<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): October 25, 1999
SLM FUNDING CORPORATION
-----------------------
formerly known as SALLIE MAE FUNDING CORPORATION
(Exact name of registrant as specified in its charter)
(Originator of the Sallie Mae Student Loan Trust 1995-1,
the Sallie Mae Student Loan Trust 1996-1,
the SLM Student Loan Trust 1996-2,
the SLM Student Loan Trust 1996-3,
the SLM Student Loan Trust 1996-4,
the SLM Student Loan Trust 1997-1,
the SLM Student Loan Trust 1997-2,
the SLM Student Loan Trust 1997-3,
the SLM Student Loan Trust 1997-4,
the SLM Student Loan Trust 1998-1
the SLM Student Loan Trust 1998-2
the SLM Student Loan Trust 1999-1
and the SLM Student Loan Trust 1999-2)
Delaware 33-95474/333-2502/333-24949/333-44465 23-2815650
- -------- ------------------------------------- ----------
(State or other (Commission File Numbers) (I.R.S. employer
Jurisdiction of Identification No.)
Incorporation)
777 Twin Creek Drive
Killeen, Texas 76543
----------------------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (817) 554-4500
Page 1 of 4
Exhibit Index appears on Page 4
<PAGE>
Item 5. Other Events
On October 25, 1999, the Sallie Mae Student Loan Trust 1995-1 made
its sixteenth, the Sallie Mae Student Loan Trust 1996-1 made its fifteenth, the
SLM Student Loan Trust 1996-2 made its fourteenth, the SLM Student Loan Trust
1996-3 made its thirteenth, the SLM Student Loan Trust 1996-4 made its twelfth,
the SLM Student Loan Trust 1997-1 made its eleventh, the SLM Student Loan Trust
1997-2 made its tenth, the SLM Student Loan Trust 1997-3 made its ninth, the SLM
Student Loan Trust 1997-4 made its seventh, the SLM Student Loan Trust 1998-1
made its sixth, the SLM Student Loan Trust 1998-2 made its fifth, the SLM
Student Loan Trust 1999-1 made its first, and the SLM Student Loan Trust 1999-2
made its first, regular quarterly distribution of funds to holders of their
respective Floating Rate Student Loan-Backed Notes and distributed their
respective Quarterly Servicing Reports dated as of October 25, 1999, filed
herewith as an Exhibit to this Form 8-K, to Certificateholders and Noteholders
of record.
The Registrant is hereby filing the Quarterly Servicing Reports
reflecting each Trust's activities for the period ended October 25, 1999.
Regulatory Developments
In the fourth quarter of 1999, the Bundesaufsichtsamt Fur Das
Kreditwesen of Germany and the Swiss Federal Banking Commission 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, the banking
regulators agreed that the Registrant's senior student loan-backed securities
may be assigned to the 20 percent and to the 25 percent risk categories,
respectively. Regulated financial institutions in the respective countries can
assign the Registrant's senior asset-backed securities to the more favorable
risk weight categories 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 2 of 4
Exhibit Index appears on Page 4
<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: November 8, 1999
SLM FUNDING CORPORATION
By: /s/ J. Lance Franke
------------------------------
Name: J. Lance Franke
Title: Chief Financial Officer
Page 3 of 4
Exhibit Index appears on Page 4
<PAGE>
INDEX TO EXHIBIT
Sequentially
Exhibit Numbered
Number Exhibit Page
19.1 Quarterly Servicing Reports. 4
Page 4 of 4
Exhibit Index appears on Page 4
<PAGE>
EXHIBIT 19.1
Sallie Mae Student Loan Trust 1995-1
Quarterly Servicing Report
Report Date: 09/30/1999 Reporting Period: 7/1/99-9/30/99
I. Deal Parameters
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 06/30/1999 Activity 09/30/1999
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 413,683,905.12 $ (24,120,044.80) $ 389,563,860.32
ii Interest to be Capitalized 1,145,213.69 991,638.51
---------------- -----------------
iii Total Pool $ 414,829,118.81 $ 390,555,498.83
================ =================
B i Weighted Average Coupon (WAC) 8.2983% 7.8366%
ii Weighted Average Remaining Term 68.16 66.98
iii Number of Loans 259,607 247,255
iv Number of Borrowers 109,322 103,756
--------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 7/26/99 % of Pool 10/25/1999 % of Pool
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 795452AA9 0.575% $ 164,829,118.81 39.734% $ 140,555,498.83 35.989%
ii A-2 Notes 795452AB7 0.750% 215,000,000.00 51.829% 215,000,000.00 55.049%
iii Certificates 795452AC5 1.000% 35,000,000.00 8.437% 35,000,000.00 8.962%
--------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 414,829,118.81 100.000% $ 390,555,498.83 100.000%
==============================================================================================================
<CAPTION>
--------------------------------------------------------------------------------------------------
Reserve Account 07/26/1999 10/25/1999
--------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.50% 0.50%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,074,145.59 $ 1,952,777.49
iv Reserve Account Floor Balance ($) $ 1,000,000.00 $ 1,000,000.00
v Current Reserve Acct Balance ($) $ 2,074,145.59 $ 1,952,777.49
- ---------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
II. 1995-1 Transactions from: 7/01/1999 through: 9/30/1999
A Student Loan Principal Activity
i Regular Principal Collections $23,430,078.23
ii Principal Collections from Guarantor 705,826.14
iii Principal Reimbursements 1,016,387.80
iv Other System Adjustments 0.00
--------------
v Total Principal Collections $25,152,292.17
B Student Loan Non-Cash Principal Activity
i Other Adjustments $122,231.67
ii Capitalized Interest (1,154,479.04)
--------------
iii Total Non-Cash Principal Activity $(1,032,247.37)
-----------------------------------------------------------------
C Total Student Loan Principal Activity $24,120,044.80
-----------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 6,349,869.87
ii Interest Claims Received from Guarantors 36,946.65
iii Late Fee Reimbursements 164,187.69
iv Interest Reimbursements 11,941.14
v Other System Adjustments 0.00
vi Special Allowance Payments 24,240.82
vii Subsidy Payments 680,197.12
--------------
viii Total Interest Collections $ 7,267,383.29
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $(114,032.28)
ii Capitalized Interest 1,154,479.04
--------------
iii Total Non-Cash Interest Adjustments $ 1,040,446.76
-----------------------------------------------------------------
F Total Student Loan Interest Activity $ 8,307,830.05
-----------------------------------------------------------------
2
<PAGE>
III. 1995-1 Collection Account Activity 7/01/1999 through 09/30/1999
<TABLE>
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $ 24,135,904.37
ii Cash Forwarded by Administrator on behalf of Seller 33,783.43
iii Cash Forwarded by Administrator on behalf of Servicer 3,547.09
iv Cash Forwarded by Administrator for Consolidation Activity 979,057.28
---------------
v Total Principal Collections $ 25,152,292.17
B Interest Collections
i Interest Payments Received-Cash $ 7,091,254.46
ii Cash Forwarded by Administrator on behalf of Seller 851.96
iii Cash Forwarded by Administrator on behalf of Servicer 1,019.40
iv Cash Forwarded by Administrator for Consolidation Activity 10,069.78
v Cash Forwarded by Administrator for Late Fee Activity 164,187.69
---------------
vi Total Interest Collections $ 7,267,383.29
C Other Reimbursements $ 258,750.07
D Administrator Account Investment Income $ 243,640.48
E TOTAL FUNDS RECEIVED $ 32,922,066.01
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (693,638.40)
-------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 32,228,427.61
-------------------------------------------------------------------------------------------
F Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 337,680.00
ii Percentage of Principal Calculation $ 499,431.02
iii Lesser of Unit or Principal Calculation $ 337,680.00
G Servicing Fees Due for Current Period $ 337,680.00
H Carryover Servicing Fees Due $ 493,949.69
JUL 1999 Servicing Carryover $170,721.84
AUG 1999 Servicing Carryover $166,043.32
SEP 1999 Servicing Carryover $161,751.02
------------
$ 498,516.18
Less: Servicing ADJ [A iii + B iii] ($4,566.49)
------------
Carryover Servicing Fee Due $ 493,949.69
============
I Administration Fees Due $ 20,000.00
-------------------------------------------------------------------------------------------
J Total Fees Due for Period $ 851,629.69
-------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
IV. 1995-1 Portfolio Characteristics
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans % Principal Amount
- ------------------------------------------------------------------------------------------------------------------------------------
STATUS 06/30/1999 09/30/1999 06/30/1999 09/30/1999 06/30/1999 09/30/1999 06/30/1999 09/30/1999
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 8.151% 7.767% 112 87 0.043% 0.035% $ 223,521.09 $ 181,181.88
Grace
Current 8.127% 7.745% 53 68 0.020% 0.028% $ 111,700.85 $ 114,281.23
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.143% 7.759% 165 155 0.063% 0.063% $ 335,221.94 $ 295,463.11
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.298% 7.840% 216,288 201,740 83.314% 81.592% $330,029,676.14 $303,169,866.88
31-60 Days Delinquent 8.315% 7.848% 8,618 8,560 3.320% 3.462% $ 15,439,627.85 $ 15,051,385.62
61-90 Days Delinquent 8.297% 7.836% 3,608 3,334 1.390% 1.348% $ 7,108,569.80 $ 6,416,146.95
91-120 Days Delinquent 8.314% 7.827% 1,199 2,008 0.462% 0.812% $ 2,496,973.74 $ 3,681,698.31
> 120 Days Delinquent 8.316% 7.831% 1,733 2,513 0.668% 1.016% $ 3,298,114.10 $ 4,632,665.10
Deferment
Current 8.299% 7.809% 17,776 17,989 6.847% 7.276% $ 33,442,522.63 $ 32,986,692.90
Forbearance
Current 8.293% 7.829% 9,944 10,662 3.830% 4.312% $ 21,142,945.70 $ 22,853,754.42
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.298% 7.837% 259,166 246,806 99.831% 99.818% $412,958,429.96 $388,792,210.18
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.348% 7.842% 275 294 0.106% 0.119% $ 389,617.13 $ 476,187.03
Aged Claims Rejected (2) 8.260% 0.000% 1 -- 0.000% 0.000% $ 636.09 $ --
- ------------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.298% 7.837% 259,607 247,255 100.000% 100.000% $413,683,905.12 $389,563,860.32
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------
%
- -----------------------------------------------------
STATUS 06/30/1999 09/30/1999
- -----------------------------------------------------
<S> <C> <C>
INTERIM:
In School
Current 0.054% 0.047%
Grace
Current 0.027% 0.029%
- -----------------------------------------------------
TOTAL INTERIM 0.081% 0.076%
- -----------------------------------------------------
REPAYMENT
Active
Current 79.778% 77.823%
31-60 Days Delinquent 3.732% 3.864%
61-90 Days Delinquent 1.719% 1.647%
91-120 Days Delinquent 0.604% 0.945%
> 120 Days Delinquent 0.797% 1.189%
Deferment
Current 8.084% 8.468%
Forbearance
Current 5.111% 5.866%
- -----------------------------------------------------
TOTAL REPAYMENT 99.825% 99.802%
- -----------------------------------------------------
Claims in Process (1) 0.094% 0.122%
Aged Claims Rejected (2) 0.000% 0.000%
- -----------------------------------------------------
GRAND TOTAL 100.000% 100.000%
- -----------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
V. 1995-1 Portfolio Characteristics by School and Program 9/30/99
<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 0.035% 0.002% 0.000% 0.000% 0.005% 0.001% 0.000% 0.000%
Grace
Current 0.021% 0.003% 0.000% 0.000% 0.005% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.056% 0.005% 0.000% 0.000% 0.010% 0.001% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 51.911% 3.318% 9.546% 0.000% 4.232% 0.291% 0.865% 0.000%
31-60 Days Delinquent 2.114% 0.123% 0.539% 0.000% 0.403% 0.027% 0.045% 0.000%
61-90 Days Delinquent 0.902% 0.059% 0.187% 0.000% 0.193% 0.010% 0.025% 0.000%
91-120 Days Delinquent 0.501% 0.037% 0.078% 0.000% 0.110% 0.008% 0.012% 0.000%
> 120 Days Delinquent 0.550% 0.040% 0.077% 0.000% 0.162% 0.012% 0.018% 0.000%
Deferment
Current 6.278% 0.434% 0.456% 0.000% 0.613% 0.065% 0.045% 0.000%
Forbearance
Current 3.250% 0.234% 0.559% 0.000% 0.680% 0.041% 0.046% 0.000%
- -----------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 65.506% 4.245% 11.442% 0.000% 6.393% 0.454% 1.056% 0.000%
- -----------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.060% 0.006% 0.018% 0.000% 0.011% 0.001% 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 65.622% 4.256% 11.460% 0.000% 6.414% 0.456% 1.057% 0.000%
- -----------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 81.338% 7.927%
- -----------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 0.003% 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.003% 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 5.145% 0.365% 1.870% 0.000% 0.235% 0.004% 0.041% 0.000%
31-60 Days Delinquent 0.465% 0.037% 0.105% 0.000% 0.005% 0.000% 0.001% 0.000%
61-90 Days Delinquent 0.191% 0.015% 0.060% 0.000% 0.005% 0.000% 0.000% 0.000%
91-120 Days Delinquent 0.159% 0.015% 0.021% 0.000% 0.004% 0.000% 0.000% 0.000%
> 120 Days Delinquent 0.283% 0.018% 0.026% 0.000% 0.002% 0.000% 0.001% 0.000%
Deferment
Current 0.464% 0.040% 0.049% 0.000% 0.021% 0.001% 0.002% 0.000%
Forbearance
Current 0.830% 0.061% 0.132% 0.000% 0.025% 0.004% 0.004% 0.000%
- ----------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.537% 0.551% 2.263% 0.000% 0.297% 0.009% 0.049% 0.000%
- ----------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.017% 0.001% 0.007% 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 7.557% 0.553% 2.270% 0.000% 0.297% 0.009% 0.049% 0.000%
- ----------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 10.380% 0.355%
- ----------------------------------------------------------------------------------------------------------
</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 0.037% 0.006% 0.004% 0.000% 0.047%
Grace
Current 0.024% 0.005% 0.000% 0.000% 0.029%
- ----------------------------------------------------------------------------------------
TOTAL INTERIM 0.061% 0.011% 0.004% 0.000% 0.076%
- ----------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 64.775% 5.388% 7.380% 0.280% 77.823%
31-60 Days Delinquent 2.776% 0.475% 0.607% 0.006% 3.864%
61-90 Days Delinquent 1.148% 0.228% 0.266% 0.005% 1.647%
91-120 Days Delinquent 0.616% 0.130% 0.195% 0.004% 0.945%
> 120 Days Delinquent 0.667% 0.192% 0.327% 0.003% 1.189%
Deferment
Current 7.168% 0.723% 0.553% 0.024% 8.468%
Forbearance
Current 4.043% 0.767% 1.023% 0.033% 5.866%
- ----------------------------------------------------------------------------------------
TOTAL REPAYMENT 81.193% 7.903% 10.351% 0.355% 99.802%
- ----------------------------------------------------------------------------------------
Claims in Process (1) 0.084% 0.013% 0.025% 0.000% 0.122%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 81.338% 7.927% 10.380% 0.355% 100.000%
- ----------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
VI. 1995-1 Interest Calculation
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 7,077,743.78
B Interest Subsidy Payments Accrued During Collection Period 573,136.23
C SAP Payments Accrued During Collection Period 186,383.71
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 42,051.08
E Investment Earnings (ADMINISTRATOR ACT) 243,640.48
F Net Expected Interest Collections $ 8,122,955.28
G Student Loan Rate
i Days in Collection Period (7/1/99-9/30/99) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 8,122,955.28
iv Primary Servicing Fee $ 1,031,318.40
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $414,829,118.81
vii Student Loan Rate 6.76325%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.43882%
I Class A-1 Interest Rate 0.013559808 (7/26/99-10/25/99) 5.43882%
J Class A-2 T-Bill Based Interest Rate 5.61382%
K Class A-2 Interest Rate 0.013996110 (7/26/99-10/25/99) 5.61382%
L Certificate T-Bill Based Rate of Return 5.86382%
M Certificate Rate of Return 0.014619397 (7/26/99-10/25/99) 5.86382%
</TABLE>
6
<PAGE>
VII. 1995-1 Inputs From Previous Quarterly Servicing Reports 06/30/1999
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $413,683,905.12
ii Interest To Be Capitalized $ 1,145,213.69
---------------
iii Total Student Loan Pool Outstanding $414,829,118.81
===============
B Total Note and Certificate Factor 0.41482911881
C Total Note and Certificate Balance $414,829,118.81
<CAPTION>
<S> <C> <C> <C>
----------------------------------------------------------------------------------------------------------------
D Note Balance 07/26/1999 Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------
i Current Factor-7/26/99 0.2197721584 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $164,829,118.81 $215,000,000.00 $35,000,000.00
------------------------------------------------------
iv Note Balance $164,829,118.81 $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 $ 2,074,145.59
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
</TABLE>
7
<PAGE>
VIII. 1995-1 Waterfall for Distributions
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds (Section III E + Section VI-D) $32,270,478.69 $32,270,478.69
B Primary Servicing Fees-Current Month $ 337,680.00 $31,932,798.69
C Administration Fee-Quarterly $ 20,000.00 $31,912,798.69
D Noteholder's Interest Distribution Amount
i Class A-1 $ 2,235,051.20 $29,677,747.49
ii Class A-2 $ 3,009,163.65 $26,668,583.84
--------------
iii Total Noteholder's Interest Distribution $ 5,244,214.85
E Certificateholder's Return Distribution Amount $ 511,678.90 $26,156,904.94
F Noteholder's Principal Distribution Amount
i Class A-1 $24,273,619.98 $ 1,883,284.96
ii Class A-2 $ 0.00 $ 1,883,284.96
--------------
iii Total Noteholder's Principal Distribution $24,273,619.98
G Certificateholder's Balance Distribution Amount $ 0.00 $ 1,883,284.96
H Increase to the Specified Reserve Account Balance $ 0.00 $ 1,883,284.96
I Carryover Servicing Fees $ 493,949.69 $ 1,389,335.27
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 1,389,335.27
i Class A-2 $ 0.00 $ 1,389,335.27
--------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 1,389,335.27
L Excess to Reserve Account $ 1,389,335.27 $ 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>
i Quarterly Interest Due $ 2,235,051.20 $ 3,009,163.65 $ 511,678.90
ii Quarterly Interest Paid $ 2,235,051.20 $ 3,009,163.65 $ 511,678.90
--------------- --------------- ---------------
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 $ 24,273,619.98 $ 0.00 $ 0.00
viii Quarterly Principal Paid $ 24,273,619.98 $ 0.00 $ 0.00
--------------- --------------- ---------------
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 26,508,671.18 $ 3,009,163.65 $ 511,678.90
------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 9/30/99 $414,829,118.81
ii Pool Balance 9/30/99 $390,555,498.83
---------------
iii Principal Distribution Amount $ 24,273,619.98
===============
C Total Principal Distribution $ 24,273,619.98
D Total Interest Distribution $ 5,755,893.75
---------------
E Total Cash Distributions-Note and Certificates $ 30,029,513.73
<CAPTION>
------------------------------------------------------------------------
F Note & Certificate Balances 07/26/1999 10/25/1999
------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance $164,829,118.81 $140,555,498.83
A-1 Note Pool Factor 0.2197721584 0.1874073318
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 $ 2,074,145.59
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ 1,389,335.27
---------------
iv Total Reserve Account Balance Available $ 3,463,480.86
v Required Reserve Account Balance $ 1,952,777.49
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to SLM Funding Corp $ 1,510,703.37
viii Ending Reserve Account Balance $ 1,952,777.49
</TABLE>
9
<PAGE>
X. 1995-1 Historical Pool Information
<TABLE>
<CAPTION>
---------------------------------------------------------
7/1/99-9/30/99 4/1/99-6/30/99 1/1/99-3/31/99
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Beginning Student Loan Portfolio Balance $413,683,905.12 $441,621,205.38 $471,259,562.73
- ------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 23,430,078.23 $ 25,514,750.59 $ 28,092,108.27
ii Principal Collections from Guarantor 705,826.14 1,506,608.02 1,901,189.89
iii Principal Reimbursements 1,016,387.80 1,803,419.45 363,295.08
iv Other System Adjustments -- -- --
--------------------------------------------------------
v Total Principal Collections $ 25,152,292.17 $ 28,824,778.06 $ 30,356,593.24
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 122,231.67 $ 111,238.00 $ 230,123.43
ii Capitalized Interest (1,154,479.04) (998,715.80) (948,359.32)
--------------------------------------------------------
iii Total Non-Cash Principal Activity $ (1,032,247.37) $ (887,477.80) $ (718,235.89)
- ------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 24,120,044.80 $ 27,937,300.26 $ 29,638,357.35
- ------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 6,349,869.87 $ 7,015,510.14 $ 7,676,717.37
ii Interest Claims Received from Guarantors 36,946.65 83,251.95 117,586.73
iii Late Fee Reimbursements 164,187.69 163,385.17 190,542.28
iv Interest Reimbursements 11,941.14 19,637.84 5,230.95
v Other System Adjustments -- -- --
vi Special Allowance Payments 24,240.82 23,140.49 22,759.71
vii Subsidy Payments 680,197.12 818,762.28 727,040.86
--------------------------------------------------------
viiiTotal Interest Collections $ 7,267,383.29 $ 8,123,687.87 $ 8,739,877.90
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (114,032.28) $ (83,383.81) $ (199,112.47)
ii Capitalized Interest 1,154,479.04 998,715.80 948,359.32
--------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 1,040,446.76 $ 915,331.99 $ 749,246.85
--------------------------------------------------------
Total Student Loan Interest Activity $ 8,307,830.05 $ 9,039,019.86 $ 9,489,124.75
(=) Ending Student Loan Portfolio Balance $389,563,860.32 $413,683,905.12 $441,621,205.38
- ------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 991,638.51 $ 1,145,213.69 $ 1,244,891.78
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $390,555,498.83 $414,829,118.81 $442,866,097.16
- ------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------------------------------------
1998 1997 1996 1995
-------------------------------------------------------------------------
1/1/98-12/31/98 1/1/97-12/31/97 1/1/96-12/31/96 9/29/95 - 12/31/95
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Beginning Student Loan Portfolio Balance $598,939,825.14 $758,640,244.14 $954,345,726.48 $1,000,126,078.04
- -----------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $117,840,096.63 $135,776,407.88 $164,406,654.75 $ 42,875,612.89
ii Principal Collections from Guarantor 12,773,024.09 19,577,395.65 21,487,892.73 92,046.91
iii Principal Reimbursements 272,004.87 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 $130,885,125.59 $163,090,418.36 $199,269,198.11 $ 45,782,411.97
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 581,385.00 $ 767,419.67 $ 776,676.12 $ 233,926.53
ii Capitalized Interest (3,786,248.18) (4,157,419.03) (4,340,391.89) (235,986.94)
---------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (3,204,863.18) $ (3,389,999.36) $ (3,563,715.77) $ (2,060.41)
- -----------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $127,680,262.41 $159,700,419.00 $195,705,482.34 $ 45,780,351.56
- -----------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 37,295,397.70 $ 47,980,015.48 $ 63,474,115.95 $ 18,633,508.65
ii Interest Claims Received from Guarantors 731,593.31 1,135,185.32 1,321,509.26 3,259.20
iii Late Fee Reimbursements 169,864.06 2.61 -- --
iv Interest Reimbursements 42,202.76 108,937.72 136,064.30 17,871.78
v Other System Adjustments -- -- (893.43) 7.70
vi Special Allowance Payments 1,109,268.84 2,210,441.84 3,001,742.09 43,719.37
vii Subsidy Payments 2,756,739.81 2,939,604.07 3,052,587.81 5,919.00
---------------------------------------------------------------------------
viiiTotal Interest Collections $ 42,105,066.48 $ 54,374,187.04 $ 70,985,125.98 $ 18,704,285.70
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (463,028.25) $ (542,140.95) $ (527,092.37) $ (227,131.25)
ii Capitalized Interest 3,786,248.18 4,157,419.03 4,340,391.89 235,986.94
---------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 3,323,219.93 $ 3,615,278.08 $ 3,813,299.52 $ 8,855.69
---------------------------------------------------------------------------
Total Student Loan Interest Activity $ 45,428,286.41 $ 57,989,465.12 $ 74,798,425.50 $ 18,713,141.39
(=) Ending Student Loan Portfolio Balance $471,259,562.73 $598,939,825.14 $758,640,244.14 $ 954,345,726.48
- -----------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 1,124,605.86 $ 787,352.25 $ 691,772.32 $ 639,070.92
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $472,384,168.59 $599,727,177.39 $759,332,016.46 $ 954,984,797.40
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
XI. 1995-1 Payment History and CPRs
Distribution Actual Since Issued
Date Pool Balances CPR *
---- ------------- -----
Oct-95 $ 1,000,126,078 --
Jan-96 $ 954,984,797 4.87%
Apr-96 $ 905,977,805 4.96%
Jul-96 $ 854,435,365 5.71%
Oct-96 $ 803,595,297 6.25%
Jan-97 $ 759,332,016 6.10%
Apr-97 $ 714,981,787 6.00%
Jul-97 $ 673,097,616 5.80%
Oct-97 $ 635,177,985 5.32%
Jan-98 $ 599,727,177 4.90%
Apr-98 $ 564,961,652 4.48%
Jul-98 $ 532,091,330 3.95%
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%
Oct-99 $ 390,555,499 3.06%
* "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: 09/30/1999 Reporting Period: 7/1/99-9/30/99
I. Deal Parameters
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 06/30/1999 Activity 09/30/1999
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 819,111,922.06 $ (34,529,238.89) $ 784,582,683.17
ii Interest to be Capitalized 7,010,958.32 6,285,198.89
---------------- ----------------
iii Total Pool $ 826,122,880.38 $ 790,867,882.06
================ ================
B i Weighted Average Coupon (WAC) 8.2527% 7.8318%
ii Weighted Average Remaining Term 89.11 88.33
iii Number of Loans 366,949 352,554
iv Number of Borrowers 137,426 131,842
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 7/26/99 % of Pool Balance 10/25/99 % of Pool
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 795452AD3 0.56% $ 300,122,880.38 36.329% $ 264,867,882.06 33.491%
ii A-2 Notes 795452AE1 0.75% 473,500,000.00 57.316% 473,500,000.00 59.871%
iii Certificates795452AF8 0.98% 52,500,000.00 6.355% 52,500,000.00 6.638%
-------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 826,122,880.38 100.000% $ 790,867,882.06 100.000%
=========================================================================================================================
-------------------------------------------------------------------------------------------------------------
Reserve Account 07/26/1999 10/25/1999
-------------------------------------------------------------------------------------------------------------
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,065,307.20 $ 1,977,169.71
iv Reserve Account Floor Balance ($) $ 1,500,000.00 $ 1,500,000.00
v Current Reserve Acct Balance ($) $ 2,065,307.20 $ 1,977,169.71
</TABLE>
1
<PAGE>
II. 1996-1 Transactions from: 7/01/1999 through: 09/30/1999
A Student Loan Principal Activity
i Regular Principal Collections $ 31,329,668.28
ii Principal Collections from Guarantor 1,647,806.66
iii Principal Reimbursements 5,518,012.96
iv Other System Adjustments 0.00
---------------
v Total Principal Collections $ 38,495,487.90
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 616,715.43
ii Capitalized Interest (4,582,964.44)
---------------
iii Total Non-Cash Principal Activity $ (3,966,249.01)
-----------------------------------------------------------------
C Total Student Loan Principal Activity $ 34,529,238.89
-----------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 10,633,854.03
ii Interest Claims Received from Guarantors 86,425.89
iii Late Fee Reimbursements 251,140.78
iv Interest Reimbursements 97,086.09
v Other System Adjustments 0.00
vi Special Allowance Payments 42,719.99
vii Subsidy Payments 2,133,434.25
---------------
viii Total Interest Collections $ 13,244,661.03
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (598,585.03)
ii Capitalized Interest 4,582,964.44
---------------
iii Total Non-Cash Interest Adjustments $ 3,984,379.41
-----------------------------------------------------------------
F Total Student Loan Interest Activity $ 17,229,040.44
-----------------------------------------------------------------
2
<PAGE>
III. 1996-1 Collection Account Activity 7/01/1999 through 09/30/1999
<TABLE>
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $ 32,977,474.94
ii Cash Forwarded by Administrator on behalf of Seller 204,680.54
iii Cash Forwarded by Administrator on behalf of Servicer (860.78)
iv Cash Forwarded by Administrator for Consolidation Activity 5,314,193.20
---------------
v Total Principal Collections $ 38,495,487.90
B Interest Collections
i Interest Payments Received-Cash $ 12,896,434.16
ii Cash Forwarded by Administrator on behalf of Seller 10,072.40
iii Cash Forwarded by Administrator on behalf of Servicer 2,461.28
iv Cash Forwarded by Administrator for Consolidation Activity 84,552.41
v Cash Forwarded by Administrator for Late Fee Activity 251,140.78
---------------
vi Total Interest Collections $13,244,661.03
C Other Reimbursements $173,693.55
D Administrator Account Investment Income $406,942.73
E TOTAL FUNDS RECEIVED $ 52,320,785.21
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,050,514.85)
----------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 51,270,270.36
----------------------------------------------------------------------------------------
F Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 514,236.80
ii Percentage of Principal Calculation $ 728,034.63
iii Lesser of Unit or Principal Calculation $ 514,236.80
G Servicing Fees Due for Current Period $ 514,236.80
H Carryover Servicing Fees Due $ 651,802.36
JUL 1999 Servicing Carryover $ 221,762.49
AUG 1999 Servicing Carryover $ 217,842.54
SEP 1999 Servicing Carryover $ 213,797.83
------------
$ 653,402.86
Less: Servicing ADJ [A iii + B iii] ($1,600.50)
============
TOTAL Carryover Servicing Fee Due $ 651,802.36
============
I Administration Fees Due $ 20,000.00
----------------------------------------------------------------------------------------
J Total Fees Due for Period $ 1,186,039.16
----------------------------------------------------------------------------------------
</TABLE>
4
<PAGE>
IV. 1996-1 Portfolio Characteristics
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans % Principal Amount
- ------------------------------------------------------------------------------------------------------------------------------------
STATUS 06/30/1999 09/30/1999 06/30/1999 09/30/1999 06/30/1999 09/30/1999 06/30/1999 09/30/1999
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 8.133% 7.746% 5,290 4,561 1.442% 1.294% $ 15,781,866.85 $ 13,595,591.93
Grace
Current 8.141% 7.748% 3,025 3,414 0.824% 0.968% $ 8,441,529.67 $ 9,734,953.64
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.136% 7.747% 8,315 7,975 2.266% 2.262% $ 24,223,396.52 $ 23,330,545.57
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.250% 7.834% 270,654 253,439 73.758% 71.887% $560,854,676.30 $517,942,626.64
31-60 Days Delinquent 8.272% 7.846% 14,437 13,310 3.934% 3.775% $ 33,579,611.77 $ 30,808,952.94
61-90 Days Delinquent 8.291% 7.844% 6,686 6,718 1.822% 1.906% $ 16,606,916.76 $ 17,864,047.49
91-120 Days Delinquent 8.266% 7.832% 2,801 3,686 0.763% 1.046% $ 7,234,025.84 $ 9,650,388.61
> 120 Days Delinquent 8.294% 7.835% 3,364 4,765 0.917% 1.352% $ 8,534,496.66 $ 12,459,111.67
Deferment
Current 8.264% 7.825% 36,881 37,065 10.051% 10.513% $ 96,797,766.82 $ 96,282,815.89
Forbearance
Current 8.276% 7.843% 23,238 24,924 6.333% 7.069% $ 70,071,552.18 $ 74,683,936.42
TOTAL REPAYMENT 8.256% 7.834% 358,061 343,907 97.578% 97.548% $793,679,046.33 $759,691,879.66
Claims in Process (1) 8.337% 7.834% 557 660 0.152% 0.187% $ 1,160,603.15 $ 1,533,696.55
Aged Claims Rejected (2) 8.406% 7.768% 16 12 0.004% 0.003% $ 48,876.06 $ 26,561.39
- ------------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.253% 7.832% 366,949 352,554 100.000% 100.000% $819,111,922.06 $784,582,683.17
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------
%
- ---------------------------------------------------
STATUS 06/30/1999 09/30/1999
- ---------------------------------------------------
<S> <C> <C>
INTERIM:
In School
Current 1.927% 1.733%
Grace
Current 1.030% 1.241%
- --------------------------------------------------
TOTAL INTERIM 2.957% 2.974%
- --------------------------------------------------
REPAYMENT
Active
Current 68.471% 66.015%
31-60 Days Delinquent 4.100% 3.927%
61-90 Days Delinquent 2.027% 2.277%
91-120 Days Delinquent 0.883% 1.230%
> 120 Days Delinquent 1.042% 1.588%
Deferment
Current 11.817% 12.272%
Forbearance
Current 8.555% 9.519%
TOTAL REPAYMENT 96.895% 96.828%
Claims in Process (1) 0.142% 0.195%
Aged Claims Rejected (2) 0.006% 0.003%
- --------------------------------------------------
GRAND TOTAL 100.000% 100.000%
- --------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
5
<PAGE>
V. 1996-1 Portfolio Characteristics by School and Program 9/30/99
<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 1.325% 0.197% 0.000% 0.000% 0.136% 0.031% 0.000% 0.000%
Grace
Current 0.958% 0.141% 0.000% 0.000% 0.095% 0.026% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 2.283% 0.338% 0.000% 0.000% 0.231% 0.057% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 42.114% 5.915% 3.761% 4.168% 3.480% 0.682% 0.205% 0.520%
31-60 Days Delinquent 2.133% 0.302% 0.252% 0.254% 0.338% 0.053% 0.019% 0.048%
61-90 Days Delinquent 1.176% 0.165% 0.093% 0.188% 0.218% 0.033% 0.006% 0.039%
91-120 Days Delinquent 0.651% 0.087% 0.048% 0.082% 0.127% 0.025% 0.002% 0.026%
> 120 Days Delinquent 0.731% 0.108% 0.057% 0.110% 0.219% 0.035% 0.001% 0.036%
Deferment
Current 7.714% 1.091% 0.543% 0.952% 0.805% 0.159% 0.023% 0.131%
Forbearance
Current 4.928% 0.750% 0.394% 0.969% 0.881% 0.136% 0.021% 0.148%
- ---------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 59.447% 8.418% 5.148% 6.723% 6.068% 1.123% 0.277% 0.948%
- ---------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.078% 0.016% 0.006% 0.018% 0.021% 0.001% 0.000% 0.003%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.001% 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 61.809% 8.772% 5.154% 6.741% 6.321% 1.181% 0.277% 0.951%
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.476% 8.730%
- ---------------------------------------------------------------------------------------------------------------
<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 0.021% 0.007% 0.000% 0.000% 0.012% 0.004% 0.000% 0.000%
Grace
Current 0.012% 0.002% 0.000% 0.000% 0.006% 0.001% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.033% 0.009% 0.000% 0.000% 0.018% 0.005% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 2.613% 0.638% 0.477% 1.048% 0.275% 0.023% 0.020% 0.076%
31-60 Days Delinquent 0.292% 0.062% 0.036% 0.115% 0.012% 0.000% 0.006% 0.005%
61-90 Days Delinquent 0.186% 0.037% 0.019% 0.082% 0.020% 0.005% 0.001% 0.009%
91-120 Days Delinquent 0.106% 0.021% 0.011% 0.036% 0.006% 0.000% 0.000% 0.002%
> 120 Days Delinquent 0.178% 0.034% 0.006% 0.064% 0.006% 0.000% 0.000% 0.003%
Deferment
Current 0.422% 0.089% 0.036% 0.173% 0.078% 0.017% 0.003% 0.036%
Forbearance
Current 0.649% 0.139% 0.043% 0.292% 0.089% 0.024% 0.004% 0.052%
- --------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 4.446% 1.020% 0.628% 1.810% 0.486% 0.069% 0.034% 0.183%
- --------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.031% 0.009% 0.002% 0.010% 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 4.511% 1.038% 0.630% 1.820% 0.504% 0.074% 0.034% 0.183%
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 7.999% 0.795%
- --------------------------------------------------------------------------------------------------------------
</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 1.522% 0.167% 0.028% 0.016% 1.733%
Grace
Current 1.099% 0.121% 0.014% 0.007% 1.241%
- -------------------------------------------------------------------------------------
TOTAL INTERIM 2.621% 0.288% 0.042% 0.023% 2.974%
- -------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 55.958% 4.887% 4.776% 0.394% 66.015%
31-60 Days Delinquent 2.941% 0.458% 0.505% 0.023% 3.927%
61-90 Days Delinquent 1.622% 0.296% 0.324% 0.035% 2.277%
91-120 Days Delinquent 0.868% 0.180% 0.174% 0.008% 1.230%
> 120 Days Delinquent 1.006% 0.291% 0.282% 0.009% 1.588%
Deferment
Current 10.300% 1.118% 0.720% 0.134% 12.272%
Forbearance
Current 7.041% 1.186% 1.123% 0.169% 9.519%
- -------------------------------------------------------------------------------------
TOTAL REPAYMENT 79.736% 8.416% 7.904% 0.772% 96.828%
- -------------------------------------------------------------------------------------
Claims in Process (1) 0.118% 0.025% 0.052% 0.000% 0.195%
Aged Claims Rejected (2) 0.001% 0.001% 0.001% 0.000% 0.003%
- -------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.476% 8.730% 7.999% 0.795% 100.000%
- -------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
VI. 1996-1 Interest Calculation
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 13,805,268.26
B Interest Subsidy Payments Accrued During Collection Period 1,796,500.16
C SAP Payments Accrued During Collection Period 358,302.60
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 53,433.38
E Investment Earnings (ADMINISTRATOR ACT) 406,942.73
----------------
F Net Expected Interest Collections $ 16,420,447.13
G Student Loan Rate
i Days in Collection Period (7/1/99-9/30/99) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 16,420,447.13
iv Primary Servicing Fee $ 1,564,751.65
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 826,122,880.38
vii Student Loan Rate 7.12473%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.42382%
I Class A-1 Interest Rate 0.013522411 (7/26/99-10/25/99) 5.42382%
J Class A-2 T-Bill Based Interest Rate 5.61382%
K Class A-2 Interest Rate 0.013996110 (7/26/99-10/25/99) 5.61382%
L Certificate T-Bill Based Rate of Return 5.84382%
M Certificate Rate of Return 0.014569534 (7/26/99-10/25/99) 5.84382%
</TABLE>
7
<PAGE>
VII. 1996-1 Inputs From Previous Quarterly Servicing Reports 06/30/1999
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 819,111,922.06
ii Interest To Be Capitalized $ 7,010,958.32
----------------
iii Total Student Loan Pool Outstanding $ 826,122,880.38
================
B Total Note and Certificate Factor 0.55074858692
C Total Note and Certificate Balance $ 826,122,880.38
<CAPTION>
--------------------------------------------------------------------------------------------------------------
D Note Balance 07/26/1999 Class A-1 Class A-2 Certificates
