SLM Student Loan Trust 2001-1 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 | $ | 442,444,242.91 | $ | 46,691,446.39 | $ | 395,752,796.52 | ||||||||
| ii | Interest to be Capitalized | 2,238,606.74 | 2,092,615.66 | |||||||||||||
| iii | Total Pool | $ | 444,682,849.65 | $ | 397,845,412.18 | |||||||||||
| iv | Specified Reserve Account Balance | 0.00 | 0.00 | |||||||||||||
| v | Total Adjusted Pool | $ | 444,682,849.65 | $ | 397,845,412.18 | |||||||||||
| B | i | Weighted Average Coupon (WAC) | 3.659 | % | 3.651 | % | ||||||||||
| ii | Weighted Average Remaining Term | 94.87 | 93.72 | |||||||||||||
| iii | Number of Loans | 158,860 | 146,164 | |||||||||||||
| iv | Number of Borrowers | 70,231 | 65,087 | |||||||||||||
| % 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 | 78442GCM6 | 0.050 | % | $ | 0.00 | 0.000 | % | $ | 0.00 | 0.000 | % | |||||||||||||
| ii | A-2 Notes | 78442GCP9 | 0.150 | % | 391,122,849.65 | 87.955 | % | 344,285,412.18 | 86.537 | % | ||||||||||||||||
| iii | B Notes | 78442GCR5 | 0.500 | % | 53,560,000.00 | 12.045 | % | 53,560,000.00 | 13.463 | % | ||||||||||||||||
| iv | Total Notes | $ | 444,682,849.65 | 100.000 | % | $ | 397,845,412.18 | 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 ($) | |||||||||||
| iii | Specified Reserve Acct Balance ($) | $ | 1,111,707.12 | $ | 994,613.53 | |||||||
| iv | Reserve Account Floor Balance ($) | $ | 1,501,744.00 | $ | 1,501,744.00 | |||||||
| v | Current Reserve Acct Balance ($) | $ | 1,501,744.00 | $ | 1,501,744.00 | |||||||
1
II. 2001-1 Transactions from: 1/1/2005 through: 3/31/2005
| A | Student Loan Principal Activity | |||||||
| i | Regular Principal Collections | $ | 41,643,416.96 | |||||
| ii | Principal Collections from Guarantor | 6,539,260.63 | ||||||
| iii | Principal Reimbursements | 32,371.03 | ||||||
| iv | Other System Adjustments | 0.00 | ||||||
| v | Total Principal Collections | $ | 48,215,048.62 | |||||
| B | Student Loan Non-Cash Principal Activity | |||||||
| i | Other Adjustments | $ | 17,058.11 | |||||
| ii | Capitalized Interest | ($1,540,660.34 | ) | |||||
| iii | Total Non-Cash Principal Activity | $ | (1,523,602.23 | ) | ||||
| C | Total Student Loan Principal Activity | $ | 46,691,446.39 | |||||
| D | Student Loan Interest Activity | |||||||
| i | Regular Interest Collections | $ | 1,769,847.68 | |||||
| ii | Interest Claims Received from Guarantors | 263,544.12 | ||||||
| iii | Collection Fees/Returned Items | 43,160.25 | ||||||
| iv | Late Fee Reimbursements | 172,931.09 | ||||||
| v | Interest Reimbursements | 26,110.19 | ||||||
| vi | Other System Adjustments | 0.00 | ||||||
| vii | Special Allowance Payments | 1,423,904.07 | ||||||
| viii | Subsidy Payments | 405,815.56 | ||||||
| ix | Total Interest Collections | $ | 4,105,312.96 | |||||
| E | Student Loan Non-Cash Interest Activity | |||||||
| i | Interest Accrual Adjustment | $ | (9,035.14 | ) | ||||
