SLM Student Loan Trust 2002-4 Quarterly Servicing Report
Report Date: 5/31/2005 Reporting Period: 3/1/05-5/31/05
I. Deal Parameters
| Student Loan Portfolio Characteristics | 2/28/2005 | Activity | 5/31/2005 | |||||||||||||
| A | i | Portfolio Balance | $ | 681,913,474.65 | $ | (60,997,463.66 | ) | $ | 620,916,010.99 | |||||||
| ii | Interest to be Capitalized | 8,323,406.55 | 8,217,997.72 | |||||||||||||
| iii | Total Pool | $ | 690,236,881.20 | $ | 629,134,008.71 | |||||||||||
| iv | Specified Reserve Account Balance | 1,725,592.20 | 1,572,835.02 | |||||||||||||
| v | Total Adjusted Pool | $ | 691,962,473.40 | $ | 630,706,843.73 | |||||||||||
| B | i | Weighted Average Coupon (WAC) | 3.339 | % | 3.337 | % | ||||||||||
| ii | Weighted Average Remaining Term | 107.56 | 105.94 | |||||||||||||
| iii | Number of Loans | 230,612 | 213,743 | |||||||||||||
| iv | Number of Borrowers | 130,165 | 121,053 | |||||||||||||
| v | Aggregate Outstanding Principal Balance - T-Bill | $ | 142,142,876.04 | $ | 129,783,368.97 | |||||||||||
| vi | Aggregate Outstanding Principal Balance - Commercial Paper | $ | 548,094,005.16 | $ | 499,350,639.74 | |||||||||||
| % of | % of | |||||||||||||||||||||||
| Notes and Certificates | Spread | Balance 3/15/05 | O/S Securities* | Balance 6/15/05 | O/S Securities* | |||||||||||||||||||
| C | i | A-1 Notes | 78442GDU7 | 0.000 | % | $ | — | 0.000 | % | $ | — | 0.000% | ||||||||||||
| ii | A-2 Notes | 78442GDV5 | 0.030 | % | — | 0.000 | % | — | 0.000% | |||||||||||||||
| iii | A-3 Notes | 78442GDW3 | 0.080 | % | 173,509,473.40 | 25.075 | % | 112,253,843.73 | 17.798% | |||||||||||||||
| iv | A-4 Notes | 78442GDX1 | 0.140 | % | 472,480,000.00 | 68.281 | % | 472,480,000.00 | 74.913% | |||||||||||||||
| v | B Notes | 78442GDY9 | 0.360 | % | 45,973,000.00 | 6.644 | % | 45,973,000.00 | 7.289% | |||||||||||||||
| vi | Total Notes | $ | 691,962,473.40 | 100.000 | % | $ | 630,706,843.73 | 100.000% | ||||||||||||||||
| Reserve Account | 3/15/2005 | 6/15/2005 | ||||||||||
| D | i | Required Reserve Acct Deposit (%) | 0.25% | 0.25% | ||||||||
| ii | Reserve Acct Initial Deposit ($) | |||||||||||
| iii | Specified Reserve Acct Balance ($) | $ | 1,725,592.20 | $ | 1,572,835.02 | |||||||
| iv | Reserve Account Floor Balance ($) | $ | 1,503,142.00 | $ | 1,503,142.00 | |||||||
| v | Current Reserve Acct Balance ($) | $ | 1,725,592.20 | $ | 1,572,835.02 | |||||||
*Percentages may not total 100% due to rounding.
