SLM Student Loan Trust 2005-1 8-K Other Events

SLM Student Loan Trust 2005-1 Quarterly Servicing Report
Report Date: 3/31/2005 Reporting Period: 1/27/05-3/31/05

I. Deal Parameters

	Student Loan Portfolio Characteristics		1/27/05 *			Activity			3/31/2005
A	i	Portfolio Balance	$	1,504,709,258.98		$	(79,675,232.99	)	$	1,425,034,025.99
	ii	Interest to be Capitalized		13,956,010.27						15,987,677.37
	iii	Total Pool	$	1,518,665,269.25					$	1,441,021,703.36
	iv	Specified Reserve Account Balance		3,813,368.00						3,602,554.26
	vi	Total Adjusted Pool	$	1,522,478,637.25					$	1,444,624,257.62
B	i	Weighted Average Coupon (WAC)		3.237	%					3.200	%
	ii	Weighted Average Remaining Term		124.45						123.12
	iii	Number of Loans		469,674						452,584
	iv	Number of Borrowers		224,931						220,739
	v	Aggregate Outstanding Principal Balance - T-Bill	$	150,042,036.42					$	141,277,790.87
	vi	Aggregate Outstanding Principal Balance - Commercial Paper	$	1,375,305,104.49					$	1,299,743,912.49

									% of					% of
C	Notes			Spread			Balance 1/27/05		O/S Securities			Balance 4/25/05		O/S Securities
	i	A-1 Notes	78442GNN2		0.010	%	$	1,106,000,000.00		71.790	%	$	1,027,192,146.47		70.269	%
	ii	A-2 Notes	78442GNP7		0.080	%		388,382,000.00		25.210	%		388,382,000.00		26.569	%
	iii	B Notes	78442GNQ5		0.200	%		46,218,000.00		3.000	%		46,218,000.00		3.162	%
	iv	Total Notes					$	1,540,600,000.00		100.000	%	$	1,461,792,146.47		100.000	%

D	Reserve Account		1/27/2005		4/25/2005
	i	Required Reserve Acct Deposit (%)	0.25%		0.25%
	ii	Reserve Acct Initial Deposit ($)	$	3,813,368.00
	iii	Specified Reserve Acct Balance ($)	$	3,813,368.00	$	3,602,554.26
	iv	Reserve Account Floor Balance ($)	$	1,525,348.00	$	1,525,348.00
	v	Current Reserve Acct Balance ($)	$	3,813,368.00	$	3,602,554.26

E	Asset/Liability		1/27/2005			4/25/2005
	i	Total Adjusted Pool	$	1,522,478,637.25		$	1,444,624,257.62
	ii	Total Outstanding Balance Notes	$	1,540,600,000.00		$	1,461,792,146.47
	iii	Difference	$	(18,121,362.75	)	$	(17,167,888.85	)
	iv	Parity Ratio		0.98824			0.98826

* Section I.A. data as of 1/27/05, the settlement date. Section I.B. data as of 1/13/05, the statistical cutoff date

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II. 2005-1 Transactions from: 1/28/2005 through: 3/31/2005

A	Student Loan Principal Activity
	i	Regular Principal Collections	$	80,169,920.66
	ii	Principal Collections from Guarantor		293,904.89
	iii	Principal Reimbursements		281,032.29
	iv	Other System Adjustments		0.00
	v	Total Principal Collections	$	80,744,857.84
B	Student Loan Non-Cash Principal Activity
	i	Other Adjustments	$	62,753.40
	ii	Capitalized Interest		(1,132,378.25	)
	iii	Total Non-Cash Principal Activity	$	(1,069,624.85	)
C	Total Student Loan Principal Activity		$	79,675,232.99
D	Student Loan Interest Activity
	i	Regular Interest Collections	$	2,778,339.41
	ii	Interest Claims Received from Guarantors		2,581.66
	iii	Collection Fees/Returned Items		17,956.44
	iv	Late Fee Reimbursements		155,548.16
	v	Interest Reimbursements		3,943.17
	vi	Other System Adjustments		0.00
	vii	Special Allowance Payments		0.00
	viii	Subsidy Payments		0.00
	ix	Total Interest Collections	$	2,958,368.84
E	Student Loan Non-Cash Interest Activity
	i	Interest Accrual Adjustment	$	(7,227.98	)
	ii	Capitalized Interest		1,132,378.25
	iii	Total Non-Cash Interest Adjustments	$	1,125,150.27
F	Total Student Loan Interest Activity		$	4,083,519.11
G	Non-Reimbursable Losses During Collection Period		$	0.00
H	Cumulative Non-Reimbursable Losses to Date		$	0.00

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III. 2005-1 Collection Account Activity 1/28/2005 through 3/31/2005

