SLM Private Credit Student Loan Trust 2002-A
Quarterly Servicing Report | ||||
Report Date: | 11/30/2002 | Reporting Period: 8/26/02-11/30/02 |
I. Deal Parameters
| Student Loan Portfolio Characteristics | 8/26/2002 | Activity | 11/30/2002 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
A | i | Portfolio Balance | $ | 663,415,806.01 | $ | 5,847,076.22 | $ | 669,262,882.23 | ||||||
ii | Interest to be Capitalized | 26,918,580.10 | 21,024,060.14 | |||||||||||
iii | Total Pool | $ | 690,334,386.11 | $ | 690,286,942.37 | |||||||||
iv | Cash Capitalization Account (CI) | 40,178,192.00 | 40,178,192.00 | |||||||||||
v | Asset Balance | $ | 730,512,578.11 | $ | 730,465,134.37 | |||||||||
i | Weighted Average Coupon (WAC) | 5.518 | % | 5.529 | % | |||||||||
ii | Weighted Average Remaining Term | 187.49 | 168.72 | |||||||||||
iii | Number of Loans | 70,975 | 70,590 | |||||||||||
iv | Number of Borrowers | 48,548 | 48,278 | |||||||||||
vi | Prime Loans Outstanding | $ | 592,779,809 | $ | 594,423,332 | |||||||||
vii | T-bill Loans Outstanding | $ | 95,902,922 | $ | 94,277,753 | |||||||||
viii | Fixed Loans Outstanding | $ | 1,651,655 | $ | 1,585,858 |
Notes | Cusips | Spread | Balance 10/17/02 | % of O/S Securities | Balance 12/16/02 | % of O/S Securities | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
B | i | A-1 Notes | 78443CAA2 | 0.150 | % | $ | 340,000,000.00 | 46.777 | % | $ | 328,994,882.81 | 45.958 | % | ||||||
ii | A-2 Notes | 78443CAB0 | 0.550 | % | 328,419,000.00 | 45.183 | % | 328,419,000.00 | 45.878 | % | |||||||||
iii | B Notes | 78443CAC8 | 0.850 | % | 23,742,000.00 | 3.266 | % | 23,742,000.00 | 3.317 | % | |||||||||
iv | C Notes | 78443CAD6 | 1.700 | % | 34,699,000.00 | 4.774 | % | 34,699,000.00 | 4.847 | % | |||||||||
v | Total Notes | $ | 726,860,000.00 | 100.000 | % | $ | 715,854,882.81 | 100.000 | % | ||||||||||
10/17/2002 | 12/16/2002 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
C | i | Reserve Account Balance ($) | $ | 1,725,836.00 | $ | 1,725,836.00 | ||||
ii | Cash Capitalization Acct Balance ($) | $ | 40,178,192.00 | $ | 40,178,192.00 | |||||
iii | Initial Asset Balance | $ | 730,512,578.11 | $ | 730,512,578.11 | |||||
iv | Specified Overcollateralization Amount | $ | 14,610,251.56 | $ | 14,610,251.56 | |||||
v | Has the Stepdown Date Occurred?* | No | No | |||||||
* The Stepdown Date is the earlier of the distribution date following the reduction of the Class A Notes to zero, or September 17, 2007. 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. 2002-A Transactions from: 8/27/2002 through: 11/30/2002
A | Student Loan Principal Activity | |||||||
i | Principal Payments Received | $ | 9,045,364.96 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 45,333.74 | ||||||
iii | Other Servicer Reimbursements | 85.42 | ||||||
iv | Seller Reimbursements | 166,322.44 | ||||||
v | Total Principal Collections | $ | 9,257,106.56 | |||||
B | Student Loan Non-Cash Principal Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | — | |||||
ii | Capitalized Interest | (13,326,412.85 | ) | |||||
iii | Capitalized Insurance Fee | (1,706,229.57 | ) | |||||
iv | Other Adjustments | (71,540.36 | ) | |||||
v | Total Non-Cash Principal Activity | $ | (15,104,182.78 | ) | ||||
C | Total Student Loan Principal Activity | $ | (5,847,076.22 | ) | ||||
D | Student Loan Interest Activity | |||||||
i | Interest Payments Received | $ | 3,704,616.78 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 801.87 | ||||||
iii | Other Servicer Reimbursements | 14.58 | ||||||
iv | Seller Reimbursements | 10,055.09 | ||||||