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor-7/26/99 0.3081343741 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 300,122,880.38 $ 473,500,000.00 $ 52,500,000.00
---------------- ---------------- ----------------
iv Note Balance $ 300,122,880.38 $ 473,500,000.00 $ 52,500,000.00
E Interest Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest Carryover $ 0.00 $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------
G Reserve Account Balance $ 2,065,307.20
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>
8
<PAGE>
VIII. 1996-1 Waterfall for Distributions
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds (Section III E + Section VI-D) $51,323,703.74 $51,323,703.74
B Primary Servicing Fees-Current Month $ 514,236.80 $50,809,466.94
C Administration Fee $ 20,000.00 $50,789,466.94
D Noteholder's Interest Distribution Amount
i Class A-1 $ 4,058,384.94 $46,731,082.00
ii Class A-2 $ 6,627,158.09 $40,103,923.91
--------------
iii Total Noteholder's Interest Distribution $10,685,543.03
E Certificateholder's Return Distribution Amount $ 764,900.54 $39,339,023.37
F Noteholder's Principal Distribution Amount
i Class A-1 $35,254,998.32 $ 4,084,025.05
ii Class A-2 $ 0.00 $ 4,084,025.05
--------------
iii Total Noteholder's Principal Distribution $35,254,998.32
G Certificateholder's Balance Distribution Amount $ 0.00 $ 4,084,025.05
H Increase to the Specified Reserve Account Balance $ 0.00 $ 4,084,025.05
I Carryover Servicing Fees $ 651,802.36 $ 3,432,222.69
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 3,432,222.69
i Class A-2 $ 0.00 $ 3,432,222.69
--------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 3,432,222.69
L Excess to Reserve Account $ 3,432,222.69 $ 0.00
</TABLE>
9
<PAGE>
IX. 1996-1 Distributions
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 4,058,384.94 $ 6,627,158.09 $ 764,900.54
ii Quarterly Interest Paid $ 4,058,384.94 $ 6,627,158.09 $ 764,900.54
--------------- --------------- ---------------
iii Interest Shortfall $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid $ 0.00 $ 0.00 $ 0.00
--------------- --------------- ---------------
vi Interest Carryover $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 35,254,998.32 $ 0.00 $ 0.00
viii Quarterly Principal Paid $ 35,254,998.32 $ 0.00 $ 0.00
--------------- --------------- ---------------
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 39,313,383.26 $ 6,627,158.09 $ 764,900.54
--------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 9/30/99 $826,122,880.38
ii Pool Balance 9/30/99 $790,867,882.06
---------------
iii Pool Exceeding Notes and Certificate Balance (i-ii) $ 35,254,998.32
---------------
iv Principal Distribution Amount $ 35,254,998.32
===============
C Total Principal Distribution $ 35,254,998.32
D Total Interest Distribution $ 11,450,443.57
---------------
E Total Cash Distributions-Note and Certificates $ 46,705,441.89
<CAPTION>
--------------------------------------------------------------------------
F Note & Certificate Balances 07/26/1999 10/25/1999
--------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (795452AD3) $300,122,880.38 $264,867,882.06
A-1 Note Pool Factor 0.3081343741 0.2719382773
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 $ 2,065,307.20
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ 3,432,222.69
---------------
iv Total Reserve Account Balance Available $ 5,497,529.89
v Required Reserve Account Balance $ 1,977,169.71
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to SLM Funding Corp $ 3,520,360.18
viii Ending Reserve Account Balance $ 1,977,169.71
</TABLE>
X. 1996-1 Historical Pool Information
<TABLE>
<CAPTION>
-----------------
1998
--------------------------------------------------------------------------
7/1/99-9/30/99 4/1/99-6/30/99 1/1/99-3/31/99 1/1/98-12/31/98
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Beginning Student Loan Portfolio Balance $819,111,922.06 $865,913,534.97 $909,715,422.93 $1,076,337,722.21
- -----------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 31,329,668.28 $ 36,698,097.40 $ 39,443,775.06 $ 147,964,334.46
ii Principal Collections from Guarantor 1,647,806.66 4,132,698.83 5,350,052.79 32,566,460.78
iii Principal Reimbursements 5,518,012.96 9,829,827.50 1,980,234.80 1,333,102.89
iv Other System Adjustments -- -- -- --
--------------------------------------------------------------------------
v Total Principal Collections $ 38,495,487.90 $ 50,660,623.73 $ 46,774,062.65 $ 181,863,898.13
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 616,715.43 $ 542,860.16 $ 898,616.99 $ 2,907,289.96
ii Capitalized Interest (4,582,964.44) (4,401,870.98) (3,870,791.68) (18,148,888.81)
--------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (3,966,249.01) $ (3,859,010.82) $ (2,972,174.69) $ (15,241,598.85)
- -----------------------------------------------------------------------------------------------------------------------------
(-)Total Student Loan Principal Activity $ 34,529,238.89 $ 46,801,612.91 $ 43,801,887.96 $ 166,622,299.28
- -----------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 10,633,854.03 $ 11,523,168.36 $ 12,383,811.54 $ 54,894,488.37
ii Interest Claims Received from Guarantors 86,425.89 245,838.88 317,687.55 1,986,953.92
iii Late Fee Reimbursements 251,140.78 247,285.91 284,836.96 277,552.36
iv Interest Reimbursements 97,086.09 144,702.79 35,156.56 110,524.88
v Other System Adjustments -- -- -- --
vi Special Allowance Payments 42,719.99 45,568.63 42,732.32 1,722,657.22
vii Interest Subsidy Payments 2,133,434.25 2,443,943.86 2,454,629.18 11,651,607.43
--------------------------------------------------------------------------
viii Total Interest Collections $ 13,244,661.03 $ 14,650,508.43 $ 15,518,854.11 $ 70,643,784.18
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (598,585.03) $ (484,576.16) $ (834,789.09) $ (2,481,449.06)
ii Capitalized Interest 4,582,964.44 4,401,870.98 3,870,791.68 18,148,888.81
--------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 3,984,379.41 $ 3,917,294.82 $ 3,036,002.59 $ 15,667,439.75
--------------------------------------------------------------------------
Total Student Loan Interest Activity $ 17,229,040.44 $ 18,567,803.25 $ 18,554,856.70 $ 86,311,223.93
(=)Ending Student Loan Portfolio Balance $784,582,683.17 $819,111,922.06 $865,913,534.97 $ 909,715,422.93
- -----------------------------------------------------------------------------------------------------------------------------
(+)Interest to be Capitalized $ 6,285,198.89 $ 7,010,958.32 $ 7,758,791.84 $ 7,360,402.45
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
(=)TOTAL POOL $790,867,882.06 $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
- ---------------------------------------------------------------------------------------
<S> <C> <C>
Beginning Student Loan Portfolio Balance $1,287,751,841.38 $1,489,927,280.77
- ---------------------------------------------------------------------------------------
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
Distribution Actual Since Issued
Date Pool Balances CPR *
Feb-96 $ 1,502,106,411 -
Apr-96 $ 1,471,870,726 5.14%
Jul-96 $ 1,421,949,915 5.64%
Oct-96 $ 1,360,374,604 7.09%
Jan-97 $ 1,297,462,994 7.90%
Apr-97 $ 1,238,786,263 8.30%
Jul-97 $ 1,183,793,430 8.30%
Oct-97 $ 1,134,200,621 7.79%
Jan-98 $ 1,084,377,970 7.38%
Apr-98 $ 1,039,977,316 6.84%
Jul-98 $ 996,886,487 6.35%
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%
Oct-99 $ 790,867,882 4.43%
* "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: 9/30/1999 Reporting Period: 7/1/99- 9/30/99
I. Deal Parameters
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 06/30/1999 Activity 09/30/1999
----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 891,639,751.22 $ (34,906,178.07) $ 856,733,573.15
ii Interest to be Capitalized 9,646,061.44 8,922,079.03
---------------- ----------------
iii Total Pool $ 901,285,812.66 $ 865,655,652.18
================ ================
B i Weighted Average Coupon (WAC) 8.2313% 7.7876%
ii Weighted Average Remaining Term 92.58 91.92
iii Number of Loans 414,417 399,258
iv Number of Borrowers 169,748 163,220
<CAPTION>
----------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 7/26/99 % of Pool Balance 10/25/99 % of Pool
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAA4 0.51% $ 361,255,812.66 40.082% $ 325,625,652.18 37.616%
ii A-2 Notes 78442GAB2 0.71% 487,000,000.00 54.034% 487,000,000.00 56.258%
iii Certificates78442GAC0 0.96% 53,030,000.00 5.884% 53,030,000.00 6.126%
----------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 901,285,812.66 100.000% $ 865,655,652.18 100.000%
================================================================================================================
<CAPTION>
--------------------------------------------------------------------------------------------------
Reserve Account 07/26/1999 10/25/1999
--------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,253,214.53 $ 2,164,139.13
iv Reserve Account Floor Balance ($) $ 1,515,030.00 $ 1,515,030.00
v Current Reserve Acct Balance ($) $ 2,253,214.53 $ 2,164,139.13
</TABLE>
1
<PAGE>
II. 1996-2 Transactions from: 07/01/1999 through: 09/30/1999
A Student Loan Principal Activity
i Regular Principal Collections $31,416,730.70
ii Principal Collections from Guarantor 1,970,654.74
iii Principal Reimbursements 6,135,071.37
iv Other System Adjustments 0.00
--------------
v Total Principal Collections $39,522,456.81
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 703,626.43
ii Capitalized Interest (5,319,905.17)
--------------
iii Total Non-Cash Principal Activity $(4,616,278.74)
-----------------------------------------------------------------
C Total Student Loan Principal Activity $34,906,178.07
-----------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $10,905,485.37
ii Interest Claims Received from Guarantors 113,202.39
iii Late Fee Reimbursements 261,286.57
iv Interest Reimbursements 115,898.42
v Other System Adjustments 0.00
vi Special Allowance Payments 11,744.08
vii Subsidy Payments 2,642,629.88
--------------
viii Total Interest Collections $14,050,246.71
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (665,465.09)
ii Capitalized Interest 5,319,905.17
--------------
iii Total Non-Cash Interest Adjustments $ 4,654,440.08
-----------------------------------------------------------------
F Total Student Loan Interest Activity $18,704,686.79
-----------------------------------------------------------------
2
<PAGE>
III. 1996-2 Collection Account Activity 7/01/1999 through 09/30/1999
<TABLE>
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $33,387,385.44
ii Cash Forwarded by Administrator on behalf of Seller 148,483.45
iii Cash Forwarded by Administrator on behalf of Servicer 1,651.85
iv Cash Forwarded by Administrator for Consolidation Activity 5,984,936.07
--------------
v Total Principal Collections $39,522,456.81
B Interest Collections
i Interest Payments Received-Cash $13,673,061.72
ii Cash Forwarded by Administrator on behalf of Seller 4,993.94
iii Cash Forwarded by Administrator on behalf of Servicer 5,144.26
iv Cash Forwarded by Administrator for Consolidation Activity 105,760.22
v Cash Forwarded by Administrator for Late Fee Activity 261,286.57
--------------
vi Total Interest Collections $14,050,246.71
C Other Reimbursements $ 120,662.16
D Administrator Account Investment Income $ 416,004.00
E TOTAL FUNDS RECEIVED $54,109,369.68
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $(1,524,266.04)
-----------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $52,585,103.64
-----------------------------------------------------------------------------------
F Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 747,052.04
ii Percentage of Principal Calculation $ 989,317.86
iii Lesser of Unit or Principal Calculation $ 747,052.04
G Servicing Fees Due for Current Period $ 747,052.04
H Carryover Servicing Fees Due $ 732,035.58
JUL 1999 Servicing Carryover $ 250,694.42
AUG 1999 Servicing Carryover $ 245,871.45
SEP 1999 Servicing Carryover $ 242,265.82
------------
$ 738,831.69
Less: Servicing ADJ [A iii + B iii] ($6,796.11)
------------
TOTAL: Carryover Servicing Fee Due $ 732,035.58
============
I Administration Fees Due $ 20,000.00
-----------------------------------------------------------------------------------
J Total Fees Due for Period $ 1,499,087.62
-----------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
IV. 1996-2 Portfolio Characteristics
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans % Principal Amount
- ------------------------------------------------------------------------------------------------------------------------------------
STATUS 06/30/1999 09/30/1999 06/30/1999 09/30/1999 06/30/1999 09/30/1999 06/30/1999 09/30/1999
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 8.146% 7.680% 10,989 9,170 2.652% 2.297% $ 30,445,602.68 $ 25,332,081.81
Grace
Current 8.146% 7.664% 6,280 7,166 1.515% 1.795% $ 17,092,377.76 $ 19,737,158.10
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.146% 7.673% 17,269 16,336 4.167% 4.092% $ 47,537,980.44 $ 45,069,239.91
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.233% 7.802% 293,672 273,968 70.864% 68.619% $577,760,757.29 $530,927,276.24
31-60 Days Delinquent 8.254% 7.802% 16,580 15,650 4.001% 3.920% $ 37,705,066.25 $ 35,260,025.46
61-90 Days Delinquent 8.269% 7.793% 8,228 7,739 1.986% 1.938% $ 20,107,470.57 $ 19,494,028.40
91-120 Days Delinquent 8.261% 7.801% 3,661 4,432 0.883% 1.110% $ 9,119,539.55 $ 10,868,214.62
> 120 Days Delinquent 8.261% 7.778% 4,866 6,556 1.174% 1.642% $ 12,461,003.68 $ 17,034,644.06
Deferment
Current 8.228% 7.762% 40,974 42,082 9.887% 10.540% $104,107,109.87 $105,695,959.81
Forbearance
Current 8.249% 7.790% 28,469 31,556 6.870% 7.904% $ 81,523,207.12 $ 90,179,633.05
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.236% 7.795% 396,450 381,983 95.665% 95.673% $842,784,154.33 $809,459,781.64
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.247% 7.776% 672 920 0.162% 0.230% $ 1,262,212.63 $ 2,162,749.69
Aged Claims Rejected (2) 8.253% 7.733% 26 19 0.006% 0.005% $ 55,403.82 $ 41,801.91
- ------------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.231% 7.788% 414,417 399,258 100.000% 100.000% $891,639,751.22 $856,733,573.15
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------
%
- -----------------------------------------------------
STATUS 06/30/1999 09/30/1999
- -----------------------------------------------------
<S> <C> <C>
INTERIM:
In School
Current 3.415% 2.957%
Grace
Current 1.917% 2.304%
- -----------------------------------------------------
TOTAL INTERIM 5.332% 5.261%
- -----------------------------------------------------
REPAYMENT
Active
Current 64.798% 61.971%
31-60 Days Delinquent 4.229% 4.116%
61-90 Days Delinquent 2.255% 2.275%
91-120 Days Delinquent 1.023% 1.269%
> 120 Days Delinquent 1.397% 1.988%
Deferment
Current 11.676% 12.337%
Forbearance
Current 9.143% 10.526%
- -----------------------------------------------------
TOTAL REPAYMENT 94.521% 94.482%
- -----------------------------------------------------
Claims in Process (1) 0.141% 0.252%
Aged Claims Rejected (2) 0.006% 0.005%
- -----------------------------------------------------
GRAND TOTAL 100.000% 100.000%
- -----------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
V. 1996-2 Portfolio Characteristics by School and Program 9/30/99
<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 1.947% 0.513% 0.000% 0.000% 0.277% 0.080% 0.000% 0.000%
Grace
Current 1.511% 0.413% 0.000% 0.000% 0.212% 0.060% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 3.458% 0.926% 0.000% 0.000% 0.489% 0.140% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 39.199% 7.603% 1.814% 2.005% 4.047% 1.015% 0.138% 0.214%
31-60 Days Delinquent 2.111% 0.413% 0.140% 0.165% 0.430% 0.102% 0.009% 0.025%
61-90 Days Delinquent 1.180% 0.242% 0.057% 0.079% 0.241% 0.056% 0.003% 0.014%
91-120 Days Delinquent 0.581% 0.118% 0.029% 0.050% 0.174% 0.043% 0.002% 0.015%
> 120 Days Delinquent 0.885% 0.191% 0.024% 0.086% 0.256% 0.069% 0.002% 0.014%
Deferment
Current 7.325% 1.545% 0.262% 0.652% 1.023% 0.254% 0.017% 0.097%
Forbearance
Current 5.247% 1.321% 0.194% 0.576% 1.132% 0.285% 0.016% 0.079%
- ----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 56.528% 11.433% 2.520% 3.613% 7.303% 1.824% 0.187% 0.458%
- ----------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.117% 0.034% 0.003% 0.011% 0.031% 0.008% 0.000% 0.002%
Aged Claims Rejected (2) 0.001% 0.002% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 60.104% 12.395% 2.523% 3.624% 7.823% 1.972% 0.187% 0.460%
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 78.646% 10.442%
- ----------------------------------------------------------------------------------------------------------------
<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 0.069% 0.037% 0.000% 0.000% 0.020% 0.014% 0.000% 0.000%
Grace
Current 0.036% 0.014% 0.000% 0.000% 0.030% 0.028% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.105% 0.051% 0.000% 0.000% 0.050% 0.042% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 3.241% 1.445% 0.348% 0.487% 0.268% 0.074% 0.007% 0.066%
31-60 Days Delinquent 0.422% 0.171% 0.039% 0.059% 0.020% 0.005% 0.001% 0.004%
61-90 Days Delinquent 0.226% 0.098% 0.009% 0.036% 0.016% 0.014% 0.000% 0.004%
91-120 Days Delinquent 0.155% 0.060% 0.003% 0.027% 0.010% 0.000% 0.000% 0.002%
> 120 Days Delinquent 0.269% 0.119% 0.014% 0.039% 0.010% 0.008% 0.000% 0.002%
Deferment
Current 0.534% 0.212% 0.013% 0.112% 0.144% 0.106% 0.002% 0.039%
Forbearance
Current 0.900% 0.370% 0.023% 0.183% 0.100% 0.061% 0.001% 0.038%
- -----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 5.747% 2.475% 0.449% 0.943% 0.568% 0.268% 0.011% 0.155%
- -----------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.022% 0.009% 0.001% 0.004% 0.005% 0.005% 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 5.875% 2.536% 0.450% 0.947% 0.623% 0.315% 0.011% 0.155%
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 9.808% 1.104%
- -----------------------------------------------------------------------------------------------------------------
</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 2.460% 0.357% 0.106% 0.034% 2.957%
Grace
Current 1.924% 0.272% 0.050% 0.058% 2.304%
- ---------------------------------------------------------------------------------------
TOTAL INTERIM 4.384% 0.629% 0.156% 0.092% 5.261%
- ---------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 50.621% 5.414% 5.521% 0.415% 61.971%
31-60 Days Delinquent 2.829% 0.566% 0.691% 0.030% 4.116%
61-90 Days Delinquent 1.558% 0.314% 0.369% 0.034% 2.275%
91-120 Days Delinquent 0.778% 0.234% 0.245% 0.012% 1.269%
> 120 Days Delinquent 1.186% 0.341% 0.441% 0.020% 1.988%
Deferment
Current 9.784% 1.391% 0.871% 0.291% 12.337%
Forbearance
Current 7.338% 1.512% 1.476% 0.200% 10.526%
- ---------------------------------------------------------------------------------------
TOTAL REPAYMENT 74.094% 9.772% 9.614% 1.002% 94.482%
- ---------------------------------------------------------------------------------------
Claims in Process (1) 0.165% 0.041% 0.036% 0.010% 0.252%
Aged Claims Rejected (2) 0.003% 0.000% 0.002% 0.000% 0.005%
- ---------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 78.646% 10.442% 9.808% 1.104% 100.000%
- ---------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
VI. 1996-2 Interest Calculation
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 14,772,932.96
B Interest Subsidy Payments Accrued During Collection Period 2,212,651.73
C SAP Payments Accrued During Collection Period 383,891.09
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 56,637.68
E Investment Earnings (ADMINISTRATOR ACT) 416,004.00
----------------
F Net Expected Interest Collections $ 17,842,117.46
G Student Loan Rate
i Days in Collection Period (7/1/99 - 9/30/99) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 17,842,117.46
iv Primary Servicing Fee $ 2,271,318.08
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 901,285,812.66
vii Student Loan Rate 6.84534%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.37382%
I Class A-1 Interest Rate 0.013397753 (7/26/99-10/25/99) 5.37382%
J Class A-2 T-Bill Based Interest Rate 5.57382%
K Class A-2 Interest Rate 0.013896384 (7/26/99-10/25/99) 5.57382%
L Certificate T-Bill Based Rate of Return 5.82382%
M Certificate Rate of Return 0.014519671 (7/26/99-10/25/99) 5.82382%
</TABLE>
6
<PAGE>
VII. 1996-2 Inputs From Previous Quarterly Servicing Reports 06/30/1999
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 891,639,751.22
ii Interest To Be Capitalized $ 9,646,061.44
----------------
iii Total Student Loan Pool Outstanding $ 901,285,812.66
================
B Total Note and Certificate Factor 0.59489634704
C Total Note and Certificate Balance $ 901,285,812.66
<CAPTION>
--------------------------------------------------------------------------------------------------------------
D Note Balance 07/26/1999 Class A-1 Class A-2 Certificates
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor-7/26/99 0.3705187822 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 361,255,812.66 $ 487,000,000.00 $ 53,030,000.00
---------------- ---------------- ----------------
iv Note Balance $ 361,255,812.66 $ 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 $ 2,253,214.53
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
K Interest Due on Unpaid Carryover Servicing Fees $ 0.00
</TABLE>
7
<PAGE>
VIII. 1996-2 Waterfall for Distributions
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds (Sections III -E + VI-D) $52,641,741.32 $52,641,741.32
B Primary Servicing Fees-Current Month $ 747,052.04 $51,894,689.28
C Administration Fee $ 20,000.00 $51,874,689.28
D Noteholder's Interest Distribution Amount
i Class A-1 $ 4,840,016.15 $47,034,673.13
ii Class A-2 $ 6,767,539.01 $40,267,134.12
--------------
iii Total Noteholder's Interest Distribution $11,607,555.16
E Certificateholder's Return Distribution Amount $ 769,978.15 $39,497,155.97
F Noteholder's Principal Distribution Amount
i Class A-1 $35,630,160.48 $ 3,866,995.49
ii Class A-2 $ 0.00 $ 3,866,995.49
--------------
iii Total Noteholder's Principal Distribution $35,630,160.48
G Certificateholder's Balance Distribution Amount $ 0.00 $ 3,866,995.49
H Increase to the Specified Reserve Account Balance $ 0.00 $ 3,866,995.49
I Carryover Servicing Fees $ 732,035.58 $ 3,134,959.91
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 3,134,959.91
i Class A-2 $ 0.00 $ 3,134,959.91
--------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 3,134,959.91
L Excess to Reserve Account $ 3,134,959.91 $ 0.00
</TABLE>
8
<PAGE>
IX. 1996-2 Distributions
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 4,840,016.15 $ 6,767,539.01 $ 769,978.15
ii Quarterly Interest Paid $ 4,840,016.15 $ 6,767,539.01 $ 769,978.15
iii Interest Shortfall $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid $ 0.00 $ 0.00 $ 0.00
--------------- --------------- ---------------
vi Interest Carryover $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 35,630,160.48 $ 0.00 $ 0.00
viii Quarterly Principal Paid $ 35,630,160.48 $ 0.00 $ 0.00
--------------- --------------- ---------------
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 40,470,176.63 $ 6,767,539.01 $ 769,978.15
---------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 9/30/99 $901,285,812.66
ii Pool Balance 9/30/99 $865,655,652.18
---------------
iii Pool Exceeding Notes and Certificate Balance (i-ii) $ 35,630,160.48
===============
iv Principal Distribution Amount $ 35,630,160.48
===============
C Total Principal Distribution $ 35,630,160.48
D Total Interest Distribution $ 12,377,533.31
---------------
E Total Cash Distributions-Note and Certificates $ 48,007,693.79
<CAPTION>
---------------------------------------------------------------------------
F Note & Certificate Balances 07/26/1999 10/25/1999
---------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GAA4) $ 361,255,812.66 $ 325,625,652.18
A-1 Note Pool Factor 0.3705187822 0.3339750279
ii A-2 Note Balance (78442GAB2) $ 487,000,000.00 $ 487,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAC0) $ 53,030,000.00 $ 53,030,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
---------------------------------------------------------------------------
G Reserve Account Reconciliation
i Beginning of Period Balance $ 2,253,214.53
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ 3,134,959.91
---------------
iv Total Reserve Account Balance Available $ 5,388,174.44
v Required Reserve Account Balance $ 2,164,139.13
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to SLM Funding Corp. $ 3,224,035.31
viii Ending Reserve Account Balance $ 2,164,139.13
</TABLE>
9
<PAGE>
X. 1996-2 Historical Pool Information
<TABLE>
<CAPTION>
1998
----------------------------------------------------------------------------
7/1/99-9/30/99 4/1/99-6/30/99 1/1/99-3/31/99 1/1/98-12/31/98
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Beginning Student Loan Portfolio Balance $891,639,751.22 $938,993,513.68 $983,303,642.95 $1,157,119,554.57
- ---------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 31,416,730.70 $ 37,626,144.26 $ 39,259,855.76 $ 149,949,538.87
ii Principal Collections from Guarantor 1,970,654.74 5,021,480.25 6,811,368.00 40,352,210.15
iii Principal Reimbursements 6,135,071.37 9,379,936.73 1,952,828.03 1,797,228.48
iv Other System Adjustments -- -- -- --
----------------------------------------------------------------------------
v Total Principal Collections $ 39,522,456.81 $ 52,027,561.24 $ 48,024,051.79 $ 192,098,977.50
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 703,626.43 $ 595,950.28 $ 921,649.52 $ 3,182,463.99
ii Capitalized Interest (5,319,905.17) (5,269,749.06) (4,635,572.04) (21,465,529.87)
----------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (4,616,278.74) $ (4,673,798.78) $ (3,713,922.52) $ (18,283,065.88)
- ---------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 34,906,178.07 $ 47,353,762.46 $ 44,310,129.27 $ 173,815,911.62
- ---------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 10,905,485.37 $ 11,817,873.34 $ 12,526,354.42 $ 54,432,803.82
ii Interest Claims Received from Guarantors 113,202.39 299,501.31 397,961.26 2,490,544.07
iii Late Fee Reimbursements 261,286.57 255,264.17 288,493.20 307,279.69
iv Interest Reimbursements 115,898.42 135,407.31 23,599.94 128,279.84
v Other System Adjustments -- -- -- --
vi Special Allowance Payments 11,744.08 9,750.19 4,793.14 1,384,583.73
vii Subsidy Payments 2,642,629.88 2,939,430.63 3,133,420.84 15,657,130.90
----------------------------------------------------------------------------
viii Total Interest Collections $ 14,050,246.71 $ 15,457,226.95 $ 16,374,622.80 $ 74,400,622.05
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (665,465.09) $ (509,203.89) $ (805,748.99) $ (2,504,011.63)
ii Capitalized Interest 5,319,905.17 5,269,749.06 4,635,572.04 21,465,529.87
----------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 4,654,440.08 $ 4,760,545.17 $ 3,829,823.05 $ 18,961,518.24
----------------------------------------------------------------------------
Total Student Loan Interest Activity $ 18,704,686.79 $ 20,217,772.12 $ 20,204,445.85 $ 93,362,140.29
(=) Ending Student Loan Portfolio Balance $856,733,573.15 $891,639,751.22 $938,993,513.68 $ 983,303,642.95
- ---------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 8,922,079.03 $ 9,646,061.44 $ 10,670,401.42 $ 10,283,328.75
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $865,655,652.18 $901,285,812.66 $949,663,915.10 $ 993,586,971.70
- ---------------------------------------------------------------------------------------------------------------------------------
<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
Distribution Actual Since Issued
Date Pool Balances CPR *
---- ------------- -----
Apr-96 $ 1,517,607,923 --
Jul-96 $ 1,483,611,074 4.11%
Oct-96 $ 1,435,808,978 5.25%
Jan-97 $ 1,382,627,178 6.20%
Apr-97 $ 1,326,256,378 6.80%
Jul-97 $ 1,270,438,672 7.10%
Oct-97 $ 1,221,695,246 7.02%
Jan-98 $ 1,168,729,124 7.15%
Apr-98 $ 1,123,009,294 6.83%
Jul-98 $ 1,078,803,107 6.44%
Oct-98 $ 1,035,727,586 6.07%
Jan-99 $ 993,586,972 5.72%
Apr-99 $ 949,663,915 5.47%
Jul-99 $ 901,285,813 5.41%
Oct-99 $ 865,655,652 4.97%
* "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: 9/30/1999 Reporting Period: 7/1/99-9/30/99
I. Deal Parameters
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 06/30/1999 Activity 09/30/1999
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 998,311,775.44 $ (32,553,179.54) $ 965,758,595.90
ii Interest to be Capitalized 12,965,524.53 12,280,448.19
----------------- ----------------
iii Total Pool $1,011,277,299.97 $ 978,039,044.09
iv Specified Reserve Account Balance 2,528,193.25 2,445,097.61
----------------- ----------------
v Total Adjusted Pool $1,013,805,493.22 $ 980,484,141.70
================= ================
B i Weighted Average Coupon (WAC) 8.2392% 7.7615%
ii Weighted Average Remaining Term 97.41 96.28
iii Number of Loans 381,687 372,129
iv Number of Borrowers 149,077 144,986
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 7/26/99 % of Pool Balance 10/25/99 % of Pool
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAD8 0.49% $ 408,055,493.22 40.250% $ 374,734,141.70 38.219%
ii A-2 Notes 78442GAE6 0.68% 553,000,000.00 54.547% 553,000,000.00 56.401%
iii Certificates 78442GAF3 0.95% 52,750,000.00 5.203% 52,750,000.00 5.380%
----------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $1,013,805,493.22 100.000% $ 980,484,141.70 100.000%
======================================================================================================================
<CAPTION>
--------------------------------------------------------------------------------------------------------
Reserve Account 07/26/1999 10/25/1999
--------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,528,193.25 $ 2,445,097.61
iv Reserve Account Floor Balance ($) $ 1,502,704.00 $ 1,502,704.00
v Current Reserve Acct Balance ($) $ 2,528,193.25 $ 2,445,097.61
</TABLE>
1
<PAGE>
II. 1996-3 Transactions from: 07/01/1999 through: 09/30/1999
A Student Loan Principal Activity
i Regular Principal Collections $28,051,166.72
ii Principal Collections from Guarantor 2,513,694.90
iii Principal Reimbursements 7,196,467.48
iv Other System Adjustments --
--------------
v Total Principal Collections $37,761,329.10
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 692,829.81
ii Capitalized Interest (5,900,979.37)
--------------
iii Total Non-Cash Principal Activity $(5,208,149.56)
-----------------------------------------------------------------
C Total Student Loan Principal Activity $32,553,179.54
-----------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $11,864,718.05
ii Interest Claims Received from Guarantors 125,363.81
iii Late Fee Reimbursements 238,728.10
iv Interest Reimbursements 138,341.50
v Other System Adjustments --
vi Special Allowance Payments 10,439.94
vii Subsidy Payments 2,973,312.09
--------------
viii Total Interest Collections $15,350,903.49
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (665,119.02)
ii Capitalized Interest 5,900,979.37
--------------
iii Total Non-Cash Interest Adjustments $ 5,235,860.35
-----------------------------------------------------------------
F Total Student Loan Interest Activity $20,586,763.84
-----------------------------------------------------------------
2
<PAGE>
III. 1996-3 Collection Account Activity 07/01/1999 through 09/30/1999
<TABLE>
<CAPTION>
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $30,564,861.62
ii Cash Forwarded by Administrator on behalf of Seller 149,638.37
iii Cash Forwarded by Administrator on behalf of Servicer 597.45
iv Cash Forwarded by Administrator for Consolidation Activity 7,046,231.66
--------------
v Total Principal Collections $37,761,329.10
B Interest Collections
i Interest Payments Received-Cash $14,973,833.89
ii Cash Forwarded by Administrator on behalf of Seller 5,263.70
iii Cash Forwarded by Administrator on behalf of Servicer 4,349.87
iv Cash Forwarded by Administrator for Consolidation Activity 128,727.93
v Cash Forwarded by Administrator for Late Fee Activity 238,728.10
--------------
vi Total Interest Collections $15,350,903.49
C Other Reimbursements $ 211,273.69
D Administrator Account Investment Income $ 416,667.48
E Funds borrowed from next Collection Period $ 0.00
F TOTAL FUNDS RECEIVED $53,740,173.76
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $(1,397,353.38)
---------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $52,342,820.38
---------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 688,719.75
ii Percentage of Principal Calculation $ 950,131.88
iii Lesser of Unit or Principal Calculation $ 688,719.75
H Servicing Fees Due for Current Period $ 688,719.75
I Carryover Servicing Fees Due $ 794,086.56
JUL 1999 Servicing Carryover $ 271,201.31
AUG 1999 Servicing Carryover $ 266,420.44
SEP 1999 Servicing Carryover $ 261,412.13
------------
$ 799,033.88
Less: Servicing ADJ [A iii + B iii] ($4,947.32)
============
TOTAL: Carryover Servicing Fee Due $ 794,086.56
============
J Administration Fees Due $ 20,000.00
---------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,502,806.31
---------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
IV. 1996-3 Portfolio Characteristics
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans % Principal Amount
--------------------------------------------------------------------------------------------------------
STATUS 06/30/1999 09/30/1999 06/30/1999 09/30/1999 06/30/1999 09/30/1999 06/30/1999 09/30/1999
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.896% 7.384% 15,479 13,227 4.055% 3.554% $ 46,255,118.35 $ 38,771,200.22
Grace
Current 7.847% 7.331% 10,924 12,082 2.862% 3.247% $ 32,590,492.03 $ 36,880,488.56
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.875% 7.358% 26,403 25,309 6.917% 6.801% $ 78,845,610.38 $ 75,651,688.78
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.286% 7.818% 256,197 241,109 67.122% 64.792% $633,746,276.82 $585,515,731.24
31-60 Days Delinquent 8.305% 7.830% 15,611 15,289 4.090% 4.108% $ 40,456,144.88 $ 39,056,785.45
61-90 Days Delinquent 8.296% 7.818% 8,048 8,216 2.109% 2.208% $ 21,723,038.90 $ 23,434,373.28
91-120 Days Delinquent 8.300% 7.816% 3,300 4,487 0.865% 1.206% $ 8,969,443.49 $ 12,832,890.50
> 120 Days Delinquent 8.285% 7.809% 4,303 5,798 1.127% 1.558% $ 11,795,916.06 $ 16,297,231.33
Deferment
Current 8.163% 7.670% 38,587 39,732 10.110% 10.677% $108,583,941.19 $110,056,872.51
Forbearance
Current 8.288% 7.806% 28,594 31,362 7.491% 8.428% $ 92,715,671.38 $100,870,011.42
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.273% 7.798% 354,640 345,993 92.914% 92.977% $917,990,432.72 $888,063,895.73
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.311% 7.804% 621 803 0.163% 0.216% $ 1,435,410.73 $ 1,998,029.37
Aged Claims Rejected (2) 8.264% 7.739% 23 24 0.006% 0.006% $ 40,321.61 $ 44,982.02
- ------------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.239% 7.761% 381,687 372,129 100.000% 100.000% $998,311,775.44 $965,758,595.90
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------
%
----------------------
STATUS 06/30/1999 09/30/1999
- ----------------------------------------------------
<S> <C> <C>
INTERIM:
In School
Current 4.633% 4.014%
Grace
Current 3.265% 3.819%
- ----------------------------------------------------
TOTAL INTERIM 7.898% 7.833%
- ----------------------------------------------------
REPAYMENT
Active
Current 63.482% 60.628%
31-60 Days Delinquent 4.052% 4.044%
61-90 Days Delinquent 2.176% 2.426%
91-120 Days Delinquent 0.898% 1.329%
> 120 Days Delinquent 1.182% 1.687%
Deferment
Current 10.877% 11.396%
Forbearance
Current 9.287% 10.445%
- ----------------------------------------------------
TOTAL REPAYMENT 91.954% 91.955%
- ----------------------------------------------------
Claims in Process (1) 0.144% 0.207%
Aged Claims Rejected (2) 0.004% 0.005%
- ----------------------------------------------------
GRAND TOTAL 100.000% 100.000%
- ----------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
V. 1996-3 Portfolio Characteristics by School and Program 9/30/99
<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 2.599% 0.914% 0.000% 0.000% 0.279% 0.095% 0.000% 0.000%
Grace
Current 2.523% 0.926% 0.000% 0.000% 0.190% 0.073% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 5.122% 1.840% 0.000% 0.000% 0.469% 0.168% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 34.662% 7.722% 6.170% 2.680% 3.154% 0.757% 0.278% 0.344%
31-60 Days Delinquent 1.974% 0.422% 0.395% 0.183% 0.397% 0.067% 0.020% 0.048%
61-90 Days Delinquent 1.144% 0.288% 0.171% 0.141% 0.244% 0.053% 0.006% 0.028%
91-120 Days Delinquent 0.649% 0.155% 0.082% 0.061% 0.130% 0.022% 0.003% 0.016%
> 120 Days Delinquent 0.730% 0.173% 0.065% 0.094% 0.213% 0.041% 0.005% 0.022%
Deferment
Current 6.593% 1.691% 0.571% 0.636% 0.788% 0.193% 0.037% 0.089%
Forbearance
Current 4.940% 1.465% 0.635% 0.658% 0.928% 0.237% 0.034% 0.113%
- -----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 50.692% 11.916% 8.089% 4.453% 5.854% 1.370% 0.383% 0.660%
- -----------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.082% 0.020% 0.019% 0.007% 0.033% 0.009% 0.000% 0.002%
Aged Claims Rejected (2) 0.002% 0.001% 0.000% 0.000% 0.002% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 55.898% 13.777% 8.108% 4.460% 6.358% 1.547% 0.383% 0.662%
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.243% 8.950%
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 0.032% 0.026% 0.000% 0.000% 0.039% 0.030% 0.000% 0.000%
Grace
Current 0.026% 0.018% 0.000% 0.000% 0.031% 0.032% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.058% 0.044% 0.000% 0.000% 0.070% 0.062% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 2.309% 0.825% 0.372% 0.705% 0.343% 0.180% 0.013% 0.114%
31-60 Days Delinquent 0.306% 0.085% 0.032% 0.088% 0.018% 0.003% 0.001% 0.005%
61-90 Days Delinquent 0.198% 0.058% 0.018% 0.057% 0.009% 0.009% 0.000% 0.002%
91-120 Days Delinquent 0.120% 0.030% 0.012% 0.036% 0.007% 0.003% 0.000% 0.003%
> 120 Days Delinquent 0.182% 0.064% 0.013% 0.060% 0.015% 0.008% 0.000% 0.002%
Deferment
Current 0.350% 0.110% 0.016% 0.118% 0.097% 0.084% 0.002% 0.021%
Forbearance
Current 0.698% 0.228% 0.057% 0.222% 0.116% 0.087% 0.001% 0.026%
- -----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 4.163% 1.400% 0.520% 1.286% 0.605% 0.374% 0.017% 0.173%
- -----------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.023% 0.005% 0.001% 0.003% 0.002% 0.001% 0.000% 0.000%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 4.244% 1.449% 0.521% 1.289% 0.677% 0.437% 0.017% 0.173%
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 7.503% 1.304%
- -----------------------------------------------------------------------------------------------------------------
</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.
