<PAGE>
SALLIE MAE STUDENT LOAN TRUST 1995-1
QUARTERLY SERVICING REPORT
REPORT DATE: 09/30/2000 REPORTING PERIOD: 7/1/00-9/30/00
-------------------------------------------------------------------------------
I. DEAL PARAMETERS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
STUDENT LOAN PORTFOLIO CHARACTERISTICS 6/30/00 ACTIVITY 9/30/00
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 323,875,772.77 $ (21,405,058.93) $ 302,470,713.84
ii Interest to be Capitalized 318,830.83 303,915.37
----------------- -----------------
iii TOTAL POOL $ 324,194,603.60 $ 302,774,629.21
================= =================
B i Weighted Average Coupon (WAC) 7.8316% 8.9049%
ii Weighted Average Remaining Term 62.98 61.97
iii Number of Loans 212,892 202,185
iv Number of Borrowers 88,693 83,920
-----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
NOTES AND CERTIFICATES SPREAD BALANCE 7/25/00 % OF POOL BALANCE 10/25/00 % OF POOL
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 795452AA9 0.575% $ 74,194,603.60 22.886% $ 52,774,629.21 17.430%
ii A-2 Notes 795452AB7 0.750% 215,000,000.00 66.318% 215,000,000.00 71.010%
iii Certificates 795452AC5 1.000% 35,000,000.00 10.796% 35,000,000.00 11.560%
-----------------------------------------------------------------------------------------------------------------
iv TOTAL NOTES AND CERTIFICATES $ 324,194,603.60 100.000% $ 302,774,629.21 100.000%
=================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------
RESERVE ACCOUNT 7/25/00 10/25/00
----------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.50% 0.50%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 1,620,973.02 $ 1,513,873.15
iv Reserve Account Floor Balance ($) $ 1,000,000.00 $ 1,000,000.00
v Current Reserve Acct Balance ($) $ 1,620,973.02 $ 1,513,873.15
----------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------
REPORTING PERIOD COLLECTION PD CALCULATION PD
-----------------------------------------------------------------------------------
<S> <C> <C>
E i Begin Date 7/1/2000 7/25/00
ii End Date 9/30/2000 10/24/2000
iii Days In Period 92 92
iv Days In Year 366 366
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
F CURRENT ACCRUED INTEREST BALANCE
-----------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
-------------------------------------------------------------------------------
II. 1995-1 TRANSACTIONS FROM: 07/01/2000 THROUGH 09/30/2000
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 20,565,691.51
ii Principal Collections from Guarantor 1,045,331.07
iii Principal Reimbursements 772,527.00
iv Other System Adjustments 0.00
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 22,383,549.58
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 102,920.17
ii Capitalized Interest (1,081,410.82)
----------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (978,490.65)
--------------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 21,405,058.93
--------------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 5,134,276.79
ii Interest Claims Received from Guarantors 67,130.66
iii Late Fee Reimbursements 141,278.59
iv Interest Reimbursements 8,289.96
v Other System Adjustments 0.00
vi Special Allowance Payments 1,005,986.33
vii Subsidy Payments 458,326.26
----------------
viii TOTAL INTEREST COLLECTIONS $ 6,815,288.59
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment $ (96,466.45)
ii Capitalized Interest 1,081,410.82
----------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 984,944.37
--------------------------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 7,800,232.96
--------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
-------------------------------------------------------------------------------
III. 1995-1 COLLECTION ACCOUNT ACTIVITY 07/01/2000 THROUGH 09/30/2000
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $ 21,611,022.58
ii Cash Forwarded by Administrator on behalf of Seller 4,254.79
iii Cash Forwarded by Administrator on behalf of Servicer (2,242.97)
iv Cash Forwarded by Administrator for Consolidation Activity 770,515.18
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 22,383,549.58
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 6,665,720.04
ii Cash Forwarded by Administrator on behalf of Seller 1,069.29
iii Cash Forwarded by Administrator on behalf of Servicer 782.55
iv Cash Forwarded by Administrator for Consolidation Activity 6,438.12
v Cash Forwarded by Administrator for Late Fee Activity 141,278.59
----------------
vi TOTAL INTEREST COLLECTIONS $ 6,815,288.59
C OTHER REIMBURSEMENTS $ 212,068.26
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 337,700.74
E TOTAL FUNDS RECEIVED $ 29,748,607.17
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($562,771.20)
--------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 29,185,835.97
--------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
F SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $ 273,593.60
ii Percentage of Principal Calculation $ 388,586.73
iii Lesser of Unit or Principal Calculation $ 273,593.60
G SERVICING FEES DUE FOR CURRENT PERIOD $ 273,593.60
H CARRYOVER SERVICING FEES DUE $ 359,650.49
JUL-00 Servicing Carryover $ 123,726.08
AUG-00 Servicing Carryover $ 119,470.86
SEP-00 Servicing Carryover $ 114,993.13
-------------
$ 358,190.07
LESS: SERVICING ADJ [A iii + B iii] $ 1,460.42
-------------
CARRYOVER SERVICING FEE DUE $ 359,650.49
=============
I ADMINISTRATION FEES DUE $ 20,000.00
--------------------------------------------------------------------------------------------------
J TOTAL FEES DUE FOR PERIOD $ 653,244.09
--------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
-------------------------------------------------------------------------------
IV. 1995-1 PORTFOLIO CHARACTERISTICS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
WEIGHTED AVG COUPON # OF LOANS %
--------------------------------------------------------------------------------------------------
STATUS 6/30/2000 9/30/2000 6/30/2000 9/30/2000 6/30/2000 9/30/2000
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 7.756% 8.348% 36 31 0.017% 0.015%
GRACE
Current 7.781% 8.295% 30 33 0.014% 0.016%
------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.769% 8.320% 66 64 0.031% 0.031%
------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current 7.833% 8.908% 174,715 163,407 82.067% 80.821%
31-60 Days Delinquent 7.834% 8.906% 7,122 7,579 3.345% 3.749%
61-90 Days Delinquent 7.851% 8.915% 3,035 2,807 1.426% 1.389%
91-120 Days Delinquent 7.815% 8.933% 1,028 1,521 0.483% 0.752%
> 120 Days Delinquent 7.802% 8.870% 1,552 1,936 0.729% 0.958%
DEFERMENT
Current 7.807% 8.891% 13,366 13,864 6.278% 6.857%
FORBEARANCE
Current 7.838% 8.894% 11,696 10,801 5.494% 5.342%
------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.832% 8.905% 212,514 201,915 99.822% 99.868%
------------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 7.851% 8.780% 310 203 0.146% 0.100%
AGED CLAIMS REJECTED (2) 7.883% 9.269% 2 3 0.001% 0.001%
------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.832% 8.905% 212,892 202,185 100.000% 100.000%
------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------
PRINCIPAL AMOUNT %
--------------------------------------------------------------------------------
STATUS 6/30/2000 9/30/2000 6/30/2000 9/30/2000
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current $ 67,121.11 $ 63,700.13 0.021% 0.021%
GRACE
Current $ 72,790.93 $ 72,273.91 0.022% 0.024%
------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 139,912.04 $ 135,974.04 0.043% 0.045%
------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current $ 250,163,079.58 $ 228,690,964.97 77.241% 75.607%
31-60 Days Delinquent $ 12,427,250.97 $ 13,172,099.63 3.837% 4.355%
61-90 Days Delinquent $ 5,676,180.43 $ 5,545,017.01 1.753% 1.833%
91-120 Days Delinquent $ 2,129,316.86 $ 2,999,229.31 0.657% 0.992%
> 120 Days Delinquent $ 3,199,131.64 $ 3,774,199.08 0.988% 1.248%
DEFERMENT
Current $ 23,569,810.14 $ 24,053,168.11 7.277% 7.952%
FORBEARANCE
Current $ 26,090,238.12 $ 23,794,999.80 8.056% 7.867%
------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 323,255,007.74 $ 302,029,677.91 99.809% 99.854%
------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) $ 477,374.26 $ 299,824.79 0.147% 0.099%
AGED CLAIMS REJECTED (2) $ 3,478.73 $ 5,237.10 0.001% 0.002%
------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 323,875,772.77 $ 302,470,713.84 100.000% 100.000%
------------------------------------------------------------------------------------------------------------
</TABLE>
[CHART] [CHART]
LOAN STATUS BY OUTSTANDING LOAN STATUS BY OUTSTANDING
PRINCIPAL, JUNE 30,2000 PRINCIPAL, SEPTEMBER 30, 2000
(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 9/30/00
-------------------------------------------------------------------------------
<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 0.014% 0.000% 0.000% 0.000% 0.004% 0.000% 0.000% 0.000%
GRACE
Current 0.017% 0.000% 0.000% 0.000% 0.005% 0.000% 0.000% 0.000%
------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.031% 0.000% 0.000% 0.000% 0.009% 0.000% 0.000% 0.000%
------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 50.288% 3.428% 9.333% 0.001% 4.178% 0.297% 0.836% 0.001%
31-60 Days Delinquent 2.394% 0.178% 0.531% 0.000% 0.462% 0.028% 0.060% 0.000%
61-90 Days Delinquent 1.012% 0.066% 0.205% 0.000% 0.211% 0.017% 0.028% 0.000%
91-120 Days Delinquent 0.482% 0.032% 0.106% 0.000% 0.144% 0.008% 0.010% 0.000%
> 120 Days Delinquent 0.575% 0.040% 0.100% 0.000% 0.149% 0.016% 0.024% 0.000%
DEFERMENT
Current 5.975% 0.458% 0.312% 0.000% 0.593% 0.054% 0.032% 0.000%
FORBEARANCE
Current 4.495% 0.332% 0.753% 0.000% 0.881% 0.064% 0.054% 0.000%
------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 65.221% 4.534% 11.340% 0.001% 6.618% 0.484% 1.044% 0.001%
------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.038% 0.002% 0.006% 0.000% 0.022% 0.001% 0.000% 0.000%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.002% 0.000% 0.000% 0.000%
------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 65.290% 4.536% 11.346% 0.001% 6.651% 0.485% 1.044% 0.001%
------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 81.173% 8.181%
------------------------------------------------------------------------------------------------------------------------
<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 0.002% 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.001% 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
---------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.003% 0.002% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
---------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 4.780% 0.370% 1.829% 0.000% 0.230% 0.000% 0.031% 0.000%
31-60 Days Delinquent 0.534% 0.041% 0.115% 0.000% 0.010% 0.000% 0.002% 0.000%
61-90 Days Delinquent 0.215% 0.026% 0.052% 0.000% 0.000% 0.000% 0.001% 0.000%
91-120 Days Delinquent 0.170% 0.011% 0.029% 0.000% 0.000% 0.000% 0.000% 0.000%
> 120 Days Delinquent 0.300% 0.016% 0.028% 0.000% 0.000% 0.000% 0.000% 0.000%
DEFERMENT
Current 0.434% 0.035% 0.030% 0.000% 0.023% 0.005% 0.001% 0.000%
FORBEARANCE
Current 1.009% 0.095% 0.159% 0.000% 0.017% 0.005% 0.008% 0.000%
---------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.442% 0.594% 2.242% 0.000% 0.280% 0.010% 0.043% 0.000%
---------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.029% 0.001% 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% 0.000% 0.000%
---------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 7.474% 0.597% 2.242% 0.000% 0.280% 0.010% 0.043% 0.000%
---------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 10.313% 0.333%
---------------------------------------------------------------------------------------------------------------------
</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.
[CHART] [CHART]
LOAN PROGRAMS LOAN PROGRAMS
JUNE 30, 2000 SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
FOUR YEAR TWO YEAR TECHNICAL
SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 0.014% 0.004% 0.003% 0.000% 0.021%
GRACE
Current 0.017% 0.005% 0.002% 0.000% 0.024%
---------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.031% 0.009% 0.005% 0.000% 0.045%
---------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 63.050% 5.312% 6.979% 0.261% 75.602%
31-60 Days Delinquent 3.103% 0.550% 0.690% 0.012% 4.355%
61-90 Days Delinquent 1.283% 0.256% 0.293% 0.001% 1.833%
91-120 Days Delinquent 0.620% 0.162% 0.210% 0.000% 0.992%
> 120 Days Delinquent 0.715% 0.189% 0.344% 0.000% 1.248%
DEFERMENT
Current 6.745% 0.679% 0.499% 0.029% 7.952%
FORBEARANCE
Current 5.580% 0.999% 1.263% 0.030% 7.872%
---------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 81.096% 8.147% 10.278% 0.333% 99.854%
---------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.046% 0.023% 0.030% 0.000% 0.099%
AGED CLAIMS REJECTED (2) 0.000% 0.002% 0.000% 0.000% 0.002%
---------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 81.173% 8.181% 10.313% 0.333% 100.000%
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
-------------------------------------------------------------------------------
VI. 1995-1 INTEREST CALCULATION
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 6,310,278.80
B Interest Subsidy Payments Accrued During Collection Period 490,827.84
C SAP Payments Accrued During Collection Period 374,052.46
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 32,502.40
E Investment Earnings (ADMINISTRATOR ACCOUNTS) 337,700.74
----------
F NET EXPECTED INTEREST COLLECTIONS $ 7,545,362.24
G STUDENT LOAN RATE
i Days in Calculation Period 92
ii Days in Year 366
iii Net Expected Interest Collections $ 7,545,362.24
iv Primary Servicing Fee $ 836,364.80
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 324,194,603.60
vii STUDENT LOAN RATE 8.20821%
</TABLE>
<TABLE>
<CAPTION>
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 6.81288%
I CLASS A-1 INTEREST RATE 0.017125273 (7/25/00-10/25/00) 6.81288%
J Class A-2 T-Bill Based Interest Rate 6.98788%
K CLASS A-2 INTEREST RATE 0.017565164 (7/25/00-10/25/00) 6.98788%
L Certificate T-Bill Based Rate of Return 7.23788%
M CERTIFICATE RATE OF RETURN 0.018193579 (7/25/00-10/25/00) 7.23788%
</TABLE>
6
<PAGE>
-------------------------------------------------------------------------------
VII. 1995-1 WEEKLY T-BILL RATE RESETS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
NUMBER OF
PERIOD DAYS WEIGHTED 91 DAY T-BILL A-1 RESET A-2 RESET CERT RESET
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
7/25/00-7/31/00 7 6.1870% 6.7620% 6.9370% 7.1870%
8/1/00-8/7/00 7 6.2690% 6.8440% 7.0190% 7.2690%
8/8/00-8/14/00 7 6.2780% 6.8530% 7.0280% 7.2780%
8/15/00-8/21/00 7 6.2690% 6.8440% 7.0190% 7.2690%
8/22/00-8/28/00 7 6.2910% 6.8660% 7.0410% 7.2910%
8/29/00-9/5/00 8 6.3230% 6.8980% 7.0730% 7.3230%
9/6/00-9/11/00 6 6.2450% 6.8200% 6.9950% 7.2450%
9/12/00-9/18/00 7 6.1210% 6.6960% 6.8710% 7.1210%
9/19/00-9/25/00 7 6.1370% 6.7120% 6.8870% 7.1370%
9/26/00-10/02/00 7 6.1830% 6.7580% 6.9330% 7.1830%
10/3/00-10/10/00 8 6.2570% 6.8320% 7.0070% 7.2570%
10/11/00-10/16/00 6 6.2570% 6.8320% 7.0070% 7.2570%
10/17/00-10/24/00 8 6.2610% 6.8360% 7.0110% 7.2610%
TOTAL DAYS IN
ACCRUAL PERIOD 92
----------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
-------------------------------------------------------------------------------
VIII. 1995-1 INPUTS FROM PREVIOUS QUARTERLY SERVICING REPORTS 6/30/2000
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 323,875,772.77
ii Interest To Be Capitalized $318,830.83
----------------
iii TOTAL STUDENT LOAN POOL OUTSTANDING $ 324,194,603.60
================
B Total Note and Certificate Factor 0.32419460360
C TOTAL NOTE AND CERTIFICATE BALANCE $ 324,194,603.60
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 07/25/2000 CLASS A-1 CLASS A-2 CERTIFICATES
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor 0.0989261381 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 74,194,603.60 $ 215,000,000.00 $ 35,000,000.00
---------------------------------------------------------
iv NOTE BALANCE $ 74,194,603.60 $ 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 $ 1,620,973.02
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>
-------------------------------------------------------------------------------
IX. 1995-1 WATERFALL FOR DISTRIBUTIONS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
REMAINING
FUNDS BALANCE
-----------------
<S> <C> <C>
A TOTAL AVAILABLE FUNDS (SECTION III E
+ SECTION VI-D) $ 29,218,338.37 $ 29,218,338.37
B PRIMARY SERVICING FEES-CURRENT MONTH $ 273,593.60 $ 28,944,744.77
C ADMINISTRATION FEE-QUARTERLY $ 20,000.00 $ 28,924,744.77
D NOTEHOLDER'S INTEREST
DISTRIBUTION AMOUNT
i Class A-1 $ 1,270,602.84 $ 27,654,141.93
ii Class A-2 $ 3,776,510.26 $ 23,877,631.67
----------------
iii TOTAL NOTEHOLDER'S
INTEREST DISTRIBUTION $ 5,047,113.10
E CERTIFICATEHOLDER'S
RETURN DISTRIBUTION AMOUNT $ 636,775.27 $ 23,240,856.40
F NOTEHOLDER'S PRINCIPAL
DISTRIBUTION AMOUNT
i Class A-1 $ 21,419,974.39 $ 1,820,882.01
ii Class A-2 $ 0.00 $ 1,820,882.01
----------------
iii TOTAL NOTEHOLDER'S
PRINCIPAL DISTRIBUTION $ 21,419,974.39
G CERTIFICATEHOLDER'S
BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 1,820,882.01
H INCREASE TO THE SPECIFIED RESERVE
ACCOUNT BALANCE $ 0.00 $ 1,820,882.01
I CARRYOVER SERVICING FEES $ 359,650.49 $ 1,461,231.52
J NOTEHOLDER'S INTEREST CARRYOVER
i Class A-1 $ 0.00 $ 1,461,231.52
i Class A-2 $ 0.00 $ 1,461,231.52
----------------
iii TOTAL NOTEHOLDER'S
INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 1,461,231.52
L EXCESS TO RESERVE ACCOUNT $ 1,461,231.52 $ 0.00
------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
-------------------------------------------------------------------------------
X. 1995-1 DISTRIBUTIONS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
A DISTRIBUTION AMOUNTS CLASS A-1 CLASS A-2 CERTIFICATES
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 1,270,602.84 $ 3,776,510.26 $ 636,775.27
ii Quarterly Interest Paid $ 1,270,602.84 $ 3,776,510.26 $ 636,775.27
-------------- -------------- ----------
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 $21,419,974.39 $ 0.00 $ 0.00
viii Quarterly Principal Paid $21,419,974.39 $ 0.00 $ 0.00
--------------- ------ -----
ix QUARTERLY PRINCIPAL SHORTFALL $0.00 $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 22,690,577.23 $ 3,776,510.26 $ 636,775.27
--------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates Principal 9/30/00 $324,194,603.60
ii Pool Balance 9/30/00 $302,774,629.21
------------------
iii Principal Distribution Amount $21,419,974.39
==================
C Total Principal Distribution $21,419,974.39
D Total Interest Distribution $5,683,888.37
-----------------
E TOTAL CASH DISTRIBUTIONS-NOTE
AND CERTIFICATES $ 27,103,862.76
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 07/25/2000 10/25/2000
--------------------------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance $ 74,194,603.60 $ 52,774,629.21
A-1 Note Pool Factor 0.0989261381 0.0703661723
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 $ 1,620,973.02
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 1,461,231.52
------------------
iv Total Reserve Account Balance Available $ 3,082,204.54
v Required Reserve Account Balance $ 1,513,873.15
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp $ 1,568,331.39
viii Ending Reserve Account Balance $ 1,513,873.15
-----------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
-------------------------------------------------------------------------------
XI. 1995-1 HISTORICAL POOL INFORMATION
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------
1999
-----------------------------------------------------------------------------------------
7/1/00-9/30/00 4/1/00-6/30/00 1/1/00-3/31/00 1/1/99-12/31/99
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 323,875,772.77 $ 345,240,473.86 $ 367,966,898.54 $ 471,259,562.73
-----------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 20,565,691.51 $ 21,042,968.20 $ 22,018,187.33 $ 98,330,780.90
ii Principal Collections from
Guarantor 1,045,331.07 768,860.16 1,040,151.52 5,087,745.93
iii Principal Reimbursements 772,527.00 553,671.39 889,374.76 3,830,195.13
iv Other System Adjustments - - - -
-----------------------------------------------------------------------------------------
v Total Principal Collections $ 22,383,549.58 $ 22,365,499.75 $ 23,947,713.61 $ 107,248,721.96
Student Loan Non-Cash Principal
Activity
i Other Adjustments $ 102,920.17 $ 72,221.93 $ 115,984.82 $ 639,020.06
ii Capitalized Interest (1,081,410.82) (1,073,020.59) (1,337,273.75) (4,595,077.83)
-----------------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (978,490.65) $ (1,000,798.66) $ (1,221,288.93) $ (3,956,057.77)
-----------------------------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN $ 21,405,058.93 $ 21,364,701.09 $ 22,726,424.68 $ 103,292,664.19
PRINCIPAL ACTIVITY
-----------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 5,134,276.79 $ 4,985,920.80 $ 5,434,555.73 $ 26,707,356.87
ii Interest Claims Received from
Guarantors 67,130.66 54,934.60 65,114.93 295,521.16
iii Late Fee Reimbursements 141,278.59 141,321.56 160,864.11 673,044.88
iv Interest Reimbursements 8,289.96 7,818.82 8,229.16 44,112.80
v Other System Adjustments - - - -
vi Special Allowance Payments 1,005,986.33 891,871.44 516,466.67 260,684.02
vii Subsidy Payments 458,326.26 486,098.25 491,112.09 2,799,117.07
-----------------------------------------------------------------------------------------
vii Total Interest Collections $ 6,815,288.59 $ 6,567,965.47 $ 6,676,342.69 $ 30,779,836.80
Student Loan Non-Cash Interest
Activity
i Interest Accrual Adjustment $ (96,466.45) $ (58,849.20) $ (103,499.49) $ (554,028.33)
ii Capitalized Interest 1,081,410.82 1,073,020.59 1,337,273.75 4,595,077.83
-----------------------------------------------------------------------------------------
iii Total Non-Cash Interest
Adjustments $ 984,944.37 $ 1,014,171.39 $ 1,233,774.26 $ 4,041,049.50
-----------------------------------------------------------------------------------------
TOTAL STUDENT LOAN
INTEREST ACTIVITY $ 7,800,232.96 $ 7,582,136.86 $ 7,910,116.95 $ 34,820,886.30
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 302,470,713.84 $ 323,875,772.77 $ 345,240,473.86 $ 367,966,898.54
-----------------------------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 303,915.37 $ 318,830.83 $ 464,294.35 $ 689,069.52
-----------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 302,774,629.21 $ 324,194,603.60 $ 345,704,768.21 $ 368,655,968.06
-----------------------------------------------------------------------------------------------------------------------------------
<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 $ 127,680,262.41 $ 159,700,419.00 $ 195,705,482.34 $ 45,780,351.56
PRINCIPAL ACTIVITY
-------------------------------------------------------------------------------------------------------------------------------
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
------------------------------------------------------------------------------------
viii Total 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>
11
<PAGE>
-------------------------------------------------------------------------------
XII. 1995-1 PAYMENT HISTORY AND CPRS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
<S> <C> <C>
Oct-95 $ 1,000,126,078 -
Jan-96 $ 954,984,797 4.87%
Apr-96 $ 905,977,805 4.96%
Jul-96 $ 854,435,365 5.71%
Oct-96 $ 803,595,297 6.25%
Jan-97 $ 759,332,016 6.10%
Apr-97 $ 714,981,787 6.00%
Jul-97 $ 673,097,616 5.80%
Oct-97 $ 635,177,985 5.32%
Jan-98 $ 599,727,177 4.90%
Apr-98 $ 564,961,652 4.48%
Jul-98 $ 532,091,330 3.95%
Oct-98 $ 501,511,192 3.39%
Jan-99 $ 472,384,169 2.55%
Apr-99 $ 442,866,097 2.76%
Jul-99 $ 414,829,119 3.03%
Oct-99 $ 390,555,499 3.06%
Jan-00 $ 368,655,968 2.92%
Apr-00 $ 345,704,768 2.85%
Jul-00 $ 324,194,604 2.67%
Oct-00 $ 302,774,629 2.47%
</TABLE>
* "SINCE ISSUED CPR" IS BASED ON THE CURRENT PERIOD'S ENDING POOL BALANCE
CALCULATED AGAINST THE ORIGINAL POOL BALANCE AND ASSUMING CUTOFF DATE POOL DATA.
-------------------------------------------------------------------------------
12
<PAGE>
SALLIE MAE STUDENT LOAN TRUST 1996-1
QUARTERLY SERVICING REPORT
REPORT DATE: 9/30/2000 REPORTING PERIOD: 7/1/00-9/30/00
-------------------------------------------------------------------------------
I. DEAL PARAMETERS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
STUDENT LOAN PORTFOLIO CHARACTERISTICS 06/30/2000 ACTIVITY 09/30/2000
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 690,013,156.01 $ (35,009,075.91) $ 655,004,080.10
ii Interest to be Capitalized 3,149,671.12 2,878,142.89
------------------ -----------------
iii TOTAL POOL $ 693,162,827.13 $ 657,882,222.99
================== =================
B i Weighted Average Coupon (WAC) 7.8250% 8.7194%
ii Weighted Average Remaining Term 85.04 84.36
iii Number of Loans 315,128 301,982
iv Number of Borrowers 117,161 112,075
-----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
NOTES AND CERTIFICATES SPREAD BALANCE 7/25/00 % OF POOL BALANCE 10/25/00 % OF POOL
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 795452AD3 0.56% $ 167,162,827.13 24.116% $ 131,882,222.99 20.047%
ii A-2 Notes 795452AE1 0.75% 473,500,000.00 68.310% 473,500,000.00 71.973%
iii Certificates 795452AF8 0.98% 52,500,000.00 7.574% 52,500,000.00 7.980%
------------------------------------------------------------------------------------------------------------------------
iv TOTAL NOTES AND CERTIFICATES $ 693,162,827.13 100.000% $ 657,882,222.99 100.000%
========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
RESERVE ACCOUNT 07/25/2000 10/25/2000
---------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 1,732,907.07 $ 1,644,705.56
iv Reserve Account Floor Balance ($) $ 1,500,000.00 $ 1,500,000.00
v Current Reserve Acct Balance ($) $ 1,732,907.07 $ 1,644,705.56
---------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------
REPORTING PERIOD COLLECTION PD CALCULATION PD
--------------------------------------------------------------------------
<S> <C> <C>
E i Begin Date 7/1/2000 7/25/2000
ii End Date 9/30/2000 10/24/2000
iii Days In Period 92 92
iv Days In Year 366 366
--------------------------------------------------------------------------
--------------------------------------------------------------------------
F CURRENT ACCRUED INTEREST BALANCE
--------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
-------------------------------------------------------------------------------
II. 1996-1 TRANSACTIONS FROM: 07/01/2000 THROUGH 09/30/2000
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 32,047,797.93
ii Principal Collections from Guarantor 2,354,676.23
iii Principal Reimbursements 4,260,571.65
iv Other System Adjustments 0.00
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 38,663,045.81
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 478,070.28
ii Capitalized Interest (4,132,040.18)
----------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (3,653,969.90)
-------------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 35,009,075.91
-------------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 9,127,385.15
ii Interest Claims Received from Guarantors 144,313.77
iii Late Fee Reimbursements 231,539.67
iv Interest Reimbursements 45,001.90
v Other System Adjustments 0.00
vi Special Allowance Payments 1,989,773.91
vii Subsidy Payments 1,434,716.15
----------------
viii TOTAL INTEREST COLLECTIONS $ 12,972,730.55
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment ($451,554.57)
ii Capitalized Interest 4,132,040.18
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 3,680,485.61
-------------------------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 16,653,216.16
-------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
-------------------------------------------------------------------------------
III. 1996-1 COLLECTION ACCOUNT ACTIVITY 07/01/2000 THROUGH 09/30/2000
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $ 34,402,474.16
ii Cash Forwarded by Administrator on behalf of Seller 16,084.99
iii Cash Forwarded by Administrator on behalf of Servicer (2,752.60)
iv Cash Forwarded by Administrator for Consolidation Activity 4,247,239.26
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 38,663,045.81
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 12,696,188.98
ii Cash Forwarded by Administrator on behalf of Seller (416.93)
iii Cash Forwarded by Administrator on behalf of Servicer 1,528.38
iv Cash Forwarded by Administrator for Consolidation Activity 43,890.45
v Cash Forwarded by Administrator for Late Fee Activity 231,539.67
----------------
vi TOTAL INTEREST COLLECTIONS $ 12,972,730.55
C OTHER REIMBURSEMENTS $ 306,431.99
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 564,902.00
E TOTAL FUNDS RECEIVED $ 52,507,110.35
(LESS: SERVICING FEES PREVIOUSLY ($896,195.30)
-----------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 51,610,915.05
-----------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
F SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $ 438,103.05
ii Percentage of Principal Calculation $ 609,657.61
iii Lesser of Unit or Principal Calculation $ 438,103.05
G SERVICING FEES DUE FOR CURRENT PERIOD $ 438,103.05
H CARRYOVER SERVICING FEES DUE $ 530,821.56
JUL-00 Servicing Carryover $ 181,442.21
AUG-00 Servicing Carryover $ 176,600.57
SEP-00 Servicing Carryover $ 171,554.56
-------------
$ 529,597.34
LESS: Servicing ADJ [A iii + B iii] $ 1,224.22
-------------
TOTAL CARRYOVER SERVICING FEE DUE $ 530,821.56
=============
I ADMINISTRATION FEES DUE $ 20,000.00
-------------------------------------------------------------------------------------------------
J TOTAL FEES DUE FOR PERIOD $ 988,924.61
-------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
-------------------------------------------------------------------------------
IV. 1996-1 PORTFOLIO CHARACTERISTICS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
WEIGHTED AVG COUPON # OF LOANS %
--------------------------------------------------------------------------------------------------
STATUS 6/30/2000 9/30/2000 6/30/2000 9/30/2000 6/30/2000 9/30/2000
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 7.751% 8.256% 2,636 2,367 0.836% 0.784%
GRACE
Current 7.724% 8.277% 1,389 1,474 0.441% 0.488%
------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.742% 8.264% 4,025 3,841 1.277% 1.272%
------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current 7.824% 8.714% 232,390 219,002 73.745% 72.522%
31-60 Days Delinquent 7.837% 8.783% 11,530 12,118 3.659% 4.013%
61-90 Days Delinquent 7.851% 8.785% 5,422 5,575 1.721% 1.846%
91-120 Days Delinquent 7.823% 8.778% 2,260 3,220 0.717% 1.066%
> 120 Days Delinquent 7.856% 8.750% 2,977 3,794 0.945% 1.256%
DEFERMENT
Current 7.824% 8.740% 28,419 28,794 9.018% 9.535%
FORBEARANCE
Current 7.833% 8.754% 27,516 25,301 8.732% 8.379%
------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.827% 8.728% 310,514 297,804 98.537% 98.617%
------------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 7.845% 8.706% 573 321 0.182% 0.106%
AGED CLAIMS REJECTED (2) 7.897% 8.078% 16 16 0.005% 0.005%
------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.826% 8.719% 315,128 301,982 100.000% 100.000%
------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------------------------------------------
PRINCIPAL AMOUNT %
-------------------------------------------------------------------------------
STATUS 6/30/2000 9/30/2000 6/30/2000 9/30/2000
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current $ 8,204,040.41 $ 7,554,205.29 1.189% 1.153%
GRACE
Current $ 4,150,547.04 $ 4,227,648.58 0.602% 0.645%
-----------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 12,354,587.45 $ 11,781,853.87 1.791% 1.798%
-----------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current $ 463,533,830.62 $ 429,683,100.19 67.178% 65.600%
31-60 Days Delinquent $ 26,695,045.30 $ 27,306,054.29 3.869% 4.169%
61-90 Days Delinquent $ 13,445,172.70 $ 14,985,333.87 1.948% 2.288%
91-120 Days Delinquent $ 5,835,128.36 $ 8,453,046.19 0.846% 1.291%
> 120 Days Delinquent $ 7,804,676.02 $ 9,967,049.56 1.131% 1.522%
DEFERMENT
Current $ 73,539,743.85 $ 73,617,448.49 10.658% 11.239%
FORBEARANCE
Current $ 85,386,749.51 $ 78,436,559.15 12.374% 11.975%
-----------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 676,240,346.36 $ 642,448,591.74 98.004% 98.084%
-----------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) $ 1,390,200.26 $ 745,612.55 0.201% 0.114%
AGED CLAIMS REJECTED (2) $ 28,021.94 $ 28,021.94 0.004% 0.004%
-----------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 690,013,156.01 $ 655,004,080.10 100.000% 100.000%
-----------------------------------------------------------------------------------------------------------
</TABLE>
[CHART] [CHART]
LOAN STATUS BY OUTSTANDING LOAN STATUS BY OUTSTANDING
PRINCIPAL, JUNE 30, 2000 PRINCIPAL, SEPTEMBER 30, 2000
(1) CLAIMS FILED AND UNCLAIMED; INCLUDES CLAIMS REJECTED AGED LESS THAN
6 MONTHS
(2) CLAIMS REJECTED (SUBJECT TO CURE) AGED 6 MONTHS OR MORE; ALSO INCLUDES
CLAIMS DEEMED INCURABLE PENDING REPURCHASE.
4
<PAGE>
-------------------------------------------------------------------------------
V. 1996-1 PORTFOLIO CHARACTERISTICS BY SCHOOL AND PROGRAM 09/30/2000
-------------------------------------------------------------------------------
<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 0.912% 0.133% 0.000% 0.000% 0.071% 0.017% 0.000% 0.000%
GRACE
Current 0.490% 0.065% 0.000% 0.000% 0.056% 0.010% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 1.402% 0.198% 0.000% 0.000% 0.127% 0.027% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 41.381% 6.238% 3.659% 4.206% 3.569% 0.714% 0.184% 0.538%
31-60 Days Delinquent 2.232% 0.307% 0.298% 0.266% 0.388% 0.066% 0.022% 0.060%
61-90 Days Delinquent 1.172% 0.184% 0.139% 0.172% 0.224% 0.041% 0.003% 0.037%
91-120 Days Delinquent 0.667% 0.092% 0.055% 0.092% 0.148% 0.026% 0.005% 0.021%
> 120 Days Delinquent 0.719% 0.078% 0.047% 0.105% 0.223% 0.031% 0.004% 0.036%
DEFERMENT
Current 7.156% 1.046% 0.326% 0.912% 0.744% 0.155% 0.015% 0.121%
FORBEARANCE
Current 6.127% 1.025% 0.502% 1.078% 1.109% 0.202% 0.033% 0.199%
-----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 59.454% 8.970% 5.026% 6.831% 6.405% 1.235% 0.266% 1.012%
-----------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.055% 0.008% 0.001% 0.007% 0.011% 0.001% 0.000% 0.002%
AGED CLAIMS REJECTED (2) 0.004% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 60.915% 9.176% 5.027% 6.838% 6.543% 1.263% 0.266% 1.014%
-----------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 81.956% 9.086%
-----------------------------------------------------------------------------------------------------------------------
<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 0.008% 0.004% 0.000% 0.000% 0.008% 0.000% 0.000% 0.000%
GRACE
Current 0.010% 0.004% 0.000% 0.000% 0.007% 0.003% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.018% 0.008% 0.000% 0.000% 0.015% 0.003% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 2.522% 0.674% 0.446% 1.035% 0.293% 0.032% 0.023% 0.086%
31-60 Days Delinquent 0.286% 0.057% 0.029% 0.119% 0.019% 0.005% 0.002% 0.013%
61-90 Days Delinquent 0.171% 0.040% 0.023% 0.070% 0.006% 0.002% 0.000% 0.004%
91-120 Days Delinquent 0.106% 0.020% 0.009% 0.043% 0.006% 0.001% 0.000% 0.000%
> 120 Days Delinquent 0.170% 0.037% 0.007% 0.055% 0.003% 0.002% 0.004% 0.001%
DEFERMENT
Current 0.387% 0.076% 0.026% 0.152% 0.067% 0.013% 0.000% 0.043%
FORBEARANCE
Current 0.850% 0.179% 0.055% 0.413% 0.105% 0.033% 0.008% 0.057%
-----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 4.492% 1.083% 0.595% 1.887% 0.499% 0.088% 0.037% 0.204%
-----------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.017% 0.004% 0.005% 0.003% 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 4.527% 1.095% 0.600% 1.890% 0.514% 0.091% 0.037% 0.204%
-----------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 8.112% 0.846%
-----------------------------------------------------------------------------------------------------------------------
</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.
[CHART] [CHART]
LOAN PROGRAMS LOAN PROGRAMS
JUNE 30, 2000 SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
FOUR YEAR TWO YEAR TECHNICAL
SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 1.045% 0.088% 0.012% 0.008% 1.153%
GRACE
Current 0.555% 0.066% 0.014% 0.010% 0.645%
------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 1.600% 0.154% 0.026% 0.018% 1.798%
------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 55.484% 5.005% 4.677% 0.434% 65.600%
31-60 Days Delinquent 3.103% 0.536% 0.491% 0.039% 4.169%
61-90 Days Delinquent 1.667% 0.305% 0.304% 0.012% 2.288%
91-120 Days Delinquent 0.906% 0.200% 0.178% 0.007% 1.291%
> 120 Days Delinquent 0.949% 0.294% 0.269% 0.010% 1.522%
DEFERMENT
Current 9.440% 1.035% 0.641% 0.123% 11.239%
FORBEARANCE
Current 8.732% 1.543% 1.497% 0.203% 11.975%
------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 80.281% 8.918% 8.057% 0.828% 98.084%
------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.071% 0.014% 0.029% 0.000% 0.114%
AGED CLAIMS REJECTED (2) 0.004% 0.000% 0.000% 0.000% 0.004%
------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 81.956% 9.086% 8.112% 0.846% 100.000%
------------------------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
-------------------------------------------------------------------------------
VI. 1996-1 INTEREST CALCULATION
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 13,013,472.69
B Interest Subsidy Payments Accrued During Collection Period 1,431,284.48
C SAP Payments Accrued During Collection Period 1,108,958.75
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 37,753.76
E Investment Earnings (ADMINISTRATOR ACCOUNTS) 564,902.00
----------
F NET EXPECTED INTEREST COLLECTIONS $ 16,156,371.68
G STUDENT LOAN RATE
i Days in Calculation Period 92
ii Days in Year 366
iii Net Expected Interest Collections $ 16,156,371.68
iv Primary Servicing Fee $ 1,334,298.35
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 693,162,827.13
vii STUDENT LOAN RATE 8.49534%
</TABLE>
<TABLE>
<CAPTION>
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 6.79788%
I CLASS A-1 INTEREST RATE 0.017087568 (7/25/00-10/25/00) 6.79788%
J Class A-2 T-Bill Based Interest Rate 6.98788%
K CLASS A-2 INTEREST RATE 0.017565164 (7/25/00-10/25/00) 6.98788%
L Certificate T-Bill Based Rate of Return 7.21788%
M CERTIFICATE RATE OF RETURN 0.018143306 (7/25/00-10/25/00) 7.21788%
---------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
-------------------------------------------------------------------------------
VII. 1996-1 WEEKLY T-BILL RATE RESETS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
NUMBER OF
PERIOD DAYS WEIGHTED 91 DAY T-BILL A-1 RESET A-2 RESET CERT RESET
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
7/25/00-7/31/00 7 6.1870% 6.7470% 6.9370% 7.1670%
8/1/00-8/7/00 7 6.2690% 6.8290% 7.0190% 7.2490%
8/8/00-8/14/00 7 6.2780% 6.8380% 7.0280% 7.2580%
8/15/00-8/21/00 7 6.2690% 6.8290% 7.0190% 7.2490%
8/22/00-8/28/00 7 6.2910% 6.8510% 7.0410% 7.2710%
8/29/00-9/5/00 8 6.3230% 6.8830% 7.0730% 7.3030%
9/6/00-9/11/00 6 6.2450% 6.8050% 6.9950% 7.2250%
9/12/00-9/18/00 7 6.1210% 6.6810% 6.8710% 7.1010%
9/19/00-9/25/00 7 6.1370% 6.6970% 6.8870% 7.1170%
9/26/00-10/02/00 7 6.1830% 6.7430% 6.9330% 7.1630%
10/3/00-10/10/00 8 6.2570% 6.8170% 7.0070% 7.2370%
10/11/00-10/16/00 6 6.2570% 6.8170% 7.0070% 7.2370%
10/17/00-10/24/00 8 6.2610% 6.8210% 7.0110% 7.2410%
TOTAL DAYS IN
ACCRUAL PERIOD 92
----------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
-------------------------------------------------------------------------------
VIII. 1996-1 INPUTS FROM PREVIOUS QUARTERLY SERVICING REPORTS 06/30/2000
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 690,013,156.01
ii Interest To Be Capitalized $3,149,671.12
----------------
iii TOTAL STUDENT LOAN POOL OUTSTANDING $ 693,162,827.13
================
B Total Note and Certificate Factor 0.46210855142
C TOTAL NOTE AND CERTIFICATE BALANCE $ 693,162,827.13
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 7/25/2000 CLASS A-1 CLASS A-2 CERTIFICATES
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor 0.1716250792 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 167,162,827.13 $ 473,500,000.00 $ 52,500,000.00
---------------------------------------------------------
iv NOTE BALANCE $ 167,162,827.13 $ 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 $ 1,732,907.07
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>
-------------------------------------------------------------------------------
IX. 1996-1 WATERFALL FOR DISTRIBUTIONS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
REMAINING
FUNDS BALANCE
-----------------
<S> <C> <C>
A TOTAL AVAILABLE FUNDS (SECTION III
E + SECTION VI-D) $ 51,648,668.81 $ 51,648,668.81
B PRIMARY SERVICING
FEES-CURRENT MONTH $ 438,103.05 $ 51,210,565.76
C ADMINISTRATION FEE $ 20,000.00 $ 51,190,565.76
D NOTEHOLDER'S INTEREST
DISTRIBUTION AMOUNT
i Class A-1 $ 2,856,406.18 $ 48,334,159.58
ii Class A-2 $ 8,317,105.15 $ 40,017,054.43
----------------
iii TOTAL NOTEHOLDER'S
INTEREST DISTRIBUTION $ 11,173,511.33
E CERTIFICATEHOLDER'S
RETURN DISTRIBUTION
AMOUNT $ 952,523.57 $ 39,064,530.86
F NOTEHOLDER'S PRINCIPAL
DISTRIBUTION AMOUNT
i Class A-1 $ 35,280,604.14 $ 3,783,926.72
ii Class A-2 $ 0.00 $ 3,783,926.72
----------------
iii TOTAL NOTEHOLDER'S
PRINCIPAL DISTRIBUTION $ 35,280,604.14
G CERTIFICATEHOLDER'S
BALANCE DISTRIBUTION
AMOUNT $ 0.00 $ 3,783,926.72
H INCREASE TO THE SPECIFIED RESERVE
ACCOUNT BALANCE $ 0.00 $ 3,783,926.72
I CARRYOVER SERVICING FEES $ 530,821.56 $ 3,253,105.16
J NOTEHOLDER'S INTEREST
CARRYOVER
i Class A-1 $ 0.00 $ 3,253,105.16
i Class A-2 $ 0.00 $ 3,253,105.16
----------------
iii TOTAL NOTEHOLDER'S
INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S
RETURN CARRYOVER $ 0.00 $ 3,253,105.16
L EXCESS TO RESERVE
ACCOUNT $ 3,253,105.16 $ 0.00
------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
-------------------------------------------------------------------------------
X. 1996-1 DISTRIBUTIONS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
A DISTRIBUTION AMOUNTS CLASS A-1 CLASS A-2 CERTIFICATES
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $2,856,406.18 $8,317,105.15 $952,523.57
ii Quarterly Interest Paid $2,856,406.18 $8,317,105.15 $952,523.57
-------------- -------------- -----------
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 $35,280,604.14 $0.00 $0.00
viii Quarterly Principal Paid $35,280,604.14 $0.00 $0.00
--------------- ------ -----
ix QUARTERLY PRINCIPAL SHORTFALL $0.00 $0.00 $0.00
--------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 38,137,010.32 $8,317,105.15 $952,523.57
--------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates Principal
Balance 9/30/00 $693,162,827.13
ii Pool Balance 9/30/00 $657,882,222.99
------------------
iii Pool Exceeding Notes and Certificate
Balance (i-ii) $ 35,280,604.14
------------------
iv Principal Distribution Amount $ 35,280,604.14
==================
C Total Principal Distribution $ 35,280,604.14
D Total Interest Distribution $ 12,126,034.90
-----------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 47,406,639.04
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 07/25/2000 10/25/2000
-------------------------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (795452AD3) $ 167,162,827.13 $ 131,882,222.99
A-1 Note Pool Factor 0.1716250792 0.1354026930
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 $ 1,732,907.07
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 3,253,105.16
-------------------
iv Total Reserve Account Balance Available $ 4,986,012.23
v Required Reserve Account Balance $ 1,644,705.56
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp $ 3,341,306.67
viii Ending Reserve Account Balance $ 1,644,705.56
-----------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
-------------------------------------------------------------------------------
XI. 1996-1 HISTORICAL POOL INFORMATION
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------
1999
---------------------
-----------------------------------------------------------------------------------------
7/1/00-9/30/00 4/1/00-6/30/00 1/1/00-3/31/00 1/1/99-12/31/99
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 690,013,156.01 $ 721,748,435.98 $ 755,006,000.43 $ 909,715,422.93
-----------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 32,047,797.93 $ 30,180,329.07 $ 31,023,391.33 $ 136,697,356.85
ii Principal Collections from
Guarantor 2,354,676.23 2,308,474.28 2,908,976.37 13,831,435.78
iii Principal Reimbursements 4,260,571.65 3,059,333.91 3,563,434.88 20,209,578.03
iv Other System Adjustments - - - -
-----------------------------------------------------------------------------------------
v Total Principal Collections $ 38,663,045.81 $ 35,548,137.26 $ 37,495,802.58 $ 170,738,370.66
Student Loan Non-Cash Principal
Activity
i Other Adjustments $ 478,070.28 $ 551,084.28 $ 725,518.15 $ 2,852,363.45
ii Capitalized Interest (4,132,040.18) (4,363,941.57) (4,963,756.28) (18,881,311.61)
-----------------------------------------------------------------------------------------
iii Total Non-Cash Principal
Activity $ (3,653,969.90) $ (3,812,857.29) $ (4,238,238.13) $ (16,028,948.16)
-----------------------------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL $ 35,009,075.91 $ 31,735,279.97 $ 33,257,564.45 $ 154,709,422.50
ACTIVITY
-----------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 9,127,385.15 $ 8,817,240.15 $ 9,427,647.02 $ 44,310,158.60
ii Interest Claims Received from
Guarantors 144,313.77 156,623.38 178,320.34 812,157.60
iii Late Fee Reimbursements 231,539.67 226,460.18 253,587.22 1,022,682.12
iv Interest Reimbursements 45,001.90 37,951.06 39,740.78 320,606.24
v Other System Adjustments - - - -
vi Special Allowance Payments 1,989,773.91 1,732,131.63 1,008,434.25 487,341.68
vii Interest Subsidy Payments 1,434,716.15 1,497,001.74 1,612,630.28 8,828,639.60
-----------------------------------------------------------------------------------------
viii Total Interest Collections $ 12,972,730.55 $ 12,467,408.14 $ 12,520,359.89 $ 55,781,585.84
Student Loan Non-Cash Interest
Activity
i Interest Accrual Adjustment $ (451,554.57) $ (513,242.18) $ (680,663.10) $ (2,674,916.36)
ii Capitalized Interest 4,132,040.18 4,363,941.57 4,963,756.28 18,881,311.61
-----------------------------------------------------------------------------------------
iii Total Non-Cash Interest
Adjustments $ 3,680,485.61 $ 3,850,699.39 $ 4,283,093.18 $ 16,206,395.25
-----------------------------------------------------------------------------------------
TOTAL STUDENT LOAN INTEREST
ACTIVITY $ 16,653,216.16 $ 16,318,107.53 $ 16,803,453.07 $ 71,987,981.09
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 655,004,080.10 $ 690,013,156.01 $ 721,748,435.98 $ 755,006,000.43
-----------------------------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 2,878,142.89 $ 3,149,671.12 $ 3,907,534.24 $ 4,587,947.68
-----------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 657,882,222.99 $ 693,162,827.13 $ 725,655,970.22 $ 759,593,948.11
-----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------
1998 1997 1996
---------------------------------------------------------------------
1/1/98-12/31/98 1/1/97-12/31/97 2/5/96-12/31/96
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 1,076,337,722.21 $ 1,287,751,841.38 $ 1,489,927,280.77
----------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 147,964,334.46 $ 52,706,153.19 $ 147,874,732.04
ii Principal Collections from
Guarantor 32,566,460.78 46,996,163.24 29,847,763.18
iii Principal Reimbursements 1,333,102.89 29,266,752.77 42,577,857.53
iv Other System Adjustments - - (17,470.68)
---------------------------------------------------------------------
v Total Principal Collections $ 181,863,898.13 $ 228,969,069.20 $ 220,282,882.07
Student Loan Non-Cash Principal
Activity
i Other Adjustments $ 2,907,289.96 $ 3,748,261.52 $ 4,242,528.79
ii Capitalized Interest (18,148,888.81) (21,303,211.55) (22,349,971.47)
---------------------------------------------------------------------
iii Total Non-Cash Principal
Activity $ (15,241,598.85) $ (17,554,950.03) $ (18,107,442.68)
----------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL
ACTIVITY $ 166,622,299.28 $ 211,414,119.17 $ 202,175,439.39
----------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 54,894,488.37 $ 61,888,095.43 $ 61,347,900.36
ii Interest Claims Received from
Guarantors 1,986,953.92 2,897,580.06 1,815,321.58
iii Late Fee Reimbursements 277,552.36 - -
iv Interest Reimbursements 110,524.88 436,782.68 501,291.36
v Other System Adjustments - - 8,773.93
vi Special Allowance Payments 1,722,657.22 2,573,916.66 2,111,104.86
vii Interest Subsidy Payments 11,651,607.43 18,055,179.16 17,549,626.88
---------------------------------------------------------------------
viii Total Interest Collections $ 70,643,784.18 $ 85,851,553.99 $ 83,334,018.97
Student Loan Non-Cash Interest
Activity
i Interest Accrual Adjustment $ (2,481,449.06) $ (3,154,064.14) $ (3,876,816.64)
ii Capitalized Interest 18,148,888.81 21,303,211.55 22,349,971.47
---------------------------------------------------------------------
iii Total Non-Cash Interest
Adjustments $ 15,667,439.75 $ 18,149,147.41 $ 18,473,154.83
---------------------------------------------------------------------
TOTAL STUDENT LOAN INTEREST $ 86,311,223.93 $ 104,000,701.40 $ 101,807,173.80
ACTIVITY
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 909,715,422.93 $ 1,076,337,722.21 $ 1,287,751,841.38
----------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 7,360,402.45 $ 8,040,248.28 $ 9,711,152.12
----------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 917,075,825.38 $ 1,084,377,970.49 $ 1,297,462,993.50
----------------------------------------------------------------------------------------------------------------
</TABLE>
11
<PAGE>
-------------------------------------------------------------------------------
XII. 1996-1 PAYMENT HISTORY AND CPRS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
<S> <C> <C>
Feb-96 $1,502,106,411 -
Apr-96 $1,471,870,726 5.14%
Jul-96 $1,421,949,915 5.64%
Oct-96 $1,360,374,604 7.09%
Jan-97 $1,297,462,994 7.90%
Apr-97 $1,238,786,263 8.30%
Jul-97 $1,183,793,430 8.30%
Oct-97 $1,134,200,621 7.79%
Jan-98 $1,084,377,970 7.38%
Apr-98 $1,039,977,316 6.84%
Jul-98 $ 996,886,487 6.35%
Oct-98 $ 955,927,174 5.87%
Jan-99 $ 917,075,825 5.36%
Apr-99 $ 873,672,327 5.06%
Jul-99 $ 826,122,880 4.91%
Oct-99 $ 790,867,882 4.43%
Jan-00 $ 759,593,948 4.21%
Apr-00 $ 725,655,970 4.08%
Jul-00 $ 693,162,827 3.91%
Oct-00 $ 657,882,223 3.83%
</TABLE>
* "SINCE ISSUED CPR" IS BASED ON THE CURRENT PERIOD'S ENDING POOL BALANCE
CALCULATED AGAINST THE ORIGINAL POOL BALANCE AND ASSUMING CUTOFF DATE POOL DATA.
-------------------------------------------------------------------------------
12
<PAGE>
SLM STUDENT LOAN TRUST 1996-2
QUARTERLY SERVICING REPORT
REPORT DATE: 09/30/2000 REPORTING PERIOD: 7/1/00-9/30/00
-------------------------------------------------------------------------------
I. DEAL PARAMETERS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
STUDENT LOAN PORTFOLIO CHARACTERISTICS 06/30/2000 ACTIVITY 09/30/2000
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 759,481,789.10 $ (35,146,322.72) $ 724,335,466.38
ii Interest to be Capitalized 4,259,529.93 3,979,762.50
----------------- -----------------
iii TOTAL POOL $ 763,741,319.03 $ 728,315,228.88
================= =================
B i Weighted Average Coupon (WAC) 7.7823% 8.5938%
ii Weighted Average Remaining Term 88.93 88.36
iii Number of Loans 356,942 342,270
iv Number of Borrowers 145,109 138,796
----------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
NOTES AND CERTIFICATES SPREAD BALANCE 7/25/00 % OF POOL BALANCE 10/25/00 % OF POOL
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAA4 0.51% $ 223,711,319.03 29.292% $ 188,285,228.88 25.852%
ii A-2 Notes 78442GAB2 0.71% 487,000,000.00 63.765% 487,000,000.00 66.867%
iii Certificates 78442GAC0 0.96% 53,030,000.00 6.943% 53,030,000.00 7.281%
-----------------------------------------------------------------------------------------------------------------
iv TOTAL NOTES AND CERTIFICATES 763,741,319.03 100.000% $ 728,315,228.88 100.000%
=================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------
RESERVE ACCOUNT 07/25/2000 10/25/2000
----------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 1,909,353.30 $ 1,820,788.07
iv Reserve Account Floor Balance ($) $ 1,515,030.00 $ 1,515,030.00
v Current Reserve Acct Balance ($) $ 1,909,353.30 $ 1,820,788.07
----------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------
REPORTING PERIOD COLLECTION PD CALCULATION PD
-----------------------------------------------------------------------------------
<S> <C> <C>
E i Begin Date 7/1/2000 7/1/2000
ii End Date 9/30/2000 9/30/2000
iii Days In Period 92 92
iv Days In Year 366 366
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
F CURRENT ACCRUED INTEREST BALANCE
-----------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
-------------------------------------------------------------------------------
II. 1996-2 TRANSACTIONS FROM: 07/01/2000 THROUGH 09/30/2000
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 32,394,899.58
ii Principal Collections from Guarantor 2,925,529.43
iii Principal Reimbursements 4,165,497.55
iv Other System Adjustments 0.00
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 39,485,926.56
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 621,866.63
ii Capitalized Interest (4,961,470.47)
----------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (4,339,603.84)
--------------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 35,146,322.72
--------------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 9,353,647.00
ii Interest Claims Received from Guarantors 192,380.89
iii Late Fee Reimbursements 243,255.71
iv Interest Reimbursements 40,630.89
v Other System Adjustments 0.00
vi Special Allowance Payments 2,357,556.62
vii Subsidy Payments 1,692,759.41
----------------
viii TOTAL INTEREST COLLECTIONS $ 13,880,230.52
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment $ (582,517.27)
ii Capitalized Interest 4,961,470.47
----------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 4,378,953.20
--------------------------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 18,259,183.72
--------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
-------------------------------------------------------------------------------
III. 1996-2 COLLECTION ACCOUNT ACTIVITY 07/01/2000 THROUGH 09/30/2000
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $ 35,320,429.01
ii Cash Forwarded by Administrator on behalf of Seller 49,811.96
iii Cash Forwarded by Administrator on behalf of Servicer 1,094.73
iv Cash Forwarded by Administrator for Consolidation Activity 4,114,590.86
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 39,485,926.56
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 13,596,343.92
ii Cash Forwarded by Administrator on behalf of Seller (266.08)
iii Cash Forwarded by Administrator on behalf of Servicer 3,279.30
iv Cash Forwarded by Administrator for Consolidation Activity 37,617.67
v Cash Forwarded by Administrator for Late Fee Activity 243,255.71
----------------
vi TOTAL INTEREST COLLECTIONS $ 13,880,230.52
C OTHER REIMBURSEMENTS $ 275,376.40
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 588,312.72
E TOTAL FUNDS RECEIVED $ 54,229,846.20
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,303,129.56)
--------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 52,926,716.64
--------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
F SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $ 636,745.96
ii Percentage of Principal Calculation $ 837,305.78
iii Lesser of Unit or Principal Calculation $ 636,745.96
G SERVICING FEES DUE FOR CURRENT PERIOD $ 636,745.96
H CARRYOVER SERVICING FEES DUE $ 613,403.67
JUL-00 Servicing Carryover $ 211,182.36
AUG-00 Servicing Carryover $ 206,035.52
SEP-00 Servicing Carryover $ 200,559.82
-------------
$ 617,777.70
LESS: SERVICING ADJ [A iii + B iii] (4,374.03)
-------------
TOTAL: CARRYOVER SERVICING FEE DUE $ 613,403.67
=============
I ADMINISTRATION FEES DUE $ 20,000.00
--------------------------------------------------------------------------------------------------
J TOTAL FEES DUE FOR PERIOD $ 1,270,149.63
--------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
--------------------------------------------------------------------------------
IV. 1996-2 PORTFOLIO CHARACTERISTICS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------
WEIGHTED AVG COUPON # OF LOANS %
---------------------------------------------------------------------------------------------------
STATUS 6/30/2000 9/30/2000 6/30/2000 9/30/2000 6/30/2000 9/30/2000
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 7.689% 8.358% 5,017 4,365 1.406% 1.275%
GRACE
Current 7.675% 8.377% 2,597 2,919 0.728% 0.853%
--------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.685% 8.365% 7,614 7,284 2.134% 2.128%
----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current 7.791% 8.597% 253,311 237,989 70.967% 69.533%
31-60 Days Delinquent 7.795% 8.633% 13,383 13,928 3.749% 4.069%
61-90 Days Delinquent 7.790% 8.603% 6,774 6,951 1.898% 2.031%
91-120 Days Delinquent 7.786% 8.622% 3,087 4,009 0.865% 1.171%
> 120 Days Delinquent 7.781% 8.610% 4,183 5,021 1.172% 1.467%
DEFERMENT
Current 7.749% 8.600% 33,011 34,366 9.248% 10.041%
FORBEARANCE
Current 7.786% 8.604% 9.736% 9.381%
34,751 32,109
--------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.785% 8.601% 348,500 334,373 97.635% 97.693%
--------------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 7.793% 8.617% 824 608 0.231% 0.178%
AGED CLAIMS REJECTED (2) 7.720% 8.538% 4 5 0.001% 0.001%
--------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.782% 8.594% 356,942 342,270 100.000% 100.000%
--------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------------------
PRINCIPAL AMOUNT %
----------------------------------------------------------------------------------------
STATUS 6/30/2000 9/30/2000 6/30/2000 9/30/2000
--------------------------------------------------------------------------------------------------------------------
<S>
INTERIM:
IN SCHOOL
Current $ 14,501,326.31 $ 12,652,668.98 1.909% 1.747%
GRACE
Current $ 6,832,516.78 $ 7,875,995.28 0.900% 1.087%
--------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 21,333,843.09 $ 20,528,664.26 2.809% 2.834%
--------------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current $ 482,044,962.89 $ 448,257,241.23 63.471% 61.886%
31-60 Days Delinquent $ 31,261,896.40 $ 31,711,473.07 4.116% 4.378%
61-90 Days Delinquent $ 16,520,038.99 $ 17,408,492.04 2.175% 2.403%
91-120 Days Delinquent $ 7,755,132.42 $ 10,265,711.34 1.021% 1.417%
> 120 Days Delinquent $ 10,957,589.37 $ 13,158,913.12 1.443% 1.817%
DEFERMENT
Current $ 83,446,768.94 $ 85,785,841.47 10.987% 11.843%
FORBEARANCE
Current $ 104,097,909.85 $ 95,630,979.37 13.706% 13.203%
--------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 736,084,298.86 $ 702,218,651.64 96.919% 96.947%
--------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) $ 2,057,805.96 $ 1,579,200.53 0.271% 0.218%
AGED CLAIMS REJECTED (2) $ 5,841.19 $ 8,949.95 0.001% 0.001%
--------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 759,481,789.10 $ 724,335,466.38 100.000% 100.000%
--------------------------------------------------------------------------------------------------------------------
</TABLE>
[GRAPH] [GRAPH]
LOAN STATUS BY OUTSTANDING LOAN STATUS BY OUTSTANDING
PRINCIPAL, JUNE 30, 2000 PRINCIPAL, SEPTEMBER 30, 2000
(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 09/30/2000
-------------------------------------------------------------------------------
<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 1.198% 0.294% 0.000% 0.000% 0.150% 0.034% 0.000% 0.000%
GRACE
Current 0.715% 0.186% 0.000% 0.000% 0.107% 0.034% 0.000% 0.000%
------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 1.913% 0.480% 0.000% 0.000% 0.257% 0.068% 0.000% 0.000%
------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 38.438% 8.168% 1.755% 1.998% 4.147% 1.102% 0.130% 0.228%
31-60 Days Delinquent 2.264% 0.481% 0.137% 0.183% 0.423% 0.104% 0.008% 0.027%
61-90 Days Delinquent 1.180% 0.264% 0.043% 0.105% 0.284% 0.080% 0.008% 0.013%
91-120 Days Delinquent 0.601% 0.173% 0.026% 0.062% 0.180% 0.043% 0.002% 0.015%
> 120 Days Delinquent 0.796% 0.173% 0.025% 0.099% 0.238% 0.057% 0.003% 0.013%
DEFERMENT
Current 7.120% 1.580% 0.166% 0.551% 0.990% 0.253% 0.008% 0.080%
FORBEARANCE
Current 6.477% 1.670% 0.258% 0.710% 1.434% 0.372% 0.020% 0.114%
------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 56.876% 12.509% 2.410% 3.708% 7.696% 2.011% 0.179% 0.490%
------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.101% 0.024% 0.002% 0.007% 0.030% 0.007% 0.000% 0.001%
AGED CLAIMS REJECTED (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 58.891% 13.013% 2.412% 3.715% 7.983% 2.086% 0.179% 0.491%
------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 78.031% 10.739%
------------------------------------------------------------------------------------------------------------------------
<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 0.033% 0.017% 0.000% 0.000% 0.012% 0.009% 0.000% 0.000%
GRACE
Current 0.019% 0.009% 0.000% 0.000% 0.009% 0.008% 0.000% 0.000%
------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.052% 0.026% 0.000% 0.000% 0.021% 0.017% 0.000% 0.000%
------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 3.179% 1.485% 0.297% 0.496% 0.283% 0.101% 0.008% 0.071%
31-60 Days Delinquent 0.425% 0.190% 0.028% 0.072% 0.023% 0.010% 0.001% 0.002%
61-90 Days Delinquent 0.240% 0.099% 0.013% 0.035% 0.017% 0.010% 0.000% 0.012%
91-120 Days Delinquent 0.168% 0.072% 0.006% 0.038% 0.017% 0.010% 0.000% 0.004%
> 120 Days Delinquent 0.240% 0.097% 0.007% 0.040% 0.016% 0.008% 0.000% 0.005%
DEFERMENT
Current 0.511% 0.213% 0.013% 0.092% 0.132% 0.105% 0.000% 0.029%
FORBEARANCE
Current 1.105% 0.495% 0.036% 0.222% 0.129% 0.096% 0.002% 0.063%
------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 5.868% 2.651% 0.400% 0.995% 0.617% 0.340% 0.011% 0.186%
------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.026% 0.012% 0.001% 0.007% 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 5.946% 2.689% 0.401% 1.002% 0.638% 0.357% 0.011% 0.186%
------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 10.038% 1.192%
------------------------------------------------------------------------------------------------------------------------
</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.
