SLM Private Credit Student Loan Trust 2003-C
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 | $ | 1,191,380,848.59 | ($5,348,724.11 | ) | $ | 1,186,032,124.48 | ||||||||
ii | Interest to be Capitalized | 51,103,120.52 | 50,020,280.80 | |||||||||||||
iii | Total Pool | $ | 1,242,483,969.11 | $ | 1,236,052,405.28 | |||||||||||
iv | Cash Capitalization Account (Cii) | 102,811,061.00 | 102,811,061.00 | |||||||||||||
v | Asset Balance | $ | 1,345,295,030.11 | $ | 1,338,863,466.28 | |||||||||||
i | Weighted Average Coupon (WAC) | 4.871 | % | 4.907 | % | |||||||||||
ii | Weighted Average Remaining Term | 185.00 | 183.32 | |||||||||||||
iii | Number of Loans | 131,998 | 130,825 | |||||||||||||
iv | Number of Borrowers | 89,819 | 89,057 | |||||||||||||
v | Prime Loans Outstanding | $ | 1,095,548,229 | $ | 1,093,674,344 | |||||||||||
vi | T-bill Loans Outstanding | $ | 145,414,448 | $ | 140,952,520 | |||||||||||
vii | Fixed Loans Outstanding | $ | 1,521,292 | $ | 1,425,541 | |||||||||||
% of | % of | |||||||||||||||||||||||||||
Notes | Cusips | Spread | Balance 6/15/04 | O/S Securities | Balance 9/15/04 | O/S Securities | ||||||||||||||||||||||
B | i | A-1 Notes | 78443CAY0 | 0.100 | % | $ | 572,226,487.66 | 43.408 | % | $ | 565,794,923.83 | 43.131 | % | |||||||||||||||
ii | A-2 Notes | 78443CAZ7 | 0.390 | % | 421,173,000.00 | 31.950 | % | 421,173,000.00 | 32.106 | % | ||||||||||||||||||
iii | A-3 ARS | 78443CBA1 | ARS | 75,000,000.00 | 5.689 | % | 75,000,000.00 | 5.717 | % | |||||||||||||||||||
iv | A-4 ARS | 78443CBB9 | ARS | 75,000,000.00 | 5.689 | % | 75,000,000.00 | 5.717 | % | |||||||||||||||||||
v | A-5 ARS | 78443CBC7 | ARS | 70,000,000.00 | 5.310 | % | 70,000,000.00 | 5.336 | % | |||||||||||||||||||
vi | B Notes | 78443CBD5 | 0.800 | % | 43,965,000.00 | 3.335 | % | 43,965,000.00 | 3.352 | % | ||||||||||||||||||
vii | C Notes | 78443CBE3 | 1.600 | % | 60,875,000.00 | 4.618 | % | 60,875,000.00 | 4.641 | % | ||||||||||||||||||
viii | Total Notes | $ | 1,318,239,487.66 | 100.000 | % | $ | 1,311,807,923.83 | 100.000 | % | |||||||||||||||||||
6/15/2004 | 9/15/2004 | |||||||||||
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. |
1
II. 2003-C Transactions from: 5/31/2004 through: 8/31/2004
A | Student Loan Principal Activity | |||||||
i | Principal Payments Received | 14,052,958.69 | ||||||
ii | Purchases by Servicer (Delinquencies >180) | 1,411,770.44 | ||||||
iii | Other Servicer Reimbursements | 27,448.07 | ||||||
iv | Seller Reimbursements | — | ||||||
v | Total Principal Collections | $ | 15,492,177.20 | |||||
B | Student Loan Non-Cash Principal Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | — | |||||
ii | Capitalized Interest | (9,506,536.21 | ) | |||||
iii | Capitalized Insurance Fee | (636,979.00 | ) | |||||
iv | Other Adjustments | 62.12 | ||||||
v | Total Non-Cash Principal Activity | $ | (10,143,453.09 | ) | ||||
C | Total Student Loan Principal Activity | $ | 5,348,724.11 | |||||
D | Student Loan Interest Activity | |||||||
i | Interest Payments Received | $ | 5,830,705.16 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 53,382.54 | ||||||
iii | Other Servicer Reimbursements | 2,159.49 | ||||||
iv | Seller Reimbursements | (0.00 | ) | |||||
v | Late Fees | 78,655.83 | ||||||
vi | Collection Fees/Return Items | 0.00 | ||||||
vii | Total Interest Collections | $ | 5,964,903.02 | |||||
