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

SLM Student Loan Trust 2005-2 Quarterly Servicing Report
Report Date: 09/30/2005 Reporting Period: 7/01/05-9/30/05

I. Deal Parameters

	Student Loan Portfolio Characteristics									06/30/2005			Activity			09/30/2005
A	i	Portfolio Balance								$	1,740,151,588.33			($279,709,288.88	)	$	1,460,442,299.45
	ii	Interest to be Capitalized									20,789,537.39						21,061,352.04
	iii	Total Pool								$	1,760,941,125.72					$	1,481,503,651.49
	iv	Specified Reserve Account Balance									4,402,352.81						3,703,759.13
	vi	Total Adjusted Pool								$	1,765,343,478.53					$	1,485,207,410.62
B	i	Weighted Average Coupon (WAC)									3.174	%					5.089	%
	ii	Weighted Average Remaining Term									120.11						118.41
	iii	Number of Loans									569,804						499,963
	iv	Number of Borrowers									275,587						245,099
	v	Aggregate Outstanding Principal Balance — T-Bill								$	163,434,391.38					$	138,023,410.63
	vi	Aggregate Outstanding Principal Balance — Commercial Paper								$	1,597,506,734.34					$	1,343,480,240.86
										% of						% of
	Notes			Spread			Balance 7/25/05			O/S Securities			Balance 10/25/05			O/S Securities
C	i	A-1 Notes	78442GNR3		-0.020	%	$	210,355,296.11			11.783	%	$	—			0.000	%
	ii	A-2 Notes	78442GNS1		0.010	%		603,000,000.00			33.777	%		524,473,964.81			35.051	%
	iii	A-3 Notes	78442GNT9		0.040	%		321,000,000.00			17.981	%		321,000,000.00			21.452	%
	iv	A-4 Notes	78442GNU6		0.080	%		388,000,000.00			21.734	%		388,000,000.00			25.930	%
	v	A-5 Notes	78442GNV4		0.090	%		202,111,000.00			11.321	%		202,111,000.00			13.507	%
	vi	B Notes	78442GNW2		0.170	%		60,746,000.00			3.403	%		60,746,000.00			4.060	%
	vii	Total Notes					$	1,785,212,296.11			100.000	%	$	1,496,330,964.81			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 ($)
	iii	Specified Reserve Acct Balance ($)					$	4,402,352.81					$	3,703,759.13
	iv	Reserve Account Floor Balance ($)					$	2,004,809.00					$	2,004,809.00
	v	Current Reserve Acct Balance ($)					$	4,402,352.81					$	3,703,759.13
	Asset/Liability						07/25/2005						10/25/2005
E	i	Total Adjusted Pool					$	1,765,343,478.53					$	1,485,207,410.62
	ii	Total Outstanding Balance Notes					$	1,785,212,296.11					$	1,496,330,964.81
	iii	Difference					$	(19,868,817.58	)				$	(11,123,554.19	)
	iv	Parity Ratio						0.98887						0.99257

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II. 2005-2 Transactions from: 07/01/2005 through: 09/30/2005

A	Student Loan Principal Activity
	i	Regular Principal Collections	$	280,521,196.81
	ii	Principal Collections from Guarantor		4,611,599.04
	iii	Principal Reimbursements		413,973.14
	iv	Other System Adjustments		0.00
	v	Total Principal Collections	$	285,546,768.99
B	Student Loan Non-Cash Principal Activity
	i	Other Adjustments	$	38,941.23
	ii	Capitalized Interest		(5,876,421.34	)
	iii	Total Non-Cash Principal Activity	$	(5,837,480.11	)
C	Student Loan Principal Purchases		$	—
D	Total Student Loan Principal Activity		$	279,709,288.88
E	Student Loan Interest Activity
	i	Regular Interest Collections	$	7,042,642.98
	ii	Interest Claims Received from Guarantors		114,845.53
	iii	Collection Fees/Returned Items		89,764.13
	iv	Late Fee Reimbursements		291,952.90
	v	Interest Reimbursements		28,086.43
	vi	Other System Adjustments		0.00
	vii	Special Allowance Payments		9,430,240.26
	viii	Subsidy Payments		4,054,467.71
	ix	Total Interest Collections	$	21,051,999.94
F	Student Loan Non-Cash Interest Activity
	i	Interest Accrual Adjustment	$	2,354.23
	ii	Capitalized Interest		5,876,421.34
	iii	Total Non-Cash Interest Adjustments	$	5,878,775.57
G	Student Loan Interest Purchases		$	—
H	Total Student Loan Interest Activity		$	26,930,775.51
I	Non-Reimbursable Losses During Collection Period		$	—
J	Cumulative Non-Reimbursable Losses to Date		$	1,116.05

