SLM Student Loan Trust 2004-8 Quarterly Servicing Report
Report Date: 06/30/2005 Reporting Period: 4/1/05-6/30/05
I. Deal Parameters
| Student Loan Portfolio Characteristics | 03/31/2005 | Activity | 06/30/2005 | |||||||||||||||||
| A | i | Portfolio Balance | $ | 2,053,554,167.15 | ($83,765,567.12 | ) | $ | 1,969,788,600.03 | ||||||||||||
| ii | Interest to be Capitalized | 3,705,012.81 | 4,238,095.58 | |||||||||||||||||
| iii | Total Pool | $ | 2,057,259,179.96 | $ | 1,974,026,695.61 | |||||||||||||||
| iv | Specified Reserve Account Balance | 5,143,147.95 | 4,935,066.74 | |||||||||||||||||
| v | Capitalized Interest | 30,000,000.00 | 30,000,000.00 | |||||||||||||||||
| vi | Total Adjusted Pool | $ | 2,092,402,327.91 | $ | 2,008,961,762.35 | |||||||||||||||
| B | i | Weighted Average Coupon (WAC) | 4.265 | % | 4.249 | % | ||||||||||||||
| ii | Weighted Average Remaining Term | 259.96 | 257.75 | |||||||||||||||||
| iii | Number of Loans | 124,097 | 120,993 | |||||||||||||||||
| iv | Number of Borrowers | 77,542 | 75,003 | |||||||||||||||||
| v | Aggregate Outstanding Principal Balance — T-Bill | $ | 147,407,099.77 | $ | 140,574,036.43 | |||||||||||||||
| vi | Aggregate Outstanding Principal Balance — Commercial Paper | $ | 1,909,852,080.19 | $ | 1,833,452,659.18 | |||||||||||||||
| Notes and Certificates | Spread/Coupon | Exchange Rate | Balance 4/25/05 | Balance 7/25/05 | ||||||||||||||||
| C | i | A-1 Notes | 78442GMM5 | -0.010% | 1.00000 | $ | 5,405,327.91 | $ | — | |||||||||||
| ii | A-2 Notes | 78442GMN3 | 0.020% | 1.00000 | $ | 335,000,000.00 | $ | 256,964,762.35 | ||||||||||||
| iii | A-3 Notes | 78442GMP8 | 0.090% | 1.00000 | $ | 205,000,000.00 | $ | 205,000,000.00 | ||||||||||||
| iv | A-4 Notes | 78442GMQ6 | 0.140% | 1.00000 | $ | 467,505,000.00 | $ | 467,505,000.00 | ||||||||||||
| vi | A-5* Notes | XS0199345868 | 0.125% | 1.23410 | € | 410,000,000.00 | € | 410,000,000.00 | ||||||||||||
| vii | A-6* Notes | XS0199346163 | 0.125% | 1.23410 | € | 410,000,000.00 | € | 410,000,000.00 | ||||||||||||
| viii | B Notes | 78442GMR4 | 0.460% | 1.00000 | $ | 67,530,000.00 | $ | 67,530,000.00 | ||||||||||||
| Reserve Account | 04/25/2005 | 07/25/2005 | ||||||||||||||||||
| D | i | Required Reserve Acct Deposit (%) | 0.25% | 0.25% | ||||||||||||||||
| ii | Reserve Acct Initial Deposit ($) | $ | 0.00 | $ | 0.00 | |||||||||||||||
| iii | Specified Reserve Acct Balance ($) | $ | 5,143,147.95 | $ | 4,935,066.74 | |||||||||||||||
| iv | Reserve Account Floor Balance ($) | $ | 3,314,921.00 | $ | 3,314,921.00 | |||||||||||||||
| v | Current Reserve Acct Balance ($) | $ | 5,143,147.95 | $ | 4,935,066.74 | |||||||||||||||
| Other Accounts | 04/25/2005 | 07/25/2005 | ||||||||||||||||||
| E | i | Remarketing Fee Account | $ | 0.00 | $ | 0.00 | ||||||||||||||
| ii | Capitalized Interest Account | $ | 30,000,000.00 | $ | 30,000,000.00 | |||||||||||||||
| iii | Principal Accumulation Account (Class A-5) | $ | 0.00 | $ | 0.00 | |||||||||||||||
| iv | Principal Accumulation Account (Class A-6 | $ | 0.00 | $ | 0.00 | |||||||||||||||
| v | Supplemental Interest Account (Class A-5) | $ | 0.00 | $ | 0.00 | |||||||||||||||
| vi | Supplemental Interest Account (Class A-6) | $ | 0.00 | $ | 0.00 | |||||||||||||||
| vii | Investment Reserve Account | $ | 0.00 | $ | 0.00 | |||||||||||||||
| viii | Investment Premium Purchase Account | $ | 0.00 | $ | 0.00 | |||||||||||||||
| Asset/Liability | 04/25/2005 | 07/25/2005 | ||||||||||||||||||
| F | i | Total Adjusted Pool | $ | 2,092,402,327.91 | $ | 2,008,961,762.35 | ||||||||||||||
