SLM Student Loan Trust 1997-1 Quarterly Servicing Report
Collection Period 04/01/2005 - 06/30/2005 Distribution Date 07/25/2005
I. Deal Parameters
| A | Student Loan Portfolio Characteristics | 03/20/1997 | 03/31/2005 | 06/30/2005 | ||||||||||||
| Principal Balance | $ | 1,978,517,234.00 | $ | 294,114,781.15 | $ | 255,691,278.48 | ||||||||||
| Interest to be Capitalized Balance | 25,574,628.00 | 1,120,304.94 | 944,402.60 | |||||||||||||
| Pool Balance | $ | 2,004,091,862.00 | $ | 295,235,086.09 | $ | 256,635,681.08 | ||||||||||
| Specified Reserve Account Balance | 5,010,230.00 | - N/A - | - N/A - | |||||||||||||
| Adjusted Pool (1) | $ | 2,009,102,092.00 | $ | 295,235,086.09 | $ | 256,635,681.08 | ||||||||||
| Weighted Average Coupon (WAC) | 8.17 | % | 4.28 | % | 4.29 | % | ||||||||||
| Weighted Average Remaining Term | 114.00 | 73.27 | 72.20 | |||||||||||||
| Number of Loans | 666,748 | 173,518 | 157,710 | |||||||||||||
| Number of Borrowers | 283,633 | 71,198 | 64,923 | |||||||||||||
| Since Issued CPR | 5.91 | % | 6.10 | % | ||||||||||||
| (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 | 78442GAL0 | $ | 223,435,086.09 | $ | 184,835,681.08 | |||||||||||
| Certs | 78442GAM8 | $ | 71,800,000.00 | $ | 71,800,000.00 | |||||||||||
| C | Account Balances | 04/25/2005 | 07/25/2005 | |||||||||||||
| Reserve Account Balance | $ | 2,004,092.00 | $ | 2,004,092.00 | ||||||||||||
| D | Asset/Liability | 04/25/2005 | 07/25/2005 | |||||||||||||
| Adjusted Pool Balance | $ | 295,235,086.09 | $ | 256,635,681.08 | ||||||||||||
| Total Notes | $ | 295,235,086.09 | $ | 256,635,681.08 | ||||||||||||
| 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 | 16,124,282.46 | |||||||
| Guarantor Principal | 4,738,566.35 | |||||||
| Consolidation Activity Principal | 18,536,050.38 | |||||||
| Seller Principal Reimbursement | 3,337.11 | |||||||
| Servicer Principal Reimbursement | 8,950.10 | |||||||
| Rejected Claim Repurchased Principal | 22,667.22 | |||||||
| Other Principal Deposits | 103.25 | |||||||
| Total Principal Receipts | $ | 39,433,956.87 | ||||||
| B | Student Loan Interest Receipts | |||||||
| Borrower Interest | 1,397,084.28 | |||||||
| Guarantor Interest | 215,697.80 | |||||||
| Consolidation Activity Interest | 154,389.03 | |||||||
| Special Allowance Payments | 1,082,848.07 | |||||||
| Interest Subsidy Payments | 361,698.37 | |||||||
| Seller Interest Reimbursement | 2,038.14 | |||||||
| Servicer Interest Reimbursement | 25,065.64 | |||||||
| Rejected Claim Repurchased Interest | 2,073.27 | |||||||
| Other Interest Deposits | 263,011.02 | |||||||
| Total Interest Receipts | $ | 3,503,905.62 | ||||||
| C | Investment Income | $ | 237,477.39 | |||||
| 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 | $ | 126,437.07 | |||||
| I | Less: Funds Previously Remitted: | |||||||
