EXHIBIT 19.2
March 1, 2000
Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193
and
Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801
and
Bankers Trust Company
Four Albany Street
New York, New York 10006
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
SALLIE MAE STUDENT LOAN TRUST 1995-1
We have examined management's assertion that Sallie Mae Servicing Corporation
(the "Company") complied, in all material respects, with the terms and
conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank Delaware, Bankers
Trust Company, and the Student Loan Marketing Association, as Administrator,
(the "Agreement") pursuant to the Sallie Mae Student Loan Trust 1995-1, for
the year ended December 31, 1999, included in the accompanying report titled
REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER. Management is responsible for
the Company's compliance with those requirements. Our responsibility is to
express an opinion on management's assertion about the Company's compliance
based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the
Company's compliance with the specified requirements.
41
In our opinion, management's assertion that the Company complied, in all
material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the year ended December 31, 1999 is fairly
stated, in all material respects.
This report is intended solely for your information and should not be referred
to or distributed for any purpose to anyone who is not authorized to receive
such information as specified in the Agreement.
Very truly yours,
/s/ Arthur Andersen LLP
42
REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER
We acknowledge that as members of management of Sallie Mae Servicing
Corporation (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5A, 3.6, 3.10, and
3.15 of the Servicing Agreement among the Company, Chase Manhattan Bank
Delaware, Bankers Trust Company, and the Student Loan Marketing Association,
as Administrator, (the "Agreement") pursuant to the Sallie Mae Student Loan
Trust 1995-1. We are also responsible for reviewing and ensuring
implementation of, and ongoing compliance with, effective internal control
over compliance with the terms and conditions of the Agreements.
On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in
all material respects, with the terms and conditions of the Sections of the
Agreement indicated above for the year ended December 31, 1999.
March 1, 2000
/s/ John F. Wallerstedt
John F. Wallerstedt
Vice President and Treasurer
Sallie Mae Servicing Corporation
/s/ Robert R. Levine
- --------------------
Robert R. Levine
President and Chief Operating Officer
Sallie Mae Servicing Corporation
43
March 1, 2000
Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193
and
Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801
and
Bankers Trust Company
Four Albany Street
New York, New York 10006
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
SALLIE MAE STUDENT LOAN TRUST 1996-1
We have examined management's assertion that Sallie Mae Servicing Corporation
(the "Company") complied, in all material respects, with the terms and
conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank Delaware, Bankers
Trust Company, and the Student Loan Marketing Association, as Administrator,
(the "Agreement") pursuant to the Sallie Mae Student Loan Trust 1996-1, for
the year ended December 31, 1999, included in the accompanying report titled
REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER. Management is responsible for
the Company's compliance with those requirements. Our responsibility is to
express an opinion on management's assertion about the Company's compliance
based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the
Company's compliance with the specified requirements.
In our opinion, management's assertion that the Company complied, in all
material respects, with the terms and conditions of the Sections in the
Agreement indicated
44
above for the year ended December 31, 1999, is fairly stated, in all material
respects.
This report is intended solely for your information and should not be referred
to or distributed for any purpose to anyone who is not authorized to receive
such information as specified in the Agreement.
Very truly yours,
/s/ Arthur Andersen LLP
45
REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER
We acknowledge that as members of management of Sallie Mae Servicing Corporation
(the "Company"), we are responsible for ensuring compliance with the terms and
conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank Delaware, Bankers
Trust Company, and the Student Loan Marketing Association, as Administrator,
(the "Agreement") pursuant to the Sallie Mae Student Loan Trust 1996-1. We are
also responsible for reviewing and ensuring implementation of, and ongoing
compliance with, effective internal control over compliance with the terms and
conditions of the Agreements.
On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in all
material respects, with the terms and conditions of the Sections of the
Agreement indicated above for the year ended December 31, 1999.
March 1, 2000
/s/ John F. Wallerstedt
John F. Wallerstedt
Vice President and Treasurer
Sallie Mae Servicing Corporation
/s/ Robert R. Levine
- --------------------
Robert R. Levine
President and Chief Operating Officer
Sallie Mae Servicing Corporation
46
March 1, 2000
Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193
and
Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801
and
Bankers Trust Company
Four Albany Street
New York, New York 10006
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
SLM STUDENT LOAN TRUST 1996-2
We have examined management's assertion that Sallie Mae Servicing Corporation
(the "Company") complied, in all material respects, with the terms and
conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank Delaware, Bankers
Trust Company, and the Student Loan Marketing Association, as Administrator,
(the "Agreement") pursuant to the SLM Student Loan Trust 1996-2, for the year
ended December 31, 1999, included in the accompanying report titled REPORT OF
MANAGEMENT ON COMPLIANCE BY SERVICER. Management is responsible for the
Company's compliance with those requirements. Our responsibility is to
express an opinion on management's assertion about the Company's compliance
based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the
Company's compliance with the specified requirements.
In our opinion, management's assertion that the Company complied, in all
material respects, with the terms and conditions of the Sections in the
Agreement indicated
47
above for the year ended December 31, 1999, is fairly stated, in
all material respects.
This report is intended solely for your information and should not be referred
to or distributed for any purpose to anyone who is not authorized to receive
such information as specified in the Agreement.
Very truly yours,
/s/ Arthur Andersen LLP
48
REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER
We acknowledge that as members of management of Sallie Mae Servicing Corporation
(the "Company"), we are responsible for ensuring compliance with the terms and
conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank Delaware, Bankers
Trust Company, and the Student Loan Marketing Association, as Administrator,
(the "Agreement") pursuant to the SLM Student Loan Trust 1996-2. We are also
responsible for reviewing and ensuring implementation of, and ongoing compliance
with, effective internal control over compliance with the terms and conditions
of the Agreements.
On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in
all material respects, with the terms and conditions of the Sections of the
Agreement indicated above for the year ended December 31, 1999.
March 1, 2000
/s/ John F. Wallerstedt
John F. Wallerstedt
Vice President and Treasurer
Sallie Mae Servicing Corporation
/s/ Robert R. Levine
- --------------------
Robert R. Levine
President and Chief Operating Officer
Sallie Mae Servicing Corporation
49
March 1, 2000
Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193
and
Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801
and
Bankers Trust Company
Four Albany Street
New York, New York 10006
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
SLM STUDENT LOAN TRUST 1996-3
We have examined management's assertion that Sallie Mae Servicing Corporation
(the "Company") complied, in all material respects, with the terms and
conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank Delaware, Bankers
Trust Company, and the Student Loan Marketing Association, as Administrator,
(the "Agreement") pursuant to the SLM Student Loan Trust 1996-3, for the year
ended December 31, 1999, included in the accompanying report titled REPORT OF
MANAGEMENT ON COMPLIANCE BY SERVICER. Management is responsible for the
Company's compliance with those requirements. Our responsibility is to
express an opinion on management's assertion about the Company's compliance
based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the
Company's compliance with the specified requirements.
In our opinion, management's assertion that the Company complied, in all
material respects, with the terms and conditions of the Sections in the
Agreement indicated
50
above for the year ended December 31, 1999, is fairly stated, in
all material respects.
This report is intended solely for your information and should not be referred
to or distributed for any purpose to anyone who is not authorized to receive
such information as specified in the Agreement.
