SLM Student Loan Trust 2002-1 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 | $ | 628,547,901.05 | $ | 58,407,336.27 | $ | 570,140,564.78 | ||||||||
| ii | Interest to be Capitalized | 7,660,427.05 | 7,290,300.18 | |||||||||||||
| iii | Total Pool | $ | 636,208,328.10 | $ | 577,430,864.96 | |||||||||||
| iv | Specified Reserve Account Balance | 1,590,520.82 | — | |||||||||||||
| v | Total Adjusted Pool | $ | 637,798,848.92 | $ | 577,430,864.96 | |||||||||||
| B | i | Weighted Average Coupon (WAC) | 3.423 | % | 3.417 | % | ||||||||||
| ii | Weighted Average Remaining Term | 106.22 | 105.27 | |||||||||||||
| iii | Number of Loans | 196,113 | 181,389 | |||||||||||||
| iv | Number of Borrowers | 122,041 | 113,340 | |||||||||||||
| % of | % of | ||||||||||||||||||||||||||||
| Notes and Certificates | Spread | Balance 1/25/05 | Pool* | Balance 4/25/05 | Pool* | ||||||||||||||||||||||||
| C | i | A-1 Notes | 78442GDG8 | 0.030 | % | $ | — | 0.000 | % | $ | — | 0.000 | % | ||||||||||||||||
| ii | A-2 Notes | 78442GDH6 | 0.110 | % | 591,727,848.92 | 92.777 | % | 531,359,864.96 | 92.021 | % | |||||||||||||||||||
| iii | B Notes | 78442GDJ2 | 0.470 | % | 46,071,000.00 | 7.223 | % | 46,071,000.00 | 7.979 | % | |||||||||||||||||||
| v | Total Notes | $ | 637,798,848.92 | 100.000 | % | $ | 577,430,864.96 | 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 ($) | |||||||||||
| iii | Specified Reserve Acct Balance ($) | $ | 1,590,520.82 | $ | 1,443,577.16 | |||||||
| iv | Reserve Account Floor Balance ($) | $ | 1,501,922.00 | $ | 1,501,922.00 | |||||||
| v | Current Reserve Acct Balance ($) | $ | 1,590,520.82 | $ | 1,501,922.00 | |||||||
* Percentages may not total 100% due to rounding.
1
II. 2002-1 Transactions from: 1/1/2005 through: 3/31/2005
| A | Student Loan Principal Activity | |||||||
| i | Regular Principal Collections | $ | 51,355,751.14 | |||||
| ii | Principal Collections from Guarantor | 9,270,977.46 | ||||||
| iii | Principal Reimbursements | 40,707.19 | ||||||
| iv | Other System Adjustments | 0.00 | ||||||
| v | Total Principal Collections | $ | 60,667,435.79 | |||||
| B | Student Loan Non-Cash Principal Activity | |||||||
| i | Other Adjustments | $ | 3,969.31 | |||||
| ii | Capitalized Interest | (2,264,068.83 | ) | |||||
| iii | Total Non-Cash Principal Activity | $ | (2,260,099.52 | ) | ||||
| C | Total Student Loan Principal Activity | $ | 58,407,336.27 | |||||
| D | Student Loan Interest Activity | |||||||
| i | Regular Interest Collections | $ | 2,624,754.45 | |||||
| ii | Interest Claims Received from Guarantors | 240,889.31 | ||||||
| iii | Collection Fees/Returned Items | 56,759.02 | ||||||
| iv | Late Fee Reimbursements | 186,104.46 | ||||||
| v | Interest Reimbursements | 33,454.61 | ||||||
| vi | Other System Adjustments | 0.00 | ||||||
| vii | Special Allowance Payments | 1,460,262.28 | ||||||
| viii | Subsidy Payments | 691,839.60 | ||||||
