SLM Private Credit Student Loan Trust 2002-A Inactive
Filed: 27 Dec 05, 12:00am
SLM Private Credit Student Loan Trust 2002-A
Quarterly Servicing Report
Report Date: 11/30/2005 Collection 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 | $ | 578,617,201.51 | $ | (13,134,181.14 | ) | $ | 565,483,020.37 | ||||||||||||||||||||
| ii | Interest to be Capitalized | 6,250,949.46 | 5,573,144.77 | |||||||||||||||||||||||||
| iii | Total Pool | $ | 584,868,150.97 | $ | 571,056,165.14 | |||||||||||||||||||||||
| iv | Cash Capitalization Account (CI) | 40,178,192.00 | — | |||||||||||||||||||||||||
| v | Asset Balance | $ | 625,046,342.97 | $ | 571,056,165.14 | |||||||||||||||||||||||
| i | Weighted Average Coupon (WAC) | 6.958 | % | 7.456 | % | |||||||||||||||||||||||
| ii | Weighted Average Remaining Term | 171.20 | 170.11 | |||||||||||||||||||||||||
| iv | Number of Loans | 61,338 | 59,852 | |||||||||||||||||||||||||
| v | Number of Borrowers | 41,465 | 40,385 | |||||||||||||||||||||||||
| vi | Prime Loans Outstanding | $ | 513,038,589.48 | $ | 501,440,029.51 | |||||||||||||||||||||||
| vii | T-bill Loans Outstanding | $ | 71,217,202.51 | $ | 68,994,256.23 | |||||||||||||||||||||||
| viii | Fixed Loans Outstanding | $ | 612,358.98 | $ | 621,879.40 | |||||||||||||||||||||||
| % of | % of | |||||||||||||||||||||||||||
| B | Notes | Cusips | Spread | Balance 9/15/05 | O/S Securities** | Balance 12/15/05 | O/S Securities** | |||||||||||||||||||||
| i | A-1 Notes | 78443CAA2 | 0.150 | % | $ | 223,576,091.41 | 36.626 | % | $ | 169,585,913.58 | 30.477 | % | ||||||||||||||||
| ii | A-2 Notes | 78443CAB0 | 0.550 | % | 328,419,000.00 | 53.801 | % | 328,419,000.00 | 59.021 | % | ||||||||||||||||||
| iii | B Notes | 78443CAC8 | 0.850 | % | 23,742,000.00 | 3.889 | % | 23,742,000.00 | 4.267 | % | ||||||||||||||||||
| iv | C Notes | 78443CAD6 | 1.700 | % | 34,699,000.00 | 5.684 | % | 34,699,000.00 | 6.236 | % | ||||||||||||||||||
| v | Total Notes | $ | 610,436,091.41 | 100.000 | % | $ | 556,445,913.58 | 100.000 | % | |||||||||||||||||||
| C | Account and Asset Balances | 09/15/2005 | 12/15/2005 | |||||||||||||||||||||||||
| i | Specified Reserve Account Balance ($) | $ | 1,725,836.00 | $ | 1,725,836.00 | |||||||||||||||||||||||
| ii | Reserve Account Balance ($) | $ | 1,725,836.00 | $ | 1,725,836.00 | |||||||||||||||||||||||
| iii | Cash Capitalization Acct Balance ($) | $ | 40,178,192.00 | $ | — | |||||||||||||||||||||||
| iv | Initial Asset Balance | $ | 730,512,578.11 | $ | 730,512,578.11 | |||||||||||||||||||||||
| v | Specified Overcollateralization Amount | $ | 14,610,251.56 | $ | 14,610,251.56 | |||||||||||||||||||||||
| vi | Actual Overcollateralization Amount | $ | 14,610,251.56 | $ | 14,610,251.56 | |||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||
| Initial Pool Balance | $690,334,386.11 | |||||||||||||||||||||||||||
| * | The Stepdown Date is the earlier of the distribution date following the reduction of the Class A Notes to zero, or September 17, 2007. 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. 2002-A Transactions from: 09/01/2005 through: 11/30/2005
| A | Student Loan Principal Activity | |||||||
| i | Principal Payments Received | $ | 13,577,021.83 | |||||
| ii | Purchases by Servicer (Delinquencies >180) | 2,982,660.81 | ||||||
| iii | Other Servicer Reimbursements | 54.26 | ||||||
| iv | Other Principal Reimbursements | 71,003.37 | ||||||
| v | Total Principal Collections | $ | 16,630,740.27 | |||||
| B | Student Loan Non-Cash Principal Activity | |||||||
| i | Realized Losses/Loans Charged Off | $ | — | |||||
| ii | Capitalized Interest | (3,391,629.15 | ) | |||||
| iii | Capitalized Insurance Fee | (105,247.06 | ) | |||||
