SLM Private Credit Student Loan Trust 2004-B 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 | $ | 1,245,886,616.13 | $ | (4,415,035.91 | ) | $ | 1,241,471,580.22 | |||||||||||||||
ii | Interest to be Capitalized | 52,164,813.32 | 60,153,923.21 | |||||||||||||||||||||
iii | Total Pool | $ | 1,298,051,429.45 | $ | 1,301,625,503.43 | |||||||||||||||||||
iv | Cash Capitalization Account (Cii) | 232,575,519.00 | 232,575,519.00 | |||||||||||||||||||||
v | Asset Balance | $ | 1,530,626,948.45 | $ | 1,534,201,022.43 | |||||||||||||||||||
i | Weighted Average Coupon (WAC) | 5.708 | % | 6.450 | % | |||||||||||||||||||
ii | Weighted Average Remaining Term | 200.11 | 197.70 | |||||||||||||||||||||
iii | Number of Loans | 119,921 | 119,291 | |||||||||||||||||||||
iv | Number of Borrowers | 107,915 | 107,392 | |||||||||||||||||||||
v | Prime Loans Outstanding | $ | 1,241,760,455.78 | $ | 1,246,366,052.50 | |||||||||||||||||||
vi | T-bill Loans Outstanding | $ | 55,987,264.28 | $ | 54,568,388.76 | |||||||||||||||||||
vii | Fixed Loans Outstanding | $ | 303,709.39 | $ | 691,062.17 | |||||||||||||||||||
% of | % of | |||||||||||||||||||||||
Notes | Cusips | Spread | Balance 12/15/04 | O/S Securities** | Balance 3/15/05 | O/S Securities** | ||||||||||||||||||
B | i | A-1 Notes | 78443CBL7 | 0.050% | $ | 627,901,480.54 | 41.847 | % | $ | 627,901,480.54 | 41.847 | % | ||||||||||||
ii | A-2 Notes | 78443CBM5 | 0.200% | 378,000,000.00 | 25.192 | % | 378,000,000.00 | 25.192 | % | |||||||||||||||
iii | A-3 Notes | 78443CBN3 | 0.330% | 277,150,000.00 | 18.471 | % | 277,150,000.00 | 18.471 | % | |||||||||||||||
iv | A-4 Notes | 78443CBP8 | 0.430% | 100,000,000.00 | 6.665 | % | 100,000,000.00 | 6.665 | % | |||||||||||||||
v | B Notes | 78443CBQ6 | 0.470% | 49,242,000.00 | 3.282 | % | 49,242,000.00 | 3.282 | % | |||||||||||||||
vi | C Notes | 78443CBR4 | 0.870% | 68,182,000.00 | 4.544 | % | 68,182,000.00 | 4.544 | % | |||||||||||||||
vii | Total Notes | $ | 1,500,475,480.54 | 100.000 | % | $ | 1,500,475,480.54 | 100.000 | % | |||||||||||||||
12/15/2004 | 3/15/2005 | |||||||||||||||||||||||
C | i | Specified Reserve Account Balance ($) | $ | 3,206,436.00 | $ | 3,206,436.00 | ||||||||||||||||||
ii | Reserve Account Balance ($) | $ | 3,206,436.00 | $ | 3,206,436.00 | |||||||||||||||||||
iii | Cash Capitalization Acct Balance ($) | $ | 232,575,519.00 | $ | 232,575,519.00 | |||||||||||||||||||
iv | Initial Asset Balance | $ | 1,515,149,959.36 | $ | 1,515,149,959.36 | |||||||||||||||||||
v | Specified Overcollateralization Amount | $ | 30,302,999.19 | $ | 30,302,999.19 | |||||||||||||||||||
vi | Actual Overcollateralization Amount | $ | 30,151,467.91 | $ | 33,725,541.89 | |||||||||||||||||||
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 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. | |
** | Percentages may not total 100% due to rounding |
1
II. 2004-B Transactions from: 12/1/2004 through: 2/28/2005
A | Student Loan Principal Activity | |||||||
i | Principal Payments Received | $ | 10,248,774.54 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 1,013,867.85 | ||||||
iii | Other Servicer Reimbursements | 1.70 | ||||||
iv | Other Principal Reimbursements | 195,305.53 | ||||||
v | Total Principal Collections | $ | 11,457,949.62 | |||||
