SLM Private Credit Student Loan Trust 2003-B Quarterly Servicing Report
Report Date: 08/31/2005 Reporting Period: 6/1/05-8/31/05
I. Deal Parameters
Student Loan Portfolio Characteristics | 05/31/2005 | Activity | 08/31/2005 | |||||||||||||
A | i | Portfolio Balance | $ | 1,130,198,353.97 | $ | (18,026,496.24 | ) | $ | 1,112,171,857.73 | |||||||
ii | Interest to be Capitalized | 48,504,182.28 | 47,190,767.29 | |||||||||||||
iii | Total Pool | $ | 1,178,702,536.25 | $ | 1,159,362,625.02 | |||||||||||
iv | Cash Capitalization Account (Cii) | 74,242,876.07 | 74,242,876.07 | |||||||||||||
v | Asset Balance | $ | 1,252,945,412.32 | $ | 1,233,605,501.09 | |||||||||||
i | Weighted Average Coupon (WAC) | 6.364 | % | 6.838 | % | |||||||||||
ii | Weighted Average Remaining Term | 174.72 | 173.69 | |||||||||||||
iii | Number of Loans | 132,212 | 130,011 | |||||||||||||
iv | Number of Borrowers | 95,961 | 94,487 | |||||||||||||
v | Prime Loans Outstanding | $ | 987,829,186 | $ | 978,350,442 | |||||||||||
vi | T-bill Loans Outstanding | $ | 190,278,785 | $ | 180,502,597 | |||||||||||
vii | Fixed Loans Outstanding | $ | 594,566 | $ | 509,586 |
% of | % of | |||||||||||||||||||||||||
Notes | Cusips | Spread | Balance 6/15/05 | O/S Securities** | Balance 9/15/05 | O/S Securities** | ||||||||||||||||||||
B | i | A-1 Notes | 78443CAL8 | 0.100 | % | $ | 462,827,002.84 | 37.753 | % | $ | 443,487,091.61 | 36.755 | % | |||||||||||||
ii | A-2 Notes | 78443CAM6 | 0.400 | % | 440,506,000.00 | 35.932 | % | 440,506,000.00 | 36.508 | % | ||||||||||||||||
iii | A-3 ARS | 78443CAN4 | ARS | 109,000,000.00 | 8.891 | % | 109,000,000.00 | 9.034 | % | |||||||||||||||||
iv | A-4 ARS | 78443CAP9 | ARS | 109,000,000.00 | 8.891 | % | 109,000,000.00 | 9.034 | % | |||||||||||||||||
v | B Notes | 78443CAQ7 | 0.700 | % | 43,871,000.00 | 3.579 | % | 43,871,000.00 | 3.636 | % | ||||||||||||||||
vi | C Notes | 78443CAR5 | 1.600 | % | 60,744,000.00 | 4.955 | % | 60,744,000.00 | 5.034 | % | ||||||||||||||||
vii | Total Notes | $ | 1,225,948,002.84 | 100.000 | % | $ | 1,206,608,091.61 | 100.000 | % | |||||||||||||||||
06/15/2005 | 09/15/2005 | |||||||||||
C | i | Specified Reserve Account Balance ($) | $ | 3,118,201.00 | $ | 3,118,201.00 | ||||||
ii | Reserve Account Balance ($) | $ | 3,118,201.00 | $ | 3,118,201.00 | |||||||
iii | Cash Capitalization Acct Balance ($) | $ | 74,242,876.07 | $ | 74,242,876.07 | |||||||
iv | Initial Asset Balance | $ | 1,349,870,474 | $ | 1,349,870,474 | |||||||
v | Specified Overcollateralization Amount | $ | 26,997,409.48 | $ | 26,997,409.48 | |||||||
vi | Actual Overcollateralization Amount | $ | 26,997,409.48 | $ | 26,997,409.48 | |||||||
vii | Has the Stepdown Date Occurred?* | No | No |
General Trust Information | ||||||||||||
D | i | Indenture Trustee | JPMorgan Chase Bank | iii | Servicer | Sallie Mae, Inc. | ||||||
ii | Administrator | Sallie Mae, Inc. | iv | Swap Counterparty | Merril Lynch DP | |||||||
Citibank N.A. | ||||||||||||
Initial Pool Balance | $1,247,280,317.98 |
* | The Stepdown Date is the earlier of the distribution date following the reduction of the Class A Notes to zero, or June 15, 2008. At the Stepdown Date, principal payments made on the Class B and Class C Notes may begin to be paid pro-rata with the Class A Notes. See the prospectus for complete information concerning the Stepdown Date. | |
** | Percentages may not total 100% due to rounding |
1
II. 2003-B Transactions from: 06/01/2005 through: 08/31/2005
A | Student Loan Principal Activity | |||||||
i | Principal Payments Received | $ | 24,050,727.63 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 3,914,972.89 | ||||||
iii | Other Servicer Reimbursements | 127.42 | ||||||
iv | Other Principal Reimbursements | 49,392.49 | ||||||
v | Total Principal Collections | $ | 28,015,220.43 | |||||
B | Student Loan Non-Cash Principal Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | 0.00 | |||||
ii | Capitalized Interest | (9,471,395.05 | ) | |||||
iii | Capitalized Insurance Fee | (518,225.30 | ) | |||||
iv | Other Adjustments | 896.16 | ||||||
v | Total Non-Cash Principal Activity | $ | (9,988,724.19 | ) | ||||
C | Total Student Loan Principal Activity | $ | 18,026,496.24 | |||||
D | Student Loan Interest Activity | |||||||
i | Interest Payments Received | $ | 10,081,735.83 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 188,738.15 | ||||||
iii | Other Servicer Reimbursements | 0.35 | ||||||
iv | Seller Reimbursements | 3,698.03 | ||||||
v | Late Fees | 145,107.36 | ||||||
vi | Collection Fees | 0.00 | ||||||
vii | Total Interest Collections | $ | 10,419,279.72 | |||||
E | Student Loan Non-Cash Interest Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | 0.00 | |||||
ii | Capitalized Interest | 9,471,395.05 | ||||||
