SLM Student Loan Trust 2002-5 Quarterly Servicing Report
Report Date: 5/31/2005 Reporting Period: 03/01/05-05/31/05
I. Deal Parameters
| Student Loan Portfolio Characteristics | 2/28/05 | Activity | 5/31/2005 | |||||||||||||
| A | i | Portfolio Balance | $ | 653,208,896.53 | $ | (56,280,893.36 | ) | $ | 596,928,003.17 | |||||||
| ii | Interest to be Capitalized | 10,809,250.55 | 10,874,985.57 | |||||||||||||
| iii | Total Pool | $ | 664,018,147.08 | $ | 607,802,988.74 | |||||||||||
| iv | Specified Reserve Account Balance | 1,660,045.37 | 1,519,507.47 | |||||||||||||
| v | Total Adjusted Pool | $ | 665,678,192.45 | $ | 609,322,496.21 | |||||||||||
| B | i | Weighted Average Coupon (WAC) | 3.266 | % | 3.259 | % | ||||||||||
| ii | Weighted Average Remaining Term | 114.01 | 112.35 | |||||||||||||
| iii | Number of Loans | 227,118 | 210,571 | |||||||||||||
| iv | Number of Borrowers | 135,623 | 126,453 | |||||||||||||
| v | Aggregate Outstanding Principal Balance - T-Bill | $ | 102,944,840.94 | $ | 92,588,798.33 | |||||||||||
| vi | Aggregate Outstanding Principal Balance - Commercial Paper | $ | 561,073,306.14 | $ | 515,214,190.41 | |||||||||||
| % of | % of | |||||||||||||||||||||||
| Notes | Spread | Balance 3/15/05 | O/S Securities | Balance 6/15/05 | O/S Securities | |||||||||||||||||||
| C | i | A-1 Notes | 78442GDZ6 | 0.000 | % | $ | — | 0.000 | % | $ | — | 0.000% | ||||||||||||
| ii | A-2 Notes | 78442GEA0 | 0.030 | % | — | 0.000 | % | — | 0.000% | |||||||||||||||
| iii | A-3 Notes | 78442GEB8 | 0.100 | % | 142,928,192.45 | 21.471 | % | 86,572,496.21 | 14.208% | |||||||||||||||
| iv | A-4L Notes | 78442GEC6 | 0.150 | % | 182,750,000.00 | 27.453 | % | 182,750,000.00 | 29.992% | |||||||||||||||
| v | A-4CP Notes | 78442GED4 | 0.230 | % | 300,000,000.00 | 45.067 | % | 300,000,000.00 | 49.235% | |||||||||||||||
| vi | B Notes | 78442GEE2 | 0.430 | % | 40,000,000.00 | 6.009 | % | 40,000,000.00 | 6.565% | |||||||||||||||
| vii | Total Notes | $ | 665,678,192.45 | 100.000 | % | $ | 609,322,496.21 | 100.000% | ||||||||||||||||
| Reserve Account | 3/15/2005 | 6/15/2005 | ||||||||||
| D | i | Required Reserve Acct Deposit (%) | 0.25% | 0.25% | ||||||||
| ii | Reserve Acct Initial Deposit ($) | |||||||||||
| iii | Specified Reserve Acct Balance ($) | $ | 1,660,045.37 | $ | 1,519,507.47 | |||||||
| iv | Reserve Account Floor Balance ($) | $ | 1,325,707.00 | $ | 1,325,707.00 | |||||||
| v | Current Reserve Acct Balance ($) | $ | 1,660,045.37 | $ | 1,519,507.47 | |||||||
1
II. 2002-5 Transactions from: 2/28/2005 through: 5/31/2005
| A | Student Loan Principal Activity | |||||||
| i | Regular Principal Collections | $ | 52,493,008.33 | |||||
| ii | Principal Collections from Guarantor | 5,365,466.99 | ||||||
| iii | Principal Reimbursements | 64,452.92 | ||||||
| iv | Other System Adjustments | 0.00 | ||||||
| v | Total Principal Collections | $ | 57,922,928.24 | |||||
| B | Student Loan Non-Cash Principal Activity | |||||||
| i | Other Adjustments | $ | 1,200.85 | |||||
| ii | Capitalized Interest | (1,643,235.73 | ) | |||||
