SLM Private Credit Student Loan Trust 2004-B
Quarterly Servicing Report
Report Date: 8/31/2004 Reporting Period: 5/06/04 - 8/31/04
I. Deal Parameters
Student Loan Portfolio Characteristics | 5/5/2004 | Activity | 8/31/2004 | |||||||||||||
A | i | Portfolio Balance | $ | 1,250,170,429.90 | ($5,888,370.94 | ) | $ | 1,244,282,058.96 | ||||||||
ii | Interest to be Capitalized | 32,404,010.46 | 47,353,017.57 | |||||||||||||
iii | Total Pool | $ | 1,282,574,440.36 | $ | 1,291,635,076.53 | |||||||||||
iv | Cash Capitalization Account (Cii) | 232,575,519.00 | 232,575,519.00 | |||||||||||||
v | Asset Balance | $ | 1,515,149,959.36 | $ | 1,524,210,595.53 | |||||||||||
i | Weighted Average Coupon (WAC) | 5.182 | % | 5.208 | % | |||||||||||
ii | Weighted Average Remaining Term | 205.92 | 201.84 | |||||||||||||
iii | Number of Loans | 121,190 | 120,693 | |||||||||||||
iv | Number of Borrowers | 109,001 | 108,589 | |||||||||||||
v | Prime Loans Outstanding | $ | 1,224,010,957 | $ | 1,234,313,225 | |||||||||||
vi | T-bill Loans Outstanding | $ | 58,242,375 | $ | 56,979,507 | |||||||||||
vii | Fixed Loans Outstanding | $ | 321,109 | $ | 342,345 | |||||||||||
% of | % of | |||||||||||||||||||||||||||
Notes | Cusips | Spread | Balance 5/26/04 | O/S Securities | Balance 9/15/04 | O/S Securities | ||||||||||||||||||||||
B | i | A-1 Notes | 78443CBL7 | 0.050 | % | $ | 635,000,000.00 | 42.121 | % | $ | 630,280,220.85 | 41.939 | % | |||||||||||||||
ii | A-2 Notes | 78443CBM5 | 0.200 | % | 378,000,000.00 | 25.073 | % | 378,000,000.00 | 25.152 | % | ||||||||||||||||||
iii | A-3 Notes | 78443CBN3 | 0.330 | % | 277,150,000.00 | 18.384 | % | 277,150,000.00 | 18.442 | % | ||||||||||||||||||
iv | A-4 Notes | 78443CBP8 | 0.430 | % | 100,000,000.00 | 6.633 | % | 100,000,000.00 | 6.654 | % | ||||||||||||||||||
v | B Notes | 78443CBQ6 | 0.470 | % | 49,242,000.00 | 3.266 | % | 49,242,000.00 | 3.277 | % | ||||||||||||||||||
vi | C Notes | 78443CBR4 | 0.870 | % | 68,182,000.00 | 4.523 | % | 68,182,000.00 | 4.537 | % | ||||||||||||||||||
vii | Total Notes | $ | 1,507,574,000.00 | 100.000 | % | $ | 1,502,854,220.85 | 100.000 | % | |||||||||||||||||||
5/26/2004 | 9/15/2004 | |||||||||||
C | i | Reserve Account Balance ($) | $ | 3,206,436.00 | $ | 3,206,436.00 | ||||||
ii | Cash Capitalization Acct Balance ($) | $ | 232,575,519.00 | $ | 232,575,519.00 | |||||||
iii | Initial Asset Balance | $ | 1,515,149,959.36 | $ | 1,515,149,959.36 | |||||||
iv | Specified Overcollateralization Amount | $ | 30,302,999.19 | $ | 30,302,999.19 | |||||||
v | Actual Overcollateralization Amount | $ | 7,575,959.36 | $ | 21,356,374.68 | |||||||
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 June 15, 2009. At the Stepdown Date, principal payments made on the Class B and Class C Notes may begin to be paid pro-rata with the Class A Notes. See the prospectus for complete information concerning the Stepdown Date. |
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II. 2004-B Transactions from: 5/5/2004 through: 8/31/2004
A | Student Loan Principal Activity | |||||||
i | Principal Payments Received | $ | 9,982,999.67 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 148,245.39 | ||||||
iii | Other Servicer Reimbursements | 9,228.46 | ||||||
iv | Seller Reimbursements | 176,715.71 | ||||||
v | Total Principal Collections | $ | 10,317,189.23 | |||||
