SLM Private Credit Student Loan Trust 2003-B
Quarterly Servicing Report
Report Date: 11/30/2005 Reporting Period: 9/1/05-11/30/05
I. Deal Parameters
A | Student Loan Portfolio Characteristics | 08/31/2005 | Activity | 11/30/2005 | ||||||||||||||||||||||||
i | Portfolio Balance | $ | 1,112,171,857.73 | ($5,865,607.30 | ) | $ | 1,106,306,250.43 | |||||||||||||||||||||
ii | Interest to be Capitalized | 47,190,767.29 | 38,964,096.34 | |||||||||||||||||||||||||
iii | Total Pool | $ | 1,159,362,625.02 | $ | 1,145,270,346.77 | |||||||||||||||||||||||
iv | Cash Capitalization Account (Cii) | 74,242,876.07 | 74,242,876.07 | |||||||||||||||||||||||||
v | Asset Balance | $ | 1,233,605,501.09 | $ | 1,219,513,222.84 | |||||||||||||||||||||||
i | Weighted Average Coupon (WAC) | 6.838 | % | 7.333 | % | |||||||||||||||||||||||
ii | Weighted Average Remaining Term | 173.69 | 173.65 | |||||||||||||||||||||||||
iii | Number of Loans | 130,011 | 127,519 | |||||||||||||||||||||||||
iv | Number of Borrowers | 94,487 | 92,767 | |||||||||||||||||||||||||
v | Prime Loans Outstanding | $ | 978,350,442 | $ | 971,134,095 | |||||||||||||||||||||||
vi | T-bill Loans Outstanding | $ | 180,502,597 | $ | 173,323,191 | |||||||||||||||||||||||
vii | Fixed Loans Outstanding | $ | 509,586 | $ | 813,060 | |||||||||||||||||||||||
% of | % of | |||||||||||||||||||||||||||
B | Notes | Cusips | Spread | Balance 9/15/05 | O/S Securities** | Balance 12/15/05 | O/S Securities** | |||||||||||||||||||||
i | A-1 Notes | 78443CAL8 | 0.100 | % | $ | 443,487,091.61 | 36.755 | % | $ | 429,394,813.36 | 36.007 | % | ||||||||||||||||
ii | A-2 Notes | 78443CAM6 | 0.400 | % | 440,506,000.00 | 36.508 | % | 440,506,000.00 | 36.939 | % | ||||||||||||||||||
iii | A-3 ARS | 78443CAN4 | ARS | 109,000,000.00 | 9.034 | % | 109,000,000.00 | 9.140 | % | |||||||||||||||||||
iv | A-4 ARS | 78443CAP9 | ARS | 109,000,000.00 | 9.034 | % | 109,000,000.00 | 9.140 | % | |||||||||||||||||||
v | B Notes | 78443CAQ7 | 0.700 | % | 43,871,000.00 | 3.636 | % | 43,871,000.00 | 3.679 | % | ||||||||||||||||||
vi | C Notes | 78443CAR5 | 1.600 | % | 60,744,000.00 | 5.034 | % | 60,744,000.00 | 5.094 | % | ||||||||||||||||||
vii | Total Notes | $ | 1,206,608,091.61 | 100.000 | % | $ | 1,192,515,813.36 | 100.000 | % | |||||||||||||||||||
C | 09/15/2005 | 12/15/2005 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
D | General Trust Information | |||||||||||||||||||||||||||
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: 09/01/2005 through: 11/30/2005
A | Student Loan Principal Activity | |||||||
i | Principal Payments Received | $ | 20,413,864.77 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 3,604,251.25 | ||||||
iii | Other Servicer Reimbursements | 125.61 | ||||||
iv | Other Principal Reimbursements | 52,332.77 | ||||||
v | Total Principal Collections | $ | 24,070,574.40 | |||||
B | Student Loan Non-Cash Principal Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | 0.00 | |||||
ii | Capitalized Interest | (17,167,141.37 | ) | |||||
iii | Capitalized Insurance Fee | (1,044,513.58 | ) | |||||
iv | Other Adjustments | 6,687.85 | ||||||
v | Total Non-Cash Principal Activity | $ | (18,204,967.10 | ) | ||||
C | Total Student Loan Principal Activity | $ | 5,865,607.30 | |||||
D | Student Loan Interest Activity | |||||||
i | Interest Payments Received | $ | 10,278,833.07 | |||||
ii | Purchases by Servicer (Delinquencies >180) | 205,693.93 | ||||||
iii | Other Servicer Reimbursements | 32.37 | ||||||
iv | Seller Reimbursements | 699.59 | ||||||