| iii | Total Non-Cash Principal Activity | $ | (1,642,034.88 | ) | ||||
| C | Total Student Loan Principal Activity | $ | 56,280,893.36 | |||||
| D | Student Loan Interest Activity | |||||||
| i | Regular Interest Collections | $ | 2,235,122.11 | |||||
| ii | Interest Claims Received from Guarantors | 122,247.24 | ||||||
| iii | Collection Fees/Return Items | 43,962.89 | ||||||
| iv | Late Fee Reimbursements | 143,173.21 | ||||||
| v | Interest Reimbursements | 28,729.25 | ||||||
| vi | Other System Adjustments | 0.00 | ||||||
| vii | Special Allowance Payments | 2,677,391.64 | ||||||
| viii | Subsidy Payments | 1,112,630.08 | ||||||
| ix | Total Interest Collections | $ | 6,363,256.42 | |||||
| E | Student Loan Non-Cash Interest Activity | |||||||
| i | Interest Accrual Adjustment | $ | 375.70 | |||||
| ii | Capitalized Interest | 1,643,235.73 | ||||||
| iii | Total Non-Cash Interest Adjustments | $ | 1,643,611.43 | |||||
| F | Total Student Loan Interest Activity | $ | 8,006,867.85 | |||||
| G | Non-Reimbursable Losses During Collection Period | $ | 100.31 | |||||
| H | Cumulative Non-Reimbursable Losses to Date | $ | 475,007.15 | |||||
2
III. 2002-5 Collection Account Activity 2/28/2005 through 5/31/2005
| A | Principal Collections | |||||||
| i | Principal Payments Received | $ | 15,807,030.94 | |||||
| ii | Consolidation Principal Payments | 42,051,444.38 | ||||||
| iii | Reimbursements by Seller | 67.47 | ||||||
| iv | Borrower Benefits Reimbursements | 1,929.83 | ||||||
| v | Reimbursements by Servicer | (26.18 | ) | |||||
| vi | Re-purchased Principal | 62,481.80 | ||||||
| vii | Total Principal Collections | $ | 57,922,928.24 | |||||
| B | Interest Collections | |||||||
| i | Interest Payments Received | $ | 5,725,690.53 | |||||
| ii | Consolidation Interest Payments | 421,700.54 | ||||||
| iii | Reimbursements by Seller | 771.13 | ||||||
| iv | Borrower Benefits Reimbursements | 0.00 | ||||||
| v | Reimbursements by Servicer | 24,881.91 | ||||||
| vi | Re-purchased Interest | 3,076.21 | ||||||
| vii | Collection Fees/Return Items | 43,962.89 | ||||||
| viii | Late Fees | 143,173.21 | ||||||
| ix | Total Interest Collections | $ | 6,363,256.42 | |||||
| C | Other Reimbursements | $ | 31,183.79 | |||||
| D | Administrator Account Investment Income | $ | — | |||||
| E | Trust Account Investment Income | $ | 293,091.93 | |||||
| F | Return funds borrowed for previous distribution | $ | — | |||||
| TOTAL FUNDS RECEIVED | $ | 64,610,460.38 | ||||||
| LESS FUNDS PREVIOUSLY REMITTED | ||||||||
Servicing Fees | $ | (964,891.46 | ) | |||||
| G | TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT | $ | 63,645,568.92 | |||||
| H | Servicing Fees Due for Current Period | $ | 460,141.77 | |||||
| I | Carryover Servicing Fees Due | $ | — | |||||
| J | Administration Fees Due | $ | 20,000.00 | |||||
| K | Total Fees Due for Period | $ | 480,141.77 | |||||
3
IV. 2002-5 Portfolio Characteristics
| Weighted Avg Coupon | # of Loans | % * | Principal Amount | % * | ||||||||||||||||||||||||||||||||||||