| ii | Capitalized Interest | 1,540,660.34 | ||||||
| iii | Total Non-Cash Interest Adjustments | $ | 1,531,625.20 | |||||
| F | Total Student Loan Interest Activity | $ | 5,636,938.16 | |||||
| G | Non-Reimbursable Losses During Collection Period | $ | 3,506.90 | |||||
| H | Cumulative Non-Reimbursable Losses to Date | $ | 1,440,368.98 | |||||
2
III. 2001-1 Collection Account Activity 1/1/2005 through 3/31/2005
| A | Principal Collections | |||||||
| i | Principal Payments Received | $ | 18,569,155.57 | |||||
| ii | Consolidation Principal Payments | 29,613,522.02 | ||||||
| iii | Reimbursements by Seller | 15,253.06 | ||||||
| iv | Borrower Benefits Reimbursed | 5,294.49 | ||||||
| v | Reimbursements by Servicer | 368.74 | ||||||
| vi | Re-purchased Principal | 11,454.74 | ||||||
| vii | Total Principal Collections | $ | 48,215,048.62 | |||||
| B | Interest Collections | |||||||
| i | Interest Payments Received | $ | 3,696,257.04 | |||||
| ii | Consolidation Interest Payments | 166,854.39 | ||||||
| iii | Reimbursements by Seller | 2,993.43 | ||||||
| iv | Borrower Benefits Reimbursed | 164.40 | ||||||
| v | Reimbursements by Servicer | 14,719.58 | ||||||
| vi | Re-purchased Interest | 8,232.78 | ||||||
| vii | Collection Fees/Returned Items | 43,160.25 | ||||||
| viii | Late Fees | 172,931.09 | ||||||
| ix | Total Interest Collections | $ | 4,105,312.96 | |||||
| C | Other Reimbursements | $ | 255,893.51 | |||||
| D | Administrator Account Investment Income | $ | 0.00 | |||||
| E | Return funds borrowed for previous distribution | $ | 0.00 | |||||
| TOTAL FUNDS RECEIVED | $ | 52,576,255.09 | ||||||
| LESS FUNDS PREVIOUSLY REMITTED: | ||||||||
| Servicing Fees | $ | (651,834.22 | ) | |||||
| F | TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT | $ | 51,924,420.87 | |||||
| G | Servicing Fees Due for Current Period | $ | 309,331.99 | |||||
| H | Carryover Servicing Fees Due | $ | 0.00 | |||||
| I | Administration Fees Due | $ | 20,000.00 | |||||
| J | Aggregate Swap Fees Due | $ | 8,337.80 | |||||
| K | Total Fees Due for Period | $ | 337,669.79 | |||||
3
IV. 2001-1 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 | 3.678 | % | 3.654 | % | 1,316 | 1,320 | 0.828 | % | 0.903 | % | $ | 4,328,195.60 | $ | 4,383,294.83 | 0.978 | % | 1.108 | % | ||||||||||||||||||||||
Grace | ||||||||||||||||||||||||||||||||||||||||
| Current | 3.606 | % | 3.730 | % | 435 | 273 | 0.274 | % | 0.187 | % | $ | 1,506,784.58 | $ | 884,700.34 | 0.341 | % | 0.224 | % | ||||||||||||||||||||||
TOTAL INTERIM | 3.660 | % | 3.667 | % | 1,751 | 1,593 | 1.102 | % | 1.090 | % | $ | 5,834,980.18 | $ | 5,267,995.17 | 1.319 | % | 1.331 | % | ||||||||||||||||||||||
REPAYMENT | ||||||||||||||||||||||||||||||||||||||||
Active | ||||||||||||||||||||||||||||||||||||||||
| Current | 3.727 | % | 3.724 | % | 92,138 | 86,013 | 57.999 | % | 58.847 | % | $ | 223,505,158.03 | $ | 198,357,893.80 | 50.516 | % | 50.122 | % | ||||||||||||||||||||||
