SLM Student Loan Trust 1999-1 Quarterly Servicing Report
Collection Period 01/01/2005-03/31/2005 Distribution Date 04/25/2005
I. Deal Parameters
| A | Student Loan Portfolio Characteristics | 06/29/1999 | 12/31/2004 | 03/31/2005 | ||||||||||
| Principal Balance | $ | 978,982,721.00 | $ | 249,169,252.29 | $ | 221,841,338.66 | ||||||||
| Interest to be Capitalized Balance | 23,093,062.00 | 1,720,343.18 | 1,606,080.09 | |||||||||||
| Pool Balance | $ | 1,002,075,783.00 | $ | 250,889,595.47 | $ | 223,447,418.75 | ||||||||
| Specified Reserve Account Balance | 2,505,189.00 | -N/A - | -N/A - | |||||||||||
| Adjusted Pool(1) | $ | 1,004,580,972.00 | $ | 250,889,595.47 | $ | 223,447,418.75 | ||||||||
| Weighted Average Coupon (WAC) | 7.75 | % | 3.96 | % | 3.95 | % | ||||||||
| Weighted Average Remaining Term | 124.00 | 91.15 | 89.72 | |||||||||||
| Number of Loans | 256,336 | 89,443 | 82,599 | |||||||||||
| Number of Borrowers | 118,086 | 42,938 | 39,819 | |||||||||||
| Aggregate Outstanding Principal Balance -Tbill | $ | 1,002,075,783.00 | $ | 250,889,595.47 | $ | 223,447,418.75 | ||||||||
| Aggregate Outstanding Principal Balance -Commercial Paper | $ | — | $ | — | $ | — | ||||||||
| Since Issued CPR | 13.95 | % | 14.77 | % | ||||||||||
| (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 | ||||||||||
| A1T | 78442GBD7 | $ | — | $ | — | |||||||||
| A1L | 78442GBE5 | $ | — | $ | — | |||||||||
| A2L | 78442GBG0 | $ | 214,829,595.47 | $ | 187,387,418.75 | |||||||||
| Certs | 78442GBH8 | $ | 36,060,000.00 | $ | 36,060,000.00 | |||||||||
| C | Account Balances | 01/25/2005 | 04/25/2005 | |||||||
| Reserve Account Balance | $ | 1,002,076.00 | $ | 1,002,076.00 | ||||||
| D | Asset/Liability | 01/25/2005 | 04/25/2005 | |||||||
| Adjusted Pool Balance | $ | 250,889,595.47 | $ | 223,447,418.75 | ||||||
| Total Notes | $ | 250,889,595.47 | $ | 223,447,418.75 | ||||||
| Difference | $ | — | $ | — | ||||||
| Parity Ratio | 1.00000 | 1.00000 | ||||||||
Page 1 of 7
II. Trust Activity 01/01/2005 through 03/31/2005
| A | Student Loan Principal Receipts | |||||||
| Borrower Principal | 7,843,349.62 | |||||||
| Guarantor Principal | 3,451,246.61 | |||||||
| Consolidation Activity Principal | 16,924,414.24 | |||||||
| Seller Principal Reimbursement | — | |||||||
| Servicer Principal Reimbursement | 3,615.39 | |||||||
| Rejected Claim Repurchased Principal | 1,101.08 | |||||||
| Other Principal Deposits | 2,262.44 | |||||||
| Total Principal Receipts | $ | 28,225,989.38 | ||||||
| B | Student Loan Interest Receipts | |||||||
| Borrower Interest | 1,056,291.55 | |||||||
| Guarantor Interest | 146,578.29 | |||||||
| Consolidation Activity Interest | 143,658.56 | |||||||
| Special Allowance Payments | 657,514.70 | |||||||
| Interest Subsidy Payments | 241,186.56 | |||||||
| Seller Interest Reimbursement | 8.07 | |||||||
| Servicer Interest Reimbursement | 11,805.15 | |||||||
| Rejected Claim Repurchased Interest | 111.78 | |||||||
| Other Interest Deposits | 141,241.80 | |||||||
| Total Interest Receipts | $ | 2,398,396.46 | ||||||
| C | Investment Income | $ | 130,141.23 | |||||
| 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 | $ | 126,435.45 | |||||
| I | Less: Funds Previously Remitted: | |||||||
| Servicing Fees | $ | (367,086.87 | ) | |||||
