SLM Student Loan Trust 1999-2 Quarterly Servicing Report
Collection Period 01/01/2005-03/31/2005 Distribution Date 04/25/2005
I. Deal Parameters
| A | Student Loan Portfolio Characteristics | 08/12/1999 | 12/31/2004 | 03/31/2005 | ||||||||||
| Principal Balance | $ | 980,454,204.00 | $ | 240,538,681.68 | $ | 215,590,932.74 | ||||||||
| Interest to be Capitalized Balance | 20,137,259.00 | 1,542,852.89 | 1,434,372.81 | |||||||||||
| Pool Balance | $ | 1,000,591,463.00 | $ | 242,081,534.57 | $ | 217,025,305.55 | ||||||||
| Specified Reserve Account Balance | 2,501,479.00 | -N/A - | -N/A - | |||||||||||
| Adjusted Pool(1) | $ | 1,003,092,942.00 | $ | 242,081,534.57 | $ | 217,025,305.55 | ||||||||
| Weighted Average Coupon (WAC) | 8.01 | % | 4.16 | % | 4.15 | % | ||||||||
| Weighted Average Remaining Term | 118.00 | 85.59 | 84.31 | |||||||||||
| Number of Loans | 259,888 | 89,939 | 83,528 | |||||||||||
| Number of Borrowers | 111,039 | 39,468 | 36,777 | |||||||||||
| Aggregate Outstanding Principal Balance - Tbill | $ | 1,000,591,463.00 | $ | 242,080,438.08 | $ | 217,024,202.26 | ||||||||
| Aggregate Outstanding Principal Balance - Commercial Paper | $ | — | $ | 1,096.49 | $ | 1,103.29 | ||||||||
| Since Issued CPR | 13.57 | % | 14.51 | % | ||||||||||
| (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 | ||||||||||
| A2L | 78442GBL9 | $ | 101,581,534.57 | $ | 76,525,305.55 | |||||||||
| A3L | 78442GBM7 | $ | 104,500,000.00 | $ | 104,500,000.00 | |||||||||
| Certs | 78442GBN5 | $ | 36,000,000.00 | $ | 36,000,000.00 | |||||||||
| C | Account Balances | 01/25/2005 | 04/25/2005 | |||||||
| Reserve Account Balance | $ | 1,000,591.00 | $ | 1,000,591.00 | ||||||
| D | Asset/Liability | 01/25/2005 | 04/25/2005 | |||||||
| Adjusted Pool Balance | $ | 242,081,534.57 | $ | 217,025,305.55 | ||||||
| Total Notes | $ | 242,081,534.57 | $ | 217,025,305.55 | ||||||
| Difference | $ | — | $ | — | ||||||
| Parity Ratio | 1.00000 | 1.00000 | ||||||||
Page 1 of 7
II. Trust Activity 01/01/2005 through 03/31/2005
| A | Student Loan Principal Receipts | |||||||
| Borrower Principal | 9,223,578.76 | |||||||
| Guarantor Principal | 3,077,517.09 | |||||||
| Consolidation Activity Principal | 13,477,077.67 | |||||||
| Seller Principal Reimbursement | 1,591.80 | |||||||
| Servicer Principal Reimbursement | 1,771.01 | |||||||
| Rejected Claim Repurchased Principal | 20,481.00 | |||||||
| Other Principal Deposits | 1,577.74 | |||||||
| Total Principal Receipts | $ | 25,803,595.07 | ||||||
| B | Student Loan Interest Receipts | |||||||
| Borrower Interest | 1,128,634.76 | |||||||
| Guarantor Interest | 135,918.40 | |||||||
| Consolidation Activity Interest | 99,597.90 | |||||||
| Special Allowance Payments | 572,372.79 | |||||||
| Interest Subsidy Payments | 226,713.38 | |||||||
| Seller Interest Reimbursement | 806.54 | |||||||
| Servicer Interest Reimbursement | 12,250.18 | |||||||
| Rejected Claim Repurchased Interest | 661.62 | |||||||
| Other Interest Deposits | 129,204.07 | |||||||
| Total Interest Receipts | $ | 2,306,159.64 | ||||||
| C | Investment Income | $ | 126,668.08 | |||||
| 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 | $ | 154,782.56 | |||||
| I | Less: Funds Previously Remitted: | |||||||
