SLM Private Credit Student Loan Trust 2003-A Quarterly Servicing Report
Report Date: 5/31/2005 Reporting Period: 3/1/05-05/31/05
I. Deal Parameters
| Student Loan Portfolio Characteristics | 2/28/2005 | Activity | 5/31/2005 | |||||||||||||
| A | i | Portfolio Balance | $ | 884,601,548.03 | $ | (18,394,107.54 | ) | $ | 866,207,440.49 | |||||||
| ii | Interest to be Capitalized | 27,489,596.19 | 28,904,312.07 | |||||||||||||
| iii | Total Pool | $ | 912,091,144.22 | $ | 895,111,752.56 | |||||||||||
| iv | Cash Capitalization Account (CI) | 58,502,550.00 | 58,502,550.00 | |||||||||||||
| v | Asset Balance | $ | 970,593,694.22 | $ | 953,614,302.56 | |||||||||||
| i | Weighted Average Coupon (WAC) | 5.998 | % | 6.331 | % | |||||||||||
| ii | Weighted Average Remaining Term | 166.43 | 165.06 | |||||||||||||
| iii | Number of Loans | 110,279 | 108,083 | |||||||||||||
| iv | Number of Borrowers | 70,251 | 68,911 | |||||||||||||
| vi | Prime Loans Outstanding | $ | 689,061,167 | $ | 685,383,467 | |||||||||||
| vii | T-bill Loans Outstanding | $ | 218,985,050 | $ | 209,188,665 | |||||||||||
| viii | Fixed Loans Outstanding | $ | 4,044,928 | $ | 3,327,652 | |||||||||||
| % of | % of | |||||||||||||||||||||||||||
| Notes | Cusips | Spread | Balance 03/15/05 | O/S Securities** | Balance 06/15/05 | O/S Securities** | ||||||||||||||||||||||
| B | i | A-1 Notes | 78443CAE4 | 0.110 | % | $ | 393,684,039.64 | 41.470 | % | $ | 376,704,647.98 | 40.404 | % | |||||||||||||||
| ii | A-2 Notes | 78443CAF1 | 0.440 | % | 320,000,000.00 | 33.708 | % | 320,000,000.00 | 34.322 | % | ||||||||||||||||||
| iii | A-3 ARS | 78443CAJ3 | ARS | 76,600,000.00 | 8.069 | % | 76,600,000.00 | 8.216 | % | |||||||||||||||||||
| iv | A-4 ARS | 78443CAK0 | ARS | 76,600,000.00 | 8.069 | % | 76,600,000.00 | 8.216 | % | |||||||||||||||||||
| v | B Notes | 78443CAG9 | 0.750 | % | 34,570,000.00 | 3.642 | % | 34,570,000.00 | 3.708 | % | ||||||||||||||||||
| vi | C Notes | 78443CAH7 | 1.600 | % | 47,866,000.00 | 5.042 | % | 47,866,000.00 | 5.134 | % | ||||||||||||||||||
| vii | Total Notes | $ | 949,320,039.64 | 100.000 | % | $ | 932,340,647.98 | 100.000 | % | |||||||||||||||||||
| 3/15/2005 | 6/15/2005 | |||||||||||||||
| C | i | Specified Reserve Account Balance ($) | $ | 2,512,950.00 | $ | 2,512,950.00 | ||||||||||
| ii | Reserve Account Balance ($) | $ | 2,512,950.00 | $ | 2,512,950.00 | |||||||||||
| iii | Cash Capitalization Acct Balance ($) | $ | 58,502,550.00 | $ | 58,502,550.00 | |||||||||||
| iv | Initial Asset Balance | $ | 1,063,682,728.92 | $ | 1,063,682,728.92 | |||||||||||
| v | Specified Overcollateralization Amount | $ | 21,273,654.58 | $ | 21,273,654.58 | |||||||||||
| vi | Actual Overcollateralization Amount | $ | 21,273,654.58 | $ | 21,273,654.58 | |||||||||||
| vii | Has the Stepdown Date Occurred?* | No | No | |||||||||||||
| * | The Stepdown Date is the earlier of the distribution date following the reduction of the Class A Notes to zero, or March 17, 2008. 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. 2003-A Transactions from: 3/1/2005 through: 5/31/2005
| A | Student Loan Principal Activity | |||||||
| i | Principal Payments Received | $ | 19,508,066.33 | |||||
| ii | Purchases by Servicer (Delinquencies >180) | 2,406,879.59 | ||||||
| iii | Other Servicer Reimbursements | 16.57 | ||||||
| iv | Other Principal Reimbursements | 16,983.01 | ||||||
| v | Total Principal Collections | $ | 21,931,945.50 | |||||
| B | Student Loan Non-Cash Principal Activity | |||||||
| i | Realized Losses/Loans Charged Off | $ | 0.00 | |||||
| ii | Capitalized Interest | (3,495,328.81 | ) | |||||
| iii | Capitalized Insurance Fee | (44,259.35 | ) | |||||
| iv | Other Adjustments | 1,750.20 | ||||||
| v | Total Non-Cash Principal Activity | $ | (3,537,837.96 | ) | ||||
| C | Total Student Loan Principal Activity | $ | 18,394,107.54 | |||||
| D | Student Loan Interest Activity | |||||||
| i | Interest Payments Received | $ | 8,306,909.81 | |||||
| ii | Purchases by Servicer (Delinquencies >180) | 106,760.50 | ||||||
| iii | Other Servicer Reimbursements | 0.15 | ||||||
| iv | Other Interest Reimbursements | 329.66 | ||||||
| v | Late Fees | 133,224.11 | ||||||
| vi | Collection Fees | 0.00 | ||||||
| vii | Total Interest Collections | $ | 8,547,224.23 | |||||
| E | Student Loan Non-Cash Interest Activity | |||||||
| i | Realized Losses/Loans Charged Off | $ | 0.00 | |||||
| ii | Capitalized Interest | 3,495,328.81 | ||||||
| iii | Other Interest Adjustments | 152.54 | ||||||
| iv | Total Non-Cash Interest Adjustments | $ | 3,495,481.35 | |||||
| F | Total Student Loan Interest Activity | $ | 12,042,705.58 | |||||
2
III. 2003-A Collection Account Activity 3/1/2005 through: 5/31/2005
| A | Principal Collections | |||||||
| i | Principal Payments Received | $ | 19,166,594.10 | |||||