Very truly yours,
/s/ Arthur Andersen LLP
51
REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER
We acknowledge that as members of management of Sallie Mae Servicing Corporation
(the "Company"), we are responsible for ensuring compliance with the terms and
conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank Delaware, Bankers
Trust Company, and the Student Loan Marketing Association, as Administrator,
(the "Agreement") pursuant to the SLM Student Loan Trust 1996-3. We are also
responsible for reviewing and ensuring implementation of, and ongoing compliance
with, effective internal control over compliance with the terms and conditions
of the Agreements.
On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in all
material respects, with the terms and conditions of the Sections of the
Agreement indicated above for the year ended December 31, 1999.
March 1, 2000
/s/ John F. Wallerstedt
John F. Wallerstedt
Vice President and Treasurer
Sallie Mae Servicing Corporation
/s/ Robert R. Levine
- --------------------
Robert R. Levine
President and Chief Operating Officer
Sallie Mae Servicing Corporation
52
March 1, 2000
Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193
and
Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801
and
Bankers Trust Company
Four Albany Street
New York, New York 10006
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
SLM STUDENT LOAN TRUST 1996-4
We have examined management's assertion that Sallie Mae Servicing Corporation
(the "Company") complied, in all material respects, with the terms and
conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank Delaware, Bankers
Trust Company, and the Student Loan Marketing Association, as Administrator,
(the "Agreement") pursuant to the SLM Student Loan Trust 1996-4, for the year
ended December 31, 1999, included in the accompanying report titled REPORT OF
MANAGEMENT ON COMPLIANCE BY SERVICER. Management is responsible for the
Company's compliance with those requirements. Our responsibility is to
express an opinion on management's assertion about the Company's compliance
based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the
Company's compliance with the specified requirements.
In our opinion, management's assertion that the Company complied, in all
material respects, with the terms and conditions of the Sections in the
Agreement indicated
53
above for the year ended December 31, 1999, is fairly stated, in
all material respects.
This report is intended solely for your information and should not be referred
to or distributed for any purpose to anyone who is not authorized to receive
such information as specified in the Agreement.
Very truly yours,
/s/ Arthur Andersen LLP
54
REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER
We acknowledge that as members of management of Sallie Mae Servicing Corporation
(the "Company"), we are responsible for ensuring compliance with the terms and
conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank Delaware, Bankers
Trust Company, and the Student Loan Marketing Association, as Administrator,
(the "Agreement") pursuant to the SLM Student Loan Trust 1996-4. We are also
responsible for reviewing and ensuring implementation of, and ongoing compliance
with, effective internal control over compliance with the terms and conditions
of the Agreements.
On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in all
material respects, with the terms and conditions of the Sections of the
Agreement indicated above for the year ended December 31, 1999.
March 1, 2000
/s/ John F. Wallerstedt
John F. Wallerstedt
Vice President and Treasurer
Sallie Mae Servicing Corporation
/s/ Robert R. Levine
- --------------------
Robert R. Levine
President and Chief Operating Officer
Sallie Mae Servicing Corporation
55
March 1, 2000
Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193
and
Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801
and
Bankers Trust Company
Four Albany Street
New York, New York 10006
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
SLM STUDENT LOAN TRUST 1997-1
We have examined management's assertion that Sallie Mae Servicing Corporation
(the "Company") complied, in all material respects, with the terms and
conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank Delaware, Bankers
Trust Company, and the Student Loan Marketing Association, as Administrator,
(the "Agreement") pursuant to the Sallie Mae Student Loan Trust 1997-1, for
the year ended December 31, 1999, included in the accompanying report titled
REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER. Management is responsible for
the Company's compliance with those requirements. Our responsibility is to
express an opinion on management's assertion about the Company's compliance
based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the
Company's compliance with the specified requirements.
In our opinion, management's assertion that the Company complied, in all
material respects, with the terms and conditions of the Sections in the
Agreement indicated
56
above for the year ended December 31, 1999, is fairly stated, in all material
respects.
This report is intended solely for your information and should not be referred
to or distributed for any purpose to anyone who is not authorized to receive
such information as specified in the Agreement.
Very truly yours,
/s/ Arthur Andersen LLP
57
REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER
We acknowledge that as members of management of Sallie Mae Servicing Corporation
(the "Company"), we are responsible for ensuring compliance with the terms and
conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank Delaware, Bankers
Trust Company, and the Student Loan Marketing Association, as Administrator,
(the "Agreement") pursuant to the Sallie Mae Student Loan Trust 1997-1. We are
also responsible for reviewing and ensuring implementation of, and ongoing
compliance with, effective internal control over compliance with the terms and
conditions of the Agreements.
On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in all
material respects, with the terms and conditions of the Sections of the
Agreement indicated above for the year ended December 31, 1999.
March 1, 2000
/s/ John F. Wallerstedt
John F. Wallerstedt
Vice President and Treasurer
Sallie Mae Servicing Corporation
/s/ Robert R. Levine
- --------------------
Robert R. Levine
President and Chief Operating Officer
Sallie Mae Servicing Corporation
58
March 1, 2000
Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193
and
Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801
and
Bankers Trust Company
Four Albany Street
New York, New York 10006
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
SLM STUDENT LOAN TRUST 1997-2
We have examined management's assertion that Sallie Mae Servicing Corporation
(the "Company") complied, in all material respects, with the terms and
conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank Delaware, Bankers
Trust Company, and the Student Loan Marketing Association, as Administrator,
(the "Agreement") pursuant to the SLM Student Loan Trust 1997-2, for the year
ended December 31, 1999, included in the accompanying report titled REPORT OF
MANAGEMENT ON COMPLIANCE BY SERVICER. Management is responsible for the
Company's compliance with those requirements. Our responsibility is to
express an opinion on management's assertion about the Company's compliance
based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the
Company's compliance with the specified requirements.
In our opinion, management's assertion that the Company complied, in all
material respects, with the terms and conditions of the Sections in the
Agreement indicated
59
above for the year ended December 31, 1999, is fairly stated, in
all material respects.
This report is intended solely for your information and should not be referred
to or distributed for any purpose to anyone who is not authorized to receive
such information as specified in the Agreement.
Very truly yours,
/s/ Arthur Andersen LLP
60
REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER
We acknowledge that as members of management of Sallie Mae Servicing Corporation
(the "Company"), we are responsible for ensuring compliance with the terms and
conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank Delaware, Bankers
Trust Company, and the Student Loan Marketing Association, as Administrator,
(the "Agreement") pursuant to the SLM Student Loan Trust 1997-2. We are also
responsible for reviewing and ensuring implementation of, and ongoing compliance
with, effective internal control over compliance with the terms and conditions
of the Agreements.
On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in all
material respects, with the terms and conditions of the Sections of the
Agreement indicated above for the year ended December 31, 1999.