iii | Other Interest Adjustments | (2,125.57 | ) | |||||
iv | Total Non-Cash Interest Adjustments | $ | 9,469,269.48 | |||||
F | Total Student Loan Interest Activity | $ | 19,888,549.20 | |||||
2
III. 2003-B Collection Account Activity 06/01/2005 through: 08/31/2005
A | Principal Collections | |||||||
i | Principal Payments Received | $ | 23,542,198.67 | |||||
ii | Consolidation Principal Payments | 508,528.96 | ||||||
iii | Purchases by Servicer (Delinquencies >180) | 3,914,972.89 | ||||||
iv | Reimbursements by Seller | 2,311.94 | ||||||
v | Reimbursements by Servicer | 127.42 | ||||||
vi | Other Re-purchased Principal | 47,080.55 | ||||||
vii | Total Principal Collections | $ | 28,015,220.43 | |||||
B | Interest Collections | |||||||
i | Interest Payments Received | $ | 10,060,986.32 | |||||
ii | Consolidation Interest Payments | 20,749.51 | ||||||
iii | Purchases by Servicer (Delinquencies >180) | 188,738.15 | ||||||
iv | Reimbursements by Seller | 0.00 | ||||||
v | Reimbursements by Servicer | 0.35 | ||||||
vi | Other Re-purchased Interest | 3,698.03 | ||||||
vii | Collection Fees/Return Items | 0.00 | ||||||
viii | Late Fees | 145,107.36 | ||||||
ix | Total Interest Collections | $ | 10,419,279.72 | |||||
C | Recoveries on Realized Losses | $ | 0.00 | |||||
D | Funds Borrowed from Next Collection Period | $ | 0.00 | |||||
E | Funds Repaid from Prior Collection Periods | $ | 0.00 | |||||
F | Investment Income | $ | 796,103.10 | |||||
G | Borrower Incentive Reimbursements | $ | 115,353.67 | |||||
H | Interest Rate Cap Proceeds | $ | 0.00 | |||||
I | Gross Swap Receipt, Merril Lynch DP | $ | 4,304,191.28 | |||||
J | Gross Swap Receipt, Citibank N.A. | $ | 4,304,191.28 | |||||
K | Other Deposits | $ | 1,524,171.66 | |||||
TOTAL FUNDS RECEIVED | $ | 49,478,511.14 | ||||||
LESS FUNDS PREVIOUSLY REMITTED: | ||||||||
i | Funds Allocated to the Future Distribution Account | $ | (11,898,908.29 | ) | ||||
ii | Funds Released from the Future Distribution Account | $ | 8,486,918.14 | |||||
AVAILABLE FUNDS PRIOR TO RELEASE FROM CASH CAPITALIZATION ACCOUNT | $ | 46,066,520.99 | ||||||
L | Amount released from Cash Capitalizaton Account | $ | 0.00 | |||||
M | TOTAL AVAILABLE FUNDS | $ | 46,066,520.99 | |||||
N | Servicing Fees Due for Current Period | $ | 654,041.48 | |||||
O | Carryover Servicing Fees Due | $ | 0.00 | |||||
P | Administration Fees Due | $ | 20,000.00 | |||||
Q | Total Fees Due for Period | $ | 674,041.48 | |||||
3
IV. 2003-B Future Distribution Account Activity
A | Account Reconciliation | |||||||||||
i | Beginning Balance | 06/15/2005 | $ | 3,616,492.24 | ||||||||
ii | Total Allocations for Distribution Period | $ | 8,282,416.05 | |||||||||
iii | Total Payments for Distribution Period | $ | (3,411,990.15 | ) | ||||||||
iv | Funds Released to the Collection Account | $ | (8,486,918.14 | ) | ||||||||
v | Total Balance Prior to Current Month Allocations | $ | 0.00 | |||||||||
vi | Ending Balance | 09/15/2005 | $ | 4,290,305.12 | ||||||||
B | Monthly Allocations to the Future Distribution Account | |||||||||||
Monthly Allocation Date | 06/15/2005 | |||||||||||
i | Primary Servicing Fees | $ | 663,042.28 | |||||||||
ii | Admin fees | 6,666.66 | ||||||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | 37,877.50 | ||||||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | 2,908,905.80 | ||||||||||
v | Interest Accrued on the Class B & C Notes | 0.00 | ||||||||||
vi | Balance as of | 06/15/2005 | $ | 3,616,492.24 | ||||||||
Monthly Allocation Date | 07/15/2005 | |||||||||||
i | Primary Servicing Fees | $ | 657,891.26 | |||||||||
ii | Admin fees | 6,666.67 | ||||||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | 39,140.08 | ||||||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | 3,427,702.27 | ||||||||||
v | Interest Accrued on the Class B & C Notes | 0.00 | ||||||||||
vi | Total Allocations | $ | 4,131,400.28 | |||||||||
Monthly Allocation Date | 08/15/2005 | |||||||||||
i | Primary Servicing Fees | $ | 654,041.48 | |||||||||
ii | Admin fees | 6,666.67 | ||||||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | 39,140.08 | ||||||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | 3,451,167.54 | ||||||||||
v | Interest Accrued on the Class B & C Notes | 0.00 | ||||||||||
vi | Total Allocations | $ | 4,151,015.77 | |||||||||
C | Total Future Distribution Account Deposits Previously Allocated | $ | 11,898,908.29 | |||||||||
D | Current Month Allocations | 09/15/2005 | ||||||||||
i | Primary Servicing | $ | 648,766.92 | |||||||||
ii | Admin fees | 6,666.67 | ||||||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | 40,402.67 | ||||||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | 3,594,468.86 | ||||||||||
v | Interest Accrued on the Class B & C Notes | 0.00 | ||||||||||
vi | Total Allocations on the Distribution Date | $ | 4,290,305.12 |