| 31-60 Days Delinquent | 3.751 | % | 3.781 | % | 6,802 | 5,248 | 4.282 | % | 3.590 | % | $ | 20,240,428.66 | $ | 15,436,578.49 | 4.575 | % | 3.901 | % | ||||||||||||||||||||||
| 61-90 Days Delinquent | 3.802 | % | 3.780 | % | 4,485 | 3,207 | 2.823 | % | 2.194 | % | $ | 14,114,476.59 | $ | 9,986,407.26 | 3.190 | % | 2.523 | % | ||||||||||||||||||||||
| 91-120 Days Delinquent | 3.726 | % | 3.750 | % | 2,709 | 1,957 | 1.705 | % | 1.339 | % | $ | 8,240,583.74 | $ | 6,441,763.30 | 1.863 | % | 1.628 | % | ||||||||||||||||||||||
| > 120 Days Delinquent | 3.825 | % | 3.784 | % | 6,950 | 6,568 | 4.375 | % | 4.494 | % | $ | 21,828,634.96 | $ | 20,817,681.88 | 4.934 | % | 5.260 | % | ||||||||||||||||||||||
Deferment | ||||||||||||||||||||||||||||||||||||||||
| Current | 3.227 | % | 3.223 | % | 23,882 | 22,439 | 15.033 | % | 15.352 | % | $ | 73,658,488.79 | $ | 68,955,366.22 | 16.648 | % | 17.424 | % | ||||||||||||||||||||||
Forbearance | ||||||||||||||||||||||||||||||||||||||||
| Current | 3.768 | % | 3.762 | % | 18,836 | 18,047 | 11.857 | % | 12.347 | % | $ | 70,558,516.22 | $ | 67,303,361.51 | 15.947 | % | 17.006 | % | ||||||||||||||||||||||
TOTAL REPAYMENT | 3.657 | % | 3.649 | % | 155,802 | 143,479 | 98.075 | % | 98.163 | % | $ | 432,146,286.99 | $ | 387,299,052.46 | 97.673 | % | 97.864 | % | ||||||||||||||||||||||
Claims in Process (1) | 3.865 | % | 3.867 | % | 1,303 | 1,086 | 0.820 | % | 0.743 | % | $ | 4,453,335.42 | $ | 3,166,690.45 | 1.007 | % | 0.800 | % | ||||||||||||||||||||||
Aged Claims Rejected (2) | 4.243 | % | 4.596 | % | 4 | 6 | 0.003 | % | 0.004 | % | $ | 9,640.32 | $ | 19,058.44 | 0.002 | % | 0.005 | % | ||||||||||||||||||||||
GRAND TOTAL | 3.659 | % | 3.651 | % | 158,860 | 146,164 | 100.000 | % | 100.000 | % | $ | 442,444,242.91 | $ | 395,752,796.52 | 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. 2001-1 Portfolio Characteristics by Loan Type and School
| LOAN TYPE | WAC | # Loans | $ Amount | % | ||||||||||||
| - GSL — Subsidized | 3.665 | % | 98,147 | $ | 239,512,124.11 | 60.521 | % | |||||||||
| - GSL — Unsubsidized | 3.480 | % | 43,479 | 139,572,750.37 | 35.268 | % | ||||||||||
| - PLUS Loans | 4.534 | % | 2,661 | 10,601,702.72 | 2.679 | % | ||||||||||
| - SLS Loans | 5.418 | % | 1,877 | 6,066,219.32 | 1.533 | % | ||||||||||
| - Total | 3.651 | % | 146,164 | $ | 395,752,796.52 | 100.000 | % | |||||||||
| SCHOOL TYPE | WAC | # Loans | $ Amount | % | ||||||||||||
| - Four Year | 3.670 | % | 111,778 | $ | 326,799,732.54 | 82.577 | % | |||||||||
| - Two Year | 3.564 | % | 23,852 | 47,747,721.27 | 12.065 | % | ||||||||||
| - Technical | 3.543 | % | 10,534 | 21,205,342.71 | 5.358 | % | ||||||||||
| - Other | 0.000 | % | 0 | 0.00 | 0.000 | % | ||||||||||
| - Total | 3.651 | % | 146,164 | $ | 395,752,796.52 | 100.000 | % | |||||||||
*Percentages may not total 100% due to rounding.
