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SLM Private Credit Student Loan Trust 2003-C Quarterly Servicing Report

Report Date:2/28/2005      Reporting Period:12/1/04-2/28/05

I.      Deal Parameters

	Student Loan Portfolio Characteristics				11/30/04			Activity			2/28/2005
A	i	Portfolio Balance			$	1,184,661,986.78		$	(6,874,403.81	)	$	1,177,787,582.97
	ii	Interest to be Capitalized				43,166,983.90						39,745,956.31
	iii	Total Pool			$	1,227,828,970.68					$	1,217,533,539.28
	iv	Cash Capitalization Account (Cii)				74,402,741.74						74,402,741.74
	v	Asset Balance			$	1,302,231,712.42					$	1,291,936,281.02
	i	Weighted Average Coupon (WAC)				5.391	%					6.115	%
	ii	Weighted Average Remaining Term				182.67						181.66
	iii	Number of Loans				129,518						128,239
	iv	Number of Borrowers				88,198						87,336
	v	Prime Loans Outstanding			$	1,089,950,140					$	1,083,617,322
	vi	T-bill Loans Outstanding			$	136,469,856					$	132,293,629
	vii	Fixed Loans Outstanding			$	1,408,974					$	1,622,589
								% of						% of
	Notes		Cusips	Spread	Balance 12/15/04			O/S Securities**			Balance 3/15/05			O/S Securities**
B	i	A-1 Notes	78443CAY0	0.100%	$	529,163,169.97			41.497	%	$	518,867,738.57			41.021	%
	ii	A-2 Notes	78443CAZ7	0.390%		421,173,000.00			33.029	%		421,173,000.00			33.297	%
	iii	A-3 ARS	78443CBA1	ARS		75,000,000.00			5.882	%		75,000,000.00			5.929	%
	iv	A-4 ARS	78443CBB9	ARS		75,000,000.00			5.882	%		75,000,000.00			5.929	%
	v	A-5 ARS	78443CBC7	ARS		70,000,000.00			5.489	%		70,000,000.00			5.534	%
	vi	B Notes	78443CBD5	0.800%		43,965,000.00			3.448	%		43,965,000.00			3.476	%
	vii	C Notes	78443CBE3	1.600%		60,875,000.00			4.774	%		60,875,000.00			4.813	%
	viii	Total Notes			$	1,275,176,169.97			100.000	%	$	1,264,880,738.57			100.000	%
						12/15/2004						3/15/2005
C	i	Specified Reserve Account Balance ($)			$	3,124,915.00					$	3,124,915.00
	ii	Reserve Account Balance ($)			$	3,124,915.00					$	3,124,915.00
	iii	Cash Capitalization Acct Balance ($)			$	74,402,741.74					$	74,402,741.74
	iv	Initial Asset Balance			$	1,352,777,122.47					$	1,352,777,122.47
	v	Specified Overcollateralization Amount			$	27,055,542.45					$	27,055,542.45
	vi	Actual Overcollateralization Amount			$	27,055,542.45					$	27,055,542.45
	vii	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.
**	Percentages may not total 100% due to rounding

1

II. 2003-C     Transactions from: 11/30/2004 through: 2/28/2005

A	Student Loan Principal Activity
	i	Principal Payments Received	$	16,954,196.34
	ii	Purchases by Servicer (Delinquencies >180)		2,477,719.54
	iii	Other Servicer Reimbursements		4,478.70
	iv	Seller Reimbursements		49,692.46
	v	Total Principal Collections	$	19,486,087.04
B	Student Loan Non-Cash Principal Activity
	i	Realized Losses/Loans Charged Off	$	0.00
	ii	Capitalized Interest		(11,511,962.78	)
	iii	Capitalized Insurance Fee		(1,073,978.12	)
	iv	Other Adjustments		(25,742.33	)
	v	Total Non-Cash Principal Activity	$	(12,611,683.23	)
C	Total Student Loan Principal Activity		$	6,874,403.81
D	Student Loan Interest Activity
	i	Interest Payments Received	$	8,219,131.68
	ii	Purchases by Servicer (Delinquencies >180)		94,944.90
	iii	Other Servicer Reimbursements		22.61
	iv	Seller Reimbursements		2,739.58
	v	Late Fees		124,155.77
	vi	Collection Fees/Return Items		0.00
	vii	Total Interest Collections	$	8,440,994.54
E	Student Loan Non-Cash Interest Activity
	i	Realized Losses/Loans Charged Off	$	0.00
	ii	Capitalized Interest		11,511,962.78
	iii	Other Interest Adjustments		2,455.39
	iv	Total Non-Cash Interest Adjustments	$	11,514,418.17
F	Total Student Loan Interest Activity		$	19,955,412.71