[CHART] [CHART]
LOAN PROGRAMS LOAN PROGRAMS
JUNE 30, 2000 SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
FOUR YEAR TWO YEAR TECHNICAL
SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 1.492% 0.184% 0.050% 0.021% 1.747%
GRACE
Current 0.901% 0.141% 0.028% 0.017% 1.087%
-----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 2.393% 0.325% 0.078% 0.038% 2.834%
-----------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 50.359% 5.607% 5.457% 0.463% 61.886%
31-60 Days Delinquent 3.065% 0.562% 0.715% 0.036% 4.378%
61-90 Days Delinquent 1.592% 0.385% 0.387% 0.039% 2.403%
91-120 Days Delinquent 0.862% 0.240% 0.284% 0.031% 1.417%
> 120 Days Delinquent 1.093% 0.311% 0.384% 0.029% 1.817%
DEFERMENT
Current 9.417% 1.331% 0.829% 0.266% 11.843%
FORBEARANCE
Current 9.115% 1.940% 1.858% 0.290% 13.203%
------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 75.503% 10.376% 9.914% 1.154% 96.947%
------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.134% 0.038% 0.046% 0.000% 0.218%
AGED CLAIMS REJECTED (2) 0.001% 0.000% 0.000% 0.000% 0.001%
------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 78.031% 10.739% 10.038% 1.192% 100.000%
------------------------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
-----------------------------------------------------------------------------
VI. 1996-2 INTEREST CALCULATION
-----------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 14,027,078.00
B Interest Subsidy Payments Accrued During Collection Period 1,732,316.52
C SAP Payments Accrued During Collection Period 1,382,591.53
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 41,292.36
E Investment Earnings (ADMINISTRATOR ACCOUNTS) 588,312.72
----------
F NET EXPECTED INTEREST COLLECTIONS $ 17,771,591.13
G STUDENT LOAN RATE
i Days in Calculation Period 92
ii Days in Year 366
iii Net Expected Interest Collections $ 17,771,591.13
iv Primary Servicing Fee $ 1,939,875.52
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 763,741,319.03
vii STUDENT LOAN RATE 8.23618%
</TABLE>
<TABLE>
<CAPTION>
ACCRUED
INT FACTOR ACCRUAL PERIOD
----------- -----------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 6.74788%
I CLASS A-1 INTEREST RATE 0.016961885 (7/25/00-10/25/00) 6.74788%
J Class A-2 T-Bill Based Interest Rate 6.94788%
K CLASS A-2 INTEREST RATE 0.017464617 (7/25/00-10/25/00) 6.94788%
L Certificate T-Bill Based Rate of Return 7.19788%
M CERTIFICATE RATE OF RETURN 0.018093033 (7/25/00-10/25/00) 7.19788%
</TABLE>
6
<PAGE>
-------------------------------------------------------------------------------
VII. 1996-2 WEEKLY T-BILL RATE RESETS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
NUMBER OF
PERIOD DAYS WEIGHTED 91 DAY T-BILL A-1 RESET A-2 RESET CERT RESET
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
7/25/00-7/31/00 7 6.1870% 6.6970% 6.8970% 7.1470%
8/1/00-8/7/00 7 6.2690% 6.7790% 6.9790% 7.2290%
8/8/00-8/14/00 7 6.2780% 6.7880% 6.9880% 7.2380%
8/15/00-8/21/00 7 6.2690% 6.7790% 6.9790% 7.2290%
8/22/00-8/28/00 7 6.2910% 6.8010% 7.0010% 7.2510%
8/29/00-9/5/00 8 6.3230% 6.8330% 7.0330% 7.2830%
9/6/00-9/11/00 6 6.2450% 6.7550% 6.9550% 7.2050%
9/12/00-9/18/00 7 6.1210% 6.6310% 6.8310% 7.0810%
9/19/00-9/25/00 7 6.1370% 6.6470% 6.8470% 7.0970%
9/26/00-10/02/00 7 6.1830% 6.6930% 6.8930% 7.1430%
10/3/00-10/10/00 8 6.2570% 6.7670% 6.9670% 7.2170%
10/11/00-10/16/00 6 6.2570% 6.7670% 6.9670% 7.2170%
10/17/00-10/24/00 8 6.2610% 6.7710% 6.9710% 7.2210%
TOTAL DAYS IN ACCRUAL PERIOD 92
---------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
-------------------------------------------------------------------------------
VIII. 1996-2 INPUTS FROM PREVIOUS QUARTERLY SERVICING REPORTS 06/30/2000
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 759,481,789.10
ii Interest To Be Capitalized $ 4,259,529.93
------------------
iii TOTAL STUDENT LOAN POOL OUTSTANDING $ 763,741,319.03
==================
B Total Note and Certificate Factor 0.50410970016
C TOTAL NOTE AND CERTIFICATE BALANCE $ 763,741,319.03
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 7/25/2000 CLASS A-1 CLASS A-2 CERTIFICATES
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor 0.2294475067 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 223,711,319.03 $ 487,000,000.00 $ 53,030,000.00
------------------ ---------------- ---------------
iv NOTE BALANCE $ 223,711,319.03 $ 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 $ 1,909,353.30
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>
8
<PAGE>
-------------------------------------------------------------------------------
IX. 1996-2 WATERFALL FOR DISTRIBUTIONS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
REMAINING
FUNDS BALANCE
-------------
<S> <C> <C>
A TOTAL AVAILABLE FUNDS (SECTIONS $ 52,968,009.00 $ 52,968,009.00
III -E + VI-D)
B PRIMARY SERVICING FEES-CURRENT MONTH $ 636,745.96 $ 52,331,263.04
C ADMINISTRATION FEE $ 20,000.00 $ 52,311,263.04
D NOTEHOLDER'S INTEREST DISTRIBUTION
AMOUNT
i Class A-1 3,794,565.67 $ 48,516,697.37
ii Class A-2 8,505,268.48 $ 40,011,428.89
----------------
iii TOTAL NOTEHOLDER'S INTEREST $ 12,299,834.15
DISTRIBUTION
E CERTIFICATEHOLDER'S RETURN $ 959,473.54 $ 39,051,955.35
DISTRIBUTION AMOUNT
F NOTEHOLDER'S PRINCIPAL DISTRIBUTION
AMOUNT
i Class A-1 35,426,090.15 $ 3,625,865.20
ii Class A-2 $ 0.00 $ 3,625,865.20
----------------
iii TOTAL NOTEHOLDER'S PRINCIPAL $ 35,426,090.15
DISTRIBUTION
G CERTIFICATEHOLDER'S BALANCE $ 0.00 $ 3,625,865.20
DISTRIBUTION AMOUNT
H INCREASE TO THE SPECIFIED RESERVE $ 0.00 $ 3,625,865.20
ACCOUNT BALANCE
I CARRYOVER SERVICING FEES $ 613,403.67 $ 3,012,461.53
J NOTEHOLDER'S INTEREST CARRYOVER
i Class A-1 $ 0.00 $ 3,012,461.53
i Class A-2 $ 0.00 $ 3,012,461.53
----------------
iii TOTAL NOTEHOLDER'S INTEREST $ 0.00
CARRYOVER
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 3,012,461.53
L EXCESS TO RESERVE $ 3,012,461.53 $ 0.00
ACCOUNT
------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
-------------------------------------------------------------------------------
X. 1996-2 DISTRIBUTIONS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
A DISTRIBUTION AMOUNTS CLASS A-1 CLASS A-2 CERTIFICATES
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $3,794,565.67 $8,505,268.48 $959,473.54
ii Quarterly Interest Paid $3,794,565.67 $8,505,268.48 $959,473.54
-------------- -------------- ------------
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 $35,426,090.15 $0.00 $0.00
viii Quarterly Principal Paid $35,426,090.15 $0.00 $0.00
--------------- ------ ------
ix QUARTERLY PRINCIPAL SHORTFALL $0.00 $0.00 $0.00
----------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 39,220,655.82 $8,505,268.48 $959,473.54
----------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates Principal Balance 9/30/00 $763,741,319.03
ii Pool Balance 9/30/00 $728,315,228.88
----------------
iii Pool Exceeding Notes and
Certificate Balance (i-ii) $35,426,090.15
----------------
iv Principal Distribution Amount $35,426,090.15
----------------
C Total Principal Distribution $35,426,090.15
D Total Interest Distribution $13,259,307.69
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $48,685,397.84
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
F NOTE & CERIFICATE BALANCES 07/25/2000 10/25/2000
--------------------------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GAA4) $ 223,711,319.03 $ 188,285,228.88
A-1 Note Pool Factor 0.2294475067 0.1931130553
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 $ 1,909,353.30
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 3,012,461.53
-----------------
iv Total Reserve Account Balance Available $ 4,921,814.83
v Required Reserve Account Balance $ 1,820,788.07
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp. $ 3,101,026.76
viii Ending Reserve Account Balance $ 1,820,788.07
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
-------------------------------------------------------------------------------
XI. 1996-2 HISTORICAL POOL INFORMATION
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------------------
7/1/00-9/30/00 4/1/00-6/30/00 1/1/00-3/31/00
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 759,481,789.10 $ 792,299,237.34 $ 826,491,034.47
---------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 32,394,899.58 $ 30,829,183.59 $ 31,758,372.33
ii Principal Collections from Guarantor 2,925,529.43 3,493,107.57 3,625,885.86
iii Principal Reimbursements 4,165,497.55 3,298,615.71 3,801,126.03
iv Other System Adjustments - - -
----------------------------------------------------------
v Total Principal Collections $ 39,485,926.56 $ 37,620,906.87 $ 39,185,384.22
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 621,866.63 $ 529,189.56 $ 785,133.43
ii Capitalized Interest (4,961,470.47) (5,332,648.19) (5,778,720.52)
----------------------------------------------------------
iii Total Non-Cash Principal Activity $ (4,339,603.84) $ (4,803,458.63) $ (4,993,587.09)
---------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 35,146,322.72 $ 32,817,448.24 $ 34,191,797.13
---------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 9,353,647.00 $ 9,136,106.95 $ 9,809,517.71
ii Interest Claims Received from Guarantors 192,380.89 244,098.75 245,212.46
iii Late Fee Reimbursements 243,255.71 238,382.08 272,391.41
iv Interest Reimbursements 40,630.89 41,551.40 43,492.46
v Other System Adjustments - - -
vi Special Allowance Payments 2,357,556.62 2,048,958.52 1,154,636.93
vii Subsidy Payments 1,692,759.41 1,803,442.80 1,912,152.67
----------------------------------------------------------
viii Total Interest Collections $ 13,880,230.52 $ 13,512,540.50 $ 13,437,403.64
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (582,517.27) $ (465,369.62) $ (721,523.31)
ii Capitalized Interest 4,961,470.47 5,332,648.19 5,778,720.52
----------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 4,378,953.20 $ 4,867,278.57 $ 5,057,197.21
----------------------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 18,259,183.72 $ 18,379,819.07 $ 18,494,600.85
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 724,335,466.38 $ 759,481,789.10 $ 792,299,237.34
---------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 3,979,762.50 $ 4,259,529.93 $ 5,366,166.15
---------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 728,315,228.88 $ 763,741,319.03 $ 797,665,403.49
---------------------------------------------------------------------------------------------------------------
<CAPTION>
1999 1998 1997
------------------------------------------------------------
1/1/99-12/31/99 1/1/98-12/31/98 1/1/97-12/31/97
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 983,303,642.95 $ 1,157,119,554.57 $ 1,368,940,609.46
-----------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 138,115,398.37 $ 149,949,538.87 $ 145,473,007.92
ii Principal Collections from Guarantor 17,820,003.19 40,352,210.15 54,514,426.98
iii Principal Reimbursements 20,872,811.81 1,797,228.48 32,082,819.65
iv Other System Adjustments - - (0.00)
------------------------------------------------------------
v Total Principal Collections $ 176,808,213.37 $ 192,098,977.50 $ 232,070,254.55
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 3,148,632.40 $ 3,182,463.99 $ 3,855,960.11
ii Capitalized Interest (23,144,237.29) (21,465,529.87) (24,105,159.77)
------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (19,995,604.89) $ (18,283,065.88) $ (20,249,199.66)
-----------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 156,812,608.48 $ 173,815,911.62 $ 211,821,054.89
-----------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 45,211,907.75 $ 54,432,803.82 $ 59,086,651.06
ii Interest Claims Received from Guarantors 1,074,354.76 2,490,544.07 3,409,775.51
iii Late Fee Reimbursements 1,048,616.35 307,279.69 1.27
iv Interest Reimbursements 320,379.08 128,279.84 569,993.65
v Other System Adjustments - - -
vi Special Allowance Payments 417,267.52 1,384,583.73 2,071,430.41
vii Subsidy Payments 10,928,499.59 15,657,130.90 24,308,423.57
------------------------------------------------------------
viii Total Interest Collections $ 59,001,025.05 $ 74,400,622.05 $ 89,446,275.47
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,842,231.34) $ (2,504,011.63) $ (2,963,405.97)
ii Capitalized Interest 23,144,237.29 21,465,529.87 24,105,159.77
------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 20,302,005.95 $ 18,961,518.24 $ 21,141,753.80
------------------------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 79,303,031.00 $ 93,362,140.29 $ 110,588,029.27
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 826,491,034.47 $ 983,303,642.95 $ 1,157,119,554.57
-----------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 6,187,321.92 $ 10,283,328.75 $ 11,609,569.57
-----------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 832,678,356.39 $ 993,586,971.70 $ 1,168,729,124.14
-----------------------------------------------------------------------------------------------------------------
<CAPTION>
1996
--------------------
4/8/96-12/31/96
-------------------------------------------------------------------------
<S> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 1,499,948,797.64
-------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 104,817,308.47
ii Principal Collections from Guarantor 14,273,213.40
iii Principal Reimbursements 30,227,142.04
iv Other System Adjustments (7,802.11)
--------------------
v Total Principal Collections $ 149,309,861.80
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,791,175.23
ii Capitalized Interest (21,092,848.85)
--------------------
iii Total Non-Cash Principal Activity $ (18,301,673.62)
-------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 131,008,188.18
-------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 43,848,689.58
ii Interest Claims Received from Guarantors 844,828.73
iii Late Fee Reimbursements -
iv Interest Reimbursements 418,023.61
v Other System Adjustments (2,057.69)
vi Special Allowance Payments 1,356,833.19
vii Subsidy Payments 16,922,688.94
--------------------
viii Total Interest Collections $ 63,389,006.36
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,588,185.48)
ii Capitalized Interest 21,092,848.85
--------------------
iii Total Non-Cash Interest Adjustments $ 18,504,663.37
--------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 81,893,669.73
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 1,368,940,609.46
-------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 13,686,568.72
-------------------------------------------------------------------------
(=) TOTAL POOL $ 1,382,627,178.18
-------------------------------------------------------------------------
</TABLE>
11
<PAGE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
XII. 1996-2 PAYMENT HISTORY AND CPRS
---------------------------------------------------------------------------------------------------------------------
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
<S> <C> <C>
Apr-96 $ 1,517,607,923 -
Jul-96 $ 1,483,611,074 4.11%
Oct-96 $ 1,435,808,978 5.25%
Jan-97 $ 1,382,627,178 6.20%
Apr-97 $ 1,326,256,378 6.80%
Jul-97 $ 1,270,438,672 7.10%
Oct-97 $ 1,221,695,246 7.02%
Jan-98 $ 1,168,729,124 7.15%
Apr-98 $ 1,123,009,294 6.83%
Jul-98 $ 1,078,803,107 6.44%
Oct-98 $ 1,035,727,586 6.07%
Jan-99 $ 993,586,972 5.72%
Apr-99 $ 949,663,915 5.47%
Jul-99 $ 901,285,813 5.41%
Oct-99 $ 865,655,652 4.97%
Jan-00 $ 832,678,356 4.50%
Apr-00 $ 797,665,403 4.09%
Jul-00 $ 730,923,871 3.71%
Oct-00 $ 728,315,229 3.56%
</TABLE>
* "SINCE ISSUED CPR" IS BASED ON THE CURRENT PERIOD'S ENDING POOL BALANCE
CALCULATED AGAINST THE ORIGINAL POOL BALANCE AND ASSUMING CUTOFF DATE
POOL DATA.
-------------------------------------------------------------------------------
12
<PAGE>
SLM STUDENT LOAN TRUST 1996-3
QUARTERLY SERVICING REPORT
REPORT DATE: 09/30/2000 REPORTING PERIOD: 7/1/00-9/30/00
-------------------------------------------------------------------------------
I. DEAL PARAMETERS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
STUDENT LOAN PORTFOLIO CHARACTERISTICS 06/30/2000 ACTIVITY 09/30/2000
----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 873,513,945.35 $ (35,537,445.37) $ 837,976,499.98
ii Interest to be Capitalized 6,067,887.53 5,619,870.50
----------------- -----------------
iii TOTAL POOL $ 879,581,832.88 $ 843,596,370.48
iv Specified Reserve Account Balance 2,198,954.58 2,108,990.93
----------------- -----------------
v TOTAL ADJUSTED POOL $ 881,780,787.46 $ 845,705,361.41
================= =================
B i Weighted Average Coupon (WAC) 7.7732% 8.6180%
ii Weighted Average Remaining Term 92.33 91.46
iii Number of Loans 344,640 334,513
iv Number of Borrowers 133,016 128,780
----------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
NOTES AND CERTIFICATES SPREAD BALANCE 7/25/00 % OF POOL BALANCE 10/25/00 % OF POOL
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAD8 0.49% $ 276,030,787.46 31.304% $ 239,955,361.41 28.374%
ii A-2 Notes 78442GAE6 0.68% 553,000,000.00 62.714% 553,000,000.00 65.389%
iii Certificates 78442GAF3 0.95% 52,750,000.00 5.982% 52,750,000.00 6.237%
-----------------------------------------------------------------------------------------------------------------
iv TOTAL NOTES AND CERTIFICATES $ 881,780,787.46 100.000% $ 845,705,361.41 100.000%
=================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------
RESERVE ACCOUNT 07/25/2000 10/25/2000
----------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,198,954.58 $ 2,108,990.93
iv Reserve Account Floor Balance ($) $ 1,502,704.00 $ 1,502,704.00
v Current Reserve Acct Balance ($) $ 2,198,954.58 $ 2,108,990.93
----------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------
REPORTING PERIOD COLLECTION PD CALCULATION PD
-----------------------------------------------------------------------------------
<S> <C> <C>
E i Begin Date 7/1/2000 7/1/2000
ii End Date 9/30/2000 9/30/2000
iii Days In Period 92 92
iv Days In Year 366 366
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
F % OF INITIAL POOL 56.14%
-----------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
-------------------------------------------------------------------------------
II. 1996-3 TRANSACTIONS FROM: 07/01/2000 THROUGH 09/30/2000
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 32,720,749.01
ii Principal Collections from Guarantor $ 2,464,339.39
iii Principal Reimbursements $ 5,511,729.48
iv Other System Adjustments $ 0.00
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 40,696,817.88
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 670,355.62
ii Capitalized Interest ($5,829,728.13)
----------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (5,159,372.51)
--------------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 35,537,445.37
--------------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 10,895,405.91
ii Interest Claims Received from Guarantors $ 159,805.30
iii Late Fee Reimbursements $ 234,442.00
iv Interest Reimbursements $ 66,572.53
v Other System Adjustments $ 0.00
vi Special Allowance Payments $ 2,601,302.05
vii Subsidy Payments $ 1,861,128.32
----------------
viii TOTAL INTEREST COLLECTIONS $ 15,818,656.11
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment ($621,636.32)
ii Capitalized Interest $ 5,829,728.13
----------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 5,208,091.81
--------------------------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 21,026,747.92
--------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
-------------------------------------------------------------------------------
III. 1996-3 COLLECTION ACCOUNT ACTIVITY 07/01/2000 THROUGH 09/30/2000
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $ 35,185,088.40
ii Cash Forwarded by Administrator on behalf of Seller $ 46,636.25
iii Cash Forwarded by Administrator on behalf of Servicer $ 134.68
iv Cash Forwarded by Administrator for Consolidation Activity $ 5,464,958.55
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 40,696,817.88
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 15,517,641.58
ii Cash Forwarded by Administrator on behalf of Seller $ 1,940.44
iii Cash Forwarded by Administrator on behalf of Servicer $ 3,484.28
iv Cash Forwarded by Administrator for Consolidation Activity $ 61,147.81
v Cash Forwarded by Administrator for Late Fee Activity $ 234,442.00
----------------
vi TOTAL INTEREST COLLECTIONS $ 15,818,656.11
C OTHER REIMBURSEMENTS $ 243,646.68
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 612,272.20
E FUNDS BORROWED FROM NEXT COLLECTION PERIOD $ 0.00
F TOTAL FUNDS RECEIVED $ 57,371,392.87
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($1,247,278.65)
--------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 56,124,114.22
--------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
G SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $ 613,213.74
ii Percentage of Principal Calculation $ 826,353.58
iii Lesser of Unit or Principal Calculation $ 613,213.74
H SERVICING FEES DUE FOR CURRENT PERIOD $ 613,213.74
I CARRYOVER SERVICING FEES DUE $ 653,488.15
JUL-00 Servicing Carryover $ 225,170.74
AUG-00 Servicing Carryover $ 218,796.53
SEP-00 Servicing Carryover $ 213,139.84
---------------
$ 657,107.11
LESS: Servicing ADJ [A iii + B iii] ($3,618.96)
---------------
TOTAL: CARRYOVER SERVICING FEE DUE $ 653,488.15
===============
J ADMINISTRATION FEES DUE $ 20,000.00
----------------------------------------------------------------------------------------------------
K TOTAL FEES DUE FOR PERIOD $ 1,286,701.89
----------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
-------------------------------------------------------------------------------
IV. 1996-3 PORTFOLIO CHARACTERISTICS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------
WEIGHTED AVG COUPON # OF LOANS %
----------------------------------------------------------------------------------------------------
STATUS 6/30/2000 9/30/2000 6/30/2000 9/30/2000 6/30/2000 9/30/2000
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 7.388% 8.290% 7,064 6,125 2.050% 1.831%
GRACE
Current 7.373% 8.295% 3,967 4,365 1.151% 1.305%
----------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.383% 8.292% 11,031 10,490 3.201% 3.136%
----------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current 7.809% 8.636% 239,036 227,867 69.358% 68.119%
31-60 Days Delinquent 7.822% 8.694% 13,369 13,529 3.879% 4.044%
61-90 Days Delinquent 7.818% 8.661% 6,410 7,070 1.860% 2.114%
91-120 Days Delinquent 7.800% 8.681% 2,810 4,002 0.815% 1.196%
> 120 Days Delinquent 7.808% 8.645% 4,009 4,957 1.163% 1.482%
DEFERMENT
Current 7.638% 8.577% 31,809 33,323 9.230% 9.962%
FORBEARANCE
Current 7.803% 8.627% 35,504 32,739 10.302% 9.787%
----------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.790% 8.632% 332,947 323,487 96.607% 96.704%
----------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 7.817% 8.628% 649 525 0.188% 0.157%
AGED CLAIMS REJECTED (2) 7.893% 8.859% 13 11 0.004% 0.003%
----------------------------------------------------------------------------------------------------
GRAND TOTAL 7.773% 8.618% 344,640 334,513 100.000% 100.000%
----------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------
PRINCIPAL AMOUNT %
-------------------------------------------------------------------------------------------------
STATUS 6/30/2000 9/30/2000 6/30/2000 9/30/2000
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current $ 21,537,571.86 $ 18,774,545.59 2.466% 2.240%
GRACE
Current $ 11,723,588.50 $ 12,811,383.16 1.342% 1.529%
-------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 33,261,160.36 $ 31,585,928.75 3.808% 3.769%
-------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current $ 558,851,091.87 $ 522,441,737.63 63.978% 62.346%
31-60 Days Delinquent $ 34,742,234.99 $ 35,312,052.37 3.977% 4.214%
61-90 Days Delinquent $ 17,040,295.20 $ 19,848,083.32 1.951% 2.369%
91-120 Days Delinquent $ 7,645,341.03 $ 11,526,328.99 0.875% 1.375%
> 120 Days Delinquent $ 11,199,145.88 $ 13,864,157.56 1.282% 1.654%
DEFERMENT
Current $ 89,942,456.92 $ 92,563,158.44 10.297% 11.046%
FORBEARANCE
Current $ 119,255,444.75 $ 109,528,357.39 13.652% 13.071%
-------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 838,676,010.64 $ 805,083,875.70 96.012% 96.075%
-------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) $ 1,547,443.35 $ 1,282,860.42 0.177% 0.153%
AGED CLAIMS REJECTED (2) $ 29,331.00 $ 23,775.11 0.003% 0.003%
-------------------------------------------------------------------------------------------------
GRAND TOTAL $ 873,513,945.35 $ 837,976,439.98 100.000% 100.000%
-------------------------------------------------------------------------------------------------
</TABLE>
[CHART] [CHART]
LOAN STATUS BY OUTSTANDING LOAN STATUS BY OUTSTANDING
PRINCIPAL, JUNE 30, 2000 SEPTEMBER 30, 2000
(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 09/30/2000
-------------------------------------------------------------------------------
<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 1.464% 0.507% 0.000% 0.000% 0.146% 0.053% 0.000% 0.000%
GRACE
Current 1.002% 0.321% 0.000% 0.000% 0.109% 0.038% 0.000% 0.000%
---------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 2.466% 0.828% 0.000% 0.000% 0.255% 0.091% 0.000% 0.000%
---------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 35.354% 8.799% 5.927% 2.660% 3.269% 0.839% 0.275% 0.342%
31-60 Days Delinquent 2.052% 0.466% 0.393% 0.200% 0.363% 0.088% 0.018% 0.041%
61-90 Days Delinquent 1.102% 0.276% 0.176% 0.108% 0.250% 0.051% 0.013% 0.029%
91-120 Days Delinquent 0.638% 0.145% 0.095% 0.061% 0.146% 0.030% 0.003% 0.025%
> 120 Days Delinquent 0.747% 0.163% 0.062% 0.078% 0.202% 0.049% 0.004% 0.028%
DEFERMENT
Current 6.501% 1.823% 0.322% 0.564% 0.774% 0.208% 0.019% 0.082%
FORBEARANCE
Current 6.178% 1.964% 0.813% 0.745% 1.164% 0.292% 0.034% 0.142%
---------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 52.572% 13.636% 7.788% 4.416% 6.168% 1.557% 0.366% 0.689%
---------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.063% 0.013% 0.015% 0.006% 0.026% 0.006% 0.000% 0.003%
AGED CLAIMS REJECTED (2) 0.001% 0.000% 0.000% 0.001% 0.001% 0.000% 0.000% 0.000%
---------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 55.102% 14.477% 7.803% 4.423% 6.450% 1.654% 0.366% 0.692%
---------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 81.805% 9.162%
---------------------------------------------------------------------------------------------------------------------------
<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 0.018% 0.016% 0.000% 0.000% 0.019% 0.017% 0.000% 0.000%
GRACE
Current 0.012% 0.011% 0.000% 0.000% 0.021% 0.015% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.030% 0.027% 0.000% 0.000% 0.040% 0.032% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 2.313% 0.832% 0.354% 0.711% 0.357% 0.188% 0.013% 0.113%
31-60 Days Delinquent 0.309% 0.106% 0.037% 0.098% 0.025% 0.011% 0.001% 0.006%
61-90 Days Delinquent 0.193% 0.058% 0.018% 0.046% 0.024% 0.020% 0.000% 0.005%
91-120 Days Delinquent 0.129% 0.040% 0.012% 0.039% 0.004% 0.005% 0.001% 0.002%
> 120 Days Delinquent 0.183% 0.065% 0.006% 0.048% 0.010% 0.004% 0.000% 0.005%
DEFERMENT
Current 0.319% 0.116% 0.016% 0.102% 0.091% 0.087% 0.001% 0.021%
FORBEARANCE
Current 0.801% 0.271% 0.062% 0.278% 0.153% 0.141% 0.001% 0.032%
-----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 4.247% 1.488% 0.505% 1.322% 0.664% 0.456% 0.017% 0.184%
-----------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.015% 0.002% 0.001% 0.003% 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 4.292% 1.517% 0.506% 1.325% 0.704% 0.488% 0.017% 0.184%
-----------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 7.640% 1.393%
-----------------------------------------------------------------------------------------------------------------------
</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.
[CHART] [CHART]
LOAN PROGRAMS LOAN PROGRAMS
JUNE 30, 2000 SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 1.971% 0.199% 0.034% 0.036% 2.240%
GRACE
Current 1.323% 0.147% 0.023% 0.036% 1.529%
-------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 3.294% 0.346% 0.057% 0.072% 3.769%
-------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 52.740% 4.725% 4.210% 0.671% 62.346%
31-60 Days Delinquent 3.111% 0.510% 0.550% 0.043% 4.214%
61-90 Days Delinquent 1.662% 0.343% 0.315% 0.049% 2.369%
91-120 Days Delinquent 0.939% 0.204% 0.220% 0.012% 1.375%
> 120 Days Delinquent 1.050% 0.283% 0.302% 0.019% 1.654%
DEFERMENT
Current 9.210% 1.083% 0.553% 0.200% 11.046%
FORBEARANCE
Current 9.700% 1.632% 1.412% 0.327% 13.071%
-------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 78.412% 8.780% 7.562% 1.321% 96.075%
-------------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.097% 0.035% 0.021% 0.000% 0.153%
AGED CLAIMS REJECTED (2) 0.002% 0.001% 0.000% 0.000% 0.003%
-------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 81.805% 9.162% 7.640% 1.393% 100.000%
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
-------------------------------------------------------------------------------
VI. 1996-3 INTEREST CALCULATION
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 16,390,141.27
B Interest Subsidy Payments Accrued During Collection Period 1,914,272.83
C SAP Payments Accrued During Collection Period 1,497,971.96
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 46,350.85
E Investment Earnings (ADMINISTRATOR ACCOUNTS) 612,272.20
----------
F NET EXPECTED INTEREST COLLECTIONS $ 20,461,009.11
G STUDENT LOAN RATE
i Days in Calculation Period 92
ii Days in Year 366
iii Net Expected Interest Collections $ 20,461,009.11
iv Primary Servicing Fee $ 1,860,492.39
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 879,581,832.88
vii STUDENT LOAN RATE 8.40378%
</TABLE>
<TABLE>
<CAPTION>
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 6.72788%
I CLASS A-1 INTEREST RATE 0.016911612 (7/25/00-10/25/00) 6.72788%
J Class A-2 T-Bill Based Interest Rate 6.91788%
K CLASS A-2 INTEREST RATE 0.017389208 (7/25/00-10/25/00) 6.91788%
L Certificate T-Bill Based Rate of Return 7.18788%
M CERTIFICATE RATE OF RETURN 0.018067896 (7/25/00-10/25/00) 7.18788%
</TABLE>
-------------------------------------------------------------------------------
6
<PAGE>
------------------------------------------------------------------------------
VII. 1996-3 WEEKLY T-BILL RATE RESETS
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
NUMBER OF
PERIOD DAYS WEIGHTED 91 DAY T-BILL A-1 RESET A-2 RESET CERT RESET
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
7/25/00-7/31/00 7 6.1870% 6.6770% 6.8670% 7.1370%
8/1/00-8/7/00 7 6.2690% 6.7590% 6.9490% 7.2190%
8/8/00-8/14/00 7 6.2780% 6.7680% 6.9580% 7.2280%
8/15/00-8/21/00 7 6.2690% 6.7590% 6.9490% 7.2190%
8/22/00-8/28/00 7 6.2910% 6.7810% 6.9710% 7.2410%
8/29/00-9/5/00 8 6.3230% 6.8130% 7.0030% 7.2730%
9/6/00-9/11/00 6 6.2450% 6.7350% 6.9250% 7.1950%
9/12/00-9/18/00 7 6.1210% 6.6110% 6.8010% 7.0710%
9/19/00-9/25/00 7 6.1370% 6.6270% 6.8170% 7.0870%
9/26/00-10/02/00 7 6.1830% 6.6730% 6.8630% 7.1330%
10/3/00-10/10/00 8 6.2570% 6.7470% 6.9370% 7.2070%
10/11/00-10/16/00 6 6.2570% 6.7470% 6.9370% 7.2070%
10/17/00-10/24/00 8 6.2610% 6.7510% 6.9410% 7.2110%
TOTAL DAYS IN ACCRUAL PERIOD 92
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
-------------------------------------------------------------------------------
VIII. 1996-3 INPUTS FROM PREVIOUS QUARTERLY SERVICING REPORTS 06/30/2000
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 873,513,945.35
ii Interest To Be Capitalized 6,067,887.53
-------------------
iii Total Pool $ 879,581,832.88
iv Specified Reserve Account Balance 2,198,954.58
-------------------
v TOTAL ADJUSTED POOL BALANCE $ 881,780,787.46
===================
B Total Note and Certificate Factor 0.58522036666
C TOTAL NOTE AND CERTIFICATE BALANCE $ 881,780,787.46
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 07/25/2000 CLASS A-1 CLASS A-2 CERTIFICATES
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor 0.3063604744 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 276,030,787.46 $ 553,000,000.00 $ 52,750,000.00
--------------------- - ------------------ - ----------------
iv NOTE BALANCE $ 276,030,787.46 $ 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 $ 2,198,954.58
H Unpaid Primary Servicing Fees from $ 0.00
Prior Month(s)
I Unpaid Administration fees from Prior $ 0.00
Quarter(s)
J Unpaid Carryover Servicing Fees from $ 0.00
Prior Quarter(s)
K Interest Due on Unpaid Carryover $ 0.00
Servicing Fees
-------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
------------------------------------------------------------------------------
IX. 1996-3 WATERFALL FOR DISTRIBUTIONS
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
REMAINING
FUNDS BALANCE
-----------------
<S> <C> <C>
A Total Available Funds ( Sections $ 56,170,465.07 $ 56,170,465.07
III -F + VI-D)
B Primary Servicing Fees-Current Month $ 613,213.74 $ 55,557,251.33
C Administration Fee $ 20,000.00 $ 55,537,251.33
D Noteholder's Interest Distribution
Amount
i Class A-1 $ 4,668,125.58 $ 50,869,125.75
ii Class A-2 $ 9,616,232.02 $ 41,252,893.73
-----------------
iii TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $ 14,284,357.60
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 953,081.51 $ 40,299,812.22
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 36,075,426.05 $ 4,224,386.17
ii Class A-2 $ 0.00 $ 4,224,386.17
-----------------
iii TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 36,075,426.05
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 4,224,386.17
H Increase to the Specified Reserve Account Balance $ 0.00 $ 4,224,386.17
I Carryover Servicing Fees $ 653,488.15 $ 3,570,898.02
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 3,570,898.02
ii Class A-2 $ 0.00 $ 3,570,898.02
------------------
iii TOTAL NOTEHOLDER'S INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 3,570,898.02
L EXCESS TO RESERVE ACCOUNT $ 3,570,898.02 $ 0.00
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
X. 1996-3 DISTRIBUTIONS
-------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
A DISTRIBUTION AMOUNTS CLASS A-1 CLASS A-2 CERTIFICATES
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $4,668,125.58 $9,616,232.02 $953,081.51
ii Quarterly Interest Paid 4,668,125.58 9,616,232.02 953,081.51
------------- ------------- ----------
iii INTEREST SHORTFALL $0.00 $0.00 $0.00
iv Interest Carryover Due $0.00 $0.00 $0.00
v Interest Carryover Paid 0.00 0.00 0.00
----- ----- ----
vi INTEREST CARRYOVER $0.00 $0.00 $0.00
vii Quarterly Principal Due $36,075,426.05 $0.00 $0.00
viii Quarterly Principal Paid 36,075,426.05 0.00 0.00
-------------- ----- ----
ix QUARTERLY PRINCIPAL SHORTFALL $0.00 $0.00 $0.00
--------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 40,743,551.63 $ 9,616,232.02 $ 953,081.51
--------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates
Principal Balance 9/30/00 $881,780,787.46
ii Adjusted Pool Balance 9/30/00 845,705,361.41
--------------
iii Adjusted Pool Exceeding Notes and $36,075,426.05
Certificate Balance (i-ii) ==============
iv Adjusted Pool Balance 6/30/00 $881,780,787.46
v Adjusted Pool Balance 9/30/00
845,705,361.41
--------------
vi Current Principal Due $36,075,426.05
(iv-v)
vii Principal Shortfall from Previous
Collection Period -
-----------------
viii Principal Distribution $36,075,426.05
Amount (vi + vii) =================
ix PRINCIPAL DISTRIBUTION $36,075,426.05
AMOUNT PAID
x Principal Shortfall (viii $ -
- ix)
C Total Principal $36,075,426.05
Distribution
D Total Interest 15,237,439.11
----------------
Distribution
E TOTAL CASH DISTRIBUTIONS-NOTE AND $ 51,312,865.16
CERTIFICATES
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 07/25/2000 10/25/2000
--------------------------------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note (78442GAD8) $ 276,030,787.46 $ 239,955,361.41
Balance
A-1 Note Pool Factor 0.3063604744 0.2663211558
ii A-2 Note (78442GAE6) $ 553,000,000.00 $ 553,000,000.00
Balance
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 $ 2,198,954.58
Balance
ii Deposits to correct $ -
Shortfall
iii Deposits from Excess $ 3,570,898.02
Servicing
-----------------
iv Total Reserve Account Balance Available $ 5,769,852.60
v Required Reserve Account $ 2,108,990.93
Balance
vi Shortfall Carried to Next $ -
Period
vii Excess Reserve - Release to SLM Funding Corp $ 3,660,861.67
viii Ending Reserve Account $ 2,108,990.93
Balance
-----------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
-------------------------------------------------------------------------------
XI. 1996-3 HISTORICAL POOL INFORMATION
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------
1999
-----------------------------------------------------------------------------------
7/1/00-9/30/00 4/1/00-6/30/00 1/1/00-3/31/00 1/1/99-12/31/99
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO $ 873,513,945.35 $ 905,497,695.56 $ 938,572,480.24 $1,083,954,845.53
BALANCE
----------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal $ 32,720,749.01 $ 29,656,957.69 $ 29,583,287.21 $ 123,861,528.15
Collections
ii Principal Collections from 2,464,339.39 3,970,519.52 3,523,333.78 18,156,326.10
Guarantor
iii Principal reimbursements 5,511,729.48 4,000,321.44 5,742,281.74 27,257,566.01
iv Other System Adjustments - - - -
-----------------------------------------------------------------------------------
v TOTAL PRINCIPAL $ 40,696,817.88 $ 37,627,798.65 $ 38,848,902.73 $ 169,275,420.26
COLLECTIONS
Student Loan Non-Cash
Principal Activity
i Other Adjustments $ 670,355.62 $ 470,659.03 $ 850,019.69 $ 3,132,761.43
ii Capitalized Interest (5,829,728.13) (6,114,707.47) (6,624,137.74) (27,025,816.40)
-----------------------------------------------------------------------------------
iii TOTAL NON-CASH
PRINCIPAL ACTIVITY $ (5,159,372.51) $ (5,644,048.44) $ (5,774,118.05) $ (23,893,054.97)
----------------------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL
ACTIVITY $ 35,537,445.37 $ 31,983,750.21 $ 33,074,784.68 $ 145,382,365.29
----------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest
Collections $ 10,895,405.91 $ 10,491,816.12 $ 11,084,121.15 $ 48,933,205.61
ii Interest Claims Received
from Guarantors 159,805.30 261,729.21 229,778.36 1,087,760.95
iii Late Fee Reimbursements 234,442.00 226,989.82 251,722.15 956,791.93
iv Interest Reimbursements 66,572.53 68,941.47 78,646.61 473,917.51
v Other System Adjustments - - - -
vi Special Allowance Payments 2,601,302.05 2,240,769.03 1,245,505.49 433,935.51
vii Subsidy Payments 1,861,128.32 1,953,013.93 2,223,677.48 12,387,199.61
-----------------------------------------------------------------------------------
viii Total Interest
Collections $ 15,818,656.11 $ 15,243,259.58 $ 15,113,451.24 $ 64,272,811.12
Student Loan Non-Cash Interest
Activity
i Interest Accrual
Adjustment $ (621,636.32) $ (434,336.66) $ (796,099.03) $ (2,892,499.78)
ii Capitalized Interest 5,829,728.13 6,114,707.47 6,624,137.74 27,025,816.40
-----------------------------------------------------------------------------------
iii Total Non-Cash Interest
Adjustments $ 5,208,091.81 $ 5,680,370.81 $ 5,828,038.71 $ 24,133,316.62
-----------------------------------------------------------------------------------
Total Student Loan Interest
Activity $ 21,026,747.92 $ 20,923,630.39 $ 20,941,489.95 $ 88,406,127.74
(=) ENDING STUDENT LOAN PORTFOLIO
BALANCE $ 837,976,499.98 $ 873,513,945.35 $ 905,497,695.56 $ 938,572,480.24
----------------------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 5,619,870.50 $ 6,067,887.53 $ 7,335,046.63 $ 8,138,666.80
----------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 843,596,370.48 $ 879,581,832.88 $ 912,832,742.19 $ 946,711,147.04
----------------------------------------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 2,108,990.93 $ 2,198,954.58 $ 2,282,081.86 $ 2,366,777.87
----------------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 845,705,361.41 $ 881,780,787.46 $ 915,114,824.05 $ 949,077,924.91
----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------
1998 1997 1996
----------------------------------------------------------------
1/1/98-12/31/98 1/1/97-12/31/97 6/17/96-12/31/96
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 1,228,714,371.63 $ 1,413,647,896.61 $ 1,485,028,174.57
------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal $ 122,504,044.52 $ 109,020,540.61 $ 56,058,587.17
Collections
ii Principal Collections from 41,298,428.76 56,780,983.13 4,102,484.47
Guarantor
iii Principal 2,546,996.03 41,704,153.21 25,574,172.87
reimbursements
iv Other System Adjustments - - (2,160.08)
----------------------------------------------------------------
v TOTAL PRINCIPAL $ 166,349,469.31 $ 207,505,676.95 $ 85,733,084.43
COLLECTIONS
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 $ (21,589,943.21) $ (22,572,151.97) $ (14,352,806.47)
PRINCIPAL ACTIVITY
------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL $ 144,759,526.10 $ 184,933,524.98 $ 71,380,277.96
ACTIVITY
------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest $ 56,008,898.70 $ 56,916,994.63 $ 29,251,514.62
Collections
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 $ (2,440,884.70) $ (2,985,922.64) $ (2,174,688.01)
Adjustment
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 $ 100,534,501.53 $ 113,762,201.39 $ 64,898,769.54
Activity
(=) ENDING STUDENT LOAN PORTFOLIO $ 1,083,954,845.53 $ 1,228,714,371.63 $ 1,413,647,896.61
BALANCE
------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE $ 13,191,211.43 $ 14,946,382.97 $ 15,933,644.48
CAPITALIZED
------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,097,146,056.96 $ 1,243,660,754.60 $ 1,429,581,541.09
------------------------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT $ 2,742,865.14 $ 3,222,987.71 $ 3,674,921.48
BALANCE
------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 1,099,888,922.10 $ 1,246,883,742.31 $ 1,433,256,462.57
------------------------------------------------------------------------------------------------------------
</TABLE>
11
<PAGE>
-------------------------------------------------------------------------------
XII. 1996-3 PAYMENT HISTORY AND CPRS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
<S> <C> <C>
Jun-96 $ 1,502,704,078 -
Oct-96 $ 1,466,211,474 6.31%
Jan-97 $ 1,429,581,541 5.60%
Apr-97 $ 1,379,654,678 6.30%
Jul-97 $ 1,331,618,519 6.60%
Oct-97 $ 1,289,195,084 6.48%
Jan-98 $ 1,243,660,755 6.53%
Apr-98 $ 1,205,728,980 6.14%
Jul-98 $ 1,167,972,431 5.82%
Oct-98 $ 1,132,576,891 5.50%
Jan-99 $ 1,097,146,057 5.22%
Apr-99 $ 1,058,132,743 5.06%
Jul-99 $ 1,011,277,300 5.16%
Oct-99 $ 978,039,044 4.86%
Jan-00 $ 946,711,147 4.53%
Apr-00 $ 912,832,742 4.26%
Jul-00 $ 879,581,833 3.990%
Oct-00 $ 843,596,370 3.80%
</TABLE>
* "SINCE ISSUED CPR" IS BASED ON THE CURRENT PERIOD'S ENDING POOL BALANCE
CALCULATED AGAINST THE ORIGINAL POOL BALANCE AND ASSUMING CUTOFF DATE
POOL DATA.
-------------------------------------------------------------------------------
12
<PAGE>
SLM STUDENT LOAN TRUST 1996-4
QUARTERLY SERVICING REPORT
REPORT DATE: 09/30/2000 REPORTING PERIOD: 7/1/00-9/30/00
-------------------------------------------------------------------------------
I. DEAL PARAMETERS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
STUDENT LOAN PORTFOLIO CHARACTERISTICS 06/30/2000 ACTIVITY 09/30/2000
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 808,302,660.69 $ (36,842,513.14) $ 771,460,147.55
ii Interest to be Capitalized 5,934,498.20 5,367,740.63
------------------ ------------------
iii Total Pool $ 814,237,158.89 $ 776,827,888.18
iv Specified Reserve Account Balance 2,035,592.90 1,942,069.72
------------------ ------------------
v TOTAL ADJUSTED POOL $ 816,272,751.79 $ 778,769,957.90
================== ==================
B i Weighted Average Coupon (WAC) 7.7636% 8.5222%
ii Weighted Average Remaining Term 94.08 93.63
iii Number of Loans 354,621 338,934
iv Number of Borrowers 133,063 127,170
-----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
NOTES AND CERTIFICATES SPREAD BALANCE 7/25/00 % OF POOL BALANCE 10/25/00 % OF POOL
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAG1 0.48% $ 268,572,751.79 32.902% $ 231,069,957.90 29.671%
ii A-2 Notes 78442GAH9 0.64% 495,000,000.00 60.641% 495,000,000.00 63.562%
iii Certificates 78442GAJ5 0.93% 52,700,000.00 6.456% 52,700,000.00 6.767%
-----------------------------------------------------------------------------------------------------------------
iv TOTAL NOTES AND CERTIFICATES $ 816,272,751.79 100.000% $ 778,769,957.90 100.000%
=================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------
RESERVE ACCOUNT 07/25/2000 10/25/2000
----------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,035,592.90 $ 1,942,069.72
iv Reserve Account Floor Balance ($) $ 1,501,183.00 $ 1,501,183.00
v Current Reserve Acct Balance ($) $ 2,035,592.90 $ 1,942,069.72
----------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------------
REPORTING PERIOD COLLECTION PD CALCULATION PD
----------------------------------------------------------------------------------
<S> <C> <C>
E i Begin Date 7/1/2000 7/1/2000
ii End Date 9/30/2000 9/30/2000
iii Days In Period 92 92
iv Days In Year 366 366
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
F % OF INITIAL POOL 51.75%
----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
-------------------------------------------------------------------------------
II. 1996-4 TRANSACTIONS FROM: 07/01/2000 THROUGH: 09/30/2000
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 33,218,730.39
ii Principal Collections from Guarantor 3,141,963.41
iii Principal Reimbursements 5,761,831.54
iv Other System Adjustments 0.00
---------------
v TOTAL PRINCIPAL COLLECTIONS $ 42,122,525.34
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $563,706.25
ii Capitalized Interest (5,843,718.45)
----------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (5,280,012.20)
--------------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 36,842,513.14
--------------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 9,533,325.06
ii Interest Claims Received from Guarantors 205,291.18
iii Late Fee Reimbursements 249,102.86
iv Interest Reimbursements 55,927.95
v Other System Adjustments 0.00
vi Special Allowance Payments 2,448,305.84
vii Subsidy Payments 1,869,559.29
---------------
viii TOTAL INTEREST COLLECTIONS $ 14,361,512.18
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment ($507,518.85)
ii Capitalized Interest 5,843,718.45
----------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 5,336,199.60
--------------------------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 19,697,711.78
--------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
-------------------------------------------------------------------------------
III. 1996-4 COLLECTION ACCOUNT ACTIVITY 07/01/2000 THROUGH 09/30/2000
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $ 36,360,693.80
ii Cash Forwarded by Administrator on behalf of Seller 45,583.78
iii Cash Forwarded by Administrator on behalf of Servicer 1,376.71
iv Cash Forwarded by Administrator for Consolidation Activity 5,714,871.05
---------------
v TOTAL PRINCIPAL COLLECTIONS $ 42,122,525.34
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 14,056,481.37
ii Cash Forwarded by Administrator on behalf of Seller (868.32)
iii Cash Forwarded by Administrator on behalf of Servicer 6,085.15
iv Cash Forwarded by Administrator for Consolidation Activity 50,711.12
v Cash Forwarded by Administrator for Late Fee Activity 249,102.86
---------------
vi TOTAL INTEREST COLLECTIONS $ 14,361,512.18
C OTHER REIMBURSEMENTS $ 112,197.75
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 606,351.38
E RETURN FUNDS BORROWED FOR PREVIOUS DISTRIBUTION $ 0.00
F TOTAL FUNDS RECEIVED $ 57,202,586.65
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($1,247,991.60)
--------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 55,954,595.05
--------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
G SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $ 609,663.52
ii Percentage of Principal Calculation $ 820,324.59
iii Lesser of Unit or Principal Calculation $ 609,663.52
H SERVICING FEES DUE FOR CURRENT PERIOD $ 609,663.52
I CARRYOVER SERVICING FEES DUE $ 639,780.38
JUL-00 Servicing Carryover $ 220,660.43
AUG-00 Servicing Carryover $ 215,920.74
SEP-00 Servicing Carryover $ 210,661.07
-----------
$ 647,242.24
LESS: Servicing ADJ [A iii + B iii] ($7,461.86)
-------------
TOTAL: CARRYOVER SERVICING FEE DUE $ 639,780.38
=============
J ADMINISTRATION FEES DUE $ 20,000.00
--------------------------------------------------------------------------------------------------
K TOTAL FEES DUE FOR PERIOD $ 1,269,443.90
--------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
-------------------------------------------------------------------------------
IV. 1996-4 PORTFOLIO CHARACTERISTICS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------
WEIGHTED AVG COUPON # OF LOANS %
-------------------------------------------------------------------------------------------------------------------------------
STATUS 6/30/2000 9/30/2000 6/30/2000 9/30/2000 6/30/2000 9/30/2000
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 7.461% 8.302% 7,177 6,239 2.024% 1.841%
GRACE
Current 7.449% 8.307% 3,766 4,031 1.062% 1.189%
-------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.457% 8.304% 10,943 10,270 3.086% 3.030%
-------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current 7.798% 8.523% 244,057 229,099 68.822% 67.594%
31-60 Days Delinquent 7.809% 8.587% 14,175 14,422 3.997% 4.255%
61-90 Days Delinquent 7.806% 8.555% 6,544 7,292 1.845% 2.151%
91-120 Days Delinquent 7.790% 8.592% 3,229 4,021 0.911% 1.186%
> 120 Days Delinquent 7.785% 8.540% 4,397 5,168 1.240% 1.525%
DEFERMENT
Current 7.625% 8.521% 33,055 33,792 9.321% 9.970%
FORBEARANCE
Current 7.794% 8.547% 37,325 34,241 10.525% 10.103%
-------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.777% 8.532% 342,782 328,035 96.661% 96.784%
-------------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 7.801% 8.525% 879 612 0.248% 0.181%
AGED CLAIMS REJECTED (2) 7.730% 8.369% 17 17 0.005% 0.005%
-------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.764% 8.522% 354,621 338,934 100.000% 100.000%
-------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------
PRINCIPAL AMOUNT %
-------------------------------------------------------------------------------------------------------
STATUS 6/30/2000 9/30/2000 6/30/2000 9/30/2000
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current $ 20,733,450.15 $ 18,003,062.76 2.565% 2.334%
GRACE
Current $ 10,971,679.47 $ 11,771,348.35 1.357% 1.526%
-------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 31,705,129.62 $ 29,774,411.11 3.922% 3.860%
-------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current $ 492,367,940.10 $ 459,701,289.32 60.914% 59.588%
31-60 Days Delinquent $ 33,018,167.58 $ 32,970,971.68 4.085% 4.274%
61-90 Days Delinquent $ 16,519,144.40 $ 19,053,763.09 2.044% 2.470%
91-120 Days Delinquent $ 8,314,888.24 $ 11,008,134.59 1.029% 1.427%
> 120 Days Delinquent $ 11,990,935.61 $ 14,031,600.82 1.483% 1.819%
DEFERMENT
Current $ 91,698,227.11 $ 93,033,649.08 11.345% 12.059%
FORBEARANCE
Current $ 120,461,876.54 $ 110,300,630.27 14.903% 14.297%
-------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 774,371,179.58 $ 740,100,038.85 95.803% 95.934%
-------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) $ 2,176,074.98 $ 1,519,369.62 0.269% 0.197%
AGED CLAIMS REJECTED (2) $ 50,276.51 $ 66,327.97 0.006% 0.009%
-------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 808,302,660.69 $ 771,460,147.55 100.000% 100.000%
-------------------------------------------------------------------------------------------------------
</TABLE>
[CHART] [CHART]
LOAN STATUS BY OUTSTANDING LOAN STATUS BY OUTSTANDING
PRINCIPAL, JUNE 30, 2000 PRINCIPAL, SEPTEMBER 30, 2000
(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 9/30/00
-------------------------------------------------------------------------------
<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 1.455% 0.463% 0.000% 0.000% 0.223% 0.090% 0.000% 0.000%
GRACE
Current 0.974% 0.308% 0.000% 0.000% 0.125% 0.045% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 2.429% 0.771% 0.000% 0.000% 0.348% 0.135% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 34.505% 9.265% 2.722% 2.507% 3.573% 1.272% 0.143% 0.220%
31-60 Days Delinquent 2.166% 0.466% 0.206% 0.200% 0.373% 0.118% 0.013% 0.030%
61-90 Days Delinquent 1.181% 0.308% 0.096% 0.119% 0.265% 0.094% 0.005% 0.015%
91-120 Days Delinquent 0.621% 0.168% 0.063% 0.082% 0.163% 0.044% 0.004% 0.015%
> 120 Days Delinquent 0.807% 0.229% 0.037% 0.087% 0.224% 0.067% 0.002% 0.015%
DEFERMENT
Current 6.958% 1.976% 0.230% 0.603% 0.918% 0.292% 0.015% 0.071%
FORBEARANCE
Current 6.663% 2.263% 0.483% 0.890% 1.370% 0.423% 0.031% 0.101%
-----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 52.901% 14.675% 3.837% 4.488% 6.886% 2.310% 0.213% 0.467%
-----------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.078% 0.027% 0.007% 0.005% 0.029% 0.014% 0.000% 0.003%
AGED CLAIMS REJECTED (2) 0.004% 0.003% 0.000% 0.000% 0.002% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 55.412% 15.476% 3.844% 4.493% 7.265% 2.459% 0.213% 0.470%
-----------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 79.225% 10.407%
-----------------------------------------------------------------------------------------------------------------------
<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 0.050% 0.043% 0.000% 0.000% 0.007% 0.003% 0.000% 0.000%
GRACE
Current 0.030% 0.023% 0.000% 0.000% 0.011% 0.010% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.080% 0.066% 0.000% 0.000% 0.018% 0.013% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 2.707% 1.325% 0.334% 0.600% 0.235% 0.117% 0.007% 0.056%
31-60 Days Delinquent 0.393% 0.142% 0.037% 0.104% 0.016% 0.000% 0.000% 0.010%
61-90 Days Delinquent 0.210% 0.080% 0.024% 0.049% 0.012% 0.007% 0.000% 0.005%
91-120 Days Delinquent 0.159% 0.061% 0.008% 0.031% 0.005% 0.002% 0.000% 0.001%
> 120 Days Delinquent 0.199% 0.088% 0.013% 0.043% 0.003% 0.005% 0.000% 0.000%
DEFERMENT
Current 0.437% 0.205% 0.020% 0.115% 0.104% 0.077% 0.000% 0.038%
FORBEARANCE
Current 0.983% 0.504% 0.065% 0.201% 0.141% 0.121% 0.000% 0.058%
-----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 5.088% 2.405% 0.501% 1.143% 0.516% 0.329% 0.007% 0.168%
-----------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.019% 0.009% 0.000% 0.006% 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 5.187% 2.480% 0.501% 1.149% 0.534% 0.342% 0.007% 0.168%
-----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 9.317% 1.051%
-----------------------------------------------------------------------------------------------------------------
</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.
