SLM Student Loan Trust 2004-9 8-K Other Events

SLM Student Loan Trust 2004-9 Quarterly Servicing Report
Report Date: 3/31/2005 Reporting Period: 1/1/05-3/31/05

I. Deal Parameters

	Student Loan Portfolio Characteristics		12/31/2004			Activity			3/31/2005
A	i	Portfolio Balance	$	2,835,992,611.54		$	(182,840,484.01	)	$	2,653,152,127.53
	ii	Interest to be Capitalized		27,933,391.29						29,843,344.79
	iii	Total Pool	$	2,863,926,002.83					$	2,682,995,472.32
	iv	Specified Reserve Account Balance		7,159,815.01						6,707,488.68
	v	Capitalized Interest		2,000,000.00						2,000,000.00
	vi	Total Adjusted Pool	$	2,873,085,817.84					$	2,691,702,961.00
B	i	Weighted Average Coupon (WAC)		3.274	%					3.262	%
	ii	Weighted Average Remaining Term		120.98						119.25
	iii	Number of Loans		854,503						815,522
	iv	Number of Borrowers		444,929						425,818
	v	Aggregate Outstanding Principal Balance - T-Bill	$	282,501,783.65					$	259,799,442.06
	vi	Aggregate Outstanding Principal Balance - Commercial Paper	$	2,581,424,219.18					$	2,423,196,030.26

									% of					% of
C	Notes			Spread			Balance 1/25/05		O/S Securities			Balance 4/25/05		O/S Securities
	i	A-1 Notes	78442GMU7		-0.010	%	$	536,137,964.35		18.547	%	$	349,160,877.49		12.914	%
	ii	A-2 Notes	78442GMV5		0.020	%		897,000,000.00		31.031	%		897,000,000.00		33.177	%
	iii	A-3 Notes	78442GMW3		0.090	%		487,000,000.00		16.847	%		487,000,000.00		18.012	%
	iv	A-4 Notes	78442GMX1		0.130	%		602,000,000.00		20.825	%		602,000,000.00		22.266	%
	v	A-5 Notes	78442GMY9		0.150	%		277,812,000.00		9.611	%		277,812,000.00		10.275	%
	vi	B Notes	78442GMZ6		0.330	%		90,737,000.00		3.139	%		90,737,000.00		3.356	%
	vii	Total Notes					$	2,890,686,964.35		100.000	%	$	2,703,709,877.49		100.000	%

D	Reserve Account		1/25/2005		4/25/2005
	i	Required Reserve Acct Deposit (%)	0.25%		0.25%
	ii	Reserve Acct Initial Deposit ($)
	iii	Specified Reserve Acct Balance ($)	$	7,159,815.01	$	6,707,488.68
	iv	Reserve Account Floor Balance ($)	$	3,000,049.00	$	3,000,049.00
	v	Current Reserve Acct Balance ($)	$	7,159,815.01	$	6,707,488.68

E	Capitalized Interest Account		1/25/2005		4/25/2005
	i	Current Capitalized Interest Account Balance ($)	$	2,000,000.00	$	2,000,000.00

F	Asset/Liability		1/25/2005			4/25/2005
	i	Total Adjusted Pool	$	2,873,085,817.84		$	2,691,702,961.00
	ii	Total Outstanding Balance Notes	$	2,890,686,964.35		$	2,703,709,877.49
	iii	Difference	$	(17,601,146.51	)	$	(12,006,916.49	)
	iv	Parity Ratio		0.99391			0.99556

1

II. 2004-9 Transactions from: 1/1/2005 through: 3/31/2005

A	Student Loan Principal Activity
	i	Regular Principal Collections	$	181,879,729.09
	ii	Principal Collections from Guarantor		7,215,196.77
	iii	Principal Reimbursements		574,407.22
	iv	Other System Adjustments		0.00
	v	Total Principal Collections	$	189,669,333.08
B	Student Loan Non-Cash Principal Activity
	i	Other Adjustments	$	24,163.19
	ii	Capitalized Interest		(6,853,012.26	)
	iii	Total Non-Cash Principal Activity	$	(6,828,849.07	)
C	Total Student Loan Principal Activity		$	182,840,484.01
D	Student Loan Interest Activity
	i	Regular Interest Collections	$	8,514,492.36
	ii	Interest Claims Received from Guarantors		124,676.72
	iii	Collection Fees/Returned Items		155,861.14
	iv	Late Fee Reimbursements		490,962.68
	v	Interest Reimbursements		71,865.87
	vi	Other System Adjustments		0.00
	vii	Special Allowance Payments		7,360,578.36
	viii	Subsidy Payments		5,537,206.30
	ix	Total Interest Collections	$	22,255,643.43
E	Student Loan Non-Cash Interest Activity
	i	Interest Accrual Adjustment	$	2,551.57
	ii	Capitalized Interest		6,853,012.26
	iii	Total Non-Cash Interest Adjustments	$	6,855,563.83
F	Total Student Loan Interest Activity		$	29,111,207.26
G	Non-Reimbursable Losses During Collection Period		$	65.41
H	Cumulative Non-Reimbursable Losses to Date		$	65.41