2

III. 2003-C     Collection Account Activity 11/30/2004 through: 2/28/2005

A	Principal Collections
	i	Principal Payments Received	$	16,446,524.00
	ii	Consolidation Principal Payments		507,672.34
	iii	Purchases by Servicer (Delinquencies >180)		2,477,719.54
	iv	Reimbursements by Seller		0.00
	v	Reimbursements by Servicer		4,478.70
	vi	Other Re-purchased Principal		49,692.46
	vii	Total Principal Collections	$	19,486,087.04
B	Interest Collections
	i	Interest Payments Received	$	8,210,397.67
	ii	Consolidation Interest Payments		8,734.01
	iii	Purchases by Servicer (Delinquencies >180)		94,944.90
	iv	Reimbursements by Seller		0.00
	v	Reimbursements by Servicer		22.61
	vi	Other Re-purchased Interest		2,739.58
	vii	Collection Fees/Return Items		0.00
	viii	Late Fees		124,155.77
	ix	Total Interest Collections	$	8,440,994.54
C	Recoveries on Realized Losses		$	0.00
D	Funds Borrowed from Next Collection Period		$	0.00
E	Funds Repaid from Prior Collection Periods		$	0.00
F	Investment Income		$	531,384.08
G	Borrower Incentive Reimbursements		$	82,660.02
H	Interest Rate Cap Proceeds		$	0.00
I	Gross Swap Receipt		$	6,784,939.62
J	Other Deposits		$	244,129.16
	TOTAL FUNDS RECEIVED		$	35,570,194.46
	LESS FUNDS PREVIOUSLY REMITTED:
		i    Funds Allocated to the Future Distribution Account	$	(9,979,478.88	)
		ii   Funds Released from the Future Distribution Account	$	7,100,222.55
	AVAILABLE FUNDS PRIOR TO RELEASE FROM CASH CAPITALIZATION ACCOUNT		$	32,690,938.13
K	Amount released from Cash Capitalizaton Account		$	0.00
L	AVAILABLE FUNDS		$	32,690,938.13
M	Servicing Fees Due for Current Period		$	686,683.86
N	Carryover Servicing Fees Due		$	0.00
O	Administration Fees Due		$	20,000.00
P	Total Fees Due for Period		$	706,683.86

3

IV. 2003-C Future Distribution Account Activity

A	Account Reconciliation
	i	Beginning Balance	12/15/2004	$	3,093,549.61
	ii	Total Allocations for Distribution Period		$	6,885,929.27
	iii	Total Payments for Distribution Period		$	(2,879,256.33	)
	iv	Funds Released to the Collection Account		$	(7,100,222.55	)
	v	Total Balance Prior to Current Month Allocations		$	0.00
	vi	Ending Balance	3/15/2005	$	3,506,110.20
B	Monthly Allocations to the Future Distribution Account
	Monthly Allocation Date		12/15/2004
	i	Primary Servicing Fees		$	687,791.78
	ii	Admin fees			6,666.66
	iii	Broker Dealer, Auction Agent and Remarketing Fees			43,321.66
	iv	Interest Accrued on the Class A Notes and Swap Counterparty			2,355,769.51
	v	Interest Accrued on the Class B Notes			0.00
	vi	Balance as of 12/15/2004		$	3,093,549.61
	Monthly Allocation Date		1/15/2005
	i	Primary Servicing Fees		$	691,052.83
	ii	Admin fees			6,666.66
	iii	Broker Dealer, Auction Agent and Remarketing Fees			35,676.67
	iv	Interest Accrued on the Class A Notes and Swap Counterparty			2,703,695.10
	v	Interest Accrued on the Class B Notes			0.00
	vi	Total Allocations		$	3,437,091.26
	Monthly Allocation Date		2/15/2005
	i	Primary Servicing Fees		$	689,966.26
	ii	Admin fees			6,666.66
	iii	Broker Dealer, Auction Agent and Remarketing Fees			35,676.67
	iv	Interest Accrued on the Class A Notes and Swap Counterparty			2,716,528.42
	v	Interest Accrued on the Class B Notes			0.00
	vi	Total Allocations		$	3,448,838.01
C	Total Future Distribution Account Deposits Previously Allocated			$	9,979,478.88
D	Current Month Allocations		3/15/2005
	i	Primary Servicing		$	686,683.86
	ii	Admin fees			6,666.66
	iii	Broker Dealer, Auction Agent and Remarketing Fees			39,499.18
	iv	Interest Accrued on the Class A Notes and Swap Counterparty			2,773,260.50
	v	Interest Accrued on the Class B & C Notes			0.00
	vi	Allocations on the Distribution Date		$	3,506,110.20