- -------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- -------------------------------------------------------------------------------
INTERIM:
In School
Current 3.513% 0.374% 0.058% 0.069% 4.014%
Grace
Current 3.449% 0.263% 0.044% 0.063% 3.819%
- -------------------------------------------------------------------------------
TOTAL INTERIM 6.962% 0.637% 0.102% 0.132% 7.833%
- -------------------------------------------------------------------------------
REPAYMENT:
Active
Current 51.234% 4.533% 4.211% 0.650% 60.628%
31-60 Days Delinquent 2.974% 0.532% 0.511% 0.027% 4.044%
61-90 Days Delinquent 1.744% 0.331% 0.331% 0.020% 2.426%
91-120 Days Delinquent 0.947% 0.171% 0.198% 0.013% 1.329%
> 120 Days Delinquent 1.062% 0.281% 0.319% 0.025% 1.687%
Deferment
Current 9.491% 1.107% 0.594% 0.204% 11.396%
Forbearance
Current 7.698% 1.312% 1.205% 0.230% 10.445%
- -------------------------------------------------------------------------------
TOTAL REPAYMENT 75.150% 8.267% 7.369% 1.169% 91.955%
- -------------------------------------------------------------------------------
Claims in Process (1) 0.128% 0.044% 0.032% 0.003% 0.207%
Aged Claims Rejected (2) 0.003% 0.002% 0.000% 0.000% 0.005%
- -------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.243% 8.950% 7.503% 1.304% 100.000%
- -------------------------------------------------------------------------------
5
<PAGE>
VI. 1996-3 Interest Calculation
<TABLE>
<CAPTION>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 16,450,828.05
B Interest Subsidy Payments Accrued During Collection Period 2,511,229.48
C SAP Payments Accrued During Collection Period 408,004.98
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 60,381.38
E Investment Earnings (ADMINISTRATOR ACT) 416,667.48
F Net Expected Interest Collections $ 19,847,111.37
G Student Loan Rate
i Days in Collection Period (7/1/99-9/30/99) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 19,847,111.37
iv Primary Servicing Fee $ 2,086,073.13
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $1,011,277,299.97
vii Student Loan Rate 6.96007%
Accrued
Int Factor Accrual Period
---------- --------------
H Class A-1 T-Bill Based Interest Rate 5.35382%
I Class A-1 Interest Rate 0.013347890 (7/26/99-10/25/99) 5.35382%
J Class A-2 T-Bill Based Interest Rate 5.54382%
K Class A-2 Interest Rate 0.013821589 (7/26/99-10/25/99) 5.54382%
L Certificate T-Bill Based Rate of Return 5.81382%
M Certificate Rate of Return 0.014494740 (7/26/99-10/25/99) 5.81382%
</TABLE>
6
<PAGE>
VII. 1996-3 Inputs From Previous Quarterly Servicing Reports 06/30/1999
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 998,311,775.44
ii Interest To Be Capitalized 12,965,524.53
-----------------
iii Total Pool $1,011,277,299.97
iv Specified Reserve Account Balance 2,528,193.25
-----------------
v Total Adjusted Pool Balance $1,013,805,493.22
=================
B Total Note and Certificate Factor 0.67284253740
C Total Note and Certificate Balance $1,013,805,493.22
<CAPTION>
----------------------------------------------------------------------------------------------------------------
D Note Balance 07/26/1999 Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor-7/26/99 0.4528917794 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 408,055,493.22 $ 553,000,000.00 $ 52,750,000.00
------------------ ---------------- ----------------
iv Note Balance $ 408,055,493.22 $ 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 $ 2,528,193.25
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
K Interest Due on Unpaid Carryover Servicing Fees $ 0.00
</TABLE>
7
<PAGE>
VIII. 1996-3 Waterfall for Distributions
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds ( Sections III -F + VI-D) $52,403,201.76 $52,403,201.76
B Primary Servicing Fees-Current Month $ 688,719.75 $51,714,482.01
C Administration Fee $ 20,000.00 $51,694,482.01
D Noteholder's Interest Distribution Amount
i Class A-1 $ 5,446,679.84 $46,247,802.17
ii Class A-2 $ 7,643,338.72 $38,604,463.45
--------------
iii Total Noteholder's Interest Distribution $13,090,018.56
E Certificateholder's Return Distribution Amount $ 764,597.54 $37,839,865.91
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $33,321,351.52 $ 4,518,514.39
ii Class A-2 $ 0.00 $ 4,518,514.39
--------------
iii Total Noteholder's Principal Distribution $33,321,351.52
G Certificateholder's Balance Distribution Amount $ 0.00 $ 4,518,514.39
H Increase to the Specified Reserve Account Balance $ 0.00 $ 4,518,514.39
I Carryover Servicing Fees $ 794,086.56 $ 3,724,427.83
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 3,724,427.83
ii Class A-2 $ 0.00 $ 3,724,427.83
--------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 3,724,427.83
L Excess to Reserve Account $ 3,724,427.83 $ 0.00
</TABLE>
8
<PAGE>
IX. 1996-3 Distributions
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 5,446,679.84 $7,643,338.72 $764,597.54
ii Quarterly Interest Paid 5,446,679.84 7,643,338.72 764,597.54
----------------- ------------- -----------
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 $ 33,321,351.52 $ 0.00 $ 0.00
viii Quarterly Principal Paid 33,321,351.52 0.00 0.00
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 38,768,031.36 $7,643,338.72 $764,597.54
--------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 9/30/99 $1,013,805,493.22
ii Adjusted Pool Balance 9/30/99 980,484,141.70
-----------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 33,321,351.52
=================
iv Adjusted Pool Balance 6/30/99 $1,013,805,493.22
v Adjusted Pool Balance 9/30/99 980,484,141.70
-----------------
vi Current Principal Due (iv-v) $ 33,321,351.52
vii Principal Shortfall from Previous Collection Period --
-----------------
viii Principal Distribution Amount (vi + vii) $ 33,321,351.52
=================
ix Principal Distribution Amount Paid $ 33,321,351.52
x Principal Shortfall (viii - ix) $ --
C Total Principal Distribution $ 33,321,351.52
D Total Interest Distribution 13,854,616.10
-----------------
E Total Cash Distributions-Note and Certificates $ 47,175,967.62
<CAPTION>
--------------------------------------------------------------------------------------
F Note & Certificate Balances 07/26/1999 10/25/1999
--------------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GAD8) $408,055,493.22 $ 374,734,141.70
A-1 Note Pool Factor 0.4528917794 0.4159091473
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 $ 2,528,193.25
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ 3,724,427.83
-----------------
iv Total Reserve Account Balance Available $ 6,252,621.08
v Required Reserve Account Balance $ 2,445,097.61
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to SLM Funding Corp $ 3,807,523.47
viii Ending Reserve Account Balance $ 2,445,097.61
</TABLE>
9
<PAGE>
X. 1996-3 Historical Pool Information
<TABLE>
<CAPTION>
---------------------------------------------------------------
7/1/99-9/30/99 4/1/99-6/30/99 1/1/99-3/31/99
- -----------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 998,311,775.44 $1,044,121,155.14 $1,083,954,845.53
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 28,051,166.72 $ 33,236,782.82 $ 34,580,443.93
ii Principal Collections from Guarantor 2,513,694.90 4,852,237.71 6,962,455.98
iii Principal reimbursements 7,196,467.48 13,184,604.14 2,422,860.10
iv Other System Adjustments -- -- --
---------------------------------------------------------------
v Total Principal Collections $ 37,761,329.10 $ 51,273,624.67 $ 43,965,760.01
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 692,829.81 $ 632,127.83 $ 986,851.63
ii Capitalized Interest (5,900,979.37) (6,096,372.80) (5,118,921.25)
---------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (5,208,149.56) $ (5,464,244.97) $ (4,132,069.62)
- -----------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 32,553,179.54 $ 45,809,379.70 $ 39,833,690.39
- -----------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 11,864,718.05 $ 12,714,216.88 $ 13,363,504.80
ii Interest Claims Received from Guarantors 125,363.81 289,850.39 420,619.68
iii Late Fee Reimbursements 238,728.10 232,312.74 259,215.91
iv Interest Reimbursements 138,341.50 224,015.30 39,260.85
v Other System Adjustments -- -- --
vi Special Allowance Payments 10,439.94 7,789.18 4,951.40
vii Subsidy Payments 2,973,312.09 3,251,050.27 3,652,134.80
---------------------------------------------------------------
viii Total Interest Collections $ 15,350,903.49 $ 16,719,234.76 $ 17,739,687.44
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (665,119.02) $ (560,383.59) $ (895,332.14)
ii Capitalized Interest 5,900,979.37 6,096,372.80 5,118,921.25
---------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 5,235,860.35 $ 5,535,989.21 $ 4,223,589.11
---------------------------------------------------------------
Total Student Loan Interest Activity $ 20,586,763.84 $ 22,255,223.97 $ 21,963,276.55
(=) Ending Student Loan Portfolio Balance $ 965,758,595.90 $ 998,311,775.44 $1,044,121,155.14
- -----------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 12,280,448.19 $ 12,965,524.53 $ 14,011,587.78
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 978,039,044.09 $1,011,277,299.97 $1,058,132,742.92
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 2,445,097.61 $ 2,528,193.25 $ 2,645,331.86
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 980,484,141.70 $1,013,805,493.22 $1,060,778,074.78
- -----------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------
1998 1997 1996
-----------------------------------------------------------
1/1/98-12/31/98 1/1/97-12/31/97 6/17/96-12/31/96
- -------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $1,228,714,371.63 $1,413,647,896.61 $1,485,028,174.57
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 122,504,044.52 $ 109,020,540.61 $ 56,058,587.17
ii Principal Collections from Guarantor 41,298,428.76 56,780,983.13 4,102,484.47
iii Principal reimbursements 2,546,996.03 41,704,153.21 25,574,172.87
iv Other System Adjustments -- -- (2,160.08)
-----------------------------------------------------------
v Total Principal Collections $ 166,349,469.31 $ 207,505,676.95 $ 85,733,084.43
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 3,047,079.72 $ 3,675,838.55 $ 2,226,545.19
ii Capitalized Interest (24,637,022.93) (26,247,990.52) (16,579,351.66)
-----------------------------------------------------------
iii Total Non-Cash Principal Activity $ (21,589,943.21) $ (22,572,151.97) $ (14,352,806.47)
- -----------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 144,759,526.10 $ 184,933,524.98 $ 71,380,277.96
- -------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 56,008,898.70 $ 56,916,994.63 $ 29,251,514.62
ii Interest Claims Received from Guarantors 2,555,312.40 3,556,475.39 195,989.28
iii Late Fee Reimbursements 271,571.86 -- --
iv Interest Reimbursements 129,824.10 640,157.64 403,805.13
v Other System Adjustments -- -- (385.55)
vi Special Allowance Payments 1,215,231.25 1,886,637.13 1,296,691.10
vii Subsidy Payments 18,157,524.99 27,499,868.72 19,346,491.31
-----------------------------------------------------------
viii Total Interest Collections $ 78,338,363.30 $ 90,500,133.51 $ 50,494,105.89
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,440,884.70) $ (2,985,922.64) $ (2,174,688.01)
ii Capitalized Interest 24,637,022.93 26,247,990.52 16,579,351.66
-----------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 22,196,138.23 $ 23,262,067.88 $ 14,404,663.65
-----------------------------------------------------------
Total Student Loan Interest Activity $ 100,534,501.53 $ 113,762,201.39 $ 64,898,769.54
(=) Ending Student Loan Portfolio Balance $1,083,954,845.53 $1,228,714,371.63 $1,413,647,896.61
- -------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 13,191,211.43 $ 14,946,382.97 $ 15,933,644.48
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $1,097,146,056.96 $1,243,660,754.60 $1,429,581,541.09
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 2,742,865.14 $ 3,222,987.71 $ 3,674,921.48
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $1,099,888,922.10 $1,246,883,742.31 $1,433,256,462.57
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
XI. 1996-3 Payment History and CPRs
Distribution Actual Since Issued
Date Pool Balances CPR *
---- ------------- -----
Jun-96 $ 1,502,704,078 --
Oct-96 $ 1,466,211,474 6.31%
Jan-97 $ 1,429,581,541 5.60%
Apr-97 $ 1,379,654,678 6.30%
Jul-97 $ 1,331,618,519 6.60%
Oct-97 $ 1,289,195,084 6.48%
Jan-98 $ 1,243,660,755 6.53%
Apr-98 $ 1,205,728,980 6.14%
Jul-98 $ 1,167,972,431 5.82%
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%
Oct-99 $ 978,039,044 4.86%
* "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: 9/30/1999 Reporting Period: 7/1/99-9/30/99
I. Deal Parameters
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 06/30/1999 Activity 09/30/1999
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 940,379,349.80 $ (35,626,638.10) $ 904,752,711.70
ii Interest to be Capitalized 12,547,679.20 11,469,977.72
---------------- ----------------
iii Total Pool $ 952,927,029.00 $ 916,222,689.42
iv Specified Reserve Account Balance 2,382,317.57 2,290,556.72
---------------- ----------------
v Total Adjusted Pool $ 955,309,346.57 $ 918,513,246.14
================ ================
B i Weighted Average Coupon (WAC) 8.2195% 7.7603%
ii Weighted Average Remaining Term 96.88 96.42
iii Number of Loans 416,441 400,363
iv Number of Borrowers 156,748 150,550
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 7/26/99 % of Pool Balance 10/25/99 % of Pool
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAG1 0.48% $ 407,609,346.57 42.668% $ 370,813,246.14 40.371%
ii A-2 Notes 78442GAH9 0.64% 495,000,000.00 51.816% 495,000,000.00 53.891%
iii Certificates 78442GAJ5 0.93% 52,700,000.00 5.516% 52,700,000.00 5.738%
---------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 955,309,346.57 100.000% $ 918,513,246.14 100.000%
=====================================================================================================================
<CAPTION>
-----------------------------------------------------------------------------------------------------
Reserve Account 07/26/1999 10/25/1999
-----------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,382,317.57 $ 2,290,556.72
iv Reserve Account Floor Balance ($) $ 1,501,183.00 $ 1,501,183.00
v Current Reserve Acct Balance ($) $ 2,382,317.57 $ 2,290,556.72
</TABLE>
1
<PAGE>
II. 1996-4 Transactions from: 07/01/1999 through: 09/30/1999
A Student Loan Principal Activity
i Regular Principal Collections $31,769,522.26
ii Principal Collections from Guarantor 2,336,608.14
iii Principal Reimbursements 7,106,146.91
iv Other System Adjustments 0.00
--------------
v Total Principal Collections $41,212,277.31
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 776,605.13
ii Capitalized Interest (6,362,244.34)
--------------
iii Total Non-Cash Principal Activity $(5,585,639.21)
----------------------------------------------------------------
C Total Student Loan Principal Activity $35,626,638.10
----------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $10,850,168.85
ii Interest Claims Received from Guarantors 126,029.25
iii Late Fee Reimbursements 262,478.36
iv Interest Reimbursements 102,605.51
v Other System Adjustments 0.00
vi Special Allowance Payments 12,335.71
vii Subsidy Payments 2,888,848.29
--------------
viii Total Interest Collections $14,242,465.97
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($ 714,694.70)
ii Capitalized Interest 6,362,244.34
--------------
iii Total Non-Cash Interest Adjustments $ 5,647,549.64
----------------------------------------------------------------
F Total Student Loan Interest Activity $19,890,015.61
----------------------------------------------------------------
2
<PAGE>
III. 1996-4 Collection Account Activity 07/01/1999 through 09/30/1999
<TABLE>
<CAPTION>
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $34,106,130.40
ii Cash Forwarded by Administrator on behalf of Seller 140,801.98
iii Cash Forwarded by Administrator on behalf of Servicer 19,729.49
iv Cash Forwarded by Administrator for Consolidation Activity 6,945,615.44
--------------
v Total Principal Collections $41,212,277.31
B Interest Collections
i Interest Payments Received-Cash $13,877,382.10
ii Cash Forwarded by Administrator on behalf of Seller (1,103.53)
iii Cash Forwarded by Administrator on behalf of Servicer 6,999.47
iv Cash Forwarded by Administrator for Consolidation Activity 96,709.57
v Cash Forwarded by Administrator for Late Fee Activity 262,478.36
--------------
vi Total Interest Collections $14,242,465.97
C Other Reimbursements $ 107,169.41
D Administrator Account Investment Income $ 433,493.79
E Return funds borrowed for previous distribution $ 0.00
F TOTAL FUNDS RECEIVED $55,995,406.48
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($1,468,802.64)
----------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $54,526,603.84
----------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 719,299.68
ii Percentage of Principal Calculation $ 960,769.29
iii Lesser of Unit or Principal Calculation $ 719,299.68
H Servicing Fees Due for Current Period $ 719,299.68
<CAPTION>
<S> <C>
I Carryover Servicing Fees Due $ 706,645.57
JUL 1999 Servicing Carryover $ 247,547.75
AUG 1999 Servicing Carryover $ 244,357.17
SEP 1999 Servicing Carryover $ 241,469.61
------------
$ 733,374.53
Less: Servicing ADJ [A iii + B iii] ($ 26,728.96)
------------
TOTAL: Carryover Servicing Fee Due $ 706,645.57
============
J Administration Fees Due $ 20,000.00
----------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,445,945.25
----------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
IV. 1996-4 Portfolio Characteristics
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans % Principal Amount
---------------------------------------------------------------------------------------------------------
STATUS 06/30/1999 09/30/1999 06/30/1999 09/30/1999 06/30/1999 09/30/1999 06/30/1999 09/30/1999
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.955% 7.453% 15,292 13,197 3.672% 3.296% $ 43,837,826.72 $ 37,680,151.59
Grace
Current 7.935% 7.425% 9,466 9,833 2.273% 2.456% $ 27,012,207.94 $ 28,443,734.11
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.947% 7.441% 24,758 23,030 5.945% 5.752% $ 70,850,034.66 $ 66,123,885.70
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.254% 7.811% 286,733 266,099 68.853% 66.465% $580,159,403.72 $531,361,183.69
31-60 Days Delinquent 8.274% 7.817% 16,714 16,253 4.014% 4.060% $ 38,791,488.75 $ 37,719,365.49
61-90 Days Delinquent 8.282% 7.804% 8,255 8,602 1.982% 2.149% $ 20,658,700.30 $ 22,278,413.41
91-120 Days Delinquent 8.274% 7.805% 3,715 4,371 0.892% 1.092% $ 9,199,236.47 $ 11,441,868.68
> 120 Days Delinquent 8.262% 7.787% 4,838 6,523 1.162% 1.629% $ 12,353,839.31 $ 16,956,718.89
Deferment
Current 8.138% 7.649% 39,835 41,206 9.566% 10.292% $108,416,934.68 $112,381,648.42
Forbearance
Current 8.268% 7.800% 30,809 33,364 7.398% 8.333% $ 98,261,848.45 $104,348,539.22
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.243% 7.788% 390,899 376,418 93.867% 94.020% $867,841,451.68 $836,487,737.80
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.224% 7.806% 758 890 0.182% 0.222% $ 1,643,613.23 $ 2,081,225.02
Aged Claims Rejected (2) 8.243% 7.797% 26 25 0.006% 0.006% $ 44,250.23 $ 59,863.18
- ------------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.219% 7.760% 416,441 400,363 100.000% 100.000% $940,379,349.80 $904,752,711.70
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------
%
---------------------------
STATUS 06/30/1999 09/30/1999
- --------------------------------------------------------
<S> <C> <C>
INTERIM:
In School
Current 4.662% 4.165%
Grace
Current 2.872% 3.144%
- --------------------------------------------------------
TOTAL INTERIM 7.534% 7.309%
- --------------------------------------------------------
REPAYMENT
Active
Current 61.694% 58.730%
31-60 Days Delinquent 4.125% 4.169%
61-90 Days Delinquent 2.197% 2.462%
91-120 Days Delinquent 0.978% 1.265%
> 120 Days Delinquent 1.314% 1.874%
Deferment
Current 11.529% 12.421%
Forbearance
Current 10.449% 11.533%
- --------------------------------------------------------
TOTAL REPAYMENT 92.286% 92.454%
- --------------------------------------------------------
Claims in Process (1) 0.175% 0.230%
Aged Claims Rejected (2) 0.005% 0.007%
- --------------------------------------------------------
GRAND TOTAL 100.000% 100.000%
- --------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
V. 1996-4 Portfolio Characteristics by School and Program 9/30/99
<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 2.575% 0.845% 0.000% 0.000% 0.383% 0.158% 0.000% 0.000%
Grace
Current 1.943% 0.687% 0.000% 0.000% 0.287% 0.108% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 4.518% 1.532% 0.000% 0.000% 0.670% 0.266% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 34.820% 8.300% 2.950% 2.389% 3.410% 1.153% 0.161% 0.231%
31-60 Days Delinquent 2.045% 0.495% 0.205% 0.220% 0.372% 0.087% 0.014% 0.027%
61-90 Days Delinquent 1.201% 0.295% 0.086% 0.125% 0.244% 0.072% 0.003% 0.019%
91-120 Days Delinquent 0.572% 0.141% 0.036% 0.077% 0.138% 0.037% 0.002% 0.009%
> 120 Days Delinquent 0.833% 0.208% 0.039% 0.076% 0.235% 0.064% 0.003% 0.017%
Deferment
Current 7.112% 1.860% 0.462% 0.696% 0.950% 0.290% 0.024% 0.072%
Forbearance
Current 5.518% 1.674% 0.351% 0.865% 1.016% 0.286% 0.021% 0.086%
- -----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 52.101% 12.973% 4.129% 4.448% 6.365% 1.989% 0.228% 0.461%
- -----------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.093% 0.032% 0.010% 0.010% 0.027% 0.006% 0.000% 0.001%
Aged Claims Rejected (2) 0.002% 0.000% 0.000% 0.001% 0.001% 0.000% 0.000% 0.001%
- -----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 56.714% 14.537% 4.139% 4.459% 7.063% 2.261% 0.228% 0.463%
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 79.849% 10.015%
- -----------------------------------------------------------------------------------------------------------------
<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 0.094% 0.074% 0.000% 0.000% 0.020% 0.016% 0.000% 0.000%
Grace
Current 0.044% 0.025% 0.000% 0.000% 0.023% 0.027% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.138% 0.099% 0.000% 0.000% 0.043% 0.043% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 2.743% 1.212% 0.400% 0.619% 0.196% 0.083% 0.006% 0.057%
31-60 Days Delinquent 0.374% 0.143% 0.040% 0.105% 0.023% 0.004% 0.000% 0.015%
61-90 Days Delinquent 0.227% 0.092% 0.014% 0.047% 0.020% 0.009% 0.000% 0.008%
91-120 Days Delinquent 0.139% 0.055% 0.006% 0.030% 0.011% 0.007% 0.000% 0.005%
> 120 Days Delinquent 0.228% 0.110% 0.015% 0.036% 0.006% 0.002% 0.000% 0.002%
Deferment
Current 0.426% 0.176% 0.025% 0.112% 0.108% 0.067% 0.000% 0.041%
Forbearance
Current 0.841% 0.406% 0.055% 0.187% 0.110% 0.075% 0.001% 0.041%
- ----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 4.978% 2.194% 0.555% 1.136% 0.474% 0.247% 0.007% 0.169%
- ----------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.027% 0.015% 0.002% 0.007% 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 5.144% 2.309% 0.557% 1.143% 0.517% 0.290% 0.007% 0.169%
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 9.153% 0.983%
- ----------------------------------------------------------------------------------------------------------------
</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.
- -------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- -------------------------------------------------------------------------------
INTERIM:
In School
Current 3.420% 0.541% 0.168% 0.036% 4.165%
Grace
Current 2.630% 0.395% 0.069% 0.050% 3.144%
TOTAL INTERIM 6.050% 0.936% 0.237% 0.086% 7.309%
REPAYMENT:
Active
Current 48.459% 4.955% 4.974% 0.342% 58.730%
31-60 Days Delinquent 2.965% 0.500% 0.662% 0.042% 4.169%
61-90 Days Delinquent 1.707% 0.338% 0.380% 0.037% 2.462%
91-120 Days Delinquent 0.826% 0.186% 0.230% 0.023% 1.265%
> 120 Days Delinquent 1.156% 0.319% 0.389% 0.010% 1.874%
Deferment
Current 10.130% 1.336% 0.739% 0.216% 12.421%
Forbearance
Current 8.408% 1.409% 1.489% 0.227% 11.533%
- -------------------------------------------------------------------------------
TOTAL REPAYMENT 73.651% 9.043% 8.863% 0.897% 92.454%
- -------------------------------------------------------------------------------
Claims in Process (1) 0.145% 0.034% 0.051% 0.000% 0.230%
Aged Claims Rejected (2) 0.003% 0.002% 0.002% 0.000% 0.007%
- -------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 79.849% 10.015% 9.153% 0.983% 100.000%
- -------------------------------------------------------------------------------
5
<PAGE>
VI. 1996-4 Interest Calculation
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 15,432,898.40
B Interest Subsidy Payments Accrued During Collection Period 2,456,439.09
C SAP Payments Accrued During Collection Period 394,550.13
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 59,579.08
E Investment Earnings (ADMINISTRATOR ACT) 433,493.79
----------------
F Net Expected Interest Collections $ 18,776,960.49
G Student Loan Rate
i Days in Collection Period (7/1/99-9/30/99) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 18,776,960.49
iv Primary Servicing Fee $ 2,188,102.32
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 952,927,029.00
vii Student Loan Rate 6.89823%
Accrued
Int Factor Accrual Period
---------- --------------
H Class A-1 T-Bill Based Interest Rate 5.34382%
I Class A-1 Interest Rate 0.013322959 (7/26/99-10/25/99) 5.34382%
J Class A-2 T-Bill Based Interest Rate 5.50382%
K Class A-2 Interest Rate 0.013721863 (7/26/99-10/25/99) 5.50382%
L Certificate T-Bill Based Rate of Return 5.79382%
M Certificate Rate of Return 0.014444877 (7/26/99-10/25/99) 5.79382%
</TABLE>
6
<PAGE>
VII. 1996-4 Inputs From Previous Quarterly Servicing Reports 06/30/1999
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $940,379,349.80
ii Interest To Be Capitalized $ 12,547,679.20
---------------
iii Total Pool $952,927,029.00
iv Specified Reserve Account Balance $ 2,382,317.57
---------------
v Total Adjusted Pool $955,309,346.57
===============
B Total Note and Certificate Factor 0.63475704091
C Total Note and Certificate Balance $955,309,346.57
<CAPTION>
----------------------------------------------------------------------------------------------------------
D Note Balance 07/26/1999 Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor-7/26/99 0.4257906054 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $407,609,346.57 $495,000,000.00 $52,700,000.00
--------------- --------------- --------------
iv Note Balance $407,609,346.57 $495,000,000.00 $52,700,000.00
E Interest Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest Carryover $ 0.00 $ 0.00 $ 0.00
----------------------------------------------------------------------------------------------------------
G Reserve Account Balance $ 2,382,317.57
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
K Interest Due on Unpaid Carryover Servicing Fees $ 0.00
</TABLE>
7
<PAGE>
VIII. 1996-4 Waterfall for Distributions
<TABLE>
<CAPTION>
Remaining
Funds Balance
<S> <C> <C>
A Total Available Funds (Sections III -F + VI-D) $54,586,182.92 $54,586,182.92
B Primary Servicing Fees-Current Month $ 719,299.68 $53,866,883.24
C Administration Fee $ 20,000.00 $53,846,883.24
D Noteholder's Interest Distribution Amount
i Class A-1 $ 5,430,562.61 $48,416,320.63
ii Class A-2 $ 6,792,322.19 $41,623,998.44
--------------
iii Total Noteholder's Interest Distribution $12,222,884.80
E Certificateholder's Return Distribution Amount $ 761,245.02 $40,862,753.42
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $36,796,100.43 $ 4,066,652.99
ii Class A-2 $ 0.00 $ 4,066,652.99
--------------
iii Total Noteholder's Principal Distribution $36,796,100.43
G Certificateholder's Balance Distribution Amount $ 0.00 $ 4,066,652.99
H Increase to the Specified Reserve Account Balance $ 0.00 $ 4,066,652.99
I Carryover Servicing Fees $ 706,645.57 $ 3,360,007.42
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 3,360,007.42
i Class A-2 $ 0.00 $ 3,360,007.42
--------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 3,360,007.42
L Excess to Reserve Account $ 3,360,007.42 $ 0.00
</TABLE>
<PAGE>
IX. 1996-4 Distributions
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 5,430,562.61 $ 6,792,322.19 $ 761,245.02
ii Quarterly Interest Paid 5,430,562.61 6,792,322.19 761,245.02
--------------- --------------- ---------------
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 $ 36,796,100.43 $ 0.00 $ 0.00
viii Quarterly Principal Paid 36,796,100.43 0.00 0.00
--------------- --------------- ---------------
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 42,226,663.04 $ 6,792,322.19 $ 761,245.02
--------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal
Balance 9/30/99 $955,309,346.57
ii Adjusted Pool Balance 9/30/99 918,513,246.14
---------------
iii Adjusted Pool Exceeding Notes and
Certificate Balance (i-ii) $ 36,796,100.43
===============
iv Adjusted Pool Balance 6/30/99 $955,309,346.57
v Adjusted Pool Balance 9/30/99 $918,513,246.14
---------------
vi Current Principal Due (iv-v) $ 36,796,100.43
===============
vii Principal Shortfall from Previous Collection Period $ --
---------------
viii Principal Distribution Amount(vi + vii) $ 36,796,100.43
===============
ix Principal Distribution Amount Paid $ 36,796,100.43
x Principal Shortfall (viii - ix) $ --
C Total Principal Distribution $ 36,796,100.43
D Total Interest Distribution 12,984,129.82
---------------
E Total Cash Distributions-Note and Certificates $ 49,780,230.25
<CAPTION>
---------------------------------------------------------------------------
F Note & Certificate Balances 07/26/1999 10/25/1999
---------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GAG1) $407,609,346.57 $ 370,813,246.14
A-1 Note Pool Factor 0.4257906054 0.3873532290
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
---------------------------------------------------------------------------
<CAPTION>
G Reserve Account Reconciliation
<S> <C>
i Beginning of Period Balance $ 2,382,317.57
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ 3,360,007.42
---------------
iv Total Reserve Account Balance Available $ 5,742,324.99
v Required Reserve Account Balance $ 2,290,556.72
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to SLM Funding Corp. $ 3,451,768.27
viii Ending Reserve Account Balance $ 2,290,556.72
</TABLE>
8
<PAGE>
X. 1996-4 Historical Pool Information
<TABLE>
<CAPTION>
---------------------------------------------------------------
7/1/99-9/30/99 4/1/99-6/30/99 1/1/99-3/31/99
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Beginning Student Loan Portfolio Balance $ 940,379,349.80 $ 989,896,510.20 $1,035,285,864.26
- -------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 31,769,522.26 $ 37,587,044.10 $ 40,081,368.10
ii Principal Collections from Guarantor 2,336,608.14 6,061,847.97 7,220,781.26
iii Principal Reimbursements 7,106,146.91 11,238,460.46 2,041,504.14
iv Other System Adjustments -- -- --
---------------------------------------------------------------
v Total Principal Collections $ 41,212,277.31 $ 54,887,352.53 $ 49,343,653.50
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 776,605.13 $ 646,166.88 $ 942,879.56
ii Capitalized Interest (6,362,244.34) (6,016,359.01) (4,897,179.00)
---------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (5,585,639.21) $ (5,370,192.13) $ (3,954,299.44)
- -------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 35,626,638.10 $ 49,517,160.40 $ 45,389,354.06
- -------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 10,850,168.85 $ 11,713,431.73 $ 12,454,690.30
ii Interest Claims Received from Guarantors 126,029.25 374,895.24 433,267.77
iii Late Fee Reimbursements 262,478.36 259,028.67 288,358.43
iv Interest Reimbursements 102,605.51 195,922.82 39,031.17
v Other System Adjustments -- -- --
vi Special Allowance Payments 12,335.71 10,943.45 7,621.07
vii Subsidy Payments 2,888,848.29 3,159,498.51 3,521,618.20
---------------------------------------------------------------
viii Total Interest Collections $ 14,242,465.97 $ 15,713,720.42 $ 16,744,586.94
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (714,694.70) $ (537,422.80) $ (796,719.56)
ii Capitalized Interest 6,362,244.34 6,016,359.01 4,897,179.00
---------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 5,647,549.64 $ 5,478,936.21 $ 4,100,459.44
---------------------------------------------------------------
Total Student Loan Interest Activity $ 19,890,015.61 $ 21,192,656.63 $ 20,845,046.38
(=) Ending Student Loan Portfolio Balance $ 904,752,711.70 $ 940,379,349.80 $ 989,896,510.20
- -------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 11,469,977.72 $ 12,547,679.20 $ 13,445,234.50
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 916,222,689.42 $ 952,927,029.00 $1,003,341,744.70
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 2,290,556.72 $ 2,382,317.57 $ 2,508,354.36
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 918,513,246.14 $ 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>
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 Guarantors 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>
9
<PAGE>
XI. 1996-4 Payment History and CPRs
Distribution Actual Since Issued
Date Pool Balances CPR *
---- ------------- -----
Oct-96 $ 1,501,183,283 --
Jan-97 $ 1,445,431,393 5.70%
Apr-97 $ 1,393,348,336 5.80%
Jul-97 $ 1,335,564,804 6.30%
Oct-97 $ 1,278,944,721 6.57%
Jan-98 $ 1,222,449,193 6.82%
Apr-98 $ 1,176,016,497 6.44%
Jul-98 $ 1,130,616,448 6.11%
Oct-98 $ 1,088,632,931 5.70%
Jan-99 $ 1,047,870,937 5.32%
Apr-99 $ 1,003,341,745 5.09%
Jul-99 $ 952,927,029 5.11%
Oct-99 $ 916,222,689 4.68%
* "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.