| Servicing Fees | $ | (354,279.91 | ) | |||||
| Consolidation Loan Rebate Fees | $ | (37.65 | ) | |||||
| Total Funds Previously Remitted | $ | (354,317.56 | ) | |||||
| J | AVAILABLE FUNDS | $ | 28,036,887.79 | |||||
| K | Non-Cash Principal Activity During Collection Period | $ | (855,846.13 | ) | ||||
| L | Non-Reimbursable Losses During Collection Period | $ | 553.11 | |||||
| M | Aggregate Purchased Amounts by the Depositor, Servicer or Seller | $ | 21,142.62 | |||||
| N | Aggregate Loan Substitutions | $ | — | |||||
Page 2 of 7
III. 1999-2 Portfolio Characteristics
| 03/31/2005 | 12/31/2004 | |||||||||||||||||||||||||||||||||
| WAC | # Loans | Principal | % of Principal | WAC | # Loans | Principal | % of Principal | |||||||||||||||||||||||||||
| INTERIM: | IN SCHOOL | 3.61 | % | 1,084 | $ | 4,310,023.36 | 1.999 | % | 3.61 | % | 1,113 | $ | 4,347,097.58 | 1.807 | % | |||||||||||||||||||
| GRACE | 3.71 | % | 211 | $ | 775,702.74 | 0.360 | % | 3.70 | % | 328 | $ | 1,364,450.42 | 0.567 | % | ||||||||||||||||||||
| DEFERMENT | 3.68 | % | 10,085 | $ | 31,601,904.16 | 14.658 | % | 3.68 | % | 10,477 | $ | 33,557,359.25 | 13.951 | % | ||||||||||||||||||||
| REPAYMENT: | CURRENT | 4.25 | % | 55,993 | $ | 117,489,842.19 | 54.497 | % | 4.25 | % | 59,227 | $ | 131,394,942.18 | 54.625 | % | |||||||||||||||||||
| 31-60 DAYS DELINQUENT | 4.24 | % | 2,649 | $ | 8,395,242.98 | 3.894 | % | 4.30 | % | 3,116 | $ | 9,902,510.82 | 4.117 | % | ||||||||||||||||||||
| 61-90 DAYS DELINQUENT | 4.28 | % | 1,485 | $ | 5,122,721.08 | 2.376 | % | 4.27 | % | 1,949 | $ | 7,043,008.17 | 2.928 | % | ||||||||||||||||||||
| 91-120 DAYS DELINQUENT | 4.22 | % | 944 | $ | 3,499,828.92 | 1.623 | % | 4.31 | % | 1,310 | $ | 4,400,697.25 | 1.830 | % | ||||||||||||||||||||
| > 120 DAYS DELINQUENT | 4.31 | % | 3,156 | $ | 11,377,970.01 | 5.278 | % | 4.27 | % | 3,574 | $ | 12,675,218.43 | 5.270 | % | ||||||||||||||||||||
| FORBEARANCE | 4.24 | % | 7,395 | $ | 31,246,668.99 | 14.493 | % | 4.24 | % | 8,208 | $ | 33,590,668.98 | 13.965 | % | ||||||||||||||||||||
| CLAIMS IN PROCESS | 4.25 | % | 526 | $ | 1,771,028.31 | 0.821 | % | 4.22 | % | 635 | $ | 2,256,336.25 | 0.938 | % | ||||||||||||||||||||
| AGED CLAIMS REJECTED | 0.00 | % | 0 | $ | 0.00 | 0.000 | % | 4.17 | % | 2 | $ | 6,392.35 | 0.003 | % | ||||||||||||||||||||
TOTAL | 83,528 | $ | 215,590,932.74 | 100.00 | % | 89,939 | $ | 240,538,681.68 | 100.00 | % | ||||||||||||||||||||||||
| * | Percentages may not total 100% due to rounding |
Trust 1999-2 Quarterly Servicing Report: Collection Period 01/01/2005 — 03/31/2005, Distribution Date 04/25/2005
Page 3 of 8
IV. 1999-2 Portfolio Characteristics (cont’d)
| 03/31/2005 | 12/31/2004 | |||||||
| Pool Balance | $ | 217,025,305.55 | $ | 242,081,534.57 | ||||
| Total # Loans | 83,528 | 89,939 | ||||||
| Total # Borrowers | 36,777 | 39,468 | ||||||
| Weighted Average Coupon | 4.15 | % | 4.16 | % | ||||
| Weighted Average Remaining Term | 84.31 | 85.59 | ||||||
| Non-Reimbursable Losses | $ | 553.11 | $ | 30,818.29 | ||||
| Cumulative Non-Reimbursable Losses | $ | 1,016,477.16 | $ | 1,015,924.05 | ||||
| Since Issued CPR | 14.51 | % | 13.57 | % | ||||
| Loan Substitutions | $ | — | $ | — | ||||
| Cumulative Loan Substitutions | $ | — | $ | — | ||||
