SLM Student Loan Trust 2002-1 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 | 03/05/2002 | 06/30/2005 | 09/30/2005 | ||||||||||||||
| Principal Balance | $ | 1,479,708,751.99 | $ | 502,422,680.93 | $ | 421,725,664.06 | ||||||||||||
| Interest to be Capitalized Balance | 22,213,297.89 | 5,912,661.27 | 5,469,719.31 | |||||||||||||||
| Pool Balance | $ | 1,501,922,049.88 | $ | 508,335,342.20 | $ | 427,195,383.37 | ||||||||||||
| Specified Reserve Account Balance | 3,754,806.00 | -N/A- | -N/A- | |||||||||||||||
| Adjusted Pool(1) | $ | 1,505,676,855.88 | $ | 508,335,342.20 | $ | 427,195,383.37 | ||||||||||||
| Weighted Average Coupon (WAC) | 5.93 | % | 3.42 | % | 5.34 | % | ||||||||||||
| Weighted Average Remaining Term | 124.04 | 103.69 | 102.65 | |||||||||||||||
| Number of Loans | 373,323 | 163,925 | 142,610 | |||||||||||||||
| Number of Borrowers | 223,666 | 102,939 | 89,859 | |||||||||||||||
| Since Issued CPR | 22.00 | % | 23.72 | % | ||||||||||||||
| (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 | ||||||||||||||
| A1 | 78442GDG8 | $ | — | $ | — | |||||||||||||
| A2 | 78442GDH6 | $ | 462,264,342.20 | $ | 381,124,383.37 | |||||||||||||
| B | 78442GDJ2 | $ | 46,071,000.00 | $ | 46,071,000.00 | |||||||||||||
| C | Account Balances | 07/25/2005 | 10/25/2005 | |||||||||||||||
| Reserve Account Balance | $ | 1,501,922.00 | $ | 1,501,922.00 | ||||||||||||||
| D | Asset / Liability | 07/25/2005 | 10/25/2005 | |||||||||||||||
| Adjusted Pool Balance | $ | 508,335,342.20 | $ | 427,195,383.37 | ||||||||||||||
| Total Notes | $ | 508,335,342.20 | $ | 427,195,383.37 | ||||||||||||||
| Difference | $ | — | $ | — | ||||||||||||||
| Parity Ratio | 1.00000 | 1.00000 | ||||||||||||||||
Page 1 of 8
II. Trust Activity 07/01/2005 through 09/30/2005
| A | Student Loan Principal Receipts | |||||||
| Borrower Principal | 9,066,471.63 | |||||||
| Guarantor Principal | 6,203,986.68 | |||||||
| Consolidation Activity Principal | 67,647,833.64 | |||||||
| Seller Principal Reimbursement | 2,332.81 | |||||||
| Servicer Principal Reimbursement | 609.97 | |||||||
| Rejected Claim Repurchased Principal | 18,428.08 | |||||||
| Other Principal Deposits | 5,565.59 | |||||||
| Total Principal Receipts | $ | 82,945,228.40 | ||||||
| B | Student Loan Interest Receipts | |||||||
| Borrower Interest | 2,187,887.41 | |||||||
| Guarantor Interest | 159,322.05 | |||||||
| Consolidation Activity Interest | 933,895.73 | |||||||
| Special Allowance Payments | 2,195,363.20 | |||||||
| Interest Subsidy Payments | 547,426.98 | |||||||
| Seller Interest Reimbursement | 9.31 | |||||||
| Servicer Interest Reimbursement | 14,065.05 | |||||||
| Rejected Claim Repurchased Interest | 916.19 | |||||||
| Other Interest Deposits | 245,259.26 | |||||||
