SLM Student Loan Trust 1999-1 Quarterly Servicing Report
Collection Period 04/01/2005 - 06/30/2005 Distribution Date 07/25/2005
I. Deal Parameters
| A | Student Loan Portfolio Characteristics | 06/29/1999 | 03/31/2005 | 06/30/2005 | ||||||||||||
| Principal Balance | $ | 978,982,721.00 | $ | 221,841,338.66 | $ | 192,084,257.16 | ||||||||||
| Interest to be Capitalized Balance | 23,093,062.00 | 1,606,080.09 | 1,315,591.44 | |||||||||||||
| Pool Balance | $ | 1,002,075,783.00 | $ | 223,447,418.75 | $ | 193,399,848.60 | ||||||||||
| Specified Reserve Account Balance | 2,505,189.00 | - N/A - | - N/A - | |||||||||||||
| Adjusted Pool (1) | $ | 1,004,580,972.00 | $ | 223,447,418.75 | $ | 193,399,848.60 | ||||||||||
| Weighted Average Coupon (WAC) | 7.75 | % | 3.95 | % | 3.96 | % | ||||||||||
| Weighted Average Remaining Term | 124.00 | 89.72 | 87.99 | |||||||||||||
| Number of Loans | 256,336 | 82,599 | 74,760 | |||||||||||||
| Number of Borrowers | 118,086 | 39,819 | 36,240 | |||||||||||||
| Since Issued CPR | 14.77 | % | 15.54 | % | ||||||||||||
| (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 | ||||||||||||
| A1T | 78442GBD7 | $ | — | $ | — | |||||||||||
| A1L | 78442GBE5 | $ | — | $ | — | |||||||||||
| A2L | 78442GBG0 | $ | 187,387,418.75 | $ | 157,339,848.60 | |||||||||||
| Certs | 78442GBH8 | $ | 36,060,000.00 | $ | 36,060,000.00 | |||||||||||
| C | Account Balances | 04/25/2005 | 07/25/2005 | |||||||||||||
| Reserve Account Balance | $ | 1,002,076.00 | $ | 1,002,076.00 | ||||||||||||
| D | Asset/Liability | 04/25/2005 | 07/25/2005 | |||||||||||||
| Adjusted Pool Balance | $ | 223,447,418.75 | $ | 193,399,848.60 | ||||||||||||
| Total Notes | $ | 223,447,418.75 | $ | 193,399,848.60 | ||||||||||||
| Difference | $ | — | $ | — | ||||||||||||
| Parity Ratio | 1.00000 | 1.00000 | ||||||||||||||
Page 1 of 7
II. Trust Activity 04/01/2005 through 06/30/2005
| A | Student Loan Principal Receipts | |||||||
| Borrower Principal | 7,142,249.16 | |||||||
| Guarantor Principal | 2,622,751.17 | |||||||
| Consolidation Activity Principal | 20,836,556.43 | |||||||
| Seller Principal Reimbursement | (564.97 | ) | ||||||
| Servicer Principal Reimbursement | 2,877.27 | |||||||
| Rejected Claim Repurchased Principal | 13,436.15 | |||||||
| Other Principal Deposits | 5,477.05 | |||||||
| Total Principal Receipts | $ | 30,622,782.26 | ||||||
| B | Student Loan Interest Receipts | |||||||
| Borrower Interest | 910,647.26 | |||||||
| Guarantor Interest | 106,847.19 | |||||||
| Consolidation Activity Interest | 171,919.09 | |||||||
| Special Allowance Payments | 886,172.32 | |||||||
| Interest Subsidy Payments | 235,085.57 | |||||||
| Seller Interest Reimbursement | 651.00 | |||||||
| Servicer Interest Reimbursement | 12,873.89 | |||||||
| Rejected Claim Repurchased Interest | 770.99 | |||||||
