SLM Student Loan Trust 2005-2 8-K Other Events

SLM Student Loan Trust 2005-2 Quarterly Servicing Report
Report Date: 3/31/2005 Reporting Period: 2/15/05-3/31/05

I. Deal Parameters

	Student Loan Portfolio Characteristics		2/15/05 *			Activity			3/31/2005
A	i	Portfolio Balance	$	1,954,517,926.44		$	(37,067,264.56	)	$	1,917,450,661.88
	ii	Interest to be Capitalized		19,624,548.57						21,542,887.10
	iii	Total Pool	$	1,974,142,475.01					$	1,938,993,548.98
	iv	Specified Reserve Account Balance		5,012,023.00						4,847,483.87
	vi	Total Adjusted Pool	$	1,979,154,498.01					$	1,943,841,032.85
B	i	Weighted Average Coupon (WAC)		3.200	%					3.169	%
	ii	Weighted Average Remaining Term		124.24						122.87
	iii	Number of Loans		621,523						611,223
	iv	Number of Borrowers		295,267						292,453
	v	Aggregate Outstanding Principal Balance - T-Bill	$	194,785,247.65					$	185,091,338.49
	vi	Aggregate Outstanding Principal Balance - Commercial Paper	$	1,810,023,856.32					$	1,753,902,210.49

									% of					% of
C	Notes			Spread			Balance 2/15/05		O/S Securities			Balance 4/25/05		O/S Securities
	i	A-1 Notes	78442GNR3		-0.020	%	$	450,000,000.00		22.224	%	$	386,091,547.15		19.689	%
	ii	A-2 Notes	78442GNS1		0.010	%		603,000,000.00		29.780	%		603,000,000.00		30.750	%
	iii	A-3 Notes	78442GNT9		0.040	%		321,000,000.00		15.853	%		321,000,000.00		16.370	%
	iv	A-4 Notes	78442GNU6		0.080	%		388,000,000.00		19.162	%		388,000,000.00		19.786	%
	v	A-5 Notes	78442GNV4		0.090	%		202,111,000.00		9.981	%		202,111,000.00		10.307	%
	vi	B Notes	78442GNW2		0.170	%		60,746,000.00		3.000	%		60,746,000.00		3.098	%
	vii	Total Notes					$	2,024,857,000.00		100.000	%	$	1,960,948,547.15		100.000	%

D		Reserve Account		2/15/2005		4/25/2005
		i	Required Reserve Acct Deposit (%)	0.25%		0.25%
		ii	Reserve Acct Initial Deposit ($)	$	5,012,023.00
	��	iii	Specified Reserve Acct Balance ($)	$	5,012,023.00	$	4,847,483.87
		iv	Reserve Account Floor Balance ($)	$	2,004,809.00	$	2,004,809.00
		v	Current Reserve Acct Balance ($)	$	5,012,023.00	$	4,847,483.87

E	Asset/Liability		2/15/2005			4/25/2005
	i	Total Adjusted Pool	$	1,979,154,498.01		$	1,943,841,032.85
	ii	Total Outstanding Balance Notes	$	2,024,857,000.00		$	1,960,948,547.15
	iii	Difference	$	(45,702,501.99	)	$	(17,107,514.30	)
	iv	Parity Ratio		0.97743			0.99128

* Section I.A. data as of 2/15/05, the settlement date. Section I.B. data as of 1/26/05, the statistical cutoff date

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II. 2005-2 Transactions from: 2/16/2005 through: 3/31/2005

