SLM Student Loan Trust 1996-3 Quarterly Servicing Report
Collection Period 01/01/2005-03/31/2005 Distribution Date 04/25/2005
I. Deal Parameters
| A | Student Loan Portfolio Characteristics | 07/09/1996 | 12/31/2004 | 03/31/2005 | ||||||||||
| Principal Balance | $ | 1,485,028,174.00 | $ | 199,616,933.40 | $ | 175,670,327.54 | ||||||||
| Interest to be Capitalized Balance | 17,675,904.00 | 842,503.19 | 818,173.63 | |||||||||||
| Pool Balance | $ | 1,502,704,078.00 | $ | 200,459,436.59 | $ | 176,488,501.17 | ||||||||
| Specified Reserve Account Balance | 3,756,760.00 | -N/A - | -N/A - | |||||||||||
| Adjusted Pool(1) | $ | 1,506,460,838.00 | $ | 200,459,436.59 | $ | 176,488,501.17 | ||||||||
| Weighted Average Coupon (WAC) | 8.37 | % | 4.45 | % | 4.44 | % | ||||||||
| Weighted Average Remaining Term | 114.00 | 73.74 | 73.16 | |||||||||||
| Number of Loans | 521,045 | 117,295 | 106,334 | |||||||||||
| Number of Borrowers | 207,948 | 47,397 | 43,340 | |||||||||||
| Aggregate Outstanding Principal Balance - Tbill | $ | 1,502,704,078.00 | $ | 200,459,436.59 | $ | 176,488,501.17 | ||||||||
| Aggregate Outstanding Principal Balance - Commercial Paper | $ | — | $ | — | $ | — | ||||||||
| Since Issued CPR | 4.89 | % | 4.91 | % | ||||||||||
| (1) | The Specified Reserve Account balance is included in the Adjusted Pool until the Pool Balance is less than 40%of the original pool. |
| B | Debt Securities | Cusip/Isin | 01/25/2005 | 04/25/2005 | ||||||||||||
| A2 | 78442GAE6 | $ | 147,709,436.59 | $ | 123,738,501.17 | |||||||||||
| Certs | 78442GAF3 | $ | 52,750,000.00 | $ | 52,750,000.00 | |||||||||||
| C | Account Balances | 01/25/2005 | 04/25/2005 | |||||||
| Reserve Account Balance | $ | 1,502,704.00 | $ | 1,502,704.00 | ||||||
| D | Asset/Liability | 01/25/2005 | 04/25/2005 | |||||||
| Adjusted Pool Balance | $ | 200,459,436.59 | $ | 176,488,501.17 | ||||||
| Total Notes | $ | 200,459,436.59 | $ | 176,488,501.17 | ||||||
| Difference | $ | — | $ | — | ||||||
| Parity Ratio | 1.00000 | 1.00000 | ||||||||
Page 1 of 8
II. Trust Activity 01/01/2005 through 03/31/2005
| A | Student Loan Principal Receipts | |||||||
| Borrower Principal | 11,041,207.44 | |||||||
| Guarantor Principal | 3,513,302.50 | |||||||
| Consolidation Activity Principal | 10,057,131.56 | |||||||
| Seller Principal Reimbursement | 0.07 | |||||||
| Servicer Principal Reimbursement | 240.28 | |||||||
| Rejected Claim Repurchased Principal | 4,629.39 | |||||||
| Other Principal Deposits | 196.21 | |||||||
| Total Principal Receipts | $ | 24,616,707.45 | ||||||
| B | Student Loan Interest Receipts | |||||||
| Borrower Interest | 1,044,028.87 | |||||||
| Guarantor Interest | 162,072.74 | |||||||
| Consolidation Activity Interest | 78,950.33 | |||||||
| Special Allowance Payments | 431,668.02 | |||||||
| Interest Subsidy Payments | 205,119.04 | |||||||
| Seller Interest Reimbursement | (101.09 | ) | ||||||
| Servicer Interest Reimbursement | 10,190.74 | |||||||
| Rejected Claim Repurchased Interest | 405.18 | |||||||
| Other Interest Deposits | 163,320.91 | |||||||
| Total Interest Receipts | $ | 2,095,654.74 | ||||||
| C | Investment Income | $ | 122,228.23 | |||||
| D | Funds Borrowed from Next Collection Period | $ | — | |||||
| E | Funds Repaid from Prior Collection Period | $ | — | |||||
| F | Loan Sale or Purchase Proceeds | $ | — | |||||
| G | Initial Deposits to Collection Account | $ | — | |||||
| H | Other Deposits | $ | 98,881.08 | |||||