4

V. 2003-C Auction Rate Security Detail

     A     Auction Rate Securities — Payments During Distribution Period

	Payment	Security	Interest			No. of
i	Date	Description	Rate			Days	Start Date		End Date		Interest Payment
	12/16/2004	SLMPC TRUST 2003C A5		2.180000	%	28		11/18/2004		12/16/2004		118,688.89
	12/28/2004	SLMPC TRUST 2003C A3		2.250000	%	28		11/30/2004		12/28/2004		131,250.00
	01/04/2005	SLMPC TRUST 2003C A4		2.350000	%	28		12/07/2004		01/04/2005		137,083.33
	01/13/2005	SLMPC TRUST 2003C A5		2.450000	%	28		12/16/2004		01/13/2005		133,388.89
	01/25/2005	SLMPC TRUST 2003C A3		2.450000	%	28		12/28/2004		01/25/2005		142,916.67
	02/01/2005	SLMPC TRUST 2003C A4		2.450000	%	28		01/04/2005		02/01/2005		142,916.67
	02/10/2005	SLMPC TRUST 2003C A5		2.450000	%	28		01/13/2005		02/10/2005		133,388.89
	02/22/2005	SLMPC TRUST 2003C A3		2.500000	%	28		01/25/2005		02/22/2005		145,833.33
	03/01/2005	SLMPC TRUST 2003C A4		2.620000	%	28		02/01/2005		03/01/2005		152,833.33
	03/10/2005	SLMPC TRUST 2003C A5		2.600000	%	28		02/10/2005		03/10/2005		141,555.56

ii     Auction Rate Note Interest Paid During Distribution Period	12/15/04-3/15/05	$	1,379,855.56
iii     Broker/Dealer Fees Paid During Distribution Period	12/15/04-3/15/05	$	113,555.58
iv     Auction Agent Fees Paid During Distribution Period	12/15/04-3/15/05	$	4,826.10
v     Primary Servicing Fees Remitted	12/15/04-3/15/05	$	1,381,019.09
vi     Total		$	2,879,256.33
- Less: Auction Rate Security Interest Payments due on the Distribution Date		$	0.00
- Less: Auction Rate Security Auction Agent Fees due on the Distribution Date		$	0.00
- Less: Auction Rate Security Broker Dealer Fees due on the Distribution Date		$	0.00
B     Total Payments Out of Future Distribution Account During Collection Period		$	2,879,256.33
C     Funds Released to Collection Account		$	7,100,222.55

D     Auction Rate Student Loan Rates	Dec-04	Jan-05	Feb-05
	4.45340 %	4.45023 %	5.16623 %

5

VI.     2003-C Loss and Recovery Detail

A	i	Cumulative Realized Losses Test	% of Original Pool			11/30/2004		2/28/2005
		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			$	6,635,519.75	$	9,113,239.29
	iii	Cumulative Interest Purchases by Servicer				258,819.16		353,764.06
	iv	Total Gross Defaults:			$	6,894,338.91	$	9,467,003.35

