SLM Student Loan Trust 2001-3 Quarterly Servicing Report
Collection Period 07/01/2005 — 09/30/2005 Distribution Date 10/25/2005
Indenture Trustee: Deutsche Bank
I. Deal Parameters
| A | Student Loan Portfolio Characteristics | 08/02/2001 | 06/30/2005 | 09/30/2005 | ||||||||||||||
| Principal Balance | $ | 1,452,423,203.78 | $ | 392,468,034.56 | $ | 322,798,723.50 | ||||||||||||
| Interest to be Capitalized Balance | 50,255,730.59 | 4,789,835.63 | 4,180,290.75 | |||||||||||||||
| Pool Balance | $ | 1,502,678,934.37 | $ | 397,257,870.19 | $ | 326,979,014.25 | ||||||||||||
| Specified Reserve Account Balance | 3,756,697.00 | -N/A- | -N/A- | |||||||||||||||
| Adjusted Pool (1) | $ | 1,506,435,631.37 | $ | 397,257,870.19 | $ | 326,979,014.25 | ||||||||||||
| Weighted Average Coupon (WAC) | 7.86 | % | 3.36 | % | 5.28 | % | ||||||||||||
| Weighted Average Remaining Term | 127.34 | 106.97 | 105.75 | |||||||||||||||
| Number of Loans | 371,362 | 131,496 | 111,794 | |||||||||||||||
| Number of Borrowers | 174,574 | 67,886 | 58,254 | |||||||||||||||
| Since Issued CPR | 23.46 | % | 25.20 | % | ||||||||||||||
| (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 | 07/25/2005 | 10/25/2005 | ||||||||||||||
| A1T | 78442GCZ7 | $ | — | $ | — | |||||||||||||
| A1L | 78442GCY0 | $ | — | $ | — | |||||||||||||
| A2L | 78442GDA1 | $ | 351,082,870.19 | $ | 280,804,014.25 | |||||||||||||
| B | 78442GDC7 | $ | 46,175,000.00 | $ | 46,175,000.00 | |||||||||||||
| C | Account Balances | 07/25/2005 | 10/25/2005 | |||||||||||||||
| Reserve Account Balance | $ | 1,502,679.00 | $ | 1,502,679.00 | ||||||||||||||
| D | Asset/Liability | 07/25/2005 | 10/25/2005 | |||||||||||||||
| Adjusted Pool Balance | $ | 397,257,870.19 | $ | 326,979,014.25 | ||||||||||||||
| Total Notes | $ | 357,257,870.19 | $ | 326,979,014.25 | ||||||||||||||
| Difference | $ | — | $ | — | ||||||||||||||
| Parity Ratio | 1.00000 | 1.00000 | ||||||||||||||||
Page 1 of 9
II. Trust Activity 07/01/2005 through 09/30/2005
| A | Student Loan Principal Receipts | |||||||
| Borrower Principal | 7,040,985.32 | |||||||
| Guarantor Principal | 3,925,979.11 | |||||||
| Consolidation Activity Principal | 60,466,226.22 | |||||||
| Seller Principal Reimbursement | 22,189.39 | |||||||
| Servicer Principal Reimbursement | 1,432.17 | |||||||
| Rejected Claim Repurchased Principal | 12,893.07 | |||||||
| Other Principal Deposits | 10,390.73 | |||||||
| Total Principal Receipts | $ | 71,480,096.01 | ||||||
| B | Student Loan Interest Receipts | |||||||
| Borrower Interest | 1,467,019.09 | |||||||
| Guarantor Interest | 157,257.55 | |||||||
| Consolidation Activity Interest | 771,966.59 | |||||||
| Special Allowance Payments | 2,377,278.30 | |||||||
| Interest Subsidy Payments | 607,692.93 | |||||||
| Seller Interest Reimbursement | 306.16 | |||||||
| Servicer Interest Reimbursement | 7,927.00 | |||||||
| Rejected Claim Repurchased Interest | 781.48 | |||||||
| Other Interest Deposits | 179,262.06 | |||||||
| Total Interest Receipts | $ | 5,569,491.16 | ||||||
| C | Interest Rate Swap Proceeds | $ | — | |||||
| D | Investment Income | $ | 537,394.97 | |||||
| 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 | $ | 57,952.60 | |||||
| Less: Funds Previously Remitted: | ||||||||
| Servicing Fees | $ | (560,145.79 | ) | |||||
| Consolidation Loan Rebate Fees | $ | — | ||||||
Total Funds Previously Remitted | $ | (560,145.79 | ) | |||||
| J | AVAILABLE FUNDS | $ | 77,084,788.95 | |||||
| K | Non-Cash Principal Activity During Collection Period | $ | (1,810,784.95 | ) | ||||