| ix | Total Interest Collections | $ | 5,294,063.73 | |||||
| E | Student Loan Non-Cash Interest Activity | |||||||
| i | Interest Accrual Adjustment | $ | 980.31 | |||||
| ii | Capitalized Interest | 2,264,068.83 | ||||||
| iii | Total Non-Cash Interest Adjustments | $ | 2,265,049.14 | |||||
| F | Total Student Loan Interest Activity | $ | 7,559,112.87 | |||||
| G | Non-Reimbursable Losses During Collection Period | $ | 1,752.46 | |||||
| H | Cumulative Non-Reimbursable Losses to Date | $ | 944,561.76 | |||||
2
III. 2002-1 Collection Account Activity 1/1/2005 through 3/31/2005
| A | Principal Collections | |||||||
| i | Principal Payments Received | $ | 20,243,704.78 | |||||
| ii | Consolidation Principal Payments | 40,383,023.82 | ||||||
| iii | Reimbursements by Seller | 3,958.57 | ||||||
| iv | Borrower Benefits Reimbursed | 3,291.07 | ||||||
| v | Reimbursements by Servicer | 201.91 | ||||||
| vi | Re-purchased Principal | 33,255.64 | ||||||
| vii | Total Principal Collections | $ | 60,667,435.79 | |||||
| B | Interest Collections | |||||||
| i | Interest Payments Received | $ | 4,664,426.84 | |||||
| ii | Consolidation Interest Payments | 353,318.80 | ||||||
| iii | Reimbursements by Seller | (2.22 | ) | |||||
| iv | Borrower Benefits Reimbursed | 96.76 | ||||||
| v | Reimbursements by Servicer | 32,055.67 | ||||||
| vi | Re-purchased Interest | 1,304.40 | ||||||
| vii | Collection Fees/Returned Items | 56,759.02 | ||||||
| viii | Late Fees | 186,104.46 | ||||||
| ix | Total Interest Collections | $ | 5,294,063.73 | |||||
| C | Other Reimbursements | $ | 24,412.09 | |||||
| D | Administrator Account Investment Income | $ | — | |||||
| E | Return funds borrowed for previous distribution | $ | — | |||||
| TOTAL FUNDS RECEIVED | $ | 65,985,911.61 | ||||||
| LESS FUNDS PREVIOUSLY REMITTED: | ||||||||
| Servicing Fees | $ | (929,126.74 | ) | |||||
| F | TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT | $ | 65,056,784.87 | |||||
| G | Servicing Fees Due for Current Period | $ | 442,944.27 | |||||
| H | Carryover Servicing Fees Due | $ | — | |||||
| I | Administration Fees Due | $ | 20,000.00 | |||||
| J | Total Fees Due for Period | $ | 462,944.27 | |||||
3
IV. 2002-1 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 | 2.770 | % | 2.770 | % | 19,563 | 17,628 | 9.975 | % | 9.718 | % | $ | 57,819,563.19 | $ | 52,741,265.37 | 9.199 | % | 9.251 | % | ||||||||||||||||||||||
Grace | ||||||||||||||||||||||||||||||||||||||||
| Current | 2.770 | % | 2.770 | % | 5,812 | 4,993 | 2.964 | % | 2.753 | % | $ | 17,233,797.90 | $ | 13,840,116.45 | 2.742 | % | 2.427 | % | ||||||||||||||||||||||
TOTAL INTERIM | 2.770 | % | 2.770 | % | 25,375 | 22,621 | 12.939 | % | 12.471 | % | $ | 75,053,361.09 | $ | 66,581,381.82 | 11.941 | % | 11.678 | % | ||||||||||||||||||||||
REPAYMENT | ||||||||||||||||||||||||||||||||||||||||
Active | ||||||||||||||||||||||||||||||||||||||||