6

VII. 2003-C            Portfolio Characteristics

	Weighted Avg Coupon						# of Loans				% *						Principal Amount				% *
STATUS	11/30/2004			2/28/2005			11/30/2004		2/28/2005		11/30/2004			2/28/2005			11/30/2004		2/28/2005		11/30/2004			2/28/2005
INTERIM:
In School		5.262	%		5.990	%		35,188		30,827		27.168	%		24.039	%	$	289,883,952.60	$	254,699,253.68		24.470	%		21.625	%
Grace		5.429	%		6.260	%		9,880		7,336		7.628	%		5.721	%	$	102,678,499.14	$	64,147,906.23		8.667	%		5.446	%
Deferment		5.489	%		6.259	%		6,973		7,993		5.384	%		6.233	%	$	60,500,621.15	$	69,676,126.68		5.107	%		5.916	%
TOTAL INTERIM		5.330	%		6.083	%		52,041		46,156		40.181	%		35.992	%	$	453,063,072.89	$	388,523,286.59		38.245	%		32.988	%
REPAYMENT
Active
Current		5.277	%		5.992	%		66,209		70,031		51.120	%		54.610	%	$	615,474,418.88	$	660,338,465.93		51.954	%		56.066	%
31-60 Days Delinquent		6.520	%		6.790	%		1,735		2,450		1.340	%		1.910	%		15,154,278.02	$	23,424,212.12		1.279	%		1.989	%
61-90 Days Delinquent		6.757	%		7.060	%		762		1,217		0.588	%		0.949	%		7,232,304.36	$	10,974,508.40		0.610	%		0.932	%
91-120 Days Delinquent		6.511	%		7.634	%		488		576		0.377	%		0.449	%		4,346,537.58	$	5,143,903.96		0.367	%		0.437	%
121-150 Days Delinquent		6.542	%		8.509	%		652		391		0.503	%		0.305	%		5,501,100.85	$	3,298,234.02		0.464	%		0.280	%
151-180 Days Delinquent		6.637	%		7.379	%		295		99		0.228	%		0.077	%		2,879,033.02	$	954,972.19		0.243	%		0.081	%
> 180 Days Delinquent		0.000	%		0.000	%		0		0		0.000	%		0.000	%		0.00	$	—		0.000	%		0.000	%
Forbearance		6.084	%		6.714	%		7,336		7,319		5.664	%		5.707	%		81,011,241.18	$	85,129,999.76		6.838	%		7.228	%
TOTAL REPAYMENT		5.429	%		6.131	%		77,477		82,083		59.819	%		64.008	%	$	731,598,913.89	$	789,264,296.38		61.755	%		67.012	%
GRAND TOTAL		5.391	%		6.115	%		129,518		128,239		100.000	%		100.000	%	$	1,184,661,986.78	$	1,177,787,582.97		100.000	%		100.000	%

* Percentages may not total 100% due to rounding

7

VIII.     2003-C Portfolio Characteristics by Loan Program

LOAN TYPE	WAC			# Loans		$ Amount		%
- Signature Loans		6.209	%		98,251	$	860,547,624.82		73.065	%
- Law Loans		6.251	%		19,163		174,963,915.21		14.855	%
- Med Loans		5.355	%		3,322		29,606,730.83		2.514	%
- MBA Loans		5.348	%		7,503		112,669,312.11		9.566	%
- Total		6.115	%		128,239	$	1,177,787,582.97		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			$	544,975,070.05		$	544,975,070.05
	Counterparty Pays:
	ii	3 Month Libor				2.49000	%		2.49000	%
	iii	Gross Swap Receipt Due Trust			$	3,392,469.81		$	3,392,469.81
	iv	Days in Period	12/15/2004	3/15/2005		90			90
	SLM Private Credit Trust Pays:
	v	Prime Rate (WSJ) Less 2.6500%				2.60000	%		2.60000	%
	vi	Gross Swap Payment Due Counterparty			$	3,492,009.66		$	3,492,009.66
	vii	Days in Period	12/15/2004	3/15/2005		90			90
B	Cap Payments
	i	Notional Swap Amount			Cap Calculation
					$	860,000,000.00
	Counterparty Pays:
	ii	3 Month Libor (interpolated for first accrual period)				2.49000	%
	iii	Cap Rate				6.00000	%
	iv	Excess (if any) of Libor over Cap Rate (ii-iii)				0.00000	%
	v	Days in Period	12/15/2004	3/15/2005		90
	vi	Cap Payment due Trust			$	0.00

