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: 09/30/2005
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 September 2005; |
Series Class Principal Paid ------ ----- -------------- 2002 A-1 $0 2002 A-2 $0 2002 A-3 $0 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 $15,000,000 2002-2 A-19 $100,000,000 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 September 2005; |
Series Class Principal Paid ------ ----- -------------- 2002 A-1 $ - 2002 A-2 $ - 2002 A-3 $ - 2002 A-4 $ 404,873 2002 A-5 $ 201,319 2002 A-6 $ 201,597 2002 A-7 $ 201,597 2002 A-8 $ 197,145 2002 A-9 $ 55,569 2002 B-1 $ 120,826 2002-2 A-10 $ 283,060 2002-2 A-11 $ 281,540 2002-2 A-12 $ 283,060 2002-2 A-13 $ 276,160 2002-2 A-14 $ 273,100 2002-2 A-15 $ 276,160 2002-2 A-16 $ 279,240 2002-2 A-17 $ 281,540 2002-2 A-18 $ 189,650 2002-2 A-19 $ 300,240 2002-2 A-20 $ 299,852 2002-2 A-21 $ 341,301 2002-2 A-22 $ 341,301 2002-2 A-23 $ 341,301 2002-2 A-24 $ 323,164 2002-2 A-25 $ 323,164 2002-2 A-26 $ 323,164 2002-2 A-27 $ 312,803 2002-2 A-28 $ 312,803 2002-2 A-29 $ 312,803 2002-2 A-30 $ 312,803 2002-2 B-2 $ 115,072 2002-2 B-3 $ 116,600 2002-2 B-4 $ 112,920 2003-1 A-1 $ - 2003-1 A-2 $ 276,160 2003-1 A-3 $ 557,700 2003-1 A-4 $ 283,460 2003-1 A-5 $ 283,520 2003-1 A-6 $ 281,540 2003-1 A-7 $ 273,860 2003-1 A-8 $ 273,860 2003-1 A-9 $ - 2003-1 A-10 $ - 2003-1 B-1 $ 71,920 2003-1 B-2 $ 70,575 2003-2 A-1 $ - 2003-2 A-2 $ - 2003-2 A-3 $ - 2004-1 A-1 $ - 2004-1 A-2 $ - 2004-1 A-3 $ - 2004-1 A-4 $ - 2004-1 B-1 $ 293,040 2005-1 A-1 $ - 2005-1 A-2 $ - 2005-1 A-3 $ - 2005-1 A-4 $ - 2005-1 A-5 $ - 2005-1 B-1 $ 116,600
(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 September 2005; Principal Balance of Financed Student Loans $6,419,608,529 |
(e) | the aggregate outstanding principal amount of the Notes of each series as of the close of business on the last day of September 2005, after giving effect to payments allocated to principal reported under paragraph (a) above; |
Series Class Principal Paid ------ ----- -------------- 2002 A-1 $ - 2002 A-2 $ - 2002 A-3 $ - 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 $ 52,000,000 2002-2 A-19 $ - 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 $ - 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 $ - 2003-1 A-10 $ - 2003-1 B-1 $ 25,000,000 2003-1 B-2 $ 25,000,000 2003-2 A-1 $ 25,000,000 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 September 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 n/a 28-Day Auction Rate 2002 A-4 3.709% 28-Day Auction Rate 2002 A-5 3.683% 28-Day Auction Rate 2002 A-6 3.673% 28-Day Auction Rate 2002 A-7 3.690% 28-Day Auction Rate 2002 A-8 3.600% 28-Day Auction Rate 2002 A-9 3.713% 28-Day Auction Rate 2002 B-1 3.842% 28-Day Auction Rate 2002-2 A-10 3.735% 28-Day Auction Rate 2002-2 A-11 3.727% 28-Day Auction Rate 2002-2 A-12 3.717% 28-Day Auction Rate 2002-2 A-13 3.683% 28-Day Auction Rate 2002-2 A-14 3.667% 28-Day Auction Rate 2002-2 A-15 3.676% 28-Day Auction Rate 2002-2 A-16 3.713% 28-Day Auction Rate 2002-2 A-17 3.739% 28-Day Auction Rate 2002-2 A-18 3.737% 28-Day Auction Rate 2002-2 A-19 3.653% 28-Day Auction Rate 2002-2 A-20 3.786% 28-Day Auction Rate 2002-2 A-21 3.790% 28-Day Auction Rate 2002-2 A-22 3.790% 28-Day Auction Rate 2002-2 A-23 3.790% 28-Day Auction Rate 2002-2 A-24 3.824% 28-Day Auction Rate 2002-2 A-25 3.824% 28-Day Auction Rate 2002-2 A-26 3.824% 28-Day Auction Rate 2002-2 A-27 3.799% 28-Day Auction Rate 2002-2 A-28 3.799% 28-Day Auction Rate 2002-2 A-29 3.799% 28-Day Auction Rate 2002-2 A-30 3.799% 28-Day Auction Rate 2002-2 B-2 3.817% 28-Day Auction Rate 2002-2 B-3 3.820% 28-Day Auction Rate 2002-2 B-4 3.776% 28-Day Auction Rate 2003-1 A-1 n/a 7-Day Auction Rate 2003-1 A-2 3.680% 28-Day Auction Rate 2003-1 A-3 3.703% 28-Day Auction Rate 2003-1 A-4 3.717% 28-Day Auction Rate 2003-1 A-5 3.715% 28-Day Auction Rate 2003-1 A-6 3.693% 28-Day Auction Rate 2003-1 A-7 3.662% 28-Day Auction Rate 2003-1 A-8 3.678% 28-Day Auction Rate 2003-1 A-9 n/a 28-Day Auction Rate 2003-1 A-10 n/a 28-Day Auction Rate 2003-1 B-1 3.803% 28-Day Auction Rate 2003-1 B-2 3.793% 28-Day Auction Rate
