EXHIBIT 20.1
College Loan Corporation Trust I Series 2003-2, Series 2004-1, and 2005-1
Statement to Note Holders
As of and for the period ended: 08/31/2005
Pursuant to section 11.04 of the Trust Indenture, the following is provided to the trustee by the issuer. The information shown below has not been independently verified, however it is believed to be accurate to the best of the issuer’s knowledge.
(a) | the amount of payments with respect to each series of Notes paid with respect to principal during August 2005; |
Series Class Principal Paid ------ ----- -------------- 2002 A-1 $0 2002 A-2 $0 2002 A-3 $0 2002 A-4 $0 2002 A-5 $0 2002 A-6 $0 2002 A-7 $0 2002 A-8 $0 2002 A-9 $0 2002 B-1 $0 2002-2 A-10 $0 2002-2 A-11 $0 2002-2 A-12 $0 2002-2 A-13 $0 2002-2 A-14 $0 2002-2 A-15 $0 2002-2 A-16 $0 2002-2 A-17 $0 2002-2 A-18 $13,000,000 2002-2 A-19 $0 2002-2 A-20 $0 2002-2 A-21 $0 2002-2 A-22 $0 2002-2 A-23 $0 2002-2 A-24 $0 2002-2 A-25 $0 2002-2 A-26 $0 2002-2 A-27 $0 2002-2 A-28 $0 2002-2 A-29 $0 2002-2 A-30 $0 2002-2 B-2 $0 2002-2 B-3 $0 2002-2 B-4 $0 2003-1 A-1 $0 2003-1 A-2 $0 2003-1 A-3 $0 2003-1 A-4 $0 2003-1 A-5 $0 2003-1 A-6 $0 2003-1 A-7 $0 2003-1 A-8 $0 2003-1 A-9 $20,000,000 2003-1 A-10 $50,000,000 2003-1 B-1 $0 2003-1 B-2 $0 2003-2 A-1 $0 2003-2 A-2 $0 2003-2 A-3 $0 2004-1 A-1 $0 2004-1 A-2 $0 2004-1 A-3 $0 2004-1 A-4 $0 2004-1 B-1 $0 2005-1 A-1 $0 2005-1 A-2 $0 2005-1 A-3 $0 2005-1 A-4 $0 2005-1 A-5 $0 2005-1 B-1 $0
(b) | the amount of payments with respect to each series of Notes paid with respect to interest during August 2005; |
Series Class Principal Paid ------ ----- -------------- 2002 A-1 $ - 2002 A-2 $ - 2002 A-3 $ - 2002 A-4 $ 184,807 2002 A-5 $ 191,464 2002 A-6 $ 189,274 2002 A-7 $ 194,268 2002 A-8 $ 190,953 2002 A-9 $ 53,889 2002 B-1 $ 114,374 2002-2 A-10 $ 273,100 2002-2 A-11 $ 273,020 2002-2 A-12 $ 527,620 2002-2 A-13 $ 262,280 2002-2 A-14 $ 260,820 2002-2 A-15 $ 265,420 2002-2 A-16 $ 270,800 2002-2 A-17 $ 271,560 2002-2 A-18 $ 236,992 2002-2 A-19 $ 320,263 2002-2 A-20 $ 333,074 2002-2 A-21 $ 300,986 2002-2 A-22 $ 300,986 2002-2 A-23 $ 300,986 2002-2 A-24 $ 311,019 2002-2 A-25 $ 311,019 2002-2 A-26 $ 311,019 2002-2 A-27 $ 310,170 2002-2 A-28 $ 310,170 2002-2 A-29 $ 310,170 2002-2 A-30 $ 310,170 2002-2 B-2 $ 109,856 2002-2 B-3 $ 219,392 2002-2 B-4 $ 108,624 2003-1 A-1 $ - 2003-1 A-2 $ 263,120 2003-1 A-3 $ 262,360 2003-1 A-4 $ 538,440 2003-1 A-5 $ 536,220 2003-1 A-6 $ 521,640 2003-1 A-7 $ 261,580 2003-1 A-8 $ 262,280 2003-1 A-9 $ 52,780 2003-1 A-10 $ 196,604 2003-1 B-1 $ 68,660 2003-1 B-2 $ 68,080 2003-2 A-1 $ - 2003-2 A-2 $ - 2003-2 A-3 $ - 2004-1 A-1 $ - 2004-1 A-2 $ - 2004-1 A-3 $ - 2004-1 A-4 $ - 2004-1 B-1 $ 279,240 2005-1 A-1 $ - 2005-1 A-2 $ - 2005-1 A-3 $ - 2005-1 A-4 $ - 2005-1 A-5 $ - 2005-1 B-1 $ 108,624
