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

SLM Student Loan Trust 2004-9 Quarterly Servicing Report
Report Date: 6/30/2005 Reporting Period: 4/1/05-6/30/05

I. Deal Parameters

	Student Loan Portfolio Characteristics		3/31/2005			Activity			6/30/2005
A	i	Portfolio Balance	$	2,653,152,127.53			($285,224,077.44	)	$	2,367,928,050.09
	ii	Interest to be Capitalized		29,843,344.79						25,696,181.97
	iii	Total Pool	$	2,682,995,472.32					$	2,393,624,232.06
	iv	Specified Reserve Account Balance		6,707,488.68						5,984,060.58
	v	Capitalized Interest		2,000,000.00						2,000,000.00
	vi	Total Adjusted Pool	$	2,691,702,961.00					$	2,401,608,292.64
B	i	Weighted Average Coupon (WAC)		3.262	%					3.273	%
	ii	Weighted Average Remaining Term		119.25						116.93
	iii	Number of Loans		815,522						748,798
	iv	Number of Borrowers		425,818						393,611
	v	Aggregate Outstanding Principal Balance — T-Bill	$	259,799,442.06					$	229,447,439.45
	vi	Aggregate Outstanding Principal Balance — Commercial Paper	$	2,423,196,030.26					$	2,164,176,792.61

												% of		% of
	Notes			Spread			Balance 4/25/05		O/S Securities			Balance 7/25/05		O/S Securities
C	i	A-1 Notes	78442GMU7		-0.010	%	$	349,160,877.49		12.914	%	$	53,603,174.82		2.226	%
	ii	A-2 Notes	78442GMV5		0.020	%		897,000,000.00		33.177	%		897,000,000.00		37.248	%
	iii	A-3 Notes	78442GMW3		0.090	%		487,000,000.00		18.012	%		487,000,000.00		20.223	%
	iv	A-4 Notes	78442GMX1		0.130	%		602,000,000.00		22.266	%		602,000,000.00		24.998	%
	v	A-5 Notes	78442GMY9		0.150	%		277,812,000.00		10.275	%		277,812,000.00		11.536	%
	vi	B Notes	78442GMZ6		0.330	%		90,737,000.00		3.356	%		90,737,000.00		3.768	%
	vii	Total Notes					$	2,703,709,877.49		100.000	%	$	2,408,152,174.82		100.000	%

	Reserve Account		4/25/2005		7/25/2005
D	i	Required Reserve Acct Deposit (%)		0.25%		0.25%
	ii	Reserve Acct Initial Deposit ($)
	iii	Specified Reserve Acct Balance ($)	$	6,707,488.68	$	5,984,060.58
	iv	Reserve Account Floor Balance ($)	$	3,000,049.00	$	3,000,049.00
	v	Current Reserve Acct Balance ($)	$	6,707,488.68	$	5,984,060.58

	Capitalized Interest Account		4/25/2005		7/25/2005
E	i	Current Capitalized Interest Account Balance ($)	$	2,000,000.00	$	2,000,000.00

	Asset/Liability		4/25/2005			7/25/2005
F	i	Total Adjusted Pool	$	2,691,702,961.00		$	2,401,608,292.64
	ii	Total Outstanding Balance Notes	$	2,703,709,877.49		$	2,408,152,174.82
	iii	Difference	$	(12,006,916.49	)	$	(6,543,882.18	)
	iv	Parity Ratio		0.99556			0.99728