2

III. 2005-2 Collection Account Activity 07/01/2005 through 09/30/2005

A	Principal Collections
	i	Principal Payments Received	$	23,259,740.56
	ii	Consolidation Principal Payments		261,873,055.29
	iii	Reimbursements by Seller		17,675.57
	iv	Borrower Benefits Reimbursements		21,744.94
	v	Reimbursements by Servicer		(67.47	)
	vi	Re-purchased Principal		374,620.10
	vii	Total Principal Collections	$	285,546,768.99
B	Interest Collections
	i	Interest Payments Received	$	17,682,509.82
	ii	Consolidation Interest Payments		2,959,686.66
	iii	Reimbursements by Seller		(26.93	)
	iv	Borrower Benefits Reimbursements		0.00
	v	Reimbursements by Servicer		21,499.26
	vi	Re-purchased Interest		6,614.10
	vii	Collection Fees/Return Items		89,764.13
	viii	Late Fees		291,952.90
	ix	Total Interest Collections	$	21,051,999.94
C	Other Reimbursements		$	47,982.43
D	Reserves in Excess of the Requirement		$	698,593.68
E	Administrator Account Investment Income		$	0.00
F	Investment Earnings for Period in Trust Accounts		$	2,030,229.43
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		$	309,375,574.47
	LESS FUNDS PREVIOUSLY REMITTED:
		Servicing Fees	$	(2,492,019.12	)
L	NET AVAILABLE FUNDS		$	306,883,555.35
M	Servicing Fees Due for Current Period		$	1,140,487.90
N	Carryover Servicing Fees Due		$	0.00
O	Administration Fees Due		$	20,000.00
	Total Fees Due for Period		$	1,160,487.90

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IV. 2005-2 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		2.776	%		4.705	%		151,339		123,954		26.560	%		24.793	%	$	485,694,128.10	$	385,960,382.27		27.911	%		26.428	%
Grace
Current		2.773	%		4.703	%		77,413		66,056		13.586	%		13.212	%		278,246,847.57		236,920,885.84		15.990	%		16.223	%
TOTAL INTERIM		2.775	%		4.704	%		228,752		190,010		40.146	%		38.005	%	$	763,940,975.67	$	622,881,268.11		43.901	%		42.650	%
REPAYMENT
Active
Current		3.688	%		5.552	%		166,307		141,305		29.187	%		28.263	%	$	453,428,167.63	$	361,668,807.44		26.057	%		24.764	%
31-60 Days Delinquent		3.685	%		5.490	%		13,199		18,435		2.316	%		3.687	%		35,935,792.48		50,060,757.57		2.065	%		3.428	%
61-90 Days Delinquent		3.710	%		5.465	%		8,344		11,085		1.464	%		2.217	%		22,295,245.25		30,514,205.84		1.281	%		2.089	%
91-120 Days Delinquent		3.588	%		5.500	%		9,065		6,772		1.591	%		1.355	%		22,253,030.43		17,660,140.13		1.279	%		1.209	%
> 120 Days Delinquent		3.536	%		5.427	%		34,302		31,064		6.020	%		6.213	%		83,951,494.62		75,209,682.75		4.824	%		5.150	%
Deferment
Current		2.895	%		4.824	%		63,583		54,640		11.159	%		10.929	%		215,509,962.47		165,266,825.03		12.385	%		11.316	%
Forbearance
Current		3.606	%		5.464	%		45,565		44,084		7.997	%		8.817	%		140,967,181.99		130,571,686.73		8.101	%		8.941	%
TOTAL REPAYMENT		3.486	%		5.374	%		340,365		307,385		59.734	%		61.482	%	$	974,340,874.87	$	830,952,105.49		55.991	%		56.897	%
Claims in Process (1)		3.809	%		5.585	%		686		2,568		0.120	%		0.514	%	$	1,864,351.01	$	6,608,925.85		0.107	%		0.453	%
Aged Claims Rejected (2)		5386.780	%		0.000	%		1		0		0.000	%		0.000	%	$	5,386.78	$	0.00		0.000	%		0.000	%
GRAND TOTAL		3.191	%		5.089	%		569,804		499,963		100.000	%		100.000	%	$	1,740,151,588.33	$	1,460,442,299.45		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		5.077	%		291,292	$	764,185,414.92		52.326	%
- GSL — Unsubsidized		4.964	%		192,747		622,363,447.81		42.615	%
- PLUS Loans		6.217	%		15,922		73,878,281.23		5.059	%
- SLS Loans		10.094	%		2		15,155.49		0.001	%
- Total		5.089	%		499,963	$	1,460,442,299.45		100.000	%

SCHOOL TYPE	WAC			# Loans		$ Amount		%
-Four Year		5.053	%		356,309	$	1,137,581,523.61		77.893	%
-Two Year		5.144	%		94,817		210,346,831.70		14.403	%
-Technical		5.351	%		48,830		112,503,808.66		7.703	%
-Other		5.018	%		7		10,135.48		0.001	%
- Total		5.089	%		499,963	$	1,460,442,299.45		100.000	%

*   Percentages may not total 100% due to rounding.