v | Late Fees | 123,520.19 | ||||||
vi | Collection Fees | 0.00 | ||||||
vii | Total Interest Collections | $ | 10,608,779.15 | |||||
E | Student Loan Non-Cash Interest Activity | |||||||
i | Realized Losses/Loans Charged Off | $ | 0.00 | |||||
ii | Capitalized Interest | 17,167,141.37 | ||||||
iii | Other Interest Adjustments | (55.57 | ) | |||||
iv | Total Non-Cash Interest Adjustments | $ | 17,167,085.80 | |||||
F | Total Student Loan Interest Activity | $ | 27,775,864.95 | |||||
2
III. 2003-B Collection Account Activity 09/01/2005 through: 11/30/2005
A | Principal Collections | ||||||||
i | Principal Payments Received | $ | 19,821,044.90 | ||||||
ii | Consolidation Principal Payments | 592,819.87 | |||||||
iii | Purchases by Servicer (Delinquencies >180) | 3,604,251.25 | |||||||
iv | Reimbursements by Seller | 0.00 | |||||||
v | Reimbursements by Servicer | 125.61 | |||||||
vi | Other Re-purchased Principal | 52,332.77 | |||||||
vii | Total Principal Collections | $ | 24,070,574.40 | ||||||
B | Interest Collections | ||||||||
i | Interest Payments Received | $ | 10,265,801.33 | ||||||
ii | Consolidation Interest Payments | 13,031.74 | |||||||
iii | Purchases by Servicer (Delinquencies >180) | 205,693.93 | |||||||
iv | Reimbursements by Seller | 0.00 | |||||||
v | Reimbursements by Servicer | 32.37 | |||||||
vi | Other Re-purchased Interest | 699.59 | |||||||
vii | Collection Fees/Return Items | 0.00 | |||||||
viii | Late Fees | 123,520.19 | |||||||
ix | Total Interest Collections | $ | 10,608,779.15 | ||||||
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 | $ | 901,776.83 | ||||||
G | Borrower Incentive Reimbursements | $ | 118,214.59 | ||||||
H | Interest Rate Cap Proceeds | $ | 0.00 | ||||||
I | Gross Swap Receipt, Merril Lynch DP | $ | 4,785,356.60 | ||||||
J | Gross Swap Receipt, Citibank N.A. | $ | 4,785,356.60 | ||||||
K | Other Deposits | $ | 163,533.24 | ||||||
TOTAL FUNDS RECEIVED | $ | 45,433,591.41 | |||||||
LESS FUNDS PREVIOUSLY REMITTED: | |||||||||
i | Funds Allocated to the Future Distribution Account | $ | (12,957,353.26 | ) | |||||
ii | Funds Released from the Future Distribution Account | $ | 9,570,768.37 | ||||||
AVAILABLE FUNDS PRIOR TO RELEASE FROM CASH CAPITALIZATION ACCOUNT | $ | 42,047,006.52 | |||||||
L | Amount released from Cash Capitalizaton Account | $ | 0.00 | ||||||
M | TOTAL AVAILABLE FUNDS | $ | 42,047,006.52 | ||||||
N | Servicing Fees Due for Current Period | $ | 641,523.12 | ||||||
O | Carryover Servicing Fees Due | $ | 0.00 | ||||||
P | Administration Fees Due | $ | 20,000.00 | ||||||
Q | Total Fees Due for Period | $ | 661,523.12 | ||||||
3
IV. 2003-B Future Distribution Account Activity
A | Account Reconciliation | |||||||||
i | Beginning Balance | 09/15/2005 | $ | 4,290,305.12 | ||||||
ii | Total Allocations for Distribution Period | $ | 8,667,048.14 | |||||||
iii | Total Payments for Distribution Period | $ | (3,386,584.89 | ) | ||||||
iv | Funds Released to the Collection Account | $ | (9,570,768.37 | ) | ||||||
v | Total Balance Prior to Current Month Allocations | $ | 0.00 | |||||||
vi | Ending Balance | 12/15/2005 | $ | 4,800,435.18 | ||||||
B | Monthly Allocations to the Future Distribution Account | |||||||||
Monthly Allocation Date | 09/15/2005 | |||||||||
i | Primary Servicing Fees | $ | 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 | Balance as of | 09/15/2005 | $ | 4,290,305.12 | ||||||
Monthly Allocation Date | 10/15/2005 | |||||||||
i | Primary Servicing Fees | $ | 645,175.39 | |||||||
