<PAGE>
SALLIE MAE STUDENT LOAN TRUST 1995-1
QUARTERLY SERVICING REPORT
REPORT DATE: 6/30/2000 REPORTING PERIOD: 4/1/00-6/30/00
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
I. DEAL PARAMETERS
------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PORTFOLIO CHARACTERISTICS 3/31/00 ACTIVITY 6/30/00
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 345,240,473.86 $ (21,364,701.09) $ 323,875,772.77
ii Interest to be Capitalized 464,294.35 318,830.83
------------------ ----------------
iii TOTAL POOL $ 345,704,768.21 $ 324,194,603.60
================== ================
B i Weighted Average Coupon (WAC) 7.8331% 7.8316%
ii Weighted Average Remaining Term 64.37 62.98
iii Number of Loans 223,804 212,892
iv Number of Borrowers 93,700 88,693
--------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
NOTES AND CERTIFICATES SPREAD BALANCE 4/25/00 % OF POOL BALANCE 7/25/00 % OF POOL
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
C i A-1 Notes 795452AA9 0.575% $ 95,704,768.21 27.684% $ 74,194,603.60 22.886%
ii A-2 Notes 795452AB7 0.750% 215,000,000.00 62.192% 215,000,000.00 66.318%
iii Certificates 795452AC5 1.000% 35,000,000.00 10.124% 35,000,000.00 10.796%
-----------------------------------------------------------------------------------------------------------------------------
iv TOTAL NOTES AND CERTIFICATES $ 345,704,768.21 100.000% $ 324,194,603.60 100.000%
=============================================================================================================================
--------------------------------------------------------------------------------------------------------------------------
RESERVE ACCOUNT 4/25/00 7/25/00
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.50% 0.50%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 1,728,523.84 $ 1,620,973.02
iv Reserve Account Floor Balance ($) $ 1,000,000.00 $ 1,000,000.00
v Current Reserve Acct Balance ($) $ 1,728,523.84 $ 1,620,973.02
--------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
--------------------------------------------------------------------------------
II. 1995-1 TRANSACTIONS FROM: 4/1/2000 THROUGH: 6/30/2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 21,042,968.20
ii Principal Collections from Guarantor 768,860.16
iii Principal Reimbursements 553,671.39
iv Other System Adjustments 0.00
-------------------
v TOTAL PRINCIPAL COLLECTIONS $ 22,365,499.75
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 72,221.93
ii Capitalized Interest (1,073,020.59)
-------------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $(1,000,798.66)
-----------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $21,364,701.09
-----------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 4,985,920.80
ii Interest Claims Received from Guarantors 54,934.60
iii Late Fee Reimbursements 141,321.56
iv Interest Reimbursements 7,818.82
v Other System Adjustments 0.00
vi Special Allowance Payments 891,871.44
vii Subsidy Payments 486,098.25
-------------------
viii TOTAL INTEREST COLLECTIONS $ 6,567,965.47
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment $ (58,849.20)
ii Capitalized Interest 1,073,020.59
-------------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 1,014,171.39
-----------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 7,582,136.86
-----------------------------------------------------------------------------------
</TABLE>
<PAGE>
--------------------------------------------------------------------------------
III. 1995-1 COLLECTION ACCOUNT ACTIVITY 4/1/2000 THROUGH 6/30/2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $ 21,811,828.36
ii Cash Forwarded by Administrator on behalf of Seller 7,020.63
iii Cash Forwarded by Administrator on behalf of Servicer (159.32)
iv Cash Forwarded by Administrator for Consolidation Activity 546,810.08
-------------------
v TOTAL PRINCIPAL COLLECTIONS $ 22,365,499.75
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 6,418,825.09
ii Cash Forwarded by Administrator on behalf of Seller 2,202.43
iii Cash Forwarded by Administrator on behalf of Servicer 541.84
iv Cash Forwarded by Administrator for Consolidation Activity 5,074.55
v Cash Forwarded by Administrator for Late Fee Activity 141,321.56
-------------------
vi TOTAL INTEREST COLLECTIONS $6,567,965.47
C OTHER REIMBURSEMENTS $ 223,955.01
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 255,290.58
E TOTAL FUNDS RECEIVED $ 29,412,710.81
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (593,897.60)
-------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 28,818,813.21
-------------------------------------------------------------------------------------------------
F SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $288,896.00
ii Percentage of Principal Calculation $416,109.14
iii Lesser of Unit or Principal Calculation $288,896.00
G SERVICING FEES DUE FOR CURRENT PERIOD $ 288,896.00
H CARRYOVER SERVICING FEES DUE $ 392,977.89
APR 2000 Servicing Carryover $134,587.60
MAY 2000 Servicing Carryover $131,559.67
JUN 2000 Servicing Carryover $127,213.14
----------------
$ 393,360.41
LESS: SERVICING ADJ [A iii + B iii] ($382.52)
----------------
CARRYOVER SERVICING FEE DUE $ 392,977.89
================
I ADMINISTRATION FEES DUE $ 20,000.00
-------------------------------------------------------------------------------------------------
J TOTAL FEES DUE FOR PERIOD $ 701,873.89
-------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
IV. 1995-1 PORTFOLIO CHARACTERISTICS
------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------
WEIGHTED AVG COUPON # OF LOANS %
--------------------------------------------------------------------------------------------------
STATUS 3/31/2000 6/30/2000 3/31/2000 6/30/2000 3/31/2000 6/30/2000
------------------------------------------------------------------------------------------------------------------------------------
INTERIM:
<S> <C> <C> <C> <C> <C> <C>
In School
Current 7.771% 7.756% 60 36 0.027% 0.017%
GRACE
Current 7.762% 7.781% 24 30 0.011% 0.014%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.769% 7.769% 84 66 0.038% 0.031%
------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 7.836% 7.833% 182,656 174,715 81.614% 82.067%
31-60 Days Delinquent 7.853% 7.834% 6,684 7,122 2.987% 3.345%
61-90 Days Delinquent 7.828% 7.851% 2,673 3,035 1.194% 1.426%
91-120 Days Delinquent 7.798% 7.815% 913 1,028 0.408% 0.483%
> 120 Days Delinquent 7.808% 7.802% 1,815 1,552 0.811% 0.729%
DEFERMENT
Current 7.804% 7.807% 16,096 13,366 7.192% 6.278%
FORBEARANCE
Current 7.834% 7.838% 12,593 11,696 5.627% 5.494%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.833% 7.832% 223,430 212,514 99.833% 99.822%
------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 7.853% 7.851% 288 310 0.129% 0.146%
Aged Claims Rejected (2) 7.832% 7.883% 2 2 0.001% 0.001%
GRAND TOTAL 7.833% 7.832% 223,804 212,892 100.000% 100.000%
------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------
PRINCIPAL AMOUNT %
----------------------------------------------------------------------
STATUS 3/31/2000 6/30/2000 3/31/2000 6/30/2000
-------------------------------------------------------------------------------------------------------
INTERIM:
<S> <C> <C> <C> <C>
In School
Current $ 131,612.28 $ 67,121.11 0.038% 0.021%
GRACE
Current $ 28,358.06 $ 72,790.93 0.008% 0.022%
-------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 159,970.34 $ 139,912.04 0.046% 0.043%
-------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 266,288,375.50 $ 250,163,079.58 77.131% 77.241%
31-60 Days Delinquent $ 11,593,460.69 $ 12,427,250.97 3.358% 3.837%
61-90 Days Delinquent $ 5,204,915.59 $ 5,676,180.43 1.508% 1.753%
91-120 Days Delinquent $ 1,754,790.86 $ 2,129,316.86 0.508% 0.657%
> 120 Days Delinquent $ 3,544,549.03 $ 3,199,131.64 1.027% 0.988%
DEFERMENT
Current $ 28,720,896.87 $ 23,569,810.14 8.319% 7.277%
FORBEARANCE
Current $ 27,601,677.43 $ 26,090,238.12 7.995% 8.056%
-------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 344,708,665.97 $ 323,255,007.74 99.846% 99.809%
-------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 368,329.76 $ 477,374.26 0.107% 0.147%
Aged Claims Rejected (2) $ 3,507.79 $ 3,478.73 0.001% 0.001%
GRAND TOTAL $ 345,240,473.86 $ 323,875,772.77 100.000% 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
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
V. 1995-1 PORTFOLIO CHARACTERISTICS BY SCHOOL AND PROGRAM 6/30/00
------------------------------------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB
STATUS
INTERIM:
<S> <C> <C> <C> <C> <C>
IN SCHOOL
Current 0.011% 0.001% 0.000% 0.000% 0.006%
GRACE
Current 0.018% 0.000% 0.000% 0.000% 0.002%
TOTAL INTERIM 0.029% 0.001% 0.000% 0.000% 0.008%
REPAYMENT:
ACTIVE
Current 51.299% 3.482% 9.554% 0.001% 4.322%
31-60 Days Delinquent 2.100% 0.166% 0.495% 0.000% 0.385%
61-90 Days Delinquent 0.919% 0.061% 0.139% 0.000% 0.217%
91-120 Days Delinquent 0.338% 0.032% 0.068% 0.000% 0.095%
> 120 Days Delinquent 0.452% 0.021% 0.087% 0.000% 0.121%
DEFERMENT
Current 5.427% 0.398% 0.325% 0.000% 0.532%
FORBEARANCE
Current 4.727% 0.315% 0.749% 0.000% 0.873%
TOTAL REPAYMENT 65.262% 4.475% 11.417% 0.001% 6.545%
CLAIMS IN PROCESS (1) 0.054% 0.003% 0.027% 0.000% 0.022%
AGED CLAIMS REJECTED (2) 0.001% 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 65.346% 4.479% 11.444% 0.001% 6.575%
TOTAL BY SCHOOL TYPE 81.270%
------------------------------------------------------------------------------------------------------------------------
<CAPTION>
TWO YEAR SCHOOLS TECHNICAL SCHOOLS
-----------------------------------------------------------------------------------
GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB
STATUS
INTERIM:
<S> <C> <C> <C> <C> <C>
IN SCHOOL
Current 0.000% 0.000% 0.000% 0.002% 0.001%
GRACE
Current 0.000% 0.000% 0.000% 0.001% 0.001%
TOTAL INTERIM 0.000% 0.000% 0.000% 0.003% 0.002%
REPAYMENT:
ACTIVE
Current 0.302% 0.853% 0.001% 4.891% 0.393%
31-60 Days Delinquent 0.027% 0.046% 0.000% 0.466% 0.028%
61-90 Days Delinquent 0.008% 0.022% 0.000% 0.314% 0.025%
91-120 Days Delinquent 0.009% 0.011% 0.000% 0.087% 0.007%
> 120 Days Delinquent 0.011% 0.011% 0.000% 0.233% 0.016%
DEFERMENT
Current 0.051% 0.028% 0.000% 0.441% 0.031%
FORBEARANCE
Current 0.067% 0.070% 0.000% 0.986% 0.080%
TOTAL REPAYMENT 0.475% 1.041% 0.001% 7.418% 0.580%
CLAIMS IN PROCESS (1) 0.001% 0.002% 0.000% 0.031% 0.001%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 0.476% 1.043% 0.001% 7.452% 0.583%
TOTAL BY SCHOOL TYPE 8.095% 10.299%
-----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
TECHNICAL SCHOOLS UNKNOWN
-----------------------------------------------------------------------------------------------
PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
STATUS
INTERIM:
<S> <C> <C> <C> <C> <C> <C>
IN SCHOOL
Current 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
TOTAL INTERIM 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
REPAYMENT:
ACTIVE
Current 1.877% 0.000% 0.222% 0.005% 0.039% 0.000%
31-60 Days Delinquent 0.106% 0.000% 0.013% 0.005% 0.000% 0.000%
61-90 Days Delinquent 0.043% 0.000% 0.005% 0.000% 0.000% 0.000%
91-120 Days Delinquent 0.010% 0.000% 0.000% 0.000% 0.000% 0.000%
> 120 Days Delinquent 0.036% 0.000% 0.000% 0.000% 0.000% 0.000%
DEFERMENT
Current 0.029% 0.000% 0.014% 0.000% 0.001% 0.000%
FORBEARANCE
Current 0.158% 0.000% 0.029% 0.000% 0.002% 0.000%
TOTAL REPAYMENT 2.259% 0.000% 0.283% 0.010% 0.042% 0.000%
CLAIMS IN PROCESS (1) 0.005% 0.000% 0.000% 0.000% 0.001% 0.000%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 2.264% 0.000% 0.283% 0.010% 0.043% 0.000%
TOTAL BY SCHOOL TYPE 0.336%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) CLAIMS FILED AND UNPAID; INCLUDES CLAIMS REJECTED AGED LESS THAN 6 MONTHS.
(2) CLAIMS REJECTED (SUBJECT TO CURE) AGED 6 MONTHS OR MORE; ALSO INCLUDES
CLAIMS DEEMED INCURABLE PENDING REPURCHASE.
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
------------------------------------------------------------------------------------------------------------------------------
INTERIM:
IN SCHOOL
<S> <C> <C> <C> <C> <C>
Current 0.012% 0.006% 0.003% 0.000% 0.021%
GRACE
Current 0.018% 0.002% 0.002% 0.000% 0.022%
TOTAL INTERIM 0.030% 0.008% 0.005% 0.000% 0.043%
REPAYMENT:
ACTIVE
Current 64.336% 5.478% 7.161% 0.266% 77.241%
31-60 Days Delinquent 2.761% 0.458% 0.600% 0.018% 3.837%
61-90 Days Delinquent 1.119% 0.247% 0.382% 0.005% 1.753%
91-120 Days Delinquent 0.438% 0.115% 0.104% 0.000% 0.657%
> 120 Days Delinquent 0.560% 0.143% 0.285% 0.000% 0.988%
DEFERMENT
Current 6.150% 0.611% 0.501% 0.015% 7.277%
FORBEARANCE
Current 5.791% 1.010% 1.224% 0.031% 8.056%
TOTAL REPAYMENT 81.155% 8.062% 10.257% 0.335% 99.809%
Claims in Process (1) 0.084% 0.025% 0.037% 0.001% 0.147%
AGED CLAIMS REJECTED (2) 0.001% 0.000% 0.000% 0.000% 0.001%
TOTAL BY SCHOOL TYPE 81.270% 8.095% 10.299% 0.336% 100.000%
------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
VI. 1995-1 INTEREST CALCULATION
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 5,837,310.27
B Interest Subsidy Payments Accrued During Collection Period 458,806.17
C SAP Payments Accrued During Collection Period 1,006,147.87
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 32,527.15
E Investment Earnings (ADMINISTRATOR ACT) 255,290.58
----------
F NET EXPECTED INTEREST COLLECTIONS $ 7,590,082.04
G STUDENT LOAN RATE
i Days in Calculation Period 91
ii Days in Year 366
iii Net Expected Interest Collections $ 7,590,082.04
iv Primary Servicing Fee $ 882,793.60
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 345,704,768.21
vii STUDENT LOAN RATE 7.78009%
ACCRUED
INT FACTOR ACCRUAL PERIOD
H Class A-1 T-Bill Based Interest Rate 6.55996%
I CLASS A-1 INTEREST RATE 0.016310273 (4/25/00-7/25/00) 6.55996%
J Class A-2 T-Bill Based Interest Rate 6.73496%
K CLASS A-2 INTEREST RATE 0.016745383 (4/25/00-7/25/00) 6.73496%
L Certificate T-Bill Based Rate of Return 6.98496%
M CERTIFICATE RATE OF RETURN 0.017366967 (4/25/00-7/25/00) 6.98496%
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
VII. 1995-1 INPUTS FROM PREVIOUS QUARTERLY SERVICING REPORTS 3/31/2000
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 345,240,473.86
ii Interest To Be Capitalized $464,294.35
------------------
iii TOTAL STUDENT LOAN POOL OUTSTANDING $ 345,704,768.21
==================
B Total Note and Certificate Factor 0.34570476821
C TOTAL NOTE AND CERTIFICATE BALANCE $ 345,704,768.21
----------------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 4/25/2000 CLASS A-1 CLASS A-2 CERTIFICATES
----------------------------------------------------------------------------------------------------------------------
i Current Factor-4/25/00 0.1276063576 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 95,704,768.21 $ 215,000,000.00 $ 35,000,000.00
----------------------------------------------------------
iv NOTE BALANCE $ 95,704,768.21 $ 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 $ 1,728,523.84
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>
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
VIII. 1995-1 WATERFALL FOR DISTRIBUTIONS
-------------------------------------------------------------------------------------------------------------------------------
REMAINING
FUNDS BALANCE
<S> <C> <C> <C>
A TOTAL AVAILABLE FUNDS (SECTION III E + SECTION VI-D) $ 28,851,340.36 $ 28,851,340.36
B PRIMARY SERVICING FEES-CURRENT MONTH $ 288,896.00 $ 28,562,444.36
C ADMINISTRATION FEE-QUARTERLY $ 20,000.00 $ 28,542,444.36
D NOTEHOLDER'S INTEREST DISTRIBUTION AMOUNT
i Class A-1 $ 1,560,970.90 $ 26,981,473.46
ii Class A-2 $ 3,600,257.35 $ 23,381,216.11
---------------
iii TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $ 5,161,228.25
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 607,843.85 $ 22,773,372.26
F NOTEHOLDER'S PRINCIPAL DISTRIBUTION AMOUNT
i Class A-1 $ 21,510,164.61 $ 1,263,207.65
ii Class A-2 $ 0.00 $ 1,263,207.65
---------------
iii TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 21,510,164.61
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 1,263,207.65
H INCREASE TO THE SPECIFIED RESERVE ACCOUNT BALANCE $ 0.00 $ 1,263,207.65
I CARRYOVER SERVICING FEES $ 392,977.89 $ 870,229.76
J NOTEHOLDER'S INTEREST CARRYOVER
i Class A-1 $ 0.00 $ 870,229.76
i Class A-2 $ 0.00 $ 870,229.76
---------------
iii TOTAL NOTEHOLDER'S INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 870,229.76
L EXCESS TO RESERVE ACCOUNT $ 870,229.76 $ 0.00
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
IX. 1995-1 DISTRIBUTIONS
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------
A DISTRIBUTION AMOUNTS CLASS A-1 CLASS A-2 CERTIFICATES
------------------------------------------------------------------------------------------------------------------
------------------
i Quarterly Interest Due $ 1,560,970.90 $3,600,257.35 $607,843.85
ii Quarterly Interest Paid $ 1,560,970.90 $3,600,257.35 $607,843.85
-------------- -------------- -----------
iii INTEREST SHORTFALL $0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $0.00 $ 0.00 $ 0.00
v Interest Carryover Paid $0.00 $ 0.00 $ 0.00
------ ------ -----
vi INTEREST CARRYOVER $0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $21,510,164.61 $ 0.00 $ 0.00
viii Quarterly Principal Paid $21,510,164.61 $ 0.00 $ 0.00
--------------- ------ -----
ix QUARTERLY PRINCIPAL SHORTFALL $ 0.00 $ 0.00 $ 0.00
------------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 23,071,135.51 $3,600,257.35 $607,843.85
------------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates Principal Balance 6/30/00 $345,704,768.21
ii Pool Balance 6/30/00 $324,194,603.60
---------------
iii Principal Distribution Amount $ 21,510,164.61
================
C Total Principal Distribution $ 21,510,164.61
D Total Interest Distribution $ 5,769,072.10
---------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 27,279,236.71
<CAPTION>
<S> <C> <C> <C>
-----------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 4/25/2000 7/25/2000
-----------------------------------------------------------------------------
i A-1 Note Balance $ 95,704,768.21 $ 74,194,603.60
A-1 Note Pool Factor 0.1276063576 0.0989261381
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 $ 1,728,523.84
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 870,229.76
------------
iv Total Reserve Account Balance Available $ 2,598,753.60
v Required Reserve Account Balance $ 1,620,973.02
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp $ 977,780.58
viii Ending Reserve Account Balance $ 1,620,973.02
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
X. 1995-1 HISTORICAL POOL INFORMATION
-----------------------------------------------------------------------------------------------------------------------------
4/1/00-6/30/00 1/1/00-3/31/00
<S> <C> <C>
---------------------------------------------------------------------------------------------------------------------
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 345,240,473.86 $367,966,898.54
---------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 21,042,968.20 $ 22,018,187.33
ii Principal Collections from Guarantor 768,860.16 1,040,151.52
iii Principal Reimbursements 553,671.39 889,374.76
iv Other System Adjustments - -
------------------------------------------------------
v Total Principal Collections $ 22,365,499.75 $ 23,947,713.61
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 72,221.93 $ 115,984.82
ii Capitalized Interest (1,073,020.59) (1,337,273.75)
------------------------------------------------------
iii Total Non-Cash Principal Activity $ (1,000,798.66) $ (1,221,288.93)
---------------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 21,364,701.09 $ 22,726,424.68
---------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 4,985,920.80 $ 5,434,555.73
ii Interest Claims Received from Guarantors 54,934.60 65,114.93
iii Late Fee Reimbursements 141,321.56 160,864.11
iv Interest Reimbursements 7,818.82 8,229.16
v Other System Adjustments - -
vi Special Allowance Payments 891,871.44 516,466.67
vii Subsidy Payments 486,098.25 491,112.09
------------------------------------------------------
viii Total Interest Collections $ 6,567,965.47 $ 6,676,342.69
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (58,849.20) $ (103,499.49)
ii Capitalized Interest 1,073,020.59 1,337,273.75
------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 1,014,171.39 $ 1,233,774.26
------------------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 7,582,136.86 $ 7,910,116.95
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 323,875,772.77 $345,240,473.86
---------------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 318,830.83 $ 464,294.35
---------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 324,194,603.60 $345,704,768.21
---------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------
1999 1998 1997
--------------------------------------------------------------------------------
1/1/99-12/31/99 1/1/98-12/31/98 1/1/97-12/31/97
<S> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------------------
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 471,259,562.73 $ 598,939,825.14 $758,640,244.14
--------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 98,330,780.90 $ 117,840,096.63 $ 135,776,407.88
ii Principal Collections from Guarantor 5,087,745.93 12,773,024.09 19,577,395.65
iii Principal Reimbursements 3,830,195.13 272,004.87 7,736,614.83
iv Other System Adjustments - - -
--------------------------------------------------------------------------------
v Total Principal Collections $ 107,248,721.96 $ 130,885,125.59 $ 163,090,418.36
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 639,020.06 $ 581,385.00 $ 767,419.67
ii Capitalized Interest (4,595,077.83) (3,786,248.18) (4,157,419.03)
--------------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (3,956,057.77) $ (3,204,863.18) $ (3,389,999.36)
--------------------------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 103,292,664.19 $ 127,680,262.41 $ 159,700,419.00
--------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 26,707,356.87 $ 37,295,397.70 $ 47,980,015.48
ii Interest Claims Received from Guarantors 295,521.16 731,593.31 1,135,185.32
iii Late Fee Reimbursements 673,044.88 169,864.06 2.61
iv Interest Reimbursements 44,112.80 42,202.76 108,937.72
v Other System Adjustments - - -
vi Special Allowance Payments 260,684.02 1,109,268.84 2,210,441.84
vii Subsidy Payments 2,799,117.07 2,756,739.81 2,939,604.07
------------------------------------------------------------------------------
viii Total Interest Collections $ 30,779,836.80 $ 42,105,066.48 $ 54,374,187.04
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (554,028.33) $ (463,028.25) $ (542,140.95)
ii Capitalized Interest 4,595,077.83 3,786,248.18 4,157,419.03
-------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 4,041,049.50 $ 3,323,219.93 $ 3,615,278.08
--------------------------------------------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 34,820,886.30 $ 45,428,286.41 $ 57,989,465.12
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 367,966,898.54 $ 471,259,562.73 $ 598,939,825.14
----------------------------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 689,069.52 $ 1,124,605.86 $ 787,352.25
----------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 368,655,968.06 $ 472,384,168.59 $ 599,727,177.39
----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------------------------------------
1995-1 HISTORICAL POOL INFORMATION
---------------------------------------------------------------------------------------------------------------
----------------------------------------------------------
1996 1995
----------------------------------------------------------
1/1/96-12/31/96 9/29/95-12/31/95
<S> <C> <C>
--------------------------------------------------------------------------------------------------------------
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 954,345,726.48 $ 1,000,126,078.04
--------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 164,406,654.75 $ 42,875,612.89
ii Principal Collections from Guarantor 21,487,892.73 92,046.91
iii Principal Reimbursements 13,375,144.98 2,775,561.40
iv Other System Adjustments (494.35) 39,190.77
----------------------------------------------------------
v Total Principal Collections $ 199,269,198.11 $ 45,782,411.97
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 776,676.12 $ 233,926.53
ii Capitalized Interest (4,340,391.89) (235,986.94)
----------------------------------------------------------
iii Total Non-Cash Principal Activity $ (3,563,715.77) $ (2,060.41)
--------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 195,705,482.34 $ 45,780,351.56
--------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 63,474,115.95 $ 18,633,508.65
ii Interest Claims Received from Guarantors 1,321,509.26 3,259.20
iii Late Fee Reimbursements - -
iv Interest Reimbursements 136,064.30 17,871.78
v Other System Adjustments (893.43) 7.70
vi Special Allowance Payments 3,001,742.09 43,719.37
vii Subsidy Payments 3,052,587.81 5,919.00
---------------------------------------------------------
viii Total Interest Collections $ 70,985,125.98 $ 18,704,285.70
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (527,092.37) $ (227,131.25)
ii Capitalized Interest 4,340,391.89 235,986.94
----------------------------
iii Total Non-Cash Interest Adjustments $ 3,813,299.52 $ 8,855.69
----------------------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 74,798,425.50 $ 18,713,141.39
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 758,640,244.14 $ 954,345,726.48
--------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 691,772.32 $ 639,070.92
--------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 759,332,016.46 $ 954,984,797.40
--------------------------------------------------------------------------------------------------------------
</TABLE>
<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%
Apr-00 $ 345,704,768 2.85%
Jul-00 $ 324,194,604 2.67%
* "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.
--------------------------------------------------------------------------------
<PAGE>
SALLIE MAE STUDENT LOAN TRUST 1996-1
QUARTERLY SERVICING REPORT
REPORT DATE: 6/30/2000 REPORTING PERIOD: 4/1/00-6/30/00
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
I. DEAL PARAMETERS
-----------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
STUDENT LOAN PORTFOLIO CHARACTERISTICS 3/31/2000 ACTIVITY 6/30/2000
--------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 721,748,435.98 $ (31,735,279.97) $)690,013,156.01
ii Interest to be Capitalized 3,907,534.24 3,149,671.12
--------------- ---------------
iii TOTAL POOL $ 725,655,970.22 $ 693,162,827.13
================ ================
B i Weighted Average Coupon (WAC) 7.8263% 7.8250%
ii Weighted Average Remaining Term 86.21 85.04
iii Number of Loans 327,348 315,128
iv Number of Borrowers 121,950 117,161
--------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------------------------------
NOTES AND CERTIFICATES SPREAD BALANCE 4/25/00 % OF POOL BALANCE 7/25/00 % OF POOL
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
C i A-1 Notes 795452AD3 0.56% $ 199,655,970.22 27.514% $ 167,162,827.13 24.116%
ii A-2 Notes 795452AE1 0.75% 473,500,000.00 65.251% 473,500,000.00 68.310%
iii Certificates 795452AF8 0.98% 52,500,000.00 7.235% 52,500,000.00 7.574%
-----------------------------------------------------------------------------------------------------------
iv TOTAL NOTES AND CERTIFICATES $ 725,655,970.22 100.000% $ 693,162,827.13 100.000%
===========================================================================================================
<CAPTION>
-----------------------------------------------------------------------------------------------
RESERVE ACCOUNT 4/25/2000 7/25/2000
-----------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 1,814,139.93 $ 1,732,907.07
iv Reserve Account Floor Balance ($) $ 1,500,000.00 $ 1,500,000.00
v Current Reserve Acct Balance ($) $ 1,814,139.93 $ 1,732,907.07
-----------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
--------------------------------------------------------------------------------
II. 1996-1 TRANSACTIONS FROM: 4/1/2000 THROUGH: 6/30/2000
--------------------------------------------------------------------------------
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $30,180,329.07
ii Principal Collections from Guarantor 2,308,474.28
iii Principal Reimbursements 3,059,333.91
iv Other System Adjustments 0.00
------------
v TOTAL PRINCIPAL COLLECTIONS $35,548,137.26
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 551,084.28
ii Capitalized Interest (4,363,941.57)
------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $(3,812,857.29)
---------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $31,735,279.97
---------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 8,817,240.15
ii Interest Claims Received from Guarantors 156,623.38
iii Late Fee Reimbursements 226,460.18
iv Interest Reimbursements 37,951.06
v Other System Adjustments 0.00
vi Special Allowance Payments 1,732,131.63
vii Subsidy Payments 1,497,001.74
------------
viii TOTAL INTEREST COLLECTIONS $12,467,408.14
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment $ (513,242.18)
ii Capitalized Interest 4,363,941.57
------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 3,850,699.39
---------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $16,318,107.53
---------------------------------------------------------------------
--------------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
III. 1996-1 COLLECTION ACCOUNT ACTIVITY 4/01/2000 THROUGH 6/30/2000
-------------------------------------------------------------------------------------------------------------------
A PRINCIPAL COLLECTIONS
<S> <C>
i Principal Payments Received-Cash $ 32,488,803.35
ii Cash Forwarded by Administrator on behalf of Seller 17,410.03
iii Cash Forwarded by Administrator on behalf of Servicer 398.85
iv Cash Forwarded by Administrator for Consolidation Activity 3,041,525.03
---------------
v TOTAL PRINCIPAL COLLECTIONS $ 35,548,137.26
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 12,202,996.90
ii Cash Forwarded by Administrator on behalf of Seller 4,699.83
iii Cash Forwarded by Administrator on behalf of Servicer 1,652.61
iv Cash Forwarded by Administrator for Consolidation Activity 31,598.62
v Cash Forwarded by Administrator for Late Fee Activity 226,460.18
---------------
vi TOTAL INTEREST COLLECTIONS $ 12,467,408.14
C OTHER REIMBURSEMENTS $300,453.32
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $412,954.62
E TOTAL FUNDS RECEIVED $ 48,728,953.34
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (932,785.70)
---------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 47,796,167.64
---------------------------------------------------------------------------------------------------
F SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $ 457,106.65
ii Percentage of Principal Calculation $ 641,545.07
iii Lesser of Unit or Principal Calculation $ 457,106.65
G SERVICING FEES DUE FOR CURRENT PERIOD $ 457,106.65
H CARRYOVER SERVICING FEES DUE $ 563,026.89
APR 2000 Servicing Carryover $192,095.23
MAY 2000 Servicing Carryover $188,544.70
JUN 2000 Servicing Carryover $184,438.42
-----------
$565,078.35
LESS: Servicing ADJ [A iii + B iii] ($2,051.46)
-----------
TOTAL CARRYOVER SERVICING FEE DUE $563,026.89
===========
I ADMINISTRATION FEES DUE $ 20,000.00
--------------------------------------------------------------------------------------------------
J TOTAL FEES DUE FOR PERIOD $ 1,040,133.54
--------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
IV. 1996-1 PORTFOLIO CHARACTERISTICS
----------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
WEIGHTED AVG COUPON # OF LOANS % PRINCIPAL AMOUNT
----------------------------------------------------------------------------------------------------------------------------
STATUS 3/31/2000 6/30/2000 3/31/2000 6/30/2000 3/31/2000 6/30/2000 3/31/2000
----------------------------------------------------------------------------------------------------------------------------
INTERIM:
IN SCHOOL
<S> <C> <C> <C> <C> <C> <C> <C>
Current 7.741% 7.751% 3,675 2,636 1.123% 0.836% $ 11,200,628.72
GRACE
Current 7.744% 7.724% 973 1,389 0.297% 0.441% $ 2,826,413.50
----------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.741% 7.742% 4,648 4,025 1.420% 1.277% $ 14,027,042.22
----------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 7.826% 7.824% 237,320 232,390 72.498% 73.745% $ 476,487,719.14
31-60 Days Delinquent 7.845% 7.837% 10,724 11,530 3.276% 3.659% $ 24,386,434.44
61-90 Days Delinquent 7.825% 7.851% 5,005 5,422 1.529% 1.721% $ 12,459,830.25
91-120 Days Delinquent 7.825% 7.823% 1,978 2,260 0.604% 0.717% $ 4,925,355.64
> 120 Days Delinquent 7.841% 7.856% 3,464 2,977 1.058% 0.945% $ 9,276,239.99
DEFERMENT
Current 7.823% 7.824% 33,196 28,419 10.141% 9.018% $ 85,748,523.33
FORBEARANCE
Current 7.837% 7.833% 30,385 27,516 9.282% 8.732% $ 93,030,665.16
----------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.828% 7.827% 322,072 310,514 98.388% 98.537% $706,314,767.95
----------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 7.822% 7.845% 624 573 0.191% 0.182% $ 1,399,592.45
Aged Claims Rejected (2) 7.720% 7.897% 4 16 0.001% 0.005% $ 7,033.36
----------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.826% 7.825% 327,348 315,128 100.000% 100.000% $721,748,435.98
----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------
PRINCIPAL AMOUNT %
------------------------------------------------------------------------
STATUS 6/30/2000 3/31/2000 6/30/2000
------------------------------------------------------------------------
INTERIM:
IN SCHOOL
<S> <C> <C> <C>
Current $ 8,204,040.41 1.552% 1.189%
GRACE
Current $ 4,150,547.04 0.391% 0.602%
------------------------------------------------------------------------
TOTAL INTERIM $ 12,354,587.45 1.943% 1.791%
------------------------------------------------------------------------
REPAYMENT
Active
Current $463,533,830.62 66.019% 67.178%
31-60 Days Delinquent $ 26,695,045.30 3.379% 3.869%
61-90 Days Delinquent $ 13,445,172.70 1.726% 1.948%
91-120 Days Delinquent $ 5,835,128.36 0.682% 0.846%
> 120 Days Delinquent $ 7,804,676.02 1.285% 1.131%
DEFERMENT
Current $ 73,539,743.85 11.881% 10.658%
FORBEARANCE
Current $ 85,386,749.51 12.890% 12.374%
------------------------------------------------------------------------
TOTAL REPAYMENT $676,240,346.36 97.862% 98.004%
------------------------------------------------------------------------
Claims in Process (1) $ 1,390,200.26 0.194% 0.201%
Aged Claims Rejected (2) $ 28,021.94 0.001% 0.004%
------------------------------------------------------------------------
GRAND TOTAL $690,013,156.01 100.000% 100.000%
------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
V. 1996-1 PORTFOLIO CHARACTERISTICS BY SCHOOL AND PROGRAM 6/30/00
-----------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
-----------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
STATUS
INTERIM:
IN SCHOOL
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Current 0.930% 0.138% 0.000% 0.000% 0.078% 0.017% 0.000% 0.000%
GRACE
Current 0.463% 0.064% 0.000% 0.000% 0.050% 0.010% 0.000% 0.000%
TOTAL INTERIM 1.393% 0.202% 0.000% 0.000% 0.128% 0.027% 0.000% 0.000%
REPAYMENT:
ACTIVE
Current 42.453% 6.271% 3.822% 4.300% 3.645% 0.751% 0.199% 0.551%
31-60 Days Delinquent 1.994% 0.299% 0.253% 0.235% 0.384% 0.064% 0.011% 0.065%
61-90 Days Delinquent 0.965% 0.115% 0.094% 0.132% 0.219% 0.034% 0.006% 0.030%
91-120 Days Delinquent 0.403% 0.066% 0.022% 0.050% 0.115% 0.012% 0.002% 0.013%
> 120 Days Delinquent 0.528% 0.071% 0.048% 0.077% 0.145% 0.021% 0.001% 0.022%
DEFERMENT
Current 6.832% 0.972% 0.319% 0.885% 0.680% 0.135% 0.013% 0.115%
FORBEARANCE
Current 6.473% 1.079% 0.524% 1.153% 1.124% 0.201% 0.034% 0.196%
TOTAL REPAYMENT 59.648% 8.873% 5.082% 6.832% 6.312% 1.218% 0.266% 0.992%
CLAIMS IN PROCESS (1) 0.088% 0.013% 0.008% 0.016% 0.020% 0.003% 0.000% 0.003%
AGED CLAIMS REJECTED (2) 0.004% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
--------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 61.133% 9.088% 5.090% 6.848% 6.460% 1.248% 0.266% 0.995%
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.159% 8.969%
--------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
---------------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
STATUS
INTERIM:
IN SCHOOL
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Current 0.008% 0.005% 0.000% 0.000% 0.012% 0.001% 0.000% 0.000%
GRACE
Current 0.008% 0.003% 0.000% 0.000% 0.003% 0.001% 0.000% 0.000%
TOTAL INTERIM 0.016% 0.008% 0.000% 0.000% 0.015% 0.002% 0.000% 0.000%
REPAYMENT:
ACTIVE
Current 2.583% 0.665% 0.458% 1.061% 0.284% 0.034% 0.023% 0.078%
31-60 Days Delinquent 0.305% 0.045% 0.035% 0.139% 0.023% 0.006% 0.003% 0.008%
61-90 Days Delinquent 0.192% 0.047% 0.016% 0.077% 0.012% 0.002% 0.001% 0.006%
91-120 Days Delinquent 0.091% 0.030% 0.005% 0.034% 0.002% 0.001% 0.000% 0.000%
> 120 Days Delinquent 0.125% 0.026% 0.008% 0.048% 0.007% 0.000% 0.003% 0.001%
DEFERMENT
Current 0.365% 0.074% 0.026% 0.143% 0.055% 0.009% 0.000% 0.035%
FORBEARANCE
Current 0.783% 0.177% 0.053% 0.355% 0.110% 0.036% 0.006% 0.070%
TOTAL REPAYMENT 4.444% 1.064% 0.601% 1.857% 0.493% 0.088% 0.036% 0.198%
CLAIMS IN PROCESS (1) 0.031% 0.008% 0.002% 0.005% 0.002% 0.000% 0.000% 0.002%
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% 1.080% 0.603% 1.862% 0.510% 0.090% 0.036% 0.200%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 8.036% 0.836%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) CLAIMS FILED AND UNPAID; INCLUDES CLAIMS REJECTED AGED LESS THAN 6 MONTHS.
(2) CLAIMS REJECTED (SUBJECT TO CURE) AGED 6 MONTHS OR MORE; ALSO INCLUDES
CLAIMS DEEMED INCURABLE PENDING REPURCHASE.
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
--------------------------------------------------------------------------------------------------------------
INTERIM:
IN SCHOOL
<S> <C> <C> <C> <C> <C>
Current 1.068% 0.095% 0.013% 0.013% 1.189%
GRACE
Current 0.527% 0.060% 0.011% 0.004% 0.602%
--------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 1.595% 0.155% 0.024% 0.017% 1.791%
--------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 56.846% 5.146% 4.767% 0.419% 67.178%
31-60 Days Delinquent 2.781% 0.524% 0.524% 0.040% 3.869%
61-90 Days Delinquent 1.306% 0.289% 0.332% 0.021% 1.948%
91-120 Days Delinquent 0.541% 0.142% 0.160% 0.003% 0.846%
> 120 Days Delinquent 0.724% 0.189% 0.207% 0.011% 1.131%
DEFERMENT
Current 9.008% 0.943% 0.608% 0.099% 10.658%
FORBEARANCE
Current 9.229% 1.555% 1.368% 0.222% 12.374%
--------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 80.435% 8.788% 7.966% 0.815% 98.004%
--------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.125% 0.026% 0.046% 0.004% 0.201%
AGED CLAIMS REJECTED (2) 0.004% 0.000% 0.000% 0.000% 0.004%
--------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 82.159% 8.969% 8.036% 0.836% 100.000%
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
VI. 1996-1 INTEREST CALCULATION
-----------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Borrower Interest Accrued During Collection Period $ 12,017,775.48
B Interest Subsidy Payments Accrued During Collection Period 1,434,999.01
C SAP Payments Accrued During Collection Period 1,989,891.94
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 37,027.61
E Investment Earnings (ADMINISTRATOR ACT) 412,954.62
----------
F NET EXPECTED INTEREST COLLECTIONS $15,892,648.66
G STUDENT LOAN RATE
i Days in Calculation Period 91
ii Days in Year 366
iii Net Expected Interest Collections $ 15,892,648.66
iv Primary Servicing Fee $ 1,389,892.35
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 725,655,970.22
vii STUDENT LOAN RATE 8.02713%
ACCRUED
INT FACTOR ACCRUAL PERIOD
H Class A-1 T-Bill Based Interest Rate 6.54496%
I CLASS A-1 INTEREST RATE 0.016272978 (4/25/00-7/25/00) 6.54496%
J Class A-2 T-Bill Based Interest Rate 6.73496%
K CLASS A-2 INTEREST RATE 0.016745383 (4/25/00-7/25/00) 6.73496%
L Certificate T-Bill Based Rate of Return 6.96496%
M CERTIFICATE RATE OF RETURN 0.017317240 (4/25/00-7/25/00) 6.96496%
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
VII. 1996-1 INPUTS FROM PREVIOUS QUARTERLY SERVICING REPORTS 3/31/2000
----------------------------------------------------------------------------------------------------------------------------------
A Total Student Loan Pool Outstanding
<S> <C>
i Current Pool Balance $ 721,748,435.98
ii Interest To Be Capitalized $3,907,534.24
---------------------
iii TOTAL STUDENT LOAN POOL OUTSTANDING $ 725,655,970.22
=====================
B Total Note and Certificate Factor 0.48377064681
C TOTAL NOTE AND CERTIFICATE BALANCE $ 725,655,970.22
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 4/25/2000 CLASS A-1 CLASS A-2 CERTIFICATES
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor-4/25/00 0.2049855957 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 199,655,970.22 $ 473,500,000.00 $ 52,500,000.00
---------------------------------------------------------------
iv NOTE BALANCE $ 199,655,970.22 $ 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
---------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C>
G Reserve Account Balance $ 1,814,139.93
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>
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
VIII. 1996-1 WATERFALL FOR DISTRIBUTIONS
----------------------------------------------------------------------------------------------------------------
REMAINING
FUNDS BALANCE
----------------
<S> <C> <C>
A Total Available Funds (Section III E + Section VI-D) $ 47,833,195.25 $ 47,833,195.25
B Primary Servicing Fees-Current Month $ 457,106.65 $ 47,376,088.60
C Administration Fee $ 20,000.00 $ 47,356,088.60
D Noteholder's Interest Distribution Amount
i Class A-1 $ ,248,997.21 $ 44,107,091.39
ii Class A-2 $ 7,928,938.85 $ 36,178,152.54
---------------
iii TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $ 11,177,936.06
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 909,155.10 $ 35,268,997.44
F Noteholder's Principal Distribution Amount
i Class A-1 $ 32,493,143.09 $ 2,775,854.35
ii Class A-2 $ 0.00 $ 2,775,854.35
---------------
iii TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 32,493,143.09
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 2,775,854.35
H Increase to the Specified Reserve Account Balance $ 0.00 $ 2,775,854.35
I Carryover Servicing Fees $ 563,026.89 $ 2,212,827.46
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 2,212,827.46
i Class A-2 $ 0.00 $ 2,212,827.46
--------------
iii TOTAL NOTEHOLDER'S INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 2,212,827.46
L EXCESS TO RESERVE ACCOUNT $ 2,212,827.46 $ 0.00
----------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
IX. 1996-1 DISTRIBUTIONS
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
A DISTRIBUTION AMOUNTS CLASS A-1 CLASS A-2 CERTIFICATES
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 3,248,997.21 $7,928,938.85 $909,155.10
ii Quarterly Interest Paid $ 3,248,997.21 $7,928,938.85 $909,155.10
--------------- ------------- -----------
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 $ 32,493,143.09 $0.00 $0.00
viii Quarterly Principal Paid $ 32,493,143.09 $0.00 $0.00
--------------- ----- -----
ix QUARTERLY PRINCIPAL SHORTFALL $0.00 $0.00 $0.00
-----------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 35,742,140.30 $7,928,938.85 $909,155.10
-----------------------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates Principal Balance 6/30/00 $725,655,970.22
ii Pool Balance 6/30/00 $693,162,827.13
---------------
iii Pool Exceeding Notes and Certificate Balance (i-ii) $ 32,493,143.09
---------------
iv Principal Distribution Amount $ 32,493,143.09
===============
C Total Principal Distribution $ 32,493,143.09
D Total Interest Distribution $ 12,087,091.16
---------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 44,580,234.25
-------------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 4/25/2000 7/25/2000
-------------------------------------------------------------------------------------
i A-1 Note Balance (795452AD3) $199,655,970.22 $167,162,827.13
A-1 Note Pool Factor 0.2049855957 0.1716250792
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 $ 1,814,139.93
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 2,212,827.46
---------------
iv Total Reserve Account Balance Available $ 4,026,967.39
v Required Reserve Account Balance $ 1,732,907.07
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp $ 2,294,060.32
viii Ending Reserve Account Balance $ 1,732,907.07
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
X. 1996-1 HISTORICAL POOL INFORMATION
-----------------------------------------------------------------------------------------------------------------------------
-----------------------
1999
----------------------------------------------------------------------
4/1/00-6/30/00 1/1/00-3/31/00 1/1/99-12/31/99
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $721,748,435.98 $755,006,000.43 $909,715,422.93
-----------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 30,180,329.07 $ 31,023,391.33 $136,697,356.85
ii Principal Collections from Guarantor 2,308,474.28 2,908,976.37 13,831,435.78
iii Principal Reimbursements 3,059,333.91 3,563,434.88 20,209,578.03
iv Other System Adjustments - - -
----------------------------------------------------------------------
v Total Principal Collections $ 35,548,137.26 $ 37,495,802.58 $170,738,370.66
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 551,084.28 $ 725,518.15 $ 2,852,363.45
ii Capitalized Interest (4,363,941.57) (4,963,756.28) (18,881,311.61)
----------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (3,812,857.29) $ (4,238,238.13) $(16,028,948.16)
-----------------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 31,735,279.97 $ 33,257,564.45 $154,709,422.50
-----------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 8,817,240.15 $ 9,427,647.02 $ 44,310,158.60
ii Interest Claims Received from Guarantors 156,623.38 178,320.34 812,157.60
iii Late Fee Reimbursements 226,460.18 253,587.22 1,022,682.12
iv Interest Reimbursements 37,951.06 39,740.78 320,606.24
v Other System Adjustments - - -
vi Special Allowance Payments 1,732,131.63 1,008,434.25 487,341.68
vii Interest Subsidy Payments 1,497,001.74 1,612,630.28 8,828,639.60
----------------------------------------------------------------------
viii Total Interest Collections $ 12,467,408.14 $ 12,520,359.89 $ 55,781,585.84
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (513,242.18) $ (680,663.10) $ (2,674,916.36)
ii Capitalized Interest 4,363,941.57 4,963,756.28 18,881,311.61
----------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 3,850,699.39 $ 4,283,093.18 $ 16,206,395.25
----------------------------------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 16,318,107.53 $ 16,803,453.07 $ 71,987,981.09
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $690,013,156.01 $721,748,435.98 $755,006,000.43
-----------------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 3,149,671.12 $ 3,907,534.24 $ 4,587,947.68
-----------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $693,162,827.13 $725,655,970.22 $759,593,948.11
-----------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
X. 1996-1 HISTORICAL POOL INFORMATION
-----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------
1998 1997 1996
------------------------------------------------------------------------
1/1/98-12/31/98 1/1/97-12/31/97 2/5/96-12/31/96
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $1,076,337,722.21 $1,287,751,841.38 $1,489,927,280.77
-------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 147,964,334.46 $ 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 Guarantors 1,986,953.92 2,897,580.06 1,815,321.58
iii Late Fee Reimbursements 277,552.36 - -
iv Interest Reimbursements 110,524.88 436,782.68 501,291.36
v Other System Adjustments - - 8,773.93
vi Special Allowance Payments 1,722,657.22 2,573,916.66 2,111,104.86
vii Interest Subsidy Payments 11,651,607.43 18,055,179.16 17,549,626.88
------------------------------------------------------------------------
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>
<PAGE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
XI. 1996-1 PAYMENT HISTORY AND CPRs
--------------------------------------------------------------------------------
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
<S> <C> <C> <C>
Feb-96 $ 1,502,106,411 -
Apr-96 $ 1,471,870,726 5.14%
Jul-96 $ 1,421,949,915 5.64%
Oct-96 $ 1,360,374,604 7.09%
Jan-97 $ 1,297,462,994 7.90%
Apr-97 $ 1,238,786,263 8.30%
Jul-97 $ 1,183,793,430 8.30%
Oct-97 $ 1,134,200,621 7.79%
Jan-98 $ 1,084,377,970 7.38%
Apr-98 $ 1,039,977,316 6.84%
Jul-98 $ 996,886,487 6.35%
Oct-98 $ 955,927,174 5.87%
Jan-99 $ 917,075,825 5.36%
Apr-99 $ 873,672,327 5.06%
Jul-99 $ 826,122,880 4.91%
Oct-99 $ 790,867,882 4.43%
Jan-00 $ 759,593,948 4.21%
Apr-00 $ 725,655,970 4.08%
Jul-00 $ 693,162,827 3.910%
* "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>
<PAGE>
SLM STUDENT LOAN TRUST 1996-2
QUARTERLY SERVICING REPORT
REPORT DATE: 6/30/2000 REPORTING PERIOD: 4/1/00-6/30/00
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
I. DEAL PARAMETERS
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------
STUDENT LOAN PORTFOLIO CHARACTERISTICS 3/31/2000 ACTIVITY 6/30/2000
--------------------------------------------------------------------------------------------------------------
A i Portfolio Balance $ 792,299,237.34 $ (32,817,448.24) $ 759,481,789.10
ii Interest to be Capitalized 5,366,166.15 4,259,529.93
----------------- -----------------
iii TOTAL POOL $ 797,665,403.49 $ 763,741,319.03
================= =================
<S> <C> <C>
B i Weighted Average Coupon (WAC) 7.7836% 7.7823%
ii Weighted Average Remaining Term 90.05 88.93
iii Number of Loans 370,654 356,942
iv Number of Borrowers 151,077 145,109
--------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
NOTES AND CERTIFICATES SPREAD BALANCE 4/25/00 % OF POOL BALANCE 7/25/00 % OF POOL
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAA4 0.51% $ 257,635,403.49 32.299% $ 223,711,319.03 29.292%
ii A-2 Notes 78442GAB2 0.71% 487,000,000.00 61.053% 487,000,000.00 63.765%
iii Certificates 78442GAC0 0.96% 53,030,000.00 6.648% 53,030,000.00 6.943%
---------------------------------------------------------------------------------------------------------------------
iv TOTAL NOTES AND CERTIFICATES $ 797,665,403.49 100.000% $ 763,741,319.03 100.000%
=====================================================================================================================
---------------------------------------------------------------------------------------------------------------------
RESERVE ACCOUNT 4/25/2000 7/25/2000
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 1,994,163.51 $ 1,909,353.30
iv Reserve Account Floor Balance ($) $ 1,515,030.00 $ 1,515,030.00
v Current Reserve Acct Balance ($) $ 1,994,163.51 $ 1,909,353.30
---------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
II. 1996-2 TRANSACTIONS FROM: 4/1/2000 THROUGH: 6/30/2000
-------------------------------------------------------------------------------------------------------
<S> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $30,829,183.59
ii Principal Collections from Guarantor 3,493,107.57
iii Principal Reimbursements 3,298,615.71
iv Other System Adjustments 0.00
-----------------
v TOTAL PRINCIPAL COLLECTIONS $37,620,906.87
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 529,189.56
ii Capitalized Interest (5,332,648.19)
-----------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $(4,803,458.63)
---------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $32,817,448.24
---------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 9,136,106.95
ii Interest Claims Received from Guarantors 244,098.75
iii Late Fee Reimbursements 238,382.08
iv Interest Reimbursements 41,551.40
v Other System Adjustments 0.00
vi Special Allowance Payments 2,048,958.52
vii Subsidy Payments 1,803,442.80
-----------------
viii TOTAL INTEREST COLLECTIONS $13,512,540.50
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment $ (465,369.62)
ii Capitalized Interest 5,332,648.19
-----------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 4,867,278.57
---------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $18,379,819.07
---------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
III. 1996-2 COLLECTION ACCOUNT ACTIVITY 4/1/2000 THROUGH 6/30/2000
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $34,322,291.16
ii Cash Forwarded by Administrator on behalf of Seller (41,916.46)
iii Cash Forwarded by Administrator on behalf of Servicer (2,401.24)
iv Cash Forwarded by Administrator for Consolidation Activity 3,342,933.41
--------------------
v TOTAL PRINCIPAL COLLECTIONS $37,620,906.87
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $13,232,607.02
ii Cash Forwarded by Administrator on behalf of Seller 2,384.06
iii Cash Forwarded by Administrator on behalf of Servicer 2,555.27
iv Cash Forwarded by Administrator for Consolidation Activity 36,612.07
v Cash Forwarded by Administrator for Late Fee Activity 238,382.08
--------------------
vi TOTAL INTEREST COLLECTIONS $13,512,540.50
C OTHER REIMBURSEMENTS $ 243,631.39
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 434,851.48
E TOTAL FUNDS RECEIVED $51,811,930.24
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $(1,356,555.96)
-----------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $50,455,374.28
-----------------------------------------------------------------------------------------------------------
F SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $ 665,009.52
ii Percentage of Principal Calculation $ 878,028.34
iii Lesser of Unit or Principal Calculation $ 665,009.52
G SERVICING FEES DUE FOR CURRENT PERIOD $ 665,009.52
H CARRYOVER SERVICING FEES DUE $ 652,320.81
APR 2000 Servicing Carryover $221,673.59
MAY 2000 Servicing Carryover $217,782.43
JUN 2000 Servicing Carryover $213,018.82
-------------------
$652,474.84
LESS: Servicing ADJ [A iii + B iii] $ (154.03)
-------------------
TOTAL: CARRYOVER SERVICING FEE DUE $652,320.81
===================
I ADMINISTRATION FEES DUE $ 20,000.00
-----------------------------------------------------------------------------------------------------------
J TOTAL FEES DUE FOR PERIOD $ 1,337,330.33
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
IV. 1996-2 Portfolio Characteristics
---------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
----------------------- ---------------------- ----------------------
STATUS 3/31/2000 6/30/2000 3/31/2000 6/30/2000 3/31/2000 6/30/2000
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.682% 7.689% 7,106 5,017 1.917% 1.406%
Grace
Current 7.676% 7.675% 2,071 2,597 0.559% 0.728%
---------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.681% 7.685% 9,177 7,614 2.476% 2.134%
---------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 7.794% 7.791% 258,458 253,311 69.730% 70.967%
31-60 Days Delinquent 7.793% 7.795% 12,351 13,383 3.332% 3.749%
61-90 Days Delinquent 7.795% 7.790% 6,119 6,774 1.651% 1.898%
91-120 Days Delinquent 7.787% 7.786% 2,709 3,087 0.731% 0.865%
> 120 Days Delinquent 7.779% 7.781% 4,710 4,183 1.271% 1.172%
Deferment
Current 7.752% 7.749% 38,804 33,011 10.469% 9.248%
Forbearance
Current 7.788% 7.786% 37,430 34,751 10.098% 9.736%
---------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.787% 7.785% 360,581 348,500 97.282% 97.635%
---------------------------------------------------------------------------------------------------------
Claims in Process (1) 7.806% 7.793% 893 824 0.241% 0.231%
Aged Claims Rejected (2) 7.720% 7.720% 3 4 0.001% 0.001%
---------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.784% 7.782% 370,654 356,942 100.000% 100.000%
---------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------------
IV. 1996-2 Portfolio Characteristics
------------------------------------------------------------------------------------------------
-----------------------------------------------------------------
Principal Amount %
------------------------------------ -----------------------
STATUS 3/31/2000 6/30/2000 3/31/2000 6/30/2000
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 20,050,208.62 $ 14,501,326.31 2.531% 1.909%
Grace
Current $ 5,313,396.98 $ 6,832,516.78 0.671% 0.900%
------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 25,363,605.60 $ 21,333,843.09 3.202% 2.809%
------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $494,886,925.18 $482,044,962.89 62.462% 63.471%
31-60 Days Delinquent $ 27,851,771.06 $ 31,261,896.40 3.515% 4.116%
61-90 Days Delinquent $ 15,304,650.41 $ 16,520,038.99 1.932% 2.175%
91-120 Days Delinquent $ 6,993,124.78 $ 7,755,132.42 0.883% 1.021%
> 120 Days Delinquent $ 12,268,458.09 $ 10,957,589.37 1.548% 1.443%
Deferment
Current $ 97,239,159.92 $ 83,446,768.94 12.273% 10.987%
Forbearance
Current $110,212,340.29 $104,097,909.85 13.910% 13.706%
------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $764,756,429.73 $736,084,298.86 96.523% 96.919%
------------------------------------------------------------------------------------------------
Claims in Process (1) $ 2,173,672.27 $ 2,057,805.96 0.274% 0.271%
Aged Claims Rejected (2) $ 5,529.74 $ 5,841.19 0.001% 0.001%
------------------------------------------------------------------------------------------------
GRAND TOTAL $792,299,237.34 $759,481,789.10 100.000% 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.
