SLM Student Loan Trust 2002-3 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 | 05/14/2002 | 03/31/2005 | 06/30/2005 | ||||||||||||
| Principal Balance | $ | 1,477,552,160.73 | $ | 578,615,430.07 | $ | 505,738,877.49 | ||||||||||
| Interest to be Capitalized Balance | 19,966,479.94 | 6,893,390.14 | 5,617,800.92 | |||||||||||||
| Pool Balance | $ | 1,497,518,640.67 | $ | 585,508,820.21 | $ | 511,356,678.41 | ||||||||||
| Specified Reserve Account Balance | 3,743,797.00 | - N/A - | - N/A - | |||||||||||||
| Adjusted Pool (1) | $ | 1,501,262,437.67 | $ | 585,508,820.21 | $ | 511,356,678.41 | ||||||||||
| Weighted Average Coupon (WAC) | 5.82 | % | 3.31 | % | 3.31 | % | ||||||||||
| Weighted Average Remaining Term | 123.74 | 107.83 | 106.31 | |||||||||||||
| Number of Loans | 365,944 | 180,463 | 162,056 | |||||||||||||
| Number of Borrowers | 194,049 | 102,223 | 92,489 | |||||||||||||
| Since Issued CPR | 21.72 | % | 23.59 | % | ||||||||||||
| (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 | ||||||||||||
| A1 | 78442GDP8 | $ | — | $ | — | |||||||||||
| A2 | 78442GDQ6 | $ | — | $ | — | |||||||||||
| A3 | 78442GDR4 | $ | 27,295,820.21 | $ | — | |||||||||||
| A4 | 78442GDS2 | $ | 512,277,000.00 | $ | 465,420,678.41 | |||||||||||
| B | 78442GDT0 | $ | 45,936,000.00 | $ | 45,936,000.00 | |||||||||||
| C | Account Balances | 04/25/2005 | 07/25/2005 | |||||||||||||
| Reserve Account Balance | $ | 1,497,519.00 | $ | 1,497,519.00 | ||||||||||||
| D | Asset/Liability | 04/25/2005 | 07/25/2005 | |||||||||||||
| Adjusted Pool Balance | $ | 585,508,820.21 | $ | 511,356,678.41 | ||||||||||||
| Total Notes | $ | 585,508,820.21 | $ | 511,356,678.41 | ||||||||||||
| 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 | 10,224,078.03 | |||||||
| Guarantor Principal | 6,145,274.51 | |||||||
| Consolidation Activity Principal | 58,943,708.34 | |||||||
| Seller Principal Reimbursement | (1,352.86 | ) | ||||||
| Servicer Principal Reimbursement | 382.33 | |||||||
| Rejected Claim Repurchased Principal | 12,832.08 | |||||||
| Other Principal Deposits | 34,805.06 | |||||||
| Total Principal Receipts | $ | 75,359,727.49 | ||||||
| B | Student Loan Interest Receipts | |||||||
| Borrower Interest | 1,786,958.67 | |||||||
| Guarantor Interest | 170,957.06 | |||||||
| Consolidation Activity Interest | 681,949.94 | |||||||
| Special Allowance Payments | 2,566,013.11 | |||||||
| Interest Subsidy Payments | 692,985.21 | |||||||
| Seller Interest Reimbursement | 796.50 | |||||||
| Servicer Interest Reimbursement | 31,225.62 | |||||||
| Rejected Claim Repurchased Interest | 778.83 | |||||||
| Other Interest Deposits | 291,751.88 | |||||||
| Total Interest Receipts | $ | 6,223,416.82 | ||||||
| C | Interest Rate Swap Proceeds | $ | — | |||||
| D | Investment Income | $ | 388,307.59 | |||||
| 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 Less: Funds Previously Remitted: | $ | 77,839.72 | |||||
| Servicing Fees | $ | (852,002.22 | ) | |||||
