COLLEGIATE FUNDING SERVCIES EDUCATION LOAN TRUST 2003-A
QUARTERLY SERVICING REPORT
I. SERIES 2003-A ASSET AND LIABILITY SUMMARY
A. STUDENT LOAN PORTFOLIO AND FUND BALANCE 02/28/03 5/31/2003
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1 Portfolio Principal Balance $698,964,444.95 $86,399,551.36 $785,363,996.31
2 Accrued Interest ( Include SAP Est. & ISP) $4,561,840.10 $1,158,523.21 $5,720,363.31
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3 Total Principal and Accrued Interest Balance $703,526,285.05 $87,558,074.57 $791,084,359.62
4 Fund Accounts Balance $111,416,134.76 -$85,244,904.30 $26,171,230.46
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5 TOTAL STUDENT LOANS AND FUND BALANCE $814,942,419.81 $2,313,170.27 $817,255,590.08
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B. 1 Weighted Average Coupon (WAC) 5.51% -0.12% 5.39%
2 Weighted Avg Rem Maturity (WARM) 270.74 1.18 271.92
3 Number of Loans 34,057 3,809 37,866
4 Number of Borrowers 19,004 2,066 21,070
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C. NOTES AND CERTIFICATES CUSIP SPREAD BALANCE 02/28/03 % BALANCE 06/30/03 %
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1 Class A-1 Notes 19458LAA8 0.060% $125,000,000.00 14.90% $111,434,708.37 13.50%
2 Class A-2 Notes 19458LAB6 0.300% $319,025,000.00 38.03% $319,025,000.00 38.66%
3 Class A-3 ARS Notes 19458LAC4 ARS $116,950,000.00 13.94% $116,950,000.00 14.17%
4 Class A-4 ARS Notes 19458LAD2 ARS $116,950,000.00 13.94% $116,950,000.00 14.17%
5 Class A-5 ARS Notes 19458LAE0 ARS $59,250,000.00 7.06% $59,250,000.00 7.18%
6 Class A-6 ARS Notes 19458LAF7 ARS $59,250,000.00 7.06% $59,250,000.00 7.18%
7 Class B ARS Notes 19458LAG5 ARS $42,350,000.00 5.05% $42,350,000.00 5.13%
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8 TOTAL NOTES AND CERTIFICATES $838,775,000.00 100.00% $825,209,708.37 100.00%
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D. RESERVE FUND BALANCE 02/28/03 CHANGE BALANCE 06/30/03
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1 Reserve Fund (1.00%) $8,387,750.00 ($135,652.92) $8,252,097.08
2 Reserve Fund Floor $500,000.00 $500,000.00
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3 CURRENT RESERVE ACCOUNT BALANCE $8,387,750.00 ($135,652.92) $8,252,097.08
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E. OTHER FUND BALANCES 2/28/2003 CHANGE 5/31/2003
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1 ACQUISITION FUND $103,028,384.76 ($102,991,547.67) $36,837.09
2 COLLECTION FUND $0.00 $17,882,296.29 $17,882,296.29
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3 TOTAL FUND BALANCES $111,416,134.76 -$85,244,904.30 $26,171,230.46
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II. SERIES 2003-A TRANSACTIONS AND ACCRUALS 02/28/03 THRU 05/31/03
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A. STUDENT LOAN CASH PRINCIPAL ACTIVITY
1 Borrower Payments ($14,766,946.86)
2 Claim Payments $0.00
3 Other Adjustments ($318,830.86)
4 New Acquisitions $800,854,039.88
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5 TOTAL PRINCIPAL COLLECTIONS $785,768,262.16
=========================
B. STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY
1 Capitalized Interest $1,387,768.83
2 Cancellations/Reissues ($1,766,481.91)
3 Other Adjustments ($25,552.77)
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4 TOTAL NON-CASH PRINCIPAL ACTIVITY ($404,265.85)
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C. TOTAL STUDENT LOAN PRINCIPAL ACTIVITY $785,363,996.31
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D. STUDENT LOAN CASH INTEREST ACTIVITY
1 Borrower Payments ($7,467,127.14)
2 Claim Payments $0.00
3 Other Adjustments ($54,131.99)
4 New Acquisitions $4,532,563.27
5 Subsidy Payments (ISP) $0.00
6 Special Allowance Payments (SAP) $0.00
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7 TOTAL INTEREST COLLECTIONS ($2,988,695.86)
=========================
E. STUDENT LOAN NON-CASH INTEREST ACTIVITY
1 Borrower Accruals $0.00
2 Interest Subsidy Payment Accruals $10,223,376.98
3 Special Allowance Payment Accrual Estimate $0.00
4 Capitalized Interest ($1,387,768.83)
5 Other Adjustments ($126,548.98)
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6 TOTAL NON-CASH INTEREST ACTIVITY $8,709,059.17
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F. TOTAL STUDENT LOAN INTEREST ACTIVITY $5,720,363.31
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G. NON-REIMBURSABLE LOSSES DURING COLLECTION PERIOD $6,510.90
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H. CUMULATIVE NON-REIMBURSABLE LOSSES TO DATE $6,510.90
=========================
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III. CASH RECEIPTS FOR THE PERIOD 02/28/03 TO 05/31/03 5/31/2003
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A. PRINCIPAL COLLECTIONS
1 Principal Payments Received - Cash Payments $ 6,354,418.40
2 Principal Payments Received from Loans Paid in Full $ 8,389,845.61
3 Principal Payments Received - Servicer Recoveries/Reimbursements $ -
4 Principal Payments Received - Seller Recoveries/Reimbursements $ -
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5TOTAL PRINCIPAL COLLECTIONS $ 14,744,264.01
B. INTEREST COLLECTIONS
1 Interest Payments Received - Cash Payments $ 7,328,165.71
2 Interest Payments Received from Loans Paid in Full $ 63,899.61
3 Interest Payments Received - Special Allowance and Interest Benefit Payments $ 219,230.82
4 Interest Payments Received - Servicer Recoveries/Reimbursements
5 Interest Payments Received - Seller Recoveries/Reimbursements
6 Late Fee Activity $ 34,504.71
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7 TOTAL INTEREST COLLECTIONS $ 7,645,800.85
C. OTHER REIMBURSEMENTS
D. INVESTMENT EARNINGS
1 Collection Fund Investment Earnings $ 24,976.87
2 Acquisition Fund Investment Earnings $ 10,172.01
3 Reserve Fund Investment Earnings $ 27,053.99
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4 TOTAL INVESTMENT EARNINGS $ 62,202.87
E. FUNDS PREVIOUSLY REMITTED
1 Payments to the Department of Education $ 2,010,003.56
2 Servicing Fees $ 273,666.50
3 Administration Fees $ 125,216.92
4 Broker Dealer/Auction Agent Fees $ 305,608.61
5 Derivative Payments Paid to Counterparties $ 690,700.82
6 Interest Payments-Auction Rate Certificates $ 1,164,775.03
7 Trustee Fees-Paid from Acquisition Fund $ -
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8 TOTAL PREVIOUSLY REMITTED FEES $ 4,569,971.44