| ii | Total USD equivalent Notes | $ | 2,092,402,327.91 | $ | 2,008,961,762.35 | |||||||||||||||
| iii | Difference | $ | 0.00 | $ | 0.00 | |||||||||||||||
| iv | Parity Ratio | 1.00000 | 1.00000 | |||||||||||||||||
| * | A-5 and A-6 Notes are denominated in Euros |
1
II. 2004-8 Transactions from: 03/31/2005 through: 06/30/2005
| A | Student Loan Principal Activity | |||||||
| i | Regular Principal Collections | $ | 86,183,801.85 | |||||
| ii | Principal Collections from Guarantor | 3,664,320.90 | ||||||
| iii | Principal Reimbursements | 142,066.21 | ||||||
| iv | Other System Adjustments | 0.00 | ||||||
| v | Total Principal Collections | $ | 89,990,188.96 | |||||
| B | Student Loan Non-Cash Principal Activity | |||||||
| i | Other Adjustments | $ | 775.20 | |||||
| ii | Capitalized Interest | (6,225,397.04 | ) | |||||
| iii | Total Non-Cash Principal Activity | $ | (6,224,621.84 | ) | ||||
| C | Total Student Loan Principal Activity | $ | 83,765,567.12 | |||||
| D | Student Loan Interest Activity | |||||||
| i | Regular Interest Collections | $ | 13,323,024.76 | |||||
| ii | Interest Claims Received from Guarantors | 187,719.76 | ||||||
| iii | Collection Fees/Returned Items | 17,577.59 | ||||||
| iv | Late Fee Reimbursements | 171,666.54 | ||||||
| v | Interest Reimbursements | 2,600.69 | ||||||
| vi | Other System Adjustments | 0.00 | ||||||
| vii | Special Allowance Payments | 7,718,237.88 | ||||||
| viii | Subsidy Payments | 1,139,391.05 | ||||||
| ix | Total Interest Collections | $ | 22,560,218.27 | |||||
| E | Student Loan Non-Cash Interest Activity | |||||||
| i | Interest Accrual Adjustment | $ | 4.02 | |||||
| ii | Capitalized Interest | 6,225,397.04 | ||||||
| iii | Total Non-Cash Interest Adjustments | $ | 6,225,401.06 | |||||
| F | Total Student Loan Interest Activity | $ | 28,785,619.33 | |||||
| G | Non-Reimbursable Losses During Collection Period | $ | — | |||||
| H | Cumulative Non-Reimbursable Losses to Date | $ | — | |||||
2
III. 2004-8 Collection Account Activity 03/31/2005 through 06/30/2005
| A | Principal Collections | |||||||
| i | Principal Payments Received | $ | 20,616,592.21 | |||||
| ii | Consolidation Principal Payments | 69,231,530.54 | ||||||
| iii | Reimbursements by Seller | 0.00 | ||||||
| iv | Borrower Benefits Reimbursed | 0.00 | ||||||
| v | Reimbursements by Servicer | 0.00 | ||||||
| vi | Re-purchased Principa | 142,066.21 | ||||||
| vii | Total Principal Collections | $ | 89,990,188.96 | |||||
| B | Interest Collections | |||||||
| i | Interest Payments Received | $ | 22,078,807.37 | |||||
| ii | Consolidation Interest Payments | 289,566.08 | ||||||
| iii | Reimbursements by Seller | 102.92 | ||||||
| iv | Borrower Benefits Reimbursed | 0.00 | ||||||
| v | Reimbursements by Servicer | 1,565.33 | ||||||
| vi | Re-purchased Interest | 932.44 | ||||||
| vii | Collection Fees/Return Items | 17,577.59 | ||||||
| viii | Late Fees | 171,666.54 | ||||||
| ix | Total Interest Collections | $ | 22,560,218.27 | |||||
| C | Other Reimbursements | $ | 242,974.78 | |||||
| D | Reserves In Excess of the Requirement | $ | 208,081.21 | |||||
| E | Reset Period Target Amount Excess | $ | 0.00 | |||||
| F | Funds Released from Supplemental Interest Account | $ | 0.00 | |||||
| G | Investment Premium Purchase Account Excess | $ | 0.00 | |||||
| H | Investment Reserve Account Excess | $ | 0.00 | |||||
| I | Interest Rate Cap Proceeds | $ | 0.00 | |||||
| J | Interest Rate Swap Proceeds | $ | 0.00 | |||||
| K | Administrator Account Investment Income | $ | 0.00 | |||||
| L | Trust Account Investment Income | $ | 792,961.60 | |||||
