-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UxZ6+m48xXbTSfrOxHGAOSO/0eA49L2Hji8cyOPTS1oErHA+Yce5XS/+WnUg76s9 dej44ZHyRPjoHNdH1SJoag== 0000950133-04-001193.txt : 20040329 0000950133-04-001193.hdr.sgml : 20040329 20040329132908 ACCESSION NUMBER: 0000950133-04-001193 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040315 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040329 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SLM EDUCATION CREDIT FUNDING LLC CENTRAL INDEX KEY: 0001179550 STANDARD INDUSTRIAL CLASSIFICATION: FEDERAL & FEDERALLY-SPONSORED CREDIT AGENCIES [6111] IRS NUMBER: 043480392 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-98169 FILM NUMBER: 04695453 BUSINESS ADDRESS: STREET 1: 20 HEMINGWAY DRIVE CITY: PROVIDENCE STATE: RI ZIP: 02915 BUSINESS PHONE: 7038107677 MAIL ADDRESS: STREET 1: 20 HEMINGWAY DRIVE CITY: PROVIDENCE STATE: RI ZIP: 02915 8-K 1 w95308be8vk.htm FORM 8-K e8vk
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934

Date of Report (Date of earliest event reported): March 15, 2004

SLM EDUCATION CREDIT FUNDING LLC

(Exact name of registrant as specified in its charter)

Depositor of

the SLM Private Credit Student Loan Trust 2002-A,
the SLM Private Credit Student Loan Trust 2003-A,
the SLM Private Credit Student Loan Trust 2003-B, and
the SLM Private Credit Student Loan Trust 2003-C.

         
Delaware
 
333-98169/333-109004
 
04-3480392
(State or other
 
(Commission File Numbers)
 
 
Jurisdiction of
 
 
 
(I.R.S. employer
Incorporation)
 
 
 
Identification No.)

20 Hemingway Drive
East Providence, RI 02915
(Address of principal executive offices)

Registrant’s telephone number, including area code: (401) 438-4500

Page 1 of 3
Exhibit Index appears on Page 3

 

 

Item 5. OTHER EVENTS

On March 15, 2004,

•   the SLM Private Credit Student Loan Trust 2002-A made its sixth;

•   the SLM Private Credit Student Loan Trust 2003-A made its fourth;

•   the SLM Private Credit Student Loan Trust 2003-B made its third; and

•   the SLM Private Credit Student Loan Trust 2003-C made its second

regular quarterly distribution of funds to holders of their Student Loan-Backed Notes. The trust also distributed its Quarterly Servicing Reports dated as of February 29, 2004 to its Certificateholders and Noteholders of record.

     The Registrant is filing the Quarterly Servicing Reports reflecting the Trust’s activities for the period ended February 29, 2004 as an Exhibit to this Form 8-K.

Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL STATEMENTS AND EXHIBITS

     (c) Exhibits

19.1 Quarterly Servicing Reports

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: March 25, 2004

     

      
SLM EDUCATION CREDIT FUNDING LLC
     
By:   /s/ MARK L. HELEEN
   
    Name: Mark L. Heleen
   

Title: Vice President

     

 

     Page 2 of 3
Exhibit Index appears on Page 3

 

 

INDEX TO EXHIBIT

             
 
 
 
 
Sequentially
 
 
 
 
Numbered
Exhibit Number
 
Exhibit
 
Page
 
     
19.1  
Quarterly Servicing Reports
 

3

Page 3 of 3
Exhibit Index appears on Page 3

  EX-19.1 3 w95308bexv19w1.htm EXHIBIT 19.1 exv19w1

 

SLM Private Credit Student Loan Trust 2002-A
Quarterly Servicing Report
Report Date: 2/29/2004 Reporting Period: 12/01/03-02/29/04

I.       Deal Parameters

                                 
    Student Loan Portfolio Characteristics   11/30/2003   Activity   2/29/2004
A
   i   Portfolio Balance   $ 648,773,639.91     $ (2,966,449.10 )   $ 645,807,190.81  
 
   ii   Interest to be Capitalized     15,890,518.90               11,361,408.00  
 
   iii   Total Pool   $ 664,664,158.81             $ 657,168,598.81  
 
            
 		              
 		  
 
   iv   Cash Capitalization Account (CI)     40,178,192.00               40,178,192.00  
 
            
 		              
 		  
 
   v   Asset Balance   $ 704,842,350.81             $ 697,346,790.81  
 
            
 		              