4
V. 2003-B Auction Rate Security Detail
A | Auction Rate Securities - Payments During Distribution Period | |||||||||||||||||||||||||||
Payment | Security | Interest | No. of | Interest | Broker/Dealer | Auction Agent | ||||||||||||||||||||||
i | Date | Description | Rate | Days | Start Date | End Date | Payment | Fees | Fees | |||||||||||||||||||
06/20/2005 | SLMPC 2003-B A-3 | 3.140000% | 28 | 05/23/2005 | 06/20/2005 | $ | 266,202.22 | $ | 16,955.56 | $ | 720.61 | |||||||||||||||||
06/23/2005 | SLMPC 2003-B A-4 | 3.130000% | 28 | 05/26/2005 | 06/23/2005 | $ | 265,354.44 | $ | 16,955.56 | $ | 720.61 | |||||||||||||||||
07/18/2005 | SLMPC 2003-B A-3 | 3.280000% | 28 | 06/20/2005 | 07/18/2005 | $ | 278,071.11 | $ | 16,955.56 | $ | 720.61 | |||||||||||||||||
07/21/2005 | SLMPC 2003-B A-4 | 3.300000% | 28 | 06/23/2005 | 07/21/2005 | $ | 279,766.67 | $ | 16,955.56 | $ | 720.61 | |||||||||||||||||
08/15/2005 | SLMPC 2003-B A-3 | 3.400000% | 28 | 07/18/2005 | 08/15/2005 | $ | 288,244.44 | $ | 16,955.56 | $ | 720.61 | |||||||||||||||||
08/18/2005 | SLMPC 2003-B A-4 | 3.430000% | 28 | 07/21/2005 | 08/18/2005 | $ | 290,787.78 | $ | 16,955.56 | $ | 720.61 | |||||||||||||||||
09/12/2005 | SLMPC 2003-B A-3 | 3.570000% | 28 | 08/15/2005 | 09/12/2005 | $ | 302,656.67 | $ | 16,955.56 | $ | 720.61 | |||||||||||||||||
09/15/2005 | SLMPC 2003-B A-4 | 3.590000% | 28 | 08/18/2005 | 09/15/2005 | $ | 304,352.22 | $ | 16,955.56 | $ | 720.61 | |||||||||||||||||
ii | Auction Rate Note Interest Paid During Distribution Period | 6/15/05-9/15/05 | $ | 2,275,435.55 | ||||||||||||||||||||||||
iii | Broker/Dealer Fees Paid During Distribution Period | 6/15/05-9/15/05 | $ | 135,644.48 | ||||||||||||||||||||||||
iv | Auction Agent Fees Paid During Distribution Period | 6/15/05-9/15/05 | $ | 5,764.88 | ||||||||||||||||||||||||
v | Primary Servicing Fees Remitted | 6/15/05-9/15/05 | $ | 1,317,173.63 | ||||||||||||||||||||||||
vi | Total | $ | 3,734,018.54 | |||||||||||||||||||||||||
- Less: Auction Rate Security Interest Payments due on the Distribution Date | $ | (304,352.22 | ) | |||||||||||||||||||||||||
- Less: Auction Rate Security Auction Agent Fees due on the Distribution Date | $ | (720.61 | ) | |||||||||||||||||||||||||
- Less: Auction Rate Security Broker Dealer Fees due on the Distribution Date | $ | (16,955.56 | ) | |||||||||||||||||||||||||
B | Total Payments Out of Future Distribution Account During Distribution Period | $ | 3,411,990.15 | |||||||||||||||||||||||||
C | Funds Released to Collection Account | $ | 8,486,918.14 | |||||||||||||||||||||||||
D | Auction Rate Student Loan Rates | Jul-05 | Aug-05 | Sep-05 | ||||||||||||||||||||||||
5.40497% | 5.87797% | 5.87797% |
5
VI. 2003-B Loss and Recovery Detail
A | i | Cumulative Realized Losses Test | % of Original Pool | 05/31/2005 | 08/31/2005 | |||||||||||
September 15, 2003 to March 17, 2008 | 15% | $ | 187,092,047.70 | $ | 187,092,047.70 | |||||||||||
June 16, 2008 to March 15, 2011 | 18% | |||||||||||||||
June 15, 2011 and thereafter | 20% | |||||||||||||||
ii | Cumulative Realized Losses (Net of Recoveries) | $ | 0.00 | $ | 0.00 | |||||||||||
iii | Is Test Satisfied (ii < i)? | Yes | ||||||||||||||
B | i | Recoveries on Realized Losses This Collection Period | ||||||||||||||
ii | Principal Cash Recovered During Collection Period | $ | 0.00 | $ | 0.00 | |||||||||||
iii | Interest Cash Recovered During Collection Period | $ | 0.00 | $ | 0.00 | |||||||||||
iv | Late Fees and Collection Costs Recovered During Collection Period | $ | 0.00 | $ | 0.00 | |||||||||||
v | Total Recoveries for Period | $ | 0.00 | $ | 0.00 | |||||||||||
C | i | Gross Defaults: | ||||||||||||||
ii | Cumulative Principal Purchases by Servicer | $ | 11,859,811.51 | $ | 15,774,784.40 | |||||||||||
iii | Cumulative Interest Purchases by Servicer | 487,867.13 | 676,605.28 | |||||||||||||
iv | Total Gross Defaults: | $ | 12,347,678.64 | $ | 16,451,389.68 |
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VII. 2003-B Portfolio Characteristics
Weighted Avg Coupon | # of Loans | %* | Principal Amount | %* | ||||||||||||||||||||||||||||||||||||
STATUS | 05/31/2005 | 08/31/2005 | 05/31/2005 | 08/31/2005 | 05/31/2005 | 08/31/2005 | 05/31/2005 | 08/31/2005 | 05/31/2005 | 08/31/2005 | ||||||||||||||||||||||||||||||
INTERIM: | ||||||||||||||||||||||||||||||||||||||||
In School | 6.163 | % | 6.637 | % | 26,608 | 22,025 | 20.125 | % | 16.941 | % | $ | 232,150,523.07 | $ | 190,088,254.56 | 20.541 | % | 17.092 | % | ||||||||||||||||||||||
Grace | 6.243 | % | 6.731 | % | 14,527 | 14,112 | 10.988 | % | 10.854 | % | 126,956,084.97 | 127,682,644.47 | 11.233 | % | 11.480 | % | ||||||||||||||||||||||||
Deferment | 6.484 | % | 6.976 | % | 7,343 | 7,838 | 5.554 | % | 6.029 | % | 61,561,250.74 | 67,093,490.77 | 5.447 | % | 6.033 | % | ||||||||||||||||||||||||
