SLM Student Loan Trust 2003-4 8-K Other Events

SLM Student Loan Trust 2003-4 Quarterly Servicing Report
Report Date: 5/31/2005 Reporting Period: 03/1/05-5/31/05

I. Deal Parameters

	Student Loan Portfolio Characteristics		2/28/2005			Activity			5/31/2005
A	i	Portfolio Balance	$	1,972,765,381.09		$	(44,442,781.39	)	$	1,928,322,599.70
	ii	Interest to be Capitalized		9,021,385.58						9,285,745.51
	iii	Total Pool	$	1,981,786,766.67					$	1,937,608,345.21
	iv	Specified Reserve Account Balance		4,954,466.92						4,844,020.86
	v	Total Adjusted Pool	$	1,986,741,233.59					$	1,942,452,366.07
B	i	Weighted Average Coupon (WAC)		6.256	%					6.248	%
	ii	Weighted Average Remaining Term		256.42						255.06
	iii	Number of Loans		101,857						99,720
	iv	Number of Borrowers		62,348						60,932
	v	Aggregate Outstanding Principal Balance - T-Bill	$	365,349,300.29					$	352,645,801.88
	vi	Aggregate Outstanding Principal Balance - Commercial Paper	$	1,616,437,466.38					$	1,584,962,543.33

							% of					% of
	Notes and Certificates			Spread	Balance 03/15/2005		O/S Securities*			Balance 06/15/2005		O/S Securities*
C	i	A-1 Notes	78442GGH3	0.020%	$	—		0.000	%	$	—		0.000	%
	ii	A-2 Notes	78442GGJ9	0.040%		175,847,233.59		8.851	%		131,558,366.07		6.773	%
	iii	A-3 Notes	78442GGK6	0.100%		290,000,000.00		14.597	%		290,000,000.00		14.930	%
	iv	A-4 Notes	78442GGL4	0.220%		314,000,000.00		15.805	%		314,000,000.00		16.165	%
	v	A-5A Notes	78442GGD2	—		200,000,000.00		10.067	%		200,000,000.00		10.296	%
	vi	A-5B Notes	78442GGE0	—		200,000,000.00		10.067	%		200,000,000.00		10.296	%
	vii	A-5C Notes	78442GGF7	0.160%		338,527,000.00		17.039	%		338,527,000.00		17.428	%
	viii	A-5D Notes	78442GGG5	—		200,000,000.00		10.067	%		200,000,000.00		10.296	%
	ix	A-5E Notes	78442GGN0	0.250%		200,000,000.00		10.067	%		200,000,000.00		10.296	%
	x	B Notes	78442GGM2	0.650%		68,367,000.00		3.441	%		68,367,000.00		3.520	%
	xi	Total Notes			$	1,986,741,233.59		100.000	%	$	1,942,452,366.07		100.000	%
	*Percentages may not total 100% due to rounding.

	Reserve Account		3/15/2005		6/15/2005
D	i	Required Reserve Acct Deposit (%)	0.25%		0.25%
	ii	Reserve Acct Initial Deposit ($)	$	—	$	—
	iii	Specified Reserve Acct Balance ($)	$	4,954,466.92	$	4,844,020.86
	iv	Reserve Account Floor Balance ($)	$	3,384,496.00	$	3,384,496.00
	v	Current Reserve Acct Balance ($)	$	4,954,466.92	$	4,844,020.86

	Other Accounts		3/15/2005		6/15/2005
E	i	Remarketing Fee Account	$	3,984,845.00	$	3,984,845.00
	ii	Capitalized Interest Account	$	—	$	—
	iii	Principal Accumulation Account (A-5A)	$	—	$	—
	iv	Supplemental Interest Account (A-5A)	$	—	$	—
	v	Principal Accumulation Account (A-5B)	$	—	$	—
	vi	Supplemental Interest Account (A-5B)	$	—	$	—
	vii	Principal Accumulation Account (A-5D)	$	—	$	—
	viii	Supplemental Interest Account (A-5D)	$	—	$	—