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F. TOTAL CASH AVAILABLE AT 05/31/03 $ 17,882,296.29
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IV. SERIES 2003-A NOTES WATERFALL FOR DISTRIBUTIONS
REMAINING FUNDS
BALANCE
======================
A. Total Available Funds (Collection Fund Account) $17,882,296.29
B. FIRST Payments to the Dept of Ed and Guarantee Fees $692,549.55 $17,189,746.74
C. SECOND Payments to the Master Servicer, Indenture Trustee, Auction Agent,
Broker Dealer and the Delaware Trustee $155,349.80 $17,034,396.94
D. THIRD Payments to the Administrator $66,183.38 $16,968,213.56
E. FOURTH Interest Payments to Class A Noteholders and Swap Counterparties
1 Class A-1 Senior Notes $593,055.56
2 Class A-2 Senior Notes $1,773,070.06
3 Class A-3 Senior ARS Notes $118,158.48
4 Class A-4 Senior ARS Notes $118,249.44
5 Class A-5 Senior ARS Notes $62,212.50
6 Class A-6 Senior ARS Notes $61,290.83
7 Other Senior Obligations - SWAP Payments (Net of Settlement on SWAP) $235,416.67
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8 TOTAL PRINCIPAL DISTRIBUTION ON SENIOR NOTES OR OBLIGATIONS $2,961,453.54 $14,006,760.02
=================
F. FIFTH Interest Payments to Class B Noteholders $46,773.22 $13,959,986.80
LESS ACCRUED INTEREST AMOUNTS OWED ON EACH CLASS OF AUCTION RATE
NOTES THE FIRST AUCTION RATE DISTRIBUTION DATE
FOLLOWING THE QUARTERLY DISTRIBUTION DATE $394,695.17 $13,565,291.63
G. SIXTH Principal Payments to the Class A-1 Senior Noteholders $13,565,291.63 $0.00
H. SEVENTH Principal Payments to the Class A-2 Senior Noteholders $0.00 $0.00
I. EIGHTH Principal Payments to the Class A-3 through A-6 Senior ARS
Noteholders, pro-rata in lots of $50,000 $0.00 $0.00
J. NINTH Principal Payments to the Class B Subordinate ARS Noteholders,
pro-rata in lots of $50,000 $0.00 $0.00
K. TENTH Reserve Fund - amount, if any, necessary to restore the Reserve
Fund to it's required minimum balance $0.00 $0.00
L. ELEVENTH To the Class A-3 through A-6 Senior ARS Noteholders to pay any
unpaid carry-over amounts $0.00 $0.00
M. TWELFTH To the Class B Subordinate ARS Noteholders to pay any unpaid
carry-over amounts $0.00 $0.00
THIRTEENTH To the Derivative Product Agreement Counterparties, pro-rata,
any unreimbursed termination payments due under the
N. terms of the related derivative product agreements $0.00 $0.00
O. FOURTEENTH To the Master Servicer, any unpaid carry-over servicing fee $0.00 $0.00
FIFTEENTH Remaining amounts, less the portion, if any, of principal
distribution amounts allocated but not paid to a class
P. of auction rate notes on that quarterly distribution date $0.00 $0.00
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V. AUCTION RATE SECURITIES DETAIL
A. AUCTION RATE SECURITIES PAID DURING COLLECTION PERIOD
1 Security Description Payment Date Interest Rate # of Days Start Date End Date Interest Payment
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Class A-3 ARS Notes 4/4/2003 1.300% 35 2/28/2003 4/3/2003 $147,811.81
Class A-3 ARS Notes 5/2/2003 1.300% 28 4/4/2003 5/1/2003 $118,249.44
Class A-3 ARS Notes 5/30/2003 1.310% 28 5/2/2003 5/29/2003 $119,159.06
Class A-4 ARS Notes 4/11/2003 1.299% 42 2/28/2003 4/10/2003 $177,237.73