X. 2003-C            Accrued Interest Factors

	Accrued
	Int Factor	Accrual Period	Rate
A  Class A-1 Interest Rate	0.006475000	12/15/04-3/15/05	2.59000%
B  Class A-2 Interest Rate	0.007200000	12/15/04-3/15/05	2.88000%
C  Class B Interest Rate	0.008225000	12/15/04-3/15/05	3.29000%
D  Class C Interest Rate	0.010225000	12/15/04-3/15/05	4.09000%

9

XI. 2003-C      Inputs From Prior Period 11/30/2004

A		Total Student Loan Pool Outstanding
		i	Portfolio Balance			$	1,184,661,986.78
		ii	Interest To Be Capitalized				43,166,983.90
		iii	Total Pool			$	1,227,828,970.68
		iv	Cash Capitalization Account (CI)				74,402,741.74
		v	Asset Balance			$	1,302,231,712.42
	B	Total Note and Certificate Factor					0.947372800
	C	Total Note Balance				$	1,275,176,169.97
	D	Note Balance 12/15/2004		Class A-1		Class A-2		Class A-3		Class A-4		Class A-5		Class B			Class C
		i	Current Factor		0.881938600		1.000000000		1.000000000		1.000000000		1.000000000			1.000000000			1.000000000
		ii	Expected Note Balance	$	529,163,169.97	$	421,173,000.00	$	75,000,000.00	$	75,000,000.00	$	70,000,000.00		$	43,965,000.00		$	60,875,000.00
		iii	Interest Shortfall	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00		$	0.00		$	0.00
		iv	Interest Carryover	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00		$	0.00		$	0.00
	E	Unpaid Primary Servicing Fees from Prior Month(s)				$	0.00
	F	Unpaid Administration fees from Prior Quarter(s)				$	0.00
	G	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	12/15/04	$	1,170,336,170	$	1,214,301,170	$	1,275,176,170
Asset Balance	11/30/04	$	1,302,231,712	$	1,302,231,712	$	1,302,231,712
Pool Balance	2/28/05	$	1,217,533,539	$	1,217,533,539	$	1,217,533,539
Amounts on Deposit*	3/15/05		92,944,200		92,582,587		91,960,141
Total		$	1,310,477,739	$	1,310,116,128	$	1,309,493,681
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		$	193,790,442.15	The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount
Class B Enhancement		$	87,930,542.45
Specified Class B Enhancement		$	130,808,548.45	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		$	38,758,088.43	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 XV 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

A		Cash Capitalization Account Balance as of Collection End Date	2/28/2005	$	74,402,741.74
		Less: Excess of Trust fees & Note interest due over Available Funds	3/15/2005		0.00
		Cash Capitalization Account Balance (CI)*		$	74,402,741.74
B	i	5.50% of Initial Asset Balance		$	74,402,741.74
	ii	Excess, CI over 5.5% of initial Asset Bal		$	0.00
	iii	Release A(ii) excess to Collection Account?**	3/15/2005	DO NOT RELEASE
C	i	3.50% of Initial Asset Balance		$	47,347,199.29
	ii	Excess, CI over 3.5% of initial Asset Bal		$	27,055,542.45
	iii	Release B(ii) excess to Collection Account?**	3/15/2005	DO NOT RELEASE
		Release from Cash Capitalization Account (R)*	3/15/2005	$	0.00

