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

SLM Student Loan Trust 2004-9 Quarterly Servicing Report
Report Date: 09/30/2005 Reporting Period: 7/1/05-9/30/05

I. Deal Parameters

	Student Loan Portfolio Characteristics								06/30/2005			Activity			09/30/2005
A	i	Portfolio Balance							$	2,367,928,050.09			($402,159,237.15	)	$	1,965,768,812.94
	ii	Interest to be Capitalized								25,696,181.97						24,931,891.45
	iii	Total Pool							$	2,393,624,232.06					$	1,990,700,704.39
	iv	Specified Reserve Account Balance								5,984,060.58						4,976,751.76
	v	Capitalized Interest								2,000,000.00						2,000,000.00
	vi	Total Adjusted Pool							$	2,401,608,292.64					$	1,997,677,456.15
B	i	Weighted Average Coupon (WAC)								3.273	%					5.178	%
	ii	Weighted Average Remaining Term								116.93						115.36
	iii	Number of Loans								748,798						651,869
	iv	Number of Borrowers								393,611						345,417
	v	Aggregate Outstanding Principal Balance — T-Bill							$	229,447,439.45					$	194,495,107.77
	vi	Aggregate Outstanding Principal Balance — Commercial Paper							$	2,164,176,792.61					$	1,796,205,596.62
									% of						% of
	Notes			Spread			Balance 7/25/05		O/S Securities			Balance 10/25/05			O/S Securities
C	i	A-1 Notes	78442GMU7		-0.010	%	$	53,603,174.82		2.226	%	$	0.00			0.000	%
	ii	A-2 Notes	78442GMV5		0.020	%		897,000,000.00		37.248	%		540,128,456.15			27.038	%
	iii	A-3 Notes	78442GMW3		0.090	%		487,000,000.00		20.223	%		487,000,000.00			24.378	%
	iv	A-4 Notes	78442GMX1		0.130	%		602,000,000.00		24.998	%		602,000,000.00			30.135	%
	v	A-5 Notes	78442GMY9		0.150	%		277,812,000.00		11.536	%		277,812,000.00			13.907	%
	vi	B Notes	78442GMZ6		0.330	%		90,737,000.00		3.768	%		90,737,000.00			4.542	%
	vii	Total Notes					$	2,408,152,174.82		100.000	%	$	1,997,677,456.15			100.000	%
	Reserve Account											07/25/2005			10/25/2005
D	i	Required Reserve Acct Deposit (%)										0.25%			0.25%
	ii	Reserve Acct Initial Deposit ($)
	iii	Specified Reserve Acct Balance ($)										$	5,984,060.58		$	4,976,751.76
	iv	Reserve Account Floor Balance ($)										$	3,000,049.00		$	3,000,049.00
	v	Current Reserve Acct Balance ($)										$	5,984,060.58		$	4,976,751.76
	Capitalized Interest Account											07/25/2005			10/25/2005
E	i	Current Capitalized Interest Account Balance ($)										$	2,000,000.00		$	2,000,000.00
	Asset/Liability											07/25/2005			10/25/2005
F	i	Total Adjusted Pool										$	2,401,608,292.64		$	1,997,677,456.15
	ii	Total Outstanding Balance Notes										$	2,408,152,174.82		$	1,997,677,456.15
	iii	Difference										$	(6,543,882.18	)	$	0.00
	iv	Parity Ratio											0.99728			1.00000

