SLM Student Loan Trust 2001-1 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 | 03/08/2001 | 03/31/2005 | 06/30/2005 | ||||||||||||
| Principal Balance | $ | 1,492,831,995.11 | $ | 395,752,796.52 | $ | 343,460,911.99 | ||||||||||
| Interest to be Capitalized Balance | 8,911,897.13 | 2,092,615.66 | 1,666,644.31 | |||||||||||||
| Pool Balance | $ | 1,501,743,892.24 | $ | 397,845,412.18 | $ | 345,127,556.30 | ||||||||||
| Specified Reserve Account Balance | 3,754,360.00 | - N/A - | - N/A - | |||||||||||||
| Adjusted Pool (1) | $ | 1,505,498,252.24 | $ | 397,845,412.18 | $ | 345,127,556.30 | ||||||||||
| Weighted Average Coupon (WAC) | 8.29 | % | 3.65 | % | 3.66 | % | ||||||||||
| Weighted Average Remaining Term | 113.28 | 93.71 | 92.35 | |||||||||||||
| Number of Loans | 415,358 | 146,164 | 131,203 | |||||||||||||
| Number of Borrowers | 168,546 | 65,087 | 59,033 | |||||||||||||
| Since Issued CPR | 19.34 | % | 20.98 | % | ||||||||||||
| (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 | 78442GCM6 | $ | — | $ | — | |||||||||||
| A2 | 78442GCP9 | $ | 344,285,412.18 | $ | 291,567,556.30 | |||||||||||
| B | 78442GCR5 | $ | 53,560,000.00 | $ | 53,560,000.00 | |||||||||||
| C | Account Balances | 04/25/2005 | 07/25/2005 | |||||||||||||
| Reserve Account Balance | $ | 1,501,744.00 | $ | 1,501,744.00 | ||||||||||||
| D | Asset/Liability | 04/25/2005 | 07/25/2005 | |||||||||||||
| Adjusted Pool Balance | $ | 397,845,412.18 | $ | 345,127,556.30 | ||||||||||||
| Total Notes | $ | 397,845,412.18 | $ | 345,127,556.30 | ||||||||||||
| 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 | 10,978,598.81 | |||||||
| Guarantor Principal | 4,389,570.64 | |||||||
| Consolidation Activity Principal | 38,388,859.83 | |||||||
| Seller Principal Reimbursement | 4,249.45 | |||||||
| Servicer Principal Reimbursement | 448.14 | |||||||
| Rejected Claim Repurchased Principal | 13,672.61 | |||||||
| Other Principal Deposits | 15,289.93 | |||||||
| Total Principal Receipts | $ | 53,790,689.41 | ||||||
| B | Student Loan Interest Receipts | |||||||
| Borrower Interest | 1,383,626.60 | |||||||
| Guarantor Interest | 181,826.00 | |||||||
| Consolidation Activity Interest | 257,083.04 | |||||||
| Special Allowance Payments | 1,826,136.06 | |||||||
| Interest Subsidy Payments | 387,537.76 | |||||||
| Seller Interest Reimbursement | 2,167.01 | |||||||
| Servicer Interest Reimbursement | 26,479.19 | |||||||
| Rejected Claim Repurchased Interest | 1,179.68 | |||||||
| Other Interest Deposits | 200,748.34 | |||||||
| Total Interest Receipts | $ | 4,266,783.68 | ||||||
| C | Interest Rate Swap Proceeds | $ | — | |||||
| D | Investment Income | $ | 290,405.80 | |||||
| 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 | $ | 231,515.28 | |||||
| Less: Funds Previously Remitted: | ||||||||
| Servicing Fees | $ | (581,577.58 | ) | |||||
| Consolidation Loan Rebate Fees | $ | — | ||||||
Total Funds Previously Remitted | $ | (581,577.58 | ) | |||||
| J | AVAILABLE FUNDS | $ | 57,997,816.59 | |||||
| K | Non-Cash Principal Activity During Collection Period | $ | (1,498,804.88 | ) | ||||
| L | Non-Reimbursable Losses During Collection Period | $ | 487.38 | |||||
| M | Aggregate Purchased Amounts by the Depositor, Servicer or Seller | $ | 25,813.79 | |||||
| N | Aggregate Loan Substitutions | $ | — | |||||
Trust 2001-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 2 of 9
III. 2001-1 Portfolio Characteristics