5
VI. 2001-1 Student Loan Rate Calculation and Floating Rate Swap Payments
| A | Borrower Interest Accrued During Collection Period | $ | 3,122,941.86 | |||||||||||||
| B | Interest Subsidy Payments Accrued During Collection Period | 389,127.14 | ||||||||||||||
| C | SAP Payments Accrued During Collection Period | 1,822,497.86 | ||||||||||||||
| D | INV Earnings Accrued for Collection Period (RESERVE & COLLECTION ACCTS) | 223,427.82 | ||||||||||||||
| E | Investment Earnings (ADMINISTRATOR ACCOUNTS) | 0.00 | ||||||||||||||
| F | Net Expected Interest Collections | $ | 5,557,994.68 | |||||||||||||
| G | Student Loan Rate | |||||||||||||||
| i | Days in Calculation Period | 90 | ||||||||||||||
| ii | Days in Year | 360 | ||||||||||||||
| iii | Net Expected Interest Collections | $ | 5,557,994.68 | |||||||||||||
| iv | Primary Servicing Fee | $ | 961,166.21 | |||||||||||||
| v | Administration Fee | $ | 20,000.00 | |||||||||||||
| vi | Aggregate Swap Fees | $ | 8,337.80 | |||||||||||||
| vii | Total Pool Balance at Beginning of Collection Period | $ | 444,682,849.65 | |||||||||||||
| viii | Student Loan Rate ( ii / i ) * (( iii - iv - v - vi ) / vii ) | 4.10944 | % | |||||||||||||
| H | Floating Rate Swap Payments Due to the Trust | |||||||||||||||
| Class A-1 | Class A-2 | Class B | ||||||||||||||
| i | Aggregate Notional Swap Amounts | $ | 0.00 | $ | 391,122,849.65 | $ | 53,560,000.00 | |||||||||
| ii | Libor Based Interest Rates | 0.00000 | % | 2.85000 | % | 3.20000 | % | |||||||||
| iii | Student Loan Rate Cap | 4.10944 | % | 4.10944 | % | 4.10944 | % | |||||||||
| iv | Excess Over Cap ( ii-iii) | 0.00000 | % | 0.00000 | % | 0.00000 | % | |||||||||
| v | Floating Rate Swap Payments Due to the Trust | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
VII. 2001-1 Accrued Interest Factors
| Accrued | ||||||||
| Int Factor | Accrual Period | Rate | ||||||
| A | Class A-1 LIBOR Based Interest Rate | 0.000000000 | (1/25/05 - 4/25/05) | 0.00000% | ||||
| B | Class A-2 LIBOR Based Interest Rate | 0.007125000 | (1/25/05 - 4/25/05) | 2.85000% | ||||
| C | Class B LIBOR Based Interest Rate | 0.008000000 | (1/25/05 - 4/25/05) | 3.20000% |
6
VIII.2001-1 Inputs From Previous Quarterly Servicing Reports 12/31/04
| A | Total Student Loan Pool Outstanding | |||||||||||||||
| i | Portfolio Balance | $ | 442,444,242.91 | |||||||||||||
| ii | Interest To Be Capitalized | 2,238,606.74 | ||||||||||||||
| iii | Total Pool | $ | 444,682,849.65 | |||||||||||||
| iv | Specified Reserve Account Balance | 0.00 | ||||||||||||||
| v | Total Adjusted Pool | $ | 444,682,849.65 | |||||||||||||
| B | Total Note and Certificate Factor | 0.290589206 | ||||||||||||||
| C | Total Note and Certificate Balance | $ | 444,682,849.65 | |||||||||||||
| D | Note Balance 1/25/2005 | Class A-1 | Class A-2 | Class B | ||||||||||||
| i | Current Factor | 0.000000000 | 0.718685182 | 1.000000000 | ||||||||||||