TOTAL INTERIM | 6.234 | % | 6.727 | % | 48,478 | 43,975 | 36.667 | % | 33.824 | % | $ | 420,667,858.78 | $ | 384,864,389.80 | 37.221 | % | 34.605 | % | ||||||||||||||||||||||
REPAYMENT | ||||||||||||||||||||||||||||||||||||||||
Active | ||||||||||||||||||||||||||||||||||||||||
Current | 6.338 | % | 6.784 | % | 74,960 | 75,059 | 56.697 | % | 57.733 | % | $ | 620,962,138.72 | $ | 615,699,047.13 | 54.943 | % | 55.360 | % | ||||||||||||||||||||||
31-60 Days Delinquent | 7.470 | % | 7.647 | % | 1,671 | 1,930 | 1.264 | % | 1.484 | % | 14,388,767.55 | 16,354,146.83 | 1.273 | % | 1.470 | % | ||||||||||||||||||||||||
61-90 Days Delinquent | 7.712 | % | 8.008 | % | 661 | 1,062 | 0.500 | % | 0.817 | % | 5,169,251.36 | 8,520,746.40 | 0.457 | % | 0.766 | % | ||||||||||||||||||||||||
91-120 Days Delinquent | 7.962 | % | 8.170 | % | 667 | 656 | 0.504 | % | 0.505 | % | 5,860,342.42 | 5,591,459.94 | 0.519 | % | 0.503 | % | ||||||||||||||||||||||||
121-150 Days Delinquent | 7.363 | % | 8.821 | % | 389 | 457 | 0.294 | % | 0.352 | % | 3,427,318.90 | 3,977,959.22 | 0.303 | % | 0.358 | % | ||||||||||||||||||||||||
151-180 Days Delinquent | 7.594 | % | 8.927 | % | 135 | 148 | 0.102 | % | 0.114 | % | 1,122,328.40 | 1,298,656.66 | 0.099 | % | 0.117 | % | ||||||||||||||||||||||||
> 180 Days Delinquent | 0.000 | % | 0.000 | % | 0 | 0 | 0.000 | % | 0.000 | % | 0.00 | 0.00 | 0.000 | % | 0.000 | % | ||||||||||||||||||||||||
Forbearance | 6.945 | % | 7.300 | % | 5,251 | 6,724 | 3.972 | % | 5.172 | % | 58,600,347.84 | 75,865,451.75 | 5.185 | % | 6.821 | % | ||||||||||||||||||||||||
TOTAL REPAYMENT | 6.441 | % | 6.897 | % | 83,734 | 86,036 | 63.333 | % | 66.176 | % | $ | 709,530,495.19 | $ | 727,307,467.93 | 62.779 | % | 65.395 | % | ||||||||||||||||||||||
GRAND TOTAL | 6.364 | % | 6.838 | % | 132,212 | 130,011 | 100.000 | % | 100.000 | % | $ | 1,130,198,353.97 | $ | 1,112,171,857.73 | 100.000 | % | 100.000 | % |
* | Percentages may not total 100% due to rounding. |
7
VIII. 2003-B Portfolio Characteristics by Loan Program
LOAN TYPE | WAC | # Loans | $ Amount | % | ||||||||||||
- Signature Loans | 6.889 | % | 101,730 | $ | 896,566,676.48 | 80.614 | % | |||||||||
- Law Loans | 6.768 | % | 19,684 | 131,598,271.34 | 11.833 | % | ||||||||||
- Med Loans | 6.108 | % | 5,297 | 40,711,620.13 | 3.661 | % | ||||||||||
- MBA Loans | 6.487 | % | 3,300 | 43,295,289.78 | 3.893 | % | ||||||||||
- Total | 6.838 | % | 130,011 | $ | 1,112,171,857.73 | 100.000 | % |
* Percentages may not total 100% due to rounding
8
IX. 2003-B Interest Rate Swap and Cap Calculations
A | Swap Payments | Merril Lynch DP | Citibank N.A. | |||||||||||||
Swap Calculation | Swap Calculation | |||||||||||||||
i | Notional Swap Amount — Aggregate Prime Loans Outstanding | $ | 493,914,592.90 | $ | 493,914,592.89 | |||||||||||
Counterparty Pays: | ||||||||||||||||
ii | 3 Month Libor | 3.41000 | % | 3.41000 | % | |||||||||||
iii | Gross Swap Receipt Due Trust | $ | 4,304,191.28 | $ | 4,304,191.28 | |||||||||||
iv | Days in Period | 06/15/2005 | 09/15/2005 | 92 | 92 | |||||||||||
SLM Private Credit Trust Pays: | ||||||||||||||||
v | Prime Rate (WSJ) Less 2.6300% | 3.37000 | % | 3.37000 | % | |||||||||||
vi | Gross Swap Payment Due Counterparty | $ | 4,195,432.34 | $ | 4,195,432.34 | |||||||||||
vii | Days in Period | 06/15/2005 | 09/15/2005 | 92 | 92 | |||||||||||
B | Cap Payments | |||||||||||||||
Cap Calculation | ||||||||||||||||
i | Notional Swap Amount | $ | 870,000,000.00 | |||||||||||||
Counterparty Pays: | ||||||||||||||||
ii | 3 Month Libor (interpolated for first accrual period) | 3.41000 | % | |||||||||||||
iii | Cap Rate | 7.50000 | % | |||||||||||||
iv | Excess (if any) of Libor over Cap Rate (ii - iii) | 0.00000 | % | |||||||||||||
v | Days in Period | 06/15/2005 | 09/15/2005 | 92 | ||||||||||||
vi | Cap Payment due Trust | $ | 0.00 |
X. 2003-B Accrued Interest Factors
Accrued | ||||||||||||
Int Factor | Accrual Period | Rate | ||||||||||
A | Class A-1 Interest Rate | 0.008970000 | 6/15/05-9/15/05 | 3.51000 | % | |||||||
B | Class A-2 Interest Rate | 0.009736667 | 6/15/05-9/15/05 | 3.81000 | % | |||||||
C | Class A-4 Interest Rate | 0.002792222 | 8/18/05-9/15/05 | 3.59000 | % | |||||||
D | Class B Interest Rate | 0.010503333 | 6/15/05-9/15/05 | 4.11000 | % | |||||||
E | Class C Interest Rate | 0.012803333 | 6/15/05-9/15/05 | 5.01000 | % |
9
XI. 2003-B Inputs From Prior Period 5/31/05
A | Total Student Loan Pool Outstanding | |||||||||||||||||||||||||||
i | Portfolio Balance | $ | 1,130,198,353.97 | |||||||||||||||||||||||||
ii | Interest To Be Capitalized | 48,504,182.28 | ||||||||||||||||||||||||||
iii | Total Pool | $ | 1,178,702,536.25 | |||||||||||||||||||||||||
iv | Cash Capitalization Account (CI) | 74,242,876.07 | ||||||||||||||||||||||||||
