SLM Student Loan Trust 2005-1 Quarterly Servicing Report
Collection Period 07/01/2005 — 09/30/2005 Distribution Date 10/25/2005
Indenture Trustee: Deutsche Bank
I. Deal Parameters
| A | Student Loan Portfolio Characteristics | 01/27/2005 | 06/30/2005 | 09/30/2005 | ||||||||||||||
| Principal Balance | $ | 1,504,709,258.98 | $ | 1,283,204,688.61 | $ | 1,074,968,186.22 | ||||||||||||
| Interest to be Capitalized Balance | 13,956,010.27 | 15,182,878.93 | 15,522,469.89 | |||||||||||||||
| Pool Balance | $ | 1,518,665,269.25 | $ | 1,298,387,567.54 | $ | 1,090,490,656.11 | ||||||||||||
| Specified Reserve Account Balance | 3,813,368.00 | 3,245,968.92 | 2,726,226.64 | |||||||||||||||
| Adjusted Pool(1) | $ | 1,522,478,637.25 | $ | 1,301,633,536.46 | $ | 1,093,216,882.75 | ||||||||||||
| Weighted Average Coupon (WAC) | 3.24 | % | 3.21 | % | 5.11 | % | ||||||||||||
| Weighted Average Remaining Term | 124.45 | 120.36 | 118.61 | |||||||||||||||
| Number of Loans | 469,674 | 419,025 | 366,861 | |||||||||||||||
| Number of Borrowers | 224,931 | 207,013 | 183,957 | |||||||||||||||
| Since Issued CPR | 28.46 | % | 36.53 | % | ||||||||||||||
| (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/lsin | 07/25/2005 | 10/25/2005 | ||||||||||||||
| A1 | 78442GNN2 | $ | 884,200,306.58 | $ | 669,095,058.77 | |||||||||||||
| A2 | 78442GNP7 | $ | 388,382,000.00 | $ | 388,382,000.00 | |||||||||||||
| B | 78442GNQ5 | $ | 46,218,000.00 | $ | 46,218,000.00 | |||||||||||||
| C | Account Balances | 07/25/2005 | 10/25/2005 | |||||||||||||||
| Reserve Account Balance | $ | 3,245,968.92 | $ | 2,726,226.64 | ||||||||||||||
| D | Asset / Liability | 07/25/2005 | 10/25/2005 | |||||||||||||||
| Adjusted Pool Balance | $ | 1,301,633,536.46 | $ | 1,093,216,882.75 | ||||||||||||||
| Total Notes | $ | 1,318,800,306.58 | $ | 1,103,695,058.77 | ||||||||||||||
| Difference | $ | (17,166,770.12 | ) | $ | (10,478,176.02 | ) | ||||||||||||
| Parity Ratio | .98698 | .99051 | ||||||||||||||||
Page 1 of 8
II. Trust Activity 07/01/2005 through 09/30/2005
| A | Student Loan Principal Receipts | |||||||
| Borrower Principal | 13,438,745.28 | |||||||
| Guarantor Principal | 3,048,004.44 | |||||||
| Consolidation Activity Principal | 195,837,314.59 | |||||||
| Seller Principal Reimbursement | 4,467.17 | |||||||
| Servicer Principal Reimbursement | 1,444.83 | |||||||
| Rejected Claim Repurchased Principal | 4,000.00 | |||||||
| Other Principal Deposits | 218,036.18 | |||||||
| Total Principal Receipts | $ | 212,552,012.49 | ||||||
| B | Student Loan Interest Receipts | |||||||
| Borrower Interest | 3,071,364.12 | |||||||
| Guarantor Interest | 84,577.44 | |||||||
| Consolidation Activity Interest | 2,121,572.82 | |||||||
| Special Allowance Payments | 6,937,069.17 | |||||||
| Interest Subsidy Payments | 3,064,668.24 | |||||||
