SLM Student Loan Trust 2000-3 Quarterly Servicing Report
Collection Period 04/01/2005 - 06/30/2005 Distribution Date 07/25/2005
Indenture Trustee: Deutsche Bank
I. Deal Parameters
| A | Student Loan Portfolio Characteristics | 04/26/2000 | 03/31/2005 | 06/30/2005 | ||||||||||||
| Principal Balance | $ | 2,467,322,729.19 | $ | 742,577,871.42 | $ | 667,412,816.67 | ||||||||||
| Interest to be Capitalized Balance | 35,763,680.58 | 4,700,678.73 | 4,021,382.65 | |||||||||||||
| Pool Balance | $ | 2,503,086,409.77 | $ | 747,278,550.15 | $ | 671,434,199.32 | ||||||||||
| Specified Reserve Account Balance | 6,257,716.00 | - N/A - | - N/A - | |||||||||||||
| Adjusted Pool (1) | $ | 2,509,344,125.77 | $ | 747,278,550.15 | $ | 671,434,199.32 | ||||||||||
| Weighted Average Coupon (WAC) | 7.67 | % | 5.53 | % | 5.62 | % | ||||||||||
| Weighted Average Remaining Term | 126.33 | 110.28 | 110.38 | |||||||||||||
| Number of Loans | 523,704 | 183,762 | 166,654 | |||||||||||||
| Number of Borrowers | 255,838 | 96,788 | 88,763 | |||||||||||||
| Since Issued CPR | 13.48 | % | 14.33 | % | ||||||||||||
| (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 | ||||||||||||
| A1T | 78442GCC8 | $ | — | $ | — | |||||||||||
| A1L | 78442GCD6 | $ | — | $ | — | |||||||||||
| A2L | 78442GCE4 | $ | 657,528,550.15 | $ | 581,684,199.32 | |||||||||||
| Certs | 78442GCF1 | $ | 89,750,000.00 | $ | 89,750,000.00 | |||||||||||
| C | Account Balances | 04/25/2005 | 07/25/2005 | |||||||||||||
| Reserve Account Balance | $ | 2,503,086.00 | $ | 2,503,086.00 | ||||||||||||
| D | Asset/Liability | 04/25/2005 | 07/25/2005 | |||||||||||||
| Adjusted Pool Balance | $ | 747,278,550.15 | $ | 671,434,199.32 | ||||||||||||
| Total Notes | $ | 747,278,550.15 | $ | 671,434,199.32 | ||||||||||||
| Difference | $ | — | $ | — | ||||||||||||
| Parity Ratio | 1.00000 | 1.00000 | ||||||||||||||
Page 1 of 9
II. Trust Activity 04/01/2005 through 06/30/2005
| A | Student Loan Principal Receipts | |||||||
| Borrower Principal | 22,903,042.64 | |||||||
| Guarantor Principal | 7,311,684.96 | |||||||
| Consolidation Activity Principal | 48,330,349.92 | |||||||
| Seller Principal Reimbursement | 3,410.05 | |||||||
| Servicer Principal Reimbursement | 3,455.20 | |||||||
| Rejected Claim Repurchased Principal | 3,307.49 | |||||||
| Other Principal Deposits | 4,267.96 | |||||||
| Total Principal Receipts | $ | 78,559,518.22 | ||||||
| B | Student Loan Interest Receipts | |||||||
| Borrower Interest | 5,647,762.72 | |||||||
| Guarantor Interest | 367,028.88 | |||||||
| Consolidation Activity Interest | 424,729.47 | |||||||
| Special Allowance Payments | 1,635,315.76 | |||||||
| Interest Subsidy Payments | 592,763.55 | |||||||
| Seller Interest Reimbursement | 2,668.69 | |||||||
| Servicer Interest Reimbursement | 25,744.83 | |||||||
| Rejected Claim Repurchased Interest | 584.50 | |||||||
| Other Interest Deposits | 384,539.68 | |||||||