| Rejected Claim Repurchases | $ | 21,142.62 | $ | 12,861.50 | ||||
| Cumulative Rejected Claim Repurchases | $ | 319,112.08 | $ | 297,969.46 | ||||
| Unpaid Primary Servicing Fees | $ | — | $ | — | ||||
| Unpaid Administration Fees | $ | — | $ | — | ||||
| Unpaid Carryover Servicing Fees | $ | — | $ | — | ||||
| Note Principal Shortfall | $ | — | $ | — | ||||
| Note Interest Shortfall | $ | — | $ | — | ||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||
Trust 1999-2 Quarterly Servicing Report: Collection Period 01/01/2005 — 03/31/2005, Distribution Date 04/25/2005
Page 4 of 7
V. 1999-2 Portfolio Statistics by School and Program
| A | LOAN TYPE | WAC | # LOANS | $ AMOUNT | % * | |||||||||||||
| - GSL - Subsidized | 4.12 | % | 55,537 | $ | 126,110,351.10 | 58.495 | % | |||||||||||
| - GSL - Unsubsidized | 4.02 | % | 22,919 | 72,254,916.60 | 33.515 | % | ||||||||||||
| - PLUS Loans | 4.84 | % | 4,023 | 14,368,501.08 | 6.665 | % | ||||||||||||
| - SLS Loans | 5.42 | % | 1,047 | 2,831,930.95 | 1.314 | % | ||||||||||||
| - Consolidation Loans | 8.75 | % | 2 | 25,233.01 | 0.012 | % | ||||||||||||
| Total | 4.15 | % | 83,528 | $ | 215,590,932.74 | 100.000 | % | |||||||||||
| B | SCHOOL TYPE | WAC | # LOANS | $ AMOUNT | % * | |||||||||||||
| - Four Year | 4.15 | % | 71,474 | $ | 192,859,826.14 | 89.456 | % | |||||||||||
| - Two Year | 4.14 | % | 8,289 | 15,864,487.10 | 7.359 | % | ||||||||||||
| - Technical | 4.21 | % | 3,763 | 6,841,386.49 | 3.173 | % | ||||||||||||
| - Other | 8.75 | % | 2 | 25,233.01 | 0.012 | % | ||||||||||||
| Total | 4.15 | % | 83,528 | $ | 215,590,932.74 | 100.000 | % | |||||||||||
| C | Student Loan Rate Calculation | |||||||||||||||||
| Borrower Interest Accrued | 1,961,144.49 | |||||||||||||||||
| Interest Subsidy Payments Accrued | $ | 211,795.71 | ||||||||||||||||
| Special Allowance Payments Accrued | $ | 801,931.64 | ||||||||||||||||
| Investment Income | $ | 126,668.08 | ||||||||||||||||
| Net Expected Interest Collections | $ | 3,101,539.92 | ||||||||||||||||
| Accrual Daycount Fraction | 0.250000000 | |||||||||||||||||
| Primary Servicing Fee | $ | 522,194.88 | ||||||||||||||||
| Admin Fee | $ | 20,000.00 | ||||||||||||||||
| Pool Balance at Beginning of Collection Pd | $ | 242,081,534.57 | ||||||||||||||||
| Student Loan Rate | 4.22890 | % | ||||||||||||||||
| * | Percentages may not total 100% due to rounding. |
Trust 1999-2 Quarterly Servicing Report: Collection Period 01/01/2005 — 03/31/2005, Distribution Date 04/25/2005
Page 5 of 7
VI. 1999-2 Waterfall for Distributions
| Remaining | ||||||||||
| Paid | Funds Balance | |||||||||
| Total Available Funds | $ | 28,036,887.79 | ||||||||
| A | Primary Servicing Fee | $ | 167,914.97 | $ | 27,868,972.82 | |||||
| B | Administration Fee | $ | 20,000.00 | $ | 27,848,972.82 | |||||
| C | Noteholders' Interest Distribution Amount | $ | 1,514,991.13 | $ | 26,333,981.69 | |||||
| D | Certificateholders' Return Distribution Amount | $ | 288,000.00 | $ | 26,045,981.69 | |||||
| E | Noteholders' Principal Distribution Amount | $ | 25,056,229.02 | $ | 989,752.67 | |||||
| F | Certificateholders' Balance Distribution Amount | $ | — | $ | 989,752.67 | |||||
| G | Reserve Account Reinstatement | $ | — | $ | 989,752.67 | |||||
