SLM Student Loan Trust 2005 - 3 Quarterly Servicing Report
Collection Period End Date: 09/30/2005 Distribution Date: 10/25/2005 Collection Period: 07/01/05 - 09/30/05
I. Deal Parameters
| Student Loan Portfolio Characteristics | 06/30/2005 | Activity | 09/30/2005 | |||||||||||||||||||||||||||||||||||
| A | i | Portfolio Balance | $ | 1,488,764,175.80 | ($19,176,301.82 | ) | $ | 1,469,587,873.98 | ||||||||||||||||||||||||||||||
| ii | Interest to be Capitalized | 2,633,782.11 | 3,551,699.28 | |||||||||||||||||||||||||||||||||||
| iii | Total Pool | $ | 1,491,397,957.91 | $ | 1,473,139,573.26 | |||||||||||||||||||||||||||||||||
| iv | Capitalized Interest | 10,000,000.00 | 10,000,000.00 | |||||||||||||||||||||||||||||||||||
| v | Add-on Consolidation Loan Account Balance | 0.00 | 0.00 | |||||||||||||||||||||||||||||||||||
| vi | Specified Reserve Account Balance | 3,728,494.89 | 3,682,848.93 | |||||||||||||||||||||||||||||||||||
| vii | Total Adjusted Pool | $ | 1,505,126,452.80 | $ | 1,486,822,422.19 | |||||||||||||||||||||||||||||||||
| B | i | Weighted Average Coupon (WAC) | 3.540 | % | 3.537 | % | ||||||||||||||||||||||||||||||||
| ii | Weighted Average Remaining Term | 286.72 | 285.45 | |||||||||||||||||||||||||||||||||||
| iii | Number of Loans | 77,740 | 76,942 | |||||||||||||||||||||||||||||||||||
| iv | Number of Borrowers | 44,466 | 43,931 | |||||||||||||||||||||||||||||||||||
| v | Aggregate Outstanding Principal Balance — T-Bill | $ | 18,339,102 | $ | 17,687,006 | |||||||||||||||||||||||||||||||||
| vi | Aggregate Outstanding Principal Balance — T-Bill (other) * | $ | 1,348,916 | $ | 1,347,684 | |||||||||||||||||||||||||||||||||
| vii | Aggregate Outstanding Principal Balance — Commercial Paper | $ | 1,471,709,940 | $ | 1,454,104,884 | |||||||||||||||||||||||||||||||||
| % of | % of | |||||||||||||||||||||||||||||||||||||
| Notes | Spread | Balance 7/25/05 | O/S Securities | Balance 10/25/05 | O/S Securities | |||||||||||||||||||||||||||||||||
| C | i | A-1 Notes | 78442GNX0 | -0.030 | % | $ | 102,951,934.37 | 6.776 | % | $ | 83,442,596.01 | 5.563 | % | |||||||||||||||||||||||||
| ii | A-2 Notes | 78442GNY8 | 0.000 | % | 192,000,000.00 | 12.637 | % | 192,000,000.00 | 12.801 | % | ||||||||||||||||||||||||||||
| iii | A-3 Notes | 78442GNZ5 | 0.030 | % | 155,000,000.00 | 10.202 | % | 155,000,000.00 | 10.334 | % | ||||||||||||||||||||||||||||
| iv | A-4 Notes | 78442GPA8 | 0.070 | % | 228,000,000.00 | 15.006 | % | 228,000,000.00 | 15.202 | % | ||||||||||||||||||||||||||||
| v | A-5 Notes | 78442GPB6 | 0.090 | % | 329,000,000.00 | 21.654 | % | 329,000,000.00 | 21.936 | % | ||||||||||||||||||||||||||||
| vi | A-6 Notes | 78442GPC4 | 0.150 | % | 466,424,000.00 | 30.699 | % | 466,424,000.00 | 31.098 | % | ||||||||||||||||||||||||||||
| vii | B Notes | 78442GPD2 | 0.150 | % | 45,972,000.00 | 3.026 | % | 45,972,000.00 | 3.065 | % | ||||||||||||||||||||||||||||
| viii | Total Notes | $ | 1,519,347,934.37 | 100.000 | % | $ | 1,499,838,596.01 | 100.000 | % | |||||||||||||||||||||||||||||
| Reserve Account | 07/25/2005 | 10/25/2005 | ||||||||||||||||||||||||||||||||||||