| Servicing Fees | $ | (551,723.12 | ) | |||||
| Consolidation Loan Rebate Fees | $ | — | ||||||
Total Funds Previously Remitted | $ | (551,723.12 | ) | |||||
| J | AVAILABLE FUNDS | $ | 42,750,053.83 | |||||
| K | Non-Cash Principal Activity During Collection Period | $ | (1,010,454.20 | ) | ||||
| L | Non-Reimbursable Losses During Collection Period | $ | (196.02 | ) | ||||
| M | Aggregate Purchased Amounts by the Depositor, Servicer or Seller | $ | 24,740.49 | |||||
| N | Aggregate Loan Substitutions | $ | — | |||||
Trust 1997-1 Quarterly Servicing Report: Collection Period 04/01/2005-06/30/2005, Distribution Date 07/25/2005
Page 2 of 8
III. 1997-1 Portfolio Characteristics
| 06/30/2005 | 03/31/2005 | |||||||||||||||||||||||||||||||||
| WAC | # Loans | Principal | % of Principal | WAC | # Loans | Principal | % of Principal | |||||||||||||||||||||||||||
| INTERIM: | IN SCHOOL | 4.52 | % | 424 | $ | 1,288,724.59 | 0.504 | % | 4.44 | % | 649 | $ | 1,984,619.16 | 0.675 | % | |||||||||||||||||||
| GRACE | 4.15 | % | 166 | $ | 495,520.56 | 0.194 | % | 4.19 | % | 124 | $ | 403,710.39 | 0.137 | % | ||||||||||||||||||||
| DEFERMENT | 4.09 | % | 15,769 | $ | 38,357,460.21 | 15.001 | % | 4.08 | % | 18,483 | $ | 45,536,362.19 | 15.483 | % | ||||||||||||||||||||
| REPAYMENT: | CURRENT | 4.32 | % | 110,142 | $ | 136,873,286.29 | 53.531 | % | 4.32 | % | 120,241 | $ | 156,995,482.08 | 53.379 | % | |||||||||||||||||||
| 31-60 DAYS DELINQUENT | 4.33 | % | 6,295 | $ | 12,893,267.06 | 5.043 | % | 4.35 | % | 6,166 | $ | 13,457,827.91 | 4.576 | % | ||||||||||||||||||||
| 61-90 DAYS DELINQUENT | 4.33 | % | 3,479 | $ | 8,161,608.89 | 3.192 | % | 4.32 | % | 3,556 | $ | 8,995,131.96 | 3.058 | % | ||||||||||||||||||||
| 91-120 DAYS DELINQUENT | 4.30 | % | 2,041 | $ | 5,035,323.86 | 1.969 | % | 4.31 | % | 1,953 | $ | 4,864,349.20 | 1.654 | % | ||||||||||||||||||||
| > 120 DAYS DELINQUENT | 4.33 | % | 6,639 | $ | 18,603,588.83 | 7.276 | % | 4.31 | % | 7,408 | $ | 20,866,523.12 | 7.095 | % | ||||||||||||||||||||
| FORBEARANCE | 4.32 | % | 11,703 | $ | 31,357,333.10 | 12.264 | % | 4.33 | % | 13,678 | $ | 37,533,424.20 | 12.761 | % | ||||||||||||||||||||
| CLAIMS IN PROCESS | 4.30 | % | 1,047 | $ | 2,612,993.73 | 1.022 | % | 4.42 | % | 1,254 | $ | 3,459,312.58 | 1.176 | % | ||||||||||||||||||||
| AGED CLAIMS REJECTED | 4.22 | % | 5 | $ | 12,171.36 | 0.005 | % | 4.89 | % | 6 | $ | 18,038.36 | 0.006 | % | ||||||||||||||||||||
| TOTAL | 157,710 | $ | 255,691,278.48 | 100.00 | % | 173,518 | $ | 294,114,781.15 | 100.00 | % | ||||||||||||||||||||||||
| * | Percentages may not total 100% due to rounding |
Trust 1997-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 3 of 8
IV. 1997-1 Portfolio Characteristics (cont’d)
| 06/30/2005 | 03/31/2005 | |||||||
| Pool Balance | $ | 256,635,681.08 | $ | 295,235,086.09 | ||||
