SLM Private Credit Student Loan Trust 2002-A
Quarterly Servicing Report
Report Date: 5/31/2004 Reporting Period: 3/1/04-5/31/04
I. Deal Parameters
A | Student Loan Portfolio Characteristics | 2/29/2004 | Activity | 5/31/2004 | ||||||||||||
i | Portfolio Balance | $ | 645,807,190.81 | ($9,436,857.03 | ) | $ | 636,370,333.78 | |||||||||
ii | Interest to be Capitalized | 11,361,408.00 | 11,555,787.93 | |||||||||||||
iii | Total Pool | $ | 657,168,598.81 | $ | 647,926,121.71 | |||||||||||
iv | Cash Capitalization Account (CI) | 40,178,192.00 | 40,178,192.00 | |||||||||||||
v | Asset Balance | $ | 697,346,790.81 | $ | 688,104,313.71 | |||||||||||
i | Weighted Average Coupon (WAC) | 4.927 | % | 4.939 | % | |||||||||||
ii | Weighted Average Remaining Term | 180.16 | 178.40 | |||||||||||||
iii | Number of Loans | 67,478 | 66,634 | |||||||||||||
iv | Number of Borrowers | 45,977 | 45,356 | |||||||||||||
vi | Prime Loans Outstanding | $ | 571,511,747 | $ | 564,491,055 | |||||||||||
vii | T-bill Loans Outstanding | $ | 84,442,724 | $ | 82,358,985 | |||||||||||
viii | Fixed Loans Outstanding | $ | 1,214,128 | $ | 1,076,082 |
% of | % of | |||||||||||||||||||||||||||
B | Notes | Cusips | Spread | Balance 3/15/04 | O/S Securities | Balance 6/15/04 | O/S Securities | |||||||||||||||||||||
i | A-1 Notes | 78443CAA2 | 0.150 | % | $ | 295,876,539.25 | 43.337 | % | $ | 286,634,062.15 | 42.559 | % | ||||||||||||||||
ii | A-2 Notes | 78443CAB0 | 0.550 | % | 328,419,000.00 | 48.103 | % | 328,419,000.00 | 48.763 | % | ||||||||||||||||||
iii | B Notes | 78443CAC8 | 0.850 | % | 23,742,000.00 | 3.477 | % | 23,742,000.00 | 3.526 | % | ||||||||||||||||||
iv | C Notes | 78443CAD6 | 1.700 | % | 34,699,000.00 | 5.082 | % | 34,699,000.00 | 5.152 | % | ||||||||||||||||||
v | Total Notes | $ | 682,736,539.25 | 100.000 | % | $ | 673,494,062.15 | 100.000 | % | |||||||||||||||||||
C | 3/15/2004 | 6/15/2004 | ||||||||||
i | Reserve Account Balance ($) | $ | 1,725,836.00 | $ | 1,725,836.00 | |||||||
ii | Cash Capitalization Acct Balance ($) | $ | 40,178,192.00 | $ | 40,178,192.00 | |||||||
iii | Initial Asset Balance | $ | 730,512,578.11 | $ | 730,512,578.11 | |||||||
iv | Specified Overcollateralization Amount | $ | 14,610,251.56 | $ | 14,610,251.56 | |||||||
v | Has the Stepdown Date Occurred?* | No | No |
* | The Stepdown Date is the earlier of the distribution date following the reduction of the Class A Notes to zero, or September 17, 2007. At the Stepdown Date, principal payments made on the Class B and Class C Notes may begin to be paid pro-rata with the Class A Notes. | |||
See the prospectus for complete information concerning the Stepdown Date. |
II. 2002-A Transactions from: 3/1/2004 through: 5/31/2004
A | Student Loan Principal Activity | |||||||
i | Principal Payments Received | $ | 11,137,774.80 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 1,154,017.33 | ||||||
iii | Other Servicer Reimbursements | 4.18 | ||||||
iv | Seller Reimbursements | 179.28 | ||||||
v | Total Principal Collections | $ | 12,291,975.59 | |||||
B | Student Loan Non-Cash Principal Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | — | |||||
ii | Capitalized Interest | (2,733,615.66 | ) | |||||
iii | Capitalized Insurance Fee | (122,553.21 | ) | |||||
iv | Other Adjustments | 1,050.31 | ||||||
v | Total Non-Cash Principal Activity | $ | (2,855,118.56 | ) | ||||
C | Total Student Loan Principal Activity | $ | 9,436,857.03 | |||||
D | Student Loan Interest Activity | |||||||
i | Interest Payments Received | $ | 4,877,037.92 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 46,165.39 | ||||||
iii | Other Servicer Reimbursements | 24.62 | ||||||
iv | Seller Reimbursements | 0.00 | ||||||
v | Late Fees | 71,823.48 | ||||||
vi | Collection Fees | 0.00 | ||||||
vii | Total Interest Collections | $ | 4,995,051.41 | |||||
E | Student Loan Non-Cash Interest Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | — | |||||
ii | Capitalized Interest | 2,733,615.66 | ||||||
iii | Other Interest Adjustments | 5,914.53 | ||||||
iv | Total Non-Cash Interest Adjustments | $ | 2,739,530.19 | |||||
F | Total Student Loan Interest Activity | $ | 7,734,581.60 | |||||
III. 2002-A Collection Account Activity 3/1/2004 through: 5/31/2004
A | Principal Collections | |||||||
i | Principal Payments Received | $ | 10,931,307.68 | |||||
ii | Consolidation Principal Payments | 206,467.12 | ||||||
iii | Purchases by Servicer (Delinquencies > 180) | 1,154,017.33 | ||||||
iv | Reimbursements by Seller | 179.28 | ||||||
v | Reimbursements by Servicer | 4.18 | ||||||
vi | Other Re-purchased Principal | 0.00 | ||||||
vii | Total Principal Collections | $ | 12,291,975.59 | |||||
B | Interest Collections | |||||||
i | Interest Payments Received | $ | 4,876,062.55 | |||||
ii | Consolidation Interest Payments | 975.37 | ||||||
iii | Purchases by Servicer (Delinquencies > 180) | 46,165.39 | ||||||
iv | Reimbursements by Seller | 0.00 | ||||||
v | Reimbursements by Servicer | 24.62 | ||||||
vi | Other Re-purchased Interest | 0.00 | ||||||
viii | Collection Fees/Return Items | 0.00 | ||||||
ix | Late Fees | 71,823.48 | ||||||
x | Total Interest Collections | $ | 4,995,051.41 | |||||
C | Recoveries on Realized Losses | $ | — | |||||
�� | ||||||||
D | Amount from Cash Capitalization Account | $ | — | |||||
E | Funds Borrowed from Next Collection Period | $ | — | |||||
F | Funds Repaid from Prior Collection Periods | $ | — | |||||
G | Investment Income | $ | 123,840.54 | |||||
H | Borrower Incentive Reimbursements | $ | 53,668.20 | |||||
I | Gross Swap Receipt | $ | 1,621,188.32 | |||||
TOTAL FUNDS RECEIVED | $ | 19,085,724.06 | ||||||
LESS FUNDS PREVIOUSLY REMITTED: | ||||||||
Servicing Fees | $ | (751,345.26 | ) | |||||
J | TOTAL AVAILABLE FUNDS | $ | 18,334,378.80 | |||||
K | Servicing Fees Due for Current Period | $ | 372,693.31 | |||||
L | Carryover Servicing Fees Due | $ | — | |||||
M | Administration Fees Due | $ | 20,000.00 | |||||
N | Total Fees Due for Period | $ | 392,693.31 | |||||
IV. 2002-A Loss and Recovery Detail 5/31/2004
A | i | Cumulative Realized Losses Test | % of Initial Pool | 11/30/2003 | 5/31/2004 | |||||||||||||
December 16, 2002 to September 15, 2007 | 15 | % | $ | 103,550,157.90 | $ | 103,550,157.90 | ||||||||||||
December 17, 2007 to September 15, 2010 | 18 | % | ||||||||||||||||
December 15, 2010 and thereafter | 20 | % | ||||||||||||||||
ii | Cumulative Realized Losses (Net of Recoveries) | $ | 0.00 | $ | 0.00 | |||||||||||||
iii | Is Test Satisfied (ii < i)? | Yes | ||||||||||||||||
B | i | Recoveries on Realized Losses This Collection Period | ||||||||||||||||
ii | Principal Cash Recovered During Collection Period | $ | 0.00 | $ | 0.00 | |||||||||||||
iii | Interest Cash Recovered During Collection Period | $ | 0.00 | $ | 0.00 | |||||||||||||
iv | Late Fees and Collection Costs Recovered During Collection Period | $ | 0.00 | $ | 0.00 | |||||||||||||
v | Total Recoveries for Period | $ | 0.00 | $ | 0.00 | |||||||||||||
C | i | Gross Defaults: | ||||||||||||||||
ii | Cumulative Principal Purchases by Servicer | $ | 1,658,911.42 | $ | 2,812,928.75 | |||||||||||||
iii | Cumulative Interest Purchases by Servicer | $ | 41,237.10 | $ | 87,402.49 | |||||||||||||
iv | Total Gross Defaults: | $ | 1,700,148.52 | $ | 2,900,331.24 |
V. 2002-A Portfolio Characteristics
Weighted Avg Coupon | # of Loans | %* | Principal Amount | %* | ||||||||||||||||||||||||||||||||||||
STATUS | 2/29/2004 | 5/31/2004 | 2/29/2004 | 5/31/2004 | 2/29/2004 | 5/31/2004 | 2/29/2004 | 5/31/2004 | 2/29/2004 | 5/31/2004 | ||||||||||||||||||||||||||||||
INTERIM: | ||||||||||||||||||||||||||||||||||||||||
In School | 4.490 | % | 4.582 | % | 2,257 | 3,537 | 3.345 | % | 5.308 | % | $ | 19,932,796.97 | $ | 33,997,531.06 | 3.086 | % | 5.342 | % | ||||||||||||||||||||||
Grace | 4.753 | % | 4.809 | % | 5,457 | 3,570 | 8.087 | % | 5.358 | % | $ | 49,921,618.62 | $ | 31,066,034.27 | 7.730 | % | 4.882 | % | ||||||||||||||||||||||
TOTAL INTERIM | 4.678 | % | 4.691 | % | 7,714 | 7,107 | 11.432 | % | 10.666 | % | $ | 69,854,415.59 | $ | 65,063,565.33 | 10.817 | % | 10.224 | % | ||||||||||||||||||||||
REPAYMENT | ||||||||||||||||||||||||||||||||||||||||
Active | ||||||||||||||||||||||||||||||||||||||||
Current | 4.874 | % | 4.847 | % | 44,725 | 44,682 | 66.281 | % | 67.056 | % | $ | 432,110,703.39 | $ | 425,454,403.96 | 66.910 | % | 66.856 | % | ||||||||||||||||||||||
31-60 Days Delinquent | 5.583 | % | 5.688 | % | 1,342 | 1,129 | 1.989 | % | 1.694 | % | $ | 12,971,446.41 | $ | 9,791,579.23 | 2.009 | % | 1.539 | % | ||||||||||||||||||||||
61-90 Days Delinquent | 5.454 | % | 5.788 | % | 681 | 569 | 1.009 | % | 0.854 | % | $ | 6,101,113.15 | $ | 5,131,599.87 | 0.945 | % | 0.806 | % | ||||||||||||||||||||||
91-120 Days Delinquent | 6.174 | % | 5.806 | % | 307 | 420 | 0.455 | % | 0.630 | % | $ | 2,614,113.76 | $ | 3,650,269.16 | 0.405 | % | 0.574 | % | ||||||||||||||||||||||
121-150 Days Delinquent | 5.850 | % | 6.834 | % | 221 | 240 | 0.328 | % | 0.360 | % | $ | 1,957,239.32 | $ | 2,305,770.41 | 0.303 | % | 0.362 | % | ||||||||||||||||||||||
151-180 Days Delinquent | 5.337 | % | 6.029 | % | 85 | 111 | 0.126 | % | 0.167 | % | $ | 901,312.59 | $ | 920,625.42 | 0.140 | % | 0.145 | % | ||||||||||||||||||||||
> 180 Days Delinquent | 5.719 | % | 0.000 | % | 4 | 0 | 0.006 | % | 0.000 | % | $ | 71,258.49 | $ | 0.00 | 0.011 | % | 0.000 | % | ||||||||||||||||||||||
Deferment | 3.938 | % | 4.032 | % | 946 | 943 | 1.402 | % | 1.415 | % | $ | 12,912,869.35 | $ | 13,064,763.27 | 1.999 | % | 2.053 | % | ||||||||||||||||||||||
Forbearance | 5.263 | % | 5.363 | % | 11,453 | 11,433 | 16.973 | % | 17.158 | % | $ | 106,312,718.76 | $ | 110,987,757.13 | 16.462 | % | 17.441 | % | ||||||||||||||||||||||
TOTAL REPAYMENT | 4.957 | % | 4.967 | % | 59,764 | 59,527 | 88.568 | % | 89.334 | % | $ | 575,952,775.22 | $ | 571,306,768.45 | 89.183 | % | 89.776 | % | ||||||||||||||||||||||
GRAND TOTAL | 4.927 | % | 4.939 | % | 67,478 | 66,634 | 100.000 | % | 100.000 | % | $ | 645,807,190.81 | $ | 636,370,333.78 | 100.000 | % | 100.000 | % |
* Percentages may not total 100% due to rounding
VI. 2002-A Portfolio Characteristics by School and Program
LOAN TYPE | WAC | # Loans | $ Amount | % | ||||||||||||
-Signature Loans | 4.999 | % | 39,286 | $ | 319,046,809.10 | 50.135 | % | |||||||||
-Law Loans | 5.455 | % | 12,890 | $ | 136,455,082.26 | 21.443 | % | |||||||||
-Med Loans | 4.364 | % | 8,145 | $ | 87,394,815.02 | 13.733 | % | |||||||||
-MBA Loans | 4.486 | % | 6,313 | $ | 93,473,627.40 | 14.689 | % | |||||||||
- Total | 4.939 | % | 66,634 | $ | 636,370,333.78 | 100.000 | % |
* | Percentages may not total 100% due to rounding |
VII. 2002-A Swap
Swap Payments | ||||||||||||
Swap Calculation | ||||||||||||
i | Notional Swap Amount — Aggregate Prime Loans Outstanding | 571,511,747 | ||||||||||
Counterparty Pays: | ||||||||||||
ii | 3 Month Libor | 1.11000 | % | |||||||||
iii | Gross Swap Receipt Due Trust | $ | 1,621,188.32 | |||||||||
iv | Days in Period | 3/15/2004 | 6/15/2004 | 92 | ||||||||
SLM Private Credit Trust Pays: | ||||||||||||
v | Prime Rate (WSJ) Less | 2.7000 | % | 1.30000 | % | |||||||
vi | Gross Swap Payment Due Counterparty | $ | 1,867,562.98 | |||||||||
vii | Days in Period | 3/15/2004 | 6/15/2004 | 92 |
VIII. 2002-A Accrued Interest Factors
Accrued | ||||||||||||
Int Factor | Accrual Period | Rate | ||||||||||
A | Class A-1 Interest Rate | 0.003220000 | (3/15/04 — 06/15/04) | 1.26000 | % | |||||||
B | Class A-2 Interest Rate | 0.004242222 | (3/15/04 — 06/15/04) | 1.66000 | % | |||||||
C | Class B Interest Rate | 0.005008889 | (3/15/04 — 06/15/04) | 1.96000 | % | |||||||
D | Class C Interest Rate | 0.007181111 | (3/15/04 — 06/15/04) | 2.81000 | % |
IX. 2002-A Inputs From Prior Data 2/29/04
A | Total Student Loan Pool Outstanding | |||||||||||||||||||||
i | Portfolio Balance | $ | 645,807,190.81 | |||||||||||||||||||
ii | Interest To Be Capitalized | 11,361,408.00 | ||||||||||||||||||||
iii | Total Pool | $ | 657,168,598.81 | |||||||||||||||||||
iv | Cash Capitalization Account (CI) | 40,178,192.00 | ||||||||||||||||||||
v | Asset Balance | $ | 697,346,790.81 | |||||||||||||||||||
B | Total Note and Certificate Factor | 0.93929579183 | ||||||||||||||||||||
C | Total Note Balance | $ | 682,736,539.25 | |||||||||||||||||||
D | Note Balance 3/15/2004 | Class A-1 | Class A-2 | Class B | Class C | |||||||||||||||||
i | Current Factor | 0.8702251154 | 1.0000000000 | 1.0000000000 | 1.0000000000 | |||||||||||||||||
ii | Expected Note Balance | $ | 295,876,539.25 | $ | 328,419,000.00 | $ | 23,742,000.00 | $ | 34,699,000.00 | |||||||||||||
F | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||
G | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||
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 |
X. 2002-A Note Parity Triggers
Class A | Class B | Class C | ||||||||||||||||||
Notes Outstanding | 3/15/04 | $ | 624,295,539 | $ | 648,037,539 | $ | 682,736,539 | |||||||||||||
Asset Balance | 2/29/04 | $ | 697,346,791 | $ | 697,346,791 | $ | 697,346,791 | |||||||||||||
Pool Balance | 5/31/04 | $ | 647,926,122 | $ | 647,926,122 | $ | 647,926,122 | |||||||||||||
Amounts on Deposit* | 6/15/04 | 53,906,366 | 53,787,445 | 53,538,267 | ||||||||||||||||
Total | $ | 701,832,488 | $ | 701,713,567 | $ | 701,464,389 | ||||||||||||||
Are the Notes in Excess of the Asset Balance? | No | No | No | |||||||||||||||||
Are the Notes in Excess of the Pool + Amounts on Deposit? | No | No | No | |||||||||||||||||
Are the Notes Parity Triggers in Effect? | No | No | No | |||||||||||||||||
Class A Enhancement | $ | 73,051,251.56 | ||||||||||||||||||
Specified Class A Enhancement | $ | 103,215,647.06 | The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount | |||||||||||||||||
Class B Enhancement | $ | 49,309,251.56 | ||||||||||||||||||
Specified Class B Enhancement | $ | 69,670,561.76 | The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount | |||||||||||||||||
Class C Enhancement | $ | 14,610,251.56 | ||||||||||||||||||
Specified Class C Enhancement | $ | 20,643,129.41 | The greater of 3% of the Asset Balance or the Specified Overcollateralization Amount |
* | Amounts on Deposit in Trust Accounts for the Collection Period after Payment of Section XII Items B through E for the Class A, B through G for the Class B and B through I for the Class C |
XI. 2002-A Principal Distribution Calculations
Priority Principal Payments (If Note Parity Triggers are not in effect, go to Regular Principal Distribution below): | ||||||||
i | Is the Class A Note Parity Trigger in Effect? | No | ||||||
ii | Aggregate A Notes Outstanding | 3/15/2004 | $ | 624,295,539.25 | ||||
iii | Asset Balance | 5/31/2004 | $ | 688,104,313.71 | ||||
iv | First Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||
v | Is the Class B Note Parity Trigger in Effect? | No | ||||||
vi | Aggregate A and B Notes Outstanding | 3/15/2004 | $ | 648,037,539.25 | ||||
vii | Asset Balance | 5/31/2004 | $ | 688,104,313.71 | ||||
viii | First Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||
ix | Second Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||
x | Is the Class C Note Parity Trigger in Effect? | No | ||||||
xi | Aggregate A, B and C Notes Outstanding | 3/15/2004 | $ | 682,736,539.25 | ||||
xii | Asset Balance | 5/31/2004 | $ | 688,104,313.71 | ||||
xiii | First Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||
xiv | Second Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||
xv | Third Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||
Regular Principal Distribution | ||||||||
i | Aggregate Notes Outstanding | 3/15/2004 | $ | 682,736,539.25 | ||||
ii | Asset Balance | 5/31/2004 | $ | 688,104,313.71 | ||||
iii | Specified Overcollateralization Amount | 6/15/2004 | $ | 14,610,251.56 | ||||
iv | First Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||
v | Second Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||
vi | Third Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||
vii | Regular Principal Distribution Amount | $ | 9,242,477.10 | |||||
Class A Noteholders’ Principal Distribution Amounts | ||||||||
i | Has the Stepdown Date Occurred? | No | ||||||
ii | Asset Balance | 5/31/2004 | $ | 688,104,313.71 | ||||
iii | 85% of Asset Balance | 5/31/2004 | $ | 584,888,666.65 | ||||
iv | Specified Overcollateralization Amount | 6/15/2004 | $ | 14,610,251.56 | ||||
v | Lesser of (iii) and (ii - iv) | $ | 584,888,666.65 | |||||
vi | Class A Noteholders' Principal Distribution Amt - Before the Stepdown Date | $ | 9,242,477.10 | |||||
vii | Class A Noteholders' Principal Distribution Amt - After the Stepdown Date | $ | — | |||||
Class B Noteholders’ Principal Distribution Amounts | ||||||||
i | Has the Stepdown Date Occurred? | No | ||||||
ii | Asset Balance | 5/31/2004 | $ | 688,104,313.71 | ||||
iii | 89.875% of Asset Balance | 5/31/2004 | $ | 618,433,751.95 | ||||
iv | Specified Overcollateralization Amount | 6/15/2004 | $ | 14,610,251.56 | ||||
v | Lesser of (iii) and (ii - iv) | $ | 618,433,751.95 | |||||
vi | Class B Noteholders' Principal Distribution Amt - Before the Stepdown Date | $ | — | |||||
vii | Class B Noteholders' Principal Distribution Amt - After the Stepdown Date | $ | — | |||||
Class C Noteholders’ Principal Distribution Amounts | ||||||||
i | Has the Stepdown Date Occurred? | No | ||||||
ii | Asset Balance | 5/31/2004 | $ | 688,104,313.71 | ||||
iii | 97% of Asset Balance | 5/31/2004 | $ | 667,461,184.30 | ||||
iv | Specified Overcollateralization Amount | 6/15/2004 | $ | 14,610,251.56 | ||||
v | Lesser of (iii) and (ii - iv) | $ | 667,461,184.30 | |||||
vi | Class C Noteholders' Principal Distribution Amt - Before the Stepdown Date | $ | — | |||||
vii | Class C Noteholders' Principal Distribution Amt - After the Stepdown Date | $ | — |
XII. 2002-A Waterfall for Distributions
Remaining | ||||||||||||
Funds Balance | ||||||||||||
A | Total Available Funds ( Sections III-F ) | $ | 18,334,378.80 | $ | 18,334,378.80 | |||||||
B | Primary Servicing Fees — Current Month plus any Unpaid | $ | 372,693.31 | $ | 17,961,685.49 | |||||||
C | Quarterly Administration Fee plus any Unpaid | $ | 20,000.00 | $ | 17,941,685.49 | |||||||
D | Gross Swap Payment | $ | 1,867,562.98 | $ | 16,074,122.51 | |||||||
E | i | Class A-1 Noteholders’ Interest Distribution Amount | $ | 952,722.46 | $ | 15,121,400.05 | ||||||
ii | Class A-2 Noteholders’ Interest Distribution Amount | $ | 1,393,226.38 | $ | 13,728,173.67 | |||||||
F | First Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 13,728,173.67 | |||||||
G | Class B Noteholders’ Interest Distribution Amount | $ | 118,921.04 | $ | 13,609,252.63 | |||||||
H | Second Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 13,609,252.63 | |||||||
I | Class C Noteholders’ Interest Distribution Amount | $ | 249,177.37 | $ | 13,360,075.26 | |||||||
J | Third Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 13,360,075.26 | |||||||
K | Increase to the Specified Reserve Account Balance | $ | 0.00 | $ | 13,360,075.26 | |||||||
L | Regular Principal Distribution Amount — Principal Distribution Account | $ | 9,242,477.10 | $ | 4,117,598.16 | |||||||
M | Carryover Servicing Fees | $ | 0.00 | $ | 4,117,598.16 | |||||||
N | Swap Termination Payments | $ | 0.00 | $ | 4,117,598.16 | |||||||
O | Additional Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 4,117,598.16 | |||||||
P | Remaining Funds to the Certificateholders | $ | 4,117,598.16 | $ | 0.00 |
XIII. 2002-A Principal Distribution Account Allocations
Remaining | ||||||||||||
Funds Balance | ||||||||||||
A | Total from Collection Account | $ | 9,242,477.10 | $ | 9,242,477.10 | |||||||
B | i | Class A-1 Principal Distribution Amount Paid | $ | 9,242,477.10 | $ | 0.00 | ||||||
ii | Class A-2 Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||
C | Class B Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||
D | Class C Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||
E | Remaining Class C Distribution Paid | $ | 0.00 | $ | 0.00 | |||||||
F | Remaining Class B Distribution Paid | $ | 0.00 | $ | 0.00 | |||||||
G | i | Remaining Class A-1 Distribution Paid | $ | 0.00 | $ | 0.00 | ||||||
ii | Remaining Class A-2 Distribution Paid | $ | 0.00 | $ | 0.00 |
XIV. 2002-A Distributions
A | Distribution Amounts | Class A-1 | Class A-2 | Class B | Class C | |||||||||||||||||||
i | Quarterly Interest Due | $ | 952,722.46 | $ | 1,393,226.38 | $ | 118,921.04 | $ | 249,177.37 | |||||||||||||||
ii | Quarterly Interest Paid | 952,722.46 | 1,393,226.38 | 118,921.04 | 249,177.37 | |||||||||||||||||||
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 Distribution Amount | $ | 9,242,477.10 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||
