SLM Student Loan Trust 1996-4 Quarterly Servicing Report
Collection Period 07/01/2005 - 09/30/2005 Distribution Date 10/25/2005
I. Deal Parameters
| A | Student Loan Portfolio Characteristics | 10/03/1996 | 06/30/2005 | 09/30/2005 | ||||||||||||||
| Principal Balance | $ | 1,478,535,336.00 | $ | 149,466,392.91 | $ | — | ||||||||||||
| Interest to be Capitalized Balance | 22,647,947.00 | 658,478.22 | 0.00 | |||||||||||||||
| Pool Balance | $ | 1,501,183,283.00 | $ | 150,124,871.13 | $ | — | ||||||||||||
| Specified Reserve Account Balance | 3,752,958.00 | -N/A- | -N/A- | |||||||||||||||
| Adjusted Pool(1) | $ | 1,504,936,241.00 | $ | 150,124,871.13 | $ | — | ||||||||||||
| Weighted Average Coupon (WAC) | 8.13 | % | 4.39 | % | 0.00 | % | ||||||||||||
| Weighted Average Remaining Term | 107.00 | 74.65 | 0.00 | |||||||||||||||
| Number of Loans | 608,428 | 88,575 | 0 | |||||||||||||||
| Number of Borrowers | 232,999 | 35,567 | 0 | |||||||||||||||
| Since Issued CPR | 5.74 | % | 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 | 78442GAH9 | $ | 97,424,871.13 | $ | — | |||||||||||||
| Certs | 78442GAJ5 | $ | 52,700,000.00 | $ | — | |||||||||||||
| C | Account Balances | 07/25/2005 | 10/25/2005 | |||||||||||||||
| Reserve Account Balance | $ | 1,501,183.00 | $ | — | ||||||||||||||
| D | Asset/Liability | 07/25/2005 | 10/25/2005 | |||||||||||||||
| Adjusted Pool Balance | $ | 150,124,871.13 | $ | — | ||||||||||||||
| Total Notes | $ | 150,124,871.13 | $ | — | ||||||||||||||
| 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 | 7,859,960.72 | |||||||
| Guarantor Principal | 2,507,534.90 | |||||||
| Consolidation Activity Principal | 14,696,334.43 | |||||||
| Seller Principal Reimbursement | 7,992.14 | |||||||
| Servicer Principal Reimbursement | 490.57 | |||||||
| Rejected Claim Repurchased Principal | 3,660.65 | |||||||
| Other Principal Deposits | 185.72 | |||||||
| Total Principal Receipts | $ | 25,076,159.13 | ||||||
| B | Student Loan Interest Receipts | |||||||
| Borrower Interest | 899,089.48 | |||||||
| Guarantor Interest | 124,255.35 | |||||||
| Consolidation Activity Interest | 159,706.44 | |||||||
| Special Allowance Payments | 655,001.15 | |||||||
| Interest Subsidy Payments | 207,342.03 | |||||||
| Seller Interest Reimbursement | 3,742.90 | |||||||
| Servicer Interest Reimbursement | 4,993.95 | |||||||
| Rejected Claim Repurchased Interest | 334.64 | |||||||
| Other Interest Deposits | 139,832.12 | |||||||
| Total Interest Receipts | $ | 2,194,298.06 | ||||||
| C | Investment Income | $ | 197,245.41 | |||||
| D | Funds Borrowed from Next Collection Period | $ | — | |||||
| E | Funds Repaid from Prior Collection Period | $ | — | |||||
| F | Loan Sale or Purchase Proceeds | $ | 126,477,700.45 | |||||
| G | Initial Deposits to Collection Account | $ | — | |||||
| H | Other Deposits | $ | 60,250.33 | |||||
| I | Less: Funds Previously Remitted: | |||||||
| Servicing Fees | $ | (301,194.47 | ) | |||||
| Consolidation Loan Rebate Fees | $ | — | ||||||
| Total Funds Previously Remitted | $ | (301,194.47 | ) | |||||
| J | AVAILABLE FUNDS | $ | 153,704,458.91 | |||||
| K | Non-Cash Principal Activity During Collection Period | $ | (650,212.22 | ) | ||||
| L | Non-Reimbursable Losses During Collection Period | $ | (3.90 | ) | ||||
| M | Aggregate Purchased Amounts by the Depositor, Servicer or Seller | $ | 3,995.29 | |||||
| N | Aggregate Loan Substitutions | $ | — | |||||
Trust 1996-4 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 2 of 8
