SLM Student Loan Trust 2005-1 Quarterly Servicing Report
Collection Period 04/01/2005 - 06/30/2005 Distribution Date 07/25/2005
Indenture Trustee: Deutsche Bank
I. Deal Parameters
| A | Student Loan Portfolio Characteristics | 01/27/2005 | 03/31/2005 | 06/30/2005 | ||||||||||||
| Principal Balance | $ | 1,504,709,258.98 | $ | 1,425,034,025.99 | $ | 1,283,204,688.61 | ||||||||||
| Interest to be Capitalized Balance | 13,956,010.27 | 15,987,677.37 | 15,182,878.93 | |||||||||||||
| Pool Balance | $ | 1,518,665,269.25 | $ | 1,441,021,703.36 | $ | 1,298,387,567.54 | ||||||||||
| Specified Reserve Account Balance | 3,813,368.00 | 3,602,554.26 | 3,245,968.92 | |||||||||||||
| Adjusted Pool (1) | $ | 1,522,478,637.25 | $ | 1,444,624,257.62 | $ | 1,301,633,536.46 | ||||||||||
| Weighted Average Coupon (WAC) | 3.24 | % | 3.20 | % | 3.21 | % | ||||||||||
| Weighted Average Remaining Term | 124.45 | 123.15 | 120.36 | |||||||||||||
| Number of Loans | 469,674 | 452,584 | 419,025 | |||||||||||||
| Number of Borrowers | 224,931 | 220,739 | 207,013 | |||||||||||||
| Since Issued CPR | 17.91 | % | 28.46 | % | ||||||||||||
| (1) | The Specified Reserve Account balance is included in the Adjusted Pool until the Pool Balance is less than 40% of the original pool. | |||||||||||||||
| B | Debt Securities | Cusip/Isin | 04/25/2005 | 07/25/2005 | ||||||||||||
| A1 | 78442GNN2 | $ | 1,027,192,146.47 | $ | 884,200,306.58 | |||||||||||
| A2 | 78442GNP7 | $ | 388,382,000.00 | $ | 388,382,000.00 | |||||||||||
| B | 78442GNQ5 | $ | 46,218,000.00 | $ | 46,218,000.00 | |||||||||||
| C | Account Balances | 04/25/2005 | 07/25/2005 | |||||||||||||
| Reserve Account Balance | $ | 3,602,554.26 | $ | 3,245,968.92 | ||||||||||||
| D | Asset / Liability | 04/25/2005 | 07/25/2005 | |||||||||||||
| Adjusted Pool Balance | $ | 1,444,624,257.62 | $ | 1,301,633,536.46 | ||||||||||||
| Total Notes | $ | 1,461,792,146.47 | $ | 1,318,800,306.58 | ||||||||||||
| Difference | $ | (17,167,888.85 | ) | $ | (17,166,770.12 | ) | ||||||||||
| Parity Ratio | .98826 | .98698 | ||||||||||||||
Page 1 of 8
II. Trust Activity 04/01/2005 through 06/30/2005
| A | Student Loan Principal Receipts | |||||||
| Borrower Principal | 15,684,252.26 | |||||||
| Guarantor Principal | 1,299,654.68 | |||||||
| Consolidation Activity Principal | 128,406,425.82 | |||||||
| Seller Principal Reimbursement | 31,574.00 | |||||||
| Servicer Principal Reimbursement | 1,298.78 | |||||||
| Rejected Claim Repurchased Principal | — | |||||||
| Other Principal Deposits | 397,586.74 | |||||||
| Total Principal Receipts | $ | 145,820,792.28 | ||||||
| B | Student Loan Interest Receipts | |||||||
| Borrower Interest | 2,885,272.84 | |||||||
| Guarantor Interest | 13,540.30 | |||||||
| Consolidation Activity Interest | 1,393,016.66 | |||||||
| Special Allowance Payments | 4,182,184.87 | |||||||
| Interest Subsidy Payments | 2,281,488.49 | |||||||
