SLM Private Credit Student Loan Trust 2003-B
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 | $ | 1,173,427,505.40 | $ | (4,546,682.00 | ) | $ | 1,163,803,196.65 | |||||||
ii | Interest to be Capitalized | 50,900,994.85 | 51,369,803.81 | |||||||||||||
iii | Total Pool | $ | 1,224,328,500.25 | $ | 1,215,173,000.46 | |||||||||||
iv | Cash Capitalization Account (Cii) | 102,590,156.00 | 102,590,156.00 | |||||||||||||
v | Asset Balance | $ | 1,326,918,656.25 | $ | 1,317,763,156.46 | |||||||||||
i | Weighted Average Coupon (WAC) | 4.828 | % | 4.878 | % | |||||||||||
ii | Weighted Average Remaining Term | 180.32 | 178.59 | |||||||||||||
iii | Number of Loans | 138,721 | 137,257 | |||||||||||||
iv | Number of Borrowers | 100,326 | 99,350 | |||||||||||||
v | Prime Loans Outstanding | $ | 1,000,156,636 | $ | 999,081,179 | |||||||||||
vi | T-bill Loans Outstanding | $ | 221,629,245 | $ | 213,773,292 | |||||||||||
vii | Fixed Loans Outstanding | $ | 2,542,619 | $ | 2,318,529 | |||||||||||
% of | % of | |||||||||||||||||||||||||||
Notes | Cusips | Spread | Balance 6/15/04 | O/S Securities | Balance 9/15/04 | O/S Securities | ||||||||||||||||||||||
B | i | A-1 Notes | 78443CAL8 | 0.100 | % | $ | 536,800,246.77 | 41.295 | % | $ | 527,644,744.98 | 40.878 | % | |||||||||||||||
ii | A-2 Notes | 78443CAM6 | 0.400 | % | 440,506,000.00 | 33.887 | % | 440,506,000.00 | 34.127 | % | ||||||||||||||||||
iii | A-3 ARS | 78443CAN4 | ARS | 109,000,000.00 | 8.385 | % | 109,000,000.00 | 8.445 | % | |||||||||||||||||||
iv | A-4 ARS | 78443CAP9 | ARS | 109,000,000.00 | 8.385 | % | 109,000,000.00 | 8.445 | % | |||||||||||||||||||
v | B Notes | 78443CAQ7 | 0.700 | % | 43,871,000.00 | 3.375 | % | 43,871,000.00 | 3.399 | % | ||||||||||||||||||
vi | C Notes | 78443CAR5 | 1.600 | % | 60,744,000.00 | 4.673 | % | 60,744,000.00 | 4.706 | % | ||||||||||||||||||
vii | Total Notes | $ | 1,299,921,246.77 | 100.000 | % | $ | 1,290,765,744.98 | 100.000 | % | |||||||||||||||||||
6/15/2004 | 9/15/2004 | |||||||||||
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 | $ | 1,349,870,574 | $ | 1,349,870,574 | |||||||
iv | Specified Overcollateralization Amount | $ | 26,997,409.48 | $ | 26,997,411.48 | |||||||
v | Actual Overcollateralization Amount | $ | 26,997,409.48 | $ | 26,997,411.48 | |||||||
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 June 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. |
1
II. 2003-B Transactions from: 6/1/2004 through: 8/31/2004
A | Student Loan Principal Activity | |||||||
i | Principal Payments Received | $ | 11,056,344.74 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 1,506,140.57 | ||||||
iii | Other Servicer Reimbursements | 2.96 | ||||||
iv | Seller Reimbursements | 4,629.15 | ||||||
v | Total Principal Collections | $ | 12,567,117.42 | |||||
B | Student Loan Non-Cash Principal Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | 0.00 | |||||
ii | Capitalized Interest | (7,408,952.30 | ) | |||||
iii | Capitalized Insurance Fee | (623,181.21 | ) | |||||
iv | Other Adjustments | 11,698.09 | ||||||
v | Total Non-Cash Principal Activity | $ | (8,020,435.42 | ) | ||||
C | Total Student Loan Principal Activity | $ | 4,546,682.00 | |||||
D | Student Loan Interest Activity | |||||||
i | Interest Payments Received | $ | 6,123,862.01 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 59,377.92 | ||||||
iii | Other Servicer Reimbursements | 27.28 | ||||||
