SLM Student Loan Trust 2000-1 Quarterly Servicing Report
Report Date: 3/31/2005 Reporting Period: 1/1/05-3/31/05
I. Deal Parameters
| Student Loan Portfolio Characteristics | 12/31/2004 | Activity | 3/31/2005 | |||||||||||||
| A | i | Portfolio Balance | $ | 571,401,792.56 | $ | 58,231,954.20 | $ | 513,169,838.36 | ||||||||
| ii | Interest to be Capitalized | 3,561,912.14 | 3,208,146.34 | |||||||||||||
| iii | Total Pool | $ | 574,963,704.70 | $ | 516,377,984.70 | |||||||||||
| iv | Specified Reserve Account Balance | 0.00 | 0.00 | |||||||||||||
| v | Total Adjusted Pool | $ | 574,963,704.70 | $ | 516,377,984.70 | |||||||||||
| B | i | Weighted Average Coupon (WAC) | 3.958 | % | 3.953 | % | ||||||||||
| ii | Weighted Average Remaining Term | 90.72 | 89.46 | |||||||||||||
| iii | Number of Loans | 215,447 | 199,692 | |||||||||||||
| iv | Number of Borrowers | 97,854 | 91,010 | |||||||||||||
| % of | % of | |||||||||||||||||||||||||
| Notes and Certificates | Spread | Balance 01/25/05 | O/S Securities | Balance 04/25/05 | O/S Securities | |||||||||||||||||||||
| C | i | A-1T Notes | 78442GBS4 | 0.85 | % | $ | — | 0.000 | % | $ | 0.00 | 0.000 | % | |||||||||||||
| ii | A-1L Notes | 78442GBT2 | 0.09 | % | $ | 0.00 | 0.000 | % | $ | 0.00 | 0.000 | % | ||||||||||||||
| iii | A-2L Notes | 78442GBV7 | 0.18 | % | 503,253,704.70 | 87.528 | % | 444,667,984.70 | 86.113 | % | ||||||||||||||||
| iv | Certificates | 78442GBW5 | 0.45 | % | 71,710,000.00 | 12.472 | % | 71,710,000.00 | 13.887 | % | ||||||||||||||||
| v | Total Notes and Certificates | $ | 574,963,704.70 | 100.000 | % | $ | 516,377,984.70 | 100.000 | % | |||||||||||||||||
| Reserve Account | 1/25/2005 | 4/25/2005 | ||||||||||
| D | i | Required Reserve Acct Deposit (%) | 0.25% | 0.25% | ||||||||
| ii | Reserve Acct Initial Deposit ($) | |||||||||||
| iii | Specified Reserve Acct Balance ($) | $ | 1,437,409.26 | $ | 1,290,944.96 | |||||||
| iv | Reserve Account Floor Balance ($) | $ | 2,002,604.00 | $ | 2,002,604.00 | |||||||
| v | Current Reserve Acct Balance ($) | $ | 2,002,604.00 | $ | 2,002,604.00 | |||||||
1
II. 2000-1 Transactions from: 1/1/2005 through: 3/31/2005
| A | Student Loan Principal Activity | |||||||
| i | Regular Principal Collections | $ | 51,992,331.33 | |||||
| ii | Principal Collections from Guarantor | 8,467,142.68 | ||||||
| iii | Principal Reimbursements | 40,218.59 | ||||||
| iv | Other System Adjustments | 0.00 | ||||||
| v | Total Principal Collections | $ | 60,499,692.60 | |||||
| B | Student Loan Non-Cash Principal Activity | |||||||
| i | Other Adjustments | $ | 3,737.25 | |||||
| ii | Capitalized Interest | (2,271,475.65 | ) | |||||
| iii | Total Non-Cash Principal Activity | $ | (2,267,738.40 | ) | ||||
| C | Total Student Loan Principal Activity | $ | 58,231,954.20 | |||||
| D | Student Loan Interest Activity | |||||||
| i | Regular Interest Collections | $ | 2,569,106.16 | |||||
| ii | Interest Claims Received from Guarantors | 368,404.15 | ||||||
| iii | Collection Fees/Returned Items | 70,890.50 | ||||||
| iv | Late Fee Reimbursements | 273,673.58 | ||||||
| v | Interest Reimbursements | 32,464.13 | ||||||
| vi | Other System Adjustments | 0.00 | ||||||
| vii | Special Allowance Payments | 1,516,918.38 | ||||||
| viii | Subsidy Payments | 553,723.89 | ||||||
| ix | Total Interest Collections | $ | 5,385,180.79 | |||||
