SLM Student Loan Trust 2001-2 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 | 06/07/2001 | 03/31/2005 | 06/30/2005 | ||||||||||||
| Principal Balance | $ | 1,484,420,185.51 | $ | 407,903,412.94 | $ | 354,165,815.94 | ||||||||||
| Interest to be Capitalized Balance | 16,921,768.59 | 2,400,770.09 | 1,981,774.00 | |||||||||||||
| Pool Balance | $ | 1,501,341,954.10 | $ | 410,304,183.03 | $ | 356,147,589.94 | ||||||||||
| Specified Reserve Account Balance | 3,753,355.00 | - N/A - | - N/A - | |||||||||||||
| Adjusted Pool (1) | $ | 1,505,095,309.10 | $ | 410,304,183.03 | $ | 356,147,589.94 | ||||||||||
| Weighted Average Coupon (WAC) | 8.37 | % | 3.98 | % | 3.99 | % | ||||||||||
| Weighted Average Remaining Term | 109.16 | 92.72 | 91.44 | |||||||||||||
| Number of Loans | 425,309 | 152,461 | 136,787 | |||||||||||||
| Number of Borrowers | 154,551 | 61,288 | 55,693 | |||||||||||||
| Since Issued CPR | 19.51 | % | 21.15 | % | ||||||||||||
| (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 | ||||||||||||
| A1T | 78442GCU8 | $ | — | $ | — | |||||||||||
| A1L | 78442GCT1 | $ | — | $ | — | |||||||||||
| A2L | 78442GCV6 | $ | 356,548,183.03 | $ | 302,391,589.94 | |||||||||||
| B | 78442GCX2 | $ | 53,756,000.00 | $ | 53,756,000.00 | |||||||||||
| C | Account Balances | 04/25/2005 | 07/25/2005 | |||||||||||||
| Reserve Account Balance | $ | 1,501,342.00 | $ | 1,501,342.00 | ||||||||||||
| D | Asset/Liability | 04/25/2005 | 07/25/2005 | |||||||||||||
| Adjusted Pool Balance | $ | 410,304,183.03 | $ | 356,147,589.94 | ||||||||||||
| Total Notes | $ | 410,304,183.03 | $ | 356,147,589.94 | ||||||||||||
| 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 | 12,518,863.11 | |||||||
| Guarantor Principal | 5,671,859.60 | |||||||
| Consolidation Activity Principal | 37,195,052.44 | |||||||
| Seller Principal Reimbursement | 207.31 | |||||||
| Servicer Principal Reimbursement | 1,654.55 | |||||||
| Rejected Claim Repurchased Principal | 17,964.34 | |||||||
| Other Principal Deposits | 1,530.64 | |||||||
| Total Principal Receipts | $ | 55,407,131.99 | ||||||
| B | Student Loan Interest Receipts | |||||||
| Borrower Interest | 1,541,667.21 | |||||||
| Guarantor Interest | 243,809.15 | |||||||
| Consolidation Activity Interest | 284,563.44 | |||||||
| Special Allowance Payments | 1,635,880.78 | |||||||
| Interest Subsidy Payments | 465,221.36 | |||||||
| Seller Interest Reimbursement | (232.79 | ) | ||||||
| Servicer Interest Reimbursement | 24,964.94 | |||||||
| Rejected Claim Repurchased Interest | 1,635.64 | |||||||
| Other Interest Deposits | 238,631.85 | |||||||
| Total Interest Receipts | $ | 4,436,141.58 | ||||||
| C | Interest Rate Swap Proceeds | $ | — | |||||
| D | Investment Income | $ | 305,795.45 | |||||
| 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 | $ | 165,458.64 | |||||
| Less: Funds Previously Remitted: | ||||||||
| Servicing Fees | $ | (598,475.32 | ) | |||||
| Consolidation Loan Rebate Fees | $ | — | ||||||
| Total Funds Previously Remitted | $ | (598,475.32 | ) | |||||
| J | AVAILABLE FUNDS | $ | 59,716,052.34 | |||||
| K | Non-Cash Principal Activity During Collection Period | $ | (1,669,534.99 | ) | ||||
| L | Non-Reimbursable Losses During Collection Period | $ | 31.38 | |||||
| M | Aggregate Purchased Amounts by the Depositor, Servicer or Seller | $ | 19,599.98 | |||||
| N | Aggregate Loan Substitutions | $ | — | |||||
