SLM Student Loan Trust 2001-1 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 | 03/08/2001 | 06/30/2005 | 09/30/2005 | ||||||||||||||||||
| Principal Balance | $ | 1,492,831,995.11 | $ | 343,460,911.99 | $ | 285,103,531.60 | ||||||||||||||||
| Interest to be Capitalized Balance | 8,911,897.13 | 1,666,644.31 | 1,493,054.65 | |||||||||||||||||||
| Pool Balance | $ | 1,501,743,892.24 | $ | 345,127,556.30 | $ | 286,596,586.25 | ||||||||||||||||
| Specified Reserve Account Balance | 3,754,360.00 | - N/A - | -N/A- | |||||||||||||||||||
Adjusted Pool(1) | $ | 1,505,498,252.24 | $ | 345,127,556.30 | $ | 286,596,586.25 | ||||||||||||||||
| Weighted Average Coupon (WAC) | 8.29 | % | 3.66 | % | 5.54 | % | ||||||||||||||||
| Weighted Average Remaining Term | 113.28 | 92.35 | 91.12 | |||||||||||||||||||
| Number of Loans | 415,358 | 131,203 | 113,035 | |||||||||||||||||||
| Number of Borrowers | 168,546 | 59,033 | 51,687 | |||||||||||||||||||
| Since Issued CPR | 20.98 | % | 22.44 | % | ||||||||||||||||||
| (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 | 07/25/2005 | 10/25/2005 | ||||||||||||||||||
| A1 | 78442GCM6 | $ | — | $ | — | |||||||||||||||||
| A2 | 78442GCP9 | $ | 291,567,556.30 | $ | 233,036,586.25 | |||||||||||||||||
| B | 78442GCR5 | $ | 53,560,000.00 | $ | 53,560,000.00 | |||||||||||||||||
| C | Account Balances | 07/25/2005 | 10/25/2005 | |||||||||||||||||||
| Reserve Account Balance | $ | 1,501,744.00 | $ | 1,501,744.00 | ||||||||||||||||||
| D | Asset/Liability | 07/25/2005 | 10/25/2005 | |||||||||||||||||||
| Adjusted Pool Balance | $ | 345,127,556.30 | $ | 286,596,586.25 | ||||||||||||||||||
| Total Notes | $ | 345,127,556.30 | $ | 286,596,586.25 | ||||||||||||||||||
| Difference | $ | — | $ | — | ||||||||||||||||||
| Parity Ratio | 1.00000 | 1.00000 | ||||||||||||||||||||
Page 1 of 9
II. Trust Activity 07/01/2005 through 09/30/2005
| A | Student Loan Principal Receipts | |||||||
| Borrower Principal | 9,474,662.09 | |||||||
| Guarantor Principal | 3,676,482.59 | |||||||
| Consolidation Activity Principal | 46,678,662.83 | |||||||
| Seller Principal Reimbursement | 1,387.75 | |||||||
| Servicer Principal Reimbursement | 766.27 | |||||||
| Rejected Claim Repurchased Principal | 10,503.51 | |||||||
| Other Principal Deposits | 25,599.57 | |||||||
| Total Principal Receipts | $ | 59,868,064.61 | ||||||
| B | Student Loan Interest Receipts | |||||||
| Borrower Interest | 1,585,593.57 | |||||||
| Guarantor Interest | 158,789.32 | |||||||
| Consolidation Activity Interest | 352,478.49 | |||||||
| Special Allowance Payments | 1,922,832.69 | |||||||
| Interest Subsidy Payments | 360,278.28 | |||||||
| Seller Interest Reimbursement | 1,280.38 | |||||||
| Servicer Interest Reimbursement | 8,031.36 | |||||||
| Rejected Claim Repurchased Interest | 1,504.67 | |||||||
| Other Interest Deposits | 216,396.36 | |||||||
| Total Interest Receipts | $ | 4,607,185.12 | ||||||
| C | Interest Rate Swap Proceeds | $ | — | |||||
| D | Investment Income | $ | 465,458.10 | |||||
| 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 | $ | 178,973.54 | |||||
| Less: Funds Previously Remitted: | ||||||||
| Servicing Fees | $ | (490,261.58 | ) | |||||
| Consolidation Loan Rebate Fees | $ | — | ||||||
Total Funds Previously Remitted | $ | (490,261.58 | ) | |||||
| J | AVAILABLE FUNDS | $ | 64,629,419.79 | |||||
| K | Non-Cash Principal Activity During Collection Period | $ | (1,510,684.22 | ) | ||||