1

II. 2003-4 Transactions from: 2/28/2005 through 5/31/2005

A	Student Loan Principal Activity
	i	Regular Principal Collections	$	47,440,583.46
	ii	Principal Collections from Guarantor		6,598,291.39
	iii	Principal Reimbursements		35,285.26
	iv	Other System Adjustments		0.00
	v	Total Principal Collections	$	54,074,160.11
B	Student Loan Non-Cash Principal Activity
	i	Other Adjustments	$	19,398.63
	ii	Capitalized Interest		(9,650,777.35	)
	iii	Total Non-Cash Principal Activity	$	(9,631,378.72	)
C	Total Student Loan Principal Activity		$	44,442,781.39
D	Student Loan Interest Activity
	i	Regular Interest Collections	$	18,547,634.44
	ii	Interest Claims Received from Guarantors		372,965.54
	iii	Collection Fees/Returned Items		6,896.13
	iv	Late Fee Reimbursements		229,353.88
	v	Interest Reimbursements		2,050.70
	vi	Other System Adjustments		0.00
	vii	Special Allowance Payments		1,756,989.85
	viii	Subsidy Payments		1,426,314.97
	ix	Total Interest Collections	$	22,342,205.51
E	Student Loan Non-Cash Interest Activity
	i	Interest Accrual Adjustment	$	366.55
	ii	Capitalized Interest		9,650,777.35
	iii	Total Non-Cash Interest Adjustments	$	9,651,143.90
F	Total Student Loan Interest Activity		$	31,993,349.41
G	Non-Reimbursable Losses During Collection Period		$	(370.87	)
H	Cumulative Non-Reimbursable Losses to Date		$	275,667.20

2

III. 2003-4 Collection Account Activity 2/28/2005 through 5/31/2005

A	Principal Collections
	i	Principal Payments Received	$	32,654,421.71
	ii	Consolidation Principal Payments		21,384,453.14
	iii	Reimbursements by Seller		0.00
	iv	Borrower Benefits Reimbursed		0.00
	v	Reimbursements by Servicer		(161.82	)
	vi	Re-purchased Principal		35,447.08
	vii	Total Principal Collections	$	54,074,160.11
B	Interest Collections
	i	Interest Payments Received	$	21,918,102.10
	ii	Consolidation Interest Payments		185,802.70
	iii	Reimbursements by Seller		0.00
	iv	Borrower Benefits Reimbursed		0.00
	v	Reimbursements by Servicer		2,018.57
	vi	Re-purchased Interest		32.13
	vii	Collection Fees/Returned Items		6,896.13
	viii	Late Fees		229,353.88
	ix	Total Interest Collections	$	22,342,205.51
C	Other Reimbursements		$	353,467.67
D	Reserves In Excess of the Requirement		$	110,446.06
E	Reset Period Target Amount Excess		$	—
F	Interest Rate Cap Proceeds		$	—
G	Interest Rate Swap Proceeds		$	4,785,000.00
H	Administrator Account Investment Income		$	—
I	Trust Account Investment Income ( V-D & E )		$	360,436.74
J	Funds Released from Capitalized Interest Account		$	—
	TOTAL AVAILABLE FUNDS		$	82,025,716.09
	LESS FUNDS PREVIOUSLY REMITTED:
		Servicing Fees	$	(1,638,837.64	)
		Consolidation Loan Rebate Fees	$	(5,052,922.30	)
K	NET AVAILABLE FUNDS		$	75,333,956.15
L	Servicing Fees Due for Current Period		$	810,491.54
M	Carryover Servicing Fees Due		$	—
N	Administration Fees Due		$	25,000.00
O	Total Fees Due for Period		$	835,491.54