| Consolidation Loan Rebate Fees | $ | (140.69 | ) | |||||
| Total Funds Previously Remitted | $ | (367,227.56 | ) | |||||
| J | AVAILABLE FUNDS | $ | 30,513,734.96 | |||||
| K | Non-Cash Principal Activity During Collection Period | $ | (898,075.75 | ) | ||||
| L | Non-Reimbursable Losses During Collection Period | $ | 157.99 | |||||
| M | Aggregate Purchased Amounts by the Depositor, Servicer or Seller | $ | 1,212.86 | |||||
| N | Aggregate Loan Substitutions | $ | — | |||||
Page 2 of 7
III. 1999-1 Portfolio Characteristics
| 03/31/2005 | 12/31/2004 | |||||||||||||||||||||||||||||||||
| WAC | # Loans | Principal | % of Principal | WAC | # Loans | Principal | % of Principal | |||||||||||||||||||||||||||
| INTERIM: | IN SCHOOL | 3.29 | % | 1,396 | $ | 5,511,566.22 | 2.484 | % | 3.30 | % | 1,544 | $ | 6,041,469.75 | 2.425 | % | |||||||||||||||||||
| GRACE | 3.24 | % | 273 | $ | 1,012,911.97 | 0.457 | % | 3.32 | % | 324 | $ | 1,192,304.88 | 0.479 | % | ||||||||||||||||||||
| DEFERMENT | 3.47 | % | 11,471 | $ | 37,038,319.92 | 16.696 | % | 3.45 | % | 12,071 | $ | 39,496,732.49 | 15.851 | % | ||||||||||||||||||||
| REPAYMENT: | CURRENT | 4.09 | % | 51,591 | $ | 113,684,957.55 | 51.246 | % | 4.09 | % | 54,368 | $ | 127,080,722.98 | 51.002 | % | |||||||||||||||||||
| 31-60 DAYS DELINQUENT | 4.10 | % | 2,771 | $ | 8,683,000.82 | 3.914 | % | 4.10 | % | 3,511 | $ | 11,334,139.95 | 4.549 | % | ||||||||||||||||||||
| 61-90 DAYS DELINQUENT | 4.09 | % | 1,660 | $ | 5,113,587.15 | 2.305 | % | 4.08 | % | 2,196 | $ | 7,050,252.77 | 2.830 | % | ||||||||||||||||||||
| 91-120 DAYS DELINQUENT | 4.03 | % | 994 | $ | 3,728,467.85 | 1.681 | % | 4.14 | % | 1,486 | $ | 4,705,672.84 | 1.889 | % | ||||||||||||||||||||
| > 120 DAYS DELINQUENT | 4.08 | % | 3,665 | $ | 12,176,498.56 | 5.489 | % | 4.07 | % | 4,189 | $ | 14,023,549.16 | 5.628 | % | ||||||||||||||||||||
| FORBEARANCE | 4.04 | % | 8,257 | $ | 33,253,041.27 | 14.990 | % | 4.03 | % | 9,161 | $ | 36,191,435.63 | 14.525 | % | ||||||||||||||||||||
| CLAIMS IN PROCESS | 4.02 | % | 514 | $ | 1,625,551.20 | 0.733 | % | 4.13 | % | 586 | $ | 2,030,984.26 | 0.815 | % | ||||||||||||||||||||
| AGED CLAIMS REJECTED | 4.17 | % | 7 | $ | 13,436.15 | 0.006 | % | 3.76 | % | 7 | $ | 21,987.58 | 0.009 | % | ||||||||||||||||||||
TOTAL | 82,599 | $ | 221,841,338.66 | 100.00 | % | 89,443 | $ | 249,169,252.29 | 100.00 | % | ||||||||||||||||||||||||
| * | Percentages may not total 100% due to rounding |
Trust 1999-1 Quarterly Servicing Report: Collection Period 01/01/2005 — 03/31/2005, Distribution Date 04/25/2005
Page 3 of 8
IV. 1999-1 Portfolio Characteristics (cont’d)
| 03/31/2005 | 12/31/2004 | |||||||
| Pool Balance | $ | 223,447,418.75 | $ | 250,889,595.47 | ||||
| Total # Loans | 82,599 | 89,443 | ||||||
| Total # Borrowers | 39,819 | 42,938 | ||||||
| Weighted Average Coupon | 3.95 | % | 3.96 | % | ||||
| Weighted Average Remaining Term | 89.72 | 91.15 | ||||||
| Non-Reimbursable Losses | $ | 157.99 | $ | 27,444.65 | ||||
| Cumulative Non-Reimbursable Losses | $ | 1,107,833.34 | $ | 1,107,675.35 | ||||
| Since Issued CPR | 14.77 | % | 13.95 | % | ||||
| Loan Substitutions | $ | — | $ | — | ||||
| Cumulative Loan Substitutions | $ | — | $ | — | ||||
| Rejected Claim Repurchases | $ | 1,212.86 | $ | 960.85 | ||||
| Cumulative Rejected Claim Repurchases | $ | 290,619.58 | $ | 289,406.72 | ||||