| L | Non-Reimbursable Losses During Collection Period | $ | 8.78 | |||||
| M | Aggregate Purchased Amounts by the Depositor, Servicer or Seller | $ | 33,927.86 | |||||
| N | Aggregate Loan Substitutions | $ | — | |||||
Trust 2001-1 Quarterly Servicing Report: Collection Period 07/01/2005—09/30/2005, Distribution Date 10/25/2005
Page 2 of 9
III. 2001-1 Portfolio Characteristics
| 09/30/2005 | 06/30/2005 | |||||||||||||||||||||||||||||||||
| WAC | # Loans | Principal | % of Principal | WAC | # Loans | Principal | % of Principal | |||||||||||||||||||||||||||
| INTERIM: | IN SCHOOL | 5.57 | % | 664 | $ | 2,148,882.46 | 0.754 | % | 3.69 | % | 801 | $ | 2,556,766.71 | 0.744 | % | |||||||||||||||||||
| GRACE | 5.47 | % | 343 | $ | 1,088,482.17 | 0.382 | % | 3.66 | % | 443 | $ | 1,486,755.81 | 0.433 | % | ||||||||||||||||||||
| DEFERMENT | 5.12 | % | 15,955 | $ | 46,343,107.21 | 16.255 | % | 3.23 | % | 18,444 | $ | 56,118,684.01 | 16.339 | % | ||||||||||||||||||||
| REPAYMENT: | CURRENT | 5.61 | % | 65,678 | $ | 138,766,227.53 | 48.672 | % | 3.72 | % | 78,890 | $ | 175,115,066.04 | 50.985 | % | |||||||||||||||||||
| 31-60 DAYS DELINQUENT | 5.63 | % | 4,838 | $ | 12,890,985.42 | 4.522 | % | 3.81 | % | 5,217 | $ | 14,442,411.27 | 4.205 | % | ||||||||||||||||||||
| 61-90 DAYS DELINQUENT | 5.68 | % | 2,773 | $ | 8,315,299.73 | 2.917 | % | 3.84 | % | 2,851 | $ | 8,663,454.27 | 2.522 | % | ||||||||||||||||||||
| 91-120 DAYS DELINQUENT | 5.60 | % | 1,957 | $ | 5,918,062.03 | 2.076 | % | 3.75 | % | 1,959 | $ | 5,761,877.83 | 1.678 | % | ||||||||||||||||||||
| > 120 DAYS DELINQUENT | 5.67 | % | 5,577 | $ | 17,248,846.96 | 6.050 | % | 3.76 | % | 6,314 | $ | 19,765,881.53 | 5.755 | % | ||||||||||||||||||||
| FORBEARANCE | 5.63 | % | 14,329 | $ | 49,407,762.85 | 17.330 | % | 3.76 | % | 15,461 | $ | 57,087,970.04 | 16.621 | % | ||||||||||||||||||||
| CLAIMS IN PROCESS | 5.75 | % | 915 | $ | 2,952,033.61 | 1.035 | % | 3.91 | % | 819 | $ | 2,453,257.53 | 0.714 | % | ||||||||||||||||||||
| AGED CLAIMS REJECTED | 5.63 | % | 6 | $ | 23,841.63 | 0.008 | % | 5.10 | % | 4 | $ | 8,786.95 | 0.003 | % | ||||||||||||||||||||
| TOTAL | 113,035 | $ | 285,103,531.60 | 100.00 | % | 131,203 | $ | 343,460,911.99 | 100.00 | % | ||||||||||||||||||||||||
| * | Percentages may not total 100% due to rounding |
Trust 2001-1 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 3 of 9
IV. 2001-1 Portfolio Characteristics (cont’d)
| 09/30/2005 | 06/30/2005 | |||||||
| Pool Balance | $ | 286,596,586.25 | $ | 345,127,556.30 | ||||
| Total # Loans | 113,035 | 131,203 | ||||||
| Total # Borrowers | 51,687 | 59,033 | ||||||
| Weighted Average Coupon | 5.54 | % | 3.66 | % | ||||
| Weighted Average Remaining Term | 91.12 | 92.35 | ||||||
| Non-Reimbursable Losses | $ | 8.78 | $ | 487.38 | ||||
| Cumulative Non-Reimbursable Losses | $ | 1,440,865.14 | $ | 1,440,856.36 | ||||
| Since Issued CPR | 22.44 | % | 20.98 | % | ||||
| Loan Substitutions | $ | — | $ | — | ||||
| Cumulative Loan Substitutions | $ | — | $ | — | ||||
| Rejected Claim Repurchases | $ | 12,008.18 | $ | 14,852.29 | ||||
| Cumulative Rejected Claim Repurchases | $ | 460,655.88 | $ | 448,647.70 | ||||
| Cumulative Claims Filed | $ | 65,604,426.10 | $ | 61,079,912.86 | ||||
| Unpaid Primary Servicing Fees | $ | — | $ | — | ||||
| Unpaid Administration Fees | $ | — | $ | — | ||||
| Unpaid Carryover Servicing Fees | $ | — | $ | — | ||||
| Note Principal Shortfall | $ | — | $ | — | ||||
| Note Interest Shortfall | $ | — | $ | — | ||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||
