SLM Student Loan Trust 2000-3 Quarterly Servicing Report
Collection Period 07/01/2005 — 09/30/2005 Distribution Date 10/25/2005
Indenture Trustee: Deutsche Bank
I. Deal Parameters
| A | Student Loan Portfolio Characteristics | 04/26/2000 | 06/30/2005 | 09/30/2005 | ||||||||||||||||||||
| Principal Balance | $ | 2,467,322,729.19 | $ | 667,412,816.67 | $ | 584,679,216.21 | ||||||||||||||||||
| Interest to be Capitalized Balance | 35,763,680.58 | 4,021,382.65 | 3,689,845.80 | |||||||||||||||||||||
| Pool Balance | $ | 2,503,086,409.77 | $ | 671,434,199.32 | $ | 588,369,062.01 | ||||||||||||||||||
| Specified Reserve Account Balance | 6,257,716.00 | - N/A - | - N/A - | |||||||||||||||||||||
Adjusted Pool(1) | $ | 2,509,344,125.77 | $ | 671,434,199.32 | $ | 588,369,062.01 | ||||||||||||||||||
| Weighted Average Coupon (WAC) | 7.67 | % | 5.62 | % | 6.87 | % | ||||||||||||||||||
| Weighted Average Remaining Term | 126.33 | 110.38 | 111.06 | |||||||||||||||||||||
| Number of Loans | 523,704 | 166,654 | 146,466 | |||||||||||||||||||||
| Number of Borrowers | 255,838 | 88,763 | 79,368 | |||||||||||||||||||||
| Since Issued CPR | 14.33 | % | 15.12 | % | ||||||||||||||||||||
| (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/lsin | 07/25/2005 | 10/25/2005 | ||||||||||||||||||||
| A1T | 78442GCC8 | $ | — | $ | — | |||||||||||||||||||
| A1L | 78442GCD6 | $ | — | $ | — | |||||||||||||||||||
| A2L | 78442GCE4 | $ | 581,684,199.32 | $ | 498,619,062.01 | |||||||||||||||||||
| Certs | 78442GCF1 | $ | 89,750,000.00 | $ | 89,750,000.00 | |||||||||||||||||||
| C | Account Balances | 07/25/2005 | 10/25/2005 | |||||||||||||||||||||
| Reserve Account Balance | $ | 2,503,086.00 | $ | 2,503,086.00 | ||||||||||||||||||||
| D | Asset/Liability | 07/25/2005 | 10/25/2005 | |||||||||||||||||||||
| Adjusted Pool Balance | $ | 671,434,199.32 | $ | 588,369,062.01 | ||||||||||||||||||||
| Total Notes | $ | 671,434,199.32 | $ | 588,369,062.01 | ||||||||||||||||||||
| Difference | $ | — | $ | — | ||||||||||||||||||||
| Parity Ratio | 1.00000 | 1.00000 | ||||||||||||||||||||||
Page 1 of 9
II. Trust Activity 07/01/2005 through 09/30/2005
| A | Student Loan Principal Receipts | |||||||
| Borrower Principal | 21,673,441.61 | |||||||
| Guarantor Principal | 7,408,703.95 | |||||||
| Consolidation Activity Principal | 56,746,036.30 | |||||||
| Seller Principal Reimbursement | 1,901.07 | |||||||
| Servicer Principal Reimbursement | 6,053.23 | |||||||
| Rejected Claim Repurchased Principal | 28,825.05 | |||||||
| Other Principal Deposits | 3,212.43 | |||||||
| Total Principal Receipts | $ | 85,868,173.64 | ||||||
| B | Student Loan Interest Receipts | |||||||
| Borrower Interest | 5,666,153.35 | |||||||
| Guarantor Interest | 406,398.68 | |||||||
| Consolidation Activity Interest | 752,184.81 | |||||||
| Special Allowance Payments | 1,768,131.68 | |||||||
| Interest Subsidy Payments | 564,646.62 | |||||||
| Seller Interest Reimbursement | 658.18 | |||||||
| Servicer Interest Reimbursement | 12,721.06 | |||||||
| Rejected Claim Repurchased Interest | 2,504.44 | |||||||
| Other Interest Deposits | 395,433.68 | |||||||
| Total Interest Receipts | $ | 9,568,832.50 | ||||||
| C | Interest Rate Swap Proceeds | $ | — | |||||
| D | Investment Income | $ | 667,657.86 | |||||
| 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 | $ | 237,254.87 | |||||
| Less: Funds Previously Remitted: | ||||||||
| Servicing Fees | $ | (807,423.04 | ) | |||||
| Consolidation Loan Rebate Fees | $ | (383,933.88 | ) | |||||
Total Funds Previously Remitted | $ | (1,191,356.92 | ) | |||||