10
<PAGE>
SLM Student Loan Trust 1997-1
Quarterly Servicing Report
Report Date: 09/30/1999 Reporting Period: 7/1/99-9/30/99
I. Deal Parameters
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 06/30/1999 Activity 09/30/1999
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $1,458,383,638.11 $ (44,597,714.32) $1,413,785,923.79
ii Interest to be Capitalized 17,635,600.06 16,179,229.97
----------------- -----------------
iii Total Pool $1,476,019,238.17 $1,429,965,153.76
iv Specified Reserve Account Balance 3,690,048.10 3,574,912.88
----------------- -----------------
v Total Adjusted Pool $1,479,709,286.27 $1,433,540,066.64
================= =================
B i Weighted Average Coupon (WAC) 8.2217% 7.7275%
ii Weighted Average Remaining Term 100.84 99.76
iii Number of Loans 524,252 511,475
iv Number of Borrowers 219,778 213,883
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 7/26/99 % of Pool Balance 10/25/99 % of Pool
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAK2 0.46% $620,509,286.27 41.935% $ 574,340,066.64 40.064%
ii A-2 Notes 78442GAL0 0.57% 787,400,000.00 53.213% 787,400,000.00 54.927%
iii Certificates 78442GAM8 0.85% 71,800,000.00 4.852% 71,800,000.00 5.009%
----------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $1,479,709,286.27 100.000% $1,433,540,066.64 100.000%
============================================================================================================================
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
Reserve Account 07/26/1999 10/25/1999
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 3,690,048.10 $ 3,574,912.88
iv Reserve Account Floor Balance ($) $ 2,004,092.00 $ 2,004,092.00
v Current Reserve Acct Balance ($) $ 3,690,048.10 $ 3,574,912.88
</TABLE>
1
<PAGE>
II. 1997-1 Transactions from: 07/01/1999 through: 09/30/1999
A Student Loan Principal Activity
i Regular Principal Collections $38,406,893.01
ii Principal Collections from Guarantor 3,876,279.36
iii Principal Reimbursements 10,540,385.37
iv Other System Adjustments 0.00
--------------
v Total Principal Collections $52,823,557.74
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,051,217.25
ii Capitalized Interest (9,277,060.67)
--------------
iii Total Non-Cash Principal Activity $(8,225,843.42)
------------------------------------------------------------------
C Total Student Loan Principal Activity $44,597,714.32
------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $16,859,002.58
ii Interest Claims Received from Guarantors 218,623.49
iii Late Fee Reimbursements 366,981.66
iv Interest Reimbursements 156,422.74
v Other System Adjustments 0.00
vi Special Allowance Payments 6,774.83
vii Subsidy Payments 4,599,986.04
--------------
viii Total Interest Collections $22,207,791.34
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (964,115.51)
ii Capitalized Interest 9,277,060.67
--------------
iii Total Non-Cash Interest Adjustments $ 8,312,945.16
------------------------------------------------------------------
F Total Student Loan Interest Activity $30,520,736.50
------------------------------------------------------------------
2
<PAGE>
III. 1997-1 Collection Account Activity 07/01/1999 through 09/30/1999
<TABLE>
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $42,283,172.37
ii Cash Forwarded by Administrator on behalf of Seller 267,576.42
iii Cash Forwarded by Administrator on behalf of Servicer 7,373.02
iv Cash Forwarded by Administrator for Consolidation Activity 10,265,435.93
--------------
v Total Principal Collections $52,823,557.74
B Interest Collections
i Interest Payments Received-Cash $21,684,386.94
ii Cash Forwarded by Administrator on behalf of Seller 8,529.68
iii Cash Forwarded by Administrator on behalf of Servicer 9,938.20
iv Cash Forwarded by Administrator for Consolidation Activity 137,954.86
v Cash Forwarded by Administrator for Late Fee Activity 366,981.66
--------------
vi Total Interest Collections $22,207,791.34
C Other Reimbursements $ 200,834.26
D Administrator Account Investment Income $ 588,009.04
E Return funds borrowed for previous distribution $ --
F TOTAL FUNDS RECEIVED $75,820,192.38
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $(1,899,053.80)
------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $73,921,138.58
------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 936,138.00
ii Percentage of Principal Calculation $ 1,366,460.54
iii Lesser of Unit or Principal Calculation $ 936,138.00
H Servicing Fees Due for Current Period $ 936,138.00
I Carryover Servicing Fees Due $ 1,293,802.23
JUL 1999 Servicing Carryover $ 443,781.13
AUG 1999 Servicing Carryover $ 437,009.78
SEP 1999 Servicing Carryover $ 430,322.54
-------------
$1,311,113.45
Less: Servicing ADJ [A iii + B iii] ($ 17,311.22)
-------------
TOTAL: Carryover Servicing Fee Due $1,293,802.23
=============
J Administration Fees Due $ 20,000.00
------------------------------------------------------------------------------------
K Total Fees Due for Period $ 2,249,940.23
------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
IV. 1997-1 Portfolio Characteristics
<TABLE>
<CAPTION>
---------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
---------------------------------------------------------------------------
STATUS 06/30/1999 09/30/1999 06/30/1999 09/30/1999 06/30/1999 09/30/1999
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.974% 7.488% 22,178 19,277 4.230% 3.769%
Grace
Current 7.981% 7.472% 12,342 13,267 2.354% 2.594%
- -------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.977% 7.482% 34,520 32,544 6.584% 6.363%
- -------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.262% 7.770% 336,237 316,590 64.137% 61.898%
31-60 Days Delinquent 8.271% 7.769% 21,181 20,548 4.040% 4.017%
61-90 Days Delinquent 8.267% 7.770% 11,316 11,774 2.159% 2.302%
91-120 Days Delinquent 8.261% 7.762% 5,218 6,394 0.995% 1.250%
> 120 Days Delinquent 8.263% 7.755% 8,029 10,047 1.532% 1.964%
Deferment
Current 8.106% 7.607% 61,520 63,281 11.735% 12.373%
Forbearance
Current 8.257% 7.770% 45,114 48,749 8.605% 9.531%
- -------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.241% 7.747% 488,615 477,383 93.203% 93.335%
- -------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.258% 7.748% 1086 1,525 0.207% 0.298%
Aged Claims Rejected (2) 8.275% 7.734% 31 23 0.006% 0.004%
- -------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.222% 7.728% 524,252 511,475 100.000% 100.000%
- -------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------
Principal Amount %
----------------------------------------------------------------
STATUS 06/30/1999 09/30/1999 06/30/1999 09/30/1999
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 66,343,155.92 $ 57,115,382.62 4.549% 4.040%
Grace
Current $ 35,263,063.25 $ 38,968,577.03 2.418% 2.756%
- --------------------------------------------------------------------------------------------
TOTAL INTERIM $ 101,606,219.17 $ 96,083,959.65 6.967% 6.796%
- --------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 902,674,910.86 $ 839,054,958.64 61.896% 59.348%
31-60 Days Delinquent $ 57,448,105.84 $ 56,125,636.88 3.939% 3.970%
61-90 Days Delinquent $ 31,348,031.49 $ 34,076,263.50 2.150% 2.410%
91-120 Days Delinquent $ 14,190,934.91 $ 17,927,045.86 0.973% 1.268%
> 120 Days Delinquent $ 21,558,853.67 $ 26,690,882.28 1.478% 1.888%
Deferment
Current $ 175,856,946.35 $ 180,474,115.24 12.058% 12.765%
Forbearance
Current $ 151,340,492.93 $ 159,872,443.59 10.377% 11.308%
- --------------------------------------------------------------------------------------------
TOTAL REPAYMENT $1,354,418,276.05 $1,314,221,345.99 92.871% 92.957%
- --------------------------------------------------------------------------------------------
Claims in Process (1) $ 2,278,338.61 $ 3,428,780.50 0.156% 0.243%
Aged Claims Rejected (2) $ 80,804.28 $ 51,837.65 0.006% 0.004%
- --------------------------------------------------------------------------------------------
GRAND TOTAL $1,458,383,638.11 $1,413,785,923.79 100.000% 100.000%
- --------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
V. 1997-1 Portfolio Characteristics by School and Program 9/30/99
<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 2.548% 0.686% 0.000% 0.000% 0.380% 0.135% 0.000% 0.000%
Grace
Current 1.684% 0.478% 0.000% 0.000% 0.276% 0.091% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 4.232% 1.164% 0.000% 0.000% 0.656% 0.226% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 31.691% 9.684% 3.347% 1.884% 3.592% 1.334% 0.174% 0.236%
31-60 Days Delinquent 1.773% 0.503% 0.185% 0.128% 0.395% 0.128% 0.016% 0.022%
61-90 Days Delinquent 1.080% 0.298% 0.086% 0.104% 0.244% 0.080% 0.005% 0.015%
91-120 Days Delinquent 0.565% 0.140% 0.022% 0.052% 0.140% 0.050% 0.002% 0.008%
> 120 Days Delinquent 0.702% 0.194% 0.043% 0.050% 0.252% 0.069% 0.001% 0.011%
Deferment
Current 7.418% 1.943% 0.183% 0.574% 0.954% 0.311% 0.007% 0.068%
Forbearance
Current 5.118% 1.696% 0.289% 0.660% 0.989% 0.359% 0.018% 0.060%
- ------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 48.347% 14.458% 4.155% 3.452% 6.566% 2.331% 0.223% 0.420%
- ------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.091% 0.024% 0.006% 0.006% 0.032% 0.010% 0.000% 0.001%
Aged Claims Rejected (2) 0.002% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 52.672% 15.646% 4.161% 3.458% 7.254% 2.567% 0.223% 0.421%
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 75.937% 10.465%
- ------------------------------------------------------------------------------------------------------------------
<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 0.071% 0.053% 0.000% 0.000% 0.090% 0.077% 0.000% 0.000%
Grace
Current 0.045% 0.029% 0.000% 0.000% 0.074% 0.079% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.116% 0.082% 0.000% 0.000% 0.164% 0.156% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 3.494% 2.218% 0.716% 0.613% 0.204% 0.113% 0.011% 0.037%
31-60 Days Delinquent 0.427% 0.250% 0.050% 0.073% 0.010% 0.006% 0.000% 0.004%
61-90 Days Delinquent 0.256% 0.160% 0.015% 0.039% 0.014% 0.011% 0.000% 0.003%
91-120 Days Delinquent 0.158% 0.097% 0.007% 0.019% 0.004% 0.002% 0.000% 0.002%
> 120 Days Delinquent 0.314% 0.197% 0.012% 0.040% 0.001% 0.001% 0.000% 0.001%
Deferment
Current 0.539% 0.310% 0.011% 0.089% 0.167% 0.144% 0.001% 0.046%
Forbearance
Current 0.999% 0.651% 0.046% 0.151% 0.117% 0.120% 0.002% 0.033%
- ---------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 6.187% 3.883% 0.857% 1.024% 0.517% 0.397% 0.014% 0.126%
- ---------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.038% 0.030% 0.002% 0.003% 0.000% 0.000% 0.000% 0.000%
Aged Claims Rejected (2) 0.002% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 6.343% 3.995% 0.859% 1.027% 0.681% 0.553% 0.014% 0.126%
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 12.224% 1.374%
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
- ------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- ------------------------------------------------------------------------------
INTERIM:
In School
Current 3.234% 0.515% 0.124% 0.167% 4.040%
Grace
Current 2.162% 0.367% 0.074% 0.153% 2.756%
- ------------------------------------------------------------------------------
TOTAL INTERIM 5.396% 0.882% 0.198% 0.320% 6.796%
- ------------------------------------------------------------------------------
REPAYMENT:
Active
Current 46.606% 5.336% 7.041% 0.365% 59.348%
31-60 Days Delinquent 2.589% 0.561% 0.800% 0.020% 3.970%
61-90 Days Delinquent 1.568% 0.344% 0.470% 0.028% 2.410%
91-120 Days Delinquent 0.779% 0.200% 0.281% 0.008% 1.268%
> 120 Days Delinquent 0.989% 0.333% 0.563% 0.003% 1.888%
Deferment
Current 10.118% 1.340% 0.949% 0.358% 12.765%
Forbearance
Current 7.763% 1.426% 1.847% 0.272% 11.308%
- ------------------------------------------------------------------------------
TOTAL REPAYMENT 70.412% 9.540% 11.951% 1.054% 92.957%
- ------------------------------------------------------------------------------
Claims in Process (1) 0.127% 0.043% 0.073% 0.000% 0.243%
Aged Claims Rejected (2) 0.002% 0.000% 0.002% 0.000% 0.004%
- ------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 75.937% 10.465% 12.224% 1.374% 100.000%
- ------------------------------------------------------------------------------
5
<PAGE>
VI. 1997-1 Interest Calculation
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 23,800,903.70
B Interest Subsidy Payments Accrued During Collection Period 3,907,137.51
C SAP Payments Accrued During Collection Period 641,865.49
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 87,318.43
E Investment Earnings (ADMINISTRATOR ACT) 588,009.04
-----------------
F Net Expected Interest Collections $ 29,025,234.17
G Student Loan Rate
i Days in Collection Period (7/1/99-9/30/99) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 29,025,234.17
iv Primary Servicing Fee $ 2,835,191.80
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $1,476,019,238.17
vii Student Loan Rate 7.03424%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.32382%
I Class A-1 Interest Rate 0.013273096 (7/26/99-10/25/99) 5.32382%
J Class A-2 T-Bill Based Interest Rate 5.43382%
K Class A-2 Interest Rate 0.013547342 (7/26/99-10/25/99) 5.43382%
L Certificate T-Bill Based Rate of Return 5.71382%
M Certificate Rate of Return 0.014245425 (7/26/99-10/25/99) 5.71382%
</TABLE>
6
<PAGE>
VII. 1997-1 Inputs From Previous Quarterly Servicing Reports 06/30/1999
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,458,383,638.11
ii Interest To Be Capitalized 17,635,600.06
------------------
iii Total Pool $ 1,476,019,238.17
iv Specified Reserve Account Balance 3,690,048.10
------------------
v Total Adjusted Pool $ 1,479,709,286.27
==================
B Total Note and Certificate Factor 0.72209119962
C Total Note and Certificate Balance $ 1,479,709,286.27
<CAPTION>
---------------------------------------------------------------------------------------------------------------
D Note Balance 07/26/1999 Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor-7/26/99 0.5214363750 1.0000000000 1.0000000000
ii Expected Note Balance $ 620,509,286.27 $ 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 $ 3,690,048.10
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. 1997-1 Waterfall for Distributions
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds (Sections III-F + VI-D) $74,008,457.01 $74,008,457.01
B Primary Servicing Fees-Current Month $ 936,138.00 $73,072,319.01
C Administration Fee $ 20,000.00 $73,052,319.01
D Noteholder's Interest Distribution Amount
i Class A-1 $ 8,236,079.33 $64,816,239.68
ii Class A-2 $10,667,177.09 $54,149,062.59
--------------
iii Total Noteholder's Interest Distribution $18,903,256.42
E Certificateholder's Return Distribution Amount $ 1,022,821.52 $53,126,241.07
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $46,169,219.63 $ 6,957,021.44
ii Class A-2 $ 0.00 $ 6,957,021.44
--------------
iii Total Noteholder's Principal Distribution $46,169,219.63
G Certificateholder's Balance Distribution Amount $ 0.00 $ 6,957,021.44
H Increase to the Specified Reserve Account Balance $ 0.00 $ 6,957,021.44
I Carryover Servicing Fees $ 1,293,802.23 $ 5,663,219.21
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 5,663,219.21
i Class A-2 $ 0.00 $ 5,663,219.21
--------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 5,663,219.21
L Excess to Reserve Account $ 5,663,219.21 $ 0.00
</TABLE>
8
<PAGE>
IX. 1997-1 Distributions
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 8,236,079.33 $ 10,667,177.09 $ 1,022,821.52
ii Quarterly Interest Paid 8,236,079.33 10,667,177.09 1,022,821.52
----------------- --------------- ---------------
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 $ 46,169,219.63 $ 0.00 $ 0.00
viii Quarterly Principal Paid 46,169,219.63 0.00 0.00
----------------- --------------- ---------------
ix Quarterly Principal Shortfall $ (0.00) $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 54,405,298.96 $ 10,667,177.09 $ 1,022,821.52
--------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 9/30/99 $1,479,709,286.27
ii Adjusted Pool Balance 9/30/99 1,433,540,066.64
-----------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 46,169,219.63
=================
iv Adjusted Pool Balance 6/30/99 $1,479,709,286.27
v Adjusted Pool Balance 9/30/99 $1,433,540,066.64
vi Current Principal Due (iv-v) $ 46,169,219.63
vii Principal Shortfall from Previous Collection Period $ --
-----------------
viii Principal Distribution Amount (vi + vii) $ 46,169,219.63
=================
ix Principal Distribution Amount Paid $ 46,169,219.63
x Principal Shortfall (viii - ix) $ (0.00)
C Total Principal Distribution $ 46,169,219.63
D Total Interest Distribution 19,926,077.94
E Total Cash Distributions-Note and Certificates $ 66,095,297.57
<CAPTION>
-------------------------------------------------------------------------------------
F Note & Certificate Balances 07/26/1999 10/25/1999
-------------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GAK2) $ 620,509,286.27 $ 574,340,066.64
A-1 Note Pool Factor 0.5214363750 0.4826387115
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 $ 3,690,048.10
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ 5,663,219.21
-----------------
iv Total Reserve Account Balance Available $ 9,353,267.31
v Required Reserve Account Balance $ 3,574,912.88
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to SLM Funding Corp $ 5,778,354.43
viii Ending Reserve Account Balance $ 3,574,912.88
</TABLE>
9
<PAGE>
X. 1997-1 Historical Pool Information
<TABLE>
<CAPTION>
--------------------------------------------------------------
7/1/99-9/30/99 4/1/99-6/30/99 1/1/99-3/31/99
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Beginning Student Loan Portfolio Balance $1,458,383,638.11 $1,523,704,962.40 $1,582,726,283.47
- -----------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 38,406,893.01 $ 45,866,123.72 $ 50,183,441.22
ii Principal Collections from Guarantor 3,876,279.36 9,287,753.06 12,444,880.29
iii Principal Reimbursements 10,540,385.37 17,975,004.98 2,576,722.67
iv Other System Adjustments -- -- --
--------------------------------------------------------------
v Total Principal Collections $ 52,823,557.74 $ 73,128,881.76 $ 65,205,044.18
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,051,217.25 $ 937,428.68 $ 1,379,815.99
ii Capitalized Interest (9,277,060.67) (8,744,986.15) (7,563,539.10)
--------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (8,225,843.42) $ (7,807,557.47) $ (6,183,723.11)
- -----------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 44,597,714.32 $ 65,321,324.29 $ 59,021,321.07
- -----------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 16,859,002.58 $ 18,000,184.23 $ 18,961,949.17
ii Interest Claims Received from Guarantors 218,623.49 584,932.87 776,948.88
iii Late Fee Reimbursements 366,981.66 350,919.00 385,400.09
iv Interest Reimbursements 156,422.74 291,497.63 54,695.28
v Other System Adjustments -- -- --
vi Special Allowance Payments 6,774.83 6,361.36 4,379.61
vii Subsidy Payments 4,599,986.04 4,982,476.85 5,545,593.35
--------------------------------------------------------------
viii Total Interest Collections $ 22,207,791.34 $ 24,216,371.94 $ 25,728,966.38
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (964,115.51) $ (760,868.03) $ (1,161,611.21)
ii Capitalized Interest 9,277,060.67 8,744,986.15 7,563,539.10
--------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 8,312,945.16 $ 7,984,118.12 $ 6,401,927.89
--------------------------------------------------------------
Total Student Loan Interest Activity $ 30,520,736.50 $ 32,200,490.06 $ 32,130,894.27
(=) Ending Student Loan Portfolio Balance $1,413,785,923.79 $1,458,383,638.11 $1,523,704,962.40
- -----------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 16,179,229.97 $ 17,635,600.06 $ 18,734,083.24
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $1,429,965,153.76 $1,476,019,238.17 $1,542,439,045.64
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 3,574,912.88 $ 3,690,048.10 $ 3,856,097.61
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $1,433,540,066.64 $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>
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>
XI. 1997-1 Payment History and CPRs
Distribution Actual Since Issued
Date Pool Balances CPR *
---- ------------- -----
Apr-97 $ 2,004,091,862 --
Jul-97 $ 1,938,332,169 6.60%
Oct-97 $ 1,882,963,571 6.39%
Jan-98 $ 1,815,619,931 7.05%
Apr-98 $ 1,756,378,212 6.92%
Jul-98 $ 1,701,480,444 6.66%
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%
Oct-99 $ 1,429,965,154 5.77%
* "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: 09/30/1999 Reporting Period: 7/1/99-9/30/99
I. Deal Parameters
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 06/30/1999 Activity 09/30/1999
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $1,746,737,494.43 $ (63,767,686.28) $1,682,969,808.15
ii Interest to be Capitalized 19,381,199.78 18,205,653.88
----------------- -----------------
iii Total Pool $1,766,118,694.21 $1,701,175,462.03
iv Specified Reserve Account Balance 4,415,296.74 4,252,938.66
----------------- -----------------
v Total Adjusted Pool $1,770,533,990.95 $1,705,428,400.69
================= =================
B i Weighted Average Coupon (WAC) 8.2372% 7.7438%
ii Weighted Average Remaining Term 93.54 92.48
iii Number of Loans 659,711 638,326
iv Number of Borrowers 276,012 266,280
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 7/26/99 % of Pool Balance 10/25/99 % of Pool
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAN6 0.54% $ 875,083,990.95 49.425% $ 809,978,400.69 47.494%
ii A-2 Notes 78442GAP1 0.60% 808,000,000.00 45.636% 808,000,000.00 47.378%
iii Certificates 78442GAQ9 0.83% 87,450,000.00 4.939% 87,450,000.00 5.128%
--------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $1,770,533,990.95 100.000% $1,705,428,400.69 100.000%
==========================================================================================================================
<CAPTION>
--------------------------------------------------------------------------------------------------------------
Reserve Account 07/26/1999 10/25/1999
--------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 4,415,296.74 $ 4,252,938.66
iv Reserve Account Floor Balance ($) $ 2,441,522.00 $ 2,441,522.00
v Current Reserve Acct Balance ($) $ 4,415,296.74 $ 4,252,938.66
</TABLE>
1
<PAGE>
II. 1997-2 Transactions from: 07/01/1999 through: 09/30/1999
A Student Loan Principal Activity
i Regular Principal Collections $ 57,364,596.01
ii Principal Collections from Guarantor 4,228,241.59
iii Principal Reimbursements 10,244,594.73
iv Other System Adjustments 0.00
----------------
v Total Principal Collections $ 71,837,432.33
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,046,605.48
ii Capitalized Interest (9,116,351.53)
----------------
iii Total Non-Cash Principal Activity $ (8,069,746.05)
------------------------------------------------------------------
C Total Student Loan Principal Activity $ 63,767,686.28
------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 22,529,057.76
ii Interest Claims Received from Guarantors 241,676.41
iii Late Fee Reimbursements 517,116.68
iv Interest Reimbursements 167,744.37
v Other System Adjustments 0.00
vi Special Allowance Payments 14,934.58
vii Subsidy Payments 4,246,190.54
----------------
viii Total Interest Collections $ 27,716,720.34
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,023,547.45)
ii Capitalized Interest 9,116,351.53
----------------
iii Total Non-Cash Interest Adjustments $ 8,092,804.08
------------------------------------------------------------------
F Total Student Loan Interest Activity $ 35,809,524.42
------------------------------------------------------------------
2
<PAGE>
III. 1997-2 Collection Account Activity 07/01/1999 through 09/30/1999
<TABLE>
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $ 61,592,837.60
ii Cash Forwarded by Administrator on behalf of Seller 281,294.54
iii Cash Forwarded by Administrator on behalf of Servicer (4,228.78)
iv Cash Forwarded by Administrator for Consolidation Activity 9,967,528.97
-----------------
v Total Principal Collections $ 71,837,432.33
B Interest Collections
i Interest Payments Received-Cash $ 27,031,859.29
ii Cash Forwarded by Administrator on behalf of Seller 10,568.76
iii Cash Forwarded by Administrator on behalf of Servicer 8,193.61
iv Cash Forwarded by Administrator for Consolidation Activity 148,982.00
v Cash Forwarded by Administrator for Late Fee Activity 517,116.68
-----------------
vi Total Interest Collections $ 27,716,720.34
C Other Reimbursements $ 325,689.59
D Administrator Account Investment Income $ 783,258.66
E Return funds borrowed for previous distribution $ --
F TOTAL FUNDS RECEIVED $ 100,663,100.92
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($ 3,383,281.91)
--------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 97,279,819.01
--------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 1,171,346.25
ii Percentage of Principal Calculation $ 1,657,899.99
iii Lesser of Unit or Principal Calculation $ 1,171,346.25
H Servicing Fees Due for Current Period $ 1,657,899.99
I Carryover Servicing Fees Due (1) $ 0.00
JUL 1999 Servicing Carryover $0.00
AUG 1999 Servicing Carryover $0.00
SEP 1999 Servicing Carryover $0.00
-----
TOTAL: Carryover Servicing Fee Due $0.00
=====
Less: Servicing ADJ [A iii + B iii] ($ 3,964.83)
J Administration Fees Due $ 20,000.00
--------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,673,935.16
--------------------------------------------------------------------------------------
</TABLE>
(1) No Carryover Servicing Fees due before the June 2000 payment date
3
<PAGE>
IV. 1997-2 Portfolio Characteristics
<TABLE>
<CAPTION>
----------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- -------------------------------------------------------------------------------------------------------------
STATUS 06/30/1999 09/30/1999 06/30/1999 09/30/1999 06/30/1999 09/30/1999
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.777% 7.258% 15,766 13,829 2.390% 2.166%
Grace
Current 7.748% 7.220% 9,440 10,377 1.431% 1.626%
- -------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.764% 7.239% 25,206 24,206 3.821% 3.792%
- -------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.292% 7.809% 473,359 444,456 71.752% 69.628%
31-60 Days Delinquent 8.294% 7.803% 26,744 25,715 4.054% 4.029%
61-90 Days Delinquent 8.284% 7.791% 12,886 12,703 1.953% 1.990%
91-120 Days Delinquent 8.279% 7.783% 5,536 6,940 0.839% 1.087%
> 120 Days Delinquent 8.270% 7.774% 7,894 10,376 1.197% 1.626%
Deferment
Current 8.100% 7.584% 64,164 65,686 9.726% 10.290%
Forbearance
Current 8.277% 7.781% 42,684 46,824 6.470% 7.335%
- -------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.268% 7.777% 633,267 612,700 95.992% 95.985%
- -------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.279% 7.774% 1198 1,395 0.182% 0.219%
Aged Claims Rejected (2) 8.208% 7.772% 40 25 0.006% 0.004%
- -------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.237% 7.744% 659,711 638,326 100.000% 100.000%
- -------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------------------------------
Principal Amount %
- -------------------------------------------------------------------------------------------------
STATUS 06/30/1999 09/30/1999 06/30/1999 09/30/1999
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 56,125,919.86 $ 46,724,476.74 3.213% 2.776%
Grace
Current $ 42,254,181.43 $ 48,617,477.47 2.419% 2.889%
- ------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 98,380,101.29 $ 95,341,954.21 5.632% 5.665%
- ------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $1,170,531,084.47 $1,085,505,999.34 67.013% 64.499%
31-60 Days Delinquent $ 68,496,915.85 $ 65,982,236.58 3.921% 3.921%
61-90 Days Delinquent $ 33,813,409.75 $ 36,065,798.99 1.936% 2.143%
91-120 Days Delinquent $ 14,729,626.73 $ 19,099,517.75 0.843% 1.135%
> 120 Days Delinquent $ 20,966,494.23 $ 27,384,474.96 1.200% 1.627%
Deferment
Current $ 192,525,800.72 $ 192,686,206.86 11.022% 11.449%
Forbearance
Current $ 144,588,149.63 $ 157,660,417.36 8.278% 9.368%
- ------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $1,645,651,481.38 $1,584,384,651.84 94.213% 94.142%
- ------------------------------------------------------------------------------------------------
Claims in Process (1) $ 2,614,871.98 $ 3,180,241.50 0.150% 0.189%
Aged Claims Rejected (2) $ 91,039.78 $ 62,960.60 0.005% 0.004%
- ------------------------------------------------------------------------------------------------
GRAND TOTAL $1,746,737,494.43 $1,682,969,808.15 100.000% 100.000%
- ---------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
V. 1997-2 Portfolio Characteristics by School and Program 9/30/99
<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 1.624% 0.825% 0.000% 0.000% 0.171% 0.070% 0.000% 0.000%
Grace
Current 1.597% 1.068% 0.000% 0.000% 0.114% 0.044% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 3.221% 1.893% 0.000% 0.000% 0.285% 0.114% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 32.430% 8.577% 9.723% 2.131% 3.225% 0.924% 0.447% 0.226%
31-60 Days Delinquent 1.749% 0.424% 0.467% 0.136% 0.317% 0.081% 0.016% 0.019%
61-90 Days Delinquent 0.907% 0.277% 0.200% 0.080% 0.168% 0.053% 0.007% 0.011%
91-120 Days Delinquent 0.466% 0.128% 0.086% 0.042% 0.122% 0.032% 0.005% 0.008%
> 120 Days Delinquent 0.611% 0.161% 0.077% 0.063% 0.189% 0.058% 0.006% 0.014%
Deferment
Current 6.497% 2.122% 0.350% 0.526% 0.739% 0.207% 0.015% 0.047%
Forbearance
Current 4.103% 1.637% 0.623% 0.494% 0.674% 0.211% 0.026% 0.040%
- -----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 46.763% 13.326% 11.526% 3.472% 5.434% 1.566% 0.522% 0.365%
- -----------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.068% 0.015% 0.012% 0.006% 0.020% 0.008% 0.001% 0.001%
Aged Claims Rejected (2) 0.001% 0.001% 0.000% 0.000% 0.001% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 50.053% 15.235% 11.538% 3.478% 5.740% 1.688% 0.523% 0.366%
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.304% 8.317%
- -----------------------------------------------------------------------------------------------------------------
<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 0.029% 0.024% 0.000% 0.000% 0.018% 0.015% 0.000% 0.000%
Grace
Current 0.015% 0.014% 0.000% 0.000% 0.019% 0.018% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.044% 0.038% 0.000% 0.000% 0.037% 0.033% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 3.349% 1.773% 0.827% 0.606% 0.160% 0.063% 0.018% 0.020%
31-60 Days Delinquent 0.393% 0.182% 0.057% 0.060% 0.013% 0.005% 0.000% 0.002%
61-90 Days Delinquent 0.234% 0.107% 0.025% 0.048% 0.012% 0.009% 0.000% 0.005%
91-120 Days Delinquent 0.144% 0.067% 0.010% 0.021% 0.002% 0.001% 0.000% 0.001%
> 120 Days Delinquent 0.263% 0.135% 0.014% 0.030% 0.003% 0.002% 0.000% 0.001%
Deferment
Current 0.456% 0.228% 0.020% 0.075% 0.079% 0.059% 0.001% 0.028%
Forbearance
Current 0.795% 0.408% 0.055% 0.130% 0.079% 0.057% 0.003% 0.033%
- ----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 5.634% 2.900% 1.008% 0.970% 0.348% 0.196% 0.022% 0.090%
- ----------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.033% 0.018% 0.002% 0.005% 0.000% 0.000% 0.000% 0.000%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 5.712% 2.956% 1.010% 0.975% 0.385% 0.229% 0.022% 0.090%
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 10.653% 0.726%
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
- -------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- -------------------------------------------------------------------------------
INTERIM:
In School
Current 2.449% 0.241% 0.053% 0.033% 2.776%
Grace
Current 2.665% 0.158% 0.029% 0.037% 2.889%
- -------------------------------------------------------------------------------
TOTAL INTERIM 5.114% 0.399% 0.082% 0.070% 5.665%
- -------------------------------------------------------------------------------
REPAYMENT:
Active
Current 52.861% 4.822% 6.555% 0.261% 64.499%
31-60 Days Delinquent 2.776% 0.433% 0.692% 0.020% 3.921%
61-90 Days Delinquent 1.464% 0.239% 0.414% 0.026% 2.143%
91-120 Days Delinquent 0.722% 0.167% 0.242% 0.004% 1.135%
> 120 Days Delinquent 0.912% 0.267% 0.442% 0.006% 1.627%
Deferment
Current 9.495% 1.008% 0.779% 0.167% 11.449%
Forbearance
Current 6.857% 0.951% 1.388% 0.172% 9.368%
- -------------------------------------------------------------------------------
TOTAL REPAYMENT 75.087% 7.887% 10.512% 0.656% 94.142%
- -------------------------------------------------------------------------------
Claims in Process (1) 0.101% 0.030% 0.058% 0.000% 0.189%
Aged Claims Rejected (2) 0.002% 0.001% 0.001% 0.000% 0.004%
- -------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.304% 8.317% 10.653% 0.726% 100.000%
- -------------------------------------------------------------------------------
5
<PAGE>
VI. 1997-2 Interest Calculation
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 29,415,721.35
B Interest Subsidy Payments Accrued During Collection Period 3,650,594.63
C SAP Payments Accrued During Collection Period 664,034.29
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 108,836.01
E Investment Earnings (ADMINISTRATOR ACT) 783,258.66
-----------------
F Net Expected Interest Collections $ 34,622,444.94
G Student Loan Rate
i Days in Collection Period (7/1/99-9/30/99) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 34,622,444.94
iv Primary Servicing Fee $ 5,041,181.90
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $1,766,118,694.21
vii Student Loan Rate 6.64061%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.40382%
I Class A-1 Interest Rate 0.013472548 (7/26/99-10/25/99) 5.40382%
J Class A-2 T-Bill Based Interest Rate 5.46382%
K Class A-2 Interest Rate 0.013622137 (7/26/99-10/25/99) 5.46382%
L Certificate T-Bill Based Rate of Return 5.69382%
M Certificate Rate of Return 0.014195562 (7/26/99-10/25/99) 5.69382%
</TABLE>
6
<PAGE>
VII. 1997-2 Inputs From Previous Quarterly Servicing Reports 06/30/1999
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $1,746,737,494.43
ii Interest To Be Capitalized 19,381,199.78
-----------------
iii Total Pool $1,766,118,694.21
iv Specified Reserve Account Balance 4,415,296.74
-----------------
v Total Adjusted Pool $1,770,533,990.95
=================
B Total Note and Certificate Factor 0.70922068976
C Total Note and Certificate Balance $1,770,533,990.95
<CAPTION>
---------------------------------------------------------------------------------------------------------------
D Note Balance 07/26/1999 Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor-7/26/99 0.5465858782 1.0000000000 1.0000000000
ii Expected Note Balance $ 875,083,990.95 $ 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 $ 4,415,296.74
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
</TABLE>
7
<PAGE>
VIII. 1997-2 Waterfall for Distributions
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds (Sections III-F + VI-D) $ 97,388,655.02 $ 97,388,655.02
B Primary Servicing Fees-Current Month $ 1,653,935.16 $ 95,734,719.86
C Administration Fee $ 20,000.00 $ 95,714,719.86
D Noteholder's Interest Distribution Amount
i Class A-1 $ 11,789,611.07 $ 83,925,108.79
ii Class A-2 $ 11,006,686.70 $ 72,918,422.09
---------------
iii Total Noteholder's Interest Distribution $ 22,796,297.77
E Certificateholder's Return Distribution Amount $ 1,241,401.90 $ 71,677,020.19
F Noteholder's Principal Distribution Amount
i Class A-1 $ 65,105,590.26 $ 6,571,429.93
ii Class A-2 $ 0.00 $ 6,571,429.93
---------------
iii Total Noteholder's Principal Distribution $ 65,105,590.26
G Certificateholder's Balance Distribution Amount $ 0.00 $ 6,571,429.93
H Increase to the Specified Reserve Account Balance $ 0.00 $ 6,571,429.93
I Carryover Servicing Fees $ 0.00 $ 6,571,429.93
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 6,571,429.93
i Class A-2 $ 0.00 $ 6,571,429.93
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 6,571,429.93
L Excess to Reserve Account $ 6,571,429.93 $ 0.00
</TABLE>
8
<PAGE>
IX. 1997-2 Distributions
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 11,789,611.07 $ 11,006,686.70 $ 1,241,401.90
ii Quarterly Interest Paid 11,789,611.07 11,006,686.70 1,241,401.90