v | Asset Balance | $ | 1,252,945,412.32 | |||||||||||||||||||||||||
B | Total Note and Certificate Factor | 0.912760700 | ||||||||||||||||||||||||||
C | Total Note Balance | $ | 1,225,948,002.84 | |||||||||||||||||||||||||
D | Note Balance 06/15/2005 | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class B | Class C | |||||||||||||||||||||
i | Current Factor | 0.797977600 | 1.000000000 | 1.000000000 | 1.000000000 | 1.000000000 | 1.000000000 | |||||||||||||||||||||
ii | Expected Note Balance | $ | 462,827,002.84 | $ | 440,506,000.00 | $ | 109,000,000.00 | $ | 109,000,000.00 | $ | 43,871,000.00 | $ | 60,744,000.00 | |||||||||||||||
iii | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||
iv | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||
E | Unpaid Primary Servicing Fees from Prior Month(s) | $ | 0.00 | |||||||||||||||||||||||||
F | Unpaid Administration fees from Prior Quarter(s) | $ | 0.00 | |||||||||||||||||||||||||
G | Unpaid Carryover Servicing Fees from Prior Quarter(s) | $ | 0.00 |
10
XII. 2003-B Note Parity Triggers
Class A | Class B | Class C | ||||||||||||||||||
Notes Outstanding | 6/15/05 | $ | 1,121,333,003 | $ | 1,165,204,003 | $ | 1,225,948,003 | |||||||||||||
Asset Balance | 5/31/05 | $ | 1,252,945,412 | $ | 1,252,945,412 | $ | 1,252,945,412 | |||||||||||||
Pool Balance | 8/31/05 | $ | 1,159,362,625 | $ | 1,159,362,625 | $ | 1,159,362,625 | |||||||||||||
Amounts on Deposit* | 9/15/05 | 102,481,844 | 102,021,052 | $ | 101,243,327 | |||||||||||||||
Total | $ | 1,261,844,469 | $ | 1,261,383,677 | $ | 1,260,605,952 | ||||||||||||||
Are the Notes in Excess of the Asset Balance? | No | No | No | |||||||||||||||||
Are the Notes in Excess of the Pool + Amounts | ||||||||||||||||||||
on Deposit? | No | No | No | |||||||||||||||||
Are the Notes Parity Triggers in Effect? | No | No | No | |||||||||||||||||
Class A Enhancement | $ | 131,612,409.48 | ||||||||||||||||||
Specified Class A Enhancement | $ | 185,040,825.16 | The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount | |||||||||||||||||
Class B Enhancement | $ | 87,741,409.48 | ||||||||||||||||||
Specified Class B Enhancement | $ | 124,902,556.99 | The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount | |||||||||||||||||
Class C Enhancement | $ | 26,997,409.48 | ||||||||||||||||||
Specified Class C Enhancement | $ | 37,008,165.03 | The greater of 3% of the Asset Balance or the Specified Overcollateralization Amount |
* | Amounts on Deposit in Trust Accounts for the Collection Period after Payment of Section XIII Items B through F for the Class A; Items B through H for the Class B; and Items B through J for the Class C |
XIII. 2003-B Cash Capitalization Account
A | Cash Capitalization Account Balance as of Collection Period End Date | 08/31/2005 | $ | 74,242,876.07 | ||||||||||||||
Less: Excess of Trust fees & Note interest due over Available Funds | 09/15/2005 | 0.00 | ||||||||||||||||
Cash Capitalization Account Balance (CI)* | $ | 74,242,876.07 | ||||||||||||||||
B | 5.50% of initial Asset Balance | $ | 74,242,876.07 | |||||||||||||||
Excess, CI over 5.50% of initial Asset Balance | $ | 0.00 | ||||||||||||||||
Release excess to Collection Account?** | 09/15/2005 | DO NOT RELEASE | ||||||||||||||||
C | 3.50% of initial Asset Balance | $ | 47,245,466.59 | |||||||||||||||
Excess, CI over 3.50% of initial Asset Balance | $ | 26,997,409.48 | ||||||||||||||||
Release excess to Collection Account?** | 09/15/2005 | DO NOT RELEASE | ||||||||||||||||
Release from Cash Capitalization Account (R)* | 09/15/2005 | $ | 0.00 | |||||||||||||||
* | as defined under “Asset Balance” on page S-79 of the prospectus supplement | |||||||||||||||||
** | determined based on a comparison of pool balances to notes outstanding and CI, along with certain loan portfolio characteristics, as outlined on page S-58 of the prospectus supplement |
11
XIV. 2003-B Principal Distribution Calculations
A | Priority Principal Payments (If Note Parity Triggers are not in effect, go to Regular Principal Distribution below): | |||||||||||
i | Is the Class A Note Parity Trigger in Effect? | No | ||||||||||
ii | Aggregate A Notes Outstanding | 06/15/2005 | $ | 1,121,333,002.84 | ||||||||
iii | Asset Balance | 08/31/2005 | $ | 1,233,605,501.09 | ||||||||
iv | First Priority Principal Distribution Amount | 09/15/2005 | $ | 0.00 | ||||||||
— | ||||||||||||
v | Is the Class B Note Parity Trigger in Effect? | No | ||||||||||
vi | Aggregate A and B Notes Outstanding | 06/15/2005 | $ | 1,165,204,002.84 | ||||||||
vii | Asset Balance | 08/31/2005 | $ | 1,233,605,501.09 | ||||||||
viii | First Priority Principal Distribution Amount | 09/15/2005 | $ | 0.00 | ||||||||
ix | Second Priority Principal Distribution Amount | 09/15/2005 | $ | 0.00 | ||||||||
