<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): January 25, 2000
SLM FUNDING CORPORATION
-----------------------
formerly known as SALLIE MAE FUNDING CORPORATION
(Exact name of registrant as specified in its charter)
(Originator of the Sallie Mae Student Loan Trust 1995-1,
the Sallie Mae Student Loan Trust 1996-1,
the SLM Student Loan Trust 1996-2, the SLM Student Loan
Trust 1996-3, the SLM Student Loan Trust 1996-4, the SLM
Student Loan Trust 1997-1, the SLM Student Loan Trust
1997-2, the SLM Student Loan Trust 1997-3, the SLM
Student Loan Trust 1997-4, the SLM Student Loan Trust
1998-1 the SLM Student Loan Trust 1998-2 the SLM Student
Loan Trust 1999-1 the SLM Student Loan Trust 1999-2
and the SLM Student Loan Trust 1999-3)
Delaware 33-95474/333-2502/333-24949/333-44465 23-2815650
- -------- ------------------------------------- ----------
(State or other (Commission File Numbers) (I.R.S. employer
Jurisdiction of Identification No.)
Incorporation)
777 Twin Creek Drive
Killeen, Texas 76543
--------------------------
(Address of principal executive offices)
Registrant's telephone number, including area code: (817) 554-4500
Page 1 of 3
Exhibit Index appears on Page 3
<PAGE>
Item 5. Other Events
On January 25, 2000, the Sallie Mae Student Loan Trust 1995-1 made
its seventeenth, the Sallie Mae Student Loan Trust 1996-1 made its sixteenth,
the SLM Student Loan Trust 1996-2 made its fifteenth, the SLM Student Loan Trust
1996-3 made its fourteenth, the SLM Student Loan Trust 1996-4 made its
thirteenth, the SLM Student Loan Trust 1997-1 made its twelfth, the SLM Student
Loan Trust 1997-2 made its eleventh, the SLM Student Loan Trust 1997-3 made its
tenth, the SLM Student Loan Trust 1997-4 made its eighth, the SLM Student Loan
Trust 1998-1 made its seventh, the SLM Student Loan Trust 1998-2 made its sixth,
the SLM Student Loan Trust 1999-1 made its second, the SLM Student Loan Trust
1999-2 made its second, and the SLM Student Loan Trust 1999-3 made its first,
regular quarterly distribution of funds to holders of their respective Floating
Rate Student Loan-Backed Notes and distributed their respective Quarterly
Servicing Reports dated as of January 25, 2000, filed herewith as an Exhibit to
this Form 8-K, to Certificateholders and Noteholders of record.
The Registrant is hereby filing the Quarterly Servicing Reports
reflecting each Trust's activities for the period ended January 25, 2000.
Management Developments
On February 1, 2000, SLM Holding Corporation, the parent company of
Sallie Mae Servicing Corporation, the Servicer, and the Student Loan Marketing
Association, the Administrator, announced that Anthony P. Dolanski, Executive
Vice President of Information Technology and Finance, resigned effective
February 29, 2000. Mr. Dolanski, however, will continue to serve on the Board of
Directors of the Servicer and will represent the Administrator on the
government-sponsored study group to transform the student loan industry to a
market-based model.
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
(c) Exhibits
19.1 Quarterly Servicing Reports
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Dated: February 8, 2000
SLM FUNDING CORPORATION
By: /s/ J. Lance Franke
--------------------------
Name: J. Lance Franke
Title: Chief Financial Officer
Page 2 of 3
Exhibit Index appears on Page 3
<PAGE>
INDEX TO EXHIBIT
Sequentially
Exhibit Numbered
Number Exhibit Page
- ------ ------- ----
19.1 Quarterly Servicing Reports. 3
Page 3 of 3
Exhibit Index appears on Page 3
<PAGE>
Exhibit 19.1
Sallie Mae Student Loan Trust 1995-1
Quarterly Servicing Report
Report Date: 12/31/1999 Reporting Period: 10/1/99-12/31/99
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 9/30/99 Activity 12/31/99
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 389,563,860.32 $(21,596,961.78) $ 367,966,898.54
ii Interest to be Capitalized 991,638.51 689,069.52
---------------- ----------------
iii Total Pool $ 390,555,498.83 $ 368,655,968.06
================ ================
B i Weighted Average Coupon (WAC) 7.8366% 7.8348%
ii Weighted Average Remaining Term 66.98 65.66
iii Number of Loans 247,255 235,227
iv Number of Borrowers 103,756 98,794
------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread 10/25/99 % of Pool 1/25/00 % of Pool
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 795452AA9 0.575% $ 140,555,498.83 35.989% $ 118,655,968.06 32.186%
ii A-2 Notes 795452AB7 0.750% 215,000,000.00 55.049% 215,000,000.00 58.320%
iii Certificates 795452AC5 1.000% 35,000,000.00 8.962% 35,000,000.00 9.494%
------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 390,555,498.83 100.000% $ 368,655,968.06 100.000%
========================================================================================================================
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
Reserve Account 10/25/99 1/25/00
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.50% 0.50%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 1,952,777.49 $ 1,843,279.84
iv Reserve Account Floor Balance ($) $ 1,000,000.00 $ 1,000,000.00
v Current Reserve Acct Balance ($) $ 1,952,777.49 $ 1,843,279.84
------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
1
<PAGE>
- --------------------------------------------------------------------------------
II. 1995-1 Transactions from: 10/1/1999 through: 12/31/1999
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 21,293,843.81
ii Principal Collections from Guarantor 974,121.88
iii Principal Reimbursements 647,092.80
iv Other System Adjustments 0.00
---------------
v Total Principal Collections $ 22,915,058.49
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 175,426.96
ii Capitalized Interest (1,493,523.67)
---------------
iii Total Non-Cash Principal Activity $ (1,318,096.71)
------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 21,596,961.78
------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 5,665,259.49
ii Interest Claims Received from Guarantors 57,735.83
iii Late Fee Reimbursements 154,929.74
iv Interest Reimbursements 7,302.87
v Other System Adjustments 0.00
vi Special Allowance Payments 190,543.00
vii Subsidy Payments 573,116.81
---------------
viii Total Interest Collections $ 6,648,887.74
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (157,499.77)
ii Capitalized Interest 1,493,523.67
---------------
iii Total Non-Cash Interest Adjustments $ 1,336,023.90
------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 7,984,911.64
------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
2
<PAGE>
- --------------------------------------------------------------------------------
III. 1995-1 Collection Account Activity 10/1/1999 through 12/31/1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Principal Collections
<S> <C> <C>
i Principal Payments Received-Cash $ 22,267,965.69
ii Cash Forwarded by Administrator on behalf of Seller 12,962.71
iii Cash Forwarded by Administrator on behalf of Servicer 3,017.09
iv Cash Forwarded by Administrator for Consolidation Activity 631,113.00
---------------
v Total Principal Collections $ 22,915,058.49
B Interest Collections
i Interest Payments Received-Cash $ 6,486,655.13
ii Cash Forwarded by Administrator on behalf of Seller 991.08
iii Cash Forwarded by Administrator on behalf of Servicer 985.93
iv Cash Forwarded by Administrator for Consolidation Activity 5,325.86
v Cash Forwarded by Administrator for Late Fee Activity 154,929.74
---------------
vi Total Interest Collections $ 6,648,887.74
C Other Reimbursements $ 254,725.26
D Administrator Account Investment Income $ 219,973.59
E TOTAL FUNDS RECEIVED $ 30,038,645.08
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (658,854.40)
--------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 29,379,790.68
--------------------------------------------------------------------------------------------------
F Servicing Fee Calculation-Current Month
i Unit Charge Calculation $321,798.40
ii Percentage of Principal Calculation $471,682.89
iii Lesser of Unit or Principal Calculation $321,798.40
G Servicing Fees Due for Current Period $ 321,798.40
H Carryover Servicing Fees Due $ 458,273.09
OCT 1999 Servicing Carryover $ 158,181.99
NOV 1999 Servicing Carryover $ 154,209.63
DEC 1999 Servicing Carryover $ 149,884.49
------------
$ 462,276.11
Less: Servicing ADJ [A iii + B iii] ($4,003.02)
------------
Carryover Servicing Fee Due $ 458,273.09
============
<S> <C>
I Administration Fees Due $ 20,000.00
--------------------------------------------------------------------------------------------------
J Total Fees Due for Period $ 800,071.49
--------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
3
<PAGE>
- --------------------------------------------------------------------------------
IV. 1995-1 Portfolio Characteristics
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ------------------------------------------------------------------------------------------------------------------
STATUS 9/30/1999 12/31/1999 9/30/1999 12/31/1999 9/30/1999 12/31/1999
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.767% 7.769% 87 81 0.035% 0.034%
Grace
Current 7.745% 7.767% 68 20 0.028% 0.009%
- ------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.759% 7.769% 155 101 0.063% 0.043%
- ------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 7.840% 7.838% 201,740 190,239 81.592% 80.875%
31-60 Days Delinquent 7.848% 7.833% 8,560 8,340 3.462% 3.546%
61-90 Days Delinquent 7.836% 7.834% 3,334 3,506 1.348% 1.490%
91-120 Days Delinquent 7.827% 7.854% 2,008 1,835 0.812% 0.780%
> 120 Days Delinquent 7.831% 7.826% 2,513 2,383 1.016% 1.013%
Deferment
Current 7.809% 7.807% 17,989 16,292 7.276% 6.926%
Forbearance
Current 7.829% 7.829% 10,662 12,185 4.312% 5.180%
- ------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.837% 7.835% 246,806 234,780 99.818% 99.810%
- ------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 7.842% 7.826% 294 343 0.119% 0.146%
Aged Claims Rejected (2) 0.000% 7.916% - 3 0.000% 0.001%
- ------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.837% 7.835% 247,255 235,227 100.000% 100.000%
- ------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------
Principal Amount %
- ------------------------------------------------------------------------------------------------------------------
STATUS 9/30/1999 12/31/1999 9/30/1999 12/31/1999
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 181,181.88 $ 161,865.81 0.047% 0.044%
Grace
Current $ 114,281.23 $ 27,564.59 0.029% 0.008%
- ---------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 295,463.11 $ 189,430.40 0.076% 0.052%
- ---------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 303,169,866.88 $ 282,133,068.07 77.823% 76.674%
31-60 Days Delinquent $ 15,051,385.62 $ 14,298,323.90 3.864% 3.886%
61-90 Days Delinquent $ 6,416,146.95 $ 6,877,990.80 1.647% 1.869%
91-120 Days Delinquent $ 3,681,698.31 $ 3,372,396.76 0.945% 0.917%
> 120 Days Delinquent $ 4,632,665.10 $ 4,461,223.03 1.189% 1.212%
Deferment
Current $ 32,986,692.90 $ 29,736,982.27 8.468% 8.081%
Forbearance
Current $ 22,853,754.42 $ 26,336,454.46 5.866% 7.157%
- ---------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 388,792,210.18 $ 367,216,439.29 99.802% 99.796%
- ---------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 476,187.03 $ 557,073.16 0.122% 0.151%
Aged Claims Rejected (2) $ - $ 3,955.69 0.000% 0.001%
- ------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 389,563,860.32 $ 367,966,898.54 100.000% 100.000%
- ---------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
- --------------------------------------------------------------------------------
V. 1995-1 Portfolio Characteristics by School and Program 12/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
- ------------------------------------------------------------------------------------------------------------------------------------
STATUS
- -------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 0.030% 0.002% 0.000% 0.000% 0.007% 0.001% 0.000% 0.000%
Grace
Current 0.006% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.036% 0.002% 0.000% 0.000% 0.007% 0.001% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 51.275% 3.320% 9.502% 0.000% 4.113% 0.286% 0.840% 0.001%
31-60 Days Delinquent 2.119% 0.149% 0.477% 0.000% 0.405% 0.028% 0.061% 0.000%
61-90 Days Delinquent 0.994% 0.076% 0.227% 0.000% 0.222% 0.018% 0.025% 0.000%
91-120 Days Delinquent 0.427% 0.022% 0.093% 0.000% 0.121% 0.011% 0.006% 0.000%
> 120 Days Delinquent 0.598% 0.025% 0.102% 0.000% 0.150% 0.015% 0.011% 0.000%
Deferment
Current 6.069% 0.428% 0.404% 0.000% 0.554% 0.054% 0.039% 0.000%
Forbearance
Current 3.946% 0.306% 0.640% 0.000% 0.886% 0.050% 0.063% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 65.428% 4.326% 11.445% 0.000% 6.451% 0.462% 1.045% 0.001%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.080% 0.004% 0.005% 0.000% 0.020% 0.002% 0.002% 0.000%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 65.545% 4.332% 11.450% 0.000% 6.478% 0.465% 1.047% 0.001%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 81.327% 7.991%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
- ------------------------------------------------------------------------------------------------------------------------------------
STATUS
- -------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 0.002% 0.002% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.002% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.004% 0.002% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 4.846% 0.362% 1.866% 0.000% 0.222% 0.005% 0.036% 0.000%
31-60 Days Delinquent 0.484% 0.037% 0.109% 0.000% 0.016% 0.000% 0.001% 0.000%
61-90 Days Delinquent 0.236% 0.021% 0.049% 0.000% 0.001% 0.000% 0.000% 0.000%
91-120 Days Delinquent 0.204% 0.009% 0.024% 0.000% 0.000% 0.000% 0.000% 0.000%
> 120 Days Delinquent 0.246% 0.017% 0.046% 0.000% 0.002% 0.000% 0.000% 0.000%
Deferment
Current 0.431% 0.036% 0.042% 0.000% 0.022% 0.000% 0.002% 0.000%
Forbearance
Current 1.031% 0.074% 0.126% 0.000% 0.027% 0.004% 0.004% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.478% 0.556% 2.262% 0.000% 0.290% 0.009% 0.043% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.026% 0.003% 0.007% 0.000% 0.002% 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 7.508% 0.561% 2.269% 0.000% 0.292% 0.009% 0.043% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 10.338% 0.344%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- -------------------------------------------------------------------------------------------------------------------------------
STATUS
- --------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 0.032% 0.008% 0.004% 0.000% 0.044%
Grace
Current 0.006% 0.000% 0.002% 0.000% 0.008%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.038% 0.008% 0.006% 0.000% 0.052%
- -------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 64.097% 5.240% 7.074% 0.263% 76.674%
31-60 Days Delinquent 2.745% 0.494% 0.630% 0.017% 3.886%
61-90 Days Delinquent 1.297% 0.265% 0.306% 0.001% 1.869%
91-120 Days Delinquent 0.542% 0.138% 0.237% 0.000% 0.917%
> 120 Days Delinquent 0.725% 0.176% 0.309% 0.002% 1.212%
Deferment
Current 6.901% 0.647% 0.509% 0.024% 8.081%
Forbearance
Current 4.892% 0.999% 1.231% 0.035% 7.157%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 81.199% 7.959% 10.296% 0.342% 99.796%
- -------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.089% 0.024% 0.036% 0.002% 0.151%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.001%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 81.327% 7.991% 10.338% 0.344% 100.000%
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
5
<PAGE>
- --------------------------------------------------------------------------------
VI. 1995-1 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 6,720,325.26
B Interest Subsidy Payments Accrued During Collection Period 491,112.09
C SAP Payments Accrued During Collection Period 492,612.22
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 41,928.28
E Investment Earnings (ADMINISTRATOR ACT) 219,973.59
--------------
F Net Expected Interest Collections $ 7,965,951.44
G Student Loan Rate
i Days in Collection Period (10/1/99-12/31/99) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 7,965,951.44
iv Primary Servicing Fee $ 980,652.80
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 390,555,498.83
vii Student Loan Rate 7.07558%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.90030%
I Class A-1 Interest Rate 0.014831366 (10/25/99-1/25/00) 5.90030%
J Class A-2 T-Bill Based Interest Rate 6.07530%
K Class A-2 Interest Rate 0.015271257 (10/25/99-1/25/00) 6.07530%
L Certificate T-Bill Based Rate of Return 6.32530%
M Certificate Rate of Return 0.015899672 (10/25/99-1/25/00) 6.32530%
</TABLE>
- --------------------------------------------------------------------------------
6
<PAGE>
- --------------------------------------------------------------------------------
VII. 1995-1 Inputs From Previous Quarterly Servicing Reports 9/30/1999
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 389,563,860.32
ii Interest To Be Capitalized $991,638.51
----------------
iii Total Student Loan Pool Outstanding $ 390,555,498.83
================
B Total Note and Certificate Factor 0.39055549883
C Total Note and Certificate Balance $ 390,555,498.83
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
D Note Balance 10/25/1999 Class A-1 Class A-2 Certificates
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor-10/25/99 0.1874073318 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 140,555,498.83 $ 215,000,000.00 $ 35,000,000.00
-----------------------------------------------------------
iv Note Balance $ 140,555,498.83 $ 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 $ 1,952,777.49
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
7
<PAGE>
- --------------------------------------------------------------------------------
VIII. 1995-1 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds (Section III E + Section VI-D) $ 29,421,718.96 $ 29,421,718.96
B Primary Servicing Fees-Current Month $ 321,798.40 $ 29,099,920.56
C Administration Fee-Quarterly $ 20,000.00 $ 29,079,920.56
D Noteholder's Interest Distribution Amount
i Class A-1 $ 2,084,630.05 $ 26,995,290.51
ii Class A-2 $ 3,283,320.26 $ 23,711,970.25
---------------
iii Total Noteholder's Interest Distribution $ 5,367,950.31
E Certificateholder's Return Distribution Amount $ 556,488.52 $ 23,155,481.73
F Noteholder's Principal Distribution Amount
i Class A-1 $ 21,899,530.77 $ 1,255,950.96
ii Class A-2 $ 0.00 $ 1,255,950.96
---------------
iii Total Noteholder's Principal Distribution $ 21,899,530.77
G Certificateholder's Balance Distribution Amount $ 0.00 $ 1,255,950.96
H Increase to the Specified Reserve Account Balance $ 0.00 $ 1,255,950.96
I Carryover Servicing Fees $ 458,273.09 $ 797,677.87
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 797,677.87
i Class A-2 $ 0.00 $ 797,677.87
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 797,677.87
L Excess to Reserve Account $ 797,677.87 $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
8
<PAGE>
- --------------------------------------------------------------------------------
IX. 1995-1 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 2,084,630.05 $3,283,320.26 $556,488.52
ii Quarterly Interest Paid $ 2,084,630.05 $3,283,320.26 $556,488.52
-------------- ------------- -----------
iii Interest Shortfall $0.00 $0.00 $0.00
iv Interest Carryover Due $0.00 $0.00 $0.00
v Interest Carryover Paid $0.00 $0.00 $0.00
----- ----- -----
vi Interest Carryover $0.00 $0.00 $0.00
vii Quarterly Principal Due $21,899,530.77 $0.00 $0.00
viii Quarterly Principal Paid $21,899,530.77 $0.00 $0.00
-------------- ----- -----
ix Quarterly Principal Shortfall $0.00 $0.00 $0.00
--------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $23,984,160.82 $3,283,320.26 $ 556,488.52
--------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 12/31/99 $390,555,498.83
ii Pool Balance 12/31/99 $368,655,968.06
---------------
iii Principal Distribution Amount $21,899,530.77
===============
C Total Principal Distribution $21,899,530.77
D Total Interest Distribution $5,924,438.83
--------------
E Total Cash Distributions-Note and Certificates $27,823,969.60
<CAPTION>
------------------------------------------------------------------------------
F Note & Certificate Balances 10/25/1999 1/25/2000
------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance $ 140,555,498.83 $ 118,655,968.06
A-1 Note Pool Factor 0.1874073318 0.1582079574
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 $ 1,952,777.49
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 797,677.87
--------------
iv Total Reserve Account Balance Available $ 2,750,455.36
v Required Reserve Account Balance $ 1,843,279.84
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp $ 907,175.52
viii Ending Reserve Account Balance $ 1,843,279.84
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1995-1 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
10/1/99-12/31/99 7/1/99-9/30/99 4/1/99-6/30/99 1/1/99-3/31/99
- --------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 389,563,860.32 $ 413,683,905.12 $ 441,621,205.38 $ 471,259,562.73
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 21,293,843.81 $ 23,430,078.23 $ 25,514,750.59 $ 28,092,108.27
ii Principal Collections from Guarantor 974,121.88 705,826.14 1,506,608.02 1,901,189.89
iii Principal Reimbursements 647,092.80 1,016,387.80 1,803,419.45 363,295.08
iv Other System Adjustments - - - -
---------------------------------------------------------------------------------
v Total Principal Collections $ 22,915,058.49 $ 25,152,292.17 $ 28,824,778.06 $ 30,356,593.24
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 175,426.96 $ 122,231.67 $ 111,238.00 $ 230,123.43
ii Capitalized Interest (1,493,523.67) (1,154,479.04) (998,715.80) (948,359.32)
---------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (1,318,096.71) $ (1,032,247.37) $ (887,477.80) $ (718,235.89)
- --------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 21,596,961.78 $ 24,120,044.80 $ 27,937,300.26 $ 29,638,357.35
- --------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 5,665,259.49 $ 6,349,869.87 $ 7,015,510.14 $ 7,676,717.37
ii Interest Claims Received from Guarantors 57,735.83 36,946.65 83,251.95 117,586.73
iii Late Fee Reimbursements 154,929.74 164,187.69 163,385.17 190,542.28
iv Interest Reimbursements 7,302.87 11,941.14 19,637.84 5,230.95
v Other System Adjustments - - - -
vi Special Allowance Payments 190,543.00 24,240.82 23,140.49 22,759.71
vii Subsidy Payments 573,116.81 680,197.12 818,762.28 727,040.86
---------------------------------------------------------------------------------
vii Total Interest Collections $ 6,648,887.74 $ 7,267,383.29 $ 8,123,687.87 $ 8,739,877.90
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (157,499.77) $ (114,032.28) $ (83,383.81) $ (199,112.47)
ii Capitalized Interest 1,493,523.67 1,154,479.04 998,715.80 948,359.32
---------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 1,336,023.90 $ 1,040,446.76 $ 915,331.99 $ 749,246.85
---------------------------------------------------------------------------------
Total Student Loan Interest Activity $ 7,984,911.64 $ 8,307,830.05 $ 9,039,019.86 $ 9,489,124.75
(=) Ending Student Loan Portfolio Balance $ 367,966,898.54 $ 389,563,860.32 $ 413,683,905.12 $ 441,621,205.38
- --------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 689,069.52 $ 991,638.51 $ 1,145,213.69 $ 1,244,891.78
- --------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 368,655,968.06 $ 390,555,498.83 $ 414,829,118.81 $ 442,866,097.16
- --------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------
1998 1997 1996 1995
-----------------------------------------------------------------------------------
1/1/98-12/31/98 1/1/97-12/31/97 1/1/96-12/31/96 9/29/95 - 12/31/95
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Beginning Student Loan Portfolio Balance $ 598,939,825.14 $ 758,640,244.14 $ 954,345,726.48 $ 1,000,126,078.04
- ----------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 117,840,096.63 $ 135,776,407.88 $ 164,406,654.75 $ 42,875,612.89
ii Principal Collections from Guarantor 12,773,024.09 19,577,395.65 21,487,892.73 92,046.91
iii Principal Reimbursements 272,004.87 7,736,614.83 13,375,144.98 2,775,561.40
iv Other System Adjustments - - (494.35) 39,190.77
-----------------------------------------------------------------------------------
v Total Principal Collections $ 130,885,125.59 $ 163,090,418.36 $ 199,269,198.11 $ 45,782,411.97
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 581,385.00 $ 767,419.67 $ 776,676.12 $ 233,926.53
ii Capitalized Interest (3,786,248.18) (4,157,419.03) (4,340,391.89) (235,986.94)
-----------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (3,204,863.18) $ (3,389,999.36) $ (3,563,715.77) $ (2,060.41)
- ----------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 127,680,262.41 $ 159,700,419.00 $ 195,705,482.34 $ 45,780,351.56
- ----------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 37,295,397.70 $ 47,980,015.48 $ 63,474,115.95 $ 18,633,508.65
ii Interest Claims Received from Guarantors 731,593.31 1,135,185.32 1,321,509.26 3,259.20
iii Late Fee Reimbursements 169,864.06 2.61 - -
iv Interest Reimbursements 42,202.76 108,937.72 136,064.30 17,871.78
v Other System Adjustments - - (893.43) 7.70
vi Special Allowance Payments 1,109,268.84 2,210,441.84 3,001,742.09 43,719.37
vii Subsidy Payments 2,756,739.81 2,939,604.07 3,052,587.81 5,919.00
-----------------------------------------------------------------------------------
vii 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>
- --------------------------------------------------------------------------------
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1995-1 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
Oct-95 $ 1,000,126,078 -
Jan-96 $ 954,984,797 4.87%
Apr-96 $ 905,977,805 4.96%
Jul-96 $ 854,435,365 5.71%
Oct-96 $ 803,595,297 6.25%
Jan-97 $ 759,332,016 6.10%
Apr-97 $ 714,981,787 6.00%
Jul-97 $ 673,097,616 5.80%
Oct-97 $ 635,177,985 5.32%
Jan-98 $ 599,727,177 4.90%
Apr-98 $ 564,961,652 4.48%
Jul-98 $ 532,091,330 3.95%
Oct-98 $ 501,511,192 3.39%
Jan-99 $ 472,384,169 2.55%
Apr-99 $ 442,866,097 2.76%
Jul-99 $ 414,829,119 3.03%
Oct-99 $ 390,555,499 3.06%
Jan-00 $ 368,655,968 2.92%
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool data.
- --------------------------------------------------------------------------------
11
<PAGE>
Sallie Mae Student Loan Trust 1996-1
Quarterly Servicing Report
Report Date: 12/31/1999 Reporting Period: 10/1/99-12/31/99
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 9/30/1999 Activity 12/31/1999
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 784,582,683.17 $(29,576,682.74) $ 755,006,000.43
ii Interest to be Capitalized 6,285,198.89 4,587,947.68
---------------- ----------------
iii Total Pool $ 790,867,882.06 $ 759,593,948.11
================ ================
B i Weighted Average Coupon (WAC) 7.8318% 7.8278%
ii Weighted Average Remaining Term 88.33 87.31
iii Number of Loans 352,554 340,530
iv Number of Borrowers 131,842 127,074
--------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 10/25/99 % of Pool Balance 1/25/00 % of Pool
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 795452AD3 0.56% $ 264,867,882.06 33.491% $ 233,593,948.11 30.752%
ii A-2 Notes 795452AE1 0.75% 473,500,000.00 59.871% 473,500,000.00 62.336%
iii Certificates 795452AF8 0.98% 52,500,000.00 6.638% 52,500,000.00 6.912%
------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 790,867,882.06 100.000% $ 759,593,948.11 100.000%
========================================================================================================================
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
Reserve Account 10/25/1999 1/25/2000
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 1,977,169.71 $ 1,898,984.87
iv Reserve Account Floor Balance ($) $ 1,500,000.00 $ 1,500,000.00
v Current Reserve Acct Balance ($) $ 1,977,169.71 $ 1,898,984.87
-------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
1
<PAGE>
- --------------------------------------------------------------------------------
II. 1996-1 Transactions from: 10/1/1999 through: 12/31/1999
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 29,225,816.11
ii Principal Collections from Guarantor 2,700,877.50
iii Principal Reimbursements 2,881,502.77
iv Other System Adjustments 0.00
-----------------
v Total Principal Collections $ 34,808,196.38
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 794,170.87
ii Capitalized Interest (6,025,684.51)
-----------------
iii Total Non-Cash Principal Activity $ (5,231,513.64)
---------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 29,576,682.74
---------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 9,769,324.67
ii Interest Claims Received from Guarantors 162,205.28
iii Late Fee Reimbursements 239,418.47
iv Interest Reimbursements 43,660.80
v Other System Adjustments 0.00
vi Special Allowance Payments 356,320.74
vii Subsidy Payments 1,796,632.31
-----------------
viii Total Interest Collections $ 12,367,562.27
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (756,966.08)
ii Capitalized Interest 6,025,684.51
-----------------
iii Total Non-Cash Interest Adjustments $ 5,268,718.43
---------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 17,636,280.70
---------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
2
<PAGE>
- --------------------------------------------------------------------------------
III. 1996-1 Collection Account Activity 10/1/1999 through 12/31/1999
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $ 31,926,693.61
ii Cash Forwarded by Administrator on behalf of Seller 127,342.88
iii Cash Forwarded by Administrator on behalf of Servicer 4,134.88
iv Cash Forwarded by Administrator for Consolidation Activity 2,750,025.01
---------------
v Total Principal Collections $ 34,808,196.38
B Interest Collections
i Interest Payments Received-Cash $ 12,084,483.00
ii Cash Forwarded by Administrator on behalf of Seller 3,602.76
iii Cash Forwarded by Administrator on behalf of Servicer 5,937.80
iv Cash Forwarded by Administrator for Consolidation Activity 34,120.24
v Cash Forwarded by Administrator for Late Fee Activity 239,418.47
---------------
vi Total Interest Collections $12,367,562.27
C Other Reimbursements $198,173.55
D Administrator Account Investment Income $340,488.93
E TOTAL FUNDS RECEIVED $ 47,714,421.13
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,009,235.15)
--------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 46,705,185.98
--------------------------------------------------------------------------------------------
F Servicing Fee Calculation-Current Month
i Unit Charge Calculation $495,629.75
ii Percentage of Principal Calculation $701,161.28
iii Lesser of Unit or Principal Calculation $495,629.75
G Servicing Fees Due for Current Period $ 495,629.75
H Carryover Servicing Fees Due $ 615,718.53
OCT 1999 Servicing Carryover $211,609.09
NOV 1999 Servicing Carryover $208,650.59
DEC 1999 Servicing Carryover $205,531.53
------------
$ 625,791.21
Less: Servicing ADJ [A iii + B iii] ($10,072.68)
------------
TOTAL Carryover Servicing Fee Due $ 615,718.53
============
I Administration Fees Due $ 20,000.00
--------------------------------------------------------------------------------------------
J Total Fees Due for Period $ 1,131,348.28
--------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
3
<PAGE>
- --------------------------------------------------------------------------------
IV. 1996-1 Portfolio Characteristics
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- -----------------------------------------------------------------------------------------------------------
STATUS 9/30/1999 12/31/1999 9/30/1999 12/31/1999 9/30/1999 12/31/1999
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.746% 7.743% 4,561 4,140 1.294% 1.216%
Grace
Current 7.748% 7.754% 3,414 1,054 0.968% 0.310%
- -----------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.747% 7.745% 7,975 5,194 2.262% 1.526%
- -----------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 7.834% 7.828% 253,439 244,289 71.887% 71.738%
31-60 Days Delinquent 7.846% 7.837% 13,310 13,326 3.775% 3.913%
61-90 Days Delinquent 7.844% 7.820% 6,718 6,716 1.906% 1.972%
91-120 Days Delinquent 7.832% 7.851% 3,686 3,269 1.046% 0.960%
> 120 Days Delinquent 7.835% 7.846% 4,765 4,476 1.352% 1.314%
Deferment
Current 7.825% 7.822% 37,065 34,201 10.513% 10.043%
Forbearance
Current 7.843% 7.840% 24,924 28,353 7.070% 8.326%
- -----------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.834% 7.830% 343,907 334,630 97.547% 98.266%
- -----------------------------------------------------------------------------------------------------------
Claims in Process (1) 7.834% 7.833% 660 700 0.187% 0.206%
Aged Claims Rejected (2) 7.768% 7.760% 12 6 0.003% 0.002%
- -----------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.832% 7.828% 352,554 340,530 100.000% 100.000%
- -----------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------
Principal Amount %
- ---------------------------------------------------------------------------------------------------
STATUS 9/30/1999 12/31/1999 9/30/1999 12/31/1999
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 13,595,591.93 $ 12,499,809.21 1.733% 1.656%
Grace
Current $ 9,734,953.64 $ 3,180,366.14 1.241% 0.421%
- ---------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 23,330,545.57 $ 15,680,175.35 2.974% 2.077%
- ---------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 517,942,626.64 $ 497,278,778.13 66.015% 65.864%
31-60 Days Delinquent $ 30,808,952.94 $ 30,243,191.91 3.927% 4.006%
61-90 Days Delinquent $ 17,864,047.49 $ 16,673,466.45 2.277% 2.208%
91-120 Days Delinquent $ 9,650,388.61 $ 8,186,311.78 1.230% 1.084%
> 120 Days Delinquent $ 12,459,111.67 $ 11,967,060.07 1.588% 1.585%
Deferment
Current $ 96,282,815.89 $ 88,334,534.72 12.272% 11.700%
Forbearance
Current $ 74,683,936.42 $ 85,034,297.78 9.519% 11.263%
- ---------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 759,691,879.66 $ 737,717,640.84 96.828% 97.710%
- ---------------------------------------------------------------------------------------------------
Claims in Process (1) $ 1,533,696.55 $ 1,598,615.70 0.195% 0.212%
Aged Claims Rejected (2) $ 26,561.39 $ 9,568.54 0.003% 0.001%
- ---------------------------------------------------------------------------------------------------
GRAND TOTAL $ 784,582,683.17 $ 755,006,000.43 100.000% 100.000%
- ---------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
- --------------------------------------------------------------------------------
V. 1996-1 Portfolio Characteristics by School and Program 12/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
- ----------------------------------------------------------------------------------------------------------------------------------
STATUS
- -------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 1.274% 0.193% 0.000% 0.000% 0.118% 0.028% 0.000% 0.000%
Grace
Current 0.317% 0.046% 0.000% 0.000% 0.036% 0.006% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 1.591% 0.239% 0.000% 0.000% 0.154% 0.034% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 42.031% 6.061% 3.780% 4.168% 3.386% 0.699% 0.196% 0.499%
31-60 Days Delinquent 2.175% 0.290% 0.221% 0.280% 0.367% 0.053% 0.016% 0.060%
61-90 Days Delinquent 1.147% 0.153% 0.110% 0.134% 0.254% 0.047% 0.008% 0.040%
91-120 Days Delinquent 0.543% 0.071% 0.041% 0.093% 0.116% 0.022% 0.001% 0.013%
> 120 Days Delinquent 0.749% 0.114% 0.062% 0.122% 0.199% 0.031% 0.000% 0.026%
Deferment
Current 7.461% 1.061% 0.451% 0.894% 0.760% 0.147% 0.021% 0.124%
Forbearance
Current 5.771% 0.896% 0.475% 1.070% 1.107% 0.174% 0.028% 0.200%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 59.877% 8.646% 5.140% 6.761% 6.189% 1.173% 0.270% 0.962%
- ----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.083% 0.013% 0.011% 0.018% 0.028% 0.006% 0.000% 0.004%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.001% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 61.551% 8.898% 5.151% 6.779% 6.372% 1.213% 0.270% 0.966%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.379% 8.821%
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
- ------------------------------------------------------------------------------------------------------------------------------------
STATUS
- -------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 0.021% 0.008% 0.000% 0.000% 0.011% 0.003% 0.000% 0.000%
Grace
Current 0.006% 0.001% 0.000% 0.000% 0.006% 0.003% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.027% 0.009% 0.000% 0.000% 0.017% 0.006% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 2.515% 0.624% 0.459% 1.034% 0.282% 0.028% 0.020% 0.082%
31-60 Days Delinquent 0.283% 0.067% 0.051% 0.124% 0.012% 0.000% 0.002% 0.005%
61-90 Days Delinquent 0.172% 0.037% 0.014% 0.082% 0.006% 0.001% 0.001% 0.002%
91-120 Days Delinquent 0.104% 0.022% 0.008% 0.040% 0.006% 0.000% 0.003% 0.001%
> 120 Days Delinquent 0.163% 0.036% 0.010% 0.054% 0.012% 0.002% 0.000% 0.005%
Deferment
Current 0.391% 0.083% 0.025% 0.149% 0.076% 0.014% 0.002% 0.041%
Forbearance
Current 0.805% 0.163% 0.054% 0.343% 0.090% 0.029% 0.008% 0.050%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 4.433% 1.032% 0.621% 1.826% 0.484% 0.074% 0.036% 0.186%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.031% 0.005% 0.002% 0.011% 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 4.491% 1.046% 0.623% 1.837% 0.501% 0.080% 0.036% 0.186%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 7.997% 0.803%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------- FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 1.467% 0.146% 0.029% 0.014% 1.656%
Grace
Current 0.363% 0.042% 0.007% 0.009% 0.421%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 1.830% 0.188% 0.036% 0.023% 2.077%
- -----------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 56.040% 4.780% 4.632% 0.412% 65.864%
31-60 Days Delinquent 2.966% 0.496% 0.525% 0.019% 4.006%
61-90 Days Delinquent 1.544% 0.349% 0.305% 0.010% 2.208%
91-120 Days Delinquent 0.748% 0.152% 0.174% 0.010% 1.084%
> 120 Days Delinquent 1.047% 0.256% 0.263% 0.019% 1.585%
Deferment
Current 9.867% 1.052% 0.648% 0.133% 11.700%
Forbearance
Current 8.212% 1.509% 1.365% 0.177% 11.263%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 80.424% 8.594% 7.912% 0.780% 97.710%
- -----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.125% 0.038% 0.049% 0.000% 0.212%
Aged Claims Rejected (2) 0.000% 0.001% 0.000% 0.000% 0.001%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.379% 8.821% 7.997% 0.803% 100.000%
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
5
<PAGE>
- --------------------------------------------------------------------------------
VI. 1996-1 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 13,346,649.34
B Interest Subsidy Payments Accrued During Collection Period 1,612,501.21
C SAP Payments Accrued During Collection Period 981,713.55
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 50,680.87
E Investment Earnings (ADMINISTRATOR ACT) 340,488.93
----------------
F Net Expected Interest Collections $ 16,332,033.90
G Student Loan Rate
i Days in Collection Period (10/1/99-12/31/99) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 16,332,033.90
iv Primary Servicing Fee $ 1,504,864.90
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 790,867,882.06
vii Student Loan Rate 7.42802%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.88530%
I Class A-1 Interest Rate 0.014793661 (10/25/99-1/25/00) 5.88530%
J Class A-2 T-Bill Based Interest Rate 6.07530%
K Class A-2 Interest Rate 0.015271257 (10/25/99-1/25/00) 6.07530%
L Certificate T-Bill Based Rate of Return 6.30530%
M Certificate Rate of Return 0.015849399 (10/25/99-1/25/00) 6.30530%
</TABLE>
- --------------------------------------------------------------------------------
6
<PAGE>
- --------------------------------------------------------------------------------
VII. 1996-1 Inputs From Previous Quarterly Servicing Reports 9/30/1999
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 784,582,683.17
ii Interest To Be Capitalized $6,285,198.89
-----------------
iii Total Student Loan Pool Outstanding $ 790,867,882.06
=================
B Total Note and Certificate Factor 0.52724525471
C Total Note and Certificate Balance $ 790,867,882.06
<CAPTION>
------------------------------------------------------------------------------------------------------------
D Note Balance 10/25/1999 Class A-1 Class A-2 Certificates
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor-10/25/99 0.2719382773 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 264,867,882.06 $473,500,000.00 $52,500,000.00
-------------------------------------------------
iv Note Balance $ 264,867,882.06 $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 $ 1,977,169.71
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
7
<PAGE>
- --------------------------------------------------------------------------------
VIII. 1996-1 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds (Section III E + Section VI-D) $ 46,755,866.85 $ 46,755,866.85
B Primary Servicing Fees-Current Month $ 495,629.75 $ 46,260,237.10
C Administration Fee $ 20,000.00 $ 46,240,237.10
D Noteholder's Interest Distribution Amount
i Class A-1 $ 3,918,365.66 $ 42,321,871.44
ii Class A-2 $ 7,230,940.19 $ 35,090,931.25
---------------
iii Total Noteholder's Interest Distribution $ 11,149,305.85
E Certificateholder's Return Distribution Amount $ 832,093.45 $ 34,258,837.80
F Noteholder's Principal Distribution Amount
i Class A-1 $ 31,273,933.95 $ 2,984,903.85
ii Class A-2 $ 0.00 $ 2,984,903.85
---------------
iii Total Noteholder's Principal Distribution $ 31,273,933.95
G Certificateholder's Balance Distribution Amount $ 0.00 $ 2,984,903.85
H Increase to the Specified Reserve Account Balance $ 0.00 $ 2,984,903.85
I Carryover Servicing Fees $ 615,718.53 $ 2,369,185.32
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 2,369,185.32
i Class A-2 $ 0.00 $ 2,369,185.32
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 2,369,185.32
L Excess to Reserve Account $ 2,369,185.32 $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
8
<PAGE>
- --------------------------------------------------------------------------------
IX. 1996-1 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $3,918,365.66 $7,230,940.19 $832,093.45
ii Quarterly Interest Paid $3,918,365.66 $7,230,940.19 $832,093.45
------------- ------------- -----------
iii Interest Shortfall $0.00 $0.00 $0.00
iv Interest Carryover Due $0.00 $0.00 $0.00
v Interest Carryover Paid $0.00 $0.00 $0.00
----- ----- -----
vi Interest Carryover $0.00 $0.00 $0.00
vii Quarterly Principal Due $31,273,933.95 $0.00 $0.00
viii Quarterly Principal Paid $31,273,933.95 $0.00 $0.00
-------------- ----- -----
ix Quarterly Principal Shortfall $0.00 $0.00 $0.00
---------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $35,192,299.61 $ 7,230,940.19 $ 832,093.45
---------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 12/31/99 $790,867,882.06
ii Pool Balance 12/31/99 $759,593,948.11
---------------
iii Pool Exceeding Notes and Certificate Balance (i-ii) $ 31,273,933.95
---------------
iv Principal Distribution Amount $ 31,273,933.95
===============
C Total Principal Distribution $31,273,933.95
D Total Interest Distribution $11,981,399.30
--------------
E Total Cash Distributions-Note and Certificates $ 43,255,333.25
<CAPTION>
---------------------------------------------------------------------------
F Note & Certificate Balances 10/25/1999 1/25/2000
---------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (795452AD3) $ 264,867,882.06 $ 233,593,948.11
A-1 Note Pool Factor 0.2719382773 0.2398295155
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 $ 1,977,169.71
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 2,369,185.32
--------------
iv Total Reserve Account Balance Available $ 4,346,355.03
v Required Reserve Account Balance $ 1,898,984.87
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp $ 2,447,370.16
viii Ending Reserve Account Balance $ 1,898,984.87
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1996-1 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------
10/1/99-12/31/99 7/1/99-9/30/99 4/1/99-6/30/99 1/1/99-3/31/99
- ------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 784,582,683.17 $ 819,111,922.06 $ 865,913,534.97 $ 909,715,422.93
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 29,225,816.11 $ 31,329,668.28 $ 36,698,097.40 $ 39,443,775.06
ii Principal Collections from Guarantor 2,700,877.50 1,647,806.66 4,132,698.83 5,350,052.79
iii Principal Reimbursements 2,881,502.77 5,518,012.96 9,829,827.50 1,980,234.80
iv Other System Adjustments - - - -
------------------------------------------------------------------------------
v Total Principal Collections $ 34,808,196.38 $ 38,495,487.90 $ 50,660,623.73 $ 46,774,062.65
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 794,170.87 $ 616,715.43 $ 542,860.16 $ 898,616.99
ii Capitalized Interest (6,025,684.51) (4,582,964.44) (4,401,870.98) (3,870,791.68)
------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (5,231,513.64) $ (3,966,249.01) $ (3,859,010.82) $ (2,972,174.69)
- ------------------------------------------------------------------------------------------------------------------------------
(-)Total Student Loan Principal Activity $ 29,576,682.74 $ 34,529,238.89 $ 46,801,612.91 $ 43,801,887.96
- ------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 9,769,324.67 $ 10,633,854.03 $ 11,523,168.36 $ 12,383,811.54
ii Interest Claims Received from Guarantors 162,205.28 86,425.89 245,838.88 317,687.55
iii Late Fee Reimbursements 239,418.47 251,140.78 247,285.91 284,836.96
iv Interest Reimbursements 43,660.80 97,086.09 144,702.79 35,156.56
v Other System Adjustments - - - -
vi Special Allowance Payments 356,320.74 42,719.99 45,568.63 42,732.32
vii Interest Subsidy Payments 1,796,632.31 2,133,434.25 2,443,943.86 2,454,629.18
------------------------------------------------------------------------------
viiiTotal Interest Collections $ 12,367,562.27 $ 13,244,661.03 $ 14,650,508.43 $ 15,518,854.11
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (756,966.08) $ (598,585.03) $ (484,576.16) $ (834,789.09)
ii Capitalized Interest 6,025,684.51 4,582,964.44 4,401,870.98 3,870,791.68
------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 5,268,718.43 $ 3,984,379.41 $ 3,917,294.82 $ 3,036,002.59
------------------------------------------------------------------------------
Total Student Loan Interest Activity $ 17,636,280.70 $ 17,229,040.44 $ 18,567,803.25 $ 18,554,856.70
(=)Ending Student Loan Portfolio Balance $755,006,000.43 $ 784,582,683.17 $ 819,111,922.06 $ 865,913,534.97
- ------------------------------------------------------------------------------------------------------------------------------
(+)Interest to be Capitalized $ 4,587,947.68 $ 6,285,198.89 $ 7,010,958.32 $ 7,758,791.84
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
(=)TOTAL POOL $759,593,948.11 $ 790,867,882.06 $ 826,122,880.38 $ 873,672,326.81
- ------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------
1998 1997 1996
--------------------------------------------------------------
1/1/98-12/31/98 1/1/97-12/31/97 2/5/96-12/31/96
- ---------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $1,076,337,722.21 $1,287,751,841.38 $1,489,927,280.77
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 147,964,334.46 $ 152,706,153.19 $ 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 Guaranors 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
----------------------------------------------------------
viiiTotal 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 Activity $ 86,311,223.93 $ 104,000,701.40 $ 101,807,173.80
(=)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>
- --------------------------------------------------------------------------------
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1996-1 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
Feb-96 $ 1,502,106,411 -
Apr-96 $ 1,471,870,726 5.14%
Jul-96 $ 1,421,949,915 5.64%
Oct-96 $ 1,360,374,604 7.09%
Jan-97 $ 1,297,462,994 7.90%
Apr-97 $ 1,238,786,263 8.30%
Jul-97 $ 1,183,793,430 8.30%
Oct-97 $ 1,134,200,621 7.79%
Jan-98 $ 1,084,377,970 7.38%
Apr-98 $ 1,039,977,316 6.84%
Jul-98 $ 996,886,487 6.35%
Oct-98 $ 955,927,174 5.87%
Jan-99 $ 917,075,825 5.36%
Apr-99 $ 873,672,327 5.06%
Jul-99 $ 826,122,880 4.91%
Oct-99 $ 790,867,882 4.43%
Jan-00 $ 759,593,948 4.21%
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool data.