III. 1996-4 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 | % | 4.25 | % | 225 | $ | 717,912.78 | 0.480 | % | |||||||||||||||||||
| GRACE | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.12 | % | 114 | $ | 428,849.57 | 0.287 | % | ||||||||||||||||||||
| DEFERMENT | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.18 | % | 9,352 | $ | 22,975,830.54 | 15.372 | % | ||||||||||||||||||||
| REPAYMENT: | CURRENT | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.41 | % | 60,306 | $ | 78,255,089.20 | 52.356 | % | |||||||||||||||||||
| 31-60 DAYS DELINQUENT | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.48 | % | 3,683 | $ | 8,007,778.11 | 5.358 | % | ||||||||||||||||||||
| 61-90 DAYS DELINQUENT | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.49 | % | 1,910 | $ | 4,141,919.10 | 2.771 | % | ||||||||||||||||||||
| 91-120 DAYS DELINQUENT | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.39 | % | 1,292 | $ | 3,291,056.81 | 2.202 | % | ||||||||||||||||||||
| > 120 DAYS DELINQUENT | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.45 | % | 3,939 | $ | 10,903,767.74 | 7.295 | % | ||||||||||||||||||||
| FORBEARANCE | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.46 | % | 7,127 | $ | 18,847,471.99 | 12.610 | % | ||||||||||||||||||||
| CLAIMS IN PROCESS | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.52 | % | 625 | $ | 1,893,056.42 | 1.267 | % | ||||||||||||||||||||
| AGED CLAIMS REJECTED | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.17 | % | 2 | $ | 3,660.65 | 0.002 | % | ||||||||||||||||||||
| TOTAL | 0 | $ | 0.00 | 0.00 | % | 88,575 | $ | 149,466,392.91 | 100.00 | % | ||||||||||||||||||||||||
| * | Percentages may not total 100% due to rounding |
Trust 1996-4 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 3 of 8
IV. 1996-4 Portfolio Characteristics (cont’d)
| 09/30/2005 | 06/30/2005 | |||||||
| Pool Balance | $ | — | $ | 150,124,871.13 | ||||
| Total # Loans | 0 | 88,575 | ||||||
| Total # Borrowers | 0 | 35,567 | ||||||
| Weighted Average Coupon | 0.00 | % | 4.39 | % | ||||
| Weighted Average Remaining Term | 0.00 | 74.65 | ||||||
| Non-Reimbursable Losses | $ | (3.90 | ) | $ | 189.54 | |||
| Cumulative Non-Reimbursable Losses | $ | 2,262,362.63 | $ | 2,262,366.53 | ||||
| Since Issued CPR | 0.00 | % | 5.74 | % | ||||
| Loan Substitutions | $ | — | $ | — | ||||
| Cumulative Loan Substitutions | $ | — | $ | — | ||||
| Rejected Claim Repurchases | $ | 3,995.29 | $ | 6,717.41 | ||||
| Cumulative Rejected Claim Repurchases | $ | 818,688.37 | $ | 814,693.08 | ||||
| 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 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 4 of 8
V. 1996-4 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 | 1,811,745.10 | |||||||||||||||||||
| Interest Subsidy Payments Accrued | $ | 226,821.74 | ||||||||||||||||||
| Special Allowance Payments Accrued | $ | 134,135.52 | ||||||||||||||||||
| Investment Income | $ | 197,245.41 | ||||||||||||||||||
| Net Expected Interest Collections | $ | 2,369,947.77 | ||||||||||||||||||
| Accrual Daycount Fraction | 0.252054795 | |||||||||||||||||||
| Primary Servicing Fee | $ | 438,707.14 | ||||||||||||||||||
| Admin Fee | $ | 20,000.00 | ||||||||||||||||||
| Pool Balance at Beginning of Collection Pd | $ | 150,124,871.13 | ||||||||||||||||||
Student Loan Rate | 5.05089 | % | ||||||||||||||||||
| * | Percentages may not total 100% due to rounding. |
Trust 1996-4 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 5 of 8
VI. 1996-4 T-Bill Rates
| Accrual Period | ||||||