A	Student Loan Principal Activity
	i	Regular Principal Collections	$	68,200,502.14
	ii	Principal Collections from Guarantor		204,362.37
	iii	Principal Reimbursements		358,394.19
	iv	Other System Adjustments		0.00
	v	Total Principal Collections	$	68,763,258.70
B	Student Loan Non-Cash Principal Activity
	i	Other Adjustments	$	35,510.43
	ii	Capitalized Interest		(1,279,020.93	)
	iii	Total Non-Cash Principal Activity	$	(1,243,510.50	)
C	Student Loan Principal Purchases		$	(30,452,483.64	)
D	Total Student Loan Principal Activity		$	37,067,264.56
E	Student Loan Interest Activity
	i	Regular Interest Collections	$	2,377,445.42
	ii	Interest Claims Received from Guarantors		1,130.92
	iii	Collection Fees/Returned Items		21,456.78
	iv	Late Fee Reimbursements		139,473.44
	v	Interest Reimbursements		5,115.59
	vi	Other System Adjustments		0.00
	vii	Special Allowance Payments		0.00
	viii	Subsidy Payments		0.00
	ix	Total Interest Collections	$	2,544,622.15
F	Student Loan Non-Cash Interest Activity
	i	Interest Accrual Adjustment	$	(2,185.38	)
	ii	Capitalized Interest		1,279,020.93
	iii	Total Non-Cash Interest Adjustments	$	1,276,835.55
	Student Loan Interest Purchases		$	(255,384.18	)
G	Total Student Loan Interest Activity		$	3,566,073.52
H	Non-Reimbursable Losses During Collection Period		$	0.00
I	Cumulative Non-Reimbursable Losses to Date		$	0.00

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III. 2005-2 Collection Account Activity 2/16/2005 through 3/31/2005

A	Principal Collections
	i	Principal Payments Received	$	12,079,515.23
	ii	Consolidation Principal Payments		56,325,349.28
	iii	Reimbursements by Seller		57,689.13
	iv	Borrower Benefits Reimbursements		1,240.57
	v	Reimbursements by Servicer		1,861.73
	vi	Re-purchased Principal		297,602.76
	vii	Total Principal Collections	$	68,763,258.70
B	Interest Collections
	i	Interest Payments Received	$	2,094,624.89
	ii	Consolidation Interest Payments		283,951.45
	iii	Reimbursements by Seller		3.80
	iv	Borrower Benefits Reimbursements		978.29
	v	Reimbursements by Servicer		723.91
	vi	Re-purchased Interest		3,409.59
	vii	Collection Fees/Return Items		21,456.78
	viii	Late Fees		139,473.44
	ix	Total Interest Collections	$	2,544,622.15
C	Other Reimbursements		$	34,337.14
D	Reserves in Excess of the Requirement		$	164,539.13
E	Administrator Account Investment Income		$	0.00
F	Investment Earnings for Period in Trust Accounts		$	156,475.20
G	Funds borrowed during previous distribution		$	0.00
H	Funds borrowed from subsequent distribution		$	0.00
I	Excess Transferred from Supplemental Loan Purchase Account		$	106.61
J	Initial Deposits into Collection Account		$	5,205,000.00
K	TOTAL AVAILABLE FUNDS		$	76,868,338.93
	LESS FUNDS PREVIOUSLY REMITTED:
		Servicing Fees	$	(737,842.34	)
L	NET AVAILABLE FUNDS		$	76,130,496.59
M	Servicing Fees Due for Current Period		$	1,472,165.00
N	Carryover Servicing Fees Due		$	0.00
O	Administration Fees Due		$	20,000.00
	Total Fees Due for Period		$	1,492,165.00

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IV. 2005-2 Portfolio Characteristics

