Exhibit 99.1
I. SLC TRUST 2005-01 Deal Parameters
Student Portfolio Characteristics | 06/15/2005 | Activity | 07/31/2005 | ||
A | i | Portfolio Balance | $2,025,914,704.20 | $15,497,721.51 | $2,010,416,982.69 |
ii | Interest to be Capitalized * | $ 7,407,773.29 | $ 6,726,580.56 | ||
iii | Total Pool | $2,033,322,477.49 | $2,017,143,563.25 | ||
iv | Specified Reserve Account Balance | $ 5,093,782.00 | $ 5,042,858.91 | ||
v | Capitalized Interest Account Balance | $ 35,000,000.00 | $ 35,000,000.00 | ||
vi | Total Adjusted Pool | $2,073,416,259.49 | $2,057,186,422.16 | ||
B | i | Portfolio Balance as a Percent of Original Balance | 100.00% | 99.24% | |
ii | Weighted Average Coupon (WAC) | 3.640% | 3.639% | ||
iii | Weighted Average Remaining Term | 251.94 | 251.08 | ||
iv | Number of Loans | 130,515 | 129,980 | ||
v | Number of Borrowers | 74,395 | 74,096 | ||
vi | Average Outstanding Principal Balance | $2,018,165,843.45 |
Notes | CUSIP | Spread | Balance 06/15/2005 | Pool Factor 06/15/2005 | Balance 08/15/2005 | Pool Factor 08/15/2005 | ||
C | i | A1 Notes | 784420AA9 | 0.010% | $722,000,000.00 | 1.0000000000 | $710,732,486.81 | 0.9843940260 |
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 | ||||||||
vi | ||||||||
vii | ||||||||
viii | B Notes | 784420AE1 | 0.200% | $ 62,542,000.00 | 1.0000000000 | $ 62,542,000.00 | 1.0000000000 |
Total Notes Parity | $2,084,738,000.00 99.46% | $2,073,470,486.81 99.21% |
Reserve Account | 06/15/2005 | Activity | 08/15/2005 | ||
D | i | Required Reserve Acc Deposit (%) | 0.25% | 0.25% | |
ii | Reserve Acct Initial Deposit ($) | $5,093,782.00 | $ - | $5,093,782.00 | |
iii | Specified Reserve Acct Balance ($) | $5,093,782.00 | $ (50,923.09) | $5,042,858.91 | |
iv | Reserve Account Floor Balance ($) | $3,056,269.00 | $ - | $3,056,269.00 | |
v | Current Reserve Acct Balance ($) | $5,093,782.00 | $ (50,923.09) | $5,042,858.91 |
Capitalized Interest Account | 06/15/2005 | Activity | 08/15/2005 | ||
E | i | Capitalized Interest Account Balance | $35,000,000.00 | $ - | $35,000,000.00 |
II. SLC TRUST 2005-01 Distributions
Interest | ||||||||||
Class | CUSIP | Quarterly Interest Due | Quarterly Interest Paid | Interest Shortfall | Interest Carryover Due | Interest Carryover Paid | Interest Carryover | Interest Factor | Rate | Next Rate |
A1 | 784420AA9 | $4,069,297.29 | $4,069,297.29 | $ - | $ - | $ - | $ - | 0.0056361458 | 3.32625% | 3.80000% |
A2 | 784420AB7 | $2,215,581.42 | $2,215,581.42 | $ - | $ - | $ - | $ - | 0.0057547569 | 3.39625% | 3.87000% |
A3 | 784420AC5 | $2,222,840.00 | $2,222,840.00 | $ - | $ - | $ - | $ - | 0.0057886458 | 3.41625% | 3.89000% |
A4 | 784420AD3 | $3,119,909.62 | $3,119,909.62 | $ - | $ - | $ - | $ - | 0.0058733681 | 3.46625% | 3.94000% |
B | 784420AE1 | $372,630.88 | $372,630.88 | $ - | $ - | $ - | $ - | 0.0059580903 | 3.51625% | 3.99000% |
Total | $12,000,259.22 | $12,000,259.22 |
CURRENT LIBOR 3.316250%
NEXT LIBOR 3.790000%
Principal | |||||
Class | CUSIP | Quarterly Principal Due | Quarterly Principal Paid | Quarterly Principal Shortfall | Principal Factor |