| ii | Consolidation Principal Payments | 341,472.23 | ||||||
| iii | Purchases by Servicer (Delinquencies >180) | 2,406,879.59 | ||||||
| iv | Reimbursements by Seller | 0.00 | ||||||
| v | Reimbursements by Servicer | 16.57 | ||||||
| vi | Other Re-purchased Principal | 16,983.01 | ||||||
| B | vii | Total Principal Collections | $ | 21,931,945.50 | ||||
| Interest Collections | ||||||||
| i | Interest Payments Received | $ | 8,299,150.18 | |||||
| ii | Consolidation Interest Payments | 7,759.63 | ||||||
| iii | Purchases by Servicer (Delinquencies >180) | 106,760.50 | ||||||
| iv | Reimbursements by Seller | 0.00 | ||||||
| v | Reimbursements by Servicer | 0.15 | ||||||
| vi | Other Re-purchased Interest | 329.66 | ||||||
| viii | Collection Fees/Return Items | 0.00 | ||||||
| ix | Late Fees | 133,224.11 | ||||||
| x | Total Interest Collections | $ | 8,547,224.23 | |||||
| C | Recoveries on Realized Losses | $ | 0.00 | |||||
| D | Funds Borrowed from Next Collection Period | $ | 0.00 | |||||
| E | Funds Repaid from Prior Collection Periods | $ | 0.00 | |||||
| F | Investment Income | $ | 542,961.02 | |||||
| G | Borrower Incentive Reimbursements | $ | 145,174.81 | |||||
| H | Interest Rate Cap Proceeds | $ | 0.00 | |||||
| I | Gross Swap Receipt | $ | 5,300,411.62 | |||||
| J | Other Deposits | $ | 1,220,852.07 | |||||
| TOTAL FUNDS RECEIVED | $ | 37,688,569.25 | ||||||
| LESS FUNDS PREVIOUSLY REMITTED: | ||||||||
| i | Funds Allocated to the Future Distribution Account | $ | (8,694,735.50 | ) | ||||
| ii | Funds Released from the Future Distribution Account | $ | 6,337,593.01 | |||||
| AVAILABLE FUNDS PRIOR TO RELEASE FROM CASH CAPITALIZATION ACCOUNT | $ | 35,331,426.76 | ||||||
| J | Amount released from Cash Capitalizaton Account | $ | — | |||||
| K | AVAILABLE FUNDS | $ | 35,331,426.76 | |||||
| L | Servicing Fees Due for Current Period | $ | 509,181.99 | |||||
| M | Carryover Servicing Fees Due | $ | 0.00 | |||||
| N | Administration Fees Due | $ | 20,000.00 | |||||
| O | Total Fees Due for Period | $ | 529,181.99 | |||||
3
IV. 2003-A Future Distribution Account Activity
| A | Account Reconciliation | |||||||||
| i | Beginning Balance | 3/15/2005 | $ | 2,649,635.74 | ||||||
| ii | Total Allocations for Distribution Period | $ | 6,045,099.76 | |||||||
| iii | Total Payments for Distribution Period | $ | (2,357,142.49 | ) | ||||||
| iv | Funds Released to the Collection Account * | $ | (6,337,593.01 | ) | ||||||
| v | Total Balance Prior to Current Month Allocations * | $ | 0.00 | |||||||
| vi | Ending Balance | 6/15/2005 | $ | 3,014,790.97 | ||||||
| B | Monthly Allocations to the Future Distribution Account | |||||||||
| Monthly Allocation Date | 3/15/2005 | |||||||||
| i | Primary Servicing Fees | $ | 518,502.14 | |||||||
| ii | Admin fees | 6,666.66 | ||||||||
| iii | Broker Dealer, Auction Agent and Remarketing Fees | 27,505.78 | ||||||||
| iv | Interest Accrued on the Class A Notes and Swap Counterparty | 2,096,961.16 | ||||||||
| v | Interest Accrued on the Class B & C Notes | 0.00 | ||||||||
| vi | Balance as of | 3/15/2005 | $ | 2,649,635.74 | ||||||
| Monthly Allocation Date | 4/15/2005 | |||||||||
| i | Primary Servicing Fees | $ | 516,017.57 | |||||||
| ii | Admin fees | 6,666.66 | ||||||||
| iii | Broker Dealer, Auction Agent and Remarketing Fees | 27,505.78 | ||||||||
| iv | Interest Accrued on the Class A Notes and Swap Counterparty | 2,486,305.51 | ||||||||
| v | Interest Accrued on the Class B & C Notes | 0.00 | ||||||||
| vi | Total Allocations | $ | 3,036,495.52 | |||||||
| Monthly Allocation Date | 5/15/2005 | |||||||||
| i | Primary Servicing Fees | $ | 512,570.26 | |||||||
| ii | Admin fees | 6,666.66 | ||||||||
| iii | Broker Dealer, Auction Agent and Remarketing Fees | 26,618.50 | ||||||||
| iv | Interest Accrued on the Class A Notes and Swap Counterparty | 2,462,748.82 | ||||||||
| v | Interest Accrued on the Class B & C Notes | 0.00 | ||||||||
| vi | Total Allocations | $ | 3,008,604.24 | |||||||
| C | Total Future Distribution Account Deposits Previously Allocated | $ | 8,694,735.50 | |||||||
| D | Current Month Allocations | 6/15/2005 | ||||||||
| i | Primary Servicing | $ | 509,181.99 | |||||||
| ii | Admin fees | 6,666.66 | ||||||||
| iii | Broker Dealer, Auction Agent and Remarketing Fees | 26,618.50 | ||||||||
| iv | Interest Accrued on the Class A Notes and Swap Counterparty | 2,472,323.82 | ||||||||
| v | Interest Accrued on the Class B & C Notes | 0.00 | ||||||||
| vi | Allocations on the Distribution Date | $ | 3,014,790.97 | |||||||
| * Revised 6/17/05 | ||||||||||
4
V. 2003-A Auction Rate Security Detail
| A | Auction Rate Securities - Payments During Distribution Period | |||||||||||||||||||||||||||||||