iv | Seller Reimbursements | 360.97 | ||||||
v | Late Fees | 80,172.23 | ||||||
vi | Collection Fees | 0.00 | ||||||
vii | Total Interest Collections | $ | 6,263,800.41 | |||||
E | Student Loan Non-Cash Interest Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | 0.00 | |||||
ii | Capitalized Interest | 7,408,952.30 | ||||||
iii | Other Interest Adjustments | 7,338.73 | ||||||
iv | Total Non-Cash Interest Adjustments | $ | 7,416,291.03 | |||||
F | Total Student Loan Interest Activity | $ | 13,680,091.44 | |||||
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III. 2003-B Collection Account Activity 6/1/2004 through: 8/31/2004
A | Principal Collections | |||||||||
i | Principal Payments Received | $ | 15,812,020.24 | |||||||
ii | Consolidation Principal Payments | $ | 321,951.25 | |||||||
iii | Purchases by Servicer (Delinquencies >180) | $ | 1,506,140.57 | |||||||
iv | Reimbursements by Seller | $ | — | |||||||
v | Reimbursements by Servicer | $ | 2.96 | |||||||
vi | Other Re-purchased Principal | $ | 4,629.15 | |||||||
vii | Total Principal Collections | $ | 17,644,744.17 | |||||||
B | Interest Collections | |||||||||
i | Interest Payments Received | $ | 6,117,324.76 | |||||||
ii | Consolidation Interest Payments | $ | 6,537.25 | |||||||
iii | Purchases by Servicer (Delinquencies >180) | $ | 59,377.92 | |||||||
iv | Reimbursements by Seller | $ | — | |||||||
v | Reimbursements by Servicer | $ | 27.28 | |||||||
vi | Other Re-purchased Interest | $ | 360.97 | |||||||
vii | Collection Fees/Return Items | $ | — | |||||||
viii | Late Fees | $ | 80,172.23 | |||||||
ix | Total Interest Collections | $ | 6,263,800.41 | |||||||
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 | $ | 346,614.13 | |||||||
H | Borrower Incentive Reimbursements | $ | 79,896.33 | |||||||
I | Interest Rate Cap Proceeds | $ | — | |||||||
I | Gross Swap Receipt | $ | 3,885,052.89 | |||||||
TOTAL FUNDS RECEIVED | $ | 28,220,107.93 | ||||||||
LESS FUNDS PREVIOUSLY REMITTED: | ||||||||||
ii | Funds Allocated to the Future Distribution Account | $ | (6,978,075.02 | ) | ||||||
iii | Funds Released from the Future Distribution Account | $ | 4,610,384.25 | |||||||
J | TOTAL AVAILABLE FUNDS | $ | 25,852,417.15 | |||||||
K | Servicing Fees Due for Current Period | $ | 681,906.08 | |||||||
L | Carryover Servicing Fees Due | $ | — | |||||||
M | Administration Fees Due | $ | 20,000.00 | |||||||
N | Total Fees Due for Period | $ | 701,906.08 | |||||||
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IV. 2003-B Future Distribution Account Activity
A | Account Reconciliation | |||||||||||
i | Beginning Balance | 6/15/2004 | $ | 2,256,703.55 | ||||||||
ii | Total Allocations for Distribution Period | $ | 4,721,371.47 | |||||||||
iii | Total Payments for Distribution Period | $ | (2,367,690.78 | ) | ||||||||
iv | Funds Released to the Collection Account | $ | (4,610,384.25 | ) | ||||||||
v | Total Balance Prior to Current Month Allocations | $ | — | |||||||||
vi | Ending Balance | 9/15/2004 | $ | 2,337,028.93 | ||||||||
B | Monthly Allocations to the Future Distribution Account | |||||||||||
Monthly Allocation Date | 6/15/2004 | |||||||||||
i | Primary Servicing Fees | $ | 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 | Balance as of | 6/15/2004 | $ | 2,256,703.55 | ||||||||
Monthly Allocation Date | 7/15/2004 | |||||||||||
i | Primary Servicing Fees | $ | 684,499.38 | |||||||||