Class A-4 ARS Notes 5/9/2003 1.300% 28 4/11/2003 5/8/2003 $118,249.44
Class A-5 ARS Notes 3/25/2003 1.310% 25 2/28/2003 3/24/2003 $53,901.04
Class A-5 ARS Notes 4/22/2003 1.320% 28 3/25/2003 4/21/2003 $60,830.00
Class A-5 ARS Notes 5/20/2003 1.340% 28 4/22/2003 5/19/2003 $61,751.67
Class A-6 ARS Notes 4/1/2003 1.310% 32 2/28/2003 3/31/2003 $68,993.33
Class A-6 ARS Notes 4/29/2003 1.320% 28 4/1/2003 4/28/2003 $60,830.00
Class A-6 ARS Notes 5/27/2003 1.370% 28 4/29/2003 5/26/2003 $63,134.17
Class B ARS Notes 4/11/2003 1.400% 42 2/28/2003 4/10/2003 $69,171.67
Class B ARS Notes 5/9/2003 1.380% 28 4/11/2003 5/8/2003 $45,455.67
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2 Auction Rate Security Payments Made During Collection Period $1,164,775.03
3 Broker Dealer Fees Paid During Collection Period 02/28/03-05/31/03 $297,636.80
4 Auction Agent Fees Paid During Collection period 02/28/03-05/31/03 $7,971.81
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5 Total Auction Rate Securities Related Payments From Collection Fund During Period $1,470,383.64
=====================
B. PAYMENTS ACCRUED DURING COLLECTION PERIOD FOR FUTURE DISTRIBUTIONS
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1 Security Description Payment Date Interest Rate # of Days Start Date End Date Interest Payment
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Class A-3 ARS Notes 7/25/2003 1.140% 28 6/27/2003 7/24/2003 $103,695.67
Class A-4 ARS Notes 7/7/2003 1.300% 31 6/6/2003 7/6/2003 $130,919.03
Class A-5 ARS Notes 7/15/2003 1.200% 28 6/17/2003 7/14/2003 $55,300.00
Class A-6 ARS Notes 7/22/2003 1.150% 28 6/24/2003 7/21/2003 $52,995.83
Class B ARS Notes 7/7/2003 1.420% 31 6/6/2003 7/6/2003 $51,784.64
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2 Accrued Auction Rate Interest Payments $394,695.17
VI. FLOATING RATE SWAP AND INTEREST RATE CAP PAYMENTS/RECEIPTS
A. FLOATING RATE SWAP RECEIPTS/PAYMENTS
MARCH 26, 2003 APRIL 28, 2003 MAY 27, 2003
Swap Notional Amount $500,000,000 $500,000,000 $500,000,000
Pay Fixed Rate 1.885% 1.885% 1.885%
Receive Floating Rate 1.336% 1.307% 1.320%
AMOUNT RECEIVED/(PAID) ($198,159.72) ($264,971.66) ($227,569.44)
B. INTEREST RATE CAP PAYMENTS DUE TO BANK OF NEW YORK
Cap Notional Amount $500,000,000
CP 1.19%
Cap % 2.09%
Excess Over Cap 0.00%
CAP PAYMENTS DUE TO BANK OF NEW YORK $0.00
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VII. ACCRUED INTEREST FACTORS
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Accrued Interest Factor Accrual Begin Period Accrual End Period Rate
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A. Class A-1 Interest Rate 0.004744444 2/28/2003 6/29/2003 1.400%
B. Class A-2 Interest Rate 0.005557778 2/28/2003 6/29/2003 1.640%
C. Class A-3 Interest Rate Auction rate
D. Class A-4 Interest Rate Auction rate
E. Class A-5 Interest Rate Auction rate
F. Class A-6 Interest Rate Auction rate
G. Class B Interest Rate Auction rate
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VIII. INPUTS FROM PRIOR QUARTER
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A. STUDENT LOAN PORTFOLIO BALANCE $703,526,285.05
B. TOTAL NOTE FACTOR 1.0000000000
C. TOTAL NOTE BALANCE $838,775,000.00
D.