March 1, 2000
/s/ John F. Wallerstedt
John F. Wallerstedt
Vice President and Treasurer
Sallie Mae Servicing Corporation
/s/ Robert R. Levine
- --------------------
Robert R. Levine
President and Chief Operating Officer
Sallie Mae Servicing Corporation
61
March 1, 2000
Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193
and
Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801
and
Bankers Trust Company
Four Albany Street
New York, New York 10006
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
SLM STUDENT LOAN TRUST 1997-3
We have examined management's assertion that Sallie Mae Servicing Corporation
(the "Company") complied, in all material respects, with the terms and
conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank Delaware, Bankers
Trust Company, and the Student Loan Marketing Association, as Administrator,
(the "Agreement") pursuant to the SLM Student Loan Trust 1997-3, for the year
ended December 31, 1999, included in the accompanying report titled REPORT OF
MANAGEMENT ON COMPLIANCE BY SERVICER. Management is responsible for the
Company's compliance with those requirements. Our responsibility is to
express an opinion on management's assertion about the Company's compliance
based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the
Company's compliance with the specified requirements.
In our opinion, management's assertion that the Company complied, in all
material respects, with the terms and conditions of the Sections in the
Agreement indicated
62
above for the year ended December 31, 1999, is fairly stated, in
all material respects.
This report is intended solely for your information and should not be referred
to or distributed for any purpose to anyone who is not authorized to receive
such information as specified in the Agreement.
Very truly yours,
/s/ Arthur Andersen LLP
63
REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER
We acknowledge that as members of management of Sallie Mae Servicing Corporation
(the "Company"), we are responsible for ensuring compliance with the terms and
conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank Delaware, Bankers
Trust Company, and the Student Loan Marketing Association, as Administrator,
(the "Agreement") pursuant to the SLM Student Loan Trust 1997-3. We are also
responsible for reviewing and ensuring implementation of, and ongoing compliance
with, effective internal control over compliance with the terms and conditions
of the Agreements.
On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in all
material respects, with the terms and conditions of the Sections of the
Agreement indicated above for the year ended December 31, 1999.
March 1, 2000
/s/ John F. Wallerstedt
John F. Wallerstedt
Vice President and Treasurer
Sallie Mae Servicing Corporation
/s/ Robert R. Levine
- --------------------
Robert R. Levine
President and Chief Operating Officer
Sallie Mae Servicing Corporation
64
March 1, 2000
Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193
and
Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801
and
Bankers Trust Company
Four Albany Street
New York, New York 10006
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
SLM STUDENT LOAN TRUST 1997-4
We have examined management's assertion that Sallie Mae Servicing Corporation
(the "Company") complied, in all material respects, with the terms and
conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Delaware, Bankers
Trust Company, and the Student Loan Marketing Association, as Administrator,
(the "Agreement") pursuant to the SLM Student Loan Trust 1997-4, for the year
ended December 31, 1999, included in the accompanying report titled REPORT OF
MANAGEMENT ON COMPLIANCE BY SERVICER. Management is responsible for the
Company's compliance with those requirements. Our responsibility is to
express an opinion on management's assertion about the Company's compliance
based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the
Company's compliance with the specified requirements.
In our opinion, management's assertion that the Company complied, in all
material respects, with the terms and conditions of the Sections in the
Agreement indicated
65
above for the year ended December 31, 1999, is fairly stated, in
all material respects.
This report is intended solely for your information and should not be referred
to or distributed for any purpose to anyone who is not authorized to receive
such information as specified in the Agreement.
Very truly yours,
/s/ Arthur Andersen LLP
66
REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER
We acknowledge that as members of management of Sallie Mae Servicing Corporation
(the "Company"), we are responsible for ensuring compliance with the terms and
conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank Delaware, Bankers
Trust Company, and the Student Loan Marketing Association, as Administrator,
(the "Agreement") pursuant to the SLM Student Loan Trust 1997-4. We are also
responsible for reviewing and ensuring implementation of, and ongoing compliance
with, effective internal control over compliance with the terms and conditions
of the Agreements.
On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in all
material respects, with the terms and conditions of the Sections of the
Agreement indicated above for the year ended December 31, 1999.
March 1, 2000
/s/ John F. Wallerstedt
John F. Wallerstedt
Vice President and Treasurer
Sallie Mae Servicing Corporation
/s/ Robert R. Levine
- --------------------
Robert R. Levine
President and Chief Operating Officer
Sallie Mae Servicing Corporation
67
March 1, 2000
Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193
and
Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801
and
Bankers Trust Company
Four Albany Street
New York, New York 10006
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
SLM STUDENT LOAN TRUST 1998-1
We have examined management's assertion that Sallie Mae Servicing Corporation
(the "Company") complied, in all material respects, with the terms and
conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank Delaware, Bankers
Trust Company, and the Student Loan Marketing Association, as Administrator,
(the "Agreement") pursuant to the SLM Student Loan Trust 1998-1, for the year
ended December 31, 1999, included in the accompanying report titled REPORT OF
MANAGEMENT ON COMPLIANCE BY SERVICER. Management is responsible for the
Company's compliance with those requirements. Our responsibility is to
express an opinion on management's assertion about the Company's compliance
based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the
Company's compliance with the specified requirements.
In our opinion, management's assertion that the Company complied, in all
material respects, with the terms and conditions of the Sections in the
Agreement indicated
68
above for the year ended December 31, 1999, is fairly stated, in all material
respects.
This report is intended solely for your information and should not be referred
to or distributed for any purpose to anyone who is not authorized to receive
such information as specified in the Agreement.
Very truly yours,
/s/ Arthur Andersen LLP
69
REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER
We acknowledge that as members of management of Sallie Mae Servicing Corporation
(the "Company"), we are responsible for ensuring compliance with the terms and
conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank Delaware, Bankers
Trust Company, and the Student Loan Marketing Association, as Administrator,
(the "Agreement") pursuant to the SLM Student Loan Trust 1998-1. We are also
responsible for reviewing and ensuring implementation of, and ongoing compliance
with, effective internal control over compliance with the terms and conditions
of the Agreements.
On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in all
material respects, with the terms and conditions of the Sections of the
Agreement indicated above for the year ended December 31, 1999.
March 1, 2000
/s/ John F. Wallerstedt
John F. Wallerstedt
Vice President and Treasurer
Sallie Mae Servicing Corporation
/s/ Robert R. Levine
- --------------------
Robert R. Levine
President and Chief Operating Officer
Sallie Mae Servicing Corporation
70
March 1, 2000
Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193
and
Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801
and
Bankers Trust Company
Four Albany Street
New York, New York 10006
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
SLM STUDENT LOAN TRUST 1998-2
We have examined management's assertion that Sallie Mae Servicing Corporation
(the "Company") complied, in all material respects, with the terms and
conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank Delaware, Bankers
Trust Company, and the Student Loan Marketing Association, as Administrator,
(the "Agreement") pursuant to the SLM Student Loan Trust 1998-2, for the year
ended December 31, 1999, included in the accompanying report titled REPORT OF
MANAGEMENT ON COMPLIANCE BY SERVICER. Management is responsible for the
Company's compliance with those requirements. Our responsibility is to
express an opinion on management's assertion about the Company's compliance
based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the
Company's compliance with the specified requirements.
In our opinion, management's assertion that the Company complied, in all
material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the year ended December 31, 1999, is fairly
stated, in all material respects.
71
This report is intended solely for your information and should not be referred
to or distributed for any purpose to anyone who is not authorized to receive
such information as specified in the Agreement.
