SLM Private Credit Student Loan Trust 2002-A
Quarterly Servicing Report
Report Date: 8/31/2004 Reporting Period: 6/1/04-8/31/04
I. Deal Parameters
Student Loan Portfolio Characteristics | 5/31/2004 | Activity | 8/31/2004 | |||||||||||||
A | i | Portfolio Balance | $ | 636,370,333.78 | ($8,903,530.82 | ) | $ | 627,466,802.96 | ||||||||
ii | Interest to be Capitalized | 11,555,787.93 | 10,757,080.31 | |||||||||||||
iii | Total Pool | $ | 647,926,121.71 | $ | 638,223,883.27 | |||||||||||
iv | Cash Capitalization Account (CI) | 40,178,192.00 | 40,178,192.00 | |||||||||||||
v | Asset Balance | $ | 688,104,313.71 | $ | 678,402,075.27 | |||||||||||
i | Weighted Average Coupon (WAC) | 4.939 | % | 4.975 | % | |||||||||||
ii | Weighted Average Remaining Term | 178.40 | 176.62 | |||||||||||||
iii | Number of Loans | 66,634 | 65,827 | |||||||||||||
iv | Number of Borrowers | 45,356 | 44,738 | |||||||||||||
vi | Prime Loans Outstanding | $ | 564,491,055 | $ | 556,905,497 | |||||||||||
vii | T-bill Loans Outstanding | $ | 82,358,985 | $ | 80,303,552 | |||||||||||
viii | Fixed Loans Outstanding | $ | 1,076,082 | $ | 1,014,834 | |||||||||||
% of | % of | |||||||||||||||||||||||||||
Notes | Cusips | Spread | Balance 6/15/04 | O/S Securities | Balance 9/15/04 | O/S Securities | ||||||||||||||||||||||
B | i | A-1 Notes | 78443CAA2 | 0.150 | % | $ | 286,634,062.15 | 42.559 | % | $ | 276,931,823.71 | 41.720 | % | |||||||||||||||
ii | A-2 Notes | 78443CAB0 | 0.550 | % | 328,419,000.00 | 48.763 | % | 328,419,000.00 | 49.476 | % | ||||||||||||||||||
iii | B Notes | 78443CAC8 | 0.850 | % | 23,742,000.00 | 3.526 | % | 23,742,000.00 | 3.577 | % | ||||||||||||||||||
iv | C Notes | 78443CAD6 | 1.700 | % | 34,699,000.00 | 5.152 | % | 34,699,000.00 | 5.227 | % | ||||||||||||||||||
v | Total Notes | $ | 673,494,062.15 | 100.000 | % | $ | 663,791,823.71 | 100.000 | % | |||||||||||||||||||
6/15/2004 | 9/15/2004 | |||||||||||
C | 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. |
1
II. 2002-A Transactions from: 6/1/2004 through: 8/31/2004
A | Student Loan Principal Activity | |||||||
i | Principal Payments Received | $ | 11,164,773.25 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 1,332,379.01 | ||||||
iii | Other Servicer Reimbursements | 0.00 | ||||||
iv | Seller Reimbursements | 0.00 | ||||||
v | Total Principal Collections | $ | 12,497,152.26 | |||||
B | Student Loan Non-Cash Principal Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | — | |||||
ii | Capitalized Interest | (3,507,903.30 | ) | |||||
iii | Capitalized Insurance Fee | (86,322.88 | ) | |||||
iv | Other Adjustments | 604.74 | ||||||
v | Total Non-Cash Principal Activity | $ | (3,593,621.44 | ) | ||||
C | Total Student Loan Principal Activity | $ | 8,903,530.82 | |||||
D | Student Loan Interest Activity | |||||||
i | Interest Payments Received | $ | 5,054,242.51 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 58,186.47 | ||||||
iii | Other Servicer Reimbursements | 0.00 | ||||||
iv | Seller Reimbursements | 0.00 | ||||||
v | Late Fees | 78,593.54 | ||||||
vi | Collection Fees | 0.00 | ||||||
vii | Total Interest Collections | $ | 5,191,022.52 | |||||
E | Student Loan Non-Cash Interest Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | — | |||||
