SLM Student Loan Trust 2002-3 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 | $ | 642,008,382.92 | $ | 63,392,952.85 | $ | 578,615,430.07 | ||||||||
| ii | Interest to be Capitalized | 7,366,996.90 | 6,893,390.14 | |||||||||||||
| iii | Total Pool | $ | 649,375,379.82 | $ | 585,508,820.21 | |||||||||||
| iv | Specified Reserve Account Balance | 1,623,438.45 | — | |||||||||||||
| v | Total Adjusted Pool | $ | 650,998,818.27 | $ | 585,508,820.21 | |||||||||||
| B | i | Weighted Average Coupon (WAC) | 3.318 | % | 3.312 | % | ||||||||||
| ii | Weighted Average Remaining Term | 108.90 | 107.81 | |||||||||||||
| iii | Number of Loans | 195,691 | 180,463 | |||||||||||||
| iv | Number of Borrowers | 110,133 | 102,223 | |||||||||||||
| v | Aggregate Outstanding Principal Balance - T-Bill | $ | 293,676,808.92 | $ | 264,874,915.81 | |||||||||||
| vi | Aggregate Outstanding Principal Balance - CP | $ | 355,698,570.90 | $ | 320,633,904.40 | |||||||||||
| % of | % of | |||||||||||||||||||||||||
| Notes and Certificates | Spread | Balance 1/25/05 | O/S Securities* | Balance 4/25/05 | O/S Securities* | |||||||||||||||||||||
| C | i | A-1 Notes | 78442GDP8 | 0.010 | % | $ | — | 0.000 | % | $ | — | 0.000 | % | |||||||||||||
| ii | A-2 Notes | 78442GDQ6 | 0.040 | % | — | 0.000 | % | — | 0.000 | % | ||||||||||||||||
| iii | A-3 Notes | 78442GDR4 | 0.080 | % | 92,785,818.27 | 14.253 | % | 27,295,820.21 | 4.662 | % | ||||||||||||||||
| iv | A-4 Notes | 78442GDS2 | 0.140 | % | 512,277,000.00 | 78.691 | % | 512,277,000.00 | 87.493 | % | ||||||||||||||||
| v | B Notes | 78442GDT0 | 0.470 | % | 45,936,000.00 | 7.056 | % | 45,936,000.00 | 7.845 | % | ||||||||||||||||
| vi | Total Notes | $ | 650,998,818.27 | 100.000 | % | $ | 585,508,820.21 | 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 ($) | |||||||||||
| iii | Specified Reserve Acct Balance ($) | $ | 1,623,438.45 | $ | 1,463,772.05 | |||||||
| iv | Reserve Account Floor Balance ($) | $ | 1,497,519.00 | $ | 1,497,519.00 | |||||||
| v | Current Reserve Acct Balance ($) | $ | 1,623,438.45 | $ | 1,497,519.00 | |||||||
* Percentages may not total 100% due to rounding.
1
II. 2002-3 Transactions from: 1/1/2005 through: 3/31/2005
| A | Student Loan Principal Activity | |||||||
| i | Regular Principal Collections | $ | 57,679,101.81 | |||||
| ii | Principal Collections from Guarantor | 7,949,536.48 | ||||||
| iii | Principal Reimbursements | 48,726.40 | ||||||
| iv | Other System Adjustments | 0.00 | ||||||
| v | Total Principal Collections | $ | 65,677,364.69 | |||||
| B | Student Loan Non-Cash Principal Activity | |||||||
| i | Other Adjustments | $ | (1,483.25 | ) | ||||
| ii | Capitalized Interest | (2,282,928.59 | ) | |||||
| iii | Total Non-Cash Principal Activity | $ | (2,284,411.84 | ) | ||||
| C | Total Student Loan Principal Activity | $ | 63,392,952.85 | |||||
| D | Student Loan Interest Activity | |||||||
| i | Regular Interest Collections | $ | 2,457,044.21 | |||||
| ii | Interest Claims Received from Guarantors | 230,396.09 | ||||||
| iii | Collection Fees/Returned Items | 52,169.42 | ||||||
| iv | Late Fee Reimbursements | 171,428.88 | ||||||