5

VI. 2005-2 Interest Accruals

A	Borrower Interest Accrued During Collection Period	$	14,373,971.39
B	Interest Subsidy Payments Accrued During Collection Period		5,523,810.44
C	SAP Payments Accrued During Collection Period		2,793,029.40
D	INV Earnings Accrued for Collection Period (TRUST ACCOUNTS)		2,030,229.43
E	Investment Earnings (ADMINISTRATOR ACCOUNTS)		0.00
F	Net Expected Interest Collections	$	24,721,040.66

VII. 2005-2 Accrued Interest Factors

		Accrued
		Int Factor		Accrual Period		Rate
A	Class A-1 Interest Rate		0.009276667		7/25/05 - 10/25/05		3.63000	%
B	Class A-2 Interest Rate		0.009353333		7/25/05 - 10/25/05		3.66000	%
C	Class A-3 Interest Rate		0.009430000		7/25/05 - 10/25/05		3.69000	%
D	Class A-4 Interest Rate		0.009532222		7/25/05 - 10/25/05		3.73000	%
E	Class A-5 Interest Rate		0.009557778		7/25/05 - 10/25/05		3.74000	%
F	Class B Interest Rate		0.009762222		7/25/05 - 10/25/05		3.82000	%

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VIII. 2005-2 Inputs From Prior Period 6/30/05

A	Total Student Loan Pool Outstanding
	i	Portfolio Balance	$	1,740,151,588.33
	ii	Interest To Be Capitalized		20,789,537.39
	iii	Total Pool	$	1,760,941,125.72
	iv	Specified Reserve Account Balance		4,402,352.81
	vi	Total Adjusted Pool	$	1,765,343,478.53
B	Total Note and Certificate Factor			0.881648579
C	Total Note Balance		$	1,785,212,296.11
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		0.467456214		1.000000000		1.000000000		1.000000000		1.000000000		1.000000000
	ii	Expected Note Balance	$	210,355,296.11	$	603,000,000.00	$	321,000,000.00	$	388,000,000.00	$	202,111,000.00	$	60,746,000.00
	iii	Note Principal Shortfall	$	19,868,817.58	$	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		$	4,402,352.81
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 )		$	306,883,555.35	$	306,883,555.35
B	Primary Servicing Fees-Current Month		$	1,140,487.90	$	305,743,067.45
C	Administration Fee		$	20,000.00	$	305,723,067.45
D	Class A Noteholders’ Interest Distribution Amounts
	i	Class A-1	$	1,951,395.96	$	303,771,671.49
	ii	Class A-2	$	5,640,060.00	$	298,131,611.49
	iii	Class A-3	$	3,027,030.00	$	295,104,581.49
	iv	Class A-4	$	3,698,502.22	$	291,406,079.27
	v	Class A-5	$	1,931,732.02	$	289,474,347.25
	vi	Total Class A Interest Distribution	$	16,248,720.20
E	Class B Noteholders’ Interest Distribution Amount		$	593,015.95	$	288,881,331.30
F	i	Class A-1	$	210,355,296.11	$	78,526,035.19
	ii	Class A-2	$	78,526,035.19	$	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	$	288,881,331.30
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				$	1,951,395.96		$	5,640,060.00	$	3,027,030.00	$	3,698,502.22	$	1,931,732.02	$	593,015.95
	ii	Quarterly Interest Paid					1,951,395.96			5,640,060.00		3,027,030.00		3,698,502.22		1,931,732.02		593,015.95
	iii	Interest Shortfall				$	0.00		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	vii	Quarterly Principal Due				$	210,355,296.11		$	89,649,589.38	$	0.00	$	0.00	$	0.00	$	0.00
	viii	Quarterly Principal Paid					210,355,296.11			78,526,035.19		0.00		0.00		0.00		0.00
	ix	Quarterly Principal Shortfall				$	0.00		$	11,123,554.19	$	0.00	$	0.00	$	0.00	$	0.00
	x	Total Distribution Amount				$	212,306,692.07		$	84,166,095.19	$	3,027,030.00	$	3,698,502.22	$	1,931,732.02	$	593,015.95
B	Principal Distribution Reconciliation
	i	Notes Outstanding Principal Balance 9/30/05				$	1,785,212,296.11
	ii	Adjusted Pool Balance 9/30/05					1,485,207,410.62
	iii	Adjusted Pool Exceeding Notes Balance (i - ii)				$	300,004,885.49
	iv	Adjusted Pool Balance 6/30/05				$	1,765,343,478.53
	v	Adjusted Pool Balance 9/30/05					1,485,207,410.62
	vi	Current Principal Due (iv - v)				$	280,136,067.91
	vii	Principal Shortfall from Prior Period					19,868,817.58
	viii	Principal Distribution Amount (vi + vii)				$	300,004,885.49
	ix	Principal Distribution Amount Paid				$	288,881,331.30
	x	Principal Shortfall (viii - ix)				$	11,123,554.19
C		Total Principal Distribution				$	288,881,331.30
D		Total Interest Distribution					16,841,736.15
E		Total Cash Distributions				$	305,723,067.45
F	Note Balances				07/25/2005	Paydown Factor				10/25/2005
	i	A-1 Note Balance	78442GNR3	$	210,355,296.11				$	—
		A-1 Note Pool Factor			0.467456214		(0.467456214	)		0.000000000
	ii	A-2 Note Balance	78442GNS1	$	603,000,000.00				$	524,473,964.81
		A-2 Note Pool Factor			1.000000000		(0.130225597	)		0.869774403
	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				$	4,402,352.81
	ii	Deposits to correct Shortfall				$	0.00
	iii	Total Reserve Account Balance Available				$	4,402,352.81
	iv	Required Reserve Account Balance				$	3,703,759.13
	v	Shortfall Carried to Next Period				$	0.00
	vi	Excess Reserve — Release to Waterfall				$	698,593.68
	vii	Ending Reserve Account Balance				$	3,703,759.13
	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

