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

SLM Student Loan Trust 2003-4 Quarterly Servicing Report
Report Date: 08/31/2005 Reporting Period: 06/1/05 - 8/31/05

I. Deal Parameters

	Student Loan Portfolio Characteristics								05/31/2005			Activity			08/31/2005
A	i	Portfolio Balance							$	1,928,322,599.70		$	(61,253,859.00	)	$	1,867,068,740.70
	ii	Interest to be Capitalized								9,285,745.51						8,322,776.67
	iii	Total Pool							$	1,937,608,345.21					$	1,875,391,517.37
	iv	Specified Reserve Account Balance								4,844,020.86						4,688,478.79
	v	Total Adjusted Pool							$	1,942,452,366.07					$	1,880,079,996.16
B	i	Weighted Average Coupon (WAC)								6.248	%					6.237	%
	ii	Weighted Average Remaining Term								255.06						253.61
	iii	Number of Loans								99,720						97,014
	iv	Number of Borrowers								60,932						59,162
	v	Aggregate Outstanding Principal Balance — T-Bill							$	352,645,801.88					$	335,185,005.03
	vi	Aggregate Outstanding Principal Balance — Commercial Paper							$	1,584,962,543.33					$	1,540,206,512.34
									% of						% of
	Notes and Certificates			Spread			Balance 06/15/2005		O/S Securities*			Balance 09/15/2005			O/S Securities*
C	i	A-1 Notes	78442GGH3		0.020	%	$	—		0.000	%	$	—			0.000	%
	ii	A-2 Notes	78442GGJ9		0.040	%		131,558,366.07		6.773	%		69,185,996.16			3.680	%
	iii	A-3 Notes	78442GGK6		0.100	%		290,000,000.00		14.930	%		290,000,000.00			15.425	%
	iv	A-4 Notes	78442GGL4		0.220	%		314,000,000.00		16.165	%		314,000,000.00			16.701	%
	v	A-5A Notes	78442GGD2		—			200,000,000.00		10.296	%		200,000,000.00			10.638	%
	vi	A-5B Notes	78442GGE0		—			200,000,000.00		10.296	%		200,000,000.00			10.638	%
	vii	A-5C Notes	78442GGF7		0.160	%		338,527,000.00		17.428	%		338,527,000.00			18.006	%
	viii	A-5D Notes	78442GGG5		—			200,000,000.00		10.296	%		200,000,000.00			10.638	%
	ix	A-5E Notes	78442GGN0		0.250	%		200,000,000.00		10.296	%		200,000,000.00			10.638	%
	x	B Notes	78442GGM2		0.650	%		68,367,000.00		3.520	%		68,367,000.00			3.636	%
	xi	Total Notes					$	1,942,452,366.07		100.000	%	$	1,880,079,996.16			100.000	%
*	Percentages may not total 100% due to rounding.
	Reserve Account											06/15/2005			09/15/2005
D	i	Required Reserve Acct Deposit (%)										0.25%			0.25%
	ii	Reserve Acct Initial Deposit ($)										$	—		$	—
	iii	Specified Reserve Acct Balance ($)										$	4,844,020.86		$	4,688,478.79
	iv	Reserve Account Floor Balance ($)										$	3,384,496.00		$	3,384,496.00
	v	Current Reserve Acct Balance ($)										$	4,844,020.86		$	4,688,478.79
	Other Accounts											09/15/2005			09/15/2005
E	i	Remarketing Fee Account										$	3,984,845.00		$	3,634,844.50
	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)										$	—		$	—

	General Trust Information
F	i	Indenture Trustee	Bank of New York	iii	Servicer	Sallie Mae, Inc.
	ii	Administrator	Sallie Mae, Inc.	iv	Swap Counterparty	Morgan Stanley
		Initial Pool Balance	$2,256,330,493.30