| D | i | Required Reserve Acct Deposit (%) | 0.25% | 0.25% | ||||||||||||||||||||||||||||||||||
| ii | Reserve Acct Initial Deposit ($) | |||||||||||||||||||||||||||||||||||||
| iii | Specified Reserve Acct Balance ($) | $ | 3,728,494.89 | $ | 3,682,848.93 | |||||||||||||||||||||||||||||||||
| iv | Reserve Account Floor Balance ($) | $ | 2,260,922.00 | $ | 2,260,922.00 | |||||||||||||||||||||||||||||||||
| v | Current Reserve Acct Balance ($) | $ | 3,728,494.89 | $ | 3,682,848.93 | |||||||||||||||||||||||||||||||||
| Other Accounts | 07/25/2005 | 10/25/2005 | ||||||||||||||||||||||||||||||||||||
| E | i | Supplemental Loan Purchase Account | $ | 0.00 | $ | 0.00 | ||||||||||||||||||||||||||||||||
| ii | Add-on Consolidation Loan Account | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||||||||||||||
| iii | Capitalized Interest Account | $ | 10,000,000.00 | $ | 10,000,000.00 | |||||||||||||||||||||||||||||||||
| Asset/Liability | 07/25/2005 | 10/25/2005 | ||||||||||||||||||||||||||||||||||||
| F | i | Total Adjusted Pool | $ | 1,505,126,452.80 | $ | 1,486,822,422.19 | ||||||||||||||||||||||||||||||||
| ii | Total Outstanding Balance Notes | $ | 1,519,347,934.37 | $ | 1,499,838,596.01 | |||||||||||||||||||||||||||||||||
| iii | Difference | $ | (14,221,481.57 | ) | $ | (13,016,173.82 | ) | |||||||||||||||||||||||||||||||
| iv | Parity Ratio | 0.99064 | 0.99132 | |||||||||||||||||||||||||||||||||||
| * | See pg S-31 of the prospectus supplement for more information on this category. | |||||||||||||||||||||||||||||||||||||
1
II. 2005-3 Transactions from: 07/01/2005 through: 09/30/2005
| A | Student Loan Principal Activity | |||||||
| i | Regular Principal Collections | $ | 20,716,632.70 | |||||
| ii | Principal Collections from Guarantor | 845,142.56 | ||||||
| iii | Principal Reimbursements | 933,211.37 | ||||||
| iv | Other System Adjustments | 0.00 | ||||||
| v | Total Principal Collections | $ | 22,494,986.63 | |||||
| B | Student Loan Non-Cash Principal Activity | |||||||
| i | Other Adjustments | $ | 26.69 | |||||
| ii | Capitalized Interest | (3,318,711.50 | ) | |||||
| iii | Total Non-Cash Principal Activity | $ | (3,318,684.81 | ) | ||||
| C | Student Loan Principal Purchases | $ | — | |||||
| D | Total Student Loan Principal Activity | $ | 19,176,301.82 | |||||
| E | Student Loan Interest Activity | |||||||
| i | Regular Interest Collections | $ | 8,075,281.63 | |||||
| ii | Interest Claims Received from Guarantors | 17,975.90 | ||||||
| iii | Collection Fees/Returned Items | 7,112.72 | ||||||
| iv | Late Fee Reimbursements | 70,163.65 | ||||||
| v | Interest Reimbursements | 8,537.27 | ||||||
| vi | Other System Adjustments | 0.00 | ||||||
| vii | Special Allowance Payments | 7,803,573.37 | ||||||
| viii | Subsidy Payments | 655,934.04 | ||||||
| ix | Total Interest Collections | $ | 16,638,578.58 | |||||
| F | Student Loan Non-Cash Interest Activity | |||||||
| i | Interest Accrual Adjustment | $ | (104.30 | ) | ||||
| ii | Capitalized Interest | 3,318,711.50 | ||||||
| iii | Total Non-Cash Interest Adjustments | $ | 3,318,607.20 | |||||