| Total Interest Receipts | $ | 9,081,138.08 | ||||||
| C | Interest Rate Swap Proceeds | $ | — | |||||
| D | Investment Income | $ | 439,103.20 | |||||
| E | Funds Borrowed from Next Collection Period | $ | — | |||||
| F | Funds Repaid from Prior Collection Period | $ | — | |||||
| G | Loan Sale or Purchase Proceeds | $ | — | |||||
| H | Initial Deposits to Collection Account | $ | — | |||||
| I | Other Deposits | $ | 284,173.08 | |||||
| Less: Funds Previously Remitted: | ||||||||
| Servicing Fees | $ | (926,807.18 | ) | |||||
| Consolidation Loan Rebate Fees | $ | (402,024.14 | ) | |||||
Total Funds Previously Remitted | $ | (1,328,831.32 | ) | |||||
| J | AVAILABLE FUNDS | $ | 87,035,101.26 | |||||
| K | Non-Cash Principal Activity During Collection Period | $ | (3,394,463.47 | ) | ||||
| L | Non-Reimbursable Losses During Collection Period | $ | 1,421.58 | |||||
| M | Aggregate Purchased Amounts by the Depositor, Servicer or Seller | $ | 5,028.52 | |||||
| N | Aggregate Loan Substitutions | $ | — | |||||
Trust 2000-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 2 of 9
III. 2000-3 Portfolio Characteristics
| 06/30/2005 | 03/31/2005 | |||||||||||||||||||||||||||||||||
| WAC | # Loans | Principal | % of Principal | WAC | # Loans | Principal | % of Principal | |||||||||||||||||||||||||||
| INTERIM: | IN SCHOOL | 3.56 | % | 1,223 | $ | 4,365,221.97 | 0.654 | % | 3.55 | % | 2,066 | $ | 7,407,618.64 | 0.998 | % | |||||||||||||||||||
| GRACE | 3.58 | % | 690 | $ | 2,445,521.85 | 0.366 | % | 3.60 | % | 463 | $ | 1,539,413.86 | 0.207 | % | ||||||||||||||||||||
| DEFERMENT | 4.81 | % | 20,976 | $ | 84,167,420.35 | 12.611 | % | 4.73 | % | 25,078 | $ | 98,970,554.49 | 13.328 | % | ||||||||||||||||||||
| REPAYMENT: | CURRENT | 5.98 | % | 103,908 | $ | 388,679,345.91 | 58.237 | % | 5.90 | % | 112,231 | $ | 427,035,031.94 | 57.507 | % | |||||||||||||||||||
| 31-60 DAYS DELINQUENT | 5.68 | % | 6,636 | $ | 30,769,026.44 | 4.610 | % | 5.70 | % | 6,809 | $ | 34,263,382.34 | 4.614 | % | ||||||||||||||||||||
| 61-90 DAYS DELINQUENT | 5.61 | % | 3,928 | $ | 19,066,549.48 | 2.857 | % | 5.58 | % | 4,040 | $ | 19,566,746.84 | 2.635 | % | ||||||||||||||||||||
| 91-120 DAYS DELINQUENT | 5.38 | % | 2,619 | $ | 12,102,978.50 | 1.813 | % | 5.31 | % | 2,605 | $ | 12,351,536.92 | 1.663 | % | ||||||||||||||||||||
| > 120 DAYS DELINQUENT | 5.17 | % | 8,557 | $ | 38,191,458.82 | 5.722 | % | 5.20 | % | 8,840 | $ | 39,317,677.59 | 5.295 | % | ||||||||||||||||||||
| FORBEARANCE | 5.21 | % | 16,939 | $ | 82,963,097.29 | 12.431 | % | 5.06 | % | 20,304 | $ | 97,375,988.11 | 13.113 | % | ||||||||||||||||||||
| CLAIMS IN PROCESS | 5.18 | % | 1,168 | $ | 4,632,647.18 | 0.694 | % | 4.93 | % | 1,321 | $ | 4,743,175.88 | 0.639 | % | ||||||||||||||||||||
| AGED CLAIMS REJECTED | 4.11 | % | 10 | $ | 29,548.88 | 0.004 | % | 6.05 | % | 5 | $ | 6,744.81 | 0.001 | % | ||||||||||||||||||||