E | Student Loan Non-Cash Interest Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | — | |||||
ii | Capitalized Interest | 9,506,536.21 | ||||||
iii | Other Interest Adjustments | 13,583.52 | ||||||
iv | Total Non-Cash Interest Adjustments | $ | 9,520,119.73 | |||||
F | Total Student Loan Interest Activity | $ | 15,485,022.75 | |||||
2
III. 2003-C Collection Account Activity 5/31/2004 through: 8/31/2004
A | Principal Collections | |||||||||
i | Principal Payments Received | $ | 13,537,787.11 | |||||||
ii | Consolidation Principal Payments | 515,171.58 | ||||||||
iii | Purchases by Servicer (Delinquencies >180) | 1,411,770.44 | ||||||||
iv | Reimbursements by Seller | — | ||||||||
v | Reimbursements by Servicer | 27,448.07 | ||||||||
vi | Other Re-purchased Principal | — | ||||||||
vii | Total Principal Collections | $ | 15,492,177.20 | |||||||
B | Interest Collections | |||||||||
i | Interest Payments Received | $ | 5,827,850.21 | |||||||
ii | Consolidation Interest Payments | 2,854.95 | ||||||||
iii | Purchases by Servicer (Delinquencies >180) | 53,382.54 | ||||||||
iv | Reimbursements by Seller | — | ||||||||
v | Reimbursements by Servicer | 2,159.49 | ||||||||
vi | Other Re-purchased Interest | (0.00 | ) | |||||||
�� | vii | Collection Fees/Return Items | — | |||||||
viii | Late Fees | 78,655.83 | ||||||||
ix | Total Interest Collections | $ | 5,964,903.02 | |||||||
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 | $ | 344,230.28 | |||||||
H | Borrower Incentive Reimbursements | $ | 52,404.21 | |||||||
I | Interest Rate Cap Proceeds | $ | — | |||||||
I | Gross Swap Receipt | $ | 4,255,596.23 | |||||||
TOTAL FUNDS RECEIVED | $ | 26,109,310.94 | ||||||||
LESS FUNDS PREVIOUSLY REMITTED: | ||||||||||
i | Funds Allocated to the Future Distribution Account | $ | (6,986,422.78 | ) | ||||||
ii | Funds Released from the Future Distribution Account | $ | 4,610,997.53 | |||||||
J | TOTAL AVAILABLE FUNDS | $ | 23,733,885.69 | |||||||
K | Servicing Fees Due for Current Period | $ | 693,831.47 | |||||||
L | Carryover Servicing Fees Due | $ | — | |||||||
M | Administration Fees Due | $ | 20,000.00 | |||||||
N | Total Fees Due for Period | $ | 713,831.47 | |||||||
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IV. 2003-C Future Distribution Account Activity
A | Account Reconciliation | |||||||||||
i | Beginning Balance | 6/15/2004 | $ | 2,264,692.92 | ||||||||
ii | Total Allocations for Distribution Period | $ | 4,721,729.86 | |||||||||
iii | Total Payments for Distribution Period | $ | (2,375,425.25 | ) | ||||||||
iv | Funds Released to the Collection Account | $ | (4,610,997.53 | ) | ||||||||
v | Total Balance Prior to Current Month Allocations | $ | — | |||||||||
vi | Ending Balance | 9/15/2004 | $ | 2,338,059.91 | ||||||||
B | Monthly Allocations to the Future Distribution Account | |||||||||||
Monthly Allocation Date | 6/15/2004 | |||||||||||
i | Primary Servicing Fees | $ | 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 Notes | $ | — | |||||||||
vi | Balance as of | 6/15/2004 | $ | 2,264,692.92 | ||||||||
Monthly Allocation Date | 7/15/2004 | |||||||||||
i | Primary Servicing Fees | $ | 694,972.16 | |||||||||
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 | $ | 1,657,959.24 | |||||||||
v | Interest Accrued on the Class B Notes | $ | — | |||||||||
vi | Total Allocations | $ | 2,400,371.39 | |||||||||
Monthly Allocation Date | 8/15/2004 | |||||||||||