[CHART] [CHART]
LOAN PROGRAMS LOAN PROGRAMS
JUNE 30, 2000 SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 1.918% 0.313% 0.093% 0.010% 2.334%
GRACE
Current 1.282% 0.170% 0.053% 0.021% 1.526%
------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 3.200% 0.483% 0.146% 0.031% 3.860%
------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 48.999% 5.208% 4.966% 0.415% 59.588%
31-60 Days Delinquent 3.038% 0.534% 0.676% 0.026% 4.274%
61-90 Days Delinquent 1.704% 0.379% 0.363% 0.024% 2.470%
91-120 Days Delinquent 0.934% 0.226% 0.259% 0.008% 1.427%
> 120 Days Delinquent 1.160% 0.308% 0.343% 0.008% 1.819%
DEFERMENT
Current 9.767% 1.296% 0.777% 0.219% 12.059%
FORBEARANCE
Current 10.299% 1.925% 1.753% 0.320% 14.297%
------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 75.901% 9.876% 9.137% 1.020% 95.934%
------------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.117% 0.046% 0.034% 0.000% 0.197%
AGED CLAIMS REJECTED (2) 0.007% 0.002% 0.000% 0.000% 0.009%
------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 79.225% 10.407% 9.317% 1.051% 100.000%
------------------------------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
-------------------------------------------------------------------------------
VI. 1996-4 INTEREST CALCULATION
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 14,929,716.95
B Interest Subsidy Payments Accrued During Collection Period 1,887,019.19
C SAP Payments Accrued During Collection Period 1,565,113.84
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 43,469.74
E Investment Earnings (ADMINISTRATOR ACCOUNTS) 606,351.38
----------------
F NET EXPECTED INTEREST COLLECTIONS $ 19,031,671.10
G STUDENT LOAN RATE
i Days in Calculation Period 92
ii Days in Year 366
iii Net Expected Interest Collections $ 19,031,671.10
iv Primary Servicing Fee $ 1,857,655.12
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 814,237,158.89
vii STUDENT LOAN RATE 8.38124%
</TABLE>
<TABLE>
<CAPTION>
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 6.71788%
I CLASS A-1 INTEREST RATE 0.016886475 (7/25/00-10/25/00) 6.71788%
J Class A-2 T-Bill Based Interest Rate 6.87788%
K CLASS A-2 INTEREST RATE 0.017288661 (7/25/00-10/25/00) 6.87788%
L Certificate T-Bill Based Rate of Return 7.16788%
M CERTIFICATE RATE OF RETURN 0.018017623 (7/25/00-10/25/00) 7.16788%
</TABLE>
-------------------------------------------------------------------------------
6
<PAGE>
-------------------------------------------------------------------------------
VII. 1996-4 WEEKLY T-BILL RATE RESETS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
NUMBER OF
PERIOD DAYS WEIGHTED 91 DAY T-BILL A-1 RESET A-2 RESET CERT RESET
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
7/25/00-7/31/00 7 6.1870% 6.6670% 6.8270% 7.1170%
8/1/00-8/7/00 7 6.2690% 6.7490% 6.9090% 7.1990%
8/8/00-8/14/00 7 6.2780% 6.7580% 6.9180% 7.2080%
8/15/00-8/21/00 7 6.2690% 6.7490% 6.9090% 7.1990%
8/22/00-8/28/00 7 6.2910% 6.7710% 6.9310% 7.2210%
8/29/00-9/5/00 8 6.3230% 6.8030% 6.9630% 7.2530%
9/6/00-9/11/00 6 6.2450% 6.7250% 6.8850% 7.1750%
9/12/00-9/18/00 7 6.1210% 6.6010% 6.7610% 7.0510%
9/19/00-9/25/00 7 6.1370% 6.6170% 6.7770% 7.0670%
9/26/00-10/02/00 7 6.1830% 6.6630% 6.8230% 7.1130%
10/3/00-10/10/00 8 6.2570% 6.7370% 6.8970% 7.1870%
10/11/00-10/16/00 6 6.2570% 6.7370% 6.8970% 7.1870%
10/17/00-10/24/00 8 6.2610% 6.7410% 6.9010% 7.1910%
TOTAL DAYS IN
ACCRUAL PERIOD 92
--------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
-------------------------------------------------------------------------------
VIII. 1996-4 INPUTS FROM PREVIOUS QUARTERLY SERVICING REPORTS 06/30/2000
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 808,302,660.69
ii Interest To Be Capitalized $ 5,934,498.20
-----------------
iii Total Pool $ 814,237,158.89
iv Specified Reserve Account Balance $ 2,035,592.90
-----------------
v TOTAL ADJUSTED POOL $ 816,272,751.79
=================
B Total Note and Certificate Factor 0.54237392146
C TOTAL NOTE AND CERTIFICATE BALANCE $ 816,272,751.79
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 07/25/2000 CLASS A-1 CLASS A-2 CERTIFICATES
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor 0.2805523366 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 268,572,751.79 $ 495,000,000.00 $ 52,700,000.00
----------------- ---------------- ----------------
iv NOTE BALANCE $ 268,572,751.79 $ 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 $ 2,035,592.90
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>
8
<PAGE>
-------------------------------------------------------------------------------
IX. 1996-4 WATERFALL FOR DISTRIBUTIONS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
REMAINING
FUNDS BALANCE
-------------
<S> <C> <C>
A Total Available Funds ( Sections $ 55,998,064.79 $ 55,998,064.79
III -F + VI-D)
B Primary Servicing Fees-Current Month $ 609,663.52 $ 55,388,401.27
C Administration Fee $ 20,000.00 $ 55,368,401.27
D Noteholder's Interest
Distribution Amount
i Class A-1 $ 4,535,247.06 $ 50,833,154.21
ii Class A-2 $ 8,557,887.20 $ 42,275,267.01
----------------
iii TOTAL NOTEHOLDER'S
INTEREST DISTRIBUTION $ 13,093,134.26
E CERTIFICATEHOLDER'S
RETURN DISTRIBUTION AMOUNT $ 949,528.73 $ 41,325,738.28
F Noteholder's Principal
Distribution Amount Paid
i Class A-1 $ 37,502,793.89 $ 3,822,944.39
ii Class A-2 $ 0.00 $ 3,822,944.39
----------------
iii TOTAL NOTEHOLDER'S
PRINCIPAL DISTRIBUTION $ 37,502,793.89
G CERTIFICATEHOLDER'S
BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 3,822,944.39
H Increase to the Specified Reserve
Account Balance $ 0.00 $ 3,822,944.39
I Carryover Servicing Fees $ 639,780.38 $ 3,183,164.01
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 3,183,164.01
i Class A-2 $ 0.00 $ 3,183,164.01
----------------
iii TOTAL NOTEHOLDER'S
INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 3,183,164.01
L EXCESS TO RESERVE ACCOUNT $ 3,183,164.01 $ 0.00
-------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
-------------------------------------------------------------------------------
X. 1996-4 DISTRIBUTIONS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
A DISTRIBUTION AMOUNTS CLASS A-1 CLASS A-2 CERTIFICATES
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 4,535,247.06 $8,557,887.20 $ 949,528.73
ii Quarterly Interest Paid 4,535,247.06 8,557,887.20 949,528.73
------------------- ------------- ------------
iii INTEREST SHORTFALL $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00 0.00
------------------- ------------- ------------
vi INTEREST CARRYOVER $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 37,502,793.89 $ 0.00 $ 0.00
viii Quarterly Principal Paid 37,502,793.89 0.00 0.00
------------------- ------------- ------------
ix QUARTERLY PRINCIPAL SHORTFALL $ 0.00 $ 0.00 $ 0.00
----------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 42,038,040.95 $8,557,887.20 $ 949,528.73
----------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates Principal
Balance 9/30/00 $ 816,272,751.79
ii Adjusted Pool Balance 9/30/00 778,769,957.90
-------------------
iii Adjusted Pool Exceeding Notes and
Certificate Balance (i-ii) $ 37,502,793.89
===================
iv Adjusted Pool Balance 6/30/00 $ 816,272,751.79
v Adjusted Pool Balance 9/30/00 $ 778,769,957.90
-------------------
vi Current Principal Due
(iv-v) $ 37,502,793.89
vii Principal Shortfall from Previous
Collection Period $ -
-------------------
viii Principal Distribution
Amount(vi + vii) $ 37,502,793.89
===================
ix PRINCIPAL DISTRIBUTION
AMOUNT PAID $ 37,502,793.89
x Principal Shortfall (viii-ix) $ -
C Total Principal
Distribution $ 37,502,793.89
D Total Interest Distribution 14,042,662.99
-------------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND
CERTIFICATES $ 51,545,456.88
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 07/25/2000 10/25/2000
--------------------------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note (78442GAG1) $ 268,572,751.79 $ 231,069,957.90
Balance
A-1 Note Pool Factor 0.2805523366 0.2413767449
ii A-2 Note (78442GAH9) $ 495,000,000.00 $ 495,000,000.00
Balance
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAJ5) $ 52,700,000.00 $ 52,700,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
---------------------------------------------------------------------------------------------------
G RESERVE ACCOUNT RECONCILIATION
i Beginning of Period $ 2,035,592.90
Balance
ii Deposits to correct $ -
Shortfall
iii Deposits from Excess $ 3,183,164.01
Servicing
--------------------
iv Total Reserve Account Balance Available $ 5,218,756.91
v Required Reserve Account $ 1,942,069.72
Balance
vi Shortfall Carried to Next $ -
Period
vii Excess Reserve - Release to SLM Funding $ 3,276,687.19
Corp.
viii Ending Reserve Account $ 1,942,069.72
Balance
-----------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
-------------------------------------------------------------------------------
XI. 1996-4 HISTORICAL POOL INFORMATION
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
7/1/00-9/30/00 4/1/00-6/30/00 1/1/00-3/31/00
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 808,302,660.69 $ 840,684,486.07 $ 875,364,537.56
------------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 33,218,730.39 $ 30,807,851.27 $ 31,791,494.86
ii Principal Collections from Guarantor 3,141,963.41 3,729,154.25 3,438,828.10
iii Principal Reimbursements 5,761,831.54 3,395,774.16 5,253,409.47
iv Other System Adjustments - - -
---------------------------------------------------------------------------
v Total Principal Collections $ 42,122,525.34 $ 37,932,779.68 $ 40,483,732.43
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 563,706.25 $ 621,202.61 $ 861,157.60
ii Capitalized Interest (5,843,718.45) (6,172,156.91) (6,664,838.54)
---------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (5,280,012.20) $ (5,550,954.30) $ (5,803,680.94)
---------------------------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 36,842,513.14 $ 32,381,825.38 $ 34,680,051.49
---------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 9,533,325.06 $ 9,345,630.58 $ 9,937,328.50
ii Interest Claims Received from
Guarantors 205,291.18 257,809.17 230,037.01
iii Late Fee Reimbursements 249,102.86 242,239.76 274,419.33
iv Interest Reimbursements 55,927.95 36,475.86 80,776.21
v Other System Adjustments - - -
vi Special Allowance Payments 2,448,305.84 2,119,872.58 1,188,840.65
vii Subsidy Payments 1,869,559.29 1,969,695.44 2,148,255.02
---------------------------------------------------------------------------
viii Total Interest Collections $ 14,361,512.18 $ 13,971,723.39 $ 13,859,656.72
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (507,518.85) $ (550,593.83) $ (805,088.29)
ii Capitalized Interest 5,843,718.45 6,172,156.91 6,664,838.54
---------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 5,336,199.60 $ 5,621,563.08 $ 5,859,750.25
---------------------------------------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 19,697,711.78 $ 19,593,286.47 $ 19,719,406.97
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 771,460,147.55 $ 808,302,660.69 $ 840,684,486.07
---------------------------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 5,367,740.63 $ 5,934,498.20 $ 7,110,299.64
---------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 776,827,888.18 $ 814,237,158.89 $ 847,794,785.71
---------------------------------------------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 1,942,069.72 $ 2,035,592.90 $ 2,119,486.96
---------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 778,769,957.90 $ 816,272,751.79 $ 849,914,272.67
---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------
1999 1998 1997 1996
---------------------------------------------------------------------------
1/1/99-12/31/99 1/1/98-12/31/98 1/1/97-12/31/97 9/3/96-12/31/96
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $1,035,285,864.26 $1,207,834,554.65 $1,429,671,216.95 $1,478,535,335.85
----------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 139,223,600.78 $ 148,950,202.58 $ 150,239,015.41 $ 47,792,030.07
ii Principal Collections from Guarantor 19,543,310.08 43,325,114.59 47,800,739.56 651,773.25
iii Principal Reimbursements 24,457,695.61 2,347,438.60 46,963,233.81 14,902,506.96
iv Other System Adjustments - - - (713.51)
-----------------------------------------------------------------------------
v Total Principal Collections $ 183,224,606.47 $ 194,622,755.77 $ 245,002,988.78 $ 63,345,596.77
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 3,352,167.02 $ 3,338,919.10 $ 3,929,552.20 $ 1,431,259.68
ii Capitalized Interest (26,655,446.79) (25,412,984.48) (27,095,878.68) (15,912,737.55)
-----------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (23,303,279.77) $ (22,074,065.38) $ (23,166,326.48) $ (14,481,477.87)
----------------------------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 159,921,326.70 $ 172,548,690.39 $ 221,836,662.30 $ 48,864,118.90
----------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 44,961,493.53 $ 53,198,257.71 $ 56,301,281.76 $ 15,484,377.46
ii Interest Claims Received from
Guarantors 1,201,310.33 2,698,296.08 2,921,282.00 13,446.63
iii Late Fee Reimbursements 1,057,297.94 307,848.97 - -
iv Interest Reimbursements 401,919.13 114,449.84 723,149.71 282,181.00
v Other System Adjustments - - - (287.62)
vi Special Allowance Payments 429,888.43 1,315,559.80 1,981,421.00 257,877.96
vii Subsidy Payments 12,026,492.61 17,635,547.74 28,812,210.76 3,637,851.32
-----------------------------------------------------------------------------
viii Total Interest Collections $ 60,078,401.97 $ 75,269,960.14 $ 90,739,345.23 $ 19,675,446.75
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,988,129.57) $ (2,677,336.29) $ (3,293,910.82) $ (1,407,772.50)
ii Capitalized Interest 26,655,446.79 25,412,984.48 27,095,878.68 15,912,737.55
-----------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 23,667,317.22 $ 22,735,648.19 $ 23,801,967.86 $ 14,504,965.05
-----------------------------------------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 83,745,719.19 $ 98,005,608.33 $ 114,541,313.09 $ 34,180,411.80
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 875,364,537.56 $1,035,285,864.26 $1,207,834,554.65 $1,429,671,216.95
----------------------------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 8,006,162.46 $ 12,585,073.13 $ 14,614,638.32 $ 15,760,176.45
----------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 883,370,700.02 $1,047,870,937.39 $1,222,449,192.97 $1,445,431,393.40
----------------------------------------------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 2,208,426.75 $ 2,619,677.34 $ 3,197,361.80 $ 3,752,958.00
----------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 885,579,126.77 $1,050,490,614.73 $1,225,646,554.77 $1,449,184,351.40
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
11
<PAGE>
-------------------------------------------------------------------------------
XII. 1996-4 PAYMENT HISTORY AND CPRS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
<S> <C> <C>
Oct-96 $ 1,501,183,283 -
Jan-97 $ 1,445,431,393 5.70%
Apr-97 $ 1,393,348,336 5.80%
Jul-97 $ 1,335,564,804 6.30%
Oct-97 $ 1,278,944,721 6.57%
Jan-98 $ 1,222,449,193 6.82%
Apr-98 $ 1,176,016,497 6.44%
Jul-98 $ 1,130,616,448 6.11%
Oct-98 $ 1,088,632,931 5.70%
Jan-99 $ 1,047,870,937 5.32%
Apr-99 $ 1,003,341,745 5.09%
Jul-99 $ 952,927,029 5.11%
Oct-99 $ 916,222,689 4.68%
Jan-00 $ 883,370,700 4.18%
Apr-00 $ 847,794,786 3.79%
Jul-00 $ 814,237,159 3.36%
Oct-00 $ 776,827,888 3.26%
</TABLE>
* "SINCE ISSUED CPR" IS BASED ON THE CURRENT PERIOD'S ENDING POOL BALANCE
CALCULATED AGAINST THE ORIGINAL POOL BALANCE AND ASSUMING CUTOFF DATE POOL DATA.
-------------------------------------------------------------------------------
12
<PAGE>
SLM STUDENT LOAN TRUST 1997-1
QUARTERLY SERVICING REPORT
REPORT DATE: 09/30/2000 REPORTING PERIOD: 7/1/00-9/30/00
-------------------------------------------------------------------------------
I. DEAL PARAMETERS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
STUDENT LOAN PORTFOLIO CHARACTERISTICS 06/30/2000 ACTIVITY 09/30/2000
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $1,288,063,838.10 $(48,519,336.21) $1,239,544,501.89
ii Interest to be Capitalized 8,390,471.44 7,776,646.82
------------------ ------------------
iii Total Pool $1,296,454,309.54 $1,247,321,148.71
iv Specified Reserve Account Balance 3,241,135.77 3,118,302.87
------------------ ------------------
v TOTAL ADJUSTED POOL $1,299,695,445.31 $1,250,439,451.58
================== ==================
B i Weighted Average Coupon (WAC) 7.7354% 8.5064%
ii Weighted Average Remaining Term 95.39 94.46
iii Number of Loans 475,065 461,434
iv Number of Borrowers 196,297 190,007
-----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
NOTES AND CERTIFICATES SPREAD BALANCE 7/25/00 % OF POOL BALANCE 10/25/00 % OF POOL
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAK2 0.46% $ 440,495,445.31 33.892% $ 391,239,451.58 31.288%
ii A-2 Notes 78442GAL0 0.57% 787,400,000.00 60.583% 787,400,000.00 62.970%
iii Certificates 78442GAM8 0.85% 71,800,000.00 5.524% 71,800,000.00 5.742%
-----------------------------------------------------------------------------------------------------------------
iv TOTAL NOTES AND CERTIFICATES $1,299,695,445.31 100.000% $1,250,439,451.58 100.000%
=================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------
RESERVE ACCOUNT 07/25/2000 10/25/2000
----------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 3,241,135.77 $ 3,118,302.87
iv Reserve Account Floor Balance ($) $ 2,004,092.00 $ 2,004,092.00
v Current Reserve Acct Balance ($) $ 3,241,135.77 $ 3,118,302.87
----------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------------
REPORTING PERIOD COLLECTION PD CALCULATION PD
----------------------------------------------------------------------------------
<S> <C> <C>
E i Begin Date 7/1/2000 7/1/2000
ii End Date 9/30/2000 9/30/2000
iii Days In Period 92 92
iv Days In Year 366 366
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
F % OF INITIAL POOL 62.24%
----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
-------------------------------------------------------------------------------
II. 1997-1 TRANSACTIONS FROM: 07/01/2000 THROUGH: 09/30/2000
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 44,652,750.20
ii Principal Collections from Guarantor 5,329,899.15
iii Principal Reimbursements 6,372,154.84
iv Other System Adjustments 0.00
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 56,354,804.19
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 1,017,327.92
ii Capitalized Interest (8,852,795.90)
----------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (7,835,467.98)
--------------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 48,519,336.21
--------------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 15,443,039.68
ii Interest Claims Received from Guarantors 364,979.48
iii Late Fee Reimbursements 365,845.98
iv Interest Reimbursements 59,828.10
v Other System Adjustments 0.00
vi Special Allowance Payments 4,023,326.89
vii Subsidy Payments 3,017,569.43
----------------
viii TOTAL INTEREST COLLECTIONS $ 23,274,589.56
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment ($929,296.26)
ii Capitalized Interest $ 8,852,795.90
----------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 7,923,499.64
--------------------------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 31,198,089.20
--------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
-------------------------------------------------------------------------------
III. 1997-1 COLLECTION ACCOUNT ACTIVITY 07/01/2000 THROUGH 09/30/2000
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $ 49,982,649.35
ii Cash Forwarded by Administrator on behalf of Seller 59,278.25
iii Cash Forwarded by Administrator on behalf of Servicer 802.36
iv Cash Forwarded by Administrator for Consolidation Activity 6,312,074.23
---------------
v TOTAL PRINCIPAL COLLECTIONS $ 56,354,804.19
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 22,848,915.48
ii Cash Forwarded by Administrator on behalf of Seller 344.66
iii Cash Forwarded by Administrator on behalf of Servicer 5,052.35
iv Cash Forwarded by Administrator for Consolidation Activity 54,431.09
v Cash Forwarded by Administrator for Late Fee Activity 365,845.98
---------------
vi TOTAL INTEREST COLLECTIONS $ 23,274,589.56
C OTHER REIMBURSEMENTS $ 277,734.55
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 850,560.55
E RETURN FUNDS BORROWED FOR PREVIOUS DISTRIBUTION $ -
F TOTAL FUNDS RECEIVED $ 80,757,688.85
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($1,696,119.74)
--------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 79,061,569.11
--------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
G SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $ 833,996.10
ii Percentage of Principal Calculation $ 1,201,000.95
iii Lesser of Unit or Principal Calculation $ 833,996.10
H SERVICING FEES DUE FOR CURRENT PERIOD $ 833,996.10
I CARRYOVER SERVICING FEES DUE $ 1,118,218.56
JUL-00 Servicing Carryover $ 382,465.53
AUG-00 Servicing Carryover $ 374,602.89
SEP-00 Servicing Carryover $ 367,004.85
------------------
$ 1,124,073.27
LESS: Servicing ADJ [A iii + B iii] ($5,854.71)
------------------
TOTAL: CARRYOVER SERVICING FEE DUE $ 1,118,218.56
------------------
J ADMINISTRATION FEES DUE $ 20,000.00
--------------------------------------------------------------------------------------------------
K TOTAL FEES DUE FOR PERIOD $ 1,972,214.66
--------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
-------------------------------------------------------------------------------
IV. 1997-1 PORTFOLIO CHARACTERISTICS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
WEIGHTED AVG COUPON # OF LOANS %
---------------------------------------------------------------------------------------------------------------------------------
STATUS 6/30/2000 9/30/2000 6/30/2000 9/30/2000 6/30/2000 9/30/2000
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 7.501% 8.316% 10,595 9,411 2.230% 2.040%
GRACE
Current 7.478% 8.317% 5,941 6,147 1.251% 1.332%
---------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.493% 8.317% 16,536 15,558 3.481% 3.372%
---------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current 7.766% 8.520% 313,092 298,723 65.905% 64.737%
31-60 Days Delinquent 7.767% 8.535% 18,380 18,308 3.869% 3.968%
61-90 Days Delinquent 7.764% 8.502% 9,564 10,805 2.013% 2.342%
91-120 Days Delinquent 7.757% 8.521% 4,838 5,709 1.018% 1.237%
> 120 Days Delinquent 7.756% 8.501% 7,427 8,295 1.563% 1.798%
DEFERMENT
Current 7.596% 8.498% 50,581 52,798 10.647% 11.442%
FORBEARANCE
Current 7.767% 8.502% 53,279 50,254 11.215% 10.891%
---------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.746% 8.514% 457,161 444,892 96.230% 96.415%
---------------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 7.763% 8.497% 1338 952 0.282% 0.206%
AGED CLAIMS REJECTED (2) 7.730% 8.426% 30 32 0.006% 0.007%
---------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.735% 8.506% 475,065 461,434 100.000% 100.000%
---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------------------------------------------------------------
PRINCIPAL AMOUNT %
---------------------------------------------------------------------------------------------------------------------------
STATUS 6/30/2000 9/30/2000 6/30/2000 9/30/2000
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current $ 31,902,355.54 $ 27,956,187.55 2.477% 2.255%
GRACE
Current $ 17,485,752.87 $ 18,535,702.35 1.358% 1.495%
---------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 49,388,108.41 $ 46,491,889.90 3.835% 3.750%
---------------------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current $ 796,882,192.50 $ 749,948,915.17 61.866% 60.502%
31-60 Days Delinquent $ 50,183,270.00 $ 49,771,894.10 3.896% 4.015%
61-90 Days Delinquent $ 26,675,250.09 $ 31,917,204.85 2.071% 2.575%
91-120 Days Delinquent $ 13,412,829.78 $ 16,089,082.12 1.041% 1.298%
> 120 Days Delinquent $ 20,613,124.79 $ 23,015,094.40 1.600% 1.857%
DEFERMENT
Current $ 144,760,743.38 $ 149,981,836.76 11.239% 12.100%
FORBEARANCE
Current $ 182,618,300.57 $ 169,850,846.83 14.178% 13.703%
---------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 1,235,145,711.11 $ 1,190,574,874.23 95.891% 96.050%
---------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) $ 3,458,973.21 $ 2,411,391.51 0.268% 0.195%
AGED CLAIMS REJECTED (2) $ 71,045.37 $ 66,346.25 0.006% 0.005%
---------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 1,288,063,838.10 $ 1,239,544,501.89 100.000% 100.000%
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
[CHART] [CHART]
LOAN STATUS BY OUTSTANDING LOAN STATUS BY OUTSTANDING
PRINCIPAL, JUNE 30, 2000 PRINCIPAL, SEPTEMBER 30, 2000
(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 9/30/00
-------------------------------------------------------------------------------
<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 1.481% 0.349% 0.000% 0.000% 0.220% 0.075% 0.000% 0.000%
GRACE
Current 0.935% 0.255% 0.000% 0.000% 0.143% 0.045% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 2.416% 0.604% 0.000% 0.000% 0.363% 0.120% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 32.375% 10.157% 3.057% 1.989% 3.664% 1.414% 0.163% 0.215%
31-60 Days Delinquent 1.793% 0.541% 0.196% 0.126% 0.391% 0.128% 0.011% 0.027%
61-90 Days Delinquent 1.118% 0.342% 0.079% 0.097% 0.257% 0.092% 0.003% 0.015%
91-120 Days Delinquent 0.547% 0.152% 0.050% 0.034% 0.173% 0.053% 0.003% 0.010%
> 120 Days Delinquent 0.703% 0.208% 0.035% 0.064% 0.235% 0.080% 0.002% 0.012%
DEFERMENT
Current 6.970% 1.936% 0.123% 0.508% 0.910% 0.311% 0.010% 0.062%
FORBEARANCE
Current 6.183% 2.057% 0.400% 0.666% 1.269% 0.476% 0.017% 0.090%
-----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 49.689% 15.393% 3.940% 3.484% 6.899% 2.554% 0.209% 0.431%
-----------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.073% 0.022% 0.006% 0.004% 0.021% 0.008% 0.000% 0.001%
AGED CLAIMS REJECTED (2) 0.002% 0.000% 0.000% 0.000% 0.002% 0.001% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 52.180% 16.019% 3.946% 3.488% 7.285% 2.683% 0.209% 0.432%
-----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 75.633% 10.609%
-----------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 0.039% 0.027% 0.000% 0.000% 0.037% 0.027% 0.000% 0.000%
GRACE
Current 0.018% 0.010% 0.000% 0.000% 0.045% 0.044% 0.000% 0.000%
----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.057% 0.037% 0.000% 0.000% 0.082% 0.071% 0.000% 0.000%
----------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 3.470% 2.300% 0.657% 0.600% 0.239% 0.147% 0.012% 0.043%
31-60 Days Delinquent 0.413% 0.247% 0.046% 0.062% 0.013% 0.016% 0.000% 0.005%
61-90 Days Delinquent 0.267% 0.168% 0.017% 0.038% 0.039% 0.033% 0.000% 0.010%
91-120 Days Delinquent 0.153% 0.092% 0.010% 0.017% 0.003% 0.001% 0.000% 0.000%
> 120 Days Delinquent 0.278% 0.173% 0.008% 0.041% 0.008% 0.009% 0.000% 0.001%
DEFERMENT
Current 0.493% 0.297% 0.011% 0.084% 0.170% 0.168% 0.001% 0.046%
FORBEARANCE
Current 1.170% 0.773% 0.058% 0.177% 0.152% 0.183% 0.001% 0.031%
----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 6.244% 4.050% 0.807% 1.019% 0.624% 0.557% 0.014% 0.136%
----------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.032% 0.020% 0.001% 0.005% 0.001% 0.001% 0.000% 0.000%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 6.333% 4.107% 0.808% 1.024% 0.707% 0.629% 0.014% 0.136%
----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 12.272% 1.486%
----------------------------------------------------------------------------------------------------------------
</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.
[CHART] [CHART]
Loan Programs Loan Programs
June 30, 2000 September 30, 2000
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 1.830% 0.295% 0.066% 0.064% 2.255%
GRACE
Current 1.190% 0.188% 0.028% 0.089% 1.495%
-----------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 3.020% 0.483% 0.094% 0.153% 3.750%
-----------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 47.578% 5.456% 7.027% 0.441% 60.502%
31-60 Days Delinquent 2.656% 0.557% 0.768% 0.034% 4.015%
61-90 Days Delinquent 1.636% 0.367% 0.490% 0.082% 2.575%
91-120 Days Delinquent 0.783% 0.239% 0.272% 0.004% 1.298%
> 120 Days Delinquent 1.010% 0.329% 0.500% 0.018% 1.857%
DEFERMENT
Current 9.537% 1.293% 0.885% 0.385% 12.100%
FORBEARANCE
Current 9.306% 1.852% 2.178% 0.367% 13.703%
-----------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 72.506% 10.093% 12.120% 1.331% 96.050%
-----------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.105% 0.030% 0.058% 0.002% 0.195%
AGED CLAIMS REJECTED (2) 0.002% 0.003% 0.000% 0.000% 0.005%
-----------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 75.633% 10.609% 12.272% 1.486% 100.000%
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
-------------------------------------------------------------------------------
VI. 1997-1 INTEREST CALCULATION
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 23,690,225.78
B Interest Subsidy Payments Accrued During Collection Period 3,085,108.93
C SAP Payments Accrued During Collection Period 2,471,172.90
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 67,553.48
E Investment Earnings (ADMINISTRATOR ACCOUNTS) 850,560.55
----------
F NET EXPECTED INTEREST COLLECTIONS $ 30,164,621.64
G STUDENT LOAN RATE
i Days in Calculation Period 92
ii Days in Year 366
iii Net Expected Interest Collections $ 30,164,621.64
iv Primary Servicing Fee $ 2,530,115.84
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,296,454,309.54
vii STUDENT LOAN RATE 8.47370%
</TABLE>
<TABLE>
<CAPTION>
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 6.69788%
I CLASS A-1 INTEREST RATE 0.016836202 (7/25/00-10/25/00) 6.69788%
J Class A-2 T-Bill Based Interest Rate 6.80788%
K CLASS A-2 INTEREST RATE 0.017112705 (7/25/00-10/25/00) 6.80788%
L Certificate T-Bill Based Rate of Return 7.08788%
M CERTIFICATE RATE OF RETURN 0.017816530 (7/25/00-10/25/00) 7.08788%
</TABLE>
-------------------------------------------------------------------------------
6
<PAGE>
-------------------------------------------------------------------------------
VII. 1997-1 WEEKLY T-BILL RATE RESETS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
NUMBER OF
PERIOD DAYS WEIGHTED 91 DAY T-BILL A-1 RESET A-2 RESET CERT RESET
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
7/25/00-7/31/00 7 6.1870% 6.6470% 6.7570% 7.0370%
8/1/00-8/7/00 7 6.2690% 6.7290% 6.8390% 7.1190%
8/8/00-8/14/00 7 6.2780% 6.7380% 6.8480% 7.1280%
8/15/00-8/21/00 7 6.2690% 6.7290% 6.8390% 7.1190%
8/22/00-8/28/00 7 6.2910% 6.7510% 6.8610% 7.1410%
8/29/00-9/5/00 8 6.3230% 6.7830% 6.8930% 7.1730%
9/6/00-9/11/00 6 6.2450% 6.7050% 6.8150% 7.0950%
9/12/00-9/18/00 7 6.1210% 6.5810% 6.6910% 6.9710%
9/19/00-9/25/00 7 6.1370% 6.5970% 6.7070% 6.9870%
9/26/00-10/02/00 7 6.1830% 6.6430% 6.7530% 7.0330%
10/3/00-10/10/00 8 6.2570% 6.7170% 6.8270% 7.1070%
10/11/00-10/16/00 6 6.2570% 6.7170% 6.8270% 7.1070%
10/17/00-10/24/00 8 6.2610% 6.7210% 6.8310% 7.1110%
TOTAL DAYS IN
ACCRUAL PERIOD 92
-----------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
-------------------------------------------------------------------------------
VIII. 1997-1 INPUTS FROM PREVIOUS QUARTERLY SERVICING REPORTS 06/30/2000
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,288,063,838.10
ii Interest To Be Capitalized 8,390,471.44
------------------
iii Total Pool $ 1,296,454,309.54
iv Specified Reserve Account Balance 3,241,135.77
------------------
v TOTAL ADJUSTED POOL $ 1,299,695,445.31
==================
B Total Note and Certificate Factor 0.63424528856
C TOTAL NOTE AND CERTIFICATE BALANCE $ 1,299,695,445.31
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 7/25/2000 CLASS A-1 CLASS A-2 CERTIFICATES
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor 0.3701642398 1.0000000000 1.0000000000
ii Expected Note Balance $ 440,495,445.31 $ 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 $ 3,241,135.77
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>
8
<PAGE>
-------------------------------------------------------------------------------
IX. 1997-1 WATERFALL FOR DISTRIBUTIONS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
REMAINING
FUNDS BALANCE
-------------
<S> <C> <C>
A Total Available Funds (Sections III-F
+ VI-D) $ 79,129,122.59 $ 79,129,122.59
B Primary Servicing Fees-Current Month $ 833,996.10 $ 78,295,126.49
C Administration Fee $ 20,000.00 $ 78,275,126.49
D Noteholder's Interest Distribution Amount
i Class A-1 $ 7,416,270.30 $ 70,858,856.19
ii Class A-2 $ 13,474,543.92 $ 57,384,312.27
----------------
iii TOTAL NOTEHOLDER'S
INTEREST DISTRIBUTION $ 20,890,814.22
E CERTIFICATEHOLDER'S RETURN
DISTRIBUTION AMOUNT $ 1,279,226.85 $ 56,105,085.42
F Noteholder's Principal
Distribution Amount Paid
i Class A-1 $ 49,255,993.73 $ 6,849,091.69
ii Class A-2 $ 0.00 $ 6,849,091.69
----------------
iii TOTAL NOTEHOLDER'S
PRINCIPAL DISTRIBUTION $ 49,255,993.73
G CERTIFICATEHOLDER'S BALANCE
DISTRIBUTION AMOUNT $ 0.00 $ 6,849,091.69
H Increase to the Specified Reserve
Account Balance $ 0.00 $ 6,849,091.69
I Carryover Servicing Fees $ 1,118,218.56 $ 5,730,873.13
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 5,730,873.13
i Class A-2 $ 0.00 $ 5,730,873.13
----------------
iii TOTAL NOTEHOLDER'S
INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S
RETURN CARRYOVER $ 0.00 $ 5,730,873.13
L EXCESS TO RESERVE ACCOUNT $ 5,730,873.13 $ 0.00
------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
-------------------------------------------------------------------------------
X. 1997-1 DISTRIBUTIONS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
A DISTRIBUTION AMOUNTS CLASS A-1 CLASS A-2 CERTIFICATES
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 7,416,270.30 $ 13,474,543.92 $ 1,279,226.85
ii Quarterly Interest Paid 7,416,270.30 13,474,543.92 1,279,226.85
------------- -------------- ------------
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 $ 49,255,993.73 $ 0.00 $ 0.00
viii Quarterly Principal Paid 49,255,993.73 0.00 0.00
-------------- ----- ----
ix QUARTERLY PRINCIPAL
SHORTFALL $ 0.00 $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 56,672,264.03 $ 13,474,543.92 $ 1,279,226.85
---------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION
RECONCILIATION
i Notes and Certificates
Principal Balance 9/30/00 $ 1,299,695,445.31
ii Adjusted Pool Balance 9/30/00 1,250,439,451.58
--------------------
iii Adjusted Pool Exceeding Notes and
Certificate Balance (I-ii) $ 49,255,993.73
====================
iv Adjusted Pool Balance 6/30/00 $ 1,299,695,445.31
v Adjusted Pool Balance 9/30/00 $ 1,250,439,451.58
--------------------
vi Current Principal Due (iv-v) $ 49,255,993.73
vii Principal Shortfall from Previous
Collection Period $ -
--------------------
viii Principal Distribution
Amount (vi + vii) $ 49,255,993.73
====================
ix PRINCIPAL DISTRIBUTION
AMOUNT PAID $ 49,255,993.73
x Principal Shortfall (viii- ix) $ -
C Total Principal Distribution $ 49,255,993.73
D Total Interest Distribution 22,170,041.07
-------------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND
CERTIFICATES $ 71,426,034.80
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 07/25/2000 10/25/2000
----------------------------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GAK2) $ 440,495,445.31 $ 391,239,451.58
A-1 Note Pool Factor 0.3701642398 0.3287726484
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 $ 3,241,135.77
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 5,730,873.13
-------------------
iv Total Reserve Account Balance Available $ 8,972,008.90
v Required Reserve Account Balance $ 3,118,302.87
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp $ 5,853,706.03
viii Ending Reserve Account Balance $ 3,118,302.87
---------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
-------------------------------------------------------------------------------
XI. 1997-1 HISTORICAL POOL INFORMATION
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------
7/1/00-9/30/00 4/1/00-6/30/00 1/1/00-3/31/00
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 1,288,063,838.10 $ 1,331,557,527.29 $ 1,375,853,985.31
----------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 44,652,750.20 $ 39,651,144.30 $ 39,736,781.16
ii Principal Collections from
Guarantor 5,329,899.15 6,233,061.51 6,479,018.81
iii Principal Reimbursements 6,372,154.84 5,870,181.62 7,018,186.63
iv Other System Adjustments - - -
-----------------------------------------------------------------------
v Total Principal Collections $ 56,354,804.19 $ 51,754,387.43 $ 53,233,986.60
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,017,327.92 $ 920,671.64 $ 1,282,894.58
ii Capitalized Interest (8,852,795.90) (9,181,369.88) (10,220,423.16)
-----------------------------------------------------------------------
iii Total Non-Cash
Principal Activity $ (7,835,467.98) $ (8,260,698.24) $ (8,937,528.58)
----------------------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 48,519,336.21 $ 43,493,689.19 $ 44,296,458.02
----------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 15,443,039.68 $ 14,884,348.85 $ 15,614,533.66
ii Interest Claims Received from
Guarantors 364,979.48 422,806.09 451,546.93
iii Late Fee Reimbursements 365,845.98 353,135.08 389,178.05
iv Interest Reimbursements 59,828.10 83,178.93 72,751.89
v Other System Adjustments
- - -
vi Special Allowance Payments 4,023,326.89 3,457,737.68 1,926,262.47
vii Subsidy Payments 3,017,569.43 3,183,034.71 3,417,569.66
-----------------------------------------------------------------------
viii Total Interest Collections $ 23,274,589.56 $ 22,384,241.34 $ 21,871,842.66
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (929,296.26) $ (824,139.48) $ (1,158,532.49)
ii Capitalized Interest 8,852,795.90 9,181,369.88 10,220,423.16
-----------------------------------------------------------------------
iii Total Non-Cash Interest
Adjustments $ 7,923,499.64 $ 8,357,230.40 $ 9,061,890.67
-----------------------------------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 31,198,089.20 $ 30,741,471.74 $ 30,933,733.33
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 1,239,544,501.89 $ 1,288,063,838.10 $ 1,331,557,527.29
----------------------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 7,776,646.82 $ 8,390,471.44 $ 10,140,513.79
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,247,321,148.71 $ 1,296,454,309.54 $ 1,341,698,041.08
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 3,118,302.87 $ 3,241,135.77 $ 3,354,245.10
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 1,250,439,451.58 $ 1,299,695,445.31 $ 1,345,052,286.18
----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------------------------------
1999 1998 1997
-------------------------------------------------------------------
1/1/99-12/31/99 1/1/98-12/31/98 3/3/97-12/31/97
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 1,582,726,283.47 $ 1,797,260,482.27 $ 1,978,517,233.95
------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 171,574,310.72 $ 165,289,915.58 $ 129,333,817.00
ii Principal Collections from
Guarantor 32,223,291.35 76,561,222.72 34,410,136.12
iii Principal Reimbursements 37,181,412.81 3,191,594.89 51,379,204.30
iv Other System Adjustments - - 0.00
-------------------------------------------------------------------
v Total Principal Collections $ 240,979,014.88 $ 245,042,733.19 $ 215,123,157.42
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 4,940,054.69 $ 5,343,692.85 $ 4,270,807.94
ii Capitalized Interest (39,046,771.41) (35,852,227.24) (38,137,213.68)
-------------------------------------------------------------------
iii Total Non-Cash
Principal Activity $ (34,106,716.72) $ (30,508,534.39) $ (33,866,405.74)
------------------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 206,872,298.16 $ 214,534,198.80 $ 181,256,751.68
------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 69,439,769.42 $ 78,824,426.10 $ 62,817,917.60
ii Interest Claims Received from
Guarantors 2,028,957.90 4,891,191.80 2,139,081.27
iii Late Fee Reimbursements 1,450,324.16 460,956.22 8.50
iv Interest Reimbursements 601,288.55 94,269.90 730,911.90
v Other System Adjustments - - -
vi Special Allowance Payments 3,924,756.10 1,339,624.97 1,130,628.74
vii Subsidy Payments 15,769,394.34 27,735,423.84 23,692,727.60
-------------------------------------------------------------------
viii Total Interest Collections $ 93,214,490.47 $ 113,345,892.83 $ 90,511,275.61
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (4,345,064.49) $ (3,958,083.74) $ (3,614,584.84)
ii Capitalized Interest 39,046,771.41 35,852,227.24 38,137,213.68
-------------------------------------------------------------------
iii Total Non-Cash Interest
Adjustments $ 34,701,706.92 $ 31,894,143.50 $ 34,522,628.84
-------------------------------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 127,916,197.39 $ 145,240,036.33 $ 125,033,904.45
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 1,375,853,985.31 $ 1,582,726,283.47 $ 1,797,260,482.27
------------------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 11,619,381.53 $ 17,531,654.15 $ 18,359,448.41
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,387,473,366.84 $ 1,600,257,937.62 $ 1,815,619,930.68
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 3,468,683.42 $ 4,000,644.84 $ 4,707,408.93
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 1,390,942,050.26 $ 1,604,258,582.46 $ 1,820,327,339.61
------------------------------------------------------------------------------------------------------------------------
</TABLE>
11
<PAGE>
-------------------------------------------------------------------------------
XII. 1997-1 PAYMENT HISTORY AND CPRS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
<S> <C> <C>
Apr-97 $ 2,004,091,862 -
Jul-97 $ 1,938,332,169 6.60%
Oct-97 $ 1,882,963,571 6.39%
Jan-98 $ 1,815,619,931 7.05%
Apr-98 $ 1,756,378,212 6.92%
Jul-98 $ 1,701,480,444 6.66%
Oct-98 $ 1,651,809,843 6.27%
Jan-99 $ 1,600,257,938 6.02%
Apr-99 $ 1,542,439,046 5.94%
Jul-99 $ 1,476,019,238 6.13%
Oct-99 $ 1,429,965,154 5.77%
Jan-00 $ 1,387,473,367 5.38%
Apr-00 $ 1,341,698,041 5.09%
Jul-00 $ 1,296,454,310 4.820%
Oct-00 $ 1,247,321,149 4.66%
</TABLE>
* "SINCE ISSUED CPR" IS BASED ON THE CURRENT PERIOD'S ENDING POOL BALANCE
CALCULATED AGAINST THE ORIGINAL POOL BALANCE AND ASSUMING CUTOFF DATE
POOL DATA.
-------------------------------------------------------------------------------
12
<PAGE>
SLM STUDENT LOAN TRUST 1997-2
QUARTERLY SERVICING REPORT
REPORT DATE: 09/30/2000 REPORTING PERIOD: 7/1/00-9/30/00
--------------------------------------------------------------------------------
I. DEAL PARAMETERS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PORTFOLIO CHARACTERISTICS 06/30/2000 ACTIVITY 09/30/2000
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 1,503,147,173.19 $ (69,124,883.18) $ 1,434,022,290.01
ii Interest to be Capitalized 8,997,930.22 8,272,950.73
--------------------- ---------------------
iii Total Pool $ 1,512,145,103.41 $ 1,442,295,240.74
iv Specified Reserve Account Balance 3,780,362.76 3,605,738.10
--------------------- ---------------------
v TOTAL ADJUSTED POOL $ 1,515,925,466.17 $ 1,445,900,978.84
===================== =====================
B i Weighted Average Coupon (WAC) 7.7564% 8.5767%
ii Weighted Average Remaining Term 88.57 87.67
iii Number of Loans 578,379 557,332
iv Number of Borrowers 238,588 229,123
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
NOTES AND CERTIFICATES SPREAD BALANCE 7/25/00 % OF POOL BALANCE 10/25/00 % OF POOL
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAN6 0.54% $ 620,475,466.17 40.930% $ 550,450,978.84 38.070%
ii A-2 Notes 78442GAP1 0.60% 808,000,000.00 53.301% 808,000,000.00 55.882%
iii Certificates 78442GAQ9 0.83% 87,450,000.00 5.769% 87,450,000.00 6.048%
--------------------------------------------------------------------------------------------------------------------------
iv TOTAL NOTES AND CERTIFICATES $1,515,925,466.17 100.000% $1,445,900,978.84 100.000%
==========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------
RESERVE ACCOUNT 07/25/2000 10/25/2000
-----------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 3,780,362.76 $ 3,605,738.10
iv Reserve Account Floor Balance ($) $ 2,441,522.00 $ 2,441,522.00
v Current Reserve Acct Balance ($) $ 3,780,362.76 $ 3,605,738.10
-----------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------------
REPORTING PERIOD COLLECTION PD CALCULATION PD
-----------------------------------------------------------------------------------------
<S> <C> <C>
E i Begin Date 7/1/2000 7/25/2000
ii End Date 9/30/2000 10/24/2000
iii Days In Period 92 92
iv Days In Year 366 366
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
F % OF INITIAL POOL 59.07%
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
--------------------------------------------------------------------------------
II. 1997-2 TRANSACTIONS FROM: 07/01/2000 THROUGH: 09/30/2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 62,456,178.45
ii Principal Collections from Guarantor 4,942,665.40
iii Principal Reimbursements 9,818,228.22
iv Other System Adjustments 0.00
----------------
v TOTAL PRINCIPAL COLLECTIONS 77,217,072.07
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 779,025.05
ii Capitalized Interest (8,871,213.94)
---------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (8,092,188.89)
--------------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 69,124,883.18
--------------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 19,878,803.92
ii Interest Claims Received from Guarantors 327,373.40
iii Late Fee Reimbursements 486,618.26
iv Interest Reimbursements 90,755.25
v Other System Adjustments 0.00
vi Special Allowance Payments 4,604,268.80
vii Subsidy Payments 2,767,623.95
---------------
viii TOTAL INTEREST COLLECTIONS $ 28,155,443.58
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment ($691,504.89)
ii Capitalized Interest 8,871,213.94
---------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 8,179,709.05
--------------------------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 36,335,152.63
--------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
-------------------------------------------------------------------------------
III. 1997-2 COLLECTION ACCOUNT ACTIVITY 07/01/2000 THROUGH 09/30/2000
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $ 67,398,843.85
ii Cash Forwarded by Administrator on behalf of Seller 196,535.31
iii Cash Forwarded by Administrator on behalf of Servicer 767.75
iv Cash Forwarded by Administrator for Consolidation Activity 9,620,925.16
------------------
v TOTAL PRINCIPAL COLLECTIONS $ 77,217,072.07
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 27,578,070.07
ii Cash Forwarded by Administrator on behalf of Seller 2,307.90
iii Cash Forwarded by Administrator on behalf of Servicer 5,249.59
iv Cash Forwarded by Administrator for Consolidation Activity 83,197.76
v Cash Forwarded by Administrator for Late Fee Activity 486,618.26
------------------
vi TOTAL INTEREST COLLECTIONS $ 28,155,443.58
C OTHER REIMBURSEMENTS $ 439,882.96
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 1,136,676.83
E RETURN FUNDS BORROWED FOR PREVIOUS DISTRIBUTION $ -
F TOTAL FUNDS RECEIVED $ 106,949,075.44
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($2,063,687.85)
--------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 104,885,387.59
--------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
G SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $1,010,861.70
ii Percentage of Principal Calculation $1,416,928.03
iii Lesser of Unit or Principal Calculation $1,010,861.70
H SERVICING FEES DUE FOR CURRENT PERIOD $1,010,861.70
I CARRYOVER SERVICING FEES DUE $1,252,057.80
JUL-00 Servicing Carryover $427,710.69
AUG-00 Servicing Carryover $418,280.78
SEP-00 Servicing Carryover $406,066.33
-----------
TOTAL: CARRYOVER SERVICING FEE DUE $1,252,057.80
==============
LESS: Servicing ADJ [A iii + B iii] ($6,017.34)
J ADMINISTRATION FEES DUE $ 20,000.00
--------------------------------------------------------------------------------------------------
K TOTAL FEES DUE FOR PERIOD $ 2,276,902.16
--------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
-------------------------------------------------------------------------------
IV. 1997-2 PORTFOLIO CHARACTERISTICS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------
WEIGHTED AVG COUPON # OF LOANS %
-----------------------------------------------------------------------------------------------------------------------------------
STATUS 6/30/2000 9/30/2000 6/30/2000 9/30/2000 6/30/2000 9/30/2000
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 7.286% 8.274% 7,203 6,286 1.245% 1.128%
GRACE
Current 7.234% 8.275% 4,657 5,178 0.805% 0.929%
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.264% 8.274% 11,860 11,464 2.050% 2.057%
-----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current 7.799% 8.608% 416,498 393,888 72.011% 70.674%
31-60 Days Delinquent 7.801% 8.630% 21,935 22,904 3.792% 4.110%
61-90 Days Delinquent 7.788% 8.569% 10,374 10,799 1.794% 1.938%
91-120 Days Delinquent 7.771% 8.563% 4,863 6,322 0.841% 1.134%
> 120 Days Delinquent 7.771% 8.544% 7,159 8,379 1.238% 1.503%
DEFERMENT
Current 7.565% 8.509% 52,038 54,097 8.997% 9.706%
FORBEARANCE
Current 7.779% 8.530% 52,272 48,462 9.038% 8.695%
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.771% 8.586% 565,139 544,851 97.711% 97.760%
-----------------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 7.783% 8.547% 1371 1,003 0.237% 0.180%
AGED CLAIMS REJECTED (2) 7.720% 8.293% 9 14 0.002% 0.003%
-----------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.756% 8.577% 578,379 557,332 100.000% 100.000%
-----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------------------------------
PRINCIPAL AMOUNT %
-----------------------------------------------------------------------------------------------------------------------------------
STATUS 6/30/2000 9/30/2000 6/30/2000 9/30/2000
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current $ 22,558,606.44 $ 19,208,827.49 1.501% 1.340%
GRACE
Current $ 16,612,308.08 $ 18,532,450.01 1.105% 1.292%
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 39,170,914.52 $ 37,741,277.50 2.606% 2.632%
-----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current $ 1,000,636,342.92 $ 931,918,400.83 66.570% 64.986%
31-60 Days Delinquent $ 55,755,015.12 $ 60,410,648.98 3.709% 4.213%
61-90 Days Delinquent $ 28,064,326.51 $ 31,539,777.70 1.867% 2.199%
91-120 Days Delinquent $ 12,900,742.47 $ 17,402,762.58 0.858% 1.214%
> 120 Days Delinquent $ 19,266,316.21 $ 22,223,050.00 1.282% 1.550%
DEFERMENT
Current $ 153,896,590.73 $ 156,165,762.05 10.238% 10.890%
FORBEARANCE
Current $ 189,753,714.98 $ 173,888,164.10 12.624% 12.126%
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 1,460,273,048.94 $ 1,393,548,566.24 97.148% 97.178%
-----------------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) $ 3,682,321.78 $ 2,699,969.37 0.245% 0.188%
AGED CLAIMS REJECTED (2) $ 20,887.95 $ 32,476.90 0.001% 0.002%
-----------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 1,503,147,173.19 $ 1,434,022,290.01 100.000% 100.000%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
[CHART] [CHART]
LOAN STATUS BY OUTSTANDING LOAN STATUS BY OUTSTANDING
PRINCIPAL, JUNE 30, 2000 PRINCIPAL, SEPTEMBER 30, 2000
(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 9/30/00
-------------------------------------------------------------------------------
<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 0.811% 0.340% 0.000% 0.000% 0.097% 0.040% 0.000% 0.000%
GRACE
Current 0.758% 0.408% 0.000% 0.000% 0.066% 0.027% 0.000% 0.000%
--------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 1.569% 0.748% 0.000% 0.000% 0.163% 0.067% 0.000% 0.000%
--------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 32.400% 9.810% 9.187% 2.107% 3.179% 0.976% 0.411% 0.209%
31-60 Days Delinquent 1.819% 0.505% 0.536% 0.158% 0.315% 0.082% 0.025% 0.019%
61-90 Days Delinquent 0.929% 0.303% 0.183% 0.079% 0.175% 0.049% 0.009% 0.009%
91-120 Days Delinquent 0.517% 0.137% 0.088% 0.037% 0.122% 0.041% 0.002% 0.010%
> 120 Days Delinquent 0.573% 0.164% 0.080% 0.050% 0.189% 0.059% 0.006% 0.015%
DEFERMENT
Current 6.182% 2.135% 0.256% 0.428% 0.712% 0.210% 0.007% 0.044%
FORBEARANCE
Current 5.355% 2.284% 0.872% 0.544% 0.857% 0.295% 0.038% 0.057%
--------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 47.775% 15.338% 11.202% 3.403% 5.549% 1.712% 0.498% 0.363%
--------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.065% 0.024% 0.020% 0.004% 0.021% 0.006% 0.000% 0.001%
AGED CLAIMS REJECTED (2) 0.001% 0.000% 0.000% 0.000% 0.001% 0.000% 0.000% 0.000%
--------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 49.410% 16.110% 11.222% 3.407% 5.734% 1.785% 0.498% 0.364%
--------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.149% 8.381%
--------------------------------------------------------------------------------------------------------------------
<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 0.015% 0.014% 0.000% 0.000% 0.013% 0.010% 0.000% 0.000%
GRACE
Current 0.010% 0.005% 0.000% 0.000% 0.009% 0.009% 0.000% 0.000%
--------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.025% 0.019% 0.000% 0.000% 0.022% 0.019% 0.000% 0.000%
--------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 3.229% 1.815% 0.772% 0.576% 0.182% 0.091% 0.015% 0.027%
31-60 Days Delinquent 0.401% 0.187% 0.056% 0.067% 0.020% 0.017% 0.001% 0.005%
61-90 Days Delinquent 0.238% 0.129% 0.022% 0.041% 0.014% 0.013% 0.001% 0.005%
91-120 Days Delinquent 0.153% 0.072% 0.008% 0.025% 0.002% 0.000% 0.000% 0.000%
> 120 Days Delinquent 0.249% 0.119% 0.012% 0.033% 0.001% 0.000% 0.000% 0.000%
DEFERMENT
Current 0.441% 0.239% 0.011% 0.077% 0.068% 0.054% 0.000% 0.026%
FORBEARANCE
Current 0.906% 0.493% 0.073% 0.148% 0.087% 0.073% 0.004% 0.040%
--------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 5.617% 3.054% 0.954% 0.967% 0.374% 0.248% 0.021% 0.103%
--------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.027% 0.015% 0.002% 0.003% 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 5.669% 3.088% 0.956% 0.970% 0.396% 0.267% 0.021% 0.103%
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 10.683% 0.787%
--------------------------------------------------------------------------------------------------------------------
</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.
