SLM Student Loan Trust 1996-4 Quarterly Servicing Report
Collection Period 04/01/2005 - 06/30/2005 Distribution Date 07/25/2005
I. Deal Parameters
| A | Student Loan Portfolio Characteristics | 10/03/1996 | 03/31/2005 | 06/30/2005 | ||||||||||||
| Principal Balance | $ | 1,478,535,336.00 | $ | 172,467,747.45 | $ | 149,466,392.91 | ||||||||||
| Interest to be Capitalized Balance | 22,647,947.00 | 818,802.99 | 658,478.22 | |||||||||||||
| Pool Balance | $ | 1,501,183,283.00 | $ | 173,286,550.44 | $ | 150,124,871.13 | ||||||||||
| Specified Reserve Account Balance | 3,752,958.00 | - N/A - | - N/A - | |||||||||||||
| Adjusted Pool (1) | $ | 1,504,936,241.00 | $ | 173,286,550.44 | $ | 150,124,871.13 | ||||||||||
| Weighted Average Coupon (WAC) | 8.13 | % | 4.39 | % | 4.39 | % | ||||||||||
| Weighted Average Remaining Term | 107.00 | 75.87 | 74.65 | |||||||||||||
| Number of Loans | 608,428 | 97,638 | 88,575 | |||||||||||||
| Number of Borrowers | 232,999 | 38,949 | 35,567 | |||||||||||||
| Since Issued CPR | 5.64 | % | 5.74 | % | ||||||||||||
| (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 | 04/25/2005 | 07/25/2005 | ||||||||||||
| A2 | 78442GAH9 | $ | 120,586,550.44 | $ | 97,424,871.13 | |||||||||||
| Certs | 78442GAJ5 | $ | 52,700,000.00 | $ | 52,700,000.00 | |||||||||||
| C | Account Balances | 04/25/2005 | 07/25/2005 | |||||||||||||
| Reserve Account Balance | $ | 1,501,183.00 | $ | 1,501,183.00 | ||||||||||||
| D | Asset/Liability | 04/25/2005 | 07/25/2005 | |||||||||||||
| Adjusted Pool Balance | $ | 173,286,550.44 | $ | 150,124,871.13 | ||||||||||||
| Total Notes | $ | 173,286,550.44 | $ | 150,124,871.13 | ||||||||||||
| Difference | $ | — | $ | — | ||||||||||||
| Parity Ratio | 1.00000 | 1.00000 | ||||||||||||||
Page 1 of 8
II. Trust Activity 04/01/2005 through 06/30/2005
| A | Student Loan Principal Receipts | |||||||
| Borrower Principal | 8,636,384.87 | |||||||
| Guarantor Principal | 3,080,060.26 | |||||||
| Consolidation Activity Principal | 11,925,442.25 | |||||||
| Seller Principal Reimbursement | 1,920.95 | |||||||
| Servicer Principal Reimbursement | 1,082.93 | |||||||
| Rejected Claim Repurchased Principal | 6,104.12 | |||||||
| Other Principal Deposits | 388.69 | |||||||
| Total Principal Receipts | $ | 23,651,384.07 | ||||||
| B | Student Loan Interest Receipts | |||||||
| Borrower Interest | 817,423.23 | |||||||
| Guarantor Interest | 147,664.22 | |||||||
| Consolidation Activity Interest | 118,781.07 | |||||||
| Special Allowance Payments | 607,983.75 | |||||||
| Interest Subsidy Payments | 226,094.83 | |||||||
| Seller Interest Reimbursement | 765.52 | |||||||
| Servicer Interest Reimbursement | 12,157.91 | |||||||
| Rejected Claim Repurchased Interest | 613.29 | |||||||
| Other Interest Deposits | 138,066.53 | |||||||