| M | Funds Released from Capitalized Interest Account | $ | 0.00 | |||||
| TOTAL AVAILABLE FUNDS | $ | 113,794,424.82 | ||||||
| LESS FUNDS PREVIOUSLY REMITTED | ||||||||
| Servicing Fees | $ | (1,698,192.19 | ) | |||||
| Consolidation Loan Rebate Fees | $ | (5,217,289.26 | ) | |||||
| N | NET AVAILABLE FUNDS | $ | 106,878,943.37 | |||||
| O | Servicing Fees Due for Current Period | $ | 832,451.42 | |||||
| P | Carryover Servicing Fees Due | $ | 0.00 | |||||
| Q | Administration Fees Due | $ | 25,000.00 | |||||
| R | Total Fees Due for Period | $ | 857,451.42 | |||||
3
IV. 2004-8 Portfolio Characteristics
| Weighted Avg Coupon | # of Loans | % * | Principal Amount | % * | ||||||||||||||||||||||||||||||||||||
| STATUS | 03/31/2005 | 06/30/2005 | 03/31/2005 | 06/30/2005 | 03/31/2005 | 06/30/2005 | 03/31/2005 | 06/30/2005 | 03/31/2005 | 06/30/2005 | ||||||||||||||||||||||||||||||
INTERIM: | ||||||||||||||||||||||||||||||||||||||||
In School | ||||||||||||||||||||||||||||||||||||||||
| Current | 0.000 | % | 0.000 | % | 0 | 0 | 0.000 | % | 0.000 | % | $ | 0.00 | $ | 0.00 | 0.000 | % | 0.000 | % | ||||||||||||||||||||||
Grace | ||||||||||||||||||||||||||||||||||||||||
| Current | 0.000 | % | 0.000 | % | 0 | 0 | 0.000 | % | 0.000 | % | 0.00 | 0.00 | 0.000 | % | 0.000 | % | ||||||||||||||||||||||||
TOTAL INTERIM | 0.000 | % | 0.000 | % | 0 | 0 | 0.000 | % | 0.000 | % | $ | 0.00 | $ | 0.00 | 0.000 | % | 0.000 | % | ||||||||||||||||||||||
REPAYMENT | ||||||||||||||||||||||||||||||||||||||||
Active | ||||||||||||||||||||||||||||||||||||||||
| Current | 4.186 | % | 4.176 | % | 86,773 | 82,767 | 69.924 | % | 68.406 | % | $ | 1,360,933,979.86 | $ | 1,270,173,305.72 | 66.272 | % | 64.483 | % | ||||||||||||||||||||||
| 31-60 Days Delinquent | 4.552 | % | 4.706 | % | 3,483 | 3,587 | 2.807 | % | 2.965 | % | $ | 55,526,781.65 | 55,807,074.36 | 2.704 | % | 2.833 | % | |||||||||||||||||||||||
| 61-90 Days Delinquent | 4.893 | % | 4.598 | % | 1,608 | 1,929 | 1.296 | % | 1.594 | % | $ | 26,976,843.76 | 28,115,768.06 | 1.314 | % | 1.427 | % | |||||||||||||||||||||||
| 91-120 Days Delinquent | 4.820 | % | 4.559 | % | 712 | 1,213 | 0.574 | % | 1.003 | % | $ | 10,665,176.45 | 16,177,420.14 | 0.519 | % | 0.821 | % | |||||||||||||||||||||||
| > 120 Days Delinquent | 5.207 | % | 5.001 | % | 2,608 | 2,308 | 2.102 | % | 1.908 | % | $ | 39,203,183.89 | 31,892,373.43 | 1.909 | % | 1.619 | % | |||||||||||||||||||||||
Deferment | ||||||||||||||||||||||||||||||||||||||||
| Current | 4.129 | % | 4.126 | % | 13,396 | 12,728 | 10.795 | % | 10.520 | % | $ | 238,315,098.96 | 229,529,333.64 | 11.605 | % | 11.652 | % | |||||||||||||||||||||||
Forbearance | ||||||||||||||||||||||||||||||||||||||||
| Current | 4.446 | % | 4.390 | % | 15,427 | 16,333 | 12.431 | % | 13.499 | % | $ | 319,987,496.71 | 335,296,970.74 | 15.582 | % | 17.022 | % | |||||||||||||||||||||||
TOTAL REPAYMENT | 4.262 | % | 4.244 | % | 124,007 | 120,865 | 99.927 | % | 99.894 | % | $ | 2,051,608,561.28 | $ | 1,966,992,246.09 | 99.905 | % | 99.858 | % | ||||||||||||||||||||||
Claims in Process (1) | 6.851 | % | 7.326 | % | 90 | 128 | 0.073 | % | 0.106 | % | $ | 1,945,605.87 | $ | 2,796,353.94 | 0.095 | % | 0.142 | % | ||||||||||||||||||||||
Aged Claims Rejected (2) | 0.000 | % | 0.000 | % | 0 | 0 | 0.000 | % | 0.000 | % | $ | 0.00 | $ | 0.00 | 0.000 | % | 0.000 | % | ||||||||||||||||||||||
GRAND TOTAL | 4.265 | % | 4.249 | % | 124,097 | 120,993 | 100.000 | % | 100.000 | % | $ | 2,053,554,167.15 | $ | 1,969,788,600.03 | 100.000 | % | 100.000 | % | ||||||||||||||||||||||
(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.