| STATUS | 2/28/2005 | 5/31/2005 | 2/28/2005 | 5/31/2005 | 2/28/2005 | 5/31/2005 | 2/28/2005 | 5/31/2005 | 2/28/2005 | 5/31/2005 | ||||||||||||||||||||||||||||||
INTERIM: | ||||||||||||||||||||||||||||||||||||||||
In School | ||||||||||||||||||||||||||||||||||||||||
| Current | 2.770 | % | 2.770 | % | 48,929 | 33,481 | 21.543 | % | 15.900 | % | $ | 155,982,857.24 | $ | 103,778,126.67 | 23.879 | % | 17.385 | % | ||||||||||||||||||||||
Grace | ||||||||||||||||||||||||||||||||||||||||
| Current | 2.770 | % | 2.770 | % | 10,931 | 23,224 | 4.813 | % | 11.029 | % | $ | 33,078,974.54 | $ | 75,015,087.10 | 5.064 | % | 12.567 | % | ||||||||||||||||||||||
TOTAL INTERIM | 2.770 | % | 2.770 | % | 59,860 | 56,705 | 26.356 | % | 26.929 | % | $ | 189,061,831.78 | $ | 178,793,213.77 | 28.944 | % | 29.952 | % | ||||||||||||||||||||||
REPAYMENT | ||||||||||||||||||||||||||||||||||||||||
Active | ||||||||||||||||||||||||||||||||||||||||
| Current | 3.647 | % | 3.651 | % | 91,094 | 83,897 | 40.109 | % | 39.843 | % | $ | 231,238,168.70 | $ | 204,756,701.70 | 35.400 | % | 34.302 | % | ||||||||||||||||||||||
| 31-60 Days Delinquent | 3.594 | % | 3.592 | % | 7,136 | 6,870 | 3.142 | % | 3.263 | % | $ | 20,346,697.90 | $ | 19,779,041.83 | 3.115 | % | 3.313 | % | ||||||||||||||||||||||
| 61-90 Days Delinquen | 3.520 | % | 3.575 | % | 5,654 | 4,359 | 2.489 | % | 2.070 | % | $ | 17,240,403.98 | $ | 12,160,374.03 | 2.639 | % | 2.037 | % | ||||||||||||||||||||||
| 91-120 Days Delinquent | 3.553 | % | 3.537 | % | 3,243 | 2,787 | 1.428 | % | 1.324 | % | $ | 9,720,900.31 | $ | 8,013,307.69 | 1.488 | % | 1.342 | % | ||||||||||||||||||||||
| > 120 Days Delinquent | 3.551 | % | 3.525 | % | 9,339 | 9,650 | 4.112 | % | 4.583 | % | $ | 26,961,020.04 | $ | 27,932,034.37 | 4.127 | % | 4.679 | % | ||||||||||||||||||||||
Deferment | ||||||||||||||||||||||||||||||||||||||||
| Current | 2.859 | % | 2.855 | % | 27,724 | 24,511 | 12.207 | % | 11.640 | % | $ | 83,166,811.14 | $ | 73,628,349.73 | 12.732 | % | 12.335 | % | ||||||||||||||||||||||
Forbearance | ||||||||||||||||||||||||||||||||||||||||
| Current | 3.507 | % | 3.488 | % | 21,743 | 20,671 | 9.573 | % | 9.817 | % | $ | 72,048,642.90 | $ | 68,780,943.65 | 11.030 | % | 11.522 | % | ||||||||||||||||||||||
TOTAL REPAYMENT | 3.468 | % | 3.467 | % | 165,933 | 152,745 | 73.060 | % | 72.538 | % | $ | 460,722,644.97 | $ | 415,050,753.00 | 70.532 | % | 69.531 | % | ||||||||||||||||||||||
Claims in Process (1) | 3.514 | % | 3.584 | % | 1,321 | 1,117 | 0.582 | % | 0.530 | % | $ | 3,416,747.15 | $ | 3,075,433.72 | 0.523 | % | 0.515 | % | ||||||||||||||||||||||
Aged Claims Rejected (2) | 3.370 | % | 3.717 | % | 4 | 4 | 0.002 | % | 0.002 | % | $ | 7,672.63 | $ | 8,602.68 | 0.001 | % | 0.001 | % | ||||||||||||||||||||||
GRAND TOTAL | 3.266 | % | 3.259 | % | 227,118 | 210,571 | 100.000 | % | 100.000 | % | $ | 653,208,896.53 | $ | 596,928,003.17 | 100.000 | % | 100.000 | % | ||||||||||||||||||||||
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2) Claims rejected (subject to cure) aged 6 months or more; also includes claims deemed incurable pending repurchase.
