SLM Student Loan Trust 1997-3 Quarterly Servicing Report
Collection Period 07/01/2005 - 09/30/2005 Distribution Date 10/25/2005
I. Deal Parameters
| A | Student Loan Portfolio Characteristics | 09/11/1997 | 06/30/2005 | 09/30/2005 | ||||||||||||||
| Principal Balance | $ | 2,447,417,365.00 | $ | 328,517,999.97 | $ | 269,310,731.02 | ||||||||||||
| Interest to be Capitalized Balance | 56,272,269.00 | 1,816,327.76 | 1,510,952.99 | |||||||||||||||
| Pool Balance | $ | 2,503,689,634.00 | $ | 330,334,327.73 | $ | 270,821,684.01 | ||||||||||||
| Specified Reserve Account Balance | 6,259,224.00 | -N/A- | -N/A- | |||||||||||||||
| Adjusted Pool(1) | $ | 2,509,948,858.00 | $ | 330,334,327.73 | $ | 270,821,684.01 | ||||||||||||
| Weighted Average Coupon (WAC) | 8.13 | % | 4.32 | % | 6.14 | % | ||||||||||||
| Weighted Average Remaining Term | 119.00 | 81.87 | 80.83 | |||||||||||||||
| Number of Loans | 720,135 | 162,596 | 141,548 | |||||||||||||||
| Number of Borrowers | 269,170 | 65,250 | 57,331 | |||||||||||||||
| Since Issued CPR | 10.03 | % | 10.89 | % | ||||||||||||||
| (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 | 78442GAS5 | $ | 240,184,327.73 | $ | 180,671,684.01 | |||||||||||||
| Certs | 78442GAT3 | $ | 90,150,000.00 | $ | 90,150,000.00 | |||||||||||||
| C | Account Balances | 07/25/2005 | 10/25/2005 | |||||||||||||||
| Reserve Account Balance | $ | 2,503,690.00 | $ | 2,503,690.00 | ||||||||||||||
| D | Asset/Liability | 07/25/2005 | 10/25/2005 | |||||||||||||||
| Adjusted Pool Balance | $ | 330,334,327.73 | $ | 270,821,684.01 | ||||||||||||||
| Total Notes | $ | 330,334,327.73 | $ | 270,821,684.01 | ||||||||||||||
| Difference | $ | — | $ | — | ||||||||||||||
| Parity Ratio | 1.00000 | 1.00000 | ||||||||||||||||
Page 1 of 8
II. Trust Activity 07/01/2005 through 09/30/2005
| A | Student Loan Principal Receipts | |||||||
| Borrower Principal | 15,139,605.94 | |||||||
| Guarantor Principal | 4,187,190.52 | |||||||
| Consolidation Activity Principal | 41,323,984.08 | |||||||
| Seller Principal Reimbursement | 462.53 | |||||||
| Servicer Principal Reimbursement | 8,614.55 | |||||||
| Rejected Claim Repurchased Principal | 23,210.82 | |||||||
| Other Principal Deposits | 12,999.80 | |||||||
| Total Principal Receipts | $ | 60,696,068.24 | ||||||
| B | Student Loan Interest Receipts | |||||||
| Borrower Interest | 1,779,487.35 | |||||||
| Guarantor Interest | 196,059.50 | |||||||
| Consolidation Activity Interest | 541,180.26 | |||||||
| Special Allowance Payments | 1,477,162.31 | |||||||
| Interest Subsidy Payments | 402,274.32 | |||||||
| Seller Interest Reimbursement | 1,194.14 | |||||||
| Servicer Interest Reimbursement | 9,814.18 | |||||||
| Rejected Claim Repurchased Interest | 1,603.53 | |||||||
| Other Interest Deposits | 274,207.57 | |||||||
| Total Interest Receipts | $ | 4,682,983.16 | ||||||
| C | Investment Income | $ | 472,507.46 | |||||
| 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 | $ | 153,689.54 | |||||
| I | Less: Funds Previously Remitted: | |||||||
| Servicing Fees | $ | (417,633.70 | ) | |||||
| Consolidation Loan Rebate Fees | $ | — | ||||||