| i | Payment Date | Security Description | Interest Rate | No. of Days | Start Date | End Date | Interest Payment | Broker/Dealer Fees | Auction Agent Fees | |||||||||||||||||||||||
| 03/17/2005 | SLMPC TRUST 2003A A3 | 2.610000 | % | 28 | 02/17/2005 | 03/17/2005 | $ | 155,498.00 | $ | 11,915.56 | $ | 506.41 | ||||||||||||||||||||
| 03/30/2005 | SLMPC TRUST 2003A A4 | 2.720000 | % | 28 | 03/02/2005 | 03/30/2005 | $ | 162,051.56 | $ | 11,915.56 | $ | 506.41 | ||||||||||||||||||||
| 04/14/2005 | SLMPC TRUST 2003A A3 | 3.000000 | % | 28 | 03/17/2005 | 04/14/2005 | $ | 178,733.33 | $ | 11,915.56 | $ | 506.41 | ||||||||||||||||||||
| 04/27/2005 | SLMPC TRUST 2003A A4 | 3.200000 | % | 28 | 03/30/2005 | 04/27/2005 | $ | 190,648.89 | $ | 11,915.56 | $ | 506.41 | ||||||||||||||||||||
| 05/12/2005 | SLMPC TRUST 2003A A3 | 3.050000 | % | 28 | 04/14/2005 | 05/12/2005 | $ | 181,712.22 | $ | 11,915.56 | $ | 506.41 | ||||||||||||||||||||
| 05/25/2005 | SLMPC TRUST 2003A A4 | 3.100000 | % | 28 | 04/27/2005 | 05/25/2005 | $ | 184,691.11 | $ | 11,915.56 | $ | 506.41 | ||||||||||||||||||||
| 06/09/2005 | SLMPC TRUST 2003A A3 | 3.160000 | % | 28 | 05/12/2005 | 06/09/2005 | $ | 188,265.78 | $ | 11,915.56 | $ | 506.41 | ||||||||||||||||||||
| ii | Auction Rate Note Interest Paid During Distribution Period | 3/15/05-06/15/05 | $ | 1,241,600.89 | ||||||||||||||||||||||||||||
| iii | Broker/Dealer Fees Paid During Distribution Period | 3/15/05-06/15/05 | $ | 83,408.89 | ||||||||||||||||||||||||||||
| iv | Auction Agent Fees Paid During Distribution Period | 3/15/05-06/15/05 | $ | 3,544.88 | ||||||||||||||||||||||||||||
| v | Primary Servicing Fees Remitted | $ | 1,028,587.83 | |||||||||||||||||||||||||||||
| vi | Total | $ | 2,357,142.49 | |||||||||||||||||||||||||||||
| - Less: Auction Rate Security Interest Payments due on the Distribution Date | $ | 0.00 | ||||||||||||||||||||||||||||||
| - Less: Auction Rate Security Auction Agent Fees due on the Distribution Date | $ | 0.00 | ||||||||||||||||||||||||||||||
| - Less: Auction Rate Security Broker Dealer Fees due on the Distribution Date | $ | 0.00 | ||||||||||||||||||||||||||||||
| B | Total Payments Out of Future Distribution Account During Distribution Period | $ | 2,357,142.49 | |||||||||||||||||||||||||||||
| C | Funds Released to Collection Account | $ | 6,337,593.01 | |||||||||||||||||||||||||||||
| D | Auction Rate Student Loan Rates | Mar-04 | Apr-05 | May-05 | ||||||||||||||||||||||||||||
| 5.01907% | 5.01807% | 5.34707% | ||||||||||||||||||||||||||||||
5
VI. 2003-A Loss and Recovery Detail
| A | i | Cumulative Realized Losses Test | % of Original Pool | 2/28/2005 | 5/31/2005 | |||||||||||
| June 16, 2003 to March 17, 2008 | 15% | $ | 150,777,026.84 | $ | 150,777,026.84 | |||||||||||
| June 16, 2008 to March 15, 2011 | 18% | |||||||||||||||
| June ,15, 2011 and thereafter | 20% | |||||||||||||||
| ii | Cumulative Realized Losses (Net of Recoveries) | $ | 0.00 | $ | 0.00 | |||||||||||
| iii | Is Test Satisfied (ii < i)? | Yes | ||||||||||||||
| B | i | Recoveries on Realized Losses This Collection Period | ||||||||||||||
| ii | Principal Cash Recovered During Collection Period | $ | 0.00 | $ | 0.00 | |||||||||||
| iii | Interest Cash Recovered During Collection Period | $ | 0.00 | $ | 0.00 | |||||||||||
| iv | Late Fees and Collection Costs Recovered During Collection Period | $ | 0.00 | $ | 0.00 | |||||||||||
| v | Total Recoveries for Period | $ | 0.00 | $ | 0.00 | |||||||||||
| C | i | Gross Defaults: | ||||||||||||||
| ii | Cumulative Principal Purchases by Servicer | $ | 8,032,209.91 | $ | 10,439,089.50 | |||||||||||
| iii | Cumulative Interest Purchases by Servicer | 309,125.68 | 415,886.18 | |||||||||||||
| iv | Total Gross Defaults: | $ | 8,341,335.59 | $ | 10,854,975.68 | |||||||||||
6
VII. 2003-A Portfolio Characteristics
| Weighted Avg Coupon | # of Loans | % * | Principal Amount | % * | ||||||||||||||||||||||||||||||||||||
| STATUS | 2/28/2005 | 5/31/2005 | 2/28/2005 | 5/31/2005 | 2/28/2005 | 5/31/2005 | 2/28/2005 | 5/31/2005 | 2/28/2005 | 5/31/2005 | ||||||||||||||||||||||||||||||
INTERIM: | ||||||||||||||||||||||||||||||||||||||||
In School | 5.915 | % | 6.207 | % | 15,381 | 10,660 | 13.947 | % | 9.863 | % | $ | 121,878,806.14 | $ | 83,367,074.59 | 13.778 | % | 9.624 | % | ||||||||||||||||||||||
Grace | 6.062 | % | 6.160 | % | 4,109 | 8,204 | 3.726 | % | 7.590 | % | $ | 33,678,971.64 | $ | 67,643,361.83 | 3.807 | % | 7.809 | % | ||||||||||||||||||||||
Deferment | 6.224 | % | 6.510 | % | 7,395 | 6,664 | 6.706 | % | 6.166 | % | $ | 62,730,116.56 | $ | 56,931,250.06 | 7.091 | % | 6.572 | % | ||||||||||||||||||||||
TOTAL INTERIM | 6.026 | % | 6.275 | % | 26,885 | 25,528 | 24.379 | % | 23.619 | % | $ | 218,287,894.34 | $ | 207,941,686.48 | 24.676 | % | 24.006 | % | ||||||||||||||||||||||