| G | Student Loan Interest Purchases | $ | — | |||||
| H | Total Student Loan Interest Activity | $ | 19,957,185.78 | |||||
| I | Non-Reimbursable Losses During Collection Period | $ | 0.00 | |||||
| J | Cumulative Non-Reimbursable Losses to Date | $ | 0.00 | |||||
2
III. 2005-3 Collection Account Activity 07/01/2005 through 09/30/2005
| A | Principal Collections | |||||||
| i | Principal Payments Received | $ | 9,333,889.75 | |||||
| ii | Consolidation Principal Payments | 12,227,885.51 | ||||||
| iii | Reimbursements by Seller | (124,759.68 | ) | |||||
| iv | Borrower Benefits Reimbursements | 1,738.15 | ||||||
| v | Reimbursements by Servicer | 0.00 | ||||||
| vi | Re-purchased Principal | 1,056,232.90 | ||||||
| vii | Total Principal Collections | $ | 22,494,986.63 | |||||
| B | Interest Collections | |||||||
| i | Interest Payments Received | $ | 16,488,557.74 | |||||
| ii | Consolidation Interest Payments | 64,207.20 | ||||||
| iii | Reimbursements by Seller | 455.44 | ||||||
| iv | Borrower Benefits Reimbursements | 0.00 | ||||||
| v | Reimbursements by Servicer | 40.59 | ||||||
| vi | Re-purchased Interest | 8,041.24 | ||||||
| vii | Collection Fees/Return Items | 7,112.72 | ||||||
| viii | Late Fees | 70,163.65 | ||||||
| ix | Total Interest Collections | $ | 16,638,578.58 | |||||
| C | Other Reimbursements | $ | 216,136.02 | |||||
| D | Reserves in Excess of the Requirement | $ | 45,645.96 | |||||
| E | Administrator Account Investment Income | $ | 0.00 | |||||
| F | Investment Earnings for Period in Trust Accounts | $ | 352,126.53 | |||||
| G | Funds borrowed during previous distribution | $ | 0.00 | |||||
| H | Funds borrowed from subsequent distribution | $ | 0.00 | |||||
| I | Excess Transferred from Supplemental Loan Purchase Account | $ | 0.00 | |||||
| J | Excess Transferred from Add-on Consolidation Loan Account | $ | 0.00 | |||||
| K | Funds Released from Capitalized Interest Account | $ | 0.00 | |||||
| TOTAL AVAILABLE FUNDS | $ | 39,747,473.72 | ||||||
| LESS FUNDS PREVIOUSLY REMITTED: | ||||||||
| Servicing Fees | $ | (1,236,676.81 | ) | |||||
| Consolidation Loan Rebate Fees | $ | (3,878,566.57 | ) | |||||
| L | NET AVAILABLE FUNDS | $ | 34,632,230.34 | |||||
| M | Servicing Fees Due for Current Period | $ | 613,886.60 | |||||
| N | Carryover Servicing Fees Due | $ | 0.00 | |||||
| O | Administration Fees Due | $ | 20,000.00 | |||||
| P | Total Fees Due for Period | $ | 633,886.60 | |||||
3
IV. 2005-3 Portfolio Characteristics
| Weighted Avg Coupon | # of Loans | % * | Principal Amount | % * | ||||||||||||||||||||||||||||||||||||
| STATUS | 06/30/2005 | 09/30/2005 | 06/30/2005 | 09/30/2005 | 06/30/2005 | 09/30/2005 | 06/30/2005 | 09/30/2005 | 06/30/2005 | 09/30/2005 | ||||||||||||||||||||||||||||||
INTERIM: | ||||||||||||||||||||||||||||||||||||||||
In School | ||||||||||||||||||||||||||||||||||||||||
| Current | 0.000 | % | 0.000 | % | 0 | 0 | 0.000 | % | 0.000 | % | $ | 0.00 | $ | 0.00 | 0.000 | % | 0.000 | % | ||||||||||||||||||||||
Grace | ||||||||||||||||||||||||||||||||||||||||
