SLM Student Loan Trust 2005-7 Quarterly Servicing Report
Collection Period End Date: 09/30/2005 Distribution Date: 10/25/2005 Record Date: 10/24/2005
Collection Period: 08/11/05-09/30/05
I. Deal Parameters
Student Loan Portfolio Characteristics | 8/11/2005 | Activity | 9/30/2005 | |||||||||||||||||||||||||||||||||||
A | i | Portfolio Balance | $ | 1,496,423,471.60 | ($2,543,693.26 | ) | $ | 1,493,879,778.34 | ||||||||||||||||||||||||||||||
ii | Interest to be Capitalized | 901,923.14 | 2,278,379.52 | |||||||||||||||||||||||||||||||||||
iii | Total Pool | $ | 1,497,325,394.74 | $ | 1,496,158,157.86 | |||||||||||||||||||||||||||||||||
iv | Capitalized Interest | 48,000,000.00 | 45,045,967.90 | |||||||||||||||||||||||||||||||||||
v | Add-on Consolidation Loan Account Balance | 20,000,000.00 | 18,211,659.12 | |||||||||||||||||||||||||||||||||||
vi | Specified Reserve Account Balance | 3,800,978.00 | 3,785,924.54 | |||||||||||||||||||||||||||||||||||
vii | Total Adjusted Pool | $ | 1,569,126,372.74 | $ | 1,563,201,709.42 | |||||||||||||||||||||||||||||||||
B | i | Weighted Average Coupon (WAC) | 3.534 | % | 3.534 | % | ||||||||||||||||||||||||||||||||
ii | Weighted Average Remaining Term | 269.07 | 269.76 | |||||||||||||||||||||||||||||||||||
iii | Number of Loans | 97,354 | 97,313 | |||||||||||||||||||||||||||||||||||
iv | Number of Borrowers | 59,987 | 59,962 | |||||||||||||||||||||||||||||||||||
v* | Aggregate Outstanding Principal Balance — T-Bill | $ | 1,703,951 | $ | 1,857,146 | |||||||||||||||||||||||||||||||||
vi* | Aggregate Outstanding Principal Balance — Commercial Paper | $ | 1,498,687,160 | $ | 1,494,301,012 | |||||||||||||||||||||||||||||||||
% of | % of | |||||||||||||||||||||||||||||||||||||
Notes | Rate/Spread | Balance 8/11/2005 | O/S Securities | Balance 10/25/05 | O/S Securities | |||||||||||||||||||||||||||||||||
C | i | A-1 Notes | 78442GQF6 | 0.000 | % | $ | 453,000,000.00 | 28.883 | % | $ | 453,000,000.00 | 28.883 | % | |||||||||||||||||||||||||
ii | A-2 Notes | 78442GQG4 | 0.090 | % | 315,000,000.00 | 20.084 | % | 315,000,000.00 | 20.084 | % | ||||||||||||||||||||||||||||
iii | A-3 Notes | 78442GQH2 | 4.410 | % | 266,000,000.00 | 16.960 | % | 266,000,000.00 | 16.960 | % | ||||||||||||||||||||||||||||
iv | A-4 Notes | 78442GQJ8 | 0.150 | % | 307,339,000.00 | 19.596 | % | 307,339,000.00 | 19.596 | % | ||||||||||||||||||||||||||||
v | A-5 Notes | 78442GQK5 | 0.090 | % | 180,000,000.00 | 11.477 | % | 180,000,000.00 | 11.477 | % | ||||||||||||||||||||||||||||
vi | B Notes | 78442GQL3 | 0.310 | % | 47,052,000.00 | 3.000 | % | 47,052,000.00 | 3.000 | % | ||||||||||||||||||||||||||||
vii | Total Notes | $ | 1,568,391,000.00 | 100.000 | % | $ | 1,568,391,000.00 | 100.000 | % | |||||||||||||||||||||||||||||
Reserve Account | 8/11/2005 | 10/25/2005 | ||||||||||||||||||||||||||||||||||||
D | Required Reserve Acct Deposit (%) | 0.25% | 0.25% | |||||||||||||||||||||||||||||||||||
i | Reserve Acct Initial Deposit ($) | $ | 3,800,978.00 | |||||||||||||||||||||||||||||||||||
ii | Specified Reserve Acct Balance ($) | $ | 3,800,978.00 | $ | 3,785,924.54 | |||||||||||||||||||||||||||||||||
iii | Reserve Account Floor Balance ($) | $ | 2,280,587.00 | $ | 2,280,587.00 | |||||||||||||||||||||||||||||||||
iv | Current Reserve Acct Balance ($) | $ | 3,800,978.00 | $ | 3,785,924.54 | |||||||||||||||||||||||||||||||||
