SLM Student Loan Trust 1996-3 Quarterly Servicing Report
Collection Period 07/01/2005 - 09/30/2005 Distribution Date 10/25/2005
I. Deal Parameters
| A | Student Loan Portfolio Characteristics | 07/09/1996 | 06/30/2005 | 09/30/2005 | ||||||||||||||
| Principal Balance | $ | 1,485,028,174.00 | $ | 151,704,510.09 | $ | — | ||||||||||||
| Interest to be Capitalized Balance | 17,675,904.00 | 635,377.99 | 0.00 | |||||||||||||||
| Pool Balance | $ | 1,502,704,078.00 | $ | 152,339,888.08 | $ | — | ||||||||||||
| Specified Reserve Account Balance | 3,756,760.00 | -N/A- | -N/A- | |||||||||||||||
| Adjusted Pool (1) | $ | 1,506,460,838.00 | $ | 152,339,888.08 | $ | — | ||||||||||||
| Weighted Average Coupon (WAC) | 8.37 | % | 4.44 | % | 0.00 | % | ||||||||||||
| Weighted Average Remaining Term | 114.00 | 72.09 | 0.00 | |||||||||||||||
| Number of Loans | 521,045 | 94,962 | 0 | |||||||||||||||
| Number of Borrowers | 207,948 | 39,064 | 0 | |||||||||||||||
| Since Issued CPR | 4.96 | % | 0.00 | % | ||||||||||||||
| (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 | 07/25/2005 | 10/25/2005 | ||||||||||||||
| A2 | 78442GAE6 | $ | 99,589,888.08 | $ | — | |||||||||||||
| Certs | 78442GAF3 | $ | 52,750,000.00 | $ | — | |||||||||||||
| C | Account Balances | 07/25/2005 | 10/25/2005 | |||||||||||||||
| Reserve Account Balance | $ | 1,502,704.00 | $ | — | ||||||||||||||
| D | Asset/Liability | 07/25/2005 | 10/25/2005 | |||||||||||||||
| Adjusted Pool Balance | $ | 152,339,888.08 | $ | — | ||||||||||||||
| Total Notes | $ | 152,339,888.08 | $ | — | ||||||||||||||
| Difference | $ | — | $ | — | ||||||||||||||
| Parity Ratio | 1.00000 | .00000 | ||||||||||||||||
Page 1 of 8
II. Trust Activity 07/01/2005 through 09/30/2005
| A | Student Loan Principal Receipts | |||||||
| Borrower Principal | 8,426,640.65 | |||||||
| Guarantor Principal | 2,366,004.20 | |||||||
| Consolidation Activity Principal | 15,509,612.60 | |||||||
| Seller Principal Reimbursement | 2.80 | |||||||
| Servicer Principal Reimbursement | 214.76 | |||||||
| Rejected Claim Repurchased Principal | 10,492.32 | |||||||
| Other Principal Deposits | 547.03 | |||||||
| Total Principal Receipts | $ | 26,313,514.36 | ||||||
| B | Student Loan Interest Receipts | |||||||
| Borrower Interest | 958,226.83 | |||||||
| Guarantor Interest | 116,784.81 | |||||||
| Consolidation Activity Interest | 181,758.33 | |||||||
| Special Allowance Payments | 649,596.40 | |||||||
| Interest Subsidy Payments | 201,068.97 | |||||||
| Seller Interest Reimbursement | 70.43 | |||||||
| Servicer Interest Reimbursement | 2,690.84 | |||||||
| Rejected Claim Repurchased Interest | 727.38 | |||||||
| Other Interest Deposits | 143,811.23 | |||||||
| Total Interest Receipts | $ | 2,254,735.22 | ||||||
| C | Investment Income | $ | 206,906.40 | |||||
| D | Funds Borrowed from Next Collection Period | $ | — | |||||
| E | Funds Repaid from Prior Collection Period | $ | — | |||||
| F | Loan Sale or Purchase Proceeds | $ | 127,385,628.01 | |||||
| G | Initial Deposits to Collection Account | $ | — | |||||
| H | Other Deposits | $ | 66,624.04 | |||||
| I | Less: Funds Previously Remitted: | |||||||
