EX-99.1 2 exhibit99_1.htm EXHIBIT 99.1 FOR FORM 8-K 111405 Exhibit 99.1 for Form 8-K 111405
Exhibit 99.1
 
 
 
I. SLC TRUST 2005-01
Deal Parameters
    
             
 
 
Student Portfolio Characteristics
 7/31/2005
Activity
10/31/2005
A
i
Portfolio Balance
  
  $2,010,416,982.69  
$43,988,281.83
$1,966,428,700.86
 
ii
Interest to be Capitalized
  
   $       6,726,580.56   
 
$       6,543,013.34
 
iii
Total Pool
  
  $2,017,143,563.25  
$1,972,971,714.20
 
iv
Specified Reserve Account Balance
$       5,042,858.91
 
$       4,932,429.29
 
v
Capitalized Interest Account Balance
$     35,000,000.00
 
$     35,000,000.00
 
vi
Total Adjusted Pool
  
$2,057,186,422.16 
 
$2,012,904,143.49
   
 
  
 
    
             
B
i
Portfolio Balance as a Percent of Original Balance
              99.24%
                     97.06%
 
ii
Weighted Average Coupon (WAC)
              3.639%
 
                    3.635%
 
iii
Weighted Average Remaining Term
              251.08
 
                    249.48
 
iv
Number of Loans
  
            129,980
 
                  127,728
 
v
Number of Borrowers
  
             74,096
 
                    72,763
 
vi
Average Outstanding Principal Balance
  
 
 $1,988,422,841.78
             
 
 
  
 
    
Balance
Pool Factor
Balance
Pool Factor
   
Notes
CUSIP
Spread
8/15/2005
8/15/2005
11/15/2005
11/15/2005
C
i
A1 Notes
 784420AA9
 0.010%
$   710,732,486.81
0.9843940260
$   662,292,019.70
0.9173019663
 
ii
A2 Notes
 784420AB7
 0.080%
$   385,000,000.00
1.0000000000
$   385,000,000.00
1.0000000000
 
iii
A3 Notes
 784420AC5
 0.100%
$   384,000,000.00
1.0000000000
$   384,000,000.00
1.0000000000
 
iv
A4 Notes
 784420AD3
 0.150%
$   531,196,000.00
1.0000000000
$   531,196,000.00
1.0000000000
 
v
B Notes
 784420AE1
 0.200%
$     62,542,000.00
1.0000000000
$     62,542,000.00
1.0000000000
   
Total Notes
    
$2,073,470,486.81
 
$2,025,030,019.70
  
   
Parity
    
                 99.21%
 
                 99.40%
  
                 
 
   
Reserve Account
  
8/15/2005
Activity
11/15/2005
D
i
Required Reserve Acc Deposit (%)
               0.25%
  
               0.25%
 
ii
Reserve Acct Initial Deposit ($)
$  5,093,782.00
$                    -
$  5,093,782.00
 
iii
Specified Reserve Acct Balance ($)
$  5,042,858.91
 $  (110,429.62)
$  4,932,429.29
 
iv
Reserve Account Floor Balance ($)
$  3,056,269.00
$                    -
$  3,056,269.00
 
v
Current Reserve Acct Balance ($)
$  5,042,858.91
 $  (110,429.62)
$  4,932,429.29
             
   
         Capitalized Interest Account
8/15/2005
Activity
11/15/2005
E
i
Capitalized Interest Account Balance
$35,000,000.00
$                     -
$35,000,000.00
           
 
 
 
 
 
 
 
 
 
 
 
 
 
 
II. SLC TRUST 2005-01
Distributions
            
                   
       
 Interest
 
        
     
Quarterly
Quarterly
 
Interest
Interest
 
 
 
Class
 CUSIP
Interest
Interest
Interest
Carryover
Carryover
Interest
 
 
 
  
Due
Paid
Shortfall
Due
Paid
Carryover
  
 
A1
 784420AA9
$     6,902,002.15
$     6,902,002.15
$                     -
$             -
$              -
$              -
 