| Total Funds Previously Remitted | $ | (417,633.70 | ) | |||||
| J | AVAILABLE FUNDS | $ | 65,587,614.70 | |||||
| K | Non-Cash Principal Activity During Collection Period | $ | (1,488,799.29 | ) | ||||
| L | Non-Reimbursable Losses During Collection Period | $ | 0.23 | |||||
| M | Aggregate Purchased Amounts by the Depositor, Servicer or Seller | $ | 37,168.37 | |||||
| N | Aggregate Loan Substitutions | $ | — | |||||
Trust 1997-3 Quarterly Servicing Report: Collection Period 07/01/2005 - 09/30/2005, Distribution Date 10/25/2005
Page 2 of 8
III. 1997-3 Portfolio Characteristics
| 09/30/2005 | 06/30/2005 | |||||||||||||||||||||||||||||||||
| WAC | # Loans | Principal | % of Principal | WAC | # Loans | Principal | % of Principal | |||||||||||||||||||||||||||
| INTERIM: | IN SCHOOL | 5.88 | % | 594 | $ | 2,169,654.31 | 0.806 | % | 4.07 | % | 699 | $ | 2,585,223.34 | 0.787 | % | |||||||||||||||||||
| GRACE | 5.91 | % | 312 | $ | 1,144,131.35 | 0.425 | % | 3.99 | % | 374 | $ | 1,384,270.54 | 0.421 | % | ||||||||||||||||||||
| DEFERMENT | 5.88 | % | 14,597 | $ | 39,400,423.70 | 14.630 | % | 4.06 | % | 16,661 | $ | 47,669,495.57 | 14.510 | % | ||||||||||||||||||||
| REPAYMENT: | CURRENT | 6.19 | % | 94,644 | $ | 133,306,867.21 | 49.499 | % | 4.37 | % | 111,725 | $ | 170,176,681.43 | 51.801 | % | |||||||||||||||||||
| 31-60 DAYS DELINQUENT | 6.20 | % | 5,768 | $ | 12,774,568.42 | 4.743 | % | 4.36 | % | 5,897 | $ | 14,917,661.75 | 4.541 | % | ||||||||||||||||||||
| 61-90 DAYS DELINQUENT | 6.20 | % | 3,038 | $ | 8,279,283.42 | 3.074 | % | 4.41 | % | 3,201 | $ | 9,489,991.69 | 2.889 | % | ||||||||||||||||||||
| 91-120 DAYS DELINQUENT | 6.20 | % | 2,092 | $ | 6,216,845.50 | 2.308 | % | 4.32 | % | 1,954 | $ | 6,009,391.98 | 1.829 | % | ||||||||||||||||||||
| > 120 DAYS DELINQUENT | 6.18 | % | 5,993 | $ | 20,083,839.34 | 7.457 | % | 4.35 | % | 6,350 | $ | 21,506,691.04 | 6.547 | % | ||||||||||||||||||||
| FORBEARANCE | 6.18 | % | 13,548 | $ | 42,610,360.30 | 15.822 | % | 4.36 | % | 14,801 | $ | 51,764,499.50 | 15.757 | % | ||||||||||||||||||||
| CLAIMS IN PROCESS | 6.20 | % | 944 | $ | 3,238,490.69 | 1.203 | % | 4.32 | % | 922 | $ | 2,968,986.18 | 0.904 | % | ||||||||||||||||||||
| AGED CLAIMS REJECTED | 6.13 | % | 18 | $ | 86,266.78 | 0.032 | % | 4.31 | % | 12 | $ | 45,106.95 | 0.014 | % | ||||||||||||||||||||
| TOTAL | 141,548 | $ | 269,310,731.02 | 100.00 | % | 162,596 | $ | 328,517,999.97 | 100.00 | % | ||||||||||||||||||||||||
| * | Percentages may not total 100% due to rounding |
Trust 1997-3 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 3 of 8
IV. 1997-3 Portfolio Characteristics (cont’d)
| 09/30/2005 | 06/30/2005 | |||||||
| Pool Balance | $ | 270,821,684.01 | $ | 330,334,327.73 | ||||
| Total # Loans | 141,548 | 162,596 | ||||||
| Total # Borrowers | 57,331 | 65,250 | ||||||
| Weighted Average Coupon | 6.14 | % | 4.32 | % | ||||
| Weighted Average Remaining Term | 80.83 | 81.87 | ||||||
| Non-Reimbursable Losses | $ | 0.23 | $ | 1,138.10 | ||||
| Cumulative Non-Reimbursable Losses | $ | 3,738,347.57 | $ | 3,738,347.34 | ||||
| Since Issued CPR | 10.89 | % | 10.03 | % | ||||