| Consolidation Loan Rebate Fees | $ | — | ||||||
Total Funds Previously Remitted | $ | (852,002.22 | ) | |||||
| J | AVAILABLE FUNDS | $ | 81,197,289.40 | |||||
| K | Non-Cash Principal Activity During Collection Period | $ | (2,483,174.91 | ) | ||||
| L | Non-Reimbursable Losses During Collection Period | $ | 172.43 | |||||
| M | Aggregate Purchased Amounts by the Depositor, Servicer or Seller | $ | 13,610.91 | |||||
| N | Aggregate Loan Substitutions | $ | — | |||||
Trust 2002-3 Quarterly Servicing Report Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 2 of 9
III. 2002-3 Portfolio Characteristics
| 06/30/2005 | 03/31/2005 | |||||||||||||||||||||||||||||||||
| WAC | # Loans | Principal | % of Principal | WAC | # Loans | Principal | % of Principal | |||||||||||||||||||||||||||
| INTERIM: | IN SCHOOL | 2.77 | % | 9,593 | $ | 31,762,780.64 | 6.280 | % | 2.77 | % | 16,960 | $ | 61,632,255.33 | 10.652 | % | |||||||||||||||||||
| GRACE | 2.77 | % | 6,597 | $ | 25,482,106.24 | 5.039 | % | 2.77 | % | 4,738 | $ | 14,576,189.55 | 2.519 | % | ||||||||||||||||||||
| DEFERMENT | 2.86 | % | 25,761 | $ | 84,933,217.77 | 16.794 | % | 2.86 | % | 29,101 | $ | 96,566,130.08 | 16.689 | % | ||||||||||||||||||||
| REPAYMENT: | CURRENT | 3.53 | % | 79,244 | $ | 219,829,919.95 | 43.467 | % | 3.53 | % | 84,732 | $ | 244,702,187.92 | 42.291 | % | |||||||||||||||||||
| 31-60 DAYS DELINQUENT | 3.52 | % | 5,948 | $ | 18,823,761.61 | 3.722 | % | 3.53 | % | 5,984 | $ | 19,773,141.14 | 3.417 | % | ||||||||||||||||||||
| 61-90 DAYS DELINQUENT | 3.51 | % | 3,791 | $ | 12,235,483.63 | 2.419 | % | 3.51 | % | 3,868 | $ | 13,346,553.74 | 2.307 | % | ||||||||||||||||||||
| 91-120 DAYS DELINQUENT | 3.48 | % | 2,672 | $ | 8,906,255.99 | 1.761 | % | 3.49 | % | 2,818 | $ | 9,844,095.09 | 1.701 | % | ||||||||||||||||||||
| > 120 DAYS DELINQUENT | 3.50 | % | 8,372 | $ | 26,448,692.82 | 5.230 | % | 3.54 | % | 8,881 | $ | 28,226,813.36 | 4.878 | % | ||||||||||||||||||||
| FORBEARANCE | 3.48 | % | 18,884 | $ | 73,764,323.41 | 14.585 | % | 3.49 | % | 21,987 | $ | 85,823,126.94 | 14.832 | % | ||||||||||||||||||||
| CLAIMS IN PROCESS | 3.51 | % | 1,184 | $ | 3,528,550.53 | 0.698 | % | 3.54 | % | 1,389 | $ | 4,112,582.70 | 0.711 | % | ||||||||||||||||||||
| AGED CLAIMS REJECTED | 3.73 | % | 10 | $ | 23,784.90 | 0.005 | % | 3.37 | % | 5 | $ | 12,354.22 | 0.002 | % | ||||||||||||||||||||
| TOTAL | 162,056 | $ | 505,738,877.49 | 100.00 | % | 180,463 | $ | 578,615,430.07 | 100.00 | % | ||||||||||||||||||||||||
| * | Percentages may not total 100% due to rounding |
Trust 2002-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 3 of 9
IV. 2002-3 Portfolio Characteristics (cont’d)
| 06/30/2005 | 03/31/2005 | |||||||
| Pool Balance | $ | 511,356,678.41 | $ | 585,508,820.21 | ||||
| Total # Loans | 162,056 | 180,463 | ||||||
| Total # Borrowers | 92,489 | 102,223 | ||||||
| Weighted Average Coupon | 3.31 | % | 3.31 | % | ||||
| Weighted Average Remaining Term | 106.31 | 107.83 | ||||||