| H | Carryover Servicing Fee | $ | — | $ | 989,752.67 | |||||
| I | Noteholders' Carryover Interest | $ | — | $ | 989,752.67 | |||||
| J | Certificateholders' Carryover Return | $ | — | $ | 989,752.67 | |||||
| K | Excess Distribution | $ | 989,752.67 | $ | — | |||||
Trust 1999-2 Quarterly Servicing Report: Collection Period 01/01/2005 — 03/31/2005, Distribution Date 04/25/2005
Page 6 of 7
VII. 1999-2 Distributions
| A | Distribution Amounts | A2L | A3L | Certs | ||||||||||||||
| Cusip/Isin | 78442GBL9 | 78442GBM7 | 78442GBN5 | |||||||||||||||
| Beginning Balance | $ | 101,581,534.57 | $ | 104,500,000.00 | $ | 36,000,000.00 | ||||||||||||
| Index | LIBOR | LIBOR | LIBOR | |||||||||||||||
| Spread/Fixed Rate | 0.20% | 0.28% | 0.50% | |||||||||||||||
| Daycount Fraction | 0.25000000 | 0.25000000 | 0.25000000 | |||||||||||||||
| Interest Rate | 2.90000 | % | 2.98000 | % | 3.20000 | % | ||||||||||||
| Accrued Interest Factor | 0.007250000 | 0.007450000 | 0.008000000 | |||||||||||||||
| Current Interest Due | $ | 736,466.13 | $ | 778,525.00 | $ | 288,000.00 | ||||||||||||
| Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | $ | — | ||||||||||||
| Total Interest Due | $ | 736,466.13 | $ | 778,525.00 | $ | 288,000.00 | ||||||||||||
| Interest Paid | $ | 736,466.13 | $ | 778,525.00 | $ | 288,000.00 | ||||||||||||
| Interest Shortfall | $ | — | $ | — | $ | — | ||||||||||||
| Carryover Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | $ | — | ||||||||||||
| Current Interest Carryover Due | $ | — | $ | — | $ | — | ||||||||||||
| Interest Carryover Paid | $ | — | $ | — | $ | — | ||||||||||||
| Unpaid Interest Carryover | $ | — | $ | — | $ | — | ||||||||||||
| Principal Paid | $ | 25,056,229.02 | $ | — | $ | — | ||||||||||||
| Ending Principal Balance | $ | 76,525,305.55 | $ | 104,500,000.00 | $ | 36,000,000.00 | ||||||||||||
| Paydown Factor | 0.040478561 | 0.000000000 | 0.000000000 | |||||||||||||||
| Ending Balance Factor | 0.123627311 | 1.000000000 | 1.000000000 | |||||||||||||||
| B | Principal Distribution Reconciliation | |||||||||||||||||
| Prior Adjusted Pool Balance | $ | 242,081,534.57 | ||||||||||||||||
| Current Adjusted Pool Balance | $ | 217,025,305.55 | ||||||||||||||||
| Current Principal Due | $ | 25,056,229.02 | ||||||||||||||||
| Principal Shortfall from Previous Collection Period | 0.00 | |||||||||||||||||
| Principal Distribution Amount | $ | 25,056,229.02 | ||||||||||||||||
| Principal Paid | $ | 25,056,229.02 | ||||||||||||||||
| Principal Shortfall | $ | — | ||||||||||||||||
| C | Reserve Account Reconciliation | |||||||||||||||||
| Beginning Period Balance | $ | 1,000,591.00 | ||||||||||||||||
| Reserve Funds Utilized | 0.00 | |||||||||||||||||
| Reserve Funds Reinstated | 0.00 | |||||||||||||||||
| Excess Distribution Deposit | 989,752.67 | |||||||||||||||||
| Balance Available | $ | 1,990,343.67 | ||||||||||||||||
| Required Reserve Acct Balance | $ | 1,000,591.00 | ||||||||||||||||
| Release to Excess Distribution Certificateholder | $ | 989,752.67 | ||||||||||||||||
| Ending Reserve Account Balance | $ | 1,000,591.00 | ||||||||||||||||
Trust 1999-2 Quarterly Servicing Report: Collection Period 01/01/2005 — 03/31/2005, Distribution Date 04/25/2005
Page 7 of 7