| Total Interest Receipts | $ | 2,069,550.35 | ||||||
| C | Investment Income | $ | 141,737.86 | |||||
| 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 | $ | 75,954.55 | |||||
| I | Less: Funds Previously Remitted: | |||||||
| Servicing Fees | $ | (354,386.66 | ) | |||||
| Consolidation Loan Rebate Fees | $ | — | ||||||
Total Funds Previously Remitted | $ | (354,386.66 | ) | |||||
| J | AVAILABLE FUNDS | $ | 25,584,240.17 | |||||
| K | Non-Cash Principal Activity During Collection Period | $ | (650,029.53 | ) | ||||
| L | Non-Reimbursable Losses During Collection Period | $ | 189.54 | |||||
| M | Aggregate Purchased Amounts by the Depositor, Servicer or Seller | $ | 6,717.41 | |||||
| N | Aggregate Loan Substitutions | $ | — | |||||
Trust 1996-4 Quarterly Servicing Report: Collection Period 04/01/2005-06/30/2005, Distribution Date 07/25/2005
Page 2 of 8
III. 1996-4 Portfolio Characteristics
| 06/30/2005 | 03/31/2005 | |||||||||||||||||||||||||||||||||
| WAC | # Loans | Principal | % of Principal | WAC | # Loans | Principal | % of Principal | |||||||||||||||||||||||||||
| INTERIM: | IN SCHOOL | 4.25 | % | 225 | $ | 717,912.78 | 0.480 | % | 4.13 | % | 355 | $ | 1,140,273.66 | 0.661 | % | |||||||||||||||||||
| GRACE | 4.12 | % | 114 | $ | 428,849.57 | 0.287 | % | 4.38 | % | 106 | $ | 390,872.14 | 0.227 | % | ||||||||||||||||||||
| DEFERMENT | 4.18 | % | 9,352 | $ | 22,975,830.54 | 15.372 | % | 4.18 | % | 11,044 | $ | 27,239,958.08 | 15.794 | % | ||||||||||||||||||||
| REPAYMENT: | CURRENT | 4.41 | % | 60,306 | $ | 78,255,089.20 | 52.356 | % | 4.42 | % | 65,652 | $ | 90,019,074.57 | 52.195 | % | |||||||||||||||||||
| 31-60 DAYS DELINQUENT | 4.48 | % | 3,683 | $ | 8,007,778.11 | 5.358 | % | 4.47 | % | 3,636 | $ | 7,678,554.76 | 4.452 | % | ||||||||||||||||||||
| 61-90 DAYS DELINQUENT | 4.49 | % | 1,910 | $ | 4,141,919.10 | 2.771 | % | 4.40 | % | 2,109 | $ | 5,295,189.16 | 3.070 | % | ||||||||||||||||||||
| 91-120 DAYS DELINQUENT | 4.39 | % | 1,292 | $ | 3,291,056.81 | 2.202 | % | 4.45 | % | 1,169 | $ | 2,966,401.72 | 1.720 | % | ||||||||||||||||||||
| > 120 DAYS DELINQUENT | 4.45 | % | 3,939 | $ | 10,903,767.74 | 7.295 | % | 4.46 | % | 4,346 | $ | 12,749,614.73 | 7.392 | % | ||||||||||||||||||||
| FORBEARANCE | 4.46 | % | 7,127 | $ | 18,847,471.99 | 12.610 | % | 4.45 | % | 8,435 | $ | 22,770,362.07 | 13.203 | % | ||||||||||||||||||||
| CLAIMS IN PROCESS | 4.52 | % | 625 | $ | 1,893,056.42 | 1.267 | % | 4.44 | % | 783 | $ | 2,208,493.38 | 1.281 | % | ||||||||||||||||||||
| AGED CLAIMS REJECTED | 4.17 | % | 2 | $ | 3,660.65 | 0.002 | % | 4.17 | % | 3 | $ | 8,953.18 | 0.005 | % | ||||||||||||||||||||
| TOTAL | 88,575 | $ | 149,466,392.91 | 100.00 | % | 97,638 | $ | 172,467,747.45 | 100.00 | % | ||||||||||||||||||||||||
| * | Percentages may not total 100% due to rounding |
