Exhibit 99.1
I. SLC TRUST 2005-01 | Deal Parameters | |||||
Student Portfolio Characteristics | 7/31/2005 | Activity | 10/31/2005 | |||
A | i | Portfolio Balance | $2,010,416,982.69 | $43,988,281.83 | $1,966,428,700.86 | |
ii | Interest to be Capitalized | $ 6,726,580.56 | $ 6,543,013.34 | |||
iii | Total Pool | $2,017,143,563.25 | $1,972,971,714.20 | |||
iv | Specified Reserve Account Balance | $ 5,042,858.91 | $ 4,932,429.29 | |||
v | Capitalized Interest Account Balance | $ 35,000,000.00 | $ 35,000,000.00 | |||
vi | Total Adjusted Pool | $2,057,186,422.16 | $2,012,904,143.49 | |||
B | i | Portfolio Balance as a Percent of Original Balance | 99.24% | 97.06% | ||
ii | Weighted Average Coupon (WAC) | 3.639% | 3.635% | |||
iii | Weighted Average Remaining Term | 251.08 | 249.48 | |||
iv | Number of Loans | 129,980 | 127,728 | |||
v | Number of Borrowers | 74,096 | 72,763 | |||
vi | Average Outstanding Principal Balance | $1,988,422,841.78 | ||||
Balance | Pool Factor | Balance | Pool Factor | |||||
Notes | CUSIP | Spread | 8/15/2005 | 8/15/2005 | 11/15/2005 | 11/15/2005 | ||
C | i | A1 Notes | 784420AA9 | 0.010% | $ 710,732,486.81 | 0.9843940260 | $ 662,292,019.70 | 0.9173019663 |
ii | A2 Notes | 784420AB7 | 0.080% | $ 385,000,000.00 | 1.0000000000 | $ 385,000,000.00 | 1.0000000000 | |
iii | A3 Notes | 784420AC5 | 0.100% | $ 384,000,000.00 | 1.0000000000 | $ 384,000,000.00 | 1.0000000000 | |
iv | A4 Notes | 784420AD3 | 0.150% | $ 531,196,000.00 | 1.0000000000 | $ 531,196,000.00 | 1.0000000000 | |
v | B Notes | 784420AE1 | 0.200% | $ 62,542,000.00 | 1.0000000000 | $ 62,542,000.00 | 1.0000000000 | |
Total Notes | $2,073,470,486.81 | $2,025,030,019.70 | ||||||
Parity | 99.21% | 99.40% | ||||||
Reserve Account | 8/15/2005 | Activity | 11/15/2005 | |||
D | i | Required Reserve Acc Deposit (%) | 0.25% | 0.25% | ||
ii | Reserve Acct Initial Deposit ($) | $ 5,093,782.00 | $ - | $ 5,093,782.00 | ||
iii | Specified Reserve Acct Balance ($) | $ 5,042,858.91 | $ (110,429.62) | $ 4,932,429.29 | ||
iv | Reserve Account Floor Balance ($) | $ 3,056,269.00 | $ - | $ 3,056,269.00 | ||
v | Current Reserve Acct Balance ($) | $ 5,042,858.91 | $ (110,429.62) | $ 4,932,429.29 | ||
Capitalized Interest Account | 8/15/2005 | Activity | 11/15/2005 | |||
E | i | Capitalized Interest Account Balance | $35,000,000.00 | $ - | $35,000,000.00 | |
II. SLC TRUST 2005-01 | Distributions | ||||||||
Interest | |||||||||
Quarterly | Quarterly | Interest | Interest | ||||||
Class | CUSIP | Interest | Interest | Interest | Carryover | Carryover | Interest | ||
Due | Paid | Shortfall | Due | Paid | Carryover | ||||
A1 | 784420AA9 | $ 6,902,002.15 | $ 6,902,002.15 | $ - | $ - | $ - | $ - | ||
A2 | 784420AB7 | $ 3,807,650.00 | $ 3,807,650.00 | $ - | $ - | $ - | $ - | ||
A3 | 784420AC5 | $ 3,817,386.67 | $ 3,817,386.67 | $ - | $ - | $ - | $ - | ||
A4 | 784420AD3 | $ 5,348,553.50 | $ 5,348,553.50 | $ - | $ - | $ - | $ - | ||
B | 784420AE1 | $ 637,719.93 | $ 637,719.93 | $ - | $ - | $ - | $ - | ||
TOTAL | $20,513,312.25 | $20,513,312.25 | $ - | $ - | $ - | $ - |
Class | Interest | Rate | Next | ||||||
Factor | Rate | ||||||||
A1 | 0.0097111111 | 3.80000% | 4.34225% | ||||||
A2 | 0.0098900000 | 3.87000% | 4.41225% | ||||||
A3 | 0.0099411111 | 3.89000% | 4.43225% | ||||||
A4 | 0.0100688889 | 3.94000% | 4.48225% | ||||||
B | 0.0101966667 | 3.99000% | 4.53225% | ||||||
CUR LIBOR 3.790000%
NEXT LIBOR 4.332250%
Principal | |||||||||