1
II. 2002-4 Transactions from: 3/1/2005 through: 5/31/2005
| A | Student Loan Principal Activity | |||||||
| i | Regular Principal Collections | $ | 55,205,723.05 | |||||
| ii | Principal Collections from Guarantor | 7,992,377.49 | ||||||
| iii | Principal Reimbursements | 15,064.74 | ||||||
| iv | Other System Adjustments | 0.00 | ||||||
| v | Total Principal Collections | $ | 63,213,165.28 | |||||
| B | Student Loan Non-Cash Principal Activity | |||||||
| i | Other Adjustments | $ | 3,765.81 | |||||
| ii | Capitalized Interest | (2,219,467.43 | ) | |||||
| iii | Total Non-Cash Principal Activity | $ | (2,215,701.62 | ) | ||||
| C | Total Student Loan Principal Activity | $ | 60,997,463.66 | |||||
| D | Student Loan Interest Activity | |||||||
| i | Regular Interest Collections | $ | 2,481,757.80 | |||||
| ii | Interest Claims Received from Guarantors | 204,820.21 | ||||||
| iii | Collection Fees | 65,987.99 | ||||||
| iv | Late Fee Reimbursements | 205,442.29 | ||||||
| v | Interest Reimbursements | 38,095.03 | ||||||
| vi | Other System Adjustments | 0.00 | ||||||
| vii | Special Allowance Payments | 2,604,223.39 | ||||||
| viii | Subsidy Payments | 788,092.18 | ||||||
| ix | Total Interest Collections | $ | 6,388,418.89 | |||||
| E | Student Loan Non-Cash Interest Activity | |||||||
| i | Interest Accrual Adjustment | $ | 976.60 | |||||
| ii | Capitalized Interest | 2,219,467.43 | ||||||
| iii | Total Non-Cash Interest Adjustments | $ | 2,220,444.03 | |||||
| F | Total Student Loan Interest Activity | $ | 8,608,862.92 | |||||
| G | Non-Reimbursable Losses During Collection Period | $ | 1,230.02 | |||||
| H | Cumulative Non-Reimbursable Losses to Date | $ | 1,081,948.63 | |||||
2
III. 2002-4 Collection Account Activity 3/1/2005 through 5/31/2005
| A | Principal Collections | |||||||
| i | Principal Payments Received | $ | 19,622,902.95 | |||||
| ii | Consolidation Principal Payments | 43,575,197.59 | ||||||
| iii | Reimbursements by Seller | 807.17 | ||||||
| iv | Borrower Benefits Reimbursed | 1,968.47 | ||||||
| v | Reimbursements by Servicer | 683.62 | ||||||
| vi | Re-purchased Principal | 11,605.48 | ||||||
| vii | Total Principal Collections | $ | 63,213,165.28 | |||||
| B | Interest Collections | |||||||
| i | Interest Payments Received | $ | 5,711,204.19 | |||||
| ii | Consolidation Interest Payments | 367,689.39 | ||||||
| iii | Reimbursements by Seller | (2.02 | ) | |||||
| iv | Borrower Benefits Reimbursed | 0.00 | ||||||
| v | Reimbursements by Servicer | 37,240.91 | ||||||
| vi | Re-purchased Interest | 856.14 | ||||||
| vii | Collection Fees/Returned Items | 65,987.99 | ||||||
| viii | Late Fees | 205,442.29 | ||||||
| ix | Total Interest Collections | $ | 6,388,418.89 | |||||
| C | Other Reimbursements | $ | 28,599.41 | |||||
| D | Trust Account Investment Income | $ | 324,577.46 | |||||
| E | Return funds borrowed for previous distribution | $ | 0.00 | |||||
| TOTAL FUNDS RECEIVED | $ | 69,954,761.04 | ||||||
| LESS FUNDS PREVIOUSLY REMITTED: | ||||||||
Servicing Fees | $ | (1,006,286.64 | ) | |||||
