SLM Student Loan Trust 2003-4 8K Other Events | SEC 27 Dec 05

SLM Student Loan Trust 2003-4 Quarterly Servicing Report
Report Date: 11/30/2005 Reporting Period: 09/1/05-11/30/05

I. Deal Parameters


	Student Loan Portfolio Characteristics						08/31/2005			Activity				11/30/2005
A	i	Portfolio Balance					$	1,867,068,740.70			($63,917,634.87	)	$	1,803,151,105.83

	ii	Interest to be Capitalized						8,322,776.67						8,826,848.66

	iii	Total Pool					$	1,875,391,517.37					$	1,811,977,954.49

	iv	Specified Reserve Account Balance						4,688,478.79						4,529,944.89

	v	Total Adjusted Pool					$	1,880,079,996.16					$	1,816,507,899.38


B	i	Weighted Average Coupon (WAC)						6.237	%					6.220	%
	ii	Weighted Average Remaining Term						253.61						252.38
	iii	Number of Loans						97,014						94,200
	iv	Number of Borrowers						59,162						57,385
	v	Aggregate Outstanding Principal Balance — T-Bill					$	335,185,005.03					$	316,049,328.53
	vi	Aggregate Outstanding Principal Balance — Commercial Paper					$	1,540,206,512.34					$	1,495,928,625.96

										% of						% of
	Notes and Certificates			Spread			Balance 09/15/2005			O/S Securities*			Balance 12/15/2005			O/S Securities*
C	i	A-1 Notes	78442GGH3		0.020	%	$	—			0.000	%	$	—			0.000	%
	ii	A-2 Notes	78442GGJ9		0.040	%		69,185,996.16			3.680	%		5,613,899.38			0.309	%
	iii	A-3 Notes	78442GGK6		0.100	%		290,000,000.00			15.425	%		290,000,000.00			15.965	%
	iv	A-4 Notes	78442GGL4		0.220	%		314,000,000.00			16.701	%		314,000,000.00			17.286	%
	v	A-5A Notes *	78442GGD2		0.020	%		200,000,000.00			10.638	%		200,000,000.00			11.010	%
	vi	A-5B Notes	78442GGE0		—			200,000,000.00			10.638	%		200,000,000.00			11.010	%
	vii	A-5C Notes	78442GGF7		0.160	%		338,527,000.00			18.006	%		338,527,000.00			18.636	%
	viii	A-5D Notes	78442GGG5		—			200,000,000.00			10.638	%		200,000,000.00			11.010	%
	ix	A-5E Notes	78442GGN0		0.250	%		200,000,000.00			10.638	%		200,000,000.00			11.010	%
	x	B Notes	78442GGM2		0.650	%		68,367,000.00			3.636	%		68,367,000.00			3.764	%

	xi	Total Notes					$	1,880,079,996.16			100.000	%	$	1,816,507,899.38			100.000	%


	*Percentages may not total 100% due to rounding.

	Reserve Account						09/15/2005						12/15/2005
D	i	Required Reserve Acct Deposit (%)					0.25%						0.25%
	ii	Reserve Acct Initial Deposit ($)					$	—					$	—
	iii	Specified Reserve Acct Balance ($)					$	4,688,478.79					$	4,529,944.89
	iv	Reserve Account Floor Balance ($)					$	3,384,496.00					$	3,384,496.00
	v	Current Reserve Acct Balance ($)					$	4,688,478.79					$	4,529,944.89

	Other Accounts						09/15/2005						12/15/2005
E	i	Remarketing Fee Account					$	3,634,844.50					$	3,659,844.50
	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

* PLEASE NOTE: The A-5A Notes were remarketed in their entirety on 9/15/05. The new structure is reflected on the current Servicer Report dated 11/30/05.

II. 2003-4 Transactions from: 08/31/2005 through 11/30/2005


A	Student Loan Principal Activity
	i	Regular Principal Collections	$	67,113,832.95
	ii	Principal Collections from Guarantor		5,964,402.79
	iii	Principal Reimbursements		26,385.61
	iv	Other System Adjustments		0.00

	v	Total Principal Collections	$	73,104,621.35

B	Student Loan Non-Cash Principal Activity
	i	Other Adjustments	$	3,691.44
	ii	Capitalized Interest		(9,190,677.92	)

	iii	Total Non-Cash Principal Activity	$	(9,186,986.48	)