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 | $ | 1,679,195.04 | |||||||||
v | Interest Accrued on the Class B & C Notes | $ | — | |||||||||
vi | Total Allocations | $ | 2,410,763.75 | |||||||||
Monthly Allocation Date | 8/15/2004 | |||||||||||
i | Primary Servicing Fees | $ | 684,551.56 | |||||||||
ii | Admin fees | $ | 6,666.66 | |||||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | $ | 37,877.49 | |||||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | $ | 1,581,512.02 | |||||||||
v | Interest Accrued on the Class B & C Notes | $ | — | |||||||||
vi | Total Allocations | $ | 2,310,607.72 | |||||||||
C | Total Future Distribution Account Deposits Previously Allocated | $ | 6,978,075.02 | |||||||||
D | Current Month Allocations | 9/15/2004 | ||||||||||
i | Primary Servicing | $ | 681,906.08 | |||||||||
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 | $ | 1,610,578.69 | |||||||||
v | Interest Accrued on the Class B & C Notes | $ | — | |||||||||
vi | Allocations on the Distribution Date | $ | 2,337,028.93 | |||||||||
vii | Plus: Additional Loan Account Deposits in the Amount of | |||||||||||
the Principal Distribution Amount | $ | — | ||||||||||
viii | Total Monthly Required Allocations | $ | 2,337,028.93 |
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V. 2003-B Auction Rate Security Detail
A | Auction Rate Securities Paid During Collection Period | |||||||||||||||||||||||
i | Payment | Security | Interest | No. of | ||||||||||||||||||||
Date | Description | Rate | Days | Start Date | End Date | Interest Payment | ||||||||||||||||||
06/21/2004 | SLMPC TRUST 2003B A3 | 1.250000 | % | 28 | 05/24/2004 | 06/21/2004 | 105,972.22 | |||||||||||||||||
06/24/2004 | SLMPC TRUST 2003B A4 | 1.350000 | % | 28 | 05/27/2004 | 06/24/2004 | 114,450.00 | |||||||||||||||||
07/19/2004 | SLMPC TRUST 2003B A3 | 1.470000 | % | 28 | 06/21/2004 | 07/19/2004 | 124,623.33 | |||||||||||||||||
07/22/2004 | SLMPC TRUST 2003B A4 | 1.500000 | % | 28 | 06/24/2004 | 07/22/2004 | 127,166.67 | |||||||||||||||||
08/16/2004 | SLMPC TRUST 2003B A3 | 1.500000 | % | 28 | 07/19/2004 | 08/16/2004 | 127,166.67 | |||||||||||||||||
08/19/2004 | SLMPC TRUST 2003B A4 | 1.550000 | % | 28 | 07/22/2004 | 08/19/2004 | 131,405.56 | |||||||||||||||||
09/13/2004 | SLMPC TRUST 2003B A3 | 1.700000 | % | 28 | 08/16/2004 | 09/13/2004 | 144,122.22 | |||||||||||||||||
ii | Auction Rate Security Payments Made During Collection Period | 6/15/04-9/15/04 | $ | 874,906.67 | ||||||||||||||||||||
iii | Broker/Dealer Fees Paid During Collection Period | 6/15/04-9/15/04 | $ | 118,688.89 | ||||||||||||||||||||
iv | Auction Agent Fees Paid During Collection Period | 6/15/04-9/15/04 | $ | 5,044.28 | ||||||||||||||||||||
v | Primary Servicing Fees Remitted | 6/15/04-9/15/04 | $ | 1,369,050.94 | ||||||||||||||||||||
vi | Total | $ | 2,367,690.78 | |||||||||||||||||||||
- 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 | $ | 2,367,690.78 | |||||||||||||||||||||
C | Funds Released to Collection Account | $ | 4,610,384.25 | |||||||||||||||||||||
D | Auction Rate Student Loan Rates | Jun-04 | Jul-04 | Aug-04 | ||||||||||||||||||||
3.88639% | 3.88735% | 3.93235% |
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VI. 2003-B Loss and Recovery Detail 8/31/2004
A | i | Cumulative Realized Losses Test | % of Original Pool | 5/31/2004 | 8/31/2004 | |||||||||||