- --------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1996-2
Quarterly Servicing Report
Report Date: 12/31/1999 Reporting Period: 10/1/99- 12/31/99
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 9/30/1999 Activity 12/31/1999
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 856,733,573.15 $(30,242,538.68) $ 826,491,034.47
ii Interest to be Capitalized 8,922,079.03 6,187,321.92
---------------- -----------------
iii Total Pool $ 865,655,652.18 $ 832,678,356.39
================ =================
B i Weighted Average Coupon (WAC) 7.7876% 7.7855%
ii Weighted Average Remaining Term 91.92 90.94
iii Number of Loans 399,258 385,390
iv Number of Borrowers 163,220 157,345
--------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 10/25/99 % of Pool Balance 1/25/00 % of Pool
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAA4 0.51% $ 325,625,652.18 37.616% $ 292,648,356.39 35.145%
ii A-2 Notes 78442GAB2 0.71% 487,000,000.00 56.258% 487,000,000.00 58.486%
iii Certificates 78442GAC0 0.96% 53,030,000.00 6.126% 53,030,000.00 6.369%
-------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 865,655,652.18 100.000% $ 832,678,356.39 100.000%
=========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
Reserve Account 10/25/1999 1/25/2000
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,164,139.13 $ 2,081,695.89
iv Reserve Account Floor Balance ($) $ 1,515,030.00 $ 1,515,030.00
v Current Reserve Acct Balance ($) $ 2,164,139.13 $ 2,081,695.89
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
1
<PAGE>
- --------------------------------------------------------------------------------
II. 1996-2 Transactions from: 10/1/1999 through: 12/31/1999
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 29,812,667.65
ii Principal Collections from Guarantor 4,016,500.20
iii Principal Reimbursements 3,404,975.68
iv Other System Adjustments 0.00
---------------
v Total Principal Collections $ 37,234,143.53
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 927,406.17
ii Capitalized Interest (7,919,011.02)
---------------
iii Total Non-Cash Principal Activity $ (6,991,604.85)
---------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 30,242,538.68
---------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 9,962,194.62
ii Interest Claims Received from Guarantors 263,689.80
iii Late Fee Reimbursements 243,572.41
iv Interest Reimbursements 45,473.41
v Other System Adjustments 0.00
vi Special Allowance Payments 390,980.11
vii Subsidy Payments 2,213,018.24
---------------
viii Total Interest Collections $ 13,118,928.59
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (861,813.37)
ii Capitalized Interest 7,919,011.02
---------------
iii Total Non-Cash Interest Adjustments $ 7,057,197.65
---------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 20,176,126.24
---------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
2
<PAGE>
- --------------------------------------------------------------------------------
III. 1996-2 Collection Account Activity 10/1/1999 through 12/31/1999
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $ 33,829,167.85
ii Cash Forwarded by Administrator on behalf of Seller 117,622.22
iii Cash Forwarded by Administrator on behalf of Servicer 2,353.54
iv Cash Forwarded by Administrator for Consolidation Activity 3,284,999.92
---------------
v Total Principal Collections $ 37,234,143.53
B Interest Collections
i Interest Payments Received-Cash $ 12,829,882.77
ii Cash Forwarded by Administrator on behalf of Seller 2,687.84
iii Cash Forwarded by Administrator on behalf of Servicer 6,600.02
iv Cash Forwarded by Administrator for Consolidation Activity 36,185.55
v Cash Forwarded by Administrator for Late Fee Activity 243,572.41
---------------
vi Total Interest Collections $ 13,118,928.59
C Other Reimbursements $ 147,446.25
D Administrator Account Investment Income $ 355,306.62
E TOTAL FUNDS RECEIVED $ 50,855,824.99
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,467,232.68)
--------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 49,388,592.31
--------------------------------------------------------------------------------------------
F Servicing Fee Calculation-Current Month
i Unit Charge Calculation $720,736.60
ii Percentage of Principal Calculation $955,086.12
iii Lesser of Unit or Principal Calculation $720,736.60
G Servicing Fees Due for Current Period $ 720,736.60
H Carryover Servicing Fees Due $ 702,516.01
OCT 1999 Servicing Carryover $240,349.76
NOV 1999 Servicing Carryover $236,770.29
DEC 1999 Servicing Carryover $234,349.52
------------
$ 711,469.57
Less: Servicing ADJ [A iii + B iii] ($8,953.56)
------------
TOTAL: Carryover Servicing Fee Due $ 702,516.01
============
I Administration Fees Due $ 20,000.00
--------------------------------------------------------------------------------------------
J Total Fees Due for Period $ 1,443,252.61
--------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
3
<PAGE>
- --------------------------------------------------------------------------------
IV. 1996-2 Portfolio Characteristics
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ---------------------------------------------------------------------------------------------------------
STATUS 9/30/1999 12/31/1999 9/30/1999 12/31/1999 9/30/1999 12/31/1999
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.680% 7.681% 9,170 8,031 2.297% 2.084%
Grace
Current 7.664% 7.672% 7,166 2,224 1.795% 0.577%
- ---------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.673% 7.679% 16,336 10,255 4.092% 2.661%
- ---------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 7.802% 7.796% 273,968 266,143 68.619% 69.058%
31-60 Days Delinquent 7.802% 7.799% 15,650 15,496 3.920% 4.021%
61-90 Days Delinquent 7.793% 7.789% 7,739 8,584 1.938% 2.227%
91-120 Days Delinquent 7.801% 7.795% 4,432 3,717 1.110% 0.965%
> 120 Days Delinquent 7.778% 7.781% 6,556 5,950 1.642% 1.544%
Deferment
Current 7.762% 7.756% 42,082 38,922 10.540% 10.099%
Forbearance
Current 7.790% 7.788% 31,556 35,374 7.904% 9.179%
- ---------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.795% 7.790% 381,983 374,186 95.673% 97.093%
- ---------------------------------------------------------------------------------------------------------
Claims in Process (1) 7.776% 7.774% 920 941 0.230% 0.244%
Aged Claims Rejected (2) 7.733% 7.734% 19 8 0.005% 0.002%
- ---------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.788% 7.785% 399,258 385,390 100.000% 100.000%
- ---------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------
Principal Amount %
- --------------------------------------------------------------------------------------------------
STATUS 9/30/1999 12/31/1999 9/30/1999 12/31/1999
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 25,332,081.81 $ 22,333,347.85 2.957% 2.702%
Grace
Current $ 19,737,158.10 $ 5,903,359.77 2.304% 0.714%
- --------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 45,069,239.91 $ 28,236,707.62 5.261% 3.416%
- --------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $530,927,276.24 $516,841,418.31 61.971% 62.535%
31-60 Days Delinquent $ 35,260,025.46 $ 34,816,172.12 4.116% 4.213%
61-90 Days Delinquent $ 19,494,028.40 $ 21,149,564.67 2.275% 2.559%
91-120 Days Delinquent $ 10,868,214.62 $ 8,990,371.49 1.269% 1.088%
> 120 Days Delinquent $ 17,034,644.06 $ 15,012,125.87 1.988% 1.816%
Deferment
Current $105,695,959.81 $ 96,980,256.28 12.337% 11.734%
Forbearance
Current $ 90,179,633.05 $102,162,773.79 10.526% 12.361%
- --------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $809,459,781.64 $795,952,682.53 94.482% 96.306%
- --------------------------------------------------------------------------------------------------
Claims in Process (1) $ 2,162,749.69 $ 2,283,306.49 0.252% 0.276%
Aged Claims Rejected (2) $ 41,801.91 $ 18,337.83 0.005% 0.002%
- --------------------------------------------------------------------------------------------------
GRAND TOTAL $856,733,573.15 $826,491,034.47 100.000% 100.000%
- --------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
- --------------------------------------------------------------------------------
V. 1996-2 Portfolio Characteristics by School and Program 12/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------
STATUS
- -----------------------------------
INTERIM:
In School
Current 1.811% 0.460% 0.000% 0.000% 0.247% 0.070% 0.000% 0.000%
Grace
Current 0.430% 0.111% 0.000% 0.000% 0.084% 0.025% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 2.241% 0.571% 0.000% 0.000% 0.331% 0.095% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 39.433% 8.065% 1.806% 1.993% 4.053% 1.034% 0.139% 0.210%
31-60 Days Delinquent 2.170% 0.462% 0.122% 0.183% 0.431% 0.110% 0.007% 0.026%
61-90 Days Delinquent 1.263% 0.279% 0.060% 0.109% 0.292% 0.065% 0.003% 0.019%
91-120 Days Delinquent 0.535% 0.096% 0.030% 0.049% 0.124% 0.026% 0.002% 0.007%
> 120 Days Delinquent 0.840% 0.169% 0.025% 0.073% 0.238% 0.056% 0.001% 0.015%
Deferment
Current 7.036% 1.474% 0.219% 0.576% 0.987% 0.254% 0.013% 0.081%
Forbearance
Current 6.113% 1.495% 0.225% 0.680% 1.333% 0.349% 0.020% 0.107%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 57.390% 12.040% 2.487% 3.663% 7.458% 1.894% 0.185% 0.465%
- -----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.104% 0.031% 0.003% 0.008% 0.044% 0.012% 0.000% 0.003%
Aged Claims Rejected (2) 0.001% 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 59.736% 12.643% 2.490% 3.671% 7.833% 2.001% 0.185% 0.468%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 78.540% 10.487%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
<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 0.052% 0.027% 0.000% 0.000% 0.020% 0.015% 0.000% 0.000%
Grace
Current 0.027% 0.018% 0.000% 0.000% 0.011% 0.008% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.079% 0.045% 0.000% 0.000% 0.031% 0.023% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 3.169% 1.393% 0.334% 0.475% 0.275% 0.082% 0.007% 0.067%
31-60 Days Delinquent 0.383% 0.164% 0.027% 0.076% 0.023% 0.015% 0.000% 0.014%
61-90 Days Delinquent 0.279% 0.121% 0.012% 0.042% 0.009% 0.003% 0.000% 0.003%
91-120 Days Delinquent 0.134% 0.056% 0.005% 0.021% 0.003% 0.000% 0.000% 0.000%
> 120 Days Delinquent 0.245% 0.102% 0.009% 0.032% 0.008% 0.002% 0.000% 0.001%
Deferment
Current 0.494% 0.206% 0.010% 0.102% 0.143% 0.108% 0.002% 0.029%
Forbearance
Current 1.069% 0.469% 0.033% 0.212% 0.124% 0.086% 0.002% 0.044%
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 5.773% 2.511% 0.430% 0.960% 0.585% 0.296% 0.011% 0.158%
- --------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.035% 0.018% 0.009% 0.006% 0.002% 0.001% 0.000% 0.000%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 5.887% 2.574% 0.439% 0.966% 0.618% 0.320% 0.011% 0.158%
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 9.866% 1.107%
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------- FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 2.271% 0.317% 0.079% 0.035% 2.702%
Grace
Current 0.541% 0.109% 0.045% 0.019% 0.714%
- ----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 2.812% 0.426% 0.124% 0.054% 3.416%
- ----------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 51.297% 5.436% 5.371% 0.431% 62.535%
31-60 Days Delinquent 2.937% 0.574% 0.650% 0.052% 4.213%
61-90 Days Delinquent 1.711% 0.379% 0.454% 0.015% 2.559%
91-120 Days Delinquent 0.710% 0.159% 0.216% 0.003% 1.088%
> 120 Days Delinquent 1.107% 0.310% 0.388% 0.011% 1.816%
Deferment
Current 9.305% 1.335% 0.812% 0.282% 11.734%
Forbearance
Current 8.513% 1.809% 1.783% 0.256% 12.361%
- ----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 75.580% 10.002% 9.674% 1.050% 96.306%
- ----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.146% 0.059% 0.068% 0.003% 0.276%
Aged Claims Rejected (2) 0.002% 0.000% 0.000% 0.000% 0.002%
- ----------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 78.540% 10.487% 9.866% 1.107% 100.000%
- ----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
5
<PAGE>
- --------------------------------------------------------------------------------
VI. 1996-2 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 14,434,098.86
B Interest Subsidy Payments Accrued During Collection Period 1,912,153.16
C SAP Payments Accrued During Collection Period 1,147,682.80
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 54,065.21
E Investment Earnings (ADMINISTRATOR ACT) 355,306.62
----------
F Net Expected Interest Collections $ 17,903,306.65
G Student Loan Rate
i Days in Collection Period (10/1/99 - 12/31/99) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 17,903,306.65
iv Primary Servicing Fee $ 2,187,969.28
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $865,655,652.18
vii Student Loan Rate 7.19334%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.83530%
I Class A-1 Interest Rate 0.014667978 (10/25/99-1/25/00) 5.83530%
J Class A-2 T-Bill Based Interest Rate 6.03530%
K Class A-2 Interest Rate 0.015170710 (10/25/99-1/25/00) 6.03530%
L Certificate T-Bill Based Rate of Return 6.28530%
M Certificate Rate of Return 0.015799126 (10/25/99-1/25/00) 6.28530%
</TABLE>
- --------------------------------------------------------------------------------
6
<PAGE>
- --------------------------------------------------------------------------------
VII. 1996-2 Inputs From Previous Quarterly Servicing Reports 9/30/1999
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 856,733,573.15
ii Interest To Be Capitalized $8,922,079.03
----------------
iii Total Student Loan Pool Outstanding $ 865,655,652.18
================
B Total Note and Certificate Factor 0.57137855500
C Total Note and Certificate Balance $ 865,655,652.18
<CAPTION>
<S> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------
D Note Balance 10/25/1999 Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------
i Current Factor-10/25/99 0.3339750279 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 325,625,652.18 $ 487,000,000.00 $ 53,030,000.00
---------------- --------------- ---------------
iv Note Balance $ 325,625,652.18 $ 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
------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C>
G Reserve Account Balance $ 2,164,139.13
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
K Interest Due on Unpaid Carryover Servicing Fees $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
7
<PAGE>
- --------------------------------------------------------------------------------
VIII. 1996-2 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds ( Sections III -E + VI-D) $ 49,442,657.52 $ 49,442,657.52
B Primary Servicing Fees-Current Month $ 720,736.60 $ 48,721,920.92
C Administration Fee $ 20,000.00 $ 48,701,920.92
D Noteholder's Interest Distribution Amount
i Class A-1 $ 4,776,269.90 $ 43,925,651.02
ii Class A-2 $ 7,388,135.77 $ 36,537,515.25
---------------
iii Total Noteholder's Interest Distribution $ 12,164,405.67
E Certificateholder's Return Distribution Amount $ 837,827.65 $ 35,699,687.60
F Noteholder's Principal Distribution Amount
i Class A-1 $ 32,977,295.79 $ 2,722,391.81
ii Class A-2 $ 0.00 $ 2,722,391.81
---------------
iii Total Noteholder's Principal Distribution $ 32,977,295.79
G Certificateholder's Balance Distribution Amount $ 0.00 $ 2,722,391.81
H Increase to the Specified Reserve Account Balance $ 0.00 $ 2,722,391.81
I Carryover Servicing Fees $ 702,516.01 $ 2,019,875.80
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 2,019,875.80
i Class A-2 $ 0.00 $ 2,019,875.80
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 2,019,875.80
L Excess to Reserve Account $ 2,019,875.80 $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
8
<PAGE>
- --------------------------------------------------------------------------------
IX. 1996-2 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $4,776,269.90 $7,388,135.77 $837,827.65
ii Quarterly Interest Paid $4,776,269.90 $7,388,135.77 $837,827.65
------------- ------------- -----------
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 $32,977,295.79 $0.00 $0.00
viii Quarterly Principal Paid $32,977,295.79 $0.00 $0.00
-------------- ----- -----
ix Quarterly Principal Shortfall $0.00 $0.00 $0.00
------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $37,753,565.69 $ 7,388,135.77 $ 837,827.65
------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C>
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 12/31/99 $865,655,652.18
ii Pool Balance 12/31/99 $832,678,356.39
---------------
iii Pool Exceeding Notes and Certificate Balance (i-ii) $32,977,295.79
--------------
iv Principal Distribution Amount $32,977,295.79
==============
C Total Principal Distribution $32,977,295.79
D Total Interest Distribution $13,002,233.32
--------------
E Total Cash Distributions-Note and Certificates $45,979,529.11
<CAPTION>
-------------------------------------------------------------------------
F Note & Certificate Balances 10/25/1999 1/25/2000
-------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GAA4) $325,625,652.18 $292,648,356.39
A-1 Note Pool Factor 0.3339750279 0.3001521604
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
-------------------------------------------------------------------------
<CAPTION>
<S> <C>
G Reserve Account Reconciliation
i Beginning of Period Balance $ 2,164,139.13
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ 2,019,875.80
------------------
iv Total Reserve Account Balance Available $ 4,184,014.93
v Required Reserve Account Balance $ 2,081,695.89
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to SLM Funding Corp. $ 2,102,319.04
viii Ending Reserve Account Balance $ 2,081,695.89
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1996-2 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
10/1/99-12/31/99 7/1/99-9/30/99 4/1/99-6/30/99 1/1/99-3/31/99
- -----------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 856,733,573.15 $ 891,639,751.22 $ 938,993,513.68 $ 983,303,642.95
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 29,812,667.65 $ 31,416,730.70 $ 37,626,144.26 $ 39,259,855.76
ii Principal Collections from Guarantor 4,016,500.20 1,970,654.74 5,021,480.25 6,811,368.00
iii Principal Reimbursements 3,404,975.68 6,135,071.37 9,379,936.73 1,952,828.03
iv Other System Adjustments -- -- -- --
---------------------------------------------------------------------------------
v Total Principal Collections $ 37,234,143.53 $ 39,522,456.81 $ 52,027,561.24 $ 48,024,051.79
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 927,406.17 $ 703,626.43 $ 595,950.28 $ 921,649.52
ii Capitalized Interest (7,919,011.02) (5,319,905.17) (5,269,749.06) (4,635,572.04)
---------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (6,991,604.85) $ (4,616,278.74) $ (4,673,798.78) $ (3,713,922.52)
- -----------------------------------------------------------------------------------------------------------------------------------
(-)Total Student Loan Principal Activity $ 30,242,538.68 $ 34,906,178.07 $ 47,353,762.46 $ 44,310,129.27
- -----------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 9,962,194.62 $ 10,905,485.37 $ 11,817,873.34 $ 12,526,354.42
ii Interest Claims Received from Guarantors 263,689.80 113,202.39 299,501.31 397,961.26
iii Late Fee Reimbursements 243,572.41 261,286.57 255,264.17 288,493.20
iv Interest Reimbursements 45,473.41 115,898.42 135,407.31 23,599.94
v Other System Adjustments -- -- -- --
vi Special Allowance Payments 390,980.11 11,744.08 9,750.19 4,793.14
vii Subsidy Payments 2,213,018.24 2,642,629.88 2,939,430.63 3,133,420.84
---------------------------------------------------------------------------------
viii Total Interest Collections $ 13,118,928.59 $ 14,050,246.71 $ 15,457,226.95 $ 16,374,622.80
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (861,813.37) $ (665,465.09) $ (509,203.89) $ (805,748.99)
ii Capitalized Interest 7,919,011.02 5,319,905.17 5,269,749.06 4,635,572.04
---------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 7,057,197.65 $ 4,654,440.08 $ 4,760,545.17 $ 3,829,823.05
---------------------------------------------------------------------------------
Total Student Loan Interest Activity $ 20,176,126.24 $ 18,704,686.79 $ 20,217,772.12 $ 20,204,445.85
(=)Ending Student Loan Portfolio Balance $ 826,491,034.47 $ 856,733,573.15 $ 891,639,751.22 $ 938,993,513.68
- -----------------------------------------------------------------------------------------------------------------------------------
(+)Interest to be Capitalized $ 6,187,321.92 $ 8,922,079.03 $ 9,646,061.44 $ 10,670,401.42
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
(=)TOTAL POOL $ 832,678,356.39 $ 865,655,652.18 $ 901,285,812.66 $ 949,663,915.10
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------
1998 1997 1996
----------------------------------------------------------
1/1/98-12/31/98 1/1/97-12/31/97 4/8/96-12/31/96
- ------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $1,157,119,554.57 $1,368,940,609.46 $1,499,948,797.64
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 149,949,538.87 $ 145,473,007.92 $ 104,817,308.47
ii Principal Collections from Guarantor 40,352,210.15 54,514,426.98 14,273,213.40
iii Principal Reimbursements 1,797,228.48 32,082,819.65 30,227,142.04
iv Other System Adjustments -- (0.00) (7,802.11)
----------------------------------------------------------
v Total Principal Collections $ 192,098,977.50 $ 232,070,254.55 $ 149,309,861.80
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 3,182,463.99 $ 3,855,960.11 $ 2,791,175.23
ii Capitalized Interest (21,465,529.87) (24,105,159.77) (21,092,848.85)
----------------------------------------------------------
iii Total Non-Cash Principal Activity $ (18,283,065.88) $ (20,249,199.66) $ (18,301,673.62)
- ------------------------------------------------------------------------------------------------------------
(-)Total Student Loan Principal Activity $ 173,815,911.62 $ 211,821,054.89 $ 131,008,188.18
- ------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 54,432,803.82 $ 59,086,651.06 $ 43,848,689.58
ii Interest Claims Received from Guarantors 2,490,544.07 3,409,775.51 844,828.73
iii Late Fee Reimbursements 307,279.69 1.27 --
iv Interest Reimbursements 128,279.84 569,993.65 418,023.61
v Other System Adjustments -- -- (2,057.69)
vi Special Allowance Payments 1,384,583.73 2,071,430.41 1,356,833.19
vii Subsidy Payments 15,657,130.90 24,308,423.57 16,922,688.94
----------------------------------------------------------
viii Total Interest Collections $ 74,400,622.05 $ 89,446,275.47 $ 63,389,006.36
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,504,011.63) $ (2,963,405.97) $ (2,588,185.48)
ii Capitalized Interest 21,465,529.87 24,105,159.77 21,092,848.85
----------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 18,961,518.24 $ 21,141,753.80 $ 18,504,663.37
----------------------------------------------------------
Total Student Loan Interest Activity $ 93,362,140.29 $ 110,588,029.27 $ 81,893,669.73
(=)Ending Student Loan Portfolio Balance $ 983,303,642.95 $1,157,119,554.57 $1,368,940,609.46
- ------------------------------------------------------------------------------------------------------------
(+)Interest to be Capitalized $ 10,283,328.75 $ 11,609,569.57 $ 13,686,568.72
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
(=)TOTAL POOL $ 993,586,971.70 $1,168,729,124.14 $1,382,627,178.18
- ------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1996-2 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
Apr-96 $ 1,517,607,923 --
Jul-96 $ 1,483,611,074 4.11%
Oct-96 $ 1,435,808,978 5.25%
Jan-97 $ 1,382,627,178 6.20%
Apr-97 $ 1,326,256,378 6.80%
Jul-97 $ 1,270,438,672 7.10%
Oct-97 $ 1,221,695,246 7.02%
Jan-98 $ 1,168,729,124 7.15%
Apr-98 $ 1,123,009,294 6.83%
Jul-98 $ 1,078,803,107 6.44%
Oct-98 $ 1,035,727,586 6.07%
Jan-99 $ 993,586,972 5.72%
Apr-99 $ 949,663,915 5.47%
Jul-99 $ 901,285,813 5.41%
Oct-99 $ 865,655,652 4.97%
Jan-00 $ 832,678,356 4.50%
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool
data.