 
A2
 784420AB7
$     3,807,650.00
$     3,807,650.00
$                     -
$             -
$              -
$              -
 
 
A3
 784420AC5
$     3,817,386.67
$     3,817,386.67
$                     -
$             -
$              -
$              -
 
 
A4
 784420AD3
$     5,348,553.50
$     5,348,553.50
$                     -
$             -
$              -
$              -
 
 
B
 784420AE1
$        637,719.93
$        637,719.93
$                     -
$             -
$              -
$              -
 
 
 
  
 
 
 
 
 
 
 
 
TOTAL
  
$20,513,312.25
$20,513,312.25
$                     -
$             -
$              -
$              -
 
 
                   
                   
 
Class
Interest
Rate
Next
 
 
 
 
  
 
 
Factor
 
Rate
 
 
 
 
  
 
A1
0.0097111111
3.80000%
4.34225%
 
 
 
 
  
 
A2
0.0098900000
3.87000%
4.41225%
 
 
 
 
  
 
A3
0.0099411111
3.89000%
4.43225%
 
 
 
 
  
 
A4
0.0100688889
3.94000%
4.48225%
      
 
 
  
 
B
0.0101966667
3.99000%
4.53225%
   
 
    
                   
                   
 
    CUR LIBOR    3.790000%
  NEXT LIBOR    4.332250%
 
 
       
 Principal
 
        
     
Quarterly
Quarterly
Quarterly
        
 
Class
 CUSIP
Principal
Principal
Principal
Principal
      
     
Due
Paid
Shortfall
Factor
      
 
A1
 784420AA9
$    60,566,343.32
$    48,440,467.11
$  12,125,876.21
0.0681556957
 
 
 
 
A2
 784420AB7
$                         -
$                         -
$                       -
0.0000000000
 
 
 
 
A3
 784420AC5
$                         -
$                         -
$                       -
0.0000000000
 
 
 
 
A4
 784420AD3
$                         -
$                         -
$                       -
0.0000000000
 
 
 
 
B
 784420AE1
$                         -
$                         -
$                       -
0.0000000000
 
 
 
                   
 
TOTAL
  
$   60,566,343.32
$   48,440,467.11
$  12,125,876.21
        
                   
                   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
III. SLC TRUST 2005-01
  
Transactions from: 08/01/2005 through: 10/31/2005
    
                 
A
Student Loan Principal Activity
          
 
i
Regular Principal Collections
 $
    46,544,634.49
    
 
ii
Principal Collections from Guarantor
$
      1,150,617.66
    
 
iii
Principal Reimbursements
   $
                               -
   
 
iv
Other System Adjustments
   $
                         -
   
 
v
Total Principal Collections
   $
 47,695,252.15
   
                 
B
Student Loan Non-Cash Principal Activity 
        
 
i
Other Adjustments
   $
(908,548.73)
    
 
ii
Capitalized Interest
   $
(2,798,421.59)
    
 
iii
Total Non-Cash Principal Activity
 $
(3,706,970.32)
    
                 
                 
C
Total Student Loan Principal Activity
   $
43,988,281.83
    
                 
D
Student Loan Interest Activity
          
 
i
Regular Interest Collections
 $
13,107,987.38
   
 
ii
Interest Claims Received from Guarantors
 $
29,312.74
    
 
iii
Collection Fees / Returned Items
        $
              -
   
 
iv
Late Fee Reimbursements
   $
141,355.94
    
 
v
Interest Reimbursements
   $
                -
   
 
vi
Other System Adjustments
   $
                -
   
 
vii
Special Allowance Payments
 $
13,483,141.81
    
 
viii
Subsidy Payments
   $
1,469,556.97
    
 
ix
Total Interest Collections
   $
28,231,354.84
    
                 
E
Student Loan Non-Cash Interest Activity  
        
 
i
Interest Accrual Adjustments
 $
(15,927,296.02)
    
 
ii
Government Interest Accrual Adjustments                                        $
(15,702,570.98)
    
 
iii
Capitalized Interest
   $
2,798,421.59
   
 
iv
Total Non-Cash Interest Adjustments
$
(28,831,445.41)
    