Very truly yours,
/s/ Arthur Andersen LLP
72
REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER
We acknowledge that as members of management of Sallie Mae Servicing Corporation
(the "Company"), we are responsible for ensuring compliance with the terms and
conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank Delaware, Bankers
Trust Company, and the Student Loan Marketing Association, as Administrator,
(the "Agreement") pursuant to the SLM Student Loan Trust 1998-2. We are also
responsible for reviewing and ensuring implementation of, and ongoing compliance
with, effective internal control over compliance with the terms and conditions
of the Agreement.
On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in all
material respects, with the terms and conditions of the Sections of the
Agreement indicated above for the year ended December 31, 1999.
March 1, 2000
/s/ John F. Wallerstedt
John F. Wallerstedt
Vice President and Treasurer
Sallie Mae Servicing Corporation
/s/ Robert R. Levine
- --------------------
Robert R. Levine
President and Chief Operating Officer
Sallie Mae Servicing Corporation
73
Exhibit 19.2
March 1, 2000
Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193
and
Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801
and
Bankers Trust Company
Four Albany Street
New York, New York 10006
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
SLM STUDENT LOAN TRUST 1999-1
We have examined management's assertion that Sallie Mae Servicing Corporation
(the "Company") complied, in all material respects, with the terms and
conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank Delaware, Bankers
Trust Company, and the Student Loan Marketing Association, as Administrator,
(the "Agreement") pursuant to the SLM Student Loan Trust 1999-1, for the
period June 29, 1999 through December 31, 1999, included in the accompanying
report titled REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER. Management is
responsible for the Company's compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about the
Company's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the
Company's compliance with the specified requirements.
In our opinion, management's assertion that the Company complied, in all
material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the period June 29, 1999 through December 31,
1999, is fairly stated, in all material respects.
74
This report is intended solely for your information and should not be referred
to or distributed for any purpose to anyone who is not authorized to receive
such information as specified in the Agreement.
Very truly yours,
/s/ Arthur Andersen LLP
75
REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER
We acknowledge that as members of management of Sallie Mae Servicing Corporation
(the "Company"), we are responsible for ensuring compliance with the terms and
conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank Delaware, Bankers
Trust Company, and the Student Loan Marketing Association, as Administrator,
(the "Agreement") pursuant to the SLM Student Loan Trust 1999-1. We are also
responsible for reviewing and ensuring implementation of, and ongoing compliance
with, effective internal control over compliance with the terms and conditions
of the Agreement.
On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in
all material respects, with the terms and conditions of the Sections of the
Agreement indicated above for the period June 29, 1999 through December 31,
1999.
March 1, 2000
/s/ John F. Wallerstedt
John F. Wallerstedt
Vice President and Treasurer
Sallie Mae Servicing Corporation
/s/ Robert R. Levine
- --------------------
Robert R. Levine
President and Chief Operating Officer
Sallie Mae Servicing Corporation
76
March 1, 2000
Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193
and
Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801
and
Bankers Trust Company
Four Albany Street
New York, New York 10006
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
SLM STUDENT LOAN TRUST 1999-2
We have examined management's assertion that Sallie Mae Servicing Corporation
(the "Company") complied, in all material respects, with the terms and
conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank Delaware, Bankers
Trust Company, and the Student Loan Marketing Association, as Administrator,
(the "Agreement") pursuant to the SLM Student Loan Trust 1999-2, for the
period August 12, 1999 through December 31, 1999, included in the accompanying
report titled REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER. Management is
responsible for the Company's compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about the
Company's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the
Company's compliance with the specified requirements.
In our opinion, management's assertion that the Company complied, in all
material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the period August 12, 1999 through December 31,
1999, is fairly stated, in all material respects.
77
This report is intended solely for your information and should not be referred
to or distributed for any purpose to anyone who is not authorized to receive
such information as specified in the Agreement.
Very truly yours,
/s/ Arthur Andersen LLP
78
REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER
We acknowledge that as members of management of Sallie Mae Servicing Corporation
(the "Company"), we are responsible for ensuring compliance with the terms and
conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank Delaware, Bankers
Trust Company, and the Student Loan Marketing Association, as Administrator,
(the "Agreement") pursuant to the SLM Student Loan Trust 1999-2. We are also
responsible for reviewing and ensuring implementation of, and ongoing compliance
with, effective internal control over compliance with the terms and conditions
of the Agreement.
On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in
all material respects, with the terms and conditions of the Sections of the
Agreement indicated above for the period August 12, 1999 through December 31,
1999.
March 1, 2000
/s/ John F. Wallerstedt
John F. Wallerstedt
Vice President and Treasurer
Sallie Mae Servicing Corporation
/s/ Robert R. Levine
- --------------------
Robert R. Levine
President and Chief Operating Officer
Sallie Mae Servicing Corporation
79
March 1, 2000
Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193
and
Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801
and
Bankers Trust Company
Four Albany Street
New York, New York 10006
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
SLM STUDENT LOAN TRUST 1999-3
We have examined management's assertion that Sallie Mae Servicing Corporation
(the "Company") complied, in all material respects, with the terms and
conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank Delaware, Bankers
Trust Company, and the Student Loan Marketing Association, as Administrator,
(the "Agreement") pursuant to the SLM Student Loan Trust 1999-3, for the
period December 1, 1999 through December 31, 1999, included in the
accompanying report titled REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER.
Management is responsible for the Company's compliance with those
requirements. Our responsibility is to express an opinion on management's
assertion about the Company's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the
Company's compliance with the specified requirements.
In our opinion, management's assertion that the Company complied, in all
material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the period December 1, 1999 through December
31, 1999, is fairly stated, in all material respects.
80
This report is intended solely for your information and should not be referred
to or distributed for any purpose to anyone who is not authorized to receive
such information as specified in the Agreement.
Very truly yours,
/s/ Arthur Andersen LLP
81
REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER
We acknowledge that as members of management of Sallie Mae Servicing Corporation
(the "Company"), we are responsible for ensuring compliance with the terms and
conditions of Sections 2.2, 2.3, 3.1, 3.2, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank Delaware, Bankers
Trust Company, and the Student Loan Marketing Association, as Administrator,
(the "Agreement") pursuant to the SLM Student Loan Trust 1999-3. We are also
responsible for reviewing and ensuring implementation of, and ongoing compliance
with, effective internal control over compliance with the terms and conditions
of the Agreement.
On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in
all material respects, with the terms and conditions of the Sections of the
Agreement indicated above for the period December 1, 1999 through December 31,
1999.