2

III. 2004-9 Collection Account Activity 1/1/2005 through 3/31/2005

A	Principal Collections
	i	Principal Payments Received	$	39,030,205.00
	ii	Consolidation Principal Payments		150,064,720.86
	iii	Reimbursements by Seller		3,160.22
	iv	Borrower Benefits Reimbursements		30,497.84
	v	Reimbursements by Servicer		31.20
	vi	Re-purchased Principal		540,717.96
	vii	Total Principal Collections	$	189,669,333.08
B	Interest Collections
	i	Interest Payments Received	$	20,564,481.75
	ii	Consolidation Interest Payments		972,471.99
	iii	Reimbursements by Seller		(16.78	)
	iv	Borrower Benefits Reimbursements		1,472.36
	v	Reimbursements by Servicer		62,173.01
	vi	Re-purchased Interest		8,237.28
	vii	Collection Fees/Return Items		155,861.14
	viii	Late Fees		490,962.68
	ix	Total Interest Collections	$	22,255,643.43
C	Other Reimbursements		$	63,720.21
D	Reserves in Excess of the Requirement		$	452,326.33
E	Interest Rate Cap Proceeds		$	0.00
F	Administrator Account Investment Income		$	0.00
G	Investment Earnings for Period in Trust Accounts		$	847,314.84
H	Funds borrowed during previous distribution		$	0.00
I	Funds borrowed from subsequent distribution		$	0.00
J	Funds released from Capitalized Interest Account		$	0.00
	TOTAL AVAILABLE FUNDS		$	213,288,337.89
	LESS FUNDS PREVIOUSLY REMITTED:
		Servicing Fees	$	(4,218,690.13	)
K	NET AVAILABLE FUNDS		$	209,069,647.76
L	Servicing Fees Due for Current Period		$	2,044,714.81
M	Carryover Servicing Fees Due		$	0.00
N	Administration Fees Due		$	20,000.00
	Total Fees Due for Period		$	2,064,714.81

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IV. 2004-9 Portfolio Characteristics

	Weighted Avg Coupon						# of Loans					% *						Principal Amount				% *
STATUS	12/31/2004			3/31/2005			12/31/2004		3/31/2005			12/31/2004			3/31/2005			12/31/2004		3/31/2005		12/31/2004			3/31/2005
INTERIM:
In School
Current		2.770	%		2.770	%		271,691		238,210			31.795	%		29.210	%	$	1,017,609,197.29	$	900,339,121.42		35.882	%		33.935	%
Grace
Current		2.770	%		2.770	%		60,134		66,211			7.037	%		8.119	%		200,387,405.42		220,640,613.54		7.066	%		8.316	%
TOTAL INTERIM		2.770	%		2.770	%		331,825		304,421			38.833	%		37.328	%	$	1,217,996,602.71	$	1,120,979,734.96		42.948	%		42.251	%
REPAYMENT											��
Active
Current		3.823	%		3.799	%		262,789		256,230			30.753	%		31.419	%	$	882,807,812.90	$	811,654,367.85		31.129	%		30.592	%
31-60 Days Delinquent		3.761	%		3.739	%		24,692		22,043			2.890	%		2.703	%		71,020,151.48		64,410,804.01		2.504	%		2.428	%
61-90 Days Delinquent		3.707	%		3.660	%		17,539		15,640			2.053	%		1.918	%		47,970,597.00		43,095,816.92		1.691	%		1.624	%
91-120 Days Delinquent		3.602	%		3.580	%		17,224		12,454			2.016	%		1.527	%		42,727,488.06		34,587,440.75		1.507	%		1.304	%
> 120 Days Delinquent		3.614	%		3.634	%		51,826		46,642			6.065	%		5.719	%		124,074,009.89		113,184,105.84		4.375	%		4.266	%
Deferment
Current		2.936	%		2.921	%		71,713		76,144			8.392	%		9.337	%		205,070,634.03		215,127,049.95		7.231	%		8.108	%
Forbearance
Current		3.628	%		3.605	%		76,595		75,474			8.964	%		9.255	%		243,316,547.82		234,367,975.89		8.580	%		8.834	%
TOTAL REPAYMENT		3.653	%		3.621	%		522,378		504,627			61.132	%		61.878	%	$	1,616,987,241.18	$	1,516,427,561.21		57.016	%		57.155	%
Claims in Process (1)		3.924	%		3.668	%		300		6,474			0.035	%		0.794	%	$	1,008,767.65	$	15,744,831.36		0.036	%		0.593	%
Aged Claims Rejected (2)		0.000	%		0.000	%		0		0			0.000	%		0.000	%	$	0.00	$	0.00		0.000	%		0.000	%
GRAND TOTAL		3.274	%		3.262	%		854,503		815,522			100.000	%		100.000	%	$	2,835,992,611.54	$	2,653,152,127.53		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. 2004-9 Portfolio Characteristics by School and Program