Other Accounts | 8/11/2005 | 10/25/2005 | ||||||||||||||||||||||||||||||||||||
E | i | Supplemental Loan Purchase Account | $ | 3,075,232.28 | $ | 0.00 | ||||||||||||||||||||||||||||||||
ii | Add-on Consolidation Loan Account | $ | 20,000,000.00 | $ | 18,211,659.12 | |||||||||||||||||||||||||||||||||
iii | Capitalized Interest Account | $ | 48,000,000.00 | $ | 45,045,967.90 | |||||||||||||||||||||||||||||||||
iv | Remarketing Fee Account | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||||||||||||||
v | A-3 Accumulation Account | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||||||||||||||
vi | A-3 Supplemental Interest Account | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||||||||||||||
vii | Investment Reserve Acocunt | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||||||||||||||
viii | Investment Premium Purchase Acocunt | $ | 0.00 | $ | 0.00 | |||||||||||||||||||||||||||||||||
Asset/Liability | 8/11/2005 | 10/25/2005 | ||||||||||||||||||||||||||||||||||||
F | Initial Pool Balance (as of sale date, 8/11/05) | $ | 1,520,400,627.02 | $ | 1,520,400,627.02 | |||||||||||||||||||||||||||||||||
i | Total Pool | $ | 1,497,325,394.74 | $ | 1,496,158,157.86 | |||||||||||||||||||||||||||||||||
ii | % of Intial Pool Balance | 98.48229 | % | 98.40552 | % | |||||||||||||||||||||||||||||||||
iii | Total Adjusted Pool | $ | 1,569,126,372.74 | $ | 1,563,201,709.42 | |||||||||||||||||||||||||||||||||
iv | Total Outstanding Balance Notes | $ | 1,568,391,000.00 | $ | 1,568,391,000.00 | |||||||||||||||||||||||||||||||||
v | Difference ( i - iii ) | $ | 735,372.74 | $ | (5,189,290.58 | ) | ||||||||||||||||||||||||||||||||
vi | Parity Ratio ( iii / iv ) | 1.00047 | 0.99669 | |||||||||||||||||||||||||||||||||||
Relevant Parties/General Trust Information | ||||||||||||||||||||||||||||||||||||||
G | i | Indenture Trustee | Deutsche Bank Trust Company Americas | |||||||||||||||||||||||||||||||||||
ii | Eligible Lender Trustee | Chase Bank USA, National Association | ||||||||||||||||||||||||||||||||||||
iii | Luxembourg Paying Agent | Deutsche Bank Luxembourg SA | ||||||||||||||||||||||||||||||||||||
iv | Administrator | Sallie Mae, Inc. | ||||||||||||||||||||||||||||||||||||
v | Servicer | Sallie Mae, Inc. | ||||||||||||||||||||||||||||||||||||
vi | Swap Counterparty | The Royal Bank of Scotland plc | ||||||||||||||||||||||||||||||||||||
vii | Exess Distribution Certificateholder | SLM Investment Corporation | ||||||||||||||||||||||||||||||||||||
* | Sections B-v and B-vi are as of the Statistical Cutoff date (7/25/2005). |
1
II. 2005-7 Transactions from: 08/10/2005 through: 09/30/2005
A | Student Loan Principal Activity | |||||||
i | Regular Principal Collections | $ | 8,081,199.56 | |||||
ii | Principal Collections from Guarantor | 53,404.88 | ||||||
iii | Principal Reimbursements | 368,190.10 | ||||||
iv | Other System Adjustments | 0.00 | ||||||
v | Total Principal Collections | $ | 8,502,794.54 | |||||
B | Student Loan Non-Cash Principal Activity | |||||||
i | Other Adjustments | $ | 84,840.37 | |||||
ii | Capitalized Interest | (860,785.70 | ) | |||||
iii | Total Non-Cash Principal Activity | $ | (775,945.33 | ) | ||||
C | Student Loan Principal Purchases | $ | (5,183,155.95 | ) | ||||
D | Total Student Loan Principal Activity | $ | 2,543,693.26 | |||||
E | Student Loan Interest Activity | |||||||
i | Regular Interest Collections | $ | 3,747,839.00 | |||||