| v | Interest Reimbursements | 35,306.99 | ||||||
| vi | Other System Adjustments | 0.00 | ||||||
| vii | Special Allowance Payments | 2,015,376.79 | ||||||
| viii | Subsidy Payments | 807,356.32 | ||||||
| ix | Total Interest Collections | $ | 5,769,078.70 | |||||
| E | Student Loan Non-Cash Interest Activity | |||||||
| i | Interest Accrual Adjustment | $ | (624.81 | ) | ||||
| ii | Capitalized Interest | 2,282,928.59 | ||||||
| iii | Total Non-Cash Interest Adjustments | $ | 2,282,303.78 | |||||
| F | Total Student Loan Interest Activity | $ | 8,051,382.48 | |||||
| G | Non-Reimbursable Losses During Collection Period | $ | 1,865.11 | |||||
| H | Cumulative Non-Reimbursable Losses to Date | $ | 903,775.45 | |||||
2
III. 2002-3 Collection Account Activity 1/1/2005 through 3/31/2005
| A | Principal Collections | |||||||
| i | Principal Payments Received | $ | 19,290,991.82 | |||||
| ii | Consolidation Principal Payments | 46,337,646.47 | ||||||
| iii | Reimbursements by Seller | (1,323.28 | ) | |||||
| iv | Borrower Benefits Reimbursed | 9,153.66 | ||||||
| v | Reimbursements by Servicer | 98.64 | ||||||
| vi | Re-purchased Principal | 40,797.38 | ||||||
| vii | Total Principal Collections | $ | 65,677,364.69 | |||||
| B | Interest Collections | |||||||
| i | Interest Payments Received | $ | 5,105,346.73 | |||||
| ii | Consolidation Interest Payments | 404,826.68 | ||||||
| iii | Reimbursements by Seller | (2.71 | ) | |||||
| iv | Borrower Benefits Reimbursed | 442.49 | ||||||
| v | Reimbursements by Servicer | 32,413.58 | ||||||
| vi | Re-purchased Interest | 2,453.63 | ||||||
| vii | Collection Fees/Returned Items | 52,169.42 | ||||||
| viii | Late Fees | 171,428.88 | ||||||
| ix | Total Interest Collections | $ | 5,769,078.70 | |||||
| C | Other Reimbursements | $ | 83,903.96 | |||||
| D | Administrator Account Investment Income | $ | — | |||||
| E | Return funds borrowed for previous distribution | $ | — | |||||
| TOTAL FUNDS RECEIVED | $ | 71,530,347.35 | ||||||
| LESS FUNDS PREVIOUSLY REMITTED: | ||||||||
| Servicing Fees | $ | (947,381.71 | ) | |||||
| F | TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT | $ | 70,582,965.64 | |||||
| G | Servicing Fees Due for Current Period | $ | 450,460.42 | |||||
| H | Carryover Servicing Fees Due | $ | — | |||||
| I | Administration Fees Due | $ | 20,000.00 | |||||
| J | Aggregate Swap Fees Due | $ | 8,137.48 | |||||
| K | Total Fees Due for Period | $ | 478,597.90 | |||||
3
IV. 2002-3 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 | 2.771 | % | 2.771 | % | 19,199 | 16,960 | 9.811 | % | 9.398 | % | $ | 68,635,101.03 | $ | 61,632,255.33 | 10.691 | % | 10.652 | % | ||||||||||||||||||||||
Grace | ||||||||||||||||||||||||||||||||||||||||
| Current | 2.770 | % | 2.770 | % | 5,058 | 4,738 | 2.585 | % | 2.625 | % | $ | 17,392,125.00 | $ | 14,576,189.55 | 2.709 | % | 2.519 | % | ||||||||||||||||||||||
TOTAL INTERIM | 2.771 | % | 2.771 | % | 24,257 | 21,698 | 12.396 | % | 12.024 | % | $ | 86,027,226.03 | $ | 76,208,444.88 | 13.400 | % | 13.171 | % | ||||||||||||||||||||||