| TOTAL | 166,654 | $ | 667,412,816.67 | 100.00 | % | 183,762 | $ | 742,577,871.42 | 100.00 | % | ||||||||||||||||||||||||
| * | Percentages may not total 100% due to rounding |
Trust 2000-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 3 of 9
IV. 2000-3 Portfolio Characteristics (cont’d)
| 06/30/2005 | 03/31/2005 | |||||||
| Pool Balance | $ | 671,434,199.32 | $ | 747,278,550.15 | ||||
| Total # Loans | 166,654 | 183,762 | ||||||
| Total # Borrowers | 88,763 | 96,788 | ||||||
| Weighted Average Coupon | 5.62 | % | 5.53 | % | ||||
| Weighted Average Remaining Term | 110.38 | 110.28 | ||||||
| Non-Reimbursable Losses | $ | 1,421.58 | $ | 2,635.21 | ||||
| Cumulative Non-Reimbursable Losses | $ | 2,496,748.54 | $ | 2,495,326.96 | ||||
| Since Issued CPR | 14.33 | % | 13.48 | % | ||||
| Loan Substitutions | $ | — | $ | — | ||||
| Cumulative Loan Substitutions | $ | — | $ | — | ||||
| Rejected Claim Repurchases | $ | 3,891.99 | $ | 35,417.20 | ||||
| Cumulative Rejected Claim Repurchases | $ | 614,286.33 | $ | 610,394.34 | ||||
| Cumulative Claims Filed | $ | 107,516,541.63 | $ | 98,572,586.01 | ||||
| Unpaid Primary Servicing Fees | $ | — | $ | — | ||||
| Unpaid Administration Fees | $ | — | $ | — | ||||
| Unpaid Carryover Servicing Fees | $ | — | $ | — | ||||
| Note Principal Shortfall | $ | — | $ | — | ||||
| Note Interest Shortfall | $ | — | $ | — | ||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||
| Borrower Interest Accrued | $ | 8,980,996.58 | $ | 9,596,501.47 | ||||
| Interest Subsidy Payments Accrued | $ | 527,644.25 | $ | 573,148.15 | ||||
| Special Allowance Payments Accrued | $ | 1,762,206.64 | $ | 1,630,639.80 | ||||
Trust 2000-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 4 of 9
V. 2000-3 Portfolio Statistics by School and Program
| A | LOAN TYPE | WAC | # LOANS | $ AMOUNT | % * | |||||||||||||
| - GSL - Subsidized | 3.96 | % | 90,194 | $ | 208,668,279.78 | 31.265 | % | |||||||||||
| - GSL - Unsubsidized | 3.82 | % | 40,555 | 123,317,781.57 | 18.477 | % | ||||||||||||
| - PLUS Loans | 4.33 | % | 19,478 | 82,510,571.70 | 12.363 | % | ||||||||||||
| - SLS Loans | 5.33 | % | 2,782 | 8,386,253.00 | 1.257 | % | ||||||||||||
| - Consolidation Loans | 8.38 | % | 13,645 | 244,529,930.62 | 36.638 | % | ||||||||||||
Total | 5.62 | % | 166,654 | $ | 667,412,816.67 | 100.000 | % | |||||||||||
| B | SCHOOL TYPE | WAC | # LOANS | $ AMOUNT | % * | |||||||||||||
| - Four Year | 4.21 | % | 120,782 | $ | 367,608,450.11 | 55.080 | % | |||||||||||
| - Two Year | 3.97 | % | 24,125 | 50,528,395.85 | 7.571 | % | ||||||||||||
| - Technical | 3.91 | % | 9,017 | 19,536,115.00 | 2.927 | % | ||||||||||||
| - Other | 8.38 | % | 12,730 | 229,739,855.71 | 34.422 | % | ||||||||||||
Total | 5.62 | % | 166,654 | $ | 667,412,816.67 | 100.000 | % | |||||||||||
| C | Student Loan Rate Calculation | |||||||||||||||||