ii | Admin fees | 6,666.67 | ||||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | $ | 36,614.91 | |||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | 3,589,422.13 | ||||||||
v | Interest Accrued on the Class B & C Notes | 0.00 | ||||||||
vi | Total Allocations | $ | 4,277,879.10 | |||||||
Monthly Allocation Date | 11/15/2005 | |||||||||
i | Primary Servicing Fees | $ | 641,523.12 | |||||||
ii | Admin fees | 6,666.67 | ||||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | $ | 37,877.50 | |||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | $ | 3,703,101.75 | |||||||
v | Interest Accrued on the Class B & C Notes | 0.00 | ||||||||
vi | Total Allocations | $ | 4,389,169.04 | |||||||
C | Total Future Distribution Account Deposits Previously Allocated | $ | 12,957,353.26 | |||||||
D | Current Month Allocations | 12/15/2005 | ||||||||
i | Primary Servicing | $ | 645,345.31 | |||||||
ii | Admin fees | 6,666.67 | ||||||||
iii | Broker Dealer, Auction Agent and Remarketing Fees | $ | 41,665.25 | |||||||
iv | Interest Accrued on the Class A Notes and Swap Counterparty | $ | 4,106,757.95 | |||||||
v | Interest Accrued on the Class B & C Notes | 0.00 | ||||||||
vi | Total Allocations on the Distribution Date | $ | 4,800,435.18 |
4
V. 2003-B Auction Rate Security Detail
A | Auction Rate Securities - Payments During Distribution Period | |||||||||||||||||||||||||||||||||
Payment | Security | Interest | No. of | |||||||||||||||||||||||||||||||
i | Date | Description | Rate | Days | Start Date | End Date | Interest Payment | Broker/Dealer Fees | Auction Agent Fees | |||||||||||||||||||||||||
10/11/2005 | SLMPC2003-B A-3 | 3.72 | % | 29 | 09/12/2005 | 10/11/2005 | $ | 326,636.67 | $ | 17,561.11 | $ | 746.35 | ||||||||||||||||||||||
10/13/2005 | SLMPC 2003-B A-4 | 3.75 | % | 28 | 09/15/2005 | 10/13/2005 | $ | 317,916.67 | $ | 16,955.56 | $ | 720.61 | ||||||||||||||||||||||
11/07/2005 | SLMPC2003-B A-3 | 3.92 | % | 27 | 10/11/2005 | 11/07/2005 | $ | 320,460.00 | $ | 16,350.00 | $ | 694.88 | ||||||||||||||||||||||
11/10/2005 | SLMPC 2003-B A-4 | 3.92 | % | 28 | 10/13/2005 | 11/10/2005 | $ | 332,328.89 | $ | 16,955.56 | $ | 720.61 | ||||||||||||||||||||||
12/05/2005 | SLMPC2003-B A-3 | 4.05 | % | 28 | 11/07/2005 | 12/05/2005 | $ | 343,350.00 | $ | 16,955.56 | $ | 720.61 | ||||||||||||||||||||||
12/08/2005 | SLMPC 2003-B A-4 | 4.08 | % | 28 | 11/10/2005 | 12/08/2005 | $ | 345,893.33 | $ | 16,955.56 | $ | 720.61 | ||||||||||||||||||||||
ii | Auction Rate Note Interest Paid During Distribution Period | 9/15/05 - 12/15/05 | $ | 1,986,585.56 | ||||||||||||||||||||||||||||||
iii | Broker/Dealer Fees Paid During Distribution Period | 9/15/05 - 12/15/05 | $ | 101,733.35 | ||||||||||||||||||||||||||||||
iv | Auction Agent Fees Paid During Distribution Period | 9/15/05 - 12/15/05 | $ | 4,323.67 | ||||||||||||||||||||||||||||||
v | Primary Servicing Fees Remitted | 9/15/05 - 12/15/05 | $ | 1,293,942.31 | ||||||||||||||||||||||||||||||
vi | Total | $ | 3,386,584.89 | |||||||||||||||||||||||||||||||
- Less: Auction Rate Security Interest Payments due on the Distribution Date | $ | 0.00 | ||||||||||||||||||||||||||||||||
- Less: Auction Rate Security Auction Agent Fees due on the Distribution Date | $ | 0.00 | ||||||||||||||||||||||||||||||||
- Less: Auction Rate Security Broker Dealer Fees due on the Distribution Date | $ | 0.00 | ||||||||||||||||||||||||||||||||
B | Total Payments Out of Future Distribution Account During Distribution Period | $ | 3,386,584.89 | |||||||||||||||||||||||||||||||
