SLM Private Credit Student Loan Trust 2002-A
Quarterly Servicing Report
Report Date: 11/30/2003 Reporting Period: 09/01/30-11/30/03

I. Deal Parameters

	Student Loan Portfolio Characteristics		8/31/2003			Activity			11/30/2003
A	i	Portfolio Balance	$	653,597,531.10		$	(4,823,891.19	)	$	648,773,639.91
	ii	Interest to be Capitalized		17,320,240.99						15,890,518.90
	iii	Total Pool	$	670,917,772.09					$	664,664,158.81
	iv	Cash Capitalization Account (CI)		40,178,192.00						40,178,192.00
	v	Asset Balance	$	711,095,964.09					$	704,842,350.81
	i	Weighted Average Coupon (WAC)		5.085	%					4.881	%
	ii	Weighted Average Remaining Term		182.75						181.43
	iii	Number of Loans		68,720						68,049
	iv	Number of Borrowers		46,901						46,394
	vi	Prime Loans Outstanding	$	581,081,495					$	576,735,731
	vii	T-bill Loans Outstanding	$	88,288,776					$	86,663,296
	viii	Fixed Loans Outstanding	$	1,547,501					$	1,265,132

									% of					% of
	Notes		Cusips	Spread			Balance 09/15/03		O/S Securities			Balance 12/15/03		O/S Securities
B	i	A-1 Notes	78443CAA2		0.150	%	$	309,625,712.53		44.455	%	$	303,372,099.25		43.952	%
	ii	A-2 Notes	78443CAB0		0.550	%		328,419,000.00		47.154	%		328,419,000.00		47.581	%
	iii	B Notes	78443CAC8		0.850	%		23,742,000.00		3.409	%		23,742,000.00		3.440	%
	iv	C Notes	78443CAD6		1.700	%		34,699,000.00		4.982	%		34,699,000.00		5.027	%
	v	Total Notes					$	696,485,712.53		100.000	%	$	690,232,099.25		100.000	%

			9/15/2003		12/15/2003
C	i	Reserve Account Balance ($)	$	1,725,836.00	$	1,725,836.00
	ii	Cash Capitalization Acct Balance ($)	$	40,178,192.00	$	40,178,192.00
	iii	Initial Asset Balance	$	730,512,578.11	$	730,512,578.11
	iv	Specified Overcollateralization Amount	$	14,610,251.56	$	14,610,251.56
	v	Has the Stepdown Date Occurred?*	No		No

* The Stepdown Date is the earlier of the distribution date following the reduction of the Class A Notes to zero, or September 17, 2007. At the Stepdown Date, principal payments made on the Class B and Class C Notes may begin to be paid pro-rata with the Class A Notes. See the prospectus for complete information concerning the Stepdown Date.

1

II. 2002-A Transactions from: 9/1/2003 through: 11/30/2003

A	Student Loan Principal Activity
	i	Principal Payments Received	$	9,393,123.02
	ii	Purchases by Servicer (Delinquencies >180)		441,925.07
	iii	Other Servicer Reimbursements		133.03
	iv	Seller Reimbursements		72,375.73
	v	Total Principal Collections	$	9,907,556.85
B	Student Loan Non-Cash Principal Activity
	i	Realized Losses/Loans Charged Off	$	—
	ii	Capitalized Interest		(4,848,167.41	)
	iii	Capitalized Insurance Fee		(240,381.76	)
	iv	Other Adjustments		4,883.51
	v	Total Non-Cash Principal Activity	$	(5,083,665.66	)
C	Total Student Loan Principal Activity		$	4,823,891.19
D	Student Loan Interest Activity
	i	Interest Payments Received	$	4,573,927.73
	ii	Purchases by Servicer (Delinquencies >180)		13,500.90
	iii	Other Servicer Reimbursements		1.66
	iv	Seller Reimbursements		1,932.71
	v	Late Fees		63,560.72
	vi	Collection Fees		0.00
	vii	Total Interest Collections	$	4,652,923.72
E	Student Loan Non-Cash Interest Activity
	i	Realized Losses/Loans Charged Off	$	—
	ii	Capitalized Interest		4,848,167.41
	iii	Other Interest Adjustments		1,745.38
	iv	Total Non-Cash Interest Adjustments	$	4,849,912.79
F	Total Student Loan Interest Activity		$	9,502,836.51

2

III. 2002-A Collection Account Activity 9/1/2003 through 11/30/2003

A	Principal Collections
	i	Principal Payments Received	$	9,314,515.33
	ii	Consolidation Principal Payments		78,607.69
	iii	Purchases by Servicer (Delinquencies >180)		441,925.07
	iv	Reimbursements by Seller		420.00
	v	Reimbursements by Servicer		133.03
	vi	Other Re-purchased Principal		71,955.73
	vii	Total Principal Collections	$	9,907,556.85
B	Interest Collections
	i	Interest Payments Received	$	4,573,734.19
	ii	Consolidation Interest Payments		193.54
	iii	Purchases by Servicer (Delinquencies >180)		13,500.90
	iv	Reimbursements by Seller		0.00
	v	Reimbursements by Servicer		1.66
	vi	Other Re-purchased Interest		1,932.71
	viii	Collection Fees/Return Items		0.00
	ix	Late Fees		63,560.72
	x	Total Interest Collections	$	4,652,923.72
C	Recoveries on Realized Losses		$	—
D	Amount from Cash Capitalization Account		$	—
E	Funds Borrowed from Next Collection Period		$	—
F	Funds Repaid from Prior Collection Periods		$	—
G	Investment Income		$	116,547.33
H	Borrower Incentive Reimbursements		$	42,040.30
I	Gross Swap Receipt		$	1,674,483.17
	TOTAL FUNDS RECEIVED		$	16,393,551.37
	LESS FUNDS PREVIOUSLY REMITTED:
		Servicing Fees	$	(761,338.47	)
J	TOTAL AVAILABLE FUNDS		$	15,632,212.90
K	Servicing Fees Due for Current Period		$	378,331.00
L	Carryover Servicing Fees Due		$	—
M	Administration Fees Due		$	20,000.00
N	Total Fees Due for Period		$	398,331.00

3

IV. 2002-A Loss and Recovery Detail 11/30/2003

A	i	Cumulative Realized Losses Test		% of Initial Pool				8/31/2003		11/30/2003
			December 16, 2002 to September 15, 2007		15	%		$	103,550,157.90	$	103,550,157.90
			December 17, 2007 to September 15, 2010		18	%
			December 15, 2010 and thereafter		20	%
	ii	Cumulative Realized Losses (Net of Recoveries)						$	0.00	$	0.00
	iii	Is Test Satisfied (ii < i)?					Yes
B	i	Recoveries on Realized Losses This Collection Period
	ii	Principal Cash Recovered During Collection Period						$	0.00	$	0.00
	iii	Interest Cash Recovered During Collection Period						$	0.00	$	0.00
	iv	Late Fees and Collection Costs Recovered During Collection Period						$	0.00	$	0.00
	v	Total Recoveries for Period						$	0.00	$	0.00
C	i	Gross Defaults:
	ii	Cumulative Principal Purchases by Servicer						$	1,216,986.35	$	1,658,911.42
	iii	Cumulative Interest Purchases by Servicer						$	27,736.20	$	41,237.10
	iv	Total Gross Defaults:						$	1,244,722.55	$	1,700,148.52

4

V. 2002-A            Portfolio Characteristics

	Weighted Avg Coupon						# of Loans				%*						Principal Amount				%*
STATUS	8/31/2003			11/30/2003			8/31/2003		11/30/2003		8/31/2003			11/30/2003			8/31/2003		11/30/2003		8/31/2003			11/30/2003
INTERIM:
In School		5.012	%		4.496	%		6,486		5,303		9.438	%		7.793	%	$	59,848,282.51	$	55,537,711.44		9.157	%		8.560	%
Grace		4.760	%		4.776	%		7,530		6,094		10.958	%		8.955	%	$	80,718,853.81	$	55,609,559.31		12.350	%		8.571	%
TOTAL INTERIM		4.867	%		4.636	%		14,016		11,397		20.396	%		16.748	%	$	140,567,136.32	$	111,147,270.75		21.507	%		17.132	%
REPAYMENT
Active
Current		5.072	%		4.824	%		40,886		41,989		59.497	%		61.704	%	$	382,336,903.48	$	399,394,074.95		58.497	%		61.561	%
31-60 Days Delinquent		5.678	%		5.588	%		1,267		1,096		1.844	%		1.611	%	$	11,417,705.38	$	9,839,825.04		1.747	%		1.517	%
61-90 Days Delinquent		5.741	%		5.742	%		713		599		1.038	%		0.880	%	$	6,534,041.03	$	5,372,060.00		1.000	%		0.828	%
91-120 Days Delinquent		6.376	%		5.480	%		222		273		0.323	%		0.401	%	$	1,836,015.98	$	2,542,457.78		0.281	%		0.392	%
121-150 Days Delinquent		6.491	%		5.588	%		130		208		0.189	%		0.306	%	$	986,792.77	$	1,897,897.71		0.151	%		0.293	%
151-180 Days Delinquent		6.777	%		5.716	%		37		49		0.054	%		0.072	%	$	292,779.32	$	431,474.58		0.045	%		0.067	%
> 180 Days Delinquent		0.000	%		4.000	%		0		3		0.000	%		0.004	%	$	0.00	$	62,362.09		0.000	%		0.010	%
Deferment		4.017	%		4.006	%		796		912		1.158	%		1.340	%	$	11,025,652.68	$	12,396,980.62		1.687	%		1.911	%
Forbearance		5.443	%		5.317	%		10,653		11,523		15.502	%		16.933	%	$	98,600,504.14	$	105,689,236.39		15.086	%		16.291	%
TOTAL REPAYMENT		5.151	%		4.932	%		54,704		56,652		79.604	%		83.252	%	$	513,030,394.78	$	537,626,369.16		78.493	%		82.868	%
GRAND TOTAL		5.085	%		4.881	%		68,720		68,049		100.000	%		100.000	%	$	653,597,531.10	$	648,773,639.91		100.000	%		100.000	%

* Percentages may not total 100% due to rounding

5

VI. 2002-A            Portfolio Characteristics by School and Program

LOAN TYPE
	WAC			# Loans		$Amount		%
-Signature Loans		4.993	%		40,066	$	326,245,258.11		50.286	%
-Law Loans		5.213	%		13,066	$	133,197,073.22		20.531	%
-Med Loans		4.384	%		8,433	$	91,665,622.59		14.129	%
-MBA Loans		4.482	%		6,484	$	97,665,685.99		15.054	%
- Total		4.881	%		68,049	$	648,773,639.91		100.000	%

* Percentages may not total 100% due to rounding

6

VII. 2002-A            Swap

Swap Payments

					Swap Calculation
i	Notional Swap Amount — Aggregate Prime Loans Outstanding					581,081,495
Counterparty Pays:
ii	3 Month Libor					1.14000	%
iii	Gross Swap Receipt Due Trust				$	1,674,483.17
iv	Days in Period	9/15/2003		12/15/2003		91
SLM Private Credit Trust Pays:
v	Prime Rate (WSJ) Less	2.7000	%			1.30000	%
vi	Gross Swap Payment Due Counterparty				$	1,883,340.85
vii	Days in Period	9/15/2003		12/15/2003		91

VIII. 2002-A            Accrued Interest Factors

		Accrued
		Int Factor		Accrual Period	Rate
A	Class A-1 Interest Rate		0.003260833	(09/15/03-12/15/03)		1.29000	%
B	Class A-2 Interest Rate		0.004271944	(09/15/03-12/15/03)		1.69000	%
C	Class B Interest Rate		0.005030278	(09/15/03-12/15/03)		1.99000	%
D	Class C Interest Rate		0.007178889	(09/15/03-12/15/03)		2.84000	%

7

IX. 2002-A            Inputs From Prior Data 8/31/03

A	Total Student Loan Pool Outstanding
	i	Portfolio Balance			$	653,597,531.10
	ii	Interest To Be Capitalized				17,320,240.99
	iii	Total Pool			$	670,917,772.09
	iv	Cash Capitalization Account (CI)				40,178,192.00
	v	Asset Balance			$	711,095,964.09
B	Total Note and Certificate Factor					0.95821163983
C	Total Note Balance				$	696,485,712.53
D	Note Balance 9/15/2003		Class A-1		Class A-2		Class B		Class C
	i	Current Factor		0.9106638604		1.0000000000		1.0000000000		1.0000000000
	ii	Expected Note Balance	$	309,625,712.53	$	328,419,000.00	$	23,742,000.00	$	34,699,000.00
F	Interest Shortfall		$	0.00	$	0.00	$	0.00	$	0.00
G	Interest Carryover		$	0.00	$	0.00	$	0.00	$	0.00
H	Unpaid Primary Servicing Fees from Prior Month(s)				$	0.00
I	Unpaid Administration fees from Prior Quarter(s)				$	0.00
J	Unpaid Carryover Servicing Fees from Prior Quarter(s)				$	0.00

8

X. 2002-A Note Parity Triggers

		Class A		Class B		Class C
Notes Outstanding	9/15/03	$	638,044,713	$	661,786,713	$	696,485,713
Asset Balance	8/31/03	$	711,095,964	$	711,095,964	$	711,095,964
Pool Balance	11/30/03	$	664,664,159	$	664,664,159	$	664,664,159
Amounts on Deposit*	12/15/03		51,116,107		50,996,679		50,747,578
Total		$	715,780,265	$	715,660,837	$	715,411,736
Are the Notes in Excess of the Asset Balance?		No		No		No
Are the Notes in Excess of the Pool + Amounts on Deposit?		No		No		No
Are the Notes Parity Triggers in Effect?		No		No		No
Class A Enhancement		$	73,051,251.56
Specified Class A Enhancement		$	105,726,352.62	The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount
Class B Enhancement		$	49,309,251.56
Specified Class B Enhancement		$	71,365,288.02	The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount
Class C Enhancement		$	14,610,251.56
Specified Class C Enhancement		$	21,145,270.52	The greater of 3% of the Asset Balance or the Specified Overcollateralization Amount

* Amounts on Deposit in Trust Accounts for the Collection Period after Payment of Section XII Items B through E for the Class A, B through G for the Class B and B through I for the Class C