                 
F
Total Student Loan Interest Activity
   $
(600,090.57)
    
                 
G
Realized Losses During Collection Period
 $
                      -
   
                 
H
Cumulative Realized Losses to Date
  
 $
                     -
   
                 
                 
 
 
 
 
 
 
 
 
 
 
IV. SLC TRUST 2005-01
  
Collection Account Activity 08/01/2005 through 10/31/2005
  
             
A
Principal Collections
        
 
i
Principal Payments Received
 
$                   16,533,710.94
 
 
ii
Principal Collections from Guarantor
$                     1,150,617.66
 
 
iii
Consolidation Principal Payments
 
$                   30,010,923.55
 
 
iv
Reimbursements by Seller
$                                         -
 
 
v
Borrower Benefits Reimbursements
$                                         -
 
 
vi
Reimbursements by Servicer
  
$                                         -
 
 
vii
Re-purchased Principal
  
$                                         -
 
 
viii
Total Principal Collections
  
$                47,695,252.15
 
             
B
Interest Collections
        
 
i
Interest Payments Received
  
$                   27,803,766.55
 
 
ii
Interest Claims Received from Guarantors
$                          29,312.74
 
 
iii
Consolidation Interest Payments
  
$                        256,919.61
 
 
iv
Reimbursements by Seller
  
$                                         -
 
 
v
Borrower Benefits Reimbursements
$                                         -
 
 
vi
Reimbursements by Servicer
  
$                                         -
 
 
vii
Re-purchased Interest
  
$                                         -
 
 
viii
Collection Fees / Returned Items
  
$                                         -
 
 
ix
Late Fees
    
$                        141,355.94
 
 
x
Total Interest Collections
  
$                28,231,354.84
 
             
C
Other Reimbursements
    
$                                         -
 
             
D
Reserves in Excess of Reserve Requirement
  
$                     110,429.62
 
             
E
Interest Rate Cap Proceeds
    
$                                         -
 
             
F
Trust Account Investment Income
  
$                     642,303.67
 
             
G
Administrator Account Investment Income
  
$                                         -
 
             
 
TOTAL FUNDS RECEIVED
    
$                   76,679,340.28
 
 
LESS FUNDS PREVIOUSLY REMITTED/SET ASIDE:
    
 
i
Consolidation Loan Rebate Fees
  
$                     5,230,645.47
 
             
             
H
TOTAL AVAILABLE FUNDS
    
$                   71,448,694.81
  
             
I
Servicing Fees Due for Current Period
  
$                     2,494,915.45
 
             
J
Carryover Servicing Fees Due
    
$                                         -
 
             
K
Total Fees Due for Period
    
$                     2,494,915.45 
 
             
             
 
 
 
 
 
 
V. SLC TRUST 2005-01
Waterfall for Distributions
        
               
A
Total Available Funds (III-F)
    