i | Primary Servicing Fees | $ | 695,671.70 | |||||||||
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 | $ | 1,580,795.12 | |||||||||
v | Interest Accrued on the Class B Notes | $ | — | |||||||||
vi | Total Allocations | $ | 2,321,358.47 | |||||||||
C | Total Future Distribution Account Deposits Previously Allocated | $ | 6,986,422.78 | |||||||||
D | Current Month Allocations | 9/15/2004 | ||||||||||
i | Primary Servicing | $ | 693,831.47 | |||||||||
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 | $ | 1,599,336.78 | |||||||||
v | Interest Accrued on the Class B & C Notes | $ | — | |||||||||
vi | Allocations on the Distribution Date | $ | 2,338,059.91 |
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V. 2003-C 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 | ||||||||||||||||||
06/22/2004 | SLMPC TRUST 2003C A4 | 1.250000 | % | 28 | 05/25/2004 | 06/22/2004 | 72,916.67 | |||||||||||||||||
07/01/2004 | SLMPC TRUST 2003C A5 | 1.320000 | % | 28 | 06/03/2004 | 07/01/2004 | 71,866.67 | |||||||||||||||||
07/13/2004 | SLMPC TRUST 2003C A3 | 1.350000 | % | 28 | 06/15/2004 | 07/13/2004 | 78,750.00 | |||||||||||||||||
07/20/2004 | SLMPC TRUST 2003C A4 | 1.470000 | % | 28 | 06/22/2004 | 07/20/2004 | 85,750.00 | |||||||||||||||||
07/29/2004 | SLMPC TRUST 2003C A5 | 1.550000 | % | 28 | 07/01/2004 | 07/29/2004 | 84,388.89 | |||||||||||||||||
08/10/2004 | SLMPC TRUST 2003C A3 | 1.550000 | % | 28 | 07/13/2004 | 08/10/2004 | 90,416.67 | |||||||||||||||||
08/17/2004 | SLMPC TRUST 2003C A4 | 1.600000 | % | 28 | 07/20/2004 | 08/17/2004 | 93,333.33 | |||||||||||||||||
08/26/2004 | SLMPC TRUST 2003C A5 | 1.650000 | % | 28 | 07/29/2004 | 08/26/2004 | 89,833.33 | |||||||||||||||||
09/07/2004 | SLMPC TRUST 2003C A3 | 1.680000 | % | 28 | 08/10/2004 | 09/07/2004 | 98,000.00 | |||||||||||||||||
09/14/2004 | SLMPC TRUST 2003C A4 | 1.720000 | % | 28 | 08/17/2004 | 09/14/2004 | 100,333.33 | |||||||||||||||||
ii | Auction Rate Security Payments Made During Collection Period | 6/15/04-9/15/04 | $ | 865,588.89 | ||||||||||||||||||||
iii | Broker/Dealer Fees Paid During Collection Period | 6/15/04-9/15/04 | $ | 114,333.33 | ||||||||||||||||||||
iv | Auction Agent Fees Paid During Collection Period | 6/15/04-9/15/04 | $ | 4,859.17 | ||||||||||||||||||||
v | Primary Servicing Fees Remitted | 6/15/04-9/15/04 | $ | 1,390,643.86 | ||||||||||||||||||||
vi | Total | $ | 2,375,425.25 | |||||||||||||||||||||
- 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 | $ | 2,375,425.25 | |||||||||||||||||||||
C | Funds Released to Collection Account | $ | 4,610,997.53 | |||||||||||||||||||||
D | Auction Rate Student Loan Rates | Jun-04 | Jul-04 | Aug-04 | ||||||||||||||||||||
3.93449% | 3.93446% | 3.93846% |
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VI. 2003-C Loss and Recovery Detail 8/31/2004
A | i | Cumulative Realized Losses Test | % of Original Pool | 5/31/2004 | 8/31/2004 | |||||||||||
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 | $ | 2,245,846.75 | $ | 3,657,617.19 | |||||||||||
iii | Cumulative Interest Purchases by Servicer | $ | 75,468.39 | $ | 128,850.93 | |||||||||||
iv | Total Gross Defaults: | $ | 2,321,315.14 | $ | 3,786,468.12 |
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VII. 2003-C 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 | 4.782 | % | 4.784 | % | 44,976 | 37,323 | 34.073 | % | 28.529 | % | $ | 382,999,845.24 | $ | 309,124,211.02 | 32.148 | % | 26.064 | % | ||||||||||||||||||||||
