 49.535%
iii Certificates 78442GAT3 0.83% 90,150,000.00 4.159% 90,150,000.00 4.342%
---------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $2,167,434,607.05 100.000% $ 2,076,300,261.77 100.000%
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------------------------------
Reserve Account 4/26/99 7/26/99
-----------------------------------------------------------------------------------------------------------
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 5,403,926.86 $ 5,177,806.14
iv Reserve Account Floor Balance ($) $ 2,503,690.00 $ 2,503,690.00
v Current Reserve Acct Balance ($) $ 5,403,926.86 $ 5,177,806.14
-----------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
II. 1997-3 Transactions from: 4/1/99 through: 6/30/99
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 54,483,418.03
ii Principal Collections from Guarantor 11,759,051.47
iii Principal Reimbursements 36,333,636.81
iv Other System Adjustments 0.00
-------------------------
v Total Principal Collections $102,576,106.31
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,985,310.74
ii Capitalized Interest (15,868,935.51)
-------------------------
iii Total Non-Cash Principal Activity $(13,883,624.77)
-------------------------------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 88,692,481.54
-------------------------------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $21,240,585.07
ii Interest Claims Received from Guarantors 692,393.15
iii Late Fee Reimbursements 348,042.02
iv Interest Reimbursements 631,572.16
v Other System Adjustments 0.00
vi Special Allowance Payments 36,168.13
vii Subsidy Payments 7,726,647.78
-------------------------
viii Total Interest Collections $30,675,408.31
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $(1,754,387.45)
ii Capitalized Interest 15,868,935.51
-------------------------
iii Total Non-Cash Interest Adjustments $14,114,548.06
-------------------------------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $44,789,956.37
-------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
III. 1997-3 Collection Account Activity 4/1/99 through 6/30/99
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $ 66,242,469.50
ii Cash Forwarded by Administrator on behalf of Seller 130,345.10
iii Cash Forwarded by Administrator on behalf of Servicer 5,663.75
iv Cash Forwarded by Administrator for Consolidation Activity 36,197,627.96
-------------------------
v Total Principal Collections $102,576,106.31
B Interest Collections
i Interest Payments Received-Cash $ 29,695,794.13
ii Cash Forwarded by Administrator on behalf of Seller 30,848.36
iii Cash Forwarded by Administrator on behalf of Servicer 9,241.75
iv Cash Forwarded by Administrator for Consolidation Activity 591,482.05
v Cash Forwarded by Administrator for Late Fee Activity 348,042.02
-------------------------
vi Total Interest Collections $ 30,675,408.31
C Other Reimbursements $ 214,711.10
D Administrator Account Investment Income $ 781,791.54
E Return funds borrowed for previous distribution $ -
F TOTAL FUNDS RECEIVED $134,248,017.26
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (2,805,430.41)
-----------------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $131,442,586.85
-----------------------------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 935,945.34
ii Percentage of Principal Calculation $ 1,375,483.71
iii Lesser of Unit or Principal Calculation $ 935,945.34
H Servicing Fees Due for Current Period $ 1,375,483.71
I Carryover Servicing Fees Due (1) $ 0.00
APR 1999 Servicing Carryover $0.00
MAY 1999 Servicing Carryover $0.00
JUN 1999 Servicing Carryover $0.00
----------------------
TOTAL: Carryover Servicing Fee Due $0.00
----------------------
----------------------
Less: Servicing ADJ [A iii + B iii] $ (14,905.50)
J Administration Fees Due $ 20,000.00
-----------------------------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,380,578.21
-----------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) No Carryover Servicing Fees due before the October 2001 payment date
3
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------
IV. 1997-3 Portfolio Characteristics
- ----------------------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ----------------------------------------------------------------------------------------------------------
STATUS 3/31/99 6/30/99 3/31/99 6/30/99 3/31/99 6/30/99
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.821% 7.839% 59,905 40,706 9.520% 6.707%
Grace
Current 7.852% 7.797% 14,023 22,470 2.228% 3.702%
- ----------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.826% 7.823% 73,928 63,176 11.748% 10.409%
- ----------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.255% 8.256% 348,619 353,351 55.399% 58.219%
31-60 Days Delinquent 8.263% 8.260% 19,969 21,893 3.173% 3.607%
61-90 Days Delinquent 8.250% 8.261% 12,916 11,729 2.053% 1.933%
91-120 Days Delinquent 8.254% 8.258% 6,519 5,555 1.036% 0.915%
Greater than 120 Days
Delinquent 8.257% 8.254% 6,083 7,635 0.967% 1.258%
Deferment
Current 8.083% 8.077% 88,592 77,798 14.078% 12.818%
Forbearance
Current 8.252% 8.253% 69,444 64,555 11.035% 10.636%
- ----------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.226% 8.229% 552,142 542,516 87.741% 89.387%
- ----------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.261% 8.268% 3123 1,171 0.496% 0.193%
Aged Claims Rejected (2) 8.261% 8.370% 91 68 0.015% 0.011%
- ----------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.173% 8.180% 629,284 606,931 100.000% 100.000%
- ----------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
Principal Amount %
- ------------------------------------------------------------------------------------------------------
STATUS 3/31/99 6/30/99 3/31/99 6/30/99
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 218,564,606.04 $ 141,658,896.33 10.317% 6.979%
Grace
Current $ 45,200,194.69 $ 87,935,883.54 2.134% 4.332%
- ------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 263,764,800.73 $ 229,594,779.87 12.451% 11.311%
- ------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 1,102,536,642.64 $ 1,112,136,744.17 52.044% 54.790%
31-60 Days Delinquent $ 64,699,137.24 $ 69,168,859.72 3.054% 3.408%
61-90 Days Delinquent $ 43,140,676.35 $ 37,542,836.74 2.036% 1.850%
91-120 Days Delinquent $ 21,849,902.27 $ 17,408,904.29 1.031% 0.858%
Greater than 120 Days Delinquent $ 18,181,839.81 $ 23,471,537.26 0.858% 1.156%
Deferment
Current $310,714,502.15 $275,419,571.84 14.667% 13.569%
Forbearance
Current $ 284,558,418.88 $ 261,894,548.17 13.432% 12.902%
- ------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $1,845,681,119.34 $1,797,043,002.19 87.122% 88.533%
- ------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 8,829,521.42 $ 3,005,194.83 0.417% 0.148%
Aged Claims Rejected (2) $ 216,422.02 $ 156,405.08 0.010% 0.008%
- ------------------------------------------------------------------------------------------------------
GRAND TOTAL $2,118,491,863.51 $2,029,799,381.97 100.000% 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>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
V. 1997-3 Portfolio Characteristics by School and Program 6/30/99
- ----------------------------------------------------------------------------------------------------------------------
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 4.049% 1.826% 0.000% 0.000% 0.403% 0.162% 0.000% 0.000%
Grace
Current 2.471% 1.377% 0.000% 0.000% 0.201% 0.084% 0.000% 0.000%
TOTAL INTERIM 6.520% 3.203% 0.000% 0.000% 0.604% 0.246% 0.000% 0.000%
REPAYMENT:
Active
Current 30.554% 10.530% 4.128% 2.530% 1.990% 0.853% 0.187% 0.146%
31-60 Days Delinquent 1.715% 0.545% 0.241% 0.162% 0.210% 0.081% 0.013% 0.021%
61-90 Days Delinquent 0.898% 0.294% 0.104% 0.103% 0.137% 0.050% 0.006% 0.012%
91-120 Days Delinquent 0.400% 0.135% 0.039% 0.051% 0.067% 0.025% 0.002% 0.005%
Greater than 120 Days
Delinquent 0.542% 0.192% 0.026% 0.061% 0.102% 0.038% 0.001% 0.009%
Deferment
Current 7.293% 2.538% 0.800% 1.113% 0.569% 0.227% 0.030% 0.078%
Forbearance
Current 6.449% 2.768% 0.391% 1.204% 0.578% 0.237% 0.017% 0.069%
TOTAL REPAYMENT 47.851% 17.002% 5.729% 5.224% 3.653% 1.511% 0.256% 0.340%
Claims in Process (1) 0.065% 0.022% 0.004% 0.014% 0.012% 0.005% 0.000% 0.001%
Aged Claims Rejected (2) 0.003% 0.001% 0.000% 0.001% 0.001% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 54.439% 20.228% 5.733% 5.239% 4.270% 1.762% 0.256% 0.341%
TOTAL BY SCHOOL TYPE 85.639% 6.629%
- ----------------------------------------------------------------------------------------------------------------------
<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 0.222% 0.174% 0.000% 0.000% 0.076% 0.067% 0.000% 0.000%
Grace
Current 0.085% 0.058% 0.000% 0.000% 0.029% 0.027% 0.000% 0.000%
TOTAL INTERIM 0.307% 0.232% 0.000% 0.000% 0.105% 0.094% 0.000% 0.000%
REPAYMENT:
Active
Current 1.861% 1.146% 0.254% 0.230% 0.214% 0.101% 0.011% 0.055%
31-60 Days Delinquent 0.220% 0.127% 0.016% 0.030% 0.013% 0.007% 0.000% 0.007%
61-90 Days Delinquent 0.126% 0.079% 0.009% 0.016% 0.009% 0.006% 0.000% 0.001%
91-120 Days Delinquent 0.069% 0.039% 0.005% 0.009% 0.006% 0.005% 0.000% 0.001%
> 120 Days Delinquent 0.102% 0.061% 0.002% 0.011% 0.003% 0.003% 0.000% 0.003%
Deferment
Current 0.340% 0.205% 0.014% 0.076% 0.132% 0.088% 0.002% 0.064%
Forbearance
Current 0.504% 0.311% 0.025% 0.079% 0.131% 0.089% 0.001% 0.049%
TOTAL REPAYMENT 3.222% 1.968% 0.325% 0.451% 0.508% 0.299% 0.014% 0.180%
Claims in Process (1) 0.013% 0.007% 0.001% 0.001% 0.001% 0.001% 0.000% 0.001%
Aged Claims Rejected (2) 0.001% 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 3.543% 2.208% 0.326% 0.452% 0.614% 0.394% 0.014% 0.181%
TOTAL BY SCHOOL TYPE 6.529% 1.203%
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 5.875% 0.565% 0.396% 0.143% 6.979%
Grace
Current 3.848% 0.285% 0.143% 0.056% 4.332%
TOTAL INTERIM 9.723% 0.850% 0.539% 0.199% 11.311%
REPAYMENT:
Active
Current 47.742% 3.176% 3.491% 0.381% 54.790%
31-60 Days Delinquent 2.663% 0.325% 0.393% 0.027% 3.408%
61-90 Days Delinquent 1.399% 0.205% 0.230% 0.016% 1.850%
91-120 Days Delinquent 0.625% 0.099% 0.122% 0.012% 0.858%
> 120 Days Delinquent 0.821% 0.150% 0.176% 0.009% 1.156%
Deferment
Current 11.744% 0.904% 0.635% 0.286% 13.569%
Forbearance
Current 10.812% 0.901% 0.919% 0.270% 12.902%
TOTAL REPAYMENT 75.806% 5.760% 5.966% 1.001% 88.533%
Claims in Process (1) 0.105% 0.018% 0.022% 0.003% 0.148%
Aged Claims Rejected (2) 0.005% 0.001% 0.002% 0.000% 0.008%
TOTAL BY SCHOOL TYPE 85.639% 6.629% 6.529% 1.203% 100.000%
---------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
VI. 1997-3 Interest Calculation
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 34,728,195.97
B Interest Subsidy Payments Accrued During Collection Period 7,198,994.99
C SAP Payments Accrued During Collection Period 38,696.50
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 106,841.59
E Investment Earnings (ADMINISTRATOR ACT) 781,791.54
------------------
F Net Expected Interest Collections $ 42,854,520.59
G Student Loan Rate
i Days in Collection Period (4/1/99-6/30/99) 91
ii Days in Year 365
iii Net Expected Interest Collections $ 42,854,520.59
iv Primary Servicing Fee $ 4,180,914.12
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 2,161,570,744.36
vii Student Loan Rate 7.17252%
</TABLE>
<TABLE>
<CAPTION>
Accrued
Int Factor Accrual Period
<S> <C> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.28446%
I Class A-1 Interest Rate 0.013174959 (4/26/99-7/26/99) 5.28446%
J Class A-2 T-Bill Based Interest Rate 5.32446%
K Class A-2 Interest Rate 0.013274685 (4/26/99-7/26/99) 5.32446%
L Certificate T-Bill Based Rate of Return 5.51446%
M Certificate Rate of Return 0.013748384 (4/26/99-7/26/99) 5.51446%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VII. 1997-3 Inputs From Previous Quarterly Servicing Reports 3/31/99
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 2,118,491,863.51
ii Interest To Be Capitalized 43,078,880.85
------------------
iii Total Pool $ 2,161,570,744.36
