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

SLM Student Loan Trust 2005-2 Quarterly Servicing Report
Report Date: 06/30/2005 Reporting Period: 4/01/05-6/30/05

I. Deal Parameters

	Student Loan Portfolio Characteristics		03/31/2005			Activity			06/30/2005
A	i	Portfolio Balance	$	1,917,450,661.88			($177,299,073.55	)	$	1,740,151,588.33
	ii	Interest to be Capitalized		21,542,887.10						20,789,537.39
	iii	Total Pool	$	1,938,993,548.98					$	1,760,941,125.72
	iv	Specified Reserve Account Balance		4,847,483.87						4,402,352.81
	vi	Total Adjusted Pool	$	1,943,841,032.85					$	1,765,343,478.53
B	i	Weighted Average Coupon (WAC)		3.169	%					3.174	%
	ii	Weighted Average Remaining Term		122.87						120.11
	iii	Number of Loans		611,223						569,804
	iv	Number of Borrowers		292,453						275,587
	v	Aggregate Outstanding Principal Balance — T-Bill	$	185,091,338.49					$	163,434,391.38
	vi	Aggregate Outstanding Principal Balance — Commercial Paper	$	1,753,902,210.49					$	1,597,506,734.34

									% of					% of
	Notes			Spread			Balance 4/25/05		O/S Securities			Balance 7/25/05		O/S Securities
C	i	A-1 Notes	78442GNR3		-0.020	%	$	386,091,547.15		19.689	%	$	210,355,296.11		11.783	%
	ii	A-2 Notes	78442GNS1		0.010	%		603,000,000.00		30.750	%		603,000,000.00		33.777	%
	iii	A-3 Notes	78442GNT9		0.040	%		321,000,000.00		16.370	%		321,000,000.00		17.981	%
	iv	A-4 Notes	78442GNU6		0.080	%		388,000,000.00		19.786	%		388,000,000.00		21.734	%
	v	A-5 Notes	78442GNV4		0.090	%		202,111,000.00		10.307	%		202,111,000.00		11.321	%
	vi	B Notes	78442GNW2		0.170	%		60,746,000.00		3.098	%		60,746,000.00		3.403	%
	vii	Total Notes					$	1,960,948,547.15		100.000	%	$	1,785,212,296.11		100.000	%

	Reserve Account		04/25/2005		07/25/2005
D	i	Required Reserve Acct Deposit (%)		0.25%		0.25%
	ii	Reserve Acct Initial Deposit ($)
	iii	Specified Reserve Acct Balance ($)	$	4,847,483.87	$	4,402,352.81
	iv	Reserve Account Floor Balance ($)	$	2,004,809.00	$	2,004,809.00
	v	Current Reserve Acct Balance ($)	$	4,847,483.87	$	4,402,352.81

	Asset/Liability		04/25/2005			07/25/2005
E	i	Total Adjusted Pool	$	1,943,841,032.85		$	1,765,343,478.53
	ii	Total Outstanding Balance Notes	$	1,960,948,547.15		$	1,785,212,296.11
	iii	Difference	$	(17,107,514.30	)	$	(19,868,817.58	)
	iv	Parity Ratio		0.99128			0.98887