Quarterly | Quarterly | Quarterly | |||||||
Class | CUSIP | Principal | Principal | Principal | Principal | ||||
Due | Paid | Shortfall | Factor | ||||||
A1 | 784420AA9 | $ 60,566,343.32 | $ 48,440,467.11 | $ 12,125,876.21 | 0.0681556957 | ||||
A2 | 784420AB7 | $ - | $ - | $ - | 0.0000000000 | ||||
A3 | 784420AC5 | $ - | $ - | $ - | 0.0000000000 | ||||
A4 | 784420AD3 | $ - | $ - | $ - | 0.0000000000 | ||||
B | 784420AE1 | $ - | $ - | $ - | 0.0000000000 | ||||
TOTAL | $ 60,566,343.32 | $ 48,440,467.11 | $ 12,125,876.21 | ||||||
III. SLC TRUST 2005-01 | Transactions from: 08/01/2005 through: 10/31/2005 | |||||||
A | Student Loan Principal Activity | |||||||
i | Regular Principal Collections | $ | 46,544,634.49 | |||||
ii | Principal Collections from Guarantor | $ | 1,150,617.66 | |||||
iii | Principal Reimbursements | $ | - | |||||
iv | Other System Adjustments | $ | - | |||||
v | Total Principal Collections | $ | 47,695,252.15 | |||||
B | Student Loan Non-Cash Principal Activity | |||||||
i | Other Adjustments | $ | (908,548.73) | |||||
ii | Capitalized Interest | $ | (2,798,421.59) | |||||
iii | Total Non-Cash Principal Activity | $ | (3,706,970.32) | |||||
C | Total Student Loan Principal Activity | $ | 43,988,281.83 | |||||
D | Student Loan Interest Activity | |||||||
i | Regular Interest Collections | $ | 13,107,987.38 | |||||
ii | Interest Claims Received from Guarantors | $ | 29,312.74 | |||||
iii | Collection Fees / Returned Items | $ | - | |||||
iv | Late Fee Reimbursements | $ | 141,355.94 | |||||
v | Interest Reimbursements | $ | - | |||||
vi | Other System Adjustments | $ | - | |||||
vii | Special Allowance Payments | $ | 13,483,141.81 | |||||
viii | Subsidy Payments | $ | 1,469,556.97 | |||||
ix | Total Interest Collections | $ | 28,231,354.84 | |||||
E | Student Loan Non-Cash Interest Activity | |||||||
i | Interest Accrual Adjustments | $ | (15,927,296.02) | |||||
ii | Government Interest Accrual Adjustments $ | (15,702,570.98) | ||||||
iii | Capitalized Interest | $ | 2,798,421.59 | |||||
iv | Total Non-Cash Interest Adjustments | $ | (28,831,445.41) | |||||
F | Total Student Loan Interest Activity | $ | (600,090.57) | |||||
G | Realized Losses During Collection Period | $ | - | |||||
H | Cumulative Realized Losses to Date | $ | - | |||||
IV. SLC TRUST 2005-01 | Collection Account Activity 08/01/2005 through 10/31/2005 | |||||
A | Principal Collections | |||||
i | Principal Payments Received | $ 16,533,710.94 | ||||
ii | Principal Collections from Guarantor | $ 1,150,617.66 | ||||
iii | Consolidation Principal Payments | $ 30,010,923.55 | ||||
iv | Reimbursements by Seller | $ - | ||||
v | Borrower Benefits Reimbursements | $ - | ||||
vi | Reimbursements by Servicer | $ - | ||||
vii | Re-purchased Principal | $ - | ||||
viii | Total Principal Collections | $ 47,695,252.15 | ||||
B | Interest Collections | |||||
i | Interest Payments Received | $ 27,803,766.55 | ||||
ii | Interest Claims Received from Guarantors | $ 29,312.74 | ||||
iii | Consolidation Interest Payments | $ 256,919.61 | ||||
iv | Reimbursements by Seller | $ - | ||||
v | Borrower Benefits Reimbursements | $ - | ||||
vi | Reimbursements by Servicer | $ - | ||||
vii | Re-purchased Interest | $ - | ||||
viii | Collection Fees / Returned Items | $ - | ||||
ix | Late Fees | $ 141,355.94 | ||||
x | Total Interest Collections | $ 28,231,354.84 | ||||
C | Other Reimbursements | $ - | ||||