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* | $ | 2,477,429.18 | $ | 3,983,569.75 | |||||||||||
iii | Cumulative Interest Purchases by Servicer* | $ | 87,247.92 | $ | 146,625.84 | |||||||||||
iv | Total Gross Defaults: | $ | 2,564,677.10 | $ | 4,130,195.59 | |||||||||||
* REVISED 9/14/04 |
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VII. 2003-B 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 | 4.706 | % | 4.702 | % | 48,641 | 41,692 | 35.064 | % | 30.375 | % | $ | 424,969,271.45 | $ | 363,018,163.19 | 36.216 | % | 31.192 | % | ||||||||||||||||||||||
Grace | 4.868 | % | 4.771 | % | 17,787 | 18,126 | 12.822 | % | 13.206 | % | $ | 156,042,133.45 | $ | 164,124,973.69 | 13.298 | % | 14.102 | % | ||||||||||||||||||||||
Deferment | 4.971 | % | 5.034 | % | 4,327 | 4,798 | 3.119 | % | 3.496 | % | $ | 33,223,447.74 | $ | 37,410,296.68 | 2.831 | % | 3.214 | % | ||||||||||||||||||||||
TOTAL INTERIM | 4.761 | % | 4.744 | % | 70,755 | 64,616 | 51.005 | % | 47.077 | % | $ | 614,234,852.64 | $ | 564,553,433.56 | 52.345 | % | 48.509 | % | ||||||||||||||||||||||
REPAYMENT | ||||||||||||||||||||||||||||||||||||||||
Active | ||||||||||||||||||||||||||||||||||||||||
Current | 4.755 | % | 4.883 | % | 57,770 | 60,295 | 41.645 | % | 43.929 | % | $ | 466,451,867.64 | $ | 486,042,998.40 | 39.751 | % | 41.763 | % | ||||||||||||||||||||||
31-60 Days Delinquent | 5.483 | % | 5.520 | % | 1,327 | 1,838 | 0.957 | % | 1.339 | % | $ | 10,442,641.67 | $ | 15,244,867.91 | 0.890 | % | 1.310 | % | ||||||||||||||||||||||
61-90 Days Delinquent | 5.984 | % | 5.550 | % | 526 | 1,012 | 0.379 | % | 0.737 | % | $ | 4,402,427.79 | $ | 8,471,793.93 | 0.375 | % | 0.728 | % | ||||||||||||||||||||||
91-120 Days Delinquent | 6.436 | % | 5.897 | % | 412 | 518 | 0.297 | % | 0.377 | % | $ | 3,430,237.49 | $ | 4,444,678.09 | 0.292 | % | 0.382 | % | ||||||||||||||||||||||
121-150 Days Delinquent | 6.437 | % | 6.497 | % | 305 | 280 | 0.220 | % | 0.204 | % | $ | 2,474,691.12 | $ | 2,442,009.33 | 0.211 | % | 0.210 | % | ||||||||||||||||||||||
151-180 Days Delinquent | 6.274 | % | 6.381 | % | 168 | 122 | 0.121 | % | 0.089 | % | $ | 1,457,064.54 | $ | 1,108,591.18 | 0.124 | % | 0.095 | % | ||||||||||||||||||||||
> 180 Days Delinquent | 0.000 | % | 0.000 | % | 0 | 0 | 0.000 | % | 0.000 | % | $ | 0.00 | $ | 0.00 | 0.000 | % | 0.000 | % | ||||||||||||||||||||||
Forbearance | 5.558 | % | 5.463 | % | 7,458 | 8,576 | 5.376 | % | 6.248 | % | $ | 70,533,722.51 | $ | 81,494,824.25 | 6.011 | % | 7.002 | % | ||||||||||||||||||||||
TOTAL REPAYMENT | 4.901 | % | 5.004 | % | 67,966 | 72,641 | 48.995 | % | 52.923 | % | $ | 559,192,652.76 | $ | 599,249,763.09 | 47.655 | % | 51.491 | % | ||||||||||||||||||||||
GRAND TOTAL | 4.828 | % | 4.878 | % | 138,721 | 137,257 | 100.000 | % | 100.000 | % | $ | 1,173,427,505.40 | $ | 1,163,803,196.65 | 100.000 | % | 100.000 | % |
* | Percentages may not total 100% due to rounding | |
** | PRIOR QUARTER DATA HAS BEEN REVISED |
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VIII. 2003-B Portfolio Characteristics by School and Program
LOAN TYPE | WAC | # Loans | $ Amount | % | ||||||||||||
-Signature Loans | 4.902 | % | 105,679 | $ | 911,825,921.21 | 78.349 | % | |||||||||
-Law Loans | 4.871 | % | 21,952 | $ | 153,104,916.95 | 13.156 | % | |||||||||
-Med Loans | 4.670 | % | 6,043 | $ | 49,674,335.74 | 4.268 | % | |||||||||
-MBA Loans | 4.510 | % | 3,583 | $ | 49,198,022.75 | 4.227 | % | |||||||||