<TABLE>
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
iii Total Non-Cash Interest Adjustments $ 22,196,138.23 $ 23,262,067.88 $ 14,404,663.65
-------------------------------------------------------------------------------
</TABLE>
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 9/30/1999 Activity 12/31/1999
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 965,758,595.90 $(27,186,115.66) $ 938,572,480.24
ii Interest to be Capitalized 12,280,448.19 8,138,666.80
---------------- ----------------
iii Total Pool $ 978,039,044.09 $ 946,711,147.04
iv Specified Reserve Account Balance 2,445,097.61 2,366,777.87
---------------- ----------------
v Total Adjusted Pool $ 980,484,141.70 $ 949,077,924.91
================ ================
B i Weighted Average Coupon (WAC) 7.7615% 7.7722%
ii Weighted Average Remaining Term 96.28 95.15
iii Number of Loans 372,129 363,678
iv Number of Borrowers 144,986 141,244
-----------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 10/25/99 % of Pool Balance 1/25/00 % of Pool
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAD8 0.49% $ 374,734,141.70 38.219% $ 343,327,924.91 36.175%
ii A-2 Notes 78442GAE6 0.68% 553,000,000.00 56.401% 553,000,000.00 58.267%
iii Certificates 78442GAF3 0.95% 52,750,000.00 5.380% 52,750,000.00 5.558%
-----------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 980,484,141.70 100.000% $ 949,077,924.91 100.000%
=======================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Reserve Account 10/25/1999 1/25/2000
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,445,097.61 $ 2,366,777.87
iv Reserve Account Floor Balance ($) $ 1,502,704.00 $ 1,502,704.00
v Current Reserve Acct Balance ($) $ 2,445,097.61 $ 2,366,777.87
-----------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
1
<PAGE>
- --------------------------------------------------------------------------------
II. 1996-3 Transactions from: 10/1/1999 through: 12/31/1999
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 27,993,134.68
ii Principal Collections from Guarantor 3,827,937.51
iii Principal Reimbursements 4,453,634.29
iv Other System Adjustments --
---------------
v Total Principal Collections $ 36,274,706.48
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 820,952.16
ii Capitalized Interest (9,909,542.98)
---------------
iii Total Non-Cash Principal Activity $ (9,088,590.82)
--------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 27,186,115.66
--------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 10,990,765.88
ii Interest Claims Received from Guarantors 251,927.07
iii Late Fee Reimbursements 226,535.18
iv Interest Reimbursements 72,299.86
v Other System Adjustments --
vi Special Allowance Payments 410,754.99
vii Subsidy Payments 2,510,702.45
---------------
viii Total Interest Collections $ 14,462,985.43
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (771,665.03)
ii Capitalized Interest 9,909,542.98
---------------
iii Total Non-Cash Interest Adjustments $ 9,137,877.95
--------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 23,600,863.38
--------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
2
<PAGE>
- --------------------------------------------------------------------------------
III. 1996-3 Collection Account Activity 10/1/1999 through 12/31/1999
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $ 31,821,072.19
ii Cash Forwarded by Administrator on behalf of Seller 252,428.34
iii Cash Forwarded by Administrator on behalf of Servicer 2,020.48
iv Cash Forwarded by Administrator for Consolidation Activity 4,199,185.47
---------------
v Total Principal Collections $ 36,274,706.48
B Interest Collections
i Interest Payments Received-Cash $ 14,164,150.39
ii Cash Forwarded by Administrator on behalf of Seller 7,626.07
iii Cash Forwarded by Administrator on behalf of Servicer 7,446.74
iv Cash Forwarded by Administrator for Consolidation Activity 57,227.05
v Cash Forwarded by Administrator for Late Fee Activity 226,535.18
---------------
vi Total Interest Collections $ 14,462,985.43
C Other Reimbursements $211,306.66
D Administrator Account Investment Income $351,792.62
E Funds borrowed from next Collection Period $0.00
F TOTAL FUNDS RECEIVED $ 51,300,791.19
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,360,050.18)
----------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 49,940,741.01
----------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $671,580.06
ii Percentage of Principal Calculation $924,328.67
iii Lesser of Unit or Principal Calculation $671,580.06
H Servicing Fees Due for Current Period $ 671,580.06
I Carryover Servicing Fees Due $ 757,355.60
OCT 1999 Servicing Carryover $258,730.57
NOV 1999 Servicing Carryover $255,343.64
DEC 1999 Servicing Carryover $252,748.61
------------
$ 766,822.82
Less: Servicing ADJ [A iii + B iii] ($9,467.22)
------------
TOTAL: Carryover Servicing Fee Due $ 757,355.60
============
J Administration Fees Due $ 20,000.00
----------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,448,935.66
----------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
3
<PAGE>
- --------------------------------------------------------------------------------
IV. 1996-3 Portfolio Characteristics
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- --------------------------------------------------------------------------------------------------------------
STATUS 9/30/1999 12/31/1999 9/30/1999 12/31/1999 9/30/1999 12/31/1999
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.384% 7.379% 13,227 11,941 3.554% 3.283%
Grace
Current 7.331% 7.385% 12,082 2,969 3.247% 0.816%
- --------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.358% 7.380% 25,309 14,910 6.801% 4.099%
- --------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 7.818% 7.811% 241,109 242,533 64.792% 66.689%
31-60 Days Delinquent 7.830% 7.823% 15,289 14,459 4.108% 3.976%
61-90 Days Delinquent 7.818% 7.821% 8,216 8,221 2.208% 2.261%
91-120 Days Delinquent 7.816% 7.837% 4,487 3,519 1.206% 0.968%
> 120 Days Delinquent 7.809% 7.807% 5,798 5,711 1.558% 1.570%
Deferment
Current 7.670% 7.654% 39,732 37,478 10.677% 10.305%
Forbearance
Current 7.806% 7.806% 31,362 35,920 8.428% 9.877%
- --------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.798% 7.793% 345,993 347,841 92.977% 95.646%
- --------------------------------------------------------------------------------------------------------------
Claims in Process (1) 7.804% 7.820% 803 914 0.216% 0.251%
Aged Claims Rejected (2) 7.739% 7.921% 24 13 0.006% 0.004%
- --------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.761% 7.772% 372,129 363,678 100.000% 100.000%
- --------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------
Principal Amount %
- ---------------------------------------------------------------------------------------------------
STATUS 9/30/1999 12/31/1999 9/30/1999 12/31/1999
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 38,771,200.22 $ 35,512,631.23 4.014% 3.784%
Grace
Current $ 36,880,488.56 $ 8,402,727.90 3.819% 0.895%
- ----------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 75,651,688.78 $ 43,915,359.13 7.833% 4.679%
- ----------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 585,515,731.24 $ 586,545,416.98 60.628% 62.494%
31-60 Days Delinquent $ 39,056,785.45 $ 36,706,440.62 4.044% 3.911%
61-90 Days Delinquent $ 23,434,373.28 $ 22,548,942.80 2.426% 2.403%
91-120 Days Delinquent $ 12,832,890.50 $ 9,498,770.67 1.329% 1.012%
> 120 Days Delinquent $ 16,297,231.33 $ 15,901,781.14 1.687% 1.694%
Deferment
Current $ 110,056,872.51 $ 104,480,655.82 11.396% 11.132%
Forbearance
Current $ 100,870,011.42 $ 116,658,332.25 10.445% 12.429%
- ----------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 888,063,895.73 $ 892,340,340.28 91.955% 95.075%
- ----------------------------------------------------------------------------------------------------
Claims in Process (1) $ 1,998,029.37 $ 2,284,496.34 0.207% 0.243%
Aged Claims Rejected (2) $ 44,982.02 $ 32,284.49 0.005% 0.003%
- ----------------------------------------------------------------------------------------------------
GRAND TOTAL $ 965,758,595.90 $ 938,572,480.24 100.000% 100.000%
- ----------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
- --------------------------------------------------------------------------------
V. 1996-3 Portfolio Characteristics by School and Program 12/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
----------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
- -----------------------------------
STATUS
- -----------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 2.471% 0.853% 0.000% 0.000% 0.258% 0.086% 0.000% 0.000%
Grace
Current 0.560% 0.194% 0.000% 0.000% 0.064% 0.026% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 3.031% 1.047% 0.000% 0.000% 0.322% 0.112% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 35.790% 8.607% 6.105% 2.665% 3.158% 0.774% 0.280% 0.324%
31-60 Days Delinquent 1.989% 0.420% 0.343% 0.177% 0.350% 0.080% 0.017% 0.046%
61-90 Days Delinquent 1.150% 0.251% 0.155% 0.130% 0.250% 0.060% 0.005% 0.027%
91-120 Days Delinquent 0.466% 0.099% 0.073% 0.052% 0.121% 0.027% 0.003% 0.020%
> 120 Days Delinquent 0.758% 0.194% 0.056% 0.113% 0.213% 0.033% 0.006% 0.026%
Deferment
Current 6.487% 1.746% 0.479% 0.560% 0.760% 0.197% 0.031% 0.082%
Forbearance
Current 5.808% 1.727% 0.813% 0.756% 1.143% 0.275% 0.038% 0.145%
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 52.448% 13.044% 8.024% 4.453% 5.995% 1.446% 0.380% 0.670%
- ---------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.086% 0.026% 0.012% 0.014% 0.032% 0.006% 0.000% 0.002%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.001% 0.001% 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 55.566% 14.117% 8.036% 4.468% 6.350% 1.564% 0.380% 0.672%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.187% 8.966%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
------------------------------------------------------------------------------------------------
- -----------------------------------
STATUS
- -----------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 0.026% 0.023% 0.000% 0.000% 0.038% 0.029% 0.000% 0.000%
Grace
Current 0.015% 0.009% 0.000% 0.000% 0.015% 0.012% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.041% 0.032% 0.000% 0.000% 0.053% 0.041% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 2.244% 0.810% 0.368% 0.693% 0.355% 0.202% 0.014% 0.105%
31-60 Days Delinquent 0.276% 0.077% 0.031% 0.079% 0.013% 0.006% 0.000% 0.007%
61-90 Days Delinquent 0.213% 0.070% 0.011% 0.058% 0.013% 0.002% 0.000% 0.008%
91-120 Days Delinquent 0.091% 0.022% 0.005% 0.031% 0.001% 0.000% 0.001% 0.000%
> 120 Days Delinquent 0.172% 0.056% 0.010% 0.043% 0.012% 0.000% 0.000% 0.002%
Deferment
Current 0.340% 0.109% 0.018% 0.113% 0.102% 0.085% 0.000% 0.023%
Forbearance
Current 0.836% 0.270% 0.071% 0.271% 0.134% 0.110% 0.001% 0.031%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 4.172% 1.414% 0.514% 1.288% 0.630% 0.405% 0.016% 0.176%
- -----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.029% 0.014% 0.004% 0.012% 0.004% 0.001% 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 4.242% 1.460% 0.518% 1.300% 0.687% 0.447% 0.016% 0.177%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 7.520% 1.327%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------- FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 3.324% 0.344% 0.049% 0.067% 3.784%
Grace
Current 0.754% 0.090% 0.024% 0.027% 0.895%
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 4.078% 0.434% 0.073% 0.094% 4.679%
- --------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 53.167% 4.536% 4.115% 0.676% 62.494%
31-60 Days Delinquent 2.929% 0.493% 0.463% 0.026% 3.911%
61-90 Days Delinquent 1.686% 0.342% 0.352% 0.023% 2.403%
91-120 Days Delinquent 0.690% 0.171% 0.149% 0.002% 1.012%
> 120 Days Delinquent 1.121% 0.278% 0.281% 0.014% 1.694%
Deferment
Current 9.272% 1.070% 0.580% 0.210% 11.132%
Forbearance
Current 9.104% 1.601% 1.448% 0.276% 12.429%
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 77.969% 8.491% 7.388% 1.227% 95.075%
- --------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.138% 0.040% 0.059% 0.006% 0.243%
Aged Claims Rejected (2) 0.002% 0.001% 0.000% 0.000% 0.003%
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.187% 8.966% 7.520% 1.327% 100.000%
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
5
<PAGE>
- --------------------------------------------------------------------------------
VI. 1996-3 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 16,206,505.55
B Interest Subsidy Payments Accrued During Collection Period 2,223,627.76
C SAP Payments Accrued During Collection Period 1,201,351.09
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 57,780.14
E Investment Earnings (ADMINISTRATOR ACT) 351,792.62
----------
F Net Expected Interest Collections $ 20,041,057.16
G Student Loan Rate
i Days in Collection Period (10/1/99-12/31/99) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 20,041,057.16
iv Primary Servicing Fee $ 2,031,630.24
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 978,039,044.09
vii Student Loan Rate 7.29737%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.81530%
I Class A-1 Interest Rate 0.014617705 (10/25/99-1/25/00) 5.81530%
J Class A-2 T-Bill Based Interest Rate 6.00530%
K Class A-2 Interest Rate 0.015095301 (10/25/99-1/25/00) 6.00530%
L Certificate T-Bill Based Rate of Return 6.27530%
M Certificate Rate of Return 0.015773989 (10/25/99-1/25/00) 6.27530%
</TABLE>
- --------------------------------------------------------------------------------
6
<PAGE>
- --------------------------------------------------------------------------------
VII. 1996-3 Inputs From Previous Quarterly Servicing Reports 9/30/1999
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 965,758,595.90
ii Interest To Be Capitalized 12,280,448.19
----------------
iii Total Pool $ 978,039,044.09
iv Specified Reserve Account Balance 2,445,097.61
----------------
v Total Adjusted Pool Balance $ 980,484,141.70
================
B Total Note and Certificate Factor 0.65072781928
C Total Note and Certificate Balance $ 980,484,141.70
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
D Note Balance 10/25/1999 Class A-1 Class A-2 Certificates
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor-10/25/99 0.4159091473 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 374,734,141.70 $ 553,000,000.00 $ 52,750,000.00
----------------- ---------------- ---------------
iv Note Balance $ 374,734,141.70 $ 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
-------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C>
G Reserve Account Balance $ 2,445,097.61
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
K Interest Due on Unpaid Carryover Servicing Fees $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
7
<PAGE>
- --------------------------------------------------------------------------------
VIII. 1996-3 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds ( Sections III -F + VI-D) $ 49,998,521.15 $ 49,998,521.15
B Primary Servicing Fees-Current Month $ 671,580.06 $ 49,326,941.09
C Administration Fee $ 20,000.00 $ 49,306,941.09
D Noteholder's Interest Distribution Amount
i Class A-1 $ 5,477,753.14 $ 43,829,187.95
ii Class A-2 $ 8,347,701.45 $ 35,481,486.50
---------------
iii Total Noteholder's Interest Distribution $ 13,825,454.59
E Certificateholder's Return Distribution Amount $ 832,077.92 $ 34,649,408.58
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 31,406,216.79 $ 3,243,191.79
ii Class A-2 $ 0.00 $ 3,243,191.79
---------------
iii Total Noteholder's Principal Distribution $ 31,406,216.79
G Certificateholder's Balance Distribution Amount $ 0.00 $ 3,243,191.79
H Increase to the Specified Reserve Account Balance $ 0.00 $ 3,243,191.79
I Carryover Servicing Fees $ 757,355.60 $ 2,485,836.19
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 2,485,836.19
ii Class A-2 $ 0.00 $ 2,485,836.19
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 2,485,836.19
L Excess to Reserve Account $ 2,485,836.19 $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
8
<PAGE>
- --------------------------------------------------------------------------------
IX. 1996-3 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 5,477,753.14 $ 8,347,701.45 $ 832,077.92
ii Quarterly Interest Paid 5,477,753.14 8,347,701.45 832,077.92
------------ ------------ ----------
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 $ 31,406,216.79 $ 0.00 $ 0.00
viii Quarterly Principal Paid 31,406,216.79 0.00 0.00
------------- ---- ----
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 36,883,969.93 $ 8,347,701.45 $ 832,077.92
---------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C>
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 12/31/99 $ 980,484,141.70
ii Adjusted Pool Balance 12/31/99 949,077,924.91
--------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 31,406,216.79
================
iv Adjusted Pool Balance 9/30/99 $ 980,484,141.70
v Adjusted Pool Balance 12/31/99 949,077,924.91
--------------
vi Current Principal Due (iv-v) $ 31,406,216.79
vii Principal Shortfall from Previous Collection Period --
----------------
viii Principal Distribution Amount (vi + vii) $ 31,406,216.79
================
ix Principal Distribution Amount Paid $ 31,406,216.79
x Principal Shortfall (viii - ix) $ --
C Total Principal Distribution $ 31,406,216.79
D Total Interest Distribution 14,657,532.51
-------------
E Total Cash Distributions-Note and Certificates $ 46,063,749.30
<CAPTION>
-----------------------------------------------------------------------------------
F Note & Certificate Balances 10/25/1999 1/25/2000
-----------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GAD8) $ 374,734,141.70 $ 343,327,924.91
A-1 Note Pool Factor 0.4159091473 0.3810520809
ii A-2 Note Balance (78442GAE6) $ 553,000,000.00 $ 553,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAF3) $ 52,750,000.00 $ 52,750,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
-----------------------------------------------------------------------------------
<CAPTION>
<S> <C>
G Reserve Account Reconciliation
i Beginning of Period Balance $ 2,445,097.61
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ 2,485,836.19
----------------
iv Total Reserve Account Balance Available $ 4,930,933.80
v Required Reserve Account Balance $ 2,366,777.87
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to SLM Funding Corp $ 2,564,155.93
viii Ending Reserve Account Balance $ 2,366,777.87
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1996-3 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
10/1/99-12/31/99 7/1/99-9/30/99 4/1/99-6/30/99 1/1/99-3/31/99
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $965,758,595.90 $998,311,775.44 $1,044,121,155.14 $1,083,954,845.53
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 27,993,134.68 $ 28,051,166.72 $ 33,236,782.82 $ 34,580,443.93
ii Principal Collections from Guarantor 3,827,937.51 2,513,694.90 4,852,237.71 6,962,455.98
iii Principal reimbursements 4,453,634.29 7,196,467.48 13,184,604.14 2,422,860.10
iv Other System Adjustments -- -- -- --
-----------------------------------------------------------------------------
v Total Principal Collections $ 36,274,706.48 $ 37,761,329.10 $ 51,273,624.67 $ 43,965,760.01
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 820,952.16 $ 692,829.81 $ 632,127.83 $ 986,851.63
ii Capitalized Interest (9,909,542.98) (5,900,979.37) (6,096,372.80) (5,118,921.25)
-----------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (9,088,590.82) $ (5,208,149.56) $ (5,464,244.97) $ (4,132,069.62)
- ------------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 27,186,115.66 $ 32,553,179.54 $ 45,809,379.70 $ 39,833,690.39
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 10,990,765.88 $ 11,864,718.05 $ 12,714,216.88 $ 13,363,504.80
ii Interest Claims Received from Guarantors 251,927.07 125,363.81 289,850.39 420,619.68
iii Late Fee Reimbursements 226,535.18 238,728.10 232,312.74 259,215.91
iv Interest Reimbursements 72,299.86 138,341.50 224,015.30 39,260.85
v Other System Adjustments -- -- -- --
vi Special Allowance Payments 410,754.99 10,439.94 7,789.18 4,951.40
vii Subsidy Payments 2,510,702.45 2,973,312.09 3,251,050.27 3,652,134.80
-----------------------------------------------------------------------------
viii Total Interest Collections $ 14,462,985.43 $ 15,350,903.49 $ 16,719,234.76 $ 17,739,687.44
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (771,665.03) $ (665,119.02) $ (560,383.59) $ (895,332.14)
ii Capitalized Interest 9,909,542.98 5,900,979.37 6,096,372.80 5,118,921.25
-----------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 9,137,877.95 $ 5,235,860.35 $ 5,535,989.21 $ 4,223,589.11
-----------------------------------------------------------------------------
Total Student Loan Interest Activity $ 23,600,863.38 $ 20,586,763.84 $ 22,255,223.97 $ 21,963,276.55
(=) Ending Student Loan Portfolio Balance $938,572,480.24 $965,758,595.90 $ 998,311,775.44 $1,044,121,155.14
- ------------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 8,138,666.80 $ 12,280,448.19 $ 12,965,524.53 $ 14,011,587.78
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $946,711,147.04 $978,039,044.09 $1,011,277,299.97 $1,058,132,742.92
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 2,366,777.87 $ 2,445,097.61 $ 2,528,193.25 $ 2,645,331.86
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $949,077,924.91 $980,484,141.70 $1,013,805,493.22 $1,060,778,074.78
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------
1998 1997 1996
------------------------------------------------------------
1/1/98-12/31/98 1/1/97-12/31/97 6/17/96-12/31/96
- ------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $1,228,714,371.63 $1,413,647,896.61 $1,485,028,174.57
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 122,504,044.52 $ 109,020,540.61 $ 56,058,587.17
ii Principal Collections from Guarantor 41,298,428.76 56,780,983.13 4,102,484.47
iii Principal reimbursements 2,546,996.03 41,704,153.21 25,574,172.87
iv Other System Adjustments -- -- (2,160.08)
------------------------------------------------------------
v Total Principal Collections $ 166,349,469.31 $ 207,505,676.95 $ 85,733,084.43
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 3,047,079.72 $ 3,675,838.55 $ 2,226,545.19
ii Capitalized Interest (24,637,022.93) (26,247,990.52) (16,579,351.66)
------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (21,589,943.21) $ (22,572,151.97) $ (14,352,806.47)
- ------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 144,759,526.10 $ 184,933,524.98 $ 71,380,277.96
- ------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 56,008,898.70 $ 56,916,994.63 $ 29,251,514.62
ii Interest Claims Received from Guarantors 2,555,312.40 3,556,475.39 195,989.28
iii Late Fee Reimbursements 271,571.86 -- --
iv Interest Reimbursements 129,824.10 640,157.64 403,805.13
v Other System Adjustments -- -- (385.55)
vi Special Allowance Payments 1,215,231.25 1,886,637.13 1,296,691.10
vii Subsidy Payments 18,157,524.99 27,499,868.72 19,346,491.31
------------------------------------------------------------
viii Total Interest Collections $ 78,338,363.30 $ 90,500,133.51 $ 50,494,105.89
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,440,884.70) $ (2,985,922.64) $ (2,174,688.01)
ii Capitalized Interest 24,637,022.93 26,247,990.52 16,579,351.66
------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 22,196,138.23 $ 23,262,067.88 $ 14,404,663.65
------------------------------------------------------------
Total Student Loan Interest Activity $ 100,534,501.53 $ 113,762,201.39 $ 64,898,769.54
(=) Ending Student Loan Portfolio Balance $1,083,954,845.53 $1,228,714,371.63 $1,413,647,896.61
- ------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 13,191,211.43 $ 14,946,382.97 $ 15,933,644.48
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $1,097,146,056.96 $1,243,660,754.60 $1,429,581,541.09
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 2,742,865.14 $ 3,222,987.71 $ 3,674,921.48
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $1,099,888,922.10 $1,246,883,742.31 $1,433,256,462.57
- ------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1996-3 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
Jun-96 $ 1,502,704,078 -
Oct-96 $ 1,466,211,474 6.31%
Jan-97 $ 1,429,581,541 5.60%
Apr-97 $ 1,379,654,678 6.30%
Jul-97 $ 1,331,618,519 6.60%
Oct-97 $ 1,289,195,084 6.48%
Jan-98 $ 1,243,660,755 6.53%
Apr-98 $ 1,205,728,980 6.14%
Jul-98 $ 1,167,972,431 5.82%
Oct-98 $ 1,132,576,891 5.50%
Jan-99 $ 1,097,146,057 5.22%
Apr-99 $ 1,058,132,743 5.06%
Jul-99 $ 1,011,277,300 5.16%
Oct-99 $ 978,039,044 4.86%
Jan-00 $ 946,711,147 4.53%
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool
data.
- --------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1996-4
Quarterly Servicing Report
Report Date: 12/31/1999 Reporting Period: 10/1/99-12/31/99
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 9/30/1999 Activity 12/31/1999
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 904,752,711.70 $ (29,388,174.14) $ 875,364,537.56
ii Interest to be Capitalized 11,469,977.72 8,006,162.46
---------------- ----------------
iii Total Pool $ 916,222,689.42 $ 883,370,700.02
iv Specified Reserve Account Balance 2,290,556.72 2,208,426.75
---------------- ----------------
v Total Adjusted Pool $ 918,513,246.14 $ 885,579,126.77
================ ================
B i Weighted Average Coupon (WAC) 7.7603% 7.7660%
ii Weighted Average Remaining Term 96.42 95.75
iii Number of Loans 400,363 385,706
iv Number of Borrowers 150,550 144,947
-------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 10/25/99 % of Pool Balance 1/25/00 % of Pool
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAG1 0.48% $ 370,813,246.14 40.371% $ 337,879,126.77 38.153%
ii A-2 Notes 78442GAH9 0.64% 495,000,000.00 53.891% 495,000,000.00 55.896%
iii Certificates 78442GAJ5 0.93% 52,700,000.00 5.738% 52,700,000.00 5.951%
-------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 918,513,246.14 100.000% $ 885,579,126.77 100.000%
=========================================================================================================================
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
Reserve Account 10/25/1999 1/25/2000
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,290,556.72 $ 2,208,426.75
iv Reserve Account Floor Balance ($) $ 1,501,183.00 $ 1,501,183.00
v Current Reserve Acct Balance ($) $ 2,290,556.72 $ 2,208,426.75
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
1
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
II. 1996-4 Transactions from: 10/1/1999 through: 12/31/1999
- ------------------------------------------------------------------------------------------
<S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $29,785,666.32
ii Principal Collections from Guarantor 3,924,072.71
iii Principal Reimbursements 4,071,584.10
iv Other System Adjustments 0.00
---------------
v Total Principal Collections $ 37,781,323.13
B Student Loan Non-Cash Principal Activity
i Other Adjustments $986,515.45
ii Capitalized Interest (9,379,664.44)
---------------
iii Total Non-Cash Principal Activity $ (8,393,148.99)
-----------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 29,388,174.14
-----------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $9,943,202.65
ii Interest Claims Received from Guarantors 267,118.07
iii Late Fee Reimbursements 247,432.48
iv Interest Reimbursements 64,359.63
v Other System Adjustments 0.00
vi Special Allowance Payments 398,988.20
vii Subsidy Payments 2,456,527.61
---------------
viii Total Interest Collections $ 13,377,628.64
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($939,292.51)
ii Capitalized Interest 9,379,664.44
---------------
iii Total Non-Cash Interest Adjustments $ 8,440,371.93
-----------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 21,818,000.57
-----------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
2
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
III. 1996-4 Collection Account Activity 10/1/1999 through 12/31/1999
- --------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $33,709,739.03
ii Cash Forwarded by Administrator on behalf of Seller 170,038.14
iii Cash Forwarded by Administrator on behalf of Servicer (15,181.64)
iv Cash Forwarded by Administrator for Consolidation Activity 3,916,727.60
---------------
v Total Principal Collections $ 37,781,323.13
B Interest Collections
i Interest Payments Received-Cash $13,065,836.53
ii Cash Forwarded by Administrator on behalf of Seller 5,656.54
iii Cash Forwarded by Administrator on behalf of Servicer 7,126.91
iv Cash Forwarded by Administrator for Consolidation Activity 51,576.18
v Cash Forwarded by Administrator for Late Fee Activity 247,432.48
---------------
vi Total Interest Collections $13,377,628.64
C Other Reimbursements $105,841.81
D Administrator Account Investment Income $361,426.55
E Return funds borrowed for previous distribution $0.00
F TOTAL FUNDS RECEIVED $ 51,626,220.13
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($1,413,054.72)
--------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 50,213,165.41
--------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $694,109.04
ii Percentage of Principal Calculation $929,059.46
iii Lesser of Unit or Principal Calculation $694,109.04
H Servicing Fees Due for Current Period $ 694,109.04
I Carryover Servicing Fees Due $ 719,742.77
OCT 1999 Servicing Carryover $ 239,394.35
NOV 1999 Servicing Carryover $ 237,343.27
DEC 1999 Servicing Carryover $ 234,950.42
------------
$ 711,688.04
Less: Servicing ADJ [A iii + B iii] $8,054.73
------------
TOTAL: Carryover Servicing Fee Due $ 719,742.77
============
J Administration Fees Due $ 20,000.00
--------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,433,851.81
--------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
3
<PAGE>
- --------------------------------------------------------------------------------
IV. 1996-4 Portfolio Characteristics
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans % Principal Amount
- -------------------------------------------------------------------------------------------------------------------------------
STATUS 9/30/1999 12/31/1999 9/30/1999 12/31/1999 9/30/1999 12/31/1999 9/30/1999
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.453% 7.452% 13,197 11,349 3.296% 2.942% $ 37,680,151.59
Grace
Current 7.425% 7.440% 9,833 3,043 2.456% 0.789% $ 28,443,734.11
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.441% 7.450% 23,030 14,392 5.752% 3.731% $ 66,123,885.70
- -------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 7.811% 7.805% 266,099 259,823 66.465% 67.363% $ 531,361,183.69
31-60 Days Delinquent 7.817% 7.810% 16,253 15,821 4.060% 4.102% $ 37,719,365.49
61-90 Days Delinquent 7.804% 7.798% 8,602 8,782 2.149% 2.277% $ 22,278,413.41
91-120 Days Delinquent 7.805% 7.812% 4,371 3,761 1.092% 0.975% $ 11,441,868.68
> 120 Days Delinquent 7.787% 7.795% 6,523 6,306 1.629% 1.635% $ 16,956,718.89
Deferment
Current 7.649% 7.638% 41,206 38,318 10.292% 9.935% $ 112,381,648.42
Forbearance
Current 7.800% 7.799% 33,364 37,481 8.333% 9.718% $ 104,348,539.22
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.788% 7.783% 376,418 370,292 94.020% 96.005% $ 836,487,737.80
- -------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 7.806% 7.784% 890 997 0.222% 0.258% $ 2,081,225.02
Aged Claims Rejected (2) 7.797% 7.845% 25 25 0.006% 0.006% $ 59,863.18
- -------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.760% 7.766% 400,363 385,706 100.000% 100.000% $ 904,752,711.70
- -------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------
Principal Amount %
- ----------------------------------------------------------------------------
STATUS 12/31/1999 9/30/1999 12/31/1999
- ----------------------------------------------------------------------------
<S> <C> <C> <C>
INTERIM:
In School
Current $ 32,372,444.65 4.165% 3.698%
Grace
Current $ 8,589,001.85 3.144% 0.981%
- ----------------------------------------------------------------------------
TOTAL INTERIM $ 40,961,446.50 7.309% 4.679%
- ----------------------------------------------------------------------------
REPAYMENT
Active
Current $ 525,061,122.71 58.730% 59.982%
31-60 Days Delinquent $ 37,160,887.81 4.169% 4.245%
61-90 Days Delinquent $ 22,281,133.22 2.462% 2.546%
91-120 Days Delinquent $ 9,387,865.74 1.265% 1.073%
> 120 Days Delinquent $ 16,254,117.96 1.874% 1.857%
Deferment
Current $ 104,440,754.87 12.421% 11.931%
Forbearance
Current $ 117,554,332.43 11.533% 13.429%
- ----------------------------------------------------------------------------
TOTAL REPAYMENT $ 832,140,214.74 92.454% 95.063%
- ----------------------------------------------------------------------------
Claims in Process (1) $ 2,208,417.87 0.230% 0.252%
Aged Claims Rejected (2) $ 54,458.45 0.007% 0.006%
- ----------------------------------------------------------------------------
GRAND TOTAL $ 875,364,537.56 100.000% 100.000%
- ----------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
- --------------------------------------------------------------------------------
V. 1996-4 Portfolio Characteristics by School and Program 12/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
--------------------------------------------------------------------------------------------------
- ----------------------------------
STATUS
- ----------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 2.307% 0.749% 0.000% 0.000% 0.350% 0.138% 0.000% 0.000%
Grace
Current 0.537% 0.195% 0.000% 0.000% 0.105% 0.045% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 2.844% 0.944% 0.000% 0.000% 0.455% 0.183% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 35.454% 8.959% 2.894% 2.458% 3.451% 1.205% 0.163% 0.217%
31-60 Days Delinquent 2.041% 0.545% 0.216% 0.207% 0.391% 0.123% 0.009% 0.032%
61-90 Days Delinquent 1.256% 0.292% 0.097% 0.113% 0.279% 0.076% 0.003% 0.021%
91-120 Days Delinquent 0.493% 0.130% 0.033% 0.055% 0.114% 0.033% 0.001% 0.011%
> 120 Days Delinquent 0.837% 0.200% 0.045% 0.100% 0.226% 0.067% 0.005% 0.017%
Deferment
Current 6.893% 1.842% 0.370% 0.609% 0.908% 0.284% 0.022% 0.067%
Forbearance
Current 6.359% 1.941% 0.412% 0.948% 1.231% 0.341% 0.019% 0.102%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 53.333% 13.909% 4.067% 4.490% 6.600% 2.129% 0.222% 0.467%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.097% 0.023% 0.007% 0.009% 0.036% 0.011% 0.001% 0.001%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.001% 0.001% 0.000% 0.000% 0.001%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 56.275% 14.876% 4.074% 4.500% 7.092% 2.323% 0.223% 0.469%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 79.725% 10.107%
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
--------------------------------------------------------------------------------------------------
- ----------------------------------
STATUS
- ----------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 0.076% 0.058% 0.000% 0.000% 0.014% 0.006% 0.000% 0.000%
Grace
Current 0.032% 0.028% 0.000% 0.000% 0.017% 0.022% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.108% 0.086% 0.000% 0.000% 0.031% 0.028% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 2.635% 1.178% 0.385% 0.597% 0.217% 0.107% 0.005% 0.057%
31-60 Days Delinquent 0.354% 0.151% 0.037% 0.085% 0.025% 0.022% 0.000% 0.007%
61-90 Days Delinquent 0.230% 0.099% 0.017% 0.054% 0.006% 0.000% 0.000% 0.003%
91-120 Days Delinquent 0.130% 0.045% 0.006% 0.022% 0.000% 0.000% 0.000% 0.000%
> 120 Days Delinquent 0.218% 0.081% 0.013% 0.038% 0.007% 0.002% 0.000% 0.001%
Deferment
Current 0.417% 0.184% 0.019% 0.108% 0.103% 0.061% 0.000% 0.044%
Forbearance
Current 1.005% 0.499% 0.063% 0.233% 0.132% 0.083% 0.001% 0.060%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 4.989% 2.237% 0.540% 1.137% 0.490% 0.275% 0.006% 0.172%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.038% 0.019% 0.003% 0.007% 0.000% 0.000% 0.000% 0.000%
Aged Claims Rejected (2) 0.002% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 5.137% 2.342% 0.543% 1.144% 0.521% 0.303% 0.006% 0.172%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 9.166% 1.002%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
- ---------------------------------------------------
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 3.056% 0.488% 0.134% 0.020% 3.698%
Grace
Current 0.732% 0.150% 0.060% 0.039% 0.981%
- ---------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 3.788% 0.638% 0.194% 0.059% 4.679%
- ---------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 49.765% 5.036% 4.795% 0.386% 59.982%
31-60 Days Delinquent 3.009% 0.555% 0.627% 0.054% 4.245%
61-90 Days Delinquent 1.758% 0.379% 0.400% 0.009% 2.546%
91-120 Days Delinquent 0.711% 0.159% 0.203% 0.000% 1.073%
> 120 Days Delinquent 1.182% 0.315% 0.350% 0.010% 1.857%
Deferment
Current 9.714% 1.281% 0.728% 0.208% 11.931%
Forbearance
Current 9.660% 1.693% 1.800% 0.276% 13.429%
- ---------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 75.799% 9.418% 8.903% 0.943% 95.063%
- ---------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.136% 0.049% 0.067% 0.000% 0.252%
Aged Claims Rejected (2) 0.002% 0.002% 0.002% 0.000% 0.006%
- ---------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 79.725% 10.107% 9.166% 1.002% 100.000%
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
5
<PAGE>
- --------------------------------------------------------------------------------
VI. 1996-4 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
A Borrower Interest Accrued During Collection Period $ 15,154,730.51
B Interest Subsidy Payments Accrued During Collection Period 2,148,973.82
C SAP Payments Accrued During Collection Period 1,173,903.33
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 56,653.71
E Investment Earnings (ADMINISTRATOR ACT) 361,426.55
----------------
F Net Expected Interest Collections $ 18,895,687.92
G Student Loan Rate
i Days in Collection Period (10/1/99-12/31/99) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 18,895,687.92
iv Primary Servicing Fee $ 2,107,163.76
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 916,222,689.42
vii Student Loan Rate 7.26104%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.80530%
I Class A-1 Interest Rate 0.014592568 (10/25/99-1/25/00) 5.80530%
J Class A-2 T-Bill Based Interest Rate 5.96530%
K Class A-2 Interest Rate 0.014994754 (10/25/99-1/25/00) 5.96530%
L Certificate T-Bill Based Rate of Return 6.25530%
M Certificate Rate of Return 0.015723716 (10/25/99-1/25/00) 6.25530%
</TABLE>
- --------------------------------------------------------------------------------
6
<PAGE>
- --------------------------------------------------------------------------------
VII. 1996-4 Inputs From Previous Quarterly Servicing Reports 9/30/1999
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 904,752,711.70
ii Interest To Be Capitalized $11,469,977.72
----------------
iii Total Pool $ 916,222,689.42
iv Specified Reserve Account Balance $2,290,556.72
----------------
v Total Adjusted Pool $ 918,513,246.14
================
B Total Note and Certificate Factor 0.61030780474
C Total Note and Certificate Balance $ 918,513,246.14
<CAPTION>
------------------------------------------------------------------------------------------------------------------
D Note Balance 10/25/1999 Class A-1 Class A-2 Certificates
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor-10/25/99 0.3873532290 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 370,813,246.14 $ 495,000,000.00 $ 52,700,000.00
---------------- ---------------- ---------------
iv Note Balance $ 370,813,246.14 $ 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 $ 2,290,556.72
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
K Interest Due on Unpaid Carryover Servicing Fees $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
7
<PAGE>
- --------------------------------------------------------------------------------
VIII. 1996-4 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds (Sections III -F + VI-D) $ 50,269,819.12 $ 50,269,819.12
B Primary Servicing Fees-Current Month $ 694,109.04 $ 49,575,710.08
C Administration Fee $ 20,000.00 $ 49,555,710.08
D Noteholder's Interest Distribution Amount
i Class A-1 $ 5,411,117.51 $ 44,144,592.57
ii Class A-2 $ 7,422,403.23 $ 36,722,189.34
---------------
iii Total Noteholder's Interest Distribution $ 12,833,520.74
E Certificateholder's Return Distribution Amount $ 828,639.83 $ 35,893,549.51
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 32,934,119.37 $ 2,959,430.14
ii Class A-2 $ 0.00 $ 2,959,430.14
---------------
iii Total Noteholder's Principal Distribution $ 32,934,119.37
G Certificateholder's Balance Distribution Amount $ 0.00 $ 2,959,430.14
H Increase to the Specified Reserve Account Balance $ 0.00 $ 2,959,430.14
I Carryover Servicing Fees $ 719,742.77 $ 2,239,687.37
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 2,239,687.37
i Class A-2 $ 0.00 $ 2,239,687.37
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 2,239,687.37
L Excess to Reserve Account $ 2,239,687.37 $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
8
<PAGE>
- --------------------------------------------------------------------------------
IX. 1996-4 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 5,411,117.51 $ 7,422,403.23 $ 828,639.83
ii Quarterly Interest Paid 5,411,117.51 7,422,403.23 828,639.83
--------------- --------------- ------------
iii Interest Shortfall $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00 0.00
--------------- --------------- ------------
vi Interest Carryover $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 32,934,119.37 $ 0.00 $ 0.00
viii Quarterly Principal Paid 32,934,119.37 0.00 0.00
--------------- --------------- ------------
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
----------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 38,345,236.88 $ 7,422,403.23 $ 828,639.83
----------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 12/31/99 $918,513,246.14
ii Adjusted Pool Balance 12/31/99 885,579,126.77
---------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 32,934,119.37
===============
iv Adjusted Pool Balance 9/30/99 $918,513,246.14
v Adjusted Pool Balance 12/31/99 $885,579,126.77
---------------
vi Current Principal Due (iv-v) $ 32,934,119.37
vii Principal Shortfall from Previous Collection Period $ -
---------------
viii Principal Distribution Amount(vi + vii) $ 32,934,119.37
===============
ix Principal Distribution Amount Paid $ 32,934,119.37
x Principal Shortfall (viii - ix) $ -
C Total Principal Distribution $ 32,934,119.37
D Total Interest Distribution 13,662,160.57
---------------
E Total Cash Distributions-Note and Certificates $ 46,596,279.94
<CAPTION>
---------------------------------------------------------------------------------
F Note & Certificate Balances 10/25/1999 1/25/2000
---------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GAG1) $370,813,246.14 $337,879,126.77
A-1 Note Pool Factor 0.3873532290 0.3529500959
ii A-2 Note Balance (78442GAH9) $495,000,000.00 $495,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAJ5) $ 52,700,000.00 $ 52,700,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
---------------------------------------------------------------------------------
G Reserve Account Reconciliation
i Beginning of Period Balance $ 2,290,556.72
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 2,239,687.37
---------------
iv Total Reserve Account Balance Available $ 4,530,244.09
v Required Reserve Account Balance $ 2,208,426.75
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp. $ 2,321,817.34
viii Ending Reserve Account Balance $ 2,208,426.75
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1996-4 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
10/1/99-12/31/99 7/1/99-9/30/99 4/1/99-6/30/99 1/1/99-3/31/99
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Beginning Student Loan Portfolio Balance $ 904,752,711.70 $ 940,379,349.80 $ 989,896,510.20 $ 1,035,285,864.26
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 29,785,666.32 $ 31,769,522.26 $ 37,587,044.10 $ 40,081,368.10
ii Principal Collections from Guarantor 3,924,072.71 2,336,608.14 6,061,847.97 7,220,781.26
iii Principal Reimbursements 4,071,584.10 7,106,146.91 11,238,460.46 2,041,504.14
iv Other System Adjustments - - - -
--------------------------------------------------------------------------------
v Total Principal Collections $ 37,781,323.13 $ 41,212,277.31 $ 54,887,352.53 $ 49,343,653.50
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 986,515.45 $ 776,605.13 $ 646,166.88 $ 942,879.56
ii Capitalized Interest (9,379,664.44) (6,362,244.34) (6,016,359.01) (4,897,179.00)
--------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (8,393,148.99) $ (5,585,639.21) $ (5,370,192.13) $ (3,954,299.44)
- ------------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 29,388,174.14 $ 35,626,638.10 $ 49,517,160.40 $ 45,389,354.06
- ------------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 9,943,202.65 $ 10,850,168.85 $ 11,713,431.73 $ 12,454,690.30
ii Interest Claims Received from
Guarantors 267,118.07 126,029.25 374,895.24 433,267.77
iii Late Fee Reimbursements 247,432.48 262,478.36 259,028.67 288,358.43
iv Interest Reimbursements 64,359.63 102,605.51 195,922.82 39,031.17
v Other System Adjustments - - - -
vi Special Allowance Payments 398,988.20 12,335.71 10,943.45 7,621.07
vii Subsidy Payments 2,456,527.61 2,888,848.29 3,159,498.51 3,521,618.20
--------------------------------------------------------------------------------
viii Total Interest Collections $ 13,377,628.64 $ 14,242,465.97 $ 15,713,720.42 $ 16,744,586.94
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (939,292.51) $ (714,694.70) $ (537,422.80) $ (796,719.56)
ii Capitalized Interest 9,379,664.44 6,362,244.34 6,016,359.01 4,897,179.00
--------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 8,440,371.93 $ 5,647,549.64 $ 5,478,936.21 $ 4,100,459.44
--------------------------------------------------------------------------------
Total Student Loan Interest Activity $ 21,818,000.57 $ 19,890,015.61 $ 21,192,656.63 $ 20,845,046.38
(=) Ending Student Loan Portfolio Balance $ 875,364,537.56 $ 904,752,711.70 $ 940,379,349.80 $ 989,896,510.20
- ------------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 8,006,162.46 $ 11,469,977.72 $ 12,547,679.20 $ 13,445,234.50
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 883,370,700.02 $ 916,222,689.42 $ 952,927,029.00 $ 1,003,341,744.70
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 2,208,426.75 $ 2,290,556.72 $ 2,382,317.57 $ 2,508,354.36
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 885,579,126.77 $ 918,513,246.14 $ 955,309,346.57 $ 1,005,850,099.06
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------------------------
1998 1997 1996
-------------------------------------------------------------
1/1/98-12/31/98 1/1/97-12/31/97 9/3/96-12/31/96
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Beginning Student Loan Portfolio Balance $ 1,207,834,554.65 $ 1,429,671,216.95 $ 1,478,535,335.85
- -----------------------------------------------------------------------------------------------------------------
i A-1 Note Balance (78442GAK2) $ 574,340,066.64 $ 531,742,050.26
A-1 Note Pool Factor 0.4826387115 0.4468420590
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-----------------------------------------------------------------------------------------
v Total Principal Collections $ 194,622,755.77 $ 245,002,988.78 $ 63,345,596.77
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 3,338,919.10 $ 3,929,552.20 $ 1,431,259.68
ii Capitalized Interest (25,412,984.48) (27,095,878.68) (15,912,737.55)
-------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (22,074,065.38) $ (23,166,326.48) $ (14,481,477.87)
- -----------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 172,548,690.39 $ 221,836,662.30 $ 48,864,118.90
- -----------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 53,198,257.71 $ 56,301,281.76 $ 15,484,377.46
ii Interest Claims Received from Guarant 2,698,296.08 2,921,282.00 13,446.63
iii Late Fee Reimbursements 307,848.97 - -
iv Interest Reimbursements 114,449.84 723,149.71 282,181.00
v Other System Adjustments - - (287.62)
vi Special Allowance Payments 1,315,559.80 1,981,421.00 257,877.96
vii Subsidy Payments 17,635,547.74 28,812,210.76 3,637,851.32
-------------------------------------------------------------
viii Total Interest Collections $ 75,269,960.14 $ 90,739,345.23 $ 19,675,446.75
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,677,336.29) $ (3,293,910.82) $ (1,407,772.50)
ii Capitalized Interest 25,412,984.48 27,095,878.68 15,912,737.55
-------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 22,735,648.19 $ 23,801,967.86 $ 14,504,965.05
-------------------------------------------------------------
Total Student Loan Interest Activity $ 98,005,608.33 $ 114,541,313.09 $ 34,180,411.80
(=) Ending Student Loan Portfolio Balance $ 1,035,285,864.26 $ 1,207,834,554.65 $ 1,429,671,216.95
- -----------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 12,585,073.13 $ 14,614,638.32 $ 15,760,176.45
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,047,870,937.39 $ 1,222,449,192.97 $ 1,445,431,393.40
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 2,619,677.34 $ 3,197,361.80 $ 3,752,958.00
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 1,050,490,614.73 $ 1,225,646,554.77 $ 1,449,184,351.40
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1996-4 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
Oct-96 $ 1,501,183,283 -
Jan-97 $ 1,445,431,393 5.70%
Apr-97 $ 1,393,348,336 5.80%
Jul-97 $ 1,335,564,804 6.30%
Oct-97 $ 1,278,944,721 6.57%
Jan-98 $ 1,222,449,193 6.82%
Apr-98 $ 1,176,016,497 6.44%
Jul-98 $ 1,130,616,448 6.11%
Oct-98 $ 1,088,632,931 5.70%
Jan-99 $ 1,047,870,937 5.32%
Apr-99 $ 1,003,341,745 5.09%
Jul-99 $ 952,927,029 5.11%
Oct-99 $ 916,222,689 4.68%
Jan-00 $ 883,370,700 4.18%
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool
data.