REPAYMENT | ||||||||||||||||||||||||||||||||||||||||
Active | ||||||||||||||||||||||||||||||||||||||||
| Current | 5.898 | % | 6.277 | % | 73,829 | 74,594 | 66.947 | % | 69.015 | % | $ | 570,569,424.75 | $ | 578,111,463.60 | 64.500 | % | 66.741 | % | ||||||||||||||||||||||
| 31-60 Days Delinquent | 6.699 | % | 6.959 | % | 1,850 | 1,230 | 1.678 | % | 1.138 | % | $ | 16,167,040.25 | $ | 10,049,247.41 | 1.828 | % | 1.160 | % | ||||||||||||||||||||||
| 61-90 Days Delinquent | 6.794 | % | 7.009 | % | 1,048 | 579 | 0.950 | % | 0.536 | % | $ | 8,484,976.18 | $ | 4,652,209.16 | 0.959 | % | 0.537 | % | ||||||||||||||||||||||
| 91-120 Days Delinquent | 7.236 | % | 7.433 | % | 442 | 543 | 0.401 | % | 0.502 | % | $ | 3,623,886.18 | $ | 4,770,063.33 | 0.410 | % | 0.551 | % | ||||||||||||||||||||||
| 121-150 Days Delinquent | 7.466 | % | 7.414 | % | 318 | 399 | 0.288 | % | 0.369 | % | $ | 2,547,321.92 | $ | 3,685,893.02 | 0.288 | % | 0.426 | % | ||||||||||||||||||||||
| 151-180 Days Delinquent | 7.169 | % | 7.549 | % | 63 | 134 | 0.057 | % | 0.124 | % | $ | 730,765.30 | $ | 1,159,964.30 | 0.083 | % | 0.134 | % | ||||||||||||||||||||||
| > 180 Days Delinquent | 0.000 | % | 0.000 | % | 0 | 0 | 0.000 | % | 0.000 | % | $ | 0.00 | $ | 0.00 | 0.000 | % | 0.000 | % | ||||||||||||||||||||||
Forbearance | 6.369 | % | 6.741 | % | 5,844 | 5,076 | 5.299 | % | 4.696 | % | $ | 64,190,239.11 | $ | 55,836,913.19 | 7.256 | % | 6.446 | % | ||||||||||||||||||||||
TOTAL REPAYMENT | 5.989 | % | 6.349 | % | 83,394 | 82,555 | 75.621 | % | 76.381 | % | $ | 666,313,653.69 | $ | 658,265,754.01 | 75.324 | % | 75.994 | % | ||||||||||||||||||||||
GRAND TOTAL | 5.998 | % | 6.331 | % | 110,279 | 108,083 | 100.000 | % | 100.000 | % | $ | 884,601,548.03 | $ | 866,207,440.49 | 100.000 | % | 100.000 | % | ||||||||||||||||||||||
* Percentages may not total 100% due to rounding
7
VIII. 2003-A Portfolio Characteristics by Loan Program
| LOAN TYPE | WAC | # Loans | $ Amount | % | ||||||||||||
| - Signature Loans | 6.364 | % | 74,815 | $ | 641,031,817.56 | 74.004 | % | |||||||||
| - Law Loans | 6.293 | % | 25,929 | 156,154,725.04 | 18.027 | % | ||||||||||
| - Med Loans | 6.017 | % | 4,291 | 31,903,274.92 | 3.683 | % | ||||||||||
| - MBA Loans | 6.069 | % | 3,047 | 37,117,622.97 | 4.285 | % | ||||||||||
| - Total | 6.331 | % | 108,082 | $ | 866,207,440.49 | 100.000 | % | |||||||||
*Percentages may not total 100% due to rounding
8
IX. 2003-A Interest Rate Swap and Cap Calculations
| A | Swap Payments | ||||||||||||||
| Counterparty A | Counterparty B | ||||||||||||||
| i | Notional Swap Amount - Aggregate Prime Loans Outstanding | $ | 344,530,583.46 | $ | 344,530,583.46 | ||||||||||
| Counterparty Pays: | |||||||||||||||
| ii | 3 Month Libor | 3.01000 | % | 3.01000 | % | ||||||||||
| iii | Gross Swap Receipt Due Trust | $ | 2,650,205.81 | $ | 2,650,205.81 | ||||||||||
| iv | Days in Period | 3/15/2005 | 6/15/2005 | 92 | 92 | ||||||||||
| SLM Private Credit Trust Pays: | |||||||||||||||
| v | Prime Rate (WSJ) Less 2.6100% | 2.89000 | % | 2.89000 | % | ||||||||||
| vi | Gross Swap Payment Due Counterparty | $ | 2,509,692.92 | $ | 2,509,692.92 | ||||||||||
| vii | Days in Period | 3/15/2005 | 6/15/2005 | 92 | 92 | ||||||||||
| B | Cap Payments | ||||||||||||||
| Cap Calculation | |||||||||||||||
| i | Notional Swap Amount | $ | 620,000,000.00 | ||||||||||||
| ii | Maturity Date | 3/15/2006 | |||||||||||||
| Counterparty Pays: | |||||||||||||||
| iii | 3 Month Libor (interpolated for first accrual period) | 3.01000 | % | ||||||||||||
| iv | Cap Rate | 7.00000 | % | ||||||||||||
| v | Excess (if any) of Libor over Cap Rate (ii-iii) | 0.00000 | % | ||||||||||||
| vi | Days in Period | 3/15/2005 | 6/15/2005 | 92 | |||||||||||
| vii | Cap Payment due Trust | $ | 0.00 | ||||||||||||
X. 2003-A Accrued Interest Factors
| Accrued | ||||||||
| Int Factor | Accrual Period | Rate | ||||||
| A | Class A-1 Interest Rate | 0.007973333 | (03/15/05 - 06/15/05) | 3.12000% | ||||
| B | Class A-2 Interest Rate | 0.008816667 | (03/15/05 - 06/15/05) | 3.45000% | ||||
| C | Class B Interest Rate | 0.009608889 | (03/15/05 - 06/15/05) | 3.76000% | ||||
| D | Class C Interest Rate | 0.011781111 | (03/15/05 - 06/15/05) | 4.61000% |
9
XI. 2003-A Input from Prior Period 2/28/05
| A | Total Student Loan Pool Outstanding | ||||||||||||||||||||
| i Portfolio Balance | $ | 884,601,548.03 | |||||||||||||||||||
| ii Interest To Be Capitalized | 27,489,596.19 | ||||||||||||||||||||
| iii Total Pool | $ | 912,091,144.22 | |||||||||||||||||||
| iv Cash Capitalization Account (CI) | 58,502,550.00 | ||||||||||||||||||||
| v Asset Balance | $ | 970,593,694.22 | |||||||||||||||||||
| B | Total Note and Certificate Factor | 0.8992268 | |||||||||||||||||||
| C | Total Note Balance | $ | 949,320,039.64 | ||||||||||||||||||
