SLM Student Loan Trust 1997-2 Quarterly Servicing Report
Collection Period 04/01/2005 - 06/30/2005 Distribution Date 07/25/2005
I. Deal Parameters
| A | Student Loan Portfolio Characteristics | 06/18/1997 | 03/31/2005 | 06/30/2005 | ||||||||||||
| Principal Balance | $ | 2,417,769,037.00 | $ | 296,803,059.18 | $ | 255,171,772.61 | ||||||||||
| Interest to be Capitalized Balance | 23,753,390.00 | 1,085,699.30 | 898,414.95 | |||||||||||||
| Pool Balance | $ | 2,441,522,427.00 | $ | 297,888,758.48 | $ | 256,070,187.56 | ||||||||||
| Specified Reserve Account Balance | 6,103,806.00 | - N/A - | - N/A - | |||||||||||||
| Adjusted Pool (1) | $ | 2,447,626,233.00 | $ | 297,888,758.48 | $ | 256,070,187.56 | ||||||||||
| Weighted Average Coupon (WAC) | 8.20 | % | 4.36 | % | 4.35 | % | ||||||||||
| Weighted Average Remaining Term | 104.00 | 68.05 | 67.26 | |||||||||||||
| Number of Loans | 846,571 | 180,019 | 162,208 | |||||||||||||
| Number of Borrowers | 360,483 | 75,295 | 68,330 | |||||||||||||
| Since Issued CPR | 5.58 | % | 5.91 | % | ||||||||||||
| (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 | 78442GAP1 | $ | 210,438,758.48 | $ | 168,620,187.56 | |||||||||||
| Certs | 78442GAQ9 | $ | 87,450,000.00 | $ | 87,450,000.00 | |||||||||||
| C | Account Balances | 04/25/2005 | 07/25/2005 | |||||||||||||
| Reserve Account Balance | $ | 2,441,522.00 | $ | 2,441,522.00 | ||||||||||||
| D | Asset/Liability | 04/25/2005 | 07/25/2005 | |||||||||||||
| Adjusted Pool Balance | $ | 297,888,758.48 | $ | 256,070,187.56 | ||||||||||||
| Total Notes | $ | 297,888,758.48 | $ | 256,070,187.56 | ||||||||||||
| 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 | 19,386,451.69 | |||||||
| Guarantor Principal | 4,469,869.33 | |||||||
| Consolidation Activity Principal | 18,723,758.78 | |||||||
| Seller Principal Reimbursement | 3,171.67 | |||||||
| Servicer Principal Reimbursement | 1,201.57 | |||||||
| Rejected Claim Repurchased Principal | 10,272.20 | |||||||
| Other Principal Deposits | 34.44 | |||||||
| Total Principal Receipts | $ | 42,594,759.68 | ||||||
| B | Student Loan Interest Receipts | |||||||
| Borrower Interest | 1,514,798.81 | |||||||
| Guarantor Interest | 206,405.03 | |||||||
| Consolidation Activity Interest | 142,992.01 | |||||||
| Special Allowance Payments | 1,046,050.91 | |||||||
| Interest Subsidy Payments | 325,145.73 | |||||||
| Seller Interest Reimbursement | 2,877.18 | |||||||
| Servicer Interest Reimbursement | 16,456.00 | |||||||
| Rejected Claim Repurchased Interest | 893.78 | |||||||
| Other Interest Deposits | 271,236.62 | |||||||
| Total Interest Receipts | $ | 3,526,856.07 | ||||||
| C | Investment Income | $ | 258,304.84 | |||||
| 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 | $ | 138,988.10 | |||||
| I | Less: Funds Previously Remitted: | |||||||