*	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

A	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	12/15/2004	$	1,170,336,169.97
	iii	Asset Balance	2/28/2005	$	1,291,936,281.02
	iv	First Priority Principal Distribution Amount	3/15/2005	$	0.00
	v	Is the Class B Note Parity Trigger in Effect?		No
	vi	Aggregate A and B Notes Outstanding	12/15/2004	$	1,214,301,169.97
	vii	Asset Balance	2/28/2005	$	1,291,936,281.02
	viii	First Priority Principal Distribution Amount	3/15/2005	$	0.00
	ix	Second Priority Principal Distribution Amount	3/15/2005	$	0.00
	x	Is the Class C Note Parity Trigger in Effect?		No
	xi	Aggregate A, B and C Notes Outstanding	12/15/2004	$	1,275,176,169.97
	xii	Asset Balance	2/28/2005	$	1,291,936,281.02
	xiii	First Priority Principal Distribution Amount	3/15/2005	$	0.00
	xiv	Second Priority Principal Distribution Amount	3/15/2005	$	0.00
	xv	Third Priority Principal Distribution Amount	3/15/2005	$	0.00
B	Regular Principal Distribution
	i	Aggregate Notes Outstanding	12/15/2004	$	1,275,176,169.97
	ii	Asset Balance	2/28/2005	$	1,291,936,281.02
	iii	Specified Overcollateralization Amount	3/15/2005	$	27,055,542.45
	iv	First Priority Principal Distribution Amount	3/15/2005	$	0.00
	v	Second Priority Principal Distribution Amount	3/15/2005	$	0.00
	vi	Third Priority Principal Distribution Amount	3/15/2005	$	0.00
	vii	Regular Principal Distribution Amount		$	10,295,431.40
C	Class A Noteholders’ Principal Distribution Amounts
	i	Has the Stepdown Date Occurred?		No
	ii	Asset Balance	2/28/2005	$	1,291,936,281.02
	iii	85% of Asset Balance	2/28/2005	$	1,098,145,838.87
	iv	Specified Overcollateralization Amount	3/15/2005	$	27,055,542.45
	v	Lesser of (iii) and (ii - iv)		$	1,098,145,838.87
	vi	Class A Noteholders’ Principal Distribution Amt — Before the Stepdown Date		$	10,295,431.40
	vii	Class A Noteholders’ Principal Distribution Amt — After the Stepdown Date		$	0.00
D	Class B Noteholders’ Principal Distribution Amounts
	i	Has the Stepdown Date Occurred?		No
	ii	Asset Balance	2/28/2005	$	1,291,936,281.02
	iii	89.875% of Asset Balance	2/28/2005	$	1,161,127,732.57
	iv	Specified Overcollateralization Amount	3/15/2005	$	27,055,542.45
	v	Lesser of (iii) and (ii - iv)		$	1,161,127,732.57
	vi	Class B Noteholders’ Principal Distribution Amt — Before the Stepdown Date		$	0.00
	vii	Class B Noteholders’ Principal Distribution Amt — After the Stepdown Date		$	0.00
E	Class C Noteholders’ Principal Distribution Amounts
	i	Has the Stepdown Date Occurred?		No
	ii	Asset Balance	2/28/2005	$	1,291,936,281.02
	iii	97% of Asset Balance	2/28/2005	$	1,253,178,192.59
	iv	Specified Overcollateralization Amount	3/15/2005	$	27,055,542.45
	v	Lesser of (iii) and (ii - iv)		$	1,253,178,192.59
	vi	Class C Noteholders’ Principal Distribution Amt — Before the Stepdown Date		$	0.00
	vii	Class C Noteholders’ Principal Distribution Amt — After the Stepdown Date		$	0.00

12

XV.     2003-C     Waterfall for Distributions

						Remaining
						Funds Balance
A		Total Available Funds (Sections III-J )		$	32,690,938.13	$	32,690,938.13
B		Primary Servicing Fees-Current Month plus any Unpaid		$	686,683.86	$	32,004,254.27
C		Quarterly Administration Fee plus any Unpaid		$	20,000.00	$	31,984,254.27
D		Auction Agent Fees Due	3/15/2005	$	0.00	$	31,984,254.27
		Broker/Dealer Fees Due	3/15/2005	$	0.00	$	31,984,254.27
E		Gross Swap Payment due Counterparty A		$	3,492,009.66	$	28,492,244.61
		Gross Swap Payment due Counterparty B		$	3,492,009.66	$	25,000,234.95
F	i	Class A-1 Noteholders' Interest Distribution Amount due	3/15/2005	$	3,426,331.53	$	21,573,903.42
	ii	Class A-2 Noteholders' Interest Distribution Amount due	3/15/2005	$	3,032,445.60	$	18,541,457.82
	iii	Class A-3 Noteholders' Interest Distribution Amount due	3/15/2005	$	0.00	$	18,541,457.82
	iv	Class A-4 Noteholders' Interest Distribution Amount due	3/15/2005	$	0.00	$	18,541,457.82
	v	Class A-5 Noteholders' Interest Distribution Amount due	3/15/2005	$	0.00	$	18,541,457.82
	vi	Swap Termination Fees due	3/15/2005	$	0.00	$	18,541,457.82
G		First Priority Principal Distribution Amount — Principal Distribution Account		$	0.00	$	18,541,457.82
H		Class B Noteholders’ Interest Distribuition Amount due 3/15/2005		$	361,612.12	$	18,179,845.70
I		Second Priority Principal Distribution Amount — Principal Distribution Account		$	0.00	$	18,179,845.70
J		Class C Noteholders’ Interest Distribuition Amount		$	622,446.88	$	17,557,398.82
K		Third Priority Principal Distribution Amount — Principal Distribution Account		$	0.00	$	17,557,398.82
L		Increase to the Specified Reserve Account Balance		$	0.00	$	17,557,398.82
M		Regular Principal Distribution Amount — Principal Distribution Account		$	10,295,431.40	$	7,261,967.42
N		Carryover Servicing Fees		$	0.00	$	7,261,967.42
O		Auction Rate Noteholder’s Interest Carryover
	i	Class A-3		$	0.00	$	7,261,967.42
	ii	Class A-4		$	0.00	$	7,261,967.42
	iii	Class A-5		$	0.00	$	7,261,967.42
P		Swap Termination Payments		$	0.00	$	7,261,967.42
Q		Additional Principal Distribution Amount — Principal Distribution Account		$	0.00	$	7,261,967.42
R		Remaining Funds to the Certificateholders		$	7,261,967.42	$	0.00