| I | Less: Funds Previously Remitted: | |||||||
| Servicing Fees | $ | (381,945.82 | ) | |||||
| Consolidation Loan Rebate Fees | $ | — | ||||||
| Total Funds Previously Remitted | $ | (381,945.82 | ) | |||||
| J | AVAILABLE FUNDS | $ | 26,551,525.68 | |||||
| K | Non-Cash Principal Activity During Collection Period | $ | (670,101.59 | ) | ||||
| L | Non-Reimbursable Losses During Collection Period | $ | 772.98 | |||||
| M | Aggregate Purchased Amounts by the Depositor, Servicer or Seller | $ | 5,034.57 | |||||
| N | Aggregate Loan Substitutions | $ | — | |||||
Page 2 of 8
III. 1996-3 Portfolio Characteristics
| 03/31/2005 | 12/31/2004 | |||||||||||||||||||||||||||||||||
| WAC | # Loans | Principal | % of Principal | WAC | # Loans | Principal | % of Principal | |||||||||||||||||||||||||||
| INTERIM: | IN SCHOOL | 4.17 | % | 425 | $ | 1,445,625.41 | 0.823 | % | 4.10 | % | 435 | $ | 1,455,856.51 | 0.729 | % | |||||||||||||||||||
| GRACE | 4.07 | % | 84 | $ | 270,584.66 | 0.154 | % | 3.93 | % | 108 | $ | 379,580.09 | 0.190 | % | ||||||||||||||||||||
| DEFERMENT | 4.22 | % | 10,902 | $ | 26,080,344.76 | 14.846 | % | 4.21 | % | 11,338 | $ | 26,987,843.91 | 13.520 | % | ||||||||||||||||||||
| REPAYMENT: | CURRENT | 4.46 | % | 74,024 | $ | 95,331,439.78 | 54.267 | % | 4.47 | % | 80,377 | $ | 107,351,275.55 | 53.779 | % | |||||||||||||||||||
| 31-60 DAYS DELINQUENT | 4.48 | % | 3,752 | $ | 7,840,311.92 | 4.463 | % | 4.54 | % | 4,932 | $ | 10,549,935.52 | 5.285 | % | ||||||||||||||||||||
| 61-90 DAYS DELINQUENT | 4.61 | % | 2,256 | $ | 5,148,564.60 | 2.931 | % | 4.55 | % | 2,838 | $ | 6,350,893.45 | 3.182 | % | ||||||||||||||||||||
| 91-120 DAYS DELINQUENT | 4.47 | % | 1,231 | $ | 3,359,746.11 | 1.913 | % | 4.53 | % | 1,852 | $ | 4,514,339.00 | 2.262 | % | ||||||||||||||||||||
| > 120 DAYS DELINQUENT | 4.52 | % | 4,301 | $ | 11,886,069.03 | 6.766 | % | 4.56 | % | 5,249 | $ | 14,534,878.21 | 7.281 | % | ||||||||||||||||||||
| FORBEARANCE | 4.52 | % | 8,661 | $ | 22,598,220.64 | 12.864 | % | 4.50 | % | 9,352 | $ | 25,242,234.16 | 12.645 | % | ||||||||||||||||||||
| CLAIMS IN PROCESS | 4.61 | % | 696 | $ | 1,705,120.41 | 0.971 | % | 4.46 | % | 812 | $ | 2,245,467.61 | 1.125 | % | ||||||||||||||||||||
| AGED CLAIMS REJECTED | 4.25 | % | 2 | $ | 4,300.22 | 0.002 | % | 4.17 | % | 2 | $ | 4,629.39 | 0.002 | % | ||||||||||||||||||||
TOTAL | 106,334 | $ | 175,670,327.54 | 100.00 | % | 117,295 | $ | 199,616,933.40 | 100.00 | % | ||||||||||||||||||||||||
| * | Percentages may not total 100% due to rounding |
Trust 1996-3 Quarterly Servicing Report: Collection Period 01/01/2005 — 03/31/2005, Distribution Date 04/25/2005
Page 3 of 8
IV. 1996-3 Portfolio Characteristics (cont’d)
| 03/31/2005 | 12/31/2004 | |||||||
| Pool Balance | $ | 176,488,501.17 | $ | 200,459,436.59 | ||||
| Total # Loans | 106,334 | 117,295 | ||||||
| Total # Borrowers | 43,340 | 47,397 | ||||||
| Weighted Average Coupon | 4.44 | % | 4.45 | % | ||||
| Weighted Average Remaining Term | 73.16 | 73.74 | ||||||
| Non-Reimbursable Losses | $ | 772.98 | $ | 25,558.11 | ||||
| Cumulative Non-Reimbursable Losses | $ | 2,012,323.65 | $ | 2,011,550.67 | ||||
| Since Issued CPR | 4.91 | % | 4.89 | % | ||||
| Loan Substitutions | $ | — | $ | — | ||||
| Cumulative Loan Substitutions | $ | — | $ | — | ||||
| Rejected Claim Repurchases | $ | 5,034.57 | $ | 1,341.37 | ||||
| Cumulative Rejected Claim Repurchases | $ | 842,114.67 | $ | 837,080.10 | ||||
