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: 10/31/2005
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 October 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 $29,000,000 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 $25,000,000 2003-2 A-2 $55,600,000 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 October 2005; |
Series Class Interest Paid ------ ----- ------------- 2002 A-1 $ - 2002 A-2 $ - 2002 A-3 $ - 2002 A-4 $ 216,722 2002 A-5 $ 207,203 2002 A-6 $ 207,203 2002 A-7 $ 210,006 2002 A-8 $ 206,049 2002 A-9 $ 58,621 2002 B-1 $ 128,873 2002-2 A-10 $ 296,100 2002-2 A-11 $ 296,100 2002-2 A-12 $ 295,340 2002-2 A-13 $ 283,840 2002-2 A-14 $ 283,840 2002-2 A-15 $ 290,740 2002-2 A-16 $ 294,580 2002-2 A-17 $ 299,180 2002-2 A-18 $ 154,773 2002-2 A-19 $ - 2002-2 A-20 $ 310,200 2002-2 A-21 $ 309,841 2002-2 A-22 $ 309,841 2002-2 A-23 $ 309,841 2002-2 A-24 $ 354,192 2002-2 A-25 $ 354,192 2002-2 A-26 $ 354,192 2002-2 A-27 $ 317,753 2002-2 A-28 $ 317,753 2002-2 A-29 $ 317,753 2002-2 A-30 $ 317,753 2002-2 B-2 $ 121,208 2002-2 B-3 $ 122,736 2002-2 B-4 $ 116,600 2003-1 A-1 $ - 2003-1 A-2 $ 283,840 2003-1 A-3 $ 297,640 2003-1 A-4 $ 296,100 2003-1 A-5 $ 298,420 2003-1 A-6 $ 294,580 2003-1 A-7 $ 282,300 2003-1 A-8 $ 283,840 2003-1 A-9 $ - 2003-1 A-10 $ - 2003-1 B-1 $ 74,985 2003-1 B-2 $ 74,410 2003-2 A-1 $ 235,111 2003-2 A-2 $ 6,264,617 2003-2 A-3 $ 3,032,346 2004-1 A-1 $ 2,770,478 2004-1 A-2 $ 2,949,929 2004-1 A-3 $ 3,894,667 2004-1 A-4 $ 1,962,667 2004-1 B-1 $ 299,180 2005-1 A-1 $ 2,031,360 2005-1 A-2 $ 3,766,250 2005-1 A-3 $ 2,890,333 2005-1 A-4 $ 2,078,178 2005-1 A-5 $ 1,347,928 2005-1 B-1 $ 121,208
(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 October 2005; Principal Balance of Financed Student Loans $6,333,977,788 |
(e) | the aggregate outstanding principal amount of the Notes of each series as of the close of business on the last day of October 2005, after giving effect to payments allocated to principal reported under paragraph (a) above; |
Series Class Outstanding Balance ------ ----- -------------------- 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 $ 23,000,000 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 $ - 2003-2 A-2 $ 591,200,000 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 October 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 3.893% 28-Day Auction Rate 2002 A-5 3.881% 28-Day Auction Rate 2002 A-6 3.845% 28-Day Auction Rate 2002 A-7 3.885% 28-Day Auction Rate 2002 A-8 3.808% 28-Day Auction Rate 2002 A-9 3.899% 28-Day Auction Rate 2002 B-1 4.041% 28-Day Auction Rate 2002-2 A-10 3.920% 28-Day Auction Rate 2002-2 A-11 3.918% 28-Day Auction Rate 2002-2 A-12 3.894% 28-Day Auction Rate 2002-2 A-13 3.881% 28-Day Auction Rate 2002-2 A-14 3.859% 28-Day Auction Rate 2002-2 A-15 3.882% 28-Day Auction Rate 2002-2 A-16 3.926% 28-Day Auction Rate 2002-2 A-17 3.943% 28-Day Auction Rate 2002-2 A-18 3.906% 28-Day Auction Rate 2002-2 A-19 n/a 28-Day Auction Rate 2002-2 A-20 3.827% 28-Day Auction Rate 2002-2 A-21 4.050% 28-Day Auction Rate 2002-2 A-22 4.050% 28-Day Auction Rate 2002-2 A-23 4.050% 28-Day Auction Rate 2002-2 A-24 4.050% 28-Day Auction Rate 2002-2 A-25 4.050% 28-Day Auction Rate 2002-2 A-26 4.050% 28-Day Auction Rate 2002-2 A-27 4.005% 28-Day Auction Rate 2002-2 A-28 4.005% 28-Day Auction Rate 