| Total # Loans | 157,710 | 173,518 | ||||||
| Total # Borrowers | 64,923 | 71,198 | ||||||
| Weighted Average Coupon | 4.29 | % | 4.28 | % | ||||
| Weighted Average Remaining Term | 72.20 | 73.27 | ||||||
| Non-Reimbursable Losses | $ | (196.02 | ) | $ | 2,295.33 | |||
| Cumulative Non-Reimbursable Losses | $ | 4,136,502.61 | $ | 4,136,698.63 | ||||
| Since Issued CPR | 6.10 | % | 5.91 | % | ||||
| Loan Substitutions | $ | — | $ | — | ||||
| Cumulative Loan Substitutions | $ | — | $ | — | ||||
| Rejected Claim Repurchases | $ | 24,740.49 | $ | 9,231.91 | ||||
| Cumulative Rejected Claim Repurchases | $ | 1,173,421.33 | $ | 1,148,680.84 | ||||
| Unpaid Primary Servicing Fees | $ | — | $ | — | ||||
| Unpaid Administration Fees | $ | — | $ | — | ||||
| Unpaid Carryover Servicing Fees | $ | — | $ | — | ||||
| Note Principal Shortfall | $ | — | $ | — | ||||
| Note Interest Shortfall | $ | — | $ | — | ||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||
Trust 1997-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 4 of 8
V. 1997-1 Portfolio Statistics by School and Program
| A | LOAN TYPE | WAC | # LOANS | $ AMOUNT | % * | |||||||||||||
| - GSL - Subsidized | 4.24 | % | 113,815 | $ | 171,477,210.30 | 67.064 | % | |||||||||||
| - GSL - Unsubsidized | 4.12 | % | 34,391 | 64,871,487.01 | 25.371 | % | ||||||||||||
| - PLUS Loans | 5.27 | % | 4,966 | 8,951,431.73 | 3.501 | % | ||||||||||||
| - SLS Loans | 5.28 | % | 4,538 | 10,391,149.44 | 4.064 | % | ||||||||||||
| - Consolidation Loans | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||
Total | 4.29 | % | 157,710 | $ | 255,691,278.48 | 100.000 | % | |||||||||||
| B | SCHOOL TYPE | WAC | # LOANS | $ AMOUNT | % * | |||||||||||||
| - Four Year | 4.30 | % | 116,971 | $ | 193,155,567.28 | 75.542 | % | |||||||||||
| - Two Year | 4.23 | % | 25,758 | 38,843,642.04 | 15.192 | % | ||||||||||||
| - Technical | 4.23 | % | 14,981 | 23,692,069.16 | 9.266 | % | ||||||||||||
| - Other | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||
Total | 4.29 | % | 157,710 | $ | 255,691,278.48 | 100.000 | % | |||||||||||
| C | Student Loan Rate Calculation | |||||||||||||||||
| Borrower Interest Accrued | 2,493,908.13 | |||||||||||||||||
| Interest Subsidy Payments Accrued | $ | 313,420.81 | ||||||||||||||||
| Special Allowance Payments Accrued | $ | 1,168,713.02 | ||||||||||||||||
| Investment Income | $ | 237,477.39 | ||||||||||||||||
| Net Expected Interest Collections | $ | 4,213,519.35 | ||||||||||||||||
| Accrual Daycount Fraction | 0.249315068 | |||||||||||||||||
| Primary Servicing Fee | $ | 810,420.95 | ||||||||||||||||
| Admin Fee | $ | 20,000.00 | ||||||||||||||||
| Pool Balance at Beginning of Collection Pd | $ | 295,235,086.09 | ||||||||||||||||
Student Loan Rate | 4.59619 | % | ||||||||||||||||
* Percentages may not total 100% due to rounding.