B | Student Loan Non-Cash Principal Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | 0.00 | |||||
ii | Capitalized Interest | (6,109,189.44 | ) | |||||
iii | Capitalized Insurance Fee | (949,758.33 | ) | |||||
iv | Other Adjustments | 16,034.06 | ||||||
v | Total Non-Cash Principal Activity | $ | (7,042,913.71 | ) | ||||
C | Total Student Loan Principal Activity | $ | 4,415,035.91 | |||||
D | Student Loan Interest Activity | |||||||
i | Interest Payments Received | $ | 4,194,898.87 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 41,027.84 | ||||||
iii | Other Servicer Reimbursements | 0.00 | ||||||
iv | Other Interest Reimbursements | 9,110.47 | ||||||
v | Late Fees | 50,610.92 | ||||||
vi | Collection Fees/Return Items | 0.00 | ||||||
vii | Total Interest Collections | $ | 4,295,648.10 | |||||
E | Student Loan Non-Cash Interest Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | 0.00 | |||||
ii | Capitalized Interest | 6,109,189.44 | ||||||
iii | Other Interest Adjustments | 4,835.56 | ||||||
iv | Total Non-Cash Interest Adjustments | $ | 6,114,025.00 | |||||
F | Total Student Loan Interest Activity | $ | 10,409,673.10 | |||||
2
III. 2004-B Collection Account Activity 12/1/2004 through 2/28/2005
A | Principal Collections | |||||||
i | Principal Payments Received | $ | 9,667,182.36 | |||||
ii | Consolidation Principal Payments | 581,592.18 | ||||||
iii | Purchases by Servicer (Delinquencies >180) | 1,013,867.85 | ||||||
iv | Reimbursements by Seller | 0.00 | ||||||
v | Reimbursements by Servicer | 1.70 | ||||||
vi | Other Re-purchased Principal | 195,305.53 | ||||||
vii | Total Principal Collections | $ | 11,457,949.62 | |||||
B | Interest Collections | |||||||
i | Interest Payments Received | $ | 4,187,505.98 | |||||
ii | Consolidation Interest Payments | 7,392.89 | ||||||
iii | Purchases by Servicer (Delinquencies >180) | 41,027.84 | ||||||
iv | Reimbursements by Seller | 0.00 | ||||||
v | Reimbursements by Servicer | 0.00 | ||||||
vi | Other Re-purchased Interest | 9,110.47 | ||||||
vii | Collection Fees/Return Items | 0.00 | ||||||
viii | Late Fees | 50,610.92 | ||||||
ix | Total Interest Collections | $ | 4,295,648.10 | |||||
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 | $ | 1,313,425.13 | |||||
G | Borrower Incentive Reimbursements | $ | 29,922.29 | |||||
H | Interest Rate Cap Proceeds | $ | 0.00 | |||||
I | Gross Swap Receipt | $ | 7,729,958.84 | |||||
J | Other Deposits | $ | 135,898.59 | |||||
TOTAL FUNDS RECEIVED | $ | 24,962,802.57 | ||||||
LESS FUNDS PREVIOUSLY REMITTED: | ||||||||
Servicing Fees | $ | (1,452,622.11 | ) | |||||
AVAILABLE FUNDS PRIOR TO RELEASE FROM CASH CAPITALIZATION ACCOUNT | $ | 23,510,180.46 | ||||||
K | Amount Released from Cash Capitalizaton Account | $ | 0.00 | |||||
L | AVAILABLE FUNDS | $ | 23,510,180.46 | |||||
M | Servicing Fees Due for Current Period | $ | 723,822.49 | |||||
N | Carryover Servicing Fees Due | $ | 0.00 | |||||
O | Administration Fees Due | $ | 20,000.00 | |||||
P | Total Fees Due for Period | $ | 743,822.49 | |||||
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IV. 2004-B Loss and Recovery Detail
% of | ||||||||||||
A | i | Cumulative Realized Losses Test | Original Pool | 11/30/2004 | 2/28/2005 | |||||||