iv Specified Reserve Account Balance 5,403,926.86
------------------
v Total Adjusted Pool $2,166,974,671.22
------------------
------------------
B Total Note and Certificate Factor 0.84172217750
C Total Note and Certificate Balance $ 2,167,434,607.05
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
D Note Balance 4/26/99 Class A-1 Class A-2 Certificates
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor 4/26/99 0.7201459862 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,048,784,607.05 $ 1,028,500,000.00 $ 90,150,000.00
E Note Principal Shortfall $ 459,935.83 $ 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 $ 5,403,926.86
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VIII. 1997-3 Waterfall for Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<S> <C> <C> <C>
A Total Available Funds ( Sections III-F + VI-D ) $ 131,549,428.44 $ 131,549,428.44
B Primary Servicing Fees-Current Month $ 1,360,578.21 $ 130,188,850.23
C Administration Fee $ 20,000.00 $ 130,168,850.23
D Noteholder's Interest Distribution Amount
i Class A-1 $ 13,817,694.20 $ 116,351,156.03
ii Class A-2 $ 13,653,013.52 $ 102,698,142.51
----------------
iii Total Noteholder's Interest Distribution $ 27,470,707.72
E Certificateholder's Return Distribution Amount $ 1,239,416.82 $ 101,458,725.69
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 91,134,345.28 $ 10,324,380.41
ii Class A-2 $ 0.00 $ 10,324,380.41
----------------
iii Total Noteholder's Principal Distribution $ 91,134,345.28
G Certificateholder's Balance Distribution Amount $ 0.00 $ 10,324,380.41
H Increase to the Specified Reserve Account Balance $ 0.00 $ 10,324,380.41
I Carryover Servicing Fees $ 0.00 $ 10,324,380.41
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 10,324,380.41
i Class A-2 $ 0.00 $ 10,324,380.41
----------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 10,324,380.41
L Excess to Reserve Account $ 10,324,380.41 $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IX. 1997-3 Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 13,817,694.20 $ 13,653,013.52 $ 1,239,416.82
ii Quarterly Interest Paid 13,817,694.20 13,653,013.52 1,239,416.82
--------------- --------------- --------------
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 $ 91,134,345.28 $ 0.00 $ 0.00
viii Quarterly Principal Paid 91,134,345.28 0.00 0.00
--------------- --------------- --------------
ix Quarterly Principal Shortfall $ (0.00) $ 0.00 $ 0.00
------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $104,952,039.48 $ 13,653,013.52 $ 1,239,416.82
------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal
Balance 6/30/99 $ 2,167,434,607.05
ii Adjusted Pool Balance 6/30/99 2,076,300,261.77
------------------
iii Adjusted Pool Exceeding Notes and
Certificate Balance (i-ii) $ 91,134,345.28
------------------
------------------
iv Adjusted Pool Balance 3/31/99 $ 2,166,974,671.22
v Adjusted Pool Balance 6/30/99 $ 2,076,300,261.77
------------------
vi Current Principal Due (iv-v) $ 90,674,409.45
vii Principal Shortfall from Previous
Collection Period $ 459,935.83
------------------
viii Principal Distribution Amount
(vi + vii) $ 91,134,345.28
------------------
------------------
ix Principal Distribution Amount Paid $ 91,134,345.28
x Principal Shortfall (viii - ix) $ -
C Total Principal Distribution $ 91,134,345.28
D Total Interest Distribution 28,710,124.54
------------------
E Total Cash Distributions-Note and $119,844,469.82
Certificates
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------
F Note & Certificate Balances 4/26/99 7/26/99
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i A-1 Note Balance (78442GAR7) $ 1,048,784,607.05 $ 957,650,261.77
A-1 Note Pool Factor 0.7201459862 0.6575687587
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 $ 5,403,926.86
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 10,324,380.41
---------------
iv Total Reserve Account Balance Available $ 15,728,307.27
v Required Reserve Account Balance $ 5,177,806.14
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp. $ 10,550,501.13
viii Ending Reserve Account Balance $ 5,177,806.14
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
X. 1997-3 Historical Pool Information
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
-------------------------------------------------------
4/1/99-6/30/99 1/1/99-3/31/99
- ---------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $2,118,491,863.51 $ 2,187,173,010.15
- ---------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 54,483,418.03 $ 57,414,074.23
ii Principal Collections from Guarantor 11,759,051.47 13,303,830.96
iii Principal Reimbursements 36,333,636.81 7,983,617.17
iv Other System Adjustments - -
---------------------------------------------------------
v Total Principal Collections $ 102,576,106.31 $ 78,701,522.36
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,985,310.74 $ 2,655,235.53
ii Capitalized Interest (15,868,935.51) (12,675,611.25)
---------------------------------------------------------
iii Total Non-Cash Principal Activity $ (13,883,624.77) $ (10,020,375.72)
- ---------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 88,692,481.54 $ 68,681,146.64
- ---------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 21,240,585.07 $ 21,948,538.28
ii Interest Claims Received from Guarantors 692,393.15 805,049.57
iii Late Fee Reimbursements 348,042.02 372,821.54
iv Interest Reimbursements 631,572.16 138,548.53
v Other System Adjustments - -
vi Special Allowance Payments 36,168.13 30,263.12
vii Subsidy Payments 7,726,647.78 8,947,872.06
---------------------------------------------------------
viii Total Interest Collections $ 30,675,408.31 $ 32,243,093.10
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,754,387.45) $ (2,446,874.04)
ii Capitalized Interest 15,868,935.51 12,675,611.25
---------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 14,114,548.06 $ 10,228,737.21
---------------------------------------------------------
Total Student Loan Interest Activity $ 44,789,956.37 $ 42,471,830.31
(=) Ending Student Loan Portfolio Balance $2,029,799,381.97 $2,118,491,863.51
- ---------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 41,323,073.66 $ 43,078,880.85
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $2,071,122,455.63 $2,161,570,744.36
- ---------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------
---------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 5,177,806.14 $ 5,403,926.86
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $2,076,300,261.77 $2,166,974,671.22
- ---------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------
1998 1997
------------------------------------------------------
---------------------------------------------------
1/1/98-12/31/98 8/25/97 - 12/31/97
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C>
Beginning Student Loan Portfolio Balance $2,388,313,848.15 $2,447,417,365.32
- ------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 179,579,682.34 $ 49,821,559.10
ii Principal Collections from Guarantor 71,378,464.29 1,440,820.82
iii Principal Reimbursements 8,500,226.75 39,007,052.38
iv Other System Adjustments - -
---------------------------------------------------
v Total Principal Collections $ 259,458,373.38 $ 90,269,432.30
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 10,205,441.60 $ 3,533,441.93
ii Capitalized Interest (68,522,976.98) (34,699,357.06)
---------------------------------------------------
iii Total Non-Cash Principal Activity $ (58,317,535.38) $ (31,165,915.13)
- ------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 201,140,838.00 $ 59,103,517.17
- ------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 85,007,482.49 $ 24,529,728.52
ii Interest Claims Received
from Guarantors 4,447,365.33 34,126.30
iii Late Fee Reimbursements 433,591.49 9.92
iv Interest Reimbursements 164,288.32 799,423.02
v Other System Adjustments - -
vi Special Allowance Payments 1,999,181.67 232,534.47
vii Subsidy Payments 46,628,513.22 6,806,739.23
---------------------------------------------------
viii Total Interest Collections $ 138,680,422.52 $ 32,402,561.46
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (9,049,779.85) $ (3,498,891.99)
ii Capitalized Interest 68,522,976.98 34,699,357.06
---------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 59,473,197.13 $ 31,200,465.07
---------------------------------------------------
Total Student Loan Interest Activity $ 198,153,619.65 $ 63,603,026.53
(=) Ending Student Loan Portfolio Balance $2,187,173,010.15 $2,388,313,848.15
- ------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 39,623,139.23 $ 44,396,075.77
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $2,226,796,149.38 $2,432,709,923.92
- ------------------------------------------------------------------------------------------------------------
---------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 5,566,990.37 $ 6,259,224.00
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $2,232,363,139.75 $2,438,969,147.92
- ------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------
XI. 1997-3 Payment History and CPRs
- --------------------------------------------------------------------------------------
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%
Jul-99 $ 2,071,122,456 4.77%
</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: 6/30/99 Reporting Period: 4/1/99-6/30/99
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- ------------------------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 3/31/99 Activity 6/30/99
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 2,147,837,932.52 $ (87,962,183.51) $ 2,059,875,749.01
ii Interest to be Capitalized 37,667,958.94 35,555,572.08
--------------------------- ---------------------------
iii Total Pool $ 2,185,505,891.46 $ 2,095,431,321.09
iv Specified Reserve Account Balance 5,463,764.73 5,238,578.30
--------------------------- ---------------------------
v Total Adjusted Pool $2,190,969,656.19 $ 2,100,669,899.39
--------------------------- ---------------------------
--------------------------- ---------------------------
B i Weighted Average Coupon (WAC) 8.1659% 8.1746%
ii Weighted Average Remaining Term 110.93 109.35
iii Number of Loans 687,075 663,712
iv Number of Borrowers 254,092 245,607
-----------------------------------------------------------------------------------------------------------------------
<CAPTION>
% of % of
Notes and Certificates Spread Balance 4/26/99 O/S Securities Balance 7/26/99 O/S Securities
---------------------------------------------------------------------------------------------------------------------------
C i A-1 Notes 78442GAU0 0.75% $ 1,135,563,627.64 51.279% $ 1,035,590,480.66 48.976%
ii A-2 Notes 78442GAV8 0.75% 989,000,000.00 44.661% 989,000,000.00 46.772%
iii Certificates 78442GAW6 1.05% 89,900,000.00 4.060% 89,900,000.00 4.252%
---------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $2,214,463,627.64 100.000% $2,114,490,480.66 100.000%
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
Reserve Account 4/26/99 7/26/99
----------------------------------------------------------------------------------------------------------------------
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 5,463,764.73 $ 5,238,578.30
iv Reserve Account Floor Balance ($) $ 2,502,640.00 $ 2,502,640.00
v Current Reserve Acct Balance ($) $ 5,463,764.73 $ 5,238,578.30
-----------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
II. 1997-4 Transactions from: 4/1/99 through: 6/30/99
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 53,920,732.22
ii Principal Collections from Guarantor 11,714,689.61
iii Principal Reimbursements 35,658,517.10
iv Other System Adjustments 0.00
-------------------------
v Total Principal Collections $101,293,938.93
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,611,915.08
ii Capitalized Interest (14,943,670.50)
-------------------------
iii Total Non-Cash Principal Activity $(13,331,755.42)