ii | Interest Claims Received from Guarantors | 230.70 | ||||||
iii | Collection Fees/Returned Items | 36.05 | ||||||
iv | Late Fee Reimbursements | 10,390.10 | ||||||
v | Interest Reimbursements | 1,370.80 | ||||||
vi | Other System Adjustments | 0.00 | ||||||
vii | Special Allowance Payments | 0.00 | ||||||
viii | Subsidy Payments | 0.00 | ||||||
ix | Total Interest Collections | $ | 3,759,866.65 | |||||
F | Student Loan Non-Cash Interest Activity | |||||||
i | Interest Accrual Adjustment | $ | (369.74 | ) | ||||
ii | Capitalized Interest | 860,785.70 | ||||||
iii | Total Non-Cash Interest Adjustments | $ | 860,415.96 | |||||
G | Student Loan Interest Purchases | $ | (3,438,367.43 | ) | ||||
H | Total Student Loan Interest Activity | $ | 1,181,915.18 | |||||
I | Non-Reimbursable Losses During Collection Period | $ | 0.00 | |||||
J | Cumulative Non-Reimbursable Losses to Date | $ | 0.00 |
2
III. 2005-7 Collection Account Activity 08/10/2005 through 09/30/2005
A | Principal Collections | |||||||
i | Principal Payments Received | $ | 6,314,886.69 | |||||
ii | Consolidation Principal Payments | 1,819,717.75 | ||||||
iii | Reimbursements by Selle | 1,608.83 | ||||||
iv | Borrower Benefits Reimbursements | 0.00 | ||||||
v | Reimbursements by Servicer | 0.00 | ||||||
vi | Re-purchased Principal | 366,581.27 | ||||||
vii | Total Principal Collections | $ | 8,502,794.54 | |||||
B | Interest Collections | |||||||
i | Interest Payments Received | $ | 3,740,762.97 | |||||
ii | Consolidation Interest Payments | 7,306.73 | ||||||
iii | Reimbursements by Seller | 0.00 | ||||||
iv | Borrower Benefits Reimbursements | 0.00 | ||||||
v | Reimbursements by Servicer | 237.36 | ||||||
vi | Re-purchased Interest | 1,133.44 | ||||||
vii | Collection Fees/Return Items | 36.05 | ||||||
viii | Late Fees | 10,390.10 | ||||||
ix | Total Interest Collections | $ | 3,759,866.65 | |||||
C | Other Reimbursements | $ | 33,365.70 | |||||
D | Reserves in Excess of the Requirement | $ | 15,053.46 | |||||
E | Administrator Account Investment Income | $ | 0.00 | |||||
F | Investment Earnings for Period in Trust Accounts | $ | 378,500.55 | |||||
G | Swap Receipts from The Royal Bank of Scotland plc | $ | 2,411,290.00 | |||||
H | Funds borrowed during previous distribution | $ | 0.00 | |||||
I | Funds borrowed from subsequent distribution | $ | 0.00 | |||||
J | Excess Transferred from Supplemental Loan Purchase Account | $ | 18,256.78 | |||||
K | Excess Transferred from Add-on Consolidation Loan Account | $ | 0.00 | |||||
L | Excess Transferred from Remarketing Fee Account | $ | 0.00 | |||||
M | Funds Released from Capitalized Interest Account | $ | 2,954,032.10 | |||||
N | Funds Released from Supplemental Interest Account | $ | 0.00 | |||||
O | Initial Deposits into Collection Account | $ | 403,265.00 | |||||
TOTAL AVAILABLE FUNDS | $ | 18,476,424.78 | ||||||
P | LESS FUNDS PREVIOUSLY REMITTED: | |||||||
i | Servicing Fees | $ | (423,008.66 | ) | ||||
ii | Consolidation Loan Rebate Fees | $ | (2,627,558.30 | ) | ||||
Q | NET AVAILABLE FUNDS | $ | 15,425,857.82 | |||||
R | Servicing Fees Previously Remitted to Servicer | |||||||
i | 09/26/2005 | $ | 423,008.66 | |||||
S | Consolidation Loan Rebate Fees Previously Remitted to Dept. of Education | |||||||
i | 09/26/2005 | $ | 1,314,625.52 | |||||
ii | 10/26/2005 | $ | 1,312,932.78 | |||||