(c) | the amount of the payments allocable to any interest that was carried over together with the amount of any remaining outstanding interest that was carried over; Carry over amounts $0.00 |
(d) | the principal balance of Financed Student Loans as of the close of business on the last day of August 2005; Principal Balance of Financed Student Loans $6,503,845,938 |
(e) | the aggregate outstanding principal amount of the Notes of each series as of the close of business on the last day of August 2005, after giving effect to payments allocated to principal reported under paragraph (a) above; |
Series Class Principal Paid ------ ----- -------------- 2002 A-1 $ - 2002 A-2 $ - 2002 A-3 $ - 2002 A-4 $ 73,000,000 2002 A-5 $ 73,000,000 2002 A-6 $ 73,000,000 2002 A-7 $ 73,000,000 2002 A-8 $ 73,000,000 2002 A-9 $ 19,900,000 2002 B-1 $ 42,000,000 2002-2 A-10 $ 100,000,000 2002-2 A-11 $ 100,000,000 2002-2 A-12 $ 100,000,000 2002-2 A-13 $ 100,000,000 2002-2 A-14 $ 100,000,000 2002-2 A-15 $ 100,000,000 2002-2 A-16 $ 100,000,000 2002-2 A-17 $ 100,000,000 2002-2 A-18 $ 67,000,000 2002-2 A-19 $ 100,000,000 2002-2 A-20 $ 100,000,000 2002-2 A-21 $ 100,000,000 2002-2 A-22 $ 100,000,000 2002-2 A-23 $ 100,000,000 2002-2 A-24 $ 100,000,000 2002-2 A-25 $ 100,000,000 2002-2 A-26 $ 100,000,000 2002-2 A-27 $ 100,000,000 2002-2 A-28 $ 100,000,000 2002-2 A-29 $ 100,000,000 2002-2 A-30 $ 100,000,000 2002-2 B-2 $ 40,000,000 2002-2 B-3 $ 40,000,000 2002-2 B-4 $ 40,000,000 2003-1 A-1 $ - 2003-1 A-2 $ 100,000,000 2003-1 A-3 $ 100,000,000 2003-1 A-4 $ 100,000,000 2003-1 A-5 $ 100,000,000 2003-1 A-6 $ 100,000,000 2003-1 A-7 $ 100,000,000 2003-1 A-8 $ 100,000,000 2003-1 A-9 $ - 2003-1 A-10 $ - 2003-1 B-1 $ 25,000,000 2003-1 B-2 $ 25,000,000 2003-2 A-1 $ 25,000,000 2003-2 A-2 $ 646,800,000 2003-2 A-3 $ 308,200,000 2004-1 A-1 $ 293,000,000 2004-1 A-2 $ 307,000,000 2004-1 A-3 $ 400,000,000 2004-1 A-4 $ 200,000,000 2004-1 B-1 $ 100,000,000 2005-1 A-1 $ 216,000,000 2005-1 A-2 $ 393,000,000 2005-1 A-3 $ 300,000,000 2005-1 A-4 $ 214,000,000 2005-1 A-5 $ 137,000,000 2005-1 B-1 $ 40,000,000
(f) | the interest rate for any series of variable rate Notes for August 2005, indicating how such interest rate is calculated; |
Series Class Interest Rate Interest Calculation ------ ----- ------------- -------------------- 2002 A-1 n/a 28-Day Auction Rate 2002 A-2 n/a 28-Day Auction Rate 2002 A-3 n/a 28-Day Auction Rate 2002 A-4 3.492% 28-Day Auction Rate 2002 A-5 3.550% 28-Day Auction Rate 2002 A-6 3.522% 28-Day Auction Rate 2002 A-7 3.537% 28-Day Auction Rate 2002 A-8 3.456% 28-Day Auction Rate 2002 A-9 3.562% 28-Day Auction Rate 2002 B-1 3.608% 28-Day Auction Rate 2002-2 A-10 3.585% 28-Day Auction Rate 2002-2 A-11 3.584% 28-Day Auction Rate 2002-2 A-12 3.591% 28-Day Auction Rate 2002-2 A-13 3.553% 28-Day Auction Rate 2002-2 A-14 3.508% 28-Day Auction Rate 2002-2 A-15 3.505% 28-Day Auction Rate 2002-2 A-16 3.562% 28-Day