1

II. 2004-9 Transactions from: 07/01/2005 through: 09/30/2005

A	Student Loan Principal Activity
	i	Regular Principal Collections	$	381,767,606.03
	ii	Principal Collections from Guarantor		28,733,607.94
	iii	Principal Reimbursements		203,126.00
	iv	Other System Adjustments		0.00
	v	Total Principal Collections	$	410,704,339.97
B	Student Loan Non-Cash Principal Activity
	i	Other Adjustments	$	38,758.76
	ii	Capitalized Interest		(8,583,861.58	)
	iii	Total Non-Cash Principal Activity	$	(8,545,102.82	)
C	Total Student Loan Principal Activity		$	402,159,237.15
D	Student Loan Interest Activity
	i	Regular Interest Collections	$	10,992,759.79
	ii	Interest Claims Received from Guarantors		644,507.63
	iii	Collection Fees/Returned Items		158,573.12
	iv	Late Fee Reimbursements		479,593.64
	v	Interest Reimbursements		67,456.82
	vi	Other System Adjustments		0.00
	vii	Special Allowance Payments		11,903,069.09
	viii	Subsidy Payments		4,652,130.80
	ix	Total Interest Collections	$	28,898,090.89
E	Student Loan Non-Cash Interest Activity
	i	Interest Accrual Adjustment	$	4,518.00
	ii	Capitalized Interest		8,583,861.58
	iii	Total Non-Cash Interest Adjustments	$	8,588,379.58
F	Total Student Loan Interest Activity		$	37,486,470.47
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 07/01/2005 through 09/30/2005

A	Principal Collections
	i	Principal Payments Received	$	54,025,167.94
	ii	Consolidation Principal Payments		356,476,046.03
	iii	Reimbursements by Seller		2,365.08
	iv	Borrower Benefits Reimbursements		51,716.87
	v	Reimbursements by Servicer		441.06
	vi	Re-purchased Principal		148,602.99
	vii	Total Principal Collections	$	410,704,339.97
B	Interest Collections
	i	Interest Payments Received	$	24,305,234.33
	ii	Consolidation Interest Payments		3,887,232.98
	iii	Reimbursements by Seller		(12.92	)
	iv	Borrower Benefits Reimbursements		0.00
	v	Reimbursements by Servicer		65,176.87
	vi	Re-purchased Interest		2,292.87
	vii	Collection Fees/Return Items		158,573.12
	viii	Late Fees		479,593.64
	ix	Total Interest Collections	$	28,898,090.89
C	Other Reimbursements		$	44,197.78
D	Reserves in Excess of the Requirement		$	1,007,308.82
E	Interest Rate Cap Proceeds		$	0.00
F	Administrator Account Investment Income		$	0.00
G	Investment Earnings for Period in Trust Accounts		$	3,029,858.22
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		$	443,683,795.68
	LESS FUNDS PREVIOUSLY REMITTED:
		Servicing Fees	$	(3,381,345.22	)
K	NET AVAILABLE FUNDS		$	440,302,450.46
L	Servicing Fees Due for Current Period		$	1,534,552.02
M	Carryover Servicing Fees Due		$	0.00
N	Administration Fees Due		$	20,000.00
	Total Fees Due for Period		$	1,554,552.02

3

IV. 2004-9 Portfolio Characteristics

	Weighted Avg Coupon						# of Loans				% *						Principal Amount				% *
STATUS	06/30/2005			09/30/2005			06/30/2005		09/30/2005		06/30/2005			09/30/2005			06/30/2005		09/30/2005		06/30/2005			09/30/2005
INTERIM:
In School
Current		2.770	%		4.700	%		151,255		124,437		20.200	%		19.089	%	$	500,842,882.00	$	400,173,839.79		21.151	%		20.357	%
Grace
Current		2.770	%		4.700	%		77,779		64,874		10.387	%		9.952	%		307,901,756.73		256,003,998.11		13.003	%		13.023	%
TOTAL INTERIM		2.770	%		4.700	%		229,034		189,311		30.587	%		29.041	%	$	808,744,638.73	$	656,177,837.90		34.154	%		33.380	%
REPAYMENT
Active
Current		3.742	%		5.610	%		256,009		210,662		34.189	%		32.317	%	$	772,507,905.36	$	592,851,104.47		32.624	%		30.159	%
31-60 Days Delinquent		3.691	%		5.521	%		26,558		30,108		3.547	%		4.619	%		74,601,703.60		84,694,087.01		3.151	%		4.308	%
61-90 Days Delinquent		3.646	%		5.500	%		18,548		18,326		2.477	%		2.811	%		50,268,293.21		50,008,878.59		2.123	%		2.544	%
91-120 Days Delinquent		3.629	%		5.486	%		12,409		12,999		1.657	%		1.994	%		32,389,406.43		34,454,979.00		1.368	%		1.753	%
> 120 Days Delinquent		3.603	%		5.479	%		42,996		40,914		5.742	%		6.276	%		106,127,647.11		104,001,439.44		4.482	%		5.291	%
Deferment
Current		2.862	%		4.781	%		90,122		77,797		12.036	%		11.934	%		301,777,669.50		230,879,086.88		12.744	%		11.745	%
Forbearance
Current		3.592	%		5.471	%		65,614		63,779		8.763	%		9.784	%		203,878,657.81		194,279,212.39		8.610	%		9.883	%
TOTAL REPAYMENT		3.532	%		5.417	%		512,256		454,585		68.410	%		69.736	%	$	1,541,551,283.02	$	1,291,168,787.78		65.100	%		65.682	%
Claims in Process (1)		3.695	%		5.451	%		7,508		7,965		1.003	%		1.222	%	$	17,632,128.34	$	18,412,127.46		0.745	%		0.937	%
Aged Claims Rejected (2)		0.000	%		5.468	%		0		8		0.000	%		0.001	%	$	8.00	$	10,059.80		0.000	%		0.001	%
GRAND TOTAL		3.273	%		5.178	%		748,798		651,869		100.000	%		100.000	%	$	2,367,928,058.09	$	1,965,768,812.94		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		5.109	%		368,682	$	970,962,338.69		49.394	%
- GSL — Unsubsidized		4.987	%		243,224		775,153,737.53		39.433	%
- PLUS Loans		6.104	%		37,374		211,956,195.63		10.782	%
- SLS Loans		6.882	%		2,589		7,696,541.09		0.392	%
- Total		5.178	%		651,869	$	1,965,768,812.94		100.000	%