 		  
 
   i   Weighted Average Coupon (WAC)     4.881 %             4.927 %
 
   ii   Weighted Average Remaining Term     181.43               180.16  
 
   iii   Number of Loans     68,049               67,478  
 
   iv   Number of Borrowers     46,394               45,977  
 
   vi   Prime Loans Outstanding   $ 576,735,731             $ 571,511,747  
 
   vii   T-bill Loans Outstanding   $ 86,663,296             $ 84,442,724  
 
   viii   Fixed Loans Outstanding   $ 1,265,132             $ 1,214,128  
                                                 
                            % of           % of
    Notes       Cusips   Spread   Balance 12/15/03   O/S Securities   Balance 03/15/04   O/S Securities
B
   i   A-1 Notes   78443CAA2   0.150%   $ 303,372,099.25       43.952 %   $ 295,876,539.25       43.337 %
 
   ii   A-2 Notes   78443CAB0   0.550%     328,419,000.00       47.581 %     328,419,000.00       48.103 %
 
   iii   B Notes   78443CAC8   0.850%     23,742,000.00       3.440 %     23,742,000.00       3.477 %
 
   iv   C Notes   78443CAD6   1.700%     34,699,000.00       5.027 %     34,699,000.00       5.082 %
 
   v   Total Notes           $ 690,232,099.25       100.000 %   $ 682,736,539.25       100.000 %
                         
            12/15/2003   3/15/2004
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: 12/1/2003 through: 2/29/2004

                 
A   Student Loan Principal Activity        
  i   Principal Payments Received   $ 10,762,886.70  
  ii   Purchases by Servicer (Delinquencies >180)     592,702.67  
  iii   Other Servicer Reimbursements     492.55  
  iv   Seller Reimbursements     6,608.75  
           
 		  
  v   Total Principal Collections   $ 11,362,690.67  
 
                
B   Student Loan Non-Cash Principal Activity        
  i   Realized Losses/Loans Charged Off   $ —  
  ii   Capitalized Interest     (7,438,000.51 )
  iii   Capitalized Insurance Fee     (947,304.59 )
  iv   Other Adjustments     (10,936.47 )
           
 		  
  v   Total Non-Cash Principal Activity   $ (8,396,241.57 )
 
                
C   Total Student Loan Principal Activity   $ 2,966,449.10  
 
                
D   Student Loan Interest Activity        
  i   Interest Payments Received   $ 4,726,323.30  
  ii   Purchases by Servicer (Delinquencies >180)     20,767.38  
  iii   Other Servicer Reimbursements     8.56  
  iv   Seller Reimbursements     5.05  
  v   Late Fees     66,813.45  
  vi   Collection Fees     0.00  
           
 		  
  vii   Total Interest Collections   $ 4,813,917.74  
 
                
E   Student Loan Non-Cash Interest Activity        
  i   Realized Losses/Loans Charged Off   $ —  
  ii   Capitalized Interest     7,438,000.51  
  iii   Other Interest Adjustments     14,990.30  
           
 		  
  iv   Total Non-Cash Interest Adjustments   $ 7,452,990.81  
F   Total Student Loan Interest Activity   $ 12,266,908.55  

2

 

III. 2002-A Collection Account Activity 12/1/2003 through 2/29/2004

                 
A   Principal Collections        
  i   Principal Payments Received   $ 10,618,681.08  
  ii   Consolidation Principal Payments     144,205.62  
  iii   Purchases by Servicer (Delinquencies >180)     592,702.67  
  iv   Reimbursements by Seller     15.00  
  v   Reimbursements by Servicer     492.55  
  vi   Other Re-purchased Principal     6,593.75  
           
 		  
  vii   Total Principal Collections   $ 11,362,690.67  
 
                
B   Interest Collections        
  i   Interest Payments Received   $ 4,725,446.15  
  ii   Consolidation Interest Payments     877.15  
  iii   Purchases by Servicer (Delinquencies >180)     20,767.38  
  iv   Reimbursements by Seller     0.00  
  v   Reimbursements by Servicer     8.56  
  vi   Other Re-purchased Interest     5.05  
  viii   Collection Fees/Return Items     0.00  
  ix   Late Fees     66,813.45  
           
 		  
  x   Total Interest Collections   $ 4,813,917.74  
C   Recoveries on Realized Losses   $ —  
 