9

XI. 2002-A            Principal Distribution Calculations

     Priority Principal Payments (If Note Parity Triggers are not in effect, go to Regular Principal Distribution below):

i	Is the Class A Note Parity Trigger in Effect?		No
ii	Aggregate A Notes Outstanding	9/15/2003	$	638,044,712.53
iii	Asset Balance	11/30/2003	$	704,842,350.81
iv	First Priority Principal Distribution Amount	12/15/2003	$	-
v	Is the Class B Note Parity Trigger in Effect?		No
vi	Aggregate A and B Notes Outstanding	9/15/2003	$	661,786,712.53
vii	Asset Balance	11/30/2003	$	704,842,350.81
viii	First Priority Principal Distribution Amount	12/15/2003	$	-
ix	Second Priority Principal Distribution Amount	12/15/2003	$	-
x	Is the Class C Note Parity Trigger in Effect?		No
xi	Aggregate A, B and C Notes Outstanding	9/15/2003	$	696,485,712.53
xii	Asset Balance	11/30/2003	$	704,842,350.81
xiii	First Priority Principal Distribution Amount	12/15/2003	$	-
xiv	Second Priority Principal Distribution Amount	12/15/2003	$	-
xv	Third Priority Principal Distribution Amount	12/15/2003	$	-
Regular Principal Distribution
i	Aggregate Notes Outstanding	9/15/2003	$	696,485,712.53
ii	Asset Balance	11/30/2003	$	704,842,350.81
iii	Specified Overcollateralization Amount	12/15/2003	$	14,610,251.56
iv	First Priority Principal Distribution Amount	12/15/2003	$	-
v	Second Priority Principal Distribution Amount	12/15/2003	$	-
vi	Third Priority Principal Distribution Amount	12/15/2003	$	-
vii	Regular Principal Distribution Amount		$	6,253,613.28
Class A Noteholders’ Principal Distribution Amounts
i	Has the Stepdown Date Occurred?		No
ii	Asset Balance	11/30/2003	$	704,842,350.81
iii	85% of Asset Balance	11/30/2003	$	599,115,998.19
iv	Specified Overcollateralization Amount	12/15/2003	$	14,610,251.56
v	Lesser of (iii) and (ii - iv)		$	599,115,998.19
vi	Class A Noteholders’ Principal Distribution Amt — Before the Stepdown Date		$	6,253,613.28
vii	Class A Noteholders’ Principal Distribution Amt — After the Stepdown Date		$	-
Class B Noteholders’ Principal Distribution Amounts
i	Has the Stepdown Date Occurred?		No
ii	Asset Balance	11/30/2003	$	704,842,350.81
iii	89.875% of Asset Balance	11/30/2003	$	633,477,062.79
iv	Specified Overcollateralization Amount	12/15/2003	$	14,610,251.56
v	Lesser of (iii) and (ii - iv)		$	633,477,062.79
vi	Class B Noteholders’ Principal Distribution Amt — Before the Stepdown Date		$	-
vii	Class B Noteholders’ Principal Distribution Amt — After the Stepdown Date		$	-
Class C Noteholders’ Principal Distribution Amounts
i	Has the Stepdown Date Occurred?		No
ii	Asset Balance	11/30/2003	$	704,842,350.81
iii	97% of Asset Balance	11/30/2003	$	683,697,080.29
iv	Specified Overcollateralization Amount	12/15/2003	$	14,610,251.56
v	Lesser of (iii) and (ii - iv)		$	683,697,080.29
vi	Class C Noteholders’ Principal Distribution Amt — Before the Stepdown Date		$	-
vii	Class C Noteholders’ Principal Distribution Amt — After the Stepdown Date		$	-

10

XII. 2002-A            Waterfall for Distributions

				Remaining
				Funds Balance
A	Total Available Funds ( Sections III-F )	$	15,632,212.90	$	15,632,212.90
B	Primary Servicing Fees-Current Month plus any Unpaid	$	378,331.00	$	15,253,881.90
C	Quarterly Administration Fee plus any Unpaid	$	20,000.00	$	15,233,881.90
D	Gross Swap Payment	$	1,883,340.85	$	13,350,541.05
E	i    Class A-1 Noteholders’ Interest Distribution Amount	$	1,009,637.84	$	12,340,903.21
	ii   Class A-2 Noteholders’ Interest Distribution Amount	$	1,402,987.72	$	10,937,915.49
F	First Priority Principal Distribution Amount — Principal Distribution Account	$	0.00	$	10,937,915.49
G	Class B Noteholders’ Interest Distribution Amount	$	119,428.86	$	10,818,486.63
H	Second Priority Principal Distribution Amount — Principal Distribution Account	$	0.00	$	10,818,486.63
I	Class C Noteholders’ Interest Distribution Amount	$	249,100.27	$	10,569,386.36
J	Third Priority Principal Distribution Amount — Principal Distribution Account	$	0.00	$	10,569,386.36
K	Increase to the Specified Reserve Account Balance	$	0.00	$	10,569,386.36
L	Regular Principal Distribution Amount — Principal Distribution Account	$	6,253,613.28	$	4,315,773.08
M	Carryover Servicing Fees	$	0.00	$	4,315,773.08
N	Swap Termination Payments	$	0.00	$	4,315,773.08
O	Additional Principal Distribution Amount — Principal Distribution Account	$	0.00	$	4,315,773.08
P	Remaining Funds to the Certificateholders	$	4,315,773.08	$	0.00

11

XIII. 2002-A            Principal Distribution Account Allocations

				Remaining
				Funds Balance
A	Total from Collection Account	$	6,253,613.28	$	6,253,613.28
B	i    Class A-1 Principal Distribution Amount Paid	$	6,253,613.28	$	0.00
	ii   Class A-2 Principal Distribution Amount Paid	$	0.00	$	0.00
C	Class B Principal Distribution Amount Paid	$	0.00	$	0.00
D	Class C Principal Distribution Amount Paid	$	0.00	$	0.00
E	Remaining Class C Distribution Paid	$	0.00	$	0.00
F	Remaining Class B Distribution Paid	$	0.00	$	0.00
G	i    Remaining Class A-1 Distribution Paid	$	0.00	$	0.00
	ii   Remaining Class A-2 Distribution Paid	$	0.00	$	0.00

12

XIV. 2002-A Distributions

A	Distribution Amounts					Class A-1		Class A-2		Class B		Class C
	i	Quarterly Interest Due				$	1,009,637.84	$	1,402,987.72	$	119,428.86	$	249,100.27
	ii	Quarterly Interest Paid					1,009,637.84		1,402,987.72		119,428.86		249,100.27
	iii	Interest Shortfall				$	0.00	$	0.00	$	0.00	$	0.00
	iv	Interest Carryover Due				$	0.00	$	0.00	$	0.00	$	0.00
	v	Interest Carryover Paid					0.00		0.00		0.00		0.00
	vi	Interest Carryover				$	0.00	$	0.00	$	0.00	$	0.00
	vii	Quarterly Principal Distribution Amount				$	6,253,613.28	$	0.00	$	0.00	$	0.00
	viii	Quarterly Principal Paid					6,253,613.28		0.00		0.00		0.00
	ix	Difference				$	0.00	$	0.00	$	0.00	$	0.00
	x	Total Distribution Amount				$	7,263,251.12	$	1,402,987.72	$	119,428.86	$	249,100.27
B	Note Balances				9/15/2003	Paydown Factors			12/15/2003
	i	A-1 Note Balance	78443CAA2	$	309,625,712.53			$	303,372,099.25
		A-1 Note Pool Factor			0.9106638604		0.0183929802		0.8922708801
	ii	A-2 Note Balance	78443CAB0	$	328,419,000.00			$	328,419,000.00
		A-2 Note Pool Factor			1.0000000000		0.0000000000		1.0000000000
	iii	B Note Balance	78443CAC8	$	23,742,000.00			$	23,742,000.00
		B Note Pool Factor			1.0000000000		0.0000000000		1.0000000000
	iv	C Note Balance	78443CAD6	$	34,699,000.00			$	34,699,000.00
		C Note Pool Factor			1.0000000000		0.0000000000		1.0000000000

13

XV. 2002-A            Historical Pool Information

			09/01/30-11/30/03			06/01/03-08/31/03			03/01/03-05/31/03			12/01/02-02/28/03			8/26/02-11/30/02
Beginning Student Loan Portfolio Balance			$	653,597,531.10		$	659,765,001.35		$	667,456,526.16		$	669,262,882.23		$	663,415,806.01
	Student Loan Principal Activity
	i	Principal Payments Received	$	9,393,123.02		$	9,963,841.06		$	10,022,821.21		$	11,394,325.87		$	9,045,364.96
	ii	Purchases by Servicer (Delinquencies >180)		441,925.07			347,273.28			384,621.89			439,757.44			45,333.74
	iii	Other Servicer Reimbursements		133.03			—			11,164.22			421.46			85.42
	iv	Seller Reimbursements		72,375.73			24,001.54			(3,814.18	)		3,407.85			166,322.44
	v	Total Principal Collections	$	9,907,556.85		$	10,335,115.88		$	10,414,793.14		$	11,837,912.62		$	9,257,106.56
	Student Loan Non-Cash Principal Activity
	i	Realized Losses/Loans Charged Off	$	—		$	—		$	—		$	—		$	—
	ii	Capitalized Interest		(4,848,167.41	)		(3,797,482.62	)		(1,388,563.67	)		(8,501,240.03	)		(13,326,412.85	)
	iii	Capitalized Insurance Fee		($240,381.76	)		($76,200.23	)		($250,766.36	)		($1,337,764.97	)		($1,706,229.57	)
	iv	Other Adjustments		4,883.51			(293,962.78	)		(1,083,938.30	)		(192,551.55	)		(71,540.36	)
	v	Total Non-Cash Principal Activity	$	(5,083,665.66	)	$	(4,167,645.63	)	$	(2,723,268.33	)	$	(10,031,556.55	)	$	(15,104,182.78	)
(-)	Total Student Loan Principal Activity		$	4,823,891.19		$	6,167,470.25		$	7,691,524.81		$	1,806,356.07		$	(5,847,076.22	)
	Student Loan Interest Activity
	i	Interest Payments Received	$	4,573,927.73		$	4,643,848.97		$	4,461,556.77		$	4,461,112.38		$	3,704,616.78
	ii	Repurchases by Servicer (Delinquencies >180)		13,500.90			8,851.48			4,319.12			13,763.73			801.87
	iii	Other Servicer Reimbursements		1.66			—			137.90			178.06			14.58
	iv	Seller Reimbursements		1,932.71			377.88			1,145.56			(105.11	)		10,055.09
	v	Late Fees		63,560.72			61,745.44			59,880.28			58,477.07			53,062.07
	vi	Collection Fees		—			—			—			—			—
	viii	Total Interest Collections		4,652,923.72			4,714,823.77			4,527,039.63			4,533,426.13			3,768,550.39
	Student Loan Non-Cash Interest Activity
	i	Realized Losses/Loans Charged Off	$	—		$	—		$	—		$	—		$	—
	ii	Capitalized Interest		4,848,167.41			3,797,482.62			1,388,563.67			8,501,240.03			13,326,412.85
	iii	Other Interest Adjustments		1,745.38			348,830.25			1,031,166.63			106,611.19			67,264.86
	iv	Total Non-Cash Interest Adjustments	$	4,849,912.79		$	4,146,312.87		$	2,419,730.30		$	8,607,851.22		$	13,393,677.71
	v	Total Student Loan Interest Activity	$	9,502,836.51		$	8,861,136.64		$	6,946,769.93		$	13,141,277.35		$	17,162,228.10
(=)	Ending Student Loan Portfolio Balance		$	648,773,639.91		$	653,597,531.10		$	659,765,001.35		$	667,456,526.16		$	669,262,882.23
(+)	Interest to be Capitalized		$	15,890,518.90		$	17,320,240.99		$	17,892,755.02		$	16,437,126.42		$	21,024,060.14
(=)	TOTAL POOL		$	664,664,158.81		$	670,917,772.09		$	677,657,756.37		$	683,893,652.58		$	690,286,942.37
(+)	Cash Capitalization Account Balance (CI)		$	40,178,192.00		$	40,178,192.00		$	40,178,192.00		$	40,178,192.00		$	40,178,192.00
(=)	Asset Balance		$	704,842,350.81		$	711,095,964.09		$	717,835,948.37		$	724,071,844.58		$	730,465,134.37

14

XVI. 2002-A            Payment History and CPRs

Distribution	Actual		Since Issued
Date	Pool Balances		CPR *
Dec-02	$	690,286,942	2.47%
Mar-03	$	683,893,653	2.55%
Jun-03	$	677,657,756	2.19%
Sep-03	$	670,917,772	1.99%
Dec-03	$	664,664,159	1.80%

* “Since Issued CPR” is based on the current period’s ending pool balance
calculated against the original pool balance and assuming cutoff date pool data.

15

SLM Private Credit Student Loan Trust 2003-A
Quarterly Servicing Report
Report Date: 11/30/2003 Reporting Period: 09/01/03-11/30/03

I. Deal Parameters

	Student Loan Portfolio Characteristics		8/31/2003			Activity			11/30/2003
A	i	Portfolio Balance	$	941,931,312.31		$	(1,968,248.89	)	$	939,963,063.42
	ii	Interest to be Capitalized		46,612,526.83						39,829,607.08
	iii	Total Pool	$	988,543,839.14					$	979,792,670.50
	iv	Cash Capitalization Account (CI)		58,502,550.00						58,502,550.00
	v	Asset Balance	$	1,047,046,389.14					$	1,038,295,220.50
	i	Weighted Average Coupon (WAC)		4.979	%					4.806	%
	ii	Weighted Average Remaining Term		172.65						172.01
	iii	Number of Loans		119,938						118,480
	iv	Number of Borrowers		75,897						75,063
	vi	Prime Loans Outstanding	$	703,416,218					$	704,921,641
	vii	T-bill Loans Outstanding	$	259,455,599					$	268,718,193
	viii	Fixed Loans Outstanding	$	25,672,023					$	6,152,837

									% of					% of
	Notes		Cusips	Spread			Balance 09/15/03		O/S Securities			Balance 12/15/03		O/S Securities
B	i	A-1 Notes	78443CAE4		0.110	%	$	470,136,734.56		45.832	%	$	461,385,565.92		45.366	%
	ii	A-2 Notes	78443CAF1		0.440	%		320,000,000.00		31.196	%		320,000,000.00		31.464	%
	iii	A-3 ARS	78443CAJ3	ARS				76,600,000.00		7.468	%		76,600,000.00		7.532	%
	iv	A-4 ARS	78443CAK0	ARS				76,600,000.00		7.468	%		76,600,000.00		7.532	%
	v	B Notes	78443CAG9		0.750	%		34,570,000.00		3.370	%		34,570,000.00		3.399	%
	vi	C Notes	78443CAH7		1.600	%		47,866,000.00		4.666	%		47,866,000.00		4.706	%
	vii	Total Notes					$	1,025,772,734.56		100.000	%	$	1,017,021,565.92		100.000	%

			9/15/2003		12/15/2003
C	i	Reserve Account Balance ($)	$	2,512,950.00	$	2,512,950.00
	ii	Cash Capitalization Acct Balance ($)	$	58,502,550.00	$	58,502,550.00
	iii	Initial Asset Balance	$	1,063,682,728.92	$	1,063,682,728.92
	iv	Specified Overcollateralization Amount	$	21,273,654.58	$	21,273,654.58
	v	Has the Stepdown Date Occurred?*	No		No

* The Stepdown Date is the earlier of the distribution date following the reduction of the Class A Notes to zero, or March 17, 2008. At the Stepdown Date, principal payments made on the Class B and Class C Notes may begin to be paid pro-rata with the Class A Notes. See the prospectus for complete information concerning the Stepdown Date.