| iv | Other Adjustments | 317.08 | ||||||
| v | Total Non-Cash Principal Activity | $ | (3,496,559.13 | ) | ||||
| C | Total Student Loan Principal Activity | $ | 13,134,181.14 | |||||
| D | Student Loan Interest Activity | |||||||
| i | Interest Payments Received | $ | 7,473,543.99 | |||||
| ii | Purchases by Servicer (Delinquencies >180) | 158,961.87 | ||||||
| iii | Other Servicer Reimbursements | 0.13 | ||||||
| iv | Other Interest Reimbursements | 1,365.65 | ||||||
| v | Late Fees | 90,039.78 | ||||||
| vi | Collection Fees | 0.00 | ||||||
| vii | Total Interest Collections | $ | 7,723,911.42 | |||||
| E | Student Loan Non-Cash Interest Activity | |||||||
| i | Realized Losses/Loans Charged Off | $ | — | |||||
| ii | Capitalized Interest | 3,391,629.15 | ||||||
| iii | Other Interest Adjustments | 92.98 | ||||||
| iv | Total Non-Cash Interest Adjustments | $ | 3,391,722.13 | |||||
| F | Total Student Loan Interest Activity | $ | 11,115,633.55 | |||||
2
III. 2002-A Collection Account Activity 09/01/2005 through: 11/30/2005
| A | Principal Collections | |||||||||||
| i | Principal Payments Received | $ | 13,419,059.84 | |||||||||
| ii | Consolidation Principal Payments | 157,961.99 | ||||||||||
| iii | Purchases by Servicer (Delinquencies >180) | 2,982,660.81 | ||||||||||
| iv | Reimbursements by Seller | 0.00 | ||||||||||
| v | Reimbursements by Servicer | 54.26 | ||||||||||
| vi | Other Re-purchased Principal | 71,003.37 | ||||||||||
| vii | Total Principal Collections | $ | 16,630,740.27 | |||||||||
| B | Interest Collections | |||||||||||
| i | Interest Payments Received | $ | 7,472,850.77 | |||||||||
| ii | Consolidation Interest Payments | 693.22 | ||||||||||
| iii | Purchases by Servicer (Delinquencies >180) | 158,961.87 | ||||||||||
| iv | Reimbursements by Seller | 0.00 | ||||||||||
| v | Reimbursements by Servicer | 0.13 | ||||||||||
| vi | Other Re-purchased Interest | 1,365.65 | ||||||||||
| viii | Collection Fees/Return Items | 0.00 | ||||||||||
| ix | Late Fees | 90,039.78 | ||||||||||
| x | Total Interest Collections | $ | 7,723,911.42 | |||||||||
| C | Recoveries on Realized Losses | $ | — | |||||||||
| D | Funds Borrowed from Next Collection Period | $ | — | |||||||||
| E | Funds Repaid from Prior Collection Periods | $ | — | |||||||||
| F | Investment Income | $ | 521,170.31 | |||||||||
| G | Borrower Incentive Reimbursements | $ | 79,666.86 | |||||||||
| H | Swap Receipt, Merril Lynch DP | $ | 5,018,800.00 | |||||||||
| I | Other Deposits | $ | 83,181.23 | |||||||||
| TOTAL FUNDS RECEIVED | $ | 30,057,470.09 | ||||||||||
| LESS FUNDS PREVIOUSLY REMITTED: | ||||||||||||
| Servicing Fees | $ | (672,485.84 | ) | |||||||||
| AVAILABLE FUNDS PRIOR TO RELEASE FROM CASH CAPITALIZATION ACCOUNT | $ | 29,384,984.25 | ||||||||||
| J | Amount Released from Cash Capitalizaton Account | $ | 40,178,192.00 | |||||||||
| K | AVAILABLE FUNDS | $ | 69,563,176.25 | |||||||||
| L | Servicing Fees Due for Current Period | $ | 332,195.55 | |||||||||
| M | Carryover Servicing Fees Due | $ | — | |||||||||
| N | Administration Fees Due | $ | 20,000.00 | |||||||||
| O | Total Fees Due for Period | $ | 352,195.55 | |||||||||
IV. 2002-A Loss and Recovery Detail
| A | i | Cumulative Realized Losses Test | % of Initial Pool | 08/31/2005 | 11/30/2005 | |||||||||
| December 16, 2002 to September 15, 2007 | 15% | $ | 103,550,157.90 | $ | 103,550,157.90 | |||||||||
| December 17, 2007 to September 15, 2010 | 18% | |||||||||||||
| December 15, 2010 and thereafter | 20% | |||||||||||||
| ii | Cumulative Realized Losses (Net of Recoveries) | $ | — | $ | — | |||||||||
| iii | Is Test Satisfied (ii < i)? | Yes | Yes | |||||||||||
