EXHIBIT 20.1
College Loan Corporation Trust I Series 2003-2, Series 2004-1, and 2005-1
Statement to Note Holders
As of and for the period ended: 06/30/2005
Pursuant to section 11.04 of the Trust Indenture, the following is provided to the trustee by the issuer. The information shown below has not been independently verified, however it is believed to be accurate to the best of the issuer’s knowledge.
| (a) | the amount of payments with respect to each series of Notes paid with respect to principal during June 2005; |
Series Class Principal Paid
------ ----- --------------
2002 A-1 $0
2002 A-2 $0
2002 A-3 $57,100,000
2002 A-4 $0
2002 A-5 $0
2002 A-6 $0
2002 A-7 $0
2002 A-8 $0
2002 A-9 $0
2002 B-1 $0
2002-2 A-10 $0
2002-2 A-11 $0
2002-2 A-12 $0
2002-2 A-13 $0
2002-2 A-14 $0
2002-2 A-15 $0
2002-2 A-16 $0
2002-2 A-17 $0
2002-2 A-18 $0
2002-2 A-19 $0
2002-2 A-20 $0
2002-2 A-21 $0
2002-2 A-22 $0
2002-2 A-23 $0
2002-2 A-24 $0
2002-2 A-25 $0
2002-2 A-26 $0
2002-2 A-27 $0
2002-2 A-28 $0
2002-2 A-29 $0
2002-2 A-30 $0
2002-2 B-2 $0
2002-2 B-3 $0
2002-2 B-4 $0
2003-1 A-1 $0
2003-1 A-2 $0
2003-1 A-3 $0
2003-1 A-4 $0
2003-1 A-5 $0
2003-1 A-6 $0
2003-1 A-7 $0
2003-1 A-8 $0
2003-1 A-9 $0
2003-1 A-10 $0
2003-1 B-1 $0
2003-1 B-2 $0
2003-2 A-1 $0
2003-2 A-2 $0
2003-2 A-3 $0
2004-1 A-1 $0
2004-1 A-2 $0
2004-1 A-3 $0
2004-1 A-4 $0
2004-1 B-1 $0
2005-1 A-1 $0
2005-1 A-2 $0
2005-1 A-3 $0
2005-1 A-4 $0
2005-1 A-5 $0
2005-1 B-1 $0
| (b) | the amount of payments with respect to each series of Notes paid with respect to interest during June 2005; |
Series Class Principal Paid
------ ----- --------------
2002 A-1 $0
2002 A-2 $0
2002 A-3 $142,362
2002 A-4 $179,755
2002 A-5 $178,646
2002 A-6 $178,646
2002 A-7 $177,521
2002 A-8 $177,521
2002 A-9 $48,544
2002 B-1 $106,327
2002-2 A-10 $244,720
2002-2 A-11 $495,560
2002-2 A-12 $249,320
2002-2 A-13 $246,240
2002-2 A-14 $244,720
2002-2 A-15 $233,020
2002-2 A-16 $240,340
2002-2 A-17 $254,301
2002-2 A-18 $239,842
2002-2 A-19 $257,742
2002-2 A-20 $281,633
2002-2 A-21 $281,633
2002-2 A-22 $281,633
2002-2 A-23 $281,633
2002-2 A-24 $271,644
2002-2 A-25 $271,644
2002-2 A-26 $271,644
2002-2 A-27 $283,529
2002-2 A-28 $283,529
2002-2 A-29 $283,529
2002-2 A-30 $283,529
2002-2 B-2 $204,976
2002-2 B-3 $103,712
2002-2 B-4 $102,792
2003-1 A-1 $0
2003-1 A-2 $244,720
2003-1 A-3 $267,120
2003-1 A-4 $249,320
2003-1 A-5 $256,640
2003-1 A-6 $246,240
2003-1 A-7 $246,240
2003-1 A-8 $384,290
2003-1 A-9 $268,110
2003-1 A-10 $134,055
2003-1 B-1 $128,110
2003-1 B-2 $63,670
2003-2 A-1 $0
2003-2 A-2 $0
2003-2 A-3 $0
2004-1 A-1 $0
2004-1 A-2 $0
2004-1 A-3 $0
2004-1 A-4 $0
2004-1 B-1 $268,500
2005-1 A-1 $0
2005-1 A-2 $0
2005-1 A-3 $0
2005-1 A-4 $0
2005-1 A-5 $0
2005-1 B-1 $101,872
| (c) | the amount of the payments allocable to any interest that was carried over together with the amount of any remaining outstanding interest that was carried over; |
| Carry over amounts $0.00 |
| (d) | the principal balance of Financed Student Loans as of the close of business on the last day of June 2005; |
| Principal Balance of Financed Student Loans $6,727,031,269 |
| (e) | the aggregate outstanding principal amount of the Notes of each series as of the close of business on the last day of June 2005, after giving effect to payments allocated to principal reported under paragraph (a) above; |
Series Class Principal Paid
------ ----- --------------
2002 A-1 $0
2002 A-2 $0
2002 A-3 $0
2002 A-4 $73,000,000
2002 A-5 $73,000,000
2002 A-6 $73,000,000
2002 A-7 $73,000,000
2002 A-8 $73,000,000
2002 A-9 $19,900,000
2002 B-1 $42,000,000
2002-2 A-10 $100,000,000
2002-2 A-11 $100,000,000
2002-2 A-12 $100,000,000
2002-2 A-13 $100,000,000
2002-2 A-14 $100,000,000
2002-2 A-15 $100,000,000
2002-2 A-16 $100,000,000
2002-2 A-17 $100,000,000
2002-2 A-18 $80,000,000