| 06/30/2005 | 03/31/2005 | |||||||||||||||||||||||||||||||||
| WAC | # Loans | Principal | % of Principal | WAC | # Loans | Principal | % of Principal | |||||||||||||||||||||||||||
| INTERIM: | IN SCHOOL | 3.69 | % | 801 | $ | 2,556,766.71 | 0.744 | % | 3.65 | % | 1,320 | $ | 4,383,294.83 | 1.108 | % | |||||||||||||||||||
| GRACE | 3.66 | % | 443 | $ | 1,486,755.81 | 0.433 | % | 3.73 | % | 273 | $ | 884,700.34 | 0.224 | % | ||||||||||||||||||||
| DEFERMENT | 3.23 | % | 18,444 | $ | 56,118,684.01 | 16.339 | % | 3.22 | % | 22,439 | $ | 68,955,366.22 | 17.424 | % | ||||||||||||||||||||
| REPAYMENT: | CURRENT | 3.72 | % | 78,890 | $ | 175,115,066.04 | 50.985 | % | 3.72 | % | 86,013 | $ | 198,357,893.80 | 50.122 | % | |||||||||||||||||||
| 31-60 DAYS DELINQUENT | 3.81 | % | 5,217 | $ | 14,442,411.27 | 4.205 | % | 3.78 | % | 5,248 | $ | 15,436,578.49 | 3.901 | % | ||||||||||||||||||||
| 61-90 DAYS DELINQUENT | 3.84 | % | 2,851 | $ | 8,663,454.27 | 2.522 | % | 3.78 | % | 3,207 | $ | 9,986,407.26 | 2.523 | % | ||||||||||||||||||||
| 91-120 DAYS DELINQUENT | 3.75 | % | 1,959 | $ | 5,761,877.83 | 1.678 | % | 3.75 | % | 1,957 | $ | 6,441,763.30 | 1.628 | % | ||||||||||||||||||||
| > 120 DAYS DELINQUENT | 3.76 | % | 6,314 | $ | 19,765,881.53 | 5.755 | % | 3.78 | % | 6,568 | $ | 20,817,681.88 | 5.260 | % | ||||||||||||||||||||
| FORBEARANCE | 3.76 | % | 15,461 | $ | 57,087,970.04 | 16.621 | % | 3.76 | % | 18,047 | $ | 67,303,361.51 | 17.006 | % | ||||||||||||||||||||
| CLAIMS IN PROCESS | 3.91 | % | 819 | $ | 2,453,257.53 | 0.714 | % | 3.87 | % | 1,086 | $ | 3,166,690.45 | 0.800 | % | ||||||||||||||||||||
| AGED CLAIMS REJECTED | 5.10 | % | 4 | $ | 8,786.95 | 0.003 | % | 4.60 | % | 6 | $ | 19,058.44 | 0.005 | % | ||||||||||||||||||||
| TOTAL | 131,203 | $ | 343,460,911.99 | 100.00 | % | 146,164 | $ | 395,752,796.52 | 100.00 | % | ||||||||||||||||||||||||
| * | Percentages may not total 100% due to rounding |
Trust 2001-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 3 of 9
IV. 2001-1 Portfolio Characteristics (cont’d)
| 06/30/2005 | 03/31/2005 | |||||||
| Pool Balance | $ | 345,127,556.30 | $ | 397,845,412.18 | ||||
| Total # Loans | 131,203 | 146,164 | ||||||
| Total # Borrowers | 59,033 | 65,087 | ||||||
| Weighted Average Coupon | 3.66 | % | 3.65 | % | ||||
| Weighted Average Remaining Term | 92.35 | 93.71 | ||||||
| Non-Reimbursable Losses | $ | 487.38 | $ | 3,506.90 | ||||
| Cumulative Non-Reimbursable Losses | $ | 1,440,856.36 | $ | 1,440,368.98 | ||||
| Since Issued CPR | 20.98 | % | 19.34 | % | ||||
| Loan Substitutions | $ | — | $ | — | ||||
| Cumulative Loan Substitutions | $ | — | $ | — | ||||
| Rejected Claim Repurchases | $ | 14,852.29 | $ | 5,109.43 | ||||
| Cumulative Rejected Claim Repurchases | $ | 448,647.70 | $ | 433,795.41 | ||||
| Cumulative Claims Filed | $ | 61,079,912.86 | $ | 56,885,942.23 | ||||
| Unpaid Primary Servicing Fees | $ | — | $ | — | ||||
| Unpaid Administration Fees | $ | — | $ | — | ||||
| Unpaid Carryover Servicing Fees | $ | — | $ | — | ||||
| Note Principal Shortfall | $ | — | $ | — | ||||
| Note Interest Shortfall | $ | — | $ | — | ||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||
| Borrower Interest Accrued | $ | 2,794,154.34 | $ | 3,122,941.86 | ||||
| Interest Subsidy Payments Accrued | $ | 349,193.27 | $ | 389,127.14 | ||||
| Special Allowance Payments Accrued | $ | 1,915,963.37 | $ | 1,822,497.86 | ||||
Trust 2001-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 4 of 9