-------------------------------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 87,962,183.51
-------------------------------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 22,479,182.93
ii Interest Claims Received from Guarantors 695,270.97
iii Late Fee Reimbursements 351,086.19
iv Interest Reimbursements 598,624.08
v Other System Adjustments 0.00
vi Special Allowance Payments 21,593.05
vii Subsidy Payments 7,766,614.35
-------------------------
viii Total Interest Collections $ 31,912,371.57
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,299,571.76)
ii Capitalized Interest 14,943,670.50
-------------------------
iii Total Non-Cash Interest Adjustments $ 13,644,098.74
-------------------------------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 45,556,470.31
-------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
III. 1997-4 Collection Account Activity 4/1/99 through 6/30/99
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $ 65,635,421.83
ii Cash Forwarded by Administrator on behalf of Seller 57,826.46
iii Cash Forwarded by Administrator on behalf of Servicer 3,484.08
iv Cash Forwarded by Administrator for Consolidation Activity 35,597,206.56
---------------------
v Total Principal Collections $101,293,938.93
B Interest Collections
i Interest Payments Received-Cash $ 30,962,661.30
ii Cash Forwarded by Administrator on behalf of Seller 5,801.59
iii Cash Forwarded by Administrator on behalf of Servicer 7,449.95
iv Cash Forwarded by Administrator for Consolidation Activity 585,372.54
v Cash Forwarded by Administrator for Late Fee Activity 351,086.19
---------------------
vi Total Interest Collections $31,912,371.57
C Other Reimbursements $ 237,507.45
D Administrator Account Investment Income $ 781,562.11
E Return funds borrowed for previous distribution $ -
F TOTAL FUNDS RECEIVED $134,225,380.06
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($3,022,603.28)
----------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $131,202,776.78
----------------------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $1,009,726.06
ii Percentage of Principal Calculation $1,482,022.24
iii Lesser of Unit or Principal Calculation $1,009,726.06
H Servicing Fees Due for Current Period $1,482,022.24
I Carryover Servicing Fees Due (1) $0.00
APR 1999 Servicing Carryover $0.00
MAY 1999 Servicing Carryover $0.00
JUN 1999 Servicing Carryover $0.00
-----------------------
TOTAL: Carryover Servicing Fee Due $0.00
-----------------------
Less: Servicing ADJ [A iii + B iii] ($10,934.03)
J Administration Fees Due $ 20,000.00
----------------------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,491,088.21
----------------------------------------------------------------------------------------------------------------
</TABLE>
(1) No Carryover Servicing Fees due before the October 2001 payment date
3
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
IV. 1997-4 Portfolio Characteristics
- ---------------------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ---------------------------------------------------------------------------------------------------------
STATUS 3/31/99 6/30/99 3/31/99 6/30/99 3/31/99 6/30/99
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.824% 7.829% 64,363 45,879 9.368% 6.912%
Grace
Current 7.832% 7.814% 15,556 21,959 2.264% 3.309%
- ---------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.825% 7.824% 79,919 67,838 11.632% 10.221%
- ---------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.248% 8.250% 392,735 398,001 57.160% 59.966%
31-60 Days Delinquent 8.256% 8.257% 21,840 23,542 3.179% 3.547%
61-90 Days Delinquent 8.251% 8.254% 13,210 12,490 1.923% 1.882%
91-120 Days Delinquent 8.242% 8.256% 6,974 5,916 1.015% 0.891%
Greater than 120 Days Delinquent 8.248% 8.250% 6,754 8,879 0.983% 1.338%
Deferment
Current 8.042% 8.038% 92,010 81,159 13.392% 12.228%
Forbearance
Current 8.247% 8.249% 70,591 64,691 10.274% 9.747%
- ---------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.215% 8.219% 604,114 594,678 87.925% 89.599%
- ---------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.234% 8.260% 2987 1,133 0.435% 0.171%
Aged Claims Rejected (2) 8.200% 8.194% 55 63 0.008% 0.009%
- ---------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.166% 8.175% 687,075 663,712 100.000% 100.000%
- ---------------------------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
Principal Amount %
- -------------------------------------------------------------------------------------------------------------
STATUS 3/31/99 6/30/99 3/31/99 6/30/99
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 207,160,457.11 $ 145,198,881.97 9.645% 7.049%
Grace
Current $ 47,937,865.71 $ 72,349,086.91 2.232% 3.512%
- -------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 255,098,322.82 $ 217,547,968.88 11.877% 10.561%
- -------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 1,166,638,125.36 $ 1,176,075,589.93 54.317% 57.095%
31-60 Days Delinquent $ 66,580,659.30 $ 71,402,591.29 3.100% 3.466%
61-90 Days Delinquent $ 41,230,894.20 $ 37,959,658.53 1.920% 1.843%
91-120 Days Delinquent $ 21,152,761.85 $ 17,532,546.76 0.985% 0.851%
Greater than 120 Days Delinquent $ 19,391,632.92 $ 25,717,034.39 0.903% 1.249%
Deferment
Current $ 305,130,320.96 $ 270,343,080.65 14.206% 13.124%
Forbearance
Current $ 264,508,534.70 $ 240,592,782.56 12.315% 11.680%
- -------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 1,884,632,929.29 $ 1,839,623,284.11 87.746% 89.308%
- -------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 7,971,919.67 $ 2,540,546.25 0.371% 0.123%
Aged Claims Rejected (2) $ 134,760.74 $ 163,949.77 0.006% 0.008%
- -------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 2,147,837,932.52 $2,059,875,749.01 100.000% 100.000%
- -------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
V. 1997-4 Portfolio Characteristics by School and Program 6/30/99
- -------------------------------------------------------------------------------------------------------------------
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 4.244% 1.792% 0.000% 0.000% 0.471% 0.234% 0.000% 0.000%
Grace
Current 2.097% 0.944% 0.000% 0.000% 0.242% 0.105% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 6.341% 2.736% 0.000% 0.000% 0.713% 0.339% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 33.125% 11.426% 2.914% 1.847% 2.589% 1.142% 0.167% 0.143%
31-60 Days Delinquent 1.801% 0.597% 0.167% 0.143% 0.252% 0.103% 0.007% 0.017%
61-90 Days Delinquent 0.907% 0.312% 0.078% 0.075% 0.152% 0.065% 0.002% 0.009%
91-120 Days Delinquent 0.431% 0.137% 0.023% 0.034% 0.075% 0.030% 0.002% 0.004%
Greater than 120
Days Delinquent 0.603% 0.198% 0.014% 0.055% 0.122% 0.052% 0.003% 0.006%
Deferment
Current 7.377% 2.559% 0.597% 0.797% 0.631% 0.274% 0.019% 0.063%
Forbearance
Current 6.184% 2.437% 0.288% 0.828% 0.623% 0.264% 0.014% 0.057%
- -------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 50.428% 17.666% 4.081% 3.779% 4.444% 1.930% 0.214% 0.299%
- -------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.056% 0.017% 0.005% 0.007% 0.016% 0.005% 0.000% 0.001%
Aged Claims Rejected (2) 0.004% 0.000% 0.000% 0.000% 0.001% 0.001% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 56.829% 20.419% 4.086% 3.786% 5.174% 2.275% 0.214% 0.300%
- -------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.120% 7.963%
- -------------------------------------------------------------------------------------------------------------------
<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 0.124% 0.103% 0.000% 0.000% 0.046% 0.035% 0.000% 0.000%
Grace
Current 0.054% 0.043% 0.000% 0.000% 0.016% 0.011% 0.000% 0.000%
TOTAL INTERIM 0.178% 0.146% 0.000% 0.000% 0.062% 0.046% 0.000% 0.000%
REPAYMENT:
Active
Current 1.822% 1.102% 0.329% 0.194% 0.164% 0.090% 0.004% 0.037%
31-60 Days Delinquent 0.204% 0.116% 0.012% 0.026% 0.010% 0.006% 0.000% 0.005%
61-90 Days Delinquent 0.134% 0.078% 0.014% 0.014% 0.002% 0.001% 0.000% 0.000%
91-120 Days Delinquent 0.066% 0.040% 0.002% 0.006% 0.001% 0.000% 0.000% 0.000%
Greater than 120 Days
Delinquent 0.109% 0.071% 0.003% 0.008% 0.003% 0.002% 0.000% 0.000%
Deferment
Current 0.267% 0.153% 0.013% 0.060% 0.147% 0.101% 0.007% 0.059%
Forbearance
Current 0.433% 0.287% 0.019% 0.053% 0.088% 0.066% 0.000% 0.039%
- -------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.035% 1.847% 0.392% 0.361% 0.415% 0.266% 0.011% 0.140%
- -------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.010% 0.005% 0.000% 0.001% 0.000% 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 3.224% 1.999% 0.392% 0.362% 0.477% 0.312% 0.011% 0.140%
- -------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 5.977% 0.940%
- --------------------------------------------------------------------------------------------------------------------
</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 6.036% 0.705% 0.227% 0.081% 7.049%
Grace
Current 3.041% 0.347% 0.097% 0.027% 3.512%
-------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 9.077% 1.052% 0.324% 0.108% 10.561%
-------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 49.312% 4.041% 3.447% 0.295% 57.095%
31-60 Days Delinquent 2.708% 0.379% 0.358% 0.021% 3.466%
61-90 Days Delinquent 1.372% 0.228% 0.240% 0.003% 1.843%
91-120 Days Delinquent 0.625% 0.111% 0.114% 0.001% 0.851%
Greater than 120 Days 0.870% 0.183% 0.191% 0.005% 1.249%
Delinquent
Deferment
Current 11.330% 0.987% 0.493% 0.314% 13.124%
Forbearance
Current 9.737% 0.958% 0.792% 0.193% 11.680%
-----------------------------------------------------------------------------------------------
TOTAL REPAYMENT 75.954% 6.887% 5.635% 0.832% 89.308%
-----------------------------------------------------------------------------------------------
Claims in Process (1) 0.085% 0.022% 0.016% 0.000% 0.123%
Aged Claims Rejected (2) 0.004% 0.002% 0.002% 0.000% 0.008%
-----------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.120% 7.963% 5.977% 0.940% 100.000%
-------------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
VI. 1997-4 Interest Calculation
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 35,238,736.41
B Interest Subsidy Payments Accrued During Collection Period 7,254,965.07
C SAP Payments Accrued During Collection Period 24,363.02
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 107,129.34
E Investment Earnings (ADMINISTRATOR ACT) 781,562.11
------------------
F Net Expected Interest Collections $ 43,406,755.95
G Student Loan Rate
i Days in Collection Period (4/1/99-6/30/99) 91
ii Days in Year 365
iii Net Expected Interest Collections $ 43,406,755.95
iv Primary Servicing Fee $ 4,504,625.52
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 2,185,505,891.46
vii Student Loan Rate 7.13591%
</TABLE>
<TABLE>
<CAPTION>
Accrued
Int Factor Accrual Period
----------- -----------------
<S> <C> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.43446%
I Class A-1 Interest Rate 0.013548932 (4/26/99-7/26/99) 5.43446%
J Class A-2 T-Bill Based Interest Rate 5.43446%
K Class A-2 Interest Rate 0.013548932 (4/26/99-7/26/99) 5.43446%
L Certificate T-Bill Based Rate of Return 5.73446%
M Certificate Rate of Return 0.014296877 (4/26/99-7/26/99) 5.73446%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VII. 1997-4 Inputs From Previous Quarterly Servicing Reports 3/31/99
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 2,147,837,932.52
ii Interest To Be Capitalized 37,667,958.94
----------------------
iii Total Pool $ 2,185,505,891.46
iv Specified Reserve Account Balance 5,463,764.73
----------------------
v Total Adjusted Pool $ 2,190,969,656.19
----------------------
----------------------
B Total Note and Certificate Factor 0.86269960951
C Total Note and Certificate Balance $ 2,214,463,627.64
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
D Note Balance 4/26/99 Class A-1 Class A-2 Certificates
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor 4/26/99 0.7631475992 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,135,563,627.64 $ 989,000,000.00 $ 89,900,000.00