| B | i | Recoveries on Realized Losses This Collection Period | ||||||||||||
| ii | Principal Cash Recovered During Collection Period | $ | — | $ | — | |||||||||
| iii | Interest Cash Recovered During Collection Period | $ | — | $ | — | |||||||||
| iv | Late Fees and Collection Costs Recovered During Collection Period | $ | — | $ | — | |||||||||
| v | Total Recoveries for Period | $ | — | $ | — | |||||||||
| C | i | Gross Defaults: | ||||||||||||
| ii | Cumulative Principal Purchases by Servicer | $ | 15,785,606.42 | $ | 18,768,267.23 | |||||||||
| iii | Cumulative Interest Purchases by Servicer | 659,274.23 | 818,236.10 | |||||||||||
| iv | Total Gross Defaults: | $ | 16,444,880.65 | $ | 19,586,503.33 | |||||||||
4
V. 2002-A 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 | 6.894 | % | 7.403 | % | 991 | 876 | 1.616 | % | 1.464 | % | $ | 8,092,455.70 | $ | 7,143,305.79 | 1.399 | % | 1.263 | % | ||||||||||||||||||||||
Grace | 6.559 | % | 6.925 | % | 1,642 | 1,096 | 2.677 | % | 1.831 | % | $ | 15,074,411.71 | $ | 10,451,780.10 | 2.605 | % | 1.848 | % | ||||||||||||||||||||||
Deferment | 6.995 | % | 7.464 | % | 4,855 | 5,179 | 7.915 | % | 8.653 | % | $ | 42,364,985.34 | $ | 45,026,707.00 | 7.322 | % | 7.963 | % | ||||||||||||||||||||||
TOTAL INTERIM | 6.882 | % | 7.367 | % | 7,488 | 7,151 | 12.208 | % | 11.948 | % | $ | 65,531,852.75 | $ | 62,621,792.89 | 11.326 | % | 11.074 | % | ||||||||||||||||||||||
REPAYMENT | ||||||||||||||||||||||||||||||||||||||||
Active | ||||||||||||||||||||||||||||||||||||||||
| Current | 6.881 | % | 7.388 | % | 48,048 | 46,537 | 78.333 | % | 77.753 | % | $ | 450,108,591.30 | $ | 436,564,470.29 | 77.790 | % | 77.202 | % | ||||||||||||||||||||||
| 31-60 Days Delinquent | 7.454 | % | 7.990 | % | 1,139 | 1,125 | 1.857 | % | 1.880 | % | $ | 10,665,927.12 | $ | 10,533,786.86 | 1.843 | % | 1.863 | % | ||||||||||||||||||||||
| 61-90 Days Delinquent | 7.834 | % | 8.389 | % | 520 | 337 | 0.848 | % | 0.563 | % | $ | 4,578,762.22 | $ | 3,176,160.22 | 0.791 | % | 0.562 | % | ||||||||||||||||||||||
| 91-120 Days Delinquent | 8.336 | % | 8.914 | % | 396 | 182 | 0.646 | % | 0.304 | % | $ | 3,661,507.75 | $ | 1,539,370.71 | 0.633 | % | 0.272 | % | ||||||||||||||||||||||
| 121-150 Days Delinquent | 8.043 | % | 8.389 | % | 256 | 134 | 0.417 | % | 0.224 | % | $ | 2,166,640.64 | $ | 1,345,939.94 | 0.374 | % | 0.238 | % | ||||||||||||||||||||||
| 151-180 Days Delinquent | 8.430 | % | 8.677 | % | 123 | 77 | 0.201 | % | 0.129 | % | $ | 1,140,199.15 | $ | 549,655.61 | 0.197 | % | 0.097 | % | ||||||||||||||||||||||
| > 180 Days Delinquent | 0.000 | % | 0.000 | % | 0 | 0 | 0.000 | % | 0.000 | % | $ | — | $ | — | 0.000 | % | 0.000 | % | ||||||||||||||||||||||
Forbearance | 7.482 | % | 7.911 | % | 3,368 | 4,309 | 5.491 | % | 7.199 | % | $ | 40,763,720.58 | $ | 49,151,843.85 | 7.045 | % | 8.692 | % | ||||||||||||||||||||||
TOTAL REPAYMENT | 6.968 | % | 7.467 | % | 53,850 | 52,701 | 87.792 | % | 88.052 | % | $ | 513,085,348.76 | $ | 502,861,227.48 | 88.674 | % | 88.926 | % | ||||||||||||||||||||||
GRAND TOTAL | 6.958 | % | 7.456 | % | 61,338 | 59,852 | 100.000 | % | 100.000 | % | $ | 578,617,201.51 | $ | 565,483,020.37 | 100.000 | % | 100.000 | % | ||||||||||||||||||||||
| * | Percentages may not total 100% due to rounding |
5
VI. 2002-A Portfolio Characteristics by Loan Program
| LOAN TYPE | WAC | # Loans | $ Amount | % | ||||||||||||
| - Signature Loans | 7.472 | % | 35,181 | $ | 284,075,667.05 | 50.236 | % | |||||||||
| - Law Loans | 8.179 | % | 11,961 | 129,164,767.33 | 22.841 | % | ||||||||||
| - Med Loans | 6.614 | % | 7,141 | 74,878,957.53 | 13.242 | % | ||||||||||
