SLM Student Loan Trust 2005-6 Quarterly Servicing Report
Report Date: 09/30/2005 Distribution Date: 10/25/2005 Collection Period: 7/27/05-9/30/05
I. Deal Parameters
| Student Loan Portfolio Characteristics | 7/27/2005 | Activity | 9/30/2005 | |||||||||||||||||||||||||||||||||||
| A | i | Portfolio Balance | $ | 2,491,597,849.43 | $ | 760,411,006.38 | $ | 3,252,008,855.81 | ||||||||||||||||||||||||||||||
| ii | Interest to be Capitalized | 1,748,601.78 | 4,366,666.17 | |||||||||||||||||||||||||||||||||||
| iii | Total Pool | $ | 2,493,346,451.21 | $ | 3,256,375,521.98 | |||||||||||||||||||||||||||||||||
| iv | Capitalized Interest | 65,500,000.00 | 65,500,000.00 | |||||||||||||||||||||||||||||||||||
| v | Add-on Consolidation Loan Account Balance | 25,000,000.00 | 17,965,662.76 | |||||||||||||||||||||||||||||||||||
| vi | Specified Reserve Account Balance | 8,250,167.00 | 8,185,852.96 | |||||||||||||||||||||||||||||||||||
| vii | Total Adjusted Pool | $ | 2,592,096,618.21 | $ | 3,348,027,037.70 | |||||||||||||||||||||||||||||||||
| B | i | Weighted Average Coupon (WAC) | 3.717 | % | 3.680 | % | ||||||||||||||||||||||||||||||||
| ii | Weighted Average Remaining Term | 271.39 | 271.24 | |||||||||||||||||||||||||||||||||||
| iii | Number of Loans | 150,283 | 199,623 | |||||||||||||||||||||||||||||||||||
| iv | Number of Borrowers | 91,786 | 122,087 | |||||||||||||||||||||||||||||||||||
| v* | Aggregate Outstanding Principal Balance — T-Bill | $ | 7,514,790 | $ | 7,934,766 | |||||||||||||||||||||||||||||||||
| vi* | Aggregate Outstanding Principal Balance — Commercial Paper | $ | 2,492,551,944 | $ | 3,248,440,756 | |||||||||||||||||||||||||||||||||
| % of | % of | |||||||||||||||||||||||||||||||||||||
| Notes | Spread | Balance 7/27/2005 | O/S Securities | Balance 10/25/05 | O/S Securities | |||||||||||||||||||||||||||||||||
| C | i | A-1 Notes | 78442GPT7 | -0.030 | % | $ | 221,000,000.00 | 6.542 | % | $ | 217,240,374.87 | 6.438 | % | |||||||||||||||||||||||||
| ii | A-2 Notes | 78442GPU4 | 0.000 | % | 492,000,000.00 | 14.564 | % | 492,000,000.00 | 14.580 | % | ||||||||||||||||||||||||||||
| iii | A-3 Notes | 78442GPV2 | 0.050 | % | 251,000,000.00 | 7.430 | % | 251,000,000.00 | 7.438 | % | ||||||||||||||||||||||||||||
| iv | A-4 Notes | 78442GPW0 | 0.090 | % | 550,000,000.00 | 16.281 | % | 550,000,000.00 | 16.299 | % | ||||||||||||||||||||||||||||
| v | A-5A Notes | 78442GPX8 | 0.110 | % | 383,000,000.00 | 11.337 | % | 383,000,000.00 | 11.350 | % | ||||||||||||||||||||||||||||
| vi | A-5B Notes | 78442GPZ3 | 0.010 | % | 329,000,000.00 | 9.739 | % | 329,000,000.00 | 9.750 | % | ||||||||||||||||||||||||||||
| vii | A-6 Notes | 78442GPY6 | 0.140 | % | 600,000,000.00 | 17.761 | % | 600,000,000.00 | 17.781 | % | ||||||||||||||||||||||||||||
| viii | A-7 Notes | 78442GQE9 | 0.180 | % | 450,846,000.00 | 13.346 | % | 450,846,000.00 | 13.361 | % | ||||||||||||||||||||||||||||
| ix | B Notes | 78442GQA7 | 0.290 | % | 101,346,000.00 | 3.000 | % | 101,346,000.00 | 3.003 | % | ||||||||||||||||||||||||||||
| x | Total Notes | $ | 3,378,192,000.00 | 100.000 | % | $ | 3,374,432,374.87 | 100.000 | % | |||||||||||||||||||||||||||||
| Reserve Account | 7/27/2005 | 10/25/2005 | ||||||||||||||||||||||||||||||||||||
| D | i | Required Reserve Acct Deposit (%) | 0.25% | 0.25% | ||||||||||||||||||||||||||||||||||
| ii | Reserve Acct Initial Deposit ($) | $ | 8,250,167.00 | |||||||||||||||||||||||||||||||||||