| Seller Interest Reimbursement | 281.46 | |||||||
| Servicer Interest Reimbursement | 8,983.17 | |||||||
| Rejected Claim Repurchased Interest | 0.00 | |||||||
| Other Interest Deposits | 338,318.34 | |||||||
| Total Interest Receipts | $ | 11,103,086.13 | ||||||
| C | Reserves in Excess of Requirement | $ | 356,585.34 | |||||
| D | Investment Income | $ | 623,330.18 | |||||
| E | Funds Borrowed from Next Collection Period | $ | — | |||||
| F | Funds Repaid from Prior Collection Period | $ | — | |||||
| G | Loan Sale or Purchase Proceeds | $ | — | |||||
| H | Initial Deposits to Collection Account | $ | — | |||||
| I | Other Deposits | $ | 41,351.65 | |||||
| J | Less: Funds Previously Remitted: | |||||||
| Servicing Fees | $ | (2,109,784.10 | ) | |||||
| Consolidation Loan Rebate Fees | $ | — | ||||||
| Total Funds Previously Remitted | $ | (2,109,784.10 | ) | |||||
| K | AVAILABLE FUNDS | $ | 155,835,361.48 | |||||
| L | Non-Cash Principal Activity During Collection Period | $ | (3,991,454.90 | ) | ||||
| M | Non-Reimbursable Losses During Collection Period | $ | — | |||||
| N | Aggregate Purchased Amounts by the Depositor, Servicer or Seller | $ | 343,637.29 | |||||
| O | Aggregate Loan Substitutions | $ | — | |||||
Trust 2005-1 Quarterly Servicing Report Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 2 of 8
III. 2005-1 Portfolio Characteristics
| 06/30/2005 | 03/31/2005 | |||||||||||||||||||||||||||||||||
| WAC | # Loans | Principal | % of Principal | WAC | # Loans | Principal | % of Principal | |||||||||||||||||||||||||||
| INTERIM: | IN SCHOOL | 2.78 | % | 109,094 | $ | 350,086,458.51 | 27.282 | % | 2.78 | % | 172,688 | $ | 603,915,714.09 | 42.379 | % | |||||||||||||||||||
| GRACE | 2.77 | % | 56,015 | $ | 200,937,119.93 | 15.659 | % | 2.77 | % | 33,369 | $ | 105,543,543.94 | 7.406 | % | ||||||||||||||||||||
| DEFERMENT | 2.94 | % | 47,156 | $ | 161,423,109.65 | 12.580 | % | 3.08 | % | 36,473 | $ | 111,645,907.80 | 7.835 | % | ||||||||||||||||||||
| REPAYMENT: | CURRENT | 3.72 | % | 126,472 | $ | 347,032,497.88 | 27.044 | % | 3.77 | % | 121,915 | $ | 349,309,024.47 | 24.512 | % | |||||||||||||||||||
| 31-60 DAYS DELINQUENT | 3.85 | % | 8,753 | $ | 23,543,921.18 | 1.835 | % | 3.73 | % | 11,348 | $ | 30,253,820.22 | 2.123 | % | ||||||||||||||||||||
| 61-90 DAYS DELINQUENT | 3.91 | % | 5,172 | $ | 13,703,788.95 | 1.068 | % | 3.54 | % | 13,235 | $ | 35,304,283.05 | 2.477 | % | ||||||||||||||||||||
| 91-120 DAYS DELINQUENT | 3.79 | % | 3,808 | $ | 9,904,789.37 | 0.772 | % | 3.48 | % | 12,836 | $ | 35,183,659.64 | 2.469 | % | ||||||||||||||||||||
| > 120 DAYS DELINQUENT | 3.56 | % | 26,482 | $ | 65,290,995.43 | 5.088 | % | 3.69 | % | 13,925 | $ | 34,287,955.54 | 2.406 | % | ||||||||||||||||||||
| FORBEARANCE | 3.67 | % | 35,362 | $ | 109,240,885.60 | 8.513 | % | 3.70 | % | 36,633 | $ | 118,908,814.11 | 8.344 | % | ||||||||||||||||||||
