SLM Student Loan Trust 1996-4 Quarterly Servicing Report
Collection Period 01/01/2005-03/31/2005 Distribution Date 04/25/2005
I. Deal Parameters
| A | Student Loan Portfolio Characteristics | 10/03/1996 | 12/31/2004 | 03/31/2005 | ||||||||||
| Principal Balance | $ | 1,478,535,336.00 | $ | 194,534,975.87 | $ | 172,467,747.45 | ||||||||
| Interest to be Capitalized Balance | 22,647,947.00 | 900,344.90 | 818,802.99 | |||||||||||
| Pool Balance | $ | 1,501,183,283.00 | $ | 195,435,320.77 | $ | 173,286,550.44 | ||||||||
| Specified Reserve Account Balance | 3,752,958.00 | -N/A - | -N/A - | |||||||||||
| Adjusted Pool(1) | $ | 1,504,936,241.00 | $ | 195,435,320.77 | $ | 173,286,550.44 | ||||||||
| Weighted Average Coupon (WAC) | 8.13 | % | 4.39 | % | 4.39 | % | ||||||||
| Weighted Average Remaining Term | 107.00 | 76.70 | 75.87 | |||||||||||
| Number of Loans | 608,428 | 105,974 | 97,638 | |||||||||||
| Number of Borrowers | 232,999 | 42,119 | 38,949 | |||||||||||
| Aggregate Outstanding Principal Balance - Tbill | $ | 1,501,183,283.00 | $ | 195,435,320.77 | $ | 173,286,550.44 | ||||||||
| Aggregate Outstanding Principal Balance - Commercial Paper | $ | — | $ | — | $ | — | ||||||||
| Since Issued CPR | 5.58 | % | 5.64 | % | ||||||||||
| (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 | 78442GAH9 | $ | 142,735,320.77 | $ | 120,586,550.44 | |||||||||||
| Certs | 78442GAJ5 | $ | 52,700,000.00 | $ | 52,700,000.00 | |||||||||||
| C | Account Balances | 01/25/2005 | 04/25/2005 | |||||||
| Reserve Account Balance | $ | 1,501,183.00 | $ | 1,501,183.00 | ||||||
| D | Asset/Liability | 01/25/2005 | 04/25/2005 | |||||||
| Adjusted Pool Balance | $ | 195,435,320.77 | $ | 173,286,550.44 | ||||||
| Total Notes | $ | 195,435,320.77 | $ | 173,286,550.44 | ||||||
| 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 | 9,647,476.71 | |||||||
| Guarantor Principal | 3,374,037.17 | |||||||
| Consolidation Activity Principal | 9,765,065.71 | |||||||
| Seller Principal Reimbursement | 920.89 | |||||||
| Servicer Principal Reimbursement | 1,089.58 | |||||||
| Rejected Claim Repurchased Principal | 6,673.74 | |||||||
| Other Principal Deposits | 67.84 | |||||||
| Total Principal Receipts | $ | 22,795,331.64 | ||||||
| B | Student Loan Interest Receipts | |||||||
| Borrower Interest | 946,158.47 | |||||||
| Guarantor Interest | 159,933.13 | |||||||
| Consolidation Activity Interest | 67,104.98 | |||||||
| Special Allowance Payments | 436,193.91 | |||||||
| Interest Subsidy Payments | 232,765.56 | |||||||
| Seller Interest Reimbursement | 1,090.14 | |||||||
| Servicer Interest Reimbursement | 12,988.15 | |||||||
| Rejected Claim Repurchased Interest | 1,162.03 | |||||||
| Other Interest Deposits | 156,443.96 | |||||||
| Total Interest Receipts | $ | 2,013,840.33 | ||||||
| C | Investment Income | $ | 113,461.15 | |||||
| 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 | $ | 89,033.87 | |||||
| I | Less: Funds Previously Remitted: | |||||||
| Servicing Fees | $ | (392,982.48 | ) | |||||
| Consolidation Loan Rebate Fees | $ | — | ||||||
| Total Funds Previously Remitted | $ | (392,982.48 | ) | |||||