- Total | 4.878 | % | 137,257 | $ | 1,163,803,196.65 | 100.000 | % |
* Percentages may not total 100% due to rounding
8
IX. 2003-B Interest Rate Swap and Cap Calculations
A | Swap Payments | |||||||||||||||
Counterparty A | Counterparty B | |||||||||||||||
i | Notional Swap Amount — Aggregate Prime Loans Outstanding | 500,078,318 | $ | 500,078,318 | ||||||||||||
Counterparty Pays: | ||||||||||||||||
ii | 3 Month Libor | 1.52000 | % | 1.52000 | % | |||||||||||
iii | Gross Swap Receipt Due Trust | $ | 1,942,526.44 | $ | 1,942,526.44 | |||||||||||
iv | Days in Period | 6/15/2004 | 9/15/2004 | 92 | 92 | |||||||||||
SLM Private Credit Trust Pays: | ||||||||||||||||
v | Prime Rate (WSJ) Less | 2.6300 | % | 1.37000 | % | 1.37000 | % | |||||||||
vi | Gross Swap Payment Due Counterparty | $ | 1,722,127.63 | $ | 1,722,127.63 | |||||||||||
vii | Days in Period | 6/15/2004 | 9/15/2004 | 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) | 1.52000 | % | |||||||||||||
iii | Cap Rate | 6.00000 | % | |||||||||||||
iv | Excess (if any) of Libor over Cap Rate (ii-iii) | 0.00000 | % | |||||||||||||
v | Days in Period | 6/15/2004 | 9/15/2004 | 92 | ||||||||||||
vi | Cap Payment due Trust | $ | — |
X. 2003-B Accrued Interest Factors
Accrued | ||||||||||
Int Factor | Accrual Period | Rate | ||||||||
A | Class A-1 Interest Rate | 0.004140000 | (6/15/04-9/15/04) | 1.62000 | % | |||||
B | Class A-2 Interest Rate | 0.004906667 | (6/15/04-9/15/04) | 1.92000 | % | |||||
C | Class B Interest Rate | 0.005673333 | (6/15/04-9/15/04) | 2.22000 | % | |||||
D | Class C Interest Rate | 0.007973333 | (6/15/04-9/15/04) | 3.12000 | % |
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XI. 2003-B Inputs From Prior Data 5/31/04
A | Total Student Loan Pool Outstanding | |||||||||||||||||||||||||||
i | Portfolio Balance | $ | 1,173,427,505.40 | |||||||||||||||||||||||||
ii | Interest To Be Capitalized | 50,900,994.85 | ||||||||||||||||||||||||||
iii | Total Pool | $ | 1,224,328,500.25 | |||||||||||||||||||||||||
iv | Cash Capitalization Account (CI) | 102,590,156.00 | ||||||||||||||||||||||||||
v | Asset Balance | $ | 1,326,918,656.25 | |||||||||||||||||||||||||
B | Total Note and Certificate Factor | 0.96783629083 | ||||||||||||||||||||||||||
C | Total Note Balance | $ | 1,299,921,246.77 | |||||||||||||||||||||||||
D | Note Balance 6/15/2004 | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class B | Class C | |||||||||||||||||||||
i | Current Factor | 0.9255176668 | 1.0000000000 | 1.0000000000 | 1.0000000000 | 1.0000000000 | 1.0000000000 | |||||||||||||||||||||
ii | Expected Note Balance | $ | 536,800,246.77 | $ | 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 |
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XII. 2003-B Note Parity Triggers
Class A | Class B | Class C | ||||||||||||||||||
Notes Outstanding | 6/15/04 | $ | 1,195,306,247 | $ | 1,239,177,247 | $ | 1,299,921,247 | |||||||||||||
Asset Balance | 5/31/04 | $ | 1,326,918,656 | $ | 1,326,918,656 | $ | 1,326,918,656 | |||||||||||||
Pool Balance | 8/31/04 | $ | 1,215,173,000 | $ | 1,215,173,000 | $ | 1,215,173,000 | |||||||||||||
Amounts on Deposit* | 9/15/04 | 119,912,643 | 119,663,748 | 119,179,416 | ||||||||||||||||
Total | $ | 1,335,085,643 | $ | 1,334,836,748 | $ | 1,334,352,416 | ||||||||||||||
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 | $ | 197,664,473.47 | The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount | |||||||||||||||||