D | Reserves in Excess of Reserve Requirement | $ 110,429.62 | ||||
E | Interest Rate Cap Proceeds | $ - | ||||
F | Trust Account Investment Income | $ 642,303.67 | ||||
G | Administrator Account Investment Income | $ - | ||||
TOTAL FUNDS RECEIVED | $ 76,679,340.28 | |||||
LESS FUNDS PREVIOUSLY REMITTED/SET ASIDE: | ||||||
i | Consolidation Loan Rebate Fees | $ 5,230,645.47 | ||||
H | TOTAL AVAILABLE FUNDS | $ 71,448,694.81 | ||||
I | Servicing Fees Due for Current Period | $ 2,494,915.45 | ||||
J | Carryover Servicing Fees Due | $ - | ||||
K | Total Fees Due for Period | $ 2,494,915.45 | ||||
V. SLC TRUST 2005-01 | Waterfall for Distributions | ||||||
A | Total Available Funds (III-F) | $ | 71,448,694.81 | ||||
B | Trustee Fees | $ | - | ||||
C | Primary Servicing Fees | $ | 2,494,915.45 | ||||
E | Noteholders' Interest Distribution Amount Paid | ||||||
i | Class A-1 | $ | 6,902,002.15 | ||||
ii | Class A-2 | $ | 3,807,650.00 | ||||
iii | Class A-3 | $ | 3,817,386.67 | ||||
iv | Class A-4 | $ | 5,348,553.50 | ||||
v | Class B | $ | 637,719.93 | ||||
vi | Total Noteholder's Interest Distribution | $ | 20,513,312.25 | ||||
F | Noteholder's Principal Distribution Amount Paid | ||||||
i | Class A-1 | $ | 48,440,467.11 | ||||
ii | Class A-2 | $ | - | ||||
iii | Class A-3 | $ | - | ||||
iv | Class A-4 | $ | - | ||||
v | Class B | $ | - | ||||
vi | Total Noteholder's Principal Distribution | $ | 48,440,467.11 | ||||
G | Increase to the Reserve Account Balance | $ | - | ||||
H | Carryover Servicing Fees | $ | - | ||||
I | Noteholder's Interest Carryover | ||||||
i | Class A-1 | $ | - | ||||
ii | Class A-2 | $ | - | ||||
iii | Class A-3 | $ | - | ||||
iv | Class A-4 | $ | - | ||||
v | Class B | $ | - | ||||
vi | Total Noteholder's Interest Carryover | $ | - | ||||
J | Excess Distribution Release to Trust Certificateholders | $ | - | ||||
K | Draw from Capitalized Interest Account | $ | - | ||||
VI. SLC TRUST 2005-01 | Historical Pool Information | |||
06/15/05-07/31/05 | 08/01/05-10/31/05 | |||
Student Loan Interest Activity | ||||
i | Regular Interest Collections | $6,851,433.19 | $13,107,987.38 | |
ii | Interest Claims Received from Guarantors | $587.19 | $29,312.74 | |
iii | Collection Fees / Returned Items | $ - | $ - | |
iv | Late Fee Reimbursements | $64,529.63 | $141,355.94 | |
v | Interest Reimbursements | $ - | $ - | |
vi | Other System Adjustments | $ - | $ - | |
vii | Special Allowance Payments | $1,949,861.66 | $13,483,141.81 | |
viii | Subsidy Payments | $266,111.91 | $1,469,556.97 | |
ix | Total Interest Collections | $9,132,523.58 | $28,231,354.84 | |
Student Loan Non-Cash Interest Activity | ||||
i | Interest Accrual Adjustments | $(8,494,938.93) | $(15,927,296.02) | |
ii | Government Interest Accrual Adjustments | $(6,960,464.40) | $(15,702,570.98) | |
iii | Capitalized Interest | $2,212,159.36 | $2,798,421.59 | |
iv | Total Non-Cash Interest Adjustments | $(13,243,243.97) | $(28,831,445.41) | |
Total Student Loan Interest Activity | $(4,110,720.39) | $(600,090.57) | ||
Beginning Student Loan Portfolio Balance | $2,025,914,704.20 | $2,010,416,982.69 | ||
Student Loan Principal Activity | ||||
i | Regular Principal Collections | $17,777,603.48 | $46,544,634.49 | |
ii | Principal Collections from Guarantor | $118,306.90 | $1,150,617.66 | |
iii | Principal Reimbursements | $- | $ - | |
iv | Other System Adjustments | $ - | $ - | |
v | Total Principal Collections | $17,895,910.38 | $47,695,252.15 | |