Trust 1996-4 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 3 of 8
IV. 1996-4 Portfolio Characteristics (cont’d)
| 06/30/2005 | 03/31/2005 | |||||||
| Pool Balance | $ | 150,124,871.13 | $ | 173,286,550.44 | ||||
| Total # Loans | 88,575 | 97,638 | ||||||
| Total # Borrowers | 35,567 | 38,949 | ||||||
| Weighted Average Coupon | 4.39 | % | 4.39 | % | ||||
| Weighted Average Remaining Term | 74.65 | 75.87 | ||||||
| Non-Reimbursable Losses | $ | 189.54 | $ | 1,827.74 | ||||
| Cumulative Non-Reimbursable Losses | $ | 2,262,366.53 | $ | 2,262,176.99 | ||||
| Since Issued CPR | 5.74 | % | 5.64 | % | ||||
| Loan Substitutions | $ | — | $ | — | ||||
| Cumulative Loan Substitutions | $ | — | $ | — | ||||
| Rejected Claim Repurchases | $ | 6,717.41 | $ | 7,835.77 | ||||
| Cumulative Rejected Claim Repurchases | $ | 814,693.08 | $ | 807,975.67 | ||||
| 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 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 4 of 8
V. 1996-4 Portfolio Statistics by School and Program
| A | LOAN TYPE | WAC | # LOANS | $ AMOUNT | % * | |||||||||||||
| - GSL - Subsidized | 4.37 | % | 65,899 | $ | 101,618,317.25 | 67.987 | % | |||||||||||
| - GSL - Unsubsidized | 4.12 | % | 17,127 | 34,981,068.36 | 23.404 | % | ||||||||||||
| - PLUS Loans | 5.31 | % | 2,625 | 5,313,861.84 | 3.555 | % | ||||||||||||
| - SLS Loans | 5.30 | % | 2,924 | 7,553,145.46 | 5.053 | % | ||||||||||||
| - Consolidation Loans | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||
Total | 4.39 | % | 88,575 | $ | 149,466,392.91 | 100.000 | % | |||||||||||
| B | SCHOOL TYPE | WAC | # LOANS | $ AMOUNT | % * | |||||||||||||
| - Four Year | 4.41 | % | 69,810 | $ | 120,250,145.50 | 80.453 | % | |||||||||||
| - Two Year | 4.27 | % | 13,399 | 20,509,616.33 | 13.722 | % | ||||||||||||
| - Technical | 4.39 | % | 5,366 | 8,706,631.08 | 5.825 | % | ||||||||||||
| - Other | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||
Total | 4.39 | % | 88,575 | $ | 149,466,392.91 | 100.000 | % | |||||||||||
| C | Student Loan Rate Calculation | |||||||||||||||||
| Borrower Interest Accrued | 1,490,420.70 | |||||||||||||||||
| Interest Subsidy Payments Accrued | $ | 193,261.45 | ||||||||||||||||
| Special Allowance Payments Accrued | $ | 654,964.24 | ||||||||||||||||
| Investment Income | $ | 141,737.86 | ||||||||||||||||
| Net Expected Interest Collections | $ | 2,480,384.25 | ||||||||||||||||
| Accrual Daycount Fraction | 0.249315068 | |||||||||||||||||
| Primary Servicing Fee | $ | 520,594.46 | ||||||||||||||||
| Admin Fee | $ | 20,000.00 | ||||||||||||||||
| Pool Balance at Beginning of Collection Pd | $ | 173,286,550.44 | ||||||||||||||||
Student Loan Rate | 4.48995 | % | ||||||||||||||||
* Percentages may not total 100% due to rounding.