March 1, 2000
/s/ John F. Wallerstedt
John F. Wallerstedt
Vice President and Treasurer
Sallie Mae Servicing Corporation
/s/ Robert R. Levine
- --------------------
Robert R. Levine
President and Chief Operating Officer
Sallie Mae Servicing Corporation
82
March 1, 2000
Student Loan Marketing Association
11600 Sallie Mae Drive
Reston, Virginia 20193
and
Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801
and
Bankers Trust Company
Four Albany Street
New York, New York 10006
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
SALLIE MAE STUDENT LOAN TRUST 1995-1
We have examined management's assertion that the Student Loan Marketing
Association (the "Company") complied, in all material respects, with the
terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B,
2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and
3.2.D of the Administration Agreement among the Company, Chase Manhattan Bank
Delaware, Bankers Trust Company, Sallie Mae Servicing Corporation, and the
SLM Funding Corporation, (the "Agreement") pursuant to the Sallie Mae Student
Loan Trust 1995-1, for the year ended December 31, 1999, included in the
accompanying report titled REPORT OF MANAGEMENT ON COMPLIANCE BY
ADMINISTRATOR. Management is responsible for the Company's compliance with
those requirements. Our responsibility is to express an opinion on
management's assertion about the Company's compliance based on our
examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the
Company's compliance with the specified requirements.
In our opinion, management's assertion that the Company complied, in all
material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the year ended December 31, 1999, is fairly
stated, in all material respects.
83
This report is intended solely for your information and should not be referred
to or distributed for any purpose to anyone who is not authorized to receive
such information as specified in the Agreement.
Very truly yours,
/s/ Arthur Andersen LLP
84
REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR
I acknowledge that as a member of management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with the
terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B,
2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and
3.2.D of the Administration Agreement among the Company, Chase Manhattan Bank
Delaware, Bankers Trust Company, Sallie Mae Servicing Corporation, and the SLM
Funding Corporation, (the "Agreement") pursuant to the Sallie Mae Student Loan
Trust 1995-1. We are also responsible for establishing and maintaining effective
internal control over compliance with the terms and conditions of the
Agreement.
We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects
with the terms and conditions of the Sections of the Agreement indicated
above for the year ended December 31, 1999.
March 1, 2000
/s/ J. Lance Franke
J. Lance Franke
Authorized Agent
Student Loan Marketing Association
85
March 1, 2000
Student Loan Marketing Association
11600 Sallie Mae Drive
Reston, Virginia 20193
and
Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801
and
Bankers Trust Company
Four Albany Street
New York, New York 10006
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
SALLIE MAE STUDENT LOAN TRUST 1996-1
We have examined management's assertion that the Student Loan Marketing
Association (the "Company") complied, in all material respects, with the
terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B,
2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and
3.2.D of the Administration Agreement among the Company, Chase Manhattan Bank
Delaware, Bankers Trust Company, Sallie Mae Servicing Corporation, and the
SLM Funding Corporation, (the "Agreement") pursuant to the Sallie Mae Student
Loan Trust 1996-1, for the year ended December 31, 1999, included in the
accompanying report titled REPORT OF MANAGEMENT ON COMPLIANCE BY
ADMINISTRATOR. Management is responsible for the Company's compliance with
those requirements. Our responsibility is to express an opinion on
management's assertion about the Company's compliance based on our
examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the
Company's compliance with the specified requirements.
86
In our opinion, management's assertion that the Company complied, in all
material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the year ended December 31, 1999, is fairly
stated, in all material respects.
This report is intended solely for your information and should not be referred
to or distributed for any purpose to anyone who is not authorized to receive
such information as specified in the Agreement.
Very truly yours,
/s/ Arthur Andersen LLP
87
REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR
I acknowledge that as a member of management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with the
terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B,
2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and
3.2.D of the Administration Agreement among the Company, Chase Manhattan Bank
Delaware, Bankers Trust Company, Sallie Mae Servicing Corporation, and the SLM
Funding Corporation, (the "Agreement") pursuant to the Sallie Mae Student Loan
Trust 1996-1. We are also responsible for establishing and maintaining effective
internal control over compliance with the terms and conditions of the
Agreement.
We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects
with the terms and conditions of the Sections of the Agreement indicated
above for the year ended December 31, 1999.
March 1, 2000
/s/ J. Lance Franke
J. Lance Franke
Authorized Agent
Student Loan Marketing Association
88
March 1, 2000
Student Loan Marketing Association
11600 Sallie Mae Drive
Reston, Virginia 20193
and
Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801
and
Bankers Trust Company
Four Albany Street
New York, New York 10006
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
SLM STUDENT LOAN TRUST 1996-2
We have examined management's assertion that the Student Loan Marketing
Association (the "Company") complied, in all material respects, with the
terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B,
2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and
3.2.D of the Administration Agreement among the Company, Chase Manhattan Bank
Delaware, Bankers Trust Company, Sallie Mae Servicing Corporation, and the
SLM Funding Corporation, (the "Agreement") pursuant to the SLM Student Loan
Trust 1996-2, for the year ended December 31, 1999, included in the
accompanying report titled REPORT OF MANAGEMENT ON COMPLIANCE BY
ADMINISTRATOR. Management is responsible for the Company's compliance with
those requirements. Our responsibility is to express an opinion on
management's assertion about the Company's compliance based on our
examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the
Company's compliance with the specified requirements.
89
In our opinion, management's assertion that the Company complied, in all
material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the year ended December 31, 1999, is fairly
stated, in all material respects.
This report is intended solely for your information and should not be referred
to or distributed for any purpose to anyone who is not authorized to receive
such information as specified in the Agreement.
Very truly yours,
/s/ Arthur Andersen LLP
90
REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR
I acknowledge that as a member of management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with the
terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B,
2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and
3.2.D of the Administration Agreement among the Company, Chase Manhattan Bank
Delaware, Bankers Trust Company, Sallie Mae Servicing Corporation, and the SLM
Funding Corporation, (the "Agreement") pursuant to the SLM Student Loan Trust
1996-2. We are also responsible for establishing and maintaining effective
internal control over compliance with the terms and conditions of the
Agreement.
We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects
with the terms and conditions of the Sections of the Agreement indicated
above for the year ended December 31, 1999.
March 1, 2000
/s/ J. Lance Franke
J. Lance Franke
Authorized Agent
Student Loan Marketing Association
91
March 1, 2000
Student Loan Marketing Association
11600 Sallie Mae Drive
Reston, Virginia 20193
and
Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801
and
Bankers Trust Company
Four Albany Street
New York, New York 10006
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
SLM STUDENT LOAN TRUST 1996-3
We have examined management's assertion that the Student Loan Marketing
Association (the "Company") complied, in all material respects, with the
terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B,
2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and
3.2.D of the Administration Agreement among the Company, Chase Manhattan Bank
Delaware, Bankers Trust Company, Sallie Mae Servicing Corporation, and the
SLM Funding Corporation, (the "Agreement") pursuant to the SLM Student Loan
Trust 1996-3, for the year ended December 31, 1999, included in the
accompanying report titled REPORT OF MANAGEMENT ON COMPLIANCE BY
ADMINISTRATOR. Management is responsible for the Company's compliance with
those requirements. Our responsibility is to express an opinion on
management's assertion about the Company's compliance based on our
examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the
Company's compliance with the specified requirements.
92
In our opinion, management's assertion that the Company complied, in all
material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the year ended December 31, 1999, is fairly
stated, in all material respects.
This report is intended solely for your information and should not be referred
to or distributed for any purpose to anyone who is not authorized to receive
such information as specified in the Agreement.