XVI.     2003-C     Principal Distribution Account Allocations

					Remaining
					Funds Balance
A		Total from Collection Account	$	10,295,431.40	$	10,295,431.40
B	i	Class A-1 Principal Distribution Amount Paid	$	10,295,431.40	$	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				$	3,426,331.53	$	3,032,445.60	$	0.00	$	0.00	$	0.00	$	361,612.12	$	622,446.88
	ii	Quarterly Interest Paid					3,426,331.53		3,032,445.60		0.00		0.00		0.00		361,612.12		622,446.88
	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				$	10,295,431.40	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	viii	Quarterly Principal Paid (or allocated)					10,295,431.40		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				$	13,721,762.93	$	3,032,445.60	$	0.00	$	0.00	$	0.00	$	361,612.12	$	622,446.88
B	Note Balances				12/15/2004	Paydown Factors			3/15/2005
	i	A-1 Note Balance	78443CAY0	$	529,163,169.97			$	518,867,738.57
		A-1 Note Pool Factor			0.881938600		0.017159000		0.864779600
	ii	A-2 Note Balance	78443CAZ7	$	421,173,000.00			$	421,173,000.00
		A-2 Note Pool Factor			1.000000000		0.000000000		1.000000000
										Next ARS Pay Date		Balances
	iii	A-3 Note Balance	78443CBA1	$	75,000,000.00			$	75,000,000.00		03/22/05	$	75,000,000.00
		A-3 Note Pool Factor			1.000000000		0.000000000		1.000000000				1.000000000
	iv	A-4 Note Balance	78443CBB9	$	75,000,000.00			$	75,000,000.00		03/29/05	$	75,000,000.00
		A-4 Note Pool Factor			1.000000000		0.000000000		1.000000000				1.000000000
	v	A-5 Note Balance	78443CBC7	$	70,000,000.00			$	70,000,000.00		04/07/05	$	70,000,000.00
		A-5 Note Pool Factor			1.000000000		0.000000000		1.000000000				1.000000000
	vi	B Note Balance	78443CBD5	$	43,965,000.00			$	43,965,000.00
		B Note Pool Factor			1.000000000		0.000000000		1.000000000
	vii	C Note Balance	78443CBE3	$	60,875,000.00			$	60,875,000.00
		C Note Pool Factor			1.000000000		0.000000000		1.000000000