4
V. 2004-8 Various Interest Accruals and Floating Rate Swap Payments
| A | Borrower Interest Accrued During Collection Period | $ | 19,971,219.59 | ||||||||||||||||||
| B | Interest Subsidy Payments Accrued During Collection Period | 1,080,398.73 | |||||||||||||||||||
| C | SAP Payments Accrued During Collection Period | 9,338,473.44 | |||||||||||||||||||
| D | Investment Earnings Accrued for Collection Period (TRUST ACCOUNTS) | 792,961.60 | |||||||||||||||||||
| E | Investment Earnings (ADMINISTRATOR ACCOUNTS) | 0.00 | |||||||||||||||||||
| F | Consolidation Loan Rebate Fees | (5,217,289.26 | ) | ||||||||||||||||||
| G | Net Expected Interest Collections | $ | 25,965,764.10 | ||||||||||||||||||
| H | Interest Rate Cap Payments Due to the Trust | Cap | |||||||||||||||||||
| i | Cap Notional Amount | $ | 720,000,000.00 | ||||||||||||||||||
| ii | Libor (interpolated first period) | 3.16063 | % | ||||||||||||||||||
| iii | Cap % | 5.00000 | % | ||||||||||||||||||
| iv | Excess Over Cap ( ii-iii) | 0.00000 | % | ||||||||||||||||||
| v | Cap Payments Due to the Trust | $ | 0.00 | ||||||||||||||||||
| I USD/EUR Interest Rate Swap | |||||||||||||||||||||
| Swap Payments | |||||||||||||||||||||
| lxis-CIB, London | lxis-CIB, London | ||||||||||||||||||||
| A-5Swap Calc | A-6 Swap Calc | ||||||||||||||||||||
| SLM Student Loan Trust Pays: | |||||||||||||||||||||
| i | Notional Swap Amount (USD) | $ | 505,981,000 | $ | 505,981,000 | ||||||||||||||||
| ii | 3 Month USD-LIBOR | 3.160630 | % | 3.160630 | % | ||||||||||||||||
| iii | Spread | 0.141625 | % | 0.141625 | % | ||||||||||||||||
| iv | Pay Rate | 3.302255 | % | 3.302255 | % | ||||||||||||||||
| v | Gross Swap Payment Due Counterparty | $ | 4,223,609.00 | $ | 4,223,609.00 | ||||||||||||||||
| vi | Days in Period | 04/25/2005 | 07/25/2005 | 91 | 91 | ||||||||||||||||
| Counterparty Pays: | |||||||||||||||||||||
| i | Notional Swap Amount (EUR) | € | 410,000,000.00 | € | 410,000,000.00 | ||||||||||||||||
| ii | 3 Month EURIBOR | 2.13300 | % | 2.13300 | % | ||||||||||||||||
| iii | Spread | 0.12500 | % | 0.12500 | % | ||||||||||||||||
| iv | Pay Rate | 2.25800 | % | 2.25800 | % | ||||||||||||||||
| v | Gross Swap Receipt Due Paying Agent | € | 2,340,166.11 | € | 2,340,166.11 | ||||||||||||||||
| vi | Days in Period | 04/25/2005 | 07/25/2005 | 91 | 91 | ||||||||||||||||
5
VI. 2004-8 Accrued Interest Factors
| Accrued | ||||||||||
| Int Factor | Accrual Period | Rate | Index | |||||||
| A | Class A-1 Interest Rate | 0.007964093 | 4/25/05 - 7/25/05 | 3.15063% | LIBOR | |||||
| B | Class A-2 Interest Rate | 0.008039926 | 4/25/05 - 7/25/05 | 3.18063% | LIBOR | |||||
| C | Class A-3 Interest Rate | 0.008216870 | 4/25/05 - 7/25/05 | 3.25063% | LIBOR | |||||
| D | Class A-4 Interest Rate | 0.008343259 | 4/25/05 - 7/25/05 | 3.30063% | LIBOR | |||||
| E | Class A-5 Interest Rate | 0.005707722 | 4/25/05 - 7/25/05 | 2.25800% | EURIBOR | |||||
| F | Class A-6 Interest Rate | 0.005707722 | 4/25/05 - 7/25/05 | 2.25800% | EURIBOR | |||||
| G | Class B Interest Rate | 0.009152148 | 4/25/05 - 7/25/05 | 3.62063% | LIBOR |
6
VII. 2004-8 Inputs From Prior Period 03/31/2005
| A | Total Student Loan Pool Outstanding | |||||||||||||||||||||||||||||||
| i | Portfolio Balance | $ | 2,053,554,167.15 | |||||||||||||||||||||||||||||
| ii | Interest To Be Capitalized | 3,705,012.81 | ||||||||||||||||||||||||||||||
| iii | Total Pool | $ | 2,057,259,179.96 | |||||||||||||||||||||||||||||
| iv | Specified Reserve Account Balance | 5,143,147.95 | ||||||||||||||||||||||||||||||
| v | Capitalized Interest | 30,000,000.00 | ||||||||||||||||||||||||||||||
| vi | Total Adjusted Pool | $ | 2,092,402,327.91 | |||||||||||||||||||||||||||||
| B | Total Note and Certificate Factor | 0.929544699 | ||||||||||||||||||||||||||||||
| C | Total Note Balance | $ | 2,092,402,327.91 | |||||||||||||||||||||||||||||
