SLM Student Loan Trust 1998-1 Quarterly Servicing Report
Collection Period 01/01/2005-03/31/2005 Distribution Date 04/25/2005
I. Deal Parameters
| A | Student Loan Portfolio Characteristics | 03/19/1998 | 12/31/2004 | 03/31/2005 | ||||||||||
| Principal Balance | $ | 2,949,265,755.00 | $ | 659,313,536.41 | $ | 596,957,565.35 | ||||||||
| Interest to be Capitalized Balance | 49,895,105.00 | 3,835,391.32 | 3,691,058.64 | |||||||||||
| Pool Balance | $ | 2,999,160,860.00 | $ | 663,148,927.73 | $ | 600,648,623.99 | ||||||||
| Specified Reserve Account Balance | 7,497,902.00 | -N/A - | -N/A - | |||||||||||
| Adjusted Pool(1) | $ | 3,006,658,762.00 | $ | 663,148,927.73 | $ | 600,648,623.99 | ||||||||
| Weighted Average Coupon (WAC) | 8.23 | % | 5.43 | % | 5.48 | % | ||||||||
| Weighted Average Remaining Term | 121.00 | 89.27 | 88.53 | |||||||||||
| Number of Loans | 761,259 | 223,722 | 207,361 | |||||||||||
| Number of Borrowers | 325,034 | 103,153 | 96,087 | |||||||||||
| Aggregate Outstanding Principal Balance -Tbill | $ | 2,999,160,860.00 | $ | 663,133,903.45 | $ | 600,648,623.99 | ||||||||
| Aggregate Outstanding Principal Balance -Commercial Paper | $ | — | $ | 15,024.28 | $ | — | ||||||||
| Since Issued CPR | 9.41 | % | 9.62 | % | ||||||||||
| (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 | ||||||||||
| A1 | 78442GAX4 | $ | — | $ | — | |||||||||
| A2 | 78442GAY2 | $ | 556,598,927.73 | $ | 494,098,623.99 | |||||||||
| Certs | 78442GAZ9 | $ | 106,550,000.00 | $ | 106,550,000.00 | |||||||||
| C | Account Balances | 01/25/2005 | 04/25/2005 | |||||||
| Reserve Account Balance | $ | 2,999,161.00 | $ | 2,999,161.00 | ||||||
| D | Asset/Liability | 01/25/2005 | 04/25/2005 | |||||||
| Adjusted Pool Balance | $ | 663,148,927.73 | $ | 600,648,623.99 | ||||||
| Total Notes | $ | 663,148,927.73 | $ | 600,648,623.99 | ||||||
| Difference | $ | — | $ | — | ||||||
| Parity Ratio | 1.00000 | 1.00000 | ||||||||
Page 1 of 8
II. Trust Activity 01/01/2005 through 03/31/2005
| A | Student Loan Principal Receipts | |||||||
| Borrower Principal | 26,041,342.87 | |||||||
| Guarantor Principal | 9,641,968.75 | |||||||
| Consolidation Activity Principal | 29,562,674.25 | |||||||
| Seller Principal Reimbursement | (174.48 | ) | ||||||
| Servicer Principal Reimbursement | 1,774.51 | |||||||
| Rejected Claim Repurchased Principal | 18,537.36 | |||||||
| Other Principal Deposits | 3,220.64 | |||||||
| Total Principal Receipts | $ | 65,269,343.90 | ||||||
| B | Student Loan Interest Receipts | |||||||
| Borrower Interest | 4,472,865.40 | |||||||
| Guarantor Interest | 517,928.20 | |||||||
| Consolidation Activity Interest | 280,230.68 | |||||||
| Special Allowance Payments | 1,140,571.93 | |||||||
| Interest Subsidy Payments | 687,943.67 | |||||||