| F | AVAILABLE FUNDS | $ | 68,948,474.40 | |||||
| G | Servicing Fees Due for Current Period | $ | 479,024.88 | |||||
| H | Carryover Servicing Fees Due | $ | 0.00 | |||||
| I | Administration Fees Due | $ | 20,000.00 | |||||
| J | Total Fees Due for Period | $ | 499,024.88 | |||||
3
IV. 2002-4 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 | ||||||||||||||||||||||||||||||||||||||||
| Current | 2.777 | % | 2.778 | % | 25,358 | 17,615 | 10.996 | % | 8.241 | % | $ | 83,595,547.98 | $ | 58,473,490.04 | 12.259 | % | 9.417 | % | ||||||||||||||||||||||
Grace | ||||||||||||||||||||||||||||||||||||||||
| Current | 2.774 | % | 2.774 | % | 5,822 | 11,893 | 2.525 | % | 5.564 | % | $ | 18,853,489.01 | $ | 38,113,098.11 | 2.765 | % | 6.138 | % | ||||||||||||||||||||||
TOTAL INTERIM | 2.776 | % | 2.776 | % | 31,180 | 29,508 | 13.521 | % | 13.805 | % | $ | 102,449,036.99 | $ | 96,586,588.15 | 15.024 | % | 15.555 | % | ||||||||||||||||||||||
REPAYMENT | ||||||||||||||||||||||||||||||||||||||||
Active | ||||||||||||||||||||||||||||||||||||||||
| Current | 3.600 | % | 3.597 | % | 98,196 | 91,621 | 42.581 | % | 42.865 | % | $ | 277,896,637.39 | $ | 250,070,391.76 | 40.752 | % | 40.274 | % | ||||||||||||||||||||||
| 31-60 Days Delinquent | 3.532 | % | 3.523 | % | 8,981 | 9,023 | 3.894 | % | 4.221 | % | 26,788,493.80 | 25,631,804.27 | 3.928 | % | 4.128 | % | ||||||||||||||||||||||||
| 61-90 Days Delinquent | 3.495 | % | 3.519 | % | 6,560 | 6,123 | 2.845 | % | 2.865 | % | 19,953,141.27 | 17,475,295.93 | 2.926 | % | 2.814 | % | ||||||||||||||||||||||||
| 91-120 Days Delinquent | 3.506 | % | 3.512 | % | 4,779 | 4,538 | 2.072 | % | 2.123 | % | 13,991,914.69 | 12,612,315.87 | 2.052 | % | 2.031 | % | ||||||||||||||||||||||||
| > 120 Days Delinquent | 3.485 | % | 3.471 | % | 14,879 | 13,408 | 6.452 | % | 6.273 | % | 40,810,534.18 | 37,344,875.13 | 5.985 | % | 6.014 | % | ||||||||||||||||||||||||
Deferment | ||||||||||||||||||||||||||||||||||||||||
| Current | 2.838 | % | 2.837 | % | 33,547 | 29,003 | 14.547 | % | 13.569 | % | 95,518,523.34 | 82,883,807.93 | 14.007 | % | 13.349 | % | ||||||||||||||||||||||||
Forbearance | ||||||||||||||||||||||||||||||||||||||||
| Current | 3.495 | % | 3.491 | % | 30,262 | 28,621 | 13.122 | % | 13.390 | % | 98,992,597.06 | 93,364,870.93 | 14.517 | % | 15.037 | % | ||||||||||||||||||||||||
TOTAL REPAYMENT | 3.438 | % | 3.439 | % | 197,204 | 182,337 | 85.513 | % | 85.307 | % | $ | 573,951,841.73 | $ | 519,383,361.82 | 84.168 | % | 83.648 | % | ||||||||||||||||||||||
Claims in Process (1) | 3.492 | % | 3.481 | % | 2,219 | 1,881 | 0.962 | % | 0.880 | % | $ | 5,494,686.93 | $ | 4,910,369.88 | 0.806 | % | 0.791 | % | ||||||||||||||||||||||
Aged Claims Rejected (2) | 4.165 | % | 3.370 | % | 9 | 17 | 0.004 | % | 0.008 | % | $ | 17,909.00 | $ | 35,691.14 | 0.003 | % | 0.006 | % | ||||||||||||||||||||||
GRAND TOTAL | 3.339 | % | 3.337 | % | 230,612 | 213,743 | 100.000 | % | 100.000 | % | $ | 681,913,474.65 | $ | 620,916,010.99 | 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.