LOAN TYPE	WAC			# Loans		$ Amount		%
- GSL — Subsidized		3.192	%		452,878	$	1,255,061,073.38		47.305	%
- GSL — Unsubsidized		3.011	%		305,678		1,040,166,762.64		39.205	%
- PLUS Loans		4.177	%		53,926		348,462,795.68		13.134	%
- SLS Loans		5.743	%		3,040		9,461,495.83		0.357	%
- Total		3.262	%		815,522	$	2,653,152,127.53		100.000	%

SCHOOL TYPE	WAC			# Loans		$ Amount		%
- Four Year		3.185	%		559,698	$	2,044,546,728.51		77.061	%
- Two Year		3.388	%		152,624		363,010,233.82		13.682	%
- Technical		3.712	%		103,193		245,578,323.01		9.256	%
- Other		2.778	%		7		16,842.19		0.001	%
- Total		3.262	%		815,522	$	2,653,152,127.53		100.000	%

*Percentages may not total 100% due to rounding.

5

VI. 2004-9 Interest Accruals

A	Borrower Interest Accrued During Collection Period		$	17,045,759.92
B	Interest Subsidy Payments Accrued During Collection Period			5,030,078.90
C	SAP Payments Accrued During Collection Period			10,202,909.00
D	INV Earnings Accrued for Collection Period (TRUST ACCOUNTS)			847,314.84
E	Investment Earnings (ADMINISTRATOR ACCOUNTS)			0.00
F	Net Expected Interest Collections		$	33,126,062.66
G	Interest Rate Cap Payments Due to the Trust
			Cap
	i	Cap Notional Amount	$	715,000,000.00
	ii	Libor (Interpolated first period)		2.70000	%
	iii	Cap %		4.00000	%
	iv	Excess Over Cap ( ii-iii)		0.00000	%
	v	Cap Payments Due to the Trust	$	0.00

VII. 2004-9 Accrued Interest Factors

		Accrued
		Int Factor	Accrual Period	Rate
A	Class A-1 Interest Rate	0.006725000	1/25/05 - 4/25/05	2.69000%
B	Class A-2 Interest Rate	0.006800000	1/25/05 - 4/25/05	2.72000%
C	Class A-3 Interest Rate	0.006975000	1/25/05 - 4/25/05	2.79000%
D	Class A-4 Interest Rate	0.007075000	1/25/05 - 4/25/05	2.83000%
E	Class A-5 Interest Rate	0.007125000	1/25/05 - 4/25/05	2.85000%
F	Class B Interest Rate	0.007575000	1/25/05 - 4/25/05	3.03000%