| J | AVAILABLE FUNDS | $ | 95,150,561.95 | |||||
| K | Non-Cash Principal Activity During Collection Period | $ | (3,134,573.18 | ) | ||||
| L | Non-Reimbursable Losses During Collection Period | $ | (122.40 | ) | ||||
| M | Aggregate Purchased Amounts by the Depositor, Servicer or Seller | $ | 31,329.49 | |||||
| N | Aggregate Loan Substitutions | $ | — | |||||
Trust 2000-3 Quarterly Servicing Report: Collection Period 07/01/2005—09/30/2005, Distribution Date 10/25/2005
Page 2 of 9
III. 2000-3 Portfolio Characteristics
| 09/30/2005 | 06/30/2005 | |||||||||||||||||||||||||||||||||
| WAC | # Loans | Principal | % of Principal | WAC | # Loans | Principal | % of Principal | |||||||||||||||||||||||||||
| INTERIM: | IN SCHOOL | 5.47 | % | 977 | $ | 3,450,776.35 | 0.590 | % | 3.56 | % | 1,223 | $ | 4,365,221.97 | 0.654 | % | |||||||||||||||||||
| GRACE | 5.42 | % | 611 | $ | 2,238,319.58 | 0.383 | % | 3.58 | % | 690 | $ | 2,445,521.85 | 0.366 | % | ||||||||||||||||||||
| DEFERMENT | 6.22 | % | 18,555 | $ | 73,230,878.64 | 12.525 | % | 4.81 | % | 20,976 | $ | 84,167,420.35 | 12.611 | % | ||||||||||||||||||||
| REPAYMENT: | CURRENT | 7.16 | % | 86,996 | $ | 329,415,310.29 | 56.341 | % | 5.98 | % | 103,908 | $ | 388,679,345.91 | 58.237 | % | |||||||||||||||||||
| 31-60 DAYS DELINQUENT | 6.96 | % | 6,208 | $ | 29,069,378.64 | 4.972 | % | 5.68 | % | 6,636 | $ | 30,769,026.44 | 4.610 | % | ||||||||||||||||||||
| 61-90 DAYS DELINQUENT | 6.93 | % | 3,314 | $ | 16,766,741.37 | 2.868 | % | 5.61 | % | 3,928 | $ | 19,066,549.48 | 2.857 | % | ||||||||||||||||||||
| 91-120 DAYS DELINQUENT | 6.62 | % | 2,523 | $ | 11,028,417.10 | 1.886 | % | 5.38 | % | 2,619 | $ | 12,102,978.50 | 1.813 | % | ||||||||||||||||||||
| > 120 DAYS DELINQUENT | 6.59 | % | 7,809 | $ | 35,285,132.82 | 6.035 | % | 5.17 | % | 8,557 | $ | 38,191,458.82 | 5.722 | % | ||||||||||||||||||||
| FORBEARANCE | 6.57 | % | 18,361 | $ | 79,412,494.86 | 13.582 | % | 5.21 | % | 16,939 | $ | 82,963,097.29 | 12.431 | % | ||||||||||||||||||||
| CLAIMS IN PROCESS | 6.62 | % | 1,108 | $ | 4,772,183.62 | 0.816 | % | 5.18 | % | 1,168 | $ | 4,632,647.18 | 0.694 | % | ||||||||||||||||||||
| AGED CLAIMS REJECTED | 5.79 | % | 4 | $ | 9,582.94 | 0.002 | % | 4.11 | % | 10 | $ | 29,548.88 | 0.004 | % | ||||||||||||||||||||
| TOTAL | 146,466 | $ | 584,679,216.21 | 100.00 | % | 166,654 | $ | 667,412,816.67 | 100.00 | % | ||||||||||||||||||||||||
| * | Percentages may not total 100% due to rounding |
Trust 2000-3 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 3 of 9
IV. 2000-3 Portfolio Characteristics (cont’d)
| 09/30/2005 | 06/30/2005 | |||||||
| Pool Balance | $ | 588,369,062.01 | $ | 671,434,199.32 | ||||
| Total # Loans | 146,466 | 166,654 | ||||||
| Total # Borrowers | 79,368 | 88,763 | ||||||
| Weighted Average Coupon | 6.87 | % | 5.62 | % | ||||
| Weighted Average Remaining Term | 111.06 | 110.38 | ||||||
| Non-Reimbursable Losses | $ | (122.40 | ) | $ | 1,421.58 | |||
| Cumulative Non-Reimbursable Losses | $ | 2,496,626.14 | $ | 2,496,748.54 | ||||
| Since Issued CPR | 15.12 | % | 14.33 | % | ||||
| Loan Substitutions | $ | — | $ | — | ||||
| Cumulative Loan Substitutions | $ | — | $ | — | ||||
| Rejected Claim Repurchases | $ | 31,329.49 | $ | 3,891.99 | ||||
| Cumulative Rejected Claim Repurchases | $ | 645,615.82 | $ | 614,286.33 | ||||
| Cumulative Claims Filed | $ | 115,694,551.20 | $ | 107,516,541.63 | ||||
| Unpaid Primary Servicing Fees | $ | — | $ | — | ||||
| Unpaid Administration Fees | $ | — | $ | — | ||||
| Unpaid Carryover Servicing Fees | $ | — | $ | — | ||||