4
V. 2002-4 Portfolio Characteristics by School and Program
| LOAN TYPE | WAC | # Loans | $ Amount | % | ||||||||||||
| - GSL — Subsidized | 3.183 | % | 119,287 | $ | 300,170,057.25 | 48.343 | % | |||||||||
| - GSL — Unsubsidized | 3.167 | % | 74,678 | 225,653,638.28 | 36.342 | % | ||||||||||
| - PLUS Loans | 4.187 | % | 19,468 | 94,140,232.88 | 15.162 | % | ||||||||||
| - SLS Loans | 5.366 | % | 310 | 952,082.58 | 0.153 | % | ||||||||||
| - Total | 3.337 | % | 213,743 | $ | 620,916,010.99 | 100.000 | % | |||||||||
| SCHOOL TYPE | WAC | # Loans | $ Amount | % | ||||||||||||
| - Four Year | 3.315 | % | 160,924 | $ | 503,871,301.59 | 81.150 | % | |||||||||
| - Two Year | 3.424 | % | 41,406 | 91,517,422.56 | 14.739 | % | ||||||||||
| - Technical | 3.449 | % | 11,411 | 25,520,307.21 | 4.110 | % | ||||||||||
| - Other | 3.370 | % | 2 | 6,979.63 | 0.001 | % | ||||||||||
| - Total | 3.337 | % | 213,743 | $ | 620,916,010.99 | 100.000 | % | |||||||||
*Percentages may not total 100% due to rounding.
5
VI. 2002-4 Expected Interest Calculation
| A | Borrower Interest Accrued During Collection Period | $ | 4,653,538.80 | |||
| B | Interest Subsidy Payments Accrued During Collection Period | 765,464.61 | ||||
| C | SAP Payments Accrued During Collection Period | 2,890,208.31 | ||||
| D | INV Earnings Accrued for Collection Period (RESERVE, COLLECTION) | 324,577.46 | ||||
| E | Investment Earnings (ADMINISTRATOR ACCOUNTS) | 0.00 | ||||
| F | Net Expected Interest Collections | $ | 8,633,789.18 |
VII. 2002-4 Accrued Interest Factors
| Accrued | ||||||||||||
| Int Factor | Accrual Period | Rate | ||||||||||
| A | Class A-1 Interest Rate | 0.000000000 | - | 0.00000 | % | |||||||
| B | Class A-2 Interest Rate | 0.000000000 | 0.00000 | % | ||||||||
| C | Class A-3 Interest Rate | 0.007896667 | 03/15/05 - 06/15/05 | 3.09000 | % | |||||||
| D | Class A-4 Interest Rate | 0.008050000 | 03/15/05 - 06/15/05 | 3.15000 | % | |||||||
| E | Class B Interest Rate | 0.008612222 | 03/15/05 - 06/15/05 | 3.37000 | % | |||||||
6
VIII. 2002-4 Input from Previous Quarterly Servicing Report 2/28/05
| A | Total Student Loan Pool Outstanding | |||||||||||||||||
| i Portfolio Balance | $ | 681,913,474.65 | ||||||||||||||||
| ii Interest To Be Capitalized | 8,323,406.55 | |||||||||||||||||
| iii Total Pool | $ | 690,236,881.20 | ||||||||||||||||
| iv Specified Reserve Account Balance | 1,725,592.20 | |||||||||||||||||
| v Total Adjusted Pool | $ | 691,962,473.40 | ||||||||||||||||
| B | Total Note and Certificate Factor | 0.451539116 | ||||||||||||||||
| C | Total Note Balance | $ | 691,962,473.40 | |||||||||||||||
| D | Note Balance 3/15/2005 | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class B | ||||||||||||
| i Current Factor | 0.000000000 | 0.000000000 | 0.619676691 | 1.000000000 | 1.000000000 | |||||||||||||