Class B Enhancement | $ | 87,741,409.48 | ||||||||||||||||||
Specified Class B Enhancement | $ | 133,423,519.59 | 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 | $ | 39,532,894.69 | 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 |
11
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 | 6/15/2004 | $ | 1,195,306,246.77 | ||||||||
iii | Asset Balance | 8/31/2004 | $ | 1,317,763,156.46 | ||||||||
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 | $ | 1,239,177,246.77 | ||||||||
vii | Asset Balance | 8/31/2004 | $ | 1,317,763,156.46 | ||||||||
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 | $ | 1,299,921,246.77 | ||||||||
xii | Asset Balance | 8/31/2004 | $ | 1,317,763,156.46 | ||||||||
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 | $ | 1,299,921,246.77 | ||||||||
ii | Asset Balance | 8/31/2004 | $ | 1,317,763,156.46 | ||||||||
iii | Specified Overcollateralization Amount | 9/15/2004 | $ | 26,997,411.48 | ||||||||
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 | $ | 9,155,501.79 | |||||||||
viii | Actual Principal Distribution Amount paid | $ | 9,155,501.79 | |||||||||
ix | Shortfall | $ | — | |||||||||
Class A Noteholders’ Principal Distribution Amounts | ||||||||||||
i | Has the Stepdown Date Occurred? | No | ||||||||||
ii | Asset Balance | 8/31/2004 | $ | 1,317,763,156.46 | ||||||||
iii | 85% of Asset Balance | 8/31/2004 | $ | 1,120,098,682.98 | ||||||||
iv | Specified Overcollateralization Amount | 9/15/2004 | $ | 26,997,411.48 | ||||||||
v | Lesser of (iii) and (ii - iv) | $ | 1,120,098,682.98 | |||||||||
vi | Class A Noteholders’ Principal Distribution Amt - Before the Stepdown Date | $ | 9,155,501.79 | |||||||||
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 | $ | 1,317,763,156.46 | ||||||||
iii | 89.875% of Asset Balance | 8/31/2004 | $ | 1,184,339,636.87 | ||||||||
iv | Specified Overcollateralization Amount | 9/15/2004 | $ | 26,997,411.48 | ||||||||
v | Lesser of (iii) and (ii - iv) | $ | 1,184,339,636.87 | |||||||||
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 | $ | 1,317,763,156.46 | ||||||||
iii | 97% of Asset Balance | 8/31/2004 | $ | 1,278,230,261.76 | ||||||||
iv | Specified Overcollateralization Amount | 9/15/2004 | $ | 26,997,411.48 | ||||||||
v | Lesser of (iii) and (ii - iv) | $ | 1,278,230,261.76 | |||||||||
vi | Class C Noteholders’ Principal Distribution Amt - Before the Stepdown Date | $ | — | |||||||||
vii | Class C Noteholders’ Principal Distribution Amt - After the Stepdown Date | $ | — |
12
XIV. 2003-B Waterfall for Distributions
Remaining | ||||||||||||||||
Funds Balance | ||||||||||||||||
A | Total Available Funds ( Sections III-J ) | $ | 25,852,417.15 | $ | 25,852,417.15 | |||||||||||
B | Primary Servicing Fees-Current Month plus any Unpaid | $ | 681,906.08 | $ | 25,170,511.07 | |||||||||||
C | Quarterly Administration Fee plus any Unpaid | $ | 20,000.00 | $ | 25,150,511.07 | |||||||||||
D | Auction Fees Due | 9/15/2004 | $ | 0.00 | $ | 25,150,511.07 | ||||||||||
Broker/Dealer Fees Due | 9/15/2004 | $ | 0.00 | $ | 25,150,511.07 | |||||||||||
E | Gross Swap Payment due Counterparty A | $ | 1,722,127.63 | $ | 23,428,383.44 | |||||||||||
Gross Swap Payment due Counterparty B | $ | 1,722,127.63 | $ | 21,706,255.81 | ||||||||||||
F | i | Class A-1 Noteholders’ Interest Distribution Amount due | 9/15/2004 | $ | 2,222,353.02 | $ | 19,483,902.79 | |||||||||