ii | Capitalized Interest | 3,507,903.30 | ||||||
iii | Other Interest Adjustments | 3,233.48 | ||||||
iv | Total Non-Cash Interest Adjustments | $ | 3,511,136.78 | |||||
F | Total Student Loan Interest Activity | $ | 8,702,159.30 | |||||
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III. 2002-A Collection Account Activity 6/1/2004 through: 8/31/2004
A | Principal Collections | |||||||
i | Principal Payments Received | $ | 11,033,325.86 | |||||
ii | Consolidation Principal Payments | 131,447.39 | ||||||
iii | Purchases by Servicer (Delinquencies >180) | 1,332,379.01 | ||||||
iv | Reimbursements by Seller | 0.00 | ||||||
v | Reimbursements by Servicer | 0.00 | ||||||
vi | Other Re-purchased Principal | 0.00 | ||||||
vii | Total Principal Collections | $ | 12,497,152.26 | |||||
B | Interest Collections | |||||||
i | Interest Payments Received | $ | 5,053,915.03 | |||||
ii | Consolidation Interest Payments | 327.48 | ||||||
iii | Purchases by Servicer (Delinquencies >180) | 58,186.47 | ||||||
iv | Reimbursements by Seller | 0.00 | ||||||
v | Reimbursements by Servicer | 0.00 | ||||||
vi | Other Re-purchased Interest | 0.00 | ||||||
viii | Collection Fees/Return Items | 0.00 | ||||||
ix | Late Fees | 78,593.54 | ||||||
x | Total Interest Collections | $ | 5,191,022.52 | |||||
C | Recoveries on Realized Losses | $ | — | |||||
D | Amount from Cash Capitalizaton Account | $ | — | |||||
E | Funds Borrowed from Next Collection Period | $ | — | |||||
F | Funds Repaid from Prior Collection Periods | $ | — | |||||
G | Investment Income | $ | 152,078.48 | |||||
H | Borrower Incentive Reimbursements | $ | 60,431.92 | |||||
I | Gross Swap Receipt | $ | 2,192,734.14 | |||||
TOTAL FUNDS RECEIVED | $ | 20,093,419.32 | ||||||
LESS FUNDS PREVIOUSLY REMITTED: | ||||||||
Servicing Fees | $ | (740,842.54 | ) | |||||
J | TOTAL AVAILABLE FUNDS | $ | 19,352,576.78 | |||||
K | Servicing Fees Due for Current Period | $ | 367,868.87 | |||||
L | Carryover Servicing Fees Due | $ | — | |||||
M | Administration Fees Due | $ | 20,000.00 | |||||
N | Total Fees Due for Period | $ | 387,868.87 | |||||
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IV. 2002-A Loss and Recovery Detail 8/31/2004
A | i | Cumulative Realized Losses Test | % of Initial Pool | 5/31/2004 | 8/31/2004 | |||||||||||
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 | $ | 3,405,631.42 | $ | 4,738,010.43 | |||||||||||
iii | Cumulative Interest Purchases by Servicer | $ | 108,169.87 | $ | 166,356.34 | |||||||||||
iv | Total Gross Defaults: | $ | 3,513,801.29 | $ | 4,904,366.77 |
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V. 2002-A Portfolio Characteristics
Weighted Avg Coupon | # of Loans | % * | Principal Amount | % * | ||||||||||||||||||||||||||||||||||||
STATUS | 5/31/2004** | 8/31/2004 | 5/31/2004** | 8/31/2004 | 5/31/2004** | 8/31/2004 | 5/31/2004** | 8/31/2004 | 5/31/2004** | 8/31/2004 | ||||||||||||||||||||||||||||||
INTERIM: | ||||||||||||||||||||||||||||||||||||||||
In School | 4.809 | % | 4.849 | % | 3,537 | 2,461 | 5.308 | % | 3.739 | % | $ | 31,066,034.27 | $ | 20,351,788.890 | 4.882 | % | 3.243 | % | ||||||||||||||||||||||
Grace | 4.582 | % | 4.606 | % | 3,570 | 4,007 | 5.358 | % | 6.087 | % | $ | 33,997,531.06 | $ | 39,741,988.64 | 5.342 | % | 6.334 | % | ||||||||||||||||||||||