| ii | Expected Note Balance | $ | 0.00 | $ | 391,122,849.65 | $ | 53,560,000.00 | |||||||||
| iii | Note Principal Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
| iv | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
| v | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
| E | Reserve Account Balance | $ | 1,501,744.00 | |||||||||||||
| F | Unpaid Primary Servicing Fees from Prior Month(s) | $ | 0.00 | |||||||||||||
| G | Unpaid Administration fees from Prior Quarter(s) | $ | 0.00 | |||||||||||||
| H | Unpaid Carryover Servicing Fees from Prior Quarter(s) | $ | 0.00 | |||||||||||||
| I | Interest Due on Unpaid Carryover Servicing Fees | $ | 0.00 | |||||||||||||
| J | Unpaid Floating Rate Swap Payment Reimbursements | $ | 0.00 | |||||||||||||
| K | Interest Due on Unpaid Floating Rate Swap Payment Reimbursements | $ | 0.00 | |||||||||||||
7
IX. 2001-1 Waterfall for Distributions
| Remaining | ||||||||||||
| Funds Balance | ||||||||||||
| A | Total Available Funds ( Sections III-F + VI-D +VI-H-v ) | $ | 52,147,848.69 | $ | 52,147,848.69 | |||||||
| B | Primary Servicing Fees-Current Month | $ | 309,331.99 | $ | 51,838,516.70 | |||||||
| C | Administration Fee | $ | 20,000.00 | $ | 51,818,516.70 | |||||||
| D | Swap Fees | |||||||||||
| i | Fixed Rate Swap Payment | $ | 4,168.90 | $ | 51,814,347.80 | |||||||
| ii | Fixed Rate Swap Payment | $ | 4,168.90 | $ | 51,810,178.90 | |||||||
| iii | Total Swap Fees | $ | 8,337.80 | |||||||||
| E | Noteholder’s Interest Distribution Amount | |||||||||||
| i | Class A-1 | $ | 0.00 | $ | 51,810,178.90 | |||||||
| ii | Class A-2 | $ | 2,786,750.30 | $ | 49,023,428.60 | |||||||
| iii | Class B | $ | 428,480.00 | $ | 48,594,948.60 | |||||||
| iv | Total Noteholder's Interest Distribution | $ | 3,215,230.30 | |||||||||
| F | Noteholder’s Principal Distribution Amount Paid | |||||||||||
| i | Class A-1 | $ | 0.00 | $ | 48,594,948.60 | |||||||
| ii | Class A-2 | $ | 46,837,437.47 | $ | 1,757,511.13 | |||||||
| iii | Class B | $ | 0.00 | $ | 1,757,511.13 | |||||||
| iv | Total Noteholder's Principal Distribution | $ | 46,837,437.47 | |||||||||
| G | Increase to the Specified Reserve Account Balance | $ | 0.00 | $ | 1,757,511.13 | |||||||
| H | Floating Rate Swap Payment Reimbursement | $ | 0.00 | $ | 1,757,511.13 | |||||||
| I | Carryover Servicing Fees | $ | 0.00 | $ | 1,757,511.13 | |||||||
| J | Noteholder’s Interest Carryover | |||||||||||
| i | Class A-1 | $ | 0.00 | $ | 1,757,511.13 | |||||||
| ii | Class A-2 | $ | 0.00 | $ | 1,757,511.13 | |||||||
| iii | Class B | $ | 0.00 | $ | 1,757,511.13 | |||||||
| iv | Total Noteholder's Interest Carryover | $ | 0.00 | |||||||||
| K | Excess to Reserve Account | $ | 1,757,511.13 | $ | 0.00 | |||||||
8
X. 2001-1 Distributions
| A | Distribution Amounts | Class A-1 | Class A-2 | Class B | ||||||||||||
| i | Quarterly Interest Due | $ | 0.00 | $ | 2,786,750.30 | $ | 428,480.00 | |||||||||
| ii | Quarterly Interest Paid | 0.00 | 2,786,750.30 | 428,480.00 | ||||||||||||