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
V. 1996-2 PORTFOLIO CHARACTERISTICS BY SCHOOL AND PROGRAM 6/30/00
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 1.295% 0.328% 0.000% 0.000% 0.162% 0.041% 0.000% 0.000%
GRACE
Current 0.585% 0.140% 0.000% 0.000% 0.103% 0.031% 0.000% 0.000%
TOTAL INTERIM 1.880% 0.468% 0.000% 0.000% 0.265% 0.072% 0.000% 0.000%
REPAYMENT:
ACTIVE
Current 39.421% 8.375% 1.809% 2.019% 4.270% 1.147% 0.136% 0.229%
31-60 Days Delinquent 2.047% 0.442% 0.122% 0.153% 0.469% 0.094% 0.013% 0.027%
61-90 Days Delinquent 1.033% 0.224% 0.057% 0.087% 0.258% 0.060% 0.002% 0.018%
91-120 Days Delinquent 0.449% 0.095% 0.026% 0.051% 0.128% 0.032% 0.001% 0.004%
> 120 Days Delinquent 0.644% 0.165% 0.022% 0.062% 0.177% 0.040% 0.002% 0.009%
DEFERMENT
Current 6.609% 1.432% 0.156% 0.536% 0.909% 0.233% 0.009% 0.085%
FORBEARANCE
Current 6.941% 1.714% 0.237% 0.812% 1.405% 0.372% 0.019% 0.106%
TOTAL REPAYMENT 57.144% 12.447% 2.429% 3.720% 7.616% 1.978% 0.182% 0.478%
CLAIMS IN PROCESS (1) 0.128% 0.027% 0.011% 0.009% 0.032% 0.008% 0.000% 0.001%
AGED CLAIMS REJECTED (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 59.153% 12.942% 2.440% 3.729% 7.913% 2.058% 0.182% 0.479%
TOTAL BY SCHOOL TYPE 78.264% 10.632%
-----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------------
V. 1996-2 PORTFOLIO CHARACTERISTICS BY SCHOOL AND PROGRAM 6/30/00
TECHNICAL SCHOOLS
---------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS
<S> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 0.038% 0.018% 0.000% 0.000%
GRACE
Current 0.018% 0.012% 0.000% 0.000%
TOTAL INTERIM 0.056% 0.030% 0.000% 0.000%
REPAYMENT:
ACTIVE
Current 3.274% 1.506% 0.315% 0.499%
31-60 Days Delinquent 0.434% 0.180% 0.016% 0.084%
61-90 Days Delinquent 0.261% 0.113% 0.009% 0.043%
91-120 Days Delinquent 0.134% 0.058% 0.009% 0.022%
> 120 Days Delinquent 0.182% 0.068% 0.006% 0.038%
DEFERMENT
Current 0.463% 0.196% 0.014% 0.085%
FORBEARANCE
Current 1.054% 0.477% 0.039% 0.213%
TOTAL REPAYMENT 5.802% 2.598% 0.408% 0.984%
CLAIMS IN PROCESS (1) 0.032% 0.016% 0.001% 0.006%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 5.890% 2.644% 0.409% 0.990%
TOTAL BY SCHOOL TYPE 9.933%
----------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------
V. 1996-2 PORTFOLIO CHARACTERISTICS BY SCHOOL AND PROGRAM 6/30/00
UNKNOWN
----------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS
<S> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 0.016% 0.011% 0.000% 0.000%
GRACE
Current 0.005% 0.006% 0.000% 0.000%
TOTAL INTERIM 0.021% 0.017% 0.000% 0.000%
REPAYMENT:
ACTIVE
Current 0.289% 0.101% 0.009% 0.072%
31-60 Days Delinquent 0.018% 0.013% 0.000% 0.004%
61-90 Days Delinquent 0.007% 0.003% 0.000% 0.000%
91-120 Days Delinquent 0.008% 0.003% 0.000% 0.001%
> 120 Days Delinquent 0.012% 0.006% 0.000% 0.010%
DEFERMENT
Current 0.134% 0.100% 0.000% 0.026%
FORBEARANCE
Current 0.146% 0.108% 0.002% 0.061%
TOTAL REPAYMENT 0.614% 0.334% 0.011% 0.174%
CLAIMS IN PROCESS (1) 0.000% 0.000% 0.000% 0.000%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 0.635% 0.351% 0.011% 0.174%
TOTAL BY SCHOOL TYPE 1.171%
-----------------------------------------------------------------------------------
</TABLE>
(1) CLAIMS FILED AND UNPAID; INCLUDES CLAIMS REJECTED AGED LESS THAN 6 MONTHS.
(2) CLAIMS REJECTED (SUBJECT TO CURE) AGED 6 MONTHS OR MORE; ALSO INCLUDES
CLAIMS DEEMED INCURABLE PENDING REPURCHASE.
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
<S> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 1.623% 0.203% 0.056% 0.027% 1.909%
GRACE
Current 0.725% 0.134% 0.030% 0.011% 0.900%
TOTAL INTERIM 2.348% 0.337% 0.086% 0.038% 2.809%
REPAYMENT:
ACTIVE
Current 51.624% 5.782% 5.594% 0.471% 63.471%
31-60 Days Delinquent 2.764% 0.603% 0.714% 0.035% 4.116%
61-90 Days Delinquent 1.401% 0.338% 0.426% 0.010% 2.175%
91-120 Days Delinquent 0.621% 0.165% 0.223% 0.012% 1.021%
> 120 Days Delinquent 0.893% 0.228% 0.294% 0.028% 1.443%
DEFERMENT
Current 8.733% 1.236% 0.758% 0.260% 10.987%
FORBEARANCE
Current 9.704% 1.902% 1.783% 0.317% 13.706%
TOTAL REPAYMENT 75.740% 10.254% 9.792% 1.133% 96.919%
CLAIMS IN PROCESS (1) 0.175% 0.041% 0.055% 0.000% 0.271%
AGED CLAIMS REJECTED (2) 0.001% 0.000% 0.000% 0.000% 0.001%
TOTAL BY SCHOOL TYPE 78.264% 10.632% 9.933% 1.171% 100.000%
----------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
VI. 1996-2 INTEREST CALCULATION
--------------------------------------------------------------------------------------------------------------------
<S> <C>
A Borrower Interest Accrued During Collection Period $ 13,085,512.12
B Interest Subsidy Payments Accrued During Collection Period 1,691,688.84
C SAP Payments Accrued During Collection Period 2,356,736.24
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 40,333.76
E Investment Earnings (ADMINISTRATOR ACT) 434,851.48
---------------
F NET EXPECTED INTEREST COLLECTIONS $ 17,609,122.44
G STUDENT LOAN RATE
i Days in Calculation Period 91
ii Days in Year 366
iii Net Expected Interest Collections $ 17,609,122.44
iv Primary Servicing Fee $ 2,021,565.48
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $797,665,403.49
vii STUDENT LOAN RATE 7.84945%
ACCRUED
INT FACTOR ACCRUAL PERIOD
H Class A-1 T-Bill Based Interest Rate 6.49496%
I CLASS A-1 INTEREST RATE 0.016148661 (4/25/00-7/25/00) 6.49496%
J Class A-2 T-Bill Based Interest Rate 6.69496%
K CLASS A-2 INTEREST RATE 0.016645929 (4/25/00-7/25/00) 6.69496%
L Certificate T-Bill Based Rate of Return 6.94496%
M CERTIFICATE RATE OF RETURN 0.017267514 (4/25/00-7/25/00) 6.94496%
--------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
VII. 1996-2 Inputs From Previous Quarterly Servicing Reports 3/31/2000
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Current Pool Balance $ 792,299,237.34
----------------
ii Interest To Be Capitalized $ 5,366,166.15
----------------
iii Total Student Loan Pool Outstanding $ 797,665,403.49
================
B Total Note and Certificate Factor 0.52650139172
C TOTAL NOTE AND CERTIFICATE BALANCE $ 797,665,403.49
-------------------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 4/25/2000 CLASS A-1 CLASS A-2 CERTIFICATES
-------------------------------------------------------------------------------------------------------------------------
i Current Factor-4/25/00 0.2642414395 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 257,635,403.49 $ 487,000,000.00 $ 53,030,000.00
---------------- ---------------- ---------------
iv NOTE BALANCE $ 257,635,403.49 $ 487,000,000.00 $ 53,030,000.00
E Interest Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest Carryover $ 0.00 $ 0.00 $ 0.00
-------------------------------------------------------------------------------------------------------------------------
G Reserve Account Balance $ 1,994,163.51
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>
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
VIII. 1996-2 WATERFALL FOR DISTRIBUTIONS
-----------------------------------------------------------------------------------------------------------------------
REMAINING
FUNDS BALANCE
<S> <C> <C>
A Total Available Funds (Sections III-E + VI-D) $ 50,495,708.04 $ 50,495,708.04
B Primary Servicing Fees-Current Month $ 665,009.52 $ 49,830,698.52
C Administration Fee $ 20,000.00 $ 49,810,698.52
D Noteholder's Interest Distribution Amount
i Class A-1 $ 4,160,466.79 $ 45,650,231.73
ii Class A-2 $ 8,106,567.42 $ 37,543,664.31
---------------
iii TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $ 12,267,034.21
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 915,696.27 $ 36,627,968.04
F Noteholder's Principal Distribution Amount
i Class A-1 $ 33,924,084.46 $ 2,703,883.58
ii Class A-2 $ 0.00 $ 2,703,883.58
---------------
iii TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 33,924,084.46
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 2,703,883.58
H Increase to the Specified Reserve Account Balance $ 0.00 $ 2,703,883.58
I Carryover Servicing Fees $ 652,320.81 $ 2,051,562.77
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 2,051,562.77
i Class A-2 $ 0.00 $ 2,051,562.77
---------------
iii TOTAL NOTEHOLDER'S INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 2,051,562.77
L EXCESS TO RESERVE ACCOUNT $ 2,051,562.77 $ 0.00
-----------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
IX. 1996-2 DISTRIBUTIONS
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------
A DISTRIBUTION AMOUNTS CLASS A-1 CLASS A-2 CERTIFICATES
------------------------------------------------------------------------------------------------------------------------------
i Quarterly Interest Due $4,160,466.79 $ 8,106,567.42 $915,696.27
ii Quarterly Interest Paid $4,160,466.79 $ 8,106,567.42 $915,696.27
-------------- -------------- -----------
iii INTEREST SHORTFALL $0.00 $0.00 $0.00
iv Interest Carryover Due $0.00 $0.00 $0.00
v Interest Carryover Paid $0.00 $0.00 $0.00
------ ------ -----
vi INTEREST CARRYOVER $0.00 $0.00 $0.00
vii Quarterly Principal Due $33,924,084.46 $0.00 $0.00
viii Quarterly Principal Paid $33,924,084.46 $0.00 $0.00
-------------- -------------- -----------
ix QUARTERLY PRINCIPAL SHORTFALL $0.00 $0.00 $0.00
------------------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $38,084,551.25 $ 8,106,567.42 $915,696.27
------------------------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates Principal Balance 6/30/00 $797,665,403.49
ii Pool Balance 6/30/00 $763,741,319.03
---------------
iii Pool Exceeding Notes and Certificate Balance (i-ii) $ 33,924,084.46
---------------
iv Principal Distribution Amount $ 33,924,084.46
===============
C Total Principal Distribution $ 33,924,084.46
D Total Interest Distribution $ 13,182,730.48
---------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 47,106,814.94
-------------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 4/25/2000 7/25/2000
-------------------------------------------------------------------------------------
i A-1 Note Balance (78442GAA4) $257,635,403.49 $223,711,319.03
A-1 Note Pool Factor 0.2642414395 0.2294475067
ii A-2 Note Balance (78442GAB2) $487,000,000.00 $487,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAC0) $ 53,030,000.00 $ 53,030,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
-------------------------------------------------------------------------------------
G RESERVE ACCOUNT RECONCILIATION
i Beginning of Period Balance $ 1,994,163.51
ii Deposits to Correct Shortfall $ -
iii Deposits from Excess Servicing $ 2,051,562.77
---------------
iv Total Reserve Account Balance Available $ 4,045,726.28
v Required Reserve Account Balance $ 1,909,353.30
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp. $ 2,136,372.98
viii Ending Reserve Account Balance $ 1,909,353.30
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
X. 1996-2 HISTORICAL POOL INFORMATION
------------------
1999
-----------------------------------------------------------------------
4/1/00-6/30/00 1/1/00-3/31/00 1/1/99-12/31/99
<S> <C> <C> <C>
----------------------------------------------------------------------------------------------------------------------------
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $792,299,237.34 $826,491,034.47 $983,303,642.95
----------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 30,829,183.59 $ 31,758,372.33 $138,115,398.37
ii Principal Collections from Guarantor 3,493,107.57 3,625,885.86 17,820,003.19
iii Principal Reimbursements 3,298,615.71 3,801,126.03 20,872,811.81
iv Other System Adjustments - - -
-----------------------------------------------------------------------
v Total Principal Collections $ 37,620,906.87 $ 39,185,384.22 $176,808,213.37
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 529,189.56 $ 785,133.43 $ 3,148,632.40
ii Capitalized Interest (5,332,648.19) (5,778,720.52) (23,144,237.29)
-----------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (4,803,458.63) $ (4,993,587.09) $(19,995,604.89)
----------------------------------------------------------------------------------------------------------------------------
(-)TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 32,817,448.24 $ 34,191,797.13 $156,812,608.48
----------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 9,136,106.95 $ 9,809,517.71 $ 45,211,907.75
ii Interest Claims Received from Guarantors 244,098.75 245,212.46 1,074,354.76
iii Late Fee Reimbursements 238,382.08 272,391.41 1,048,616.35
iv Interest Reimbursements 41,551.40 43,492.46 320,379.08
v Other System Adjustments - - -
vi Special Allowance Payments 2,048,958.52 1,154,636.93 417,267.52
vii Subsidy Payments 1,803,442.80 1,912,152.67 10,928,499.59
-----------------------------------------------------------------------
viii Total Interest Collections $ 13,512,540.50 $ 13,437,403.64 $ 59,001,025.05
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (465,369.62) $ (721,523.31) $ (2,842,231.34)
ii Capitalized Interest 5,332,648.19 5,778,720.52 23,144,237.29
-----------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 4,867,278.57 $ 5,057,197.21 $ 20,302,005.95
-----------------------------------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 18,379,819.07 $ 18,494,600.85 $ 79,303,031.00
(=)ENDING STUDENT LOAN PORTFOLIO BALANCE $759,481,789.10 $792,299,237.34 $826,491,034.47
----------------------------------------------------------------------------------------------------------------------------
(+)INTEREST TO BE CAPITALIZED $ 4,259,529.93 $ 5,366,166.15 $ 6,187,321.92
----------------------------------------------------------------------------------------------------------------------------
(=)TOTAL POOL $763,741,319.03 $797,665,403.49 $832,678,356.39
----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
X. 1996-2 HISTORICAL POOL INFORMATION
-----------------------------------------------------------------------
1998 1997 1996
-----------------------------------------------------------------------
1/1/98-12/31/98 1/1/97-12/31/97 4/8/96-12/31/96
<S> <C> <C> <C>
----------------------------------------------------------------------------------------------------------------------------
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $1,157,119,554.57 $1,368,940,609.46 $1,499,948,797.64
----------------------------------------------------------------------------------------------------------------------------
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>
<PAGE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
XI. 1996-2 PAYMENT HISTORY AND CPRS
--------------------------------------------------------------------------------
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
<S> <C> <C> <C>
Apr-96 $ 1,517,607,923 -
Jul-96 $ 1,483,611,074 4.11%
Oct-96 $ 1,435,808,978 5.25%
Jan-97 $ 1,382,627,178 6.20%
Apr-97 $ 1,326,256,378 6.80%
Jul-97 $ 1,270,438,672 7.10%
Oct-97 $ 1,221,695,246 7.02%
Jan-98 $ 1,168,729,124 7.15%
Apr-98 $ 1,123,009,294 6.83%
Jul-98 $ 1,078,803,107 6.44%
Oct-98 $ 1,035,727,586 6.07%
Jan-99 $ 993,586,972 5.72%
Apr-99 $ 949,663,915 5.47%
Jul-99 $ 901,285,813 5.41%
Oct-99 $ 865,655,652 4.97%
Jan-00 $ 832,678,356 4.50%
Apr-00 $ 797,665,403 4.09%
Jul-00 $ 763,741,319 3.71%
* "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>
<PAGE>
SLM STUDENT LOAN TRUST 1996-3
QUARTERLY SERVICING REPORT
REPORT DATE: 6/30/00 REPORTING PERIOD: 4/1/00-6/30/00
I. Deal Parameters
<TABLE>
<CAPTION>
Student Loan Portfolio Characteristics 3/31/00 Activity 6/30/00
----------------------------------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
A i Portfolio Balance $ 905,497,695.56 $ (31,983,750.21) $ 873,513,945.35
ii Interest to be Capitalized 7,335,046.63 6,067,887.53
---------------- ----------------
iii Total Pool $ 912,832,742.19 $ 879,581,832.88
iv Specified Reserve Account Balance 2,282,081.86 2,198,954.58
---------------- ----------------
v TOTAL ADJUSTED POOL $ 915,114,824.05 $ 881,780,787.46
================ ================
B i Weighted Average Coupon (WAC) 7.7707% 7.7732%
ii Weighted Average Remaining Term 93.81 92.33
iii Number of Loans 354,047 344,640
iv Number of Borrowers 137,120 133,016
</TABLE>
<TABLE>
<CAPTION>
Notes and Certificates Spread Balance 4/25/00 % of Pool Balance 7/25/00 % of Pool
------------------------------- ------ ---------------- --------- ---------------- ---------
<S> <C> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAD8 0.49% $ 309,364,824.05 33.806% $ 276,030,787.46 31.304%
ii A-2 Notes 78442GAE6 0.68% 553,000,000.00 60.430% 553,000,000.00 62.714%
iii Certificates 78442GAF3 0.95% 52,750,000.00 5.764% 52,750,000.00 5.982%
---- ---------------- ------- ---------------- -------
iv TOTAL NOTES AND CERTIFICATES $ 915,114,824.05 100.000% $ 881,780,787.46 100.000%
================ ======= ================ =======
</TABLE>
<TABLE>
<CAPTION>
Reserve Account 4/25/00 7/25/00
--------------- ------------- -------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $2,282,081.86 $2,198,954.58
iv Reserve Account Floor Balance ($) $1,502,704.00 $1,502,704.00
v Current Reserve Acct Balance ($) $2,282,081.86 $2,198,954.58
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
II. 1996-3 TRANSACTIONS FROM: 4/1/00 THROUGH: 6/30/00
<S> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 29,656,957.69
ii Principal Collections from Guarantor 3,970,519.52
iii Principal Reimbursements 4,000,321.44
iv Other System Adjustments -
---------------
v TOTAL PRINCIPAL COLLECTIONS $ 37,627,798.65
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 470,659.03
ii Capitalized Interest (6,114,707.47)
---------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (5,644,048.44)
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 31,983,750.21
===============
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 10,491,816.12
ii Interest Claims Received from Guarantors 261,729.21
iii Late Fee Reimbursements 226,989.82
iv Interest Reimbursements 68,941.47
v Other System Adjustments -
vi Special Allowance Payments 2,240,769.03
vii Subsidy Payments 1,953,013.93
---------------
viii TOTAL INTEREST COLLECTIONS $ 15,243,259.58
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment $ (434,336.66)
ii Capitalized Interest 6,114,707.47
---------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 5,680,370.81
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 20,923,630.39
===============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
III. 1996-3 Collection Account Activity 4/1/00 through 6/30/00
<S> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $ 33,627,477.21
ii Cash Forwarded by Administrator on behalf of Seller 72,024.21
iii Cash Forwarded by Administrator on behalf of Servicer (3,648.71)
iv Cash Forwarded by Administrator for Consolidation Activity 3,931,945.94
---------------
v Total Principal Collections $ 37,627,798.65
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 14,947,328.29
ii Cash Forwarded by Administrator on behalf of Seller 12,230.74
iii Cash Forwarded by Administrator on behalf of Servicer (734.21)
iv Cash Forwarded by Administrator for Consolidation Activity 57,444.94
v Cash Forwarded by Administrator for Late Fee Activity 226,989.82
---------------
vi Total Interest Collections $ 15,243,259.58
C OTHER REIMBURSEMENTS $ 220,799.22
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 446,256.23
E FUNDS BORROWED FROM NEXT COLLECTION PERIOD $ 0.00
F TOTAL FUNDS RECEIVED $ 53,538,113.68
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,284,831.48)
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 52,253,282.20
G SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $ 632,958.06
ii Percentage of Principal Calculation $ 860,614.65
iii Lesser of Unit or Principal Calculation $ 632,958.06
H SERVICING FEES DUE FOR CURRENT PERIOD $ 632,958.06
</TABLE>
<TABLE>
<S> <C> <C>
I CARRYOVER SERVICING FEES DUE $ 701,920.06
APR 2000 Servicing Carryover $ 237,025.05
MAY 2000 Servicing Carryover $ 232,855.50
JUN 2000 Servicing Carryover $ 227,656.59
---------------
$ 697,537.14
Less: Servicing ADJ [A iii + B iii] $ 4,382.92
---------------
TOTAL: Carryover Servicing Fee Due $ 701,920.06
===============
</TABLE>
<TABLE>
<S> <C>
J Administration Fees Due $ 20,000.00
K Total Fees Due for Period $ 1,354,878.12
===============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
IV. 1996-3 PORTFOLIO CHARACTERISTICS
WEIGHTED AVG COUPON # OF LOANS %
-------------------- ------------------- --------------------
STATUS 3/31/00 6/30/00 3/31/00 6/30/00 3/31/00 6/30/00
INTERIM: ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
In School
Current 7.833% 7.388% 10,384 7,064 2.933% 2.050%
Grace
Current 7.360% 7.373% 3,069 3,967 0.867% 1.151%
TOTAL INTERIM 7.733% 7.383% 13,453 11,031 3.800% 3.201%
===== ===== ======= ======= ======= =======
REPAYMENT
ACTIVE
Current 7.811% 7.809% 238,515 239,036 67.368% 69.358%
31-60 Days Delinquent 7.822% 7.822% 12,040 13,369 3.401% 3.879%
61-90 Days Delinquent 7.812% 7.818% 6,148 6,410 1.736% 1.860%
91-120 Days Delinquent 7.789% 7.800% 2,557 2,810 0.722% 0.815%
> 120 Days Delinquent 7.823% 7.808% 4,381 4,009 1.237% 1.163%
DEFERMENT
Current 7.645% 7.638% 37,149 31,809 10.493% 9.230%
FORBEARANCE
Current 7.804% 7.803% 38,886 35,504 10.983% 10.302%
TOTAL REPAYMENT 7.790% 7.790% 339,676 332,947 95.941% 96.607%
===== ===== ======= ======= ======= =======
Claims in Process (1) 7.825% 7.817% 904 649 0.255% 0.188%
Aged Claims Rejected (2) 7.834% 7.893% 14 13 0.004% 0.004%
GRAND TOTAL 7.771% 7.773% 354,047 344,640 100.000% 100.000%
===== ===== ======= ======= ======= =======
</TABLE>
<TABLE>
<CAPTION>
Principal Amount %
--------------------------------------- -------------------
STATUS 3/31/00 6/30/00 3/31/00 6/30/00
----------------- ------------------ ------- -------
<S> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current $ 31,310,175.67 $ 21,537,571.86 3.458% 2.466%
GRACE
Current $ 8,419,662.76 $ 11,723,588.50 0.930% 1.342%
TOTAL INTERIM $ 39,729,838.43 $ 33,261,160.36 4.388% 3.808%
================= ================== ======= =======
REPAYMENT
Active
Current $ 562,324,840.72 $ 558,851,091.87 62.101% 63.978%
31-60 Days Delinquent $ 30,757,145.58 $ 34,742,234.99 3.397% 3.977%
61-90 Days Delinquent $ 17,083,399.26 $ 17,040,295.20 1.887% 1.951%
91-120 Days Delinquent $ 7,343,889.36 $ 7,645,341.03 0.811% 0.875%
> 120 Days Delinquent $ 12,148,120.17 $ 11,199,145.88 1.341% 1.282%
DEFERMENT
Current $ 104,347,020.60 $ 89,942,456.92 11.524% 10.297%
FORBEARANCE
Current $ 129,292,167.00 $ 119,255,444.75 14.278% 13.652%
TOTAL REPAYMENT $ 863,296,582.69 $ 838,676,010.64 95.339% 96.012%
Claims in Process (1) $ 2,435,343.43 $ 1,547,443.35 0.269% 0.177%
Aged Claims Rejected (2) $ 35,931.01 $ 29,331.00 0.004% 0.003%
----------------- ------------------ ------- -------
GRAND TOTAL $ 905,497,695.56 $ 873,513,945.35 100.000% 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.
<PAGE>
V. 1996-3 PORTFOLIO CHARACTERISTICS BY SCHOOL AND PROGRAM 6/30/00
<TABLE>
<CAPTION>
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
----------------------------------------- ---------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
------- --------- ----- ----- ------- --------- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 1.596% 0.559% 0.000% 0.000% 0.166% 0.057% 0.000% 0.000%
GRACE
Current 0.884% 0.289% 0.000% 0.000% 0.091% 0.032% 0.000% 0.000%
TOTAL INTERIM 2.480% 0.848% 0.000% 0.000% 0.257% 0.089% 0.000% 0.000%
====== ====== ===== ===== ===== ===== ===== =====
REPAYMENT:
ACTIVE
Current 36.457% 8.934% 6.166% 2.652% 3.319% 0.844% 0.289% 0.353%
31-60 Days Delinquent 1.917% 0.400% 0.350% 0.168% 0.398% 0.094% 0.018% 0.049%
61-90 Days Delinquent 0.900% 0.210% 0.141% 0.076% 0.213% 0.044% 0.007% 0.023%
91-120 Days Delinquent 0.413% 0.098% 0.040% 0.037% 0.092% 0.020% 0.002% 0.009%
> 120 Days Delinquent 0.587% 0.130% 0.044% 0.067% 0.151% 0.031% 0.003% 0.015%
DEFERMENT
Current 5.930% 1.701% 0.353% 0.548% 0.719% 0.181% 0.020% 0.082%
FORBEARANCE 0.000%
Current 6.490% 2.041% 0.812% 0.000% 1.217% 0.315% 0.034% 0.148%
TOTAL REPAYMENT 52.694% 13.514% 7.906% 3.548% 6.109% 1.529% 0.373% 0.679%
====== ====== ===== ===== ===== ===== ===== =====
CLAIMS IN PROCESS (1) 0.077% 0.014% 0.012% 0.904% 0.034% 0.002% 0.000% 0.004%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.002% 0.001% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 55.251% 14.376% 7.918% 4.454% 6.401% 1.620% 0.373% 0.683%
====== ====== ===== ===== ===== ===== ===== =====
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL BY SCHOOL TYPE 81.999% 9.077%
====== =====
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TECHNICAL SCHOOLS UNKNOWN
-------------------------------------- -------------------------------------------
STATUS
INTERIM: GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
-------- --------- ----- ----- ------- --------- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IN SCHOOL
Current 0.020% 0.016% 0.000% 0.000% 0.030% 0.022% 0.000% 0.000%
GRACE
Current 0.010% 0.011% 0.000% 0.000% 0.013% 0.012% 0.000% 0.000%
TOTAL INTERIM 0.030% 0.027% 0.000% 0.000% 0.043% 0.034% 0.000% 0.000%
====== ====== ===== ===== ===== ===== ===== =====
REPAYMENT:
ACTIVE
Current 2.373% 0.836% 0.376% 0.705% 0.358% 0.196% 0.014% 0.106%
31-60 Days Delinquent 0.317% 0.096% 0.029% 0.101% 0.023% 0.004% 0.000% 0.013%
61-90 Days Delinquent 0.185% 0.060% 0.016% 0.058% 0.007% 0.004% 0.000% 0.007%
91-120 Days Delinquent 0.092% 0.039% 0.004% 0.027% 0.001% 0.000% 0.000% 0.001%
> 120 Days Delinquent 0.142% 0.040% 0.007% 0.044% 0.012% 0.008% 0.000% 0.001%
DEFERMENT
Current 0.313% 0.113% 0.016% 0.105% 0.099% 0.093% 0.001% 0.023%
FORBEARANCE
Current 0.790% 0.274% 0.061% 0.267% 0.147% 0.129% 0.001% 0.028%
TOTAL REPAYMENT 4.212% 1.458% 0.509% 1.307% 0.647% 0.434% 0.016% 0.179%
===== ===== ===== ===== ===== ===== ===== =====
CLAIMS IN PROCESS (1) 0.015% 0.006% 0.001% 0.005% 0.001% 0.000% 0.000% 0.000%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 4.257% 1.491% 0.510% 1.312% 0.691% 0.468% 0.016% 0.179%
===== ===== ===== ===== ===== ===== ===== =====
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL BY SCHOOL TYPE 7.570% 1.354%
===== =====
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
<TABLE>
<CAPTION>
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
--------- -------- --------- ------- -------
INTERIM:
<S> <C> <C> <C> <C> <C>
IN SCHOOL
Current 2.155% 0.223% 0.036% 0.052% 2.466%
GRACE
Current 1.173% 0.123% 0.021% 0.025% 1.342%
TOTAL INTERIM 3.328% 0.346% 0.057% 0.077% 3.808%
====== ===== ===== ===== =======
REPAYMENT:
ACTIVE
Current 54.209% 4.805% 4.290% 0.674% 63.978%
31-60 Days Delinquent 2.835% 0.559% 0.543% 0.040% 3.977%
61-90 Days Delinquent 1.327% 0.287% 0.319% 0.018% 1.951%
91-120 Days Delinquent 0.588% 0.123% 0.162% 0.002% 0.875%
> 120 Days Delinquent 0.828% 0.200% 0.233% 0.021% 1.282%
DEFERMENT
Current 8.532% 1.002% 0.547% 0.216% 10.297%
FORBEARANCE
Current 9.343% 1.714% 1.392% 0.305% 12.754%
TOTAL REPAYMENT 77.662% 8.690% 7.486% 1.276% 95.114%
====== ===== ===== ===== =======
CLAIMS IN PROCESS (1) 1.007% 0.040% 0.027% 0.001% 1.075%
AGED CLAIMS REJECTED (2) 0.002% 0.001% 0.000% 0.000% 0.003%
TOTAL BY SCHOOL TYPE 81.999% 9.077% 7.570% 1.354% 100.000%
====== ===== ===== ===== =======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
VI. 1996-3 INTEREST CALCULATION
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 15,108,648.46
B Interest Subsidy Payments Accrued During Collection Period 1,862,978.61
C SAP Payments Accrued During Collection Period 2,600,618.75
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 45,001.98
E Investment Earnings (ADMINISTRATOR ACT) 446,256.23
---------------
F NET EXPECTED INTEREST COLLECTIONS $ 20,063,504.03
G STUDENT LOAN RATE
i Days in Calculation Period 91
ii Days in Year 366
iii Net Expected Interest Collections $ 20,063,504.03
iv Primary Servicing Fee $1,917,789.54
v Administration Fee $20,000.00
vi Total Pool Balance at Beginning of Collection Period $912,832,742.19
vii STUDENT LOAN RATE 7.98626%
</TABLE>
<TABLE>
<CAPTION>
ACCRUED
INT FACTOR ACCRUAL PERIOD
----------- -----------------
<S> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 6.47496%
I CLASS A-1 INTEREST RATE 0.016098934 (4/25/00-7/25/00) 6.47496%
J Class A-2 T-Bill Based Interest Rate 6.66496%
K CLASS A-2 INTEREST RATE 0.016571339 (4/25/00-7/25/00) 6.66496%
L Certificate T-Bill Based Rate of Return 6.93496%
M CERTIFICATE RATE OF RETURN 0.017242650 (4/25/00-7/25/00) 6.93496%
</TABLE>
<PAGE>
VII. 1996-3 INPUTS FROM PREVIOUS QUARTERLY SERVICING REPORTS 3/31/00
<TABLE>
<CAPTION>
A Total Student Loan Pool Outstanding
<S> <C> <C>
i Portfolio Balance $ 905,497,695.56
ii Interest To Be Capitalized 7,335,046.63
----------------
iii Total Pool $ 912,832,742.19
iv Specified Reserve Account Balance 2,282,081.86
----------------
v TOTAL ADJUSTED POOL BALANCE $ 915,114,824.05
================
B Total Note and Certificate Factor 0.60734350360
C Total Note and Certificate Balance $ 915,114,824.05
</TABLE>
<TABLE>
<CAPTION>
D NOTE BALANCE 4/25/00 CLASS A-1 CLASS A-2 CERTIFICATES
---------------- --------------- --------------
<S> <C> <C> <C>
i Current Factor-4/25/00 0.3433571854 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 309,364,824.05 $553,000,000.00 $52,750,000.00
---------------- --------------- --------------
iv NOTE BALANCE $ 309,364,824.05 $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
</TABLE>
<TABLE>
<S> <C> <C>
G Reserve Account Balance $ 2,282,081.86
H Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
I Unpaid Administration Fees from Prior Quarter(s) $ 0.00
J Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
K Interest Due on Unpaid Carryover Servicing Fees $ 0.00
</TABLE>
<PAGE>
VIII. 1996-3 WATERFALL FOR DISTRIBUTIONS
<TABLE>
<CAPTION>
REMAINING
FUNDS BALANCE
-------------
<S> <C> <C>
A Total Available Funds (Sections III-F + VI-D ) $52,298,284.18 $52,298,284.18
B Primary Servicing Fees-Current Month $ 632,958.06 $51,665,326.12
C Administration Fee $ 20,000.00 $51,645,326.12
D Noteholder's Interest Distribution Amount
i Class A-1 $ 4,980,443.88 $46,664,882.24
ii Class A-2 $ 9,163,950.47 $37,500,931.77
--------------
iii TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $14,144,394.35
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 909,549.79 $36,591,381.98
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $33,334,036.59 $3,257,345.39
ii Class A-2 $ 0.00 $3,257,345.39
iii TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $33,334,036.59
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $3,257,345.39
H Increase to the Specified Reserve Account Balance $ 0.00 $3,257,345.39
I Carryover Servicing Fees $ 701,920.06 $2,555,425.33
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $2,555,425.33
ii Class A-2 $ 0.00 $2,555,425.33
--------------
iii TOTAL NOTEHOLDER'S INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $2,555,425.33
L EXCESS TO RESERVE ACCOUNT $ 2,555,425.33 $ 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
IX. 1996-3 DISTRIBUTIONS
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A DISTRIBUTION AMOUNTS CLASS A-1 CLASS A-2 CERTIFICATES
------------------------------------------------------------------------------------------------------------------------------
i Quarterly Interest Due $ 4,980,443.88 $ 9,163,950.47 $ 909,549.79
ii Quarterly Interest Paid 4,980,443.88 9,163,950.47 909,549.79
---------------- -------------- ------------
iii INTEREST SHORTFALL $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00 0.00
---------------- -------------- ------------
vi INTEREST CARRYOVER $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 33,334,036.59 $ 0.00 $ 0.00
viii Quarterly Principal Paid 33,334,036.59 0.00 0.00
---------------- -------------- ------------
ix QUARTERLY PRINCIPAL SHORTFALL $ 0.00 $ 0.00 $ 0.00
------------------------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 38,314,480.47 $ 9,163,950.47 $ 909,549.79
------------------------------------------------------------------------------------------------------------------------------
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates Principal
Balance 6/30/00 $ 915,114,824.05
ii Adjusted Pool Balance 6/30/00 881,780,787.46
----------------
iii Adjusted Pool Exceeding Notes and
Certificate Balance (i-ii) $ 33,334,036.59
================
iv Adjusted Pool Balance 3/31/00 $ 915,114,824.05
v Adjusted Pool Balance 6/30/00 881,780,787.46
----------------
vi Current Principal Due (iv-v) $ 33,334,036.59
vii Principal Shortfall from Previous
Collection Period -
----------------
viii Principal Distribution Amount
(vi+vii) $ 33,334,036.59
================
ix PRINCIPAL DISTRIBUTION AMOUNT PAID $ 33,334,036.59
x Principal Shortfall (viii-ix) $ -
C Total Principal Distribution $ 33,334,036.59
D Total Interest Distribution 15,053,944.14
----------------
E TOTAL CASH DISTRIBUTIONS-NOTE
AND CERTIFICATES $ 48,387,980.73
-----------------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 4/25/2000 7/25/2000
-----------------------------------------------------------------------------------------
i A-1 Note Balance (78442GAD8) $ 309,364,824.05 $ 276,030,787.46
A-1 Note Pool Factor 0.3433571854 0.3063604744
ii A-2 Note Balance (78442GAE6) $ 553,000,000.00 $ 553,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAF3) $ 52,750,000.00 $ 52,750,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
-----------------------------------------------------------------------------------------
G RESERVE ACCOUNT RECONCILIATION
i Beginning of Period Balance $ 2,282,081.86
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 2,555,425.33
----------------
iv Total Reserve Account Balance
Available $ 4,837,507.19
v Required Reserve Account Balance $ 2,198,954.58
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to
SLM Funding Corp $ 2,638,552.61
viii Ending Reserve Account Balance $ 2,198,954.58
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
X. 1996-3 HISTORICAL POOL INFORMATION
-----------------------------------------------------------------------------------------------------------------------------------
---------------------
1999
-----------------------------------------------------------------------
4/1/00-6/30/00 1/1/00-3/31/00 1/1/99-12/31/99
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 905,497,695.56 $ 938,572,480.24 $ 1,083,954,845.53
------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 29,656,957.69 $ 29,583,287.21 $ 123,861,528.15
ii Principal Collections from Guarantor 3,970,519.52 3,523,333.78 18,156,326.10
iii Principal Reimbursements 4,000,321.44 5,742,281.74 27,257,566.01
iv Other System Adjustments - - -
-----------------------------------------------------------------------
v TOTAL PRINCIPAL COLLECTIONS $ 37,627,798.65 $ 38,848,902.73 $ 169,275,420.26
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 470,659.03 $ 850,019.69 $ 3,132,761.43
ii Capitalized Interest (6,114,707.47) (6,624,137.74) (27,025,816.40)
-----------------------------------------------------------------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (5,644,048.44) $ (5,774,118.05) $ (23,893,054.97)
------------------------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 31,983,750.21 $ 33,074,784.68 $ 145,382,365.29
------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 10,491,816.12 $ 11,084,121.15 $ 48,933,205.61
ii Interest Claims Received from Guarantors 261,729.21 229,778.36 1,087,760.95
iii Late Fee Reimbursements 226,989.82 251,722.15 956,791.93
iv Interest Reimbursements 68,941.47 78,646.61 473,917.51
v Other System Adjustments - - -
vi Special Allowance Payments 2,240,769.03 1,245,505.49 433,935.51
vii Subsidy Payments 1,953,013.93 2,223,677.48 12,387,199.61
-----------------------------------------------------------------------
viii Total Interest Collections $ 15,243,259.58 $ 15,113,451.24 $ 64,272,811.12
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (434,336.66) $ (796,099.03) $ (2,892,499.78)
ii Capitalized Interest 6,114,707.47 6,624,137.74 27,025,816.40
-----------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 5,680,370.81 $ 5,828,038.71 $ 24,133,316.62
-----------------------------------------------------------------------
Total Student Loan Interest Activity $ 20,923,630.39 $ 20,941,489.95 $ 88,406,127.74
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 873,513,945.35 $ 905,497,695.56 $ 938,572,480.24
------------------------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 6,067,887.53 $ 7,335,046.63 $ 8,138,666.80
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 879,581,832.88 $ 912,832,742.19 $ 946,711,147.04
------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 2,198,954.58 $ 2,282,081.86 $ 2,366,777.87
------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 881,780,787.46 $ 915,114,824.05 $ 949,077,924.91
------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
X. 1996-3 HISTORICAL POOL INFORMATION
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------
1998 1997 1996
-----------------------------------------------------------------------
1/1/98-12/31/98 1/1/97-12/31/97 6/17/96-12/31/96
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 1,228,714,371.63 $ 1,413,647,896.61 $ 1,485,028,174.57
------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal 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 4 (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>
<PAGE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
XI. 1996-3 PAYMENT HISTORY AND CPRS
--------------------------------------------------------------------------------
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
<S> <C> <C> <C>
Jun-96 $ 1,502,704,078 -
Oct-96 $ 1,466,211,474 6.31%
Jan-97 $ 1,429,581,541 5.60%
Apr-97 $ 1,379,654,678 6.30%
Jul-97 $ 1,331,618,519 6.60%
Oct-97 $ 1,289,195,084 6.48%
Jan-98 $ 1,243,660,755 6.53%
Apr-98 $ 1,205,728,980 6.14%
Jul-98 $ 1,167,972,431 5.82%
Oct-98 $ 1,132,576,891 5.50%
Jan-99 $ 1,097,146,057 5.22%
Apr-99 $ 1,058,132,743 5.06%
Jul-99 $ 1,011,277,300 5.16%
Oct-99 $ 978,039,044 4.86%
Jan-00 $ 946,711,147 4.53%
Apr-00 $ 912,832,742 4.26%
Jul-00 $ 879,581,833 3.990%
* "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>
<PAGE>
SLM STUDENT LOAN TRUST 1996-4
QUARTERLY SERVICING REPORT
REPORT DATE: 6/30/2000 REPORTING PERIOD: 4/1/00-6/30/00
-------------------------------------------------------------------------------
I. DEAL PARAMETERS
<TABLE>
<CAPTION>
STUDENT LOAN PORTFOLIO CHARACTERISTICS 3/31/00 ACTIVITY 6/30/00
--------------- ---------------- ---------------
<S> <C> <C> <C>
A i Portfolio Balance $840,684,486.07 $(32,381,825.38) $808,302,660.69
ii Interest to be Capitalized 7,110,299.64 5,934,498.20
iii Total Pool $847,794,785.71 $814,237,158.89
iv Specified Reserve Account Balance 2,119,486.96 2,035,592.90
--------------- ---------------
v TOTAL ADJUSTED POOL $849,914,272.67 $816,272,751.79
=============== ===============
B i Weighted Average Coupon (WAC) 7.7629% 7.7636%
ii Weighted Average Remaining Term 95.03 94.08
iii Number of Loans 369,417 354,621
iv Number of Borrowers 138,753 133,063
</TABLE>
<TABLE>
<CAPTION>
NOTES AND CERTIFICATES SPREAD BALANCE 4/25/00 % OF POOL BALANCE 7/25/00 % OF POOL
---------------------- ------ --------------- --------- --------------- ---------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAG1 0.48% $302,214,272.67 35.558% $268,572,751.79 32.902%
ii A-2 Notes 78442GAH9 0.64% 495,000,000.00 58.241% 495,000,000.00 60.641%
iii Certificates 78442GAJ5 0.93% 52,700,000.00 6.201% 52,700,000.00 6.456%
---- --------------- ------- --------------- -------
iv TOTAL NOTES AND CERTIFICATES $849,914,272.67 100.000% $816,272,751.79 100.000%
=============== ======= =============== =======
</TABLE>
<TABLE>
<CAPTION>
RESERVE ACCOUNT 4/25/00 7/25/00
--------------------------------------- ------------- -------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $2,119,486.96 $2,035,592.90
iv Reserve Account Floor Balance ($) $1,501,183.00 $1,501,183.00
v Current Reserve Acct Balance ($) $2,119,486.96 $2,035,592.90
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
II. 1996-4 TRANSACTIONS FROM: 4/1/00 THROUGH: 6/30/00
<S> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 30,807,851.27
ii Principal Collections from Guarantor 3,729,154.25
iii Principal Reimbursements 3,395,774.16
iv Other System Adjustments 0.00
---------------
v TOTAL PRINCIPAL COLLECTIONS $ 37,932,779.68
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 621,202.61
ii Capitalized Interest (6,172,156.91)
---------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (5,550,954.30)
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 32,381,825.38
===============
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 9,345,630.58
ii Interest Claims Received from Guarantors 257,809.17
iii Late Fee Reimbursements 242,239.76
iv Interest Reimbursements 36,475.86
v Other System Adjustments 0.00
vi Special Allowance Payments 2,119,872.58
vii Subsidy Payments 1,969,695.44
---------------
viii TOTAL INTEREST COLLECTIONS $ 13,971,723.39
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment ($550,593.83)
ii Capitalized Interest 6,172,156.91
---------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 5,621,563.08
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 19,593,286.47
===============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
III. 1996-4 COLLECTION ACCOUNT ACTIVITY 4/1/00 THROUGH 6/30/00
<S> <C> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $ 34,537,005.52
ii Cash Forwarded by Administrator on behalf of Seller 75,496.99
iii Cash Forwarded by Administrator on behalf of Servicer 5,925.30
iv Cash Forwarded by Administrator for Consolidation Activity 3,314,351.87
---------------
v TOTAL PRINCIPAL COLLECTIONS $ 37,932,779.68
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 13,693,007.77
ii Cash Forwarded by Administrator on behalf of Seller 3,027.03
iii Cash Forwarded by Administrator on behalf of Servicer 5,113.67
iv Cash Forwarded by Administrator for Consolidation Activity 28,335.16
v Cash Forwarded by Administrator for Late Fee Activity 242,239.76
---------------
vi TOTAL INTEREST COLLECTIONS $ 13,971,723.39
C OTHER REIMBURSEMENTS $ 104,703.78
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 437,870.08
E RETURN FUNDS BORROWED FOR PREVIOUS DISTRIBUTION $ 0.00
F TOTAL FUNDS RECEIVED $ 52,447,076.93
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($1,300,596.00)
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 51,146,480.93
===============
G SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $ 637,242.48
ii Percentage of Principal Calculation $ 858,804.96
iii Lesser of Unit or Principal Calculation $ 637,242.48
H SERVICING FEES DUE FOR CURRENT PERIOD $ 637,242.48
I CARRYOVER SERVICING FEES DUE $ 663,902.67
APR 2000 Servicing Carryover $ 227,804.55
MAY 2000 Servicing Carryover $ 225,574.61
JUN 2000 Servicing Carryover $ 221,562.48
============
$ 674,941.64
LESS: Servicing ADJ [A iii + B iii] ($11,038.97)
------------
TOTAL: CARRYOVER SERVICING FEE DUE $ 663,902.67
============
J ADMINISTRATION FEES DUE $ 20,000.00
K TOTAL FEES DUE FOR PERIOD $ 1,321,145.15
===============
</TABLE>
<PAGE>
IV. 1996-4 PORTFOLIO CHARACTERISTICS
<TABLE>
<CAPTION>
WEIGHTED AVG COUPON # OF LOANS %
------------------- ------------------ -------------------
STATUS 3/31/00 6/30/00 3/31/00 6/30/00 3/31/00 6/30/00
------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 7.456% 7.461% 10,125 7,177 2.741% 2.024%
GRACE
Current 7.433% 7.449% 2,916 3,766 0.789% 1.062%
TOTAL INTERIM 7.451% 7.457% 13,041 10,943 3.530% 3.086%
===== ===== ======= ======= ======= =======
REPAYMENT
ACTIVE
Current 7.803% 7.798% 250,244 244,057 67.740% 68.822%
31-60 Days Delinquent 7.817% 7.809% 12,565 14,175 3.401% 3.997%
61-90 Days Delinquent 7.795% 7.806% 6,433 6,544 1.741% 1.845%
91-120 Days Delinquent 7.791% 7.790% 2,798 3,229 0.757% 0.911%
> 120 Days Delinquent 7.794% 7.785% 5,018 4,397 1.358% 1.240%
DEFERMENT
Current 7.629% 7.625% 38,440 33,055 10.406% 9.321%
FORBEARANCE
Current 7.796% 7.794% 39,943 37,325 10.812% 10.525%
TOTAL REPAYMENT 7.779% 7.777% 355,441 342,782 96.217% 96.661%
===== ===== ======= ======= ======= =======
CLAIMS IN PROCESS (1) 7.812% 7.801% 926 879 0.251% 0.248%
AGED CLAIMS REJECTED (2) 7.720% 7.730% 9 17 0.002% 0.005%
GRAND TOTAL 7.763% 7.764% 369,417 354,621 100.000% 100.000%
===== ===== ======= ======= ======= =======
</TABLE>
<TABLE>
<CAPTION>
Principal Amount %
---------------------------------- -------------------
3/31/00 6/30/00 3/31/00 6/30/00
--------------- ---------------- ------- -------
<S> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current $ 29,177,103.02 $ 20,733,450.15 3.471% 2.565%
GRACE
Current $ 8,064,456.69 $ 10,971,679.47 0.959% 1.357%
TOTAL INTERIM $ 37,241,559.71 $ 31,705,129.62 4.430% 3.922%
=============== ================ ======= =======
REPAYMENT
ACTIVE
Current $500,025,444.97 $ 492,367,940.10 59.478% 60.914%
31-60 Days Delinquent $ 28,891,227.98 $ 33,018,167.58 3.437% 4.085%
61-90 Days Delinquent $ 17,291,901.05 $ 16,519,144.40 2.057% 2.044%
91-120 Days Delinquent $ 7,498,236.09 $ 8,314,888.24 0.892% 1.029%
> 120 Days Delinquent $ 13,354,831.70 $ 11,990,935.61 1.589% 1.483%
DEFERMENT
Current $105,918,320.18 $ 91,698,227.11 12.599% 11.345%
FORBEARANCE
Current $128,116,531.20 $ 120,461,876.54 15.239% 14.903%
TOTAL REPAYMENT $801,096,493.17 $ 774,371,179.58 95.291% 95.803%
=============== ================ ======= =======
CLAIMS IN PROCESS (1) $ 2,319,869.55 $ 2,176,074.98 0.276% 0.269%
AGED CLAIMS REJECTED (2) $ 26,563.64 $ 50,276.51 0.003% 0.006%
GRAND TOTAL $840,684,486.07 $ 808,302,660.69 100.000% 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.