T | Carryover Servicing Fees Due | $ | 0.00 |
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IV. 2005-7 Portfolio Characteristics
Weighted Avg Coupon | # of Loans | % * | Principal Amount | % * | ||||||||||||||||||||||||||||||||||||
STATUS | 08/11/2005 | 09/30/2005 | 08/11/2005 | 09/30/2005 | 08/11/2005 | 09/30/2005 | 08/11/2005 | 09/30/2005 | 08/11/2005 | 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 | 3.729 | % | 3.761 | % | 71,938 | 60,382 | 73.893 | % | 62.049 | % | $ | 1,046,947,539.14 | $ | 844,304,070.97 | 69.963 | % | 56.518 | % | ||||||||||||||||||||||
31-60 Days Delinquent | 3.570 | % | 3.865 | % | 84 | 2,412 | 0.086 | % | 2.479 | % | 1,529,483.92 | 37,931,120.26 | 0.102 | % | 2.539 | % | ||||||||||||||||||||||||
61-90 Days Delinquent | 4.080 | % | 4.789 | % | 42 | 32 | 0.043 | % | 0.033 | % | 1,023,053.97 | 821,460.20 | 0.068 | % | 0.055 | % | ||||||||||||||||||||||||
91-120 Days Delinquent | 4.417 | % | 3.725 | % | 15 | 30 | 0.015 | % | 0.031 | % | 555,063.23 | 560,247.19 | 0.037 | % | 0.038 | % | ||||||||||||||||||||||||
> 120 Days Delinquent | 3.312 | % | 4.431 | % | 4 | 33 | 0.004 | % | 0.034 | % | 58,596.91 | 1,165,862.75 | 0.004 | % | 0.078 | % | ||||||||||||||||||||||||
Deferment | ||||||||||||||||||||||||||||||||||||||||
Current | 3.036 | % | 3.078 | % | 24,395 | 29,710 | 25.058 | % | 30.530 | % | 425,645,128.03 | 515,442,071.59 | 28.444 | % | 34.504 | % | ||||||||||||||||||||||||
Forbearance | ||||||||||||||||||||||||||||||||||||||||
Current | 3.865 | % | 3.829 | % | 874 | 4,698 | 0.898 | % | 4.828 | % | 20,636,523.66 | 93,255,438.42 | 1.379 | % | 6.242 | % | ||||||||||||||||||||||||
TOTAL REPAYMENT | 3.534 | % | 3.533 | % | 97,352 | 97,297 | 99.998 | % | 99.984 | % | $ | 1,496,395,388.86 | $ | 1,493,480,271.38 | 99.998 | % | 99.973 | % | ||||||||||||||||||||||
Claims in Process (1) | 6.250 | % | 4.954 | % | 2 | 16 | 0.002 | % | 0.016 | % | $ | 28,082.74 | $ | 399,506.96 | 0.002 | % | 0.027 | % | ||||||||||||||||||||||
Aged Claims Rejected (2) | 0.000 | % | 0.000 | % | 0 | 0 | 0.000 | % | 0.000 | % | $ | 0.00 | $ | 0.00 | 0.000 | % | 0.000 | % | ||||||||||||||||||||||
GRAND TOTAL | 3.534 | % | 3.534 | % | 97,354 | 97,313 | 100.000 | % | 100.000 | % | $ | 1,496,423,471.60 | $ | 1,493,879,778.34 | 100.000 | % | 100.000 | % |
4
V. 2005-7 Interest Accruals
A | Borrower Interest Accrued During Collection Period | $ | 6,441,846.36 | |||||
B | Interest Subsidy Payments Accrued During Collection Period | 907,825.11 | ||||||
C | SAP Payments Accrued During Collection Period | 5,933,438.62 | ||||||
D | INV Earnings Accrued for Collection Period (TRUST ACCOUNTS) | 378,500.55 | ||||||
E | Investment Earnings (ADMINISTRATOR ACCOUNTS) | 0.00 | ||||||
F | Consolidation Loan Rebate Fees | (2,627,558.30 | ) | |||||
G | Net Expected Interest Collections | $ | 11,034,052.34 | |||||
VI. 2005-7 Interest Rate Swap on Fixed Rate Reset Notes | ||||||||
Swap Counterparty | The Royal Bank of Scotland plc | |||||||
Swap Calculation | ||||||||
i | Notional Amount (A-3 Note Beginning Balance) | $ | 266,000,000.00 | |||||
SLM Student Loan Trust 2005-7 Pays: | ||||||||
ii | 3M LIBOR | 3.72118 | % | |||||
iii | Spread | -0.02200 | % | |||||
iv | Swap Rate | 3.69918 | % | |||||
v | Daycount (Actual/360) 08/11/2005 - 10/25/2005 | 75 | ||||||
vi | Payment Amount to RBS plc | $ | 2,049,962.25 | |||||
The Royal Bank of Scotland pays: | ||||||||