| iii | Specified Reserve Acct Balance ($) | $ | 8,250,167.00 | $ | 8,185,852.96 | |||||||||||||||||||||||||||||||||
| iv | Reserve Account Floor Balance ($) | $ | 4,950,100.00 | $ | 4,950,100.00 | |||||||||||||||||||||||||||||||||
| v | Current Reserve Acct Balance ($) | $ | 8,250,167.00 | $ | 8,185,852.96 | |||||||||||||||||||||||||||||||||
| Other Accounts | 7/27/2005 | 10/25/2005 | ||||||||||||||||||||||||||||||||||||
| E | i | Supplemental Loan Purchase Account | $ | 6,720,281.96 | $ | 0.00 | ||||||||||||||||||||||||||||||||
| ii | Pre-funding Acocunt | $ | 775,000,000.00 | $ | 0.00 | |||||||||||||||||||||||||||||||||
| iii | Add-on Consolidation Loan Account | $ | 25,000,000.00 | $ | 17,965,662.76 | |||||||||||||||||||||||||||||||||
| iv | Capitalized Interest Account | $ | 65,500,000.00 | $ | 65,500,000.00 | |||||||||||||||||||||||||||||||||
| v | Remarketing Fee Account | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||||||||||||||
| Asset/Liability | 7/27/2005 | 10/25/2005 | ||||||||||||||||||||||||||||||||||||
| F | i | Total Adjusted Pool | $ | 2,592,096,618.21 | $ | 3,348,027,037.70 | ||||||||||||||||||||||||||||||||
| ii | Pre-Funding Account Balance | $ | 775,000,000.00 | $ | 0.00 | |||||||||||||||||||||||||||||||||
| ii | Total Outstanding Balance Notes | $ | 3,378,192,000.00 | $ | 3,374,432,374.87 | |||||||||||||||||||||||||||||||||
| iii | Difference | $ | (11,095,381.79 | ) | $ | (26,405,337.17 | ) | |||||||||||||||||||||||||||||||
| iv | Parity Ratio | 0.99672 | 0.99217 | |||||||||||||||||||||||||||||||||||
| General Trust Information | ||||||||||||||||||||||||||||||||||||||
| G | i | Indenture Trustee | Deutsche Bank Trust Company Americas | iv | Administrator | Sallie Mae, Inc. | ||||||||||||||||||||||||||||||||
| ii | Eligible Lender Trustee | Chase Bank USA, National Association | v | Servicer | Sallie Mae, Inc. | |||||||||||||||||||||||||||||||||
| iii | Luxembourg Paying Agent | Deutsche Bank Luxembourg SA | vi | Swap Counterparty | n/a | |||||||||||||||||||||||||||||||||
| Initial Pool Balance | $2,525,066,733.17 | |||||||||||||||||||||||||||||||||||||
| * | Sections B-v and B-vi are as of the Statistical Cutoff date in the column labeled 7/27/2005. | |||||||||||||||||||||||||||||||||||||
1
II. 2005-5 Transactions from: 07/26/2005 through: 09/30/2005
| A | Student Loan Principal Activity | |||||||
| i | Regular Principal Collections | $ | 26,352,769.86 | |||||
| ii | Principal Collections from Guarantor | 530,776.36 | ||||||
| iii | Principal Reimbursements | 1,037,299.53 | ||||||
| iv | Other System Adjustments | 0.00 | ||||||
| v | Total Principal Collections | $ | 27,920,845.75 | |||||
| B | Student Loan Non-Cash Principal Activity | |||||||
| i | Other Adjustments | $ | 1,162.83 | |||||
| ii | Capitalized Interest | (3,872,347.36 | ) | |||||
| iii | Total Non-Cash Principal Activity | $ | (3,871,184.53 | ) | ||||
| C | Student Loan Principal Purchases | $ | (784,460,667.60 | ) | ||||
| D | Total Student Loan Principal Activity | $ | (760,411,006.38 | ) | ||||
| E | Student Loan Interest Activity | |||||||
| i | Regular Interest Collections | $ | 13,801,160.27 | |||||
| ii | Interest Claims Received from Guarantors | 7,451.97 | ||||||
| iii | Collection Fees/Returned Items | 712.53 | ||||||
| iv | Late Fee Reimbursements | 83,118.36 | ||||||
| v | Interest Reimbursements | 6,091.48 | ||||||
| vi | Other System Adjustments | 0.00 | ||||||
| vii | Special Allowance Payments | 0.00 | ||||||