SCHOOL TYPE	WAC			# Loans		$ Amount		%
-Four Year		5.102	%		434,574	$	1,466,385,233.25		74.596	%
-Two Year		5.310	%		128,717		294,507,959.66		14.982	%
-Technical		5.532	%		88,572		204,858,651.24		10.421	%
-Other		4.930	%		6		16,968.79		0.001	%
- Total		5.178	%		651,869	$	1,965,768,812.94		100.000	%

*   Percentages may not total 100% due to rounding.

5

VI. 2004-9 Interest Accruals

A	Borrower Interest Accrued During Collection Period		$	21,173,599.41
B	Interest Subsidy Payments Accrued During Collection Period			6,201,321.94
C	SAP Payments Accrued During Collection Period			3,554,975.27
D	INV Earnings Accrued for Collection Period (TRUST ACCOUNTS)			3,029,858.22
E	Investment Earnings (ADMINISTRATOR ACCOUNTS)			0.00
F	Net Expected Interest Collections		$	33,959,754.84
G	Interest Rate Cap Payments Due to the Trust
				Cap
	i	Cap Notional Amount	$	715,000,000.00
	ii	Libor (Interpolated first period)		3.65000	%
	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		0.009302222		7/25/05 - 10/25/05		3.64000	%
B	Class A-2 Interest Rate		0.009378889		7/25/05 - 10/25/05		3.67000	%
C	Class A-3 Interest Rate		0.009557778		7/25/05 - 10/25/05		3.74000	%
D	Class A-4 Interest Rate		0.009660000		7/25/05 - 10/25/05		3.78000	%
E	Class A-5 Interest Rate		0.009711111		7/25/05 - 10/25/05		3.80000	%
F	Class B Interest Rate		0.010171111		7/25/05 - 10/25/05		3.98000	%