[CHART] [CHART]
LOAN PROGRAMS LOAN PROGRAMS
JUNE 30, 2000 SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 1.151% 0.137% 0.029% 0.023% 1.340%
GRACE
Current 1.166% 0.093% 0.015% 0.018% 1.292%
---------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 2.317% 0.230% 0.044% 0.041% 2.632%
---------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 53.504% 4.775% 6.392% 0.315% 64.986%
31-60 Days Delinquent 3.018% 0.441% 0.711% 0.043% 4.213%
61-90 Days Delinquent 1.494% 0.242% 0.430% 0.033% 2.199%
91-120 Days Delinquent 0.779% 0.175% 0.258% 0.002% 1.214%
> 120 Days Delinquent 0.867% 0.269% 0.413% 0.001% 1.550%
DEFERMENT
Current 9.001% 0.973% 0.768% 0.148% 10.890%
FORBEARANCE
Current 9.055% 1.247% 1.620% 0.204% 12.126%
---------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 77.718% 8.122% 10.592% 0.746% 97.178%
---------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.113% 0.028% 0.047% 0.000% 0.188%
AGED CLAIMS REJECTED (2) 0.001% 0.001% 0.000% 0.000% 0.002%
---------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.149% 8.381% 10.683% 0.787% 100.000%
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
-------------------------------------------------------------------------------
VI. 1997-2 INTEREST CALCULATION
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 28,390,707.24
B Interest Subsidy Payments Accrued During Collection Period 2,866,428.61
C SAP Payments Accrued During Collection Period 2,619,507.69
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACCOUNTS) 80,808.13
E Investment Earnings (ADMINISTRATOR ACCOUNTS) 1,136,676.83
-------------------
F NET EXPECTED INTEREST COLLECTIONS $ 35,094,128.50
G STUDENT LOAN RATE
i Days in Calculation Period 92
ii Days in Year 366
iii Net Expected Interest Collections $ 35,094,128.50
iv Primary Servicing Fee $ 3,074,549.55
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,512,145,103.41
vii STUDENT LOAN RATE 8.41868%
</TABLE>
<TABLE>
<CAPTION>
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 6.77788%
I CLASS A-1 INTEREST RATE 0.017037295 (7/25/00-10/25/00) 6.77788%
J Class A-2 T-Bill Based Interest Rate 6.83788%
K CLASS A-2 INTEREST RATE 0.017188115 (7/25/00-10/25/00) 6.83788%
L Certificate T-Bill Based Rate of Return 7.06788%
M CERTIFICATE RATE OF RETURN 0.017766257 (7/25/00-10/25/00) 7.06788%
</TABLE>
6
<PAGE>
-------------------------------------------------------------------------------
VII. 1997-2 WEEKLY T-BILL RATE RESETS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
NUMBER OF
PERIOD DAYS WEIGHTED 91 DAY T-BILL A-1 RESET A-2 RESET CERT RESET
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
7/25/00-7/31/00 7 6.1870% 6.7270% 6.7870% 7.0170%
8/1/00-8/7/00 7 6.2690% 6.8090% 6.8690% 7.0990%
8/8/00-8/14/00 7 6.2780% 6.8180% 6.8780% 7.1080%
8/15/00-8/21/00 7 6.2690% 6.8090% 6.8690% 7.0990%
8/22/00-8/28/00 7 6.2910% 6.8310% 6.8910% 7.1210%
8/29/00-9/5/00 8 6.3230% 6.8630% 6.9230% 7.1530%
9/6/00-9/11/00 6 6.2450% 6.7850% 6.8450% 7.0750%
9/12/00-9/18/00 7 6.1210% 6.6610% 6.7210% 6.9510%
9/19/00-9/25/00 7 6.1370% 6.6770% 6.7370% 6.9670%
9/26/00-10/02/00 7 6.1830% 6.7230% 6.7830% 7.0130%
10/3/00-10/10/00 8 6.2570% 6.7970% 6.8570% 7.0870%
10/11/00-10/16/00 6 6.2570% 6.7970% 6.8570% 7.0870%
10/17/00-10/24/00 8 6.2610% 6.8010% 6.8610% 7.0910%
TOTAL DAYS IN
ACCRUAL PERIOD 92
-----------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
-------------------------------------------------------------------------------
VIII. 1997-2 INPUTS FROM PREVIOUS QUARTERLY SERVICING REPORTS 06/30/2000
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,503,147,173.19
ii Interest To Be Capitalized 8,997,930.22
------------------
iii Total Pool $ 1,512,145,103.41
iv Specified Reserve Account Balance 3,780,362.76
------------------
v TOTAL ADJUSTED POOL $ 1,515,925,466.17
==================
B Total Note and Certificate Factor 0.60723245656
C TOTAL NOTE AND CERTIFICATE BALANCE $ 1,515,925,466.17
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 7/25/2000 CLASS A-1 CLASS A-2 CERTIFICATES
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor 0.3875549445 1.0000000000 1.0000000000
ii Expected Note Balance $ 620,475,466.17 $ 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 $ 3,780,362.76
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>
8
<PAGE>
-------------------------------------------------------------------------------
IX. 1997-2 WATERFALL FOR DISTRIBUTIONS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
REMAINING
FUNDS BALANCE
-------------
<S> <C> <C>
A Total Available Funds (Sections III-F
+ VI-D) $ 104,966,195.72 $ 104,966,195.72
B Primary Servicing Fees-Current Month $ 1,004,844.36 $ 103,961,351.36
C Administration Fee $ 20,000.00 $ 103,941,351.36
D Noteholder's Interest
Distribution Amount
i Class A-1 $ 10,571,223.56 $ 93,370,127.80
ii Class A-2 $ 13,887,996.92 $ 79,482,130.88
----------------
iii TOTAL NOTEHOLDER'S
INTEREST DISTRIBUTION $ 24,459,220.48
E CERTIFICATEHOLDER'S RETURN
DISTRIBUTION AMOUNT $ 1,553,659.17 $ 77,928,471.71
F Noteholder's Principal
Distribution Amount
i Class A-1 $ 70,024,487.33 $ 7,903,984.38
ii Class A-2 $ 0.00 $ 7,903,984.38
----------------
iii TOTAL NOTEHOLDER'S
PRINCIPAL DISTRIBUTION $ 70,024,487.33
G CERTIFICATEHOLDER'S BALANCE
DISTRIBUTION AMOUNT $ 0.00 $ 7,903,984.38
H Increase to the Specified Reserve
Account Balance $ 0.00 $ 7,903,984.38
I Carryover Servicing Fees $ 1,252,057.80 $ 6,651,926.58
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 6,651,926.58
i Class A-2 $ 0.00 $ 6,651,926.58
----------------
iii TOTAL NOTEHOLDER'S
INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 6,651,926.58
L EXCESS TO RESERVE ACCOUNT $ 6,651,926.58 $ 0.00
------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
-------------------------------------------------------------------------------
X. 1997-2 DISTRIBUTIONS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
A DISTRIBUTION AMOUNTS CLASS A-1 CLASS A-2 CERTIFICATES
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 10,571,223.56 $ 13,887,996.92 $ 1,553,659.17
ii Quarterly Interest Paid 10,571,223.56 13,887,996.92 1,553,659.17
-------------- -------------- -------------
iii INTEREST SHORTFALL $ 0.00 $ 0.0 $ 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 $ 70,024,487.33 $ 0.00 $ 0.00
viii Quarterly Principal Paid 70,024,487.33 0.00 0.00
-------------- ----- ----
ix QUARTERLY PRINCIPAL SHORTFALL $ 0.00 $ 0.00 $ 0.00
-------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 80,595,710.89 $ 13,887,996.92 $ 1,553,659.17
-------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION
RECONCILIATION
i Notes and Certificates
Principal Balance 9/30/00 $ 1,515,925,466.17
ii Adjusted Pool Balance 9/30/00 1,445,900,978.84
----------------
iii Adjusted Pool Exceeding Notes and
Certificate Balance (i-ii) $ 70,024,487.33
==================
iv Adjusted Pool Balance 6/30/00 $ 1,515,925,466.17
v Adjusted Pool Balance 9/30/00 $ 1,445,900,978.84
------------------
vi Current Principal Due
(iv-v) $ 70,024,487.33
vii Principal Shortfall from Previous
Collection Period $ -
------------------
viii Principal Distribution
Amount (vi + vii) $ 70,024,487.33
==================
ix PRINCIPAL DISTRIBUTION
AMOUNT PAID $ 70,024,487.33
x Principal Shortfall (viii-ix) $ 0.00
C Total Principal Distribution $ 70,024,487.33
D Total Interest Distribution 26,012,879.65
------------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND
CERTIFICATES $ 96,037,366.98
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 07/25/2000 10/25/2000
----------------------------------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GAN6) $ 620,475,466.17 $ 550,450,978.84
A-1 Note Pool Factor 0.3875549445 0.3438169762
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 $ 3,780,362.76
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 6,651,926.58
-------------------
iv Total Reserve Account Balance Available $ 10,432,289.34
v Required Reserve Account Balance $ 3,605,738.10
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp. $ 6,826,551.24
viii Ending Reserve Account Balance $ 3,605,738.10
-----------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
-------------------------------------------------------------------------------
XI. 1997-2 HISTORICAL POOL INFORMATION
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------
7/1/00-9/30/00 4/1/00-6/30/00 1/1/00-3/31/00
-------------------------------------------------------------------------------------------------------------------------------
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 1,503,147,173.19 $ 1,565,372,870.47 $ 1,629,527,099.04
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 62,456,178.45 $ 57,669,543.18 $ 58,903,265.45
ii Principal Collections from Guarantor 4,942,665.40 5,817,847.95 6,433,729.63
iii Principal Reimbursements 9,818,228.22 6,914,707.83 7,614,922.41
iv Other System Adjustments - - -
---------------------------------------------------------------------
v Total Principal Collections $ 77,217,072.07 $ 70,402,098.96 $ 72,951,917.49
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 779,025.05 $ 803,166.24 $ 1,182,656.34
ii Capitalized Interest (8,871,213.94) (8,979,567.92) (9,980,345.26)
---------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (8,092,188.89) $ (8,176,401.68) $ (8,797,688.92)
-------------------------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 69,124,883.18 $ 62,225,697.28 $ 64,154,228.57
-------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 19,878,803.92 $ 19,397,702.07 $ 20,483,301.75
ii Interest Claims Received from
Guarantors 327,373.40 396,185.20 426,608.48
iii Late Fee Reimbursements 486,618.26 483,073.81 531,230.78
iv Interest Reimbursements 90,755.25 104,259.75 96,944.77
v Other System Adjustments - - -
vi Special Allowance Payments 4,604,268.80 3,969,545.81 2,189,959.44
vii Subsidy Payments 2,767,623.95 2,908,583.93 3,184,383.27
---------------------------------------------------------------------
viii Total Interest Collections $ 28,155,443.58 $ 27,259,350.57 $ 26,912,428.49
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (691,504.89) $ (731,403.67) $ (1,066,684.99)
ii Capitalized Interest 8,871,213.94 8,979,567.92 9,980,345.26
---------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 8,179,709.05 $ 8,248,164.25 $ 8,913,660.27
---------------------------------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 36,335,152.63 $ 35,507,514.82 $ 35,826,088.76
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 1,434,022,290.01 $ 1,503,147,173.19 $ 1,565,372,870.47
-------------------------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 8,272,950.73 $ 8,997,930.22 $ 10,435,518.99
-------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,442,295,240.74 $ 1,512,145,103.41 $ 1,575,808,389.46
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 3,605,738.10 $ 3,780,362.76 $ 3,939,520.97
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 1,445,900,978.84 $ 1,515,925,466.17 $ 1,579,747,910.43
-------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------
1999 1998 1997
-----------------------------------------------------------------
1/1/99-12/31/99 1/1/98-12/31/98 6/2/97-12/31/97
------------------------------------------------------------------------------------------------------------------------------
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 1,917,283,858.04 $ 2,233,565,975.40 $ 2,417,769,037.18
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 253,154,260.33 $ 264,350,558.07 $ 154,030,100.79
ii Principal Collections from Guarantor 32,047,542.59 77,923,962.28 16,025,808.39
iii Principal Reimbursements 37,640,816.98 2,789,773.15 39,285,454.89
iv Other System Adjustments - - -
------------------------ --------------------------------------------
v Total Principal Collections $ 322,842,619.90 $ 345,064,293.50 $ 209,341,364.07
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 4,811,498.35 $ 5,168,111.55 $ 2,950,257.67
ii Capitalized Interest (39,897,359.25) (33,950,287.69) (28,088,559.96)
------------------------ --------------------------------------------
iii Total Non-Cash Principal Activity $ (35,085,860.90) $ (28,782,176.14) $ (25,138,302.29)
------------------------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 287,756,759.00 $ 316,282,117.36 $ 184,203,061.78
------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 93,819,649.56 $ 115,485,649.82 $ 73,570,233.66
ii Interest Claims Received
from Guarantors 1,947,639.88 5,010,138.66 942,409.55
iii Late Fee Reimbursements 2,083,899.66 652,960.74 -
iv Interest Reimbursements 553,759.18 90,862.70 603,909.65
v Other System Adjustments - - -
vi Special Allowance Payments 3,683,428.87 1,844,250.34 856,056.99
vii Subsidy Payments 14,399,679.79 22,372,421.48 9,250,855.29
------------------------ --------------------------------------------
viii Total Interest Collections $ 116,488,056.94 $ 145,456,283.74 $ 85,223,465.14
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (4,230,851.79) $ (3,770,021.88) $ (2,673,876.35)
ii Capitalized Interest 39,897,359.25 33,950,287.69 28,088,559.96
------------------------ --------------------------------------------
iii Total Non-Cash Interest Adjustments $ 35,666,507.46 $ 30,180,265.81 $ 25,414,683.61
------------------------ --------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 152,154,564.40 $ 175,636,549.55 $ 110,638,148.75
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 1,629,527,099.04 $ 1,917,283,858.04 $ 2,233,565,975.40
------------------------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 11,573,794.32 $ 18,006,404.61 $ 16,849,041.28
------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,641,100,893.36 $ 1,935,290,262.65 $ 2,250,415,016.68
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 4,102,752.23 $ 4,838,225.66 $ 5,847,275.49
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 1,645,203,645.59 $ 1,940,128,488.31 $ 2,256,262.292.17
------------------------------------------------------------------------------------------------------------------------------
</TABLE>
11
<PAGE>
-------------------------------------------------------------------------------
XII. 1997-2 PAYMENT HISTORY AND CPRS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
<S> <C> <C>
Jul-97 $ 2,441,522,427 -
Oct-97 $ 2,338,910,195 5.99%
Jan-98 $ 2,250,415,017 6.53%
Apr-98 $ 2,163,849,632 6.60%
Jul-98 $ 2,080,713,168 6.51%
Oct-98 $ 2,007,422,289 6.14%
Jan-99 $ 1,935,290,263 5.85%
Apr-99 $ 1,856,054,951 5.78%
Jul-99 $ 1,766,118,694 6.00%
Oct-99 $ 1,701,175,462 5.61%
Jan-00 $ 1,641,100,893 5.16%
Apr-00 $ 1,575,808,389 4.85%
Jul-00 $ 1,512,145,103 4.56%
Oct-00 $ 1,442,295,241 4.41%
</TABLE>
* "SINCE ISSUED CPR" IS BASED ON THE CURRENT PERIOD'S ENDING POOL BALANCE
CALCULATED AGAINST THE ORIGINAL POOL BALANCE AND ASSUMING CUTOFF DATE
POOL DATA.
-------------------------------------------------------------------------------
12
<PAGE>
SLM STUDENT LOAN TRUST 1997-3
QUARTERLY SERVICING REPORT
REPORT DATE: 9/30/2000 REPORTING PERIOD: 7/1/00-9/30/00
--------------------------------------------------------------------------------
I. DEAL PARAMETERS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PORTFOLIO CHARACTERISTICS 06/30/2000 ACTIVITY 09/30/2000
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 1,823,918,135.95 $ (66,786,949.09) $ 1,757,131,186.86
ii Interest to be Capitalized 20,683,167.23 18,550,982.82
------------------- -------------------
iii Total Pool $ 1,844,601,303.18 $ 1,775,682,169.68
iv Specified Reserve Account Balance 4,611,503.26 4,439,205.42
------------------- -------------------
v TOTAL ADJUSTED POOL $ 1,849,212,806.44 $ 1,780,121,375.10
=================== ===================
B i Weighted Average Coupon (WAC) 7.7143% 8.4596%
ii Weighted Average Remaining Term 104.91 104.12
iii Number of Loans 549,978 533,152
iv Number of Borrowers 205,729 199,662
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
NOTES AND CERTIFICATES SPREAD BALANCE 7/25/00 % OF POOL BALANCE 10/25/00 % OF POOL
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
C i A-1 Notes 78442GAR7 0.60% $ 730,562,806.44 39.507% $ 661,471,375.10 37.159%
ii A-2 Notes 78442GAS5 0.64% 1,028,500,000.00 55.618% 1,028,500,000.00 57.777%
iii Certificates 78442GAT3 0.83% 90,150,000.00 4.875% 90,150,000.00 5.064%
--------------------------------------------------------------------------------------------------------------------------
iv TOTAL NOTES AND CERTIFICATES $ 1,849,212,806.44 100.000% $ 1,780,121,375.10 100.000%
==========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------
RESERVE ACCOUNT 07/25/2000 10/25/2000
-----------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 4,611,503.26 $ 4,439,205.42
iv Reserve Account Floor Balance ($) $ 2,503,690.00 $ 2,503,690.00
v Current Reserve Acct Balance ($) $ 4,611,503.26 $ 4,439,205.42
-----------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------------
REPORTING PERIOD COLLECTION PD CALCULATION PD
-----------------------------------------------------------------------------------------
<S> <C> <C>
E i Begin Date 7/1/2000 7/25/2000
ii End Date 9/30/2000 10/24/2000
iii Days In Period 92 92
iv Days In Year 366 366
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
F % OF INITIAL POOL 70.92%
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
--------------------------------------------------------------------------------
II. 1997-3 TRANSACTIONS FROM: 07/01/2000 THROUGH: 09/30/2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 56,546,434.00
ii Principal Collections from Guarantor 6,348,052.23
iii Principal Reimbursements 18,354,263.35
iv Other System Adjustments 0.00
------------------
v TOTAL PRINCIPAL COLLECTIONS $ 81,248,749.58
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 1,889,393.69
ii Capitalized Interest (16,351,194.18)
------------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (14,461,800.49)
--------------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 66,786,949.09
--------------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 19,220,380.84
ii Interest Claims Received from Guarantors 393,146.71
iii Late Fee Reimbursements 374,389.16
iv Interest Reimbursements 196,771.28
v Other System Adjustments 0.00
vi Special Allowance Payments 5,585,859.47
vii Subsidy Payments 4,476,392.42
------------------
viii TOTAL INTEREST COLLECTIONS $ 30,246,939.88
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment ($1,814,365.91)
ii Capitalized Interest 16,351,194.18
------------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 14,536,828.27
--------------------------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 44,783,768.15
--------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
--------------------------------------------------------------------------------
III. 1997-3 COLLECTION ACCOUNT ACTIVITY 07/01/2000 THROUGH 09/30/2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $ 62,894,486.23
ii Cash Forwarded by Administrator on behalf of Seller 99,513.69
iii Cash Forwarded by Administrator on behalf of Servicer 704.69
iv Cash Forwarded by Administrator for Consolidation Activity 18,254,044.97
------------------
v TOTAL PRINCIPAL COLLECTIONS $ 81,248,749.58
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 29,675,779.44
ii Cash Forwarded by Administrator on behalf of Seller $ 7,447.98
iii Cash Forwarded by Administrator on behalf of Servicer $ 3,447.39
iv Cash Forwarded by Administrator for Consolidation Activity $ 185,875.91
v Cash Forwarded by Administrator for Late Fee Activity $ 374,389.16
------------------
vi TOTAL INTEREST COLLECTIONS $ 30,246,939.88
C OTHER REIMBURSEMENTS $ 294,313.46
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 1,149,916.31
E RETURN FUNDS BORROWED FOR PREVIOUS DISTRIBUTION $ -
F TOTAL FUNDS RECEIVED $ 112,939,919.23
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($2,417,613.95)
-----------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 110,522,305.28
-----------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
G SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $ 820,662.59
ii Percentage of Principal Calculation $ 1,182,614.75
iii Lesser of Unit or Principal Calculation $ 820,662.59
H SERVICING FEES DUE FOR CURRENT PERIOD $ 1,182,614.75
I CARRYOVER SERVICING FEES DUE (1) $ 0.00
JUL-00 Servicing Carryover $0.00
AUG-00 Servicing Carryover $0.00
SEP-00 Servicing Carryover $0.00
-------------
TOTAL: CARRYOVER SERVICING FEE DUE $0.00
=============
LESS: Servicing ADJ [A iii + B iii] ($4,152.08)
J ADMINISTRATION FEES DUE $ 20,000.00
-----------------------------------------------------------------------------------------------------------
K TOTAL FEES DUE FOR PERIOD $ 1,198,462.67
-----------------------------------------------------------------------------------------------------------
</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 6/30/2000 9/30/2000 6/30/2000 9/30/2000 6/30/2000 9/30/2000
--------------------------------------------------------------------------------------------------
INTERIM:
IN SCHOOL
Current 7.358% 8.256% 18,676 16,958 3.396% 3.181%
GRACE
Current 7.319% 8.256% 10,745 11,040 1.954% 2.071%
--------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.343% 8.256% 29,421 27,998 5.350% 5.252%
--------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current 7.770% 8.474% 336,159 319,780 61.122% 59.979%
31-60 Days Delinquent 7.771% 8.503% 18,924 19,677 3.441% 3.691%
61-90 Days Delinquent 7.764% 8.467% 9,661 12,141 1.756% 2.277%
91-120 Days Delinquent 7.765% 8.484% 4,629 6,573 0.842% 1.233%
> 120 Days Delinquent 7.757% 8.436% 7,473 8,474 1.359% 1.589%
DEFERMENT
Current 7.541% 8.475% 64,106 66,350 11.656% 12.445%
FORBEARANCE
Current 7.768% 8.464% 78,191 71,146 14.217% 13.344%
--------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.739% 8.473% 519,143 504,141 94.393% 94.558%
--------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 7.766% 8.434% 1406 1,004 0.256% 0.188%
AGED CLAIMS REJECTED (2) 7.760% 8.498% 8 9 0.001% 0.002%
--------------------------------------------------------------------------------------------------
GRAND TOTAL 7.714% 8.460% 549,978 533,152 100.000% 100.000%
--------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------
PRINCIPAL AMOUNT %
---------------------------------------------------------------------------------------------
STATUS 6/30/2000 9/30/2000 6/30/2000 9/30/2000
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current $ 64,072,289.62 $ 57,772,112.01 3.513% 3.288%
GRACE
Current $ 37,961,579.45 $ 39,442,620.09 2.081% 2.245%
---------------------------------------------------------------------------------------------
TOTAL INTERIM $ 102,033,869.07 $ 97,214,732.10 5.594% 5.533%
---------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current $ 1,031,099,908.85 $ 973,868,065.11 56.532% 55.424%
31-60 Days Delinquent $ 60,097,502.52 $ 63,827,684.82 3.295% 3.632%
61-90 Days Delinquent $ 31,480,289.76 $ 42,646,269.62 1.726% 2.427%
91-120 Days Delinquent $ 14,982,618.68 $ 21,910,834.10 0.822% 1.247%
> 120 Days Delinquent $ 24,464,597.65 $ 27,046,273.86 1.341% 1.539%
DEFERMENT
Current $ 229,502,119.24 $ 233,854,380.90 12.583% 13.309%
FORBEARANCE
Current $ 326,038,786.32 $ 293,525,232.94 17.876% 16.705%
---------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 1,717,665,823.02 $ 1,656,678,741.35 94.175% 94.283%
---------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) $ 4,194,469.91 $ 3,215,931.32 0.230% 0.183%
AGED CLAIMS REJECTED (2) $ 23,973.95 $ 21,782.09 0.001% 0.001%
---------------------------------------------------------------------------------------------
GRAND TOTAL $ 1,823,918,135.95 $ 1,757,131,186.86 100.000% 100.000%
---------------------------------------------------------------------------------------------
</TABLE>
[CHART] [CHART]
LOAN STATUS BY OUTSTANDING LOAN STATUS BY OUTSTANDING
PRINCIPAL, JUNE 30, 2000 PRINCIPAL, SEPTEMBER 30, 2000
(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 9/30/00
-------------------------------------------------------------------------------
<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 1.957% 0.767% 0.000% 0.000% 0.212% 0.086% 0.000% 0.000%
GRACE
Current 1.318% 0.637% 0.000% 0.000% 0.118% 0.044% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 3.275% 1.404% 0.000% 0.000% 0.330% 0.130% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 30.562% 11.285% 3.961% 2.599% 1.972% 0.898% 0.177% 0.148%
31-60 Days Delinquent 1.784% 0.609% 0.273% 0.191% 0.222% 0.094% 0.019% 0.018%
61-90 Days Delinquent 1.208% 0.470% 0.095% 0.165% 0.151% 0.063% 0.004% 0.012%
91-120 Days Delinquent 0.608% 0.195% 0.063% 0.068% 0.094% 0.038% 0.001% 0.008%
> 120 Days Delinquent 0.700% 0.270% 0.034% 0.059% 0.141% 0.049% 0.003% 0.010%
DEFERMENT
Current 7.289% 2.895% 0.463% 0.898% 0.584% 0.234% 0.014% 0.059%
FORBEARANCE
Current 8.131% 3.703% 0.638% 1.204% 0.869% 0.373% 0.033% 0.094%
-----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 50.282% 19.427% 5.527% 5.184% 4.033% 1.749% 0.251% 0.349%
-----------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.082% 0.030% 0.007% 0.014% 0.014% 0.007% 0.000% 0.001%
AGED CLAIMS REJECTED (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 53.640% 20.861% 5.534% 5.198% 4.377% 1.886% 0.251% 0.350%
-----------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.233% 6.864%
-----------------------------------------------------------------------------------------------------------------------
<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 0.113% 0.095% 0.000% 0.000% 0.033% 0.025% 0.000% 0.000%
GRACE
Current 0.041% 0.032% 0.000% 0.000% 0.029% 0.026% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.154% 0.127% 0.000% 0.000% 0.062% 0.051% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 1.775% 1.158% 0.225% 0.216% 0.231% 0.134% 0.011% 0.072%
31-60 Days Delinquent 0.215% 0.130% 0.014% 0.026% 0.018% 0.012% 0.001% 0.006%
61-90 Days Delinquent 0.127% 0.081% 0.009% 0.014% 0.013% 0.009% 0.001% 0.005%
91-120 Days Delinquent 0.093% 0.054% 0.004% 0.012% 0.005% 0.001% 0.000% 0.003%
> 120 Days Delinquent 0.144% 0.093% 0.006% 0.016% 0.006% 0.004% 0.000% 0.004%
DEFERMENT
Current 0.329% 0.216% 0.012% 0.063% 0.121% 0.097% 0.000% 0.035%
FORBEARANCE
Current 0.713% 0.447% 0.031% 0.110% 0.156% 0.127% 0.001% 0.075%
-----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.396% 2.179% 0.301% 0.457% 0.550% 0.384% 0.014% 0.200%
-----------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.013% 0.008% 0.000% 0.001% 0.003% 0.002% 0.000% 0.001%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 3.563% 2.314% 0.301% 0.458% 0.615% 0.437% 0.014% 0.201%
-----------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 6.636% 1.267%
-----------------------------------------------------------------------------------------------------------------------
</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.
[CHART] [CHART]
LOAN PROGRAMS LOAN PROGRAMS
JUNE 30, 2000 SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
FOUR YEAR TWO YEAR TECHNICAL
SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 2.724% 0.298% 0.208% 0.058% 3.288%
GRACE
Current 1.955% 0.162% 0.073% 0.055% 2.245%
-------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 4.679% 0.460% 0.281% 0.113% 5.533%
-------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 48.407% 3.195% 3.374% 0.448% 55.424%
31-60 Days Delinquent 2.857% 0.353% 0.385% 0.037% 3.632%
61-90 Days Delinquent 1.938% 0.230% 0.231% 0.028% 2.427%
91-120 Days Delinquent 0.934% 0.141% 0.163% 0.009% 1.247%
> 120 Days Delinquent 1.063% 0.203% 0.259% 0.014% 1.539%
DEFERMENT
Current 11.545% 0.891% 0.620% 0.253% 13.309%
FORBEARANCE
Current 13.676% 1.369% 1.301% 0.359% 16.705%
-------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 80.420% 6.382% 6.333% 1.148% 94.283%
-------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.133% 0.022% 0.022% 0.006% 0.183%
AGED CLAIMS REJECTED (2) 0.001% 0.000% 0.000% 0.000% 0.001%
-------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.233% 6.864% 6.636% 1.267% 100.000%
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
-------------------------------------------------------------------------------
VI. 1997-3 INTEREST CALCULATION
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 33,212,676.80
B Interest Subsidy Payments Accrued During Collection Period 4,590,938.22
C SAP Payments Accrued During Collection Period 3,597,154.48
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 94,665.88
E Investment Earnings (ADMINISTRATOR ACCOUNTS) 1,149,916.31
--------------------
F NET EXPECTED INTEREST COLLECTIONS $ 42,645,351.69
G STUDENT LOAN RATE
i Days in Calculation Period 92
ii Days in Year 366
iii Net Expected Interest Collections $ 42,645,351.69
iv Primary Servicing Fee $ 3,600,228.70
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,844,601,303.18
vii STUDENT LOAN RATE 8.41657%
</TABLE>
<TABLE>
<CAPTION>
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 6.83788%
I CLASS A-1 INTEREST RATE 0.017188115 (7/25/00-10/25/00) 6.83788%
J Class A-2 T-Bill Based Interest Rate 6.87788%
K CLASS A-2 INTEREST RATE 0.017288661 (7/25/00-10/25/00) 6.87788%
L Certificate T-Bill Based Rate of Return 7.06788%
M CERTIFICATE RATE OF RETURN 0.017766257 (7/25/00-10/25/00) 7.06788%
</TABLE>
6
<PAGE>
-------------------------------------------------------------------------------
1997-3 WEEKLY T-BILL RATE RESETS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
NUMBER OF
PERIOD DAYS WEIGHTED 91 DAY T-BILL A-1 RESET A-2 RESET CERT RESET
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
7/25/00-7/31/00 7 6.1870% 6.7870% 6.8270% 7.0170%
8/1/00-8/7/00 7 6.2690% 6.8690% 6.9090% 7.0990%
8/8/00-8/14/00 7 6.2780% 6.8780% 6.9180% 7.1080%
8/15/00-8/21/00 7 6.2690% 6.8690% 6.9090% 7.0990%
8/22/00-8/28/00 7 6.2910% 6.8910% 6.9310% 7.1210%
8/29/00-9/5/00 8 6.3230% 6.9230% 6.9630% 7.1530%
9/6/00-9/11/00 6 6.2450% 6.8450% 6.8850% 7.0750%
9/12/00-9/18/00 7 6.1210% 6.7210% 6.7610% 6.9510%
9/19/00-9/25/00 7 6.1370% 6.7370% 6.7770% 6.9670%
9/26/00-10/02/00 7 6.1830% 6.7830% 6.8230% 7.0130%
10/3/00-10/10/00 8 6.2570% 6.8570% 6.8970% 7.0870%
10/11/00-10/16/00 6 6.2570% 6.8570% 6.8970% 7.0870%
10/17/00-10/24/00 8 6.2610% 6.8610% 6.9010% 7.0910%
TOTAL DAYS IN
ACCRUAL PERIOD 92
-----------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
-------------------------------------------------------------------------------
VII. 1997-3 INPUTS FROM PREVIOUS QUARTERLY SERVICING REPORTS 6/30/00
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,823,918,135.95
ii Interest To Be Capitalized 20,683,167.23
------------------
iii Total Pool $ 1,844,601,303.18
iv Specified Reserve Account Balance 4,611,503.26
------------------
v TOTAL ADJUSTED POOL $ 1,849,212,806.44
==================
B Total Note and Certificate Factor 0.71814089570
C TOTAL NOTE AND CERTIFICATE BALANCE $ 1,849,212,806.44
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 7/25/00 CLASS A-1 CLASS A-2 CERTIFICATES
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor 0.5016395828 1.0000000000 1.0000000000
ii Expected Note Balance $ 730,562,806.44 $ 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 $ 4,611,503.26
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>
8
<PAGE>
-------------------------------------------------------------------------------
VIII. 1997-3 WATERFALL FOR DISTRIBUTIONS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
REMAINING
FUNDS BALANCE
-----------------
<S> <C> <C>
A Total Available Funds (Sections III-F
+ VI-D) $ 110,616,971.16 $ 110,616,971.16
B Primary Servicing Fees-Current Month $ 1,178,462.67 $ 109,438,508.49
C Administration Fee $ 20,000.00 $ 109,418,508.49
D Noteholder's Interest
Distribution Amount
i Class A-1 $ 12,556,997.53 $ 96,861,510.96
ii Class A-2 $ 17,781,387.84 $ 79,080,123.12
----------------
iii TOTAL NOTEHOLDER'S
INTEREST DISTRIBUTION $ 30,338,385.37
E CERTIFICATEHOLDER'S RETURN
DISTRIBUTION AMOUNT $ 1,601,628.07 $ 77,478,495.05
F Noteholder's Principal
Distribution Amount Paid
i Class A-1 $ 69,091,431.34 $ 8,387,063.71
ii Class A-2 $ 0.00 $ 8,387,063.71
----------------
iii TOTAL NOTEHOLDER'S
PRINCIPAL DISTRIBUTION $ 69,091,431.34
G CERTIFICATEHOLDER'S BALANCE
DISTRIBUTION AMOUNT $ 0.00 $ 8,387,063.71
H Increase to the Specified Reserve
Account Balance $ 0.00 $ 8,387,063.71
I Carryover Servicing Fees $ 0.00 $ 8,387,063.71
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 8,387,063.71
i Class A-2 $ 0.00 $ 8,387,063.71
----------------
iii TOTAL NOTEHOLDER'S
INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S
RETURN CARRYOVER $ 0.00 $ 8,387,063.71
L EXCESS TO RESERVE ACCOUNT $ 8,387,063.71 $ 0.00
------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<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 $12,556,997.53 $17,781,387.84 $1,601,628.07
ii Quarterly Interest Paid 12,556,997.53 17,781,387.84 1,601,628.07
-------------- -------------- -------------
iii INTEREST SHORTFALL $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00 0.00
-------------- -------------- -------------
vi INTEREST CARRYOVER $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $69,091,431.34 $ 0.00 $ 0.00
viii Quarterly Principal Paid 69,091,431.34 0.00 0.00
-------------- -------------- -------------
ix QUARTERLY PRINCIPAL SHORTFALL $ 0.00 $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $81,648,428.87 $17,781,387.84 $1,601,628.07
---------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates
Principal Balance 9/30/00 $1,849,212,806.44
ii Adjusted Pool Balance 9/30/00 1,780,121,375.10
-----------------
iii Adjusted Pool Exceeding Notes
and Certificate Balance (i-ii) $ 69,091,431.34
=================
iv Adjusted Pool Balance 6/30/00 $1,849,212,806.44
v Adjusted Pool Balance 9/30/00 $1,780,121,375.10
-----------------
vi Current Principal Due
(iv-v) $ 69,091,431.34
vii Principal Shortfall from Previous
Collection Period $ -
-----------------
viii Principal Distribution
Amount (vi + vii) $ 69,091,431.34
=================
ix PRINCIPAL DISTRIBUTION
AMOUNT PAID $ 69,091,431.34
x Principal Shortfall (viii - ix) $ 0.00
C Total Principal Distribution $ 69,091,431.34
D Total Interest Distribution 31,940,013.44
-----------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND
CERTIFICATES $ 101,031,444.78
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 7/25/00 10/25/00
-------------------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GAR7) $ 730,562,806.44 $ 661,471,375.10
A-1 Note Pool Factor 0.5016395828 0.4541980809
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 $ 4,611,503.26
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 8,387,063.71
------------------
iv Total Reserve Account Balance Available $ 12,998,566.97
v Required Reserve Account Balance $ 4,439,205.42
vi Shortfall Carried to Next $ -
Period
vii Excess Reserve - Release to SLM Funding $ 8,559,361.55
Corp.
viii Ending Reserve Account $ 4,439,205.42
Balance
-------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
-------------------------------------------------------------------------------
X. 1997-3 HISTORICAL POOL INFORMATION
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
7/1/00-9/30/00 4/1/00-6/30/00 1/1/00-3/31/00
---------------------------------------------------------------------------------------------------------------------------------
<S>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 1,823,918,135.95 $ 1,877,858,984.50 $ 1,934,544,726.24
---------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 56,546,434.00 $ 47,914,050.45 $ 45,461,688.56
ii Principal Collections from Guarantor 6,348,052.23 7,489,577.78 8,125,300.49
iii Principal Reimbursements 18,354,263.35 13,547,880.29 17,905,458.93
iv Other System Adjustments - - -
------------------ ------------------ ------------------
v Total Principal Collections $ 81,248,749.58 $ 68,951,508.52 $ 71,492,447.98
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,889,393.69 $ 1,666,999.58 $ 2,336,923.02
ii Capitalized Interest (16,351,194.18) (16,677,659.55) (17,143,629.26)
------------------ ------------------ ------------------------
iii Total Non-Cash Principal Activity $ (14,461,800.49) $ (15,010,659.97) $ (14,806,706.24)
---------------------------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 66,786,949.09 $ 53,940,848.55 $ 56,685,741.74
---------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 19,220,380.84 $ 18,485,381.52 $ 19,231,161.88
ii Interest Claims Received
from Guarantors 393,146.71 486,904.90 515,695.94
iii Late Fee Reimbursements 374,389.16 352,484.18 386,663.14
iv Interest Reimbursements 196,771.28 198,452.26 189,215.63
v Other System Adjustments - - -
vi Special Allowance Payments 5,585,859.47 4,784,447.92 2,660,756.05
vii Subsidy Payments 4,476,392.42 4,753,331.82 5,416,087.82
------------------ ------------------ ------------------
viii Total Interest Collections $ 30,246,939.88 $ 29,061,002.60 $ 28,399,580.46
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,814,365.91) $ (1,543,010.45) $ (2,300,825.09)
ii Capitalized Interest 16,351,194.18 16,677,659.55 17,143,629.26
------------------ ------------------ ------------------
iii Total Non-Cash Interest
Adjustments $ 14,536,828.27 $ 15,134,649.10 $ 14,842,804.17
------------------ ------------------ ------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 44,783,768.15 $ 44,195,651.70 $ 43,242,384.63
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 1,757,131,186.86 $ 1,823,918,135.95 $ 1,877,858,984.50
---------------------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 18,550,982.82 $ 20,683,167.23 $ 23,999,517.29
---------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,775,682,169.68 $ 1,844,601,303.18 $ 1,901,858,501.79
---------------------------------------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 4,439,205.42 $ 4,611,503.26 $ 4,754,646.25
---------------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 1,780,121,375.10 $ 1,849,212,806.44 $ 1,906,613,148.04
---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------
1999 1998 1997
-----------------------------------------------------------------------
1/1/99-12/31/99 1/1/98-12/31/98 8/25/97 - 12/31/97
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 2,187,173,010.15 $ 2,388,313,848.15 $ 2,447,417,365.32
------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 194,105,501.23 $ 179,579,682.34 $ 49,821,559.10
ii Principal Collections from Guarantor 38,913,656.71 71,378,464.29 1,440,820.82
iii Principal Reimbursements 83,345,947.87 8,500,226.75 39,007,052.38
iv Other System Adjustments - - -
------------------ ------------------ ------------------
v Total Principal Collections $ 316,365,105.81 $ 259,458,373.38 $ 90,269,432.30
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 9,811,199.50 $ 10,205,441.60 $ 3,533,441.93
ii Capitalized Interest (73,548,021.40) (68,522,976.98) (34,699,357.06)
------------------ ------------------ ------------------
iii Total Non-Cash Principal Activity $ (63,736,821.90) $ (58,317,535.38) $ (31,165,915.13)
------------------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 252,628,283.91 $ 201,140,838.00 $ 59,103,517.17
------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 82,058,012.18 $ 85,007,482.49 $ 24,529,728.52
ii Interest Claims Received from
Guarantors 2,289,076.52 4,447,365.33 34,126.30
iii Late Fee Reimbursements 1,424,017.90 433,591.49 9.92
iv Interest Reimbursements 1,494,005.16 164,288.32 799,423.02
v Other System Adjustments - - -
vi Special Allowance Payments 1,003,735.19 1,999,181.67 232,534.47
vii Subsidy Payments 29,964,944.26 46,628,513.22 6,806,739.23
------------------------------------------------------------------------
viii Total Interest Collections $ 118,233,791.21 $ 138,680,422.52 $ 32,402,561.46
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (9,205,350.26) $ (9,049,779.85) $ (3,498,891.99)
ii Capitalized Interest 73,548,021.40 68,522,976.98 34,699,357.06
------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 64,342,671.14 $ 59,473,197.13 $ 31,200,465.07
------------------------------------------------------------------------
TOTAL STUDENT LOAN INTEREST
ACTIVITY $ 182,576,462.35 $ 198,153,619.65 $ 63,603,026.53
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 1,934,544,726.24 $ 2,187,173,010.15 $ 2,388,313,848.15
-------------------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 25,721,016.49 $ 39,623,139.23 $ 44,396,075.77
-------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,960,265,742.73 $ 2,226,796,149.38 $ 2,432,709,923.92
-------------------------------------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 4,900,664.36 $ 5,566,990.37 $ 6,259,224.00
-------------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 1,965,166,407.09 $ 2,232,363,139.75 $ 2,438,969,147.92
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
11
<PAGE>
-------------------------------------------------------------------------------
XI. 1997-3 PAYMENT HISTORY AND CPRS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
<S> <C> <C>
Oct-97 $ 2,503,689,634 -
Jan-98 $ 2,432,709,924 6.13%
Apr-98 $ 2,385,676,618 4.78%
Jul-98 $ 2,331,344,763 4.50%
Oct-98 $ 2,277,897,847 4.25%
Jan-99 $ 2,226,796,149 4.02%
Apr-99 $ 2,161,570,744 4.11%
Jul-99 $ 2,071,122,456 4.77%
Oct-99 $ 2,011,966,586 4.58%
Jan-00 $ 1,960,265,743 4.26%
Apr-00 $ 1,901,858,502 4.08%
Jul-00 $ 1,844,601,303 3.88%
Oct-00 $ 1,775,682,170 3.92%
</TABLE>
* "SINCE ISSUED CPR" IS BASED ON THE CURRENT PERIOD'S ENDING POOL BALANCE
CALCULATED AGAINST THE ORIGINAL POOL BALANCE AND ASSUMING CUTOFF DATE POOL
DATA.
-------------------------------------------------------------------------------
12
<PAGE>
SLM STUDENT LOAN TRUST 1997-4
QUARTERLY SERVICING REPORT
REPORT DATE: 09/30/2000 REPORTING PERIOD: 7/1/00-9/30/00
--------------------------------------------------------------------------------
I. DEAL PARAMETERS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PORTFOLIO CHARACTERISTICS 06/30/2000 ACTIVITY 09/30/2000
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 1,852,885,221.64 $ (66,282,765.88) $ 1,786,602,455.76
ii Interest to be Capitalized 18,452,879.65 16,567,710.30
------------------- --------------------
iii Total Pool $ 1,871,338,101.29 $ 1,803,170,166.06
iv Specified Reserve Account Balance 4,678,345.25 4,507,925.42
------------------- --------------------
v TOTAL ADJUSTED POOL $ 1,876,016,446.54 $ 1,807,678,091.48
=================== ====================
B i Weighted Average Coupon (WAC) 7.7023% 8.4342%
ii Weighted Average Remaining Term 104.25 103.42
iii Number of Loans 604,123 586,795
iv Number of Borrowers 222,386 215,980
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
NOTES AND CERTIFICATES SPREAD BALANCE 7/25/00 % OF POOL BALANCE 10/25/00 % 0F POOL
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAU0 0.75% $ 797,116,446.54 42.490% $ 728,778,091.48 40.316%
ii A-2 Notes 78442GAV8 0.75% 989,000,000.00 52.718% 989,000,000.00 54.711%
iii Certificates 78442GAW6 1.05% 89,900,000.00 4.792% 89,900,000.00 4.973%
-----------------------------------------------------------------------------------------------------------------------------
iv TOTAL NOTES AND CERTIFICATES $ 1,876,016,446.54 100.000% $1,807,678,091.48 100.000%
=============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------
RESERVE ACCOUNT 07/25/2000 10/25/2000
-----------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 4,678,345.25 $ 4,507,925.42
iv Reserve Account Floor Balance ($) $ 2,502,640.00 $ 2,502,640.00
v Current Reserve Acct Balance ($) $ 4,678,345.25 $ 4,507,925.42
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
--------------------------------------------------------------------------------
II. 1997-4 TRANSACTIONS FROM: 07/01/2000 THROUGH: 09/30/2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 58,017,392.74
ii Principal Collections from Guarantor 6,403,931.83
iii Principal Reimbursements 15,745,101.82
iv Other System Adjustments 0.00
-------------------------
v TOTAL PRINCIPAL COLLECTIONS $ 80,166,426.39
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $1,539,563.41
ii Capitalized Interest (15,423,223.92)
-------------------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (13,883,660.51)
-----------------------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 66,282,765.88
-----------------------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 20,033,277.29
ii Interest Claims Received from Guarantors 392,048.06
iii Late Fee Reimbursements 381,790.37
iv Interest Reimbursements 178,362.39
v Other System Adjustments 0.00
vi Special Allowance Payments 5,802,076.56
vii Subsidy Payments 4,582,992.60
-------------------------
viii TOTAL INTEREST COLLECTIONS $ 31,370,547.27
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment ($1,448,118.63)
ii Capitalized Interest 15,423,223.92
-------------------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 13,975,105.29
-----------------------------------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 45,345,652.56
-----------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
--------------------------------------------------------------------------------
III. 1997-4 COLLECTION ACCOUNT ACTIVITY 07/01/2000 THROUGH 09/30/2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $ 64,421,324.57
ii Cash Forwarded by Administrator on behalf of Seller 144,394.32
iii Cash Forwarded by Administrator on behalf of Servicer 3,690.17
iv Cash Forwarded by Administrator for Consolidation Activity 15,597,017.33
--------------------------
v TOTAL PRINCIPAL COLLECTIONS $ 80,166,426.39
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 30,810,394.51
ii Cash Forwarded by Administrator on behalf of Seller 9,648.77
iii Cash Forwarded by Administrator on behalf of Servicer 2,731.81
iv Cash Forwarded by Administrator for Consolidation Activity 165,981.81
v Cash Forwarded by Administrator for Late Fee Activity 381,790.37
--------------------------
vi TOTAL INTEREST COLLECTIONS $ 31,370,547.27
C OTHER REIMBURSEMENTS $ 314,718.31
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 1,159,528.54
E RETURN FUNDS BORROWED FOR PREVIOUS DISTRIBUTION $ -
F TOTAL FUNDS RECEIVED $ 113,011,220.51
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($2,609,834.67)
-------------------------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 110,401,385.84
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
G SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $ 885,494.12
ii Percentage of Principal Calculation $ 1,277,589.06
iii Lesser of Unit or Principal Calculation $ 885,494.12
H SERVICING FEES DUE FOR CURRENT PERIOD $ 1,277,589.06
I CARRYOVER SERVICING FEES DUE $ 0.00
JUL-00 Servicing Carryover $ 0.00
AUG-00 Servicing Carryover $ 0.00
SEP-00 Servicing Carryover $ 0.00
------------------
TOTAL: CARRYOVER SERVICING FEE DUE $ 0.00
==================
LESS: Servicing ADJ [A iii + B iii] ($6,421.98)
J ADMINISTRATION FEES DUE $ 20,000.00
-------------------------------------------------------------------------------------------------------------------------
K TOTAL FEES DUE FOR PERIOD $ 1,291,167.08
-------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
-------------------------------------------------------------------------------
IV. 1997-4 PORTFOLIO CHARACTERISTICS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------
WEIGHTED AVG COUPON # OF LOANS %
--------------------------------------------------------------------------------------------------------------------------------
STATUS 6/30/2000 9/30/2000 6/30/2000 9/30/2000 6/30/2000 9/30/2000
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 7.333% 8.264% 21,695 18,707 3.591% 3.188%
GRACE
Current 7.307% 8.272% 11,296 12,838 1.870% 2.188%
--------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.324% 8.267% 32,991 31,545 5.461% 5.376%
--------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current 7.761% 8.448% 376,511 359,357 62.324% 61.240%
31-60 Days Delinquent 7.766% 8.461% 20,321 21,247 3.364% 3.621%
61-90 Days Delinquent 7.758% 8.445% 10,572 12,369 1.750% 2.108%
91-120 Days Delinquent 7.757% 8.433% 5,431 6,588 0.899% 1.123%
> 120 Days Delinquent 7.753% 8.411% 7,932 8,999 1.313% 1.534%
DEFERMENT
Current 7.499% 8.441% 68,635 72,096 11.361% 12.286%
FORBEARANCE
Current 7.761% 8.437% 80,391 73,612 13.307% 12.544%
--------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.727% 8.445% 569,793 554,268 94.318% 94.456%
--------------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 7.780% 8.394% 1,319 960 0.218% 0.164%
AGED CLAIMS REJECTED (2) 7.742% 8.374% 20 22 0.003% 0.004%
--------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.702% 8.434% 604,123 586,795 100.000% 100.000%
--------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------------
PRINCIPAL AMOUNT %
----------------------------------------------------------------------------------------------------------------------
STATUS 6/30/2000 9/30/2000 6/30/2000 9/30/2000
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current $ 67,853,323.90 $ 58,564,612.14 3.662% 3.278%
GRACE
Current $ 35,996,739.69 $ 40,661,822.40 1.943% 2.276%
----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 103,850,063.59 $ 99,226,434.54 5.605% 5.554%
----------------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current $ 1,071,360,576.57 $ 1,011,998,576.35 57.821% 56.644%
31-60 Days Delinquent $ 61,917,377.41 $ 65,486,114.69 3.342% 3.665%
61-90 Days Delinquent $ 33,097,943.98 $ 41,666,307.65 1.786% 2.332%
91-120 Days Delinquent $ 16,712,564.66 $ 20,984,428.86 0.902% 1.175%
> 120 Days Delinquent $ 24,776,440.20 $ 27,705,647.52 1.337% 1.551%
DEFERMENT
Current $ 223,540,200.15 $ 231,336,964.39 12.065% 12.948%
FORBEARANCE
Current $ 313,736,357.10 $ 285,392,453.11 16.932% 15.974%
----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 1,745,141,460.07 $ 1,684,570,492.57 94.185% 94.289%
----------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) $ 3,819,994.37 $ 2,729,897.08 0.206% 0.153%
AGED CLAIMS REJECTED (2) $ 73,703.61 $ 75,631.57 0.004% 0.004%
----------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 1,852,885,221.64 $ 1,786,602,455.76 100.000% 100.000%
----------------------------------------------------------------------------------------------------------------------
</TABLE>
[CHART] [CHART]
LOAN STATUS BY OUTSTANDING LOAN STATUS BY OUTSTANDING
PRINCIPAL, JUNE 30, 2000 PRINCIPAL, SEPTEMBER 30, 2000
(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 9/30/00
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
--------------------------------------------------------------------------
GSL- GSL- GSL- GSL-
SUB UNSUB PLUS SLS SUB UNSUB PLUS SLS
<S> <C> <C> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 2.022% 0.767% 0.000% 0.000% 0.237% 0.117% 0.000% 0.000%
GRACE
Current 1.381% 0.593% 0.000% 0.000% 0.154% 0.076% 0.000% 0.000%
-------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 3.403% 1.360% 0.000% 0.000% 0.391% 0.193% 0.000% 0.000%
-------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 32.491% 11.813% 2.814% 1.920% 2.556% 1.172% 0.157% 0.139%
31-60 Days Delinquent 1.903% 0.655% 0.191% 0.137% 0.244% 0.115% 0.010% 0.014%
61-90 Days Delinquent 1.171% 0.451% 0.072% 0.106% 0.169% 0.078% 0.002% 0.010%
91-120 Days Delinquent 0.600% 0.203% 0.029% 0.047% 0.098% 0.037% 0.001% 0.005%
> 120 Days Delinquent 0.742% 0.273% 0.027% 0.055% 0.149% 0.063% 0.002% 0.008%
DEFERMENT
Current 7.547% 2.740% 0.312% 0.628% 0.679% 0.309% 0.007% 0.051%
FORBEARANCE
Current 8.240% 3.499% 0.466% 0.905% 0.908% 0.419% 0.020% 0.073%
-------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 52.694% 19.634% 3.911% 3.798% 4.803% 2.193% 0.199% 0.300%
-------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.063% 0.029% 0.003% 0.004% 0.017% 0.007% 0.001% 0.002%
AGED CLAIMS REJECTED (2) 0.003% 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
-------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 56.163% 21.024% 3.914% 3.802% 5.211% 2.393% 0.200% 0.302%
-------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 84.903% 8.106%
-------------------------------------------------------------------------------------------------------------------
<CAPTION>
TECHNICAL SCHOOLS UNKNOWN
------------------------------------------------------------------
GSL- GSL- GSL- GSL-
SUB UNSUB PLUS SLS SUB UNSUB PLUS SLS
<S> <C> <C> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 0.060% 0.049% 0.000% 0.000% 0.015% 0.011% 0.000% 0.000%
GRACE
Current 0.027% 0.022% 0.000% 0.000% 0.014% 0.009% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.087% 0.071% 0.000% 0.000% 0.029% 0.020% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 1.720% 1.105% 0.287% 0.175% 0.163% 0.092% 0.003% 0.037%
31-60 Days Delinquent 0.194% 0.118% 0.018% 0.021% 0.023% 0.017% 0.002% 0.003%
61-90 Days Delinquent 0.126% 0.080% 0.009% 0.011% 0.022% 0.015% 0.000% 0.010%
91-120 Days Delinquent 0.087% 0.055% 0.003% 0.009% 0.001% 0.000% 0.000% 0.000%
> 120 Days Delinquent 0.125% 0.081% 0.007% 0.012% 0.003% 0.004% 0.000% 0.000%
DEFERMENT
Current 0.251% 0.155% 0.007% 0.044% 0.093% 0.073% 0.007% 0.045%
FORBEARANCE
Current 0.582% 0.388% 0.031% 0.072% 0.161% 0.143% 0.000% 0.067%
-----------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.085% 1.982% 0.362% 0.344% 0.466% 0.344% 0.012% 0.162%
-----------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.013% 0.012% 0.000% 0.002% 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 3.185% 2.065% 0.362% 0.346% 0.495% 0.364% 0.012% 0.162%
-----------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 5.958% 1.033%
-----------------------------------------------------------------------------------------------------------
</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.
[CHART] [CHART]
LOAN PROGRAMS LOAN PROGRAMS
JUNE 30, 2000 SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 2.789% 0.354% 0.109% 0.026% 3.278%
GRACE
Current 1.974% 0.230% 0.049% 0.023% 2.276%
------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 4.763% 0.584% 0.158% 0.049% 5.554%
------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 49.038% 4.024% 3.287% 0.295% 56.644%
31-60 Days Delinquent 2.886% 0.383% 0.351% 0.045% 3.665%
61-90 Days Delinquent 1.800% 0.259% 0.226% 0.047% 2.332%
91-120 Days Delinquent 0.879% 0.141% 0.154% 0.001% 1.175%
> 120 Days Delinquent 1.097% 0.222% 0.225% 0.007% 1.551%
DEFERMENT
Current 11.227% 1.046% 0.457% 0.218% 12.948%
FORBEARANCE
Current 13.110% 1.420% 1.073% 0.371% 15.974%
------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 80.037% 7.495% 5.773% 0.984% 94.289%
------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.099% 0.027% 0.027% 0.000% 0.153%
AGED CLAIMS REJECTED (2) 0.004% 0.000% 0.000% 0.000% 0.004%
------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 84.903% 8.106% 5.958% 1.033% 100.000%
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
-------------------------------------------------------------------------------
VI. 1997-4 INTEREST CALCULATION
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 33,492,073.67
B Interest Subsidy Payments Accrued During Collection Period 4,804,177.97
C SAP Payments Accrued During Collection Period 3,745,797.42
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 96,262.30
E Investment Earnings (ADMINISTRATOR ACCOUNTS) 1,159,528.54
-------------------
F NET EXPECTED INTEREST COLLECTIONS $ 43,297,839.90
G STUDENT LOAN RATE
i Days in Calculation Period 92
ii Days in Year 366
iii Net Expected Interest Collections $ 43,297,839.90
iv Primary Servicing Fee $ 3,887,423.73
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,871,338,101.29
vii STUDENT LOAN RATE 8.37397%
</TABLE>
<TABLE>
<CAPTION>
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 6.98788%
I CLASS A-1 INTEREST RATE 0.017565164 (7/25/00-10/25/00) 6.98788%
J Class A-2 T-Bill Based Interest Rate 6.98788%
K CLASS A-2 INTEREST RATE 0.017565164 (7/25/00-10/25/00) 6.98788%
L Certificate T-Bill Based Rate of Return 7.28788%
M CERTIFICATE RATE OF RETURN 0.018319262 (7/25/00-10/25/00) 7.28788%
</TABLE>
6
<PAGE>
-------------------------------------------------------------------------------
VII. 1997-4 WEEKLY T-BILL RATE RESETS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
NUMBER OF
PERIOD DAYS WEIGHTED 91 DAY T-BILL A-1 RESET A-2 RESET CERT RESET
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
7/25/00-7/31/00 7 6.1870% 6.9370% 6.9370% 7.2370%
8/1/00-8/7/00 7 6.2690% 7.0190% 7.0190% 7.3190%
8/8/00-8/14/00 7 6.2780% 7.0280% 7.0280% 7.3280%
8/15/00-8/21/00 7 6.2690% 7.0190% 7.0190% 7.3190%
8/22/00-8/28/00 7 6.2910% 7.0410% 7.0410% 7.3410%
8/29/00-9/5/00 8 6.3230% 7.0730% 7.0730% 7.3730%
9/6/00-9/11/00 6 6.2450% 6.9950% 6.9950% 7.2950%
9/12/00-9/18/00 7 6.1210% 6.8710% 6.8710% 7.1710%
9/19/00-9/25/00 7 6.1370% 6.8870% 6.8870% 7.1870%
9/26/00-10/02/00 7 6.1830% 6.9330% 6.9330% 7.2330%
10/3/00-10/10/00 8 6.2570% 7.0070% 7.0070% 7.3070%
10/11/00-10/16/00 6 6.2570% 7.0070% 7.0070% 7.3070%
10/17/00-10/24/00 8 6.2610% 7.0110% 7.0110% 7.3110%
TOTAL DAYS IN
ACCRUAL PERIOD 92
-----------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
-------------------------------------------------------------------------------
VIII. 1997-4 INPUTS FROM PREVIOUS QUARTERLY SERVICING REPORTS 6/30/00
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,852,885,221.64
ii Interest To Be Capitalized 18,452,879.65
------------------
iii Total Pool $ 1,871,338,101.29
iv Specified Reserve Account Balance 4,678,345.25
==================
v TOTAL ADJUSTED POOL $ 1,876,016,446.54
==================
B Total Note and Certificate Factor 0.73084905783
C TOTAL NOTE AND CERTIFICATE BALANCE $ 1,876,016,446.54
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 7/25/2000 CLASS A-1 CLASS A-2 CERTIFICATES
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor 0.5356965367 1.0000000000 1.0000000000
ii Expected Note Balance $ 797,116,446.54 $ 989,000,000.00 $ 89,900,000.00
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 $ 4,678,345.25
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>
8
<PAGE>
-------------------------------------------------------------------------------
IX. 1997-4 WATERFALL FOR DISTRIBUTIONS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
REMAINING
FUNDS BALANCE
-------------
<S> <C> <C>
A Total Available Funds (Sections III-F
+ VI-D) $ 110,497,648.14 $ 110,497,648.14
B Primary Servicing Fees-Current Month $ 1,271,167.08 $ 109,226,481.06
C Administration Fee $ 20,000.00 $ 109,206,481.06
D Noteholder's Interest
Distribution Amount
i Class A-1 $ 14,001,481.11 $ 95,204,999.95
ii Class A-2 $ 17,371,947.20 $ 77,833,052.75
-----------------
iii TOTAL NOTEHOLDER'S
INTEREST DISTRIBUTION $ 31,373,428.31
E CERTIFICATEHOLDER'S RETURN
DISTRIBUTION AMOUNT $ 1,646,901.65 $ 76,186,151.10
F Noteholder's Principal
Distribution Amount Paid
i Class A-1 $ 68,338,355.06 $ 7,847,796.04
ii Class A-2 $ 0.00 $ 7,847,796.04
-----------------
iii TOTAL NOTEHOLDER'S
PRINCIPAL DISTRIBUTION $ 68,338,355.06
G CERTIFICATEHOLDER'S BALANCE
DISTRIBUTION AMOUNT $ 0.00 $ 7,847,796.04
H Increase to the Specified Reserve
Account Balance $ 0.00 $ 7,847,796.04
I Carryover Servicing Fees $ 0.00 $ 7,847,796.04
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 7,847,796.04
i Class A-2 $ 0.00 $ 7,847,796.04
-----------------
iii TOTAL NOTEHOLDER'S
INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S
RETURN CARRYOVER $ 0.00 $ 7,847,796.04
L EXCESS TO RESERVE ACCOUNT $ 7,847,796.04 $ 0.00
------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
-------------------------------------------------------------------------------
X. 1997-4 DISTRIBUTIONS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
A DISTRIBUTION AMOUNTS CLASS A-1 CLASS A-2 CERTIFICATES
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 14,001,481.11 $ 17,371,947.20 $ 1,646,901.65
ii Quarterly Interest Paid 14,001,481.11 17,371,947.20 1,646,901.65
--------------- --------------- ---------------
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 $ 68,338,355.06 $ 0.00 $ 0.00
viii Quarterly Principal Paid 68,338,355.06 0.00 0.00
--------------- ----- -----
ix QUARTERLY PRINCIPAL SHORTFALL $ 0.00 $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 82,339,836.17 $ 17,371,947.20 $ 1,646,901.65
--------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION
RECONCILIATION
i Notes and Certificates
Principal Balance 9/30/00 $1,876,016,446.54
ii Adjusted Pool Balance 9/30/00 1,807,678,091.48
-----------------
iii Adjusted Pool Exceeding Notes
and Certificate Balance (i-ii) $ 68,338,355.06
=================
iv Adjusted Pool Balance 6/30/00 $1,876,016,446.54
v Adjusted Pool Balance 9/30/00 1,807,678,091.48
-----------------
vi Current Principal Due (iv-v) $ 68,338,355.06
vii Principal Shortfall from Previous
Collection Period -
-----------------
viii Principal Distribution Amount (vi + vii) $ 68,338,355.06
=================
ix PRINCIPAL DISTRIBUTION AMOUNT PAID $ 68,338,355.06
x Principal Shortfall (viii - ix) $ 0.00
C Total Principal Distribution $ 68,338,355.06
D Total Interest Distribution 33,020,329.96
-----------------
E TOTAL CASH DISTRIBUTIONS-NOTE
AND CERTIFICATES $ 101,358,685.02
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 07/25/2000 10/25/2000
---------------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GAU0) $797,116,446.54 $728,778,091.48
A-1 Note Pool Factor 0.5356965367 0.4897702228
ii A-2 Note Balance (78442GAV8) $989,000,000.00 $989,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAW6) $ 89,900,000.00 $ 89,900,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
---------------------------------------------------------------------------------------
G RESERVE ACCOUNT RECONCILIATION
i Beginning of Period Balance $ 4,678,345.25
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 7,847,796.04
---------------
iv Total Reserve Account Balance Available $ 12,526,141.29
v Required Reserve Account Balance $ 4,507,925.42
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp. $ 8,018,215.87
viii Ending Reserve Account Balance $ 4,507,925.42
---------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
-------------------------------------------------------------------------------
XI. 1997-4 HISTORICAL POOL INFORMATION
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------- ------------------
1999 1998
-------------------------------------------------------------------------------------------------------
7/1/00-9/30/00 4/1/00-6/30/00 1/1/00-3/31/00 1/1/99-12/31/99 0/27/97-12/31/98
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
BEGINNING STUDENT
LOAN PORTFOLIO BALANCE $1,852,885,221.64 $1,908,710,819.65 $1,963,204,981.54 $2,214,648,812.93 $2,443,276,738.87
----------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL
ACTIVITY
i Regular Principal
Collections $ 58,017,392.74 $ 50,566,528.40 $ 46,168,921.32 $ 193,934,982.47 $ 217,509,395.11
ii Principal Collections
from Guarantor 6,403,931.83 7,532,636.89 6,953,987.74 37,546,187.53 60,619,932.26
iii Principal
Reimbursements 15,745,101.82 12,162,144.14 15,464,851.39 78,926,911.31 34,492,587.94
iv Other System
Adjustments - - - - -
--------------------------------------------------------------------------------------------------
v Total Principal
Collections $ 80,166,426.39 $ 70,261,309.43 $ 68,587,760.45 $ 310,408,081.31 $ 312,621,915.31
Student Loan Non-Cash
Principal Activity
i Other Adjustments $ 1,539,563.41 $ 1,636,731.34 $ 1,878,018.01 $ 8,439,141.92 $ 9,824,857.85
ii Capitalized Interest (15,423,223.92) (16,072,442.76) (15,971,616.57) (67,403,391.84) (93,818,847.22)
--------------------------------------------------------------------------------------------------
iii Total Non-Cash
Principal Activity $ (13,883,660.51) $ (14,435,711.42) $ (14,093,598.56) $ (58,964,249.92) $ (83,993,989.37)
----------------------------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN
PRINCIPAL ACTIVITY $ 66,282,765.88 $ 55,825,598.01 $ 54,494,161.89 $ 251,443,831.39 $ 228,627,925.94
----------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN
INTEREST ACTIVITY
i Regular Interest
Collections $ 20,033,277.29 $ 19,345,419.99 $ 20,044,315.14 $ 86,533,733.15 $ 102,639,871.99
ii Interest Claims
Received from
Guarantors 392,048.06 504,997.39 467,473.90 2,294,617.13 3,743,601.43
iii Late Fee Reimbursements 381,790.37 365,056.92 387,190.15 1,431,940.89 436,370.18
iv Interest Reimbursements 178,362.39 181,872.76 185,399.58 1,317,404.78 605,682.73
v Other System
Adjustments - - - - -
vi Special Allowance
Payments 5,802,076.56 4,968,927.91 2,765,073.36 998,229.38 1,685,553.55
vii Subsidy Payments 4,582,992.60 4,863,694.75 5,378,069.38 30,097,232.46 42,104,685.68
--------------------------------------------------------------------------------------------------
viii Total Interest
Collections $ 31,370,547.27 $ 30,229,969.72 $ 29,227,521.51 $ 122,673,157.79 $ 151,215,765.56
Student Loan Non-Cash
Interest Activity
i Interest Accrual
Adjustment $ (1,448,118.63) $ (1,533,153.52) $ (1,807,186.76) $ (7,788,412.33) $ (8,807,032.37)
ii Capitalized Interest 15,423,223.92 16,072,442.76 15,971,616.57 67,403,391.84 93,818,847.22
--------------------------------------------------------------------------------------------------
iii Total Non-Cash
Interest Adjustments $ 13,975,105.29 $ 14,539,289.24 $ 14,164,429.81 $ 59,614,979.51 $ 85,011,814.85
--------------------------------------------------------------------------------------------------
TOTAL STUDENT LOAN
INTEREST ACTIVITY $ 45,345,652.56 $ 44,769,258.96 $ 43,391,951.32 $ 182,288,137.30 $ 236,227,580.41
(=) ENDING STUDENT LOAN
PORTFOLIO BALANCE $1,786,602,455.76 $1,852,885,221.64 $1,908,710,819.65 $1,963,204,981.54 $2,214,648,812.93
----------------------------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 16,567,710.30 $ 18,452,879.65 $ 21,690,477.47 $ 23,363,678.25 $ 34,676,758.49
----------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $1,803,170,166.06 $1,871,338,101.29 $1,930,401,297.12 $1,986,568,659.79 $2,249,325,571.42
----------------------------------------------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 4,507,925.42 $ 4,678,345.25 $ 4,826,003.24 $ 4,966,421.65 $ 5,623,313.93
----------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $1,807,678,091.48 $1,876,016,446.54 $1,935,227,300.36 $1,991,535,081.44 $2,254,948,885.35
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
11
<PAGE>
--------------------------------------------------------------------------------
XII. 1997-4 PAYMENT HISTORY AND CPRS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
<S> <C> <C>
Jan-98 $ 2,502,639,587 -
Apr-98 $ 2,412,986,081 5.29%
Jul-98 $ 2,363,582,528 4.42%
Oct-98 $ 2,304,577,423 4.39%
Jan-99 $ 2,249,325,571 4.22%
Apr-99 $ 2,185,505,891 4.25%
Jul-99 $ 2,095,431,321 4.96%
Oct-99 $ 2,038,236,049 4.69%
Jan-00 $ 1,986,568,660 4.34%
Apr-00 $ 1,930,401,297 4.09%
Jul-00 $ 1,871,338,101 3.93%
Oct-00 $ 1,803,170,166 3.95%
</TABLE>
* "SINCE ISSUED CPR" IS BASED ON THE CURRENT PERIOD'S ENDING POOL BALANCE
CALCULATED AGAINST THE ORIGINAL POOL BALANCE AND ASSUMING CUTOFF DATE POOL DATA.