| Current | 3.694 | % | 3.706 | % | 87,089 | 80,237 | 44.408 | % | 44.235 | % | $ | 282,701,303.26 | $ | 248,704,104.80 | 44.977 | % | 43.622 | % | ||||||||||||||||||||||
| 31-60 Days Delinquent | 3.577 | % | 3.614 | % | 8,446 | 6,751 | 4.307 | % | 3.722 | % | $ | 27,529,605.25 | $ | 21,875,401.28 | 4.380 | % | 3.837 | % | ||||||||||||||||||||||
| 61-90 Days Delinquen | 3.574 | % | 3.563 | % | 5,575 | 4,263 | 2.843 | % | 2.350 | % | $ | 17,876,649.20 | $ | 13,475,932.72 | 2.844 | % | 2.364 | % | ||||||||||||||||||||||
| 91-120 Days Delinquent | 3.576 | % | 3.508 | % | 3,458 | 3,314 | 1.763 | % | 1.827 | % | $ | 10,707,971.70 | $ | 10,706,804.09 | 1.704 | % | 1.878 | % | ||||||||||||||||||||||
| > 120 Days Delinquent | 3.507 | % | 3.515 | % | 11,357 | 9,973 | 5.791 | % | 5.498 | % | $ | 34,206,418.55 | $ | 30,630,790.48 | 5.442 | % | 5.372 | % | ||||||||||||||||||||||
Deferment | ||||||||||||||||||||||||||||||||||||||||
| Current | 2.856 | % | 2.857 | % | 28,481 | 28,469 | 14.523 | % | 15.695 | % | $ | 87,089,572.14 | $ | 87,240,243.76 | 13.856 | % | 15.302 | % | ||||||||||||||||||||||
Forbearance | ||||||||||||||||||||||||||||||||||||||||
| Current | 3.539 | % | 3.523 | % | 24,235 | 24,034 | 12.358 | % | 13.250 | % | $ | 87,414,014.00 | $ | 86,008,744.34 | 13.907 | % | 15.086 | % | ||||||||||||||||||||||
TOTAL REPAYMENT | 3.512 | % | 3.502 | % | 168,641 | 157,041 | 85.992 | % | 86.577 | % | $ | 547,525,534.10 | $ | 498,642,021.47 | 87.110 | % | 87.460 | % | ||||||||||||||||||||||
Claims in Process (1) | 3.444 | % | 3.505 | % | 2,086 | 1,721 | 1.064 | % | 0.949 | % | $ | 5,947,636.13 | $ | 4,904,938.01 | 0.946 | % | 0.860 | % | ||||||||||||||||||||||
Aged Claims Rejected (2) | 3.370 | % | 3.370 | % | 11 | 6 | 0.006 | % | 0.003 | % | $ | 21,369.73 | $ | 12,223.48 | 0.003 | % | 0.002 | % | ||||||||||||||||||||||
GRAND TOTAL | 3.423 | % | 3.417 | % | 196,113 | 181,389 | 100.000 | % | 100.000 | % | $ | 628,547,901.05 | $ | 570,140,564.78 | 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. 2002-1 Portfolio Characteristics by Loan Type and School
| LOAN TYPE | WAC | # Loans | $ Amount | % | ||||||||||||
| - GSL — Subsidized | 3.158 | % | 90,857 | $ | 233,900,500.15 | 41.025 | % | |||||||||
| - GSL — Unsubsidized | 3.153 | % | 61,909 | $ | 191,725,088.98 | 33.628 | % | |||||||||
| - PLUS Loans | 4.170 | % | 28,623 | $ | 144,514,975.65 | 25.347 | % | |||||||||
| - Total | 3.417 | % | 181,389 | $ | 570,140,564.78 | 100.000 | % | |||||||||
| SCHOOL TYPE | WAC | # Loans | $ Amount | % | ||||||||||||
| - Four Year | 3.413 | % | 132,995 | $ | 456,853,594.70 | 80.130 | % | |||||||||
| - Two Year | 3.389 | % | 34,627 | $ | 78,402,535.58 | 13.751 | % | |||||||||
| - Technical | 3.529 | % | 13,767 | $ | 34,884,434.50 | 6.119 | % | |||||||||
| - Other | 0.000 | % | 0 | $ | — | 0.000 | % | |||||||||
| - Total | 3.417 | % | 181,389 | $ | 570,140,564.78 | 100.000 | % | |||||||||
*Percentages may not total 100% due to rounding.