	Weighted Avg Coupon						# of Loans				% *						Principal Amount				% *
STATUS	1/26/2005			3/31/2005			1/26/2005		3/31/2005		1/26/2005			3/31/2005			1/26/2005		3/31/2005		1/26/2005			3/31/2005
INTERIM:
In School
Current		2.775	%		2.776	%		275,647		43,990		44.350	%		7.197	%	$	951,008,001.73	$	140,051,259.98		47.885	%		7.304	%
Grace
Current		0.000	%		2.775	%		0		237,378		0.000	%		38.837	%		0.00		827,730,831.87		0.000	%		43.168	%
TOTAL INTERIM		2.775	%		2.775	%		275,647		281,368		44.350	%		46.034	%	$	951,008,001.73	$	967,782,091.85		47.885	%		50.472	%
REPAYMENT
Active
Current		3.668	%		3.731	%		200,013		167,512		32.181	%		27.406	%	$	590,252,135.44	$	470,892,084.27		29.720	%		24.558	%
31-60 Days Delinquent		3.481	%		3.705	%		34,889		14,512		5.613	%		2.374	%		104,005,693.28		39,373,433.93		5.237	%		2.053	%
61-90 Days Delinquent		3.567	%		3.528	%		16,515		17,068		2.657	%		2.792	%		42,558,657.76		44,612,342.24		2.143	%		2.327	%
91-120 Days Delinquent		3.585	%		3.463	%		10,838		15,974		1.744	%		2.613	%		26,304,316.72		44,289,817.10		1.324	%		2.310	%
> 120 Days Delinquent		3.723	%		3.593	%		8,148		19,966		1.311	%		3.267	%		21,747,406.29		48,692,797.92		1.095	%		2.539	%
Deferment
Current		3.094	%		2.996	%		35,327		47,706		5.684	%		7.805	%		112,507,648.13		145,947,632.53		5.665	%		7.612	%
Forbearance
Current		3.731	%		3.630	%		40,146		46,908		6.459	%		7.674	%		137,637,489.36		155,160,524.37		6.930	%		8.092	%
TOTAL REPAYMENT		3.590	%		3.571	%		345,876		329,646		55.650	%		53.932	%	$	1,035,013,346.98	$	948,968,632.36		52.115	%		49.491	%
Claims in Process (1)		0.000	%		3.911	%		0		209		0.000	%		0.034	%	$	0.00	$	699,937.67		0.000	%		0.037	%
Aged Claims Rejected (2)		0.000	%		0.000	%		0		0		0.000	%		0.000	%	$	0.00	$	0.00		0.000	%		0.000	%
GRAND TOTAL		3.200	%		3.169	%		621,523		611,223		100.000	%		100.000	%	$	1,986,021,348.71	$	1,917,450,661.88		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.

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V. 2005-2 Portfolio Characteristics by School and Program

LOAN TYPE	WAC			# Loans		$ Amount		%
- GSL — Subsidized		3.159	%		352,375	$	980,300,448.32		51.125	%
- GSL — Unsubsidized		3.003	%		236,839		819,938,510.01		42.762	%
- PLUS Loans		4.392	%		22,009		117,211,703.55		6.113	%
- SLS Loans		0.000	%		0		0.00		0.000	%
- Total		3.169	%		611,223	$	1,917,450,661.88		100.000	%

SCHOOL TYPE	WAC			# Loans		$ Amount		%
- Four Year		3.137	%		449,913	$	1,542,793,909.94		80.461	%
- Two Year		3.213	%		106,682		244,573,356.28		12.755	%
- Technical		3.466	%		54,621		130,072,835.00		6.784	%
- Other		3.087	%		7		10,560.66		0.001	%
- Total		3.169	%		611,223	$	1,917,450,661.88		100.000	%

*Percentages may not total 100% due to rounding.

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VI. 2005-2 Interest Accruals

A	Borrower Interest Accrued During Collection Period	$	5,534,302.96
B	Interest Subsidy Payments Accrued During Collection Period		2,027,092.86
C	SAP Payments Accrued During Collection Period		3,797,751.23
D	INV Earnings Accrued for Collection Period (TRUST ACCOUNTS)		156,475.20
E	Investment Earnings (ADMINISTRATOR ACCOUNTS)		0.00
F	Net Expected Interest Collections	$	11,515,622.25

VII. 2005-2 Accrued Interest Factors

		Accrued
		Int Factor		Accrual Period	Rate
A	Class A-1 Interest Rate		0.005195029	2/15/05 — 4/25/05		2.71045	%
B	Class A-2 Interest Rate		0.005252529	2/15/05 — 4/25/05		2.74045	%
C	Class A-3 Interest Rate		0.005310029	2/15/05 — 4/25/05		2.77045	%
D	Class A-4 Interest Rate		0.005386696	2/15/05 — 4/25/05		2.81045	%
E	Class A-5 Interest Rate		0.005405863	2/15/05 — 4/25/05		2.82045	%
F	Class B Interest Rate		0.005559196	2/15/05 — 4/25/05		2.90045	%

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VIII. 2005-2 Inputs From Initial Period 2/15/05