REPAYMENT | ||||||||||||||||||||||||||||||||||||||||
Active | ||||||||||||||||||||||||||||||||||||||||
| Current | 3.528 | % | 3.534 | % | 91,526 | 84,732 | 46.771 | % | 46.953 | % | $ | 279,012,146.80 | $ | 244,702,187.92 | 43.459 | % | 42.291 | % | ||||||||||||||||||||||
| 31-60 Days Delinquent | 3.535 | % | 3.530 | % | 7,805 | 5,984 | 3.988 | % | 3.316 | % | $ | 25,704,743.41 | $ | 19,773,141.14 | 4.004 | % | 3.417 | % | ||||||||||||||||||||||
| 61-90 Days Delinquent | 3.518 | % | 3.510 | % | 4,922 | 3,868 | 2.515 | % | 2.143 | % | $ | 16,203,733.77 | $ | 13,346,553.74 | 2.524 | % | 2.307 | % | ||||||||||||||||||||||
| 91-120 Days Delinquent | 3.553 | % | 3.486 | % | 3,063 | 2,818 | 1.565 | % | 1.562 | % | $ | 9,701,868.96 | $ | 9,844,095.09 | 1.511 | % | 1.701 | % | ||||||||||||||||||||||
| > 120 Days Delinquent | 3.516 | % | 3.535 | % | 9,957 | 8,881 | 5.088 | % | 4.921 | % | $ | 31,354,893.66 | $ | 28,226,813.36 | 4.884 | % | 4.878 | % | ||||||||||||||||||||||
Deferment | ||||||||||||||||||||||||||||||||||||||||
| Current | 2.855 | % | 2.856 | % | 29,616 | 29,101 | 15.134 | % | 16.126 | % | $ | 99,475,234.67 | $ | 96,566,130.08 | 15.494 | % | 16.689 | % | ||||||||||||||||||||||
Forbearance | ||||||||||||||||||||||||||||||||||||||||
| Current | 3.499 | % | 3.485 | % | 22,839 | 21,987 | 11.671 | % | 12.184 | % | $ | 89,239,149.41 | $ | 85,823,126.94 | 13.900 | % | 14.832 | % | ||||||||||||||||||||||
TOTAL REPAYMENT | 3.402 | % | 3.393 | % | 169,728 | 157,371 | 86.733 | % | 87.204 | % | $ | 550,691,770.68 | $ | 498,282,048.27 | 85.776 | % | 86.116 | % | ||||||||||||||||||||||
Claims in Process (1) | 3.485 | % | 3.543 | % | 1,695 | 1,389 | 0.866 | % | 0.770 | % | $ | 5,262,962.00 | $ | 4,112,582.70 | 0.820 | % | 0.711 | % | ||||||||||||||||||||||
Aged Claims Rejected (2) | 3.370 | % | 3.370 | % | 11 | 5 | 0.006 | % | 0.003 | % | $ | 26,424.21 | $ | 12,354.22 | 0.004 | % | 0.002 | % | ||||||||||||||||||||||
GRAND TOTAL | 3.318 | % | 3.312 | % | 195,691 | 180,463 | 100.001 | % | 100.000 | % | $ | 642,008,382.92 | $ | 578,615,430.07 | 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. 2002-3 Portfolio Characteristics by Loan Type and School
| LOAN TYPE | WAC | # Loans | $ Amount | % | ||||||||||||
| - GSL — Subsidized | 3.242 | % | 108,436 | $ | 303,281,648.83 | 52.415 | % | |||||||||
| - GSL — Unsubsidized | 3.172 | % | 62,775 | $ | 224,646,971.65 | 38.825 | % | |||||||||
| - PLUS Loans | 4.244 | % | 8,622 | $ | 48,150,719.53 | 8.322 | % | |||||||||
| - SLS Loans | 5.402 | % | 630 | $ | 2,536,090.06 | 0.438 | % | |||||||||
| - Total | 3.312 | % | 180,463 | $ | 578,615,430.07 | 100.000 | % | |||||||||
| SCHOOL TYPE | WAC | # Loans | $ Amount | % | ||||||||||||
| - Four Year | 3.302 | % | 142,175 | $ | 493,339,967.11 | 85.262 | % | |||||||||
| - Two Year | 3.328 | % | 28,844 | $ | 62,104,077.17 | 10.733 | % | |||||||||
| - Technical | 3.464 | % | 9,442 | $ | 23,167,133.09 | 4.004 | % | |||||||||
| - Other | 5.023 | % | 2 | $ | 4,252.70 | 0.001 | % | |||||||||
| - Total | 3.312 | % | 180,463 | $ | 578,615,430.07 | 100.000 | % | |||||||||
5
VI. 2002-3 Student Loan Rate Calculation and Floating Rate Swap Payments