vii | A-3 Note Rate | 4.410 | % | |||||
viii | Daycount (30/360) 08/11/2005 - 10/25/2005 | 74 | ||||||
ix | Payment Amount to SLM Trust 2005-7 | $ | 2,411,290.00 | |||||
VII. 2005-7 Accrued Interest Factors
Accrued | ||||||||||||||||||||||
Int Factor | Accrual Period | Rate | Index | Accrual Basis | ||||||||||||||||||
A | Class A-1 Interest Rate | 0.007752458 | 8/11/05 - 10/25/05 | 3.72118 | % | LIBOR | Actual/360 | |||||||||||||||
B | Class A-2 Interest Rate | 0.007939958 | 8/11/05 - 10/25/05 | 3.81118 | % | LIBOR | Actual/360 | |||||||||||||||
C | Class A-3 Interest Rate | 0.009065000 | 8/11/05 - 10/25/05 | 4.41000 | % | FIXED | 30/360 | |||||||||||||||
D | Class A-4 Interest Rate | 0.008064958 | 8/11/05 - 10/25/05 | 3.87118 | % | LIBOR | Actual/360 | |||||||||||||||
E | Class A-5 Interest Rate | 0.007939958 | 8/11/05 - 10/25/05 | 3.81118 | % | LIBOR | Actual/360 | |||||||||||||||
F | Class B Interest Rate | 0.008398292 | 8/11/05 - 10/25/05 | 4.03118 | % | LIBOR | Actual/360 |
5
VIII. 2005-7 Inputs From Initial Period 8/11/05
A | Total Student Loan Pool Outstanding | |||||||||||||||||||||||||||
i | Portfolio Balance | $ | 1,496,423,471.60 | |||||||||||||||||||||||||
ii | Interest To Be Capitalized | 901,923.14 | ||||||||||||||||||||||||||
iii | Total Pool | $ | 1,497,325,394.74 | |||||||||||||||||||||||||
iv | Capitalized Interest | 48,000,000.00 | ||||||||||||||||||||||||||
v | Add-on Consolidation Loan Account Balance | 20,000,000.00 | ||||||||||||||||||||||||||
vi | Specified Reserve Account Balance | 3,800,978.00 | ||||||||||||||||||||||||||
vii | Total Adjusted Pool | $ | 1,569,126,372.74 | |||||||||||||||||||||||||
B | Total Note and Certificate Factor | 1.000000000 | ||||||||||||||||||||||||||
C | Total Note Balance | $ | 1,568,391,000.00 | |||||||||||||||||||||||||
D | Note Balance 08/11/2005 | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class A-5 | Class B | |||||||||||||||||||||
i | Current Factor | 1.000000000 | 1.000000000 | 1.000000000 | 1.000000000 | 1.000000000 | 1.000000000 | |||||||||||||||||||||
ii | Expected Note Balance | $ | 453,000,000.00 | $ | 315,000,000.00 | $ | 266,000,000.00 | $ | 307,339,000.00 | $ | 180,000,000.00 | $ | 47,052,000.00 | |||||||||||||||
iii | Note Principal Shortfall | $ | 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 | |||||||||||||||
v | Interest Carryover | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||
E | Reserve Account Balance | $ | 3,800,978.00 | |||||||||||||||||||||||||
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
IX. 2005-7 Waterfall for Distributions Distribution Date: 10/25/2005
Remaining | ||||||||||||||
Item Description | Recipient | Amount Paid | Funds Balance | |||||||||||
A | Total Available Funds ( Section III-Q ) | $ | 15,425,857.82 | |||||||||||
B | Primary Servicing Fees-Current Month | Sallie Mae, Inc. | $ | 623,629.91 | $ | 14,802,227.91 | ||||||||
C | Administration Fee | Sallie Mae, Inc. | $ | 25,000.00 | $ | 14,777,227.91 | ||||||||
D | Quarterly Funding Amount | Remarketing Fee Account | $ | 0.00 | $ | 14,777,227.91 | ||||||||
E | Class A Noteholders’ Interest Distribution Amounts | |||||||||||||
i | Class A-1 | $ | 3,511,863.63 | $ | 11,265,364.28 | |||||||||
ii | Class A-2 | $ | 2,501,086.88 | $ | 8,764,277.40 | |||||||||
iii | Class A-3 | $ | 2,411,290.00 | $ | 6,352,987.40 | |||||||||
iv | Class A-4 | $ | 2,478,676.23 | $ | 3,874,311.17 | |||||||||