September 15, 2004 to June 15, 2009 | 15% | $ | 192,386,166.05 | $ | 192,386,166.05 | |||||||
September 15, 2009 to June 15, 2012 | 18% | |||||||||||
September 16, 2012 and thereafter | 20% | |||||||||||
ii | Cumulative Realized Losses (Net of Recoveries) | $ | 0.00 | $ | 0.00 | |||||||
iii | Is Test Satisfied (ii < i)? | Yes | 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 | $ | 882,167.11 | $ | 1,896,034.96 | |||||||
iii | Cumulative Interest Purchases by Servicer | 29,595.24 | 70,623.08 | |||||||||
iv | Total Gross Defaults: | $ | 911,762.35 | $ | 1,966,658.04 |
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V. 2004-B 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 | 5.658 | % | 6.377 | % | 76,686 | 70,300 | 63.947 | % | 58.932 | % | $ | 805,925,398.89 | $ | 742,657,381.36 | 64.687 | % | 59.821 | % | ||||||||||||||||||||||
Grace | 6.258 | % | 6.813 | % | 11,566 | 11,625 | 9.645 | % | 9.745 | % | 126,711,213.84 | 114,552,117.41 | 10.170 | % | 9.227 | % | ||||||||||||||||||||||||
Deferment | 5.407 | % | 6.260 | % | 2,629 | 3,972 | 2.192 | % | 3.330 | % | 21,796,440.14 | 34,919,333.63 | 1.749 | % | 2.813 | % | ||||||||||||||||||||||||
TOTAL INTERIM | 5.732 | % | 6.428 | % | 90,881 | 85,897 | 75.784 | % | 72.006 | % | $ | 954,433,052.87 | $ | 892,128,832.40 | 76.607 | % | 71.861 | % | ||||||||||||||||||||||
REPAYMENT | ||||||||||||||||||||||||||||||||||||||||
Active | ||||||||||||||||||||||||||||||||||||||||
Current | 5.530 | % | 6.344 | % | 25,644 | 27,795 | 21.384 | % | 23.300 | % | $ | 261,675,069.00 | $ | 288,275,720.77 | 21.003 | % | 23.220 | % | ||||||||||||||||||||||
31-60 Days Delinquent | 7.516 | % | 7.425 | % | 474 | 1,050 | 0.395 | % | 0.880 | % | 3,942,287.18 | 9,786,249.09 | 0.316 | % | 0.788 | % | ||||||||||||||||||||||||
61-90 Days Delinquent | 7.660 | % | 7.622 | % | 214 | 791 | 0.178 | % | 0.663 | % | 1,746,281.02 | 7,699,617.12 | 0.140 | % | 0.620 | % | ||||||||||||||||||||||||
91-120 Days Delinquent | 6.437 | % | 8.507 | % | 123 | 224 | 0.103 | % | 0.188 | % | 1,086,460.30 | 1,895,166.11 | 0.087 | % | 0.153 | % | ||||||||||||||||||||||||
121-150 Days Delinquent | 6.960 | % | 8.887 | % | 242 | 116 | 0.202 | % | 0.097 | % | 1,619,955.62 | 955,620.95 | 0.130 | % | 0.077 | % | ||||||||||||||||||||||||
151-180 Days Delinquent | 6.907 | % | 8.780 | % | 131 | 13 | 0.109 | % | 0.011 | % | 1,016,494.62 | 189,157.00 | 0.082 | % | 0.015 | % | ||||||||||||||||||||||||
> 180 Days Delinquent | 0.000 | % | 0.000 | % | 0 | 0 | 0.000 | % | 0.000 | % | 0.00 | 0.00 | 0.000 | % | 0.000 | % | ||||||||||||||||||||||||
Forbearance | 6.167 | % | 7.046 | % | 2,212 | 3,405 | 1.845 | % | 2.854 | % | 20,367,015.52 | 40,541,216.78 | 1.635 | % | 3.266 | % | ||||||||||||||||||||||||
TOTAL REPAYMENT | 5.631 | % | 6.504 | % | 29,040 | 33,394 | 24.216 | % | 27.994 | % | $ | 291,453,563.26 | $ | 349,342,747.82 | 23.393 | % | 28.139 | % | ||||||||||||||||||||||
GRAND TOTAL | 5.708 | % | 6.450 | % | 119,921 | 119,291 | 100.000 | % | 100.000 | % | $ | 1,245,886,616.13 | $ | 1,241,471,580.22 | 100.000 | % | 100.000 | % |
* | Percentages may not total 100% due to rounding |
5
VI. 2004-B Portfolio Characteristics by Loan Program
LOAN PROGRAM | WAC | # Loans | $ Amount | % | ||||||||||||
- Signature Loans | 6.548 | % | 100,687 | $ | 995,695,201.27 | 80.203 | % | |||||||||
