EXHIBIT 20.1
COLLEGE LOAN CORPORATION TRUST I SERIES 2003-2
STATEMENT TO NOTE HOLDERS
AS OF AND FOR THE PERIOD ENDED: 2/29/2004
Pursuant to section 11.04 of the Trust Indenture, the following is provided to
the trustee by the issuer. The information shown below has not been
independently verified, however it is believed to be accurate to the best of the
issuer's knowledge.
(a) the amount of payments with respect to each series of Notes paid with
respect to principal during February 2004;
SERIES CLASS PRINCIPAL PAID
------- ----- --------------
2002 A-1 $0.00
2002 A-2 $0.00
2002 A-3 $1,750,000.00
2002 A-4 $0.00
2002 A-5 $0.00
2002 A-6 $0.00
2002 A-7 $0.00
2002 A-8 $0.00
2002 A-9 $0.00
2002 B-1 $0.00
2002-2 A-10 $0.00
2002-2 A-11 $0.00
2002-2 A-12 $0.00
2002-2 A-13 $0.00
2002-2 A-14 $0.00
2002-2 A-15 $0.00
2002-2 A-16 $0.00
2002-2 A-17 $0.00
2002-2 A-18 $0.00
2002-2 A-19 $0.00
2002-2 A-20 $0.00
2002-2 A-21 $0.00
2002-2 A-22 $0.00
2002-2 A-23 $0.00
2002-2 A-24 $0.00
2002-2 A-25 $0.00
2002-2 A-26 $0.00
2002-2 A-27 $0.00
2002-2 A-28 $0.00
2002-2 A-29 $0.00
2002-2 A-30 $0.00
2002-2 B-2 $0.00
2002-2 B-3 $0.00
2002-2 B-4 $0.00
2003-1 A-1 $0.00
2003-1 A-2 $0.00
2003-1 A-3 $0.00
2003-1 A-4 $0.00
2003-1 A-5 $0.00
2003-1 A-6 $0.00
2003-1 A-7 $0.00
2003-1 A-8 $0.00
2003-1 A-9 $0.00
2003-1 A-10 $0.00
2003-1 B-1 $0.00
2003-1 B-2 $0.00
2003-2 A-1 $0.00
2003-2 A-2 $0.00
2003-2 A-3 $0.00
(b) the amount of payments with respect to each series of Notes paid with
respect to interest during February 2004;
SERIES CLASS INTEREST PAID
------ ----- -------------
2002 A-1 See below
2002 A-2 See below
2002 A-3 See below
2002 A-4 See below
2002 A-5 See below
2002 A-6 See below
2002 A-7 See below
2002 A-8 See below
2002 A-9 See below
2002 B-1 See below
2002-2 A-10 See below
2002-2 A-11 See below
2002-2 A-12 See below
2002-2 A-13 See below
2002-2 A-14 See below
2002-2 A-15 See below
2002-2 A-16 See below
2002-2 A-17 See below
2002-2 A-18 See below
2002-2 A-19 See below
2002-2 A-20 See below
2002-2 A-21 See below
2002-2 A-22 See below
2002-2 A-23 See below
2002-2 A-24 See below
2002-2 A-25 See below
2002-2 A-26 See below
2002-2 A-27 See below
2002-2 A-28 See below
2002-2 A-29 See below
2002-2 A-30 See below
2002-2 B-2 See below
2002-2 B-3 See below
2002-2 B-4 See below
2003-1 A-1 See below
2003-1 A-2 See below
2003-1 A-3 See below
2003-1 A-4 See below
2003-1 A-5 See below
2003-1 A-6 See below
2003-1 A-7 See below
2003-1 A-8 See below
2003-1 A-9 See below
2003-1 A-10 See below
2003-1 B-1 See below
2003-1 B-2 See below
Total interest paid to
all series above $3,057,327.27
2003-2 A-1 $0.00
2003-2 A-2 $0.00
2003-2 A-3 $0.00
(c) the amount of the payments allocable to any interest that was carried
over together with the amount of any remaining outstanding interest
that was carried over;
CARRY OVER AMOUNTS $0.00
(d) the principal balance of Financed Student Loans as of the close of
business on the last day of February 2004;
PRINCIPAL BALANCE OF FINANCED STUDENT LOANS $4,880,192,824.31
(e) the aggregate outstanding principal amount of the Notes of each series
as of the close of business on the last day of February 2004, after
giving effect to payments allocated to principal reported under
paragraph (a) above;
SERIES CLASS OUTSTANDING BALANCE
------- ----- -------------------
2002 A-1 $73,500,000.00
2002 A-2 $0.00
2002 A-3 $57,100,000.00
2002 A-4 $73,000,000.00
2002 A-5 $73,000,000.00
2002 A-6 $73,000,000.00
2002 A-7 $73,000,000.00
2002 A-8 $73,000,000.00
2002 A-9 $73,000,000.00
2002 B-1 $42,000,000.00
2002-2 A-10 $100,000,000.00