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
V. 1996-4 PORTFOLIO CHARACTERISTICS BY SCHOOL AND PROGRAM 6/30/00
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 1.605% 0.518% 0.000% 0.000% 0.229% 0.092% 0.000% 0.000%
GRACE
Current 0.831% 0.277% 0.000% 0.000% 0.127% 0.052% 0.000% 0.000%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 2.436% 0.795% 0.000% 0.000% 0.356% 0.144% 0.000% 0.000%
------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 35.349% 9.302% 2.875% 2.498% 3.689% 1.321% 0.156% 0.233%
31-60 Days Delinquent 2.003% 0.497% 0.196% 0.176% 0.397% 0.111% 0.017% 0.021%
61-90 Days Delinquent 0.966% 0.256% 0.076% 0.115% 0.206% 0.054% 0.006% 0.012%
91-120 Days Delinquent 0.447% 0.116% 0.033% 0.042% 0.133% 0.037% 0.002% 0.013%
> 120 Days Delinquent 0.674% 0.202% 0.028% 0.071% 0.174% 0.063% 0.001% 0.015%
DEFERMENT
Current 6.525% 1.824% 0.243% 0.604% 0.852% 0.271% 0.017% 0.067%
FORBEARANCE
Current 7.168% 2.293% 0.484% 0.991% 1.336% 0.406% 0.016% 0.107%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 53.132% 14.490% 3.935% 4.497% 6.787% 2.263% 0.215% 0.468%
------------------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.111% 0.024% 0.014% 0.013% 0.039% 0.008% 0.001% 0.002%
AGED CLAIMS REJECTED (2) 0.003% 0.001% 0.000% 0.000% 0.001% 0.001% 0.000% 0.000%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 55.682% 15.310% 3.949% 4.510% 7.183% 2.416% 0.216% 0.470%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 79.451% 10.285%
------------------------------------------------------------------------------------------------------------------------------------
<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 0.058% 0.046% 0.000% 0.000% 0.011% 0.006% 0.000% 0.000%
GRACE
Current 0.027% 0.025% 0.000% 0.000% 0.009% 0.009% 0.000% 0.000%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.085% 0.071% 0.000% 0.000% 0.020% 0.015% 0.000% 0.000%
------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 2.779% 1.307% 0.361% 0.622% 0.235% 0.110% 0.006% 0.071%
31-60 Days Delinquent 0.366% 0.166% 0.031% 0.075% 0.015% 0.012% 0.000% 0.002%
61-90 Days Delinquent 0.209% 0.079% 0.012% 0.046% 0.004% 0.002% 0.000% 0.001%
91-120 Days Delinquent 0.118% 0.059% 0.005% 0.017% 0.003% 0.003% 0.000% 0.001%
> 120 Days Delinquent 0.145% 0.060% 0.008% 0.031% 0.005% 0.005% 0.000% 0.001%
DEFERMENT
Current 0.409% 0.184% 0.017% 0.111% 0.109% 0.075% 0.000% 0.037%
FORBEARANCE
Current 0.996% 0.486% 0.072% 0.230% 0.148% 0.108% 0.001% 0.061%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 5.022% 2.341% 0.506% 1.132% 0.519% 0.315% 0.007% 0.174%
------------------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.034% 0.013% 0.002% 0.007% 0.001% 0.000% 0.000% 0.000%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 5.141% 2.425% 0.508% 1.139% 0.540% 0.330% 0.007% 0.174%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 9.213% 1.051%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) CLAIMS FILED AND UNPAID; INCLUDES CLAIMS REJECTED AGED LESS THAN 6 MONTHS.
(2) CLAIMS REJECTED (SUBJECT TO CURE) AGED 6 MONTHS OR MORE; ALSO INCLUDES
CLAIMS DEEMED INCURABLE PENDING REPURCHASE.
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
INTERIM:
<S> <C> <C> <C> <C> <C>
IN SCHOOL
Current 2.123% 0.321% 0.104% 0.017% 2.565%
GRACE
Current 1.108% 0.179% 0.052% 0.018% 1.357%
----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 3.231% 0.500% 0.156% 0.035% 3.922%
----------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 50.024% 5.399% 5.069% 0.422% 60.914%
31-60 Days Delinquent 2.872% 0.546% 0.638% 0.029% 4.085%
61-90 Days Delinquent 1.413% 0.278% 0.346% 0.007% 2.044%
91-120 Days Delinquent 0.638% 0.185% 0.199% 0.007% 1.029%
> 120 Days Delinquent 0.975% 0.253% 0.244% 0.011% 1.483%
DEFERMENT
Current 9.196% 1.207% 0.721% 0.221% 11.345%
FORBEARANCE
Current 10.936% 1.865% 1.784% 0.318% 14.903%
----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 76.054% 9.733% 9.001% 1.015% 95.803%
----------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.162% 0.050% 0.056% 0.001% 0.269%
AGED CLAIMS REJECTED (2) 0.004% 0.002% 0.000% 0.000% 0.006%
----------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 79.451% 10.285% 9.213% 1.051% 100.000%
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
VI. 1996-4 INTEREST CALCULATION
----------------------------------------------------------------------------------------------------------------------
<S> <C>
A Borrower Interest Accrued During Collection Period $ 13,954,599.80
B Interest Subsidy Payments Accrued During Collection Period 1,869,712.67
C SAP Payments Accrued During Collection Period 2,450,261.92
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 42,538.09
E Investment Earnings (ADMINISTRATOR ACT) 437,870.08
----------
F NET EXPECTED INTEREST COLLECTIONS $ 18,754,982.56
G STUDENT LOAN RATE
i Days in Calculation Period 91
ii Days in Year 366
iii Net Expected Interest Collections $ 18,754,982.56
iv Primary Servicing Fee $ 1,937,838.48
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 847,794,785.71
vii STUDENT LOAN RATE 7.96864%
ACCRUED
INT FACTOR ACCRUAL PERIOD
H Class A-1 T-Bill Based Interest Rate 6.46496%
I CLASS A-1 INTEREST RATE 0.016074071 (4/25/00-7/25/00) 6.46496%
J Class A-2 T-Bill Based Interest Rate 6.62496%
K CLASS A-2 INTEREST RATE 0.016471885 (4/25/00-7/25/00) 6.62496%
L Certificate T-Bill Based Rate of Return 6.91496%
M CERTIFICATE RATE OF RETURN 0.017192923 (4/25/00-7/25/00) 6.91496%
----------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
VII. 1996-4 INPUTS FROM PREVIOUS QUARTERLY SERVICING REPORTS 3/31/2000
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 840,684,486.07
ii Interest To Be Capitalized $7,110,299.64
--------------------------
iii Total Pool $ 847,794,785.71
iv Specified Reserve Account Balance $2,119,486.96
--------------------------
v TOTAL ADJUSTED POOL $ 849,914,272.67
==========================
B Total Note and Certificate Factor 0.56472709148
C TOTAL NOTE AND CERTIFICATE BALANCE $ 849,914,272.67
---------------------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 4/25/2000 CLASS A-1 CLASS A-2 CERTIFICATES
---------------------------------------------------------------------------------------------------------------------------
i Current Factor-4/25/00 0.3156944246 1.0000000000 1.0000000000
ii Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
iii Expected Note Balance $ 302,214,272.67 $ 495,000,000.00 $ 52,700,000.00
----------------- ----------------- - --------------
iv NOTE BALANCE $ 302,214,272.67 $ 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 $ 2,119,486.96
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>
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
VIII. 1996-4 WATERFALL FOR DISTRIBUTIONS
-----------------------------------------------------------------------------------------------------------------------
REMAINING
FUNDS BALANCE
<S> <C> <C>
A Total Available Funds ( Sections III -F + VI-D) $ 51,189,019.02 $ 51,189,019.02
B Primary Servicing Fees-Current Month $ 637,242.48 $ 50,551,776.54
C Administration Fee $ 20,000.00 $ 50,531,776.54
D Noteholder's Interest Distribution Amount
i Class A-1 $ 4,857,813.68 $ 45,673,962.86
ii Class A-2 $ 8,153,583.08 $ 37,520,379.78
---------------
iii TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $ 13,011,396.76
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 906,067.04 $ 36,614,312.74
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 33,641,520.88 $ 2,972,791.86
ii Class A-2 $ 0.00 $ 2,972,791.86
---------------
iii TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 33,641,520.88
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 2,972,791.86
H Increase to the Specified Reserve Account Balance $ 0.00 $ 2,972,791.86
I Carryover Servicing Fees $ 663,902.67 $ 2,308,889.19
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 2,308,889.19
i Class A-2 $ 0.00 $ 2,308,889.19
---------------
iii TOTAL NOTEHOLDER'S INTEREST CARRYOVER $ 0.00
K CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 2,308,889.19
L EXCESS TO RESERVE ACCOUNT $ 2,308,889.19 $ 0.00
-----------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
IX. 1996-4 DISTRIBUTIONS
--------------------------------------------------------------------------------------------------------------------------
A DISTRIBUTION AMOUNTS CLASS A-1 CLASS A-2 CERTIFICATES
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 4,857,813.68 $ 8,153,583.08 $ 906,067.04
ii Quarterly Interest Paid 4,857,813.68 8,153,583.08 906,067.04
------------- ------------- ----------
iii INTEREST SHORTFALL $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00 0.00
----- ----- ----
vi INTEREST CARRYOVER $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 33,641,520.88 $ 0.00 $ 0.00
viii Quarterly Principal Paid 33,641,520.88 0.00 0.00
-------------- ----- ----
ix QUARTERLY PRINCIPAL SHORTFALL $ 0.00 $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 38,499,334.56 $ 8,153,583.08 $ 906,067.04
--------------------------------------------------------------------------------------------------------------------------
<CAPTION>
B PRINCIPAL DISTRIBUTION RECONCILIATION
<S> <C>
i Notes and Certificates Principal Balance 6/30/00 $ 849,914,272.67
ii Adjusted Pool Balance 6/30/00 816,272,751.79
--------------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 33,641,520.88
==========================
iv Adjusted Pool Balance 3/31/00 $ 849,914,272.67
v Adjusted Pool Balance 6/30/00 $ 816,272,751.79
----------------
vi Current Principal Due (iv-v) $ 33,641,520.88
vii Principal Shortfall from Previous Collection Period $ -
--------------------------
viii Principal Distribution Amount(vi + vii) $ 33,641,520.88
==========================
ix PRINCIPAL DISTRIBUTION AMOUNT PAID $ 33,641,520.88
x Principal Shortfall (viii - ix) $ -
C Total Principal Distribution $ 33,641,520.88
D Total Interest Distribution 13,917,463.80
--------------------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 47,558,984.68
<CAPTION>
-------------------------------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 4/25/2000 7/25/2000
-------------------------------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GAG1) $ 302,214,272.67 $ 268,572,751.79
A-1 Note Pool Factor 0.3156944246 0.2805523366
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 $ 2,119,486.96
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 2,308,889.19
--------------------------
iv Total Reserve Account Balance Available $ 4,428,376.15
v Required Reserve Account Balance $ 2,035,592.90
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp. $ 2,392,783.25
viii Ending Reserve Account Balance $ 2,035,592.90
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
X. 1996-4 HISTORICAL POOL INFORMATION
-------------------------
1999
-------------------------
-----------------------------------------------------------------------
4/1/00-6/30/00 1/1/00-3/31/00 1/1/99-12/31/99
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 840,684,486.07 $ 875,364,537.56 $ 1,035,285,864.26
--------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 30,807,851.27 $ 31,791,494.86 $ 139,223,600.78
ii Principal Collections from Guarantor 3,729,154.25 3,438,828.10 19,543,310.08
iii Principal Reimbursements 3,395,774.16 5,253,409.47 24,457,695.61
iv Other System Adjustments - - -
-----------------------------------------------------------------------
v Total Principal Collections $ 37,932,779.68 $ 40,483,732.43 $ 183,224,606.47
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 621,202.61 $ 861,157.60 $ 3,352,167.02
ii Capitalized Interest (6,172,156.91) (6,664,838.54) (26,655,446.79)
-----------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (5,550,954.30) $ (5,803,680.94) $ (23,303,279.77)
--------------------------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 32,381,825.38 $ 34,680,051.49 $ 159,921,326.70
--------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 9,345,630.58 $ 9,937,328.50 $ 44,961,493.53
ii Interest Claims Received from Guarantors 257,809.17 230,037.01 1,201,310.33
iii Late Fee Reimbursements 242,239.76 274,419.33 1,057,297.94
iv Interest Reimbursements 36,475.86 80,776.21 401,919.13
v Other System Adjustments - - -
vi Special Allowance Payments 2,119,872.58 1,188,840.65 429,888.43
vii Subsidy Payments 1,969,695.44 2,148,255.02 12,026,492.61
-----------------------------------------------------------------------
viii Total Interest Collections $ 13,971,723.39 $ 13,859,656.72 $ 60,078,401.97
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (550,593.83) $ (805,088.29) $ (2,988,129.57)
ii Capitalized Interest 6,172,156.91 6,664,838.54 26,655,446.79
-----------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 5,621,563.08 $ 5,859,750.25 $ 23,667,317.22
-----------------------------------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 19,593,286.47 $ 19,719,406.97 $ 83,745,719.19
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 808,302,660.69 $ 840,684,486.07 $ 875,364,537.56
--------------------------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 5,934,498.20 $ 7,110,299.64 $ 8,006,162.46
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 814,237,158.89 $ 847,794,785.71 $ 883,370,700.02
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 2,035,592.90 $ 2,119,486.96 $ 2,208,426.75
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 816,272,751.79 $ 849,914,272.67 $ 885,579,126.77
--------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------
1998 1997 1996
----------------------------------------------------------------------
1/1/98-12/31/98 1/1/97-12/31/97 9/3/96-12/31/96
----------------------------------------------------------------------
<S> <C> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 1,207,834,554.65 $ 1,429,671,216.95 $ 1,478,535,335.85
--------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 148,950,202.58 $ 150,239,015.41 $ 47,792,030.07
ii Principal Collections from Guarantor 43,325,114.59 47,800,739.56 651,773.25
iii Principal Reimbursements 2,347,438.60 46,963,233.81 14,902,506.96
iv Other System Adjustments - - (713.51)
-----------------------------------------------------------------------
v Total Principal Collections $ 194,622,755.77 $ 245,002,988.78 $ 63,345,596.77
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 3,338,919.10 $ 3,929,552.20 $ 1,431,259.68
ii Capitalized Interest (25,412,984.48) (27,095,878.68) (15,912,737.55)
-----------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (22,074,065.38) $ (23,166,326.48) $ (14,481,477.87)
--------------------------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 172,548,690.39 $ 221,836,662.30 $ 48,864,118.90
--------------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 53,198,257.71 $ 56,301,281.76 $ 15,484,377.46
ii Interest Claims Received from Guarantors 2,698,296.08 2,921,282.00 13,446.63
iii Late Fee Reimbursements 307,848.97 - -
iv Interest Reimbursements 114,449.84 723,149.71 282,181.00
v Other System Adjustments - - (287.62)
vi Special Allowance Payments 1,315,559.80 1,981,421.00 257,877.96
vii Subsidy Payments 17,635,547.74 28,812,210.76 3,637,851.32
-----------------------------------------------------------------------
viii Total Interest Collections $ 75,269,960.14 $ 90,739,345.23 $ 19,675,446.75
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (2,677,336.29) $ (3,293,910.82) $ (1,407,772.50)
ii Capitalized Interest 25,412,984.48 27,095,878.68 15,912,737.55
-----------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 22,735,648.19 $ 23,801,967.86 $ 14,504,965.05
-----------------------------------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 98,005,608.33 $ 114,541,313.09 $ 34,180,411.80
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 1,035,285,864.26 $ 1,207,834,554.65 $ 1,429,671,216.95
--------------------------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 12,585,073.13 $ 14,614,638.32 $ 15,760,176.45
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,047,870,937.39 $ 1,222,449,192.97 $ 1,445,431,393.40
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 2,619,677.34 $ 3,197,361.80 $ 3,752,958.00
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 1,050,490,614.73 $ 1,225,646,554.77 $ 1,449,184,351.40
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
--------------------------------------------------------------------------------
XI. 1997-4 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%
Apr-00 $ 847,794,786 3.79%
Jul-00 $ 814,237,159 3.36%
* "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.
--------------------------------------------------------------------------------
<PAGE>
SLM STUDENT LOAN TRUST 1997-1
QUARTERLY SERVICING REPORT
REPORT DATE: 6/30/2000 REPORTING PERIOD: 4/1/00-6/30/00
--------------------------------------------------------------------------------
I. DEAL PARAMETERS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
STUDENT LOAN PORTFOLIO CHARACTERISTICS 3/31/2000 ACTIVITY 6/30/2000
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 1,331,557,527.29 $ (43,493,689.19) $ 1,288,063,838.10
ii Interest to be Capitalized 10,140,513.79 8,390,471.44
-------------------- -------------------
iii Total Pool $ 1,341,698,041.08 $ 1,296,454,309.54
iv Specified Reserve Account Balance 3,354,245.10 3,241,135.77
-------------------- -------------------
v TOTAL ADJUSTED POOL $ 1,345,052,286.18 $ 1,299,695,445.31
==================== ===================
B i Weighted Average Coupon (WAC) 7.7324% 7.7354%
ii Weighted Average Remaining Term 97.00 95.39
iii Number of Loans 487,425 475,065
iv Number of Borrowers 202,306 196,297
-------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
NOTES AND CERTIFICATES SPREAD BALANCE 4/25/00 % OF POOL BALANCE 7/25/00 % OF POOL
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAK2 0.46% $ 485,852,286.18 36.121% $ 440,495,445.31 33.893%
ii A-2 Notes 78442GAL0 0.57% 787,400,000.00 58.541% 787,400,000.00 60.583%
iii Certificates 78442GAM8 0.85% 71,800,000.00 5.338% 71,800,000.00 5.524%
------------------------------------------------------------------------------------------------------------------------
iv TOTAL NOTES AND CERTIFICATES $1,345,052,286.18 100.000% $1,299,695,445.31 100.000%
========================================================================================================================
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
RESERVE ACCOUNT 4/25/2000 7/25/2000
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 3,354,245.10 $ 3,241,135.77
iv Reserve Account Floor Balance ($) $ 2,004,092.00 $ 2,004,092.00
v Current Reserve Acct Balance ($) $ 3,354,245.10 $ 3,241,135.77
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
II. 1997-1 TRANSACTIONS FROM: 4/1/2000 THROUGH: 6/30/2000
-----------------------------------------------------------------------------------------------------
A STUDENT LOAN PRINCIPAL ACTIVITY
<S> <C>
i Regular Principal Collections $ 39,651,144.30
ii Principal Collections from Guarantor 6,233,061.51
iii Principal Reimbursements 5,870,181.62
iv Other System Adjustments 0.00
------------------
v TOTAL PRINCIPAL COLLECTIONS $ 51,754,387.43
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 920,671.64
ii Capitalized Interest (9,181,369.88)
------------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (8,260,698.24)
-------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 43,493,689.19
-------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 14,884,348.85
ii Interest Claims Received from Guarantors 422,806.09
iii Late Fee Reimbursements 353,135.08
iv Interest Reimbursements 83,178.93
v Other System Adjustments 0.00
vi Special Allowance Payments 3,457,737.68
vii Subsidy Payments 3,183,034.71
------------------
viii TOTAL INTEREST COLLECTIONS $ 22,384,241.34
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment $ (824,139.48)
ii Capitalized Interest 9,181,369.88
------------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 8,357,230.40
-------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 30,741,471.74
-------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
III. 1997-1 COLLECTION ACCOUNT ACTIVITY 4/1/2000 THROUGH 6/30/2000
-------------------------------------------------------------------------------------------------------------------
A PRINCIPAL COLLECTIONS
<S> <C>
i Principal Payments Received-Cash $ 45,884,205.81
ii Cash Forwarded by Administrator on behalf of Seller 77,871.87
iii Cash Forwarded by Administrator on behalf of Servicer (2,352.57)
iv Cash Forwarded by Administrator for Consolidation Activity 5,794,662.32
-------------------
v TOTAL PRINCIPAL COLLECTIONS $ 51,754,387.43
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 21,947,927.33
ii Cash Forwarded by Administrator on behalf of Seller 8,088.72
iii Cash Forwarded by Administrator on behalf of Servicer 1,955.03
iv Cash Forwarded by Administrator for Consolidation Activity 73,135.18
v Cash Forwarded by Administrator for Late Fee Activity 353,135.08
-------------------
vi TOTAL INTEREST COLLECTIONS $ 22,384,241.34
C OTHER REIMBURSEMENTS $ 262,721.36
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 615,739.31
E RETURN FUNDS BORROWED FOR PREVIOUS DISTRIBUTION $ -
F TOTAL FUNDS RECEIVED $ 75,017,089.44
(LESS: SERVICING FEES PREVIOUSLY REMITTED) $ (1,747,188.52)
---------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 73,269,900.92
---------------------------------------------------------------------------------------------
G SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $ 860,956.18
ii Percentage of Principal Calculation $ 1,246,568.68
iii Lesser of Unit or Principal Calculation $ 860,956.18
H SERVICING FEES DUE FOR CURRENT PERIOD $ 860,956.18
I CARRYOVER SERVICING FEES DUE $ 1,176,628.40
APR 2000 Servicing Carryover $398,067.92
MAY 2000 Servicing Carryover $392,550.44
JUN 2000 Servicing Carryover $385,612.50
----------------
$ 1,176,230.86
LESS: Servicing ADJ [A iii + B iii] $397.54
----------------
TOTAL: CARRYOVER SERVICING FEE DUE $ 1,176,628.40
================
J ADMINISTRATION FEES DUE $ 20,000.00
---------------------------------------------------------------------------------------------
K TOTAL FEES DUE FOR PERIOD $ 2,057,584.58
---------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
--------------------------------------------------------------------------------
IV. 1997-1 PORTFOLIO CHARACTERISTICS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
WEIGHTED AVG COUPON # OF LOANS % PRINCIPAL AMOUNT
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
STATUS 3/31/2000 6/30/2000 3/31/2000 6/30/2000 3/31/2000 6/30/2000 3/31/2000
------------------------------------------------------------------------------------------------------------------------------------
INTERIM:
IN SCHOOL
<S> <C> <C> <C> <C> <C> <C> <C>
Current 7.495% 7.501% 15,259 10,595 3.131% 2.230% $ 45,453,596.03
GRACE
Current 7.458% 7.478% 4,152 5,941 0.852% 1.251% $ 12,085,779.91
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.487% 7.493% 19,411 16,536 3.982% 3.481% $ 57,539,375.94
------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 7.767% 7.766% 311,755 313,092 63.960% 65.905% $ 800,339,234.04
31-60 Days Delinquent 7.769% 7.767% 16,630 18,380 3.412% 3.869% $ 45,923,279.90
61-90 Days Delinquent 7.760% 7.764% 9,258 9,564 1.899% 2.013% $ 25,995,610.04
91-120 Days Delinquent 7.758% 7.757% 4,285 4,838 0.879% 1.018% $ 12,394,960.50
> 120 Days Delinquent 7.758% 7.756% 7,670 7,427 1.574% 1.563% $ 21,323,323.63
DEFERMENT
Current 7.597% 7.596% 58,837 50,581 12.071% 10.647% $ 167,392,306.60
FORBEARANCE
Current 7.768% 7.767% 58,007 53,279 11.901% 11.215% $ 196,684,707.84
------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.745% 7.746% 466,442 457,161 95.695% 96.230% $ 1,270,053,422.55 $
------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 7.754% 7.763% 1547 1,338 0.317% 0.282% $ 3,911,027.53
Aged Claims Rejected (2) 7.772% 7.730% 25 30 0.005% 0.006% $ 53,701.27
------------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.732% 7.735% 487,425 475,065 100.000% 100.000% $ 1,331,557,527.29
------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------
PRINCIPAL AMOUNT %
----------------------------------------------------------------------------
----------------------------------------------------------------------------
STATUS 6/30/2000 3/31/2000 6/30/2000
----------------------------------------------------------------------------
INTERIM:
IN SCHOOL
<S> <C> <C> <C>
Current $ 31,902,355.54 3.414% 2.477%
GRACE
Current $ 17,485,752.87 0.908% 1.358%
----------------------------------------------------------------------------
TOTAL INTERIM $ 49,388,108.41 4.322% 3.835%
----------------------------------------------------------------------------
REPAYMENT
Active
Current $ 796,882,192.50 60.105% 61.866%
31-60 Days Delinquent $ 50,183,270.00 3.449% 3.896%
61-90 Days Delinquent $ 26,675,250.09 1.952% 2.071%
91-120 Days Delinquent $ 13,412,829.78 0.931% 1.041%
> 120 Days Delinquent $ 20,613,124.79 1.601% 1.600%
DEFERMENT
Current $ 144,760,743.38 12.571% 11.239%
FORBEARANCE
Current $ 182,618,300.57 14.771% 14.178%
----------------------------------------------------------------------------
TOTAL REPAYMENT $ 1,235,145,711.11 95.380% 95.891%
----------------------------------------------------------------------------
Claims in Process (1) $ 3,458,973.21 0.294% 0.268%
Aged Claims Rejected (2) $ 71,045.37 0.004% 0.006%
----------------------------------------------------------------------------
GRAND TOTAL $ 1,288,063,838.10 100.000% 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 6/30/00
--------------------------------------------------------------------------------
<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 1.576% 0.388% 0.000% 0.000% 0.241% 0.085% 0.000% 0.000%
Grace
Current 0.879% 0.229% 0.000% 0.000% 0.136% 0.040% 0.000% 0.000%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 2.455% 0.617% 0.000% 0.000% 0.377% 0.125% 0.000% 0.000%
------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 33.197% 10.348% 3.174% 1.986% 3.829% 1.459% 0.169% 0.229%
31-60 Days Delinquent 1.717% 0.507% 0.176% 0.139% 0.392% 0.129% 0.010% 0.025%
61-90 Days Delinquent 0.835% 0.259% 0.083% 0.070% 0.228% 0.077% 0.006% 0.010%
91-120 Days Delinquent 0.415% 0.114% 0.038% 0.029% 0.130% 0.047% 0.002% 0.008%
> 120 Days Delinquent 0.655% 0.187% 0.028% 0.050% 0.200% 0.065% 0.001% 0.009%
Deferment
Current 6.421% 1.732% 0.138% 0.492% 0.839% 0.290% 0.008% 0.060%
Forbearance
Current 6.504% 2.184% 0.371% 0.728% 1.222% 0.449% 0.018% 0.088%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 49.744% 15.331% 4.008% 3.494% 6.840% 2.516% 0.214% 0.429%
------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.098% 0.024% 0.008% 0.013% 0.033% 0.011% 0.001% 0.000%
Aged Claims Rejected (2) 0.003% 0.000% 0.000% 0.000% 0.002% 0.000% 0.000% 0.000%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 52.300% 15.972% 4.016% 3.507% 7.252% 2.652% 0.215% 0.429%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 75.795% 10.548%
------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
---------------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
STATUS
INTERIM:
In School
Current 0.043% 0.028% 0.000% 0.000% 0.061% 0.055% 0.000% 0.000%
Grace
Current 0.021% 0.015% 0.000% 0.000% 0.020% 0.018% 0.000% 0.000%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.064% 0.043% 0.000% 0.000% 0.081% 0.073% 0.000% 0.000%
------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 3.497% 2.280% 0.681% 0.589% 0.228% 0.153% 0.011% 0.036%
31-60 Days Delinquent 0.408% 0.260% 0.035% 0.064% 0.015% 0.015% 0.000% 0.004%
61-90 Days Delinquent 0.265% 0.170% 0.019% 0.036% 0.007% 0.005% 0.001% 0.000%
91-120 Days Delinquent 0.138% 0.092% 0.005% 0.018% 0.002% 0.003% 0.000% 0.000%
> 120 Days Delinquent 0.221% 0.142% 0.008% 0.032% 0.001% 0.001% 0.000% 0.000%
Deferment
Current 0.476% 0.277% 0.009% 0.083% 0.189% 0.174% 0.001% 0.050%
Forbearance
Current 1.182% 0.765% 0.060% 0.193% 0.177% 0.196% 0.001% 0.040%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 6.187% 3.986% 0.817% 1.015% 0.619% 0.547% 0.014% 0.130%
------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.042% 0.027% 0.001% 0.004% 0.003% 0.003% 0.000% 0.000%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 6.294% 4.056% 0.818% 1.019% 0.703% 0.623% 0.014% 0.130%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 12.187% 1.470%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
INTERIM:
<S> <C> <C> <C> <C> <C>
IN SCHOOL
Current 1.964% 0.326% 0.071% 0.116% 2.477%
GRACE
Current 1.108% 0.176% 0.036% 0.038% 1.358%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 3.072% 0.502% 0.107% 0.154% 3.835%
------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
ACTIVE
Current 48.705% 5.686% 7.047% 0.428% 61.866%
31-60 Days Delinquent 2.539% 0.556% 0.767% 0.034% 3.896%
61-90 Days Delinquent 1.247% 0.321% 0.490% 0.013% 2.071%
91-120 Days Delinquent 0.596% 0.187% 0.253% 0.005% 1.041%
> 120 Days Delinquent 0.920% 0.275% 0.403% 0.002% 1.600%
DEFERMENT
Current 8.783% 1.197% 0.845% 0.414% 11.239%
FORBEARANCE
Current 9.787% 1.777% 2.200% 0.414% 14.178%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 72.577% 9.999% 12.005% 1.310% 95.891%
------------------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.143% 0.045% 0.074% 0.006% 0.268%
AGED CLAIMS REJECTED (2) 0.003% 0.002% 0.001% 0.000% 0.006%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 75.795% 10.548% 12.187% 1.470% 100.000%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
VI. 1997-1 Interest Calculation
----------------------------------------------------------------------------------------------------------------
<S> <C>
A Borrower Interest Accrued During Collection Period $ 22,444,234.33
B Interest Subsidy Payments Accrued During Collection Period 3,017,409.33
C SAP Payments Accrued During Collection Period 4,022,426.81
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 65,367.89
E Investment Earnings (ADMINISTRATOR ACT) 615,739.31
----------
F Net Expected Interest Collections $ 30,165,177.67
G Student Loan Rate
i Days in Calculation Period 91
ii Days in Year 366
iii Net Expected Interest Collections $ 30,165,177.67
iv Primary Servicing Fee $ 2,608,144.70
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,341,698,041.08
vii Student Loan Rate 8.25471%
Accrued
Int Factor Accrual Period
---------- --------------
H Class A-1 T-Bill Based Interest Rate 6.44496%
I Class A-1 Interest Rate 0.016024344 (4/25/00-7/25/00) 6.44496%
J Class A-2 T-Bill Based Interest Rate 6.55496%
K Class A-2 Interest Rate 0.016297842 (4/25/00-7/25/00) 6.55496%
L Certificate T-Bill Based Rate of Return 6.83496%
M Certificate Rate of Return 0.016994016 (4/25/00-7/25/00) 6.83496%
----------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
VII. 1997-1 Inputs From Previous Quarterly Servicing Reports 3/31/2000
------------------------------------------------------------------------------------------------------------------------------------
A Total Student Loan Pool Outstanding
<S> <C>
i Portfolio Balance $ 1,331,557,527.29
ii Interest To Be Capitalized 10,140,513.79
--------------------
iii Total Pool $ 1,341,698,041.08
iv Specified Reserve Account Balance 3,354,245.10
--------------------
v Total Adjusted Pool $ 1,345,052,286.18
====================
B Total Note and Certificate Factor 0.65637921442
C Total Note and Certificate Balance $ 1,345,052,286.18
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
D Note Balance 4/25/2000 Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor-4/25/00 0.4082792321 1.0000000000 1.0000000000
ii Expected Note Balance $ 485,852,286.18 $ 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
-----------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C>
H Reserve Account Balance $ 3,354,245.10
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
7
--------------------------------------------------------------------------------
VIII. 1997-1 Waterfall for Distributions
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
-------------
<S> <C> <C>
A Total Available Funds ( Sections III-F + VI-D ) $ 73,335,268.81 $ 73,335,268.81
B Primary Servicing Fees-Current Month $ 860,956.18 $ 72,474,312.63
C Administration Fee $ 20,000.00 $ 72,454,312.63
D Noteholder's Interest Distribution Amount
i Class A-1 $ 7,785,464.17 $ 64,668,848.46
ii Class A-2 $ 12,832,920.79 $ 51,835,927.67
----------------
iii Total Noteholder's Interest Distribution $ 20,618,384.96
E Certificateholder's Return Distribution Amount $ 1,220,170.35 $ 50,615,757.32
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 45,356,840.87 $ 5,258,916.45
ii Class A-2 $ 0.00 $ 5,258,916.45
--------------
iii Total Noteholder's Principal Distribution $ 45,356,840.87
G Certificateholder's Balance Distribution Amount $ 0.00 $ 5,258,916.45
H Increase to the Specified Reserve Account Balance $ 0.00 $ 5,258,916.45
I Carryover Servicing Fees $ 1,176,628.40 $ 4,082,288.05
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 4,082,288.05
i Class A-2 $ 0.00 $ 4,082,288.05
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 4,082,288.05
L Excess to Reserve Account $ 4,082,288.05 $ 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 $ 7,785,464.17 $ 12,832,920.79 $ 1,220,170.35
ii Quarterly Interest Paid 7,785,464.17 12,832,920.79 1,220,170.35
------------- -------------- ------------
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 $ 45,356,840.87 $ 0.00 $ 0.00
viiiQuarterly Principal Paid 45,356,840.87 0.00 0.00
-------------- ----- ----
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 53,142,305.04 $ 12,832,920.79 $ 1,220,170.35
---------------------------------------------------------------------------------------------------------------
<CAPTION>
B Principal Distribution Reconciliation
<S> <C> <C>
i Notes and Certificates Principal Balance 6/30/00 $ 1,345,052,286.18
ii Adjusted Pool Balance 6/30/00 1,299,695,445.31
----------------
iii Adjusted Pool Exceeding Notes and Certificate
Balance (i-ii) $ 45,356,840.87
===================
iv Adjusted Pool Balance 3/31/00 $ 1,345,052,286.18
v Adjusted Pool Balance 6/30/00 $ 1,299,695,445.31
------------------
vi Current Principal Due (iv-v) $ 45,356,840.87
vii Principal Shortfall from Previous Collection Period $ -
-------------------
viii Principal Distribution Amount (vi + vii) $ 45,356,840.87
===================
ix Principal Distribution Amount Paid $ 45,356,840.87
x Principal Shortfall (viii - ix) $ -
C Total Principal Distribution $ 45,356,840.87
D Total Interest Distribution 21,838,555.31
-------------------
E Total Cash Distributions-Note and Certificates $ 67,195,396.18
<CAPTION>
---------------------------------------------------------------------------
F Note & Certificate Balances 4/25/2000 7/25/2000
---------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i A-1 Note Balance (78442GAK2) $ 485,852,286.18 $ 440,495,445.31
A-1 Note Pool Factor 0.4082792321 0.3701642398
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
---------------------------------------------------------------------------
<CAPTION>
G Reserve Account Reconciliation
<S> <C>
i Beginning of Period Balance $ 3,354,245.10
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 4,082,288.05
------------------
iv Total Reserve Account Balance Available $ 7,436,533.15
v Required Reserve Account Balance $ 3,241,135.77
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp $ 4,195,397.38
viii Ending Reserve Account Balance $ 3,241,135.77
-------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
--------------------------------------------------------------------------------
X. 1997-1 Historical Pool Information
<TABLE>
<CAPTION>
----------------------
1999
----------------------
--------------------------------------------------------------
4/1/00-6/30/00 1/1/00-3/31/00 1/1/99-12/31/99
------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,331,557,527.29 $ 1,375,853,985.31 $ 1,582,726,283.47
------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
<S> <C> <C> <C> <C>
i Regular Principal Collections $ 39,651,144.30 $ 39,736,781.16 $ 171,574,310.72
ii Principal Collections from Guarantor 6,233,061.51 6,479,018.81 32,223,291.35
iii Principal Reimbursements 5,870,181.62 7,018,186.63 37,181,412.81
iv Other System Adjustments - - -
--------------------------------------------------------------
v Total Principal Collections $ 51,754,387.43 $ 53,233,986.60 $ 240,979,014.88
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 920,671.64 $ 1,282,894.58 $ 4,940,054.69
ii Capitalized Interest (9,181,369.88) (10,220,423.16) (39,046,771.41)
--------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (8,260,698.24) $ (8,937,528.58) $ (34,106,716.72)
------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 43,493,689.19 $ 44,296,458.02 $ 206,872,298.16
------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 14,884,348.85 $ 15,614,533.66 $ 69,439,769.42
ii Interest Claims Received from Guarantors 422,806.09 451,546.93 2,028,957.90
iii Late Fee Reimbursements 353,135.08 389,178.05 1,450,324.16
iv Interest Reimbursements 83,178.93 72,751.89 601,288.55
v Other System Adjustments - - -
vi Special Allowance Payments 3,457,737.68 1,926,262.47 3,924,756.10
vii Subsidy Payments 3,183,034.71 3,417,569.66 15,769,394.34
--------------------------------------------------------------
viii Total Interest Collections $ 22,384,241.34 $ 21,871,842.66 $ 93,214,490.47
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (824,139.48) $ (1,158,532.49) $ (4,345,064.49)
ii Capitalized Interest 9,181,369.88 10,220,423.16 39,046,771.41
--------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 8,357,230.40 $ 9,061,890.67 $ 34,701,706.92
--------------------------------------------------------------
Total Student Loan Interest Activity $ 30,741,471.74 $ 30,933,733.33 $ 127,916,197.39
(=) Ending Student Loan Portfolio Balance $ 1,288,063,838.10 $ 1,331,557,527.29 $ 1,375,853,985.31
------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 8,390,471.44 $ 10,140,513.79 $ 11,619,381.53
------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------
(=) TOTAL POOL $ 1,296,454,309.54 $ 1,341,698,041.08 $ 1,387,473,366.84
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 3,241,135.77 $ 3,354,245.10 $ 3,468,683.42
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 1,299,695,445.31 $ 1,345,052,286.18 $ 1,390,942,050.26
------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------
1998 1997
-----------------------------------------
1/1/98-12/31/98 3/3/97-12/31/97
----------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,797,260,482.27 $ 1,978,517,233.95
----------------------------------------------------------------------------------------------
Student Loan Principal Activity
<S> <C> <C> <C>
i Regular Principal Collections $ 165,289,915.58 $ 129,333,817.00
ii Principal Collections from Guarantor 76,561,222.72 34,410,136.12
iii Principal Reimbursements 3,191,594.89 51,379,204.30
iv Other System Adjustments - 0.00
------------------------------------------
v Total Principal Collections $ 245,042,733.19 $ 215,123,157.42
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 5,343,692.85 $ 4,270,807.94
ii Capitalized Interest (35,852,227.24) (38,137,213.68)
------------------------------------------
iii Total Non-Cash Principal Activity $ (30,508,534.39) $ (33,866,405.74)
----------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 214,534,198.80 $ 181,256,751.68
----------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 78,824,426.10 $ 62,817,917.60
ii Interest Claims Received from Guarantors 4,891,191.80 2,139,081.27
iii Late Fee Reimbursements 460,956.22 8.50
iv Interest Reimbursements 94,269.90 730,911.90
v Other System Adjustments - -
vi Special Allowance Payments 1,339,624.97 1,130,628.74
vii Subsidy Payments 27,735,423.84 23,692,727.60
------------------------------------------
viii Total Interest Collections $ 113,345,892.83 $ 90,511,275.61
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (3,958,083.74) $ (3,614,584.84)
ii Capitalized Interest 35,852,227.24 38,137,213.68
------------------------------------------
iii Total Non-Cash Interest Adjustments $ 31,894,143.50 $ 34,522,628.84
------------------------------------------
Total Student Loan Interest Activity $ 145,240,036.33 $ 125,033,904.45
(=) Ending Student Loan Portfolio Balance $ 1,582,726,283.47 $ 1,797,260,482.27
----------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 17,531,654.15 $ 18,359,448.41
----------------------------------------------------------------------------------------------
------------------------------------------
(=) TOTAL POOL $ 1,600,257,937.62 $ 1,815,619,930.68
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 4,000,644.84 $ 4,707,408.93
----------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 1,604,258,582.46 $ 1,820,327,339.61
----------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
</TABLE>
--------------------------------------------------------------------------------
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 $ 1,476,018,238 6.13%
Oct-99 $ 1,429,965,154 5.77%
Jan-00 $ 1,387,473,367 5.38%
Apr-00 $ 1,341,698,041 5.09%
Jul-00 $ 1,296,454,310 4.820%
* "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.