| J | AVAILABLE FUNDS | $ | 24,618,684.51 | |||||
| K | Non-Cash Principal Activity During Collection Period | $ | (728,103.22 | ) | ||||
| L | Non-Reimbursable Losses During Collection Period | $ | 1,827.74 | |||||
| M | Aggregate Purchased Amounts by the Depositor, Servicer or Seller | $ | 7,835.77 | |||||
| N | Aggregate Loan Substitutions | $ | — | |||||
Page 2 of 8
III. 1996-4 Portfolio Characteristics
| 03/31/2005 | 12/31/2004 | |||||||||||||||||||||||||||||||||
| WAC | # Loans | Principal | % of Principal | WAC | # Loans | Principal | % of Principal | |||||||||||||||||||||||||||
| INTERIM: | IN SCHOOL | 4.13 | % | 355 | $ | 1,140,273.66 | 0.661 | % | 4.18 | % | 396 | $ | 1,300,735.61 | 0.669 | % | |||||||||||||||||||
| GRACE | 4.38 | % | 106 | $ | 390,872.14 | 0.227 | % | 4.19 | % | 125 | $ | 353,613.10 | 0.182 | % | ||||||||||||||||||||
| DEFERMENT | 4.18 | % | 11,044 | $ | 27,239,958.08 | 15.794 | % | 4.18 | % | 11,864 | $ | 29,786,838.25 | 15.312 | % | ||||||||||||||||||||
| REPAYMENT: | CURRENT | 4.42 | % | 65,652 | $ | 90,019,074.57 | 52.195 | % | 4.41 | % | 69,454 | $ | 100,070,713.83 | 51.441 | % | |||||||||||||||||||
| 31-60 DAYS DELINQUENT | 4.47 | % | 3,636 | $ | 7,678,554.76 | 4.452 | % | 4.48 | % | 4,472 | $ | 9,958,995.56 | 5.119 | % | ||||||||||||||||||||
| 61-90 DAYS DELINQUENT | 4.40 | % | 2,109 | $ | 5,295,189.16 | 3.070 | % | 4.46 | % | 2,669 | $ | 6,894,442.81 | 3.544 | % | ||||||||||||||||||||
| 91-120 DAYS DELINQUENT | 4.45 | % | 1,169 | $ | 2,966,401.72 | 1.720 | % | 4.46 | % | 1,677 | $ | 4,410,388.10 | 2.267 | % | ||||||||||||||||||||
| > 120 DAYS DELINQUENT | 4.46 | % | 4,346 | $ | 12,749,614.73 | 7.392 | % | 4.50 | % | 5,148 | $ | 14,164,918.59 | 7.281 | % | ||||||||||||||||||||
| FORBEARANCE | 4.45 | % | 8,435 | $ | 22,770,362.07 | 13.203 | % | 4.46 | % | 9,297 | $ | 25,172,795.17 | 12.940 | % | ||||||||||||||||||||
| CLAIMS IN PROCESS | 4.44 | % | 783 | $ | 2,208,493.38 | 1.281 | % | 4.48 | % | 867 | $ | 2,403,226.63 | 1.235 | % | ||||||||||||||||||||
| AGED CLAIMS REJECTED | 4.17 | % | 3 | $ | 8,953.18 | 0.005 | % | 5.57 | % | 5 | $ | 18,308.22 | 0.009 | % | ||||||||||||||||||||
TOTAL | 97,638 | $ | 172,467,747.45 | 100.00 | % | 105,974 | $ | 194,534,975.87 | 100.00 | % | ||||||||||||||||||||||||
| * | Percentages may not total 100% due to rounding |
Trust 1996-4 Quarterly Servicing Report: Collection Period 01/01/2005 — 03/31/2005, Distribution Date 04/25/2005
Page 3 of 8
IV. 1996-4 Portfolio Characteristics (cont’d)
| 03/31/2005 | 12/31/2004 | |||||||
| Pool Balance | $ | 173,286,550.44 | $ | 195,435,320.77 | ||||
| Total # Loans | 97,638 | 105,974 | ||||||
| Total # Borrowers | 38,949 | 42,119 | ||||||
| Weighted Average Coupon | 4.39 | % | 4.39 | % | ||||
| Weighted Average Remaining Term | 75.87 | 76.70 | ||||||
| Non-Reimbursable Losses | $ | 1,827.74 | $ | 26,831.30 | ||||
| Cumulative Non-Reimbursable Losses | $ | 2,262,176.99 | $ | 2,260,349.25 | ||||
| Since Issued CPR | 5.64 | % | 5.58 | % | ||||
| Loan Substitutions | $ | — | $ | — | ||||
| Cumulative Loan Substitutions | $ | — | $ | — | ||||
| Rejected Claim Repurchases | $ | 7,835.77 | $ | 28,242.51 | ||||