C | Funds Released to Collection Account | $ | 9,570,768.37 | |||||||||||||||||||||||||||||||
D | Auction Rate Student Loan Rates | Sep-05 | Oct-05 | Nov-05 | ||||||||||||||||||||||||||||||
5.878% | 5.955% | 6.375% |
5
VI. 2003-B Loss and Recovery Detail
A | i | Cumulative Realized Losses Test | % of Original Pool | 08/31/2005 | 11/30/2005 | |||||||||||
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 | $ | 15,774,784.40 | $ | 19,379,035.65 | |||||||||||
iii | Cumulative Interest Purchases by Servicer | 676,605.28 | 882,299.21 | |||||||||||||
iv | Total Gross Defaults: | $ | 16,451,389.68 | $ | 20,261,334.86 |
6
VII. 2003-B Portfolio Characteristics
Weighted Avg Coupon | # of Loans | %* | Principal Amount | %* | ||||||||||||||||||||||||||||||||||||
STATUS | 08/31/2005 | 11/30/2005 | 08/31/2005 | 11/30/2005 | 08/31/2005 | 11/30/2005 | 08/31/2005 | 11/30/2005 | 08/31/2005 | 11/30/2005 | ||||||||||||||||||||||||||||||
INTERIM: | ||||||||||||||||||||||||||||||||||||||||
In School | 6.637 | % | 7.115 | % | 22,025 | 21,392 | 16.941 | % | 16.776 | % | $ | 190,088,254.56 | $ | 185,810,937.08 | 17.092 | % | 16.796 | % | ||||||||||||||||||||||
Grace | 6.731 | % | 7.347 | % | 14,112 | 4,721 | 10.854 | % | 3.702 | % | 127,682,644.47 | 45,355,111.73 | 11.480 | % | 4.100 | % | ||||||||||||||||||||||||
Deferment | 6.976 | % | 7.451 | % | 7,838 | 9,329 | 6.029 | % | 7.316 | % | 67,093,490.77 | 81,349,259.00 | 6.033 | % | 7.353 | % | ||||||||||||||||||||||||
TOTAL INTERIM | 6.727 | % | 7.236 | % | 43,975 | 35,442 | 33.824 | % | 27.794 | % | $ | 384,864,389.80 | $ | 312,515,307.81 | 34.605 | % | 28.249 | % | ||||||||||||||||||||||
REPAYMENT | ||||||||||||||||||||||||||||||||||||||||
Active | ||||||||||||||||||||||||||||||||||||||||
Current | 6.784 | % | 7.275 | % | 75,059 | 80,583 | 57.733 | % | 63.193 | % | $ | 615,699,047.13 | $ | 676,475,531.06 | 55.360 | % | 61.147 | % | ||||||||||||||||||||||
31-60 Days Delinquent | 7.647 | % | 8.250 | % | 1,930 | 1,787 | 1.484 | % | 1.401 | % | 16,354,146.83 | 15,607,634.77 | 1.470 | % | 1.411 | % | ||||||||||||||||||||||||
61-90 Days Delinquent | 8.008 | % | 8.663 | % | 1,062 | 671 | 0.817 | % | 0.526 | % | 8,520,746.40 | 5,620,087.89 | 0.766 | % | 0.508 | % | ||||||||||||||||||||||||
91-120 Days Delinquent | 8.170 | % | 8.792 | % | 656 | 290 | 0.505 | % | 0.227 | % | 5,591,459.94 | 2,610,438.70 | 0.503 | % | 0.236 | % | ||||||||||||||||||||||||
121-150 Days Delinquent | 8.821 | % | 8.697 | % | 457 | 272 | 0.352 | % | 0.213 | % | 3,977,959.22 | 2,153,089.01 | 0.358 | % | 0.195 | % | ||||||||||||||||||||||||
151-180 Days Delinquent | 8.927 | % | 9.790 | % | 148 | 93 | 0.114 | % | 0.073 | % | 1,298,656.66 | 660,848.94 | 0.117 | % | 0.060 | % | ||||||||||||||||||||||||
> 180 Days Delinquent | 0.000 | % | 0.000 | % | 0 | 0 | 0.000 | % | 0.000 | % | 0.00 | 0.00 | 0.000 | % | 0.000 | % | ||||||||||||||||||||||||
Forbearance | 7.300 | % | 7.771 | % | 6,724 | 8,381 | 5.172 | % | 6.572 | % | 75,865,451.75 | 90,663,312.25 | 6.821 | % | 8.195 | % | ||||||||||||||||||||||||
TOTAL REPAYMENT | 6.897 | % | 7.371 | % | 86,036 | 92,077 | 66.176 | % | 72.206 | % | $ | 727,307,467.93 | $ | 793,790,942.62 | 65.395 | % | 71.751 | % | ||||||||||||||||||||||
GRAND TOTAL | 6.838 | % | 7.333 | % | 130,011 | 127,519 | 100.000 | % | 100.000 | % | $ | 1,112,171,857.73 | $ | 1,106,306,250.43 | 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 | 7.383 | % | 100,270 | $ | 899,066,637.16 | 81.267 | % | |||||||||
- Law Loans | 7.267 | % | 19,001 | 127,072,521.61 | 11.486 | % | ||||||||||
- Med Loans | 6.583 | % | 5,066 | 38,730,331.21 | 3.501 | % | ||||||||||