| Seller Interest Reimbursement | 534.87 | |||||||
| Servicer Interest Reimbursement | 29,548.46 | |||||||
| Rejected Claim Repurchased Interest | 1,449.98 | |||||||
| Other Interest Deposits | 421,634.27 | |||||||
| Total Interest Receipts | $ | 7,552,707.46 | ||||||
| C | Investment Income | $ | 329,213.39 | |||||
| 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 | $ | 309,959.03 | |||||
| I | Less: Funds Previously Remitted: | |||||||
| Servicing Fees | $ | (814,303.14 | ) | |||||
| Consolidation Loan Rebate Fees | $ | (262,168.56 | ) | |||||
| Total Funds Previously Remitted | $ | (1,076,471.70 | ) | |||||
| J | AVAILABLE FUNDS | $ | 72,384,752.08 | |||||
| K | Non-Cash Principal Activity During Collection Period | $ | (2,913,372.84 | ) | ||||
| L | Non-Reimbursable Losses During Collection Period | $ | 6,384.64 | |||||
| M | Aggregate Purchased Amounts by the Depositor, Servicer or Seller | $ | 22,669.32 | |||||
| N | Aggregate Loan Substitutions | $ | — | |||||
Page 2 of 8
III. 1998-1 Portfolio Characteristics
| 03/31/2005 | 12/31/2004 | |||||||||||||||||||||||||||||||||
| WAC | # Loans | Principal | % of Principal | WAC | # Loans | Principal | % of Principal | |||||||||||||||||||||||||||
| INTERIM: | IN SCHOOL | 3.97 | % | 1,323 | $ | 4,689,100.04 | 0.785 | % | 3.98 | % | 1,421 | $ | 4,987,643.72 | 0.756 | % | |||||||||||||||||||
| GRACE | 3.90 | % | 375 | $ | 1,356,522.31 | 0.227 | % | 3.92 | % | 462 | $ | 1,711,020.35 | 0.260 | % | ||||||||||||||||||||
| DEFERMENT | 4.80 | % | 25,027 | $ | 86,193,860.97 | 14.439 | % | 4.79 | % | 26,263 | $ | 91,152,641.95 | 13.825 | % | ||||||||||||||||||||
| REPAYMENT: | CURRENT | 5.76 | % | 137,045 | $ | 324,409,566.19 | 54.344 | % | 5.68 | % | 144,055 | $ | 351,858,035.98 | 53.367 | % | |||||||||||||||||||
| 31-60 DAYS DELINQUENT | 5.62 | % | 7,209 | $ | 26,868,750.06 | 4.501 | % | 5.63 | % | 9,145 | $ | 33,416,728.65 | 5.068 | % | ||||||||||||||||||||
| 61-90 DAYS DELINQUENT | 5.60 | % | 4,165 | $ | 16,769,506.13 | 2.809 | % | 5.61 | % | 5,567 | $ | 21,520,621.12 | 3.264 | % | ||||||||||||||||||||
| 91-120 DAYS DELINQUENT | 5.54 | % | 2,684 | $ | 11,359,423.29 | 1.903 | % | 5.52 | % | 3,322 | $ | 13,175,163.76 | 1.998 | % | ||||||||||||||||||||
| > 120 DAYS DELINQUENT | 5.36 | % | 8,865 | $ | 36,755,240.25 | 6.157 | % | 5.31 | % | 10,435 | $ | 42,998,601.42 | 6.522 | % | ||||||||||||||||||||
| FORBEARANCE | 5.26 | % | 19,009 | $ | 82,243,770.00 | 13.777 | % | 5.20 | % | 21,220 | $ | 91,561,067.16 | 13.887 | % | ||||||||||||||||||||
| CLAIMS IN PROCESS | 5.05 | % | 1,656 | $ | 6,298,464.33 | 1.055 | % | 5.06 | % | 1,827 | $ | 6,914,146.32 | 1.049 | % | ||||||||||||||||||||
| AGED CLAIMS REJECTED | 5.05 | % | 3 | $ | 13,361.78 | 0.002 | % | 5.06 | % | 5 | $ | 17,865.98 | 0.003 | % | ||||||||||||||||||||