B | Student Loan Non-Cash Principal Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | — | |||||
ii | Capitalized Interest | (3,909,610.89 | ) | |||||
iii | Capitalized Insurance Fee | (537,371.26 | ) | |||||
iv | Other Adjustments | 18,163.86 | ||||||
v | Total Non-Cash Principal Activity | $ | (4,428,818.29 | ) | ||||
C | Total Student Loan Principal Activity | $ | 5,888,370.94 | |||||
D | Student Loan Interest Activity | |||||||
i | Interest Payments Received | $ | 2,509,588.16 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 1,547.89 | ||||||
iii | Other Servicer Reimbursements | 339.85 | ||||||
iv | Seller Reimbursements | 9,454.56 | ||||||
v | Late Fees | 17,448.43 | ||||||
vi | Collection Fees/Return Items | 0.00 | ||||||
vii | Total Interest Collections | $ | 2,538,378.89 | |||||
E | Student Loan Non-Cash Interest Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | — | |||||
ii | Capitalized Interest | 3,909,610.89 | ||||||
iii | Other Interest Adjustments | 40,795.34 | ||||||
iv | Total Non-Cash Interest Adjustments | $ | 3,950,406.23 | |||||
F | Total Student Loan Interest Activity | $ | 6,488,785.12 | |||||
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III. 2004-B Collection Account Activity 5/5/2004 through 8/31/2004
A | Principal Collections | |||||||
i | Principal Payments Received | $ | 9,926,055.77 | |||||
ii | Consolidation Principal Payments | 56,943.90 | ||||||
iii | Purchases by Servicer (Delinquencies >180) | 148,245.39 | ||||||
iv | Reimbursements by Seller | (13,855.54 | ) | |||||
v | Reimbursements by Servicer | 9,228.46 | ||||||
vi | Other Re-purchased Principal | 190,571.25 | ||||||
vii | Total Principal Collections | $ | 10,317,189.23 | |||||
B | Interest Collections | |||||||
i | Interest Payments Received | $ | 2,508,380.08 | |||||
ii | Consolidation Interest Payments | 1,208.08 | ||||||
iii | Purchases by Servicer (Delinquencies >180) | 1,547.89 | ||||||
iv | Reimbursements by Seller | 0.00 | ||||||
v | Reimbursements by Servicer | 339.85 | ||||||
vi | Other Re-purchased Interest | 9,454.56 | ||||||
vii | Collection Fees/Return Items | 0.00 | ||||||
viii | Late Fees | 17,448.43 | ||||||
ix | Total Interest Collections | $ | 2,538,378.89 | |||||
C | Recoveries on Realized Losses | $ | — | |||||
D | Amount from Cash Capitalizaton Account | $ | — | |||||
E | Funds Borrowed from Next Collection Period | $ | 820,415.20 | |||||
F | Funds Repaid from Prior Collection Periods | $ | — | |||||
G | Investment Income | $ | 734,321.95 | |||||
H | Borrower Incentive Reimbursements | $ | 16,153.14 | |||||
I | Interest Rate Cap Proceeds | $ | — | |||||
J | Gross Swap Receipt | $ | 5,150,366.10 | |||||
TOTAL FUNDS RECEIVED | $ | 19,576,824.51 | ||||||
LESS FUNDS PREVIOUSLY REMITTED: | ||||||||
Servicing Fees | $ | (1,674,749.24 | ) | |||||
K | TOTAL AVAILABLE FUNDS | $ | 17,902,075.27 | |||||
L | Servicing Fees Due for Current Period | $ | 727,125.72 | |||||
M | Carryover Servicing Fees Due | $ | — | |||||
N | Administration Fees Due | $ | 20,000.00 | |||||
O | Total Fees Due for Period | $ | 747,125.72 | |||||
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IV. 2004-B Loss and Recovery Detail 8/31/2004
A | i | Cumulative Realized Losses Test | % of Original Pool | 8/31/2004 | ||||||||
September 15, 2004 to June 15, 2009 | 15 | % | $ | 227,272,493.90 | ||||||||