A1 | 784420AA9 | $27,551,577.84 | $11,267,513.19 | $16,284,064.65 | 0.0156059740 |
A2 | 784420AB7 | $ - | $ - | $ - | 0.0000000000 |
A3 | 784420AC5 | $ - | $ - | $ - | 0.0000000000 |
A4 | 784420AD3 | $ - | $ - | $ - | 0.0000000000 |
B | 784420AE1 | $ - | $ - | $ - | 0.0000000000 |
TOTAL | $27,551,577.84 | $11,267,513.19 | $16,284,064.65 |
III. SLC TRUST 2005-01 Transactions from: 06/15/2005 through: 07/31/2005
A | Student Loan Principal Activity | |||
i | Regular Principal Collections | $ | 17,777,603.48 | |
ii | Principal Collections from Guarantor | $ | 118,306.90 | |
iii | Principal Reimbursements | $ | - | |
iv | Other System Adjustments | $ | - | |
v | Total Principal Collections | $ | 17,895,910.38 | |
B | Student Loan Non-Cash Principal Activity | |||
i | Other Adjustments | $ | (186,029.51) | |
ii | Capitalized Interest | $ | (2,212,159.36) | |
iii | Total Non-Cash Principal Activity | $ | (2,398,188.87) | |
C | Total Student Loan Principal Activity | $ | 15,497,721.51 | |
D | Student Loan Interest Activity | |||
i | Regular Interest Collections | $ | 6,851,433.19 | |
ii | Interest Claims Received from Guarantors | $ | 587.19 | |
iii | Collection Fees/Returned Items | $ | - | |
iv | Late Fee Reimbursements | $ | 64,529.63 | |
v | Interest Reimbursements | $ | - | |
vi | Other System Adjustments | $ | - | |
vii | Special Allowance Payments | $ | 1,949,861.66 | |
viii | Subsidy Payments | $ | 266,111.91 | |
ix | Total Interest Collections | $ | 9,132,523.58 | |
E | Student Loan Non-Cash Interest Activity | |||
i | Interest Accrual Adjustments | $ | (8,494,938.93) | |
ii | Government Interest Accrual Adjustments | $ | (6,960,464.40) | |
iii | Capitalized Interest | $ | 2,212,159.36 | |
iv | Total Non-Cash Interest Adjustments | $ | (13,243,243.97) | |
F | Total Student Loan Interest Activity | $ | (4,110,720.39) | |
G | Realized Losses During Collection Period | $ | - | |
H | Cumulative Realized Losses to Date | $ | - |
IV. SLC TRUST 2005-01 Collection Account Activity 06/15/2005 through 07/31/2005
A | Principal Collections | |||
i | Principal Payments Received | $ | 9,484,633.25 | |
ii | Principal Collections from Guarantor | $ | 118,306.90 | |
iii | Consolidation Principal Payments | $ | 8,292,970.23 | |
iv | Reimbursements by Seller | $ | - | |
v | Borrower Benefits Reimbursements | $ | - | |
vi | Reimbursements by Servicer | $ | - | |
vii | Re-purchased Principal | $ | - | |
viii | Total Principal Collections | $ | 17,895,910.38 | |
B | Interest Collections | |||
i | Interest Payments Received | $ | 8,998,430.60 | |
ii | Interest Claims Received from Guarantors | $ | 587.19 | |
iii | Consolidation Interest Payments | $ | 68,976.16 | |
iv | Reimbursements by Seller | $ | - | |
v | Borrower Benefits Reimbursements | $ | - | |
vi | Reimbursements by Servicer | $ | - | |
vii | Re-purchased Interest | $ | - | |
viii | Collection Fees/Returned Items | $ | - | |
ix | Late Fees | $ | 64,529.63 | |
x | Total Interest Collections | $ | 9,132,523.58 | |