- --------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1997-1
Quarterly Servicing Report
Report Date: 12/31/1999 Reporting Period: 10/1/99-12/31/99
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 9/30/1999 Activity 12/31/1999
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 1,413,785,923.79 $ (37,931,938.48) $1,375,853,985.31
ii Interest to be Capitalized 16,179,229.97 11,619,381.53
------------------ -----------------
iii Total Pool $ 1,429,965,153.76 $1,387,473,366.84
iv Specified Reserve Account Balance 3,574,912.88 3,468,683.42
------------------ -----------------
v Total Adjusted Pool $ 1,433,540,066.64 $1,390,942,050.26
================== =================
B i Weighted Average Coupon (WAC) 7.7275% 7.7330%
ii Weighted Average Remaining Term 99.76 98.37
iii Number of Loans 511,475 500,427
iv Number of Borrowers 213,883 208,439
---------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 10/25/99 % of Pool Balance 1/25/00 % of Pool
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAK2 0.46% $ 574,340,066.64 40.064% $ 531,742,050.26 38.229%
ii A-2 Notes 78442GAL0 0.57% 787,400,000.00 54.927% 787,400,000.00 56.609%
iii Certificates 78442GAM8 0.85% 71,800,000.00 5.009% 71,800,000.00 5.162%
------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 1,433,540,066.64 100.000% $1,390,942,050.26 100.000%
========================================================================================================================
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
Reserve Account 10/25/1999 1/25/2000
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 3,574,912.88 $ 3,468,683.42
iv Reserve Account Floor Balance ($) $ 2,004,092.00 $ 2,004,092.00
v Current Reserve Acct Balance ($) $ 3,574,912.88 $ 3,468,683.42
-------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
1
<PAGE>
- --------------------------------------------------------------------------------
II. 1997-1 Transactions from: 10/1/1999 through: 12/31/1999
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 37,117,852.77
ii Principal Collections from Guarantor 6,614,378.64
iii Principal Reimbursements 6,089,299.79
iv Other System Adjustments 0.00
-----------------
v Total Principal Collections $ 49,821,531.20
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,571,592.77
ii Capitalized Interest (13,461,185.49)
-----------------
iii Total Non-Cash Principal Activity $ (11,889,592.72)
--------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 37,931,938.48
--------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 15,618,633.44
ii Interest Claims Received from Guarantors 448,452.66
iii Late Fee Reimbursements 347,023.41
iv Interest Reimbursements 98,672.90
v Other System Adjustments 0.00
vi Special Allowance Payments 3,907,240.30
vii Subsidy Payments 641,338.10
-----------------
viii Total Interest Collections $ 21,061,360.81
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,458,469.74)
ii Capitalized Interest 13,461,185.49
-----------------
iii Total Non-Cash Interest Adjustments $ 12,002,715.75
--------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 33,064,076.56
--------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
2
<PAGE>
- --------------------------------------------------------------------------------
III. 1997-1 Collection Account Activity 10/1/1999 through 12/31/1999
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $ 43,732,231.41
ii Cash Forwarded by Administrator on behalf of Seller 220,430.99
iii Cash Forwarded by Administrator on behalf of Servicer 1,955.10
iv Cash Forwarded by Administrator for Consolidation Activity 5,866,913.70
-----------------
v Total Principal Collections $ 49,821,531.20
B Interest Collections
i Interest Payments Received-Cash $ 20,615,664.50
ii Cash Forwarded by Administrator on behalf of Seller (291.90)
iii Cash Forwarded by Administrator on behalf of Servicer 7,885.45
iv Cash Forwarded by Administrator for Consolidation Activity 91,079.35
v Cash Forwarded by Administrator for Late Fee Activity 347,023.41
-----------------
vi Total Interest Collections $ 21,061,360.81
C Other Reimbursements $ 212,798.48
D Administrator Account Investment Income $ 491,013.67
E Return funds borrowed for previous distribution $ --
F TOTAL FUNDS RECEIVED $ 71,586,704.16
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,848,926.80)
----------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 69,737,777.36
----------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 912,988.44
ii Percentage of Principal Calculation $ 1,331,043.46
iii Lesser of Unit or Principal Calculation $ 912,988.44
H Servicing Fees Due for Current Period $ 912,988.44
I Carryover Servicing Fees Due $ 1,256,815.27
OCT 1999 Servicing Carryover $ 426,625.96
NOV 1999 Servicing Carryover $ 421,974.84
DEC 1999 Servicing Carryover $ 418,055.02
-----------------
$ 1,266,655.82
Less: Servicing ADJ [A iii + B iii] $ (9,840.55)
-----------------
TOTAL: Carryover Servicing Fee Due $ 1,256,815.27
=================
J Administration Fees Due $ 20,000.00
----------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 2,189,803.71
----------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
3
<PAGE>
- --------------------------------------------------------------------------------
IV. 1997-1 Portfolio Characteristics
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ---------------------------------------------------------------------------------------------------------------
STATUS 9/30/1999 12/31/1999 9/30/1999 12/31/1999 9/30/1999 12/31/1999
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.488% 7.489% 19,277 16,938 3.769% 3.385%
Grace
Current 7.472% 7.461% 13,267 4,445 2.594% 0.888%
- ---------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.482% 7.483% 32,544 21,383 6.363% 4.273%
- ---------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 7.770% 7.767% 316,590 316,812 61.898% 63.309%
31-60 Days Delinquent 7.769% 7.770% 20,548 20,289 4.017% 4.054%
61-90 Days Delinquent 7.770% 7.764% 11,774 12,294 2.302% 2.457%
91-120 Days Delinquent 7.762% 7.763% 6,394 5,525 1.250% 1.104%
> 120 Days Delinquent 7.755% 7.758% 10,047 9,550 1.964% 1.908%
Deferment
Current 7.607% 7.601% 63,281 58,637 12.373% 11.717%
Forbearance
Current 7.770% 7.769% 48,749 54,160 9.531% 10.823%
- ---------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.747% 7.746% 477,383 477,267 93.335% 95.372%
- ---------------------------------------------------------------------------------------------------------------
Claims in Process (1) 7.748% 7.748% 1525 1,740 0.298% 0.348%
Aged Claims Rejected (2) 7.734% 7.777% 23 37 0.004% 0.007%
- ---------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.728% 7.733% 511,475 500,427 100.000% 100.000%
- ---------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------
Principal Amount %
- ---------------------------------------------------------------------------------------------------
STATUS 9/30/1999 12/31/1999 9/30/1999 12/31/1999
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 57,115,382.62 $ 50,220,504.75 4.040% 3.650%
Grace
Current $ 38,968,577.03 $ 13,374,333.65 2.756% 0.972%
- ---------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 96,083,959.65 $ 63,594,838.40 6.796% 4.622%
- ---------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 839,054,958.64 $ 832,373,015.64 59.348% 60.499%
31-60 Days Delinquent $ 56,125,636.88 $ 54,577,715.48 3.970% 3.967%
61-90 Days Delinquent $ 34,076,263.50 $ 34,374,366.12 2.410% 2.498%
91-120 Days Delinquent $ 17,927,045.86 $ 15,394,039.32 1.268% 1.119%
> 120 Days Delinquent $ 26,690,882.28 $ 26,404,143.66 1.888% 1.919%
Deferment
Current $ 180,474,115.24 $ 166,155,100.05 12.765% 12.077%
Forbearance
Current $ 159,872,443.59 $ 178,752,003.92 11.308% 12.992%
- ---------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $1,314,221,345.99 $1,308,030,384.19 92.957% 95.071%
- ---------------------------------------------------------------------------------------------------
Claims in Process (1) $ 3,428,780.50 $ 4,160,502.30 0.243% 0.302%
Aged Claims Rejected (2) $ 51,837.65 $ 68,260.42 0.004% 0.005%
- ---------------------------------------------------------------------------------------------------
GRAND TOTAL $1,413,785,923.79 $1,375,853,985.31 100.000% 100.000%
- ---------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
- --------------------------------------------------------------------------------
V. 1997-1 Portfolio Characteristics by School and Program 12/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
--------------------------------------------------------------------------------------------------
- ---------------------------------
STATUS
- ---------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 2.336% 0.604% 0.000% 0.000% 0.341% 0.120% 0.000% 0.000%
Grace
Current 0.527% 0.140% 0.000% 0.000% 0.101% 0.035% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 2.863% 0.744% 0.000% 0.000% 0.442% 0.155% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 32.579% 10.090% 3.228% 1.954% 3.673% 1.390% 0.173% 0.219%
31-60 Days Delinquent 1.774% 0.512% 0.199% 0.127% 0.369% 0.127% 0.010% 0.027%
61-90 Days Delinquent 1.081% 0.298% 0.085% 0.084% 0.269% 0.083% 0.006% 0.016%
91-120 Days Delinquent 0.450% 0.135% 0.030% 0.041% 0.122% 0.039% 0.002% 0.009%
> 120 Days Delinquent 0.741% 0.210% 0.046% 0.070% 0.238% 0.073% 0.006% 0.008%
Deferment
Current 7.036% 1.838% 0.164% 0.511% 0.911% 0.304% 0.006% 0.063%
Forbearance
Current 5.879% 1.954% 0.354% 0.697% 1.168% 0.419% 0.018% 0.079%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 49.540% 15.037% 4.106% 3.484% 6.750% 2.435% 0.221% 0.421%
- -----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.111% 0.028% 0.005% 0.008% 0.042% 0.011% 0.000% 0.002%
Aged Claims Rejected (2) 0.003% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 52.517% 15.809% 4.111% 3.492% 7.234% 2.601% 0.221% 0.423%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 75.929% 10.479%
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
--------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
--------------------------------------------------------------------------------------------------
- ----------------------------------
STATUS
- ----------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 0.063% 0.046% 0.000% 0.000% 0.076% 0.064% 0.000% 0.000%
Grace
Current 0.027% 0.020% 0.000% 0.000% 0.062% 0.060% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.090% 0.066% 0.000% 0.000% 0.138% 0.124% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 3.336% 2.155% 0.680% 0.586% 0.225% 0.152% 0.012% 0.047%
31-60 Days Delinquent 0.435% 0.255% 0.048% 0.067% 0.008% 0.009% 0.000% 0.000%
61-90 Days Delinquent 0.302% 0.194% 0.020% 0.044% 0.007% 0.008% 0.000% 0.001%
91-120 Days Delinquent 0.157% 0.089% 0.010% 0.026% 0.004% 0.005% 0.000% 0.000%
> 120 Days Delinquent 0.292% 0.182% 0.011% 0.036% 0.004% 0.002% 0.000% 0.000%
Deferment
Current 0.511% 0.292% 0.012% 0.091% 0.161% 0.136% 0.001% 0.040%
Forbearance
Current 1.142% 0.734% 0.065% 0.174% 0.136% 0.134% 0.001% 0.038%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 6.175% 3.901% 0.846% 1.024% 0.545% 0.446% 0.014% 0.126%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.051% 0.037% 0.002% 0.005% 0.000% 0.000% 0.000% 0.000%
Aged Claims Rejected (2) 0.002% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 6.318% 4.004% 0.848% 1.029% 0.683% 0.570% 0.014% 0.126%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 12.199% 1.393%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 2.940% 0.461% 0.109% 0.140% 3.650%
Grace
Current 0.667% 0.136% 0.047% 0.122% 0.972%
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 3.607% 0.597% 0.156% 0.262% 4.622%
- -----------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 47.851% 5.455% 6.757% 0.436% 60.499%
31-60 Days Delinquent 2.612% 0.533% 0.805% 0.017% 3.967%
61-90 Days Delinquent 1.548% 0.374% 0.560% 0.016% 2.498%
91-120 Days Delinquent 0.656% 0.172% 0.282% 0.009% 1.119%
> 120 Days Delinquent 1.067% 0.325% 0.521% 0.006% 1.919%
Deferment
Current 9.549% 1.284% 0.906% 0.338% 12.077%
Forbearance
Current 8.884% 1.684% 2.115% 0.309% 12.992%
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 72.167% 9.827% 11.946% 1.131% 95.071%
- -----------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.152% 0.055% 0.095% 0.000% 0.302%
Aged Claims Rejected (2) 0.003% 0.000% 0.002% 0.000% 0.005%
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 75.929% 10.479% 12.199% 1.393% 100.000%
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
- --------------------------------------------------------------------------------
5
<PAGE>
- --------------------------------------------------------------------------------
VI. 1997-1 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 23,539,082.50
B Interest Subsidy Payments Accrued During Collection Period 3,417,639.65
C SAP Payments Accrued During Collection Period 1,812,142.22
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 83,247.64
E Investment Earnings (ADMINISTRATOR ACT) 491,013.67
------------------
F Net Expected Interest Collections $ 29,343,125.68
G Student Loan Rate
i Days in Collection Period (10/1/99-12/31/99) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 29,343,125.68
iv Primary Servicing Fee $ 2,761,915.24
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,429,965,153.76
vii Student Loan Rate 7.36932%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.78530%
I Class A-1 Interest Rate 0.014542295 (10/25/99-1/25/00) 5.78530%
J Class A-2 T-Bill Based Interest Rate 5.89530%
K Class A-2 Interest Rate 0.014818798 (10/25/99-1/25/00) 5.89530%
L Certificate T-Bill Based Rate of Return 6.17530%
M Certificate Rate of Return 0.015522623 (10/25/99-1/25/00) 6.17530%
</TABLE>
- --------------------------------------------------------------------------------
6
<PAGE>
- --------------------------------------------------------------------------------
VII. 1997-1 Inputs From Previous Quarterly Servicing Reports 9/30/1999
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,413,785,923.79
ii Interest To Be Capitalized 16,179,229.97
------------------
iii Total Pool $ 1,429,965,153.76
iv Specified Reserve Account Balance 3,574,912.88
------------------
v Total Adjusted Pool $ 1,433,540,066.64
==================
B Total Note and Certificate Factor 0.69956083674
C Total Note and Certificate Balance $ 1,433,540,066.64
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
D Note Balance 10/25/1999 Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor-10/25/99 0.4826387115 1.0000000000 1.0000000000
ii Expected Note Balance $ 574,340,066.64 $ 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 $ 3,574,912.88
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
7
<PAGE>
- --------------------------------------------------------------------------------
VIII. 1997-1 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds (Sections III-F + VI-D) $ 69,821,025.00 $ 69,821,025.00
B Primary Servicing Fees-Current Month $ 912,988.44 $ 68,908,036.56
C Administration Fee $ 20,000.00 $ 68,888,036.56
D Noteholder's Interest Distribution Amount
i Class A-1 $ 8,352,222.68 $ 60,535,813.88
ii Class A-2 $ 11,668,321.55 $ 48,867,492.33
-----------------
iii Total Noteholder's Interest Distribution $ 20,020,544.23
E Certificateholder's Return Distribution Amount $ 1,114,524.33 $ 47,752,968.00
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 42,598,016.38 $ 5,154,951.62
ii Class A-2 $ 0.00 $ 5,154,951.62
-----------------
iii Total Noteholder's Principal Distribution $ 42,598,016.38
G Certificateholder's Balance Distribution Amount $ 0.00 $ 5,154,951.62
H Increase to the Specified Reserve Account Balance $ 0.00 $ 5,154,951.62
I Carryover Servicing Fees $ 1,256,815.27 $ 3,898,136.35
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 3,898,136.35
i Class A-2 $ 0.00 $ 3,898,136.35
-----------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 3,898,136.35
L Excess to Reserve Account $ 3,898,136.35 $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
8
<PAGE>
- --------------------------------------------------------------------------------
IX. 1997-1 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 8,352,222.68 $ 11,668,321.55 $ 1,114,524.33
ii Quarterly Interest Paid 8,352,222.68 11,668,321.55 1,114,524.33
------------------ ----------------- ----------------
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 $ 42,598,016.38 $ 0.00 $ 0.00
viii Quarterly Principal Paid 42,598,016.38 0.00 0.00
------------------ ----------------- ----------------
ix Quarterly Principal Shortfall $ (0.00) $ 0.00 $ 0.00
----------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 50,950,239.06 $ 11,668,321.55 $ 1,114,524.33
----------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 12/31/99 $ 1,433,540,066.64
ii Adjusted Pool Balance 12/31/99 1,390,942,050.26
------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 42,598,016.38
==================
iv Adjusted Pool Balance 9/30/99 $ 1,433,540,066.64
v Adjusted Pool Balance 12/31/99 $ 1,390,942,050.26
------------------
vi Current Principal Due (iv-v) $ 42,598,016.38
vii Principal Shortfall from Previous Collection Period $ --
------------------
viii Principal Distribution Amount (vi + vii) $ 42,598,016.38
==================
ix Principal Distribution Amount Paid $ 42,598,016.38
x Principal Shortfall (viii - ix) $ 0.00
C Total Principal Distribution $ 42,598,016.38
D Total Interest Distribution 21,135,068.56
------------------
E Total Cash Distributions-Note and Certificates $ 63,733,084.94
<CAPTION>
-------------------------------------------------------------------------------------
F Note & Certificate Balances 10/25/1999 1/25/2000
-------------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GAK2) $ 574,340,066.64 $ 531,742,050.26
A-1 Note Pool Factor 0.4826387115 0.4468420590
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 $ 3,574,912.88
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ 3,898,136.35
------------------
iv Total Reserve Account Balance Available $ 7,473,049.23
v Required Reserve Account Balance $ 3,468,683.42
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to SLM Funding Corp $ 4,004,365.81
viii Ending Reserve Account Balance $ 3,468,683.42
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1997-1 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------
10/1/99-12/31/99 7/1/99-9/30/99 4/1/99-6/30/99
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Beginning Student Loan Portfolio Balance $ 1,413,785,923.79 $ 1,458,383,638.11 $ 1,523,704,962.40
- ------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 37,117,852.77 $ 38,406,893.01 $ 45,866,123.72
ii Principal Collections from Guarantor 6,614,378.64 3,876,279.36 9,287,753.06
iii Principal Reimbursements 6,089,299.79 10,540,385.37 17,975,004.98
iv Other System Adjustments -- -- --
---------------------------------------------------------------
v Total Principal Collections $ 49,821,531.20 $ 52,823,557.74 $ 73,128,881.76
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,571,592.77 $ 1,051,217.25 $ 937,428.68
ii Capitalized Interest (13,461,185.49) (9,277,060.67) (8,744,986.15)
---------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (11,889,592.72) $ (8,225,843.42) $ (7,807,557.47)
- ------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 37,931,938.48 $ 44,597,714.32 $ 65,321,324.29
- ------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 15,618,633.44 $ 16,859,002.58 $ 18,000,184.23
ii Interest Claims Received from Guarantors 448,452.66 218,623.49 584,932.87
iii Late Fee Reimbursements 347,023.41 366,981.66 350,919.00
iv Interest Reimbursements 98,672.90 156,422.74 291,497.63
v Other System Adjustments -- -- --
vi Special Allowance Payments 3,907,240.30 6,774.83 6,361.36
vii Subsidy Payments 641,338.10 4,599,986.04 4,982,476.85
---------------------------------------------------------------
viii Total Interest Collections $ 21,061,360.81 $ 22,207,791.34 $ 24,216,371.94
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,458,469.74) $ (964,115.51) $ (760,868.03)
ii Capitalized Interest 13,461,185.49 9,277,060.67 8,744,986.15
---------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 12,002,715.75 $ 8,312,945.16 $ 7,984,118.12
---------------------------------------------------------------
Total Student Loan Interest Activity $ 33,064,076.56 $ 30,520,736.50 $ 32,200,490.06
(=) Ending Student Loan Portfolio Balance $ 1,375,853,985.31 $ 1,413,785,923.79 $ 1,458,383,638.11
- ------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 11,619,381.53 $ 16,179,229.97 $ 17,635,600.06
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,387,473,366.84 $ 1,429,965,153.76 $ 1,476,019,238.17
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 3,468,683.42 $ 3,574,912.88 $ 3,690,048.10
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 1,390,942,050.26 $ 1,433,540,066.64 $ 1,479,709,286.27
- ------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------
1998 1997
--------------------------------------------------------------
1/1/99-3/31/99 1/1/98-12/31/98 3/3/97-12/31/97
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Beginning Student Loan Portfolio Balance $ 1,582,726,283.47 $ 1,797,260,482.27 $ 1,978,517,233.95
- -----------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 50,183,441.22 $ 165,289,915.58 $ 129,333,817.00
ii Principal Collections from Guarantor 12,444,880.29 76,561,222.72 34,410,136.12
iii Principal Reimbursements 2,576,722.67 3,191,594.89 51,379,204.30
iv Other System Adjustments -- -- 0.00
--------------------------------------------------------------
v Total Principal Collections $ 65,205,044.18 $ 245,042,733.19 $ 215,123,157.42
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,379,815.99 $ 5,343,692.85 $ 4,270,807.94
ii Capitalized Interest (7,563,539.10) (35,852,227.24) (38,137,213.68)
--------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (6,183,723.11) $ (30,508,534.39) $ (33,866,405.74)
- -----------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 59,021,321.07 $ 214,534,198.80 $ 181,256,751.68
- -----------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 18,961,949.17 $ 78,824,426.10 $ 62,817,917.60
ii Interest Claims Received from Guarantors 776,948.88 4,891,191.80 2,139,081.27
iii Late Fee Reimbursements 385,400.09 460,956.22 8.50
iv Interest Reimbursements 54,695.28 94,269.90 730,911.90
v Other System Adjustments -- -- --
vi Special Allowance Payments 4,379.61 1,339,624.97 1,130,628.74
vii Subsidy Payments 5,545,593.35 27,735,423.84 23,692,727.60
--------------------------------------------------------------
viii Total Interest Collections $ 25,728,966.38 $ 113,345,892.83 $ 90,511,275.61
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,161,611.21) $ (3,958,083.74) $ (3,614,584.84)
ii Capitalized Interest 7,563,539.10 35,852,227.24 38,137,213.68
--------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 6,401,927.89 $ 31,894,143.50 $ 34,522,628.84
--------------------------------------------------------------
Total Student Loan Interest Activity $ 32,130,894.27 $ 145,240,036.33 $ 125,033,904.45
(=) Ending Student Loan Portfolio Balance $ 1,523,704,962.40 $ 1,582,726,283.47 $ 1,797,260,482.27
- -----------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 18,734,083.24 $ 17,531,654.15 $ 18,359,448.41
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,542,439,045.64 $ 1,600,257,937.62 $ 1,815,619,930.68
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 3,856,097.61 $ 4,000,644.84 $ 4,707,408.93
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 1,546,295,143.25 $ 1,604,258,582.46 $ 1,820,327,339.61
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1997-1 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
Apr-97 $ 2,004,091,862 -
Jul-97 $ 1,938,332,169 6.60%
Oct-97 $ 1,882,963,571 6.39%
Jan-98 $ 1,815,619,931 7.05%
Apr-98 $ 1,756,378,212 6.92%
Jul-98 $ 1,701,480,444 6.66%
Oct-98 $ 1,651,809,843 6.27%
Jan-99 $ 1,600,257,938 6.02%
Apr-99 $ 1,542,439,046 5.94%
Jul-99 $ 1,476,019,238 6.13%
Oct-99 $ 1,429,965,154 5.77%
Jan-00 $ 1,387,473,367 5.38%
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool
data.
- --------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1997-2
Quarterly Servicing Report
Report Date: 12/31/99 Reporting Period: 10/1/99-12/31/99
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 9/30/99 Activity 12/31/99
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 1,682,969,808.15 $(53,442,709.11) $ 1,629,527,099.04
ii Interest to be Capitalized 18,205,653.88 11,573,794.32
------------------- -------------------
iii Total Pool $ 1,701,175,462.03 $ 1,641,100,893.36
iv Specified Reserve Account Balance 4,252,938.66 4,102,752.23
------------------- -------------------
v Total Adjusted Pool $ 1,705,428,400.69 $1,645,203,645.59
=================== ===================
B i Weighted Average Coupon (WAC) 7.7438% 7.7571%
ii Weighted Average Remaining Term 92.48 91.31
iii Number of Loans 638,326 619,599
iv Number of Borrowers 266,280 257,583
------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 10/25/99 % of Pool Balance 1/25/00 % of Pool
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAN6 0.54% $ 809,978,400.69 47.494% $ 749,753,645.59 45.572%
ii A-2 Notes 78442GAP1 0.60% 808,000,000.00 47.378% 808,000,000.00 49.113%
iii Certificates 78442GAQ9 0.83% 87,450,000.00 5.128% 87,450,000.00 5.315%
------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 1,705,428,400.69 100.000% $1,645,203,645.59 100.000%
========================================================================================================================
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
Reserve Account 10/25/99 1/25/00
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 4,252,938.66 $ 4,102,752.23
iv Reserve Account Floor Balance ($) $ 2,441,522.00 $ 2,441,522.00
v Current Reserve Acct Balance ($) $ 4,252,938.66 $ 4,102,752.23
------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
1
<PAGE>
- --------------------------------------------------------------------------------
II. 1997-2 Transactions from: 10/1/99 through: 12/31/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 54,577,710.22
ii Principal Collections from Guarantor 6,208,545.45
iii Principal Reimbursements 6,790,937.66
iv Other System Adjustments 0.00
----------------
v Total Principal Collections $ 67,577,193.33
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,340,826.50
ii Capitalized Interest (15,475,310.72)
----------------
iii Total Non-Cash Principal Activity $(14,134,484.22)
----------------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 53,442,709.11
----------------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 20,717,177.14
ii Interest Claims Received from Guarantors 404,013.29
iii Late Fee Reimbursements 485,703.51
iv Interest Reimbursements 95,412.85
v Other System Adjustments 0.00
vi Special Allowance Payments 3,649,860.72
vii Subsidy Payments 700,158.32
----------------
viii Total Interest Collections $ 26,052,325.83
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,212,920.38)
ii Capitalized Interest 15,475,310.72
----------------
iii Total Non-Cash Interest Adjustments $ 14,262,390.34
----------------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 40,314,716.17
----------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
2
<PAGE>
- --------------------------------------------------------------------------------
III. 1997-2 Collection Account Activity 10/1/99 through 12/31/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $ 60,786,255.67
ii Cash Forwarded by Administrator on behalf of Seller 375,111.18
iii Cash Forwarded by Administrator on behalf of Servicer 4,745.22
iv Cash Forwarded by Administrator for Consolidation Activity 6,411,081.26
----------------
v Total Principal Collections $ 67,577,193.33
B Interest Collections
i Interest Payments Received-Cash $ 25,471,209.47
ii Cash Forwarded by Administrator on behalf of Seller 4,110.41
iii Cash Forwarded by Administrator on behalf of Servicer 6,998.03
iv Cash Forwarded by Administrator for Consolidation Activity 84,304.41
v Cash Forwarded by Administrator for Late Fee Activity 485,703.51
----------------
vi Total Interest Collections $ 26,052,325.83
C Other Reimbursements $ 338,829.21
D Administrator Account Investment Income $ 657,238.76
E Return funds borrowed for previous distribution $ -
F TOTAL FUNDS RECEIVED $ 94,625,587.13
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($3,263,404.02)
------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 91,362,183.11
------------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $1,133,988.45
ii Percentage of Principal Calculation $1,606,510.07
iii Lesser of Unit or Principal Calculation $1,133,988.45
H Servicing Fees Due for Current Period $ 1,606,510.07
I Carryover Servicing Fees Due (1) $0.00
OCT 1999 Servicing Carryover $0.00
NOV 1999 Servicing Carryover $0.00
DEC 1999 Servicing Carryover $0.00
------
TOTAL: Carryover Servicing Fee Due $0.00
======
Less: Servicing ADJ [A iii + B iii] ($11,743.25)
J Administration Fees Due $ 20,000.00
------------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,614,766.82
------------------------------------------------------------------------------------------------------
</TABLE>
(1) No Carryover Servicing Fees due before the June 2000 payment date
- --------------------------------------------------------------------------------
3
<PAGE>
- --------------------------------------------------------------------------------
IV. 1997-2 Portfolio Characteristics
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- --------------------------------------------------------------------------------------------------------------------------
STATUS 9/30/99 12/31/99 9/30/99 12/31/99 9/30/99 12/31/99
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.258% 7.255% 13,829 12,234 2.166% 1.975%
Grace
Current 7.220% 7.292% 10,377 2,731 1.626% 0.441%
- --------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.239% 7.262% 24,206 14,965 3.792% 2.416%
- --------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 7.809% 7.803% 444,456 434,381 69.628% 70.107%
31-60 Days Delinquent 7.803% 7.803% 25,715 25,151 4.029% 4.059%
61-90 Days Delinquent 7.791% 7.785% 12,703 12,997 1.990% 2.098%
91-120 Days Delinquent 7.783% 7.794% 6,940 6,355 1.087% 1.026%
> 120 Days Delinquent 7.774% 7.776% 10,376 10,113 1.626% 1.632%
Deferment
Current 7.584% 7.579% 65,686 60,941 10.290% 9.835%
Forbearance
Current 7.781% 7.780% 46,824 52,916 7.335% 8.540%
- --------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.777% 7.774% 612,700 602,854 95.985% 97.297%
- --------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 7.774% 7.775% 1395 1,753 0.219% 0.283%
Aged Claims Rejected (2) 7.772% 7.820% 25 27 0.004% 0.004%
- --------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.744% 7.757% 638,326 619,599 100.000% 100.000%
- --------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------
Principal Amount %
- ------------------------------------------------------------------------------------------------------------------
STATUS 9/30/99 12/31/99 9/30/99 12/31/99
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 46,724,476.74 $ 40,435,919.36 2.776% 2.481%
Grace
Current $ 48,617,477.47 $ 9,219,381.30 2.889% 0.566%
- ------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 95,341,954.21 $ 49,655,300.66 5.665% 3.047%
- ------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $1,085,505,999.34 $1,071,545,082.91 64.499% 65.758%
31-60 Days Delinquent $ 65,982,236.58 $ 63,022,950.82 3.921% 3.867%
61-90 Days Delinquent $ 36,065,798.99 $ 35,712,531.02 2.143% 2.192%
91-120 Days Delinquent $ 19,099,517.75 $ 16,836,442.65 1.135% 1.033%
> 120 Days Delinquent $ 27,384,474.96 $ 27,063,896.73 1.627% 1.661%
Deferment
Current $ 192,686,206.86 $ 176,522,873.18 11.449% 10.833%
Forbearance
Current $ 157,660,417.36 $ 184,934,177.56 9.368% 11.349%
- ------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $1,584,384,651.84 $1,575,637,954.87 94.142% 96.693%
- ------------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 3,180,241.50 $ 4,173,231.37 0.189% 0.256%
Aged Claims Rejected (2) $ 62,960.60 $ 60,612.14 0.004% 0.004%
- ------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $1,682,969,808.15 $1,629,527,099.04 100.000% 100.000%
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
- --------------------------------------------------------------------------------
V. 1997-2 Portfolio Characteristics by School and Program 12/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
-----------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS
<S> <C> <C> <C> <C> <C> <C> <C>
- -------------------------------------
STATUS
- -------------------------------------
INTERIM:
In School
Current 1.468% 0.731% 0.000% 0.000% 0.149% 0.059% 0.000%
Grace
Current 0.301% 0.151% 0.000% 0.000% 0.046% 0.019% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 1.769% 0.882% 0.000% 0.000% 0.195% 0.078% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 33.111% 9.687% 9.499% 2.135% 3.173% 0.945% 0.432%
31-60 Days Delinquent 1.739% 0.421% 0.456% 0.146% 0.319% 0.085% 0.025%
61-90 Days Delinquent 0.932% 0.267% 0.202% 0.072% 0.191% 0.054% 0.007%
91-120 Days Delinquent 0.420% 0.103% 0.091% 0.042% 0.095% 0.024% 0.003%
> 120 Days Delinquent 0.646% 0.165% 0.096% 0.059% 0.190% 0.054% 0.004%
Deferment
Current 6.222% 1.998% 0.309% 0.455% 0.693% 0.200% 0.013%
Forbearance
Current 4.840% 2.067% 0.819% 0.576% 0.821% 0.253% 0.032%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 47.910% 14.708% 11.472% 3.485% 5.482% 1.615% 0.516%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.092% 0.019% 0.010% 0.010% 0.033% 0.009% 0.000%
Aged Claims Rejected (2) 0.002% 0.000% 0.000% 0.001% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 49.773% 15.609% 11.482% 3.496% 5.710% 1.702% 0.516%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.360% 8.292%
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------
TECHNICAL SCHOOLS
--------------------------------------------------------------------------
SLS GSL-SUB GSL-UNSUB PLUS SLS
<S> <C> <C> <C> <C> <C>
- -------------------------------------
STATUS
- -------------------------------------
INTERIM:
In School
Current 0.000% 0.022% 0.020% 0.000% 0.000%
Grace
Current 0.000% 0.013% 0.010% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.000% 0.035% 0.030% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 0.207% 3.194% 1.708% 0.804% 0.585%
31-60 Days Delinquent 0.022% 0.367% 0.169% 0.046% 0.058%
61-90 Days Delinquent 0.010% 0.259% 0.132% 0.025% 0.039%
91-120 Days Delinquent 0.008% 0.141% 0.065% 0.013% 0.019%
> 120 Days Delinquent 0.012% 0.255% 0.119% 0.015% 0.034%
Deferment
Current 0.044% 0.430% 0.219% 0.015% 0.072%
Forbearance
Current 0.058% 0.949% 0.508% 0.072% 0.156%
- ---------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 0.361% 5.595% 2.920% 0.990% 0.963%
- ---------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.003% 0.046% 0.025% 0.003% 0.005%
Aged Claims Rejected (2) 0.000% 0.001% 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 0.364% 5.677% 2.975% 0.993% 0.968%
- ---------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 10.613%
- ---------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------
UNKNOWN
------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS
<S> <C> <C> <C> <C>
- -------------------------------------
STATUS
- -------------------------------------
INTERIM:
In School
Current 0.017% 0.015% 0.000% 0.000%
Grace
Current 0.014% 0.012% 0.000% 0.000%
- -------------------------------------------------------------------------------------------
TOTAL INTERIM 0.031% 0.027% 0.000% 0.000%
- -------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 0.164% 0.075% 0.018% 0.021%
31-60 Days Delinquent 0.008% 0.004% 0.001% 0.001%
61-90 Days Delinquent 0.002% 0.000% 0.000% 0.000%
91-120 Days Delinquent 0.006% 0.003% 0.000% 0.000%
> 120 Days Delinquent 0.005% 0.005% 0.000% 0.002%
Deferment
Current 0.076% 0.059% 0.001% 0.027%
Forbearance
Current 0.092% 0.063% 0.002% 0.041%
- -------------------------------------------------------------------------------------------
TOTAL REPAYMENT 0.353% 0.209% 0.022% 0.092%
- -------------------------------------------------------------------------------------------
Claims in Process (1) 0.001% 0.000% 0.000% 0.000%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 0.385% 0.236% 0.022% 0.092%
- -------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 0.735%
- -------------------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------ FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 2.199% 0.208% 0.042% 0.032% 2.481%
Grace
Current 0.452% 0.065% 0.023% 0.026% 0.566%
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 2.651% 0.273% 0.065% 0.058% 3.047%
- --------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 54.432% 4.757% 6.291% 0.278% 65.758%
31-60 Days Delinquent 2.762% 0.451% 0.640% 0.014% 3.867%
61-90 Days Delinquent 1.473% 0.262% 0.455% 0.002% 2.192%
91-120 Days Delinquent 0.656% 0.130% 0.238% 0.009% 1.033%
> 120 Days Delinquent 0.966% 0.260% 0.423% 0.012% 1.661%
Deferment
Current 8.984% 0.950% 0.736% 0.163% 10.833%
Forbearance
Current 8.302% 1.164% 1.685% 0.198% 11.349%
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 77.575% 7.974% 10.468% 0.676% 96.693%
- --------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.131% 0.045% 0.079% 0.001% 0.256%
Aged Claims Rejected (2) 0.003% 0.000% 0.001% 0.000% 0.004%
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.360% 8.292% 10.613% 0.735% 100.000%
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
5
<PAGE>
- --------------------------------------------------------------------------------
VI. 1997-2 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 28,791,691.01
B Interest Subsidy Payments Accrued During Collection Period 3,184,388.43
C SAP Payments Accrued During Collection Period 2,026,079.18
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 103,722.65
E Investment Earnings (ADMINISTRATOR ACT) 657,238.76
-----------------
F Net Expected Interest Collections $ 34,763,120.03
G Student Loan Rate
i Days in Collection Period (10/1/99-12/31/99) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 34,763,120.03
iv Primary Servicing Fee $ 4,869,914.09
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $1,701,175,462.03
vii Student Loan Rate 6.96687%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.86530%
I Class A-1 Interest Rate 0.014743388 (10/25/99-1/25/00) 5.86530%
J Class A-2 T-Bill Based Interest Rate 5.92530%
K Class A-2 Interest Rate 0.014894208 (10/25/99-1/25/00) 5.92530%
L Certificate T-Bill Based Rate of Return 6.15530%
M Certificate Rate of Return 0.015472350 (10/25/99-1/25/00) 6.15530%
</TABLE>
- --------------------------------------------------------------------------------
6
<PAGE>
- --------------------------------------------------------------------------------
VII. 1997-2 Inputs From Previous Quarterly Servicing Reports 9/30/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,682,969,808.15
ii Interest To Be Capitalized 18,205,653.88
-------------------
iii Total Pool $ 1,701,175,462.03
iv Specified Reserve Account Balance 4,252,938.66
-------------------
v Total Adjusted Pool $ 1,705,428,400.69
===================
B Total Note and Certificate Factor 0.68314142109
C Total Note and Certificate Balance $ 1,705,428,400.69
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
D Note Balance 10/25/99 Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor-10/25/99 0.5059203002 1.0000000000 1.0000000000
ii Expected Note Balance $ 809,978,400.69 $808,000,000.00 $ 87,450,000.00
E Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------------------------------
H Reserve Account Balance $ 4,252,938.66
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
- --------------------------------------------------------------------------------
VIII. 1997-2 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds ( Sections III-F + VI-D ) $ 91,465,905.76 $ 91,465,905.76
B Primary Servicing Fees-Current Month $ 1,594,766.82 $ 89,871,138.94
C Administration Fee $ 20,000.00 $ 89,851,138.94
D Noteholder's Interest Distribution Amount
i Class A-1 $ 11,941,825.83 $ 77,909,313.11
ii Class A-2 $ 12,034,520.06 $ 65,874,793.05
---------------
iii Total Noteholder's Interest Distribution $ 23,976,345.89
E Certificateholder's Return Distribution Amount $ 1,353,057.01 $ 64,521,736.04
F Noteholder's Principal Distribution Amount
i Class A-1 $ 60,224,755.10 $ 4,296,980.94
ii Class A-2 $ 0.00 $ 4,296,980.94
---------------
iii Total Noteholder's Principal Distribution $ 60,224,755.10
G Certificateholder's Balance Distribution Amount $ 0.00 $ 4,296,980.94
H Increase to the Specified Reserve Account Balance $ 0.00 $ 4,296,980.94
I Carryover Servicing Fees $ 0.00 $ 4,296,980.94
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 4,296,980.94
i Class A-2 $ 0.00 $ 4,296,980.94
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 4,296,980.94
L Excess to Reserve Account $ 4,296,980.94 $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
8
<PAGE>
- --------------------------------------------------------------------------------
IX. 1997-2 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 11,941,825.83 $ 12,034,520.06 $ 1,353,057.01
ii Quarterly Interest Paid 11,941,825.83 12,034,520.06 1,353,057.01
--------------- --------------- --------------
iii Interest Shortfall $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00 0.00
--------------- --------------- --------------
vi Interest Carryover $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 60,224,755.10 $ 0.00 $ 0.00
viii Quarterly Principal Paid 60,224,755.10 0.00 0.00
--------------- --------------- --------------
ix Quarterly Principal Shortfall $ (0.00) $ 0.00 $ 0.00
-------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 72,166,580.93 $ 12,034,520.06 $ 1,353,057.01
-------------------------------------------------------------------------------------------------------------------
<CAPTION>
B Principal Distribution Reconciliation
<S> <C>
i Notes and Certificates Principal Balance 12/31/99 $ 1,705,428,400.69
ii Adjusted Pool Balance 12/31/99 1,645,203,645.59
------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 60,224,755.10
==================
iv Adjusted Pool Balance 9/30/99 $ 1,705,428,400.69
v Adjusted Pool Balance 12/31/99 $ 1,645,203,645.59
------------------
vi Current Principal Due (iv-v) $ 60,224,755.10
vii Principal Shortfall from Previous Collection Period $ --
------------------
viii Principal Distribution Amount (vi + vii) $ 60,224,755.10
==================
ix Principal Distribution Amount Paid $ 60,224,755.10
x Principal Shortfall (viii - ix) $ 0.00
C Total Principal Distribution $ 60,224,755.10
D Total Interest Distribution 25,329,402.90
------------------
E Total Cash Distributions-Note and Certificates $ 85,554,158.00
<CAPTION>
------------------------------------------------------------------------------------------
F Note & Certificate Balances 10/25/99 1/25/00
------------------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GAN6) $809,978,400.69 $ 749,753,645.59
A-1 Note Pool Factor 0.5059203002 0.4683033389
ii A-2 Note Balance (78442GAP1) $808,000,000.00 $ 808,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAQ9) $ 87,450,000.00 $ 87,450,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
------------------------------------------------------------------------------------------
G Reserve Account Reconciliation
i Beginning of Period Balance $ 4,252,938.66
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ 4,296,980.94
-------------------
iv Total Reserve Account Balance Available $ 8,549,919.60
v Required Reserve Account Balance $ 4,102,752.23
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp. $ 4,447,167.37
viii Ending Reserve Account Balance $ 4,102,752.23
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1997-2 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------
10/1/99-12/31/99 7/1/99-9/30/99
-----------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $1,682,969,808.15 $1,746,737,494.43
-----------------------------------------------------------------------------------------------------------
<S> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 54,577,710.22 $ 57,364,596.01
ii Principal Collections from Guarantor 6,208,545.45 4,228,241.59
iii Principal Reimbursements 6,790,937.66 10,244,594.73
iv Other System Adjustments -- --
----------------------------------------------
v Total Principal Collections $ 67,577,193.33 $ 71,837,432.33
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,340,826.50 $ 1,046,605.48
ii Capitalized Interest (15,475,310.72) (9,116,351.53)
----------------------------------------------
iii Total Non-Cash Principal Activity $ (14,134,484.22) $ (8,069,746.05)
-----------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 53,442,709.11 $ 63,767,686.28
-----------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 20,717,177.14 $ 22,529,057.76
ii Interest Claims Received from Guarantors 404,013.29 241,676.41
iii Late Fee Reimbursements 485,703.51 517,116.68
iv Interest Reimbursements 95,412.85 167,744.37
v Other System Adjustments -- --
vi Special Allowance Payments 3,649,860.72 14,934.58
vii Subsidy Payments 700,158.32 4,246,190.54
----------------------------------------------
viii Total Interest Collections $ 26,052,325.83 $ 27,716,720.34
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,212,920.38) $ (1,023,547.45)
ii Capitalized Interest 15,475,310.72 9,116,351.53
----------------------------------------------
iii Total Non-Cash Interest Adjustments $ 14,262,390.34 $ 8,092,804.08
----------------------------------------------
Total Student Loan Interest Activity $ 40,314,716.17 $ 35,809,524.42
(=) Ending Student Loan Portfolio Balance $1,629,527,099.04 $1,682,969,808.15
-----------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 11,573,794.32 $ 18,205,653.88
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $1,641,100,893.36 $1,701,175,462.03
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 4,102,752.23 $ 4,252,938.66
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $1,645,203,645.59 $1,705,428,400.69
-----------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------
4/1/99-6/30/99 1/1/99-3/31/99
-----------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $1,836,207,406.88 $1,917,283,858.04
-----------------------------------------------------------------------------------------------------------
<S> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 69,279,630.40 $ 71,932,323.70
ii Principal Collections from Guarantor 9,732,981.43 11,877,774.12
iii Principal Reimbursements 17,741,819.14 2,863,465.45
iv Other System Adjustments -- --
---------------------------------------
v Total Principal Collections $ 96,754,430.97 $ 86,673,563.27
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 913,772.16 $ 1,510,294.21
ii Capitalized Interest (8,198,290.68) (7,107,406.32)
---------------------------------------
iii Total Non-Cash Principal Activity $ (7,284,518.52) $ (5,597,112.11)
-----------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 89,469,912.45 $ 81,076,451.16
-----------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 24,498,931.27 $ 26,074,483.39
ii Interest Claims Received from Guarantors 586,275.57 715,674.61
iii Late Fee Reimbursements 511,672.68 569,406.79
iv Interest Reimbursements 226,110.13 64,491.83
v Other System Adjustments -- --
vi Special Allowance Payments 11,602.54 7,031.03
vii Subsidy Payments 4,584,838.18 4,868,492.75
---------------------------------------
viii Total Interest Collections $ 30,419,430.37 $ 32,299,580.40
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (721,978.51) $ (1,272,405.45)
ii Capitalized Interest 8,198,290.68 7,107,406.32
---------------------------------------
iii Total Non-Cash Interest Adjustments $ 7,476,312.17 $ 5,835,000.87
---------------------------------------
Total Student Loan Interest Activity $ 37,895,742.54 $ 38,134,581.27
(=) Ending Student Loan Portfolio Balance $1,746,737,494.43 $1,836,207,406.88
-----------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 19,381,199.78 $ 19,847,544.12
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $1,766,118,694.21 $1,856,054,951.00
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 4,415,296.74 $ 4,640,137.38
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $1,770,533,990.95 $1,860,695,088.38
-----------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------
1998 1997
----------------------------------------
1/1/98-12/31/98 6/2/97-12/31/97
---------------------------------------------------------------------------------------------------------
<S> <C> <C>
Beginning Student Loan Portfolio Balance $2,233,565,975.40 $2,417,769,037.18
---------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 264,350,558.07 $ 154,030,100.79
ii Principal Collections from Guarantor 77,923,962.28 16,025,808.39
iii Principal Reimbursements 2,789,773.15 39,285,454.89
iv Other System Adjustments -- --
----------------------------------------
v Total Principal Collections $ 345,064,293.50 $ 209,341,364.07
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 5,168,111.55 $ 2,950,257.67
ii Capitalized Interest (33,950,287.69) (28,088,559.96)
----------------------------------------
iii Total Non-Cash Principal Activity $ (28,782,176.14) $ (25,138,302.29)
---------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 316,282,117.36 $ 184,203,061.78
---------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 115,485,649.82 $ 73,570,233.66
ii Interest Claims Received from Guarantors 5,010,138.66 942,409.55
iii Late Fee Reimbursements 652,960.74 --
iv Interest Reimbursements 90,862.70 603,909.65
v Other System Adjustments -- --
vi Special Allowance Payments 1,844,250.34 856,056.99
vii Subsidy Payments 22,372,421.48 9,250,855.29
----------------------------------------
viii Total Interest Collections $ 145,456,283.74 $ 85,223,465.14
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (3,770,021.88) $ (2,673,876.35)
ii Capitalized Interest 33,950,287.69 28,088,559.96
----------------------------------------
iii Total Non-Cash Interest Adjustments $ 30,180,265.81 $ 25,414,683.61
----------------------------------------
Total Student Loan Interest Activity $ 175,636,549.55 $ 110,638,148.75
(=) Ending Student Loan Portfolio Balance $1,917,283,858.04 $2,233,565,975.40
---------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 18,006,404.61 $ 16,849,041.28
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $1,935,290,262.65 $2,250,415,016.68
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 4,838,225.66 $ 5,847,275.49
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $1,940,128,488.31 $2,256,262,292.17
---------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1997-2 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
Jul-97 $ 2,441,522,427 --
Oct-97 $ 2,338,910,195 5.99%
Jan-98 $ 2,250,415,017 6.53%
Apr-98 $ 2,163,849,632 6.60%
Jul-98 $ 2,080,713,168 6.51%
Oct-98 $ 2,007,422,289 6.14%
Jan-99 $ 1,935,290,263 5.85%
Apr-99 $ 1,856,054,951 5.78%
Jul-99 $ 1,766,118,694 6.00%
Oct-99 $ 1,701,175,462 5.61%
Jan-00 $ 1,641,100,893 5.16%
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool data.