Grace | 4.903 | % | 4.769 | % | 20,311 | 20,667 | 15.387 | % | 15.797 | % | $ | 193,610,879.67 | $ | 204,882,077.52 | 16.251 | % | 17.275 | % | ||||||||||||||||||||||
Deferment | 4.964 | % | 4.947 | % | 4,133 | 4,628 | 3.131 | % | 3.538 | % | $ | 34,677,518.35 | $ | 39,399,572.93 | 2.911 | % | 3.322 | % | ||||||||||||||||||||||
TOTAL INTERIM | 4.831 | % | 4.790 | % | 69,420 | 62,618 | 52.592 | % | 47.864 | % | $ | 611,288,243.26 | $ | 553,405,861.47 | 51.309 | % | 46.660 | % | ||||||||||||||||||||||
REPAYMENT | ||||||||||||||||||||||||||||||||||||||||
Active | ||||||||||||||||||||||||||||||||||||||||
Current | 4.757 | % | 4.853 | % | 50,404 | 53,750 | 38.185 | % | 41.086 | % | $ | 459,777,817.61 | $ | 489,127,130.59 | 38.592 | % | 41.241 | % | ||||||||||||||||||||||
31-60 Days Delinquent | 5.797 | % | 5.491 | % | 1,370 | 2,011 | 1.038 | % | 1.537 | % | $ | 11,094,786.08 | $ | 16,965,231.87 | 0.931 | % | 1.430 | % | ||||||||||||||||||||||
61-90 Days Delinquent | 6.121 | % | 5.764 | % | 610 | 992 | 0.462 | % | 0.758 | % | $ | 5,401,918.68 | $ | 9,555,835.48 | 0.453 | % | 0.806 | % | ||||||||||||||||||||||
91-120 Days Delinquent | 6.494 | % | 6.222 | % | 442 | 538 | 0.335 | % | 0.411 | % | $ | 3,735,121.13 | $ | 4,548,896.11 | 0.314 | % | 0.384 | % | ||||||||||||||||||||||
121-150 Days Delinquent | 6.163 | % | 6.783 | % | 225 | 300 | 0.170 | % | 0.229 | % | $ | 2,001,362.33 | $ | 2,313,025.12 | 0.168 | % | 0.195 | % | ||||||||||||||||||||||
151-180 Days Delinquent | 5.496 | % | 6.394 | % | 154 | 180 | 0.117 | % | 0.138 | % | $ | 1,256,248.52 | $ | 1,688,808.60 | 0.105 | % | 0.142 | % | ||||||||||||||||||||||
> 180 Days Delinquent | 0.000 | % | 6.000 | % | 0 | 2 | 0.000 | % | 0.002 | % | $ | 0.00 | $ | 9,986.41 | 0.000 | % | 0.001 | % | ||||||||||||||||||||||
Forbearance | 5.385 | % | 5.457 | % | 9,373 | 10,434 | 7.101 | % | 7.976 | % | $ | 96,825,350.98 | $ | 108,417,348.83 | 8.127 | % | 9.141 | % | ||||||||||||||||||||||
TOTAL REPAYMENT | 4.912 | % | 5.009 | % | 62,578 | 68,207 | 47.408 | % | 52.137 | % | $ | 580,092,605.33 | $ | 632,626,263.01 | 48.691 | % | 53.340 | % | ||||||||||||||||||||||
GRAND TOTAL | 4.870 | % | 4.907 | % | 131,998 | 130,825 | 100.000 | % | 100.001 | % | $ | 1,191,380,848.59 | $ | 1,186,032,124.48 | 100.000 | % | 100.000 | % |
* | Percentages may not total 100% due to rounding | |
** | PRIOR QUARTER DATA HAS BEEN REVISED |
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VIII. 2003-C Portfolio Characteristics by School and Program
LOAN TYPE | WAC | # Loans | $ Amount | % | ||||||||||||
-Signature Loans | 4.973 | % | 99,731 | $ | 859,888,051.90 | 72.501 | % | |||||||||
-Law Loans | 5.116 | % | 19,742 | $ | 177,540,649.08 | 14.969 | % | |||||||||
-Med Loans | 4.579 | % | 3,464 | $ | 31,607,010.23 | 2.665 | % | |||||||||
-MBA Loans | 4.133 | % | 7,888 | $ | 116,996,413.27 | 9.865 | % | |||||||||
- Total | 4.907 | % | 130,825 | $ | 1,186,032,124.48 | 100.000 | % |
* Percentages may not total 100% due to rounding
8
IX. 2003-C Interest Rate Swap and Cap Calculations
A | Swap Payments | |||||||||||||||
Counterparty A | Counterparty B | |||||||||||||||
i | Notional Swap Amount — Aggregate Prime Loans Outstanding | 547,774,114 | $ | 547,774,114 | ||||||||||||
Counterparty Pays: | ||||||||||||||||
ii | 3 Month Libor | 1.52000 | % | 1.52000 | % | |||||||||||