$
71,448,694.81
 
               
B
Trustee Fees
     
 $
                    -
 
               
C
Primary Servicing Fees
    
 $
 2,494,915.45
 
               
E
Noteholders' Interest Distribution Amount Paid
      
 
i
Class A-1
    
$
  6,902,002.15
 
 
ii
Class A-2
    
 $
 3,807,650.00
 
 
iii
Class A-3
    
 $
 3,817,386.67
 
 
iv
Class A-4
    
 $
 5,348,553.50
 
 
v
Class B    
   
 $
    637,719.93
 
 
vi
     Total Noteholder's Interest Distribution
$
20,513,312.25
 
               
F
 Noteholder's Principal Distribution Amount Paid      
 
i
Class A-1
    
 $
48,440,467.11
 
 
ii
Class A-2
    
 $
                    -
 
 
iii
Class A-3
    
 $
                    -
 
 
iv
Class A-4
    
 $
                    -
 
 
v
Class B    
   
 $
                    -
 
 
vi
     Total Noteholder's Principal Distribution
$
48,440,467.11
 
               
G
Increase to the Reserve Account Balance
  
 $
                    -
 
               
H
Carryover Servicing Fees
    
 $
                    -
 
               
I
 Noteholder's Interest Carryover        
 
i
Class A-1
    
 $
                   -
 
 
ii
Class A-2
    
 $
                   -
 
 
iii
Class A-3
    
 $
                   -
 
 
iv
Class A-4
    
 $
                  -
 
 
v
Class B    
   
 $
                  -
 
 
vi
Total Noteholder's Interest Carryover
 $
                  -
 
               
J
Excess Distribution Release to Trust Certificateholders
$
                  -
  
               
K
Draw from Capitalized Interest Account
  
 $
                 -
 
               
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
VI. SLC TRUST 2005-01
Historical Pool Information
         
     
06/15/05-07/31/05
08/01/05-10/31/05
 Student Loan Interest Activity
 
i
Regular Interest Collections
$6,851,433.19
$13,107,987.38
ii
Interest Claims Received from Guarantors
$587.19
$29,312.74
iii
Collection Fees / Returned Items
$ -
$ -
iv
Late Fee Reimbursements
$64,529.63
$141,355.94
v
Interest Reimbursements
$ -
$ -
vi
Other System Adjustments
$ -
$ -
vii
Special Allowance Payments
$1,949,861.66
$13,483,141.81
viii
Subsidy Payments
$266,111.91
$1,469,556.97
ix
Total Interest Collections
$9,132,523.58
$28,231,354.84
     
 
 
 Student Loan Non-Cash Interest Activity 
 
 
i
Interest Accrual Adjustments
$(8,494,938.93)
$(15,927,296.02)
ii
Government Interest Accrual Adjustments
$(6,960,464.40)
$(15,702,570.98)
iii
Capitalized Interest
$2,212,159.36
$2,798,421.59
iv
Total Non-Cash Interest Adjustments
$(13,243,243.97)
$(28,831,445.41)
Total Student Loan Interest Activity 
$(4,110,720.39)
$(600,090.57)
         
 Beginning Student Loan Portfolio Balance 
$2,025,914,704.20
$2,010,416,982.69
         
 Student Loan Principal Activity     
i
Regular Principal Collections
$17,777,603.48
$46,544,634.49
ii
Principal Collections from Guarantor
$118,306.90
$1,150,617.66
iii
Principal Reimbursements
$-
$ -
iv
Other System Adjustments
$ -
$ -
v
Total Principal Collections
$17,895,910.38
$47,695,252.15
     
 
 
  Student Loan Non-Cash Principal Activity
 
 
i
Other Adjustments
$(186,029.51)
$(908,548.73)
ii
Capitalized Interest
$(2,212,159.36)
$(2,798,421.59)
iii
Total Non-Cash Principal Activity
$(2,398,188.87)
$(3,706,970.32)
         
 (-) Total Student Loan Principal Activity 
$15,497,721.51
$43,988,281.83
         
 (=) Ending Student Loan Portfolio Balance 
$2,010,416,982.69
$1,966,428,700.86
         
 (+) Interest to be Capitalized 
$6,726,580.56
$6,543,013.34
         
 (=) TOTAL POOL  
$2,017,143,563.25
$1,972,971,714.20
         
 (+) Reserve Account Balance 
$5,042,858.91
$4,932,429.29
         
 (+) Capitalized Interest Account Balance 
$35,000,000.00
$35,000,000.00
         
 (=) Total Adjusted Pool  
$2,057,186,422.16
$2,012,904,143.49
         
         
 
 
 
VII. SLC TRUST 2005-01
Portfolio Characteristics
 
 
 
 
        
 
 
 
                    Weighted Avg Coupon
    
 
 
STATUS
07/31/2005
10/31/2005
    
 
 
REPAYMENT
 
 
    
 
 
 
 
 
    
 
 
Active
 
 
    
 
 
  Current
3.589%
3.587%
    
 
 
  31-60 Days Delinquent
3.915%
3.849%
    
 
 
  61-90 Days Delinquent
4.015%
3.912%
    
 
 