| E | Student Loan Non-Cash Interest Activity | |||||||
| i | Interest Accrual Adjustment | $ | 6,761.40 | |||||
| ii | Capitalized Interest | 2,271,475.65 | ||||||
| iii | Total Non-Cash Interest Adjustments | $ | 2,278,237.05 | |||||
| F | Total Student Loan Interest Activity | $ | 7,663,417.84 | |||||
| G | Non-Reimbursable Losses During Collection Period | $ | 2,531.46 | |||||
| H | Cumulative Non-Reimbursable Losses to Date | $ | 2,547,835.63 | |||||
2
III. 2000-1Collection Account Activity 1/1/2005 through 3/31/2005
| A | Principal Collections | |||||||
| i | Principal Payments Received | $ | 25,606,333.11 | |||||
| ii | Consolidation Principal Payments | 34,853,140.90 | ||||||
| iii | Reimbursements by Seller | 0.00 | ||||||
| iv | Borrower Benefits Reimbursed | 2,634.58 | ||||||
| v | Reimbursements by Servicer | 2,143.26 | ||||||
| v | Re-purchased Principal | 35,440.75 | ||||||
| vi | Total Principal Collections | $ | 60,499,692.60 | |||||
| B | Interest Collections | |||||||
| i | Interest Payments Received | $ | 4,746,822.71 | |||||
| ii | Consolidation Interest Payments | 261,329.87 | ||||||
| iii | Reimbursements by Seller | 255.38 | ||||||
| iv | Borrower Benefits Reimbursed | 313.19 | ||||||
| v | Reimbursements by Servicer | 29,760.28 | ||||||
| vi | Re-purchased Interest | 2,135.28 | ||||||
| vii | Collection Fees/Returned Items | 70,890.50 | ||||||
| viii | Late Fees | 273,673.58 | ||||||
| ix | Total Interest Collections | $ | 5,385,180.79 | |||||
| C | Other Reimbursements | $ | 295,521.65 | |||||
| D | Administrator Account Investment Income | $ | 0.00 | |||||
| E | Return funds borrowed for previous distribution | $ | 0.00 | |||||
| TOTAL FUNDS RECEIVED | $ | 66,180,395.04 | ||||||
| LESS FUNDS PREVIOUSLY REMITTED: | ||||||||
| Servicing Fees | $ | (843,399.45 | ) | |||||
| Consolidation Loan Rebate Fees | $ | (90.47 | ) | |||||
| F | TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT | $ | 65,336,905.12 | |||||
| G | Servicing Fee Calculation-Current Month | |||||||
| i | Primary Servicing Fee - Non-Consolidation Loans | $ | 400,136.99 | |||||
| ii | Primary Servicing Fee - Consolidation Loans | 31.71 | ||||||
| H | Servicing Fees Due for Current Period | $ | 400,168.70 | |||||
| I | Carryover Servicing Fees Due | $ | 0.00 | |||||
| J | Administration Fees Due | $ | 20,000.00 | |||||
| K | Swap Fees Due | $ | 12,574.92 | |||||
| L | Total Fees Due for Period | $ | 432,743.62 | |||||
3
IV. 2000-1 Portfolio Characteristics
| Weighted Avg Coupon | # of Loans | % * | Principal Amount | % * | ||||||||||||||||||||||||||||||||||||
| STATUS | 12/31/2004 | 3/31/2005 | 12/31/2004 | 3/31/2005 | 12/31/2004 | 3/31/2005 | 12/31/2004 | 3/31/2005 | 12/31/2004 | 3/31/2005 | ||||||||||||||||||||||||||||||
INTERIM: | ||||||||||||||||||||||||||||||||||||||||
In School | ||||||||||||||||||||||||||||||||||||||||
| Current | 3.719 | % | 3.747 | % | 2,564 | 2,315 | 1.190 | % | 1.159 | % | $ | 9,211,221.46 | $ | 8,569,756.93 | 1.612 | % | 1.670 | % | ||||||||||||||||||||||
Grace | ||||||||||||||||||||||||||||||||||||||||
| Current | 3.698 | % | 3.614 | % | 729 | 579 | 0.338 | % | 0.290 | % | $ | 2,697,504.61 | $ | 1,947,333.05 | 0.472 | % | 0.379 | % | ||||||||||||||||||||||
TOTAL INTERIM | 3.714 | % | 3.723 | % | 3,293 | 2,894 | 1.528 | % | 1.449 | % | $ | 11,908,726.07 | $ | 10,517,089.98 | 2.084 | % | 2.049 | % | ||||||||||||||||||||||