- MBA Loans | 6.984 | % | 3,182 | 41,436,760.45 | 3.746 | % | ||||||||||
- Total | 7.333 | % | 127,519 | $ | 1,106,306,250.43 | 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 | $ | 489,175,221.10 | $ | 489,175,221.09 | |||||||||||||
Counterparty Pays: | ||||||||||||||||||
ii | 3 Month Libor | 3.87000 | % | 3.87000 | % | |||||||||||||
iii | Gross Swap Receipt Due Trust | $ | 4,785,356.60 | $ | 4,785,356.60 | |||||||||||||
iv | Days in Period | 09/15/2005 | 12/15/2005 | 91 | 91 | |||||||||||||
SLM Private Credit Trust Pays: | ||||||||||||||||||
v | Prime Rate (WSJ) Less 2.6300% | 3.87000 | % | 3.87000 | % | |||||||||||||
vi | Gross Swap Payment Due Counterparty | $ | 4,719,803.77 | $ | 4,719,803.77 | |||||||||||||
vii | Days in Period | 09/15/2005 | 12/15/2005 | 91 | 91 | |||||||||||||
B | Cap Payments | Cap Calculation | ||||||||||||||||
i | Notional Swap Amount | $ | 870,000,000.00 | |||||||||||||||
Counterparty Pays: | ||||||||||||||||||
ii | 3 Month Libor (interpolated for first accrual period) | 3.87000 | % | |||||||||||||||
iii | Cap Rate | 7.50000 | % | |||||||||||||||
iv | Excess (if any) of Libor over Cap Rate (ii-iii) | 0.00000 | % | |||||||||||||||
v | Days in Period | 09/15/2005 | 12/15/2005 | 91 | ||||||||||||||
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 | 0.010035278 | 9/15/05-12/15/05 | 3.97000% | ||||
B | Class A-2 Interest Rate | 0.010793611 | 9/15/05-12/15/05 | 4.27000% | ||||
E | Class B Interest Rate | 0.011551944 | 9/15/05-12/15/05 | 4.57000% | ||||
F | Class C Interest Rate | 0.013826944 | 9/15/05-12/15/05 | 5.47000% |
9
XI. 2003-B Inputs From Prior Period 8/31/05
A | Total Student Loan Pool Outstanding | |||||||||||||||||||||||||||
i | Portfolio Balance | $ | 1,112,171,857.73 | |||||||||||||||||||||||||
ii | Interest To Be Capitalized | 47,190,767.29 | ||||||||||||||||||||||||||
iii | Total Pool | $ | 1,159,362,625.02 | |||||||||||||||||||||||||
iv | Cash Capitalization Account (CI) | 74,242,876.07 | ||||||||||||||||||||||||||
v | Asset Balance | $ | 1,233,605,501.09 | |||||||||||||||||||||||||
B | Total Note and Certificate Factor | 0.898361400 | ||||||||||||||||||||||||||
C | Total Note Balance | $ | 1,206,608,091.61 | �� | ||||||||||||||||||||||||
D | Note Balance 09/15/2005 | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class B | Class C | |||||||||||||||||||||
i | Current Factor | 0.764632900 | 1.000000000 | 1.000000000 | 1.000000000 | 1.000000000 | 1.000000000 | |||||||||||||||||||||
ii | Expected Note Balance | $ | 443,487,091.61 | $ | 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 | 9/15/05 | $ | 1,101,993,092 | $ | 1,145,864,092 | $ | 1,206,608,092 | |||||||||||
Asset Balance | 8/31/05 | $ | 1,233,605,501 | $ | 1,233,605,501 | $ | 1,233,605,501 | |||||||||||
Pool Balance | 11/30/05 | $ | 1,145,270,347 | $ | 1,145,270,347 | $ | 1,145,270,347 | |||||||||||
Amounts on Deposit* | 12/15/05 | 96,983,585 | 96,476,790 | $ | 95,636,886 | |||||||||||||
Total | $ | 1,242,253,932 | $ | 1,241,747,137 | $ | 1,240,907,233 | ||||||||||||
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 | $ | 182,926,983.43 | The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount | |||||||||||||||
Class B Enhancement | $ | 87,741,409.48 | ||||||||||||||||
Specified Class B Enhancement | $ | 123,475,713.81 | 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 | $ | 36,585,396.69 | 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 | 11/30/2005 | $ | 74,242,876.07 | ||||