  91-120 Days Delinquent
4.006%
3.952%
    
 
 
  > 120 Days Delinquent
4.169%
4.115%
    
 
 
 
 
 
    
 
 
Deferment
 
 
    
 
 
  Current
3.677%
3.671%
    
 
 
 
 
 
    
 
 
Forbearance
 
 
    
 
 
  Current
3.770%
3.767%
    
 
 
 
 
 
    
 
 
TOTAL REPAYMENT
3.639%
3.636%
    
 
 
Claims in Process
5.354%
5.354%
    
 
 
Aged Claims Rejected
0.000%
0.000%
    
 
 
GRAND TOTAL
3.639%
3.635%
    
 
 
          
 
 
  
                        # of Loans
      %
 
 
STATUS
07/31/2005
10/31/2005
07/31/2005
10/31/2005
 
 
REPAYMENT
 
 
 
 
 
 
 
 
 
 
 
 
 
Active
 
 
 
 
 
 
  Current
97,417
94,731
74.948%
74.166%
 
 
  31-60 Days Delinquent
2,345
2,326
1.804%
1.821%
 
 
  61-90 Days Delinquent
1,270
1,223
0.977%
0.958%
 
 
  91-120 Days Delinquent
900
858
0.692%
0.672%
 
 
  > 120 Days Delinquent
2,314
2,633
1.780%
2.061%
 
 
 
 
  
 
 
 
 
Deferment
 
  
 
 
 
 
  Current
17,071
16,866
13.134%
13.205%
 
 
 
 
  
 
 
 
 
Forbearance
 
  
 
 
 
 
  Current
8,643
8,808
6.649%
6.896%
 
 
 
 
 
 
 
 
 
TOTAL REPAYMENT
129,960
127,445
99.985%
99.778%
 
 
Claims in Process
9
283
0.015%
0.222%
 
 
Aged Claims Rejected
0
0
0.000%
0.000%
 
 
GRAND TOTAL
129,969
127,728
100.000%
100.000%
 
 
          
 
 
          
 
 
  
                          Principal Amount
%
 
 
STATUS
07/31/2005
10/31/2005
07/31/2005
10/31/2005
 
 
REPAYMENT
 
 
 
 
 
 
 
 
 
 
 
 
 
Active
 
 
 
 
 
 
  Current
$1,455,861,863.61
$1,405,778,255.39
72.416%
71.489%
 
 
  31-60 Days Delinquent
$33,001,684.34
$32,386,748.48
1.642%
1.647%
 
 
  61-90 Days Delinquent
$18,445,759.88
$18,081,394.56
0.918%
0.920%
 
 
  91-120 Days Delinquent
$12,231,564.15
$13,757,151.11
0.608%
0.700%
 
 
  > 120 Days Delinquent
$33,503,708.05
$38,206,006.09
1.667%
1.943%
 
 
 
 
  
 
 
 
 
Deferment
 
  
 
 
 
 
  Current
$282,700,458.00
$276,297,883.00
14.062%
14.051%
 
 
 
 
  
 
 
 
 
Forbearance
 
  
 
 
 
 
  Current
$174,387,153.67
$178,155,321.34
8.674%
9.060%
 
 
 
 
 
 
 
 
 
TOTAL REPAYMENT
$2,010,132,191.70
$1,962,662,759.97
99.986%
99.808%
 
 
Claims in Process
$          284,790.99
$       3,765,940.89
0.014%
0.192%
 
 
Aged Claims Rejected
$                           -
$                           -
0.000%
0.000%
 
 
GRAND TOTAL
2,010,416,982.69
1,966,428,700.86
100.000%
100.000%
 
 
          
 
VIII. SLC TRUST 2005-01
Payment History and CPRs
 
 
 
 
        
 
 
Distribution
Actual
Life
Life Pct of
  
 
 
Date
Pool Balances
CPR
CLR
 
 
 
05-Aug
$ 2,010,416,982.69
2.12
163
  
 
 
05-Nov
$ 1,966,428,700.86
4.13
295