v | Late Fees | 53,062.07 | ||||||
vi | Collection Fees | 0.00 | ||||||
vii | Total Interest Collections | $ | 3,768,550.39 | |||||
E | Student Loan Non-Cash Interest Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | — | |||||
ii | Capitalized Interest | 13,326,412.85 | ||||||
iii | Other Interest Adjustments | 67,264.86 | ||||||
iv | Total Non-Cash Interest Adjustments | $ | 13,393,677.71 | |||||
F | Total Student Loan Interest Activity | $ | 17,162,228.10 | |||||
2
III. 2002-A Collection Account Activity 8/27/2002 through 11/30/2002
A | Principal Collections | |||||||
i | Principal Payments Received | $ | 9,045,364.96 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 45,333.74 | ||||||
iii | Other Servicer Reimbursements | 85.42 | ||||||
iv | Seller Reimbursements | 166,322.44 | ||||||
v | Total Principal Collections | $ | 9,257,106.56 | |||||
B | Interest Collections | |||||||
i | Interest Payments Received | $ | 3,704,616.78 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 801.87 | ||||||
iii | Other Servicer Reimbursements | 14.58 | ||||||
iv | Seller Reimbursements | 10,055.09 | ||||||
v | Late Fees | 53,062.07 | ||||||
vi | Collection Fees | — | ||||||
vii | Total Interest Collections | $ | 3,768,550.39 | |||||
C | Recoveries on Realized Losses | $ | — | |||||
D | Amount from Cash Capitalizaton Account | $ | — | |||||
E | Funds Borrowed from Next Collection Period | $ | 1,366,454.36 | |||||
F | Funds Repaid from Prior Collection Periods | $ | — | |||||
G | Investment Income | |||||||
i | Collection Account | $ | 6,276.17 | |||||
ii | Reserve Account | 3,298.37 | ||||||
iii | Cash Capitalization Account | 76,786.78 | ||||||
iv | Principal Distribution Account | — | ||||||
v | Administrator Account | 9,734.11 | ||||||
vi | Total Investment Income | $ | 96,095.43 | |||||
H | Borrower Incentive Reimbursements | $ | — | |||||
I | Gross Swap Receipt | $ | 1,786,005.85 | |||||
TOTAL FUNDS RECEIVED | $ | 16,274,212.59 | ||||||
LESS FUNDS PREVIOUSLY REMITTED: | ||||||||
Servicing Fees | $ | (186,518.70 | ) | |||||
J | TOTAL AVAILABLE FUNDS | $ | 16,087,693.89 | |||||
K | Servicing Fees Due for Current Period | $ | 390,403.35 | |||||
Less: | Servicing ADJ [A iv + B iv] | $ | (100.00 | ) | ||||
L | Carryover Servicing Fees Due | $ | — | |||||
M | Administration Fees Due | $ | 20,000.00 | |||||
N | Total Fees Due for Period | $ | 410,303.35 | |||||
3
IV. 2002-A Loss and Recovery Detail 11/30/2002
A | i | Cumulative Realized Losses Test | % of Pool | | 8/26/2002 | 11/30/2002 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
October 15, 2002 to September 15, 2007 | 15% | $ | 103,550,157.92 | $ | 103,543,041.36 | |||||||||
December 17, 2007 to September 15, 2010 | 18% | |||||||||||||
December 15, 2010 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 | $ | 0.00 | $ | 45,333.74 | |||||||||
iii | Cumulative Interest Purchases by Servicer | $ | 0.00 | $ | 801.87 | |||||||||
iv | Total Gross Defaults: | $ | 0.00 | $ | 46,135.61 |
4
V. 2002-A Portfolio Characteristics
| Weighted Avg Coupon | # of Loans | %* | Principal Amount | %* | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
STATUS | |||||||||||||||||||||||||
8/26/2002 | 11/30/2002 | 8/26/2002 | 11/30/2002 | 8/26/2002 | 11/30/2002 | 8/26/2002 | 11/30/2002 | 8/26/2002 | 11/30/2002 | ||||||||||||||||
INTERIM: | |||||||||||||||||||||||||
In School | 5.329 | % | 5.423 | % | 9,346 | 13,804 | 13.168 | % | 19.556 | % | $ | 107,767,812.25 | $ | 137,602,649.53 | 16.244 | % | 20.560 | % | |||||||
Grace | 5.488 | % | 5.514 | % | 31,295 | 10,413 | 44.093 | % | 14.751 | % | $ | 284,658,699.30 | $ | 101,010,676.96 | 42.908 | % | 15.093 | % | |||||||