REPAYMENT | ||||||||||||||||||||||||||||||||||||||||
Active | ||||||||||||||||||||||||||||||||||||||||
| Current | 4.055 | % | 4.055 | % | 126,317 | 120,661 | 58.630 | % | 60.424 | % | $ | 285,094,564.02 | $ | 258,399,182.02 | 49.894 | % | 50.354 | % | ||||||||||||||||||||||
| 31-60 Days Delinquent | 4.062 | % | 4.041 | % | 9,175 | 7,334 | 4.259 | % | 3.673 | % | $ | 26,967,084.99 | $ | 21,416,980.28 | 4.719 | % | 4.173 | % | ||||||||||||||||||||||
| 61-90 Days Delinquent | 4.060 | % | 4.055 | % | 6,146 | 4,198 | 2.853 | % | 2.102 | % | $ | 19,289,192.72 | $ | 13,335,917.22 | 3.376 | % | 2.599 | % | ||||||||||||||||||||||
| 91-120 Days Delinquent | 4.042 | % | 4.020 | % | 3,617 | 2,830 | 1.679 | % | 1.417 | % | $ | 11,231,056.00 | $ | 9,482,113.14 | 1.966 | % | 1.848 | % | ||||||||||||||||||||||
| > 120 Days Delinquent | 4.051 | % | 4.043 | % | 10,695 | 9,487 | 4.964 | % | 4.751 | % | $ | 33,771,630.69 | $ | 31,135,780.40 | 5.910 | % | 6.067 | % | ||||||||||||||||||||||
Deferment | ||||||||||||||||||||||||||||||||||||||||
| Current | 3.480 | % | 3.481 | % | 29,771 | 28,290 | 13.818 | % | 14.167 | % | $ | 88,467,815.14 | $ | 83,412,388.33 | 15.483 | % | 16.254 | % | ||||||||||||||||||||||
Forbearance | ||||||||||||||||||||||||||||||||||||||||
| Current | 4.044 | % | 4.058 | % | 24,613 | 22,499 | 11.424 | % | 11.267 | % | $ | 88,877,949.25 | $ | 81,172,750.43 | 15.554 | % | 15.818 | % | ||||||||||||||||||||||
TOTAL REPAYMENT | 3.961 | % | 3.957 | % | 210,334 | 195,299 | 97.627 | % | 97.800 | % | $ | 553,699,292.81 | $ | 498,355,111.82 | 96.902 | % | 97.113 | % | ||||||||||||||||||||||
Claims in Process (1) | 4.093 | % | 4.066 | % | 1,807 | 1,486 | 0.839 | % | 0.744 | % | $ | 5,760,511.91 | $ | 4,253,919.00 | 1.008 | % | 0.829 | % | ||||||||||||||||||||||
Aged Claims Rejected (2) | 4.075 | % | 4.319 | % | 13 | 13 | 0.006 | % | 0.007 | % | $ | 33,261.77 | $ | 43,717.56 | 0.006 | % | 0.009 | % | ||||||||||||||||||||||
GRAND TOTAL | 3.958 | % | 3.953 | % | 215,447 | 199,692 | 100.000 | % | 100.000 | % | $ | 571,401,792.56 | $ | 513,169,838.36 | 100.000 | % | 100.000 | % | ||||||||||||||||||||||
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes claims deemed incurable pending repurchase.
*Percentages may not total 100% due to rounding.
4
V. 2000-1 Portfolio Characteristics by Loan Type and School
| LOAN TYPE | WAC | # Loans | $ Amount | % | ||||||||||||
| - GSL — Subsidized | 3.923 | % | 126,884 | $ | 295,763,708.24 | 57.635 | % | |||||||||
| - GSL — Unsubsidized | 3.823 | % | 60,696 | $ | 178,901,351.22 | 34.862 | % | |||||||||
| - PLUS Loans | 4.650 | % | 9,930 | $ | 32,807,966.16 | 6.393 | % | |||||||||
| - SLS Loans | 5.400 | % | 2,177 | $ | 5,620,085.09 | 1.095 | % | |||||||||
| - Consolidation Loans: | 8.767 | % | 5 | $ | 76,727.65 | 0.015 | % | |||||||||
| - Total | 3.953 | % | 199,692 | $ | 513,169,838.36 | 100.000 | % | |||||||||
| SCHOOL TYPE | WAC | # Loans | $ Amount | % | ||||||||||||
| - Four Year | 3.977 | % | 152,558 | $ | 422,946,350.33 | 82.418 | % | |||||||||
| - Two Year | 3.862 | % | 31,836 | $ | 61,470,368.05 | 11.979 | % | |||||||||
| - Technical | 3.797 | % | 15,294 | $ | 28,679,228.93 | 5.589 | % | |||||||||
| - Other | 8.758 | % | 4 | $ | 73,891.05 | 0.014 | % | |||||||||
| - Total | 3.953 | % | 199,692 | $ | 513,169,838.36 | 100.000 | % | |||||||||
*Percentages may not total 100% due to rounding.