Less: Excess of Trust fees & Note interest due over Available Funds | 12/15/2005 | 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? ** | 12/15/2005 | 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? ** | 12/15/2005 | DO NOT RELEASE | ||||||
Release from Cash Capitalization Account (R) * | 12/15/2005 | $ | 0.00 |
* as defined under “Asset Balance” on page S-79 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 | 09/15/2005 | $ | 1,101,993,091.61 | ||||||
iii | Asset Balance | 11/30/2005 | $ | 1,219,513,222.84 | ||||||
iv | First Priority Principal Distribution Amount | 12/15/2005 | $ | 0.00 | ||||||
— | ||||||||||
v | Is the Class B Note Parity Trigger in Effect? | No | ||||||||
vi | Aggregate A and B Notes Outstanding | 09/15/2005 | $ | 1,145,864,091.61 | ||||||
vii | Asset Balance | 11/30/2005 | $ | 1,219,513,222.84 | ||||||
viii | First Priority Principal Distribution Amount | 12/15/2005 | $ | 0.00 | ||||||
ix | Second Priority Principal Distribution Amount | 12/15/2005 | $ | 0.00 | ||||||
— | ||||||||||
x | Is the Class C Note Parity Trigger in Effect? | No | ||||||||
xi | Aggregate A, B and C Notes Outstanding | 09/15/2005 | $ | 1,206,608,091.61 | ||||||
xii | Asset Balance | 11/30/2005 | $ | 1,219,513,222.84 | ||||||
xiii | First Priority Principal Distribution Amount | 12/15/2005 | $ | 0.00 | ||||||
xiv | Second Priority Principal Distribution Amount | 12/15/2005 | $ | 0.00 | ||||||
xv | Third Priority Principal Distribution Amount | 12/15/2005 | $ | 0.00 | ||||||
— | ||||||||||
B | Regular Principal Distribution | |||||||||
i | Aggregate Notes Outstanding | 09/15/2005 | $ | 1,206,608,091.61 | ||||||
ii | Asset Balance | 11/30/2005 | $ | 1,219,513,222.84 | ||||||
iii | Specified Overcollateralization Amount | 12/15/2005 | $ | 26,997,409.48 | ||||||
iv | First Priority Principal Distribution Amount | 12/15/2005 | $ | 0.00 | ||||||
v | Second Priority Principal Distribution Amount | 12/15/2005 | $ | 0.00 | ||||||
vi | Third Priority Principal Distribution Amount | 12/15/2005 | $ | 0.00 | ||||||
vii | Regular Principal Distribution Amount | $ | 14,092,278.25 | |||||||
C | Class A Noteholders’ Principal Distribution Amounts | |||||||||
i | Has the Stepdown Date Occurred? | No | ||||||||
ii | Asset Balance | 11/30/2005 | $ | 1,219,513,222.84 | ||||||
iii | 85% of Asset Balance | 11/30/2005 | $ | 1,036,586,239.41 | ||||||
iv | Specified Overcollateralization Amount | 12/15/2005 | $ | 26,997,409.48 | ||||||
v | Lesser of (iii) and (ii - iv) | $ | 1,036,586,239.41 | |||||||
vi | Class A Noteholders’ Principal Distribution Amt - Before the Stepdown Date | $ | 14,092,278.25 | |||||||
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 | 11/30/2005 | $ | 1,219,513,222.84 | ||||||
iii | 89.875% of Asset Balance | 11/30/2005 | $ | 1,096,037,509.03 | ||||||
iv | Specified Overcollateralization Amount | 12/15/2005 | $ | 26,997,409.48 | ||||||
v | Lesser of (iii) and (ii - iv) | $ | 1,096,037,509.03 | |||||||
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 | 11/30/2005 | $ | 1,219,513,222.84 | ||||||
iii | 97% of Asset Balance | 11/30/2005 | $ | 1,182,927,826.15 | ||||||
iv | Specified Overcollateralization Amount | 12/15/2005 | $ | 26,997,409.48 | ||||||
v | Lesser of (iii) and (ii - iv) | $ | 1,182,927,826.15 | |||||||
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) | $ | 42,047,006.52 | $ | 42,047,006.52 | |||||||
B | Primary Servicing Fees-Current Month plus any Unpaid | $ | 641,523.12 | $ | 41,405,483.40 | |||||||
C | Quarterly Administration Fee plus any Unpaid | $ | 20,000.00 | $ | 41,385,483.40 | |||||||
