SLM Student Loan Trust 2001-3 Quarterly Servicing Report
Collection Period 04/01/2005 - 06/30/2005 Distribution Date 07/25/2005
Indenture Trustee: Deutsche Bank
I. Deal Parameters
| A | Student Loan Portfolio Characteristics | 08/02/2001 | 03/31/2005 | 06/30/2005 | ||||||||||||
| Principal Balance | $ | 1,452,423,203.78 | $ | 450,683,824.85 | $ | 392,468,034.56 | ||||||||||
| Interest to be Capitalized Balance | 50,255,730.59 | 5,945,578.62 | 4,789,835.63 | |||||||||||||
| Pool Balance | $ | 1,502,678,934.37 | $ | 456,629,403.47 | $ | 397,257,870.19 | ||||||||||
| Specified Reserve Account Balance | 3,756,697.00 | - N/A - | - N/A - | |||||||||||||
| Adjusted Pool (1) | $ | 1,506,435,631.37 | $ | 456,629,403.47 | $ | 397,257,870.19 | ||||||||||
| Weighted Average Coupon (WAC) | 7.86 | % | 3.34 | % | 3.36 | % | ||||||||||
| Weighted Average Remaining Term | 127.34 | 108.40 | 106.97 | |||||||||||||
| Number of Loans | 371,362 | 147,008 | 131,496 | |||||||||||||
| Number of Borrowers | 174,574 | 75,350 | 67,886 | |||||||||||||
| Since Issued CPR | 21.70 | % | 23.46 | % | ||||||||||||
| (1) | The Specified Reserve Account balance is included in the Adjusted Pool until the Pool Balance is less than 40% of the original pool. | |||||||||||||||
| B | Debt Securities | Cusip/Isin | 04/25/2005 | 07/25/2005 | ||||||||||||
| A1T | 78442GCZ7 | $ | — | $ | — | |||||||||||
| A1L | 78442GCY0 | $ | — | $ | — | |||||||||||
| A2L | 78442GDA1 | $ | 410,454,403.47 | $ | 351,082,870.19 | |||||||||||
| B | 78442GDC7 | $ | 46,175,000.00 | $ | 46,175,000.00 | |||||||||||
| C | Account Balances | 04/25/2005 | 07/25/2005 | |||||||||||||
| Reserve Account Balance | $ | 1,502,679.00 | $ | 1,502,679.00 | ||||||||||||
| D | Asset/Liability | 04/25/2005 | 07/25/2005 | |||||||||||||
| Adjusted Pool Balance | $ | 456,629,403.47 | $ | 397,257,870.19 | ||||||||||||
| Total Notes | $ | 456,629,403.47 | $ | 397,257,870.19 | ||||||||||||
| Difference | $ | — | $ | — | ||||||||||||
| Parity Ratio | 1.00000 | 1.00000 | ||||||||||||||
Page 1 of 9
II. Trust Activity 04/01/2005 through 06/30/2005
| A | Student Loan Principal Receipts | |||||||
| Borrower Principal | 8,314,174.25 | |||||||
| Guarantor Principal | 4,104,412.24 | |||||||
| Consolidation Activity Principal | 47,825,706.48 | |||||||
| Seller Principal Reimbursement | (4,938.10 | ) | ||||||
| Servicer Principal Reimbursement | 355.44 | |||||||
| Rejected Claim Repurchased Principal | 15,859.12 | |||||||
| Other Principal Deposits | 17,747.58 | |||||||
| Total Principal Receipts | $ | 60,273,317.01 | ||||||
| B | Student Loan Interest Receipts | |||||||
| Borrower Interest | 1,346,299.27 | |||||||
| Guarantor Interest | 164,057.22 | |||||||
| Consolidation Activity Interest | 563,457.39 | |||||||
| Special Allowance Payments | 2,258,746.98 | |||||||
| Interest Subsidy Payments | 665,638.91 | |||||||
| Seller Interest Reimbursement | 200.50 | |||||||