iii | Gross Swap Receipt Due Trust | $ | 2,127,798.12 | $ | 2,127,798.12 | |||||||||||
iv | Days in Period | 6/15/2004 | 9/15/2004 | 92 | 92 | |||||||||||
SLM Private Credit Trust Pays: | ||||||||||||||||
v | Prime Rate (WSJ) Less | 2.6500% | 1.35000 | % | 1.35000 | % | ||||||||||
vi | Gross Swap Payment Due Counterparty | $ | 1,858,840.03 | $ | 1,858,840.03 | |||||||||||
vii | Days in Period | 6/15/2004 | 9/15/2004 | 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) | 1.52000 | % | |||||||||||||
iii | Cap Rate | 4.00000 | % | |||||||||||||
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-C 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 | 0.004881111 | (6/15/04-9/15/04) | 1.91000 | % | |||||
C | Class B Interest Rate | 0.005928889 | (6/15/04-9/15/04) | 2.32000 | % | |||||
D | Class C Interest Rate | 0.007973333 | (6/15/04-9/15/04) | 3.12000 | % |
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XI. 2003-C Inputs From Prior Data 5/31/04
A | Total Student Loan Pool Outstanding | |||||||||||||||||||||||||||||||
i | Portfolio Balance | $ | 1,191,380,848.59 | |||||||||||||||||||||||||||||
ii | Interest To Be Capitalized | 51,103,120.52 | ||||||||||||||||||||||||||||||
iii | Total Pool | $ | 1,242,483,969.11 | |||||||||||||||||||||||||||||
iv | Cash Capitalization Account (CI) | 102,811,061.00 | ||||||||||||||||||||||||||||||
v | Asset Balance | $ | 1,345,295,030.11 | |||||||||||||||||||||||||||||
B | Total Note and Certificate Factor | 0.97936608908 | ||||||||||||||||||||||||||||||
C | Total Note Balance | $ | 1,318,239,487.66 | |||||||||||||||||||||||||||||
D | Note Balance 6/15/2004 | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class A-5 | Class B | Class C | ||||||||||||||||||||||||
i | Current Factor | 0.9537108128 | 1.0000000000 | 1.0000000000 | 1.0000000000 | 1.0000000000 | 1.0000000000 | 1.0000000000 | ||||||||||||||||||||||||
ii | Expected Note Balance | $ | 572,226,487.66 | $ | 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 |
10
XII. 2003-C Note Parity Triggers
Class A | Class B | Class C | ||||||||||||
Notes Outstanding | 6/15/04 | $ | 1,213,399,488 | $ | 1,257,364,488 | $ | 1,318,239,488 | |||||||
Asset Balance | 5/31/04 | $ | 1,345,295,030 | $ | 1,345,295,030 | $ | 1,345,295,030 | |||||||
Pool Balance | 8/31/04 | $ | 1,236,052,405 | $ | 1,236,052,405 | $ | 1,236,052,405 | |||||||
Amounts on Deposit* | 9/15/04 | 117,688,625 | 117,427,962 | 116,942,585 | ||||||||||
Total | $ | 1,353,741,031 | $ | 1,353,480,367 | $ | 1,352,994,990 | ||||||||
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 | $ | 200,829,519.94 | The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount | |||||||||||
Class B Enhancement | $ | 87,930,542.45 | ||||||||||||
Specified Class B Enhancement | $ | 135,559,925.96 | 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 | $ | 40,165,903.99 | 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)* | 8/31/2004 | $ | 102,811,061.00 | |||||||
A | i | 5.50% of Initial Asset Balance | $ | 74,402,741.74 | ||||||
ii | Excess, CI over 5.5% of initial Asset Bal | $ | 28,408,319.26 | |||||||
iii | Release A(ii) excess to Collection Account?** | 9/15/2004 | DO NOT RELEASE | |||||||
B | i | 3.50% of Initial Asset Balance | $ | 47,347,199.29 | ||||||
ii | Excess, CI over 3.5% of initial Asset Bal | $ | 55,463,861.71 | |||||||
