SLM Student Loan Trust 1997-2 Quarterly Servicing Report
Collection Period 07/01/2005 – 09/30/2005 Distribution Date 10/25/2005
I. Deal Parameters
| A | Student Loan Portfolio Characteristics | 06/18/1997 | 06/30/2005 | 09/30/2005 | ||||||||||
| Principal Balance | $ | 2,417,769,037.00 | $ | 255,171,772.61 | $ | — | ||||||||
| Interest to be Capitalized Balance | 23,753,390.00 | 898,414.95 | 0.00 | |||||||||||
| Pool Balance | $ | 2,441,522,427.00 | $ | 256,070,187.56 | $ | — | ||||||||
| Specified Reserve Account Balance | 6,103,806.00 | -N/A- | -N/A- | |||||||||||
Adjusted Pool(1) | $ | 2,447,626,233.00 | $ | 256,070,187.56 | $ | — | ||||||||
| Weighted Average Coupon (WAC) | 8.20 | % | 4.35 | % | 0.00 | % | ||||||||
| Weighted Average Remaining Term | 104.00 | 67.26 | 0.00 | |||||||||||
| Number of Loans | 846,571 | 162,208 | 0 | |||||||||||
| Number of Borrowers | 360,483 | 68,330 | 0 | |||||||||||
| Since Issued CPR | 5.91 | % | 0.00 | % | ||||||||||
| (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 | 78442GAP1 | $ | 168,620,187.56 | $ | — | ||||||
| Certs | 78442GAQ9 | $ | 87,450,000.00 | $ | — | ||||||
| C | Account Balances | 07/25/2005 | 10/25/2005 | ||||||||
| Reserve Account Balance | $ | 2,441,522.00 | $ | — | |||||||
| D | Asset / Liability | 07/25/2005 | 10/25/2005 | ||||||||
| Adjusted Pool Balance | $ | 256,070,187.56 | $ | — | |||||||
| Total Notes | $ | 256,070,187.56 | $ | — | |||||||
| Difference | $ | — | $ | — | |||||||
| Parity Ratio | 1.00000 | .00000 |
Page 1 of 8
II. Trust Activity 07/01/2005 through 09/30/2005
| A | Student Loan Principal Receipts | |||||||
| Borrower Principal | 17,134,997.78 | |||||||
| Guarantor Principal | 4,080,650.40 | |||||||
| Consolidation Activity Principal | 22,195,100.14 | |||||||
| Seller Principal Reimbursement | (2,239.36 | ) | ||||||
| Servicer Principal Reimbursement | 1,052.51 | |||||||
| Rejected Claim Repurchased Principal | 2,181.23 | |||||||
| Other Principal Deposits | 42.26 | |||||||
| Total Principal Receipts | $ | 43,411,784.96 | ||||||
| B | Student Loan Interest Receipts | |||||||
| Borrower Interest | 1,637,765.33 | |||||||
| Guarantor Interest | 189,089.72 | |||||||
| Consolidation Activity Interest | 241,940.17 | |||||||
| Special Allowance Payments | 1,128,133.47 | |||||||
| Interest Subsidy Payments | 302,046.50 | |||||||
| Seller Interest Reimbursement | 192.18 | |||||||
| Servicer Interest Reimbursement | 5,253.50 | |||||||
| Rejected Claim Repurchased Interest | 181.26 | |||||||
| Other Interest Deposits | 270,201.76 | |||||||
| Total Interest Receipts | $ | 3,774,803.89 | ||||||
| C | Investment Income | $ | 342,931.23 | |||||
| D | Funds Borrowed from Next Collection Period | $ | — | |||||
| E | Funds Repaid from Prior Collection Period | $ | — | |||||
| F | Loan Sale or Purchase Proceeds | $ | 214,989,596.03 | |||||
| G | Initial Deposits to Collection Account | $ | — | |||||
| H | Other Deposits | $ | 109,047.34 | |||||
| I | Less: Funds Previously Remitted: | |||||||
| Servicing Fees | $ | (477,869.62 | ) | |||||
| Consolidation Loan Rebate Fees | $ | — | ||||||
| Total Funds Previously Remitted | $ | (477,869.62 | ) | |||||
| J | AVAILABLE FUNDS | $ | 262,150,293.83 | |||||
| K | Non-Cash Principal Activity During Collection Period | $ | (1,011,135.86 | ) | ||||
| L | Non-Reimbursable Losses During Collection Period | $ | (0.21 | ) | ||||
| M | Aggregate Purchased Amounts by the Depositor, Servicer or Seller | $ | 2,362.49 | |||||
| N | Aggregate Loan Substitutions | $ | — | |||||
Trust 1997-2 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 2 of 8
III. 1997-2 Portfolio Characteristics
| 09/30/2005 | 06/30/2005 | |||||||||||||||||||||||||||||||||
| WAC | # Loans | Principal | % of Principal | WAC | # Loans | Principal | % of Principal | |||||||||||||||||||||||||||
| INTERIM: | IN SCHOOL | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.03 | % | 184 | $ | 585,303.00 | 0.229 | % | |||||||||||||||||||