| L | Non-Reimbursable Losses During Collection Period | $ | 1.14 | |||||
| M | Aggregate Purchased Amounts by the Depositor, Servicer or Seller | $ | 20,073.52 | |||||
| N | Aggregate Loan Substitutions | $ | — | |||||
Trust 2001-3 Quarterly Servicing Report: Collection Period 07/01/2005—09/30/2005, Distribution Date 10/25/2005
Page 2 of 9
III. 2001-3 Portfolio Characteristics
| 09/30/2005 | 06/30/2005 | |||||||||||||||||||||||||||||||||
| WAC | # Loans | Principal | % of Principal | WAC | # Loans | Principal | % of Principal | |||||||||||||||||||||||||||
| INTERIM: | IN SCHOOL | 4.75 | % | 5,341 | $ | 18,313,631.65 | 5.673 | % | 2.82 | % | 6,934 | $ | 23,837,824.65 | 6.074 | % | |||||||||||||||||||
| GRACE | 4.75 | % | 3,523 | $ | 12,199,557.00 | 3.779 | % | 2.82 | % | 3,855 | $ | 13,437,261.02 | 3.424 | % | ||||||||||||||||||||
| DEFERMENT | 4.86 | % | 19,988 | $ | 62,236,210.26 | 19.280 | % | 2.94 | % | 23,557 | $ | 76,587,127.68 | 19.514 | % | ||||||||||||||||||||
| REPAYMENT: | CURRENT | 5.49 | % | 53,300 | $ | 127,716,193.55 | 39.565 | % | 3.56 | % | 66,000 | $ | 167,176,182.93 | 42.596 | % | |||||||||||||||||||
| 31-60 DAYS DELINQUENT | 5.49 | % | 4,362 | $ | 13,004,974.89 | 4.029 | % | 3.56 | % | 4,619 | $ | 14,252,102.49 | 3.631 | % | ||||||||||||||||||||
| 61-90 DAYS DELINQUENT | 5.48 | % | 2,463 | $ | 8,223,636.19 | 2.548 | % | 3.55 | % | 2,642 | $ | 8,739,089.02 | 2.227 | % | ||||||||||||||||||||
| 91-120 DAYS DELINQUENT | 5.46 | % | 1,789 | $ | 5,772,778.10 | 1.788 | % | 3.53 | % | 1,915 | $ | 6,410,296.69 | 1.633 | % | ||||||||||||||||||||
| > 120 DAYS DELINQUENT | 5.49 | % | 5,150 | $ | 17,048,151.58 | 5.281 | % | 3.55 | % | 5,571 | $ | 18,979,450.30 | 4.836 | % | ||||||||||||||||||||
| FORBEARANCE | 5.43 | % | 15,096 | $ | 55,849,456.50 | 17.302 | % | 3.53 | % | 15,567 | $ | 60,473,587.42 | 15.409 | % | ||||||||||||||||||||
| CLAIMS IN PROCESS | 5.43 | % | 771 | $ | 2,401,939.05 | 0.744 | % | 3.55 | % | 826 | $ | 2,549,753.84 | 0.650 | % | ||||||||||||||||||||
| AGED CLAIMS REJECTED | 5.40 | % | 11 | $ | 32,194.73 | 0.010 | % | 3.49 | % | 10 | $ | 25,358.52 | 0.006 | % | ||||||||||||||||||||
| TOTAL | 111,794 | $ | 322,798,723.50 | 100.00 | % | 131,496 | $ | 392,468,034.56 | 100.00 | % | ||||||||||||||||||||||||
| * | Percentages may not total 100% due to rounding |
Trust 2001-3 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 3 of 9
IV. 2001-3 Portfolio Characteristics (cont’d)
| 09/30/2005 | 06/30/2005 | |||||||
| Pool Balance | $ | 326,979,014.25 | $ | 397,257,870.19 | ||||
| Total # Loans | 111,794 | 131,496 | ||||||
| Total # Borrowers | 58,254 | 67,886 | ||||||
| Weighted Average Coupon | 5.28 | % | 3.36 | % | ||||
| Weighted Average Remaining Term | 105.75 | 106.97 | ||||||
| Non-Reimbursable Losses | $ | 1.14 | $ | 1,206.90 | ||||
| Cumulative Non-Reimbursable Losses | $ | 917,747.68 | $ | 917,746.54 | ||||
| Since Issued CPR | 25.20 | % | 23.46 | % | ||||
| Loan Substitutions | $ | — | $ | — | ||||
| Cumulative Loan Substitutions | $ | — | $ | — | ||||
| Rejected Claim Repurchases | $ | 13,674.55 | $ | 17,091.37 | ||||
| Cumulative Rejected Claim Repurchases | $ | 249,257.02 | $ | 235,582.47 | ||||
| Cumulative Claims Filed | $ | 61,520,496.63 | $ | 57,019,565.09 | ||||
| Unpaid Primary Servicing Fees | $ | — | $ | — | ||||
| Unpaid Administration Fees | $ | — | $ | — | ||||
| Unpaid Carryover Servicing Fees | $ | — | $ | — | ||||
| Note Principal Shortfall | $ | — | $ | — | ||||