5
VI. 2000-1 Student Loan Rate Calculation and Floating Rate Swap Payments
| A | Borrower Interest Accrued During Collection Period | $ | 4,461,475.39 | |||||||||||||
| B | Interest Subsidy Payments Accrued During Collection Period | 520,559.66 | ||||||||||||||
| C | SAP Payments Accrued During Collection Period | 2,053,722.85 | ||||||||||||||
| D | INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) | 283,103.79 | ||||||||||||||
| E | Investment Earnings (ADMINISTRATOR ACCOUNTS) | 0.00 | ||||||||||||||
| F | Net Expected Interest Collections | $ | 7,318,861.69 | |||||||||||||
| G | Student Loan Rate | |||||||||||||||
| i | Days in Calculation Period | 90 | ||||||||||||||
| ii | Days in Year | 360 | ||||||||||||||
| iii | Net Expected Interest Collections | $ | 7,318,861.69 | |||||||||||||
| iv | Primary Servicing Fee | $ | 1,243,568.15 | |||||||||||||
| v | Administration Fee | $ | 20,000.00 | |||||||||||||
| vi | Swap Fees | $ | 12,574.92 | |||||||||||||
| vii | Total Pool Balance at Beginning of Collection Period | $ | 574,963,704.70 | |||||||||||||
| viii | Student Loan Rate (ii / i ) * (( iii - iv - v - vi ) / vii ) | 4.20390 | % | |||||||||||||
| H | Floating Rate Swap Payments Due to the Trust | |||||||||||||||
| Class A-1L | Class A-2L | Certificates | ||||||||||||||
| i | Notional Swap Amounts | $ | 0.00 | $ | 503,253,704.70 | $ | 71,710,000.00 | |||||||||
| ii | Libor Based Interest Rates/Rate of Return | 0.00000 | % | 2.88000 | % | 3.15000 | % | |||||||||
| iii | Student Loan Rate Cap | 4.20390 | % | 4.20390 | % | 4.20390 | % | |||||||||
| iv | Excess Over Cap ( ii-iii) | 0.00000 | % | 0.00000 | % | 0.00000 | % | |||||||||
| v | Floating Rate Swap Payments Due to the Trust | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
VII. 2000-1 Accrued Interest Factors
| Accrued | ||||||||
| Int Factor | Accrual Period | Rate | ||||||
| A | Class A-1T T-Bill Based Interest Rate | |||||||
| B | Class A-1T Interest Rate | 0.000000000 | (1/25/05-04/25/05) | 0.00000% | ||||
| C | Class A-1L Libor Based Interest Rate | |||||||
| D | Class A-1L Interest Rate | 0.000000000 | (1/25/05-04/25/05) | 0.00000% | ||||
| E | Class A-2L Libor Based Interest Rate | |||||||
| F | Class A-2L Interest Rate | 0.007200000 | (1/25/05-04/25/05) | 2.88000% | ||||
| G | Certificate Libor Based Rate of Return | |||||||
| H | Certificate Rate of Return | 0.007875000 | (1/25/05-04/25/05) | 3.15000% |
6
VIII. 2000-1 Inputs From Previous Quarterly Servicing Reports 12/31/04
| A | Total Student Loan Pool Outstanding | |||||||||||||||||||
| i | Portfolio Balance | $ | 571,401,792.56 | |||||||||||||||||
| ii | Interest To Be Capitalized | 3,561,912.14 | ||||||||||||||||||
| iii | Total Pool | $ | 574,963,704.70 | |||||||||||||||||
| iv | Specified Reserve Account Balance | 0.00 | ||||||||||||||||||
| v | Total Adjusted Pool | $ | 574,963,704.70 | |||||||||||||||||
| B | Total Note and Certificate Factor | 0.280653551 | ||||||||||||||||||
| C | Total Note and Certificate Balance | $ | 574,963,704.70 | |||||||||||||||||
| D | Note Balance 1/25/2005 | Class A-1T | Class A-1L | Class A-2L | Certificates | |||||||||||||||
| i | Current Factor | 0.000000000 | 0.000000000 | 0.629933289 | 1.000000000 | |||||||||||||||