| A | Borrower Interest Accrued During Collection Period | $ | 4,202,912.06 | |||||||||||||||||||||
| B | Interest Subsidy Payments Accrued During Collection Period | 687,414.45 | ||||||||||||||||||||||
| C | SAP Payments Accrued During Collection Period | 2,559,741.49 | ||||||||||||||||||||||
| D | INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS) | 325,781.52 | ||||||||||||||||||||||
| E | Investment Earnings (ADMINISTRATOR ACCOUNTS) | 0.00 | ||||||||||||||||||||||
| F | Net Expected Interest Collections | $ | 7,775,849.52 | |||||||||||||||||||||
| G | Student Loan Rate | |||||||||||||||||||||||
| i | Days in Calculation Period | 90 | ||||||||||||||||||||||
| ii | Days in Year | 360 | ||||||||||||||||||||||
| iii | Net Expected Interest Collections | $ | 7,775,849.52 | |||||||||||||||||||||
| iv | Primary Servicing Fee | $ | 1,397,842.13 | |||||||||||||||||||||
| v | Administration Fee | $ | 20,000.00 | |||||||||||||||||||||
| vi | Aggregate Swap Fees | $ | 8,137.48 | |||||||||||||||||||||
| vii | Total Pool Balance at Beginning of Collection Period | $ | 649,375,379.82 | |||||||||||||||||||||
| viii | Student Loan Rate ( ii / i ) * (( iii - iv - v - vi ) / vii ) | 3.91137 | % | |||||||||||||||||||||
| H | Floating Rate Swap Payments Due to the Trust | |||||||||||||||||||||||
| Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class B | ||||||||||||||||||||
| i | Aggregate Notional Swap Amounts | — | $ | — | $ | 92,785,818.27 | $ | 512,277,000.00 | $ | 45,936,000.00 | ||||||||||||||
| ii | Libor Based Interest Rates | 0.00000 | % | 0.00000 | % | 2.78000 | % | 2.84000 | % | 3.17000 | % | |||||||||||||
| iii | Student Loan Rate Cap | 3.91137 | % | 3.91137 | % | 3.91137 | % | 3.91137 | % | 3.91137 | % | |||||||||||||
| iv | Excess Over Cap ( ii-iii) | 0.00000 | % | 0.00000 | % | 0.00000 | % | 0.00000 | % | 0.00000 | % | |||||||||||||
| v | Floating Rate Swap Payments Due to the Trust | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||
VII. 2002-3 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 | 0.000000000 | (1/25/05-4/25/05) | 0.00000% | ||||
| C | Class A-3 Interest Rate | 0.006950000 | (1/25/05-4/25/05) | 2.78000% | ||||
| D | Class A-4 Interest Rate | 0.007100000 | (1/25/05-4/25/05) | 2.84000% | ||||
| E | Class B Interest Rate | 0.007925000 | (1/25/05-4/25/05) | 3.17000% |
6
VIII. 2002-3 Inputs From Original Data 12/31/04
| A | Total Student Loan Pool Outstanding | |||||||||||||||||||||||
| i | Portfolio Balance | $ | 642,008,382.92 | |||||||||||||||||||||
| ii | Interest To Be Capitalized | 7,366,996.90 | ||||||||||||||||||||||
| iii | Total Pool | $ | 649,375,379.82 | |||||||||||||||||||||
| iv | Specified Reserve Account Balance | 1,623,438.45 | ||||||||||||||||||||||
| v | Total Adjusted Pool | $ | 650,998,818.27 | |||||||||||||||||||||
| B | Total Note and Certificate Factor | 0.42515235847 | ||||||||||||||||||||||
| C | Total Note Balance | $ | 650,998,818.27 | |||||||||||||||||||||
| D | Note Balance 1/25/2005 | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class B | ||||||||||||||||||