A		Principal Collections
		i	Principal Payments Received	$	13,466,618.60
		ii	Consolidation Principal Payments		66,997,206.95
		iii	Reimbursements by Seller		42,424.96
		iv	Borrower Benefits Reimbursements		6,880.98
		v	Reimbursements by Servicer		0.00
		vi	Re-purchased Principal		231,726.35
		vii	Total Principal Collections	$	80,744,857.84
B		Interest Collections
		i	Interest Payments Received	$	2,455,071.54
		ii	Consolidation Interest Payments		325,849.53
		iii	Reimbursements by Seller		(3.34	)
		iv	Borrower Benefits Reimbursements		713.29
		v	Reimbursements by Servicer		30.95
		vi	Re-purchased Interest		3,202.27
		vii	Collection Fees/Return Items		17,956.44
		viii	Late Fees		155,548.16
		ix	Total Interest Collections	$	2,958,368.84
C		Other Reimbursements		$	33,838.71
	��
D		Reserves in Excess of the Requirement		$	210,813.74
E		Administrator Account Investment Income		$	0.00
F		Investment Earnings for Period in Trust Accounts		$	223,079.41
G		Funds borrowed during previous distribution		$	0.00
H		Funds borrowed from subsequent distribution		$	0.00
I		Initial Deposits into Collection Account		$	7,331,871.66
J		TOTAL AVAILABLE FUNDS		$	91,502,830.20
		LESS FUNDS PREVIOUSLY REMITTED:
			Servicing Fees	$	(1,306,439.99	)
K		NET AVAILABLE FUNDS		$	90,196,390.21
L		Servicing Fees Due for Current Period		$	1,096,423.43
M		Carryover Servicing Fees Due		$	0.00
N		Administration Fees Due		$	20,000.00
		Total Fees Due for Period		$	1,116,423.43

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IV. 2005-1 Portfolio Characteristics

	Weighted Avg Coupon						# of Loans				% *						Principal Amount				% *
STATUS	1/13/2005			3/31/2005			1/13/2005		3/31/2005		1/13/2005			3/31/2005			1/13/2005		3/31/2005		1/13/2005			3/31/2005
INTERIM:
In School
Current		2.775	%		2.776	%		205,932		172,688		43.846	%		38.156	%	$	708,937,390.83	$	603,915,714.09		46.893	%		42.379	%
Grace
Current		0.000	%		2.773	%		0		33,369		0.000	%		7.373	%		0.00		105,543,543.94		0.000	%		7.406	%
TOTAL INTERIM		2.775	%		2.776	%		205,932		206,057		43.846	%		45.529	%	$	708,937,390.83	$	709,459,258.03		46.893	%		49.785	%
REPAYMENT
Active
Current		3.685	%		3.774	%		155,160		121,915		33.036	%		26.938	%	$	473,444,845.17	$	349,309,024.47		31.316	%		24.512	%
31-60 Days Delinquent		3.498	%		3.725	%		31,427		11,348		6.691	%		2.507	%		94,750,286.57		30,253,820.22		6.267	%		2.123	%
61-90 Days Delinquent		3.593	%		3.544	%		14,115		13,235		3.005	%		2.924	%		35,371,748.20		35,304,283.05		2.340	%		2.477	%
91-120 Days Delinquent		3.683	%		3.475	%		7,198		12,836		1.533	%		2.836	%		18,412,550.63		35,183,659.64		1.218	%		2.469	%
> 120 Days Delinquent		3.939	%		3.691	%		4,328		13,925		0.921	%		3.077	%		12,477,619.15		34,287,955.54		0.825	%		2.406	%
Deferment
Current		3.271	%		3.080	%		24,107		36,473		5.133	%		8.059	%		75,848,281.05		111,645,907.80		5.017	%		7.835	%
Forbearance
Current		3.864	%		3.701	%		27,407		36,633		5.835	%		8.094	%		92,569,796.41		118,908,814.11		6.123	%		8.344	%
TOTAL REPAYMENT		3.645	%		3.621	%		263,742		246,365		56.154	%		54.435	%	$	802,875,127.18	$	714,893,464.83		53.107	%		50.167	%
Claims in Process (1)		0.000	%		4.185	%		0		162		0.000	%		0.036	%	$	0.00	$	681,303.13		0.000	%		0.048	%
Aged Claims Rejected (2)		0.000	%		0.000	%		0		0		0.000	%		0.000	%	$	0.00	$	0.00		0.000	%		0.000	%
GRAND TOTAL		3.237	%		3.200	%		469,674		452,584		100.000	%		100.000	%	$	1,511,812,518.01	$	1,425,034,025.99		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.