| Unpaid Primary Servicing Fees | $ | — | $ | — | ||||
| Unpaid Administration Fees | $ | — | $ | — | ||||
| Unpaid Carryover Servicing Fees | $ | — | $ | — | ||||
| Note Principal Shortfall | $ | — | $ | — | ||||
| Note Interest Shortfall | $ | — | $ | — | ||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||
Trust 1999-1 Quarterly Servicing Report: Collection Period 01/01/2005 — 03/31/2005, Distribution Date 04/25/2005
Page 4 of 7
V. 1999-1 Portfolio Statistics by School and Program
| A | LOAN TYPE | WAC | # LOANS | $ AMOUNT | % * | |||||||||||||
| - GSL - Subsidized | 3.91 | % | 52,009 | $ | 124,055,948.89 | 55.921 | % | |||||||||||
| - GSL - Unsubsidized | 3.79 | % | 24,498 | 78,162,855.61 | 35.234 | % | ||||||||||||
| - PLUS Loans | 4.69 | % | 4,775 | 16,093,603.26 | 7.255 | % | ||||||||||||
| - SLS Loans | 5.47 | % | 1,315 | 3,475,196.73 | 1.567 | % | ||||||||||||
| - Consolidation Loans | 7.00 | % | 2 | 53,734.17 | 0.024 | % | ||||||||||||
| Total | 3.95 | % | 82,599 | $ | 221,841,338.66 | 100.000 | % | |||||||||||
| B | SCHOOL TYPE | WAC | # LOANS | $ AMOUNT | % * | |||||||||||||
| - Four Year | 3.94 | % | 67,624 | $ | 192,977,268.96 | 86.989 | % | |||||||||||
| - Two Year | 3.97 | % | 10,606 | 20,472,103.09 | 9.228 | % | ||||||||||||
| - Technical | 4.02 | % | 4,367 | 8,338,232.44 | 3.759 | % | ||||||||||||
| - Other | 7.00 | % | 2 | 53,734.17 | 0.024 | % | ||||||||||||
| Total | 3.95 | % | 82,599 | $ | 221,841,338.66 | 100.000 | % | |||||||||||
| C | Student Loan Rate Calculation | |||||||||||||||||
| Borrower Interest Accrued | 1,935,813.74 | |||||||||||||||||
| Interest Subsidy Payments Accrued | $ | 230,209.25 | ||||||||||||||||
| Special Allowance Payments Accrued | $ | 883,559.35 | ||||||||||||||||
| Investment Income | $ | 130,141.23 | ||||||||||||||||
| Net Expected Interest Collections | $ | 3,179,723.57 | ||||||||||||||||
| Accrual Daycount Fraction | 0.250000000 | |||||||||||||||||
| Primary Servicing Fee | $ | 540,787.70 | ||||||||||||||||
| Admin Fee | $ | 20,000.00 | ||||||||||||||||
| Pool Balance at Beginning of Collection Pd | $ | 250,889,595.47 | ||||||||||||||||
| Student Loan Rate | 4.17544 | % | ||||||||||||||||
| * | Percentages may not total 100% due to rounding. |
Trust 1999-1 Quarterly Servicing Report: Collection Period 01/01/2005 — 03/31/2005, Distribution Date 04/25/2005
Page 5 of 7
VI. 1999-1 Waterfall for Distributions
| Remaining | ||||||||||
| Paid | Funds Balance | |||||||||
| Total Available Funds | $ | 30,513,734.96 | ||||||||
| A | Primary Servicing Fee | $ | 173,700.83 | $ | 30,340,034.13 | |||||
| B | Administration Fee | $ | 20,000.00 | $ | 30,320,034.13 | |||||
| C | Noteholders' Interest Distribution Amount | $ | 1,546,773.09 | $ | 28,773,261.04 | |||||
| D | Certificateholders' Return Distribution Amount | $ | 283,972.50 | $ | 28,489,288.54 | |||||
| E | Noteholders' Principal Distribution Amount | $ | 27,442,176.72 | $ | 1,047,111.82 | |||||
| F | Certificateholders' Balance Distribution Amount | $ | — | $ | 1,047,111.82 | |||||
| G | Reserve Account Reinstatement | $ | — | $ | 1,047,111.82 | |||||
| H | Carryover Servicing Fee | $ | — | $ | 1,047,111.82 | |||||
| I | Noteholders' Carryover Interest | $ | — | $ | 1,047,111.82 | |||||