1

II. 2003-4 Transactions from: 05/31/2005 through 08/31/2005

A	Student Loan Principal Activity
	i	Regular Principal Collections	$	64,755,536.45
	ii	Principal Collections from Guarantor		6,324,330.52
	iii	Principal Reimbursements		65,250.71
	iv	Other System Adjustments		0.00
	v	Total Principal Collections	$	71,145,117.68
B	Student Loan Non-Cash Principal Activity
	i	Other Adjustments	$	(2,047.99	)
	ii	Capitalized Interest		(9,889,210.69	)
	iii	Total Non-Cash Principal Activity	$	(9,891,258.68	)
C	Total Student Loan Principal Activity		$	61,253,859.00
D	Student Loan Interest Activity
	i	Regular Interest Collections	$	18,530,690.77
	ii	Interest Claims Received from Guarantors		396,946.58
	iii	Collection Fees/Returned Items		6,075.55
	iv	Late Fee Reimbursements		232,021.65
	v	Interest Reimbursements		10,214.93
	vi	Other System Adjustments		0.00
	vii	Special Allowance Payments		2,650,148.33
	viii	Subsidy Payments		1,406,649.92
	ix	Total Interest Collections	$	23,232,747.73
E	Student Loan Non-Cash Interest Activity
	i	Interest Accrual Adjustment	$	(1,721.53	)
	ii	Capitalized Interest		9,889,210.69
	iii	Total Non-Cash Interest Adjustments	$	9,887,489.16
F	Total Student Loan Interest Activity		$	33,120,236.89
G	Non-Reimbursable Losses During Collection Period		$	—
H	Cumulative Non-Reimbursable Losses to Date		$	275,667.20

2

III. 2003-4 Collection Account Activity 05/31/2005 through 08/31/2005

A	Principal Collections
	i	Principal Payments Received	$	32,612,031.41
	ii	Consolidation Principal Payments		38,467,835.56
	iii	Reimbursements by Seller		0.00
	iv	Borrower Benefits Reimbursed		0.00
	v	Reimbursements by Servicer		65,250.71
	vi	Re-purchased Principal		0.00
	vii	Total Principal Collections	$	71,145,117.68
B	Interest Collections
	i	Interest Payments Received	$	22,400,716.63
	ii	Consolidation Interest Payments		583,718.97
	iii	Reimbursements by Seller		0.00
	iv	Borrower Benefits Reimbursed		0.00
	v	Reimbursements by Servicer		10,214.93
	vi	Re-purchased Interest		0.00
	vii	Collection Fees/Returned Items		6,075.55
	viii	Late Fees		232,021.65
	ix	Total Interest Collections	$	23,232,747.73
C	Other Reimbursements		$	343,368.66
D	Reserves In Excess of the Requirement		$	155,542.07
E	Reset Period Target Amount Excess		$	—
F	Interest Rate Cap Proceeds		$	—
G	Swap Receipt, Morgan Stanley		$	4,785,000.00
H	Administrator Account Investment Income		$	—
I	Trust Account Investment Income		$	508,746.01
J	Funds Released from Capitalized Interest Account		$	—
	TOTAL AVAILABLE FUNDS		$	100,170,522.15
	LESS FUNDS PREVIOUSLY REMITTED:
		Servicing Fees	$	(1,599,777.80	)
		Consolidation Loan Rebate Fees	$	(4,908,400.97	)
K	NET AVAILABLE FUNDS		$	93,662,343.38
L	Servicing Fees Due for Current Period		$	786,163.87
M	Carryover Servicing Fees Due		$	—
N	Administration Fees Due		$	25,000.00
O	Total Fees Due for Period		$	811,163.87