| Loan Substitutions | $ | — | $ | — | ||||
| Cumulative Loan Substitutions | $ | — | $ | — | ||||
| Rejected Claim Repurchases | $ | 24,814.35 | $ | 20,406.73 | ||||
| Cumulative Rejected Claim Repurchases | $ | 1,285,355.86 | $ | 1,260,541.51 | ||||
| Unpaid Primary Servicing Fees | $ | — | $ | — | ||||
| Unpaid Administration Fees | $ | — | $ | — | ||||
| Unpaid Carryover Servicing Fees | $ | — | $ | — | ||||
| Note Principal Shortfall | $ | — | $ | — | ||||
| Note Interest Shortfall | $ | — | $ | — | ||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||
Trust 1997-3 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 4 of 8
V. 1997-3 Portfolio Statistics by School and Program
| A | LOAN TYPE | WAC | # LOANS | $ AMOUNT | %* | |||||||||||||||
| - GSL - Subsidized | 6.12 | % | 99,448 | $ | 171,196,763.71 | 63.568 | % | |||||||||||||
| - GSL - Unsubsidized | 6.03 | % | 31,762 | 70,569,453.15 | 26.204 | % | ||||||||||||||
| - PLUS Loans | 6.50 | % | 6,253 | 13,874,387.68 | 5.152 | % | ||||||||||||||
| - SLS Loans | 6.53 | % | 4,085 | 13,670,126.48 | 5.076 | % | ||||||||||||||
| - Consolidation Loans | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||||
Total | 6.14 | % | 141,548 | $ | 269,310,731.02 | 100.000 | % | |||||||||||||
| B | SCHOOL TYPE | WAC | # LOANS | $ AMOUNT | %* | |||||||||||||||
| - Four Year | 6.15 | % | 116,951 | $ | 230,959,267.48 | 85.759 | % | |||||||||||||
| - Two Year | 6.06 | % | 17,726 | 27,470,185.09 | 10.200 | % | ||||||||||||||
| - Technical | 6.08 | % | 6,871 | 10,881,278.45 | 4.040 | % | ||||||||||||||
| - Other | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||||
Total | 6.14 | % | 141,548 | $ | 269,310,731.02 | 100.000 | % | |||||||||||||
| C | Student Loan Rate Calculation | |||||||||||||||||||
| Borrower Interest Accrued | 3,904,175.18 | |||||||||||||||||||
| Interest Subsidy Payments Accrued | $ | 451,585.01 | ||||||||||||||||||
| Special Allowance Payments Accrued | $ | 291,111.91 | ||||||||||||||||||
| Investment Income | $ | 472,507.46 | ||||||||||||||||||
| Net Expected Interest Collections | $ | 5,119,379.56 | ||||||||||||||||||
| Accrual Daycount Fraction | 0.252054795 | |||||||||||||||||||
| Primary Servicing Fee | $ | 606,280.46 | ||||||||||||||||||
| Admin Fee | $ | 20,000.00 | ||||||||||||||||||
| Pool Balance at Beginning of Collection Pd | $ | 330,334,327.73 | ||||||||||||||||||
Student Loan Rate | 5.39632 | % | ||||||||||||||||||
| *Percentages may not total 100% due to rounding. |
Trust 1997-3 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 5 of 8
VI. 1997-3 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 1997-3 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 6 of 8
VII. 1997-3 Waterfall for Distributions
| Remaining | |||||||||
| Paid | Funds Balance | ||||||||
| Total Available Funds | $ | 65,587,614.70 | |||||||
| A | Primary Servicing Fee | $ | 188,646.76 | $ | 65,398,967.94 | ||||
| B | Administration Fee | $ | 20,000.00 | $ | 65,378,967.94 | ||||
| C | Noteholders' Interest Distribution Amount | $ | 2,540,044.68 | $ | 62,838,923.26 | ||||
| D | Certificateholders' Return Distribution Amount | $ | 996,545.27 | $ | 61,842,377.99 | ||||