viii | Quarterly Principal Paid | 9,242,477.10 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
ix | Difference | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||
x | Total Distribution Amount | $ | 10,195,199.56 | $ | 1,393,226.38 | $ | 118,921.04 | $ | 249,177.37 | |||||||||||||||
B | Note Balances | 3/15/2004 | Paydown Factors | 6/15/2004 | ||||||||||||||||||||
i | A-1 Note Balance 78443CAA2 | $ | 295,876,539.25 | $ | 286,634,062.15 | |||||||||||||||||||
A-1 Note Pool Factor | 0.8702251154 | 0.0271837562 | 0.8430413593 | |||||||||||||||||||||
ii | A-2 Note Balance 78443CAB0 | $ | 328,419,000.00 | $ | 328,419,000.00 | |||||||||||||||||||
A-2 Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | |||||||||||||||||||||
iii | B Note Balance 78443CAC8 | $ | 23,742,000.00 | $ | 23,742,000.00 | |||||||||||||||||||
B Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | |||||||||||||||||||||
iv | C Note Balance 78443CAD6 | $ | 34,699,000.00 | $ | 34,699,000.00 | |||||||||||||||||||
C Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 |
XV. 2002-A Historical Pool Information
3/1/04-5/31/04 | 12/01/03-02/29/04 | 09/01/03-11/30/03 | 06/01/03-08/31/03 | 03/01/03-05/31/03 | 12/01/02-02/28/03 | 8/26/02-11/30/02 | ||||||||||||||||||||||||||
Beginning Student Loan Portfolio Balance | $ | 645,807,190.81 | $ | 648,773,639.91 | $ | 653,597,531.10 | $ | 659,765,001.35 | $ | 667,456,526.16 | $ | 669,262,882.23 | $ | 663,415,806.01 | ||||||||||||||||||
Student Loan Principal Activity | ||||||||||||||||||||||||||||||||
i | Principal Payments Received | $ | 11,137,774.80 | $ | 10,762,886.70 | $ | 9,393,123.02 | $ | 9,963,841.06 | $ | 10,022,821.21 | $ | 11,394,325.87 | $ | 9,045,364.96 | |||||||||||||||||
ii | Purchases by Servicer (Delinquencies >180) | 1,154,017.33 | 592,702.67 | 441,925.07 | 347,273.28 | 384,621.89 | 439,757.44 | 45,333.74 | ||||||||||||||||||||||||
iii | Other Servicer Reimbursements | 4.18 | 492.55 | 133.03 | — | 11,164.22 | 421.46 | 85.42 | ||||||||||||||||||||||||
iv | Seller Reimbursements | 179.28 | 6,608.75 | 72,375.73 | 24,001.54 | (3,814.18 | ) | 3,407.85 | 166,322.44 | |||||||||||||||||||||||
v | Total Principal Collections | $ | 12,291,975.59 | $ | 11,362,690.67 | $ | 9,907,556.85 | $ | 10,335,115.88 | $ | 10,414,793.14 | $ | 11,837,912.62 | $ | 9,257,106.56 | |||||||||||||||||
Student Loan Non-Cash Principal Activity | ||||||||||||||||||||||||||||||||
i | Realized Losses/Loans Charged Off | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
ii | Capitalized Interest | (2,733,615.66 | ) | (7,438,000.51 | ) | (4,848,167.41 | ) | (3,797,482.62 | ) | (1,388,563.67 | ) | (8,501,240.03 | ) | (13,326,412.85 | ) | |||||||||||||||||
iii | Capitalized Insurance Fee | ($122,553.21 | ) | ($947,304.59 | ) | ($240,381.76 | ) | ($76,200.23 | ) | ($250,766.36 | ) | ($1,337,764.97 | ) | ($1,706,229.57 | ) | |||||||||||||||||
iv | Other Adjustments | 1,050.31 | (10,936.47 | ) | 4,883.51 | (293,962.78 | ) | (1,083,938.30 | ) | (192,551.55 | ) | (71,540.36 | ) | |||||||||||||||||||
v | Total Non-Cash Principal Activity | $ | (2,855,118.56 | ) | $ | (8,396,241.57 | ) | $ | (5,083,665.66 | ) | $ | (4,167,645.63 | ) | $ | (2,723,268.33 | ) | $ | (10,031,556.55 | ) | $ | (15,104,182.78 | ) | ||||||||||
(-) | Total Student Loan Principal Activity | $ | 9,436,857.03 | $ | 2,966,449.10 | $ | 4,823,891.19 | $ | 6,167,470.25 | $ | 7,691,524.81 | $ | 1,806,356.07 | $ | (5,847,076.22 | ) | ||||||||||||||||
Student Loan Interest Activity | ||||||||||||||||||||||||||||||||
i | Interest Payments Received | $ | 4,877,037.92 | $ | 4,726,323.30 | $ | 4,573,927.73 | $ | 4,643,848.97 | $ | 4,461,556.77 | $ | 4,461,112.38 | $ | 3,704,616.78 | |||||||||||||||||
ii | Repurchases by Servicer (Delinquencies >180) | 46,165.39 | 20,767.38 | 13,500.90 | 8,851.48 | 4,319.12 | 13,763.73 | 801.87 | ||||||||||||||||||||||||
iii | Other Servicer Reimbursements | 24.62 | 8.56 | 1.66 | — | 137.90 | 178.06 | 14.58 | ||||||||||||||||||||||||
iv | Seller Reimbursements | — | 5.05 | 1,932.71 | 377.88 | 1,145.56 | (105.11 | ) | 10,055.09 | |||||||||||||||||||||||
v | Late Fees | 71,823.48 | 66,813.45 | 63,560.72 | 61,745.44 | 59,880.28 | 58,477.07 | 53,062.07 | ||||||||||||||||||||||||
vi | Collection Fees | — | — | — | — | — | — | — | ||||||||||||||||||||||||
viii | Total Interest Collections | 4,995,051.41 | 4,813,917.74 | 4,652,923.72 | 4,714,823.77 | 4,527,039.63 | 4,533,426.13 | 3,768,550.39 | ||||||||||||||||||||||||
Student Loan Non-Cash Interest Activity | ||||||||||||||||||||||||||||||||
i | Realized Losses/Loans Charged Off | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
ii | Capitalized Interest | 2,733,615.66 | 7,438,000.51 | 4,848,167.41 | 3,797,482.62 | 1,388,563.67 | 8,501,240.03 | 13,326,412.85 | ||||||||||||||||||||||||
iii | Other Interest Adjustments | 5,914.53 | 14,990.30 | 1,745.38 | 348,830.25 | 1,031,166.63 | 106,611.19 | 67,264.86 | ||||||||||||||||||||||||
iv | Total Non-Cash Interest Adjustments | $ | 2,739,530.19 | $ | 7,452,990.81 | $ | 4,849,912.79 | $ | 4,146,312.87 | $ | 2,419,730.30 | $ | 8,607,851.22 | $ | 13,393,677.71 | |||||||||||||||||
v | Total Student Loan Interest Activity | $ | 7,734,581.60 | $ | 12,266,908.55 | $ | 9,502,836.51 | $ | 8,861,136.64 | $ | 6,946,769.93 | $ | 13,141,277.35 | $ | 17,162,228.10 | |||||||||||||||||
(=) | Ending Student Loan Portfolio Balance | $ | 636,370,333.78 | $ | 645,807,190.81 | $ | 648,773,639.91 | $ | 653,597,531.10 | $ | 659,765,001.35 | $ | 667,456,526.16 | $ | 669,262,882.23 | |||||||||||||||||
(+) | Interest to be Capitalized | $ | 11,555,787.93 | $ | 11,361,408.00 | $ | 15,890,518.90 | $ | 17,320,240.99 | $ | 17,892,755.02 | $ | 16,437,126.42 | $ | 21,024,060.14 | |||||||||||||||||
(=) | TOTAL POOL | $ | 647,926,121.71 | $ | 657,168,598.81 | $ | 664,664,158.81 | $ | 670,917,772.09 | $ | 677,657,756.37 | $ | 683,893,652.58 | $ | 690,286,942.37 | |||||||||||||||||
(+) | Cash Capitalization Account Balance (CI) | $ | 40,178,192.00 | $ | 40,178,192.00 | $ | 40,178,192.00 | $ | 40,178,192.00 | $ | 40,178,192.00 | $ | 40,178,192.00 | $ | 40,178,192.00 | |||||||||||||||||
(=) | Asset Balance | $ | 688,104,313.71 | $ | 697,346,790.81 | $ | 704,842,350.81 | $ | 711,095,964.09 | $ | 717,835,948.37 | $ | 724,071,844.58 | $ | 730,465,134.37 |
XVI. 2002-A Payment History and CPRs
Distribution | Actual | Since Issued | ||
Date | Pool Balances | CPR * | ||
Dec-02 | $690,286,942 | 2.47% | ||
Mar-03 | $683,893,653 | 2.55% | ||
Jun-03 | $677,657,756 | 2.19% | ||
Sep-03 | $670,917,772 | 1.99% | ||
Dec-03 | $664,664,159 | 1.80% | ||
Mar-04 | $657,168,599 | 1.78% | ||
Jun-04 | $647,926,122 | 1.79% |
* “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.
SLM Private Credit Student Loan Trust 2003-A
Quarterly Servicing Report
Report Date: 5/31/2004 Reporting Period: 3/1/04-5/31/04
I. Deal Parameters
A | Student Loan Portfolio Characteristics | 2/29/2004 | Activity | 5/31/2004 | ||||||||||||
i | Portfolio Balance | $ | 929,674,448.24 | ($14,211,240.26 | ) | $ | 915,463,207.98 | |||||||||
ii | Interest to be Capitalized | 38,468,568.88 | 40,397,122.73 | |||||||||||||
iii | Total Pool | $ | 968,143,017.12 | $ | 955,860,330.71 | |||||||||||
iv | Cash Capitalization Account (CI) | 58,502,550.00 | 58,502,550.00 | |||||||||||||
v | Asset Balance | $ | 1,026,645,567.12 | $ | 1,014,362,880.71 | |||||||||||
i | Weighted Average Coupon (WAC) | 4.786 | % | 4.790 | % | |||||||||||
ii | Weighted Average Remaining Term | 170.69 | 168.98 | |||||||||||||
iii | Number of Loans | 117,112 | 115,486 | |||||||||||||
iv | Number of Borrowers | 74,276 | 73,339 | |||||||||||||
vi | Prime Loans Outstanding | $ | 703,771,055 | $ | 702,253,552 | |||||||||||
vii | T-bill Loans Outstanding | $ | 258,984,314 | $ | 248,731,435 | |||||||||||
viii | Fixed Loans Outstanding | $ | 5,387,648 | $ | 4,875,344 |
% of | % of | |||||||||||||||||||||||||||
B | Notes | Cusips | Spread | Balance 3/15/04 | O/S Securities | Balance 6/15/04 | O/S Securities | |||||||||||||||||||||
i | A-1 Notes | 78443CAE4 | 0.110 | % | $ | 449,735,912.54 | 44.733 | % | $ | 437,453,226.13 | 44.050 | % | ||||||||||||||||
ii | A-2 Notes | 78443CAF1 | 0.440 | % | 320,000,000.00 | 31.829 | % | 320,000,000.00 | 32.223 | % | ||||||||||||||||||
iii | A-3 ARS | 78443CAJ3 | ARS | 76,600,000.00 | 7.619 | % | 76,600,000.00 | 7.713 | % | |||||||||||||||||||
iv | A-4 ARS | 78443CAK0 | ARS | 76,600,000.00 | 7.619 | % | 76,600,000.00 | 7.713 | % | |||||||||||||||||||
v | B Notes | 78443CAG9 | 0.750 | % | 34,570,000.00 | 3.439 | % | 34,570,000.00 | 3.481 | % | ||||||||||||||||||
vi | C Notes | 78443CAH7 | 1.600 | % | 47,866,000.00 | 4.761 | % | 47,866,000.00 | 4.820 | % | ||||||||||||||||||
vii | Total Notes | $ | 1,005,371,912.54 | 100.000 | % | $ | 993,089,226.13 | 100.000 | % | |||||||||||||||||||
3/15/2004 | 6/15/2004 | |||||||||||
C | i | Reserve Account Balance ($) | $ | 2,512,950.00 | $ | 2,512,950.00 | ||||||
ii | Cash Capitalization Acct Balance ($) | $ | 58,502,550.00 | $ | 58,502,550.00 | |||||||
iii | Initial Asset Balance | $ | 1,063,682,728.92 | $ | 1,063,682,728.92 | |||||||
iv | Specified Overcollateralization Amount | $ | 21,273,654.58 | $ | 21,273,654.58 | |||||||
v | Has the Stepdown Date Occurred?* | No | No |
* | The Stepdown Date is the earlier of the distribution date following the reduction of the Class A Notes to zero, or March 17, 2008. At the Stepdown Date, principal payments made on the Class B and Class C Notes may begin to be paid pro-rata with the Class A Notes. | |||
See the prospectus for complete information concerning the Stepdown Date. |
II. 2003-A Transactions from: 3/1/2004 through: 5/31/2004
A | Student Loan Principal Activity | |||||||
i | Principal Payments Received | $ | 16,672,468.03 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 788,272.01 | ||||||
iii | Other Servicer Reimbursements | 29,348.00 | ||||||
iv | Seller Reimbursements | 121,227.33 | ||||||
v | Total Principal Collections | $ | 17,611,315.37 | |||||
B | Student Loan Non-Cash Principal Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | — | |||||
ii | Capitalized Interest | (3,281,180.36 | ) | |||||
iii | Capitalized Insurance Fee | (121,505.97 | ) | |||||
iv | Other Adjustments | 2,611.22 | ||||||
v | Total Non-Cash Principal Activity | $ | (3,400,075.11 | ) | ||||
C | Total Student Loan Principal Activity | $ | 14,211,240.26 | |||||
D | Student Loan Interest Activity | |||||||
i | Interest Payments Received | $ | 5,659,640.74 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 22,760.31 | ||||||
iii | Other Servicer Reimbursements | 2,360.70 | ||||||
iv | Seller Reimbursements | 4,145.35 | ||||||
v | Late Fees | 65,382.33 | ||||||
vi | Collection Fees | 0.00 | ||||||
vii | Total Interest Collections | $ | 5,754,289.43 | |||||
E | Student Loan Non-Cash Interest Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | — | |||||
ii | Capitalized Interest | 3,281,180.36 | ||||||
iii | Other Interest Adjustments | 15,890.58 | ||||||
iv | Total Non-Cash Interest Adjustments | $ | 3,297,070.94 | |||||
F | Total Student Loan Interest Activity | $ | 9,051,360.37 | |||||
III. 2003-A Collection Account Activity 3/1/2004 through: 5/31/2004
A | Principal Collections | |||||||||||
i | Principal Payments Received | $ | 16,487,573.25 | |||||||||
ii | Consolidation Principal Payments | 184,894.78 | ||||||||||
iii | Purchases by Servicer (Delinquencies > 180) | 788,272.01 | ||||||||||
iv | Reimbursements by Seller | 0.00 | ||||||||||
v | Reimbursements by Servicer | 29,348.00 | ||||||||||
vi | Other Re-purchased Principal | 121,227.33 | ||||||||||
vii | Total Principal Collections | $ | 17,611,315.37 | |||||||||
B | Interest Collections | |||||||||||
i | Interest Payments Received | $ | 5,659,154.68 | |||||||||
ii | Consolidation Interest Payments | 486.06 | ||||||||||
iii | Purchases by Servicer (Delinquencies > 180) | 22,760.31 | ||||||||||
iv | Reimbursements by Seller | 0.00 | ||||||||||
v | Reimbursements by Servicer | 2,360.70 | ||||||||||
vi | Other Re-purchased Interest | 4,145.35 | ||||||||||
viii | Collection Fees/Return Items | 0.00 | ||||||||||
ix | Late Fees | 65,382.33 | ||||||||||
x | Total Interest Collections | $ | 5,754,289.43 | |||||||||
C | Recoveries on Realized Losses | $ | — | |||||||||
D | Amount from Cash Capitalization Account | $ | — | |||||||||
E | Funds Borrowed from Next Collection Period | $ | — | |||||||||
F | Funds Repaid from Prior Collection Periods | $ | — | |||||||||
G | Investment Income | $ | 176,807.27 | |||||||||
H | Borrower Incentive Reimbursements | $ | 106,645.45 | |||||||||
I | Interest Rate Cap Proceeds | $ | — | |||||||||
I | Gross Swap Receipt | $ | 1,996,363.90 | |||||||||
TOTAL FUNDS RECEIVED | $ | 25,645,421.42 | ||||||||||
LESS FUNDS PREVIOUSLY REMITTED: | ||||||||||||
i | Servicing Fees | $ | (1,081,924.01 | ) | ||||||||
ii | Funds Allocated to the Future Distribution Account | $ | (5,388,402.16 | ) | ||||||||
iii | Funds Released from the Future Distribution Account | $ | 3,757,200.81 | |||||||||
J | TOTAL AVAILABLE FUNDS | $ | 22,932,296.06 | |||||||||
K | Servicing Fees Due for Current Period | $ | 536,632.19 | |||||||||
L | Carryover Servicing Fees Due | $ | — | |||||||||
M | Administration Fees Due | $ | 20,000.00 | |||||||||
N | Total Fees Due for Period | $ | 556,632.19 | |||||||||
IV. 2003-A Future Distribution Account Activity
A | Account Reconciliation | |||||||||
i | Beginning Balance | 3/15/2004 | $ | 1,807,906.49 | ||||||
ii | Total Allocations for Distribution Period | $ | 3,580,495.66 | |||||||
iii | Total Payments for Distribution Period | $ | (1,631,201.35 | ) | ||||||
iv | Funds Released to the Collection Account | $ | (3,757,200.81 | ) | ||||||
v | Total Balance Prior to Current Month Allocations | $ | — | |||||||
vi | Ending Balance | 6/15/2004 | $ | 1,746,405.44 | ||||||
B | Monthly Allocations to the Future Distribution Account | |||||||||
Monthly Allocation Date | 3/15/2004 | |||||||||
i | Primary Servicing Fees | $ | 543,827.05 | |||||||
ii | Admin Fees | $ | 6,666.66 | |||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | $ | 27,505.78 | |||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | $ | 1,229,907.00 | |||||||
v | Interest Accrued on the Class B & C Notes | $ | — | |||||||
vi | Balance as of | 3/15/2004 | $ | 1,807,906.49 | ||||||
Monthly Allocation Date | 4/15/2004 | |||||||||
i | Primary Servicing Fees | $ | 542,310.09 | |||||||
ii | Admin Fees | $ | 6,666.66 | |||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | $ | 28,393.07 | |||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | $ | 1,293,842.23 | |||||||
v | Interest Accrued on the Class B & C Notes | $ | — | |||||||
vi | Total Allocations | $ | 1,871,212.05 | |||||||
Monthly Allocation Date | 5/17/2004 | |||||||||
i | Primary Servicing Fees | $ | 539,613.92 | |||||||
ii | Admin Fees | $ | 6,666.66 | |||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | $ | 25,731.22 | |||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | $ | 1,137,271.82 | |||||||
v | Interest Accrued on the Class B & C Notes | $ | — | |||||||
vi | Total Allocations | $ | 1,709,283.62 | |||||||
C | Total Future Distribution Account Deposits Previously Allocated | $ | 5,388,402.16 | |||||||
D | Current Month Allocations | 6/15/2004 | ||||||||
i | Primary Servicing Fees | $ | 536,632.19 | |||||||
ii | Admin Fees | $ | 6,666.66 | |||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | $ | 26,618.50 | |||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | $ | 1,176,488.09 | |||||||
v | Interest Accrued on the Class B & C Notes | $ | — | |||||||
vi | Allocations on the Distribution Date | $ | 1,746,405.44 | |||||||
vii | Plus: Additional Loan Account Deposits in the Amount of the Principal Distribution Amount | $ | — | |||||||
viii | Total Monthly Required Allocations | $ | 1,746,405.44 |
V. 2003-A Auction Rate Security Detail
A Auction Rate Securities Paid During Collection Period
Payment | Security | Interest | No. of | |||||||||||||||||||
Date | Description | Rate | Days | Start Date | End Date | Interest Payment | ||||||||||||||||
i | 3/18/2004 | SLMPC TRUST 2003A A3 | 1.090000 | % | 28 | 02/19/2004 | 03/18/2004 | $ | 64,939.78 | |||||||||||||
3/31/2004 | SLMPC TRUST 2003A A4 | 1.090000 | % | 28 | 03/03/2004 | 03/31/2004 | $ | 64,939.78 | ||||||||||||||
4/15/2004 | SLMPC TRUST 2003A A3 | 1.090000 | % | 28 | 03/18/2004 | 04/15/2004 | $ | 64,939.78 | ||||||||||||||
4/28/2004 | SLMPC TRUST 2003A A4 | 1.090000 | % | 28 | 03/31/2004 | 04/28/2004 | $ | 64,939.78 | ||||||||||||||
5/13/2004 | SLMPC TRUST 2003A A3 | 1.120000 | % | 28 | 04/15/2004 | 05/13/2004 | $ | 66,727.11 | ||||||||||||||
5/26/2004 | SLMPC TRUST 2003A A4 | 1.100000 | % | 28 | 04/28/2004 | 05/26/2004 | $ | 65,535.56 | ||||||||||||||
6/10/2004 | SLMPC TRUST 2003A A3 | 1.180000 | % | 28 | 05/13/2004 | 06/10/2004 | $ | 70,301.78 | ||||||||||||||
ii | Auction Rate Security Payments Made During Collection Period | 3/15/04—6/15/04 | $ | 462,323.57 | ||||||||||||||||||
iii | Broker/Dealer Fees Paid During Collection Period | 3/15/04—6/15/04 | $ | 83,408.89 | ||||||||||||||||||
iv | Auction Agent Fees Paid During Collection Period | 3/15/04—6/15/04 | $ | 3,544.88 | ||||||||||||||||||
v | Primary Servicing Fees Remitted | $ | 1,081,924.01 | |||||||||||||||||||
vi | Total | $ | 1,631,201.35 | |||||||||||||||||||
– Less: Auction Rate Security Interest Payments due on the Distribution Date | $ | — | ||||||||||||||||||||
– Less: Auction Rate Security Auction Agent Fees due on the Distribution Date | $ | — | ||||||||||||||||||||
– Less: Auction Rate Security Broker Dealer Fees due on the Distribution Date | $ | — | ||||||||||||||||||||
B | Total Payments Out of Future Distribution Account During Distribution Period | $ | 1,631,201.35 | |||||||||||||||||||
C | Funds Released to Collection Account | $ | 3,757,200.81 |
D | Auction Rate Student Loan Rates | May-04 | Apr-04 | May-04 | ||||||||||||
3.82563% | 3.82554% | 3.82754% |
VI. 2003-A Loss and Recovery Detail 5/31/2004
A | i | Cumulative Realized Losses Test | % of Original Pool | 2/29/2004 | 5/31/2004 | |||||||||||||
June 16, 2003 to March 17, 2008 | 15 | % | $ | 150,777,026.84 | $ | 150,777,026.84 | ||||||||||||
June 16, 2008 to March 15, 2011 | 18 | % | ||||||||||||||||
June 15, 2011 and thereafter | 20 | % | ||||||||||||||||
ii | Cumulative Realized Losses (Net of Recoveries) | $ | 0.00 | $ | 0.00 | |||||||||||||
iii | Is Test Satisfied (ii < i)? | Yes | ||||||||||||||||
B | i | Recoveries on Realized Losses This Collection Period | ||||||||||||||||
ii | Principal Cash Recovered During Collection Period | $ | 0.00 | $ | 0.00 | |||||||||||||
iii | Interest Cash Recovered During Collection Period | $ | 0.00 | $ | 0.00 | |||||||||||||
iv | Late Fees and Collection Costs Recovered During Collection Period | $ | 0.00 | $ | 0.00 | |||||||||||||
v | Total Recoveries for Period | $ | 0.00 | $ | 0.00 | |||||||||||||
C | i | Gross Defaults: | ||||||||||||||||
ii | Cumulative Principal Purchases by Servicer | $ | 1,343,724.53 | $ | 2,131,996.54 | |||||||||||||
iii | Cumulative Interest Purchases by Servicer | $ | 44,234.26 | $ | 66,994.57 | |||||||||||||
iv | Total Gross Defaults: | $ | 1,387,958.79 | $ | 2,198,991.11 |
VII. 2003-A Portfolio Characteristics
Weighted Avg Coupon | # of Loans | %* | Principal Amount | %* | ||||||||||||||||||||||||||||||||||||
STATUS | 2/29/2004 | 5/31/2004 | 2/29/2004 | 5/31/2004 | 2/29/2004 | 5/31/2004 | 2/29/2004 | 5/31/2004 | 2/29/2004 | 5/31/2004 | ||||||||||||||||||||||||||||||
INTERIM: | ||||||||||||||||||||||||||||||||||||||||
In School | 4.707 | % | 4.744 | % | 31,063 | 11,965 | 26.524 | % | 10.361 | % | $ | 248,705,843.21 | $ | 98,175,537.33 | 26.752 | % | 10.724 | % | ||||||||||||||||||||||
Grace | 4.834 | % | 4.703 | % | 5,924 | 23,706 | 5.058 | % | 20.527 | % | $ | 48,611,288.46 | $ | 188,203,023.73 | 5.229 | % | 20.558 | % | ||||||||||||||||||||||
TOTAL INTERIM | 4.728 | % | 4.717 | % | 36,987 | 35,671 | 31.583 | % | 30.888 | % | $ | 297,317,131.67 | $ | 286,378,561.06 | 31.981 | % | 31.282 | % | ||||||||||||||||||||||
REPAYMENT | ||||||||||||||||||||||||||||||||||||||||
Active | ||||||||||||||||||||||||||||||||||||||||
Current | 4.703 | % | 4.722 | % | 63,912 | 64,505 | 54.573 | % | 55.855 | % | $ | 487,930,766.96 | $ | 492,053,997.54 | 52.484 | % | 53.749 | % | ||||||||||||||||||||||
31-60 Days Delinquent | 5.391 | % | 5.339 | % | 1,536 | 1,016 | 1.312 | % | 0.880 | % | $ | 12,526,579.97 | $ | 8,685,841.83 | 1.347 | % | 0.949 | % | ||||||||||||||||||||||