| D | Note Balance 04/25/05 | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class A-5 | Class A-6 | Class B | ||||||||||||||||||||||||
| i | Current Factor | 0.032959317 | 1.000000000 | 1.000000000 | 1.000000000 | 1.000000000 | 1.000000000 | 1.000000000 | ||||||||||||||||||||||||
| ii | Expected Note Balance | $ | 5,405,327.91 | $ | 335,000,000.00 | $ | 205,000,000.00 | $ | 467,505,000.00 | € | 410,000,000.00 | € | 410,000,000.00 | $ | 67,530,000.00 | |||||||||||||||||
| E | Note Principal Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | € | — | € | — | $ | 0.00 | |||||||||||||||||
| F | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | € | — | € | — | $ | 0.00 | |||||||||||||||||
| G | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | € | — | € | — | $ | 0.00 | |||||||||||||||||
| H | Reserve Account Balance | $ | 5,143,147.95 | |||||||||||||||||||||||||||||
| 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
VIII. 2004-8 Trigger Events
| A | Has Stepdown Date Occurred? | N | ||||
| The Stepdown Date is the earlier of (1) 7/26/2010 or (2) the first date on which no class A notes remain outstanding. | ||||||
| B | Note Balance Trigger | N | ||||
| Class A Percentage | 100.00% | |||||
| Class B Percentage | 0.00% | |||||
8
IX. 2004-8 Waterfall for Distributions
| Remaining | ||||||||||||
| Funds Balance | ||||||||||||
| A | Total Available Funds ( Section III-O ) | $ | 106,878,943.37 | $ | 106,878,943.37 | |||||||
| B | Primary Servicing Fees-Current Month | $ | 832,451.42 | $ | 106,046,491.95 | |||||||
| C | Administration Fee | $ | 25,000.00 | $ | 106,021,491.95 | |||||||
| D | Aggregate Quarterly Funding Amount | $ | 0.00 | $ | 106,021,491.95 | |||||||
| E | Noteholder’s Interest Distribution Amounts | |||||||||||
| i | Class A-1 | $ | 43,048.53 | $ | 105,978,443.42 | |||||||
| ii | Class A-2 | $ | 2,693,375.15 | $ | 103,285,068.27 | |||||||
| iii | Class A-3 | $ | 1,684,458.41 | $ | 101,600,609.86 | |||||||
| iv | Class A-4 | $ | 3,900,515.38 | $ | 97,700,094.48 | |||||||
| v | Class A-5 USD payment to the swap counterparty | $ | 4,223,609.00 | $ | 93,476,485.48 | |||||||
| vi | Class A-6 USD payment to the swap counterparty | $ | 4,223,609.00 | $ | 89,252,876.48 | |||||||
| vii | Swap Termination Payments | $ | 0.00 | $ | 89,252,876.48 | |||||||
| Total | $ | 16,768,615.47 | ||||||||||
| F | Class B Noteholders’ Interest Distribution Amount | $ | 618,044.56 | $ | 88,634,831.92 | |||||||
| G | Noteholder’s Principal Distribution Amounts Paid (or set aside) | |||||||||||
| i | Class A-1 | $ | 5,405,327.91 | $ | 83,229,504.01 | |||||||
| ii | Class A-2 | $ | 78,035,237.65 | $ | 5,194,266.36 | |||||||
| iii | Class A-3 | $ | 0.00 | $ | 5,194,266.36 | |||||||
| iv | Class A-4 | $ | 0.00 | $ | 5,194,266.36 | |||||||
| v | Class A-5 USD payment to the Accumulation Account* | $ | 0.00 | $ | 5,194,266.36 | |||||||
| vi | Class A-6 USD payment to the Accumulation Account | $ | 0.00 | $ | 5,194,266.36 | |||||||
| Total | $ | 83,440,565.56 | ||||||||||
| H | Supplemental Interest Account Deposit | $ | 0.00 | $ | 5,194,266.36 | |||||||
| I | Investment Reserve Account Required Amount | $ | 0.00 | $ | 5,194,266.36 | |||||||
| J | Class B Noteholder’s Principal Distribution Amount | $ | 0.00 | $ | 5,194,266.36 | |||||||
| K | Increase to the Specified Reserve Account Balance | $ | 0.00 | $ | 5,194,266.36 | |||||||
| L | Investment Premium Purchase Account Deposit | $ | 0.00 | $ | 5,194,266.36 | |||||||
| M | Carryover Servicing Fees | $ | 0.00 | $ | 5,194,266.36 | |||||||
| N | Remaining Swap Termination Fees | $ | 0.00 | $ | 5,194,266.36 | |||||||
| O | Remarketing Costs in Excess of Remarketing Fee Account | $ | 0.00 | $ | 5,194,266.36 | |||||||
| Excess to Certificateholder | $ | 5,194,266.36 | $ | 0.00 | ||||||||
| * | Principal amounts allocable to the A-5 and A-6 Notes are deposited into their Accumulation Accounts for distribution on the related Reset Date |