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XI. 2005-2 Historical Pool Information

			7/01/05-9/30/05			4/01/05-6/30/05			2/15/05-3/31/05
Beginning Student Loan Portfolio Balance			$	1,740,151,588.33		$	1,917,450,661.88		$	1,954,517,926.44
	Student Loan Principal Activity
	i	Regular Principal Collections	$	280,521,196.81		$	180,374,955.79		$	68,200,502.14
	ii	Principal Collections from Guarantor		4,611,599.04			1,419,835.93			204,362.37
	iii	Principal Reimbursements		413,973.14			739,825.51			358,394.19
	iv	Other System Adjustments		0.00			0.00			0.00
	v	Total Principal Collections	$	285,546,768.99		$	182,534,617.23		$	68,763,258.70
	Student Loan Non-Cash Principal Activity
	i	Other Adjustments	$	38,941.23		$	27,972.74		$	35,510.43
	ii	Capitalized Interest		(5,876,421.34	)		(5,263,516.42	)		(1,279,020.93	)
	iii	Total Non-Cash Principal Activity	$	(5,837,480.11	)	$	(5,235,543.68	)	$	(1,243,510.50	)
	Student Loan Principal Purchases		$	—		$	—		$	(30,452,483.64	)
(-)	Total Student Loan Principal Activity		$	279,709,288.88		$	177,299,073.55		$	37,067,264.56
	Student Loan Interest Activity
	i	Regular Interest Collections	$	7,042,642.98		$	5,560,846.70		$	2,377,445.42
	ii	Interest Claims Received from Guarantors		114,845.53			18,916.96			1,130.92
	iii	Collection Fees/Returned Items		89,764.13			50,532.45			21,456.78
	iv	Late Fee Reimbursements		291,952.90			262,343.97			139,473.44
	v	Interest Reimbursements		28,086.43			17,034.97			5,115.59
	vi	Other System Adjustments		0.00			0.00			0.00
	vii	Special Allowance Payments		9,430,240.26			3,939,187.03			0.00
	viii	Subsidy Payments		4,054,467.71			2,104,709.10			0.00
	ix	Total Interest Collections	$	21,051,999.94		$	11,953,571.18		$	2,544,622.15
	Student Loan Non-Cash Interest Activity
	i	Interest Accrual Adjustment	$	2,354.23		$	(352.07	)	$	(2,185.38	)
	ii	Capitalized Interest		5,876,421.34			5,263,516.42			1,279,020.93
	iii	Total Non-Cash Interest Adjustments	$	5,878,775.57		$	5,263,164.35		$	1,276,835.55
	Student Loan Interest Purchases		$	—		$	—		$	(255,384.18	)
	Total Student Loan Interest Activity		$	26,930,775.51		$	17,216,735.53		$	3,566,073.52
(=)	Ending Student Loan Portfolio Balance		$	1,460,442,299.45		$	1,740,151,588.33		$	1,917,450,661.88
(+)	Interest to be Capitalized		$	21,061,352.04		$	20,789,537.39		$	21,542,887.10
(=)	TOTAL POOL		$	1,481,503,651.49		$	1,760,941,125.72		$	1,938,993,548.98
(+)	Reserve Account Balance		$	3,703,759.13		$	4,402,352.81		$	4,847,483.87
(=)	Total Adjusted Pool		$	1,485,207,410.62		$	1,765,343,478.53		$	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	%
Jul-05	$	1,760,941,126		20.49	%
Sep-05	$	1,481,503,651		31.05	%

* “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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