V. 2001-1 Portfolio Statistics by School and Program
| A | LOAN TYPE | WAC | # LOANS | $ AMOUNT | % * | |||||||||||||
| - GSL - Subsidized | 3.67 | % | 88,212 | $ | 208,542,768.19 | 60.718 | % | |||||||||||
| - GSL - Unsubsidized | 3.49 | % | 38,968 | 120,566,711.62 | 35.103 | % | ||||||||||||
| - PLUS Loans | 4.54 | % | 2,422 | 9,096,790.83 | 2.649 | % | ||||||||||||
| - SLS Loans | 5.44 | % | 1,601 | 5,254,641.35 | 1.530 | % | ||||||||||||
| - Consolidation Loans | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||
Total | 3.66 | % | 131,203 | $ | 343,460,911.99 | 100.000 | % | |||||||||||
| B | SCHOOL TYPE | WAC | # LOANS | $ AMOUNT | % * | |||||||||||||
| - Four Year | 3.68 | % | 99,466 | $ | 281,145,923.61 | 81.857 | % | |||||||||||
| - Two Year | 3.56 | % | 21,887 | 42,849,171.94 | 12.476 | % | ||||||||||||
| - Technical | 3.55 | % | 9,850 | 19,465,816.44 | 5.668 | % | ||||||||||||
| - Other | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||
Total | 3.66 | % | 131,203 | $ | 343,460,911.99 | 100.000 | % | |||||||||||
| C | Student Loan Rate Calculation | |||||||||||||||||
| Borrower Interest Accrued | 2,794,154.34 | |||||||||||||||||
| Interest Subsidy Payments Accrued | $ | 349,193.27 | ||||||||||||||||
| Special Allowance Payments Accrued | $ | 1,915,963.37 | ||||||||||||||||
| Investment Income | $ | 290,405.80 | ||||||||||||||||
| Net Expected Interest Collections | $ | 5,349,716.78 | ||||||||||||||||
| Accrual Daycount Fraction | 0.252777778 | |||||||||||||||||
| Primary Servicing Fee | $ | 855,617.98 | ||||||||||||||||
| Admin Fee | $ | 20,000.00 | ||||||||||||||||
| Swap Fees | $ | 7,542.48 | ||||||||||||||||
| Pool Balance at Beginning of Collection Pd | $ | 397,845,412.18 | ||||||||||||||||
Student Loan Rate | 4.44140 | % | ||||||||||||||||
* Percentages may not total 100% due to rounding.
Trust 2001-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 5 of 9
VI. 2001-1 Waterfall for Distributions
| Remaining | ||||||||||
| Paid | Funds Balance | |||||||||
| Total Available Funds | $ | 57,997,816.59 | ||||||||
| A | Primary Servicing Fee | $ | 274,040.40 | $ | 57,723,776.19 | |||||
| B | Administration Fee | $ | 20,000.00 | $ | 57,703,776.19 | |||||
| C | Swap Fees | $ | 7,542.48 | $ | 57,696,233.71 | |||||
| D | Class A Noteholders’ Interest Distribution Amount | $ | 2,881,165.19 | $ | 54,815,068.52 | |||||
| E | Class B Noteholders’ Interest Distribution Amount | $ | 495,604.56 | $ | 54,319,463.96 | |||||
| F | Class A Noteholders’ Principal Distribution Amount | $ | 52,717,855.88 | $ | 1,601,608.08 | |||||
| G | Class B Noteholders’ Principal Distribution Amount | $ | — | $ | 1,601,608.08 | |||||
| H | Reserve Account Reinstatement | $ | — | $ | 1,601,608.08 | |||||
| I | Swap Payment Reimbursement | $ | — | $ | 1,601,608.08 | |||||
| J | Carryover Servicing Fee | $ | — | $ | 1,601,608.08 | |||||
| K | Excess Distribution | $ | 1,601,608.08 | $ | — | |||||
Trust 2001-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 6 of 9
VII. 2001-1 Distributions
| A | Note Distribution Amounts | A2 | B | |||||||
| Cusip/Isin | 78442GCP9 | 78442GCR5 | ||||||||
| Beginning Balance | $ | 344,285,412.18 | $ | 53,560,000.00 | ||||||
| Index | LIBOR | LIBOR | ||||||||
| Spread/Fixed Rate | 0.15 | % | 0.50 | % | ||||||
| Record Date | 1 NEW YORK BUSINESS DAY | 1 NEW YORK BUSINESS DAY | ||||||||
| Accrual Period Begin | 4/25/2005 | 4/25/2005 | ||||||||
