SLM FUNDING CORP
8-K, EX-19.1, 2000-11-03
ASSET-BACKED SECURITIES
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<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

------------------------------------------------------