61-90 Days Delinquent | 5.459 | % | 5.592 | % | 928 | 510 | 0.792 | % | 0.442 | % | $ | 8,058,253.58 | $ | 3,939,800.98 | 0.867 | % | 0.430 | % | ||||||||||||||||||||||
91-120 Days Delinquent | 5.906 | % | 5.941 | % | 298 | 394 | 0.254 | % | 0.341 | % | $ | 2,371,613.20 | $ | 3,534,047.31 | 0.255 | % | 0.386 | % | ||||||||||||||||||||||
121-150 Days Delinquent | 7.022 | % | 5.795 | % | 113 | 247 | 0.096 | % | 0.214 | % | $ | 824,495.67 | $ | 2,162,981.02 | 0.089 | % | 0.236 | % | ||||||||||||||||||||||
151-180 Days Delinquent | 5.356 | % | 5.892 | % | 28 | 104 | 0.024 | % | 0.090 | % | $ | 270,810.58 | $ | 925,116.53 | 0.029 | % | 0.101 | % | ||||||||||||||||||||||
> 180 Days Delinquent | 6.000 | % | 0.000 | % | 1 | 0 | 0.001 | % | 0.000 | % | $ | 4,997.18 | $ | 0.00 | 0.001 | % | 0.000 | % | ||||||||||||||||||||||
Deferment | 4.683 | % | 4.713 | % | 108 | 111 | 0.092 | % | 0.096 | % | $ | 1,462,355.10 | $ | 1,500,506.37 | 0.157 | % | 0.164 | % | ||||||||||||||||||||||
Forbearance | 5.122 | % | 5.131 | % | 13,201 | 12,928 | 11.272 | % | 11.194 | % | $ | 118,907,444.33 | $ | 116,282,355.34 | 12.790 | % | 12.702 | % | ||||||||||||||||||||||
TOTAL REPAYMENT | 4.813 | % | 4.824 | % | 80,125 | 79,815 | 68.417 | % | 69.112 | % | $ | 632,357,316.57 | $ | 629,084,646.92 | 68.019 | % | 68.718 | % | ||||||||||||||||||||||
GRAND TOTAL | 4.786 | % | 4.790 | % | 117,112 | 115,486 | 100.000 | % | 100.000 | % | $ | 929,674,448.24 | $ | 915,463,207.98 | 100.000 | % | 100.000 | % |
* Percentages may not total 100% due to rounding
VIII. 2003-A Portfolio Characteristics by School and Program
LOAN TYPE | WAC | # Loans | $ Amount | % | ||||||||||||
-Signature Loans | 4.847 | % | 77,831 | $ | 648,394,033.59 | 70.827 | % | |||||||||
-Law Loans | 4.593 | % | 29,322 | $ | 185,061,645.72 | 20.215 | % | |||||||||
-Med Loans | 4.987 | % | 5,014 | $ | 39,058,696.96 | 4.267 | % | |||||||||
-MBA Loans | 4.504 | % | 3,319 | $ | 42,948,831.71 | 4.691 | % | |||||||||
- Total | 4.790 | % | 115,486 | $ | 915,463,207.98 | 100.000 | % |
* | Percentages may not total 100% due to rounding |
IX. 2003-A Interest Rate Swap and Cap Calculations
A | Swap Payments | |||||||||||||||||||
Counterparty A | Counterparty B | |||||||||||||||||||
i | Notional Swap Amount - Aggregate Prime Loans Outstanding | 351,885,528 | $ | 351,885,528 | ||||||||||||||||
Counterparty Pays: | ||||||||||||||||||||
ii | 3 Month Libor | 1.11000 | % | 1.11000 | % | |||||||||||||||
iii | Gross Swap Receipt Due Trust | $ | 998,181.95 | $ | 998,181.95 | |||||||||||||||
iv | Days in Period | 3/15/2004 | 6/15/2004 | 92 | 92 | |||||||||||||||
SLM Private Credit Trust Pays: | ||||||||||||||||||||
v | Prime Rate (WSJ) Less | 2.6100 | % | 1.39000 | % | 1.39000 | % | |||||||||||||
vi | Gross Swap Payment Due Counterparty | $ | 1,229,484.19 | $ | 1,229,484.19 | |||||||||||||||
vii | Days in Period | 3/15/2004 | 6/15/2004 | 92 | 92 | |||||||||||||||
B | Cap Payments | Cap Calculation | ||||||||||||||||||
i | Notional Swap Amount | $ | 620,000,000.00 | |||||||||||||||||
Counterparty Pays: | ||||||||||||||||||||
ii | 3 Month Libor (interpolated for first accrual period) | 1.11000 | % | |||||||||||||||||
iii | Cap Rate | 5.50000 | % | |||||||||||||||||
iv | Excess (if any) of Libor over Cap Rate (ii-iii) | 0.00000 | % | |||||||||||||||||
v | Days in Period | 3/15/2004 | 6/15/2004 | 92 | ||||||||||||||||
vi | Cap Payment due Trust | $ | — |
X. 2003-A Accrued Interest Factors
Accrued | ||||||||||||
Int Factor | Accrual Period | Rate | ||||||||||
A | Class A-1 Interest Rate | 0.003117778 | (3/15/04 — 06/15/04) | 1.22000 | % | |||||||
B | Class A-2 Interest Rate | 0.003961111 | (3/15/04 — 06/15/04) | 1.55000 | % | |||||||
C | Class B Interest Rate | 0.004753333 | (3/15/04 — 06/15/04) | 1.86000 | % | |||||||
D | Class C Interest Rate | 0.006925556 | (3/15/04 — 06/15/04) | 2.71000 | % |
XI. 2003-A Inputs From Prior Data 2/29/04
A | Total Student Loan Pool Outstanding | |||||||||||||||||||||||||||
i | Portfolio Balance | $ | 929,674,448.24 | |||||||||||||||||||||||||
ii | Interest To Be Capitalized | 38,468,568.88 | ||||||||||||||||||||||||||
iii | Total Pool | $ | 968,143,017.12 | |||||||||||||||||||||||||
iv | Cash Capitalization Account (CI) | 58,502,550.00 | ||||||||||||||||||||||||||
v | Asset Balance | $ | 1,026,645,567.12 | |||||||||||||||||||||||||
B | Total Note and Certificate Factor | 0.95232096836 | ||||||||||||||||||||||||||
C | Total Note Balance | $ | 1,005,371,912.54 | |||||||||||||||||||||||||
D | Note Balance 3/15/2004 | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class B | Class C | |||||||||||||||||||||
i | Current Factor | 0.8993441182 | 1.0000000000 | 1.0000000000 | 1.0000000000 | 1.0000000000 | 1.0000000000 | |||||||||||||||||||||
ii | Expected Note Balance | $ | 449,735,912.54 | $ | 320,000,000.00 | $ | 76,600,000.00 | $ | 76,600,000.00 | $ | 34,570,000.00 | $ | 47,866,000.00 | |||||||||||||||
F | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||
G | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||
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 |
XII. 2003-A Note Parity Triggers
Class A | Class B | Class C | ||||||||||||||||||
Notes Outstanding | 3/15/04 | $ | 922,935,913 | $ | 957,505,913 | $ | 1,005,371,913 | |||||||||||||
Asset Balance | 2/29/04 | $ | 1,026,645,567 | $ | 1,026,645,567 | $ | 1,026,645,567 | |||||||||||||
Pool Balance | 5/31/04 | $ | 955,860,331 | $ | 955,860,331 | $ | 955,860,331 | |||||||||||||
Amounts on Deposit* | 6/15/04 | 75,749,513 | 75,585,191 | 75,253,692 | ||||||||||||||||
Total | $ | 1,031,609,844 | $ | 1,031,445,521 | $ | 1,031,114,023 | ||||||||||||||
Are the Notes in Excess of the Asset Balance? | No | No | No | |||||||||||||||||
Are the Notes in Excess of the Pool + Amounts on Deposit? | No | No | No | |||||||||||||||||
Are the Notes Parity Triggers in Effect? | No | No | No | |||||||||||||||||
Class A Enhancement | $ | 103,709,654.58 | ||||||||||||||||||
Specified Class A Enhancement | $ | 152,154,432.11 | The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount | |||||||||||||||||
Class B Enhancement | $ | 69,139,654.58 | ||||||||||||||||||
Specified Class B Enhancement | $ | 102,704,241.67 | The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount | |||||||||||||||||
Class C Enhancement | $ | 21,273,654.58 | ||||||||||||||||||
Specified Class C Enhancement | $ | 30,430,886.42 | The greater of 3% of the Asset Balance or the Specified Overcollateralization Amount |
* | Amounts on Deposit in Trust Accounts for the Collection Period after Payment of Section XIII Items B through F for the Class A; Items B through H for the Class B; and Items B through J for the Class C |
XIII. 2003-A Principal Distribution Calculations
Priority Principal Payments (If Note Parity Triggers are not in effect, go to Regular Principal Distribution below): | ||||||||
i | Is the Class A Note Parity Trigger in Effect? | No | ||||||
ii | Aggregate A Notes Outstanding | 3/15/2004 | $ | 922,935,912.54 | ||||
iii | Asset Balance | 5/31/2004 | $ | 1,014,362,880.71 | ||||
iv | First Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||
v | Is the Class B Note Parity Trigger in Effect? | No | ||||||
vi | Aggregate A and B Notes Outstanding | 3/15/2004 | $ | 957,505,912.54 | ||||
vii | Asset Balance | 5/31/2004 | $ | 1,014,362,880.71 | ||||
viii | First Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||
ix | Second Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||
x | Is the Class C Note Parity Trigger in Effect? | No | ||||||
xi | Aggregate A, B and C Notes Outstanding | 3/15/2004 | $ | 1,005,371,912.54 | ||||
xii | Asset Balance | 5/31/2004 | $ | 1,014,362,880.71 | ||||
xiii | First Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||
xiv | Second Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||
xv | Third Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||
Regular Principal Distribution | ||||||||
i | Aggregate Notes Outstanding | 3/15/2004 | $ | 1,005,371,912.54 | ||||
ii | Asset Balance | 5/31/2004 | $ | 1,014,362,880.71 | ||||
iii | Specified Overcollateralization Amount | 6/15/2004 | $ | 21,273,654.58 | ||||
iv | First Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||
v | Second Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||
vi | Third Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||
vii | Regular Principal Distribution Amount | $ | 12,282,686.41 | |||||
Class A Noteholders’ Principal Distribution Amounts | ||||||||
i | Has the Stepdown Date Occurred? | No | ||||||
ii | Asset Balance | 5/31/2004 | $ | 1,014,362,880.71 | ||||
iii | 85% of Asset Balance | 5/31/2004 | $ | 862,208,448.60 | ||||
iv | Specified Overcollateralization Amount | 6/15/2004 | $ | 21,273,654.58 | ||||
v | Lesser of (iii) and (ii - iv) | $ | 862,208,448.60 | |||||
vi | Class A Noteholders' Principal Distribution Amt - Before the Stepdown Date | $ | 12,282,686.41 | |||||
vii | Class A Noteholders' Principal Distribution Amt - After the Stepdown Date | $ | — | |||||
Class B Noteholders’ Principal Distribution Amounts | ||||||||
i | Has the Stepdown Date Occurred? | No | ||||||
ii | Asset Balance | 5/31/2004 | $ | 1,014,362,880.71 | ||||
iii | 89.875% of Asset Balance | 5/31/2004 | $ | 911,658,639.04 | ||||
iv | Specified Overcollateralization Amount | 6/15/2004 | $ | 21,273,654.58 | ||||
v | Lesser of (iii) and (ii - iv) | $ | 911,658,639.04 | |||||
vi | Class B Noteholders' Principal Distribution Amt - Before the Stepdown Date | $ | — | |||||
vii | Class B Noteholders' Principal Distribution Amt - After the Stepdown Date | $ | — | |||||
Class C Noteholders’ Principal Distribution Amounts | ||||||||
i | Has the Stepdown Date Occurred? | No | ||||||
ii | Asset Balance | 5/31/2004 | $ | 1,014,362,880.71 | ||||
iii | 97% of Asset Balance | 5/31/2004 | $ | 983,931,994.29 | ||||
iv | Specified Overcollateralization Amount | 6/15/2004 | $ | 21,273,654.58 | ||||
v | Lesser of (iii) and (ii - iv) | $ | 983,931,994.29 | |||||
vi | Class C Noteholders' Principal Distribution Amt - Before the Stepdown Date | $ | — | |||||
vii | Class C Noteholders' Principal Distribution Amt - After the Stepdown Date | $ | — |
XIV. 2003-A Waterfall for Distributions
Remaining | ||||||||||||
Funds Balance | ||||||||||||
A | Total Available Funds ( Sections III-J ) | $ | 22,932,296.06 | $ | 22,932,296.06 | |||||||
B | Primary Servicing Fees — Current Month plus any Unpaid | $ | 536,632.19 | $ | 22,395,663.87 | |||||||
C | Quarterly Administration Fee plus any Unpaid | $ | 20,000.00 | $ | 22,375,663.87 | |||||||
D | Auction Fees Due 6/15/2004 | $ | 0.00 | $ | 22,375,663.87 | |||||||
Broker/Dealer Fees Due 6/15/2004 | $ | 0.00 | $ | 22,375,663.87 | ||||||||
E | Gross Swap Payment due Counterparty A | $ | 1,229,484.19 | $ | 21,146,179.68 | |||||||
Gross Swap Payment due Counterparty B | $ | 1,229,484.19 | $ | 19,916,695.48 | ||||||||
F | i | Class A-1 Noteholders’ Interest Distribution Amount due 6/15/2004 | $ | 1,402,176.63 | $ | 18,514,518.86 | ||||||
ii | Class A-2 Noteholders’ Interest Distribution Amount due 6/15/2004 | $ | 1,267,555.56 | $ | 17,246,963.30 | |||||||
iii | Class A-3 Noteholders’ Interest Distribution Amount due 6/15/2004 | $ | 0.00 | $ | 17,246,963.30 | |||||||
iv | Class A-4 Noteholders’ Interest Distribution Amount due 6/15/2004 | $ | 0.00 | $ | 17,246,963.30 | |||||||
v | Swap Termination Fees due 6/15/2004 | $ | 0.00 | $ | 17,246,963.30 | |||||||
G | First Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 17,246,963.30 | |||||||
H | Class B Noteholders’ Interest Distribution Amount due 6/15/2004 | $ | 164,322.73 | $ | 17,082,640.57 | |||||||
I | Second Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 17,082,640.57 | |||||||
J | Class C Noteholders’ Interest Distribution Amount | $ | 331,498.64 | $ | 16,751,141.93 | |||||||
K | Third Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 16,751,141.93 | |||||||
L | Increase to the Specified Reserve Account Balance | $ | 0.00 | $ | 16,751,141.93 | |||||||
M | Regular Principal Distribution Amount — Principal Distribution Account | $ | 12,282,686.41 | $ | 4,468,455.52 | |||||||
N | Carryover Servicing Fees | $ | 0.00 | $ | 4,468,455.52 | |||||||
O | Auction Rate Noteholder’s Interest Carryover | |||||||||||
i | Class A-3 | $ | 0.00 | $ | 4,468,455.52 | |||||||
ii | Class A-4 | $ | 0.00 | $ | 4,468,455.52 | |||||||
P | Swap Termination Payments | $ | 0.00 | $ | 4,468,455.52 | |||||||
Q | Additional Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 4,468,455.52 | |||||||
R | Remaining Funds to the Certificateholders | $ | 4,468,455.52 | $ | 0.00 |
XV. 2003-A Principal Distribution Account Allocations
Remaining | ||||||||||||
Funds Balance | ||||||||||||
A | Total from Collection Account | $ | 12,282,686.41 | $ | 12,282,686.41 | |||||||
B | i | Class A-1 Principal Distribution Amount Paid | $ | 12,282,686.41 | $ | 0.00 | ||||||
ii | Class A-2 Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||
iii | Class A-3 Principal Distribution Amount Paid (or allocated) | $ | 0.00 | |||||||||
iv | Class A-4 Principal Distribution Amount Paid (or allocated) | $ | 0.00 | |||||||||
C | Class B Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||
D | Class C Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||
E | Remaining Class C Distribution Paid | $ | 0.00 | $ | 0.00 | |||||||
F | Remaining Class B Distribution Paid | $ | 0.00 | $ | 0.00 | |||||||
G | i | Remaining Class A-1 Distribution Paid | $ | 0.00 | $ | 0.00 | ||||||
ii | Remaining Class A-2 Distribution Paid | $ | 0.00 | $ | 0.00 | |||||||
iii | Remaining Class A-3 Distribution Paid (or allocated) | $ | 0.00 | $ | 0.00 | |||||||
iv | Remaining Class A-4 Distribution Paid (or allocated) | $ | 0.00 | $ | 0.00 |
XVI. 2003-A Distributions
A | Distribution Amounts | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class B | Class C | |||||||||||||||||||||||||
i | Quarterly Interest Due | $ | 1,402,176.63 | $ | 1,267,555.56 | $ | 0.00 | $ | 0.00 | $ | 164,322.73 | $ | 331,498.64 | |||||||||||||||||||
ii | Quarterly Interest Paid | 1,402,176.63 | 1,267,555.56 | 0.00 | 0.00 | 164,322.73 | 331,498.64 | |||||||||||||||||||||||||
iii | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||
iv | Interest Carryover Due | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||
v | Interest Carryover Paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||
vi | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||
vii | Quarterly Principal Distribution Amount | $ | 12,282,686.41 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||
viii | Quarterly Principal Paid (or allocated) | 12,282,686.41 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||
ix | Difference | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||
x | Total Distribution Amount | $ | 13,684,863.04 | $ | 1,267,555.56 | $ | 0.00 | $ | 0.00 | $ | 164,322.73 | $ | 331,498.64 | |||||||||||||||||||
B | Note Balances | 3/15/2004 | Paydown Factors | 6/15/2004 | Balances | Next ARS Pay Date | ||||||||||||||||||||||||||
i | A-1 Note Balance 78443CAE4 | $ | 449,735,912.54 | $ | 437,453,226.13 | |||||||||||||||||||||||||||
A-1 Note Pool Factor | 0.8993441182 | 0.0245618850 | 0.8747822332 | |||||||||||||||||||||||||||||
ii | A-2 Note Balance 78443CAF1 | $ | 320,000,000.00 | $ | 320,000,000.00 | |||||||||||||||||||||||||||
A-2 Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | |||||||||||||||||||||||||||||
ii | A-3 Note Balance 78443CAJ3 | $ | 76,600,000.00 | $ | 76,600,000.00 | $ | 76,600,000.00 | 07/08/04 | ||||||||||||||||||||||||
A-3 Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | 1.000000000 | ||||||||||||||||||||||||||||
ii | A-4 Note Balance 78443CAK0 | $ | 76,600,000.00 | 76,600,000.00 | $ | 76,600,000.00 | 06/23/04 | |||||||||||||||||||||||||
A-4 Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | 1.000000000 | ||||||||||||||||||||||||||||
iii | B Note Balance 78443CAG9 | $ | 34,570,000.00 | $ | 34,570,000.00 | |||||||||||||||||||||||||||
B Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | |||||||||||||||||||||||||||||
iv | C Note Balance 78443CAH7 | $ | 47,866,000.00 | $ | 47,866,000.00 | |||||||||||||||||||||||||||
C Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 |
XVII. 2003-A Historical Pool Information
3/1/04-5/31/04 | 12/1/03-2/29/04 | 09/01/03-11/30/03 | 06/01/03-08/31/03 | 01/27/03-05/31/03 | ||||||||||||||||||||
Beginning Student Loan Portfolio Balance | $ | 929,674,498.23 | $ | 939,963,063.42 | $ | 941,931,312.31 | $ | 950,860,882.57 | $ | 965,794,008.71 | ||||||||||||||
Student Loan Principal Activity | ||||||||||||||||||||||||
i | Principal Payments Received | $ | 16,672,468.03 | $ | 16,674,807.08 | $ | 15,842,825.30 | $ | 14,621,918.82 | $ | 19,739,960.28 | |||||||||||||
ii | Purchases by Servicer (Delinquencies >180) | 788,272.01 | 737,588.04 | 173,809.48 | 353,324.27 | 79,002.74 | ||||||||||||||||||
iii | Other Servicer Reimbursements | 29,348.00 | 44.51 | 724.31 | 885.93 | 41.49 | ||||||||||||||||||
iv | Seller Reimbursements | 121,227.33 | 19,179.46 | 25,606.76 | 49,467.03 | 134,675.22 | ||||||||||||||||||
v | Total Principal Collections | $ | 17,611,315.37 | $ | 17,431,619.09 | $ | 16,042,965.85 | $ | 15,025,596.05 | $ | 19,953,679.73 | |||||||||||||
Student Loan Non-Cash Principal Activity | ||||||||||||||||||||||||
i | Realized Losses/Loans Charged Off | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
ii | Capitalized Interest | (3,281,180.36 | ) | (6,549,770.46 | ) | (12,602,082.87 | ) | (5,599,582.19 | ) | (4,391,385.55 | ) | |||||||||||||
iii | Capitalized Insurance Fee | ($121,505.97 | ) | ($571,102.55 | ) | ($1,467,684.39 | ) | ($554,812.95 | ) | ($458,815.65 | ) | |||||||||||||
iv | Other Adjustments | 2,611.22 | (22,180.89 | ) | (4,949.70 | ) | 58,369.35 | (170,352.39 | ) | |||||||||||||||
v | Total Non-Cash Principal Activity | $ | (3,400,075.11 | ) | $ | (7,143,053.90 | ) | $ | (14,074,716.96 | ) | $ | (6,096,025.79 | ) | $ | (5,020,553.59 | ) | ||||||||
(-) | Total Student Loan Principal Activity | $ | 14,211,240.26 | $ | 10,288,565.19 | $ | 1,968,248.89 | $ | 8,929,570.26 | $ | 14,933,126.14 | |||||||||||||
Student Loan Interest Activity | ||||||||||||||||||||||||
i | Interest Payments Received | $ | 5,659,640.74 | $ | 5,709,448.24 | $ | 5,331,516.12 | $ | 5,278,543.75 | $ | 7,321,995.25 | |||||||||||||
ii | Repurchases by Servicer (Delinquencies >180) | 22,760.31 | 23,997.03 | 4,181.44 | 10,839.32 | 5,216.47 | ||||||||||||||||||
iii | Other Servicer Reimbursements | 2,360.70 | 1.58 | (26.40 | ) | (51.74 | ) | 0.07 | ||||||||||||||||
iv | Seller Reimbursements | 4,145.35 | 460.67 | 367.14 | 468.06 | 8,882.55 | ||||||||||||||||||
v | Late Fees | 65,382.33 | 66,703.72 | 48,241.84 | 45,213.15 | 69,417.72 | ||||||||||||||||||
vi | Collection Fees | — | — | — | — | — | ||||||||||||||||||
viii | Total Interest Collections | 5,754,289.43 | 5,800,611.24 | 5,384,280.14 | 5,335,012.54 | 7,405,512.06 | ||||||||||||||||||
Student Loan Non-Cash Interest Activity | ||||||||||||||||||||||||
i | Realized Losses/Loans Charged Off | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
ii | Capitalized Interest | 3,281,180.36 | 6,549,770.46 | 12,602,082.87 | 5,599,582.19 | 4,391,385.55 | ||||||||||||||||||
iii | Other Interest Adjustments | 15,890.58 | 26,748.44 | 12,334.20 | 57,820.00 | (11,117.42 | ) | |||||||||||||||||
iv | Total Non-Cash Interest Adjustments | $ | 3,297,070.94 | $ | 6,576,518.90 | $ | 12,614,417.07 | $ | 5,657,402.19 | $ | 4,380,268.13 | |||||||||||||
v | Total Student Loan Interest Activity | $ | 9,051,360.37 | $ | 12,377,130.14 | $ | 17,998,697.21 | $ | 10,992,414.73 | $ | 11,785,780.19 | |||||||||||||
(=) | Ending Student Loan Portfolio Balance | $ | 915,463,257.97 | $ | 929,674,498.23 | $ | 939,963,063.42 | $ | 941,931,312.31 | $ | 950,860,882.57 | |||||||||||||
(+) | Interest to be Capitalized | $ | 40,397,122.73 | $ | 38,468,568.88 | $ | 39,829,607.08 | $ | 46,612,526.83 | $ | 45,954,342.67 | |||||||||||||
(=) | TOTAL POOL | $ | 955,860,380.70 | $ | 968,143,067.11 | $ | 979,792,670.50 | $ | 988,543,839.14 | $ | 996,815,225.24 | |||||||||||||
(+) | Cash Capitalization Account Balance (CI) | $ | 58,502,550.00 | $ | 58,502,550.00 | $ | 58,502,550.00 | $ | 58,502,550.00 | $ | 58,502,550.00 | |||||||||||||
(=) | Asset Balance | $ | 1,014,362,930.70 | $ | 1,026,645,617.11 | $ | 1,038,295,220.50 | $ | 1,047,046,389.14 | $ | 1,055,317,775.24 |
XVIII. 2003-A Payment History and CPRs
Distribution | Actual | Since Issued | ||
Date | Pool Balances | CPR * | ||
Jun-03 | $996,815,225 | 2.20% | ||
Sep-03 | $988,543,821 | 2.41% | ||
Dec-03 | $979,792,671 | 2.63% | ||
Mar-04 | $968,143,017 | 2.63% | ||
Jun-04 | $955,860,331 | 2.62% |
* “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.