| Servicing Fees | $ | (565,199.74 | ) | |||||
| Consolidation Loan Rebate Fees | $ | — | ||||||
Total Funds Previously Remitted | $ | (565,199.74 | ) | |||||
| J | AVAILABLE FUNDS | $ | 45,953,708.95 | |||||
| K | Non-Cash Principal Activity During Collection Period | $ | (963,473.11 | ) | ||||
| L | Non-Reimbursable Losses During Collection Period | $ | (566.26 | ) | ||||
| M | Aggregate Purchased Amounts by the Depositor, Servicer or Seller | $ | 11,165.98 | |||||
| N | Aggregate Loan Substitutions | $ | — | |||||
Trust 1997-2 Quarterly Servicing Report: Collection Period 04/01/2005-06/30/2005, Distribution Date 07/25/2005
Page 2 of 8
III. 1997-2 Portfolio Characteristics
| 06/30/2005 | 03/31/2005 | |||||||||||||||||||||||||||||||||
| WAC | # Loans | Principal | % of Principal | WAC | # Loans | Principal | % of Principal | |||||||||||||||||||||||||||
| INTERIM: | IN SCHOOL | 4.03 | % | 184 | $ | 585,303.00 | 0.229 | % | 3.99 | % | 289 | $ | 925,978.47 | 0.312 | % | |||||||||||||||||||
| GRACE | 4.08 | % | 101 | $ | 295,106.59 | 0.116 | % | 3.80 | % | 82 | $ | 248,753.95 | 0.084 | % | ||||||||||||||||||||
| DEFERMENT | 4.09 | % | 15,344 | $ | 36,211,687.14 | 14.191 | % | 4.10 | % | 18,034 | $ | 42,966,292.46 | 14.476 | % | ||||||||||||||||||||
| REPAYMENT: | CURRENT | 4.40 | % | 115,619 | $ | 141,515,850.77 | 55.459 | % | 4.40 | % | 127,481 | $ | 164,989,150.09 | 55.589 | % | |||||||||||||||||||
| 31-60 DAYS DELINQUENT | 4.45 | % | 6,351 | $ | 12,515,908.69 | 4.905 | % | 4.46 | % | 6,564 | $ | 13,948,557.25 | 4.700 | % | ||||||||||||||||||||
| 61-90 DAYS DELINQUENT | 4.41 | % | 3,471 | $ | 7,862,741.28 | 3.081 | % | 4.43 | % | 3,573 | $ | 8,499,430.12 | 2.864 | % | ||||||||||||||||||||
| 91-120 DAYS DELINQUENT | 4.35 | % | 2,048 | $ | 4,879,421.44 | 1.912 | % | 4.42 | % | 2,175 | $ | 5,170,445.59 | 1.742 | % | ||||||||||||||||||||
| > 120 DAYS DELINQUENT | 4.39 | % | 6,890 | $ | 18,597,065.34 | 7.288 | % | 4.38 | % | 7,400 | $ | 20,231,285.25 | 6.816 | % | ||||||||||||||||||||
| FORBEARANCE | 4.40 | % | 11,150 | $ | 29,835,577.99 | 11.692 | % | 4.41 | % | 13,165 | $ | 36,368,811.71 | 12.254 | % | ||||||||||||||||||||
| CLAIMS IN PROCESS | 4.49 | % | 1,046 | $ | 2,868,074.22 | 1.124 | % | 4.48 | % | 1,251 | $ | 3,443,638.61 | 1.160 | % | ||||||||||||||||||||
| AGED CLAIMS REJECTED | 4.81 | % | 4 | $ | 5,036.15 | 0.002 | % | 4.24 | % | 5 | $ | 10,715.68 | 0.004 | % | ||||||||||||||||||||
| TOTAL | 162,208 | $ | 255,171,772.61 | 100.00 | % | 180,019 | $ | 296,803,059.18 | 100.00 | % | ||||||||||||||||||||||||
| * | Percentages may not total 100% due to rounding |
Trust 1997-2 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 3 of 8
IV. 1997-2 Portfolio Characteristics (cont’d)
| 06/30/2005 | 03/31/2005 | |||||||
| Pool Balance | $ | 256,070,187.56 | $ | 297,888,758.48 | ||||