C | Other Reimbursements (one time funding for 105 bps fee) | $ | 832,136.52 | |
D | Reserves in Excess of Reserve Requirement | $ | 50,923.09 | |
E | Interest Rate Cap Proceeds | $ | - | |
F | Trust Account Investment Income | $ | 206,055.12 | |
G | Administrator Account Investment Income | $ | - | |
TOTAL FUNDS RECEIVED | $ | 28,117,548.69 | ||
LESS FUNDS PREVIOUSLY REMITTED/SET ASIDE: | ||||
i Consolidation Loan Rebate Fees | $ | 3,548,178.83 | ||
H | TOTAL AVAILABLE FUNDS | $ | 24,569,369.86 | |
I | Servicing Fees Due for Current Period | $ | 1,292,597.46 | |
J | Carryover Servicing Fees Due | $ | - | |
K | Total Fees Due for Period | $ | 1,292,597.46 |
V. SLC TRUST 2005-01 Waterfall for Distributions
A | Total Available Funds (III-F) | $ | 24,569,369.86 | |
B | Trustee Fees | $ | 9,000.00 | |
C | Primary Servicing Fees | $ | 1,292,597.46 | |
E | Noteholder's Interest Distribution Amount Paid | |||
i | Class A-1 | $ | 4,069,297.29 | |
ii | Class A-2 | $ | 2,215,581.42 | |
iii | Class A-3 | $ | 2,222,840.00 | |
iv | Class A-4 | $ | 3,119,909.62 | |
v | Class A-5 | $ | - | |
vi | Class A-6 | $ | - | |
vii | Class A-7 | $ | - | |
viii | Class B | $ | 372,630.88 | |
ix | Total Noteholder's Interest Distribution | $ | 12,000,259.22 | |
F | Noteholder's Principal Distribution Amount Paid | |||
i | Class A-1 | $ | 11,267,513.19 | |
ii | Class A-2 | $ | - | |
iii | Class A-3 | $ | - | |
iv | Class A-4 | $ | - | |
v | Class A-5 | $ | - | |
vi | Class A-6 | $ | - | |
vii | Class A-7 | $ | - | |
viii | Class B | $ | - | |
ix | Total Noteholder's Principal Distribution | $ | 11,267,513.19 | |
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 A-5 | $ | - | |
vi | Class A-6 | $ | - | |
vii | Class A-7 | $ | - | |
viii | Class A-8 | $ | - | |
ix | Class A-9 | $ | - | |
x | Class B | $ | - | |
xi | Total Noteholder's Interest Carryover | $ | - | |
J | Excess Distribution Release to Trust Certificateholders | $ | - | |
K | Draw from Capitalized Interest Account | $ | (0.00) |
VI. SLC TRUST 2005-01 Historical Pool Information
06/15/05-07/31/05 | ||||
Student Loan Interest Activity | ||||
i | Regular Interest Collections | $ | 6,851,433.19 | |
ii | Interest Claims Received from Guarantors | $ | 587.19 | |
iii | Collection Fees/Returned Items | $ | - | |
iv | Late Fee Reimbursements | $ | 64,529.63 | |
v | Interest Reimbursements | $ | - | |
vi | Other System Adjustments | $ | - | |
vii | Special Allowance Payments | $ | 1,949,861.66 | |
viii | Subsidy Payments | $ | 266,111.91 | |
ix | Total Interest Collections | $ | 9,132,523.58 | |
Student Loan Non-Cash Interest Activity | ||||
i | Interest Accrual Adjustments | $ | (8,494,938.93) | |
ii | Government Interest Accrual Adjustments | $ | (6,960,464.40) | |
iii | Capitalized Interest | $ | 2,212,159.36 | |
iv | Total Non-Cash Interest Adjustments | $ | (13,243,243.97) | |
Total Student Loan Interest Activity | $ | (4,110,720.39) | ||
Beginning Student Loan Portfolio Balance | $ | 2,025,914,704.20 | ||
Student Loan Principal Activity | ||||
i | Regular Principal Collections | $ | 17,777,603.48 | |