1

II. 2003-A Transactions from: 9/1/2003 through: 11/30/2003

A	Student Loan Principal Activity
	i	Principal Payments Received	$	15,842,825.30
	ii	Purchases by Servicer (Delinquencies >180)		173,809.48
	iii	Other Servicer Reimbursements		724.31
	iv	Seller Reimbursements		25,606.76
	v	Total Principal Collections	$	16,042,965.85
B	Student Loan Non-Cash Principal Activity
	i	Realized Losses/Loans Charged Off	$	—
	ii	Capitalized Interest		(12,602,082.87	)
	iii	Capitalized Insurance Fee		(1,467,684.39	)
	iv	Other Adjustments		(4,949.70	)
	v	Total Non-Cash Principal Activity	$	(14,074,716.96	)
C	Total Student Loan Principal Activity		$	1,968,248.89
D	Student Loan Interest Activity
	i	Interest Payments Received	$	5,331,516.12
	ii	Purchases by Servicer (Delinquencies >180)		4,181.44
	iii	Other Servicer Reimbursements		(26.40	)
	iv	Seller Reimbursements		367.14
	v	Late Fees		48,241.84
	vi	Collection Fees		0.00
	vii	Total Interest Collections	$	5,384,280.14
E	Student Loan Non-Cash Interest Activity
	i	Realized Losses/Loans Charged Off	$	—
	ii	Capitalized Interest		12,602,082.87
	iii	Other Interest Adjustments		12,334.20
	iv	Total Non-Cash Interest Adjustments	$	12,614,417.07
F	Total Student Loan Interest Activity		$	17,998,697.21

2

III. 2003-A Collection Account Activity 9/1/2003 through 11/30/2003

A	Principal Collections
	i	Principal Payments Received	$	15,316,022.23
	ii	Consolidation Principal Payments		526,803.07
	iii	Purchases by Servicer (Delinquencies >180)		173,809.48
	iv	Reimbursements by Seller		0.00
	v	Reimbursements by Servicer		724.31
	vi	Other Re-purchased Principal		25,606.76
	vii	Total Principal Collections	$	16,042,965.85
B	Interest Collections
	i	Interest Payments Received	$	5,325,698.27
	ii	Consolidation Interest Payments		5,817.85
	iii	Purchases by Servicer (Delinquencies >180)		4,181.44
	iv	Reimbursements by Seller		0.00
	v	Reimbursements by Servicer		(26.40	)
	vi	Other Re-purchased Interest		367.14
	viii	Collection Fees/Return Items		0.00
	ix	Late Fees		48,241.84
	x	Total Interest Collections	$	5,384,280.14
C	Recoveries on Realized Losses		$	—
D	Amount from Cash Capitalization Account		$	—
E	Funds Borrowed from Next Collection Period		$	—
F	Funds Repaid from Prior Collection Periods		$	—
G	Investment Income		$	169,414.82
H	Borrower Incentive Reimbursements		$	84,725.97
I	Interest Rate Cap Proceeds		$	—
I	Gross Swap Receipt		$	2,027,011.07
	TOTAL FUNDS RECEIVED		$	23,708,397.85
	LESS FUNDS PREVIOUSLY REMITTED:
	i	Servicing Fees	$	(1,096,596.82	)
	ii	ARS related fees, payments, and accruals (IV-A-v + IV-B-v)	$	(557,508.63	)
	iii	ARS funds held in error previous distribution	$	89,873.08
J	TOTAL AVAILABLE FUNDS		$	22,144,165.48
K	Servicing Fees Due for Current Period		$	544,487.83
L	Carryover Servicing Fees Due		$	—
M	Administration Fees Due		$	20,000.00
N	Total Fees Due for Period		$	564,487.83

3

IV. 2003-A            Auction Rate Security Detail

A Auction Rate Securities Paid During Collection Period

	Payment	Security	Interest			No. of
	Date	Description	Rate			Days	Start Date		End Date		Interest Payment
i	09/17/2003	SLMPC TRUST 2003A A4		1.100000	%	28		08/20/2003		09/17/2003		65,535.56
	10/02/2003	SLMPC TRUST 2003A A3		1.110000	%	28		09/04/2003		10/02/2003		66,131.33
	10/15/2003	SLMPC TRUST 2003A A4		1.120000	%	28		09/17/2003		10/15/2003		66,727.11
	10/30/2003	SLMPC TRUST 2003A A3		1.130000	%	28		10/02/2003		10/30/2003		67,322.89
	11/12/2003	SLMPC TRUST 2003A A4		1.120000	%	28		10/15/2003		11/12/2003		66,727.11
	11/28/2003	SLMPC TRUST 2003A A3		1.140000	%	29		10/30/2003		11/28/2003		70,344.33
ii	Auction Rate Security Payments Made During Collection Period										$	402,788.33
iii	Broker/Dealer Fees Paid During Collection Period					09/01/03-11/30/03					$	71,918.89
iv	Auction Agent Fees Paid During Collection Period					09/01/03-11/30/03					$	3,056.55
v	Total Payments Out of Future Distribution Account During Collection Period										$	477,763.77

B Payments Set Aside During Collection Period for Future Distributions

Payment

Security

Interest

No. of

Date

Description

Rate

Days

Start Date

End Date

Total Payment

i

12/10/2003

SLMPC TRUST 2003A A4

1.130000

%

28

11/12/2003

12/10/2003

67,322.89

ii

Future Auction Rate Security Payments Set Aside

$

67,322.89

iii

Future Broker Dealer Fees Set Aside for Payment

$

11,915.56

iv

Future Auction Agent Fees Set Aside for Payment

$

506.41

Less: Auction Rate Security Payments and Fees due on the Distribution Date

$

—

v

Total Fees Set Aside for Future Payments

$

79,744.86

C

Payments Set Aside in Excess of Needs Prior Quarter(s)

i

Auction Rate Security Interest Payments Set Aside in error

$

77,451.11

ii

Broker Dealer Fees Set Aside in error

$

11,915.56

iii

Auction Agent Fee Set Aside in error

$

506.41

iv

Total Fees Set Aside in error

$

89,873.08

4

V. 2003-A Loss and Recovery Detail 11/30/2003

A	i	Cumulative Realized Losses Test		% of Original Pool			8/31/2003		11/30/2003
			June 16, 2003 to March 17, 2008	15%		$	150,777,026.84	$	150,777,026.84
			June 16, 2008 to March 15, 2011	18%
			June 15, 2011 and thereafter	20%
	ii	Cumulative Realized Losses (Net of Recoveries)				$	0.00	$	0.00
	iii	Is Test Satisfied (ii < i)?			Yes
B	i	Recoveries on Realized Losses This Collection Period
	ii	Principal Cash Recovered During Collection Period				$	0.00	$	0.00
	iii	Interest Cash Recovered During Collection Period				$	0.00	$	0.00
	iv	Late Fees and Collection Costs Recovered During Collection Period				$	0.00	$	0.00
	v	Total Recoveries for Period				$	0.00	$	0.00
C	i	Gross Defaults:
	ii	Cumulative Principal Purchases by Servicer				$	432,327.01	$	606,136.49
	iii	Cumulative Interest Purchases by Servicer				$	16,055.79	$	20,237.23
	iv	Total Gross Defaults:				$	448,382.80	$	626,373.72

5

VI. 2003-A Portfolio Characteristics

	Weighted Avg Coupon						# of Loans				%*						Principal Amount				%*
STATUS	8/31/2003			11/30/2003			8/31/2003		11/30/2003		8/31/2003			11/30/2003			8/31/2003		11/30/2003		8/31/2003			11/30/2003
INTERIM:
In School		4.972	%		4.886	%		36,897		6,562		30.763	%		5.538	%	$	294,280,490.42	$	56,787,703.74		31.242	%		6.041	%
Grace		5.024	%		4.715	%		16,059		34,863		13.389	%		29.425	%	$	137,845,009.94	$	278,151,076.43		14.634	%		29.592	%
TOTAL INTERIM		4.988	%		4.744	%		52,956		41,425		44.153	%		34.964	%	$	432,125,500.36	$	334,938,780.17		45.877	%		35.633	%
REPAYMENT
Active
Current		4.857	%		4.757	%		56,040		64,445		46.724	%		54.393	%	$	414,767,537.18	$	495,366,796.05		44.034	%		52.701	%
31-60 Days Delinquent		5.672	%		5.678	%		1,187		829		0.990	%		0.700	%	$	9,805,516.32	$	6,625,929.94		1.041	%		0.705	%
61-90 Days Delinquent		5.830	%		5.663	%		539		284		0.449	%		0.240	%	$	4,327,083.34	$	2,331,759.73		0.459	%		0.248	%
91-120 Days Delinquent		6.820	%		5.799	%		114		183		0.095	%		0.154	%	$	1,002,618.29	$	1,600,677.84		0.106	%		0.170	%
121-150 Days Delinquent		6.361	%		6.001	%		60		183		0.050	%		0.154	%	$	475,259.44	$	1,476,981.09		0.050	%		0.157	%
151-180 Days Delinquent		6.924	%		4.866	%		7		35		0.006	%		0.030	%	$	38,176.46	$	360,399.22		0.004	%		0.038	%
> 180 Days Delinquent		0.000	%		6.000	%		0		1		0.000	%		0.001	%	$	0.00	$	22,509.73		0.000	%		0.002	%
Deferment		4.958	%		4.764	%		69		92		0.058	%		0.078	%	$	996,295.15	$	1,223,513.49		0.106	%		0.130	%
Forbearance		5.406	%		5.156	%		8,966		11,003		7.476	%		9.287	%	$	78,393,325.77	$	96,015,716.16		8.323	%		10.215	%
TOTAL REPAYMENT		4.971	%		4.840	%		66,982		77,055		55.847	%		65.036	%	$	509,805,811.95	$	605,024,283.25		54.123	%		64.367	%
GRAND TOTAL		4.979	%		4.806	%		119,938		118,480		100.000	%		100.000	%	$	941,931,312.31	$	939,963,063.42		100.000	%		100.000	%

* Percentages may not total 100% due to rounding

6

VII. 2003-A Portfolio Characteristics by School and Program

LOAN TYPE
	WAC			# Loans		$ Amount		%
-Signature Loans		4.841	%		78,772	$	651,712,243.03		69.334	%
-Law Loans		4.698	%		30,921	$	199,411,699.26		21.215	%
-Med Loans		5.000	%		5,360	$	43,350,005.49		4.612	%
-MBA Loans		4.516	%		3,427	$	45,489,115.64		4.839	%
- Total		4.806	%		118,480	$	939,963,063.42		100.000	%

* Percentages may not total 100% due to rounding

7

VIII. 2003-A Interest Rate Swap and Cap Calculations

A	Swap Payments
			Counterparty A			Counterparty B
	i	Notional Swap Amount — Aggregate Prime Loans Outstanding		351,708,109		$	351,708,109
	Counterparty Pays:
	ii	3 Month Libor		1.14000	%		1.14000	%
	iii	Gross Swap Receipt Due Trust	$	1,013,505.53		$	1,013,505.53
	iv	Days in Period 9/15/2003 12/15/2003		91			91
	SLM Private Credit Trust Pays:
	v	Prime Rate (WSJ) Less 2.6100%		1.39000	%		1.39000	%
	vi	Gross Swap Payment Due Counterparty	$	1,218,837.22		$	1,218,837.22
	vii	Days in Period 9/15/2003 12/15/2003		91			91
B	Cap Payments
			Cap Calculation
	i	Notional Swap Amount	$	620,000,000.00
	Counterparty Pays:
	ii	3 Month Libor (interpolated for first accrual period)		1.14000	%
	iii	Cap Rate		4.00000	%
	iv	Excess (if any) of Libor over Cap Rate (ii-iii)		0.00000	%
	v	Days in Period 9/15/2003 12/15/2003		91
	vi	Cap Payment due Trust	$	—

IX. 2003-A Accrued Interest Factors

		Accrued
		Int Factor		Accrual Period	Rate
A	Class A-1 Interest Rate		0.003159722	(09/15/03 — 12/15/03)		1.25000	%
B	Class A-2 Interest Rate		0.003993889	(09/15/03 — 12/15/03)		1.58000	%
C	Class B Interest Rate		0.004777500	(09/15/03 — 12/15/03)		1.89000	%
D	Class C Interest Rate		0.006926111	(09/15/03 — 12/15/03)		2.74000	%

8

X. 2003-A Inputs From Prior Data 8/31/03

A	Total Student Loan Pool Outstanding
	i	Portfolio Balance			$	941,931,312.31
	ii	Interest To Be Capitalized				46,612,526.83
	iii	Total Pool			$	988,543,839.14
	iv	Cash Capitalization Account (CI)				58,502,550.00
	v	Asset Balance			$	1,047,046,389.14
B	Total Note and Certificate Factor					0.97164529037
C	Total Note Balance				$	1,025,772,734.56
D	Note Balance 9/15/2003		Class A-1		Class A-2		Class A-3		Class A-4		Class B		Class C
i	Current Factor			0.9401399692		1.0000000000		1.0000000000		1.0000000000		1.0000000000		1.0000000000
ii	Expected Note Balance		$	470,136,734.56	$	320,000,000.00	$	76,600,000.00	$	76,600,000.00	$	34,570,000.00	$	47,866,000.00
F	Interest Shortfall		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
G	Interest Carryover		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
H	Unpaid Primary Servicing Fees from Prior Month(s)				$	0.00
I	Unpaid Administration fees from Prior Quarter(s)				$	0.00
J	Unpaid Carryover Servicing Fees from Prior Quarter(s)				$	0.00

9

XI. 2003-A Note Parity Triggers

		Class A		Class B		Class C
Notes Outstanding	9/15/03	$	943,336,735	$	977,906,735	$	1,025,772,735
Asset Balance	8/31/03	$	1,047,046,389	$	1,047,046,389	$	1,047,046,389
Pool Balance	11/30/03	$	979,792,671	$	979,792,671	$	979,792,671
Amounts on Deposit*	12/15/03		74,881,007		74,715,849		74,384,324
Total		$	1,054,673,678	$	1,054,508,520	$	1,054,176,995
Are the Notes in Excess of the Asset Balance?		No		No		No
Are the Notes in Excess of the Pool + Amounts on Deposit?		No		No		No
Are the Notes Parity Triggers in Effect?		No		No		No
Class A Enhancement		$	103,709,654.58
Specified Class A Enhancement		$	155,744,283.08	The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount
Class B Enhancement		$	69,139,654.58
Specified Class B Enhancement		$	105,127,391.08	The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount
Class C Enhancement		$	21,273,654.58
Specified Class C Enhancement		$	31,148,856.62	The greater of 3% of the Asset Balance or the Specified Overcollateralization Amount