| Unpaid Primary Servicing Fees | $ | — | $ | — | ||||
| Unpaid Administration Fees | $ | — | $ | — | ||||
| Unpaid Carryover Servicing Fees | $ | — | $ | — | ||||
| Note Principal Shortfall | $ | — | $ | — | ||||
| Note Interest Shortfall | $ | — | $ | — | ||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||
Trust 1996-3 Quarterly Servicing Report: Collection Period 01/01/2005 — 03/31/2005, Distribution Date 04/25/2005
Page 4 of 8
V. 1996-3 Portfolio Statistics by School and Program
| A | LOAN TYPE | WAC | # LOANS | $ AMOUNT | % * | |||||||||||||
| - GSL - Subsidized | 4.38 | % | 78,908 | $ | 117,901,240.36 | 67.115 | % | |||||||||||
| - GSL - Unsubsidized | 4.12 | % | 16,838 | 36,394,753.50 | 20.718 | % | ||||||||||||
| - PLUS Loans | 5.30 | % | 6,002 | 11,744,597.41 | 6.686 | % | ||||||||||||
| - SLS Loans | 5.31 | % | 4,586 | 9,629,736.27 | 5.482 | % | ||||||||||||
| - Consolidation Loans | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||
| Total | 4.44 | % | 106,334 | $ | 175,670,327.54 | 100.000 | % | |||||||||||
| B | SCHOOL TYPE | WAC | # LOANS | $ AMOUNT | % * | |||||||||||||
| - Four Year | 4.45 | % | 87,291 | $ | 147,155,536.12 | 83.768 | % | |||||||||||
| - Two Year | 4.37 | % | 13,518 | 19,905,233.44 | 11.331 | % | ||||||||||||
| - Technical | 4.46 | % | 5,525 | 8,609,557.98 | 4.901 | % | ||||||||||||
| - Other | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||
| Total | 4.44 | % | 106,334 | $ | 175,670,327.54 | 100.000 | % | |||||||||||
| C | Student Loan Rate Calculation | |||||||||||||||||
| Borrower Interest Accrued | 1,751,454.54 | |||||||||||||||||
| Interest Subsidy Payments Accrued | $ | 202,097.71 | ||||||||||||||||
| Special Allowance Payments | ||||||||||||||||||
| Accrued | $ | 602,790.01 | ||||||||||||||||
| Investment Income | $ | 122,228.23 | ||||||||||||||||
| Net Expected Interest Collections | $ | 2,678,570.49 | ||||||||||||||||
| Accrual Daycount Fraction | 0.246575342 | |||||||||||||||||
| Primary Servicing Fee | $ | 561,665.95 | ||||||||||||||||
| Admin Fee | $ | 20,000.00 | ||||||||||||||||
| Pool Balance at Beginning of Collection Pd | $ | 200,459,436.59 | ||||||||||||||||
| Student Loan Rate | 4.24231 | % | ||||||||||||||||
| * | Percentages may not total 100% due to rounding. |
Trust 1996-3 Quarterly Servicing Report: Collection Period 01/01/2005 — 03/31/2005, Distribution Date 04/25/2005
Page 5 of 8
VI. 1996-3 T-Bill Rates
| Accrual Period | ||||||||||
| Number of | ||||||||||
| Start Date | Through | Days Weighted | 91-Day T-Bill | |||||||
| 01/25/2005 | 01/31/2005 | 7 | 2.366 | % | ||||||
| 02/01/2005 | 02/07/2005 | 7 | 2.525 | % | ||||||
| 02/08/2005 | 02/14/2005 | 7 | 2.530 | % | ||||||
| 02/15/2005 | 02/22/2005 | 8 | 2.592 | % | ||||||
| 02/23/2005 | 02/28/2005 | 6 | 2.669 | % | ||||||
| 03/01/2005 | 03/07/2005 | 7 | 2.772 | % | ||||||
| 03/08/2005 | 03/14/2005 | 7 | 2.767 | % | ||||||
| 03/15/2005 | 03/21/2005 | 7 | 2.792 | % | ||||||
| 03/22/2005 | 03/28/2005 | 7 | 2.859 | % | ||||||
| 03/29/2005 | 04/04/2005 | 7 | 2.839 | % | ||||||
| 04/05/2005 | 04/11/2005 | 7 | 2.792 | % | ||||||
| 04/12/2005 | 04/24/2005 | 13 | 2.767 | % | ||||||
Trust 1996-3 Quarterly Servicing Report: Collection Period 01/01/2005 — 03/31/2005, Distribution Date 04/25/2005
Page 6 of 8
VII. 1996-3 Waterfall for Distributions
| Remaining | ||||||||||
| Paid | Funds Balance | |||||||||
| Total Available Funds | $ | 26,551,525.68 | ||||||||