3

IV. 2003-4 Portfolio Characteristics

	Weighted Avg Coupon						# of Loans				% *						Principal Amount				% *
STATUS	05/31/2005			08/31/2005			05/31/2005		08/31/2005		05/31/2005			08/31/2005			05/31/2005		08/31/2005		05/31/2005			08/31/2005
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		6.103	%		6.083	%		72,203		70,872		72.406	%		73.053	%	$	1,297,388,080.87	$	1,270,499,994.19		67.281	%		68.048	%
31-60 Days Delinquent		6.861	%		6.784	%		2,416		2,249		2.423	%		2.318	%	$	49,392,713.37	$	47,704,765.39		2.561	%		2.555	%
61-90 Days Delinquent		7.119	%		6.880	%		1,161		1,359		1.164	%		1.401	%	$	22,379,426.93	$	28,539,779.90		1.161	%		1.529	%
91-120 Days Delinquent		7.007	%		7.153	%		622		672		0.624	%		0.693	%	$	11,422,603.52	$	14,513,234.84		0.592	%		0.777	%
> 120 Days Delinquent		7.346	%		7.238	%		1,269		1,497		1.273	%		1.543	%	$	26,520,393.35	$	31,013,403.02		1.375	%		1.661	%
Deferment
Current		6.356	%		6.418	%		8,759		8,398		8.784	%		8.656	%	$	181,570,518.29	$	171,734,816.85		9.416	%		9.198	%
Forbearance
Current		6.474	%		6.476	%		13,103		11,783		13.140	%		12.146	%	$	335,670,087.66	$	298,904,683.14		17.407	%		16.009	%
TOTAL REPAYMENT		6.246	%		6.235	%		99,533		96,830		99.812	%		99.810	%	$	1,924,343,823.99	$	1,862,910,677.33		99.794	%		99.777	%
Claims in Process (1)		7.406	%		7.425	%		187		184		0.188	%		0.190	%	$	3,978,775.71	$	4,158,063.37		0.206	%		0.223	%
Aged Claims Rejected (2)		0.000	%		0.000	%		0		0		0.000	%		0.000	%	$	0.00	$	0.00		0.000	%		0.000	%
GRAND TOTAL		6.248	%		6.237	%		99,720		97,014		100.000	%		100.000	%	$	1,928,322,599.70	$	1,867,068,740.70		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															$	28,172,622.55
B	Interest Subsidy Payments Accrued During Collection Period																1,283,835.79
C	SAP Payments Accrued During Collection Period																3,408,649.62
D	Investment Earnings Accrued for Collection Period																508,746.01
E	Investment Earnings (ADMINISTRATOR ACCOUNTS)																0.00
F	Consolidation Loan Rebate Fees																(4,908,400.97	)
G	Net Expected Interest Collections															$	28,465,453.00
H	Interest Rate Cap Payments Due to the Trust															Cap
	i	Cap Notional Amount														$	500,000,000.00
	ii	Libor															3.41000	%
	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
				Morgan Stanley
				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		3.41000	%		3.41000	%		0.00000	%		3.41000	%		0.00000	%
		iib	Spread		0.09900	%		0.18900	%		0.00000	%		0.27400	%		0.00000	%
		iic	Pay Rate		3.50900	%		3.59900	%		0.00000	%		3.68400	%		0.00000	%
		iii	Gross Swap Payment Due Counterparty	$	1,793,488.89		$	1,839,488.89		$	0.00		$	1,882,933.33		$	0.00
		iv	Days in Period       06/15/2005       09/15/2005		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       06/15/2005       09/15/2005		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	0.008816667	(06/15/05 - 9/15/05)	3.45000%	LIBOR
C	Class A-3 Interest Rate	0.008970000	(06/15/05 - 9/15/05)	3.51000%	LIBOR
D	Class A-4 Interest Rate	0.009276667	(06/15/05 - 9/15/05)	3.63000%	LIBOR
E	Class A-5A Interest Rate	0.005400000	(06/15/05 - 9/15/05)	2.16000%	FIXED
F	Class A-5B Interest Rate	0.008475000	(06/15/05 - 9/15/05)	3.39000%	FIXED
G	Class A-5C Interest Rate	0.009123333	(06/15/05 - 9/15/05)	3.57000%	LIBOR
H	Class A-5D Interest Rate	0.010050000	(06/15/05 - 9/15/05)	4.02000%	FIXED
I	Class A-5E Interest Rate	0.009353333	(06/15/05 - 9/15/05)	3.66000%	LIBOR
J	Class B Interest Rate	0.010375556	(06/15/05 - 9/15/05)	4.06000%	LIBOR