| viii | Subsidy Payments | 0.00 | ||||||
| ix | Total Interest Collections | $ | 13,898,534.61 | |||||
| F | Student Loan Non-Cash Interest Activity | |||||||
| i | Interest Accrual Adjustment | $ | (890.09 | ) | ||||
| ii | Capitalized Interest | 3,872,347.36 | ||||||
| iii | Total Non-Cash Interest Adjustments | $ | 3,871,457.27 | |||||
| G | Student Loan Interest Purchases | $ | (8,248.45 | ) | ||||
| H | Total Student Loan Interest Activity | $ | 17,761,743.43 | |||||
| I | Non-Reimbursable Losses During Collection Period | $ | 0.00 | |||||
| J | Cumulative Non-Reimbursable Losses to Date | $ | 0.00 | |||||
2
III. 2005-6 Collection Account Activity 07/26/2005 through 09/30/2005
| A | Principal Collections | |||||||
| i | Principal Payments Received | $ | 18,735,703.13 | |||||
| ii | Consolidation Principal Payments | 8,147,843.09 | ||||||
| iii | Reimbursements by Seller | 1,505.90 | ||||||
| iv | Borrower Benefits Reimbursements | 1,877.68 | ||||||
| v | Reimbursements by Servicer | 0.00 | ||||||
| vi | Re-purchased Principal | 1,033,915.95 | ||||||
| vii | Total Principal Collections | $ | 27,920,845.75 | |||||
| B | Interest Collections | |||||||
| i | Interest Payments Received | $ | 13,766,170.45 | |||||
| ii | Consolidation Interest Payments | 42,441.79 | ||||||
| iii | Reimbursements by Seller | 0.00 | ||||||
| iv | Borrower Benefits Reimbursements | 0.00 | ||||||
| v | Reimbursements by Servicer | 1,641.57 | ||||||
| vi | Re-purchased Interest | 4,449.91 | ||||||
| vii | Collection Fees/Return Items | 712.53 | ||||||
| viii | Late Fees | 83,118.36 | ||||||
| ix | Total Interest Collections | $ | 13,898,534.61 | |||||
| C | Other Reimbursements | $ | 168,875.58 | |||||
| D | Reserves in Excess of the Requirement | $ | 64,314.04 | |||||
| E | Administrator Account Investment Income | $ | 0.00 | |||||
| F | Investment Earnings for Period in Trust Accounts | $ | 804,749.01 | |||||
| G | Funds borrowed during previous distribution | $ | 0.00 | |||||
| H | Funds borrowed from subsequent distribution | $ | 0.00 | |||||
| I | Excess Transferred from Supplemental Loan Purchase Account | $ | 723,902.44 | |||||
| J | Excess Transferred from Add-on Consolidation Loan Account | $ | 0.00 | |||||
| K | Excess Transferred from Pre-funding Account | $ | 63,361.12 | |||||
| L | Excess Transferred from Remarketing Fee Account | $ | 0.00 | |||||
| M | Funds Released from Capitalized Interest Account | $ | 0.00 | |||||
| N | Initial Deposits into Collection Account | $ | 3,263,000.00 | |||||
| TOTAL AVAILABLE FUNDS | $ | 46,907,582.55 | ||||||
| LESS FUNDS PREVIOUSLY REMITTED: | ||||||||
| Servicing Fees | $ | (1,567,596.33 | ) | |||||
| Consolidation Loan Rebate Fees | $ | (8,582,595.92 | ) | |||||
| O | NET AVAILABLE FUNDS | $ | 36,757,390.30 | |||||
| P | Servicing Fees Due for Current Period | $ | 1,357,633.74 | |||||
| Q | Carryover Servicing Fees Due | $ | 0.00 | |||||
| R | Administration Fees Due | $ | 25,000.00 | |||||
| S | Total Fees Due for Period | $ | 1,382,633.74 | |||||
3
IV. 2005-6 Portfolio Characteristics
| Weighted Avg Coupon | # of Loans | % * | Principal Amount | % * | ||||||||||||||||||||||||||||||||||||
| STATUS | 07/27/2005 | 09/30/2005 | 07/27/2005 | 09/30/2005 | 07/27/2005 | 09/30/2005 | 07/27/2005 | 09/30/2005 | 07/27/2005 | 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 | 3.770 | % | 3.765 | % | 131,100 | 133,981 | 87.235 | % | 67.117 | % | $ | 2,048,690,519.45 | $ | 2,017,876,533.25 | 82.224 | % | 62.050 | % | ||||||||||||||||||||||