| Borrower Interest Accrued | $ | 3,640,323.33 | $ | 2,794,154.34 | ||||
| Interest Subsidy Payments Accrued | $ | 440,566.09 | $ | 349,193.27 | ||||
| Special Allowance Payments Accrued | $ | 565,751.14 | $ | 1,915,963.37 | ||||
Trust 2001-1 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 4 of 9
V. 2001-1 Portfolio Statistics by School and Program
| A | LOAN TYPE | WAC | # LOANS | $ AMOUNT | %* | |||||||||||||||
| - GSL - Subsidized | 5.55 | % | 75,904 | $ | 173,353,192.67 | 60.804 | % | |||||||||||||
| - GSL - Unsubsidized | 5.41 | % | 33,694 | 99,854,220.18 | 35.024 | % | ||||||||||||||
| - PLUS Loans | 6.24 | % | 2,120 | 7,593,124.46 | 2.663 | % | ||||||||||||||
| - SLS Loans | 6.67 | % | 1,317 | 4,302,994.29 | 1.509 | % | ||||||||||||||
| - Consolidation Loans | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||||
Total | 5.54 | % | 113,035 | $ | 285,103,531.60 | 100.000 | % | |||||||||||||
| B | SCHOOL TYPE | WAC | # LOANS | $ AMOUNT | %* | |||||||||||||||
| - Four Year | 5.56 | % | 84,218 | $ | 229,505,208.22 | 80.499 | % | |||||||||||||
| - Two Year | 5.44 | % | 19,677 | 37,818,880.65 | 13.265 | % | ||||||||||||||
| - Technical | 5.43 | % | 9,140 | 17,779,442.73 | 6.236 | % | ||||||||||||||
| - Other | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||||
Total | 5.54 | % | 113,035 | $ | 285,103,531.60 | 100.000 | % | |||||||||||||
| C | Student Loan Rate Calculation | |||||||||||||||||||
| Borrower Interest Accrued | 3,640,323.33 | |||||||||||||||||||
| Interest Subsidy Payments Accrued | $ | 440,566.09 | ||||||||||||||||||
| Special Allowance Payments Accrued | $ | 565,751.14 | ||||||||||||||||||
| Investment Income | $ | 465,458.10 | ||||||||||||||||||
| Net Expected Interest Collections | $ | 5,112,098.66 | ||||||||||||||||||
| Accrual Daycount Fraction | 0.255555556 | |||||||||||||||||||
| Primary Servicing Fee | $ | 713,045.18 | ||||||||||||||||||
| Admin Fee | $ | 20,000.00 | ||||||||||||||||||
| Swap Fees | $ | 6,614.94 | ||||||||||||||||||
| Pool Balance at Beginning of Collection Pd | $ | 345,127,556.30 | ||||||||||||||||||
Student Loan Rate | 4.95745 | % | ||||||||||||||||||
| * | Percentages may not total 100% due to rounding. |
Trust 2001-1 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 5 of 9
VI. 2001-1 Waterfall for Distributions
| Remaining | ||||||||||
| Paid | Funds Balance | |||||||||
| Total Available Funds | $ | 64,629,419.79 | ||||||||
| A | Primary Servicing Fee | $ | 222,783.60 | $ | 64,406,636.19 | |||||
| B | Administration Fee | $ | 20,000.00 | $ | 64,386,636.19 | |||||
| C | Swap Fees | $ | 6,614.94 | $ | 64,380,021.25 | |||||
| D | Class A Noteholders' Interest Distribution Amount | $ | 2,831,444.94 | $ | 61,548,576.31 | |||||
| E | Class B Noteholders' Interest Distribution Amount | $ | 568,033.56 | $ | 60,980,542.75 | |||||
| F | Class A Noteholders' Principal Distribution Amount | $ | 58,530,970.05 | $ | 2,449,572.70 | |||||
| G | Class B Noteholders' Principal Distribution Amount | $ | — | $ | 2,449,572.70 | |||||
| H | Reserve Account Reinstatement | $ | — | $ | 2,449,572.70 | |||||
| I | Swap Payment Reimbursement | $ | — | $ | 2,449,572.70 | |||||
| J | Carryover Servicing Fee | $ | — | $ | 2,449,572.70 | |||||
| K | Excess Distribution | $ | 2,449,572.70 | $ | — | |||||
Trust 2001-1 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 6 of 9
VII. 2001-1 Distributions
| A | Note Distribution Amounts | A2 | B | |||||||||