E Note Principal Shortfall $ 23,493,971.45 $ 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 $ 5,463,764.73
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VIII. 1997-4 Waterfall for Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
<S> <C> <C> <C>
A Total Available Funds $ 131,535,092.55 $ 131,535,092.55
( Sections III-F + VI-D + IX-G-vii)
B Primary Servicing Fees-Current Month $ 1,471,088.21 $ 130,064,004.34
C Administration Fee $ 20,000.00 $ 130,044,004.34
D Noteholder's Interest Distribution Amount
i Class A-1 $ 15,385,674.37 $ 114,658,329.97
ii Class A-2 $ 13,399,893.75 $ 101,258,436.22
----------------
iii Total Noteholder's Interest Distribution $ 28,785,568.12
E Certificateholder's Return Distribution Amount $ 1,285,289.24 $ 99,973,146.98
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 99,973,146.98 $ 0.00
ii Class A-2 $ 0.00 $ 0.00
iii Total Noteholder's Principal Distribution $ 99,973,146.98
G Certificateholder's Balance Distribution Amount $ 0.00 $ 0.00
H Increase to the Specified Reserve Account Balance $ 0.00 $ 0.00
I Carryover Servicing Fees $ 0.00 $ 0.00
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 0.00
i Class A-2 $ 0.00 $ 0.00
----------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 0.00
L Excess to Reserve Account $ 0.00 $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
IX. 1997-4 Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 15,385,674.37 $ 13,399,893.75 $ 1,285,289.24
ii Quarterly Interest Paid 15,385,674.37 13,399,893.75 1,285,289.24
--------------- --------------- --------------
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 $ 113,793,728.25 $ 0.00 $ 0.00
viii Quarterly Principal Paid 99,973,146.98 0.00 0.00
--------------- --------------- --------------
ix Quarterly Principal Shortfall $ 13,820,581.27 $ 0.00 $ 0.00
------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 115,358,821.35 $ 13,399,893.75 $ 1,285,289.24
------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance
6/30/99 $2,214,463,627.64
ii Adjusted Pool Balance 6/30/99 2,100,669,899.39
---------------------
iii Adjusted Pool Exceeding Notes and Certificate
Balance (i-ii) 113,793,728.25
---------------------
---------------------
iv Adjusted Pool Balance 3/31/99 $ 2,190,969,656.19
v Adjusted Pool Balance 6/30/99 2,100,669,899.39
---------------------
vi Current Principal Due (iv-v) $ 90,299,756.80
vii Principal Shortfall from Previous Collection
Period 23,493,971.45
---------------------
viii Principal Distribution Amount (vi + vii) $ 113,793,728.25
---------------------
---------------------
ix Principal Distribution Amount Paid $ 99,973,146.98
x Principal Shortfall (viii - ix) $ 13,820,581.27
C Total Principal Distribution $ 99,973,146.98
D Total Interest Distribution 30,070,857.36
---------------------
E Total Cash Distributions-Note and Certificates $ 130,044,004.34
<CAPTION>
---------------------------------------------------------------------------------------------------
F Note & Certificate Balances 4/26/1999 7/26/1999
---------------------------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GAU0) $ 1,135,563,627.64 $ 1,035,590,480.66
A-1 Note Pool Factor 0.7631475992 0.6959613445
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 $ 5,463,764.73
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ -
--------------
iv Total Reserve Account Balance Available $ 5,463,764.73
v Required Reserve Account Balance $ 5,238,578.30
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to Waterfall $ 225,186.43
viii Ending Reserve Account Balance $ 5,238,578.30
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
X. 1997-4 Historical Pool Information
- ------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------
4/1/99-6/30/99 1/1/99-3/31/99 10/1/98-12/31/98
-----------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $2,147,837,932.52 $ 2,214,648,812.93 $ 2,264,239,145.12
-----------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
<S> <C> <C> <C> <C>
i Regular Principal Collections $ 53,920,732.22 $ 57,289,916.43 $ 48,527,526.19
ii Principal Collections from Guarantor 11,714,689.61 13,036,350.70 19,185,256.33
iii Principal Reimbursements 35,658,517.10 6,227,642.48 321,590.96
iv Other System Adjustments - - -
------------------------------------------------------------------------
v Total Principal Collections $ 101,293,938.93 $ 76,553,909.61 $ 68,034,373.48
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,611,915.08 $ 2,352,596.15 $ 2,277,096.67
ii Capitalized Interest (14,943,670.50) (12,095,625.35) (20,721,137.96)
------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (13,331,755.42) $ (9,743,029.20) $ (18,444,041.29)
-----------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 87,962,183.51 $ 66,810,880.41 $ 49,590,332.19
-----------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 22,479,182.93 $ 23,267,977.17 $ 22,583,464.88
ii Interest Claims Received from Guarantor 695,270.97 805,854.88 1,237,499.61
iii Late Fee Reimbursements 351,086.19 379,972.31 305,743.95
iv Interest Reimbursements 598,624.08 98,545.80 13,484.78
v Other System Adjustments - - -
vi Special Allowance Payments 21,593.05 18,593.36 156,523.98
vii Subsidy Payments 7,766,614.35 8,868,220.13 9,347,995.87
------------------------------------------------------------------------
viii Total Interest Collections $ 31,912,371.57 $ 33,439,163.65 $ 33,644,713.07
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,299,571.76) $ (2,126,808.82) $ (1,972,706.67)
ii Capitalized Interest 14,943,670.50 12,095,625.35 20,721,137.96
------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 13,644,098.74 $ 9,968,816.53 $ 18,748,431.29
------------------------------------------------------------------------
Total Student Loan Interest Activity $ 45,556,470.31 $ 43,407,980.18 $ 52,393,144.36
(=) Ending Student Loan Portfolio Balance $2,059,875,749.01 $2,147,837,932.52 $ 2,214,648,812.93
-----------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 35,555,572.08 $ 37,667,958.94 $ 34,676,758.49
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $2,095,431,321.09 $2,185,505,891.46 $2,249,325,571.42
-----------------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 5,238,578.30 $ 5,463,764.73 $ 5,623,313.93
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 2,100,669,899.39 $2,190,969,656.19 $ 2,254,948,885.35
-----------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
----------------------------------------------------------------
7/1/98-9/30/98 4/1/98-6/30/98 10/27/97-3/31/98
--------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $2,324,473,497.16 $ 2,372,502,462.70 $2,443,276,738.87
--------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 48,117,709.57 $ 46,264,811.82 $ 74,599,347.53
ii Principal Collections from Guarantor 23,055,308.03 15,326,918.91 3,052,448.99
iii Principal Reimbursements 102,005.97 426,956.50 33,642,034.51
iv Other System Adjustments - - -
----------------------------------------------------------------
v Total Principal Collections $ 71,275,023.57 $ 62,018,687.23 $ 111,293,831.03
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,280,730.60 $ 1,630,543.84 $ 3,636,486.74
ii Capitalized Interest (13,321,402.13) (15,620,265.53) (44,156,041.60)
----------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (11,040,671.53) $ (13,989,721.69) ($40,519,554.86)
--------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 60,234,352.04 $ 48,028,965.54 $ 70,774,276.17
--------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 23,095,029.16 $ 22,338,402.12 $ 34,622,975.83
ii Interest Claims Received from Guarantors 1,463,495.60 940,134.03 102,472.19
iii Late Fee Reimbursements 130,539.41 - 86.82
iv Interest Reimbursements 8,115.95 11,108.97 572,973.03
v Other System Adjustments - - -
vi Special Allowance Payments 334,088.81 572,883.71 622,057.05
vii Subsidy Payments 10,893,777.31 11,528,387.43 10,334,525.07
----------------------------------------------------------------
viii Total Interest Collections $ 35,925,046.24 $ 35,390,916.26 $ 46,255,089.99
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,860,715.96) $ (1,387,131.58) $ (3,586,478.16)
ii Capitalized Interest 13,321,402.13 15,620,265.53 44,156,041.60
----------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 11,460,686.17 $ 14,233,133.95 $ 40,569,563.44
----------------------------------------------------------------
Total Student Loan Interest Activity $ 47,385,732.41 $ 49,624,050.21 $ 86,824,653.43
(=) Ending Student Loan Portfolio Balance $2,264,239,145.12 $ 2,324,473,497.16 $2,372,502,462.70
--------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 40,338,277.49 $ 39,109,031.25 $ 40,483,617.83
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $2,304,577,422.61 $ 2,363,582,528.41 $2,412,986,080.53
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 5,761,443.56 $ 6,032,465.20 $ 6,256,599.00
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $2,310,338,866.17 $2,369,614,993.61 $ 2,419,242,679.53
--------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
XI. 1997-4 Payment History and CPRs
--------------------------------------------------------------------------------------------------------------------------
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%
Jul-99 $ 2,095,431,321 4.96%
</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: 6/30/99 Reporting Period: 4/1/99-6/30/99
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 3/31/99 Activity 6/30/99
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A i Portfolio Balance $ 2,656,732,804.87 $ (108,924,594.29) $ 2,547,808,210.58
ii Interest to be Capitalized 45,381,413.50 43,315,148.15
------------------ ------------------
iii Total Pool $ 2,702,114,218.37 $ 2,591,123,358.73
iv Specified Reserve Account Balance 6,755,285.55 6,477,808.40
------------------ ------------------
v Total Adjusted Pool $ 2,708,869,503.92 $ 2,597,601,167.13
------------------ ------------------
------------------ ------------------
B i Weighted Average Coupon (WAC) 8.2494% 8.2573%
ii Weighted Average Remaining Term 115.86 114.45
iii Number of Loans 692,660 667,769
iv Number of Borrowers 293,985 284,047
-------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 4/26/99 % of Pool Balance 7/26/99 % of Pool
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAX4 0.71% $ 1,377,819,503.92 50.863% $ 1,266,551,167.13 48.758%
ii A-2 Notes 78442GAY2 0.76% 1,224,500,000.00 45.204% 1,224,500,000.00 47.140%
iii Certificates 78442GAZ9 0.97% 106,550,000.00 3.933% 106,550,000.00 4.102%
---------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 2,708,869,503.92 100.000% $2,597,601,167.13 100.000%
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
Reserve Account 4/26/99 7/26/99
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 6,755,285.55 $ 6,477,808.40
iv Reserve Account Floor Balance ($) $ 2,999,161.00 $ 2,999,161.00
v Current Reserve Acct Balance ($) $ 6,755,285.55 $ 6,477,808.40
-------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
II. 1998-1 Transactions from: 4/1/99 through: 6/30/99
- -------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 69,012,176.95
ii Principal Collections from Guarantor 14,807,810.33
iii Principal Reimbursements 41,680,387.80
iv Other System Adjustments 0.00
------------------------
v Total Principal Collections $ 125,500,375.08
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,099,058.65
ii Capitalized Interest (18,674,839.44)
------------------------
iii Total Non-Cash Principal Activity $ (16,575,780.79)
------------------------------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 108,924,594.29
------------------------------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 28,676,730.20
ii Interest Claims Received from Guarantors 891,564.24
iii Late Fee Reimbursements 499,085.27
iv Interest Reimbursements 672,287.90
v Other System Adjustments 0.00
vi Special Allowance Payments 60,321.90
vii Subsidy Payments 8,808,687.18
------------------------
viii Total Interest Collections $ 39,608,676.69