14

XVIII.     2003-C     Historical Pool Information

															2003
			12/1/04-2/28/05			9/1/04-11/30/04			6/1/04-8/31/04			3/1/04-5/31/04			8/18/3-11/30/03
Beginning Student Loan Portfolio Balance			$	1,184,661,986.78		$	1,186,032,124.48		$	1,191,380,848.59		$	1,201,155,217.98		$	1,202,893,173.22
	Student Loan Principal Activity
	i	Principal Payments Received	$	16,954,196.34		$	14,588,045.37		$	14,052,958.69		$	13,747,785.94		$	25,985,645.77
	ii	Purchases by Servicer (Delinquencies >180)		2,477,719.54			2,977,902.56			1,411,770.44			1,017,501.03			1,228,345.72
	iii	Other Servicer Reimbursements		4,478.70			68,476.55			27,448.07			(32,006.81	)		3,550.32
	iv	Seller Reimbursements		49,692.46			38,982.99			—			93,452.56			841,059.95
	v	Total Principal Collections	$	19,486,087.04		$	17,673,407.47		$	15,492,177.20		$	14,826,732.72		$	28,058,601.76
	Student Loan Non-Cash Principal Activity
	i	Realized Losses/Loans Charged Off	$	—		$	—		$	—		$	—		$	—
	ii	Capitalized Interest		(11,511,962.78	)		(15,050,635.24	)		(9,506,536.21	)		(4,848,056.60	)		(23,299,636.32	)
	iii	Capitalized Insurance Fee		($1,073,978.12	)		($1,222,921.88	)		($636,979.00	)		($206,100.24	)		($2,976,209.46	)
	iv	Other Adjustments		(25,742.33	)		(29,712.65	)		62.12			1,793.51			(44,800.74	)
	v	Total Non-Cash Principal Activity	$	(12,611,683.23	)	$	(16,303,269.77	)	$	(10,143,453.09	)	$	(5,052,363.33	)	$	(26,320,646.52	)
															$	—
(-)	Total Student Loan Principal Activity		$	6,874,403.81		$	1,370,137.70		$	5,348,724.11		$	9,774,369.39		$	1,737,955.24
	Student Loan Interest Activity
	i	Interest Payments Received	$	8,219,131.68		$	6,399,699.05		$	5,830,705.16		$	5,369,428.80		$	9,203,875.99
	ii	Repurchases by Servicer (Delinquencies >180)		94,944.90			129,968.23			53,382.54			34,855.48			40,612.91
	iii	Other Servicer Reimbursements		22.61			5,682.57			2,159.49			(1,906.22	)		77.40
	iv	Seller Reimbursements		2,739.58			756.08			(0.00	)		7,807.48			57,978.86
	v	Late Fees		124,155.77			93,549.58			78,655.83			67,109.33			114,212.37
	vi	Collection Fees		—			—			—			—			—
	viii	Total Interest Collections		8,440,994.54			6,629,655.51			5,964,903.02			5,477,294.87			9,416,757.53
	Student Loan Non-Cash Interest Activity
	i	Realized Losses/Loans Charged Off	$	—		$	—		$	—		$	—		$	—
	ii	Capitalized Interest		11,511,962.78			15,050,635.24			9,506,536.21			4,848,056.60			23,299,636.32
	iii	Other Interest Adjustments		2,455.39			19,596.01			13,583.52			28,841.20			138,139.03
	iv	Total Non-Cash Interest Adjustments	$	11,514,418.17		$	15,070,231.25		$	9,520,119.73		$	4,876,897.80		$	23,437,775.35
	v	Total Student Loan Interest Activity	$	19,955,412.71		$	21,699,886.76		$	15,485,022.75		$	10,354,192.67		$	32,854,532.88
(=)	Ending Student Loan Portfolio Balance		$	1,177,787,582.97		$	1,184,661,986.78		$	1,186,032,124.48		$	1,191,380,848.59		$	1,201,155,217.98
(+)	Interest to be Capitalized		$	39,745,956.31		$	43,166,983.90		$	50,020,280.80		$	51,103,120.52		$	46,965,543.28
(=)	TOTAL POOL		$	1,217,533,539.28		$	1,227,828,970.68		$	1,236,052,405.28		$	1,242,483,969.11		$	1,248,120,761.26
(+)	Cash Capitalization Account Balance (CI)		$	74,402,741.74		$	74,402,741.74		$	102,811,061.00		$	102,811,061.00		$	102,811,061.00
(=)	Asset Balance		$	1,291,936,281.02		$	1,302,231,712.42		$	1,338,863,466.28		$	1,345,295,030.11		$	1,350,931,822.26

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	%
Dec-04	$	1,227,828,971		2.00	%
Mar-05	$	1,217,533,539		1.90	%

* “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