3

IV. 2003-4 Portfolio Characteristics

	Weighted Avg Coupon						# of Loans				% *						Principal Amount				% *
STATUS	2/28/2005			5/31/2005			2/28/2005		5/31/2005		2/28/2005			5/31/2005			2/28/2005		5/31/2005		2/28/2005			5/31/2005
INTERIM:
In School
Current		0.000	%		0.000	%		0		0		0.000	%		0.000	%	$	0.00	$	0.00		0.000	%		0.000	%
Grace
Current		0.000	%		0.000	%		0		0		0.000	%		0.000	%	$	0.00	$	0.00		0.000	%		0.000	%
TOTAL INTERIM		0.000	%		0.000	%		0		0		0.000	%		0.000	%	$	0.00	$	0.00		0.000	%		0.000	%
REPAYMENT
Active
Current		6.110	%		6.103	%		72,973		72,203		71.643	%		72.406	%	$	1,317,504,619.60	$	1,297,388,080.87		66.785	%		67.281	%
31-60 Days Delinquent		6.941	%		6.861	%		2,545		2,416		2.499	%		2.423	%	$	52,414,122.87	$	49,392,713.37		2.657	%		2.561	%
61-90 Days Delinquent		6.962	%		7.119	%		1,082		1,161		1.062	%		1.164	%	$	22,642,019.23	$	22,379,426.93		1.148	%		1.161	%
91-120 Days Delinquent		7.193	%		7.007	%		736		622		0.723	%		0.624	%	$	15,538,349.09	$	11,422,603.52		0.788	%		0.592	%
> 120 Days Delinquent		7.109	%		7.346	%		1,591		1,269		1.562	%		1.273	%	$	33,563,222.17	$	26,520,393.35		1.701	%		1.375	%
Deferment
Current		6.310	%		6.356	%		9,531		8,759		9.357	%		8.784	%	$	193,092,147.25	$	181,570,518.29		9.788	%		9.416	%
Forbearance
Current		6.501	%		6.474	%		13,186		13,103		12.946	%		13.140	%	$	333,757,608.28	$	335,670,087.66		16.918	%		17.407	%
TOTAL REPAYMENT		6.254	%		6.246	%		101,644		99,533		99.791	%		99.812	%	$	1,968,512,088.49	$	1,924,343,823.99		99.784	%		99.794	%
Claims in Process (1)		7.497	%		7.406	%		213		187		0.209	%		0.188	%	$	4,253,292.60	$	3,978,775.71		0.216	%		0.206	%
Aged Claims Rejected (2)		0.000	%		0.000	%		0		0		0.000	%		0.000	%	$	0.00	$	0.00		0.000	%		0.000	%
GRAND TOTAL		6.256	%		6.248	%		101,857		99,720		100.000	%		100.000	%	$	1,972,765,381.09	$	1,928,322,599.70		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. 2003-4 Various Interest Accruals and Floating Rate Swap Payments

A	Borrower Interest Accrued During Collection Period							$	28,969,121.09
B	Interest Subsidy Payments Accrued During Collection Period								1,377,322.92
C	SAP Payments Accrued During Collection Period								2,386,730.37
D	Investment Earnings Accrued for Collection Period								360,436.74
E	Investment Earnings (ADMINISTRATOR ACCOUNTS)								0.00
F	Consolidation Loan Rebate Fees								(5,052,922.30	)
G	Net Expected Interest Collections							$	28,040,688.82
H	Interest Rate Cap Payments Due to the Trust
								Cap
	i	Cap Notional Amount						$	500,000,000.00
	ii	Libor							3.01000	%
	iii	Cap %							5.00000	%
	iv	Excess Over Cap (ii-iii)							0.00000	%
	v	Cap Payments Due to the Trust						$	0.00
I		Interest Rate Swap on Fixed Rate Reset Notes
		Swap Payments
					A-5A Swap Calc			A-5B Swap Calc			A-5C Swap Calc			A-5D Swap Calc			A-5E Swap Calc
			i	Notional Swap Amount		200,000,000			200,000,000			—			200,000,000			—
		SLM Student Loan Trust Pays:
			iia	3 Month Libor		3.01000	%		3.01000	%		0.00000	%		3.01000	%		0.00000	%
			iib	Spread		0.09900	%		0.18900	%		0.00000	%		0.27400	%		0.00000	%
			iic	Pay Rate		3.10900	%		3.19900	%		0.00000	%		3.28400	%		0.00000	%
			iii	Gross Swap Payment Due Counterparty	$	1,589,044.44		$	1,635,044.44		$	0.00		$	1,678,488.89		$	0.00
			iv	Days in Period 3/15/2005 6/15/2005		92			92			92			92			92
		Counterparty Pays:
			v	Fixed Rate Equal To Respective Reset Note Rate		2.16000	%		3.39000	%		0.00000	%		4.02000	%		0.00000	%
			vi	Gross Swap Receipt Due Trust	$	1,080,000.00		$	1,695,000.00		$	0.00		$	2,010,000.00		$	0.00
			vii	Days in Period 3/15/2005 6/15/2005		90			90			90			90			90