| 31-60 Days Delinquent | 3.683 | % | 3.870 | % | 836 | 10,242 | 0.556 | % | 5.131 | % | 15,691,412.61 | 155,493,300.99 | 0.630 | % | 4.781 | % | ||||||||||||||||||||||||
| 61-90 Days Delinquent | 3.616 | % | 4.139 | % | 416 | 4,564 | 0.277 | % | 2.286 | % | 7,799,748.20 | 66,154,066.71 | 0.313 | % | 2.034 | % | ||||||||||||||||||||||||
| 91-120 Days Delinquent | 3.527 | % | 3.975 | % | 184 | 342 | 0.122 | % | 0.171 | % | 3,528,366.01 | 5,679,148.17 | 0.142 | % | 0.175 | % | ||||||||||||||||||||||||
| > 120 Days Delinquent | 3.581 | % | 3.563 | % | 129 | 312 | 0.086 | % | 0.156 | % | 2,037,559.86 | 5,290,378.44 | 0.082 | % | 0.163 | % | ||||||||||||||||||||||||
Deferment | ||||||||||||||||||||||||||||||||||||||||
| Current | 3.273 | % | 3.232 | % | 12,651 | 33,778 | 8.418 | % | 16.921 | % | 292,964,369.94 | 668,761,315.63 | 11.758 | % | 20.565 | % | ||||||||||||||||||||||||
Forbearance | ||||||||||||||||||||||||||||||||||||||||
| Current | 3.924 | % | 3.881 | % | 4,967 | 16,353 | 3.305 | % | 8.192 | % | 120,885,873.36 | 331,920,691.00 | 4.852 | % | 10.207 | % | ||||||||||||||||||||||||
TOTAL REPAYMENT | 3.717 | % | 3.680 | % | 150,283 | 199,572 | 100.000 | % | 99.974 | % | $ | 2,491,597,849.43 | $ | 3,251,175,434.19 | 100.000 | % | 99.974 | % | ||||||||||||||||||||||
Claims in Process (1) | 0.000 | % | 4.889 | % | 0 | 51 | 0.000 | % | 0.026 | % | $ | 0.00 | $ | 833,421.62 | 0.000 | % | 0.026 | % | ||||||||||||||||||||||
Aged Claims Rejected (2) | 0.000 | % | 0.000 | % | 0 | 0 | 0.000 | % | 0.000 | % | $ | 0.00 | $ | 0.00 | 0.000 | % | 0.000 | % | ||||||||||||||||||||||
GRAND TOTAL | 3.717 | % | 3.680 | % | 150,283 | 199,623 | 100.000 | % | 100.000 | % | $ | 2,491,597,849.43 | $ | 3,252,008,855.81 | 100.000 | % | 100.000 | % | ||||||||||||||||||||||
4
V. 2005-6 Interest Accruals
| A | Borrower Interest Accrued During Collection Period | $ | 19,929,106.73 | |||
| B | Interest Subsidy Payments Accrued During Collection Period | 1,500,161.28 | ||||
| C | SAP Payments Accrued During Collection Period | 15,869,336.42 | ||||
| D | INV Earnings Accrued for Collection Period (TRUST ACCOUNTS) | 804,749.01 | ||||
| E | Investment Earnings (ADMINISTRATOR ACCOUNTS) | 0.00 | ||||
| F | Consolidation Loan Rebate Fees | (8,582,595.92 | ) | |||
| G | Net Expected Interest Collections | $ | 29,520,757.52 |
VI. 2005-6 Accrued Interest Factors
| Accrued | ||||||||||
| Int Factor | Accrual Period | Rate | ||||||||
| A | Class A-1 Interest Rate | 0.009065000 | 7/27/05 - 10/25/05 | 3.62600% | ||||||
| B | Class A-2 Interest Rate | 0.009140000 | 7/27/05 - 10/25/05 | 3.65600% | ||||||
| C | Class A-3 Interest Rate | 0.009265000 | 7/27/05 - 10/25/05 | 3.70600% | ||||||
| D | Class A-4 Interest Rate | 0.009365000 | 7/27/05 - 10/25/05 | 3.74600% | ||||||
| E | Class A-5A Interest Rate | 0.009415000 | 7/27/05 - 10/25/05 | 3.76600% | ||||||
| F | Class A-5B Interest Rate | 0.009165000 | 7/27/05 - 10/25/05 | 3.66600% | ||||||
| G | Class A-6 Interest Rate | 0.009490000 | 7/27/05 - 10/25/05 | 3.79600% | ||||||
| H | Class A-7 Interest Rate | 0.009590000 | 7/27/05 - 10/25/05 | 3.83600% | ||||||
| I | Class B Interest Rate | 0.009865000 | 7/27/05 - 10/25/05 | 3.94600% | ||||||
5
VII. 2005-6 Inputs From Initial Period 7/27/05
| A | Total Student Loan Pool Outstanding | |||||||||||||||||||||||||||||||||||||||
| i | Portfolio Balance | $ | 2,491,597,849.43 | |||||||||||||||||||||||||||||||||||||