| Servicer Interest Reimbursement | 20,951.87 | |||||||
| Rejected Claim Repurchased Interest | 1,232.25 | |||||||
| Other Interest Deposits | 165,812.01 | |||||||
| Total Interest Receipts | $ | 5,186,396.40 | ||||||
| C | Interest Rate Swap Proceeds | $ | — | |||||
| D | Investment Income | $ | 313,920.53 | |||||
| E | Funds Borrowed from Next Collection Period | $ | — | |||||
| F | Funds Repaid from Prior Collection Period | $ | — | |||||
| G | Loan Sale or Purchase Proceeds | $ | — | |||||
| H | Initial Deposits to Collection Account | $ | — | |||||
| I | Other Deposits | $ | 51,229.08 | |||||
| Less: Funds Previously Remitted: | ||||||||
| Servicing Fees | $ | (663,009.98 | ) | |||||
| Consolidation Loan Rebate Fees | $ | — | ||||||
Total Funds Previously Remitted | $ | (663,009.98 | ) | |||||
| J | AVAILABLE FUNDS | $ | 65,161,853.04 | |||||
| K | Non-Cash Principal Activity During Collection Period | $ | (2,057,526.72 | ) | ||||
| L | Non-Reimbursable Losses During Collection Period | $ | 1,206.90 | |||||
| M | Aggregate Purchased Amounts by the Depositor, Servicer or Seller | $ | 25,631.78 | |||||
| N | Aggregate Loan Substitutions | $ | — | |||||
Trust 2001-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 2 of 9
III. 2001-3 Portfolio Characteristics
| 06/30/2005 | 03/31/2005 | |||||||||||||||||||||||||||||||||
| WAC | # Loans | Principal | % of Principal | WAC | # Loans | Principal | % of Principal | |||||||||||||||||||||||||||
| INTERIM: | IN SCHOOL | 2.82 | % | 6,934 | $ | 23,837,824.65 | 6.074 | % | 2.82 | % | 11,654 | $ | 40,934,268.85 | 9.083 | % | |||||||||||||||||||
| GRACE | 2.82 | % | 3,855 | $ | 13,437,261.02 | 3.424 | % | 2.82 | % | 2,877 | $ | 9,164,092.50 | 2.033 | % | ||||||||||||||||||||
| DEFERMENT | 2.94 | % | 23,557 | $ | 76,587,127.68 | 19.514 | % | 2.95 | % | 27,701 | $ | 91,232,045.84 | 20.243 | % | ||||||||||||||||||||
| REPAYMENT: | CURRENT | 3.56 | % | 66,000 | $ | 167,176,182.93 | 42.596 | % | 3.56 | % | 70,545 | $ | 184,424,086.89 | 40.921 | % | |||||||||||||||||||
| 31-60 DAYS DELINQUENT | 3.56 | % | 4,619 | $ | 14,252,102.49 | 3.631 | % | 3.55 | % | 4,204 | $ | 13,142,238.16 | 2.916 | % | ||||||||||||||||||||
| 61-90 DAYS DELINQUENT | 3.55 | % | 2,642 | $ | 8,739,089.02 | 2.227 | % | 3.60 | % | 2,849 | $ | 9,536,966.53 | 2.116 | % | ||||||||||||||||||||
| 91-120 DAYS DELINQUENT | 3.53 | % | 1,915 | $ | 6,410,296.69 | 1.633 | % | 3.50 | % | 2,057 | $ | 7,019,640.72 | 1.558 | % | ||||||||||||||||||||
| > 120 DAYS DELINQUENT | 3.55 | % | 5,571 | $ | 18,979,450.30 | 4.836 | % | 3.56 | % | 6,091 | $ | 20,568,315.99 | 4.564 | % | ||||||||||||||||||||
| FORBEARANCE | 3.53 | % | 15,567 | $ | 60,473,587.42 | 15.409 | % | 3.53 | % | 18,039 | $ | 71,717,649.71 | 15.913 | % | ||||||||||||||||||||
| CLAIMS IN PROCESS | 3.55 | % | 826 | $ | 2,549,753.84 | 0.650 | % | 3.62 | % | 982 | $ | 2,908,088.24 | 0.645 | % | ||||||||||||||||||||