| Cumulative Rejected Claim Repurchases | $ | 807,975.67 | $ | 800,139.90 | ||||
| Unpaid Primary Servicing Fees | $ | — | $ | — | ||||
| Unpaid Administration Fees | $ | — | $ | — | ||||
| Unpaid Carryover Servicing Fees | $ | — | $ | — | ||||
| Note Principal Shortfall | $ | — | $ | — | ||||
| Note Interest Shortfall | $ | — | $ | — | ||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||
Trust 1996-4 Quarterly Servicing Report: Collection Period 01/01/2005 — 03/31/2005, Distribution Date 04/25/2005
Page 4 of 8
V. 1996-4 Portfolio Statistics by School and Program
| A | LOAN TYPE | WAC | # LOANS | $ AMOUNT | % * | |||||||||||||
| - GSL - Subsidized | 4.37 | % | 72,620 | $ | 117,256,552.62 | 67.988 | % | |||||||||||
| - GSL - Unsubsidized | 4.11 | % | 18,742 | 40,348,724.72 | 23.395 | % | ||||||||||||
| - PLUS Loans | 5.31 | % | 2,917 | 5,883,717.12 | 3.411 | % | ||||||||||||
| - SLS Loans | 5.30 | % | 3,359 | 8,978,752.99 | 5.206 | % | ||||||||||||
| - Consolidation Loans | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||
| Total | 4.39 | % | 97,638 | $ | 172,467,747.45 | 100.000 | % | |||||||||||
| B | SCHOOL TYPE | WAC | # LOANS | $ AMOUNT | % * | |||||||||||||
| - Four Year | 4.41 | % | 77,138 | $ | 139,870,951.17 | 81.100 | % | |||||||||||
| - Two Year | 4.28 | % | 14,656 | 22,937,188.95 | 13.299 | % | ||||||||||||
| - Technical | 4.39 | % | 5,844 | 9,659,607.33 | 5.601 | % | ||||||||||||
| - Other | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||
| Total | 4.39 | % | 97,638 | $ | 172,467,747.45 | 100.000 | % | |||||||||||
| C | Student Loan Rate Calculation | |||||||||||||||||
| Borrower Interest Accrued | 1,676,497.85 | |||||||||||||||||
| Interest Subsidy Payments Accrued | $ | 215,151.75 | ||||||||||||||||
| Special Allowance Payments | ||||||||||||||||||
| Accrued | $ | 607,682.21 | ||||||||||||||||
| Investment Income | $ | 113,461.15 | ||||||||||||||||
| Net Expected Interest Collections | $ | 2,612,792.96 | ||||||||||||||||
| Accrual Daycount Fraction | 0.246575342 | |||||||||||||||||
| Primary Servicing Fee | $ | 582,056.65 | ||||||||||||||||
| Admin Fee | $ | 20,000.00 | ||||||||||||||||
| Pool Balance at Beginning of Collection Pd | $ | 195,435,320.77 | ||||||||||||||||
| Student Loan Rate | 4.17256 | % | ||||||||||||||||
| * | Percentages may not total 100% due to rounding. |
Trust 1996-4 Quarterly Servicing Report: Collection Period 01/01/2005 — 03/31/2005, Distribution Date 04/25/2005
Page 5 of 8
VI. 1996-4 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 1996-4 Quarterly Servicing Report: Collection Period 01/01/2005 — 03/31/2005, Distribution Date 04/25/2005
Page 6 of 8
VII. 1996-4 Waterfall for Distributions
| Remaining | ||||||||||
| Paid | Funds Balance | |||||||||
| Total Available Funds | $ | 24,618,684.51 | ||||||||
| A | Primary Servicing Fee | $ | 189,074.17 | $ | 24,429,610.34 | |||||
| B | Administration Fee | $ | 20,000.00 | $ | 24,409,610.34 | |||||
| C | Noteholders' Interest Distribution Amount | $ | 1,173,225.68 | $ | 23,236,384.66 | |||||
| D | Certificateholders' Return Distribution Amount | $ | 470,856.45 | $ | 22,765,528.21 | |||||