| E | Noteholders' Principal Distribution Amount | $ | 59,512,643.72 | $ | 2,329,734.27 | ||||
| F | Certificateholders' Balance Distribution Amount | $ | — | $ | 2,329,734.27 | ||||
| G | Reserve Account Reinstatement | $ | — | $ | 2,329,734.27 | ||||
| H | Carryover Servicing Fee | $ | — | $ | 2,329,734.27 | ||||
| I | Noteholders' Carryover Interest | $ | — | $ | 2,329,734.27 | ||||
| J | Certificateholders' Carryover Return | $ | — | $ | 2,329,734.27 | ||||
| K | Excess Distribution | $ | 2,329,734.27 | $ | — | ||||
Trust 1997-3 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 7 of 8
VIII. 1997-3 Distributions
| A | Distribution Amounts | A2 | Certs | |||||||||||||
| Cusip/Isin | 78442GAS5 | 78442GAT3 | ||||||||||||||
| Beginning Balance | $ | 240,184,327.73 | $ | 90,150,000.00 | ||||||||||||
| Index | TBILL | TBILL | ||||||||||||||
| Spread/Fixed Rate | 0.64 | % | 0.83 | % | ||||||||||||
| Daycount Fraction | 0.25205479 | 0.25205479 | ||||||||||||||
| Interest Rate | 4.19567 | % | 4.38567 | % | ||||||||||||
| Accrued Interest Factor | 0.010575397 | 0.011054301 | ||||||||||||||
| Current Interest Due | $ | 2,540,044.68 | $ | 996,545.27 | ||||||||||||
| Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||||||||
| Total Interest Due | $ | 2,540,044.68 | $ | 996,545.27 | ||||||||||||
| Interest Paid | $ | 2,540,044.68 | $ | 996,545.27 | ||||||||||||
| Interest Shortfall | $ | — | $ | — | ||||||||||||
| Carryover Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||||||||
| Current Interest Carryover Due | $ | — | $ | — | ||||||||||||
| Interest Carryover Paid | $ | — | $ | — | ||||||||||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||||||||||
| Principal Paid | $ | 59,512,643.72 | $ | — | ||||||||||||
| Ending Principal Balance | $ | 180,671,684.01 | $ | 90,150,000.00 | ||||||||||||
| Paydown Factor | 0.057863533 | 0.000000000 | ||||||||||||||
| Ending Balance Factor | 0.175665225 | 1.000000000 | ||||||||||||||
| B | Principal Distribution Reconciliation | |||||||||||||||
| Prior Adjusted Pool Balance | $ | 330,334,327.73 | ||||||||||||||
| Current Adjusted Pool Balance | $ | 270,821,684.01 | ||||||||||||||
| Current Principal Due | $ | 59,512,643.72 | ||||||||||||||
| Principal Shortfall from Previous Collection Period | 0.00 | |||||||||||||||
| Principal Distribution Amount | $ | 59,512,643.72 | ||||||||||||||
| Principal Paid | $ | 59,512,643.72 | ||||||||||||||
| Principal Shortfall | $ | — | ||||||||||||||
| C | Reserve Account Reconciliation | |||||||||||||||
| Beginning Period Balance | $ | 2,503,690.00 | ||||||||||||||
| Reserve Funds Utilized | 0.00 | |||||||||||||||
| Reserve Funds Reinstated | 0.00 | |||||||||||||||
| Excess Distribution Deposit | 2,329,734.27 | |||||||||||||||
| Balance Available | $ | 4,833,424.27 | ||||||||||||||
| Required Reserve Acct Balance | $ | 2,503,690.00 | ||||||||||||||
| Release to Excess Distribution Certificateholder | $ | 2,329,734.27 | ||||||||||||||
| Ending Reserve Account Balance | $ | 2,503,690.00 | ||||||||||||||
Trust 1997-3 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 8 of 8