*Percentages may not total 100% due to rounding.
4
V. 2002-5 Portfolio Characteristics by School and Loan Type
| LOAN TYPE | WAC | # Loans | $ Amount | % | ||||||||||||
| - GSL — Subsidized | 3.233 | % | 131,113 | $ | 329,264,673.55 | 55.160 | % | |||||||||
| - GSL — Unsubsidized | 3.094 | % | 69,187 | $ | 226,064,296.36 | 37.871 | % | |||||||||
| - PLUS Loans | 4.295 | % | 10,271 | $ | 41,599,033.26 | 6.969 | % | |||||||||
| - SLS Loans | 0.000 | % | 0 | $ | — | 0.000 | % | |||||||||
| - Total | 3.259 | % | 210,571 | $ | 596,928,003.17 | 100.000 | % | |||||||||
| SCHOOL TYPE | WAC | # Loans | $ Amount | % | ||||||||||||
| - Four Year | 3.231 | % | 175,667 | $ | 523,198,794.60 | 87.649 | % | |||||||||
| - Two Year | 3.386 | % | 28,367 | $ | 59,458,226.96 | 9.961 | % | |||||||||
| - Technical | 3.753 | % | 6,537 | $ | 14,270,981.61 | 2.391 | % | |||||||||
| - Other | 0.000 | % | 0 | $ | — | 0.000 | % | |||||||||
| - Total | 3.259 | % | 210,571 | $ | 596,928,003.17 | 100.000 | % | |||||||||
*Percentages may not total 100% due to rounding.
5
VI. 2002-5 Expected Interest Calculation
| A | Borrower Interest Accrued During Collection Period | $ | 4,005,040.53 | |||
| B | Interest Subsidy Payments Accrued During Collection Period | 1,078,397.27 | ||||
| C | SAP Payments Accrued During Collection Period | 2,992,816.21 | ||||
| D | INV Earnings Accrued for Collection Period (RESERVE, COLLECTION) | 293,091.93 | ||||
| E | Investment Earnings (ADMINISTRATOR ACCOUNTS) | 0.00 | ||||
| F | Net Expected Interest Collections | $ | 8,369,345.94 |
VII. 2002-5 Accrued Interest Factors
| Accrued | ||||||||||||
| Int Factor | Accrual Period | Rate | ||||||||||
| A | Class A-1 Interest Rate | 0.000000000 | 03/15/05 - 06/15/05 | 0.00000 | % | |||||||
| B | Class A-2 Interest Rate | 0.000000000 | 03/15/05 - 06/15/05 | 0.00000 | % | |||||||
| C | Class A-3 Interest Rate | 0.007947778 | 03/15/05 - 06/15/05 | 3.11000 | % | |||||||
| D | Class A-4L Interest Rate | 0.008075556 | 03/15/05 - 06/15/05 | 3.16000 | % | |||||||
| E | Class A-4CP Interest Rate | 0.008452758 | 03/15/05 - 06/15/05 | 3.35354 | % | |||||||
| F | Class B Interest Rate | 0.008791111 | 03/15/05 - 06/15/05 | 3.44000 | % | |||||||
6
VIII. 2002-5 Input from Previous Quarter 2/28/05
| A | Total Student Loan Pool Outstanding | ||||||||||||||||||||
| i Portfolio Balance | $ | 653,208,896.53 | |||||||||||||||||||
| ii Interest To Be Capitalized | 10,809,250.55 | ||||||||||||||||||||
| iii Total Pool | $ | 664,018,147.08 | |||||||||||||||||||
| iv Specified Reserve Account Balance | 1,660,045.37 | ||||||||||||||||||||
| v Total Adjusted Pool | $ | 665,678,192.45 | |||||||||||||||||||
| B | Total Note and Certificate Factor | 0.49714577479 | |||||||||||||||||||
| C | Total Note Balance | $ | 665,678,192.45 | ||||||||||||||||||