1

II. 2005-2 Transactions from: 04/01/2005 through: 06/30/2005

A	Student Loan Principal Activity
	i	Regular Principal Collections	$	180,374,955.79
	ii	Principal Collections from Guarantor		1,419,835.93
	iii	Principal Reimbursements		739,825.51
	iv	Other System Adjustments		0.00
	v	Total Principal Collections	$	182,534,617.23
B	Student Loan Non-Cash Principal Activity
	i	Other Adjustments	$	27,972.74
	ii	Capitalized Interest		(5,263,516.42	)
	iii	Total Non-Cash Principal Activity	$	(5,235,543.68	)
C	Student Loan Principal Purchases		$	—
D	Total Student Loan Principal Activity		$	177,299,073.55
E	Student Loan Interest Activity
	i	Regular Interest Collections	$	5,560,846.70
	ii	Interest Claims Received from Guarantors		18,916.96
	iii	Collection Fees/Returned Items		50,532.45
	iv	Late Fee Reimbursements		262,343.97
	v	Interest Reimbursements		17,034.97
	vi	Other System Adjustments		0.00
	vii	Special Allowance Payments		3,939,187.03
	viii	Subsidy Payments		2,104,709.10
	ix	Total Interest Collections	$	11,953,571.18
F	Student Loan Non-Cash Interest Activity
	i	Interest Accrual Adjustment	$	(352.07	)
	ii	Capitalized Interest		5,263,516.42
	iii	Total Non-Cash Interest Adjustments	$	5,263,164.35
G	Student Loan Interest Purchases		$	—
H	Total Student Loan Interest Activity		$	17,216,735.53
I	Non-Reimbursable Losses During Collection Period		$	—
J	Cumulative Non-Reimbursable Losses to Date		$	1,116.05

2

III. 2005-2 Collection Account Activity 04/01/2005 through 06/30/2005

A	Principal Collections
	i	Principal Payments Received	$	22,121,815.91
	ii	Consolidation Principal Payments		159,672,975.81
	iii	Reimbursements by Seller		60,634.32
	iv	Borrower Benefits Reimbursements		101,956.51
	v	Reimbursements by Servicer		159.42
	vi	Re-purchased Principal		577,075.26
	vii	Total Principal Collections	$	182,534,617.23
B	Interest Collections
	i	Interest Payments Received	$	9,866,908.65
	ii	Consolidation Interest Payments		1,756,751.14
	iii	Reimbursements by Seller		(52.59	)
	iv	Borrower Benefits Reimbursements		0.00
	v	Reimbursements by Servicer		11,226.20
	vi	Re-purchased Interest		5,861.36
	vii	Collection Fees/Return Items		50,532.45
	viii	Late Fees		262,343.97
	ix	Total Interest Collections	$	11,953,571.18
C	Other Reimbursements		$	181,602.85
D	Reserves in Excess of the Requirement		$	445,131.06
E	Administrator Account Investment Income		$	0.00
F	Investment Earnings for Period in Trust Accounts		$	702,976.18
G	Funds borrowed during previous distribution		$	0.00
H	Funds borrowed from subsequent distribution		$	0.00
I	Excess Transferred from Supplemental Loan Purchase Account		$	0.00
J	Initial Deposits into Collection Account		$	—
K	TOTAL AVAILABLE FUNDS		$	195,817,898.50
	LESS FUNDS PREVIOUSLY REMITTED:
		Servicing Fees	$	(2,842,341.18	)
L	NET AVAILABLE FUNDS		$	192,975,557.32
M	Servicing Fees Due for Current Period		$	1,373,835.76
N	Carryover Servicing Fees Due		$	0.00
O	Administration Fees Due		$	20,000.00
	Total Fees Due for Period		$	1,393,835.76

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IV. 2005-2 Portfolio Characteristics