v | Class A-5 | $ | 1,429,192.50 | $ | 2,445,118.67 | |||||||||
vii | Total Class A Interest Distribution | Applicable Noteholders | $ | 12,332,109.24 | ||||||||||
F | Interest Rate Swap Payment (pro-rata with Item E) t | The Royal Bank of Scotland plc | $ | 2,049,962.25 | $ | 395,156.42 | ||||||||
G | Class B Noteholders’ Interest Distribution Amount | Applicable Noteholders | $ | 395,156.42 | $ | 0.00 | ||||||||
H | Class A Noteholders’ Principal Distribution Amounts | |||||||||||||
i | Class A-1 | $ | 0.00 | $ | 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 | |||||||||
vii | Total Class A Principal Distribution | Applicable Noteholders | $ | 0.00 | ||||||||||
I | Supplemental Interest Account Deposit | Supplemental Interest Account | $ | 0.00 | $ | 0.00 | ||||||||
J | Investment Reserve Account Required Amount | Investment Reserve Account | $ | 0.00 | $ | 0.00 | ||||||||
K | Class B Noteholders’ Principal Distribution Amount | Applicable Noteholders | $ | 0.00 | $ | 0.00 | ||||||||
L | Reinstate Reserve Account to the Specified Reserve Account Balance | Reserve Account | $ | 0.00 | $ | 0.00 | ||||||||
M | Investment Premium Puchase Account Deposit Amount | Inv. Premium Purchase Account | $ | 0.00 | $ | 0.00 | ||||||||
N | Carryover Servicing Fees | Sallie Mae, Inc. | $ | 0.00 | $ | 0.00 | ||||||||
O | Remarketing Fees not paid from Remarketing Fee Account | Remarketing Agent(s) | $ | 0.00 | $ | 0.00 | ||||||||
P | Excess to Certificateholder | SLM Investment Corporation | $ | 0.00 | $ | 0.00 |
7
X. 2005-7 Account Reconciliations
Reserve Account | ||||||||
i | Initial Deposit | $ | 3,800,978.00 | |||||
ii | Deposits to correct Shortfall | $ | 0.00 | |||||
iii | Total Reserve Account Balance Available | $ | 3,800,978.00 | |||||
iv | Required Reserve Account Balance | $ | 3,785,924.54 | |||||
v | Shortfall Carried to Next Period | $ | 0.00 | |||||
vi | Excess Reserve - Release to Waterfall | $ | 15,053.46 | |||||
vii | Ending Reserve Account Balance | $ | 3,785,924.54 | |||||
Supplemental Loan Purchase Account | ||||||||
i | Initial Deposit | $ | 3,075,232.28 | |||||
ii | Supplemental Loan Purchases | $ | (3,056,975.50 | ) | ||||
iii | Transfers to Collection Account | $ | (18,256.78 | ) | ||||
iv | Ending Balance | $ | 0.00 | |||||
Add-on Consolidation Loan Account | ||||||||
Consolidation Loan Add-on Period end date | 12/31/2005 | |||||||
i | Initial Deposit | $ | 20,000,000.00 | |||||
ii | Add-on Loans Funded | $ | (1,788,340.88 | ) | ||||
iii | Transfers to Collection Account | $ | 0.00 | |||||
iv | Ending Balance | $ | 18,211,659.12 | |||||
Capitalized Interest Account | ||||||||
Capitalized Interest Account Release Date | 10/25/2007 | |||||||
i | Initial Deposit | $ | 48,000,000.00 | |||||
ii | Transfers to Collection Account | $ | (2,954,032.10 | ) | ||||
iii | Ending Balance | $ | 45,045,967.90 | |||||
Remarketing Fee Account | ||||||||
Next Remarketing Date A-3 Notes | 04/25/2008 | |||||||
Next Remarketing Date A-5 Notes | 07/25/2013 | |||||||
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 | |||||
A-3 Accumulation Account | ||||||||
i | Initial Deposits | $ | 0.00 | |||||
ii | A-3 PDA deposits | $ | 0.00 | |||||
iii | Principal Payments to the A-3 Noteholder | $ | 0.00 | |||||
iv | Ending Balance | $ | 0.00 | |||||
A-3 Supplemental Interest Account | ||||||||
Accumulation Account Balance | $ | 0.00 | ||||||