TOTAL INTERIM | 5.444 | % | 5.462 | % | 40,641 | 24,217 | 57.261 | % | 34.307 | % | $ | 392,426,511.55 | $ | 238,613,326.49 | 59.152 | % | 35.653 | % | |||||||
REPAYMENT | |||||||||||||||||||||||||
Active | |||||||||||||||||||||||||
Current | 5.648 | % | 5.506 | % | 26,033 | 35,943 | 36.679 | % | 50.918 | % | $ | 226,205,884.60 | $ | 335,383,699.83 | 34.097 | % | 50.113 | % | |||||||
31-60 Days Delinquent | 5.957 | % | 6.459 | % | 1,919 | 730 | 2.704 | % | 1.034 | % | $ | 15,493,094.41 | $ | 6,239,071.55 | 2.335 | % | 0.932 | % | |||||||
61-90 Days Delinquent | 0.000 | % | 6.442 | % | — | 362 | 0.000 | % | 0.513 | % | $ | — | $ | 2,773,359.47 | 0.000 | % | 0.414 | % | |||||||
91-120 Days Delinquent | 0.000 | % | 6.278 | % | — | 233 | 0.000 | % | 0.330 | % | $ | — | $ | 1,994,958.40 | 0.000 | % | 0.298 | % | |||||||
121-150 Days Delinquent | 0.000 | % | 6.575 | % | — | 250 | 0.000 | % | 0.354 | % | $ | — | $ | 2,051,751.43 | 0.000 | % | 0.307 | % | |||||||
151-180 Days Delinquent | 0.000 | % | 5.835 | % | — | 17 | 0.000 | % | 0.024 | % | $ | — | $ | 109,288.90 | 0.000 | % | 0.016 | % | |||||||
> 180 Days Delinquent | 0.000 | % | 0.000 | % | — | — | 0.000 | % | 0.000 | % | $ | — | $ | 0.00 | 0.000 | % | 0.000 | % | |||||||
Deferment | 4.697 | % | 4.631 | % | 787 | 1,022 | 1.109 | % | 1.448 | % | $ | 10,976,257.46 | $ | 14,003,715.51 | 1.655 | % | 2.092 | % | |||||||
Forbearance | 5.717 | % | 5.885 | % | 1,595 | 7,816 | 2.247 | % | 11.072 | % | $ | 18,314,057.99 | $ | 68,093,710.65 | 2.761 | % | 10.174 | % | |||||||
TOTAL REPAYMENT | 5.631 | % | 5.566 | % | 30,334 | 46,373 | 42.739 | % | 65.693 | % | $ | 270,989,294.46 | $ | 430,649,555.74 | 40.848 | % | 64.347 | % | |||||||
GRAND TOTAL | 5.518 | % | 5.529 | % | 70,975 | 70,590 | 100.000 | % | 100.000 | % | $ | 663,415,806.01 | $ | 669,262,882.23 | 100.000 | % | 100.000 | % |
- *
- Percentages may not total 100% due to rounding
5
VI. 2002-A Portfolio Characteristics by Program
LOAN TYPE | WAC | # Loans | $ Amount | % | ||||||
---|---|---|---|---|---|---|---|---|---|---|
-Signature Loans | 5.721 | % | 41,437 | $ | 335,180,346.88 | 50.082 | % | |||
-Law Loans | 5.705 | % | 13,382 | 132,312,665.55 | 19.770 | % | ||||
-Med Loans | 4.950 | % | 8,998 | 99,652,107.70 | 14.890 | % | ||||
-MBA Loans | 5.220 | % | 6,773 | 102,117,762.10 | 15.258 | % | ||||
-Total | 5.527 | % | 70,590 | $ | 669,262,882.23 | 100.000 | % |
6
A | Swap Payments | ||||||||||
Swap Calculation | |||||||||||
i | Notional Swap Amount — Aggregate Prime Loans Outstanding | 592,779,809 | |||||||||
Counterparty Pays: | |||||||||||
ii | 3 Month Libor | 1.80776% | |||||||||
iii | Gross Swap Receipt Due Trust | $ | 1,786,005.85 | ||||||||
iv | Days in Period | 10/17/2002 | 12/16/2002 | 60 | |||||||
SLM Private Credit Trust Pays: | |||||||||||
v | Prime Rate (WSJ) Less | 2.7000% | 2.05000% | ||||||||
vi | Gross Swap Payment Due Counterparty | $ | 1,964,293.64 | ||||||||
vii | Days in Period | 10/17/2002 | 12/15/2002 | 59 |
VIII. 2002-A Accrued Interest Factors
| | Accrued Int Factor | Accrual Period | Rate | |||||
---|---|---|---|---|---|---|---|---|---|
A | Class A-1 Interest Rate | 0.003262933 | (10/17/02-12/16/02) | 1.95776 | % | ||||
B | Class A-2 Interest Rate | 0.003929600 | (10/17/02-12/16/02) | 2.35776 | % | ||||
C | Class B Interest Rate | 0.004429600 | (10/17/02-12/16/02) | 2.65776 | % | ||||
D | Class C Interest Rate | 0.005846267 | (10/17/02-12/16/02) | 3.50776 | % |
7
IX. 2002-A Inputs From Prior Data 8/26/02
A | Total Student Loan Pool Outstanding | ||||||