SLM Private Credit Student Loan Trust 2003-B
Quarterly Servicing Report
Report Date: 5/31/2004 Reporting Period: 3/1/04-5/31/04
I. Deal Parameters
Student Loan Portfolio Characteristics | 2/29/2004 | Activity | 5/31/2004 | |||||||||||||
A | i | Portfolio Balance | $ | 1,186,496,470.28 | $ | (13,068,964.89 | ) | $ | 1,173,427,505.40 | |||||||
ii | Interest to be Capitalized | 46,256,264.47 | 50,900,994.85 | |||||||||||||
iii | Total Pool | $ | 1,232,752,734.75 | $ | 1,224,328,500.25 | |||||||||||
iv | Cash Capitalization Account (Cii) | 102,590,156.00 | 102,590,156.00 | |||||||||||||
v | Asset Balance | $ | 1,335,342,890.75 | $ | 1,326,918,656.25 | |||||||||||
i | Weighted Average Coupon (WAC) | 4.821 | % | 4.828 | % | |||||||||||
ii | Weighted Average Remaining Term | 182.57 | 180.32 | |||||||||||||
iii | Number of Loans | 139,986 | 138,721 | |||||||||||||
iv | Number of Borrowers | 101,190 | 100,326 | |||||||||||||
v | Prime Loans Outstanding | $ | 1,000,123,155 | $ | 1,000,156,636 | |||||||||||
vi | T-bill Loans Outstanding | $ | 229,872,649 | $ | 221,629,245 | |||||||||||
vii | Fixed Loans Outstanding | $ | 2,756,931 | $ | 2,542,619 |
% of | % of | |||||||||||||||||||||||||
Notes | Cusips | Spread | Balance 3/15/04 | O/S Securities | Balance 6/15/04 | O/S Securities | ||||||||||||||||||||
B | i | A-1 Notes | 78443CAL8 | 0.100 | % | $ | 545,224,481.27 | 41.673 | % | $ | 536,800,246.77 | 41.295 | % | |||||||||||||
ii | A-2 Notes | 78443CAM6 | 0.400 | % | 440,506,000.00 | 33.669 | % | 440,506,000.00 | 33.887 | % | ||||||||||||||||
iii | A-3 ARS | 78443CAN4 | ARS | 109,000,000.00 | 8.331 | % | 109,000,000.00 | 8.385 | % | |||||||||||||||||
iv | A-4 ARS | 78443CAP9 | ARS | 109,000,000.00 | 8.331 | % | 109,000,000.00 | 8.385 | % | |||||||||||||||||
v | B Notes | 78443CAQ7 | 0.700 | % | 43,871,000.00 | 3.353 | % | 43,871,000.00 | 3.375 | % | ||||||||||||||||
vi | C Notes | 78443CAR5 | 1.600 | % | 60,744,000.00 | 4.643 | % | 60,744,000.00 | 4.673 | % | ||||||||||||||||
vii | Total Notes | $ | 1,308,345,481.27 | 100.000 | % | $ | 1,299,921,246.77 | 100.000 | % | |||||||||||||||||
3/15/2004 | 6/15/2004 | |||||||||||||
C | i | Reserve Account Balance ($) | $ | 3,118,201.00 | $ | 3,118,201.00 | ||||||||
ii | Cash Capitalization Acct Balance ($) | $ | 102,590,156.00 | $ | 102,590,156.00 | |||||||||
iii | Initial Asset Balance | $ | 1,349,870,473.98 | $ | 1,349,870,473.98 | |||||||||
iv | Specified Overcollateralization Amount | $ | 26,997,409.48 | $ | 26,997,409.48 | |||||||||
v | Actual Overcollateralization Amount | $ | 26,997,409.48 | $ | 26,997,409.48 | |||||||||
v | Has the Stepdown Date Occurred?* | No | No |
* | The Stepdown Date is the earlier of the distribution date following the reduction of the Class A Notes to zero, or March 17, 2008. At the Stepdown Date, principal payments made on the Class B and Class C Notes may begin to be paid pro-rata with the Class A Notes. See the prospectus for complete information concerning the Stepdown Date. |
II. 2003-B Transactions from: 3/1/2004 through: 5/31/2004
A | Student Loan Principal Activity | |||||||
i | Principal Payments Received | $ | 15,817,587.68 | |||||
ii | Purchases by Servicer (Delinquencies > 180) | 959,575.93 | ||||||
iii | Other Servicer Reimbursements | 0.00 | ||||||
iv | Seller Reimbursements | 133,025.56 | ||||||
v | Total Principal Collections | $ | 16,910,189.17 | |||||
B | Student Loan Non-Cash Principal Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | 0.00 | |||||
ii | Capitalized Interest | (3,655,012.84 | ) | |||||
iii | Capitalized Insurance Fee | (186,431.95 | ) | |||||
iv | Other Adjustments | 220.51 | ||||||
v | Total Non-Cash Principal Activity | $ | (3,841,224.28 | ) | ||||
C | Total Student Loan Principal Activity | $ | 13,068,964.89 | |||||
D | Student Loan Interest Activity | |||||||
i | Interest Payments Received | $ | 5,775,774.65 | |||||
ii | Purchases by Servicer (Delinquencies > 180) | 39,153.53 | ||||||
iii | Other Servicer Reimbursements | 0.00 | ||||||
iv | Seller Reimbursements | 7,793.30 | ||||||
v | Late Fees | 64,370.66 | ||||||
vi | Collection Fees | 0.00 | ||||||
vii | Total Interest Collections | $ | 5,887,092.14 | |||||
E | Student Loan Non-Cash Interest Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | 0.00 | |||||
ii | Capitalized Interest | 3,655,012.84 | ||||||
iii | Other Interest Adjustments | 23,748.14 | ||||||
iv | Total Non-Cash Interest Adjustments | $ | 3,678,760.98 | |||||
F | Total Student Loan Interest Activity | $ | 9,565,853.12 | |||||
III. 2003-B Collection Account Activity 3/1/2004 through: 5/31/2004
A | Principal Collections | |||||||
i | Principal Payments Received | $ | 15,473,736.31 | |||||
ii | Consolidation Principal Payments | $ | 343,851.37 | |||||
iii | Purchases by Servicer (Delinquencies > 180) | $ | 959,575.93 | |||||
iv | Reimbursements by Seller | $ | 406.57 | |||||
v | Reimbursements by Servicer | $ | — | |||||
vi | Other Re-purchased Principal | $ | 132,618.99 | |||||
vii | Total Principal Collections | $ | 16,910,189.17 | |||||
B | Interest Collections | |||||||
i | Interest Payments Received | $ | 5,774,613.20 | |||||
ii | Consolidation Interest Payments | $ | 1,161.45 | |||||
iii | Purchases by Servicer (Delinquencies > 180) | $ | 39,153.53 | |||||
iv | Reimbursements by Seller | $ | — | |||||
v | Reimbursements by Servicer | $ | — | |||||
vi | Other Re-purchased Interest | $ | 7,793.30 | |||||
vii | Collection Fees/Return Items | $ | — | |||||
viii | Late Fees | $ | 64,370.66 | |||||
ix | Total Interest Collections | $ | 5,887,092.14 | |||||
C | Recoveries on Realized Losses | $ | — | |||||
D | Amount from Cash Capitalization Account | $ | — | |||||
E | Funds Borrowed from Next Collection Period | $ | — | |||||
F | Funds Repaid from Prior Collection Periods | $ | — | |||||
G | Investment Income | $ | 279,981.42 | |||||
H | Borrower Incentive Reimbursements | $ | 75,369.87 | |||||
I | Interest Rate Cap Proceeds | $ | — | |||||
I | Gross Swap Receipt | $ | 2,837,016.02 | |||||
TOTAL FUNDS RECEIVED | $ | 25,989,648.62 | ||||||
LESS FUNDS PREVIOUSLY REMITTED: | ||||||||
i | Servicing Fees | $ | (1,381,808.73 | ) | ||||
ii | Funds Allocated to the Future Distribution Account | $ | (7,097,295.32 | ) | ||||
iii | Funds Released from the Future Distribution Account | $ | 5,048,200.68 | |||||
J | TOTAL AVAILABLE FUNDS | $ | 22,558,745.25 | |||||
K | Servicing Fees Due for Current Period | $ | 687,019.64 | |||||
L | Carryover Servicing Fees Due | $ | — | |||||
M | Administration Fees Due | $ | 20,000.00 | |||||
N | Total Fees Due for Period | $ | 707,019.64 | |||||
IV. 2003-B Future Distribution Account Activity
A | Account Reconciliation | |||||||||
i | Beginning Balance | 3/15/2004 | $ | 2,530,983.42 | ||||||
ii | Total Allocations for Distribution Period | $ | 4,566,311.89 | |||||||
iii | Total Payments for Distribution Period | $ | (2,049,094.63 | ) | ||||||
iv | Funds Released to the Collection Account | $ | (5,048,200.68 | ) | ||||||
v | Total Balance Prior to Current Month Allocations | $ | — | |||||||
vi | Ending Balance | 6/15/2004 | $ | 2,256,703.55 | ||||||
B | Monthly Allocations to the Future Distribution Account | |||||||||
Monthly Allocation Date | 3/15/2004 | |||||||||
i | Primary Servicing Fees | $ | 693,270.40 | |||||||
ii | Admin fees | $ | 6,666.66 | |||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | $ | 39,140.08 | |||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | $ | 1,791,906.29 | |||||||
v | Interest Accrued on the Class B & C Notes | $ | — | |||||||
vi | Balance as of | 3/15/2004 | $ | 2,530,983.43 | ||||||
Monthly Allocation Date | 4/15/2004 | |||||||||
i | Primary Servicing Fees | $ | 692,122.94 | |||||||
ii | Admin fees | $ | 6,666.66 | |||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | $ | 40,402.67 | |||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | $ | 1,619,850.51 | |||||||
v | Interest Accrued on the Class B & C Notes | $ | — | |||||||
vi | Total Allocations | $ | 2,359,042.78 | |||||||
Monthly Allocation Date | 5/17/2004 | |||||||||
i | Primary Servicing Fees | $ | 689,685.79 | |||||||
ii | Admin fees | $ | 6,666.66 | |||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | $ | 36,614.91 | |||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | $ | 1,474,301.76 | |||||||
v | Interest Accrued on the Class B & C Notes | $ | — | |||||||
vi | Total Allocations | $ | 2,207,269.11 | |||||||
C | Total Future Distribution Account Deposits Previously Allocated | $ | 7,097,295.32 | |||||||
D | Current Month Allocations | 6/15/2004 | ||||||||
i | Primary Servicing | $ | 687,019.64 | |||||||
ii | Admin fees | $ | 6,666.66 | |||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | $ | 37,877.50 | |||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | $ | 1,525,139.75 | |||||||
v | Interest Accrued on the Class B & C Notes | $ | — | |||||||
vi | Allocations on the Distribution Date | $ | 2,256,703.55 | |||||||
vii | Plus: Additional Loan Account Deposits in the Amount of the Principal Distribution Amount | $ | — | |||||||
viii | Total Monthly Required Allocations | $ | 2,256,703.55 |
V. 2003-B Auction Rate Security Detail
A | Auction Rate Securities Paid During Collection Period |
Payment | Security | Interest | No. of | |||||||||||||||||||||
i | Date | Description | Rate | Days | Start Date | End Date | Interest Payment | |||||||||||||||||
03/29/2004 | SLMPC TRUST 2003B A3 | 1.090000 | % | 28 | 03/01/2004 | 03/29/2004 | 92,407.78 | |||||||||||||||||
04/01/2004 | SLMPC TRUST 2003B A4 | 1.100000 | % | 28 | 03/04/2004 | 04/01/2004 | 93,255.56 | |||||||||||||||||
04/26/2004 | SLMPC TRUST 2003B A3 | 1.090000 | % | 28 | 03/29/2004 | 04/26/2004 | 92,407.78 | |||||||||||||||||
04/29/2004 | SLMPC TRUST 2003B A4 | 1.090000 | % | 28 | 04/01/2004 | 04/29/2004 | 92,407.78 | |||||||||||||||||
05/24/2004 | SLMPC TRUST 2003B A3 | 1.130000 | % | 28 | 04/26/2004 | 05/24/2004 | 95,798.89 | |||||||||||||||||
05/27/2004 | SLMPC TRUST 2003B A4 | 1.120000 | % | 28 | 04/29/2004 | 05/27/2004 | 94,951.11 | |||||||||||||||||
ii | Auction Rate Security Payments Made During Collection Period | 3/15/04-6/15/04 | $ | 561,228.90 | ||||||||||||||||||||
iii | Broker/Dealer Fees Paid During Collection Period | 3/15/04-6/15/04 | $ | 101,733.33 | ||||||||||||||||||||
iv | Auction Agent Fees Paid During Collection Period | 3/15/04-6/15/04 | $ | 4,323.67 | ||||||||||||||||||||
v | Primary Servicing Fees Remitted | 3/15/04-6/15/04 | $ | 1,381,808.73 | ||||||||||||||||||||
vi | Total | $ | 2,049,094.63 | |||||||||||||||||||||
- Less: Auction Rate Security Interest Payments due on the Distribution Date | $ | — | ||||||||||||||||||||||
- Less: Auction Rate Security Auction Agent Fees due on the Distribution Date | $ | — | ||||||||||||||||||||||
- Less: Auction Rate Security Broker Dealer Fees due on the Distribution Date | $ | — | ||||||||||||||||||||||
B | Total Payments Out of Future Distribution Account During Collection Period | $ | 2,049,094.63 | |||||||||||||||||||||
C | Funds Released to Collection Account | $ | 5,048,200.68 | |||||||||||||||||||||
D | Auction Rate Student Loan Rates | Mar-04 | Apr-04 | May-04 | ||||||||||||||||||||
3.88342 | % | 3.88239% | 3.88539 | % |
VI. 2003-B Loss and Recovery Detail 5/31/2004
A | i | Cumulative Realized Losses Test | % of Original Pool | 1/27/2003 | 5/31/2004 | |||||||||||||||
September 15, 2003 to March 17, 2008 | 15 | % | $ | 187,092,047.70 | $ | 187,092,047.70 | ||||||||||||||
June 16, 2008 to March 15, 2011 | 18 | % | ||||||||||||||||||
June 15, 2011 and thereafter | 20 | % | ||||||||||||||||||
ii | Cumulative Realized Losses (Net of Recoveries) | $ | 0.00 | $ | 0.00 | |||||||||||||||
iii | Is Test Satisfied (ii < i)? | Yes | ||||||||||||||||||
B | i | Recoveries on Realized Losses This Collection Period | ||||||||||||||||||
ii | Principal Cash Recovered During Collection Period | $ | 0.00 | $ | 0.00 | |||||||||||||||
iii | Interest Cash Recovered During Collection Period | $ | 0.00 | $ | 0.00 | |||||||||||||||
iv | Late Fees and Collection Costs Recovered During Collection Period | $ | 0.00 | $ | 0.00 | |||||||||||||||
v | Total Recoveries for Period | $ | 0.00 | $ | 0.00 | |||||||||||||||
C | i | Gross Defaults: | ||||||||||||||||||
ii | Cumulative Principal Purchases by Servicer | $ | 0.00 | $ | 959,575.93 | |||||||||||||||
iii | Cumulative Interest Purchases by Servicer | $ | 0.00 | $ | 39,153.53 | |||||||||||||||
iv | Total Gross Defaults: | $ | 0.00 | $ | 998,729.46 |
VII. 2003-B Portfolio Characteristics
Weighted Avg Coupon | # of Loans | %* | Principal Amount | %* | ||||||||||||||||||
STATUS | 2/29/2004 | 5/31/2004 | 2/29/2004 | 5/31/2004 | 2/29/2004 | 5/31/2004 | 2/29/2004 | 5/31/2004 | 2/29/2004 | 5/31/2004 | ||||||||||||
INTERIM: | ||||||||||||||||||||||
In School | 4.707% | 4.706% | 59,743 | 48,641 | 42.678% | 35.064% | $ | 525,444,563.03 | $ | 424,969,271.45 | 44.285% | 36.216% | ||||||||||
Grace | 5.340% | 4.868% | 8,919 | 17,787 | 6.371% | 12.822% | $ | 78,690,042.48 | $ | 156,042,133.45 | 6.632% | 13.298% | ||||||||||
TOTAL INTERIM | 4.790% | 4.749% | 68,662 | 66,428 | 49.049% | 47.886% | $ | 604,134,605.51 | $ | 581,011,404.90 | 50.918% | 49.514% | ||||||||||
REPAYMENT | ||||||||||||||||||||||
Active | ||||||||||||||||||||||
Current | 4.730% | 4.755% | 56,232 | 57,770 | 40.170% | 41.645% | $ | 454,885,632.26 | $ | 466,451,867.64 | 38.339% | 39.751% | ||||||||||
31-60 Days Delinquent | 5.612% | 5.483% | 1,877 | 1,327 | 1.341% | 0.957% | $ | 15,144,089.26 | $ | 10,442,641.67 | 1.276% | 0.890% | ||||||||||
61-90 Days Delinquent | 5.337% | 5.984% | 1,179 | 526 | 0.842% | 0.379% | $ | 9,853,270.24 | $ | 4,402,427.79 | 0.830% | 0.375% | ||||||||||
91-120 Days Delinquent | 5.571% | 6.436% | 414 | 412 | 0.296% | 0.297% | $ | 3,331,179.14 | $ | 3,430,237.49 | 0.281% | 0.292% | ||||||||||
121-150 Days Delinquent | 5.914% | 6.437% | 161 | 305 | 0.115% | 0.220% | $ | 1,159,511.36 | $ | 2,474,691.12 | 0.098% | 0.211% | ||||||||||
151-180 Days Delinquent | 6.422% | 6.274% | 31 | 168 | 0.022% | 0.121% | $ | 286,080.88 | $ | 1,457,064.54 | 0.024% | 0.124% | ||||||||||
> 180 Days Delinquent | 0.000% | 0.000% | 0 | 0 | 0.000% | 0.000% | $ | 0.00 | $ | 0.00 | 0.000% | 0.000% | ||||||||||
Deferment | 4.241% | 4.197% | 106 | 103 | 0.076% | 0.074% | $ | 1,098,515.64 | $ | 1,164,675.49 | 0.093% | 0.099% | ||||||||||
Forbearance | 5.233% | 5.384% | 11,324 | 11,682 | 8.089% | 8.421% | $ | 96,603,585.99 | $ | 102,592,494.76 | 8.142% | 8.743% | ||||||||||
TOTAL REPAYMENT | 4.854% | 4.905% | 71,324 | 72,293 | 50.951% | 52.114% | $ | 582,361,864.77 | $ | 592,416,100.50 | 49.082% | 50.486% | ||||||||||
GRAND TOTAL | 4.821% | 4.828% | 139,986 | 138,721 | 100.000% | 100.000% | $ | 1,186,496,470.28 | $ | 1,173,427,505.40 | 100.000% | 100.000% |
* Percentages may not total 100% due to rounding
VIII. 2003-B Portfolio Characteristics by School and Program
LOAN TYPE | WAC | # Loans | $ Amount | % | ||||||||||||
-Signature Loans | 4.892 | % | 106,392 | $ | 913,041,199.33 | 77.810 | % | |||||||||
-Law Loans | 4.670 | % | 22,461 | $ | 158,251,603.55 | 13.486 | % | |||||||||
-Med Loans | 4.394 | % | 6,215 | $ | 51,774,933.35 | 4.412 | % | |||||||||
-MBA Loans | 4.483 | % | 3,653 | $ | 50,359,769.17 | 4.292 | % | |||||||||
- Total | 4.828 | % | 138,721 | $ | 1,173,427,505.40 | 100.000 | % | |||||||||
* | Percentages may not total 100% due to rounding |
IX. 2003-B Interest Rate Swap and Cap Calculations
A | Swap Payments | ||||||||||||||||
Counterparty A | Counterparty B | ||||||||||||||||
i | Notional Swap Amount — Aggregate Prime Loans Outstanding | 500,061,577 | $ | 500,061,577 | |||||||||||||
Counterparty Pays: | |||||||||||||||||
ii | 3 Month Libor | 1.11000 | % | 1.11000 | % | ||||||||||||
iii | Gross Swap Receipt Due Trust | $ | 1,418,508.01 | $ | 1,418,508.01 | ||||||||||||
iv | Days in Period | 3/15/2004 | 6/15/2004 | 92 | 92 | ||||||||||||
SLM Private Credit Trust Pays: | |||||||||||||||||
v | Prime Rate (WSJ) Less | 2.6300% | 1.37000 | % | 1.37000 | % | |||||||||||
vi | Gross Swap Payment Due Counterparty | $ | 1,722,069.98 | $ | 1,722,069.98 | ||||||||||||
vii | Days in Period | 3/15/2004 | 6/15/2004 | 92 | 92 | ||||||||||||
B | Cap Payments | ||||||||||||||||
Cap Calculation | |||||||||||||||||
i | Notional Swap Amount | $ | 870,000,000.00 | ||||||||||||||
Counterparty Pays: | |||||||||||||||||
ii | 3 Month Libor (interpolated for first accrual period) | 1.11000 | % | ||||||||||||||
iii | Cap Rate | 4.00000 | % | ||||||||||||||
iv | Excess (if any) of Libor over Cap Rate (ii-iii) | 0.00000 | % | ||||||||||||||
v | Days in Period | 3/15/2004 | 6/15/2004 | 92 | |||||||||||||
vi | Cap Payment due Trust | $ | — | ||||||||||||||
X. 2003-B Accrued Interest Factors
Accrued Int Factor | Accrual Period | Rate | |||||||
A | Class A-1 Interest Rate | 0.003092222 | (3/15/04-6/15/04) | 1.21000 | % | ||||
B | Class A-2 Interest Rate | 0.003858889 | (3/15/04-6/15/04) | 1.51000 | % | ||||
C | Class B Interest Rate | 0.004625556 | (3/15/04-6/15/04) | 1.81000 | % | ||||