| D | Note Balance 3/15/2005 | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class B | Class C | ||||||||||||||
| i Current Factor | 0.7872563 | 1.0000000 | 1.0000000 | 1.0000000 | 1.0000000 | 1.0000000 | |||||||||||||||
| ii Expected Note Balance | $ | 393,684,039.64 | $ | 320,000,000.00 | $ | 76,600,000.00 | $ | 76,600,000.00 | $ | 34,570,000.00 | $ | 47,866,000.00 | |||||||||
| iii Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
| iv Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||
| E | Unpaid Primary Servicing Fees from Prior Month(s) | $ | 0.00 | ||||||||||||||||||
| F | Unpaid Administration fees from Prior Quarter(s) | $ | 0.00 | ||||||||||||||||||
| G | Unpaid Carryover Servicing Fees from Prior Quarter(s) | $ | 0.00 | ||||||||||||||||||
10
XII. 2003-A Note Parity Triggers
| Class A | Class B | Class C | ||||||||||||||||||
| Notes Outstanding | 3/15/05 | $ | 866,884,040 | $ | 901,454,040 | $ | 949,320,040 | |||||||||||||
| Asset Balance | 2/28/05 | $ | 970,593,694 | $ | 970,593,694 | $ | 970,593,694 | |||||||||||||
| Pool Balance | 5/31/05 | $ | 895,111,753 | $ | 895,111,753 | $ | 895,111,753 | |||||||||||||
| Amounts on Deposit* | 6/15/05 | $ | 82,325,102 | 81,992,922 | 81,429,008 | |||||||||||||||
| Total | $ | 977,436,853 | $ | 977,104,675 | $ | 976,540,760 | ||||||||||||||
| 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 | $ | 103,709,654.58 | ||||||||||||||||||
| Specified Class A Enhancement | $ | 143,042,145.38 | The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount | |||||||||||||||||
| Class B Enhancement | $ | 69,139,654.58 | ||||||||||||||||||
| Specified Class B Enhancement | $ | 96,553,448.13 | The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount | |||||||||||||||||
| Class C Enhancement | $ | 21,273,654.58 | ||||||||||||||||||
| Specified Class C Enhancement | $ | 28,608,429.08 | 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 XIII Items B through F for the Class A; Items B through H for the Class B; and Items B through J for the Class C
XIII. 2003-A Cash Capitalization Account
| Cash Capitalization Account Balance as of Collection End Date | 5/31/2005 | $ | 58,502,550.00 | |||||
| Less: Excess of Trust fees & Note interest due over Available Funds | 6/15/2005 | $ | 0.00 | |||||
| Cash Capitalization Account Balance (CI)* | $ | 58,502,550.00 | ||||||
| *as defined under “Asset Balance” on page S-76 of the prospectus supplement | ||||||||
11
XIV. 2003-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 | 3/15/2005 | $ | 866,884,039.64 | ||||||
| iii | Asset Balance | 5/31/2005 | $ | 953,614,302.56 | ||||||
| iv | First Priority Principal Distribution Amount | 6/15/2005 | $ | 0.00 | ||||||
| — | ||||||||||
| v | Is the Class B Note Parity Trigger in Effect? | No | ||||||||
| vi | Aggregate A and B Notes Outstanding | 3/15/2005 | $ | 901,454,039.64 | ||||||
| vii | Asset Balance | 5/31/2005 | $ | 953,614,302.56 | ||||||
| viii | First Priority Principal Distribution Amount | 6/15/2005 | $ | 0.00 | ||||||
| ix | Second Priority Principal Distribution Amount | 6/15/2005 | $ | 0.00 | ||||||
| — | ||||||||||
| x | Is the Class C Note Parity Trigger in Effect? | No | ||||||||
| xi | Aggregate A, B and C Notes Outstanding | 3/15/2005 | $ | 949,320,039.64 | ||||||
| xii | Asset Balance | 5/31/2005 | $ | 953,614,302.56 | ||||||
| xiii | First Priority Principal Distribution Amount | 6/15/2005 | $ | 0.00 | ||||||
| xiv | Second Priority Principal Distribution Amount | 6/15/2005 | $ | 0.00 | ||||||
| xv | Third Priority Principal Distribution Amount | 6/15/2005 | $ | 0.00 | ||||||
| — | ||||||||||
| B | Regular Principal Distribution | |||||||||
| i | Aggregate Notes Outstanding | 3/15/2005 | $ | 949,320,039.64 | ||||||
| ii | Asset Balance | 5/31/2005 | $ | 953,614,302.56 | ||||||
| iii | Specified Overcollateralization Amount | 6/15/2005 | $ | 21,273,654.58 | ||||||
| iv | First Priority Principal Distribution Amount | 6/15/2005 | $ | 0.00 | ||||||
| v | Second Priority Principal Distribution Amount | 6/15/2005 | $ | 0.00 | ||||||
| vi | Third Priority Principal Distribution Amount | 6/15/2005 | $ | 0.00 | ||||||
| vii | Regular Principal Distribution Amount | $ | 16,979,391.66 | |||||||
| C | Class A Noteholders’ Principal Distribution Amounts | |||||||||
| i | Has the Stepdown Date Occurred? | No | ||||||||
| ii | Asset Balance | 5/31/2005 | $ | 953,614,302.56 | ||||||
| iii | 85% of Asset Balance | 5/31/2005 | $ | 810,572,157.18 | ||||||
| iv | Specified Overcollateralization Amount | 6/15/2005 | $ | 21,273,654.58 | ||||||
| v | Lesser of (iii) and (ii – iv) | $ | 810,572,157.18 | |||||||
| vi | Class A Noteholders’ Principal Distribution Amt – Before the Stepdown Date | $ | 16,979,391.66 | |||||||
| vii | Class A Noteholders’ Principal Distribution Amt – After the Stepdown Date | $ | 0.00 | |||||||