2002-2 A-11 $100,000,000.00
2002-2 A-12 $100,000,000.00
2002-2 A-13 $100,000,000.00
2002-2 A-14 $100,000,000.00
2002-2 A-15 $100,000,000.00
2002-2 A-16 $100,000,000.00
2002-2 A-17 $100,000,000.00
2002-2 A-18 $80,000,000.00
2002-2 A-19 $100,000,000.00
2002-2 A-20 $100,000,000.00
2002-2 A-21 $100,000,000.00
2002-2 A-22 $100,000,000.00
2002-2 A-23 $100,000,000.00
2002-2 A-24 $100,000,000.00
2002-2 A-25 $100,000,000.00
2002-2 A-26 $100,000,000.00
2002-2 A-27 $100,000,000.00
2002-2 A-28 $100,000,000.00
2002-2 A-29 $100,000,000.00
2002-2 A-30 $100,000,000.00
2002-2 B-2 $40,000,000.00
2002-2 B-3 $40,000,000.00
2002-2 B-4 $40,000,000.00
2003-1 A-1 $100,000,000.00
2003-1 A-2 $100,000,000.00
2003-1 A-3 $100,000,000.00
2003-1 A-4 $100,000,000.00
2003-1 A-5 $100,000,000.00
2003-1 A-6 $100,000,000.00
2003-1 A-7 $100,000,000.00
2003-1 A-8 $100,000,000.00
2003-1 A-9 $100,000,000.00
2003-1 A-10 $50,000,000.00
2003-1 B-1 $25,000,000.00
2003-1 B-2 $25,000,000.00
2003-2 A-1 $314,500,000.00
2003-2 A-2 $646,800,000.00
2003-2 A-3 $308,200,000.00
(f) the interest rate for any series of variable rate Notes for February
2004, indicating how such interest rate is calculated;
SERIES CLASS INTEREST RATE INTEREST CALCULATION
------- ----- ------------- --------------------
2002 A-1 See Below 28-Day Auction Rate
2002 A-2 See Below 28-Day Auction Rate
2002 A-3 See Below 28-Day Auction Rate
2002 A-4 See Below 28-Day Auction Rate
2002 A-5 See Below 28-Day Auction Rate
2002 A-6 See Below 28-Day Auction Rate
2002 A-7 See Below 28-Day Auction Rate
2002 A-8 See Below 28-Day Auction Rate
2002 A-9 See Below 28-Day Auction Rate
2002 B-1 See Below 28-Day Auction Rate
2002-2 A-10 See Below 28-Day Auction Rate
2002-2 A-11 See Below 28-Day Auction Rate
2002-2 A-12 See Below 28-Day Auction Rate
2002-2 A-13 See Below 28-Day Auction Rate
2002-2 A-14 See Below 28-Day Auction Rate
2002-2 A-15 See Below 28-Day Auction Rate
2002-2 A-16 See Below 28-Day Auction Rate
2002-2 A-17 See Below 28-Day Auction Rate
2002-2 A-18 See Below 28-Day Auction Rate
2002-2 A-19 See Below 28-Day Auction Rate
2002-2 A-20 See Below 28-Day Auction Rate
2002-2 A-21 See Below 28-Day Auction Rate
2002-2 A-22 See Below 28-Day Auction Rate
2002-2 A-23 See Below 28-Day Auction Rate
2002-2 A-24 See Below 28-Day Auction Rate
2002-2 A-25 See Below 28-Day Auction Rate
2002-2 A-26 See Below 28-Day Auction Rate
2002-2 A-27 See Below 28-Day Auction Rate
2002-2 A-28 See Below 28-Day Auction Rate
2002-2 A-29 See Below 28-Day Auction Rate
2002-2 A-30 See Below 28-Day Auction Rate
2002-2 B-2 See Below 28-Day Auction Rate
2002-2 B-3 See Below 28-Day Auction Rate
2002-2 B-4 See Below 28-Day Auction Rate
2003-1 A-1 See Below 28-Day Auction Rate
2003-1 A-2 See Below 28-Day Auction Rate
2003-1 A-3 See Below 28-Day Auction Rate
2003-1 A-4 See Below 28-Day Auction Rate
2003-1 A-5 See Below 28-Day Auction Rate
2003-1 A-6 See Below 28-Day Auction Rate
2003-1 A-7 See Below 28-Day Auction Rate
2003-1 A-8 See Below 28-Day Auction Rate
2003-1 A-9 See Below 28-Day Auction Rate
2003-1 A-10 See Below 28-Day Auction Rate
2003-1 B-1 See Below 28-Day Auction Rate
2003-1 B-2 See Below 28-Day Auction Rate
Weighted average rate for Notes above 1.0473%
SERIES CLASS LIBOR RATE SPREAD RATE INTEREST CALCULATION
------- ----- ---------- ------- ---- --------------------
2003-2 A-1 1.12% 0.03% 1.15% Floating Rate Note
2003-2 A-2 1.12% 0.14% 1.26% Floating Rate Note
2003-2 A-3 1.12% 0.20% 1.32% Floating Rate Note
(g) the amount of the servicing fees allocated to the Servicers as of the
close of business on the last day of February 2004;