| - MBA Loans | 7.000 | % | 5,569 | 77,363,628.46 | 13.681 | % | ||||||||||
| - Total | 7.456 | % | 59,852 | $ | 565,483,020.37 | 100.000 | % | |||||||||
| * | Percentages may not total 100% due to rounding |
6
VII. 2002-A Swap
| Merrill Lynch DP | ||||||||||
| Swap Payments | Swap Calculation | |||||||||
| i | Notional Swap Amount - Aggregate Prime Loans Outstanding | $ | 513,038,589.48 | |||||||
| Counterparty Pays: | ||||||||||
| ii | 3 Month Libor | 3.87000 | % | |||||||
| iii | Gross Swap Receipt Due Trust | $ | 5,018,800.00 | |||||||
| iv | Days in Period | 09/15/2005 | 12/15/2005 | 91 | ||||||
| SLM Private Credit Trust Pays: | ||||||||||
| v | Prime Rate (WSJ) Less | 2.7000% | 3.80000 | % | ||||||
| vi | Gross Swap Payment Due Counterparty | $ | 4,860,513.54 | |||||||
| vii | Days in Period | 09/15/2005 | 12/15/2005 | 91 | ||||||
VIII. 2002-A Accrued Interest Factors
| Accrued | ||||||||
| Int Factor | Accrual Period | Rate | ||||||
| A | Class A-1 Interest Rate | 0.010161667 | 9/15/05-12/15/05 | 4.02000% | ||||
| B | Class A-2 Interest Rate | 0.011172778 | 9/15/05-12/15/05 | 4.42000% | ||||
| C | Class B Interest Rate | 0.011931111 | 9/15/05-12/15/05 | 4.72000% | ||||
| D | Class C Interest Rate | 0.014079722 | 9/15/05-12/15/05 | 5.57000% |
7
IX. 2002-A Inputs From Prior Period 08/31/2005
| A | Total Student Loan Pool Outstanding | |||||||||||||||||||
| i | Portfolio Balance | $ | 578,617,201.51 | |||||||||||||||||
| ii | Interest To Be Capitalized | 6,250,949.46 | ||||||||||||||||||
| iii | Total Pool | $ | 584,868,150.97 | |||||||||||||||||
| iv | Cash Capitalization Account (CI) | 40,178,192.00 | ||||||||||||||||||
| v | Asset Balance | $ | 625,046,342.97 | |||||||||||||||||
| B | Total Note and Certificate Factor | 0.839826200 | ||||||||||||||||||
| C | Total Note Balance | $ | 610,436,091.41 | |||||||||||||||||
| D | Note Balance 09/15/2005 | Class A-1 | Class A-2 | Class B | Class C | |||||||||||||||
| i | Current Factor | 0.657576700 | 1.000000000 | 1.000000000 | 1.000000000 | |||||||||||||||
| ii | Expected Note Balance | $ | 223,576,091.41 | $ | 328,419,000.00 | $ | 23,742,000.00 | $ | 34,699,000.00 | |||||||||||
| F | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||
| G | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||
| H | Unpaid Primary Servicing Fees from Prior Month(s) | $ | 0.00 | |||||||||||||||||
| I | Unpaid Administration fees from Prior Quarter(s) | $ | 0.00 | |||||||||||||||||
| J | Unpaid Carryover Servicing Fees from Prior Quarter(s) | $ | 0.00 | |||||||||||||||||
8
X. 2002-A Note Parity Triggers
| Class A | Class B | Class C | ||||||||||||||||
| Notes Outstanding | 9/15/05 | $ | 551,995,091 | $ | 575,737,091 | $ | 610,436,091 | |||||||||||
| Asset Balance | 8/31/05 | $ | 625,046,343 | $ | 625,046,343 | $ | 625,046,343 | |||||||||||
| Pool Balance | 11/30/05 | $ | 571,056,165 | $ | 571,056,165 | $ | 571,056,165 | |||||||||||
| Amounts on Deposit* | 12/15/05 | 58,409,209 | 58,125,940 | 57,637,388 | ||||||||||||||
| Total | $ | 629,465,374 | $ | 629,182,106 | $ | 628,693,553 | ||||||||||||
| 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 | $ | 73,051,251.56 | ||||||||||||||||
| Specified Class A Enhancement | $ | 85,658,424.77 | The greater of 15% of the Asset Balance or the Specified Overcollateralization Amoun | |||||||||||||||
| Class B Enhancement | $ | 49,309,251.56 | ||||||||||||||||
| Specified Class B Enhancement | $ | 57,819,436.72 | The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount | |||||||||||||||
| Class C Enhancement | $ | 14,610,251.56 | ||||||||||||||||
| Specified Class C Enhancement | $ | 17,131,684.95 | 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 XII Items B through E for the Class A, B through G for the Class B and B through I for the Class