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V. 2005-1 Portfolio Characteristics by School and Program

LOAN TYPE	WAC			# Loans		$ Amount		%
- GSL — Subsidized		3.210	%		267,554	$	746,200,835.99		52.364	%
- GSL — Unsubsidized		3.002	%		167,775		590,312,815.43		41.424	%
- PLUS Loans		4.412	%		17,255		88,520,374.57		6.212	%
- SLS Loans		0.000	%		0		0.00		0.000	%
- Total		3.200	%		452,584	$	1,425,034,025.99		100.000	%

SCHOOL TYPE	WAC			# Loans		$ Amount		%
- Four Year		3.160	%		332,938	$	1,143,378,309.12		80.235	%
- Two Year		3.257	%		81,806		189,613,305.41		13.306	%
- Technical		3.585	%		37,835		92,033,364.48		6.458	%
- Other		3.107	%		5		9,046.98		0.001	%
- Total		3.200	%		452,584	$	1,425,034,025.99		100.000	%

*Percentages may not total 100% due to rounding.

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VI. 2005-1 Interest Accruals

A	Borrower Interest Accrued During Collection Period	$	5,994,220.95
B	Interest Subsidy Payments Accrued During Collection Period		2,193,362.63
C	SAP Payments Accrued During Collection Period		4,178,148.44
D	INV Earnings Accrued for Collection Period (TRUST ACCOUNTS)		223,079.41
E	Investment Earnings (ADMINISTRATOR ACCOUNTS)		0.00
F	Net Expected Interest Collections	$	12,588,811.43
G	Interest Rate Cap Payments Due to the Trust

VII. 2005-1 Accrued Interest Factors

		Accrued
		Int Factor		Accrual Period	Rate
A	Class A-1 Interest Rate		0.006610536	1/27/05 — 4/25/05		2.70431	%
B	Class A-2 Interest Rate		0.006781647	1/27/05 — 4/25/05		2.77431	%
C	Class B Interest Rate		0.007074980	1/27/05 — 4/25/05		2.89431	%

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VIII. 2005-1 Inputs From Initial Period 1/27/05

A	Total Student Loan Pool Outstanding
	i	Portfolio Balance	$	1,504,709,258.98
	ii	Interest To Be Capitalized		13,956,010.27
	iii	Total Pool	$	1,518,665,269.25
	iv	Specified Reserve Account Balance		3,813,368.00
	vi	Total Adjusted Pool	$	1,522,478,637.25
B	Total Note and Certificate Factor			1.000000000
C	Total Note Balance		$	1,540,600,000.00
D	Note Balance 1/27/2005			Class A-1		Class A-2		Class B
	i	Current Factor		1.000000000		1.000000000		1.000000000
	ii	Expected Note Balance	$	1,106,000,000.00	$	388,382,000.00	$	46,218,000.00
	iii	Note Principal Shortfall	$	0.00	$	0.00	$	0.00
	iv	Interest Shortfall	$	0.00	$	0.00	$	0.00
	v	Interest Carryover	$	0.00	$	0.00	$	0.00
E	Reserve Account Balance		$	3,813,368.00
F	Unpaid Primary Servicing Fees from Prior Month(s)		$	0.00
G	Unpaid Administration fees from Prior Quarter(s)		$	0.00
H	Unpaid Carryover Servicing Fees from Prior Quarter(s)		$	0.00
I	Interest Due on Unpaid Carryover Servicing Fees		$	0.00

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IX. 2005-1 Waterfall for Distributions

					Remaining
					Funds Balance
A	Total Available Funds ( Section III-K )		$	90,196,390.21	$	90,196,390.21
B	Primary Servicing Fees-Current Month		$	1,096,423.43	$	89,099,966.78
C	Administration Fee		$	20,000.00	$	89,079,966.78
D	Class A Noteholders’ Interest Distribution Amounts
	i	Class A-1	$	7,311,252.32	$	81,768,714.46
	ii	Class A-2	$	2,633,869.50	$	79,134,844.96
	iii	Total Class A Interest Distribution	$	9,945,121.82
E	Class B Noteholders’ Interest Distribution Amount		$	326,991.43	$	78,807,853.53
F	i	Class A-1	$	78,807,853.53	$	0.00
	ii	Class A-2	$	0.00	$	0.00
	iii	Total Class A Principal Distribution	$	78,807,853.53
G	Class B Noteholders’ Principal Distribution Amount		$	0.00	$	0.00
H	Increase to the Specified Reserve Account Balance		$	0.00	$	0.00
I	Carryover Servicing Fees		$	0.00	$	0.00
J	Excess to Certificateholder		$	0.00	$	0.00