| 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 | $ | 46,837,437.47 | $ | 0.00 | |||||||||
| viii | Quarterly Principal Paid | 0.00 | 46,837,437.47 | 0.00 | ||||||||||||
| ix | Quarterly Principal Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
| x | Total Distribution Amount | $ | 0.00 | $ | 49,624,187.77 | $ | 428,480.00 | |||||||||
| B | Principal Distribution Reconciliation | |||||||||||||||
| i | Notes Outstanding Principal Balance 3/31/05 | $ | 444,682,849.65 | |||||||||||||
| ii | Adjusted Pool Balance 3/31/05 | 397,845,412.18 | ||||||||||||||
| iii | Adjusted Pool Exceeding Notes Balance (i-ii) | $ | 46,837,437.47 | |||||||||||||
| iv | Adjusted Pool Balance 12/31/04 | $ | 444,682,849.65 | |||||||||||||
| v | Adjusted Pool Balance 3/31/05 | 397,845,412.18 | ||||||||||||||
| vi | Current Principal Due (iv-v) | $ | 46,837,437.47 | |||||||||||||
| vii | Principal Shortfall from Previous Collection Period | 0.00 | ||||||||||||||
| viii | Principal Distribution Amount (vi + vii) | $ | 46,837,437.47 | |||||||||||||
| ix | Principal Distribution Amount Paid | $ | 46,837,437.47 | |||||||||||||
| x | Principal Shortfall (viii - ix) | $ | 0.00 | |||||||||||||
| C | Total Principal Distribution | $ | 46,837,437.47 | |||||||||||||
| D | Total Interest Distribution | 3,215,230.30 | ||||||||||||||
| E | Total Cash Distributions | $ | 50,052,667.77 | |||||||||||||
| F | Note Balances | 1/25/2005 | Paydown Factor | 4/25/2005 | ||||||||||||||||
| i | A-1 Note Balance | 78442GCM6 | $ | 0.00 | $ | 0.00 | ||||||||||||||
| A-1 Note Pool Factor | 0.000000000 | 0.000000000 | 0.000000000 | |||||||||||||||||
| ii | A-2 Note Balance | 78442GCP9 | $ | 391,122,849.65 | $ | 344,285,412.18 | ||||||||||||||
| A-2 Note Pool Factor | 0.718685182 | (0.086063426 | ) | 0.632621756 | ||||||||||||||||
| iii | B Note Balance | 78442GCR5 | $ | 53,560,000.00 | $ | 53,560,000.00 | ||||||||||||||
| B Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||
| G | Reserve Account Reconciliation | |||||||||||||||||||
| i | Beginning of Period Balance | $ | 1,501,744.00 | |||||||||||||||||
| ii | Deposits to correct Shortfall | $ | 0.00 | |||||||||||||||||
| iii | Deposits from Excess Servicing | $ | 1,757,511.13 | |||||||||||||||||
| iv | Total Reserve Account Balance Available | $ | 3,259,255.13 | |||||||||||||||||
| v | Required Reserve Account Balance | $ | 1,501,744.00 | |||||||||||||||||
| vi | Shortfall Carried to Next Period | $ | 0.00 | |||||||||||||||||
| vii | Excess Reserve - Release to Excess Certificateholder | $ | 1,757,511.13 | |||||||||||||||||
| viii | Ending Reserve Account Balance | $ | 1,501,744.00 | |||||||||||||||||
9
XI. 2001-1 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 | 1/1/02-12/31/02 | ||||||||||||||||||||||||||
| Beginning Student Loan Portfolio Balance | $ | 442,444,242.91 | $ | 480,862,131.33 | $ | 554,221,087.47 | $ | 577,221,497.27 | $ | 626,723,369.14 | $ | 896,060,384.66 | $ | 1,232,435,547.46 | ||||||||||||||||||