D | Class C Interest Rate | 0.006925556 | (3/15/04-6/15/04) | 2.71000 | % |
XI. 2003-B Inputs From Prior Data 2/29/04
A | Total Student Loan Pool Outstanding | |||||||||||||||||||||||||||
i | Portfolio Balance | $ | 1,186,496,470.28 | |||||||||||||||||||||||||
ii | Interest To Be Capitalized | 46,256,264.47 | ||||||||||||||||||||||||||
iii | Total Pool | $ | 1,232,752,734.75 | |||||||||||||||||||||||||
iv | Cash Capitalization Account (CI) | 102,590,156.00 | ||||||||||||||||||||||||||
v | Asset Balance | $ | 1,335,342,890.75 | |||||||||||||||||||||||||
B | Total Note and Certificate Factor | 0.97410842454 | ||||||||||||||||||||||||||
C | Total Note Balance | $ | 1,308,345,481.27 | |||||||||||||||||||||||||
D | Note Balance 3/15/2004 | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class B | Class C | |||||||||||||||||||||
i | Current Factor | 0.9400422091 | 1.0000000000 | 1.0000000000 | 1.0000000000 | 1.0000000000 | 1.0000000000 | |||||||||||||||||||||
ii | Expected Note Balance | $ | 545,224,481.27 | $ | 440,506,000.00 | $ | 109,000,000.00 | $ | 109,000,000.00 | $ | 43,871,000.00 | $ | 60,744,000.00 | |||||||||||||||
F | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||
G | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||
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 |
XII. 2003-B Note Parity Triggers
Class A | Class B | Class C | ||||||||||||||
Notes Outstanding | 3/15/04 | $ | 1,203,730,481 | $ | 1,247,601,481 | $ | 1,308,345,481 | |||||||||
Asset Balance | 2/29/04 | $ | 1,335,342,891 | $ | 1,335,342,891 | $ | 1,335,342,891 | |||||||||
Pool Balance | 5/31/04 | $ | 1,224,328,500 | $ | 1,224,328,500 | $ | 1,224,328,500 | |||||||||
Amounts on Deposit* | 6/15/04 | 117,611,923 | 117,408,995 | 116,988,309 | ||||||||||||
Total | $ | 1,341,940,423 | $ | 1,341,737,495 | $ | 1,341,316,809 | ||||||||||
Are the Notes in Excess of the Asset Balance? | No | No | No | |||||||||||||
Are the Notes in Excess of the Pool + Amounts on Deposit? | No | No | No | |||||||||||||
Are the Notes Parity Triggers in Effect? | No | No | No | |||||||||||||
Class A Enhancement | $ | 131,612,409.48 | ||||||||
Specified Class A Enhancement | $ | 199,037,798.44 | The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount | |||||||
Class B Enhancement | $ | 87,741,409.48 | ||||||||
Specified Class B Enhancement | $ | 134,350,513.95 | The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount | |||||||
Class C Enhancement | $ | 26,997,409.48 | ||||||||
Specified Class C Enhancement | $ | 39,807,559.69 | The greater of 3% of the Asset Balance or the Specified Overcollateralization Amount |
* Amounts on Deposit in Trust Accounts for the Collection Period after Payment of Section XIII Items B through F for the Class A; Items B through H for the Class B; and Items B through J for the Class C
XIII. 2003-B Principal Distribution Calculations
Priority Principal Payments (If Note Parity Triggers are not in effect, go to Regular Principal Distribution below): | ||||||||||
i | Is the Class A Note Parity Trigger in Effect? | No | ||||||||
ii | Aggregate A Notes Outstanding | 3/15/2004 | $ | 1,203,730,481.27 | ||||||
iii | Asset Balance | 5/31/2004 | $ | 1,326,918,656.25 | ||||||
iv | First Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||||
— | ||||||||||
v | Is the Class B Note Parity Trigger in Effect? | No | ||||||||
vi | Aggregate A and B Notes Outstanding | 3/15/2004 | $ | 1,247,601,481.27 | ||||||
vii | Asset Balance | 5/31/2004 | $ | 1,326,918,656.25 | ||||||
viii | First Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||||
ix | Second Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||||
— | ||||||||||
x | Is the Class C Note Parity Trigger in Effect? | No | ||||||||
xi | Aggregate A, B and C Notes Outstanding | 3/15/2004 | $ | 1,308,345,481.27 | ||||||
xii | Asset Balance | 5/31/2004 | $ | 1,326,918,656.25 | ||||||
xiii | First Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||||
xiv | Second Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||||
xv | Third Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||||
— | ||||||||||
Regular Principal Distribution | ||||||||||
i | Aggregate Notes Outstanding | 3/15/2004 | $ | 1,308,345,481.27 | ||||||
ii | Asset Balance | 5/31/2004 | $ | 1,326,918,656.25 | ||||||
iii | Specified Overcollateralization Amount | 6/15/2004 | $ | 26,997,409.48 | ||||||
iv | First Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||||
v | Second Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||||
vi | Third Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||||
vii | Regular Principal Distribution Amount | $ | 8,424,234.50 | |||||||
viii | Actual Principal Distribution Amount paid | $ | 8,424,234.50 | |||||||
ix | Shortfall | $ | — | |||||||
Class A Noteholders’ Principal Distribution Amounts | ||||||||||
i | Has the Stepdown Date Occurred? | No | ||||||||
ii | Asset Balance | 5/31/2004 | $ | 1,326,918,656.25 | ||||||
iii | 85% of Asset Balance | 5/31/2004 | $ | 1,127,880,857.80 | ||||||
iv | Specified Overcollateralization Amount | 6/15/2004 | $ | 26,997,409.48 | ||||||
v | Lesser of (iii) and (ii — iv) | $ | 1,127,880,857.80 | |||||||
vi | Class A Noteholders’ Principal Distribution Amt — Before the Stepdown Date | $ | 8,424,234.50 | |||||||
vii | Class A Noteholders’ Principal Distribution Amt — After the Stepdown Date | $ | — | |||||||
Class B Noteholders’ Principal Distribution Amounts | ||||||||||
i | Has the Stepdown Date Occurred? | No | ||||||||
ii | Asset Balance | 5/31/2004 | $ | 1,326,918,656.25 | ||||||
iii | 89.875% of Asset Balance | 5/31/2004 | $ | 1,192,568,142.30 | ||||||
iv | Specified Overcollateralization Amount | 6/15/2004 | $ | 26,997,409.48 | ||||||
v | Lesser of (iii) and (ii — iv) | $ | 1,192,568,142.30 | |||||||
vi | Class B Noteholders’ Principal Distribution Amt — Before the Stepdown Date | $ | — | |||||||
vii | Class B Noteholders’ Principal Distribution Amt — After the Stepdown Date | $ | — | |||||||
Class C Noteholders’ Principal Distribution Amounts | ||||||||||
i | Has the Stepdown Date Occurred? | No | ||||||||
ii | Asset Balance | 5/31/2004 | $ | 1,326,918,656.25 | ||||||
iii | 97% of Asset Balance | 5/31/2004 | $ | 1,287,111,096.55 | ||||||
iv | Specified Overcollateralization Amount | 6/15/2004 | $ | 26,997,409.48 | ||||||
v | Lesser of (iii) and (ii — iv) | $ | 1,287,111,096.55 | |||||||
vi | Class C Noteholders’ Principal Distribution Amt — Before the Stepdown Date | $ | — | |||||||
vii | Class C Noteholders’ Principal Distribution Amt — After the Stepdown Date | $ | — |
XIV. 2003-B Waterfall for Distributions
Remaining | ||||||||||||||||||
Funds Balance | ||||||||||||||||||
A | Total Available Funds ( Sections III-J ) | $ | 22,558,745.25 | $ | 22,558,745.25 | |||||||||||||
B | Primary Servicing Fees-Current Month plus any Unpaid | $ | 687,019.64 | $ | 21,871,725.61 | |||||||||||||
C | Quarterly Administration Fee plus any Unpaid | $ | 20,000.00 | $ | 21,851,725.61 | |||||||||||||
D | Auction Fees Due Broker/Dealer Fees Due | 6/15/2004 6/15/2004 | $ $ | 0.00 0.00 | $ $ | 21,851,725.61 21,851,725.61 | ||||||||||||
E | Gross Swap Payment due Counterparty A Gross Swap Payment due Counterparty B | $ $ | 1,722,069.98 1,722,069.98 | $ $ | 20,129,655.63 18,407,585.65 | |||||||||||||
F | i | Class A-1 Noteholders’ Interest Distribution Amount due | 6/15/2004 | $ | 1,685,955.26 | $ | 16,721,630.39 | |||||||||||
ii | Class A-2 Noteholders’ Interest Distribution Amount due | 6/15/2004 | $ | 1,699,863.71 | $ | 15,021,766.68 | ||||||||||||
iii | Class A-3 Noteholders’ Interest Distribution Amount due | 6/15/2004 | $ | 0.00 | $ | 15,021,766.68 | ||||||||||||
iv | Class A-4 Noteholders’ Interest Distribution Amount due | 6/15/2004 | $ | 0.00 | $ | 15,021,766.68 | ||||||||||||
v | Swap Termination Fees due | 6/15/2004 | $ | 0.00 | $ | 15,021,766.68 | ||||||||||||
G | First Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 15,021,766.68 | |||||||||||||
H | Class B Noteholders’ Interest Distribution Amount due | 6/15/2004 | $ | 202,927.75 | $ | 14,818,838.93 | ||||||||||||
I | Second Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 14,818,838.93 | |||||||||||||
J | Class C Noteholders’ Interest Distribution Amount | $ | 420,685.95 | $ | 14,398,152.98 | |||||||||||||
K | Third Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 14,398,152.98 | |||||||||||||
L | Increase to the Specified Reserve Account Balance | $ | 0.00 | $ | 14,398,152.98 | |||||||||||||
M | Regular Principal Distribution Amount — Principal Distribution Account | $ | 8,424,234.50 | $ | 5,973,918.48 | |||||||||||||
N | Carryover Servicing Fees | $ | 0.00 | $ | 5,973,918.48 | |||||||||||||
O | Auction Rate Noteholder’s Interest Carryover | |||||||||||||||||
i | Class A-3 | $ | 0.00 | $ | 5,973,918.48 | |||||||||||||
ii | Class A-4 | $ | 0.00 | $ | 5,973,918.48 | |||||||||||||
P | Swap Termination Payments | $ | 0.00 | $ | 5,973,918.48 | |||||||||||||
Q | Additional Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 5,973,918.48 | |||||||||||||
R | Remaining Funds to the Certificateholders | $ | 5,973,918.48 | $ | 0.00 | |||||||||||||
XV. 2003-B Principal Distribution Account Allocations
Remaining | ||||||||||||||||||
Funds Balance | ||||||||||||||||||
A | Total from Collection Account | $ | 8,424,234.50 | $ | 8,424,234.50 | |||||||||||||
B | i | Class A-1 Principal Distribution Amount Paid | $ | 8,424,234.50 | $ | 0.00 | ||||||||||||
ii | Class A-2 Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||||||||
iii | Class A-3 Principal Distribution Amount Paid (or allocated) | $ | 0.00 | |||||||||||||||
iv | Class A-4 Principal Distribution Amount Paid (or allocated) | $ | 0.00 | |||||||||||||||
C | Class B Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||||||||
D | Class C Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||||||||
E | Remaining Class C Distribution Paid | $ | 0.00 | $ | 0.00 | |||||||||||||
F | Remaining Class B Distribution Paid | $ | 0.00 | $ | 0.00 | |||||||||||||
G | i | Remaining Class A-1 Distribution Paid | $ | 0.00 | $ | 0.00 | ||||||||||||
ii | Remaining Class A-2 Distribution Paid | $ | 0.00 | $ | 0.00 | |||||||||||||
iii | Remaining Class A-3 Distribution Paid (or allocated) | $ | 0.00 | $ | 0.00 | |||||||||||||
iv | Remaining Class A-4 Distribution Paid (or allocated) | $ | 0.00 | $ | 0.00 |
XVI. 2003-B Distributions
A | Distribution Amounts | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class B | Class C | |||||||||||||||||||||||||||||
i | Quarterly Interest Due | $ | 1,685,955.26 | $ | 1,699,863.71 | $ | 0.00 | $ | 0.00 | $ | 202,927.75 | $ | 420,685.95 | |||||||||||||||||||||||
ii | Quarterly Interest Paid | 1,685,955.26 | 1,699,863.71 | 0.00 | 0.00 | 202,927.75 | 420,685.95 | |||||||||||||||||||||||||||||
iii | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||||
iv | Interest Carryover Due | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||||
v | Interest Carryover Paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||||
�� | vi | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||||||||||||||
vii | Quarterly Principal Distribution Amount | $ | 8,424,234.50 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||||
viii | Quarterly Principal Paid (or allocated) | 8,424,234.50 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||||
ix | Shortfall | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||||||||||||||||
x | Total Distribution Amount | $ | 10,110,189.76 | $ | 1,699,863.71 | $ | 0.00 | $ | 0.00 | $ | 202,927.75 | $ | 420,685.95 | |||||||||||||||||||||||
B | Note Balances | 3/15/2004 | Paydown Factors | 6/15/2004 | ||||||||||||||||||||||||||||||||
i | A-1 Note Balance | 78443CAL8 | $ | 545,224,481.27 | $ | 536,800,246.77 | ||||||||||||||||||||||||||||||
A-1 Note Pool Factor | 0.9400422091 | 0.0145245422 | 0.9255176668 | |||||||||||||||||||||||||||||||||
ii | A-2 Note Balance | 78443CAM6 | $ | 440,506,000.00 | $ | 440,506,000.00 | ||||||||||||||||||||||||||||||
A-2 Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | |||||||||||||||||||||||||||||||||
Balances | Next ARS Pay Date | |||||||||||||||||||||||||||||||||||
iii | A-3 Note Balance | 78443CAN4 | $ | 109,000,000.00 | $ | 109,000,000.00 | $ | 109,000,000.00 | 06/23/04 | |||||||||||||||||||||||||||
A-3 Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | 1.000000000 | ||||||||||||||||||||||||||||||||
iv | A-4 Note Balance | 78443CAP9 | $ | 109,000,000.00 | 109,000,000.00 | $ | 109,000,000.00 | 06/24/04 | ||||||||||||||||||||||||||||
A-4 Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | 1.000000000 | ||||||||||||||||||||||||||||||||
v | B Note Balance | 78443CAQ7 | $ | 43,871,000.00 | $ | 43,871,000.00 | ||||||||||||||||||||||||||||||
B Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | |||||||||||||||||||||||||||||||||
vi | C Note Balance | 78443CAR5 | $ | 60,744,000.00 | $ | 60,744,000.00 | ||||||||||||||||||||||||||||||
C Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | |||||||||||||||||||||||||||||||||
XVII. 2003-B Historical Pool Information
3/1/04-5/31/04 | 12/1/03-2/29/04 | 9/1/03-11/30/03 | 5/12/03-8/31/03 | |||||||||||||||||
Beginning Student Loan Portfolio Balance | $ | 1,186,496,470.29 | $ | 1,195,939,429.02 | $ | 1,200,884,933.59 | $ | 1,213,584,181.19 | ||||||||||||
Student Loan Principal Activity | ||||||||||||||||||||
i | Principal Payments Received | $ | 15,817,587.68 | $ | 15,003,126.63 | $ | 13,667,042.37 | $ | 17,100,588.84 | |||||||||||
ii | Purchases by Servicer (Delinquencies > 180) | 959,575.93 | 873,946.62 | 559,869.36 | 84,037.27 | |||||||||||||||
iii | Other Servicer Reimbursements | — | (1,322.52 | ) | (149.03 | ) | 1,451.27 | |||||||||||||
iv | Seller Reimbursements | 133,025.56 | 116,421.08 | 367,922.80 | 351,510.41 | |||||||||||||||
v | Total Principal Collections | $ | 16,910,189.17 | $ | 15,992,171.81 | $ | 14,594,685.50 | $ | 17,537,587.79 | |||||||||||
Student Loan Non-Cash Principal Activity | ||||||||||||||||||||
i | Realized Losses/Loans Charged Off | $ | — | $ | — | $ | — | $ | — | |||||||||||
ii | Capitalized Interest | (3,655,012.84 | ) | (5,854,349.22 | ) | (8,249,407.98 | ) | (4,262,967.89 | ) | |||||||||||
iii | Capitalized Insurance Fee | ($186,431.95 | ) | ($674,296.39 | ) | ($1,385,464.79 | ) | ($552,253.51 | ) | |||||||||||
iv | Other Adjustments | 220.51 | (20,567.47 | ) | (14,308.16 | ) | (23,118.79 | ) | ||||||||||||
v | Total Non-Cash Principal Activity | $ | (3,841,224.28 | ) | $ | (6,549,213.08 | ) | $ | (9,649,180.93 | ) | $ | (4,838,340.19 | ) | |||||||
(-) | Total Student Loan Principal Activity | $ | 13,068,964.89 | $ | 9,442,958.73 | $ | 4,945,504.57 | $ | 12,699,247.60 | |||||||||||
Student Loan Interest Activity | ||||||||||||||||||||
i | Interest Payments Received | $ | 5,775,774.65 | $ | 5,608,829.54 | $ | 5,027,397.61 | $ | 6,183,151.81 | |||||||||||
ii | Repurchases by Servicer (Delinquencies > 180) | 39,153.53 | 28,138.44 | 16,643.99 | 3,311.96 | |||||||||||||||
iii | Other Servicer Reimbursements | — | (60.47 | ) | 439.55 | 109.11 | ||||||||||||||
iv | Seller Reimbursements | 7,793.30 | 5,450.89 | 17,786.53 | 13,788.32 | |||||||||||||||
v | Late Fees | 64,370.66 | 62,355.04 | 42,355.90 | 54,949.49 | |||||||||||||||
vi | Collection Fees | — | — | — | — | |||||||||||||||
viii | Total Interest Collections | 5,887,092.14 | 5,704,713.44 | 5,104,623.58 | 6,255,310.69 | |||||||||||||||
Student Loan Non-Cash Interest Activity | ||||||||||||||||||||
i | Realized Losses/Loans Charged Off | $ | — | $ | — | $ | — | $ | — | |||||||||||
ii | Capitalized Interest | 3,655,012.84 | 5,854,349.22 | 8,249,407.98 | 4,262,967.89 | |||||||||||||||
iii | Other Interest Adjustments | 23,748.14 | 35,994.82 | 14,061.15 | 66,512.42 | |||||||||||||||
iv | Total Non-Cash Interest Adjustments | $ | 3,678,760.98 | $ | 5,890,344.04 | $ | 8,263,469.13 | $ | 4,329,480.31 | |||||||||||
v | Total Student Loan Interest Activity | $ | 9,565,853.12 | $ | 11,595,057.48 | $ | 13,368,092.71 | $ | 10,584,791.00 | |||||||||||
(=) | Ending Student Loan Portfolio Balance | $ | 1,173,427,505.40 | $ | 1,186,496,470.29 | $ | 1,195,939,429.02 | $ | 1,200,884,933.59 | |||||||||||
(+) | Interest to be Capitalized | $ | 50,900,994.85 | $ | 46,256,264.47 | $ | 43,786,901.54 | $ | 42,721,528.57 | |||||||||||
(=) | TOTAL POOL | $ | 1,224,328,500.25 | $ | 1,232,752,734.76 | $ | 1,239,726,330.56 | $ | 1,243,606,462.16 | |||||||||||
(+) | Cash Capitalization Account Balance (CI) | $ | 102,590,156.00 | $ | 102,590,156.00 | $ | 102,590,156.00 | $ | 102,590,156.00 | |||||||||||
(=) | Asset Balance | $ | 1,326,918,656.25 | $ | 1,335,342,890.76 | $ | 1,342,316,486.56 | $ | 1,346,196,618.16 |
XVIII. 2003-B Payment History and CPRs
Distribution | Actual | Since Issued | ||||||||
Date | Pool Balances | CPR * | ||||||||
Sep-03 | $ | 1,243,606,462 | 2.25 | % | ||||||
Dec-03 | $ | 1,239,726,331 | 2.34 | % | ||||||
Mar-04 | $ | 1,232,752,735 | 2.35 | % | ||||||
Jun-04 | $ | 1,224,328,500 | 2.40 | % | ||||||
* “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.