| Total # Loans | 162,208 | 180,019 | ||||||
| Total # Borrowers | 68,330 | 75,295 | ||||||
| Weighted Average Coupon | 4.35 | % | 4.36 | % | ||||
| Weighted Average Remaining Term | 67.26 | 68.05 | ||||||
| Non-Reimbursable Losses | $ | (566.26 | ) | $ | 1,347.37 | |||
| Cumulative Non-Reimbursable Losses | $ | 3,535,764.31 | $ | 3,536,330.57 | ||||
| Since Issued CPR | 5.91 | % | 5.58 | % | ||||
| Loan Substitutions | $ | — | $ | — | ||||
| Cumulative Loan Substitutions | $ | — | $ | — | ||||
| Rejected Claim Repurchases | $ | 11,165.98 | $ | 3,158.89 | ||||
| Cumulative Rejected Claim Repurchases | $ | 908,483.35 | $ | 897,317.37 | ||||
| Unpaid Primary Servicing Fees | $ | — | $ | — | ||||
| Unpaid Administration Fees | $ | — | $ | — | ||||
| Unpaid Carryover Servicing Fees | $ | — | $ | — | ||||
| Note Principal Shortfall | $ | — | $ | — | ||||
| Note Interest Shortfall | $ | — | $ | — | ||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||
Trust 1997-2 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 4 of 8
V. 1997-2 Portfolio Statistics by School and Program
| A | LOAN TYPE | WAC | # LOANS | $ AMOUNT | % * | |||||||||||||
| - GSL - Subsidized | 4.25 | % | 113,834 | $ | 161,264,720.34 | 63.198 | % | |||||||||||
| - GSL - Unsubsidized | 4.11 | % | 31,895 | 60,102,592.51 | 23.554 | % | ||||||||||||
| - PLUS Loans | 5.26 | % | 11,817 | 23,906,938.18 | 9.369 | % | ||||||||||||
| - SLS Loans | 5.30 | % | 4,662 | 9,897,521.58 | 3.879 | % | ||||||||||||
| - Consolidation Loans | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||
Total | 4.35 | % | 162,208 | $ | 255,171,772.61 | 100.000 | % | |||||||||||
| B | SCHOOL TYPE | WAC | # LOANS | $ AMOUNT | % * | |||||||||||||
| - Four Year | 4.37 | % | 127,445 | $ | 205,241,919.12 | 80.433 | % | |||||||||||
| - Two Year | 4.28 | % | 23,777 | 33,227,431.77 | 13.022 | % | ||||||||||||
| - Technical | 4.30 | % | 10,986 | 16,702,421.72 | 6.546 | % | ||||||||||||
| - Other | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||
Total | 4.35 | % | 162,208 | $ | 255,171,772.61 | 100.000 | % | |||||||||||
| C | Student Loan Rate Calculation | |||||||||||||||||
| Borrower Interest Accrued | 2,574,100.79 | |||||||||||||||||
| Interest Subsidy Payments Accrued | $ | 278,360.20 | ||||||||||||||||
| Special Allowance Payments Accrued | $ | 1,127,121.54 | ||||||||||||||||
| Investment Income | $ | 258,304.84 | ||||||||||||||||
| Net Expected Interest Collections | $ | 4,237,887.37 | ||||||||||||||||
| Accrual Daycount Fraction | 0.249315068 | |||||||||||||||||
| Primary Servicing Fee | $ | 829,260.94 | ||||||||||||||||
| Admin Fee | $ | 20,000.00 | ||||||||||||||||
| Pool Balance at Beginning of Collection Pd | $ | 297,888,758.48 | ||||||||||||||||
Student Loan Rate | 4.56269 | % | ||||||||||||||||
* Percentages may not total 100% due to rounding.