| D | Class B Noteholders’ Principal Distribution Amounts | |||||||||
| i | Has the Stepdown Date Occurred? | No | ||||||||
| ii | Asset Balance | 5/31/2005 | $ | 953,614,302.56 | ||||||
| iii | 89.875% of Asset Balance | 5/31/2005 | $ | 857,060,854.43 | ||||||
| iv | Specified Overcollateralization Amount | 6/15/2005 | $ | 21,273,654.58 | ||||||
| v | Lesser of (iii) and (ii – iv) | $ | 857,060,854.43 | |||||||
| vi | Class B Noteholders’ Principal Distribution Amt – Before the Stepdown Date | $ | 0.00 | |||||||
| vii | Class B Noteholders’ Principal Distribution Amt – After the Stepdown Date | $ | 0.00 | |||||||
| E | Class C Noteholders’ Principal Distribution Amounts | |||||||||
| i | Has the Stepdown Date Occurred? | No | ||||||||
| ii | Asset Balance | 5/31/2005 | $ | 953,614,302.56 | ||||||
| iii | 97% of Asset Balance | 5/31/2005 | $ | 925,005,873.48 | ||||||
| iv | Specified Overcollateralization Amount | 6/15/2005 | $ | 21,273,654.58 | ||||||
| v | Lesser of (iii) and (ii – iv) | $ | 925,005,873.48 | |||||||
| vi | Class C Noteholders’ Principal Distribution Amt – Before the Stepdown Date | $ | 0.00 | |||||||
| vii | Class C Noteholders’ Principal Distribution Amt – After the Stepdown Date | $ | 0.00 | |||||||
12
XV. 2003-A Waterfall for Distributions
| Remaining | ||||||||||||
| Funds Balance | ||||||||||||
| A | Total Available Funds ( Sections III-K) | $ | 35,331,426.76 | $ | 35,331,426.76 | |||||||
| B | Primary Servicing Fees-Current Month plus any Unpaid | $ | 509,181.99 | $ | 34,822,244.77 | |||||||
| C | Quarterly Administration Fee plus any Unpaid | $ | 20,000.00 | $ | 34,802,244.77 | |||||||
| D | Auction Fees Due 6/15/2005 | $ | 0.00 | $ | 34,802,244.77 | |||||||
| Broker/Dealer Fees Due 6/15/2005 | $ | 0.00 | $ | 34,802,244.77 | ||||||||
| E | Gross Swap Payment due Counterparty A | $ | 2,509,692.92 | $ | 32,292,551.85 | |||||||
| Gross Swap Payment due Counterparty B | $ | 2,509,692.92 | $ | 29,782,858.93 | ||||||||
| F | i | Class A-1 Noteholders' Interest Distribution Amount due 6/15/2005 | $ | 3,138,974.08 | $ | 26,643,884.85 | ||||||
| ii | Class A-2 Noteholders' Interest Distribution Amount due 6/15/2005 | $ | 2,821,333.33 | $ | 23,822,551.52 | |||||||
| iii | Class A-3 Noteholders' Interest Distribution Amount due 6/15/2005 | $ | 0.00 | $ | 23,822,551.52 | |||||||
| iv | Class A-4 Noteholders' Interest Distribution Amount due 6/15/2005 | $ | 0.00 | $ | 23,822,551.52 | |||||||
| v | Swap Termination Fees due 6/15/2005 | $ | 0.00 | $ | 23,822,551.52 | |||||||
| G | First Priority Principal Distribution Amount - Principal Distribution Account | $ | 0.00 | $ | 23,822,551.52 | |||||||
| H | Class B Noteholders’ Interest Distribuition Amount due 6/15/2005 | $ | 332,179.29 | $ | 23,490,372.23 | |||||||
| I | Second Priority Principal Distribution Amount - Principal Distribution Account | $ | 0.00 | $ | 23,490,372.23 | |||||||
| J | Class C Noteholders’ Interest Distribuition Amount | $ | 563,914.66 | $ | 22,926,457.57 | |||||||
| K | Third Priority Principal Distribution Amount - Principal Distribution Account | $ | 0.00 | $ | 22,926,457.57 | |||||||
| L | Increase to the Specified Reserve Account Balance | $ | 0.00 | $ | 22,926,457.57 | |||||||
| M | Regular Principal Distribution Amount - Principal Distribution Account | $ | 16,979,391.66 | $ | 5,947,065.91 | |||||||
| N | Carryover Servicing Fees | $ | 0.00 | $ | 5,947,065.91 | |||||||
| O | Auction Rate Noteholder’s Interest Carryover | |||||||||||
| i | Class A-3 | $ | 0.00 | $ | 5,947,065.91 | |||||||
| ii | Class A-4 | $ | 0.00 | $ | 5,947,065.91 | |||||||
| P | Swap Termination Payments | $ | 0.00 | $ | 5,947,065.91 | |||||||
| Q | Additional Principal Distribution Amount - Principal Distribution Account | $ | 0.00 | $ | 5,947,065.91 | |||||||
| R | Remaining Funds to the Certificateholders | $ | 5,947,065.91 | $ | 0.00 | |||||||
XVI. 2003-A Principal Distribution Account Allocations
| Remaining | ||||||||||||
| Funds Balance | ||||||||||||
| A | Total from Collection Account | $ | 16,979,391.66 | $ | 16,979,391.66 | |||||||
| B | i | Class A-1 Principal Distribution Amount Paid | $ | 16,979,391.66 | $ | 0.00 | ||||||
| ii | Class A-2 Principal Distribution Amount Paid | $ | 0.00 | $ | 0.00 | |||||||
| iii | Class A-3 Principal Distribution Amount Paid (or allocated) | $ | 0.00 | |||||||||
| iv | Class A-4 Principal Distribution Amount Paid (or allocated) | $ | 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 | |||||||
| iii | Remaining Class A-3 Distribution Paid (or allocated) | $ | 0.00 | $ | 0.00 | |||||||
| iv | Remaining Class A-4 Distribution Paid (or allocated) | $ | 0.00 | $ | 0.00 | |||||||
13
XVII. 2003-A Distributions