Auction Rate 2002-2 A-17 3.569% 28-Day Auction Rate 2002-2 A-18 3.528% 28-Day Auction Rate 2002-2 A-19 3.675% 28-Day Auction Rate 2002-2 A-20 3.685% 28-Day Auction Rate 2002-2 A-21 3.670% 28-Day Auction Rate 2002-2 A-22 3.670% 28-Day Auction Rate 2002-2 A-23 3.670% 28-Day Auction Rate 2002-2 A-24 3.672% 28-Day Auction Rate 2002-2 A-25 3.672% 28-Day Auction Rate 2002-2 A-26 3.672% 28-Day Auction Rate 2002-2 A-27 3.672% 28-Day Auction Rate 2002-2 A-28 3.672% 28-Day Auction Rate 2002-2 A-29 3.672% 28-Day Auction Rate 2002-2 A-30 3.672% 28-Day Auction Rate 2002-2 B-2 3.624% 28-Day Auction Rate 2002-2 B-3 3.603% 28-Day Auction Rate 2002-2 B-4 3.639% 28-Day Auction Rate 2003-1 A-1 n/a 7-Day Auction Rate 2003-1 A-2 3.551% 28-Day Auction Rate 2003-1 A-3 3.565% 28-Day Auction Rate 2003-1 A-4 3.608% 28-Day Auction Rate 2003-1 A-5 3.573% 28-Day Auction Rate 2003-1 A-6 3.461% 28-Day Auction Rate 2003-1 A-7 3.529% 28-Day Auction Rate 2003-1 A-8 3.531% 28-Day Auction Rate 2003-1 A-9 3.440% 28-Day Auction Rate 2003-1 A-10 3.680% 28-Day Auction Rate 2003-1 B-1 3.624% 28-Day Auction Rate 2003-1 B-2 3.613% 28-Day Auction Rate
Weighted Average Weighted Average Series Class Libor Rate Spread Rate Interest Calculation ------ ----- ---------- ------ ---- -------------------- 2003-2 A-1 3.65000% 0.03000% 3.68000% Floating Rate Note 2003-2 A-2 3.65000% 0.14000% 3.79000% Floating Rate Note 2003-2 A-3 3.65000% 0.20000% 3.85000% Floating Rate Note 2004-1 A-1 3.65000% 0.05000% 3.70000% Floating Rate Note 2004-1 A-2 3.65000% 0.11000% 3.76000% Floating Rate Note 2004-1 A-3 3.65000% 0.16000% 3.81000% Floating Rate Note 2004-1 A-4 3.65000% 0.19000% 3.84000% Floating Rate Note 2004-1 B-1 3.762% 28-Day Auction Rate 2005-1 A-1 3.65000% 0.03000% 3.68000% Floating Rate Note 2005-1 A-2 3.65000% 0.10000% 3.75000% Floating Rate Note 2005-1 A-3 3.65000% 0.12000% 3.77000% Floating Rate Note 2005-1 A-4 3.65000% 0.15000% 3.80000% Floating Rate Note 2005-1 A-5 3.65000% 0.20000% 3.85000% Floating Rate Note 2005-1 B-1 3.666% 28-Day Auction Rate
(g) | the amount of the servicing fees allocated to the Servicers as of the close of business on the last day of August 2005; |
Servicing fees $1,182,149 |
(h) | the amount of the Administration Fee, any auction agent fees, market agent fees, calculation agent fees, broker-dealer fees, if any, fees paid to the Delaware Trustee, the Trustee, the Eligible Lender Trustee and the Verification Agent, all allocated as of the close of business on the last day of August 2005; |
Fee Amount --- ------ Administration $1,115,512 Auction Agent $10,749 Market Agent $0 Calculation Agent $0 Broker-Dealer $645,541 Delaware Trustee $0 Trustee $46,581 Eligible Lender Trustee $0 Verification Agent * *Verification Agent fees are included in Trustee fees above
(i) | the amount of principal and interest received during August 2005 relating to Financed Student Loans; |