Deferment | 4.772 | % | 4.939 | % | 5,057 | 4,953 | 7.589 | % | 7.524 | % | $ | 45,006,167.84 | $ | 42,336,011.40 | 7.072 | % | 6.747 | % | ||||||||||||||||||||||
TOTAL INTERIM | 4.724 | % | 4.792 | % | 12,164 | 11,421 | 18.255 | % | 17.350 | % | $ | 110,069,733.17 | $ | 102,429,788.93 | 17.296 | % | 16.324 | % | ||||||||||||||||||||||
REPAYMENT | ||||||||||||||||||||||||||||||||||||||||
Active | ||||||||||||||||||||||||||||||||||||||||
Current | 4.847 | % | 4.915 | % | 44,682 | 45,085 | 67.056 | % | 68.490 | % | $ | 425,454,403.96 | $ | 431,188,187.25 | 66.856 | % | 68.719 | % | ||||||||||||||||||||||
31-60 Days Delinquent | 5.688 | % | 5.518 | % | 1,129 | 1,163 | 1.694 | % | 1.767 | % | $ | 9,791,579.23 | $ | 11,085,845.85 | 1.539 | % | 1.767 | % | ||||||||||||||||||||||
61-90 Days Delinquent | 5.788 | % | 5.652 | % | 569 | 782 | 0.854 | % | 1.188 | % | $ | 5,131,599.87 | $ | 7,011,903.84 | 0.806 | % | 1.117 | % | ||||||||||||||||||||||
91-120 Days Delinquent | 5.806 | % | 5.997 | % | 420 | 364 | 0.630 | % | 0.553 | % | $ | 3,650,269.16 | $ | 3,098,643.30 | 0.574 | % | 0.494 | % | ||||||||||||||||||||||
121-150 Days Delinquent | 6.834 | % | 5.890 | % | 240 | 325 | 0.360 | % | 0.494 | % | $ | 2,305,770.41 | $ | 2,854,886.30 | 0.362 | % | 0.455 | % | ||||||||||||||||||||||
151-180 Days Delinquent | 6.029 | % | 5.964 | % | 111 | 126 | 0.167 | % | 0.191 | % | $ | 920,625.42 | $ | 1,116,901.78 | 0.145 | % | 0.178 | % | ||||||||||||||||||||||
> 180 Days Delinquent | 0.000 | % | 0.000 | % | 0 | 0 | 0.000 | % | 0.000 | % | $ | 0.00 | $ | 0.00 | 0.000 | % | 0.000 | % | ||||||||||||||||||||||
Forbearance | 5.477 | % | 5.364 | % | 7,319 | 6,561 | 10.984 | % | 9.967 | % | $ | 79,046,352.56 | $ | 68,680,645.71 | 12.421 | % | 10.946 | % | ||||||||||||||||||||||
TOTAL REPAYMENT | 4.983 | % | 5.011 | % | 54,470 | 54,406 | 81.745 | % | 82.650 | % | $ | 526,300,600.61 | $ | 525,037,014.03 | 82.704 | % | 83.676 | % | ||||||||||||||||||||||
GRAND TOTAL | 4.939 | % | 4.975 | % | 66,634 | 65,827 | 100.000 | % | 100.000 | % | $ | 636,370,333.78 | $ | 627,466,802.96 | 100.000 | % | 100.000 | % |
* | Percentages may not total 100% due to rounding | |
** | PRIOR QUARTER DATA HAS BEEN REVISED |
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VI. 2002-A Portfolio Characteristics by School and Program
LOAN TYPE | WAC | # Loans | $ Amount | % | ||||||||||||
-Signature Loans | 5.001 | % | 38,822 | $ | 315,115,908.99 | 50.220 | % | |||||||||
-Law Loans | 5.454 | % | 12,778 | $ | 135,263,504.88 | 21.557 | % | |||||||||
-Med Loans | 4.605 | % | 7,997 | $ | 85,643,685.50 | 13.649 | % | |||||||||
-MBA Loans | 4.486 | % | 6,230 | $ | 91,443,703.59 | 14.573 | % | |||||||||
- Total | 4.975 | % | 65,827 | $ | 627,466,802.96 | 100.000 | % |
*Percentages may not total 100% due to rounding
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VII. 2002-A Swap
Swap Payments | ||||||||||||
Swap Calculation | ||||||||||||
i | Notional Swap Amount — Aggregate Prime Loans Outstanding | 564,491,055 | ||||||||||
Counterparty Pays: | ||||||||||||
ii | 3 Month Libor | 1.52000 | % | |||||||||
iii | Gross Swap Receipt Due Trust | $ | 2,192,734.14 | |||||||||
iv | Days in Period | 6/15/2004 | 9/15/2004 | 92 | ||||||||
SLM Private Credit Trust Pays: | ||||||||||||