| Other Interest Deposits | 120,215.62 | |||||||
| Total Interest Receipts | $ | 2,445,182.93 | ||||||
| C | Investment Income | $ | 167,754.69 | |||||
| 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 | $ | 112,353.45 | |||||
| I | Less: Funds Previously Remitted: | |||||||
| Servicing Fees | $ | (325,767.89 | ) | |||||
| Consolidation Loan Rebate Fees | $ | (142.00 | ) | |||||
Total Funds Previously Remitted | $ | (325,909.89 | ) | |||||
| J | AVAILABLE FUNDS | $ | 33,022,163.44 | |||||
| K | Non-Cash Principal Activity During Collection Period | $ | (865,700.76 | ) | ||||
| L | Non-Reimbursable Losses During Collection Period | $ | 74.01 | |||||
| M | Aggregate Purchased Amounts by the Depositor, Servicer or Seller | $ | 18,745.64 | |||||
| N | Aggregate Loan Substitutions | $ | — | |||||
Trust 1999-1 Quarterly Servicing Report: Collection Period 04/01/2005-06/30/2005, Distribution Date 07/25/2005
Page 2 of 7
III. 1999-1 Portfolio Characteristics
| 06/30/2005 | 03/31/2005 | |||||||||||||||||||||||||||||||||
| WAC | # Loans | Principal | % of Principal | WAC | # Loans | Principal | % of Principal | |||||||||||||||||||||||||||
| INTERIM: | IN SCHOOL | 3.46 | % | 793 | $ | 3,076,090.52 | 1.601 | % | 3.29 | % | 1,396 | $ | 5,511,566.22 | 2.484 | % | |||||||||||||||||||
| GRACE | 3.10 | % | 483 | $ | 1,815,230.76 | 0.945 | % | 3.24 | % | 273 | $ | 1,012,911.97 | 0.457 | % | ||||||||||||||||||||
| DEFERMENT | 3.48 | % | 9,509 | $ | 30,351,311.13 | 15.801 | % | 3.47 | % | 11,471 | $ | 37,038,319.92 | 16.696 | % | ||||||||||||||||||||
| REPAYMENT: | CURRENT | 4.09 | % | 48,126 | $ | 101,097,574.16 | 52.632 | % | 4.09 | % | 51,591 | $ | 113,684,957.55 | 51.246 | % | |||||||||||||||||||
| 31-60 DAYS DELINQUENT | 4.10 | % | 2,663 | $ | 7,674,251.76 | 3.995 | % | 4.10 | % | 2,771 | $ | 8,683,000.82 | 3.914 | % | ||||||||||||||||||||
| 61-90 DAYS DELINQUENT | 4.07 | % | 1,545 | $ | 4,909,296.43 | 2.556 | % | 4.09 | % | 1,660 | $ | 5,113,587.15 | 2.305 | % | ||||||||||||||||||||
| 91-120 DAYS DELINQUENT | 4.11 | % | 1,058 | $ | 3,387,663.63 | 1.764 | % | 4.03 | % | 994 | $ | 3,728,467.85 | 1.681 | % | ||||||||||||||||||||
| > 120 DAYS DELINQUENT | 4.08 | % | 3,269 | $ | 10,902,335.89 | 5.676 | % | 4.08 | % | 3,665 | $ | 12,176,498.56 | 5.489 | % | ||||||||||||||||||||
| FORBEARANCE | 4.05 | % | 6,828 | $ | 27,356,350.97 | 14.242 | % | 4.04 | % | 8,257 | $ | 33,253,041.27 | 14.990 | % | ||||||||||||||||||||
| CLAIMS IN PROCESS | 4.00 | % | 486 | $ | 1,514,151.91 | 0.788 | % | 4.02 | % | 514 | $ | 1,625,551.20 | 0.733 | % | ||||||||||||||||||||
| AGED CLAIMS REJECTED | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.17 | % | 7 | $ | 13,436.15 | 0.006 | % | ||||||||||||||||||||
| TOTAL | 74,760 | $ | 192,084,257.16 | 100.00 | % | 82,599 | $ | 221,841,338.66 | 100.00 | % | ||||||||||||||||||||||||