| Total Interest Receipts | $ | 6,284,145.18 | ||||||
| C | Investment Income | $ | 632,630.94 | |||||
| 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 | $ | 22,880.42 | |||||
| I | Less: Funds Previously Remitted: | |||||||
| Servicing Fees | $ | (718,941.61 | ) | |||||
| Consolidation Loan Rebate Fees | $ | — | ||||||
Total Funds Previously Remitted | $ | (718,941.61 | ) | |||||
| J | AVAILABLE FUNDS | $ | 89,165,943.33 | |||||
| K | Non-Cash Principal Activity During Collection Period | $ | (2,248,211.53 | ) | ||||
| L | Non-Reimbursable Losses During Collection Period | $ | (0.22 | ) | ||||
| M | Aggregate Purchased Amounts by the Depositor, Servicer or Seller | $ | 24,110.90 | |||||
| N | Aggregate Loan Substitutions | $ | — | |||||
Trust 2002-1 Quarterly Servicing Report: Collection Period 07/01/2005—09/30/2005, Distribution Date 10/25/2005
Page 2 of 8
III. 2002-1 Portfolio Characteristics
| 09/30/2005 | 06/30/2005 | |||||||||||||||||||||||||||||||||
| WAC | # Loans | Principal | % of Principal | WAC | # Loans | Principal | % of Principal | |||||||||||||||||||||||||||
| INTERIM: | IN SCHOOL | 4.70 | % | 8,640 | $ | 24,545,871.40 | 5.820 | % | 2.77 | % | 10,785 | $ | 31,365,399.78 | 6.243 | % | |||||||||||||||||||
| GRACE | 4.70 | % | 5,208 | $ | 15,538,296.41 | 3.684 | % | 2.77 | % | 5,550 | $ | 16,622,338.85 | 3.308 | % | ||||||||||||||||||||
| DEFERMENT | 4.77 | % | 22,686 | $ | 65,031,657.44 | 15.420 | % | 2.85 | % | 25,803 | $ | 77,665,437.98 | 15.458 | % | ||||||||||||||||||||
| REPAYMENT: | CURRENT | 5.63 | % | 60,750 | $ | 171,604,161.57 | 40.691 | % | 3.69 | % | 75,573 | $ | 225,398,968.99 | 44.862 | % | |||||||||||||||||||
| �� | ||||||||||||||||||||||||||||||||||
| 31-60 DAYS DELINQUENT | 5.55 | % | 6,216 | $ | 19,629,316.39 | 4.655 | % | 3.59 | % | 6,586 | $ | 21,056,002.52 | 4.191 | % | ||||||||||||||||||||
| 61-90 DAYS DELINQUENT | 5.50 | % | 3,810 | $ | 12,057,204.90 | 2.859 | % | 3.56 | % | 4,206 | $ | 12,727,926.01 | 2.533 | % | ||||||||||||||||||||
| 91-120 DAYS DELINQUENT | 5.48 | % | 2,551 | $ | 8,128,022.01 | 1.927 | % | 3.56 | % | 3,150 | $ | 9,800,244.79 | 1.951 | % | ||||||||||||||||||||
| > 120 DAYS DELINQUENT | 5.45 | % | 8,646 | $ | 25,953,839.54 | 6.154 | % | 3.51 | % | 9,734 | $ | 29,551,036.13 | 5.882 | % | ||||||||||||||||||||
| FORBEARANCE | 5.44 | % | 22,895 | $ | 75,778,667.28 | 17.969 | % | 3.52 | % | 21,173 | $ | 74,335,409.25 | 14.795 | % | ||||||||||||||||||||
| CLAIMS IN PROCESS | 5.44 | % | 1,203 | $ | 3,449,373.06 | 0.818 | % | 3.47 | % | 1,351 | $ | 3,869,959.22 | 0.770 | % | ||||||||||||||||||||
| AGED CLAIMS REJECTED | 5.30 | % | 5 | $ | 9,254.06 | 0.002 | % | 3.37 | % | 14 | $ | 29,957.41 | 0.006 | % | ||||||||||||||||||||
| TOTAL | 142,610 | $ | 421,725,664.06 | 100.00 | % | 163,925 | $ | 502,422,680.93 | 100.00 | % | ||||||||||||||||||||||||