- Law Loans | 7.119 | % | 6,993 | 92,490,736.12 | 7.450 | % | ||||||||||
- Med Loans | 5.288 | % | 7,725 | 70,757,504.35 | 5.699 | % | ||||||||||
- MBA Loans | 5.491 | % | 3,886 | 82,528,138.48 | 6.648 | % | ||||||||||
- Total | 6.450 | % | 119,291 | $ | 1,241,471,580.22 | 100.000 | % |
*Percentages may not total 100% due to rounding
6
VII. 2004-B Interest Rate Swap and Cap Calculations
A | Swap Payments | |||||||||||
Swap Calculation | ||||||||||||
i | Notional Swap Amount — Aggregate Prime Loans Outstanding | $ | 1,241,760,455.78 | |||||||||
Counterparty Pays: | ||||||||||||
ii | 3 Month LIBOR | 2.49000 | % | |||||||||
iii | Gross Swap Receipt Due Trust | $ | 7,729,958.84 | |||||||||
iv | Days in Period | 12/15/2004 | 3/15/2005 | 90 | ||||||||
SLM Private Credit Trust Pays: | ||||||||||||
v | Prime Rate (WSJ) Less | 2.6430% | 2.60700 | % | ||||||||
vi | Gross Swap Payment Due Counterparty | $ | 7,978,188.79 | |||||||||
vii | Days in Period | 12/15/2004 | 3/15/2005 | 90 | ||||||||
B | Cap Payments | |||||||||||
Cap Calculation | ||||||||||||
i | Notional Swap Amount | $ | 975,000,000.00 | |||||||||
Counterparty Pays: | ||||||||||||
ii | 3 Month LIBOR (interpolated for first accrual period) | 2.49000 | % | |||||||||
iii | Cap Rate | 4.00000 | % | |||||||||
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 |
VIII. 2004-B Accrued Interest Factors
Accrued | ||||||
Int Factor | Accrual Period | Rate | ||||
A Class A-1 Interest Rate | 0.006350000 | (12/15/04 - 3/15/05) | 2.54000% | |||
B Class A-2 Interest Rate | 0.006725000 | (12/15/04 - 3/15/05) | 2.69000% | |||
C Class A-3 Interest Rate | 0.007050000 | (12/15/04 - 3/15/05) | 2.82000% | |||
D Class A-4 Interest Rate | 0.007300000 | (12/15/04 - 3/15/05) | 2.92000% | |||
E Class B Interest Rate | 0.007400000 | (12/15/04 - 3/15/05) | 2.96000% | |||
F Class C Interest Rate | 0.008400000 | (12/15/04 - 3/15/05) | 3.36000% |
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IX. 2004-B Inputs From Prior Period 11/30/2004
A | Total Student Loan Pool Outstanding | |||||||||||||||||||||||||||||
i | Portfolio Balance | $ | 1,245,886,616.13 | |||||||||||||||||||||||||||
ii | Interest To Be Capitalized | 52,164,813.32 | ||||||||||||||||||||||||||||
iii | Total Pool | $ | 1,298,051,429.45 | |||||||||||||||||||||||||||
iv | Cash Capitalization Account (CI) | 232,575,519.00 | ||||||||||||||||||||||||||||
v | Asset Balance | $ | 1,530,626,948.45 | |||||||||||||||||||||||||||
B | Total Note and Certificate Factor | 0.995291429 | ||||||||||||||||||||||||||||
C | Total Note Balance | $ | 1,500,475,480.54 | |||||||||||||||||||||||||||
D | Note Balance 12/15/2004 | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class B | Class C | |||||||||||||||||||||||
i | Current Factor | 0.988821200 | 1.000000000 | 1.000000000 | 1.000000000 | 1.000000000 | 1.000000000 | |||||||||||||||||||||||
ii | Expected Note Balance | $ | 627,901,480.54 | $ | 378,000,000.00 | $ | 277,150,000.00 | $ | 100,000,000.00 | $ | 49,242,000.00 | $ | 68,182,000.00 | |||||||||||||||||
iii | Interest Shortfall | $ | 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 | |||||||||||||||||
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 |
8
X. 2004-B Note Parity Triggers
Class A | Class B | Class C | ||||||||||||||||||