Trust 2001-2 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 2 of 9
III. 2001-2 Portfolio Characteristics
| 06/30/2005 | 03/31/2005 | |||||||||||||||||||||||||||||||||
| WAC | # Loans | Principal | % of Principal | WAC | # Loans | Principal | % of Principal | |||||||||||||||||||||||||||
| INTERIM: | IN SCHOOL | 3.94 | % | 1,205 | $ | 4,437,423.90 | 1.253 | % | 3.89 | % | 1,766 | $ | 6,329,560.09 | 1.552 | % | |||||||||||||||||||
| GRACE | 3.81 | % | 500 | $ | 1,681,944.71 | 0.475 | % | 3.65 | % | 329 | $ | 1,253,216.16 | 0.307 | % | ||||||||||||||||||||
| DEFERMENT | 3.55 | % | 19,200 | $ | 57,861,742.73 | 16.337 | % | 3.54 | % | 22,878 | $ | 69,661,037.67 | 17.078 | % | ||||||||||||||||||||
| REPAYMENT: | CURRENT | 4.09 | % | 80,940 | $ | 171,543,409.78 | 48.436 | % | 4.09 | % | 88,772 | $ | 196,625,665.27 | 48.204 | % | |||||||||||||||||||
| 31-60 DAYS DELINQUENT | 4.09 | % | 5,534 | $ | 15,772,632.60 | 4.453 | % | 4.12 | % | 6,059 | $ | 17,900,009.34 | 4.388 | % | ||||||||||||||||||||
| 61-90 DAYS DELINQUENT | 4.08 | % | 3,521 | $ | 10,673,200.98 | 3.014 | % | 4.14 | % | 3,541 | $ | 11,598,939.58 | 2.844 | % | ||||||||||||||||||||
| 91-120 DAYS DELINQUENT | 4.01 | % | 2,420 | $ | 7,958,934.87 | 2.247 | % | 4.10 | % | 2,186 | $ | 7,784,111.43 | 1.908 | % | ||||||||||||||||||||
| > 120 DAYS DELINQUENT | 4.09 | % | 7,062 | $ | 23,966,755.04 | 6.767 | % | 4.09 | % | 7,572 | $ | 25,164,782.11 | 6.169 | % | ||||||||||||||||||||
| FORBEARANCE | 4.04 | % | 15,287 | $ | 57,075,507.96 | 16.115 | % | 4.05 | % | 18,063 | $ | 67,444,064.96 | 16.534 | % | ||||||||||||||||||||
| CLAIMS IN PROCESS | 4.19 | % | 1,103 | $ | 3,177,170.81 | 0.897 | % | 4.15 | % | 1,282 | $ | 4,117,037.79 | 1.009 | % | ||||||||||||||||||||
| AGED CLAIMS REJECTED | 4.10 | % | 15 | $ | 17,092.56 | 0.005 | % | 4.17 | % | 13 | $ | 24,988.54 | 0.006 | % | ||||||||||||||||||||
| TOTAL | 136,787 | $ | 354,165,815.94 | 100.00 | % | 152,461 | $ | 407,903,412.94 | 100.00 | % | ||||||||||||||||||||||||
| * | Percentages may not total 100% due to rounding |
Trust 2001-2 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 3 of 9
IV. 2001-2 Portfolio Characteristics (cont’d)
| 06/30/2005 | 03/31/2005 | |||||||
| Pool Balance | $ | 356,147,589.94 | $ | 410,304,183.03 | ||||
| Total # Loans | 136,787 | 152,461 | ||||||
| Total # Borrowers | 55,693 | 61,288 | ||||||
| Weighted Average Coupon | 3.99 | % | 3.98 | % | ||||
| Weighted Average Remaining Term | 91.44 | 92.72 | ||||||
| Non-Reimbursable Losses | $ | 31.38 | $ | 6,081.86 | ||||
| Cumulative Non-Reimbursable Losses | $ | 1,589,410.17 | $ | 1,589,378.79 | ||||
| Since Issued CPR | 21.15 | % | 19.51 | % | ||||
| Loan Substitutions | $ | — | $ | — | ||||
| Cumulative Loan Substitutions | $ | — | $ | — | ||||
| Rejected Claim Repurchases | $ | 19,599.98 | $ | 26,733.63 | ||||
| Cumulative Rejected Claim Repurchases | $ | 332,828.24 | $ | 313,228.26 | ||||
| Cumulative Claims Filed | $ | 75,665,459.74 | $ | 70,644,818.69 | ||||
| Unpaid Primary Servicing Fees | $ | — | $ | — | ||||
| Unpaid Administration Fees | $ | — | $ | — | ||||
| Unpaid Carryover Servicing Fees | $ | ��� | $ | — | ||||
| Note Principal Shortfall | $ | — | $ | — | ||||
| Note Interest Shortfall | $ | — | $ | — | ||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||
| Borrower Interest Accrued | $ | 3,210,111.68 | $ | 3,613,857.87 | ||||
| Interest Subsidy Payments Accrued | $ | 411,251.34 | $ | 455,575.17 | ||||