| Seller Interest Reimbursement | 0.45 | |||||||
| Servicer Interest Reimbursement | 14,808.70 | |||||||
| Rejected Claim Repurchased Interest | 322.21 | |||||||
| Other Interest Deposits | 282,410.85 | |||||||
| Total Interest Receipts | $ | 15,576,794.00 | ||||||
| C | Reserves in Excess of Requirement | $ | 519,742.28 | |||||
| D | Investment Income | $ | 1,546,951.61 | |||||
| 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 | $ | 31,185.64 | |||||
| J | Less: Funds Previously Remitted: | |||||||
| Servicing Fees | $ | (1,836,257.99 | ) | |||||
| Consolidation Loan Rebate Fees | $ | — | ||||||
Total Funds Previously Remitted | $ | (1,836,257.99 | ) | |||||
| K | AVAILABLE FUNDS | $ | 228,390,428.03 | |||||
| L | Non-Cash Principal Activity During Collection Period | $ | (4,315,510.10 | ) | ||||
| M | Non-Reimbursable Losses During Collection Period | $ | — | |||||
| N | Aggregate Purchased Amounts by the Depositor, Servicer or Seller | $ | 207,948.42 | |||||
| O | Aggregate Loan Substitutions | $ | — | |||||
Trust 2005-1 Quarterly Servicing Report: Collection Period 07/01/2005—09/30/2005, Distribution Date 10/25/2005
Page 2 of 8
III. 2005-1 Portfolio Characteristics
| 09/30/2005 | 06/30/2005 | |||||||||||||||||||||||||||||||||
| WAC | # Loans | Principal | % of Principal | WAC | # Loans | Principal | % of Principal | |||||||||||||||||||||||||||
| INTERIM: | IN SCHOOL | 4.70 | % | 89,615 | $ | 278,890,461.51 | 25.944 | % | 2.78 | % | 109,094 | $ | 350,086,458.51 | 27.282 | % | |||||||||||||||||||
| GRACE | 4.71 | % | 47,527 | $ | 171,259,997.07 | 15.932 | % | 2.77 | % | 56,015 | $ | 200,937,119.93 | 15.659 | % | ||||||||||||||||||||
| DEFERMENT | 4.86 | % | 40,730 | $ | 123,097,491.50 | 11.451 | % | 2.94 | % | 47,156 | $ | 161,423,109.65 | 12.580 | % | ||||||||||||||||||||
| REPAYMENT: | CURRENT | 5.58 | % | 104,871 | $ | 272,968,901.72 | 25.393 | % | 3.72 | % | 126,472 | $ | 347,032,497.88 | 27.044 | % | |||||||||||||||||||
| 31-60 DAYS DELINQUENT | 5.52 | % | 13,157 | $ | 35,816,826.07 | 3.332 | % | 3.85 | % | 8,753 | $ | 23,543,921.18 | 1.835 | % | ||||||||||||||||||||
| 61-90 DAYS DELINQUENT | 5.56 | % | 6,543 | $ | 17,500,047.09 | 1.628 | % | 3.91 | % | 5,172 | $ | 13,703,788.95 | 1.068 | % | ||||||||||||||||||||
| 91-120 DAYS DELINQUENT | 5.58 | % | 4,897 | $ | 13,056,511.90 | 1.215 | % | 3.79 | % | 3,808 | $ | 9,904,789.37 | 0.772 | % | ||||||||||||||||||||
| > 120 DAYS DELINQUENT | 5.48 | % | 21,403 | $ | 52,400,691.55 | 4.875 | % | 3.56 | % | 26,482 | $ | 65,290,995.43 | 5.088 | % | ||||||||||||||||||||
| FORBEARANCE | 5.50 | % | 35,385 | $ | 103,215,523.21 | 9.602 | % | 3.67 | % | 35,362 | $ | 109,240,885.60 | 8.513 | % | ||||||||||||||||||||
| CLAIMS IN PROCESS | 5.51 | % | 2,733 | $ | 6,761,734.60 | 0.629 | % | 3.89 | % | 711 | $ | 2,041,122.11 | 0.159 | % | ||||||||||||||||||||