2002-2 A-19 $100,000,000
2002-2 A-20 $100,000,000
2002-2 A-21 $100,000,000
2002-2 A-22 $100,000,000
2002-2 A-23 $100,000,000
2002-2 A-24 $100,000,000
2002-2 A-25 $100,000,000
2002-2 A-26 $100,000,000
2002-2 A-27 $100,000,000
2002-2 A-28 $100,000,000
2002-2 A-29 $100,000,000
2002-2 A-30 $100,000,000
2002-2 B-2 $40,000,000
2002-2 B-3 $40,000,000
2002-2 B-4 $40,000,000
2003-1 A-1 $0
2003-1 A-2 $100,000,000
2003-1 A-3 $100,000,000
2003-1 A-4 $100,000,000
2003-1 A-5 $100,000,000
2003-1 A-6 $100,000,000
2003-1 A-7 $100,000,000
2003-1 A-8 $100,000,000
2003-1 A-9 $100,000,000
2003-1 A-10 $50,000,000
2003-1 B-1 $25,000,000
2003-1 B-2 $25,000,000
2003-2 A-1 $75,000,000
2003-2 A-2 $646,800,000
2003-2 A-3 $308,200,000
2004-1 A-1 $293,000,000
2004-1 A-2 $307,000,000
2004-1 A-3 $400,000,000
2004-1 A-4 $200,000,000
2004-1 B-1 $100,000,000
2005-1 A-1 $216,000,000
2005-1 A-2 $393,000,000
2005-1 A-3 $300,000,000
2005-1 A-4 $214,000,000
2005-1 A-5 $137,000,000
2005-1 B-1 $40,000,000
| (f) | the interest rate for any series of variable rate Notes for June 2005, indicating how such interest rate is calculated; |
Series Class Interest Rate Interest Calculation
------ ----- ------------- --------------------
2002 A-1 n/a 28-Day Auction Rate
2002 A-2 n/a 28-Day Auction Rate
2002 A-3 3.250% 28-Day Auction Rate
2002 A-4 3.189% 28-Day Auction Rate
2002 A-5 3.190% 28-Day Auction Rate
2002 A-6 3.241% 28-Day Auction Rate
2002 A-7 3.220% 28-Day Auction Rate
2002 A-8 3.200% 28-Day Auction Rate
2002 A-9 3.200% 28-Day Auction Rate
2002 B-1 3.315% 28-Day Auction Rate
2002-2 A-10 3.209% 28-Day Auction Rate
2002-2 A-11 3.218% 28-Day Auction Rate
2002-2 A-12 3.225% 28-Day Auction Rate
2002-2 A-13 3.238% 28-Day Auction Rate
2002-2 A-14 3.235% 28-Day Auction Rate
2002-2 A-15 3.173% 28-Day Auction Rate
2002-2 A-16 3.159% 28-Day Auction Rate
2002-2 A-17 3.326% 28-Day Auction Rate
2002-2 A-18 3.331% 28-Day Auction Rate
2002-2 A-19 3.348% 28-Day Auction Rate
2002-2 A-20 3.331% 28-Day Auction Rate
2002-2 A-21 3.342% 28-Day Auction Rate
2002-2 A-22 3.342% 28-Day Auction Rate
2002-2 A-23 3.342% 28-Day Auction Rate
2002-2 A-24 3.342% 28-Day Auction Rate
2002-2 A-25 3.342% 28-Day Auction Rate
2002-2 A-26 3.342% 28-Day Auction Rate
2002-2 A-27 3.307% 28-Day Auction Rate
2002-2 A-28 3.307% 28-Day Auction Rate
2002-2 A-29 3.307% 28-Day Auction Rate
2002-2 A-30 3.307% 28-Day Auction Rate
2002-2 B-2 3.341% 28-Day Auction Rate
2002-2 B-3 3.365% 28-Day Auction Rate
2002-2 B-4 3.377% 28-Day Auction Rate
2003-1 A-1 n/a 7-Day Auction Rate
2003-1 A-2 3.233% 28-Day Auction Rate
2003-1 A-3 3.235% 28-Day Auction Rate
2003-1 A-4 3.250% 28-Day Auction Rate
2003-1 A-5 3.238% 28-Day Auction Rate
2003-1 A-6 3.202% 28-Day Auction Rate
2003-1 A-7 3.238% 28-Day Auction Rate
2003-1 A-8 3.261% 28-Day Auction Rate
2003-1 A-9 3.486% 28-Day Auction Rate
2003-1 A-10 3.486% 28-Day Auction Rate
2003-1 B-1 3.341% 28-Day Auction Rate
2003-1 B-2 3.365% 28-Day Auction Rate
Series Class Libor Rate Spread Rate Interest Calculation
------ ----- ---------- ------ ---- --------------------
2003-2 A-1 3.16063% 0.03000% 3.19063% Floating Rate Note
2003-2 A-2 3.16063% 0.14000% 3.30063% Floating Rate Note
2003-2 A-3 3.16063% 0.20000% 3.36063% Floating Rate Note
2004-1 A-1 3.16063% 0.05000% 3.21063% Floating Rate Note
2004-1 A-2 3.16063% 0.11000% 3.27063% Floating Rate Note
2004-1 A-3 3.16063% 0.16000% 3.32063% Floating Rate Note
2004-1 A-4 3.16063% 0.19000% 3.35063% Floating Rate Note
2004-1 B-1 3.495% 28-Day Auction Rate
2005-1 A-1 3.16063% 0.03000% 3.19063% Floating Rate Note
2005-1 A-2 3.16063% 0.10000% 3.26063% Floating Rate Note
2005-1 A-3 3.16063% 0.12000% 3.28063% Floating Rate Note
2005-1 A-4 3.16063% 0.15000% 3.31063% Floating Rate Note
2005-1 A-5 3.16063% 0.20000% 3.36063% Floating Rate Note