Notes Outstanding | 12/15/04 | $ | 1,383,051,481 | $ | 1,432,293,481 | $ | 1,500,475,481 | |||||||||||||
Asset Balance | 11/30/04 | $ | 1,530,626,948 | $ | 1,530,626,948 | $ | 1,530,626,948 | |||||||||||||
Pool Balance | 2/28/05 | $ | 1,301,625,503 | $ | 1,301,625,503 | $ | 1,301,625,503 | |||||||||||||
Amounts on Deposit* | 3/15/05 | 238,150,556 | 237,786,165 | 237,213,437 | ||||||||||||||||
Total | $ | 1,539,776,060 | $ | 1,539,411,669 | $ | 1,538,838,940 | ||||||||||||||
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 | $ | 147,575,467.91 | ||||||||||||||||||
Specified Class A Enhancement | $ | 230,130,153.36 | The greater of 15.0% of the Asset Balance or the Specified Overcollateralization Amount | |||||||||||||||||
Class B Enhancement | $ | 98,333,467.91 | ||||||||||||||||||
Specified Class B Enhancement | $ | 155,337,853.52 | The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount | |||||||||||||||||
Class C Enhancement | $ | 30,151,467.91 | ||||||||||||||||||
Specified Class C Enhancement | $ | 46,026,030.67 | 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 as of Collection End Date | 2/28/2005 | $ | 232,575,519.00 | |||||||
Less: Excess of Trust fees & Note interest due over Available Funds | 3/15/2005 | $ | 0.00 | |||||||
Cash Capitalization Account Balance (CI)* | $ | 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?** | 3/15/2005 | 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?** | 3/15/2005 | 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?** | 3/15/2005 | 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?** | 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-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 |
9
XII. 2004-B 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 | $ | 1,383,051,480.54 | ||||||||
iii | Asset Balance | 2/28/2005 | $ | 1,534,201,022.43 | ||||||||
iv | First Priority Principal Distribution Amount | 3/15/2005 | $ | — | ||||||||
v | Is the Class B Note Parity Trigger in Effect? | No | ||||||||||
vi | Aggregate A and B Notes Outstanding | 12/15/2004 | $ | 1,432,293,480.54 | ||||||||
vii | Asset Balance | 2/28/2005 | $ | 1,534,201,022.43 | ||||||||
viii | First Priority Principal Distribution Amount | 3/15/2005 | $ | — | ||||||||
ix | Second Priority Principal Distribution Amount | 3/15/2005 | $ | — | ||||||||
x | Is the Class C Note Parity Trigger in Effect? | No | ||||||||||
xi | Aggregate A, B and C Notes Outstanding | 12/15/2004 | $ | 1,500,475,480.54 | ||||||||
xii | Asset Balance | 2/28/2005 | $ | 1,534,201,022.43 | ||||||||
xiii | First Priority Principal Distribution Amount | 3/15/2005 | $ | — | ||||||||
xiv | Second Priority Principal Distribution Amount | 3/15/2005 | $ | — | ||||||||
xv | Third Priority Principal Distribution Amount | 3/15/2005 | $ | — | ||||||||
B | Regular Principal Distribution | |||||||||||
i | Aggregate Notes Outstanding | 12/15/2004 | $ | 1,500,475,480.54 | ||||||||
ii | Asset Balance | 2/28/2005 | $ | 1,534,201,022.43 | ||||||||
iii | Specified Overcollateralization Amount | 3/15/2005 | $ | 30,302,999.19 | ||||||||
iv | First Priority Principal Distribution Amount | 3/15/2005 | $ | — | ||||||||
v | Second Priority Principal Distribution Amount | 3/15/2005 | $ | — | ||||||||
vi | Third Priority Principal Distribution Amount | 3/15/2005 | $ | — | ||||||||