* Amounts on Deposit in Trust Accounts for the Collection Period after Payment of Section XIII Items B through F for the Class A; Items B through H for the Class B; and Items B through J for the Class C

10

XII. 2003-A Principal Distribution Calculations

Priority Principal Payments (If Note Parity Triggers are not in effect, go to Regular Principal Distribution below):

i	Is the Class A Note Parity Trigger in Effect?		No
ii	Aggregate A Notes Outstanding	9/15/2003	$	943,336,734.56
iii	Asset Balance	11/30/2003	$	1,038,295,220.50
iv	First Priority Principal Distribution Amount	12/15/2003	$	—
v	Is the Class B Note Parity Trigger in Effect?		No
vi	Aggregate A and B Notes Outstanding	9/15/2003	$	977,906,734.56
vii	Asset Balance	11/30/2003	$	1,038,295,220.50
viii	First Priority Principal Distribution Amount	12/15/2003	$	—
ix	Second Priority Principal Distribution Amount	12/15/2003	$	—
x	Is the Class C Note Parity Trigger in Effect?		No
xi	Aggregate A, B and C Notes Outstanding	9/15/2003	$	1,025,772,734.56
xii	Asset Balance	11/30/2003	$	1,038,295,220.50
xiii	First Priority Principal Distribution Amount	12/15/2003	$	—
xiv	Second Priority Principal Distribution Amount	12/15/2003	$	—
xv	Third Priority Principal Distribution Amount	12/15/2003	$	—
Regular Principal Distribution
i	Aggregate Notes Outstanding	9/15/2003	$	1,025,772,734.56
ii	Asset Balance	11/30/2003	$	1,038,295,220.50
iii	Specified Overcollateralization Amount	12/15/2003	$	21,273,654.58
iv	First Priority Principal Distribution Amount	12/15/2003	$	—
v	Second Priority Principal Distribution Amount	12/15/2003	$	—
vi	Third Priority Principal Distribution Amount	12/15/2003	$	—
vii	Regular Principal Distribution Amount		$	8,751,168.64
Class A Noteholders’ Principal Distribution Amounts
i	Has the Stepdown Date Occurred?		No
ii iii iv v vi vii	Asset Balance 85% of Asset Balance Specified Overcollateralization Amount Lesser of (iii) and (ii — iv) Class A Noteholders’ Principal Distribution Amt — Before the Stepdown Date Class A Noteholders’ Principal Distribution Amt — After the Stepdown Date	11/30/2003 11/30/2003 12/15/2003	$ $ $ $ $ $	1,038,295,220.50 882,550,937.43 21,273,654.58 882,550,937.43 8,751,168.64 —
Class B Noteholders’ Principal Distribution Amounts
i	Has the Stepdown Date Occurred?		No
ii	Asset Balance	11/30/2003	$	1,038,295,220.50
iii	89.875% of Asset Balance	11/30/2003	$	933,167,829.42
iv	Specified Overcollateralization Amount	12/15/2003	$	21,273,654.58
v	Lesser of (iii) and (ii — iv)		$	933,167,829.42
vi	Class B Noteholders’ Principal Distribution Amt — Before the Stepdown Date		$	—
vii	Class B Noteholders’ Principal Distribution Amt — After the Stepdown Date		$	—
Class C Noteholders’ Principal Distribution Amounts
i	Has the Stepdown Date Occurred?		No
ii	Asset Balance	11/30/2003	$	1,038,295,220.50
iii	97% of Asset Balance	11/30/2003	$	1,007,146,363.89
iv	Specified Overcollateralization Amount	12/15/2003	$	21,273,654.58
v	Lesser of (iii) and (ii — iv)		$	1,007,146,363.89
vi	Class C Noteholders’ Principal Distribution Amt — Before the Stepdown Date		$	—
vii	Class C Noteholders’ Principal Distribution Amt — After the Stepdown Date		$	—

11

XIII. 2003-A Waterfall for Distributions

					Remaining
					Funds Balance
A	Total Available Funds ( Sections III-J )		$	22,144,165.48	$	22,144,165.48
B	Primary Servicing Fees-Current Month plus any Unpaid		$	544,487.83	$	21,599,677.65
C	Quarterly Administration Fee plus any Unpaid		$	20,000.00	$	21,579,677.65
D	Auction Fees Due 12/15/2003		$	0.00	$	21,579,677.65
	Broker/Dealer Fees Due 12/15/2003		$	0.00	$	21,579,677.65
E	Gross Swap Payment due Counterparty A		$	1,218,837.22	$	20,360,840.43
	Gross Swap Payment due Counterparty B		$	1,218,837.22	$	19,142,003.21
F	i	Class A-1 Noteholders’ Interest Distribution Amount due 12/15/2003	$	1,485,501.49	$	17,656,501.72
	ii	Class A-2 Noteholders’ Interest Distribution Amount due 12/15/2003	$	1,278,044.44	$	16,378,457.27
	iii	Class A-3 Noteholders’ Interest Distribution Amount due 12/15/2003	$	0.00	$	16,378,457.27
	iv	Class A-4 Noteholders’ Interest Distribution Amount due 12/15/2003	$	0.00	$	16,378,457.27
	v	Swap Termination Fees due 12/15/2003	$	0.00	$	16,378,457.27
G	First Priority Principal Distribution Amount — Principal Distribution Account		$	0.00	$	16,378,457.27
H	Class B Noteholders’ Interest Amount due 12/15/2003		$	165,158.17	$	16,213,299.11
I	Second Priority Principal Distribution Amount — Principal Distribution Account		$	0.00	$	16,213,299.11
J	Class C Noteholders’ Interest Distribution Amount		$	331,525.23	$	15,881,773.88
K	Third Priority Principal Distribution Amount — Principal Distribution Account		$	0.00	$	15,881,773.88
L	Increase to the Specified Reserve Account Balance		$	0.00	$	15,881,773.88
M	Regular Principal Distribution Amount — Principal Distribution Account		$	8,751,168.64	$	7,130,605.24
N	Carryover Servicing Fees		$	0.00	$	7,130,605.24
O	Auction Rate Noteholder’s Interest Carryover
	i	Class A-3	$	0.00	$	7,130,605.24
	ii	Class A-4	$	0.00	$	7,130,605.24
P	Swap Termination Payments		$	0.00	$	7,130,605.24
Q	Additional Principal Distribution Amount — Principal Distribution Account		$	0.00	$	7,130,605.24
R	Remaining Funds to the Certificateholders		$	7,130,605.24	$	0.00

12

XIV. 2003-A Principal Distribution Account Allocations

					Remaining
					Funds Balance
A	Total from Collection Account		$	8,751,168.64	$	8,751,168.64
B	i	Class A-1 Principal Distribution Amount Paid	$	8,751,168.64	$	0.00
	ii	Class A-2 Principal Distribution Amount Paid	$	0.00	$	0.00
	iii	Class A-3 Principal Distribution Amount Paid (or allocated)	$	0.00
	iv	Class A-4 Principal Distribution Amount Paid (or allocated)	$	0.00
C	Class B Principal Distribution Amount Paid		$	0.00	$	0.00
D	Class C Principal Distribution Amount Paid		$	0.00	$	0.00
E	Remaining Class C Distribution Paid		$	0.00	$	0.00
F	Remaining Class B Distribution Paid		$	0.00	$	0.00
G	i	Remaining Class A-1 Distribution Paid	$	0.00	$	0.00
	ii	Remaining Class A-2 Distribution Paid	$	0.00	$	0.00
	iii	Remaining Class A-3 Distribution Paid (or allocated)	$	0.00	$	0.00
	iv	Remaining Class A-4 Distribution Paid (or allocated)	$	0.00	$	0.00

13

XV. 2003-A Distributions

A	Distribution Amounts			Class A-1		Class A-2		Class A-3		Class A-4		Class B		Class C
	i	Quarterly Interest Due		$	1,485,501.49	$	1,278,044.44	$	0.00	$	0.00	$	165,158.17	$	331,525.23
	ii	Quarterly Interest Paid			1,485,501.49		1,278,044.44		0.00		0.00		165,158.17		331,525.23
	iii	Interest Shortfall		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	iv	Interest Carryover Due		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	v	Interest Carryover Paid			0.00		0.00		0.00		0.00		0.00		0.00
	vi	Interest Carryover		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	vii	Quarterly Principal Distribution Amount		$	8,751,168.64	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	viii	Quarterly Principal Paid (or allocated)			8,751,168.64		0.00		0.00		0.00		0.00		0.00
	ix	Difference		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	x	Total Distribution Amount		$	10,236,670.13	$	1,278,044.44	$	0.00	$	0.00	$	165,158.17	$	331,525.23
B	Note Balances				9/15/2003	Paydown Factors			12/15/2003
	i	A-1 Note Balance	78443CAE4	$	470,136,734.56			$	461,385,565.92
		A-1 Note Pool Factor			0.9401399692		0.0174998523		0.9226401169
	ii	A-2 Note Balance	78443CAF1	$	320,000,000.00			$	320,000,000.00
		A-2 Note Pool Factor			1.0000000000		0.0000000000		1.0000000000
										Balances		Next ARS Pay Date
	ii	A-3 Note Balance	78443CAJ3	$	76,600,000.00			$	76,600,000.00	$	76,600,000.00		12/26/03
		A-3 Note Pool Factor			1.0000000000		0.0000000000		1.0000000000		1.000000000
	ii	A-4 Note Balance	78443CAK0	$	76,600,000.00				76,600,000.00	$	76,600,000.00		01/07/04
		A-4 Note Pool Factor			1.0000000000		0.0000000000		1.0000000000		1.000000000
	iii	B Note Balance	78443CAG9	$	34,570,000.00			$	34,570,000.00
		B Note Pool Factor			1.0000000000		0.0000000000		1.0000000000
	iv	C Note Balance	78443CAH7	$	47,866,000.00			$	47,866,000.00
		C Note Pool Factor			1.0000000000		0.0000000000		1.0000000000

14

XVI. 2003-A Historical Pool Information

			09/01/03-11/30/03			06/01/03-08/31/03			01/27/03-05/31/03
Beginning Student Loan Portfolio Balance			$	941,931,312.31		$	950,860,882.57		$	965,794,008.71
	Student Loan Principal Activity
	i	Principal Payments Received	$	15,842,825.30		$	14,621,918.82		$	19,739,960.28
	ii	Purchases by Servicer (Delinquencies >180)		173,809.48			353,324.27			79,002.74
	iii	Other Servicer Reimbursements		724.31			885.93			41.49
	iv	Seller Reimbursements		25,606.76			49,467.03			134,675.22
	v	Total Principal Collections	$	16,042,965.85		$	15,025,596.05		$	19,953,679.73
	Student Loan Non-Cash Principal Activity
	i	Realized Losses/Loans Charged Off	$	-		$	-		$	-
	ii	Capitalized Interest		(12,602,082.87	)		(5,599,582.19	)		(4,391,385.55	)
	iii	Capitalized Insurance Fee		($1,467,684.39	)		($554,812.95	)		($458,815.65	)
	iv	Other Adjustments		(4,949.70	)		58,369.35			(170,352.39	)
	v	Total Non-Cash Principal Activity	$	(14,074,716.96	)	$	(6,096,025.79	)	$	(5,020,553.59	)
(-)	Total Student Loan Principal Activity		$	1,968,248.89		$	8,929,570.26		$	14,933,126.14
	Student Loan Interest Activity
	i	Interest Payments Received	$	5,331,516.12		$	5,278,543.75		$	7,321,995.25
	ii	Repurchases by Servicer (Delinquencies >180)		4,181.44			10,839.32			5,216.47
	iii	Other Servicer Reimbursements		(26.40	)		(51.74	)		0.07
	iv	Seller Reimbursements		367.14			468.06			8,882.55
	v	Late Fees		48,241.84			45,213.15			69,417.72
	vi	Collection Fees		-			-			-
	viii	Total Interest Collections		5,384,280.14			5,335,012.54			7,405,512.06
	Student Loan Non-Cash Interest Activity
	i	Realized Losses/Loans Charged Off	$	-		$	-		$	-
	ii	Capitalized Interest		12,602,082.87			5,599,582.19			4,391,385.55
	iii	Other Interest Adjustments		12,334.20			57,820.00			(11,117.42	)
	iv	Total Non-Cash Interest Adjustments	$	12,614,417.07		$	5,657,402.19		$	4,380,268.13
	v	Total Student Loan Interest Activity	$	17,998,697.21		$	10,992,414.73		$	11,785,780.19
(=)	Ending Student Loan Portfolio Balance		$	939,963,063.42		$	941,931,312.31		$	950,860,882.57
(+)	Interest to be Capitalized		$	39,829,607.08		$	46,612,526.83		$	45,954,342.67
(=)	TOTAL POOL		$	979,792,670.50		$	988,543,839.14		$	996,815,225.24
(+)	Cash Capitalization Account Balance (CI)		$	58,502,550.00		$	58,502,550.00		$	58,502,550.00
(=)	Asset Balance		$	1,038,295,220.50		$	1,047,046,389.14		$	1,055,317,775.24

15

XVII. 2003-A Payment History and CPRs

Distribution	Actual		Since Issued
Date	Pool Balances		CPR *
Jun-03	$	996,815,225	2.20%
Sep-03	$	988,543,821	2.41%
Dec-03	$	979,792,671	2.63%

* “Since Issued CPR” is based on the current period’s ending pool balance
calculated against the original pool balance and assuming cutoff date pool data.