ii | Class A-2 Noteholders’ Interest Distribution Amount due | 9/15/2004 | $ | 2,161,416.11 | $ | 17,322,486.69 | ||||||||||
iii | Class A-3 Noteholders’ Interest Distribution Amount due | 9/15/2004 | $ | 0.00 | $ | 17,322,486.69 | ||||||||||
iv | Class A-4 Noteholders’ Interest Distribution Amount due | 9/15/2004 | $ | 0.00 | $ | 17,322,486.69 | ||||||||||
v | Swap Termination Fees due | 9/15/2004 | $ | 0.00 | $ | 17,322,486.69 | ||||||||||
G | First Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 17,322,486.69 | |||||||||||
H | Class B Noteholders’ Interest Distribuition Amount due | 9/15/2004 | $ | 248,894.81 | $ | 17,073,591.87 | ||||||||||
I | Second Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 17,073,591.87 | |||||||||||
J | Class C Noteholders’ Interest Distribuition Amount | $ | 484,332.16 | $ | 16,589,259.71 | |||||||||||
K | Third Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 16,589,259.71 | |||||||||||
L | Increase to the Specified Reserve Account Balance | $ | 0.00 | $ | 16,589,259.71 | |||||||||||
M | Regular Principal Distribution Amount — Principal Distribution Account | $ | 9,155,501.79 | $ | 7,433,757.92 | |||||||||||
N | Carryover Servicing Fees | $ | 0.00 | $ | 7,433,757.92 | |||||||||||
O | Auction Rate Noteholder’s Interest Carryover | |||||||||||||||
i | Class A-3 | $ | 0.00 | $ | 7,433,757.92 | |||||||||||
ii | Class A-4 | $ | 0.00 | $ | 7,433,757.92 | |||||||||||
P | Swap Termination Payments | $ | 0.00 | $ | 7,433,757.92 | |||||||||||
Q | Additional Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 7,433,757.92 | |||||||||||
R | Remaining Funds to the Certificateholders | $ | 7,433,757.92 | $ | 0.00 |
XV. 2003-B Principal Distribution Account Allocations
Remaining | ||||||||||||
Funds Balance | ||||||||||||
A | Total from Collection Account | $ | 9,155,501.79 | $ | 9,155,501.79 | |||||||
B | i | Class A-1 Principal Distribution Amount Paid | $ | 9,155,501.79 | $ | 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 |
13
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 | $ | 2,222,353.02 | $ | 2,161,416.11 | $ | 0.00 | $ | 0.00 | $ | 248,894.81 | $ | 484,332.16 | |||||||||||||||||
ii | Quarterly Interest Paid | 2,222,353.02 | 2,161,416.11 | 0.00 | 0.00 | 248,894.81 | 484,332.16 | |||||||||||||||||||||||
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 | $ | 9,155,501.79 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||
viii | Quarterly Principal Paid (or allocated) | 9,155,501.79 | 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 | $ | 11,377,854.81 | $ | 2,161,416.11 | $ | 0.00 | $ | 0.00 | $ | 248,894.81 | $ | 484,332.16 | |||||||||||||||||
B | Note Balances | 6/15/2004 | Paydown Factors | 9/15/2004 | Balances | Next ARS Pay Date | ||||||||||||||||||||||||
i | A-1 Note Balance | 78443CAL8 | $ | 536,800,246.77 | $ | 527,644,744.98 | ||||||||||||||||||||||||
A-1 Note Pool Factor | 0.9255176668 | 0.0157853479 | 0.9097323189 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
iii | A-3 Note Balance | 78443CAN4 | $ | 109,000,000.00 | $ | 109,000,000.00 | $ | 109,000,000.00 | 10/13/04 | |||||||||||||||||||||
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 | 09/16/04 | ||||||||||||||||||||||
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 |
14
XVII. 2003-B Historical Pool Information