A	Total Student Loan Pool Outstanding
	i	Portfolio Balance	$	1,954,517,926.44
	ii	Interest To Be Capitalized		19,624,548.57
	iii	Total Pool	$	1,974,142,475.01
	iv	Specified Reserve Account Balance		5,012,023.00
	vi	Total Adjusted Pool	$	1,979,154,498.01
B	Total Note and Certificate Factor			1.000000000
C	Total Note Balance		$	2,024,857,000.00
D	Note Balance 2/15/2005		Class A-1		Class A-2		Class A-3		Class A-4		Class A-5		Class B
	i	Current Factor		1.000000000		1.000000000		1.000000000		1.000000000		1.000000000		1.000000000
	ii	Expected Note Balance	$	450,000,000.00	$	603,000,000.00	$	321,000,000.00	$	388,000,000.00	$	202,111,000.00	$	60,746,000.00
	iii	Note Principal Shortfall	$	0.00	$	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		$	5,012,023.00
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. 2005-2 Waterfall for Distributions

					Remaining
					Funds Balance
A	Total Available Funds ( Section III-L )		$	76,130,496.59	$	76,130,496.59
B	Primary Servicing Fees-Current Month		$	1,472,165.00	$	74,658,331.59
C	Administration Fee		$	20,000.00	$	74,638,331.59
D	Class A Noteholders’ Interest Distribution Amounts
	i	Class A-1	$	2,337,763.12	$	72,300,568.47
	ii	Class A-2	$	3,167,275.09	$	69,133,293.38
	iii	Class A-3	$	1,704,519.36	$	67,428,774.02
	iv	Class A-4	$	2,090,037.98	$	65,338,736.04
	v	Class A-5	$	1,092,584.28	$	64,246,151.76
	vi	Total Class A Interest Distribution	$	5,505,038.21
E	Class B Noteholders’ Interest Distribution Amount		$	337,698.91	$	63,908,452.85
F	i	Class A-1	$	63,908,452.85	$	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	Total Class A Principal Distribution	$	63,908,452.85
G	Class B Noteholders’ Principal Distribution Amount		$	0.00	$	0.00
H	Increase to the Specified Reserve Account Balance		$	0.00	$	0.00
I	Carryover Servicing Fees		$	0.00	$	0.00
J	Excess to Certificateholder		$	0.00	$	0.00

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X. 2005-2 Distributions and Account Reconciliations

A	Distribution Amounts		Class A-1		Class A-2		Class A-3		Class A-4		Class A-5		Class B
	i	Quarterly Interest Due	$	2,337,763.12	$	3,167,275.09	$	1,704,519.36	$	2,090,037.98	$	1,092,584.28	$	337,698.91
	ii	Quarterly Interest Paid		2,337,763.12		3,167,275.09		1,704,519.36		2,090,037.98		1,092,584.28		337,698.91
	iii	Interest Shortfall	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	vii	Quarterly Principal Due	$	81,015,967.15	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	viii	Quarterly Principal Paid		63,908,452.85		0.00		0.00		0.00		0.00		0.00
	ix	Quarterly Principal Shortfall	$	17,107,514.30	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	x	Total Distribution Amount	$	66,246,215.97	$	3,167,275.09	$	1,704,519.36	$	2,090,037.98	$	1,092,584.28	$	337,698.91

B	Principal Distribution Reconciliation
	i	Notes Outstanding Principal Balance 3/31/05	$	2,024,857,000.00
	ii	Adjusted Pool Balance 3/31/05		1,943,841,032.85
	iii	Adjusted Pool Exceeding Notes Balance (i-ii)	$	81,015,967.15
	iv	Adjusted Pool Balance 2/15/05	$	1,979,154,498.01
	v	Adjusted Pool Balance 3/31/05		1,943,841,032.85
	vi	Current Principal Due (iv-v)	$	35,313,465.16
	vii	Notes Issued Exceeding Adjusted Pool Balance		45,702,501.99
	viii	Principal Distribution Amount (vi + vii)	$	81,015,967.15
	ix	Principal Distribution Amount Paid	$	63,908,452.85
	x	Principal Shortfall (viii - ix)	$	17,107,514.30
C		Total Principal Distribution	$	63,908,452.85
D		Total Interest Distribution		10,729,878.74
E		Total Cash Distributions	$	74,638,331.59