— | ||||||||||||
x | Is the Class C Note Parity Trigger in Effect? | No | ||||||||||
xi | Aggregate A, B and C Notes Outstanding | 06/15/2005 | $ | 1,225,948,002.84 | ||||||||
xii | Asset Balance | 08/31/2005 | $ | 1,233,605,501.09 | ||||||||
xiii | First Priority Principal Distribution Amount | 09/15/2005 | $ | 0.00 | ||||||||
xiv | Second Priority Principal Distribution Amount | 09/15/2005 | $ | 0.00 | ||||||||
xv | Third Priority Principal Distribution Amount | 09/15/2005 | $ | 0.00 | ||||||||
— | ||||||||||||
B | Regular Principal Distribution | |||||||||||
i | Aggregate Notes Outstanding | 06/15/2005 | $ | 1,225,948,002.84 | ||||||||
ii | Asset Balance | 08/31/2005 | $ | 1,233,605,501.09 | ||||||||
iii | Specified Overcollateralization Amount | 09/15/2005 | $ | 26,997,409.48 | ||||||||
iv | First Priority Principal Distribution Amount | 09/15/2005 | $ | 0.00 | ||||||||
v | Second Priority Principal Distribution Amount | 09/15/2005 | $ | 0.00 | ||||||||
vi | Third Priority Principal Distribution Amount | 09/15/2005 | $ | 0.00 | ||||||||
vii | Regular Principal Distribution Amount | $ | 19,339,911.23 | |||||||||
C | Class A Noteholders’ Principal Distribution Amounts | |||||||||||
i | Has the Stepdown Date Occurred? | No | ||||||||||
ii | Asset Balance | 08/31/2005 | $ | 1,233,605,501.09 | ||||||||
iii | 85% of Asset Balance | 08/31/2005 | $ | 1,048,564,675.93 | ||||||||
iv | Specified Overcollateralization Amount | 09/15/2005 | $ | 26,997,409.48 | ||||||||
v | Lesser of (iii) and (ii - iv) | $ | 1,048,564,675.93 | |||||||||
vi | Class A Noteholders’ Principal Distribution Amt — Before the Stepdown Date | $ | 19,339,911.23 | |||||||||
vii | Class A Noteholders’ Principal Distribution Amt — After the Stepdown Date | $ | 0.00 | |||||||||
D | Class B Noteholders’ Principal Distribution Amounts | |||||||||||
i | Has the Stepdown Date Occurred? | No | ||||||||||
ii | Asset Balance | 08/31/2005 | $ | 1,233,605,501.09 | ||||||||
iii | 89.875% of Asset Balance | 08/31/2005 | $ | 1,108,702,944.10 | ||||||||
iv | Specified Overcollateralization Amount | 09/15/2005 | $ | 26,997,409.48 | ||||||||
v | Lesser of (iii) and (ii - iv) | $ | 1,108,702,944.10 | |||||||||
vi | Class B Noteholders’ Principal Distribution Amt — Before the Stepdown Date | $ | 0.00 | |||||||||
vii | Class B Noteholders’ Principal Distribution Amt — After the Stepdown Date | $ | 0.00 | |||||||||
E | Class C Noteholders’ Principal Distribution Amounts | |||||||||||
i | Has the Stepdown Date Occurred? | No | ||||||||||
ii | Asset Balance | 08/31/2005 | $ | 1,233,605,501.09 | ||||||||
iii | 97% of Asset Balance | 08/31/2005 | $ | 1,196,597,336.06 | ||||||||
iv | Specified Overcollateralization Amount | 09/15/2005 | $ | 26,997,409.48 | ||||||||
v | Lesser of (iii) and (ii - iv) | $ | 1,196,597,336.06 | |||||||||
vi | Class C Noteholders’ Principal Distribution Amt — Before the Stepdown Date | $ | 0.00 | |||||||||
vii | Class C Noteholders’ Principal Distribution Amt — After the Stepdown Date | $ | 0.00 |
12
XV. 2003-B Waterfall for Distributions
Remaining | ||||||||||||||||
Funds Balance | ||||||||||||||||
A | Total Available Funds (Sections III-L) | $ | 46,066,520.99 | $ | 46,066,520.99 | |||||||||||
B | Primary Servicing Fees-Current Month plus any Unpaid | $ | 654,041.48 | $ | 45,412,479.51 | |||||||||||
C | Quarterly Administration Fee plus any Unpaid | $ | 20,000.00 | $ | 45,392,479.51 | |||||||||||
D | Auction Fees Due 09/15/2005 | $ | 720.61 | $ | 45,391,758.90 | |||||||||||
Broker/Dealer Fees Due 09/15/2005 | $ | 16,955.56 | $ | 45,374,803.34 | ||||||||||||
E | Gross Swap Payment, Merrill Lynch DP | $ | 4,195,432.34 | $ | 41,179,371.00 | |||||||||||
Gross Swap Payment, Citibank N.A. | $ | 4,195,432.34 | $ | 36,983,938.66 | ||||||||||||
F | i | Class A-1 Noteholders’ Interest Distribution Amount due | 09/15/2005 | $ | 4,151,558.22 | $ | 32,832,380.44 | |||||||||
ii | Class A-2 Noteholders’ Interest Distribution Amount due | 09/15/2005 | $ | 4,289,060.09 | $ | 28,543,320.35 | ||||||||||
iii | Class A-3 Noteholders’ Interest Distribution Amount due | 09/15/2005 | $ | 0.00 | $ | 28,543,320.35 | ||||||||||
iv | Class A-4 Noteholders’ Interest Distribution Amount due | 09/15/2005 | $ | 304,352.22 | $ | 28,238,968.13 | ||||||||||
v | Swap Termination Fees due | 09/15/2005 | $ | 0.00 | $ | 28,238,968.13 | ||||||||||
G | First Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 28,238,968.13 | |||||||||||
H | Class B Noteholders’ Interest Distribution Amount due | 09/15/2005 | $ | 460,791.74 | $ | 27,778,176.39 | ||||||||||
I | Second Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 27,778,176.39 | |||||||||||
J | Class C Noteholders’ Interest Distribution Amount | $ | 777,725.68 | $ | 27,000,450.71 | |||||||||||