TOTAL | 207,361 | $ | 596,957,565.35 | 100.00 | % | 223,722 | $ | 659,313,536.41 | 100.00 | % | ||||||||||||||||||||||||
| * | Percentages may not total 100% due to rounding |
Trust 1998-1 Quarterly Servicing Report: Collection Period 01/01/2005 — 03/31/2005, Distribution Date 04/25/2005
Page 3 of 8
IV. 1998-1 Portfolio Characteristics (cont’d)
| 03/31/2005 | 12/31/2004 | |||||||
| Pool Balance | $ | 600,648,623.99 | $ | 663,148,927.73 | ||||
| Total # Loans | 207,361 | 223,722 | ||||||
| Total # Borrowers | 96,087 | 103,153 | ||||||
| Weighted Average Coupon | 5.48 | % | 5.43 | % | ||||
| Weighted Average Remaining Term | 88.53 | 89.27 | ||||||
| Non-Reimbursable Losses | $ | 6,384.64 | $ | 102,925.69 | ||||
| Cumulative Non-Reimbursable Losses | $ | 4,646,734.93 | $ | 4,640,350.29 | ||||
| Since Issued CPR | 9.62 | % | 9.41 | % | ||||
| Loan Substitutions | $ | — | $ | — | ||||
| Cumulative Loan Substitutions | $ | — | $ | — | ||||
| Rejected Claim Repurchases | $ | 19,987.34 | $ | — | ||||
| Cumulative Rejected Claim Repurchases | $ | 1,345,839.93 | $ | 1,325,852.59 | ||||
| Unpaid Primary Servicing Fees | $ | — | $ | — | ||||
| Unpaid Administration Fees | $ | — | $ | — | ||||
| Unpaid Carryover Servicing Fees | $ | — | $ | — | ||||
| Note Principal Shortfall | $ | — | $ | — | ||||
| Note Interest Shortfall | $ | — | $ | — | ||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||
Trust 1998-1 Quarterly Servicing Report: Collection Period 01/01/2005 — 03/31/2005, Distribution Date 04/25/2005
Page 4 of 8
V. 1998-1 Portfolio Statistics by School and Program
| A | LOAN TYPE | WAC | # LOANS | $ AMOUNT | % * | |||||||||||||
| - GSL - Subsidized | 4.23 | % | 133,314 | $ | 274,803,829.11 | 46.034 | % | |||||||||||
| - GSL - Unsubsidized | 4.08 | % | 47,983 | 129,337,015.99 | 21.666 | % | ||||||||||||
| - PLUS Loans | 5.27 | % | 5,420 | 13,109,028.61 | 2.196 | % | ||||||||||||
| - SLS Loans | 5.41 | % | 4,644 | 16,540,211.69 | 2.771 | % | ||||||||||||
| - Consolidation Loans | 8.72 | % | 16,000 | 163,167,479.95 | 27.333 | % | ||||||||||||
| Total | 5.48 | % | 207,361 | $ | 596,957,565.35 | 100.000 | % | |||||||||||
| B | SCHOOL TYPE | WAC | # LOANS | $ AMOUNT | % * | |||||||||||||
| - Four Year | 4.28 | % | 154,378 | $ | 367,011,157.26 | 61.480 | % | |||||||||||
| - Two Year | 4.18 | % | 27,477 | 49,101,401.84 | 8.225 | % | ||||||||||||
| - Technical | 4.19 | % | 9,546 | 18,029,088.08 | 3.020 | % | ||||||||||||
| - Other | 8.72 | % | 15,960 | 162,815,918.17 | 27.274 | % | ||||||||||||
| Total | 5.48 | % | 207,361 | $ | 596,957,565.35 | 100.000 | % | |||||||||||
| C | Student Loan Rate Calculation | |||||||||||||||||
| Borrower Interest Accrued | 7,490,981.25 | |||||||||||||||||
| Interest Subsidy Payments Accrued | $ | 625,554.33 | ||||||||||||||||