| * | Percentages may not total 100% due to rounding |
Trust 2002-1 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 3 of 8
IV. 2002-1 Portfolio Characteristics (cont’d)
| 09/30/2005 | 06/30/2005 | |||||||
| Pool Balance | $ | 427,195,383.37 | $ | 508,335,342.20 | ||||
| Total # Loans | 142,610 | 163,925 | ||||||
| Total # Borrowers | 89,859 | 102,939 | ||||||
| Weighted Average Coupon | 5.34 | % | 3.42 | % | ||||
| Weighted Average Remaining Term | 102.65 | 103.69 | ||||||
| Non-Reimbursable Losses | $ | (0.22 | ) | $ | 530.58 | |||
| Cumulative Non-Reimbursable Losses | $ | 945,092.12 | $ | 945,092.34 | ||||
| Since Issued CPR | 23.72 | % | 22.00 | % | ||||
| Loan Substitutions | $ | — | $ | — | ||||
| Cumulative Loan Substitutions | $ | — | $ | — | ||||
| Rejected Claim Repurchases | $ | 19,344.27 | $ | 4,607.11 | ||||
| Cumulative Rejected Claim Repurchases | $ | 193,200.82 | $ | 173,856.55 | ||||
| Cumulative Claims Filed | $ | 83,373,015.07 | $ | 76,164,900.42 | ||||
| Unpaid Primary Servicing Fees | $ | — | $ | — | ||||
| Unpaid Administration Fees | $ | — | $ | — | ||||
| Unpaid Carryover Servicing Fees | $ | — | $ | — | ||||
| Note Principal Shortfall | $ | — | $ | — | ||||
| Note Interest Shortfall | $ | — | $ | — | ||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||
| Borrower Interest Accrued | $ | 5,293,751.75 | $ | 4,023,784.45 | ||||
| Interest Subsidy Payments Accrued | $ | 741,264.47 | $ | 537,397.51 | ||||
| Special Allowance Payments Accrued | $ | 648,026.27 | $ | 2,189,175.83 | ||||
Trust 2002-1 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 4 of 8
V. 2002-1 Portfolio Statistics by School and Program
| A | LOAN TYPE | WAC | # LOANS | $ AMOUNT | %* | |||||||||||||||
| - GSL - Subsidized | 5.10 | % | 72,091 | $ | 176,951,021.58 | 41.959 | % | |||||||||||||
| - GSL - Unsubsidized | 5.10 | % | 48,150 | 141,823,431.75 | 33.629 | % | ||||||||||||||
| - PLUS Loans | 6.10 | % | 22,369 | 102,951,210.73 | 24.412 | % | ||||||||||||||
| - SLS Loans | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||||
| - Consolidation Loans | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||||
Total | 5.34 | % | 142,610 | $ | 421,725,664.06 | 100.000 | % | |||||||||||||
| B | SCHOOL TYPE | WAC | # LOANS | $ AMOUNT | %* | |||||||||||||||
| - Four Year | 5.34 | % | 101,502 | $ | 328,950,360.99 | 78.001 | % | |||||||||||||
| - Two Year | 5.31 | % | 29,426 | 64,185,200.10 | 15.220 | % | ||||||||||||||
| - Technical | 5.46 | % | 11,682 | 28,590,102.97 | 6.779 | % | ||||||||||||||
| - Other | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||||
Total | 5.34 | % | 142,610 | $ | 421,725,664.06 | 100.000 | % | |||||||||||||
*Percentages may not total 100% due to rounding.