| Current | 0.000 | % | 0.000 | % | 0 | 0 | 0.000 | % | 0.000 | % | 0.00 | 0.00 | 0.000 | % | 0.000 | % | ||||||||||||||||||||||||
TOTAL INTERIM | 0.000 | % | 0.000 | % | 0 | 0 | 0.000 | % | 0.000 | % | $ | 0.00 | $ | 0.00 | 0.000 | % | 0.000 | % | ||||||||||||||||||||||
REPAYMENT | ||||||||||||||||||||||||||||||||||||||||
Active | ||||||||||||||||||||||||||||||||||||||||
| Current | 3.448 | % | 3.447 | % | 57,947 | 54,077 | 74.539 | % | 70.283 | % | $ | 998,601,235.76 | $ | 935,737,443.72 | 67.076 | % | 63.673 | % | ||||||||||||||||||||||
| 31-60 Days Delinquent | 4.163 | % | 4.056 | % | 1,571 | 1,595 | 2.021 | % | 2.073 | % | 24,275,745.36 | 24,139,586.93 | 1.631 | % | 1.643 | % | ||||||||||||||||||||||||
| 61-90 Days Delinquent | 4.277 | % | 4.155 | % | 719 | 797 | 0.925 | % | 1.036 | % | 10,495,636.48 | 11,911,952.73 | 0.705 | % | 0.811 | % | ||||||||||||||||||||||||
| 91-120 Days Delinquent | 5.137 | % | 4.491 | % | 422 | 451 | 0.543 | % | 0.586 | % | 5,756,897.46 | 6,625,602.92 | 0.387 | % | 0.451 | % | ||||||||||||||||||||||||
| > 120 Days Delinquent | 4.762 | % | 4.857 | % | 1,501 | 1,175 | 1.931 | % | 1.527 | % | 19,682,244.83 | 16,385,776.83 | 1.322 | % | 1.115 | % | ||||||||||||||||||||||||
Deferment | ||||||||||||||||||||||||||||||||||||||||
| Current | 3.332 | % | 3.324 | % | 7,430 | 8,823 | 9.557 | % | 11.467 | % | 225,017,114.62 | 242,009,313.22 | 15.114 | % | 16.468 | % | ||||||||||||||||||||||||
Forbearance | ||||||||||||||||||||||||||||||||||||||||
| Current | 3.930 | % | 3.912 | % | 8,119 | 9,992 | 10.444 | % | 12.986 | % | 204,276,832.38 | 232,314,087.48 | 13.721 | % | 15.808 | % | ||||||||||||||||||||||||
TOTAL REPAYMENT | 3.538 | % | 3.537 | % | 77,709 | 76,910 | 99.960 | % | 99.958 | % | $ | 1,488,105,706.89 | $ | 1,469,123,763.83 | 99.956 | % | 99.968 | % | ||||||||||||||||||||||
Claims in Process (1) | 6.827 | % | 5.737 | % | 31 | 32 | 0.040 | % | 0.042 | % | $ | 658,468.91 | $ | 464,110.15 | 0.044 | % | 0.032 | % | ||||||||||||||||||||||
Aged Claims Rejected (2) | 0.000 | % | 0.000 | % | 0 | 0 | 0.000 | % | 0.000 | % | $ | 0.00 | $ | 0.00 | 0.000 | % | 0.000 | % | ||||||||||||||||||||||
GRAND TOTAL | 3.540 | % | 3.537 | % | 77,740 | 76,942 | 100.000 | % | 100.000 | % | $ | 1,488,764,175.80 | $ | 1,469,587,873.98 | 100.000 | % | 100.000 | % | ||||||||||||||||||||||
4
V. 2005-3 Interest Accruals and Swap Calculations
| A | Borrower Interest Accrued During Collection Period | $ | 12,158,361.00 | |||||
| B | Interest Subsidy Payments Accrued During Collection Period | 784,513.24 | ||||||
| C | SAP Payments Accrued During Collection Period | 10,687,620.80 | ||||||
| D | INV Earnings Accrued for Collection Period (TRUST ACCOUNTS) | 352,126.53 | ||||||
| E | Investment Earnings (ADMINISTRATOR ACCOUNTS) | 0.00 | ||||||
| F | Consolidation Loan Rebate Fees | (3,878,566.57 | ) | |||||
| G | Net Expected Interest Collections | $ | 20,104,055.00 | |||||
| H | Interest Rate Cap | Cap | ||||||
| i | Cap Notional Amount | $ | 865,000,000.00 | |||||
| ii | Libor (Interpolated first period) | 3.65000 | % | |||||
| iii | Cap % | 6.00000 | % | |||||