iii | Release B(ii) excess to Collection Account?** | 9/15/2004 | 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 |
11
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 | 6/15/2004 | $ | 1,213,399,487.66 | ||||||||
iii | Asset Balance | 8/31/2004 | $ | 1,338,863,466.28 | ||||||||
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 | $ | 1,257,364,487.66 | ||||||||
vii | Asset Balance | 8/31/2004 | $ | 1,338,863,466.28 | ||||||||
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 | $ | 1,318,239,487.66 | ||||||||
xii | Asset Balance | 8/31/2004 | $ | 1,338,863,466.28 | ||||||||
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 | $ | 1,318,239,487.66 | ||||||||
ii | Asset Balance | 8/31/2004 | $ | 1,338,863,466.28 | ||||||||
iii | Specified Overcollateralization Amount | 9/15/2004 | $ | 27,055,542.45 | ||||||||
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 | $ | 6,431,563.83 | |||||||||
viii | Actual Principal Distribution Amount paid | $ | 6,431,563.83 | |||||||||
ix | Shortfall | $ | — | |||||||||
Class A Noteholders’ Principal Distribution Amounts | ||||||||||||
i | Has the Stepdown Date Occurred? | No | ||||||||||
ii | Asset Balance | 8/31/2004 | $ | 1,338,863,466.28 | ||||||||
iii | 85% of Asset Balance | 8/31/2004 | $ | 1,138,033,946.34 | ||||||||
iv | Specified Overcollateralization Amount | 9/15/2004 | $ | 27,055,542.45 | ||||||||
v | Lesser of (iii) and (ii - iv) | $ | 1,138,033,946.34 | |||||||||
vi | Class A Noteholders’ Principal Distribution Amt - Before the Stepdown Date | $ | 6,431,563.83 | |||||||||
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 | $ | 1,338,863,466.28 | ||||||||
iii | 89.875% of Asset Balance | 8/31/2004 | $ | 1,203,303,540.32 | ||||||||
iv | Specified Overcollateralization Amount | 9/15/2004 | $ | 27,055,542.45 | ||||||||
v | Lesser of (iii) and (ii - iv) | $ | 1,203,303,540.32 | |||||||||
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 | $ | 1,338,863,466.28 | ||||||||
iii | 97% of Asset Balance | 8/31/2004 | $ | 1,298,697,562.29 | ||||||||
iv | Specified Overcollateralization Amount | 9/15/2004 | $ | 27,055,542.45 | ||||||||
v | Lesser of (iii) and (ii - iv) | $ | 1,298,697,562.29 | |||||||||
vi | Class C Noteholders’ Principal Distribution Amt - Before the Stepdown Date | $ | — | |||||||||
vii | Class C Noteholders’ Principal Distribution Amt - After the Stepdown Date | $ | — |
12
XV. 2003-C Waterfall for Distributions
Remaining | ||||||||||||||||||
Funds Balance | ||||||||||||||||||
A | Total Available Funds ( Sections III-J ) | $ | 23,733,885.69 | $ | 23,733,885.69 | |||||||||||||
B | Primary Servicing Fees-Current Month plus any Unpaid | $ | 693,831.47 | $ | 23,040,054.22 | |||||||||||||
C | Quarterly Administration Fee plus any Unpaid | $ | 20,000.00 | $ | 23,020,054.22 | |||||||||||||
D | Auction Agent Fees Due | 9/15/2004 | $ | 0.00 | $ | 23,020,054.22 | ||||||||||||
Broker/Dealer Fees Due | 9/15/2004 | $ | 0.00 | $ | 23,020,054.22 | |||||||||||||
E | Gross Swap Payment due Counterparty A | $ | 1,858,840.03 | $ | 21,161,214.19 | |||||||||||||
Gross Swap Payment due Counterparty B | $ | 1,858,840.03 | $ | 19,302,374.18 | ||||||||||||||
F | i | Class A-1 Noteholders’ Interest Distribution Amount due | 9/15/2004 | $ | 2,369,017.66 | $ | 16,933,356.51 | |||||||||||
ii | Class A-2 Noteholders’ Interest Distribution Amount due | 9/15/2004 | $ | 2,055,792.21 | $ | 14,877,564.30 | ||||||||||||