SLM Private Credit Student Loan Trust 2003-C
Quarterly Servicing Report
Report Date: 5/31/2004 Reporting Period: 3/1/04-5/31/04
I. Deal Parameters
Student Loan Portfolio Characteristics | 2/29/2004 | Activity | 5/31/2004 | |||||||||||||||||||||||||
A | i | Portfolio Balance | $ | 1,201,155,217.98 | ($9,774,369.39 | ) | $ | 1,191,380,848.59 | ||||||||||||||||||||
ii | Interest to be Capitalized | 46,965,543.28 | 51,103,120.52 | |||||||||||||||||||||||||
iii | Total Pool | $ | 1,248,120,761.26 | $ | 1,242,483,969.11 | |||||||||||||||||||||||
iv | Cash Capitalization Account (Cii) | 102,811,061.00 | 102,811,061.00 | |||||||||||||||||||||||||
v | Asset Balance | $ | 1,350,931,822.26 | $ | 1,345,295,030.11 | |||||||||||||||||||||||
i | Weighted Average Coupon (WAC) | 4.861 | % | 4.871 | % | |||||||||||||||||||||||
ii | Weighted Average Remaining Term | 186.98 | 185.00 | |||||||||||||||||||||||||
iii | Number of Loans | 133,104 | 131,998 | |||||||||||||||||||||||||
iv | Number of Borrowers | 90,547 | 89,819 | |||||||||||||||||||||||||
v | Prime Loans Outstanding | $ | 1,050,582,516 | $ | 1,095,548,229 | |||||||||||||||||||||||
vi | T-bill Loans Outstanding | $ | 148,943,788 | $ | 145,414,448 | |||||||||||||||||||||||
vii | Fixed Loans Outstanding | $ | 1,628,914 | $ | 1,521,292 |
Notes | Cusips | Spread | Balance 3/15/04 | % of O/S Securities | Balance 6/15/04 | % of O/S Securities | ||||||||||||||||||||||
B | i | A-1 Notes | 78443CAY0 | 0.100 | % | $ | 577,863,279.81 | 43.649 | % | $ | 572,226,487.66 | 43.408 | % | |||||||||||||||
ii | A-2 Notes | 78443CAZ7 | 0.390 | % | 421,173,000.00 | 31.814 | % | 421,173,000.00 | 31.950 | % | ||||||||||||||||||
iii | A-3 ARS | 78443CBA1 | ARS | 75,000,000.00 | 5.665 | % | 75,000,000.00 | 5.689 | % | |||||||||||||||||||
iv | A-4 ARS | 78443CBB9 | ARS | 75,000,000.00 | 5.665 | % | 75,000,000.00 | 5.689 | % | |||||||||||||||||||
v | A-5 ARS | 78443CBC7 | ARS | 70,000,000.00 | 5.288 | % | 70,000,000.00 | 5.310 | % | |||||||||||||||||||
vi | B Notes | 78443CBD5 | 0.800 | % | 43,965,000.00 | 3.321 | % | 43,965,000.00 | 3.336 | % | ||||||||||||||||||
vii | C Notes | 78443CBE3 | 1.600 | % | 60,875,000.00 | 4.598 | % | 60,875,000.00 | 4.618 | % | ||||||||||||||||||
viii | Total Notes | $ | 1,323,876,279.81 | 100.000 | % | $ | 1,318,239,487.66 | 100.000 | % | |||||||||||||||||||
3/15/2004 | 6/15/2004 | |||||||||||||||||||||||||||
C | i | Reserve Account Balance ($) | $ | 3,124,915.00 | $ | 3,124,915.00 | ||||||||||||||||||||||
ii | Cash Capitalization Acct Balance ($) | $ | 102,811,061.00 | $ | 102,811,061.00 | |||||||||||||||||||||||
iii | Initial Asset Balance | $ | 1,352,777,122.47 | $ | 1,352,777,122.47 | |||||||||||||||||||||||
iv | Specified Overcollateralization Amount | $ | 27,055,542.45 | $ | 27,055,542.45 | |||||||||||||||||||||||
v | Actual Overcollateralization Amount | $ | 27,055,542.45 | $ | 27,055,542.45 | |||||||||||||||||||||||
v | Has the Stepdown Date Occurred?* | No | No | |||||||||||||||||||||||||
* | The Stepdown Date is the earlier of the distribution date following the reduction of the Class A Notes to zero and September 15, 2008. At the Stepdown Date, principal payments made on the Class B and Class C Notes may begin to be paid pro-rata with the Class A Notes. See the prospectus for complete information concerning the Stepdown Date. |
II. 2003-C Transactions from: 2/29/2004 through: 5/31/2004
A | Student Loan Principal Activity | |||||||
i | Principal Payments Received | 13,747,785.94 | ||||||
ii | Purchases by Servicer (Delinquencies > 180) | 1,017,501.03 | ||||||
iii | Other Servicer Reimbursements | (32,006.81 | ) | |||||
iv | Seller Reimbursements | 93,452.56 | ||||||
v | Total Principal Collections | $ | 14,826,732.72 | |||||
B | Student Loan Non-Cash Principal Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | — | |||||
ii | Capitalized Interest | (4,848,056.60 | ) | |||||
iii | Capitalized Insurance Fee | (206,100.24 | ) | |||||
iv | Other Adjustments | 1,793.51 | ||||||
v | Total Non-Cash Principal Activity | $ | (5,052,363.33 | ) | ||||
C | Total Student Loan Principal Activity | $ | 9,774,369.39 | |||||
D | Student Loan Interest Activity | |||||||
i | Interest Payments Received | $ | 5,369,428.80 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 34,855.48 | ||||||
iii | Other Servicer Reimbursements | (1,906.22 | ) | |||||
iv | Seller Reimbursements | 7,807.48 | ||||||
v | Late Fees | 67,109.33 | ||||||
vi | Collection Fees/Return Items | 0.00 | ||||||
vii | Total Interest Collections | $ | 5,477,294.87 | |||||
E | Student Loan Non-Cash Interest Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | — | |||||
ii | Capitalized Interest | 4,848,056.60 | ||||||
iii | Other Interest Adjustments | 28,841.20 | ||||||
iv | Total Non-Cash Interest Adjustments | $ | 4,876,897.80 | |||||
F | Total Student Loan Interest Activity | $ | 10,354,192.67 | |||||
III. 2003-C Collection Account Activity 2/29/2004 through: 5/31/2004
A | Principal Collections | |||||||||||||||
i | Principal Payments Received | $ | 13,226,999.85 | |||||||||||||
ii | Consolidation Principal Payments | 520,786.09 | ||||||||||||||
iii | Purchases by Servicer (Delinquencies >180) | 1,017,501.03 | ||||||||||||||
iv | Reimbursements by Seller | 3,543.60 | ||||||||||||||
v | Reimbursements by Servicer | (32,006.81 | ) | |||||||||||||
vi | Other Re-purchased Principal | 89,908.96 | ||||||||||||||
vii | Total Principal Collections | $ | 14,826,732.72 | |||||||||||||
B | Interest Collections | |||||||||||||||
i | Interest Payments Received | $ | 5,366,434.71 | |||||||||||||
ii | Consolidation Interest Payments | 2,994.09 | ||||||||||||||
iii | Purchases by Servicer (Delinquencies >180) | 34,855.48 | ||||||||||||||
iv | Reimbursements by Seller | — | ||||||||||||||
v | Reimbursements by Servicer | (1,906.22 | ) | |||||||||||||
vi | Other Re-purchased Interest | 7,807.48 | ||||||||||||||
vii | Collection Fees/Return Items | — | ||||||||||||||
viii | Late Fees | 67,109.33 | ||||||||||||||
ix | Total Interest Collections | $ | 5,477,294.87 | |||||||||||||
C | Recoveries on Realized Losses | $ | — | |||||||||||||
D | Amount from Cash Capitalization Account | $ | — | |||||||||||||
E | Funds Borrowed from Next Collection Period | $ | — | |||||||||||||
F | Funds Repaid from Prior Collection Periods | $ | — | |||||||||||||
G | Investment Income | $ | 275,004.87 | |||||||||||||
H | Borrower Incentive Reimbursements | $ | 46,841.26 | |||||||||||||
I | Interest Rate Cap Proceeds | $ | — | |||||||||||||
I | Gross Swap Receipt | $ | 2,980,152.40 | |||||||||||||
TOTAL FUNDS RECEIVED | $ | 23,606,026.12 | ||||||||||||||
LESS FUNDS PREVIOUSLY REMITTED: | ||||||||||||||||
i | Servicing Fees | $ | (1,399,242.62 | ) | ||||||||||||
ii | Funds Allocated to the Future Distribution Account | $ | (6,920,503.53 | ) | ||||||||||||
iii | Funds Released from the Future Distribution Account | $ | 4,847,153.14 | |||||||||||||
J | TOTAL AVAILABLE FUNDS | $ | 20,133,433.11 | |||||||||||||
K | Servicing Fees Due for Current Period | $ | 696,331.37 | |||||||||||||
L | Carryover Servicing Fees Due | $ | — | |||||||||||||
M | Administration Fees Due | $ | 20,000.00 | |||||||||||||
N | Total Fees Due for Period | $ | 716,331.37 | |||||||||||||
IV. 2003-C Future Distribution Account Activity
A | Account Reconciliation | |||||||||
i | Beginning Balance | 3/15/2004 | $ | 2,326,366.47 | ||||||
ii | Total Allocations for Distribution Period | $ | 4,594,137.06 | |||||||
iii | Total Payments for Distribution Period | $ | (2,073,350.39 | ) | ||||||
iv | Funds Released to the Collection Account | $ | (4,847,153.14 | ) | ||||||
v | Total Balance Prior to Current Month Allocations | $ | — | |||||||
vi | Ending Balance | 6/15/2004 | $ | 2,264,692.92 | ||||||
B | Monthly Allocations to the Future Distribution Account | |||||||||
Monthly Allocation Date | 3/15/2004 | |||||||||
i | Primary Servicing Fees | $ | 700,133.45 | |||||||
ii | Admin fees | $ | 6,666.66 | |||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | $ | 39,499.17 | |||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | $ | 1,580,067.19 | |||||||
v | Interest Accrued on the Class B Notes | $ | — | |||||||
vi | Balance as of | 3/15/2004 | $ | 2,326,366.47 | ||||||
Monthly Allocation Date | 4/15/2004 | |||||||||
i | Primary Servicing Fees | $ | 700,673.88 | |||||||
ii | Admin fees | $ | 6,666.66 | |||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | $ | 40,773.33 | |||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | $ | 1,712,300.37 | |||||||
v | Interest Accrued on the Class B Notes | $ | — | |||||||
vi | Total Allocations | $ | 2,460,414.24 | |||||||
Monthly Allocation Date | 5/17/2004 | |||||||||
i | Primary Servicing Fees | $ | 698,568.74 | |||||||
ii | Admin fees | $ | 6,666.66 | |||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | $ | 36,950.83 | |||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | $ | 1,391,536.59 | |||||||
v | Interest Accrued on the Class B Notes | $ | — | |||||||
vi | Total Allocations | $ | 2,133,722.82 | |||||||
C | Total Future Distribution Account Deposits Previously Allocated | $ | 6,920,503.53 | |||||||
D | Current Month Allocations | 6/15/2004 | ||||||||
i | Primary Servicing | $ | 696,331.37 | |||||||
ii | Admin fees | $ | 6,666.66 | |||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | $ | 38,225.00 | |||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | $ | 1,523,469.89 | |||||||
v | Interest Accrued on the Class B & C Notes | $ | — | |||||||
vi | Allocations on the Distribution Date | $ | 2,264,692.92 | |||||||
vii | Plus: Additional Loan Account Deposits in the Amount of the Principal Distribution Amount | $ | — | |||||||
viii | Total Monthly Required Allocations | $ | 2,264,692.92 |
V. 2003-C Auction Rate Security Detail
A | Auction Rate Securities Paid During Collection Period |
Payment | Security | Interest | No. of | ||||||||||||||||||||||||||||||
i | Date | Description | Rate | Days | Start Date | End Date | Interest Payment | ||||||||||||||||||||||||||
03/23/2004 | SLMPC TRUST 2003C A3 | 1.090000 | % | 28 | 02/24/2004 | 03/23/2004 | 63,583.33 | ||||||||||||||||||||||||||
03/30/2004 | SLMPC TRUST 2003C A4 | 1.100000 | % | 28 | 03/02/2004 | 03/30/2004 | 64,166.67 | ||||||||||||||||||||||||||
04/08/2004 | SLMPC TRUST 2003C A5 | 1.090000 | % | 28 | 03/11/2004 | 04/08/2004 | 59,344.44 | ||||||||||||||||||||||||||
04/20/2004 | SLMPC TRUST 2003C A3 | 1.130000 | % | 28 | 03/23/2004 | 04/20/2004 | 65,916.67 | ||||||||||||||||||||||||||
04/27/2004 | SLMPC TRUST 2003C A4 | 1.090000 | % | 28 | 03/30/2004 | 04/27/2004 | 63,583.33 | ||||||||||||||||||||||||||
05/06/2004 | SLMPC TRUST 2003C A5 | 1.090000 | % | 28 | 04/08/2004 | 05/06/2004 | 59,344.44 | ||||||||||||||||||||||||||
05/18/2004 | SLMPC TRUST 2003C A3 | 1.120000 | % | 28 | 04/20/2004 | 05/18/2004 | 65,333.33 | ||||||||||||||||||||||||||
05/25/2004 | SLMPC TRUST 2003C A4 | 1.130000 | % | 28 | 04/27/2004 | 05/25/2004 | 65,916.67 | ||||||||||||||||||||||||||
06/03/2004 | SLMPC TRUST 2003C A5 | 1.100000 | % | 28 | 05/06/2004 | 06/03/2004 | 59,888.89 | ||||||||||||||||||||||||||
06/15/2004 | SLMPC TRUST 2003C A3 | 1.250000 | % | 28 | 05/18/2004 | 06/15/2004 | 72,916.67 | ||||||||||||||||||||||||||
ii | Auction Rate Security Payments Made During Collection Period | 3/15/04-6/15/04 | $ | 639,994.44 | |||||||||||||||||||||||||||||
iii | Broker/Dealer Fees Paid During Collection Period | 3/15/04-6/15/04 | $ | 114,333.33 | |||||||||||||||||||||||||||||
iv | Auction Agent Fees Paid During Collection Period | 3/15/04-6/15/04 | $ | 4,859.17 | |||||||||||||||||||||||||||||
v | Primary Servicing Fees Remitted | 3/15/04-6/15/04 | $ | 1,399,242.62 | |||||||||||||||||||||||||||||
vi | Total | $ | 2,158,429.56 | ||||||||||||||||||||||||||||||
- Less: Auction Rate Security Interest Payments due on the Distribution Date | 6/15/2004 | $ | (72,916.67 | ) | |||||||||||||||||||||||||||||
- Less: Auction Rate Security Auction Agent Fees due on the Distribution Date | 6/15/2004 | $ | (11,666.67 | ) | |||||||||||||||||||||||||||||
- Less: Auction Rate Security Broker Dealer Fees due on the Distribution Date | 6/15/2004 | $ | (495.83 | ) | |||||||||||||||||||||||||||||
B | Total Payments Out of Future Distribution Account During Collection Period | $ | 2,073,350.39 | ||||||||||||||||||||||||||||||
C | Funds Released to Collection Account | $ | 4,847,153.14 | ||||||||||||||||||||||||||||||
D | Auction Rate Student Loan Rates | Mar-04 | Apr-04 | May-04 | |||||||||||||||||||||||||||||
3.93449 | % | 3.93446% | 3.93846 | % |
VI. 2003-C Loss and Recovery Detail 5/31/2004
A | i | Cumulative Realized Losses Test | % of Original Pool | 11/30/2003 | 5/31/2004 | |||||||||||||||
December 15, 2003 to June 16, 2008 | 15 | % | $ | 187,494,909.22 | $ | 187,494,909.22 | ||||||||||||||
September 15, 2008 to June 15, 2011 | 18 | % | ||||||||||||||||||
September 15, 2011 and thereafter | 20 | % | ||||||||||||||||||
ii | Cumulative Realized Losses (Net of Recoveries) | $ | 0.00 | $ | 0.00 | |||||||||||||||
iii | Is Test Satisfied (ii < i)? | Yes | ||||||||||||||||||
B | i | Recoveries on Realized Losses This Collection Period | ||||||||||||||||||
ii | Principal Cash Recovered During Collection Period | $ | 0.00 | $ | 0.00 | |||||||||||||||
iii | Interest Cash Recovered During Collection Period | $ | 0.00 | $ | 0.00 | |||||||||||||||
iv | Late Fees and Collection Costs Recovered During Collection Period | $ | 0.00 | $ | 0.00 | |||||||||||||||
v | Total Recoveries for Period | $ | 0.00 | $ | 0.00 | |||||||||||||||
C | i | Gross Defaults: | ||||||||||||||||||
ii | Cumulative Principal Purchases by Servicer | $ | 76,894.69 | $ | 1,094,395.72 | |||||||||||||||
iii | Cumulative Interest Purchases by Servicer | $ | 487.74 | $ | 35,343.22 | |||||||||||||||
iv | Total Gross Defaults: | $ | 77,382.43 | $ | 1,129,738.94 |
VII. 2003-C Portfolio Characteristics
Weighted Avg Coupon | # of Loans | %* | Principal Amount | %* | ||||||||||||||||||||||||||||||||||||
STATUS | 2/29/2004 | 5/31/2004 | 2/29/2004 | 5/31/2004 | 2/29/2004 | 5/31/2004 | 2/29/2004 | 5/31/2004 | 2/29/2004 | 5/31/2004 | ||||||||||||||||||||||||||||||
INTERIM: | ||||||||||||||||||||||||||||||||||||||||
In School | 4.756 | % | 4.782 | % | 57,050 | 44,976 | 42.861 | % | 34.073 | % | $ | 501,650,096.17 | $ | 382,999,845.24 | 41.764 | % | 32.148 | % | ||||||||||||||||||||||
Grace | 5.509 | % | 4.903 | % | 11,345 | 20,311 | 8.523 | % | 15.387 | % | $ | 108,856,447.54 | $ | 193,610,879.67 | 9.063 | % | 16.251 | % | ||||||||||||||||||||||
TOTAL INTERIM | 4.890 | % | 4.823 | % | 68,395 | 65,287 | 51.384 | % | 49.460 | % | $ | 610,506,543.71 | $ | 576,610,724.91 | 50.827 | % | 48.399 | % | ||||||||||||||||||||||
REPAYMENT | �� | |||||||||||||||||||||||||||||||||||||||
Active | ||||||||||||||||||||||||||||||||||||||||
Current | 4.700 | % | 4.757 | % | 48,172 | 50,404 | 36.191 | % | 38.186 | % | $ | 435,518,153.56 | $ | 459,777,817.61 | 36.258 | % | 38.593 | % | ||||||||||||||||||||||
31-60 Days Delinquent | 5.558 | % | 5.797 | % | 1,632 | 1,370 | 1.226 | % | 1.038 | % | $ | 14,371,790.20 | $ | 11,094,786.08 | 1.196 | % | 0.931 | % | ||||||||||||||||||||||
61-90 Days Delinquent | 5.375 | % | 6.121 | % | 1,163 | 610 | 0.874 | % | 0.462 | % | $ | 10,492,523.61 | $ | 5,401,918.68 | 0.874 | % | 0.453 | % | ||||||||||||||||||||||
91-120 Days Delinquent | 5.654 | % | 6.494 | % | 303 | 442 | 0.228 | % | 0.335 | % | $ | 2,735,299.58 | $ | 3,735,121.13 | 0.228 | % | 0.314 | % | ||||||||||||||||||||||
121-150 Days Delinquent | 6.385 | % | 6.163 | % | 153 | 225 | 0.115 | % | 0.170 | % | $ | 1,367,074.64 | $ | 2,001,362.33 | 0.114 | % | 0.168 | % | ||||||||||||||||||||||
151-180 Days Delinquent | 5.219 | % | 5.496 | % | 65 | 154 | 0.049 | % | 0.117 | % | $ | 561,437.36 | $ | 1,256,248.52 | 0.047 | % | 0.105 | % | ||||||||||||||||||||||
> 180 Days Delinquent | 4.396 | % | 0.000 | % | 4 | 0 | 0.003 | % | 0.000 | % | $ | 38,841.37 | $ | 0.00 | 0.003 | % | 0.000 | % | ||||||||||||||||||||||
Deferment | 4.330 | % | 4.363 | % | 161 | 169 | 0.121 | % | 0.128 | % | $ | 2,268,126.23 | $ | 2,397,110.71 | 0.189 | % | 0.201 | % | ||||||||||||||||||||||
Forbearance | 5.137 | % | 5.291 | % | 13,053 | 13,337 | 9.807 | % | 10.104 | % | $ | 123,272,342.14 | $ | 129,105,758.62 | 10.263 | % | 10.837 | % | ||||||||||||||||||||||
TOTAL REPAYMENT | 4.831 | % | 4.915 | % | 64,709 | 66,711 | 48.616 | % | 50.542 | % | $ | 590,648,674.27 | $ | 614,770,123.68 | 49.173 | % | 51.603 | % | ||||||||||||||||||||||
GRAND TOTAL | 4.861 | % | 4.871 | % | 133,104 | 131,998 | 100.000 | % | 100.002 | % | $ | 1,201,155,217.98 | $ | 1,191,380,848.59 | 100.000 | % | 100.002 | % |
* | Percentages may not total 100% due to rounding |
VIII. 2003-C Portfolio Characteristics by School and Program
LOAN TYPE | WAC | # Loans | $ Amount | % | ||||||||||||
-Signature Loans | 4.961 | % | 100,384 | $ | 859,376,396.67 | 72.133 | % | |||||||||
-Law Loans | 5.017 | % | 20,013 | $ | 180,267,142.47 | 15.131 | % | |||||||||
-Med Loans | 4.298 | % | 3,553 | $ | 32,794,018.07 | 2.753 | % | |||||||||
-MBA Loans | 4.123 | % | 8,048 | $ | 118,943,291.38 | 9.984 | % | |||||||||
- Total | 4.871 | % | 131,998 | $ | 1,191,380,848.59 | 100.000 | % |
* | Percentages may not total 100% due to rounding. |
IX. 2003-C Interest Rate Swap and Cap Calculations
A | Swap Payments | |||||||||||||||||
Counterparty A | Counterparty B | |||||||||||||||||
i | Notional Swap Amount — Aggregate Prime Loans Outstanding | 525,291,258 | $ | 525,291,258 | ||||||||||||||
Counterparty Pays: | ||||||||||||||||||
ii | 3 Month Libor | 1.11000 | % | 1.11000 | % | |||||||||||||
iii | Gross Swap Receipt Due Trust | $ | 1,490,076.20 | $ | 1,490,076.20 | |||||||||||||
iv | Days in Period | 3/15/2004 | 6/15/2004 | 92 | 92 | |||||||||||||
SLM Private Credit Trust Pays: | ||||||||||||||||||
v | Prime Rate (WSJ) Less | 2.6500 | % | 1.35000 | % | 1.35000 | % | |||||||||||
vi | Gross Swap Payment Due Counterparty | $ | 1,782,545.74 | $ | 1,782,545.74 | |||||||||||||
vii | Days in Period | 3/15/2004 | 6/15/2004 | 92 | 92 | |||||||||||||
B | Cap Payments | |||||||||||||||||
Cap Calculation | ||||||||||||||||||
i | Notional Swap Amount | $ | 860,000,000.00 | |||||||||||||||
Counterparty Pays: | ||||||||||||||||||
ii | 3 Month Libor (interpolated for first accrual period) | 1.11000 | % | |||||||||||||||
iii | Cap Rate | 4.00000 | % | |||||||||||||||
iv | Excess (if any) of Libor over Cap Rate (ii-iii) | 0.00000 | % | |||||||||||||||
v | Days in Period | 3/15/2004 | 6/15/2004 | 92 | ||||||||||||||
vi | Cap Payment due Trust | $ | — |
X. 2003-C Accrued Interest Factors
Accrued | ||||||||
Int Factor | Accrual Period | Rate | ||||||
A | Class A-1 Interest Rate | 0.003092222 | (3/15/04-6/15/04) | 1.21000% | ||||
B | Class A-2 Interest Rate | 0.003833333 | (3/15/04-6/15/04) | 1.50000% | ||||
C | Class A-3 Interest Rate | 0.000972222 | (5/18/04-6/15/04) | 1.25000% | ||||
D | Class B Interest Rate | 0.004881111 | (3/15/04-6/15/04) | 1.91000% | ||||
E | Class C Interest Rate | 0.006925556 | (3/15/04-6/15/04) | 2.71000% |
XI. 2003-C Inputs From Prior Data 2/29/04
A | Total Student Loan Pool Outstanding | |||||||||||||||||||||||||||||||
i | Portfolio Balance | $ | 1,201,155,217.98 | |||||||||||||||||||||||||||||
ii | Interest To Be Capitalized | 46,965,543.28 | ||||||||||||||||||||||||||||||
iii | Total Pool | $ | 1,248,120,761.26 | |||||||||||||||||||||||||||||
iv | Cash Capitalization Account (CI) | 102,811,061.00 | ||||||||||||||||||||||||||||||
v | Asset Balance | $ | 1,350,931,822.26 | |||||||||||||||||||||||||||||
B | Total Note and Certificate Factor | 0.98355385855 | ||||||||||||||||||||||||||||||
C | Total Note Balance | $ | 1,323,876,279.81 | |||||||||||||||||||||||||||||
D | Note Balance 3/15/2004 | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class A-5 | Class B | Class C | ||||||||||||||||||||||||
i | Current Factor | 0.9631054664 | 1.0000000000 | 1.0000000000 | 1.0000000000 | 1.0000000000 | 1.0000000000 | 1.0000000000 | ||||||||||||||||||||||||
ii | Expected Note Balance | $ | 577,863,279.81 | $ | 421,173,000.00 | $ | 75,000,000.00 | $ | 75,000,000.00 | $ | 70,000,000.00 | $ | 43,965,000.00 | $ | 60,875,000.00 | |||||||||||||||||
F | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||
G | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||
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 |
XII. 2003-C Note Parity Triggers
Class A | Class B | Class C | ||||||||||||||||
Notes Outstanding | 3/15/04 | $ | 1,219,036,280 | $ | 1,263,001,280 | $ | 1,323,876,280 | |||||||||||
Asset Balance | 2/29/04 | $ | 1,350,931,822 | $ | 1,350,931,822 | $ | 1,350,931,822 | |||||||||||
Pool Balance | 5/31/04 | $ | 1,242,483,969 | $ | 1,242,483,969 | $ | 1,242,483,969 | |||||||||||
Amounts on Deposit* | 6/15/04 | 115,176,614 | 114,962,016 | 114,540,423 | ||||||||||||||
Total | $ | 1,357,660,583 | $ | 1,357,445,985 | $ | 1,357,024,392 | ||||||||||||
Are the Notes in Excess of the Asset Balance? | No | No | No | |||||||||||||||
Are the Notes in Excess of the Pool + Amounts on Deposit? | No | No | No | |||||||||||||||
Are the Notes Parity Triggers in Effect? | No | No | No | |||||||||||||||
Class A Enhancement | $ | 131,895,542.45 | ||||||||||
Specified Class A Enhancement | $ | 201,794,254.52 | The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount | |||||||||