--------------------------------------------------------------------------------
12
<PAGE>
SLM STUDENT LOAN TRUST 1998-1
QUARTERLY SERVICING REPORT
REPORT DATE: 09/30/2000 REPORTING PERIOD: 7/1/00-9/30/00
--------------------------------------------------------------------------------
I. DEAL PARAMETERS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PORTFOLIO CHARACTERISTICS 06/30/2000 ACTIVITY 09/30/2000
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 2,303,566,262.93 $ (78,638,790.53) $ 2,224,927,472.40
ii Interest to be Capitalized 22,772,920.92 20,413,603.71
------------------- --------------------
iii Total Pool $ 2,326,339,183.85 $ 2,245,341,076.11
iv Specified Reserve Account Balance 5,815,847.96 5,613,352.69
------------------- --------------------
v TOTAL ADJUSTED POOL $ 2,332,155,031.81 $ 2,250,954,428.80
=================== ====================
B i Weighted Average Coupon (WAC) 7.8637% 8.4690%
ii Weighted Average Remaining Term 109.45 108.53
iii Number of Loans 605,070 587,090
iv Number of Borrowers 257,298 249,906
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
NOTES AND CERTIFICATES SPREAD BALANCE 7/25/00 % OF POOL BALANCE 10/25/00 % 0F POOL
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAX4 0.71% $ 1,001,105,031.81 42.926% $ 919,904,428.80 40.867%
ii A-2 Notes 78442GAY2 0.76% 1,224,500,000.00 52.505% 1,224,500,000.00 54.399%
iii Certificates 78442GAZ9 0.97% 106,550,000.00 4.569% 106,550,000.00 4.734%
-----------------------------------------------------------------------------------------------------------------------------
iv TOTAL NOTES AND CERTIFICATES $ 2,332,155,031.81 100.000% $2,250,954,428.80 100.000%
=============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------
RESERVE ACCOUNT 07/25/2000 10/25/2000
-----------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 5,815,847.96 $ 5,613,352.69
iv Reserve Account Floor Balance ($) $ 2,999,161.00 $ 2,999,161.00
v Current Reserve Acct Balance ($) $ 5,815,847.96 $ 5,613,352.69
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
--------------------------------------------------------------------------------
II. 1998-1 TRANSACTIONS FROM: 07/01/2000 THROUGH 09/30/2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $68,414,755.87
ii Principal Collections from Guarantor 8,692,955.35
iii Principal Reimbursements 19,112,372.34
iv Other System Adjustments 0.00
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 96,220,083.56
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $2,088,807.64
ii Capitalized Interest (19,670,100.67)
----------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (17,581,293.03)
----------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 78,638,790.53
----------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $25,447,351.10
ii Interest Claims Received from Guarantors 577,202.11
iii Late Fee Reimbursements 522,659.65
iv Interest Reimbursements 242,905.85
v Other System Adjustments 0.00
vi Special Allowance Payments 6,353,846.04
vii Subsidy Payments 5,219,614.60
----------------
viii TOTAL INTEREST COLLECTIONS $ 38,363,579.35
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment ($1,947,982.60)
ii Capitalized Interest 19,670,100.67
----------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 17,722,118.07
----------------------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 56,085,697.42
----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
--------------------------------------------------------------------------------
III. 1998-1 COLLECTION ACCOUNT ACTIVITY 07/01/2000 THROUGH 09/30/2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $77,107,711.22
ii Cash Forwarded by Administrator on behalf of Seller 216,424.26
iii Cash Forwarded by Administrator on behalf of Servicer 1,719.91
iv Cash Forwarded by Administrator for Consolidation Activity 18,894,228.17
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 96,220,083.56
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 37,598,013.85
ii Cash Forwarded by Administrator on behalf of Seller 16,691.47
iii Cash Forwarded by Administrator on behalf of Servicer 9,206.91
iv Cash Forwarded by Administrator for Consolidation Activity 217,007.47
v Cash Forwarded by Administrator for Late Fee Activity 522,659.65
----------------
vi TOTAL INTEREST COLLECTIONS $ 38,363,579.35
C OTHER REIMBURSEMENTS $369,464.52
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 1,400,011.56
E RETURN FUNDS BORROWED FOR PREVIOUS DISTRIBUTION $ -
F TOTAL FUNDS RECEIVED $ 136,353,138.99
LESS FUNDS PREVIOUSLY REMITTED:
SERVICING FEES $ (3,092,834.59)
CONSOLIDATION LOAN REBATE FEES ($516,933.00)
-----------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 132,743,371.40
-----------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
G SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $1,007,291.46
ii Percentage of Principal Calculation $1,515,448.84
iii Lesser of Unit or Principal Calculation $1,007,291.46
H SERVICING FEES DUE FOR CURRENT PERIOD $ 1,515,448.84
I CARRYOVER SERVICING FEES DUE (1) $0.00
JUL-00 Servicing Carryover $0.00
AUG-00 Servicing Carryover $0.00
SEP-00 Servicing Carryover $0.00
---------------
TOTAL: CARRYOVER SERVICING FEE DUE $0.00
===============
LESS: Servicing ADJ [A iii + B iii] ($10,926.82)
J ADMINISTRATION FEES DUE $ 20,000.00
-----------------------------------------------------------------------------------------
K TOTAL FEES DUE FOR PERIOD $ 1,524,522.02
-----------------------------------------------------------------------------------------
</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 6/30/2000 9/30/2000 6/30/2000 9/30/2000 6/30/2000 9/30/2000
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 7.303% 8.263% 22,743 20,319 3.759% 3.461%
GRACE
Current 7.284% 8.261% 12,840 13,236 2.122% 2.255%
------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.296% 8.262% 35,583 33,555 5.881% 5.716%
------------------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current 7.962% 8.490% 361,604 345,008 59.762% 58.766%
31-60 Days Delinquent 7.999% 8.528% 21,639 22,440 3.576% 3.822%
61-90 Days Delinquent 7.966% 8.490% 10,985 13,396 1.816% 2.282%
91-120 Days Delinquent 7.932% 8.478% 5,912 7,552 0.977% 1.286%
> 120 Days Delinquent 7.858% 8.445% 9,950 10,934 1.644% 1.862%
DEFERMENT
Current 7.578% 8.448% 71,341 74,389 11.791% 12.671%
FORBEARANCE
Current 7.877% 8.465% 86,080 78,499 14.227% 13.371%
------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.898% 8.481% 567,511 552,218 93.793% 94.060%
------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 7.849% 8.454% 1939 1,285 0.320% 0.219%
AGED CLAIMS REJECTED (2) 7.753% 8.143% 37 32 0.006% 0.005%
------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.864% 8.469% 605,070 587,090 100.000% 100.000%
------------------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------
PRINCIPAL AMOUNT %
--------------------------------------------------------------------------------
STATUS 6/30/2000 9/30/2000 6/30/2000 9/30/2000
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current $ 75,288,708.92 $ 66,632,600.14 3.268% 2.995%
GRACE
Current $ 42,547,485.06 $ 44,228,476.85 1.847% 1.988%
------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 117,836,193.98 $ 110,861,076.99 5.115% 4.983%
------------------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current $ 1,328,801,899.34 $ 1,260,875,527.84 57.685% 56.670%
31-60 Days Delinquent $ 82,775,930.48 $ 88,249,127.84 3.593% 3.966%
61-90 Days Delinquent $ 42,153,670.51 $ 53,866,430.27 1.830% 2.421%
91-120 Days Delinquent $ 21,750,172.13 $ 29,205,811.09 0.944% 1.313%
> 120 Days Delinquent $ 33,615,554.85 $ 38,283,863.97 1.459% 1.721%
DEFERMENT
Current $ 274,040,222.75 $ 280,650,459.09 11.896% 12.614%
FORBEARANCE
Current $ 396,390,273.31 $ 359,070,996.35 17.208% 16.138%
------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 2,179,527,723.37 $ 2,110,202,216.45 94.615% 94.843%
------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) $ 6,095,254.88 $ 3,781,287.71 0.265% 0.170%
AGED CLAIMS REJECTED (2) $ 107,090.70 $ 82,891.25 0.005% 0.004%
------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 2,303,566,262.93 $ 2,224,927,472.40 100.000% 100.000%
------------------------------------------------------------------------------------------------------------------------
</TABLE>
[CHART] [CHART]
LOAN STATUS BY OUTSTANDING LOAN STATUS BY OUTSTANDING
PRINCIPAL, JUNE 30,2000 PRINCIPAL, SEPTEMBER 30, 2000
(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 9/30/00
-------------------------------------------------------------------------------
<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 1.823% 0.716% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 1.197% 0.516% 0.000% 0.000% 0.000% 0.000%
---------------------------------------------------------------------------------------------------------
TOTAL INTERIM 3.020% 1.232% 0.000% 0.000% 0.000% 0.000%
---------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 24.418% 9.993% 0.000% 0.030% 1.942% 1.710%
31-60 Days Delinquent 1.482% 0.569% 0.001% 0.007% 0.117% 0.143%
61-90 Days Delinquent 0.931% 0.385% 0.000% 0.002% 0.056% 0.114%
91-120 Days Delinquent 0.489% 0.195% 0.000% 0.001% 0.025% 0.062%
> 120 Days Delinquent 0.656% 0.246% 0.000% 0.000% 0.026% 0.061%
DEFERMENT
Current 6.265% 2.623% 0.000% 0.000% 0.225% 0.574%
FORBEARANCE
Current 6.732% 3.353% 0.000% 0.006% 0.372% 0.850%
---------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 40.973% 17.364% 0.001% 0.046% 2.763% 3.514%
---------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.057% 0.019% 0.000% 0.000% 0.005% 0.004%
AGED CLAIMS REJECTED (2) 0.003% 0.000% 0.000% 0.000% 0.000% 0.000%
---------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 44.053% 18.615% 0.001% 0.046% 2.768% 3.518%
---------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 69.001%
---------------------------------------------------------------------------------------------------------
<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 0.174% 0.078% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.097% 0.045% 0.000% 0.000% 0.000% 0.000%
---------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.271% 0.123% 0.000% 0.000% 0.000% 0.000%
---------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 1.706% 0.872% 0.000% 0.003% 0.084% 0.080%
31-60 Days Delinquent 0.189% 0.085% 0.000% 0.000% 0.006% 0.010%
61-90 Days Delinquent 0.138% 0.062% 0.000% 0.000% 0.004% 0.007%
91-120 Days Delinquent 0.089% 0.040% 0.000% 0.000% 0.002% 0.005%
> 120 Days Delinquent 0.140% 0.063% 0.000% 0.000% 0.002% 0.007%
DEFERMENT
Current 0.528% 0.236% 0.000% 0.000% 0.005% 0.035%
FORBEARANCE
Current 0.706% 0.340% 0.000% 0.001% 0.014% 0.051%
---------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.496% 1.698% 0.000% 0.004% 0.117% 0.195%
---------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.018% 0.009% 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 3.785% 1.830% 0.000% 0.004% 0.117% 0.195%
---------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 5.931%
---------------------------------------------------------------------------------------------------------
<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 0.086% 0.068% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.045% 0.032% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.131% 0.100% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 1.963% 1.550% 0.000% 0.001% 0.270% 0.147%
31-60 Days Delinquent 0.222% 0.175% 0.000% 0.001% 0.020% 0.021%
61-90 Days Delinquent 0.144% 0.105% 0.000% 0.000% 0.007% 0.010%
91-120 Days Delinquent 0.099% 0.074% 0.000% 0.000% 0.004% 0.010%
> 120 Days Delinquent 0.174% 0.127% 0.000% 0.000% 0.006% 0.012%
DEFERMENT
Current 0.343% 0.260% 0.000% 0.001% 0.008% 0.039%
FORBEARANCE
Current 0.735% 0.567% 0.000% 0.000% 0.030% 0.081%
-----------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.680% 2.858% 0.000% 0.003% 0.345% 0.320%
-----------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.019% 0.016% 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 3.831% 2.974% 0.000% 0.003% 0.346% 0.321%
-----------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 7.475%
-----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
UNKNOWN
----------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 0.025% 0.025% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.029% 0.027% 0.000% 0.000% 0.000% 0.000%
----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.054% 0.052% 0.000% 0.000% 0.000% 0.000%
----------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 0.217% 0.152% 3.344% 8.119% 0.012% 0.057%
31-60 Days Delinquent 0.027% 0.019% 0.263% 0.596% 0.000% 0.013%
61-90 Days Delinquent 0.034% 0.021% 0.120% 0.266% 0.000% 0.015%
91-120 Days Delinquent 0.006% 0.005% 0.067% 0.138% 0.000% 0.002%
> 120 Days Delinquent 0.004% 0.004% 0.057% 0.135% 0.000% 0.001%
DEFERMENT
Current 0.167% 0.139% 0.417% 0.681% 0.000% 0.068%
FORBEARANCE
Current 0.213% 0.178% 0.581% 1.250% 0.001% 0.077%
----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 0.668% 0.518% 4.849% 11.185% 0.013% 0.233%
----------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.000% 0.000% 0.004% 0.016% 0.000% 0.001%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
----------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL PROGRAM 0.722% 0.570% 4.853% 11.201% 0.013% 0.234%
----------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 17.593%
----------------------------------------------------------------------------------------------------------------------
</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.
[CHART] [CHART]
LOAN PROGRAMS LOAN PROGRAMS
JUNE 30, 2000 SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
FOUR YEAR TWO YEAR TECHNICAL
SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 2.539% 0.252% 0.154% 0.050% 2.995%
GRACE
Current 1.713% 0.142% 0.077% 0.056% 1.988%
-------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 4.252% 0.394% 0.231% 0.106% 4.983%
-------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 38.093% 2.745% 3.931% 11.901% 56.670%
31-60 Days Delinquent 2.319% 0.290% 0.439% 0.918% 3.966%
61-90 Days Delinquent 1.488% 0.211% 0.266% 0.456% 2.421%
91-120 Days Delinquent 0.772% 0.136% 0.187% 0.218% 1.313%
> 120 Days Delinquent 0.989% 0.212% 0.319% 0.201% 1.721%
DEFERMENT
Current 9.687% 0.804% 0.651% 1.472% 12.614%
FORBEARANCE
Current 11.313% 1.112% 1.413% 2.300% 16.138%
-------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 64.661% 5.510% 7.206% 17.466% 94.843%
-------------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.085% 0.027% 0.037% 0.021% 0.170%
AGED CLAIMS REJECTED (2) 0.003% 0.000% 0.001% 0.000% 0.004%
-------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 69.001% 5.931% 7.475% 17.593% 100.000%
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
-------------------------------------------------------------------------------
VI. 1998-1 INTEREST CALCULATION
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 42,506,179.40
B Interest Subsidy Payments Accrued During Collection Period 5,371,467.33
C SAP Payments Accrued During Collection Period 4,502,952.80
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACCOUNTS) 118,982.35
E Investment Earnings (ADMINISTRATOR ACCOUNTS ) 1,400,011.56
--------------------
F NET EXPECTED INTEREST COLLECTIONS $ 53,899,593.44
G STUDENT LOAN RATE
i Days in Calculation Period 92
ii Days in Year 366
iii Net Expected Interest Collections $ 53,899,593.44
iv Primary Servicing Fee $ 4,608,283.43
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 2,326,339,183.85
vii STUDENT LOAN RATE 8.42586%
</TABLE>
<TABLE>
<CAPTION>
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 6.94788%
I CLASS A-1 INTEREST RATE 0.017464617 (7/25/00-10/25/00) 6.94788%
J Class A-2 T-Bill Based Interest Rate 6.99788%
K CLASS A-2 INTEREST RATE 0.017590301 (7/25/00-10/25/00) 6.99788%
L Certificate T-Bill Based Rate of Return 7.20788%
M CERTIFICATE RATE OF RETURN 0.018118169 (7/25/00-10/25/00) 7.20788%
</TABLE>
6
<PAGE>
-------------------------------------------------------------------------------
VII. 1998-1 WEEKLY T-BILL RATE RESETS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
NUMBER OF
PERIOD DAYS WEIGHTED 91 DAY T-BILL A-1 RESET A-2 RESET CERT RESET
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
7/25/00-7/31/00 7 6.1870% 6.8970% 6.9470% 7.1570%
8/1/00-8/7/00 7 6.2690% 6.9790% 7.0290% 7.2390%
8/8/00-8/14/00 7 6.2780% 6.9880% 7.0380% 7.2480%
8/15/00-8/21/00 7 6.2690% 6.9790% 7.0290% 7.2390%
8/22/00-8/28/00 7 6.2910% 7.0010% 7.0510% 7.2610%
8/29/00-9/5/00 8 6.3230% 7.0330% 7.0830% 7.2930%
9/6/00-9/11/00 6 6.2450% 6.9550% 7.0050% 7.2150%
9/12/00-9/18/00 7 6.1210% 6.8310% 6.8810% 7.0910%
9/19/00-9/25/00 7 6.1370% 6.8470% 6.8970% 7.1070%
9/26/00-10/02/00 7 6.1830% 6.8930% 6.9430% 7.1530%
10/3/00-10/10/00 8 6.2570% 6.9670% 7.0170% 7.2270%
10/11/00-10/16/00 6 6.2570% 6.9670% 7.0170% 7.2270%
10/17/00-10/24/00 8 6.2610% 6.9710% 7.0210% 7.2310%
TOTAL DAYS IN
ACCRUAL PERIOD 92
-----------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
-------------------------------------------------------------------------------
VIII. 1998-1 INPUTS FROM PREVIOUS QUARTERLY SERVICING REPORTS 06/30/2000
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A TOTAL STUDENT LOAN POOL OUTSTANDING
i Portfolio Balance $ 2,303,566,262.93
ii Interest To Be Capitalized 22,772,920.92
------------------
iii Total Pool $ 2,326,339,183.85
iv Specified Reserve Account Balance 5,815,847.96
------------------
v TOTAL ADJUSTED POOL $ 2,332,155,031.81
==================
B TOTAL NOTE AND CERTIFICATE FACTOR 0.76611041894
C TOTAL NOTE AND CERTIFICATE BALANCE $ 2,332,155,031.81
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 7/25/2000 CLASS A-1 CLASS A-2 CERTIFICATES
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor 0.5843821329 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,001,105,031.81 $ 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 $ 5,815,847.96
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>
8
<PAGE>
-------------------------------------------------------------------------------
IX. 1998-1 WATERFALL FOR DISTRIBUTIONS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
REMAINING
FUNDS BALANCE
-------------
<S> <C> <C>
A TOTAL AVAILABLE FUNDS (SECTIONS III-F
+ VI-D) $ 132,862,353.75 $ 132,862,353.75
B PRIMARY SERVICING FEES-CURRENT MONTH $ 1,504,522.02 $ 131,357,831.73
C ADMINISTRATION FEE $ 20,000.00 $ 131,337,831.73
D NOTEHOLDER'S INTEREST
DISTRIBUTION AMOUNT
i Class A-1 $ 17,483,915.96 $ 113,853,915.77
ii Class A-2 $ 21,539,323.57 $ 92,314,592.20
----------------
iii TOTAL NOTEHOLDER'S
INTEREST DISTRIBUTION $ 39,023,239.53
E CERTIFICATEHOLDER'S RETURN $ 1,930,490.91 $ 90,384,101.29
DISTRIBUTION AMOUNT
F NOTEHOLDER'S PRINCIPAL
DISTRIBUTION AMOUNT PAID
i Class A-1 $ 81,200,603.01 $ 9,183,498.28
ii Class A-2 $ 0.00 $ 9,183,498.28
----------------
iii TOTAL NOTEHOLDER'S
PRINCIPAL DISTRIBUTION $ 81,200,603.01
G CERTIFICATEHOLDER'S BALANCE
DISTRIBUTION AMOUNT $ 0.00 $ 9,183,498.28
H INCREASE TO THE SPECIFIED RESERVE
ACCOUNT BALANCE $ 0.00 $ 9,183,498.28
I CARRYOVER SERVICING FEES $ 0.00 $ 9,183,498.28
J NOTEHOLDER'S INTEREST CARRYOVER
i Class A-1 $ 0.00 $ 9,183,498.28
i Class A-2 $ 0.00 $ 9,183,498.28
----------------
iii TOTAL NOTEHOLDER'S
INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 9,183,498.28
L EXCESS TO RESERVE ACCOUNT $ 9,183,498.28 $ 0.00
------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
-------------------------------------------------------------------------------
X. 1998-1 DISTRIBUTIONS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
A DISTRIBUTION AMOUNTS CLASS A-1 CLASS A-2 CERTIFICATES
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 17,483,915.96 $ 21,539,323.57 $1,930,490.91
ii Quarterly Interest Paid 17,483,915.96 21,539,323.57 1,930,490.91
----------------- ----------------- -------------
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 $ 81,200,603.01 $ 0.00 $ 0.00
viii Quarterly Principal Paid 81,200,603.01 0.00 0.00
----------------- ----------------- -------------
ix QUARTERLY PRINCIPAL SHORTFALL $ (0.00) $ 0.00 $ 0.00
----------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 98,684,518.97 $ 21,539,323.57 $1,930,490.91
----------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates Principal Balance
9/30/00 $2,332,155,031.81
ii Adjusted Pool Balance 9/30/00 2,250,954,428.80
------------------
iii Adjusted Pool Exceeding Notes and
Certificate Balance (i-ii) $ 81,200,603.01
==================
iv Adjusted Pool Balance 6/30/00 $2,332,155,031.81
v Adjusted Pool Balance 9/30/00 2,250,954,428.80
------------------
vi Current Principal Due (iv-v) $ 81,200,603.01
vii Principal Shortfall from Previous
Collection Period -
------------------
viii Principal Distribution
Amount (vi + vii) $ 81,200,603.01
==================
ix PRINCIPAL DISTRIBUTION AMOUNT PAID $ 81,200,603.01
x Principal Shortfall (viii-ix) $ (0.00)
C Total Principal Distribution $ 81,200,603.01
D Total Interest Distribution 40,953,730.44
------------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND
CERTIFICATES $ 122,154,333.45
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 07/25/2000 10/25/2000
--------------------------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GAX4) $1,001,105,031.81 $ 919,904,428.80
A-1 Note Pool Factor 0.5843821329 0.5369823296
ii A-2 Note (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 $ 5,815,847.96
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 9,183,498.28
-----------------
iv Total Reserve Account Balance Available $ 14,999,346.24
v Required Reserve Account Balance $ 5,613,352.69
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp. $ 9,385,993.55
viii Ending Reserve Account Balance $ 5,613,352.69
-----------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
-------------------------------------------------------------------------------
XI. 1998-1 HISTORICAL POOL INFORMATION
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------
7/1/00-9/30/00 4/1/00-6/30/00 1/1/00-3/31/00
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $2,303,566,262.93 $ 2,370,544,313.41 $2,436,692,225.62
-------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 68,414,755.87 $ 59,860,241.30 $ 56,839,899.47
ii Principal Collections from Guarantor 8,692,955.35 10,462,765.35 10,319,137.34
iii Principal Reimbursements 19,112,372.34 14,366,890.50 17,416,219.77
iv Other System Adjustments - - -
-------------------------------------------------------------------------
v Total Principal Collections $ 96,220,083.56 $ 84,689,897.15 $ 84,575,256.58
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,088,807.64 $ 1,772,642.63 $ 2,602,840.25
ii Capitalized Interest (19,670,100.67) (19,484,489.30) (21,030,184.62)
-------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (17,581,293.03) $ (17,711,846.67) $ (18,427,344.37)
-------------------------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 78,638,790.53 $ 66,978,050.48 $ 66,147,912.21
-------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 25,447,351.10 $ 24,876,920.55 $ 25,902,166.03
ii Interest Claims Received from
Guarantors 577,202.11 706,273.21 664,647.55
iii Late Fee Reimbursements
522,659.65 504,972.48 553,019.22
iv Interest Reimbursements 242,905.85 209,481.19 220,626.68
v Other System Adjustments - - -
vi Special Allowance Payments 6,353,846.04 5,531,107.48 2,839,772.91
vii Subsidy Payments 5,219,614.60 5,461,467.64 6,166,865.44
-------------------------------------------------------------------------
viii Total Interest Collections $ 38,363,579.35 $ 37,290,222.55 $ 36,347,097.83
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,947,982.60) $ (1,618,079.84) $ (2,564,511.77)
ii Capitalized Interest 19,670,100.67 19,484,489.30 21,030,184.62
-------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 17,722,118.07 $ 17,866,409.46 $ 18,465,672.85
-------------------------------------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 56,085,697.42 $ 55,156,632.01 $ 54,812,770.68
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $2,224,927,472.40 $ 2,303,566,262.93 $2,370,544,313.41
-------------------------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 20,413,603.71 $ 22,772,920.92 $ 25,957,008.92
-------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $2,245,341,076.11 $ 2,326,339,183.85 $2,396,501,322.33
-------------------------------------------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 5,613,352.69 $ 5,815,847.96 $ 5,991,253.31
-------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $2,250,954,428.80 $ 2,332,155,031.81 $2,402,492,575.64
-------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------
1999 1998
----------------------------------------------
1/1/99-12/31/99 2/9/98-12/31/98
---------------------------------------------------------------------------------------------------------
<S> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 2,656,732,804.87 $ 2,949,265,754.91
---------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 169,440,790.59 $ 212,924,399.41
ii Principal Collections from Guarantor 31,716,880.69 56,695,882.17
iii Principal Reimbursements 80,646,628.74 2,544,308.58
iv Other System Adjustments - -
---------------------------------------------------
v Total Principal Collections $ 281,804,300.02 $ 272,164,590.16
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 8,027,851.44 $ 8,913,898.93
ii Capitalized Interest (69,791,572.21) (75,343,458.85)
---------------------------------------------------
iii Total Non-Cash Principal Activity $ (61,763,720.77) $ (66,429,559.92)
---------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 220,040,579.25 $ 205,735,030.24
---------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 81,276,652.91 $ 103,400,566.43
ii Interest Claims Received from
Guarantors 1,955,771.45 3,613,320.17
iii Late Fee Reimbursements
1,496,259.06 652,095.43
iv Interest Reimbursements 1,336,956.26 99,009.17
v Other System Adjustments - -
vi Special Allowance Payments 1,135,473.33 1,002,682.24
vii Subsidy Payments 23,961,885.46 30,985,595.63
---------------------------------------------------
viii Total Interest Collections $ 111,162,998.47 $ 139,753,269.07
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (7,441,166.46) $ (7,904,998.99)
ii Capitalized Interest 69,791,572.21 75,343,458.85
---------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 62,350,405.75 $ 67,438,459.86
---------------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 173,513,404.22 $ 207,191,728.93
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 2,436,692,225.62 $ 2,743,530,724.67
---------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 28,269,705.23 $ 41,965,865.45
---------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 2,464,961,930.85 $ 2,785,496,590.12
---------------------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 6,162,404.83 $ 6,963,741.48
---------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 2,471,124,335.68 $ 2,792,460,331.60
---------------------------------------------------------------------------------------------------------
</TABLE>
11
<PAGE>
-------------------------------------------------------------------------------
XII. 1998-1 PAYMENT HISTORY AND CPRS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
<S> <C> <C>
Apr-98 $ 2,999,160,860 -
Jul-98 $ 2,926,675,833 2.63%
Oct-98 $ 2,858,101,353 4.46%
Jan-99 $ 2,785,496,590 4.64%
Apr-99 $ 2,702,114,218 4.97%
Jul-99 $ 2,591,123,359 5.90%
Oct-99 $ 2,525,477,804 5.48%
Jan-00 $ 2,464,961,931 5.05%
Apr-00 $ 2,396,501,322 4.80%
Jul-00 $ 2,326,339,184 4.61%
Oct-00 $ 2,245,341,076 4.61%
</TABLE>
* "SINCE ISSUED CPR" IS BASED ON THE CURRENT PERIOD'S ENDING POOL BALANCE
CALCULATED AGAINST THE ORIGINAL POOL BALANCE AND ASSUMING CUTOFF DATE POOL DATA.
-------------------------------------------------------------------------------
12
<PAGE>
SLM STUDENT LOAN TRUST 1998-2
QUARTERLY SERVICING REPORT
REPORT DATE: 09/30/2000 REPORTING PERIOD: 7/1/00-9/30/00
--------------------------------------------------------------------------------
I. DEAL PARAMETERS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PORTFOLIO CHARACTERISTICS 06/30/2000 ACTIVITY 09/30/2000
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 2,331,698,689.93 $ (83,876,420.50) $ 2,247,822,269.43
ii Interest to be Capitalized 24,749,788.39 21,248,644.16
------------------- --------------------
iii Total Pool $ 2,356,448,478.32 $ 2,269,070,913.59
iv Specified Reserve Account Balance 5,891,121.20 5,672,677.28
------------------- --------------------
v TOTAL ADJUSTED POOL $ 2,362,339,599.52 $ 2,274,743,590.87
=================== ====================
B i Weighted Average Coupon (WAC) 7.9515% 8.5699%
ii Weighted Average Remaining Term 115.19 114.38
iii Number of Loans 579,772 558,464
iv Number of Borrowers 271,414 261,749
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
NOTES AND CERTIFICATES SPREAD BALANCE 7/25/00 % OF POOL BALANCE 10/25/00 % 0F POOL
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GBA3 0.68% $ 1,019,529,599.52 43.158% $ 931,933,590.87 40.969%
ii A-2 Notes 78442GBB1 0.73% 1,237,060,000.00 52.366% 1,237,060,000.00 54.382%
iii Certificates 78442GBC9 0.95% 105,750,000.00 4.476% 105,750,000.00 4.649%
-----------------------------------------------------------------------------------------------------------------------------
iv TOTAL NOTES AND CERTIFICATES $ 2,362,339,599.52 100.000% $2,274,743,590.87 100.000%
=============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------
RESERVE ACCOUNT 07/25/2000 10/25/2000
-----------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 5,891,121.20 $ 5,672,677.28
iv Reserve Account Floor Balance ($) $ 3,006,252.00 $ 3,006,252.00
v Current Reserve Acct Balance ($) $ 5,891,121.20 $ 5,672,677.28
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
--------------------------------------------------------------------------------
II. 1998-2 TRANSACTIONS FROM: 07/01/2000 THROUGH 09/30/2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $74,617,549.49
ii Principal Collections from Guarantor 6,509,309.17
iii Principal Reimbursements 20,037,034.38
iv Other System Adjustments 0.00
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 101,163,893.04
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $1,531,061.73
ii Capitalized Interest (18,818,534.27)
----------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (17,287,472.54)
----------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 83,876,420.50
----------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $28,878,436.21
ii Interest Claims Received from Guarantors 418,215.11
iii Late Fee Reimbursements 575,209.56
iv Interest Reimbursements 227,259.91
v Other System Adjustments 0.00
vi Special Allowance Payments 5,840,226.18
vii Subsidy Payments 4,416,731.82
----------------
viii TOTAL INTEREST COLLECTIONS $ 40,356,078.79
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment ($1,442,352.12)
ii Capitalized Interest 18,818,534.27
----------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 17,376,182.15
----------------------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 57,732,260.94
----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
--------------------------------------------------------------------------------
III. 1998-2 COLLECTION ACCOUNT ACTIVITY 07/01/2000 THROUGH 09/30/2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $81,126,858.66
ii Cash Forwarded by Administrator on behalf of Seller 414,067.84
iii Cash Forwarded by Administrator on behalf of Servicer (7,389.53)
iv Cash Forwarded by Administrator for Consolidation Activity 19,630,356.07
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 101,163,893.04
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $39,553,609.32
ii Cash Forwarded by Administrator on behalf of Seller 30,065.50
iii Cash Forwarded by Administrator on behalf of Servicer 3,249.46
iv Cash Forwarded by Administrator for Consolidation Activity 193,944.95
v Cash Forwarded by Administrator for Late Fee Activity 575,209.56
----------------
vi TOTAL INTEREST COLLECTIONS $ 40,356,078.79
C OTHER REIMBURSEMENTS $431,405.02
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 1,496,804.74
E RETURN FUNDS BORROWED FOR PREVIOUS DISTRIBUTION $ -
F TOTAL FUNDS RECEIVED $ 143,448,181.59
LESS FUNDS PREVIOUSLY REMITTED:
SERVICING FEES ($3,105,588.15)
CONSOLIDATION LOAN REBATE FEES ($999,608.00)
-----------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 139,342,985.44
-----------------------------------------------------------------------------------------
G SERVICING FEE CALCULATION-CURRENT MONTH
i Primary Servicing Fee - Non-Consolidation Loans $1,287,798.85
ii Primary Servicing Fee - Consolidation Loans $230,254.09
H SERVICING FEES DUE FOR CURRENT PERIOD $1,518,052.94
LESS: Servicing ADJ [A iii + B iii] $4,140.07
I CARRYOVER SERVICING FEES DUE $0.00
J ADMINISTRATION FEES DUE $ 20,000.00
-----------------------------------------------------------------------------------------
K TOTAL FEES DUE FOR PERIOD $ 1,542,193.01
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
-------------------------------------------------------------------------------
IV. 1998-2 PORTFOLIO CHARACTERISTICS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
WEIGHTED AVG COUPON # OF LOANS %
----------------------------------------------------------------------------------------------------------------------------------
STATUS 6/30/2000 9/30/2000 6/30/2000 9/30/2000 6/30/2000 9/30/2000
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 7.191% 8.253% 23,030 20,748 3.972% 3.715%
GRACE
Current 7.171% 8.255% 12,303 13,524 2.122% 2.422%
----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.183% 8.254% 35,333 34,272 6.094% 6.137%
----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current 8.064% 8.618% 373,697 355,114 64.456% 63.588%
31-60 Days Delinquent 8.113% 8.611% 19,160 19,987 3.305% 3.579%
61-90 Days Delinquent 8.109% 8.585% 9,638 12,552 1.662% 2.247%
91-120 Days Delinquent 8.064% 8.571% 4,999 6,136 0.862% 1.099%
> 120 Days Delinquent 7.945% 8.496% 7,330 8,326 1.264% 1.491%
DEFERMENT
Current 7.666% 8.508% 58,240 59,224 10.045% 10.605%
FORBEARANCE
Current 7.955% 8.551% 69,871 61,772 12.052% 11.061%
----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.006% 8.592% 542,935 523,111 93.646% 93.670%
----------------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 7.916% 8.442% 1478 1,063 0.255% 0.190%
AGED CLAIMS REJECTED (2) 7.813% 8.385% 26 18 0.005% 0.003%
----------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.952% 8.570% 579,772 558,464 100.000% 100.000%
----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------------
PRINCIPAL AMOUNT %
-----------------------------------------------------------------------------------------------------------------------------
STATUS 6/30/2000 9/30/2000 6/30/2000 9/30/2000
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current $ 82,709,802.76 $ 73,880,933.11 3.547% 3.287%
GRACE
Current $ 56,989,669.50 $ 61,804,440.16 2.444% 2.750%
--------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 139,699,472.26 $135,685,373.27 5.991% 6.037%
--------------------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current $ 1,440,283,075.14 $ 1,375,392,421.08 61.770% 61.187%
31-60 Days Delinquent $ 76,607,397.36 $ 82,712,936.65 3.286% 3.680%
61-90 Days Delinquent $ 40,156,194.60 $ 54,526,918.80 1.722% 2.426%
91-120 Days Delinquent $ 19,315,242.25 $ 24,061,017.01 0.828% 1.070%
> 120 Days Delinquent $ 24,490,553.97 $ 28,852,076.46 1.050% 1.284%
DEFERMENT
Current $ 227,640,710.56 $ 230,584,527.17 9.763% 10.258%
FORBEARANCE
Current $ 358,990,972.41 $ 312,827,972.96 15.396% 13.917%
--------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 2,187,484,146.29 $ 2,108,957,870.13 93.815% 93.822%
--------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) $ 4,444,853.19 $ 3,152,367.84 0.191% 0.140%
AGED CLAIMS REJECTED (2) $ 70,218.19 $ 26,658.19 0.003% 0.001%
--------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 2,331,698,689.93 $ 2,247,822,269.43 100.000% 100.000%
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
[CHART] [CHART]
LOAN STATUS BY OUTSTANDING LOAN STATUS BY OUTSTANDING
PRINCIPAL, JUNE 30,2000 PRINCIPAL, SEPTEMBER 30,2000
(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 9/30/00
-------------------------------------------------------------------------------
<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 1.824% 1.104% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 1.481% 1.085% 0.000% 0.000% 0.000% 0.000%
---------------------------------------------------------------------------------------------------------
TOTAL INTERIM 3.305% 2.189% 0.000% 0.000% 0.000% 0.000%
---------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 21.345% 8.059% 0.030% 0.146% 4.848% 3.621%
31-60 Days Delinquent 1.084% 0.420% 0.001% 0.014% 0.234% 0.156%
61-90 Days Delinquent 0.811% 0.355% 0.000% 0.002% 0.093% 0.204%
91-120 Days Delinquent 0.333% 0.111% 0.000% 0.002% 0.037% 0.057%
> 120 Days Delinquent 0.418% 0.151% 0.000% 0.000% 0.033% 0.041%
DEFERMENT
Current 4.681% 1.986% 0.001% 0.012% 0.232% 0.760%
FORBEARANCE
Current 5.103% 2.680% 0.002% 0.019% 0.474% 1.230%
---------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 33.775% 13.762% 0.034% 0.195% 5.951% 6.069%
---------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.047% 0.019% 0.000% 0.000% 0.007% 0.004%
AGED CLAIMS REJECTED (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000%
---------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 37.128% 15.970% 0.034% 0.195% 5.958% 6.073%
---------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 65.358%
---------------------------------------------------------------------------------------------------------
<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 0.172% 0.099% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.094% 0.052% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.266% 0.151% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 1.547% 0.637% 0.001% 0.011% 0.207% 0.112%
31-60 Days Delinquent 0.169% 0.060% 0.000% 0.000% 0.014% 0.008%
61-90 Days Delinquent 0.126% 0.049% 0.000% 0.000% 0.005% 0.008%
91-120 Days Delinquent 0.074% 0.028% 0.000% 0.000% 0.002% 0.004%
> 120 Days Delinquent 0.116% 0.048% 0.000% 0.001% 0.004% 0.004%
DEFERMENT
Current 0.423% 0.205% 0.000% 0.000% 0.008% 0.034%
FORBEARANCE
Current 0.581% 0.263% 0.001% 0.002% 0.018% 0.049%
-----------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.036% 1.290% 0.002% 0.014% 0.258% 0.219%
-----------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.012% 0.005% 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 3.314% 1.446% 0.002% 0.014% 0.258% 0.219%
-----------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 5.253%
-----------------------------------------------------------------------------------------------------
<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 0.037% 0.035% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.017% 0.013% 0.000% 0.000% 0.000% 0.000%
----------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.054% 0.048% 0.000% 0.000% 0.000% 0.000%
----------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 1.300% 0.992% 0.001% 0.011% 0.318% 0.108%
31-60 Days Delinquent 0.159% 0.107% 0.000% 0.001% 0.019% 0.013%
61-90 Days Delinquent 0.102% 0.065% 0.000% 0.002% 0.007% 0.010%
91-120 Days Delinquent 0.069% 0.048% 0.000% 0.000% 0.004% 0.006%
> 120 Days Delinquent 0.116% 0.070% 0.000% 0.000% 0.007% 0.007%
DEFERMENT
Current 0.205% 0.142% 0.000% 0.002% 0.007% 0.021%
FORBEARANCE
Current 0.444% 0.323% 0.000% 0.002% 0.029% 0.035%
----------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 2.395% 1.747% 0.001% 0.018% 0.391% 0.200%
----------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.013% 0.010% 0.000% 0.000% 0.001% 0.001%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
----------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 2.462% 1.805% 0.001% 0.018% 0.392% 0.201%
----------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 4.879%
----------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------
UNKNOWN
--------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
--------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 0.010% 0.006% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.005% 0.003% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.015% 0.009% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 0.073% 0.038% 4.962% 12.803% 0.007% 0.010%
31-60 Days Delinquent 0.006% 0.003% 0.362% 0.848% 0.000% 0.002%
61-90 Days Delinquent 0.008% 0.003% 0.168% 0.406% 0.000% 0.002%
91-120 Days Delinquent 0.005% 0.001% 0.091% 0.197% 0.000% 0.001%
> 120 Days Delinquent 0.002% 0.001% 0.069% 0.196% 0.000% 0.000%
DEFERMENT
Current 0.027% 0.016% 0.495% 0.994% 0.001% 0.006%
FORBEARANCE
Current 0.026% 0.015% 0.754% 1.853% 0.002% 0.012%
-----------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 0.147% 0.077% 6.901% 17.297% 0.010% 0.033%
-----------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.000% 0.000% 0.006% 0.015% 0.000% 0.000%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 0.162% 0.086% 6.907% 17.312% 0.010% 0.033%
-----------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 24.510%
-----------------------------------------------------------------------------------------------------
</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.
[CHART] [CHART]
LOAN PROGRAMS LOAN PROGRAMS
JUNE 30, 2000 SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 2.928% 0.271% 0.072% 0.016% 3.287%
GRACE
Current 2.566% 0.146% 0.030% 0.008% 2.750%
---------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 5.494% 0.417% 0.102% 0.024% 6.037%
---------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 38.049% 2.515% 2.730% 17.893% 61.187%
31-60 Days Delinquent 1.909% 0.251% 0.299% 1.221% 3.680%
61-90 Days Delinquent 1.465% 0.188% 0.186% 0.587% 2.426%
91-120 Days Delinquent 0.540% 0.108% 0.127% 0.295% 1.070%
> 120 Days Delinquent 0.643% 0.173% 0.200% 0.268% 1.284%
DEFERMENT
Current 7.672% 0.670% 0.377% 1.539% 10.258%
FORBEARANCE
Current 9.508% 0.914% 0.833% 2.662% 13.917%
---------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 59.786% 4.819% 4.752% 24.465% 93.822%
---------------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.077% 0.017% 0.025% 0.021% 0.140%
AGED CLAIMS REJECTED (2) 0.001% 0.000% 0.000% 0.000% 0.001%
---------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 65.358% 5.253% 4.879% 24.510% 100.000%
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
-------------------------------------------------------------------------------
VI. 1998-2 INTEREST CALCULATION
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 44,431,675.32
B Interest Subsidy Payments Accrued During Collection Period 4,524,717.05
C SAP Payments Accrued During Collection Period 4,076,809.68
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 121,118.91
E Investment Earnings (ADMINISTRATOR ACCOUNTS) 1,496,804.74
-------------------
F NET EXPECTED INTEREST COLLECTIONS $ 54,651,125.70
G STUDENT LOAN RATE
i Days in Calculation Period 92
ii Days in Year 366
iii Net Expected Interest Collections $ 54,651,125.70
iv Primary Servicing Fee $ 4,623,641.09
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 2,356,448,478.32
vii STUDENT LOAN RATE 8.44249%
</TABLE>
<TABLE>
<CAPTION>
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 6.91788%
I CLASS A-1 INTEREST RATE 0.017389208 (7/25/00-10/25/00) 6.91788%
J Class A-2 T-Bill Based Interest Rate 6.96788%
K CLASS A-2 INTEREST RATE 0.017514891 (7/25/00-10/25/00) 6.96788%
L Certificate T-Bill Based Rate of Return 7.18788%
M CERTIFICATE RATE OF RETURN 0.018067896 (7/25/00-10/25/00) 7.18788%
-------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
-------------------------------------------------------------------------------
VII. 1998-2 WEEKLY T-BILL RATE RESETS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
NUMBER OF
PERIOD DAYS WEIGHTED 91 DAY T-BILL A-1 RESET A-2 RESET CERT RESET
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
7/25/00-7/31/00 7 6.1870% 6.8670% 6.9170% 7.1370%
8/1/00-8/7/00 7 6.2690% 6.9490% 6.9990% 7.2190%
8/8/00-8/14/00 7 6.2780% 6.9580% 7.0080% 7.2280%
8/15/00-8/21/00 7 6.2690% 6.9490% 6.9990% 7.2190%
8/22/00-8/28/00 7 6.2910% 6.9710% 7.0210% 7.2410%
8/29/00-9/5/00 8 6.3230% 7.0030% 7.0530% 7.2730%
9/6/00-9/11/00 6 6.2450% 6.9250% 6.9750% 7.1950%
9/12/00-9/18/00 7 6.1210% 6.8010% 6.8510% 7.0710%
9/19/00-9/25/00 7 6.1370% 6.8170% 6.8670% 7.0870%
9/26/00-10/02/00 7 6.1830% 6.8630% 6.9130% 7.1330%
10/3/00-10/10/00 8 6.2570% 6.9370% 6.9870% 7.2070%
10/11/00-10/16/00 6 6.2570% 6.9370% 6.9870% 7.2070%
10/17/00-10/24/00 8 6.2610% 6.9410% 6.9910% 7.2110%
TOTAL DAYS IN
ACCRUAL PERIOD 92
----------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
-------------------------------------------------------------------------------
VIII. 1998-2 INPUTS FROM PREVIOUS QUARTERLY SERVICING REPORTS 06/30/2000
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A TOTAL STUDENT LOAN POOL OUTSTANDING
i Portfolio Balance $2,331,698,689.93
ii Interest To Be Capitalized 24,749,788.39
-----------------
iii Total Pool $2,356,448,478.32
iv Specified Reserve Account Balance 5,891,121.20
-----------------
v TOTAL ADJUSTED POOL $2,362,339,599.52
=================
B TOTAL NOTE AND CERTIFICATE FACTOR 0.78189766607
C TOTAL NOTE AND CERTIFICATE BALANCE $2,362,339,599.52
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 07/25/2000 CLASS A-1 CLASS A-2 CERTIFICATES
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor 0.6074124205 1.0000000000 1.0000000000
ii Expected Note Balance $1,019,529,599.52 $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 $ 5,891,121.20
I UNPAID PRIMARY SERVICING FEES FROM PRIOR MONTH(S) $ 0.00
J UNPAID ADMINISTRATION FEES FROM PRIOR QUARTER(S) $ 0.00
K UNPAID CARRYOVER SERVICING FEES FROM PRIOR QUARTER(S) $ 0.00
L INTEREST DUE ON UNPAID CARRYOVER SERVICING FEES $ 0.00
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
-------------------------------------------------------------------------------
IX. 1998-2 WATERFALL FOR DISTRIBUTIONS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
REMAINING
FUNDS BALANCE
--------------
<S> <C> <C>
A TOTAL AVAILABLE FUNDS (SECTIONS III-f
+ VI-D) $ 139,464,104.35 $ 139,464,104.35
B PRIMARY SERVICING FEES-CURRENT MONTH $ 1,522,193.01 $ 137,941,911.34
C ADMINISTRATION FEE $ 20,000.00 $ 137,921,911.34
D NOTEHOLDER'S INTEREST
DISTRIBUTION AMOUNT
i Class A-1 $ 17,728,812.27 $ 120,193,099.07
ii Class A-2 $ 21,666,971.06 $ 98,526,128.01
----------------
iii TOTAL NOTEHOLDER'S
INTEREST DISTRIBUTION $ 39,395,783.33
E CERTIFICATEHOLDER'S
RETURN DISTRIBUTION AMOUNT $ 1,910,680.00 $ 96,615,448.01
F NOTEHOLDER'S PRINCIPAL
DISTRIBUTION AMOUNT PAID
i Class A-1 $ 87,596,008.65 $ 9,019,439.36
ii Class A-2 $ 0.00 $ 9,019,439.36
----------------
iii TOTAL NOTEHOLDER'S
PRINCIPAL DISTRIBUTION $ 87,596,008.65
G CERTIFICATEHOLDER'S
BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 9,019,439.36
H INCREASE TO THE SPECIFIED RESERVE $ 0.00 $ 9,019,439.36
ACCOUNT BALANCE
I CARRYOVER SERVICING FEES $ 0.00 $ 9,019,439.36
J NOTEHOLDER'S INTEREST CARRYOVER
i Class A-1 $ 0.00 $ 9,019,439.36
i Class A-2 $ 0.00 $ 9,019,439.36
----------------
iii TOTAL NOTEHOLDER'S
INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 9,019,439.36
L EXCESS TO RESERVE ACCOUNT $ 9,019,439.36 $ 0.00
------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
-------------------------------------------------------------------------------
X. 1998-2 DISTRIBUTIONS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
A DISTRIBUTION AMOUNTS CLASS A-1 CLASS A-2 CERTIFICATES
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 17,728,812.27 $ 21,666,971.06 $ 1,910,680.00
ii Quarterly Interest Paid 17,728,812.27 21,666,971.06 1,910,680.00
----------------- ----------------- --------------
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 $ 87,596,008.65 $ 0.00 $ 0.00
viii Quarterly Principal Paid 87,596,008.65 0.00 0.00
----------------- ----------------- --------------
ix QUARTERLY PRINCIPAL SHORTFALL $ 0.00 $ 0.00 $ 0.00
----------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 105,324,820.92 $ 21,666,971.06 $ 1,910,680.00
----------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates
Principal Balance 9/30/00 $2,362,339,599.52
ii Adjusted Pool Balance 9/30/00 2,274,743,590.87
-----------------
iii Adjusted Pool Exceeding Notes and
Certificate Balance (i-ii) $ 87,596,008.65
=================
iv Adjusted Pool Balance 6/30/00 $2,362,339,599.52
v Adjusted Pool Balance 9/30/00 2,274,743,590.87
-----------------
vi Current Principal Due (iv-v) $ 87,596,008.65
vii Principal Shortfall from Previous
Collection Period -
-----------------
viii Principal Distribution Amount (vi + vii) $ 87,596,008.65
=================
ix PRINCIPAL DISTRIBUTION AMOUNT PAID $ 87,596,008.65
x Principal Shortfall (viii- ix) $ (0.00)
C Total Principal Distribution $ 87,596,008.65
D Total Interest Distribution 41,306,463.33
-----------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND
CERTIFICATES $ 128,902,471.98
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 07/25/2000 10/25/2000
--------------------------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GBA3) $1,019,529,599.52 $ 931,933,590.87
A-1 Note Pool Factor 0.6074124205 0.5552247217
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 $ 5,891,121.20
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 9,019,439.36
-----------------
iv Total Reserve Account Balance Available $ 14,910,560.56
v Required Reserve Account Balance $ 5,672,677.28
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp. $ 9,237,883.28
viii Ending Reserve Account Balance $ 5,672,677.28
-----------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
-------------------------------------------------------------------------------
XI. 1998-2 HISTORICAL POOL INFORMATION
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------
7/1/00-9/30/00 4/1/00-6/30/00 1/1/00-3/31/00
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $2,331,698,689.93 $2,404,211,270.78 $2,478,450,859.13
------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal
Collections $ 74,617,549.49 $ 65,825,492.92 $ 64,464,715.22
ii Principal Collections
from Guarantor 6,509,309.17 8,799,177.11 7,873,805.29
iii Principal
Reimbursements 20,037,034.38 13,407,394.68 16,897,307.81
iv Other System
Adjustments - - -
------------------------------------------------------------------
v Total Principal
Collections $ 101,163,893.04 $ 88,032,064.71 $ 89,235,828.32
Student Loan Non-Cash
Principal Activity
i Other Adjustments $ 1,531,061.73 $ 1,417,352.57 $ 1,889,501.27
ii Capitalized Interest (18,818,534.27) (16,936,836.43) (16,885,741.24)
------------------------------------------------------------------
iii Total Non-Cash
Principal Activity $ (17,287,472.54) $ (15,519,483.86) $ (14,996,239.97)
------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN
PRINCIPAL ACTIVITY $ 83,876,420.50 $ 72,512,580.85 $ 74,239,588.35
------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest
Collections $ 28,878,436.21 $ 28,137,569.58 $ 29,412,189.20
ii Interest Claims
Received from
Guarantors 418,215.11 598,775.67 503,833.56
iii Late Fee Reimbursements 575,209.56 542,549.65 597,710.66
iv Interest Reimbursements 227,259.91 194,098.60 201,617.26
v Other System Adjustments - - -
vi Special Allowance
Payments 5,840,226.18 4,929,405.41 2,707,185.25
vii Subsidy Payments 4,416,731.82 4,646,617.92 5,278,685.56
------------------------------------------------------------------
viii Total Interest
Collections $ 40,356,078.79 $ 39,049,016.83 $ 38,701,221.49
Student Loan
Non-Cash Interest
Activity
i Interest Accrual
Adjustment $ (1,442,352.12) $ (1,284,511.41) $ (1,831,472.09)
ii Capitalized Interest 18,818,534.27 16,936,836.43 16,885,741.24
------------------------------------------------------------------
iii Total Non-Cash
Interest Adjustments $ 17,376,182.15 $ 15,652,325.02 $ 15,054,269.15
------------------------------------------------------------------
TOTAL STUDENT LOAN
INTEREST ACTIVITY $ 57,732,260.94 $ 54,701,341.85 $ 53,755,490.64
------------------------------------------------------------------------------------------------------------
(=) ENDING STUDENT LOAN PORTFOLIO
BALANCE $2,247,822,269.43 $2,331,698,689.93 $2,404,211,270.78
------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 21,248,644.16 $ 24,749,788.39 $ 26,901,650.50
------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $2,269,070,913.59 $2,356,448,478.32 $2,431,112,921.28
------------------------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 5,672,677.28 $ 5,891,121.20 $ 6,077,782.30
------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $2,274,743,590.87 $2,362,339,599.52 $2,437,190,703.58
------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------
1999 1998
----------------------------------------
1/1/99-12/31/99 5/25/98-12/31/98
----------------------------------------------------------------------------------
<S> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 2,604,671,950.78 $ 2,955,578,269.52
----------------------------------------------------------------------------------
STUDENT LOAN
PRINCIPAL ACTIVITY
i Regular Principal
Collections $ 119,377,793.82 $ 173,179,705.90
ii Principal Collections
from Guarantor 12,543,509.72 10,013,232.79
iii Principal
Reimbursements 36,354,201.35 1,684,994.12
iv Other System Adjustments - -
----------------------------------------
v Total Principal
Collections $ 168,275,504.89 $ 184,877,932.81
Student Loan Non-Cash
Principal Activity
i Other Adjustments $ 4,501,593.44 $ 5,290,698.85
ii Capitalized Interest (46,556,006.68) (58,280,393.05)
----------------------------------------
iii Total Non-Cash
Principal Activity $ (42,054,413.24) $ (52,989,694.20)
----------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN
PRINCIPAL ACTIVITY $ 126,221,091.65 $ 131,888,238.61
----------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest
Collections $ 59,561,026.47 $ 79,142,828.23
ii Interest Claims
Received from
Guarantors 756,231.75 508,802.25
iii Late Fee Reimbursements 1,092,686.29 681,666.76
iv Interest Reimbursements 567,695.98 33,322.25
v Other System Adjustments - -
vi Special Allowance
Payments 978,146.62 544,110.01
vii Subsidy Payments 13,140,004.83 15,023,783.79
----------------------------------------
viii Total Interest
Collections $ 76,095,791.94 $ 95,934,513.29
Student Loan Non-Cash
Interest Activity
i Interest Accrual
Adjustment $ (4,323,974.14) $ (5,109,872.63)
ii Capitalized Interest 46,556,006.68 58,280,393.05
----------------------------------------
iii Total Non-Cash
Interest Adjustments $ 42,232,032.54 $ 53,170,520.42
----------------------------------------
TOTAL STUDENT LOAN
INTEREST ACTIVITY $ 118,327,824.48 $ 149,105,033.71
----------------------------------------------------------------------------------
(=) ENDING STUDENT LOAN PORTFOLIO
BALANCE $2,478,450,859.13 $2,823,690,030.91
----------------------------------------------------------------------------------
(+) INTEREST TO BE
CAPITALIZED $ 27,266,177.71 $ 35,151,420.12
----------------------------------------------------------------------------------
(=) TOTAL POOL $2,505,717,036.84 $2,858,841,451.03
----------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 6,264,292.59 $ 7,147,103.63
----------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $2,511,981,329.43 $2,865,988,554.66
----------------------------------------------------------------------------------
</TABLE>
11
<PAGE>
-------------------------------------------------------------------------------
X. 1998-2 PAYMENT HISTORY AND CPRS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
<S> <C> <C>
Jul-98 $ 3,006,252,430 -
Oct-98 $ 2,924,778,177 4.32%
Jan-99 $ 2,858,841,451 4.03%
Apr-99 $ 2,762,636,361 4.98%
Jul-99 $ 2,645,917,859 6.18%
Oct-99 $ 2,569,575,554 5.88%
Jan-00 $ 2,505,717,037 5.37%
Apr-00 $ 2,431,112,921 5.14%
Jul-00 $ 2,356,448,478 4.97%
Oct-00 $ 2,269,070,914 5.06%
</TABLE>
* "SINCE ISSUED CPR" IS BASED ON THE CURRENT PERIOD'S ENDING POOL BALANCE
CALCULATED AGAINST THE ORIGINAL POOL BALANCE AND ASSUMING CUTOFF DATE POOL DATA.