iii | Class A-3 Noteholders’ Interest Distribution Amount due | 9/15/2004 | $ | 0.00 | $ | 14,877,564.30 | ||||||||||||
iv | Class A-4 Noteholders’ Interest Distribution Amount due | 9/15/2004 | $ | 0.00 | $ | 14,877,564.30 | ||||||||||||
v | Class A-5 Noteholders’ Interest Distribution Amount due | 9/15/2004 | $ | 0.00 | $ | 14,877,564.30 | ||||||||||||
vi | Swap Termination Fees due | 9/15/2004 | $ | 0.00 | $ | 14,877,564.30 | ||||||||||||
G | First Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 14,877,564.30 | |||||||||||||
H | Class B Noteholders’ Interest Distribution Amount due | 9/15/2004 | $ | 260,663.60 | $ | 14,616,900.70 | ||||||||||||
I | Second Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 14,616,900.70 | |||||||||||||
J | Class C Noteholders’ Interest Distribution Amount | $ | 485,376.67 | $ | 14,131,524.03 | |||||||||||||
K | Third Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 14,131,524.03 | |||||||||||||
L | Increase to the Specified Reserve Account Balance | $ | 0.00 | $ | 14,131,524.03 | |||||||||||||
M | Regular Principal Distribution Amount — Principal Distribution Account | $ | 6,431,563.83 | $ | 7,699,960.20 | |||||||||||||
N | Carryover Servicing Fees | $ | 0.00 | $ | 7,699,960.20 | |||||||||||||
O | Auction Rate Noteholder’s Interest Carryover | |||||||||||||||||
i | Class A-3 | $ | 0.00 | $ | 7,699,960.20 | |||||||||||||
ii | Class A-4 | $ | 0.00 | $ | 7,699,960.20 | |||||||||||||
iii | Class A-5 | $ | 0.00 | $ | 7,699,960.20 | |||||||||||||
P | Swap Termination Payments | $ | 0.00 | $ | 7,699,960.20 | |||||||||||||
Q | Additional Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 7,699,960.20 | |||||||||||||
R | Remaining Funds to the Certificateholders | $ | 7,699,960.20 | $ | 0.00 |
XVI. 2003-C Principal Distribution Account Allocations
Remaining | ||||||||||||
Funds Balance | ||||||||||||
A | Total from Collection Account | $ | 6,431,563.83 | $ | 6,431,563.83 | |||||||
B | i | Class A-1 Principal Distribution Amount Paid | $ | 6,431,563.83 | $ | 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 |
13
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 | $ | 2,369,017.66 | $ | 2,055,792.21 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 260,663.60 | $ | 485,376.67 | |||||||||||||||||||
ii | Quarterly Interest Paid | 2,369,017.66 | 2,055,792.21 | 0.00 | 0.00 | 0.00 | 260,663.60 | 485,376.67 | ||||||||||||||||||||||||||
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 | $ | 6,431,563.83 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||
viii | Quarterly Principal Paid (or allocated) | 6,431,563.83 | 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 | $ | 8,800,581.49 | $ | 2,055,792.21 | $ | 0.00 | $ | 0.00 | $ | 260,663.60 | $ | 485,376.67 | |||||||||||||||||||||
B | Note Balances | 6/15/2004 | Paydown Factors | 9/15/2004 | Balances | Next ARS Pay Date | ||||||||||||||||||||||||||||
i | A-1 Note Balance | 78443CAY0 | $ | 572,226,487.66 | $ | 565,794,923.83 | ||||||||||||||||||||||||||||
A-1 Note Pool Factor | 0.9537108128 | 0.0107192730 | 0.9429915397 | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
iii | A-3 Note Balance | 78443CBA1 | $ | 75,000,000.00 | $ | 75,000,000.00 | $ | 75,000,000.00 | 10/05/04 | |||||||||||||||||||||||||
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 | 10/12/04 | |||||||||||||||||||||||||
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 | 09/23/04 | ||||||||||||||||||||||||||