XI. 2002-A Cash Capitalization Account
| Cash Capitalization Account Balance as of Collection End Date | 11/30/2005 | $ | 40,178,192.00 | |||
| Less: Excess of Trust fees & Note interest due over Available Funds | 12/15/2005 | $ | — | |||
| Less: Other Transfer to the Collection Account | $ | 40,178,192.00 | ||||
| Cash Capitalization Account Balance (CI)* | $ | — | ||||
* as defined under “Asset Balance” on page S-62 of the prospectus supplement
9
XII. 2002-A 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 | $ | 551,995,091.41 | ||||||
| iii | Asset Balance | 11/30/2005 | $ | 571,056,165.14 | ||||||
| iv | First Priority Principal Distribution Amount | 12/15/2005 | $ | — | ||||||
| — | ||||||||||
| v | Is the Class B Note Parity Trigger in Effect? | No | ||||||||
| vi | Aggregate A and B Notes Outstanding | 09/15/2005 | $ | 575,737,091.41 | ||||||
| vii | Asset Balance | 11/30/2005 | $ | 571,056,165.14 | ||||||
| viii | First Priority Principal Distribution Amount | 12/15/2005 | $ | — | ||||||
| ix | Second Priority Principal Distribution Amount | 12/15/2005 | $ | 4,680,926.27 | ||||||
| — | ||||||||||
| x | Is the Class C Note Parity Trigger in Effect? | No | ||||||||
| xi | Aggregate A, B and C Notes Outstanding | 09/15/2005 | $ | 610,436,091.41 | ||||||
| xii | Asset Balance | 11/30/2005 | $ | 571,056,165.14 | ||||||
| xiii | First Priority Principal Distribution Amount | 12/15/2005 | $ | — | ||||||
| xiv | Second Priority Principal Distribution Amoun | 12/15/2005 | $ | 4,680,926.27 | ||||||
| xv | Third Priority Principal Distribution Amount | 12/15/2005 | $ | 34,699,000.00 | ||||||
| B | Regular Principal Distribution | |||||||||
| i | Aggregate Notes Outstanding | 09/15/2005 | $ | 610,436,091.41 | ||||||
| ii | Asset Balance | 11/30/2005 | $ | 571,056,165.14 | ||||||
| iii | Specified Overcollateralization Amount | 12/15/2005 | $ | 14,610,251.56 | ||||||
| iv | First Priority Principal Distribution Amount | 12/15/2005 | $ | — | ||||||
| v | Second Priority Principal Distribution Amoun | 12/15/2005 | $ | 4,680,926.27 | ||||||
| vi | Third Priority Principal Distribution Amount | 12/15/2005 | $ | 34,699,000.00 | ||||||
| vii | Regular Principal Distribution Amount | $ | 14,610,251.56 | |||||||
| C | Class A Noteholders’ Principal Distribution Amounts | |||||||||
| i | Has the Stepdown Date Occurred? | No | ||||||||
| ii | Aggregate Class A Notes Outstanding | 09/15/2005 | $ | 551,995,091.41 | ||||||
| iii | Asset Balance | 11/30/2005 | $ | 571,056,165.14 | ||||||
| iv | 85% of Asset Balance | 11/30/2005 | $ | 485,397,740.37 | ||||||
| v | Specified Overcollateralization Amount | 12/15/2005 | $ | 14,610,251.56 | ||||||
| vi | Lesser of (iii) and (ii - iv) | $ | 485,397,740.37 | |||||||
| vii | Class A Noteholders’ Principal Distribution Amt - Before the Stepdown Date | $ | 53,990,177.83 | |||||||
| viii | Class A Noteholders’ Principal Distribution Amt - After the Stepdown Date | $ | — | |||||||
| D | Class B Noteholders’ Principal Distribution Amounts | |||||||||
| i | Has the Stepdown Date Occurred? | No | ||||||||
| ii | Aggregate Class B Notes Outstanding | 09/15/2005 | $ | 23,742,000.00 | ||||||
| iii | Asset Balance | 11/30/2005 | $ | 571,056,165.14 | ||||||
| iv | 89.875% of Asset Balance | 11/30/2005 | $ | 513,236,728.42 | ||||||
| v | Specified Overcollateralization Amount | 12/15/2005 | $ | 14,610,251.56 | ||||||
| vi | Lesser of (iii) and (ii - iv) | $ | 513,236,728.42 | |||||||
| vii | Class B Noteholders’ Principal Distribution Amt - Before the Stepdown Date | $ | — | |||||||