September 15, 2009 to June 15, 2012 | 18 | % | ||||||||||
September 16, 2012 and thereafter | 20 | % | ||||||||||
ii | Cumulative Realized Losses (Net of Recoveries) | $ | — | |||||||||
iii | Is Test Satisfied (ii < i)? | Yes | ||||||||||
B | i | Recoveries on Realized Losses This Collection Period | ||||||||||
ii | Principal Cash Recovered During Collection Period | $ | — | |||||||||
iii | Interest Cash Recovered During Collection Period | $ | — | |||||||||
iv | Late Fees and Collection Costs Recovered During Collection Period | $ | — | |||||||||
v | Total Recoveries for Period | $ | — | |||||||||
C | i | Gross Defaults: | ||||||||||
ii | Cumulative Principal Purchases by Servicer | $ | 148,245.39 | |||||||||
iii | Cumulative Interest Purchases by Servicer | 1,547.89 | ||||||||||
iv | Total Gross Defaults: | $ | 149,793.28 |
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V. 2004-B Portfolio Characteristics
Weighted Avg Coupon | # of Loans | % * | Principal Amount | % * | ||||||||||||||||||||||||||||||||||||
STATUS | 5/5/2004** | 8/31/2004 | 5/5/2004** | 8/31/2004 | 5/5/2004** | 8/31/2004 | 5/5/2004** | 8/31/2004 | 5/5/2004** | 8/31/2004 | ||||||||||||||||||||||||||||||
INTERIM: | ||||||||||||||||||||||||||||||||||||||||
In School | 5.202 | % | 5.197 | % | 99,304 | 80,219 | 81.941 | % | 66.465 | % | $ | 1,069,290,147.99 | $ | 845,034,178.57 | 85.532 | % | 67.913 | % | ||||||||||||||||||||||
Grace | 5.395 | % | 5.308 | % | 12,493 | 24,316 | 10.309 | % | 20.147 | % | $ | 93,688,135.41 | $ | 265,015,191.42 | 7.494 | % | 21.299 | % | ||||||||||||||||||||||
Deferment | 4.335 | % | 4.747 | % | 1,416 | 1,340 | 1.168 | % | 1.110 | % | $ | 14,858,841.17 | $ | 12,973,903.01 | 1.189 | % | 1.043 | % | ||||||||||||||||||||||
TOTAL INTERIM | 5.207 | % | 5.218 | % | 113,213 | 105,875 | 93.418 | % | 87.723 | % | $ | 1,177,837,124.57 | $ | 1,123,023,273.00 | 94.214 | % | 90.255 | % | ||||||||||||||||||||||
REPAYMENT | ||||||||||||||||||||||||||||||||||||||||
Active | ||||||||||||||||||||||||||||||||||||||||
Current | 4.660 | % | 5.027 | % | 6,479 | 11,332 | 5.346 | % | 9.389 | % | $ | 58,265,005.16 | $ | 93,283,810.47 | 4.661 | % | 7.497 | % | ||||||||||||||||||||||
31-60 Days Delinquent | 5.230 | % | 5.557 | % | 200 | 744 | 0.165 | % | 0.616 | % | $ | 1,738,783.98 | $ | 5,164,928.83 | 0.139 | % | 0.415 | % | ||||||||||||||||||||||
61-90 Days Delinquent | 0.000 | % | 6.104 | % | 0 | 346 | 0.000 | % | 0.287 | % | $ | 0.00 | $ | 2,546,168.09 | 0.000 | % | 0.205 | % | ||||||||||||||||||||||
91-120 Days Delinquent | 0.000 | % | 5.735 | % | 0 | 141 | 0.000 | % | 0.117 | % | $ | 0.00 | $ | 1,100,252.65 | 0.000 | % | 0.088 | % | ||||||||||||||||||||||
121-150 Days Delinquent | 0.000 | % | 6.421 | % | 0 | 63 | 0.000 | % | 0.052 | % | $ | 0.00 | $ | 440,569.57 | 0.000 | % | 0.035 | % | ||||||||||||||||||||||
151-180 Days Delinquent | 0.000 | % | 5.422 | % | 0 | 22 | 0.000 | % | 0.018 | % | $ | 0.00 | $ | 188,638.09 | 0.000 | % | 0.015 | % | ||||||||||||||||||||||
> 180 Days Delinquent | 0.000 | % | 0.000 | % | 0 | 0 | 0.000 | % | 0.000 | % | $ | 0.00 | $ | 0.00 | 0.000 | % | 0.000 | % | ||||||||||||||||||||||
Forbearance | 5.179 | % | 5.256 | % | 1,298 | 2,170 | 1.071 | % | 1.798 | % | $ | 12,329,516.19 | $ | 18,534,418.26 | 0.986 | % | 1.490 | % | ||||||||||||||||||||||