                
D   Amount from Cash Capitalizaton Account   $ —  
 
                
E   Funds Borrowed from Next Collection Period   $ —  
 
                
F   Funds Repaid from Prior Collection Periods   $ —  
 
                
G   Investment Income   $ 120,421.96  
 
                
H   Borrower Incentive Reimbursements   $ 47,600.15  
 
                
I   Gross Swap Receipt   $ 1,705,695.92  
    TOTAL FUNDS RECEIVED   $ 18,050,326.44  
    LESS FUNDS PREVIOUSLY REMITTED:
     Servicing Fees		   $ (755,566.24 )
J   TOTAL AVAILABLE FUNDS   $ 17,294,760.20  
 
                
K   Servicing Fees Due for Current Period   $ 375,333.33  
 
                
L   Carryover Servicing Fees Due   $ —  
 
                
M   Administration Fees Due   $ 20,000.00  
 
                
N   Total Fees Due for Period   $ 395,333.33  

3

 

IV. 2002-A Loss and Recovery Detail 2/29/2004

                                     
A
  i   Cumulative Realized Losses Test   % of Initial Pool       11/30/2003
     2/29/2004
  
            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               $ 1,658,911.42     $ 2,251,614.09  
  iii   Cumulative Interest Purchases by Servicer               $ 41,237.10     $ 62,004.48  
                       
 		      
 		  
  iv   Total Gross Defaults:               $ 1,700,148.52     $ 2,313,618.57  

4

 

V. 2002-A Portfolio Characteristics

                                                                                 
    Weighted Avg Coupon
   # of Loans
   %*
   Principal Amount
   %*
STATUS   11/30/2003   2/29/2004   11/30/2003   2/29/2004   11/30/2003   2/29/2004   11/30/2003   2/29/2004   11/30/2003   2/29/2004
INTERIM:
                                                                                
 
In School
     4.496 %     4.490 %     5,303       5,457       7.793 %     8.087 %   $ 55,537,711.44     $ 19,932,796.97       8.560 %     3.086 %
 
Grace
     4.776 %     4.753 %     6,094       2,257       8.955 %     3.345 %   $ 55,609,559.31     $ 49,921,618.62       8.571 %     7.730 %
TOTAL INTERIM
     4.636 %     4.678 %     11,397       7,714       16.748 %     11.432 %   $ 111,147,270.75     $ 69,854,415.59       17.132 %     10.817 %
REPAYMENT
                                                                                
Active
                                                                                
Current
     4.824 %     4.874 %     41,989       44,725       61.704 %     66.281 %   $ 399,394,074.95     $ 432,110,703.39       61.561 %     66.910 %
31-60 Days Delinquent
     5.588 %     5.583 %     1,096       1,342       1.611 %     1.989 %   $ 9,839,825.04     $ 12,971,446.41       1.517 %     2.009 %
61-90 Days Delinquent
     5.742 %     5.454 %     599       681       0.880 %     1.009 %   $ 5,372,060.00     $ 6,101,113.15       0.828 %     0.945 %
91-120 Days Delinquent
     5.480 %     6.174 %     273       307       0.401 %     0.455 %   $ 2,542,457.78     $ 2,614,113.76       0.392 %     0.405 %
121-150 Days Delinquent
     5.588 %     5.850 %     208       221       0.306 %     0.328 %   $ 1,897,897.71     $ 1,957,239.32       0.293 %     0.303 %
151-180 Days Delinquent
     5.716 %     5.337 %     49       85       0.072 %     0.126 %   $ 431,474.58     $ 901,312.59       0.067 %     0.140 %
> 180 Days Delinquent
     4.000 %     5.719 %     3       4       0.004 %     0.006 %   $ 62,362.09     $ 71,258.49       0.010 %     0.011 %
Deferment
     4.006 %     3.938 %     912       946       1.340 %     1.402 %   $ 12,396,980.62     $ 12,912,869.35       1.911 %     1.999 %
 
Forbearance
     5.317 %     5.263 %     11,523       11,453       16.933 %     16.973 %   $ 105,689,236.39     $ 106,312,718.76       16.291 %     16.462 %
TOTAL REPAYMENT
     4.932 %     4.957 %     56,652       59,764       83.252 %     88.568 %   $ 537,626,369.16     $ 575,952,775.22       82.868 %     89.183 %
 
GRAND TOTAL
     4.881 %     4.927 %     68,049       67,478       100.000 %     100.000 %   $ 648,773,639.91     $ 645,807,190.81       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
     5.000 %     39,764     $ 323,395,666.76       50.076 %
-Law Loans
     5.434 %     12,996     $ 137,395,902.11       21.275 %
-Med Loans
     4.324 %     8,306     $ 89,353,550.66       13.836 %
-MBA Loans
     4.485 %     6,412     $ 95,662,071.28       14.813 %
 