| AGED CLAIMS REJECTED | 3.49 | % | 10 | $ | 25,358.52 | 0.006 | % | 3.59 | % | 9 | $ | 36,431.42 | 0.008 | % | ||||||||||||||||||||
| TOTAL | 131,496 | $ | 392,468,034.56 | 100.00 | % | 147,008 | $ | 450,683,824.85 | 100.00 | % | ||||||||||||||||||||||||
| * | Percentages may not total 100% due to rounding |
Trust 2001-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 3 of 9
IV. 2001-3 Portfolio Characteristics (cont’d)
| 06/30/2005 | 03/31/2005 | |||||||
| Pool Balance | $ | 397,257,870.19 | $ | 456,629,403.47 | ||||
| Total # Loans | 131,496 | 147,008 | ||||||
| Total # Borrowers | 67,886 | 75,350 | ||||||
| Weighted Average Coupon | 3.36 | % | 3.34 | % | ||||
| Weighted Average Remaining Term | 106.97 | 108.40 | ||||||
| Non-Reimbursable Losses | $ | 1,206.90 | $ | 603.07 | ||||
| Cumulative Non-Reimbursable Losses | $ | 917,746.54 | $ | 916,539.64 | ||||
| Since Issued CPR | 23.46 | % | 21.70 | % | ||||
| Loan Substitutions | $ | — | $ | — | ||||
| Cumulative Loan Substitutions | $ | — | $ | — | ||||
| Rejected Claim Repurchases | $ | 17,091.37 | $ | 11,510.54 | ||||
| Cumulative Rejected Claim Repurchases | $ | 235,582.47 | $ | 218,491.10 | ||||
| Cumulative Claims Filed | $ | 57,019,565.09 | $ | 52,417,704.75 | ||||
| Unpaid Primary Servicing Fees | $ | — | $ | — | ||||
| Unpaid Administration Fees | $ | — | $ | — | ||||
| Unpaid Carryover Servicing Fees | $ | — | $ | — | ||||
| Note Principal Shortfall | $ | — | $ | — | ||||
| Note Interest Shortfall | $ | — | $ | — | ||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||
| Borrower Interest Accrued | $ | 2,891,680.60 | $ | 3,206,470.03 | ||||
| Interest Subsidy Payments Accrued | $ | 599,507.65 | $ | 659,850.29 | ||||
| Special Allowance Payments Accrued | $ | 2,369,035.87 | $ | 2,252,278.44 | ||||
Trust 2001-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 4 of 9
V. 2001-3 Portfolio Statistics by School and Program
| A | LOAN TYPE | WAC | # LOANS | $ AMOUNT | % * | |||||||||||||
| - GSL - Subsidized | 3.37 | % | 88,988 | $ | 242,219,355.32 | 61.717 | % | |||||||||||
| - GSL - Unsubsidized | 3.30 | % | 41,341 | 146,366,586.99 | 37.294 | % | ||||||||||||
| - PLUS Loans | 4.76 | % | 716 | 2,319,447.24 | 0.591 | % | ||||||||||||
| - SLS Loans | 5.30 | % | 451 | 1,562,645.01 | 0.398 | % | ||||||||||||
| - Consolidation Loans | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||
Total | 3.36 | % | 131,496 | $ | 392,468,034.56 | 100.000 | % | |||||||||||
| B | SCHOOL TYPE | WAC | # LOANS | $ AMOUNT | % * | |||||||||||||
| - Four Year | 3.35 | % | 106,080 | $ | 338,625,349.15 | 86.281 | % | |||||||||||
| - Two Year | 3.35 | % | 20,554 | 43,002,487.84 | 10.957 | % | ||||||||||||
| - Technical | 3.50 | % | 4,862 | 10,840,197.57 | 2.762 | % | ||||||||||||
| - Other | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||
Total | 3.36 | % | 131,496 | $ | 392,468,034.56 | 100.000 | % | |||||||||||
| C | Student Loan Rate Calculation | |||||||||||||||||