| D | Note Balance 3/15/2005 | Class A-1 | Class A-2 | Class A-3 | Class A-4L | Class A-4CP | Class B | ||||||||||||||
| i Current Factor | 0.000000000 | 0.000000000 | 0.631029547 | 1.000000000 | 1.000000000 | 1.000000000 | |||||||||||||||
| ii Expected Note Balance | $ | 0.00 | $ | 0.00 | $ | 149,928,192.45 | $ | 182,750,000.00 | $ | 300,000,000.00 | $ | 40,000,000.00 | |||||||||
| E | Note Principal Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||
| F | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||
| G | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||
| H | Reserve Account Balance | $ | 1,660,045.37 | ||||||||||||||||||
| I | Unpaid Primary Servicing Fees from Prior Month(s) | $ | 0.00 | ||||||||||||||||||
| J | Unpaid Administration fees from Prior Quarter(s) | $ | 0.00 | ||||||||||||||||||
| K | Unpaid Carryover Servicing Fees from Prior Quarter(s) | $ | 0.00 | ||||||||||||||||||
| L | Interest Due on Unpaid Carryover Servicing Fees | $ | 0.00 | ||||||||||||||||||
7
IX. 2002-5 Waterfall for Distributions
| Remaining | ||||||||||||
| Funds Balance | ||||||||||||
| A | Total Available Funds ( Section III-F) | $ | 63,645,568.92 | $ | 63,645,568.92 | |||||||
| B | Primary Servicing Fees-Current Month | $ | 460,141.77 | $ | 63,185,427.15 | |||||||
| C | Administration Fee | $ | 20,000.00 | $ | 63,165,427.15 | |||||||
| D | Noteholder’s Interest Distribution Amount | |||||||||||
| i | Class A-1 | $ | 0.00 | $ | 63,165,427.15 | |||||||
| ii | Class A-2 | $ | 0.00 | $ | 63,165,427.15 | |||||||
| iii | Class A-3 | $ | 1,135,961.51 | $ | 62,029,465.64 | |||||||
| iv | Class A-4L | $ | 1,475,807.78 | $ | 60,553,657.86 | |||||||
| v | Class A-4CP | $ | 2,535,827.51 | $ | 58,017,830.35 | |||||||
| vi | Class B | $ | 351,644.44 | $ | 57,666,185.91 | |||||||
| vii | Total Noteholder's Interest Distribution | $ | 5,499,241.24 | |||||||||
| E | Noteholder’s Principal Distribution Amount Paid | |||||||||||
| i | Class A-1 | $ | 0.00 | $ | 57,666,185.91 | |||||||
| ii | Class A-2 | $ | 0.00 | $ | 57,666,185.91 | |||||||
| iii | Class A-3 | $ | 56,355,696.24 | $ | 1,310,489.67 | |||||||
| iv | Class A-4L | $ | 0.00 | $ | 1,310,489.67 | |||||||
| v | Class A-4CP | $ | 0.00 | $ | 1,310,489.67 | |||||||
| vi | Class B | $ | 0.00 | $ | 1,310,489.67 | |||||||
| vii | Total Noteholder's Principal Distribution | $ | 56,355,696.24 | |||||||||
| F | Increase to the Specified Reserve Account Balance | $ | 0.00 | $ | 1,310,489.67 | |||||||
| G | Carryover Servicing Fees | $ | 0.00 | $ | 1,310,489.67 | |||||||
| H | Noteholder’s Interest Carryover | |||||||||||
| i | Class A-1 | $ | 0.00 | $ | 1,310,489.67 | |||||||
| ii | Class A-2 | $ | 0.00 | $ | 1,310,489.67 | |||||||
| iii | Class A-3 | $ | 0.00 | $ | 1,310,489.67 | |||||||
| iv | Class A-4L | $ | 0.00 | $ | 1,310,489.67 | |||||||