| Borrower Interest Accrued | 8,980,996.58 | |||||||||||||||||
| Interest Subsidy Payments Accrued | $ | 527,644.25 | ||||||||||||||||
| Special Allowance Payments Accrued | $ | 1,762,206.64 | ||||||||||||||||
| Investment Income | $ | 439,103.20 | ||||||||||||||||
| Net Expected Interest Collections | $ | 11,709,950.67 | ||||||||||||||||
| Accrual Daycount Fraction | 0.252777778 | |||||||||||||||||
| Primary Servicing Fee | $ | 1,367,679.12 | ||||||||||||||||
| Admin Fee | $ | 20,000.00 | ||||||||||||||||
| Swap Fees | $ | 23,611.94 | ||||||||||||||||
| Pool Balance at Beginning of Collection Pd | $ | 747,278,550.15 | ||||||||||||||||
Student Loan Rate | 5.45204 | % | ||||||||||||||||
* Percentages may not total 100% due to rounding.
Trust 2000-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 5 of 9
VI. 2000-3 Waterfall for Distributions
| Remaining | ||||||||||
| Paid | Funds Balance | |||||||||
| Total Available Funds | $ | 87,035,101.26 | ||||||||
| A | Primary Servicing Fee | $ | 440,871.94 | $ | 86,594,229.32 | |||||
| B | Administration Fee | $ | 20,000.00 | $ | 86,574,229.32 | |||||
| C | Swap Fees | $ | 23,611.94 | $ | 86,550,617.38 | |||||
| D | Noteholders’ Interest Distribution Amount | $ | 5,569,035.41 | $ | 80,981,581.97 | |||||
| E | Certificateholders’ Return Distribution Amount | $ | 841,823.41 | $ | 80,139,758.56 | |||||
| F | Noteholders’ Principal Distribution Amount | $ | 75,844,350.83 | $ | 4,295,407.73 | |||||
| G | Certificateholders’ Balance Distribution Amount | $ | — | $ | 4,295,407.73 | |||||
| H | Reserve Account Reinstatement | $ | — | $ | 4,295,407.73 | |||||
| I | Swap Payment Reimbursement | $ | — | $ | 4,295,407.73 | |||||
| J | Carryover Servicing Fee | $ | — | $ | 4,295,407.73 | |||||
| K | Excess Distribution | $ | 4,295,407.73 | $ | — | |||||
Trust 2000-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 6 of 9
VII. 2000-3 Distributions
| A | Note Distribution Amounts | A2L | Certs | |||||||
| Cusip/Isin | 78442GCE4 | 78442GCF1 | ||||||||
| Beginning Balance | $ | 657,528,550.15 | $ | 89,750,000.00 | ||||||
| Index | LIBOR | LIBOR | ||||||||
| Spread/Fixed Rate | 0.19 | % | 0.55 | % | ||||||
| Record Date | 1 NEW YORK BUSINESS DAY | 1 NEW YORK BUSINESS DAY | ||||||||
| Accrual Period Begin | 04/25/2005 | 04/25/2005 | ||||||||
| Accrual Period End | 07/25/2005 | 07/25/2005 | ||||||||
| Daycount Fraction | 0.25277778 | 0.25277778 | ||||||||
| Interest Rate | 3.35063 | % | 3.71063 | % | ||||||
| Accrued Interest Factor | 0.008469648 | 0.009379648 | ||||||||
| Current Interest Due | $ | 5,569,035.41 | $ | 841,823.41 | ||||||
| Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||
| Total Interest Due | $ | 5,569,035.41 | $ | 841,823.41 | ||||||
| Interest Paid | $ | 5,569,035.41 | $ | 841,823.41 | ||||||
| Interest Shortfall | $ | — | $ | — | ||||||
| Carryover Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||