| Special Allowance Payments Accrued | $ | 1,740,127.74 | $ | 1,631,946.79 | ||||
Trust 2001-2 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 4 of 9
V. 2001-2 Portfolio Statistics by School and Program
| A | LOAN TYPE | WAC | # LOANS | $ AMOUNT | % * | |||||||||||||
| - GSL - Subsidized | 4.00 | % | 91,949 | $ | 211,634,238.67 | 59.756 | % | |||||||||||
| - GSL - Unsubsidized | 3.74 | % | 36,372 | 114,233,327.81 | 32.254 | % | ||||||||||||
| - PLUS Loans | 4.66 | % | 5,097 | 17,817,325.87 | 5.031 | % | ||||||||||||
| - SLS Loans | 5.37 | % | 3,369 | 10,480,923.59 | 2.959 | % | ||||||||||||
| - Consolidation Loans | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||
Total | 3.99 | % | 136,787 | $ | 354,165,815.94 | 100.000 | % | |||||||||||
| B | SCHOOL TYPE | WAC | # LOANS | $ AMOUNT | % * | |||||||||||||
| - Four Year | 4.01 | % | 106,195 | $ | 292,744,110.12 | 82.657 | % | |||||||||||
| - Two Year | 3.87 | % | 19,761 | 39,381,199.65 | 11.119 | % | ||||||||||||
| - Technical | 3.84 | % | 10,831 | 22,040,506.17 | 6.223 | % | ||||||||||||
| - Other | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||
Total | 3.99 | % | 136,787 | $ | 354,165,815.94 | 100.000 | % | |||||||||||
| C | Student Loan Rate Calculation | |||||||||||||||||
| Borrower Interest Accrued | 3,210,111.68 | |||||||||||||||||
| Interest Subsidy Payments Accrued | $ | 411,251.34 | ||||||||||||||||
| Special Allowance Payments Accrued | $ | 1,740,127.74 | ||||||||||||||||
| Investment Income | $ | 305,795.45 | ||||||||||||||||
| Net Expected Interest Collections | $ | 5,667,286.21 | ||||||||||||||||
| Accrual Daycount Fraction | 0.252777778 | |||||||||||||||||
| Primary Servicing Fee | $ | 880,439.13 | ||||||||||||||||
| Admin Fee | $ | 20,000.00 | ||||||||||||||||
| Swap Fees | $ | 7,778.68 | ||||||||||||||||
| Pool Balance at Beginning of Collection Pd | $ | 410,304,183.03 | ||||||||||||||||
Student Loan Rate | 4.58857 | % | ||||||||||||||||
* Percentages may not total 100% due to rounding.
Trust 2001-2 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 5 of 9
VI. 2001-2 Waterfall for Distributions
| Remaining | ||||||||||
| Paid | Funds Balance | |||||||||
| Total Available Funds | $ | 59,716,052.34 | ||||||||
| A | Primary Servicing Fee | $ | 281,963.81 | $ | 59,434,088.53 | |||||
| B | Administration Fee | $ | 20,000.00 | $ | 59,414,088.53 | |||||
| C | Swap Fees | $ | 7,778.68 | $ | 59,406,309.85 | |||||
| D | Class A Noteholders’ Interest Distribution Amount | $ | 2,956,748.40 | $ | 56,449,561.45 | |||||
| E | Class B Noteholders’ Interest Distribution Amount | $ | 490,624.04 | $ | 55,958,937.41 | |||||
| F | Class A Noteholders’ Principal Distribution Amount | $ | 54,156,593.09 | $ | 1,802,344.32 | |||||
| G | Class B Noteholders’ Principal Distribution Amount | $ | — | $ | 1,802,344.32 | |||||
| H | Reserve Account Reinstatement | $ | — | $ | 1,802,344.32 | |||||
| I | Swap Payment Reimbursement | $ | — | $ | 1,802,344.32 | |||||
| J | Carryover Servicing Fee | $ | — | $ | 1,802,344.32 | |||||
| K | Excess Distribution | $ | 1,802,344.32 | $ | — | |||||
Trust 2001-2 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 6 of 9
VII. 2001-2 Distributions
| A | Note Distribution Amounts | A2L | B | |||||||
| Cusip/Isin | 78442GCV6 | 78442GCX2 | ||||||||
| Beginning Balance | $ | 356,548,183.03 | $ | 53,756,000.00 | ||||||
| Index | LIBOR | LIBOR | ||||||||
| Spread/Fixed Rate | 0.12 | % | 0.45 | % | ||||||