| Servicing Fees | $ | (283,714.15 | ) | |||||
| Consolidation Loan Rebate Fees | $ | — | ||||||
| Total Funds Previously Remitted | $ | (283,714.15 | ) | |||||
| J | AVAILABLE FUNDS | $ | 155,943,693.88 | |||||
| K | Non-Cash Principal Activity During Collection Period | $ | (619,409.89 | ) | ||||
| L | Non-Reimbursable Losses During Collection Period | $ | — | |||||
| M | Aggregate Purchased Amounts by the Depositor, Servicer or Seller | $ | 11,219.70 | |||||
| N | Aggregate Loan Substitutions | $ | — | |||||
Trust 1996-3 Quarterly Servicing Report: Collection Period 07/01/2005-09/30/2005, Distribution Date 10/25/2005
Page 2 of 8
III. 1996-3 Portfolio Characteristics
| 09/30/2005 | 06/30/2005 | |||||||||||||||||||||||||||||||||
| WAC | # Loans | Principal | % of Principal | WAC | # Loans | Principal | % of Principal | |||||||||||||||||||||||||||
| INTERIM: | IN SCHOOL | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.08 | % | 255 | $ | 785,542.50 | 0.518 | % | |||||||||||||||||||
| GRACE | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.17 | % | 132 | $ | 461,251.08 | 0.304 | % | ||||||||||||||||||||
| DEFERMENT | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.25 | % | 9,151 | $ | 21,639,330.11 | 14.264 | % | ||||||||||||||||||||
| REPAYMENT: | CURRENT | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.46 | % | 66,689 | $ | 82,524,063.70 | 54.398 | % | |||||||||||||||||||
| 31-60 DAYS DELINQUENT | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.50 | % | 3,840 | $ | 7,765,959.63 | 5.119 | % | ||||||||||||||||||||
| 61-90 DAYS DELINQUENT | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.56 | % | 2,056 | $ | 4,606,207.99 | 3.036 | % | ||||||||||||||||||||
| 91-120 DAYS DELINQUENT | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.52 | % | 1,123 | $ | 2,836,007.83 | 1.869 | % | ||||||||||||||||||||
| > 120 DAYS DELINQUENT | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.51 | % | 3,774 | $ | 10,177,000.33 | 6.708 | % | ||||||||||||||||||||
| FORBEARANCE | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.51 | % | 7,312 | $ | 19,203,419.84 | 12.658 | % | ||||||||||||||||||||
| CLAIMS IN PROCESS | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.56 | % | 628 | $ | 1,701,426.86 | 1.122 | % | ||||||||||||||||||||
| AGED CLAIMS REJECTED | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.25 | % | 2 | $ | 4,300.22 | 0.003 | % | ||||||||||||||||||||
| TOTAL | 0 | $ | 0.00 | 0.00 | % | 94,962 | $ | 151,704,510.09 | 100.00 | % | ||||||||||||||||||||||||
| * | Percentages may not total 100% due to rounding |
Trust 1996-3 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 3 of 8
IV. 1996-3 Portfolio Characteristics (cont’d)
| 09/30/2005 | 06/30/2005 | |||||||
| Pool Balance | $ | — | $ | 152,339,888.08 | ||||
| Total # Loans | 0 | 94,962 | ||||||
| Total # Borrowers | 0 | 39,064 | ||||||
| Weighted Average Coupon | 0.00 | % | 4.44 | % | ||||
| Weighted Average Remaining Term | 0.00 | 72.09 | ||||||
| Non-Reimbursable Losses | $ | — | $ | (0.92 | ) | |||
| Cumulative Non-Reimbursable Losses | $ | 2,012,322.73 | $ | 2,012,322.73 | ||||
| Since Issued CPR | 0.00 | % | 4.96 | % | ||||