	Weighted Avg Coupon						# of Loans				% *						Principal Amount				% *
STATUS	03/31/2005			06/30/2005			03/31/2005		06/30/2005		03/31/2005			06/30/2005			03/31/2005		06/30/2005		03/31/2005			06/30/2005
INTERIM:
In School
Current		2.775	%		2.776	%		237,378		151,339		38.837	%		26.560	%	$	827,730,831.87	$	485,694,128.10		43.168	%		27.911	%
Grace
Current		2.776	%		2.773	%		43,990		77,413		7.197	%		13.586	%		140,051,259.98		278,246,847.57		7.304	%		15.990	%
TOTAL INTERIM		2.775	%		2.775	%		281,368		228,752		46.034	%		40.146	%	$	967,782,091.85	$	763,940,975.67		50.472	%		43.901	%
REPAYMENT
Active
Current		3.731	%		3.688	%		167,512		166,307		27.406	%		29.187	%	$	470,892,084.27	$	453,428,167.63		24.558	%		26.057	%
31-60 Days Delinquent		3.705	%		3.685	%		14,512		13,199		2.374	%		2.316	%		39,373,433.93		35,935,792.48		2.053	%		2.065	%
61-90 Days Delinquent		3.528	%		3.710	%		17,068		8,344		2.792	%		1.464	%		44,612,342.24		22,295,245.25		2.327	%		1.281	%
91-120 Days Delinquent		3.463	%		3.588	%		15,974		9,065		2.613	%		1.591	%		44,289,817.10		22,253,030.43		2.310	%		1.279	%
> 120 Days Delinquent		3.593	%		3.536	%		19,966		34,302		3.267	%		6.020	%		48,692,797.92		83,951,494.62		2.539	%		4.824	%
Deferment
Current		2.996	%		2.895	%		47,706		63,583		7.805	%		11.159	%		145,947,632.53		215,509,962.47		7.612	%		12.385	%
Forbearance
Current		3.630	%		3.606	%		46,908		45,565		7.674	%		7.997	%		155,160,524.37		140,967,181.99		8.092	%		8.101	%
TOTAL REPAYMENT		3.571	%		3.486	%		329,646		340,365		53.932	%		59.734	%	$	948,968,632.36	$	974,340,874.87		49.490	%		55.992	%
Claims in Process (1)		3.911	%		3.809	%		209		686		0.034	%		0.120	%	$	699,937.67	$	1,864,351.01		0.037	%		0.107	%
Aged Claims Rejected (2)		0.000	%		3.370	%		0		1		0.000	%		0.000	%	$	0.00	$	5,386.78		0.000	%		0.000	%
GRAND TOTAL		3.169	%		3.174	%		611,223		569,804		100.000	%		100.000	%	$	1,917,450,661.88	$	1,740,151,588.33		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.

**     In School/Grace data revised 05/12/05.

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V. 2005-2 Portfolio Characteristics by School and Program

LOAN TYPE	WAC			# Loans		$ Amount		%
- GSL - Subsidized		3.170	%		330,029	$	898,521,809.93		51.635	%
- GSL - Unsubsidized		3.015	%		220,705		746,123,714.39		42.877	%
- PLUS Loans		4.420	%		19,070		95,506,064.01		5.488	%
- SLS Loans		0.000	%		0		0.00		0.000	%
- Total		3.174	%		569,804	$	1,740,151,588.33		100.000	%

SCHOOL TYPE	WAC			# Loans		$ Amount		%
- Four Year		3.141	%		415,651	$	1,387,576,211.60		79.739	%
- Two Year		3.218	%		101,403		228,707,996.03		13.143	%
- Technical		3.465	%		52,743		123,857,008.18		7.118	%
- Other		3.112	%		7		10,372.52		0.001	%
- Total		3.174	%		569,804	$	1,740,151,588.33		100.000	%

*     Percentages may not total 100% due to rounding.

5

VI. 2005-2 Interest Accruals

A	Borrower Interest Accrued During Collection Period		10,488,230.39
B	Interest Subsidy Payments Accrued During Collection Period		3,990,335.59
C	SAP Payments Accrued During Collection Period		9,421,426.87
D	INV Earnings Accrued for Collection Period (TRUST ACCOUNTS)		702,976.18
E	Investment Earnings (ADMINISTRATOR ACCOUNTS)		0.00
F	Net Expected Interest Collections	$	24,602,969.03

VII. 2005-2 Accrued Interest Factors

		Accrued
		Int Factor		Accrual Period	Rate
A	Class A-1 Interest Rate		0.007938815	4/25/05-7/25/05		3.14063	%
B	Class A-2 Interest Rate		0.008014648	4/25/05-7/25/05		3.17063	%
C	Class A-3 Interest Rate		0.008090481	4/25/05-7/25/05		3.20063	%
D	Class A-4 Interest Rate		0.008191593	4/25/05-7/25/05		3.24063	%
E	Class A-5 Interest Rate		0.008216870	4/25/05-7/25/05		3.25063	%
F	Class B Interest Rate		0.008419093	4/25/05-7/25/05		3.33063	%