TOTAL REPAYMENT | 4.762 | % | 5.119 | % | 7,977 | 14,818 | 6.582 | % | 12.277 | % | $ | 72,333,305.33 | $ | 121,258,785.96 | 5.786 | % | 9.745 | % | ||||||||||||||||||||||
GRAND TOTAL | 5.182 | % | 5.208 | % | 121,190 | 120,693 | 100.000 | % | 100.000 | % | $ | 1,250,170,429.90 | $ | 1,244,282,058.96 | 100.000 | % | 100.000 | % |
* | Percentages may not total 100% due to rounding | |
** | PRIOR PERIOD DATA HAS BEEN REVISED |
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VI. 2004-B Portfolio Characteristics by School and Program
LOAN TYPE | WAC | # Loans | $ Amount | % | ||||||||||||
�� | ||||||||||||||||
-Signature Loans | 5.291 | % | 101,777 | $ | 995,788,575.09 | 80.029 | % | |||||||||
-Law Loans | 5.843 | % | 7,077 | $ | 91,921,394.97 | 7.388 | % | |||||||||
-Med Loans | 4.381 | % | 7,872 | $ | 73,034,664.26 | 5.870 | % | |||||||||
-MBA Loans | 4.236 | % | 3,967 | $ | 83,537,424.64 | 6.714 | % | |||||||||
- Total | 5.208 | % | 120,693 | $ | 1,244,282,058.96 | 100.000 | % |
* Percentages may not total 100% due to rounding
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VII. 2004-B Interest Rate Swap and Cap Calculations
A | Swap Payments | |||||||||||||
Swap Calculation | ||||||||||||||
i | Notional Swap Amount — Aggregate Prime Loans Outstanding | $ | 1,224,010,956.64 | |||||||||||
Counterparty Pays: | ||||||||||||||
ii | 3 Month LIBOR | 1.35250 | % | |||||||||||
iii | Gross Swap Receipt Due Trust | $ | 5,150,366.10 | |||||||||||
iv | Days in Period | 5/26/2004 | 9/15/2004 | 112 | ||||||||||
SLM Private Credit Trust Pays: | ||||||||||||||
v | Prime Rate (WSJ) Less | 2.6430 | % | 1.35700 | % | |||||||||
vi | Gross Swap Payment Due Counterparty | $ | 5,082,789.10 | |||||||||||
vii | Days in Period | 5/26/2004 | 9/15/2004 | 112 | ||||||||||
B | Cap Payments | |||||||||||||
Cap Calculation | ||||||||||||||
i | Notional Swap Amount | $ | 975,000,000.00 | |||||||||||
Counterparty Pays: | ||||||||||||||
ii | 3 Month LIBOR (interpolated for first accrual period) | 1.35250 | % | |||||||||||
iii | Cap Rate | 4.00000 | % | |||||||||||
iv | Excess (if any) of LIBOR over Cap Rate (ii-iii) | 0.00000 | % | |||||||||||
v | Days in Period | 5/26/2004 | 9/15/2004 | 112 | ||||||||||
vi | Cap Payment due Trust | $ | — |
VIII. 2004-B Accrued Interest Factors
Accrued | ||||||||||
Int Factor | Accrual Period | Rate | ||||||||
A | Class A-1 Interest Rate | 0.004363333 | (5/26/04 - 9/15/04) | 1.40250 | % | |||||
B | Class A-2 Interest Rate | 0.004830000 | (5/26/04 - 9/15/04) | 1.55250 | % | |||||
C | Class A-3 Interest Rate | 0.005234444 | (5/26/04 - 9/15/04) | 1.68250 | % | |||||
D | Class A-4 Interest Rate | 0.005545556 | (5/26/04 - 9/15/04) | 1.78250 | % | |||||
E | Class B Interest Rate | 0.005670000 | (5/26/04 - 9/15/04) | 1.82250 | % | |||||
F | Class C Interest Rate | 0.006914444 | (5/26/04 - 9/15/04) | 2.22250 | % |
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IX. 2004-B Inputs From Prior Data 5/5/04
A | Total Student Loan Pool Outstanding | |||||||||||||||||||||||||||
i | Portfolio Balance | $ | 1,250,170,429.90 | |||||||||||||||||||||||||
ii | Interest To Be Capitalized | 32,404,010.46 | ||||||||||||||||||||||||||
iii | Total Pool | $ | 1,282,574,440.36 | |||||||||||||||||||||||||
iv | Cash Capitalization Account (CI) | 232,575,519.00 | ||||||||||||||||||||||||||
v | Asset Balance | $ | 1,515,149,959.36 | |||||||||||||||||||||||||