| Student Loan Principal Activity | ||||||||||||||||||||||||||||||||
| i | Regular Principal Collections | $ | 41,643,416.96 | $ | 34,987,637.59 | $ | 70,794,909.94 | $ | 21,303,169.65 | $ | 45,631,901.68 | $ | 205,496,720.78 | $ | 134,472,620.87 | |||||||||||||||||
| ii | Principal Collections from Guarantor | 6,539,260.63 | 5,115,353.09 | 4,364,515.28 | 3,723,518.48 | 5,788,079.14 | 24,517,876.70 | 29,171,363.32 | ||||||||||||||||||||||||
| iii | Principal Reimbursements | 32,371.03 | 60,952.00 | 54,278.41 | 40,667.20 | 136,917.00 | 51,463,151.74 | 193,329,575.08 | ||||||||||||||||||||||||
| iv | Other System Adjustments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||
| v | Total Principal Collections | $ | 48,215,048.62 | $ | 40,163,942.68 | $ | 75,213,703.63 | $ | 25,067,355.33 | $ | 51,556,897.82 | $ | 281,477,749.22 | $ | 356,973,559.27 | |||||||||||||||||
| Student Loan Non-Cash Principal Activity | ||||||||||||||||||||||||||||||||
| i | Other Adjustments | $ | 17,058.11 | $ | 66,201.68 | $ | 64,594.18 | $ | 59,895.49 | $ | 77,987.26 | $ | 1,717,575.47 | $ | 2,223,858.88 | |||||||||||||||||
| ii | Capitalized Interest | (1,540,660.34 | ) | (1,812,255.94 | ) | (1,919,341.67 | ) | (2,126,841.02 | ) | (2,133,013.22 | ) | (13,858,309.17 | ) | (22,822,255.35 | ) | |||||||||||||||||
| iii | Total Non-Cash Principal Activity | $ | (1,523,602.23 | ) | $ | (1,746,054.26 | ) | $ | (1,854,747.49 | ) | $ | (2,066,945.53 | ) | $ | (2,055,025.96 | ) | $ | (12,140,733.70 | ) | $ | (20,598,396.47 | ) | ||||||||||
| (-) | Total Student Loan Principal Activity | $ | 46,691,446.39 | $ | 38,417,888.42 | $ | 73,358,956.14 | $ | 23,000,409.80 | $ | 49,501,871.86 | $ | 269,337,015.52 | $ | 336,375,162.80 | |||||||||||||||||
| Student Loan Interest Activity | ||||||||||||||||||||||||||||||||
| i | Regular Interest Collections | $ | 1,769,847.68 | $ | 2,036,598.59 | $ | 2,548,221.82 | $ | 2,533,847.48 | $ | 2,890,079.68 | $ | 16,126,312.00 | $ | 31,153,689.99 | |||||||||||||||||
| ii | Interest Claims Received from Guarantors | 263,544.12 | 199,364.68 | 176,490.97 | 158,301.09 | 261,706.25 | 1,354,026.13 | 2,104,129.89 | ||||||||||||||||||||||||
| iii | Collection Fees/Returned Items | 43,160.25 | 32,446.28 | 35,312.07 | 30,110.24 | 33,312.16 | 92,933.45 | 35,492.54 | ||||||||||||||||||||||||
| iv | Late Fee Reimbursements | 172,931.09 | 155,303.90 | 212,129.94 | 149,359.82 | 198,760.04 | 730,650.09 | 795,356.45 | ||||||||||||||||||||||||
| v | Interest Reimbursements | 26,110.19 | 24,634.18 | 15,131.10 | 27,969.76 | 17,606.69 | 331,583.79 | 1,604,626.83 | ||||||||||||||||||||||||
| vi | Other System Adjustments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||
| vii | Special Allowance Payments | 1,423,904.07 | 935,115.61 | 437,266.77 | 285,098.65 | 307,281.35 | 496,075.59 | 627,583.53 | ||||||||||||||||||||||||