6

VIII. 2004-9 Inputs From Initial Period 12/31/04

A	Total Student Loan Pool Outstanding
	i	Portfolio Balance	$	2,835,992,611.54
	ii	Interest To Be Capitalized		27,933,391.29
	iii	Total Pool	$	2,863,926,002.83
	iv	Specified Reserve Account Balance		7,159,815.01
	v	Capitalized Interest		2,000,000.00
	vi	Total Adjusted Pool	$	2,873,085,817.84
B	Total Note and Certificate Factor			0.955741489
C	Total Note Balance		$	2,890,686,964.35
D	Note Balance 1/25/2005		Class A-1		Class A-2		Class A-3		Class A-4		Class A-5		Class B
	i	Current Factor		0.800205917		1.000000000		1.000000000		1.000000000		1.000000000		1.000000000
	ii	Expected Note Balance	$	536,137,964.35	$	897,000,000.00	$	487,000,000.00	$	602,000,000.00	$	277,812,000.00	$	90,737,000.00
	iii	Note Principal Shortfall	$	17,601,146.51	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	iv	Interest Shortfall	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	v	Interest Carryover	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
E	Reserve Account Balance		$	7,159,815.01
F	Unpaid Primary Servicing Fees from Prior Month(s)		$	0.00
G	Unpaid Administration fees from Prior Quarter(s)		$	0.00
H	Unpaid Carryover Servicing Fees from Prior Quarter(s)		$	0.00
I	Interest Due on Unpaid Carryover Servicing Fees		$	0.00

7

IX. 2004-9 Waterfall for Distributions

					Remaining
					Funds Balance
A	Total Available Funds ( Section III-K )		$	209,069,647.76	$	209,069,647.76
B	Primary Servicing Fees-Current Month		$	2,044,714.81	$	207,024,932.95
C	Administration Fee		$	20,000.00	$	207,004,932.95
D	Class A Noteholders’ Interest Distribution Amounts
	i	Class A-1	$	3,605,527.81	$	203,399,405.14
	ii	Class A-2	$	6,099,600.00	$	197,299,805.14
	iii	Class A-3	$	3,396,825.00	$	193,902,980.14
	iv	Class A-4	$	4,259,150.00	$	189,643,830.14
	v	Class A-5	$	1,979,410.50	$	187,664,419.64
	vii	Total Noteholder's Interest Distribution	$	19,340,513.31
E	Class B Noteholders’ Interest Distribution Amount		$	687,332.78	$	186,977,086.86
F	i	Class A-1	$	186,977,086.86	$	0.00
	ii	Class A-2	$	0.00	$	0.00
	iii	Class A-3	$	0.00	$	0.00
	iv	Class A-4	$	0.00	$	0.00
	v	Class A-5	$	0.00	$	0.00
	vi	Class B	$	0.00	$	0.00
	vii	Total Noteholder's Principal Distribution	$	186,977,086.86
G	Increase to the Specified Reserve Account Balance		$	0.00	$	0.00
H	Carryover Servicing Fees		$	0.00	$	0.00
I	Excess to Certificateholder		$	0.00	$	0.00

8

X. 2004-9 Distributions

A	Distribution Amounts		Class A-1		Class A-2		Class A-3		Class A-4		Class A-5		Class B
	i	Quarterly Interest Due	$	3,605,527.81	$	6,099,600.00	$	3,396,825.00	$	4,259,150.00	$	1,979,410.50	$	687,332.78
	ii	Quarterly Interest Paid		3,605,527.81		6,099,600.00		3,396,825.00		4,259,150.00		1,979,410.50		687,332.78
	iii	Interest Shortfall	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	vii	Quarterly Principal Due	$	198,984,003.35	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	viii	Quarterly Principal Paid		186,977,086.86		0.00		0.00		0.00		0.00		0.00
	ix	Quarterly Principal Shortfall	$	12,006,916.49	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	x	Total Distribution Amount	$	190,582,614.67	$	6,099,600.00	$	3,396,825.00	$	4,259,150.00	$	1,979,410.50	$	687,332.78
B	Principal Distribution Reconciliation
	i	Notes Outstanding Principal Balance 3/31/05	$	2,890,686,964.35
	ii	Adjusted Pool Balance 3/31/05		2,691,702,961.00
	iii	Adjusted Pool Exceeding Notes Balance (i-ii)	$	198,984,003.35
	iv	Adjusted Pool Balance 9/23/04	$	2,873,085,817.84
	v	Adjusted Pool Balance 3/31/05		2,691,702,961.00
	vi	Current Principal Due (iv-v)	$	181,382,856.84
	vii	Principal Shortfall from Prior Period		17,601,146.51
	viii	Principal Distribution Amount (vi + vii)	$	198,984,003.35
	ix	Principal Distribution Amount Paid	$	186,977,086.86
	x	Principal Shortfall (viii - ix)	$	12,006,916.49
C		Total Principal Distribution	$	186,977,086.86
D		Total Interest Distribution		20,027,846.09
E		Total Cash Distributions	$	207,004,932.95