2002-2 A-29 4.005% 28-Day Auction Rate 2002-2 A-30 4.005% 28-Day Auction Rate 2002-2 B-2 3.988% 28-Day Auction Rate 2002-2 B-3 4.029% 28-Day Auction Rate 2002-2 B-4 3.922% 28-Day Auction Rate 2003-1 A-1 n/a 7-Day Auction Rate 2003-1 A-2 3.883% 28-Day Auction Rate 2003-1 A-3 3.906% 28-Day Auction Rate 2003-1 A-4 3.903% 28-Day Auction Rate 2003-1 A-5 3.927% 28-Day Auction Rate 2003-1 A-6 3.887% 28-Day Auction Rate 2003-1 A-7 3.861% 28-Day Auction Rate 2003-1 A-8 3.863% 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 3.990% 28-Day Auction Rate 2003-1 B-2 3.957% 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-2 3.76576% 0.14000% 3.90576% Floating Rate Note 2003-2 A-3 3.77419% 0.20000% 3.97419% Floating Rate Note 2004-1 A-1 3.77419% 0.05000% 3.82419% Floating Rate Note 2004-1 A-2 3.77419% 0.11000% 3.88419% Floating Rate Note 2004-1 A-3 3.77419% 0.16000% 3.93419% Floating Rate Note 2004-1 A-4 3.77419% 0.19000% 3.96419% Floating Rate Note 2004-1 B-1 4.110% 28-Day Auction Rate 2005-1 A-1 3.77419% 0.03000% 3.80419% Floating Rate Note 2005-1 A-2 3.77419% 0.10000% 3.87419% Floating Rate Note 2005-1 A-3 3.77419% 0.12000% 3.89419% Floating Rate Note 2005-1 A-4 3.77419% 0.15000% 3.92419% Floating Rate Note 2005-1 A-5 3.77419% 0.20000% 3.97419% Floating Rate Note 2005-1 B-1 4.079% 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 October 2005; Servicing fees $1,144,832 |
(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 October 2005; |
Fee Amount --- ------ Administration $1,082,551 Auction Agent $9,236 Market Agent $0 Calculation Agent $0 Broker-Dealer $545,829 Delaware Trustee $0 Trustee $43,266 Eligible Lender Trustee $0 Verification Agent * *Verification Agent fees are included in Trustee fees above
(i) | the amount of principal and interest received during October 2005 relating to Financed Student Loans; Amount of principal and interest received $114,873,860 |
(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 October 2005; |
Amount of payment attributable to amounts in the Reserve Fund $0 Amount of any other withdrawals from the Reserve Fund $822,000 Ending Balance of Reserve Fund $50,394,750
(k) | the portion, if any, of the payments made on the Notes as described in sections (a) or (b) above during October 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 October 2005; Amounts paid to acquire Student Loans $959,999 |
(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 October 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 October 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 562,674 5,985,507,838 (ii) 31 to 60 days delinquent 12,227 122,909,357 (iii) 61 to 90 days delinquent 6,719 59,753,226 (iv) 91 to 120 days delinquent 5,345 41,628,319 (v) > 120 day delinquent 14,433 104,441,582 (vi) & claims filed 3,072 19,737,466 ----- ---------- Total 604,470 6,333,977,788
(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 October 2005; and |
Value of the Trust Estate $6,682,990,383 Outstanding Principal amount of the Notes $6,719,300,000
(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 October 2005. |
Number Percentage ------ ---------- (i) Outstanding rejected federal reimbursement claims 29 * (ii) Financed Student Loans in forbearance 41,204 10.02% (iii) Financed Student Loans in deferment 60,413 12.37% * Less than 0.01%