------------------ --------------- --------------
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 $ 65,105,590.26 $ 0.00 $ 0.00
viii Quarterly Principal Paid 65,105,590.26 0.00 0.00
------------------ --------------- --------------
ix Quarterly Principal Shortfall $ (0.00) $ 0.00 $ 0.00
----------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 76,895,201.33 $ 11,006,686.70 $ 1,241,401.90
----------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 9/30/99 $ 1,770,533,990.95
ii Adjusted Pool Balance 9/30/99 1,705,428,400.69
------------------
iii Adjusted Pool Exceeding Notes and Certificate
Balance $ (65,105,590.26
==================
iv Adjusted Pool Balance 6/30/99 $ 1,770,533,990.95
v Adjusted Pool Balance 9/30/99 $ 1,705,428,400.69
------------------
vi Current Principal Due (iv-v) $ 65,105,590.26
vii Principal Shortfall from Previous Collection Period $ --
------------------
viii Principal Distribution Amount (vi + vii) $ 65,105,590.26
==================
ix Principal Distribution Amount Paid $ 65,105,590.26
x Principal Shortfall (viii - ix) $ (0.00)
C Total Principal Distribution $ 65,105,590.26
D Total Interest Distribution 24,037,699.67
------------------
E Total Cash Distributions-Note and Certificates $ 89,143,289.93
<CAPTION>
----------------------------------------------------------------------------
F Note & Certificate Balances 7/26/99 10/25/99
----------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GAN6) $ 875,083,990.95 $ 809,978,400.69
A-1 Note Pool Factor 0.5465858782 0.5059203002
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 $ 4,415,296.74
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ 6,571,429.93
------------------
iv Total Reserve Account Balance Available $ 10,986,726.67
v Required Reserve Account Balance $ 4,252,938.66
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to SLM Funding Corp. $ 6,733,788.01
viii Ending Reserve Account Balance $ 4,252,938.66
</TABLE>
9
<PAGE>
X. 1997-2 Historical Pool Information
<TABLE>
<CAPTION>
----------------------------------------------------------------
7/1/99-9/30/99 4/1/99-6/30/99 1/1/99-3/31/99
<S> <C> <C> <C>
- ----------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,746,737,494.43 $ 1,836,207,406.88 $ 1,917,283,858.04
- ----------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 57,364,596.01 $ 69,279,630.40 $ 71,932,323.70
ii Principal Collections from Guarantor 4,228,241.59 9,732,981.43 11,877,774.12
iii Principal Reimbursements 10,244,594.73 17,741,819.14 2,863,465.45
iv Other System Adjustments -- -- --
----------------------------------------------------------------
v Total Principal Collections $ 71,837,432.33 $ 96,754,430.97 $ 86,673,563.27
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,046,605.48 $ 913,772.16 $ 1,510,294.21
ii Capitalized Interest (9,116,351.53) (8,198,290.68) (7,107,406.32)
----------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (8,069,746.05) $ (7,284,518.52) $ (5,597,112.11)
- ----------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 63,767,686.28 $ 89,469,912.45 $ 81,076,451.16
- ----------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 22,529,057.76 $ 24,498,931.27 $ 26,074,483.39
ii Interest Claims Received from Guarantors 241,676.41 586,275.57 715,674.61
iii Late Fee Reimbursements 517,116.68 511,672.68 569,406.79
iv Interest Reimbursements 167,744.37 226,110.13 64,491.83
v Other System Adjustments -- -- --
vi Special Allowance Payments 14,934.58 11,602.54 7,031.03
vii Subsidy Payments 4,246,190.54 4,584,838.18 4,868,492.75
----------------------------------------------------------------
viii Total Interest Collections $ 27,716,720.34 $ 30,419,430.37 $ 32,299,580.40
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,023,547.45) $ (721,978.51) $ (1,272,405.45)
ii Capitalized Interest 9,116,351.53 8,198,290.68 7,107,406.32
----------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 8,092,804.08 $ 7,476,312.17 $ 5,835,000.87
----------------------------------------------------------------
Total Student Loan Interest Activity $ 35,809,524.42 $ 37,895,742.54 $ 38,134,581.27
(=) Ending Student Loan Portfolio Balance $ 1,682,969,808.15 $ 1,746,737,494.43 $ 1,836,207,406.88
- ----------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 18,205,653.88 $ 19,381,199.78 $ 19,847,544.12
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,701,175,462.03 $ 1,766,118,694.21 $ 1,856,054,951.00
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 4,252,938.66 $ 4,415,296.74 $ 4,640,137.38
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 1,705,428,400.69 $ 1,770,533,990.95 $ 1,860,695,088.38
- ----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------
1998 1997
-------------------------------------------
1/1/98-12/31/98 6/2/97-12/31/97
<S> <C> <C>
- ------------------------------------------------------------------------------------------------------------
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
Distribution Actual Since Issued
Date Pool Balances CPR *
Jul-97 $ 2,441,522,427 --
Oct-97 $ 2,338,910,195 5.99%
Jan-98 $ 2,250,415,017 6.53%
Apr-98 $ 2,163,849,632 6.60%
Jul-98 $ 2,080,713,168 6.51%
Oct-98 $ 2,007,422,289 6.14%
Jan-99 $ 1,935,290,263 5.85%
Apr-99 $ 1,856,054,951 5.78%
Jul-99 $ 1,766,118,694 6.00%
Oct-99 $ 1,701,175,462 5.61%
* "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: 9/30/1999 Reporting Period: 7/1/99-9/30/99
I. Deal Parameters
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 6/30/99 Activity 9/30/99
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 2,029,799,381.97 $ (55,844,473.12) $ 1,973,954,908.85
ii Interest to be Capitalized 41,323,073.66 38,011,677.26
------------------ ------------------
iii Total Pool $ 2,071,122,455.63 $ 2,011,966,586.11
iv Specified Reserve Account Balance 5,177,806.14 5,029,916.47
------------------ ------------------
v Total Adjusted Pool $ 2,076,300,261.77 $ 2,016,996,502.58
================== ==================
B i Weighted Average Coupon (WAC) 8.1796% 7.6910%
ii Weighted Average Remaining Term 109.91 109.05
iii Number of Loans 606,931 591,520
iv Number of Borrowers 227,079 221,419
--------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 7/26/99 % of Pool Balance 10/25/99 % of Pool
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAR7 0.60% $ 957,650,261.77 46.123% $ 898,346,502.58 44.539%
ii A-2 Notes 78442GAS5 0.64% 1,028,500,000.00 49.535% 1,028,500,000.00 50.992%
iii Certificates 78442GAT3 0.83% 90,150,000.00 4.342% 90,150,000.00 4.469%
---------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 2,076,300,261.77 100.000% $ 2,016,996,502.58 100.000%
===========================================================================================================================
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
Reserve Account 7/26/99 10/25/99
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 5,177,806.14 $ 5,029,916.47
iv Reserve Account Floor Balance ($) $ 2,503,690.00 $ 2,503,690.00
v Current Reserve Acct Balance ($) $ 5,177,806.14 $ 5,029,916.47
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
II. 1997-3 Transactions from: 7/1/99 through: 9/30/99
<TABLE>
<S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 41,479,202.90
ii Principal Collections from Guarantor 5,434,851.00
iii Principal Reimbursements 23,953,670.72
iv Other System Adjustments 0.00
---------------
v Total Principal Collections $ 70,867,724.62
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,584,157.12
ii Capitalized Interest (17,607,408.62)
---------------
iii Total Non-Cash Principal Activity $(15,023,251.50)
-------------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $55,844,473.12
-------------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 19,948,559.27
ii Interest Claims Received from Guarantors 269,343.79
iii Late Fee Reimbursements 359,176.01
iv Interest Reimbursements 475,268.91
v Other System Adjustments 0.00
vi Special Allowance Payments 37,837.38
vii Subsidy Payments 7,201,341.55
---------------
viii Total Interest Collections $ 28,291,526.91
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,506,543.40)
ii Capitalized Interest 17,607,408.62
---------------
iii Total Non-Cash Interest Adjustments $ 15,100,865.22
-------------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 43,392,392.13
-------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
III. 1997-3 Collection Account Activity 7/1/99 through 9/30/99
<TABLE>
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $ 46,914,053.90
ii Cash Forwarded by Administrator on behalf of Seller 191,205.56
iii Cash Forwarded by Administrator on behalf of Servicer (2,127.92)
iv Cash Forwarded by Administrator for Consolidation Activity 23,764,593.08
----------------
v Total Principal Collections $ 70,867,724.62
B Interest Collections
i Interest Payments Received-Cash $ 27,457,081.99
ii Cash Forwarded by Administrator on behalf of Seller 15,789.01
iii Cash Forwarded by Administrator on behalf of Servicer 4,934.18
iv Cash Forwarded by Administrator for Consolidation Activity 454,545.72
v Cash Forwarded by Administrator for Late Fee Activity 359,176.01
----------------
vi Total Interest Collections $ 28,291,526.91
C Other Reimbursements $ 236,524.12
D Administrator Account Investment Income $ 802,515.13
E Return funds borrowed for previous distribution $ --
F TOTAL FUNDS RECEIVED $ 100,198,290.78
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($2,691,865.14)
---------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 97,506,425.64
---------------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 907,585.58
ii Percentage of Principal Calculation $ 1,325,436.76
iii Lesser of Unit or Principal Calculation $ 907,585.58
H Servicing Fees Due for Current Period $ 1,325,436.76
I Carryover Servicing Fees Due (1) $ 0.00
JUL 1999 Servicing Carryover $0.00
AUG 1999 Servicing Carryover $0.00
SEP 1999 Servicing Carryover $0.00
-----
TOTAL: Carryover Servicing Fee Due $0.00
=====
Less: Servicing ADJ [A iii + B iii] ($2,806.26)
J Administration Fees Due $ 20,000.00
---------------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,342,630.50
---------------------------------------------------------------------------------------------------------
</TABLE>
(1) No Carryover Servicing Fees due before the October 2001 payment date
3
<PAGE>
IV. 1997-3 Portfolio Characteristics
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ---------------------------------------------------------------------------------------------------------------
STATUS 6/30/99 9/30/99 6/30/99 9/30/99 6/30/99 9/30/99
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.839% 7.341% 40,706 35,082 6.707% 5.931%
Grace
Current 7.797% 7.281% 22,470 24,994 3.702% 4.225%
- ---------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.823% 7.314% 63,176 60,076 10.409% 10.156%
- ---------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.256% 7.776% 353,351 330,724 58.219% 55.911%
31-60 Days Delinquent 8.260% 7.771% 21,893 20,688 3.607% 3.497%
61-90 Days Delinquent 8.261% 7.771% 11,729 13,554 1.933% 2.291%
91-120 Days Delinquent 8.258% 7.774% 5,555 6,868 0.915% 1.161%
> 120 Days Delinquent 8.254% 7.763% 7,635 10,269 1.258% 1.736%
Deferment
Current 8.077% 7.574% 77,798 79,839 12.818% 13.497%
Forbearance
Current 8.253% 7.771% 64,555 67,779 10.636% 11.458%
- ---------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.229% 7.742% 542,516 529,721 89.387% 89.553%
- ---------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.268% 7.766% 1171 1,678 0.193% 0.284%
Aged Claims Rejected (2) 8.370% 8.099% 68 45 0.011% 0.008%
- ---------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.180% 7.691% 606,931 591,520 100.000% 100.000%
- ---------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------------------------------
Principal Amount %
- ---------------------------------------------------------------------------------------------------
STATUS 6/30/99 9/30/99 6/30/99 9/30/99
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 141,658,896.33 $ 119,555,598.34 6.979% 6.057%
Grace
Current $ 87,935,883.54 $ 100,097,402.31 4.332% 5.071%
- ----------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 229,594,779.87 $ 219,653,000.65 11.311% 11.128%
- ----------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 1,112,136,744.17 $ 1,035,051,894.04 54.790% 52.435%
31-60 Days Delinquent $ 69,168,859.72 $ 65,622,377.61 3.408% 3.324%
61-90 Days Delinquent $ 37,542,836.74 $ 47,218,382.64 1.850% 2.392%
91-120 Days Delinquent $ 17,408,904.29 $ 22,045,754.41 0.858% 1.117%
> 120 Days Delinquent $ 23,471,537.26 $ 31,945,497.56 1.156% 1.618%
Deferment
Current $ 275,419,571.84 $ 277,526,809.19 13.569% 14.059%
Forbearance
Current $ 261,894,548.17 $ 270,149,168.20 12.902% 13.686%
- ----------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 1,797,043,002.19 $ 1,749,559,883.65 88.533% 88.631%
- ----------------------------------------------------------------------------------------------------
Claims in Process (1) $ 3,005,194.83 $ 4,651,997.28 0.148% 0.236%
Aged Claims Rejected (2) $ 156,405.08 $ 90,027.27 0.008% 0.005%
- ----------------------------------------------------------------------------------------------------
GRAND TOTAL $ 2,029,799,381.97 $ 1,973,954,908.85 100.000% 100.000%
- ----------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
V. 1997-3 Portfolio Characteristics by School and Program 9/30/99
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------
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 3.563% 1.557% 0.000% 0.000% 0.368% 0.150% 0.000% 0.000% 0.174%
Grace
Current 2.888% 1.619% 0.000% 0.000% 0.214% 0.087% 0.000% 0.000% 0.107%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 6.451% 3.176% 0.000% 0.000% 0.582% 0.237% 0.000% 0.000% 0.281%
- -------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 29.171% 10.053% 4.027% 2.513% 1.848% 0.778% 0.188% 0.147% 1.779%
31-60 Days Delinquent 1.682% 0.546% 0.224% 0.169% 0.199% 0.080% 0.012% 0.014% 0.199%
61-90 Days Delinquent 1.191% 0.435% 0.113% 0.168% 0.140% 0.054% 0.003% 0.013% 0.136%
91-120 Days Delinquent 0.557% 0.174% 0.041% 0.064% 0.082% 0.034% 0.003% 0.005% 0.082%
> 120 Days Delinquent 0.735% 0.243% 0.044% 0.086% 0.141% 0.058% 0.003% 0.012% 0.145%
Deferment
Current 7.687% 2.681% 0.735% 1.078% 0.613% 0.246% 0.024% 0.074% 0.346%
Forbearance
Current 6.756% 2.979% 0.471% 1.119% 0.670% 0.290% 0.023% 0.078% 0.577%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 47.779% 17.111% 5.655% 5.197% 3.693% 1.540% 0.256% 0.343% 3.264%
- -------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.108% 0.045% 0.011% 0.015% 0.020% 0.007% 0.000% 0.002% 0.014%
Aged Claims Rejected (2) 0.003% 0.000% 0.000% 0.000% 0.001% 0.000% 0.000% 0.000% 0.001%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 54.341% 20.332% 5.666% 5.212% 4.296% 1.784% 0.256% 0.345% 3.560%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.551% 6.681%
- -------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------
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 0.134% 0.000% 0.000% 0.060% 0.051% 0.000% 0.000%
Grace
Current 0.083% 0.000% 0.000% 0.038% 0.035% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.217% 0.000% 0.000% 0.098% 0.086% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.108% 0.244% 0.219% 0.203% 0.094% 0.010% 0.053%
31-60 Days Delinquent 0.128% 0.016% 0.017% 0.019% 0.011% 0.000% 0.008%
61-90 Days Delinquent 0.082% 0.006% 0.015% 0.017% 0.011% 0.000% 0.008%
91-120 Days Delinquent 0.046% 0.003% 0.012% 0.006% 0.003% 0.001% 0.004%
> 120 Days Delinquent 0.097% 0.010% 0.014% 0.013% 0.012% 0.000% 0.005%
Deferment
Current 0.203% 0.013% 0.077% 0.132% 0.094% 0.001% 0.055%
Forbearance
Current 0.343% 0.025% 0.094% 0.120% 0.090% 0.001% 0.050%
- ----------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 2.007% 0.317% 0.448% 0.510% 0.315% 0.013% 0.183%
- ----------------------------------------------------------------------------------------------------
Claims in Process (1) 0.009% 0.001% 0.002% 0.001% 0.001% 0.000% 0.000%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 2.233% 0.318% 0.450% 0.609% 0.402% 0.013% 0.183%
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 6.561% 1.207%
- ----------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 5.120% 0.518% 0.308% 0.111% 6.057%
Grace
Current 4.507% 0.301% 0.190% 0.073% 5.071%
- ----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 9.627% 0.819% 0.498% 0.184% 11.128%
- ----------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 45.764% 2.961% 3.350% 0.360% 52.435%
31-60 Days Delinquent 2.621% 0.305% 0.360% 0.038% 3.324%
61-90 Days Delinquent 1.907% 0.210% 0.239% 0.036% 2.392%
91-120 Days Delinquent 0.836% 0.124% 0.143% 0.014% 1.117%
> 120 Days Delinquent 1.108% 0.214% 0.266% 0.030% 1.618%
Deferment
Current 12.181% 0.957% 0.639% 0.282% 14.059%
Forbearance
Current 11.325% 1.061% 1.039% 0.261% 13.686%
- ----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 75.742% 5.832% 6.036% 1.021% 88.631%
- ----------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.179% 0.029% 0.026% 0.002% 0.236%
Aged Claims Rejected (2) 0.003% 0.001% 0.001% 0.000% 0.005%
- ----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.551% 6.681% 6.561% 1.207% 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. 1997-3 Interest Calculation
<TABLE>
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 32,383,568.74
B Interest Subsidy Payments Accrued During Collection Period 6,089,280.05
C SAP Payments Accrued During Collection Period 826,386.47
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 121,049.55
E Investment Earnings (ADMINISTRATOR ACT) 802,515.13
------------------
F Net Expected Interest Collections $ 40,222,799.94
G Student Loan Rate
i Days in Collection Period (7/1/99-9/30/99) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 40,222,799.94
iv Primary Servicing Fee $ 4,017,301.90
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 2,071,122,455.63
vii Student Loan Rate 6.93161%
</TABLE>
<TABLE>
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.46382%
I Class A-1 Interest Rate 0.013622137 (7/26/99-10/25/99) 5.46382%
J Class A-2 T-Bill Based Interest Rate 5.50382%
K Class A-2 Interest Rate 0.013721863 (7/26/99-10/25/99) 5.50382%
L Certificate T-Bill Based Rate of Return 5.69382%
M Certificate Rate of Return 0.014195562 (7/26/99-10/25/99) 5.69382%
</TABLE>
6
<PAGE>
VII. 1997-3 Inputs From Previous Quarterly Servicing Reports 6/30/99
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 2,029,799,381.97
ii Interest To Be Capitalized 41,323,073.66
------------------
iii Total Pool $ 2,071,122,455.63
iv Specified Reserve Account Balance 5,177,806.14
------------------
v Total Adjusted Pool $ 2,076,300,261.77
==================
B Total Note and Certificate Factor 0.80633019875
C Total Note and Certificate Balance $ 2,076,300,261.77
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
D Note Balance 7/26/99 Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor 7/26/99 0.6575687587 1.0000000000 1.0000000000
ii Expected Note Balance $ 957,650,261.77 $ 1,028,500,000.00 $ 90,150,000.00
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 $ 5,177,806.14
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
</TABLE>
7
<PAGE>
VIII. 1997-3 Waterfall for Distributions
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C> <C>
A Total Available Funds ( Sections III-F + VI-D ) $ 97,627,475.19 $ 97,627,475.19
B Primary Servicing Fees-Current Month $ 1,322,630.50 $ 96,304,844.69
C Administration Fee $ 20,000.00 $ 96,284,844.69
D Noteholder's Interest Distribution Amount
i Class A-1 $ 13,045,243.06 $ 83,239,601.63
ii Class A-2 $ 14,112,936.10 $ 69,126,665.53
---------------
iii Total Noteholder's Interest Distribution $ 27,158,179.16
E Certificateholder's Return Distribution Amount $ 1,279,729.91 $ 67,846,935.62
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 59,303,759.19 $ 8,543,176.43
ii Class A-2 $ 0.00 $ 8,543,176.43
---------------
iii Total Noteholder's Principal Distribution $ 59,303,759.19
G Certificateholder's Balance Distribution Amount $ 0.00 $ 8,543,176.43
H Increase to the Specified Reserve Account Balance $ 0.00 $ 8,543,176.43
I Carryover Servicing Fees $ 0.00 $ 8,543,176.43
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 8,543,176.43
i Class A-2 $ 0.00 $ 8,543,176.43
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 8,543,176.43
L Excess to Reserve Account $ 8,543,176.43 $ 0.00
</TABLE>
8
<PAGE>
IX. 1997-3 Distributions
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 13,045,243.06 $ 14,112,936.10 $ 1,279,729.91
ii Quarterly Interest Paid 13,045,243.06 14,112,936.10 1,279,729.91
------------------ --------------- --------------
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 $ 59,303,759.19 $ 0.00 $ 0.00
viii Quarterly Principal Paid 59,303,759.19 0.00 0.00
------------------ --------------- --------------
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
----------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 72,349,002.25 $ 14,112,936.10 $ 1,279,729.91
----------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 9/30/99 $ 2,076,300,261.77
ii Adjusted Pool Balance 9/30/99 2,016,996,502.58
------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 59,303,759.19
==================
iv Adjusted Pool Balance 6/30/99 $ 2,076,300,261.77
v Adjusted Pool Balance 9/30/99 $ 2,016,996,502.58
------------------
vi Current Principal Due (iv-v) $ 59,303,759.19
vii Principal Shortfall from Previous Collection Period $ --
viii Principal Distribution Amount (vi + vii) $ 59,303,759.19
------------------
ix Principal Distribution Amount Paid $ 59,303,759.19
==================
x Principal Shortfall (viii - ix) $ 0.00
C Total Principal Distribution $ 59,303,759.19
D Total Interest Distribution 28,437,909.07
------------------
E Total Cash Distributions-Note and Certificates $ 87,741,668.26
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------
F Note & Certificate Balances 7/26/99 10/25/99
----------------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GAR7) $ 957,650,261.77 $ 898,346,502.58
A-1 Note Pool Factor 0.6575687587 0.6168479435
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 $ 5,177,806.14
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ 8,543,176.43
------------------
iv Total Reserve Account Balance Available $ 13,720,982.57
v Required Reserve Account Balance $ 5,029,916.47
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to SLM Funding Corp. $ 8,691,066.10
viii Ending Reserve Account Balance $ 5,029,916.47
</TABLE>
9
<PAGE>
X. 1997-3 Historical Pool Information
<TABLE>
<CAPTION>
-----------------------------------------------------------------
7/1/99-9/30/99 4/1/99-6/30/99 1/1/99-3/31/99
<S> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 2,029,799,381.97 $ 2,118,491,863.51 $ 2,187,173,010.15
- -----------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 41,479,202.90 $ 54,483,418.03 $ 57,414,074.23
ii Principal Collections from Guarantor 5,434,851.00 11,759,051.47 13,303,830.96
iii Principal Reimbursements 23,953,670.72 36,333,636.81 7,983,617.17
iv Other System Adjustments -- -- --
-----------------------------------------------------------------
v Total Principal Collections $ 70,867,724.62 $ 102,576,106.31 $ 78,701,522.36
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,584,157.12 $ 1,985,310.74 $ 2,655,235.53
ii Capitalized Interest (17,607,408.62) (15,868,935.51) (12,675,611.25)
-----------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (15,023,251.50) $ (13,883,624.77) $ (10,020,375.72)
- -----------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 55,844,473.12 $ 88,692,481.54 $ 68,681,146.64
- -----------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 19,948,559.27 $ 21,240,585.07 $ 21,948,538.28
ii Interest Claims Received from Guarantors 269,343.79 692,393.15 805,049.57
iii Late Fee Reimbursements 359,176.01 348,042.02 372,821.54
iv Interest Reimbursements 475,268.91 631,572.16 138,548.53
v Other System Adjustments -- -- --
vi Special Allowance Payments 37,837.38 36,168.13 30,263.12
vii Subsidy Payments 7,201,341.55 7,726,647.78 8,947,872.06
-----------------------------------------------------------------
viii Total Interest Collections $ 28,291,526.91 $ 30,675,408.31 $ 32,243,093.10
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,506,543.40) $ (1,754,387.45) $ (2,446,874.04)
ii Capitalized Interest 17,607,408.62 15,868,935.51 12,675,611.25
-----------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 15,100,865.22 $ 14,114,548.06 $ 10,228,737.21
-----------------------------------------------------------------
Total Student Loan Interest Activity $ 43,392,392.13 $ 44,789,956.37 $ 42,471,830.31
(=) Ending Student Loan Portfolio Balance $ 1,973,954,908.85 $ 2,029,799,381.97 $ 2,118,491,863.51
- -----------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 38,011,677.26 $ 41,323,073.66 $ 43,078,880.85
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 2,011,966,586.11 $ 2,071,122,455.63 $ 2,161,570,744.36
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 5,029,916.47 $ 5,177,806.14 $ 5,403,926.86
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 2,016,996,502.58 $ 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>
XI. 1997-3 Payment History and CPRs
Distribution Actual Since Issued
Date Pool Balances CPR *
Oct-97 $ 2,503,689,634 --
Jan-98 $ 2,432,709,924 6.13%
Apr-98 $ 2,385,676,618 4.78%
Jul-98 $ 2,331,344,763 4.50%
Oct-98 $ 2,277,897,847 4.25%
Jan-99 $ 2,226,796,149 4.02%
Apr-99 $ 2,161,570,744 4.11%
Jul-99 $ 2,071,122,456 4.77%
Oct-99 $ 2,011,966,586 4.58%
* "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: 9/30/1999 Reporting Period: 7/1/99-9/30/99
I. Deal Parameters
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 6/30/99 Activity 9/30/99
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 2,059,875,749.01 $(54,896,141.61) $2,004,979,607.40
ii Interest to be Capitalized 35,555,572.08 33,256,441.82
------------------ -----------------
iii Total Pool $ 2,095,431,321.09 $2,038,236,049.22
iv Specified Reserve Account Balance 5,238,578.30 5,095,590.12
------------------ -----------------
v Total Adjusted Pool $ 2,100,669,899.39 $2,043,331,639.34
================== =================
B i Weighted Average Coupon (WAC) 8.1746% 7.6822%
ii Weighted Average Remaining Term 109.35 108.50
iii Number of Loans 663,712 647,697
iv Number of Borrowers 245,607 239,572
----------------------------------------------------------------------------------------------------------------
<CAPTION>
% of % of
Notes and Certificates Spread Balance 7/26/99 O/S Securities Balance 10/25/99 O/S Securities
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAU0 0.75% $ 1,035,590,480.66 48.976% $ 970,369,840.68 47.352%
ii A-2 Notes 78442GAV8 0.75% 989,000,000.00 46.772% 989,000,000.00 48.261%
iii Certificates 78442GAW6 1.05% 89,900,000.00 4.252% 89,900,000.00 4.387%
--------------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 2,114,490,480.66 100.000% $2,049,269,840.68 100.000%
================================================================================================================================
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
Reserve Account 7/26/99 10/25/99
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 5,238,578.30 $ 5,095,590.12
iv Reserve Account Floor Balance ($) $ 2,502,640.00 $ 2,502,640.00
v Current Reserve Acct Balance ($) $ 5,238,578.30 $ 5,095,590.12
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
II. 1997-4 Transactions from: 7/1/99 through: 9/30/99
<TABLE>
<S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 41,827,380.55
ii Principal Collections from Guarantor 4,453,012.99
iii Principal Reimbursements 22,320,582.02
iv Other System Adjustments 0.00
----------------
v Total Principal Collections $ 68,600,975.56
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,077,475.69
ii Capitalized Interest (15,782,309.64)
----------------
iii Total Non-Cash Principal Activity $ (13,704,833.95)
-------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 54,896,141.61
-------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 21,027,252.99
ii Interest Claims Received from Guarantors 246,856.02
iii Late Fee Reimbursements 359,945.60
iv Interest Reimbursements 383,407.92
v Other System Adjustments 0.00
vi Special Allowance Payments 23,931.25
vii Subsidy Payments 7,255,038.64
----------------
viii Total Interest Collections $ 29,296,432.42
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,088,685.47)
ii Capitalized Interest 15,782,309.64
----------------
iii Total Non-Cash Interest Adjustments $ 13,693,624.17
-------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 42,990,056.59
-------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
III. 1997-4 Collection Account Activity 7/1/99 through 9/30/99
<TABLE>
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $ 46,280,393.54
ii Cash Forwarded by Administrator on behalf of Seller 243,951.11
iii Cash Forwarded by Administrator on behalf of Servicer 8,670.29
iv Cash Forwarded by Administrator for Consolidation Activity 22,067,960.62
---------------
v Total Principal Collections $ 68,600,975.56
B Interest Collections
i Interest Payments Received-Cash $ 28,553,078.90
ii Cash Forwarded by Administrator on behalf of Seller 14,320.81
iii Cash Forwarded by Administrator on behalf of Servicer 8,617.49
iv Cash Forwarded by Administrator for Consolidation Activity 360,469.62
v Cash Forwarded by Administrator for Late Fee Activity 359,945.60
---------------
vi Total Interest Collections $ 29,296,432.42
C Other Reimbursements $ 251,635.99
D Administrator Account Investment Income $ 802,807.77
E Return funds borrowed for previous distribution $ --
F TOTAL FUNDS RECEIVED $ 98,951,851.74
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($2,901,828.32)
--------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 96,050,023.42
--------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 979,755.14
ii Percentage of Principal Calculation $ 1,429,556.80
iii Lesser of Unit or Principal Calculation $ 979,755.14
H Servicing Fees Due for Current Period $ 1,429,556.80
I Carryover Servicing Fees Due (1) $ 0.00
JUL 1999 Servicing Carryover $0.00
AUG 1999 Servicing Carryover $0.00
SEP 1999 Servicing Carryover $0.00
-----
TOTAL: Carryover Servicing Fee Due $0.00
=====
Less: Servicing ADJ [A iii + B iii] ($17,287.78)
J Administration Fees Due $ 20,000.00
--------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,432,269.02
--------------------------------------------------------------------------------------------------
</TABLE>
(1) No Carryover Servicing Fees due before the October 2001 payment date
3
<PAGE>
IV. 1997-4 Portfolio Characteristics
<TABLE>
<CAPTION>
-----------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ----------------------------------------------------------------------------------------------------------------
STATUS 6/30/99 9/30/99 6/30/99 9/30/99 6/30/99 9/30/99
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.829% 7.320% 45,879 39,825 6.912% 6.149%
Grace
Current 7.814% 7.300% 21,959 24,577 3.309% 3.795%
- ----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.824% 7.312% 67,838 64,402 10.221% 9.943%
- ----------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.250% 7.765% 398,001 371,561 59.966% 57.366%
31-60 Days Delinquent 8.257% 7.766% 23,542 21,997 3.547% 3.396%
61-90 Days Delinquent 8.254% 7.762% 12,490 14,734 1.882% 2.275%
91-120 Days Delinquent 8.256% 7.764% 5,916 7,164 0.891% 1.106%
> 120 Days Delinquent 8.250% 7.753% 8,879 10,831 1.338% 1.672%
Deferment
Current 8.038% 7.533% 81,159 85,083 12.228% 13.136%
Forbearance
Current 8.249% 7.764% 64,691 70,206 9.747% 10.839%
- ----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.219% 7.729% 594,678 581,576 89.599% 89.791%
- ----------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.260% 7.764% 1133 1,678 0.171% 0.259%
Aged Claims Rejected (2) 8.194% 7.738% 63 41 0.009% 0.006%
- ----------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.175% 7.682% 663,712 647,697 100.000% 100.000%
- ----------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------
Principal Amount %
- ----------------------------------------------------------------------------------------------------------
STATUS 6/30/99 9/30/99 6/30/99 9/30/99
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 145,198,881.97 $ 123,919,034.66 7.049% 6.181%
Grace
Current $ 72,349,086.91 $ 83,873,764.47 3.512% 4.183%
- ----------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 217,547,968.88 $ 207,792,799.13 10.561% 10.364%
- ----------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 1,176,075,589.93 $ 1,086,755,278.57 57.095% 54.203%
31-60 Days Delinquent $ 71,402,591.29 $ 65,289,271.91 3.466% 3.256%
61-90 Days Delinquent $ 37,959,658.53 $ 48,327,542.95 1.843% 2.410%
91-120 Days Delinquent $ 17,532,546.76 $ 22,385,848.05 0.851% 1.117%
> 120 Days Delinquent $ 25,717,034.39 $ 31,617,381.51 1.249% 1.577%
Deferment
Current $ 270,343,080.65 $ 277,003,790.58 13.124% 13.816%
Forbearance
Current $ 240,592,782.56 $ 261,365,279.60 11.680% 13.036%
- ----------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 1,839,623,284.11 $ 1,792,744,393.17 89.308% 89.415%
- ----------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 2,540,546.25 $ 4,321,219.20 0.123% 0.215%
Aged Claims Rejected (2) $ 163,949.77 $ 121,195.90 0.008% 0.006%
- ----------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 2,059,875,749.01 $ 2,004,979,607.40 100.000% 100.000%
- ----------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
V. 1997-4 Portfolio Characteristics by School and Program 9/30/99
<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 3.751% 1.529% 0.000% 0.000% 0.435% 0.217% 0.000% 0.000%
Grace
Current 2.490% 1.164% 0.000% 0.000% 0.257% 0.117% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 6.241% 2.693% 0.000% 0.000% 0.692% 0.334% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 31.458% 10.844% 2.860% 1.794% 2.404% 1.050% 0.162% 0.140%
31-60 Days Delinquent 1.702% 0.554% 0.153% 0.116% 0.239% 0.097% 0.010% 0.015%
61-90 Days Delinquent 1.249% 0.444% 0.064% 0.133% 0.164% 0.070% 0.003% 0.008%
91-120 Days Delinquent 0.578% 0.171% 0.033% 0.054% 0.094% 0.037% 0.003% 0.004%
> 120 Days Delinquent 0.754% 0.245% 0.024% 0.060% 0.159% 0.069% 0.003% 0.005%
Deferment
Current 7.960% 2.710% 0.533% 0.789% 0.690% 0.303% 0.016% 0.064%
Forbearance
Current 6.701% 2.794% 0.381% 0.836% 0.715% 0.323% 0.016% 0.059%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 50.402% 17.762% 4.048% 3.782% 4.465% 1.949% 0.213% 0.295%
- -----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.109% 0.033% 0.006% 0.009% 0.026% 0.010% 0.000% 0.001%
Aged Claims Rejected (2) 0.003% 0.001% 0.000% 0.000% 0.001% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 56.755% 20.489% 4.054% 3.791% 5.184% 2.293% 0.213% 0.296%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.089% 7.986%
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 0.097% 0.082% 0.000% 0.000% 0.039% 0.031% 0.000% 0.000%
Grace
Current 0.065% 0.051% 0.000% 0.000% 0.022% 0.017% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.162% 0.133% 0.000% 0.000% 0.061% 0.048% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.707% 1.045% 0.309% 0.182% 0.148% 0.068% 0.003% 0.029%
31-60 Days Delinquent 0.190% 0.120% 0.017% 0.020% 0.011% 0.010% 0.000% 0.002%
61-90 Days Delinquent 0.132% 0.077% 0.007% 0.013% 0.022% 0.012% 0.000% 0.012%
91-120 Days Delinquent 0.080% 0.048% 0.003% 0.007% 0.002% 0.001% 0.002% 0.000%
> 120 Days Delinquent 0.145% 0.089% 0.006% 0.013% 0.002% 0.002% 0.000% 0.001%
Deferment
Current 0.265% 0.152% 0.011% 0.057% 0.120% 0.092% 0.006% 0.048%
Forbearance
Current 0.523% 0.341% 0.029% 0.066% 0.112% 0.087% 0.000% 0.053%
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.042% 1.872% 0.382% 0.358% 0.417% 0.272% 0.011% 0.145%
- ------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.013% 0.007% 0.000% 0.001% 0.000% 0.000% 0.000% 0.000%
Aged Claims Rejected (2) 0.000% 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 3.217% 2.013% 0.382% 0.359% 0.478% 0.320% 0.011% 0.145%
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 5.971% 0.954%
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 5.280% 0.652% 0.179% 0.070% 6.181%