16

SLM Private Credit Student Loan Trust 2003-B
Quarterly Servicing Report
Report Date: 11/30/2003 Reporting Period: 9/1/03-11/30/03

I. Deal Parameters

	Student Loan Portfolio Characteristics		8/31/2003			Activity			11/30/2003
A	i	Portfolio Balance	$	1,200,884,933.59		$	(4,945,504.57	)	$	1,195,939,429.02
	ii	Interest to be Capitalized		42,721,528.57						43,786,901.54
	iii	Total Pool	$	1,243,606,462.16					$	1,239,726,330.56
	iv	Cash Capitalization Account (Cii)		102,590,156.00						102,590,156.00
	v	Asset Balance	$	1,346,196,618.16					$	1,342,316,486.56
	i	Weighted Average Coupon (WAC)		5.156	%					4.832	%
	ii	Weighted Average Remaining Term		186.24						184.59
	iii	Number of Loans		142,413						141,067
	iv	Number of Borrowers		102,785						101,926
	v	Prime Loans Outstanding	$	995,139,023					$	999,095,021
	vi	T-bill Loans Outstanding	$	245,027,186					$	237,389,207
	vii	Fixed Loans Outstanding	$	3,440,253					$	3,242,102

									% of					% of
	Notes		Cusips	Spread			Balance 09/15/03		O/S Securities			Balance 12/15/03		O/S Securities
B	i	A-1 Notes	78443CAL8		0.100	%	$	560,497,885.12		42.346	%	$	552,198,077.08		41.983	%
	ii	A-2 Notes	78443CAM6		0.400	%		440,506,000.00		33.280	%		440,506,000.00		33.490	%
	iii	A-3 ARS	78443CAN4	ARS				109,000,000.00		8.235	%		109,000,000.00		8.287	%
	iv	A-4 ARS	78443CAP9	ARS				109,000,000.00		8.235	%		109,000,000.00		8.287	%
	v	B Notes	78443CAQ7		0.700	%		43,871,000.00		3.315	%		43,871,000.00		3.335	%
	vi	C Notes	78443CAR5		1.600	%		60,744,000.00		4.589	%		60,744,000.00		4.618	%
	vii	Total Notes					$	1,323,618,885.12		100.000	%	$	1,315,319,077.08		100.000	%

			9/15/2003		12/15/2003
C	i	Reserve Account Balance ($)	$	3,118,201.00	$	3,118,201.00
	ii	Cash Capitalization Acct Balance ($)	$	102,590,156.00	$	102,590,156.00
	iii	Initial Asset Balance	$	1,349,870,473.98	$	1,349,870,473.98
	iv	Specified Overcollateralization Amount	$	26,997,409.48	$	26,997,409.48
	v	Actual Overcollateralization Amount	$	22,577,733.04	$	26,997,409.48
	v	Has the Stepdown Date Occurred?*		No		No

* The Stepdown Date is the earlier of the distribution date following the reduction of the Class A Notes to zero, or March 17, 2008. At the Stepdown Date, principal payments made on the Class B and Class C Notes may begin to be paid pro-rata with the Class A Notes. See the prospectus for complete information concerning the Stepdown Date.

1

II. 2003-B Transactions from: 9/1/2003 through: 11/30/2003

A	Student Loan Principal Activity
	i	Principal Payments Received	$	13,667,042.37
	ii	Purchases by Servicer (Delinquencies >180)		559,869.36
	iii	Other Servicer Reimbursements		(149.03	)
	iv	Seller Reimbursements		367,922.80
	v	Total Principal Collections	$	14,594,685.50
B	Student Loan Non-Cash Principal Activity
	i	Realized Losses/Loans Charged Off	$	0.00
	ii	Capitalized Interest		(8,249,407.98	)
	iii	Capitalized Insurance Fee		(1,385,464.79	)
	iv	Other Adjustments		(14,308.16	)
	v	Total Non-Cash Principal Activity	$	(9,649,180.93	)
C	Total Student Loan Principal Activity		$	4,945,504.57
D	Student Loan Interest Activity
	i	Interest Payments Received	$	5,027,397.61
	ii	Purchases by Servicer (Delinquencies >180)		16,643.99
	iii	Other Servicer Reimbursements		439.55
	iv	Seller Reimbursements		17,786.53
	v	Late Fees		42,355.90
	vi	Collection Fees		0.00
	vii	Total Interest Collections	$	5,104,623.58
E	Student Loan Non-Cash Interest Activity
	i	Realized Losses/Loans Charged Off	$	0.00
	ii	Capitalized Interest		8,249,407.98
	iii	Other Interest Adjustments		14,061.15
	iv	Total Non-Cash Interest Adjustments	$	8,263,469.13
F	Total Student Loan Interest Activity		$	13,368,092.71

2

III. 2003-B Collection Account Activity 9/1/2003 through 11/30/2003

A	Principal Collections
	i	Principal Payments Received		$	13,389,688.94
	ii	Consolidation Principal Payments		$	277,353.43
	iii	Purchases by Servicer (Delinquencies >180)		$	559,869.36
	iv	Reimbursements by Seller			($4,747.22	)
	v	Reimbursements by Servicer			($149.03	)
	vi	Other Re-purchased Principal			372,670.02
	vii	Total Principal Collections		$	14,594,685.50
B	Interest Collections
	i	Interest Payments Received		$	5,026,546.57
	ii	Consolidation Interest Payments			851.04
	iii	Purchases by Servicer (Delinquencies >180)			16,643.99
	iv	Reimbursements by Seller			0.00
	v	Reimbursements by Servicer			439.55
	vi	Other Re-purchased Interest		$	17,786.53
	vii	Collection Fees/Return Items		$	0.00
	viii	Late Fees		$	42,355.90
	ix	Total Interest Collections		$	5,104,623.58
C	Recoveries on Realized Losses			$	—
D	Amount from Cash Capitalization Account			$	—
E	Funds Borrowed from Next Collection Period			$	—
F	Funds Repaid from Prior Collection Periods			$	(3,412,978.00	)
G	Investment Income			$	266,121.13
H	Borrower Incentive Reimbursements			$	62,489.40
I	Interest Rate Cap Proceeds			$	—
I	Gross Swap Receipt			$	2,867,658.96
	TOTAL FUNDS RECEIVED			$	19,482,600.57
	LESS FUNDS PREVIOUSLY REMITTED:
		i	Servicing Fees	$	(1,398,937.54	)
		ii	ARS related fees, payments, and accruals (IV-A-v + IV-B-v)	$	(791,630.68	)
J	TOTAL AVAILABLE FUNDS			$	17,292,032.34
K	Servicing Fees Due for Current Period			$	695,921.58
L	Carryover Servicing Fees Due			$	—
M	Administration Fees Due			$	20,000.00
N	Total Fees Due for Period			$	715,921.58

3

IV. 2003-B            Auction Rate Security Detail

A Auction Rate Securities Paid During Collection Period

	Payment	Security	Interest			No. of
	Date	Description	Rate			Days	Start Date		End Date		Interest Payment
i	09/18/2003	SLMPC TRUST 2003B A4		1.110000	%	28		08/21/2003		09/18/2003		94,103.33
	10/14/2003	SLMPC TRUST 2003B A3		1.100000	%	29		09/15/2003		10/14/2003		96,586.11
	10/16/2003	SLMPC TRUST 2003B A4		1.120000	%	28		09/18/2003		10/16/2003		94,951.11
	11/10/2003	SLMPC TRUST 2003B A3		1.150000	%	27		10/14/2003		11/10/2003		94,012.50
	11/13/2003	SLMPC TRUST 2003B A4		1.130000	%	28		10/16/2003		11/13/2003		95,798.89
ii	Auction Rate Security Payments Made During Collection Period										$	475,451.94
iii	Broker/Dealer Fees Paid During Collection Period					(9/16/03-11/30/03)					$	84,777.78
iv	Auction Agent Fees Paid During Collection Period					(9/16/03-11/30/03)					$	3,603.06
v	Total Payments Out of Future Distribution Account During Collection Period										$	563,832.78

B Payments Set Aside During Collection Period for Future Distributions

Payment

Security

Interest

No. of

Date

Description

Rate

Days

Start Date

End Date

Total Payment

i

12/8/2003

SLMPC TRUST 2003B A3

1.130000

%

28

11/10/2003

12/8/2003

95,798.89

12/11/2003

SLMPC TRUST 2003B A4

1.140000

%

28

11/13/2003

12/11/2003

96,646.67

ii

Future Auction Rate Security Payments Set Aside

$

192,445.56

iii

Future Broker Dealer Fees Set Aside for Payment

$

33,911.12

iv

Future Auction Agent Fees Set Aside for Payment

$

1,441.22

Less: Auction Rate Security Payments and fees due on the Distribution Date

$

-

v

Total Funds Remaining in Future Distribution Account

$

227,797.90

4

V. 2003-B            Loss and Recovery Detail 11/30/2003

A	i	Cumulative Realized Losses Test		% of Original Pool				1/27/2003		11/30/2003
			September 15, 2003 to March 17, 2008		15	%		$	187,092,047.70	$	187,092,047.70
			June 16, 2008 to March 15, 2011		18	%
			June 15, 2011 and thereafter		20	%
	ii	Cumulative Realized Losses (Net of Recoveries)						$	0.00	$	0.00
	iii	Is Test Satisfied (ii < i)?					Yes
B	i	Recoveries on Realized Losses This Collection Period
	ii	Principal Cash Recovered During Collection Period						$	0.00	$	0.00
	iii	Interest Cash Recovered During Collection Period						$	0.00	$	0.00
	iv	Late Fees and Collection Costs Recovered During Collection Period						$	0.00	$	0.00
	v	Total Recoveries for Period						$	0.00	$	0.00
C	i	Gross Defaults:
	ii	Cumulative Principal Purchases by Servicer						$	0.00	$	559,869.36
	iii	Cumulative Interest Purchases by Servicer						$	0.00	$	16,643.99
	iv	Total Gross Defaults:						$	0.00	$	576,513.35

5

VI. 2003-B            Portfolio Characteristics

	Weighted Avg Coupon						# of Loans			% *						Principal Amount				% *
STATUS	8/31/2003			11/30/2003				8/31/2003	11/30/2003	8/31/2003			11/30/2003			8/31/2003		11/30/2003		8/31/2003			11/30/2003
INTERIM:
In School		5.367	%		4.738	%		69,751	65,534		48.978	%		46.456	%	$	612,428,290.92	$	572,863,845.48		50.998	%		47.901	%
Grace		5.030	%		5.506	%		17,326	8,964		12.166	%		6.354	%	$	154,388,007.51	$	85,248,656.61		12.856	%		7.128	%
TOTAL INTERIM		5.299	%		4.837	%		87,077	74,498		61.144	%		52.810	%	$	766,816,298.43	$	658,112,502.09		63.854	%		55.029	%
REPAYMENT
Active
Current		4.795	%		4.736	%		47,201	55,712		33.144	%		39.493	%	$	369,857,824.57	$	451,161,012.45		30.799	%		37.724	%
31-60 Days Delinquent		5.638	%		5.384	%		1,382	1,097		0.970	%		0.778	%	$	10,644,284.91	$	8,437,762.78		0.886	%		0.706	%
61-90 Days Delinquent		5.883	%		5.450	%		482	339		0.338	%		0.240	%	$	3,978,324.15	$	2,888,540.10		0.331	%		0.242	%
91-120 Days Delinquent		5.801	%		6.010	%		267	110		0.187	%		0.078	%	$	1,827,710.39	$	893,954.37		0.152	%		0.075	%
121-150 Days Delinquent		6.144	%		5.882	%		117	214		0.082	%		0.152	%	$	1,073,203.27	$	1,713,193.41		0.089	%		0.143	%
151-180 Days Delinquent		4.972	%		5.320	%		18	43		0.013	%		0.030	%	$	170,693.44	$	468,611.51		0.014	%		0.039	%
> 180 Days Delinquent		0.000	%		0.000	%		0	0		0.000	%		0.000	%	$	0.00	$	0.00		0.000	%		0.000	%
Deferment		4.453	%		4.244	%		50	82		0.035	%		0.058	%	$	565,945.03	$	901,017.77		0.047	%		0.075	%
Forbearance		5.456	%		5.263	%		5,816	8,972		4.084	%		6.360	%	$	45,917,155.96	$	71,362,834.54		3.824	%		5.967	%
TOTAL REPAYMENT		4.902	%		4.825	%		55,336	66,569		38.856	%		47.190	%	$	434,068,635.16	$	537,826,926.93		36.146	%		44.971	%
GRAND TOTAL		5.156	%		4.832	%		142,413	141,067		100.000	%		100.000	%	$	1,200,884,933.59	$	1,195,939,429.02		100.000	%		100.000	%

* Percentages may not total 100% due to rounding

6

VII. 2003-B            Portfolio Characteristics by School and Program

LOAN TYPE	WAC			#  Loans		$  Amount		%
-Signature Loans		4.890	%		107,422	$	918,471,726.03		76.799	%
-Law Loans		4.759	%		23,285	$	167,745,510.83		14.026	%
-Med Loans		4.400	%		6,575	$	56,600,319.02		4.733	%
-MBA Loans		4.497	%		3,785	$	53,121,873.14		4.442	%
-Total		4.832	%		141,067	$	1,195,939,429.02		100.000	%

* Percentages may not total 100% due to rounding

7

VIII. 2003-B            Interest Rate Swap and Cap Calculations

A	Swap Payments
			Counterparty A			Counterparty B
	i	Notional Swap Amount — Aggregate Prime Loans Outstanding		497,569,512		$	497,569,512
	Counterparty Pays:
	ii	3 Month Libor		1.14000	%		1.14000	%
	iii	Gross Swap Receipt Due Trust	$	1,433,829.48		$	1,433,829.48
	iv	Days in Period                9/15/2003                12/15/2003		91			91
	SLM Private Credit Trust Pays:
	v	Prime Rate (WSJ) Less 2.6300%		1.37000	%		1.37000	%
	vi	Gross Swap Payment Due Counterparty	$	1,699,506.60		$	1,699,506.60
	vii	Days in Period                9/15/2003                12/15/2003		91			91
B	Cap Payments
			Cap Calculation
	i	Notional Swap Amount	$	870,000,000.00
	Counterparty Pays:
	ii	3 Month Libor (interpolated for first accrual period)		1.14000	%
	iii	Cap Rate		4.00000	%
	iv	Excess (if any) of Libor over Cap Rate (ii-iii)		0.00000	%
	v	Days in Period                9/15/2003                12/15/2003		91
	vi	Cap Payment due Trust	$	-

IX. 2003-B            Accrued Interest Factors

		Accrued
		Int Factor		Accrual Period	Rate
A	Class A-1 Interest Rate		0.003134444	(9/15/03-12/15/03)		1.24000	%
B	Class A-2 Interest Rate		0.003892778	(9/15/03-12/15/03)		1.54000	%
C	Class B Interest Rate		0.004651111	(9/15/03-12/15/03)		1.84000	%
D	Class C Interest Rate		0.006926111	(9/15/03-12/15/03)		2.74000	%

8

X. 2003-B            Inputs From Prior Data 8/31/03                                    

A	Total Student Loan Pool Outstanding
	i	Portfolio Balance			$	1,200,884,933.59
	ii	Interest To Be Capitalized				42,721,528.57
	iii	Total Pool			$	1,243,606,462.16
	iv	Cash Capitalization Account (CI)				102,590,156.00
	v	Asset Balance			$	1,346,196,618.16
B	Total Note and Certificate Factor					0.98548000152
C	Total Note Balance				$	1,323,618,885.12
D	Note Balance 9/15/2003		Class A-1		Class A-2		Class A-3		Class A-4		Class B		Class C
i	Current Factor			0.9663756640		1.0000000000		1.0000000000		1.0000000000		1.0000000000		1.0000000000
ii	Expected Note Balance		$	560,497,885.12	$	440,506,000.00	$	109,000,000.00	$	109,000,000.00	$	43,871,000.00	$	60,744,000.00
F	Interest Shortfall		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
G	Interest Carryover		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
H	Unpaid Primary Servicing Fees from Prior Month(s)				$	0.00
I	Unpaid Administration fees from Prior Quarter(s)				$	0.00
J	Unpaid Carryover Servicing Fees from Prior Quarter(s)				$	0.00