1

II. 2004-9 Transactions from: 04/1/2005 through: 06/30/2005

A	Student Loan Principal Activity
	i	Regular Principal Collections	$	269,848,721.35
	ii	Principal Collections from Guarantor		25,169,568.05
	iii	Principal Reimbursements		497.484.51
	iv	Other System Adjustments		0.00
	v	Total Principal Collections	$	295,515,773.91
B	Student Loan Non-Cash Principal Activity
	i	Other Adjustments	$	19,675.33
	ii	Capitalized Interest		(10,311,371.80	)
	iii	Total Non-Cash Principal Activity	$	(10,291,696.47	)
C	Total Student Loan Principal Activity		$	285,224,077.44
D	Student Loan Interest Activity
	i	Regular Interest Collections	$	9,103,734.23
	ii	Interest Claims Received from Guarantors		520,956.84
	iii	Collection Fees/Returned Items		149,316.91
	iv	Late Fee Reimbursements		444,484.95
	v	Interest Reimbursements		129,351.70
	vi	Other System Adjustments		0.00
	vii	Special Allowance Payments		10,216,407.45
	viii	Subsidy Payments		5,082,682.96
	ix	Total Interest Collections	$	25,646,935.04
E	Student Loan Non-Cash Interest Activity
	i	Interest Accrual Adjustment	$	1,850.78
	ii	Capitalized Interest		10,311,371.80
	iii	Total Non-Cash Interest Adjustments	$	10,313,222.58
F	Total Student Loan Interest Activity		$	35,960,157.62
G	Non-Reimbursable Losses During Collection Period		$	0.00
H	Cumulative Non-Reimbursable Losses to Date		$	65.41

2

III. 2004-9 Collection Account Activity 4/1/2005 through 6/30/2005

A	Principal Collections
	i	Principal Payments Received	$	53,479,780.90
	ii	Consolidation Principal Payments		241,538,508.50
	iii	Reimbursements by Seller		11,223.19
	iv	Borrower Benefits Reimbursements		427,851.46
	v	Reimbursements by Servicer		111.90
	vi	Re-purchased Principal		58,297.96
	vii	Total Principal Collections	$	295,515,773.91
B	Interest Collections
	i	Interest Payments Received	$	22,276,586.55
	ii	Consolidation Interest Payments		2,647,194.93
	iii	Reimbursements by Seller		151.80
	iv	Borrower Benefits Reimbursements		0.00
	v	Reimbursements by Servicer		128,063.80
	vi	Re-purchased Interest		1,136.10
	vii	Collection Fees/Return Items		149,316.91
	viii	Late Fees		444,484.95
	ix	Total Interest Collections	$	25,646,935.04
C	Other Reimbursements		$	267,225.40
D	Reserves in Excess of the Requirement		$	723,428.10
E	Interest Rate Cap Proceeds		$	0.00
F	Administrator Account Investment Income		$	0.00
G	Investment Earnings for Period in Trust Accounts		$	1,356,148.09
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		$	323,509,510.54
	LESS FUNDS PREVIOUSLY REMITTED:
		Servicing Fees	$	(3,922,407.71	)
K	NET AVAILABLE FUNDS		$	319,587,102.83
L	Servicing Fees Due for Current Period		$	1,882,295.27
M	Carryover Servicing Fees Due		$	0.00
N	Administration Fees Due		$	20,000.00
	Total Fees Due for Period		$	1,902,295.27

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IV. 2004-9 Portfolio Characteristics