| Non-Reimbursable Losses | $ | 172.43 | $ | 1,865.11 | ||||
| Cumulative Non-Reimbursable Losses | $ | 903,947.88 | $ | 903,775.45 | ||||
| Since Issued CPR | 23.59 | % | 21.72 | % | ||||
| Loan Substitutions | $ | — | $ | — | ||||
| Cumulative Loan Substitutions | $ | — | $ | — | ||||
| Rejected Claim Repurchases | $ | 13,610.91 | $ | 28,235.62 | ||||
| Cumulative Rejected Claim Repurchases | $ | 209,549.27 | $ | 195,938.36 | ||||
| Cumulative Claims Filed | $ | 75,895,886.65 | $ | 69,575,836.35 | ||||
| Unpaid Primary Servicing Fees | $ | — | $ | — | ||||
| Unpaid Administration Fees | $ | — | $ | — | ||||
| Unpaid Carryover Servicing Fees | $ | — | $ | — | ||||
| Note Principal Shortfall | $ | — | $ | — | ||||
| Note Interest Shortfall | $ | — | $ | — | ||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||
| Borrower Interest Accrued | $ | 3,793,405.57 | $ | 4,202,912.06 | ||||
| Interest Subsidy Payments Accrued | $ | 628,364.59 | $ | 687,414.45 | ||||
| Special Allowance Payments Accrued | $ | 2,788,509.37 | $ | 2,559,741.49 | ||||
Trust 2002-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 4 of 9
V. 2002-3 Portfolio Statistics by School and Program
| A | LOAN TYPE | WAC | # LOANS | $ AMOUNT | % * | |||||||||||||
| - GSL - Subsidized | 3.25 | % | 97,660 | $ | 266,247,167.89 | 52.645 | % | |||||||||||
| - GSL - Unsubsidized | 3.18 | % | 56,157 | 196,429,383.90 | 38.840 | % | ||||||||||||
| - PLUS Loans | 4.25 | % | 7,696 | 40,850,839.72 | 8.077 | % | ||||||||||||
| - SLS Loans | 5.42 | % | 543 | 2,211,485.98 | 0.437 | % | ||||||||||||
| - Consolidation Loans | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||
Total | 3.31 | % | 162,056 | $ | 505,738,877.49 | 100.000 | % | |||||||||||
| B | SCHOOL TYPE | WAC | # LOANS | $ AMOUNT | % * | |||||||||||||
| - Four Year | 3.31 | % | 126,534 | $ | 427,714,926.39 | 84.572 | % | |||||||||||
| - Two Year | 3.33 | % | 26,513 | 56,288,821.83 | 11.130 | % | ||||||||||||
| - Technical | 3.46 | % | 9,007 | 21,731,077.63 | 4.297 | % | ||||||||||||
| - Other | 5.03 | % | 2 | 4,051.64 | 0.001 | % | ||||||||||||
Total | 3.31 | % | 162,056 | $ | 505,738,877.49 | 100.000 | % | |||||||||||
| C | Student Loan Rate Calculation | |||||||||||||||||
| Borrower Interest Accrued | 3,793,405.57 | |||||||||||||||||
| Interest Subsidy Payments Accrued | $ | 628,364.59 | ||||||||||||||||
| Special Allowance Payments Accrued | $ | 2,788,509.37 | ||||||||||||||||
| Investment Income | $ | 388,307.59 | ||||||||||||||||
| Net Expected Interest Collections | $ | 7,598,587.12 | ||||||||||||||||
| Accrual Daycount Fraction | 0.252777778 | |||||||||||||||||
| Primary Servicing Fee | $ | 1,256,112.49 | ||||||||||||||||
| Admin Fee | $ | 20,000.00 | ||||||||||||||||
| Swap Fees | $ | 7,400.18 | ||||||||||||||||
| Pool Balance at Beginning of Collection Pd | $ | 585,508,820.21 | ||||||||||||||||
Student Loan Rate | 4.26684 | % | ||||||||||||||||
* Percentages may not total 100% due to rounding.