| * | Percentages may not total 100% due to rounding |
Trust 1999-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 3 of 7
IV. 1999-1 Portfolio Characteristics (cont’d)
| 06/30/2005 | 03/31/2005 | |||||||
| Pool Balance | $ | 193,399,848.60 | $ | 223,447,418.75 | ||||
| Total # Loans | 74,760 | 82,599 | ||||||
| Total # Borrowers | 36,240 | 39,819 | ||||||
| Weighted Average Coupon | 3.96 | % | 3.95 | % | ||||
| Weighted Average Remaining Term | 87.99 | 89.72 | ||||||
| Non-Reimbursable Losses | $ | 74.01 | $ | 157.99 | ||||
| Cumulative Non-Reimbursable Losses | $ | 1,107,907.35 | $ | 1,107,833.34 | ||||
| Since Issued CPR | 15.54 | % | 14.77 | % | ||||
| Loan Substitutions | $ | — | $ | — | ||||
| Cumulative Loan Substitutions | $ | — | $ | — | ||||
| Rejected Claim Repurchases | $ | 14,207.14 | $ | 1,212.86 | ||||
| Cumulative Rejected Claim Repurchases | $ | 304,826.72 | $ | 290,619.58 | ||||
| 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 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 4 of 7
V. 1999-1 Portfolio Statistics by School and Program
| A | LOAN TYPE | WAC | # LOANS | $ AMOUNT | % * | |||||||||||||
| - GSL - Subsidized | 3.92 | % | 47,222 | $ | 108,019,353.08 | 56.235 | % | |||||||||||
| - GSL - Unsubsidized | 3.81 | % | 21,991 | 67,025,793.05 | 34.894 | % | ||||||||||||
| - PLUS Loans | 4.69 | % | 4,415 | 14,055,238.08 | 7.317 | % | ||||||||||||
| - SLS Loans | 5.44 | % | 1,130 | 2,929,632.90 | 1.525 | % | ||||||||||||
| - Consolidation Loans | 7.00 | % | 2 | 54,240.05 | 0.028 | % | ||||||||||||
Total | 3.96 | % | 74,760 | $ | 192,084,257.16 | 100.000 | % | |||||||||||
| B | SCHOOL TYPE | WAC | # LOANS | $ AMOUNT | % * | |||||||||||||
| - Four Year | 3.96 | % | 61,053 | $ | 166,241,997.84 | 86.546 | % | |||||||||||
| - Two Year | 3.98 | % | 9,675 | 18,180,955.42 | 9.465 | % | ||||||||||||
| - Technical | 4.03 | % | 4,030 | 7,607,063.85 | 3.960 | % | ||||||||||||
| - Other | 7.00 | % | 2 | 54,240.05 | 0.028 | % | ||||||||||||
Total | 3.96 | % | 74,760 | $ | 192,084,257.16 | 100.000 | % | |||||||||||
| C | Student Loan Rate Calculation | |||||||||||||||||
| Borrower Interest Accrued | 1,725,788.16 | |||||||||||||||||
| Interest Subsidy Payments Accrued | $ | 209,351.61 | ||||||||||||||||
| Special Allowance Payments Accrued | $ | 943,550.17 | ||||||||||||||||
| Investment Income | $ | 167,754.69 | ||||||||||||||||
| Net Expected Interest Collections | $ | 3,046,444.63 | ||||||||||||||||
| Accrual Daycount Fraction | 0.252777778 | |||||||||||||||||
| Primary Servicing Fee | $ | 479,261.82 | ||||||||||||||||
| Admin Fee | $ | 20,000.00 | ||||||||||||||||
| Pool Balance at Beginning of Collection Pd | $ | 223,447,418.75 | ||||||||||||||||
Student Loan Rate | 4.50968 | % | ||||||||||||||||
* Percentages may not total 100% due to rounding.