	Weighted Avg Coupon						# of Loans				% *						Principal Amount				% *
STATUS	3/31/2005			6/30/2005			3/31/2005		6/30/2005		3/31/2005			6/30/2005			3/31/2005		6/30/2005		3/31/2005			6/30/2005
INTERIM:
In School
Current		2.770	%		2.770	%		238,210		151,255		29.210	%		20.200	%	$	900,339,121.42	$	500,842,882.00		33.935	%		21.151	%
Grace
Current		2.770	%		2.770	%		66,211		77,779		8.119	%		10.387	%		220,640,613.54		307,901,756.73		8.316	%		13.003	%
TOTAL INTERIM		2.770	%		2.770	%		304,421		229,034		37.328	%		30.587	%	$	1,120,979,734.96	$	808,744,638.73		42.251	%		34.154	%
REPAYMENT
Active
Current		3.799	%		3.742	%		256,230		256,009		31.419	%		34.189	%	$	811,654,367.85	$	772,507,905.36		30.592	%		32.624	%
31-60 Days Delinquent		3.739	%		3.691	%		22,043		26,558		2.703	%		3.547	%		64,410,804.01		74,601,703.60		2.428	%		3.151	%
61-90 Days Delinquent		3.660	%		3.646	%		15,640		18,548		1.918	%		2.477	%		43,095,816.92		50,268,293.21		1.624	%		2.123	%
91-120 Days Delinquent		3.580	%		3.629	%		12,454		12,409		1.527	%		1.657	%		34,587,440.75		32,389,406.43		1.304	%		1.368	%
> 120 Days Delinquent		3.634	%		3.603	%		46,642		42,996		5.719	%		5.742	%		113,184,105.84		106,127,647.11		4.266	%		4.482	%
Deferment
Current		2.921	%		2.862	%		76,144		90,122		9.337	%		12.036	%		215,127,049.95		301,777,669.50		8.108	%		12.744	%
Forbearance
Current		3.605	%		3.592	%		75,474		65,614		9.255	%		8.763	%		234,367,975.89		203,878,657.81		8.834	%		8.610	%
TOTAL REPAYMENT		3.621	%		3.532	%		504,627		512,256		61.878	%		68.410	%	$	1,516,427,561.21	$	1,541,551,283.02		57.155	%		65.100	%
Claims in Process (1)		3.668	%		3.695	%		6,474		7,508		0.794	%		1.003	%	$	15,744,831.36	$	17,632,128.34		0.593	%		0.745	%
Aged Claims Rejected (2)		0.000	%		0.000	%		0		0		0.000	%		0.000	%	$	0.00	$	0.00		0.000	%		0.000	%
GRAND TOTAL		3.262	%		3.273	%		815,522		748,798		100.000	%		100.000	%	$	2,653,152,127.53	$	2,367,928,050.09		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		3.222	%		419,364	$	1,141,481,912.02		48.206	%
- GSL - Unsubsidized		3.040	%		280,732		939,772,041.28		39.688	%
- PLUS Loans		4.178	%		45,861		278,042,829.11		11.742	%
- SLS Loans		5.729	%		2,841		8,631,267.68		0.365	%
- Total		3.273	%		748,798	$	2,367,928,050.09		100.000	%

SCHOOL TYPE	WAC			# Loans		$ Amount		%
- Four Year		3.190	%		510,265	$	1,809,567,724.63		76.420	%
- Two Year		3.412	%		141,720		330,676,834.69		13.965	%
- Technical		3.731	%		96,806		227,666,797.79		9.615	%
- Other		2.766	%		7		16,692.98		0.001	%
- Total		3.273	%		748,798	$	2,367,928,050.09		100.000	%

*     Percentages may not total 100% due to rounding.

5

VI. 2004-9 Interest Accruals

A	Borrower Interest Accrued During Collection Period		$	15,895,914.15
B	Interest Subsidy Payments Accrued During Collection Period			4,619,815.17
C	SAP Payments Accrued During Collection Period			11,881,660.23
D	INV Earnings Accrued for Collection Period (TRUST ACCOUNTS)			1,356,148.09
E	Investment Earnings (ADMINISTRATOR ACCOUNTS)			0.00
F	Net Expected Interest Collections		$	33,753,537.64
G	Interest Rate Cap Payments Due to the Trust
			Cap
	i	Cap Notional Amount	$	715,000,000.00
	ii	Libor (Interpolated first period)		3.16063	%
	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		0.007964093	4/25/05-7/25/05		3.15063	%
B	Class A-2 Interest Rate		0.008039926	4/25/05-7/25/05		3.18063	%
C	Class A-3 Interest Rate		0.008216870	4/25/05-7/25/05		3.25063	%
D	Class A-4 Interest Rate		0.008317981	4/25/05-7/25/05		3.29063	%
E	Class A-5 Interest Rate		0.008368537	4/25/05-7/25/05		3.31063	%
F	Class B Interest Rate		0.008823537	4/25/05-7/25/05		3.49063	%

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VIII. 2004-9 Inputs From Prior Period 3/31/05