Trust 2002-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 5 of 9
VI. 2002-3 Waterfall for Distributions
| Remaining | ||||||||||
| Paid | Funds Balance | |||||||||
| Total Available Funds | $ | 81,197,289.40 | ||||||||
| A | Primary Servicing Fee | $ | 404,110.27 | $ | 80,793,179.13 | |||||
| B | Administration Fee | $ | 20,000.00 | $ | 80,773,179.13 | |||||
| C | Swap Fees | $ | 7,400.18 | $ | 80,765,778.95 | |||||
| D | Class A Noteholders’ Interest Distribution Amount | $ | 4,497,656.02 | $ | 76,268,122.93 | |||||
| E | Class B Noteholders’ Interest Distribution Amount | $ | 421,574.23 | $ | 75,846,548.70 | |||||
| F | Class A Noteholders’ Principal Distribution Amount | $ | 74,152,141.80 | $ | 1,694,406.90 | |||||
| G | Class B Noteholders’ Principal Distribution Amount | $ | — | $ | 1,694,406.90 | |||||
| H | Reserve Account Reinstatement | $ | — | $ | 1,694,406.90 | |||||
| I | Swap Payment Reimbursement | $ | — | $ | 1,694,406.90 | |||||
| J | Carryover Servicing Fee | $ | — | $ | 1,694,406.90 | |||||
| K | Excess Distribution | $ | 1,694,406.90 | $ | — | |||||
Trust 2002-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 6 of 9
VII. 2002-3 Distributions
| A | Note Distribution Amounts | A3 | A4 | B | ||||||||||
| Cusip/Isin | 78442GDR4 | 78442GDS2 | 78442GDT0 | |||||||||||
| Beginning Balance | $ | 27,295,820.21 | $ | 512,277,000.00 | $ | 45,936,000.00 | ||||||||
| Index | LIBOR | LIBOR | LIBOR | |||||||||||
| Spread/Fixed Rate | 0.08 | % | 0.14 | % | 0.47 | % | ||||||||
| Record Date | 1 NEW YORK BUSINESS DAY | 1 NEW YORK BUSINESS DAY | 1 NEW YORK BUSINESS DAY | |||||||||||
| Accrual Period Begin | 04/25/2005 | 04/25/2005 | 04/25/2005 | |||||||||||
| Accrual Period End | 07/25/2005 | 07/25/2005 | 07/25/2005 | |||||||||||
| Daycount Fraction | 0.25277778 | 0.25277778 | 0.25277778 | |||||||||||
| Interest Rate | 3.24063 | % | 3.30063 | % | 3.63063 | % | ||||||||
| Accrued Interest Factor | 0.008191593 | 0.008343259 | 0.009177426 | |||||||||||
| Current Interest Due | $ | 223,596.24 | $ | 4,274,059.78 | $ | 421,574.23 | ||||||||
| Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | $ | — | ||||||||
| Total Interest Due | $ | 223,596.24 | $ | 4,274,059.78 | $ | 421,574.23 | ||||||||
| Interest Paid | $ | 223,596.24 | $ | 4,274,059.78 | $ | 421,574.23 | ||||||||
| Interest Shortfall | $ | — | $ | — | $ | — | ||||||||
| Carryover Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | $ | — | ||||||||
| Current Interest Carryover Due | $ | — | $ | — | $ | — | ||||||||
| Interest Carryover Paid | $ | — | $ | — | $ | — | ||||||||
| Unpaid Interest Carryover | $ | — | $ | — | $ | — | ||||||||
| Principal Paid | $ | 27,295,820.21 | $ | 46,856,321.59 | $ | — | ||||||||
| Ending Principal Balance | $ | — | $ | 465,420,678.41 | $ | 45,936,000.00 | ||||||||
| Paydown Factor | 0.117654397 | 0.091466768 | 0.000000000 | |||||||||||