B | Total Note and Certificate Factor | 1.00000000000 | ||||||||||||||||||||||||||
C | Total Note Balance | $ | 1,507,574,000.00 | |||||||||||||||||||||||||
D | Note Balance 5/26/2004 | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class B | Class C | |||||||||||||||||||||
i | Current Factor | 1.0000000000 | 1.0000000000 | 1.0000000000 | 1.0000000000 | 1.0000000000 | 1.0000000000 | |||||||||||||||||||||
ii | Expected Note Balance | $ | 635,000,000.00 | $ | 378,000,000.00 | $ | 277,150,000.00 | $ | 100,000,000.00 | $ | 49,242,000.00 | $ | 68,182,000.00 | |||||||||||||||
E | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||
F | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||
G | Unpaid Primary Servicing Fees from Prior Month(s) | $ | 0.00 | |||||||||||||||||||||||||
H | Unpaid Administration fees from Prior Quarter(s) | $ | 0.00 | |||||||||||||||||||||||||
I | Unpaid Carryover Servicing Fees from Prior Quarter(s) | $ | 0.00 |
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X. 2004-B Note Parity Triggers
Class A | Class B | Class C | ||||||||||||
Notes Outstanding | 5/26/04 | $ | 1,390,150,000 | $ | 1,439,392,000 | $ | 1,507,574,000 | |||||||
Asset Balance | 5/5/04 | $ | 1,515,149,959 | $ | 1,515,149,959 | $ | 1,515,149,959 | |||||||
Pool Balance | 8/31/04 | $ | 1,291,635,077 | $ | 1,291,635,077 | $ | 1,291,635,077 | |||||||
Amounts on Deposit* | 9/15/04 | 238,045,941 | 237,766,739 | 237,295,298 | ||||||||||
Total | $ | 1,529,681,018 | $ | 1,529,401,815 | $ | 1,528,930,375 | ||||||||
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 | $ | 124,999,959.36 | ||||||||||||
Specified Class A Enhancement | $ | 228,631,589.33 | The greater of 15.0% of the Asset Balance or the Specified Overcollateralization Amount | |||||||||||
Class B Enhancement | $ | 75,757,959.36 | ||||||||||||
Specified Class B Enhancement | $ | 154,326,322.80 | The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount | |||||||||||
Class C Enhancement | $ | 7,575,959.36 | ||||||||||||
Specified Class C Enhancement | $ | 45,726,317.87 | The greater of 3.0% of the Asset Balance or the Specified Overcollateralization Amount |
* | Amounts on Deposit in Trust Accounts for the Collection Period after Payment of Section XIII Items B through E for the Class A; Items B through G for the Class B; and Items B through I for the Class C |
XI. 2004-B Cash Capitalization Account Triggers
Cash Capitalization Account Balance (CI)* | 8/31/2004 | $ | 232,575,519.00 | |||||||
A | i | 10.00% of initial Asset Balance | $ | 151,514,995.94 | ||||||
ii | Excess, CI over 10.00% of initial Asset Balance | $ | 81,060,523.06 | |||||||
iii | Release A(ii) excess to Collection Account?** | 9/15/2004 | DO NOT RELEASE | |||||||
B | i | 5.50% of initial Asset Balance | $ | 83,333,247.76 | ||||||
ii | Excess, CI over 5.50% of initial Asset Balance | $ | 149,242,271.24 | |||||||
iii | Release B(ii) excess to Collection Account?** | 9/15/2004 | DO NOT RELEASE | |||||||
C | i | 3.50% of initial Asset Balance | $ | 53,030,248.58 | ||||||
ii | Excess, CI over 3.50% of initial Asset Balance | $ | 179,545,270.42 | |||||||
iii | Release C(ii) excess to Collection Account?** | 9/15/2004 | DO NOT RELEASE | |||||||
D | i | 1.50% of initial Asset Balance | $ | 22,727,249.39 | ||||||
ii | Excess, CI over 1.50% of initial Asset Balance | $ | 209,848,269.61 | |||||||