- --------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1997-3
Quarterly Servicing Report
Report Date: 12/31/99 Reporting Period: 10/1/99-12/31/99
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 9/30/99 Activity 12/31/99
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 1,973,954,908.85 $(39,410,182.61) $ 1,934,544,726.24
ii Interest to be Capitalized 38,011,677.26 25,721,016.49
------------------- -------------------
iii Total Pool $ 2,011,966,586.11 $ 1,960,265,742.73
iv Specified Reserve Account Balance 5,029,916.47 4,900,664.36
------------------- -------------------
v Total Adjusted Pool $ 2,016,996,502.58 $ 1,965,166,407.09
=================== ===================
B i Weighted Average Coupon (WAC) 7.6910% 7.7103%
ii Weighted Average Remaining Term 109.05 107.88
iii Number of Loans 591,520 578,888
iv Number of Borrowers 221,419 216,571
------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 10/25/99 % of Pool Balance 1/25/00 % of Pool
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
C i A-1 Notes 78442GAR7 0.60% $ 898,346,502.58 44.539% $ 846,516,407.09 43.076%
ii A-2 Notes 78442GAS5 0.64% 1,028,500,000.00 50.992% 1,028,500,000.00 52.337%
iii Certificates 78442GAT3 0.83% 90,150,000.00 4.469% 90,150,000.00 4.587%
------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 2,016,996,502.58 100.000% $1,965,166,407.09 100.000%
========================================================================================================================
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
Reserve Account 10/25/99 1/25/00
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 5,029,916.47 $ 4,900,664.36
iv Reserve Account Floor Balance ($) $ 2,503,690.00 $ 2,503,690.00
v Current Reserve Acct Balance ($) $ 5,029,916.47 $ 4,900,664.36
------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
- --------------------------------------------------------------------------------
II. 1997-3 Transactions from: 10/1/99 through: 12/31/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 40,728,806.07
ii Principal Collections from Guarantor 8,415,923.28
iii Principal Reimbursements 15,075,023.17
iv Other System Adjustments 0.00
-----------------
v Total Principal Collections $ 64,219,752.52
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,586,496.11
ii Capitalized Interest (27,396,066.02)
-----------------
iii Total Non-Cash Principal Activity $ (24,809,569.91)
--------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 39,410,182.61
--------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 18,920,329.56
ii Interest Claims Received from Guarantors 522,290.01
iii Late Fee Reimbursements 343,978.33
iv Interest Reimbursements 248,615.56
v Other System Adjustments 0.00
vi Special Allowance Payments 899,466.56
vii Subsidy Payments 6,089,082.87
-----------------
viii Total Interest Collections $ 27,023,762.89
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,497,545.37)
ii Capitalized Interest 27,396,066.02
-----------------
iii Total Non-Cash Interest Adjustments $ 24,898,520.65
--------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 51,922,283.54
--------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
2
<PAGE>
- --------------------------------------------------------------------------------
III. 1997-3 Collection Account Activity 10/1/99 through 12/31/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Principal Collections
i Principal Payments Received-Cash $ 49,144,729.35
ii Cash Forwarded by Administrator on behalf of Seller 582,833.07
iii Cash Forwarded by Administrator on behalf of Servicer 2,435.26
iv Cash Forwarded by Administrator for Consolidation Activity 14,489,754.84
----------------
v Total Principal Collections $ 64,219,752.52
B Interest Collections
i Interest Payments Received-Cash $ 26,431,169.00
ii Cash Forwarded by Administrator on behalf of Seller 14,990.76
iii Cash Forwarded by Administrator on behalf of Servicer 10,403.11
iv Cash Forwarded by Administrator for Consolidation Activity 223,221.69
v Cash Forwarded by Administrator for Late Fee Activity 343,978.33
----------------
vi Total Interest Collections $ 27,023,762.89
C Other Reimbursements $ 245,251.54
D Administrator Account Investment Income $ 630,460.76
E Return funds borrowed for previous distribution $ --
F TOTAL FUNDS RECEIVED $ 92,119,227.71
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($2,622,086.01)
------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 89,497,141.70
------------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 888,647.87
ii Percentage of Principal Calculation $ 1,299,185.86
iii Lesser of Unit or Principal Calculation $888,647.87
H Servicing Fees Due for Current Period $ 1,299,185.86
I Carryover Servicing Fees Due (1) $ 0.00
OCT 1999 Servicing Carryover $0.00
NOV 1999 Servicing Carryover $0.00
DEC 1999 Servicing Carryover $0.00
------
TOTAL: Carryover Servicing Fee Due $0.00
======
Less: Servicing ADJ [A iii + B iii] ($12,838.37)
J Administration Fees Due $ 20,000.00
------------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,306,347.49
------------------------------------------------------------------------------------------------------
</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 9/30/99 12/31/99 9/30/99 12/31/99 9/30/99 12/31/99
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.341% 7.339% 35,082 30,970 5.931% 5.350%
Grace
Current 7.281% 7.349% 24,994 7,423 4.225% 1.282%
- ----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.314% 7.341% 60,076 38,393 10.156% 6.632%
- ----------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 7.776% 7.772% 330,724 338,863 55.911% 58.537%
31-60 Days Delinquent 7.771% 7.774% 20,688 21,428 3.497% 3.701%
61-90 Days Delinquent 7.771% 7.768% 13,554 13,527 2.291% 2.337%
91-120 Days Delinquent 7.774% 7.764% 6,868 5,495 1.161% 0.949%
> 120 Days Delinquent 7.763% 7.763% 10,269 10,119 1.736% 1.748%
Deferment
Current 7.574% 7.558% 79,839 74,754 13.497% 12.913%
Forbearance
Current 7.771% 7.771% 67,779 74,541 11.458% 12.877%
- ----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.742% 7.740% 529,721 538,727 89.553% 93.062%
- ----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 7.766% 7.759% 1678 1,740 0.284% 0.301%
Aged Claims Rejected (2) 8.099% 7.783% 45 28 0.008% 0.005%
- ----------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.691% 7.710% 591,520 578,888 100.000% 100.000%
- ----------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------
Principal Amount %
- ----------------------------------------------------------------------------------------------------------
STATUS 9/30/99 12/31/99 9/30/99 12/31/99
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 119,555,598.34 $ 105,985,108.92 6.057% 5.479%
Grace
Current $ 100,097,402.31 $ 25,025,495.14 5.071% 1.294%
- ----------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 219,653,000.65 $ 131,010,604.06 11.128% 6.773%
- ----------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $1,035,051,894.04 $1,072,023,733.28 52.435% 55.415%
31-60 Days Delinquent $ 65,622,377.61 $ 68,771,104.40 3.324% 3.555%
61-90 Days Delinquent $ 47,218,382.64 $ 44,199,971.69 2.392% 2.285%
91-120 Days Delinquent $ 22,045,754.41 $ 17,976,936.05 1.117% 0.929%
> 120 Days Delinquent $ 31,945,497.56 $ 32,087,776.10 1.618% 1.659%
Deferment
Current $ 277,526,809.19 $ 262,757,636.37 14.059% 13.582%
Forbearance
Current $ 270,149,168.20 $ 300,480,762.12 13.686% 15.532%
- ----------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $1,749,559,883.65 $1,798,297,920.01 88.631% 92.957%
- ----------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 4,651,997.28 $ 5,173,686.54 0.236% 0.267%
Aged Claims Rejected (2) $ 90,027.27 $ 62,515.63 0.005% 0.003%
- ----------------------------------------------------------------------------------------------------------
GRAND TOTAL $1,973,954,908.85 $1,934,544,726.24 100.000% 100.000%
- ----------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
- --------------------------------------------------------------------------------
V. 1997-3 Portfolio Characteristics by School and Program 12/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
-----------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS
<S> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------
- -------------------------------------------
STATUS
- -------------------------------------------
INTERIM:
In School
Current 3.249% 1.424% 0.000% 0.000% 0.329% 0.132% 0.000%
Grace
Current 0.686% 0.286% 0.000% 0.000% 0.083% 0.037% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 3.935% 1.710% 0.000% 0.000% 0.412% 0.169% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 30.784% 11.395% 3.972% 2.558% 1.900% 0.824% 0.178%
31-60 Days Delinquent 1.749% 0.609% 0.233% 0.198% 0.217% 0.091% 0.021%
61-90 Days Delinquent 1.129% 0.402% 0.124% 0.115% 0.156% 0.055% 0.007%
91-120 Days Delinquent 0.447% 0.162% 0.043% 0.051% 0.059% 0.022% 0.000%
> 120 Days Delinquent 0.802% 0.269% 0.046% 0.097% 0.122% 0.056% 0.003%
Deferment
Current 7.434% 2.737% 0.645% 0.979% 0.590% 0.234% 0.020%
Forbearance
Current 7.535% 3.356% 0.577% 1.225% 0.809% 0.354% 0.028%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 49.880% 18.930% 5.640% 5.223% 3.853% 1.636% 0.257%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.113% 0.047% 0.006% 0.017% 0.023% 0.007% 0.000%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.001% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 53.929% 20.687% 5.646% 5.240% 4.289% 1.812% 0.257%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.502% 6.702%
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------
TECHNICAL SCHOOLS
-----------------------------------------------------------------------------
SLS GSL-SUB GSL-UNSUB PLUS SLS GSL-SU
<S> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------
- -------------------------------------------
STATUS
- -------------------------------------------
INTERIM:
In School
Current 0.000% 0.141% 0.100% 0.000% 0.000% 0.057
Grace
Current 0.000% 0.084% 0.071% 0.000% 0.000% 0.024
- ------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.000% 0.225% 0.171% 0.000% 0.000% 0.081
- ------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 0.138% 1.712% 1.117% 0.235% 0.209% 0.216
31-60 Days Delinquent 0.019% 0.214% 0.125% 0.023% 0.030% 0.013
61-90 Days Delinquent 0.015% 0.148% 0.089% 0.007% 0.018% 0.011
91-120 Days Delinquent 0.005% 0.077% 0.042% 0.003% 0.013% 0.002
> 120 Days Delinquent 0.010% 0.133% 0.081% 0.006% 0.011% 0.011
Deferment
Current 0.067% 0.332% 0.197% 0.011% 0.068% 0.128
Forbearance
Current 0.086% 0.681% 0.415% 0.029% 0.104% 0.147
- ------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 0.340% 3.297% 2.066% 0.314% 0.453% 0.528
- ------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.004% 0.027% 0.017% 0.000% 0.002% 0.002
Aged Claims Rejected (2) 0.000% 0.001% 0.000% 0.000% 0.000% 0.000
- ------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 0.344% 3.550% 2.254% 0.314% 0.455% 0.611
- ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 6.573%
- ------------------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------
UNKNOWN
--------------------------------------
GSL-UNSUB PLUS SLS
<S> <C> <C> <C>
--------------------------------------
- -------------------------------------------
STATUS
- -------------------------------------------
INTERIM:
In School
Current 0.047% 0.000% 0.000%
Grace
Current 0.023% 0.000% 0.000%
- ---------------------------------------------------------------------------------
TOTAL INTERIM 0.070% 0.000% 0.000%
- ---------------------------------------------------------------------------------
REPAYMENT:
Active
Current 0.108% 0.011% 0.058%
31-60 Days Delinquent 0.008% 0.000% 0.005%
61-90 Days Delinquent 0.006% 0.000% 0.003%
91-120 Days Delinquent 0.001% 0.000% 0.002%
> 120 Days Delinquent 0.008% 0.000% 0.004%
Deferment
Current 0.093% 0.001% 0.046%
Forbearance
Current 0.114% 0.001% 0.071%
- ---------------------------------------------------------------------------------
TOTAL REPAYMENT 0.338% 0.013% 0.189%
- ---------------------------------------------------------------------------------
Claims in Process (1) 0.002% 0.000% 0.000%
Aged Claims Rejected (2) 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 0.410% 0.013% 0.189%
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 1.223%
- ---------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
- -------------------------------------------------------------------------------------------------------------------------------
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- --------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 4.673% 0.461% 0.241% 0.104% 5.479%
Grace
Current 0.972% 0.120% 0.155% 0.047% 1.294%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 5.645% 0.581% 0.396% 0.151% 6.773%
- -------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 48.709% 3.040% 3.273% 0.393% 55.415%
31-60 Days Delinquent 2.789% 0.348% 0.392% 0.026% 3.555%
61-90 Days Delinquent 1.770% 0.233% 0.262% 0.020% 2.285%
91-120 Days Delinquent 0.703% 0.086% 0.135% 0.005% 0.929%
> 120 Days Delinquent 1.214% 0.191% 0.231% 0.023% 1.659%
Deferment
Current 11.795% 0.911% 0.608% 0.268% 13.582%
Forbearance
Current 12.693% 1.277% 1.229% 0.333% 15.532%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 79.673% 6.086% 6.130% 1.068% 92.957%
- -------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.183% 0.034% 0.046% 0.004% 0.267%
Aged Claims Rejected (2) 0.001% 0.001% 0.001% 0.000% 0.003%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.502% 6.702% 6.573% 1.223% 100.000%
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
5
<PAGE>
- --------------------------------------------------------------------------------
VI. 1997-3 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 32,267,734.46
B Interest Subsidy Payments Accrued During Collection Period 5,415,173.72
C SAP Payments Accrued During Collection Period 2,490,906.73
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 114,240.93
E Investment Earnings (ADMINISTRATOR ACT) 630,460.76
-----------------
F Net Expected Interest Collections $ 40,918,516.60
G Student Loan Rate
i Days in Collection Period (10/1/99-12/31/99) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 40,918,516.60
iv Primary Servicing Fee $ 3,921,271.87
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $2,011,966,586.11
vii Student Loan Rate 7.29153%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 5.92530%
I Class A-1 Interest Rate 0.014894208 (10/25/99-1/25/00) 5.92530%
J Class A-2 T-Bill Based Interest Rate 5.96530%
K Class A-2 Interest Rate 0.014994754 (10/25/99-1/25/00) 5.96530%
L Certificate T-Bill Based Rate of Return 6.15530%
M Certificate Rate of Return 0.015472350 (10/25/99-1/25/00) 6.15530%
</TABLE>
6
<PAGE>
- --------------------------------------------------------------------------------
VII. 1997-3 Inputs From Previous Quarterly Servicing Reports 9/30/99
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,973,954,908.85
ii Interest To Be Capitalized 38,011,677.26
-------------------
iii Total Pool $ 2,011,966,586.11
iv Specified Reserve Account Balance 5,029,916.47
-------------------
v Total Adjusted Pool $ 2,016,996,502.58
===================
B Total Note and Certificate Factor 0.78329961265
C Total Note and Certificate Balance $ 2,016,996,502.58
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
D Note Balance 10/25/99 Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor 10/25/99 0.6168479435 1.0000000000 1.0000000000
ii Expected Note Balance $ 898,346,502.58 $ 1,028,500,000.00 $ 90,150,000.00
E Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------------------------------
H Reserve Account Balance $ 5,029,916.47
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
- --------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
- --------------------------------------------------------------------------------
VIII. 1997-3 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds ( Sections III-F + VI-D ) $ 89,611,382.63 $ 89,611,382.63
B Primary Servicing Fees-Current Month $ 1,286,347.49 $ 88,325,035.14
C Administration Fee $ 20,000.00 $ 88,305,035.14
D Noteholder's Interest Distribution Amount
i Class A-1 $ 13,380,159.67 $ 74,924,875.47
ii Class A-2 $ 15,422,104.49 $ 59,502,770.98
----------------
iii Total Noteholder's Interest Distribution $ 28,802,264.16
E Certificateholder's Return Distribution Amount $ 1,394,832.35 $ 58,107,938.63
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 51,830,095.49 $ 6,277,843.14
ii Class A-2 $ 0.00 $ 6,277,843.14
----------------
iii Total Noteholder's Principal Distribution $ 51,830,095.49
G Certificateholder's Balance Distribution Amount $ 0.00 $ 6,277,843.14
H Increase to the Specified Reserve Account Balance $ 0.00 $ 6,277,843.14
I Carryover Servicing Fees $ 0.00 $ 6,277,843.14
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 6,277,843.14
i Class A-2 $ 0.00 $ 6,277,843.14
----------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 6,277,843.14
L Excess to Reserve Account $ 6,277,843.14 $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
8
<PAGE>
- --------------------------------------------------------------------------------
IX. 1997-3 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 13,380,159.67 $ 15,422,104.49 $ 1,394,832.35
ii Quarterly Interest Paid 13,380,159.67 15,422,104.49 1,394,832.35
--------------- --------------- --------------
iii Interest Shortfall $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00 0.00
--------------- --------------- --------------
vi Interest Carryover $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 51,830,095.49 $ 0.00 $ 0.00
viii Quarterly Principal Paid 51,830,095.49 0.00 0.00
--------------- --------------- --------------
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 65,210,255.16 $ 15,422,104.49 $ 1,394,832.35
--------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C>
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 12/31/99 $ 2,016,996,502.58
ii Adjusted Pool Balance 12/31/99 $ 1,965,166,407.09
------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 51,830,095.49
==================
iv Adjusted Pool Balance 9/30/99 $ 2,016,996,502.58
v Adjusted Pool Balance 12/31/99 1,965,166,407.09
------------------
vi Current Principal Due (iv-v) $ 51,830,095.49
vii Principal Shortfall from Previous Collection Period $ --
------------------
viii Principal Distribution Amount (vi + vii) $ 51,830,095.49
==================
ix Principal Distribution Amount Paid $ 51,830,095.49
x Principal Shortfall (viii - ix) $ --
C Total Principal Distribution $ 51,830,095.49
D Total Interest Distribution 30,197,096.51
------------------
E Total Cash Distributions-Note and Certificates $ 82,027,192.00
<CAPTION>
----------------------------------------------------------------------------------
F Note & Certificate Balances 10/25/99 1/25/00
----------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GAR7) $ 898,346,502.58 $ 846,516,407.09
A-1 Note Pool Factor 0.6168479435 0.5812589055
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
----------------------------------------------------------------------------------
<CAPTION>
<S> <C>
G Reserve Account Reconciliation
i Beginning of Period Balance $ 5,029,916.47
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ 6,277,843.14
--------------
iv Total Reserve Account Balance Available $11,307,759.61
v Required Reserve Account Balance $ 4,900,664.36
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to SLM Funding Corp. $ 6,407,095.25
viii Ending Reserve Account Balance $ 4,900,664.36
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1997-3 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------------------------
10/1/99-12/31/99 7/1/99-9/30/99 4/1/99-6/30/99
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Beginning Student Loan Portfolio Balance $1,973,954,908.85 $2,029,799,381.97 $2,118,491,863.51
-------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 40,728,806.07 $ 41,479,202.90 $ 54,483,418.03
ii Principal Collections from Guarantor 8,415,923.28 5,434,851.00 11,759,051.47
iii Principal Reimbursements 15,075,023.17 23,953,670.72 36,333,636.81
iv Other System Adjustments -- -- --
-------------------------------------------------------------
v Total Principal Collections $ 64,219,752.52 $ 70,867,724.62 $ 102,576,106.31
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,586,496.11 $ 2,584,157.12 $ 1,985,310.74
ii Capitalized Interest (27,396,066.02) (17,607,408.62) (15,868,935.51
-------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (24,809,569.91) $ (15,023,251.50) $ (13,883,624.77
-------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 39,410,182.61 $ 55,844,473.12 $ 88,692,481.54
-------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 18,920,329.56 $ 19,948,559.27 $ 21,240,585.07
ii Interest Claims Received from Guarantors 522,290.01 269,343.79 692,393.15
iii Late Fee Reimbursements 343,978.33 359,176.01 348,042.02
iv Interest Reimbursements 248,615.56 475,268.91 631,572.16
v Other System Adjustments -- -- --
vi Special Allowance Payments 899,466.56 37,837.38 36,168.13
vii Subsidy Payments 6,089,082.87 7,201,341.55 7,726,647.78
-------------------------------------------------------------
viii Total Interest Collections $ 27,023,762.89 $ 28,291,526.91 $ 30,675,408.31
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,497,545.37) $ (2,506,543.40) $ (1,754,387.45
ii Capitalized Interest 27,396,066.02 17,607,408.62 15,868,935.51
-------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 24,898,520.65 $ 15,100,865.22 $ 14,114,548.06
-------------------------------------------------------------
Total Student Loan Interest Activity $ 51,922,283.54 $ 43,392,392.13 $ 44,789,956.37
(=) Ending Student Loan Portfolio Balance $1,934,544,726.24 $1,973,954,908.85 $2,029,799,381.97
-------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 25,721,016.49 $ 38,011,677.26 $ 41,323,073.66
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $1,960,265,742.73 $2,011,966,586.11 $2,071,122,455.63
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 4,900,664.36 $ 5,029,916.47 $ 5,177,806.14
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $1,965,166,407.09 $2,016,996,502.58 $2,076,300,261.77
-------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------
1998 1997
---------------------------------------
-------------------------------------------------------------
1/1/99-3/31/99 1/1/98-12/31/98 8/25/97 - 12/31/97
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Beginning Student Loan Portfolio Balance $2,187,173,010.15 $2,388,313,848.15 $2,447,417,365.32
-------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 57,414,074.23 $ 179,579,682.34 $ 49,821,559.10
ii Principal Collections from Guarantor 13,303,830.96 71,378,464.29 1,440,820.82
iii Principal Reimbursements 7,983,617.17 8,500,226.75 39,007,052.38
iv Other System Adjustments -- -- --
-------------------------------------------------------------
v Total Principal Collections $ 78,701,522.36 $ 259,458,373.38 $ 90,269,432.30
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,655,235.53 $ 10,205,441.60 $ 3,533,441.93
ii Capitalized Interest (12,675,611.25) (68,522,976.98) (34,699,357.06)
-------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (10,020,375.72) $ (58,317,535.38) $ (31,165,915.13)
-------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 68,681,146.64 $ 201,140,838.00 $ 59,103,517.17
-------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 21,948,538.28 $ 85,007,482.49 $ 24,529,728.52
ii Interest Claims Received from Guarantors 805,049.57 4,447,365.33 34,126.30
iii Late Fee Reimbursements 372,821.54 433,591.49 9.92
iv Interest Reimbursements 138,548.53 164,288.32 799,423.02
v Other System Adjustments -- -- --
vi Special Allowance Payments 30,263.12 1,999,181.67 232,534.47
vii Subsidy Payments 8,947,872.06 46,628,513.22 6,806,739.23
-------------------------------------------------------------
viii Total Interest Collections $ 32,243,093.10 $ 138,680,422.52 $ 32,402,561.46
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,446,874.04) $ (9,049,779.85) $ (3,498,891.99)
ii Capitalized Interest 12,675,611.25 68,522,976.98 34,699,357.06
-------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 10,228,737.21 $ 59,473,197.13 $ 31,200,465.07
-------------------------------------------------------------
Total Student Loan Interest Activity $ 42,471,830.31 $ 198,153,619.65 $ 63,603,026.53
(=) Ending Student Loan Portfolio Balance $2,118,491,863.51 $2,187,173,010.15 $2,388,313,848.15
-------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 43,078,880.85 $ 39,623,139.23 $ 44,396,075.77
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $2,161,570,744.36 $2,226,796,149.38 $2,432,709,923.92
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 5,403,926.86 $ 5,566,990.37 $ 6,259,224.00
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $2,166,974,671.22 $2,232,363,139.75 $2,438,969,147.92
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1997-3 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
Oct-97 $ 2,503,689,634 --
Jan-98 $ 2,432,709,924 6.13%
Apr-98 $ 2,385,676,618 4.78%
Jul-98 $ 2,331,344,763 4.50%
Oct-98 $ 2,277,897,847 4.25%
Jan-99 $ 2,226,796,149 4.02%
Apr-99 $ 2,161,570,744 4.11%
Jul-99 $ 2,071,122,456 4.77%
Oct-99 $ 2,011,966,586 4.58%
Jan-00 $ 1,960,265,743 4.26%
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool data.
- --------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1997-4
Quarterly Servicing Report
Report Date: 12/31/1999 Reporting Period: 10/1/99-12/31/99
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 9/30/1999 Activity 12/31/1999
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 2,004,979,607.40 $(41,774,625.86) $ 1,963,204,981.54
ii Interest to be Capitalized 33,256,441.82 23,363,678.25
------------------ ------------------
iii Total Pool $ 2,038,236,049.22 $ 1,986,568,659.79
iv Specified Reserve Account Balance 5,095,590.12 4,966,421.65
------------------ ------------------
v Total Adjusted Pool $ 2,043,331,639.34 $ 1,991,535,081.44
================== ==================
B i Weighted Average Coupon (WAC) 7.6822% 7.6980%
ii Weighted Average Remaining Term 108.50 107.23
iii Number of Loans 647,697 634,417
iv Number of Borrowers 239,572 234,255
----------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
% of % of
Notes and Certificates Spread Balance 10/25/99 O/S Securities Balance 1/25/00 O/S Securities
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAU0 0.75% $ 970,369,840.68 47.352% $ 912,844,605.66 45.831%
ii A-2 Notes 78442GAV8 0.75% 989,000,000.00 48.261% 989,000,000.00 49.655%
iii Certificates 78442GAW6 1.05% 89,900,000.00 4.387% 89,900,000.00 4.514%
------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 2,049,269,840.68 100.000% $1,991,744,605.66 100.000%
========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
Reserve Account 10/25/1999 1/25/2000
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 5,095,590.12 $ 4,966,421.65
iv Reserve Account Floor Balance ($) $ 2,502,640.00 $ 2,502,640.00
v Current Reserve Acct Balance ($) $ 5,095,590.12 $ 4,966,421.65
------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
1
<PAGE>
- --------------------------------------------------------------------------------
II. 1997-4 Transactions from: 10/1/1999 through: 12/31/1999
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 40,896,953.27
ii Principal Collections from Guarantor 8,342,134.23
iii Principal Reimbursements 14,720,169.71
iv Other System Adjustments 0.00
---------------
v Total Principal Collections $ 63,959,257.21
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,397,155.00
ii Capitalized Interest (24,581,786.35)
---------------
iii Total Non-Cash Principal Activity $(22,184,631.35)
----------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 41,774,625.86
----------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 19,759,320.06
ii Interest Claims Received from Guarantors 546,635.26
iii Late Fee Reimbursements 340,936.79
iv Interest Reimbursements 236,826.98
v Other System Adjustments 0.00
vi Special Allowance Payments 934,111.72
vii Subsidy Payments 6,207,359.34
---------------
viii Total Interest Collections $ 28,025,190.15
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,273,346.28)
ii Capitalized Interest 24,581,786.35
---------------
iii Total Non-Cash Interest Adjustments $ 22,308,440.07
----------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 50,333,630.22
----------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
2
<PAGE>
- --------------------------------------------------------------------------------
III. 1997-4 Collection Account Activity 10/1/1999 through 12/31/1999
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $ 49,239,087.50
ii Cash Forwarded by Administrator on behalf of Seller 1,053,856.96
iii Cash Forwarded by Administrator on behalf of Servicer 6,029.56
iv Cash Forwarded by Administrator for Consolidation Activity 13,660,283.19
---------------
v Total Principal Collections $ 63,959,257.21
B Interest Collections
i Interest Payments Received-Cash $ 27,447,426.38
ii Cash Forwarded by Administrator on behalf of Seller 30,848.75
iii Cash Forwarded by Administrator on behalf of Servicer 11,368.14
iv Cash Forwarded by Administrator for Consolidation Activity 194,610.09
v Cash Forwarded by Administrator for Late Fee Activity 340,936.79
---------------
vi Total Interest Collections $28,025,190.15
C Other Reimbursements $ 261,482.41
D Administrator Account Investment Income $ 631,229.63
E Return funds borrowed for previous distribution $ --
F TOTAL FUNDS RECEIVED $ 92,877,159.40
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($2,829,694.14)
------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 90,047,465.26
------------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $958,594.42
ii Percentage of Principal Calculation $1,400,669.58
iii Lesser of Unit or Principal Calculation $958,594.42
H Servicing Fees Due for Current Period $1,400,669.58
I Carryover Servicing Fees Due (1) $0.00
OCT 1999 Servicing Carryover $0.00
NOV 1999 Servicing Carryover $0.00
DEC 1999 Servicing Carryover $0.00
----------------
TOTAL: Carryover Servicing Fee Due $0.00
================
Less: Servicing ADJ [A iii + B iii] ($17,397.70)
J Administration Fees Due $ 20,000.00
------------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,403,271.88
------------------------------------------------------------------------------------------------------
</TABLE>
(1) No Carryover Servicing Fees due before the October 2001 payment date
- --------------------------------------------------------------------------------
3
<PAGE>
- --------------------------------------------------------------------------------
IV. 1997-4 Portfolio Characteristics
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
STATUS 9/30/1999 12/31/1999 9/30/1999 12/31/1999 9/30/1999 12/31/1999
- --------------------------------------------------------------------------------------------------------------
INTERIM:
In School
Current 7.320% 7.320% 39,825 34,498 6.149% 5.438%
Grace
Current 7.300% 7.331% 24,577 8,891 3.795% 1.401%
- --------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.312% 7.322% 64,402 43,389 9.943% 6.839%
- --------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 7.765% 7.762% 371,561 379,636 57.366% 59.840%
31-60 Days Delinquent 7.766% 7.762% 21,997 22,902 3.396% 3.610%
61-90 Days Delinquent 7.762% 7.763% 14,734 13,962 2.275% 2.201%
91-120 Days Delinquent 7.764% 7.760% 7,164 6,260 1.106% 0.987%
> 120 Days Delinquent 7.753% 7.753% 10,831 10,490 1.672% 1.654%
Deferment
Current 7.533% 7.518% 85,083 77,819 13.136% 12.266%
Forbearance
Current 7.764% 7.763% 70,206 78,289 10.839% 12.340%
- --------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.729% 7.728% 581,576 589,358 89.791% 92.898%
- --------------------------------------------------------------------------------------------------------------
Claims in Process (1) 7.764% 7.745% 1678 1,636 0.259% 0.258%
Aged Claims Rejected (2) 7.738% 7.759% 41 34 0.006% 0.005%
- --------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.682% 7.698% 647,697 634,417 100.000% 100.000%
- --------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------
Principal Amount %
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
STATUS 9/30/1999 12/31/1999 9/30/1999 12/31/1999
- ------------------------------------------------------------------------------------------------------
INTERIM:
In School
Current $ 123,919,034.66 $ 107,640,475.43 6.181% 5.483%
Grace
Current $ 83,873,764.47 $ 27,396,948.02 4.183% 1.396%
- ------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 207,792,799.13 $ 135,037,423.45 10.364% 6.879%
- ------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 1,086,755,278.57 $ 1,110,536,765.71 54.203% 56.568%
31-60 Days Delinquent $ 65,289,271.91 $ 70,292,252.36 3.256% 3.580%
61-90 Days Delinquent $ 48,327,542.95 $ 43,714,772.20 2.410% 2.227%
91-120 Days Delinquent $ 22,385,848.05 $ 19,359,890.94 1.117% 0.986%
> 120 Days Delinquent $ 31,617,381.51 $ 31,341,146.47 1.577% 1.596%
Deferment
Current $ 277,003,790.58 $ 251,724,706.97 13.816% 12.822%
Forbearance
Current $ 261,365,279.60 $ 296,745,313.44 13.036% 15.115%
- ------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 1,792,744,393.17 $ 1,823,714,848.09 89.415% 92.894%
- ------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 4,321,219.20 $ 4,391,062.07 0.215% 0.224%
Aged Claims Rejected (2) $ 121,195.90 $ 61,647.93 0.006% 0.003%
- ------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 2,004,979,607.40 $ 1,963,204,981.54 100.000% 100.000%
- ------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
- --------------------------------------------------------------------------------
V. 1997-4 Portfolio Characteristics by School and Program 12/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
-----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------
STATUS
- ------------------------------------
INTERIM:
In School
Current 3.335% 1.362% 0.000% 0.000% 0.393% 0.194% 0.000% 0.000%
Grace
Current 0.810% 0.321% 0.000% 0.000% 0.091% 0.048% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 4.145% 1.683% 0.000% 0.000% 0.484% 0.242% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 32.732% 11.735% 2.852% 1.847% 2.537% 1.135% 0.160% 0.136%
31-60 Days Delinquent 1.863% 0.677% 0.153% 0.149% 0.248% 0.107% 0.006% 0.015%
61-90 Days Delinquent 1.131% 0.396% 0.068% 0.111% 0.169% 0.069% 0.003% 0.011%
91-120 Days Delinquent 0.513% 0.169% 0.025% 0.040% 0.078% 0.030% 0.001% 0.004%
> 120 Days Delinquent 0.773% 0.245% 0.026% 0.067% 0.151% 0.059% 0.003% 0.006%
Deferment
Current 7.416% 2.529% 0.460% 0.669% 0.646% 0.291% 0.015% 0.057%
Forbearance
Current 7.791% 3.287% 0.435% 0.929% 0.828% 0.381% 0.021% 0.067%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 52.219% 19.038% 4.019% 3.812% 4.657% 2.072% 0.209% 0.296%
- -----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.105% 0.033% 0.004% 0.008% 0.023% 0.011% 0.000% 0.001%
Aged Claims Rejected (2) 0.002% 0.000% 0.000% 0.000% 0.001% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 56.471% 20.754% 4.023% 3.820% 5.165% 2.325% 0.209% 0.297%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.068% 7.996%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
<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 0.083% 0.069% 0.000% 0.000% 0.028% 0.019% 0.000% 0.000%
Grace
Current 0.051% 0.045% 0.000% 0.000% 0.016% 0.014% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.134% 0.114% 0.000% 0.000% 0.044% 0.033% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.659% 1.026% 0.298% 0.171% 0.159% 0.077% 0.003% 0.041%
31-60 Days Delinquent 0.191% 0.118% 0.013% 0.019% 0.010% 0.009% 0.000% 0.002%
61-90 Days Delinquent 0.136% 0.090% 0.011% 0.019% 0.007% 0.004% 0.000% 0.002%
91-120 Days Delinquent 0.070% 0.041% 0.002% 0.007% 0.003% 0.003% 0.000% 0.000%
> 120 Days Delinquent 0.140% 0.094% 0.005% 0.011% 0.007% 0.006% 0.000% 0.003%
Deferment
Current 0.253% 0.154% 0.010% 0.052% 0.121% 0.094% 0.007% 0.048%
Forbearance
Current 0.595% 0.369% 0.037% 0.077% 0.131% 0.108% 0.003% 0.056%
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.044% 1.892% 0.376% 0.356% 0.438% 0.301% 0.013% 0.152%
- ---------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.021% 0.015% 0.001% 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 3.199% 2.021% 0.377% 0.358% 0.482% 0.334% 0.013% 0.152%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 5.955% 0.981%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------ FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 4.697% 0.587% 0.152% 0.047% 5.483%
Grace
Current 1.131% 0.139% 0.096% 0.030% 1.396%
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 5.828% 0.726% 0.248% 0.077% 6.879%
- --------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 49.166% 3.968% 3.154% 0.280% 56.568%
31-60 Days Delinquent 2.842% 0.376% 0.341% 0.021% 3.580%
61-90 Days Delinquent 1.706% 0.252% 0.256% 0.013% 2.227%
91-120 Days Delinquent 0.747% 0.113% 0.120% 0.006% 0.986%
> 120 Days Delinquent 1.111% 0.219% 0.250% 0.016% 1.596%
Deferment
Current 11.074% 1.009% 0.469% 0.270% 12.822%
Forbearance
Current 12.442% 1.297% 1.078% 0.298% 15.115%
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 79.088% 7.234% 5.668% 0.904% 92.894%
- --------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.150% 0.035% 0.039% 0.000% 0.224%
Aged Claims Rejected (2) 0.002% 0.001% 0.000% 0.000% 0.003%
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.068% 7.996% 5.955% 0.981% 100.000%
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
5
<PAGE>
- --------------------------------------------------------------------------------
VI. 1997-4 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 32,802,870.66
B Interest Subsidy Payments Accrued During Collection Period 5,379,264.88
C SAP Payments Accrued During Collection Period 2,704,374.53
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 114,592.97
E Investment Earnings (ADMINISTRATOR ACT) 631,229.63
----------
F Net Expected Interest Collections $ 41,632,332.67
G Student Loan Rate
i Days in Collection Period (10/1/99-12/31/99) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 41,632,332.67
iv Primary Servicing Fee $ 4,230,363.72
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 2,038,236,049.22
vii Student Loan Rate 7.27634%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 6.07530%
I Class A-1 Interest Rate 0.015271257 (10/25/99-1/25/00) 6.07530%
J Class A-2 T-Bill Based Interest Rate 6.07530%
K Class A-2 Interest Rate 0.015271257 (10/25/99-1/25/00) 6.07530%
L Certificate T-Bill Based Rate of Return 6.37530%
M Certificate Rate of Return 0.016025355 (10/25/99-1/25/00) 6.37530%
</TABLE>
- --------------------------------------------------------------------------------
6
<PAGE>
- --------------------------------------------------------------------------------
VII. 1997-4 Inputs From Previous Quarterly Servicing Reports 9/30/1999
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 2,004,979,607.40
ii Interest To Be Capitalized 33,256,441.82
------------------
iii Total Pool $ 2,038,236,049.22
iv Specified Reserve Account Balance 5,095,590.12
------------------
v Total Adjusted Pool $ 2,043,331,639.34
==================
B Total Note and Certificate Factor 0.79834424429
C Total Note and Certificate Balance $ 2,049,269,840.68
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
D Note Balance 10/25/1999 Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor 10/25/99 0.6521302693 1.0000000000 1.0000000000
ii Expected Note Balance $ 970,369,840.68 $ 989,000,000.00 $ 89,900,000.00
E Note Principal Shortfall $ 5,938,201.34 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C>
H Reserve Account Balance $ 5,095,590.12
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
7
<PAGE>
- --------------------------------------------------------------------------------
VIII. 1997-4 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds ( Sections III-F + VI-D + IX-G-vii ) $ 90,291,226.70 $ 90,291,226.70
B Primary Servicing Fees-Current Month $ 1,383,271.88 $ 88,907,954.82
C Administration Fee $ 20,000.00 $ 88,887,954.82
D Noteholder's Interest Distribution Amount
i Class A-1 $ 14,818,767.22 $ 74,069,187.60
ii Class A-2 $ 15,103,273.17 $ 58,965,914.43
---------------
iii Total Noteholder's Interest Distribution $ 29,922,040.39
E Certificateholder's Return Distribution Amount $ 1,440,679.41 $ 57,525,235.02
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 57,525,235.02 $ (0.00)
ii Class A-2 $ 0.00 $ (0.00)
---------------
iii Total Noteholder's Principal Distribution $ 57,525,235.02
G Certificateholder's Balance Distribution Amount $ 0.00 $ (0.00)
H Increase to the Specified Reserve Account Balance $ 0.00 $ 0.00
I Carryover Servicing Fees $ 0.00 $ 0.00
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 0.00
i Class A-2 $ 0.00 $ 0.00
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 0.00
L Excess to Reserve Account $ 0.00 $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
8
<PAGE>
- --------------------------------------------------------------------------------
IX. 1997-4 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 14,818,767.22 $ 15,103,273.17 $ 1,440,679.41
ii Quarterly Interest Paid 14,818,767.22 15,103,273.17 1,440,679.41
--------------- -------------- --------------
iii Interest Shortfall $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00 0.00
---- ----- ----
vi Interest Carryover $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 57,734,759.24 $ 0.00 $ 0.00
viii Quarterly Principal Paid 57,525,235.02 0.00 0.00
--------------- ----- ----
ix Quarterly Principal Shortfall $ 209,524.22 $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 72,344,002.24 $ 15,103,273.17 $ 1,440,679.41
---------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C>
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 12/31/99 $ 2,049,269,840.68
ii Adjusted Pool Balance 12/31/99 1,991,535,081.44
------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 57,734,759.24
==================
iv Adjusted Pool Balance 9/30/99 $ 2,043,331,639.34
v Adjusted Pool Balance 12/31/99 1,991,535,081.44
------------------
vi Current Principal Due (iv-v) $ 51,796,557.90
vii Principal Shortfall from Previous Collection Period 5,938,201.34
------------------
viii Principal Distribution Amount (vi + vii) $ 57,734,759.24
==================
ix Principal Distribution Amount Paid $ 57,525,235.02
x Principal Shortfall (viii - ix) $ 209,524.22
C Total Principal Distribution $ 57,525,235.02
D Total Interest Distribution 31,362,719.80
------------------
E Total Cash Distributions-Note and Certificates $ 88,887,954.82
<CAPTION>
--------------------------------------------------------------------------------------
F Note & Certificate Balances 10/25/1999 1/25/2000
--------------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GAU0) $ 970,369,840.68 $ 912,844,605.66
A-1 Note Pool Factor 0.6521302693 0.6134708371
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
--------------------------------------------------------------------------------------
<CAPTION>
<S> <C>
G Reserve Account Reconciliation
i Beginning of Period Balance $ 5,095,590.12
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ --
------------------
iv Total Reserve Account Balance Available $ 5,095,590.12
v Required Reserve Account Balance $ 4,966,421.65
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to Waterfall $ 129,168.47
viii Ending Reserve Account Balance $ 4,966,421.65
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1997-4 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------
10/1/99-12/31/99 7/1/99-9/30/99 4/1/99-6/30/99
- -------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $2,004,979,607.40 $2,059,875,749.01 $2,147,837,932.52
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 40,896,953.27 $ 41,827,380.55 $ 53,920,732.22
ii Principal Collections from Guarantor 8,342,134.23 4,453,012.99 11,714,689.61
iii Principal Reimbursements 14,720,169.71 22,320,582.02 35,658,517.10
iv Other System Adjustments -- -- --
------------------------------------------------------------
v Total Principal Collections $ 63,959,257.21 $ 68,600,975.56 $ 101,293,938.93
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,397,155.00 $ 2,077,475.69 $ 1,611,915.08
ii Capitalized Interest (24,581,786.35) (15,782,309.64) (14,943,670.50)
------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (22,184,631.35) $ (13,704,833.95) $ (13,331,755.42)
- -------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 41,774,625.86 $ 54,896,141.61 $ 87,962,183.51
- -------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 19,759,320.06 $ 21,027,252.99 $ 22,479,182.93
ii Interest Claims Received from Guarantors 546,635.26 246,856.02 695,270.97
iii Late Fee Reimbursements 340,936.79 359,945.60 351,086.19
iv Interest Reimbursements 236,826.98 383,407.92 598,624.08
v Other System Adjustments -- -- --
vi Special Allowance Payments 934,111.72 23,931.25 21,593.05
vii Subsidy Payments 6,207,359.34 7,255,038.64 7,766,614.35
------------------------------------------------------------
viii Total Interest Collections $ 28,025,190.15 $ 29,296,432.42 $ 31,912,371.57
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,273,346.28) $ (2,088,685.47) $ (1,299,571.76)
ii Capitalized Interest 24,581,786.35 15,782,309.64 14,943,670.50
------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 22,308,440.07 $ 13,693,624.17 $ 13,644,098.74
------------------------------------------------------------
Total Student Loan Interest Activity $ 50,333,630.22 $ 42,990,056.59 $ 45,556,470.31
(=) Ending Student Loan Portfolio Balance $1,963,204,981.54 $2,004,979,607.40 $2,059,875,749.01
- -------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 23,363,678.25 $ 33,256,441.82 $ 35,555,572.08
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $1,986,568,659.79 $2,038,236,049.22 $2,095,431,321.09
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 4,966,421.65 $ 5,095,590.12 $ 5,238,578.30
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $1,991,535,081.44 $2,043,331,639.34 $2,100,669,899.39
- -------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------
1998
----------------------------------------
1/1/99-3/31/99 10/27/97-12/31/98
- -----------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $2,214,648,812.93 $2,443,276,738.87
- -----------------------------------------------------------------------------------------------------
<S> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 57,289,916.43 $ 217,509,395.11
ii Principal Collections from Guarantor 13,036,350.70 60,619,932.26
iii Principal Reimbursements 6,227,642.48 34,492,587.94
iv Other System Adjustments -- --
----------------------------------------
v Total Principal Collections $ 76,553,909.61 $ 312,621,915.31
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,352,596.15 $ 9,824,857.85
ii Capitalized Interest (12,095,625.35) (93,818,847.22)
----------------------------------------
iii Total Non-Cash Principal Activity $ (9,743,029.20) $ (83,993,989.37)
- -----------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 66,810,880.41 $ 228,627,925.94
- -----------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 23,267,977.17 $ 102,639,871.99
ii Interest Claims Received from Guarantors 805,854.88 3,743,601.43
iii Late Fee Reimbursements 379,972.31 436,370.18
iv Interest Reimbursements 98,545.80 605,682.73
v Other System Adjustments -- --
vi Special Allowance Payments 18,593.36 1,685,553.55
vii Subsidy Payments 8,868,220.13 42,104,685.68
----------------------------------------
viii Total Interest Collections $ 33,439,163.65 $ 151,215,765.56
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,126,808.82) $ (8,807,032.37)
ii Capitalized Interest 12,095,625.35 93,818,847.22
----------------------------------------
iii Total Non-Cash Interest Adjustments $ 9,968,816.53 $ 85,011,814.85
----------------------------------------
Total Student Loan Interest Activity $ 43,407,980.18 $ 236,227,580.41
(=) Ending Student Loan Portfolio Balance $2,147,837,932.52 $2,214,648,812.93
- -----------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 37,667,958.94 $ 34,676,758.49
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
(=) TOTAL POOL $2,185,505,891.46 $2,249,325,571.42
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 5,463,764.73 $ 5,623,313.93
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $2,190,969,656.19 $2,254,948,885.35
- -----------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1997-4 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
Jan-98 $ 2,502,639,587 --
Apr-98 $ 2,412,986,081 5.29%
Jul-98 $ 2,363,582,528 4.42%
Oct-98 $ 2,304,577,423 4.39%
Jan-99 $ 2,249,325,571 4.22%
Apr-99 $ 2,185,505,891 4.25%
Jul-99 $ 2,095,431,321 4.96%
Oct-99 $ 2,038,236,049 4.69%
Jan-00 $ 1,986,568,660 4.34%
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool
data.