vii | Regular Principal Distribution Amount | $ | — | |||||||||
C | Class A Noteholders’ Principal Distribution Amounts | |||||||||||
i | Has the Stepdown Date Occurred? | No | ||||||||||
ii | Aggregate Class A Notes Outstanding | 12/15/2004 | $ | 1,383,051,480.54 | ||||||||
iii | Asset Balance | 2/28/2005 | $ | 1,534,201,022.43 | ||||||||
iv | 85% of Asset Balance | 2/28/2005 | $ | 1,304,070,869.07 | ||||||||
v | Specified Overcollateralization Amount | 3/15/2005 | $ | 30,302,999.19 | ||||||||
vi | Lesser of (iii) and (ii - iv) | $ | 1,304,070,869.07 | |||||||||
vii | Class A Noteholders’ Principal Distribution Amt — Before the Stepdown Date | $ | — | |||||||||
viii | Class A Noteholders’ Principal Distribution Amt — After the Stepdown Date | $ | — | |||||||||
ix | Actual Principal Distribution Amount paid | $ | — | |||||||||
x | Shortfall | $ | — | |||||||||
D | Class B Noteholders’ Principal Distribution Amounts | |||||||||||
i | Has the Stepdown Date Occurred? | No | ||||||||||
ii | Aggregate Class B Notes Outstanding | 12/15/2004 | $ | 49,242,000.00 | ||||||||
iii | Asset Balance | 2/28/2005 | $ | 1,534,201,022.43 | ||||||||
iv | 89.875% of Asset Balance | 2/28/2005 | $ | 1,378,863,168.91 | ||||||||
v | Specified Overcollateralization Amount | 3/15/2005 | $ | 30,302,999.19 | ||||||||
vi | Lesser of (iii) and (ii - iv) | $ | 1,378,863,168.91 | |||||||||
vii | Class B Noteholders’ Principal Distribution Amt — Before the Stepdown Date | $ | — | |||||||||
viii | Class B Noteholders’ Principal Distribution Amt — After the Stepdown Date | $ | — | |||||||||
E | Class C Noteholders’ Principal Distribution Amounts | |||||||||||
i | Has the Stepdown Date Occurred? | No | ||||||||||
ii | Aggregate Class C Notes Outstanding | 12/15/2004 | $ | 68,182,000.00 | ||||||||
iii | Asset Balance | 2/28/2005 | $ | 1,534,201,022.43 | ||||||||
iv | 97% of Asset Balance | 2/28/2005 | $ | 1,488,174,991.76 | ||||||||
v | Specified Overcollateralization Amount | 3/15/2005 | $ | 30,302,999.19 | ||||||||
vi | Lesser of (iii) and (ii - iv) | $ | 1,488,174,991.76 | |||||||||
vii | Class C Noteholders’ Principal Distribution Amt — Before the Stepdown Date | $ | — | |||||||||
viii | Class C Noteholders’ Principal Distribution Amt — After the Stepdown Date | $ | — |
10
XIII. 2004-B Waterfall for Distributions
Remaining | ||||||||||||||
Funds Balance | ||||||||||||||
A | Total Available Funds (Sections III-L) | $ | 23,510,180.46 | $ | 23,510,180.46 | |||||||||
B | Primary Servicing Fees-Current Month plus any Unpaid | $ | 723,822.49 | $ | 22,786,357.97 | |||||||||
C | Quarterly Administration Fee plus any Unpaid | $ | 20,000.00 | $ | 22,766,357.97 | |||||||||
D | Gross Swap Payment due | $ | 7,978,188.79 | $ | 14,788,169.18 | |||||||||
E | i | Class A-1 Noteholders' Interest Distribution Amount due | 3/15/2005 | $ | 3,987,174.40 | $ | 10,800,994.78 | |||||||
ii | Class A-2 Noteholders' Interest Distribution Amount due | 3/15/2005 | $ | 2,542,050.00 | $ | 8,258,944.78 | ||||||||
iii | Class A-3 Noteholders' Interest Distribution Amount due | 3/15/2005 | $ | 1,953,907.50 | $ | 6,305,037.28 | ||||||||
iv | Class A-4 Noteholders' Interest Distribution Amount due | 3/15/2005 | $ | 730,000.00 | $ | 5,575,037.28 | ||||||||