Student Loan Non-Cash Principal Activity | ||||
i | Other Adjustments | $(186,029.51) | $(908,548.73) | |
ii | Capitalized Interest | $(2,212,159.36) | $(2,798,421.59) | |
iii | Total Non-Cash Principal Activity | $(2,398,188.87) | $(3,706,970.32) | |
(-) Total Student Loan Principal Activity | $15,497,721.51 | $43,988,281.83 | ||
(=) Ending Student Loan Portfolio Balance | $2,010,416,982.69 | $1,966,428,700.86 | ||
(+) Interest to be Capitalized | $6,726,580.56 | $6,543,013.34 | ||
(=) TOTAL POOL | $2,017,143,563.25 | $1,972,971,714.20 | ||
(+) Reserve Account Balance | $5,042,858.91 | $4,932,429.29 | ||
(+) Capitalized Interest Account Balance | $35,000,000.00 | $35,000,000.00 | ||
(=) Total Adjusted Pool | $2,057,186,422.16 | $2,012,904,143.49 | ||
VII. SLC TRUST 2005-01 | Portfolio Characteristics | |||||
Weighted Avg Coupon | ||||||
STATUS | 07/31/2005 | 10/31/2005 | ||||
REPAYMENT | ||||||
Active | ||||||
Current | 3.589% | 3.587% | ||||
31-60 Days Delinquent | 3.915% | 3.849% | ||||
61-90 Days Delinquent | 4.015% | 3.912% | ||||
91-120 Days Delinquent | 4.006% | 3.952% | ||||
> 120 Days Delinquent | 4.169% | 4.115% | ||||
Deferment | ||||||
Current | 3.677% | 3.671% | ||||
Forbearance | ||||||
Current | 3.770% | 3.767% | ||||
TOTAL REPAYMENT | 3.639% | 3.636% | ||||
Claims in Process | 5.354% | 5.354% | ||||
Aged Claims Rejected | 0.000% | 0.000% | ||||
GRAND TOTAL | 3.639% | 3.635% | ||||
# of Loans | % | |||||
STATUS | 07/31/2005 | 10/31/2005 | 07/31/2005 | 10/31/2005 | ||
REPAYMENT | ||||||
Active | ||||||
Current | 97,417 | 94,731 | 74.948% | 74.166% | ||
31-60 Days Delinquent | 2,345 | 2,326 | 1.804% | 1.821% | ||
61-90 Days Delinquent | 1,270 | 1,223 | 0.977% | 0.958% | ||
91-120 Days Delinquent | 900 | 858 | 0.692% | 0.672% | ||
> 120 Days Delinquent | 2,314 | 2,633 | 1.780% | 2.061% | ||
Deferment | ||||||
Current | 17,071 | 16,866 | 13.134% | 13.205% | ||
Forbearance | ||||||
Current | 8,643 | 8,808 | 6.649% | 6.896% | ||
TOTAL REPAYMENT | 129,960 | 127,445 | 99.985% | 99.778% | ||
Claims in Process | 9 | 283 | 0.015% | 0.222% | ||
Aged Claims Rejected | 0 | 0 | 0.000% | 0.000% | ||
GRAND TOTAL | 129,969 | 127,728 | 100.000% | 100.000% | ||
Principal Amount | % | |||||
STATUS | 07/31/2005 | 10/31/2005 | 07/31/2005 | 10/31/2005 | ||
REPAYMENT | ||||||
Active | ||||||
Current | $1,455,861,863.61 | $1,405,778,255.39 | 72.416% | 71.489% | ||
31-60 Days Delinquent | $33,001,684.34 | $32,386,748.48 | 1.642% | 1.647% | ||
61-90 Days Delinquent | $18,445,759.88 | $18,081,394.56 | 0.918% | 0.920% | ||
91-120 Days Delinquent | $12,231,564.15 | $13,757,151.11 | 0.608% | 0.700% | ||
> 120 Days Delinquent | $33,503,708.05 | $38,206,006.09 | 1.667% | 1.943% | ||
Deferment | ||||||
Current | $282,700,458.00 | $276,297,883.00 | 14.062% | 14.051% | ||
Forbearance | ||||||
Current | $174,387,153.67 | $178,155,321.34 | 8.674% | 9.060% | ||
TOTAL REPAYMENT | $2,010,132,191.70 | $1,962,662,759.97 | 99.986% | 99.808% | ||
Claims in Process | $ 284,790.99 | $ 3,765,940.89 | 0.014% | 0.192% | ||
Aged Claims Rejected | $ - | $ - | 0.000% | 0.000% | ||
GRAND TOTAL | 2,010,416,982.69 | 1,966,428,700.86 | 100.000% | 100.000% | ||
VIII. SLC TRUST 2005-01 | Payment History and CPRs | |||||
Distribution | Actual | Life | Life Pct of | |||
Date | Pool Balances | CPR | CLR | |||
05-Aug | $ 2,010,416,982.69 | 2.12 | 163 | |||
05-Nov | $ 1,966,428,700.86 | 4.13 | 295 | |||