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 |
14
XVIII. 2003-C Historical Pool Information
6/1/04-8/31/04 | 3/1/04-5/31/04 | 12/01/03-02/29/03 | 08/18/03-11/30/03 | |||||||||||||||||
Beginning Student Loan Portfolio Balance | $ | 1,191,380,848.58 | $ | 1,201,155,217.98 | $ | 1,205,163,347.06 | $ | 1,202,893,173.22 | ||||||||||||
Student Loan Principal Activity | ||||||||||||||||||||
i | Principal Payments Received | $ | 14,052,958.69 | $ | 13,747,785.94 | $ | 12,789,181.37 | $ | 13,196,464.40 | |||||||||||
ii | Purchases by Servicer (Delinquencies >180) | 1,411,770.44 | 1,017,501.03 | 1,151,451.03 | 76,894.69 | |||||||||||||||
iii | Other Servicer Reimbursements | 27,448.07 | (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 | $ | 15,492,177.20 | $ | 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 | (9,506,536.21 | ) | (4,848,056.60 | ) | (8,930,525.57 | ) | (14,369,110.75 | ) | |||||||||||
iii | Capitalized Insurance Fee | $ | (636,979.00 | ) | $ | (206,100.24 | ) | $ | (1,165,239.70 | ) | $ | (1,810,969.76 | ) | |||||||
iv | Other Adjustments | 62.12 | 1,793.51 | (14,323.25 | ) | (30,477.49 | ) | |||||||||||||
v | Total Non-Cash Principal Activity | $ | (10,143,453.09 | ) | $ | (5,052,363.33 | ) | $ | (10,110,088.52 | ) | $ | (16,210,558.00 | ) | |||||||
(-) | Total Student Loan Principal Activity | $ | 5,348,724.11 | $ | 9,774,369.39 | $ | 4,008,129.08 | $ | (2,270,173.84 | ) | ||||||||||
Student Loan Interest Activity | ||||||||||||||||||||
i | Interest Payments Received | $ | 5,830,705.16 | $ | 5,369,428.80 | $ | 4,838,239.81 | $ | 4,365,636.18 | |||||||||||
ii | Repurchases by Servicer (Delinquencies >180) | 53,382.54 | 34,855.48 | 40,125.17 | 487.74 | |||||||||||||||
iii | Other Servicer Reimbursements | 2,159.49 | (1,906.22 | ) | 61.76 | 15.64 | ||||||||||||||
iv | Seller Reimbursements | (0.00 | ) | 7,807.48 | 11,832.95 | 46,145.91 | ||||||||||||||
v | Late Fees | 78,655.83 | 67,109.33 | 62,849.57 | 51,362.80 | |||||||||||||||
vi | Collection Fees | ��� | — | — | — | |||||||||||||||
viii | Total Interest Collections | 5,964,903.02 | 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 | 9,506,536.21 | 4,848,056.60 | 8,930,525.57 | 14,369,110.75 | |||||||||||||||
iii | Other Interest Adjustments | 13,583.52 | 28,841.20 | 33,539.19 | 104,599.84 | |||||||||||||||
iv | Total Non-Cash Interest Adjustments | $ | 9,520,119.73 | $ | 4,876,897.80 | $ | 8,964,064.76 | $ | 14,473,710.59 | |||||||||||
v | Total Student Loan Interest Activity | $ | 15,485,022.75 | $ | 10,354,192.67 | $ | 13,917,174.02 | $ | 18,937,358.86 | |||||||||||
(=) | Ending Student Loan Portfolio Balance | $ | 1,186,032,124.46 | $ | 1,191,380,848.58 | $ | 1,201,155,217.98 | $ | 1,205,163,347.06 | |||||||||||
(+) | Interest to be Capitalized | $ | 50,020,280.80 | $ | 51,103,120.52 | $ | 46,965,543.28 | $ | 46,656,743.34 | |||||||||||
(=) | TOTAL POOL | $ | 1,236,052,405.26 | $ | 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 | $ | 102,811,061.00 | |||||||||||
(=) | Asset Balance | $ | 1,338,863,466.26 | $ | 1,345,295,030.10 | $ | 1,350,931,822.26 | $ | 1,354,631,151.40 |
15
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 | % | ||||
Sep-04 | $ | 1,236,052,405 | 1.71 | % |
* “Since Issued CPR” is based on the current period’s ending pool balance
calculated against the original pool balance and assuming cutoff date pool data.
16