9
X. 2004-8 Other Account Deposits and Reconciliations
| A | Reserve Account | |||||||||||||||
| i | Beginning of Period Account Balance | $ | 5,143,147.95 | |||||||||||||
| ii | Deposits to correct Shortfall | $ | 0.00 | |||||||||||||
| iii | Total Reserve Account Balance Available | $ | 5,143,147.95 | |||||||||||||
| iv | Required Reserve Account Balance | $ | 4,935,066.74 | |||||||||||||
| v | Shortfall Carried to Next Period | $ | 0.00 | |||||||||||||
| vi | Excess Reserve — Release to Collection Account | $ | 208,081.21 | |||||||||||||
| vii | End of Period Account Balance | $ | 4,935,066.74 | |||||||||||||
| B | Capitalized Interest Account | |||||||||||||||
| i | Beginning of Period Account Balance (net of investment earnings) | $ | 30,000,000.00 | |||||||||||||
| ii | Capitalized Interest Release to the Collection Account | $ | 0.00 | |||||||||||||
| iii | End of Period Account Balance (net of investment earnings) | $ | 30,000,000.00 | |||||||||||||
| C | Remarketing Fee Account | Class A-5 | Class A-6 | Account Total | ||||||||||||
| i | Next Reset Date | 07/25/2011 | 10/25/2011 | |||||||||||||
| ii | Reset Period Target Amount | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
| iii | Quarterly Required Amount | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
| iv | Beginning of Period Account Balance (net of investment earnings) | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
| v | Quarterly Funding Amount | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
| vi | Reset Period Target Amount Excess | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
| vii | End of Period Account Balance (net of investment earnings) | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
| D | Accumulation Accounts | Class A-5 | Class A-6 | |||||||||||||
| i | Accumulation Account Beginning Balance | $ | 0.00 | $ | 0.00 | |||||||||||
| ii | Principal deposits for payment on the next Reset Date | $ | 0.00 | $ | 0.00 | |||||||||||
| iii | Principal Payments to the Noteholders on Reset Date | $ | 0.00 | $ | 0.00 | |||||||||||
| iv | Ending Accumulation Account Balance | $ | 0.00 | $ | 0.00 | |||||||||||
| E | Supplemental Interest Account | Class A-5 | Class A-6 | |||||||||||||
| i | Three Month Libor Determined (Interpolation for initial period) | n/a | n/a | |||||||||||||
| ii | Investment Rate | n/a | n/a | |||||||||||||
| iii | Difference | n/a | n/a | |||||||||||||
| iv | Supplemental Interest Account Beginning Balance | $ | 0.00 | $ | 0.00 | |||||||||||
| v | Funds Released into Collection Account | $ | 0.00 | $ | 0.00 | |||||||||||
| vi | Number of Days Through Next Reset Date | 2,191 | 2,283 | |||||||||||||
| vii | Supplemental Interest Account Deposit Amount | n/a | n/a | |||||||||||||
| F | Investment Premium Purchase Account | Class A-5 | Class A-6 | Account Total | ||||||||||||
| i | Beginning of Period Account Balance | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
| ii | Required Quarterly Deposit | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
| iii | Carryover amounts from previous periods | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
| iv | Eligible Investments Purchase Premium Paid | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
| v | Funds Released into Collection Account | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
| vi | End of Period Account Balance | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
| G | Investment Reserve Account | |||||||||||||||
| i | Balance | $ | 0.00 | |||||||||||||
| ii | Requirement | $ | 0.00 | |||||||||||||
| iii | Funds Released into Collection Account | $ | 0.00 | |||||||||||||
| iv | Have there been any downgrades to any eligible investments? | N | ||||||||||||||
10
XI. 2004-8 Distributions
| A | Distribution Amounts | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class A-5 | Class A-6 | Class B | ||||||||||||||||||||||||||||||||