| Borrower Interest Accrued | 2,891,680.60 | |||||||||||||||||
| Interest Subsidy Payments Accrued | $ | 599,507.65 | ||||||||||||||||
| Special Allowance Payments Accrued | $ | 2,369,035.87 | ||||||||||||||||
| Investment Income | $ | 313,920.53 | ||||||||||||||||
| Net Expected Interest Collections | $ | 6,174,144.65 | ||||||||||||||||
| Accrual Daycount Fraction | 0.252777778 | |||||||||||||||||
| Primary Servicing Fee | $ | 976,906.84 | ||||||||||||||||
| Admin Fee | $ | 20,000.00 | ||||||||||||||||
| Swap Fees | $ | 8,656.94 | ||||||||||||||||
| Pool Balance at Beginning of Collection Pd | $ | 456,629,403.47 | ||||||||||||||||
Student Loan Rate | 4.47784 | % | ||||||||||||||||
* Percentages may not total 100% due to rounding.
Trust 2001-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 5 of 9
VI. 2001-3 Waterfall for Distributions
| Remaining | ||||||||||
| Paid | Funds Balance | |||||||||
| Total Available Funds | $ | 65,161,853.04 | ||||||||
| A | Primary Servicing Fee | $ | 313,896.86 | $ | 64,847,956.18 | |||||
| B | Administration Fee | $ | 20,000.00 | $ | 64,827,956.18 | |||||
| C | Swap Fees | $ | 8,656.94 | $ | 64,819,299.24 | |||||
| D | Class A Noteholders’ Interest Distribution Amount | $ | 3,403,776.71 | $ | 61,415,522.53 | |||||
| E | Class B Noteholders’ Interest Distribution Amount | $ | 421,433.24 | $ | 60,994,089.29 | |||||
| F | Class A Noteholders’ Principal Distribution Amount | $ | 59,371,533.28 | $ | 1,622,556.01 | |||||
| G | Class B Noteholders’ Principal Distribution Amount | $ | — | $ | 1,622,556.01 | |||||
| H | Reserve Account Reinstatement | $ | — | $ | 1,622,556.01 | |||||
| I | Swap Payment Reimbursement | $ | — | $ | 1,622,556.01 | |||||
| J | Carryover Servicing Fee | $ | — | $ | 1,622,556.01 | |||||
| K | Excess Distribution | $ | 1,622,556.01 | $ | — | |||||
Trust 2001-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 6 of 9
VII. 2001-3 Distributions
| A | Note Distribution Amounts | A2L | B | |||||||
| Cusip/Isin | 78442GDA1 | 78442GDC7 | ||||||||
| Beginning Balance | $ | 410,454,403.47 | $ | 46,175,000.00 | ||||||
| Index | LIBOR | LIBOR | ||||||||
| Spread/Fixed Rate | 0.12 | % | 0.45 | % | ||||||
| Record Date | 1 NEW YORK BUSINESS DAY | 1 NEW YORK BUSINESS DAY | ||||||||
| Accrual Period Begin | 4/25/2005 | 4/25/2005 | ||||||||
| Accrual Period End | 7/25/2005 | 7/25/2005 | ||||||||
| Daycount Fraction | 0.25277778 | 0.25277778 | ||||||||
| Interest Rate | 3.28063 | % | 3.61063 | % | ||||||
| Accrued Interest Factor | 0.008292704 | 0.009126870 | ||||||||
| Current Interest Due | $ | 3,403,776.71 | $ | 421,433.24 | ||||||
| Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||
| Total Interest Due | $ | 3,403,776.71 | $ | 421,433.24 | ||||||
| Interest Paid | $ | 3,403,776.71 | $ | 421,433.24 | ||||||
| Interest Shortfall | $ | — | $ | — | ||||||
| Carryover Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||