Class B Enhancement | $ | 87,930,542.45 | ||||||||||
Specified Class B Enhancement | $ | 136,211,121.80 | The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount | |||||||||
Class C Enhancement | $ | 27,055,542.45 | ||||||||||
Specified Class C Enhancement | $ | 40,358,850.90 | The greater of 3% of the Asset Balance or the Specified Overcollateralization Amount |
* Amounts on Deposit in Trust Accounts for the Collection Period after Payment of Section XIII Items B through F for the Class A; Items B through H for the Class B; and Items B through J for the Class C
XIII. 2003-C Cash Capitalization Account Triggers
Cash Capitalization Account Balance (CI)* | 5/31/2004 | $ | 102,811,061.00 | |||||
5.50% of Initial Asset Balance | $ | 74,402,741.74 | ||||||
Excess, CI over 5.5% of initial Asset Bal | $ | 28,408,319.26 | ||||||
Release above excess to Collection Account?** | 6/15/2004 | DO NOT RELEASE | ||||||
3.50% of Initial Asset Balance | $ | 47,347,199.29 | ||||||
Excess, CI over 3.5% of initial Asset Bal | $ | 55,463,861.71 | ||||||
Release above excess to Collection Account?** | 6/15/2004 | DO NOT RELEASE |
*as defined under “Asset Balance” on page S-78 of the prospectus supplement
**determined based on a comparison of pool balances to notes outstanding and CI, along with certain loan portfolio characteristics, as outlined on page S-58 of the prospectus supplement
XIV. 2003-C Principal Distribution Calculations
Priority Principal Payments (If Note Parity Triggers are not in effect, go to Regular Principal Distribution below): | ||||||||||||
i | Is the Class A Note Parity Trigger in Effect? | No | ||||||||||
ii | Aggregate A Notes Outstanding | 3/15/2004 | $ | 1,219,036,279.81 | ||||||||
iii | Asset Balance | 5/31/2004 | $ | 1,345,295,030.11 | ||||||||
iv | First Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||||||
v | Is the Class B Note Parity Trigger in Effect? | No | ||||||||||
vi | Aggregate A and B Notes Outstanding | 3/15/2004 | $ | 1,263,001,279.81 | ||||||||
vii | Asset Balance | 5/31/2004 | $ | 1,345,295,030.11 | ||||||||
viii | First Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||||||
ix | Second Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||||||
x | Is the Class C Note Parity Trigger in Effect? | No | ||||||||||
xi | Aggregate A, B and C Notes Outstanding | 3/15/2004 | $ | 1,323,876,279.81 | ||||||||
xii | Asset Balance | 5/31/2004 | $ | 1,345,295,030.11 | ||||||||
xiii | First Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||||||
xiv | Second Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||||||
xv | Third Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||||||
Regular Principal Distribution | ||||||||||||
i | Aggregate Notes Outstanding | 3/15/2004 | $ | 1,323,876,279.81 | ||||||||
ii | Asset Balance | 5/31/2004 | $ | 1,345,295,030.11 | ||||||||
iii | Specified Overcollateralization Amount | 6/15/2004 | $ | 27,055,542.45 | ||||||||
iv | First Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||||||
v | Second Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||||||
vi | Third Priority Principal Distribution Amount | 6/15/2004 | $ | — | ||||||||
vii | Regular Principal Distribution Amount | $ | 5,636,792.15 | |||||||||
viii | Actual Principal Distribution Amount paid | $ | 5,636,792.15 | |||||||||
ix | Shortfall | $ | — | |||||||||
Class A Noteholders’ Principal Distribution Amounts | ||||||||||||
i | Has the Stepdown Date Occurred? | No | ||||||||||
ii | Asset Balance | 5/31/2004 | $ | 1,345,295,030.11 | ||||||||
iii | 85% of Asset Balance | 5/31/2004 | $ | 1,143,500,775.59 | ||||||||
iv | Specified Overcollateralization Amount | 6/15/2004 | $ | 27,055,542.45 | ||||||||
v | Lesser of (iii) and (ii — iv) | $ | 1,143,500,775.59 | |||||||||
vi | Class A Noteholders’ Principal Distribution Amt — Before the Stepdown Date | $ | 5,636,792.15 | |||||||||
vii | Class A Noteholders’ Principal Distribution Amt — After the Stepdown Date | $ | — | |||||||||
Class B Noteholders’ Principal Distribution Amounts | ||||||||||||
i | Has the Stepdown Date Occurred? | No | ||||||||||
ii | Asset Balance | 5/31/2004 | $ | 1,345,295,030.11 | ||||||||
iii | 89.875% of Asset Balance | 5/31/2004 | $ | 1,209,083,908.31 | ||||||||
iv | Specified Overcollateralization Amount | 6/15/2004 | $ | 27,055,542.45 | ||||||||
v | Lesser of (iii) and (ii — iv) | $ | 1,209,083,908.31 | |||||||||
vi | Class B Noteholders’ Principal Distribution Amt — Before the Stepdown Date | $ | — | |||||||||
vii | Class B Noteholders’ Principal Distribution Amt — After the Stepdown Date | $ | — | |||||||||
Class C Noteholders’ Principal Distribution Amounts | ||||||||||||
i | Has the Stepdown Date Occurred? | No | ||||||||||
ii | Asset Balance | 5/31/2004 | $ | 1,345,295,030.11 | ||||||||
iii | 97% of Asset Balance | 5/31/2004 | $ | 1,304,936,179.21 | ||||||||
iv | Specified Overcollateralization Amount | 6/15/2004 | $ | 27,055,542.45 | ||||||||
v | Lesser of (iii) and (ii — iv) | $ | 1,304,936,179.21 | |||||||||
vi | Class C Noteholders’ Principal Distribution Amt — Before the Stepdown Date | $ | — | |||||||||
vii | Class C Noteholders’ Principal Distribution Amt — After the Stepdown Date | $ | — |
XV. 2003-C Waterfall for Distributions
Remaining | |||||||||||||||||||||||||||||||||||
Funds Balance | |||||||||||||||||||||||||||||||||||
A | Total Available Funds ( Sections III-J ) | $ | 20,133,433.11 | $ | 20,133,433.11 | ||||||||||||||||||||||||||||||
B | Primary Servicing Fees-Current Month plus any Unpaid | $ | 696,331.37 | $ | 19,437,101.74 | ||||||||||||||||||||||||||||||
C | Quarterly Administration Fee plus any Unpaid | $ | 20,000.00 | $ | 19,417,101.74 | ||||||||||||||||||||||||||||||
D | Auction Agent Fees Due | 6/15/2004 | $ | 11,666.67 | $ | 19,405,435.07 | |||||||||||||||||||||||||||||
Broker/Dealer Fees Due | 6/15/2004 | $ | 495.83 | $ | 19,404,939.24 | ||||||||||||||||||||||||||||||
E | Gross Swap Payment due Counterparty A | $ | 1,782,545.74 | $ | 17,622,393.50 | ||||||||||||||||||||||||||||||
Gross Swap Payment due Counterparty B | $ | 1,782,545.74 | $ | 15,839,847.76 | |||||||||||||||||||||||||||||||
F | i | Class A-1 Noteholders’ Interest Distribution Amount due | 6/15/2004 | $ | 1,786,881.68 | $ | 14,052,966.08 | ||||||||||||||||||||||||||||
ii | Class A-2 Noteholders’ Interest Distribution Amount due | 6/15/2004 | $ | 1,614,496.50 | $ | 12,438,469.58 | |||||||||||||||||||||||||||||
iii | Class A-3 Noteholders’ Interest Distribution Amount due | 6/15/2004 | $ | 72,916.67 | $ | 12,365,552.91 | |||||||||||||||||||||||||||||
iv | Class A-4 Noteholders’ Interest Distribution Amount due | 6/15/2004 | $ | 0.00 | $ | 12,365,552.91 | |||||||||||||||||||||||||||||
v | Class A-5 Noteholders’ Interest Distribution Amount due | 6/15/2004 | $ | 0.00 | $ | 12,365,552.91 | |||||||||||||||||||||||||||||
vi | Swap Termination Fees due | 6/15/2004 | $ | 0.00 | $ | 12,365,552.91 | |||||||||||||||||||||||||||||
G | First Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 12,365,552.91 | ||||||||||||||||||||||||||||||
H | Class B Noteholders’ Interest Distribution Amount due | 6/15/2004 | $ | 214,598.05 | $ | 12,150,954.86 | |||||||||||||||||||||||||||||
I | Second Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 12,150,954.86 | ||||||||||||||||||||||||||||||
J | Class C Noteholders’ Interest Distribution Amount | $ | 421,593.19 | $ | 11,729,361.67 | ||||||||||||||||||||||||||||||
K | Third Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 11,729,361.67 | ||||||||||||||||||||||||||||||
L | Increase to the Specified Reserve Account Balance | $ | 0.00 | $ | 11,729,361.67 | ||||||||||||||||||||||||||||||
M | Regular Principal Distribution Amount — Principal Distribution Account | $ | 5,636,792.15 | $ | 6,092,569.52 | ||||||||||||||||||||||||||||||
N | Carryover Servicing Fees | $ | 0.00 | $ | 6,092,569.52 | ||||||||||||||||||||||||||||||
O | Auction Rate Noteholder’s Interest Carryover | ||||||||||||||||||||||||||||||||||
i | Class A-3 | $ | 0.00 | $ | 6,092,569.52 | ||||||||||||||||||||||||||||||
ii | Class A-4 | $ | 0.00 | $ | 6,092,569.52 | ||||||||||||||||||||||||||||||
iii | Class A-5 | $ | 0.00 | $ | 6,092,569.52 | ||||||||||||||||||||||||||||||
P | Swap Termination Payments | $ | 0.00 | $ | 6,092,569.52 | ||||||||||||||||||||||||||||||
Q | Additional Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 6,092,569.52 | ||||||||||||||||||||||||||||||
R | Remaining Funds to the Certificateholders | $ | 6,092,569.52 | $ | 0.00 | ||||||||||||||||||||||||||||||
XVI. 2003-C Principal Distribution Account Allocations
Remaining | ||||||||||||||||||
Funds Balance | ||||||||||||||||||
A | Total from Collection Account | $ | 5,636,792.15 | $ | 5,636,792.15 | |||||||||||||
B | i | Class A-1 Principal Distribution Amount Paid | $ | 5,636,792.15 | $ | 0.00 | ||||||||||||
ii | Class A-2 Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||||||||
iii | Class A-3 Principal Distribution Amount Paid (or allocated) | $ | 0.00 | $ | 0.00 | |||||||||||||
iv | Class A-4 Principal Distribution Amount Paid (or allocated) | $ | 0.00 | $ | 0.00 | |||||||||||||
v | Class A-5 Principal Distribution Amount Paid (or allocated) | $ | 0.00 | $ | 0.00 | |||||||||||||
C | Class B Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||||||||
D | Class C Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||||||||
E | Remaining Class C Distribution Paid | $ | 0.00 | $ | 0.00 | |||||||||||||
F | Remaining Class B Distribution Paid | $ | 0.00 | $ | 0.00 | |||||||||||||
G | i | Remaining Class A-1 Distribution Paid | $ | 0.00 | $ | 0.00 | ||||||||||||
ii | Remaining Class A-2 Distribution Paid | $ | 0.00 | $ | 0.00 | |||||||||||||
iii | Remaining Class A-3 Distribution Paid (or allocated) | $ | 0.00 | $ | 0.00 | |||||||||||||
iv | Remaining Class A-4 Distribution Paid (or allocated) | $ | 0.00 | $ | 0.00 | |||||||||||||
v | Remaining Class A-5 Distribution Paid (or allocated) | $ | 0.00 | $ | 0.00 |
XVII. 2003-C Distributions
A | Distribution Amounts | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class A-5 | Class B | Class C | |||||||||||||||||||||||
i | Quarterly Interest Due | $ | 1,786,881.68 | $ | 1,614,496.50 | $ | 72,916.67 | $ | 0.00 | $ | 0.00 | $ | 214,598.05 | $ | 421,593.19 | ||||||||||||||||
ii | Quarterly Interest Paid | 1,786,881.68 | 1,614,496.50 | 72,916.67 | 0.00 | 0.00 | 214,598.05 | 421,593.19 | |||||||||||||||||||||||
iii | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||||||||||
iv | Interest Carryover Due | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||||||||
v | Interest Carryover Paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
vi | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||||||||
vii | Quarterly Principal Distribution Amount | $ | 5,636,792.15 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||||||||
viii | Quarterly Principal Paid (or allocated) | 5,636,792.15 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
ix | Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||||||||
x | Total Distribution Amount | $ | 7,423,673.83 | $ | 1,614,496.50 | $ | 72,916.67 | $ | 0.00 | $ | 214,598.05 | $ | 421,593.19 | ||||||||||||||||||
B | Note Balances | 3/15/2004 | Paydown Factors | 6/15/2004 | |||||||||||||||||||||||||||
i | A-1 Note Balance | 78443CAY0 | $ | 577,863,279.81 | $ | 572,226,487.66 | |||||||||||||||||||||||||
A-1 Note Pool Factor | 0.9631054664 | 0.0093946536 | 0.9537108128 | ||||||||||||||||||||||||||||
ii | A-2 Note Balance | 78443CAZ7 | $ | 421,173,000.00 | $ | 421,173,000.00 | |||||||||||||||||||||||||
A-2 Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | ||||||||||||||||||||||||||||
Balances | Next ARS Pay Date | ||||||||||||||||||||||||||||||
iii | A-3 Note Balance | 78443CBA1 | $ | 75,000,000.00 | $ | 75,000,000.00 | $ | 75,000,000.00 | 07/13/04 | ||||||||||||||||||||||
A-3 Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | 1.000000000 | |||||||||||||||||||||||||||
iv | A-4 Note Balance | 78443CBB9 | $ | 75,000,000.00 | $ | 75,000,000.00 | $ | 75,000,000.00 | 06/23/04 | ||||||||||||||||||||||
A-4 Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | 1.000000000 | |||||||||||||||||||||||||||
v | A-5 Note Balance | 78443CBC7 | $ | 70,000,000.00 | $ | 70,000,000.00 | 70,000,000.00 | 07/01/04 | |||||||||||||||||||||||
A-5 Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | 1.000000000 | |||||||||||||||||||||||||||
vi | B Note Balance | 78443CBD5 | $ | 43,965,000.00 | $ | 43,965,000.00 | |||||||||||||||||||||||||
B Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | ||||||||||||||||||||||||||||
vii | C Note Balance | 78443CBE3 | $ | 60,875,000.00 | $ | 60,875,000.00 | |||||||||||||||||||||||||
C Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 |
XVIII. 2003-C Historical Pool Information
3/1/04-5/31/04 | 12/01/03-02/29/03 | 08/18/03-11/30/03 | ||||||||||||||
Beginning Student Loan Portfolio Balance | $ | 1,201,155,217.98 | $ | 1,205,163,347.06 | $ | 1,202,893,173.22 | ||||||||||
Student Loan Principal Activity | ||||||||||||||||
i | Principal Payments Received | $ | 13,747,785.94 | $ | 12,789,181.37 | $ | 13,196,464.40 | |||||||||
ii | Purchases by Servicer (Delinquencies >180) | 1,017,501.03 | 1,151,451.03 | 76,894.69 | ||||||||||||
iii | Other Servicer Reimbursements | (32,006.81 | ) | 1,819.35 | 1,730.97 | |||||||||||
iv | Seller Reimbursements | 93,452.56 | 175,765.85 | 665,294.10 | ||||||||||||
v | Total Principal Collections | $ | 14,826,732.72 | $ | 14,118,217.60 | $ | 13,940,384.16 | |||||||||
Student Loan Non-Cash Principal Activity | ||||||||||||||||
i | Realized Losses/Loans Charged Off | $ | — | $ | — | $ | — | |||||||||
ii | Capitalized Interest | (4,848,056.60 | ) | (8,930,525.57 | ) | (14,369,110.75 | ) | |||||||||
iii | Capitalized Insurance Fee | ($206,100.24 | ) | ($1,165,239.70 | ) | ($1,810,969.76 | ) | |||||||||
iv | Other Adjustments | 1,793.51 | (14,323.25 | ) | (30,477.49 | ) | ||||||||||
v | Total Non-Cash Principal Activity | $ | (5,052,363.33 | ) | $ | (10,110,088.52 | ) | $ | (16,210,558.00 | ) | ||||||
(-) | Total Student Loan Principal Activity | $ | 9,774,369.39 | $ | 4,008,129.08 | $ | (2,270,173.84 | ) | ||||||||
Student Loan Interest Activity | ||||||||||||||||
i | Interest Payments Received | $ | 5,369,428.80 | $ | 4,838,239.81 | $ | 4,365,636.18 | |||||||||
ii | Repurchases by Servicer (Delinquencies >180) | 34,855.48 | 40,125.17 | 487.74 | ||||||||||||
iii | Other Servicer Reimbursements | (1,906.22 | ) | 61.76 | 15.64 | |||||||||||
iv | Seller Reimbursements | 7,807.48 | 11,832.95 | 46,145.91 | ||||||||||||
v | Late Fees | 67,109.33 | 62,849.57 | 51,362.80 | ||||||||||||
vi | Collection Fees | — | — | — | ||||||||||||
vii | Total Interest Collections | 5,477,294.87 | 4,953,109.26 | 4,463,648.27 | ||||||||||||
Student Loan Non-Cash Interest Activity | ||||||||||||||||
i | Realized Losses/Loans Charged Off | $ | — | $ | — | $ | — | |||||||||
ii | Capitalized Interest | 4,848,056.60 | 8,930,525.57 | 14,369,110.75 | ||||||||||||
iii | Other Interest Adjustments | 28,841.20 | 33,539.19 | 104,599.84 | ||||||||||||
iv | Total Non-Cash Interest Adjustments | $ | 4,876,897.80 | $ | 8,964,064.76 | $ | 14,473,710.59 | |||||||||
v | Total Student Loan Interest Activity | $ | 10,354,192.67 | $ | 13,917,174.02 | $ | 18,937,358.86 | |||||||||
(=) | Ending Student Loan Portfolio Balance | $ | 1,191,380,848.58 | $ | 1,201,155,217.98 | $ | 1,205,163,347.06 | |||||||||
(+) | Interest to be Capitalized | $ | 51,103,120.52 | $ | 46,965,543.28 | $ | 46,656,743.34 | |||||||||
(=) | TOTAL POOL | $ | 1,242,483,969.10 | $ | 1,248,120,761.26 | $ | 1,251,820,090.40 | |||||||||
(+) | Cash Capitalization Account Balance (CI) | $ | 102,811,061.00 | $ | 102,811,061.00 | $ | 102,811,061.00 | |||||||||
(=) | Asset Balance | $ | 1,345,295,030.10 | $ | 1,350,931,822.26 | $ | 1,354,631,151.40 |
XIX. 2003-C Payment History and CPRs
Distribution | Actual | Since Issued | ||||
Date | Pool Balances | CPR * | ||||
Dec-03 | $1,251,820,090 | 2.20% | ||||
Mar-03 | $1,248,120,761 | 2.03% | ||||
Jun-04 | $1,242,483,969 | 1.77% | ||||
* “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.
SLM Private Credit Student Loan Trust 2004–A
Quarterly Servicing Report
Report Date: 5/31/04 Reporting Period: 02/24/04 – 05/31/04
I. Deal Parameters
Student Loan Portfolio Characteristics | 2/23/04 | Activity | 5/31/04 | |||||||||||||
A | i | Portfolio Balance | $ | 1,213,231,182.32 | ($9,709,379.75 | ) | $ | 1,203,521,802.57 | ||||||||
ii | Interest to be Capitalized | 38,927,109.41 | 46,171,852.00 | |||||||||||||
iii | Total Pool | $ | 1,252,158,291.73 | $ | 1,249,693,654.57 | |||||||||||
iv | Cash Capitalization Account (Cii) | 90,638,804.00 | 90,638,804.00 | |||||||||||||
v | Asset Balance | $ | 1,342,797,095.73 | $ | 1,340,332,458.57 | |||||||||||
i | Weighted Average Coupon (WAC) | 5.147 | % | 5.161 | % | |||||||||||
ii | Weighted Average Remaining Term | 193.48 | 190.69 | |||||||||||||
iii | Number of Loans | 148,353 | 147,297 | |||||||||||||
iv | Number of Borrowers | 104,834 | 104,035 | |||||||||||||
v | Prime Loans Outstanding | $ | 1,002,171,131 | $ | 1,003,417,069 | |||||||||||
vi | T-bill Loans Outstanding | $ | 248,697,351 | $ | 245,015,187 | |||||||||||
vii | Fixed Loans Outstanding | $ | 1,289,810 | $ | 1,261,399 |
Notes | Cusips | Spread | Balance 03/25/04 | % of O/S Securities | Balance 06/15/04 | % of O/S Securities | ||||||||||||||||||
B | i | A-1 Notes | 78443CBF0 | 0.060% | $ | 600,000,000.00 | 44.907 | % | $ | 582,115,844.73 | 44.160 | % | ||||||||||||
ii | A-2 Notes | 78443CBG8 | 0.200% | 307,000,000.00 | 22.978 | % | 307,000,000.00 | 23.289 | % | |||||||||||||||
iii | A-3 Notes | 78443CBH6 | 0.400% | 325,016,000.00 | 24.326 | % | 325,016,000.00 | 24.656 | % | |||||||||||||||
vi | B Notes | 78443CBJ2 | 0.580% | 43,641,000.00 | 3.266 | % | 43,641,000.00 | 3.311 | % | |||||||||||||||
vii | C Notes | 78443CBK9 | 0.950% | 60,426,000.00 | 4.523 | % | 60,426,000.00 | 4.584 | % | |||||||||||||||
viii | Total Notes | $ | 1,336,083,000.00 | 100.000 | % | $ | 1,318,198,844.73 | 100.000 | % | |||||||||||||||
3/25/2004 | 6/15/2004 | |||||||||||
C | i | Reserve Account Balance ($) | $ | 3,130,396.00 | $ | 3,130,396.00 | ||||||
ii | Cash Capitalization Acct Balance ($) | $ | 90,638,804.00 | $ | 90,638,804.00 | |||||||
iii | Initial Asset Balance | $ | 1,342,797,095.73 | $ | 1,342,797,095.73 | |||||||
iv | Specified Overcollateralization Amount | $ | 26,855,941.91 | $ | 26,855,941.91 | |||||||
v | Actual Overcollateralization Amount | $ | 6,714,095.73 | $ | 22,133,613.84 | |||||||
v | Has the Stepdown Date Occurred?* | No | No | |||||||||
* The Stepdown Date is the earlier of the distribution date following the reduction of the Class A Notes to zero and March 16, 2009. At the Stepdown Date, principal payments made on the Class B and Class C Notes may begin to be paid pro-rata with the Class A Notes. See the prospectus for complete information concerning the Stepdown Date. |
1
II. 2004-A Transactions from: 2/23/2004 through: 5/31/2004
A | Student Loan Principal Activity | |||||||
i | Principal Payments Received | $ | 14,555,943.75 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 227,345.53 | ||||||
iii | Other Servicer Reimbursements | — | ||||||
iv | Seller Reimbursements | 1,450,959.90 | ||||||
v | Total Principal Collections | $ | 16,234,249.18 | |||||
B | Student Loan Non-Cash Principal Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | — | |||||
ii | Capitalized Interest | (6,171,529.04 | ) | |||||
iii | Capitalized Insurance Fee | (387,523.24 | ) | |||||
iv | Other Adjustments | 34,182.85 | ||||||
v | Total Non-Cash Principal Activity | $ | (6,524,869.43 | ) | ||||
C | Total Student Loan Principal Activity | $ | 9,709,379.75 | |||||
D | Student Loan Interest Activity | |||||||
i | Interest Payments Received | $ | 5,083,095.36 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 4,983.10 | ||||||
iii | Other Servicer Reimbursements | 1.46 | ||||||
iv | Seller Reimbursements | 57,751.49 | ||||||
v | Late Fees | 68,613.01 | ||||||
vi | Collection Fees/Return Items | — | ||||||
vii | Total Interest Collections | $ | 5,214,444.42 | |||||
E | Student Loan Non-Cash Interest Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | — | |||||
ii | Capitalized Interest | 6,171,529.04 | ||||||
iii | Other Interest Adjustments | 59,757.30 | ||||||
iv | Total Non-Cash Interest Adjustments | $ | 6,231,286.34 | |||||
F | Total Student Loan Interest Activity | $ | 11,445,730.76 | |||||
2
III. 2004-A Collection Account Activity 2/23/2004 through 5/31/2004
A | Principal Collections | |||||||
i | Principal Payments Received | $ | 14,240,505.00 | |||||
ii | Consolidation Principal Payments | 315,438.75 | ||||||
iii | Purchases by Servicer (Delinquencies >180) | 227,345.53 | ||||||
iv | Reimbursements by Seller | 11,189.81 | ||||||
v | Reimbursements by Servicer | 0.00 | ||||||
vi | Other Re-purchased Principal | 1,439,770.09 | ||||||
vii | Total Principal Collections | $ | 16,234,249.18 | |||||
B | Interest Collections i Interest Payments Received | $ | 5,081,885.51 | |||||
ii | Consolidation Interest Payments | 1,209.85 | ||||||
iii | Purchases by Servicer (Delinquencies >180) | 4,983.10 | ||||||
iv | Reimbursements by Seller | 5,753.69 | ||||||