D | Auction Fees Due 12/15/2005 | $ | 0.00 | $ | 41,385,483.40 | |||||||
Broker/Dealer Fees Due 12/15/2005 | $ | 0.00 | $ | 41,385,483.40 | ||||||||
E | Gross Swap Payment, Merril Lynch DP | $ | 4,719,803.77 | $ | 36,665,679.63 | |||||||
Gross Swap Payment, Citibank N.A. | $ | 4,719,803.77 | $ | 31,945,875.86 | ||||||||
F | i | Class A-1 Noteholders Interest Distribution Amount due 12/15/2005 | $ | 4,450,516.16 | $ | 27,495,359.70 | ||||||
ii | Class A-2 Noteholders’ Interest Distribution Amount due 12/15/2005 | $ | 4,754,650.46 | $ | 22,740,709.24 | |||||||
iii | Class A-3 Noteholders’ Interest Distribution Amount due 12/15/2005 | $ | 0.00 | $ | 22,740,709.24 | |||||||
iv | Class A-4 Noteholders’ Interest Distribution Amount due 12/15/2005 | $ | 0.00 | $ | 22,740,709.24 | |||||||
v | Swap Termination Fees due 12/15/2005 | $ | 0.00 | $ | 22,740,709.24 | |||||||
G | First Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 22,740,709.24 | |||||||
H | Class B Noteholders’ Interest Distribuition Amount due 12/15/2005 | $ | 506,795.35 | $ | 22,233,913.89 | |||||||
I | Second Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 22,233,913.89 | |||||||
J | Class C Noteholders’ Interest Distribuition Amount | $ | 839,903.91 | $ | 21,394,009.98 | |||||||
K | Third Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 21,394,009.98 | |||||||
L | Increase to the Specified Reserve Account Balance | $ | 0.00 | $ | 21,394,009.98 | |||||||
M | Regular Principal Distribution Amount — Principal Distribution Account | $ | 14,092,278.25 | $ | 7,301,731.73 | |||||||
N | Carryover Servicing Fees | $ | 0.00 | $ | 7,301,731.73 | |||||||
O | Auction Rate Noteholder’s Interest Carryover | |||||||||||
i | Class A-3 | $ | 0.00 | $ | 7,301,731.73 | |||||||
ii | Class A-4 | $ | 0.00 | $ | 7,301,731.73 | |||||||
P | Swap Termination Payments | $ | 0.00 | $ | 7,301,731.73 | |||||||
Q | Additional Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 7,301,731.73 | |||||||
R | Remaining Funds to the Certificateholders | $ | 7,301,731.73 | $ | 0.00 |
XVI. 2003-B Principal Distribution Account Allocations
Remaining | ||||||||||||
Funds Balance | ||||||||||||
A | Total from Collection Account | $ | 14,092,278.25 | $ | 14,092,278.25 | |||||||
B | i | Class A-1 Principal Distribution Amount Paid | $ | 14,092,278.25 | $ | 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 | $ | 4,450,516.16 | 4,754,650.46 | $ | 0.00 | $ | 0.00 | $ | 506,795.35 | $ | 839,903.91 | ||||||||||||||||||||||
ii | Quarterly Interest Paid | 4,450,516.16 | 4,754,650.46 | 0.00 | 0.00 | 506,795.35 | 839,903.91 | |||||||||||||||||||||||||||
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 | $ | 14,092,278.25 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||
viii | Quarterly Principal Paid (or allocated) | 14,092,278.25 | 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 | $ | 18,542,794.41 | $ | 4,754,650.46 | $ | 0.00 | $ | 0.00 | $ | 506,795.35 | $ | 839,903.91 | |||||||||||||||||||||
B | Note Balances | 09/15/2005 | Paydown Factors | 12/15/2005 | ||||||||||||||||||||||||||||||
i | A-1 Note Balance | 78443CAL8 | $ | 443,487,091.61 | $ | 429,394,813.36 | ||||||||||||||||||||||||||||
A-1 Note Pool Factor | 0.764632900 | 0.024297015 | 0.740335885 | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
Next ARS Pay Date | Balances | |||||||||||||||||||||||||||||||||
iii | A-3 Note Balance | 78443CAN4 | $ | 109,000,000.00 | $ | 109,000,000.00 | 01/03/06 | $ | 109,000,000.00 | |||||||||||||||||||||||||