| Note Principal Shortfall | $ | — | $ | — | ||||
| Note Interest Shortfall | $ | — | $ | — | ||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||
| Borrower Interest Accrued | $ | 9,757,640.61 | $ | 8,980,996.58 | ||||
| Interest Subsidy Payments Accrued | $ | 626,014.04 | $ | 527,644.25 | ||||
| Special Allowance Payments Accrued | $ | 432,055.99 | $ | 1,762,206.64 | ||||
Trust 2000-3 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 4 of 9
V. 2000-3 Portfolio Statistics by School and Program
| A | LOAN TYPE | WAC | # LOANS | $ AMOUNT | %* | |||||||||||||||
| - GSL - Subsidized | 5.84 | % | 78,841 | $ | 175,416,941.81 | 30.002 | % | |||||||||||||
| - GSL - Unsubsidized | 5.74 | % | 35,215 | 103,068,319.38 | 17.628 | % | ||||||||||||||
| - PLUS Loans | 6.16 | % | 17,077 | 67,950,793.78 | 11.622 | % | ||||||||||||||
| - SLS Loans | 6.57 | % | 2,297 | 6,679,688.98 | 1.142 | % | ||||||||||||||
| - Consolidation Loans | 8.38 | % | 13,036 | 231,563,472.26 | 39.605 | % | ||||||||||||||
Total | 6.87 | % | 146,466 | $ | 584,679,216.21 | 100.000 | % | |||||||||||||
| B | SCHOOL TYPE | WAC | # LOANS | $ AMOUNT | %* | |||||||||||||||
| - Four Year | 6.02 | % | 104,210 | $ | 305,033,105.14 | 52.171 | % | |||||||||||||
| - Two Year | 5.82 | % | 21,822 | 44,507,864.90 | 7.612 | % | ||||||||||||||
| - Technical | 5.77 | % | 8,279 | 17,589,932.27 | 3.008 | % | ||||||||||||||
| - Other | 8.38 | % | 12,155 | 217,548,313.90 | 37.208 | % | ||||||||||||||
Total | 6.87 | % | 146,466 | $ | 584,679,216.21 | 100.000 | % | |||||||||||||
| C | Student Loan Rate Calculation | |||||||||||||||||||
| Borrower Interest Accrued | 9,757,640.61 | |||||||||||||||||||
| Interest Subsidy Payments Accrued | $ | 626,014.04 | ||||||||||||||||||
| Special Allowance Payments Accrued | $ | 432,055.99 | ||||||||||||||||||
| Investment Income | $ | 667,657.86 | ||||||||||||||||||
| Net Expected Interest Collections | $ | 11,483,368.50 | ||||||||||||||||||
| Accrual Daycount Fraction | 0.255555556 | |||||||||||||||||||
| Primary Servicing Fee | $ | 1,181,799.11 | ||||||||||||||||||
| Admin Fee | $ | 20,000.00 | ||||||||||||||||||
| Swap Fees | $ | 21,448.60 | ||||||||||||||||||
| Pool Balance at Beginning of Collection Pd | $ | 671,434,199.32 | ||||||||||||||||||
Student Loan Rate | 5.97948 | % | ||||||||||||||||||
| * | Percentages may not total 100% due to rounding. |
Trust 2000-3 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 5 of 9
VI. 2000-3 Waterfall for Distributions
| Remaining | |||||||||
| Paid | Funds Balance | ||||||||
| Total Available Funds | $ | 95,150,561.95 | |||||||
| A | Primary Servicing Fee | $ | 374,376.07 | $ | 94,776,185.88 | ||||
| B | Administration Fee | $ | 20,000.00 | $ | 94,756,185.88 | ||||
| C | Swap Fees | $ | 21,448.60 | $ | 94,734,737.28 | ||||
| D | Noteholders' Interest Distribution Amount | $ | 5,708,260.94 | $ | 89,026,476.34 | ||||
| E | Certificateholders' Return Distribution Amount | $ | 963,316.67 | $ | 88,063,159.67 | ||||
| F | Noteholders' Principal Distribution Amount | $ | 83,065,137.31 | $ | 4,998,022.36 | ||||
| G | Certificateholders' Balance Distribution Amount | $ | — | $ | 4,998,022.36 | ||||
| H | Reserve Account Reinstatement | $ | — | $ | 4,998,022.36 | ||||
| I | Swap Payment Reimbursement | $ | — | $ | 4,998,022.36 | ||||
| J | Carryover Servicing Fee | $ | — | $ | 4,998,022.36 | ||||
| K | Excess Distribution | $ | 4,998,022.36 | $ | — | ||||
| Trust 2000-3 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005 | ||
Page 6 of 9 |
VII. 2000-3 Distributions