6

VIII. 2004-9 Inputs From Prior Period 6/30/05

A	Total Student Loan Pool Outstanding
	i	Portfolio Balance	$	2,367,928,050.09
	ii	Interest To Be Capitalized		25,696,181.97
	iii	Total Pool	$	2,393,624,232.06
	iv	Specified Reserve Account Balance		5,984,060.58
	v	Capitalized Interest		2,000,000.00
	vi	Total Adjusted Pool	$	2,401,608,292.64
B	Total Note and Certificate Factor			0.796202070
C	Total Note Balance		$	2,408,152,174.82
D	Note Balance 07/25/2005		Class A-1		Class A-2		Class A-3		Class A-4		Class A-5		Class B
	i	Current Factor		0.080004739		1.000000000		1.000000000		1.000000000		1.000000000		1.000000000
	ii	Expected Note Balance	$	53,603,174.82	$	897,000,000.00	$	487,000,000.00	$	602,000,000.00	$	277,812,000.00	$	90,737,000.00
	iii	Note Principal Shortfall	$	6,543,882.18	$	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		$	5,984,060.58
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 )		$	440,302,450.46	$	440,302,450.46
B	Primary Servicing Fees-Current Month		$	1,534,552.02	$	438,767,898.44
C	Administration Fee		$	20,000.00	$	438,747,898.44
D	Class A Noteholders’ Interest Distribution Amounts
	i	Class A-1	$	498,628.64	$	438,249,269.80
	ii	Class A-2	$	8,412,863.33	$	429,836,406.47
	iii	Class A-3	$	4,654,637.78	$	425,181,768.69
	iv	Class A-4	$	5,815,320.00	$	419,366,448.69
	v	Class A-5	$	2,697,863.20	$	416,668,585.49
	vii	Total Noteholder's Interest Distribution	$	22,079,312.95
E	Class B Noteholders’ Interest Distribution Amount		$	922,896.11	$	415,745,689.38
F	i	Class A-1	$	53,603,174.82	$	362,142,514.56
	ii	Class A-2	$	356,871,543.85	$	5,270,970.71
	iii	Class A-3	$	0.00	$	5,270,970.71
	iv	Class A-4	$	0.00	$	5,270,970.71
	v	Class A-5	$	0.00	$	5,270,970.71
	vi	Class B	$	0.00	$	5,270,970.71
	vii	Total Noteholder's Principal Distribution	$	410,474,718.67
G	Increase to the Specified Reserve Account Balance		$	0.00	$	5,270,970.71
H	Carryover Servicing Fees		$	0.00	$	5,270,970.71
I	Excess to Certificateholder		$	5,270,970.71	$	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				$	498,628.64	$	8,412,863.33	$	4,654,637.78	$	5,815,320.00	$	2,697,863.20	$	922,896.11
	ii	Quarterly Interest Paid					498,628.64		8,412,863.33		4,654,637.78		5,815,320.00		2,697,863.20		922,896.11
	iii	Interest Shortfall				$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	vii	Quarterly Principal Due				$	53,603,174.82	$	356,871,543.85	$	0.00	$	0.00	$	0.00	$	0.00
	viii	Quarterly Principal Paid					53,603,174.82		356,871,543.85		0.00		0.00		0.00		0.00
	ix	Quarterly Principal Shortfall				$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	x	Total Distribution Amount				$	54,101,803.46	$	365,284,407.18	$	4,654,637.78	$	5,815,320.00	$	2,697,863.20	$	922,896.11
B	Principal Distribution Reconciliation
	i	Notes Outstanding Principal Balance 9/30/05				$	2,408,152,174.82
	ii	Adjusted Pool Balance 9/30/05					1,997,677,456.15
	iii	Adjusted Pool Exceeding Notes Balance (i - ii)				$	410,474,718.67
	iv	Adjusted Pool Balance 6/30/05				$	2,401,608,292.64
	v	Adjusted Pool Balance 9/30/05					1,997,677,456.15
	vi	Current Principal Due (iv - v)				$	403,930,836.49
	vii	Principal Shortfall from Prior Period					6,543,882.18
	viii	Principal Distribution Amount (vi + vii)				$	410,474,718.67
	ix	Principal Distribution Amount Paid				$	410,474,718.67
	x	Principal Shortfall (viii - ix)				$	0.00
C		Total Principal Distribution				$	410,474,718.67
D		Total Interest Distribution					23,002,209.06
E		Total Cash Distributions				$	433,476,927.73
F	Note Balances				07/25/2005	Paydown Factor			10/25/2005
	i	A-1 Note Balance	78442GMU7	$	53,603,174.82			$	—
		A-1 Note Pool Factor			0.080004739		0.080004739		0.000000000
	ii	A-2 Note Balance	78442GMV5	$	897,000,000.00			$	540,128,456.15
		A-2 Note Pool Factor			1.000000000		0.397850105		0.602149895
	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				$	5,984,060.58
	ii	Deposits to correct Shortfall				$	0.00
	iii	Total Reserve Account Balance Available				$	5,984,060.58
	iv	Required Reserve Account Balance				$	4,976,751.76
	v	Shortfall Carried to Next Period				$	0.00
	vi	Excess Reserve — Release to Waterfall				$	1,007,308.82
	vii	Ending Reserve Account Balance				$	4,976,751.76