Amount of principal and interest received $142,140,151 |
(j) | the amount of the payment attributable to amounts in the Reserve Fund, the amount of any other withdrawals from the Reserve Fund and the balance of the Reserve Fund as of the close of business on the last day of August 2005; |
Amount of payment attributable to amounts in the Reserve Fund $0 Amount of any other withdrawals from the Reserve Fund $622,500 Ending Balance of Reserve Fund $52,079,250
(k) | the portion, if any, of the payments made on the Notes as described in sections (a) or (b) above during August 2005 attributable to amounts on deposit in the Acquisition Fund; |
Payments from the Acquisition Fund $0 |
(l) | the aggregate amount, if any, paid by the Trustee to acquire Student Loans from amounts on deposit in the Acquisition Fund during August 2005; |
Amounts paid to acquire Student Loans $2,682,970 |
(m) | the amount remaining in the Acquisition Fund that has not been used to acquire Student Loans and is being transferred to the Debt Service Fund; |
Amounts in Acquisition fund to be transferred to the Debt Service Fund $0 |
(n) | the aggregate amount, if any, paid for Financed Student Loans purchased from the Trust during August 2005; |
Amounts paid for Financed Student Loans purchased from the Trust $0 |
(o) | the number and principal amount of Financed Student Loans, as of the close of business on the last day of August 2005, that are (i) 0 to 30 days delinquent, (ii) 31 to 60 days delinquent, (iii) 61 to 90 days delinquent, (iv) 91 to 120 days delinquent, (v) greater than 120 days delinquent and (vi) for which claims have been filed with the appropriate Guarantee Agency and which are awaitingpayment; |
Number Amount ------ ------ (i) 0 to 30 days delinquent 579,636 6,147,077,357 (ii) 31 to 60 days delinquent 13,693 133,323,006 (iii) 61 to 90 days delinquent 7,059 65,910,180 (iv) 91 to 120 days delinquent 5,163 43,842,521 (v) > 120 day delinquent 14,286 100,819,095 (vi) & claims filed 2,191 12,873,779 ----- ---------- Total 622,028 6,503,845,938
(p) | the Value of the Trust Estate and the Outstanding principal amount of the Notes as of the close of business on the last day of August 2005; and |
Value of the Trust Estate $6,905,983,494 Outstanding Principal amount of the Notes $6,943,900,000 |
(q) | the number and percentage by dollar amount of (i) rejected federal reimbursement claims for Financed Student Loans, (ii) Financed Student Loans in forbearance, and (iii) Financed Student Loans in deferment as of the close of business on the last day of August 2005. |
Number Percentage ------ ---------- (i) Outstanding rejected federal reimbursement claims 28 * (ii) Financed Student Loans in forbearance 32,549 8.27% (iii) Financed Student Loans in deferment 61,778 12.75% * Less than 0.01%