| ii Expected Note Balance | $ | 0.00 | $ | 0.00 | $ | 173,509,473.40 | $ | 472,480,000.00 | $ | 45,973,000.00 | ||||||||
| E | Note Principal Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||
| F | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||
| G | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||
| H | Reserve Account Balance | $ | 1,725,592.20 | |||||||||||||||
| I | Unpaid Primary Servicing Fees from Prior Month(s) | $ | 0.00 | |||||||||||||||
| J | Unpaid Administration fees from Prior Quarter(s) | $ | 0.00 | |||||||||||||||
| K | Unpaid Carryover Servicing Fees from Prior Quarter(s) | $ | 0.00 | |||||||||||||||
| L | Interest Due on Unpaid Carryover Servicing Fees | $ | 0.00 | |||||||||||||||
7
IX. 2002-4 Waterfall for Distributions
| Remaining | ||||||||||||
| Funds Balance | ||||||||||||
| A | Total Available Funds ( Sections III-F ) | $ | 68,948,474.40 | $ | 68,948,474.40 | |||||||
| B | Primary Servicing Fees-Current Month | $ | 479,024.88 | $ | 68,469,449.52 | |||||||
| C | Administration Fee | $ | 20,000.00 | $ | 68,449,449.52 | |||||||
| D | Noteholder’s Interest Distribution Amount | |||||||||||
| i | Class A-1 | $ | 0.00 | $ | 68,449,449.52 | |||||||
| ii | Class A-2 | $ | 0.00 | $ | 68,449,449.52 | |||||||
| iii | Class A-3 | $ | 1,370,146.47 | $ | 67,079,303.05 | |||||||
| iv | Class A-4 | $ | 3,803,464.00 | $ | 63,275,839.05 | |||||||
| v | Class B | $ | 395,929.69 | $ | 62,879,909.36 | |||||||
| vi | Total Noteholder's Interest Distribution | $ | 5,569,540.16 | |||||||||
| E | Noteholder’s Principal Distribution Amount Paid | |||||||||||
| i | Class A-1 | $ | 0.00 | $ | 62,879,909.36 | |||||||
| ii | Class A-2 | $ | 0.00 | $ | 62,879,909.36 | |||||||
| iii | Class A-3 | $ | 61,255,629.67 | $ | 1,624,279.69 | |||||||
| iv | Class A-4 | $ | 0.00 | $ | 1,624,279.69 | |||||||
| v | Class B | $ | 0.00 | $ | 1,624,279.69 | |||||||
| vi | Total Noteholder's Principal Distribution | $ | 61,255,629.67 | |||||||||
| F | Increase to the Specified Reserve Account Balance | $ | 0.00 | $ | 1,624,279.69 | |||||||
| G | Carryover Servicing Fees | $ | 0.00 | $ | 1,624,279.69 | |||||||
| H | Noteholder’s Interest Carryover | |||||||||||
| i | Class A-1 | $ | 0.00 | $ | 1,624,279.69 | |||||||
| ii | Class A-2 | $ | 0.00 | $ | 1,624,279.69 | |||||||
| iii | Class A-3 | $ | 0.00 | $ | 1,624,279.69 | |||||||
| iv | Class A-4 | $ | 0.00 | $ | 1,624,279.69 | |||||||
| v | Class B | $ | 0.00 | $ | 1,624,279.69 | |||||||
| vi | Total Noteholder's Interest Carryover | $ | 0.00 | |||||||||
| I | Excess to Reserve Account | $ | 1,624,279.69 | $ | 0.00 | |||||||
8
X. 2002-4 Distributions
| A | Distribution Amounts | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class B | ||||||||||||||||||
| i | Quarterly Interest Due | $ | 0.00 | $ | 0.00 | $ | 1,370,146.47 | $ | 3,803,464.00 | $ | 395,929.69 | |||||||||||||