| Loan Substitutions | $ | — | $ | — | ||||
| Cumulative Loan Substitutions | $ | — | $ | — | ||||
| Rejected Claim Repurchases | $ | 11,219.70 | $ | — | ||||
| Cumulative Rejected Claim Repurchases | $ | 853,334.37 | $ | 842,114.67 | ||||
| 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 07/01/2005 - 09/30/2005, Distribution Date 10/25/2005
Page 4 of 8
V. 1996-3 Portfolio Statistics by School and Program
| A | LOAN TYPE | WAC | # LOANS | $ AMOUNT | %* | |||||||||||||||
| - GSL - Subsidized | 0.00 | % | 0 | $ | — | 0.000 | % | |||||||||||||
| - GSL - Unsubsidized | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||||
| - PLUS Loans | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||||
| - SLS Loans | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||||
| - Consolidation Loans | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||||
Total | 0.00 | % | 0 | $ | — | 0.000 | % | |||||||||||||
| B | SCHOOL TYPE | WAC | # LOANS | $ AMOUNT | %* | |||||||||||||||
| - Four Year | 0.00 | % | 0 | $ | — | 0.000 | % | |||||||||||||
| - Two Year | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||||
| - Technical | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||||
| - Other | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||||
Total | 0.00 | % | 0 | $ | — | 0.000 | % | |||||||||||||
| C | Student Loan Rate Calculation | |||||||||||||||||||
| Borrower Interest Accrued | 1,848,005.84 | |||||||||||||||||||
| Interest Subsidy Payments Accrued | $ | 215,582.60 | ||||||||||||||||||
| Special Allowance Payments Accrued | $ | 130,605.69 | ||||||||||||||||||
| Investment Income | $ | 206,906.40 | ||||||||||||||||||
| Net Expected Interest Collections | $ | 2,401,100.53 | ||||||||||||||||||
| Accrual Daycount Fraction | 0.252054795 | |||||||||||||||||||
| Primary Servicing Fee | $ | 412,520.82 | ||||||||||||||||||
| Admin Fee | $ | 20,000.00 | ||||||||||||||||||
| Pool Balance at Beginning of Collection Pd | $ | 152,339,888.08 | ||||||||||||||||||
Student Loan Rate | 5.12678 | % | ||||||||||||||||||
| * | Percentages may not total 100% due to rounding. |
Trust 1996-3 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 5 of 8
VI. 1996-3 T-Bill Rates
| Accrual Period | ||||||
| Number of | ||||||
| Start Date | Through | Days Weighted | 91-Day T-Bill | |||
| 07/25/2005 | 07/25/2005 | 1 | 3.292% | |||
| 07/26/2005 | 08/01/2005 | 7 | 3.420% | |||
| 08/02/2005 | 08/08/2005 | 7 | 3.477% | |||
| 08/09/2005 | 08/15/2005 | 7 | 3.539% | |||
| 08/16/2005 | 08/22/2005 | 7 | 3.549% | |||
| 08/23/2005 | 08/29/2005 | 7 | 3.539% | |||
| 08/30/2005 | 09/06/2005 | 8 | 3.575% | |||
| 09/07/2005 | 09/12/2005 | 6 | 3.513% | |||
| 09/13/2005 | 09/19/2005 | 7 | 3.529% | |||
| 09/20/2005 | 09/26/2005 | 7 | 3.575% | |||
| 09/27/2005 | 10/03/2005 | 7 | 3.518% | |||
| 10/04/2005 | 10/11/2005 | 8 | 3.606% | |||
| 10/12/2005 | 10/24/2005 | 13 | 3.714% | |||
Trust 1996-3 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 6 of 8
VII. 1996-3 Waterfall for Distributions
| Remaining | ||||||||||
| Paid | Funds Balance | |||||||||
| Total Available Funds | $ | 155,943,693.88 | ||||||||
| A | Primary Servicing Fee | $ | 128,806.67 | $ | 155,814,887.21 | |||||