| 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 | 3.28063 | % | 3.61063 | % | ||||||
| Accrued Interest Factor | 0.008292704 | 0.009126870 | ||||||||
| Current Interest Due | $ | 2,956,748.40 | $ | 490,624.04 | ||||||
| Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||
| Total Interest Due | $ | 2,956,748.40 | $ | 490,624.04 | ||||||
| Interest Paid | $ | 2,956,748.40 | $ | 490,624.04 | ||||||
| Interest Shortfall | $ | — | $ | — | ||||||
| Carryover Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||
| Current Interest Carryover Due | $ | — | $ | — | ||||||
| Interest Carryover Paid | $ | — | $ | — | ||||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||||
| Principal Paid | $ | 54,156,593.09 | $ | — | ||||||
| Ending Principal Balance | $ | 302,391,589.94 | $ | 53,756,000.00 | ||||||
| Paydown Factor | 0.109160270 | 0.000000000 | ||||||||
| Ending Balance Factor | 0.609513001 | 1.000000000 | ||||||||
Trust 2001-2 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 7 of 9
VII. 2001-2 Distributions (contd)
B | Interest Rate Swaps | |||||||||
| A2L | B | |||||||||
| Student Loan Rate | 4.58857 | % | 4.58857 | % | ||||||
| Interest Rate Excess Over Student Loan Rate | 0.00000 | % | 0.00000 | % | ||||||
| Swap Counterparty | CITIBANK, N.A. | CITIBANK, N.A. | ||||||||
| Swap Notional | $ | 178,274,091.52 | $ | 26,878,000.00 | ||||||
| Swap Payments Due Trust | $ | — | $ | — | ||||||
| Swap Fee Pay Rate | 0.00750 | % | 0.00750 | % | ||||||
| Swap Fees Due Counterparty | $ | 3,379.78 | $ | 509.56 | ||||||
| Swap Fees Paid Counterparty | $ | 3,379.78 | $ | 509.56 | ||||||
| Swap Payment Reimbursement Due Counterparty | $ | — | $ | — | ||||||
| Swap Payment Reimbursement Paid Counterparty | $ | — | $ | — | ||||||
| Swap Counterparty | CREDIT SUISSE FIRST BOSTON INTL | CREDIT SUISSE FIRST BOSTON INTL | ||||||||
| Swap Notional | $ | 178,274,091.51 | $ | 26,878,000.00 | ||||||
| Swap Payments Due Trust | $ | — | $ | — | ||||||
| Swap Fee Pay Rate | 0.00750 | % | 0.00750 | % | ||||||
| Swap Fees Due Counterparty | $ | 3,379.78 | $ | 509.56 | ||||||
| Swap Fees Paid Counterparty | $ | 3,379.78 | $ | 509.56 | ||||||
| Swap Payment Reimbursement Due Counterparty | $ | — | $ | — | ||||||
| Swap Payment Reimbursement Paid Counterparty | $ | — | $ | — | ||||||
Trust 2001-2 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 8 of 9
VIII. 2001-2 Reconciliations
| A | Principal Distribution Reconciliation | |||||
| Prior Adjusted Pool Balance | $ | 410,304,183.03 | ||||
| Current Adjusted Pool Balance | $ | 356,147,589.94 | ||||
| Current Principal Due | $ | 54,156,593.09 | ||||
| Principal Shortfall from Previous Collection Period | $ | — | ||||
| Principal Distribution Amount | $ | 54,156,593.09 | ||||
| Principal Paid | $ | 54,156,593.09 | ||||
| Principal Shortfall | $ | — | ||||
| B | Reserve Account Reconciliation | |||||
| Beginning Period Balance | $ | 1,501,342.00 | ||||
| Reserve Funds Utilized | 0.00 | |||||
| Reserve Funds Reinstated | 0.00 | |||||
| Excess Distribution Deposit | 1,802,344.32 | |||||
| Balance Available | $ | 3,303,686.32 | ||||
| Required Reserve Acct Balance | $ | 1,501,342.00 | ||||
| Release to Excess Distribution Certificateholder | $ | 1,802,344.32 | ||||
| Ending Reserve Account Balance | $ | 1,501,342.00 | ||||
| Page 9 of 9 | Trust 2001-2 Quarterly Servicing Report: Collection Period 04/01/2005-06/30/2005, Distribution Date 07/25/2005 |