| CLAIMS IN PROCESS | 3.89 | % | 711 | $ | 2,041,122.11 | 0.159 | % | 4.19 | % | 162 | $ | 681,303.13 | 0.048 | % | ||||||||||||||||||||
| TOTAL | 419,025 | $ | 1,283,204,688.61 | 100.00 | % | 452,584 | $ | 1,425,034,025.99 | 100.00 | % | ||||||||||||||||||||||||
| * | Percentages may not total 100% due to rounding |
Trust 2005-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 3 of 8
IV. 2005-1 Portfolio Characteristics (cont’d)
| 06/30/2005 | 03/31/2005 | |||||||
| Pool Balance | $ | 1,298,387,567.54 | $ | 1,441,021,703.36 | ||||
| Total # Loans | 419,025 | 452,584 | ||||||
| Total # Borrowers | 207,013 | 220,739 | ||||||
| Weighted Average Coupon | 3.21 | % | 3.20 | % | ||||
| Weighted Average Remaining Term | 120.36 | 123.15 | ||||||
| Non-Reimbursable Losses | $ | — | $ | — | ||||
| Cumulative Non-Reimbursable Losses | $ | — | $ | — | ||||
| Since Issued CPR | 28.46 | % | 17.91 | % | ||||
| Loan Substitutions | $ | — | $ | — | ||||
| Cumulative Loan Substitutions | $ | — | $ | — | ||||
| Rejected Claim Repurchases | $ | — | $ | 1,548.42 | ||||
| Cumulative Rejected Claim Repurchases | $ | 1,548.42 | $ | 1,548.42 | ||||
| Cumulative Claims Filed | $ | 5,482,330.86 | $ | 1,287,576.13 | ||||
| Unpaid Primary Servicing Fees | $ | — | $ | — | ||||
| Unpaid Administration Fees | $ | — | $ | — | ||||
| Unpaid Carryover Servicing Fees | $ | — | $ | — | ||||
| Note Principal Shortfall | $ | 17,166,770.12 | $ | 17,167,888.85 | ||||
| Note Interest Shortfall | $ | — | $ | — | ||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||
| Borrower Interest Accrued | $ | 7,822,282.51 | $ | 5,994,220.95 | ||||
| Interest Subsidy Payments Accrued | $ | 3,015,363.81 | $ | 2,193,362.63 | ||||
| Special Allowance Payments Accrued | $ | 6,927,931.71 | $ | 4,178,148.44 | ||||
Trust 2005-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 4 of 8
V. 2005-1 Portfolio Statistics by School and Program
| A | LOAN TYPE | WAC | # LOANS | $ AMOUNT | % * | |||||||||||||
| - GSL - Subsidized | 3.23 | % | 249,103 | $ | 678,852,935.10 | 52.903 | % | |||||||||||
| - GSL - Unsubsidized | 3.02 | % | 155,038 | 533,025,856.29 | 41.539 | % | ||||||||||||
| - PLUS Loans | 4.44 | % | 14,882 | 71,323,529.67 | 5.558 | % | ||||||||||||
| - SLS Loans | 5.41 | % | 2 | 2,367.55 | 0.000 | % | ||||||||||||
| - Consolidation Loans | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||
Total | 3.21 | % | 419,025 | $ | 1,283,204,688.61 | 100.000 | % | |||||||||||
| B | SCHOOL TYPE | WAC | # LOANS | $ AMOUNT | % * | |||||||||||||
| - Four Year | 3.16 | % | 305,317 | $ | 1,020,514,344.37 | 79.529 | % | |||||||||||
| - Two Year | 3.26 | % | 77,339 | 175,670,366.98 | 13.690 | % | ||||||||||||
| - Technical | 3.59 | % | 36,366 | 87,016,309.88 | 6.781 | % | ||||||||||||
| - Other | 3.37 | % | 3 | 3,667.38 | 0.000 | % | ||||||||||||
Total | 3.21 | % | 419,025 | $ | 1,283,204,688.61 | 100.000 | % | |||||||||||
* Percentages may not total 100% due to rounding.