C	Total Student Loan Principal Activity		$	63,917,634.87


D	Student Loan Interest Activity
	i	Regular Interest Collections	$	17,625,072.27
	ii	Interest Claims Received from Guarantors		359,495.08
	iii	Collection Fees/Returned Items		7,165.33
	iv	Late Fee Reimbursements		237,425.74
	v	Interest Reimbursements		7,883.18
	vi	Other System Adjustments		0.00
	vii	Special Allowance Payments		3,750,134.26
	viii	Subsidy Payments		1,297,885.63

	ix	Total Interest Collections	$	23,285,061.49

E	Student Loan Non-Cash Interest Activity
	i	Interest Accrual Adjustment	$	44.75
	ii	Capitalized Interest		9,190,677.92

	iii	Total Non-Cash Interest Adjustments	$	9,190,722.67


F	Total Student Loan Interest Activity		$	32,475,784.16


G	Non-Reimbursable Losses During Collection Period		$	—

H	Cumulative Non-Reimbursable Losses to Date		$	275,667.20

III. 2003-4 Collection Account Activity 08/31/2005 through 11/30/2005


A	Principal Collections
	i	Principal Payments Received	$	28,456,807.04
	ii	Consolidation Principal Payments		44,621,428.70
	iii	Reimbursements by Seller		0.00
	iv	Borrower Benefits Reimbursed		0.00
	v	Reimbursements by Servicer		(27.79	)
	vi	Re-purchased Principal		26,413.40

	vii	Total Principal Collections	$	73,104,621.35

B	Interest Collections
	i	Interest Payments Received	$	22,493,059.90
	ii	Consolidation Interest Payments		539,527.34
	iii	Reimbursements by Seller		0.00
	iv	Borrower Benefits Reimbursed		0.00
	v	Reimbursements by Servicer		5,065.01
	vi	Re-purchased Interest		2,818.17
	vii	Collection Fees/Returned Items		7,165.33
	viii	Late Fees		237,425.74

	ix	Total Interest Collections	$	23,285,061.49

C	Other Reimbursements		$	320,829.97

D	Reserves In Excess of the Requirement		$	158,533.90

E	Reset Period Target Amount Excess		$	—

F	Interest Rate Cap Proceeds		$	—

G	Swap Receipt, Morgan Stanley		$	3,705,000.00

H	Administrator Account Investment Income		$	—

I	Trust Account Investment Income		$	589,583.75

J	Funds Released from Capitalized Interest Account		$	—

	TOTAL AVAILABLE FUNDS		$	101,163,630.46

	LESS FUNDS PREVIOUSLY REMITTED:
		Servicing Fees	$	(1,551,201.85	)
		Consolidation Loan Rebate Fees	$	(4,750,881.22	)

K	NET AVAILABLE FUNDS		$	94,861,547.39

L	Servicing Fees Due for Current Period		$	759,132.20

M	Carryover Servicing Fees Due		$	—

N	Administration Fees Due		$	25,000.00


O	Total Fees Due for Period		$	784,132.20

IV. 2003-4 Portfolio Characteristics


	Weighted Avg Coupon						# of Loans				% *						Principal Amount				% *
STATUS	08/31/2005			11/30/2005			08/31/2005		11/30/2005		08/31/2005			11/30/2005			08/31/2005		11/30/2005		08/31/2005			11/30/2005
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		6.083	%		6.065	%		70,872		64,653		73.053	%		68.634	%	$	1,270,499,994.19	$	1,151,176,059.32		68.048	%		63.842	%
31-60 Days Delinquent		6.784	%		6.648	%		2,249		2,739		2.318	%		2.908	%	$	47,704,765.39	$	55,416,487.47		2.555	%		3.073	%
61-90 Days Delinquent		6.880	%		6.729	%		1,359		1,400		1.401	%		1.486	%	$	28,539,779.90	$	28,175,109.02		1.529	%		1.563	%
91-120 Days Delinquent		7.153	%		7.146	%		672		607		0.693	%		0.644	%	$	14,513,234.84	$	12,938,478.89		0.777	%		0.718	%
> 120 Days Delinquent		7.238	%		7.268	%		1,497		1,362		1.543	%		1.446	%	$	31,013,403.02	$	30,256,666.13		1.661	%		1.678	%

Deferment
Current		6.418	%		6.445	%		8,398		7,879		8.656	%		8.364	%	$	171,734,816.85	$	160,272,216.33		9.198	%		8.888	%

Forbearance
Current		6.476	%		6.378	%		11,783		15,359		12.146	%		16.305	%	$	298,904,683.14	$	360,861,924.09		16.009	%		20.013	%