iii | Release D(ii) excess to Collection Account?** | 9/15/2004 | DO NOT RELEASE |
* | as defined under “Asset Balance” on page S-69 of the prospectus supplement | |||
** | determined based on a comparison of pool balances to notes outstanding and CI, along with certain loan portfolio characteristics, as outlined on page S-48 of the prospectus supplement |
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XII. 2004-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 | 5/26/2004 | $ | 1,390,150,000.00 | ||||||||
iii | Asset Balance | 8/31/2004 | $ | 1,524,210,595.53 | ||||||||
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 | 5/26/2004 | $ | 1,439,392,000.00 | ||||||||
vii | Asset Balance | 8/31/2004 | $ | 1,524,210,595.53 | ||||||||
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 | 5/26/2004 | $ | 1,507,574,000.00 | ||||||||
xii | Asset Balance | 8/31/2004 | $ | 1,524,210,595.53 | ||||||||
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 | 5/26/2004 | $ | 1,507,574,000.00 | ||||||||
ii | Asset Balance | 8/31/2004 | $ | 1,524,210,595.53 | ||||||||
iii | Specified Overcollateralization Amount | 9/15/2004 | $ | 30,302,999.19 | ||||||||
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 | $ | 13,666,403.66 | |||||||||
Class A Noteholders’ Principal Distribution Amounts | ||||||||||||
i | Has the Stepdown Date Occurred? | No | ||||||||||
ii | Asset Balance | 8/31/2004 | $ | 1,524,210,595.53 | ||||||||
iii | 85% of Asset Balance | 8/31/2004 | $ | 1,295,579,006.20 | ||||||||
iv | Specified Overcollateralization Amount | 9/15/2004 | $ | 30,302,999.19 | ||||||||
v | Lesser of (iii) and (ii - iv) | $ | 1,295,579,006.20 | |||||||||
vi | Class A Noteholders’ Principal Distribution Amt - Before the Stepdown Date | $ | 13,666,403.66 | |||||||||
vii | Class A Noteholders’ Principal Distribution Amt - After the Stepdown Date | $ | — | |||||||||
viii | Actual Principal Distribution Amount paid | $ | 4,719,779.15 | |||||||||
ix | Shortfall | $ | 8,946,624.51 | |||||||||
Class B Noteholders’ Principal Distribution Amounts | ||||||||||||
i | Has the Stepdown Date Occurred? | No | ||||||||||
ii | Asset Balance | 8/31/2004 | $ | 1,524,210,595.53 | ||||||||
iii | 89.875% of Asset Balance | 8/31/2004 | $ | 1,369,884,272.73 | ||||||||
iv | Specified Overcollateralization Amount | 9/15/2004 | $ | 30,302,999.19 | ||||||||
v | Lesser of (iii) and (ii - iv) | $ | 1,369,884,272.73 | |||||||||
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 | $ | 1,524,210,595.53 | ||||||||
iii | 97% of Asset Balance | 8/31/2004 | $ | 1,478,484,277.66 | ||||||||
iv | Specified Overcollateralization Amount | 9/15/2004 | $ | 30,302,999.19 | ||||||||
v | Lesser of (iii) and (ii - iv) | $ | 1,478,484,277.66 | |||||||||
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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XIII. 2004-B Waterfall for Distributions
Remaining | ||||||||||||||||
Funds Balance | ||||||||||||||||
A | Total Available Funds ( Sections III-K ) | $ | 17,902,075.27 | $ | 17,902,075.27 | |||||||||||
B | Primary Servicing Fees-Current Month plus any Unpaid | $ | 727,125.72 | $ | 17,174,949.55 | |||||||||||
C | Quarterly Administration Fee plus any Unpaid | $ | 20,000.00 | $ | 17,154,949.55 | |||||||||||
D | Gross Swap Payment due | $ | 5,082,789.10 | $ | 12,072,160.45 | |||||||||||