5
VI. 2002-1 Expected Interest Calculation and Interest Rate Cap Payments
| A | Borrower Interest Accrued During Collection Period | $ | 4,434,699.05 | |||
| B | Interest Subsidy Payments Accrued During Collection Period | 583,882.33 | ||||
| C | SAP Payments Accrued During Collection Period | 1,925,247.04 | ||||
| D | INV Earnings Accrued for Collection Period (RESERVE, COLLECTION, CAP INT ACTS) | 293,202.99 | ||||
| E | Investment Earnings (ADMINISTRATOR ACCOUNTS) | 0.00 | ||||
| F | Net Expected Interest Collections | $ | 7,237,031.41 | |||
VII. 2002-1 Accrued Interest Factors
| Accrued | ||||||||||||
| Int Factor | Accrual Period | Rate | ||||||||||
| A | Class A-1 Interest Rate | 0.000000000 | (1/25/05 — 4/25/05) | 0.00000 | % | |||||||
| B | Class A-2 Interest Rate | 0.007025000 | (1/25/05 — 4/25/05) | 2.81000 | % | |||||||
| C | Class B Interest Rate | 0.007925000 | (1/25/05 — 4/25/05) | 3.17000 | % | |||||||
6
VIII. 2002-1 Inputs From Prior Quarter 12/31/04
| A | Total Student Loan Pool Outstanding | |||||||||||||||
| i | Portfolio Balance | $ | 628,547,901.05 | |||||||||||||
| ii | Interest To Be Capitalized | 7,660,427.05 | ||||||||||||||
| iii | Total Pool | $ | 636,208,328.10 | |||||||||||||
| iv | Specified Reserve Account Balance | 1,590,520.82 | ||||||||||||||
| v | Total Adjusted Pool | $ | 637,798,848.92 | |||||||||||||
| B | Total Note and Certificate Factor | 0.41530906260 | ||||||||||||||
| C | Total Note Balance | $ | 637,798,848.92 | |||||||||||||
| D | Note Balance 1/25/2005 | Class A-1 | Class A-2 | Class B | ||||||||||||
| i | Current Factor | 0.0000000000 | 0.9610652086 | 1.0000000000 | ||||||||||||
| ii | Expected Note Balance | $ | 0.00 | $ | 591,727,848.92 | $ | 46,071,000.00 | |||||||||
| E | Note Principal Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
| F | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
| G | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
| H | Reserve Account Balance | $ | 1,590,520.82 | |||||||||||||
| 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 | |||||||||||||
7
IX. 2002-1 Waterfall for Distributions
| Remaining | ||||||||||||
| Funds Balance | ||||||||||||
| A | Total Available Funds ( Sections III-F + VI-D +VI-G-v ) | $ | 65,352,929.05 | $ | 65,352,929.05 | |||||||
| B | Primary Servicing Fees-Current Month | $ | 442,944.27 | $ | 64,909,984.78 | |||||||
| C | Administration Fee | $ | 20,000.00 | $ | 64,889,984.78 | |||||||
| E | Noteholder’s Interest Distribution Amount | |||||||||||
| i | Class A-1 | $ | 0.00 | $ | 64,889,984.78 | |||||||
| ii | Class A-2 | $ | 4,156,888.14 | $ | 60,733,096.64 | |||||||
| iii | Class B | $ | 365,112.68 | $ | 60,367,983.96 | |||||||
| iv | Total Noteholder's Interest Distribution | $ | 4,522,000.82 | |||||||||
| F | Noteholder’s Principal Distribution Amount Paid | |||||||||||
| i | Class A-1 | $ | 0.00 | $ | 60,367,983.96 | |||||||
| ii | Class A-2 | $ | 60,367,983.96 | $ | 0.00 | |||||||
| iii | Class B | $ | 0.00 | $ | 0.00 | |||||||
| iv | Total Noteholder's Principal Distribution | $ | 60,367,983.96 | |||||||||
| G | Increase to the Specified Reserve Account Balance | $ | 0.00 | $ | 0.00 | |||||||