| J | Certificateholders' Carryover Return | $ | — | $ | 1,047,111.82 | |||||
| K | Excess Distribution | $ | 1,047,111.82 | $ | — | |||||
Trust 1999-1 Quarterly Servicing Report: Collection Period 01/01/2005 — 03/31/2005, Distribution Date 04/25/2005
Page 6 of 7
VII. 1999-1 Distributions
| A | Distribution Amounts | A1T | A1L | A2L | Certs | |||||||||||||||||
| Cusip/Isin | 78442GBD7 | 78442GBE5 | 78442GBG0 | 78442GBH8 | ||||||||||||||||||
| Beginning Balance | $ | — | $ | — | $ | 214,829,595.47 | $ | 36,060,000.00 | ||||||||||||||
| Index | TBILL | LIBOR | LIBOR | LIBOR | ||||||||||||||||||
| Spread/Fixed Rate | 0.87% | 0.08% | 0.18% | 0.45% | ||||||||||||||||||
| Daycount Fraction | 0.24657534 | 0.25000000 | 0.25000000 | 0.25000000 | ||||||||||||||||||
| Interest Rate | 0.00000 | % | 0.00000 | % | 2.88000 | % | 3.15000 | % | ||||||||||||||
| Accrued Interest Factor | 0.000000000 | 0.000000000 | 0.007200000 | 0.007875000 | ||||||||||||||||||
| Current Interest Due | $ | — | $ | — | $ | 1,546,773.09 | $ | 283,972.50 | ||||||||||||||
| Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
| Total Interest Due | $ | — | $ | — | $ | 1,546,773.09 | $ | 283,972.50 | ||||||||||||||
| Interest Paid | $ | — | $ | — | $ | 1,546,773.09 | $ | 283,972.50 | ||||||||||||||
| Interest Shortfall | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
| Carryover Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
| Current Interest Carryover Due | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
| Interest Carryover Paid | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
| Unpaid Interest Carryover | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
| Principal Paid | $ | — | $ | — | $ | 27,442,176.72 | $ | — | ||||||||||||||
| Ending Principal Balance | $ | — | $ | — | $ | 187,387,418.75 | $ | 36,060,000.00 | ||||||||||||||
| Paydown Factor | 0.000000000 | 0.000000000 | 0.063592744 | 0.000000000 | ||||||||||||||||||
| Ending Balance Factor | 0.000000000 | 0.000000000 | 0.434239610 | 1.000000000 | ||||||||||||||||||
| B | Principal Distribution Reconciliation | |||||||||||||||||||||
| Prior Adjusted Pool Balance | $ | 250,889,595.47 | ||||||||||||||||||||
| Current Adjusted Pool Balance | $ | 223,447,418.75 | ||||||||||||||||||||
| Current Principal Due | $ | 27,442,176.72 | ||||||||||||||||||||
| Principal Shortfall from Previous Collection Period | 0.00 | |||||||||||||||||||||
| Principal Distribution Amount | $ | 27,442,176.72 | ||||||||||||||||||||
| Principal Paid | $ | 27,442,176.72 | ||||||||||||||||||||
| Principal Shortfall | $ | — | ||||||||||||||||||||
| C | Reserve Account Reconciliation | |||||||||||||||||||||
| Beginning Period Balance | $ | 1,002,076.00 | ||||||||||||||||||||
| Reserve Funds Utilized | 0.00 | |||||||||||||||||||||
| Reserve Funds Reinstated | 0.00 | |||||||||||||||||||||
| Excess Distribution Deposit | 1,047,111.82 | |||||||||||||||||||||
| Balance Available | $ | 2,049,187.82 | ||||||||||||||||||||
| Required Reserve Acct Balance | $ | 1,002,076.00 | ||||||||||||||||||||
| Release to Excess Distribution Certificateholder | $ | 1,047,111.82 | ||||||||||||||||||||
| Ending Reserve Account Balance | $ | 1,002,076.00 | ||||||||||||||||||||
Trust 1999-1 Quarterly Servicing Report: Collection Period 01/01/2005 — 03/31/2005, Distribution Date 04/25/2005
Page 7 of 7