Weighted Average Weighted Average Series Class Libor Rate Spread Rate Interest Calculation ------ ----- ---------- ------ ---- -------------------- 2003-2 A-1 3.65000% 0.03000% 3.68000% Floating Rate Note 2003-2 A-1 3.65000% 0.03000% 3.68000% Floating Rate Note 2003-2 A-2 3.65000% 0.14000% 3.79000% Floating Rate Note 2003-2 A-3 3.65000% 0.20000% 3.85000% Floating Rate Note 2004-1 A-1 3.65000% 0.05000% 3.70000% Floating Rate Note 2004-1 A-2 3.65000% 0.11000% 3.76000% Floating Rate Note 2004-1 A-3 3.65000% 0.16000% 3.81000% Floating Rate Note 2004-1 A-4 3.65000% 0.19000% 3.84000% Floating Rate Note 2004-1 B-1 3.881% 28-Day Auction Rate 2005-1 A-1 3.65000% 0.03000% 3.68000% Floating Rate Note 2005-1 A-2 3.65000% 0.10000% 3.75000% Floating Rate Note 2005-1 A-3 3.65000% 0.12000% 3.77000% Floating Rate Note 2005-1 A-4 3.65000% 0.15000% 3.80000% Floating Rate Note 2005-1 A-5 3.65000% 0.20000% 3.85000% Floating Rate Note 2005-1 B-1 3.885% 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 September 2005; |
Servicing fees $1,333,359 |
(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 September 2005; |
Fee Amount --- ------ Administration $1,096,201 Auction Agent $9,496 Market Agent $0 Calculation Agent $0 Broker-Dealer $571,905 Delaware Trustee $0 Trustee $60,909 Eligible Lender Trustee $0 Verification Agent * *Verification Agent fees are included in Trustee fees above
(i) | the amount of principal and interest received during September 2005 relating to Financed Student Loans; |
Amount of principal and interest received $106,424,815 |
(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 September 2005; |
Amount of payment attributable to amounts in the Reserve Fund $0 Amount of any other withdrawals from the Reserve Fund $862,500 Ending Balance of Reserve Fund $51,216,750
(k) | the portion, if any, of the payments made on the Notes as described in sections (a) or (b) above during September 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 September 2005; |
Amounts paid to acquire Student Loans $1,869,862 |
(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 September 2005; |
Amounts paid for Financed Student Loans purchased from the Trust $0 |
(o) | the number and principal amount of Financed Student Loans, as of the close of business on the last day of September 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; |
Number Amount ------ ------ (i) 0 to 30 days delinquent 570,913 6,064,971,078 (ii) 31 to 60 days delinquent 12,501 129,060,991 (iii) 61 to 90 days delinquent 7,711 64,563,338 (iv) 91 to 120 days delinquent 4,757 42,138,274 (v) > 120 day delinquent 14,736 104,610,634 (vi) & claims filed 2,352 14,264,214 ----- ---------- Total 612,970 6,419,608,529
(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 September 2005; and |
Value of the Trust Estate $6,806,561,261 Outstanding Principal amount of the Notes $6,828,900,000 |
(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 September 2005. |
Number Percentage ------ ---------- (i) Outstanding rejected federal reimbursement claims 27 * (ii) Financed Student Loans in forbearance 36,926 9.11% (iii) Financed Student Loans in deferment 62,406 12.80% * Less than 0.01%