| i | Current Factor | 0.0000000000 | 0.0000000000 | 0.3999388719 | 1.0000000000 | 1.0000000000 | ||||||||||||||||||
| ii | Expected Note Balance | $ | 0.00 | $ | 0.00 | $ | 92,785,818.27 | $ | 512,277,000.00 | $ | 45,936,000.00 | |||||||||||||
| E | Note Principal Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||
| F | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||
| G | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||
| H | Reserve Account Balance | $ | 1,623,438.45 | |||||||||||||||||||||
| 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. 2002-3 Waterfall for Distributions
| Remaining | ||||||||||||
| Funds Balance | ||||||||||||
| A | Total Available Funds ( Sections III-F + VI-D +VI-H-v) | $ | 70,908,747.16 | $ | 70,908,747.16 | |||||||
| B | Primary Servicing Fees-Current Month | $ | 450,460.42 | $ | 70,458,286.74 | |||||||
| C | Administration Fee | $ | 20,000.00 | $ | 70,438,286.74 | |||||||
| D | Swap Fees | |||||||||||
| i | Fixed Rate Swap Payment | $ | 4,068.74 | $ | 70,434,218.00 | |||||||
| ii | Fixed Rate Swap Payment | $ | 4,068.74 | $ | 70,430,149.26 | |||||||
| vi | Total Swap Fees | $ | 8,137.48 | |||||||||
| E | Noteholder’s Interest Distribution Amount | |||||||||||
| i | Class A-1 | $ | 0.00 | $ | 70,430,149.26 | |||||||
| ii | Class A-2 | $ | 0.00 | $ | 70,430,149.26 | |||||||
| iii | Class A-3 | $ | 644,861.44 | $ | 69,785,287.82 | |||||||
| iv | Class A-4 | $ | 3,637,166.70 | $ | 66,148,121.12 | |||||||
| v | Class B | $ | 364,042.80 | $ | 65,784,078.32 | |||||||
| vi | Total Noteholder's Interest Distribution | $ | 4,646,070.94 | |||||||||
| F | Noteholder’s Principal Distribution Amount Paid | |||||||||||
| i | Class A-1 | $ | 0.00 | $ | 65,784,078.32 | |||||||
| ii | Class A-2 | $ | 0.00 | $ | 65,784,078.32 | |||||||
| iii | Class A-3 | $ | 65,489,998.06 | $ | 294,080.26 | |||||||
| iv | Class A-4 | $ | 0.00 | $ | 294,080.26 | |||||||
| v | Class B | $ | 0.00 | $ | 294,080.26 | |||||||
| vi | Total Noteholder's Principal Distribution | $ | 65,489,998.06 | |||||||||
| G | Increase to the Specified Reserve Account Balance | $ | 0.00 | $ | 294,080.26 | |||||||
| H | Floating Rate Swap Payment Reimbursement | $ | 0.00 | $ | 294,080.26 | |||||||
| I | Carryover Servicing Fees | $ | 0.00 | $ | 294,080.26 | |||||||
| J | Noteholder’s Interest Carryover | |||||||||||
| i | Class A-1 | $ | 0.00 | $ | 294,080.26 | |||||||
| ii | Class A-2 | $ | 0.00 | $ | 294,080.26 | |||||||
| iii | Class A-3 | $ | 0.00 | $ | 294,080.26 | |||||||
| iv | Class A-4 | $ | 0.00 | $ | 294,080.26 | |||||||
| v | Class B | $ | 0.00 | $ | 294,080.26 | |||||||
| vi | Total Noteholder's Interest Carryover | $ | 0.00 | |||||||||
| K | Excess to Reserve Account | $ | 294,080.26 | $ | 0.00 | |||||||
8
X. 2002-3 Distributions
| A | Distribution Amounts | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class B | ||||||||||||||||||
| i | Quarterly Interest Due | $ | 0.00 | $ | 0.00 | $ | 644,861.44 | $ | 3,637,166.70 | $ | 364,042.80 | |||||||||||||
| ii | Quarterly Interest Paid | 0.00 | 0.00 | $ | 644,861.44 | $ | 3,637,166.70 | 364,042.80 | ||||||||||||||||