v | Prime Rate (WSJ) Less | 2.7000 | % | 1.30000 | % | |||||||
vi | Gross Swap Payment Due Counterparty | $ | 1,844,621.04 | |||||||||
vii | Days in Period | 6/15/2004 | 9/15/2004 | 92 |
VIII. 2002-A Accrued Interest Factors
Accrued | ||||||||||
Int Factor | Accrual Period | Rate | ||||||||
A | Class A-1 Interest Rate | 0.004267778 | (6/15/04-9/15/04) | 1.67000 | % | |||||
B | Class A-2 Interest Rate | 0.005290000 | (6/15/04-9/15/04) | 2.07000 | % | |||||
C | Class B Interest Rate | 0.006056667 | (6/15/04-9/15/04) | 2.37000 | % | |||||
D | Class C Interest Rate | 0.008228889 | (6/15/04-9/15/04) | 3.22000 | % |
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IX. 2002-A Inputs From Prior Data 5/31/04
A | Total Student Loan Pool Outstanding | |||||||||||||||||||
i | Portfolio Balance | $ | 636,370,333.78 | |||||||||||||||||
ii | Interest To Be Capitalized | 11,555,787.93 | ||||||||||||||||||
iii | Total Pool | $ | 647,926,121.71 | |||||||||||||||||
iv | Cash Capitalization Account (CI) | 40,178,192.00 | ||||||||||||||||||
v | Asset Balance | $ | 688,104,313.71 | |||||||||||||||||
B | Total Note and Certificate Factor | 0.92658016970 | ||||||||||||||||||
C | Total Note Balance | $ | 673,494,062.15 | |||||||||||||||||
D | Note Balance 6/15/2004 | Class A-1 | Class A-2 | Class B | Class C | |||||||||||||||
i | Current Factor | 0.8430413593 | 1.0000000000 | 1.0000000000 | 1.0000000000 | |||||||||||||||
ii | Expected Note Balance | $ | 286,634,062.15 | $ | 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 |
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X. 2002-A Note Parity Triggers
Class A | Class B | Class C | ||||||||||||||||||
Notes Outstanding | 06/15/04 | $ | 615,053,062 | $ | 638,795,062 | $ | 673,494,062 | |||||||||||||
Asset Balance | 5/31/04 | $ | 688,104,314 | $ | 688,104,314 | $ | 688,104,314 | |||||||||||||
Pool Balance | 8/31/04 | $ | 638,223,883 | $ | 638,223,883 | $ | 638,223,883 | |||||||||||||
Amounts on Deposit* | 9/15/04 | 54,337,652 | 54,193,854 | 53,908,320 | ||||||||||||||||
Total | $ | 692,561,535 | $ | 692,417,737 | $ | 692,132,203 | ||||||||||||||
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 | $ | 101,760,311.29 | The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount | |||||||||||||||||
Class B Enhancement | $ | 49,309,251.56 | ||||||||||||||||||
Specified Class B Enhancement | $ | 68,688,210.12 | 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 | $ | 20,352,062.26 | 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 |
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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 | 6/15/2004 | $ | 615,053,062.15 | ||||||||
iii | Asset Balance | 8/31/2004 | $ | 678,402,075.27 | ||||||||
iv | First Priority Principal Distribution Amount | 9/15/2004 | $ | — | ||||||||
v | Is the Class B Note Parity Trigger in Effect? | No | ||||||||||
vi | Aggregate A and B Notes Outstanding | 6/15/2004 | $ | 638,795,062.15 | ||||||||
vii | Asset Balance | 8/31/2004 | $ | 678,402,075.27 | ||||||||
viii | First Priority Principal Distribution Amount | 9/15/2004 | $ | — | ||||||||
ix | Second Priority Principal Distribution Amount | 9/15/2004 | $ | — | ||||||||
x | Is the Class C Note Parity Trigger in Effect? | No | ||||||||||