v | Swap Termination Fees due | 3/15/2005 | $ | 0.00 | $ | 5,575,037.28 | ||||||||
F | First Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 5,575,037.28 | |||||||||
G | Class B Noteholders' Interest Distribution Amount due | 3/15/2005 | $ | 364,390.80 | $ | 5,210,646.48 | ||||||||
H | Second Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 5,210,646.48 | |||||||||
I | Class C Noteholders’ Interest Distribution Amount | $ | 572,728.80 | $ | 4,637,917.68 | |||||||||
J | Third Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 4,637,917.68 | |||||||||
K | Increase to the Specified Reserve Account Balance | $ | 0.00 | $ | 4,637,917.68 | |||||||||
L | Regular Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 4,637,917.68 | |||||||||
M | Carryover Servicing Fees | $ | 0.00 | $ | 4,637,917.68 | |||||||||
N | Swap Termination Payments | $ | 0.00 | $ | 4,637,917.68 | |||||||||
O | Additional Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 4,637,917.68 | |||||||||
P | Remaining Funds to the Certificateholders | $ | 4,637,917.68 | $ | 0.00 | |||||||||
XIV. 2004-B Principal Distribution Account Allocations | ||||||||||||||
Remaining | ||||||||||||||
Funds Balance | ||||||||||||||
A | Total from Collection Account | $ | 0.00 | $ | 0.00 | |||||||||
B | i | Class A-1 Principal Distribution Amount Paid | $ | 0.00 | $ | 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 |
11
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 | $ | 3,987,174.40 | $ | 2,542,050.00 | $ | 1,953,907.50 | $ | 730,000.00 | $ | 364,390.80 | $ | 572,728.80 | |||||||||||||||||||||||
ii | Quarterly Interest Paid | 3,987,174.40 | 2,542,050.00 | 1,953,907.50 | 730,000.00 | 364,390.80 | 572,728.80 | |||||||||||||||||||||||||||||
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 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||||
viii | Quarterly Principal Paid | 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 | |||||||||||||||||||||||
x | Total Distribution Amount | $ | 3,987,174.40 | $ | 2,542,050.00 | $ | 1,953,907.50 | $ | 730,000.00 | $ | 364,390.80 | $ | 572,728.80 | |||||||||||||||||||||||
B | Note Balances | 12/15/2004 | Paydown Factors | 3/15/2005 | ||||||||||||||||||||||||||||||||
i | A-1 Note Balance | 78443CBL7 | $ | 627,901,480.54 | $ | 627,901,480.54 | ||||||||||||||||||||||||||||||
A-1 Note Pool Factor | 0.988821200 | 0.000000000 | 0.988821200 | |||||||||||||||||||||||||||||||||
ii | A-2 Note Balance | 78443CBM5 | $ | 378,000,000.00 | $ | 378,000,000.00 | ||||||||||||||||||||||||||||||
A-2 Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||||||||||||||
iii | A-3 Note Balance | 78443CBN3 | $ | 277,150,000.00 | $ | 277,150,000.00 | ||||||||||||||||||||||||||||||
A-3 Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||||||||||||||
iv | A-4 Note Balance | 78443CBP8 | $ | 100,000,000.00 | $ | 100,000,000.00 | ||||||||||||||||||||||||||||||
A-4 Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||||||||||||||
v | B Note Balance | 78443CBQ6 | $ | 49,242,000.00 | $ | 49,242,000.00 | ||||||||||||||||||||||||||||||
B Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||||||||||||||
vi | C Note Balance | 78443CBR4 | $ | 68,182,000.00 | $ | 68,182,000.00 | ||||||||||||||||||||||||||||||
C Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 |
12