| Current Interest Carryover Due | $ | — | $ | — | ||||||
| Interest Carryover Paid | $ | — | $ | — | ||||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||||
| Principal Paid | $ | 59,371,533.28 | $ | — | ||||||
| Ending Principal Balance | $ | 351,082,870.19 | $ | 46,175,000.00 | ||||||
| Paydown Factor | 0.086296837 | 0.000000000 | ||||||||
| Ending Balance Factor | 0.510300803 | 1.000000000 | ||||||||
Trust 2001-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 7 of 9
VII. 2001-3 Distributions (contd)
B | Interest Rate Swaps | |||||||||
| A2L | B | |||||||||
| Student Loan Rate | 4.47784 | % | 4.47784 | % | ||||||
| Interest Rate Excess Over Student Loan Rate | 0.00000 | % | 0.00000 | % | ||||||
| Swap Counterparty | BANK OF AMERICA NA | BANK OF AMERICA NA | ||||||||
| Swap Notional | $ | 205,227,201.74 | $ | 23,087,500.00 | ||||||
| Swap Payments Due Trust | $ | — | $ | — | ||||||
| Swap Fee Pay Rate | 0.00750 | % | 0.00750 | % | ||||||
| Swap Fees Due Counterparty | $ | 3,890.77 | $ | 437.70 | ||||||
| Swap Fees Paid Counterparty | $ | 3,890.77 | $ | 437.70 | ||||||
| Swap Payment Reimbursement Due Counterparty | $ | — | $ | — | ||||||
| Swap Payment Reimbursement Paid Counterparty | $ | — | $ | — | ||||||
| Swap Counterparty | MERRILL LYNCH CAPITAL SERVICES | MERRILL LYNCH CAPITAL SERVICES | ||||||||
| Swap Notional | $ | 205,227,201.73 | $ | 23,087,500.00 | ||||||
| Swap Payments Due Trust | $ | — | $ | — | ||||||
| Swap Fee Pay Rate | 0.00750 | % | 0.00750 | % | ||||||
| Swap Fees Due Counterparty | $ | 3,890.77 | $ | 437.70 | ||||||
| Swap Fees Paid Counterparty | $ | 3,890.77 | $ | 437.70 | ||||||
| Swap Payment Reimbursement Due Counterparty | $ | — | $ | — | ||||||
| Swap Payment Reimbursement Paid Counterparty | $ | — | $ | — | ||||||
Trust 2001-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 8 of 9
VIII. 2001-3 Reconciliations
| A | Principal Distribution Reconciliation | |||||
| Prior Adjusted Pool Balance | $ | 456,629,403.47 | ||||
| Current Adjusted Pool Balance | $ | 397,257,870.19 | ||||
| Current Principal Due | $ | 59,371,533.28 | ||||
| Principal Shortfall from Previous Collection Period | $ | — | ||||
| Principal Distribution Amount | $ | 59,371,533.28 | ||||
| Principal Paid | $ | 59,371,533.28 | ||||
| Principal Shortfall | $ | — | ||||
| B | Reserve Account Reconciliation | |||||
| Beginning Period Balance | $ | 1,502,679.00 | ||||
| Reserve Funds Utilized | 0.00 | |||||
| Reserve Funds Reinstated | 0.00 | |||||
| Excess Distribution Deposit | 1,622,556.01 | |||||
| Balance Available | $ | 3,125,235.01 | ||||
| Required Reserve Acct Balance | $ | 1,502,679.00 | ||||
| Release to Excess Distribution Certificateholder | $ | 1,622,556.01 | ||||
| Ending Reserve Account Balance | $ | 1,502,679.00 | ||||
| Page 9 of 9 | Trust 2001-3 Quarterly Servicing Report: Collection Period 04/01/2005-06/30/2005, Distribution Date 07/25/2005 |