| A | Note Distribution Amounts | A2L | Certs | |||||||||
| Cusip/Isin | 78442GCE4 | 78442GCF1 | ||||||||||
| Beginning Balance | $ | 581,684,199.32 | $ | 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 | 07/25/2005 | 07/25/2005 | ||||||||||
| Accrual Period End | 10/25/2005 | 10/25/2005 | ||||||||||
| Daycount Fraction | 0.25555556 | 0.25555556 | ||||||||||
| Interest Rate | 3.84000 | % | 4.20000 | % | ||||||||
| Accrued Interest Factor | 0.009813333 | 0.010733333 | ||||||||||
| Current Interest Due | $ | 5,708,260.94 | $ | 963,316.67 | ||||||||
| Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||||
| Total Interest Due | $ | 5,708,260.94 | $ | 963,316.67 | ||||||||
| Interest Paid | $ | 5,708,260.94 | $ | 963,316.67 | ||||||||
| Interest Shortfall | $ | — | $ | — | ||||||||
| Carryover Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||||
| Current Interest Carryover Due | $ | — | $ | — | ||||||||
| Interest Carryover Paid | $ | — | $ | — | ||||||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||||||
| Principal Paid | $ | 83,065,137.31 | $ | — | ||||||||
| Ending Principal Balance | $ | 498,619,062.01 | $ | 89,750,000.00 | ||||||||
| Paydown Factor | 0.078050399 | 0.000000000 | ||||||||||
| Ending Balance Factor | 0.468516854 | 1.000000000 | ||||||||||
Trust 2000-3 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 7 of 9
VII. 2000-3 Distributions (contd)
B | Interest Rate Swaps | |||||||||
| A2L | Certs | |||||||||
| Student Loan Rate | 5.97948 | % | 5.97948 | % | ||||||
| Interest Rate Excess Over Student Loan Rate | 0.00000 | % | 0.00000 | % | ||||||
| Swap Counterparty | JPMORGAN CHASE | JPMORGAN CHASE | ||||||||
| Swap Notional | $ | 290,842,099.66 | $ | 44,875,000.00 | ||||||
| Swap Payments Due Trust | $ | — | $ | — | ||||||
| Swap Fee Pay Rate | 0.01250 | % | 0.01250 | % | ||||||
| Swap Fees Due Counterparty | $ | 9,290.79 | $ | 1,433.51 | ||||||
| Swap Fees Paid Counterparty | $ | 9,290.79 | $ | 1,433.51 | ||||||
| Swap Payment Reimbursement Due Counterparty | $ | — | $ | — | ||||||
| Swap Payment Reimbursement Paid Counterparty | $ | — | $ | — | ||||||
| Swap Counterparty | MERRILL LYNCH | MERRILL LYNCH | ||||||||
| CAPITAL SERVICES | CAPITAL SERVICES | |||||||||
| Swap Notional | $ | 290,842,099.66 | $ | 44,875,000.00 | ||||||
| Swap Payments Due Trust | $ | — | $ | — | ||||||
| Swap Fee Pay Rate | 0.01250 | % | 0.01250 | % | ||||||
| Swap Fees Due Counterparty | $ | 9,290.79 | $ | 1,433.51 | ||||||
| Swap Fees Paid Counterparty | $ | 9,290.79 | $ | 1,433.51 | ||||||
| Swap Payment Reimbursement Due Counterparty | $ | — | $ | — | ||||||
| Swap Payment Reimbursement Paid Counterparty | $ | — | $ | — | ||||||
Trust 2000-3 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 8 of 9
VIII. 2000-3 Reconciliations
| A | Principal Distribution Reconciliation | |||||
| Prior Adjusted Pool Balance | $ | 671,434,199.32 | ||||
| Current Adjusted Pool Balance | $ | 588,369,062.01 | ||||
| Current Principal Due | $ | 83,065,137.31 | ||||
| Principal Shortfall from Previous Collection Period | $ | — | ||||
| Principal Distribution Amount | $ | 83,065,137.31 | ||||
| Principal Paid | $ | 83,065,137.31 | ||||
| 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 | 4,998,022.36 | |||||
| Balance Available | $ | 7,501,108.36 | ||||
| Required Reserve Acct Balance | $ | 2,503,086.00 | ||||
| Release to Excess Distribution Certificateholder | $ | 4,998,022.36 | ||||
| Ending Reserve Account Balance | $ | 2,503,086.00 | ||||
| Trust 2000-3 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005 | ||
Page 9 of 9 |