--------------------------------------------------------------------------------
<PAGE>
SLM Student Loan Trust 1997-2
Quarterly Servicing Report
Report Date: 6/30/2000 Reporting Period:4/1/00-6/30/00
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 3/31/2000 Activity 6/30/2000
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 1,565,372,870.47 $ (62,225,697.28) $ 1,503,147,173.19
ii Interest to be Capitalized 10,435,518.99 8,997,930.22
------------------------ --------------------------
iii Total Pool $ 1,575,808,389.46 $ 1,512,145,103.41
iv Specified Reserve Account Balance 3,939,520.97 3,780,362.76
------------------------ --------------------------
v Total Adjusted Pool $ 1,579,747,910.43 $ 1,515,925,466.17
======================== ==========================
B i Weighted Average Coupon (WAC) 7.7543% 7.7564%
ii Weighted Average Remaining Term 90.08 88.57
iii Number of Loans 598,298 578,379
iv Number of Borrowers 247,847 238,588
----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 4/25/00 % of Pool Balance 7/25/00 % of Pool
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAN6 0.54% $ 684,297,910.43 43.317% $ 620,475,466.17 40.930%
ii A-2 Notes 78442GAP1 0.60% 808,000,000.00 51.147% 808,000,000.00 53.301%
iii Certificates 78442GAQ9 0.83% 87,450,000.00 5.536% 87,450,000.00 5.769%
----------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 1,579,747,910.43 100.000% $1,515,925,466.17 100.000%
===========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
Reserve Account 4/25/2000 7/25/2000
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 3,939,520.97 $ 3,780,362.76
iv Reserve Account Floor Balance ($) $ 2,441,522.00 $ 2,441,522.00
v Current Reserve Acct Balance ($) $ 3,939,520.97 $ 3,780,362.76
----------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
II. 1997-2 Transactions from: 4/1/2000 through: 6/30/2000
------------------------------------------------------------------------------------------------------------------------------------
A Student Loan Principal Activity
<S> <C> <C>
i Regular Principal Collections $ 57,669,543.18
ii Principal Collections from Guarantor 5,817,847.95
iii Principal Reimbursements 6,914,707.83
iv Other System Adjustments 0.00
v Total Principal Collections $ 70,402,098.96
-----------------
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 803,166.24
ii Capitalized Interest (8,979,567.92)
-----------------
iii Total Non-Cash Principal Activity $ (8,176,401.68)
----------------------------------------------------------------------------------
C Total Student Loan Principal Activity $ 62,225,697.28
----------------------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 19,397,702.07
ii Interest Claims Received from Guarantors 396,185.20
iii Late Fee Reimbursements 483,073.81
iv Interest Reimbursements 104,259.75
v Other System Adjustments 0.00
vi Special Allowance Payments 3,969,545.81
vii Subsidy Payments 2,908,583.93
-----------------
viii Total Interest Collections $ 27,259,350.57
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (731,403.67)
ii Capitalized Interest 8,979,567.92
-----------------
iii Total Non-Cash Interest Adjustments $ 8,248,164.25
----------------------------------------------------------------------------------
F Total Student Loan Interest Activity $ 35,507,514.82
----------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
III. 1997-2 Collection Account Activity 4/1/2000 through 6/30/2000
------------------------------------------------------------------------------------------------------------------------------------
A Principal Collections
<S> <C> <C>
i Principal Payments Received-Cash $ 63,487,391.13
ii Cash Forwarded by Administrator on behalf of Seller 89,123.99
iii Cash Forwarded by Administrator on behalf of Servicer (514.39)
iv Cash Forwarded by Administrator for Consolidation
Activity 6,826,098.23
-----------------
v Total Principal Collections $ 70,402,098.96
B Interest Collections
i Interest Payments Received-Cash $ 26,672,017.01
ii Cash Forwarded by Administrator on behalf of Seller 4,517.53
iii Cash Forwarded by Administrator on behalf of Servicer 5,982.57
iv Cash Forwarded by Administrator for Consolidation Activity 93,759.65
v Cash Forwarded by Administrator for Late Fee Activity 483,073.81
-----------------
vi Total Interest Collections $ 27,259,350.57
C Other Reimbursements $ 413,724.65
D Administrator Account Investment Income $ 810,679.57
E Return funds borrowed for previous distribution $ -
F TOTAL FUNDS RECEIVED $ 98,885,853.75
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($3,033,009.54)
-----------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 95,852,844.21
-----------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $1,051,047.00
ii Percentage of Principal Calculation $1,484,587.06
iii Lesser of Unit or Principal Calculation $1,051,047.00
H Servicing Fees Due for Current Period $1,484,587.06
I Carryover Servicing Fees Due (1) $0.00
APR 2000 Servicing Carryover $0.00
MAY 2000 Servicing Carryover $0.00
JUN 2000 Servicing Carryover $0.00
------------
TOTAL: Carryover Servicing Fee Due $0.00
============
Less: Servicing ADJ [A iii + B iii] ($5,468.18)
J Administration Fees Due $ 20,000.00
-----------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,499,118.88
-----------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
IV. 1997-2 Portfolio Characteristics
------------------------------------------------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
------------------------------------------------------------------------------------------------------------------------------------
STATUS 3/31/2000 6/30/2000 3/31/2000 6/30/2000 3/31/2000 6/30/2000
------------------------------------------------------------------------------------------------------------------------------------
INTERIM:
<S> <C> <C> <C> <C> <C> <C>
In School
Current 7.259% 7.286% 11,256 7,203 1.881% 1.245%
Grace
Current 7.260% 7.234% 2,619 4,657 0.438% 0.805%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.259% 7.264% 13,875 11,860 2.319% 2.050%
------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 7.802% 7.799% 423,093 416,498 70.716% 72.011%
31-60 Days Delinquent 7.803% 7.801% 20,580 21,935 3.440% 3.792%
61-90 Days Delinquent 7.792% 7.788% 9,754 10,374 1.630% 1.794%
91-120 Days Delinquent 7.771% 7.771% 4,230 4,863 0.707% 0.841%
> 120 Days Delinquent 7.774% 7.771% 8,274 7,159 1.383% 1.238%
Deferment
Current 7.569% 7.565% 60,623 52,038 10.133% 8.997%
Forbearance
Current 7.780% 7.779% 56,438 52,272 9.433% 9.038%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.771% 7.771% 582,992 565,139 97.442% 97.711%
------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 7.784% 7.783% 1419 1,371 0.237% 0.237%
Aged Claims Rejected (2) 7.806% 7.720% 12 9 0.002% 0.002%
------------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.754% 7.756% 598,298 578,379 100.000% 100.000%
------------------------------------------------------------------------------------------------------------------------------------
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
IV. 1997-2 Portfolio Characteristics
------------------------------------------------------------------------------------------------------------------------------------
Principal Amount %
------------------------------------------------------------------------------------------------------------------------------------
STATUS 3/31/2000 6/30/2000 3/31/2000 6/30/2000
------------------------------------------------------------------------------------------------------------------------------------
INTERIM:
<S> <C> <C> <C> <C>
In School
Current $ 37,400,085.20 $ 22,558,606.44 2.389% 1.501%
Grace
Current $ 8,417,596.66 $ 16,612,308.08 0.538% 1.105%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 45,817,681.86 $ 39,170,914.52 2.927% 2.606%
------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 1,020,440,916.08 $ 1,000,636,342.92 65.188% 66.570%
31-60 Days Delinquent $ 53,345,036.38 $ 55,755,015.12 3.408% 3.709%
61-90 Days Delinquent $ 26,866,491.71 $ 28,064,326.51 1.716% 1.867%
91-120 Days Delinquent $ 11,802,636.21 $ 12,900,742.47 0.754% 0.858%
> 120 Days Delinquent $ 22,897,161.01 $ 19,266,316.21 1.463% 1.282%
Deferment
Current $ 177,451,975.03 $ 153,896,590.73 11.336% 10.238%
Forbearance
Current $ 203,289,894.77 $ 189,753,714.98 12.987% 12.624%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 1,516,094,111.19 $ 1,460,273,048.94 96.852% 97.148%
------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 3,429,193.13 $ 3,682,321.78 0.219% 0.245%
Aged Claims Rejected (2) $ 31,884.29 $ 20,887.95 0.002% 0.001%
------------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 1,565,372,870.47 $ 1,503,147,173.19 100.000% 100.000%
------------------------------------------------------------------------------------------------------------------------------------
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
V. 1997-2 Portfolio Characteristics by School and Program 6/30/00
-------------------------------------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS WN
-----------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS LS
-------------------------------------------------------------------------------------------------------------------------
STATUS
----------------------------------
INTERIM:
<S> <C> <C> <C> <C> <C> <C> <C> <C>
In School
Current 0.899% 0.398% 0.000% 0.000% 0.104% 0.041% 0.000% 0.000%
Grace
Current 0.651% 0.344% 0.000% 0.000% 0.060% 0.024% 0.000% 0.000%
-------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 1.550% 0.742% 0.000% 0.000% 0.164% 0.065% 0.000% 0.000%
-------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 33.314% 9.989% 9.423% 2.110% 3.260% 1.001% 0.422% 0.211%
31-60 Days Delinquent 1.597% 0.396% 0.458% 0.136% 0.307% 0.088% 0.026% 0.016%
61-90 Days Delinquent 0.776% 0.215% 0.165% 0.057% 0.186% 0.056% 0.005% 0.013%
91-120 Days Delinquent 0.356% 0.097% 0.046% 0.023% 0.087% 0.024% 0.003% 0.004%
> 120 Days Delinquent 0.501% 0.171% 0.064% 0.035% 0.144% 0.043% 0.003% 0.011%
Deferment
Current 5.777% 1.989% 0.260% 0.438% 0.660% 0.187% 0.008% 0.048%
Forbearance
Current 5.553% 2.362% 0.925% 0.643% 0.861% 0.283% 0.034% 0.059%
-------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 47.874% 15.219% 11.341% 3.442% 5.505% 1.682% 0.501% 0.362%
-------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.083% 0.020% 0.018% 0.011% 0.031% 0.006% 0.000% 0.001%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
-------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 49.508% 15.981% 11.359% 3.453% 5.700% 1.753% 0.501% 0.363%
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.301% 8.317%
-------------------------------------------------------------------------------------------------------------------------
</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>
------------------------------------------------------------------------------------------------------------------------
V. 1997-2 Portfolio Characteristics by School and Program 6/30/00
------------------------------------------------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
-------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
------------------------------------------------------------------------------------------------------------------------
STATUS
----------------------------------
INTERIM:
<S> <C> <C> <C> <C> <C> <C> <C> <C>
In School
Current 0.017% 0.015% 0.000% 0.000% 0.015% 0.012% 0.000% 0.000%
Grace
Current 0.009% 0.007% 0.000% 0.000% 0.005% 0.005% 0.000% 0.000%
------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 0.026% 0.022% 0.000% 0.000% 0.020% 0.017% 0.000% 0.000%
------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 3.311% 1.820% 0.787% 0.596% 0.180% 0.093% 0.020% 0.033%
31-60 Days Delinquent 0.380% 0.180% 0.049% 0.054% 0.009% 0.009% 0.000% 0.004%
61-90 Days Delinquent 0.224% 0.108% 0.020% 0.039% 0.002% 0.001% 0.000% 0.000%
91-120 Days Delinquent 0.121% 0.065% 0.011% 0.020% 0.001% 0.000% 0.000% 0.000%
> 120 Days Delinquent 0.187% 0.087% 0.008% 0.026% 0.001% 0.001% 0.000% 0.000%
Deferment
Current 0.407% 0.225% 0.008% 0.068% 0.078% 0.057% 0.000% 0.028%
Forbearance
Current 0.940% 0.507% 0.081% 0.163% 0.101% 0.076% 0.002% 0.034%
------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 5.570% 2.992% 0.964% 0.966% 0.372% 0.237% 0.022% 0.099%
------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.045% 0.022% 0.001% 0.007% 0.000% 0.000% 0.000% 0.000%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 5.641% 3.036% 0.965% 0.973% 0.392% 0.254% 0.022% 0.099%
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 10.615% 0.767%
------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1)Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2)Claims rejected (subject to cure) aged 6 months or more; also includes claims
deemed incurable pending repurchase.
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
------------------------------------------------------------------------------------------------------------------
INTERIM:
<S> <C> <C> <C> <C> <C>
In School
Current 1.297% 0.145% 0.032% 0.027% 1.501%
Grace
Current 0.995% 0.084% 0.016% 0.010% 1.105%
------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 2.292% 0.229% 0.048% 0.037% 2.606%
------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 54.836% 4.894% 6.514% 0.326% 66.570%
31-60 Days Delinquent 2.587% 0.437% 0.663% 0.022% 3.709%
61-90 Days Delinquent 1.213% 0.260% 0.391% 0.003% 1.867%
91-120 Days Delinquent 0.522% 0.118% 0.217% 0.001% 0.858%
> 120 Days Delinquent 0.771% 0.201% 0.308% 0.002% 1.282%
Deferment
Current 8.464% 0.903% 0.708% 0.163% 10.238%
Forbearance
Current 9.483% 1.237% 1.691% 0.213% 12.624%
------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 77.876% 8.050% 10.492% 0.730% 97.148%
------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.132% 0.038% 0.075% 0.000% 0.245%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.001%
------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 80.301% 8.317% 10.615% 0.767% 100.000%
==================================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
VI. 1997-2 Interest Calculation
------------------------------------------------------------------------------------------------------------------
<S> <C>
A Borrower Interest Accrued During Collection Period $ 26,420,028.15
B Interest Subsidy Payments Accrued During Collection Period 2,765,573.48
C SAP Payments Accrued During Collection Period 4,602,700.35
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 79,019.16
E Investment Earnings (ADMINISTRATORACT) 810,679.57
-----------------
F Net Expected Interest Collections $ 34,678,000.71
G Student Loan Rate
i Days in Calculation Period 91
ii Days in Year 366
iii Net Expected Interest Collections $ 34,678,000.71
iv Primary Servicing Fee $ 4,517,596.60
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $1,575,808,389.46
vii Student Loan Rate 7.69282%
</TABLE>
<TABLE>
<CAPTION>
Accrued
Int Factor Accrual Period
----------
<S> <C> <C> <C> <C>
H Class A-1 T-Bill Based Interest Rate 6.52496%
I Class A-1 Interest Rate 0.016223251 (4/25/00-7/25/00) 6.52496%
J Class A-2 T-Bill Based Interest Rate 6.58496%
K Class A-2 Interest Rate 0.016372432 (4/25/00-7/25/00) 6.58496%
L Certificate T-Bill Based Rate of Return 6.81496%
M Certificate Rate of Return 0.016944290 (4/25/00-7/25/00) 6.81496%
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
VII. 1997-2 Inputs From Previous Quarterly Servicing Reports 3/31/2000
------------------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,565,372,870.47
ii Interest To Be Capitalized 10,435,518.99
------------------
iii Total Pool $ 1,575,808,389.46
iv Specified Reserve Account Balance 3,939,520.97
------------------
v Total Adjusted Pool $ 1,579,747,910.43
==================
B Total Note and Certificate Factor 0.63279773696
C Total Note and Certificate Balance $ 1,579,747,910.43
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
D Note Balance 4/25/2000 Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i Current Factor-4/25/00 0.4274190571 1.0000000000 1.0000000000
ii Expected Note Balance $ 684,297,910.43 $808,000,000.00 $87,450,000.00
E Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------------------------------
H Reserve Account Balance $ 3,939,520.97
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
VIII. 1997-2 Waterfall for Distributions
------------------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<S> <C> <C> <C>
A Total Available Funds (Sections III-F+VI-D) $ 95,931,863.37 $ 95,931,863.37
B Primary Servicing Fees-Current Month $ 1,479,118.88 $ 94,452,744.49
C Administration Fee $ 20,000.00 $ 94,432,744.49
D Noteholder's Interest Distribution Amount
i Class A-1 $ 11,101,536.76 $ 83,331,207.73
ii Class A-2 $ 13,228,925.06 $ 70,102,282.67
---------------
iii Total Noteholder's Interest Distribution $ 24,330,461.82
E Certificateholder's Return Distribution Amount $ 1,481,778.16 $ 68,620,504.51
F Noteholder's Principal Distribution Amount
i Class A-1 $ 63,822,444.26 $ 4,798,060.25
ii Class A-2 $ 0.00 $ 4,798,060.25
---------------
iii Total Noteholder's Principal Distribution $ 63,822,444.26
G Certificateholder's Balance Distribution Amount $ 0.00 $ 4,798,060.25
H Increase to the Specified Reserve Account Balance $ 0.00 $ 4,798,060.25
I Carryover Servicing Fees $ 0.00 $ 4,798,060.25
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 4,798,060.25
i Class A-2 $ 0.00 $ 4,798,060.25
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 4,798,060.25
L Excess to Reserve Account $ 4,798,060.25 $0.00
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
IX. 1997-2 Distributions
------------------------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
<S> <C> <C> <C>
i Quarterly Interest Due $ 11,101,536.76 $13,228,925.06 $1,481,778.16
ii Quarterly Interest Paid 11,101,536.76 13,228,925.06 1,481,778.16
------------------ -------------- --------------
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 $ 63,822,444.26 $ 0.00 $ 0.00
viii Quarterly Principal Paid 63,822,444.26 0.00 0.00
------------------ ---- -----
ix Quarterly Principal Shortfall $ (0.00) $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 74,923,981.02 $13,228,925.06 $1,481,778.16
---------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
B Principal Distribution Reconciliation
<S> <C>
i Notes and Certificates Principal
Balance 6/30/00 $ 1,579,747,910.43
ii Adjusted Pool Balance 6/30/00 1,515,925,466.17
----------------
iii Adjusted Pool Exceeding Notes and
Certificate Balance (i-ii) $ 63,822,444.26
iv Adjusted Pool Balance 3/31/00 $ 1,579,747,910.43
v Adjusted Pool Balance 6/30/00 $ 1,515,925,466.17
vi Current Principal Due (iv-v) $ 63,822,444.26
vii Principal Shortfall from Previous
Collection Period $ -
------------------
viii Principal Distribution Amount (vi + vii) $ 63,822,444.26
==================
ix Principal Distribution Amount Paid $ 63,822,444.26
x Principal Shortfall (viii - ix) $ -
C Total Principal Distribution $ 63,822,444.26
D Total Interest Distribution 25,812,239.98
-------------
E Total Cash Distributions-Note and
Certificates $ 89,634,684.24
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------
F Note & Certificate Balances 4/25/2000 7/25/2000
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i A-1 Note Balance (78442GAN6) $ 684,297,910.43 $ 620,475,466.17
A-1 Note Pool Factor 0.4274190571 0.3875549445
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
-----------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
G Reserve Account Reconciliation
<S> <C>
i Beginning of Period Balance $ 3,939,520.97
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 4,798,060.25
----------------
iv Total Reserve Account Balance Available $ 8,737,581.22
v Required Reserve Account Balance $ 3,780,362.76
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp. $ 4,957,218.46
viii Ending Reserve Account Balance $ 3,780,362.76
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
X. 1997-2 Historical Pool Information
------------------------------------------------------------------------------------------------------------------------------------
--------------------
1999
---------------------------------------------------------------
4/1/00-6/30/00 1/1/00-3/31/00 1/1/99-12/31/99
<S> <C> <C> <C>
----------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,565,372,870.47 $1,629,527,099.04 $ 1,917,283,858.04
----------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 57,669,543.18 $ 58,903,265.45 $ 253,154,260.33
ii Principal Collections from Guarantor 5,817,847.95 6,433,729.63 32,047,542.59
iii Principal Reimbursements 6,914,707.83 7,614,922.41 37,640,816.98
iv Other System Adjustments - - -
---------------------------------------------------------------
v Total Principal Collections $ 70,402,098.96 $ 72,951,917.49 $ 322,842,619.90
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 803,166.24 $ 1,182,656.34 $ 4,811,498.35
ii Capitalized Interest (8,979,567.92) (9,980,345.26) (39,897,359.25)
---------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (8,176,401.68) $ (8,797,688.92) $ (35,085,860.90)
----------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 62,225,697.28 $ 64,154,228.57 $ 287,756,759.00
----------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 19,397,702.07 $ 20,483,301.75 $ 93,819,649.56
ii Interest Claims Received from Guarantors 396,185.20 426,608.48 1,947,639.88
iii Late Fee Reimbursements 483,073.81 531,230.78 2,083,899.66
iv Interest Reimbursements 104,259.75 96,944.77 553,759.18
v Other System Adjustments - - -
vi Special Allowance Payments 3,969,545.81 2,189,959.44 3,683,428.87
vii Subsidy Payments 2,908,583.93 3,184,383.27 14,399,679.79
---------------------------------------------------------------
viii Total Interest Collections $ 27,259,350.57 $ 26,912,428.49 $ 116,488,056.94
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (731,403.67) $ (1,066,684.99) $ (4,230,851.79)
ii Capitalized Interest 8,979,567.92 9,980,345.26 39,897,359.25
---------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 8,248,164.25 $ 8,913,660.27 $ 35,666,507.46
---------------------------------------------------------------
Total Student Loan Interest Activity $ 35,507,514.82 $ 35,826,088.76 $ 152,154,564.40
(=) Ending Student Loan Portfolio Balance $ 1,503,147,173.19 $1,565,372,870.47 $ 1,629,527,099.04
----------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 8,997,930.22 $ 10,435,518.99 $ 11,573,794.32
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,512,145,103.41 $1,575,808,389.46 $ 1,641,100,893.36
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 3,780,362.76 $ 3,939,520.97 $ 4,102,752.23
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 1,515,925,466.17 $1,579,747,910.43 $ 1,645,203,645.59
----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
------------------------------------------------------------------------------------------------------------------------------------
X. 1997-2 Historical Pool Information (continued)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------
1998 1997
------------------------------------------------
<S> <C> <C>
1/1/98-12/31/98 6/2/97-12/31/97
----------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 2,233,565,975.40 $2,417,769,037.18
----------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 264,350,558.07 $ 154,030,100.79
ii Principal Collections from Guarantor 77,923,962.28 16,025,808.39
iii Principal Reimbursements 2,789,773.15 39,285,454.89
iv Other System Adjustments - -
v Total Principal Collections $ 345,064,293.50 $ 209,341,364.07
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 5,168,111.55 $ 2,950,257.67
ii Capitalized Interest (33,950,287.69) (28,088,559.96)
iii Total Non-Cash Principal Activity $ (28,782,176.14) $ (25,138,302.29)
----------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 316,282,117.36 $ 184,203,061.78
----------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 115,485,649.82 $ 73,570,233.66
ii Interest Claims Received from Guarantors 5,010,138.66 942,409.55
iii Late Fee Reimbursements 652,960.74 -
iv Interest Reimbursements 90,862.70 603,909.65
v Other System Adjustments - -
vi Special Allowance Payments 1,844,250.34 856,056.99
vii Subsidy Payments 22,372,421.48 9,250,855.29
viii Total Interest Collections $145,456,283.74 $ 85,223,465.14
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (3,770,021.88) $ (2,673,876.35)
ii Capitalized Interest 33,950,287.69 28,088,559.96
iii Total Non-Cash Interest Adjustments $ 30,180,265.81 $ 25,414,683.61
Total Student Loan Interest Activity $ 175,636,549.55 $ 110,638,148.75
(=) Ending Student Loan Portfolio Balance $ 1,917,283,858.04 $2,233,565,975.40
----------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 18,006,404.61 $ 16,849,041.28
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,935,290,262.65 $2,250,415,016.68
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 4,838,225.66 $ 5,847,275.49
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 1,940,128,488.31 $2,256,262,292.17
----------------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
--------------------------------------------------------------------------------
XI. 1997-2 Payment History and CPRs
--------------------------------------------------------------------------------
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%
Apr-00 $ 1,575,808,389 4.85%
Jul-00 $ 1,512,145,103 4.56%
* "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.
<PAGE>
SLM Student Loan Trust 1997-3
Quarterly Servicing Report
Report Date: 6/30/2000 Reporting Period: 4/1/00-6/30/00
<TABLE>
<CAPTION>
I. Deal Parameters
-------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 3/31/2000 Activity 6/30/2000
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>>
A i Portfolio Balance $ 1,877,858,984.50 $ (53,940,848.55) $ 1,823,918,135.95
ii Interest to be Capitalized 23,999,517.29 20,683,167.23
------------------ ------------------
iii Total Pool $ 1,901,858,501.79 $ 1,844,601,303.18
iv Specified Reserve Account Balance 4,754,646.25 4,611,503.26
------------------ ------------------
v Total Adjusted Pool $ 1,906,613,148.04 $ 1,849,212,806.44
================== ==================
B i Weighted Average Coupon (WAC) 7.7095% 7.7143%
ii Weighted Average Remaining Term 106.53 104.91
iii Number of Loans 563,981 549,978
iv Number of Borrowers 210,995 205,729
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 4/25/00 0% of Pool Balance 7/25/00 % of Pool
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GAR7 0.60% $ 787,963,148.04 41.328% $ 730,562,806.44 39.507%
ii A-2 Notes 78442GAS5 0.64% 1,028,500,000.00 53.944% 1,028,500,000.00 55.618%
iii Certificates 8442GAT3 0.83% 90,150,000.00 4.728% 90,150,000.00 4.875%
---------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $ 1,906,613,148.04 100.000% $1,849,212,806.44 100.000%
=========================================================================================================
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------
Reserve Account 4/25/2000 7/25/2000
--------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 4,754,646.25 $ 4,611,503.26
iv Reserve Account Floor Balance ($) $ 2,503,690.00 $ 2,503,690.00
v Current Reserve Acct Balance ($) $ 4,754,646.25 $ 4,611,503.26
--------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------
II. 1997-3 Transactions from: 4/1/2000 through: 6/30/2000
------------------------------------------------------------------
A Student Loan Principal Activity
<S> <C>
i Regular Principal Collections $ 47,914,050.45
ii Principal Collections from Guarantor 7,489,577.78
iii Principal Reimbursements 13,547,880.29
iv Other System Adjustments 0.00
----------------
v Total Principal Collections $ 68,951,508.52
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,666,999.58
ii Capitalized Interest (16,677,659.55)
----------------
iii Total Non-Cash Principal Activity $ (15,010,659.97)
----------------------------------------------------------------------
C Total Student Loan Principal Activity $ 53,940,848.55
----------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 18,485,381.52
ii Interest Claims Received from Guarantor 486,904.90
iii Late Fee Reimbursements 352,484.18
iv Interest Reimbursements 198,452.26
v Other System Adjustments 0.00
vi Special Allowance Payments 4,784,447.92
vii Subsidy Payments 4,753,331.82
-----------------
viii Total Interest Collections $ 29,061,002.60
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,543,010.45)
ii Capitalized Interest 16,677,659.55
-----------------
iii Total Non-Cash Interest Adjustments $ 15,134,649.10
----------------------------------------------------------------------
F Total Student Loan Interest Activity $ 44,195,651.70
----------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
III. 1997-3 Collection Account Activity 4/1/2000 through 6/30/2000
--------------------------------------------------------------------------
<S> <C>
A Principal Collections
i Principal Payments Received-Cash $ 55,403,628.23
ii Cash Forwarded by Administrator on behalf of Seller 70,745.51
iii Cash Forwarded by Administrator on behalf of Service 4,740.21
iv Cash Forwarded by Administrator for Consolidation 13,472,394.57
----------------
v Total Principal Collections $ 68,951,508.52
B Interest Collections
i Interest Payments Received-Cash $ 28,510,066.16
ii Cash Forwarded by Administrator on behalf of Seller 6,692.97
iii Cash Forwarded by Administrator on behalf of Servicer 6,117.29
iv Cash Forwarded by Administrator for Consolidation 185,642.00
v Cash Forwarded by Administrator for Late Fee Act 352,484.18
---------------
vi Total Interest Collections $ 29,061,002.60
C Other Reimbursements $ 281,678.25
D Administrator Account Investment Income $ 797,569.93
E Return funds borrowed for previous distribution $ -
F TOTAL FUNDS RECEIVED $ 99,091,759.30
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($2,491,493.95)
-------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 96,600,265.35
-------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 845,009.33
ii Percentage of Principal Calculation $ 1,226,282.36
iii Lesser of Unit or Principal Calculation $ 845,009.33
H Servicing Fees Due for Current Period $ 1,226,282.36
I Carryover Servicing Fees Due (1) $0.00
APR 2000 Servicing Carryover $0.00
MAY 2000 Servicing Carryover $0.00
JUN 2000 Servicing Carryover $0.00
-----
TOTAL: Carryover Servicing Fee Due $0.00
=====
Less: Servicing ADJ [A iii + B iii] ($10,857.50)
J Administration Fees Due $ 20,000.00
-------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,235,424.86
-------------------------------------------------------------------------------
(1) No Carryover Servicing Fees due before the October 2001 payment date
--------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
IV. 1997-3 Portfolio Characteristics
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans % Principal Amount %
------------------------------------------------------------------------------------------------------------------------------------
STATUS 3/31/2000 6/30/2000 3/31/2000 6/30/2000 3/31/2000 6/30/2000 3/31/2000 6/30/2000 3/31/2000 6/30/2000
------------------------------------------------------------------------------------------------------------------------------------
INTERIM:
In School
Current 7.340% 7.358% 27,570 18,676 4.888% 3.396% $ 95,604,170.64 $ 64,072,289.62 5.091% 3.513%
Grace
Current 7.349% 7.319% 7,217 10,745 1.280% 1.954% $ 23,053,207.71 $ 37,961,579.45 1.228% 2.081%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.342% 7.343% 34,787 29,421 6.168% 5.350% $ 118,657,378.35 $ 102,033,869.07 6.319% 5.594%
------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 7.772% 7.770% 331,208 336,159 58.727% 61.122% $1,021,318,559.67 $1,031,099,908.85 54.387% 56.532%
31-60 Days Delinquent 7.776% 7.771% 16,724 18,924 2.965% 3.441% $ 53,394,668.12 $ 60,097,502.52 2.843% 3.295%
61-90 Days Delinquent 7.768% 7.764% 9,167 9,661 1.625% 1.756% $ 31,471,768.11 $ 31,480,289.76 1.676% 1.726%
91-120 Days Delinquent 7.758% 7.765% 4,946 4,629 0.877% 0.842% $ 16,480,268.69 $ 14,982,618.68 0.878% 0.822%
> 120 Days Delinquent 7.756% 7.757% 8,395 7,473 1.489% 1.359% $ 27,557,142.45 $ 24,464,597.65 1.468% 1.341%
Deferment
Current 7.547% 7.541% 74,393 64,106 13.191% 11.656% $ 262,967,711.03 $ 229,502,119.24 14.004% 12.583%
Forbearance
Current 7.769% 7.768% 82,884 78,191 14.696% 14.217% $ 341,676,547.54 $ 326,038,786.32 18.195% 17.876%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.737% 7.739% 527,717 519,143 93.570% 94.393% $1,754,866,665.61 $1,717,665,823.02 93.451% 94.175%
------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 7.781% 7.766% 1459 1,406 0.259% 0.256% $ 4,288,764.60 $ 4,194,469.91 0.228% 0.230%
Aged Claims Rejected(2) 7.741% 7.760% 18 8 0.003% 0.001% $ 46,175.94 $ 23,973.95 0.002% 0.001%
------------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.710% 7.714% 563,981 549,978 100.000% 100.000% $1,877,858,984.50 $1,823,918,135.95 100.000% 100.000%
-----------------------------------------------------------------------------------------------------------------------------------
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes claims deemed incurable pending repurchase.
</TABLE>
<PAGE>
-------------------------------------------------------------------------------
V. 1997-3 Portfolio Characteristics by School and Program 6/30/00
<TABLE>
<CAPTION>
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
---------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
STATUS
INTERIM:
In School
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Current 2.076% 0.829% 0.000% 0.000% 0.221% 0.086% 0.000% 0.000%
Grace
Current 1.217% 0.589% 0.000% 0.000% 0.111% 0.047% 0.000% 0.000%
TOTAL INTERIM 3.293% 1.418% 0.000% 0.000% 0.332% 0.133% 0.000% 0.000%
REPAYMENT:
Active
Current 31.270% 11.436% 4.081% 2.609% 2.031% 0.912% 0.187% 0.149%
31-60 Days Delinquent 1.640% 0.558% 0.232% 0.143% 0.219% 0.082% 0.009% 0.015%
61-90 Days Delinquent 0.867% 0.277% 0.086% 0.078% 0.127% 0.046% 0.003% 0.008%
91-120 Days Delinquent 0.382% 0.141% 0.032% 0.041% 0.070% 0.026% 0.002% 0.005%
> 120 Days Delinquent 0.632% 0.239% 0.027% 0.070% 0.108% 0.047% 0.002% 0.009%
Deferment
Current 6.837% 2.686% 0.465% 0.907% 0.534% 0.214% 0.015% 0.063%
Forbearance
Current 8.719% 4.022% 0.655% 1.368% 0.894% 0.397% 0.033% 0.097%
TOTAL REPAYMENT 50.347% 19.359% 5.578% 5.216% 3.983% 1.724% 0.251% 0.346%
Claims in Process (1) 0.091% 0.036% 0.013% 0.015% 0.019% 0.008% 0.001% 0.001%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 53.732% 20.813% 5.591% 5.231% 4.334% 1.865% 0.252% 0.347%
TOTAL BY SCHOOL TYPE 85.367% 6.798%
---------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
TECHNICAL SCHOOLS UNKNOWN
-------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
STATUS
INTERIM:
In School
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Current 0.118% 0.098% 0.000% 0.000% 0.048% 0.037% 0.000% 0.000%
Grace
Current 0.051% 0.032% 0.000% 0.000% 0.017% 0.017% 0.000% 0.000%
TOTAL INTERIM 0.169% 0.130% 0.000% 0.000% 0.065% 0.054% 0.000% 0.000%
REPAYMENT:
Active
Current 1.789% 1.173% 0.236% 0.217% 0.236% 0.129% 0.010% 0.067%
31-60 Days Delinquent 0.209% 0.129% 0.014% 0.025% 0.008% 0.006% 0.001% 0.005%
61-90 Days Delinquent 0.116% 0.073% 0.007% 0.014% 0.010% 0.008% 0.000% 0.006%
91-120 Days Delinquent 0.066% 0.038% 0.004% 0.006% 0.005% 0.002% 0.000% 0.002%
> 120 Days Delinquent 0.107% 0.071% 0.003% 0.013% 0.006% 0.006% 0.000% 0.001%
Deferment
Current 0.324% 0.201% 0.012% 0.061% 0.125% 0.101% 0.000% 0.038%
Forbearance
Current 0.738% 0.455% 0.030% 0.118% 0.154% 0.119% 0.002% 0.075%
TOTAL REPAYMENT 3.349% 2.140% 0.306% 0.454% 0.544% 0.371% 0.013% 0.194%
Claims in Process (1) 0.024% 0.016% 0.000% 0.002% 0.002% 0.002% 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 3.542% 2.286% 0.306% 0.456% 0.611% 0.427% 0.013% 0.194%
TOTAL BY SCHOOL TYPE 6.590% 1.245%
-------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
<TABLE>
<CAPTION>
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
INTERIM:
In School
<S> <C> <C> <C> <C> <C>
Current 2.905% 0.307% 0.216% 0.085% 3.513%
Grace
Current 1.806% 0.158% 0.083% 0.034% 2.081%
TOTAL INTERIM 4.711% 0.465% 0.299% 0.119% 5.594%
REPAYMENT:
Active
Current 49.396% 3.279% 3.415% 0.442% 56.532%
31-60 Days Delinquent 2.573% 0.325% 0.377% 0.020% 3.295%
61-90 Days Delinquent 1.308% 0.184% 0.210% 0.024% 1.726%
91-120 Days Delinquent 0.596% 0.103% 0.114% 0.009% 0.822%
> 120 Days Delinquent 0.968% 0.166% 0.194% 0.013% 1.341%
Deferment
Current 10.895% 0.826% 0.598% 0.264% 12.583%
Forbearance
Current 14.764% 1.421% 1.341% 0.350% 17.876%
TOTAL REPAYMENT 80.500% 6.304% 6.249% 1.122% 94.175%
Claims in Process (1) 0.155% 0.029% 0.042% 0.004% 0.230%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.001%
TOTAL BY SCHOOL TYPE 85.367% 6.798% 6.590% 1.245% 100.000%
---------------------------------------------------------------------------------
</TABLE>
<PAGE>
-----------------------------------------------------------------------
VI. 1997-3 Interest Calculation
<TABLE>
<CAPTION>
<S> <C>
A Borrower Interest Accrued During Collection Peri $ 30,757,623.37
B Interest Subsidy Payments Accrued During Collect 4,475,649.22
C SAP Payments Accrued During Collection Period 5,703,279.48
D INV Earnings Accrued for Collection Period (RESERVE & CIKKECTUIB ACTS) 91,488.60
E Investment Earnings (ADMINISTRATOR ACT) 797,569.93
----------
F Net Expected Interest Collections $ 41,825,610.60
G Student Loan Rate
i Days in Calculation Period 91
ii Days in Year 366
iii Net Expected Interest Collections $ 41,825,610.60
iv Primary Servicing Fee $ 3,717,776.31
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,901,858,501.79
vii Student Loan Rate 8.05467%
Accrued
Int Factor Accrual Period
---------- --------------
H Class A-1 T-Bill Based Interest Rate 6.58496%
I Class A-1 Interest Rate 0.016372432 (4/25/00-7/25/00) 6.58496%
J Class A-2 T-Bill Based Interest Rate 6.62496%
K Class A-2 Interest Rate 0.016471885 (4/25/00-7/25/00) 6.62496%
L Certificate T-Bill Based Rate of Return 6.81496%
M Certificate Rate of Return 0.016944290 (4/25/00-7/25/00) 6.81496%
</TABLE>
<PAGE>
--------------------------------------------------------------------------------
VII. 1997-3 Inputs From Previous Quarterly Servicing Reports 3/31/00
<TABLE>
<CAPTION>
A Total Student Loan Pool Outstanding
<S> <C>
i Portfolio Balance $ 1,877,858,984.50
ii Interest To Be Capitalized 23,999,517.29
------------------
iii Total Pool $ 1,901,858,501.79
iv Specified Reserve Account Balance 4,754,646.25
------------------
v Total Adjusted Pool $ 1,906,613,148.04
==================
B Total Note and Certificate Factor 0.74043229050
C Total Note and Certificate Balance $ 1,906,613,148.04
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
D Note Balance 4/25/00 Class A-1 Class A-2 Certificates
i Current Factor 4/25/00 0.5410534199 1.0000000000 1.0000000000
ii Expected Note Balance $ 787,963,148.04 $ 1,028,500,000.00 $ 90,150,000.00
E Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00
-----------------------------------------------------------------------------------------------------------------------
H Reserve Account Balance $ 4,754,646.25
I Unpaid Primary Servicing Fees from Prior Month(s) 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
-----------------------------------------------------------------------------------------
</TABLE>
<PAGE>
--------------------------------------------------------------------------------
VIII. 1997-3 Waterfall for Distributions
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
<S> <C> <C>
A Total Available Funds ( Sections III-F $ 96,691,753.95 $ 96,691,753.95
B Primary Servicing Fees-Current Month $ 1,215,424.86 $ 95,476,329.09
C Administration Fee $ 20,000.00 $ 95,456,329.09
D Noteholder's Interest Distribution Amount
i Class A-1 $ 12,900,873.06 $ 82,555,456.03
ii Class A-2 $ 16,941,333.72 $ 65,614,122.31
---------------
iii Total Noteholder's Interest Distribution $ 29,842,206.78
E Certificateholder's Return Distribution $ 1,527,527.74 $ 64,086,594.57
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 57,400,341.60 $ 6,686,252.97
ii Class A-2 $ 0.00 $ 6,686,252.97
---------------
iii Total Noteholder's Principal Distribution $ 57,400,341.60
G Certificateholder's Balance Distribution Amount $ 0.00 $ 6,686,252.97
H Increase to the Specified Reserve Account Bala $ 0.00 $ 6,686,252.97
I Carryover Servicing Fees $ 0.00 $ 6,686,252.97
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 6,686,252.97
i Class A-2 $ 0.00 $ 6,686,252.97
---------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 6,686,252.97
L Excess to Reserve Account $ 6,686,252.97 $ 0.00
</TABLE>
<PAGE>
--------------------------------------------------------------------------------
IX. 1997-3 Distributions
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Distribution Amounts Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------------
i Quarterly Interest Due $ 12,900,873.06 $ 16,941,333.72 $ 1,527,527.74
ii Quarterly Interest Paid 12,900,873.06 16,941,333.72 1,527,527.74
------------- ------------- ------------
iii Interest Shortfall $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid $ 0.00 $ 0.00 $ 0.00
---- ---- ----
vi Interest Carryover $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 57,400,341.60 $ 0.00 $ 0.00
vii Quarterly Principal Paid 57,400,341.60 0.00 0.00
------------- ---- ----
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
-----------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 70,301,214.66 $ 16,941,333.72 $ 1,527,527.74
-----------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 6/30/00 $1,906,613,148.04
ii Adjusted Pool Balance 6/30/00 1,849,212,806.44
----------------
iii Adjusted Pool Exceeding Notes and Certificate
Balance (i-ii) $ 57,400,341.60
=================
iv Adjusted Pool Balance 3/31/00 $1,906,613,148.04
v Adjusted Pool Balance 6/30/00 $1,849,212,806.44
vi Current Principal Due (iv-v) $ 57,400,341.60
vii Principal Shortfall from Previous Collection
Period $
-----------------
vii Principal Distribution Amount (vi + vii) $ 57,400,341.60
=================
ix Principal Distribution Amount Paid $ 57,400,341.60
x Principal Shortfall (viii - ix) $ (0.00)
C Total Principal Distribution $ 57,400,341.60
D Total Interest Distribution 31,369,734.52
-------------
E Total Cash Distributions-Note and Certificate $ 88,770,076.12
------------------------------------------------------------------------
F Note & Certificate Balances 4/25/00 7/25/00
------------------------------------------------------------------------
i A-1 Note Balance (78442GAR7) $ 787,963,148.04 $ 730,562,806.44
A-1 Note Pool Factor 0.5410534199 0.5016395828
ii A-2 Note Balance (78442GAS5) $ 1,028,500,000.00 $1,028,500,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAT3) $ 90,150,000.00 $ 90,150,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
------------------------------------------------------------------------
G Reserve Account Reconciliation
i Beginning of Period Balance $ 4,754,646.25
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 6,686,252.97
-----------------
iv Total Reserve Account Balance Availa $ 11,440,899.22
v Required Reserve Account Balance $ 4,611,503.26
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Fund Corp. $ 6,829,395.96
vii Ending Reserve Account Balance $ 4,611,503.26
----------------------------------------------------------------------------------
</TABLE>
<PAGE>
--------------------------------------------------------------------------------
X. 1997-3 Historical Pool Information
<TABLE>
<CAPTION>
-------------
1999
-------------
<S> <C> <C> <C>
4/1/00-6/30/00 1/1/00-3/31/00 1/1/99-12/31/99
--------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,877,858,984.50 $ 1,934,544,726.24 $ 2,187,173,010.15
--------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 47,914,050.45 $ 45,461,688.56 $ 194,105,501.23
ii Principal Collections from
Guarantor $ 7,489,577.78 8,125,300.49 38,913,656.71
iii Principal Reimbursements $ 13,547,880.29 17,905,458.93 83,345,947.87
iv Other System Adjustments - - -
------------------------------------------------------------------------
v Total Principal Collections $ 68,951,508.52 $ 71,492,447.98 $ 316,365,105.81
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,666,999.58 $ 2,336,923.02 $ 9,811,199.50
ii Capitalized Interest (16,677,659.55) (17,143,629.26) (73,548,021.40)
------------------------------------------------------------------------
iii Total Non-Cash Principal
Activity $ (15,010,659.97) $ (14,806,706.24) $ (63,736,821.90)
--------------------------------------------------------------------------------------------------------------------
(-)Total Student Loan Principal Activity $ 53,940,848.55 $ 56,685,741.74 $ 252,628,283.91
--------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 18,485,381.52 $ 19,231,161.88 $ 82,058,012.18
ii Interest Claims Received from
Guarantors 486,904.90 515,695.94 2,289,076.52
iii Late Fee Reimbursements 352,484.18 386,663.14 1,424,017.90
iv Interest Reimbursements 198,452.26 189,215.63 1,494,005.16
v Other System Adjustments - - -
vi Special Allowance Payments 4,784,447.92 2,660,756.05 1,003,735.19
vii Subsidy Payments 4,753,331.82 5,416,087.82 29,964,944.26
------------------------------------------------------------------------
viii Total Interest Collection $ 29,061,002.60 $ 28,399,580.46 $ 118,233,791.21
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,543,010.45) $ (2,300,825.09) $ (9,205,350.26)
ii Capitalized Interest 16,677,659.55 17,143,629.26 73,548,021.40
------------------------------------------------------------------------
iii Total Non-Cash Interest
Ajustments $ 15,134,649.10 $ 14,842,804.17 $ 64,342,671.14
------------------------------------------------------------------------
Total Student Loan Interest
Activity $ 44,195,651.70 $ 43,242,384.63 $ 182,576,462.35
(=) Ending Student Loan Portfolio Balance $ 1,823,918,135.95 $ 1,877,858,984.50 $ 1,934,544,726.24
--------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 20,683,167.23 $ 23,999,517.29 $ 25,721,016.49
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,844,601,303.18 $ 1,901,858,501.79 $ 1,960,265,742.73
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 4,611,503.26 $ 4,754,646.25 $ 4,900,664.36
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 1,849,212,806.44 $ 1,906,613,148.04 $ 1,965,166,407.09
--------------------------------------------------------------------------------------------------------------------
-----------------------------------------
1998 1997
-----------------------------------------
<S> <C> <C>
1/1/98-12/31/98 8/25/97-12/31/97
---------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 2,388,313,848.15 $ 2,447,417,365.32
---------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 179,579,682.34 $ 49,821,559.10
ii Principal Collections from
Guarantor 71,378,464.29 1,440,820.82
iii Principal Reimbursements 8,500,226.75 39,007,052.38
iv Other System Adjustments - -
---------------------------------------------
v Total Principal Collections $ 259,458,373.38 $ 90,269,432.30
Student Loan Non-Cash Principal
Activity
i Other Adjustments 10,205,441.60 $ 3,533,441.93
ii Capitalized Interest (68,522,976.98) (34,699,357.06)
---------------------------------------------
iii Total Non-Cash Principal
Activity $ (58,317,535.38) $ (31,165,915.13)
---------------------------------------------------------------------------------------
(-)Total Student Loan Principal Activity $ 201,140,838.00 $ 59,103,517.17
---------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 85,007,482.49 $ 24,529,728.52
ii Interest Claims Received from
Guarantors 4,447,365.33 34,126.30
iii Late Fee Reimbursements 433,591.49 9.92
iv Interest Reimbursements 164,288.32 799,423.02
v Other System Adjustments - -
vi Special Allowance Payments 1,999,181.67 232,534.47
vii Subsidy Payments 46,628,513.22 6,806,739.23
-------------------------------------------
viii Total Interest Collection $ 138,680,422.52 $ 32,402,561.46
Student Loan Non-Cash Interest Activ
i Interest Accrual Adjustment $ (9,049,779.85) $ (3,498,891.99)
ii Capitalized Interest 68,522,976.98 34,699,357.06
-------------------------------------------
iii Total Non-Cash Interest
Ajustments $ 59,473,197.13 $ 31,200,465.07
-------------------------------------------
Total Student Loan Interest
Activity $ 198,153,619.65 $ 63,603,026.53
(=) Ending Student Loan Portfolio Balance $ 2,187,173,010.15 $ 2,388,313,848.15
--------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 39,623,139.23 $ 44,396,075.77
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
(=) TOTAL POOL $ 2,226,796,149.38 $ 2,432,709,923.92
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 5,566,990.37 $ 6,259,224.00
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 2,232,363,139.75 $ 2,438,969,147.92
--------------------------------------------------------------------------------------
</TABLE>
<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%
Apr-00 $ 1,901,858,502 4.08%
Jul-00 $ 1,844,601,303 3.88%
* "Since Issued CPR" is based on the current period's ending pool
balance calculated against the original pool balance and assuming
cutoff date pool data.
<PAGE>
SLM STUDENT LOAN TRUST 1997-4
Quarterly Servicing Report
Report Date: 6/30/2000 Reporting Period:4/1/00-6/30/00
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
I. Deal Parameters
---------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 3/31/2000 Activity 6/30/2000
---------------------------------------------------------------------------------------------------------
A i Portfolio Balance $ 1,908,710,819.65 $ (55,825,598.01) $1,852,885,221.64
ii Interest to be Capitalized 21,690,477.47 18,452,879.65
------------------ -----------------
iii Total Pool $ 1,930,401,297.12 $1,871,338,101.29
iv Specified Reserve Account Balance 4,826,003.24 4,678,345.25
------------------ -----------------
v Total Adjusted Pool $ 1,935,227,300.36 $1,876,016,446.54
================== =================
B i Weighted Average Coupon (WAC) 7.6965% 7.7023%
ii Weighted Average Remaining Term 105.86 104.25
iii Number of Loans 619,515 604,123
iv Number of Borrowers 228,430 222,386
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
----------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 4/25/00 % of Pool Balance 7/25/00 % of Pool
----------------------------------------------------------------------------------------------------------------------------
C i A-1 Notes 78442GAU0 0.75% $ 856,327,300.36 44.249% $ 797,116,446.54 42.490%
ii A-2 Notes 78442GAV8 0.75% 989,000,000.00 51.105% 989,000,000.00 52.718%
iii Certificates 78442GAW6 1.05% 89,900,000.00 4.646% 89,900,000.00 4.792%
----------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $1,935,227,300.36 100.000% $1,876,016,446.54 100.000%
============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
----------------------------------------------------------------------------------------------------------------------------
Reserve Account 4/25/2000 7/25/2000
----------------------------------------------------------------------------------------------------------------------------
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 4,826,003.24 $ 4,678,345.25
iv Reserve Account Floor Balance ($) $ 2,502,640.00 $ 2,502,640.00
v Current Reserve Acct Balance ($) $ 4,826,003.24 $ 4,678,345.25
</TABLE>
------------------------------------------------------------
E Reporting Period
------------------------------------------------------------
i Begin Date 4/1/2000
ii End Date 6/30/2000
iii Days In Period 91
iv Days In Year 366
F % of Initial Pool 74.77%
------------------------------------------------------------
1
<PAGE>
--------------------------------------------------------------------
II. 1997-4 Transactions from: 4/1/2000 through: 6/30/2000
--------------------------------------------------------------------
A Student Loan Principal Activity
i Regular Principal Collections $ 50,566,528.40
ii Principal Collections from Guarantor 7,532,636.89
iii Principal Reimbursements 12,162,144.14
iv Other System Adjustments 0.00
---------------
v Total Principal Collections $ 70,261,309.43
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,636,731.34
ii Capitalized Interest (16,072,442.76)
iii Total Non-Cash Principal Activity $ (14,435,711.42)
------------------------------------------------------------
C Total Student Loan Principal Activity $ 55,825,598.01
------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 19,345,419.99
ii Interest Claims Received from
Guarantors 504,997.39
iii Late Fee Reimbursements 365,056.92
iv Interest Reimbursements 181,872.76
v Other System Adjustments 0.00
vi Special Allowance Payments 4,968,927.91
vii Subsidy Payments 4,863,694.75
viii Total Interest Collections $ 30,229,969.72
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,533,153.52)
ii Capitalized Interest 16,072,442.76
iii Total Non-Cash Interest Adjustments $ 14,539,289.24
------------------------------------------------------------
F Total Student Loan Interest Activity $ 44,769,258.96
------------------------------------------------------------
2
<PAGE>
--------------------------------------------------------------------------------
III. 1997-4 Collection Account Activity 4/1/2000 through 6/30/2000
--------------------------------------------------------------------------------
A Principal Collections
i Principal Payments Received-Cash $ 58,099,165.29
ii Cash Forwarded by Administrator on behalf
of Seller 228,882.45
iii Cash Forwarded by Administrator on behalf
of Servicer (13,501.88)
iv Cash Forwarded by Administrator for
Consolidation Activity 11,946,763.57
---------------
v Total Principal Collections $ 70,261,309.43
B Interest Collections
I Interest Payments Received-Cash $ 29,683,040.04
ii Cash Forwarded by Administrator on behalf
of Seller 11,257.24
iii Cash Forwarded by Administrator on behalf
of Servicer 4,662.74
iv Cash Forwarded by Administrator for
Consolidation Activity 165,952.78
v Cash Forwarded by Administrator for Late
Fee Activity 365,056.92
----------------
vi Total Interest Collections $ 30,229,969.72
C Other Reimbursements $ 296,167.06
D Administrator Account Investment Income $ 801,420.99
E Return funds borrowed for previous distribution $ -
F TOTAL FUNDS RECEIVED $101,588,867.20
(LESS: SERVICING FEES PREVIOUSLY REMITTED) ($2,690,287.35)
------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 98,898,579.85
------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Unit Charge Calculation $ 911,961.26
ii Percentage of Principal Calculation $ 1,324,017.05
iii Lesser of Unit or Principal Calculation $ 911,961.26
H Servicing Fees Due for Current Period $ 1,324,017.05
I Carryover Servicing Fees Due (1) $0.00
APR 2000 Servicing Carryover $0.00
MAY 2000 Servicing Carryover $0.00
JUN 2000 Servicing Carryover $0.00
-------
TOTAL: Carryover Servicing Fee Due $0.00
=======
Less: Servicing ADJ [A iii + B iii] $8,839.14
J Administration Fees Due $ 20,000.00
--------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,352,856.19
--------------------------------------------------------------------------------
(1)No Carryover Servicing Fees due before the October 2001 payment date
3
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
IV. 1997-4 Portfolio Characteristics
------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
STATUS 3/31/2000 6/30/2000 3/31/2000 6/30/2000 3/31/2000 6/30/2000
------------------------------------------------------------------------------------------------------------------------------------
INTERIM:
In School
Current 7.323% 7.333% 30,984 21,695 5.001% 3.591%
Grace
Current 7.311% 7.307% 8,162 11,296 1.318% 1.870%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.320% 7.324% 39,146 32,991 6.319% 5.461%
------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 7.761% 7.761% 371,869 376,511 60.026% 62.324%
31-60 Days Delinquent 7.765% 7.766% 18,245 20,321 2.945% 3.364%
61-90 Days Delinquent 7.762% 7.758% 10,381 10,572 1.676% 1.750%
91-120 Days Delinquent 7.753% 7.757% 5,286 5,431 0.853% 0.899%
> 120 Days Delinquent 7.760% 7.753% 9,239 7,932 1.491% 1.313%
Deferment
Current 7.505% 7.499% 78,878 68,635 12.732% 11.361%
Forbearance
Current 7.762% 7.761% 85,048 80,391 13.728% 13.307%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.725% 7.727% 578,946 569,793 93.451% 94.318%
------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 7.749% 7.780% 1,405 1,319 0.227% 0.218%
Aged Claims Rejected (2) 7.778% 7.742% 18 20 0.003% 0.003%
------------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.697% 7.702% 619,515 604,123 100.000% 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.