| A | Distribution Amounts | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class B | Class C | |||||||||||||||||||||||||
| i | Quarterly Interest Due | $ | 3,138,974.08 | $ | 2,821,333.33 | $ | 0.00 | $ | 0.00 | $ | 332,179.29 | $ | 563,914.66 | |||||||||||||||||||
| ii | Quarterly Interest Paid | 3,138,974.08 | 2,821,333.33 | 0.00 | 0.00 | 332,179.29 | 563,914.66 | |||||||||||||||||||||||||
| iii | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||
| iv | Interest Carryover Due | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||
| v | Interest Carryover Paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||
| vi | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||
| vii | Quarterly Principal Distribution Amount | $ | 16,979,391.66 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||
| viii | Quarterly Principal Paid (or allocated) | 16,979,391.66 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||
| ix | Difference | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||
| x | Total Distribution Amount | $ | 20,118,365.74 | $ | 2,821,333.33 | $ | 0.00 | $ | 0.00 | $ | 332,179.29 | $ | 563,914.66 | |||||||||||||||||||
| B | Note Balances | 3/15/2005 | Paydown Factors | 6/15/2005 | ||||||||||||||||||||||||||||
| i | A-1 Note Balance | 78443CAE4 | $ | 393,684,039.64 | $ | 376,704,647.98 | ||||||||||||||||||||||||||
| A-1 Note Pool Factor | 0.7872563 | 0.0339540 | 0.7533023 | |||||||||||||||||||||||||||||
| ii | A-2 Note Balance | 78443CAF1 | $ | 320,000,000.00 | $ | 320,000,000.00 | ||||||||||||||||||||||||||
| A-2 Note Pool Factor | 1.0000000 | 0.0000000 | 1.0000000 | |||||||||||||||||||||||||||||
| Next ARS Pay Date | Balances | |||||||||||||||||||||||||||||||
| iii | A-3 Note Balance | 78443CAJ3 | $ | 76,600,000.00 | $ | 76,600,000.00 | 07/07/05 | $ | 76,600,000.00 | |||||||||||||||||||||||
| A-3 Note Pool Factor | 1.0000000 | 0.0000000 | 1.0000000 | 1.0000000 | ||||||||||||||||||||||||||||
| iv | A-4 Note Balance | 78443CAK0 | $ | 76,600,000.00 | $ | 76,600,000.00 | 06/22/05 | $ | 76,600,000.00 | |||||||||||||||||||||||
| A-4 Note Pool Factor | 1.0000000 | 0.0000000 | 1.0000000 | 1.0000000 | ||||||||||||||||||||||||||||
| v | B Note Balance | 78443CAG9 | $ | 34,570,000.00 | $ | 34,570,000.00 | ||||||||||||||||||||||||||
| B Note Pool Factor | 1.0000000 | 0.0000000 | 1.0000000 | |||||||||||||||||||||||||||||
| vi | C Note Balance | 78443CAH7 | $ | 47,866,000.00 | $ | 47,866,000.00 | ||||||||||||||||||||||||||
| C Note Pool Factor | 1.0000000 | 0.0000000 | 1.0000000 | |||||||||||||||||||||||||||||
14
XVIII. 2003-A Historical Pool Information
| 3/1/05-05/31/05 | 12/1/04-02/28/05 | 9/1/04-11/30/04 | 6/1/04-8/31/04 | 3/1/04-5/31/04 | 12/1/03-2/29/04 | 09/01/03-11/30/03 | 06/01/03-08/31/03 | 01/27/03-05/31/03 | ||||||||||||||||||||||||||||||||
| Beginning Student Loan Portfolio Balance | $ | 884,601,548.03 | $ | 899,254,325.28 | $ | 904,088,498.48 | $ | 915,463,207.98 | $ | 929,674,448.24 | $ | 939,963,063.42 | $ | 941,931,312.31 | $ | 950,860,882.57 | $ | 965,794,008.71 | ||||||||||||||||||||||
| Student Loan Principal Activity | ||||||||||||||||||||||||||||||||||||||||
| i | Principal Payments Received | $ | 19,508,066.33 | $ | 19,420,042.36 | $ | 17,068,067.75 | $ | 17,543,474.92 | $ | 16,672,468.03 | $ | 16,674,807.08 | $ | 15,842,825.30 | $ | 14,621,918.82 | $ | 19,739,960.28 | |||||||||||||||||||||
| ii | Purchases by Servicer (Delinquencies >180) | 2,406,879.59 | 2,086,297.17 | 2,274,468.81 | 1,539,447.39 | 788,272.01 | 737,588.04 | 173,809.48 | 353,324.27 | 79,002.74 | ||||||||||||||||||||||||||||||
| iii | Other Servicer Reimbursements | 16.57 | — | — | 1,435.46 | 29,348.00 | 44.51 | 724.31 | 885.93 | 41.49 | ||||||||||||||||||||||||||||||
| iv | Seller Reimbursements | 16,983.01 | 74,277.47 | 16,070.00 | 24,274.87 | 121,227.33 | 19,179.46 | 25,606.76 | 49,467.03 | 134,675.22 | ||||||||||||||||||||||||||||||
| v | Total Principal Collections | $ | 21,931,945.50 | $ | 21,580,617.00 | $ | 19,358,606.56 | $ | 19,108,632.64 | $ | 17,611,315.37 | $ | 17,431,619.09 | $ | 16,042,965.85 | $ | 15,025,596.05 | $ | 19,953,679.73 | �� | ||||||||||||||||||||
| Student Loan Non-Cash Principal Activity | ||||||||||||||||||||||||||||||||||||||||
| i | Realized Losses/Loans Charged Off | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
| ii | Capitalized Interest | (3,495,328.81 | ) | (6,465,234.14 | ) | (13,535,427.26 | ) | (7,272,975.84 | ) | (3,281,180.36 | ) | (6,549,770.46 | ) | (12,602,082.87 | ) | (5,599,582.19 | ) | (4,391,385.55 | ) | |||||||||||||||||||||
| iii | Capitalized Insurance Fee | ($44,259.35 | ) | ($463,420.98 | ) | ($971,049.07 | ) | ($433,015.33 | ) | ($121,505.97 | ) | ($571,102.55 | ) | ($1,467,684.39 | ) | ($554,812.95 | ) | ($458,815.65 | ) | |||||||||||||||||||||