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,726,695.13)
ii Capitalized Interest 18,674,839.44
------------------------
iii Total Non-Cash Interest Adjustments $ 16,948,144.31
------------------------------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 56,556,821.00
------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
III. 1998-1 Collection Account Activity 4/1/99 through 6/30/99
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $ 83,819,987.28
ii Cash Forwarded by Administrator on behalf of Seller (68,911.66)
iii Cash Forwarded by Administrator on behalf of Servicer 14,575.99
iv Cash Forwarded by Administrator for Consolidation Activity 41,734,723.47
-------------------------
v Total Principal Collections $125,500,375.08
B Interest Collections
i Interest Payments Received-Cash $ 38,437,303.52
ii Cash Forwarded by Administrator on behalf of Seller 2,872.82
iii Cash Forwarded by Administrator on behalf of Servicer 14,717.34
iv Cash Forwarded by Administrator for Consolidation Activity 654,697.74
v Cash Forwarded by Administrator for Late Fee Activity 499,085.27
-------------------------
vi Total Interest Collections $ 39,608,676.69
C Other Reimbursements $ 296,484.35
D Administrator Account Investment Income $ 1,000,107.29
E Return funds borrowed for previous distribution $ -
F TOTAL FUNDS RECEIVED $166,405,643.41
LESS FUNDS PREVIOUSLY REMITTED:
Servicing Fees $ (3,561,435.84)
Consolidation Loan Rebate Fees $ (558,697.00)
--------------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $162,285,510.57
--------------------------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 1,147,296.57
ii Percentage of Principal Calculation $ 1,746,447.02
iii Lesser of Unit or Principal Calculation $ 1,147,296.57
H Servicing Fees Due for Current Period $ 1,746,447.02
I Carryover Servicing Fees Due (1) $ 0.00
APR 1999 Servicing Carryover $0.00
MAY 1999 Servicing Carryover $0.00
JUN 1999 Servicing Carryover $0.00
----------------------
TOTAL: Carryover Servicing Fee Due $0.00
----------------------
----------------------
Less: Servicing ADJ [A iii + B iii] ($29,293.33)
J Administration Fees Due $ 20,000.00
--------------------------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,737,153.69
--------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) No Carryover Servicing Fees due before the April 2003 payment date
3
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------
IV. 1998-1 Portfolio Characteristics
- ------------------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ------------------------------------------------------------------------------------------------------
STATUS 3/31/99 6/30/99 3/31/99 6/30/99 3/31/99 6/30/99
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.793% 7.805% 68,500 47,453 9.889% 7.106%
Grace
Current 7.803% 7.777% 16,811 25,639 2.427% 3.840%
- ------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.795% 7.794% 85,311 73,092 12.316% 10.946%
- ------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.365% 8.363% 378,669 382,974 54.669% 57.351%
31-60 Days Delinquent 8.377% 8.368% 24,046 25,270 3.472% 3.784%
61-90 Days Delinquent 8.346% 8.362% 14,857 13,629 2.145% 2.041%
91-120 Days Delinquent 8.312% 8.346% 7,938 6,373 1.146% 0.954%
Greater Than 120 Days Delinquent 8.319% 8.309% 7,622 10,721 1.100% 1.605%
Deferment
Current 8.074% 8.069% 95,136 83,464 13.735% 12.499%
Forbearance
Current 8.309% 8.308% 75,337 70,684 10.876% 10.585%
- ------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.311% 8.313% 603,605 593,115 87.143% 88.820%
- ------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.308% 8.279% 3699 1,494 0.534% 0.224%
Aged Claims Rejected (2) 8.250% 8.250% 45 68 0.006% 0.010%
- ------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.249% 8.257% 692,660 667,769 100.000% 100.000%
- ------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
Principal Amount %
- -----------------------------------------------------------------------------------------------------
STATUS 3/31/99 6/30/99 3/31/99 6/30/99
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 240,295,566.30 $ 159,890,224.98 9.045% 6.276%
Grace
Current $ 56,195,126.26 $ 95,748,347.62 2.115% 3.758%
- -----------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 296,490,692.56 $ 255,638,572.60 11.160% 10.034%
- -----------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 1,452,609,648.90 $1,455,953,277.33 54.676% 57.145%
31-60 Days Delinquent $ 93,157,230.52 $ 96,325,763.55 3.506% 3.781%
61-90 Days Delinquent $ 55,812,424.14 $ 50,277,381.18 2.101% 1.974%
91-120 Days Delinquent $ 28,256,761.37 $ 22,226,650.13 1.064% 0.872%
Greater Than 120 Days Delinquent $ 25,131,041.22 $ 35,166,208.32 0.946% 1.380%
Deferment
Current $ 366,828,810.71 $ 323,986,843.28 13.807% 12.716%
Forbearance
Current $ 327,596,823.99 $ 304,530,009.93 12.331% 11.953%
- -----------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 2,349,392,740.85 $2,288,466,133.72 88.431% 89.821%
- -----------------------------------------------------------------------------------------------------
Claims in Process (1) $ 10,756,329.73 $ 3,565,618.11 0.405% 0.140%
Aged Claims Rejected (2) $ 93,041.73 $ 137,886.15 0.004% 0.005%
- -----------------------------------------------------------------------------------------------------
GRAND TOTAL $ 2,656,732,804.87 $2,547,808,210.58 100.000% 100.000%
- -----------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
V. 1998-1 Portfolio Characteristics by School and Program 6/30/99
- --------------------------------------------------------------------------------------------------------------
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 3.704% 1.587% 0.000% 0.000% 0.000% 0.000%
Grace
Current 2.143% 1.147% 0.000% 0.000% 0.000% 0.000%
TOTAL INTERIM 5.847% 2.734% 0.000% 0.000% 0.000% 0.000%
REPAYMENT:
Active
Current 24.682% 9.573% 0.001% 0.040% 2.040% 1.749%
31-60 Days Delinquent 1.399% 0.499% 0.000% 0.002% 0.133% 0.137%
61-90 Days Delinquent 0.730% 0.274% 0.000% 0.003% 0.050% 0.074%
91-120 Days Delinquent 0.316% 0.103% 0.000% 0.001% 0.015% 0.035%
Greater Than
120 Days Delinquent 0.567% 0.203% 0.000% 0.000% 0.021% 0.048%
Deferment
Current 6.263% 2.441% 0.000% 0.001% 0.398% 0.729%
Forbearance
Current 5.180% 2.364% 0.000% 0.005% 0.214% 0.842%
TOTAL REPAYMENT 39.137% 15.457% 0.001% 0.052% 2.871% 3.614%
Claims in Process (1) 0.065% 0.018% 0.000% 0.000% 0.002% 0.004%
Aged Claims Rejected (2) 0.001% 0.001% 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 45.050% 18.210% 0.001% 0.052% 2.873% 3.618%
TOTAL BY SCHOOL TYPE 69.804%
- --------------------------------------------------------------------------------------------------------------
<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 0.321% 0.147% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.168% 0.082% 0.000% 0.000% 0.000% 0.000%
TOTAL INTERIM 0.489% 0.229% 0.000% 0.000% 0.000% 0.000%
REPAYMENT:
Active
Current 1.809% 0.873% 0.000% 0.002% 0.095% 0.091%
31-60 Days Delinquent 0.196% 0.083% 0.000% 0.000% 0.003% 0.012%
61-90 Days Delinquent 0.113% 0.048% 0.000% 0.001% 0.001% 0.006%
91-120 Days Delinquent 0.064% 0.028% 0.000% 0.000% 0.001% 0.003%
Greater Than
120 Days Delinquent 0.110% 0.046% 0.000% 0.000% 0.001% 0.006%
Deferment
Current 0.500% 0.214% 0.000% 0.000% 0.011% 0.042%
Forbearance
Current 0.479% 0.226% 0.000% 0.000% 0.011% 0.037%
TOTAL REPAYMENT 3.271% 1.518% 0.000% 0.003% 0.123% 0.197%
Claims in Process (1) 0.013% 0.005% 0.000% 0.000% 0.000% 0.000%
Aged Claims Rejected (2) 0.001% 0.001% 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 3.774% 1.753% 0.000% 0.003% 0.123% 0.197%
TOTAL BY SCHOOL TYPE 5.850%
- --------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
TECHNICAL SCHOOLS
-----------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
-----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 0.189% 0.152% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.093% 0.076% 0.000% 0.000% 0.000% 0.000%
TOTAL INTERIM 0.282% 0.228% 0.000% 0.000% 0.000% 0.000%
REPAYMENT:
Active
Current 2.053% 1.548% 0.000% 0.003% 0.298% 0.164%
31-60 Days Delinquent 0.238% 0.172% 0.000% 0.000% 0.020% 0.023%
61-90 Days Delinquent 0.148% 0.110% 0.000% 0.000% 0.009% 0.010%
91-120 Days Delinquent 0.084% 0.056% 0.000% 0.000% 0.003% 0.007%
> 120 Days Delinquent 0.127% 0.095% 0.000% 0.000% 0.004% 0.011%
Deferment
Current 0.326% 0.234% 0.000% 0.001% 0.014% 0.050%
Forbearance
Current 0.562% 0.423% 0.000% 0.000% 0.021% 0.053%
TOTAL REPAYMENT 3.538% 2.638% 0.000% 0.004% 0.369% 0.318%
Claims in Process (1) 0.014% 0.008% 0.000% 0.000% 0.001% 0.002%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 3.835% 2.874% 0.000% 0.004% 0.370% 0.320%
TOTAL BY SCHOOL TYPE 7.403%
- --------------------------------------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
UNKNOWN
----------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 0.089% 0.087% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.028% 0.021% 0.000% 0.000% 0.000% 0.000%
TOTAL INTERIM 0.117% 0.108% 0.000% 0.000% 0.000% 0.000%
REPAYMENT:
Active
Current 0.204% 0.127% 3.386% 8.335% 0.013% 0.059%
31-60 Days Delinquent 0.019% 0.013% 0.235% 0.589% 0.001% 0.007%
61-90 Days Delinquent 0.006% 0.003% 0.124% 0.261% 0.000% 0.003%
91-120 Days Delinquent 0.003% 0.003% 0.051% 0.098% 0.000% 0.001%
Greater Than
120 Days Delinquent 0.005% 0.004% 0.045% 0.087% 0.000% 0.000%
Deferment
Current 0.190% 0.124% 0.407% 0.681% 0.002% 0.088%
Forbearance
Current 0.137% 0.109% 0.378% 0.862% 0.001% 0.049%
TOTAL REPAYMENT 0.564% 0.383% 4.626% 10.913% 0.017% 0.207%
Claims in Process (1) 0.001% 0.001% 0.002% 0.004% 0.000% 0.000%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 0.682% 0.492% 4.628% 10.917% 0.017% 0.207%
TOTAL BY SCHOOL TYPE 16.943%
- ------------------------------------------------------------------------------------------------------------
</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>
-----------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 5.291% 0.468% 0.341% 0.176% 6.276%
Grace
Current 3.290% 0.250% 0.169% 0.049% 3.758%
TOTAL INTERIM 8.581% 0.718% 0.510% 0.225% 10.034%
REPAYMENT:
Active
Current 38.085% 2.870% 4.066% 12.124% 57.145%
31-60 Days Delinquent 2.170% 0.294% 0.453% 0.864% 3.781%
61-90 Days Delinquent 1.131% 0.169% 0.277% 0.397% 1.974%
91-120 Days Delinquent 0.470% 0.096% 0.150% 0.156% 0.872%
Greater Than
120 Days Delinquent 0.839% 0.163% 0.237% 0.141% 1.380%
Deferment
Current 9.832% 0.767% 0.625% 1.492% 12.716%
Forbearance
Current 8.605% 0.753% 1.059% 1.536% 11.953%
TOTAL REPAYMENT 61.132% 5.112% 6.867% 16.710% 89.821%
Claims in Process (1) 0.089% 0.018% 0.025% 0.008% 0.140%
Aged Claims Rejected (2) 0.002% 0.002% 0.001% 0.000% 0.005%
TOTAL BY SCHOOL TYPE 69.804% 5.850% 7.403% 16.943% 100.000%
-----------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
- -------------------------------------------------------------------------------
VI. 1998-1 Interest Calculation
- -------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 44,815,777.01
B Interest Subsidy Payments Accrued During Collection Period 8,245,582.08
C SAP Payments Accrued During Collection Period 64,544.44
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 134,292.08
E Investment Earnings (ADMINISTRATOR ACT) 1,000,107.29
-----------------
F Net Expected Interest Collections $ 54,260,302.90
G Student Loan Rate
i Days in Collection Period (4/1/99-6/30/99) 91
ii Days in Year 365
iii Net Expected Interest Collections $ 54,260,302.90
iv Primary Servicing Fee $ 5,307,882.86
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $2,702,114,218.37
vii Student Loan Rate 7.26348%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.39446%
I Class A-1 Interest Rate 0.013449205 (4/26/99-7/26/99) 5.39446%
J Class A-2 T-Bill Based Interest Rate 5.44446%
K Class A-2 Interest Rate 0.013573863 (4/26/99-7/26/99) 5.44446%
L Certificate T-Bill Based Rate of Return 5.65446%
M Certificate Rate of Return 0.014097425 (4/26/99-7/26/99) 5.65446%
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