9

XI. 2003-B            Note Parity Triggers

		Class A		Class B		Class C
Notes Outstanding	9/15/03	$	1,219,003,885	$	1,262,874,885	$	1,323,618,885
Asset Balance	8/31/03	$	1,346,196,618	$	1,346,196,618	$	1,346,196,618
Pool Balance	11/30/03	$	1,239,726,331	$	1,239,726,331	$	1,239,726,331
Amounts on Deposit*	12/15/03		112,295,612		112,091,563		111,670,844
Total		$	1,352,021,943	$	1,351,817,894	$	1,351,397,175
Are the Notes in Excess of the Asset Balance?			No		No		No
Are the Notes in Excess of the Pool + Amounts on Deposit?			No		No		No
Are the Notes Parity Triggers in Effect?			No		No		No
Class A Enhancement		$	127,192,733.04
Specified Class A Enhancement		$	201,347,472.98	The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount
Class B Enhancement		$	83,321,733.04
Specified Class B Enhancement		$	135,909,544.26	The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount
Class C Enhancement		$	22,577,733.04
Specified Class C Enhancement		$	40,269,494.60	The greater of 3% of the Asset Balance or the Specified Overcollateralization Amount

* Amounts on Deposit in Trust Accounts for the Collection Period after Payment of Section XIII Items B through F for the Class A; Items B through H for the Class B; and Items B through J for the Class C

10

XII. 2003-B            Principal Distribution Calculations

Priority Principal Payments (If Note Parity Triggers are not in effect, go to Regular Principal Distribution below):
i	Is the Class A Note Parity Trigger in Effect?		No
ii	Aggregate A Notes Outstanding	9/15/2003	$	1,219,003,885.12
iii	Asset Balance	11/30/2003	$	1,342,316,486.56
iv	First Priority Principal Distribution Amount	12/15/2003	$	-
v	Is the Class B Note Parity Trigger in Effect?		No
vi	Aggregate A and B Notes Outstanding	9/15/2003	$	1,262,874,885.12
vii	Asset Balance	11/30/2003	$	1,342,316,486.56
viii	First Priority Principal Distribution Amount	12/15/2003	$	-
ix	Second Priority Principal Distribution Amount	12/15/2003	$	-
x	Is the Class C Note Parity Trigger in Effect?		No
xi	Aggregate A, B and C Notes Outstanding	9/15/2003	$	1,323,618,885.12
xii	Asset Balance	11/30/2003	$	1,342,316,486.56
xiii	First Priority Principal Distribution Amount	12/15/2003	$	-
xiv	Second Priority Principal Distribution Amount	12/15/2003	$	-
xv	Third Priority Principal Distribution Amount	12/15/2003	$	-
Regular Principal Distribution
i	Aggregate Notes Outstanding	9/15/2003	$	1,323,618,885.12
ii	Asset Balance	11/30/2003	$	1,342,316,486.56
iii	Specified Overcollateralization Amount	12/15/2003	$	26,997,409.48
iv	First Priority Principal Distribution Amount	12/15/2003	$	-
v	Second Priority Principal Distribution Amount	12/15/2003	$	-
vi	Third Priority Principal Distribution Amount	12/15/2003	$	-
vii	Regular Principal Distribution Amount		$	8,299,808.04
viii	Actual Principal Distribution Amount paid		$	8,299,808.04
ix	Shortfall		$	-
Class A Noteholders’ Principal Distribution Amounts
i	Has the Stepdown Date Occurred?		No
ii	Asset Balance	11/30/2003	$	1,342,316,486.56
iii	85% of Asset Balance	11/30/2003	$	1,140,969,013.57
iv	Specified Overcollateralization Amount	12/15/2003	$	26,997,409.48
v	Lesser of (iii) and (ii — iv)		$	1,140,969,013.57
vi	Class A Noteholders’ Principal Distribution Amt — Before the Stepdown Date		$	8,299,808.04
vii	Class A Noteholders’ Principal Distribution Amt — After the Stepdown Date		$	-
Class B Noteholders’ Principal Distribution Amounts
i	Has the Stepdown Date Occurred?		No
ii	Asset Balance	11/30/2003	$	1,342,316,486.56
iii	89.875% of Asset Balance	11/30/2003	$	1,206,406,942.30
iv	Specified Overcollateralization Amount	12/15/2003	$	26,997,409.48
v	Lesser of (iii) and (ii — iv)		$	1,206,406,942.30
vi	Class B Noteholders’ Principal Distribution Amt — Before the Stepdown Date		$	-
vii	Class B Noteholders’ Principal Distribution Amt — After the Stepdown Date		$	-
Class C Noteholders’ Principal Distribution Amounts
i	Has the Stepdown Date Occurred?		No
ii	Asset Balance	11/30/2003	$	1,342,316,486.56
iii	97% of Asset Balance	11/30/2003	$	1,302,046,991.95
iv	Specified Overcollateralization Amount	12/15/2003	$	26,997,409.48
v	Lesser of (iii) and (ii — iv)		$	1,302,046,991.95
vi	Class C Noteholders’ Principal Distribution Amt — Before the Stepdown Date		$	-
vii	Class C Noteholders’ Principal Distribution Amt — After the Stepdown Date		$	-

11

XIII. 2003-B            Waterfall for Distributions

					Remaining
					Funds Balance
A	Total Available Funds ( Sections III-J )		$	17,292,032.34	$	17,292,032.34
B	Primary Servicing Fees-Current Month plus any Unpaid		$	695,921.58	$	16,596,110.76
C	Quarterly Administration Fee plus any Unpaid		$	20,000.00	$	16,576,110.76
D	Auction Fees Due 12/15/2003		$	0.00	$	16,576,110.76
	Broker/Dealer Fees Due 12/15/2003		$	0.00	$	16,576,110.76
E	Gross Swap Payment due Counterparty A		$	1,699,506.60	$	14,876,604.16
	Gross Swap Payment due Counterparty B		$	1,699,506.60	$	13,177,097.56
F	i	Class A-1 Noteholders’ Interest Distribution Amount due 12/15/2003	$	1,756,849.48	$	11,420,248.08
	ii	Class A-2 Noteholders’ Interest Distribution Amount due 12/15/2003	$	1,714,791.97	$	9,705,456.11
	iii	Class A-3 Noteholders’ Interest Distribution Amount due 12/15/2003	$	0.00	$	9,705,456.11
	iv	Class A-4 Noteholders’ Interest Distribution Amount due 12/15/2003	$	0.00	$	9,705,456.11
	v	Swap Termination Fees due 12/15/2003	$	0.00	$	9,705,456.11
G	First Priority Principal Distribution Amount — Principal Distribution Account		$	0.00	$	9,705,456.11
H	Class B Noteholders’ Interest Distribuition Amount due 12/15/2003		$	204,048.90	$	9,501,407.21
I	Second Priority Principal Distribution Amount — Principal Distribution Account		$	0.00	$	9,501,407.21
J	Class C Noteholders’ Interest Distribution Amount		$	420,719.69	$	9,080,687.52
K	Third Priority Principal Distribution Amount — Principal Distribution Account		$	0.00	$	9,080,687.52
L	Increase to the Specified Reserve Account Balance		$	0.00	$	9,080,687.52
M	Regular Principal Distribution Amount — Principal Distribution Account		$	8,299,808.04	$	780,879.48
N	Carryover Servicing Fees		$	0.00	$	780,879.48
O	Auction Rate Noteholder’s Interest Carryover
	i	Class A-3	$	0.00	$	780,879.48
	ii	Class A-4	$	0.00	$	780,879.48
P	Swap Termination Payments		$	0.00	$	780,879.48
Q	Additional Principal Distribution Amount — Principal Distribution Account		$	0.00	$	780,879.48
R	Remaining Funds to the Certificateholders		$	780,879.48	$	0.00

12

XIV. 2003-B            Principal Distribution Account Allocations

					Remaining
					Funds Balance
A	Total from Collection Account		$	8,299,808.04	$	8,299,808.04
B	i	Class A-1 Principal Distribution Amount Paid	$	8,299,808.04	$	0.00
	ii	Class A-2 Principal Distribution Amount Paid	$	0.00	$	0.00
	iii	Class A-3 Principal Distribution Amount Paid (or allocated)	$	0.00
	iv	Class A-4 Principal Distribution Amount Paid (or allocated)	$	0.00
C	Class B Principal Distribution Amount Paid		$	0.00	$	0.00
D	Class C Principal Distribution Amount Paid		$	0.00	$	0.00
E	Remaining Class C Distribution Paid		$	0.00	$	0.00
F	Remaining Class B Distribution Paid		$	0.00	$	0.00
G	i	Remaining Class A-1 Distribution Paid	$	0.00	$	0.00
	ii	Remaining Class A-2 Distribution Paid	$	0.00	$	0.00
	iii	Remaining Class A-3 Distribution Paid (or allocated)	$	0.00	$	0.00
	iv	Remaining Class A-4 Distribution Paid (or allocated)	$	0.00	$	0.00

13

XV. 2003-B Distributions

	Distribution Amounts		Class A-1		Class A-2		Class A-3		Class A-4		Class B		Class C
A	i	Quarterly Interest Due	$	1,756,849.48	$	1,714,791.97	$	0.00	$	0.00	$	204,048.90	$	420,719.69
	ii	Quarterly Interest Paid		1,756,849.48		1,714,791.97		0.00		0.00		204,048.90		420,719.69
	iii	Interest Shortfall	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	iv	Interest Carryover Due	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	v	Interest Carryover Paid		0.00		0.00		0.00		0.00		0.00		0.00
	vi	Interest Carryover	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	vii	Quarterly Principal Distribution Amount	$	8,299,808.04	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	viii	Quarterly Principal Paid (or allocated)		8,299,808.04		0.00		0.00		0.00		0.00		0.00
	ix	Shortfall	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	x	Total Distribution Amount	$	10,056,657.52	$	1,714,791.97	$	0.00	$	0.00	$	204,048.90	$	420,719.69

	Note Balances			9/15/2003		Paydown Factors		12/15/2003
B	i	A-1 Note Balance	78443CAL8	$	560,497,885.12			$	552,198,077.08
		A-1 Note Pool Factor			0.9663756640		0.0143100139		0.9520656501
	ii	A-2 Note Balance	78443CAM6	$	440,506,000.00			$	440,506,000.00
		A-2 Note Pool Factor			1.0000000000		0.0000000000		1.0000000000
										Balances		Next ARS Pay Date
	iii	A-3 Note Balance	78443CAN4	$	109,000,000.00			$	109,000,000.00	$	109,000,000.00		01/05/04
		A-3 Note Pool Factor			1.0000000000		0.0000000000		1.0000000000		1.000000000
	iv	A-4 Note Balance	78443CAP9	$	109,000,000.00				109,000,000.00	$	109,000,000.00		01/08/04
		A-4 Note Pool Factor			1.0000000000		0.0000000000		1.0000000000		1.000000000
	v	B Note Balance	78443CAQ7	$	43,871,000.00			$	43,871,000.00
		B Note Pool Factor			1.0000000000		0.0000000000		1.0000000000
	vi	C Note Balance	78443CAR5	$	60,744,000.00			$	60,744,000.00
		C Note Pool Factor			1.0000000000		0.0000000000		1.0000000000

14

XVI. 2003-B            Historical Pool Information

			9/1/03-11/30/03			5/12/03-8/31/03
Beginning Student Loan Portfolio Balance			$	1,200,884,933.59		$	1,213,584,181.19
	Student Loan Principal Activity
	i	Principal Payments Received	$	13,667,042.37		$	17,100,588.84
	ii	Purchases by Servicer (Delinquencies >180)		559,869.36			84,037.27
	iii	Other Servicer Reimbursements		(149.03	)		1,451.27
	iv	Seller Reimbursements		367,922.80			351,510.41
	v	Total Principal Collections	$	14,594,685.50		$	17,537,587.79
	Student Loan Non-Cash Principal Activity
	i	Realized Losses/Loans Charged Off	$	—		$	—
	ii	Capitalized Interest		(8,249,407.98	)		(4,262,967.89	)
	iii	Capitalized Insurance Fee		($1,385,464.79	)		($552,253.51	)
	iv	Other Adjustments		(14,308.16	)		(23,118.79	)
	v	Total Non-Cash Principal Activity	$	(9,649,180.93	)	$	(4,838,340.19	)
(-)	Total Student Loan Principal Activity		$	4,945,504.57		$	12,699,247.60
	Student Loan Interest Activity
	i	Interest Payments Received	$	5,027,397.61		$	6,183,151.81
	ii	Repurchases by Servicer (Delinquencies >180)		16,643.99			3,311.96
	iii	Other Servicer Reimbursements		439.55			109.11
	iv	Seller Reimbursements		17,786.53			13,788.32
	v	Late Fees		42,355.90			54,949.49
	vi	Collection Fees		—			—
	viii	Total Interest Collections		5,104,623.58			6,255,310.69
	Student Loan Non-Cash Interest Activity
	i	Realized Losses/Loans Charged Off	$	—		$	—-
	ii	Capitalized Interest		8,249,407.98			4,262,967.89
	iii	Other Interest Adjustments		14,061.15			66,512.42
	iv	Total Non-Cash Interest Adjustments	$	8,263,469.13		$	4,329,480.31
	v	Total Student Loan Interest Activity	$	13,368,092.71		$	10,584,791.00
(=)	Ending Student Loan Portfolio Balance		$	1,195,939,429.02		$	1,200,884,933.59
(+)	Interest to be Capitalized		$	43,786,901.54		$	42,721,528.57
(=)	TOTAL POOL		$	1,239,726,330.56		$	1,243,606,462.16
(+)	Cash Capitalization Account Balance (CI)		$	102,590,156.00		$	102,590,156.00
(=)	Asset Balance		$	1,342,316,486.56		$	1,346,196,618.16

15

XVII. 2003-B            Payment History and CPRs

Distribution	Actual		Since Issued
Date	Pool Balances		CPR *
Sep-03	$	1,243,606,462	2.25%
Dec-03	$	1,239,726,331	2.34%

* “Since Issued CPR” is based on the current period’s ending pool balance
calculated against the original pool balance and assuming cutoff date pool data.