5

VI. 2003-4 Accrued Interest Factors

		Accrued
		Int Factor		Accrual Period	Rate		Index
A	Class A-1 Interest Rate		0.000000000	-		0.00000%	—
B	Class A-2 Interest Rate		0.007794444	(03/15/05 - 6/15/05)		3.05000%	LIBOR
C	Class A-3 Interest Rate		0.007947778	(03/15/05 - 6/15/05)		3.11000%	LIBOR
D	Class A-4 Interest Rate		0.008254444	(03/15/05 - 6/15/05)		3.23000%	LIBOR
E	Class A-5A Interest Rate		0.005400000	(03/15/05 - 6/15/05)		2.16000%	Fixed
F	Class A-5B Interest Rate		0.008475000	(03/15/05 - 6/15/05)		3.39000%	Fixed
G	Class A-5C Interest Rate		0.008101111	(03/15/05 - 6/15/05)		3.17000%	LIBOR
H	Class A-5D Interest Rate		0.010050000	(03/15/05 - 6/15/05)		4.02000%	Fixed
I	Class A-5E Interest Rate		0.008331111	(03/15/05 - 6/15/05)		3.26000%	LIBOR
J	Class B Interest Rate		0.009353333	(03/15/05 - 6/15/05)		3.66000%	LIBOR

6

VII. 2003-4 Inputs From Original Data 2/28/2005

A	Total Student Loan Pool Outstanding
	i	Portfolio Balance	$	1,972,765,381.09
	ii	Interest To Be Capitalized		9,021,385.58
	iii	Total Pool	$	1,981,786,766.67
	iv	Specified Reserve Account Balance		4,954,466.92
	v	Total Adjusted Pool	$	1,986,741,233.59
B	Total Note and Certificate Factor			0.8718006
C	Total Note Balance		$	1,986,741,233.59
D	Note Balance 3/15/2005		Class A-1		Class A-2		Class A-3		Class A-4		Class A-5A		Class A-5B		Class A-5AC		Class A-5D		Class A-5E		Class B
	i	Current Factor		0.000000000		0.619180400		1.000000000		1.000000000		1.000000000		1.000000000		1.000000000		1.000000000		1.000000000		1.000000000
	ii	Expected Note Balance	$	0.00	$	175,847,233.59	$	290,000,000.00	$	314,000,000.00	$	200,000,000.00	$	200,000,000.00	$	338,527,000.00	$	200,000,000.00	$	200,000,000.00	$	68,367,000.00
E	Note Principal Shortfall		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
F	Interest Shortfall		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
G	Interest Carryover		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
H	Reserve Account Balance		$	4,954,466.92
I	Unpaid Primary Servicing Fees from Prior Month(s)		$	0.00
J	Unpaid Administration fees from Prior Quarter(s)		$	0.00
K	Unpaid Carryover Servicing Fees from Prior Quarter(s)		$	0.00
L	Interest Due on Unpaid Carryover Servicing Fees		$	0.00

7

VIII. 2003-4 Remarketing Fee and Trigger Events

	Remarketing Fee Account Reconciliation	A-5A		A-5B		A-5C		A-5D		A-5E		Total
	Next Reset Date		9/15/2005		3/17/2008		3/17/2008		3/15/2010		3/15/2010
i	Reset Period Target Amount	$	700,000	$	700,000	$	1,184,845	$	700,000	$	700,000	$	3,984,845
ii	Remarketing Fee Account Balance (net of inv earnings)	$	700,000	$	700,000	$	1,184,845	$	700,000	$	700,000	$	3,984,845
iii	Quarterly Funding Amount	$	—	$	—	$	—	$	—	$	—	$	—