| iii | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||
| iv | Interest Carryover Due | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||
| v | Interest Carryover Paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
| vi | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||
| vii | Quarterly Principal Due | $ | 0.00 | $ | 0.00 | $ | 65,489,998.06 | $ | 0.00 | $ | 0.00 | |||||||||||||
| viii | Quarterly Principal Paid | 0.00 | 0.00 | 65,489,998.06 | 0.00 | 0.00 | ||||||||||||||||||
| ix | Quarterly Principal Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||
| x | Total Distribution Amount | $ | 0.00 | $ | 0.00 | $ | 66,134,859.50 | $ | 3,637,166.70 | $ | 364,042.80 | |||||||||||||
| B | Principal Distribution Reconciliation | |||||||||||||||||||||||
| i | Notes Outstanding Principal Balance 3/31/05 | $ | 650,998,818.27 | |||||||||||||||||||||
| ii | Adjusted Pool Balance 3/31/05 | 585,508,820.21 | ||||||||||||||||||||||
| iii | Adjusted Pool Exceeding Notes Balance (i-ii) | $ | 65,489,998.06 | |||||||||||||||||||||
| iv | Adjusted Pool Balance 12/31/04 | $ | 650,998,818.27 | |||||||||||||||||||||
| v | Adjusted Pool Balance 3/31/05 | 585,508,820.21 | ||||||||||||||||||||||
| vi | Current Principal Due (iv-v) | $ | 65,489,998.06 | |||||||||||||||||||||
| vii | Principal Shortfalls from Previous Collection Period | 0.00 | ||||||||||||||||||||||
| viii | Principal Distribution Amount (vi + vii) | $ | 65,489,998.06 | |||||||||||||||||||||
| ix | Principal Distribution Amount Paid | $ | 65,489,998.06 | |||||||||||||||||||||
| x | Principal Shortfall (viii - ix) | $ | — | |||||||||||||||||||||
| C | Total Principal Distribution | $ | 65,489,998.06 | |||||||||||||||||||||
| D | Total Interest Distribution | 4,646,070.94 | ||||||||||||||||||||||
| E | Total Cash Distributions | $ | 70,136,069.00 | |||||||||||||||||||||
| F | Note Balances | 1/25/2005 | 4/25/2005 | |||||||||||
| i | A-1 Note Balance | 78442GDP8 | $ | — | $ | — | ||||||||
| A-1 Note Pool Factor | 0.0000000000 | 0.0000000000 | ||||||||||||
| ii | A-2 Note Balance | 78442GDQ6 | $ | — | $ | — | ||||||||
| A-2 Note Pool Factor | 0.0000000000 | 0.0000000000 | ||||||||||||
| iii | A-3 Note Balance | 78442GDR4 | $ | 92,785,818.27 | $ | 27,295,820.21 | ||||||||
| A-3 Note Pool Factor | 0.3999388719 | 0.1176543975 | ||||||||||||
| iv | A-4 Note Balance | 78442GDS2 | $ | 512,277,000.00 | $ | 512,277,000.00 | ||||||||
| A-4 Note Pool Factor | 1.0000000000 | 1.0000000000 | ||||||||||||
| v | B Note Balance | 78442GDT0 | $ | 45,936,000.00 | $ | 45,936,000.00 | ||||||||
| B Note Pool Factor | 1.0000000000 | 1.0000000000 | ||||||||||||
| G | Reserve Account Reconciliation | |||||||||||||||||||||||
| i | Beginning of Period Balance | $ | 1,623,438.45 | |||||||||||||||||||||
| ii | Deposits to correct Shortfall | $ | — | |||||||||||||||||||||
| iii | Deposits from Excess Servicing | $ | 294,080.26 | |||||||||||||||||||||
| iv | Total Reserve Account Balance Available | $ | 1,917,518.71 | |||||||||||||||||||||
| v | Required Reserve Account Balance | $ | 1,497,519.00 | |||||||||||||||||||||