| B | Administration Fee | $ | 20,000.00 | $ | 155,794,887.21 | |||||
| C | Noteholders' Interest Distribution Amount | $ | 1,063,243.47 | $ | 154,731,643.74 | |||||
| D | Certificateholders' Return Distribution Amount | $ | 599,069.47 | $ | 154,132,574.27 | |||||
| E | Noteholders' Principal Distribution Amount | $ | 99,589,888.08 | $ | 54,542,686.19 | |||||
| F | Certificateholders' Balance Distribution Amount | $ | 52,750,000.00 | $ | 1,792,686.19 | |||||
| G | Reserve Account Reinstatement | $ | — | $ | 1,792,686.19 | |||||
| H | Carryover Servicing Fee | $ | — | $ | 1,792,686.19 | |||||
| I | Noteholders' Carryover Interest | $ | — | $ | 1,792,686.19 | |||||
| J | Certificateholders' Carryover Return | $ | — | $ | 1,792,686.19 | |||||
| K | Excess Distribution | $ | 1,792,686.19 | $ | — | |||||
Trust 1996-3 Quarterly Senvicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 7 of 8
VIII. 1996-3 Distributions
| A | Distribution Amounts | A2 | Certs | |||||||||||||
| Cusip/Isin | 78442GAE6 | 78442GAF3 | ||||||||||||||
| Beginning Balance | $ | 99,589,888.08 | $ | 52,750,000.00 | ||||||||||||
| Index | TBILL | TBILL | ||||||||||||||
| Spread/Fixed Rate | 0.68 | % | 0.95 | % | ||||||||||||
| Daycount Fraction | 0.25205479 | 0.25205479 | ||||||||||||||
| Interest Rate | 4.23567 | % | 4.50567 | % | ||||||||||||
| Accrued Interest Factor | 0.010676219 | 0.011356767 | ||||||||||||||
| Current Interest Due | $ | 1,063,243.47 | $ | 599,069.47 | ||||||||||||
| Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||||||||
| Total Interest Due | $ | 1,063,243.47 | $ | 599,069.47 | ||||||||||||
| Interest Paid | $ | 1,063,243.47 | $ | 599,069.47 | ||||||||||||
| Interest Shortfall | $ | — | $ | — | ||||||||||||
| Carryover Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||||||||
| Current Interest Carryover Due | $ | — | $ | — | ||||||||||||
| Interest Carryover Paid | $ | — | $ | — | ||||||||||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||||||||||
| Principal Paid | $ | 99,589,888.08 | $ | 52,750,000.00 | ||||||||||||
| Ending Principal Balance | $ | — | $ | — | ||||||||||||
| Paydown Factor | 0.180090214 | 1.000000000 | ||||||||||||||
| Ending Balance Factor | 0.000000000 | 0.000000000 | ||||||||||||||
| B | Principal Distribution Reconciliation | |||||||||||||||
| Prior Adjusted Pool Balance | $ | 152,339,888.08 | ||||||||||||||
| Current Adjusted Pool Balance | $ | — | ||||||||||||||
| Current Principal Due | $ | 152,339,888.08 | ||||||||||||||
| Principal Shortfall from Previous Collection Period | 0.00 | |||||||||||||||
| Principal Distribution Amount | $ | 152,339,888.08 | ||||||||||||||
| Principal Paid | $ | 152,339,888.08 | ||||||||||||||
| 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 | 1,792,686.19 | |||||||||||||||
| Balance Available | $ | 3,295,390.19 | ||||||||||||||
| Required Reserve Acct Balance | $ | — | ||||||||||||||
| Release to Excess Distribution Certificateholder | $ | 3,295,390.19 | ||||||||||||||
| Ending Reserve Account Balance | $ | — | ||||||||||||||
Trust 1996-3 Quarterly Seivicing Report: Collection Period 07/01/2005 —09/30/2005, Distribution Date 10/25/2005
Page 8 of 8