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
IV. 1997-4 Portfolio Characteristics (continued)
------------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------
Principal Amount %
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
---------------------------------------------------------------------------------------------------------
STATUS 3/31/2000 6/30/2000 3/31/2000 6/30/2000
---------------------------------------------------------------------------------------------------------
INTERIM:
In School
Current $ 97,401,539.27 $ 67,853,323.90 5.103% 3.662%
Grace
Current $ 24,574,483.63 $ 35,996,739.69 1.287% 1.943%
---------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 121,976,022.90 $ 103,850,063.59 6.390% 5.605%
---------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 1,061,703,138.27 $ 1,071,360,576.57 55.624% 57.821%
31-60 Days Delinquent $ 56,137,983.09 $ 61,917,377.41 2.941% 3.342%
61-90 Days Delinquent $ 33,253,950.95 $ 33,097,943.98 1.742% 1.786%
91-120 Days Delinquent $ 16,514,844.39 $ 16,712,564.66 0.865% 0.902%
> 120 Days Delinquent $ 28,802,095.76 $ 24,776,440.20 1.509% 1.337%
Deferment
Current $ 255,666,437.54 $ 223,540,200.15 13.395% 12.065%
Forbearance
Current $ 330,642,583.61 $ 313,736,357.10 17.323% 16.932%
---------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 1,782,721,033.61 $ 1,745,141,460.07 93.399% 94.185%
---------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 3,979,781.37 $ 3,819,994.37 0.209% 0.206%
Aged Claims Rejected (2) $ 33,981.77 $ 73,703.61 0.002% 0.004%
---------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 1,908,710,819.65 $ 1,852,885,221.64 100.000% 100.000%
---------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
4
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
V. 1997-4 Portfolio Characteristics by School and Program 6/30/00
------------------------------------------------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
--------------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
-----------------------------------------------------------------------------------------------------------------------------------
STATUS
---------------------------------
INTERIM:
<S> <C> <C> <C> <C> <C> <C> <C> <C>
In School
Current 2.262% 0.862% 0.000% 0.000% 0.258% 0.128% 0.000% 0.000%
Grace
Current 1.149% 0.515% 0.000% 0.000% 0.141% 0.068% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 3.411% 1.377% 0.000% 0.000% 0.399% 0.196% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 33.295% 12.022% 2.907% 1.888% 2.608% 1.188% 0.158% 0.138%
31-60 Days Delinquent 1.737% 0.566% 0.174% 0.126% 0.251% 0.109% 0.005% 0.014%
61-90 Days Delinquent 0.896% 0.312% 0.068% 0.065% 0.149% 0.062% 0.002% 0.009%
91-120 Days Delinquent 0.463% 0.153% 0.021% 0.035% 0.080% 0.032% 0.001% 0.005%
> 120 Days Delinquent 0.645% 0.242% 0.020% 0.062% 0.122% 0.049% 0.001% 0.006%
Deferment
Current 6.981% 2.479% 0.318% 0.627% 0.627% 0.285% 0.008% 0.050%
Forbearance
Current 8.733% 3.777% 0.456% 1.024% 0.922% 0.430% 0.027% 0.080%
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 52.750% 19.551% 3.964% 3.827% 4.759% 2.155% 0.202% 0.302%
-----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.090% 0.029% 0.005% 0.011% 0.020% 0.009% 0.000% 0.001%
Aged Claims Rejected (2) 0.003% 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 56.254% 20.958% 3.969% 3.838% 5.178% 2.360% 0.202% 0.303%
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.019% 8.043%
-----------------------------------------------------------------------------------------------------------------------------------
</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>
------------------------------------------------------------------------------------------------------------------------------------
V. 1997-4 Portfolio Characteristics by School and Program 6/30/00
------------------------------------------------------------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
--------------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB PLUS SLS GSL-SUB GSL-UNSUB PLUS SLS
------------------------------------------------------------------------------------------------------------------------------------
STATUS
----------------------------------
INTERIM:
<S> <C> <C> <C> <C> <C> <C> <C> <C>
In School
Current 0.065% 0.056% 0.000% 0.000% 0.020% 0.011% 0.000% 0.000%
Grace
Current 0.027% 0.022% 0.000% 0.000% 0.011% 0.010% 0.000% 0.000%
----------------------------------
TOTAL INTERIM 0.092% 0.078% 0.000% 0.000% 0.031% 0.021% 0.000% 0.000%
-----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 1.759% 1.104% 0.296% 0.177% 0.160% 0.089% 0.004% 0.028%
31-60 Days Delinquent 0.181% 0.116% 0.013% 0.023% 0.012% 0.011% 0.000% 0.004%
61-90 Days Delinquent 0.118% 0.075% 0.006% 0.014% 0.005% 0.004% 0.000% 0.001%
91-120 Days Delinquent 0.062% 0.039% 0.006% 0.004% 0.000% 0.001% 0.000% 0.000%
> 120 Days Delinquent 0.101% 0.067% 0.006% 0.009% 0.003% 0.003% 0.000% 0.001%
Deferment
Current 0.242% 0.151% 0.007% 0.045% 0.108% 0.080% 0.007% 0.050%
Forbearance
Current 0.594% 0.399% 0.033% 0.075% 0.168% 0.139% 0.001% 0.074%
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 3.057% 1.951% 0.367% 0.347% 0.456% 0.327% 0.012% 0.158%
-----------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.022% 0.016% 0.000% 0.001% 0.001% 0.001% 0.000% 0.000%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM 3.171% 2.045% 0.367% 0.348% 0.488% 0.349% 0.012% 0.158%
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 5.931% 1.007%
------------------------------------------------------------------------------------------------------------------------------------
</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>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 3.124% 0.386% 0.121% 0.031% 3.662%
Grace
Current 1.664% 0.209% 0.049% 0.021% 1.943%
--------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 4.788% 0.595% 0.170% 0.052% 5.605%
--------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current 50.112% 4.092% 3.336% 0.281% 57.821%
31-60 Days Delinquent 2.603% 0.379% 0.333% 0.027% 3.342%
61-90 Days Delinquent 1.341% 0.222% 0.213% 0.010% 1.786%
91-120 Days Delinquent 0.672% 0.118% 0.111% 0.001% 0.902%
> 120 Days Delinquent 0.969% 0.178% 0.183% 0.007% 1.337%
Deferment
Current 10.405% 0.970% 0.445% 0.245% 12.065%
Forbearance
Current 13.990% 1.459% 1.101% 0.382% 16.932%
--------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 80.092% 7.418% 5.722% 0.953% 94.185%
--------------------------------------------------------------------------------------------------------------
Claims in Process (1) 0.135% 0.030% 0.039% 0.002% 0.206%
Aged Claims Rejected (2) 0.004% 0.000% 0.000% 0.000% 0.004%
--------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 85.019% 8.043% 5.931% 1.007% 100.000%
--------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
VI 1997-4 Interest Calculation
-----------------------------------------------------------------------------------------------------------
<S> <C> <C>
A Borrower Interest Accrued During Collection Period $ 31,157,135.59
B Interest Subsidy Payments Accrued During Collection Period 4,583,178.04
C SAP Payments Accrued During Collection Period 5,867,990.73
D INVEarnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 92,271.77
E Investment Earnings (ADMINISTRATOR ACT) 801,420.99
F Net Expected Interest Collections $ 42,501,997.12
G Student Loan Rate
i Days in Calculation Period 91
ii Days in Year 366
iii Net Expected Interest Collections $ 42,501,997.12
iv Primary Servicing Fee $ 4,014,304.40
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $1,930,401,297.12
vii Student Loan Rate 8.01472%
Accrued
Int Factor Accrual Period
---------- --------------
H Class A-1 T-Bill Based Interest Rate 6.73496%
I Class A-1 Interest Rate 0.016745383 (4/25/00-7/25/00) 6.73496%
J Class A-2 T-Bill Based Interest Rate 6.73496%
K Class A-2 Interest Rate 0.016745383 (4/25/00-7/25/00) 6.73496%
L Certificate T-Bill Based Rate of Return 7.03496%
M Certificate Rate of Return 0.017491284 (4/25/00-7/25/00) 7.03496%
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
VII. 1997-4 Inputs From Previous Quarterly Servicing Reports 3/31/2000
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,908,710,819.65
ii Interest To Be Capitalized 21,690,477.47
------------------
iii Total Pool $ 1,930,401,297.12
iv Specified Reserve Account Balance 4,826,003.24
------------------
v Total Adjusted Pool $ 1,935,227,300.36
==================
B Total Note and Certificate Factor 0.75391612465
C Total Note and Certificate Balance $ 1,935,227,300.36
---------------------------------------------------------------------------------------------------------------------
D Note Balance 4/25/2000 Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------------
i Current Factor 4/25/00 0.5754887771 1.0000000000 1.0000000000
ii Expected Note Balance $ 856,327,300.36 $ 989,000,000.00 $ 89,900,000.00
E Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------------------------------
H Reserve Account Balance $ 4,826,003.24
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration Fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
VIII. 1997-4 Waterfall for Distributions
------------------------------------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
-------------
<S> <C> <C> <C>
A Total Available Funds (Sections III-F + VI-D) $ 98,990,851.62 $ 98,990,851.62
B Primary Servicing Fees-Current Month $ 1,332,856.19 $ 97,657,995.43
C Administration Fee $ 20,000.00 $ 97,637,995.43
D Noteholder's Interest Distribution Amount
i Class A-1 $ 14,339,528.62 $ 83,298,466.81
ii Class A-2 $ 16,561,183.79 $ 66,737,283.02
iii Total Noteholder's Interest Distribution $ 30,900,712.41
E Certificateholder's Return Distribution Amount $ 1,572,466.43 $ 65,164,816.59
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 59,210,853.82 $ 5,953,962.77
ii Class A-2 $ 0.00 $ 5,953,962.77
iii Total Noteholder's Principal Distribution $ 59,210,853.82 0.00
G Certificateholder's Balance Distribution Amount $ 0.00 $ 5,953,962.77
H Increase to the Specified Reserve Account Balance $ 0.00 $ 5,953,962.77
I Carryover Servicing Fees $ 0.00 $ 5,953,962.77
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $5,953,962.77
i Class A-2 $ 0.00 $5,953,962.77
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $5,953,962.77
L Excess to Reserve Account $ 5,953,962.77 $ 0.00
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
IX. 1997-4 Distributions
------------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------
A Distribution Amounts Class A-1 Class A-2 Certificates
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 14,339,528.62 $ 16,561,183.79 $ 1,572,466.43
ii Quarterly Interest Paid 14,339,528.62 16,561,183.79 1,572,466.43
------------- ------------- ------------
iii Interest Shortfall $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid $ 0.00 $ 0.00 $ 0.00
--- ---- ----
vi Interest Carryover $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 59,210,853.82 $ 0.00 $ 0.00
viii Quarterly Principal Paid 59,210,853.82 0.00 0.00
------------- ---- ----
ix Quarterly Principal Shortfall $ (0.00) $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 73,550,382.44 $ 16,561,183.79 $ 1,572,466.43
---------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
B Principal Distribution Reconciliation
<S> <C> <C>
i Notes and Certificates Principal Balance 6/30/00 $1,935,227,300.36
ii Adjusted Pool Balance 6/30/00 1,876,016,446.54
-----------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 59,210,853.82
=================
iv Adjusted Pool Balance 3/31/00 $1,935,227,300.36
v Adjusted Pool Balance 6/30/00 1,876,016,446.54
-----------------
vi Current Principal Due (iv-v) $ 59,210,853.82
vii Principal Shortfall from Previous Collection Period -
-----------------
viii Principal Distribution Amount (vi + vii) $ 59,210,853.82
ix Principal Distribution Amount Paid $ 59,210,853.82
x Principal Shortfall (viii - ix) $ (0.00)
C Total Principal Distribution $ 59,210,853.82
D Total Interest Distribution 32,473,178.84
-----------------
E Total Cash Distributions-Note and Certificates $ 91,684,032.66
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------
F Note & Certificate Balances 4/25/2000 7/25/2000
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i A-1 Note Balance (78442GAU0) $ 856,327,300.36 $ 797,116,446.54
A-1 Note Pool Factor 0.5754887771 0.5356965367
ii A-2 Note Balance (78442GAV8) $ 989,000,000.00 $ 989,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAW6) $ 89,900,000.00 $ 89,900,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
--------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
G Reserve Account Reconciliation
<S> <C> <C>
i Beginning of Period Balance $ 4,826,003.24
ii Deposits to Correct Shortfall $ -
iii Deposits from Excess Servicing $ 5,953,962.77
----------------
iv Total Reserve Account Balance Available $ 10,779,966.01
v Required Reserve Account Balance $ 4,678,345.25
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to SLM Funding Corp. $ 6,101,620.76
viii Ending Reserve Account Balance $ 4,678,345.25
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
X. 1997-4 Historical Pool Information
------------------------------------------------------------------------------------------------------------------------------------
4/1/00-6/30/00 1/1/00-3/31/00
<S> <C> <C>
-------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 1,908,710,819.65 $ 1,963,204,981.54
-------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 50,566,528.40 $ 46,168,921.32
ii Principal Collections from Guarantor 7,532,636.89 6,953,987.74
iii Principal Reimbursements 12,162,144.14 15,464,851.39
iv Other System Adjustments - -
------------------------------------------
v Total Principal Collections $ 70,261,309.43 $ 68,587,760.45
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,636,731.34 $ 1,878,018.01
ii Capitalized Interest (16,072,442.76) (15,971,616.57)
------------------------------------------
iii Total Non-Cash Principal Activity $ (14,435,711.42) $ (14,093,598.56)
-------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 55,825,598.01 $ 54,494,161.89
-------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
I Regular Interest Collections $ 19,345,419.99 $ 20,044,315.14
ii Interest Claims Received from Guarantors 504,997.39 467,473.90
iii Late Fee Reimbursements 365,056.92 387,190.15
iv Interest Reimbursements 181,872.76 185,399.58
v Other System Adjustments - -
vi Special Allowance Payments 4,968,927.91 2,765,073.36
vii Subsidy Payments 4,863,694.75 5,378,069.38
------------------------------------------
viii Total Interest Collections $30,229,969.72 $ 29,227,521.51
Student Loan Non-Cash Interest Activity
I Interest Accrual Adjustment $ (1,533,153.52) $ (1,807,186.76)
ii Capitalized Interest 16,072,442.76 15,971,616.57
------------------------------------------
iii Total Non-Cash Interest Adjustments $ 14,539,289.24 $ 14,164,429.81
------------------------------------------
Total Student Loan Interest Activity $ 44,769,258.96 $ 43,391,951.32
(=) Ending Student Loan Portfolio Balance $ 1,852,885,221.64 $ 1,908,710,819.65
-------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 18,452,879.65 $ 21,690,477.47
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,871,338,101.29 $ 1,930,401,297.12
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 4,678,345.25 $ 4,826,003.24
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $ 1,876,016,446.54 $ 1,935,227,300.36
-------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
X. 1997-4 Historical Pool Information (continued)
------------------------------------------------------------------------------------------------------------------------------------
1999 1998
1/1/99-12/31/99 10/27/97-12/31/98
<S> <C> <C>
-------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $ 2,214,648,812.93 $ 2,443,276,738.87
-------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 193,934,982.47 $ 217,509,395.11
ii Principal Collections from Guarantor 37,546,187.53 60,619,932.26
iii Principal Reimbursements 78,926,911.31 34,492,587.94
iv Other System Adjustments - -
v Total Principal Collections $ 310,408,081.31 $ 312,621,915.31
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 8,439,141.92 $ 9,824,857.85
ii Capitalized Interest (67,403,391.84) (93,818,847.22)
iii Total Non-Cash Principal Activity $(58,964,249.92) $ (83,993,989.37)
--------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 251,443,831.39 $ 228,627,925.94
-------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
I Regular Interest Collections $ 86,533,733.15 $ 102,639,871.99
ii Interest Claims Received from Guarantors 2,294,617.13 3,743,601.43
iii Late Fee Reimbursements 1,431,940.89 436,370.18
iv Interest Reimbursements 1,317,404.78 605,682.73
v Other System Adjustments - -
vi Special Allowance Payments 998,229.38 1,685,553.55
vii Subsidy Payments 30,097,232.46 42,104,685.68
viii Total Interest Collections $ 122,673,157.79 $ 151,215,765.56
Student Loan Non-Cash Interest Activity
I Interest Accrual Adjustment $ (7,788,412.33) $ (8,807,032.37)
ii Capitalized Interest 67,403,391.84 93,818,847.22
iii Total Non-Cash Interest Adjustments $ 59,614,979.51 $ 85,011,814.85
Total Student Loan Interest Activity $ 182,288,137.30 $ 236,227,580.41
(=) Ending Student Loan Portfolio Balance $ 1,963,204,981.54 $ 2,214,648,812.93
(+) Interest to be Capitalized $ 23,363,678.25 $ 34,676,758.49
(=) TOTAL POOL $ 1,986,568,659.79 $ 2,249,325,571.42
(+) Reserve Account Balance $ 4,966,421.65 $ 5,623,313.93
(=) Total Adjusted Pool $ 1,991,535,081.44 $ 2,254,948,885.35
</TABLE>
11
<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%
Apr-00 $ 1,930,401,297 4.09%
Jul-00 $ 1,871,338,101 3.93%
* "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.
<PAGE>
SLM STUDENT LOAN TRUST 1998-1
QUARTERLY SERVICING REPORT
--------------------------------------------------------------------------------
REPORT DATE: 6/30/2000 REPORTING PERIOD: 4/1/00-6/30/00
--------------------------------------------------------------------------------
<TABLE>
I. Deal Parameters
------------------------------------------------------------------------------------------
Student Loan Portfolio
Characteristics 3/31/2000 Activity 6/30/2000
------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 2,370,544,313.41 $(66,978,050.48) $2,303,566,262.93
ii Interest to be Capitalized 25,957,008.92 22,772,920.92
------------------ -----------------
iii Total Pool $ 2,396,501,322.33 $2,326,339,183.85
iv Specified Reserve Account
Balance 5,991,253.31 5,815,847.96
------------------ -----------------
v TOTAL ADJUSTED POOL $ 2,402,492,575.64 $2,332,155,031.81
================== =================
B i Weighted Average Coupon (WAC) 7.8572% 7.8637%
ii Weighted Average Remaining Term 111.04 109.45
iii Number of Loans 621,458 605,070
iv Number of Borrowers 264,249 257,298
Notes and Certificates Spread Balance 4/25/00 % of Pool Balance 7/25/00 % of Pool
---------------------------------------------------------------------------------------------
C i A-1 Notes 78442GAX4 0.71% $ 1,071,442,575.64 44.597% $ 1,001,105,031.81 42.926%
ii A-2 Notes 78442GAY2 0.76% 1,224,500,000.00 50.968% 1,224,500,000.00 52.505%
iii Certificates 78442GAZ9 0.97% 106,550,000.00 4.435% 106,550,000.00 4.569%
---------------------------------------------------------------------------------------------
iv TOTAL NOTES AND CERTIFICATES $ 2,402,492,575.64 100.000% $ 2,332,155,031.81 100.000%
=============================================================================================
Reserve Account 4/25/2000 7/25/2000
---------------------------------------------------------------------------------------------
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balances ($)$ 5,991,253.31 $ 5,815,847.96
iv Reserve Account Floor Balance ($) $ 2,999,161.00 $ 2,999,161.00
v Current Reserve Acct Balance ($) $ 5,991,253.31 $ 5,815,847.96
</TABLE>
1
<PAGE>
--------------------------------------------------------------------------------
II. 1998-1 TRANSACTIONS FROM: 4/1/2000 THROUGH: 6/30/2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 59,860,241.30
ii Principal Collections from Guarantor 10,462,765.35
iii Principal Reimbursements 14,366,890.50
iv Other System Adjustments 0.00
------------------
v TOTAL PRINCIPAL COLLECTIONS $ 84,689,897.15
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 1,772,642.63
ii Capitalized Interest (19,484,489.30)
------------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (17,711,846.67)
----------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 66,978,050.48
----------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 24,876,920.55
ii Interest Claims Received from Guarantors 706,273.21
iii Late Fee Reimbursements 504,972.48
iv Interest Reimbursements 209,481.19
v Other System Adjustments 0.00
vi Special Allowance Payments 5,531,107.48
vii Subsidy Payments 5,461,467.64
------------------
viii TOTAL INTEREST COLLECTIONS $ 37,290,222.55
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment $ (1,618,079.84)
ii Capitalized Interest 19,484,489.30
------------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 17,866,409.46
----------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 55,156,632.01
----------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
--------------------------------------------------------------------------------
III. 1998-1 COLLECTION ACCOUNT ACTIVITY 04/01/20000 THROUGH 06/30/2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $ 70,323,006.65
ii Cash Forwarded by Administrator on behalf of Seller 396,148.62
iii Cash Forwarded by Administrator on behalf of Servicer (3,949.10)
iv Cash Forwarded by Administrator for Consolidation Activity 13,974,690.98
-------------------
v TOTAL PRINCIPAL COLLECTIONS $ 84,689,897.15
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 36,575,768.88
ii Cash Forwarded by Administrator on behalf of Seller 19,623.11
iii Cash Forwarded by Administrator on behalf of Servicer 4,088.30
iv Cash Forwarded by Administrator for Consolidation Activity 185,769.78
v Cash Forwarded by Administrator for Late Fee Activity 504,972.48
-------------------
vi TOTAL INTEREST COLLECTIONS $ 37,290,222.55
C OTHER REIMBURSEMENTS $ 353,962.55
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 990,902.04
E RETURN FUNDS BORROWED FOR PREVIOUS DISTRIBUTION $ -
F TOTAL FUNDS RECEIVED $ 123,324,984.29
LESS FUNDS PREVIOUSLY REMITTED:
SERVICING FEES $ (3,184,608.09)
CONSOLIDATION LOAN REBATE FEES $ (525,186.00)
-----------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 119,615,190.20
-----------------------------------------------------------------------------------------------------
G SERVICING FEE CALCULATION-CURRENT MONTH
i Unit Charge Calculation $ 1,036,829.43
ii Percentage of Principal Calculation $ 1,567,034.68
iii Lesser of Unit or Principal Calculation $ 1,036,829.43
H SERVICING FEES DUE FOR CURRENT PERIOD $ 1,567,034.68
I CARRYOVER SERVICING FEES DUE (1) $0.00
APR 2000 Servicing Carryover $0.00
MAY 2000 Servicing Carryover $0.00
JUN 2000 Servicing Carryover $0.00
-------------
-------------
TOTAL: CARRYOVER SERVICING FEE DUE $0.00
=============
LESS: Servicing ADJ [A iii + B iii] $ (139.20)
J ADMINISTRATION FEES DUE $ 20,000.00
-----------------------------------------------------------------------------------------------------
K TOTAL FEES DUE FOR PERIOD $ 1,586,895.48
-----------------------------------------------------------------------------------------------------
(1) No Carryover Servicing Fees due before the April 2003 payment date
-------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
--------------------------------------------------------------------------------
IV. 1998-1 PORTFOLIO CHARACTERISTICS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Weighted Avg # of Loans %
Coupon
STATUS 3/31/2000 6/30/2000 3/31/2000 6/30/2000 3/31/2000 6/30/2000
INTERIM:
<S> <C> <C> <C> <C> <C> <C>
In School
Current 7.294% 7.303% 33,302 22,743 5.359% 3.759%
Grace
Current 7.286% 7.284% 8,458 12,840 1.361% 2.122%
TOTAL INTERIM 7.292% 7.296% 41,760 35,583 6.720% 5.881%
REPAYMENT
Active
Current 7.969% 7.962% 356,756 361,604 57.406% 59.762%
31-60 Days Delinquent 8.001% 7.999% 19,610 21,639 3.155% 3.576%
61-90 Days Delinquent 7.936% 7.966% 11,550 10,985 1.859% 1.816%
91-120 Days Delinquent 7.882% 7.932% 5,558 5,912 0.894% 0.977%
> 120 Days Delinquent 7.861% 7.858% 11,364 9,950 1.829% 1.644%
Deferment
Current 7.582% 7.578% 81,654 71,341 13.139% 11.791%
Forbearance
Current 7.879% 7.877% 91,192 86,080 14.674% 14.227%
TOTAL REPAYMENT 7.896% 7.898% 577,684 567,511 92.956% 93.793%
Claims in Process (1) 7.826% 7.849% 1988 1,939 0.320% 0.320%
Aged Claims Rejected (2) 7.754% 7.753% 26 37 0.004% 0.006%
GRAND TOTAL 7.857% 7.864% 621,458 605,070 100.000% 100.000%
Principal Amount %
STATUS 3/31/2000 6/30/2000 3/31/2000 6/30/2000
INTERIM:
<S> <C> <C> <C> <C>
In School
Current $ 109,602,470.99 $ 75,288,708.92 4.624% 3.268%
Grace
Current $ 27,879,017.49 $ 42,547,485.06 1.176% 1.847%
TOTAL INTERIM $ 137,481,488.48 $ 117,836,193.98 5.800% 5.115%
REPAYMENT
Active
Current $1,321,430,157.44 $1,328,801,899.34 55.744% 57.685%
31-60 Days Delinquent $ 76,379,047.03 $ 82,775,930.48 3.222% 3.593%
61-90 Days Delinquent $ 44,025,137.31 $ 42,153,670.51 1.857% 1.830%
91-120 Days Delinquent $ 20,716,559.57 $ 21,750,172.13 0.874% 0.944%
> 120 Days Delinquent $ 39,106,493.40 $ 33,615,554.85 1.650% 1.459%
Deferment
Current $ 310,127,465.11 $ 274,040,222.75 13.082% 11.896%
Forbearance
Current $ 415,181,766.11 $ 396,390,273.31 17.514% 17.208%
TOTAL REPAYMENT $2,226,966,625.97 $2,179,527,723.37 93.943% 94.615%
Claims in Process (1) $ 6,007,176.96 $ 6,095,254.88 0.253% 0.265%
Aged Claims Rejected (2) $ 89,022.00 $ 107,090.70 0.004% 0.005%
GRAND TOTAL $2,370,544,313.41 $2,303,566,262.93 100.000% 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 6/30/00
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
----------------------------------------------------------------------------------------------------------
GSL- GSL- CONS- CONS- GSL- GSL- CONS- CONS-
SUB UNSUDI SUB UNSUBG PLUS SLS SUB UNSUB SUB UNSUB PLUS SLS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 1.965% 0.794% 0.000% 0.000% 0.000% 0.000% 0.178% 0.082% 0.000% 0.000% 0.000% 0.000%
Grace
Current 1.098% 0.468% 0.000% 0.000% 0.000% 0.000% 0.101% 0.044% 0.000% 0.000% 0.000% 0.000%
TOTAL INTERIM 3.063% 1.262% 0.000% 0.000% 0.000% 0.000% 0.279% 0.126% 0.000% 0.000% 0.000% 0.000%
REPAYMENT:
Active
Current 25.051% 10.161% 0.001% 0.035% 1.981% 1.736% 1.768% 0.901% 0.000% 0.002% 0.087% 0.075%
31-60 Days 1.320% 0.479% 0.000% 0.002% 0.114% 0.113% 0.193% 0.087% 0.000% 0.000% 0.008% 0.010%
Delinquent
61-90 Days 0.657% 0.257% 0.000% 0.001% 0.043% 0.064% 0.118% 0.050% 0.000% 0.000% 0.002% 0.008%
Delinquent
91-120 Days 0.350% 0.135% 0.000% 0.001% 0.012% 0.033% 0.073% 0.031% 0.000% 0.001% 0.000% 0.004%
Delinquent
> 120 Days 0.566% 0.212% 0.000% 0.000% 0.018% 0.049% 0.120% 0.054% 0.000% 0.000% 0.001% 0.006%
Delinquent
Deferment
Current 5.892% 2.448% 0.000% 0.000% 0.238% 0.571% 0.476% 0.209% 0.000% 0.000% 0.007% 0.033%
Forbearance
Current 7.245% 3.620% 0.000% 0.005% 0.395% 0.984% 0.711% 0.345% 0.000% 0.000% 0.013% 0.057%
TOTAL REPAYMENT 41.081% 17.312% 0.001% 0.044% 2.801% 3.550% 3.459% 1.677% 0.000% 0.003% 0.118% 0.193%
Claims in Process (1) 0.102% 0.040% 0.000% 0.000% 0.004% 0.010% 0.021% 0.007% 0.000% 0.000% 0.001% 0.001%
Aged Claims Rejected (2) 0.003% 0.001% 0.000% 0.000% 0.000% 0.000% 0.001% 0.000% 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL,
PROGRAM 44.249% 18.615% 0.001% 0.044% 2.805% 3.560% 3.760% 1.810% 0.000% 0.003% 0.119% 0.194%
TOTAL BY SCHOOL TYPE 69.274% 5.886%
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
----------------------------------------------------------------------------------------------------------
GSL- GSL- CONS- CONS- GSL- GSL- CONS- CONS-
SUB UNSUB SUB UNSUB PLUS SLS SUB UNSUB SUB UNSUB PLUS SLS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 0.093% 0.075% 0.000% 0.000% 0.000% 0.000% 0.040% 0.041% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.051% 0.037% 0.000% 0.000% 0.000% 0.000% 0.024% 0.024% 0.000% 0.000% 0.000% 0.000%
TOTAL INTERIM 0.144% 0.112% 0.000% 0.000% 0.000% 0.000% 0.064% 0.065% 0.000% 0.000% 0.000% 0.000%
REPAYMENT:
Active
Current 1.982% 1.571% 0.000% 0.002% 0.277% 0.148% 0.236% 0.161% 3.331% 8.096% 0.014% 0.069%
31-60 Days Delinquent 0.224% 0.160% 0.000% 0.001% 0.019% 0.020% 0.016% 0.008% 0.251% 0.564% 0.001% 0.003%
61-90 Days Delinquent 0.135% 0.101% 0.000% 0.000% 0.008% 0.012% 0.004% 0.002% 0.122% 0.245% 0.000% 0.001%
91-120 Days Delinquent 0.075% 0.052% 0.000% 0.000% 0.001% 0.007% 0.006% 0.004% 0.053% 0.104% 0.000% 0.002%
> 120 Days Delinquent 0.149% 0.115% 0.000% 0.000% 0.004% 0.009% 0.005% 0.003% 0.052% 0.092% 0.000% 0.004%
Deferment
Current 0.324% 0.244% 0.000% 0.001% 0.009% 0.041% 0.162% 0.124% 0.406% 0.638% 0.000% 0.073%
Forbearance
Current 0.753% 0.581% 0.000% 0.000% 0.031% 0.080% 0.218% 0.183% 0.566% 1.342% 0.000% 0.079%
TOTAL REPAYMENT 3.642% 2.824% 0.000% 0.004% 0.349% 0.317% 0.647% 0.485% 4.781% 11.081% 0.015% 0.231%
Claims in Process (1) 0.029% 0.023% 0.000% 0.000% 0.001% 0.001% 0.003% 0.001% 0.004% 0.016% 0.000% 0.001%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 3.815% 2.959% 0.000% 0.004% 0.350% 0.318% 0.714% 0.551% 4.785% 11.097% 0.015% 0.232%
TOTAL BY SCHOOL TYPE 7.446% 17.394%
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less
than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 2.759% 0.260% 0.168% 0.081% 3.268%
Grace
Current 1.566% 0.145% 0.088% 0.048% 1.847%
TOTAL INTERIM 4.325% 0.405% 0.256% 0.129% 5.115%
REPAYMENT:
Active
Current 38.965% 2.833% 3.980% 11.907% 57.685%
31-60 Days 2.028% 0.298% 0.424% 0.843% 3.593%
Delinquent
61-90 Days 1.022% 0.178% 0.256% 0.374% 1.830%
Delinquent
91-120 Days 0.531% 0.109% 0.135% 0.169% 0.944%
Delinquent
> 120 Days 0.845% 0.181% 0.277% 0.156% 1.459%
Delinquent
Deferment
Current 9.149% 0.725% 0.619% 1.403% 11.896%
Forbearance
Current 12.249% 1.126% 1.445% 2.388% 17.208%
TOTAL REPAYMENT 64.789% 5.450% 7.136% 17.240% 94.615%
Claims in Process (1) 0.156% 0.030% 0.054% 0.025% 0.265%
Aged Claims Rejected (2) 0.004% 0.001% 0.000% 0.000% 0.005%
TOTAL BY SCHOOL TYPE 69.274% 5.886% 7.446% 17.394% 100.000%
-----------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
--------------------------------------------------------------------------------
VI. 1998-1 Interest Calculation
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 40,132,233.49
B Interest Subsidy Payments Accrued During Collection Period 5,219,254.79
C SAP Payments Accrued During Collection Period 6,348,931.18
D INV Earnings Accrued for Collection Period (RESERVE & 114,329.61
COLLECTION ACTS)
E Investment Earnings (ADMINISTRATOR ACT) 990,902.04
------------------
F Net Expected Interest Collections $ 52,805,651.11
G Student Loan Rate
i Days in Calculation Period 91
ii Days in 366
Year
iii Net Expected Interest Collections $ 52,805,651.11
iv Primary Servicing $ 4,751,642.77
Fee
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection $ 2,396,501,322.33
Period
vii Student Loan Rate 8.06141%
Accrued
Int Factor Accrual Period
---------- --------------
H Class A-1 T-Bill Based Interest Rate 6.69496%
I Class A-1 Interest Rate 0.016645929 (4/25/00-7/25/00) 6.69496%
J Class A-2 T-Bill Based Interest Rate 6.74496%
K Class A-2 Interest Rate 0.016770246 (4/25/00-7/25/00) 6.74496%
L Certificate T-Bill Based Rate of Return 6.95496%
M Certificate Rate of Return 0.017292377 (4/25/00-7/25/00) 6.95496%
</TABLE>
6
<PAGE>
--------------------------------------------------------------------------------
VII. 1998-1 Inputs From Previous Quarterly Servicing Reports 3/31/2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 2,370,544,313.41
ii Interest To Be Capitalized
25,957,008.92
---------------------
iii Total Pool $ 2,396,501,322.33
iv Specified Reserve Account Balance 5,991,253.31
---------------------
v Total Adjusted Pool $ 2,402,492,575.64
=====================
B Total Note and Certificate Factor 0.78921622641
C Total Note and Certificate Balance $ 2,402,492,575.64
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
D Note Balance 4/25/2000 Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor 4/25/00 0.6254407657 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,071,442,575.64 $ 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
-----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C>
H Reserve Account Balance $ 5,991,253.31
I Unpaid Primary Servicing Fees from Prior $ 0.00
Month(s)
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior $ 0.00
Quarter(s)
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 ) $ 119,729,519.81 $ 119,729,519.81
B Primary Servicing Fees-Current Month $ 1,566,895.48 $ 118,162,624.33
C Administration Fee $ 20,000.00 $ 118,142,624.33
D Noteholder's Interest Distribution Amount
i Class A-1 $ 17,835,157.04 $ 100,307,467.29
ii Class A-2 $ 20,535,166.23 $ 79,772,301.06
-----------------
iii Total Noteholder's Interest Distribution $ 38,370,323.27
E Certificateholder's Return Distribution Amount $ 1,842,502.77 $ 77,929,798.29
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 70,337,543.83 $ 7,592,254.46
ii Class A-2 $ 0.00 $ 7,592,254.46
-----------------
iii Total Noteholder's Principal Distribution $ 70,337,543.83
G Certificateholder's Balance Distribution Amount $ 0.00 $ 7,592,254.46
H Increase to the Specified Reserve Account Balance $ 0.00 $ 7,592,254.46
I Carryover Servicing Fees $ 0.00 $ 7,592,254.46
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 7,592,254.46
i Class A-2 $ 0.00 $ 7,592,254.46
-----------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 7,592,254.46
L Excess to Reserve Account $ 7,592,254.46 $ 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 $ 17,835,157.04 $ 20,535,166.23 $ 1,842,502.77
ii Quarterly Interest Paid 17,835,157.04 20,535,166.23 1,842,502.77
------------------ --------------- --------------
iii Interest Shortfall $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00 0.00
---- ---- ----
vi Interest Carryover $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 70,337,543.83 $ 0.00 $ 0.00
viii Quarterly Principal Paid 70,337,543.83 0.00 0.00
------------------ --------------- --------------
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
-----------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 88,172,700.87 $ 20,535,166.23 $ 1,842,502.77
-----------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 6/30/00 $ 2,402,492,575.64
ii Adjusted Pool Balance 6/30/00 2,332,155,031.81
------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 70,337,543.83
==================
Adjusted Pool Balance 3/31/00 $ 2,402,492,575.64
iv
v Adjusted Pool Balance 6/30/00 2,332,155,031.81
-----------------
vi Current Principal Due (iv-v) $ 70,337,543.83
vii Principal Shortfall from Previous Collection Period --
------------------
viii Principal Distribution Amount (vi + vii) $ 70,337,543.83
==================
ix Principal Distribution Amount Paid $ 70,337,543.83
x Principal Shortfall (viii - ix) $ --
C Total Principal Distribution $ 70,337,543.83
D Total Interest Distribution 40,212,826.04
------------------
E Total Cash Distributions-Note and Certificates $ 110,550,369.87
------------------------------------------------------------------------------------
F Note & Certificate Balances 4/25/2000 7/25/2000
------------------------------------------------------------------------------------
i A-1 Note Balance (78442GAX4) $ 1,071,442,575.64 $ 1,001,105,031.81
A-1 Note Pool Factor 0.6254407657 0.5843821329
ii A-2 Note Balance (78442GAY2) $ 1,224,500,000.00 $ 1,224,500,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GAZ9) $ 106,550,000.00 $ 106,550,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
-----------------------------------------------------------------------------------
G Reserve Account Reconciliation
i Beginning of Period Balance $ 5,991,253.31
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ 7,592,254.46
------------------
iv Total Reserve Account Balance Available $ 13,583,507.77
v Required Reserve Account Balance $ 5,815,847.96
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to SLM Funding Corp. $ 7,767,659.81
viii Ending Reserve Account Balance $ 5,815,847.96
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
--------------------------------------------------------------------------------
X.1998-1 Historical Pool Information
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
--------------------------------------
1999 1998
--------------------------------------
-----------------------------------------------------------------------------
4/1/00-6/30/00 1/1/00-3/31/00 1/1/99-12/31/99 2/9/98-12/31/98
-----------------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance $2,370,544,313.41 $2,436,692,225.62 $2,656,732,804.87 $2,949,265,754.91
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Student Loan Principal Activity
i Regular Principal Collections $ 59,860,241.30 $ 56,839,899.47 $ 169,440,790.59 $212,924,399.41
ii Principal Collections from Guarantor 10,462,765.35 10,319,137.34 31,716,880.69 56,695,882.17
iii Principal Reimbursements 14,366,890.50 17,416,219.77 80,646,628.74 2,544,308.58
iv Other System Adjustments -- -- -- --
----------------- --------------------------------------------------------
v Total Principal Collections $ 84,689,897.15 $ 84,575,256.58 $ 281,804,300.02 $ 272,164,590.16
Student Loan Non-Cash Principal Activity
i Other $ 1,772,642.63 $ 2,602,840.25 $ 8,027,851.44 $ 8,913,898.93
Adjustments
ii Capitalized (19,484,489.30) (21,030,184.62) (69,791,572.21) (75,343,458.85)
Interest
----------------- --------------------------------------------------------
iii Total Non-Cash Principal Activity $ (17,711,846.67) $ (18,427,344.37) $ (61,763,720.77) $ (66,429,559.92)
-----------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 66,978,050.48 $ 66,147,912.21 $ 220,040,579.25 $ 205,735,030.24
-----------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 24,876,920.55 $ 25,902,166.03 $ 81,276,652.91 $ 103,400,566.43
ii Interest Claims Received from Guarantors 706,273.21 664,647.55 1,955,771.45 3,613,320.17
iii Late Fee Reimbursements 504,972.48 553,019.22 1,496,259.06 652,095.43
iv Interest Reimbursements 209,481.19 220,626.68 1,336,956.26 99,009.17
v Other System Adjustments -- -- -- --
vi Special Allowance Payments 5,531,107.48 2,839,772.91 1,135,473.33 1,002,682.24
vii Subsidy 5,461,467.64 6,166,865.44 23,961,885.46 30,985,595.63
Payments
----------------- ----------------- ---------------- ----------------
viii Total Interest Collections $ 37,290,222.55 $ 36,347,097.83 $ 111,162,998.47 $ 139,753,269.07
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,618,079.84) $ (2,564,511.77) $ (7,441,166.46) $ (7,904,998.99)
ii Capitalized 19,484,489.30 21,030,184.62 69,791,572.21 75,343,458.85
Interest
----------------- ----------------- ---------------- ----------------
iii Total Non-Cash Interest Adjustments $ 17,866,409.46 $ 18,465,672.85 $ 62,350,405.75 $ 67,438,459.86
----------------- ---------------------------------------------------------
Total Student Loan Interest Activity $ 55,156,632.01 $ 54,812,770.68 $ 173,513,404.22 $ 207,191,728.93
(=) Ending Student Loan Portfolio Balance $2,303,566,262.93 $2,370,544,313.41 $2,436,692,225.62 $2,743,530,724.67
------------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 22,772,920.92 $ 25,957,008.92 $ 28,269,705.23 $ 41,965,865.45
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $2,326,339,183.85 $2,396,501,322.33 $2,464,961,930.85 $2,785,496,590.12
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 5,815,847.96 $ 5,991,253.31 $ 6,162,404.83 $ 6,963,741.48
------------------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $2,332,155,031.81 $2,402,492,575.64 $2,471,124,335.68 $2,792,460,331.60
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
--------------------------------------------------------------------------------
XI. 1998-1 Payment History and CPRs
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Distribution Actual Since Issued
Date Pool Balances CPR *
<S> <C> <C>
Apr-98 $ 2,999,160,860 --
Jul-98 $ 2,926,675,833 2.63%
Oct-98 $ 2,858,101,353 4.46%
Jan-99 $ 2,785,496,590 4.64%
Apr-99 $ 2,702,114,218 4.97%
Jul-99 $ 2,591,123,359 5.90%
Oct-99 $ 2,525,477,804 5.48%
Jan-00 $ 2,464,961,931 5.05%
Apr-00 $ 2,396,501,322 4.80%
Jul-00 $ 2,326,339,184 4.61%
</TABLE>
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance
and assuming cutoff date pool data.