| ii | Interest To Be Capitalized | 1,748,601.78 | ||||||||||||||||||||||||||||||||||||||
| iii | Total Pool | $ | 2,493,346,451.21 | |||||||||||||||||||||||||||||||||||||
| iv | Capitalized Interest | 65,500,000.00 | ||||||||||||||||||||||||||||||||||||||
| v | Add-on Consolidation Loan Account Balance | 25,000,000.00 | ||||||||||||||||||||||||||||||||||||||
| vi | Specified Reserve Account Balance | 8,250,167.00 | ||||||||||||||||||||||||||||||||||||||
| vii | Total Adjusted Pool | $ | 2,592,096,618.21 | |||||||||||||||||||||||||||||||||||||
| B | Total Note and Certificate Factor | 1.000000000 | ||||||||||||||||||||||||||||||||||||||
| C | Total Note Balance | $ | 3,378,192,000.00 | |||||||||||||||||||||||||||||||||||||
| D | Note Balance 07/27/2005 | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class A-5A | Class A-5B | Class A-6 | Class A-7 | Class B | ||||||||||||||||||||||||||||||
| i | Current Factor | 1.000000000 | 1.000000000 | 1.000000000 | 1.000000000 | 1.000000000 | 1.000000000 | 1.000000000 | 1.000000000 | 1.000000000 | ||||||||||||||||||||||||||||||
| ii | Expected Note Balance | $ | 221,000,000.00 | $ | 492,000,000.00 | $ | 251,000,000.00 | $ | 550,000,000.00 | $ | 383,000,000.00 | $ | 329,000,000.00 | $ | 600,000,000.00 | $ | 450,846,000.00 | $ | 101,346,000.00 | |||||||||||||||||||||
| iii | Note Principal Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 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 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||
| v | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||
| E | Reserve Account Balance | $ | 8,250,167.00 | |||||||||||||||||||||||||||||||||||||
| 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. 2005-6 Waterfall for Distributions
| Remaining | ||||||||||||
| Funds Balance | ||||||||||||
| A | Total Available Funds ( Section III-L ) | $ | 36,757,390.30 | $ | 36,757,390.30 | |||||||
| B | Primary Servicing Fees-Current Month | $ | 1,357,633.74 | $ | 35,399,756.56 | |||||||
| C | Administration Fee | $ | 25,000.00 | $ | 35,374,756.56 | |||||||
| D | Quarterly Funding Amount (Remarketing Fee Account) | $ | 0.00 | $ | 35,374,756.56 | |||||||
| E | Class A Noteholders’ Interest Distribution Amounts | |||||||||||
| i | Class A-1 | $ | 2,003,365.00 | $ | 33,371,391.56 | |||||||
| ii | Class A-2 | $ | 4,496,880.00 | $ | 28,874,511.56 | |||||||
| iii | Class A-3 | $ | 2,325,515.00 | $ | 26,548,996.56 | |||||||
| iv | Class A-4 | $ | 5,150,750.00 | $ | 21,398,246.56 | |||||||
| v | Class A-5A | $ | 3,605,945.00 | $ | 17,792,301.56 | |||||||
| vi | Class A-5B | $ | 3,015,285.00 | $ | 14,777,016.56 | |||||||
| vii | Class A-6 | $ | 5,694,000.00 | $ | 9,083,016.56 | |||||||
| viii | Class A-7 | $ | 4,323,613.14 | $ | 4,759,403.42 | |||||||
| ix | Total Class A Interest Distribution | $ | 17,582,455.00 | |||||||||
| F | Class B Noteholders’ Interest Distribution Amount | $ | 999,778.29 | $ | 3,759,625.13 | |||||||
| G | Class A Noteholders’ Principal Distribution Amounts | |||||||||||
| i | Class A-1 | $ | 3,759,625.13 | $ | 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-5A | $ | 0.00 | $ | 0.00 | |||||||
| vi | Class A-5B | $ | 0.00 | $ | 0.00 | |||||||
| vii | Class A-6 | $ | 0.00 | $ | 0.00 | |||||||
| viii | Class A-7 | $ | 0.00 | $ | 0.00 | |||||||
| ix | Total Class A Principal Distribution | $ | 3,759,625.13 | |||||||||
| H | Supplemental Interest Account Deposit | $ | 0.00 | $ | 0.00 | |||||||