| H | Floating Rate Swap Payment Reimbursement | $ | 0.00 | $ | 0.00 | |||||||
| I | Carryover Servicing Fees | $ | 0.00 | $ | 0.00 | |||||||
| J | Noteholder’s Interest Carryover | |||||||||||
| i | Class A-1 | $ | 0.00 | $ | 0.00 | |||||||
| ii | Class A-2 | $ | 0.00 | $ | 0.00 | |||||||
| iii | Class B | $ | 0.00 | $ | 0.00 | |||||||
| iv | Total Noteholder's Interest Carryover | $ | 0.00 | |||||||||
| K | Excess to Reserve Account | $ | 0.00 | $ | 0.00 | |||||||
8
X. 2002-1 Distributions
| A | Distribution Amounts | Class A-1 | Class A-2 | Class B | ||||||||||||
| i | Quarterly Interest Due | $ | 0.00 | $ | 4,156,888.14 | $ | 365,112.68 | |||||||||
| ii | Quarterly Interest Paid | 0.00 | 4,156,888.14 | 365,112.68 | ||||||||||||
| iii | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
| iv | Interest Carryover Due | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
| v | Interest Carryover Paid | 0.00 | 0.00 | 0.00 | ||||||||||||
| vi | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
| vii | Quarterly Principal Due | $ | 0.00 | $ | 60,367,983.96 | $ | 0.00 | |||||||||
| viii | Quarterly Principal Paid | 0.00 | 60,367,983.96 | 0.00 | ||||||||||||
| ix | Quarterly Principal Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
| x | Total Distribution Amount | $ | 0.00 | $ | 64,524,872.10 | $ | 365,112.68 | |||||||||
| B | Principal Distribution Reconciliation | |||||||||||||||
| i | Notes Outstanding Principal Balance 3/31/05 | $ | 637,798,848.92 | |||||||||||||
| ii | Adjusted Pool Balance 3/31/05 | 577,430,864.96 | ||||||||||||||
| iii | Adjusted Pool Exceeding Notes Balance (i-ii | $ | 60,367,983.96 | |||||||||||||
| iv | Adjusted Pool Balance 12/31/04 | $ | 637,798,848.92 | |||||||||||||
| v | Adjusted Pool Balance 3/31/05 | 577,430,864.96 | ||||||||||||||
| vi | Current Principal Due (iv-v | $ | 60,367,983.96 | |||||||||||||
| vii | Principal Shortfall from previous Collection Period | — | ||||||||||||||
| viii | Principal Distribution Amount (vi + vii) | $ | 60,367,983.96 | |||||||||||||
| ix | Principal Distribution Amount Paid | $ | 60,367,983.96 | |||||||||||||
| x | Principal Shortfall (viii - ix) | $ | 0.00 | |||||||||||||
| C | Total Principal Distribution | $ | 60,367,983.96 | |||||||||||||
| D | Total Interest Distribution | 4,522,000.82 | ||||||||||||||
| E | Total Cash Distributions | $ | 64,889,984.78 | |||||||||||||
| F | Note Balances | 1/25/2005 | 4/25/2005 | |||||||||||||
| i | A-1 Note Balance | 78442GDG8 | $ | — | $ | — | ||||||||||
| A-1 Note Pool Factor | 0.0000000000 | 0.0000000000 | ||||||||||||||
| ii | A-2 Note Balance | 78442GDH6 | $ | 591,727,848.92 | $ | 531,359,864.96 | ||||||||||
| A-2 Note Pool Factor | 0.9610652086 | 0.8630174841 | ||||||||||||||
| iii | B Note Balance | 78442GDJ2 | $ | 46,071,000.00 | $ | 46,071,000.00 | ||||||||||
| B Note Pool Factor | 1.0000000000 | 1.0000000000 | ||||||||||||||
| G | Reserve Account Reconciliation | |||||||||||||||||||
| i | Beginning of Period Balance | $ | 1,590,520.82 | |||||||||||||||||
| ii | Deposits to correct Shortfall | $ | — | |||||||||||||||||
| iii | Deposits from Excess Servicing | $ | — | |||||||||||||||||
| iv | Total Reserve Account Balance Available | $ | 1,590,520.82 | |||||||||||||||||