TOTAL REPAYMENT		6.235	%		6.218	%		96,830		93,999		99.810	%		99.787	%	$	1,862,910,677.33	$	1,799,096,941.25		99.777	%		99.775	%
Claims in Process (1)		7.425	%		7.073	%		184		201		0.190	%		0.213	%	$	4,158,063.37	$	4,054,164.58		0.223	%		0.225	%
Aged Claims Rejected (2)		0.000	%		0.000	%		0		0		0.000	%		0.000	%	$	0.00	$	0.00		0.000	%		0.000	%
GRAND TOTAL		6.237	%		6.220	%		97,014		94,200		100.000	%		100.000	%	$	1,867,068,740.70	$	1,803,151,105.83		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.

V. 2003-4 Various Interest Accruals and Floating Rate Swap Payments


A	Borrower Interest Accrued During Collection Period		$	26,951,252.79
B	Interest Subsidy Payments Accrued During Collection Period			1,193,206.54
C	SAP Payments Accrued During Collection Period			4,624,522.05
D	Investment Earnings Accrued for Collection Period			589,583.75
E	Investment Earnings (ADMINISTRATOR ACCOUNTS)			0.00
F	Consolidation Loan Rebate Fees			(4,750,881.22	)

G	Net Expected Interest Collections		$	28,607,683.91

H	Interest Rate Cap Payments Due to the Trust

			Cap

	i	Cap Notional Amount	$	500,000,000.00

	ii	Libor		3.87000	%
	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			—

SLM Student Loan Trust Pays:
iia	3 Month Libor				0.00000	%		3.87000	%		0.00000	%		3.87000	%		0.00000	%
iib	Spread				0.00000	%		0.18900	%		0.00000	%		0.27400	%		0.00000	%

iic	Pay Rate				0.00000	%		4.05900	%		0.00000	%		4.14400	%		0.00000	%
iii	Gross Swap Payment Due Counterparty			$	0.00		$	2,052,050.00		$	0.00		$	2,095,022.22		$	0.00
iv	Days in Period	09/15/2005	12/15/2005		91			91			91			91			91

Counterparty Pays:
v	Fixed Rate Equal To Respective Reset Note Rate				0.00000	%		3.39000	%		0.00000	%		4.02000	%		0.00000	%
vi	Gross Swap Receipt Due Trust			$	0.00		$	1,695,000.00		$	0.00		$	2,010,000.00		$	0.00
vii	Days in Period	09/15/2005	12/15/2005		90			90			90			90			90

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	0.009883611	(09/15/05- 12/15/05)	3.91000%	LIBOR

C	Class A-3 Interest Rate	0.010035278	(09/15/05- 12/15/05)	3.97000%	LIBOR

D	Class A-4 Interest Rate	0.010338611	(09/15/05- 12/15/05)	4.09000%	LIBOR

E	Class A-5A Interest Rate	0.009833056	(09/15/05- 12/15/05)	3.89000%	LIBOR

F	Class A-5B Interest Rate	0.008475000	(09/15/05- 12/15/05)	3.39000%	Fixed

G	Class A-5C Interest Rate	0.010186944	(09/15/05- 12/15/05)	4.03000%	LIBOR

H	Class A-5D Interest Rate	0.010050000	(09/15/05- 12/15/05)	4.02000%	Fixed

I	Class A-5E Interest Rate	0.010414444	(09/15/05- 12/15/05)	4.12000%	LIBOR

J	Class B Interest Rate	0.011425556	(09/15/05- 12/15/05)	4.52000%	LIBOR

VII. 2003-4 Inputs From Prior Period 08/31/2005


A	Total Student Loan Pool Outstanding
	i	Portfolio Balance	$	1,867,068,740.70
	ii	Interest To Be Capitalized		8,322,776.67

	iii	Total Pool	$	1,875,391,517.37
	iv	Specified Reserve Account Balance		4,688,478.79

	v	Total Adjusted Pool	$	1,880,079,996.16


B	Total Note and Certificate Factor			0.8249967
C	Total Note Balance		$	1,880,079,996.16


D	Note Balance 09/15/2005		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		0.243612663		1.000000000		1.000000000		1.000000000		1.000000000		1.000000000		1.000000000		1.000000000		1.000000000
	ii	Expected Note Balance	$	0.00	$	69,185,996.16	$	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		$	4,688,478.79
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