SERVICING FEES $777,468.00
(h) the amount of the Administration Fee, any auction agent fees, market
agent fees, calculation agent fees, broker-dealer fees, if any, fees
paid to the Delaware Trustee, the Trustee, the Eligible Lender Trustee
and the Verification Agent, all allocated as of the close of business
on the last day of February 2004;
FEE AMOUNT
--- ------
Administration $408,488.78
Auction Agent $3,042.48
Market Agent $0.00
Calculation Agent $0.00
Broker-Dealer $737,887.51
Delaware Trustee $0.00
Trustee $44,581.27
Eligible Lender Trustee $0.00
Verification Agent $600.00
(i) the amount of principal and interest received during February 2004
relating to Financed Student Loans;
AMOUNT OF PRINCIPAL AND INTEREST RECEIVED $52,761,939.51
(j) the amount of the payment attributable to amounts in the Reserve Fund,
the amount of any other withdrawals from the Reserve Fund and the
balance of the Reserve Fund as of the close of business on the last
day of February 2004;
AMOUNT OF PAYMENT ATTRIBUTABLE TO AMOUNTS IN THE RESERVE FUND $0.00
AMOUNT OF ANY OTHER WITHDRAWALS FROM THE RESERVE FUND $886,125.00
ENDING BALANCE OF RESERVE FUND $38,113,875.00
(k) the portion, if any, of the payments made on the Notes as described in
sections (a) or (b) above during February 2004 attributable to amounts
on deposit in the Acquisition Fund;
PAYMENTS FROM THE ACQUISITION FUND $0.00
(l) the aggregate amount, if any, paid by the Trustee to acquire Student
Loans from amounts on deposit in the Acquisition Fund subsequent to
the closing date of the series 2003-2 Notes;
AMOUNTS PAID TO ACQUIRE STUDENT LOANS $642,810,801.29
(m) the amount remaining in the Acquisition Fund that has not been used to
acquire Student Loans and is being transferred to the Debt Service
Fund;
AMOUNTS IN ACQUISITION FUND TO BE TRANSFERRED TO THE DEBT SERVICE FUND $0.00
(n) the aggregate amount, if any, paid for Financed Student Loans
purchased from the Trust during February 2004;
AMOU NTS PAID FOR FINANCED STUDENT LOANS PURCHASED FROM THE TRUST $0.00
(o) the number and principal amount of Financed Student Loans, as of the
close of business on the last day of February 2004, that are (i) 0 to
30 days delinquent, (ii) 31 to 60 days delinquent, (iii) 61 to 90 days
delinquent, (iv) 91 to 120 days delinquent, (v) greater than 120 days
delinquent and (vi) for which claims have been filed with the
appropriate Guarantee Agency and which are awaiting payment;
NUMBER AMOUNT
------ -------
(I) 0 TO 30 DAYS DELINQUENT 398,508 $4,680,360,923.59
(II) 31 TO 60 DAYS DELINQUENT 7,157 $91,379,608.51
(III) 61 TO 90 DAYS DELINQUENT 4,035 $44,020,404.04
(IV) 91 TO 120 DAYS DELINQUENT 2,173 $25,144,349.39
(V) > 120 DAY DELINQUENT 3,337 $34,838,245.89
(VI) & CLAIMS FILED 436 $4,449,292.89
--- -------------
TOTAL 415,646 $4,880,192,824.31
(p) the Value of the Trust Estate and the Outstanding principal amount of
the Notes as of the close of business on the last day of February
2004; and
VALUE OF THE TRUST ESTATE $5,024,581,767.35
OUTSTANDING PRINCIPAL AMOUNT OF THE NOTES $5,080,100,000.00
(q) the number and percentage by dollar amount of (i) rejected federal
reimbursement claims for Financed Student Loans, (ii) Financed Student
Loans in forbearance, and (iii) Financed Student Loans in deferment as
of the close of business on the last day of February 2004.
NUMBER PERCENTAGE
------ ----------
(I) OUTSTANDING REJECTED FEDERAL REIMBURSEMENT CLAIMS 12 0.00%
(II) FINANCED STUDENT LOANS IN FORBEARANCE 25,783 9.83%
(III) FINANCED STUDENT LOANS IN DEFERMENT 36,937 12.86%