i | Portfolio Balance | $ | 663,415,806.01 | ||||
ii | Interest To Be Capitalized | 26,918,580.10 | |||||
iii | Total Pool | $ | 690,334,386.11 | ||||
iv | Cash Capitalization Account (CI) | 40,178,192.00 | |||||
v | Asset Balance | $ | 730,512,578.11 | ||||
B | Total Note and Certificate Factor | 1.00000000000 | |||||
C | Total Note Balance | $ | 726,860,000.00 | ||||
D | Note Balance 10/17/2002 | Class A-1 | Class A-2 | Class B | Class C | |||||||||||
i | Current Factor | 1.0000000000 | 1.0000000000 | 1.0000000000 | 1.0000000000 | |||||||||||
ii | Expected Note Balance | $ | 340,000,000.00 | $ | 328,419,000.00 | $ | 23,742,000.00 | $ | 34,699,000.00 | |||||||
F | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||
G | Interest Carryover | $ | 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 |
8
X. 2002-A Note Parity Triggers
Class A | Class B | Class C | |||||||||||
Notes Outstanding | 10/17/02 | $ | 668,419,000 | $ | 692,161,000 | $ | 726,860,000 | ||||||
Asset Balance | 8/26/02 | $ | 730,512,578 | $ | 730,512,578 | $ | 730,512,578 | ||||||
Pool Balance | 11/30/02 | $ | 690,286,942 | $ | 690,286,942 | $ | 690,286,942 | ||||||
Amounts on Deposit* | 12/16/02 | 51,491,336 | 51,386,169 | 51,183,309 | |||||||||
Total | $ | 741,778,279 | $ | 741,673,111 | $ | 741,470,252 | |||||||
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 | $ | 62,093,578.11 | |||||||||||
Specified Class A Enhancement | $ | 109,569,770.16 | The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount | ||||||||||
Class B Enhancement | $ | 38,351,578.11 | |||||||||||
Specified Class B Enhancement | $ | 73,959,594.85 | The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount | ||||||||||
Class C Enhancement | $ | 3,652,578.11 | |||||||||||
Specified Class C Enhancement | $ | 21,913,954.03 | 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 XII Items B through E for the Class A, B through G for the Class B and B through I for the Class C
9
XI. 2002-A 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 | 10/17/2002 | $ | 668,419,000.00 | |||||
iii | Asset Balance | 11/30/2002 | $ | 730,465,134.37 | |||||
iv | First Priority Principal Distribution Amount | 12/16/2002 | $ | — — | |||||
v | Is the Class B Note Parity Trigger in Effect? | No | |||||||
vi | Aggregate A and B Notes Outstanding | 10/17/2002 | $ | 692,161,000.00 | |||||
vii | Asset Balance | 11/30/2002 | $ | 730,465,134.37 | |||||
viii | First Priority Principal Distribution Amount | 12/16/2002 | $ | — | |||||
ix | Second Priority Principal Distribution Amount | 12/16/2002 | $ | — — | |||||
x | Is the Class C Note Parity Trigger in Effect? | No | |||||||
xi | Aggregate A, B and C Notes Outstanding | 10/17/2002 | $ | 726,860,000.00 | |||||
xii | Asset Balance | 11/30/2002 | $ | 730,465,134.37 | |||||
xiii | First Priority Principal Distribution Amount | 12/16/2002 | $ | — | |||||
xiv | Second Priority Principal Distribution Amount | 12/16/2002 | $ | — | |||||
xv | Third Priority Principal Distribution Amount | 12/16/2002 | $ | — — | |||||
Regular Principal Distribution | |||||||||
i | Aggregate Notes Outstanding | 10/17/2002 | $ | 726,860,000.00 | |||||
ii | Asset Balance | 11/30/2002 | $ | 730,465,134.37 | |||||
iii | Specified Overcollateralization Amount | 12/16/2002 | $ | 14,610,251.56 | |||||
iv | First Priority Principal Distribution Amount | 12/16/2002 | $ | — | |||||
v | Second Priority Principal Distribution Amount | 12/16/2002 | $ | — | |||||
vi | Third Priority Principal Distribution Amount | 12/16/2002 | $ | — | |||||
vii | Regular Principal Distribution Amount | $ | 11,005,117.19 | ||||||
