EX-99 3 exhibit99_1.htm EXHIBIT99.1FORFORM8K022805

Exhibit 99.1

SLC Student Loan Trust - I
Statement to Note Holders
As of and for the month ended February 28, 2005
 
Pursuant to Section 11.04 of the Trust Indenture, the following is provided to the trustee by the issuer. The information shown below has not been independently verified, however is believed to be accurate to the best of the issuer's knowledge.
 
(a) The amount of payments with respect to each Class paid with respect to principal during February 2005;
 
Class Principal Paid
A-1    $   425,000.00
A-2    $   425,000.00
A-3    $   300,000.00
A-4    $   400,000.00
A-5    $   550,000.00
A-6    $   550,000.00
A-7    $   700,000.00
B-1    $              0.00
B-2    $              0.00
 
(b) The amount of payments with respect to each Class paid with respect to interest during February 2005;
 
Class Interest Paid
A-1   $95,994.81
A-2   $96,777.54
A-3   $94,449.42
A-4 $100,853.87
A-5 $102,967.28
A-6 $101,260.64
A-7 $102,061.08
B-1   $15,673.60
B-2  $11,022.08
 
(c) The amount of payments allocable to any Noteholders' Auction Rate Interest Carryover (for each Class of Auction Rate Notes only), together with any remaining outstanding amount of each thereof;
 
  Interest Carryover
        Auction Rate Notes           $0.00
 
(d) The principal balance of financed student loans as of February 28, 2005;
 
 
        Principal Balance of Financed Student Loans                       $375,061,399.07
 
 
 
 
 
 
 
 
 
 
(e) The aggregate outstanding amount of the Notes of each Class as of February 28, 2005, after giving effect to payments allocated to principal reported under clause (a) above;
 
Class Principal Outstanding
A-1       $49,750,000.00
A-2       $49,750,000.00
A-3       $49,875,000.00
A-4       $53,625,000.00
A-5       $54,150,000.00
A-6       $54,150,000.00
A-7       $53,750,000.00
B-1         $7,750,000.00
B-2         $5,450,000.00


(f) The interest rate for the applicable Class of Notes with respect to each payment referred to in clause (b) above, indicating whether such interest rate is calculated based on the Net Loan Rate or based on the applicable Auction rate (for each Class of the Auction Rate Notes only) as of February 28, 2005;

  Calculation Method
  (Actual Method in Bold)
Class       Net Loan Rate Auction Rate
A-1               N/A 2.5890%
A-2               N/A 2.5800%
A-3               N/A 2.5900%
A-4               N/A 2.6000%
A-5               N/A 2.6000%
A-6               N/A 2.6000%
A-7               N/A 2.6200%
B-1               N/A 2.6000%
B-2               N/A 2.6500%
 
 
(g) The amount of the Servicing Fees paid by the Trust during February 2005;
 
             Servicing Fees     $38,369.50  
 
(h) The amount of the Administration Fee, Broker/Dealer Fee, Auction Agent Fee and Trustee Fee, paid by the Trust during February 2005;
 
             Administration Fee      $1,180.60  
             Broker/Dealer Fee    $74,199.99  
             Auction Agent Fee             $0.00  
             Trustee Fee             $0.00  
 
 
 
 
 
 
 
 
 
 
(i) The amount of Net Losses, if any, during February 2005 and any recoveries of principal and interest received during February 2005 relating to the financed student loans for which Net Losses were previously allocated;
 
             Net Losses         $0.00  
             Recoveries         $0.00  
 
(j) The amount of the payments attributable to amounts in the Reserve Fund, the amount of any other withdrawals from the Reserve Fund during February 2005 and the balance of the Reserve Fund as of February 28, 2005;
  Payments Withdrawals Balance
             Reserve Fund $10,471.55 $0.00 $5,890,199.57
 
(k) The portion, if any, of the payments attributable to amounts on deposit in the Acquisition Fund;
 
             The portion of payments attributable to the Acquisition Fund       $0.00
 
(l) The aggregate amount, if any, paid by the Trustee to acquire eligible loans from amounts on deposit in the Acquisition Fund during February 2005;
  Principal Interest Premium
             Loan Acquisitions $0.00 $0.00 $0.00

(m) The amount remaining in the Acquisition Fund that has not been used to acquire eligible loans and is being transferred for the redemption of the Notes;
 
            Transfers from Acquisition Fund for the Redemption of the Notes                           $0.00
 
(n) The aggregate amount, if any, paid for the financed student loans purchased from the Trust during February 2005;
 
            Loans sold from the Trust (principal, interest, and premium)                                   $0.00
 
(o) The number and principal amount of the financed student loans ^, as of February 28, 2005, that are (i) 0 to 30 days delinquent, (ii) 31 to 60 days delinquent, (iii) 61 to 90 days delinquent, (iv) 91 to 120 days delinquent, (v) more than 120 days delinquent and (vi) for which claims have been filed with the appropriate Guaranty Agency and which are awaiting payment;
 
    Principal % of Total Principal
            Delinquencies Number of Loans Outstanding Outstanding
            0 - 30 days 16,874 $286,128,489.56 76.3%
            31 - 60 days      441     $8,480,552.59   2.3%
            61 - 90 days      157     $3,277,041.22   0.9%
            91 - 120 days      112     $2,233,782.51   0.6%
            121 - 150 days       96     $1,775,884.60   0.5%
            151 - 180 days       79     $1,648,394.43   0.4%
            181 - 210 days       69     $1,665,529.44   0.4%
            211 - 240 days       43     $1,030,968.35   0.3%
            241 - 270 days         2          $53,610.95   0.0%
            Claims to be filed       60     $1,345,029.68   0.4%
            Claims filed       29        $600,770.52   0.2%
 
^Does not include loans in forbearance and deferment (Refer to item (q) for these loan amounts)
 


(p) The total Value of the Trust Estate and the outstanding principal amount of the Notes as of February 28, 2005;
 
            Assets      
            Cash & Cash Equivalents*     $5,008,193.57    
            Student Loan Receivables $375,061,399.07    
            Reserves     $5,890,199.57    
            Other Loan Receivables     $3,630,093.93    
 
            Total Assets $389,589,886.14    
 
            Liabilities    
            Class A-1  $49,750,000.00    
            Class A-2  $49,750,000.00    
            Class A-3  $49,875,000.00    
            Class A-4  $53,625,000.00    
            Class A-5  $54,150,000.00    
            Class A-6  $54,150,000.00    
            Class A-7  $53,750,000.00    
            Class B-1    $7,750,000.00    
            Class B-2    $5,450,000.00    
            Accrued Liabilities       $856,092.11    
 
            Total Liabilities $379,106,092.11    
   
* The Trust had a cash release of $400,000 on February 24, 2005.
 
 
            Parity Ratio (Notes Only) 103.00%    
            Parity Ratio (All Liabilities) 102.77%    
            Parity Ratio (Senior Liabilities) 106.72%    
 
 
(q) The number and percentage by dollar amount of (i) rejected federal reimbursement claims for the financed student loans, (ii) the financed student loans in forbearance and (iii) the financed student loans in deferment as of February 28, 2005.
 
    Principal % of Total Principal
            Delinquencies Number of Loans Outstanding Outstanding
            Rejected Claims        0                 $0.00   0.0%
            Loans in Forbearance 1,153 $26,421,617.69   7.0%
            Loans in Deferment 2,341 $40,402,260.84 10.8%
 

A copy of the statements referred to above may be obtained by any Note Holder by a written request to the Trustee, addressed to its Corporate Trust Office.