K | Third Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 27,000,450.71 | |||||||||||
L | Increase to the Specified Reserve Account Balance | $ | 0.00 | $ | 27,000,450.71 | |||||||||||
M | Regular Principal Distribution Amount — Principal Distribution Account | $ | 19,339,911.23 | $ | 7,660,539.48 | |||||||||||
N | Carryover Servicing Fees | $ | 0.00 | $ | 7,660,539.48 | |||||||||||
O | Auction Rate Noteholder’s Interest Carryover | |||||||||||||||
i | Class A-3 | $ | 0.00 | $ | 7,660,539.48 | |||||||||||
ii | Class A-4 | $ | 0.00 | $ | 7,660,539.48 | |||||||||||
P | Swap Termination Payments | $ | 0.00 | $ | 7,660,539.48 | |||||||||||
Q | Additional Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 7,660,539.48 | |||||||||||
R | Remaining Funds to the Certificateholders | $ | 7,660,539.48 | $ | 0.00 |
XVI. 2003-B Principal Distribution Account Allocations
Remaining | ||||||||||||||||
Funds Balance | ||||||||||||||||
A | Total from Collection Account | $ | 19,339,911.23 | $ | 19,339,911.23 | |||||||||||
B | i | Class A-1 Principal Distribution Amount Paid | $ | 19,339,911.23 | $ | 0.00 | ||||||||||
ii | Class A-2 Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||||||
iii | Class A-3 Principal Distribution Amount Paid (or allocated) | $ | 0.00 | $ | 0.00 | |||||||||||
iv | Class A-4 Principal Distribution Amount Paid (or allocated) | $ | 0.00 | $ | 0.00 | |||||||||||
C | Class B Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||||||
D | Class C Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||||||
E | Remaining Class C Distribution Paid | $ | 0.00 | $ | 0.00 | |||||||||||
F | Remaining Class B Distribution Paid | $ | 0.00 | $ | 0.00 | |||||||||||
G | i | Remaining Class A-1 Distribution Paid | $ | 0.00 | $ | 0.00 | ||||||||||
ii | Remaining Class A-2 Distribution Paid | $ | 0.00 | $ | 0.00 | |||||||||||
iii | Remaining Class A-3 Distribution Paid (or allocated) | $ | 0.00 | $ | 0.00 | |||||||||||
iv | Remaining Class A-4 Distribution Paid (or allocated) | $ | 0.00 | $ | 0.00 |
13
XVII. 2003-B Distributions
A | Distribution Amounts | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class B | Class C | |||||||||||||||||||||||||||||
i | Quarterly Interest Due | $ | 4,151,558.22 | $ | 4,289,060.09 | $ | 0.00 | $ | 304,352.22 | $ | 460,791.74 | $ | 777,725.68 | |||||||||||||||||||||||
ii | Quarterly Interest Paid | 4,151,558.22 | 4,289,060.09 | 0.00 | 304,352.22 | 460,791.74 | 777,725.68 | |||||||||||||||||||||||||||||
iii | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||||
iv | Interest Carryover Due | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||||
v | Interest Carryover Paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||||
vi | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||||
vii | Quarterly Principal Distribution Amount | $ | 19,339,911.23 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||||
viii | Quarterly Principal Paid (or allocated) | 19,339,911.23 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||||
ix | Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||||
x | Total Distribution Amount | $ | 23,491,469.45 | $ | 4,289,060.09 | $ | 0.00 | $ | 304,352.22 | $ | 460,791.74 | $ | 777,725.68 | |||||||||||||||||||||||
B | Note Balances | 06/15/2005 | Paydown Factors | 09/15/2005 | ||||||||||||||||||||||||||||||||
i | A-1 Note Balance | 78443CAL8 | $ | 462,827,002.84 | $ | 443,487,091.61 | ||||||||||||||||||||||||||||||
A-1 Note Pool Factor | 0.797977600 | 0.033344683 | 0.764632917 | |||||||||||||||||||||||||||||||||
ii | A-2 Note Balance | 78443CAM6 | $ | 440,506,000.00 | $ | 440,506,000.00 | ||||||||||||||||||||||||||||||
A-2 Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||||||||||||||
iii | A-3 Note Balance | 78443CAN4 | $ | 109,000,000.00 | $ | 109,000,000.00 | ||||||||||||||||||||||||||||||
A-3 Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||||||||||||||
iv | A-4 Note Balance | 78443CAP9 | $ | 109,000,000.00 | $ | 109,000,000.00 | ||||||||||||||||||||||||||||||
A-4 Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||||||||||||||
v | B Note Balance | 78443CAQ7 | $ | 43,871,000.00 | $ | 43,871,000.00 | ||||||||||||||||||||||||||||||
B Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||||||||||||||
vi | C Note Balance | 78443CAR5 | $ | 60,744,000.00 | $ | 60,744,000.00 | ||||||||||||||||||||||||||||||
C Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||||||||||||||
Next ARS Pay Date | Balances | |||||||||||||||||||||||||||||||||||
10/12/05 | $ | 109,000,000.00 | ||||||||||||||||||||||||||||||||||
1.000000000 | ||||||||||||||||||||||||||||||||||||
09/15/05 | $ | 109,000,000.00 | ||||||||||||||||||||||||||||||||||
1.000000000 |
14
XVIII. 2003-B Historical Pool Information
2004 | 2003 | |||||||||||||||||||||||