ii | Principal Collections from Guarantor | $ | 118,306.90 | |
iii | Principal Reimbursements | $ | - | |
iv | Other System Adjustments | $ | - | |
v | Total Principal Collections | $ | 17,895,910.38 | |
Student Loan Non-Cash Principal Activity | ||||
i | Other Adjustments | $ | (186,029.51) | |
ii | Capitalized Interest | $ | (2,212,159.36) | |
iii | Total Non-Cash Principal Activity | $ | (2,398,188.87) | |
(-) | Total Student Loan Principal Activity | $ | 15,497,721.51 | |
(=) | Ending Student Loan Portfolio Balance | $ | 2,010,416,982.69 | |
(+) | Interest to be Capitalized | $ | 6,726,580.56 | |
(=) | TOTAL POOL | $ | 2,017,143,563.25 | |
(+) | Reserve Account Balance | $ | 5,042,858.91 | |
(+) | Capitalized Interest Account Balance | $ | 35,000,000.00 | |
(=) | Total Adjusted Pool | $ | 2,057,186,422.16 |
VII. SLC TRUST 2005-01 Portfolio Characteristics
Weighted Avg Coupon | # of Loans | % | Principal Amount | % | ||||||
STATUS | 06/15/05 | 07/31/05 | 06/15/05 | 07/31/05 | 06/15/05 | 07/31/05 | 06/15/05 | 07/31/05 | 06/15/05 | 07/31/05 |
REPAYMENT | ||||||||||
Active | ||||||||||
Current | 3.595% | 3.589% | 97,981 | 97,417 | 75.073% | 74.948% | $1,456,307,107.27 | $1,455,861,863.61 | 71.884% | 72.416% |
31-60 Days Delinquent | 3.972% | 3.915% | 2,211 | 2,345 | 1.694% | 1.804% | $32,200,887.15 | $33,001,684.34 | 1.589% | 1.642% |
61-90 Days Delinquent | 4.147% | 4.015% | 1,236 | 1,270 | 0.947% | 0.977% | $18,841,871.59 | $18,445,759.88 | 0.930% | 0.918% |
91-120 Days Delinquent | 4.196% | 4.006% | 942 | 900 | 0.722% | 0.692% | $13,627,755.90 | $12,231,564.15 | 0.673% | 0.608% |
> 120 Days Delinquent | 4.070% | 4.169% | 1,758 | 2,314 | 1.347% | 1.780% | $24,580,907.57 | $33,503,708.05 | 1.213% | 1.667% |
Deferment | ||||||||||
Current | 3.667% | 3.677% | 16,837 | 17,071 | 12.900% | 13.134% | $280,856,431.98 | $282,700,458.00 | 13.863% | 14,062% |
Forbearance | ||||||||||
Current | 3.736% | 3.770% | 9,550 | 8,643 | 7.317% | 6.649% | $199,499,742.74 | $174,387,153.67 | 9.847% | 8.674% |
TOTAL REPAYMENT | 3.640% | 3.639% | 130,515 | 129,960 | 100.000% | 99.985% | $2,025,914,704.20 | $2,010,132,191.70 | 100.000% | 99.986% |
Claims in Process | 0.000% | 5.354% | 0 | 9 | 0.000% | 0.015% | $ - | $ 284,790.99 | 0.000% | 0.014% |
Aged Claims Rejected | 0.000% | 0.000% | 0 | 0 | 0.000% | 0.000% | $ - | $ - | 0.000% | 0.000% |
GRAND TOTAL | 3.640% | 3.639% | 130,515 | 129,969 | 100.000% | 100.000% | $2,025,914,704.20 | $2,010,416,982.69 | 100.000% | 100.000% |
VIII. SLC TRUST 2005-01 Payment History and CPRs
Distribution Date | Actual Pool Balances | Life CPR* | Life Pct of CLR |
05-Jul | $ 2,010,416,982.69 | 2.12 | 163 |
* The prospectus supplement dated June 8, 2005 stated that as April 29, 2005 statistical cutoff date accrued interest on the portfolio to be capitalized was $11,017,606. However, only $6,919,014 of this accrued interest was not to be capitalized. The remaining accrued interest was not capitalized. Interest to be capitalized on the final portfolio as of the June 15, 2005 closing date was $7,407,773.