| viii | Class B Noteholders’ Principal Distribution Amt - After the Stepdown Date | $ | — | |||||||
| E | Class C Noteholders’ Principal Distribution Amounts | |||||||||
| i | Has the Stepdown Date Occurred? | No | ||||||||
| ii | Aggregate Class C Notes Outstanding | 09/15/2005 | $ | 34,699,000.00 | ||||||
| iii | Asset Balance | 11/30/2005 | $ | 571,056,165.14 | ||||||
| iv | 97% of Asset Balance | 11/30/2005 | $ | 553,924,480.19 | ||||||
| v | Specified Overcollateralization Amount | 12/15/2005 | $ | 14,610,251.56 | ||||||
| vi | Lesser of (iii) and (ii - iv) | $ | 553,924,480.19 | |||||||
| vii | Class C Noteholders’ Principal Distribution Amt - Before the Stepdown Date | $ | — | |||||||
| viii | Class C Noteholders’ Principal Distribution Amt - After the Stepdown Date | $ | — | |||||||
10
XIII. 2002-A Waterfall for Distributions
| Remaining | ||||||||||||
| Funds Balance | ||||||||||||
| A | Total Available Funds ( Sections III-F) | $ | 69,563,176.25 | $ | 69,563,176.25 | |||||||
| B | Primary Servicing Fees-Current Month plus any Unpaid | $ | 332,195.55 | $ | 69,230,980.70 | |||||||
| C | Quarterly Administration Fee plus any Unpaid | $ | 20,000.00 | $ | 69,210,980.70 | |||||||
| D | Gross Swap Payment, Merril Lynch DP | $ | 4,860,513.54 | $ | 64,350,467.16 | |||||||
| E | i | Class A-1 Noteholders’ Interest Distribution Amount | $ | 2,271,905.72 | $ | 62,078,561.44 | ||||||
| ii | Class A-2 Noteholders’ Interest Distribution Amount | $ | 3,669,352.51 | $ | 58,409,208.93 | |||||||
| F | First Priority Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 58,409,208.93 | |||||||
| G | Class B Noteholders’ Interest Distribuition Amount | $ | 283,268.44 | $ | 58,125,940.49 | |||||||
| H | Second Priority Principal Distribution Amount — Principal Distribution Account | $ | 4,680,926.27 | $ | 53,445,014.22 | |||||||
| I | Class C Noteholders’ Interest Distribuition Amount | $ | 488,552.28 | $ | 52,956,461.94 | |||||||
| J | Third Priority Principal Distribution Amount — Principal Distribution Account | $ | 34,699,000.00 | $ | 18,257,461.94 | |||||||
| K | Increase to the Specified Reserve Account Balance | $ | 0.00 | $ | 18,257,461.94 | |||||||
| L | Regular Principal Distribution Amount — Principal Distribution Account | $ | 14,610,251.56 | $ | 3,647,210.38 | |||||||
| M | Carryover Servicing Fees | $ | 0.00 | $ | 3,647,210.38 | |||||||
| N | Swap Termination Payments | $ | 0.00 | $ | 3,647,210.38 | |||||||
| O | Additional Principal Distribution Amount — Principal Distribution Account | $ | 0.00 | $ | 3,647,210.38 | |||||||
| P | Remaining Funds to the Certificateholders | $ | 3,647,210.38 | $ | 0.00 | |||||||
XIV. 2002-A Principal Distribution Account Allocations
| Remaining | ||||||||||||
| Funds Balance | ||||||||||||
| A | Total from Collection Account | $ | 53,990,177.83 | $ | 53,990,177.83 | |||||||
| B | i | Class A-1 Principal Distribution Amount Paid | $ | 53,990,177.83 | $ | 0.00 | ||||||
| ii | Class A-2 Principal Distribution Amount Paid | $ | 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 | |||||||
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XV. 2002-A Distributions
| A | Distribution Amounts | Class A-1 | Class A-2 | Class B | Class C | |||||||||||||||||||
| i | Quarterly Interest Due | $ | 2,271,905.72 | $ | 3,669,352.51 | $ | 283,268.44 | $ | 488,552.28 | |||||||||||||||
| ii | Quarterly Interest Paid | 2,271,905.72 | 3,669,352.51 | 283,268.44 | 488,552.28 | |||||||||||||||||||
| iii | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||
| iv | Interest Carryover Due | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||
| v | Interest Carryover Paid | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