| vi | Shortfall Carried to Next Period | $ | — | |||||||||||||||||||||
| vii | Excess Reserve - Release to Excess Certificate Holder | $ | 419,999.71 | |||||||||||||||||||||
| viii | Ending Reserve Account Balance | $ | 1,497,519.00 | |||||||||||||||||||||
9
XI. 2002-3 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 | 05/14/02-12/31/02 | ||||||||||||||||||||||||||
| Beginning Student Loan Portfolio Balance | $ | 642,008,382.92 | $ | 706,267,180.19 | $ | 802,506,098.91 | $ | 827,133,705.45 | $ | 889,698,667.50 | $ | 1,219,198,183.85 | $ | 1,477,552,160.73 | ||||||||||||||||||
| Student Loan Principal Activity | ||||||||||||||||||||||||||||||||
| i | Regular Principal Collections | $ | 57,679,101.81 | $ | 62,382,966.97 | $ | 92,750,581.63 | $ | 22,949,140.89 | $ | 58,886,623.95 | $ | 255,892,322.83 | $ | 99,598,739.14 | |||||||||||||||||
| ii | Principal Collections from Guarantor | 7,949,536.48 | 6,239,656.84 | 5,812,121.19 | 4,561,916.10 | 6,314,601.95 | 26,476,478.65 | 5,521,985.59 | ||||||||||||||||||||||||
| iii | Principal Reimbursements | 48,726.40 | 54,301.17 | 24,414.44 | 62,991.68 | 120,030.45 | 63,676,955.77 | 172,478,424.39 | ||||||||||||||||||||||||
| iv | Other System Adjustments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||
| v | Total Principal Collections | $ | 65,677,364.69 | $ | 68,676,924.98 | $ | 98,587,117.26 | $ | 27,574,048.67 | $ | 65,321,256.35 | $ | 346,045,757.25 | $ | 277,599,149.12 | |||||||||||||||||
| Student Loan Non-Cash Principal Activity | ||||||||||||||||||||||||||||||||
| i | Other Adjustments | $ | (1,483.25 | ) | $ | 79,304.61 | $ | 105,610.14 | $ | 79,387.29 | $ | 119,209.63 | $ | 1,318,920.77 | $ | 940,387.54 | ||||||||||||||||
| ii | Capitalized Interest | (2,282,928.59 | ) | (4,497,432.32 | ) | (2,453,808.68 | ) | (3,025,829.42 | ) | (2,875,503.93 | ) | (17,865,161.67 | ) | (20,185,559.78 | ) | |||||||||||||||||
| iii | Total Non-Cash Principal Activity | $ | (2,284,411.84 | ) | $ | (4,418,127.71 | ) | $ | (2,348,198.54 | ) | $ | (2,946,442.13 | ) | $ | (2,756,294.30 | ) | $ | (16,546,240.90 | ) | $ | (19,245,172.24 | ) | ||||||||||
| (-) | Total Student Loan Principal Activity | $ | 63,392,952.85 | $ | 64,258,797.27 | $ | 96,238,918.72 | $ | 24,627,606.54 | $ | 62,564,962.05 | $ | 329,499,516.35 | $ | 258,353,976.88 | |||||||||||||||||
| Student Loan Interest Activity | ||||||||||||||||||||||||||||||||
| i | Regular Interest Collections | $ | 2,457,044.21 | $ | 3,223,896.35 | $ | 3,253,002.63 | $ | 2,839,157.26 | $ | 3,278,821.43 | $ | 17,851,148.09 | $ | 19,191,663.71 | |||||||||||||||||
| ii | Interest Claims Received from Guarantors | 230,396.09 | 179,195.17 | 159,427.18 | 145,638.48 | 218,226.93 | 1,232,752.27 | 222,153.55 | ||||||||||||||||||||||||
| iii | Collection Fees/Returned Items | 52,169.42 | 41,576.06 | 45,221.56 | 30,790.42 | 35,257.16 | 104,283.19 | 29,989.97 | ||||||||||||||||||||||||
| iv | Late Fee Reimbursements | 171,428.88 | 152,432.22 | 197,933.50 | 139,017.85 | 180,596.31 | 639,362.59 | 444,767.30 | ||||||||||||||||||||||||
| v | Interest Reimbursements | 35,306.99 | 32,272.18 | 32,549.61 | 120,530.66 | 16,435.00 | 620,832.14 | 1,876,259.75 | ||||||||||||||||||||||||