| GRACE | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.08 | % | 101 | $ | 295,106.59 | 0.116 | % | ||||||||||||||||||||
| DEFERMENT | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.09 | % | 15,344 | $ | 36,211,687.14 | 14.191 | % | ||||||||||||||||||||
| REPAYMENT: | CURRENT | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.40 | % | 115,619 | $ | 141,515,850.77 | 55.459 | % | |||||||||||||||||||
| 31-60 DAYS DELINQUENT | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.45 | % | 6,351 | $ | 12,515,908.69 | 4.905 | % | ||||||||||||||||||||
| 61-90 DAYS DELINQUENT | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.41 | % | 3,471 | $ | 7,862,741.28 | 3.081 | % | ||||||||||||||||||||
| 91-120 DAYS DELINQUENT | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.35 | % | 2,048 | $ | 4,879,421.44 | 1.912 | % | ||||||||||||||||||||
| > 120 DAYS DELINQUENT | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.39 | % | 6,890 | $ | 18,597,065.34 | 7.288 | % | ||||||||||||||||||||
| FORBEARANCE | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.40 | % | 11,150 | $ | 29,835,577.99 | 11.692 | % | ||||||||||||||||||||
| CLAIMS IN PROCESS | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.49 | % | 1,046 | $ | 2,868,074.22 | 1.124 | % | ||||||||||||||||||||
| AGED CLAIMS REJECTED | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.81 | % | 4 | $ | 5,036.15 | 0.002 | % | ||||||||||||||||||||
| TOTAL | 0 | $ | 0.00 | 0.00 | % | 162,208 | $ | 255,171,772.61 | 100.00 | % | ||||||||||||||||||||||||
| * | Percentages may not total 100% due to rounding |
Trust 1997-2 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 3 of 8
IV. 1997-2 Portfolio Characteristics (cont’d)
| 09/30/2005 | 06/30/2005 | |||||||
| Pool Balance | $ | — | $ | 256,070,187.56 | ||||
| Total # Loans | 0 | 162,208 | ||||||
| Total # Borrowers | 0 | 68,330 | ||||||
| Weighted Average Coupon | 0.00 | % | 4.35 | % | ||||
| Weighted Average Remaining Term | 0.00 | 67.26 | ||||||
| Non-Reimbursable Losses | $ | (0.21 | ) | $ | (566.26 | ) | ||
| Cumulative Non-Reimbursable Losses | $ | 3,535,764.10 | $ | 3,535,764.31 | ||||
| Since Issued CPR | 0.00 | % | 5.91 | % | ||||
| Loan Substitutions | $ | — | $ | — | ||||
| Cumulative Loan Substitutions | $ | — | $ | — | ||||
| Rejected Claim Repurchases | $ | 2,362.49 | $ | 11,165.98 | ||||
| Cumulative Rejected Claim Repurchases | $ | 910,845.84 | $ | 908,483.35 | ||||
| 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 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 4 of 8
V. 1997-2 Portfolio Statistics by School and Program
| A | LOAN TYPE | WAC | # LOANS | $ AMOUNT | %* | |||||||||||||||
| - GSL - Subsidized | 0.00 | % | 0 | $ | — | 0.000 | % | |||||||||||||
| - GSL - Unsubsidized | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||||
| - PLUS Loans | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||||
| - SLS Loans | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||||
| - Consolidation Loans | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||||
Total | 0.00 | % | 0 | $ | — | 0.000 | % | |||||||||||||
| B | SCHOOL TYPE | WAC | # LOANS | $ AMOUNT | %* | |||||||||||||||
| - Four Year | 0.00 | % | 0 | $ | — | 0.000 | % | |||||||||||||
| - Two Year | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||||
| - Technical | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||||
| - Other | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||||
Total | 0.00 | % | 0 | $ | — | 0.000 | % | |||||||||||||
| C | Student Loan Rate Calculation | |||||||||||||||||||
| Borrower Interest Accrued | 3,109,143.98 | |||||||||||||||||||
| Interest Subsidy Payments Accrued | $ | 342,945.22 | ||||||||||||||||||
| Special Allowance Payments Accrued | $ | 224,406.39 | ||||||||||||||||||
| Investment Income | $ | 342,931.23 | ||||||||||||||||||
| Net Expected Interest Collections | $ | 4,019,426.82 | ||||||||||||||||||
| Accrual Daycount Fraction | 0.252054795 | |||||||||||||||||||