| vi | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||
| vii | Quarterly Principal Distribution Amount | $ | 53,990,177.83 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||
| viii | Quarterly Principal Paid | 53,990,177.83 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
| ix | Difference | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||
| x | Total Distribution Amount | $ | 56,262,083.55 | $ | 3,669,352.51 | $ | 283,268.44 | $ | 488,552.28 | |||||||||||||||
| B | Note Balances | 09/15/2005 | Paydown Factors | 12/15/2005 | ||||||||||||||||||||
| i | A-1 Note Balance | 78443CAA2 | $ | 223,576,091.41 | $ | 169,585,913.58 | ||||||||||||||||||
| A-1 Note Pool Factor | 0.657576700 | 0.158794600 | 0.498782100 | |||||||||||||||||||||
| ii | A-2 Note Balance | 78443CAB0 | $ | 328,419,000.00 | $ | 328,419,000.00 | ||||||||||||||||||
| A-2 Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||
| iii | B Note Balance | 78443CAC8 | $ | 23,742,000.00 | $ | 23,742,000.00 | ||||||||||||||||||
| B Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||
| iv | C Note Balance | 78443CAD6 | $ | 34,699,000.00 | $ | 34,699,000.00 | ||||||||||||||||||
| C Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||
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XVI. 2002-A Historical Pool Information
| 2004 | 2003 | 2002 | ||||||||||||||||||||||||||||||
| 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 | 12/1/02-11/30/03 | 8/26/02-11/30/02 | ||||||||||||||||||||||||||
| Beginning Student Loan Portfolio Balance | $ | 578,617,201.51 | $ | 593,816,852.85 | $ | 607,507,705.96 | $ | 616,865,656.01 | $ | 648,773,639.91 | $ | 669,262,882.23 | $ | 663,415,806.01 | ||||||||||||||||||
| Student Loan Principal Activity | ||||||||||||||||||||||||||||||||
| i | Principal Payments Received | $ | 13,577,021.83 | $ | 15,242,001.30 | $ | 14,256,632.00 | $ | 12,884,107.28 | $ | 43,778,007.75 | $ | 40,774,111.16 | $ | 9,045,364.96 | |||||||||||||||||
| ii | Purchases by Servicer (Delinquencies >180) | 2,982,660.81 | 3,089,164.98 | 2,232,338.35 | 2,524,884.77 | $ | 6,280,306.90 | $ | 1,613,577.68 | 45,333.74 | ||||||||||||||||||||||
| iii | Other Servicer Reimbursements | 54.26 | — | 95.62 | 72.02 | $ | 503.08 | $ | 11,718.71 | 85.42 | ||||||||||||||||||||||
| iv | Seller Reimbursements | 71,003.37 | 10,464.81 | 11,641.47 | 24,985.40 | 27,492.47 | 95,970.94 | 166,322.44 | ||||||||||||||||||||||||
| v | Total Principal Collections | $ | 16,630,740.27 | $ | 18,341,631.09 | $ | 16,500,707.44 | $ | 15,434,049.47 | $ | 50,086,310.20 | $ | 42,495,378.49 | $ | 9,257,106.56 | |||||||||||||||||
| Student Loan Non-Cash Principal Activity | ||||||||||||||||||||||||||||||||
| i | Realized Losses/Loans Charged Off | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||
| ii | Capitalized Interest | (3,391,629.15 | ) | (3,085,220.29 | ) | (2,738,658.11 | ) | (5,549,563.83 | ) | (16,871,460.38 | ) | (18,535,453.73 | ) | (13,326,412.85 | ) | |||||||||||||||||
| iii | Capitalized Insurance Fee | $ | (105,247.06 | ) | $ | (57,291.89 | ) | $ | (72,121.51 | ) | $ | (537,638.77 | ) | (1,276,966.38 | ) | (1,905,113.32 | ) | $ | (1,706,229.57 | ) | ||||||||||||
| iv | Other Adjustments | 317.08 | 532.43 | 925.29 | 11,103.18 | (29,899.54 | ) | (1,565,569.12 | ) | (71,540.36 | ) | |||||||||||||||||||||
| v | Total Non-Cash Principal Activity | $ | (3,496,559.13 | ) | $ | (3,141,979.75 | ) | $ | (2,809,854.33 | ) | $ | (6,076,099.42 | ) | $ | (18,178,326.30 | ) | $ | (22,006,136.17 | ) | $ | (15,104,182.78 | ) | ||||||||||
| (-) | Total Student Loan Principal Activity | $ | 13,134,181.14 | $ | 15,199,651.34 | $ | 13,690,853.11 | $ | 9,357,950.05 | $ | 31,907,983.90 | $ | 20,489,242.32 | $ | (5,847,076.22 | ) | ||||||||||||||||