--------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1998-2
Quarterly Servicing Report
Report Date: 6/30/2000 Reporting
Period:4/1/00-6/30/00
--------------------------------------------------------------------------------
I. Deal Parameters
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 3/31/2000 Activity 6/30/2000
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $2,404,211,270.78 $(72,512,580.85) $2,331,698,689.93
ii Interest to be Capitalized 26,901,650.50 24,749,788.39
----------------- -----------------
iii Total Pool $2,431,112,921.28 $2,356,448,478.32
iv Specified Reserve Account 6,077,782.30 5,891,121.20
Balance
----------------- -----------------
v Total Adjusted Pool $2,437,190,703.58 $2,362,339,599.52
================= =================
B i Weighted Average Coupon (WAC) 7.9441% 7.9515%
ii Weighted Average Remaining 116.66 115.19
Term
iii Number of Loans 599,006 579,772
iv Number of Borrowers 280,440 271,414
-----------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 4/25/00 % of Pool Balance 7/25/00 % of Pool
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GBA3 0.68% $1,094,380,703.58 44.903% $1,019,529,599.52 43.158%
ii A-2 Notes 78442GBB1 0.73% 1,237,060,000.00 50.758% 1,237,060,000.00 52.366%
iii Certificates 78442GBC9 0.95% 105,750,000.00 4.339% 105,750,000.00 4.476%
------------------------------------------------------------------------------------------------------------------------
iv Total Notes and Certificates $2,437,190,703.58 100.000% $2,362,339,599.52 100.000%
========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
Reserve Account 4/25/2000 7/25/2000
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $6,077,782.30 $5,891,121.20
iv Reserve Account Floor Balance ($) $3,006,252.00 $3,006,252.00
v Current Reserve Acct Balance ($) $6,077,782.30 $5,891,121.20
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
--------------------------------------------------------------------------------
II. 1998-2 Transactions from: 4/1/2000 through: 6/30/2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
A Student Loan Principal Activity
i Regular Principal Collections $ 65,825,492.92
ii Principal Collections from Guarantor 8,799,177.11
iii Principal Reimbursements 13,407,394.68
iv Other System Adjustments 0.00
----------------
v Total Principal Collections $ 88,032,064.71
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,417,352.57
ii Capitalized Interest (16,936,836.43)
----------------
iii Total Non-Cash Principal Activity $ (15,519,483.86)
--------------------------------------------------------------------
C Total Student Loan Principal Activity $ 72,512,580.85
--------------------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $ 28,137,569.58
ii Interest Claims Received from Guarantors 598,775.67
iii Late Fee Reimbursements 542,549.65
iv Interest Reimbursements 194,098.60
v Other System Adjustments .00
vi Special Allowance Payments 4,929,405.41
vii Subsidy Payments 4,646,617.92
----------------
viii Total Interest Collections $ 39,049,016.83
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,284,511.41)
ii Capitalized 16,936,836.43
Interest
----------------
iii Total Non-Cash Interest $ 15,652,325.02
Adjustments
-------------------------------------------------------------------
F Total Student Loan Interest Activity $ 54,701,341.85
--------------------------------------------------------------------
</TABLE>
2
<PAGE>
--------------------------------------------------------------------------------
III. 1998-2 Collection Account Activity 4/1/2000 through 6/30/2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Principal Collection
i Principal Payments Received-Cash $ 74,624,670.03
ii Cash Forwarded by Administrator on behalf of Seller 583,109.33
iii Cash Forwarded by Administrator on behalf of Servicer 6,194.89
iv Cash Forwarded by Administrator for Consolidation Activity 12,818,090.46
----------------
v Total Principal Collections $ 88,032,064.71
B Interest Collections
i Interest Payments $ 38,312,368.58
Received-Cash
ii Cash Forwarded by Administrator on behalf of Seller 24,794.28
iii Cash Forwarded by Administrator on behalf of Servicer 4,999.75
iv Cash Forwarded by Administrator for Consolidation Activity 164,304.57
v Cash Forwarded by Administrator for Late Fee Activity 542,549.65
----------------
vi Total Interest Collections $ 39,049,016.83
C Other Reimbursements $ 414,363.31
D Administrator Account Investment Income $ 1,042,865.31
E Return funds borrowed for previous distribution $ --
F TOTAL FUNDS RECEIVED $ 128,538,310.16
LESS FUNDS PREVIOUSLY REMITTED:
Servicing Fees ($3,208,901.26)
Consolidation Loan Rebate Fees ($1,014,683.00)
-------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 124,314,725.90
-------------------------------------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Primary Servicing Fee - Non-Consolidation Loans $ 1,341,794.41
ii Primary Servicing Fee - Consolidation Loans $ 234,597.57
H Servicing Fees Due for Current Period $ 1,576,391.98
Less: Servicing ADJ [A iii + B iii) ($11,194.64)
I Carryover Servicing Fees Due $0.00
J Administration Fees $ 20,000.00
Due
-------------------------------------------------------------------------------------------
K Total Fees Due for Period $ 1,585,197.34
-------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
--------------------------------------------------------------------------------
IV. 1998-2 Portfolio Characteristics
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------
Weighted Avg Coupon # of Loans %
--------------------------------------------------------------------------------------------------
STATUS 3/31/2000 6/30/2000 3/31/2000 6/30/2000 3/31/2000 6/30/2000
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 7.182% 7.191% 33,953 23,030 5.668% 3.972%
Grace
Current 7.197% 7.171% 7,415 12,303 1.238% 2.122%
--------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.184% 7.183% 41,368 35,333 6.906% 6.094%
--------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 8.070% 8.064% 374,626 373,697 62.542% 64.456%
31-60 Days Delinquent 8.125% 8.113% 17,569 19,160 2.933% 3.305%
61-90 Days Delinquent 8.071% 8.109% 9,107 9,638 1.521% 1.662%
91-120 Days Delinquen 7.962% 8.064% 4,764 4,999 0.795% 0.862%
> 120 Days Delinquent 7.945% 7.945% 9,011 7,330 1.504% 1.264%
Deferment
Current 7.662% 7.666% 65,611 58,240 10.953% 10.045%
Forbearance
Current 7.960% 7.955% 75,315 69,871 12.573% 12.052%
--------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 8.004% 8.006% 556,003 542,935 92.821% 93.646%
--------------------------------------------------------------------------------------------------
Claims in Process (1) 7.902% 7.916% 1592 1,478 0.266% 0.255%
Aged Claims Rejected (2) 7.757% 7.813% 43 26 0.007% 0.005%
--------------------------------------------------------------------------------------------------
GRAND TOTAL 7.944% 7.952% 599,006 579,772 100.000% 100.000%
--------------------------------------------------------------------------------------------------
----------------------------------------------------------------------
Principal Amount %
-----------------------------------------------------------------------------------------------
STATUS 3/31/2000 6/30/2000 3/31/2000 6/30/2000
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
In School
Current $ 135,212,825.08 $ 82,709,802.76 5.624% 3.547%
Grace
Current $ 26,636,097.77 $ 56,989,669.50 1.108% 2.444%
----------------------------------------------------------------------------------------------
TOTAL INTERIM $ 161,848,922.85 $ 139,699,472.26 6.732% 5.991%
----------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $1,445,559,992.21 $1,440,283,075.14 60.126% 61.770%
31-60 Days Delinquent $ 71,607,322.61 $ 76,607,397.36 2.978% 3.286%
61-90 Days Delinquent $ 36,942,286.23 $ 40,156,194.60 1.537% 1.722%
91-120 Days Delinquen $ 18,816,597.84 $ 19,315,242.25 0.783% 0.828%
> 120 Days Delinquent $ 30,460,269.67 $ 24,490,553.97 1.267% 1.050%
Deferment
Current $ 254,831,242.79 $ 227,640,710.56 10.599% 9.763%
Forbearance
Current $ 379,439,337.92 $ 358,990,972.41 15.782% 15.396%
----------------------------------------------------------------------------------------------
TOTAL REPAYMENT $2,237,657,049.27 $2,187,484,146.29 93.072% 93.815%
----------------------------------------------------------------------------------------------
Claims in Process (1) $ 4,604,261.62 $ 4,444,853.19 0.192% 0.191%
Aged Claims Rejected (2) $ 101,037.04 $ 70,218.19 0.004% 0.003%
----------------------------------------------------------------------------------------------
GRAND TOTAL $2,404,211,270.78 $2,331,698,689.93 100.000% 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 6/30/00
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
-------------------------------------------------------------------------------------------------
GSL- GSL- CONS- CONS- GSL- GSL- CONS- CONS-
SUB UNSUB SUB UNSUB PLUS SLS SUB UNSUB SUB UNSUB PLUS SLS
STATUS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 1.954% 1.209% 0.000% 0.000% 0.000% 0.000% 0.188% 0.106% 0.000% 0.000% 0.000% 0.000%
Grace
Current 1.314% 0.959% 0.000% 0.000% 0.000% 0.000% 0.079% 0.045% 0.000% 0.000% 0.000% 0.000%
TOTAL INTERIM 3.268% 2.168% 0.000% 0.000% 0.000% 0.000% 0.267% 0.151% 0.000% 0.000% 0.000% 0.000%
REPAYMENT:
Active
Current 21.781% 8.223% 0.029% 0.155% 4.941% 3.482% 1.608% 0.660% 0.001% 0.009% 0.215% 0.111%
31-60 Days Delinquent 0.960% 0.356% 0.001% 0.006% 0.219% 0.118% 0.164% 0.054% 0.000% 0.000% 0.011% 0.009%
61-90 Days Delinquent 0.492% 0.184% 0.001% 0.006% 0.075% 0.060% 0.106% 0.039% 0.001% 0.000% 0.003% 0.007%
91-120 Days Delinquent 0.263% 0.091% 0.000% 0.002% 0.022% 0.038% 0.055% 0.022% 0.000% 0.000% 0.002% 0.002%
> 120 Days Delinquent 0.374% 0.135% 0.000% 0.002% 0.026% 0.039% 0.094% 0.036% 0.000% 0.000% 0.002% 0.003%
Deferment
Current 4.511% 1.799% 0.000% 0.011% 0.246% 0.832% 0.395% 0.190% 0.000% 0.000% 0.008% 0.031%
Forbearance
Current 5.760% 2.961% 0.003% 0.010% 0.495% 1.590% 0.606% 0.270% 0.000% 0.004% 0.020% 0.056%
TOTAL REPAYMENT 34.141% 13.749% 0.034% 0.192% 6.024% 6.159% 3.028% 1.271% 0.002% 0.013% 0.261% 0.219%
Claims in Process (1) 0.062% 0.020% 0.000% 0.000% 0.009% 0.007% 0.017% 0.007% 0.000% 0.000% 0.001% 0.001%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 37.472% 15.937% 0.034% 0.192% 6.033% 6.167% 3.312% 1.429% 0.002% 0.013% 0.262% 0.220%
TOTAL BY SCHOOL TYPE 65.835% 5.238%
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
TECHNICAL SCHOOLS UNKNOWN
-------------------------------------------------------------------------------------------------
GSL- GSL- CONS- CONS- SLS GSL- GSL- CONS- CONS-
SUB UNSUB SUB UNSUB PLUS SLS SUB UNSUB SUB UNSUB PLUS SLS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
In School
Current 0.038% 0.032% 0.000% 0.000% 0.000% 0.000% 0.013% 0.007% 0.000% 0.000% 0.000% 0.000%
Grace
Current 0.021% 0.020% 0.000% 0.000% 0.000% 0.000% 0.003% 0.003% 0.000% 0.000% 0.000% 0.000%
TOTAL INTERIM 0.059% 0.052% 0.000% 0.000% 0.000% 0.000% 0.016% 0.010% 0.000% 0.000% 0.000% 0.000%
REPAYMENT:
Active
Current 1.347% 1.013% 0.001% 0.012% 0.327% 0.111% 0.074% 0.036% 4.917% 12.697% 0.007% 0.013%
31-60 Days Delinquent 0.150% 0.098% 0.000% 0.000% 0.020% 0.013% 0.006% 0.003% 0.334% 0.764% 0.000% 0.000%
61-90 Days Delinquent 0.095% 0.062% 0.000% 0.000% 0.009% 0.007% 0.003% 0.001% 0.163% 0.408% 0.000% 0.000%
91-120 Days Delinquent 0.056% 0.037% 0.000% 0.001% 0.005% 0.004% 0.001% 0.001% 0.060% 0.166% 0.000% 0.000%
> 120 Days Delinquent 0.089% 0.054% 0.000% 0.001% 0.003% 0.004% 0.002% 0.000% 0.057% 0.129% 0.000% 0.000%
Deferment
Current 0.195% 0.129% 0.000% 0.001% 0.007% 0.023% 0.033% 0.015% 0.441% 0.887% 0.001% 0.008%
Forbearance
Current 0.447% 0.321% 0.000% 0.005% 0.027% 0.039% 0.028% 0.020% 0.792% 1.929% 0.002% 0.011%
TOTAL REPAYMENT 2.379% 1.714% 0.001% 0.020% 0.398% 0.201% 0.147% 0.076% 6.764% 16.980% 0.010% 0.032%
Claims in Process (1) 0.020% 0.012% 0.000% 0.000% 0.001% 0.001% 0.000% 0.000% 0.007% 0.026% 0.000% 0.000%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 2.459% 1.778% 0.001% 0.020% 0.399% 0.202% 0.163% 0.086% 6.771% 17.006% 0.010% 0.032%
TOTAL BY SCHOOL TYPE 4.859% 24.068%
</TABLE>
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
INTERIM:
<S> <C> <C> <C> <C> <C>
In School
Current 3.163% 0.294% 0.070% 0.020% 3.547%
Grace
Current 2.273% 0.124% 0.041% 0.006% 2.444%
TOTAL INTERIM 5.436% 0.418% 0.111% 0.026% 5.991%
REPAYMENT:
Active
Current 38.611% 2.604% 2.811% 17.744% 61.770%
31-60 Days Delinquent 1.660% 0.238% 0.281% 1.107% 3.286%
61-90 Days Delinquent 0.818% 0.156% 0.173% 0.575% 1.722%
91-120 Days Delinquent 0.416% 0.081% 0.103% 0.228% 0.828%
> 120 Days Delinquent 0.576% 0.135% 0.151% 0.188% 1.050%
Deferment
Current 7.399% 0.624% 0.355% 1.385% 9.763%
Forbearance
Current 10.819% 0.956% 0.839% 2.782% 15.396%
TOTAL REPAYMENT 60.299% 4.794% 4.713% 24.009% 93.815%
Claims in Process (1) 0.098% 0.026% 0.034% 0.033% 0.191%
Aged Claims Rejected (2) 0.002% 0.000% 0.001% 0.000% 0.003%
TOTAL BY SCHOOL TYPE 65.835% 5.238% 4.859% 24.068% 100.000%
------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
--------------------------------------------------------------------------------
VI. 1998-2 Interest Calculation
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Borrower Interest Accrued During Collection Period $ 42,006,869.95
B Interest Subsidy Payments Accrued During Collection Period 4,415,695.82
C SAP Payments Accrued During Collection Period 5,849,483.70
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 116,824.37
E Investment Earnings (ADMINISTRATOR ACT) 1,042,865.31
F Net Expected Interest Collections $ 53,431,739.15
G Student Loan Rate
i Days in Calculation Period 91
ii Days in Year 366
iii Net Expected Interest Collections $ 53,431,739.15
iv Primary Servicing Fee $ 4,785,293.24
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 2,431,112,921.28
vii Student Loan Rate 8.04465%
Accrued
Int Factor Accrual Period
H Class A-1 T-Bill Based Interest Rate 6.66496%
I Class A-1 Interest Rate 0.016571339 (4/25/00-7/25/00) 6.66496%
J Class A-2 T-Bill Based Interest Rate 6.71496%
K Class A-2 Interest Rate 0.016695656 (4/25/00-7/25/00) 6.71496%
L Certificate T-Bill Based Rate of Return 6.93496%
M Certificate Rate of Return 0.017242650 (4/25/00-7/25/00) 6.93496%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
--------------------------------------------------------------------------------
VII. 1998-2 Inputs From Previous Quarterly Servicing Reports 3/31/2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 2,404,211,270.78
ii Interest To Be Capitalized 26,901,650.50
------------------
iii Total Pool $ 2,431,112,921.28
iv Specified Reserve Account Balance 6,077,782.30
------------------
v Total Adjusted Pool $ 2,437,190,703.58
==================
B Total Note and Certificate Factor 0.80667221736
C Total Note and Certificate Balance $ 2,437,190,703.58
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
D Note Balance 4/25/2000 Class A-1 Class A-2 Certificates
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Current Factor 4/25/00 0.6520069966 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,094,380,703.58 $1,237,060,000.00 $105,750,000.00
E Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00
F Interest $ 0.00 $ 0.00 $ 0.00
Shortfall
G Interest $ 0.00 $ 0.00 $ 0.00
Carryover
-----------------------------------------------------------------------------------------------------------------
H Reserve Account Balance $ 6,077,782.30
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
--------------------------------------------------------------------------------
VIII. 1998-2 Waterfall for Distributions
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
<S> <C> <C>
A Total Available Funds (Sections III-F + VI-D) $ 124,431,550.27 $ 124,431,550.27
B Primary Servicing Fees-Current Month $ 1,565,197.34 $ 122,866,352.93
C Administration Fee $ 20,000.00 $ 122,846,352.93
D Noteholder's Interest Distribution Amount
i Class A-1 $ 18,135,353.63 $ 104,710,999.30
ii Class A-2 $ 20,653,528.21 $ 84,057,471.09
-------------------
Total Noteholder's Interest
iii Total Noteholder's Interest Distribution $ 38,788,881.84
E Certificateholder's Return Distribution Amount $ 1,823,410.24 $ 82,234,060.85
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 74,851,104.06 $ 7,382,956.79
ii Class A-2 $ 0.00 $ 7,382,956.79
-------------------
iii Total Noteholder's Principal Distribution $ 74,851,104.06
G Certificateholder's Balance Distribution Amount $ 0.00 $ 7,382,956.79
H Increase to the Specified Reserve Account Balance $ 0.00 $ 7,382,956.79
I Carryover Servicing Fees $ 0.00 $ 7,382,956.79
J Noteholder's Interest Carryover
i Class A-1 $ 0.00 $ 7,382,956.79
i Class A-2 $ 0.00 $ 7,382,956.79
-------------------
iii Total Noteholder's Interest Carryover $ 0.00
K Certificateholder's Return Carryover $ 0.00 $ 7,382,956.79
L Excess to Reserve Account $ 7,382,956.79 $ 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 $ 18,135,353.63 $ 20,653,528.21 $ 1,823,410.24
ii Quarterly Interest Paid 18,135,353.63 20,653,528.21 1,823,410.24
------------- ------------- ------------
iii Interest Shortfall $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00 0.00
---- ---- ----
vi Interest Carryover $ 0.00 $ 0.00 $ 0.00
vii Quarterly Principal Due $ 74,851,104.06 $ 0.00 $ 0.00
viiiQuarterly Principal Paid 74,851,104.06 0.00 $ 0.00
------------- ------------- ------------
ix Quarterly Principal Shortfall $ 0.00 $ 0.00 $ 0.00
----------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 92,986,457.69 $ 20,653,528.21 $ 1,823,410.24
----------------------------------------------------------------------------------------------------------------------
B Principal Distribution Reconciliation
i Notes and Certificates Principal Balance 6/30/00 $ 2,437,190,703.58
ii Adjusted Pool Balance 6/30/00 2,362,339,599.52
-------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 74,851,104.06
===================
Adjusted Pool Balance 3/31/00 $ 2,437,190,703.58
iv
v Adjusted Pool Balance 6/30/00 2,362,339,599.52
-------------------
vi Current Principal Due (iv-v) $ 74,851,104.06
vii Principal Shortfall from Previous Collection Period --
-------------------
viiiPrincipal Distribution Amount (vi + vii) $ 74,851,104.06
===================
ix Principal Distribution Amount Paid $ 74,851,104.06
x Principal Shortfall (viii - ix) $ 0.00
C Total Principal Distribution $ 74,851,104.06
D Total Interest Distribution 40,612,292.08
-------------------
E Total Cash Distributions-Note and Certificates $ 115,463,396.14
---------------------------------------------------------------------------------------------
F Note & Certificate Balances 4/25/2000 7/25/2000
---------------------------------------------------------------------------------------------
i A-1 Note Balance (78442GBA3) $ 1,094,380,703.58 $ 1,019,529,599.52
A-1 Note Pool Factor 0.6520069966 0.6074124205
ii A-2 Note Balance (78442GBB1) $ 1,237,060,000.00 $ 1,237,060,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
iii Certificate Balance (78442GBC9) $ 105,750,000.00 $ 105,750,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
---------------------------------------------------------------------------------------------
G Reserve Account Reconciliation
i Beginning of Period Balance $ 6,077,782.30
ii Deposits to correct Shortfall $ --
iii Deposits from Excess Servicing $ 7,382,956.79
-------------------
iv Total Reserve Account Balance Available $ 13,460,739.09
v Required Reserve Account Balance $ 5,891,121.20
vi Shortfall Carried to Next Period $ --
vii Excess Reserve - Release to SLM Funding Corp. $ 7,569,617.89
viiiEnding Reserve Account Balance $ 5,891,121.20
------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
X. 1998-2 Historical Pool Information
----------------------------------------
1999 1998
----------------------------------------
------------------------------------------------------------------------------
4/1/00-6/30/00 1/1/00-3/31/00 1/1/99-12/31/99 5/25/98-12/31/98
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Beginning Student Loan Portfolio Balance $2,404,211,270.78 $2,478,450,859.13 $2,604,671,950.78 $2,955,578,269.52
---------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $ 65,825,492.92 $ 64,464,715.22 $ 119,377,793.82 $ 173,179,705.90
ii Principal Collections from Guarantor 8,799,177.11 7,873,805.29 12,543,509.72 10,013,232.79
iii Principal Reimbursements 13,407,394.68 16,897,307.81 36,354,201.35 1,684,994.12
iv Other System Adjustments - - - -
---------------------------------------------------------------------------
v Total Principal Collections $ 88,032,064.71 $ 89,235,828.32 $ 168,275,504.89 $ 184,877,932.81
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,417,352.57 $ 1,889,501.27 $ 4,501,593.44 $ 5,290,698.85
ii Capitalized Interest (16,936,836.43) (16,885,741.24) (46,556,006.68) (58,280,393.05)
---------------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (15,519,483.86) $ (14,996,239.97) $ (42,054,413.24) $ (52,989,694.20)
---------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity $ 72,512,580.85 $ 74,239,588.35 $ 126,221,091.65 $ 131,888,238.61
---------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 28,137,569.58 $ 29,412,189.20 $ 59,561,026.47 $ 79,142,828.23
ii Interest Claims Received from Guarantors 598,775.67 503,833.56 756,231.75 508,802.25
iii Late Fee Reimbursements 542,549.65 597,710.66 1,092,686.29 681,666.76
iv Interest Reimbursements 194,098.60 201,617.26 567,695.98 33,322.25
v Other System Adjustments - - - -
vi Special Allowance Payments 4,929,405.41 2,707,185.25 978,146.62 544,110.01
vii Subsidy Payments 4,646,617.92 5,278,685.56 13,140,004.83 15,023,783.79
---------------------------------------------------------------------------
viii Total Interest Collections $ 39,049,016.83 $ 38,701,221.49 $ 76,095,791.94 $ 95,934,513.29
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,284,511.41) $ (1,831,472.09) $ (4,323,974.14) $ (5,109,872.63)
ii Capitalized Interest 16,936,836.43 16,885,741.24 46,556,006.68 58,280,393.05
---------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 15,652,325.02 $ 15,054,269.15 $ 42,232,032.54 $ 53,170,520.42
---------------------------------------------------------------------------
Total Student Loan Interest Activity $ 54,701,341.85 $ 53,755,490.64 $ 118,327,824.48 $ 149,105,033.71
(=) Ending Student Loan Portfolio Balance $2,331,698,689.93 $2,404,211,270.78 $2,478,450,859.13 $2,823,690,030.91
---------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized $ 24,749,788.39 $ 26,901,650.50 $ 27,266,177.71 $ 35,151,420.12
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $2,356,448,478.32 $2,431,112,921.28 $2,505,717,036.84 $2,858,841,451.03
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
(+) Reserve Account Balance $ 5,891,121.20 $ 6,077,782.30 $ 6,264,292.59 $ 7,147,103.63
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
(=) Total Adjusted Pool $2,362,339,599.52 $2,437,190,703.58 $2,511,981,329.43 $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%
Apr-00 $ 2,431,112,921 5.14%
Jul-00 $ 2,356,448,478 4.97%
* "Since Issued CPR" is based on the current period's ending pool balance
calculated against the original pool balance
and assuming cutoff date pool data.
--------------------------------------------------------------------------------
11
<PAGE>
SLM Student Loan Trust 1999-1
Quarterly Servicing Report
Report Date: 06/30/2000 Reporting Period: 4/1/00-6/30/00
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
I. Deal Parameters
------------------------------------------------------------------------------
Student Loan Portfolio Characteris 03/31/2000 Activity 06/30/2000
----------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 914,528,603.62 $(20,641,232.39) $893,887,371.23
ii Interest to be Capitalized 17,588,471.82 17,040,827.59
---------------- -------------
iii Total Pool $ 932,117,075.44 $ 910,928,198.82
iv Specified Reserve Account Balance 2,330,292.69 2,277,320.50
---------------- --------------
v Total Adjusted Pool $ 934,447,368.13 $ 913,205,519.32
================ ==============
B i Weighted Average Coupon (WAC) 7.3296% 7.3435%
ii Weighted Average Remaining Term 117.97 115.98
ii Number of Loans 241,109 235,891
iv Number of Borrowers 111,509 109,017
</TABLE>
------------------------------------------------------------------------
<TABLE>
<CAPTION>
% of % of
Notes and Certificates Spread Balance 4/25/O0 O/S Securities Balance 7/25/00 O/S Securities
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
C i A-1T Note 78442GBD7 0.87% $ 139,842,458.09 14.808% $ 132,959,687.62 14.438%
ii A-1L Note 78442GBE5 0.08% 336,910,145.10 35.677% 320,328,091.07 34.785%
iii A-2L Note 78442GBG0 0.18% 431,530,000.00 45.696% 431,530,000.00 46.861%
iv Certificates 78442GBH8 0.45% 36,060,000.00 3.819% 36,060,000.00 3.916%
------------------------------------------------------------------------------------------------------------
v Total Notes and Certificates $ 944,342,603.19 100.000% $ 920,877,778.69 100.000%
============================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Reserve Account 04/25/2000 07/25/2000
------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance($) $2,330,292.69 $ 2,277,320.50
iv Reserve Account Floor Balance ($) $1,002,076.00 $ 1,002,076.00
v Current Reserve Acct Balance ($) $2,330,292.69 $ 2,277,320.50
</TABLE>
<PAGE>
-------------------------------------------------------------------
II. 1999-1 Transactions from: 04/01/2000 through 06/30/2000
-------------------------------------------------------------------
A Student Loan Principal Activity
i Regular Principal Collections $18,416,322.53
ii Principal Collections from Guarantor 3,665,392.97
iii Principal Reimbursements 4,426,505.90
iv Other System Adjustments 0.00
--------------
v Total Principal Collections $26,508,221.40
B Student Loan Non-Cash Principal Activity
i Other Adjustments $266,328.90
ii Capitalized Interest (6,133,317.91)
--------------
iii Total Non-Cash Principal Activity $(5,866,989.01)
----------------------------------------------------------
C Total Student Loan Principal Activity $20,641,232.39
----------------------------------------------------------
D Student Loan Interest Activity
i Regular Interest Collections $7,488,583.81
ii Interest Claims Received from Guarators 256,238.54
iii Late Fee Reimbursements 133,752.63
iv Interest Reimbursements 66,123.79
v Other System Adjustments 0.00
vi Special Allowance Payments 2,601,947.38
vii Subsidy Payments 3,517,062.56
------------
viii Total Interest Collections $14,063,708.71
E Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment ($192,216.12)
ii Capitalized Interest 6,133,317.91
--------------
iii Total Non-Cash Interest Adjustment $5,941,101.79
---------------------------------------------------------
F Total Student Loan Interest Activity $20,004,810.50
---------------------------------------------------------
<PAGE>
---------------------------------------------------------------------------
III. 1999-1 Collection Account Activity 04/01/2000 through 06/30/2000
---------------------------------------------------------------------------
A Principal Collections
i Principal Payments Received-Cash $22,081,715.50
ii Cash Forwarded by Administrator on
behalf of Seller 79,675.11
iii Cash Forwarded by Administrator on
behalf of Servicer 10,382.87
iv Cash Forwarded by Administrator for
Consolidation Activity 4,336,447.92
--------------
v Total Principal Collections $26,508,221.40
B Interest Collections
i Interest Payments Received-Cash $13,863,832.29
ii Cash Forwarded by Administrator on
behalf of Seller 3,106.84
iii Cash Forwarded by Administrator on
behalf of Servicer 1,214.28
iv Cash Forwarded by Administrator for
Consolidation Activity 61,802.67
v Cash Forwarded by Administrator for
Late Fee Activity 133,752.63
--------------
vi Total Interest Collections $14,063,708.71
C Other Reimbursements $48,623.17
D Administrator Account Investment Income $317,984.01
E Return funds borrowed for previous distribution $ -
F TOTAL FUNDS RECEIVED $40,938,537.29
LESS FUNDS PREVIOUSLY REMITTED:
Servicing Fees ($1,366,316.64)
Consolidation Loan Rebate Fees $(198.00)
-----------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $39,572,022.65
-----------------------------------------------------------------
G Servicing Fee Calculation-Current Month
i Primary Servicing Fee - Non-Consolidation Loans $674,416.06
ii Primary Servicing Fee - Consolidation Loans $47.33
H Servicing Fees Due for Current Period $674,463.39
Less: Servicing ADJ [A iii + B iii] ($11,597.15)
I Carryover Servicing Fees Due $0.00
J Administration Fees Due $ 20,000.00
-----------------------------------------------------------------
K Total Fees Due for Period $ 682,866.24
-----------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
IV. 1999-1 Portfolio Characteristics
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
Weighted Avg Coupon # of Loans % Principal Amount %
------------------------------------------------------------------------------------------------------------------------------------
STATUS 03/31/2000 06/30/2000 03/31/2000 06/30/2000 03/31/2000 06/30/2000 03/31/2000 06/30/2000 03/31/2000 06/30/2000
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 6.685% 6.659% 52,459 36,701 21.757% 15.559% $225,672,512.91 $158,008,000.08 24.676% 17.677%
Grace
Current 6.827% 6.756% 10,909 18,044 4.525% 7.649% $38,256,713.36 $75,564,263.69 4.183% 8.453%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 6.706% 6.690% 63,368 54,745 26.282% 23.208% $263,929,226.27 $233,572,263.77 28.859% 26.130%
------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 7.665% 7.647% 111,356 118,412 46.185% 50.198% $401,652,799.08 $423,052,077.75 43.919% 47.327%
31-60 Days
Delinquent 7.679% 7.674% 5,245 6,128 2.175% 2.598% $17,750,577.90 $19,998,446.69 1.941% 2.237%
61-90 Days
Delinquent 7.654% 7.669% 3,417 3,743 1.417% 1.587% $11,567,190.51 $11,843,423.64 1.265% 1.325%
91-120 Days
Delinquent 7.580% 7.626% 2,664 1,855 1.105% 0.786% $8,842,866.97 $5,828,634.52 0.967% 0.652%
> 120 Days
Delinquent 7.628% 7.633% 3,958 3,488 1.642% 1.479% $11,007,715.36 $10,044,445.10 1.204% 1.124%
DEFERMENT
CURRENT 7.181% 7.168% 22,775 20,489 9.446% 8.686% $86,133,175.15 $78,443,542.65 9.418% 8.776%
FORBEARANCE
CURRENT 7.646% 7.637% 27,677 26,310 11.479% 11.153% $111,883,983.21 $109,160,943.09 12.234% 12.212%
------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.596% 7.589% 177,092 180,425 73.449% 76.487% $648,838,308.18 $658,371,513.44 70.948% 73.653%
------------------------------------------------------------------------------------------------------------------------------------
Claims in
Process (1) 7.697% 7.587% 649 716 0.269% 0.303% $1,761,069.17 $1,932,064.67 0.193% 0.216%
Aged Claims
Rejected 0.000% 7.837% - 5 0.000% 0.002% $ - $ 11,529.35 0.000% 0.001%
------------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.330% 7.344% 241,109 235,891 100.000% 100.000% $914,528,603.62 $893,887,371.23 100.000% 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.
<PAGE>
--------------------------------------------------------------------------------
V. 1999-1 Portfolio Characteristics by School and Program 6/30/00
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOUR YEAR SCHOOLS TWO YEAR SCHOOLS
-----------------------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
CURRENT 9.148% 7.148% 0.000% 0.000% 0.000% 0.000% 0.509% 0.324% 0.000% 0.000% 0.000% 0.000%
GRACE
CURRENT 4.481% 3.279% 0.000% 0.000% 0.000% 0.000% 0.221% 0.146% 0.000% 0.000% 0.000% 0.000%
TOTAL INTERIM 13.629% 10.427% 0.000% 0.000% 0.000% 0.000% 0.730% 0.470% 0.000% 0.000% 0.000% 0.000%
REPAYMENT:
Active
Current 20.873% 11.862% 0.000% 0.000% 6.770% 1.258% 1.337% 0.824% 0.000% 0.000% 0.206% 0.081%
31-60 Days Delinquent 0.885% 0.470% 0.000% 0.000% 0.237% 0.062% 0.134% 0.067% 0.000% 0.000% 0.007% 0.004%
61-90 Days Delinquent 0.564% 0.266% 0.000% 0.000% 0.100% 0.037% 0.089% 0.044% 0.000% 0.000% 0.003% 0.003%
91-120 Days Delinquent 0.276% 0.156% 0.000% 0.000% 0.040% 0.012% 0.052% 0.024% 0.000% 0.000% 0.002% 0.001%
> 120 Days Delinquent 0.482% 0.229% 0.000% 0.000% 0.031% 0.025% 0.103% 0.045% 0.000% 0.000% 0.001% 0.007%
DEFERMENT
CURRENT 4.365% 2.826% 0.000% 0.000% 0.236% 0.263% 0.357% 0.203% 0.000% 0.000% 0.006% 0.019%
FORBEARANCE
CURRENT 5.341% 3.530% 0.000% 0.000% 0.643% 0.537% 0.546% 0.310% 0.000% 0.000% 0.014% 0.045%
TOTAL REPAYMENT 32.786% 19.339% 0.000% 0.000% 8.057% 2.194% 2.618% 1.517% 0.000% 0.000% 0.239% 0.160%
Claims in Process (1) 0.078% 0.045% 0.000% 0.000% 0.009% 0.006% 0.014% 0.005% 0.000% 0.000% 0.000% 0.000%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 46.494% 29.811% 0.000% 0.000% 8.066% 2.200% 3.362% 1.992% 0.000% 0.000% 0.239% 0.160%
TOTAL BY SCHOOL TYPE 86.571% 5.753%
</TABLE>
<TABLE>
<CAPTION>
TECHNICAL SCHOOLS UNKNOWN
-----------------------------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
CURRENT 0.191% 0.190% 0.000% 0.000% 0.000% 0.000% 0.087% 0.080% 0.000% 0.000% 0.000% 0.000%
GRACE
CURRENT 0.140% 0.127% 0.000% 0.000% 0.000% 0.000% 0.033% 0.026% 0.000% 0.000% 0.000% 0.000%
TOTAL INTERIM 0.331% 0.317% 0.000% 0.000% 0.000% 0.000% 0.120% 0.106% 0.000% 0.000% 0.000% 0.000%
REPAYMENT:
ACTIVE
CURRENT 1.634% 1.396% 0.000% 0.000% 0.618% 0.155% 0.142% 0.113% 0.007% 0.002% 0.019% 0.030%
31-60 Days Delinquent 0.167% 0.124% 0.000% 0.000% 0.034% 0.017% 0.010% 0.014% 0.000% 0.000% 0.001% 0.004%
61-90 Days Delinquent 0.108% 0.078% 0.000% 0.000% 0.010% 0.010% 0.007% 0.004% 0.000% 0.000% 0.000% 0.002%
91-120 Days Delinquent 0.049% 0.033% 0.000% 0.000% 0.002% 0.004% 0.000% 0.001% 0.000% 0.000% 0.000% 0.000%
> 120 Days Delinquent 0.097% 0.085% 0.000% 0.000% 0.008% 0.007% 0.001% 0.002% 0.000% 0.000% 0.000% 0.001%
DEFERMENT
CURRENT 0.205% 0.169% 0.000% 0.000% 0.008% 0.017% 0.056% 0.036% 0.000% 0.000% 0.001% 0.009%
FORBEARANCE
CURRENT 0.549% 0.468% 0.000% 0.000% 0.044% 0.040% 0.069% 0.047% 0.000% 0.004% 0.001% 0.024%
TOTAL REPAYMENT 2.809% 2.353% 0.000% 0.000% 0.724% 0.250% 0.285% 0.217% 0.007% 0.006% 0.022% 0.070%
Claims in Process (1) 0.030% 0.027% 0.000% 0.000% 0.002% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
Aged Claims Rejected (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 3.170% 2.697% 0.000% 0.000% 0.726% 0.250% 0.405% 0.323% 0.007% 0.006% 0.022% 0.070%
TOTAL BY SCHOOL TYPE 6.843% 0.833%
(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>
<TABLE>
<CAPTION>
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
<S> <C> <C> <C> <C> <C>
INTERIM:
In School
Current 16.296% 0.833% 0.381% 0.167% 17.677%
Grace
Current 7.760% 0.367% 0.267% 0.059% 8.453%
TOTAL INTERIM 24.056% 1.200% 0.648% 0.226% 26.130%
REPAYMENT:
Active
Current 40.763% 2.448% 3.803% 0.313% 47.327%
31-60 Days Delinquent 1.654% 0.212% 0.342% 0.029% 2.237%
61-90 Days Delinquent 0.967% 0.139% 0.206% 0.013% 1.325%
91-120 Days Delinquent 0.484% 0.079% 0.088% 0.001% 0.652%
> 120 Days Delinquent 0.767% 0.156% 0.197% 0.004% 1.124%
Deferment
Current 7.690% 0.585% 0.399% 0.102% 8.776%
Forbearance
Current 10.051% 0.915% 1.101% 0.145% 12.212%
TOTAL REPAYMENT 62.376% 4.534% 6.136% 0.607% 73.653%
Claims in Process (1) 0.138% 0.019% 0.059% 0.000% 0.216%
Aged Claims Rejected (2) 0.001% 0.000% 0.000% 0.000% 0.001%
TOTAL BY SCHOOL TYPE 86.571% 5.753% 6.843% 0.833% 100.000%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
VI. 1999-1 Interest Calculation
----------------------------------------------------------------------------------------------
<S> <C>
A Borrower Interest Accrued During Collection Periiod $13,114,072.38
B Interest Subsidy Payments Accrued During Collection Period 3,339,370.52
C SAP Payments Accrued During Collection Period 3,008,223.12
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 43,630.83
E Investment Earnings (ADMINISTRATOR ACT) 317,984.01
F NET EXPECTED INTEREST COLLECTIONS $19,823,280.86
G STUDENT LOAN RATES
i Days in Calculation Period 91
ii Days in Year 366 and 360
iii Net Expected Interest Collections $19,823,280.86
iv Primary Servicing Fee $2,040,780.03
v Administration Fee $20,000.00
vi Total Pool Balance at Beginning of Collection Period $932,117,075.44
vii Student Loan Rate(A-1T) 7.66431%
viii Student Loan Rate (A-1L, A-2L & Cert) 7.53867%
</TABLE>
<TABLE>
<CAPTION>
Accrued
Int Factor Accrual Period
<S> <C> <C> <C>
H Class A-1T T-Bill Based Interest Rate 6.85496%
I CLASS A-1T INTEREST RATE 0.017043743 (4/25/00-7/25/00 6.85496%
J Class A-1L Libor Based Interest Rate 6.39000%
K CLASS A-1L INTEREST RATE 0.016152500 (4/25/00-7/25/00 6.39000%
L Class A-2L Libor Based Interest Rate 6.49000%
M CLASS A-2L INTEREST RATE 0.016405278 (4/25/00-7/25/00 6.49000%
N Certificate Libor Based Rate of Return 6.76000%
O CERTIFICATE RATE OF RETURN 0.017087778 (4/25/00-7/25/00 6.76000%
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VII.1999-1 Inputs From Previous Quarterly Servicing Reports 3/31/00
--------------------------------------------------------------------------------
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 914,528,603.62
ii Interest To Be Capitalized 17,588,471.82
----------------
iii Total Pool $ 932,117,075.44
iv Specified Reserve Account Balance 2,330,292.69
----------------
v Total Adjusted Pool $ 934,447,368.13
================
B Total Note and Certificate Factor 0.91673957460
C Total Note and Certificate Balance $944,342,603.19
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
D Note Balance 04/25/2000 Class A-1T Class A-1L Class A-2L Certificates
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor 4/25/00 0.8475300490 0.8475300491 1.0000000000 1.0000000000
ii Expected Note Balance $139,842,458.09 $336,910,145.10 $431,530,000.00 $36,060,000.00
E Note Principal Shortfall $2,902,499.08 $6,992,735.98 $0.00 $0.00
F Interest Shortfall $0.00 $0.00 $0.00 $0.00
G Interest Carryover $0.00 $0.00 $0.00 $0.00
</TABLE>
----------------------------------------------------------------------------
H Reserve Account Balance $2,330,292.69
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
--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VIII. 1999-1Waterfall for Distributions
------------------------------------------------------------------------------------------------------
Remaining
Funds Balance
<S> <C> <C>
A Total Available Funds
(Sections III-F + VI-D + IX-G-vii) $ 39,668,625.67 $39,668,625.67
B Primary Servicing Fees-Current Month $ 662,866.24 $ 39,005,759.43
C Administration Fee $ 20,000.00 $ 38,985,759.43
D Noteholder's Interest Distribution Amount
i Class A-1T $ 2,383,438.92 $ 36,602,320.51
ii Class A-1L $ 5,441,941.12 $ 31,160,379.39
iii Class A-2L $ 7,079,369.62 $ 24,081,009.77
--------------
iv Total Noteholder's Interest Distribution $14,904,749.66
E Certificateholder's Return Distribution Amount $616,185.27 $ 23,464,824.50
F Noteholder's Principal Distribution Amount Paid
i Class A-1T $ 6,882,770.47 $ 16,582,054.03
ii Class A-1L $ 16,582,054.03 $ 0.00
iii Class A-2L $ 0.00 $ 0.00
---------------
iv Total Noteholder's Principal Distribution $ 23,464,824.50
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>
<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 $ 2,383,438.92 $ 5,441,941.12 $ 7,079,369.62 $ 616,185.27
ii Quarterly Interest Paid 2,383,438.92 5,441,941.12 7,079,369.62 616,185.27
-------------- -------------- -------------- ------------
iiiInterest 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
viiQuarterly Principal Due $ 9,133,219.86 $ 22,003,864.01 $ 0.00 $ 0.00
viiQuarterly Principal Paid 6,882,770.47 16,582,054.03 0.00 0.00
-------------- --------------- ------ ------
ix Quarterly Principal Shortfall $ 2,250,449.39 $ 5,421,809.98 $ 0.00 $ 0.00
---------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 9,266,209.39 $ 22,023,995.15 $ 7,079,369.62 $ 616,185.27
</TABLE>
-----------------------------------------------------------------------
<TABLE>
<CAPTION>
B Principal Distribution Reconciliation
<S> <C>
i Notes and Certificates Principal
Balance 6/30/00 $944,342,603.19
ii Adjusted Pool Balance 6/30/00 913,205,519.32
--------------
iii Adjusted Pool Exceeding Notes and
Certificate Balance (i-ii) $31,137,083.87
==============
iv Adjusted Pool Balance 3/31/00 $934,447,368.13
v Adjusted Pool Balance 6/30/00 913,205,519.32
--------------
vi Current Principal Due (iv-v) $21,241,848.81
vii Principal Shortfall from Previous
Collection Period 9,895,235.06
--------------
vii Principal Distribution Amount
(vi + vii) $31,137,083.87
==============
ix Principal Distribution Amount Paid $23,464,824.50
x Principal Shortfall (viii - ix) $ 7,672,259.37
C Total Principal Distribution $23,464,824.50
D Total Interest Distribution 15,520,934.93
--------------
E Total Cash Distributions-Note and
Certificates $38,985,759.43
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
F Note & Certificate Balances 04/25/2000 07/25/2000
--------------------------------------------------------------------------------
<S> <C> <C> <C>
i A-1T Note Balance (78442GBD7) $139,842,458.09 $132,959,687.62
A-1T Note Pool Factor 0.8475300490 0.8058162886
ii A-1L Note Balance (78442GBE5) $336,910,145.10 $320,328,091.07
A-1L Note Pool Factor 0.8475300491 0.8058162887
iiiA-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
--------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
G Reserve Account Reconciliation
i Beginning of Period Balance $ 2,330,292.69
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ -
--------------
iv Total Reserve Account Balance
Available $ 2,330,292.69
v Required Reserve Account Balance $ 2,277,320.50
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to
Waterfall $ 52,972.19
vii Ending Reserve Account Balance $ 2,277,320.50
</TABLE>
--------------------------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
X. 1999-1 Historical Pool Information
<TABLE>
<CAPTION>
---------------------------------------------------------------------
4/1/00-6/30/00 1/1/00-3/31/00 10/1/99-12/31/99 5/10/99-9/30/99
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $914,528,603.62 $ 937,482,162.56 $ 950,509,314.56 $ 978,982,721.13
-------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i Regular Principal Collections $18,416,322.53 $ 17,011,728.77 $ 15,652,159.13 $ 27,314,976.63
ii Principal Collections from
Guarantor 3,665,392.97 3,010,211.56 1,486,345.44 516,964.20
iii Principal Reimbursements 4,426,505.90 7,987,259.88 6,638,958.43 10,006,146.53
iv Other System Adjustments - - - -
-----------------------------------------------------------------------------
v Total Principal Collections $26,508,221.40 $ 28,009,200.21 $ 23,777,463.00 $ 37,838,087.36
Student Loan Non-Cash Principal Activity
i Other Adjustments $266,328.90 $ 434,568.11 $ 386,049.34 $ 479,686.49
ii Capitalized Interest (6,133,317.91) (5,490,209.38) (11,136,360.34) (9,844,367.28)
-----------------------------------------------------------------------------
iii Total Non-Cash Principal Ac $(5,866,989.01 $ (5,055,641.27) $(10,750,311.00) $ (9,364,680.79)
-------------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $20,641,232.39 $ 22,953,558.94 $ 13,027,152.00 $ 28,473,406.57
-------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity
i Regular Interest Collections $ 7,488,583.81 $ 7,694,804.82 $ 6,846,789.75 $ 10,490,676.93
ii Interest Claims Received from
Guarantors 256,238.54 192,392.22 71,784.28 13,347.07
iii Late Fee Reimbursements 133,752.63 144,512.46 114,360.41 167,735.05
iv Interest Reimbursements 66,123.79 100,493.69 72,698.15 150,160.50
v Other System Adjustments - - - -
vi Special Allowance Payments 2,601,947.38 1,568,428.04 716,352.00 3,160.68
vii Subsidy Payments 3,517,062.56 4,275,476.57 4,895,229.78 3,440,344.46
------------------------------------------------------------------------------
viiiTotal Interest Collections $ 14,063,708.71 $ 13,976,107.80 $12,717,214.37 $ 14,265,424.69
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (192,216.12) $ (377,856.78) $ (362,220.53) $ (504,642.20)
ii Capitalized Interest 6,133,317.91 5,490,209.38 11,136,360.34 9,844,367.28
------------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $5,941,101.79 $ 5,112,352.60 $10,774,139.81 $ 9,339,725.08
------------------------------------------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $20,004,810.50 $ 19,088,460.40 $ 23,491,354.18 $ 23,605,149.77
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $893,887,371.23 $914,528,603.62 $937,482,162.56 $ 950,509,314.56
--------------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 17,040,827.59 $ 17,588,471.82 $ 17,075,618.10 $ 22,320,676.56
--------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 910,928,198.82 $932,117,075.44 $954,557,780.66 $ 972,829,991.12
--------------------------------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 2,277,320.50 $ 2,330,292.69 $ 2,386,394.45 $ 2,432,074.98
--------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 913,205,519.32 $ 934,447,368.13 $956,944,175.11 $ 975,262,066.10
--------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
------------------------------------------------------------------
<TABLE>
<CAPTION>
XI. 1999-1 PAYMENT HISTORY AND CPRS
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
<S> <C> <C> <C>
Jul-99 $ 1,002,075,783 -
Oct-99 $ 972,829,991 6.74%
Jan-00 $ 954,557,781 5.57%
Apr-00 $ 932,117,075 5.10%
Jul-00 $ 910,928,199 5.00%
* "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>
<PAGE>
SLM Student Loan Trust 1999-2
Quarterly Servicing Report
Report Date: 6/30/2000 Reporting Period: 4/1/00-6/30/00
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
I. Deal Parameters
------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics 3/31/2000 Activity 6/30/2000
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 909,971,617.35 $ (23,162,964.58) $ 886,808,652.77
ii Interest to be Capitalized 14,362,553.84 13,683,759.89
--------------------- ---------------------
iii Total Pool $ 924,334,171.19 $ 900,492,412.66
iv Specified Reserve Account Balance 2,310,835.43 2,251,231.03
--------------------- ---------------------
v Total Adjusted Pool $ 926,645,006.62 $ 902,743,643.69
===================== =====================
B i Weighted Average Coupon (WAC) 7.5652% 7.5748%
ii Weighted Average Remaining Term 112.50 110.66
iii Number of Loans 244,751 239,071
iv Number of Borrowers 104,416 101,809
--------------------------------------------------------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
% of % of
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Notes and Certificates Spread Balance 4/25/00 O/S Securities Balance 7/25/00 O/S Securities
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1T Notes 78442GBJ4 0.94% $ 95,988,229.89 10.296% $ 81,311,134.78 8.976%
ii A-1L Notes 78442GBK1 0.08% 76,790,583.91 8.237% 65,048,907.82 7.181%
iii A-2L Notes 78442GBL9 0.20% 619,000,000.00 66.396% 619,000,000.00 68.333%
iv A-3L Notes 78442GBM7 0.28% 104,500,000.00 11.209% 104,500,000.00 11.536%
v Certificates 78442GBN5 0.50% 36,000,000.00 3.862% 36,000,000.00 3.974%
----------------------------------------------------------------------------------------------------------------------------
vi Total Notes and Certificates $ 932,278,813.81 100.000% $ 905,860,042.60 100.000%
============================================================================================================================
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
Reserve Account 4/25/2000 7/25/2000
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 2,310,835.43 $ 2,251,231.03
iv Reserve Account Floor Balance ($) $ 1,000,591.00 $ 1,000,591.00
v Current Reserve Acct Balance ($) $ 2,310,835.43 $ 2,251,231.03
----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
--------------------------------------------------------------------------------
II. 1999-2 TRANSACTIONS FROM: 4/1/2000 THROUGH: 6/30/2000
--------------------------------------------------------------------------------
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $20,805,620.36
ii Principal Collections from Guarantor 2,901,187.89
iii Principal Reimbursements 4,703,869.61
iv Other System Adjustments 0.00
-----------------
v TOTAL PRINCIPAL COLLECTIONS $ 28,410,677.86
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $401,719.37
ii Capitalized Interest (5,649,432.65)
-----------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $ (5,247,713.28)
---------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 23,162,964.58
---------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 9,107,117.60
ii Interest Claims Received from Guarantors 203,300.11
iii Late Fee Reimbursements 155,507.03
iv Interest Reimbursements 93,763.19
v Other System Adjustments 0.00
vi Special Allowance Payments 2,404,202.75
vii Subsidy Payments 2,996,491.85
-----------------
viii TOTAL INTEREST COLLECTIONS $ 14,960,382.53
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment ($337,511.43)
ii Capitalized Interest 5,649,432.65
-----------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 5,311,921.22
---------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 20,272,303.75
---------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
III. 1999-2 COLLECTION ACCOUNT ACTIVITY 4/1/2000 THROUGH 6/30/2000
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $ 23,706,808.25
ii Cash Forwarded by Administrator on behalf of Seller 168,200.85
iii Cash Forwarded by Administrator on behalf of Servicer 4,890.36
iv Cash Forwarded by Administrator for Consolidation Activity 4,530,778.40
--------------------
v TOTAL PRINCIPAL COLLECTIONS $ 28,410,677.86
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 14,711,112.31
ii Cash Forwarded by Administrator on behalf of Seller 2,088.49
iii Cash Forwarded by Administrator on behalf of Servicer 1,816.96
iv Cash Forwarded by Administrator for Consolidation Activity 89,857.74
v Cash Forwarded by Administrator for Late Fee Activity 155,507.03
--------------------
vi TOTAL INTEREST COLLECTIONS $ 14,960,382.53
C OTHER REIMBURSEMENTS $81,544.90
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $345,152.08
E RETURN FUNDS BORROWED FOR PREVIOUS DISTRIBUTION $ -
F TOTAL FUNDS RECEIVED $ 43,797,757.37
LESS FUNDS PREVIOUSLY REMITTED:
SERVICING FEES ($1,359,040.46)
CONSOLIDATION LOAN REBATE FEES ($111.00)
-------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 42,438,605.91
-------------------------------------------------------------------------------------------------
G SERVICING FEE CALCULATION-CURRENT MONTH
i Primary Servicing Fee - Non-Consolidation Loans $ 670,169.98
ii Primary Servicing Fee - Consolidation Loans $26.10
H SERVICING FEES DUE FOR CURRENT PERIOD $ 670,196.08
LESS: Servicing ADJ [A iii + B iii] ($6,707.32)
I CARRYOVER SERVICING FEES DUE $0.00
J ADMINISTRATION FEES DUE $ 20,000.00
-------------------------------------------------------------------------------------------------
K TOTAL FEES DUE FOR PERIOD $ 683,488.76
-------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
IV. 1999-2 PORTFOLIO CHARACTERISTICS
-------------------------------------------------------------------------------------------------------------------
WEIGHTED AVG COUPON # OF LOANS %
-------------------------------------------------------------------------------------------------------------------
STATUS 3/31/2000 6/30/2000 3/31/2000 6/30/2000 3/31/2000 6/30/2000
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 7.079% 7.086% 36,587 24,920 14.949% 10.424%
GRACE
Current 7.096% 7.070% 7,574 14,155 3.094% 5.921%
-------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.082% 7.080% 44,161 39,075 18.043% 16.345%
-------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 7.745% 7.741% 135,346 138,015 55.299% 57.730%
31-60 Days Delinquent 7.745% 7.739% 5,876 6,540 2.401% 2.735%
61-90 Days Delinquent 7.734% 7.731% 3,331 3,549 1.361% 1.484%
91-120 Days Delinquent 7.710% 7.723% 2,258 1,706 0.923% 0.714%
> 120 Days Delinquent 7.720% 7.726% 3,282 3,275 1.341% 1.370%
DEFERMENT
Current 7.296% 7.285% 24,072 21,651 9.835% 9.056%
FORBEARANCE
Current 7.731% 7.312% 25,837 24,665 10.556% 10.317%
-------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.685% 7.625% 200,002 199,401 81.716% 83.406%
-------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 7.749% 7.692% 584 590 0.239% 0.247%
Aged Claims Rejected (2) 7.998% 7.991% 4 5 0.002% 0.002%
-------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.565% 7.575% 244,751 239,071 100.000% 100.000%
-------------------------------------------------------------------------------------------------------------------
(1) CLAIMS FILED AND UNPAID; INCLUDES CLAIMS REJECTED AGED LESS THAN 6 MONTHS.
(2) CLAIMS REJECTED (SUBJECT TO CURE) AGED 6 MONTHS OR MORE; ALSO INCLUDES
CLAIMS DEEMED INCURABLE PENDING REPURCHASE.