| iv | Excess Over Cap ( ii-iii ) | 0.00000 | % | |||||
| v | Cap Payments Due to the Trust | $ | 0.00 | |||||
VI. 2005-3 Accrued Interest Factors
| Accrued | ||||||||||
| Int Factor | Accrual Period | Rate | ||||||||
| A | Class A-1 Interest Rate | 0.009251111 | 7/25/05 - 10/25/05 | 3.62000% | ||||||
| B | Class A-2 Interest Rate | 0.009327778 | 7/25/05 - 10/25/05 | 3.65000% | ||||||
| C | Class A-3 Interest Rate | 0.009404444 | 7/25/05 - 10/25/05 | 3.68000% | ||||||
| D | Class A-4 Interest Rate | 0.009506667 | 7/25/05 - 10/25/05 | 3.72000% | ||||||
| E | Class A-5 Interest Rate | 0.009557778 | 7/25/05 - 10/25/05 | 3.74000% | ||||||
| F | Class A-6 Interest Rate | 0.009711111 | 7/25/05 - 10/25/05 | 3.80000% | ||||||
| G | Class B Interest Rate | 0.009711111 | 7/25/05 - 10/25/05 | 3.80000% | ||||||
5
VII. 2005-3 Inputs From Prior Period 6/30/05
| A | Total Student Loan Pool Outstanding | |||||||||||||||||||||||||||||||
| i | Portfolio Balance | $ | 1,488,764,175.80 | |||||||||||||||||||||||||||||
| ii | Interest To Be Capitalized | 2,633,782.11 | ||||||||||||||||||||||||||||||
| iii | Total Pool | $ | 1,491,397,957.91 | |||||||||||||||||||||||||||||
| iv | Capitalized Interest | 10,000,000.00 | ||||||||||||||||||||||||||||||
| v | Add-on Consolidation Loan Account Balance | 0.00 | ||||||||||||||||||||||||||||||
| vi | Specified Reserve Account Balance | 3,728,494.89 | ||||||||||||||||||||||||||||||
| vii | Total Adjusted Pool | $ | 1,505,126,452.80 | |||||||||||||||||||||||||||||
| B | Total Note and Certificate Factor | 0.991485187 | ||||||||||||||||||||||||||||||
| C | Total Note Balance | $ | 1,519,347,934.37 | |||||||||||||||||||||||||||||
| D | Note Balance 07/25/2005 | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class A-5 | Class A-6 | Class B | ||||||||||||||||||||||||
| i | Current Factor | 0.887516676 | 1.000000000 | 1.000000000 | 1.000000000 | 1.000000000 | 1.000000000 | 1.000000000 | ||||||||||||||||||||||||
| ii | Expected Note Balance | $ | 102,951,934.37 | $ | 192,000,000.00 | $ | 155,000,000.00 | $ | 228,000,000.00 | $ | 329,000,000.00 | $ | 466,424,000.00 | $ | 45,972,000.00 | |||||||||||||||||
| iii | Note Principal Shortfall | $ | 14,221,481.57 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||
| iv | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||
| v | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||
| E | Reserve Account Balance | $ | 3,728,494.89 | |||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||
6
VIII. 2005-3 Waterfall for Distributions
| Remaining | ||||||||||||
| Funds Balance | ||||||||||||
| A | Total Available Funds ( Section III-L ) | $ | 34,632,230.34 | $ | 34,632,230.34 | |||||||
| B | Primary Servicing Fees — Current Month | $ | 613,886.60 | $ | 34,018,343.74 | |||||||
| C | Administration Fee | $ | 20,000.00 | $ | 33,998,343.74 | |||||||
| D | Class A Noteholders’ Interest Distribution Amounts | |||||||||||
| i | Class A-1 | $ | 952,419.78 | $ | 33,045,923.96 | |||||||
| ii | Class A-2 | $ | 1,790,933.33 | $ | 31,254,990.63 | |||||||
| iii | Class A-3 | $ | 1,457,688.89 | $ | 29,797,301.74 | |||||||