| Student Loan Interest Activity | ||||||||||||||||||||||||||||||||
| i | Interest Payments Received | $ | 7,473,543.99 | $ | 7,214,576.44 | $ | 6,854,433.13 | $ | 5,978,213.98 | $ | 19,896,179.25 | $ | 18,140,445.85 | $ | 3,704,616.78 | |||||||||||||||||
| ii | Repurchases by Servicer (Delinquencies >180 | 158,961.87 | 146,553.61 | 102,460.82 | 108,955.48 | $ | 260,067.22 | $ | 40,435.23 | 801.87 | ||||||||||||||||||||||
| iii | Other Servicer Reimbursements | 0.13 | — | 5.36 | 1.21 | $ | 33.62 | $ | 317.62 | 14.58 | ||||||||||||||||||||||
| iv | Seller Reimbursements | 1,365.65 | 5.59 | 47.81 | 1,121.28 | $ | 361.34 | $ | 3,351.04 | 10,055.09 | ||||||||||||||||||||||
| v | Late Fees | 90,039.78 | 104,132.32 | 118,145.58 | 94,968.50 | 305,199.70 | 243,663.51 | 53,062.07 | ||||||||||||||||||||||||
| vi | Collection Fees | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||
| viii | Total Interest Collections | 7,723,911.42 | 7,465,267.96 | 7,075,092.70 | 6,183,260.45 | $ | 20,461,841.13 | $ | 18,428,213.25 | 3,768,550.39 | ||||||||||||||||||||||
| Student Loan Non-Cash Interest Activity | ||||||||||||||||||||||||||||||||
| i | Realized Losses/Loans Charged Off | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||
| ii | Capitalized Interest | 3,391,629.15 | 3,085,220.29 | 2,738,658.11 | 5,549,563.83 | $ | 16,871,460.38 | $ | 18,535,453.73 | 13,326,412.85 | ||||||||||||||||||||||
| iii | Other Interest Adjustments | 92.98 | (186.15 | ) | (276.17 | ) | 1,692.74 | 27,784.97 | 1,488,353.45 | 67,264.86 | ||||||||||||||||||||||
| iv | Total Non-Cash Interest Adjustments | $ | 3,391,722.13 | $ | 3,085,034.14 | $ | 2,738,381.94 | $ | 5,551,256.57 | $ | 16,899,245.35 | $ | 20,023,807.18 | $ | 13,393,677.71 | |||||||||||||||||
| v | Total Student Loan Interest Activity | $ | 11,115,633.55 | $ | 10,550,302.10 | $ | 9,813,474.64 | $ | 11,734,517.02 | $ | 37,361,086.48 | $ | 38,452,020.43 | $ | 17,162,228.10 | |||||||||||||||||
| (=) | Ending Student Loan Portfolio Balance | $ | 565,483,020.37 | $ | 578,617,201.51 | $ | 593,816,852.85 | $ | 607,507,705.96 | $ | 616,865,656.01 | $ | 648,773,639.91 | $ | 669,262,882.23 | |||||||||||||||||
| (+) | Interest to be Capitalized | $ | 5,573,144.77 | $ | 6,250,949.46 | $ | 6,900,121.80 | $ | 7,179,457.18 | $ | 10,104,249.68 | $ | 15,890,518.90 | $ | 21,024,060.14 | |||||||||||||||||
| (=) | TOTAL POOL | $ | 571,056,165.14 | $ | 584,868,150.97 | $ | 600,716,974.65 | $ | 614,687,163.14 | $ | 626,969,905.69 | $ | 664,664,158.81 | $ | 690,286,942.37 | |||||||||||||||||
| (+) | Cash Capitalization Account Balance (CI) | $ | — | $ | 40,178,192.00 | $ | 40,178,192.00 | $ | 40,178,192.00 | $ | 40,178,192.00 | $ | 40,178,192.00 | $ | 40,178,192.00 | |||||||||||||||||
| (=) | Asset Balance | $ | 571,056,165.14 | $ | 625,046,342.97 | $ | 640,895,166.65 | $ | 654,865,355.14 | $ | 667,148,097.69 | $ | 704,842,350.81 | $ | 730,465,134.37 | |||||||||||||||||
13
XVII. 2002-A Payment History and CPRs
| Distribution | Actual | Since Issued | ||||
| Date | Pool Balances | CPR* | ||||
| Dec-02 | $ | 690,286,942 | 2.47% | |||
| Mar-03 | $ | 683,893,653 | 2.55% | |||
| Jun-03 | $ | 677,657,756 | 2.19% | |||
| Sep-03 | $ | 670,917,772 | 1.99% | |||
| Dec-03 | $ | 664,664,159 | 1.80% | |||
| Mar-04 | $ | 657,168,599 | 1.78% | |||
| Jun-04 | $ | 647,926,122 | 1.79% | |||
| Sep-04 | $ | 638,223,883 | 1.82% | |||
| Dec-04 | $ | 626,969,906 | 1.94% | |||
| Mar-05 | $ | 614,687,163 | 2.11% | |||
| Jun-05 | $ | 600,716,975 | 2.30% | |||
| Sep-05 | $ | 584,868,151 | 2.55% | |||
| Dec-05 | $ | 571,056,165 | 2.67% | |||
*“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.
14