XVI. 2004-B Historical Pool Information
12/1/04-2/28/05 | 9/1/04-11/30/04 | 5/06/04 - 8/31/04 | ||||||||||||||
Beginning Student Loan Portfolio Balance | $ | 1,245,886,616.13 | $ | 1,244,282,058.96 | $ | 1,250,170,429.90 | ||||||||||
Student Loan Principal Activity | ||||||||||||||||
i | Principal Payments Received | $ | 10,248,774.54 | $ | 7,273,578.91 | $ | 9,982,999.67 | |||||||||
ii | Purchases by Servicer (Delinquencies >180) | 1,013,867.85 | 733,921.72 | 148,245.39 | ||||||||||||
iii | Other Servicer Reimbursements | 1.70 | 0.00 | 9,228.46 | ||||||||||||
iv | Seller Reimbursements | 195,305.53 | 1,645,061.18 | 176,715.71 | ||||||||||||
v | Total Principal Collections | $ | 11,457,949.62 | $ | 9,652,561.81 | $ | 10,317,189.23 | |||||||||
Student Loan Non-Cash Principal Activity | ||||||||||||||||
i | Realized Losses/Loans Charged Off | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
ii | Capitalized Interest | (6,109,189.44 | ) | (9,181,831.42 | ) | (3,909,610.89 | ) | |||||||||
iii | Capitalized Insurance Fee | ($949,758.33 | ) | ($2,062,229.47 | ) | ($537,371.26 | ) | |||||||||
iv | Other Adjustments | 16,034.06 | (13,058.09 | ) | 18,163.86 | |||||||||||
v | Total Non-Cash Principal Activity | $ | (7,042,913.71 | ) | $ | (11,257,118.98 | ) | $ | (4,428,818.29 | ) | ||||||
(-) | Total Student Loan Principal Activity | $ | 4,415,035.91 | $ | (1,604,557.17 | ) | $ | 5,888,370.94 | ||||||||
Student Loan Interest Activity | ||||||||||||||||
i | Interest Payments Received | $ | 4,194,898.87 | $ | 2,389,629.61 | $ | 2,509,588.16 | |||||||||
ii | Repurchases by Servicer (Delinquencies >180) | 41,027.84 | 28,047.35 | 1,547.89 | ||||||||||||
iii | Other Servicer Reimbursements | — | — | 339.85 | ||||||||||||
iv | Seller Reimbursements | 9,110.47 | 77,662.30 | 9,454.56 | ||||||||||||
v | Late Fees | 50,610.92 | 22,541.61 | 17,448.43 | ||||||||||||
vi | Collection Fees | — | — | — | ||||||||||||
viii | Total Interest Collections | 4,295,648.10 | 2,517,880.87 | 2,538,378.89 | ||||||||||||
Student Loan Non-Cash Interest Activity | ||||||||||||||||
i | Realized Losses/Loans Charged Off | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
ii | Capitalized Interest | 6,109,189.44 | 9,181,831.42 | 3,909,610.89 | ||||||||||||
iii | Other Interest Adjustments | 4,835.56 | 27,972.34 | 40,795.34 | ||||||||||||
iv | Total Non-Cash Interest Adjustments | $ | 6,114,025.00 | $ | 9,209,803.76 | $ | 3,950,406.23 | |||||||||
v | Total Student Loan Interest Activity | $ | 10,409,673.10 | $ | 11,727,684.63 | $ | 6,488,785.12 | |||||||||
(=) | Ending Student Loan Portfolio Balance | $ | 1,241,471,580.22 | $ | 1,245,886,616.13 | $ | 1,244,282,058.96 | |||||||||
(+) | Interest to be Capitalized | $ | 60,153,923.21 | $ | 52,164,813.32 | $ | 47,353,017.57 | |||||||||
(=) | TOTAL POOL | $ | 1,301,625,503.43 | $ | 1,298,051,429.45 | $ | 1,291,635,076.53 | |||||||||
(+) | Cash Capitalization Account Balance (CI) | $ | 232,575,519.00 | $ | 232,575,519.00 | $ | 232,575,519.00 | |||||||||
(=) | Asset Balance | $ | 1,534,201,022.43 | $ | 1,530,626,948.45 | $ | 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 | % | ||||
Dec-04 | $ | 1,298,051,429 | 2.32 | % | ||||
Mar-05 | $ | 1,301,625,503 | 2.09 | % |
* “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