v | Reimbursements by Servicer | 1.46 | ||||||
vi | Other Re-purchased Interest | 51,997.80 | ||||||
vii | Collection Fees/Return Items | 0.00 | ||||||
viii | Late Fees | 68,613.01 | ||||||
ix | Total Interest Collections | $ | 5,214,444.42 | |||||
C | Recoveries on Realized Losses | $ | — | |||||
D | Amount from Cash Capitalizaton Account | $ | — | |||||
E | Funds Borrowed from Next Collection Period | $ | 2,400,000.00 | |||||
F | Funds Repaid from Prior Collection Periods | $ | — | |||||
G | Investment Income | $ | 182,552.39 | |||||
H | Borrower Incentive Reimbursements | $ | 41,716.50 | |||||
I | Interest Rate Cap Proceeds | $ | — | |||||
J | Gross Swap Receipt | $ | 2,526,449.48 | |||||
TOTAL FUNDS RECEIVED | $ | 26,599,411.97 | ||||||
LESS FUNDS PREVIOUSLY REMITTED: | ||||||||
Servicing Fees | $ | (864,365.21 | ) | |||||
K | TOTAL AVAILABLE FUNDS | $ | 25,735,046.76 | |||||
L | Servicing Fees Due for Current Period | $ | 702,657.20 | |||||
M | Carryover Servicing Fees Due | $ | — | |||||
N | Administration Fees Due | $ | 20,000.00 | |||||
O | Total Fees Due for Period | $ | 722,657.20 | |||||
3
IV. 2004-A Loss and Recovery Detail | 5/31/04 |
A | i | Cumulative Realized Losses Test | % of Original Pool | 5/31/04 | ||||||||||
June 15, 2004 to March 16, 2009 | 15 | % | $ | 201,419,564.36 | ||||||||||
June 15, 2009 to March 15, 2012 | 18 | % | ||||||||||||
June 15, 2012 and thereafter | 20 | % | ||||||||||||
ii | Cumulative Realized Losses (Net of Recoveries) | $ | - | |||||||||||
iii | Is Test Satisfied (ii < i)? | Yes | ||||||||||||
B | i | Recoveries on Realized Losses This Collection Period | ||||||||||||
ii | Principal Cash Recovered During Collection Period | $ | 0.00 | |||||||||||
iii | Interest Cash Recovered During Collection Period | $ | 0.00 | |||||||||||
iv | Late Fees and Collection Costs Recovered During Collection Period | $ | 0.00 | |||||||||||
v | Total Recoveries for Period | $ | 0.00 | |||||||||||
C | i | Gross Defaults: | ||||||||||||
ii | Cumulative Principal Purchases by Servicer | $ | 227,345.53 | |||||||||||
iii | Cumulative Interest Purchases by Servicer | $ | 4,983.10 | |||||||||||
iv | Total Gross Defaults: | $ | 232,328.63 |
4
V. 2004-A Portfolio Characteristics
Weighted Avg Coupon | # of Loans | %* | Principal Amount | %* | ||||||||||||||||||||||||||||||||||||
STATUS | 2/23/04 | 5/31/04 | 2/23/04 | 5/31/04 | 2/23/04 | 5/31/04 | 2/23/04 | 5/31/04 | 2/23/04 | 5/31/04 | ||||||||||||||||||||||||||||||
INTERIM: | ||||||||||||||||||||||||||||||||||||||||
In School | 5.425 | % | 5.410 | % | 70,479 | 55,983 | 47.508 | % | 38.007 | % | $ | 531,010,147.36 | $ | 416,592,528.17 | 43.768 | % | 34.614 | % | ||||||||||||||||||||||
Grace | 5.642 | % | 5.469 | % | 20,691 | 28,640 | 13.947 | % | 19.444 | % | $ | 157,832,480.45 | $ | 221,303,295.21 | 13.009 | % | 18.388 | % | ||||||||||||||||||||||
TOTAL INTERIM | 5.474 | % | 5.431 | % | 91,170 | 84,623 | 61.455 | % | 57.451 | % | $ | 688,842,627.81 | $ | 637,895,823.38 | 56.778 | % | 53.002 | % | ||||||||||||||||||||||
REPAYMENT | ||||||||||||||||||||||||||||||||||||||||
Active | ||||||||||||||||||||||||||||||||||||||||
Current | 4.684 | % | 4.807 | % | 41,717 | 45,996 | 28.120 | % | 31.227 | % | $ | 370,327,636.05 | $ | 405,045,842.86 | 30.524 | % | 33.655 | % | ||||||||||||||||||||||
31-60 Days Delinquent | 5.037 | % | 5.564 | % | 1,555 | 1,220 | 1.048 | % | 0.828 | % | $ | 13,572,464.61 | $ | 10,413,395.58 | 1.119 | % | 0.865 | % | ||||||||||||||||||||||
61-90 Days Delinquent | 0.000 | % | 5.811 | % | 0 | 488 | 0.000 | % | 0.331 | % | $ | 0.00 | $ | 4,224,640.72 | 0.000 | % | 0.351 | % | ||||||||||||||||||||||
91-120 Days Delinquent | 0.000 | % | 5.988 | % | 0 | 339 | 0.000 | % | 0.230 | % | $ | 0.00 | $ | 2,656,616.03 | 0.000 | % | 0.221 | % | ||||||||||||||||||||||
121-150 Days Delinquent | 0.000 | % | 6.094 | % | 0 | 241 | 0.000 | % | 0.164 | % | $ | 0.00 | $ | 2,130,815.99 | 0.000 | % | 0.177 | % | ||||||||||||||||||||||
151-180 Days Delinquent | 0.000 | % | 5.994 | % | 0 | 60 | 0.000 | % | 0.041 | % | $ | 0.00 | $ | 525,170.37 | 0.000 | % | 0.044 | % | ||||||||||||||||||||||
> 180 Days Delinquent | 0.000 | % | 0.000 | % | 0 | 0 | 0.000 | % | 0.000 | % | $ | 0.00 | $ | 0.00 | 0.000 | % | 0.000 | % | ||||||||||||||||||||||
Deferment | 4.755 | % | 4.162 | % | 2,354 | 2,313 | 1.587 | % | 1.570 | % | $ | 28,568,162.60 | $ | 27,882,876.39 | 2.355 | % | 2.317 | % | ||||||||||||||||||||||
Forbearance | 4.850 | % | 5.053 | % | 11,557 | 12,017 | 7.790 | % | 8.158 | % | $ | 111,920,291.25 | $ | 112,746,621.25 | 9.225 | % | 9.368 | % | ||||||||||||||||||||||
TOTAL REPAYMENT | 4.732 | % | 4.857 | % | 57,183 | 62,674 | 38.545 | % | 42.549 | % | $ | 524,388,554.51 | $ | 565,625,979.19 | 43.222 | % | 46.998 | % | ||||||||||||||||||||||
GRAND TOTAL | 5.156 | % | 5.161 | % | 148,353 | 147,297 | 100.000 | % | 100.000 | % | $ | 1,213,231,182.32 | $ | 1,203,521,802.57 | 100.000 | % | 100.000 | % |
* Precentages may not total 100% due to rounding
5
VI. 2004-A Portfolio Characteristics by School and Program
LOAN TYPE | WAC | # Loans | $ Amount | % | ||||||||||||
-Signature Loans | 5.393 | % | 112,162 | $ | 866,110,881.06 | 71.965 | % | |||||||||
-Law Loans | 4.992 | % | 18,492 | $ | 160,832,483.51 | 13.363 | % | |||||||||
-Med Loans | 4.133 | % | 12,517 | $ | 119,924,782.56 | 9.964 | % | |||||||||
-MBA Loans | 4.415 | % | 4,126 | $ | 56,653,655.44 | 4.707 | % | |||||||||
- Total | 5.161 | % | 147,297 | $ | 1,203,521,802.57 | 100.000 | % |
* Percentages may not total 100% due to rounding
6
VII. 2004-A Interest Rate Swap and Cap Calculations
A | Swap Payments | |||||||||||||
Swap Calculation | ||||||||||||||
i | Notional Swap Amount — Aggregate Prime Loans Outstanding | $ | 1,002,171,130.89 | |||||||||||
Counterparty Pays: | ||||||||||||||
ii | 3 Month LIBOR | 1.10677 | % | |||||||||||
iii | Gross Swap Receipt Due Trust | $ | 2,526,449.48 | |||||||||||
iv | Days in Period | 3/25/04 | 6/15/04 | 82 | ||||||||||
SLM Private Credit Trust Pays: | ||||||||||||||
v | Prime Rate (WSJ) Less | 2.6400 | % | 1.36000 | % | |||||||||
vi | Gross Swap Payment Due Counterparty | $ | 3,053,609.96 | |||||||||||
vii | Days in Period | 3/25/04 | 6/15/04 | 82 | ||||||||||
B | Cap Payments | |||||||||||||
Cap Calculation | ||||||||||||||
i | Notional Swap Amount | $ | 840,000,000.00 | |||||||||||
Counterparty Pays: | ||||||||||||||
ii | 3 Month LIBOR (interpolated for first accrual period) | 1.10677 | % | |||||||||||
iii | Cap Rate | 4.00000 | % | |||||||||||
iv | Excess (if any) of LIBOR over Cap Rate (ii-iii) | 0.00000 | % | |||||||||||
v | Days in Period | 3/25/04 | 6/15/04 | 82 | ||||||||||
vi | Cap Payment due Trust | $ | — |
VIII. 2004-A Accrued Interest Factors
Accrued | ||||||||
Int Factor | Accrual Period | Rate | ||||||
A | Class A-1 Interest Rate | 0.002657643 | (03/25/04 - 06/15/04) | 1.16677% | ||||
B | Class A-2 Interest Rate | 0.002976532 | (03/25/04 - 06/15/04) | 1.30677% | ||||
C | Class A-3 Interest Rate | 0.003432087 | (03/25/04 - 06/15/04) | 1.50677% | ||||
D | Class B Interest Rate | 0.003842087 | (03/25/04 - 06/15/04) | 1.68677% | ||||
E | Class C Interest Rate | 0.004684865 | (03/25/04 - 06/15/04) | 2.05677% |
7
IX. 2004-A Inputs From Prior Data | 2/23/04 |
A | Total Student Loan Pool Outstanding | |||||||||||||||||||||||
i ii | Portfolio Balance Interest To Be Capitalized | $ | 1,213,231,182.32 38,927,109.41 | |||||||||||||||||||||
iii iv | Total Pool Cash Capitalization Account (CI) | $ | 1,252,158,291.73 90,638,804.00 | |||||||||||||||||||||
v | Asset Balance | $ | 1,342,797,095.73 | |||||||||||||||||||||
B | Total Note and Certificate Factor | 1.00000000000 | ||||||||||||||||||||||
C | Total Note Balance | $ | 1,336,083,000.00 | |||||||||||||||||||||
D | Note Balance 3/25/04 | Class A-1 | Class A-2 | Class A-3 | Class B | Class C | ||||||||||||||||||
i | Current Factor | 1.0000000000 | 1.0000000000 | 1.0000000000 | 1.0000000000 | 1.0000000000 | ||||||||||||||||||
ii | Expected Note Balance | $ | 600,000,000.00 | $ | 307,000,000.00 | $ | 325,016,000.00 | $ | 43,641,000.00 | $ | 60,426,000.00 | |||||||||||||
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 | 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 |
8
X. 2004-A Note Parity Triggers
Class A | Class B | Class C | ||||||||||||
Notes Outstanding | 3/25/04 | $ | 1,232,016,000 | $ | 1,275,657,000 | $ | 1,336,083,000 | |||||||
Asset Balance | 2/23/04 | $ | 1,342,797,096 | $ | 1,342,797,096 | $ | 1,342,797,096 | |||||||
Pool Balance | 5/31/04 | $ | 1,249,693,655 | $ | 1,249,693,655 | $ | 1,249,693,655 | |||||||
Amounts on Deposit* | 6/15/04 | 108,973,719 | 108,806,047 | 108,522,959 | ||||||||||
Total | $ | 1,358,667,374 | $ | 1,358,499,701 | $ | 1,358,216,615 | ||||||||
Are the Notes in Excess of the Asset Balance? | No | No | No | |||||||||||
Are the Notes in Excess of the Pool + Amounts on Deposit? | No | No | No | |||||||||||
Are the Notes Parity Triggers in Effect? | No | No | No | |||||||||||
Class A Enhancement | $ | 110,781,095.73 | ||||||||||||
Specified Class A Enhancement | $ | 201,049,868.79 | The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount | |||||||||||
Class B Enhancement | $ | 67,140,095.73 | ||||||||||||
Specified Class B Enhancement | $ | 135,708,661.43 | The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount | |||||||||||
Class C Enhancement | $ | 6,714,095.73 | ||||||||||||
Specified Class C Enhancement | $ | 40,209,973.76 | The greater of 3% of the Asset Balance or the Specified Overcollateralization Amount |
* Amounts on Deposit in Trust Accounts for the Collection Period after Payment of Section XIII Items B through E for the Class A; Items B through G for the Class B; and Items B through I for the Class C
XI. 2004-A Cash Capitalization Account Triggers
Cash Capitalization Account Balance (CI)* | 5/31/04 | $ | 90,638,804.00 | |||
5.50% of Initial Asset Balance | $ | 73,853,840.27 | ||||
Excess, CI over 5.5% of initial Asset Bal | $ | 16,784,963.73 | ||||
Release above excess to Collection Account?** | 6/15/04 | DO NOT RELEASE | ||||
3.50% of Initial Asset Balance | $ | 46,997,898.35 | ||||
Excess, CI over 3.5% of initial Asset Bal | $ | 43,640,905.65 | ||||
Release above excess to Collection Account?** | 6/15/04 | DO NOT RELEASE |
*as defined under “Asset Balance” on page S-69 of the prospectus supplement
**determined based on a comparison of pool balances to notes outstanding and CI, along with certain loan portfolio characteristics, as outlined on page S-49 of the prospectus supplement
9
XII. 2004-A Principal Distribution Calculations
Priority Principal Payments (If Note Parity Triggers are not in effect, go to Regular Principal Distribution below): | ||||||||
i | Is the Class A Note Parity Trigger in Effect? | No | ||||||
ii | Aggregate A Notes Outstanding | 3/25/04 | $ | 1,232,016,000.00 | ||||
iii | Asset Balance | 5/31/04 | $ | 1,340,332,458.57 | ||||
iv | First Priority Principal Distribution Amount | 6/15/04 | $ | - | ||||
v | Is the Class B Note Parity Trigger in Effect? | No | ||||||
vi | Aggregate A and B Notes Outstanding | 3/25/04 | $ | 1,275,657,000.00 | ||||
vii | Asset Balance | 5/31/04 | $ | 1,340,332,458.57 | ||||
viii | First Priority Principal Distribution Amount | 6/15/04 | $ | - | ||||
ix | Second Priority Principal Distribution Amount | 6/15/04 | $ | - | ||||
x | Is the Class C Note Parity Trigger in Effect? | No | ||||||
xi | Aggregate A, B and C Notes Outstanding | 3/25/04 | $ | 1,336,083,000.00 | ||||
xii | Asset Balance | 5/31/04 | $ | 1,340,332,458.57 | ||||
xiii | First Priority Principal Distribution Amount | 6/15/04 | $ | - | ||||
xiv | Second Priority Principal Distribution Amount | 6/15/04 | $ | - | ||||
xv | Third Priority Principal Distribution Amount | 6/15/04 | $ | - |
Regular Principal Distribution | ||||||||
i | Aggregate Notes Outstanding | 3/25/04 | $ | 1,336,083,000.00 | ||||
ii | Asset Balance | 5/31/04 | $ | 1,340,332,458.57 | ||||
iii | Specified Overcollateralization Amount | 6/15/04 | $ | 26,855,941.91 | ||||
iv | First Priority Principal Distribution Amount | 6/15/04 | $ | - | ||||
v | Second Priority Principal Distribution Amount | 6/15/04 | $ | - | ||||
vi | Third Priority Principal Distribution Amount | 6/15/04 | $ | - | ||||
vii | Regular Principal Distribution Amount | $ | 22,606,483.34 | |||||
viii | Actual Principal Distribution Amount paid | $ | 17,884,155.27 | |||||
ix | Shortfall | $ | 4,722,328.08 | |||||
Class A Noteholders’ Principal Distribution Amounts | ||||||||
i | Has the Stepdown Date Occurred? | No | ||||||
ii | Asset Balance | 5/31/04 | $ | 1,340,332,458.57 | ||||
iii | 85% of Asset Balance | 5/31/04 | $ | 1,139,282,589.78 | ||||
iv | Specified Overcollateralization Amount | 6/15/04 | $ | 26,855,941.91 | ||||
v | Lesser of (iii) and (ii — iv) | $ | 1,139,282,589.78 | |||||
vi | Class A Noteholders’ Principal Distribution Amt — Before the Stepdown Date | $ | 22,606,483.34 | |||||
vii | Class A Noteholders’ Principal Distribution Amt — After the Stepdown Date | $ | - | |||||
Class B Noteholders’ Principal Distribution Amounts | ||||||||
i | Has the Stepdown Date Occurred? | No | ||||||
ii | Asset Balance | 5/31/04 | $ | 1,340,332,458.57 | ||||
iii | 89.875% of Asset Balance | 5/31/04 | $ | 1,204,623,797.14 | ||||
iv | Specified Overcollateralization Amount | 6/15/04 | $ | 26,855,941.91 | ||||
v | Lesser of (iii) and (ii — iv) | $ | 1,204,623,797.14 | |||||
vi | Class B Noteholders’ Principal Distribution Amt — Before the Stepdown Date | $ | - | |||||
vii | Class B Noteholders’ Principal Distribution Amt — After the Stepdown Date | $ | - | |||||
Class C Noteholders’ Principal Distribution Amounts | ||||||||
i | Has the Stepdown Date Occurred? | No | ||||||
ii | Asset Balance | 5/31/04 | $ | 1,340,332,458.57 | ||||
iii | 97% of Asset Balance | 5/31/04 | $ | 1,300,122,484.81 | ||||
iv | Specified Overcollateralization Amount | 6/15/04 | $ | 26,855,941.91 | ||||
v | Lesser of (iii) and (ii — iv) | $ | 1,300,122,484.81 | |||||
vi | Class C Noteholders’ Principal Distribution Amt — Before the Stepdown Date | $ | - | |||||
vii | Class C Noteholders’ Principal Distribution Amt — After the Stepdown Date | $ | - |
10
XIII. 2004-A Waterfall for Distributions
Remaining | ||||||||||||||
Funds Balance | ||||||||||||||
A | Total Available Funds ( Sections III-K ) | $ | 25,735,046.76 | $ | 25,735,046.76 | |||||||||
B | Primary Servicing Fees-Current Month plus any Unpaid | $ | 702,657.20 | $ | 25,032,389.56 | |||||||||
C | Quarterly Administration Fee plus any Unpaid | $ | 20,000.00 | $ | 25,012,389.56 | |||||||||
D | Gross Swap Payment due | $ | 3,053,609.96 | $ | 21,958,779.60 | |||||||||
E | i | Class A-1 Noteholders’ Interest Distribution Amount due 6/15/04 | $ | 1,594,585.67 | $ | 20,364,193.93 | ||||||||
ii | Class A-2 Noteholders’ Interest Distribution Amount due 6/15/04 | $ | 913,795.22 | $ | 19,450,398.71 | |||||||||
iii | Class A-3 Noteholders’ Interest Distribution Amount due 6/15/04 | $ | 1,115,483.26 | $ | 18,334,915.45 | |||||||||
vi | Swap Termination Fees due 6/15/04 | $ | 0.00 | $ | 18,334,915.45 | |||||||||
F | First Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 18,334,915.45 | |||||||||
G | Class B Noteholders’ Interest Distribuition Amount due 6/15/04 | $ | 167,672.53 | $ | 18,167,242.92 | |||||||||
H | Second Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 18,167,242.92 | |||||||||
I | Class C Noteholders’ Interest Distribuition Amount | $ | 283,087.65 | $ | 17,884,155.27 | |||||||||
J | Third Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 17,884,155.27 | |||||||||
K | Increase to the Specified Reserve Account Balance | $ | 0.00 | $ | 17,884,155.27 | |||||||||
L | Regular Principal Distribution Amount — Principal Distribution Account | $ | 17,884,155.27 | $ | 0.00 | |||||||||
M | Carryover Servicing Fees | $ | 0.00 | $ | 0.00 | |||||||||
N | Swap Termination Payments | $ | 0.00 | $ | 0.00 | |||||||||
O | Additional Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 0.00 | |||||||||
P | Remaining Funds to the Certificateholders | $ | 0.00 | $ | 0.00 | |||||||||
XIV. 2004-A Principal Distribution Account Allocations | ||||||||||||||
Remaining | ||||||||||||||
Funds Balance | ||||||||||||||
A | Total from Collection Account | $ | 17,884,155.27 | $ | 17,884,155.27 | |||||||||
B | i | Class A-1 Principal Distribution Amount Paid | $ | 17,884,155.27 | $ | 0.00 | ||||||||
ii | Class A-2 Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||||
iii | Class A-3 Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||||
C | Class B Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||||
D | Class C Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||||
E | Remaining Class C Distribution Paid | $ | 0.00 | $ | 0.00 | |||||||||
F | Remaining Class B Distribution Paid | $ | 0.00 | $ | 0.00 | |||||||||
G | i | Remaining Class A-1 Distribution Paid | $ | 0.00 | $ | 0.00 | ||||||||
ii | Remaining Class A-2 Distribution Paid | $ | 0.00 | $ | 0.00 | |||||||||
iii | Remaining Class A-3 Distribution Paid | $ | 0.00 | $ | 0.00 |
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XV. 2004-A Distributions
A | Distribution Amounts | Class A-1 | Class A-2 | Class A-3 | Class B | Class C | ||||||||||||||||||||||||
i | Quarterly Interest Due | $ | 1,594,585.67 | $ | 913,795.22 | $ | 1,115,483.26 | $ | 167,672.53 | $ | 283,087.65 | |||||||||||||||||||
ii | Quarterly Interest Paid | 1,594,585.67 | 913,795.22 | 1,115,483.26 | 167,672.53 | 283,087.65 | ||||||||||||||||||||||||
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 Distribution Amount | $ | 22,606,483.34 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||
viii | Quarterly Principal Paid | 17,884,155.27 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||
ix | Shortfall | $ | 4,722,328.08 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||
x | Total Distribution Amount | $ | 19,478,740.93 | $ | 913,795.22 | $ | 1,115,483.26 | $ | 167,672.53 | $ | 283,087.65 | |||||||||||||||||||
B | Note Balances | 3/25/04 | Paydown Factors | 6/15/2004 | ||||||||||||||||||||||||||
i | A-1 Note Balance | 78443CBF0 | $ | 600,000,000.00 | $ | 582,115,844.73 | ||||||||||||||||||||||||
A-1 Note Pool Factor | 1.0000000000 | 0.0298069254 | 0.9701930746 | |||||||||||||||||||||||||||
ii | A-2 Note Balance | 78443CBG8 | $ | 307,000,000.00 | $ | 307,000,000.00 | ||||||||||||||||||||||||
A-2 Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | |||||||||||||||||||||||||||
iii | A-3 Note Balance | 78443CBH6 | $ | 325,016,000.00 | $ | 325,016,000.00 | ||||||||||||||||||||||||
A-3 Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | |||||||||||||||||||||||||||
vi | B Note Balance | 78443CBJ2 | $ | 43,641,000.00 | $ | 43,641,000.00 | ||||||||||||||||||||||||
B Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | |||||||||||||||||||||||||||
vii | C Note Balance | 78443CBK9 | $ | 60,426,000.00 | $ | 60,426,000.00 | ||||||||||||||||||||||||
C Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 |
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XVI. 2004-A Historical Pool Information
02/24/04 - 05/31/04 | ||||||||
Beginning Student Loan Portfolio Balance | $ | 1,213,231,182.32 | ||||||
Student Loan Principal Activity | ||||||||
i | Principal Payments Received | $ | 14,555,943.75 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 227,345.53 | ||||||
iii | Other Servicer Reimbursements | — | ||||||
iv | Seller Reimbursements | 1,450,959.90 | ||||||
v | Total Principal Collections | $ | 16,234,249.18 | |||||
Student Loan Non-Cash Principal Activity | ||||||||
i | Realized Losses/Loans Charged Off | $ | — | |||||
ii | Capitalized Interest | (6,171,529.04 | ) | |||||
iii | Capitalized Insurance Fee | ($387,523.24 | ) | |||||
iv | Other Adjustments | 34,182.85 | ||||||
v | Total Non-Cash Principal Activity | $ | (6,524,869.43 | ) | ||||
(-) | Total Student Loan Principal Activity | $ | 9,709,379.75 | |||||
Student Loan Interest Activity | ||||||||
i | Interest Payments Received | $ | 5,083,095.36 | |||||
ii | Repurchases by Servicer (Delinquencies >180) | 4,983.10 | ||||||
iii | Other Servicer Reimbursements | 1.46 | ||||||
iv | Seller Reimbursements | 57,751.49 | ||||||
v | Late Fees | 68,613.01 | ||||||
vi | Collection Fees | — | ||||||
viii | Total Interest Collections | 5,214,444.42 | ||||||
Student Loan Non-Cash Interest Activity | ||||||||
i | Realized Losses/Loans Charged Off | $ | — | |||||
ii | Capitalized Interest | 6,171,529.04 | ||||||
iii | Other Interest Adjustments | 59,757.30 | ||||||
iv | Total Non-Cash Interest Adjustments | $ | 6,231,286.34 | |||||
v | Total Student Loan Interest Activity | $ | 11,445,730.76 | |||||
(=) | Ending Student Loan Portfolio Balance | $ | 1,203,521,802.57 | |||||
(+) | Interest to be Capitalized | $ | 46,171,852.00 | |||||
(=) | TOTAL POOL | $ | 1,249,693,654.57 | |||||
(+) | Cash Capitalization Account Balance (CI) | $ | 90,638,804.00 | |||||
(=) | Asset Balance | $ | 1,340,332,458.57 |
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XVII. 2004-A Payment History and CPRs
Distribution | Actual | Since Issued | ||||
Date | Pool Balances | CPR * | ||||
Jun-04 | $1,249,693,655 | 2.26% |
* “Since Issued CPR” is based on the current period’s ending pool balance
calculated against the original pool balance and assuming cutoff date pool data.
14