| v | Class A-4CP | $ | 0.00 | $ | 1,310,489.67 | |||||||
| vi | Class B | $ | 0.00 | $ | 1,310,489.67 | |||||||
| vii | Total Noteholder's Interest Carryover | $ | 0.00 | |||||||||
| I | Excess to Reserve Account | $ | 1,310,489.67 | $ | 0.00 | |||||||
8
X. 2002-5 Distributions
| A | Distribution Amounts | Class A-1 | Class A-2 | Class A-3 | Class A-4L | Class A-4CP | Class B | |||||||||||||||||||||
| i | Quarterly Interest Due | $ | 0.00 | $ | 0.00 | $ | 1,135,961.51 | $ | 1,475,807.78 | $ | 2,535,827.51 | $ | 351,644.44 | |||||||||||||||
| ii | Quarterly Interest Paid | 0.00 | 0.00 | $ | 1,135,961.51 | $ | 1,475,807.78 | $ | 2,535,827.51 | 351,644.44 | ||||||||||||||||||
| 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 Due | $ | 0.00 | $ | 0.00 | $ | 56,355,696.24 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||
| viii | Quarterly Principal Paid | 0.00 | 0.00 | 56,355,696.24 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||
| ix | Quarterly Principal Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||
| x | Total Distribution Amount | $ | 0.00 | $ | 0.00 | $ | 57,491,657.75 | $ | 1,475,807.78 | $ | 2,535,827.51 | $ | 351,644.44 | |||||||||||||||
| B | Principal Distribution Reconciliation | |||||||||||||||||||||||||||
| i | Notes Outstanding Principal Balance 2/28/05 | $ | 665,678,192.45 | |||||||||||||||||||||||||
| ii | Adjusted Pool Balance 5/31/05 | 609,322,496.21 | ||||||||||||||||||||||||||
| iii | Adjusted Pool Exceeding Notes Balance (i-ii) | $ | 56,355,696.24 | |||||||||||||||||||||||||
| iv | Adjusted Pool Balance 2/28/05 | $ | 665,678,192.45 | |||||||||||||||||||||||||
| v | Adjusted Pool Balance 5/31/05 | 609,322,496.21 | ||||||||||||||||||||||||||
| vi | Current Principal Due (iv-v) | $ | 56,355,696.24 | |||||||||||||||||||||||||
| vii | Principal Shortfall from previous Collection Period | — | ||||||||||||||||||||||||||
| viii | Principal Distribution Amount (vi + vii) | $ | 56,355,696.24 | |||||||||||||||||||||||||
| ix | Principal Distribution Amount Paid | $ | 56,355,696.24 | |||||||||||||||||||||||||
| x | Principal Shortfall (viii - ix) | $ | — | |||||||||||||||||||||||||
| C | Total Principal Distribution | $ | 56,355,696.24 | |||||||||||||||||||||||||
| D | Total Interest Distribution | 5,499,241.24 | ||||||||||||||||||||||||||
| E | Total Cash Distributions | $ | 61,854,937.48 | |||||||||||||||||||||||||
| F | Note Balances | 3/15/2005 | Pay Down Factor | 6/15/2005 | ||||||||||||||||||||
| i | A-1 Note Balance | 78442GDZ6 | $ | — | $ | — | ||||||||||||||||||
| A-1 Note Pool Factor | 0.000000000 | 0.000000000 | 0.000000000 | |||||||||||||||||||||
| ii | A-2 Note Balance | 78442GEA0 | $ | — | $ | — | ||||||||||||||||||
| A-2 Note Pool Factor | 0.000000000 | 0.000000000 | 0.000000000 | |||||||||||||||||||||
| iii | A-3 Note Balance | 78442GEB8 | $ | 142,928,192.45 | $ | 86,572,496.21 | ||||||||||||||||||