| vi | Other System Adjustments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||
| vii | Special Allowance Payments | 2,015,376.79 | 1,310,980.67 | 557,687.70 | 270,697.57 | 302,471.31 | 469,701.11 | 686,410.66 | ||||||||||||||||||||||||
| viii | Subsidy Payments | 807,356.32 | 963,022.58 | 1,067,260.50 | 1,150,773.93 | 1,321,535.32 | 8,150,905.27 | 7,365,587.59 | ||||||||||||||||||||||||
| ix | Total Interest Collections | $ | 5,769,078.70 | $ | 5,903,375.23 | $ | 5,313,082.68 | $ | 4,696,606.17 | $ | 5,353,343.46 | $ | 29,068,984.66 | $ | 29,816,832.53 | |||||||||||||||||
| Student Loan Non-Cash Interest Activity | ||||||||||||||||||||||||||||||||
| i | Interest Accrual Adjustment | $ | (624.81 | ) | $ | (1,529.84 | ) | $ | 954.04 | $ | 2,280.76 | $ | 4,025.93 | $ | (820,246.45 | ) | $ | (689,900.79 | ) | |||||||||||||
| ii | Capitalized Interest | 2,282,928.59 | 4,497,432.32 | 2,453,808.68 | 3,025,829.42 | 2,875,503.93 | 17,865,161.67 | 20,185,559.78 | ||||||||||||||||||||||||
| iii | Total Non-Cash Interest Adjustments | $ | 2,282,303.78 | $ | 4,495,902.48 | $ | 2,454,762.72 | $ | 3,028,110.18 | $ | 2,879,529.86 | $ | 17,044,915.22 | $ | 19,495,658.99 | |||||||||||||||||
| Total Student Loan Interest Activity | $ | 8,051,382.48 | $ | 10,399,277.71 | $ | 7,767,845.40 | $ | 7,724,716.35 | $ | 8,232,873.32 | $ | 46,113,899.88 | $ | 49,312,491.52 | ||||||||||||||||||
| (=) | Ending Student Loan Portfolio Balance | $ | 578,615,430.07 | $ | 642,008,382.92 | $ | 706,267,180.19 | $ | 802,506,098.91 | $ | 827,133,705.45 | $ | 889,698,667.50 | $ | 1,219,198,183.85 | |||||||||||||||||
| (+) | Interest to be Capitalized | $ | 6,893,390.14 | $ | 7,366,996.90 | $ | 10,538,080.26 | $ | 11,209,073.29 | $ | 11,797,177.86 | $ | 12,060,982.13 | $ | 16,125,991.01 | |||||||||||||||||
| (=) | TOTAL POOL | $ | 585,508,820.21 | $ | 649,375,379.82 | $ | 716,805,260.45 | $ | 813,715,172.20 | $ | 838,930,883.31 | $ | 901,759,649.63 | $ | 1,235,324,174.86 | |||||||||||||||||
| (+) | Reserve Account Balance | $ | - | $ | 1,623,438.45 | $ | 1,792,013.15 | $ | 2,034,287.93 | $ | 2,097,327.21 | $ | 2,254,399.12 | $ | 3,088,310.44 | |||||||||||||||||
| (=) | Total Adjusted Pool | $ | 585,508,820.21 | $ | 650,998,818.27 | $ | 718,597,273.60 | $ | 815,749,460.13 | $ | 841,028,210.52 | $ | 904,014,048.75 | $ | 1,238,412,485.30 | |||||||||||||||||
10
XII. 2002-3 Payment History and CPRs
| Distribution | Actual | Since Issued | ||||
| Date | Pool Balances | CPR * | ||||
| Jul-02 | $ | 1,445,408,015 | 12.28% | |||
| Oct-02 | $ | 1,340,681,796 | 17.97% | |||
| Jan-03 | $ | 1,235,324,175 | 20.22% | |||
| Apr-03 | $ | 1,146,276,530 | 20.52% | |||
| Jul-03 | $ | 1,106,576,035 | 18.08% | |||
| Oct-03 | $ | 986,809,641 | 20.67% | |||
| Jan-04 | $ | 901,759,650 | 21.29% | |||
| Apr-04 | $ | 838,930,883 | 20.96% | |||
| Jul-04 | $ | 813,715,172 | 19.18% | |||
| Oct-04 | $ | 716,805,260 | 20.81% | |||
| Jan-05 | $ | 649,375,380 | 21.28% | |||
| Apr-05 | $ | 585,508,820 | 21.72% | |||
* “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