| iv | Class A-4 | $ | 2,167,520.00 | $ | 27,629,781.74 | |||||||
| v | Class A-5 | $ | 3,144,508.89 | $ | 24,485,272.85 | |||||||
| vi | Class A-6 | $ | 4,529,495.29 | $ | 19,955,777.56 | |||||||
| vii | Total Class A Interest Distribution | $ | 14,042,566.18 | |||||||||
| E | Class B Noteholders’ Interest Distribution Amount | $ | 446,439.20 | $ | 19,509,338.36 | |||||||
| F | Class A Noteholders’ Principal Distribution Amounts | |||||||||||
| i | Class A-1 | $ | 19,509,338.36 | $ | 0.00 | |||||||
| ii | Class A-2 | $ | 0.00 | $ | 0.00 | |||||||
| iii | Class A-3 | $ | 0.00 | $ | 0.00 | |||||||
| iv | Class A-4 | $ | 0.00 | $ | 0.00 | |||||||
| v | Class A-5 | $ | 0.00 | $ | 0.00 | |||||||
| vi | Class A-6 | $ | 0.00 | $ | 0.00 | |||||||
| vii | Total Class A Principal Distribution | $ | 19,509,338.36 | |||||||||
| 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 | |||||||
7
IX. 2005-3 Account Reconciliations
| Reserve Account | ||||||||
| i | Beginning Balance | $ | 3,728,494.89 | |||||
| ii | Deposits to correct Shortfall | $ | 0.00 | |||||
| iii | Total Reserve Account Balance Available | $ | 3,728,494.89 | |||||
| iv | Required Reserve Account Balance | $ | 3,682,848.93 | |||||
| v | Shortfall Carried to Next Period | $ | 0.00 | |||||
| vi | Excess Reserve - Release to Waterfall | $ | 45,645.96 | |||||
| vii | Ending Reserve Account Balance | $ | 3,682,848.93 | |||||
| Supplemental Loan Purchase Account | ||||||||
| i | Beginning Balance | $ | 0.00 | |||||
| ii | Supplemental Loan Purchases | $ | 0.00 | |||||
| iii | Transfers to Collection Account | $ | 0.00 | |||||
| iv | Ending Balance | $ | 0.00 | |||||
| Add-on Consolidation Loan Account | ||||||||
| Consolidation Loan Add-on Period end date | 06/30/2005 | |||||||
| i | Beginning Balance | $ | 0.00 | |||||
| ii | Add-on Loans Funded | $ | 0.00 | |||||
| iii | Transfers to Collection Account | $ | 0.00 | |||||
| iv | Ending Balance | $ | 0.00 | |||||
| Capitalized Interest Account | ||||||||
| Capitalized Interest Account release date | 07/25/2006 | |||||||
| i | Beginning Balance | $ | 10,000,000.00 | |||||
| ii | Transfers to Collection Account | $ | 0.00 | |||||
| iii | Ending Balance | $ | 10,000,000.00 | |||||
X. 2005-3 Trigger Events
| A | Has Stepdown Date Occurred? | N | ||||
| The Stepdown Date is the earlier of (1) 4/25/2011 or (2) the | ||||||
| first date on which no class A notes remain outstanding. | ||||||
| B | Note Balance Trigger | Y | ||||
| Class A Percentage | 100.00% | |||||
| Class B Percentage | 0.00% | |||||
8
XI. 2005-3 Distributions and Account Reconciliations
| A | Distribution Amounts | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class A-5 | Class A-6 | Class B | ||||||||||||||||||||||||
| i | Quarterly Interest Due | $ | 952,419.78 | $ | 1,790,933.33 | $ | 1,457,688.89 | $ | 2,167,520.00 | $ | 3,144,508.89 | $ | 4,529,495.29 | $ | 446,439.20 | |||||||||||||||||
| ii | Quarterly Interest Paid | 952,419.78 | 1,790,933.33 | 1,457,688.89 | 2,167,520.00 | 3,144,508.89 | 4,529,495.29 | 446,439.20 | ||||||||||||||||||||||||
| iii | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||