| viii | Subsidy Payments | 405,815.56 | 492,227.84 | 555,637.83 | 605,277.52 | 641,596.28 | 3,734,434.84 | 7,167,612.21 | ||||||||||||||||||||||||
| ix | Total Interest Collections | $ | 4,105,312.96 | $ | 3,875,691.08 | $ | 3,980,190.50 | $ | 3,789,964.56 | $ | 4,350,342.45 | $ | 22,866,015.89 | $ | 43,488,491.44 | |||||||||||||||||
| Student Loan Non-Cash Interest Activity | ||||||||||||||||||||||||||||||||
| i | Interest Accrual Adjustment | $ | (9,035.14 | ) | $ | (12,171.15 | ) | $ | 1,360.11 | $ | 1,178.15 | $ | (2,052.90 | ) | $ | (1,303,518.00 | ) | $ | (1,661,544.28 | ) | ||||||||||||
| ii | Capitalized Interest | 1,540,660.34 | 1,812,255.94 | 1,919,341.67 | 2,126,841.02 | 2,133,013.22 | 13,858,309.17 | 22,822,255.35 | ||||||||||||||||||||||||
| iii | Total Non-Cash Interest Adjustments | $ | 1,531,625.20 | $ | 1,800,084.79 | $ | 1,920,701.78 | $ | 2,128,019.17 | $ | 2,130,960.32 | $ | 12,554,791.17 | $ | 21,160,711.07 | |||||||||||||||||
| Total Student Loan Interest Activity | $ | 5,636,938.16 | $ | 5,675,775.87 | $ | 5,900,892.28 | $ | 5,917,983.73 | $ | 6,481,302.77 | $ | 35,420,807.06 | $ | 64,649,202.51 | ||||||||||||||||||
| (=) | Ending Student Loan Portfolio Balance | $ | 395,752,796.52 | $ | 442,444,242.91 | $ | 480,862,131.33 | $ | 554,221,087.47 | $ | 577,221,497.27 | $ | 626,723,369.14 | $ | 896,060,384.66 | |||||||||||||||||
| (+) | Interest to be Capitalized | $ | 2,092,615.66 | $ | 2,238,606.74 | $ | 2,534,991.01 | $ | 2,929,244.40 | $ | 3,235,818.86 | $ | 3,417,804.39 | $ | 5,279,738.13 | |||||||||||||||||
| (=) | TOTAL POOL | $ | 397,845,412.18 | $ | 444,682,849.65 | $ | 483,397,122.34 | $ | 557,150,331.87 | $ | 580,457,316.13 | $ | 630,141,173.53 | $ | 901,340,122.79 | |||||||||||||||||
| (+) | Reserve Account Balance | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 1,575,352.93 | $ | 2,253,350.31 | |||||||||||||||||
| (=) | Total Adjusted Pool | $ | 397,845,412.18 | $ | 444,682,849.65 | $ | 483,397,122.34 | $ | 557,150,331.87 | $ | 580,457,316.13 | $ | 631,716,526.46 | $ | 903,593,473.10 | |||||||||||||||||
10
XII. 2001-1 Payment History and CPRs
| Distribution | Actual | Since Issued | ||||
| Date | Pool Balances | CPR * | ||||
| Apr-01 | $ | 1,452,573,078 | 8.49% | |||
| Jul-01 | $ | 1,398,818,419 | 8.99% | |||
| Oct-01 | $ | 1,336,612,443 | 9.80% | |||
| Jan-02 | $ | 1,240,473,081 | 12.56% | |||
| Apr-02 | $ | 1,153,589,856 | 13.89% | |||
| Jul-02 | $ | 1,095,143,281 | 13.55% | |||
| Oct-02 | $ | 992,790,104 | 15.52% | |||
| Jan-03 | $ | 901,340,123 | 16.83% | |||
| Apr-03 | $ | 823,986,181 | 17.51% | |||
| Jul-03 | $ | 787,033,758 | 16.56% | |||
| Oct-03 | $ | 681,972,804 | 18.68% | |||
| Jan-04 | $ | 630,141,174 | 18.65% | |||
| Apr-04 | $ | 580,457,316 | 18.66% | |||
| Jul-04 | $ | 557,150,332 | 17.69% | |||
| Oct-04 | $ | 483,397,122 | 19.03% | |||
| Jan-05 | $ | 444,682,850 | 18.95% | |||
| Apr-05 | $ | 397,845,412 | 19.34% | |||
* “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