| Primary Servicing Fee | $ | 695,258.55 | ||||||||||||||||||
| Admin Fee | $ | 20,000.00 | ||||||||||||||||||
| Pool Balance at Beginning of Collection Pd | $ | 256,070,187.56 | ||||||||||||||||||
Student Loan Rate | 5.11927 | % | ||||||||||||||||||
| * | Percentages may not total 100% due to rounding. |
Trust 1997-2 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 5 of 8
VI. 1997-2 T-Bill Rates
| Accrual Period | ||||||
| Number of | ||||||
| Start Date | Through | Days Weighted | 91-Day T-Bill | |||
| 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 1997-2 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 6 of 8
VII. 1997-2 Waterfall for Distributions
| Remaining | ||||||||||
| Paid | Funds Balance | |||||||||
| Total Available Funds | $ | 262,150,293.83 | ||||||||
| A | Primary Servicing Fee | $ | 217,388.93 | $ | 261,932,904.90 | |||||
| B | Administration Fee | $ | 20,000.00 | $ | 261,912,904.90 | |||||
| C | Noteholders' Interest Distribution Amount | $ | 1,766,224.86 | $ | 260,146,680.04 | |||||
| D | Certificateholders' Return Distribution Amount | $ | 966,698.65 | $ | 259,179,981.39 | |||||
| E | Noteholders' Principal Distribution Amount | $ | 168,620,187.56 | $ | 90,559,793.83 | |||||
| F | Certificateholders' Balance Distribution Amount | $ | 87,450,000.00 | $ | 3,109,793.83 | |||||
| G | Reserve Account Reinstatement | $ | — | $ | 3,109,793.83 | |||||
| H | Carryover Servicing Fee | $ | — | $ | 3,109,793.83 | |||||
| I | Noteholders' Carryover Interest | $ | — | $ | 3,109,793.83 | |||||
| J | Certificateholders' Carryover Return | $ | — | $ | 3,109,793.83 | |||||
| K | Excess Distribution | $ | 3,109,793.83 | $ | — | |||||
Trust 1997-2 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 7 of 8
VIII. 1997-2 Distributions
| A | Distribution Amounts | A2 | Certs | |||||||||||||
| Cusip/Isin | 78442GAP1 | 78442GAQ9 | ||||||||||||||
| Beginning Balance | $ | 168,620,187.56 | $ | 87,450,000.00 | ||||||||||||
| Index | TBILL | TBILL | ||||||||||||||
| Spread/Fixed Rate | 0.60 | % | 0.83 | % | ||||||||||||
| Daycount Fraction | 0.25205479 | 0.25205479 | ||||||||||||||
| Interest Rate | 4.15567 | % | 4.38567 | % | ||||||||||||
| Accrued Interest Factor | 0.010474575 | 0.011054301 | ||||||||||||||
| Current Interest Due | $ | 1,766,224.86 | $ | 966,698.65 | ||||||||||||
| Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||||||||
| Total Interest Due | $ | 1,766,224.86 | $ | 966,698.65 | ||||||||||||
| Interest Paid | $ | 1,766,224.86 | $ | 966,698.65 | ||||||||||||
| Interest Shortfall | $ | — | $ | — | ||||||||||||
| Carryover Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||||||||
| Current Interest Carryover Due | $ | — | $ | — | ||||||||||||
| Interest Carryover Paid | $ | — | $ | — | ||||||||||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||||||||||
| Principal Paid | $ | 168,620,187.56 | $ | 87,450,000.00 | ||||||||||||
| Ending Principal Balance | $ | — | $ | — | ||||||||||||
| Paydown Factor | 0.208688351 | 1.000000000 | ||||||||||||||
| Ending Balance Factor | 0.000000000 | 0.000000000 | ||||||||||||||
| B | Principal Distribution Reconciliation | |||||||||||||||
| Prior Adjusted Pool Balance | $ | 256,070,187.56 | ||||||||||||||
| Current Adjusted Pool Balance | $ | — | ||||||||||||||
| Current Principal Due | $ | 256,070,187.56 | ||||||||||||||
| Principal Shortfall from Previous Collection Period | 0.00 | |||||||||||||||
| Principal Distribution Amount | $ | 256,070,187.56 | ||||||||||||||
| Principal Paid | $ | 256,070,187.56 | ||||||||||||||
| 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 | 3,109,793.83 | |||||||||||||||
| Balance Available | $ | 5,551,315.83 | ||||||||||||||
| Required Reserve Acct Balance | $ | — | ||||||||||||||
| Release to Excess Distribution Certificateholder | $ | 5,551,315.83 | ||||||||||||||
| Ending Reserve Account Balance | $ | — | ||||||||||||||
Trust 1997-2 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 8 of 8