| Number of | ||||||
| Start Date | Through | Days Weighted | 91-Day T-Bill | |||
| 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 1996-4 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 6 of 8
VII. 1996-4 Waterfall for Distributions
| Remaining | |||||||||
| Paid | Funds Balance | ||||||||
| Total Available Funds | $ | 153,704,458.91 | |||||||
| A | Primary Servicing Fee | $ | 137,512.67 | $ | 153,566,946.24 | ||||
| B | Administration Fee | $ | 20,000.00 | $ | 153,546,946.24 | ||||
| C | Noteholders' Interest Distribution Amount | $ | 1,030,306.72 | $ | 152,516,639.52 | ||||
| D | Certificateholders' Return Distribution Amount | $ | 595,844.97 | $ | 151,920,794.55 | ||||
| E | Noteholders' Principal Distribution Amount | $ | 97,424,871.13 | $ | 54,495,923.42 | ||||
| F | Certificateholders' Balance Distribution Amount | $ | 52,700,000.00 | $ | 1,795,923.42 | ||||
| G | Reserve Account Reinstatement | $ | — | $ | 1,795,923.42 | ||||
| H | Carryover Servicing Fee | $ | — | $ | 1,795,923.42 | ||||
| I | Noteholders' Carryover Interest | $ | — | $ | 1,795,923.42 | ||||
| J | Certificateholders' Carryover Return | $ | — | $ | 1,795,923.42 | ||||
| K | Excess Distribution | $ | 1,795,923.42 | $ | — | ||||
Trust 1996-4 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 7 of 8
VIII. 1996-4 Distributions
| A | Distribution Amounts | A2 | Certs | |||||||||||||
| Cusip/Isin | 78442GAH9 | 78442GAJ5 | ||||||||||||||
| Beginning Balance | $ | 97,424,871.13 | $ | 52,700,000.00 | ||||||||||||
| Index | TBILL | TBILL | ||||||||||||||
| Spread/Fixed Rate | 0.64 | % | 0.93 | % | ||||||||||||
| Daycount Fraction | 0.25205479 | 0.25205479 | ||||||||||||||
| Interest Rate | 4.19567 | % | 4.48567 | % | ||||||||||||
| Accrued Interest Factor | 0.010575397 | 0.011306356 | ||||||||||||||
| Current Interest Due | $ | 1,030,306.72 | $ | 595,844.97 | ||||||||||||
| Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||||||||
| Total Interest Due | $ | 1,030,306.72 | $ | 595,844.97 | ||||||||||||
| Interest Paid | $ | 1,030,306.72 | $ | 595,844.97 | ||||||||||||
| Interest Shortfall | $ | — | $ | — | ||||||||||||
| Carryover Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||||||||
| Current Interest Carryover Due | $ | — | $ | — | ||||||||||||
| Interest Carryover Paid | $ | — | $ | — | ||||||||||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||||||||||
| Principal Paid | $ | 97,424,871.13 | $ | 52,700,000.00 | ||||||||||||
| Ending Principal Balance | $ | — | $ | — | ||||||||||||
| Paydown Factor | 0.196817921 | 1.000000000 | ||||||||||||||
| Ending Balance Factor | 0.000000000 | 0.000000000 | ||||||||||||||
| B | Principal Distribution Reconciliation | |||||||||||||||
| Prior Adjusted Pool Balance | $ | 150,124,871.13 | ||||||||||||||
| Current Adjusted Pool Balance | $ | — | ||||||||||||||
| Current Principal Due | $ | 150,124,871.13 | ||||||||||||||
| Principal Shortfall from Previous Collection Period | 0.00 | |||||||||||||||
| Principal Distribution Amount | $ | 150,124,871.13 | ||||||||||||||
| Principal Paid | $ | 150,124,871.13 | ||||||||||||||
| 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 | 1,795,923.42 | |||||||||||||||
| Balance Available | $ | 3,297,106.42 | ||||||||||||||
| Required Reserve Acct Balance | $ | — | ||||||||||||||
| Release to Excess Distribution Certificateholder | $ | 3,297,106.42 | ||||||||||||||
| Ending Reserve Account Balance | $ | — | ||||||||||||||
Trust 1996-4 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 8 of 8