16

SLM Private Credit Student Loan Trust 2003-C
Quarterly Servicing Report
Report Date: 11/30/2003 Reporting Period: 08/18/03-11/30/03

I. Deal Parameters

	Student Loan Portfolio Characteristics		8/18/2003			Activity		11/30/2003
A	i	Portfolio Balance	$	1,202,893,173.22		$	2,270,173.84	$	1,205,163,347.06
	ii	Interest to be Capitalized		47,072,888.25					46,656,743.34
	iii	Total Pool	$	1,249,966,061.47				$	1,251,820,090.40
	iv	Cash Capitalization Account (Cii)		102,811,061.00					102,811,061.00
	v	Asset Balance	$	1,352,777,122.47				$	1,354,631,151.40
	i	Weighted Average Coupon (WAC)		5.064	%				4.855	%
	ii	Weighted Average Remaining Term		190.10					188.57
	iii	Number of Loans		134,792					134,005
	iv	Number of Borrowers		91,587					91,099
	v	Prime Loans Outstanding	$	1,088,620,864				$	1,095,432,582
	vi	T-bill Loans Outstanding	$	159,473,068				$	154,558,030
	vii	Fixed Loans Outstanding	$	1,872,130				$	1,829,479

									% of					% of
	Notes		Cusips	Spread			Balance 10/09/03		O/S Securities			Balance 12/15/03		O/S Securities
B	i	A-1 Notes	78443CAY0		0.100	%	$	600,000,000.00		44.576	%	$	584,318,981.74		43.922	%
	ii	A-2 Notes	78443CAZ7		0.390	%		421,173,000.00		31.290	%		421,173,000.00		31.659	%
	iii	A-3 ARS	78443CBA1	ARS				75,000,000.00		5.572	%		75,000,000.00		5.638	%
	iv	A-4 ARS	78443CBB9	ARS				75,000,000.00		5.572	%		75,000,000.00		5.638	%
	v	A-5 ARS	78443CBC7	ARS				70,000,000.00		5.201	%		70,000,000.00		5.262	%
	vi	B Notes	78443CBD5		0.800	%		43,965,000.00		3.266	%		43,965,000.00		3.305	%
	vii	C Notes	78443CBE3		1.600	%		60,875,000.00		4.523	%		60,875,000.00		4.576	%
	viii	Total Notes					$	1,346,013,000.00		100.000	%	$	1,330,331,981.74		100.000	%

			10/9/2003		12/15/2003
C	i	Reserve Account Balance ($)	$	3,124,915.00	$	3,124,915.00
	ii	Cash Capitalization Acct Balance ($)	$	102,811,061.00	$	102,811,061.00
	iii	Initial Asset Balance	$	1,352,777,122.47	$	1,352,777,122.47
	iv	Specified Overcollateralization Amount	$	27,055,542.45	$	27,055,542.45
	v	Actual Overcollateralization Amount	$	6,764,122.47	$	24,299,169.66
	v	Has the Stepdown Date Occurred?*	No		No

* The Stepdown Date is the earlier of the distribution date following the reduction of the Class A Notes to zero and September 15, 2008. At the Stepdown Date, principal payments made on the Class B and Class C Notes may begin to be paid pro-rata with the Class A Notes. See the prospectus for complete information concerning the Stepdown Date.

1

II. 2003-C Transactions from:                                                                                                                    through:                        11/30/2003

A	Student Loan Principal Activity
	i	Principal Payments Received	$	13,196,464.40
	ii	Purchases by Servicer (Delinquencies >180)		76,894.69
	iii	Other Servicer Reimbursements		1,730.97
	iv	Seller Reimbursements		665,294.1
	v	Total Principal Collections	$	13,940,384.16
B	Student Loan Non-Cash Principal Activity
	i	Realized Losses/Loans Charged Off	$	—
	ii	Capitalized Interest		(14,369,110.75	)
	iii	Capitalized Insurance Fee		(1,810,969.76	)
	iv	Other Adjustments		(30,477.49	)
	v	Total Non-Cash Principal Activity	$	(16,210,558.00	)
C	Total Student Loan Principal Activity		$	(2,270,173.84	)
D	Student Loan Interest Activity
	i	Interest Payments Received	$	4,365,636.18
	ii	Purchases by Servicer (Delinquencies >180)		487.74
	iii	Other Servicer Reimbursements		15.64
	iv	Seller Reimbursements		46,145.91
	v	Late Fees		51,362.8
	vi	Collection Fees/Return Items		0.00
	vii	Total Interest Collections	$	4,463,648.27
E	Student Loan Non-Cash Interest Activity
	i	Realized Losses/Loans Charged Off	$	—
	ii	Capitalized Interest		14,369,110.75
	iii	Other Interest Adjustments		104,599.84
	iv	Total Non-Cash Interest Adjustments	$	14,473,710.59
F	Total Student Loan Interest Activity		$	18,937,358.86

2

III.  2003-C Collection Account Activity   1/0/1900   through   11/30/2003

A	Principal Collections
	i	Principal Payments Received		$	12,833,378.93
	ii	Consolidation Principal Payments			363,085.47
	iii	Purchases by Servicer (Delinquencies >180)			76,894.69
	iv	Reimbursements by Seller			206,048.26
	v	Reimbursements by Servicer			1,730.97
	vi	Other Re-purchased Principal			459,245.84
	vii	Total Principal Collections		$	13,940,384.16
B	Interest Collections
	i	Interest Payments Received		$	4,363,101.88
	ii	Consolidation Interest Payments			2,534.30
	iii	Purchases by Servicer (Delinquencies >180)			487.74
	iv	Reimbursements by Seller			22,971.05
	v	Reimbursements by Servicer			15.64
	vi	Other Re-purchased Interest			23,174.86
	vii	Collection Fees/Return Items			—
	viii	Late Fees			51,362.80
	ix	Total Interest Collections		$	4,463,648.27
C	Recoveries on Realized Losses			$	—
D	Amount from Cash Capitalization Account			$	—
E	Funds Borrowed from Next Collection Period			$	2,192,324.64
F	Funds Repaid from Prior Collection Periods			$	—
G	Investment Income			$	149,511.13
H	Borrower Incentive Reimbursements			$	43,275.86
I	Interest Rate Cap Proceeds			$	—
I	Gross Swap Receipt			$	2,297,270.94
	TOTAL FUNDS RECEIVED			$	23,086,415.00
	LESS FUNDS PREVIOUSLY REMITTED:
		i	Servicing Fees	$	(518,493.41	)
		ii	ARS related fees, payments, and accruals (IV-A-v + IV-B-v)	$	(431,476.46	)
J	TOTAL AVAILABLE FUNDS			$	22,136,445.13
K	Servicing Fees Due for Current Period			$	697,457.59
L	Carryover Servicing Fees Due			$	—
M	Administration Fees Due			$	20,000.00
N	Total Fees Due for Period			$	717,457.59

3

IV. 2003-C            Auction Rate Security Detail

A Auction Rate Securities Paid During Collection Period

Payment

Security

Interest

No. of

Date

Description

Rate

Days

Start Date

End Date

Interest Payment

i

11/04/2003

SLMPC TRUST 2003C A3

1.140000

%

26

10/09/2003

11/04/2003

61,750.00

11/12/2003

SLMPC TRUST 2003C A4

1.140000

%

34

10/09/2003

11/12/2003

80,750.00

11/20/2003

SLMPC TRUST 2003C A5

1.140000

%

42

10/09/2003

11/20/2003

93,100.00

ii

Auction Rate Security Payments Made During Collection Period

$

235,600.00

iii

Broker/Dealer Fees Paid During Collection Period

10/09/03-11/30/03

$

41,333.33

iv

Auction Agent Fees Paid During Collection Period

10/09/03-11/30/03

$

1,756.67

v

Total Payments Out of Future Distribution Account During Collection Period

$

278,690.00

B Payments Set Aside During Collection Period for Future Distributions

	Payment	Security	Interest			No. of
	Date	Description	Rate			Days	Start Date		End Date		Total Payment
i	12/2/2003	SLMPC TRUST 2003C A3		1.1200000	%	28		11/04/2003		12/2/2003		65,333.33
	12/09/2003	SLMPC TRUST 2003C A4		1.130000	%	27		11/12/2003		12/09/2003		63,562.50
ii	Future Auction Rate Security Payments Set Aside										$	128,895.83
iii	Future Broker Dealer Fees Set Aside for Payment										$	22,916.67
iv	Future Auction Agent Fees Set Aside for Payment										$	973.96
	Less: Auction Rate Security Interest Payments due on the Distribution Date										$	-
	Less: Auction Rate Security Auction Agent Fees due on the Distribution Date										$	-
	Less: Auction Rate Security Broker Dealer Fees due on the Distribution Date										$	-
v	Total Funds Remaining in Future Distribution Account										$	152,786.46

4

V. 2003-C            Loss and Recovery Detail 11/30/2003

A	i	Cumulative Realized Losses Test		% of Original Pool					8/18/2003		11/30/2003
			December 15, 2003 to June 16, 2008		15	%		$	187,494,909.22	$	187,494,909.22
			September 15, 2008 to June 15, 2011		18	%
			September 15, 2011 and thereafter		20	%
	ii	Cumulative Realized Losses (Net of Recoveries)						$	0.00	$	0.00
	iii	Is Test Satisfied (ii < i)?					Yes
B	i	Recoveries on Realized Losses This Collection Period
	ii	Principal Cash Recovered During Collection Period						$	0.00	$	0.00
	iii	Interest Cash Recovered During Collection Period						$	0.00	$	0.00
	iv	Late Fees and Collection Costs Recovered During Collection Period						$	0.00	$	0.00
	v	Total Recoveries for Period						$	0.00	$	0.00
C	i	Gross Defaults:
	ii	Cumulative Principal Purchases by Servicer						$	0.00	$	76,894.69
	iii	Cumulative Interest Purchases by Servicer						$	0.00	$	487.74
	iv	Total Gross Defaults:						$	0.00	$	77,382.43

5

VI. 2003-C            Portfolio Characteristics

	Weighted Avg Coupon		# of Loans			%*						Principal Amount				%*
STATUS	8/18/2003	11/30/2003	8/18/2003		11/30/2003	8/18/2003			11/30/2003			8/18/2003		11/30/2003		8/18/2003			11/30/2003
INTERIM:
In School	5.124%	4.816%		68,681	63,723		50.953	%		47.553	%	$	616,439,720.51	$	561,558,697.35		51.246	%		46.596	%
Grace	5.061%	5.257%		28,404	14,379		21.072	%		10.730	%	$	267,248,097.79	$	147,946,161.01		22.217	%		12.276	%
TOTAL INTERIM	5.105%	4.908%		97,085	78,102		72.025	%		58.283	%	$	883,687,818.30	$	709,504,858.36		73.464	%		58.872	%
REPAYMENT
Active
Current	4.838%	4.663%		31,057	44,867		23.042	%		33.482	%	$	257,381,060.82	$	396,945,840.34		21.396	%		32.937	%
31-60 Days Delinquent	5.221%	5.831%		1,072	992		0.795	%		0.740	%	$	9,240,043.55	$	8,054,733.52		0.768	%		0.669	%
61-90 Days Delinquent	0.000%	5.444%		—	453		0.000	%		0.338	%	$	—	$	3,791,120.94		0.000	%		0.315	%
91-120 Days Delinquent	0.000%	5.286%		—	317		0.000	%		0.237	%	$	—	$	2,885,037.95		0.000	%		0.239	%
121-150 Days Delinquent	0.000%	5.687%		—	287		0.000	%		0.214	%	$	—	$	2,334,172.86		0.000	%		0.194	%
151-180 Days Delinquent	0.000%	4.786%		—	49		0.000	%		0.037	%	$	—	$	505,620.28		0.000	%		0.042	%
> 180 Days Delinquent	0.000%	0.000%		—	—		0.000	%		0.000	%	$	—	$	0.00		0.000	%		0.000	%
Deferment	4.612%	4.423%		73	137		0.054	%		0.102	%	$	1,324,637.96	$	1,960,803.77		0.110	%		0.163	%
Forbearance	5.444%	5.151%		5,505	8,799		4.084	%		6.566	%	$	51,259,612.59	$	79,164,611.13		4.261	%		6.569	%
TOTAL REPAYMENT	4.945%	4.773%		37,707	55,903		27.975	%		41.717	%	$	319,205,354.92	$	495,658,488.70		26.536	%		41.128	%
GRAND TOTAL	5.064%	4.855%		134,792	134,005		100.000	%		100.000	%	$	1,202,893,173.22	$	1,205,163,347.06		100.000	%		100.000	%

* Percentages may not total 100% due to rounding

6

VII. 2003-C            Portfolio Characteristics by School and Program

LOAN TYPE	WAC			# Loans		$Amount		%
-Signature Loans		4.953	%		101,360	$	863,073,606.48		76.245	%
-Law Loans		4.959	%		20,556		183,397,662.90		14.344	%
-Med Loans		4.303	%		3,681		35,165,686.75		4.933	%
-MBA Loans		4.136	%		8,408		123,526,390.93		4.478	%
- Total		4.855	%		134,005	$	1,205,163,347.06		100.000	%

* Percentages may not total 100% due to rounding

7

VIII. 2003-C            Interest Rate Swap and Cap Calculations

A	Swap Payments					Counterparty A			Counterparty B
	i	Notional Swap Amount — Aggregate Prime Loans Outstanding					544,310,432		$	544,310,432
	Counterparty Pays:
	ii	3 Month Libor					1.13387	%		1.13387	%
	iii	Gross Swap Receipt Due Trust				$	1,148,635.47		$	1,148,635.47
	iv	Days in Period	10/09/2003		12/15/2003		67			67
	SLM Private Credit Trust Pays:
	v	Prime Rate (WSJ) Less	2.6500	%			1.35000	%		1.35000	%
	vi	Gross Swap Payment Due Counterparty				$	1,348,845.99		$	1,348,845.99
	vii	Days in Period	10/09/2003		12/15/2003		67			67
B	Cap Payments					Cap Calculation
	i	Notional Swap Amount				$	860,000,000.00
	Counterparty Pays:
	ii	3 Month Libor (interpolated for first accrual period)					1.13387	%
	iii	Cap Rate					4.00000	%
	iv	Excess (if any) of Libor over Cap Rate (ii-iii)					0.00000	%
	v	Days in Period	10/09/2003		12/15/2003		67
	vi	Cap Payment due Trust				$	—

IX. 2003-C            Accrued Interest Factors

		Accrued
		Int Factor		Accrual Period	Rate
A	Class A-1 Interest Rate		0.002296369	(10/09/03-12/15/03)		1.23387	%
B	Class A-2 Interest Rate		0.002836091	(10/09/03-12/15/03)		1.52387	%
C	Class B Interest Rate		0.003599147	(10/09/03-12/15/03)		1.93387	%
D	Class C Interest Rate		0.005088036	(10/09/03-12/15/03)		2.73387	%

8

X. 2003-C            Inputs From Prior Data 8/18/03

A	Total Student Loan Pool Outstanding
	i	Portfolio Balance			$	1,202,893,173.22
	ii	Interest To Be Capitalized				47,072,888.25
	iii	Total Pool			$	1,249,966,061.47
	iv	Cash Capitalization Account (CI)				102,811,061.00
	v	Asset Balance			$	1,352,777,122.47
B	Total Note and Certificate Factor					1.00000000000
C	Total Note Balance				$	1,346,013,000.00
D	Note Balance                10/09/2003		Class A-1		Class A-2		Class A-3		Class A-4		Class A-5		Class B		Class C
i	Current Factor			1.0000000000		1.0000000000		1.0000000000		1.0000000000		1.0000000000		1.0000000000		1.0000000000
ii	Expected Note Balance		$	600,000,000.00	$	421,173,000.00	$	75,000,000.00	$	75,000,000.00	$	70,000,000.00	$	43,965,000.00	$	60,875,000.00
F	Interest Shortfall		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
G	Interest Carryover		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
H	Unpaid Primary Servicing Fees from Prior Month(s)				$	0.00
I	Unpaid Administration fees from Prior Quarter(s)				$	0.00
J	Unpaid Carryover Servicing Fees from Prior Quarter(s)				$	0.00