VIII. 2003-4Remarketing Fee and Trigger Events


	Remarketing Fee Account Reconciliation		A-5A		A-5B		A-5C		A-5D		A-5E

	Next Reset Date		06/15/2009		03/17/2008		03/17/2008		03/15/2010		03/15/2010
	Distributions until next Reset Date		14		9		9		17		17

i	Beginning Remarketing Fee Account Balance	$	350,000	$	700,000	$	1,184,845	$	700,000	$	700,000
ii	Remarketing Fees paid this Distribution	$	—	$	—	$	—	$	—	$	—

iii	Remarketing Fee Account Balance after Fees	$	350,000	$	700,000	$	1,184,845	$	700,000	$	700,000

iv	Reset Period Target Amount	$	700,000	$	700,000	$	1,184,845	$	700,000	$	700,000
v	Quarterly Funding Amount	$	25,000	$	—	$	—	$	—	$	—
vi	Excess Release to Collection Account	$	—	$	—	$	—	$	—	$	—

IX. 2003-4Trigger 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%

X. 2003-4 Waterfall for Distributions


					Remaining
					Funds Balance
A	Total Available Funds (Section III-K)		$	94,861,547.39	$	94,861,547.39

B	Primary Servicing Fees-Current Month		$	759,132.20	$	94,102,415.19

C	Administration Fee		$	25,000.00	$	94,077,415.19

D	Aggregate Quarterly Funding Amount		$	25,000.00	$	94,052,415.19

E	Noteholder’s Interest Distribution Amounts
	i	Class A-1	$	0.00	$	94,052,415.19
	ii	Class A-2	$	683,807.48	$	93,368,607.71
	iii	Class A-3	$	2,910,230.56	$	90,458,377.15
	iv	Class A-4	$	3,246,323.89	$	87,212,053.26
	v	Class A-5A	$	1,966,611.11	$	85,245,442.15
	vi	Class A-5B	$	1,695,000.00	$	83,550,442.15
	vii	Class A-5C	$	3,448,555.74	$	80,101,886.41
	viii	Class A-5D	$	2,010,000.00	$	78,091,886.41
	ix	Class A-5E	$	2,082,888.89	$	76,008,997.52
	xi	Gross Swap Payment, Morgan Stanley	$	4,147,072.22	$	71,861,925.30

		Total	$	22,190,489.89

F	Class B Noteholders’ Interest Distribution Amount		$	781,130.96	$	71,080,794.34

G	Noteholder’s Principal Distribution Amounts Paid (or set aside*)
	i	Class A-1	$	0.00	$	71,080,794.34
	ii	Class A-2	$	63,572,096.78	$	7,508,697.56
	iii	Class A-3	$	0.00	$	7,508,697.56
	iv	Class A-4	$	0.00	$	7,508,697.56
	v	Class A-5A	$	0.00	$	7,508,697.56
	vi	Class A-5B	$	0.00	$	7,508,697.56
	vii	Class A-5C	$	0.00	$	7,508,697.56
	viii	Class A-5D	$	0.00	$	7,508,697.56
	ix	Class A-5E	$	0.00	$	7,508,697.56

		Total	$	63,572,096.78

H	Increase to Supplemental Interest Account		$	0.00	$	7,508,697.56

I	Class B Noteholder’s Principal Distribution Amount		$	0.00	$	7,508,697.56

J	Increase to the Specified Reserve Account		$	0.00	$	7,508,697.56

K	Carryover Servicing Fees		$	0.00	$	7,508,697.56

L	Remarketing Costs in Excess of Remarketing Fee Account		$	0.00	$	7,508,697.56

M	Excess to Excess Distribution Certificate Holder		$	7,508,697.56	$	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

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	$	683,807.48	$	2,910,230.56	$	3,246,323.89	$	1,966,611.11	$	1,695,000.00	$	3,448,555.74	$	2,010,000.00	$	2,082,888.89	$	781,130.96
	ii	Quarterly Interest Paid					0.00		683,807.48		2,910,230.56		3,246,323.89		1,966,611.11		1,695,000.00		3,448,555.74		2,010,000.00		2,082,888.89		781,130.96


	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	$	63,572,096.78	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	v	Quarterly Principal Paid					0.00		63,572,096.78		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	$	64,255,904.26	$	2,910,230.56	$	3,246,323.89	$	1,966,611.11	$	1,695,000.00	$	3,448,555.74	$	2,010,000.00	$	2,082,888.89	$	781,130.96