IX. 2003-4 Trigger Events

A	Has Stepdown Date Occurred?		N
		The Stepdown Date is the earlier of (1) 6/16/2008 or (2) the first date on which no class A notes remain outstanding.
B	Note Balance Trigger		N
	Class A Percentage		100.00%
	Class B Percentage		0.00%

8

X. 2003-4 Waterfall for Distributions

					Remaining
					Funds Balance
A	Total Available Funds ( Section III-K )		$	75,333,956.15	$	75,333,956.15
B	Primary Servicing Fees-Current Month		$	810,491.54	$	74,523,464.61
C	Administration Fee		$	25,000.00	$	74,498,464.61
D	Aggregate Quarterly Funding Amount		$	0.00	$	74,498,464.61
E	Noteholder’s Interest Distribution Amounts
	i	Class A-1	$	0.00	$	74,498,464.61
	ii	Class A-2	$	1,370,631.49	$	73,127,833.12
	iii	Class A-3	$	2,304,855.56	$	70,822,977.56
	iv	Class A-4	$	2,591,895.56	$	68,231,082.00
	v	Class A-5A	$	1,080,000.00	$	67,151,082.00
	vi	Class A-5B	$	1,695,000.00	$	65,456,082.00
	vii	Class A-5C	$	2,742,444.84	$	62,713,637.16
	viii	Class A-5D	$	2,010,000.00	$	60,703,637.16
	ix	Class A-5E	$	1,666,222.22	$	59,037,414.94
	xi	Aggregate Interest Rate Swap Payments	$	4,902,577.78	$	54,134,837.16
		Total	$	20,363,627.45
F	Class B Noteholders’ Interest Distribution Amount		$	639,459.34	$	53,495,377.82
G	Noteholder’s Principal Distribution Amounts Paid (or set aside*
	i	Class A-1	$	0.00	$	53,495,377.82
	ii	Class A-2	$	44,288,867.52	$	9,206,510.30
	iii	Class A-3	$	0.00	$	9,206,510.30
	iv	Class A-4	$	0.00	$	9,206,510.30
	v	Class A-5A	$	0.00	$	9,206,510.30
	vi	Class A-5B	$	0.00	$	9,206,510.30
	vii	Class A-5C	$	0.00	$	9,206,510.30
	viii	Class A-5D	$	0.00	$	9,206,510.30
	ix	Class A-5E	$	0.00	$	9,206,510.30
		Total	$	44,288,867.52
H	Increase to Supplemental Interest Account		$	0.00	$	9,206,510.30
I	Class B Noteholder’s Principal Distribution Amount		$	0.00	$	9,206,510.30
J	Increase to the Specified Reserve Accoun		$	0.00	$	9,206,510.30
K	Carryover Servicing Fees		$	0.00	$	9,206,510.30
L	Remarketing Costs in Excess of Remarketing Fee Account		$	0.00	$	9,206,510.30
M	Excess to Excess Distribution Certificate Holder		$	9,206,510.30	$	0.00

* Amounts allocated to classes of fixed rate reset notes are deposited into their accumulation account for distribution on the next related reset dat

9

XI. 2003-4 Distributions

A	Distribution Amounts		Class A-1		Class A-2		Class A-3		Class A-4		Class A-5A		Class A-5B		Class A-5C		Class A-5D		Class A-5E		Class B
	i	Quarterly Interest Due	$	0.00	$	1,370,631.49	$	2,304,855.56	$	2,591,895.56	$	1,080,000.00	$	1,695,000.00	$	2,742,444.84	$	2,010,000.00	$	1,666,222.22	$	639,459.34
	ii	Quarterly Interest Paid		0.00		1,370,631.49		2,304,855.56		2,591,895.56		1,080,000.00		1,695,000.00		2,742,444.84		2,010,000.00		1,666,222.22		639,459.34
	iii	Interest Shortfall	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	iv	Quarterly Principal Due	$	0.00	$	44,288,867.52	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	v	Quarterly Principal Paid		0.00		44,288,867.52		0.00		0.00		0.00		0.00		0.00		0.00		0.00		0.00
	vi	Quarterly Principal Shortfall	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	vii	Total Distribution Amount	$	0.00	$	45,659,499.01	$	2,304,855.56	$	2,591,895.56	$	1,080,000.00	$	1,695,000.00	$	2,742,444.84	$	2,010,000.00	$	1,666,222.22	$	639,459.34