6

VIII. 2005-2 Inputs From Prior Period 3/31/05

A	Total Student Loan Pool Outstanding
	i	Portfolio Balance	$	1,917,450,661.88
	ii	Interest To Be Capitalized		21,542,887.10
	iii	Total Pool	$	1,938,993,548.98
	iv	Specified Reserve Account Balance		4,847,483.87
	vi	Total Adjusted Pool	$	1,943,841,032.85
B	Total Note and Certificate Factor			0.968438041
C	Total Note Balance		$	1,960,948,547.15
D	Note Balance 04/25/2005		Class A-1		Class A-2		Class A-3		Class A-4		Class A-5		Class B
	i	Current Factor		0.857981216		1.000000000		1.000000000		1.000000000		1.000000000		1.000000000
	ii	Expected Note Balance	$	386,091,547.15	$	603,000,000.00	$	321,000,000.00	$	388,000,000.00	$	202,111,000.00	$	60,746,000.00
	iii	Note Principal Shortfall	$	17,107,514.30	$	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		$	4,847,483.87
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. 2005-2 Waterfall for Distributions

					Remaining
					Funds Balance
A	Total Available Funds ( Section III-L )		$	192,975,557.32	$	192,975,557.32
B	Primary Servicing Fees-Current Month		$	1,373,835.76	$	191,601,721.56
C	Administration Fee		$	20,000.00	$	191,581,721.56
D	Class A Noteholders’ Interest Distribution Amounts
	i	Class A-1	$	3,065,109.26	$	188,516,612.30
	ii	Class A-2	$	4,832,832.78	$	183,683,779.52
	iii	Class A-3	$	2,597,044.53	$	181,086,734.99
	iv	Class A-4	$	3,178,337.89	$	177,908,397.10
	v	Class A-5	$	1,660,719.87	$	176,247,677.23
	vi	Total Class A Interest Distribution	$	15,334,044.33
E	Class B Noteholders’ Interest Distribution Amount		$	511,426.19	$	175,736,251.04
F	i	Class A-1	$	175,736,251.04	$	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	$	175,736,251.04
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

8

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				$	3,065,109.26		$	4,832,832.78	$	2,597,044.53	$	3,178,337.89	$	1,660,719.87	$	511,426.19
	ii	Quarterly Interest Paid					3,065,109.26			4,832,832.78		2,597,044.53		3,178,337.89		1,660,719.87		511,426.19
	iii	Interest Shortfall				$	0.00		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	vii	Quarterly Principal Due				$	195,605,068.62		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	viii	Quarterly Principal Paid					175,736,251.04			0.00		0.00		0.00		0.00		0.00
	ix	Quarterly Principal Shortfall				$	19,868,817.58		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	x	Total Distribution Amount				$	178,801,360.30		$	4,832,832.78	$	2,597,044.53	$	3,178,337.89	$	1,660,719.87	$	511,426.19
B	Principal Distribution Reconciliation
	i	Notes Outstanding Principal Balance 6/30/05				$	1,960,948,547.15
	ii	Adjusted Pool Balance 6/30/05					1,765,343,478.53
	iii	Adjusted Pool Exceeding Notes Balance (i-ii)				$	195,605,068.62
	iv	Adjusted Pool Balance 3/31/05				$	1,943,841,032.85
	v	Adjusted Pool Balance 6/30/05					1,765,343,478.53
	vi	Current Principal Due (iv-v)				$	178,497,554.32
	vii	Principal Shortfall from Prior Period					17,107,514.30
	viii	Principal Distribution Amount (vi + vii)				$	195,605,068.62
	ix	Principal Distribution Amount Paid				$	175,736,251.04
	x	Principal Shortfall (viii - ix)				$	19,868,817.58
C		Total Principal Distribution				$	175,736,251.04
D		Total Interest Distribution					15,845,470.52
E		Total Cash Distributions				$	191,581,721.56
F	Note Balances				04/25/2005	Paydown Factor				07/25/2005
	i	A-1 Note Balance	78442GNR3	$	386,091,547.15				$	210,355,296.11
		A-1 Note Pool Factor			0.857981216		(0.390525002	)		0.467456214
	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
	i	Beginning of Period Balance				$	4,847,483.87
	ii	Deposits to correct Shortfall				$	0.00
	iii	Total Reserve Account Balance Available				$	4,847,483.87
	iv	Required Reserve Account Balance				$	4,402,352.81
	v	Shortfall Carried to Next Period				$	0.00
	vi	Excess Reserve — Release to Waterfall				$	445,131.06
	vii	Ending Reserve Account Balance				$	4,402,352.81
	Supplemental Loan Purchase Account
	i	Beginning Balance				$	0.00
	ii	Deposits				$	0.00
	iii	Supplemental Loan Purchases				$	0.00
	iv	Transfers to Collection Account				$	0.00
	v	Ending Balance				$	0.00