| ii | Expected Note Balance | $ | 0.00 | $ | 0.00 | $ | 503,253,704.70 | $ | 71,710,000.00 | |||||||||||
| E | Note Principal Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||
| F | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||
| G | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||
| H | Reserve Account Balance | $ | 2,002,604.00 | |||||||||||||||||
| I | Unpaid Primary Servicing Fees from Prior Month(s) | $ | 0.00 | |||||||||||||||||
| J | Unpaid Administration fees from Prior Quarter(s) | $ | 0.00 | |||||||||||||||||
| K | Unpaid Carryover Servicing Fees from Prior Quarter(s) | $ | 0.00 | |||||||||||||||||
| L | Interest Due on Unpaid Carryover Servicing Fees | $ | 0.00 | |||||||||||||||||
| M | Unpaid Floating Rate Swap Payment Reimbursements | $ | 0.00 | |||||||||||||||||
| N | Interest Due on Unpaid Floating Rate Swap Payment Reimbursements | $ | 0.00 | |||||||||||||||||
7
IX. 2000-1 Waterfall for Distributions
| Remaining | ||||||||||||
| Funds Balance | ||||||||||||
| A | Total Available Funds ( Sections III-F + VI-D + VI-H-v ) | $ | 65,620,008.91 | $ | 65,620,008.91 | |||||||
| B | Primary Servicing Fees-Current Month | $ | 400,168.70 | $ | 65,219,840.21 | |||||||
| C | Administration Fee | $ | 20,000.00 | $ | 65,199,840.21 | |||||||
| D | Swap Fee | $ | 12,574.92 | $ | 65,187,265.29 | |||||||
| E | Noteholder’s Interest Distribution Amount | |||||||||||
| i | Class A-1T | $ | 0.00 | $ | 65,187,265.29 | |||||||
| ii | Class A-1L | $ | 0.00 | $ | 65,187,265.29 | |||||||
| iii | Class A-2L | $ | 3,623,426.67 | $ | 61,563,838.62 | |||||||
| iv | Total Noteholder's Interest Distribution | $ | 3,623,426.67 | |||||||||
| F | Certificateholder’s Return Distribution Amount | $ | 564,716.25 | $ | 60,999,122.37 | |||||||
| G | Noteholder’s Principal Distribution Amount Paid | |||||||||||
| i | Class A-1T | $ | 0.00 | $ | 60,999,122.37 | |||||||
| ii | Class A-1L | $ | 0.00 | $ | 60,999,122.37 | |||||||
| iii | Class A-2L | $ | 58,585,720.00 | $ | 2,413,402.37 | |||||||
| iv | Total Noteholder's Principal Distribution | $ | 58,585,720.00 | |||||||||
| H | Certificateholder’s Balance Distribution Amount | $ | 0.00 | $ | 2,413,402.37 | |||||||
| I | Increase to the Specified Reserve Account Balance | $ | 0.00 | $ | 2,413,402.37 | |||||||
| J | Floating Rate Swap Payment Reimbursement | $ | 0.00 | $ | 2,413,402.37 | |||||||
| K | Carryover Servicing Fees | $ | 0.00 | $ | 2,413,402.37 | |||||||
| L | Noteholder’s Interest Carryover | |||||||||||
| i | Class A-1T | $ | 0.00 | $ | 2,413,402.37 | |||||||
| ii | Class A-1L | $ | 0.00 | $ | 2,413,402.37 | |||||||
| iii | Class A-2L | $ | 0.00 | $ | 2,413,402.37 | |||||||
| iv | Total Noteholder's Interest Carryover | $ | 0.00 | |||||||||
| M | Certificateholder’s Return Carryover | $ | 0.00 | $ | 2,413,402.37 | |||||||
| N | Excess to Reserve Account | $ | 2,413,402.37 | $ | 0.00 | |||||||
8
X. 2000-1 Distributions
| A | Distribution Amounts | Class A-1T | Class A-1L | Class A-2L | Certificates | |||||||||||||||
| i | Quarterly Interest Due | $ | 0.00 | $ | 0.00 | $ | 3,623,426.67 | $ | 564,716.25 | |||||||||||
| ii | Quarterly Interest Paid | 0.00 | 0.00 | 3,623,426.67 | 564,716.25 | |||||||||||||||
| iii | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||