xi | Aggregate A, B and C Notes Outstanding | 6/15/2004 | $ | 673,494,062.15 | ||||||||
xii | Asset Balance | 8/31/2004 | $ | 678,402,075.27 | ||||||||
xiii | First Priority Principal Distribution Amount | 9/15/2004 | $ | — | ||||||||
xiv | Second Priority Principal Distribution Amount | 9/15/2004 | $ | — | ||||||||
xv | Third Priority Principal Distribution Amount | 9/15/2004 | $ | — | ||||||||
Regular Principal Distribution | ||||||||||||
i | Aggregate Notes Outstanding | 6/15/2004 | $ | 673,494,062.15 | ||||||||
ii | Asset Balance | 8/31/2004 | $ | 678,402,075.27 | ||||||||
iii | Specified Overcollateralization Amount | 9/15/2004 | $ | 14,610,251.56 | ||||||||
iv | First Priority Principal Distribution Amount | 9/15/2004 | $ | — | ||||||||
v | Second Priority Principal Distribution Amount | 9/15/2004 | $ | — | ||||||||
vi | Third Priority Principal Distribution Amount | 9/15/2004 | $ | — | ||||||||
vii | Regular Principal Distribution Amount | $ | 9,702,238.44 | |||||||||
Class A Noteholders’ Principal Distribution Amounts | ||||||||||||
i | Has the Stepdown Date Occurred? | No | ||||||||||
ii | Asset Balance | 8/31/2004 | $ | 678,402,075.27 | ||||||||
iii | 85% of Asset Balance | 8/31/2004 | $ | 576,641,763.98 | ||||||||
iv | Specified Overcollateralization Amount | 9/15/2004 | $ | 14,610,251.56 | ||||||||
v | Lesser of (iii) and (ii - iv) | $ | 576,641,763.98 | |||||||||
vi | Class A Noteholders’ Principal Distribution Amt - Before the Stepdown Date | $ | 9,702,238.44 | |||||||||
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 | 8/31/2004 | $ | 678,402,075.27 | ||||||||
iii | 89.875% of Asset Balance | 8/31/2004 | $ | 609,713,865.15 | ||||||||
iv | Specified Overcollateralization Amount | 9/15/2004 | $ | 14,610,251.56 | ||||||||
v | Lesser of (iii) and (ii - iv) | $ | 609,713,865.15 | |||||||||
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 | 8/31/2004 | $ | 678,402,075.27 | ||||||||
iii | 97% of Asset Balance | 8/31/2004 | $ | 658,050,013.01 | ||||||||
iv | Specified Overcollateralization Amount | 9/15/2004 | $ | 14,610,251.56 | ||||||||
v | Lesser of (iii) and (ii - iv) | $ | 658,050,013.01 | |||||||||
vi | Class C Noteholders’ Principal Distribution Amt - Before the Stepdown Date | $ | — | |||||||||
vii | Class C Noteholders’ Principal Distribution Amt - After the Stepdown Date | $ | — |
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XII. 2002-A Waterfall for Distributions
Remaining | ||||||||||||
Funds Balance | ||||||||||||
A | Total Available Funds ( Sections III-F ) | $ | 19,352,576.78 | $ | 19,352,576.78 | |||||||
B | Primary Servicing Fees — Current Month plus any Unpaid | $ | 367,868.87 | $ | 18,984,707.91 | |||||||
C | Quarterly Administration Fee plus any Unpaid | $ | 20,000.00 | $ | 18,964,707.91 | |||||||
D | Gross Swap Payment | $ | 1,844,621.04 | $ | 17,120,086.87 | |||||||
E | i | Class A-1 Noteholders’ Interest Distribution Amount | $ | 1,223,290.48 | $ | 15,896,796.39 | ||||||
ii | Class A-2 Noteholders’ Interest Distribution Amount | $ | 1,737,336.51 | $ | 14,159,459.88 | |||||||
F | First Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 14,159,459.88 | |||||||
G | Class B Noteholders’ Interest Distribuition Amount | $ | 143,797.38 | $ | 14,015,662.50 | |||||||