A	Total Student Loan Pool Outstanding
	i	Portfolio Balance	$	2,653,152,127.53
	ii	Interest To Be Capitalized		29,843,344.79
	iii	Total Pool	$	2,682,995,472.32
	iv	Specified Reserve Account Balance		6,707,488.68
	v	Capitalized Interest		2,000,000.00
	vi	Total Adjusted Pool	$	2,691,702,961.00
B	Total Note and Certificate Factor			0.893921665
C	Total Note Balance		$	2,703,709,877.49
D	Note Balance 4/25/2005		Class A-1		Class A-2		Class A-3		Class A-4		Class A-5		Class B
	i	Current Factor		0.521135638		1.000000000		1.000000000		1.000000000		1.000000000		1.000000000
	ii	Expected Note Balance	$	349,160,877.49	$	897,000,000.00	$	487,000,000.00	$	602,000,000.00	$	277,812,000.00	$	90,737,000.00
	iii	Note Principal Shortfall	$	12,006,916.49	$	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		$	6,707,488.68
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

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IX. 2004-9 Waterfall for Distributions

					Remaining
					Funds Balance
A	Total Available Funds ( Section III-K )		$	319,587,102.83	$	319,587,102.83
B	Primary Servicing Fees-Current Month		$	1,882,295.27	$	317,704,807.56
C	Administration Fee		$	20,000.00	$	317,684,807.56
D	Class A Noteholders’ Interest Distribution Amounts
	i	Class A-1	$	2,780,749.53	$	314,904,058.03
	ii	Class A-2	$	7,211,813.47	$	307,692,244.56
	iii	Class A-3	$	4,001,615.83	$	303,690,628.73
	iv	Class A-4	$	5,007,424.80	$	298,683,203.93
	v	Class A-5	$	2,324,879.99	$	296,358,323.94
	vii	Total Noteholder’s Interest Distribution	$	21,326,483.62
E	Class B Noteholders’ Interest Distribution Amount		$	800,621.27	$	295,557,702.67
F	i	Class A-1	$	295,557,702.67	$	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	$	295,557,702.67
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				$	2,780,749.53		$	7,211,813.47	$	4,001,615.83	$	5,007,424.80	$	2,324,879.99	$	800,621.27
	ii	Quarterly Interest Paid					2,780,749.53			7,211,813.47		4,001,615.83		5,007,424.80		2,324,879.99		800,621.27
	iii	Interest Shortfall				$	0.00		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	vii	Quarterly Principal Due				$	302,101,584.85		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	viii	Quarterly Principal Paid					295,557,702.67			0.00		0.00		0.00		0.00		0.00
	ix	Quarterly Principal Shortfall				$	6,543,882.18		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	x	Total Distribution Amount				$	298,338,452.20		$	7,211,813.47	$	4,001,615.83	$	5,007,424.80	$	2,324,879.99	$	800,621.27
B	Principal Distribution Reconciliation
	i	Notes Outstanding Principal Balance 6/30/05				$	2,703,709,877.49
	ii	Adjusted Pool Balance 6/30/05					2,401,608,292.64
	iii	Adjusted Pool Exceeding Notes Balance (i-ii)				$	302,101,584.85
	iv	Adjusted Pool Balance 3/31/05				$	2,691,702,961.00
	v	Adjusted Pool Balance 6/30/05					2,401,608,292.64
	vi	Current Principal Due (iv-v)				$	290,094,668.36
	vii	Principal Shortfall from Prior Period					12,006,916.49
	viii	Principal Distribution Amount (vi + vii)				$	302,101,584.85
	ix	Principal Distribution Amount Paid				$	295,557,702.67
	x	Principal Shortfall (viii - ix)				$	6,543,882.18
C		Total Principal Distribution				$	295,557,702.67
D		Total Interest Distribution					22,127,104.89
E		Total Cash Distributions				$	317,684,807.56
F	Note Balances				4/25/2005	Paydown Factor				7/25/2005
	i	A-1 Note Balance	78442GMU7	$	349,160,877.49				$	53,603,174.82
		A-1 Note Pool Factor			0.521135638		(0.441130900	)		0.080004739
	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				$	6,707,488.68
	ii	Deposits to correct Shortfall				$	0.00
	iii	Total Reserve Account Balance Available				$	6,707,488.68
	iv	Required Reserve Account Balance				$	5,984,060.58
	v	Shortfall Carried to Next Period				$	0.00
	vi	Excess Reserve — Release to Waterfall				$	723,428.10
	vii	Ending Reserve Account Balance				$	5,984,060.58