| TOTAL | 366,861 | $ | 1,074,968,186.22 | 100.00 | % | 419,025 | $ | 1,283,204,688.61 | 100.00 | % | ||||||||||||||||||||||||
| * | Percentages may not total 100% due to rounding |
Trust 2005-1 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 3 of 8
IV. 2005-1 Portfolio Characteristics (cont’d)
| 09/30/2005 | 06/30/2005 | |||||||
| Pool Balance | $ | 1,090,490,656.11 | $ | 1,298,387,567.54 | ||||
| Total # Loans | 366,861 | 419,025 | ||||||
| Total # Borrowers | 183,957 | 207,013 | ||||||
| Weighted Average Coupon | 5.11 | % | 3.21 | % | ||||
| Weighted Average Remaining Term | 118.61 | 120.36 | ||||||
| Non-Reimbursable Losses | $ | — | $ | — | ||||
| Cumulative Non-Reimbursable Losses | $ | — | $ | — | ||||
| Since Issued CPR | 36.53 | % | 28.46 | % | ||||
| Loan Substitutions | $ | — | $ | — | ||||
| Cumulative Loan Substitutions | $ | — | $ | — | ||||
| Rejected Claim Repurchases | $ | 4,322.21 | $ | — | ||||
| Cumulative Rejected Claim Repurchases | $ | 5,870.63 | $ | 1,548.42 | ||||
| Cumulative Claims Filed | $ | 21,067,985.48 | $ | 5,482,330.86 | ||||
| Unpaid Primary Servicing Fees | $ | — | $ | — | ||||
| Unpaid Administration Fees | $ | — | $ | — | ||||
| Unpaid Carryover Servicing Fees | $ | — | $ | — | ||||
| Note Principal Shortfall | $ | 10,478,176.02 | $ | 17,166,770.12 | ||||
| Note Interest Shortfall | $ | — | $ | — | ||||
| Unpaid Interest Carryover | $ | — | $ | — | ||||
| Borrower Interest Accrued | $ | 10,610,679.84 | $ | 7,822,282.51 | ||||
| Interest Subsidy Payments Accrued | $ | 4,110,987.23 | $ | 3,015,363.81 | ||||
| Special Allowance Payments Accrued | $ | 2,037,000.12 | $ | 6,927,931.71 | ||||
Trust 2005-1 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 4 of 8
V. 2005-1 Portfolio Statistics by School and Program
| A | LOAN TYPE | WAC | # LOANS | $ AMOUNT | %* | |||||||||||||||
| - GSL - Subsidized | 5.12 | % | 219,694 | $ | 576,583,896.00 | 53.637 | % | |||||||||||||
| - GSL - Unsubsidized | 4.96 | % | 134,648 | 442,179,146.38 | 41.134 | % | ||||||||||||||
| - PLUS Loans | 6.23 | % | 12,517 | 56,202,776.29 | 5.228 | % | ||||||||||||||
| - SLS Loans | 6.65 | % | 2 | 2,367.55 | 0.000 | % | ||||||||||||||
| - Consolidation Loans | 0.00 | % | 0 | 0.00 | 0.000 | % | ||||||||||||||
Total | 5.11 | % | 366,861 | $ | 1,074,968,186.22 | 100.000 | % | |||||||||||||
| B | SCHOOL TYPE | WAC | # LOANS | $ AMOUNT | %* | |||||||||||||||
| - Four Year | 5.07 | % | 261,358 | $ | 835,722,524.15 | 77.744 | % | |||||||||||||
| - Two Year | 5.17 | % | 72,078 | 161,082,645.00 | 14.985 | % | ||||||||||||||
| - Technical | 5.44 | % | 33,423 | 78,159,367.01 | 7.271 | % | ||||||||||||||
| - Other | 5.30 | % | 2 | 3,650.06 | 0.000 | % | ||||||||||||||
Total | 5.11 | % | 366,861 | $ | 1,074,968,186.22 | 100.000 | % | |||||||||||||
*Percentages may not total 100% due to rounding.