Trust 2002-1 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 5 of 8
VI. 2002-1 Waterfall for Distributions
| Remaining | ||||||||||
| Paid | Funds Balance | |||||||||
| Total Available Funds | $ | 89,165,943.33 | ||||||||
| A | Primary Servicing Fee | $ | 328,341.90 | $ | 88,837,601.43 | |||||
| B | Administration Fee | $ | 20,000.00 | $ | 88,817,601.43 | |||||
| C | Class A Noteholders' Interest Distribution Amount | $ | 4,441,846.70 | $ | 84,375,754.73 | |||||
| D | Class B Noteholders' Interest Distribution Amount | $ | 485,076.44 | $ | 83,890,678.29 | |||||
| E | Class A Noteholders' Principal Distribution Amount | $ | 81,139,958.83 | $ | 2,750,719.46 | |||||
| F | Class B Noteholders' Principal Distribution Amount | $ | — | $ | 2,750,719.46 | |||||
| G | Reserve Account Reinstatement | $ | — | $ | 2,750,719.46 | |||||
| H | Carryover Servicing Fee | $ | — | $ | 2,750,719.46 | |||||
| I | Excess Distribution | $ | 2,750,719.46 | $ | — | |||||
Trust 2002-1 Quarterly Servcing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 6 of 8
VII. 2002-1 Distributions
| Distribution Amounts | A2 | B | ||||||||||
| Cusip/Isin | 78442GDH6 | 78442GDJ2 | ||||||||||
| Beginning Balance | $ | 462,264,342.20 | $ | 46,071,000.00 | ||||||||
| Index | LIBOR | LIBOR | ||||||||||
| Spread/Fixed Rate | 0.11 | % | 0.47 | % | ||||||||
| 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 | 3.76000 | % | 4.12000 | % | ||||||||
| Accrued Interest Factor | 0.009608889 | 0.010528889 | ||||||||||
| Current Interest Due | $ | 4,441,846.70 | $ | 485,076.44 | ||||||||
| Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||||
| Total Interest Due | $ | 4,441,846.70 | $ | 485,076.44 | ||||||||
| Interest Paid | $ | 4,441,846.70 | $ | 485,076.44 | ||||||||
| Interest Shortfall | $ | — | $ | — | ||||||||
| Carryover Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||||
| Current Interest Carryover Due | $ | — | $ | — | ||||||||
| Interest Carryover Paid | $ | — | $ | — | ||||||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||||||
| Principal Paid | $ | 81,139,958.83 | $ | — | ||||||||
| Ending Principal Balance | $ | 381,124,383.37 | $ | 46,071,000.00 | ||||||||
| Paydown Factor | 0.131784893 | 0.000000000 | ||||||||||
| Ending Balance Factor | 0.619009880 | 1.000000000 | ||||||||||
Trust 2002-1 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 7 of 8
VIII. 2002-1 Reconciliations
| A | Principal Distribution Reconciliation | |||||
| Prior Adjusted Pool Balance | $ | 508,335,342.20 | ||||
| Current Adjusted Pool Balance | $ | 427,195,383.37 | ||||
| Current Principal Due | $ | 81,139,958.83 | ||||
| Principal Shortfall from Previous Collection Period | $ | — | ||||
| Principal Distribution Amount | $ | 81,139,958.83 | ||||
| Principal Paid | $ | 81,139,958.83 | ||||
| Principal Shortfall | $ | — | ||||
| B | Reserve Account Reconciliation | |||||
| Beginning Period Balance | $ | 1,501,922.00 | ||||
| Reserve Funds Utilized | 0.00 | |||||
| Reserve Funds Reinstated | 0.00 | |||||
| Excess Distribution Deposit | 2,750,719.46 | |||||
| Balance Available | $ | 4,252,641.46 | ||||
| Required Reserve Acct Balance | $ | 1,501,922.00 | ||||
| Release to Excess Distribution Certificateholder | $ | 2,750,719.46 | ||||
| Ending Reserve Account Balance | $ | 1,501,922.00 | ||||
Trust 2002-1 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 8 of 8