--------------------------------------------------------------------------------
12
<PAGE>
SLM STUDENT LOAN TRUST 1999-1
QUARTERLY SERVICING REPORT
REPORT DATE: 09/30/2000 REPORTING PERIOD: 7/1/00-9/30/00
--------------------------------------------------------------------------------
I. DEAL PARAMETERS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PORTFOLIO CHARACTERISTICS 06/30/2000 ACTIVITY 09/30/2000
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 893,887,371.23 $ (24,950,622.43) $ 868,936,748.80
ii Interest to be Capitalized 17,040,827.59 17,953,839.06
------------------- --------------------
iii Total Pool $ 910,928,198.82 $ 886,890,587.86
iv Specified Reserve Account Balance 2,277,320.50 2,217,226.47
------------------- --------------------
v TOTAL ADJUSTED POOL $ 913,205,519.32 $ 889,107,814.33
=================== ====================
B i Weighted Average Coupon (WAC) 7.3435% 8.2548%
ii Weighted Average Remaining Term 115.98 114.85
iii Number of Loans 235,891 229,944
iv Number of Borrowers 109,017 106,310
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
% OF % OF
NOTES AND CERTIFICATES SPREAD BALANCE 7/25/00 O/S SECURITIES BALANCE 10/25/00 O/S SECURITIES
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1T Notes 78442GBD7 0.87% $ 132,959,687.62 14.438% $ 125,032,247.70 13.988%
ii A-1L Notes 78442GBE5 0.08% 320,328,091.07 34.785% 301,229,206.71 33.700%
iii A-2L Notes 78442GBG0 0.18% 431,530,000.00 46.861% 431,530,000.00 48.278%
iv Certificates 78442GBH8 0.45% 36,060,000.00 3.916% 36,060,000.00 4.034%
-----------------------------------------------------------------------------------------------------------------------------
v TOTAL NOTES AND CERTIFICATES $ 920,877,778.69 100.000% $ 893,851,454.41 100.000%
=============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------
RESERVE ACCOUNT 07/25/2000 10/25/2000
-----------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,277,320.50 $ 2,217,226.47
iv Reserve Account Floor Balance ($) $ 1,002,076.00 $ 1,002,076.00
v Current Reserve Acct Balance ($) $ 2,277,320.50 $ 2,217,226.47
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
--------------------------------------------------------------------------------
II. 1999-1 TRANSACTIONS FROM: 07/01/2000 THROUGH 09/30/2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $20,232,172.80
ii Principal Collections from Guarantor 2,925,553.58
iii Principal Reimbursements 6,592,834.04
iv Other System Adjustments 0.00
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 29,750,560.42
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $394,999.28
ii Capitalized Interest (5,194,937.27)
----------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (4,799,937.99)
----------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 24,950,622.43
----------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $8,111,533.76
ii Interest Claims Received from Guarantors 194,257.57
iii Late Fee Reimbursements 144,001.48
iv Interest Reimbursements 93,337.90
v Other System Adjustments 0.00
vi Special Allowance Payments 3,006,022.59
vii Subsidy Payments 3,340,492.12
----------------
viii TOTAL INTEREST COLLECTIONS $ 14,889,645.42
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment ($345,687.04)
ii Capitalized Interest 5,194,937.27
----------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 4,849,250.23
----------------------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 19,738,895.65
----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
--------------------------------------------------------------------------------
III. 1999-1 COLLECTION ACCOUNT ACTIVITY 07/01/2000 THROUGH 09/30/2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $23,157,726.38
ii Cash Forwarded by Administrator on behalf of Seller 94,892.38
iii Cash Forwarded by Administrator on behalf of Servicer 250.30
iv Cash Forwarded by Administrator for Consolidation Activity 6,497,691.36
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 29,750,560.42
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $14,652,306.04
ii Cash Forwarded by Administrator on behalf of Seller 3,033.63
iii Cash Forwarded by Administrator on behalf of Servicer 247.06
iv Cash Forwarded by Administrator for Consolidation Activity 90,057.21
v Cash Forwarded by Administrator for Late Fee Activity 144,001.48
----------------
vi TOTAL INTEREST COLLECTIONS $ 14,889,645.42
C OTHER REIMBURSEMENTS $ 51,088.79
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 447,399.05
E RETURN FUNDS BORROWED FOR PREVIOUS DISTRIBUTION $ -
F TOTAL FUNDS RECEIVED $ 45,138,693.68
LESS FUNDS PREVIOUSLY REMITTED:
SERVICING FEES $ (1,334,559.03)
CONSOLIDATION LOAN REBATE FEES $ (195.00)
-----------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 43,803,939.65
-----------------------------------------------------------------------------------------
G SERVICING FEE CALCULATION-CURRENT MONTH
i Primary Servicing Fee - Non-Consolidation Lans $656,250.02
ii Primary Servicing Fee - Consolidation Loans $46.52
H SERVICING FEES DUE FOR CURRENT PERIOD $656,296.54
LESS: Servicing ADJ [A iii + B iii] ($497.36)
I CARRYOVER SERVICING FEES DUE $0.00
J ADMINISTRATION FEES DUE $ 20,000.00
-----------------------------------------------------------------------------------------
K TOTAL FEES DUE FOR PERIOD $ 675,799.18
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
-------------------------------------------------------------------------------
IV. 1999-1 PORTFOLIO CHARACTERISTICS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
WEIGHTED AVG COUPON # OF LOANS %
--------------------------------------------------------------------------
STATUS 6/30/2000 9/30/2000 6/30/2000 9/30/2000 6/30/2000 9/30/2000
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 6.659% 7.848% 36,701 33,072 15.559% 14.383%
GRACE
Current 6.756% 7.930% 18,044 19,539 7.649% 8.497%
--------------------------------------------------------------------------------------------------------
TOTAL INTERIM 6.690% 7.879% 54,745 52,611 23.208% 22.880%
--------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current 7.647% 8.440% 118,412 109,708 50.198% 47.710%
31-60 Days Delinquent 7.674% 8.445% 6,128 6,976 2.598% 3.034%
61-90 Days Delinquent 7.669% 8.362% 3,743 5,495 1.587% 2.390%
91-120 Days Delinquent 7.626% 8.408% 1,855 2,271 0.786% 0.988%
> 120 Days Delinquent 7.633% 8.352% 3,488 4,053 1.479% 1.763%
DEFERMENT
Current 7.168% 8.229% 20,489 23,200 8.686% 10.089%
FORBEARANCE
Current 7.637% 8.368% 26,310 25,203 11.153% 10.960%
--------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.589% 8.395% 180,425 176,906 76.487% 76.934%
--------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 7.587% 8.446% 716 420 0.303% 0.183%
AGED CLAIMS REJECTED (2) 7.837% 8.245% 5 7 0.002% 0.003%
--------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.344% 8.255% 235,891 229,944 100.000% 100.00%
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------
PRINCIPAL AMOUNT %
--------------------------------------------------------------------
STATUS 6/30/2000 9/30/2000 6/30/2000 9/30/2000
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current $ 158,008,000.08 $ 141,268,494.75 17.677% 16.258%
GRACE
Current $ 75,564,263.69 $ 84,168,107.12 8.453% 9.686%
--------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 233,572,263.77 $ 225,436,601.87 26.130% 25.944%
--------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current $ 423,052,077.75 $ 388,361,251.14 47.327% 44.694%
31-60 Days Delinquent $ 19,998,446.69 $ 23,714,919.67 2.237% 2.729%
61-90 Days Delinquent $ 11,843,423.64 $ 19,218,575.73 1.325% 2.212%
91-120 Days Delinquent $ 5,828,634.52 $ 7,003,452.73 0.652% 0.806%
> 120 Days Delinquent $ 10,044,445.10 $ 11,831,130.38 1.124% 1.362%
DEFERMENT
Current $ 78,443,542.65 $ 87,388,018.21 8.776% 10.057%
FORBEARANCE
Current $ 109,160,943.09 $ 104,782,288.65 12.212% 12.058%
--------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 658,371,513.44 $ 642,299,636.51 73.653% 73.918%
--------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) $ 1,932,064.67 $ 1,187,711.93 0.216% 0.137%
AGED CLAIMS REJECTED (2) $ 11,529.35 $ 12,798.49 0.001% 0.001%
--------------------------------------------------------------------------------------------------
GRAND TOTAL $ 893,887,371.23 $ 868,936,748.80 100.000% 100.000%
--------------------------------------------------------------------------------------------------
</TABLE>
[CHART] [CHART]
LOAN STATUS BY OUTSTANDING LOAN STATUS BY OUTSTANDING
PRINCIPAL, JUNE 30, 2000 PRINCIPAL, SEPTEMBER 30, 2000
(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 9/30/00
-------------------------------------------------------------------------------
<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 8.476% 6.555% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 5.160% 3.857% 0.000% 0.000% 0.000% 0.000%
----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 13.636% 10.412% 0.000% 0.000% 0.000% 0.000%
----------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 19.518% 11.121% 0.000% 0.000% 6.614% 1.195%
31-60 Days Delinquent 1.114% 0.591% 0.000% 0.000% 0.285% 0.096%
61-90 Days Delinquent 0.958% 0.583% 0.000% 0.000% 0.095% 0.064%
91-120 Days Delinquent 0.333% 0.152% 0.000% 0.000% 0.046% 0.023%
> 120 Days Delinquent 0.563% 0.253% 0.000% 0.000% 0.040% 0.025%
DEFERMENT
Current 5.043% 3.252% 0.000% 0.000% 0.239% 0.250%
FORBEARANCE
Current 5.312% 3.548% 0.000% 0.000% 0.596% 0.459%
----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 32.841% 19.500% 0.000% 0.000% 7.915% 2.112%
----------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.054% 0.019% 0.000% 0.000% 0.012% 0.007%
AGED CLAIMS REJECTED (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000%
----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 46.532% 29.931% 0.000% 0.000% 7.927% 2.119%
----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 86.509%
----------------------------------------------------------------------------------------------------------------
<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 0.449% 0.295% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.248% 0.158% 0.000% 0.000% 0.000% 0.000%
--------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.697% 0.453% 0.000% 0.000% 0.000% 0.000%
--------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 1.239% 0.776% 0.000% 0.000% 0.195% 0.081%
31-60 Days Delinquent 0.146% 0.070% 0.000% 0.000% 0.013% 0.009%
61-90 Days Delinquent 0.129% 0.073% 0.000% 0.000% 0.005% 0.008%
91-120 Days Delinquent 0.060% 0.027% 0.000% 0.000% 0.002% 0.000%
> 120 Days Delinquent 0.125% 0.052% 0.000% 0.000% 0.003% 0.002%
DEFERMENT
Current 0.426% 0.247% 0.000% 0.000% 0.004% 0.028%
FORBEARANCE
Current 0.553% 0.322% 0.000% 0.000% 0.016% 0.025%
--------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 2.678% 1.567% 0.000% 0.000% 0.238% 0.153%
--------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.011% 0.004% 0.000% 0.000% 0.000% 0.001%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
--------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 3.386% 2.024% 0.000% 0.000% 0.238% 0.154%
--------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 5.802%
--------------------------------------------------------------------------------------------------------------
<CAPTION>
TECHNICAL SCHOOLS
---------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 0.161% 0.160% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.114% 0.102% 0.000% 0.000% 0.000% 0.000%
----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.275% 0.262% 0.000% 0.000% 0.000% 0.000%
----------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 1.592% 1.383% 0.000% 0.000% 0.577% 0.149%
31-60 Days Delinquent 0.178% 0.131% 0.000% 0.000% 0.044% 0.020%
61-90 Days Delinquent 0.131% 0.117% 0.000% 0.000% 0.015% 0.008%
91-120 Days Delinquent 0.079% 0.054% 0.000% 0.000% 0.011% 0.008%
> 120 Days Delinquent 0.146% 0.113% 0.000% 0.000% 0.013% 0.009%
DEFERMENT
Current 0.224% 0.185% 0.000% 0.000% 0.009% 0.018%
FORBEARANCE
Current 0.528% 0.451% 0.000% 0.000% 0.051% 0.033%
----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 2.878% 2.434% 0.000% 0.000% 0.720% 0.245%
----------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.012% 0.014% 0.000% 0.000% 0.002% 0.001%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 3.165% 2.710% 0.000% 0.000% 0.722% 0.246%
----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 6.843%
----------------------------------------------------------------------------------------------------------------
<CAPTION>
UNKNOWN
--------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 0.084% 0.078% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.028% 0.019% 0.000% 0.000% 0.000% 0.000%
-------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.112% 0.097% 0.000% 0.000% 0.000% 0.000%
-------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 0.121% 0.075% 0.007% 0.002% 0.016% 0.033%
31-60 Days Delinquent 0.012% 0.016% 0.000% 0.000% 0.003% 0.001%
61-90 Days Delinquent 0.011% 0.011% 0.000% 0.000% 0.000% 0.004%
91-120 Days Delinquent 0.004% 0.007% 0.000% 0.000% 0.000% 0.000%
> 120 Days Delinquent 0.006% 0.011% 0.000% 0.000% 0.000% 0.001%
DEFERMENT
Current 0.068% 0.052% 0.000% 0.000% 0.001% 0.011%
FORBEARANCE
Current 0.076% 0.062% 0.000% 0.004% 0.001% 0.021%
-------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 0.298% 0.234% 0.007% 0.006% 0.021% 0.071%
-------------------------------------------------------------------------------------------------------------------
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 0.410% 0.331% 0.007% 0.006% 0.021% 0.071%
-------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 0.846%
-------------------------------------------------------------------------------------------------------------------
</TABLE>
[CHART]
LOAN PROGRAMS JUNE 30, 2000
[CHART]
LOAN PROGRAMS SEPTEMBER 30, 2000
(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
SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 15.031% 0.744% 0.321% 0.162% 16.258%
GRACE
Current 9.017% 0.406% 0.216% 0.047% 9.686%
--------------------------------------------------------------------------------------------
TOTAL INTERIM 24.048% 1.150% 0.537% 0.209% 25.944%
--------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 38.448% 2.291% 3.701% 0.254% 44.694%
31-60 Days Delinquent 2.086% 0.238% 0.373% 0.032% 2.729%
61-90 Days Delinquent 1.700% 0.215% 0.271% 0.026% 2.212%
91-120 Days Delinquent 0.554% 0.089% 0.152% 0.011% 0.806%
> 120 Days Delinquent 0.881% 0.182% 0.281% 0.018% 1.362%
DEFERMENT
Current 8.784% 0.705% 0.436% 0.132% 10.057%
FORBEARANCE
Current 9.915% 0.916% 1.063% 0.164% 12.058%
--------------------------------------------------------------------------------------------
TOTAL REPAYMENT 62.368% 4.636% 6.277% 0.637% 73.918%
--------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.092% 0.016% 0.029% 0.000% 0.137%
AGED CLAIMS REJECTED (2) 0.001% 0.000% 0.000% 0.000% 0.001%
--------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 86.509% 5.802% 6.843% 0.846% 100.000%
--------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
-------------------------------------------------------------------------------
VI. 1999-1 INTEREST CALCULATION
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 14,661,093.41
B Interest Subsidy Payments Accrued During Collection Period 3,603,911.80
C SAP Payments Accrued During Collection Period 1,662,207.54
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACCOUNTS) 45,262.35
E Investment Earnings (ADMINISTRATOR ACCOUNTS) 447,399.05
------------------
F NET EXPECTED INTEREST COLLECTIONS $ 20,419,874.15
G STUDENT LOAN RATES
i Days in Calculation Period 92
ii Days in Year 366 and 360
iii Net Expected Interest Collections $ 20,419,874.15
iv Primary Servicing Fee $ 1,990,855.57
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 910,928,198.82
vii STUDENT LOAN RATE (A-1T) 8.03970%
viii STUDENT LOAN RATE (A-1L, A-2L & Cert) 7.90790%
</TABLE>
<TABLE>
<CAPTION>
ACCRUED
INT FACTOR ACCRUAL PERIOD
----------- --------------
<S> <C> <C> <C>
H Class A-1T T-Bill Based Interest Rate 7.10788%
I CLASS A-1T INTEREST RATE 0.017866803 (7/25/00-10/25/00) 7.10788%
J Class A-1L Libor Based Interest Rate 6.79750%
K CLASS A-1L INTEREST RATE 0.017371389 (7/25/00-10/25/00) 6.79750%
L Class A-2L Libor Based Interest Rate 6.89750%
M CLASS A-2L INTEREST RATE 0.017626944 (7/25/00-10/25/00) 6.89750%
N Certificate Libor Based Rate of Return 7.16750%
O CERTIFICATE RATE OF RETURN 0.018316944 (7/25/00-10/25/00) 7.16750%
</TABLE>
6
<PAGE>
--------------------------------------------------------------------------------
VII. 1999-1 WEEKLY T-BILL RATE RESETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
NUMBER OF
PERIOD DAYS WEIGHTED 91 DAY T-BILL A-1T RESET
--------------------------------------------------------------------------------
<S> <C> <C> <C>
7/25/00-7/31/00 7 6.1870% 7.0570%
8/1/00-8/7/00 7 6.2690% 7.1390%
8/8/00-8/14/00 7 6.2780% 7.1480%
8/15/00-8/21/00 7 6.2690% 7.1390%
8/22/00-8/28/00 7 6.2910% 7.1610%
8/29/00-9/5/00 8 6.3230% 7.1930%
9/6/00-9/11/00 6 6.2450% 7.1150%
9/12/00-9/18/00 7 6.1210% 6.9910%
9/19/00-9/25/00 7 6.1370% 7.0070%
9/26/00-10/02/00 7 6.1830% 7.0530%
10/3/00-10/10/00 8 6.2570% 7.1270%
10/11/00-10/16/00 6 6.2570% 7.1270%
10/17/00-10/24/00 8 6.2610% 7.1310%
TOTAL DAYS IN
ACCRUAL PERIOD 92
--------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
--------------------------------------------------------------------------------
VIII. 1999-1 INPUTS FROM PREVIOUS QUARTERLY SERVICING REPORTS 6/30/00
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
A TOTAL STUDENT LOAN POOL OUTSTANDING
i Portfolio Balance $ 893,887,371.23
ii Interest To Be Capitalized 17,040,827.59
-------------------
iii Total Pool $ 910,928,198.82
iv Specified Reserve Account Balance 2,277,320.50
-------------------
v TOTAL ADJUSTED POOL $ 913,205,519.32
===================
B TOTAL NOTE AND CERTIFICATE FACTOR 0.89396062429
C TOTAL NOTE AND CERTIFICATE BALANCE $ 920,877,778.69
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 7/25/2000 CLASS A-1T CLASS A-1L CLASS A-2L CERTIFICATES
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor 0.8058162886 0.8058162887 1.0000000000 1.0000000000
ii Expected Note Balance $ 132,959,687.62 $ 320,328,091.07 $ 431,530,000.00 $ 36,060,000.00
E NOTE PRINCIPAL SHORTFALL $ 2,250,449.39 $ 5,421,809.98 $ 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 $ 2,277,320.50
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>
8
<PAGE>
--------------------------------------------------------------------------------
IX. 1999-1 WATERFALL FOR DISTRIBUTIONS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
REMAINING
FUNDS BALANCE
-------------
<S> <C> <C>
A TOTAL AVAILABLE FUNDS (SECTIONS
III-F + VI-D + X-G-vii) $ 43,909,296.03 $ 43,909,296.03
B PRIMARY SERVICING FEES-CURRENT MONTH $ 655,799.18 $ 43,253,496.85
C ADMINISTRATION FEE $ 20,000.00 $ 43,233,496.85
D NOTEHOLDER'S INTEREST DISTRIBUTION AMOUNT
i Class A-1T $ 2,375,564.55 $ 40,857,932.30
ii Class A-1L $ 5,564,543.88 $ 35,293,388.42
iii Class A-2L $ 7,606,555.14 $ 27,686,833.28
------------------
iv TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $ 15,546,663.57
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 660,509.00 $ 27,026,324.28
F NOTEHOLDER'S PRINCIPAL DISTRIBUTION AMOUNT PAID
i Class A-1T $ 7,927,439.92 $ 19,098,884.36
ii Class A-1L $ 19,098,884.36 $ 0.00
iii Class A-2L $ 0.00 $ 0.00
------------------
iv TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 27,026,324.28
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>
9
<PAGE>
-------------------------------------------------------------------------------
X. 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 $ 2,375,564.55 $ 5,564,543.88 $ 7,606,555.14 $ 660,509.00
ii Quarterly Interest Paid 2,375,564.55 5,564,543.88 7,606,555.14 660,509.00
------------- ------------- ------------- -----------
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 $ 9,318,858.21 $ 22,451,106.15 $ 0.00 $ 0.00
viii Quarterly Principal Paid 7,927,439.92 19,098,884.36 0.00 0.00
------------- -------------- ---- ----
ix QUARTERLY PRINCIPAL SHORTFALL $ 1,391,418.29 $ 3,352,221.79 $ 0.00 $ 0.00
------------------------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 10,303,004.47 $ 24,663,428.24 $ 7,606,555.14 $ 660,509.00
------------------------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates
Principal Balance 9/30/00 $ 920,877,778.69
ii Adjusted Pool Balance 9/30/00 889,107,814.33
-----------------
iii Adjusted Pool Exceeding Notes and
Certificate Balance (i-ii) $ 31,769,964.36
=================
iv Adjusted Pool Balance 6/30/00 $ 913,205,519.32
v Adjusted Pool Balance 9/30/00 889,107,814.33
-----------------
vi Current Principal Due (iv-v) $ 24,097,704.99
vii Principal Shortfall from
Previous Collection Period 7,672,259.37
-----------------
viii Principal Distribution Amount (vi + vii) $ 31,769,964.36
=================
ix PRINCIPAL DISTRIBUTION AMOUNT PAID $ 27,026,324.28
x Principal Shortfall (viii - ix) $ 4,743,640.08
C Total Principal Distribution $ 27,026,324.28
D Total Interest Distribution 16,207,172.57
-----------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 43,233,496.85
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 07/25/2000 10/25/2000
-----------------------------------------------------------------------------------
<S> <C> <C>
i A-1T Note Balance (78442GBD7) $ 132,959,687.62 $ 125,032,247.70
A-1T Note Pool Factor 0.8058162886 0.7577711982
ii A-1L Note Balance (78442GBE5) $ 320,328,091.07 $ 301,229,206.71
A-1L Note Pool Factor 0.8058162887 0.7577711982
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
-----------------------------------------------------------------------------------
G RESERVE ACCOUNT RECONCILIATION
i Beginning of Period Balance $ 2,277,320.50
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ -
----------------
iv Total Reserve Account Balance Available $ 2,277,320.50
v Required Reserve Account Balance $ 2,217,226.47
vi Shortfall Carried to Next Period $ -
vii EXCESS RESERVE - RELEASE TO WATERFALL $ 60,094.03
viii Ending Reserve Account Balance $ 2,217,226.47
-----------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
--------------------------------------------------------------------------------
XI. 1999-1 HISTORICAL POOL INFORMATION
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------
7/1/00-9/30/00 4/1/00-6/30/00 1/1/00-3/31/00 10/1/99-12/31/99 5/10/99-9/30/99
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
BEGINNING STUDENT LOAN
PORTFOLIO BALANCE $893,887,371.23 $914,528,603.62 $937,482,162.56 $950,509,314.56 $978,982,721.13
-----------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal
Collections $ 20,232,172.80 $ 18,416,322.53 $ 17,011,728.77 $ 15,652,159.13 $ 27,314,976.63
ii Principal Collections
from Guarantor 2,925,553.58 3,665,392.97 3,010,211.56 1,486,345.44 516,964.20
iii Principal Reimbursements 6,592,834.04 4,426,505.90 7,987,259.88 6,638,958.43 10,006,146.53
iv Other System Adjustments - - - - -
-----------------------------------------------------------------------------------------
v Total Principal
Collections $ 29,750,560.42 $ 26,508,221.40 $ 28,009,200.21 $ 23,777,463.00 $ 37,838,087.36
Student Loan Non-Cash
Principal Activity
i Other Adjustments $ 394,999.28 $ 266,328.90 $ 434,568.11 $ 386,049.34 $ 479,686.49
ii Capitalized Interest (5,194,937.27) (6,133,317.91) (5,490,209.38) (11,136,360.34) (9,844,367.28)
-----------------------------------------------------------------------------------------
iii Total Non-Cash
Principal Activity $ (4,799,937.99) $ (5,866,989.01) $ (5,055,641.27) $(10,750,311.00) $ (9,364,680.79)
-----------------------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN
PRINCIPAL ACTIVITY $ 24,950,622.43 $ 20,641,232.39 $ 22,953,558.94 $ 13,027,152.00 $ 28,473,406.57
-----------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest
Collections $ 8,111,533.76 $ 7,488,583.81 $ 7,694,804.82 $ 6,846,789.75 $ 10,490,676.93
ii Interest Claims
Received from Guarantors 194,257.57 256,238.54 192,392.22 71,784.28 13,347.07
iii Late Fee Reimbursements 144,001.48 133,752.63 144,512.46 114,360.41 167,735.05
iv Interest Reimbursements 93,337.90 66,123.79 100,493.69 72,698.15 150,160.50
v Other System Adjustments - - - - -
vi Special Allowance Payments 3,006,022.59 2,601,947.38 1,568,428.04 716,352.00 3,160.68
vii Subsidy Payments 3,340,492.12 3,517,062.56 4,275,476.57 4,895,229.78 3,440,344.46
-----------------------------------------------------------------------------------------
viii Total Interest
Collections $ 14,889,645.42 $ 14,063,708.71 $ 13,976,107.80 $ 12,717,214.37 $ 14,265,424.69
Student Loan Non-Cash
Interest Activity
i Interest Accrual
Adjustment $ (345,687.04) $ (192,216.12) $ (377,856.78) $ (362,220.53) $ (504,642.20)
ii Capitalized Interest 5,194,937.27 6,133,317.91 5,490,209.38 11,136,360.34 9,844,367.28
-----------------------------------------------------------------------------------------
iii Total Non-Cash Interest
Adjustments $ 4,849,250.23 $ 5,941,101.79 $ 5,112,352.60 $ 10,774,139.81 $ 9,339,725.08
-----------------------------------------------------------------------------------------
TOTAL STUDENT LOAN
INTEREST ACTIVITY $ 19,738,895.65 $ 20,004,810.50 $ 19,088,460.40 $ 23,491,354.18 $ 23,605,149.77
(=) ENDING STUDENT LOAN
PORTFOLIO BALANCE $868,936,748.80 $893,887,371.23 $914,528,603.62 $937,482,162.56 $950,509,314.56
-----------------------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 17,953,839.06 $ 17,040,827.59 $ 17,588,471.82 $ 17,075,618.10 $ 22,320,676.56
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $886,890,587.86 $910,928,198.82 $932,117,075.44 $954,557,780.66 $972,829,991.12
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 2,217,226.47 $ 2,277,320.50 $ 2,330,292.69 $ 2,386,394.45 $ 2,432,074.98
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $889,107,814.33 $913,205,519.32 $934,447,368.13 $956,944,175.11 $975,262,066.10
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
11
<PAGE>
-------------------------------------------------------------------------------
XII. 1999-1 PAYMENT HISTORY AND CPRS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
<S> <C> <C>
Jul-99 $ 1,002,075,783 -
Oct-99 $ 972,829,991 6.74%
Jan-00 $ 954,557,781 5.57%
Apr-00 $ 932,117,075 5.10%
Jul-00 $ 910,928,199 5.00%
Oct-00 $ 886,890,588 5.10%
</TABLE>
* "SINCE ISSUED CPR" IS BASED ON THE CURRENT PERIOD'S ENDING POOL BALANCE
CALCULATED AGAINST THE ORIGINAL POOL BALANCE AND ASSUMING CUTOFF DATE POOL
DATA.
-------------------------------------------------------------------------------
12
<PAGE>
SLM STUDENT LOAN TRUST 1999-2
QUARTERLY SERVICING REPORT
REPORT DATE: 09/30/2000 REPORTING PERIOD: 7/1/00-9/30/00
--------------------------------------------------------------------------------
I. DEAL PARAMETERS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PORTFOLIO CHARACTERISTICS 06/30/2000 ACTIVITY 09/30/2000
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 886,808,652.77 $ (28,962,683.47) $ 857,845,969.30
ii Interest to be Capitalized 13,683,759.89 13,842,372.05
------------------- --------------------
iii Total Pool $ 900,492,412.66 $ 871,688,341.35
iv Specified Reserve Account Balance 2,251,231.03 2,179,220.85
------------------- --------------------
v TOTAL ADJUSTED POOL $902,743,643.69 $873,867,562.20
=================== ====================
B i Weighted Average Coupon (WAC) 7.5748% 8.3569%
ii Weighted Average Remaining Term 110.66 109.44
iii Number of Loans 239,071 232,430
iv Number of Borrowers 101,809 98,926
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
% OF % OF
NOTES AND CERTIFICATES SPREAD BALANCE 7/25/00 O/S SECURITIES BALANCE 10/25/00 O/S SECURITIES
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1T Notes 78442GBJ4 0.94% $ 81,311,134.78 8.976% $ 63,537,534.56 7.271%
ii A-1L Notes 78442GBK1 0.08% 65,048,907.82 7.181% 50,830,027.64 5.817%
iii A-2L Notes 78442GBL9 0.20% 619,000,000.00 68.333% 619,000,000.00 70.834%
iv A-3L Notes 78442GBM7 0.28% 104,500,000.00 11.536% 104,500,000.00 11.958%
v Certificates 78442GBN5 0.50% 36,000,000.00 3.974% 36,000,000.00 4.120%
-----------------------------------------------------------------------------------------------------------------------------
vi TOTAL NOTES AND CERTIFICATES $ 905,860,042.60 100.000% $ 873,867,562.20 100.000%
=============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------
RESERVE ACCOUNT 07/25/2000 10/25/2000
-----------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,251,231.03 $ 2,179,220.85
iv Reserve Account Floor Balance ($) $ 1,000,591.00 $ 1,000,591.00
v Current Reserve Acct Balance ($) $ 2,251,231.03 $ 2,179,220.85
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
--------------------------------------------------------------------------------
II. 1999-2 TRANSACTIONS FROM: 07/01/2000 THROUGH 09/30/2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 24,845,249.43
ii Principal Collections from Guarantor 2,256,246.28
iii Principal Reimbursements 6,729,585.23
iv Other System Adjustments 0.00
---------------
v TOTAL PRINCIPAL COLLECTIONS $ 33,831,080.94
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 464,599.99
ii Capitalized Interest (5,332,997.46)
---------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (4,868,397.47)
----------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 28,962,683.47
----------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 9,578,088.23
ii Interest Claims Received from Guarantors 153,572.46
iii Late Fee Reimbursements 166,929.65
iv Interest Reimbursements 84,316.50
v Other System Adjustments 0.00
vi Special Allowance Payments 2,811,849.24
vii Subsidy Payments 2,857,537.85
---------------
viii TOTAL INTEREST COLLECTIONS $15,652,293.93
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment ($403,767.26)
ii Capitalized Interest 5,332,997.46
----------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 4,929,230.20
----------------------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 20,581,524.13
----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
--------------------------------------------------------------------------------
III. 1999-2 COLLECTION ACCOUNT ACTIVITY 07/01/2000 THROUGH 09/30/2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $27,101,495.71
ii Cash Forwarded by Administrator on behalf of Seller 113,700.07
iii Cash Forwarded by Administrator on behalf of Servicer 2,084.90
iv Cash Forwarded by Administrator for Consolidation Activity 6,613,800.26
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 33,831,080.94
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $15,401,047.78
ii Cash Forwarded by Administrator on behalf of Seller (1,871.44)
iii Cash Forwarded by Administrator on behalf of Servicer 2,929.65
iv Cash Forwarded by Administrator for Consolidation Activity 83,258.29
v Cash Forwarded by Administrator for Late Fee Activity 166,929.65
----------------
vi TOTAL INTEREST COLLECTIONS $ 15,652,293.93
C OTHER REIMBURSEMENTS $82,645.25
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $499,968.45
E RETURN FUNDS BORROWED FOR PREVIOUS DISTRIBUTION $ -
F TOTAL FUNDS RECEIVED $ 50,065,988.57
LESS FUNDS PREVIOUSLY REMITTED:
SERVICING FEES ($1,323,195.33)
CONSOLIDATION LOAN REBATE FEES ($111.00)
-----------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 48,742,682.24
-----------------------------------------------------------------------------------------
G SERVICING FEE CALCULATION-CURRENT MONTH
i Primary Servicing Fee - Non-Consolidation Loans $649,080.69
ii Primary Servicing Fee - Consolidation Loans $26.02
H SERVICING FEES DUE FOR CURRENT PERIOD $649,106.71
LESS: Servicing ADJ [A iii + B iii] ($5,014.55)
I CARRYOVER SERVICING FEES DUE $0.00
J ADMINISTRATION FEES DUE $ 20,000.00
-----------------------------------------------------------------------------------------
K TOTAL FEES DUE FOR PERIOD $ 664,092.16
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
--------------------------------------------------------------------------------
IV. 1999-2 PORTFOLIO CHARACTERISTICS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------
WEIGHTED AVG COUPON # OF LOANS %
----------------------------------------------------------------------------------------------------------------------------------
STATUS 6/30/2000 9/30/2000 6/30/2000 9/30/2000 6/30/2000 9/30/2000
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 7.086% 8.200% 24,920 22,206 10.424% 9.554%
GRACE
Current 7.070% 8.195% 14,155 14,856 5.921% 6.392%
----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.080% 8.198% 39,075 37,062 16.345% 15.945%
----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current 7.741% 8.411% 138,015 130,818 57.730% 56.283%
31-60 Days Delinquent 7.739% 8.432% 6,540 6,860 2.735% 2.951%
61-90 Days Delinquent 7.731% 8.364% 3,549 4,442 1.484% 1.911%
91-120 Days Delinquent 7.723% 8.379% 1,706 2,123 0.714% 0.913%
> 120 Days Delinquent 7.726% 8.353% 3,275 3,547 1.370% 1.526%
DEFERMENT
Current 7.285% 8.334% 21,651 23,032 9.056% 9.909%
FORBEARANCE
Current 7.312% 8.357% 24,665 24,145 10.317% 10.388%
----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.625% 8.392% 199,401 194,967 83.406% 83.882%
----------------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 7.692% 8.385% 590 399 0.247% 0.172%
AGED CLAIMS REJECTED (2) 7.991% 9.048% 5 2 0.002% 0.001%
----------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.575% 8.357% 239,071 232,430 100.000% 100.000%
----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------------------
PRINCIPAL AMOUNT %
-------------------------------------------------------------------------------------------------------------------------
STATUS 6/30/2000 9/30/2000 6/30/2000 9/30/2000
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current $ 95,622,560.90 $ 84,933,606.55 10.783% 9.901%
GRACE
Current $ 57,437,708.41 $ 60,121,147.33 6.477% 7.008%
-------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 153,060,269.31 $ 145,054,753.88 17.260% 16.909%
-------------------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current $ 490,183,940.44 $ 460,081,888.84 55.275% 53.632%
31-60 Days Delinquent $ 22,478,556.75 $ 23,922,323.19 2.535% 2.789%
61-90 Days Delinquent $ 11,664,970.30 $ 15,998,464.00 1.315% 1.865%
91-120 Days Delinquent $ 5,420,330.15 $ 6,844,118.17 0.611% 0.798%
> 120 Days Delinquent $ 10,729,286.31 $ 11,456,627.32 1.210% 1.336%
DEFERMENT
Current $ 84,913,014.97 $ 87,905,335.85 9.575% 10.247%
FORBEARANCE
Current $ 106,786,423.83 $ 105,387,090.68 12.042% 12.285%
-------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 732,176,522.75 $ 711,595,848.05 82.563% 82.952%
-------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) $ 1,558,696.21 $ 1,186,826.62 0.176% 0.138%
AGED CLAIMS REJECTED (2) $ 13,164.50 $ 8,540.75 0.001% 0.001%
-------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 886,808,652.77 $ 857,845,969.30 100.000% 100.000%
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
[CHART] [CHART]
LOAN STATUS BY OUTSTANDING LOAN STATUS BY OUTSTANDING
PRINCIPAL, JUNE 30,2000 PRINCIPAL, SEPTEMBER 30,2000
(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 9/30/00
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS
--------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 5.476% 3.200% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 3.897% 2.458% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 9.373% 5.658% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 26.879% 13.300% 0.000% 0.000% 5.567% 0.862%
31-60 Days Delinquent 1.218% 0.585% 0.000% 0.000% 0.299% 0.045%
61-90 Days Delinquent 0.819% 0.479% 0.000% 0.000% 0.094% 0.047%
91-120 Days Delinquent 0.344% 0.177% 0.000% 0.000% 0.049% 0.016%
> 120 Days Delinquent 0.552% 0.299% 0.000% 0.000% 0.042% 0.024%
DEFERMENT
Current 5.314% 2.994% 0.000% 0.000% 0.244% 0.254%
FORBEARANCE
Current 5.528% 3.656% 0.000% 0.000% 0.561% 0.284%
-----------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 40.654% 21.490% 0.000% 0.000% 6.856% 1.532%
-----------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.053% 0.035% 0.000% 0.000% 0.004% 0.007%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.001% 0.000%
-----------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 50.080% 27.183% 0.000% 0.000% 6.861% 1.539%
-----------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.663%
-----------------------------------------------------------------------------------------------------------------------------
<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 0.297% 0.157% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.171% 0.093% 0.000% 0.000% 0.000% 0.000%
----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.468% 0.250% 0.000% 0.000% 0.000% 0.000%
----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 1.274% 0.766% 0.000% 0.000% 0.192% 0.055%
31-60 Days Delinquent 0.112% 0.065% 0.000% 0.000% 0.014% 0.008%
61-90 Days Delinquent 0.098% 0.052% 0.000% 0.000% 0.007% 0.003%
91-120 Days Delinquent 0.054% 0.031% 0.000% 0.000% 0.002% 0.002%
> 120 Days Delinquent 0.091% 0.050% 0.000% 0.000% 0.002% 0.004%
DEFERMENT
Current 0.388% 0.215% 0.000% 0.000% 0.007% 0.017%
FORBEARANCE
Current 0.463% 0.264% 0.000% 0.000% 0.022% 0.014%
----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 2.480% 1.443% 0.000% 0.000% 0.246% 0.103%
----------------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.007% 0.007% 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 2.955% 1.700% 0.000% 0.000% 0.247% 0.103%
----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 5.005%
----------------------------------------------------------------------------------------------------------------------------------
<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 0.272% 0.253% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.137% 0.116% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.409% 0.369% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 1.984% 1.760% 0.000% 0.000% 0.496% 0.127%
31-60 Days Delinquent 0.209% 0.166% 0.000% 0.000% 0.029% 0.020%
61-90 Days Delinquent 0.125% 0.108% 0.000% 0.000% 0.015% 0.006%
91-120 Days Delinquent 0.066% 0.046% 0.000% 0.000% 0.005% 0.003%
> 120 Days Delinquent 0.132% 0.114% 0.000% 0.000% 0.011% 0.008%
DEFERMENT
Current 0.319% 0.292% 0.000% 0.000% 0.012% 0.012%
FORBEARANCE
Current 0.614% 0.538% 0.000% 0.000% 0.053% 0.041%
-----------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.449% 3.024% 0.000% 0.000% 0.621% 0.217%
-----------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.014% 0.009% 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 3.872% 3.402% 0.000% 0.000% 0.622% 0.217%
-----------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 8.113%
-----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
UNKNOWN
-----------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 0.132% 0.114% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.066% 0.070% 0.000% 0.000% 0.000% 0.000%
----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.198% 0.184% 0.000% 0.000% 0.000% 0.000%
----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 0.198% 0.130% 0.000% 0.005% 0.024% 0.013%
31-60 Days Delinquent 0.009% 0.009% 0.000% 0.000% 0.000% 0.001%
61-90 Days Delinquent 0.006% 0.006% 0.000% 0.000% 0.000% 0.000%
91-120 Days Delinquent 0.002% 0.001% 0.000% 0.000% 0.000% 0.000%
> 120 Days Delinquent 0.003% 0.004% 0.000% 0.000% 0.000% 0.000%
DEFERMENT
Current 0.091% 0.077% 0.000% 0.001% 0.000% 0.010%
FORBEARANCE
Current 0.127% 0.093% 0.000% 0.002% 0.004% 0.021%
----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 0.436% 0.320% 0.000% 0.008% 0.028% 0.045%
----------------------------------------------------------------------------------------------------------------------------------
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 0.634% 0.504% 0.000% 0.008% 0.028% 0.045%
----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 1.219%
----------------------------------------------------------------------------------------------------------------------------------
</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.
[CHART] [CHART]
LOAN PROGRAMS LOAN PROGRAMS
JUNE 30, 2000 SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
FOUR YEAR TWO YEAR TECHNICAL
SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 8.676% 0.454% 0.525% 0.246% 9.901%
GRACE
Current 6.355% 0.264% 0.253% 0.136% 7.008%
----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 15.031% 0.718% 0.778% 0.382% 16.909%
----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 46.608% 2.287% 4.367% 0.370% 53.632%
31-60 Days Delinquent 2.147% 0.199% 0.424% 0.019% 2.789%
61-90 Days Delinquent 1.439% 0.160% 0.254% 0.012% 1.865%
91-120 Days Delinquent 0.586% 0.089% 0.120% 0.003% 0.798%
> 120 Days Delinquent 0.917% 0.147% 0.265% 0.007% 1.336%
DEFERMENT
Current 8.806% 0.627% 0.635% 0.179% 10.247%
FORBEARANCE
Current 10.029% 0.763% 1.246% 0.247% 12.285%
----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 70.532% 4.272% 7.311% 0.837% 82.952%
----------------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.099% 0.015% 0.024% 0.000% 0.138%
AGED CLAIMS REJECTED (2) 0.001% 0.000% 0.000% 0.000% 0.001%
----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.663% 5.005% 8.113% 1.219% 100.000%
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
--------------------------------------------------------------------------------
VI. 1999-2 INTEREST CALCULATION
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 15,270,363.26
B Interest Subsidy Payments Accrued During Collection Period 2,985,502.83
C SAP Payments Accrued During Collection Period 1,709,601.40
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 45,372.40
E Investment Earnings (ADMINISTRATOR ACT) 499,968.45
-------------------
F NET EXPECTED INTEREST COLLECTIONS $ 20,510,808.34
G STUDENT LOAN RATES
i Days in Calculation Period 92
ii Days in Year 366 and 360
iii Net Expected Interest Collections $ 20,510,808.34
iv Primary Servicing Fee $ 1,972,302.04
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 900,492,412.66
vii STUDENT LOAN RATE (A-1T) 8.18124%
viii STUDENT LOAN (A-1L, RATE A-2L, A-3L & Cert) 8.04712%
</TABLE>
<TABLE>
<CAPTION>
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
<S> <C> <C> <C>
H Class A-1T T-Bill Based Interest Rate 7.17788%
I CLASS A-1T INTEREST RATE 0.018042760 (7/25/00-10/25/00) 7.17788%
J Class A-1L Libor Based Interest Rate 6.79750%
K CLASS A-1L INTEREST RATE 0.017371389 (7/25/00-10/25/00) 6.79750%
L Class A-2L Libor Based Interest Rate 6.91750%
M CLASS A-2L INTEREST RATE 0.017678056 (7/25/00-10/25/00) 6.91750%
N Class A-3L Libor Based Interest Rate 6.99750%
O CLASS A-3L INTEREST RATE 0.017882500 (7/25/00-10/25/00) 6.99750%
P Certificate Libor Based Rate of Return 7.21750%
Q CERTIFICATE RATE OF RETURN 0.018444722 (7/25/00-10/25/00) 7.21750%
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
-------------------------------------------------------------------------------
VII. 1999-2 WEEKLY T-BILL RATE RESETS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
NUMBER OF
PERIOD DAYS WEIGHTED 91 DAY T-BILL A-1T RESET
-------------------------------------------------------------------------------------
<S> <C> <C> <C>
7/25/00-7/31/00 7 6.1870% 7.1270%
8/1/00-8/7/00 7 6.2690% 7.2090%
8/8/00-8/14/00 7 6.2780% 7.2180%
8/15/00-8/21/00 7 6.2690% 7.2090%
8/22/00-8/28/00 7 6.2910% 7.2310%
8/29/00-9/5/00 8 6.3230% 7.2630%
9/6/00-9/11/00 6 6.2450% 7.1850%
9/12/00-9/18/00 7 6.1210% 7.0610%
9/19/00-9/25/00 7 6.1370% 7.0770%
9/26/00-10/02/00 7 6.1830% 7.1230%
10/3/00-10/10/00 8 6.2570% 7.1970%
10/11/00-10/16/00 6 6.2570% 7.1970%
10/17/00-10/24/00 8 6.2610% 7.2010%
TOTAL DAYS IN ACCRUAL PERIOD 92
-------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
-------------------------------------------------------------------------------
VIII. 1999-2 INPUTS FROM PREVIOUS QUARTERLY SERVICING REPORTS 06/30/2000
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 886,808,652.77
ii Interest To Be Capitalized 13,683,759.89
-----------------------
iii Total Pool $ 900,492,412.66
iv Specified Reserve Account
Balance 2,251,231.03
=======================
v TOTAL ADJUSTED POOL $902,743,643.69
=======================
B Total Note and Certificate Factor 0.87990290685
C TOTAL NOTE AND CERTIFICATE BALANCE $ 905,860,042.60
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 7/25/2000 CLASS A-1T CLASS A-1L CLASS A-2L CLASS A-3L CERTIFICATES
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i Current Factor 0.5420742319 0.5420742319 1.0000000000 1.0000000000 1.0000000000
ii Expected Note $ 81,311,134.78 $ 65,048,907.82 $ 619,000,000.00 $ 104,500,000.00 $ 36,000,000.00
Balance
E Note Principal $ 1,731,332.73 $ 1,385,066.19 $ 0.00 $ 0.00 $ 0.00
Shortfall
F Interest $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
Shortfall
G Interest $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
Carryover
-----------------------------------------------------------------------------------------------------------------------
H Reserve Account Balance $ 2,251,231.03
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>
8
<PAGE>
-------------------------------------------------------------------------------
IX. 1999-2 WATERFALL FOR DISTRIBUTIONS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
REMAINING
FUNDS BALANCE
-----------------
<S> <C> <C>
A Total Available Funds (Sections III-F + VI-D) $ 48,788,054.64 $ 48,788,054.64
B Primary Servicing Fees-Current Month $ 644,092.16 $ 48,143,962.48
C Administration Fee $ 20,000.00 $ 48,123,962.48
D Noteholder's Interest Distribution Amount
i Class A-1T $ 1,467,077.29 $ 46,656,885.19
ii Class A-1L $ 1,129,989.88 $ 45,526,895.31
iii Class A-2L $ 10,942,716.66 $ 34,584,178.65
iv Class A-3L $ 1,868,721.25 $ 32,715,457.40
----------------
v TOTAL NOTEHOLDER'S
INTEREST DISTRIBUTION $ 15,408,505.08
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 664,009.99 $ 32,051,447.41
F Noteholder's Principal Distribution Amount Paid
i Class A-1T $ 17,773,600.22 $ 14,277,847.19
ii Class A-1L $ 14,218,880.18 $ 58,967.01
iii Class A-2L $ 0.00 $ 58,967.01
iv Class A-3L $ 0.00 $ 58,967.01
----------------
v TOTAL NOTEHOLDER'S $ 31,992,480.40
PRINCIPAL DISTRIBUTION
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 58,967.01
H Increase to the Specified Reserve Account Balance $ 0.00 $ 58,967.01
I Carryover Servicing Fees $ 0.00 $ 58,967.01
J Noteholder's Interest Carryover
i Class A-1T $ 0.00 $ 58,967.01
ii Class A-1L $ 0.00 $ 58,967.01
iii Class A-2L $ 0.00 $ 58,967.01
iv Class A-3L $ 0.00 $ 58,967.01
----------------
v TOTAL NOTEHOLDER'S $ 0.00
INTEREST CARRYOVER
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 58,967.01
L EXCESS TO RESERVE ACCOUNT $ 58,967.01 $ 0.00
--------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
--------------------------------------------------------------------------------
X. 1999-2 DISTRIBUTIONS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
A DISTRIBUTION AMOUNTS CLASS A-1T CLASS A-1L CLASS A-2L CLASS A-3L CERTIFICATES
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i Quarterly Interest Due $ 1,467,077.29 $ 1,129,989.88 $ 10,942,716.66 $ 1,868,721.25 $ 664,009.99
ii Quarterly Interest Paid 1,467,077.29 1,129,989.88 10,942,716.66 1,868,721.25 664,009.99
-------------- -------------- --------------- --------------- --------------
iii INTEREST SHORTFALL $0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00 0.00 0.00 0.00
----- ----- ----- ----- -----
vi INTEREST CARRYOVER $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 17,773,600.22 $14,218,880.18 $ 0.00 $ 0.00 $ 0.00
viii Quarterly Principal Paid 17,773,600.22 14,218,880.18 0.00 0.00 0.00
-------------- -------------- ----- ----- -----
ix QUARTERLY PRINCIPAL SHORTFALL $ (0.00) $ 0.00 $ 0.00 $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 19,240,677.51 $15,348,870.06 $ 10,942,716.66 $ 1,868,721.25 $ 664,009.99
---------------------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION
RECONCILIATION
i Notes and Certificates
Principal 9/30/00 $905,860,042.60
ii Adjusted Pool Balance 9/30/00 873,867,562.20
---------------
iii Adjusted Pool Exceeding Notes
and Certificate Balance (i-ii) $ 31,992,480.40
===============
iv Adjusted Pool Balance 6/30/00 $902,743,643.69
v Adjusted Pool Balance 9/30/00 873,867,562.20
---------------
vi Current Principal Due (iv-v) $ 28,876,081.49
vii Principal Shortfall from
Previous Collection Period 3,116,398.91
---------------
viii Principal Distribution Amount
(vi + vii) $ 31,992,480.40
===============
ix PRINCIPAL DISTRIBUTION
AMOUNT PAID $ 31,992,480.40
x Principal Shortfall
(viii - ix) $ -
C Total Principal Distribution $ 31,992,480.40
D Total Interest Distribution 16,072,515.07
---------------
E TOTAL CASH DISTRIBUTIONS-
NOTE AND CERTIFICATES $ 48,064,995.47
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 07/25/2000 10/25/2000
---------------------------------------------------------------------------------------------
<S> <C> <C>
i A-1T Note Balance (78442GBJ4) $ 81,311,134.78 $ 63,537,534.56
A-1T Note Pool Factor 0.5420742319 0.4235835637
ii A-1L Note Balance (78442GBK1) $ 65,048,907.82 $ 50,830,027.64
A-1L Note Pool Factor 0.5420742319 0.4235835637
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 $ 2,251,231.03
ii Deposits to correct Shortfall $ -
iii Deposits from Excess $ 58,967.01
---------------
iv Total Reserve Account Balance Available $ 2,310,198.04
v Required Reserve Account Balance $ 2,179,220.85
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp. $ 130,977.19
viii Ending Reserve Account Balance $ 2,179,220.85
</TABLE>
--------------------------------------------------------------------------------
10
<PAGE>
-------------------------------------------------------------------------------
XI. 1999-2 HISTORICAL POOL INFORMATION
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
7/1/00-9/30/00 4/1/00-6/30/00 1/1/00-3/31/00 10/1/99-12/31/99 5/24/99-9/30/99
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
BEGINNING STUDENT LOAN
PORTFOLIO BALANCE $886,808,652.77 $909,971,617.35 $934,422,927.99 $949,793,725.60 $980,454,203.83
-------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN
PRINCIPAL ACTIVITY
i Regular Principal
Collections $ 24,845,249.43 $ 20,805,620.36 $ 20,194,833.45 $ 18,474,864.23 $ 26,687,304.44
ii Principal Collections
from Guarantor 2,256,246.28 2,901,187.89 3,018,126.30 1,063,932.58 396,089.81
iii Principal
Reimbursements 6,729,585.23 4,703,869.61 6,319,255.83 5,636,791.82 10,749,378.15
iv Other System
Adjustments - - - - -
-------------------------------------------------------------------------------------------
v Total Principal
Collections $ 33,831,080.94 $ 28,410,677.86 $ 29,532,215.58 $ 25,175,588.63 $ 37,832,772.40
Student Loan Non-Cash
Principal Activity
i Other
Adjustments $ 464,599.99 $ 401,719.37 $ 461,035.28 $ 550,106.95 $ 604,216.24
ii Capitalized Interest (5,332,997.46) (5,649,432.65) (5,541,940.22) (10,354,897.97) (7,776,510.41)
-------------------------------------------------------------------------------------------
iii Total Non-Cash
Principal Activity $ (4,868,397.47) $ (5,247,713.28) $ (5,080,904.94) $ (9,804,791.02) $(7,172,294.17)
-------------------------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN
PRINCIPAL ACTIVITY $ 28,962,683.47 $ 23,162,964.58 $ 24,451,310.64 $ 15,370,797.61 $30,660,478.23
-------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN
INTEREST ACTIVITY
i Regular Interest
Collections $ 9,578,088.23 $ 9,107,117.60 $ 9,447,776.98 $ 8,778,692.11 $ 12,905,379.37
ii Interest Claims Received
from Guarantors 153,572.46 203,300.11 197,893.16 47,097.33 9,531.77
iii Late Fee Reimbursements 166,929.65 155,507.03 169,378.40 138,608.01 197,809.99
iv Interest Reimbursements 84,316.50 93,763.19 64,610.40 95,439.45 224,865.29
v Other System Adjustments - - - - -
vi Special Allowance
Payments 2,811,849.24 2,404,202.75 1,346,789.21 470,566.38 3,949.82
vii Subsidy Payments 2,857,537.85 2,996,491.85 3,623,959.97 4,157,603.49 2,028,758.07
-----------------------------------------------------------------------------------------------------------------------------------
viii Total Interest
Collections $ 15,652,293.93 $ 14,960,382.53 $ 14,850,408.12 $ 13,688,006.77 $ 15,370,294.31
Student Loan Non-Cash
Interest Activity
i Interest Accrual
Adjustment $ (403,767.26) $ (337,511.43) $ (424,459.49) $ (531,871.06) $ (569,327.20)
ii Capitalized Interest 5,332,997.46 5,649,432.65 5,541,940.22 10,354,897.97 7,776,510.41
-----------------------------------------------------------------------------------------------------------------------------------
iii Total Non-Cash
Interest Adjustments $ 4,929,230.20 $ 5,311,921.22 $ 5,117,480.73 $ 9,823,026.91 $ 7,207,183.21
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL STUDENT LOAN
INTEREST ACTIVITY $ 20,581,524.13 $ 20,272,303.75 $ 19,967,888.85 $ 23,511,033.68 $ 22,577,477.52
(=) ENDING STUDENT LOAN
PORTFOLIO BALANCE $857,845,969.30 $886,808,652.77 $909,971,617.35 $934,422,927.99 $949,793,725.60
-----------------------------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 13,842,372.05 $ 13,683,759.89 $ 14,362,553.84 $ 14,501,569.90 $ 19,534,018.82
-----------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $871,688,341.35 $900,492,412.66 $924,334,171.19 $948,924,497.89 $969,327,744.42
-----------------------------------------------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 2,179,220.85 $ 2,251,231.03 $ 2,310,835.43 $ 2,372,311.24 $ 2,423,319.36
-----------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $873,867,562.20 $902,743,643.69 $926,645,006.62 $951,296,809.13 $971,751,063.78
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
11
<PAGE>
--------------------------------------------------------------------------------
XII. 1999-2 PAYMENT HISTORY AND CPRS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
------------ ------------- ------------
<S> <C> <C>
Oct-99 $ 969,327,744 5.65%
Jan-00 $ 948,924,498 4.96%
Apr-00 $ 924,334,171 4.85%
Jul-00 $ 900,492,413 4.85%
Oct-00 $ 871,688,341 5.22%
</TABLE>
* "SINCE ISSUED CPR" IS BASED ON THE CURRENT PERIOD'S ENDING POOL BALANCE
CALCULATED AGAINST THE ORIGINAL POOL BALANCE AND ASSUMING CUTOFF DATE POOL DATA.
--------------------------------------------------------------------------------
12
<PAGE>
SLM STUDENT LOAN TRUST 1999-3
QUARTERLY SERVICING REPORT
REPORT DATE: 09/30/2000 REPORTING PERIOD: 7/1/00-9/30/00
--------------------------------------------------------------------------------
I. DEAL PARAMETERS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PORTFOLIO CHARACTERISTICS 06/30/2000 ACTIVITY 09/30/2000
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 1,843,297,478.63 $ (53,552,853.68) $ 1,789,744,624.95
ii Interest to be Capitalized 25,194,410.10 25,528,968.14
------------------- --------------------
iii Total Pool $ 1,868,491,888.73 $ 1,815,273,593.09
iv Specified Reserve Account Balance 4,671,229.72 4,538,183.98
------------------- --------------------
v TOTAL ADJUSTED POOL $ 1,873,163,118.45 $ 1,819,811,777.07
==================== --------------------
B i Weighted Average Coupon (WAC) 7.6095% 8.3592%
ii Weighted Average Remaining Term 111.30 110.17
iii Number of Loans 546,423 532,834
iv Number of Borrowers 225,585 219,725
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
% OF % OF
NOTES AND CERTIFICATES SPREAD BALANCE 7/25/00 O/S SECURITIES BALANCE 10/25/00 O/S SECURITIES
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GBP0 0.08% $ 1,031,880,155.05 54.563% $ 971,678,517.44 53.069%
ii A-2 Notes 78442GBQ8 0.16% 787,000,000.00 41.614% 787,000,000.00 42.982%
iii Certificates 78442GBR6 0.40% 72,300,000.00 3.823% 72,300,000.00 3.949%
-----------------------------------------------------------------------------------------------------------------------------
iv TOTAL NOTES AND CERTIFICATES $ 1,891,180,155.05 100.000% $ 1,830,978,517.44 100.000%
=============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------
RESERVE ACCOUNT 07/25/2000 10/25/2000
-----------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 4,671,229.72 $ 4,538,183.98
iv Reserve Account Floor Balance ($) $ 2,002,569.00 $ 2,002,569.00
v Current Reserve Acct Balance ($) $ 4,671,229.72 $ 4,538,183.98
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
--------------------------------------------------------------------------------
II. 1999-3 TRANSACTIONS FROM: 07/01/2000 THROUGH 09/30/2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $45,457,902.61
ii Principal Collections from Guarantor 6,856,854.83
iii Principal Reimbursements 12,162,859.86
iv Other System Adjustments 0.00
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 64,477,617.30
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $1,062,914.20
ii Capitalized Interest (11,987,677.82)
----------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (10,924,763.62)
----------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 53,552,853.68
----------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $19,129,367.73
ii Interest Claims Received from Guarantors 479,138.89
iii Late Fee Reimbursements 356,521.04
iv Interest Reimbursements 150,745.37
v Other System Adjustments 0.00
vi Special Allowance Payments 5,666,616.47
vii Subsidy Payments 5,800,586.09
----------------
viii TOTAL INTEREST COLLECTIONS $ 31,582,975.59
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment ($916,647.63)
ii Capitalized Interest 11,987,677.82
----------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 11,071,030.19
----------------------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 42,654,005.78
----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
--------------------------------------------------------------------------------
III. 1999-3 COLLECTION ACCOUNT ACTIVITY 07/01/2000 THROUGH 09/30/2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $52,314,757.44
ii Cash Forwarded by Administrator on behalf of Seller 158,279.37
iii Cash Forwarded by Administrator on behalf of Servicer 1,456.43
iv Cash Forwarded by Administrator for Consolidation Activity 12,003,124.06
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 64,477,617.30
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $31,075,709.18
ii Cash Forwarded by Administrator on behalf of Seller 6,160.62
iii Cash Forwarded by Administrator on behalf of Servicer 2,020.87
iv Cash Forwarded by Administrator for Consolidation Activity 142,563.88
v Cash Forwarded by Administrator for Late Fee Activity 356,521.04
----------------
vi TOTAL INTEREST COLLECTIONS $ 31,582,975.59
C OTHER REIMBURSEMENTS $124,139.68
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $982,538.37
E RETURN FUNDS BORROWED FOR PREVIOUS DISTRIBUTION $ -
F TOTAL FUNDS RECEIVED $ 97,167,270.94
LESS FUNDS PREVIOUSLY REMITTED:
SERVICING FEES ($2,751,291.73)
CONSOLIDATION LOAN REBATE FEES ($357.00)
-----------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 94,415,622.21
-----------------------------------------------------------------------------------------
G SERVICING FEE CALCULATION-CURRENT MONTH
i Primary Servicing Fee - Non-Consolidation Loans $1,351,568.58
ii Primary Servicing Fee - Consolidation Loans $98.28
H SERVICING FEES DUE FOR CURRENT PERIOD $1,351,666.86
LESS: Servicing ADJ [A iii + B iii] ($3,477.30)
I CARRYOVER SERVICING FEES DUE $0.00
J ADMINISTRATION FEES DUE $ 20,000.00
-----------------------------------------------------------------------------------------
K TOTAL FEES DUE FOR PERIOD $ 1,368,189.56
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
-------------------------------------------------------------------------------
IV. 1999-3 PORTFOLIO CHARACTERISTICS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
WEIGHTED AVG COUPON # OF LOANS %
--------------------------------------------------------------------------------------------------
STATUS 6/30/2000 9/30/2000 6/30/2000 9/30/2000 6/30/2000 9/30/2000
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 7.155% 8.252% 55,298 49,063 10.120% 9.208%
GRACE
Current 7.151% 8.254% 29,271 31,321 5.357% 5.878%
------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.153% 8.252% 84,569 80,384 15.477% 15.086%
------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current 7.752% 8.404% 303,291 285,079 55.505% 53.502%
31-60 Days Delinquent 7.758% 8.395% 15,532 18,206 2.843% 3.417%
61-90 Days Delinquent 7.754% 8.349% 8,311 12,397 1.521% 2.327%
91-120 Days Delinquent 7.751% 8.366% 4,598 5,869 0.841% 1.101%
> 120 Days Delinquent 7.741% 8.330% 9,887 8,966 1.809% 1.683%
DEFERMENT
Current 7.283% 8.319% 51,737 57,189 9.468% 10.733%
FORBEARANCE
Current 7.747% 8.343% 66,771 63,291 12.220% 11.878%
------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.696% 8.379% 460,127 450,997 84.207% 84.641%
------------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 7.741% 8.307% 1,727 1,449 0.316% 0.272%
AGED CLAIMS REJECTED (2) 0.000% 8.768% - 4 0.000% 0.001%
------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.609% 8.359% 546,423 532,834 100.000% 100.000%
------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------
PRINCIPAL AMOUNT %
--------------------------------------------------------------------------------
STATUS 6/30/2000 9/30/2000 6/30/2000 9/30/2000
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current $ 175,213,061.95 $ 153,849,594.96 9.505% 8.596%
GRACE
Current $ 99,383,841.02 $ 106,928,768.68 5.392% 5.975%
------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 274,596,902.97 $ 260,778,363.64 14.897% 14.571%
------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current $ 998,364,849.45 $ 930,736,826.77 54.162% 52.004%
31-60 Days Delinquent $ 48,804,353.45 $ 58,759,944.99 2.648% 3.283%
61-90 Days Delinquent $ 25,691,038.61 $ 41,026,849.95 1.394% 2.292%
91-120 Days Delinquent $ 14,129,189.96 $ 18,689,626.23 0.766% 1.044%
> 120 Days Delinquent $ 30,098,739.50 $ 26,018,408.93 1.633% 1.454%
DEFERMENT
Current $ 185,040,067.87 $ 200,438,556.63 10.039% 11.199%
FORBEARANCE
Current $ 261,683,474.04 $ 249,209,074.34 14.196% 13.925%
------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $1,563,811,712.88 $1,524,879,287.84 84.838% 85.201%
------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) $ 4,888,862.78 $ 4,082,596.41 0.265% 0.228%
AGED CLAIMS REJECTED (2) $ - $ 4,377.06 0.000% 0.000%
------------------------------------------------------------------------------------------------------------
GRAND TOTAL $1,843,297,478.63 $1,789,744,624.95 100.000% 100.000%
------------------------------------------------------------------------------------------------------------
</TABLE>
[CHART] [CHART]
LOAN STATUS BY OUTSTANDING LOAN STATUS BY OUTSTANDING
PRINCIPAL, JUNE 30, 2000 PRINCIPAL, SEPTEMBER 30, 2000
(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. 1999-3 PORTFOLIO CHARACTERISTICS BY SCHOOL AND PROGRAM 9/30/00
-------------------------------------------------------------------------------
<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 4.649% 2.360% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 3.309% 1.880% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.958% 4.240% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 24.699% 12.496% 0.000% 0.000% 6.421% 0.680%
31-60 Days Delinquent 1.435% 0.680% 0.000% 0.000% 0.322% 0.056%
61-90 Days Delinquent 1.047% 0.556% 0.000% 0.000% 0.126% 0.039%
91-120 Days Delinquent 0.465% 0.212% 0.000% 0.000% 0.059% 0.017%
> 120 Days Delinquent 0.625% 0.282% 0.000% 0.000% 0.049% 0.019%
DEFERMENT
Current 5.861% 3.237% 0.000% 0.000% 0.256% 0.191%
FORBEARANCE
Current 6.294% 3.825% 0.000% 0.000% 0.678% 0.281%
-----------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 40.426% 21.288% 0.000% 0.000% 7.911% 1.283%
-----------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.094% 0.048% 0.000% 0.000% 0.009% 0.001%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 48.478% 25.576% 0.000% 0.000% 7.920% 1.284%
-----------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 83.258%
-----------------------------------------------------------------------------------------------------
<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 0.484% 0.292% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.274% 0.167% 0.000% 0.000% 0.000% 0.000%
--------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.758% 0.459% 0.000% 0.000% 0.000% 0.000%
--------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 1.621% 1.006% 0.000% 0.000% 0.267% 0.038%
31-60 Days Delinquent 0.185% 0.098% 0.000% 0.000% 0.014% 0.005%
61-90 Days Delinquent 0.160% 0.077% 0.000% 0.000% 0.004% 0.003%
91-120 Days Delinquent 0.070% 0.031% 0.000% 0.000% 0.001% 0.002%
> 120 Days Delinquent 0.142% 0.061% 0.000% 0.000% 0.004% 0.001%
DEFERMENT
Current 0.573% 0.320% 0.000% 0.000% 0.007% 0.013%
FORBEARANCE
Current 0.744% 0.425% 0.000% 0.000% 0.025% 0.014%
--------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.495% 2.018% 0.000% 0.000% 0.322% 0.076%
--------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.023% 0.010% 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 4.276% 2.487% 0.000% 0.000% 0.322% 0.076%
--------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 7.161%
--------------------------------------------------------------------------------------------------------
</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 0.347% 0.312% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.126% 0.104% 0.000% 0.000% 0.000% 0.000%
----------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.473% 0.416% 0.000% 0.000% 0.000% 0.000%
----------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 2.045% 1.537% 0.000% 0.000% 0.817% 0.082%
31-60 Days Delinquent 0.231% 0.162% 0.000% 0.000% 0.057% 0.011%
61-90 Days Delinquent 0.144% 0.101% 0.000% 0.000% 0.021% 0.004%
91-120 Days Delinquent 0.094% 0.070% 0.000% 0.000% 0.011% 0.002%
> 120 Days Delinquent 0.147% 0.099% 0.000% 0.000% 0.009% 0.006%
DEFERMENT
Current 0.340% 0.258% 0.000% 0.000% 0.013% 0.014%
FORBEARANCE
Current 0.748% 0.580% 0.000% 0.000% 0.074% 0.026%
----------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.749% 2.807% 0.000% 0.000% 1.002% 0.145%
----------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.022% 0.018% 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 4.244% 3.241% 0.000% 0.000% 1.003% 0.145%
----------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 8.633%
----------------------------------------------------------------------------------------------------------
<CAPTION>
UNKNOWN
----------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 0.077% 0.075% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.058% 0.057% 0.000% 0.000% 0.000% 0.000%
---------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.135% 0.132% 0.000% 0.000% 0.000% 0.000%
---------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 0.170% 0.082% 0.004% 0.001% 0.014% 0.024%
31-60 Days Delinquent 0.016% 0.006% 0.000% 0.003% 0.001% 0.001%
61-90 Days Delinquent 0.005% 0.004% 0.000% 0.000% 0.000% 0.001%
91-120 Days Delinquent 0.006% 0.001% 0.000% 0.000% 0.000% 0.003%
> 120 Days Delinquent 0.004% 0.006% 0.000% 0.000% 0.000% 0.000%
DEFERMENT
Current 0.059% 0.050% 0.000% 0.000% 0.000% 0.007%
FORBEARANCE
Current 0.097% 0.094% 0.002% 0.002% 0.002% 0.014%
---------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 0.357% 0.243% 0.006% 0.006% 0.017% 0.050%
---------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.001% 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 0.493% 0.376% 0.006% 0.006% 0.017% 0.050%
---------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 0.948%
---------------------------------------------------------------------------------------------------
</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.