Trust 1997-2 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 5 of 8
VI. 1997-2 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% | |||
| 04/26/2006 | 05/02/2005 | 7 | 2.941% | |||
| 05/03/2005 | 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 1997-2 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 6 of 8
VII. 1997-2 Waterfall for Distributions
| Remaining | ||||||||||
| Paid | Funds Balance | |||||||||
| Total Available Funds | $ | 45,953,708.95 | ||||||||
| A | Primary Servicing Fee | $ | 264,061.20 | $ | 45,689,647.75 | |||||
| B | Administration Fee | $ | 20,000.00 | $ | 45,669,647.75 | |||||
| C | Noteholders’ Interest Distribution Amount | $ | 1,904,862.81 | $ | 43,764,784.94 | |||||
| D | Certificateholders’ Return Distribution Amount | $ | 841,731.41 | $ | 42,923,053.53 | |||||
| E | Noteholders’ Principal Distribution Amount | $ | 41,818,570.92 | $ | 1,104,482.61 | |||||
| F | Certificateholders’ Balance Distribution Amount | $ | — | $ | 1,104,482.61 | |||||
| G | Reserve Account Reinstatement | $ | — | $ | 1,104,482.61 | |||||
| H | Carryover Servicing Fee | $ | — | $ | 1,104,482.61 | |||||
| I | Noteholders’ Carryover Interest | $ | — | $ | 1,104,482.61 | |||||
| J | Certificateholders’ Carryover Return | $ | — | $ | 1,104,482.61 | |||||
| K | Excess Distribution | $ | 1,104,482.61 | $ | — | |||||
Trust 1997-2 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 7 of 8
VIII. 1997-2 Distributions
| A | Distribution Amounts | A2 | Certs | |||||||||||
| Cusip/Isin | 78442GAP1 | 78442GAQ9 | ||||||||||||
| Beginning Balance | $ | 210,438,758.48 | $ | 87,450,000.00 | ||||||||||
| Index | TBILL | TBILL | ||||||||||||
| Spread/Fixed Rate | 0.60 | % | 0.83 | % | ||||||||||
| Daycount Fraction | 0.24931507 | 0.24931507 | ||||||||||||
| Interest Rate | 3.63069 | % | 3.86069 | % | ||||||||||
| Accrued Interest Factor | 0.009051863 | 0.009625288 | ||||||||||||
| Current Interest Due | $ | 1,904,862.81 | $ | 841,731.41 | ||||||||||
| Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||||||
| Total Interest Due | $ | 1,904,862.81 | $ | 841,731.41 | ||||||||||
| Interest Paid | $ | 1,904,862.81 | $ | 841,731.41 | ||||||||||
| Interest Shortfall | $ | — | $ | — | ||||||||||
| Carryover Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||||||
| Current Interest Carryover Due | $ | — | $ | — | ||||||||||
| Interest Carryover Paid | $ | — | $ | — | ||||||||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||||||||
| Principal Paid | $ | 41,818,570.92 | $ | — | ||||||||||
| Ending Principal Balance | $ | 168,620,187.56 | $ | 87,450,000.00 | ||||||||||
| Paydown Factor | 0.051755657 | 0.000000000 | ||||||||||||
| Ending Balance Factor | 0.208688351 | 1.000000000 | ||||||||||||
| B | Principal Distribution Reconciliation | |||||||||||||
| Prior Adjusted Pool Balance | $ | 297,888,758.48 | ||||||||||||
| Current Adjusted Pool Balance | $ | 256,070,187.56 | ||||||||||||
| Current Principal Due | $ | 41,818,570.92 | ||||||||||||
| Principal Shortfall from Previous Collection Period | 0.00 | |||||||||||||
| Principal Distribution Amount | $ | 41,818,570.92 | ||||||||||||
| Principal Paid | $ | 41,818,570.92 | ||||||||||||
| Principal Shortfall | $ | — | ||||||||||||
| C | Reserve Account Reconciliation | |||||||||||||
| Beginning Period Balance | $ | 2,441,522.00 | ||||||||||||
| Reserve Funds Utilized | 0.00 | |||||||||||||
| Reserve Funds Reinstated | 0.00 | |||||||||||||
| Excess Distribution Deposit | 1,104,482.61 | |||||||||||||
| �� | ||||||||||||||
| Balance Available | $ | 3,546,004.61 | ||||||||||||
| Required Reserve Acct Balance | $ | 2,441,522.00 | ||||||||||||
| Release to Excess Distribution Certificateholder | $ | 1,104,482.61 | ||||||||||||
| Ending Reserve Account Balance | $ | 2,441,522.00 | ||||||||||||
Trust 1997-2 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 8 of 8