Grace
Current 3.654% 0.374% 0.116% 0.039% 4.183%
- --------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.934% 1.026% 0.295% 0.109% 10.364%
- --------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 46.956% 3.756% 3.243% 0.248% 54.203%
31-60 Days Delinquent 2.525% 0.361% 0.347% 0.023% 3.256%
61-90 Days Delinquent 1.890% 0.245% 0.229% 0.046% 2.410%
91-120 Days Delinquent 0.836% 0.138% 0.138% 0.005% 1.117%
> 120 Days Delinquent 1.083% 0.236% 0.253% 0.005% 1.577%
Deferment
Current 11.992% 1.073% 0.485% 0.266% 13.816%
Forbearance
Current 10.712% 1.113% 0.959% 0.252% 13.036%
- --------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 75.994% 6.922% 5.654% 0.845% 89.415%
- --------------------------------------------------------------------------------------------------
Claims in Process (1) 0.157% 0.037% 0.021% 0.000% 0.215%
Aged Claims Rejected (2) 0.004% 0.001% 0.001% 0.000% 0.006%
- --------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.089% 7.986% 5.971% 0.954% 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. 1997-4 Interest Calculation
<TABLE>
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 32,762,550.22
B Interest Subsidy Payments Accrued During Collection Period 6,207,731.85
C SAP Payments Accrued During Collection Period 933,259.42
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 121,779.01
E Investment Earnings (ADMINISTRATOR ACT) 802,807.77
------------------
F Net Expected Interest Collections $ 40,828,128.27
G Student Loan Rate
i Days in Collection Period (7/1/99-9/30/99) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 40,828,128.27
iv Primary Servicing Fee $ 4,331,385.12
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 2,095,431,321.09
vii Student Loan Rate 6.90634%
</TABLE>
<TABLE>
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.61382%
I Class A-1 Interest Rate 0.013996110 (7/26/99-10/25/99) 5.61382%
J Class A-2 T-Bill Based Interest Rate 5.61382%
K Class A-2 Interest Rate 0.013996110 (7/26/99-10/25/99) 5.61382%
L Certificate T-Bill Based Rate of Return 5.91382%
M Certificate Rate of Return 0.014744055 (7/26/99-10/25/99) 5.91382%
</TABLE>
6
<PAGE>
VII. 1997-4 Inputs From Previous Quarterly Servicing Reports 6/30/99
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 2,059,875,749.01
ii Interest To Be Capitalized 35,555,572.08
------------------
iii Total Pool $ 2,095,431,321.09
iv Specified Reserve Account Balance 5,238,578.30
------------------
v Total Adjusted Pool $ 2,100,669,899.39
==================
B Total Note and Certificate Factor 0.82375257340
C Total Note and Certificate Balance $ 2,114,490,480.66
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
D Note Balance 7/26/99 Class A-1 Class A-2 Certificates
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor 7/26/99 0.6959613445 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,035,590,480.66 $ 989,000,000.00 $ 89,900,000.00
E Note Principal Shortfall $ 13,820,581.27 $ 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 $ 5,238,578.30
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
</TABLE>
7
<PAGE>
VIII. 1997-4 Waterfall for Distributions
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C> <C>
A Total Available Funds ( Sections III-F + VI-D + IX-G-vii ) $ 96,314,790.61 $ 96,314,790.61
B Primary Servicing Fees-Current Month $ 1,412,269.02 $ 94,902,521.59
C Administration Fee $ 20,000.00 $ 94,882,521.59
D Noteholder's Interest Distribution Amount
i Class A-1 $ 14,494,238.28 $ 80,388,283.31
ii Class A-2 $ 13,842,152.79 $ 66,546,130.52
---------------
iii Total Noteholder's Interest Distribution $ 28,336,391.07
E Certificateholder's Return Distribution Amount $ 1,325,490.54 $ 65,220,639.98
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 65,220,639.98 $ (0.00)
ii Class A-2 $ 0.00 $ (0.00)
---------------
iii Total Noteholder's Principal Distribution $ 65,220,639.98
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>
IX. 1997-4 Distributions
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 14,494,238.28 $ 13,842,152.79 $ 1,325,490.54
ii Quarterly Interest Paid 14,494,238.28 13,842,152.79 1,325,490.54
------------- ------------- ------------
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 $ 71,158,841.32 $ 0.00 $ 0.00
viii Quarterly Principal Paid 65,220,639.98 0.00 0.00
------------- ------------- ------------
ix Quarterly Principal Shortfall $ 5,938,201.34 $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 79,714,878.26 $ 13,842,152.79 $ 1,325,490.54
---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
B Principal Distribution Reconciliation
<S> <C> <C>
i Notes and Certificates Principal Balance 9/30/99 $ 2,114,490,480.66
ii Adjusted Pool Balance 9/30/99 2,043,331,639.34
------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 71,158,841.32
==================
iv Adjusted Pool Balance 6/30/99 $ 2,100,669,899.39
v Adjusted Pool Balance 9/30/99 2,043,331,639.34
------------------
vi Current Principal Due (iv-v) $ 57,338,260.05
vii Principal Shortfall from Previous Collection Period 13,820,581.27
------------------
viii Principal Distribution Amount (vi + vii) $ 71,158,841.32
==================
ix Principal Distribution Amount Paid $ 65,220,639.98
x Principal Shortfall (viii - ix) $ 5,938,201.34
C Total Principal Distribution $ 65,220,639.98
D Total Interest Distribution 29,661,881.61
------------------
E Total Cash Distributions-Note and Certificates $ 94,882,521.59
<CAPTION>
-----------------------------------------------------------------------------------------
F Note & Certificate Balances 7/26/99 10/25/99
-----------------------------------------------------------------------------------------
<S> <C> <C> <C>
i A-1 Note Balance (78442GAU0) $ 1,035,590,480.66 $ 970,369,840.68
A-1 Note Pool Factor 0.6959613445 0.6521302693
ii A-2 Note Balance (78442GAV8) $ 989,000,000.00 $ 989,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAW6) $ 89,900,000.00 $ 89,900,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
G Reserve Account Reconciliation
i Beginning of Period Balance $ 5,238,578.30
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ --
------------------
iv Total Reserve Account Balance Available $ 5,238,578.30
v Required Reserve Account Balance $ 5,095,590.12
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to Waterfall $ 142,988.18
viii Ending Reserve Account Balance $ 5,095,590.12
</TABLE>
9
<PAGE>
X. 1997-4 Historical Pool Information
<TABLE>
<CAPTION>
----------------------------------------
7/1/99-9/30/99 4/1/99-6/30/99
<S> <C> <C>
- -------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 2,059,875,749.01 $ 2,147,837,932.52
- -------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 41,827,380.55 $ 53,920,732.22
ii Principal Collections from Guarantor 4,453,012.99 11,714,689.61
iii Principal Reimbursements 22,320,582.02 35,658,517.10
iv Other System Adjustments -- --
----------------------------------------
v Total Principal Collections $ 68,600,975.56 $ 101,293,938.93
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,077,475.69 $ 1,611,915.08
ii Capitalized Interest (15,782,309.64) (14,943,670.50)
----------------------------------------
iii Total Non-Cash Principal Activity $ (13,704,833.95) $ (13,331,755.42)
- -------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 54,896,141.61 $ 87,962,183.51
- -------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 21,027,252.99 $ 22,479,182.93
ii Interest Claims Received from Guarantors 246,856.02 695,270.97
iii Late Fee Reimbursements 359,945.60 351,086.19
iv Interest Reimbursements 383,407.92 598,624.08
v Other System Adjustments -- --
vi Special Allowance Payments 23,931.25 21,593.05
vii Subsidy Payments 7,255,038.64 7,766,614.35
----------------------------------------
viii Total Interest Collections $ 29,296,432.42 $ 31,912,371.57
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,088,685.47) $ (1,299,571.76)
ii Capitalized Interest 15,782,309.64 14,943,670.50
----------------------------------------
iii Total Non-Cash Interest Adjustments $ 13,693,624.17 $ 13,644,098.74
----------------------------------------
Total Student Loan Interest Activity $ 42,990,056.59 $ 45,556,470.31
(=) Ending Student Loan Portfolio Balance $ 2,004,979,607.40 $ 2,059,875,749.01
- -------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 33,256,441.82 $ 35,555,572.08
- -------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 2,038,236,049.22 $ 2,095,431,321.09
- -------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 5,095,590.12 $ 5,238,578.30
- -------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 2,043,331,639.34 $ 2,100,669,899.39
- -------------------------------------------------------------------------------------------------
<CAPTION>
-------------------
1998
----------------------------------------
1/1/99-3/31/99 10/27/97-12/31/98
<S> <C> <C>
- ------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 2,214,648,812.93 $ 2,443,276,738.87
- ------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 57,289,916.43 $ 217,509,395.11
ii Principal Collections from Guarantor 13,036,350.70 60,619,932.26
iii Principal Reimbursements 6,227,642.48 34,492,587.94
iv Other System Adjustments -- --
----------------------------------------
v Total Principal Collections $ 76,553,909.61 $ 312,621,915.31
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,352,596.15 $ 9,824,857.85
ii Capitalized Interest (12,095,625.35) (93,818,847.22)
----------------------------------------
iii Total Non-Cash Principal Activity $ (9,743,029.20) $ (83,993,989.37)
- ------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 66,810,880.41 $ 228,627,925.94
- ------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 23,267,977.17 $ 102,639,871.99
ii Interest Claims Received from Guarantors 805,854.88 3,743,601.43
iii Late Fee Reimbursements 379,972.31 436,370.18
iv Interest Reimbursements 98,545.80 605,682.73
v Other System Adjustments -- --
vi Special Allowance Payments 18,593.36 1,685,553.55
vii Subsidy Payments 8,868,220.13 42,104,685.68
----------------------------------------
viii Total Interest Collections $ 33,439,163.65 $ 151,215,765.56
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,126,808.82) $ (8,807,032.37)
ii Capitalized Interest 12,095,625.35 93,818,847.22
----------------------------------------
iii Total Non-Cash Interest Adjustments $ 9,968,816.53 $ 85,011,814.85
----------------------------------------
Total Student Loan Interest Activity $ 43,407,980.18 $ 236,227,580.41
(=) Ending Student Loan Portfolio Balance $ 2,147,837,932.52 $ 2,214,648,812.93
- ------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 37,667,958.94 $ 34,676,758.49
- ------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 2,185,505,891.46 $ 2,249,325,571.42
- ------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 5,463,764.73 $ 5,623,313.93
- ------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 2,190,969,656.19 $ 2,254,948,885.35
- ------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
XI. 1997-4 Payment History and CPRs
Distribution Actual Since Issued
Date Pool Balances CPR *
Jan-98 $2,502,639,587 --
Apr-98 $2,412,986,081 5.29%
Jul-98 $2,363,582,528 4.42%
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%
Oct-99 $2,038,236,049 4.69%
* "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: 9/30/1999 Reporting Period: 7/1/99-9/30/99
I. Deal Parameters
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 6/30/99 Activity 9/30/99
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A i Portfolio Balance $ 2,547,808,210.58 $ (62,672,477.69) $ 2,485,135,732.89
ii Interest to be Capitalized 43,315,148.15 40,342,071.16
------------------ -----------------
iii Total Pool $ 2,591,123,358.73 $ 2,525,477,804.05
iv Specified Reserve Account Balance 6,477,808.40 6,313,694.51
------------------ -----------------
v Total Adjusted Pool $ 2,597,601,167.13 $ 2,531,791,498.56
================== =================
B i Weighted Average Coupon (WAC) 8.2573% 7.8404%
ii Weighted Average Remaining Term 114.45 113.53
iii Number of Loans 667,769 651,502
iv Number of Borrowers 284,047 277,315
-----------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 7/26/99 % of Pool Balance 10/25/99 % of Pool
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAX4 0.71% $ 1,266,551,167.13 48.758% $ 1,200,741,498.56 47.427%
ii A-2 Notes 78442GAY2 0.76% 1,224,500,000.00 47.140% 1,224,500,000.00 48.365%
iii Certificates 78442GAZ9 0.97% 106,550,000.00 4.102% 106,550,000.00 4.208%
------------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 2,597,601,167.13 100.000% $ 2,531,791,498.56 100.000%
==============================================================================================================================
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
Reserve Account 7/26/99 10/25/99
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 6,477,808.40 $ 6,313,694.51
iv Reserve Account Floor Balance ($) $ 2,999,161.00 $ 2,999,161.00
v Current Reserve Acct Balance ($) $ 6,477,808.40 $ 6,313,694.51
------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
II. 1998-1 Transactions from: 7/1/99 through: 9/30/99
<TABLE>
<S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 51,109,734.77
ii Principal Collections from Guarantor 5,610,074.73
iii Principal Reimbursements 23,648,199.53
iv Other System Adjustments 0.00
---------------
v Total Principal Collections $ 80,368,009.03
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,753,026.70
ii Capitalized Interest (20,448,558.04)
---------------
iii Total Non-Cash Principal Activity $(17,695,531.34)
--------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 62,672,477.69
--------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 26,998,527.77
ii Interest Claims Received from Guarantors 325,545.95
iii Late Fee Reimbursements 509,771.97
iv Interest Reimbursements 413,617.81
v Other System Adjustments 0.00
vi Special Allowance Payments 60,373.43
vii Subsidy Payments 8,251,055.78
---------------
viii Total Interest Collections $ 36,558,892.71
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,691,990.57)
ii Capitalized Interest 20,448,558.04
---------------
iii Total Non-Cash Interest Adjustments $ 17,756,567.47
--------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 54,315,460.18
--------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
III. 1998-1 Collection Account Activity 7/1/99 through 9/30/99
<TABLE>
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $ 56,719,809.50
ii Cash Forwarded by Administrator on behalf of Seller 187,748.51
iii Cash Forwarded by Administrator on behalf of Servicer 3,002.49
iv Cash Forwarded by Administrator for Consolidation Activity 23,457,448.53
---------------
v Total Principal Collections $ 80,368,009.03
B Interest Collections
i Interest Payments Received-Cash $ 35,635,502.93
ii Cash Forwarded by Administrator on behalf of Seller 12,791.74
iii Cash Forwarded by Administrator on behalf of Servicer 9,252.41
iv Cash Forwarded by Administrator for Consolidation Activity 391,573.66
v Cash Forwarded by Administrator for Late Fee Activity 509,771.97
---------------
vi Total Interest Collections $ 36,558,892.71
C Other Reimbursements $ 317,556.55
D Administrator Account Investment Income $ 959,761.25
E Return funds borrowed for previous distribution $ --
F TOTAL FUNDS RECEIVED $118,204,219.54
LESS FUNDS PREVIOUSLY REMITTED:
Servicing Fees $ (3,423,271.67)
Consolidation Loan Rebate Fees $ (548,642.00)
-------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $114,232,305.87
-------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 1,114,219.47
ii Percentage of Principal Calculation $ 1,688,294.19
iii Lesser of Unit or Principal Calculation $ 1,114,219.47
H Servicing Fees Due for Current Period $ 1,688,294.19
I Carryover Servicing Fees Due (1) $ 0.00
JUL 1999 Servicing Carryover $0.00
AUG 1999 Servicing Carryover $0.00
SEP 1999 Servicing Carryover $0.00
-----
TOTAL: Carryover Servicing Fee Due $0.00
=====
Less: Servicing ADJ [A iii + B iii] ($12,254.90)
J Administration Fees Due $ 20,000.00
-------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,696,039.29
-------------------------------------------------------------------------------------------
</TABLE>
(1) No Carryover Servicing Fees due before the April 2003 payment date
3
<PAGE>
IV. 1998-1 Portfolio Characteristics
<TABLE>
<CAPTION>
--------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- --------------------------------------------------------------------------------------------------------------
STATUS 6/30/99 9/30/99 6/30/99 9/30/99 6/30/99 9/30/99
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.805% 7.292% 47,453 41,360 7.106% 6.348%
Grace
Current 7.777% 7.260% 25,639 27,499 3.840% 4.221%
- --------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.794% 7.278% 73,092 68,859 10.946% 10.569%
- --------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.363% 7.980% 82,974 357,896 57.351% 54.934%
31-60 Days Delinquent 8.368% 7.998% 25,270 24,132 3.784% 3.704%
61-90 Days Delinquent 8.362% 7.939% 13,629 15,237 2.041% 2.339%
91-120 Days Delinquent 8.346% 7.914% 6,373 8,297 0.954% 1.274%
> 120 Days Delinquent 8.309% 7.874% 10,721 13,229 1.605% 2.031%
Deferment
Current 8.069% 7.604% 83,464 85,533 12.499% 13.129%
Forbearance
Current 8.308% 7.879% 70,684 76,219 10.585% 11.699%
- --------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.313% 7.907% 93,115 580,543 88.820% 89.108%
- --------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.279% 7.825% 1494 2,028 0.224% 0.311%
Aged Claims Rejected (2) 8.250% 7.818% 68 72 0.010% 0.011%
- --------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.257% 7.840% 667,769 651,502 100.000% 100.000%
- --------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------
Principal Amount %
- -----------------------------------------------------------------------------------------------------------
STATUS 6/30/99 9/30/99 6/30/99 9/30/99
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 159,890,224.98 $ 138,143,473.35 6.276% 5.559%
Grace
Current $ 95,748,347.62 $ 103,785,551.32 3.758% 4.176%
- -----------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 255,638,572.60 $ 241,929,024.67 10.034% 9.735%
- -----------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $1,455,953,277.33 $ 1,351,791,567.24 57.145% 54.395%
31-60 Days Delinquent $ 96,325,763.55 $ 92,966,326.96 3.781% 3.741%
61-90 Days Delinquent $ 50,277,381.18 $ 61,003,635.87 1.974% 2.455%
91-120 Days Delinquent $ 22,226,650.13 $ 30,127,755.81 0.872% 1.212%
> 120 Days Delinquent $ 35,166,208.32 $ 43,306,192.05 1.380% 1.743%
Deferment
Current $ 323,986,843.28 $ 325,241,025.06 12.716% 13.087%
Forbearance
Current $ 304,530,009.93 $ 332,471,362.22 11.953% 13.378%
- -----------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $2,288,466,133.72 $ 2,236,907,865.21 89.821% 90.011%
- -----------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 3,565,618.11 $ 6,105,342.71 0.140% 0.246%
Aged Claims Rejected (2) $ 137,886.15 $ 193,500.30 0.005% 0.008%
- -----------------------------------------------------------------------------------------------------------
GRAND TOTAL $2,547,808,210.58 $ 2,485,135,732.89 100.000% 100.000%
- -----------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
V. 1998-1 Portfolio Characteristics by School and Program 9/30/99
<TABLE>
<CAPTION>
-------------------------------------------------------------------
FOUR YEAR SCHOOLS
-------------------------------------------------------------------
-------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 3.304% 1.405% 0.000% 0.000% 0.000% 0.000%
Grace
Current 2.424% 1.276% 0.000% 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 5.728% 2.681% 0.000% 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 3.390% 9.046% 0.000% 0.036% 1.982% 1.662%
31-60 Days Delinquent 1.382% 0.508% 0.001% 0.002% 0.129% 0.132%
61-90 Days Delinquent 0.991% 0.379% 0.000% 0.003% 0.051% 0.133%
91-120 Days Delinquent 0.485% 0.178% 0.000% 0.001% 0.021% 0.055%
> 120 Days Delinquent 0.670% 0.231% 0.000% 0.000% 0.027% 0.056%
Deferment
Current 6.484% 2.523% 0.000% 0.001% 0.366% 0.689%
Forbearance
Current 5.652% 2.662% 0.000% 0.005% 0.269% 0.853%
- ---------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 9.054% 15.527% 0.001% 0.048% 2.845% 3.580%
- ---------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.103% 0.040% 0.000% 0.000% 0.004% 0.012%
Aged Claims Rejected (2) 0.004% 0.000% 0.000% 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 4.889% 18.248% 0.001% 0.048% 2.849% 3.592%
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 9.627%
- ---------------------------------------------------------------------------------------------------------------
<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 0.295% 0.135% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.175% 0.082% 0.000% 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.470% 0.217% 0.000% 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.664% 0.828% 0.000% 0.003% 0.092% 0.085%
31-60 Days Delinquent 0.186% 0.079% 0.000% 0.000% 0.006% 0.011%
61-90 Days Delinquent 0.130% 0.059% 0.000% 0.000% 0.003% 0.007%
91-120 Days Delinquent 0.079% 0.029% 0.000% 0.000% 0.001% 0.002%
> 120 Days Delinquent 0.133% 0.060% 0.000% 0.000% 0.003% 0.007%
Deferment
Current 0.522% 0.221% 0.000% 0.000% 0.009% 0.043%
Forbearance
Current 0.572% 0.266% 0.000% 0.001% 0.009% 0.039%
- ---------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.286% 1.542% 0.000% 0.004% 0.123% 0.194%
- ---------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.023% 0.010% 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 3.780% 1.769% 0.000% 0.004% 0.123% 0.195%
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 5.871%
- ---------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------
TECHNICAL SCHOOLS
--------------------------------------------------------------------
--------------------------------------------------------------------
GSL-SUB SL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
--------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 0.155% 0.125% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.089% 0.071% 0.000% 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.244% 0.196% 0.000% 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.944% 1.489% 0.000% 0.002% 0.293% 0.157%
31-60 Days Delinquent 0.228% 0.167% 0.000% 0.001% 0.017% 0.020%
61-90 Days Delinquent 0.141% 0.098% 0.000% 0.000% 0.007% 0.012%
91-120 Days Delinquent 0.090% 0.061% 0.000% 0.000% 0.004% 0.009%
> 120 Days Delinquent 0.188% 0.140% 0.000% 0.000% 0.006% 0.013%
Deferment
Current 0.346% 0.251% 0.000% 0.001% 0.011% 0.046%
Forbearance
Current 0.645% 0.491% 0.000% 0.000% 0.025% 0.062%
- ---------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.582% 2.697% 0.000% 0.004% 0.363% 0.319%
- ---------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.015% 0.013% 0.000% 0.000% 0.001% 0.001%
Aged Claims Rejected (2) 0.002% 0.001% 0.000% 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 3.843% 2.907% 0.000% 0.004% 0.364% 0.320%
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 7.438%
- ---------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------
UNKNOWN
---------------------------------------------------------------
---------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
---------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 0.072% 0.068% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.031% 0.028% 0.000% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.103% 0.096% 0.000% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 0.183% 0.104% 3.284% 8.094% 0.011% 0.046%
31-60 Days Delinquent 0.012% 0.008% 0.248% 0.599% 0.000% 0.005%
61-90 Days Delinquent 0.018% 0.014% 0.127% 0.276% 0.000% 0.006%
91-120 Days Delinquent 0.007% 0.004% 0.060% 0.123% 0.000% 0.003%
> 120 Days Delinquent 0.005% 0.003% 0.067% 0.133% 0.000% 0.001%
Deferment
Current 0.195% 0.138% 0.443% 0.704% 0.004% 0.090%
Forbearance
Current 0.167% 0.134% 0.437% 1.024% 0.001% 0.064%
- ----------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 0.587% 0.405% 4.666% 10.953% 0.016% 0.215%
- ----------------------------------------------------------------------------------------------------
Claims in Process (1) 0.002% 0.001% 0.007% 0.012% 0.000% 0.001%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 0.692% 0.502% 4.673% 10.965% 0.016% 0.216%
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 17.064%
- ----------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- -------------------------------------------------------------------------------------------------------
INTERIM:
<S> <C> <C> <C> <C> <C>
In School
Current 4.709% 0.430% 0.280% 0.140% 5.559%
Grace
Current 3.700% 0.257% 0.160% 0.059% 4.176%
- -------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.409% 0.687% 0.440% 0.199% 9.735%
- -------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 36.116% 2.672% 3.885% 11.722% 54.395%
31-60 Days Delinquent 2.154% 0.282% 0.433% 0.872% 3.741%
61-90 Days Delinquent 1.557% 0.199% 0.258% 0.441% 2.455%
91-120 Days Delinquent 0.740% 0.111% 0.164% 0.197% 1.212%
> 120 Days Delinquent 0.984% 0.203% 0.347% 0.209% 1.743%
Deferment
Current 10.063% 0.795% 0.655% 1.574% 13.087%
Forbearance
Current 9.441% 0.887% 1.223% 1.827% 13.378%
- -------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 61.055% 5.149% 6.965% 16.842% 90.011%
- -------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.159% 0.034% 0.030% 0.023% 0.246%
Aged Claims Rejected (2) 0.004% 0.001% 0.003% 0.000% 0.008%
- -------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 69.627% 5.871% 7.438% 17.064% 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. 1998-1 Interest Calculation
<TABLE>
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 42,387,018.08
B Interest Subsidy Payments Accrued During Collection Period 6,901,182.25
C SAP Payments Accrued During Collection Period 1,002,524.56
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 150,562.33
E Investment Earnings (ADMINISTRATOR ACT) 959,761.25
------------------
F Net Expected Interest Collections $ 51,401,048.47
G Student Loan Rate
i Days in Collection Period (7/1/99-9/30/99) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 51,401,048.47
iv Primary Servicing Fee $ 5,111,565.86
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 2,591,123,358.73
vii Student Loan Rate 7.08454%
</TABLE>
<TABLE>
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.57382%
I Class A-1 Interest Rate 0.013896384 (7/26/99-10/25/99) 5.57382%
J Class A-2 T-Bill Based Interest Rate 5.62382%
K Class A-2 Interest Rate 0.014021041 (7/26/99-10/25/99) 5.62382%
L Certificate T-Bill Based Rate of Return 5.83382%
M Certificate Rate of Return 0.014544603 (7/26/99-10/25/99) 5.83382%
</TABLE>
6
<PAGE>
VII. 1998-1 Inputs From Previous Quarterly Servicing Reports 6/30/99
<TABLE>
<S> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 2,547,808,210.58
ii Interest To Be Capitalized 43,315,148.15
------------------
iii Total Pool $ 2,591,123,358.73
iv Specified Reserve Account Balance 6,477,808.40
------------------
v Total Adjusted Pool $ 2,597,601,167.13
==================
B Total Note and Certificate Factor 0.85330918881
C Total Note and Certificate Balance $ 2,597,601,167.13
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
D Note Balance 7/26/99 Class A-1 Class A-2 Certificates
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor 7/26/99 0.7393328861 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,266,551,167.13 $ 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 $ 6,477,808.40
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 ) $114,382,868.20 $114,382,868.20
B Primary Servicing Fees-Current Month $ 1,676,039.29 $112,706,828.91
C Administration Fee $ 20,000.00 $112,686,828.91
D Noteholder's Interest Distribution Amount
i Class A-1 $ 17,600,481.37 $ 95,086,347.54
ii Class A-2 $ 17,168,764.70 $ 77,917,582.84
---------------
iii Total Noteholder's Interest Distribution $ 34,769,246.07
E Certificateholder's Return Distribution Amount $ 1,549,727.45 $ 76,367,855.39
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 65,809,668.57 $ 10,558,186.82
ii Class A-2 $ 0.00 $ 10,558,186.82
---------------
iii Total Noteholder's Principal Distribution $ 65,809,668.57
G Certificateholder's Balance Distribution Amount $ 0.00 $ 10,558,186.82
H Increase to the Specified Reserve Account Balance $ 0.00 $ 10,558,186.82
I Carryover Servicing Fees $ 0.00 $ 10,558,186.82
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 10,558,186.82
i Class A-2 $ 0.00 $ 10,558,186.82
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 10,558,186.82
L Excess to Reserve Account $ 10,558,186.82 $ 0.00
</TABLE>
8
<PAGE>
IX. 1998-1 Distributions
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 17,600,481.37 $ 17,168,764.70 $ 1,549,727.45
ii Quarterly Interest Paid 17,600,481.37 17,168,764.70 1,549,727.45
------------------ --------------- --------------
iii Interest Shortfall $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00 0.00
------------------ --------------- --------------
vi Interest Carryover $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 65,809,668.57 $ 0.00 $ 0.00
viii Quarterly Principal Paid 65,809,668.57 0.00 0.00
------------------ --------------- --------------
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 83,410,149.94 $ 17,168,764.70 $ 1,549,727.45
--------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 9/30/99 $ 2,597,601,167.13
ii Adjusted Pool Balance 9/30/99 2,531,791,498.56
------------------
iii Adjusted Pool Exceeding Notes and Certificate
Balance (i-ii) $ 65,809,668.57
==================
iv Adjusted Pool Balance 6/30/99 $ 2,597,601,167.13
v Adjusted Pool Balance 9/30/99 2,531,791,498.56
------------------
vi Current Principal Due (iv-v) $ 65,809,668.57
vii Principal Shortfall from Previous Collection Period --
------------------
viii Principal Distribution Amount (vi + vii) $ 65,809,668.57
==================
ix Principal Distribution Amount Paid $ 65,809,668.57
x Principal Shortfall (viii - ix) $ 0.00
C Total Principal Distribution $ 65,809,668.57
D Total Interest Distribution 36,318,973.52
------------------
E Total Cash Distributions-Note and Certificates $ 102,128,642.09
<CAPTION>
---------------------------------------------------------------------------------
F Note & Certificate Balances 7/26/99 10/25/99
---------------------------------------------------------------------------------
<S> <C> <C> <C>
i A-1 Note Balance (78442GAX4) $ 1,266,551,167.13 $ 1,200,741,498.56
A-1 Note Pool Factor 0.7393328861 0.7009173420
ii A-2 Note Balance (78442GAY2) $ 1,224,500,000.00 $ 1,224,500,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAZ9) $ 106,550,000.00 $ 106,550,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
---------------------------------------------------------------------------------
G Reserve Account Reconciliation
i Beginning of Period Balance $ 6,477,808.40
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ 10,558,186.82
------------------
iv Total Reserve Account Balance Available $ 17,035,995.22
v Required Reserve Account Balance $ 6,313,694.51
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to SLM Funding Corp. $ 10,722,300.71
viii Ending Reserve Account Balance $ 6,313,694.51
</TABLE>
9
<PAGE>
X. 1998-1 Historical Pool Information
<TABLE>
<CAPTION>
---------------------------------------------
7/1/99-9/30/99 4/1/99-6/30/99
<S> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $2,547,808,210.58 $ 2,656,732,804.87
- ------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 51,109,734.77 $ 69,012,176.95
ii Principal Collections from Guarantor 5,610,074.73 14,807,810.33
iii Principal Reimbursements 23,648,199.53 41,680,387.80
iv Other System Adjustments -- --
---------------------------------------------
v Total Principal Collections $ 80,368,009.03 $ 125,500,375.08
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,753,026.70 $ 2,099,058.65
ii Capitalized Interest (20,448,558.04) (18,674,839.44)
---------------------------------------------
iii Total Non-Cash Principal Activity $ (17,695,531.34) $ (16,575,780.79)
- ------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 62,672,477.69 $ 108,924,594.29
- ------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 26,998,527.77 $ 28,676,730.20
ii Interest Claims Received from Guarantors 325,545.95 891,564.24
iii Late Fee Reimbursements 509,771.97 499,085.27
iv Interest Reimbursements 413,617.81 672,287.90
v Other System Adjustments -- --
vi Special Allowance Payments 60,373.43 60,321.90
vii Subsidy Payments 8,251,055.78 8,808,687.18
---------------------------------------------
viii Total Interest Collections $ 36,558,892.71 $ 39,608,676.69
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,691,990.57) $ (1,726,695.13)
ii Capitalized Interest 20,448,558.04 18,674,839.44
---------------------------------------------
iii Total Non-Cash Interest Adjustments $ 17,756,567.47 $ 16,948,144.31
---------------------------------------------
Total Student Loan Interest Activity $ 54,315,460.18 $ 56,556,821.00
(=) Ending Student Loan Portfolio Balance $2,485,135,732.89 $ 2,547,808,210.58
- ------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 40,342,071.16 $ 43,315,148.15
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $2,525,477,804.05 $2,591,123,358.73
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 6,313,694.51 $ 6,477,808.40
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $2,531,791,498.56 $2,597,601,167.13
- ------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------
1998
--------------------------------------------
1/1/99-3/31/99 2/9/98-12/31/98
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $2,743,530,724.67 $ 2,949,265,754.91
- ---------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 74,511,775.00 $ 212,924,399.41
ii Principal Collections from Guarantor 17,792,999.05 56,695,882.17
iii Principal Reimbursements 7,128,612.95 2,544,308.58
iv Other System Adjustments -- --
--------------------------------------------
v Total Principal Collections $ 99,433,387.00 $ 272,164,590.16
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,902,786.01 $ 8,913,898.93
ii Capitalized Interest (15,538,253.21) (75,343,458.85
--------------------------------------------
iii Total Non-Cash Principal Activity $ (12,635,467.20) $ (66,429,559.92
- ---------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 86,797,919.80 $ 205,735,030.24
- ---------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 29,723,371.77 $ 103,400,566.43
ii Interest Claims Received from Guarantors 1,130,821.40 3,613,320.17
iii Late Fee Reimbursements 532,516.25 652,095.43
iv Interest Reimbursements 111,163.80 99,009.17
v Other System Adjustments -- --
vi Special Allowance Payments 50,793.13 1,002,682.24
vii Subsidy Payments 10,087,539.96 30,985,595.63
--------------------------------------------
viii Total Interest Collections $ 41,636,206.31 $ 139,753,269.07
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,552,062.59) $ (7,904,998.99
ii Capitalized Interest 15,538,253.21 75,343,458.85
--------------------------------------------
iii Total Non-Cash Interest Adjustments $ 12,986,190.62 $ 67,438,459.86
--------------------------------------------
Total Student Loan Interest Activity $ 54,622,396.93 $ 207,191,728.93
(=) Ending Student Loan Portfolio Balance $2,656,732,804.87 $ 2,743,530,724.67
- ---------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 45,381,413.50 $ 41,965,865.45
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $2,702,114,218.37 $ 2,785,496,590.12
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 6,755,285.55 $ 6,963,741.48
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $2,708,869,503.92 $ 2,792,460,331.60
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
XI. 1998-1 Payment History and CPRs
Distribution Actual Since Issued
Date Pool Balances CPR *
Apr-98 $2,999,160,860 --
Jul-98 $2,926,675,833 2.63%
Oct-98 $2,858,101,353 4.46%
Jan-99 $2,785,496,590 4.64%
Apr-99 $2,702,114,218 4.97%
Jul-99 $2,591,123,359 5.90%
Oct-99 $2,525,477,804 5.48%
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool data.