Trust 1997-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 5 of 8
VI. 1997-1 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% | |||
| 05/03/0005 | 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 1997-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 6 of 8
VII. 1997-1 Waterfall for Distributions
| Remaining | ||||||||||
| Paid | Funds Balance | |||||||||
| Total Available Funds | $ | 42,750,053.83 | ||||||||
| A | Primary Servicing Fee | $ | 258,697.83 | $ | 42,491,356.00 | |||||
| B | Administration Fee | $ | 20,000.00 | $ | 42,471,356.00 | |||||
| C | Noteholders’ Interest Distribution Amount | $ | 2,005,792.07 | $ | 40,465,563.93 | |||||
| D | Certificateholders’ Return Distribution Amount | $ | 694,675.82 | $ | 39,770,888.11 | |||||
| E | Noteholders’ Principal Distribution Amount | $ | 38,599,405.01 | $ | 1,171,483.10 | |||||
| F | Certificateholders’ Balance Distribution Amount | $ | — | $ | 1,171,483.10 | |||||
| G | Reserve Account Reinstatement | $ | — | $ | 1,171,483.10 | |||||
| H | Carryover Servicing Fee | $ | — | $ | 1,171,483.10 | |||||
| I | Noteholders’ Carryover Interest | $ | — | $ | 1,171,483.10 | |||||
| J | Certificateholders’ Carryover Return | $ | — | $ | 1,171,483.10 | |||||
| K | Excess Distribution | $ | 1,171,483.10 | $ | — | |||||
Trust 1997-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 7 of 8
VIII. 1997-1 Distributions
| A | Distribution Amounts | A2 | Certs | |||||||||||
| Cusip/Isin | 78442GAL0 | 78442GAM8 | ||||||||||||
| Beginning Balance | $ | 223,435,086.09 | $ | 71,800,000.00 | ||||||||||
| Index | TBILL | TBILL | ||||||||||||
| Spread/Fixed Rate | 0.57 | % | 0.85 | % | ||||||||||
| Daycount Fraction | 0.24931507 | 0.24931507 | ||||||||||||
| Interest Rate | 3.60069 | % | 3.88069 | % | ||||||||||
| Accrued Interest Factor | 0.008977068 | 0.009675151 | ||||||||||||
| Current Interest Due | $ | 2,005,792.07 | $ | 694,675.82 | ||||||||||
| Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||||||
| Total Interest Due | $ | 2,005,792.07 | $ | 694,675.82 | ||||||||||
| Interest Paid | $ | 2,005,792.07 | $ | 694,675.82 | ||||||||||
| Interest Shortfall | $ | — | $ | — | ||||||||||
| Carryover Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||||||
| Current Interest Carryover Due | $ | — | $ | — | ||||||||||
| Interest Carryover Paid | $ | — | $ | — | ||||||||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||||||||
| Principal Paid | $ | 38,599,405.01 | $ | — | ||||||||||
| Ending Principal Balance | $ | 184,835,681.08 | $ | 71,800,000.00 | ||||||||||
| Paydown Factor | 0.049021342 | 0.000000000 | ||||||||||||
| Ending Balance Factor | 0.234741784 | 1.000000000 | ||||||||||||
| B | Principal Distribution Reconciliation | |||||||||||||
| Prior Adjusted Pool Balance | $ | 295,235,086.09 | ||||||||||||
| Current Adjusted Pool Balance | $ | 256,635,681.08 | ||||||||||||
| Current Principal Due | $ | 38,599,405.01 | ||||||||||||
| Principal Shortfall from Previous Collection Period | 0.00 | |||||||||||||
| Principal Distribution Amount | $ | 38,599,405.01 | ||||||||||||
| Principal Paid | $ | 38,599,405.01 | ||||||||||||
| Principal Shortfall | $ | — | ||||||||||||
| C | Reserve Account Reconciliation | |||||||||||||
| Beginning Period Balance | $ | 2,004,092.00 | ||||||||||||
| Reserve Funds Utilized | 0.00 | |||||||||||||
| Reserve Funds Reinstated | 0.00 | |||||||||||||
| Excess Distribution Deposit | 1,171,483.10 | |||||||||||||
| Balance Available | $ | 3,175,575.10 | ||||||||||||
| Required Reserve Acct Balance | $ | 2,004,092.00 | ||||||||||||
| Release to Excess Distribution Certificateholder | $ | 1,171,483.10 | ||||||||||||
| Ending Reserve Account Balance | $ | 2,004,092.00 | ||||||||||||
Trust 1997-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 8 of 8