| I | Investment Reserve Account Required Amount | $ | 0.00 | $ | 0.00 | |||||||
| J | Class B Noteholders’ Principal Distribution Amount | $ | 0.00 | $ | 0.00 | |||||||
| K | Reinstate Reserve Account to the Specified Reserve Account Balance | $ | 0.00 | $ | 0.00 | |||||||
| L | Investment Premium Puchase Account Deposit Amount | $ | 0.00 | $ | 0.00 | |||||||
| M | Carryover Servicing Fees | $ | 0.00 | $ | 0.00 | |||||||
| N | Remarketing Fees not paid from Remarketing Fee Account | $ | 0.00 | $ | 0.00 | |||||||
| O | Excess to Certificateholder | $ | 0.00 | $ | 0.00 | |||||||
7
IX. 2005-6 Account Reconciliations
| A | Reserve Account | |||||||
| i | Initial Deposit | $ | 8,250,167.00 | |||||
| ii | Deposits to correct Shortfall | $ | 0.00 | |||||
| iii | Total Reserve Account Balance Available | $ | 8,250,167.00 | |||||
| iv | Required Reserve Account Balance | $ | 8,185,852.96 | |||||
| v | Shortfall Carried to Next Period | $ | 0.00 | |||||
| vi | Excess Reserve - Release to Waterfall | $ | 64,314.04 | |||||
| vii | Ending Reserve Account Balance | $ | 8,185,852.96 | |||||
| B | Supplemental Loan Purchase Account | |||||||
| Supplemental Purchase Period End Date | 08/09/2005 | |||||||
| i | Initial Deposit | $ | 6,720,281.96 | |||||
| ii | Supplemental Loan Purchases | $ | (5,996,379.52 | ) | ||||
| iii | Transfers to Collection Account | $ | (723,902.44 | ) | ||||
| iv | Ending Balance | $ | 0.00 | |||||
| C | Pre-funding Account | |||||||
| Funding Period End Date | 09/30/2005 | |||||||
| i | Initial Deposit | $ | 775,000,000.00 | |||||
| ii | Pre-funding Loan Purchases | $ | (774,936,638.88 | ) | ||||
| iii | Transfers to Collection Account | $ | (63,361.12 | ) | ||||
| iv | Ending Balance | $ | 0.00 | |||||
| D | Add-on Consolidation Loan Account | |||||||
| Consolidation Loan Add-on Period end date | 03/31/2006 | |||||||
| i | Initial Deposit | $ | 25,000,000.00 | |||||
| ii | Add-on Loans Funded | $ | (7,034,337.24 | ) | ||||
| iii | Transfers to Collection Account | $ | 0.00 | |||||
| iv | Ending Balance | $ | 17,965,662.76 | |||||
| E | Capitalized Interest Account | |||||||
| Capitalized Interest Account Release Date | 10/25/2006 | |||||||
| i | Initial Deposit | $ | 65,500,000.00 | |||||
| ii | Transfers to Collection Account | $ | 0.00 | |||||
| iii | Ending Balance | $ | 65,500,000.00 | |||||
| F | Remarketing Fee Account | |||||||
| Next Remarketing Date | 07/25/2008 | |||||||
| Reset Period Target Amount | $ | 0.00 | ||||||
| Quarterly Required Amount | $ | 0.00 | ||||||
| i | Initial Deposit | $ | 0.00 | |||||
| ii | Quarterly Funding Amount | $ | 0.00 | |||||
| iii | Quarterly Required Amount Excess | $ | 0.00 | |||||
| iv | Ending Balance | $ | 0.00 | |||||
X. 2005-6 Trigger Events
| A | Has Stepdown Date Occurred? | N | ||||
| The Stepdown Date is the earlier of (1) 10/25/2011 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. 2005-6 Distributions
| A | Distribution Amounts | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class A-5A | Class A-5B | Class A-6 | Class A-7 | Class B | ||||||||||||||||||||||||||||||||||||||
| i | Quarterly Interest Due | $ | 2,003,365.00 | $ | 4,496,880.00 | $ | 2,325,515.00 | $ | 5,150,750.00 | $ | 3,605,945.00 | $ | 3,015,285.00 | $ | 5,694,000.00 | $ | 4,323,613.14 | $ | 999,778.29 | |||||||||||||||||||||||||||||
| ii | Quarterly Interest Paid | 2,003,365.00 | 4,496,880.00 | 2,325,515.00 | 5,150,750.00 | 3,605,945.00 | 3,015,285.00 | 5,694,000.00 | 4,323,613.14 | 999,778.29 | ||||||||||||||||||||||||||||||||||||||