| Note Interest Shortfall | $ | — | $ | — | ||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||
| Borrower Interest Accrued | $ | 3,795,451.96 | $ | 2,891,680.60 | ||||
| Interest Subsidy Payments Accrued | $ | 777,792.57 | $ | 599,507.65 | ||||
| Special Allowance Payments Accrued | $ | 736,579.57 | $ | 2,369,035.87 | ||||
Trust 2001-3 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 4 of 9
V. 2001-3 Portfolio Statistics by School and Program
| A | LOAN TYPE | WAC | # LOANS | $ AMOUNT | %* | |||||||||||||||
| - GSL - Subsidized | 5.29 | % | 75,728 | $ | 199,659,417.44 | 61.853 | % | |||||||||||||
| - GSL - Unsubsidized | 5.23 | % | 35,048 | 119,823,766.45 | 37.120 | % | ||||||||||||||
| - PLUS Loans | 6.32 | % | 628 | 1,976,611.04 | 0.612 | % | ||||||||||||||
| - SLS Loans | 6.54 | % | 390 | 1,338,928.57 | 0.415 | % | ||||||||||||||
| - Consolidation Loans | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||||
Total | 5.28 | % | 111,794 | $ | 322,798,723.50 | 100.000 | % | |||||||||||||
| B | SCHOOL TYPE | WAC | # LOANS | $ AMOUNT | %* | |||||||||||||||
| - Four Year | 5.28 | % | 89,113 | $ | 275,552,764.72 | 85.364 | % | |||||||||||||
| - Two Year | 5.28 | % | 18,215 | 37,516,923.90 | 11.622 | % | ||||||||||||||
| - Technical | 5.40 | % | 4,466 | 9,729,034.88 | 3.014 | % | ||||||||||||||
| - Other | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||||
Total | 5.28 | % | 111,794 | $ | 322,798,723.50 | 100.000 | % | |||||||||||||
| C | Student Loan Rate Calculation | |||||||||||||||||||
| Borrower Interest Accrued | 3,795,451.96 | |||||||||||||||||||
| Interest Subsidy Payments Accrued | $ | 777,792.57 | ||||||||||||||||||
| Special Allowance Payments Accrued | $ | 736,579.57 | ||||||||||||||||||
| Investment Income | $ | 537,394.97 | ||||||||||||||||||
| Net Expected Interest Collections | $ | 5,847,219.07 | ||||||||||||||||||
| Accrual Daycount Fraction | 0.255555556 | |||||||||||||||||||
| Primary Servicing Fee | $ | 813,747.10 | ||||||||||||||||||
| Admin Fee | $ | 20,000.00 | ||||||||||||||||||
| Swap Fees | $ | 7,614.10 | ||||||||||||||||||
| Pool Balance at Beginning of Collection Pd | $ | 397,257,870.19 | ||||||||||||||||||
Student Loan Rate | 4.93084 | % | ||||||||||||||||||
| * | Percentages may not total 100% due to rounding. |
Trust 2001-3 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 5 of 9
VI. 2001-3 Waterfall for Distributions
| Remaining | ||||||||||
| Paid | Funds Balance | |||||||||
| Total Available Funds | $ | 77,084,788.95 | ||||||||
| A | Primary Servicing Fee | $ | 253,601.31 | $ | 76,831,187.64 | |||||
| B | Administration Fee | $ | 20,000.00 | $ | 76,811,187.64 | |||||
| C | Swap Fees | $ | 7,614.10 | $ | 76,803,573.54 | |||||
| D | Class A Noteholders' Interest Distribution Amount | $ | 3,382,488.41 | $ | 73,421,085.13 | |||||
| E | Class B Noteholders' Interest Distribution Amount | $ | 483,811.39 | $ | 72,937,273.74 | |||||
| F | Class A Noteholders' Principal Distribution Amount | $ | 70,278,855.94 | $ | 2,658,417.80 | |||||
| G | Class B Noteholders' Principal Distribution Amount | $ | — | $ | 2,658,417.80 | |||||
| H | Reserve Account Reinstatement | $ | — | $ | 2,658,417.80 | |||||
| I | Swap Payment Reimbursement | $ | — | $ | 2,658,417.80 | |||||
| J | Carryover Servicing Fee | $ | — | $ | 2,658,417.80 | |||||
| K | Excess Distribution | $ | 2,658,417.80 | $ | — | |||||
Trust 2001-3 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 6 of 9
VII. 2001-3 Distributions
| A | Note Distribution Amounts | A2L | B | |||||||||