- --------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1998-1
Quarterly Servicing Report
Report Date: 12/31/1999 Reporting Period: 10/1/99-12/31/99
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 9/30/1999 Activity 12/31/1999
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 2,485,135,732.89 $(48,443,507.27) $ 2,436,692,225.62
ii Interest to be Capitalized 40,342,071.16 28,269,705.23
------------------ ------------------
iii Total Pool $ 2,525,477,804.05 $ 2,464,961,930.85
iv Specified Reserve Account Balance 6,313,694.51 6,162,404.83
------------------ ------------------
v Total Adjusted Pool $ 2,531,791,498.56 $ 2,471,124,335.68
================== ==================
B i Weighted Average Coupon (WAC) 7.8404% 7.8578%
ii Weighted Average Remaining Term 113.53 112.35
iii Number of Loans 651,502 637,456
iv Number of Borrowers 277,315 271,181
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 10/25/99 % of Pool Balance 1/25/00 % of Pool
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAX4 0.71% $ 1,200,741,498.56 47.427% $ 1,140,074,335.68 46.136%
ii A-2 Notes 78442GAY2 0.76% 1,224,500,000.00 48.365% 1,224,500,000.00 49.552%
iii Certificates 78442GAZ9 0.97% 106,550,000.00 4.208% 106,550,000.00 4.312%
---------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 2,531,791,498.56 100.000% $ 2,471,124,335.68 100.000%
===========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
Reserve Account 10/25/1999 1/25/2000
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 6,313,694.51 $ 6,162,404.83
iv Reserve Account Floor Balance ($) $ 2,999,161.00 $ 2,999,161.00
v Current Reserve Acct Balance ($) $ 6,313,694.51 $ 6,162,404.83
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
1
<PAGE>
- --------------------------------------------------------------------------------
II. 1998-1 Transactions from: 10/1/1999 through: 12/31/1999
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 49,318,878.87
ii Principal Collections from Guarantor 11,298,995.63
iii Principal Reimbursements 15,318,041.41
iv Other System Adjustments 0.00
---------------
v Total Principal Collections $ 75,935,915.91
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 3,175,766.09
ii Capitalized Interest (30,668,174.73)
---------------
iii Total Non-Cash Principal Activity $(27,492,408.64)
----------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 48,443,507.27
----------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 25,601,394.94
ii Interest Claims Received from Guarantors 738,661.26
iii Late Fee Reimbursements 487,401.82
iv Interest Reimbursements 251,050.55
v Other System Adjustments 0.00
vi Special Allowance Payments 1,014,778.00
vii Subsidy Payments 6,902,142.50
---------------
viii Total Interest Collections $ 34,995,429.07
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (3,022,480.76)
ii Capitalized Interest 30,668,174.73
---------------
iii Total Non-Cash Interest Adjustments $ 27,645,693.97
----------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 62,641,123.04
----------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
2
<PAGE>
- --------------------------------------------------------------------------------
III. 1998-1 Collection Account Activity 10/1/1999 through 12/31/1999
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $ 60,617,874.50
ii Cash Forwarded by Administrator on behalf of Seller 1,009,736.61
iii Cash Forwarded by Administrator on behalf of Servicer 222.22
iv Cash Forwarded by Administrator for Consolidation Activity 14,308,082.58
---------------
v Total Principal Collections $ 75,935,915.91
B Interest Collections
i Interest Payments Received-Cash $ 34,256,976.70
ii Cash Forwarded by Administrator on behalf of Seller 29,804.60
iii Cash Forwarded by Administrator on behalf of Servicer 14,885.67
iv Cash Forwarded by Administrator for Consolidation Activity 206,360.28
v Cash Forwarded by Administrator for Late Fee Activity 487,401.82
---------------
vi Total Interest Collections $ 34,995,429.07
C Other Reimbursements $ 324,332.97
D Administrator Account Investment Income $ 751,256.89
E Return funds borrowed for previous distribution $ --
F TOTAL FUNDS RECEIVED $112,006,934.84
LESS FUNDS PREVIOUSLY REMITTED:
Servicing Fees $ (3,343,852.49)
Consolidation Loan Rebate Fees $ (541,691.00)
-----------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $108,121,391.35
-----------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $1,090,834.08
ii Percentage of Principal Calculation $1,655,912.01
iii Lesser of Unit or Principal Calculation $1,090,834.08
H Servicing Fees Due for Current Period $ 1,655,912.01
I Carryover Servicing Fees Due (1) $0.00
OCT 1999 Servicing Carryover $0.00
NOV 1999 Servicing Carryover $0.00
DEC 1999 Servicing Carryover $0.00
---------------
TOTAL: Carryover Servicing Fee Due $0.00
===============
Less: Servicing ADJ [A iii + B iii] ($15,107.89)
J Administration Fees Due $ 20,000.00
-----------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,660,804.12
-----------------------------------------------------------------------------------------------------
</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 9/30/1999 12/31/1999 9/30/1999 12/31/1999 9/30/1999 12/31/1999
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.292% 7.288% 41,360 36,420 6.348% 5.713%
Grace
Current 7.260% 7.305% 27,499 9,536 4.221% 1.496%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.278% 7.291% 68,859 45,956 10.569% 7.209%
- -----------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 7.980% 7.963% 357,896 366,532 54.934% 57.499%
31-60 Days Delinquent 7.998% 7.987% 24,132 23,916 3.704% 3.752%
61-90 Days Delinquent 7.939% 7.966% 15,237 14,718 2.339% 2.309%
91-120 Days Delinquent 7.914% 7.944% 8,297 7,054 1.274% 1.107%
> 120 Days Delinquent 7.874% 7.855% 13,229 13,324 2.031% 2.090%
Deferment
Current 7.604% 7.595% 85,533 80,250 13.129% 12.589%
Forbearance
Current 7.879% 7.885% 76,219 83,479 11.699% 13.096%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.907% 7.900% 580,543 589,273 89.108% 92.442%
- -----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 7.825% 7.853% 2028 2,188 0.311% 0.343%
Aged Claims Rejected (2) 7.818% 7.853% 72 39 0.011% 0.006%
- -----------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.840% 7.858% 651,502 637,456 100.000% 100.000%
- -----------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------
Principal Amount %
- --------------------------------------------------------------------------------------------------------------
STATUS 9/30/1999 12/31/1999 9/30/1999 12/31/1999
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 138,143,473.35 $ 119,940,907.22 5.559% 4.922%
Grace
Current $ 103,785,551.32 $ 32,248,758.33 4.176% 1.323%
- --------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 241,929,024.67 $ 152,189,665.55 9.735% 6.245%
- --------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 1,351,791,567.24 $ 1,380,005,714.59 54.395% 56.634%
31-60 Days Delinquent $ 92,966,326.96 $ 91,048,383.27 3.741% 3.737%
61-90 Days Delinquent $ 61,003,635.87 $ 56,282,617.24 2.455% 2.310%
91-120 Days Delinquent $ 30,127,755.81 $ 26,674,010.63 1.212% 1.095%
> 120 Days Delinquent $ 43,306,192.05 $ 44,608,936.35 1.743% 1.831%
Deferment
Current $ 325,241,025.06 $ 304,998,300.83 13.087% 12.517%
Forbearance
Current $ 332,471,362.22 $ 374,328,996.83 13.378% 15.362%
- --------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 2,236,907,865.21 $ 2,277,946,959.74 90.011% 93.486%
- --------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 6,105,342.71 $ 6,412,538.78 0.246% 0.263%
Aged Claims Rejected (2) $ 193,500.30 $ 143,061.55 0.008% 0.006%
- --------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 2,485,135,732.89 $ 2,436,692,225.62 100.000% 100.000%
- --------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
- --------------------------------------------------------------------------------
V. 1998-1 Portfolio Characteristics by School and Program 12/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------
FOUR YEAR SCHOOLS
--------------------------------------------------------
-----------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
-----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
- -------------------------------------
STATUS
- -------------------------------------
INTERIM:
In School
Current 2.954% 1.238% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.717% 0.310% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------
TOTAL INTERIM 3.671% 1.548% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 24.813% 10.133% 0.000% 0.036% 1.936% 1.704%
31-60 Days Delinquent 1.379% 0.515% 0.001% 0.005% 0.129% 0.135%
61-90 Days Delinquent 0.846% 0.315% 0.000% 0.001% 0.053% 0.093%
91-120 Days Delinquent 0.431% 0.163% 0.000% 0.001% 0.025% 0.045%
> 120 Days Delinquent 0.724% 0.280% 0.000% 0.000% 0.028% 0.069%
Deferment
Current 6.197% 2.453% 0.000% 0.000% 0.319% 0.615%
Forbearance
Current 6.407% 3.086% 0.000% 0.005% 0.340% 0.926%
- ------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 40.797% 16.945% 0.001% 0.048% 2.830% 3.587%
- ------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.104% 0.036% 0.000% 0.000% 0.002% 0.010%
Aged Claims Rejected (2) 0.004% 0.000% 0.000% 0.000% 0.000% 0.001%
- ------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 44.576% 18.529% 0.001% 0.048% 2.832% 3.598%
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 69.584%
- ------------------------------------------------------------------------------------------------------
<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 0.261% 0.120% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.082% 0.034% 0.000% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.343% 0.154% 0.000% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.704% 0.870% 0.000% 0.003% 0.087% 0.083%
31-60 Days Delinquent 0.200% 0.089% 0.000% 0.000% 0.007% 0.010%
61-90 Days Delinquent 0.131% 0.053% 0.000% 0.000% 0.005% 0.008%
91-120 Days Delinquent 0.059% 0.027% 0.000% 0.000% 0.001% 0.004%
> 120 Days Delinquent 0.138% 0.060% 0.000% 0.000% 0.002% 0.007%
Deferment
Current 0.504% 0.215% 0.000% 0.000% 0.008% 0.043%
Forbearance
Current 0.657% 0.308% 0.000% 0.000% 0.011% 0.041%
- ----------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.393% 1.622% 0.000% 0.003% 0.121% 0.196%
- ----------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.025% 0.009% 0.000% 0.000% 0.000% 0.000%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 3.762% 1.785% 0.000% 0.003% 0.121% 0.196%
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 5.867%
- ----------------------------------------------------------------------------------------------------------
</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 0.129% 0.099% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.067% 0.058% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.196% 0.157% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.889% 1.467% 0.000% 0.003% 0.282% 0.148%
31-60 Days Delinquent 0.228% 0.162% 0.000% 0.000% 0.016% 0.023%
61-90 Days Delinquent 0.169% 0.131% 0.000% 0.000% 0.009% 0.012%
91-120 Days Delinquent 0.083% 0.057% 0.000% 0.000% 0.005% 0.008%
> 120 Days Delinquent 0.181% 0.135% 0.000% 0.000% 0.004% 0.011%
Deferment
Current 0.336% 0.252% 0.000% 0.001% 0.007% 0.044%
Forbearance
Current 0.717% 0.538% 0.000% 0.000% 0.034% 0.073%
- -----------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.603% 2.742% 0.000% 0.004% 0.357% 0.319%
- -----------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.027% 0.021% 0.000% 0.000% 0.000% 0.003%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 3.826% 2.920% 0.000% 0.004% 0.357% 0.322%
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 7.429%
- -----------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------
UNKNOWN
---------------------------------------------------------------------
---------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
<S> <C> <C> <C> <C> <C> <C>
- ----------------------------------------
STATUS
- ----------------------------------------
INTERIM:
In School
Current 0.061% 0.060% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.030% 0.025% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.091% 0.085% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 0.209% 0.127% 3.198% 7.876% 0.011% 0.055%
31-60 Days Delinquent 0.013% 0.011% 0.250% 0.561% 0.000% 0.003%
61-90 Days Delinquent 0.008% 0.005% 0.142% 0.325% 0.000% 0.004%
91-120 Days Delinquent 0.005% 0.002% 0.063% 0.112% 0.001% 0.003%
> 120 Days Delinquent 0.008% 0.005% 0.060% 0.118% 0.000% 0.001%
Deferment
Current 0.183% 0.132% 0.428% 0.694% 0.003% 0.083%
Forbearance
Current 0.179% 0.147% 0.552% 1.268% 0.002% 0.071%
- -------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 0.605% 0.429% 4.693% 10.954% 0.017% 0.220%
- -------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.000% 0.000% 0.006% 0.019% 0.000% 0.001%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 0.696% 0.514% 4.699% 10.973% 0.017% 0.221%
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 17.120%
- -------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------- FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 4.192% 0.381% 0.228% 0.121% 4.922%
Grace
Current 1.027% 0.116% 0.125% 0.055% 1.323%
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 5.219% 0.497% 0.353% 0.176% 6.245%
- ---------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 38.622% 2.747% 3.789% 11.476% 56.634%
31-60 Days Delinquent 2.164% 0.306% 0.429% 0.838% 3.737%
61-90 Days Delinquent 1.308% 0.197% 0.321% 0.484% 2.310%
91-120 Days Delinquent 0.665% 0.091% 0.153% 0.186% 1.095%
> 120 Days Delinquent 1.101% 0.207% 0.331% 0.192% 1.831%
Deferment
Current 9.584% 0.770% 0.640% 1.523% 12.517%
Forbearance
Current 10.764% 1.017% 1.362% 2.219% 15.362%
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 64.208% 5.335% 7.025% 16.918% 93.486%
- ---------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.152% 0.034% 0.051% 0.026% 0.263%
Aged Claims Rejected (2) 0.005% 0.001% 0.000% 0.000% 0.006%
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 69.584% 5.867% 7.429% 17.120% 100.000%
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
5
<PAGE>
- --------------------------------------------------------------------------------
VI. 1998-1 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 42,192,515.18
B Interest Subsidy Payments Accrued During Collection Period 6,167,033.20
C SAP Payments Accrued During Collection Period 2,928,149.27
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 139,774.45
E Investment Earnings (ADMINISTRATOR ACT) 751,256.89
----------
F Net Expected Interest Collections $ 52,178,728.99
G Student Loan Rate
i Days in Collection Period (10/1/99-12/31/99) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 52,178,728.99
iv Primary Servicing Fee $ 4,999,764.50
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 2,525,477,804.05
vii Student Loan Rate 7.40842%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 6.03530%
I Class A-1 Interest Rate 0.015170710 (10/25/99-1/25/00) 6.03530%
J Class A-2 T-Bill Based Interest Rate 6.08530%
K Class A-2 Interest Rate 0.015296393 (10/25/99-1/25/00) 6.08530%
L Certificate T-Bill Based Rate of Return 6.29530%
M Certificate Rate of Return 0.015824262 (10/25/99-1/25/00) 6.29530%
</TABLE>
- --------------------------------------------------------------------------------
6
<PAGE>
- --------------------------------------------------------------------------------
VII. 1998-1 Inputs From Previous Quarterly Servicing Reports 9/30/1999
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 2,485,135,732.89
ii Interest To Be Capitalized 40,342,071.16
------------------
iii Total Pool $ 2,525,477,804.05
iv Specified Reserve Account Balance 6,313,694.51
------------------
v Total Adjusted Pool $ 2,531,791,498.56
==================
B Total Note and Certificate Factor 0.83169078349
C Total Note and Certificate Balance $ 2,531,791,498.56
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
D Note Balance 10/25/1999 Class A-1 Class A-2 Certificates
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor 10/25/99 0.7009173420 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,200,741,498.56 $ 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
--------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C>
H Reserve Account Balance $ 6,313,694.51
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
7
<PAGE>
- --------------------------------------------------------------------------------
VIII. 1998-1 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds ( Sections III-F + VI-D ) $ 108,261,165.80 $ 108,261,165.80
B Primary Servicing Fees-Current Month $ 1,640,804.12 $ 106,620,361.68
C Administration Fee $ 20,000.00 $ 106,600,361.68
D Noteholder's Interest Distribution Amount
i Class A-1 $ 18,216,101.06 $ 88,384,260.62
ii Class A-2 $ 18,730,433.23 $ 69,653,827.39
----------------
iii Total Noteholder's Interest Distribution $ 36,946,534.29
E Certificateholder's Return Distribution Amount $ 1,686,075.12 $ 67,967,752.27
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 60,667,162.88 $ 7,300,589.39
ii Class A-2 $ 0.00 $ 7,300,589.39
----------------
iii Total Noteholder's Principal Distribution $ 60,667,162.88
G Certificateholder's Balance Distribution Amount $ 0.00 $ 7,300,589.39
H Increase to the Specified Reserve Account Balance $ 0.00 $ 7,300,589.39
I Carryover Servicing Fees $ 0.00 $ 7,300,589.39
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 7,300,589.39
i Class A-2 $ 0.00 $ 7,300,589.39
----------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 7,300,589.39
L Excess to Reserve Account $ 7,300,589.39 $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
8
<PAGE>
- --------------------------------------------------------------------------------
IX. 1998-1 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 18,216,101.06 $ 18,730,433.23 $ 1,686,075.12
ii Quarterly Interest Paid 18,216,101.06 18,730,433.23 1,686,075.12
--------------- --------------- --------------
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 $ 60,667,162.88 $ 0.00 $ 0.00
viii Quarterly Principal Paid 60,667,162.88 0.00 0.00
--------------- ---- ----
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 78,883,263.94 $ 18,730,433.23 $ 1,686,075.12
---------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C>
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 12/31/99 $ 2,531,791,498.56
ii Adjusted Pool Balance 12/31/99 2,471,124,335.68
------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 60,667,162.88
==================
iv Adjusted Pool Balance 9/30/99 $ 2,531,791,498.56
v Adjusted Pool Balance 12/31/99 2,471,124,335.68
------------------
vi Current Principal Due (iv-v) $ 60,667,162.88
vii Principal Shortfall from Previous Collection Period --
------------------
viii Principal Distribution Amount (vi + vii) $ 60,667,162.88
==================
ix Principal Distribution Amount Paid $ 60,667,162.88
x Principal Shortfall (viii - ix) $ 0.00
C Total Principal Distribution $ 60,667,162.88
D Total Interest Distribution 38,632,609.41
------------------
E Total Cash Distributions-Note and Certificates $ 99,299,772.29
<CAPTION>
---------------------------------------------------------------------------------
F Note & Certificate Balances 10/25/1999 1/25/2000
---------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GAX4) $ 1,200,741,498.56 $ 1,140,074,335.68
A-1 Note Pool Factor 0.7009173420 0.6655036692
ii A-2 Note Balance (78442GAY2) $ 1,224,500,000.00 $ 1,224,500,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAZ9) $ 106,550,000.00 $ 106,550,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
---------------------------------------------------------------------------------
<CAPTION>
<S> <C>
G Reserve Account Reconciliation
i Beginning of Period Balance $ 6,313,694.51
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ 7,300,589.39
---------------
iv Total Reserve Account Balance Available $ 13,614,283.90
v Required Reserve Account Balance $ 6,162,404.83
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to SLM Funding Corp. $ 7,451,879.07
viii Ending Reserve Account Balance $ 6,162,404.83
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1998-1 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------
10/1/99-12/31/99 7/1/99-9/30/99 4/1/99-6/30/99
- ------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $2,485,135,732.89 $2,547,808,210.58 $2,656,732,804.87
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 49,318,878.87 $ 51,109,734.77 $ 69,012,176.95
ii Principal Collections from Guarantor 11,298,995.63 5,610,074.73 14,807,810.33
iii Principal Reimbursements 15,318,041.41 23,648,199.53 41,680,387.80
iv Other System Adjustments -- -- --
-----------------------------------------------------------------
v Total Principal Collections $ 75,935,915.91 $ 80,368,009.03 $ 125,500,375.08
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 3,175,766.09 $ 2,753,026.70 $ 2,099,058.65
ii Capitalized Interest (30,668,174.73) (20,448,558.04) (18,674,839.44)
-----------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (27,492,408.64) $ (17,695,531.34) $ (16,575,780.79)
- ------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 48,443,507.27 $ 62,672,477.69 $ 108,924,594.29
- ------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 25,601,394.94 $ 26,998,527.77 $ 28,676,730.20
ii Interest Claims Received from Guarantors 738,661.26 325,545.95 891,564.24
iii Late Fee Reimbursements 487,401.82 509,771.97 499,085.27
iv Interest Reimbursements 251,050.55 413,617.81 672,287.90
v Other System Adjustments -- -- --
vi Special Allowance Payments 1,014,778.00 60,373.43 60,321.90
vii Subsidy Payments 6,902,142.50 8,251,055.78 8,808,687.18
-----------------------------------------------------------------
viii Total Interest Collections $ 34,995,429.07 $ 36,558,892.71 $ 39,608,676.69
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (3,022,480.76) $ (2,691,990.57) $ (1,726,695.13)
ii Capitalized Interest 30,668,174.73 20,448,558.04 18,674,839.44
-----------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 27,645,693.97 $ 17,756,567.47 $ 16,948,144.31
-----------------------------------------------------------------
Total Student Loan Interest Activity $ 62,641,123.04 $ 54,315,460.18 $ 56,556,821.00
(=) Ending Student Loan Portfolio Balance $2,436,692,225.62 $2,485,135,732.89 $2,547,808,210.58
- ------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 28,269,705.23 $ 40,342,071.16 $ 43,315,148.15
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $2,464,961,930.85 $2,525,477,804.05 $2,591,123,358.73
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 6,162,404.83 $ 6,313,694.51 $ 6,477,808.40
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $2,471,124,335.68 $2,531,791,498.56 $2,597,601,167.13
- ------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------
1998
-------------------------------------------
1/1/99-3/31/99 2/9/98-12/31/98
- --------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $2,743,530,724.67 $2,949,265,754.91
- --------------------------------------------------------------------------------------------------------
<S> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 74,511,775.00 $ 212,924,399.41
ii Principal Collections from Guarantor 17,792,999.05 56,695,882.17
iii Principal Reimbursements 7,128,612.95 2,544,308.58
iv Other System Adjustments -- --
-------------------------------------------
v Total Principal Collections $ 99,433,387.00 $ 272,164,590.16
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,902,786.01 $ 8,913,898.93
ii Capitalized Interest (15,538,253.21) (75,343,458.85)
-------------------------------------------
iii Total Non-Cash Principal Activity $ (12,635,467.20) $ (66,429,559.92)
- --------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 86,797,919.80 $ 205,735,030.24
- --------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 29,723,371.77 $ 103,400,566.43
ii Interest Claims Received from Guarantors 1,130,821.40 3,613,320.17
iii Late Fee Reimbursements 532,516.25 652,095.43
iv Interest Reimbursements 111,163.80 99,009.17
v Other System Adjustments -- --
vi Special Allowance Payments 50,793.13 1,002,682.24
vii Subsidy Payments 10,087,539.96 30,985,595.63
-------------------------------------------
viii Total Interest Collections $ 41,636,206.31 $ 139,753,269.07
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,552,062.59) $ (7,904,998.99)
ii Capitalized Interest 15,538,253.21 75,343,458.85
-------------------------------------------
iii Total Non-Cash Interest Adjustments $ 12,986,190.62 $ 67,438,459.86
-------------------------------------------
Total Student Loan Interest Activity $ 54,622,396.93 $ 207,191,728.93
(=) Ending Student Loan Portfolio Balance $2,656,732,804.87 $2,743,530,724.67
- --------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 45,381,413.50 $ 41,965,865.45
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $2,702,114,218.37 $2,785,496,590.12
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 6,755,285.55 $ 6,963,741.48
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $2,708,869,503.92 $2,792,460,331.60
- --------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1998-1 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
Apr-98 $ 2,999,160,860 --
Jul-98 $ 2,926,675,833 2.63%
Oct-98 $ 2,858,101,353 4.46%
Jan-99 $ 2,785,496,590 4.64%
Apr-99 $ 2,702,114,218 4.97%
Jul-99 $ 2,591,123,359 5.90%
Oct-99 $ 2,525,477,804 5.48%
Jan-00 $ 2,464,961,931 5.05%
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool
data.