| ii | Quarterly Interest Paid | 0.00 | 0.00 | $ | 1,370,146.47 | $ | 3,803,464.00 | 395,929.69 | ||||||||||||||||
| iii | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||
| iv | Interest Carryover Due | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||
| v | Interest Carryover Paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
| vi | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||
| vii | Quarterly Principal Due | $ | 0.00 | $ | 0.00 | $ | 61,255,629.67 | $ | 0.00 | $ | 0.00 | |||||||||||||
| viii | Quarterly Principal Paid | 0.00 | 0.00 | 61,255,629.67 | 0.00 | 0.00 | ||||||||||||||||||
| ix | Quarterly Principal Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||
| x | Total Distribution Amount | $ | 0.00 | $ | 0.00 | $ | 62,625,776.14 | $ | 3,803,464.00 | $ | 395,929.69 | |||||||||||||
| B | Principal Distribution Reconciliation | |||||||||||||||||||||||
| i | Notes Outstanding Principal Balance 5/31/05 | $ | 691,962,473.40 | |||||||||||||||||||||
| ii | Adjusted Pool Balance 5/31/05 | 630,706,843.73 | ||||||||||||||||||||||
| iii | Adjusted Pool Exceeding Notes Balance (i-ii) | $ | 61,255,629.67 | |||||||||||||||||||||
| iv | Adjusted Pool Balance 2/28/05 | $ | 691,962,473.40 | |||||||||||||||||||||
| v | Adjusted Pool Balance 5/31/05 | 630,706,843.73 | ||||||||||||||||||||||
| vi | Current Principal Due (iv - v) | $ | 61,255,629.67 | |||||||||||||||||||||
| vii | Principal Shortfall from previous Collection Period | — | ||||||||||||||||||||||
| viii | Principal Distribution Amount (vi + vii) | $ | 61,255,629.67 | |||||||||||||||||||||
| ix | Principal Distribution Amount Paid | $ | 61,255,629.67 | |||||||||||||||||||||
| x | Principal Shortfall (viii - ix) | $ | — | |||||||||||||||||||||
| C | Total Principal Distribution | $ | 61,255,629.67 | |||||||||||||||||||||
| D | Total Interest Distribution | 5,569,540.16 | ||||||||||||||||||||||
| E | Total Cash Distributions | $ | 66,825,169.83 | |||||||||||||||||||||
| F | Note Balances | 3/15/2005 | 6/15/2005 | |||||||||||||||||
| i | A-1 Note Balance | 78442GDU7 | $ | — | $ | — | ||||||||||||||
| A-1 Note Pool Factor | 0.000000000 | 0.000000000 | ||||||||||||||||||
| ii | A-2 Note Balance | 78442GDV5 | $ | — | $ | — | ||||||||||||||
| A-2 Note Pool Factor | 0.000000000 | 0.000000000 | ||||||||||||||||||
| iii | A-3 Note Balance | 78442GDW3 | $ | 173,509,473.40 | $ | 112,253,843.73 | ||||||||||||||
| A-3 Note Pool Factor | 0.619676691 | 0.400906585 | ||||||||||||||||||
| iv | A-4 Note Balance | 78442GDX1 | $ | 472,480,000.00 | $ | 472,480,000.00 | ||||||||||||||
| A-4 Note Pool Factor | 1.000000000 | 1.000000000 | ||||||||||||||||||
| v | B Note Balance | 78442GDY9 | $ | 45,973,000.00 | $ | 45,973,000.00 | ||||||||||||||
| B Note Pool Factor | 1.000000000 | 1.000000000 | ||||||||||||||||||
| G | Reserve Account Reconciliation | |||||||||||||||||||