E | i | Class A-1 Noteholders’ Interest Distribution Amount due | 9/15/2004 | $ | 2,770,716.67 | $ | 9,301,443.78 | |||||||||
ii | Class A-2 Noteholders’ Interest Distribution Amount due | 9/15/2004 | $ | 1,825,740.00 | $ | 7,475,703.78 | ||||||||||
iii | Class A-3 Noteholders’ Interest Distribution Amount due | 9/15/2004 | $ | 1,450,726.28 | $ | 6,024,977.50 | ||||||||||
iv | Class A-4 Noteholders’ Interest Distribution Amount due | 9/15/2004 | $ | 554,555.56 | $ | 5,470,421.94 | ||||||||||
v | Swap Termination Fees due | 9/15/2004 | $ | 0.00 | $ | 5,470,421.94 | ||||||||||
F | First Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 5,470,421.94 | |||||||||||
G | Class B Noteholders’ Interest Distribuition Amount due | 9/15/2004 | $ | 279,202.14 | $ | 5,191,219.80 | ||||||||||
H | Second Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 5,191,219.80 | |||||||||||
I | Class C Noteholders’ Interest Distribuition Amount | $ | 471,440.65 | $ | 4,719,779.15 | |||||||||||
J | Third Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 4,719,779.15 | |||||||||||
K | Increase to the Specified Reserve Account Balance | $ | 0.00 | $ | 4,719,779.15 | |||||||||||
L | Regular Principal Distribution Amount — Principal Distribution Account | $ | 4,719,779.15 | $ | 0.00 | |||||||||||
M | Carryover Servicing Fees | $ | 0.00 | $ | 0.00 | |||||||||||
N | Swap Termination Payments | $ | 0.00 | $ | 0.00 | |||||||||||
O | Additional Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 0.00 | |||||||||||
P | Remaining Funds to the Certificateholders | $ | 0.00 | $ | 0.00 |
XIV. 2004-B Principal Distribution Account Allocations
Remaining | ||||||||||||
Funds Balance | ||||||||||||
A | Total from Collection Account | $ | 4,719,779.15 | $ | 4,719,779.15 | |||||||
B | i | Class A-1 Principal Distribution Amount Paid | $ | 4,719,779.15 | $ | 0.00 | ||||||
ii | Class A-2 Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||
iii | Class A-3 Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||
iv | Class A-4 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 Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||
F | Remaining Class B Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||
G | i | Remaining Class A-1 Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | ||||||
ii | Remaining Class A-2 Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||
iii | Remaining Class A-3 Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||
iv | Remaining Class A-4 Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 |
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XV. 2004-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 | $ | 2,770,716.67 | $ | 1,825,740.00 | $ | 1,450,726.28 | $ | 554,555.56 | $ | 279,202.14 | $ | 471,440.65 | |||||||||||||||||
ii | Quarterly Interest Paid | 2,770,716.67 | 1,825,740.00 | 1,450,726.28 | 554,555.56 | 279,202.14 | 471,440.65 | |||||||||||||||||||||||
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 | $ | 13,666,403.66 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||
viii | Quarterly Principal Paid | 4,719,779.15 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
ix | Shortfall | $ | 8,946,624.51 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||
x | Total Distribution Amount | $ | 7,490,495.81 | $ | 1,825,740.00 | $ | 1,450,726.28 | $ | 279,202.14 | $ | 471,440.65 | |||||||||||||||||||