6/1/05 - 8/31/05 | 3/1/05 - 5/31/05 | 12/1/04 - 2/28/05 | 12/1/03 - 11/30/04 | 5/12/03 - 11/30/03 | ||||||||||||||||||||
Beginning Student Loan Portfolio Balance | $ | 1,130,198,353.97 | $ | 1,148,036,144.67 | $ | 1,161,694,974.39 | $ | 1,195,939,429.02 | $ | 1,213,584,181.19 | ||||||||||||||
Student Loan Principal Activity | ||||||||||||||||||||||||
i | Principal Payments Received | $ | 24,050,727.63 | $ | 19,909,225.77 | $ | 18,781,976.65 | $ | 62,976,767.96 | $ | 30,767,631.21 | |||||||||||||
ii | Purchases by Servicer (Delinquencies >180) | 3,914,972.89 | 2,473,300.33 | 2,513,223.56 | 6,229,380.99 | 643,906.63 | ||||||||||||||||||
iii | Other Servicer Reimbursements | 127.42 | 12,825.37 | (1.50 | ) | (1,185.60 | ) | 1,302.24 | ||||||||||||||||
iv | Seller Reimbursements | 49,392.49 | 30,995.21 | 74,167.62 | 288,942.89 | 719,433.21 | ||||||||||||||||||
v | Total Principal Collections | $ | 28,015,220.43 | $ | 22,426,346.68 | $ | 21,369,366.33 | $ | 69,493,906.24 | $ | 32,132,273.29 | |||||||||||||
Student Loan Non-Cash Principal Activity | ||||||||||||||||||||||||
i | Realized Losses/Loans Charged Off | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||
ii | Capitalized Interest | (9,471,395.05 | ) | (4,471,890.21 | ) | (7,159,676.29 | ) | (32,118,092.30 | ) | (12,512,375.87 | ) | |||||||||||||
iii | Capitalized Insurance Fee | (518,225.30 | ) | (108,209.14 | ) | (550,933.41 | ) | (3,100,490.96 | ) | (1,937,718.30 | ) | |||||||||||||
iv | Other Adjustments | 896.16 | (8,456.63 | ) | 73.09 | (30,868.35 | ) | (37,426.95 | ) | |||||||||||||||
v | Total Non-Cash Principal Activity | $ | (9,988,724.19 | ) | $ | (4,588,555.98 | ) | $ | (7,710,536.61 | ) | $ | (35,249,451.61 | ) | $ | (14,487,521.12 | ) | ||||||||
(-) | Total Student Loan Principal Activity | $ | 18,026,496.24 | $ | 17,837,790.70 | $ | 13,658,829.72 | $ | 34,244,454.63 | $ | 17,644,752.17 | |||||||||||||
Student Loan Interest Activity | ||||||||||||||||||||||||
i | Interest Payments Received | $ | 10,081,735.83 | $ | 9,156,709.83 | $ | 8,065,907.80 | $ | 23,928,424.34 | $ | 11,210,549.42 | |||||||||||||
ii | Repurchases by Servicer (Delinquencies >180) | 188,738.15 | 115,783.21 | 110,890.65 | 241,237.32 | 19,955.95 | ||||||||||||||||||
iii | Other Servicer Reimbursements | 0.35 | 135.16 | 0.00 | (33.00 | ) | 548.66 | |||||||||||||||||
iv | Seller Reimbursements | 3,698.03 | 1,540.71 | 3,529.53 | 13,988.56 | 31,574.85 | ||||||||||||||||||
v | Late Fees | 145,107.36 | 144,157.94 | 120,165.39 | 296,003.58 | 97,305.39 | ||||||||||||||||||
vi | Collection Fees | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
viii | Total Interest Collections | 10,419,279.72 | 9,418,326.85 | 8,300,493.37 | $ | 24,479,620.80 | 11,359,934.27 | |||||||||||||||||
Student Loan Non-Cash Interest Activity | ||||||||||||||||||||||||
i | Realized Losses/Loans Charged Off | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||
ii | Capitalized Interest | $ | 9,471,395.05 | $ | 4,471,890.21 | $ | 7,159,676.29 | $ | 32,118,092.30 | $ | 12,512,375.87 | |||||||||||||
iii | Other Interest Adjustments | (2,125.57 | ) | 229.56 | 3,172.22 | 77,643.06 | 80,573.57 | |||||||||||||||||
iv | Total Non-Cash Interest Adjustments | $ | 9,469,269.48 | $ | 4,472,119.77 | $ | 7,162,848.51 | $ | 32,195,735.36 | $ | 12,592,949.44 | |||||||||||||
v | Total Student Loan Interest Activity | $ | 19,888,549.20 | $ | 13,890,446.62 | $ | 15,463,341.88 | $ | 56,675,356.16 | $ | 23,952,883.71 | |||||||||||||
(=) | Ending Student Loan Portfolio Balance | $ | 1,112,171,857.73 | $ | 1,130,198,353.97 | $ | 1,148,036,144.67 | $ | 1,161,694,974.39 | $ | 1,195,939,429.02 | |||||||||||||
(+) | Interest to be Capitalized | $ | 47,190,767.29 | $ | 48,504,182.28 | $ | 44,706,060.32 | $ | 43,984,976.52 | $ | 43,786,901.54 | |||||||||||||
(=) | TOTAL POOL | $ | 1,159,362,625.02 | $ | 1,178,702,536.25 | $ | 1,192,742,204.99 | $ | 1,205,679,950.91 | $ | 1,239,726,330.56 | |||||||||||||
(+) | Cash Capitalization Account Balance (CI) | $ | 74,242,876.07 | $ | 74,242,876.07 | $ | 74,242,876.07 | $ | 74,242,876.07 | $ | 102,590,156.00 | |||||||||||||
(=) | Asset Balance | $ | 1,233,605,501.09 | $ | 1,252,945,412.32 | $ | 1,266,985,081.06 | $ | 1,279,922,826.98 | $ | 1,342,316,486.56 |
15
XIX. 2003-B Payment History and CPRs
Distribution | Actual | Since Issued | ||||||||
Date | Pool Balances | CPR * | ||||||||
Sep-03 | $ | 1,243,606,462 | 2.25% | |||||||
Dec-03 | $ | 1,239,726,331 | 2.34% | |||||||
Mar-04 | $ | 1,232,752,735 | 2.35% | |||||||
Jun-04 | $ | 1,224,328,500 | 2.40% | |||||||
Sep-04 | $ | 1,215,173,000 | 2.42% | |||||||
Dec-04 | $ | 1,205,679,951 | 2.71% | |||||||
Mar-05 | $ | 1,192,742,205 | 2.63% | |||||||
Jun-05 | $ | 1,178,702,536 | 2.60% | |||||||
Sep-05 | $ | 1,159,362,625 | 2.76% |
* “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.
16