Trust 2005-1 Quarterly Seivicing Report: Collection Period 07/01/2005—09/30/2005, Distribution Date 10/25/2005
Page 5 of 8
VI. 2005-1 Waterfall for Distributions
| Remaining | |||||||||
| Paid | Funds Balance | ||||||||
| Total Available Funds | $ | 228,390,428.03 | |||||||
| A | Primary Servicing Fee | $ | 838,082.72 | $ | 227,552,345.31 | ||||
| B | Administration Fee | $ | 20,000.00 | $ | 227,532,345.31 | ||||
| C | Class A Noteholders' Interest Distribution Amount | $ | 11,972,363.73 | $ | 215,559,981.58 | ||||
| D | Class B Noteholders' Interest Distribution Amount | $ | 454,733.77 | $ | 215,105,247.81 | ||||
| E | Class A Noteholders' Principal Distribution Amount | $ | 215,105,247.81 | $ | — | ||||
| 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 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 6 of 8
VII. 2005-1 Distributions
| Distribution Amounts | ||||||||||||||
| A1 | A2 | B | ||||||||||||
| Cusip/Isin | 78442GNN2 | 78442GNP7 | 78442GNQ5 | |||||||||||
| Beginning Balance | $ | 884,200,306.58 | $ | 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 | 07/25/2005 | 07/25/2005 | 07/25/2005 | |||||||||||
| Accrual Period End | 10/25/2005 | 10/25/2005 | 10/25/2005 | |||||||||||
| Daycount Fraction | 0.25555556 | 0.25555556 | 0.25555556 | |||||||||||
| Interest Rate | 3.66000 | % | 3.73000 | % | 3.85000 | % | ||||||||
| Accrued Interest Factor | 0.009353333 | 0.009532222 | 0.009838889 | |||||||||||
| Current Interest Due | $ | 8,270,220.20 | $ | 3,702,143.53 | $ | 454,733.77 | ||||||||
| Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | $ | — | ||||||||
| Total Interest Due | $ | 8,270,220.20 | $ | 3,702,143.53 | $ | 454,733.77 | ||||||||
| Interest Paid | $ | 8,270,220.20 | $ | 3,702,143.53 | $ | 454,733.77 | ||||||||
| Interest Shortfall | $ | — | $ | — | $ | — | ||||||||
| Carryover Interest Shortfall from Prior Period Plus Accrued Interest | $ | — | $ | — | $ | — | ||||||||
| Current Interest Carryover Due | $ | — | $ | — | $ | — | ||||||||
| Interest Carryover Paid | $ | — | $ | — | $ | — | ||||||||
| Unpaid Interest Carryover | $ | — | $ | — | $ | — | ||||||||
| Principal Paid | $ | 215,105,247.81 | $ | — | $ | — | ||||||||
| Ending Principal Balance | $ | 669,095,058.77 | $ | 388,382,000.00 | $ | 46,218,000.00 | ||||||||
| Paydown Factor | 0.194489374 | 0.000000000 | 0.000000000 | |||||||||||
| Ending Balance Factor | 0.604968408 | 1.000000000 | 1.000000000 | |||||||||||
Trust 2005-1 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 7 of 8
VIII. 2005-1 Reconciliations
| A | Principal Distribution Reconciliation | |||||
| Prior Adjusted Pool Balance | $ | 1,301,633,536.46 | ||||
| Current Adjusted Pool Balance | $ | 1,093,216,882.75 | ||||
| Current Principal Due | $ | 208,416,653.71 | ||||
| Principal Shortfall from Previous Collection Period | $ | 17,166,770.12 | ||||
| Principal Distribution Amount | $ | 225,583,423.83 | ||||
| Principal Paid | $ | 215,105,247.81 | ||||
| Principal Shortfall | $ | 10,478,176.02 | ||||
| B | Reserve Account Reconciliation | |||||
| Beginning Period Balance | $ | 3,245,968.92 | ||||
| Reserve Funds Utilized | 0.00 | |||||
| Reserve Funds Reinstated | 0.00 | |||||
| Balance Available | $ | 3,245,968.92 | ||||
| Required Reserve Acct Balance | $ | 2,726,226.64 | ||||
| Release to Collection Account | $ | 519,742.28 | ||||
| Ending Reserve Account Balance | $ | 2,726,226.64 | ||||
Trust 2005-1 Quarterly Servicing Report: Collection Period 07/01/2005 — 09/30/2005, Distribution Date 10/25/2005
Page 8 of 8