Trust 1996-4 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 5 of 8
VI. 1996-4 T-Bill Rates
| Accrual Period | ||||||
| Number of | ||||||
| Start Date | Through | Days Weighted | 91-Day T-Bill | |||
| 04/25/2005 | 04/25/2005 | 1 | 2.864% | |||
| 04/26/2005 | 05/02/2005 | 7 | 2.941% | |||
| 05/03/2005 | 05/09/2005 | 7 | 2.931% | |||
| 05/10/2005 | 05/16/2005 | 7 | 2.911% | |||
| 05/17/2005 | 05/23/2005 | 7 | 2.859% | |||
| 05/24/2005 | 05/31/2005 | 8 | 2.957% | |||
| 06/01/2005 | 06/06/2005 | 6 | 2.998% | |||
| 06/07/2005 | 06/13/2005 | 7 | 3.029% | |||
| 06/14/2005 | 06/20/2005 | 7 | 3.039% | |||
| 06/21/2005 | 06/27/2005 | 7 | 3.029% | |||
| 06/28/2005 | 07/05/2005 | 8 | 3.147% | |||
| 07/06/2005 | 07/11/2005 | 6 | 3.214% | |||
| 07/12/2005 | 07/24/2005 | 13 | 3.204% | |||
Trust 1996-4 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 6 of 8
VII. 1996-4 Waterfall for Distributions
| Remaining | |||||||||
| Paid | Funds Balance | ||||||||
| Total Available Funds | $ | 25,584,240.17 | |||||||
| A | Primary Servicing Fee | $ | 166,207.80 | $ | 25,418,032.37 | ||||
| B | Administration Fee | $ | 20,000.00 | $ | 25,398,032.37 | ||||
| C | Noteholders’ Interest Distribution Amount | $ | 1,103,558.55 | $ | 24,294,473.82 | ||||
| D | Certificateholders’ Return Distribution Amount | $ | 520,391.56 | $ | 23,774,082.26 | ||||
| E | Noteholders’ Principal Distribution Amount | $ | 23,161,679.31 | $ | 612,402.95 | ||||
| F | Certificateholders’ Balance Distribution Amount | $ | — | $ | 612,402.95 | ||||
| G | Reserve Account Reinstatement | $ | — | $ | 612,402.95 | ||||
| H | Carryover Servicing Fee | $ | — | $ | 612,402.95 | ||||
| I | Noteholders’ Carryover Interest | $ | — | $ | 612,402.95 | ||||
| J | Certificateholders’ Carryover Return | $ | — | $ | 612,402.95 | ||||
| K | Excess Distribution | $ | 612,402.95 | $ | — | ||||
Trust 1996-4 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 7 of 8
VIII. 1996-4 Distributions
| A | Distribution Amounts | A2 | Certs | |||||||||||
| Cusip/Isin | 78442GAH9 | 78442GAJ5 | ||||||||||||
| Beginning Balance | $ | 120,586,550.44 | $ | 52,700,000.00 | ||||||||||
| Index | TBILL | TBILL | ||||||||||||
| Spread/Fixed Rate | 0.64 | % | 0.93 | % | ||||||||||
| Daycount Fraction | 0.24931507 | 0.24931507 | ||||||||||||
| Interest Rate | 3.67069 | % | 3.96069 | % | ||||||||||
| Accrued Interest Factor | 0.009151589 | 0.009874603 | ||||||||||||
| Current Interest Due | $ | 1,103,558.55 | $ | 520,391.56 | ||||||||||
| Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||||||
| Total Interest Due | $ | 1,103,558.55 | $ | 520,391.56 | ||||||||||
| Interest Paid | $ | 1,103,558.55 | $ | 520,391.56 | ||||||||||
| Interest Shortfall | $ | — | $ | — | ||||||||||
| Carryover Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||||||
| Current Interest Carryover Due | $ | — | $ | — | ||||||||||
| Interest Carryover Paid | $ | — | $ | — | ||||||||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||||||||
| Principal Paid | $ | 23,161,679.31 | $ | — | ||||||||||
| Ending Principal Balance | $ | 97,424,871.13 | $ | 52,700,000.00 | ||||||||||
| Paydown Factor | 0.046791271 | 0.000000000 | ||||||||||||
| Ending Balance Factor | 0.196817921 | 1.000000000 | ||||||||||||
| B | Principal Distribution Reconciliation | |||||||||||||
| Prior Adjusted Pool Balance | $ | 173,286,550.44 | ||||||||||||
| Current Adjusted Pool Balance | $ | 150,124,871.13 | ||||||||||||
| Current Principal Due | $ | 23,161,679.31 | ||||||||||||
| Principal Shortfall from Previous Collection Period | 0.00 | |||||||||||||
| Principal Distribution Amount | $ | 23,161,679.31 | ||||||||||||
| Principal Paid | $ | 23,161,679.31 | ||||||||||||
| 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 | 612,402.95 | |||||||||||||
| Balance Available | $ | 2,113,585.95 | ||||||||||||
| Required Reserve Acct Balance | $ | 1,501,183.00 | ||||||||||||
| Release to Excess Distribution Certificateholder | $ | 612,402.95 | ||||||||||||
| Ending Reserve Account Balance | $ | 1,501,183.00 | ||||||||||||
Trust 1996-4 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 8 of 8