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Note Balance Class Class Class Class Class Class Class
A-1 A-2 A-3 A-4 A-5 A-6 B
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Ending
Balance
Factor 1.0000000000 1.0000000000 1.0000000000 1.0000000000 1.0000000000 1.0000000000 1.0000000000
Note Balance $125,000,000.00 $319,025,000.00 $116,950,000.00 $116,950,000.00 $59,250,000.00 $59,250,000.00 $42,350,000.00
Interest
Shortfall $0 $0 $0 $0 $0 $0 $0
Interest
Carryover $0 $0 $0 $0 $0 $0 $0
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IX. SERIES 2003-A PORTFOLIO CHARACTERISTICS
FEBRUARY 28, 2003 WEIGHTED AVG. COUPON NUMBER OF LOANS %
2/28/2003 5/31/2003 2/28/2003 5/31/2003 2/28/2003 5/31/2003
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A. BORROWER STATUS DISTRIBUTION:
1 Deferment
Unsubsidized 5.547% 5.449% 1,329 1,656 3.90% 4.37%
Subsidized 5.596% 5.457% 1,380 1,710 4.05% 4.52%
2 Forbearance
Unsubsidized 5.575% 5.474% 1,091 1,333 3.20% 3.52%
Subsidized 5.587% 5.475% 1,074 1,315 3.15% 3.47%
3 Repayment
Current 5.498% 5.387% 26,765 29,140 78.59% 76.96%
31-60 Days Delinquent 5.433% 5.198% 1,180 1,322 3.46% 3.49%
61-90 Days Delinquent 5.417% 5.828% 494 348 1.45% 0.92%
91-120 Days Delinquent 5.757% 5.875% 242 254 0.71% 0.67%
121-150 Days Delinquent 5.804% 5.409% 135 250 0.40% 0.66%
151-180 Days Delinquent 5.665% 5.528% 157 174 0.46% 0.46%
181-210 Days Delinquent 5.025% 5.443% 146 85 0.43% 0.22%
211-240 Days Delinquent 6.403% 5.813% 39 59 0.11% 0.16%
> 240 Days Delinquent 6.499% 5.254% 25 71 0.07% 0.19%
4 Claims in Process 0.000% 5.311% 149 0.39%
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B. GRAND TOTAL 34,057 37,866 100.00% 100.00%
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FEBRUARY 28, 2003 DOLLAR AMOUNT %
2/28/2003 5/31/2003 2/28/2003 5/31/2003
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A. BORROWER STATUS DISTRIBUTION:
1 Deferment
Unsubsidized 34,326,040 45,794,425 4.91% 5.83%
Subsidized 33,200,429 42,031,856 4.75% 5.35%
2 Forbearance
Unsubsidized 28,033,411 35,467,408 4.01% 4.52%
Subsidized 26,978,574 32,978,273 3.86% 4.20%
3 Repayment
Current 526,461,111 573,888,064 75.32% 73.07%
31-60 Days Delinquent 25,262,813 27,489,643 3.61% 3.50%
61-90 Days Delinquent 10,111,564 7,015,378 1.45% 0.89%
91-120 Days Delinquent 4,450,402 4,673,818 0.64% 0.60%
121-150 Days Delinquent 2,873,650 5,023,323 0.41% 0.64%
151-180 Days Delinquent 3,222,544 3,647,484 0.46% 0.46%
181-210 Days Delinquent 3,037,640 1,529,218 0.43% 0.19%
211-240 Days Delinquent 699,932 1,284,049 0.10% 0.16%
> 240 Days Delinquent 306,335 1,324,543 0.04% 0.17%
4 Claims in Process 3,216,516 0.00% 0.41%
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B. GRAND TOTAL 698,964,445 785,363,996 100.00% 100.00%
==========================================================
NOTE: Delinquent means more than 30 days past due
X. DISTRIBUTIONS
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A. DISTRIBUTION AMOUNTS COMBINED CLASS A-1 CLASS A-2 CLASS A-3 CLASS A-4 CLASS A-5 CLASS A-6 CLASS B
1 Quarterly Interest Due $3,530,900.65 $593,055.56 $1,773,070.06 $385,220.31 $295,487.17 $176,482.71 $192,957.50 $114,627.34