3M LIBOR-based swap rate | n/a | |||||||
Assumed Investment Rate, Accum. Account | n/a | |||||||
Difference | n/a | |||||||
Number of Days Through Next Distribution Date | n/a | |||||||
vi | Initial Deposits | $ | 0.00 | |||||
vii | Funds Released into Collection Account | $ | 0.00 | |||||
viii | Supplemental Interest Account Deposit Amount | $ | 0.00 | |||||
ix | Ending Balance | $ | 0.00 | |||||
Investment Reserve Account | ||||||||
Investment Downgrade Flag | N | |||||||
i | Initial Deposits | $ | 0.00 | |||||
ii | Transfer to Accumulation Account | $ | 0.00 | |||||
iii | Funds Released into Collection Account | $ | 0.00 | |||||
iv | New Deposits | $ | 0.00 | |||||
v | Ending Balance | $ | 0.00 | |||||
Investment Premium Purchase Account | ||||||||
i | Initial Deposits | $ | 0.00 | |||||
ii | New Quarterly Deposits | |||||||
iii | (=1% of new Accum. Account Deposits) | $ | 0.00 | |||||
iv | Payments made on investments in excess of par | $ | 0.00 | |||||
v | Ending Balance | $ | 0.00 |
XI. 2005-7 Trigger Events
A | Has Stepdown Date Occurred? | N | ||||
The Stepdown Date is the earlier of (1) 07/25/2011 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
XII. 2005-7 Distributions
A | Distribution Amounts | Class A-1 | Class A-2 | Class A-3 | Class A-4 | Class A-5 | Class B | |||||||||||||||||||||
i | Quarterly Interest Due | $ | 3,511,863.63 | $ | 2,501,086.88 | $ | 2,411,290.00 | $ | 2,478,676.23 | $ | 1,429,192.50 | $ | 395,156.42 | |||||||||||||||
ii | Quarterly Interest Paid | 3,511,863.63 | 2,501,086.88 | 2,411,290.00 | 2,478,676.23 | 1,429,192.50 | 395,156.42 | |||||||||||||||||||||
iii | Interest Shortfall | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||
vii | Quarterly Principal Due | $ | 5,189,290.58 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||
viii | Quarterly Principal Paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||
ix | Quarterly Principal Shortfall | $ | 5,189,290.58 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | |||||||||||||||
x | Total Distribution Amount | $ | 3,511,863.63 | $ | 2,501,086.88 | $ | 2,411,290.00 | $ | 2,478,676.23 | $ | 1,429,192.50 | $ | 395,156.42 | |||||||||||||||
B | Principal Distribution Reconciliation | |||||||||||||||||||||||||||
i | Notes Outstanding Principal Balance 9/30/05 | $ | 1,568,391,000.00 | |||||||||||||||||||||||||
ii | Adjusted Pool Balance 9/30/05 | 1,563,201,709.42 | ||||||||||||||||||||||||||
iii | Adjusted Pool Exceeding Notes Balance (i-ii) | $ | 5,189,290.58 | |||||||||||||||||||||||||
iv | Adjusted Pool Balance 8/11/05 | $ | 1,569,126,372.74 | |||||||||||||||||||||||||
v | Adjusted Pool Balance 9/30/05 | 1,563,201,709.42 | ||||||||||||||||||||||||||
vi | Current Principal Due (iv-v) | $ | 5,924,663.32 | |||||||||||||||||||||||||
vii | Notes Issued Exceeding Adjusted Pool Balance | (735,372.74 | ) | |||||||||||||||||||||||||
viii | Principal Distribution Amount (vi + vii) | $ | 5,189,290.58 | |||||||||||||||||||||||||
ix | Principal Distribution Amount Paid | $ | 0.00 | |||||||||||||||||||||||||
x | Principal Shortfall (viii - ix) | $ | 5,189,290.58 | |||||||||||||||||||||||||
C | Total Principal Distribution | $ | 0.00 | |||||||||||||||||||||||||
D | Total Interest Distribution | 12,727,265.66 | ||||||||||||||||||||||||||
E | Total Cash Distributions | $ | 12,727,265.66 | |||||||||||||||||||||||||