6/1/04-8/31/04 | 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 | $ | 1,173,427,505.40 | $ | 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 | $ | 11,056,344.74 | $ | 15,817,587.68 | $ | 15,003,126.63 | $ | 13,667,042.37 | $ | 17,100,588.84 | |||||||||||||
ii | Purchases by Servicer (Delinquencies >180) | 1,506,140.57 | 959,575.93 | 873,946.62 | 559,869.36 | 84,037.27 | ||||||||||||||||||
iii | Other Servicer Reimbursements | 2.96 | — | (1,322.52 | ) | (149.03 | ) | 1,451.27 | ||||||||||||||||
iv | Seller Reimbursements | 4,629.15 | 133,025.56 | 116,421.08 | 367,922.80 | 351,510.41 | ||||||||||||||||||
v | Total Principal Collections | $ | 12,567,117.42 | $ | 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 | (7,408,952.30 | ) | (3,655,012.84 | ) | (5,854,349.22 | ) | (8,249,407.98 | ) | (4,262,967.89 | ) | |||||||||||||
iii | Capitalized Insurance Fee | $ | (623,181.21 | ) | $ | (186,431.95 | ) | $ | (674,296.39 | ) | $ | (1,385,464.79 | ) | $ | (552,253.51 | ) | ||||||||
iv | Other Adjustments | 11,698.09 | 220.51 | (20,567.47 | ) | (14,308.16 | ) | (23,118.79 | ) | |||||||||||||||
v | Total Non-Cash Principal Activity | $ | (8,020,435.42 | ) | $ | (3,841,224.28 | ) | $ | (6,549,213.08 | ) | $ | (9,649,180.93 | ) | $ | (4,838,340.19 | ) | ||||||||
(-) | Total Student Loan Principal Activity | $ | 4,546,682.00 | $ | 13,068,964.89 | $ | 9,442,958.73 | $ | 4,945,504.57 | $ | 12,699,247.60 | |||||||||||||
Student Loan Interest Activity | ||||||||||||||||||||||||
i | Interest Payments Received | $ | 6,123,862.01 | $ | 5,775,774.65 | $ | 5,608,829.54 | $ | 5,027,397.61 | $ | 6,183,151.81 | |||||||||||||
ii | Repurchases by Servicer (Delinquencies >180) | 59,377.92 | 39,153.53 | 28,138.44 | 16,643.99 | 3,311.96 | ||||||||||||||||||
iii | Other Servicer Reimbursements | 27.28 | — | (60.47 | ) | 439.55 | 109.11 | |||||||||||||||||
iv | Seller Reimbursements | 360.97 | 7,793.30 | 5,450.89 | 17,786.53 | 13,788.32 | ||||||||||||||||||
v | Late Fees | 80,172.23 | 64,370.66 | 62,355.04 | 42,355.90 | 54,949.49 | ||||||||||||||||||
vi | Collection Fees | — | — | — | — | — | ||||||||||||||||||
viii | Total Interest Collections | 6,263,800.41 | 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 | 7,408,952.30 | 3,655,012.84 | 5,854,349.22 | 8,249,407.98 | 4,262,967.89 | ||||||||||||||||||
iii | Other Interest Adjustments | 7,338.73 | 23,748.14 | 35,994.82 | 14,061.15 | 66,512.42 | ||||||||||||||||||
iv | Total Non-Cash Interest Adjustments | $ | 7,416,291.03 | $ | 3,678,760.98 | $ | 5,890,344.04 | $ | 8,263,469.13 | $ | 4,329,480.31 | |||||||||||||
v | Total Student Loan Interest Activity | $ | 13,680,091.44 | $ | 9,565,853.12 | $ | 11,595,057.48 | $ | 13,368,092.71 | $ | 10,584,791.00 | |||||||||||||
(=) | Ending Student Loan Portfolio Balance | $ | 1,168,880,823.40 | $ | 1,173,427,505.40 | $ | 1,186,496,470.29 | $ | 1,195,939,429.02 | $ | 1,200,884,933.59 | |||||||||||||
(+) | Interest to be Capitalized | $ | 51,369,803.81 | $ | 50,900,994.85 | $ | 46,256,264.47 | $ | 43,786,901.54 | $ | 42,721,528.57 | |||||||||||||
(=) | TOTAL POOL | $ | 1,220,250,627.21 | $ | 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 | $ | 102,590,156.00 | |||||||||||||
(=) | Asset Balance | $ | 1,322,840,783.21 | $ | 1,326,918,656.25 | $ | 1,335,342,890.76 | $ | 1,342,316,486.56 | $ | 1,346,196,618.16 |
15
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 | % | ||||
Sep-04 | $ | 1,215,173,000 | 2.42 | % |
* “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.
16