[CHART] [CHART]
LOAN PROGRAMS LOAN PROGRAMS
JUNE 30, 2000 SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
FOUR YEAR TWO YEAR TECHNICAL
SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 7.009% 0.776% 0.659% 0.152% 8.596%
GRACE
Current 5.189% 0.441% 0.230% 0.115% 5.975%
---------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 12.198% 1.217% 0.889% 0.267% 14.571%
---------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 44.296% 2.932% 4.481% 0.295% 52.004%
31-60 Days Delinquent 2.493% 0.302% 0.461% 0.027% 3.283%
61-90 Days Delinquent 1.768% 0.244% 0.270% 0.010% 2.292%
91-120 Days Delinquent 0.753% 0.104% 0.177% 0.010% 1.044%
> 120 Days Delinquent 0.975% 0.208% 0.261% 0.010% 1.454%
DEFERMENT
Current 9.545% 0.913% 0.625% 0.116% 11.199%
FORBEARANCE
Current 11.078% 1.208% 1.428% 0.211% 13.925%
---------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 70.908% 5.911% 7.703% 0.679% 85.201%
---------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.152% 0.033% 0.041% 0.002% 0.228%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000%
---------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 83.258% 7.161% 8.633% 0.948% 100.000%
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
-------------------------------------------------------------------------------
VI. 1999-3 INTEREST CALCULATION
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 32,001,094.94
B Interest Subsidy Payments Accrued During Collection Period 6,076,936.95
C SAP Payments Accrued During Collection Period 3,604,552.66
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 93,608.13
E Investment Earnings (ADMINISTRATOR ACT) 982,538.37
----------
F NET EXPECTED INTEREST COLLECTIONS $ 42,758,731.05
G STUDENT LOAN RATE
i Days in Calculation Period 92
ii Days in Year 360
iii Net Expected Interest Collections $ 42,758,731.05
iv Primary Servicing Fee $ 4,102,958.59
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,868,491,888.73
vii STUDENT LOAN RATE 8.09120%
</TABLE>
<TABLE>
<CAPTION>
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
<S> <C> <C> <C>
H Class A-1 Libor Based Interest Rate 6.79750%
I CLASS A-1 INTEREST RATE 0.017371389 (7/25/00-10/25/00) 6.79750%
J Class A-2 Libor Based Interest Rate 6.87750%
K CLASS A-2 INTEREST RATE 0.017575833 (7/25/00-10/25/00) 6.87750%
L Certificate Libor Based Rate of Return 7.11750%
M CERTIFICATE RATE OF RETURN 0.018189167 (7/25/00-10/25/00) 7.11750%
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
--------------------------------------------------------------------------------
VII. 1999-3 INPUTS FROM PREVIOUS QUARTERLY SERVICING REPORTS 06/30/2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
A TOTAL STUDENT LOAN POOL OUTSTANDING
i Portfolio Balance $ 1,843,297,478.63
ii Interest To Be Capitalized 25,194,410.10
-------------------------
iii Total Pool $ 1,868,491,888.73
iv Specified Reserve Account Balance 4,671,229.72
-------------------------
v TOTAL ADJUSTED POOL $ 1,873,163,118.45
=========================
B TOTAL NOTE AND CERTIFICATE FACTOR 0.91769223362
C TOTAL NOTE AND CERTIFICATE BALANCE $ 1,891,180,155.05
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 10/25/2000 CLASS A-1 CLASS A-2 CERTIFICATES
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor 0.8588265960 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,031,880,155.05 $ 787,000,000.00 $ 72,300,000.00
E NOTE PRINCIPAL SHORTFALL $ 18,017,036.60 $ 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 $ 4,671,229.72
I UNPAID PRIMARY SERVICING FEES FROM PRIOR
MONTH(S) $ 0.00
J UNPAID ADMINISTRATION FEES FROM PRIOR
QUARTER(S) $ 0.00
K UNPAID CARRYOVER SERVICING FEES FROM
PRIOR QUARTER(S) $ 0.00
L INTEREST DUE ON UNPAID CARRYOVER
SERVICING FEES $ 0.00
----------------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
--------------------------------------------------------------------------------
VIII. 1999-3 WATERFALL FOR DISTRIBUTIONS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
REMAINING
FUNDS BALANCE
-------------
<S> <C> <C>
A TOTAL AVAILABLE FUNDS ( Sections
III-F + VI-D + IX-G-vii) $ 94,642,276.08 $ 94,642,276.08
B PRIMARY SERVICING FEES-CURRENT MONTH $ 1,348,189.56 $ 93,294,086.52
C ADMINISTRATION FEE $ 20,000.00 $ 93,274,086.52
D NOTEHOLDER'S INTEREST DISTRIBUTION AMOUNT
i Class A-1 $ 17,925,191.57 $ 75,348,894.95
ii Class A-2 $ 13,832,180.57 $ 61,516,714.38
-------------------
iii TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $ 31,757,372.14
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 1,315,076.77 $ 60,201,637.61
F NOTEHOLDER'S PRINCIPAL DISTRIBUTION AMOUNT PAID
i Class A-1 $ 60,201,637.61 $ (0.00)
ii Class A-2 $ 0.00 $ (0.00)
-------------------
iii TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 60,201,637.61
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ (0.00)
H INCREASE TO THE SPECIFIED RESERVE ACCOUNT BALANCE $ 0.00 $ 0.00
I CARRYOVER SERVICING FEES $ 0.00 $ 0.00
J NOTEHOLDER'S INTEREST CARRYOVER
i Class A-1 $ 0.00 $ 0.00
ii Class A-2 $ 0.00 $ 0.00
-------------------
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>
8
<PAGE>
--------------------------------------------------------------------------------
IX. 1999-3 DISTRIBUTIONS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
A DISTRIBUTION AMOUNTS CLASS A-1 CLASS A-2 CERTIFICATES
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 17,925,191.57 $13,832,180.57 $1,315,076.77
ii Quarterly Interest Paid 17,925,191.57 13,832,180.57 1,315,076.77
----------------- -------------- -------------
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 $ 71,368,377.98 $ 0.00 $ 0.00
viii Quarterly Principal Paid 60,201,637.61 0.00 0.00
----------------- ----- -----
ix QUARTERLY PRINCIPAL SHORTFALL $ 11,166,740.37 $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 78,126,829.18 $13,832,180.57 $1,315,076.77
--------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates Principal Balance 9/30/00 $1,891,180,155.05
ii Adjusted Pool Balance 9/30/00 1,819,811,777.07
-----------------
iii Adjusted Pool Exceeding Notes and
Certificate Balance (i-ii) $ 71,368,377.98
=================
iv Adjusted Pool Balance 6/30/00 $1,873,163,118.45
v Adjusted Pool Balance 9/30/00 1,819,811,777.07
-----------------
vi Current Principal Due (iv-v) $ 53,351,341.38
vii Principal Shortfall from Previous Collection Period 18,017,036.60
-----------------
viii Principal Distribution Amount (vi + vii) $ 71,368,377.98
=================
ix PRINCIPAL DISTRIBUTION AMOUNT PAID $ 60,201,637.61
x Principal Shortfall (viii- ix) $ 11,166,740.37
C Total Principal Distribution $ 60,201,637.61
D Total Interest Distribution 33,072,448.91
-----------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 93,274,086.52
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 07/25/2000 10/25/2000
-------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GBP0) $1,031,880,155.05 $ 971,678,517.44
0.8588265960 0.8087211964
ii A-2 Note Balance (78442GBQ8) $ 787,000,000.00 $ 787,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
v Certificate Balance (78442GBR6) $ 72,300,000.00 $ 72,300,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
-------------------------------------------------------------------------------------------------
G RESERVE ACCOUNT RECONCILIATION
i Beginning of Period Balance $ 4,671,229.72
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ --
------------------------------
iv Total Reserve Account Balance Available $ 4,671,229.72
v Required Reserve Account Balance $ 4,538,183.98
vi Shortfall Carried to Next Period $ --
vii EXCESS RESERVE - RELEASE TO WATERFALL $ 133,045.74
viii Ending Reserve Account Balance $ 4,538,183.98
</TABLE>
-------------------------------------------------------------------------------
9
<PAGE>
-------------------------------------------------------------------------------
X. 1999-3 HISTORICAL POOL INFORMATION
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
7/1/00-9/30/00 4/1/00-6/30/00 1/1/00-3/31/00 9/20/99-12/31/99
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $1,843,297,478.63 $1,887,351,128.51 $1,930,355,647.26 $1,956,892,736.04
-----------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 45,457,902.61 $ 39,715,843.54 $ 39,097,910.91 $ 42,593,407.02
ii Principal Collections from
Guarantor 6,856,854.83 6,547,058.71 1,352,830.37 887,980.90
iii Principal Reimbursements 12,162,859.86 10,945,377.10 14,472,570.07 11,926,911.71
iv Other System Adjustments -- -- -- --
------------------------------------------------------------------------------
v Total Principal Collections $ 64,477,617.30 $ 57,208,279.35 $ 54,923,311.35 $ 55,408,299.63
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,062,914.20 $ 801,203.63 $ 948,637.15 $ 1,260,687.43
ii Capitalized Interest (11,987,677.82) (13,955,833.10) 12,867,429.75) (30,131,898.28)
------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (10,924,763.62) $ (13,154,629.47) $ (11,918,792.60) $ (28,871,210.85)
-----------------------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 53,552,853.68 $ 44,053,649.88 $ 43,004,518.75 $ 26,537,088.78
-----------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 19,129,367.73 $ 18,117,882.99 $ 18,797,770.13 $ 19,883,196.92
ii Interest Claims Received from
Guarantors 479,138.89 433,061.75 41,790.76 16,739.72
iii Late Fee Reimbursements 356,521.04 343,107.57 375,683.58 355,324.47
iv Interest Reimbursements 150,745.37 187,872.32 165,766.55 180,344.68
v Other System -- -- -- --
vi Special Allowance Payments 5,666,616.47 4,821,841.90 2,742,159.58 --
vii Subsidy Payments 5,800,586.09 6,143,397.60 9,266,471.89 --
------------------------------------------------------------------------------
viii Total Interest Collections $ 31,582,975.59 $ 30,047,164.13 $ 31,389,642.49 $ 20,435,605.79
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (916,647.63) $ (687,179.42) $ (922,699.89) $ (1,246,353.61)
ii Capitalized Interest 11,987,677.82 13,955,833.10 12,867,429.75 30,131,898.28
------------------------------------------------------------------------------
iii Total Non-Cash Interest
Adjustments $ 11,071,030.19 $ 13,268,653.68 $ 11,944,729.86 $ 28,885,544.67
------------------------------------------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 42,654,005.78 $ 43,315,817.81 $ 43,334,372.35 $ 49,321,150.46
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $1,789,744,624.95 $1,843,297,478.63 $1,887,351,128.51 $1,930,355,647.26
-----------------------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 25,528,968.14 $ 25,194,410.10 $ 27,811,582.91 $ 28,660,346.37
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $1,815,273,593.09 $1,868,491,888.73 $1,915,162,711.42 $1,959,015,993.63
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 4,538,183.98 $ 4,671,229.72 $ 4,787,906.78 $ 4,897,539.98
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $1,819,811,777.07 $1,873,163,118.45 $1,919,950,618.20 $1,963,913,533.61
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
-------------------------------------------------------------------------------
XI. 1999-3 PAYMENT HISTORY AND CPRS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
<S> <C> <C>
Jan-00 $ 1,959,015,994 3.45%
Apr-00 $ 1,915,162,711 3.82%
Jul-00 $ 1,868,491,889 3.95%
Oct-00 $ 1,815,273,593 4.31%
</TABLE>
* "SINCE ISSUED CPR" IS BASED ON THE CURRENT PERIOD'S ENDING
POOL BALANCE CALCULATED AGAINST THE ORIGINAL POOL BALANCE AND
ASSUMING CUTOFF DATE POOL DATA.
-------------------------------------------------------------------------------
11
<PAGE>
SLM STUDENT LOAN TRUST 2000-1
QUARTERLY SERVICING REPORT
REPORT DATE: 09/30/2000 REPORTING PERIOD: 7/1/00-9/30/00
--------------------------------------------------------------------------------
I. DEAL PARAMETERS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PORTFOLIO CHARACTERISTICS 06/30/2000 ACTIVITY 09/30/2000
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 1,895,380,815.28 $ (53,684,510.94) $ 1,841,696,304.34
ii Interest to be Capitalized 25,559,684.30 26,309,214.51
------------------- --------------------
iii Total Pool $ 1,920,940,499.58 $ 1,868,005,518.85
iv Specified Reserve Account Balance 4,802,351.25 4,670,013.80
------------------- --------------------
v TOTAL ADJUSTED POOL $ 1,925,742,850.83 $ 1,872,675,532.65
=================== --------------------
B i Weighted Average Coupon (WAC) 7.4240% 8.3081%
ii Weighted Average Remaining Term 113.60 112.39
iii Number of Loans 546,494 534,151
iv Number of Borrowers 236,336 230,937
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
% OF % OF
NOTES AND CERTIFICATES SPREAD BALANCE 7/25/00 O/S SECURITIES BALANCE 10/25/00 O/S SECURITIES
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1T Notes 78442GBS4 0.85% $ 139,627,070.40 7.098% $ 132,001,052.68 6.921%
ii A-1L Notes 78442GBT2 0.09% 956,957,398.18 48.646% 904,691,214.71 47.433%
iii A-2L Notes 78442GBV7 0.18% 798,900,000.00 40.611% 798,900,000.00 41.886%
iv Certificates 78442GBW5 0.45% 71,710,000.00 3.645% 71,710,000.00 3.760%
-----------------------------------------------------------------------------------------------------------------------------
v TOTAL NOTES AND CERTIFICATES $ 1,967,194,468.58 100.000% $ 1,907,302,267.39 100.000%
==============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------
RESERVE ACCOUNT 07/25/2000 10/25/2000
-----------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 4,802,351.25 $ 4,670,013.80
iv Reserve Account Floor Balance ($) $ 2,002,604.00 $ 2,002,604.00
v Current Reserve Acct Balance ($) $ 4,802,351.25 $ 4,670,013.80
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
--------------------------------------------------------------------------------
II. 2000-1 TRANSACTIONS FROM: 07/01/2000 THROUGH 09/30/2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $44,456,911.41
ii Principal Collections from Guarantor 3,486,216.14
iii Principal Reimbursements 17,181,975.59
iv Other System Adjustments 0.00
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 65,125,103.14
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $754,777.57
ii Capitalized Interest (12,195,369.77)
----------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (11,440,592.20)
----------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 53,684,510.94
----------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $18,819,366.51
ii Interest Claims Received from Guarantors 181,340.42
iii Late Fee Reimbursements 354,249.58
iv Interest Reimbursements 217,581.11
v Other System Adjustments 0.00
vi Special Allowance Payments 6,400,048.72
vii Subsidy Payments 6,059,922.05
----------------
viii TOTAL INTEREST COLLECTIONS $ 32,032,508.39
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment ($707,058.79)
ii Capitalized Interest 12,195,369.77
----------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 11,488,310.98
----------------------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 43,520,819.37
----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
--------------------------------------------------------------------------------
III. 2000-1 COLLECTION ACCOUNT ACTIVITY 07/01/2000 THROUGH 09/30/2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $47,943,127.55
ii Cash Forwarded by Administrator on behalf of Seller 166,884.86
iii Cash Forwarded by Administrator on behalf of Servicer 1,491.08
iv Cash Forwarded by Administrator for Consolidation Activity 17,013,599.65
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 65,125,103.14
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $31,460,677.70
ii Cash Forwarded by Administrator on behalf of Seller 2,161.95
iii Cash Forwarded by Administrator on behalf of Servicer 752.46
iv Cash Forwarded by Administrator for Consolidation Activity 214,666.70
v Cash Forwarded by Administrator for Late Fee Activity 354,249.58
----------------
vi TOTAL INTEREST COLLECTIONS $ 32,032,508.39
C OTHER REIMBURSEMENTS $111,275.94
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $1,188,397.00
E RETURN FUNDS BORROWED FOR PREVIOUS DISTRIBUTION $ -
F TOTAL FUNDS RECEIVED $ 98,457,284.47
LESS FUNDS PREVIOUSLY REMITTED:
SERVICING FEES ($2,829,851.25)
CONSOLIDATION LOAN REBATE FEES ($126.00)
-----------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 95,627,307.22
-----------------------------------------------------------------------------------------
G SERVICING FEE CALCULATION-CURRENT MONTH
i Primary Servicing Fee - Non-Consolidation Loans $1,390,900.53
ii Primary Servicing Fee - Consolidation Loans $47.98
H SERVICING FEES DUE FOR CURRENT PERIOD $1,390,948.51
LESS: Servicing ADJ [A iii + B iii] ($2,243.54)
I CARRYOVER SERVICING FEES DUE $0.00
J ADMINISTRATION FEES DUE $20,000.00
K SWAP FEES DUE $33,572.04
-----------------------------------------------------------------------------------------
L TOTAL FEES DUE FOR PERIOD $ 1,442,277.01
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
-------------------------------------------------------------------------------
IV. 2000-1 PORTFOLIO CHARACTERISTICS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
WEIGHTED AVG COUPON # OF LOANS %
--------------------------------------------------------------------------------------------------
STATUS 6/30/2000 9/30/2000 6/30/2000 9/30/2000 6/30/2000 9/30/2000
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 7.082% 8.191% 55,585 48,657 10.171% 9.109%
GRACE
Current 7.063% 8.199% 29,793 31,745 5.452% 5.943%
------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.075% 8.195% 85,378 80,402 15.623% 15.052%
------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current 7.552% 8.373% 289,292 270,064 52.936% 50.560%
31-60 Days Delinquent 7.547% 8.367% 16,820 17,199 3.078% 3.220%
61-90 Days Delinquent 7.531% 8.334% 10,296 12,226 1.884% 2.289%
91-120 Days Delinquent 7.487% 8.353% 5,954 5,873 1.089% 1.100%
> 120 Days Delinquent 7.496% 8.299% 12,771 13,564 2.337% 2.539%
DEFERMENT
Current 7.075% 8.155% 52,412 59,093 9.590% 11.063%
FORBEARANCE
Current 7.550% 8.314% 73,168 74,510 13.389% 13.949%
------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.493% 8.330% 460,713 452,529 84.303% 84.720%
------------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 7.527% 8.351% 403 1,220 0.074% 0.228%
AGED CLAIMS REJECTED (2) 0.000% 0.000% - - 0.000% 0.000%
------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.424% 8.308% 546,494 534,151 100.000% 100.000%
------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------
PRINCIPAL AMOUNT %
--------------------------------------------------------------------------------
STATUS 6/30/2000 9/30/2000 6/30/2000 9/30/2000
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current $ 182,909,883.56 $ 159,195,152.82 9.650% 8.644%
GRACE
Current $ 108,896,531.49 $ 115,835,155.89 5.745% 6.290%
------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 291,806,415.05 $ 275,030,308.71 15.395% 14.934%
------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current $ 995,472,035.50 $ 920,210,402.56 52.521% 49.965%
31-60 Days Delinquent $ 50,864,981.78 $ 54,812,828.99 2.684% 2.976%
61-90 Days Delinquent $ 29,565,288.69 $ 39,570,486.72 1.560% 2.149%
91-120 Days Delinquent $ 16,941,934.10 $ 17,584,262.42 0.894% 0.955%
> 120 Days Delinquent $ 35,493,050.61 $ 36,766,388.36 1.873% 1.996%
DEFERMENT
Current $ 189,265,537.73 $ 208,350,902.46 9.986% 11.313%
FORBEARANCE
Current $ 284,865,702.55 $ 286,104,068.20 15.029% 15.535%
------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 1,602,468,530.96 $ 1,563,399,339.71 84.547% 84.889%
------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) $ 1,105,869.27 $ 3,266,655.92 0.058% 0.177%
AGED CLAIMS REJECTED (2) $ - $ - 0.000% 0.000%
------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 1,895,380,815.28 $ 1,841,696,304.34 100.000% 100.000%
------------------------------------------------------------------------------------------------------------
</TABLE>
[CHART] [CHART]
LOAN STATUS BY OUTSTANDING LOAN STATUS BY OUTSTANDING
PRINCIPAL, JUNE 30, 2000 PRINCIPAL, SEPTEMBER 30, 2000
(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. 2000-1 PORTFOLIO CHARACTERISTICS BY SCHOOL AND PROGRAM 9/30/00
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
------------------------------------------------------------------------------------------------
GSL- GSL- CONS- CONS- GSL- GSL- CONS- CONS-
SUB UNSUB SUB UNSUB PLUS SLS SUB UNSUB SUB UNSUB PLUS SLS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 4.661% 2.592% 0.000% 0.000% 0.000% 0.000% 0.519% 0.321% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 3.339% 2.172% 0.000% 0.000% 0.000% 0.000% 0.296% 0.165% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 8.000% 4.764% 0.000% 0.000% 0.000% 0.000% 0.815% 0.486% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 22.224% 12.559% 0.000% 0.000% 5.258% 0.723% 1.851% 1.147% 0.000% 0.000% 0.219% 0.050%
31-60 Days Delinquent 1.185% 0.648% 0.000% 0.000% 0.242% 0.050% 0.180% 0.102% 0.000% 0.000% 0.010% 0.005%
61-90 Days Delinquent 0.864% 0.517% 0.000% 0.000% 0.098% 0.047% 0.152% 0.092% 0.000% 0.000% 0.005% 0.003%
91-120 Days Delinquent 0.371% 0.182% 0.000% 0.000% 0.044% 0.026% 0.081% 0.040% 0.000% 0.000% 0.003% 0.002%
> 120 Days Delinquent 0.752% 0.355% 0.000% 0.000% 0.040% 0.029% 0.199% 0.094% 0.000% 0.000% 0.002% 0.001%
DEFERMENT
Current 5.686% 3.432% 0.000% 0.000% 0.206% 0.184% 0.589% 0.339% 0.000% 0.000% 0.004% 0.010%
FORBEARANCE
Current 6.656% 4.553% 0.000% 0.000% 0.506% 0.338% 0.846% 0.497% 0.000% 0.000% 0.021% 0.029%
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 37.738% 22.246% 0.000% 0.000% 6.394% 1.397% 3.898% 2.311% 0.000% 0.000% 0.264% 0.100%
-----------------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.063% 0.033% 0.000% 0.000% 0.006% 0.007% 0.019% 0.009% 0.000% 0.000% 0.001% 0.001%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 45.801% 27.043% 0.000% 0.000% 6.400% 1.404% 4.732% 2.806% 0.000% 0.000% 0.265% 0.101%
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.648% 7.904%
-----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
TECHNICAL SCHOOLS UNKNOWN
------------------------------------------------------------------------------------------------
GSL- GSL- CONS- CONS- GSL- GSL- CONS- CONS-
SUB UNSUB SUB UNSUB PLUS SLS SUB UNSUB SUB UNSUB PLUS SLS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 0.240% 0.209% 0.000% 0.000% 0.000% 0.000% 0.052% 0.050% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.135% 0.112% 0.000% 0.000% 0.000% 0.000% 0.037% 0.034% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.375% 0.321% 0.000% 0.000% 0.000% 0.000% 0.089% 0.084% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 2.418% 2.077% 0.000% 0.000% 0.945% 0.134% 0.187% 0.126% 0.002% 0.001% 0.019% 0.025%
31-60 Days Delinquent 0.241% 0.203% 0.000% 0.000% 0.061% 0.016% 0.016% 0.012% 0.000% 0.001% 0.003% 0.001%
61-90 Days Delinquent 0.175% 0.147% 0.000% 0.000% 0.021% 0.008% 0.008% 0.008% 0.001% 0.000% 0.000% 0.003%
91-120 Days Delinquent 0.096% 0.089% 0.000% 0.000% 0.007% 0.006% 0.004% 0.003% 0.000% 0.000% 0.001% 0.000%
> 120 Days Delinquent 0.268% 0.222% 0.000% 0.000% 0.017% 0.010% 0.005% 0.002% 0.000% 0.000% 0.000% 0.000%
DEFERMENT
Current 0.361% 0.293% 0.000% 0.000% 0.016% 0.015% 0.085% 0.086% 0.000% 0.000% 0.001% 0.006%
FORBEARANCE
Current 0.927% 0.795% 0.000% 0.000% 0.077% 0.035% 0.116% 0.109% 0.000% 0.001% 0.003% 0.026%
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 4.486% 3.826% 0.000% 0.000% 1.144% 0.224% 0.421% 0.346% 0.003% 0.003% 0.027% 0.061%
-----------------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.020% 0.016% 0.000% 0.000% 0.002% 0.000% 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% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 4.881% 4.163% 0.000% 0.000% 1.146% 0.224% 0.510% 0.430% 0.003% 0.003% 0.027% 0.061%
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 10.414% 1.034%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
[CHART] [CHART]
LOAN PROGRAMS LOAN PROGRAMS
JUNE 30, 2000 SEPTEMBER 30, 2000
(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
SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 7.253% 0.840% 0.449% 0.102% 8.644%
GRACE
Current 5.511% 0.461% 0.247% 0.071% 6.290%
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 12.764% 1.301% 0.696% 0.173% 14.934%
-----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 40.764% 3.267% 5.574% 0.360% 49.965%
31-60 Days Delinquent 2.125% 0.297% 0.521% 0.033% 2.976%
61-90 Days Delinquent 1.526% 0.252% 0.351% 0.020% 2.149%
91-120 Days Delinquent 0.623% 0.126% 0.198% 0.008% 0.955%
> 120 Days Delinquent 1.176% 0.296% 0.517% 0.007% 1.996%
DEFERMENT
Current 9.508% 0.942% 0.685% 0.178% 11.313%
FORBEARANCE
Current 12.053% 1.393% 1.834% 0.255% 15.535%
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 67.775% 6.573% 9.680% 0.861% 84.889%
-----------------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.109% 0.030% 0.038% 0.000% 0.177%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.648% 7.904% 10.414% 1.034% 100.000%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
-------------------------------------------------------------------------------
VI. 2000-1 STUDENT LOAN RATE CALCULATION AND FLOATING RATE SWAP PAYMENTS
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 32,776,287.96
B Interest Subsidy Payments Accrued During Collection Period 6,164,891.87
C SAP Payments Accrued During Collection Period 3,603,723.50
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 106,311.30
E Investment Earnings (ADMINISTRATOR ACCOUNTS) 1,188,397.00
-------------------
F NET EXPECTED INTEREST COLLECTIONS $43,839,611.63
G STUDENT LOAN RATE
i Days in Calculation Period 92
ii Days in Year 360
iii Net Expected Interest Collections $ 43,839,611.63
iv Primary Servicing Fee $ 4,220,799.76
v Administration Fee $ 20,000.00
vi Swap Fees $ 33,572.04
vii Total Pool Balance at Beginning of Collection Period $ 1,920,940,499.58
viii STUDENT LOAN RATE ( ii / i ) * (( iii - iv - v - vi ) / vii ) 8.05962%
H FLOATING RATE SWAP PAYMENTS DUE TO THE TRUST
</TABLE>
<TABLE>
<CAPTION>
CLASS A-1L CLASS A-2L CERTIFICATES
----------------------------------------------------------------
<S> <C> <C> <C>
i Notional Swap Amounts 956,957,398 798,900,000 71,710,000
ii Libor Based Interest
Rates/Rate of Return 6.80750% 6.89750% 7.16750%
iii Student Loan Rate Cap 8.05962% 8.05962% 8.05962%
iv Excess Over Cap (ii-iii) 0.00000% 0.00000% 0.00000%
v FLOATING RATE SWAP PAYMENTS DUE
TO THE TRUST $ 0.00 $ 0.00 $ 0.00
----------------------------------------------------------------
</TABLE>
-------------------------------------------------------------------------------
VII. 2000-1 ACCRUED INTEREST FACTORS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
<S> <C> <C> <C>
A Class A-1T T-Bill Based Interest Rate 7.08788%
B CLASS A-1T INTEREST RATE 0.017816530 (7/25/00-10/25/00) 7.08788%
C Class A-1L Libor Based Interest Rate 6.80750%
D CLASS A-1L INTEREST RATE 0.017396944 (7/25/00-10/25/00) 6.80750%
E Class A-2L Libor Based Interest Rate 6.89750%
F CLASS A-2L INTEREST RATE 0.017626944 (7/25/00-10/25/00) 6.89750%
G Certificate Libor Based Rate of Return 7.16750%
H CERTIFICATE RATE OF RETURN 0.018316944 (7/25/00-10/25/00) 7.16750%
</TABLE>
6
<PAGE>
-------------------------------------------------------------------------------
VIII. 2000-1 WEEKLY T-BILL RATE RESETS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
NUMBER OF
PERIOD DAYS WEIGHTED 91 DAY T-BILL A-1T RESET
-------------------------------------------------------------------------------
<S> <C> <C> <C>
7/25/00-7/31/00 7 6.1870% 7.0370%
8/1/00-8/7/00 7 6.2690% 7.1190%
8/8/00-8/14/00 7 6.2780% 7.1280%
8/15/00-8/21/00 7 6.2690% 7.1190%
8/22/00-8/28/00 7 6.2910% 7.1410%
8/29/00-9/5/00 8 6.3230% 7.1730%
9/6/00-9/11/00 6 6.2450% 7.0950%
9/12/00-9/18/00 7 6.1210% 6.9710%
9/19/00-9/25/00 7 6.1370% 6.9870%
9/26/00-10/02/00 7 6.1830% 7.0330%
10/3/00-10/10/00 8 6.2570% 7.1070%
10/11/00-10/16/00 6 6.2570% 7.1070%
10/17/00-10/24/00 8 6.2610% 7.1110%
-------------------------------------------------------------------------------
TOTAL DAYS IN
ACCRUAL PERIOD 92
-----------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
-------------------------------------------------------------------------------
IX. 2000-1 INPUTS FROM PREVIOUS QUARTERLY SERVICING REPORTS 6/30/00
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,895,380,815.28
ii Interest To Be Capitalized 25,559,684.30
-------------------
iii Total Pool $ 1,920,940,499.58
iv Specified Reserve Account Balance 4,802,351.25
-------------------
v TOTAL ADJUSTED POOL $ 1,925,742,850.83
===================
B Total Note and Certificate Factor 0.96023472347
C TOTAL NOTE AND CERTIFICATE BALANCE $ 1,967,194,468.58
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 7/25/2000 CLASS A-1T CLASS A-1L CLASS A-2L CERTIFICATES
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor 0.9308471360 0.9308471360 1.0000000000 1.0000000000
ii Expected Note Balance $ 139,627,070.40 $ 956,957,398.18 $ 798,900,000.00 $ 71,710,000.00
E Note Principal Shortfall $ 5,277,995.55 $ 36,173,622.20 $ 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 $ 4,802,351.25
I Unpaid Primary Servicing Fees $ 0.00
from Prior Month(s)
J Unpaid Administration fees $ 0.00
from Prior Quarter(s)
K Unpaid Carryover Servicing $ 0.00
Fees from Prior Quarter(s)
L Interest Due on Unpaid $ 0.00
Carryover Servicing Fees
M Unpaid Floating Rate Swap $ 0.00
Payment Reimbursements
N Interest Due on Unpaid $ 0.00
Floating Rate Swap Payment
Reimbursements
-------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
-------------------------------------------------------------------------------
X. 2000-1 WATERFALL FOR DISTRIBUTIONS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
REMAINING
FUNDS BALANCE
-------------
<S> <C> <C>
A Total Available Funds (Sections
III-F + VI-D + VI-H-v + XI-G-vii) $ 95,865,955.97 $ 95,865,955.97
B Primary Servicing $ 1,388,704.97 $ 94,477,251.00
Fees-Current Month
C Administration Fee $ 20,000.00 $ 94,457,251.00
D Swap Fee $ 33,572.04 $ 94,423,678.96
E Noteholder's Interest
Distribution Amount
i Class A-1T $ 2,487,669.89 $ 91,936,009.07
ii Class A-1L $ 16,648,134.27 $ 75,287,874.80
iii Class A-2L $ 14,082,165.56 $ 61,205,709.24
---------------
iv TOTAL NOTEHOLDER'S 33,217,969.72
INTEREST DISTRIBUTION
F CERTIFICATEHOLDER'S $ 1,313,508.05 $ 59,892,201.19
RETURN DISTRIBUTION AMOUNT
G Noteholder's Principal
Distribution Amount Paid
i Class A-1T $ 7,626,017.72 $ 52,266,183.47
ii Class A-1L $ 52,266,183.47 $ 0.00
iii Class A-2L $ 0.00 $ 0.00
---------------
iv TOTAL NOTEHOLDER'S 59,892,201.19
PRINCIPAL DISTRIBUTION
H CERTIFICATEHOLDER'S $ 0.00 $ 0.00
BALANCE DISTRIBUTION AMOUNT
I Increase to the $ 0.00 $ 0.00
Specified Reserve
Account Balance
J Floating Rate Swap $ 0.00 $ 0.00
Payment Reimbursement
K Carryover Servicing Fees $ 0.00 $ 0.00
L 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 $ 0.00
INTEREST CARRYOVER
M CERTIFICATEHOLDER'S $ 0.00 $ 0.00
RETURN CARRYOVER
N EXCESS TO RESERVE ACCOUNT $ 0.00 $ 0.00
-------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
-------------------------------------------------------------------------------
XI. 2000-1 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 $ 2,487,669.89 $ 16,648,134.27 $ 14,082,165.56 $ 1,313,508.05
ii Quarterly Interest Paid 2,487,669.89 16,648,134.27 14,082,165.56 1,313,508.05
------------- -------------- -------------- ------------
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 $ 12,035,007.33 $ 82,483,928.60 $ 0.00 $ 0.00
viii Quarterly Principal Paid 7,626,017.72 52,266,183.47 0.00 0.00
------------- -------------- ----- ----
ix QUARTERLY PRINCIPAL SHORTFALL $ 4,408,989.61 $ 30,217,745.13 $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 10,113,687.61 $ 68,914,317.74 $ 14,082,165.56 $ 1,313,508.05
--------------------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates Principal Balance 9/30/00 $1,967,194,468.58
ii Adjusted Pool Balance 9/30/00 1,872,675,532.65
-----------------
iii Adjusted Pool Exceeding Notes and
Certificate Balance (i-ii) $ 94,518,935.93
=================
iv Adjusted Pool Balance 6/30/00 $1,925,742,850.83
v Adjusted Pool Balance 9/30/00 1,872,675,532.65
-----------------
vi Current Principal Due (iv-v) $ 53,067,318.18
vii Principal Shortfall from Previous
Collection Period 41,451,617.75
-----------------
viii Principal Distribution Amount (vi + vii) $ 94,518,935.93
=================
ix PRINCIPAL DISTRIBUTION AMOUNT PAID $ 59,892,201.19
x Principal Shortfall (viii- ix) $ 34,626,734.74
C Total Principal Distribution $ 59,892,201.19
D Total Interest Distribution 34,531,477.77
-----------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 94,423,678.96
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 07/25/2000 10/25/2000
------------------------------------------------------------------------------------------
<S> <C> <C>
i A-1T Note Balance (78442GBS4) $139,627,070.40 $ 132,001,052.68
A-1T Note Pool Factor 0.9308471360 0.8800070179
ii A-1L Note Balance (78442GBT2) $956,957,398.18 $ 904,691,214.71
A-1L Note Pool Factor 0.9308471360 0.8800070179
iii A-2L Note Balance (78442GBV7) $798,900,000.00 $ 798,900,000.00
A-2L Note Pool Factor 1.0000000000 1.0000000000
iv Certificate Balance (78442GBW5) $ 71,710,000.00 $ 71,710,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
------------------------------------------------------------------------------------------
G RESERVE ACCOUNT RECONCILIATION
i Beginning of Period Balance $ 4,802,351.25
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ 0.00
---------------
iv Total Reserve Account Balance Available $ 4,802,351.25
v Required Reserve Account Balance $ 4,670,013.80
vi Shortfall Carried to Next Period $ --
vii EXCESS RESERVE - RELEASE TO WATERFALL $ 132,337.45
viii Ending Reserve Account Balance $ 4,670,013.80
--------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
-------------------------------------------------------------------------------
XII. 2000-1 HISTORICAL POOL INFORMATION
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------
7/1/00-9/30/00 1/17/00-6/30/00
---------------------------------------------------------------------------------------------
<S> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 1,895,380,815.28 $1,971,069,538.87
---------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 44,456,911.41 $ 73,076,771.09
ii Principal Collections from Guarantor 3,486,216.14 1,767,745.09
iii Principal Reimbursements 17,181,975.59 27,333,537.21
iv Other System Adjustments -- --
-------------------------------------
v Total Principal Collections $ 65,125,103.14 $ 102,178,053.39
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 754,777.57 $ 1,478,740.02
ii Capitalized Interest (12,195,369.77) (27,968,069.82)
-------------------------------------
iii Total Non-Cash Principal Activity $ (11,440,592.20) $ (26,489,329.80)
---------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 53,684,510.94 $ 75,688,723.59
---------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 18,819,366.51 $ 31,645,824.82
ii Interest Claims Received from Guarantors 181,340.42 37,632.47
iii Late Fee Reimbursements 354,249.58 604,438.62
iv Interest Reimbursements 217,581.11 325,951.62
v Other System Adjustments -- --
vi Special Allowance Payments 6,400,048.72 4,444,343.09
vii Subsidy Payments 6,059,922.05 5,585,723.30
-------------------------------------
viii Total Interest Collections $ 32,032,508.39 $ 42,643,913.92
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (707,058.79) $ (1,393,388.04)
ii Capitalized Interest 12,195,369.77 27,968,069.82
-------------------------------------
iii Total Non-Cash Interest Adjustments $ 11,488,310.98 $ 26,574,681.78
-------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 43,520,819.37 $ 69,218,595.70
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $1,841,696,304.34 $1,895,380,815.28
---------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 26,309,214.51 $ 25,559,684.30
---------------------------------------------------------------------------------------------
(=) TOTAL POOL $1,868,005,518.85 $1,920,940,499.58
---------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 4,670,013.80 $ 4,802,351.25
---------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $1,872,675,532.65 $1,925,742,850.83
---------------------------------------------------------------------------------------------
</TABLE>
--------------------------------------------------------------------------------
11
<PAGE>
--------------------------------------------------------------------------------
XIII. 2000-1 PAYMENT HISTORY AND CPRS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
<S> <C> <C>
Jul-00 $ 1,920,940,500 4.39%
Oct-00 $ 1,868,005,519 4.95%
</TABLE>
* "SINCE ISSUED CPR" IS BASED ON THE CURRENT PERIOD'S ENDING
POOL BALANCE CALCULATED AGAINST THE ORIGINAL POOL BALANCE AND
ASSUMING CUTOFF DATE POOL DATA.
--------------------------------------------------------------------------------
12
<PAGE>
SLM STUDENT LOAN TRUST 2000-2
QUARTERLY SERVICING REPORT
REPORT DATE: 09/30/2000 REPORTING PERIOD: 7/1/00-9/30/00
--------------------------------------------------------------------------------
I. DEAL PARAMETERS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PORTFOLIO CHARACTERISTICS 06/30/2000 ACTIVITY 09/30/2000
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 1,916,336,810.95 $ (53,301,114.88) $ 1,863,035,696.07
ii Interest to be Capitalized 33,197,084.14 33,359,454.40
------------------ -------------------
iii Total Pool $ 1,949,533,895.09 $ 1,896,395,150.47
iv Specified Reserve Account Balance 4,873,834.74 4,740,987.88
------------------ -------------------
v TOTAL ADJUSTED POOL $ 1,954,407,729.83 $ 1,901,136,138.35
================== ===================
B i Weighted Average Coupon (WAC) 7.4671% 8.3354%
ii Weighted Average Remaining Term 115.59 114.57
iii Number of Loans 547,678 535,441
iv Number of Borrowers 227,075 222,267
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
% OF % OF
NOTES AND CERTIFICATES SPREAD BALANCE 7/25/00 O/S SECURITIES BALANCE 10/25/00 O/S SECURITIES
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1T Notes 78442GBX3 0.80% $ 170,846,616.60 8.566% $ 161,894,385.16 8.368%
ii A-1L Notes 78442GBY1 0.08% 968,719,142.22 48.574% 917,959,003.48 47.449%
iii A-2L Notes 78442GCA2 0.20% 782,470,000.00 39.235% 782,470,000.00 40.446%
iv Certificates 78442GCB0 0.53% 72,290,000.00 3.625% 72,290,000.00 3.737%
-----------------------------------------------------------------------------------------------------------------------------
v TOTAL NOTES AND CERTIFICATES $ 1,994,325,758.82 100.000% $ 1,934,613,388.64 100.000%
=============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------
RESERVE ACCOUNT 07/25/2000 10/25/2000
-----------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 4,873,834.74 $ 4,740,987.88
iv Reserve Account Floor Balance ($) $ 2,010,634.00 $ 2,010,634.00
v Current Reserve Acct Balance ($) $ 4,873,834.74 $ 4,740,987.88
----------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
--------------------------------------------------------------------------------
II. 2000-2 TRANSACTIONS FROM: 07/01/2000 THROUGH 09/30/2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $43,599,439.96
ii Principal Collections from Guarantor 1,978,646.23
iii Principal Reimbursements 20,751,255.99
iv Other System Adjustments 0.00
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 66,329,342.18
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $1,116,566.15
ii Capitalized Interest (14,144,793.45)
----------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (13,028,227.30)
----------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 53,301,114.88
----------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $16,978,148.98
ii Interest Claims Received from Guarantors 66,252.65
iii Late Fee Reimbursements 308,893.19
iv Interest Reimbursements 287,083.51
v Other System Adjustments 0.00
vi Special Allowance Payments 6,136,324.04
vii Subsidy Payments 7,549,976.59
----------------
viii TOTAL INTEREST COLLECTIONS $ 31,326,678.96
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment ($1,075,999.15)
ii Capitalized Interest 14,144,793.45
----------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 13,068,794.30
----------------------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 44,395,473.26
----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
-------------------------------------------------------------------------------
III. 2000-2 COLLECTION ACCOUNT ACTIVITY 07/01/2000 THROUGH 09/30/2000
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $45,578,086.19
ii Cash Forwarded by Administrator on behalf of Seller 397,214.15
iii Cash Forwarded by Administrator on behalf of Servicer 1,875.44
iv Cash Forwarded by Administrator for Consolidation Activity 20,352,166.40
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 66,329,342.18
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $30,730,702.26
ii Cash Forwarded by Administrator on behalf of Seller 3,299.86
iii Cash Forwarded by Administrator on behalf of Servicer 4,490.99
iv Cash Forwarded by Administrator for Consolidation Activity 279,292.66
v Cash Forwarded by Administrator for Late Fee Activity 308,893.19
----------------
vi TOTAL INTEREST COLLECTIONS $ 31,326,678.96
C OTHER REIMBURSEMENTS $102,931.66
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 1,038,060.39
E RETURN FUNDS BORROWED FOR PREVIOUS DISTRIBUTION $ -
F TOTAL FUNDS RECEIVED $ 98,797,013.19
LESS FUNDS PREVIOUSLY REMITTED:
SERVICING FEES ($2,862,255.36)
CONSOLIDATION LOAN REBATE FEES ($156.00)
-----------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 95,934,601.83
-----------------------------------------------------------------------------------------
G SERVICING FEE CALCULATION-CURRENT MONTH
i Primary Servicing Fee - Non-Consolidation Loans $1,406,948.50
ii Primary Servicing Fee - Consolidation Loans $32.33
H SERVICING FEES DUE FOR CURRENT PERIOD $1,406,980.83
LESS: Servicing ADJ [A iii + B iii] ($6,366.43)
I CARRYOVER SERVICING FEES DUE $0.00
J ADMINISTRATION FEES DUE $20,000.00
K AGGREGATE SWAP FEES DUE $46,600.02
-----------------------------------------------------------------------------------------
L TOTAL FEES DUE FOR PERIOD $ 1,467,214.42
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
-------------------------------------------------------------------------------
IV. 2000-2 PORTFOLIO CHARACTERISTICS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
WEIGHTED AVG COUPON # OF LOANS %
--------------------------------------------------------------------------------------------------
STATUS 06/30/2000 09/30/2000 06/30/2000 09/30/2000 06/30/2000 09/30/2000
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 7.109% 8.216% 74,660 65,829 13.632% 12.294%
GRACE
Current 7.068% 8.218% 36,846 38,365 6.728% 7.165%
------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.095% 8.217% 111,506 104,194 20.360% 19.459%
------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current 7.624% 8.416% 264,884 242,911 48.365% 45.367%
31-60 Days Delinquent 7.605% 8.385% 16,043 17,330 2.929% 3.237%
61-90 Days Delinquent 7.597% 8.338% 9,787 13,615 1.787% 2.543%
91-120 Days Delinquent 7.558% 8.336% 6,429 6,039 1.174% 1.128%
> 120 Days Delinquent 7.565% 8.298% 9,857 12,778 1.800% 2.386%
DEFERMENT
Current 7.191% 8.234% 56,727 64,265 10.358% 12.002%
FORBEARANCE
Current 7.634% 8.334% 72,237 73,243 13.189% 13.679%
------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.564% 8.365% 435,964 430,181 79.602% 80.342%
------------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 7.577% 8.365% 208 1,066 0.038% 0.199%
AGED CLAIMS REJECTED (2) 0.000% 0.000% - - 0.000% 0.000%
------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.467% 8.335% 547,678 535,441 100.000% 100.000%
------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------
PRINCIPAL AMOUNT %
--------------------------------------------------------------------------------
STATUS 06/30/2000 09/30/2000 06/30/2000 09/30/2000
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current $ 244,369,247.17 $ 211,948,003.18 12.752% 11.376%
GRACE
Current $ 128,418,284.46 $ 136,829,395.17 6.701% 7.345%
------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 372,787,531.63 $348,777,398.35 19.453% 18.721%
------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current $ 917,698,107.40 $ 834,790,573.93 47.888% 44.808%
31-60 Days Delinquent $ 49,457,252.49 $ 56,048,557.64 2.581% 3.008%
61-90 Days Delinquent $ 29,511,793.17 $ 44,990,735.29 1.540% 2.415%
91-120 Days Delinquent $ 18,998,685.82 $ 18,497,198.67 0.991% 0.993%
> 120 Days Delinquent $ 28,094,649.89 $ 35,255,267.19 1.466% 1.892%
DEFERMENT
Current $ 208,376,433.75 $ 230,414,569.38 10.874% 12.368%
FORBEARANCE
Current $ 290,782,552.30 $ 291,315,106.96 15.174% 15.637%
------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $1,542,919,474.82 $ 1,511,312,009.06 80.514% 81.121%
------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) $ 629,804.50 $ 2,946,288.66 0.033% 0.158%
AGED CLAIMS REJECTED (2) $ - $ - 0.000% 0.000%
------------------------------------------------------------------------------------------------------------
GRAND TOTAL $1,916,336,810.95 $ 1,863,035,696.07 100.000% 100.000%
------------------------------------------------------------------------------------------------------------
</TABLE>
[CHART] [CHART]
LOAN STATUS BY OUTSTANDING LOAN STATUS BY OUTSTANDING
PRINCIPAL, JUNE 30,2000 PRINCIPAL, SEPTEMBER 30, 2000
(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. 2002-2 PORTFOLIO CHARACTERISTICS BY SCHOOL AND PROGRAM 9/30/00
-------------------------------------------------------------------------------
<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 6.447% 3.462% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 4.105% 2.437% 0.000% 0.000% 0.000% 0.000%
---------------------------------------------------------------------------------------------------
TOTAL INTERIM 10.552% 5.899% 0.000% 0.000% 0.000% 0.000%
---------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 19.108% 10.614% 0.000% 0.000% 6.193% 1.054%
31-60 Days Delinquent 1.195% 0.639% 0.000% 0.000% 0.257% 0.078%
61-90 Days Delinquent 1.022% 0.615% 0.000% 0.000% 0.105% 0.074%
91-120 Days Delinquent 0.394% 0.209% 0.000% 0.000% 0.035% 0.025%
> 120 Days Delinquent 0.719% 0.354% 0.000% 0.000% 0.033% 0.023%
DEFERMENT
Current 6.371% 3.672% 0.000% 0.000% 0.258% 0.323%
FORBEARANCE
Current 6.892% 4.584% 0.000% 0.000% 0.596% 0.471%
---------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 35.701% 20.687% 0.000% 0.000% 7.477% 2.048%
---------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.059% 0.025% 0.000% 0.000% 0.011% 0.003%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
---------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 46.312% 26.611% 0.000% 0.000% 7.488% 2.051%
---------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.462%
---------------------------------------------------------------------------------------------------
<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 0.488% 0.288% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.260% 0.147% 0.000% 0.000% 0.000% 0.000%
------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.748% 0.435% 0.000% 0.000% 0.000% 0.000%
------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 1.574% 0.936% 0.000% 0.000% 0.290% 0.055%
31-60 Days Delinquent 0.180% 0.100% 0.000% 0.000% 0.013% 0.006%
61-90 Days Delinquent 0.155% 0.079% 0.000% 0.000% 0.005% 0.004%
91-120 Days Delinquent 0.082% 0.038% 0.000% 0.000% 0.003% 0.002%
> 120 Days Delinquent 0.171% 0.081% 0.000% 0.000% 0.003% 0.004%
DEFERMENT
Current 0.554% 0.338% 0.000% 0.000% 0.013% 0.014%
FORBEARANCE
Current 0.741% 0.439% 0.000% 0.000% 0.035% 0.020%
------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.457% 2.011% 0.000% 0.000% 0.362% 0.105%
------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.017% 0.007% 0.000% 0.000% 0.001% 0.001%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 4.222% 2.453% 0.000% 0.000% 0.363% 0.106%
------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 7.144%
------------------------------------------------------------------------------------------------
<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 0.285% 0.279% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.153% 0.136% 0.000% 0.000% 0.000% 0.000%
--------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.438% 0.415% 0.000% 0.000% 0.000% 0.000%
--------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 1.945% 1.673% 0.000% 0.000% 1.028% 0.085%
31-60 Days Delinquent 0.241% 0.200% 0.000% 0.000% 0.064% 0.015%
61-90 Days Delinquent 0.172% 0.139% 0.000% 0.000% 0.023% 0.006%
91-120 Days Delinquent 0.105% 0.078% 0.000% 0.000% 0.012% 0.006%
> 120 Days Delinquent 0.255% 0.209% 0.000% 0.000% 0.012% 0.008%
DEFERMENT
Current 0.341% 0.283% 0.000% 0.000% 0.021% 0.015%
FORBEARANCE
Current 0.831% 0.701% 0.000% 0.000% 0.100% 0.034%
--------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.890% 3.283% 0.000% 0.000% 1.260% 0.169%
--------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.018% 0.012% 0.000% 0.000% 0.003% 0.000%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
--------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 4.346% 3.710% 0.000% 0.000% 1.263% 0.169%
--------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 9.488%
--------------------------------------------------------------------------------------------------
<CAPTION>
UNKNOWN
----------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 0.062% 0.065% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.051% 0.056% 0.000% 0.000% 0.000% 0.000%
--------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.113% 0.121% 0.000% 0.000% 0.000% 0.000%
--------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 0.117% 0.098% 0.000% 0.003% 0.023% 0.012%
31-60 Days Delinquent 0.009% 0.008% 0.000% 0.000% 0.001% 0.002%
61-90 Days Delinquent 0.007% 0.007% 0.000% 0.000% 0.002% 0.000%
91-120 Days Delinquent 0.002% 0.002% 0.000% 0.000% 0.000% 0.000%
> 120 Days Delinquent 0.010% 0.008% 0.000% 0.000% 0.000% 0.002%
DEFERMENT
Current 0.078% 0.071% 0.000% 0.000% 0.000% 0.016%
FORBEARANCE
Current 0.091% 0.088% 0.000% 0.002% 0.002% 0.010%
--------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 0.314% 0.282% 0.000% 0.005% 0.028% 0.042%
--------------------------------------------------------------------------------------------------
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 0.428% 0.403% 0.000% 0.005% 0.028% 0.042%
--------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 0.906%
--------------------------------------------------------------------------------------------------
</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.