9

XI. 2004-9 Historical Pool Information

			7/1/05-9/30/05			4/1/05-6/30/05			1/1/05-3/31/05			9/23/04-12/31/04
Beginning Student Loan Portfolio Balance			$	2,367,928,050.09		$	2,653,152,127.53		$	2,835,992,611.54		$	2,951,175,597.48
	Student Loan Principal Activity
	i	Regular Principal Collections	$	381,767,606.03		$	269,848,721.35		$	181,879,729.09		$	120,654,382.94
	ii	Principal Collections from Guarantors		28,733,607.94			25,169,568.05			7,215,196.77			1,168,434.25
	iii	Principal Reimbursements		203,126.00			497,484.51			574,407.22			721,702.83
	iv	Other System Adjustments		0.00			0.00			0.00			0.00
	v	Total Principal Collections	$	410,704,339.97		$	295,515,773.91		$	189,669,333.08		$	122,544,520.02
	Student Loan Non-Cash Principal Activity
	i	Other Adjustments	$	38,758.76		$	19,675.33		$	24,163.19		$	41,982.82
	ii	Capitalized Interest		(8,583,861.58	)		(10,311,371.80	)		(6,853,012.26	)		(7,403,516.90	)
	iii	Total Non-Cash Principal Activity	$	(8,545,102.82	)	$	(10,291,696.47	)	$	(6,828,849.07	)	$	(7,361,534.08	)
(-)	Total Student Loan Principal Activity		$	402,159,237.15		$	285,224,077.44		$	182,840,484.01		$	115,182,985.94
	Student Loan Interest Activity
	i	Regular Interest Collections	$	10,992,759.79		$	9,103,734.23		$	8,514,492.36		$	8,954,355.81
	ii	Interest Claims Received from Guarantors		644,507.63			520,956.84			124,676.72			10,298.62
	iii	Collection Fees/Returned Items		158,573.12			149,316.91			155,861.14			82,404.69
	iv	Late Fee Reimbursements		479,593.64			444,484.95			490,962.68			446,987.37
	v	Interest Reimbursements		67,456.82			129,351.70			71,865.87			11,916.69
	vi	Other System Adjustments		0.00			0.00			0.00			0.00
	vii	Special Allowance Payments		11,903,069.09			10,216,407.45			7,360,578.36			364,278.60
	viii	Subsidy Payments		4,652,130.80			5,082,682.96			5,537,206.30			489,893.77
	ix	Total Interest Collections	$	28,898,090.89		$	25,646,935.04		$	22,255,643.43		$	10,360,135.55
	Student Loan Non-Cash Interest Activity
	i	Interest Accrual Adjustment	$	4,518.00		$	1,850.78		$	2,551.57		$	(1,352.10	)
	ii	Capitalized Interest		8,583,861.58			10,311,371.80			6,853,012.26			7,403,516.90
	iii	Total Non-Cash Interest Adjustments	$	8,588,379.58		$	10,313,222.58		$	6,855,563.83		$	7,402,164.80
	Total Student Loan Interest Activity		$	37,486,470.47		$	35,960,157.62		$	29,111,207.26		$	17,762,300.35
(=)	Ending Student Loan Portfolio Balance		$	1,965,768,812.94		$	2,367,928,050.09		$	2,653,152,127.53		$	2,835,992,611.54
(+)	Interest to be Capitalized		$	24,931,891.45		$	25,696,181.97		$	29,843,344.79		$	27,933,391.29
(=)	TOTAL POOL		$	1,990,700,704.39		$	2,393,624,232.06		$	2,682,995,472.32		$	2,863,926,002.83
(+)	Reserve Account Balance		$	4,976,751.76		$	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		$	2,000,000.00
(=)	Total Adjusted Pool		$	1,997,677,456.15		$	2,401,608,292.64		$	2,691,702,961.00		$	2,873,085,817.84

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	%
Oct-05	$	1,990,700,704		28.62	%

* “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