| vii | Quarterly Principal Due | $ | 32,525,512.18 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||
| viii | Quarterly Principal Paid | 19,509,338.36 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||
| ix | Quarterly Principal Shortfall | $ | 13,016,173.82 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||
| x | Total Distribution Amount | $ | 20,461,758.14 | $ | 1,790,933.33 | $ | 1,457,688.89 | $ | 2,167,520.00 | $ | 3,144,508.89 | $ | 4,529,495.29 | $ | 446,439.20 | |||||||||||||||||
| B | Principal Distribution Reconciliation | |||||||||||||||||||||||||||||||
| i | Notes Outstanding Principal Balance 9/30/05 | $ | 1,519,347,934.37 | |||||||||||||||||||||||||||||
| ii | Adjusted Pool Balance 9/30/05 | 1,486,822,422.19 | ||||||||||||||||||||||||||||||
| iii | Adjusted Pool Exceeding Notes Balance (i-ii) | $ | 32,525,512.18 | |||||||||||||||||||||||||||||
| iv | Adjusted Pool Balance 7/1/05 | $ | 1,505,126,452.80 | |||||||||||||||||||||||||||||
| v | Adjusted Pool Balance 9/30/05 | 1,486,822,422.19 | ||||||||||||||||||||||||||||||
| vi | Current Principal Due (iv-v) | $ | 18,304,030.61 | |||||||||||||||||||||||||||||
| vii | Prior Period Note Principal Shortfall | 14,221,481.57 | ||||||||||||||||||||||||||||||
| viii | Principal Distribution Amount (vi+vii) | $ | 32,525,512.18 | |||||||||||||||||||||||||||||
| ix | Principal Distribution Amount Paid | $ | 19,509,338.36 | |||||||||||||||||||||||||||||
| x | Principal Shortfall (viii-ix) | $ | 13,016,173.82 | |||||||||||||||||||||||||||||
| C | Total Principal Distribution | $ | 19,509,338.36 | |||||||||||||||||||||||||||||
| D | Total Interest Distribution | 14,489,005.38 | ||||||||||||||||||||||||||||||
| E | Total Cash Distributions | $ | 33,998,343.74 | |||||||||||||||||||||||||||||
| F | Note Balances | 07/25/2005 | Paydown Factor | 10/25/2005 | ||||||||||||||||||||
| i | A-1 Note Balance | 78442GNX0 | $ | 102,951,934.37 | $ | 83,442,596.01 | ||||||||||||||||||
| A-1 Note Pool Factor | 0.887516676 | 0.168183951 | 0.719332724 | |||||||||||||||||||||
| ii | A-2 Note Balance | 78442GNY8 | $ | 192,000,000.00 | $ | 192,000,000.00 | ||||||||||||||||||
| A-2 Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||
| iii | A-3 Note Balance | 78442GNZ5 | $ | 155,000,000.00 | $ | 155,000,000.00 | ||||||||||||||||||
| A-3 Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||
| iv | A-4 Note Balance | 78442GPA8 | $ | 228,000,000.00 | $ | 228,000,000.00 | ||||||||||||||||||
| A-4 Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||
| v | A-5 Note Balance | 78442GPB6 | $ | 329,000,000.00 | $ | 329,000,000.00 | ||||||||||||||||||
| A-5 Note Pool Factor | 1.0000000000 | 0.000000000 | 1.0000000000 | |||||||||||||||||||||
| vi | A-6 Note Balance | 78442GPC4 | $ | 466,424,000.00 | $ | 466,424,000.00 | ||||||||||||||||||
| A-6 Note Pool Factor | 1.0000000000 | 0.000000000 | 1.0000000000 | |||||||||||||||||||||
| vii | B Note Balance | 78442GPD2 | $ | 45,972,000.00 | $ | 45,972,000.00 | ||||||||||||||||||
| B Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||
9