2 Quarterly Interest Paid $3,530,900.65 $593,055.56 $1,773,070.06 $385,220.31 $295,487.17 $176,482.71 $192,957.50 $114,627.34
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3 INTEREST SHORTFALL $ - $ - $ - $ - $ - $ - $ - $ -
4 Interest Carryover Due $ - $ - $ - $ - $ - $ - $ - $ -
5 Interest Carryover Paid $ - $ - $ - $ - $ - $ - $ - $ -
6 INTEREST CARRYOVER $ - $ - $ - $ - $ - $ - $ - $ -
7 QUARTERLY PRINCIPAL PAID $13,565,291.63 $13,565,291.63
8 TOTAL DISTRIBUTION
AMOUNT $17,096,192.28
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B. PRINCIPAL DISTRIBUTION AMOUNT RECONCILIATION
1 Pool Balance as of May 31, 2003 $ 776,370,421.80
2 Required Reserve Amount as of May 31, 2003 $ 8,387,750.00
----------------------------
3 Adjusted Pool Balance as of May 31, 2003 $ 784,758,171.80
4 Notes Outstanding Principal Balance $ 838,775,000.00
5 Total Principal Distribution Amount as Defined by Indenture $ 65,614,239.61
6 Actual Principal Distribution Amount based on Funds held in Collection Fund $ 13,565,291.63
----------------------------
7 Principal Distribution Amount Shortfall $ 52,048,947.98
8 Senior Noteholders' Principal Distribution Amount $ 13,565,291.63
C. PARITY CALCULATIONS
1 Total Principal and Accrued Interest Balance at May 31, 2003 $ 791,084,359.62
2 Beginning Period Reserve Fund Balance $ 8,387,750.00
----------------------------
3 Total Assets $ 799,472,109.62
4 Senior Liabilities $ 782,859,708.37
5 Senior Parity 102.12%
6 Total Liabilities $ 825,209,708.37
7 Total Parity 96.88%
D. RESERVE FUND RECONCILIATION
1 Beginning Period Balance $ 8,387,750.00
2 Necessary Deposits from Excess Funds Remaining after Waterfall Distribution $ -
3 Total Reserve Fund Balance Available $ 8,387,750.00
4 Required Reserve Fund Balance $ 8,252,097.08
5 Excess Reserve - Transfer to Collection Fund $ 135,652.92
6 Ending Reserve Fund Balance $ 8,252,097.08
E. NOTE BALANCES 2/28/2003 PAYDOWN FACTORS 6/30/2003
1 A-1 Note Balance $ 125,000,000.00 $ 111,434,708.37
A-1 Pool Factor 1.0000000000 0.1085223330 0.8914776670
A-2 Note Balance $ 319,025,000.00 $ 319,025,000.00
A-2 Pool Factor 1.0000000000 0.0000000000 1.0000000000
A-3 Note Balance $ 116,950,000.00 $ 116,950,000.00
A-3 Pool Factor 1.0000000000 0.0000000000 1.0000000000
A-4 Note Balance $ 116,950,000.00 $ 116,950,000.00
A-4 Pool Factor 1.0000000000 0.0000000000 1.0000000000
A-5 Note Balance $ 59,250,000.00 $ 59,250,000.00
A-5 Pool Factor 1.0000000000 0.0000000000 1.0000000000
A-6 Note Balance $ 59,250,000.00 $ 59,250,000.00
A-6 Pool Factor 1.0000000000 0.0000000000 1.0000000000
B Note Balance $ 42,350,000.00 $ 42,350,000.00
B Pool Factor 1.0000000000 0.0000000000 1.0000000000
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XI. PAYMENT HISTORY AND CPRS
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Actual Ending Annualized Current Cumulative
Distribution Date Principal Balance Quarter CPR* CPR
5/31/2003 785,363,996 3.815% 3.815%
* - 'Annualized Current Quarter CPR' is based on the current collection period's
ending principal balance calculated against the expected principal balance
assuming no prepayments