1
Exhibit 19.2
2
Independent Accountants' Report
Student Loan Marketing Association
1050 Thomas Jefferson Street, N.W.
Washington, D.C. 20007
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
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, 2.7.B, 2.8.B.1, 3.1.B, 3.2.A,
3.2.C, and 3.2.D of the Administration Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, Sallie Mae
Servicing Corporation, a wholly owned subsidiary of the Company, and SLM
Funding Corporation, a wholly owned subsidiary of the Company, (the
"Agreement") pursuant to the Sallie Mae Student Loan Trust 1995-1, as of
December 31, 1996 and for the year then ended, 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.
3
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, as of December 31, 1996, and for the year then ended
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.
/s/ Ernst & Young LLP
March 21, 1997
4
Independent Accountants' Report
Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, VA 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
Sallie Mae Student Loan Trust 1995-1
We have examined management's assertion that the 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, 3.5.A, 3.6, 3.10, and 3.15 of
the Servicing Agreement among the Company, Chase Manhattan Bank USA, National
Association, Bankers Trust Company, and the Student Loan Marketing Association,
as Administrator, (the "Agreement") pursuant to the Sallie Mae Student Loan
Trust 1995-1, as of December 31, 1996 and for the year then ended, 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.
5
In our opinion, management's assertion that the Company compiled, in all
material respects, with the terms and conditions of the Sections in the
Agreement indicated above, as of December 31, 1996, and for the year then
ended, 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.
/s/ Ernst & Young LLP
March 21, 1997
6
Independent Accountants' Report
Student Loan Marketing Association
1050 Thomas Jefferson Street, N.W.
Washington, D.C. 20007
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
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, 2.7.B, 2.8.B.1, 3.1.B, 3.2.A,
3.2.C, and 3.2.D of the Administration Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, Sallie Mae
Servicing Corporation, a wholly owned subsidiary of the Company, and SLM
Funding Corporation, a wholly owned subsidiary of the Company, (the
"Agreement") pursuant to the Sallie Mae Student Loan Trust 1996-1, as of
December 31, 1996 and for the period March 6, 1996 through December 31, 1996,
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.
7
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, as of December 31, 1996, and for the period March 6,
1996 through December 31, 1996, 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.
/s/ Ernst & Young LLP
March 21, 1997
8
Independent Accountants' Report
Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, VA 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
Sallie Mae Student Loan Trust 1996-1
We have examined management's assertion that the 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 USA, National
Association, Bankers Trust Company, and the Student Loan Marketing Association,
as Administrator, (the "Agreement") pursuant to the Sallie Mae Student Loan
Trust 1996-1, as of December 31, 1996 and for the period March 6, 1996 through
December 31, 1996, 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.
9
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, as of December 31, 1996, and for the period March 6,
1996 through December 31, 1996, 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.
/s/ Ernst & Young LLP
March 21, 1997
10
Independent Accountants' Report
Student Loan Marketing Association
1050 Thomas Jefferson Street, N.W.
Washington, D.C. 20007
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
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, 2.7.B, 2.8.B.1, 3.1.B, 3.2.A,
3.2.C, and 3.2.D of the Administration Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, Sallie Mae
Servicing Corporation, a wholly owned subsidiary of the Company, and SLM
Funding Corporation, a wholly owned subsidiary of the Company, (the
"Agreement") pursuant to the SLM Student Loan Trust 1996-2, as of December 31,
1996 and for the period April 26, 1996 through December 31, 1996, 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.
11
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, as of December 31, 1996, and for the period April
26, 1996 through December 31, 1996, 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.
/s/ Ernst & Young LLP
March 21, 1997
12
Independent Accountants' Report
Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, VA 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
SLM Student Loan Trust 1996-2
We have examined management's assertion that the 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, 3.5.A, 3.6, 3.10, and 3.15 of
the Servicing Agreement among the Company, Chase Manhattan Bank USA, National
Association, Bankers Trust Company, and the Student Loan Marketing Association,
as Administrator, (the "Agreement") pursuant to the SLM Student Loan Trust
1996-2, as of December 31, 1996 and for the period April 26, 1996 through
December 31, 1996, 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.
13
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, as of December 31, 1996, and for the period April
26, 1996 through December 31, 1996, 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.
/s/ Ernst & Young LLP
March 21, 1997
14
Independent Accountants' Report
Student Loan Marketing Association
1050 Thomas Jefferson Street, N.W.
Washington, D.C. 20007
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
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 2.3A.1, 2.3.A.2, 2.4, 2.7.B, 2.8.B.1, 3.1.B, 3.2.A,
3.2.C, and 3.2.D of the Administration Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, Sallie Mae
Servicing Corporation, a wholly owned subsidiary of the Company, and SLM
Funding Corporation, a wholly owned subsidiary of the Company, (the
"Agreement") pursuant to the SLM Student Loan Trust 1996-3, as of December 31,
1996 and for the period July 9, 1996 through December 31, 1996, 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.
15
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, as of December 31, 1996, and for the period July 9,
1996 through December 31, 1996, 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.
/s/ Ernst & Young LLP
March 21, 1997
16
Independent Accountants' Report
Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, VA 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
SLM Student Loan Trust 1996-3
We have examined management's assertion that the 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, 3.5.A, 3.6, 3.10, and 3.15 of
the Servicing Agreement among the Company, Chase Manhattan Bank USA, National
Association, Bankers Trust Company, and the Student Loan Marketing Association,
as Administrator, (the "Agreement") pursuant to the SLM Student Loan Trust
1996-3, as of December 31, 1996 and for the period July 9, 1996 through
December 31, 1996, 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.
17
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, as of December 31, 1996, and for the period July 9,
1996 through December 31, 1996, 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.
/s/ Ernst & Young LLP
March 21, 1997
18
Independent Accountants' Report
Student Loan Marketing Association
1050 Thomas Jefferson Street, N.W.
Washington, D.C. 20007
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
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, 2.7.B, 2.8.B.1, 3.1.B, 3.2.A,
3.2.C, and 3.2.D of the Administration Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, Sallie Mae
Servicing Corporation, a wholly owned subsidiary of the Company, and SLM
Funding Corporation, a wholly owned subsidiary of the Company, (the
"Agreement") pursuant to the SLM Student Loan Trust 1996-4, as of December 31,
1996 and for the period October 3, 1996 through December 31, 1996 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.
19
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, as of December 31, 1996, and for the period October
3, 1996 through December 31, 1996, 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.
/s/ Ernst & Young LLP
March 21, 1997
20
Independent Accountants' Report
Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, VA 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
SLM Student Loan Trust 1996-4
We have examined management's assertion that the 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, 3.5.A, 3.6, 3.10, and 3.15 of
the Servicing Agreement among the Company, Chase Manhattan Bank USA, National
Association, Bankers Trust Company, and the Student Loan Marketing Association,
as Administrator, (the "Agreement") pursuant to the SLM Student Loan Trust
1996-4, as of December 31, 1996 and for the period October 3, 1996 through
December 31, 1996, included in the accompanying report titled Report of
Management 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.
21
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, as of December 31, 1996, and for the period October
3, 1996 through December 31, 1996, 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.
/s/ Ernst & Young LLP
March 21, 1997