| v | Required Reserve Account Balance | $ | 1,501,922.00 | |||||||||||||||||
| vi | Excess Reserve - Release to Waterfall Distribution | $ | 2,941.19 | |||||||||||||||||
| vii | Excess Reserve - Release to Excess Certificateholder | $ | 85,657.63 | |||||||||||||||||
| viii | Ending Reserve Account Balance | $ | 1,501,922.00 | |||||||||||||||||
9
XI. 2002-1 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 | 1/1/02-12/31/2 | ||||||||||||||||||||||||||
| Beginning Student Loan Portfolio Balance | $ | 628,547,901.05 | $ | 684,071,539.23 | $ | 774,056,191.05 | $ | 797,114,646.29 | $ | 856,139,777.17 | $ | 1,167,989,410.78 | $ | 1,479,708,751.99 | ||||||||||||||||||
| Student Loan Principal Activity | ||||||||||||||||||||||||||||||||
| i | Regular Principal Collections | $ | 51,355,751.14 | $ | 54,122,158.48 | $ | 86,066,948.64 | $ | 21,388,591.64 | $ | 55,480,601.48 | $ | 243,861,515.42 | $ | 132,168,321.87 | |||||||||||||||||
| ii | Principal Collections from Guarantor | 9,270,977.46 | 5,843,064.58 | 6,076,322.27 | 4,945,830.82 | 6,347,031.32 | 26,118,140.52 | 10,159,534.74 | ||||||||||||||||||||||||
| iii | Principal Reimbursements | 40,707.19 | 23,862.04 | 45,234.84 | 46,117.99 | 71,868.63 | 59,426,941.34 | 192,337,671.60 | ||||||||||||||||||||||||
| iv | Other System Adjustments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||
| v | Total Principal Collections | $ | 60,667,435.79 | $ | 59,989,085.10 | $ | 92,188,505.75 | $ | 26,380,540.45 | $ | 61,899,501.43 | $ | 329,406,597.28 | $ | 334,665,528.21 | |||||||||||||||||
| Student Loan Non-Cash Principal Activity | ||||||||||||||||||||||||||||||||
| i | Other Adjustments | $ | 3,969.31 | $ | 69,384.09 | $ | 111,248.38 | $ | 84,513.89 | $ | 119,115.14 | $ | 1,381,344.34 | $ | 1,488,146.26 | |||||||||||||||||
| ii | Capitalized Interest | (2,264,068.83 | ) | (4,534,831.01 | ) | (2,315,102.31 | ) | (3,406,599.10 | ) | (2,993,485.69 | ) | (18,938,308.01 | ) | (24,434,333.26 | ) | |||||||||||||||||
| iii | Total Non-Cash Principal Activity | $ | (2,260,099.52 | ) | $ | (4,465,446.92 | ) | $ | (2,203,853.93 | ) | $ | (3,322,085.21 | ) | $ | (2,874,370.55 | ) | $ | (17,556,963.67 | ) | $ | (22,946,187.00 | ) | ||||||||||
| (-) | Total Student Loan Principal Activity | $ | 58,407,336.27 | $ | 55,523,638.18 | $ | 89,984,651.82 | $ | 23,058,455.24 | $ | 59,025,130.88 | $ | 311,849,633.61 | $ | 311,719,341.21 | |||||||||||||||||
| Student Loan Interest Activity | ||||||||||||||||||||||||||||||||
| i | Regular Interest Collections | $ | 2,624,754.45 | $ | 3,366,903.92 | $ | 3,460,369.67 | $ | 3,042,743.09 | $ | 3,671,808.78 | $ | 19,871,413.39 | $ | 31,037,587.94 | |||||||||||||||||
| ii | Interest Claims Received from Guarantors | 240,889.31 | 145,735.42 | 148,028.21 | 129,290.57 | 181,124.51 | 861,763.52 | 409,985.43 | ||||||||||||||||||||||||
| iii | Collection Fees/Returned Items | 56,759.02 | 48,066.02 | 53,622.64 | 35,940.62 | 43,762.98 | 116,738.26 | 39,476.79 | ||||||||||||||||||||||||
| iv | Late Fee Reimbursements | 186,104.46 | 169,907.79 | 209,422.44 | 154,532.74 | 195,306.60 | 695,599.18 | 696,129.33 | ||||||||||||||||||||||||