<CAPTION>
---------------------------------------------------------------------------------------------------------
PRINCIPAL AMOUNT %
---------------------------------------------------------------------------------------------------------
STATUS 3/31/2000 6/30/2000 3/31/2000 6/30/2000
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current $ 143,882,588.59 $ 95,622,560.90 15.812% 10.783%
GRACE
Current $ 27,287,924.17 $ 57,437,708.41 2.999% 6.477%
---------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 171,170,512.76 $ 153,060,269.31 18.811% 17.260%
---------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 482,827,024.59 $ 490,183,940.44 53.059% 55.275%
31-60 Days Delinquent $ 20,200,595.27 $ 22,478,556.75 2.220% 2.535%
61-90 Days Delinquent $ 11,810,855.93 $ 11,664,970.30 1.298% 1.315%
91-120 Days Delinquent $ 8,027,996.06 $ 5,420,330.15 0.882% 0.611%
> 120 Days Delinquent $ 10,489,404.57 $ 10,729,286.31 1.153% 1.210%
DEFERMENT
Current $ 93,633,072.98 $ 84,913,014.97 10.290% 9.575%
FORBEARANCE
Current $ 110,175,562.78 $ 106,786,423.83 12.107% 12.042%
---------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 737,164,512.18 $ 732,176,522.75 81.009% 82.563%
---------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 1,629,027.91 $ 1,558,696.21 0.179% 0.176%
Aged Claims Rejected (2) $ 7,564.50 $ 13,164.50 0.001% 0.001%
---------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 909,971,617.35 $ 886,808,652.77 100.000% 100.000%
---------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
V. 1999-2 PORTFOLIO CHARACTERISTICS BY SCHOOL AND PROGRAM 6/30/00
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS
--------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB
<S> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 5.919% 3.461% 0.000% 0.000%
GRACE
Current 3.552% 2.275% 0.000% 0.000%
TOTAL INTERIM 9.471% 5.736% 0.000% 0.000%
REPAYMENT:
ACTIVE
Current 27.761% 13.673% 0.000% 0.000%
31-60 Days Delinquent 1.103% 0.539% 0.000% 0.000%
61-90 Days Delinquent 0.533% 0.276% 0.000% 0.000%
91-120 Days Delinquent 0.259% 0.136% 0.000% 0.000%
> 120 Days Delinquent 0.504% 0.282% 0.000% 0.000%
DEFERMENT
Current 4.967% 2.793% 0.000% 0.000%
FORBEARANCE
Current 5.487% 3.584% 0.000% 0.000%
TOTAL REPAYMENT 40.614% 21.283% 0.000% 0.000%
CLAIMS IN PROCESS (1) 0.063% 0.032% 0.000% 0.000%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 50.148% 27.051% 0.000% 0.000%
TOTAL BY SCHOOL TYPE 85.727%
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
TWO YEAR SCHOOLS
--------------------------------------------------------------------------------------------------------------------------
PLUS SLS GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
STATUS
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 0.000% 0.000% 0.325% 0.175% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.000% 0.000% 0.151% 0.082% 0.000% 0.000% 0.000% 0.000%
TOTAL INTERIM 0.000% 0.000% 0.476% 0.257% 0.000% 0.000% 0.000% 0.000%
REPAYMENT:
ACTIVE
Current 5.762% 0.861% 1.389% 0.819% 0.000% 0.000% 0.202% 0.057%
31-60 Days Delinquent 0.246% 0.064% 0.109% 0.058% 0.000% 0.000% 0.013% 0.006%
61-90 Days Delinquent 0.101% 0.019% 0.074% 0.040% 0.000% 0.000% 0.007% 0.004%
91-120 Days Delinquent 0.028% 0.011% 0.046% 0.019% 0.000% 0.000% 0.000% 0.000%
> 120 Days Delinquent 0.041% 0.019% 0.080% 0.044% 0.000% 0.000% 0.001% 0.003%
DEFERMENT
Current 0.222% 0.256% 0.328% 0.191% 0.000% 0.000% 0.006% 0.022%
FORBEARANCE
Current 0.547% 0.337% 0.424% 0.245% 0.000% 0.000% 0.020% 0.016%
TOTAL REPAYMENT 6.947% 1.567% 2.450% 1.416% 0.000% 0.000% 0.249% 0.108%
CLAIMS IN PROCESS (1) 0.007% 0.006% 0.016% 0.007% 0.000% 0.000% 0.001% 0.001%
AGED CLAIMS REJECTED (2) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 6.955% 1.573% 2.942% 1.680% 0.000% 0.000% 0.250% 0.109%
TOTAL BY SCHOOL TYPE 4.981%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TECHNICAL SCHOOLS
------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB
STATUS
<S> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 0.320% 0.292% 0.000% 0.000%
GRACE
Current 0.156% 0.140% 0.000% 0.000%
TOTAL INTERIM 0.476% 0.432% 0.000% 0.000%
REPAYMENT:
ACTIVE
Current 1.988% 1.729% 0.000% 0.000%
31-60 Days Delinquent 0.184% 0.138% 0.000% 0.000%
61-90 Days Delinquent 0.121% 0.096% 0.000% 0.000%
91-120 Days Delinquent 0.051% 0.039% 0.000% 0.000%
> 120 Days Delinquent 0.118% 0.092% 0.000% 0.000%
DEFERMENT
Current 0.301% 0.288% 0.000% 0.000%
FORBEARANCE
Current 0.617% 0.528% 0.000% 0.000%
TOTAL REPAYMENT 3.380% 2.910% 0.000% 0.000%
CLAIMS IN PROCESS (1) 0.019% 0.014% 0.000% 0.000%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 3.875% 3.356% 0.000% 0.000%
TOTAL BY SCHOOL TYPE 8.085%
<CAPTION>
UNKNOWN
----------------------------------------------------------------------------------------------------
PLUS SLS GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
<S> <C> <C> <C> <C> <C> <C> <C> <C>
STATUS
INTERIM:
IN SCHOOL
Current 0.000% 0.000% 0.152% 0.139% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.000% 0.000% 0.062% 0.059% 0.000% 0.000% 0.000% 0.000%
TOTAL INTERIM 0.000% 0.000% 0.214% 0.198% 0.000% 0.000% 0.000% 0.000%
REPAYMENT:
ACTIVE
Current 0.517% 0.135% 0.211% 0.124% 0.000% 0.007% 0.023% 0.017%
31-60 Days Delinquent 0.028% 0.015% 0.015% 0.015% 0.000% 0.000% 0.001% 0.001%
61-90 Days Delinquent 0.011% 0.014% 0.009% 0.010% 0.000% 0.000% 0.000% 0.000%
91-120 Days Delinquent 0.006% 0.008% 0.004% 0.004% 0.000% 0.000% 0.000% 0.000%
> 120 Days Delinquent 0.008% 0.011% 0.002% 0.003% 0.000% 0.000% 0.002% 0.000%
DEFERMENT
Current 0.010% 0.012% 0.095% 0.071% 0.000% 0.000% 0.000% 0.013%
FORBEARANCE
Current 0.049% 0.028% 0.078% 0.065% 0.000% 0.000% 0.004% 0.013%
TOTAL REPAYMENT 0.629% 0.223% 0.414% 0.292% 0.000% 0.007% 0.030% 0.044%
CLAIMS IN PROCESS (1) 0.001% 0.001% 0.004% 0.004% 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 0.630% 0.224% 0.632% 0.494% 0.000% 0.007% 0.030% 0.044%
TOTAL BY SCHOOL TYPE 1.207%
</TABLE>
(1) CLAIMS FILED AND UNPAID; INCLUDES CLAIMS REJECTED AGED LESS THAN 6 MONTHS.
(2) CLAIMS REJECTED (SUBJECT TO CURE) AGED 6 MONTHS OR MORE; ALSO INCLUDES
CLAIMS DEEMED INCURABLE PENDING REPURCHASE.
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
INTERIM:
<S> <C> <C> <C> <C> <C>
IN SCHOOL
Current 9.380% 0.500% 0.612% 0.291% 10.783%
GRACE
Current 5.827% 0.233% 0.296% 0.121% 6.477%
TOTAL INTERIM 15.207% 0.733% 0.908% 0.412% 17.260%
REPAYMENT:
ACTIVE
Current 48.057% 2.467% 4.369% 0.382% 55.275%
31-60 Days Delinquent 1.952% 0.186% 0.365% 0.032% 2.535%
61-90 Days Delinquent 0.929% 0.125% 0.242% 0.019% 1.315%
91-120 Days Delinquent 0.434% 0.065% 0.104% 0.008% 0.611%
> 120 Days Delinquent 0.846% 0.128% 0.229% 0.007% 1.210%
DEFERMENT
Current 8.238% 0.547% 0.611% 0.179% 9.575%
FORBEARANCE
Current 9.955% 0.705% 1.222% 0.160% 12.042%
TOTAL REPAYMENT 70.411% 4.223% 7.142% 0.787% 82.563%
Claims in Process (1) 0.108% 0.025% 0.035% 0.008% 0.176%
AGED CLAIMS REJECTED (2) 0.001% 0.000% 0.000% 0.000% 0.001%
TOTAL BY SCHOOL TYPE 85.727% 4.981% 8.085% 1.207% 100.000%
----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
VI. 1999-2 INTEREST CALCULATION
------------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Borrower Interest Accrued During Collection Period $ 13,984,367.27
B Interest Subsidy Payments Accrued During Collection Period 2,856,640.08
C SAP Payments Accrued During Collection Period 2,817,967.37
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 43,751.95
E Investment Earnings (ADMINISTRATOR ACT) 345,152.08
----------
F NET EXPECTED INTEREST COLLECTIONS $ 20,047,878.75
G STUDENT LOAN RATES
i Days in Calculation Period 91
ii Days in Year 366 and 360
iii Net Expected Interest Collections $ 20,047,878.75
iv Primary Servicing Fee $ 2,029,236.54
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 924,334,171.19
vii STUDENT LOAN RATE (A-1T) 7.83160%
viii STUDENT LOAN RATE (A-1L, A-2L, A-3L & Cert) 7.70321%
ACCRUED
INT FACTOR ACCRUAL PERIOD
<S> <C> <C> <C>
H Class A-1T T-Bill Based Interest Rate 6.92496%
I CLASS A-1T INTEREST RATE 0.017217787 (4/25/00-7/25/00) 6.92496%
J Class A-1L Libor Based Interest Rate 6.39000%
K CLASS A-1L INTEREST RATE 0.016152500 (4/25/00-7/25/00) 6.39000%
L Class A-2L Libor Based Interest Rate 6.51000%
M CLASS A-2L INTEREST RATE 0.016455833 (4/25/00-7/25/00) 6.51000%
N Class A-3L Libor Based Interest Rate 6.59000%
O CLASS A-3L INTEREST RATE 0.016658056 (4/25/00-7/25/00) 6.59000%
P Certificate Libor Based Rate of Return 6.81000%
Q CERTIFICATE RATE OF RETURN 0.017214167 (4/25/00-7/25/00) 6.81000%
------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
VII. 1999-2 INPUTS FROM PREVIOUS QUARTERLY SERVICING REPORTS 3/31/2000
------------------------------------------------------------------------------------------------------------------------------------
A Total Student Loan Pool Outstanding
<S> <C>
i Portfolio Balance $ 909,971,617.35
ii Interest To Be Capitalized 14,362,553.84
---------------------------
iii Total Pool $ 924,334,171.19
iv Specified Reserve Account Balance 2,310,835.43
---------------------------
v TOTAL ADJUSTED POOL $ 926,645,006.62
===========================
B Total Note and Certificate Factor 0.90556465644
C TOTAL NOTE AND CERTIFICATE BALANCE $ 932,278,813.81
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 4/25/2000 CLASS A-1T CLASS A-1L CLASS A-2L CLASS A-3L CERTIFICATES
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i Current Factor 4/25/00 0.6399215326 0.6399215326 1.0000000000 1.0000000000 1.0000000000
ii Expected Note Balance $ 95,988,229.89 $ 76,790,583.91 $ 619,000,000.00 $ 104,500,000.00 $ 36,000,000.00
E Note Principal Shortfall $ 3,129,892.88 $ 2,503,914.31 $ 0.00 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
-------------------------------------------------------------------------------------------------------------------------------
H Reserve Account Balance $ 2,310,835.43
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>
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
VIII. 1999-2 WATERFALL FOR DISTRIBUTIONS
------------------------------------------------------------------------------------------------------------------------------------
REMAINING
FUNDS BALANCE
<S> <C> <C>
A Total Available Funds ( Sections III-F + VI-D + IX-G-vii ) $ 42,541,962.26 $ 42,541,962.26
B Primary Servicing Fees-Current Month $ 663,488.76 $ 41,878,473.50
C Administration Fee $ 20,000.00 $ 41,858,473.50
D Noteholder's Interest Distribution Amount
i Class A-1T $ 1,652,704.90 $ 40,205,768.60
ii Class A-1L $ 1,240,359.91 $ 38,965,408.69
iii Class A-2L $ 10,186,160.63 $ 28,779,248.06
iv Class A-3L $ 1,740,766.85 $ 27,038,481.21
---------------
v TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $ 14,819,992.29
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 619,710.01 $ 26,418,771.20
F Noteholder's Principal Distribution Amount Paid
i Class A-1T $ 14,677,095.11 $ 11,741,676.09
ii Class A-1L $ 11,741,676.09 $ 0.00
iii Class A-2L $ 0.00 $ 0.00
iv Class A-3L $ 0.00 $ 0.00
-------
v TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 26,418,771.20
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>
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
IX. 1999-2 DISTRIBUTIONS
------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
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 $ 1,652,704.90 $ 1,240,359.91 $ 10,186,160.63 $ 1,740,766.85 $ 619,710.01
ii Quarterly Interest Paid 1,652,704.90 1,240,359.91 10,186,160.63 1,740,766.85 619,710.01
------------- ------------- -------------- ------------- ----------
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 $ 16,408,427.84 $ 13,126,742.28 $ 0.00 $ 0.00 $ 0.00
viii Quarterly Principal Paid 14,677,095.11 11,741,676.09 0.00 0.00 0.00
-------------- -------------- ----- ----- ----
ix QUARTERLY PRINCIPAL SHORTFALL $ 1,731,332.73 $ 1,385,066.19 $ 0.00 $ 0.00 $ 0.00
-----------------------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 16,329,800.01 $ 12,982,036.00 $ 10,186,160.63 $ 1,740,766.85 $ 619,710.01
-----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
B PRINCIPAL DISTRIBUTION RECONCILIATION
<S> <C>
i Notes and Certificates Principal Balance 6/30/00 $ 932,278,813.81
ii Adjusted Pool Balance 6/30/00 902,743,643.69
------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 29,535,170.12
==================
iv Adjusted Pool Balance 3/31/00 $ 926,645,006.62
v Adjusted Pool Balance 6/30/00 902,743,643.69
------------------
vi Current Principal Due (iv-v) $ 23,901,362.93
vii Principal Shortfall from Previous Collection Period 5,633,807.19
------------------
viii Principal Distribution Amount (vi + vii) $ 29,535,170.12
==================
ix PRINCIPAL DISTRIBUTION AMOUNT PAID $ 26,418,771.20
x Principal Shortfall (viii - ix) $ 3,116,398.92
C Total Principal Distribution $ 26,418,771.20
D Total Interest Distribution 15,439,702.30
------------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 41,858,473.50
<CAPTION>
-------------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 4/25/2000 7/25/2000
-------------------------------------------------------------------------------------
<S> <C> <C>
i A-1T Note Balance (78442GBJ4) $ 95,988,229.89 $ 81,311,134.78
A-1T Note Pool Factor 0.6399215326 0.5420742319
ii A-1L Note Balance (78442GBK1) $ 76,790,583.91 $ 65,048,907.82
A-1L Note Pool Factor 0.6399215326 0.5420742319
iii A-2L Note Balance (78442GBL9) $ 619,000,000.00 $ 619,000,000.00
A-2L Note Pool Factor 1.0000000000 1.0000000000
iv A-3L Note Balance (78442GBM7) $ 104,500,000.00 $ 104,500,000.00
A-3L Note Pool Factor 1.0000000000 1.0000000000
v Certificate Balance (78442GBN5) $ 36,000,000.00 $ 36,000,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
-------------------------------------------------------------------------------------
G RESERVE ACCOUNT RECONCILIATION
i Beginning of Period Balance $ 2,310,835.43
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ -
------------------------
iv Total Reserve Account Balance Available $ 2,310,835.43
v Required Reserve Account Balance $ 2,251,231.03
vi Shortfall Carried to Next Period $ -
vii EXCESS RESERVE - RELEASE TO WATERFALL $ 59,604.40
viii Ending Reserve Account Balance $ 2,251,231.03
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
X. 1999-2 HISTORICAL POOL INFORMATION
-------------------------------------------------------
4/1/00-6/30/00 1/1/00-3/31/00 10/1/99-12/31/99
-------------------------------------------------------------------------------------------------------------------------
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 909,971,617.35 $ 934,422,927.99 $ 949,793,725.60
-------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
<S> <C> <C> <C>
i Regular Principal Collections $ 20,805,620.36 $ 20,194,833.45 $ 18,474,864.23
ii Principal Collections from Guarantor 2,901,187.89 3,018,126.30 1,063,932.58
iii Principal Reimbursements 4,703,869.61 6,319,255.83 5,636,791.82
iv Other System Adjustments - - -
-------------------------------------------------------------------
v Total Principal Collections $ 28,410,677.86 $ 29,532,215.58 $ 25,175,588.63
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 401,719.37 $ 461,035.28 $ 550,106.95
ii Capitalized Interest (5,649,432.65) (5,541,940.22) (10,354,897.97)
-------------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (5,247,713.28) $ (5,080,904.94) $ (9,804,791.02)
-------------------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 23,162,964.58 $ 24,451,310.64 $ 15,370,797.61
-------------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 9,107,117.60 $ 9,447,776.98 $ 8,778,692.11
ii Interest Claims Received from Guarantors 203,300.11 197,893.16 47,097.33
iii Late Fee Reimbursements 155,507.03 169,378.40 138,608.01
iv Interest Reimbursements 93,763.19 64,610.40 95,439.45
v Other System Adjustments - - -
vi Special Allowance Payments 2,404,202.75 1,346,789.21 470,566.38
vii Subsidy Payments 2,996,491.85 3,623,959.97 4,157,603.49
-------------------------------------------------------------------
viii Total Interest Collections $ 14,960,382.53 $ 14,850,408.12 $ 13,688,006.77
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (337,511.43) $ (424,459.49) $ (531,871.06)
ii Capitalized Interest 5,649,432.65 5,541,940.22 10,354,897.97
-------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 5,311,921.22 $ 5,117,480.73 $ 9,823,026.91
-------------------------------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 20,272,303.75 $ 19,967,888.85 $ 23,511,033.68
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 886,808,652.77 $ 909,971,617.35 $ 934,422,927.99
-------------------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 13,683,759.89 $ 14,362,553.84 $ 14,501,569.90
-------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 900,492,412.66 $ 924,334,171.19 $ 948,924,497.89
-------------------------------------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 2,251,231.03 $ 2,310,835.43 $ 2,372,311.24
-------------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 902,743,643.69 $ 926,645,006.62 $ 951,296,809.13
---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------
5/24/99-9/30/99
-----------------------------------------------------------------------------
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 980,454,203.83
-----------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 26,687,304.44
ii Principal Collections from Guarantor 396,089.81
iii Principal Reimbursements 10,749,378.15
iv Other System Adjustments -
-----------------------
v Total Principal Collections $ 37,832,772.40
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 604,216.24
ii Capitalized Interest (7,776,510.41)
-----------------------
iii Total Non-Cash Principal Activity $ (7,172,294.17)
-----------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 30,660,478.23
-----------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 12,905,379.37
ii Interest Claims Received from Guarantors 9,531.77
iii Late Fee Reimbursements 197,809.99
iv Interest Reimbursements 224,865.29
v Other System Adjustments -
vi Special Allowance Payments 3,949.82
vii Subsidy Payments 2,028,758.07
-----------------------
viii Total Interest Collections $ 15,370,294.31
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (569,327.20)
ii Capitalized Interest 7,776,510.41
-----------------------
iii Total Non-Cash Interest Adjustments $ 7,207,183.21
-----------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 22,577,477.52
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 949,793,725.60
-----------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 19,534,018.82
-----------------------------------------------------------------------------
(=) TOTAL POOL $ 969,327,744.42
-----------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 2,423,319.36
-----------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 971,751,063.78
----------------------------------------------------------------------------------
</TABLE>
<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%
Apr-00 $ 924,334,171 4.85%
Jul-00 $ 900,492,413 4.85%
* "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.
--------------------------------------------------------------------------------
<PAGE>
SLM STUDENT LOAN TRUST 1999-3
QUARTERLY SERVICING REPORT
REPORT DATE: 6/30/2000 REPORTING PERIOD: 4/1/00-6/30/00
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
I. DEAL PARAMETERS
------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PORTFOLIO CHARACTERISTICS 3/31/2000 ACTIVITY 6/30/2000
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 1,887,351,128.51 $ (44,053,649.88) $ 1,843,297,478.63
ii Interest to be Capitalized 27,811,582.91 25,194,410.10
--------------------- ----------------------
iii Total Pool $ 1,915,162,711.42 $ 1,868,491,888.73
iv Specified Reserve Account Balance 4,787,906.78 4,671,229.72
--------------------- ----------------------
v TOTAL ADJUSTED POOL $ 1,919,950,618.20 $ 1,873,163,118.45
===================== ======================
B i Weighted Average Coupon (WAC) 7.5951% 7.6095%
ii Weighted Average Remaining Term 113.17 111.30
iii Number of Loans 558,245 546,423
iv Number of Borrowers 230,735 225,585
--------------------------------------------------------------------------------------------------------------------
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
% OF % OF
NOTES AND CERTIFICATES SPREAD BALANCE 4/25/00 O/S SECURITIES BALANCE 7/25/00 O/S SECURITIES
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1 Notes 78442GBP0 0.08% $ 1,084,302,830.33 55.788% $ 1,031,880,155.05 54.563%
ii A-2 Notes 78442GBQ8 0.16% 787,000,000.00 40.492% 787,000,000.00 41.614%
iii Certificates 78442GBR6 0.40% 72,300,000.00 3.720% 72,300,000.00 3.823%
-------------------------------------------------------------------------------------------------------------------------------
iv TOTAL NOTES AND CERTIFICATES $ 1,943,602,830.33 100.000% $ 1,891,180,155.05 100.000%
===============================================================================================================================
-------------------------------------------------------------------------------------------------------------------------------
RESERVE ACCOUNT 4/25/2000 7/25/2000
-------------------------------------------------------------------------------------------------------------------------------
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($)
iii Specified Reserve Acct Balance ($) $ 4,787,906.78 $ 4,671,229.72
iv Reserve Account Floor Balance ($) $ 2,002,569.00 $ 2,002,569.00
v Current Reserve Acct Balance ($) $ 4,787,906.78 $ 4,671,229.72
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
II. 1999-3 TRANSACTIONS FROM: 4/1/2000 THROUGH 6/30/2000
-------------------------------------------------------------------------------------------------------------
<S> <C>
A STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 39,715,843.54
ii Principal Collections from Guarantor 6,547,058.71
iii Principal Reimbursements 10,945,377.10
iv Other System Adjustments 0.00
--------------------
v TOTAL PRINCIPAL COLLECTIONS $ 57,208,279.35
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $801,203.63
ii Capitalized Interest (13,955,833.10)
--------------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $(13,154,629.47)
-------------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 44,053,649.88
-------------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 18,117,882.99
ii Interest Claims Received from Guarantors 433,061.75
iii Late Fee Reimbursements 343,107.57
iv Interest Reimbursements 187,872.32
v Other System Adjustments 0.00
vi Special Allowance Payments 4,821,841.90
vii Subsidy Payments 6,143,397.60
--------------------
viii TOTAL INTEREST COLLECTIONS $ 30,047,164.13
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment ($687,179.42)
ii Capitalized Interest 13,955,833.10
--------------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 13,268,653.68
-------------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 43,315,817.81
-------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
III. 1999-3 COLLECTION ACCOUNT ACTIVITY 4/1/2000 THROUGH 6/30/2000
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
A PRINCIPAL COLLECTIONS
i Principal Payments Received-Cash $ 46,262,902.25
ii Cash Forwarded by Administrator on behalf of Seller 211,605.89
iii Cash Forwarded by Administrator on behalf of Servicer 6,880.34
iv Cash Forwarded by Administrator for Consolidation Activity 10,726,890.87
--------------------
v TOTAL PRINCIPAL COLLECTIONS $ 57,208,279.35
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 29,516,184.24
ii Cash Forwarded by Administrator on behalf of Seller 6,660.71
iii Cash Forwarded by Administrator on behalf of Servicer 814.21
iv Cash Forwarded by Administrator for Consolidation Activity 180,397.40
v Cash Forwarded by Administrator for Late Fee Activity 343,107.57
--------------------
vi TOTAL INTEREST COLLECTIONS $ 30,047,164.13
C OTHER REIMBURSEMENTS $119,505.54
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $676,730.30
E RETURN FUNDS BORROWED FOR PREVIOUS DISTRIBUTION $ -
F TOTAL FUNDS RECEIVED $ 88,051,679.32
LESS FUNDS PREVIOUSLY REMITTED:
SERVICING FEES ($2,819,606.93)
CONSOLIDATION LOAN REBATE FEES ($357.00)
-------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $ 85,231,715.39
-------------------------------------------------------------------------------------------------
G SERVICING FEE CALCULATION-CURRENT MONTH
i Primary Servicing Fee-Non-Consolidation Loans $ 1,391,284.42
ii Primary Servicing Fee-Consolidation Loans $98.61
H SERVICING FEES DUE FOR CURRENT PERIOD $ 1,391,383.03
LESS: Servicing ADJ [A iii + B iii] ($7,694.55)
I CARRYOVER SERVICING FEES DUE $ 0.00
J ADMINISTRATION FEES DUE $ 20,000.00
-------------------------------------------------------------------------------------------------
K TOTAL FEES DUE FOR PERIOD $ 1,403,688.48
-------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
IV. 1999-3 PORTFOLIO CHARACTERISTICS
---------------------------------------------------------------------------------------------------------------------------
WEIGHTED AVG COUPON # OF LOANS %
---------------------------------------------------------------------------------------------
STATUS 3/31/00 6/30/00 3/31/00 6/30/00 3/31/00 6/30/00
---------------------------------------------------------------------------------------------------------------------------
INTERIM:
<S> <C> <C> <C> <C> <C> <C>
IN SCHOOL
Current 7.153% 7.155% 79,661 55,298 14.270% 10.120%
GRACE
Current 7.153% 7.151% 20,804 29,271 3.727% 5.357%
---------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 7.153% 7.153% 100,465 84,569 17.997% 15.477%
---------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current 7.755% 7.752% 291,504 303,291 52.218% 55.505%
31-60 Days Delinquent 7.758% 7.758% 14,225 15,532 2.548% 2.843%
61-90 Days Delinquent 7.759% 7.754% 8,852 8,311 1.586% 1.521%
91-120 Days Delinquent 7.736% 7.751% 7,370 4,598 1.320% 0.841%
> 120 Days Delinquent 7.745% 7.741% 10,386 9,887 1.860% 1.809%
DEFERMENT
Current 7.290% 7.283% 56,788 51,737 10.173% 9.468%
FORBEARANCE
Current 7.748% 7.747% 67,858 66,771 12.156% 12.220%
---------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.693% 7.696% 456,983 460,127 81.861% 84.207%
---------------------------------------------------------------------------------------------------------------------------
Claims in Process (1) 7.743% 7.741% 797 1,727 0.142% 0.316%
Aged Claims Rejected (2) 0.000% 0.000% - - 0.000% 0.000%
---------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.595% 7.609% 558,245 546,423 100.000% 100.000%
---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------------------------------
PRINCIPAL AMOUNT %
---------------------------------------------------------------------------
STATUS 3/31/00 6/30/00 3/31/00 6/30/00
---------------------------------------------------------------------------------------------------------
INTERIM:
<S> <C> <C> <C> <C>
IN SCHOOL
Current $ 259,095,724.54 $ 175,213,061.95 13.728% 9.505%
GRACE
Current $ 65,622,858.38 $ 99,383,841.02 3.477% 5.392%
---------------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 324,718,582.92 $ 274,596,902.97 17.205% 14.897%
---------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current $ 967,707,350.82 $ 998,364,849.45 51.273% 54.162%
31-60 Days Delinquent $ 45,518,511.88 $ 48,804,353.45 2.412% 2.648%
61-90 Days Delinquent $ 28,726,080.31 $ 25,691,038.61 1.522% 1.394%
91-120 Days Delinquent $ 23,510,506.69 $ 14,129,189.96 1.246% 0.766%
> 120 Days Delinquent $ 30,929,323.58 $ 30,098,739.50 1.639% 1.633%
DEFERMENT
Current $ 200,477,113.12 $ 185,040,067.87 10.622% 10.039%
FORBEARANCE
Current $ 263,498,252.37 $ 261,683,474.04 13.961% 14.196%
---------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 1,560,367,138.77 $ 1,563,811,712.88 82.675% 84.838%
---------------------------------------------------------------------------------------------------------
Claims in Process (1) $ 2,265,406.82 $ 4,888,862.78 0.120% 0.265%
Aged Claims Rejected (2) $ - $ - 0.000% 0.000%
---------------------------------------------------------------------------------------------------------
GRAND TOTAL $ 1,887,351,128.51 $ 1,843,297,478.63 100.000% 100.000%
---------------------------------------------------------------------------------------------------------
</TABLE>
(1) Claims filed and unpaid; includes claim rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 monts or more; also includes claims
deemed incurable pending repurchase.
<PAGE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
V. 1999-3 PORTFOLIO CHARACTERISTICS BY SCHOOL AND PROGRAM 6/30/00
---------------------------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS
------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB
STATUS
<S> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 5.099% 2.664% 0.000% 0.000%
GRACE
Current 2.964% 1.649% 0.000% 0.000%
TOTAL INTERIM 8.063% 4.313% 0.000% 0.000%
REPAYMENT:
ACTIVE
Current 25.973% 13.066% 0.000% 0.000%
31-60 Days Delinquent 1.122% 0.514% 0.000% 0.000%
61-90 Days Delinquent 0.604% 0.285% 0.000% 0.000%
91-120 Days Delinquent 0.331% 0.168% 0.000% 0.000%
> 120 Days Delinquent 0.716% 0.347% 0.000% 0.000%
DEFERMENT
Current 5.199% 2.887% 0.000% 0.000%
FORBEARANCE
Current 6.436% 3.856% 0.000% 0.000%
TOTAL REPAYMENT 40.381% 21.123% 0.000% 0.000%
CLAIMS IN PROCESS (1) 0.104% 0.043% 0.000% 0.000%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 48.548% 25.479% 0.000% 0.000%
TOTAL BY SCHOOL TYPE 83.358%
--------------------------------------------------------------------------------------------------------------------
TWO YEAR SCHOOLS
--------------------------------------------------------------------------------------------------------------------
PLUS SLS GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
STATUS
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 0.000% 0.000% 0.539% 0.328% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.000% 0.000% 0.230% 0.140% 0.000% 0.000% 0.000% 0.000%
TOTAL INTERIM 0.000% 0.000% 0.769% 0.468% 0.000% 0.000% 0.000% 0.000%
REPAYMENT:
ACTIVE
Current 6.535% 0.675% 1.736% 1.043% 0.000% 0.000% 0.268% 0.043%
31-60 Days Delinquent 0.308% 0.038% 0.159% 0.084% 0.000% 0.000% 0.015% 0.004%
61-90 Days Delinquent 0.103% 0.021% 0.099% 0.046% 0.000% 0.000% 0.004% 0.001%
91-120 Days Delinquent 0.037% 0.013% 0.069% 0.034% 0.000% 0.000% 0.002% 0.001%
> 120 Days Delinquent 0.040% 0.023% 0.155% 0.070% 0.000% 0.000% 0.001% 0.001%
DEFERMENT
Current 0.278% 0.206% 0.497% 0.279% 0.000% 0.000% 0.008% 0.014%
FORBEARANCE
Current 0.710% 0.334% 0.729% 0.410% 0.000% 0.000% 0.027% 0.013%
TOTAL REPAYMENT 8.011% 1.310% 3.444% 1.966% 0.000% 0.000% 0.325% 0.077%
CLAIMS IN PROCESS (1) 0.006% 0.004% 0.028% 0.013% 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 8.017% 1.314% 4.241% 2.447% 0.000% 0.000% 0.325% 0.077%
TOTAL BY SCHOOL TYPE 7.090%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------
TECHNICAL SCHOOLS
--------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB
STATUS
------------------------------------------------------------------------------------------------------------------
INTERIM:
<S> <C> <C> <C> <C>
IN SCHOOL
Current 0.365% 0.322% 0.000% 0.000%
GRACE
Current 0.177% 0.151% 0.000% 0.000%
TOTAL INTERIM 0.542% 0.473% 0.000% 0.000%
REPAYMENT:
ACTIVE
Current 2.061% 1.522% 0.000% 0.000%
31-60 Days Delinquent 0.197% 0.140% 0.000% 0.000%
61-90 Days Delinquent 0.118% 0.086% 0.000% 0.000%
91-120 Days Delinquent 0.061% 0.039% 0.000% 0.000%
> 120 Days Delinquent 0.145% 0.106% 0.000% 0.000%
DEFERMENT
Current 0.308% 0.223% 0.000% 0.000%
FORBEARANCE
Current 0.769% 0.592% 0.000% 0.000%
TOTAL REPAYMENT 3.659% 2.708% 0.000% 0.000%
CLAIMS IN PROCESS (1) 0.033% 0.022% 0.000% 0.000%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 4.234% 3.203% 0.000% 0.000%
TOTAL BY SCHOOL TYPE 8.597%
<CAPTION>
----------------------------------------------------------------------------------------------------
UNKNOWN
----------------------------------------------------------------------------------------------------
PLUS SLS GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
STATUS
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 0.000% 0.000% 0.096% 0.092% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.000% 0.000% 0.039% 0.042% 0.000% 0.000% 0.000% 0.000%
TOTAL INTERIM 0.000% 0.000% 0.135% 0.134% 0.000% 0.000% 0.000% 0.000%
REPAYMENT:
ACTIVE
Current 0.846% 0.083% 0.182% 0.087% 0.006% 0.005% 0.014% 0.017%
31-60 Days Delinquent 0.046% 0.008% 0.007% 0.004% 0.000% 0.001% 0.001% 0.000%
61-90 Days Delinquent 0.013% 0.006% 0.004% 0.004% 0.000% 0.000% 0.000% 0.000%
91-120 Days Delinquent 0.007% 0.002% 0.001% 0.001% 0.000% 0.000% 0.000% 0.000%
> 120 Days Delinquent 0.009% 0.003% 0.007% 0.009% 0.000% 0.000% 0.000% 0.001%
DEFERMENT
Current 0.014% 0.012% 0.058% 0.047% 0.000% 0.000% 0.000% 0.009%
FORBEARANCE
Current 0.074% 0.034% 0.101% 0.086% 0.000% 0.000% 0.003% 0.022%
TOTAL REPAYMENT 1.009% 0.148% 0.360% 0.238% 0.006% 0.006% 0.018% 0.049%
CLAIMS IN PROCESS (1) 0.002% 0.001% 0.006% 0.003% 0.000% 0.000% 0.000% 0.000%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 1.011% 0.149% 0.501% 0.375% 0.006% 0.006% 0.018% 0.049%
TOTAL BY SCHOOL TYPE 0.955%
</TABLE>
(1) CLAIMS FILED AND UNPAID; INCLUDES CLAIMS REJECTED AGED LESS THAN 6 MONTHS.
(2) CLAIMS REJECTED (SUBJECT TO CURE) AGED 6 MONTHS OR MORE; ALSO INCLUDES
CLAIMS DEEMED INCURABLE PENDING REPURCHASE.
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
INTERIM:
<S> <C> <C> <C> <C> <C>
IN SCHOOL
Current 7.763% 0.867% 0.687% 0.188% 9.505%
GRACE
Current 4.613% 0.370% 0.328% 0.081% 5.392%
TOTAL INTERIM 12.376% 1.237% 1.015% 0.269% 14.897%
REPAYMENT:
ACTIVE
Current 46.249% 3.090% 4.512% 0.311% 54.162%
31-60 Days Delinquent 1.982% 0.262% 0.391% 0.013% 2.648%
61-90 Days Delinquent 1.013% 0.150% 0.223% 0.008% 1.394%
91-120 Days Delinquent 0.549% 0.106% 0.109% 0.002% 0.766%
> 120 Days Delinquent 1.126% 0.227% 0.263% 0.017% 1.633%
DEFERMENT
Current 8.570% 0.798% 0.557% 0.114% 10.039%
FORBEARANCE
Current 11.336% 1.179% 1.469% 0.212% 14.196%
TOTAL REPAYMENT 70.825% 5.812% 7.524% 0.677% 84.838%
Claims in Process (1) 0.157% 0.041% 0.058% 0.009% 0.265%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL TYPE 83.358% 7.090% 8.597% 0.955% 100.000%
----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
VI. 1999-3 INTEREST CALCULATION
-------------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Borrower Interest Accrued During Collection Period $ 29,490,778.39
B Interest Subsidy Payments Accrued During Collection Period 5,799,410.72
C SAP Payments Accrued During Collection Period 5,667,565.73
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 89,647.41
E Investment Earnings (ADMINISTRATOR ACT) 676,730.30
----------
F NET EXPECTED INTEREST COLLECTIONS $ 41,724,132.55
G STUDENT LOAN RATE
i Days in Calculation Period 91
ii Days in Year 360
iii Net Expected Interest Collections $ 41,724,132.55
iv Primary Servicing Fee $ 4,210,989.96
v Administration Fee $ 20,000.00
vi Total Pool Balance at Beginning of Collection Period $ 1,915,162,711.42
vii STUDENT LOAN RATE 7.74475%
<CAPTION>
ACCRUED
INT FACTOR ACCRUAL PERIOD
<S> <C> <C> <C> <C>
H Class A-1 Libor Based Interest Rate 6.39000%
I CLASS A-1 INTEREST RATE 0.016152500 (4/25/00-7/25/00) 6.39000%
J Class A-2 Libor Based Interest Rate 6.47000%
K CLASS A-2 INTEREST RATE 0.016354722 (4/25/00-7/25/00) 6.47000%
L Certificate Libor Based Rate of Return 6.71000%
M CERTIFICATE RATE OF RETURN 0.016961389 (4/25/00-7/25/00) 6.71000%
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
VII. 1999-3 INPUTS FROM PREVIOUS QUARTERLY SERVICING REPORTS 3/31/2000
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,887,351,128.51
ii Interest To Be Capitalized 27,811,582.91
-----------------------
iii Total Pool $ 1,915,162,711.42
iv Specified Reserve Account Balance 4,787,906.78
-----------------------
v TOTAL ADJUSTED POOL $ 1,919,950,618.20
=======================
B Total Note and Certificate Factor 0.94313025540
C TOTAL NOTE AND CERTIFICATE BALANCE $ 1,943,602,830.33
--------------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 4/25/2000 CLASS A-1 CLASS A-2 CERTIFICATES
--------------------------------------------------------------------------------------------------------------------
i Current Factor 4/25/00 0.9024576199 1.0000000000 1.0000000000
ii Expected Note Balance $ 1,084,302,830.33 $ 787,000,000.00 $72,300,000.00
E Note Principal Shortfall $ 23,652,212.13 $ 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 $ 4,787,906.78
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>
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
VIII. 1999-3 WATERFALL FOR DISTRIBUTIONS
----------------------------------------------------------------------------------------------------------------------------------
REMAINING
FUNDS BALANCE
<S> <C> <C>
A Total Available Funds ( Sections III-F + VI-D + IX-G-vii ) $ 85,438,039.86 $ 85,438,039.86
B Primary Servicing Fees-Current Month $ 1,383,688.48 $ 84,054,351.38
C Administration Fee $ 20,000.00 $ 84,034,351.38
D Noteholder's Interest Distribution Amount
i Class A-1 $ 17,514,201.47 $ 66,520,149.91
ii Class A-2 $ 12,871,166.21 $ 53,648,983.70
----------------------
iii TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $ 30,385,367.68
E CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 1,226,308.42 $ 52,422,675.28
F Noteholder's Principal Distribution Amount Paid
i Class A-1 $ 52,422,675.28 $ 0.00
ii Class A-2 $ 0.00 $ 0.00
----------------------
iii TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 52,422,675.28
G CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ 0.00
H Increase to the Specified Reserve Account Balance $ 0.00 $ 0.00
I Carryover Servicing Fees $ 0.00 $ 0.00
J Noteholder's Interest Carryover
i Class A-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>
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
IX. 1999-3 DISTRIBUTIONS
-----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
A DISTRIBUTION AMOUNTS CLASS A-1 CLASS A-2 CERTIFICATES
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
i Quarterly Interest Due $ 17,514,201.47 $ 12,871,166.21 $ 1,226,308.42
ii Quarterly Interest Paid 17,514,201.47 12,871,166.21 1,226,308.42
-------------- -------------- ------------
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 $ 70,439,711.88 $ 0.00 $ 0.00
viii Quarterly Principal Paid 52,422,675.28 0.00 0.00
-------------- ----- ----
ix QUARTERLY PRINCIPAL SHORTFALL $ 18,017,036.60 $ 0.00 $ 0.00
----------------------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 69,936,876.75 $ 12,871,166.21 $ 1,226,308.42
----------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C>
B PRINCIPAL DISTRIBUTION RECONCILIATION
i Notes and Certificates Principal Balance 6/30/00 $ 1,943,602,830.33
ii Adjusted Pool Balance 6/30/00 1,873,163,118.45
------------------------
iii Adjusted Pool Exceeding Notes and Certificate Balance (i-ii) $ 70,439,711.88
========================
iv Adjusted Pool Balance 3/31/00 $ 1,919,950,618.20
v Adjusted Pool Balance 6/30/00 1,873,163,118.45
------------------------
vi Current Principal Due (iv-v) $ 46,787,499.75
vii Principal Shortfall from Previous Collection Period 23,652,212.13
------------------------
viii Principal Distribution Amount (vi+v ii) $ 70,439,711.88
========================
ix PRINCIPAL DISTRIBUTION AMOUNT PAID $ 52,422,675.28
x Principal Shortfall (viii-i x) $ 18,017,036.60
C Total Principal Distribution $ 52,422,675.28
D Total Interest Distribution 31,611,676.10
------------------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 84,034,351.38
<CAPTION>
-------------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 4/25/2000 7/25/2000
-------------------------------------------------------------------------------------
<S> <C> <C>
i A-1 Note Balance (78442GBP0) $ 1,084,302,830.33 $ 1,031,880,155.05
A-1 Note Pool Factor 0.9024576199 0.8588265960
ii A-2 Note Balance (78442GBQ8) $ 787,000,000.00 $ 787,000,000.00
A-2 Note Pool Factor 1.0000000000 1.0000000000
v Certificate Balance (78442GBR6) $ 72,300,000.00 $ 72,300,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
-------------------------------------------------------------------------------------
G RESERVE ACCOUNT RECONCILIATION
i Beginning of Period Balance $ 4,787,906.78
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ 0.00
------------------------
iv Total Reserve Account Balance Available $ 4,787,906.78
v Required Reserve Account Balance $ 4,671,229.72
vi Shortfall Carried to Next Period $ -
vii EXCESS RESERVE-RELEASE TO WATERFALL $ 116,677.06
viii Ending Reserve Account Balance $ 4,671,229.72
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
X. 1999-3 HISTORICAL POOL INFORMATION
------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------
4/1/00-6/30/00 1/1/00-3/31/00 9/20/99-12/31/99
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $ 1,887,351,128.51 $ 1,930,355,647.26 $ 1,956,892,736.04
-----------------------------------------------------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
i Regular Principal Collections $ 39,715,843.54 $ 39,097,910.91 $ 42,593,407.02
ii Principal Collections from Guarantor 6,547,058.71 1,352,830.37 887,980.90
iii Principal Reimbursements 10,945,377.10 14,472,570.07 11,926,911.71
iv Other System Adjustments - - -
-----------------------------------------------------------------
v Total Principal Collections $ 57,208,279.35 $ 54,923,311.35 $ 55,408,299.63
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 801,203.63 $ 948,637.15 $ 1,260,687.43
ii Capitalized Interest (13,955,833.10) (12,867,429.75) (30,131,898.28)
-----------------------------------------------------------------
iii Total Non-Cash Principal Activity $ (13,154,629.47) $ (11,918,792.60) $ (28,871,210.85)
-----------------------------------------------------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 44,053,649.88 $ 43,004,518.75 $ 26,537,088.78
-----------------------------------------------------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 18,117,882.99 $ 18,797,770.13 $ 19,883,196.92
ii Interest Claims Received from Guarantors 433,061.75 41,790.76 16,739.72
iii Late Fee Reimbursements 343,107.57 375,683.58 355,324.47
iv Interest Reimbursements 187,872.32 165,766.55 180,344.68
v Other System Adjustments - - -
vi Special Allowance Payments 4,821,841.90 2,742,159.58 -
vii Subsidy Payments 6,143,397.60 9,266,471.89 -
-----------------------------------------------------------------
viii Total Interest Collections $ 30,047,164.13 $ 31,389,642.49 $ 20,435,605.79
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (687,179.42) $ (922,699.89) $ (1,246,353.61)
ii Capitalized Interest 13,955,833.10 12,867,429.75 30,131,898.28
-----------------------------------------------------------------
iii Total Non-Cash Interest Adjustments $ 13,268,653.68 $ 11,944,729.86 $ 28,885,544.67
-----------------------------------------------------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 43,315,817.81 $ 43,334,372.35 $ 49,321,150.46
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 1,843,297,478.63 $ 1,887,351,128.51 $ 1,930,355,647.26
-----------------------------------------------------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 25,194,410.10 $ 27,811,582.91 $ 28,660,346.37
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL $ 1,868,491,888.73 $ 1,915,162,711.42 $ 1,959,015,993.63
-----------------------------------------------------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 4,671,229.72 $ 4,787,906.78 $ 4,897,539.98
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 1,873,163,118.45 $ 1,919,950,618.20 $ 1,963,913,533.61
-----------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
--------------------------------------------------------------------------------
XI. 1999-3 PAYMENT HISTORY AND CPRS
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
Jan-00 $ 1,959,015,994 3.45%
Apr-00 $ 1,915,162,711 3.82%
Jul-00 $ 1,868,491,889 3.95%
* "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.
--------------------------------------------------------------------------------
<PAGE>
SLM STUDENT LOAN TRUST 2000-1
QUARTERLY SERVICING REPORT
REPORT DATE: 6/30/2000 REPORTING PERIOD: 1/17/00-6/30/00
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
I. DEAL PARAMETERS
----------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
STUDENT LOAN PORTFOLIO CHARACTERISTICS 1/17/2000 ACTIVITY 6/30/2000
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 1,971,069,538.87 $ (75,688,723.59) $ 1,895,380,815.28
ii Interest to be Capitalized 31,534,474.65 25,559,684.30
-------------------- --------------------
iii Total Pool $ 2,002,604,013.52 $ 1,920,940,499.58
iv Specified Reserve Account Balance 5,006,510.00 4,802,351.25
-------------------- --------------------
v TOTAL ADJUSTED POOL $ 2,007,610,523.52 $ 1,925,742,850.83
==================== ====================
B i Weighted Average Coupon (WAC) 7.3850% 7.4240%
ii Weighted Average Remaining Term 116.03 113.60
iii Number of Loans 561,964 546,494
iv Number of Borrowers 242,811 236,336
--------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
% OF % OF
NOTES AND CERTIFICATES SPREAD BALANCE 2/15/00 O/S SECURITIES BALANCE 7/25/00 O/S SECURITIES
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
C i A-1T Notes 78442GBS4 0.85% $ 150,000,000.00 7.322% $ 139,627,070.40 7.098%
ii A-1L Notes 78442GBT2 0.09% 1,028,050,000.00 50.182% 956,957,398.18 48.646%
iii A-2L Notes 78442GBV7 0.18% 798,900,000.00 38.996% 798,900,000.00 40.611%
iv Certificates 78442GBW5 0.45% 71,710,000.00 3.500% 71,710,000.00 3.645%
------------------------------------------------------------------------------------------------------------------------------
v TOTAL NOTES AND CERTIFICATES $2,048,660,000.00 100.000% $1,967,194,468.58 100.000%
==============================================================================================================================
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
RESERVE ACCOUNT 2/15/2000 7/25/2000
------------------------------------------------------------------------------------------------------------------------------
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($) $ 5,006,510.00
iii Specified Reserve Acct Balance ($) $ 4,802,351.25
iv Reserve Account Floor Balance ($) $ 2,002,604.00 $ 2,002,604.00
v Current Reserve Acct Balance ($) $ 5,006,510.00 $ 4,802,351.25
------------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
II. 2000-1 TRANSACTIONS FROM: 1/17/2000 THROUGH: 6/30/2000
--------------------------------------------------------------------------------------------------------
A STUDENT LOAN PRINCIPAL ACTIVITY
<S> <C> <C>
1 i Regular Principal Collections $ 73,076,771.09
ii Principal Collections from Guarantor 1,767,745.09
iii Principal Reimbursements 27,333,537.21
iv Other System Adjustments 0.00
------------------
v TOTAL PRINCIPAL COLLECTIONS $102,178,053.39
B STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 1,478,740.02
ii Capitalized Interest (27,968,069.82)
------------------
iii TOTAL NON-CASH PRINCIPAL ACTIVITY $(26,489,329.80)
---------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 75,688,723.59
---------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 31,645,824.82
ii Interest Claims Received from Guarantors 37,632.47
iii Late Fee Reimbursements 604,438.62
iv Interest Reimbursements 325,951.62
v Other System Adjustments 0.00
vi Special Allowance Payments 4,444,343.09
vii Subsidy Payments 5,585,723.30
------------------
viii TOTAL INTEREST COLLECTIONS $ 42,643,913.92
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment ($1,393,388.04)
ii Capitalized Interest 27,968,069.82
------------------
iii TOTAL NON-CASH INTEREST ADJUSTMENTS $ 26,574,681.78
---------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 69,218,595.70
---------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
III. 2000-1 COLLECTION ACCOUNT ACTIVITY 1/17/2000 THROUGH 6/30/2000
-------------------------------------------------------------------------------------------------------------------
A PRINCIPAL COLLECTIONS
<S> <C> <C>
i Principal Payments Received-Cash $ 74,844,516.18
ii Cash Forwarded by Administrator on behalf of Seller 802,007.55
iii Cash Forwarded by Administrator on behalf of Servicer 19,514.72
iv Cash Forwarded by Administrator for Consolidation Activity 26,512,014.94
-------------------
v TOTAL PRINCIPAL COLLECTIONS $102,178,053.39
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 41,713,523.68
ii Cash Forwarded by Administrator on behalf of Seller 22,939.69
iii Cash Forwarded by Administrator on behalf of Servicer 4,576.75
iv Cash Forwarded by Administrator for Consolidation Activity 298,435.18
v Cash Forwarded by Administrator for Late Fee Activity 604,438.62
-------------------
vi TOTAL INTEREST COLLECTIONS $ 42,643,913.92
C OTHER REIMBURSEMENTS $180,641.88
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $1,485,412.56
E RETURN FUNDS BORROWED FOR PREVIOUS DISTRIBUTION $ -
F TOTAL FUNDS RECEIVED $146,488,021.75
LESS FUNDS PREVIOUSLY REMITTED:
SERVICING FEES ($5,116,860.77)
CONSOLIDATION LOAN REBATE FEES ($168.00)
---------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $141,370,992.98
---------------------------------------------------------------------------------------------
G SERVICING FEE CALCULATION-CURRENT MONTH
i Primary Servicing Fee - Non-Consolidation Loans $ 1,429,042.32
ii Primary Servicing Fee - Consolidation Loans $48.32
H SERVICING FEES DUE FOR CURRENT PERIOD $ 1,429,090.64
LESS: Servicing ADJ [A iii + B iii] ($24,091.47)
I CARRYOVER SERVICING FEES DUE $0.00
J ADMINISTRATION FEES DUE $ 20,000.00
K SWAP FEES DUE $ 60,658.72
---------------------------------------------------------------------------------------------
L TOTAL FEES DUE FOR PERIOD $ 1,485,657.89
---------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
--------------------------------------------------------------------------------
IV. 2000-1 PORTFOLIO CHARACTERISTICS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
WEIGHTED AVG COUPON # OF LOANS % PRINCIPAL AMOUNT
-----------------------------------------------------------------------------------------------------------------------------------
STATUS 1/17/2000 6/30/2000 1/17/2000 6/30/2000 1/17/2000 6/30/2000 1/17/2000
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 7.153% 7.082% 76,302 55,585 13.578% 10.171% $ 264,963,082.46
GRACE
Current 6.661% 7.063% 65,971 29,793 11.739% 5.452% $ 215,687,304.73
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM 6.932% 7.075% 142,273 85,378 25.317% 15.623% $ 480,650,387.19
-----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current 7.575% 7.552% 271,785 289,292 48.364% 52.936% $ 972,055,224.32
31-60 Days Delinquent 7.517% 7.547% 29,049 16,820 5.169% 3.078% $ 94,971,510.93
61-90 Days Delinquent 7.635% 7.531% 9,263 10,296 1.648% 1.884% $ 27,149,828.37
91-120 Days Delinquent 7.619% 7.487% 4,680 5,954 0.833% 1.089% $ 13,091,073.13
> 120 Days Delinquent 0.000% 7.496% - 12,771 0.000% 2.337% $ -
DEFERMENT
Current 7.164% 7.075% 43,829 52,412 7.799% 9.590% $ 153,583,963.86
FORBEARANCE
Current 7.619% 7.550% 61,085 73,168 10.870% 13.389% $ 229,567,551.07
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.538% 7.493% 419,691 460,713 74.683% 84.303% $ 1,490,419,151.68
-----------------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.000% 7.527% - 403 0.000% 0.074% $ -
AGED CLAIMS REJECTED (2) 0.000% 0.000% - - 0.000% 0.000% $ -
-----------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.385% 7.424% 561,964 546,494 100.000% 100.000% $ 1,971,069,538.87
-----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------
PRINCIPAL AMOUNT %
----------------------------------------------------------------------------
STATUS 6/30/2000 1/17/2000 6/30/2000
----------------------------------------------------------------------------
<S> <C> <C> <C>
INTERIM:
IN SCHOOL
Current $ 182,909,883.56 13.443% 9.650%
GRACE
Current $ 108,896,531.49 10.943% 5.745%
----------------------------------------------------------------------------
TOTAL INTERIM $ 291,806,415.05 24.386% 15.395%
----------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current $ 995,472,035.50 49.316% 52.521%
31-60 Days Delinquent $ 50,864,981.78 4.818% 2.684%
61-90 Days Delinquent $ 29,565,288.69 1.377% 1.560%
91-120 Days Delinquent $ 16,941,934.10 0.664% 0.894%
> 120 Days Delinquent $ 35,493,050.61 0.000% 1.873%
DEFERMENT
Current $ 189,265,537.73 7.792% 9.986%
FORBEARANCE
Current $ 284,865,702.55 11.647% 15.029%
----------------------------------------------------------------------------
TOTAL REPAYMENT $1,602,468,530.96 75.614% 84.547%
----------------------------------------------------------------------------
CLAIMS IN PROCESS (1) $ 1,105,869.27 0.000% 0.058%
AGED CLAIMS REJECTED (2) $ - 0.000% 0.000%
----------------------------------------------------------------------------
GRAND TOTAL $1,895,380,815.28 100.000% 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.