- --------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1998-2
Quarterly Servicing Report
Report Date: 12/31/1999 Reporting Period: 10/1/99-12/31/99
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 9/30/1999 Activity 12/31/1999
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 2,532,503,597.04 $ (54,052,737.91) $ 2,478,450,859.13
ii Interest to be Capitalized 37,071,956.50 27,266,177.71
------------------ ------------------
iii Total Pool $ 2,569,575,553.54 $ 2,505,717,036.84
iv Specified Reserve Account Balance 6,423,938.88 6,264,292.59
------------------ ------------------
v Total Adjusted Pool $ 2,575,999,492.42 $ 2,511,981,329.43
================== ==================
B i Weighted Average Coupon (WAC) 7.9212% 7.9437%
ii Weighted Average Remaining Term 119.25 117.99
iii Number of Loans 634,155 617,914
iv Number of Borrowers 297,094 289,319
---------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 10/25/99 % of Pool Balance 1/25/00 % of Pool
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GBA3 0.68% $ 1,233,189,492.42 47.872% $ 1,169,171,329.43 46.544%
ii A-2 Notes 78442GBB1 0.73% 1,237,060,000.00 48.023% 1,237,060,000.00 49.246%
iii Certificates 78442GBC9 0.95% 105,750,000.00 4.105% 105,750,000.00 4.210%
------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 2,575,999,492.42 100.000% $ 2,511,981,329.43 100.000%
========================================================================================================================
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
Reserve Account 10/25/1999 1/25/2000
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 6,423,938.88 $ 6,264,292.59
iv Reserve Account Floor Balance ($) $ 3,006,252.00 $ 3,006,252.00
v Current Reserve Acct Balance ($) $ 6,423,938.88 $ 6,264,292.59
------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
1
<PAGE>
- --------------------------------------------------------------------------------
II. 1998-2 Transactions from: 10/1/1999 through: 12/31/1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 57,320,157.28
ii Principal Collections from Guarantor 7,131,634.66
iii Principal Reimbursements 13,956,853.86
iv Other System Adjustments 0.00
---------------
v Total Principal Collections $ 78,408,645.80
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,222,443.34
ii Capitalized Interest (26,578,351.23)
---------------
iii Total Non-Cash Principal Activity $(24,355,907.89)
--------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 54,052,737.91
--------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 29,045,545.51
ii Interest Claims Received from Guarantors 448,374.32
iii Late Fee Reimbursements 530,310.35
iv Interest Reimbursements 180,666.33
v Other System Adjustments 0.00
vi Special Allowance Payments 889,262.81
vii Subsidy Payments 6,048,226.31
---------------
viii Total Interest Collections $ 37,142,385.63
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,102,273.58)
ii Capitalized Interest 26,578,351.23
---------------
iii Total Non-Cash Interest Adjustments $ 24,476,077.65
--------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 61,618,463.28
--------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
2
<PAGE>
- --------------------------------------------------------------------------------
III. 1998-2 Collection Account Activity 10/1/1999 through 12/31/1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $ 64,451,791.94
ii Cash Forwarded by Administrator on behalf of Seller 423,515.39
iii Cash Forwarded by Administrator on behalf of Servicer 2,274.45
iv Cash Forwarded by Administrator for Consolidation Activity 13,531,064.02
----------------
v Total Principal Collections $ 78,408,645.80
B Interest Collections
i Interest Payments Received-Cash $ 36,431,408.95
ii Cash Forwarded by Administrator on behalf of Seller 8,128.91
iii Cash Forwarded by Administrator on behalf of Servicer 8,766.46
iv Cash Forwarded by Administrator for Consolidation Activity 163,770.96
v Cash Forwarded by Administrator for Late Fee Activity 530,310.35
----------------
vi Total Interest Collections $ 37,142,385.63
C Other Reimbursements $ 363,634.57
D Administrator Account Investment Income $ 812,660.48
E Return funds borrowed for previous distribution $ -
F TOTAL FUNDS RECEIVED $ 116,727,326.48
LESS FUNDS PREVIOUSLY REMITTED:
Servicing Fees ($3,392,797.98)
Consolidation Loan Rebate Fees ($1,043,603.00)
--------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 112,290,925.50
--------------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Primary Servicing Fee - Non-Consolidation Loans $ 1,436,550.74
ii Primary Servicing Fee - Consolidation Loans $ 242,575.90
H Servicing Fees Due for Current Period $ 1,679,126.64
Less: Servicing ADJ [A iii + B iii] ($11,040.91)
I Carryover Servicing Fees Due $ 0.00
J Administration Fees Due $ 20,000.00
--------------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,688,085.73
--------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
3
<PAGE>
- --------------------------------------------------------------------------------
IV. 1998-2 Portfolio Characteristics
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- -----------------------------------------------------------------------------------------------------------------
STATUS 9/30/1999 12/31/1999 9/30/1999 12/31/1999 9/30/1999 12/31/1999
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.185% 7.183% 41,903 37,573 6.608% 6.081%
Grace
Current 7.187% 7.210% 25,045 7,408 3.949% 1.198%
- -----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.186% 7.187% 66,948 44,981 10.557% 7.279%
- -----------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.084% 8.061% 381,654 385,590 60.183% 62.402%
31-60 Days Delinquent 8.136% 8.114% 21,562 22,173 3.400% 3.588%
61-90 Days Delinquent 8.023% 8.087% 14,790 12,747 2.332% 2.063%
91-120 Days Delinquent 8.030% 8.060% 6,697 5,692 1.056% 0.921%
> 120 Days Delinquent 7.984% 7.951% 9,530 10,937 1.503% 1.770%
Deferment
Current 7.691% 7.680% 69,928 64,818 11.027% 10.490%
Forbearance
Current 7.963% 7.969% 61,469 69,346 9.693% 11.223%
- -----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.019% 8.006% 565,630 571,303 89.194% 92.457%
- -----------------------------------------------------------------------------------------------------------------
Claims in Process (1) 7.915% 7.897% 1522 1,571 0.240% 0.254%
Aged Claims Rejected (2) 7.811% 7.712% 55 59 0.009% 0.010%
- -----------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.921% 7.944% 634,155 617,914 100.000% 100.000%
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------
Principal Amount %
- ----------------------------------------------------------------------------------------------------------
STATUS 9/30/1999 12/31/1999 9/30/1999 12/31/1999
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 164,467,352.08 $ 148,188,936.95 6.494% 5.979%
Grace
Current $ 114,049,097.92 $ 26,154,245.89 4.503% 1.055%
- ----------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 278,516,450.00 $ 174,343,182.84 10.997% 7.034%
- ----------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 1,472,584,881.72 $ 1,504,813,403.04 58.147% 60.716%
31-60 Days Delinquent $ 85,941,494.14 $ 88,813,996.17 3.394% 3.584%
61-90 Days Delinquent $ 61,486,857.59 $ 51,318,992.74 2.428% 2.071%
91-120 Days Delinquent $ 24,857,979.64 $ 21,258,033.61 0.982% 0.858%
> 120 Days Delinquent $ 31,775,028.40 $ 36,113,379.98 1.255% 1.457%
Deferment
Current $ 270,783,500.88 $ 253,502,566.28 10.692% 10.228%
Forbearance
Current $ 302,360,480.34 $ 343,394,272.72 11.939% 13.855%
- ----------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 2,249,790,222.71 $ 2,299,214,644.54 88.837% 92.769%
- ----------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 4,079,559.33 $ 4,758,491.29 0.161% 0.192%
Aged Claims Rejected (2) $ 117,365.00 $ 134,540.46 0.005% 0.005%
- ----------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 2,532,503,597.04 $ 2,478,450,859.13 100.000% 100.000%
- ----------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
- --------------------------------------------------------------------------------
V. 1998-2 Portfolio Characteristics by School and Program 12/31/99
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS
---------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
- ------------------------------------------------------------------------------------------------------------------------------
STATUS
- ---------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 3.270% 2.163% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.555% 0.326% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 3.825% 2.489% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 21.811% 8.065% 0.043% 0.128% 5.026% 3.501%
31-60 Days Delinquent 1.080% 0.371% 0.002% 0.007% 0.221% 0.160%
61-90 Days Delinquent 0.638% 0.232% 0.000% 0.002% 0.083% 0.094%
91-120 Days Delinquent 0.266% 0.090% 0.001% 0.005% 0.025% 0.032%
> 120 Days Delinquent 0.500% 0.170% 0.001% 0.000% 0.033% 0.080%
Deferment
Current 4.722% 1.819% 0.004% 0.013% 0.313% 0.878%
Forbearance
Current 5.137% 2.494% 0.006% 0.008% 0.415% 1.532%
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 34.154% 13.241% 0.057% 0.163% 6.116% 6.277%
- ------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.060% 0.024% 0.000% 0.000% 0.007% 0.006%
Aged Claims Rejected (2) 0.002% 0.001% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 38.041% 15.755% 0.057% 0.163% 6.123% 6.283%
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 66.422%
- ------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------------------------
TWO YEAR SCHOOLS
----------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
- -------------------------------------------------------------------------------------------------------------------------------
STATUS
- ---------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 0.265% 0.150% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.066% 0.037% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.331% 0.187% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.557% 0.607% 0.003% 0.007% 0.218% 0.124%
31-60 Days Delinquent 0.184% 0.068% 0.000% 0.000% 0.010% 0.012%
61-90 Days Delinquent 0.125% 0.044% 0.000% 0.002% 0.007% 0.007%
91-120 Days Delinquent 0.057% 0.019% 0.000% 0.000% 0.002% 0.002%
> 120 Days Delinquent 0.127% 0.051% 0.000% 0.001% 0.003% 0.007%
Deferment
Current 0.410% 0.189% 0.000% 0.001% 0.010% 0.028%
Forbearance
Current 0.548% 0.223% 0.001% 0.002% 0.021% 0.041%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.008% 1.201% 0.004% 0.013% 0.271% 0.221%
- -------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.017% 0.007% 0.000% 0.000% 0.001% 0.001%
Aged Claims Rejected (2) 0.001% 0.001% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 3.357% 1.396% 0.004% 0.013% 0.272% 0.222%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 5.264%
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------
TECHNICAL SCHOOLS
---------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
- -------------------------------------------------------------------------------------------------------------------------------
STATUS
- ----------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 0.059% 0.050% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.033% 0.029% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.092% 0.079% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.273% 0.919% 0.002% 0.010% 0.335% 0.111%
31-60 Days Delinquent 0.153% 0.094% 0.000% 0.001% 0.019% 0.014%
61-90 Days Delinquent 0.105% 0.065% 0.000% 0.000% 0.010% 0.009%
91-120 Days Delinquent 0.063% 0.041% 0.000% 0.000% 0.004% 0.003%
> 120 Days Delinquent 0.126% 0.079% 0.000% 0.000% 0.007% 0.006%
Deferment
Current 0.201% 0.135% 0.000% 0.001% 0.008% 0.023%
Forbearance
Current 0.453% 0.326% 0.000% 0.004% 0.028% 0.038%
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 2.374% 1.659% 0.002% 0.016% 0.411% 0.204%
- -------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.017% 0.011% 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 2.483% 1.749% 0.002% 0.016% 0.413% 0.205%
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 4.868%
- -------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------------------------
UNKNOWN
----------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
- --------------------------------------------------------------------------------------------------------------------------------
STATUS
- ----------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 0.014% 0.008% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.005% 0.004% 0.000% 0.000% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.019% 0.012% 0.000% 0.000% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 0.073% 0.034% 4.702% 12.145% 0.007% 0.015%
31-60 Days Delinquent 0.005% 0.001% 0.348% 0.833% 0.000% 0.001%
61-90 Days Delinquent 0.005% 0.004% 0.188% 0.449% 0.001% 0.001%
91-120 Days Delinquent 0.001% 0.000% 0.069% 0.178% 0.000% 0.000%
> 120 Days Delinquent 0.006% 0.004% 0.080% 0.174% 0.000% 0.002%
Deferment
Current 0.030% 0.013% 0.460% 0.962% 0.001% 0.007%
Forbearance
Current 0.028% 0.014% 0.717% 1.809% 0.001% 0.009%
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 0.148% 0.070% 6.564% 16.550% 0.010% 0.035%
- --------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.000% 0.000% 0.014% 0.024% 0.000% 0.000%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 0.167% 0.082% 6.578% 16.574% 0.010% 0.035%
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 23.446%
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 5.433% 0.415% 0.109% 0.022% 5.979%
Grace
Current 0.881% 0.103% 0.062% 0.009% 1.055%
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 6.314% 0.518% 0.171% 0.031% 7.034%
- ------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 38.574% 2.516% 2.650% 16.976% 60.716%
31-60 Days Delinquent 1.841% 0.274% 0.281% 1.188% 3.584%
61-90 Days Delinquent 1.049% 0.185% 0.189% 0.648% 2.071%
91-120 Days Delinquent 0.419% 0.080% 0.111% 0.248% 0.858%
> 120 Days Delinquent 0.784% 0.189% 0.218% 0.266% 1.457%
Deferment
Current 7.749% 0.638% 0.368% 1.473% 10.228%
Forbearance
Current 9.592% 0.836% 0.849% 2.578% 13.855%
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 60.008% 4.718% 4.666% 23.377% 92.769%
- ------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.097% 0.026% 0.031% 0.038% 0.192%
Aged Claims Rejected (2) 0.003% 0.002% 0.000% 0.000% 0.005%
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 66.422% 5.264% 4.868% 23.446% 100.000%
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
5
<PAGE>
- --------------------------------------------------------------------------------
VI. 1998-2 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 44,442,658.02
B Interest Subsidy Payments Accrued During Collection Period 5,278,124.26
C SAP Payments Accrued During Collection Period 2,582,473.09
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 146,425.96
E Investment Earnings (ADMINISTRATOR ACT) 812,660.48
------------------
F Net Expected Interest Collections $ 53,262,341.81
G Student Loan Rate
i Days in Collection Period (10/1/99-12/31/99) 92
ii Days in Year 365
iii Net Expected Interest Collections $ 53,262,341.81
iv Primary Servicing Fee $ 5,071,924.62
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 2,569,575,553.54
vii Student Loan Rate 7.43745%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 6.00530%
I Class A-1 Interest Rate 0.015095301 (10/25/99-1/25/00) 6.00530%
J Class A-2 T-Bill Based Interest Rate 6.05530%
K Class A-2 Interest Rate 0.015220984 (10/25/99-1/25/00) 6.05530%
L Certificate T-Bill Based Rate of Return 6.27530%
M Certificate Rate of Return 0.015773989 (10/25/99-1/25/00) 6.27530%
</TABLE>
- --------------------------------------------------------------------------------
6
<PAGE>
- --------------------------------------------------------------------------------
VII. 1998-2 Inputs From Previous Quarterly Servicing Reports 9/30/1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 2,532,503,597.04
ii Interest To Be Capitalized 37,071,956.50
------------------
iii Total Pool $ 2,569,575,553.54
iv Specified Reserve Account Balance 6,423,938.88
------------------
v Total Adjusted Pool $ 2,575,999,492.42
==================
B Total Note and Certificate Factor 0.85261576758
C Total Note and Certificate Balance $ 2,575,999,492.42
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
D Note Balance 10/25/1999 Class A-1 Class A-2 Certificates
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor 10/25/99 0.7347060986 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,233,189,492.42 $ 1,237,060,000.00 $ 105,750,000.00
E Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00
-------------------------------------------------------------------------------------------------------------------------
H Reserve Account Balance $ 6,423,938.88
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
7
<PAGE>
- --------------------------------------------------------------------------------
VIII. 1998-2 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds ( Sections III-F + VI-D ) $ 112,437,351.46 $ 112,437,351.46
B Primary Servicing Fees-Current Month $ 1,668,085.73 $ 110,769,265.73
C Administration Fee $ 20,000.00 $ 110,749,265.73
D Noteholder's Interest Distribution Amount
i Class A-1 $ 18,615,366.58 $ 92,133,899.15
ii Class A-2 $ 18,829,270.47 $ 73,304,628.68
----------------
iii Total Noteholder's Interest Distribution $ 37,444,637.05
E Certificateholder's Return Distribution Amount $ 1,668,099.34 $ 71,636,529.34
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 64,018,162.99 $ 7,618,366.35
ii Class A-2 $ 0.00 $ 7,618,366.35
----------------
iii Total Noteholder's Principal Distribution $ 64,018,162.99
G Certificateholder's Balance Distribution Amount $ 0.00 $ 7,618,366.35
H Increase to the Specified Reserve Account Balance $ 0.00 $ 7,618,366.35
I Carryover Servicing Fees $ 0.00 $ 7,618,366.35
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 7,618,366.35
i Class A-2 $ 0.00 $ 7,618,366.35
----------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 7,618,366.35
L Excess to Reserve Account $ 7,618,366.35 $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
8
<PAGE>
- --------------------------------------------------------------------------------
IX. 1998-2 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 18,615,366.58 $ 18,829,270.47 $ 1,668,099.34
ii Quarterly Interest Paid 18,615,366.58 18,829,270.47 1,668,099.34
--------------- --------------- --------------
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 $ 64,018,162.99 $ 0.00 $ 0.00
viii Quarterly Principal Paid 64,018,162.99 0.00 0.00
--------------- --------------- --------------
ix Quarterly Principal Shortfall $ (0.00) $ 0.00 $ 0.00
-----------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 82,633,529.57 $ 18,829,270.47 $ 1,668,099.34
-----------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C>
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 12/31/99 $ 2,575,999,492.42
ii Adjusted Pool Balance 12/31/99 2,511,981,329.43
------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 64,018,162.99
------------------
iv Adjusted Pool Balance 9/30/99 $ 2,575,999,492.42
v Adjusted Pool Balance 12/31/99 2,511,981,329.43
------------------
vi Current Principal Due (iv-v) $ 64,018,162.99
vii Principal Shortfall from Previous Collection Period -
------------------
viii Principal Distribution Amount (vi + vii) $ 64,018,162.99
------------------
ix Principal Distribution Amount Paid $ 64,018,162.99
x Principal Shortfall (viii - ix) $ (0.00)
C Total Principal Distribution $ 64,018,162.99
D Total Interest Distribution 39,112,736.39
------------------
E Total Cash Distributions-Note and Certificates $ 103,130,899.38
<CAPTION>
---------------------------------------------------------------------------------------
F Note & Certificate Balances 10/25/1999 1/25/2000
---------------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GBA3) $ 1,233,189,492.42 $ 1,169,171,329.43
A-1 Note Pool Factor 0.7347060986 0.6965655411
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
---------------------------------------------------------------------------------------
<CAPTION>
<S> <C>
G Reserve Account Reconciliation
i Beginning of Period Balance $ 6,423,938.88
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 7,618,366.35
---------------
iv Total Reserve Account Balance Available $ 14,042,305.23
v Required Reserve Account Balance $ 6,264,292.59
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp. $ 7,778,012.64
viii Ending Reserve Account Balance $ 6,264,292.59
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1998-2 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------
10/1/99-12/31/99 7/1/99-9/30/99 4/1/99-6/30/99
- --------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $2,532,503,597.04 $2,604,671,950.78 $2,721,889,765.18
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 57,320,157.28 $ 62,057,636.54 $ 80,772,738.95
ii Principal Collections from Guarantor 7,131,634.66 5,411,875.06 15,666,886.33
iii Principal Reimbursements 13,956,853.86 22,397,347.49 34,383,459.84
iv Other System Adjustments -- -- --
-------------------------------------------------------------------
v Total Principal Collections $ 78,408,645.80 $ 89,866,859.09 $ 130,823,085.12
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,222,443.34 $ 2,279,150.10 $ 1,584,147.77
ii Capitalized Interest (26,578,351.23) (19,977,655.45) (15,189,418.49)
-------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (24,355,907.89) $ (17,698,505.35) $ (13,605,270.72)
- --------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 54,052,737.91 $ 72,168,353.74 $ 117,217,814.40
- --------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 29,045,545.51 $ 30,515,480.96 $ 32,097,988.26
ii Interest Claims Received from Guarantors 448,374.32 307,857.43 1,013,490.62
iii Late Fee Reimbursements 530,310.35 562,375.94 542,090.62
iv Interest Reimbursements 180,666.33 387,029.65 581,329.41
v Other System Adjustments -- -- --
vi Special Allowance Payments 889,262.81 88,883.81 84,053.70
vii Subsidy Payments 6,048,226.31 7,091,778.52 7,539,221.63
-------------------------------------------------------------------
viii Total Interest Collections $ 37,142,385.63 $ 38,953,406.31 $ 41,858,174.24
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,102,273.58) $ (2,221,700.56) $ (1,237,472.92)
ii Capitalized Interest 26,578,351.23 19,977,655.45 15,189,418.49
-------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 24,476,077.65 $ 17,755,954.89 $ 13,951,945.57
-------------------------------------------------------------------
Total Student Loan Interest Activity $ 61,618,463.28 $ 56,709,361.20 $ 55,810,119.81
(=) Ending Student Loan Portfolio Balance $2,478,450,859.13 $2,532,503,597.04 $2,604,671,950.78
- --------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 27,266,177.71 $ 37,071,956.50 $ 41,245,908.42
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $2,505,717,036.84 $2,569,575,553.54 $2,645,917,859.20
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 6,264,292.59 $ 6,423,938.88 $ 6,614,794.65
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $2,511,981,329.43 $2,575,999,492.42 $2,652,532,653.85
- --------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------
1998
----------------------
------------------------------------------
1/1/99-3/31/99 5/25/98-12/31/98
- -------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $2,823,690,030.91 $2,955,578,269.52
- ------------------------------------------------------------------------------------------------
<S> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 89,499,580.73 $ 173,179,705.90
ii Principal Collections from Guarantor 16,134,520.97 10,013,232.79
iii Principal Reimbursements 6,194,442.22 1,684,994.12
iv Other System Adjustments -- --
-----------------------------------------
v Total Principal Collections $ 111,828,543.92 $ 184,877,932.81
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 2,059,822.51 $ 5,290,698.85
ii Capitalized Interest (12,088,100.70) (58,280,393.05)
-----------------------------------------
iii Total Non-Cash Principal Activity $ (10,028,278.19) $ (52,989,694.20)
- ------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 101,800,265.73 $ 131,888,238.61
- ------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 33,566,214.64 $ 79,142,828.23
ii Interest Claims Received from Guarantors 1,031,494.31 508,802.25
iii Late Fee Reimbursements 596,158.99 681,666.76
iv Interest Reimbursements 88,460.38 33,322.25
v Other System Adjustments -- --
vi Special Allowance Payments 70,951.68 544,110.01
vii Subsidy Payments 9,124,398.31 15,023,783.79
-----------------------------------------
viii Total Interest Collections $ 44,477,678.31 $ 95,934,513.29
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,781,819.86) $ (5,109,872.63)
ii Capitalized Interest 12,088,100.70 58,280,393.05
-----------------------------------------
iii Total Non-Cash Interest Adjustments $ 10,306,280.84 $ 53,170,520.42
-----------------------------------------
Total Student Loan Interest Activity $ 54,783,959.15 $ 149,105,033.71
(-) Ending Student Loan Portfolio Balance $2,721,889,765.18 $2,823,690,030.91
- ------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 40,746,596.16 $ 35,151,420.12
- ------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------
(-) TOTAL POOL $2,762,636,361.34 $2,858,841,451.03
- ------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 6,906,590.90 $ 7,147,103.63
- ------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------
(-) Total Adjusted Pool $2,769,542,952.24 $2,865,988,554.66
- ------------------------------------------------------------------------------------------------
</TABLE>
- ----------------------------------------------------------
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1998-2 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
Jul-98 $ 3,006,252,430 -
Oct-98 $ 2,924,778,177 4.32%
Jan-99 $ 2,858,841,451 4.03%
Apr-99 $ 2,762,636,361 4.98%
Jul-99 $ 2,645,917,859 6.18%
Oct-99 $ 2,569,575,554 5.88%
Jan-00 $ 2,505,717,037 5.37%
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool data.
- --------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1999-1
Quarterly Servicing Report
Report Date: 12/31/1999 Reporting Period: 10/1/99-12/31/99
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 9/30/1999 Activity 12/31/1999
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 950,509,314.56 $(13,027,152.00) $ 937,482,162.56
ii Interest to be Capitalized 22,320,676.56 17,075,618.10
---------------- ----------------
iii Total Pool $ 972,829,991.12 $ 954,557,780.66
iv Specified Reserve Account Balance 2,432,074.98 2,386,394.45
---------------- ----------------
v Total Adjusted Pool $ 975,262,066.10 $ 956,944,175.11
================ ================
B i Weighted Average Coupon (WAC) 7.2682% 7.3330%
ii Weighted Average Remaining Term 121.16 119.72
iii Number of Loans 250,477 246,499
iv Number of Borrowers 115,736 113,942
--------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
% of % of
-------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 10/25/99 O/S Securities Balance 1/25/00 O/S Securities
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1T Notes 78442GBD7 0.87% $ 152,697,039.27 15.453% $ 147,176,238.14 15.183%
ii A-1L Notes 78442GBE5 0.08% 367,879,557.87 37.228% 354,578,776.88 36.579%
iii A-2L Notes 78442GBG0 0.18% 431,530,000.00 43.670% 431,530,000.00 44.518%
iv Certificates 78442GBH8 0.45% 36,060,000.00 3.649% 36,060,000.00 3.720%
-------------------------------------------------------------------------------------------------------------------------
v Total Notes and Certificates $ 988,166,597.14 100.000% $ 969,345,015.02 100.000%
=========================================================================================================================
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
Reserve Account 10/25/1999 1/25/2000
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,432,074.98 $ 2,386,394.45
iv Reserve Account Floor Balance ($) $ 1,002,076.00 $ 1,002,076.00
v Current Reserve Acct Balance ($) $ 2,432,074.98 $ 2,386,394.45
</TABLE>
- --------------------------------------------------------------------------------
1
<PAGE>
- --------------------------------------------------------------------------------
II. 1999-1 Transactions from: 10/1/1999 through: 12/31/1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 15,652,159.13
ii Principal Collections from Guarantor 1,486,345.44
iii Principal Reimbursements 6,638,958.43
iv Other System Adjustments 0.00
----------------
v Total Principal Collections $ 23,777,463.00
B Student Loan Non-Cash Principal Activity
i Other Adjustments $386,049.34
ii Capitalized Interest (11,136,360.34)
----------------
iii Total Non-Cash Principal Activity $ (10,750,311.00)
---------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 13,027,152.00
---------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 6,846,789.75
ii Interest Claims Received from Guarantors 71,784.28
iii Late Fee Reimbursements 114,360.41
iv Interest Reimbursements 72,698.15
v Other System Adjustments 0.00
vi Special Allowance Payments 716,352.00
vii Subsidy Payments 4,895,229.78
----------------
viii Total Interest Collections $ 12,717,214.37
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($362,220.53)
ii Capitalized Interest 11,136,360.34
----------------
iii Total Non-Cash Interest Adjustments $ 10,774,139.81
---------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 23,491,354.18
---------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
2
<PAGE>
- --------------------------------------------------------------------------------
III. 1999-1 Collection Account Activity 10/1/1999 through 12/31/1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $ 17,138,504.57
ii Cash Forwarded by Administrator on behalf of Seller 177,036.32
iii Cash Forwarded by Administrator on behalf of Servicer 7,348.64
iv Cash Forwarded by Administrator for Consolidation Activity 6,454,573.47
---------------
v Total Principal Collections $ 23,777,463.00
B Interest Collections
i Interest Payments Received-Cash $12,530,155.81
ii Cash Forwarded by Administrator on behalf of Seller 1,668.61
iii Cash Forwarded by Administrator on behalf of Servicer 2,895.83
iv Cash Forwarded by Administrator for Consolidation Activity 68,133.71
v Cash Forwarded by Administrator for Late Fee Activity 114,360.41
---------------
vi Total Interest Collections $ 12,717,214.37
C Other Reimbursements $ 41,207.92
D Administrator Account Investment Income $ 266,097.78
E Return funds borrowed for previous distribution $ -
F TOTAL FUNDS RECEIVED $ 36,801,983.07
LESS FUNDS PREVIOUSLY REMITTED:
Servicing Fees ($1,421,803.04)
Consolidation Loan Rebate Fees $ (198.00)
---------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 35,379,982.03
---------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Primary Servicing Fee - Non-Consolidation Loans $707,749.67
ii Primary Servicing Fee - Consolidation Loans $47.16
H Servicing Fees Due for Current Period $707,796.83
Less: Servicing ADJ [A iii + B iii] ($10,244.47)
I Carryover Servicing Fees Due $0.00
J Administration Fees Due $ 20,000.00
---------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 717,552.36
---------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
3
<PAGE>
- --------------------------------------------------------------------------------
IV. 1999-1 Portfolio Characteristics
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ----------------------------------------------------------------------------------------------------------
STATUS 9/30/1999 12/31/1999 9/30/1999 12/31/1999 9/30/1999 12/31/1999
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 6.704% 6.695% 63,229 57,857 25.243% 23.471%
Grace
Current 6.854% 6.836% 35,962 10,695 14.357% 4.339%
- ----------------------------------------------------------------------------------------------------------
TOTAL INTERIM 6.758% 6.715% 99,191 68,552 39.601% 27.810%
- ----------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 7.736% 7.662% 94,232 115,197 37.621% 46.733%
31-60 Days Delinquent 7.704% 7.662% 6,329 6,373 2.527% 2.585%
61-90 Days Delinquent 7.644% 7.706% 6,697 3,788 2.674% 1.537%
91-120 Days Delinquent 7.709% 7.702% 2,097 1,992 0.837% 0.808%
> 120 Days Delinquent 7.740% 7.647% 3,768 5,055 1.504% 2.051%
Deferment
Current 7.325% 7.231% 18,301 20,538 7.306% 8.332%
Forbearance
Current 7.727% 7.673% 19,734 24,470 7.879% 9.927%
- ----------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.679% 7.614% 151,158 177,413 60.348% 71.973%
- ----------------------------------------------------------------------------------------------------------
Claims in Process (1) 7.604% 7.727% 128 534 0.051% 0.217%
Aged Claims Rejected (2) 0.000% 0.000% - - 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.268% 7.333% 250,477 246,499 100.000% 100.000%
- ----------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------
Principal Amount %
- ---------------------------------------------------------------------------------------------------
STATUS 9/30/1999 12/31/1999 9/30/1999 12/31/1999
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 265,196,275.54 $ 244,681,020.97 27.901% 26.100%
Grace
Current $ 149,678,495.03 $ 39,506,919.40 15.747% 4.214%
- ---------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 414,874,770.57 $ 284,187,940.37 43.648% 30.314%
- ---------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 335,842,435.81 $ 426,156,103.30 35.333% 45.458%
31-60 Days Delinquent $ 19,802,638.01 $ 20,768,866.71 2.083% 2.215%
61-90 Days Delinquent $ 20,457,396.61 $ 11,962,032.27 2.152% 1.276%
91-120 Days Delinquent $ 6,308,948.98 $ 5,749,163.02 0.664% 0.613%
> 120 Days Delinquent $ 10,769,330.63 $ 13,647,870.66 1.133% 1.456%
Deferment
Current $ 66,181,059.76 $ 76,027,603.55 6.963% 8.110%
Forbearance
Current $ 75,825,289.62 $ 97,492,350.99 7.977% 10.399%
- ---------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 535,187,099.42 $ 651,803,990.50 56.305% 69.527%
- ---------------------------------------------------------------------------------------------------
Claims in Process (1) $ 447,444.57 $ 1,490,231.69 0.047% 0.159%
Aged Claims Rejected (2) $ - $ - 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------
GRAND TOTAL $ 950,509,314.56 $ 937,482,162.56 100.000% 100.000%
- ---------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
- --------------------------------------------------------------------------------
V. 1999-1 Portfolio Characteristics by School and Program 12/31/99
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS
---------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
- ----------------------------------------------------------------------------------------------------------------------------------
STATUS
- -------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 13.676% 10.403% 0.000% 0.000% 0.000% 0.000%
Grace
Current 2.058% 1.359% 0.000% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 15.734% 11.762% 0.000% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 19.910% 11.279% 0.000% 0.000% 7.007% 1.303%
31-60 Days Delinquent 0.878% 0.480% 0.000% 0.000% 0.224% 0.083%
61-90 Days Delinquent 0.495% 0.244% 0.000% 0.000% 0.108% 0.048%
91-120 Days Delinquent 0.239% 0.098% 0.000% 0.000% 0.036% 0.026%
> 120 Days Delinquent 0.570% 0.250% 0.000% 0.000% 0.038% 0.053%
Deferment
Current 4.127% 2.419% 0.000% 0.000% 0.283% 0.288%
Forbearance
Current 4.554% 2.860% 0.000% 0.000% 0.567% 0.477%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 30.773% 17.630% 0.000% 0.000% 8.263% 2.278%
- ----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.065% 0.032% 0.000% 0.000% 0.007% 0.005%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 46.572% 29.424% 0.000% 0.000% 8.270% 2.283%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 86.549%
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
TWO YEAR SCHOOLS
----------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
- ------------------------------------------------------------------------------------------------------------------------------------
STATUS
- -------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 0.726% 0.464% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.179% 0.097% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.905% 0.561% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.253% 0.793% 0.000% 0.000% 0.210% 0.088%
31-60 Days Delinquent 0.119% 0.059% 0.000% 0.000% 0.013% 0.009%
61-90 Days Delinquent 0.081% 0.040% 0.000% 0.000% 0.003% 0.005%
91-120 Days Delinquent 0.045% 0.014% 0.000% 0.000% 0.001% 0.005%
> 120 Days Delinquent 0.123% 0.045% 0.000% 0.000% 0.000% 0.006%
Deferment
Current 0.343% 0.178% 0.000% 0.000% 0.006% 0.018%
Forbearance
Current 0.472% 0.259% 0.000% 0.000% 0.013% 0.039%
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 2.436% 1.388% 0.000% 0.000% 0.246% 0.170%
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.011% 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 3.352% 1.954% 0.000% 0.000% 0.246% 0.170%
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 5.722%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
TECHNICAL SCHOOLS
---------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
- ----------------------------------------------------------------------------------------------------------------------------------
STATUS
- -------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 0.328% 0.285% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.225% 0.216% 0.000% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.553% 0.501% 0.000% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.421% 1.187% 0.000% 0.000% 0.621% 0.158%
31-60 Days Delinquent 0.164% 0.121% 0.000% 0.000% 0.031% 0.022%
61-90 Days Delinquent 0.116% 0.099% 0.000% 0.000% 0.020% 0.010%
91-120 Days Delinquent 0.073% 0.054% 0.000% 0.000% 0.008% 0.004%
> 120 Days Delinquent 0.185% 0.146% 0.000% 0.000% 0.014% 0.011%
Deferment
Current 0.186% 0.141% 0.000% 0.000% 0.008% 0.020%
Forbearance
Current 0.498% 0.411% 0.000% 0.000% 0.054% 0.043%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 2.643% 2.159% 0.000% 0.000% 0.756% 0.268%
- ----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.015% 0.010% 0.000% 0.000% 0.001% 0.002%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 3.211% 2.670% 0.000% 0.000% 0.757% 0.270%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 6.908%
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
UNKNOWN
----------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
- -----------------------------------------------------------------------------------------------------------------------------------
STATUS
- -------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 0.116% 0.102% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.041% 0.039% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.157% 0.141% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 0.107% 0.067% 0.006% 0.002% 0.019% 0.027%
31-60 Days Delinquent 0.005% 0.007% 0.000% 0.000% 0.000% 0.000%
61-90 Days Delinquent 0.001% 0.000% 0.000% 0.004% 0.000% 0.002%
91-120 Days Delinquent 0.006% 0.000% 0.000% 0.000% 0.000% 0.004%
> 120 Days Delinquent 0.009% 0.001% 0.000% 0.000% 0.000% 0.005%
Deferment
Current 0.047% 0.034% 0.000% 0.000% 0.001% 0.011%
Forbearance
Current 0.073% 0.060% 0.000% 0.000% 0.001% 0.018%
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 0.248% 0.169% 0.006% 0.006% 0.021% 0.067%
- -----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.005% 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 0.410% 0.311% 0.006% 0.006% 0.021% 0.067%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 0.821%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 24.079% 1.190% 0.613% 0.218% 26.100%
Grace
Current 3.417% 0.276% 0.441% 0.080% 4.214%
- ----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 27.496% 1.466% 1.054% 0.298% 30.314%
- ----------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 39.499% 2.344% 3.387% 0.228% 45.458%
31-60 Days Delinquent 1.665% 0.200% 0.338% 0.012% 2.215%
61-90 Days Delinquent 0.895% 0.129% 0.245% 0.007% 1.276%
91-120 Days Delinquent 0.399% 0.065% 0.139% 0.010% 0.613%
> 120 Days Delinquent 0.911% 0.174% 0.356% 0.015% 1.456%
Deferment
Current 7.117% 0.545% 0.355% 0.093% 8.110%
Forbearance
Current 8.458% 0.783% 1.006% 0.152% 10.399%
- ----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 58.944% 4.240% 5.826% 0.517% 69.527%
- ----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.109% 0.016% 0.028% 0.006% 0.159%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000%
- ----------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 86.549% 5.722% 6.908% 0.821% 100.000%
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
5
<PAGE>
- --------------------------------------------------------------------------------
VI. 1999-1 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 13,042,641.14
B Interest Subsidy Payments Accrued During Collection Period 4,271,750.96
C SAP Payments Accrued During Collection Period 1,535,222.45
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 92,181.08
E Investment Earnings (ADMINISTRATOR ACT) 266,097.78
---------------
F Net Expected Interest Collections $ 19,207,893.41
G Student Loan Rates
i Days in Collection Period (10/1/99-12/31/99) 92
ii Days in Year 365 and 360
iii Net Expected Interest Collections $ 19,207,893.41
iv Primary Servicing Fee $ 2,129,599.87
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $972,829,991.12
vii Student Loan Rate (A-1T) 6.95671%
viii Student Loan Rate (A-1L, A-2L & Cert) 6.86141%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1T T-Bill Based Interest Rate 6.19530%
I Class A-1T Interest Rate 0.015572896 (10/25/99-1/25/00) 6.19530%
J Class A-1L Libor Based Interest Rate 6.30250%
K Class A-1L Interest Rate 0.016106389 (10/25/99-1/25/00) 6.30250%
L Class A-2L Libor Based Interest Rate 6.40250%
M Class A-2L Interest Rate 0.016361944 (10/25/99-1/25/00) 6.40250%
N Certificate Libor Based Rate of Return 6.67250%
O Certificate Rate of Return 0.017051944 (10/25/99-1/25/00) 6.67250%
</TABLE>
- --------------------------------------------------------------------------------
6
<PAGE>
- --------------------------------------------------------------------------------
VII. 1999-1 Inputs From Previous Quarterly Servicing Reports 9/30/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 950,509,314.56
ii Interest To Be Capitalized 22,320,676.56
----------------
iii Total Pool $ 972,829,991.12
iv Specified Reserve Account Balance 2,432,074.98
----------------
v Total Adjusted Pool $ 975,262,066.10
================
B Total Note and Certificate Factor 0.95928259811
C Total Note and Certificate Balance $ 988,166,597.14
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
D Note Balance 10/25/1999 Class A-1T Class A-1L Class A-2L Certificates
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor 10/25/99 0.9254366016 0.9254366016 1.0000000000 1.0000000000
ii Expected Note Balance $ 152,697,039.27 $ 367,879,557.87 $ 431,530,000.00 $ 36,060,000.00
E Note Principal Shortfall $ 3,785,194.52 $ 9,119,336.52 $ 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 $ 2,432,074.98
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
7
<PAGE>
- --------------------------------------------------------------------------------
VIII. 1999-1 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds (Sections III-F + VI-D + IX-G-vii) $ 35,517,843.64 $ 35,517,843.64
B Primary Servicing Fees-Current Month $ 697,552.36 $ 34,820,291.28
C Administration Fee $ 20,000.00 $ 34,800,291.28
D Noteholder's Interest Distribution Amount
i Class A-1T $ 2,377,935.11 $ 32,422,356.17
ii Class A-1L $ 5,925,211.26 $ 26,497,144.91
iii Class A-2L $ 7,060,669.69 $ 19,436,475.22
----------------
iv Total Noteholder's Interest Distribution $ 15,363,816.06
E Certificateholder's Return Distribution Amount $ 614,893.10 $ 18,821,582.12
F Noteholder's Principal Distribution Amount Paid
i Class A-1T $ 5,520,801.13 $ 13,300,780.99
ii Class A-1L $ 13,300,780.99 $ (0.00)
iii Class A-2L $ 0.00 $ (0.00)
----------------
iv Total Noteholder's Principal Distribution $ 18,821,582.12
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>
- --------------------------------------------------------------------------------
8
<PAGE>
- --------------------------------------------------------------------------------
IX. 1999-1 Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1T Class A-1L Class A-2L Certificates
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 2,377,935.11 $ 5,925,211.26 $ 7,060,669.69 $ 614,893.10
ii Quarterly Interest Paid 2,377,935.11 5,925,211.26 7,060,669.69 614,893.10
-------------- --------------- -------------- ------------
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 $ 9,158,251.50 $ 22,064,170.53 $ 0.00 $ 0.00
viiiQuarterly Principal Paid 5,520,801.13 13,300,780.99 0.00 0.00
-------------- --------------- -------------- ------------
ix Quarterly Principal Shortfall $ 3,637,450.37 $ 8,763,389.54 $ 0.00 $ 0.00
-----------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 7,898,736.24 $ 19,225,992.25 $ 7,060,669.69 $ 614,893.10
-----------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C>
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 12/31/99 $ 988,166,597.14
ii Adjusted Pool Balance 12/31/99 956,944,175.11
----------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 31,222,422.03
================
iv Adjusted Pool Balance 9/30/99 $ 975,262,066.10
v Adjusted Pool Balance 12/31/99 956,944,175.11
----------------
vi Current Principal Due (iv-v) $ 18,317,890.99
vii Principal Shortfall from Previous Collection Period 12,904,531.04
----------------
viii Principal Distribution Amount (vi + vii) $ 31,222,422.03
================
ix Principal Distribution Amount Paid $ 18,821,582.12
x Principal Shortfall (viii - ix) $ 12,400,839.91
C Total Principal Distribution $ 18,821,582.12
D Total Interest Distribution 15,978,709.16
----------------
E Total Cash Distributions-Note and Certificates $ 34,800,291.28
<CAPTION>
--------------------------------------------------------------------------------
F Note & Certificate Balances 10/25/1999 1/25/2000
--------------------------------------------------------------------------------
<S> <C> <C>
i A-1T Note Balance (78442GBD7) $ 152,697,039.27 $ 147,176,238.14
A-1T Note Pool Factor 0.9254366016 0.8919772008
ii A-1L Note Balance (78442GBE5) $ 367,879,557.87 $ 354,578,776.88
A-1L Note Pool Factor 0.9254366016 0.8919772008
iii A-2L Note Balance (78442GBG0) $ 431,530,000.00 $ 431,530,000.00
A-2L Note Pool Factor 1.0000000000 1.0000000000
iv Certificate Balance (78442GBH8) $ 36,060,000.00 $ 36,060,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
--------------------------------------------------------------------------------
<CAPTION>
<S> <C>
G Reserve Account Reconciliation
i Beginning of Period Balance $ 2,432,074.98
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ -
--------------
iv Total Reserve Account Balance Available $ 2,432,074.98
v Required Reserve Account Balance $ 2,386,394.45
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to Waterfall $ 45,680.53
viiiEnding Reserve Account Balance $ 2,386,394.45
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1999-1 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------
10/1/99-12/31/99 5/10/99-9/30/99
---------------------------------------------------------------------------------------------
<S> <C> <C>
Beginning Student Loan Portfolio Balance $ 950,509,314.56 $ 978,982,721.13
---------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 15,652,159.13 $ 27,314,976.63
ii Principal Collections from Guarantor 1,486,345.44 516,964.20
iii Principal Reimbursements 6,638,958.43 10,006,146.53
iv Other System Adjustments - -
-----------------------------------------
v Total Principal Collections $ 23,777,463.00 $ 37,838,087.36
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 386,049.34 $ 479,686.49
ii Capitalized Interest (11,136,360.34) (9,844,367.28)
-----------------------------------------
iii Total Non-Cash Principal Activity $ (10,750,311.00) $ (9,364,680.79)
---------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 13,027,152.00 $ 28,473,406.57
---------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 6,846,789.75 $ 10,490,676.93
ii Interest Claims Received from Guarantors 71,784.28 13,347.07
iii Late Fee Reimbursements 114,360.41 167,735.05
iv Interest Reimbursements 72,698.15 150,160.50
v Other System Adjustments - -
vi Special Allowance Payments 716,352.00 3,160.68
vii Subsidy Payments 4,895,229.78 3,440,344.46
-----------------------------------------
viii Total Interest Collections $ 12,717,214.37 $ 14,265,424.69
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (362,220.53) $ (504,642.20)
ii Capitalized Interest 11,136,360.34 9,844,367.28
-----------------------------------------
iii Total Non-Cash Interest Adjustments $ 10,774,139.81 $ 9,339,725.08
-----------------------------------------
Total Student Loan Interest Activity $ 23,491,354.18 $ 23,605,149.77
(=) Ending Student Loan Portfolio Balance $ 937,482,162.56 $ 950,509,314.56
---------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 17,075,618.10 $ 22,320,676.56
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 954,557,780.66 $ 972,829,991.12
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 2,386,394.45 $ 2,432,074.98
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 956,944,175.11 $ 975,262,066.10
---------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1999-1 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
Jul-99 $ 1,002,075,783 -
Oct-99 $ 972,829,991 6.74%
Jan-00 $ 954,557,781 5.57%
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool data.