B	Principal Distribution Reconciliation
	i	Notes Outstanding Principal Balance 5/31/2005	$	1,986,741,233.59
	ii	Adjusted Pool Balance 5/31/2005		1,942,452,366.07
	iii	Notes Balance Exceeding Adjusted Pool Balance (i-ii)	$	44,288,867.52
	iv	Adjusted Pool Balance 2/28/2005	$	1,986,741,233.59
	v	Adjusted Pool Balance 5/31/2005		1,942,452,366.07
	vi	Current Principal Due (iv-v)	$	44,288,867.52
	vii	Principal Shortfall from Previous Collection Period		—
	viii	Principal Distribution Amount (vi + vii)	$	44,288,867.52
	ix	Principal Distribution Amount Paid	$	44,288,867.52
	x	Principal Shortfall (viii - ix)	$	(0.00	)
C		Total Principal Distribution	$	44,288,867.52
D		Total Interest Distribution		16,100,509.01
E		Total Cash Distributions	$	60,389,376.53
F	Reserve Account Reconciliation
	i	Beginning of Period Balance	$	4,954,466.92
	ii	Deposits to correct Shortfall	$	—
	iii	Total Reserve Account Balance Available	$	4,954,466.92
	iv	Required Reserve Account Balance	$	4,844,020.86
	v	Shortfall Carried to Next Period	$	—
	vi	Excess Reserve — Release to Collection Account	$	110,446.06
	vii	Ending Reserve Account Balance	$	4,844,020.86

G	Note Balances			3/15/2005		Pay Down Factor		6/15/2005
	i	A-1 Note Balance	78442GGH3	$	—			$	—
		A-1 Note Pool Factor			0.000000000		0.000000000		0.000000000
	ii	A-2 Note Balance	78442GGJ9	$	175,847,233.59			$	131,558,366.07
		A-2 Note Pool Factor			0.619180400		0.155946717		0.463233683
	iii	A-3 Note Balance	78442GGK6	$	290,000,000.00			$	290,000,000.00
		A-3 Note Pool Factor			1.000000000		0.000000000		1.000000000
	iv	A-4 Note Balance	78442GGL4	$	314,000,000.00			$	314,000,000.00
		A-4 Note Pool Factor			1.000000000		0.000000000		1.000000000
	v	A-5A Note Balance	78442GGD2	$	200,000,000.00				200,000,000.00
		A-5A Note Pool Factor			1.000000000		0.000000000		1.000000000
	vi	A-5B Note Balance	78442GGE0	$	200,000,000.00			$	200,000,000.00
		A-5B Note Pool Factor			1.000000000		0.000000000		1.000000000
	vii	A-5C Note Balance	78442GGF7	$	338,527,000.00			$	338,527,000.00
		A-5C Note Pool Factor			1.000000000		0.000000000		1.000000000
	viii	A-5D Note Balance	78442GGG5	$	200,000,000.00			$	200,000,000.00
		A-5D Note Pool Factor			1.000000000		0.000000000		1.000000000
	ix	A-5E Note Balance	78442GGN0	$	200,000,000.00			$	200,000,000.00
		A-5E Note Pool Factor			1.000000000		0.000000000		1.000000000
	x	B Note Balance	78442GGM2	$	68,367,000.00			$	68,367,000.00
		B Note Pool Factor			1.000000000		0.000000000		1.000000000

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XII. 2003-4 Historical Pool Information