| v | Interest Reimbursements | 33,454.61 | 26,895.81 | 11,622.52 | 19,506.59 | 7,578.64 | 605,629.48 | 2,641,812.87 | ||||||||||||||||||||||||
| vi | Other System Adjustments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||
| vii | Special Allowance Payments | 1,460,262.28 | 874,389.62 | 217,585.42 | (3.44 | ) | 16,484.98 | (289.97 | ) | 117,120.51 | ||||||||||||||||||||||
| viii | Subsidy Payments | 691,839.60 | 802,741.64 | 916,353.52 | 980,225.35 | 1,143,091.77 | 7,287,595.84 | 12,714,206.14 | ||||||||||||||||||||||||
| ix | Total Interest Collections | $ | 5,294,063.73 | $ | 5,434,640.22 | $ | 5,017,004.42 | $ | 4,362,235.52 | $ | 5,259,158.26 | $ | 29,438,449.70 | $ | 47,656,319.01 | |||||||||||||||||
| Student Loan Non-Cash Interest Activity | ||||||||||||||||||||||||||||||||
| i | Interest Accrual Adjustment | $ | 980.31 | $ | 3,352.18 | $ | 1,815.85 | $ | 852.85 | $ | 1,414.56 | $ | (898,857.33 | ) | $ | (1,172,583.44 | ) | |||||||||||||||
| ii | Capitalized Interest | 2,264,068.83 | 4,534,831.01 | 2,315,102.31 | 3,406,599.10 | 2,993,485.69 | 18,938,308.01 | 24,434,333.26 | ||||||||||||||||||||||||
| iii | Total Non-Cash Interest Adjustment | $ | 2,265,049.14 | $ | 4,538,183.19 | $ | 2,316,918.16 | $ | 3,407,451.95 | $ | 2,994,900.25 | $ | 18,039,450.68 | $ | 23,261,749.82 | |||||||||||||||||
| Total Student Loan Interest Activity | $ | 7,559,112.87 | $ | 9,972,823.41 | $ | 7,333,922.58 | $ | 7,769,687.47 | $ | 8,254,058.51 | $ | 47,477,900.38 | $ | 70,918,068.83 | ||||||||||||||||||
| (=) | Ending Student Loan Portfolio Balance | $ | 570,140,564.78 | $ | 628,547,901.05 | $ | 684,071,539.23 | $ | 774,056,191.05 | $ | 797,114,646.29 | $ | 856,139,777.17 | $ | 1,167,989,410.78 | |||||||||||||||||
| (+) | Interest to be Capitalized | $ | 7,290,300.18 | $ | 7,660,427.05 | $ | 10,862,621.76 | $ | 11,421,589.75 | $ | 12,347,721.60 | $ | 12,911,064.81 | $ | 19,459,147.66 | |||||||||||||||||
| (=) | TOTAL POOL | $ | 577,430,864.96 | $ | 636,208,328.10 | $ | 694,934,160.99 | $ | 785,477,780.80 | $ | 809,462,367.89 | $ | 869,050,841.98 | $ | 1,187,448,558.44 | |||||||||||||||||
| (+) | Reserve Account Balance | $ | - | $ | 1,590,520.82 | $ | 1,737,335.40 | $ | 1,963,694.45 | $ | 2,023,655.92 | $ | 2,172,627.10 | $ | 2,968,621.40 | |||||||||||||||||
| (=) | Total Adjusted Pool | $ | 577,430,864.96 | $ | 637,798,848.92 | $ | 696,671,496.39 | $ | 787,441,475.25 | $ | 811,486,023.81 | $ | 871,223,469.08 | $ | 1,190,417,179.84 | |||||||||||||||||
10
XII. 2002-1 Payment History and CPRs
| Distribution | Actual | Since Issued | ||||
| Date | Pool Balances | CPR * | ||||
| Apr-02 | $ | 1,436,515,691 | 14.38% | |||
| Jul-02 | $ | 1,382,154,183 | 12.94% | |||
| Oct-02 | $ | 1,286,867,965 | 15.81% | |||
| Jan-03 | $ | 1,187,448,558 | 17.76% | |||
| Apr-03 | $ | 1,101,745,031 | 18.45% | |||
| Jul-03 | $ | 1,064,012,588 | 16.64% | |||
| Oct-03 | $ | 949,027,453 | 19.03% | |||
| Jan-04 | $ | 869,050,842 | 19.64% | |||
| Apr-04 | $ | 809,462,368 | 19.45% | |||
| Jun-04 | $ | 785,477,781 | 17.94% | |||
| Oct-04 | $ | 694,934,161 | 19.40% | |||
| Jan-05 | $ | 636,208,328 | 19.66% | |||
| Apr-05 | $ | 577,430,865 | 20.06% | |||
* “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