<PAGE>
4
--------------------------------------------------------------------------------
V. 2000-1 PORTFOLIO CHARACTERISTICS BY SCHOOL AND PROGRAM 6/30/00
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS
----------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
STATUS
INTERIM:
IN SCHOOL
<S> <C> <C> <C> <C> <C> <C>
Current 5.167% 2.953% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 2.996% 1.921% 0.000% 0.000% 0.000% 0.000%
TOTAL INTERIM 8.163% 4.874% 0.000% 0.000% 0.000% 0.000%
REPAYMENT:
ACTIVE
Current 23.508% 13.204% 0.000% 0.000% 5.420% 0.747%
31-60 Days Delinquent 1.000% 0.521% 0.000% 0.000% 0.225% 0.043%
61-90 Days Delinquent 0.594% 0.294% 0.000% 0.000% 0.074% 0.026%
91-120 Days Delinquent 0.341% 0.186% 0.000% 0.000% 0.028% 0.017%
> 120 Days Delinquent 0.735% 0.375% 0.000% 0.000% 0.039% 0.034%
DEFERMENT
Current 4.943% 3.078% 0.000% 0.000% 0.209% 0.181%
FORBEARANCE
Current 6.539% 4.454% 0.000% 0.000% 0.518% 0.388%
TOTAL REPAYMENT 37.660% 22.112% 0.000% 0.000% 6.513% 1.436%
CLAIMS IN PROCESS (1) 0.019% 0.012% 0.000% 0.000% 0.006% 0.000%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 45.842% 26.998% 0.000% 0.000% 6.519% 1.436%
TOTAL BY SCHOOL TYPE 80.795%
-----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------------
TWO YEAR SCHOOLS
---------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
STATUS
INTERIM:
IN SCHOOL
<S> <C> <C> <C> <C> <C> <C>
Current 0.566% 0.335% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.278% 0.167% 0.000% 0.000% 0.000% 0.000%
TOTAL INTERIM 0.844% 0.502% 0.000% 0.000% 0.000% 0.000%
REPAYMENT:
ACTIVE
Current 1.982% 1.216% 0.000% 0.000% 0.227% 0.052%
31-60 Days Delinquent 0.187% 0.096% 0.000% 0.000% 0.008% 0.007%
61-90 Days Delinquent 0.114% 0.063% 0.000% 0.000% 0.004% 0.003%
91-120 Days Delinquent 0.076% 0.042% 0.000% 0.000% 0.001% 0.001%
> 120 Days Delinquent 0.205% 0.096% 0.000% 0.000% 0.001% 0.004%
DEFERMENT
Current 0.510% 0.288% 0.000% 0.000% 0.003% 0.010%
FORBEARANCE
Current 0.763% 0.454% 0.000% 0.000% 0.022% 0.025%
TOTAL REPAYMENT 3.837% 2.255% 0.000% 0.000% 0.266% 0.102%
CLAIMS IN PROCESS (1) 0.006% 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 4.687% 2.759% 0.000% 0.000% 0.266% 0.102%
TOTAL BY SCHOOL TYPE 7.814%
----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------------
TECHNICAL SCHOOLS
-----------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
STATUS
INTERIM:
IN SCHOOL
<S> <C> <C> <C> <C> <C> <C>
Current 0.273% 0.243% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.170% 0.135% 0.000% 0.000% 0.000% 0.000%
TOTAL INTERIM 0.443% 0.378% 0.000% 0.000% 0.000% 0.000%
REPAYMENT:
ACTIVE
Current 2.511% 2.138% 0.000% 0.000% 0.976% 0.148%
31-60 Days Delinquent 0.274% 0.232% 0.000% 0.000% 0.049% 0.015%
61-90 Days Delinquent 0.190% 0.153% 0.000% 0.000% 0.022% 0.010%
91-120 Days Delinquent 0.103% 0.084% 0.000% 0.000% 0.005% 0.002%
> 120 Days Delinquent 0.199% 0.160% 0.000% 0.000% 0.013% 0.007%
DEFERMENT
Current 0.321% 0.269% 0.000% 0.000% 0.015% 0.016%
FORBEARANCE
Current 0.809% 0.693% 0.000% 0.000% 0.076% 0.034%
TOTAL REPAYMENT 4.407% 3.729% 0.000% 0.000% 1.156% 0.232%
CLAIMS IN PROCESS (1) 0.005% 0.006% 0.000% 0.000% 0.001% 0.000%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 4.855% 4.113% 0.000% 0.000% 1.157% 0.232%
TOTAL BY SCHOOL TYPE 10.357%
<CAPTION>
------------------------------------------------------------------------------------
UNKNOWN
------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
STATUS
INTERIM:
IN SCHOOL
<S> <C> <C> <C> <C> <C> <C>
Current 0.059% 0.054% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.038% 0.040% 0.000% 0.000% 0.000% 0.000%
TOTAL INTERIM 0.097% 0.094% 0.000% 0.000% 0.000% 0.000%
REPAYMENT:
ACTIVE
Current 0.198% 0.138% 0.003% 0.003% 0.022% 0.028%
31-60 Days Delinquent 0.013% 0.013% 0.000% 0.000% 0.001% 0.000%
61-90 Days Delinquent 0.006% 0.007% 0.000% 0.000% 0.000% 0.000%
91-120 Days Delinquent 0.005% 0.003% 0.000% 0.000% 0.000% 0.000%
> 120 Days Delinquent 0.003% 0.002% 0.000% 0.000% 0.000% 0.000%
DEFERMENT
Current 0.071% 0.067% 0.000% 0.000% 0.000% 0.005%
FORBEARANCE
Current 0.118% 0.104% 0.000% 0.001% 0.003% 0.028%
-------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 0.414% 0.334% 0.003% 0.004% 0.026% 0.061%
-------------------------------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.001% 0.000% 0.000% 0.000% 0.000% 0.000%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 0.512% 0.428% 0.003% 0.004% 0.026% 0.061%
-------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE 1.034%
-------------------------------------------------------------------------------------------------------------------------------
(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.
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
FOUR YEAR TWO YEAR TECHNICAL
STATUS SCHOOLS SCHOOLS SCHOOLS UNKNOWN TOTAL
INTERIM:
<S> <C> <C> <C> <C> <C>
IN SCHOOL
Current 8.120% 0.901% 0.516% 0.113% 9.650%
GRACE
Current 4.917% 0.445% 0.305% 0.078% 5.745%
TOTAL INTERIM 13.037% 1.346% 0.821% 0.191% 15.395%
REPAYMENT:
ACTIVE
Current 42.879% 3.477% 5.773% 0.392% 52.521%
31-60 Days Delinquent 1.789% 0.298% 0.570% 0.027% 2.684%
61-90 Days Delinquent 0.988% 0.184% 0.375% 0.013% 1.560%
91-120 Days Delinquent 0.572% 0.120% 0.194% 0.008% 0.894%
> 120 Days Delinquent 1.183% 0.306% 0.379% 0.005% 1.873%
DEFERMENT
Current 8.411% 0.811% 0.621% 0.143% 9.986%
FORBEARANCE
Current 11.899% 1.264% 1.612% 0.254% 15.029%
TOTAL REPAYMENT 67.721% 6.460% 9.524% 0.842% 84.547%
CLAIMS IN PROCESS (1) 0.037% 0.008% 0.012% 0.001% 0.058%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL TYPE 80.795% 7.814% 10.357% 1.034% 100.000%
--------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
VI. 2000-1 STUDENT LOAN RATE CALCULATION AND FLOATING RATE SWAP PAYMENTS
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Borrower Interest Accrued During Collection Period $ 53,095,797.33
B Interest Subsidy Payments Accrued During Collection Period 11,617,773.55
C SAP Payments Accrued During Collection Period 10,841,157.91
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 116,168.27
E Investment Earnings (ADMINISTRATOR ACT) 1,485,412.56
------------
F NET EXPECTED INTEREST COLLECTIONS $77,156,309.62
G STUDENT LOAN RATE
i Days in Calculation Period 161
ii Days in Year 360
iii Net Expected Interest Collections $ 77,156,309.62
iv Primary Servicing Fee $ 6,545,951.41
v Administration Fee $ 20,000.00
vi Swap Fees $ 60,658.72
vii Total Pool Balance at Beginning of Collection Period $ 2,002,604,013.52
viii STUDENT LOAN RATE ( ii / i ) * (( iii - iv - v - vi ) / vii ) 7.87505%
H FLOATING RATE SWAP PAYMENTS DUE TO THE TRUST
<CAPTION>
----------------------------------------------------
CLASS A-1L CLASS A-2L CERTIFICATES
----------------------------------------------------
<S> <C> <C> <C>
i Notional Swap Amounts 1,028,050,000 798,900,000 71,710,000
ii Libor Based Interest Rates/Rate of Return 6.34000% 6.43000% 6.70000%
iii Student Loan Rate Cap 7.87505% 7.87505% 7.87505%
iv Excess Over Cap ( ii-iii) 0.00000% 0.00000% 0.00000%
v FLOATING RATE SWAP PAYMENTS DUE TO THE TRUST $ 0.00 $ 0.00 $ 0.00
----------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
VII. 2000-1 ACCRUED INTEREST FACTORS
-----------------------------------------------------------------------------------------------------------------------------------
ACCRUED
INT FACTOR ACCRUAL PERIOD
<S> <C> <C> <C> <C>
A Class A-1T T-Bill Based Interest Rate 6.77248%
B CLASS A-1T INTEREST RATE 0.029791503 (2/15/00-7/25/00) 6.77248%
C Class A-1L Libor Based Interest Rate 6.34000%
D CLASS A-1L INTEREST RATE 0.028353889 (2/15/00-7/25/00) 6.34000%
E Class A-2L Libor Based Interest Rate 6.43000%
F CLASS A-2L INTEREST RATE 0.028756389 (2/15/00-7/25/00) 6.43000%
G Certificate Libor Based Rate of Return 6.70000%
H CERTIFICATE RATE OF RETURN 0.029963889 (2/15/00-7/25/00) 6.70000%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
VIII. 2000-1 INPUTS INPUTSRFROMAORIGINAL DATA 1/17/00
------------------------------------------------------------------------------------------------------------------------------------
A Total Student Loan Pool Outstanding
<S> <C> <C>
i Portfolio Balance $ 1,971,069,538.87
ii Interest To Be Capitalized 31,534,474.65
---------------------
iii Total Pool $ 2,002,604,013.52
iv Specified Reserve Account Balance 5,006,510.00
---------------------
v TOTAL ADJUSTED POOL $2,007,610,523.52
=====================
B Total Note and Certificate Factor 1.00000000000
C TOTAL NOTE AND CERTIFICATE BALANCE $ 2,048,660,000.00
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 2/15/2000 CLASS A-1T CLASS A-1L CLASS A-2L CERTIFICATES
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
i Current Factor 2/15/00 1.0000000000 1.0000000000 1.0000000000 1.0000000000
ii Expected Note Balance $ 150,000,000.00 $ 1,028,050,000.00 $ 798,900,000.00 $ 71,710,000.00
E Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00 $ 0.00
--------------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C>
H Reserve Account Balance $ 5,006,510.00
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
M Unpaid Floating Rate Swap Payment Reimbursements $ 0.00
N Interest Due on Unpaid Floating Rate Swap Payment Reimbursements $ 0.00
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
IX. 2000-1 WATERFALL FOR DISTRIBUTIONS
----------------------------------------------------------------------------------------------------------------------------------
REMAINING
FUNDS BALANCE
<S> <C> <C> <C>
A Total Available Funds ( Sections III-F + VI-D +
IX-G-vii + VI-H-v ) $141,691,320.00 $ 141,691,320.00
B Primary Servicing Fees-Current Month $ 1,404,999.17 $ 140,286,320.83
C Administration Fee $ 20,000.00 $ 140,266,320.83
D Swap Fee $ 60,658.72 $ 140,205,662.11
E Noteholder's Interest Distribution Amount
i Class A-1T $ 4,468,725.45 $ 135,736,936.66
ii Class A-1L $ 29,149,215.59 $ 106,587,721.07
iii Class A-2L $ 22,973,479.17 $ 83,614,241.90
----------------
iv TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $ 56,591,420.21
F CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 2,148,710.48 $ 81,465,531.42
G Noteholder's Principal Distribution Amount Paid
i Class A-1T $ 10,372,929.60 $ 71,092,601.82
ii Class A-1L $ 71,092,601.82 $ (0.00)
iii Class A-2L $ 0.00 $ (0.00)
---------------
iv TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 81,465,531.42
H CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ (0.00)
I Increase to the Specified Reserve Account Balance $ 0.00 $ 0.00
J Floating Rate Swap Payment Reimbursement $ 0.00 $ 0.00
K Carryover Servicing Fees $ 0.00 $ 0.00
L Noteholder's Interest Carryover
i Class A-1T $ 0.00 $ 0.00
ii Class A-1L $ 0.00 $ 0.00
iii Class A-2L $ 0.00 $ 0.00
---------------
iv TOTAL NOTEHOLDER'S INTEREST CARRYOVER $ 0.00
M CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 0.00
N EXCESS TO RESERVE ACCOUNT $ 0.00 $ 0.00
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
X. 2000-1 DISTRIBUTIONS
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
A DISTRIBUTION AMOUNTS CLASS A-1T CLASS A-1L
-----------------------------------------------------------------------------------------------------
<S> <C> <C>
i Quarterly Interest Due $ 4,468,725.45 $ 29,149,215.59
ii Quarterly Interest Paid 4,468,725.45 29,149,215.59
------------- --------------
iii INTEREST SHORTFALL $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00
----- -----
vi INTEREST CARRYOVER $ 0.00 $ 0.00
vii Quarterly Principal Due $ 15,650,925.15 $ 107,266,224.02
viii Quarterly Principal Paid 10,372,929.60 71,092,601.82
-------------- --------------
ix QUARTERLY PRINCIPAL SHORTFALL $ 5,277,995.55 $ 36,173,622.20
-----------------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 14,841,655.05 $ 100,241,817.41
-----------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------------------------------------
X. 2000-1 DISTRIBUTIONS
---------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
A DISTRIBUTION AMOUNTS CLASS A-2L CERTIFICATES
-----------------------------------------------------------------------------------------------
<S> <C> <C>
i Quarterly Interest Due $ 22,973,479.17 $ 2,148,710.48
ii Quarterly Interest Paid 22,973,479.17 2,148,710.48
-------------- ------------
iii INTEREST SHORTFALL $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00
----- ----
vi INTEREST CARRYOVER $ 0.00 $ 0.00
vii Quarterly Principal Due $ 0.00 $ 0.00
viii Quarterly Principal Paid 0.00 0.00
----- ----
ix QUARTERLY PRINCIPAL SHORTFALL $ 0.00 $ 0.00
-----------------------------------------------------------------------------------------------
x TOTAL DISTRIBUTION AMOUNT $ 22,973,479.17 $ 2,148,710.48
-----------------------------------------------------------------------------------------------
<CAPTION>
B PRINCIPAL DISTRIBUTION RECONCILIATION
<S> <C> <C>
i Notes and Certificates Principal Balance 6/30/00 $ 2,048,660,000.00
ii Adjusted Pool Balance 6/30/00 1,925,742,850.83
-----------------------
iii Adjusted Pool Exceeding Notes and Certificate
Balance (i-ii $ 122,917,149.17
=======================
iv Adjusted Pool Balance 1/17/00 $ 2,007,610,523.52
v Adjusted Pool Balance 6/30/00 1,925,742,850.83
-----------------------
vi Current Principal Due (iv-v) $ 81,867,672.69
vii Notes and Certificates Issued Exceeding Adjusted
Pool Balance 41,049,476.48
-----------------------
viii Principal Distribution Amount (vi + vii) $ 122,917,149.17
=======================
ix PRINCIPAL DISTRIBUTION AMOUNT PAID $ 81,465,531.42
x Principal Shortfall (viii - ix) $ 41,451,617.75
C Total Principal Distribution $ 81,465,531.42
D Total Interest Distribution 58,740,130.69
-----------------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 140,205,662.11
<CAPTION>
---------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 2/15/2000 7/25/2000
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i A-1T Note Balance (78442GBS4) $ 150,000,000.00 $ 139,627,070.40
A-1T Note Pool Factor 1.0000000000 0.9308471360
ii A-1L Note Balance (78442GBT2) $ 1,028,050,000.00 $ 956,957,398.18
A-1L Note Pool Factor 1.0000000000 0.9308471360
iii A-2L Note Balance (78442GBV7) $ 798,900,000.00 $ 798,900,000.00
A-2L Note Pool Factor 1.0000000000 1.0000000000
iv Certificate Balance (78442GBW5) $ 71,710,000.00 $ 71,710,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
---------------------------------------------------------------------------------
<CAPTION>
G RESERVE ACCOUNT RECONCILIATION
<S> <C> <C>
i Beginning of Period Balance $ 5,006,510.00
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ -
-----------------------
iv Total Reserve Account Balance Available $ 5,006,510.00
v Required Reserve Account Balance $ 4,802,351.25
vi Shortfall Carried to Next Period $ -
vii EXCESS RESERVE - RELEASE TO WATERFALL $ 204,158.75
viii Ending Reserve Account Balance $ 4,802,351.25
</TABLE>
9
<PAGE>
--------------------------------------------------------------------------------
XI. 2000-1 HISTORICAL POOL INFORMATION
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1/17/00-6/30/00
------------------------------------------------------------------------
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $1,971,069,538.87
------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
<S> <C> <C>
i Regular Principal Collections $ 73,076,771.09
ii Principal Collections from Guarantor 1,767,745.09
iii Principal Reimbursements 27,333,537.21
iv Other System Adjustments -
--------------------
v Total Principal Collections $ 102,178,053.39
Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,478,740.02
ii Capitalized Interest (27,968,069.82)
--------------------
iii Total Non-Cash Principal Activity $ (26,489,329.80)
------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 75,688,723.59
------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 31,645,824.82
ii Interest Claims Received from Guarantors 37,632.47
iii Late Fee Reimbursements 604,438.62
iv Interest Reimbursements 325,951.62
v Other System Adjustments -
vi Special Allowance Payments 4,444,343.09
vii Subsidy Payments 5,585,723.30
--------------------
viii Total Interest Collections $ 42,643,913.92
Student Loan Non-Cash Interest Activity
i Interest Accrual Adjustment $ (1,393,388.04)
ii Capitalized Interest 27,968,069.82
--------------------
iii Total Non-Cash Interest Adjustments $ 26,574,681.78
--------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 69,218,595.70
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 1,895,380,815.28
------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 25,559,684.30
------------------------------------------------------------------------
------------------------------------------------------------------------
(=) TOTAL POOL $ 1,920,940,499.58
------------------------------------------------------------------------
------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 4,802,351.25
------------------------------------------------------------------------
------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 1,925,742,850.83
------------------------------------------------------------------------
-------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
--------------------------------------------------------------------------------
XII. 2000-1 PAYMENT HISTORY AND CPRS
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
Jul-00 $ 1,920,940,500 4.39%
* "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.
--------------------------------------------------------------------------------
<PAGE>
SLM Student Loan Trust 2000-2
Quarterly Servicing Report
Report Date: 6/30/2000 Reporting Period: 2/14/00-6/30/00
--------------------------------------------------------------------------------
I. DEAL PARAMETERS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION> STUDENT LOAN PORTFOLIO CHARACTERISTICS 2/14/2000 ACTIVITY 6/30/2000
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
A i Portfolio Balance $ 1,969,948,821.58 $ (53,612,010.63) $ 1,916,336,810.95
ii Interest to be Capitalized 40,685,166.53 33,197,084.14
------------------ ------------------
iii Total Pool $ 2,010,633,988.11 $ 1,949,533,895.09
iv Specified Reserve Account Balance 5,026,585.00 4,873,834.74
------------------ ------------------
v Total Adjusted Pool $ 2,015,660,573.11 $ 1,954,407,729.83
================== ==================
B i Weighted Average Coupon (WAC) 7.4242% 7.4671%
ii Weighted Average Remaining Term 117.91 115.59
iii Number of Loans 559,782 547,678
iv Number of Borrowers 231,911 227,075
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
% OF % OF
NOTES AND CERTIFICATES SPREAD BALANCE 3/28/00 O/S SECURITIES BALANCE 7/25/00 O/S SECURITIES
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
C i A-1T Notes 78442GBX3 0.80% $ 181,500,000.00 8.788% $ 170,846,616.60 8.566%
ii A-1L Notes 78442GBY1 0.08% 1,029,125,000.00 49.827% 968,719,142.22 48.574%
iii A-2L Notes 78442GCA2 0.20% 782,470,000.00 37.885% 782,470,000.00 39.235%
iv Certificates 78442GCB0 0.53% 72,290,000.00 3.500% 72,290,000.00 3.625%
-------------------------------------------------------------------------------------------------------------------------
V TOTAL NOTES AND CERTIFICATES $ 2,065,385,000.00 100.000% $ 1,994,325,758.82 100.000%
=========================================================================================================================
-------------------------------------------------------------------------------------------------------------------------
RESERVE ACCOUNT
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
D i Required Reserve Acct Deposit (%) 0.25% 0.25%
ii Reserve Acct Initial Deposit ($) $ 5,026,585.00
iii Specified Reserve Acct Balance ($) $ 4,873,834.74
iv Reserve Account Floor Balance ($) $ 2,010,634.00 $ 2,010,634.00
v Current Reserve Acct Balance ($) $ 5,026,585.00 $ 4,873,834.74
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
II. 2000-2 TRANSACTIONS FROM: 2/14/2000 through: 6/30/2000
--------------------------------------------------------------------------------------------------------
A STUDENT LOAN PRINCIPAL ACTIVITY
<S> <C>
i Regular Principal Collections $ 58,286,797.65
ii Principal Collections from Guarantor 1,451,276.08
iii Principal Reimbursements 19,783,892.69
iv Other System Adjustments 0.00
------------------
v Total Principal Collections $ 79,521,966.42
B Student Loan Non-Cash Principal Activity
i Other Adjustments $ 1,677,427.87
ii Capitalized Interest (27,587,383.66)
------------------
iii Total Non-Cash Principal Activity $(25,909,955.79)
---------------------------------------------------------------------------------
C TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 53,612,010.63
---------------------------------------------------------------------------------
D STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 23,270,166.16
ii Interest Claims Received from Guarantors 31,619.45
iii Late Fee Reimbursements 427,707.91
iv Interest Reimbursements 212,318.38
v Other System Adjustments 0.00
vi Special Allowance Payments 2,743,283.59
vii Subsidy Payments 4,938,406.20
------------------
viii TOTAL INTEREST COLLECTIONS $ 31,623,501.69
E STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment $ (1,637,056.44)
ii Capitalized Interest 27,587,383.66
------------------
iii Total Non-Cash Interest Adjustments $ 25,950,327.22
---------------------------------------------------------------------------------
F TOTAL STUDENT LOAN INTEREST ACTIVITY $ 57,573,828.91
---------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
III. 2000-2 COLLECTION ACCOUNT ACTIVITY 2/14/2000 through 6/30/2000
-------------------------------------------------------------------------------------------------------------------
A PRINCIPAL COLLECTIONS
<S> <C>
i Principal Payments Received-Cash $ 59,738,073.73
ii Cash Forwarded by Administrator on behalf of Seller 608,897.37
iii Cash Forwarded by Administrator on behalf of Servicer (715.62)
iv Cash Forwarded by Administrator for Consolidation Activity 19,175,710.94
-------------------
v Total Principal Collections $ 79,521,966.42
B INTEREST COLLECTIONS
i Interest Payments Received-Cash $ 30,983,475.40
ii Cash Forwarded by Administrator on behalf of Seller (115,316.86)
iii Cash Forwarded by Administrator on behalf of Servicer 623.79
iv Cash Forwarded by Administrator for Consolidation Activity 327,011.45
v Cash Forwarded by Administrator for Late Fee Activity 427,707.91
-------------------
vi TOTAL INTEREST COLLECTIONS $ 31,623,501.69
C OTHER REIMBURSEMENTS $ 141,294.56
D ADMINISTRATOR ACCOUNT INVESTMENT INCOME $ 850,207.62
E RETURN FUNDS BORROWED FOR PREVIOUS DISTRIBUTION $ -
F TOTAL FUNDS RECEIVED $ 112,136,970.29
LESS FUNDS PREVIOUSLY REMITTED:
SERVICING FEES ($3,110,656.34)
CONSOLIDATION LOAN REBATE FEES ($156.00)
---------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT $109,026,157.95
---------------------------------------------------------------------------------------------
G SERVICING FEE CALCULATION-CURRENT MONTH
i Primary Servicing Fee - Non-Consolidation Loans $1,443,374.69
ii Primary Servicing Fee - Consolidation Loans $37.32
H SERVICING FEES DUE FOR CURRENT PERIOD $1,443,412.01
less: servicing adj [a iii + b iii] $91.83
I CARRYOVER SERVICING FEES DUE $0.00
J ADMINISTRATION FEES DUE $20,000.00
K AGGREGATE SWAP FEES DUE $62,272.86
---------------------------------------------------------------------------------------------
L TOTAL FEES DUE FOR PERIOD $ 1,525,776.70
---------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
----------------------------------------------------------------------------
IV. 2000-2 PORTFOLIO CHARACTERISTICS
----------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
WEIGHTED AVG COUPON # OF LOANS %
---------------------------------------------------- ------------------------- ------------------------
<S> <C> <C> <C> <C> <C> <C>
STATUS 2/14/2000 6/30/2000 2/14/2000 6/30/2000 2/14/2000 6/30/2000
---------------------------------------------------------------------------------------------------------
INTERIM:
IN SCHOOL
Current 7.151% 7.109% 100,554 74,660 17.963% 13.632%
GRACE
Current 6.725% 7.068% 65,040 36,846 11.619% 6.728%
---------------------------------------------------------------------------------------------------------
TOTAL INTERIM 6.992% 7.095% 165,594 111,506 29.582% 20.360%
---------------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current 7.657% 7.624% 232,090 264,884 41.461% 48.365%
31-60 Days Delinquent 7.624% 7.605% 20,651 16,043 3.689% 2.929%
61-90 Days Delinquent 7.607% 7.597% 12,486 9,787 2.230% 1.787%
91-120 Days Delinquent 7.689% 7.558% 4,361 6,429 0.779% 1.174%
> 120 Days Delinquent 0.000% 7.565% - 9,857 0.000% 1.800%
DEFERMENT
Current 7.245% 7.191% 56,816 56,727 10.150% 10.358%
FORBEARANCE
Current 7.676% 7.634% 67,784 72,237 12.109% 13.189%
---------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT 7.598% 7.564% 394,188 435,964 70.418% 79.602%
---------------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) 0.000% 7.577% - 208 0.000% 0.038%
AGED CLAIMS REJECTED (2) 0.000% 0.000% - - 0.000% 0.000%
---------------------------------------------------------------------------------------------------------
GRAND TOTAL 7.424% 7.467% 559,782 547,678 100.000% 100.000%
---------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------
PRINCIPAL AMOUNT %
-------------------------------------------------------------------- -------------------------
<S> <C> <C> <C> <C>
STATUS 2/14/2000 6/30/2000 2/14/2000 6/30/2000
------------------------------------------------------------------------------------------------
INTERIM:
In School
Current $ 341,359,419.37 $ 244,369,247.17 17.328% 12.752%
Grace
Current $ 204,295,360.26 $ 128,418,284.46 10.371% 6.701%
------------------------------------------------------------------------------------------------
TOTAL INTERIM $ 545,654,779.63 $ 372,787,531.63 27.699% 19.453%
------------------------------------------------------------------------------------------------
REPAYMENT
ACTIVE
Current $ 827,785,954.14 $ 917,698,107.40 42.021% 47.888%
31-60 Days Delinquent $ 69,609,688.99 $ 49,457,252.49 3.533% 2.581%
61-90 Days Delinquent $ 40,402,915.35 $ 29,511,793.17 2.051% 1.540%
91-120 Days Delinquent $ 13,078,795.07 $ 18,998,685.82 0.664% 0.991%
> 120 Days Delinquent $ - $ 28,094,649.89 0.000% 1.466%
DEFERMENT
Current $ 207,474,954.60 $ 208,376,433.75 10.532% 10.874%
FORBEARANCE
Current $ 265,941,733.80 $ 290,782,552.30 13.500% 15.174%
------------------------------------------------------------------------------------------------
TOTAL REPAYMENT $ 1,424,294,041.95 $ 1,542,919,474.82 72.301% 80.514%
------------------------------------------------------------------------------------------------
CLAIMS IN PROCESS (1) $ - $ 629,804.50 0.000% 0.033%
AGED CLAIMS REJECTED (2) $ - $ - 0.000% 0.000%
------------------------------------------------------------------------------------------------
GRAND TOTAL $ 1,969,948,821.58 $ 1,916,336,810.95 100.000% 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. 2000-2 Portfolio Characteristics by School and Program 6/30/00
-------------------------------------------------------------------------------
<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 7.156% 3.940% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 3.567% 2.099% 0.000% 0.000% 0.000% 0.000%
TOTAL INTERIM 10.723% 6.039% 0.000% 0.000% 0.000% 0.000%
REPAYMENT:
ACTIVE
Current 20.756% 11.516% 0.000% 0.000% 6.340% 1.068%
31-60 Days Delinquent 0.957% 0.511% 0.000% 0.000% 0.244% 0.050%
61-90 Days Delinquent 0.580% 0.295% 0.000% 0.000% 0.094% 0.034%
91-120 Days Delinquent 0.404% 0.220% 0.000% 0.000% 0.042% 0.015%
> 120 Days Delinquent 0.618% 0.298% 0.000% 0.000% 0.023% 0.024%
DEFERMENT
Current 5.544% 3.221% 0.000% 0.000% 0.260% 0.334%
FORBEARANCE
Current 6.756% 4.450% 0.000% 0.000% 0.593% 0.584%
TOTAL REPAYMENT 35.615% 20.511% 0.000% 0.000% 7.596% 2.109%
CLAIMS IN PROCESS (1) 0.011% 0.005% 0.000% 0.000% 0.005% 0.001%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 46.349% 26.555% 0.000% 0.000% 7.601% 2.110%
TOTAL BY SCHOOL TYPE 82.615%
<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 0.535% 0.325% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.251% 0.139% 0.000% 0.000% 0.000% 0.000%
TOTAL INTERIM 0.786% 0.464% 0.000% 0.000% 0.000% 0.000%
REPAYMENT:
ACTIVE
Current 1.717% 1.013% 0.000% 0.000% 0.295% 0.049%
31-60 Days Delinquent 0.174% 0.090% 0.000% 0.000% 0.016% 0.007%
61-90 Days Delinquent 0.106% 0.054% 0.000% 0.000% 0.007% 0.004%
91-120 Days Delinquent 0.080% 0.041% 0.000% 0.000% 0.002% 0.001%
> 120 Days Delinquent 0.140% 0.063% 0.000% 0.000% 0.002% 0.003%
DEFERMENT
Current 0.488% 0.283% 0.000% 0.000% 0.013% 0.016%
FORBEARANCE
Current 0.686% 0.417% 0.000% 0.000% 0.034% 0.024%
TOTAL REPAYMENT 3.391% 1.961% 0.000% 0.000% 0.369% 0.104%
CLAIMS IN PROCESS (1) 0.001% 0.000% 0.000% 0.000% 0.001% 0.000%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 4.178% 2.425% 0.000% 0.000% 0.370% 0.104%
TOTAL BY SCHOOL TYPE 7.077%
<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 0.320% 0.306% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.282% 0.272% 0.000% 0.000% 0.000% 0.000%
TOTAL INTERIM 0.602% 0.578% 0.000% 0.000% 0.000% 0.000%
REPAYMENT:
ACTIVE
Current 2.013% 1.693% 0.000% 0.000% 1.055% 0.091%
31-60 Days Delinquent 0.254% 0.202% 0.000% 0.000% 0.048% 0.011%
61-90 Days Delinquent 0.170% 0.148% 0.000% 0.000% 0.029% 0.008%
91-120 Days Delinquent 0.093% 0.077% 0.000% 0.000% 0.006% 0.004%
> 120 Days Delinquent 0.150% 0.115% 0.000% 0.000% 0.013% 0.005%
DEFERMENT
Current 0.303% 0.246% 0.000% 0.000% 0.019% 0.017%
FORBEARANCE
Current 0.725% 0.590% 0.000% 0.000% 0.104% 0.034%
TOTAL REPAYMENT 3.708% 3.071% 0.000% 0.000% 1.274% 0.170%
CLAIMS IN PROCESS (1) 0.004% 0.003% 0.000% 0.000% 0.002% 0.000%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL, PROGRAM 4.314% 3.652% 0.000% 0.000% 1.276% 0.170%
TOTAL BY SCHOOL TYPE 9.412%
<CAPTION>
-------------------------------------------------------------------------------------
UNKNOWN
-------------------------------------------------------------------------------------
GSL-SUB GSL-UNSUB CONS-SUB CONS-UNSUB PLUS SLS
STATUS
<S> <C> <C> <C> <C> <C> <C>
INTERIM:
IN SCHOOL
Current 0.083% 0.087% 0.000% 0.000% 0.000% 0.000%
GRACE
Current 0.043% 0.048% 0.000% 0.000% 0.000% 0.000%
TOTAL INTERIM 0.126% 0.135% 0.000% 0.000% 0.000% 0.000%
REPAYMENT:
ACTIVE
Current 0.131% 0.108% 0.000% 0.004% 0.026% 0.013%
31-60 Days Delinquent 0.008% 0.009% 0.000% 0.000% 0.000% 0.000%
61-90 Days Delinquent 0.006% 0.004% 0.000% 0.000% 0.000% 0.001%
91-120 Days Delinquent 0.003% 0.003% 0.000% 0.000% 0.000% 0.000%
> 120 Days Delinquent 0.006% 0.005% 0.000% 0.000% 0.000% 0.001%
DEFERMENT
Current 0.062% 0.055% 0.000% 0.000% 0.000% 0.013%
FORBEARANCE
Current 0.084% 0.080% 0.000% 0.000% 0.001% 0.012%
TOTAL REPAYMENT 0.300% 0.264% 0.000% 0.004% 0.027% 0.040%
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 0.426% 0.399% 0.000% 0.004% 0.027% 0.040%
TOTAL BY SCHOOL TYPE 0.896%
</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 11.096% 0.860% 0.626% 0.170% 12.752%
GRACE
Current 5.666% 0.390% 0.554% 0.091% 6.701%
TOTAL INTERIM 16.762% 1.250% 1.180% 0.261% 19.453%
REPAYMENT:
ACTIVE
Current 39.680% 3.074% 4.852% 0.282% 47.888%
31-60 Days Delinquent 1.762% 0.287% 0.515% 0.017% 2.581%
61-90 Days Delinquent 1.003% 0.171% 0.355% 0.011% 1.540%
91-120 Days Delinquent 0.681% 0.124% 0.180% 0.006% 0.991%
> 120 Days Delinquent 0.963% 0.208% 0.283% 0.012% 1.466%
DEFERMENT
Current 9.359% 0.800% 0.585% 0.130% 10.874%
FORBEARANCE
Current 12.383% 1.161% 1.453% 0.177% 15.174%
TOTAL REPAYMENT 65.831% 5.825% 8.223% 0.635% 80.514%
CLAIMS IN PROCESS (1) 0.022% 0.002% 0.009% 0.000% 0.033%
AGED CLAIMS REJECTED (2) 0.000% 0.000% 0.000% 0.000% 0.000%
TOTAL BY SCHOOL TYPE 82.615% 7.077% 9.412% 0.896% 100.000%
---------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
VI. 2000-2 STUDENT LOAN RATE CALCULATION AND FLOATING RATE SWAP PAYMENTS
------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Borrower Interest Accrued During Collection Period $ 44,589,851.57
B Interest Subsidy Payments Accrued During Collection Period 12,472,552.29
C SAP Payments Accrued During Collection Period 8,877,712.38
D INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) 203,106.51
E Investment Earnings (ADMINISTRATOR ACT) 850,207.62
------------------
F NET EXPECTED INTEREST COLLECTIONS $ 66,993,430.37
G STUDENT LOAN RATE
i Days in Calculation Period 119
ii Days in Year 360
iii Net Expected Interest Collections $ 66,993,430.37
iv Primary Servicing Fee $ 4,554,068.35
v Administration Fee $ 20,000.00
vi Aggregate Swap Fees $ 62,272.86
vii Total Pool Balance at Beginning of Collection Period $ 2,010,633,988.11
viii STUDENT LOAN RATE ( ii / i ) * (( iii - iv - v - vi ) / vii ) 9.38228%
H FLOATING RATE SWAP PAYMENTS DUE TO THE TRUST
--------------------------------------------------
CLASS A-1L CLASS A-2L CERTIFICATES
--------------------------------------------------
<S> <C> <C> <C>
i Aggregate Notional Swap Amounts 1,029,125,000 782,470,000 72,290,000
ii Libor Based Interest Rates/Rate of Return 6.40625% 6.52625% 6.85625%
iii Student Loan Rate Cap 9.38228% 9.38228% 9.38228%
iv Excess Over Cap ( ii-iii) 0.00000% 0.00000% 0.00000%
v FLOATING RATE SWAP PAYMENTS DUE TO THE TRUST $ 0.00 $ 0.00 $ 0.00
--------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
VII. 2000-2 ACCRUED INTEREST FACTORS
------------------------------------------------------------------------------------------------------------------------
Accrued
Int Factor Accrual Period
---------- --------------
<S> <C> <C> <C>
A Class A-1T T-Bill Based Interest Rate 6.75373%
B CLASS A-1T INTEREST RATE 0.021958852 (3/28/00-7/25/00) 6.75373%
C Class A-1L Libor Based Interest Rate 6.40625%
D CLASS A-1L INTEREST RATE 0.021176215 (3/28/00-7/25/00) 6.40625%
E Class A-2L Libor Based Interest Rate 6.52625%
F CLASS A-2L INTEREST RATE 0.021572882 (3/28/00-7/25/00) 6.52625%
G Certificate Libor Based Rate of Return 6.85625%
H CERTIFICATE RATE OF RETURN 0.022663715 (3/28/00-7/25/00) 6.85625%
------------------------------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
VIII. 2000-2 INPUTS FROM ORIGINAL DATA 2/14/00
------------------------------------------------------------------------------------------------------------------------
<S> <C>
A Total Student Loan Pool Outstanding
i Portfolio Balance $ 1,969,948,821.58
ii Interest To Be Capitalized 40,685,166.53
--------------------
iii Total Pool $ 2,010,633,988.11
iv Specified Reserve Account Balance 5,026,585.00
--------------------
v TOTAL ADJUSTED POOL $ 2,015,660,573.11
====================
B Total Note and Certificate Factor 1.00000000000
C TOTAL NOTE AND CERTIFICATE BALANCE $ 2,065,385,000.00
<CAPTION>
----------------------------------------------------------------------------------------------------------------
D NOTE BALANCE 3/28/2000 CLASS A-1T CLASS A-1L CLASS A-2L CERTIFICATES
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Current Factor 3/28/00 1.0000000000 1.0000000000 1.0000000000 1.0000000000
ii Expected Note Balance $ 181,500,000.00 $ 1,029,125,000.00 $ 782,470,000.00 $ 72,290,000.00
E Note Principal Shortfall $ 0.00 $ 0.00 $ 0.00 $ 0.00
F Interest Shortfall $ 0.00 $ 0.00 $ 0.00 $ 0.00
G Interest Carryover $ 0.00 $ 0.00 $ 0.00 $ 0.00
----------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C>
H Reserve Account Balance $ 5,026,585.00
I Unpaid Primary Servicing Fees from Prior Month(s) $ 0.00
J Unpaid Administration fees from Prior Quarter(s) $ 0.00
K Unpaid Carryover Servicing Fees from Prior Quarter(s) $ 0.00
L Interest Due on Unpaid Carryover Servicing Fees $ 0.00
M Unpaid Floating Rate Swap Payment Reimbursements $ 0.00
N Interest Due on Unpaid Floating Rate Swap Payment Reimbursements $ 0.00
------------------------------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
-------------------------------------------------------------------------------
IX. 2000-2 WATERFALL FOR DISTRIBUTIONS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Remaining
Funds Balance
<S> <C> <C> <C>
A Total Available Funds ( Sections III-F + VI-D + IX-G-vii + IX-G-vii+VI-H-v) $ 116,882,014.72 $ 116,882,014.72
B Primary Servicing Fees-Current Month $ 1,443,503.84 $ 115,438,510.88
C Administration Fee $ 20,000.00 $ 115,418,510.88
D Swap Fees
i Fixed Rate Swap Payment $ 31,136.43 $ 115,387,374.45
ii Fixed Rate Swap Payment $ 31,136.43 $ 115,356,238.02
----------------------
iii TOTAL SWAP FEES $ 62,272.86
E Noteholder's Interest Distribution Amount
i Class A-1T $ 3,985,531.64 $ 111,370,706.38
ii Class A-1L $ 21,792,972.26 $ 89,577,734.12
iii Class A-2L $ 16,880,132.98 $ 72,697,601.14
----------------------
iv TOTAL NOTEHOLDER'S INTEREST DISTRIBUTION $ 42,658,636.88
F CERTIFICATEHOLDER'S RETURN DISTRIBUTION AMOUNT $ 1,638,359.96 $ 71,059,241.18
G Noteholder's Principal Distribution Amount Paid
i Class A-1T $ 10,653,383.40 $ 60,405,857.78
ii Class A-1L $ 60,405,857.78 $ (0.00)
iii Class A-2L $ 0.00 $ (0.00)
----------------------
iv TOTAL NOTEHOLDER'S PRINCIPAL DISTRIBUTION $ 71,059,241.18
H CERTIFICATEHOLDER'S BALANCE DISTRIBUTION AMOUNT $ 0.00 $ (0.00)
I Increase to the Specified Reserve Account Balance $ 0.00 $ 0.00
J Floating Rate Swap Payment Reimbursement $ 0.00 $ 0.00
K Carryover Servicing Fees $ 0.00 $ 0.00
L Noteholder's Interest Carryover
i Class A-1T $ 0.00 $ 0.00
ii Class A-1L $ 0.00 $ 0.00
iii Class A-2L $ 0.00 $ 0.00
iv Total Noteholder's Interest Carryover $ 0.00
---------------------
M CERTIFICATEHOLDER'S RETURN CARRYOVER $ 0.00 $ 0.00
N EXCESS TO RESERVE ACCOUNT $ 0.00 $ 0.00
(1) Includes initial deposit of $7,500,000 from seller
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
X. 2000-2 Distributions
----------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
A DISTRIBUTION AMOUNTS CLASS A-1T CLASS A-1L CLASS A-2L CERTIFICATES
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i Quarterly Interest Due $ 3,985,531.64 $ 21,792,972.26 $ 16,880,132.98 $ 1,638,359.96
ii Quarterly Interest Paid 3,985,531.64 21,792,972.26 16,880,132.98 1,638,359.96
iii INTEREST SHORTFALL $ 0.00 $ 0.00 $ 0.00 $ 0.00
iv Interest Carryover Due $ 0.00 $ 0.00 $ 0.00 $ 0.00
v Interest Carryover Paid 0.00 0.00 0.00 0.00
vi INTEREST CARRYOVER $ 0.00 $ 0.00 $ $ 0.00 $ 0.00
vii Quarterly Principal Due $ 16,637,996.52 $ 94,339,273.65 $ 0.00 $ 0.00
viiiQuarterly Principal Paid 10,653,383.40 60,405,857.78 0.00 0.00
------------------ --------------- --------------- --------------
ix QUARTERLY PRINCIPAL SHORTFALL $ 5,984,613.12 $ 33,933,415.87 $ 0.00 $ 0.00
-------------------------------------------------------------------------------------------------------------------
x Total Distribution Amount $ 14,638,915.04 $ 82,198,830.04 $ 16,880,132.98 $ 1,638,359.96
-------------------------------------------------------------------------------------------------------------------
<CAPTION>
B PRINCIPAL DISTRIBUTION RECONCILIATION
<S> <C> <C>
i Notes and Certificates Principal Balance 6/30/00 $ 2,065,385,000.00
ii Adjusted Pool Balance 6/30/00 1,954,407,729.83
----------------------
iii Adjusted Pool Exceeding Notes and Certificate
Balance (i-ii) $ 110,977,270.17
======================
iv Adjusted Pool Balance 2/14/00 $ 2,015,660,573.11
v Adjusted Pool Balance 6/30/00 1,954,407,729.83
----------------------
vi Current Principal Due (iv-v) $ 61,252,843.28
vii Notes and Certificates Issued Exceeding
Adjusted Pool Balance 49,724,426.89
----------------------
viii PRINCIPAL DISTRIBUTION AMOUNT (vi + vii) $ 110,977,270.17
======================
ix PRINCIPAL DISTRIBUTION AMOUNT PAID $ 71,059,241.18
x Principal Shortfall (viii - ix) $ 39,918,028.99
C Total Principal Distribution $ 71,059,241.18
D Total Interest Distribution 44,296,996.84
----------------------
E TOTAL CASH DISTRIBUTIONS-NOTE AND CERTIFICATES $ 115,356,238.02
<CAPTION>
--------------------------------------------------------------------------------
F NOTE & CERTIFICATE BALANCES 3/28/2000 7/25/2000
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
i A-1T Note Balance (78442GBX3) $ 181,500,000.00 $ 170,846,616.60
A-1T Note Pool Factor 1.0000000000 0.9413036727
ii A-1L Note Balance (78442GBY1) $ 1,029,125,000.00 $ 968,719,142.22
A-1L Note Pool Factor 1.0000000000 0.9413036728
iii A-2L Note Balance (78442GCA2) $ 782,470,000.00 $ 782,470,000.00
A-2L Note Pool Factor 1.0000000000 1.0000000000
iv Certificate Balance (78442GCB0) $ 72,290,000.00 $ 72,290,000.00
Certificate Pool Factor 1.0000000000 1.0000000000
--------------------------------------------------------------------------------
<CAPTION>
G RESERVE ACCOUNT RECONCILIATION
<S> <C> <C>
i Beginning of Period Balance $ 5,026,585.00
ii Deposits to correct Shortfall $ -
iii Deposits from Excess Servicing $ -
----------------------
iv Total Reserve Account Balance Available $ 5,026,585.00
v Required Reserve Account Balance $ 4,873,834.74
vi Shortfall Carried to Next Period $ -
vii Excess Reserve - Release to Waterfall $ 152,750.26
viii Ending Reserve Account Balance $ 4,873,834.74
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
--------------------------------------------------------------------
XI. 2000-2 HISTORICAL POOL INFORMATION
<TABLE>
<CAPTION>
---------------------
2/14/00-6/30/00
-------------------------------------------------------------------------
BEGINNING STUDENT LOAN PORTFOLIO BALANCE $1,969,948,821.58
-------------------------------------------------------------------------
STUDENT LOAN PRINCIPAL ACTIVITY
<S> <C>
i Regular Principal Collections $ 58,286,797.65
ii Principal Collections from Guarantor 1,451,276.08
iii Principal Reimbursements 19,783,892.69
iv Other System Adjustments -
---------------------
v Total Principal Collections $ 79,521,966.42
STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
i Other Adjustments $ 1,677,427.87
ii Capitalized Interest (27,587,383.66)
---------------------
iii Total Non-Cash Principal Activity $ (25,909,955.79)
-------------------------------------------------------------------------
(-) TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $ 53,612,010.63
-------------------------------------------------------------------------
STUDENT LOAN INTEREST ACTIVITY
i Regular Interest Collections $ 23,270,166.16
ii Interest Claims Received from Guarantors 31,619.45
iii Late Fee Reimbursements 427,707.91
iv Interest Reimbursements 212,318.38
v Other System Adjustments -
vi Special Allowance Payments 2,743,283.59
vii Subsidy Payments 4,938,406.20
---------------------
viii Total Interest Collections $ 31,623,501.69
STUDENT LOAN NON-CASH INTEREST ACTIVITY
i Interest Accrual Adjustment $ (1,637,056.44)
ii Capitalized Interest 27,587,383.66
---------------------
iii Total Non-Cash Interest Adjustments $ 25,950,327.22
---------------------
TOTAL STUDENT LOAN INTEREST ACTIVITY $ 57,573,828.91
(=) ENDING STUDENT LOAN PORTFOLIO BALANCE $ 1,916,336,810.95
-------------------------------------------------------------------------
(+) INTEREST TO BE CAPITALIZED $ 33,197,084.14
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(=) TOTAL POOL $ 1,949,533,895.09
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(+) RESERVE ACCOUNT BALANCE $ 4,873,834.74
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(=) TOTAL ADJUSTED POOL $ 1,954,407,729.83
-------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
-------------------------------------------------------------------------------
XII. 2000-2 PAYMENT HISTORY AND CPRS
-------------------------------------------------------------------------------
DISTRIBUTION ACTUAL SINCE ISSUED
DATE POOL BALANCES CPR *
Jul-00 $ 1,949,533,895 5.10%
* "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>