11
<PAGE>
SLM Student Loan Trust 1998-2
Quarterly Servicing Report
Report Date: 9/30/99 Reporting Period: 7/1/99-9/30/99
I. Deal Parameters
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 6/30/99 Activity 9/30/99
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A i Portfolio Balance $ 2,604,671,950.78 $ (72,168,353.74) $ 2,532,503,597.04
ii Interest to be Capitalized 41,245,908.42 37,071,956.50
------------------ ------------------
iii Total Pool $ 2,645,917,859.20 $ 2,569,575,553.54
iv Specified Reserve Account Balance 6,614,794.65 6,423,938.88
------------------ ------------------
v Total Adjusted Pool $ 2,652,532,653.85 $ 2,575,999,492.42
================== ==================
B i Weighted Average Coupon (WAC) 8.2984% 7.9212%
ii Weighted Average Remaining Term 120.12 119.25
iii Number of Loans 654,388 634,155
iv Number of Borrowers 306,537 297,094
---------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 7/26/99 % of Pool Balance 10/25/99 % of Pool
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GBA3 0.68% $ 1,309,722,653.85 49.376% $ 1,233,189,492.42 47.872%
ii A-2 Notes 78442GBB1 0.73% 1,237,060,000.00 46.637% 1,237,060,000.00 48.023%
iii Certificates 78442GBC9 0.95% 105,750,000.00 3.987% 105,750,000.00 4.105%
=============================================================================================================================
iv Total Notes and Certificates $ 2,652,532,653.85 100.000% $ 2,575,999,492.42 100.000%
=============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
Reserve Account 7/26/99 10/25/99
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 6,614,794.65 $ 6,423,938.88
iv Reserve Account Floor Balance ($) $ 3,006,252.00 $ 3,006,252.00
v Current Reserve Acct Balance ($) $ 6,614,794.65 $ 6,423,938.88
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
II. 1998-2 Transactions from: 7/1/99 through: 9/30/99
<TABLE>
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 62,057,636.54
ii Principal Collections from Guarantor 5,411,875.06
iii Principal Reimbursements 22,397,347.49
iv Other System Adjustments 0.00
---------------
v Total Principal Collections $ 89,866,859.09
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,279,150.10
ii Capitalized Interest (19,977,655.45)
---------------
iii Total Non-Cash Principal Activity (17,698,505.35)
---------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 72,168,353.74
---------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 30,515,480.96
ii Interest Claims Received from Guarantors 307,857.43
iii Late Fee Reimbursements 562,375.94
iv Interest Reimbursements 387,029.65
v Other System Adjustments 0.00
vi Special Allowance Payments 88,883.81
vii Subsidy Payments 7,091,778.52
---------------
viii Total Interest Collections $ 38,953,406.31
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,221,700.56)
ii Capitalized Interest 19,977,655.45
---------------
iii Total Non-Cash Interest Adjustments $ 17,755,954.89
---------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 56,709,361.20
---------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
III. 1998-2 Collection Account Activity 7/1/99 through 9/30/99
<TABLE>
<CAPTION>
A Principal Collections
<S> <C> <C>
i Principal Payments Received-Cash $ 67,469,511.60
ii Cash Forwarded by Administrator on behalf of Seller 228,977.19
iii Cash Forwarded by Administrator on behalf of Servicer 9,121.83
iv Cash Forwarded by Administrator for Consolidation Activity 22,159,248.47
---------------
v Total Principal Collections $ 89,866,859.09
B Interest Collections
i Interest Payments Received-Cash $ 38,004,000.72
ii Cash Forwarded by Administrator on behalf of Seller 3,686.48
iii Cash Forwarded by Administrator on behalf of Servicer 11,739.50
iv Cash Forwarded by Administrator for Consolidation Activity 371,603.67
v Cash Forwarded by Administrator for Late Fee Activity 562,375.94
---------------
vi Total Interest Collections $ 38,953,406.31
C Other Reimbursements $ 341,648.66
D Administrator Account Investment Income $ 1,043,142.61
E Return funds borrowed for previous distribution $ --
F TOTAL FUNDS RECEIVED $130,205,056.67
LESS FUNDS PREVIOUSLY REMITTED:
Servicing Fees ($3,490,300.38)
Consolidation Loan Rebate Fees ($1,055,326.00)
-------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $125,659,430.29
-------------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Primary Servicing Fee - Non-Consolidation Loans $ 1,471,368.01
ii Primary Servicing Fee - Consolidation Loans $ 245,817.52
H Servicing Fees Due for Current Period $ 1,717,185.53
Less: Servicing ADJ [A iii + B iii] ($20,861.33)
I Carryover Servicing Fees Due $ 0.00
J Administration Fees Due $ 20,000.00
-------------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,716,324.20
-------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
IV. 1998-2 Portfolio Characteristics
<TABLE>
<CAPTION>
Weighted Avg Coupon # of Loans %
STATUS 6/30/99 9/30/99 6/30/99 9/30/99 6/30/99 9/30/99
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.714% 7.185% 47,652 41,903 7.282% 6.608%
Grace
Current 7.712% 7.187% 22,180 25,045 3.389% 3.949%
- --------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.713% 7.186% 69,832 66,948 10.671% 10.557%
- --------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.417% 8.084% 406,261 381,654 62.083% 60.183%
31-60 Days Delinquent 8.439% 8.136% 21,773 21,562 3.327% 3.400%
61-90 Days Delinquent 8.403% 8.023% 11,267 14,790 1.722% 2.332%
91-120 Days Delinquent 8.392% 8.030% 5,346 6,697 0.817% 1.056%
> 120 Days Delinquent 8.338% 7.984% 7,261 9,530 1.110% 1.503%
Deferment
Current 8.142% 7.691% 69,242 69,928 10.581% 11.027%
Forbearance
Current 8.352% 7.963% 61,806 61,469 9.445% 9.693%
- --------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.376% 8.019% 582,956 565,630 89.084% 89.194%
- --------------------------------------------------------------------------------------------------------------
Claims in Process (1) 8.306% 7.915% 1578 1,522 0.241% 0.240%
Aged Claims Rejected (2) 8.455% 7.811% 22 55 0.003% 0.009%
- --------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.298% 7.921% 654,388 634,155 100.000% 100.000%
- --------------------------------------------------------------------------------------------------------------
<CAPTION>
Principal Amount %
STATUS 6/30/99 9/30/99 6/30/99 9/30/99
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 188,237,781.49 $ 164,467,352.08 7.227% 6.494%
Grace
Current $ 99,710,841.97 $ 114,049,097.92 3.828% 4.503%
- ------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 287,948,623.46 $ 278,516,450.00 11.055% 10.997%
- ------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $1,557,109,864.62 $1,472,584,881.72 59.781% 58.147%
31-60 Days Delinquent $ 86,310,345.12 $ 85,941,494.14 3.314% 3.394%
61-90 Days Delinquent $ 42,872,555.75 $ 61,486,857.59 1.646% 2.428%
91-120 Days Delinquent $ 20,417,289.22 $ 24,857,979.64 0.784% 0.982%
> 120 Days Delinquent $ 24,231,100.81 $ 31,775,028.40 0.930% 1.255%
Deferment
Current $ 272,426,590.57 $ 270,783,500.88 10.459% 10.692%
Forbearance
Current $ 309,299,845.33 $ 302,360,480.34 11.875% 11.939%
- --------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $2,312,667,591.42 $2,249,790,222.71 88.789% 88.837%
- --------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 3,990,896.67 $ 4,079,559.33 0.153% 0.161%
Aged Claims Rejected (2) $ 64,839.23 $ 117,365.00 0.003% 0.005%
- --------------------------------------------------------------------------------------------------------------
GRAND TOTAL $2,604,671,950.78 $2,532,503,597.04 100.000% 100.000%
- --------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
V. 1998-2 Portfolio Characteristics by School and Program 9/30/99
<TABLE>
<CAPTION>
---------------------------------------------------------------------------
FOUR YEAR SCHOOLS
---------------------------------------------------------------------------
---------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 3.547% 2.343% 0.000% 0.000% 0.000% 0.000%
Grace
Current 2.417% 1.700% 0.000% 0.000% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 5.964% 4.043% 0.000% 0.000% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 20.383% 6.571% 0.045% 0.130% 5.140% 3.430%
31-60 Days Delinquent 0.989% 0.323% 0.002% 0.011% 0.201% 0.144%
61-90 Days Delinquent 0.864% 0.326% 0.000% 0.003% 0.075% 0.218%
91-120 Days Delinquent 0.314% 0.097% 0.000% 0.000% 0.030% 0.065%
> 120 Days Delinquent 0.403% 0.135% 0.001% 0.000% 0.032% 0.049%
Deferment
Current 4.945% 1.839% 0.004% 0.012% 0.356% 0.940%
Forbearance
Current 4.495% 2.104% 0.005% 0.011% 0.328% 1.469%
- --------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 32.393% 11.395% 0.057% 0.167% 6.162% 6.315%
- --------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.056% 0.020% 0.000% 0.000% 0.007% 0.003%
Aged Claims Rejected (2) 0.002% 0.000% 0.000% 0.000% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 38.415% 15.458% 0.057% 0.167% 6.169% 6.318%
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 66.584%
- --------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------
TWO YEAR SCHOOLS
---------------------------------------------------------------------
---------------------------------------------------------------------
SL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
---------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 0.287% 0.162% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.187% 0.101% 0.000% 0.000% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.474% 0.263% 0.000% 0.000% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.533% 0.547% 0.002% 0.006% 0.223% 0.125%
31-60 Days Delinquent 0.169% 0.058% 0.000% 0.001% 0.012% 0.008%
61-90 Days Delinquent 0.121% 0.050% 0.000% 0.001% 0.004% 0.005%
91-120 Days Delinquent 0.069% 0.022% 0.000% 0.000% 0.002% 0.004%
> 120 Days Delinquent 0.110% 0.041% 0.000% 0.000% 0.002% 0.006%
Deferment
Current 0.445% 0.197% 0.001% 0.002% 0.013% 0.033%
Forbearance
Current 0.454% 0.189% 0.001% 0.001% 0.020% 0.044%
- --------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 2.901% 1.104% 0.004% 0.011% 0.276% 0.225%
- --------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.018% 0.006% 0.000% 0.000% 0.000% 0.001%
Aged Claims Rejected (2) 0.001% 0.001% 0.000% 0.000% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 3.394% 1.374% 0.004% 0.011% 0.276% 0.226%
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 5.285%
- --------------------------------------------------------------------------------------------------------------
</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 0.069% 0.061% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.050% 0.038% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.119% 0.099% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.318% 0.939% 0.002% 0.011% 0.353% 0.117%
31-60 Days Delinquent 0.158% 0.100% 0.000% 0.001% 0.020% 0.014%
61-90 Days Delinquent 0.106% 0.069% 0.000% 0.000% 0.008% 0.008%
91-120 Days Delinquent 0.068% 0.044% 0.000% 0.000% 0.004% 0.003%
> 120 Days Delinquent 0.121% 0.073% 0.000% 0.000% 0.006% 0.006%
Deferment
Current 0.210% 0.135% 0.000% 0.001% 0.008% 0.022%
Forbearance
Current 0.384% 0.268% 0.000% 0.003% 0.022% 0.037%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 2.365% 1.628% 0.002% 0.016% 0.421% 0.207%
- -----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.013% 0.010% 0.000% 0.000% 0.001% 0.001%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 2.498% 1.737% 0.002% 0.016% 0.422% 0.208%
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 4.883%
- -----------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------
UNKNOWN
-----------------------------------------------------------------------
-----------------------------------------------------------------------
SL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
-----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 0.016% 0.009% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.005% 0.005% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.021% 0.014% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 0.068% 0.031% 4.767% 12.387% 0.007% 0.012%
31-60 Days Delinquent 0.009% 0.003% 0.323% 0.845% 0.001% 0.002%
61-90 Days Delinquent 0.006% 0.004% 0.173% 0.386% 0.000% 0.001%
91-120 Days Delinquent 0.005% 0.001% 0.075% 0.178% 0.000% 0.001%
> 120 Days Delinquent 0.003% 0.002% 0.082% 0.182% 0.000% 0.001%
Deferment
Current 0.032% 0.016% 0.483% 0.986% 0.002% 0.010%
Forbearance
Current 0.023% 0.011% 0.609% 1.452% 0.001% 0.008%
- -------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 0.146% 0.068% 6.512% 16.416% 0.011% 0.035%
- -------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.001% 0.000% 0.006% 0.018% 0.000% 0.000%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 0.168% 0.082% 6.518% 16.434% 0.011% 0.035%
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 23.248%
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 5.890% 0.449% 0.130% 0.025% 6.494%
Grace
Current 4.117% 0.288% 0.088% 0.010% 4.503%
- --------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 10.007% 0.737% 0.218% 0.035% 10.997%
- --------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 35.699% 2.436% 2.740% 17.272% 58.147%
31-60 Days Delinquent 1.670% 0.248% 0.293% 1.183% 3.394%
61-90 Days Delinquent 1.486% 0.181% 0.191% 0.570% 2.428%
91-120 Days Delinquent 0.506% 0.097% 0.119% 0.260% 0.982%
> 120 Days Delinquent 0.620% 0.159% 0.206% 0.270% 1.255%
Deferment
Current 8.096% 0.691% 0.376% 1.529% 10.692%
Forbearance
Current 8.412% 0.709% 0.714% 2.104% 11.939%
- --------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 56.489% 4.521% 4.639% 23.188% 88.837%
- --------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.086% 0.025% 0.025% 0.025% 0.161%
Aged Claims Rejected (2) 0.002% 0.002% 0.001% 0.000% 0.005%
- --------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 66.584% 5.285% 4.883% 23.248% 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. 1998-2 Interest Calculation
<TABLE>
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 44,756,091.65
B Interest Subsidy Payments Accrued During Collection Period 6,046,433.39
C SAP Payments Accrued During Collection Period 887,061.82
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 155,277.95
E Investment Earnings (ADMINISTRATOR ACT) 1,043,142.61
-----------------
F Net Expected Interest Collections $ 52,888,007.42
G Student Loan Rate
i Days in Collection Period (7/1/99-9/30/99) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 52,888,007.42
iv Primary Servicing Fee $ 5,207,485.91
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period 2,645,917,859.20
vii Student Loan Rate 7.14640%
</TABLE>
<TABLE>
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.54382%
I Class A-1 Interest Rate 0.013821589 (7/26/99-10/25/99) 5.54382%
J Class A-2 T-Bill Based Interest Rate 5.59382%
K Class A-2 Interest Rate 0.013946247 (7/26/99-10/25/99) 5.59382%
L Certificate T-Bill Based Rate of Return 5.81382%
M Certificate Rate of Return 0.014494740 (7/26/99-10/25/99) 5.81382%
</TABLE>
6
<PAGE>
VII. 1998-2 Inputs From Previous Quarterly Servicing Reports 6/30/99
<TABLE>
<S> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 2,604,671,950.78
ii Interest To Be Capitalized 41,245,908.42
------------------
iii Total Pool $ 2,645,917,859.20
iv Specified Reserve Account Balance 6,614,794.65
------------------
v Total Adjusted Pool $ 2,652,532,653.85
==================
B Total Note and Certificate Factor 0.87794705369
C Total Note and Certificate Balance $ 2,652,532,653.85
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
D Note Balance 7/26/99 Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i Current Factor 7/26/99 0.7803028060 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,309,722,653.85 $ 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 $ 6,614,794.65
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
</TABLE>
7
<PAGE>
VIII. 1998-2 Waterfall for Distributions
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C> <C>
A Total Available Funds ( Sections III-F + VI-D ) $ 125,814,708.24 $ 125,814,708.24
B Primary Servicing Fees-Current Month $ 1,696,324.20 $ 124,118,384.04
C Administration Fee $ 20,000.00 $ 124,098,384.04
D Noteholder's Interest Distribution Amount
i Class A-1 $ 18,102,448.23 $ 105,995,935.81
ii Class A-2 $ 17,252,344.31 $ 88,743,591.50
----------------
iii Total Noteholder's Interest Distribution $ 35,354,792.54
E Certificateholder's Return Distribution Amount $ 1,532,818.76 $ 87,210,772.74
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 76,533,161.43 $ 10,677,611.31
ii Class A-2 $ 0.00 $ 10,677,611.31
----------------
iii Total Noteholder's Principal Distribution $ 76,533,161.43
G Certificateholder's Balance Distribution Amount $ 0.00 $ 10,677,611.31
H Increase to the Specified Reserve Account Balance $ 0.00 $ 10,677,611.31
I Carryover Servicing Fees $ 0.00 $ 10,677,611.31
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 10,677,611.31
i Class A-2 $ 0.00 $ 10,677,611.31
----------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 10,677,611.31
L Excess to Reserve Account $ 10,677,611.31 $ 0.00
</TABLE>
8
<PAGE>
IX. 1998-2 Distributions
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 18,102,448.23 $ 17,252,344.31 $ 1,532,818.76
ii Quarterly Interest Paid 18,102,448.23 17,252,344.31 1,532,818.76
------------------ --------------- --------------
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 $ 76,533,161.43 $ 0.00 $ 0.00
viii Quarterly Principal Paid 76,533,161.43 0.00 0.00
------------------ --------------- --------------
ix Quarterly Principal Shortfall $ (0.00) $ 0.00 $ 0.00
------------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 94,635,609.66 $ 17,252,344.31 $ 1,532,818.76
------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
B Principal Distribution Reconciliation
<S> <C>
i Notes and Certificates Principal Balance 9/30/99 $ 2,652,532,653.85
ii Adjusted Pool Balance 9/30/99 2,575,999,492.42
------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 76,533,161.43
==================
iv Adjusted Pool Balance 6/30/99 $ 2,652,532,653.85
v Adjusted Pool Balance 9/30/99 2,575,999,492.42
------------------
vi Current Principal Due (iv-v) $ 76,533,161.43
vii Principal Shortfall from Previous Collection Period --
------------------
viii Principal Distribution Amount (vi + vii) $ 76,533,161.43
==================
ix Principal Distribution Amount Paid $ 76,533,161.43
x Principal Shortfall (viii - ix) $ 0.00
C Total Principal Distribution $ 76,533,161.43
D Total Interest Distribution 36,887,611.30
------------------
E Total Cash Distributions-Note and Certificates $ 113,420,772.73
<CAPTION>
--------------------------------------------------------------------------------------------
F Note & Certificate Balances 7/26/99 10/25/99
--------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i A-1 Note Balance (78442GBA3) $ 1,309,722,653.85 $ 1,233,189,492.42
A-1 Note Pool Factor 0.7803028060 0.7347060986
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 $ 6,614,794.65
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ 10,677,611.31
------------------
iv Total Reserve Account Balance Available $ 17,292,405.96
v Required Reserve Account Balance $ 6,423,938.88
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to SLM Funding Corp. $ 10,868,467.08
viii Ending Reserve Account Balance $ 6,423,938.88
</TABLE>
9
<PAGE>
X. 1998-2 Historical Pool Information
<TABLE>
<CAPTION>
-----------------------------------------------
7/1/99-9/30/99 4/1/99-6/30/99
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Beginning Student Loan Portfolio Balance $ 2,604,671,950.78 $ 2,721,889,765.18
- ---------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 62,057,636.54 $ 80,772,738.95
ii Principal Collections from Guarantor 5,411,875.06 15,666,886.33
iii Principal Reimbursements 22,397,347.49 34,383,459.84
iv Other System Adjustments -- --
-----------------------------------------------
v Total Principal Collections $ 89,866,859.09 $ 130,823,085.12
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,279,150.10 $ 1,584,147.77
ii Capitalized Interest (19,977,655.45) (15,189,418.49)
-----------------------------------------------
iii Total Non-Cash Principal Activity $ (17,698,505.35) $ (13,605,270.72)
- ---------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 72,168,353.74 $ 117,217,814.40
- ---------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 30,515,480.96 $ 32,097,988.26
ii Interest Claims Received from Guarantors 307,857.43 1,013,490.62
iii Late Fee Reimbursements 562,375.94 542,090.62
iv Interest Reimbursements 387,029.65 581,329.41
v Other System Adjustments -- --
vi Special Allowance Payments 88,883.81 84,053.70
vii Subsidy Payments 7,091,778.52 7,539,221.63
-----------------------------------------------
viii Total Interest Collections $ 38,953,406.31 $ 41,858,174.24
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,221,700.56) $ (1,237,472.92)
ii Capitalized Interest 19,977,655.45 15,189,418.49
-----------------------------------------------
iii Total Non-Cash Interest Adjustments $ 17,755,954.89 $ 13,951,945.57
-----------------------------------------------
Total Student Loan Interest Activity $ 56,709,361.20 $ 55,810,119.81
(=) Ending Student Loan Portfolio Balance $ 2,532,503,597.04 $ 2,604,671,950.78
- ---------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 37,071,956.50 $ 41,245,908.42
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 2,569,575,553.54 $ 2,645,917,859.20
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 6,423,938.88 $ 6,614,794.65
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 2,575,999,492.42 $ 2,652,532,653.85
- ---------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------
1998
- -----------------------------------------------------------------------------------------------------------
1/1/99-3/31/99 5/25/98-12/31/98
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C>
Beginning Student Loan Portfolio Balance $ 2,823,690,030.91 $2,955,578,269.52
- -----------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 89,499,580.73 $ 173,179,705.90
ii Principal Collections from Guarantor 16,134,520.97 10,013,232.79
iii Principal Reimbursements 6,194,442.22 1,684,994.12
iv Other System Adjustments -- --
-------------------------------------------
v Total Principal Collections $ 111,828,543.92 $ 184,877,932.81
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,059,822.51 $ 5,290,698.85
ii Capitalized Interest (12,088,100.70) (58,280,393.05)
-------------------------------------------
iii Total Non-Cash Principal Activity $ (10,028,278.19) $ (52,989,694.20)
- -----------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 101,800,265.73 $ 131,888,238.61
- -----------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 33,566,214.64 $ 79,142,828.23
ii Interest Claims Received from Guarantors 1,031,494.31 508,802.25
iii Late Fee Reimbursements 596,158.99 681,666.76
iv Interest Reimbursements 88,460.38 33,322.25
v Other System Adjustments -- --
vi Special Allowance Payments 70,951.68 544,110.01
vii Subsidy Payments 9,124,398.31 15,023,783.79
-------------------------------------------
viii Total Interest Collections $ 44,477,678.31 $ 95,934,513.29
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,781,819.86) $ (5,109,872.63)
ii Capitalized Interest 12,088,100.70 58,280,393.05
-------------------------------------------
iii Total Non-Cash Interest Adjustments $ 10,306,280.84 $ 53,170,520.42
-------------------------------------------
Total Student Loan Interest Activity $ 54,783,959.15 $ 149,105,033.71
(=) Ending Student Loan Portfolio Balance $ 2,721,889,765.18 $2,823,690,030.91
- -----------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 40,746,596.16 $ 35,151,420.12
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 2,762,636,361.34 $2,858,841,451.03
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 6,906,590.90 $ 7,147,103.63
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 2,769,542,952.24 $2,865,988,554.6
- -----------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
XI. 1998-2 Payment History and CPRs
Distribution Actual Since Issued
Date Pool Balances CPR *
Jul-98 $3,006,252,430 --
Oct-98 $2,924,778,177 4.32%
Jan-99 $2,858,841,451 4.03%
Apr-99 $2,762,636,361 4.98%
Jul-99 $2,645,917,859 6.18%
Oct-99 $2,569,575,554 5.88%
* "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 1999-1
Quarterly Servicing Report
Report Date: 9/30/99 Reporting Period: 5/10/99-9/30/99
I. Deal Parameters
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 5/10/99 Activity 9/30/99
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 978,982,721.13 $ (28,473,406.57) $ 950,509,314.56
ii Interest to be Capitalized 23,093,062.10 22,320,676.56
------------------ ----------------
iii Total Pool $ 1,002,075,783.23 $ 972,829,991.12
iv Specified Reserve Account Balance 2,505,189.00 2,432,074.98
------------------ ----------------
v Total Adjusted Pool $ 1,004,580,972.23 $ 975,262,066.10
================== ================
B i Weighted Average Coupon (WAC) 7.7513% 7.2682%
ii Weighted Average Remaining Term 123.63 121.16
iii Number of Loans 256,336 250,477
iv Number of Borrowers 118,086 115,736
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
% of % of
Notes and Certificates Spread Balance 6/29/99 O/S Securities Balance 10/25/99 O/S Securities
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1T Notes 78442GBD7 0.87% $ 165,000,000.00 16.018% $ 152,697,039.27 15.453%
ii A-1L Notes 78442GBE5 0.08% 397,520,000.00 38.590% 367,879,557.87 37.228%
iii A-2L Notes 78442GBG0 0.18% 431,530,000.00 41.892% 431,530,000.00 43.670%
iv Certificates 78442GBH8 0.45% 36,060,000.00 3.501% 36,060,000.00 3.649%
----------------------------------------------------------------------------------------------------------------------------
v Total Notes and Certificates $ 1,030,110,000.00 100.000% $ 988,166,597.14 100.000%
============================================================================================================================
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
Reserve Account 6/29/99 10/25/99
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($) $ 2,505,189.00
iii Specified Reserve Acct Balance ($) $ 2,432,074.98
iv Reserve Account Floor Balance ($) $ 1,002,076.00 $ 1,002,076.00
v Current Reserve Acct Balance ($) $ 2,505,189.00 $ 2,432,074.98
----------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
II. 1999-1 Transactions from: 5/10/99 through 9/30/99
<TABLE>
<S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $27,314,976.63
ii Principal Collections from Guarantor 516,964.20
iii Principal Reimbursements 10,006,146.53
iv Other System Adjustments 0.00
--------------
v Total Principal Collections $37,838,087.36
B Student Loan Non-Cash Principal Activity
i Other Adjustments $479,686.49
ii Capitalized Interest (9,844,367.28)
--------------
iii Total Non-Cash Principal Activity $(9,364,680.79)
-------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $28,473,406.57
-------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $10,490,676.93
ii Interest Claims Received from Guarantors 13,347.07
iii Late Fee Reimbursements 167,735.05
iv Interest Reimbursements 150,160.50
v Other System Adjustments 0.00
vi Special Allowance Payments 3,160.68
vii Subsidy Payments 3,440,344.46
--------------
viii Total Interest Collections $14,265,424.69
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($504,642.20)
ii Capitalized Interest 9,844,367.28
--------------
iii Total Non-Cash Interest Adjustments $ 9,339,725.08
-------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $23,605,149.77
-------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
III. 1999-1 Collection Account Activity 5/10/99 through 9/30/99
<TABLE>
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $ 27,831,940.83
ii Cash Forwarded by Administrator on behalf of Seller 579,563.53
iii Cash Forwarded by Administrator on behalf of Servicer 9,346.59
iv Cash Forwarded by Administrator for Consolidation Activity 9,417,236.41
---------------
v Total Principal Collections $ 37,838,087.36
B Interest Collections
i Interest Payments Received-Cash $ 13,947,529.14
ii Cash Forwarded by Administrator on behalf of Seller 11,013.76
iii Cash Forwarded by Administrator on behalf of Servicer (62.79)
iv Cash Forwarded by Administrator for Consolidation Activity 139,209.53
v Cash Forwarded by Administrator for Late Fee Activity 167,735.05
---------------
vi Total Interest Collections $ 14,265,424.69
C Other Reimbursements $ 57,429.93
D Administrator Account Investment Income $ 365,257.12
E Return funds borrowed for previous distribution $ --
F TOTAL FUNDS RECEIVED $ 52,526,199.10
LESS FUNDS PREVIOUSLY REMITTED:
Servicing Fees $ (1,497,675.24)
Consolidation Loan Rebate Fees $ (200.00)
-------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 51,028,323.86
-------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Primary Servicing Fee - Non-Consolidation Loans $ 716,698.76
ii Primary Servicing Fee - Consolidation Loans $ 45.47
H Servicing Fees Due for Current Period $ 716,744.23
Less: Servicing ADJ [A iii + B iii] ($9,283.80)
I Carryover Servicing Fees Due $0.00
J Administration Fees Due $ 20,000.00
-------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 727,460.43
-------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
IV. 1999-1 Portfolio Characteristics
<TABLE>
<CAPTION>
----------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ---------------------------------------------------------------------------------------------------------------
STATUS 5/10/99 9/30/99 5/10/99 9/30/99 5/10/99 9/30/99
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.283% 6.704% 92,025 63,229 35.900% 25.243%
Grace
Current 7.478% 6.854% 44,350 35,962 17.302% 14.357%
- ---------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.333% 6.758% 136,375 99,191 53.202% 39.601%
- ---------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.293% 7.736% 79,424 94,232 30.984% 37.621%
31-60 Days Delinquent 8.314% 7.704% 5,620 6,329 2.192% 2.527%
61-90 Days Delinquent 8.285% 7.644% 3,067 6,697 1.196% 2.674%
91-120 Days Delinquent 8.288% 7.709% 1,604 2,097 0.626% 0.837%
> 120 Days Delinquent -- 7.740% -- 3,768 0.000% 1.504%
Deferment
Current 7.979% 7.325% 13,942 18,301 5.439% 7.306%
Forbearance
Current 8.272% 7.727% 16,304 19,734 6.360% 7.879%
- ---------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.252% 7.679% 119,961 151,158 46.798% 60.348%
- ---------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.000% 7.604% -- 128 0.000% 0.051%
Aged Claims Rejected (2) 0.000% 0.000% -- -- 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.751% 7.268% 256,336 250,477 100.000% 100.000%
- ---------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------
Principal Amount %
- ------------------------------------------------------------------------------------------------------
STATUS 5/10/99 9/30/99 5/10/99 9/30/99
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 391,460,782.18 $ 265,196,275.54 39.986% 27.901%
Grace
Current $ 135,774,760.78 $ 149,678,495.03 13.869% 15.747%
- ------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 527,235,542.96 $ 414,874,770.57 53.855% 43.648%
- ------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 295,082,749.51 $ 335,842,435.81 30.142% 35.333%
31-60 Days Delinquent $ 18,344,006.66 $ 19,802,638.01 1.874% 2.083%
61-90 Days Delinquent $ 9,744,761.50 $ 20,457,396.61 0.995% 2.152%
91-120 Days Delinquent $ 5,136,474.30 $ 6,308,948.98 0.525% 0.664%
> 120 Days Delinquent $ -- $ 10,769,330.63 0.000% 1.133%
Deferment
Current $ 55,995,914.60 $ 66,181,059.76 5.720% 6.963%
Forbearance
Current $ 67,443,271.60 $ 75,825,289.62 6.889% 7.977%
- ------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 451,747,178.17 $ 535,187,099.42 46.145% 56.305%
- ------------------------------------------------------------------------------------------------------
Claims in Process (1) $ -- $ 447,444.57 0.000% 0.047%
Aged Claims Rejected (2) $ -- $ -- 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 978,982,721.13 $ 950,509,314.56 100.000% 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. 1999-1 Portfolio Characteristics by School and Program 9/30/99
<TABLE>
<CAPTION>
--------------------------------------------------------------
FOUR YEAR SCHOOLS
--------------------------------------------------------------
--------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
--------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 14.493% 11.058% 0.000% 0.000% 0.000% 0.000%
Grace
Current 8.441% 5.543% 0.000% 0.000% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 22.934% 16.601% 0.000% 0.000% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 14.299% 7.212% 0.000% 0.000% 7.172% 1.339%
31-60 Days Delinquent 0.857% 0.395% 0.000% 0.000% 0.252% 0.079%
61-90 Days Delinquent 0.978% 0.509% 0.000% 0.000% 0.076% 0.075%
91-120 Days Delinquent 0.264% 0.111% 0.000% 0.000% 0.033% 0.028%
> 120 Days Delinquent 0.443% 0.176% 0.000% 0.000% 0.039% 0.054%
Deferment
Current 3.583% 1.834% 0.000% 0.000% 0.326% 0.331%
Forbearance
Current 3.607% 2.072% 0.000% 0.000% 0.470% 0.407%
- --------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 24.031% 12.309% 0.000% 0.000% 8.368% 2.313%
- --------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.023% 0.009% 0.000% 0.000% 0.003% 0.003%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 46.988% 28.919% 0.000% 0.000% 8.371% 2.316%
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 86.594%
- --------------------------------------------------------------------------------------------------------------
<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 0.800% 0.506% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.537% 0.345% 0.000% 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 1.337% 0.851% 0.000% 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 0.942% 0.546% 0.000% 0.000% 0.221% 0.084%
31-60 Days Delinquent 0.115% 0.053% 0.000% 0.000% 0.005% 0.007%
61-90 Days Delinquent 0.150% 0.066% 0.000% 0.000% 0.002% 0.007%
91-120 Days Delinquent 0.047% 0.015% 0.000% 0.000% 0.002% 0.001%
> 120 Days Delinquent 0.090% 0.033% 0.000% 0.000% 0.002% 0.008%
Deferment
Current 0.330% 0.151% 0.000% 0.000% 0.009% 0.036%
Forbearance
Current 0.343% 0.191% 0.000% 0.000% 0.009% 0.026%
- ---------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 2.017% 1.055% 0.000% 0.000% 0.250% 0.169%
- ---------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.001% 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%
- ---------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 3.355% 1.906% 0.000% 0.000% 0.250% 0.169%
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 5.680%
- ---------------------------------------------------------------------------------------------------------------
</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 0.412% 0.381% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.409% 0.360% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.821% 0.741% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.382% 1.099% 0.000% 0.000% 0.644% 0.168%