									2004			2003
			03/1/05-5/31/05			12/01/04-02/28/05			12/1/03-11/30/04			3/17/03-11/30/03
Beginning Student Loan Portfolio Balance			$	1,972,765,381.09		$	2,007,538,390.06		$	2,153,115,766.24		$	2,246,024,417.20
	Student Loan Principal Activity
	i	Regular Principal Collections	$	47,440,583.46		$	40,314,408.09		$	167,328,057.16		$	114,029,537.70
	ii	Principal Collections from Guarantor		6,598,291.39			4,661,352.87		$	20,206,897.76		$	6,426,598.45
	iii	Principal Reimbursements		35,285.26			58,545.88		$	349,441.69		$	5,644,684.51
	iv	Other System Adjustments		—			—		$	—		$	—
	v	Total Principal Collections	$	54,074,160.11		$	45,034,306.84		$	187,884,396.61		$	126,100,820.66
	Student Loan Non-Cash Principal Activity											$	—
	i	Other Adjustments	$	19,398.63		$	11,886.12		$	220,086.67		$	1,376,553.08
	ii	Capitalized Interest		(9,650,777.35	)		(10,273,183.99	)	$	(42,527,107.10	)	$	(34,568,722.78	)
	iii	Total Non-Cash Principal Activity	$	(9,631,378.72	)	$	(10,261,297.87	)	$	(42,307,020.43	)	$	(33,192,169.70	)
(-)	Total Student Loan Principal Activity		$	44,442,781.39		$	34,773,008.97		$	145,577,376.18		$	92,908,650.96
	Student Loan Interest Activity
	i	Regular Interest Collections	$	18,547,634.44		$	18,981,334.20		$	80,354,114.82		$	60,288,881.26
	ii	Interest Claims Received from Guarantors		372,965.54			294,840.64		$	1,097,007.86		$	268,765.54
	iii	Collection Fees/Returned Items		6,896.13			7,020.26		$	21,022.50		$	8,439.83
	iv	Late Fee Reimbursements		229,353.88			243,202.05		$	932,614.03		$	608,948.66
	v	Interest Reimbursements		2,050.70			1,824.61		$	4,481.95		$	32,814.32
	vi	Other System Adjustments		—			—		$	—		$	—
	vii	Special Allowance Payments		1,756,989.85			622,168.54		$	223,848.50		$	35,556.36
	viii	Subsidy Payments		1,426,314.97			1,446,935.15		$	6,157,989.41		$	3,301,864.92
	ix	Total Interest Collections	$	22,342,205.51		$	21,597,325.45		$	88,791,079.07		$	64,545,270.89
									$	—		$	—
	Student Loan Non-Cash Interest Activity								$	—		$	—
	i	Interest Accrual Adjustment	$	366.55		$	1,499.41		$	593.75		$	(1,334,668.84	)
	ii	Capitalized Interest		9,650,777.35			10,273,183.99		$	42,527,107.10		$	34,568,722.78
	iii	Total Non-Cash Interest Adjustments	$	9,651,143.90		$	10,274,683.40		$	42,527,700.85		$	33,234,053.94
	Total Student Loan Interest Activity		$	31,993,349.41		$	31,872,008.85		$	131,318,779.92		$	97,779,324.83
(=)	Ending Student Loan Portfolio Balance		$	1,928,322,599.70		$	1,972,765,381.09		$	2,007,538,390.06		$	2,153,115,766.24
(+)	Interest to be Capitalized		$	9,285,745.51		$	9,021,385.58		$	9,164,065.22		$	9,186,603.87
(=)	TOTAL POOL		$	1,937,608,345.21		$	1,981,786,766.67		$	2,016,702,455.28		$	2,162,302,370.11
(+)	Reserve Account Balance		$	4,844,020.86		$	4,954,466.92		$	5,041,756.14		$	5,405,755.93
(=)	Total Adjusted Pool		$	1,942,452,366.07		$	1,986,741,233.59		$	2,021,744,211.42		$	2,167,708,126.04

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XII. 2003-4 Payment History and CPRs

Distribution	Actual		Since Issued
Date	Pool Balances		CPR *
Jun-03	$	2,235,096,883	2.23%
Sep-03	$	2,196,872,561	3.57%
Dec-03	$	2,162,302,370	3.81%
Mar-04	$	2,128,264,880	3.91%
Jun-04	$	2,096,445,658	3.91%
Sep-04	$	2,052,532,682	4.29%
Dec-04	$	2,016,702,455	4.35%
Mar-05	$	1,981,786,767	4.37%
Jun-05	$	1,937,608,345	4.61%

* “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