| E | Noteholders' Principal Distribution Amount | $ | 22,148,770.33 | $ | 616,757.88 | |||||
| F | Certificateholders' Balance Distribution Amount | $ | — | �� | $ | 616,757.88 | ||||
| G | Reserve Account Reinstatement | $ | — | $ | 616,757.88 | |||||
| H | Carryover Servicing Fee | $ | 8,036.91 | $ | 608,720.97 | |||||
| I | Noteholders' Carryover Interest | $ | — | $ | 608,720.97 | |||||
| J | Certificateholders' Carryover Return | $ | — | $ | 608,720.97 | |||||
| K | Excess Distribution | $ | 608,720.97 | $ | — | |||||
Trust 1996-4 Quarterly Servicing Report: Collection Period 01/01/2005 — 03/31/2005, Distribution Date 04/25/2005
Page 7 of 8
VIII. 1996-4 Distributions
| A | Distribution Amounts | A2 | Certs | |||||||||||
| Cusip/Isin | 78442GAH9 | 78442GAJ5 | ||||||||||||
| Beginning Balance | $ | 142,735,320.77 | $ | 52,700,000.00 | ||||||||||
| Index | TBILL | TBILL | ||||||||||||
| Spread/Fixed Rate | 0.64% | 0.93% | ||||||||||||
| Daycount Fraction | 0.24657534 | 0.24657534 | ||||||||||||
| Interest Rate | 3.33350 | % | 3.62350 | % | ||||||||||
| Accrued Interest Factor | 0.008219589 | 0.008934657 | ||||||||||||
| Current Interest Due | $ | 1,173,225.68 | $ | 470,856.45 | ||||||||||
| Interest Shortfall from Prior Period Plus Accrued | ||||||||||||||
| Interest | $ | — | $ | — | ||||||||||
| Total Interest Due | $ | 1,173,225.68 | $ | 470,856.45 | ||||||||||
| Interest Paid | $ | 1,173,225.68 | $ | 470,856.45 | ||||||||||
| Interest Shortfall | $ | — | $ | — | ||||||||||
| Carryover Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||||||
| Current Interest Carryover Due | $ | — | $ | — | ||||||||||
| Interest Carryover Paid | $ | — | $ | — | ||||||||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||||||||
| Principal Paid | $ | 22,148,770.33 | $ | — | ||||||||||
| Ending Principal Balance | $ | 120,586,550.44 | $ | 52,700,000.00 | ||||||||||
| Paydown Factor | 0.044744991 | 0.000000000 | ||||||||||||
| Ending Balance Factor | 0.243609193 | 1.000000000 | ||||||||||||
| B | Principal Distribution Reconciliation | |||||||||||||
| Prior Adjusted Pool Balance | $ | 195,435,320.77 | ||||||||||||
| Current Adjusted Pool Balance | $ | 173,286,550.44 | ||||||||||||
| Current Principal Due | $ | 22,148,770.33 | ||||||||||||
| Principal Shortfall from Previous Collection Period | 0.00 | |||||||||||||
| Principal Distribution Amount | $ | 22,148,770.33 | ||||||||||||
| Principal Paid | $ | 22,148,770.33 | ||||||||||||
| Principal Shortfall | $ | — | ||||||||||||
| C | Reserve Account Reconciliation | |||||||||||||
| Beginning Period Balance | $ | 1,501,183.00 | ||||||||||||
| Reserve Funds Utilized | 0.00 | |||||||||||||
| Reserve Funds Reinstated | 0.00 | |||||||||||||
| Excess Distribution Deposit | 608,720.97 | |||||||||||||
| Balance Available | $ | 2,109,903.97 | ||||||||||||
| Required Reserve Acct Balance | $ | 1,501,183.00 | ||||||||||||
| Release to Excess Distribution Certificateholder | $ | 608,720.97 | ||||||||||||
| Ending Reserve Account Balance | $ | 1,501,183.00 | ||||||||||||
Trust 1996-4 Quarterly Servicing Report: Collection Period 01/01/2005 — 03/31/2005, Distribution Date 04/25/2005
Page 8 of 8