| iii | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||||||||||
| vii | Quarterly Principal Due | $ | 30,164,962.30 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||||||||||
| viii | Quarterly Principal Paid | 3,759,625.13 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||||||||||
| ix | Quarterly Principal Shortfall | $ | 26,405,337.17 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||||||||||
| x | Total Distribution Amount | $ | 5,762,990.13 | $ | 4,496,880.00 | $ | 2,325,515.00 | $ | 5,150,750.00 | $ | 3,605,945.00 | $ | 3,015,285.00 | $ | 5,694,000.00 | $ | 4,323,613.14 | $ | 999,778.29 | |||||||||||||||||||||||||||||
| B | Principal Distribution Reconciliation | |||||||||||||||||||||||||||||||||||||||||||||||
| i | Notes Outstanding Principal Balance 9/30/05 | $ | 3,378,192,000.00 | |||||||||||||||||||||||||||||||||||||||||||||
| ii | Adjusted Pool Balance 9/30/05 | 3,348,027,037.70 | ||||||||||||||||||||||||||||||||||||||||||||||
| iii | Adjusted Pool Exceeding Notes Balance (i-ii) | $ | 30,164,962.30 | |||||||||||||||||||||||||||||||||||||||||||||
| iv | Adjusted Pool Balance 7/27/05 | $ | 2,592,096,618.21 | |||||||||||||||||||||||||||||||||||||||||||||
| v | Pre-funding Loan Purchase | 771,082,466.34 | ||||||||||||||||||||||||||||||||||||||||||||||
| vi | Adjusted Pool Balance 9/30/05 | 3,348,027,037.70 | ||||||||||||||||||||||||||||||||||||||||||||||
| vii | Current Principal Due (iv+v-vi) | $ | 15,152,046.85 | |||||||||||||||||||||||||||||||||||||||||||||
| viii | Notes Issued Exceeding Adjusted Pool Balance | 15,012,915.45 | ||||||||||||||||||||||||||||||||||||||||||||||
| ix | Principal Distribution Amount (vi + vii) | $ | 30,164,962.30 | |||||||||||||||||||||||||||||||||||||||||||||
| x | Principal Distribution Amount Paid | $ | 3,759,625.13 | |||||||||||||||||||||||||||||||||||||||||||||
| xi | Principal Shortfall (viii - ix) | $ | 26,405,337.17 | |||||||||||||||||||||||||||||||||||||||||||||
| C | Total Principal Distribution | $ | 3,759,625.13 | |||||||||||||||||||||||||||||||||||||||||||||
| D | Total Interest Distribution | 31,615,131.43 | ||||||||||||||||||||||||||||||||||||||||||||||
| E | Total Cash Distributions | $ | 35,374,756.56 | |||||||||||||||||||||||||||||||||||||||||||||
| F | Note Balances | 07/27/2005 | Paydown Factor | 10/25/2005 | ||||||||||||||||||||||||||||||||||||||||||||
| i | A-1 Note Balance | 78442GPT7 | $ | 221,000,000.00 | $ | 217,240,374.87 | ||||||||||||||||||||||||||||||||||||||||||
| A-1 Note Pool Factor | 1.000000000 | 0.017011878 | 0.982988122 | |||||||||||||||||||||||||||||||||||||||||||||
| ii | A-2 Note Balance | 78442GPU4 | $ | 492,000,000.00 | $ | 492,000,000.00 | ||||||||||||||||||||||||||||||||||||||||||
| A-2 Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||||||||||||||||||||||||||
| iii | A-3 Note Balance | 78442GPV2 | $ | 251,000,000.00 | $ | 251,000,000.00 | ||||||||||||||||||||||||||||||||||||||||||
| A-3 Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||||||||||||||||||||||||||
| iv | A-4 Note Balance | 78442GPW0 | $ | 550,000,000.00 | $ | 550,000,000.00 | ||||||||||||||||||||||||||||||||||||||||||
| A-4 Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||||||||||||||||||||||||||
| v | A-5A Note Balance | 78442GPX8 | $ | 383,000,000.00 | $ | 383,000,000.00 | ||||||||||||||||||||||||||||||||||||||||||
| A-5A Note Pool Factor | 1.0000000000 | 0.000000000 | 1.0000000000 | |||||||||||||||||||||||||||||||||||||||||||||