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X. 2005-1 Distributions

A	Distribution Amounts		Class A-1		Class A-2		Class B
	i	Quarterly Interest Due	$	7,311,252.32	$	2,633,869.50	$	326,991.43
	ii	Quarterly Interest Paid		7,311,252.32		2,633,869.50		326,991.43
	iii	Interest Shortfall	$	0.00	$	0.00	$	0.00
	vii	Quarterly Principal Due	$	95,975,742.38	$	0.00	$	0.00
	viii	Quarterly Principal Paid		78,807,853.53		0.00		0.00
	ix	Quarterly Principal Shortfall	$	17,167,888.85	$	0.00	$	0.00
	x	Total Distribution Amount	$	86,119,105.85	$	2,633,869.50	$	326,991.43
B	Principal Distribution Reconciliation
	i	Notes Outstanding Principal Balance 3/31/05	$	1,540,600,000.00
	ii	Adjusted Pool Balance 3/31/05		1,444,624,257.62
	iii	Adjusted Pool Exceeding Notes Balance (i-ii)	$	95,975,742.38
	iv	Adjusted Pool Balance 1/27/05	$	1,522,478,637.25
	v	Adjusted Pool Balance 3/31/05		1,444,624,257.62
	vi	Current Principal Due (iv-v)	$	77,854,379.63
	vii	Notes Issued Exceeding Adjusted Pool Balance		18,121,362.75
	viii	Principal Distribution Amount (vi + vii)	$	95,975,742.38
	ix	Principal Distribution Amount Paid	$	78,807,853.53
	x	Principal Shortfall (viii - ix)	$	17,167,888.85
C		Total Principal Distribution	$	78,807,853.53
D		Total Interest Distribution		10,272,113.25
E		Total Cash Distributions	$	89,079,966.78

F	Note Balances				1/27/2005	Paydown Factor				4/25/2005
	i	A-1 Note Balance	78442GNN2	$	1,106,000,000.00				$	1,027,192,146.47
		A-1 Note Pool Factor			1.000000000		(0.071254840	)		0.928745160
	ii	A-2 Note Balance	78442GNP7	$	388,382,000.00				$	388,382,000.00
		A-2 Note Pool Factor			1.000000000		0.000000000			1.000000000
	iii	B Note Balance	78442GNQ5	$	46,218,000.00				$	46,218,000.00
		B Note Pool Factor			1.000000000		0.000000000			1.000000000

G	Reserve Account Reconciliation
	i	Beginning of Period Balance	$	3,813,368.00
	ii	Deposits to correct Shortfall	$	0.00
	iii	Total Reserve Account Balance Available	$	3,813,368.00
	iv	Required Reserve Account Balance	$	3,602,554.26
	v	Shortfall Carried to Next Period	$	0.00
	vi	Excess Reserve - Release to Waterfall	$	210,813.74
	vii	Ending Reserve Account Balance	$	3,602,554.26

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XI. 2005-1 Historical Pool Information

			1/27/05-3/31/05
Beginning Student Loan Portfolio Balance			$	1,504,709,258.98
	Student Loan Principal Activity
	i	Regular Principal Collections	$	80,169,920.66
	ii	Principal Collections from Guarantor		293,904.89
	iii	Principal Reimbursements		281,032.29
	iv	Other System Adjustments		0.00
	v	Total Principal Collections	$	80,744,857.84
	Student Loan Non-Cash Principal Activity
	i	Other Adjustments	$	62,753.40
	ii	Capitalized Interest		(1,132,378.25	)
	iii	Total Non-Cash Principal Activity	$	(1,069,624.85	)
(-)	Total Student Loan Principal Activity		$	79,675,232.99
	Student Loan Interest Activity
	i	Regular Interest Collections	$	2,778,339.41
	ii	Interest Claims Received from Guarantors		2,581.66
	iii	Collection Fees/Returned Items		17,956.44
	iv	Late Fee Reimbursements		155,548.16
	v	Interest Reimbursements		3,943.17
	vi	Other System Adjustments		0.00
	vii	Special Allowance Payments		0.00
	viii	Subsidy Payments		0.00
	ix	Total Interest Collections	$	2,958,368.84
	Student Loan Non-Cash Interest Activity
	i	Interest Accrual Adjustment	$	(7,227.98	)
	ii	Capitalized Interest		1,132,378.25
	iii	Total Non-Cash Interest Adjustments	$	1,125,150.27
	Total Student Loan Interest Activity		$	4,083,519.11
(=)	Ending Student Loan Portfolio Balance		$	1,425,034,025.99
(+)	Interest to be Capitalized		$	15,987,677.37
(=)	TOTAL POOL		$	1,441,021,703.36
(+)	Reserve Account Balance		$	3,602,554.26
(=)	Total Adjusted Pool		$	1,444,624,257.62

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XII. 2005-1 Payment History and CPRs

Distribution	Actual		Since Issued
Date	Pool Balances		CPR *
Apr-05	$	1,441,021,703	17.91%

* “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.

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