Very truly yours,
/s/ Arthur Andersen LLP
93
REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR
I acknowledge that as a member of management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with the
terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B,
2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and
3.2.D of the Administration Agreement among the Company, Chase Manhattan Bank
Delaware, Bankers Trust Company, Sallie Mae Servicing Corporation, and the SLM
Funding Corporation, (the "Agreement") pursuant to the SLM Student Loan Trust
1996-3. We are also responsible for establishing and maintaining effective
internal control over compliance with the terms and conditions of the
Agreement.
We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects
with the terms and conditions of the Sections of the Agreement indicated
above for the year ended December 31, 1999.
March 1, 2000
/s/ J. Lance Franke
J. Lance Franke
Authorized Agent
Student Loan Marketing Association
94
March 1, 2000
Student Loan Marketing Association
11600 Sallie Mae Drive
Reston, Virginia 20193
and
Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801
and
Bankers Trust Company
Four Albany Street
New York, New York 10006
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
SLM STUDENT LOAN TRUST 1996-4
We have examined management's assertion that the Student Loan Marketing
Association (the "Company") complied, in all material respects, with the
terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B,
2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and
3.2.D of the Administration Agreement among the Company, Chase Manhattan Bank
Delaware, Bankers Trust Company, Sallie Mae Servicing Corporation, and the
SLM Funding Corporation, (the "Agreement") pursuant to the SLM Student Loan
Trust 1996-4, for the year ended December 31, 1999, included in the
accompanying report titled REPORT OF MANAGEMENT ON COMPLIANCE BY
ADMINISTRATOR. Management is responsible for the Company's compliance with
those requirements. Our responsibility is to express an opinion on
management's assertion about the Company's compliance based on our
examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the
Company's compliance with the specified requirements.
95
In our opinion, management's assertion that the Company complied, in all
material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the year ended December 31, 1999, is fairly
stated, in all material respects.
This report is intended solely for your information and should not be referred
to or distributed for any purpose to anyone who is not authorized to receive
such information as specified in the Agreement.
Very truly yours,
/s/ Arthur Andersen LLP
96
REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR
I acknowledge that as a member of management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with the
terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B,
2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and
3.2.D of the Administration Agreement among the Company, Chase Manhattan Bank
Delaware, Bankers Trust Company, Sallie Mae Servicing Corporation, and the SLM
Funding Corporation, (the "Agreement") pursuant to the SLM Student Loan Trust
1996-4. We are also responsible for establishing and maintaining effective
internal control over compliance with the terms and conditions of the
Agreement.
We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects
with the terms and conditions of the Sections of the Agreement indicated
above for the year ended December 31, 1999.
March 1, 2000
/s/ J. Lance Franke
J. Lance Franke
Authorized Agent
Student Loan Marketing Association
97
March 1, 2000
Student Loan Marketing Association
11600 Sallie Mae Drive
Reston, Virginia 20193
and
Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801
and
Bankers Trust Company
Four Albany Street
New York, New York 10006
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
SLM STUDENT LOAN TRUST 1997-1
We have examined management's assertion that the Student Loan Marketing
Association (the "Company") complied, in all material respects, with the
terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B,
2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and
3.2.D of the Administration Agreement among the Company, Chase Manhattan Bank
Delaware, Bankers Trust Company, Sallie Mae Servicing Corporation, and the
SLM Funding Corporation, (the "Agreement") pursuant to the SLM Student Loan
Trust 1997-1, for the year ended December 31, 1999, included in the
accompanying report titled REPORT OF MANAGEMENT ON COMPLIANCE BY
ADMINISTRATOR. Management is responsible for the Company's compliance with
those requirements. Our responsibility is to express an opinion on
management's assertion about the Company's compliance based on our
examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the
Company's compliance with the specified requirements.
98
In our opinion, management's assertion that the Company complied, in all
material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the year ended December 31, 1999,
is fairly stated, in all material respects.
This report is intended solely for your information and should not be referred
to or distributed for any purpose to anyone who is not authorized to receive
such information as specified in the Agreement.
Very truly yours,
/s/ Arthur Andersen LLP
99
REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR
I acknowledge that as a member of management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with the
terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B,
2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and
3.2.D of the Administration Agreement among the Company, Chase Manhattan Bank
Delaware, Bankers Trust Company, Sallie Mae Servicing Corporation, and the SLM
Funding Corporation, (the "Agreement") pursuant to the SLM Student Loan Trust
1997-1. We are also responsible for establishing and maintaining effective
internal control over compliance with the terms and conditions of the
Agreement.
We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects
with the terms and conditions of the Sections of the Agreement indicated
above for the year ended December 31, 1999.
March 1, 2000
/s/ J. Lance Franke
J. Lance Franke
Authorized Agent
Student Loan Marketing Association
100
March 1, 2000
Student Loan Marketing Association
11600 Sallie Mae Drive
Reston, Virginia 20193
and
Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801
and
Bankers Trust Company
Four Albany Street
New York, New York 10006
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
SLM STUDENT LOAN TRUST 1997-2
We have examined management's assertion that the Student Loan Marketing
Association (the "Company") complied, in all material respects, with the
terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B,
2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and
3.2.D of the Administration Agreement among the Company, Chase Manhattan Bank
Delaware, Bankers Trust Company, Sallie Mae Servicing Corporation, and the
SLM Funding Corporation, (the "Agreement") pursuant to the SLM Student Loan
Trust 1997-2, for the year ended December 31, 1999, included in the
accompanying report titled REPORT OF MANAGEMENT ON COMPLIANCE BY
ADMINISTRATOR. Management is responsible for the Company's compliance with
those requirements. Our responsibility is to express an opinion on
management's assertion about the Company's compliance based on our
examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the
Company's compliance with the specified requirements.
101
In our opinion, management's assertion that the Company complied, in all
material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the year ended December 31, 1999, is fairly
stated, in all material respects.
This report is intended solely for your information and should not be referred
to or distributed for any purpose to anyone who is not authorized to receive
such information as specified in the Agreement.
Very truly yours,
/s/ Arthur Andersen LLP
102
REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR
I acknowledge that as a member of the management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with the
terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B,
2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and
3.2.D of the Administration Agreement among the Company, Chase Manhattan Bank
Delaware, Bankers Trust Company, Sallie Mae Servicing Corporation, and the SLM
Funding Corporation, (the "Agreement") pursuant to the SLM Student Loan Trust
1997-2. We are also responsible for establishing and maintaining effective
internal control over compliance with the terms and conditions of the
Agreement.
We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects
with the terms and conditions of the Sections of the Agreement indicated
above for the year ended December 31, 1999.
March 1, 2000
/s/ J. Lance Franke
J. Lance Franke
Authorized Agent
Student Loan Marketing Association
103
March 1, 2000
Student Loan Marketing Association
11600 Sallie Mae Drive
Reston, Virginia 20193
and
Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801
and
Bankers Trust Company
Four Albany Street
New York, New York 10006
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
SLM STUDENT LOAN TRUST 1997-3
We have examined management's assertion that the Student Loan Marketing
Association (the "Company") complied, in all material respects, with the
terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B,
2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and
3.2.D of the Administration Agreement among the Company, Chase Manhattan Bank
Delaware, Bankers Trust Company, Sallie Mae Servicing Corporation, and the
SLM Funding Corporation, (the "Agreement") pursuant to the SLM Student Loan
Trust 1997-3, for the year ended December 31, 1999, included in the
accompanying report titled REPORT OF MANAGEMENT ON COMPLIANCE BY
ADMINISTRATOR. Management is responsible for the Company's compliance with
those requirements. Our responsibility is to express an opinion on
management's assertion about the Company's compliance based on our
examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the
Company's compliance with the specified requirements.