2005-1 B-1 3.389% 28-Day Auction Rate
| (g) | the amount of the servicing fees allocated to the Servicers as of the close of business on the last day of June 2005; |
| Servicing fees $1,116,682 |
| (h) | the amount of the Administration Fee, any auction agent fees, market agent fees, calculation agent fees, broker-dealer fees, if any, fees paid to the Delaware Trustee, the Trustee, the Eligible Lender Trustee and the Verification Agent, all allocated as of the close of business on the last day of June 2005; |
Fee Amount
--- ------
Administration $1,139,683
Auction Agent $9,188
Market Agent $0
Calculation Agent $0
Broker-Dealer $661,328
Delaware Trustee $0
Trustee $36,713
Eligible Lender Trustee $0
Verification Agent *
*Verification Agent fees are included in Trustee fees above
| (i) | the amount of principal and interest received during June 2005 relating to Financed Student Loans; |
| Amount of principal and interest received $122,183,449 |
| (j) | the amount of the payment attributable to amounts in the Reserve Fund, the amount of any other withdrawals from the Reserve Fund and the balance of the Reserve Fund as of the close of business on the last day of June 2005; |
Amount of payment attributable to amounts in the Reserve Fund $0
Amount of any other withdrawals from the Reserve Fund $428,250
Ending Balance of Reserve Fund $53,676,750
| (k) | the portion, if any, of the payments made on the Notes as described in sections (a) or (b) above during June 2005 attributable to amounts on deposit in the Acquisition Fund; |
| Payments from the Acquisition Fund $0 |
| (l) | the aggregate amount, if any, paid by the Trustee to acquire Student Loans from amounts on deposit in the Acquisition Fund during June 2005; |
| Amounts paid to acquire Student Loans $64,473,074 |
| (m) | the amount remaining in the Acquisition Fund that has not been used to acquire Student Loans and is being transferred to the Debt Service Fund; |
| Amounts in Acquisition fund to be transferred to the Debt Service Fund $0 |
| (n) | the aggregate amount, if any, paid for Financed Student Loans purchased from the Trust during June 2005; |
| Amounts paid for Financed Student Loans purchased from the Trust $897,365 |
| (o) | the number and principal amount of Financed Student Loans, as of the close of business on the last day of June 2005, that are (i) 0 to 30 days delinquent, (ii) 31 to 60 days delinquent, (iii) 61 to 90 days delinquent, (iv) 91 to 120 days delinquent, (v) greater than 120 days delinquent and (vi) for which claims have been filed with the appropriate Guarantee Agency and which are awaiting payment; |
| Amounts paid for Financed Student Loans purchased from the Trust $897,365 |
Number Amount
------ ------
(i) 0 to 30 days delinquent 609,508 6,396,910,516
(ii) 31 to 60 days delinquent 12,320 130,038,928
(iii) 61 to 90 days delinquent 7,423 64,901,403
(iv) 91 to 120 days delinquent 4,802 41,316,751
(v) > 120 day delinquent 11,575 83,089,873
(vi) & claims filed 1,799 10,773,798
----- ----------
Total 647,427 6,727,031,269
| (p) | the Value of the Trust Estate and the Outstanding principal amount of the Notes as of the close of business on the last day of June 2005; and |
| Value of the Trust Estate $7,041,749,928 Outstanding Principal amount of the Notes $7,156,900,000 |
| (q) | the number and percentage by dollar amount of (i) rejected federal reimbursement claims for Financed Student Loans, (ii) Financed Student Loans in forbearance, and (iii) Financed Student Loans in deferment as of the close of business on the last day of June 2005. |
Number Percentage
------ ----------
(i) Outstanding rejected federal reimbursement claims 23 *
(ii) Financed Student Loans in forbearance 32,382 8.16%
(iii) Financed Student Loans in deferment 61,451 12.70%
* Less than 0.01%