Class A Noteholders' Principal Distribution Amounts | |||||||||
i | Has the Stepdown Date Occurred? | No | |||||||
ii | Asset Balance | 11/30/2002 | $ | 730,465,134.37 | |||||
iii | 85% of Asset Balance | 11/30/2002 | $ | 620,895,364.21 | |||||
iv | Specified Overcollateralization Amount | 12/16/2002 | $ | 14,610,251.56 | |||||
v | Lesser of (iii) and (ii — iv) | $ | 620,895,364.21 | ||||||
vi | Class A Noteholders' Principal Distribution Amt — Before the Stepdown Date | $ | 11,005,117.19 | ||||||
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 | 11/30/2002 | $ | 730,465,134.37 | |||||
iii | 89.875% of Asset Balance | 11/30/2002 | $ | 656,505,539.52 | |||||
iv | Specified Overcollateralization Amount | 12/16/2002 | $ | 14,610,251.56 | |||||
v | Lesser of (iii) and (ii — iv) | $ | 656,505,539.52 | ||||||
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 | 11/30/2002 | $ | 730,465,134.37 | |||||
iii | 97% of Asset Balance | 11/30/2002 | $ | 708,551,180.34 | |||||
iv | Specified Overcollateralization Amount | 12/16/2002 | $ | 14,610,251.56 | |||||
v | Lesser of (iii) and (ii — iv) | $ | 708,551,180.34 | ||||||
vi | Class C Noteholders' Principal Distribution Amt — Before the Stepdown Date | $ | — | ||||||
vii | Class C Noteholders' Principal Distribution Amt — After the Stepdown Date | $ | — |
10
XII. 2002-A Waterfall for Distributions
| | | | Remaining Funds Balance | ||||||
---|---|---|---|---|---|---|---|---|---|---|
A | Total Available Funds (Sections III-F + VI-D +VI-G-v + X-G-vii) | $ | 16,087,693.89 | $ | 16,087,693.89 | |||||
B | Primary Servicing Fees-Current Month plus any Unpaid | $ | 390,303.35 | $ | 15,697,390.54 | |||||
C | Quarterly Administration Fee plus any Unpaid | $ | 20,000.00 | $ | 15,677,390.54 | |||||
D | Gross Swap Payment | $ | 1,964,293.64 | $ | 13,713,096.90 | |||||
E | i | Class A-1 Noteholders' Interest Distribution Amount | $ | 1,109,397.22 | $ | 12,603,699.68 | ||||
ii | Class A-2 Noteholders' Interest Distribution Amount | $ | 1,290,555.30 | $ | 11,313,144.37 | |||||
F | First Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 11,313,144.37 | |||||
G | Class B Noteholders' Interest Distribuition Amount | $ | 105,167.56 | $ | 11,207,976.81 | |||||
H | Second Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 11,207,976.81 | |||||
I | Class C Noteholders' Interest Distribuition Amount | $ | 202,859.62 | $ | 11,005,117.19 | |||||
J | Third Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 11,005,117.19 | |||||
K | Increase to the Specified Reserve Account Balance | $ | 0.00 | $ | 11,005,117.19 | |||||
L | Regular Principal Distribution Amount — Principal Distribution Account | $ | 11,005,117.19 | $ | 0.00 | |||||
M | Carryover Servicing Fees | $ | 0.00 | $ | 0.00 | |||||
N | Swap Termination Payments | $ | — | $ | 0.00 | |||||
O | Additional Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 0.00 | |||||
P | Remaining Funds to the Certificateholders | $ | 0.00 | $ | 0.00 |
11
XIII. 2002-A Principal Distribution Account Allocations
| | | | Remaining Funds Balance | ||||||
---|---|---|---|---|---|---|---|---|---|---|
A | Total from Collection Account | $ | 11,005,117.19 | $ | 11,005,117.19 | |||||
B | i | Class A-1 Principal Distribution Amount Paid | $ | 11,005,117.19 | $ | 0.00 | ||||
ii | Class A-2 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 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 |
12
A | Distribution Amounts | Class A-1 | Class A-2 | Class B | Class C | |||||||||||
i | Quarterly Interest Due | $ | 1,109,397.22 | $ | 1,290,555.30 | $ | 105,167.56 | $ | 202,859.62 | |||||||