| Current Interest Carryover Due | $ | — | $ | — | ||||||
| Interest Carryover Paid | $ | — | $ | — | ||||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||||
| Principal Paid | $ | 75,844,350.83 | $ | — | ||||||
| Ending Principal Balance | $ | 581,684,199.32 | $ | 89,750,000.00 | ||||||
| Paydown Factor | 0.071265540 | 0.000000000 | ||||||||
| Ending Balance Factor | 0.546567253 | 1.000000000 | ||||||||
Trust 2000-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 7 of 9
VII. 2000-3 Distributions (contd)
B | Interest Rate Swaps | |||||||||
| A2L | Certs | |||||||||
| Student Loan Rate | 5.45204 | % | 5.45204 | % | ||||||
| Interest Rate Excess Over Student Loan Rate | 0.00000 | % | 0.00000 | % | ||||||
| Swap Counterparty | JP MORGAN CHASE | JP MORGAN CHASE | ||||||||
| Swap Notional | $ | 328,764,275.08 | $ | 44,875,000.00 | ||||||
| Swap Payments Due Trust | $ | — | $ | — | ||||||
| Swap Fee Pay Rate | 0.01250 | % | 0.01250 | % | ||||||
| Swap Fees Due Counterparty | $ | 10,388.04 | $ | 1,417.93 | ||||||
| Swap Fees Paid Counterparty | $ | 10,388.04 | $ | 1,417.93 | ||||||
| Swap Payment Reimbursement Due Counterparty | $ | — | $ | — | ||||||
| Swap Payment Reimbursement Paid Counterparty | $ | — | $ | — | ||||||
| Swap Counterparty | MERRILL LYNCH CAPITAL SERVICES | MERRILL LYNCH CAPITAL SERVICES | ||||||||
| Swap Notional | $ | 328,764,275.07 | $ | 44,875,000.00 | ||||||
| Swap Payments Due Trust | $ | — | $ | — | ||||||
| Swap Fee Pay Rate | 0.01250 | % | 0.01250 | % | ||||||
| Swap Fees Due Counterparty | $ | 10,388.04 | $ | 1,417.93 | ||||||
| Swap Fees Paid Counterparty | $ | 10,388.04 | $ | 1,417.93 | ||||||
| Swap Payment Reimbursement Due Counterparty | $ | — | $ | — | ||||||
| Swap Payment Reimbursement Paid Counterparty | $ | — | $ | — | ||||||
Trust 2000-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 8 of 9
VIII. 2000-3 Reconciliations
| A | Principal Distribution Reconciliation | |||||
| Prior Adjusted Pool Balance | $ | 747,278,550.15 | ||||
| Current Adjusted Pool Balance | $ | 671,434,199.32 | ||||
| Current Principal Due | $ | 75,844,350.83 | ||||
| Principal Shortfall from Previous Collection Period | $ | — | ||||
| Principal Distribution Amount | $ | 75,844,350.83 | ||||
| Principal Paid | $ | 75,844,350.83 | ||||
| Principal Shortfall | $ | — | ||||
| B | Reserve Account Reconciliation | |||||
| Beginning Period Balance | $ | 2,503,086.00 | ||||
| Reserve Funds Utilized | 0.00 | |||||
| Reserve Funds Reinstated | 0.00 | |||||
| Excess Distribution Deposit | 4,295,407.73 | |||||
| Balance Available | $ | 6,798,493.73 | ||||
| Required Reserve Acct Balance | $ | 2,503,086.00 | ||||
| Release to Excess Distribution Certificateholder | $ | 4,295,407.73 | ||||
| Ending Reserve Account Balance | $ | 2,503,086.00 | ||||
| Page 9 of 9 | Trust 2000-3 Quarterly Servicing Report: Collection Period 04/01/2005- 06/30/2005, Distribution Date 07/25/2005 |