[CHART] [CHART]
LOAN PROGRAMS LOAN PROGRAMS
JUNE 30, 2000 SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
FOUR YEAR TWO YEAR TECHNICAL
SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 9.909% 0.776% 0.564% 0.127% 11.376%
GRACE
Current 6.542% 0.407% 0.289% 0.107% 7.345%
---------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 16.451% 1.183% 0.853% 0.234% 18.721%
---------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 36.969% 2.855% 4.731% 0.253% 44.808%
31-60 Days Delinquent 2.169% 0.299% 0.520% 0.020% 3.008%
61-90 Days Delinquent 1.816% 0.243% 0.340% 0.016% 2.415%
91-120 Days Delinquent 0.663% 0.125% 0.201% 0.004% 0.993%
> 120 Days Delinquent 1.129% 0.259% 0.484% 0.020% 1.892%
DEFERMENT
Current 10.624% 0.919% 0.660% 0.165% 12.368%
FORBEARANCE
Current 12.543% 1.235% 1.666% 0.193% 15.637%
---------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 65.913% 5.935% 8.602% 0.671% 81.121%
---------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.098% 0.026% 0.033% 0.001% 0.158%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000%
---------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.462% 7.144% 9.488% 0.906% 100.000%
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
-------------------------------------------------------------------------------
VI. 2000-2 STUDENT LOAN RATE CALCULATION AND FLOATING RATE SWAP PAYMENTS
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 32,057,605.36
B Interest Subsidy Payments Accrued During Collection Period 7,481,804.93
C SAP Payments Accrued During Collection Period 3,507,351.64
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 134,014.00
E Investment Earnings (ADMINISTRATOR ACCOUNTS) 1,038,060.39
------------
F NET EXPECTED INTEREST COLLECTIONS $ 44,218,836.32
G STUDENT LOAN RATE
i Days in Calculation Period 92
ii Days in Year 360
iii Net Expected Interest Collections $ 44,218,836.32
iv Primary Servicing Fee $ 4,269,236.19
v Administration Fee $ 20,000.00
vi Aggregate Swap Fees $ 46,600.02
vii Total Pool Balance at Beginning of Collection Period $ 1,949,533,895.09
viii STUDENT LOAN RATE ( ii / i ) * (( iii - iv - v - vi ) / vii ) 8.00519%
</TABLE>
H FLOATING RATE SWAP PAYMENTS DUE TO THE TRUST
<TABLE>
<CAPTION>
----------------------------------------------------
CLASS A-1L CLASS A-2L CERTIFICATES
----------------------------------------------------
<S> <C> <C> <C>
i Aggregate Notional
Swap Amounts 968,719,142 782,470,000 72,290,000
ii Libor Based Interest Rates/Rate of Return 6.79750% 6.91750% 7.24750%
iii Student Loan Rate 8.00519% 8.00519% 8.00519%
Cap
iv Excess Over Cap ( ii-iii) 0.00000% 0.00000% 0.00000%
v FLOATING RATE SWAP PAYMENTS DUE TO THE TRUST $ 0.00 $ 0.00 $ 0.00
----------------------------------------------------
</TABLE>
-------------------------------------------------------------------------------
VII. 2000-2 ACCRUED INTEREST FACTORS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
<S> <C> <C> <C>
A Class A-1T T-Bill Based 7.03788%
Interest Rate
B CLASS A-1T INTEREST RATE 0.017690847 (7/25/00-10/25/00) 7.03788%
C Class A-1L Libor Based 6.79750%
Interest Rate
D CLASS A-1L INTEREST RATE 0.017371389 (7/25/00-10/25/00) 6.79750%
E Class A-2L Libor Based 6.91750%
Interest Rate
F CLASS A-2L INTEREST RATE 0.017678056 (7/25/00-10/25/00) 6.91750%
G Certificate Libor Based 7.24750%
Rate of Return
H CERTIFICATE RATE OF RETURN 0.018521389 (7/25/00-10/25/00) 7.24750%
</TABLE>
6
<PAGE>
-------------------------------------------------------------------------------
VIII. 2000-2 WEEKLY T-BILL RATE RESETS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------
NUMBER OF
PERIOD DAYS WEIGHTED 91 DAY T-BILL A-1T RESET
-----------------------------------------------------------------------------------------
<S> <C> <C> <C>
7/25/00-7/31/00 7 6.1870% 6.9870%
8/1/00-8/7/00 7 6.2690% 7.0690%
8/8/00-8/14/00 7 6.2780% 7.0780%
8/15/00-8/21/00 7 6.2690% 7.0690%
8/22/00-8/28/00 7 6.2910% 7.0910%
8/29/00-9/5/00 8 6.3230% 7.1230%
9/6/00-9/11/00 6 6.2450% 7.0450%
9/12/00-9/18/00 7 6.1210% 6.9210%
9/19/00-9/25/00 7 6.1370% 6.9370%
9/26/00-10/02/00 7 6.1830% 6.9830%
10/3/00-10/10/00 8 6.2570% 7.0570%
10/11/00-10/16/00 6 6.2570% 7.0570%
10/17/00-10/24/00 8 6.2610% 7.0610%
TOTAL DAYS IN
ACCRUAL PERIOD 92
-----------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
-------------------------------------------------------------------------------
IX. 2000-2 INPUTS FROM PREVIOUS QUARTERLY SERVICING REPORTS 6/30/00
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,916,336,810.95
ii Interest To Be Capitalized 33,197,084.14
-------------------
iii Total Pool $ 1,949,533,895.09
iv Specified Reserve Account Balance 4,873,834.74
-------------------
v TOTAL ADJUSTED POOL $ 1,954,407,729.83
===================
B Total Note and Certificate Factor 0.96559515965
C TOTAL NOTE AND CERTIFICATE BALANCE $ 1,994,325,758.82
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 7/25/2000 CLASS A-1T CLASS A-1L CLASS A-2L CERTIFICATES
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor 0.9413036727 0.9413036728 1.0000000000 1.0000000000
ii Expected Note Balance $ 170,846,616.60 $ 968,719,142.22 $ 782,470,000.00 $ 72,290,000.00
E Note Principal Shortfall $ 5,984,613.12 $ 33,933,415.87 $ 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 $ 4,873,834.74
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 Quarters(s) $ 0.00
L Interest Due on Unpaid
Carryover Servicing Fees $ 0.00
M Unpaid Floating Rate
Swap Payment Reimbursements $ 0.00
N Interest Due on Unpaid Floating Rate
Swap Payment Reimbursements $ 0.00
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
-------------------------------------------------------------------------------
X. 2000-2 WATERFALL FOR DISTRIBUTIONS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
REMAINING
FUNDS BALANCE
-------------
<S> <C> <C>
A Total Available Funds ( Sections III-F
+ VI-D + VI-H-v + XI-G-vii ) $ 96,201,462.69 $ 96,201,462.69
B Primary Servicing Fees-Current Month $ 1,400,614.40 $ 94,800,848.29
C Administration Fee $ 20,000.00 $ 94,780,848.29
D Swap Fees
i Fixed Rate Swap Payment $ 23,300.01 $ 94,757,548.28
ii Fixed Rate Swap Payment $ 23,300.01 $ 94,734,248.27
----------------
iii TOTAL SWAP FEES $ 46,600.02
E Noteholder's Interest Distribution Amount
i Class A-1T $ 3,022,421.35 $ 91,711,826.92
ii Class A-1L $ 16,827,997.05 $ 74,883,829.87
iii Class A-2L $ 13,832,548.48 $ 61,051,281.39
----------------
iv TOTAL NOTEHOLDER'S
INTEREST DISTRIBUTION $ 33,682,966.88
F CERTIFICATEHOLDER'S RETURN
DISTRIBUTION AMOUNT $ 1,338,911.21 $ 59,712,370.18
G Noteholder's Principal
Distribution Amount Paid
i Class A-1T $ 8,952,231.44 $ 50,760,138.74
ii Class A-1L $ 50,760,138.74 $ 0.00
iii Class A-2L $ 0.00 $ 0.00
----------------
iv TOTAL NOTEHOLDER'S
PRINCIPAL DISTRIBUTION $ 59,712,370.18
H CERTIFICATEHOLDER'S BALANCE
DISTRIBUTION AMOUNT $ 0.00 $ 0.00
I Increase to the Specified
Reserve Account Balance $ 0.00 0.00
J Floating Rate Swap Payment
Reimbursement $ 0.00 $ 0.00
K Carryover Servicing Fees $ 0.00 $ 0.00
L 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
M CERTIFICATEHOLDER'S RETURN
CARRYOVER $ 0.00 $ 0.00
N EXCESS TO RESERVE ACCOUNT $ 0.00 $ 0.00
-----------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
-------------------------------------------------------------------------------
XI. 2000-2 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 $ 3,022,421.35 $ 16,827,997.05 $13,832,548.48 $1,338,911.21
ii Quarterly Interest Paid 3,022,421.35 16,827,997.05 13,832,548.48 1,338,911.21
------------ ------------- ------------- ------------
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 $ 13,971,226.53 $ 79,218,393.94 $ 0.00 $ 0.00
viii Quarterly Principal Paid 8,952,231.44 50,760,138.74 0.00 0.00
------------ ------------- ----- ----
ix QUARTERLY PRINCIPAL SHORTFALL $ 5,018,995.09 $ 28,458,255.20 $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 11,974,652.79 $ 67,588,135.79 $13,832,548.48 $1,338,911.21
--------------------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION
RECONCILIATION
i Notes and Certificates
Principal Balance 9/30/00 $1,994,325,758.82
ii Adjusted Pool Balance 9/30/00 1,901,136,138.35
-----------------
iii Adjusted Pool Exceeding Notes and $ 93,189,620.47
Certificate Balance (i-ii)
=================
iv Adjusted Pool Balance 6/30/00 $1,954,407,729.83
v Adjusted Pool Balance 9/30/00 1,901,136,138.35
-----------------
vi Current Principal Due (iv-v) $ 53,271,591.48
vii Principal Shortfall from
Previous Collection Period 39,918,028.99
-----------------
viii Principal Distribution Amount (vi + vii) $ 93,189,620.47
=================
ix PRINCIPAL DISTRIBUTION AMOUNT PAID $ 59,712,370.18
x Principal Shortfall (viii- ix) $ 33,477,250.29
C Total Principal Distribution $ 59,712,370.18
D Total Interest Distribution 35,021,878.09
-----------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 94,734,248.27
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 07/25/2000 10/25/2000
------------------------------------------------------------------------------------------
<S> <C> <C>
i A-1T Note Balance (78442GBX3) $170,846,616.60 $ 161,894,385.16
A-1T Note Pool Factor 0.9413036727 0.8919800835
ii A-1L Note Balance (78442GBY1) $968,719,142.22 $ 917,959,003.48
A-1L Note Pool Factor 0.9413036728 0.8919800835
iii A-2L Note Balance (78442GCA2) $782,470,000.00 $ 782,470,000.00
A-2L Note Pool Factor 1.0000000000 1.0000000000
iv Certificate Balance (78442GCB0) $ 72,290,000.00 $ 72,290,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
------------------------------------------------------------------------------------------
G RESERVE ACCOUNT RECONCILIATION
i Beginning of Period Balance $ 4,873,834.74
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ 0.00
---------------
iv Total Reserve Account Balance Available $ 4,873,834.74
v Required Reserve Account Balance $ 4,740,987.88
vi Shortfall Carried to Next Period $ --
vii EXCESS RESERVE - RELEASE TO WATERFALL $ 132,846.86
viii Ending Reserve Account $ 4,740,987.88
Balance
</TABLE>
-------------------------------------------------------------------------------
10
<PAGE>
-------------------------------------------------------------------------------
XII. 2000-2 HISTORICAL POOL INFORMATION
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------
7/1/00-9/30/00 2/14/00-6/30/00
---------------------------------------------------------------------------------------------
<S> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $1,916,336,810.95 $1,969,948,821.58
---------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 43,599,439.96 $ 58,286,797.65
ii Principal Collections from Guarantor 1,978,646.23 1,451,276.08
iii Principal Reimbursements 20,751,255.99 19,783,892.69
iv Other System Adjustments -- --
------------------------------
v Total Principal Collections $ 66,329,342.18 $ 79,521,966.42
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,116,566.15 $ 1,677,427.87
ii Capitalized Interest (14,144,793.45) (27,587,383.66)
-------------------------------------
iii Total Non-Cash Principal Activity $ (13,028,227.30) $ (25,909,955.79)
-----------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 53,301,114.88 $ 53,612,010.63
-----------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 16,978,148.98 $ 23,270,166.16
ii Interest Claims Received from Guarantors 66,252.65 31,619.45
iii Late Fee Reimbursements 308,893.19 427,707.91
iv Interest Reimbursements 287,083.51 212,318.38
v Other System Adjustments -- -
vi Special Allowance Payments 6,136,324.04 2,743,283.59
vii Subsidy Payments 7,549,976.59 4,938,406.20
-------------------------------------
viii Total Interest Collections $ 31,326,678.96 $ 31,623,501.69
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,075,999.15) $ (1,637,056.44)
ii Capitalized Interest 14,144,793.45 27,587,383.66
-------------------------------------
iii Total Non-Cash Interest Adjustments $ 13,068,794.30 $ 25,950,327.22
-------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 44,395,473.26 $ 57,573,828.91
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $1,863,035,696.07 $1,916,336,810.95
----------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 33,359,454.40 $ 33,197,084.14
----------------------------------------------------------------------------------------------
(=) TOTAL POOL $1,896,395,150.47 $1,949,533,895.09
----------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 4,740,987.88 $ 4,873,834.74
----------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $1,901,136,138.35 $1,954,407,729.83
----------------------------------------------------------------------------------------------
</TABLE>
-------------------------------------------------------------------------------
11
<PAGE>
-------------------------------------------------------------------------------
XIII. 2000-2 PAYMENT HISTORY AND CPRS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
<S> <C> <C>
Jul-00 $ 1,949,533,895 5.10%
Oct-00 $ 1,896,395,150 5.73%
</TABLE>
* "SINCE ISSUED CPR" IS BASED ON THE CURRENT PERIOD'S ENDING
POOL BALANCE CALCULATED AGAINST THE ORIGINAL POOL BALANCE AND
ASSUMING CUTOFF DATE POOL DATA.
-------------------------------------------------------------------------------
12
<PAGE>
SLM STUDENT LOAN TRUST 2000-3
QUARTERLY SERVICING REPORT
REPORT DATE: 09/30/2000 REPORTING PERIOD: 3/27/00-9/30/00
--------------------------------------------------------------------------------
I. DEAL PARAMETERS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PORTFOLIO CHARACTERISTICS 03/27/2000 ACTIVITY 09/30/2000
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Balance Portfolio $ 2,467,322,729.19 $ (121,807,065.21) $ 2,345,515,663.98
ii Interest to be Capitalized 35,763,680.58 23,832,845.75
------------------- -------------------
iii Total Pool $ 2,503,086,409.77 $ 2,369,348,509.73
iv Specified Reserve Account Balance 6,257,716.00 5,923,371.27
------------------- -------------------
v TOTAL ADJUSTED POOL $ 2,509,344,125.77 $ 2,375,271,881.00
=================== -------------------
B i Weighted Average Coupon (WAC) 7.6660% 8.4579%
ii Weighted Average Remaining Term 126.33 123.73
iii Number of Loans 523,704 503,520
iv Number of Borrowers 255,838 246,560
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
% OF % OF
NOTES AND CERTIFICATES SPREAD BALANCE 4/26/00 O/S SECURITIES BALANCE 10/25/00 O/S SECURITIES
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1T Notes 78442GCC8 0.840% $ 250,000,000.00 9.748% $ 225,046,914.21 9.285%
ii A-1L Notes 78442GCD6 0.075% 1,160,500,000.00 45.253% 1,044,667,775.76 43.102%
iii A-2L Notes 78442GCE4 0.190% 1,064,250,000.00 41.499% 1,064,250,000.00 43.910%
iv Certificates 78442GCF1 0.550% 89,750,000.00 3.500% 89,750,000.00 3.703%
-----------------------------------------------------------------------------------------------------------------------------
v TOTAL NOTES AND CERTIFICATES $ 2,564,500,000.00 100.000% $ 2,423,714,689.97 100.000%
=============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------
RESERVE ACCOUNT 04/26/2000 10/25/2000
-----------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($) $ 6,257,716.00
iii Specified Reserve Acct Balance ($) $ 5,923,371.27
iv Reserve Account Floor Balance ($) $ 2,503,086.00 $ 2,503,086.00
v Current Reserve Acct Balance ($) $ 6,257,716.00 $ 5,923,371.27
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
--------------------------------------------------------------------------------
II. 2000-3 TRANSACTIONS FROM: 03/27/2000 THROUGH 09/30/2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 120,086,708.22
ii Principal Collections from Guarantor 3,252,160.27
iii Principal Reimbursements 37,860,407.20
iv Other System Adjustments 0.00
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 161,199,275.69
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $2,845,594.23
ii Capitalized Interest (42,237,804.71)
----------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (39,392,210.48)
----------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 121,807,065.21
----------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 57,550,647.16
ii Interest Claims Received from Guarantors 97,865.00
iii Late Fee Reimbursements 973,039.62
iv Interest Reimbursements 740,743.77
v Other System Adjustments 0.00
vi Special Allowance Payments 5,879,331.67
vii Subsidy Payments 6,640,715.25
----------------
viii TOTAL INTEREST COLLECTIONS $ 71,882,342.47
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment ($2,707,907.75)
ii Capitalized Interest 42,237,804.71
----------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 39,529,896.96
----------------------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $111,412,239.43
----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
--------------------------------------------------------------------------------
III. 2000-3 COLLECTION ACCOUNT ACTIVITY 03/27/2000 THROUGH 09/30/2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $ 123,338,868.49
ii Cash Forwarded by Administrator on behalf of Seller 1,540,471.98
iii Cash Forwarded by Administrator on behalf of Servicer 3,074.87
iv Cash Forwarded by Administrator for Consolidation Activity 36,316,860.35
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 161,199,275.69
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $70,168,559.08
ii Cash Forwarded by Administrator on behalf of Seller 18,552.56
iii Cash Forwarded by Administrator on behalf of Servicer 2,316.73
iv Cash Forwarded by Administrator for Consolidation Activity 719,874.48
v Cash Forwarded by Administrator for Late Fee Activity 973,039.62
----------------
vi TOTAL INTEREST COLLECTIONS $ 71,882,342.47
C OTHER REIMBURSEMENTS $465,385.39
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $3,063,364.99
E RETURN FUNDS BORROWED FOR PREVIOUS DISTRIBUTION $ -
F TOTAL FUNDS RECEIVED $ 236,610,368.54
LESS FUNDS PREVIOUSLY REMITTED:
SERVICING FEES ($6,780,028.32)
CONSOLIDATION LOAN REBATE FEES ($1,080,499.00)
-----------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 228,749,841.22
-----------------------------------------------------------------------------------------
G SERVICING FEE CALCULATION-CURRENT MONTH
i Primary Servicing Fee - Non-Consolidation Loans $1,410,813.04
ii Primary Servicing Fee - Consolidation Loans $201,031.81
H SERVICING FEES DUE FOR CURRENT PERIOD $1,611,844.85
LESS: Servicing ADJ [A iii + B iii] ($5,391.60)
I CARRYOVER SERVICING FEES DUE $0.00
J ADMINISTRATION FEES DUE $20,000.00
K AGGREGATE SWAP FEES DUE $146,263.54
-----------------------------------------------------------------------------------------
L TOTAL FEES DUE FOR PERIOD $ 1,772,716.79
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
-------------------------------------------------------------------------------
IV. 2000-3 PORTFOLIO CHARACTERISTICS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
WEIGHTED AVG COUPON # OF LOANS %
-----------------------------------------------------------------------------------------------------------------------------
STATUS 3/27/2000 9/30/2000 3/27/2000 9/30/2000 3/27/2000 9/30/2000
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 7.167% 8.150% 46,711 38,112 8.919% 7.569%
GRACE
Current 6.566% 8.166% 83,311 20,871 15.908% 4.145%
-----------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 6.816% 8.156% 130,022 58,983 24.827% 11.714%
-----------------------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current 7.913% 8.553% 254,713 272,519 48.637% 54.123%
31-60 Days Delinquent 7.965% 8.498% 13,362 18,553 2.552% 3.685%
61-90 Days Delinquent 7.941% 8.393% 8,292 16,916 1.583% 3.359%
91-120 Days Delinquent 7.762% 8.419% 5,857 6,147 1.118% 1.221%
> 120 Days Delinquent 0.000% 8.393% - 10,990 0.000% 2.183%
DEFERMENT
Current 7.453% 8.289% 49,334 55,234 9.420% 10.969%
FORBEARANCE
Current 7.828% 8.405% 62,124 63,817 11.863% 12.674%
-----------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.851% 8.491% 393,682 444,176 75.173% 88.214%
-----------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.000% 8.530% - 361 0.000% 0.072%
AGED CLAIMS REJECTED (2) 0.000% 0.000% - - 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.666% 8.458% 523,704 503,520 100.000% 100.000%
-----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------
PRINCIPAL AMOUNT %
--------------------------------------------------------------------------------------------
STATUS 3/27/2000 9/30/2000 3/27/2000 9/30/2000
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current $ 177,448,446.12 $ 131,293,596.71 7.192% 5.598%
GRACE
Current 248,229,701.24 $ 81,699,105.46 10.061% 3.483%
----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 425,678,147.36 $ 212,992,702.17 17.253% 9.081%
---------------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current $ 1,377,073,088.08 $ 1,371,253,269.12 55.812% 58.463%
31-60 Days Delinquent $ 68,636,172.61 $ 81,825,722.87 2.782% 3.489%
61-90 Days Delinquent $ 38,745,676.97 $ 64,317,868.10 1.570% 2.742%
91-120 Days Delinquent $ 24,232,641.83 $ 23,342,874.61 0.982% 0.995%
> 120 Days Delinquent $ - $ 36,478,521.11 0.000% 1.555%
DEFERMENT
Current $ 221,020,478.75 $ 235,588,822.15 8.958% 10.044%
FORBEARANCE
Current $ 311,936,523.59 $ 318,380,357.81 12.643% 13.574%
---------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 2,041,644,581.83 $ 2,131,187,435.77 82.747% 90.862%
---------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) $ - $ 1,335,526.04 0.000% 0.057%
AGED CLAIMS REJECTED (2) $ - $ - 0.000% 0.000%
---------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 2,467,322,729.19 $ 2,345,515,663.98 100.000% 100.000%
---------------------------------------------------------------------------------------------------------------------
</TABLE>
[CHART] [CHART]
LOAN STATUS BY OUTSTANDING LOAN STATUS BY OUTSTANDING
PRINCIPAL, MARCH 27, 2000 PRINCIPAL, SEPTEMBER 30, 2000
(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. 2000-3 PORTFOLIO CHARACTERISTICS BY SCHOOL AND PROGRAM 9/30/00
-------------------------------------------------------------------------------
<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 3.048% 1.674% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 1.827% 1.206% 0.000% 0.000% 0.000% 0.000%
----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 4.875% 2.880% 0.000% 0.000% 0.000% 0.000%
----------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 14.429% 7.485% 0.140% 0.708% 13.739% 1.234%
31-60 Days Delinquent 0.899% 0.464% 0.005% 0.044% 0.448% 0.075%
61-90 Days Delinquent 0.945% 0.549% 0.001% 0.014% 0.146% 0.063%
91-120 Days Delinquent 0.295% 0.149% 0.001% 0.009% 0.050% 0.025%
> 120 Days Delinquent 0.470% 0.238% 0.001% 0.003% 0.055% 0.035%
DEFERMENT
Current 4.358% 2.376% 0.013% 0.048% 0.442% 0.357%
FORBEARANCE
Current 4.535% 2.979% 0.020% 0.105% 1.043% 0.496%
----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 25.931% 14.240% 0.181% 0.931% 15.923% 2.285%
----------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.021% 0.010% 0.000% 0.000% 0.006% 0.002%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 30.827% 17.130% 0.181% 0.931% 15.929% 2.287%
----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 67.285%
------------------------------------------------------------------------------------------------------------------
<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 0.230% 0.129% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.118% 0.059% 0.000% 0.000% 0.000% 0.000%
-------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.348% 0.188% 0.000% 0.000% 0.000% 0.000%
-------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 0.968% 0.518% 0.002% 0.026% 0.366% 0.046%
31-60 Days Delinquent 0.124% 0.064% 0.000% 0.004% 0.018% 0.007%
61-90 Days Delinquent 0.146% 0.076% 0.000% 0.000% 0.006% 0.005%
91-120 Days Delinquent 0.054% 0.025% 0.000% 0.000% 0.001% 0.002%
> 120 Days Delinquent 0.119% 0.052% 0.001% 0.000% 0.002% 0.006%
DEFERMENT
Current 0.334% 0.173% 0.000% 0.003% 0.015% 0.018%
FORBEARANCE
Current 0.474% 0.255% 0.001% 0.006% 0.038% 0.027%
-------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 2.219% 1.163% 0.004% 0.039% 0.446% 0.111%
-------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.002% 0.000% 0.000% 0.001% 0.000% 0.000%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
-------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 2.569% 1.351% 0.004% 0.040% 0.446% 0.111%
-------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 4.521%
-------------------------------------------------------------------------------------------------------------
<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 0.197% 0.201% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.111% 0.102% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.308% 0.303% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 1.465% 1.350% 0.002% 0.048% 1.240% 0.119%
31-60 Days Delinquent 0.190% 0.161% 0.001% 0.004% 0.069% 0.017%
61-90 Days Delinquent 0.145% 0.123% 0.000% 0.001% 0.030% 0.008%
91-120 Days Delinquent 0.079% 0.064% 0.000% 0.000% 0.016% 0.007%
> 120 Days Delinquent 0.172% 0.142% 0.000% 0.000% 0.020% 0.008%
DEFERMENT
Current 0.235% 0.212% 0.001% 0.004% 0.028% 0.018%
FORBEARANCE
Current 0.548% 0.470% 0.002% 0.003% 0.143% 0.039%
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 2.834% 2.522% 0.006% 0.060% 1.546% 0.216%
-----------------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.002% 0.002% 0.000% 0.000% 0.001% 0.001%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 3.144% 2.827% 0.006% 0.060% 1.547% 0.217%
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 7.801%
-----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
UNKNOWN
----------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 0.060% 0.059% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.030% 0.030% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.090% 0.089% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 0.134% 0.114% 2.401% 11.857% 0.043% 0.029%
31-60 Days Delinquent 0.014% 0.013% 0.151% 0.715% 0.001% 0.001%
61-90 Days Delinquent 0.014% 0.012% 0.086% 0.368% 0.000% 0.004%
91-120 Days Delinquent 0.002% 0.001% 0.048% 0.166% 0.000% 0.001%
> 120 Days Delinquent 0.008% 0.006% 0.037% 0.177% 0.000% 0.003%
DEFERMENT
Current 0.119% 0.117% 0.249% 0.898% 0.001% 0.025%
FORBEARANCE
Current 0.135% 0.135% 0.426% 1.655% 0.005% 0.034%
-----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 0.426% 0.398% 3.398% 15.836% 0.050% 0.097%
-----------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.000% 0.000% 0.000% 0.009% 0.000% 0.000%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 0.516% 0.487% 3.398% 15.845% 0.050% 0.097%
-----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 20.393%
-----------------------------------------------------------------------------------------------------------------
</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.
[CHART]
LOAN PROGRAMS SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
FOUR YEAR TWO YEAR TECHNICAL
SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 4.722% 0.359% 0.398% 0.119% 5.598%
GRACE
Current 3.033% 0.177% 0.213% 0.060% 3.483%
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.755% 0.536% 0.611% 0.179% 9.081%
-----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 37.735% 1.926% 4.224% 14.578% 58.463%
31-60 Days Delinquent 1.935% 0.217% 0.442% 0.895% 3.489%
61-90 Days Delinquent 1.718% 0.233% 0.307% 0.484% 2.742%
91-120 Days Delinquent 0.529% 0.082% 0.166% 0.218% 0.995%
> 120 Days Delinquent 0.802% 0.180% 0.342% 0.231% 1.555%
DEFERMENT
Current 7.594% 0.543% 0.498% 1.409% 10.044%
FORBEARANCE
Current 9.178% 0.801% 1.205% 2.390% 13.574%
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 59.491% 3.982% 7.184% 20.205% 90.862%
-----------------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.039% 0.003% 0.006% 0.009% 0.057%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 67.285% 4.521% 7.801% 20.393% 100.000%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
-------------------------------------------------------------------------------
VI. 2000-3 STUDENT LOAN RATE CALCULATION AND FLOATING RATE SWAP PAYMENTS
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 87,388,152.88
B Interest Subsidy Payments Accrued During Collection Period 12,004,481.15
C SAP Payments Accrued During Collection Period 9,939,406.87
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 176,063.59
E Investment Earnings (ADMINISTRATOR ACCOUNTS) 3,063,364.99
-----------------
F NET EXPECTED INTEREST COLLECTIONS $ 112,571,469.48
G STUDENT LOAN RATE
i Days in Calculation Period 182
ii Days in Year 360
iii Net Expected Interest Collections $ 112,571,469.48
iv Primary Servicing Fee $ 8,391,873.17
v Administration Fee $ 20,000.00
vi Aggregate Swap Fees $ 146,263.54
vii Total Pool Balance at Beginning of Collection Period $2,503,086,409.77
viii STUDENT LOAN RATE (ii/i) * ((iii-iv-v-vi)/vii) 8.21948%
H FLOATING RATE SWAP PAYMENTS DUE TO THE TRUST
</TABLE>
<TABLE>
<CAPTION>
CLASS A-1L CLASS A-2L CERTIFICATES
--------------------------------------------------------
<S> <C> <C> <C>
i Aggregate Notional Swap Amounts 1,160,500,000 1,064,250,000 89,750,000
ii Libor Based Interest Rates/Rate of Return 6.59938% 6.71438% 7.07438%
iii Student Loan Rate Cap 8.21948% 8.21948% 8.21948%
iv Excess Over Cap (ii-iii) 0.00000% 0.00000% 0.00000%
v FLOATING RATE SWAP PAYMENTS DUE TO THE TRUST $ 0.00 $ 0.00 $ 0.00
</TABLE>
-------------------------------------------------------------------------------
VII. 2000-3 ACCRUED INTEREST FACTORS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ACCRUED
INT FACTOR ACCRUAL PERIOD
----------- --------------
<S> <C> <C> <C>
A Class A-1T T-Bill Based Interest Rate 6.95646%
B CLASS A-1T INTEREST RATE 0.034592240 (4/26/00-10/25/00) 6.95646%
C Class A-1L Libor Based Interest Rate 6.59938%
D CLASS A-1L INTEREST RATE 0.033363532 (4/26/00-10/25/00) 6.59938%
E Class A-2L Libor Based Interest Rate 6.71438%
F CLASS A-2L INTEREST RATE 0.033944921 (4/26/00-10/25/00) 6.71438%
G Certificate Libor Based Rate of Return 7.07438%
H CERTIFICATE RATE OF RETURN 0.035764921 (4/26/00-10/25/00) 7.07438%
</TABLE>
6
<PAGE>
-------------------------------------------------------------------------------
VIII. 2000-3 WEEKLY T-BILL RATE RESETS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
NUMBER OF
PERIOD DAYS WEIGHTED 91 DAY T-BILL A-1T RESET
-------------------------------------------------------------------------------
<S> <C> <C> <C>
4/26/00-5/1/00 6 5.7820% 6.6220%
5/2/00-5/8/00 7 5.9430% 6.7830%
5/9/00-5/15/00 7 6.1990% 7.0390%
5/16/00-5/22/00 7 6.2450% 7.0850%
5/23/00-5/30/00 8 5.9800% 6.8200%
5/31/00-6/05/00 6 5.8930% 6.7330%
6/6/00-6/12/00 7 5.9680% 6.8080%
6/13/00-6/19/00 7 5.9430% 6.7830%
6/20/00-6/26/00 7 5.8520% 6.6920%
6/27/00-7/03/00 7 5.8440% 6.6840%
7/4/00-7/10/00 7 6.0010% 6.8410%
7/11/00-7/17/00 7 6.0710% 6.9110%
7/18/00-7/24/00 7 6.1370% 6.9770%
7/25/00-7/31/00 7 6.1870% 7.0270%
8/1/00-8/7/00 7 6.2690% 7.1090%
8/8/00-8/14/00 7 6.2780% 7.1180%
8/15/00-8/21/00 7 6.2690% 7.1090%
8/22/00-8/28/00 7 6.2910% 7.1310%
8/29/00-9/5/00 8 6.3230% 7.1630%
9/6/00-9/11/00 6 6.2450% 7.0850%
9/12/00-9/18/00 7 6.1210% 6.9610%
9/19/00-9/25/00 7 6.1370% 6.9770%
9/26/00-10/02/00 7 6.1830% 7.0230%
10/3/00-10/10/00 8 6.2570% 7.0970%
10/11/00-10/16/00 6 6.2570% 7.0970%
10/17/00-10/24/00 8 6.2610% 7.1010%
TOTAL DAYS IN
ACCRUAL PERIOD 182
-------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
-------------------------------------------------------------------------------
IX. 2000-3 INPUTS FROM ORIGINAL DATA 3/27/00
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 2,467,322,729.19
ii Interest To Be Capitalized 35,763,680.58
-------------------
iii Total Pool $ 2,503,086,409.77
iv Specified Reserve Account Balance 6,257,716.00
-------------------
v TOTAL ADJUSTED POOL $ 2,509,344,125.77
===================
B Total Note and Certificate Factor 1.00000000000
C TOTAL NOTE AND CERTIFICATE BALANCE $ 2,564,500,000.00
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 4/26/2000 CLASS A-1T CLASS A-1L CLASS A-2L CERTIFICATES
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i Current Factor 1.0000000000 1.0000000000 1.0000000000 1.0000000000
ii Expected Note Balance $ 250,000,000.00 $ 1,160,500,000.00 $ 1,064,250,000.00 $ 89,750,000.00
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 $ 6,257,716.00
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
M Unpaid Floating Rate
Swap Payment Reimbursements $ 0.00
N Interest Due on Unpaid Floating
Rate Swap Payment Reimbursements $ 0.00
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
-------------------------------------------------------------------------------
X. 2000-3 WATERFALL FOR DISTRIBUTIONS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
REMAINING
FUNDS BALANCE
-------------
<S> <C> <C>
A Total Available Funds ( Sections III-F
+ VI-H-v + VI-D + XI-G-vii ) $ 229,260,249.54 $ 229,260,249.54
B Primary Servicing Fees-Current Month $ 1,606,453.25 $ 227,653,796.29
C Administration Fee $ 20,000.00 $ 227,633,796.29
D Swap Fees
i Fixed Rate Swap Payment $ 73,131.77 $ 227,560,664.52
ii Fixed Rate Swap Payment $ 73,131.77 $ 227,487,532.75
----------------
iii TOTAL SWAP FEES $ 146,263.54
E Noteholder's Interest
Distribution Amount
i Class A-1T $ 8,648,060.00 $ 218,839,472.75
ii Class A-1L $ 38,718,378.89 $ 180,121,093.86
iii Class A-2L $ 36,125,882.17 $ 143,995,211.69
----------------
iv TOTAL NOTEHOLDER'S
INTEREST DISTRIBUTION $ 83,492,321.06
F CERTIFICATEHOLDER'S RETURN
DISTRIBUTION AMOUNT $ 3,209,901.66 $ 140,785,310.03
G Noteholder's Principal
Distribution Amount Paid
i Class A-1T $ 24,953,085.79 $ 115,832,224.24
ii Class A-1L $ 115,832,224.24 $ 0.00
iii Class A-2L $ 0.00 $ 0.00
----------------
iv TOTAL NOTEHOLDER'S
PRINCIPAL DISTRIBUTION $ 140,785,310.03
H CERTIFICATEHOLDER'S BALANCE
DISTRIBUTION AMOUNT $ 0.00 $ 0.00
I Increase to the Specified
Reserve Account Balance $ 0.00 $ 0.00
J Floating Rate Swap Payment
Reimbursement $ 0.00 $ 0.00
K Carryover Servicing Fees $ 0.00 $ 0.00
L 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
M CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 0.00
N EXCESS TO RESERVE ACCOUNT $ 0.00 $ 0.00
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
-------------------------------------------------------------------------------
XI. 2000-3 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 $ 8,648,060.00 $ 38,718,378.89 $ 36,125,882.17 $ 3,209,901.66
ii Quarterly Interest Paid 8,648,060.00 38,718,378.89 36,125,882.17 3,209,901.66
------------ ------------- ------------- ------------
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 $ 33,539,191.60 $ 155,688,927.40 $ 0.00 $ 0.00
viii Quarterly Principal Paid 24,953,085.79 115,832,224.24 0.00 0.00
------------- -------------- ---- ----
ix QUARTERLY PRINCIPAL SHORTFALL $ 8,586,105.81 $ 39,856,703.16 $ 0.00 $ 0.00
----------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 33,601,145.79 $ 154,550,603.13 $ 36,125,882.17 $ 3,209,901.66
----------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates
Principal Balance 9/30/00 $2,564,500,000.00
ii Adjusted Pool Balance 9/30/00 2,375,271,881.00
-----------------
iii Adjusted Pool Exceeding Notes and
Certificate Balance (i-ii) $ 189,228,119.00
=================
iv Adjusted Pool Balance 3/27/00 $2,509,344,125.77
v Adjusted Pool Balance 9/30/00 2,375,271,881.00
-----------------
vi Current Principal Due (iv-v) $ 134,072,244.77
vii Notes and Certificates Issued
Exceeding Adjusted Pool Balance 55,155,874.23
-----------------
viii Principal Distribution
Amount (vi + vii) $ 189,228,119.00
=================
ix PRINCIPAL DISTRIBUTION
AMOUNT PAID $ 140,785,310.03
x Principal Shortfall (viii - ix) $ 48,442,808.97
C Total Principal Distribution $ 140,785,310.03
D Total Interest Distribution 86,702,222.72
-----------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND
CERTIFICATES $ 227,487,532.75
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 04/26/2000 10/25/2000
-------------------------------------------------------------------------------
<S> <C> <C>
i A-1T Note Balance (78442GCC8) $ 250,000,000.00 $ 225,046,914.21
A-1T Note Pool Factor 1.0000000000 0.9001876568
ii A-1L Note Balance (78442GCD6) $1,160,500,000.00 $1,044,667,775.76
A-1L Note Pool Factor 1.0000000000 0.9001876568
iii A-2L Note Balance (78442GCE4) $1,064,250,000.00 $1,064,250,000.00
A-2L Note Pool Factor 1.0000000000 1.0000000000
iv Certificate Balance (78442GCF1) $ 89,750,000.00 $ 89,750,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
-------------------------------------------------------------------------------
G RESERVE ACCOUNT RECONCILIATION
i Beginning of Period Balance $ 6,257,716.00
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 0.00
-----------------
iv Total Reserve Account Balance
Available $ 6,257,716.00
v Required Reserve Account Balance $ 5,923,371.27
vi Shortfall Carried to Next Period $ -
vii EXCESS RESERVE - RELEASE TO
WATERFALL $ 334,344.73
viii Ending Reserve Account Balance $ 5,923,371.27
</TABLE>
-------------------------------------------------------------------------------
10
<PAGE>
-------------------------------------------------------------------------------
XII. 2000-3 HISTORICAL POOL INFORMATION
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------
3/27/00-9/30/00
--------------------------------------------------------------------------------------------
<S> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 2,467,322,729.19
--------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 120,086,708.22
ii Principal Collections from Guarantor 3,252,160.27
iii Principal Reimbursements 37,860,407.20
iv Other System Adjustments -
-----------------------
v Total Principal Collections $ 161,199,275.69
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,845,594.23
ii Capitalized Interest (42,237,804.71)
-----------------------
iii Total Non-Cash Principal Activity $ (39,392,210.48)
--------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 121,807,065.21
--------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 57,550,647.16
ii Interest Claims Received from Guarantors 97,865.00
iii Late Fee Reimbursements 973,039.62
iv Interest Reimbursements 740,743.77
v Other System Adjustments -
vi Special Allowance Payments 5,879,331.67
vii Subsidy Payments 6,640,715.25
-----------------------
viii Total Interest Collections $ 71,882,342.47
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,707,907.75)
ii Capitalized Interest 42,237,804.71
-----------------------
iii Total Non-Cash Interest Adjustments $ 39,529,896.96
-----------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 111,412,239.43
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 2,345,515,663.98
--------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 23,832,845.75
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 2,369,348,509.73
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 5,923,371.27
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 2,375,271,881.00
--------------------------------------------------------------------------------------------
</TABLE>
-------------------------------------------------------------------------------
11
<PAGE>
-------------------------------------------------------------------------------
XIII. 2000-3 PAYMENT HISTORY AND CPRS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
<S> <C> <C>
Oct-00 $ 2,369,348,510 5.84%
</TABLE>
* "SINCE ISSUED CPR" IS BASED ON THE CURRENT PERIOD'S ENDING POOL BALANCE
CALCULATED AGAINST THE ORIGINAL POOL BALANCE AND ASSUMING CUTOFF DATE POOL
DATA.
-------------------------------------------------------------------------------
12
<PAGE>
SLM STUDENT LOAN TRUST 2000-4
QUARTERLY SERVICING REPORT
REPORT DATE: 09/30/2000 REPORTING PERIOD: 7/24/00-9/30/00
--------------------------------------------------------------------------------
I. DEAL PARAMETERS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PORTFOLIO CHARACTERISTICS 07/24/2000 ACTIVITY 09/30/2000
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 1,983,787,856.25 $ (38,212,316.17) $ 1,945,575,540.08
ii Interest to be Capitalized 18,630,204.50 16,796,258.92
------------------- -------------------
iii Total Pool $ 2,002,418,060.75 $ 1,962,371,799.00
iv Specified Reserve Account Balance 5,006,045.00 4,905,929.50
------------------- -------------------
v TOTAL ADJUSTED POOL $ 2,007,424,105.75 $ 1,967,277,728.50
=================== -------------------
B i Weighted Average Coupon (WAC) 8.4483% 8.4387%
ii Weighted Average Remaining Term 111.46 111.52
iii Number of Loans 643,799 634,235
iv Number of Borrowers 279,413 275,625
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
% OF % OF
NOTES AND CERTIFICATES SPREAD BALANCE 9/26/00 O/S SECURITIES BALANCE 10/25/00 O/S SECURITIES
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GCH7 0.050% $ 1,290,950,000.00 62.836% $ 1,235,145,591.40 61.798%
ii A-2 Notes 78442GCJ3 0.160% 691,625,000.00 33.664% 691,625,000.00 34.604%
iii B Notes 78442GCK0 0.550% 71,907,000.00 3.500% 71,907,000.00 3.598%
-----------------------------------------------------------------------------------------------------------------------------
v TOTAL NOTES $ 2,054,482,000.00 100.000% $ 1,998,677,591.40 100.000%
=============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------
RESERVE ACCOUNT 09/26/2000 10/25/2000
-----------------------------------------------------------------------------------------
<S> <C> <C>
i Required Reserve Acct Deposit (%) 0.25% 0.25%
D ii Reserve Acct Initial Deposit ($) $ 5,006,045.00
iii Specified Reserve Acct Balance ($) $ 4,905,929.50
iv Reserve Account Floor Balance ($) $ 2,002,418.00 $ 2,002,418.00
v Current Reserve Acct Balance ($) $ 5,006,045.00 $ 4,905,929.50
-----------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
--------------------------------------------------------------------------------
II. 2000-4 TRANSACTIONS FROM: 07/24/2000 THROUGH 09/30/2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 40,629,343.43
ii Principal Collections from Guarantor 582,527.82
iii Principal Reimbursements 9,262,758.09
iv Other System Adjustments 0.00
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 50,474,629.34
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $953,736.51
ii Capitalized Interest (13,216,049.68)
----------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (12,262,313.17)
----------------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 38,212,316.17
----------------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 15,975,389.94
ii Interest Claims Received from Guarantors 18,737.25
iii Late Fee Reimbursements 332,555.99
iv Interest Reimbursements 119,015.38
v Other System Adjustments 0.00
vi Special Allowance Payments 0.00
vii Subsidy Payments 0.00
----------------
viii TOTAL INTEREST COLLECTIONS $ 16,445,698.56
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment ($915,270.23)
ii Capitalized Interest 13,216,049.68
-----------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 12,300,779.45
----------------------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 28,746,478.01
----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
--------------------------------------------------------------------------------
III. 2000-4 COLLECTION ACCOUNT ACTIVITY 07/24/2000 THROUGH 09/30/2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $ 41,211,871.25
ii Cash Forwarded by Administrator on behalf of Seller 1,428,236.05
iii Cash Forwarded by Administrator on behalf of Servicer 1,698.12
iv Cash Forwarded by Administrator for Consolidation Activity 7,832,823.92
----------------
v TOTAL PRINCIPAL COLLECTIONS $ 50,474,629.34
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 15,994,127.19
ii Cash Forwarded by Administrator on behalf of Seller 18,610.17
iii Cash Forwarded by Administrator on behalf of Servicer 276.23
iv Cash Forwarded by Administrator for Consolidation Activity 100,128.98
v Cash Forwarded by Administrator for Late Fee Activity 332,555.99
----------------
vi TOTAL INTEREST COLLECTIONS $ 16,445,698.56
C OTHER REIMBURSEMENTS $ 130,903.98
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 56,114.10
E RETURN FUNDS BORROWED FOR PREVIOUS DISTRIBUTION $ -
F TOTAL FUNDS RECEIVED $ 67,107,345.98
LESS FUNDS PREVIOUSLY REMITTED:
SERVICING FEES $ -
-----------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 67,107,345.98
-----------------------------------------------------------------------------------------
I SERVICING FEES DUE FOR CURRENT PERIOD $ 242,797.34
LESS: Servicing ADJ [A iii + B iii] $ (1,974.35)
J CARRYOVER SERVICING FEES DUE $ -
K ADMINISTRATION FEES DUE $ 20,000.00
L AGGREGATE SWAP FEES DUE $ 16,549.99
-----------------------------------------------------------------------------------------
M TOTAL FEES DUE FOR PERIOD $ 277,372.98
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
-------------------------------------------------------------------------------
IV. 2000-4 PORTFOLIO CHARACTERISTICS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------
WEIGHTED AVG COUPON # OF LOANS %
-----------------------------------------------------------------
STATUS 7/24/2000 9/30/2000 7/24/2000 9/30/2000 7/24/2000 9/30/2000
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 8.256% 8.219% 23,815 24,631 3.699% 3.884%
GRACE
Current 8.253% 8.244% 32,048 30,291 4.978% 4.776%
-----------------------------------------------------------------------------------------------
TOTAL INTERIM 8.254% 8.234% 55,863 54,922 8.677% 8.660%
-----------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current 8.473% 8.489% 394,697 354,751 61.308% 55.933%
31-60 Days Delinquent 8.517% 8.483% 27,705 28,773 4.303% 4.537%
61-90 Days Delinquent 8.513% 8.404% 14,306 22,997 2.222% 3.626%
91-120 Days Delinquent 8.511% 8.509% 6,349 9,280 0.986% 1.463%
> 120 Days Delinquent 8.465% 8.477% 7,351 10,938 1.142% 1.725%
DEFERMENT
Current 8.448% 8.345% 53,652 66,902 8.334% 10.548%
FORBEARANCE
Current 8.436% 8.436% 83,876 85,396 13.028% 13.464%
-----------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.468% 8.460% 587,936 579,037 91.323% 91.296%
-----------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.000% 8.556% - 276 0.000% 0.044%
AGED CLAIMS REJECTED (2) 0.000% 0.000% - - 0.000% 0.000%
-----------------------------------------------------------------------------------------------
GRAND TOTAL 8.448% 8.439% 643,799 634,235 100.000% 100.000%
-----------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------
PRINCIPAL AMOUNT %
------------------------------------------------------------------
STATUS 7/24/2000 9/30/2000 7/24/2000 9/30/2000
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current $ 68,983,491.67 $ 71,840,895.26 3.477% 3.693%
GRACE
Current $ 105,002,001.54 $ 99,493,225.24 5.293% 5.114%
------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 173,985,493.21 $ 171,334,120.50 8.770% 8.807%
------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current $ 1,187,054,864.64 $ 1,059,361,341.67 59.838% 54.450%
31-60 Days Delinquent $ 83,724,244.16 $ 84,232,006.16 4.221% 4.329%
61-90 Days Delinquent $ 43,446,952.93 $ 65,707,872.18 2.190% 3.377%
91-120 Days Delinquent $ 19,089,398.24 $ 26,718,034.37 0.962% 1.373%
> 120 Days Delinquent $ 21,223,920.09 $ 30,865,121.59 1.070% 1.586%
DEFERMENT
Current $ 157,058,045.65 $ 199,763,919.48 7.917% 10.268%
FORBEARANCE
Current $ 298,204,937.33 $ 306,570,628.53 15.032% 15.757%
------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 1,809,802,363.04 $ 1,773,218,923.98 91.230% 91.140%
------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) $ - $ 1,022,495.60 0.000% 0.053%
AGED CLAIMS REJECTED (2) $ - $ - 0.000% 0.000%
------------------------------------------------------------------------------------------------
GRAND TOTAL $ 1,983,787,856.25 $ 1,945,575,540.08 100.000% 100.000%
------------------------------------------------------------------------------------------------
</TABLE>
[CHART] [CHART]
LOAN STATUS BY OUTSTANDING LOAN STATUS BY OUTSTANDING
PRINCIPAL, JULY 24, 2000 PRINCIPAL, SEPTEMBER 30, 2000
(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. 2000-4 PORTFOLIO CHARACTERISTICS BY SCHOOL AND PROGRAM 9/30/00
-------------------------------------------------------------------------------
<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 2.081% 1.125% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 3.473% 1.267% 0.000% 0.000% 0.000% 0.000%
-------------------------------------------------------------------------------------------------------
TOTAL INTERIM 5.554% 2.392% 0.000% 0.000% 0.000% 0.000%
-------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 28.014% 11.674% 0.000% 0.000% 4.771% 1.581%
31-60 Days Delinquent 2.067% 0.802% 0.000% 0.000% 0.253% 0.152%
61-90 Days Delinquent 1.585% 0.786% 0.000% 0.000% 0.125% 0.095%
91-120 Days Delinquent 0.624% 0.219% 0.000% 0.000% 0.061% 0.066%
> 120 Days Delinquent 0.663% 0.234% 0.000% 0.000% 0.045% 0.057%
DEFERMENT
Current 5.642% 2.383% 0.000% 0.000% 0.319% 0.372%
FORBEARANCE
Current 7.550% 3.822% 0.000% 0.000% 0.725% 0.607%
-------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 46.145% 19.920% 0.000% 0.000% 6.299% 2.930%
-------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.022% 0.012% 0.000% 0.000% 0.005% 0.004%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
-------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL PROGRAM 51.721% 22.324% 0.000% 0.000% 6.304% 2.934%
-------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 83.283%
-------------------------------------------------------------------------------------------------------
<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 0.179% 0.114% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.132% 0.076% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.311% 0.190% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 2.001% 0.908% 0.000% 0.000% 0.231% 0.112%
31-60 Days Delinquent 0.258% 0.113% 0.000% 0.000% 0.016% 0.016%
61-90 Days Delinquent 0.242% 0.110% 0.000% 0.000% 0.006% 0.008%
91-120 Days Delinquent 0.111% 0.045% 0.000% 0.000% 0.005% 0.009%
> 120 Days Delinquent 0.142% 0.048% 0.000% 0.000% 0.002% 0.010%
DEFERMENT
Current 0.533% 0.237% 0.000% 0.000% 0.019% 0.031%
FORBEARANCE
Current 0.801% 0.365% 0.000% 0.000% 0.030% 0.046%
-----------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 4.088% 1.826% 0.000% 0.000% 0.309% 0.232%
-----------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.004% 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 4.403% 2.016% 0.000% 0.000% 0.309% 0.232%
-----------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 6.960%
-----------------------------------------------------------------------------------------------------------
</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 0.080% 0.074% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.043% 0.034% 0.000% 0.000% 0.000% 0.000%
-------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.123% 0.108% 0.000% 0.000% 0.000% 0.000%
-------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 2.297% 1.425% 0.000% 0.000% 0.904% 0.195%
31-60 Days Delinquent 0.325% 0.198% 0.000% 0.000% 0.065% 0.033%
61-90 Days Delinquent 0.218% 0.131% 0.000% 0.000% 0.032% 0.019%
91-120 Days Delinquent 0.128% 0.073% 0.000% 0.000% 0.011% 0.014%
> 120 Days Delinquent 0.211% 0.124% 0.000% 0.000% 0.017% 0.020%
DEFERMENT
Current 0.341% 0.215% 0.000% 0.000% 0.022% 0.030%
FORBEARANCE
Current 0.893% 0.567% 0.000% 0.000% 0.099% 0.079%
-------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 4.413% 2.733% 0.000% 0.000% 1.150% 0.390%
-------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.003% 0.002% 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 4.539% 2.843% 0.000% 0.000% 1.151% 0.390%
-------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 8.923%
-------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------
UNKNOWN
-----------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
<S> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 0.024% 0.016% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.045% 0.044% 0.000% 0.000% 0.000% 0.000%
------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.069% 0.060% 0.000% 0.000% 0.000% 0.000%
------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 0.199% 0.096% 0.000% 0.000% 0.020% 0.022%
31-60 Days Delinquent 0.018% 0.009% 0.000% 0.000% 0.001% 0.003%
61-90 Days Delinquent 0.010% 0.008% 0.000% 0.000% 0.000% 0.002%
91-120 Days Delinquent 0.005% 0.002% 0.000% 0.000% 0.000% 0.000%
> 120 Days Delinquent 0.007% 0.005% 0.000% 0.000% 0.000% 0.001%
DEFERMENT
Current 0.068% 0.042% 0.000% 0.000% 0.001% 0.013%
FORBEARANCE
Current 0.098% 0.059% 0.000% 0.000% 0.002% 0.014%
------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 0.405% 0.221% 0.000% 0.000% 0.024% 0.055%
------------------------------------------------------------------------------------------------------------
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 0.474% 0.281% 0.000% 0.000% 0.024% 0.055%
------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 0.834%
------------------------------------------------------------------------------------------------------------
</TABLE>
[CHART]
LOAN PROGRAMS SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
------------------------------------------------------
<S> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 3.206% 0.293% 0.154% 0.040% 3.693%
GRACE
Current 4.740% 0.208% 0.077% 0.089% 5.114%
------------------------------------------------------------------------------------
TOTAL INTERIM 7.946% 0.501% 0.231% 0.129% 8.807%
------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 46.040% 3.252% 4.821% 0.337% 54.450%
31-60 Days 3.274% 0.403% 0.621% 0.031% 4.329%
Delinquent
61-90 Days 2.591% 0.366% 0.400% 0.020% 3.377%
Delinquent
91-120 Days 0.970% 0.170% 0.226% 0.007% 1.373%
Delinquent
> 120 Days 0.999% 0.202% 0.372% 0.013% 1.586%
Delinquent
DEFERMENT
Current 8.716% 0.820% 0.608% 0.124% 10.268%
FORBEARANCE
Current 12.704% 1.242% 1.638% 0.173% 15.757%
------------------------------------------------------------------------------------
TOTAL REPAYMENT 76.294% 6.455% 8.688% 0.705% 91.140%
------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.043% 0.004% 0.006% 0.000% 0.053%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000%
------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 83.283% 6.960% 8.923% 0.834% 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. 2000-4 STUDENT LOAN RATE CALCULATION AND FLOATING RATE SWAP PAYMENTS
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 27,216,636.15
B Interest Subsidy Payments Accrued During Collection Period 3,927,313.28
C SAP Payments Accrued During Collection Period 2,657,687.51
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 4,456.69
E Investment Earnings (ADMINISTRATOR ACCOUNTS) 56,114.10
---------
F NET EXPECTED INTEREST COLLECTIONS $ 33,862,207.73
G STUDENT LOAN RATE
i Days in Calculation Period 29
ii Days in Year 360
iii Net Expected Interest Collections $ 33,862,207.73
iv Primary Servicing Fee $ 242,797.34
v Administration Fee $ 20,000.00
vi Aggregate Swap Fees $ 16,549.99
vii Total Pool Balance at Beginning of Collection Period $ 2,002,418,060.75
viii STUDENT LOAN RATE ( ii / i ) * (( iii - iv - v - vi ) / vii ) 20.81936%
</TABLE>
H FLOATING RATE SWAP PAYMENTS DUE TO THE TRUST
<TABLE>
<CAPTION>
----------------------------------------------------
CLASS A-1 CLASS A-2 CLASS B
----------------------------------------------------
<S> <C> <C> <C>
i Aggregate Notional Swap Amounts
1,290,950,000 691,625,000 71,907,000
ii Libor Based Interest Rates 6.67063% 6.78063% 7.17063%
iii Student Loan Rate Cap 20.81936% 20.81936% 20.81936%
iv Excess Over Cap (ii-iii) 0.00000% 0.00000% 0.00000%
v FLOATING RATE SWAP PAYMENTS DUE TO THE TRUST $ 0.00 $ 0.00 $ 0.00
----------------------------------------------------
</TABLE>
-------------------------------------------------------------------------------
VII. 2000-4 ACCRUED INTEREST FACTORS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ACCRUED
INT FACTOR ACCRUAL PERIOD
---------- --------------
<S> <C> <C> <C>
A Class A-1 Libor Based 6.67063%
Interest Rate*
B CLASS A-1 INTEREST RATE 0.005373563 (9/26/00-10/25/00) 6.67063%
C Class A-2 Libor Based 6.78063%
Interest Rate*
D CLASS A-2 INTEREST RATE 0.005462174 (9/26/00-10/25/00) 6.78063%
E Class B Libor Based 7.17063%
Interest Rate*
F CLASS B INTEREST RATE 0.005776341 (9/26/00-10/25/00) 7.17063%
</TABLE>
* For the initial period, 1 Month Libor was used to calculate the interest
rate
6
<PAGE>
-------------------------------------------------------------------------------
VIII. 2000-4 INPUTS FROM ORIGINAL DATA 7/24/00
-------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,983,787,856.25
ii Interest To Be Capitalized 18,630,204.50
-----------------------
iii Total Pool $ 2,002,418,060.75
iv Specified Reserve Account
Balance 5,006,045.00
-----------------------
v TOTAL ADJUSTED POOL $ 2,007,424,105.75
=======================
B Total Note and Certificate Factor 1.00000000000
C TOTAL NOTE AND CERTIFICATE BALANCE $ 2,054,482,000.00
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 9/26/2000 CLASS A-1 CLASS A-2 CLASS B
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor 1.0000000000 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,290,950,000.00 $ 691,625,000.00 $ 71,907,000.00
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 $ 5,006,045.00
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
M Unpaid Floating Rate Swap Payment
Reimbursements $ 0.00
N Interest Due on Unpaid Floating Rate Swap
Pament Reimbursements $ 0.00
-------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
-------------------------------------------------------------------------------
IX. 2000-4 WATERFALL FOR DISTRIBUTIONS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
REMAINING
FUNDS BALANCE
--------------------
<S> <C> <C>
A Total Available Funds ( Sections III-F + VI-D +
VI-H-v + VI-H-v + X-vii ) $ 67,211,918.17 $ 67,211,918.17
B Primary Servicing Fees-Current Month $ 240,822.99 $ 66,971,095.18
C Administration Fee $ 20,000.00 $ 66,951,095.18
D Swap Fees
i Fixed Rate Swap Payment $ 6,261.11 $ 66,944,834.07
ii Fixed Rate Swap Payment $ 6,261.11 $ 66,938,572.96
iii Fixed Rate Swap Payment $ 4,027.77 $ 66,934,545.19
----------------------
iv TOTAL SWAP FEES $ 16,549.99
E Noteholder's Interest Distribution Amount
i Class A-1 $ 6,937,001.15 $ 59,997,544.04
ii Class A-2 $ 3,777,776.09 $ 56,219,767.95
iii Class B $ 415,359.35 $ 55,804,408.60
----------------------
iv TOTAL NOTEHOLDER'S INTEREST
DISTRIBUTION $ 11,130,136.59
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 55,804,408.60 $ (0.00)
ii Class A-2 $ 0.00 $ (0.00)
iii Class B $ 0.00 $ (0.00)
----------------------
iv TOTAL NOTEHOLDER'S PRINCIPAL
DISTRIBUTION $ 55,804,408.60
G Increase to the Specified Reserve Account Balance $ 0.00 $ (0.00)
H Floating Rate Swap Payment Reimbursement $ 0.00 $ (0.00)
I Carryover Servicing Fees $ 0.00 $ (0.00)
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 0.00
ii Class A-2 $ 0.00 $ 0.00
iii Class B $ 0.00 $ 0.00
----------------------
iv TOTAL NOTEHOLDER'S INTEREST
CARRYOVER $ 0.00
K EXCESS TO RESERVE ACCOUNT $ 0.00 $ 0.00
</TABLE>
-------------------------------------------------------------------------------
8
<PAGE>
-------------------------------------------------------------------------------
X. 2000-4 DISTRIBUTIONS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
A DISTRIBUTION AMOUNTS CLASS A-1 CLASS A-2 CLASS B
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 6,937,001.15 $ 3,777,776.09 $ 415,359.35
ii Quarterly Interest Paid 6,937,001.15 3,777,776.09 415,359.35
---------------------- ---------------- ----------------
iii INTEREST SHORTFALL $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00 0.00
---------------------- ---------------- ----------------
vi INTEREST CARRYOVER $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 87,204,271.50 $ 0.00 $ 0.00
viii Quarterly Principal Paid 55,804,408.60 0.00 0.00
---------------------- ---------------- ----------------
ix QUARTERLY PRINCIPAL SHORTFALL $ 31,399,862.90 $ 0.00 $ 0.00
-------------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 62,741,409.75 $ 3,777,776.09 $ 415,359.35
-------------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes Outstanding Principal Balance 9/30/00 $ 2,054,482,000.00
ii Adjusted Pool Balance 9/30/00 1,967,277,728.50
-----------------------
iii Adjusted Pool Exceeding Notes Balance (i-ii) $ 87,204,271.50
=======================
iv Adjusted Pool Balance 7/24/00 $ 2,007,424,105.75
v Adjusted Pool Balance 9/30/00 1,967,277,728.50
-----------------------
vi Current Principal Due (iv-v) $ 40,146,377.25
vii Notes Issued Exceeding Adjusted Pool Balance 47,057,894.25
-----------------------
viii Principal Distribution Amount (vi + vii) $ 87,204,271.50
=======================
ix PRINCIPAL DISTRIBUTION AMOUNT PAID $ 55,804,408.60
x Principal Shortfall (viii - ix) $ 31,399,862.90
C Total Principal Distribution $ 55,804,408.60
D Total Interest Distribution 11,130,136.59
-----------------------
E TOTAL CASH DISTRIBUTIONS $ 66,934,545.19
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
F NOTE BALANCES 09/26/2000 10/25/2000
--------------------------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GCH7) $ 1,290,950,000.00 $ 1,235,145,591.40
A-1 Note Pool Factor 1.0000000000 0.9567726027
ii A-2 Note Balance (78442GCJ3) $ 691,625,000.00 $ 691,625,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii B Note Balance (78442GCK0) $ 71,907,000.00 $ 71,907,000.00
B Note Pool Factor 1.0000000000 1.0000000000
---------------------------------------------------------------------------------------------------
G RESERVE ACCOUNT RECONCILIATION
i Beginning of Period Balance $ 5,006,045.00
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ -
-----------------------
iv Total Reserve Account Balance Available $ 5,006,045.00
v Required Reserve Account Balance $ 4,905,929.50
vi Shortfall Carried to Next Period $ -
vii EXCESS RESERVE - RELEASE TO WATERFALL $ 100,115.50
viii Ending Reserve Account Balance $ 4,905,929.50
-------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
-------------------------------------------------------------------------------
XI. 2000-4 HISTORICAL POOL INFORMATION
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
---------------------------
7/24/00-9/30/00
-----------------------------------------------------------------------------------------------
<S> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 1,983,787,856.25
-----------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 40,629,343.43
ii Principal Collections from Guarantor 582,527.82
iii Principal Reimbursements 9,262,758.09
iv Other System Adjustments -
---------------------------
v Total Principal Collections $ 50,474,629.34
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 953,736.51
ii Capitalized Interest (13,216,049.68)
---------------------------
iii Total Non-Cash Principal Activity $ (12,262,313.17)
-----------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 38,212,316.17
-----------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 15,975,389.94
ii Interest Claims Received from Guarantors 18,737.25
iii Late Fee Reimbursements 332,555.99
iv Interest Reimbursements 119,015.38
v Other System Adjustments -
vi Special Allowance Payments -
vii Subsidy Payments -
---------------------------
viii Total Interest Collections $ 16,445,698.56
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (915,270.23)
ii Capitalized Interest 13,216,049.68
---------------------------
iii Total Non-Cash Interest Adjustments $ 12,300,779.45
---------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 28,746,478.01
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 1,945,575,540.08
-----------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 16,796,258.92
-----------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,962,371,799.00
-----------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 4,905,929.50
-----------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 1,967,277,728.50
----------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
-------------------------------------------------------------------------------
XII. 2000-4 PAYMENT HISTORY AND CPRS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
<S> <C> <C>
Oct-00 $ 1,962,371,799 4.03%
</TABLE>
* "SINCE ISSUED CPR" IS BASED ON THE CURRENT PERIOD'S ENDING POOL BALANCE
CALCULATED AGAINST THE ORIGINAL POOL BALANCE AND ASSUMING CUTOFF DATE
POOL DATA.
-------------------------------------------------------------------------------
11