F | Note Balances | 08/11/2005 | Paydown Factor | 10/25/2005 | ||||||||||||||||||||
i | A-1 Note Balance | 78442GQF6 | $ | 453,000,000.00 | $ | 453,000,000.00 | ||||||||||||||||||
A-1 Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||
ii | A-2 Note Balance | 78442GQG4 | $ | 315,000,000.00 | $ | 315,000,000.00 | ||||||||||||||||||
A-2 Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||
iii | A-3 Note Balance | 78442GQH2 | $ | 266,000,000.00 | $ | 266,000,000.00 | ||||||||||||||||||
A-3 Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||
iv | A-4 Note Balance | 78442GQJ8 | $ | 307,339,000.00 | $ | 307,339,000.00 | ||||||||||||||||||
A-4 Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 | |||||||||||||||||||||
v | A-5 Note Balance | 78442GQK5 | $ | 180,000,000.00 | $ | 180,000,000.00 | ||||||||||||||||||
A-5 Note Pool Factor | 1.0000000000 | 0.000000000 | 1.0000000000 | |||||||||||||||||||||
vi | B Note Balance | 78442GQL3 | $ | 47,052,000.00 | $ | 47,052,000.00 | ||||||||||||||||||
B Note Pool Factor | 1.000000000 | 0.000000000 | 1.000000000 |
9
XIII. 2005-7 Historical Pool Information
08/11/05-09/30/05 | ||||||||
Beginning Student Loan Portfolio Balance | $ | 1,496,423,471.60 | ||||||
Student Loan Principal Activity | ||||||||
i | Regular Principal Collections | $ | 8,081,199.56 | |||||
ii | Principal Collections from Guarantor | 53,404.88 | ||||||
iii | Principal Reimbursements | 368,190.10 | ||||||
iv | Other System Adjustments | 0.00 | ||||||
v | Total Principal Collections | $ | 8,502,794.54 | |||||
Student Loan Non-Cash Principal Activity | ||||||||
i | Other Adjustments | $ | 84,840.37 | |||||
ii | Capitalized Interest | (860,785.70 | ) | |||||
iii | Total Non-Cash Principal Activity | $ | (775,945.33 | ) | ||||
Student Loan Principal Purchases | $ | (5,183,155.95 | ) | |||||
(-) | Total Student Loan Principal Activity | $ | 2,543,693.26 | |||||
Student Loan Interest Activity | ||||||||
i | Regular Interest Collections | $ | 3,747,839.00 | |||||
ii | Interest Claims Received from Guarantors | 230.70 | ||||||
iii | Collection Fees/Returned Items | 36.05 | ||||||
iv | Late Fee Reimbursements | 10,390.10 | ||||||
v | Interest Reimbursements | 1,370.80 | ||||||
vi | Other System Adjustments | 0.00 | ||||||
vii | Special Allowance Payments | 0.00 | ||||||
viii | Subsidy Payments | 0.00 | ||||||
ix | Total Interest Collections | $ | 3,759,866.65 | |||||
Student Loan Non-Cash Interest Activity | ||||||||
i | Interest Accrual Adjustmen | $ | (369.74 | ) | ||||
ii | Capitalized Interest | 860,785.70 | ||||||
iii | Total Non-Cash Interest Adjustments | $ | 860,415.96 | |||||
Student Loan Interest Purchases | $ | (3,438,367.43 | ) | |||||
Total Student Loan Interest Activity | $ | 1,181,915.18 | ||||||
(=) | Ending Student Loan Portfolio Balance | $ | 1,493,879,778.34 | |||||
(+) | Interest to be Capitalized | $ | 2,278,379.52 | |||||
(=) | TOTAL POOL | $ | 1,496,158,157.86 | |||||
(+) | Capitalized Interest | $ | 45,045,967.90 | |||||
(+) | Add-on Consolidation Loan Account Balance | $ | 18,211,659.12 | |||||
(+) | Reserve Account Balance | $ | 3,785,924.54 | |||||
(=) | Total Adjusted Pool | $ | 1,563,201,709.42 |
10
XIV. 2005-7 Payment History and CPRs
Distribution | Actual | Since Issued | |||||||
Date | Pool Balances | CPR * | |||||||
Oct-05 | $ | 1,496,158,158 | 5.25 | % | |||||
* “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