XII. 2005-3 Historical Pool Information
| 07/01/05-09/30/05 | 4/13/05-6/30/05 | |||||||||||
| Beginning Student Loan Portfolio Balance | $ | 1,488,764,175.80 | $ | 1,500,244,512.30 | ||||||||
| Student Loan Principal Activity | ||||||||||||
| i | Regular Principal Collections | $ | 20,716,632.70 | $ | 17,318,605.42 | |||||||
| ii | Principal Collections from Guarantor | 845,142.56 | 724,991.45 | |||||||||
| iii | Principal Reimbursements | 933,211.37 | 1,462,182.83 | |||||||||
| iv | Other System Adjustments | 0.00 | 0.00 | |||||||||
| v | Total Principal Collections | $ | 22,494,986.63 | $ | 19,505,779.70 | |||||||
| Student Loan Non-Cash Principal Activity | ||||||||||||
| i | Other Adjustments | $ | 26.69 | $ | 1,029.83 | |||||||
| ii | Capitalized Interest | (3,318,711.50 | ) | (3,078,847.35 | ) | |||||||
| iii | Total Non-Cash Principal Activity | $ | (3,318,684.81 | ) | $ | (3,077,817.52 | ) | |||||
| Student Loan Principal Purchases | $ | — | $ | (4,947,625.68 | ) | |||||||
| (-) | Total Student Loan Principal Activity | $ | 19,176,301.82 | $ | 11,480,336.50 | |||||||
| Student Loan Interest Activity | ||||||||||||
| i | Regular Interest Collections | $ | 8,075,281.63 | $ | 7,158,902.99 | |||||||
| ii | Interest Claims Received from Guarantors | 17,975.90 | 11,217.74 | |||||||||
| iii | Collection Fees/Returned Items | 7,112.72 | 384.09 | |||||||||
| iv | Late Fee Reimbursements | 70,163.65 | 56,242.16 | |||||||||
| v | Interest Reimbursements | 8,537.27 | 5,453.31 | |||||||||
| vi | Other System Adjustments | 0.00 | 0.00 | |||||||||
| vii | Special Allowance Payments | 7,803,573.37 | 0.00 | |||||||||
| viii | Subsidy Payments | 655,934.04 | 0.00 | |||||||||
| ix | Total Interest Collections | $ | 16,638,578.58 | $ | 7,232,200.29 | |||||||
| Student Loan Non-Cash Interest Activity | ||||||||||||
| i | Interest Accrual Adjustment | $ | (104.30 | ) | $ | (1,017.55 | ) | |||||
| ii | Capitalized Interest | 3,318,711.50 | 3,078,847.35 | |||||||||
| iii | Total Non-Cash Interest Adjustments | $ | 3,318,607.20 | $ | 3,077,829.80 | |||||||
| Student Loan Interest Purchases | $ | — | $ | (3,654,449.21 | ) | |||||||
| Total Student Loan Interest Activity | $ | 19,957,185.78 | $ | 6,655,580.88 | ||||||||
| (=) | Ending Student Loan Portfolio Balance | $ | 1,469,587,873.98 | $ | 1,488,764,175.80 | |||||||
| (+) | Interest to be Capitalized | $ | 3,551,699.28 | $ | 2,633,782.11 | |||||||
| (=) | TOTAL POOL | $ | 1,473,139,573.26 | $ | 1,491,397,957.91 | |||||||
| (+) | Capitalized Interest | $ | 10,000,000.00 | $ | 10,000,000.00 | |||||||
| (+) | Add-on Consolidation Loan Account Balance | $ | 0.00 | $ | 0.00 | |||||||
| (+) | Reserve Account Balance | $ | 3,682,848.93 | $ | 3,728,494.89 | |||||||
| (=) | Total Adjusted Pool | $ | 1,486,822,422.19 | $ | 1,505,126,452.80 | |||||||
XIII. 2005-3 Payment History and CPRs
| Distribution | Actual | Since Issued | |||||||
| Date | Pool Balances | CPR * | |||||||
| Jul-05 | $ | 1,491,397,958 | 1.79 | % | |||||
| Oct-05 | $ | 1,473,139,573 | 2.38 | % | |||||
* “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