B | Note Balances | 5/26/2004 | Paydown Factors | 9/15/2004 | ||||||||||||||||||||||||||
i | A-1 Note Balance | 78443CBL7 | $ | 635,000,000.00 | $ | 630,280,220.85 | ||||||||||||||||||||||||
A-1 Note Pool Factor | 1.0000000000 | 0.0074327231 | 0.9925672769 | |||||||||||||||||||||||||||
ii | A-2 Note Balance | 78443CBM5 | $ | 378,000,000.00 | $ | 378,000,000.00 | ||||||||||||||||||||||||
A-2 Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | |||||||||||||||||||||||||||
iii | A-3 Note Balance | 78443CBN3 | $ | 277,150,000.00 | $ | 277,150,000.00 | ||||||||||||||||||||||||
A-3 Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | |||||||||||||||||||||||||||
iv | A-4 Note Balance | 78443CBP8 | $ | 100,000,000.00 | $ | 100,000,000.00 | ||||||||||||||||||||||||
A-4 Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | |||||||||||||||||||||||||||
v | B Note Balance | 78443CBQ6 | $ | 49,242,000.00 | $ | 49,242,000.00 | ||||||||||||||||||||||||
B Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | |||||||||||||||||||||||||||
vi | C Note Balance | 78443CBR4 | $ | 68,182,000.00 | $ | 68,182,000.00 | ||||||||||||||||||||||||
C Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 |
12
XVI. 2004-B Historical Pool Information
5/06/04 - 8/31/04 | ||||||||
Beginning Student Loan Portfolio Balance | $ | 1,250,170,429.90 | ||||||
Student Loan Principal Activity | ||||||||
i | Principal Payments Received | $ | 9,982,999.67 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 148,245.39 | ||||||
iii | Other Servicer Reimbursements | 9,228.46 | ||||||
iv | Seller Reimbursements | 176,715.71 | ||||||
v | Total Principal Collections | $ | 10,317,189.23 | |||||
Student Loan Non-Cash Principal Activity | ||||||||
i | Realized Losses/Loans Charged Off | $ | — | |||||
ii | Capitalized Interest | (3,909,610.89 | ) | |||||
iii | Capitalized Insurance Fee | $ | (537,371.26 | ) | ||||
iv | Other Adjustments | 18,163.86 | ||||||
v | Total Non-Cash Principal Activity | $ | (4,428,818.29 | ) | ||||
(-) | Total Student Loan Principal Activity | $ | 5,888,370.94 | |||||
Student Loan Interest Activity | ||||||||
i | Interest Payments Received | $ | 2,509,588.16 | |||||
ii | Repurchases by Servicer (Delinquencies >180) | 1,547.89 | ||||||
iii | Other Servicer Reimbursements | 339.85 | ||||||
iv | Seller Reimbursements | 9,454.56 | ||||||
v | Late Fees | 17,448.43 | ||||||
vi | Collection Fees | — | ||||||
viii | Total Interest Collections | 2,538,378.89 | ||||||
Student Loan Non-Cash Interest Activity | ||||||||
i | Realized Losses/Loans Charged Off | $ | — | |||||
ii | Capitalized Interest | 3,909,610.89 | ||||||
iii | Other Interest Adjustments | 40,795.34 | ||||||
iv | Total Non-Cash Interest Adjustments | $ | 3,950,406.23 | |||||
v | Total Student Loan Interest Activity | $ | 6,488,785.12 | |||||
(=) | Ending Student Loan Portfolio Balance | $ | 1,244,282,058.96 | |||||
(+) | Interest to be Capitalized | $ | 47,353,017.57 | |||||
(=) | TOTAL POOL | $ | 1,291,635,076.53 | |||||
(+) | Cash Capitalization Account Balance (CI) | $ | 232,575,519.00 | |||||
(=) | Asset Balance | $ | 1,524,210,595.53 |
13
XVII. 2004-B Payment History and CPRs
Distribution | Actual | Since Issued | ||||||
Date | Pool Balances | CPR * | ||||||
Sep-04 | $ | 1,291,635,077 | 2.24 | % |
* “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