H | Second Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 14,015,662.50 | |||||||
I | Class C Noteholders’ Interest Distribuition Amount | $ | 285,534.22 | $ | 13,730,128.28 | |||||||
J | Third Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 13,730,128.28 | |||||||
K | Increase to the Specified Reserve Account Balance | $ | 0.00 | $ | 13,730,128.28 | |||||||
L | Regular Principal Distribution Amount — Principal Distribution Account | $ | 9,702,238.44 | $ | 4,027,889.84 | |||||||
M | Carryover Servicing Fees | $ | 0.00 | $ | 4,027,889.84 | |||||||
N | Swap Termination Payments | $ | 0.00 | $ | 4,027,889.84 | |||||||
O | Additional Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 4,027,889.84 | |||||||
P | Remaining Funds to the Certificateholders | $ | 4,027,889.84 | $ | 0.00 |
XIII. 2002-A Principal Distribution Account Allocations
Remaining | ||||||||||||
Funds Balance | ||||||||||||
A | Total from Collection Account | $ | 9,702,238.44 | $ | 9,702,238.44 | |||||||
B | i | Class A-1 Principal Distribution Amount Paid | $ | 9,702,238.44 | $ | 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 |
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XIV. 2002-A Distributions
A | Distribution Amounts | Class A-1 | Class A-2 | Class B | Class C | |||||||||||||||||
i | Quarterly Interest Due | $ | 1,223,290.48 | $ | 1,737,336.51 | $ | 143,797.38 | $ | 285,534.22 | |||||||||||||
ii | Quarterly Interest Paid | 1,223,290.48 | 1,737,336.51 | 143,797.38 | 285,534.22 | |||||||||||||||||
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 | $ | 9,702,238.44 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||
viii | Quarterly Principal Paid | 9,702,238.44 | 0.00 | 0.00 | 0.00 | |||||||||||||||||
ix | Difference | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||
x | Total Distribution Amount | $ | 10,925,528.92 | $ | 1,737,336.51 | $ | 143,797.38 | $ | 285,534.22 | |||||||||||||
B | Note Balances | 6/15/2004 | Paydown Factors | 9/15/2004 | ||||||||||||||||||
i | A-1 Note Balance | 78443CAA2 | $ | 286,634,062.15 | $ | 276,931,823.71 | ||||||||||||||||
A-1 Note Pool Factor | 0.8430413593 | 0.0285359954 | 0.8145053638 | |||||||||||||||||||
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 |
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XV. 2002-A Historical Pool Information
2003 | 2002 | |||||||||||||||||||||||
6/1/04-8/31/04 | 3/1/04-5/31/04 | 12/01/03-02/29/04 | 12/1/02-11/30/03 | 8/26/02-11/30/02 | ||||||||||||||||||||
Beginning Student Loan Portfolio Balance | $ | 636,370,333.78 | $ | 645,807,190.81 | $ | 648,773,639.91 | $ | 669,262,882.23 | $ | 663,415,806.01 | ||||||||||||||
Student Loan Principal Activity | ||||||||||||||||||||||||
i | Principal Payments Received | $ | 11,164,773.25 | $ | 11,137,774.80 | $ | 10,762,886.70 | $ | 40,774,111.16 | $ | 9,045,364.96 | |||||||||||||
ii | Purchases by Servicer (Delinquencies >180) | 1,332,379.01 | 1,154,017.33 | 592,702.67 | $ | 1,613,577.68 | 45,333.74 | |||||||||||||||||
iii | Other Servicer Reimbursements | — | 4.18 | 492.55 | $ | 11,718.71 | 85.42 | |||||||||||||||||
iv | Seller Reimbursements | — | 179.28 | 6,608.75 | 95,970.94 | 166,322.44 | ||||||||||||||||||