| A-3 Note Pool Factor | 0.631029547 | 0.248811021 | 0.382218526 | |||||||||||||||||||||
| iv | A-4L Note Balance | 78442GEC6 | $ | 182,750,000.00 | $ | 182,750,000.00 | ||||||||||||||||||
| A-4L Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||
| v | A-4CP Note Balance | 78442GED4 | $ | 300,000,000.00 | $ | 300,000,000.00 | ||||||||||||||||||
| A-4CP Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||
| vi | B Note Balance | 78442GEE2 | $ | 40,000,000.00 | $ | 40,000,000.00 | ||||||||||||||||||
| B Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||
| G | Reserve Account Reconciliation | |||||||||||||||||||||||
| i | Beginning of Period Balance | $ | 1,660,045.37 | |||||||||||||||||||||
| ii | Deposits to correct Shortfall | $ | — | |||||||||||||||||||||
| iii | Deposits from Excess Servicing | $ | 1,310,489.67 | |||||||||||||||||||||
| iv | Total Reserve Account Balance Available | $ | 2,970,535.04 | |||||||||||||||||||||
| v | Required Reserve Account Balance | $ | 1,519,507.47 | |||||||||||||||||||||
| vi | Shortfall Carried to Next Period | $ | — | |||||||||||||||||||||
| vii | Excess Reserve — Release to Excess Certificateholder | $ | 1,451,027.57 | |||||||||||||||||||||
| viii | Ending Reserve Account Balance | $ | 1,519,507.47 | |||||||||||||||||||||
XI. 2002-5 Historical Pool Information
| 2004 | 2003 | |||||||||||||||||||
| 03/01/05-05/31/05 | 12/01/04-02/28/05 | 12/1/03-11/30/04 | 12/01/2002-11/30/03 | |||||||||||||||||
| Beginning Student Loan Portfolio Balance | $ | 653,208,896.53 | $ | 718,378,691.00 | $ | 970,747,854.40 | $ | 1,233,097,345.26 | ||||||||||||
| Student Loan Principal Activity | ||||||||||||||||||||
| i | Regular Principal Collections | $ | 52,493,008.33 | $ | 60,436,464.26 | $ | 247,625,673.27 | $ | 214,878,453.48 | |||||||||||
| ii | Principal Collections from Guarantor | 5,365,466.99 | 7,239,427.28 | 16,920,167.07 | 13,173,746.46 | |||||||||||||||
| iii | Principal Reimbursements | 64,452.92 | 31,779.51 | 689,855.02 | 47,726,991.00 | |||||||||||||||
| iv | Other System Adjustments | — | — | — | — | |||||||||||||||
| v | Total Principal Collections | $ | 57,922,928.24 | $ | 67,707,671.05 | $ | 265,235,695.36 | $ | 275,779,190.94 | |||||||||||
| Student Loan Non-Cash Principal Activity | ||||||||||||||||||||
| i | Other Adjustments | $ | 1,200.85 | $ | 18,375.78 | $ | 295,037.61 | $ | 667,627.93 | |||||||||||
| ii | Capitalized Interest | (1,643,235.73 | ) | (2,556,252.36 | ) | (13,161,569.57 | ) | (14,097,328.01 | ) | |||||||||||
| iii | Total Non-Cash Principal Activity | $ | (1,642,034.88 | ) | $ | (2,537,876.58 | ) | $ | (12,866,531.96 | ) | $ | (13,429,700.08 | ) | |||||||
| (-) | Total Student Loan Principal Activity | $ | 56,280,893.36 | $ | 65,169,794.47 | $ | 252,369,163.40 | $ | 262,349,490.86 | |||||||||||