| i | Beginning of Period Balance | $ | 1,725,592.20 | |||||||||||||||||
| ii | Deposits to correct Shortfall | $ | — | |||||||||||||||||
| iii | Deposits from Excess Servicing | $ | 1,624,279.69 | |||||||||||||||||
| iv | Total Reserve Account Balance Available | $ | 3,349,871.89 | |||||||||||||||||
| v | Required Reserve Account Balance | $ | 1,572,835.02 | |||||||||||||||||
| vi | Shortfall Carried to Next Period | $ | — | |||||||||||||||||
| vii | Excess Reserve — Release to Certificateholder | $ | 1,777,036.87 | |||||||||||||||||
| viii | Ending Reserve Account Balance | $ | 1,572,835.02 | |||||||||||||||||
XI. 2002-4 Historical Pool Information
| 2004 | 2003 | 2002 | ||||||||||||||||||||||
| 3/1/05-5/31/05 | 12/1/04-02/28/05 | 12/1/03-11/30/04 | 12/1/02-11/30/03 | 7/9/02-11/30/02 | ||||||||||||||||||||
| Beginning Student Loan Portfolio Balance | $ | 681,913,474.65 | �� | $ | 745,679,812.12 | $ | 1,002,897,181.97 | $ | 1,318,637,823.20 | $ | 1,477,360,738.22 | |||||||||||||
| Student Loan Principal Activity | ||||||||||||||||||||||||
| i | Regular Principal Collections | $ | 55,205,723.05 | $ | 55,828,538.46 | $ | 243,536,187.71 | $ | 237,012,225.38 | $ | 88,672,534.75 | |||||||||||||
| ii | Principal Collections from Guarantor | 7,992,377.49 | 10,856,462.13 | $ | 28,077,458.20 | $ | 29,991,801.22 | $ | 2,381,354.31 | |||||||||||||||
| iii | Principal Reimbursements | 15,064.74 | 27,739.80 | $ | 209,494.26 | $ | 68,068,273.68 | $ | 84,625,489.83 | |||||||||||||||
| iv | Other System Adjustments | — | — | — | — | — | ||||||||||||||||||
| v | Total Principal Collections | $ | 63,213,165.28 | $ | 66,712,740.39 | $ | 271,823,140.17 | $ | 335,072,300.28 | $ | 175,679,378.89 | |||||||||||||
| Student Loan Non-Cash Principal Activity | ||||||||||||||||||||||||
| i | Other Adjustments | $ | 3,765.81 | $ | 37,402.27 | $ | 505,267.22 | $ | 1,385,405.79 | $ | 730,538.49 | |||||||||||||
| ii | Capitalized Interest | (2,219,467.43 | ) | (2,983,805.19 | ) | (15,111,037.54 | ) | (20,717,064.84 | ) | (17,687,002.36 | ) | |||||||||||||
| iii | Total Non-Cash Principal Activity | $ | (2,215,701.62 | ) | $ | (2,946,402.92 | ) | $ | (14,605,770.32 | ) | $ | (19,331,659.05 | ) | $ | (16,956,463.87 | ) | ||||||||
| (-) | Total Student Loan Principal Activity | $ | 60,997,463.66 | $ | 63,766,337.47 | $ | 257,217,369.85 | $ | 315,740,641.23 | $ | 158,722,915.02 | |||||||||||||
| Student Loan Interest Activity | ||||||||||||||||||||||||
| i | Regular Interest Collections | $ | 2,481,757.80 | $ | 2,735,021.68 | $ | 13,852,767.68 | $ | 18,845,257.73 | $ | 13,872,144.11 | |||||||||||||
| ii | Interest Claims Received from Guarantors | 204,820.21 | 303,677.51 | $ | 769,787.18 | $ | 1,070,568.53 | $ | 58,300.14 | |||||||||||||||
| iii | Collection Fees | 65,987.99 | 68,315.51 | $ | 194,106.57 | $ | 127,204.35 | $ | 16,742.09 | |||||||||||||||