6

VII. 2003-4 Inputs From Prior Period 05/31/2005

A	Total Student Loan Pool Outstanding
	i		Portfolio Balance	$	1,928,322,599.70
	ii		Interest To Be Capitalized		9,285,745.51
	iii		Total Pool	$	1,937,608,345.21
	iv		Specified Reserve Account Balance		4,844,020.86
	v		Total Adjusted Pool	$	1,942,452,366.07
B	Total Note and Certificate Factor				0.8523663
C	Total Note Balance			$	1,942,452,366.07
D	Note Balance 06/15/2005			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	Current Factor			0.000000000		0.463233683		1.000000000		1.000000000		1.000000000		1.000000000		1.000000000		1.000000000		1.000000000		1.000000000
	ii	Expected Note Balance		$	0.00	$	131,558,366.07	$	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			$	4,844,020.86
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		09/15/2005		03/17/2008		03/17/2008		03/15/2010		03/15/2010
i	Reset Period Target Amount	$	700,000	$	700,000	$	1,184,845	$	700,000	$	700,000	$	3,984,845
ii	Remarketing Fees paid in Distribution	$	350,000	$	—	$	—	$	—	$	—	$	350,000
iii	Remarketing Fee Account Balance (net of inv earnings)	$	350,000	$	700,000	$	1,184,845	$	700,000	$	700,000	$	3,634,845
iv	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 )		$	93,662,343.38	$	93,662,343.38
B	Primary Servicing Fees-Current Month		$	786,163.87	$	92,876,179.51
C	Administration Fee		$	25,000.00	$	92,851,179.51
D	Aggregate Quarterly Funding Amount		$	0.00	$	92,851,179.51
E	Noteholder’s Interest Distribution Amounts
	i	Class A-1	$	0.00	$	92,851,179.51
	ii	Class A-2	$	1,159,906.26	$	91,691,273.25
	iii	Class A-3	$	2,601,300.00	$	89,089,973.25
	iv	Class A-4	$	2,912,873.33	$	86,177,099.92
	v	Class A-5A	$	1,080,000.00	$	85,097,099.92
	vi	Class A-5B	$	1,695,000.00	$	83,402,099.92
	vii	Class A-5C	$	3,088,494.66	$	80,313,605.26
	viii	Class A-5D	$	2,010,000.00	$	78,303,605.26
	ix	Class A-5E	$	1,870,666.67	$	76,432,938.59
	xi	Gross Swap Payment, Morgan Stanley	$	5,515,911.11	$	70,917,027.48
		Total	$	21,934,152.03
F	Class B Noteholders’ Interest Distribution Amount		$	709,345.61	$	70,207,681.87
G	Noteholder’s Principal Distribution Amounts Paid (or set aside*)
	i	Class A-1	$	0.00	$	70,207,681.87
	ii	Class A-2	$	62,372,369.91	$	7,835,311.96
	iii	Class A-3	$	0.00	$	7,835,311.96
	iv	Class A-4	$	0.00	$	7,835,311.96
	v	Class A-5A	$	0.00	$	7,835,311.96
	vi	Class A-5B	$	0.00	$	7,835,311.96
	vii	Class A-5C	$	0.00	$	7,835,311.96
	viii	Class A-5D	$	0.00	$	7,835,311.96
	ix	Class A-5E	$	0.00	$	7,835,311.96
		Total	$	62,372,369.91
H	Increase to Supplemental Interest Account		$	0.00	$	7,835,311.96
I	Class B Noteholder’s Principal Distribution Amount		$	0.00	$	7,835,311.96
J	Increase to the Specified Reserve Account		$	0.00	$	7,835,311.96
K	Carryover Servicing Fees		$	0.00	$	7,835,311.96
L	Remarketing Costs in Excess of Remarketing Fee Account		$	0.00	$	7,835,311.96
M	Excess to Excess Distribution Certificate Holder		$	7,835,311.96	$	0.00
*Amounts allocated to classes of fixed rate reset notes are deposited into their accumulation account for distribution on the next related reset date

 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	$	1,159,906.26	$	2,601,300.00	$	2,912,873.33	$	1,080,000.00	$	1,695,000.00	$	3,088,494.66	$	2,010,000.00	$	1,870,666.67	$	709,345.61
	ii	Quarterly Interest Paid		0.00		1,159,906.26		2,601,300.00		2,912,873.33		1,080,000.00		1,695,000.00		3,088,494.66		2,010,000.00		1,870,666.67		709,345.61
	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	$	62,372,369.91	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	v	Quarterly Principal Paid		0.00		62,372,369.91		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	$	63,532,276.17	$	2,601,300.00	$	2,912,873.33	$	1,080,000.00	$	1,695,000.00	$	3,088,494.66	$	2,010,000.00	$	1,870,666.67	$	709,345.61

B	Principal Distribution Reconciliation
	i	Notes Outstanding Principal Balance 08/31/2005	$	1,942,452,366.07
	ii	Adjusted Pool Balance 08/31/2005		1,880,079,996.16
	iii	Notes Balance Exceeding Adjusted Pool Balance (i-ii)	$	62,372,369.91
	iv	Adjusted Pool Balance 05/31/2005	$	1,942,452,366.07
	v	Adjusted Pool Balance 08/31/2005		1,880,079,996.16
	vi	Current Principal Due (iv-v)	$	62,372,369.91
	vii	Principal Shortfall from Previous Collection Period		—
	viii	Principal Distribution Amount (vi + vii)	$	62,372,369.91
	ix	Principal Distribution Amount Paid	$	62,372,369.91
						��
	x	Principal Shortfall (viii - ix)	$	(0.00	)
C		Total Principal Distribution	$	62,372,369.91
D		Total Interest Distribution		17,127,586.53
E		Total Cash Distributions	$	79,499,956.44
F	Reserve Account Reconciliation
	i	Beginning of Period Balance	$	4,844,020.86
	ii	Deposits to correct Shortfall	$	—
	iii	Total Reserve Account Balance Available	$	4,844,020.86
	iv	Required Reserve Account Balance	$	4,688,478.79
	v	Shortfall Carried to Next Period	$	—
	vi	Excess Reserve - Release to Collection Account	$	155,542.07
	vii	Ending Reserve Account Balance	$	4,688,478.79
G	Note Balances						6/15/2005		Pay Down Factor	09/15/2005
	i	A-1 Note Balance		78442GGH3			$	—		$	—
		A-1 Note Pool Factor						0.000000000	0.000000000		0.000000000
	ii	A-2 Note Balance		78442GGJ9			$	131,558,366.07		$	69,185,996.16
		A-2 Note Pool Factor						0.463233683	0.219621021		0.243612663
	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