| Accrual Period End | 7/25/2005 | 7/25/2005 | ||||||||
| Daycount Fraction | 0.25277778 | 0.25277778 | ||||||||
| Interest Rate | 3.31063 | % | 3.66063 | % | ||||||
| Accrued Interest Factor | 0.008368537 | 0.009253259 | ||||||||
| Current Interest Due | $ | 2,881,165.19 | $ | 495,604.56 | ||||||
| Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||
| Total Interest Due | $ | 2,881,165.19 | $ | 495,604.56 | ||||||
| Interest Paid | $ | 2,881,165.19 | $ | 495,604.56 | ||||||
| Interest Shortfall | $ | — | $ | — | ||||||
| Carryover Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||
| Current Interest Carryover Due | $ | — | $ | — | ||||||
| Interest Carryover Paid | $ | — | $ | — | ||||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||||
| Principal Paid | $ | 52,717,855.88 | $ | — | ||||||
| Ending Principal Balance | $ | 291,567,556.30 | $ | 53,560,000.00 | ||||||
| Paydown Factor | 0.096868648 | 0.000000000 | ||||||||
| Ending Balance Factor | 0.535753108 | 1.000000000 | ||||||||
Trust 2001-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 7 of 9
VII. 2001-1 Distributions (contd)
B | Interest Rate Swaps | |||||||||
| A2 | B | |||||||||
| Student Loan Rate | 4.44140 | % | 4.44140 | % | ||||||
| Interest Rate Excess Over Student Loan Rate | 0.00000 | % | 0.00000 | % | ||||||
| Swap Counterparty | DEUTSCHE BANK NY | DEUTSCHE BANK NY | ||||||||
| Swap Notional | $ | 172,142,706.09 | $ | 26,780,000.00 | ||||||
| Swap Payments Due Trust | $ | — | $ | — | ||||||
| Swap Fee Pay Rate | 0.00750 | % | 0.00750 | % | ||||||
| Swap Fees Due Counterparty | $ | 3,263.54 | $ | 507.70 | ||||||
| Swap Fees Paid Counterparty | $ | 3,263.54 | $ | 507.70 | ||||||
| Swap Payment Reimbursement Due Counterparty | $ | — | $ | — | ||||||
| Swap Payment Reimbursement Paid Counterparty | $ | — | $ | — | ||||||
| Swap Counterparty | JP MORGAN CHASE | JP MORGAN CHASE | ||||||||
| Swap Notional | $ | 172,142,706.09 | $ | 26,780,000.00 | ||||||
| Swap Payments Due Trust | $ | — | $ | — | ||||||
| Swap Fee Pay Rate | 0.00750 | % | 0.00750 | % | ||||||
| Swap Fees Due Counterparty | $ | 3,263.54 | $ | 507.70 | ||||||
| Swap Fees Paid Counterparty | $ | 3,263.54 | $ | 507.70 | ||||||
| Swap Payment Reimbursement Due Counterparty | $ | — | $ | — | ||||||
| Swap Payment Reimbursement Paid Counterparty | $ | — | $ | — | ||||||
Trust 2001-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 8 of 9
VIII. 2001-1 Reconciliations
| A | Principal Distribution Reconciliation | |||||
| Prior Adjusted Pool Balance | $ | 397,845,412.18 | ||||
| Current Adjusted Pool Balance | $ | 345,127,556.30 | ||||
| Current Principal Due | $ | 52,717,855.88 | ||||
| Principal Shortfall from Previous Collection Period | $ | — | ||||
| Principal Distribution Amount | $ | 52,717,855.88 | ||||
| Principal Paid | $ | 52,717,855.88 | ||||
| Principal Shortfall | $ | — | ||||
| B | Reserve Account Reconciliation | |||||
| Beginning Period Balance | $ | 1,501,744.00 | ||||
| Reserve Funds Utilized | 0.00 | |||||
| Reserve Funds Reinstated | 0.00 | |||||
| Excess Distribution Deposit | 1,601,608.08 | |||||
| Balance Available | $ | 3,103,352.08 | ||||
| Required Reserve Acct Balance | $ | 1,501,744.00 | ||||
| Release to Excess Distribution Certificateholder | $ | 1,601,608.08 | ||||
| Ending Reserve Account Balance | $ | 1,501,744.00 | ||||
| Page 9 of 9 | Trust 2001-1 Quarterly Servicing Report: Collection Period 04/01/2005-06/30/2005, Distribution Date 07/25/2005 |