- -------------------------------------------------------------------------------
VII. 1998-1 Inputs From Previous Quarterly Servicing Reports 3/31/99
- -------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $2,656,732,804.87
ii Interest To Be Capitalized 45,381,413.50
-----------------
iii Total Pool $2,702,114,218.37
iv Specified Reserve Account Balance 6,755,285.55
-----------------
v Total Adjusted Pool $2,708,869,503.92
-----------------
-----------------
B Total Note and Certificate Factor 0.88986071774
C Total Note and Certificate Balance $2,708,869,503.92
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
D Note Balance 4/26/99 Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor 4/26/99 0.8042843406 1.0000000000 1.0000000000
ii Expected Note Balance $1,377,819,503.92 $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 $ 6,755,285.55
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
</TABLE>
7
<PAGE>
- -------------------------------------------------------------------------------
VIII. 1998-1 Waterfall for Distributions
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
---------------
<S> <C> <C> <C>
A Total Available Funds ( Sections III-F + VI-D ) $162,419,802.65 $162,419,802.65
B Primary Servicing Fees-Current Month $ 1,717,153.69 $160,702,648.96
C Administration Fee $ 20,000.00 $160,682,648.96
D Noteholder's Interest Distribution Amount
i Class A-1 $ 18,530,576.96 $142,152,072.00
ii Class A-2 $ 16,621,195.24 $125,530,876.76
---------------
iii Total Noteholder's Interest Distribution $ 35,151,772.20
E Certificateholder's Return Distribution Amount $ 1,502,080.63 $124,028,796.13
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $111,268,336.79 $ 12,760,459.34
ii Class A-2 $ 0.00 $ 12,760,459.34
---------------
iii Total Noteholder's Principal Distribution $111,268,336.79
G Certificateholder's Balance Distribution Amount $ 0.00 $ 12,760,459.34
H Increase to the Specified Reserve Account Balance $ 0.00 $ 12,760,459.34
I Carryover Servicing Fees $ 0.00 $ 12,760,459.34
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 12,760,459.34
i Class A-2 $ 0.00 $ 12,760,459.34
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 12,760,459.34
L Excess to Reserve Account $ 12,760,459.34 $ 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>
i Quarterly Interest Due $ 18,530,576.96 $ 16,621,195.24 $ 1,502,080.63
ii Quarterly Interest Paid 18,530,576.96 16,621,195.24 1,502,080.63
--------------- --------------- --------------
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 $111,268,336.79 $ 0.00 $ 0.00
viii Quarterly Principal Paid 111,268,336.79 0.00 0.00
--------------- --------------- --------------
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
-------------------------------------------------------------------------------------------------
x Total Distribution Amount $129,798,913.75 $ 16,621,195.24 $ 1,502,080.63
-------------------------------------------------------------------------------------------------
<S> <C> <C>
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 6/30/99 $2,708,869,503.92
ii Adjusted Pool Balance 6/30/99 2,597,601,167.13
-----------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 111,268,336.79
-----------------
-----------------
iv Adjusted Pool Balance 3/31/99 $2,708,869,503.92
v Adjusted Pool Balance 6/30/99 2,597,601,167.13
-----------------
vi Current Principal Due (iv-v) $ 111,268,336.79
vii Principal Shortfall from Previous Collection Period --
-----------------
viii Principal Distribution Amount (vi + vii) $ 111,268,336.79
-----------------
-----------------
ix Principal Distribution Amount Paid $ 111,268,336.79
x Principal Shortfall (viii - ix) $ --
C Total Principal Distribution $ 111,268,336.79
D Total Interest Distribution 36,653,852.83
-----------------
E Total Cash Distributions-Note and Certificates $ 147,922,189.62
<CAPTION>
-------------------------------------------------------------------------------------------------
F Note & Certificate Balances 4/26/99 7/26/99
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i A-1 Note Balance (78442GAX4) $1,377,819,503.92 $1,266,551,167.13
A-1 Note Pool Factor 0.8042843406 0.7393328861
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
-------------------------------------------------------------------------------------------------
<S> <C> <C>
G Reserve Account Reconciliation
i Beginning of Period Balance $ 6,755,285.55
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $12,760,459.34
--------------
iv Total Reserve Account Balance Available $19,515,744.89
v Required Reserve Account Balance $ 6,477,808.40
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to SLM Funding Corp. $13,037,936.49
viii Ending Reserve Account Balance $ 6,477,808.40
</TABLE>
9
<PAGE>
- -------------------------------------------------------------------------------
X. 1998-1 Historical Pool Information
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------
4/1/99-6/30/99 1/1/99-3/31/99 10/1/98-12/31/98
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Beginning Student Loan Portfolio Balance $2,656,732,804.87 $2,743,530,724.67 $2,808,644,481.18
- -----------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 69,012,176.95 $ 74,511,775.00 $ 59,210,784.80
ii Principal Collections from Guarantor 14,807,810.33 17,792,999.05 28,779,094.13
iii Principal Reimbursements 41,680,387.80 7,128,612.95 576,431.42
iv Other System Adjustments -- -- --
---------------------------------------------------------
v Total Principal Collections $ 125,500,375.08 $ 99,433,387.00 $ 88,566,310.35
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,099,058.65 $ 2,902,786.01 $ 2,798,256.97
ii Capitalized Interest (18,674,839.44) (15,538,253.21) (26,250,810.81)
--------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (16,575,780.79) $ (12,635,467.20) $ (23,452,553.84)
---------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 108,924,594.29 $ 86,797,919.80 $ 65,113,756.51
---------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 28,676,730.20 $ 29,723,371.77 $ 28,973,040.41
ii Interest Claims Received from Guarantors 891,564.24 1,130,821.40 1,974,897.18
iii Late Fee Reimbursements 499,085.27 532,516.25 449,911.41
iv Interest Reimbursements 672,287.90 111,163.80 29,866.35
v Other System Adjustments -- -- --
vi Special Allowance Payments 60,321.90 50,793.13 219,992.62
vii Subsidy Payments 8,808,687.18 10,087,539.96 10,800,581.18
--------------------------------------------------------------
viii Total Interest Collections $ 39,608,676.69 $ 41,636,206.31 $ 42,448,289.15
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,726,695.13) $ (2,552,062.59) $ (2,297,269.37)
ii Capitalized Interest 18,674,839.44 15,538,253.21 26,250,810.81
-----------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 16,948,144.31 $ 12,986,190.62 $ 23,953,541.44
-----------------------------------------------------------------
Total Student Loan Interest Activity $ 56,556,821.00 $ 54,622,396.93 $ 66,401,830.59
(=) Ending Student Loan Portfolio Balance $2,547,808,210.58 $2,656,732,804.87 $2,743,530,724.67
---------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 43,315,148.15 $ 45,381,413.50 $ 41,965,865.45
---------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $2,591,123,358.73 $2,702,114,218.37 $2,785,496,590.12
---------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 6,477,808.40 $ 6,755,285.55 $ 6,963,741.48
---------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $2,597,601,167.13 $ 2,708,869,503.92 $2,792,460,331.60
---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------
7/1/98-9/30/98 2/9/98-6/30/98
- ---------------------------------------------------------------------------------------------------
<S> <C> <C>
Beginning Student Loan Portfolio Balance $2,878,625,859.80 $2,949,265,754.91
- ---------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections
ii Principal Collections from Guarantor $ 59,792,483.40 $ 93,921,131.21
iii Principal Reimbursements 24,778,763.45 3,138,024.59
iv Other System Adjustments 153,341.40 1,814,535.76
-- --
v Total Principal Collections
---------------------------------------
Student Loan Non-Cash Principal Activity $ 84,724,588.25 $ 98,873,691.56
i Other Adjustments
ii Capitalized Interest $ 2,778,134.69 $ 3,337,507.27
(17,521,344.32) (31,571,303.72)
----------------------------------------
iii Total Non-Cash Principal Activity $ (14,743,209.63) $ (28,233,796.45)
- ---------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 69,981,378.62 $ 70,639,895.11
- ---------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 29,488,963.28 $ 44,938,562.74
ii Interest Claims Received from Guarantors 1,543,694.98 94,728.01
iii Late Fee Reimbursements 202,184.02 --
iv Interest Reimbursements 7,021.59 62,121.23
v Other System Adjustments -- --
vi Special Allowance Payments 410,248.91 372,440.71
vii Subsidy Payments 12,593,294.44 7,591,720.01
---------------------------------------
viii Total Interest Collections $ 44,245,407.22 $ 53,059,572.70
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,348,039.35) ($3,259,690.27)
ii Capitalized Interest 17,521,344.32 31,571,303.72
---------------------------------------
iii Total Non-Cash Interest Adjustments $ 15,173,304.97 $ 28,311,613.45
---------------------------------------
Total Student Loan Interest Activity $ 59,418,712.19 $ 81,371,186.15
- ---------------------------------------------------------------------------------------------------
(=) Ending Student Loan Portfolio Balance $2,808,644,481.18 $2,878,625,859.80
- ---------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 49,456,872.12 $ 48,049,973.40
- ---------------------------------------------------------------------------------------------------
(=) TOTAL POOL $2,858,101,353.30 $2,926,675,833.20
- ---------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 7,145,253.38 $ 7,497,902.00
- ---------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $2,865,246,606.68 $2,934,173,735.20
- ---------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
- -------------------------------------------------------------------------------
XI. 1998-1 Payment History and CPRs
- -------------------------------------------------------------------------------
<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%
Jul-99 $2,591,123,359 5.90%
</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: 6/30/99 Reporting Period: 4/1/99-6/30/99
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Student Loan Portfolio Characteristics 3/31/99 Activity 6/30/99
------------------------------------------------------------------------------------------------------------------------
A i Portfolio Balance $ 2,721,889,765.18 $ (117,217,814.40) $ 2,604,671,950.78
ii Interest to be Capitalized 40,746,596.16 41,245,908.42
--------------------------- ---------------------------
iii Total Pool $ 2,762,636,361.34 $ 2,645,917,859.20
iv Specified Reserve Account Balance 6,906,590.90 6,614,794.65
--------------------------- ---------------------------
v Total Adjusted Pool $ 2,769,542,952.24 $2,652,532,653.85
--------------------------- ---------------------------
--------------------------- ---------------------------
B i Weighted Average Coupon (WAC) 8.2924% 8.2984%
ii Weighted Average Remaining Term 121.53 120.12
iii Number of Loans 683,222 654,388
iv Number of Borrowers 319,813 306,537
------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 4/26/99 % of Pool Balance 7/26/99 % of Pool
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GBA3 0.68% $ 1,426,732,952.24 51.515% $ 1,309,722,653.85 49.376%
ii A-2 Notes 78442GBB1 0.73% 1,237,060,000.00 44.667% 1,237,060,000.00 46.637%
iii Certificates 78442GBC9 0.95% 105,750,000.00 3.818% 105,750,000.00 3.987%
------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 2,769,542,952.24 100.000% $2,652,532,653.85 100.000%
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
Reserve Account 4/26/99 7/26/99
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 6,906,590.90 $ 6,614,794.65