A-3 Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | 1.000000000 | ||||||||||||||||||||||||||||||
iv | A-4 Note Balance | 78443CAP9 | $ | 109,000,000.00 | 109,000,000.00 | 01/05/06 | $ | 109,000,000.00 | ||||||||||||||||||||||||||
A-4 Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | 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 |
14
XVIII. 2003-B Historical Pool Information
2004 | 2003 | |||||||||||||||||||||||||||
9/1/05-11/30/05 | 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 | $ | 1,112,171,857.73 | $ | 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 | $ | 20,413,864.77 | $ | 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) | 3,604,251.25 | 3,914,972.89 | 2,473,300.33 | 2,513,223.56 | 6,229,380.99 | 643,906.63 | |||||||||||||||||||||
iii | Other Servicer Reimbursements | 125.61 | 127.42 | 12,825.37 | (1.50 | ) | (1,185.60 | ) | 1,302.24 | |||||||||||||||||||
iv | Seller Reimbursements | 52,332.77 | 49,392.49 | 30,995.21 | 74,167.62 | 288,942.89 | 719,433.21 | |||||||||||||||||||||
v | Total Principal Collections | $ | 24,070,574.40 | $ | 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 | $ | 0.00 | |||||||||||||||
ii | Capitalized Interest | (17,167,141.37 | ) | (9,471,395.05 | ) | (4,471,890.21 | ) | (7,159,676.29 | ) | (32,118,092.30 | ) | (12,512,375.87 | ) | |||||||||||||||
iii | Capitalized Insurance Fee | (1,044,513.58 | ) | (518,225.30 | ) | (108,209.14 | ) | (550,933.41 | ) | (3,100,490.96 | ) | (1,937,718.30 | ) | |||||||||||||||
iv | Other Adjustments | 6,687.85 | 896.16 | (8,456.63 | ) | 73.09 | (30,868.35 | ) | (37,426.95 | ) | ||||||||||||||||||
v | Total Non-Cash Principal Activity | $ | (18,204,967.10 | ) | $ | (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 | $ | 5,865,607.30 | $ | 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 | $ | 10,278,833.07 | $ | 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) | 205,693.93 | 188,738.15 | 115,783.21 | 110,890.65 | 241,237.32 | 19,955.95 | |||||||||||||||||||||
iii | Other Servicer Reimbursements | 32.37 | 0.35 | 135.16 | 0.00 | (33.00 | ) | 548.66 | ||||||||||||||||||||
iv | Seller Reimbursements | 699.59 | 3,698.03 | 1,540.71 | 3,529.53 | 13,988.56 | 31,574.85 | |||||||||||||||||||||
v | Late Fees | 123,520.19 | 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 | 0.00 | |||||||||||||||||||||
viii | Total Interest Collections | 10,608,779.15 | 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 | $ | 0.00 | |||||||||||||||
ii | Capitalized Interest | $ | 17,167,141.37 | $ | 9,471,395.05 | $ | 4,471,890.21 | $ | 7,159,676.29 | $ | 32,118,092.30 | $ | 12,512,375.87 | |||||||||||||||
iii | Other Interest Adjustments | (55.57 | ) | (2,125.57 | ) | 229.56 | 3,172.22 | 77,643.06 | 80,573.57 | |||||||||||||||||||
iv | Total Non-Cash Interest Adjustments | $ | 17,167,085.80 | $ | 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 | $ | 27,775,864.95 | $ | 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 | $ | 1,106,306,250.43 | $ | 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 | $ | 38,964,096.34 | $ | 47,190,767.29 | $ | 48,504,182.28 | $ | 44,706,060.32 | $ | 43,984,976.52 | $ | 43,786,901.54 | |||||||||||||||
(=) | TOTAL POOL | $ | 1,145,270,346.77 | $ | 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 | $ | 74,242,876.07 | $ | 102,590,156.00 | |||||||||||||||
(=) | Asset Balance | $ | 1,219,513,222.84 | $ | 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 | % | ||||
Dec-05 | $ | 1,145,270,347 | 2.74 | % |
*“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