9

XI. 2003-C            Note Parity Triggers

		Class A		Class B		Class C
Notes Outstanding	10/9/03	$	1,241,173,000	$	1,285,138,000	$	1,346,013,000
Asset Balance	8/18/03	$	1,352,777,122	$	1,352,777,122	$	1,352,777,122
Pool Balance	11/30/03	$	1,251,820,090	$	1,251,820,090	$	1,251,820,090
Amounts on Deposit*	12/15/03		118,960,050		118,801,813		118,492,079
Total		$	1,370,780,140	$	1,370,621,903	$	1,370,312,169
Are the Notes in Excess of the Asset Balance?		No		No		No
Are the Notes in Excess of the Pool + Amounts on Deposit?		No		No		No
Are the Notes Parity Triggers in Effect?		No		No		No
Class A Enhancement		$	111,604,122.47
Specified Class A Enhancement		$	203,194,672.71	The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount
Class B Enhancement		$	67,639,122.47
Specified Class B Enhancement		$	137,156,404.08	The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount
Class C Enhancement		$	6,764,122.47
Specified Class C Enhancement		$	40,638,934.54	The greater of 3% of the Asset Balance or the Specified Overcollateralization Amount

* Amounts on Deposit in Trust Accounts for the Collection Period after Payment of Section XIII Items B through F for the Class A; Items B through H for the Class B; and Items B through J for the Class C

10

XII. 2003-C            Principal Distribution Calculations

Priority Principal Payments (If Note Parity Triggers are not in effect, go to Regular Principal Distribution below):
i	Is the Class A Note Parity Trigger in Effect?		No
ii	Aggregate A Notes Outstanding	10/9/2003	$	1,241,173,000.00
iii	Asset Balance	11/30/2003	$	1,354,631,151.40
iv	First Priority Principal Distribution Amount	12/15/2003	$	—
				—
v	Is the Class B Note Parity Trigger in Effect?		No
vi	Aggregate A and B Notes Outstanding	10/9/2003	$	1,285,138,000.00
vii	Asset Balance	11/30/2003	$	1,354,631,151.40
viii	First Priority Principal Distribution Amount	12/15/2003	$	—
ix	Second Priority Principal Distribution Amount	12/15/2003	$	—
				—
x	Is the Class C Note Parity Trigger in Effect?		No
xi	Aggregate A, B and C Notes Outstanding	10/9/2003	$	1,346,013,000.00
xii	Asset Balance	11/30/2003	$	1,354,631,151.40
xiii	First Priority Principal Distribution Amount	12/15/2003	$	—
xiv	Second Priority Principal Distribution Amount	12/15/2003	$	—
xv	Third Priority Principal Distribution Amount	12/15/2003	$	—
				—
Regular Principal Distribution
i	Aggregate Notes Outstanding	10/9/2003	$	1,346,013,000.00
ii	Asset Balance	11/30/2003	$	1,354,631,151.40
iii	Specified Overcollateralization Amount	12/15/2003	$	27,055,542.45
iv	First Priority Principal Distribution Amount	12/15/2003	$	—
v	Second Priority Principal Distribution Amount	12/15/2003	$	—
vi	Third Priority Principal Distribution Amount	12/15/2003	$	—
vii	Regular Principal Distribution Amount		$	18,437,391.05
viii	Actual Principal Distribution Amount paid		$	15,681,018.26
ix	Shortfall		$	2,756,372.79
Class A Noteholders’ Principal Distribution Amounts
i	Has the Stepdown Date Occurred?		No
ii	Asset Balance	11/30/2003	$	1,354,631,151.40
iii	85% of Asset Balance	11/30/2003	$	1,151,436,478.69
iv	Specified Overcollateralization Amount	12/15/2003	$	27,055,542.45
v	Lesser of (iii) and (ii — iv)		$	1,151,436,478.69
vi	Class A Noteholders’ Principal Distribution Amt — Before the Stepdown Date		$	18,437,391.05
vii	Class A Noteholders’ Principal Distribution Amt — After the Stepdown Date		$	—
Class B Noteholders’ Principal Distribution Amounts
i	Has the Stepdown Date Occurred?		No
ii	Asset Balance	11/30/2003	$	1,354,631,151.40
iii	89.875% of Asset Balance	11/30/2003	$	1,217,474,747.32
iv	Specified Overcollateralization Amount	12/15/2003	$	27,055,542.45
v	Lesser of (iii) and (ii — iv)		$	1,217,474,747.32
vi	Class B Noteholders’ Principal Distribution Amt — Before the Stepdown Date		$	—
vii	Class B Noteholders’ Principal Distribution Amt — After the Stepdown Date		$	—
Class C Noteholders’ Principal Distribution Amounts
i	Has the Stepdown Date Occurred?		No
ii	Asset Balance	11/30/2003	$	1,354,631,151.40
iii	97% of Asset Balance	11/30/2003	$	1,313,992,216.86
iv	Specified Overcollateralization Amount	12/15/2003	$	27,055,542.45
v	Lesser of (iii) and (ii — iv)		$	1,313,992,216.86
vi	Class C Noteholders’ Principal Distribution Amt — Before the Stepdown Date		$	—
vii	Class C Noteholders’ Principal Distribution Amt — After the Stepdown Date		$	—

11

XIII. 2003-C            Waterfall for Distributions

							Remaining Funds Balance
A		Total Available Funds ( Sections III-J )			$	22,136,445.13	$	22,136,445.13
B		Primary Servicing Fees-Current Month plus any Unpaid			$	697,457.59	$	21,438,987.54
C		Quarterly Administration Fee plus any Unpaid			$	20,000.00	$	21,418,987.54
D		Auction Fees Due	12/15/2003		$	0.00	$	21,418,987.54
		Broker/Dealer Fees Due	12/15/2003		$	0.00	$	21,418,987.54
E		Gross Swap Payment due Counterparty A			$	1,348,845.99	$	20,070,141.55
		Gross Swap Payment due Counterparty B			$	1,348,845.99	$	18,721,295.56
F	i	Class A-1 Noteholders’ Interest Distribution Amount due		12/15/2003	$	1,377,821.50	$	17,343,474.06
	ii	Class A-2 Noteholders’ Interest Distribution Amount due		12/15/2003	$	1,194,485.12	$	16,148,988.94
	iii	Class A-3 Noteholders’ Interest Distribution Amount due		12/15/2003	$	0.00	$	16,148,988.94
	iv	Class A-4 Noteholders’ Interest Distribution Amount due		12/15/2003	$	0.00	$	16,148,988.94
	v	Class A-5 Noteholders’ Interest Distribution Amount due		12/15/2003	$	0.00	$	16,148,988.94
	vi	Swap Termination Fees due		12/15/2003	$	0.00	$	16,148,988.94
G		First Priority Principal Distribution Amount — Principal Distribution Account			$	0.00	$	16,148,988.94
H		Class B Noteholders’ Interest Distribution Amount due		12/15/2003	$	158,236.50	$	15,990,752.44
I		Second Priority Principal Distribution Amount — Principal Distribution Account			$	0.00	$	15,990,752.44
J		Class C Noteholders’ Interest Distribution Amount			$	309,734.18	$	15,681,018.26
K		Third Priority Principal Distribution Amount — Principal Distribution Account			$	0.00	$	15,681,018.26
L		Increase to the Specified Reserve Account Balance			$	0.00	$	15,681,018.26
M		Regular Principal Distribution Amount — Principal Distribution Account			$	15,681,018.26	$	0.00
N		Carryover Servicing Fees			$	0.00	$	0.00
O		Auction Rate Noteholder’s Interest Carryover
	i	Class A-3			$	0.00	$	0.00
	ii	Class A-4			$	0.00	$	0.00
	iii	Class A-5			$	0.00	$	0.00
P		Swap Termination Payments			$	0.00	$	0.00
Q		Additional Principal Distribution Amount — Principal Distribution Account			$	0.00	$	0.00
R		Remaining Funds to the Certificateholders			$	0.00	$	0.00

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XIV. 2003-C            Principal Distribution Account Allocations

					Remaining
					Funds Balance
A		Total from Collection Account	$	15,681,018.26	$	15,681,018.26
B	i	Class A-1 Principal Distribution Amount Paid	$	15,681,018.26	$	0.00
	ii	Class A-2 Principal Distribution Amount Paid	$	0.00	$	0.00
	iii	Class A-3 Principal Distribution Amount Paid (or allocated)	$	0.00	$	0.00
	iv	Class A-4 Principal Distribution Amount Paid (or allocated)	$	0.00	$	0.00
	v	Class A-5 Principal Distribution Amount Paid (or allocated)	$	0.00	$	0.00
C		Class B Principal Distribution Amount Paid	$	0.00	$	0.00
D		Class C Principal Distribution Amount Paid	$	0.00	$	0.00
E		Remaining Class C Distribution Paid	$	0.00	$	0.00
F		Remaining Class B Distribution Paid	$	0.00	$	0.00
G	i	Remaining Class A-1 Distribution Paid	$	0.00	$	0.00
	ii	Remaining Class A-2 Distribution Paid	$	0.00	$	0.00
	iii	Remaining Class A-3 Distribution Paid (or allocated)	$	0.00	$	0.00
	iv	Remaining Class A-4 Distribution Paid (or allocated)	$	0.00	$	0.00
	v	Remaining Class A-5 Distribution Paid (or allocated)	$	0.00	$	0.00

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XV. 2003-C            Distributions

A	Distribution Amounts		Class A-1		Class A-2		Class A-3		Class A-4		Class A-5		Class B		Class C
	i	Quarterly Interest Due	$	1,377,821.50	$	1,194,485.12	$	0.00	$	0.00	$	0.00	$	158,236.50	$	309,734.18
	ii	Quarterly Interest Paid		1,377,821.50		1,194,485.12		0.00		0.00		0.00		158,236.50		309,734.18
	iii	Interest Shortfall	$	0.00	$	0.00	$	0.00	$	0.00			$	0.00	$	0.00
	iv	Interest Carryover Due	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	v	Interest Carryover Paid		0.00		0.00		0.00		0.00		0.00		0.00		0.00
	vi	Interest Carryover	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	vii	Quarterly Principal Distribution Amount	$	18,437,391.05	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	viii	Quarterly Principal Paid (or allocated)		15,681,018.26		0.00		0.00		0.00		0.00		0.00		0.00
	ix	Shortfall	$	2,756,372.79	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	x	Total Distribution Amount	$	17,058,839.76	$	1,194,485.12	$	0.00	$	0.00			$	158,236.50	$	309,734.18

B	Note Balances			10/9/2003		Paydown Factors		12/15/2003
	i	A-1 Note Balance	78443CAY0	$	600,000,000.00			$	584,318,981.74
		A-1 Note Pool Factor			1.0000000000		0.0261350304		0.9738649696
	ii	A-2 Note Balance	78443CAZ7	$	421,173,000.00			$	421,173,000.00
		A-2 Note Pool Factor			1.0000000000		0.0000000000		1.0000000000
										Balances		Next ARS Pay Date
	iii	A-3 Note Balance	78443CBA1	$	75,000,000.00			$	75,000,000.00	$	75,000,000.00	12/30/03
		A-3 Note Pool Factor			1.0000000000		0.0000000000		1.0000000000		1.000000000
	iv	A-4 Note Balance	78443CBB9	$	75,000,000.00			$	75,000,000.00	$	75,000,000.00	01/06/03
		A-4 Note Pool Factor			1.0000000000		0.0000000000		1.0000000000		1.000000000
	v	A-5 Note Balance	78443CBC7	$	70,000,000.00			$	70,000,000.00		70,000,000.00	12/18/03
		A-5 Note Pool Factor			1.0000000000		0.0000000000		1.0000000000		1.000000000
	vi	B Note Balance	78443CBD5	$	43,965,000.00			$	43,965,000.00
		B Note Pool Factor			1.0000000000		0.0000000000		1.0000000000
	vii	C Note Balance	78443CBE3	$	60,875,000.00			$	60,875,000.00
		C Note Pool Factor			1.0000000000		0.0000000000		1.0000000000

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XVI. 2003-C            Historical Pool Information

				08/18/03-11/30/03
Beginning Student Loan Portfolio Balance				$	1,202,893,173.22
		Student Loan Principal Activity
		i	Principal Payments Received	$	13,196,464.40
		ii	Purchases by Servicer (Delinquencies >180)		76,894.69
		iii	Other Servicer Reimbursements		1,730.97
		iv	Seller Reimbursements		665,294.10
		v	Total Principal Collections	$	13,940,384.16
		Student Loan Non-Cash Principal Activity
		i	Realized Losses/Loans Charged Off	$	—
		ii	Capitalized Interest		(14,369,110.75	)
		iii	Capitalized Insurance Fee		($1,810,969.76	)
		iv	Other Adjustments		(30,477.49	)
		v	Total Non-Cash Principal Activity	$	(16,210,558.00	)
	(-)	Total Student Loan Principal Activity		$	(2,270,173.84	)
		Student Loan Interest Activity
		i	Interest Payments Received	$	4,365,636.18
		ii	Repurchases by Servicer (Delinquencies >180)		487.74
		iii	Other Servicer Reimbursements		15.64
		iv	Seller Reimbursements		46,145.91
		v	Late Fees		51,362.80
		vi	Collection Fees		—
		viii	Total Interest Collections		4,463,648.27
		Student Loan Non-Cash Interest Activity
		i	Realized Losses/Loans Charged Off	$	—
		ii	Capitalized Interest		14,369,110.75
		iii	Other Interest Adjustments		104,599.84
		iv	Total Non-Cash Interest Adjustments	$	14,473,710.59
		v	Total Student Loan Interest Activity	$	18,937,358.86
	(=)	Ending Student Loan Portfolio Balance		$	1,205,163,347.06
	(+)	Interest to be Capitalized		$	46,656,743.34
	(=)	TOTAL POOL		$	1,251,820,090.40
	(+)	Cash Capitalization Account Balance (CI)		$	102,811,061.00
	(=)	Asset Balance		$	1,354,631,151.40

15

XVII. 2003-C            Payment History and CPRs

Distribution	Actual		Since Issued
Date	Pool Balances		CPR *
Dec-03	$	1,251,820,090		2.20	%

*  “Since Issued CPR” is based on the current period’s ending pool balance
calculated against the original pool balance and assuming cutoff date pool data.

16