| iv | Interest Carryover Due | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||
| v | Interest Carryover Paid | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||
| vi | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||
| vii | Quarterly Principal Due | $ | 0.00 | $ | 0.00 | $ | 58,585,720.00 | $ | 0.00 | |||||||||||
| viii | Quarterly Principal Paid | 0.00 | 0.00 | 58,585,720.00 | 0.00 | |||||||||||||||
| ix | Quarterly Principal Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||
| x | Total Distribution Amount | $ | 0.00 | $ | 0.00 | $ | 62,209,146.67 | $ | 564,716.25 | |||||||||||
| B | Principal Distribution Reconciliation | |||||||||||||||||||
| i | Notes and Certificates Principal Balance 3/31/05 | $ | 574,963,704.70 | |||||||||||||||||
| ii | Adjusted Pool Balance 3/31/05 | 516,377,984.70 | ||||||||||||||||||
| iii | Adjusted Pool Exceeding Notes and Certificate Balance (i-ii | $ | 58,585,720.00 | |||||||||||||||||
| iv | Adjusted Pool Balance 12/31/04 | $ | 574,963,704.70 | |||||||||||||||||
| v | Adjusted Pool Balance 3/31/05 | 516,377,984.70 | ||||||||||||||||||
| vi | Current Principal Due (iv-v) | $ | 58,585,720.00 | |||||||||||||||||
| vii | Principal Shortfall from Previous Collection Period | 0.00 | ||||||||||||||||||
| viii | Principal Distribution Amount (vi + vii) | $ | 58,585,720.00 | |||||||||||||||||
| ix | Principal Distribution Amount Paid | $ | 58,585,720.00 | |||||||||||||||||
| x | Principal Shortfall (viii - ix) | $ | 0.00 | |||||||||||||||||
| C | Total Principal Distribution | $ | 58,585,720.00 | |||||||||||||||||
| D | Total Interest Distribution | 4,188,142.92 | ||||||||||||||||||
| E | Total Cash Distributions-Note and Certificates | $ | 62,773,862.92 | |||||||||||||||||
| F | Note & Certificate Balances | 1/25/2005 | Paydown Factor | 4/25/2005 | ||||||||||||||||
| i | A-1T Note Balance | 78442GBS4 | $ | 0.00 | $ | 0.00 | ||||||||||||||
| A-1T Note Pool Factor | 0.000000000 | 0.000000000 | 0.000000000 | |||||||||||||||||
| ii | A-1L Note Balance | 78442GBT2 | $ | 0.00 | $ | 0.00 | ||||||||||||||
| A-1L Note Pool Factor | 0.000000000 | 0.000000000 | 0.000000000 | |||||||||||||||||
| iii | A-2L Note Balance | 78442GBV7 | $ | 503,253,704.70 | $ | 444,667,984.70 | ||||||||||||||
| A-2L Note Pool Factor | 0.629933289 | (0.073332983 | ) | 0.556600306 | ||||||||||||||||
| iv | Certificate Balance | 78442GBW5 | $ | 71,710,000.00 | $ | 71,710,000.00 | ||||||||||||||
| Certificate Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||
| G | Reserve Account Reconciliation | |||||||||||||||||||
| i | Beginning of Period Balance | $ | 2,002,604.00 | |||||||||||||||||
| ii | Deposits to correct Shortfall | $ | 0.00 | |||||||||||||||||
| iii | Deposits from Excess Servicing | $ | 2,413,402.37 | |||||||||||||||||
| iv | Total Reserve Account Balance Available | $ | 4,416,006.37 | |||||||||||||||||
| v | Required Reserve Account Balance | $ | 2,002,604.00 | |||||||||||||||||
| vi | Shortfall Carried to Next Period | $ | 0.00 | |||||||||||||||||
| vii | Excess Reserve - Release to Excess Certificateholder | $ | 2,413,402.37 | |||||||||||||||||
| viii | Ending Reserve Account Balance | $ | 2,002,604.00 | |||||||||||||||||
9
XI. 2000-1 Historical Pool Information