| Special Allowance Payments Accrued | $ | 1,591,780.34 | ||||||||||||||||
| Investment Income | $ | 329,213.39 | ||||||||||||||||
| Net Expected Interest Collections | $ | 10,037,529.31 | ||||||||||||||||
| Accrual Daycount Fraction | 0.246575342 | |||||||||||||||||
| Primary Servicing Fee | $ | 1,208,427.36 | ||||||||||||||||
| Admin Fee | $ | 20,000.00 | ||||||||||||||||
| Pool Balance at Beginning of Collection Pd | $ | 663,148,927.73 | ||||||||||||||||
| Student Loan Rate | 5.38730 | % | ||||||||||||||||
| * | Percentages may not total 100% due to rounding. |
Trust 1998-1 Quarterly Servicing Report: Collection Period 01/01/2005 — 03/31/2005, Distribution Date 04/25/2005
Page 5 of 8
VI. 1998-1 T-Bill Rates
| Accrual Period | ||||||||||
| Number of | ||||||||||
| Start Date | Through | Days Weighted | 91-Day T-Bill | |||||||
| 01/25/2005 | 01/31/2005 | 7 | 2.366 | % | ||||||
| 02/01/2005 | 02/07/2005 | 7 | 2.525 | % | ||||||
| 02/08/2005 | 02/14/2005 | 7 | 2.530 | % | ||||||
| 02/15/2005 | 02/22/2005 | 8 | 2.592 | % | ||||||
| 02/23/2005 | 02/28/2005 | 6 | 2.669 | % | ||||||
| 03/01/2005 | 03/07/2005 | 7 | 2.772 | % | ||||||
| 03/08/2005 | 03/14/2005 | 7 | 2.767 | % | ||||||
| 03/15/2005 | 03/21/2005 | 7 | 2.792 | % | ||||||
| 03/22/2005 | 03/28/2005 | 7 | 2.859 | % | ||||||
| 03/29/2005 | 04/04/2005 | 7 | 2.839 | % | ||||||
| 04/05/2005 | 04/11/2005 | 7 | 2.792 | % | ||||||
| 04/12/2005 | 04/24/2005 | 13 | 2.767 | % | ||||||
Trust 1998-1 Quarterly Servicing Report: Collection Period 01/01/2005 — 03/31/2005, Distribution Date 04/25/2005
Page 6 of 8
VII. 1998-1 Waterfall for Distributions
| Remaining | ||||||||||
| Paid | Funds Balance | |||||||||
| Total Available Funds | $ | 72,384,752.08 | ||||||||
| A | Primary Servicing Fee | $ | 394,124.22 | $ | 71,990,627.86 | |||||
| B | Administration Fee | $ | 20,000.00 | $ | 71,970,627.86 | |||||
| C | Noteholders' Interest Distribution Amount | $ | 4,739,706.73 | $ | 67,230,921.13 | |||||
| D | Certificateholders' Return Distribution Amount | $ | 962,496.80 | $ | 66,268,424.33 | |||||
| E | Noteholders' Principal Distribution Amount | $ | 62,500,303.74 | $ | 3,768,120.59 | |||||
| F | Certificateholders' Balance Distribution Amount | $ | — | $ | 3,768,120.59 | |||||
| G | Reserve Account Reinstatement | $ | — | $ | 3,768,120.59 | |||||
| H | Carryover Servicing Fee | $ | 84,961.94 | $ | 3,683,158.65 | |||||
| I | Noteholders' Carryover Interest | $ | — | $ | 3,683,158.65 | |||||
| J | Certificateholders' Carryover Return | $ | — | $ | 3,683,158.65 | |||||
| K | Excess Distribution | $ | 3,683,158.65 | $ | — | |||||
Trust 1998-1 Quarterly Servicing Report: Collection Period 01/01/2005 — 03/31/2005, Distribution Date 04/25/2005
Page 7 of 8
VIII. 1998-1 Distributions