9

XI. 2004-9 Historical Pool Information

			4/1/05-6/30/05			1/1/05-3/31/05			9/23/04-12/31/04
Beginning Student Loan Portfolio Balance			$	2,653,152,127.53		$	2,835,992,611.54		$	2,951,175,597.48
	Student Loan Principal Activity
	i	Regular Principal Collections	$	269,848,721.35		$	181,879,729.09		$	120,654,382.94
	ii	Principal Collections from Guarantor		25,169,568.05			7,215,196.77		$	1,168,434.25
	iii	Principal Reimbursements		497,484.51			574,407.22		$	721,702.83
	iv	Other System Adjustments		0.00			0.00		$	0.00
	v	Total Principal Collections	$	295,515,773.91		$	189,669,333.08		$	122,544,520.02
	Student Loan Non-Cash Principal Activity
	i	Other Adjustments	$	19,675.33		$	24,163.19		$	41,982.82
	ii	Capitalized Interest		(10,311,371.80	)		(6,853,012.26	)	$	(7,403,516.90	)
	iii	Total Non-Cash Principal Activity	$	(10,291,696.47	)	$	(6,828,849.07	)	$	(7,361,534.08	)
(-)	Total Student Loan Principal Activity		$	285,224,077.44		$	182,840,484.01		$	115,182,985.94
	Student Loan Interest Activity
	i	Regular Interest Collections	$	9,103,734.23		$	8,514,492.36		$	8,954,355.81
	ii	Interest Claims Received from Guarantors		520,956.84			124,676.72		$	10,298.62
	iii	Collection Fees/Returned Items		149,316.91			155,861.14		$	82,404.69
	iv	Late Fee Reimbursements		444,484.95			490,962.68		$	446,987.37
	v	Interest Reimbursements		129,351.70			71,865.87		$	11,916.69
	vi	Other System Adjustments		0.00			0.00		$	0.00
	vii	Special Allowance Payments		10,216,407.45			7,360,578.36		$	364,278.60
	viii	Subsidy Payments		5,082,682.96			5,537,206.30		$	489,893.77
	ix	Total Interest Collections	$	25,646,935.04		$	22,255,643.43		$	10,360,135.55
	Student Loan Non-Cash Interest Activity
	i	Interest Accrual Adjustment	$	1,850.78		$	2,551.57		$	(1,352.10	)
	ii	Capitalized Interest		10,311,371.80			6,853,012.26		$	7,403,516.90
	iii	Total Non-Cash Interest Adjustments	$	10,313,222.58		$	6,855,563.83		$	7,402,164.80
	Total Student Loan Interest Activity		$	35,960,157.62		$	29,111,207.26		$	17,762,300.35
(=)	Ending Student Loan Portfolio Balance		$	2,367,928,050.09		$	2,653,152,127.53		$	2,835,992,611.54
(+)	Interest to be Capitalized		$	25,696,181.97		$	29,843,344.79		$	27,933,391.29
(=)	TOTAL POOL		$	2,393,624,232.06		$	2,682,995,472.32		$	2,863,926,002.83
(+)	Reserve Account Balance		$	5,984,060.58		$	6,707,488.68		$	7,159,815.01
(+)	Capitalized Interest		$	2,000,000.00		$	2,000,000.00		$	2,000,000.00
(=)	Total Adjusted Pool		$	2,401,608,292.64		$	2,691,702,961.00		$	2,873,085,817.84

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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	%
Jul-05	$	2,393,624,232		20.73	%

* “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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