| i | Quarterly Interest Due | $ | 43,048.53 | $ | 2,693,375.15 | $ | 1,684,458.41 | $ | 3,900,515.38 | € | 2,340,166.11 | € | 2,340,166.11 | $ | 618,044.56 | |||||||||||||||||||||||||
| ii | Quarterly Interest Paid | 43,048.53 | 2,693,375.15 | 1,684,458.41 | 3,900,515.38 | 2,340,166.11 | 2,340,166.11 | 618,044.56 | ||||||||||||||||||||||||||||||||
| iii | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | € | — | € | — | $ | 0.00 | |||||||||||||||||||||||||
| vii | Quarterly Principal Due | $ | 5,405,327.91 | $ | 78,035,237.65 | $ | 0.00 | $ | 0.00 | € | — | € | — | $ | 0.00 | |||||||||||||||||||||||||
| viii | Quarterly Principal Paid | 5,405,327.91 | 78,035,237.65 | 0.00 | 0.00 | — | — | 0.00 | ||||||||||||||||||||||||||||||||
| ix | Quarterly Principal Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | € | — | € | — | $ | 0.00 | |||||||||||||||||||||||||
| x | Total Distribution Amount | $ | 5,448,376.44 | $ | 80,728,612.80 | $ | 1,684,458.41 | $ | 3,900,515.38 | € | 2,340,166.11 | € | 2,340,166.11 | $ | 618,044.56 | |||||||||||||||||||||||||
| B | Principal Distribution Reconciliation | |||||||||||||||||||||||||||||||||||||||
| i | Notes Outstanding Principal Balance 6/30/05 | $ | 2,092,402,327.91 | |||||||||||||||||||||||||||||||||||||
| ii | Adjusted Pool Balance 6/30/05 | 2,008,961,762.35 | ||||||||||||||||||||||||||||||||||||||
| iii | Adjusted Pool Exceeding Notes Balance (i-ii) | $ | 83,440,565.56 | |||||||||||||||||||||||||||||||||||||
| iv | Adjusted Pool Balance 3/31/05 | $ | 2,092,402,327.91 | |||||||||||||||||||||||||||||||||||||
| v | Adjusted Pool Balance 6/30/05 | 2,008,961,762.35 | ||||||||||||||||||||||||||||||||||||||
| vi | Current Principal Due (iv-v) | $ | 83,440,565.56 | |||||||||||||||||||||||||||||||||||||
| vii | Principal Shortfall from Prior Period | — | ||||||||||||||||||||||||||||||||||||||
| viii | Principal Distribution Amount (vi + vii) | $ | 83,440,565.56 | |||||||||||||||||||||||||||||||||||||
| x | Principal Distribution Amount Paid | $ | 83,440,565.56 | |||||||||||||||||||||||||||||||||||||
| xi | Principal Shortfall (viii - ix) | $ | 0.00 | |||||||||||||||||||||||||||||||||||||
| C | Total Principal Distribution | |||||||||||||||||||||||||||||||||||||||
| i | USD | $ | 83,440,565.56 | |||||||||||||||||||||||||||||||||||||
| ii | EUR | € | — | |||||||||||||||||||||||||||||||||||||
| D | Total Interest Distribution | |||||||||||||||||||||||||||||||||||||||
| i | USD | $ | 8,939,442.03 | |||||||||||||||||||||||||||||||||||||
| ii | EUR | € | 4,680,332.22 | |||||||||||||||||||||||||||||||||||||
| E | Note Balances | 04/25/2005 | Paydown Factor | 07/25/2005 | ||||||||||||||||||||||||||||||||||||
| i | A-1 Note Balance | 78442GMM5 | $ | 5,405,327.91 | $ | — | ||||||||||||||||||||||||||||||||||
| A-1 Note Pool Factor | 0.032959317 | (0.032959317 | ) | 0.000000000 | ||||||||||||||||||||||||||||||||||||
| ii | A-2 Note Balance | 78442GMN3 | $ | 335,000,000.00 | $ | 256,964,762.35 | ||||||||||||||||||||||||||||||||||
| A-2 Note Pool Factor | 1.000000000 | (0.232941008 | ) | 0.767058992 | ||||||||||||||||||||||||||||||||||||
| iii | A-3 Note Balance | 78442GMP8 | $ | 205,000,000.00 | $ | 205,000,000.00 | ||||||||||||||||||||||||||||||||||
| A-3 Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||||||||||||||||||
| iv | A-4 Note Balance | 78442GMQ6 | $ | 467,505,000.00 | $ | 467,505,000.00 | ||||||||||||||||||||||||||||||||||
| A-4 Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||||||||||||||||||
| v | A-5 Note Balance | XS0199345868 | € | 410,000,000.00 | € | 410,000,000.00 | ||||||||||||||||||||||||||||||||||
| A-5 Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||||||||||||||||||
| vi | A-6 Note Balance | XS0199346163 | € | 410,000,000.00 | € | 410,000,000.00 | ||||||||||||||||||||||||||||||||||
| A-6 Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||||||||||||||||||