104
In our opinion, management's assertion that the Company complied, in all
material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the year ended December 31, 1999, is fairly
stated, in all material respects.
This report is intended solely for your information and should not be referred
to or distributed for any purpose to anyone who is not authorized to receive
such information as specified in the Agreement.
Very truly yours,
/s/ Arthur Andersen LLP
105
REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR
I acknowledge that as a member of management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with the
terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B,
2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and
3.2.D of the Administration Agreement among the Company, Chase Manhattan Bank
Delaware, Bankers Trust Company, Sallie Mae Servicing Corporation, and the SLM
Funding Corporation, (the "Agreement") pursuant to the SLM Student Loan Trust
1997-3. We are also responsible for establishing and maintaining effective
internal control over compliance with the terms and conditions of the
Agreement.
We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects
with the terms and conditions of the Sections of the Agreement indicated
above for the year ended December 31, 1999.
March 1, 2000
/s/ J. Lance Franke
J. Lance Franke
Authorized Agent
Student Loan Marketing Association
106
March 1, 2000
Student Loan Marketing Association
11600 Sallie Mae Drive
Reston, Virginia 20193
and
Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801
and
Bankers Trust Company
Four Albany Street
New York, New York 10006
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
SLM STUDENT LOAN TRUST 1997-4
We have examined management's assertion that the Student Loan Marketing
Association (the "Company") complied, in all material respects, with the
terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B,
2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and
3.2.D of the Administration Agreement among the Company, Chase Manhattan Bank
Delaware, Bankers Trust Company, Sallie Mae Servicing Corporation, and the
SLM Funding Corporation, (the "Agreement") pursuant to the SLM Student Loan
Trust 1997-4, for the year ended December 31, 1999, included in the
accompanying report titled REPORT OF MANAGEMENT ON COMPLIANCE BY
ADMINISTRATOR. Management is responsible for the Company's compliance with
those requirements. Our responsibility is to express an opinion on
management's assertion about the Company's compliance based on our
examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the
Company's compliance with the specified requirements.
107
In our opinion, management's assertion that the Company complied, in all
material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the year ended December 31, 1999, is fairly
stated, in all material respects.
This report is intended solely for your information and should not be referred
to or distributed for any purpose to anyone who is not authorized to receive
such information as specified in the Agreement.
Very truly yours,
/s/ Arthur Andersen LLP
108
REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR
I acknowledge that as a member of management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with the
terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B,
2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and
3.2.D of the Administration Agreement among the Company, Chase Manhattan Bank
Delaware, Bankers Trust Company, Sallie Mae Servicing Corporation, and the SLM
Funding Corporation, (the "Agreement") pursuant to the SLM Student Loan Trust
1997-4. We are also responsible for establishing and maintaining effective
internal control over compliance with the terms and conditions of the
Agreement.
We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects
with the terms and conditions of the Sections of the Agreement indicated
above for the year ended December 31, 1999.
March 1, 2000
/s/ J. Lance Franke
J. Lance Franke
Authorized Agent
Student Loan Marketing Association
109
March 1, 2000
Student Loan Marketing Association
11600 Sallie Mae Drive
Reston, Virginia 20193
and
Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801
and
Bankers Trust Company
Four Albany Street
New York, New York 10006
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
SLM STUDENT LOAN TRUST 1998-1
We have examined management's assertion that the Student Loan Marketing
Association (the "Company") complied, in all material respects, with the
terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B,
2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and
3.2.D of the Administration Agreement among the Company, Chase Manhattan Bank
Delaware, Bankers Trust Company, Sallie Mae Servicing Corporation, and the
SLM Funding Corporation, (the "Agreement") pursuant to the SLM Student Loan
Trust 1998-1, for the year ended December 31, 1999, included in the
accompanying report titled REPORT OF MANAGEMENT ON COMPLIANCE BY
ADMINISTRATOR. Management is responsible for the Company's compliance with
those requirements. Our responsibility is to express an opinion on
management's assertion about the Company's compliance based on our
examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the
Company's compliance with the specified requirements.
In our opinion, management's assertion that the Company complied, in all
material respects, with the terms and conditions of the Sections in the
Agreement indicated
110
above for the year ended December 31, 1999, is fairly stated, in all material
respects.
This report is intended solely for your information and should not be referred
to or distributed for any purpose to anyone who is not authorized to receive
such information as specified in the Agreement.
Very truly yours,
/s/ Arthur Andersen LLP
111
REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR
I acknowledge that as a member of management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with the
terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B,
2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and
3.2.D of the Administration Agreement among the Company, Chase Manhattan Bank
Delaware, Bankers Trust Company, Sallie Mae Servicing Corporation, and the SLM
Funding Corporation, (the "Agreement") pursuant to the SLM Student Loan Trust
1998-1. We are also responsible for establishing and maintaining effective
internal control over compliance with the terms and conditions of the
Agreement.
We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects
with the terms and conditions of the Sections of the Agreement indicated
above for the year ended December 31, 1999.
March 1, 2000
/s/ J. Lance Franke
J. Lance Franke
Authorized Agent
Student Loan Marketing Association
112
March 1, 2000
Student Loan Marketing Association
11600 Sallie Mae Drive
Reston, Virginia 20193
and
Chase Manhattan Bank USA, National Association
1201 Market Street
Wilmington, Delaware 19801
and
Bankers Trust Company
Four Albany Street
New York, New York 10006
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
SLM STUDENT LOAN TRUST 1998-2
We have examined management's assertion that the Student Loan Marketing
Association (the "Company") complied, in all material respects, with the
terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B,
2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and
3.2.D of the Administration Agreement among the Company, Chase Manhattan Bank
Delaware, Bankers Trust Company, Sallie Mae Servicing Corporation, and the
SLM Funding Corporation, (the "Agreement") pursuant to the Sallie Mae Student
Loan Trust 1998-2, for the year ended December 31, 1999, included in the
accompanying report titled REPORT OF MANAGEMENT ON COMPLIANCE BY
ADMINISTRATOR. Management is responsible for the Company's compliance with
those requirements. Our responsibility is to express an opinion on
management's assertion about the Company's compliance based on our
examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the
Company's compliance with the specified requirements.
In our opinion, management's assertion that the Company complied, in all
material respects, with the terms and conditions of the Sections in the
Agreement indicated
113
above for the year ended December 31, 1999, is fairly stated, in all material
respects.
This report is intended solely for your information and should not be referred
to or distributed for any purpose to anyone who is not authorized to receive
such information as specified in the Agreement.
Very truly yours,
/s/ Arthur Andersen LLP
114
REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR
I acknowledge that as a member of management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with the
terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B,
2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and
3.2.D of the Administration Agreement among the Company, Chase Manhattan Bank
Delaware, Bankers Trust Company, Sallie Mae Servicing Corporation, and the SLM
Funding Corporation, (the "Agreement") pursuant to the SLM Student Loan Trust
1998-2. We are also responsible for establishing and maintaining effective
internal control over compliance with the terms and conditions of the
Agreement.