9

XI. 2005-2 Historical Pool Information

			4/01/05-6/30/05			2/15/05-3/31/05
Beginning Student Loan Portfolio Balance			$	1,917,450,661.88		$	1,954,517,926.44
	Student Loan Principal Activity
	i	Regular Principal Collections	$	180,374,955.79		$	68,200,502.14
	ii	Principal Collections from Guarantor		1,419,835.93		$	204,362.37
	iii	Principal Reimbursements		739,825.51		$	358,394.19
	iv	Other System Adjustments		0.00		$	0.00
	v	Total Principal Collections	$	182,534,617.23		$	68,763,258.70
	Student Loan Non-Cash Principal Activity
	i	Other Adjustments	$	27,972.74		$	35,510.43
	ii	Capitalized Interest		(5,263,516.42	)	$	(1,279,020.93	)
	iii	Total Non-Cash Principal Activity	$	(5,235,543.68	)	$	(1,243,510.50	)
	Student Loan Principal Purchases		$	—		$	(30,452,483.64	)
(-)	Total Student Loan Principal Activity		$	177,299,073.55		$	37,067,264.56
	Student Loan Interest Activity
	i	Regular Interest Collections	$	5,560,846.70		$	2,377,445.42
	ii	Interest Claims Received from Guarantors		18,916.96		$	1,130.92
	iii	Collection Fees/Returned Items		50,532.45		$	21,456.78
	iv	Late Fee Reimbursements		262,343.97		$	139,473.44
	v	Interest Reimbursements		17,034.97		$	5,115.59
	vi	Other System Adjustments		0.00		$	0.00
	vii	Special Allowance Payments		3,939,187.03		$	0.00
	viii	Subsidy Payments		2,104,709.10		$	0.00
	ix	Total Interest Collections	$	11,953,571.18		$	2,544,622.15
	Student Loan Non-Cash Interest Activity
	i	Interest Accrual Adjustment	$	(352.07	)	$	(2,185.38	)
	ii	Capitalized Interest		5,263,516.42		$	1,279,020.93
	iii	Total Non-Cash Interest Adjustments	$	5,263,164.35		$	1,276,835.55
	Student Loan Interest Purchases		$	—		$	(255,384.18	)
	Total Student Loan Interest Activity		$	17,216,735.53		$	3,566,073.52
(=)	Ending Student Loan Portfolio Balance		$	1,740,151,588.33		$	1,917,450,661.88
(+)	Interest to be Capitalized		$	20,789,537.39		$	21,542,887.10
(=)	TOTAL POOL		$	1,760,941,125.72		$	1,938,993,548.98
(+)	Reserve Account Balance		$	4,402,352.81		$	4,847,483.87
(=)	Total Adjusted Pool		$	1,765,343,478.53		$	1,943,841,032.85

10

XII. 2005-2 Payment History and CPRs

Distribution	Actual		Since Issued
Date	Pool Balances		CPR *
Apr-05	$	1,938,993,549		10.37	%
Jul-05	$	1,760,941,126		20.49	%

* “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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