| Ending Balance Factor | 0.000000000 | 0.908533232 | 1.000000000 | |||||||||||
Trust 2002-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 7 of 9
VII. 2002-3 Distributions (contd)
B | Interest Rate Swaps | |||||||||||||
| A3 | A4 | B | ||||||||||||
| Student Loan Rate | 4.26684 | % | 4.26684 | % | 4.26684 | % | ||||||||
| Interest Rate Excess Over Student Loan Rate | 0.00000 | % | 0.00000 | % | 0.00000 | % | ||||||||
| Swap Counterparty | CITIBANK, N.A. | CITIBANK, N.A. | CITIBANK, N.A. | |||||||||||
| Swap Notional | $ | 13,647,910.11 | $ | 256,138,500.00 | $ | 22,968,000.00 | ||||||||
| Swap Payments Due Trust | $ | — | $ | — | $ | — | ||||||||
| Swap Fee Pay Rate | 0.00500 | % | 0.00500 | % | 0.00500 | % | ||||||||
| Swap Fees Due Counterparty | $ | 172.49 | $ | 3,237.31 | $ | 290.29 | ||||||||
| Swap Fees Paid Counterparty | $ | 172.49 | $ | 3,237.31 | $ | 290.29 | ||||||||
| Swap Payment Reimbursement Due Counterparty | $ | — | $ | — | $ | — | ||||||||
| Swap Payment Reimbursement Paid Counterparty | $ | — | $ | — | $ | — | ||||||||
| Swap Counterparty | MORGAN STANLEY CAPITAL SERVICES | MORGAN STANLEY CAPITAL SERVICES | MORGAN STANLEY CAPITAL SERVICES | |||||||||||
| Swap Notional | $ | 13,647,910.11 | $ | 256,138,500.00 | $ | 22,968,000.00 | ||||||||
| Swap Payments Due Trust | $ | — | $ | — | $ | — | ||||||||
| Swap Fee Pay Rate | 0.00500 | % | 0.00500 | % | 0.00500 | % | ||||||||
| Swap Fees Due Counterparty | $ | 172.49 | $ | 3,237.31 | $ | 290.29 | ||||||||
| Swap Fees Paid Counterparty | $ | 172.49 | $ | 3,237.31 | $ | 290.29 | ||||||||
| Swap Payment Reimbursement Due Counterparty | $ | — | $ | — | $ | — | ||||||||
| Swap Payment Reimbursement Paid Counterparty | $ | — | $ | — | $ | — | ||||||||
Trust 2002-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 8 of 9
VIII. 2002-3 Reconciliations
| A | Principal Distribution Reconciliation | |||||
| Prior Adjusted Pool Balance | $ | 585,508,820.21 | ||||
| Current Adjusted Pool Balance | $ | 511,356,678.41 | ||||
| Current Principal Due | $ | 74,152,141.80 | ||||
| Principal Shortfall from Previous Collection Period | $ | — | ||||
| Principal Distribution Amount | $ | 74,152,141.80 | ||||
| Principal Paid | $ | 74,152,141.80 | ||||
| Principal Shortfall | $ | — | ||||
| B | Reserve Account Reconciliation | |||||
| Beginning Period Balance | $ | 1,497,519.00 | ||||
| Reserve Funds Utilized | 0.00 | |||||
| Reserve Funds Reinstated | 0.00 | |||||
| Excess Distribution Deposit | 1,694,406.90 | |||||
| Balance Available | $ | 3,191,925.90 | ||||
| Required Reserve Acct Balance | $ | 1,497,519.00 | ||||
| Release to Excess Distribution Certificateholder | $ | 1,694,406.90 | ||||
| Ending Reserve Account Balance | $ | 1,497,519.00 | ||||
| Page 9 of 9 | Trust 2002-3 Quarterly Servicing Report: Collection Period 04/01/2005-06/30/2005, Distribution Date 07/25/2005 |