ii | Quarterly Interest Paid | 1,109,397.22 | 1,290,555.30 | 105,167.56 | 202,859.62 | |||||||||||
iii | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||
iv | Interest Carryover Due | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||
v | Interest Carryover Paid | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||
vi | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||
vii | Quarterly Principal Distribution Amount | $ | 11,005,117.19 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||
viii | Quarterly Principal Paid | 11,005,117.19 | 0.00 | 0.00 | 0.00 | |||||||||||
ix | Difference | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||
x | Total Distribution Amount | $ | 12,114,514.41 | $ | 1,290,555.30 | $ | 105,167.56 | $ | 202,859.62 | |||||||
B | Note Balances | 10/17/2002 | Paydown Factors | 12/16/2002 | ||||||||||
i | A-1 Note Balance | 78443CAA2 | $ | 340,000,000.00 | $ | 328,994,882.81 | ||||||||
A-1 Note Pool Factor | 1.0000000000 | 0.0323679917 | 0.9676320083 | |||||||||||
ii | A-2 Note Balance | 78443CAB0 | $ | 328,419,000.00 | $ | 328,419,000.00 | ||||||||
A-2 Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | |||||||||||
iii | B Note Balance | 78443CAC8 | $ | 23,742,000.00 | $ | 23,742,000.00 | ||||||||
B Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 | |||||||||||
iv | C Note Balance | 78443CAD6 | $ | 34,699,000.00 | $ | 34,699,000.00 | ||||||||
C Note Pool Factor | 1.0000000000 | 0.0000000000 | 1.0000000000 |
13
XV. 2002-A Historical Pool Information
| | 8/26/02-11/30/02 | |||||
---|---|---|---|---|---|---|---|
Beginning Student Loan Portfolio Balance | $ | 663,415,806.01 | |||||
Student Loan Principal Activity | |||||||
i | Principal Payments Received | $ | 9,045,364.96 | ||||
ii | Purchases by Servicer (Delinquencies >180) | 45,333.74 | |||||
iii | Other Servicer Reimbursements | 85.42 | |||||
iv | Seller Reimbursements | 166,322.44 | |||||
v | Total Principal Collections | $ | 9,257,106.56 | ||||
Student Loan Non-Cash Principal Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | — | ||||
ii | Capitalized Interest | (13,326,412.85 | ) | ||||
iii | Capitalized Insurance Fee | ($ | 1,706,229.57 | ) | |||
iv | Other Adjustments | (71,540.36 | ) | ||||
v | Total Non-Cash Principal Activity | $ | (15,104,182.78 | ) | |||
(-) Total Student Loan Principal Activity | $ | (5,847,076.22 | ) | ||||
Student Loan Interest Activity | |||||||
i | Interest Payments Received | $ | 3,704,616.78 | ||||
ii | Repurchases by Servicer (Delinquencies >180) | 801.87 | |||||
iii | Other Servicer Reimbursements | 14.58 | |||||
iv | Seller Reimbursements | 10,055.09 | |||||
v | Late Fees | 53,062.07 | |||||
vi | Collection Fees | — | |||||
viii | Total Interest Collections | 3,768,550.39 | |||||
Student Loan Non-Cash Interest Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | — | ||||
ii | Capitalized Interest | 13,326,412.85 | |||||
iii | Other Interest Adjustments | 67,264.86 | |||||
iv | Total Non-Cash Interest Adjustments | $ | 13,393,677.71 | ||||
v | Total Student Loan Interest Activity | $ | 17,162,228.10 | ||||
(=) Ending Student Loan Portfolio Balance | $ | 669,262,882.23 | |||||
(+) Interest to be Capitalized | $ | 21,024,060.14 | |||||
(=) TOTAL POOL | $ | 690,286,942.37 | |||||
(+) Cash Capitalization Account Balance (CI) | $ | 40,178,192.00 | |||||
(=) Asset Balance | $ | 730,465,134.37 | |||||
14
XVI. 2002-A Payment History and CPRs
Distribution Date | Actual Pool Balances | Since Issued CPR * | ||
---|---|---|---|---|
Dec-02 | $690,286,942 | 2.47% |
- *
- "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.
15