| A | Distribution Amounts | A1 | A2 | Certs | ||||||||||||||
| Cusip/Isin | 78442GAX4 | 78442GAY2 | 78442GAZ9 | |||||||||||||||
| Beginning Balance | $ | — | $ | 556,598,927.73 | $ | 106,550,000.00 | ||||||||||||
| Index | TBILL | TBILL | TBILL | |||||||||||||||
| Spread/Fixed Rate | 0.71% | 0.76% | 0.97% | |||||||||||||||
| Daycount Fraction | 0.24657534 | 0.24657534 | 0.24657534 | |||||||||||||||
| Interest Rate | 0.00000 | % | 3.45350 | % | 3.66350 | % | ||||||||||||
| Accrued Interest Factor | 0.000000000 | 0.008515479 | 0.009033288 | |||||||||||||||
| Current Interest Due | $ | — | $ | 4,739,706.73 | $ | 962,496.80 | ||||||||||||
| Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | $ | — | ||||||||||||
| Total Interest Due | $ | — | $ | 4,739,706.73 | $ | 962,496.80 | ||||||||||||
| Interest Paid | $ | — | $ | 4,739,706.73 | $ | 962,496.80 | ||||||||||||
| Interest Shortfall | $ | — | $ | — | $ | — | ||||||||||||
| Carryover Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | $ | — | ||||||||||||
| Current Interest Carryover Due | $ | — | $ | — | $ | — | ||||||||||||
| Interest Carryover Paid | $ | — | $ | — | $ | — | ||||||||||||
| Unpaid Interest Carryover | $ | — | $ | — | $ | — | ||||||||||||
| Principal Paid | $ | — | $ | 62,500,303.74 | $ | — | ||||||||||||
| Ending Principal Balance | $ | — | $ | 494,098,623.99 | $ | 106,550,000.00 | ||||||||||||
| Paydown Factor | 0.000000000 | 0.051041489 | 0.000000000 | |||||||||||||||
| Ending Balance Factor | 0.000000000 | 0.403510514 | 1.000000000 | |||||||||||||||
| B | Principal Distribution Reconciliation | |||||||||||||||||
| Prior Adjusted Pool Balance | $ | 663,148,927.73 | ||||||||||||||||
| Current Adjusted Pool Balance | $ | 600,648,623.99 | ||||||||||||||||
| Current Principal Due | $ | 62,500,303.74 | ||||||||||||||||
| Principal Shortfall from Previous Collection Period | 0.00 | |||||||||||||||||
| Principal Distribution Amount | $ | 62,500,303.74 | ||||||||||||||||
| Principal Paid | $ | 62,500,303.74 | ||||||||||||||||
| Principal Shortfall | $ | — | ||||||||||||||||
| C | Reserve Account Reconciliation | |||||||||||||||||
| Beginning Period Balance | $ | 2,999,161.00 | ||||||||||||||||
| Reserve Funds Utilized | 0.00 | |||||||||||||||||
| Reserve Funds Reinstated | 0.00 | |||||||||||||||||
| Excess Distribution Deposit | 3,683,158.65 | |||||||||||||||||
| Balance Available | $ | 6,682,319.65 | ||||||||||||||||
| Required Reserve Acct Balance | $ | 2,999,161.00 | ||||||||||||||||
| Release to Excess Distribution Certificateholder | $ | 3,683,158.65 | ||||||||||||||||
| Ending Reserve Account Balance | $ | 2,999,161.00 | ||||||||||||||||
Trust 1998-1 Quarterly Servicing Report: Collection Period 01/01/2005 — 03/31/2005, Distribution Date 04/25/2005
Page 8 of 8