| 2003 | 2002 | |||||||||||||||||||||||||||||||
| 1/1/05-3/31/05 | 10/1/04-12/31/04 | 7/1/04-9/30/04 | 4/1/04-6/30/04 | 1/1/04-3/31/04 | 1/1/03-12/31/03 | 1/1/02-12/31/02 | ||||||||||||||||||||||||||
| Beginning Student Loan Portfolio Balance | $ | 571,401,792.56 | $ | 621,553,237.23 | $ | 708,890,951.21 | $ | 741,077,094.55 | $ | 804,160,903.44 | $ | 1,144,996,282.23 | $ | 1,531,088,274.65 | ||||||||||||||||||
| Student Loan Principal Activity | ||||||||||||||||||||||||||||||||
| i | Regular Principal Collections | $ | 51,992,331.33 | $ | 45,493,178.43 | $ | 84,338,743.10 | $ | 29,441,318.89 | $ | 59,450,837.51 | $ | 262,918,673.85 | $ | 165,509,306.56 | |||||||||||||||||
| ii | Principal Collections from Guarantor | 8,467,142.68 | 7,156,438.21 | 5,601,485.17 | 5,513,396.84 | 6,548,103.62 | 32,009,437.07 | 37,273,248.71 | ||||||||||||||||||||||||
| iii | Principal Reimbursements | 40,218.59 | 40,072.38 | 40,146.63 | 58,577.55 | 244,788.07 | 64,068,393.89 | 214,188,797.36 | ||||||||||||||||||||||||
| iv | Other System Adjustments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||
| v | Total Principal Collections | $ | 60,499,692.60 | $ | 52,689,689.02 | $ | 89,980,374.90 | $ | 35,013,293.28 | $ | 66,243,729.20 | $ | 358,996,504.81 | $ | 416,971,352.63 | |||||||||||||||||
| Student Loan Non-Cash Principal Activity | ||||||||||||||||||||||||||||||||
| i | Other Adjustments | $ | 3,737.25 | $ | 84,247.61 | $ | 101,820.31 | $ | 97,324.01 | $ | 119,404.41 | $ | 2,577,973.48 | $ | 3,913,624.04 | |||||||||||||||||
| ii | Capitalized Interest | (2,271,475.65 | ) | (2,622,491.96 | ) | (2,744,481.23 | ) | (2,924,473.95 | ) | (3,279,324.72 | ) | (20,739,099.48 | ) | (34,792,984.25 | ) | |||||||||||||||||
| iii | Total Non-Cash Principal Activity | $ | (2,267,738.40 | ) | $ | (2,538,244.35 | ) | $ | (2,642,660.92 | ) | $ | (2,827,149.94 | ) | $ | (3,159,920.31 | ) | $ | (18,161,126.00 | ) | $ | (30,879,360.21 | ) | ||||||||||
| (-) | Total Student Loan Principal Activity | $ | 58,231,954.20 | $ | 50,151,444.67 | $ | 87,337,713.98 | $ | 32,186,143.34 | $ | 63,083,808.89 | $ | 340,835,378.81 | $ | 386,091,992.42 | |||||||||||||||||
| Student Loan Interest Activity | ||||||||||||||||||||||||||||||||
| i | Regular Interest Collections | $ | 2,569,106.16 | $ | 2,752,473.64 | $ | 3,301,358.42 | $ | 3,179,168.44 | $ | 3,657,762.46 | $ | 21,217,588.90 | $ | 39,427,348.43 | |||||||||||||||||
| ii | Interest Claims Received from Guarantors | 368,404.15 | 296,138.23 | 229,748.09 | 247,502.50 | 290,583.25 | 1,846,385.27 | 2,606,071.52 | ||||||||||||||||||||||||
| iii | Collection Fees/Returned Items | 70,890.50 | 52,759.69 | 60,237.38 | 42,745.04 | 52,294.84 | 142,958.03 | 52,036.06 | ||||||||||||||||||||||||
| iv | Late Fee Reimbursements | 273,673.58 | 243,649.17 | 325,600.42 | 226,511.11 | 300,274.10 | 1,074,306.21 | 1,124,613.31 | ||||||||||||||||||||||||
| v | Interest Reimbursements | 32,464.13 | 26,897.85 | 16,564.95 | 36,351.47 | 21,743.53 | 493,508.70 | 2,044,308.16 | ||||||||||||||||||||||||
| vi | Other System Adjustments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||
| vii | Special Allowance Payments | 1,516,918.38 | 876,460.91 | 226,573.27 | 142,720.72 | 153,294.08 | 241,371.18 | 294,488.06 | ||||||||||||||||||||||||