| Cusip/Isin | 78442GCP9 | 78442GCR5 | ||||||||||
| Beginning Balance | $ | 291,567,556.30 | $ | 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 | 07/25/2005 | 07/25/2005 | ||||||||||
| Accrual Period End | 10/25/2005 | 10/25/2005 | ||||||||||
| Daycount Fraction | 0.25555556 | 0.25555556 | ||||||||||
| Interest Rate | 3.80000 | % | 4.15000 | % | ||||||||
| Accrued Interest Factor | 0.009711111 | 0.010605556 | ||||||||||
| Current Interest Due | $ | 2,831,444.94 | $ | 568,033.56 | ||||||||
| Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||||
| Total Interest Due | $ | 2,831,444.94 | $ | 568,033.56 | ||||||||
| Interest Paid | $ | 2,831,444.94 | $ | 568,033.56 | ||||||||
| Interest Shortfall | $ | — | $ | — | ||||||||
| Carryover Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||||
| Current Interest Carryover Due | $ | — | $ | — | ||||||||
| Interest Carryover Paid | $ | — | $ | — | ||||||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||||||
| Principal Paid | $ | 58,530,970.05 | $ | — | ||||||||
| Ending Principal Balance | $ | 233,036,586.25 | $ | 53,560,000.00 | ||||||||
| Paydown Factor | 0.107550200 | 0.000000000 | ||||||||||
| Ending Balance Factor | 0.428202907 | 1.000000000 | ||||||||||
Trust 2001-1 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 7 of 9
VII. 2001-1 Distributions (contd)
B | Interest Rate Swaps | |||||||||
| A2 | B | |||||||||
| Student Loan Rate | 4.95745 | % | 4.95745 | % | ||||||
| Interest Rate Excess Over Student Loan Rate | 0.00000 | % | 0.00000 | % | ||||||
| Swap Counterparty | DEUTSCHE BANK NY | DEUTSCHE BANK NY | ||||||||
| Swap Notional | $ | 145,783,778.15 | $ | 26,780,000.00 | ||||||
| Swap Payments Due Trust | $ | — | $ | — | ||||||
| Swap Fee Pay Rate | 0.00750 | % | 0.00750 | % | ||||||
| Swap Fees Due Counterparty | $ | 2,794.19 | $ | 513.28 | ||||||
| Swap Fees Paid Counterparty | $ | 2,794.19 | $ | 513.28 | ||||||
| Swap Payment Reimbursement Due Counterparty | $ | — | $ | — | ||||||
| Swap Payment Reimbursement Paid Counterparty | $ | — | $ | — | ||||||
| Swap Counterparty | JPMORGAN CHASE | JPMORGAN CHASE | ||||||||
| Swap Notional | $ | 145,783,778.15 | $ | 26,780,000.00 | ||||||
| Swap Payments Due Trust | $ | — | $ | — | ||||||
| Swap Fee Pay Rate | 0.00750 | % | 0.00750 | % | ||||||
| Swap Fees Due Counterparty | $ | 2,794.19 | $ | 513.28 | ||||||
| Swap Fees Paid Counterparty | $ | 2,794.19 | $ | 513.28 | ||||||
| Swap Payment Reimbursement Due Counterparty | $ | — | $ | — | ||||||
| Swap Payment Reimbursement Paid Counterparty | $ | — | $ | — | ||||||
Trust 2001-1 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 8 of 9
VIII. 2001-1 Reconciliations
| A | Principal Distribution Reconciliation | |||||
| Prior Adjusted Pool Balance | $ | 345,127,556.30 | ||||
| Current Adjusted Pool Balance | $ | 286,596,586.25 | ||||
| Current Principal Due | $ | 58,530,970.05 | ||||
| Principal Shortfall from Previous Collection Period | $ | — | ||||
| Principal Distribution Amount | $ | 58,530,970.05 | ||||
| Principal Paid | $ | 58,530,970.05 | ||||
| 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 | 2,449,572.70 | |||||
| Balance Available | $ | 3,951,316.70 | ||||
| Required Reserve Acct Balance | $ | 1,501,744.00 | ||||
| Release to Excess Distribution Certificateholder | $ | 2,449,572.70 | ||||
| Ending Reserve Account Balance | $ | 1,501,744.00 | ||||
| Trust 2001-1 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005 | ||
Page 9 of 9 |