| vii | B Note Balance | 78442GMR4 | $ | 67,530,000.00 | $ | 67,530,000.00 | ||||||||||||||||||||||||||||||||||
| B Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||||||||||||||||||
11
XII. 2004-8 Historical Pool Information
| 2004 | ||||||||||||||||
| 4/1/05-6/30/05 | 1/1/05-3/31/05 | 8/25/05-12/31/05 | ||||||||||||||
| Beginning Student Loan Portfolio Balance | $ | 2,053,554,167.15 | $ | 2,118,144,472.40 | $ | 2,191,259,896.83 | ||||||||||
| Student Loan Principal Activity | ||||||||||||||||
| i | Regular Principal Collections | $ | 86,183,801.85 | $ | 66,301,687.79 | $ | 41,674,177.67 | |||||||||
| ii | Principal Collections from Guarantor | 3,664,320.90 | 2,364,952.35 | $ | 1,707,310.47 | |||||||||||
| iii | Principal Reimbursements | 142,066.21 | 2,717,896.95 | $ | 38,626,673.78 | |||||||||||
| iv | Other System Adjustments | 0.00 | 0.00 | $ | 0.00 | |||||||||||
| v | Total Principal Collections | $ | 89,990,188.96 | $ | 71,384,537.09 | $ | 82,008,161.92 | |||||||||
| Student Loan Non-Cash Principal Activity | $ | — | ||||||||||||||
| i | Other Adjustments | $ | 775.20 | $ | (3,759.28 | ) | $ | (71,053.97 | ) | |||||||
| ii | Capitalized Interest | (6,225,397.04 | ) | (6,790,472.56 | ) | $ | (8,821,683.52 | ) | ||||||||
| iii | Total Non-Cash Principal Activity | $ | (6,224,621.84 | ) | $ | (6,794,231.84 | ) | $ | (8,892,737.49 | ) | ||||||
| (-) | Total Student Loan Principal Activity | $ | 83,765,567.12 | $ | 64,590,305.25 | $ | 73,115,424.43 | |||||||||
| Student Loan Interest Activity | ||||||||||||||||
| i | Regular Interest Collections | $ | 13,323,024.76 | $ | 14,440,245.07 | $ | 22,734,081.26 | |||||||||
| ii | Interest Claims Received from Guarantors | 187,719.76 | 50,711.25 | $ | 30,382.48 | |||||||||||
| iii | Collection Fees/Returned Items | 17,577.59 | 11,021.68 | $ | 923.89 | |||||||||||
| iv | Late Fee Reimbursements | 171,666.54 | 201,950.50 | $ | 203,435.98 | |||||||||||
| v | Interest Reimbursements | 2,600.69 | 14,223.09 | $ | 168,411.72 | |||||||||||
| vi | Other System Adjustments | 0.00 | 0.00 | $ | 0.00 | |||||||||||
| vii | Special Allowance Payments | 7,718,237.88 | 5,140,363.74 | $ | 1,188,736.24 | |||||||||||
| viii | Subsidy Payments | 1,139,391.05 | 1,226,989.85 | $ | 435,825.90 | |||||||||||
| ix | Total Interest Collections | $ | 22,560,218.27 | $ | 21,085,505.18 | $ | 24,761,797.47 | |||||||||
| Student Loan Non-Cash Interest Activity | ||||||||||||||||
| i | Interest Accrual Adjustment | $ | 4.02 | $ | 20.95 | $ | (2,270.06 | ) | ||||||||
| ii | Capitalized Interest | 6,225,397.04 | 6,790,472.56 | $ | 8,821,683.52 | |||||||||||
| iii | Total Non-Cash Interest Adjustments | $ | 6,225,401.06 | $ | 6,790,493.51 | $ | 8,819,413.46 | |||||||||
| Total Student Loan Interest Activity | $ | 28,785,619.33 | $ | 27,875,998.69 | $ | 33,581,210.93 | ||||||||||
| (=) | Ending Student Loan Portfolio Balance | $ | 1,969,788,600.03 | $ | 2,053,554,167.15 | $ | 2,118,144,472.40 | |||||||||
| (+) | Interest to be Capitalized | $ | 4,238,095.58 | $ | 3,705,012.81 | $ | 5,589,360.93 | |||||||||
| (=) | TOTAL POOL | $ | 1,974,026,695.61 | $ | 2,057,259,179.96 | $ | 2,123,733,833.33 | |||||||||
| (+) | Reserve Account Balance | $ | 4,935,066.74 | $ | 5,143,147.95 | $ | 5,303,617.87 | |||||||||
| (+) | Capitalized Interest | $ | 30,000,000.00 | $ | 30,000,000.00 | $ | 30,000,000.00 | |||||||||
| (=) | Total Adjusted Pool | $ | 2,008,961,762.35 | $ | 2,092,402,327.91 | $ | 2,159,037,451.20 | |||||||||
12
XIII. 2004-8 Payment History and CPRs
| Distribution | Actual | Since Issued | ||||||
| Date | Pool Balances | CPR * | ||||||
| Oct-04 | $ | 2,162,734,741 | 9.63 | % | ||||
| Jan-05 | $ | 2,121,447,148 | 6.68 | % | ||||
| Apr-05 | $ | 2,057,259,180 | 7.48 | % | ||||
| Jul-05 | $ | 1,974,026,696 | 8.90 | % | ||||
* “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.
13