iv Reserve Account Floor Balance ($) $ 3,006,252.00 $ 3,006,252.00
v Current Reserve Acct Balance ($) $ 6,906,590.90 $ 6,614,794.65
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
II. 1998-2 Transactions from: 4/1/99 through: 6/30/99
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 80,772,738.95
ii Principal Collections from Guarantor 15,666,886.33
iii Principal Reimbursements 34,383,459.84
iv Other System Adjustments 0.00
-------------------------
v Total Principal Collections $130,823,085.12
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,584,147.77
ii Capitalized Interest (15,189,418.49)
-------------------------
iii Total Non-Cash Principal Activity $ (13,605,270.72)
-------------------------------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 117,217,814.40
-------------------------------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 32,097,988.26
ii Interest Claims Received from Guarantors 1,013,490.62
iii Late Fee Reimbursements 542,090.62
iv Interest Reimbursements 581,329.41
v Other System Adjustments 0.00
vi Special Allowance Payments 84,053.70
vii Subsidy Payments 7,539,221.63
-------------------------
viii Total Interest Collections $ 41,858,174.24
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,237,472.92)
ii Capitalized Interest 15,189,418.49
-------------------------
iii Total Non-Cash Interest Adjustments $ 13,951,945.57
-------------------------------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 55,810,119.81
-------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
III. 1998-2 Collection Account Activity 4/1/99 through 6/30/99
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $ 96,439,625.28
ii Cash Forwarded by Administrator on behalf of Seller 3,396.70
iii Cash Forwarded by Administrator on behalf of Servicer (35,041.05)
iv Cash Forwarded by Administrator for Consolidation Activity 34,415,104.19
--------------------
v Total Principal Collections $130,823,085.12
B Interest Collections
i Interest Payments Received-Cash $ 40,734,754.21
ii Cash Forwarded by Administrator on behalf of Seller 12,325.60
iii Cash Forwarded by Administrator on behalf of Servicer 6,762.04
iv Cash Forwarded by Administrator for Consolidation Activity 562,241.77
v Cash Forwarded by Administrator for Late Fee Activity 542,090.62
--------------------
vi Total Interest Collections $ 41,858,174.24
C Other Reimbursements $ 317,159.82
D Administrator Account Investment Income $ 1,095,308.89
E Return funds borrowed for previous distribution $ -
F TOTAL FUNDS RECEIVED $174,093,728.07
LESS FUNDS PREVIOUSLY REMITTED:
Servicing Fees ($3,646,428.61)
Consolidation Loan Rebate Fees ($1,073,317.00)
----------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $169,373,982.46
----------------------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Primary Servicing Fee - Non-Consolidation Loans $1,531,978.52
ii Primary Servicing Fee - Consolidation Loans $250,561.53
H Servicing Fees Due for Current Period $1,782,540.05
Less: Servicing ADJ [A iii + B iii] $28,279.01
I Carryover Servicing Fees Due $0.00
J Administration Fees Due $ 20,000.00
----------------------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,830,819.06
----------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------
IV. 1998-2 Portfolio Characteristics
- -----------------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- -----------------------------------------------------------------------------------------------------
STATUS 3/31/99 6/30/99 3/31/99 6/30/99 3/31/99 6/30/99
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.712% 7.714% 66,744 47,652 9.769% 7.282%
Grace
Current 7.747% 7.712% 13,480 22,180 1.973% 3.389%
- -----------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.717% 7.713% 80,224 69,832 11.742% 10.671%
- -----------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.420% 8.417% 407,076 406,261 59.582% 62.083%
31-60 Days Delinquent 8.444% 8.439% 20,809 21,773 3.046% 3.327%
61-90 Days Delinquent 8.404% 8.403% 12,122 11,267 1.774% 1.722%
91-120 Days Delinquent 8.357% 8.392% 5,794 5,346 0.848% 0.817%
Greater than 120 Days Delinquent 8.345% 8.338% 6,133 7,261 0.898% 1.110%
Deferment
Current 8.146% 8.142% 77,131 69,242 11.289% 10.581%
Forbearance
Current 8.350% 8.352% 68,837 61,806 10.075% 9.445%
- -----------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.375% 8.376% 597,902 582,956 87.512% 89.084%
- -----------------------------------------------------------------------------------------------------
Claims in Process (1) 8.328% 8.306% 5096 1,578 0.746% 0.241%
Aged Claims Rejected (2) 0.000% 8.455% 0 22 0.000% 0.003%
- -----------------------------------------------------------------------------------------------------
GRAND TOTAL 8.292% 8.298% 683,222 654,388 100.000% 100.000%
- -----------------------------------------------------------------------------------------------------
<CAPTION>
- ---------------------------------------------------------------------------------------------------
IV. 1998-2 Portfolio Characteristics
- ---------------------------------------------------------------------------------------------------
Principal Amount %
- ----------------------------------------------------------------------------------------------------
STATUS 3/31/99 6/30/99 3/31/99 6/30/99
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 278,081,261.22 $ 188,237,781.49 10.217% 7.227%
Grace
Current $ 46,493,198.69 $ 99,710,841.97 1.708% 3.828%
- ----------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 324,574,459.91 $ 287,948,623.46 11.925% 11.055%
- ----------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 1,566,106,668.00 $1,557,109,864.62 57.537% 59.781%
31-60 Days Delinquent $ 86,779,879.13 $ 86,310,345.12 3.188% 3.314%
61-90 Days Delinquent $ 48,389,676.62 $ 42,872,555.75 1.778% 1.646%
91-120 Days Delinquent $ 22,152,254.71 $ 20,417,289.22 0.814% 0.784%
Greater than 120 Days Delinquent $ 19,697,803.60 $ 24,231,100.81 0.724% 0.930%
Deferment
Current $ 302,155,207.38 $ 272,426,590.57 11.101% 10.459%
Forbearance
Current $ 338,849,645.88 $ 309,299,845.33 12.449% 11.875%
- ----------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 2,384,131,135.32 $2,312,667,591.42 87.591% 88.789%
- ----------------------------------------------------------------------------------------------------
Claims in Process (1) $ 13,184,169.95 $ 3,990,896.67 0.484% 0.153%
Aged Claims Rejected (2) $ - $ 64,839.23 0.000% 0.003%
- ----------------------------------------------------------------------------------------------------
GRAND TOTAL $ 2,721,889,765.18 $2,604,671,950.78 100.000% 100.000%
- ----------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
V. 1998-2 Portfolio Characteristics by School and Program 6/30/99
- --------------------------------------------------------------------------------------------------------------
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 3.935% 2.604% 0.000% 0.000% 0.000% 0.000%
Grace
Current 2.041% 1.420% 0.000% 0.000% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 5.976% 4.024% 0.000% 0.000% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 21.257% 6.902% 0.045% 0.133% 5.032% 3.297%
31-60 Days Delinquent 0.960% 0.290% 0.002% 0.004% 0.206% 0.129%
61-90 Days Delinquent 0.517% 0.153% 0.002% 0.003% 0.069% 0.062%
91-120 Days Delinquent 0.247% 0.088% 0.000% 0.003% 0.017% 0.030%
Greater than 120 Days
Delinquent 0.319% 0.104% 0.000% 0.001% 0.025% 0.042%
Deferment
Current 4.731% 1.708% 0.006% 0.009% 0.567% 1.049%
Forbearance
Current 4.652% 2.089% 0.003% 0.015% 0.279% 1.740%
- --------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 32.683% 11.334% 0.058% 0.168% 6.195% 6.349%
- --------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.054% 0.016% 0.000% 0.000% 0.007% 0.008%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 38.714% 15.374% 0.058% 0.168% 6.202% 6.357%
- --------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 66.873%
- --------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
V. 1998-2 Portfolio Characteristics by School and Program 6/30/99
- -----------------------------------------------------------------------------------------------------------------
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 0.321% 0.173% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.168% 0.096% 0.000% 0.000% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.489% 0.269% 0.000% 0.000% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.691% 0.604% 0.002% 0.008% 0.226% 0.120%
31-60 Days Delinquent 0.169% 0.051% 0.000% 0.000% 0.012% 0.010%
61-90 Days Delinquent 0.107% 0.032% 0.000% 0.000% 0.005% 0.008%
91-120 Days Delinquent 0.050% 0.019% 0.000% 0.000% 0.003% 0.002%
Greater than 120 Days
Delinquent 0.084% 0.033% 0.000% 0.000% 0.002% 0.004%
Deferment
Current 0.396% 0.167% 0.001% 0.002% 0.017% 0.029%
Forbearance
Current 0.416% 0.174% 0.001% 0.002% 0.014% 0.056%
- --------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 2.913% 1.080% 0.004% 0.012% 0.279% 0.229%
- --------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.014% 0.005% 0.000% 0.000% 0.000% 0.001%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 3.417% 1.354% 0.004% 0.012% 0.279% 0.230%
- --------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 5.296%
- --------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------
TECHNICAL SCHOOLS
---------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
---------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 0.091% 0.075% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.054% 0.043% 0.000% 0.000% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.145% 0.118% 0.000% 0.000% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.388% 0.976% 0.002% 0.010% 0.364% 0.119%
31-60 Days Delinquent 0.164% 0.105% 0.000% 0.002% 0.018% 0.014%
61-90 Days Delinquent 0.103% 0.058% 0.000% 0.001% 0.007% 0.009%
91-120 Days Delinquent 0.054% 0.032% 0.000% 0.000% 0.003% 0.006%
Greater than 120 Days Delinquent 0.084% 0.046% 0.000% 0.000% 0.004% 0.005%
Deferment
Current 0.211% 0.134% 0.000% 0.001% 0.013% 0.023%
Forbearance
Current 0.338% 0.239% 0.001% 0.003% 0.021% 0.031%
- --------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 2.342% 1.590% 0.003% 0.017% 0.430% 0.207%
- --------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.017% 0.010% 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 2.504% 1.718% 0.003% 0.017% 0.431% 0.209%
- --------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 4.882%
- --------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------
UNKNOWN
-----------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
-----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 0.017% 0.011% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.004% 0.002% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.021% 0.013% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 0.077% 0.035% 4.855% 12.618% 0.008% 0.012%
31-60 Days Delinquent 0.008% 0.004% 0.343% 0.822% 0.000% 0.001%
61-90 Days Delinquent 0.003% 0.001% 0.146% 0.359% 0.000% 0.001%
91-120 Days Delinquent 0.001% 0.000% 0.069% 0.160% 0.000% 0.000%
Greater than 120 Days
Delinquent 0.002% 0.002% 0.052% 0.120% 0.000% 0.001%
Deferment
Current 0.035% 0.016% 0.440% 0.892% 0.001% 0.011%
Forbearance
Current 0.021% 0.009% 0.520% 1.241% 0.001% 0.009%
- -----------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 0.147% 0.067% 6.425% 16.212% 0.010% 0.035%
- -----------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.002% 0.000% 0.003% 0.013% 0.000% 0.000%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.001% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 0.170% 0.080% 6.428% 16.226% 0.010% 0.035%
- -----------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 2.949%
- -----------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes clai ms 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 6.539% 0.494% 0.166% 0.028% 7.227%
Grace
Current 3.461% 0.264% 0.097% 0.006% 3.828%