| Cusip/Isin | 78442GDA1 | 78442GDC7 | ||||||||||
| Beginning Balance | $ | 351,082,870.19 | $ | 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 | 07/25/2005 | 07/25/2005 | ||||||||||
| Accrual Period End | 10/25/2005 | 10/25/2005 | ||||||||||
| Daycount Fraction | 0.25555556 | 0.25555556 | ||||||||||
| Interest Rate | 3.77000 | % | 4.10000 | % | ||||||||
| Accrued Interest Factor | 0.009634444 | 0.010477778 | ||||||||||
| Current Interest Due | $ | 3,382,488.41 | $ | 483,811.39 | ||||||||
| Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||||
| Total Interest Due | $ | 3,382,488.41 | $ | 483,811.39 | ||||||||
| Interest Paid | $ | 3,382,488.41 | $ | 483,811.39 | ||||||||
| Interest Shortfall | $ | — | $ | — | ||||||||
| Carryover Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | ||||||||
| Current Interest Carryover Due | $ | — | $ | — | ||||||||
| Interest Carryover Paid | $ | — | $ | — | ||||||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||||||
| Principal Paid | $ | 70,278,855.94 | $ | — | ||||||||
| Ending Principal Balance | $ | 280,804,014.25 | $ | 46,175,000.00 | ||||||||
| Paydown Factor | 0.102150688 | 0.000000000 | ||||||||||
| Ending Balance Factor | 0.408150115 | 1.000000000 | ||||||||||
Trust 2001-3 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 7 of 9
VII. 2001-3 Distributions (contd)
B | Interest Rate Swaps | |||||||||
| A2L | B | |||||||||
| Student Loan Rate | 4.93084 | % | 4.93084 | % | ||||||
| Interest Rate Excess Over Student Loan Rate | 0.00000 | % | 0.00000 | % | ||||||
| Swap Counterparty | BANK OF AMERICA NA | BANK OF AMERICA NA | ||||||||
| Swap Notional | $ | 175,541,435.10 | $ | 23,087,500.00 | ||||||
| Swap Payments Due Trust | $ | — | $ | — | ||||||
| Swap Fee Pay Rate | 0.00750 | % | 0.00750 | % | ||||||
| Swap Fees Due Counterparty | $ | 3,364.54 | $ | 442.51 | ||||||
| Swap Fees Paid Counterparty | $ | 3,364.54 | $ | 442.51 | ||||||
| Swap Payment Reimbursement Due Counterparty | $ | — | $ | — | ||||||
| Swap Payment Reimbursement Paid Counterparty | $ | — | $ | — | ||||||
| Swap Counterparty | MERRILL LYNCH | MERRILL LYNCH | ||||||||
| CAPITAL SERVICES | CAPITAL SERVICES | |||||||||
| Swap Notional | $ | 175,541,435.09 | $ | 23,087,500.00 | ||||||
| Swap Payments Due Trust | $ | — | $ | — | ||||||
| Swap Fee Pay Rate | 0.00750 | % | 0.00750 | % | ||||||
| Swap Fees Due Counterparty | $ | 3,364.54 | $ | 442.51 | ||||||
| Swap Fees Paid Counterparty | $ | 3,364.54 | $ | 442.51 | ||||||
| Swap Payment Reimbursement Due Counterparty | $ | — | $ | — | ||||||
| Swap Payment Reimbursement Paid Counterparty | $ | — | $ | — | ||||||
Trust 2001-3 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 8 of 9
VIII. 2001-3 Reconciliations
| A | Principal Distribution Reconciliation | |||||
| Prior Adjusted Pool Balance | $ | 397,257,870.19 | ||||
| Current Adjusted Pool Balance | $ | 326,979,014.25 | ||||
| Current Principal Due | $ | 70,278,855.94 | ||||
| Principal Shortfall from Previous Collection Period | $ | — | ||||
| Principal Distribution Amount | $ | 70,278,855.94 | ||||
| Principal Paid | $ | 70,278,855.94 | ||||
| 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 | 2,658,417.80 | |||||
| Balance Available | $ | 4,161,096.80 | ||||
| Required Reserve Acct Balance | $ | 1,502,679.00 | ||||
| Release to Excess Distribution Certificateholder | $ | 2,658,417.80 | ||||
| Ending Reserve Account Balance | $ | 1,502,679.00 | ||||
Trust 2001-3 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 9 of 9