F	Note Balances				1/25/2005	Paydown Factor				4/25/2005
	i	A-1 Note Balance	78442GMU7	$	536,137,964.35				$	349,160,877.49
		A-1 Note Pool Factor			0.800205917		(0.279070279	)		0.521135638
	ii	A-2 Note Balance	78442GMV5	$	897,000,000.00				$	897,000,000.00
		A-2 Note Pool Factor			1.000000000		0.000000000			1.000000000
	iii	A-3 Note Balance	78442GMW3	$	487,000,000.00				$	487,000,000.00
		A-3 Note Pool Factor			1.000000000		0.000000000			1.000000000
	iv	A-4 Note Balance	78442GMX1	$	602,000,000.00				$	602,000,000.00
		A-4 Note Pool Factor			1.000000000		0.000000000			1.000000000
	v	A-5 Note Balance	78442GMY9	$	277,812,000.00				$	277,812,000.00
		A-5 Note Pool Factor			1.000000000		0.000000000			1.000000000
	vi	B Note Balance	78442GMZ6	$	90,737,000.00				$	90,737,000.00
		B Note Pool Factor			1.000000000		0.000000000			1.000000000

G	Reserve Account Reconciliation
	i	Beginning of Period Balance	$	7,159,815.01
	ii	Deposits to correct Shortfall	$	0.00
	iii	Total Reserve Account Balance Available	$	7,159,815.01
	iv	Required Reserve Account Balance	$	6,707,488.68
	v	Shortfall Carried to Next Period	$	0.00
	vi	Excess Reserve - Release to Waterfall	$	452,326.33
	vii	Ending Reserve Account Balance	$	6,707,488.68

9

XI. 2004-9 Historical Pool Information

			1/1/05-3/31/05			9/23/04-12/31/04
Beginning Student Loan Portfolio Balance			$	2,835,992,611.54		$	2,951,175,597.48
	Student Loan Principal Activity
	i	Regular Principal Collections	$	181,879,729.09		$	120,654,382.94
	ii	Principal Collections from Guarantor		7,215,196.77			1,168,434.25
	iii	Principal Reimbursements		574,407.22			721,702.83
	iv	Other System Adjustments		0.00			0.00
	v	Total Principal Collections	$	189,669,333.08		$	122,544,520.02
	Student Loan Non-Cash Principal Activity
	i	Other Adjustments	$	24,163.19		$	41,982.82
	ii	Capitalized Interest		(6,853,012.26	)		(7,403,516.90	)
	iii	Total Non-Cash Principal Activity	$	(6,828,849.07	)	$	(7,361,534.08	)
(-)	Total Student Loan Principal Activity		$	182,840,484.01		$	115,182,985.94
	Student Loan Interest Activity
	i	Regular Interest Collections	$	8,514,492.36		$	8,954,355.81
	ii	Interest Claims Received from Guarantors		124,676.72			10,298.62
	iii	Collection Fees/Returned Items		155,861.14			82,404.69
	iv	Late Fee Reimbursements		490,962.68			446,987.37
	v	Interest Reimbursements		71,865.87			11,916.69
	vi	Other System Adjustments		0.00			0.00
	vii	Special Allowance Payments		7,360,578.36			364,278.60
	viii	Subsidy Payments		5,537,206.30			489,893.77
	ix	Total Interest Collections	$	22,255,643.43		$	10,360,135.55
	Student Loan Non-Cash Interest Activity
	i	Interest Accrual Adjustment	$	2,551.57		$	(1,352.10	)
	ii	Capitalized Interest		6,853,012.26			7,403,516.90
	iii	Total Non-Cash Interest Adjustments	$	6,855,563.83		$	7,402,164.80
	Total Student Loan Interest Activity		$	29,111,207.26		$	17,762,300.35
(=)	Ending Student Loan Portfolio Balance		$	2,653,152,127.53		$	2,835,992,611.54
(+)	Interest to be Capitalized		$	29,843,344.79		$	27,933,391.29
(=)	TOTAL POOL		$	2,682,995,472.32		$	2,863,926,002.83
(+)	Reserve Account Balance		$	6,707,488.68		$	7,159,815.01
(+)	Capitalized Interest		$	2,000,000.00		$	2,000,000.00
(=)	Total Adjusted Pool		$	2,691,702,961.00		$	2,873,085,817.84

10

XII. 2004-9 Payment History and CPRs

Distribution	Actual		Since Issued
Date	Pool Balances		CPR *
Jan-05	$	2,863,926,003	10.14%
Apr-05	$	2,682,995,472	14.44%

* “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.

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