--------------------------------------------------------------------------------------------------------
TOTAL INTERIM 10.000% 0.758% 0.263% 0.034% 11.055%
--------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 36.666% 2.651% 2.859% 17.605% 59.781%
31-60 Days Delinquent 1.591% 0.242% 0.303% 1.178% 3.314%
61-90 Days Delinquent 0.806% 0.152% 0.178% 0.510% 1.646%
91-120 Days Delinquent 0.385% 0.074% 0.095% 0.230% 0.784%
Greater than 120 Days
Delinquent 0.491% 0.123% 0.139% 0.177% 0.930%
Deferment
Current 8.070% 0.612% 0.382% 1.395% 10.459%
Forbearance
Current 8.778% 0.663% 0.633% 1.801% 11.875%
--------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 56.787% 4.517% 4.589% 22.896% 88.789%
--------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.085% 0.020% 0.030% 0.018% 0.153%
Aged Claims Rejected (2) 0.001% 0.001% 0.000% 0.001% 0.003%
--------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 66.873% 5.296% 4.882% 22.949% 100.000%
--------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
VI. 1998-2 Interest Calculation
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Borrower Interest Accrued During Collection Period $ 47,469,635.42
B Interest Subsidy Payments Accrued During Collection Period 7,087,090.21
C SAP Payments Accrued During Collection Period 95,929.36
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 141,830.62
E Investment Earnings (ADMINISTRATOR ACT) 1,095,308.89
-----------------
F NET EXPECTED INTEREST COLLECTIONS $ 55,889,794.50
G STUDENT LOAN RATE
i Days in Collection Period (4/1/99-6/30/99) 91
ii Days in Year 365
iii Net Expected Interest Collections $ 55,889,794.50
iv Primary Servicing Fee $ 5,428,968.66
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $2,762,636,361.34
vii Student Loan Rate 7.32335%
<CAPTION>
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.36446%
I CLASS A-1 INTEREST RATE 0.013374411 (4/26/99-7/26/99) 5.36446%
J Class A-2 T-Bill Based Interest Rate 5.41446%
K Class A-2 Interest Rate 0.013499068 (4/26/99-7/26/99) 5.41446%
L Certificate T-Bill Based Rate of Return 5.63446%
M CERTIFICATE RATE OF RETURN 0.014047562 (4/26/99-7/26/99) 5.63446%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
VII. 1998-2 Inputs From Previous Quarterly Servicing Reports 3/31/99
- -----------------------------------------------------------------------------------------------------
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 2,721,889,765.18
ii Interest To Be Capitalized 40,746,596.16
---------------------
iii Total Pool $ 2,762,636,361.34
iv Specified Reserve Account Balance 6,906,590.90
---------------------
v Total Adjusted Pool $ 2,769,542,952.24
---------------------
---------------------
B Total Note and Certificate Factor 0.91667564260
C Total Note and Certificate Balance $ 2,769,542,952.24
----------------------------------------------------------------------------------------------------------------------
<CAPTION>
D NOTE BALANCE 4/26/99 CLASS A-1 CLASS A-2 CERTIFICATES
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor 4/26/99 0.8500148660 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,426,732,952.24 $ 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 $ 6,906,590.90
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
VIII. 1998-2 Waterfall for Distributions
- ------------------------------------------------------------------------------------------------------------------------------------
REMAINING
FUNDS BALANCE
--------------------
<S> <C> <C>
A Total Available Funds ( Sections III-F + VI-D ) $ 169,515,813.08 $ 169,515,813.08
B Primary Servicing Fees-Current Month $ 1,810,819.06 $ 167,704,994.02
C Administration Fee $ 20,000.00 $ 167,684,994.02
D Noteholder's Interest Distribution Amount
i Class A-1 $ 19,081,712.89 $ 148,603,281.13
ii Class A-2 $ 16,699,157.06 $ 131,904,124.07
iii Total Noteholder's Interest Distribution $ 35,780,869.95
E Certificateholder's Return Distribution Amount $ 1,485,529.68 $ 130,418,594.39
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 117,010,298.39 $ 13,408,296.00
ii Class A-2 $ 0.00 $ 13,408,296.00
iii Total Noteholder's Principal Distribution $ 117,010,298.39
G Certificateholder's Balance Distribution Amount $ 0.00 $ 13,408,296.00
H Increase to the Specified Reserve Account Balance $ 0.00 $ 13,408,296.00
I Carryover Servicing Fees $ 0.00 $ 13,408,296.00
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 13,408,296.00
i Class A-2 $ 0.00 $ 13,408,296.00
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 13,408,296.00
L Excess to Reserve Account $ 13,408,296.00 $ 0.00
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
IX. 1998-2 Distributions
- -----------------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 19,081,712.89 $ 16,699,157.06 $ 1,485,529.68
ii Quarterly Interest Paid 19,081,712.89 16,699,157.06 1,485,529.68
--------------- --------------- --------------
iii Interest Shortfall $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00 0.00
--------------- --------------- --------------
vi Interest Carryover $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 117,010,298.39 $ 0.00 $ 0.00
viii Quarterly Principal Paid 117,010,298.39 0.00 0.00
--------------- --------------- --------------
ix Quarterly Principal Shortfall $ (0.00) $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 136,092,011.28 $ 16,699,157.06 $ 1,485,529.68
---------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 6/30/99 $ 2,769,542,952.24
ii Adjusted Pool Balance 6/30/99 2,652,532,653.85
--------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 117,010,298.39
--------------------
--------------------
iv Adjusted Pool Balance 3/31/99 $ 2,769,542,952.24
v Adjusted Pool Balance 6/30/99 2,652,532,653.85
--------------------
vi Current Principal Due (iv-v) $ 117,010,298.39
vii Principal Shortfall from Previous Collection Period -
--------------------
viii Principal Distribution Amount (vi + vii) $ 117,010,298.39
--------------------
--------------------
ix Principal Distribution Amount Paid $ 117,010,298.39
x Principal Shortfall (viii - ix) $ (0.00)
C Total Principal Distribution $ 117,010,298.39
D Total Interest Distribution 37,266,399.63
--------------------
E Total Cash Distributions-Note and Certificates $ 154,276,698.02
<CAPTION>
---------------------------------------------------------------------------------------------------
F Note & Certificate Balances 4/26/99 7/26/99
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i A-1 Note Balance (78442GBA3) $ 1,426,732,952.24 $ 1,309,722,653.85
A-1 Note Pool Factor 0.8500148660 0.7803028060
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 $ 6,906,590.90
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 13,408,296.00
------------------------
iv Total Reserve Account Balance Available $ 20,314,886.90
v Required Reserve Account Balance $ 6,614,794.65
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp. $ 13,700,092.25
viii Ending Reserve Account Balance $ 6,614,794.65
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
X. 1998-2 Historical Pool Information
- -----------------------------------------------------------------------------------------------------------
4/1/99-6/30/99 1/1/99-3/31/99
-------------------------------------------------------------------------------------------------------
<S> <C> <C>
Beginning Student Loan Portfolio Balance $2,721,889,765.18 $ 2,823,690,030.91
-------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 80,772,738.95 $ 89,499,580.73
ii Principal Collections from Guarantor 15,666,886.33 16,134,520.97
iii Principal Reimbursements 34,383,459.84 6,194,442.22
iv Other System Adjustments - -
---------------------------------------------
v Total Principal Collections $ 130,823,085.12 $ 111,828,543.92
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,584,147.77 $ 2,059,822.51
ii Capitalized Interest (15,189,418.49) (12,088,100.70)
---------------------------------------------
iii Total Non-Cash Principal Activity $ (13,605,270.72) $ (10,028,278.19)
-------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 117,217,814.40 $ 101,800,265.73
-------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 32,097,988.26 $ 33,566,214.64
ii Interest Claims Received from Guarantors 1,013,490.62 1,031,494.31
iii Late Fee Reimbursements 542,090.62 596,158.99
iv Interest Reimbursements 581,329.41 88,460.38
v Other System Adjustments - -
vi Special Allowance Payments 84,053.70 70,951.68
vii Subsidy Payments 7,539,221.63 9,124,398.31
---------------------------------------------
viii Total Interest Collections $ 41,858,174.24 $ 44,477,678.31
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,237,472.92) $ (1,781,819.86)
ii Capitalized Interest 15,189,418.49 12,088,100.70
---------------------------------------------
iii Total Non-Cash Interest Adjustments $ 13,951,945.57 $ 10,306,280.84
---------------------------------------------
Total Student Loan Interest Activity $ 55,810,119.81 $ 54,783,959.15
(=) Ending Student Loan Portfolio Balance $ 2,604,671,950.78 $2,721,889,765.18
-------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 41,245,908.42 $ 40,746,596.16
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 2,645,917,859.20 $ 2,762,636,361.34
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 6,614,794.65 $ 6,906,590.90
-------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 2,652,532,653.85 $ 2,769,542,952.24
-------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------
10/1/98-12/31/98 5/25/98-9/30/98
-------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Beginning Student Loan Portfolio Balance $ 2,884,241,095.20 $ 2,955,578,269.52
-------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 73,398,235.76 $ 99,781,470.14
ii Principal Collections from Guarantor 7,885,185.64 2,128,047.15
iii Principal Reimbursements 714,930.03 970,064.09
iv Other System Adjustments - -
---------------------------------------------------
v Total Principal Collections $ 81,998,351.43 $ 102,879,581.38
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,935,559.76 $ 3,355,139.09
ii Capitalized Interest (23,382,846.90) (34,897,546.15)
---------------------------------------------------
iii Total Non-Cash Principal Activity $ (21,447,287.14) $ (31,542,407.06)
-------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 60,551,064.29 $ 71,337,174.32
-------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 32,921,560.24 $ 46,221,267.99
ii Interest Claims Received from Guarantors 458,144.52 50,657.73
iii Late Fee Reimbursements 499,583.91 182,082.85
iv Interest Reimbursements 11,125.28 22,196.97
v Other System Adjustments - -
vi Special Allowance Payments 317,399.02 226,710.99
vii Subsidy Payments 9,964,075.42 5,059,708.37
---------------------------------------------------
viii Total Interest Collections $ 44,171,888.39 $ 51,762,624.90
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,871,905.30) $ (3,237,967.33)
ii Capitalized Interest 23,382,846.90 34,897,546.15
---------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 21,510,941.60 $ 31,659,578.82
---------------------------------------------------
Total Student Loan Interest Activity $ 65,682,829.99 $ 83,422,203.72
(=) Ending Student Loan Portfolio Balance $ 2,823,690,030.91 $ 2,884,241,095.20
-------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 35,151,420.12 $ 40,537,081.96
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $2,858,841,451.03 $2,924,778,177.16
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 7,147,103.63 $ 7,311,945.44
-------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 2,865,988,554.66 $ 2,932,090,122.60
-------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------
XI. 1998-2 PAYMENT HISTORY AND CPRS
- -----------------------------------------------------------------------
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
---- ------------- -----
<S> <C> <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%
Jul-99 $ 2,645,917,859 6.18%
</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