| iv | Other Adjustments | 1,750.20 | 815.37 | (17,957.03 | ) | (27,931.97 | ) | 2,611.22 | (22,130.90 | ) | (4,949.70 | ) | 58,369.35 | (170,352.39 | ) | |||||||||||||||||||||||||
| v | Total Non-Cash Principal Activity | $ | (3,537,837.96 | ) | $ | (6,927,839.75 | ) | $ | (14,524,433.36 | ) | $ | (7,733,923.14 | ) | $ | (3,400,075.11 | ) | $ | (7,143,003.91 | ) | $ | (14,074,716.96 | ) | $ | (6,096,025.79 | ) | $ | (5,020,553.59 | ) | ||||||||||||
| (-) | Total Student Loan Principal Activity | $ | 18,394,107.54 | $ | 14,652,777.25 | $ | 4,834,173.20 | $ | 11,374,709.50 | $ | 14,211,240.26 | $ | 10,288,615.18 | $ | 1,968,248.89 | $ | 8,929,570.26 | $ | 14,933,126.14 | |||||||||||||||||||||
| Student Loan Interest Activity | ||||||||||||||||||||||||||||||||||||||||
| i | Interest Payments Received | $ | 8,306,909.81 | $ | 7,350,831.66 | $ | 6,131,926.27 | $ | 5,977,573.14 | $ | 5,659,640.74 | $ | 5,709,448.24 | $ | 5,331,516.12 | $ | 5,278,543.75 | $ | 7,321,995.25 | |||||||||||||||||||||
| ii | Repurchases by Servicer (Delinquencies >180) | 106,760.50 | 86,371.07 | 102,546.85 | 53,213.19 | 22,760.31 | 23,997.03 | 4,181.44 | 10,839.32 | 5,216.47 | ||||||||||||||||||||||||||||||
| iii | Other Servicer Reimbursements | 0.15 | 22.89 | — | 0.01 | 2,360.70 | 1.58 | (26.40 | ) | (51.74 | ) | 0.07 | ||||||||||||||||||||||||||||
| iv | Seller Reimbursements | 329.66 | 1,279.59 | 3,011.33 | 1,714.22 | 4,145.35 | 460.67 | 367.14 | 468.06 | 8,882.55 | ||||||||||||||||||||||||||||||
| v | Late Fees | 133,224.11 | 112,206.09 | 85,547.56 | 76,828.01 | 65,382.33 | 66,703.72 | 48,241.84 | 45,213.15 | 69,417.72 | ||||||||||||||||||||||||||||||
| vi | Collection Fees | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
| viii | Total Interest Collections | 8,547,224.23 | 7,550,711.30 | 6,323,032.01 | 6,109,328.57 | 5,754,289.43 | 5,800,611.24 | 5,384,280.14 | 5,335,012.54 | 7,405,512.06 | ||||||||||||||||||||||||||||||
| Student Loan Non-Cash Interest Activity | ||||||||||||||||||||||||||||||||||||||||
| i | Realized Losses/Loans Charged Off | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
| ii | Capitalized Interest | 3,495,328.81 | 6,465,234.14 | 13,535,427.26 | 7,272,975.84 | 3,281,180.36 | 6,549,770.46 | 12,602,082.87 | 5,599,582.19 | 4,391,385.55 | ||||||||||||||||||||||||||||||
| iii | Other Interest Adjustments | 152.54 | 2,547.26 | 12,577.11 | 3,761.68 | 15,890.58 | 26,748.44 | 12,334.20 | 57,820.00 | (11,117.42 | ) | |||||||||||||||||||||||||||||
| iv | Total Non-Cash Interest Adjustments | $ | 3,495,481.35 | $ | 6,467,781.40 | �� | $ | 13,548,004.37 | $ | 7,276,737.52 | $ | 3,297,070.94 | $ | 6,576,518.90 | $ | 12,614,417.07 | $ | 5,657,402.19 | $ | 4,380,268.13 | ||||||||||||||||||||
| v | Total Student Loan Interest Activity | $ | 12,042,705.58 | $ | 14,018,492.70 | $ | 19,871,036.38 | $ | 13,386,066.09 | $ | 9,051,360.37 | $ | 12,377,130.14 | $ | 17,998,697.21 | $ | 10,992,414.73 | $ | 11,785,780.19 | |||||||||||||||||||||
| (=) | Ending Student Loan Portfolio Balance | $ | 866,207,440.49 | $ | 884,601,548.03 | $ | 899,254,325.28 | $ | 904,088,498.48 | $ | 915,463,207.98 | $ | 929,674,448.24 | $ | 939,963,063.42 | $ | 941,931,312.31 | $ | 950,860,882.57 | |||||||||||||||||||||
| (+) | Interest to be Capitalized | $ | 28,904,312.07 | $ | 27,489,596.19 | $ | 29,170,521.14 | $ | 37,997,502.05 | $ | 40,397,122.73 | $ | 38,468,568.88 | $ | 39,829,607.08 | $ | 46,612,526.83 | $ | 45,954,342.67 | |||||||||||||||||||||
| (=) | TOTAL POOL | $ | 895,111,752.56 | $ | 912,091,144.22 | $ | 928,424,846.42 | $ | 942,086,000.53 | $ | 955,860,330.71 | $ | 968,143,017.12 | $ | 979,792,670.50 | $ | 988,543,839.14 | $ | 996,815,225.24 | |||||||||||||||||||||
| (+) | Cash Capitalization Account Balance (CI) | $ | 58,502,550.00 | $ | 58,502,550.00 | $ | 58,502,550.00 | $ | 58,502,550.00 | $ | 58,502,550.00 | $ | 58,502,550.00 | $ | 58,502,550.00 | $ | 58,502,550.00 | $ | 58,502,550.00 | |||||||||||||||||||||
| (=) | Asset Balance | $ | 953,614,302.56 | $ | 970,593,694.22 | $ | 986,927,396.42 | $ | 1,000,588,550.53 | $ | 1,014,362,880.71 | $ | 1,026,645,567.12 | $ | 1,038,295,220.50 | $ | 1,047,046,389.14 | $ | 1,055,317,775.24 | |||||||||||||||||||||
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XIX. 2003-A Payment History and CPRs
| Distribution | Actual | Since Issued | ||||
| Date | Pool Balances | CPR * | ||||
| Jun-03 | $ | 996,815,225 | 2.20% | |||
| Sep-03 | $ | 988,543,821 | 2.41% | |||
| Dec-03 | $ | 979,792,671 | 2.63% | |||
| Mar-04 | $ | 968,143,017 | 2.63% | |||
| Jun-04 | $ | 955,860,331 | 2.62% | |||
| Sep-04 | $ | 942,086,001 | 2.68% | |||
| Dec-04 | $ | 928,424,846 | 2.74% | |||
| Mar-05 | $ | 912,091,144 | 2.72% | |||
| Jun-05 | $ | 895,111,752.56 | 2.73% | |||
* “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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