| viii | Subsidy Payments | 553,723.89 | 652,288.00 | 724,559.93 | 789,879.67 | 830,268.14 | 4,893,490.36 | 9,945,007.25 | ||||||||||||||||||||||||
| ix | Total Interest Collections | $ | 5,385,180.79 | $ | 4,900,667.49 | $ | 4,884,642.46 | $ | 4,664,878.95 | $ | 5,306,220.40 | $ | 29,909,608.65 | $ | 55,493,872.79 | |||||||||||||||||
| Student Loan Non-Cash Interest Activity | ||||||||||||||||||||||||||||||||
| i | Interest Accrual Adjustment | $ | 6,761.40 | $ | 2,580.06 | $ | 5,365.36 | $ | 1,770.53 | $ | 2,678.92 | $ | (1,981,901.15 | ) | $ | (3,155,645.61 | ) | |||||||||||||||
| ii | Capitalized Interest | 2,271,475.65 | 2,622,491.96 | 2,744,481.23 | 2,924,473.95 | 3,279,324.72 | 20,739,099.48 | 34,792,984.25 | ||||||||||||||||||||||||
| iii | Total Non-Cash Interest Adjustments | $ | 2,278,237.05 | $ | 2,625,072.02 | $ | 2,749,846.59 | $ | 2,926,244.48 | $ | 3,282,003.64 | $ | 18,757,198.33 | $ | 31,637,338.64 | |||||||||||||||||
| Total Student Loan Interest Activity | $ | 7,663,417.84 | $ | 7,525,739.51 | $ | 7,634,489.05 | $ | 7,591,123.43 | $ | 8,588,224.04 | $ | 48,666,806.98 | $ | 87,131,211.43 | ||||||||||||||||||
| (=) | Ending Student Loan Portfolio Balance | $ | 513,169,838.36 | $ | 571,401,792.56 | $ | 621,553,237.23 | $ | 708,890,951.21 | $ | 741,077,094.55 | $ | 804,160,903.44 | $ | 1,144,996,282.23 | |||||||||||||||||
| (+) | Interest to be Capitalized | $ | 3,208,146.34 | $ | 3,561,912.14 | $ | 4,177,428.70 | $ | 4,842,921.39 | $ | 5,241,343.08 | $ | 5,680,842.20 | $ | 9,179,912.77 | |||||||||||||||||
| (=) | TOTAL POOL | $ | 516,377,984.70 | $ | 574,963,704.70 | $ | 625,730,665.93 | $ | 713,733,872.60 | $ | 746,318,437.63 | $ | 809,841,745.64 | $ | 1,154,176,195.00 | |||||||||||||||||
| (+) | Reserve Account Balance | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 2,024,604.36 | $ | 2,885,440.49 | |||||||||||||||||
| (=) | Total Adjusted Pool | $ | 516,377,984.70 | $ | 574,963,704.70 | $ | 625,730,665.93 | $ | 713,733,872.60 | $ | 746,318,437.63 | $ | 811,866,350.00 | $ | 1,157,061,635.49 | |||||||||||||||||
10
XII. 2000-1 Payment History and CPRs
| Distribution | Actual | Since Issued | ||||
| Date | Pool Balances | CPR * | ||||
| Jul-00 | $ | 1,920,940,500 | 4.39% | |||
| Oct-00 | $ | 1,868,005,519 | 4.95% | |||
| Jan-01 | $ | 1,816,704,591 | 5.01% | |||
| Apr-01 | $ | 1,769,090,045 | 4.80% | |||
| Jul-01 | $ | 1,712,631,082 | 4.97% | |||
| Oct-01 | $ | 1,643,801,075 | 5.49% | |||
| Jan-02 | $ | 1,546,549,144 | 6.73% | |||
| Apr-02 | $ | 1,453,642,222 | 7.66% | |||
| Jul-02 | $ | 1,381,402,715 | 7.96% | |||
| Oct-02 | $ | 1,258,200,936 | 9.57% | |||
| Jan-03 | $ | 1,154,176,195 | 10.62% | |||
| Apr-03 | $ | 1,057,579,403 | 11.49% | |||
| Jul-03 | $ | 1,007,825,330 | 11.20% | |||
| Oct-03 | $ | 876,026,981 | 13.06% | |||
| Jan-04 | $ | 809,841,746 | 13.28% | |||
| Apr-04 | $ | 746,318,438 | 13.48% | |||
| Jul-04 | $ | 713,733,873 | 12.91% | |||
| Oct-04 | $ | 625,730,666 | 13.94% | |||
| Jan-05 | $ | 574,963,705 | 14.01% | |||
| Apr-05 | $ | 516,377,985 | 14.40% | |||
* “Since Issued CPR” is based on the current period’s ending pool balance
calculated against the original pool balance and assuming cutoff date pool data
11