Trust 2005-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 5 of 8
VI. 2005-1 Waterfall for Distributions
| Remaining | ||||||||||
| Paid | Funds Balance | |||||||||
| Total Available Funds | $ | 155,835,361.48 | ||||||||
| A | Primary Servicing Fee | $ | 1,016,852.49 | $ | 154,818,508.99 | |||||
| B | Administration Fee | $ | 20,000.00 | $ | 154,798,508.99 | |||||
| C | Class A Noteholders’ Interest Distribution Amount | $ | 11,414,050.62 | $ | 143,384,458.37 | |||||
| D | Class B Noteholders’ Interest Distribution Amount | $ | 392,618.48 | $ | 142,991,839.89 | |||||
| E | Class A Noteholders’ Principal Distribution Amount | $ | 142,991,839.89 | $ | — | |||||
| F | Class B Noteholders’ Principal Distribution Amount | $ | — | $ | — | |||||
| G | Reserve Account Reinstatement | $ | — | $ | — | |||||
| H | Carryover Servicing Fee | $ | — | $ | — | |||||
| I | Excess Distribution | $ | — | $ | — | |||||
Trust 2005-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 6 of 8
VII. 2005-1 Distributions
Distribution Amounts | A1 | A2 | B | |||||||||||
| Cusip/Isin | 78442GNN2 | 78442GNP7 | 78442GNQ5 | |||||||||||
| Beginning Balance | $ | 1,027,192,146.47 | $ | 388,382,000.00 | $ | 46,218,000.00 | ||||||||
| Index | LIBOR | LIBOR | LIBOR | |||||||||||
| Spread/Fixed Rate | 0.01 | % | 0.08 | % | 0.20 | % | ||||||||
| Record Date | 1 NEW YORK BUSINESS DAY | 1 NEW YORK BUSINESS DAY | 1 NEW YORK BUSINESS DAY | |||||||||||
| Accrual Period Begin | 04/25/2005 | 04/25/2005 | 04/25/2005 | |||||||||||
| Accrual Period End | 07/25/2005 | 07/25/2005 | 07/25/2005 | |||||||||||
| Daycount Fraction | 0.25277778 | 0.25277778 | 0.25277778 | |||||||||||
| Interest Rate | 3.17063 | % | 3.24063 | % | 3.36063 | % | ||||||||
| Accrued Interest Factor | 0.008014648 | 0.008191593 | 0.008494926 | |||||||||||
| Current Interest Due | $ | 8,232,583.54 | $ | 3,181,467.08 | $ | 392,618.48 | ||||||||
| Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | $ | — | ||||||||
| Total Interest Due | $ | 8,232,583.54 | $ | 3,181,467.08 | $ | 392,618.48 | ||||||||
| Interest Paid | $ | 8,232,583.54 | $ | 3,181,467.08 | $ | 392,618.48 | ||||||||
| Interest Shortfall | $ | — | $ | — | $ | — | ||||||||
| Carryover Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | $ | — | ||||||||
| Current Interest Carryover Due | $ | — | $ | — | $ | — | ||||||||
| Interest Carryover Paid | $ | — | $ | — | $ | — | ||||||||
| Unpaid Interest Carryover | $ | — | $ | — | $ | — | ||||||||
| Principal Paid | $ | 142,991,839.89 | $ | — | $ | — | ||||||||
| Ending Principal Balance | $ | 884,200,306.58 | $ | 388,382,000.00 | $ | 46,218,000.00 | ||||||||
| Paydown Factor | 0.129287378 | 0.000000000 | 0.000000000 | |||||||||||
| Ending Balance Factor | 0.799457782 | 1.000000000 | 1.000000000 | |||||||||||
Trust 2005-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005
Page 7 of 8
VIII. 2005-1 Reconciliations
| A | Principal Distribution Reconciliation | |||||
| Prior Adjusted Pool Balance | $ | 1,444,624,257.62 | ||||
| Current Adjusted Pool Balance | $ | 1,301,633,536.46 | ||||
| Current Principal Due | $ | 142,990,721.16 | ||||
| Principal Shortfall from Previous Collection Period | $ | 17,167,888.85 | ||||
| Principal Distribution Amount | $ | 160,158,610.01 | ||||
| Principal Paid | $ | 142,991,839.89 | ||||
| Principal Shortfall | $ | 17,166,770.12 | ||||
| B | Reserve Account Reconciliation | |||||
| Beginning Period Balance | $ | 3,602,554.26 | ||||
| Reserve Funds Utilized | 0.00 | |||||
| Reserve Funds Reinstated | 0.00 | |||||
| Balance Available | $ | 3,602,554.26 | ||||
| Required Reserve Acct Balance | $ | 3,245,968.92 | ||||
| Release to Collection Account | $ | 356,585.34 | ||||
| Ending Reserve Account Balance | $ | 3,245,968.92 | ||||
| Page 8 of 8 | Trust 2005-1 Quarterly Servicing Report: Collection Period 04/01/2005-06/30/2005, Distribution Date 07/25/2005 |