Trust 1999-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 5 of 7
VI. 1999-1 Waterfall for Distributions
| Remaining | ||||||||||
| Paid | Funds Balance | |||||||||
| Total Available Funds | $ | 33,022,163.44 | ||||||||
| A | Primary Servicing Fee | $ | 153,493.93 | $ | 32,868,669.51 | |||||
| B | Administration Fee | $ | 20,000.00 | $ | 32,848,669.51 | |||||
| C | Noteholders’ Interest Distribution Amount | $ | 1,582,368.75 | $ | 31,266,300.76 | |||||
| D | Certificateholders’ Return Distribution Amount | $ | 329,114.94 | $ | 30,937,185.82 | |||||
| E | Noteholders’ Principal Distribution Amount | $ | 30,047,570.15 | $ | 889,615.67 | |||||
| F | Certificateholders’ Balance Distribution Amount | $ | — | $ | 889,615.67 | |||||
| G | Reserve Account Reinstatement | $ | — | $ | 889,615.67 | |||||
| H | Carryover Servicing Fee | $ | — | $ | 889,615.67 | |||||
| I | Noteholders’ Carryover Interest | $ | — | $ | 889,615.67 | |||||
| J | Certificateholders’ Carryover Return | $ | — | $ | 889,615.67 | |||||
| K | Excess Distribution | $ | 889,615.67 | $ | — | |||||
Trust 1999-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 6 of 7
VII. 1999-1 Distributions
| A | Distribution Amounts | A2L | Certs | |||||||||||
| Cusip/Isin | 78442GBG0 | 78442GBH8 | ||||||||||||
| Beginning Balance | $ | 187,387,418.75 | $ | 36,060,000.00 | ||||||||||
| Index | LIBOR | LIBOR | ||||||||||||
| Spread/Fixed Rate | 0.18 | % | 0.45 | % | ||||||||||
| Daycount Fraction | 0.25277778 | 0.25277778 | ||||||||||||
| Interest Rate | 3.34063 | % | 3.61063 | % | ||||||||||
| Accrued Interest Factor | 0.008444370 | 0.009126870 | ||||||||||||
| Current Interest Due | $ | 1,582,368.75 | $ | 329,114.94 | ||||||||||
| Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||||||
| Total Interest Due | $ | 1,582,368.75 | $ | 329,114.94 | ||||||||||
| Interest Paid | $ | 1,582,368.75 | $ | 329,114.94 | ||||||||||
| Interest Shortfall | $ | — | $ | — | ||||||||||
| Carryover Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||||||
| Current Interest Carryover Due | $ | — | $ | — | ||||||||||
| Interest Carryover Paid | $ | — | $ | — | ||||||||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||||||||
| Principal Paid | $ | 30,047,570.15 | $ | — | ||||||||||
| Ending Principal Balance | $ | 157,339,848.60 | $ | 36,060,000.00 | ||||||||||
| Paydown Factor | 0.069630316 | 0.000000000 | ||||||||||||
| Ending Balance Factor | 0.364609294 | 1.000000000 | ||||||||||||
| B | Principal Distribution Reconciliation | |||||||||||||
| Prior Adjusted Pool Balance | $ | 223,447,418.75 | ||||||||||||
| Current Adjusted Pool Balance | $ | 193,399,848.60 | ||||||||||||
| Current Principal Due | $ | 30,047,570.15 | ||||||||||||
| Principal Shortfall from Previous Collection Period | 0.00 | |||||||||||||
| Principal Distribution Amount | $ | 30,047,570.15 | ||||||||||||
| Principal Paid | $ | 30,047,570.15 | ||||||||||||
| 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 | 889,615.67 | |||||||||||||
| Balance Available | $ | 1,891,691.67 | ||||||||||||
| Required Reserve Acct Balance | $ | 1,002,076.00 | ||||||||||||
| Release to Excess Distribution Certificateholder | $ | 889,615.67 | ||||||||||||
| Ending Reserve Account Balance | $ | 1,002,076.00 | ||||||||||||
Trust 1999-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 7 of 7