v | Total Principal Collections | $ | 12,497,152.26 | $ | 12,291,975.59 | $ | 11,362,690.67 | $ | 42,495,378.49 | $ | 9,257,106.56 | |||||||||||||
Student Loan Non-Cash Principal Activity | ||||||||||||||||||||||||
i | Realized Losses/Loans Charged Off | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
ii | Capitalized Interest | (3,507,903.30 | ) | (2,733,615.66 | ) | (7,438,000.51 | ) | (18,535,453.73 | ) | (13,326,412.85 | ) | |||||||||||||
iii | Capitalized Insurance Fee | ($86,322.88 | ) | ($122,553.21 | ) | ($947,304.59 | ) | (1,905,113.32 | ) | ($1,706,229.57 | ) | |||||||||||||
iv | Other Adjustments | 604.74 | 1,050.31 | (10,936.47 | ) | (1,565,569.12 | ) | (71,540.36 | ) | |||||||||||||||
v | Total Non-Cash Principal Activity | $ | (3,593,621.44 | ) | $ | (2,855,118.56 | ) | $ | (8,396,241.57 | ) | $ | (22,006,136.17 | ) | $ | (15,104,182.78 | ) | ||||||||
(-) | Total Student Loan Principal Activity | $ | 8,903,530.82 | $ | 9,436,857.03 | $ | 2,966,449.10 | $ | 20,489,242.32 | $ | (5,847,076.22 | ) | ||||||||||||
Student Loan Interest Activity | ||||||||||||||||||||||||
i | Interest Payments Received | $ | 5,054,242.51 | $ | 4,877,037.92 | $ | 4,726,323.30 | $ | 18,140,445.85 | $ | 3,704,616.78 | |||||||||||||
ii | Repurchases by Servicer (Delinquencies >180) | 58,186.47 | 46,165.39 | 20,767.38 | $ | 40,435.23 | 801.87 | |||||||||||||||||
iii | Other Servicer Reimbursements | — | 24.62 | 8.56 | $ | 317.62 | 14.58 | |||||||||||||||||
iv | Seller Reimbursements | — | — | 5.05 | $ | 3,351.04 | 10,055.09 | |||||||||||||||||
v | Late Fees | 78,593.54 | 71,823.48 | 66,813.45 | $ | 243,663.51 | 53,062.07 | |||||||||||||||||
vi | Collection Fees | — | — | — | — | — | ||||||||||||||||||
viii | Total Interest Collections | 5,191,022.52 | 4,995,051.41 | 4,813,917.74 | $ | 18,428,213.25 | 3,768,550.39 | |||||||||||||||||
Student Loan Non-Cash Interest Activity | ||||||||||||||||||||||||
i | Realized Losses/Loans Charged Off | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
ii | Capitalized Interest | 3,507,903.30 | 2,733,615.66 | 7,438,000.51 | $ | 18,535,453.73 | 13,326,412.85 | |||||||||||||||||
iii | Other Interest Adjustments | 3,233.48 | 5,914.53 | 14,990.30 | 1,488,353.45 | 67,264.86 | ||||||||||||||||||
iv | Total Non-Cash Interest Adjustments | $ | 3,511,136.78 | $ | 2,739,530.19 | $ | 7,452,990.81 | $ | 20,023,807.18 | $ | 13,393,677.71 | |||||||||||||
v | Total Student Loan Interest Activity | $ | 8,702,159.30 | $ | 7,734,581.60 | $ | 12,266,908.55 | $ | 38,452,020.43 | $ | 17,162,228.10 | |||||||||||||
(=) | Ending Student Loan Portfolio Balance | $ | 627,466,802.96 | $ | 636,370,333.78 | $ | 645,807,190.81 | $ | 648,773,639.91 | $ | 669,262,882.23 | |||||||||||||
(+) | Interest to be Capitalized | $ | 10,757,080.31 | $ | 11,555,787.93 | $ | 11,361,408.00 | $ | 15,890,518.90 | $ | 21,024,060.14 | |||||||||||||
(=) | TOTAL POOL | $ | 638,223,883.27 | $ | 647,926,121.71 | $ | 657,168,598.81 | $ | 664,664,158.81 | $ | 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 | |||||||||||||
(=) | Asset Balance | $ | 678,402,075.27 | $ | 688,104,313.71 | $ | 697,346,790.81 | $ | 704,842,350.81 | $ | 730,465,134.37 |
13
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 | % | ||||
Sep-04 | $ | 638,223,883 | 1.82 | % |
* “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