| iv | Late Fee Reimbursements | 205,442.29 | 201,098.38 | $ | 801,811.37 | $ | 737,474.54 | $ | 356,986.94 | |||||||||||||||
| v | Interest Reimbursements | 38,095.03 | 33,469.47 | $ | 47,850.11 | $ | 682,939.27 | $ | 1,499,123.21 | |||||||||||||||
| vi | Other System Adjustments | — | — | $ | — | $ | — | $ | — | |||||||||||||||
| vii | Special Allowance Payments | 2,604,223.39 | 1,994,103.46 | $ | 1,963,146.78 | $ | 587,042.32 | $ | — | |||||||||||||||
| viii | Subsidy Payments | 788,092.18 | 938,374.86 | 7,126,487.68 | 13,418,923.63 | 2,559,624.10 | ||||||||||||||||||
| ix | Total Interest Collections | $ | 6,388,418.89 | $ | 6,274,060.87 | $ | 24,755,957.37 | $ | 35,469,410.37 | $ | 18,362,920.59 | |||||||||||||
| Student Loan Non-Cash Interest Activity | ||||||||||||||||||||||||
| i | Interest Accrual Adjustment | $ | 976.60 | $ | 1,016.45 | $ | (2,857.18 | ) | $ | (780,786.96 | ) | $ | (627,800.90 | ) | ||||||||||
| ii | Capitalized Interest | 2,219,467.43 | 2,983,805.19 | 15,111,037.54 | 20,717,064.84 | 17,687,002.36 | ||||||||||||||||||
| iii | Total Non-Cash Interest Adjustments | $ | 2,220,444.03 | $ | 2,984,821.64 | $ | 15,108,180.36 | $ | 19,936,277.88 | $ | 17,059,201.46 | |||||||||||||
| Total Student Loan Interest Activity | $ | 8,608,862.92 | $ | 9,258,882.51 | $ | 39,864,137.73 | $ | 55,405,688.25 | $ | 35,422,122.05 | ||||||||||||||
| (=) | Ending Student Loan Portfolio Balance | $ | 620,916,010.99 | $ | 681,913,474.65 | $ | 745,679,812.12 | $ | 1,002,897,181.97 | $ | 1,318,637,823.20 | |||||||||||||
| (+) | Interest to be Capitalized | $ | 8,217,997.72 | $ | 8,323,406.55 | $ | 9,051,241.93 | $ | 14,429,260.20 | $ | 19,927,314.27 | |||||||||||||
| (=) | TOTAL POOL | $ | 629,134,008.71 | $ | 690,236,881.20 | $ | 754,731,054.05 | $ | 1,017,326,442.17 | $ | 1,338,565,137.47 | |||||||||||||
| (+) | Reserve Account Balance | $ | 1,572,835.02 | $ | 1,725,592.20 | $ | 1,886,827.64 | $ | 2,543,316.11 | $ | 3,346,412.84 | |||||||||||||
| (=) | Total Adjusted Pool | $ | 630,706,843.73 | $ | 691,962,473.40 | $ | 756,617,881.69 | $ | 1,019,869,758.28 | $ | 1,341,911,550.31 | |||||||||||||
10
XII. 2002-4 Payment History and CPRs
| Distribution | Actual | Since Issued | ||||
| Date | Pool Balances | CPR * | ||||
| Sep-02 | $ | 1,430,692,877 | 12.31% | |||
| Dec-02 | $ | 1,338,565,137 | 15.82% | |||
| Mar-03 | $ | 1,253,240,289 | 16.71% | |||
| Jun-03 | $ | 1,198,170,572 | 15.48% | |||
| Sep-03 | $ | 1,103,956,990 | 16.98% | |||
| Dec-03 | $ | 1,017,326,442 | 17.93% | |||
| Mar-04 | $ | 943,915,078 | 18.16% | |||
| Jun-04 | $ | 905,191,078 | 16.99% | |||
| Sep-04 | $ | 819,005,356 | 18.08% | |||
| Dec-04 | $ | 754,731,054 | 18.35% | |||
| Mar-05 | $ | 690,236,881 | 18.71% | |||
| Jun-05 | $ | 629,134,009 | 19.08% | |||
* “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
11