| A | Primary Servicing Fee | $ | 179,720.13 | $ | 26,371,805.55 | |||||
| B | Administration Fee | $ | 20,000.00 | $ | 26,351,805.55 | |||||
| C | Noteholders' Interest Distribution Amount | $ | 1,228,679.47 | $ | 25,123,126.08 | |||||
| D | Certificateholders' Return Distribution Amount | $ | 473,904.55 | $ | 24,649,221.53 | |||||
| E | Noteholders' Principal Distribution Amount | $ | 23,970,935.42 | $ | 678,286.11 | |||||
| F | Certificateholders' Balance Distribution Amount | $ | — | $ | 678,286.11 | |||||
| G | Reserve Account Reinstatement | $ | — | $ | 678,286.11 | |||||
| H | Carryover Servicing Fee | $ | — | $ | 678,286.11 | |||||
| I | Noteholders' Carryover Interest | $ | — | $ | 678,286.11 | |||||
| J | Certificateholders' Carryover Return | $ | — | $ | 678,286.11 | |||||
| K | Excess Distribution | $ | 678,286.11 | $ | — | |||||
Trust 1996-3 Quarterly Servicing Report: Collection Period 01/01/2005 — 03/31/2005, Distribution Date 04/25/2005
Page 7 of 8
VIII. 1996-3 Distributions
| A | Distribution Amounts | A2 | Certs | |||||||||||
| Cusip/Isin | 78442GAE6 | 78442GAF3 | ||||||||||||
| Beginning Balance | $ | 147,709,436.59 | $ | 52,750,000.00 | ||||||||||
| Index | TBILL | TBILL | ||||||||||||
| Spread/Fixed Rate | 0.68% | 0.95% | ||||||||||||
| Daycount Fraction | 0.24657534 | 0.24657534 | ||||||||||||
| Interest Rate | 3.37350 | % | 3.64350 | % | ||||||||||
| Accrued Interest Factor | 0.008318219 | 0.008983973 | ||||||||||||
| Current Interest Due | $ | 1,228,679.47 | $ | 473,904.55 | ||||||||||
| Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||||||
| Total Interest Due | $ | 1,228,679.47 | $ | 473,904.55 | ||||||||||
| Interest Paid | $ | 1,228,679.47 | $ | 473,904.55 | ||||||||||
| Interest Shortfall | $ | — | $ | — | ||||||||||
| Carryover Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||||||
| Current Interest Carryover Due | $ | — | $ | — | ||||||||||
| Interest Carryover Paid | $ | — | $ | — | ||||||||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||||||||
| Principal Paid | $ | 23,970,935.42 | $ | — | ||||||||||
| Ending Principal Balance | $ | 123,738,501.17 | $ | 52,750,000.00 | ||||||||||
| Paydown Factor | 0.043347080 | 0.000000000 | ||||||||||||
| Ending Balance Factor | 0.223758592 | 1.000000000 | ||||||||||||
| B | Principal Distribution Reconciliation | |||||||||||||
| Prior Adjusted Pool Balance | $ | 200,459,436.59 | ||||||||||||
| Current Adjusted Pool Balance | $ | 176,488,501.17 | ||||||||||||
| Current Principal Due | $ | 23,970,935.42 | ||||||||||||
| Principal Shortfall from Previous Collection Period | 0.00 | |||||||||||||
| Principal Distribution Amount | $ | 23,970,935.42 | ||||||||||||
| Principal Paid | $ | 23,970,935.42 | ||||||||||||
| Principal Shortfall | $ | — | ||||||||||||
| C | Reserve Account Reconciliation | |||||||||||||
| Beginning Period Balance | $ | 1,502,704.00 | ||||||||||||
| Reserve Funds Utilized | 0.00 | |||||||||||||
| Reserve Funds Reinstated | 0.00 | |||||||||||||
| Excess Distribution Deposit | 678,286.11 | |||||||||||||
| Balance Available | $ | 2,180,990.11 | ||||||||||||
| Required Reserve Acct Balance | $ | 1,502,704.00 | ||||||||||||
| Release to Excess Distribution Certificateholder | $ | 678,286.11 | ||||||||||||
| Ending Reserve Account Balance | $ | 1,502,704.00 | ||||||||||||
Trust 1996-3 Quarterly Servicing Report: Collection Period 01/01/2005 — 03/31/2005, Distribution Date 04/25/2005
Page 8 of 8