| Student Loan Interest Activity | ||||||||||||||||||||
| i | Regular Interest Collections | $ | 2,235,122.11 | $ | 2,433,977.54 | $ | 11,936,885.78 | $ | 14,432,044.66 | |||||||||||
| ii | Interest Claims Received from Guarantors | 122,247.24 | 174,415.92 | 444,945.74 | 542,446.70 | |||||||||||||||
| iii | Collection Fees/Return Items | 43,962.89 | 43,148.73 | 120,262.88 | 66,072.29 | |||||||||||||||
| iv | Late Fee Reimbursements | 143,173.21 | 144,752.12 | 553,655.86 | 467,921.77 | |||||||||||||||
| v | Interest Reimbursements | 28,729.25 | 23,729.50 | 42,151.55 | 521,796.42 | |||||||||||||||
| vi | Other System Adjustments | — | — | — | — | |||||||||||||||
| vii | Special Allowance Payments | 2,677,391.64 | 2,042,668.06 | 1,750,230.97 | 196,837.43 | |||||||||||||||
| viii | Subsidy Payments | 1,112,630.08 | 1,327,109.24 | 7,520,266.10 | 15,643,476.71 | |||||||||||||||
| ix | Total Interest Collections | $ | 6,363,256.42 | $ | 6,189,801.11 | $ | 22,368,398.88 | $ | 31,870,595.98 | |||||||||||
| Student Loan Non-Cash Interest Activity | ||||||||||||||||||||
| i | Interest Accrual Adjustment | $ | 375.70 | $ | (223.10 | ) | $ | 7,640.87 | $ | (411,176.60 | ) | |||||||||
| ii | Capitalized Interest | 1,643,235.73 | 2,556,252.36 | 13,161,569.57 | 14,097,328.01 | |||||||||||||||
| iii | Total Non-Cash Interest Adjustments | $ | 1,643,611.43 | $ | 2,556,029.26 | $ | 13,169,210.44 | $ | 13,686,151.41 | |||||||||||
| Total Student Loan Interest Activity | $ | 8,006,867.85 | $ | 8,745,830.37 | $ | 35,537,609.32 | $ | 45,556,747.39 | ||||||||||||
| (=) | Ending Student Loan Portfolio Balance | $ | 596,928,003.17 | $ | 653,208,896.53 | $ | 718,378,691.00 | $ | 970,747,854.40 | |||||||||||
| (+) | Interest to be Capitalized | $ | 10,874,985.57 | $ | 10,809,250.55 | $ | 11,489,977.68 | $ | 16,568,293.40 | |||||||||||
| (=) | TOTAL POOL | $ | 607,802,988.74 | $ | 664,018,147.08 | $ | 729,868,668.68 | $ | 987,316,147.80 | |||||||||||
| (+) | Reserve Account Balance | $ | 1,519,507.47 | $ | 1,660,045.37 | $ | 1,824,671.67 | $ | 2,468,290.37 | |||||||||||
| (=) | Total Adjusted Pool | $ | 609,322,496.21 | $ | 665,678,192.45 | $ | 731,693,340.35 | $ | 989,784,438.17 | |||||||||||
10
XII. 2002-5 Payment History and CPRs
| Distribution | Actual | Since Issued | ||||
| Date | Pool Balances | CPR * | ||||
| Mar-03 | $ | 1,194,339,327 | 12.50% | |||
| Jun-03 | $ | 1,152,815,099 | 11.94% | |||
| Sep-03 | $ | 1,074,850,667 | 14.12% | |||
| Dec-03 | $ | 987,316,148 | 16.31% | |||
| Mar-04 | $ | 916,541,304 | 17.04% | |||
| Jun-04 | $ | 881,813,570 | 15.97% | |||
| Sep-04 | $ | 799,733,119 | 17.39% | |||
| Dec-04 | $ | 729,868,669 | 18.25% | |||
| Mar-05 | $ | 664,018,147.08 | 18.93% | |||
| Jun-05 | $ | 607,802,988.74 | 19.29% | |||
* “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.
11