| �� | ||||||||||||||||||||||||||||||||||||||||||||||||
| vi | A-5B Note Balance | 78442GPZ3 | $ | 329,000,000.00 | $ | 329,000,000.00 | ||||||||||||||||||||||||||||||||||||||||||
| A-5B Note Pool Factor | 1.0000000000 | 0.000000000 | 1.0000000000 | |||||||||||||||||||||||||||||||||||||||||||||
| vii | A-6 Note Balance | 78442GPY6 | $ | 600,000,000.00 | $ | 600,000,000.00 | ||||||||||||||||||||||||||||||||||||||||||
| A-6 Note Pool Factor | 1.0000000000 | 0.000000000 | 1.0000000000 | |||||||||||||||||||||||||||||||||||||||||||||
| viii | A-7 Note Balance | 78442GQE9 | $ | 450,846,000.00 | $ | 450,846,000.00 | ||||||||||||||||||||||||||||||||||||||||||
| A-7 Note Pool Factor | 1.0000000000 | 0.000000000 | 1.0000000000 | |||||||||||||||||||||||||||||||||||||||||||||
| ix | B Note Balance | 78442GQA7 | $ | 101,346,000.00 | $ | 101,346,000.00 | ||||||||||||||||||||||||||||||||||||||||||
| B Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||||||||||||||||||||||||||
9
XII. 2005-6 Historical Pool Information
| 7/27/05-9/30/05 | ||||||||
| Beginning Student Loan Portfolio Balance | $ | 2,491,597,849.43 | ||||||
| Student Loan Principal Activity | ||||||||
| i | Regular Principal Collections | $ | 26,352,769.86 | |||||
| ii | Principal Collections from Guarantor | 530,776.36 | ||||||
| iii | Principal Reimbursements | 1,037,299.53 | ||||||
| iv | Other System Adjustments | 0.00 | ||||||
| v | Total Principal Collections | $ | 27,920,845.75 | |||||
| Student Loan Non-Cash Principal Activity | ||||||||
| i | Other Adjustments | $ | 1,162.83 | |||||
| ii | Capitalized Interest | (3,872,347.36 | ) | |||||
| iii | Total Non-Cash Principal Activity | $ | (3,871,184.53 | ) | ||||
| Student Loan Principal Purchases | $ | (784,460,667.60 | ) | |||||
| (-) | Total Student Loan Principal Activity | $ | (760,411,006.38 | ) | ||||
| Student Loan Interest Activity | ||||||||
| i | Regular Interest Collections | $ | 13,801,160.27 | |||||
| ii | Interest Claims Received from Guarantors | 7,451.97 | ||||||
| iii | Collection Fees/Returned Items | 712.53 | ||||||
| iv | Late Fee Reimbursements | 83,118.36 | ||||||
| v | Interest Reimbursements | 6,091.48 | ||||||
| vi | Other System Adjustments | 0.00 | ||||||
| vii | Special Allowance Payments | 0.00 | ||||||
| viii | Subsidy Payments | 0.00 | ||||||
| ix | Total Interest Collections | $ | 13,898,534.61 | |||||
| Student Loan Non-Cash Interest Activity | ||||||||
| i | Interest Accrual Adjustment | $ | (890.09 | ) | ||||
| ii | Capitalized Interest | 3,872,347.36 | ||||||
| iii | Total Non-Cash Interest Adjustments | $ | 3,871,457.27 | |||||
| Student Loan Interest Purchases | $ | (8,248.45 | ) | |||||
| Total Student Loan Interest Activity | $ | 17,761,743.43 | ||||||
| (=) | Ending Student Loan Portfolio Balance | $ | 3,252,008,855.81 | |||||
| (+) | Interest to be Capitalized | $ | 4,366,666.17 | |||||
| (=) | TOTAL POOL | $ | 3,256,375,521.98 | |||||
| (+) | Capitalized Interest | $ | 65,500,000.00 | |||||
| (+) | Add-on Consolidation Loan Account Balance | $ | 17,965,662.76 | |||||
| (+) | Reserve Account Balance | $ | 8,185,852.96 | |||||
| (=) | Total Adjusted Pool | $ | 3,348,027,037.70 | |||||
10
XIII. 2005-6 Payment History and CPRs
| Distribution | Actual | Since Issued | |||||||
| Date | Pool Balances | CPR * | |||||||
| Oct-05 | $ | 3,256,375,522 | 3.47 | % | |||||
* “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