- --------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1999-2
Quarterly Servicing Report
Report Date: 12/31/1999 Reporting Period: 10/1/99-12/31/99
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 9/30/1999 Activity 12/31/1999
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 949,793,725.60 $ (15,370,797.61) $ 934,422,927.99
ii Interest to be Capitalized 19,534,018.82 14,501,569.90
---------------- ----------------
iii Total Pool $ 969,327,744.42 $ 948,924,497.89
iv Specified Reserve Account Balance 2,423,319.36 2,372,311.24
---------------- ----------------
v Total Adjusted Pool $ 971,751,063.78 $ 951,296,809.13
================ ================
B i Weighted Average Coupon (WAC) 7.5152% 7.5651%
ii Weighted Average Remaining Term 115.61 114.12
iii Number of Loans 254,276 250,317
iv Number of Borrowers 108,848 107,007
------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
% of % of
Notes and Certificates Spread Balance 10/25/99 O/S Securities Balance 1/25/00 O/S Securities
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
C i A-1T Notes 78442GBJ4 0.94% $ 123,031,996.98 12.542% $ 111,264,359.57 11.593%
ii A-1L Notes 78442GBK1 0.08% 98,425,597.59 10.034% 89,011,487.66 9.274%
iii A-2L Notes 78442GBL9 0.20% 619,000,000.00 63.101% 619,000,000.00 64.494%
iv A-3L Notes 78442GBM7 0.28% 104,500,000.00 10.653% 104,500,000.00 10.888%
v Certificates 78442GBN5 0.50% 36,000,000.00 3.670% 36,000,000.00 3.751%
------------------------------------------------------------------------------------------------------------------------
vi Total Notes and Certificates $ 980,957,594.57 100.000% $ 959,775,847.23 100.000%
========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
Reserve Account 10/25/1999 1/25/2000
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,423,319.36 $ 2,372,311.24
iv Reserve Account Floor Balance ($) $ 1,000,591.00 $ 1,000,591.00
v Current Reserve Acct Balance ($) $ 2,423,319.36 $ 2,372,311.24
------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
1
<PAGE>
- --------------------------------------------------------------------------------
II. 1999-2 Transactions from: 10/1/1999 through: 12/31/1999
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Student Loan Principal Activity
i Regular Principal Collections $18,474,864.23
ii Principal Collections from Guarantor 1,063,932.58
iii Principal Reimbursements 5,636,791.82
iv Other System Adjustments 0.00
--------------
v Total Principal Collections $25,175,588.63
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 550,106.95
ii Capitalized Interest (10,354,897.97)
--------------
iii Total Non-Cash Principal Activity $(9,804,791.02)
----------------------------------------------------------------------------------------
C Total Student Loan Principal Activity $15,370,797.61
----------------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $8,778,692.11
ii Interest Claims Received from Guarantors 47,097.33
iii Late Fee Reimbursements 138,608.01
iv Interest Reimbursements 95,439.45
v Other System Adjustments 0.00
vi Special Allowance Payments 470,566.38
vii Subsidy Payments 4,157,603.49
--------------
viii Total Interest Collections $13,688,006.77
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (531,871.06)
ii Capitalized Interest 10,354,897.97
--------------
iii Total Non-Cash Interest Adjustments $ 9,823,026.91
----------------------------------------------------------------------------------------
F Total Student Loan Interest Activity $23,511,033.68
----------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
2
<PAGE>
- --------------------------------------------------------------------------------
III. 1999-2 Collection Account Activity 10/1/1999 through 12/31/1999
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $ 19,538,796.81
ii Cash Forwarded by Administrator on behalf of Seller 251,518.54
iii Cash Forwarded by Administrator on behalf of Servicer 334.83
iv Cash Forwarded by Administrator for Consolidation Activity 5,384,938.45
---------------
v Total Principal Collections $ 25,175,588.63
B Interest Collections
i Interest Payments Received-Cash $ 13,453,959.31
ii Cash Forwarded by Administrator on behalf of Seller 5,163.34
iii Cash Forwarded by Administrator on behalf of Servicer 856.82
iv Cash Forwarded by Administrator for Consolidation Activity 89,419.29
v Cash Forwarded by Administrator for Late Fee Activity 138,608.01
---------------
vi Total Interest Collections $ 13,688,006.77
C Other Reimbursements $ 75,007.03
D Administrator Account Investment Income $ 289,010.23
E Return funds borrowed for previous distribution $ --
F TOTAL FUNDS RECEIVED $ 39,227,612.66
LESS FUNDS PREVIOUSLY REMITTED:
Servicing Fees $ (1,420,368.47)
Consolidation Loan Rebate Fees $ (171.00)
-----------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 37,807,073.19
-----------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Primary Servicing Fee - Non-Consolidation Loans $ 705,631.09
ii Primary Servicing Fee - Consolidation Loans $ 35.97
H Servicing Fees Due for Current Period $ 705,667.06
Less: Servicing ADJ [A iii + B iii] $ (1,191.65)
I Carryover Servicing Fees Due $ 0.00
J Administration Fees Due $ 20,000.00
-----------------------------------------------------------------------------------------
K Total Fees Due for Period $ 724,475.41
-----------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
3
<PAGE>
- --------------------------------------------------------------------------------
IV. 1999-2 Portfolio Characteristics
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
- ---------------------------------------------------------------------------------------------------------------------
STATUS 9/30/1999 12/31/1999 9/30/1999 12/31/1999 9/30/1999 12/31/1999
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.083% 7.080% 44,278 40,471 17.413% 16.168%
Grace
Current 7.089% 7.096% 25,635 7,284 10.082% 2.910%
- ---------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.085% 7.082% 69,913 47,755 27.495% 19.078%
- ---------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 7.761% 7.745% 124,475 139,785 48.953% 55.843%
31-60 Days Delinquent 7.752% 7.745% 6,662 7,399 2.620% 2.956%
61-90 Days Delinquent 7.722% 7.754% 4,963 3,650 1.952% 1.458%
91-120 Days Delinquent 7.744% 7.758% 2,205 1,701 0.867% 0.679%
> 120 Days Delinquent 7.754% 7.729% 3,413 4,210 1.342% 1.682%
Deferment
Current 7.342% 7.309% 22,339 22,778 8.785% 9.100%
Forbearance
Current 7.740% 7.732% 20,198 22,395 7.943% 8.947%
- ---------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.703% 7.692% 184,255 201,918 72.463% 80.665%
- ---------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 7.755% 7.752% 108 644 0.042% 0.257%
Aged Claims Rejected (2) 0.000% 0.000% -- -- 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.515% 7.565% 254,276 250,317 100.000% 100.000%
- ---------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------
Principal Amount %
- --------------------------------------------------------------------------------------------------------
STATUS 9/30/1999 12/31/1999 9/30/1999 12/31/1999
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 173,188,437.65 $ 157,801,224.08 18.234% 16.887%
Grace
Current $ 105,266,517.06 $ 27,703,037.05 11.083% 2.965%
- --------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 278,454,954.71 $ 185,504,261.13 29.317% 19.852%
- --------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 446,178,246.34 $ 509,913,474.68 46.976% 54.570%
31-60 Days Delinquent $ 21,743,583.58 $ 24,865,077.71 2.289% 2.661%
61-90 Days Delinquent $ 16,362,414.73 $ 12,136,685.63 1.723% 1.299%
91-120 Days Delinquent $ 7,355,167.13 $ 5,432,975.02 0.775% 0.581%
> 120 Days Delinquent $ 10,097,868.91 $ 12,835,692.83 1.063% 1.374%
Deferment
Current $ 86,896,546.88 $ 88,738,848.27 9.149% 9.496%
Forbearance
Current $ 82,354,143.32 $ 93,205,247.11 8.671% 9.975%
- --------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 670,987,970.89 $ 747,128,001.25 70.646% 79.956%
- --------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 350,800.00 $ 1,790,665.61 0.037% 0.192%
Aged Claims Rejected (2) $ -- $ -- 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 949,793,725.60 $ 934,422,927.99 100.000% 100.000%
- --------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
- --------------------------------------------------------------------------------
V. 1999-2 Portfolio Characteristics by School and Program 12/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
FOUR YEAR SCHOOLS
--------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------
STATUS
- -----------------------------------
INTERIM:
In School
Current 9.359% 5.622% 0.000% 0.000% 0.000% 0.000%
Grace
Current 1.402% 0.886% 0.000% 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 10.761% 6.508% 0.000% 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 27.705% 13.334% 0.000% 0.000% 5.820% 0.917%
31-60 Days Delinquent 1.169% 0.579% 0.000% 0.000% 0.260% 0.050%
61-90 Days Delinquent 0.551% 0.270% 0.000% 0.000% 0.083% 0.029%
91-120 Days Delinquent 0.252% 0.127% 0.000% 0.000% 0.031% 0.015%
> 120 Days Delinquent 0.558% 0.310% 0.000% 0.000% 0.038% 0.026%
Deferment
Current 4.939% 2.711% 0.000% 0.000% 0.321% 0.286%
Forbearance
Current 4.379% 2.807% 0.000% 0.000% 0.514% 0.313%
- ---------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 39.553% 20.138% 0.000% 0.000% 7.067% 1.636%
- ---------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.065% 0.040% 0.000% 0.000% 0.005% 0.004%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 50.379% 26.686% 0.000% 0.000% 7.072% 1.640%
- ---------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.777%
- ---------------------------------------------------------------------------------------------------------------
<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 0.444% 0.248% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.116% 0.066% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.560% 0.314% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.321% 0.758% 0.000% 0.000% 0.192% 0.060%
31-60 Days Delinquent 0.131% 0.067% 0.000% 0.000% 0.012% 0.009%
61-90 Days Delinquent 0.068% 0.041% 0.000% 0.000% 0.008% 0.003%
91-120 Days Delinquent 0.029% 0.012% 0.000% 0.000% 0.003% 0.001%
> 120 Days Delinquent 0.103% 0.047% 0.000% 0.000% 0.002% 0.005%
Deferment
Current 0.319% 0.174% 0.000% 0.000% 0.008% 0.023%
Forbearance
Current 0.392% 0.227% 0.000% 0.000% 0.030% 0.014%
- ------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 2.363% 1.326% 0.000% 0.000% 0.255% 0.115%
- ------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.020% 0.011% 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 2.943% 1.651% 0.000% 0.000% 0.255% 0.116%
- ------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 4.965%
- ------------------------------------------------------------------------------------------------------
<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 0.433% 0.392% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.224% 0.180% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.657% 0.572% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.864% 1.596% 0.000% 0.000% 0.522% 0.139%
31-60 Days Delinquent 0.184% 0.139% 0.000% 0.000% 0.025% 0.019%
61-90 Days Delinquent 0.116% 0.096% 0.000% 0.000% 0.008% 0.017%
91-120 Days Delinquent 0.054% 0.044% 0.000% 0.000% 0.005% 0.004%
> 120 Days Delinquent 0.139% 0.105% 0.000% 0.000% 0.009% 0.009%
Deferment
Current 0.282% 0.245% 0.000% 0.000% 0.017% 0.016%
Forbearance
Current 0.580% 0.482% 0.000% 0.000% 0.055% 0.037%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.219% 2.707% 0.000% 0.000% 0.641% 0.241%
- -----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.025% 0.019% 0.000% 0.000% 0.001% 0.001%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- -----------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 3.901% 3.298% 0.000% 0.000% 0.642% 0.242%
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 8.083%
- -----------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------
UNKNOWN
---------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------
STATUS
- -----------------------------------
INTERIM:
In School
Current 0.200% 0.189% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.050% 0.041% 0.000% 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.250% 0.230% 0.000% 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 0.184% 0.107% 0.000% 0.006% 0.024% 0.021%
31-60 Days Delinquent 0.009% 0.005% 0.000% 0.000% 0.001% 0.002%
61-90 Days Delinquent 0.003% 0.005% 0.000% 0.001% 0.000% 0.000%
91-120 Days Delinquent 0.002% 0.002% 0.000% 0.000% 0.000% 0.000%
> 120 Days Delinquent 0.012% 0.010% 0.000% 0.000% 0.000% 0.001%
Deferment
Current 0.090% 0.054% 0.000% 0.000% 0.001% 0.010%
Forbearance
Current 0.070% 0.058% 0.000% 0.002% 0.004% 0.011%
- ---------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 0.370% 0.241% 0.000% 0.009% 0.030% 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 0.620% 0.471% 0.000% 0.009% 0.030% 0.045%
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 1.175%
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
- ----------------------------------- SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
STATUS
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 14.981% 0.692% 0.825% 0.389% 16.887%
Grace
Current 2.288% 0.182% 0.404% 0.091% 2.965%
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 17.269% 0.874% 1.229% 0.480% 19.852%
- --------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 47.776% 2.331% 4.121% 0.342% 54.570%
31-60 Days Delinquent 2.058% 0.219% 0.367% 0.017% 2.661%
61-90 Days Delinquent 0.933% 0.120% 0.237% 0.009% 1.299%
91-120 Days Delinquent 0.425% 0.045% 0.107% 0.004% 0.581%
> 120 Days Delinquent 0.932% 0.157% 0.262% 0.023% 1.374%
Deferment
Current 8.257% 0.524% 0.560% 0.155% 9.496%
Forbearance
Current 8.013% 0.663% 1.154% 0.145% 9.975%
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 68.394% 4.059% 6.808% 0.695% 79.956%
- --------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.114% 0.032% 0.046% 0.000% 0.192%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000%
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.777% 4.965% 8.083% 1.175% 100.000%
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
- --------------------------------------------------------------------------------
VI. 1999-2 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 14,193,968.36
B Interest Subsidy Payments Accrued During Collection Period 3,621,278.51
C SAP Payments Accrued During Collection Period 1,309,124.55
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 85,715.51
E Investment Earnings (ADMINISTRATOR ACT) 289,010.23
---------------
F Net Expected Interest Collections $ 19,499,097.16
G Student Loan Rates
i Days in Collection Period (10/1/99-12/31/99) 92
ii Days in Year 365 and 360
iii Net Expected Interest Collections $ 19,499,097.16
iv Primary Servicing Fee $ 2,126,035.53
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $969,327,744.42
vii Student Loan Rate (A-1T) 7.10249%
viii Student Loan Rate (A-1L, A-2L, A-3L & Cert) 7.00519%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1T T-Bill Based Interest Rate 6.26530%
I Class A-1T Interest Rate 0.015748852 (10/25/99-1/25/00) 6.26530%
J Class A-1L Libor Based Interest Rate 6.30250%
K Class A-1L Interest Rate 0.016106389 (10/25/99-1/25/00) 6.30250%
L Class A-2L Libor Based Interest Rate 6.42250%
M Class A-2L Interest Rate 0.016413056 (10/25/99-1/25/00) 6.42250%
N Class A-3L Libor Based Interest Rate 6.50250%
O Class A-3L Interest Rate 0.016617500 (10/25/99-1/25/00) 6.50250%
P Certificate Libor Based Rate of Return 6.72250%
Q Certificate Rate of Return 0.017179722 (10/25/99-1/25/00) 6.72250%
</TABLE>
- --------------------------------------------------------------------------------
6
<PAGE>
- --------------------------------------------------------------------------------
VII. 1999-2 Input From Previous Quarterly Servicing Reports 9/30/1999
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 949,793,725.60
ii Interest To Be Capitalized 19,534,018.82
----------------
iii Total Pool $ 969,327,744.42
iv Specified Reserve Account Balance 2,423,319.36
----------------
v Total Adjusted Pool $ 971,751,063.78
================
B Total Note and Certificate Factor 0.95284856199
C Total Note and Certificate Balance $ 980,957,594.57
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
D Note Balance 10/25/1999 Class A-1T Class A-1L Class A-2L Class A-3L
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor 10/25/99 0.8202133132 0.8202133132 1.0000000000 1.0000000000
ii Expected Note Balance $ 123,031,996.98 $ 98,425,597.59 $ 619,000,000.00 $ 104,500,000.00
E Note Principal Shortfall $ 5,114,739.32 $ 4,091,791.47 $ 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
------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------
D Note Balance 10/25/1999 Certificates
----------------------------------------------------------------------
<S> <C>
i Current Factor 10/25/99 1.0000000000
ii Expected Note Balance $ 36,000,000.00
E Note Principal Shortfall $ 0.00
F Interest Shortfall $ 0.00
G Interest Carryover $ 0.00
----------------------------------------------------------------------
</TABLE>
H Reserve Account Balance $ 2,423,319.36
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
- --------------------------------------------------------------------------------
7
<PAGE>
- --------------------------------------------------------------------------------
VIII. 1999-2 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds (Sections III-F + VI-D + IX-G-vii) $ 37,943,796.82 $ 37,943,796.82
B Primary Servicing Fees-Current Month $ 704,475.41 $ 37,239,321.41
C Administration Fee $ 20,000.00 $ 37,219,321.41
D Noteholder's Interest Distribution Amount
i Class A-1T $ 1,937,612.71 $ 35,281,708.70
ii Class A-1L $ 1,585,280.96 $ 33,696,427.74
iii Class A-2L $ 10,159,681.66 $ 23,536,746.08
iv Class A-3L $ 1,736,528.75 $ 21,800,217.33
---------------
v Total Noteholder's Interest Distribution $ 15,419,104.08
E Certificateholder's Return Distribution Amount $ 618,469.99 $ 21,181,747.34
F Noteholder's Principal Distribution Amount Paid
i Class A-1T $ 11,767,637.41 $ 9,414,109.93
ii Class A-1L $ 9,414,109.93 $ 0.00
iii Class A-2L $ 0.00 $ 0.00
iv Class A-3L $ 0.00 $ 0.00
---------------
v Total Noteholder's Principal Distribution $ 21,181,747.34
G Certificateholder's Balance Distribution Amount $ 0.00 $ 0.00
H Increase to the Specified Reserve Account Balance $ 0.00 $ 0.00
I Carryover Servicing Fees $ 0.00 $ 0.00
J Noteholder's Interest Carryover
i Class A-1T $ 0.00 $ 0.00
ii Class A-1L $ 0.00 $ 0.00
iii Class A-2L $ 0.00 $ 0.00
iv Class A-3L $ 0.00 $ 0.00
---------------
v Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 0.00
L Excess to Reserve Account $ 0.00 $ 0.00
</TABLE>
- --------------------------------------------------------------------------------
8
<PAGE>
- --------------------------------------------------------------------------------
IX. 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 $ 1,937,612.71 $ 1,585,280.96 $ 10,159,681.66 $ 1,736,528.75 $ 618,469.99
ii Quarterly Interest Paid 1,937,612.71 1,585,280.96 10,159,681.66 1,736,528.75 618,469.99
--------------- --------------- --------------- -------------- ------------
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 $ 16,478,214.13 $ 13,182,571.31 $ $ 0.00 $ $ 0.00 $ 0.00
viii Quarterly Principal Paid 11,767,637.41 9,414,109.93 0.00 0.00 0.00
--------------- --------------- --------------- -------------- ------------
ix Quarterly Principal Shortfall $ 4,710,576.72 $ 3,768,461.38 $ $ 0.00 $ $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 13,705,250.12 $ 10,999,390.89 $ 10,159,681.66 $ 1,736,528.75 $ 618,469.99
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 12/31/99 $ 980,957,594.57
ii Adjusted Pool Balance 12/31/99 951,296,809.13
----------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 29,660,785.44
================
iv Adjusted Pool Balance 9/30/99 $ 971,751,063.78
v Adjusted Pool Balance 12/31/99 951,296,809.13
----------------
vi Current Principal Due (iv-v) $ 20,454,254.65
vii Principal Shortfall from Previous Collection Period 9,206,530.79
----------------
viii Principal Distribution Amount (vi + vii) $ 29,660,785.44
================
ix Principal Distribution Amount Paid $ 21,181,747.34
x Principal Shortfall (viii - ix) $ 8,479,038.10
C Total Principal Distribution $ 21,181,747.34
D Total Interest Distribution 16,037,574.07
----------------
E Total Cash Distributions-Note and Certificates $ 37,219,321.41
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------
F Note & Certificate Balances 10/25/1999 1/25/2000
-----------------------------------------------------------------------------------------
<S> <C> <C>
i A-1T Note Balance (78442GBJ4) $ 123,031,996.98 $ 111,264,359.57
A-1T Note Pool Factor 0.8202133132 0.7417623971
ii A-1L Note Balance (78442GBK1) $ 98,425,597.59 $ 89,011,487.66
A-1L Note Pool Factor 0.8202133132 0.7417623971
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
-----------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
G Reserve Account Reconciliation
i Beginning of Period Balance $ 2,423,319.36
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ --
------------------------
iv Total Reserve Account Balance Available $ 2,423,319.36
v Required Reserve Account Balance $ 2,372,311.24
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to Waterfall $ 51,008.12
viii Ending Reserve Account Balance $ 2,372,311.24
</TABLE>
- ------------------------------------------------------------------------------
9
<PAGE>
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------
10/1/99-12/31/99 5/24/99-9/30/99
------------------------------------------------------------------------------------------------------
<S> <C> <C>
Beginning Student Loan Portfolio Balance $ 949,793,725.60 $ 980,454,203.83
------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 18,474,864.23 $ 26,687,304.44
ii Principal Collections from Guarantor 1,063,932.58 396,089.81
iii Principal Reimbursements 5,636,791.82 10,749,378.15
iv Other System Adjustments -- --
--------------------------------------
v Total Principal Collections $ 25,175,588.63 $ 37,832,772.40
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 550,106.95 $ 604,216.24
ii Capitalized Interest (10,354,897.97) (7,776,510.41)
--------------------------------------
iii Total Non-Cash Principal Activity $ (9,804,791.02) $ (7,172,294.17)
------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 15,370,797.61 $ 30,660,478.23
------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 8,778,692.11 $ 12,905,379.37
ii Interest Claims Received from Guarantors 47,097.33 9,531.77
iii Late Fee Reimbursements 138,608.01 197,809.99
iv Interest Reimbursements 95,439.45 224,865.29
v Other System Adjustments -- --
vi Special Allowance Payments 470,566.38 3,949.82
vii Subsidy Payments 4,157,603.49 2,028,758.07
--------------------------------------
viii Total Interest Collections $ 13,688,006.77 $ 15,370,294.31
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (531,871.06) $ (569,327.20)
ii Capitalized Interest 10,354,897.97 7,776,510.41
--------------------------------------
iii Total Non-Cash Interest Adjustments $ 9,823,026.91 $ 7,207,183.21
--------------------------------------
Total Student Loan Interest Activity $ 23,511,033.68 $ 22,577,477.52
(=) Ending Student Loan Portfolio Balance $ 934,422,927.99 $ 949,793,725.60
------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 14,501,569.90 $ 19,534,018.82
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 948,924,497.89 $ 969,327,744.42
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 2,372,311.24 $ 2,423,319.36
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 951,296,809.13 $ 971,751,063.78
------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1999-2 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
Oct-99 $ 969,327,744 5.65%
Jan-00 $ 948,924,498 4.96%
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance and assuming cutoff date pool data.
- --------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1999-3
Quarterly Servicing Report
Report Date: 12/31/1999 Reporting Period: 9/13/99-12/31/99
- --------------------------------------------------------------------------------
I. Deal Parameters
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------
GROUP I GROUP II
-------------------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 9/13/1999 9/20/1999 Activity 12/31/1999
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A i Portfolio Balance $ 977,974,696.37 $ 978,918,039.67 $(26,537,088.78) $1,930,355,647.26
ii Interest to be Capitalized 22,807,300.33 22,869,363.09 28,660,346.37
-------------------------------------- -----------------
$1,000,781,996.70 $1,001,787,402.76
--------------------------------------
iii Total Pool $2,002,569,399.46 $1,959,015,993.63
iv Specified Reserve Account Balance 5,006,423.00 4,897,539.98
----------------- -----------------
v Total Adjusted Pool $2,007,575,822.46 $1,963,913,533.61
================= =================
B i Weighted Average Coupon (WAC) 7.5247% 7.5344% 7.5950%
ii Weighted Average Remaining Term 116.23 115.54 114.61
iii Number of Loans 275,035 299,670 567,824
iv Number of Borrowers 115,146 122,518 234,784
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
% of % of
-----------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 12/28/99 O/S Securities Balance 1/25/00 O/S Securities
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GBP0 0.08% $1,201,500,000.00 58.303% $1,136,161,499.05 56.937%
ii A-2 Notes 78442GBQ8 0.16% 787,000,000.00 38.189% 787,000,000.00 39.440%
iii Certificates 78442GBR6 0.40% 72,300,000.00 3.508% 72,300,000.00 3.623%
-----------------------------------------------------------------------------------------------------------------------------
vi Total Notes and Certificates $2,060,800,000.00 100.000% $1,995,461,499.05 100.000%
=============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
Reserve Account 12/28/1999 1/25/2000
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($) $5,006,423.00
iii Specified Reserve Acct Balance ($) $4,897,539.98
iv Reserve Account Floor Balance ($) $2,002,569.00 $2,002,569.00
v Current Reserve Acct Balance ($) $5,006,423.00 $4,897,539.98
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
1
<PAGE>
- --------------------------------------------------------------------------------
II. 1999-3 Transactions from: 9/13/1999 through 12/31/1999
- --------------------------------------------------------------------------------
A Student Loan Principal Activity
i Regular Principal Collections $ 42,593,407.02
ii Principal Collections from Guarantor 887,980.90
iii Principal Reimbursements 11,926,911.71
iv Other System Adjustments 0.00
---------------
v Total Principal Collections $ 55,408,299.63
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,260,687.43
ii Capitalized Interest (30,131,898.28)
---------------
iii Total Non-Cash Principal Activity $(28,871,210.85)
-------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 26,537,088.78
-------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 19,883,196.92
ii Interest Claims Received from Guarantors 16,739.72
iii Late Fee Reimbursements 355,324.47
iv Interest Reimbursements 180,344.68
v Other System Adjustments 0.00
vi Special Allowance Payments 0.00
vii Subsidy Payments 0.00
---------------
viii Total Interest Collections $ 20,435,605.79
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,246,353.61)
ii Capitalized Interest 30,131,898.28
---------------
iii Total Non-Cash Interest Adjustments $ 28,885,544.67
-------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 49,321,150.46
-------------------------------------------------------------------------
- --------------------------------------------------------------------------------
2
<PAGE>
- --------------------------------------------------------------------------------
III. 1999-3 Collection Account Activity 9/13/1999 through 12/31/1999
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $43,481,387.92
ii Cash Forwarded by Administrator on behalf of Seller 491,074.01
iii Cash Forwarded by Administrator on behalf of Servicer 4,405.02
iv Cash Forwarded by Administrator for Consolidation Activity 11,431,432.68
--------------
v Total Principal Collections $55,408,299.63
B Interest Collections
i Interest Payments Received-Cash $19,899,936.64
ii Cash Forwarded by Administrator on behalf of Seller 3,181.48
iii Cash Forwarded by Administrator on behalf of Servicer 479.05
iv Cash Forwarded by Administrator for Consolidation Activity 176,684.15
v Cash Forwarded by Administrator for Late Fee Activity 355,324.47
--------------
vi Total Interest Collections $20,435,605.79
C Other Reimbursements $ 132,637.78
D Administrator Account Investment Income $ 35,454.93
E Return funds borrowed for previous distribution $ --
F TOTAL FUNDS RECEIVED $76,011,998.13 LESS FUNDS PREVIOUSLY REMITTED:
Servicing Fees $0.00
Consolidation Loan Rebate Fees $0.00
--------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $76,011,998.13
--------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Primary Servicing Fee - Non-Consolidation Loans $ 186,756.65
ii Primary Servicing Fee - Consolidation Loans $13.52
H Servicing Fees Due for Current Period $ 186,770.17
Less: Servicing ADJ [A iii + B iii] $ (4,884.07)
I Carryover Servicing Fees Due $0.00
J Administration Fees Due $ 20,000.00
--------------------------------------------------------------------------------------
K Total Fees Due for Period $ 201,886.10
--------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
3
<PAGE>
- --------------------------------------------------------------------------------
IV. 1999-3 Portfolio Characteristics
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans
----------------------------------------------------------------------------------
GROUP I GROUP II GROUP I GROUP II
-----------------------------
STATUS 9/13/99 9/20/99 12/31/99 9/13/99 9/20/99 12/31/99
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.153% 7.154% 7.152% 44,726 54,581 89,710
Grace
Current 7.159% 7.159% 7.156% 43,637 38,033 21,191
---------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.156% 7.156% 7.153% 88,363 92,614 110,901
---------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 7.760% 7.769% 7.754% 122,557 133,081 305,535
31-60 Days Delinquent 7.758% 7.759% 7.758% 10,568 11,020 18,327
61-90 Days Delinquent 7.763% 7.755% 7.759% 6,046 8,379 11,065
91-120 Days Delinquent 7.758% 7.756% 7.757% 2,176 3,270 5,149
> 120 Days Delinquent -- -- 7.750% -- -- 8,732
Deferment
Current 7.372% 7.338% 7.312% 20,823 23,405 51,306
Forbearance
Current 7.755% 7.755% 7.752% 24,502 27,901 56,620
---------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.714% 7.715% 7.703% 186,672 207,056 456,734
---------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.000% 7.755% 7.632% -- -- 188
Aged Claims Rejected (2) 0.000% 0.000% 9.000% -- -- 1
---------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.525% 7.534% 7.595% 275,035 299,670 567,824
---------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
% Principal Amount
--------------------------------------------------------------------------------------------------------
GROUP I GROUP II GROUP I GROUP II
- ----------------------------
STATUS 9/13/99 9/20/99 12/31/99 9/13/99 9/20/99 12/31/99
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 16.262% 18.214% 15.799% $156,103,923.59 $172,429,234.00 $ 291,061,327.11
Grace
Current 15.866% 12.692% 3.732% $165,261,615.82 $133,414,687.09 $ 70,328,401.20
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 32.128% 30.906% 19.531% $321,365,539.41 $305,843,921.09 $ 361,389,728.31
- ------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 44.561% 44.409% 53.808% $426,729,803.06 $427,588,953.33 $1,038,646,362.44
31-60 Days Delinquent 3.842% 3.677% 3.227% $ 35,073,291.85 $ 33,618,006.65 $ 57,507,817.21
61-90 Days Delinquent 2.198% 2.796% 1.949% $ 19,217,142.96 $ 26,052,094.95 $ 34,225,781.50
91-120 Days Delinquent 0.791% 1.091% 0.907% $ 6,591,254.77 $ 9,662,164.35 $ 15,498,527.92
> 120 Days Delinquent 0.000% 0.000% 1.538% $ -- $ -- $ 25,720,853.22
Deferment
Current 7.571% 7.810% 9.036% $ 76,784,210.04 $ 78,734,748.00 $ 179,671,349.81
Forbearance
Current 8.909% 9.311% 9.971% $ 92,213,454.28 $ 97,418,151.30 $ 217,125,259.60
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 67.872% 69.094% 80.436% $656,609,156.96 $673,074,118.58 $1,568,395,951.70
- ------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.000% 0.000% 0.033% $ -- $ -- $ 568,763.43
Aged Claims Rejected (2) 0.000% 0.000% 0.000% $ -- $ -- $ 1,203.82
- ------------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 100.000% 100.000% 100.000% $977,974,696.37 $978,918,039.67 $1,930,355,647.26
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------
%
---------------------------------------
GROUP I GROUP II
- -----------------------------
STATUS 9/13/99 9/20/99 12/31/99
- --------------------------------------------------------------------
<S> <C> <C> <C>
INTERIM:
In School
Current 15.962% 17.614% 15.078%
Grace
Current 16.898% 13.629% 3.643%
- --------------------------------------------------------------------
TOTAL INTERIM 32.860% 31.243% 18.721%
- --------------------------------------------------------------------
REPAYMENT
Active
Current 43.634% 43.680% 53.806%
31-60 Days Delinquent 3.586% 3.434% 2.979%
61-90 Days Delinquent 1.965% 2.661% 1.773%
91-120 Days Delinquent 0.674% 0.987% 0.803%
> 120 Days Delinquent 0.000% 0.000% 1.332%
Deferment
Current 7.852% 8.043% 9.308%
Forbearance
Current 9.429% 9.952% 11.248%
- --------------------------------------------------------------------
TOTAL REPAYMENT 67.140% 68.757% 81.249%
- --------------------------------------------------------------------
Claims in Process (1) 0.000% 0.000% 0.030%
Aged Claims Rejected (2) 0.000% 0.000% 0.000%
- --------------------------------------------------------------------
GRAND TOTAL 100.000% 100.000% 100.000%
- --------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
- --------------------------------------------------------------------------------
V. 1999-3 Portfolio Characteristics by School and Program 12/31/99
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------
FOUR YEAR SCHOOLS
------------------------------------------------------------------------
------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
- ------------------------------------
STATUS
- ------------------------------------
INTERIM:
In School
Current 8.207% 4.426% 0.000% 0.000% 0.000% 0.000%
Grace
Current 1.786% 0.970% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 9.993% 5.396% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 25.910% 12.892% 0.000% 0.000% 6.666% 0.689%
31-60 Days Delinquent 1.253% 0.628% 0.000% 0.000% 0.295% 0.046%
61-90 Days Delinquent 0.750% 0.337% 0.000% 0.000% 0.127% 0.032%
91-120 Days Delinquent 0.348% 0.146% 0.000% 0.000% 0.034% 0.018%
> 120 Days Delinquent 0.587% 0.271% 0.000% 0.000% 0.037% 0.025%
Deferment
Current 4.841% 2.531% 0.000% 0.000% 0.345% 0.225%
Forbearance
Current 5.094% 3.007% 0.000% 0.000% 0.666% 0.320%
- ------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 38.783% 19.812% 0.000% 0.000% 8.170% 1.355%
- ------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.010% 0.009% 0.000% 0.000% 0.004% 0.000%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
- ------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 48.786% 25.217% 0.000% 0.000% 8.174% 1.355%
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 83.532%
- ------------------------------------------------------------------------------------------------------------
<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 0.776% 0.463% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.189% 0.105% 0.000% 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.965% 0.568% 0.000% 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.706% 1.010% 0.000% 0.000% 0.280% 0.040%
31-60 Days Delinquent 0.197% 0.106% 0.000% 0.000% 0.011% 0.005%
61-90 Days Delinquent 0.130% 0.063% 0.000% 0.000% 0.002% 0.003%
91-120 Days Delinquent 0.065% 0.033% 0.000% 0.000% 0.001% 0.002%
> 120 Days Delinquent 0.114% 0.053% 0.000% 0.000% 0.001% 0.003%
Deferment
Current 0.462% 0.245% 0.000% 0.000% 0.009% 0.013%
Forbearance
Current 0.555% 0.300% 0.000% 0.000% 0.026% 0.013%
- ---------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.229% 1.810% 0.000% 0.000% 0.330% 0.079%
- ---------------------------------------------------------------------------------------------------------
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 4.195% 2.379% 0.000% 0.000% 0.330% 0.079%
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 6.983%
- ---------------------------------------------------------------------------------------------------------
</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 0.506% 0.442% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.280% 0.209% 0.000% 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.786% 0.651% 0.000% 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.946% 1.392% 0.000% 0.000% 0.872% 0.083%
31-60 Days Delinquent 0.210% 0.154% 0.000% 0.000% 0.053% 0.010%
61-90 Days Delinquent 0.174% 0.122% 0.000% 0.000% 0.018% 0.006%
91-120 Days Delinquent 0.082% 0.054% 0.000% 0.000% 0.008% 0.004%
> 120 Days Delinquent 0.126% 0.087% 0.000% 0.000% 0.012% 0.004%
Deferment
Current 0.295% 0.215% 0.000% 0.000% 0.018% 0.019%
Forbearance
Current 0.592% 0.443% 0.000% 0.000% 0.063% 0.033%
- ---------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.425% 2.467% 0.000% 0.000% 1.044% 0.159%
- ---------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.003% 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%
- ---------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 4.214% 3.120% 0.000% 0.000% 1.044% 0.159%
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 8.537%
- ---------------------------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
UNKNOWN
- -------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
---------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
- ----------------------------------
STATUS
- ----------------------------------
INTERIM:
In School
Current 0.130% 0.128% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.054% 0.050% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.184% 0.178% 0.000% 0.000% 0.000% 0.000%
- -------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 0.187% 0.087% 0.004% 0.004% 0.015% 0.023%
31-60 Days Delinquent 0.006% 0.004% 0.000% 0.000% 0.001% 0.000%
61-90 Days Delinquent 0.004% 0.001% 0.000% 0.003% 0.000% 0.001%
91-120 Days Delinquent 0.004% 0.002% 0.000% 0.000% 0.000% 0.002%
> 120 Days Delinquent 0.008% 0.004% 0.000% 0.000% 0.000% 0.000%
Deferment
Current 0.048% 0.031% 0.002% 0.000% 0.000% 0.009%
Forbearance
Current 0.065% 0.053% 0.001% 0.000% 0.002% 0.015%
- -------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 0.322% 0.182% 0.007% 0.007% 0.018% 0.050%
- -------------------------------------------------------------------------------------------------------
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 0.506% 0.360% 0.007% 0.007% 0.018% 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.
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 12.633% 1.239% 0.948% 0.258% 15.078%
Grace
Current 2.756% 0.294% 0.489% 0.104% 3.643%
- ---------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 15.389% 1.533% 1.437% 0.362% 18.721%
- ---------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 46.157% 3.036% 4.293% 0.320% 53.806%
31-60 Days Delinquent 2.222% 0.319% 0.427% 0.011% 2.979%
61-90 Days Delinquent 1.246% 0.198% 0.320% 0.009% 1.773%
91-120 Days Delinquent 0.546% 0.101% 0.148% 0.008% 0.803%
> 120 Days Delinquent 0.920% 0.171% 0.229% 0.012% 1.332%
Deferment
Current 7.942% 0.729% 0.547% 0.090% 9.308%
Forbearance
Current 9.087% 0.894% 1.131% 0.136% 11.248%
- ---------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 68.120% 5.448% 7.095% 0.586% 81.249%
- ---------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.023% 0.002% 0.005% 0.000% 0.030%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000%
- ---------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 83.532% 6.983% 8.537% 0.948% 100.000%
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
- --------------------------------------------------------------------------------
VI. 1999-3 Interest Calculation
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 33,443,326.93
B Interest Subsidy Payments Accrued During Collection Period 9,257,876.60
C SAP Payments Accrued During Collection Period 2,714,076.57
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 3,132.27
E Investment Earnings (ADMINISTRATOR ACT) 35,454.93
-----------------
F Net Expected Interest Collections $ 45,453,867.30
G Student Loan Rate
i Days in Collection Period (9/13/99-12/31/99) 110
ii Days in Year 360
iii Net Expected Interest Collections $ 45,453,867.30
iv Primary Servicing Fee $ 186,770.17
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $2,002,569,399.46
vii Student Loan Rate 7.39457%
<CAPTION>
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
H Class A-1 Libor Based Interest Rate * 6.56125%
I Class A-1 Interest Rate 0.005103194 (12/28/99-1/25/00) 6.56125%
J Class A-2 Libor Based Interest Rate * 6.64125%
K Class A-2 Interest Rate 0.005165417 (12/28/99-1/25/00) 6.64125%
L Certificate Libor Based Rate of Return * 6.88125%
M Certificate Rate of Return 0.005352083 (12/28/99-1/25/00) 6.88125%
</TABLE>
* For the initial period, 1 month Libor was used to calculate the interest rate
- --------------------------------------------------------------------------------
6
<PAGE>
- --------------------------------------------------------------------------------
VII. 1999-3 Inputs From Original Data
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Total Student Loan Pool Outstanding GROUP I GROUP II
i Portfolio Balance $ 977,974,696.37 $ 978,918,039.67
ii Interest To Be Capitalized 22,807,300.33 22,869,363.09
----------------------------------------
$1,000,781,996.70 $1,001,787,402.76
----------------------------------------
iii Total Pool $2,002,569,399.46
iv Specified Reserve Account Balance 5,006,423.00
-----------------
v Total Adjusted Pool $2,007,575,822.46
=================
B Total Note and Certificate Factor 1.00000000000
C Total Note and Certificate Balance $2,060,800,000.00
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
D Note Balance 12/28/1999 Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor 12/28/99 1.0000000000 1.0000000000 1.0000000000
ii Expected Note Balance $1,201,500,000.00 $ 787,000,000.00 $72,300,000.00
E Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00
-----------------------------------------------------------------------------------------------------------------------------
H Reserve Account Balance $ 5,006,423.00
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
- --------------------------------------------------------------------------------
VIII. 1999-3 Waterfall for Distributions
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds (Sections III-F + VI-D + IX-G-vii) $ 76,124,013.42 $ 76,124,013.42
B Primary Servicing Fees-Current Month $ 181,886.10 $ 75,942,127.32
C Administration Fee $ 20,000.00 $ 75,922,127.32
D Noteholder's Interest Distribution Amount
i Class A-1 $ 6,131,487.59 $ 69,790,639.73
ii Class A-2 $ 4,065,183.18 $ 65,725,456.55
---------------
iii Total Noteholder's Interest Distribution $ 10,196,670.77
E Certificateholder's Return Distribution Amount $ 386,955.60 $ 65,338,500.95
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 65,338,500.95 $ 0.00
ii Class A-2 $ 0.00 $ 0.00
---------------
iii Total Noteholder's Principal Distribution $ 65,338,500.95
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 $ 6,131,487.59 $ 4,065,183.18 $ 386,955.60
ii Quarterly Interest Paid 6,131,487.59 4,065,183.18 386,955.60
------------------ -------------- ------------
iii Interest Shortfall $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00 0.00
------------------ -------------- ------------
vi Interest Carryover $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 96,886,466.39 $ 0.00 $ 0.00
viii Quarterly Principal Paid 65,338,500.95 0.00 0.00
------------------ -------------- ------------
ix Quarterly Principal Shortfall $ 31,547,965.44 $ 0.00 $ 0.00
-----------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 71,469,988.54 $ 4,065,183.18 $ 386,955.60
-----------------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 12/31/99 $ 2,060,800,000.00
ii Adjusted Pool Balance 12/31/99 1,963,913,533.61
------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 96,886,466.39
==================
iv Initial Adjusted Pool Balance $ 2,007,575,822.46
v Adjusted Pool Balance 12/31/99 1,963,913,533.61
------------------
vi Current Principal Due (iv-v) $ 43,662,288.85
vii Notes and Certificates Issued Exceeding Adjusted Pool Balance 53,224,177.54
------------------
viii Principal Distribution Amount (vi + vii) $ 96,886,466.39
==================
ix Principal Distribution Amount Paid $ 65,338,500.95
x Principal Shortfall (viii - ix) $ 31,547,965.44
C Total Principal Distribution $ 65,338,500.95
D Total Interest Distribution 10,583,626.37
------------------
E Total Cash Distributions-Note and Certificates $ 75,922,127.32
<CAPTION>
--------------------------------------------------------------------------------------------
F Note & Certificate Balances 12/28/1999 1/25/2000
--------------------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GBP0) $ 1,201,500,000.00 $ 1,136,161,499.05
A-1 Note Pool Factor 1.0000000000 0.9456192252
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 $ 5,006,423.00
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ --
------------------
iv Total Reserve Account Balance Available $ 5,006,423.00
v Required Reserve Account Balance $ 4,897,539.98
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to Waterfall $ 108,883.02
viii Ending Reserve Account Balance $ 4,897,539.98
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE>
- --------------------------------------------------------------------------------
X. 1999-3 Historical Pool Information
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------
9/20/99-12/31/99
---------------------------------------------------------------------------------
<S> <C>
Beginning Student Loan Portfolio Balance $ 1,956,892,736.04
---------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 42,593,407.02
ii Principal Collections from Guarantor 887,980.90
iii Principal Reimbursements 11,926,911.71
iv Other System Adjustments --
------------------
v Total Principal Collections $ 55,408,299.63
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,260,687.43
ii Capitalized Interest (30,131,898.28)
------------------
iii Total Non-Cash Principal Activity $ (28,871,210.85)
---------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 26,537,088.78
---------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 19,883,196.92
ii Interest Claims Received from Guarantors 16,739.72
iii Late Fee Reimbursements 355,324.47
iv Interest Reimbursements 180,344.68
v Other System Adjustments --
vi Special Allowance Payments --
vii Subsidy Payments --
------------------
viii Total Interest Collections $ 20,435,605.79
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,246,353.61)
ii Capitalized Interest 30,131,898.28
------------------
iii Total Non-Cash Interest Adjustments $ 28,885,544.67
------------------
Total Student Loan Interest Activity $ 49,321,150.46
(=) Ending Student Loan Portfolio Balance $ 1,930,355,647.26
---------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 28,660,346.37
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,959,015,993.63
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
(+) Reserve Account Balance $ 4,897,539.98
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 1,963,913,533.61
---------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
10
<PAGE>
- --------------------------------------------------------------------------------
XI. 1999-3 Payment History and CPRs
- --------------------------------------------------------------------------------
Distribution Actual Since Issued
Date Pool Balances CPR *
Jan-00 $1,959,015,994 3.45%
* "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