31-60 Days Delinquent 0.151% 0.107% 0.000% 0.000% 0.025% 0.019%
61-90 Days Delinquent 0.128% 0.108% 0.000% 0.000% 0.011% 0.011%
91-120 Days Delinquent 0.075% 0.065% 0.000% 0.000% 0.011% 0.009%
> 120 Days Delinquent 0.138% 0.101% 0.000% 0.000% 0.017% 0.010%
Deferment
Current 0.157% 0.117% 0.000% 0.000% 0.015% 0.023%
Forbearance
Current 0.371% 0.299% 0.000% 0.000% 0.045% 0.038%
- -------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 2.402% 1.896% 0.000% 0.000% 0.768% 0.278%
- -------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.003% 0.002% 0.000% 0.000% 0.001% 0.002%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 3.226% 2.639% 0.000% 0.000% 0.769% 0.280%
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 6.914%
- -------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------
UNKNOWN
---------------------------------------------------------------------
---------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
---------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 0.131% 0.120% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.057% 0.055% 0.000% 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.188% 0.175% 0.000% 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 0.109% 0.057% 0.005% 0.002% 0.020% 0.032%
31-60 Days Delinquent 0.008% 0.010% 0.000% 0.000% 0.000% 0.000%
61-90 Days Delinquent 0.016% 0.014% 0.000% 0.000% 0.000% 0.001%
91-120 Days Delinquent 0.000% 0.001% 0.000% 0.000% 0.000% 0.002%
> 120 Days Delinquent 0.013% 0.003% 0.000% 0.000% 0.000% 0.006%
Deferment
Current 0.026% 0.017% 0.000% 0.000% 0.001% 0.007%
Forbearance
Current 0.047% 0.030% 0.001% 0.003% 0.001% 0.017%
- ---------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 0.219% 0.132% 0.006% 0.005% 0.022% 0.065%
- ---------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.000% 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%
- ---------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 0.407% 0.307% 0.006% 0.005% 0.022% 0.065%
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 0.812%
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 25.551% 1.306% 0.793% 0.251% 27.901%
Grace
Current 13.984% 0.882% 0.769% 0.112% 15.747%
- --------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 39.535% 2.188% 1.562% 0.363% 43.648%
- --------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 30.022% 1.793% 3.293% 0.225% 35.333%
31-60 Days Delinquent 1.583% 0.180% 0.302% 0.018% 2.083%
61-90 Days Delinquent 1.638% 0.225% 0.258% 0.031% 2.152%
91-120 Days Delinquent 0.436% 0.065% 0.160% 0.003% 0.664%
> 120 Days Delinquent 0.712% 0.133% 0.266% 0.022% 1.133%
Deferment
Current 6.074% 0.526% 0.312% 0.051% 6.963%
Forbearance
Current 6.556% 0.569% 0.753% 0.099% 7.977%
- --------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 47.021% 3.491% 5.344% 0.449% 56.305%
- --------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.038% 0.001% 0.008% 0.000% 0.047%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 86.594% 5.680% 6.914% 0.812% 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. 1999-1 Interest Calculation
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 19,931,631.23
B Interest Subsidy Payments Accrued During Collection Period 8,308,445.56
C SAP Payments Accrued During Collection Period 718,132.30
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 162,308.15
E Investment Earnings (ADMINISTRATOR ACT) 365,257.12
------------------
F Net Expected Interest Collections $ 29,485,774.36
G Student Loan Rate
i Days in Collection Period (5/10/99-9/30/99) 144
ii Days in Year 365
iii Net Expected Interest Collections $ 29,485,774.36
iv Primary Servicing Fee $ 2,214,419.47
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,002,075,783.23
vii Student Loan Rate 6.89315%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1T T-Bill Based Interest Rate 5.70958%
I Class A-1T Interest Rate 0.018458384 (6/29/99-10/25/99) 5.70958%
J Class A-1L Libor Based Interest Rate* 5.41750%
K Class A-1L Interest Rate 0.017757361 (6/29/99-10/25/99) 5.41750%
L Class A-2L Libor Based Interest Rate* 5.51750%
M Class A-2L Interest Rate 0.018085139 (6/29/99-10/25/99) 5.51750%
N Certificate Libor Based Rate of Return* 5.78750%
O Certificate Rate of Return 0.018970139 (6/29/99-10/25/99) 5.78750%
</TABLE>
* For the initial period, 4 month Libor was used to calculate the interest rate
6
<PAGE>
VII. 1999-1 Inputs From Original Data 5/10/99
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 978,982,721.13
ii Interest To Be Capitalized 23,093,062.10
------------------
iii Total Pool $ 1,002,075,783.23
iv Specified Reserve Account Balance 2,505,189.00
------------------
v Total Adjusted Pool $ 1,004,580,972.23
==================
B Total Note and Certificate Factor 1.00000000000
C Total Note and Certificate Balance $ 1,030,110,000.00
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
D Note Balance 6/29/99 Class A-1T Class A-1L Class A-2L Certificates
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor 6/29/99 1.0000000000 1.0000000000 1.0000000000 1.0000000000
ii Expected Note Balance $ 165,000,000.00 $ 397,520,000.00 $ 431,530,000.00 $ 36,060,000.00
E Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------------------------
H Reserve Account Balance $ 2,505,189.00
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
VIII. 1999-1 Waterfall for Distributions
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds ( Sections III-F + VI-D ) (1) $ 61,263,746.03 $ 61,263,746.03
B Primary Servicing Fees-Current Month $ 707,460.43 $ 60,556,285.60
C Administration Fee $ 20,000.00 $ 60,536,285.60
D Noteholder's Interest Distribution Amount
i Class A-1T $ 3,045,633.36 $ 57,490,652.24
ii Class A-1L $ 7,058,906.14 $ 50,431,746.10
iii Class A-2L $ 7,804,280.03 $ 42,627,466.07
---------------
iv Total Noteholder's Interest Distribution $ 17,908,819.53
E Certificateholder's Return Distribution Amount $ 684,063.21 $ 41,943,402.86
F Noteholder's Principal Distribution Amount Paid
i Class A-1T $ 12,302,960.73 $ 29,640,442.13
ii Class A-1L $ 29,640,442.13 $ 0.00
iii Class A-2L $ 0.00 $ 0.00
---------------
iv Total Noteholder's Principal Distribution $ 41,943,402.86
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-1T $ 0.00 $ 0.00
ii Class A-1L $ 0.00 $ 0.00
iii Class A-2L $ 0.00 $ 0.00
---------------
iv 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>
(1) Includes initial deposit of $10,000,000 from seller
8
<PAGE>
IX. 1999-1 Distributions
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1T Class A-1L Class A-2L Certificates
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 3,045,633.36 $ 7,058,906.14 $ 7,804,280.03 $ 684,063.21
ii Quarterly Interest Paid 3,045,633.36 7,058,906.14 7,804,280.03 684,063.21
------------------ --------------- -------------- ------------
iii Interest Shortfall $ 0.00 $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00 0.00 0.00
------------------ --------------- -------------- ------------
vi Interest Carryover $ 0.00 $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 16,088,155.25 $ 38,759,778.65 $ 0.00 $ 0.00
viii Quarterly Principal Paid 12,302,960.73 29,640,442.13 0.00 0.00
------------------ --------------- -------------- ------------
ix Quarterly Principal Shortfall $ 3,785,194.52 $ 9,119,336.52 $ 0.00 $ 0.00
-------------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 15,348,594.09 $ 36,699,348.27 $ 7,804,280.03 $ 684,063.21
-------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C>
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 9/30/99 $ 1,030,110,000.00
ii Adjusted Pool Balance 9/30/99 975,262,066.10
iii Adjusted Pool Exceeding Notes and Certificate
Balance (i-ii) $ 54,847,933.90
==================
iv Adjusted Pool Balance 5/10/99 $ 1,004,580,972.23
v Adjusted Pool Balance 9/30/99 975,262,066.10
------------------
vi Current Principal Due (iv-v) $ 29,318,906.13
vii Notes and Certificates Issued Exceeding Adjusted
Pool Balance 25,529,027.77
------------------
viii Principal Distribution Amount (vi + vii) $ 54,847,933.90
==================
ix Principal Distribution Amount Paid $ 41,943,402.86
x Principal Shortfall (viii - ix) $ 12,904,531.04
C Total Principal Distribution $ 41,943,402.86
D Total Interest Distribution 18,592,882.74
------------------
E Total Cash Distributions-Note and Certificates $ 60,536,285.60
<CAPTION>
--------------------------------------------------------------------------------
F Note & Certificate Balances 6/29/1999 19/25/1999
- ------------------------------------------------------------------------------------
<S> <C> <C>
i A-1T Note Balance (78442GBD7) $ 165,000,000.00 $ 152,697,039.27
A-1T Note Pool Factor 1.0000000000 0.9254366016
ii A-1L Note Balance (78442GBE5) $ 397,520,000.00 $ 367,879,557.87
A-1L Note Pool Factor 1.0000000000 0.9254366016
iii A-2L Note Balance (78442GBG0) $ 431,530,000.00 $ 431,530,000.00
A-2L Note Pool Factor 1.0000000000 1.0000000000
iv Certificate Balance (78442GBH8) $ 36,060,000.00 $ 36,060,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
--------------------------------------------------------------------------------
<CAPTION>
<S> <C>
G Reserve Account Reconciliation
i Beginning of Period Balance $ 2,505,189.00
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ 0.00
------------------
iv Total Reserve Account Balance Available $ 2,505,189.00
v Required Reserve Account Balance $ 2,432,074.98
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to Waterfall $ 73,114.02
viii Ending Reserve Account Balance $ 2,432,074.98
</TABLE>
9
<PAGE>
X. 1999-1 Historical Pool Information
<TABLE>
<CAPTION>
----------------
5/10/99-9/30/99
- ----------------------------------------------------------------------------
<S> <C>
Beginning Student Loan Portfolio Balance $ 978,982,721.13
- ----------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 27,314,976.63
ii Principal Collections from Guarantor 516,964.20
iii Principal Reimbursements 10,006,146.53
iv Other System Adjustments --
----------------
v Total Principal Collections $ 37,838,087.36
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 479,686.49
ii Capitalized Interest (9,844,367.28)
----------------
iii Total Non-Cash Principal Activity $ (9,364,680.79)
- ----------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 28,473,406.57
- ----------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 10,490,676.93
ii Interest Claims Received from Guarantors 13,347.07
iii Late Fee Reimbursements 167,735.05
iv Interest Reimbursements 150,160.50
v Other System Adjustments --
vi Special Allowance Payments 3,160.68
vii Subsidy Payments 3,440,344.46
----------------
viii Total Interest Collections $ 14,265,424.69
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (504,642.20)
ii Capitalized Interest 9,844,367.28
----------------
iii Total Non-Cash Interest Adjustments $ 9,339,725.08
----------------
Total Student Loan Interest Activity $ 23,605,149.77
(=) Ending Student Loan Portfolio Balance $ 950,509,314.56
- ----------------------------------------------------------------------------
(+) Interest to be Capitalized $ 22,320,676.56
- ----------------------------------------------------------------------------
- ----------------------------------------------------------------------------
(=) TOTAL POOL $ 972,829,991.12
- ----------------------------------------------------------------------------
- ----------------------------------------------------------------------------
(+) Reserve Account Balance $ 2,432,074.98
- ----------------------------------------------------------------------------
- ----------------------------------------------------------------------------
(=) Total Adjusted Pool $ 975,262,066.10
- ----------------------------------------------------------------------------
</TABLE>
10
<PAGE>
XI. 1999-1 Payment History and CPRs
Distribution Actual Since Issued
Date Pool Balances CPR *
Jul-99 $1,002,075,783 --
Oct-99 $ 972,829,991 6.74%
* "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 1999-2
Quarterly Servicing Report
Report Date: 9/30/99 Reporting Period: 5/24/99-9/30/99
I. Deal Parameters
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 5/24/99 Activity 9/30/99
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 980,454,203.83 $(30,660,478.23) $949,793,725.60
ii Interest to be Capitalized 20,137,258.83 19,534,018.82
iii Total Pool $ 1,000,591,462.66 $969,327,744.42
iv Specified Reserve Account Balance 2,501,479.00 2,423,319.36
------------------ ---------------
v Total Adjusted Pool $ 1,003,092,941.66 $971,751,063.78
================== ===============
B i Weighted Average Coupon (WAC) 8.0062% 7.5152%
ii Weighted Average Remaining Term 117.70 115.61
iii Number of Loans 259,888 254,276
iv Number of Borrowers 111,039 108,848
---------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
% of % of
Notes and Certificates Spread Balance 8/12/99 O/S Securities Balance 10/25/99 O/S Securities
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1T Notes 78442GBJ4 0.94% $ 150,000,000.00 14.570% $123,031,996.98 12.542%
ii A-1L Notes 78442GBK1 0.08% 120,000,000.00 11.656% 98,425,597.59 10.034%
iii A-2L Notes 78442GBL9 0.20% 619,000,000.00 60.126% 619,000,000.00 63.101%
iv A-3L Notes 78442GBM7 0.28% 104,500,000.00 10.151% 104,500,000.00 10.653%
v Certificates 78442GBN5 0.50% 36,000,000.00 3.497% 36,000,000.00 3.670%
=============================================================================================================================
vi Total Notes and Certificates $ 1,029,500,000.00 100.000% $980,957,594.57 100.000%
============================================================================================================================
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
Reserve Account 8/12/99 10/25/99
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($) $ 2,501,479.00
iii Specified Reserve Acct Balance ($) $ 2,423,319.36
iv Reserve Account Floor Balance ($) $ 1,000,591.00 $ 1,000,591.00
v Current Reserve Acct Balance ($) $ 2,501,479.00 $ 2,423,319.36
</TABLE>
1
<PAGE>
II. 1999-2 Transactions from: 5/24/99 through 9/30/99
<TABLE>
<S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $26,687,304.44
ii Principal Collections from Guarantor 396,089.81
iii Principal Reimbursements 10,749,378.15
iv Other System Adjustments 0.00
--------------
v Total Principal Collections $37,832,772.40
B Student Loan Non-Cash Principal Activity
i Other Adjustments $604,216.24
ii Capitalized Interest (7,776,510.41)
--------------
iii Total Non-Cash Principal Activity $(7,172,294.17)
------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $30,660,478.23
------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $12,905,379.37
ii Interest Claims Received from Guarantors 9,531.77
iii Late Fee Reimbursements 197,809.99
iv Interest Reimbursements 224,865.29
v Other System Adjustments 0.00
vi Special Allowance Payments 3,949.82
vii Subsidy Payments 2,028,758.07
--------------
viii Total Interest Collections $15,370,294.31
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($569,327.20)
ii Capitalized Interest 7,776,510.41
--------------
iii Total Non-Cash Interest Adjustments $ 7,207,183.21
------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $22,577,477.52
------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
III. 1999-2 Collection Account Activity 5/24/99 through 9/30/99
<TABLE>
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $27,083,394.25
ii Cash Forwarded by Administrator on behalf of Seller 1,778,943.78
iii Cash Forwarded by Administrator on behalf of Servicer (254.72)
iv Cash Forwarded by Administrator for Consolidation Activity 8,970,689.09
--------------
v Total Principal Collections $37,832,772.40
B Interest Collections
i Interest Payments Received-Cash $14,947,619.03
ii Cash Forwarded by Administrator on behalf of Seller 73,159.48
iii Cash Forwarded by Administrator on behalf of Servicer (114.37)
iv Cash Forwarded by Administrator for Consolidation Activity 151,820.18
v Cash Forwarded by Administrator for Late Fee Activity 197,809.99
--------------
vi Total Interest Collections $15,370,294.31
C Other Reimbursements $ 104,037.53
D Administrator Account Investment Income $ 263,474.75
E Return funds borrowed for previous distribution $ --
F TOTAL FUNDS RECEIVED $53,570,578.99
LESS FUNDS PREVIOUSLY REMITTED:
Servicing Fees ($464,835.77)
Consolidation Loan Rebate Fees ($57.00)
------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 3,105,686.22
------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Primary Servicing Fee - Non-Consolidation Loans $ 716,448.75
ii Primary Servicing Fee - Consolidation Loans $ 37.39
H Servicing Fees Due for Current Period $ 716,486.14
Less: Servicing ADJ [A iii + B iii] $ 369.09
I Carryover Servicing Fees Due $ 0.00
J Administration Fees Due $ 20,000.00
------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 736,855.23
------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
IV. 1999-2 Portfolio Characteristics
<TABLE>
<CAPTION>
---------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
STATUS 5/24/99 9/30/99 5/24/99 9/30/99 5/24/99 9/30/99
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.626% 7.083% 57,580 44,278 22.156% 17.413%
Grace
Current 7.602% 7.089% 30,331 25,635 11.671% 10.082%
- ---------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.618% 7.085% 87,911 69,913 33.826% 27.495%
- ---------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.270% 7.761% 121,863 124,475 46.891% 48.953%
31-60 Days Delinquent 8.267% 7.752% 6,398 6,662 2.462% 2.620%
61-90 Days Delinquent 8.273% 7.722% 3,853 4,963 1.483% 1.952%
91-120 Days Delinquent 8.265% 7.744% 1,846 2,205 0.710% 0.867%
> 120 Days Delinquent -- 7.754% -- 3,413 0.000% 1.342%
Deferment
Current 7.921% 7.342% 20,902 22,339 8.043% 8.785%
Forbearance
Current 8.260% 7.740% 17,115 20,198 6.586% 7.943%
- ---------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.223% 7.703% 171,977 184,255 66.174% 72.463%
- ---------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.000% 7.755% -- 108 0.000% 0.042%
Aged Claims Rejected (2) 0.000% 0.000% -- 0 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------
GRAND TOTAL 8.006% 7.515% 259,888 254,276 100.000% 100.000%
- ---------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------
Principal Amount %
STATUS 5/24/99 9/30/99 5/24/99 9/30/99
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 229,735,605.72 $ 173,188,437.65 23.432% 18.234%
Grace
Current $ 112,451,344.94 $ 105,266,517.06 11.469% 11.083%
- --------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 342,186,950.66 $ 278,454,954.71 34.901% 29.317%
- --------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 443,374,192.97 $ 446,178,246.34 45.221% 46.976%
31-60 Days Delinquent $ 21,463,419.83 $ 21,743,583.58 2.189% 2.289%
61-90 Days Delinquent $ 12,759,290.03 $ 16,362,414.73 1.301% 1.723%
91-120 Days Delinquent $ 5,857,146.29 $ 7,355,167.13 0.597% 0.775%
> 120 Days Delinquent $ -- $ 10,097,868.91 0.000% 1.063%
Deferment
Current $ 84,756,191.48 $ 86,896,546.88 8.645% 9.149%
Forbearance
Current $ 70,057,012.57 $ 82,354,143.32 7.145% 8.671%
- --------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 638,267,253.17 $ 670,987,970.89 65.099% 70.646%
- --------------------------------------------------------------------------------------------------------
Claims in Process (1) $ -- $ 350,800.00 0.000% 0.037%
Aged Claims Rejected (2) $ -- $ -- 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 980,454,203.83 $ 949,793,725.60 100.000% 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. 1999-2 Portfolio Characteristics by School and Program 9/30/99
<TABLE>
<CAPTION>
-------------------------------------------------------------------------
FOUR YEAR SCHOOLS
-------------------------------------------------------------------------
-------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
-------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 9.977% 6.074% 0.000% 0.000% 0.000% 0.000%
Grace
Current 6.479% 3.403% 0.000% 0.000% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 6.456% 9.477% 0.000% 0.000% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 3.159% 10.543% 0.000% 0.000% 5.977% 0.942%
31-60 Days Delinquent 0.992% 0.469% 0.000% 0.000% 0.217% 0.048%
61-90 Days Delinquent 0.758% 0.408% 0.000% 0.000% 0.096% 0.043%
91-120 Days Delinquent 0.340% 0.179% 0.000% 0.000% 0.033% 0.024%
> 120 Days Delinquent 0.402% 0.199% 0.000% 0.000% 0.034% 0.029%
Deferment
Current 4.795% 2.499% 0.000% 0.000% 0.365% 0.321%
Forbearance
Current 3.909% 2.444% 0.000% 0.000% 0.412% 0.242%
- --------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 4.355% 16.741% 0.000% 0.000% 7.134% 1.649%
- --------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.011% 0.007% 0.000% 0.000% 0.009% 0.002%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 0.822% 26.225% 0.000% 0.000% 7.143% 1.651%
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.841%
- --------------------------------------------------------------------------------------------------------------------------
<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 0.492% 0.276% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.306% 0.170% 0.000% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.798% 0.446% 0.000% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.157% 0.646% 0.000% 0.000% 0.200% 0.059%
31-60 Days Delinquent 0.115% 0.058% 0.000% 0.000% 0.014% 0.007%
61-90 Days Delinquent 0.105% 0.053% 0.000% 0.000% 0.002% 0.002%
91-120 Days Delinquent 0.038% 0.017% 0.000% 0.000% 0.002% 0.005%
> 120 Days Delinquent 0.077% 0.043% 0.000% 0.000% 0.002% 0.004%
Deferment
Current 0.315% 0.172% 0.000% 0.000% 0.012% 0.025%
Forbearance
Current 0.334% 0.188% 0.000% 0.000% 0.027% 0.015%
- ----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 2.141% 1.177% 0.000% 0.000% 0.259% 0.117%
- ----------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.002% 0.001% 0.000% 0.000% 0.000% 0.000%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 2.941% 1.624% 0.000% 0.000% 0.259% 0.117%
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 4.941%
- ----------------------------------------------------------------------------------------------------------------
</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 0.533% 0.480% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.318% 0.266% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.851% 0.746% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.820% 1.513% 0.000% 0.000% 0.547% 0.148%
31-60 Days Delinquent 0.172% 0.127% 0.000% 0.000% 0.024% 0.025%
61-90 Days Delinquent 0.123% 0.091% 0.000% 0.000% 0.012% 0.006%
91-120 Days Delinquent 0.063% 0.054% 0.000% 0.000% 0.007% 0.004%
> 120 Days Delinquent 0.131% 0.106% 0.000% 0.000% 0.010% 0.006%
Deferment
Current 0.266% 0.220% 0.000% 0.000% 0.018% 0.021%
Forbearance
Current 0.484% 0.393% 0.000% 0.000% 0.033% 0.037%
- ------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.059% 2.504% 0.000% 0.000% 0.651% 0.247%
- ------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.001% 0.003% 0.000% 0.000% 0.001% 0.000%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 3.911% 3.253% 0.000% 0.000% 0.652% 0.247%
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 8.063%
- ------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------------------------------
UNKNOWN
-------------------------------------------------------------------
-------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 0.207% 0.195% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.077% 0.064% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.284% 0.259% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 0.148% 0.074% 0.000% 0.007% 0.023% 0.013%
31-60 Days Delinquent 0.010% 0.007% 0.000% 0.000% 0.002% 0.002%
61-90 Days Delinquent 0.014% 0.005% 0.000% 0.000% 0.002% 0.003%
91-120 Days Delinquent 0.004% 0.004% 0.000% 0.000% 0.000% 0.001%
> 120 Days Delinquent 0.009% 0.008% 0.000% 0.000% 0.000% 0.003%
Deferment
Current 0.069% 0.039% 0.000% 0.000% 0.001% 0.011%
Forbearance
Current 0.076% 0.062% 0.000% 0.002% 0.002% 0.011%
- -------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 0.330% 0.199% 0.000% 0.009% 0.030% 0.044%
- -------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.000% 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%
- -------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 0.614% 0.458% 0.000% 0.009% 0.030% 0.044%
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 1.155%
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 16.051% 0.768% 1.013% 0.402% 18.234%
Grace
Current 9.882% 0.476% 0.584% 0.141% 11.083%
- -------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 25.933% 1.244% 1.597% 0.543% 29.317%
- -------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 40.621% 2.062% 4.028% 0.265% 46.976%
31-60 Days Delinquent 1.726% 0.194% 0.348% 0.021% 2.289%
61-90 Days Delinquent 1.305% 0.162% 0.232% 0.024% 1.723%
91-120 Days Delinquent 0.576% 0.062% 0.128% 0.009% 0.775%
> 120 Days Delinquent 0.664% 0.126% 0.253% 0.020% 1.063%
Deferment
Current 7.980% 0.524% 0.525% 0.120% 9.149%
Forbearance
Current 7.007% 0.564% 0.947% 0.153% 8.671%
- -------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 59.879% 3.694% 6.461% 0.612% 70.646%
- -------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.029% 0.003% 0.005% 0.000% 0.037%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.841% 4.941% 8.063% 1.155% 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. 1999-2 Interest Calculation
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 20,049,120.97
B Interest Subsidy Payments Accrued During Collection Period 6,177,606.45
C SAP Payments Accrued During Collection Period 472,880.78
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 73,590.62
E Investment Earnings (ADMINISTRATOR ACT) 263,474.75
------------------
F Net Expected Interest Collections $ 27,036,673.57
G Student Loan Rate
i Days in Collection Period (5/24/99-9/30/99) 130
ii Days in Year 365
iii Net Expected Interest Collections $ 27,036,673.57
iv Primary Servicing Fee $ 1,181,321.91
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,000,591,462.66
vii Student Loan Rate 7.24948%
</TABLE>
<TABLE>
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1T T-Bill Based Interest Rate 5.82703%
I Class A-1T Interest Rate 0.011813699 (8/12/99-10/25/99) 5.82703%
J Class A-1L Libor Based Interest Rate 5.52000%
K Class A-1L Interest Rate 0.011346667 (8/12/99-10/25/99) 5.52000%
L Class A-2L Libor Based Interest Rate 5.64000%
M Class A-2L Interest Rate 0.011593333 (8/12/99-10/25/99) 5.64000%
N Class A-3L Libor Based Interest Rate 5.72000%
O Class A-3L Interest Rate 0.011757778 (8/12/99-10/25/99) 5.72000%
P Certificate Libor Based Rate of Return 5.94000%
Q Certificate Rate of Return 0.012210000 (8/12/99-10/25/99) 5.94000%
</TABLE>
6
<PAGE>
VII. 1999-2 Inputs From Original Data 5/24/99
<TABLE>
<CAPTION>
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 980,454,203.83
ii Interest To Be Capitalized 20,137,258.83
-----------------
iii Total Pool $1,000,591,462.66
iv Specified Reserve Account Balance 2,501,479.00
-----------------
v Total Adjusted Pool $1,003,092,941.66
=================
B Total Note and Certificate Factor 1.00000000000
C Total Note and Certificate Balance $1,029,500,000.00
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
D Note Balance 8/12/99 Class A-1T Class A-1L Class A-2L Class A-3L Certificates
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i Current Factor 8/12/99 1.0000000000 1.0000000000 1.0000000000 1.0000000000 1.0000000000
ii Expected Note Balance $ 150,000,000.00 $120,000,000.00 $619,000,000.00 $104,500,000.00 $ 36,000,000.00
E Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------------------------------------------
H Reserve Account Balance $ 2,501,479.00
I Unpaid Primary Servicing Fees from
Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior
Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from
Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover
Servicing Fees $ 0.00
</TABLE>
7
<PAGE>
VIII. 1999-2 Waterfall for Distributions
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds ( Sections III-F + VI-D ) (1) $ 61,257,436.48 $ 61,257,436.48
B Primary Servicing Fees-Current Month $ 716,855.23 $ 60,540,581.25
C Administration Fee $ 20,000.00 $ 60,520,581.25
D Noteholder's Interest Distribution Amount
i Class A-1T $ 1,772,054.85 $ 58,748,526.40
ii Class A-1L $ 1,361,600.04 $ 57,386,926.36
iii Class A-2L $ 7,176,273.13 $ 50,210,653.23
iv Class A-3L $ 1,228,687.80 $ 48,981,965.43
---------------
v Total Noteholder's Interest Distribution $ 11,538,615.82
E Certificateholder's Return Distribution Amount $ 439,560.00 $ 48,542,405.43
F Noteholder's Principal Distribution Amount Paid
i Class A-1T $ 26,968,003.02 $ 21,574,402.41
ii Class A-1L $ 21,574,402.41 $ 0.00
iii Class A-2L $ 0.00 $ 0.00
iv Class A-3L $ 0.00 $ 0.00
---------------
v Total Noteholder's Principal Distribution $ 48,542,405.43
G Certificateholder's Balance Distribution Amount $ 0.00 $ 0.00
H Increase to the Specified Reserve Account Balance $ 0.00 $ 0.00
I Carryover Servicing Fees $ 0.00 $ 0.00
J Noteholder's Interest Carryover
i Class A-1T $ 0.00 $ 0.00
ii Class A-1L $ 0.00 $ 0.00
iii Class A-2L $ 0.00 $ 0.00
iv Class A-3L $ 0.00 $ 0.00
---------------
v 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>
(1) Includes initial deposit of $8,000,000 from seller
8
<PAGE>
IX. 1999-2 Distributions
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1T Class A-1L Class A-2L
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 1,772,054.85 $ 1,361,600.04 $ 7,176,273.13
ii Quarterly Interest Paid 1,772,054.85 1,361,600.04 7,176,273.13
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 $ 32,082,742.34 $ 25,666,193.88 $ 0.00
viii Quarterly Principal Paid 26,968,003.02 21,574,402.41 0.00
ix Quarterly Principal Shortfall $ 5,114,739.32 $ 4,091,791.47 $ 0.00
----------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 28,740,057.87 $ 22,936,002.45 $ 7,176,273.13
----------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------
A Distribution Amounts Class A-3L Certificates
--------------------------------------------------------------------------------------------
<S> <C> <C>
i Quarterly Interest Due $ 1,228,687.80 $ 439,560.00
ii Quarterly Interest Paid 1,228,687.80 439,560.00
iii Interest Shortfall $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00
vi Interest Carryover $ 0.00 $ 0.00
vii Quarterly Principal Due $ 0.00 $ 0.00
viii Quarterly Principal Paid 0.00 0.00
ix Quarterly Principal Shortfall $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------
x Total Distribution Amount $ 1,228,687.80 $ 439,560.00
--------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 9/30/99 $1,029,500,000.00
ii Adjusted Pool Balance 9/30/99 9 71,751,063.78
----------------
iii Adjusted Pool Exceeding Notes and Certificate
Balance (i-ii) $ 57,748,936.22
=================
iv Adjusted Pool Balance 5/24/99 $1,003,092,941.66
v Adjusted Pool Balance 9/30/99 971,751,063.78
----------------
vi Current Principal Due (iv-v) $ 31,341,877.88
vii Notes and Certificates Issued Exceeding
Adjusted Pool Balance 26,407,058.34
----------------
viii Principal Distribution Amount (vi + vii) $ 57,748,936.22
=================
ix Principal Distribution Amount Paid $ 48,542,405.43
x Principal Shortfall (viii - ix) $ 9,206,530.79
C Total Principal Distribution $ 48,542,405.43
D Total Interest Distribution 11,978,175.82
----------------
E Total Cash Distributions-Note and Certificates $ 60,520,581.25
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
F Note & Certificate Balances 8/12/99 10/25/99
-------------------------------------------------------------------------------
<S> <C> <C>
i A-1T Note Balance (78442GBJ4) $ 150,000,000.00 $ 123,031,996.98
A-1T Note Pool Factor 1.0000000000 0.8202133132
ii A-1L Note Balance (78442GBK1) $ 120,000,000.00 $ 98,425,597.59
A-1L Note Pool Factor 1.0000000000 0.8202133132
iii A-2L Note Balance (78442GBL9) $ 619,000,000.00 $ 619,000,000.00
A-2L Note Pool Factor 1.0000000000 1.0000000000
iv A-3L Note Balance (78442GBM7) $ 104,500,000.00 $ 104,500,000.00
A-3L Note Pool Factor 1.0000000000 1.0000000000
v Certificate Balance (78442GBN5) $ 36,000,000.00 $ 36,000,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
-------------------------------------------------------------------------------
G Reserve Account Reconciliation
i Beginning of Period Balance $ 2,501,479.00
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ --
-----------------
iv Total Reserve Account Balance Available $ 2,501,479.00
v Required Reserve Account Balance $ 2,423,319.36
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to Waterfall $ 78,159.64
viii Ending Reserve Account Balance $ 2,423,319.36
</TABLE>
9
<PAGE>
X. 1999-2 Historical Pool Information
----------------
5/24/99-9/30/99
- ----------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 980,454,203.83
- ----------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 26,687,304.44
ii Principal Collections from Guarantor 396,089.81
iii Principal Reimbursements 10,749,378.15
iv Other System Adjustments -
----------------
v Total Principal Collections $ 37,832,772.40
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 604,216.24
ii Capitalized Interest (7,776,510.41)
----------------
iii Total Non-Cash Principal Activity $ (7,172,294.17)
- ----------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 30,660,478.23
- ----------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 12,905,379.37
ii Interest Claims Received from Guarantors 9,531.77
iii Late Fee Reimbursements 197,809.99
iv Interest Reimbursements 224,865.29
v Other System Adjustments --
vi Special Allowance Payments 3,949.82
vii Subsidy Payments 2,028,758.07
----------------
viii Total Interest Collections $ 15,370,294.31
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (569,327.20)
ii Capitalized Interest 7,776,510.41
----------------
iii Total Non-Cash Interest Adjustments $ 7,207,183.21
----------------
Total Student Loan Interest Activity $ 22,577,477.52
(=) Ending Student Loan Portfolio Balance $ 949,793,725.60
- ----------------------------------------------------------------------------
(+) Interest to be Capitalized $ 19,534,018.82
- ----------------------------------------------------------------------------
- ----------------------------------------------------------------------------
(=) TOTAL POOL $ 969,327,744.42
- ----------------------------------------------------------------------------
- ----------------------------------------------------------------------------
(+) Reserve Account Balance $ 2,423,319.36
- ----------------------------------------------------------------------------
- ----------------------------------------------------------------------------
(=) Total Adjusted Pool $ 971,751,063.78
- ----------------------------------------------------------------------------
10
<PAGE>
XI. 1999-2 Payment History and CPRs
Distribution Actual Since Issued
Date Pool Balances CPR *
Oct-99 $ 969,327,744 5.65%
* "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