10

XII. 2003-4 Historical Pool Information

												2004			2003
			06/1/05 - - 8/31/05			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			$	1,928,322,599.70		$	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	$	64,755,536.45		$	47,440,583.46		$	40,314,408.09		$	167,328,057.16		$	114,029,537.70
	ii	Principal Collections from Guarantor	$	6,324,330.52		$	6,598,291.39		$	4,661,352.87		$	20,206,897.76		$	6,426,598.45
	iii	Principal Reimbursements	$	65,250.71		$	35,285.26		$	58,545.88		$	349,441.69		$	5,644,684.51
	iv	Other System Adjustments	$	—		$	—		$	—		$	—		$	—
	v	Total Principal Collections	$	71,145,117.68		$	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	$	(2,047.99	)	$	19,398.63		$	11,886.12		$	220,086.67		$	1,376,553.08
	ii	Capitalized Interest	$	(9,889,210.69	)	$	(9,650,777.35	)	$	(10,273,183.99	)	$	(42,527,107.10	)	$	(34,568,722.78	)
	iii	Total Non-Cash Principal Activity	$	(9,891,258.68	)	$	(9,631,378.72	)	$	(10,261,297.87	)	$	(42,307,020.43	)	$	(33,192,169.70	)
(-)	Total Student Loan Principal Activity		$	61,253,859.00		$	44,442,781.39		$	34,773,008.97		$	145,577,376.18		$	92,908,650.96
	Student Loan Interest Activity
	i	Regular Interest Collections	$	18,530,690.77		$	18,547,634.44		$	18,981,334.20		$	80,354,114.82		$	60,288,881.26
	ii	Interest Claims Received from Guarantors	$	396,946.58		$	372,965.54		$	294,840.64		$	1,097,007.86		$	268,765.54
	iii	Collection Fees/Returned Items	$	6,075.55		$	6,896.13		$	7,020.26		$	21,022.50		$	8,439.83
	iv	Late Fee Reimbursements	$	232,021.65		$	229,353.88		$	243,202.05		$	932,614.03		$	608,948.66
	v	Interest Reimbursements	$	10,214.93		$	2,050.70		$	1,824.61		$	4,481.95		$	32,814.32
	vi	Other System Adjustments	$	—		$	—		$	—		$	—		$	—
	vii	Special Allowance Payments	$	2,650,148.33		$	1,756,989.85		$	622,168.54		$	223,848.50		$	35,556.36
	viii	Subsidy Payments	$	1,406,649.92		$	1,426,314.97		$	1,446,935.15		$	6,157,989.41		$	3,301,864.92
	ix	Total Interest Collections	$	23,232,747.73		$	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	$	(1,721.53	)	$	366.55		$	1,499.41		$	593.75		$	(1,334,668.84	)
	ii	Capitalized Interest	$	9,889,210.69		$	9,650,777.35		$	10,273,183.99		$	42,527,107.10		$	34,568,722.78
	iii	Total Non-Cash Interest Adjustments	$	9,887,489.16		$	9,651,143.90		$	10,274,683.40		$	42,527,700.85		$	33,234,053.94
	Total Student Loan Interest Activity		$	33,120,236.89		$	31,993,349.41		$	31,872,008.85		$	131,318,779.92		$	97,779,324.83
(=)	Ending Student Loan Portfolio Balance		$	1,867,068,740.70		$	1,928,322,599.70		$	1,972,765,381.09		$	2,007,538,390.06		$	2,153,115,766.24
(+)	Interest to be Capitalized		$	8,322,776.67		$	9,285,745.51		$	9,021,385.58		$	9,164,065.22		$	9,186,603.87
(=)	TOTAL POOL		$	1,875,391,517.37		$	1,937,608,345.21		$	1,981,786,766.67		$	2,016,702,455.28		$	2,162,302,370.11
(+)	Reserve Account Balance		$	4,688,478.79		$	4,844,020.86		$	4,954,466.92		$	5,041,756.14		$	5,405,755.93
(=)	Total Adjusted Pool		$	1,880,079,996.16		$	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%
Sep-05	$	1,875,391,517	5.17%

* “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.

12