B	Principal Distribution Reconciliation
	i	Notes Outstanding Principal Balance 08/31/2005				$	1,880,079,996.16
	ii	Adjusted Pool Balance 11/30/2005					1,816,507,899.38

	iii	Notes Balance Exceeding Adjusted Pool Balance (i-ii)				$	63,572,096.78


	iv	Adjusted Pool Balance 08/31/2005				$	1,880,079,996.16
	v	Adjusted Pool Balance 11/30/2005					1,816,507,899.38

	vi	Current Principal Due (iv-v)				$	63,572,096.78
	vii	Principal Shortfall from Previous Collection Period					—
	viii	Principal Distribution Amount (vi + vii)				$	63,572,096.78


	ix	Principal Distribution Amount Paid				$	63,572,096.78


	x	Principal Shortfall (viii — ix)				$	—

C		Total Principal Distribution				$	63,572,096.78
D		Total Interest Distribution					18,824,548.63

E		Total Cash Distributions				$	82,396,645.41


F	Reserve Account Reconciliation
	i	Beginning of Period Balance				$	4,688,478.79
	ii	Deposits to correct Shortfall				$	—

	iii	Total Reserve Account Balance Available				$	4,688,478.79
	iv	Required Reserve Account Balance				$	4,529,944.89

	v	Shortfall Carried to Next Period				$	—
	vi	Excess Reserve — Release to Collection Account				$	158,533.90
	vii	Ending Reserve Account Balance				$	4,529,944.89

G	Note Balances				09/15/2005	Pay Down Factor			12/15/2005
	i	A-1 Note Balance	78442GGH3	$	—			$	—
		A-1 Note Pool Factor			0.000000000		0.000000000		0.000000000

	ii	A-2 Note Balance	78442GGJ9	$	69,185,996.16			$	5,613,899.38
		A-2 Note Pool Factor			0.243612663		0.223845411		0.019767251

	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

XII. 2003-4 Historical Pool Information


															2004			2003
			09/1/05-11/30/05			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			$	1,867,068,740.70		$	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	$	67,113,832.95		$	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		5,964,402.79			6,324,330.52			6,598,291.39			4,661,352.87		$	20,206,897.76		$	6,426,598.45
	iii	Principal Reimbursements		26,385.61			65,250.71			35,285.26			58,545.88		$	349,441.69		$	5,644,684.51
	iv	Other System Adjustments		—			—			—			—		$	—		$	—

	v	Total Principal Collections	$	73,104,621.35		$	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	$	3,691.44		$	(2,047.99	)	$	19,398.63		$	11,886.12		$	220,086.67		$	1,376,553.08
	ii	Capitalized Interest		(9,190,677.92	)		(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	$	(9,186,986.48	)	$	(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		$	63,917,634.87		$	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	$	17,625,072.27		$	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		359,495.08			396,946.58			372,965.54			294,840.64		$	1,097,007.86		$	268,765.54
	iii	Collection Fees/Returned Items		7,165.33			6,075.55			6,896.13			7,020.26		$	21,022.50		$	8,439.83
	iv	Late Fee Reimbursements		237,425.74			232,021.65			229,353.88			243,202.05		$	932,614.03		$	608,948.66
	v	Interest Reimbursements		7,883.18			10,214.93			2,050.70			1,824.61		$	4,481.95		$	32,814.32
	vi	Other System Adjustments		—			—			—			—		$	—		$	—
	vii	Special Allowance Payments		3,750,134.26			2,650,148.33			1,756,989.85			622,168.54		$	223,848.50		$	35,556.36
	viii	Subsidy Payments		1,297,885.63			1,406,649.92			1,426,314.97			1,446,935.15		$	6,157,989.41		$	3,301,864.92

	ix	Total Interest Collections	$	23,285,061.49		$	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	$	44.75		$	(1,721.53	)	$	366.55		$	1,499.41		$	593.75		$	(1,334,668.84	)
	ii	Capitalized Interest		9,190,677.92			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	$	9,190,722.67		$	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		$	32,475,784.16		$	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		$	1,803,151,105.83		$	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		$	8,826,848.66		$	8,322,776.67		$	9,285,745.51		$	9,021,385.58		$	9,164,065.22		$	9,186,603.87

(=)	TOTAL POOL		$	1,811,977,954.49		$	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		$	4,529,944.89		$	4,688,478.79		$	4,844,020.86		$	4,954,466.92		$	5,041,756.14		$	5,405,755.93

(=)	Total Adjusted Pool		$	1,816,507,899.38		$	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

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%

Dec-05	$	1,811,977,954	5.66%

*“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.

SLM Student Loan Trust 2003-4 8-KOther Events