						Paydown
F Note Balances				2/15/2005		Factor			4/25/2005
	i	A-1 Note Balance	78442GNR3	$	450,000,000.00				$	386,091,547.15
		A-1 Note Pool Factor			1.000000000		(0.142018784	)		0.857981216
	ii	A-2 Note Balance	78442GNS1	$	603,000,000.00				$	603,000,000.00
		A-2 Note Pool Factor			1.000000000		0.000000000			1.000000000
	iii	A-3 Note Balance	78442GNT9	$	321,000,000.00				$	321,000,000.00
		A-3 Note Pool Factor			1.000000000		0.000000000			1.000000000
	iv	A-4 Note Balance	78442GNU6	$	388,000,000.00				$	388,000,000.00
		A-4 Note Pool Factor			1.000000000		0.000000000			1.000000000
	v	A-5 Note Balance	78442GNV4	$	202,111,000.00				$	202,111,000.00
		A-5 Note Pool Factor			1.0000000000		0.000000000			1.0000000000
	vi	B Note Balance	78442GNW2	$	60,746,000.00				$	60,746,000.00
		B Note Pool Factor			1.000000000		0.000000000			1.000000000

G	Account Reconciliations
	Reserve Account				Supplemental Loan Purchase Account
	i	Beginning of Period Balance	$	5,012,023.00	i	Beginning Balance	$	0.00
	ii	Deposits to correct Shortfall	$	0.00	ii	Deposits	$	30,666,628.96
	iii	Total Reserve Account Balance Available	$	5,012,023.00	iii	Supplemental Loan Purchases	$	(30,666,522.35	)
	iv	Required Reserve Account Balance	$	4,847,483.87	iv	Transfers to Collection Account	$	(106.61	)
					v	Ending Balance	$	0.00
	v	Shortfall Carried to Next Period	$	0.00
	vi	Excess Reserve - Release to Waterfall	$	164,539.13
	vii	Ending Reserve Account Balance	$	4,847,483.87

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XI. 2005-2 Historical Pool Information

			2/15/05-3/31/05
Beginning Student Loan Portfolio Balance			$	1,954,517,926.44
	Student Loan Principal Activity
	i	Regular Principal Collections	$	68,200,502.14
	ii	Principal Collections from Guarantor		204,362.37
	iii	Principal Reimbursements		358,394.19
	iv	Other System Adjustments		0.00
	v	Total Principal Collections	$	68,763,258.70
	Student Loan Non-Cash Principal Activity
	i	Other Adjustments	$	35,510.43
	ii	Capitalized Interest		(1,279,020.93	)
	iii	Total Non-Cash Principal Activity	$	(1,243,510.50	)
	Student Loan Principal Purchases		$	(30,452,483.64	)
(-)	Total Student Loan Principal Activity		$	37,067,264.56
	Student Loan Interest Activity
	i	Regular Interest Collections	$	2,377,445.42
	ii	Interest Claims Received from Guarantors		1,130.92
	iii	Collection Fees/Returned Items		21,456.78
	iv	Late Fee Reimbursements		139,473.44
	v	Interest Reimbursements		5,115.59
	vi	Other System Adjustments		0.00
	vii	Special Allowance Payments		0.00
	viii	Subsidy Payments		0.00
	ix	Total Interest Collections	$	2,544,622.15
	Student Loan Non-Cash Interest Activity
	i	Interest Accrual Adjustment	$	(2,185.38	)
	ii	Capitalized Interest		1,279,020.93
	iii	Total Non-Cash Interest Adjustments	$	1,276,835.55
	Student Loan Interest Purchases		$	(255,384.18	)
	Total Student Loan Interest Activity		$	3,566,073.52
(=)	Ending Student Loan Portfolio Balance		$	1,917,450,661.88
(+)	Interest to be Capitalized		$	21,542,887.10
(=)	TOTAL POOL		$	1,938,993,548.98
(+)	Reserve Account Balance		$	4,847,483.87
(=)	Total Adjusted Pool		$	1,943,841,032.85

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XII. 2005-2 Payment History and CPRs

Distribution	Actual		Since Issued
Date	Pool Balances		CPR *
Apr-05	$	1,938,993,549	10.37%

* “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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