We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects
with the terms and conditions of the Sections of the Agreement indicated
above for the year ended December 31, 1999.
March 1, 2000
/s/ J. Lance Franke
J. Lance Franke
Authorized Agent
Student Loan Marketing Association
115
March 1, 2000
Student Loan Marketing Association
11600 Sallie Mae Drive
Reston, Virginia 20193
and
Chase Manhattan Bank USA, National Association
1201 Market Street
Wilmington, Delaware 19801
and
Bankers Trust Company
Four Albany Street
New York, New York 10006
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
SLM STUDENT LOAN TRUST 1999-1
We have examined management's assertion that the Student Loan Marketing
Association (the "Company") complied, in all material respects, with the
terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B,
2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and
3.2.D of the Administration Agreement among the Company, Chase Manhattan Bank
Delaware, Bankers Trust Company, Sallie Mae Servicing Corporation, and the
SLM Funding Corporation, (the "Agreement") pursuant to the Sallie Mae Student
Loan Trust 1999-1, for the period June 29, 1999 through December 31, 1999,
included in the accompanying report titled REPORT OF MANAGEMENT ON COMPLIANCE
BY ADMINISTRATOR. Management is responsible for the Company's compliance with
those requirements. Our responsibility is to express an opinion on
management's assertion about the Company's compliance based on our
examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the
Company's compliance with the specified requirements.
In our opinion, management's assertion that the Company complied, in all
material respects, with the terms and conditions of the Sections in the
Agreement indicated
116
above for the period June 29, 1999 through December 31, 1999, is fairly
stated, in all material respects.
This report is intended solely for your information and should not be referred
to or distributed for any purpose to anyone who is not authorized to receive
such information as specified in the Agreement.
Very truly yours,
/s/ Arthur Andersen LLP
117
REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR
I acknowledge that as a member of management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with the
terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B,
2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and
3.2.D of the Administration Agreement among the Company, Chase Manhattan Bank
Delaware, Bankers Trust Company, Sallie Mae Servicing Corporation, and the SLM
Funding Corporation, (the "Agreement") pursuant to the SLM Student Loan Trust
1999-1. We are also responsible for establishing and maintaining effective
internal control over compliance with the terms and conditions of the
Agreement.
We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects
with the terms and conditions of the Sections of the Agreement indicated
above for the period June 29, 1999 through December 31, 1999.
March 1, 2000
/s/ J. Lance Franke
J. Lance Franke
Authorized Agent
Student Loan Marketing Association
118
March 1, 2000
Student Loan Marketing Association
11600 Sallie Mae Drive
Reston, Virginia 20193
and
Chase Manhattan Bank USA, National Association
1201 Market Street
Wilmington, Delaware 19801
and
Bankers Trust Company
Four Albany Street
New York, New York 10006
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
SLM STUDENT LOAN TRUST 1999-2
We have examined management's assertion that the Student Loan Marketing
Association (the "Company") complied, in all material respects, with the
terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B,
2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and
3.2.D of the Administration Agreement among the Company, Chase Manhattan Bank
Delaware, Bankers Trust Company, Sallie Mae Servicing Corporation, and the
SLM Funding Corporation, (the "Agreement") pursuant to the Sallie Mae Student
Loan Trust 1999-2, for the period August 12, 1999 through December 31, 1999,
included in the accompanying report titled REPORT OF MANAGEMENT ON COMPLIANCE
BY ADMINISTRATOR. Management is responsible for the Company's compliance with
those requirements. Our responsibility is to express an opinion on
management's assertion about the Company's compliance based on our
examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the
Company's compliance with the specified requirements.
In our opinion, management's assertion that the Company complied, in all
material respects, with the terms and conditions of the Sections in the
Agreement indicated
119
above for the period August 12, 1999 through December 31, 1999, is fairly
stated, in all material respects.
This report is intended solely for your information and should not be referred
to or distributed for any purpose to anyone who is not authorized to receive
such information as specified in the Agreement.
Very truly yours,
/s/ Arthur Andersen LLP
120
REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR
I acknowledge that as a member of management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with the
terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B,
2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and
3.2.D of the Administration Agreement among the Company, Chase Manhattan Bank
Delaware, Bankers Trust Company, Sallie Mae Servicing Corporation, and the SLM
Funding Corporation, (the "Agreement") pursuant to the SLM Student Loan Trust
1999-2. We are also responsible for establishing and maintaining effective
internal control over compliance with the terms and conditions of the
Agreement.
We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects
with the terms and conditions of the Sections of the Agreement indicated
above for the period August 12, 1999 through December 31, 1999.
March 1, 2000
/s/ J. Lance Franke
J. Lance Franke
Authorized Agent
Student Loan Marketing Association
121
March 1, 2000
Student Loan Marketing Association
11600 Sallie Mae Drive
Reston, Virginia 20193
and
Chase Manhattan Bank USA, National Association
1201 Market Street
Wilmington, Delaware 19801
and
Bankers Trust Company
Four Albany Street
New York, New York 10006
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
SLM STUDENT LOAN TRUST 1999-1
We have examined management's assertion that the Student Loan Marketing
Association (the "Company") complied, in all material respects, with the
terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B,
2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and
3.2.D of the Administration Agreement among the Company, Chase Manhattan Bank
Delaware, Bankers Trust Company, Sallie Mae Servicing Corporation, and the
SLM Funding Corporation, (the "Agreement") pursuant to the Sallie Mae Student
Loan Trust 1999-3, for the period from December 1, 1999 through December 31,
1999, included in the accompanying report titled REPORT OF MANAGEMENT ON
COMPLIANCE BY ADMINISTRATOR. Management is responsible for the Company's
compliance with those requirements. Our responsibility is to express an
opinion on management's assertion about the Company's compliance based on our
examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. We believe that our examination provides a reasonable basis
for our opinion. Our examination does not provide a legal determination on the
Company's compliance with the specified requirements.
In our opinion, management's assertion that the Company complied, in all
material respects, with the terms and conditions of the Sections in the
Agreement indicated
122
above for the period December 1, 1999 through December 31, 1999, is fairly
stated, in all material respects.
This report is intended solely for your information and should not be referred
to or distributed for any purpose to anyone who is not authorized to receive
such information as specified in the Agreement.
Very truly yours,
/s/ Arthur Andersen LLP
123
REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR
I acknowledge that as a member of management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with the
terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B,
2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and
3.2.D of the Administration Agreement among the Company, Chase Manhattan Bank
Delaware, Bankers Trust Company, Sallie Mae Servicing Corporation, and the SLM
Funding Corporation, (the "Agreement") pursuant to the SLM Student Loan Trust
1999-3. We are also responsible for establishing and maintaining effective
internal control over compliance with the terms and conditions of the
Agreement.
We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects
with the terms and conditions of the Sections of the Agreement indicated
above for the period December 1, 1999 through December 31, 1999.
March 1, 2000
/s/ J. Lance Franke
J. Lance Franke
Authorized Agent
Student Loan Marketing Association
124