    
 		      
 		      
 		          
- Total
     4.927 %     67,478     $ 645,807,190.81       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     576,735,731  
 
                        
Counterparty Pays:                    
 
                        
ii
  3 Month Libor                 1.17000 %
iii   Gross Swap Receipt Due Trust   $ 1,705,695.92  
iv
  Days in Period     12/15/2003     3/15/2004     91  
 
                        
SLM Private Credit Trust Pays:                    
 
                        
v
  Prime Rate (WSJ) Less 2.7000%             1.30000 %
vi   Gross Swap Payment Due Counterparty   $ 1,865,102.65  
vii
  Days in Period     12/15/2003     3/15/2004     91  

VIII. 2002-A Accrued Interest Factors

                         
          Accrued          
          Int Factor
     Accrual Period
     Rate
A
   Class A-1 Interest Rate     0.003336667     (12/15/03 — 03/15/04)     1.32000 %
B
  Class A-2 Interest Rate     0.004347778     (12/15/03 — 03/15/04)     1.72000 %
C
  Class B Interest Rate     0.005106111     (12/15/03 — 03/15/04)     2.02000 %
D
  Class C Interest Rate     0.007254722     (12/15/03 — 03/15/04)     2.87000 %

7

 

IX. 2002-A  Inputs From Prior Data 11/30/03

                 
A   Total Student Loan Pool Outstanding        
    i   Portfolio Balance   $ 648,773,639.91  
  ii   Interest To Be Capitalized     15,890,518.90  
           
 		  
  iii   Total Pool   $ 664,664,158.81  
  iv   Cash Capitalization Account (CI)     40,178,192.00  
           
 		  
  v   Asset Balance   $ 704,842,350.81  
           
 		  
B   Total Note and Certificate Factor     0.94960803903  
C   Total Note Balance   $ 690,232,099.25  
                                         
 
D   Note Balance   12/15/2003   Class A-1   Class A-2   Class B   Class C
 
    i   Current Factor     0.8922708801       1.0000000000       1.0000000000       1.0000000000  
  ii   Expected Note Balance   $ 303,372,099.25     $ 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
     12/15/03     $ 631,791,099     $ 655,533,099     $ 690,232,099          
Asset Balance
     11/30/03     $ 704,842,351     $ 704,842,351     $ 704,842,351          
Pool Balance
     2/29/04     $ 657,168,599     $ 657,168,599     $ 657,168,599          
Amounts on Deposit*
     3/15/04       52,772,372       52,651,143       52,399,411          
Total
           $ 709,940,970     $ 709,819,741     $ 709,568,009          
 
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           $ 104,602,018.62     The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount
 
Class B Enhancement
           $ 49,309,251.56                          
Specified Class B Enhancement           $ 70,606,362.57     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           $ 20,920,403.72     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   12/15/2003   $ 631,791,099.25  
iii
   Asset Balance   2/29/2004   $ 697,346,790.81  
 
            
 		  
iv
   First Priority Principal Distribution Amount   3/15/2004   $ —  
 
            
 		  
v
   Is the Class B Note Parity Trigger in Effect?       No
vi
   Aggregate A and B Notes Outstanding   12/15/2003   $ 655,533,099.25  
vii
   Asset Balance   2/29/2004   $ 697,346,790.81  
viii
   First Priority Principal Distribution Amount   3/15/2004   $ —  
 
            
 		  
ix
   Second Priority Principal Distribution Amount   3/15/2004   $ —  
 
            
 		  
x
   Is the Class C Note Parity Trigger in Effect?       No
xi
   Aggregate A, B and C Notes Outstanding   12/15/2003   $ 690,232,099.25  
xii
   Asset Balance   2/29/2004   $ 697,346,790.81  
xiii
   First Priority Principal Distribution Amount   3/15/2004   $ —  
xiv
   Second Priority Principal Distribution Amount   3/15/2004   $ —  
 
            
 		  
xv
   Third Priority Principal Distribution Amount   3/15/2004   $ —  
 
            
 		  
 
                
Regular Principal Distribution            
 
                
i
   Aggregate Notes Outstanding   12/15/2003   $ 690,232,099.25  
ii
   Asset Balance   2/29/2004   $ 697,346,790.81  
iii
   Specified Overcollateralization Amount   3/15/2004   $ 14,610,251.56  
iv
   First Priority Principal Distribution Amount   3/15/2004   $ —  
v
   Second Priority Principal Distribution Amount   3/15/2004   $ —  
vi
   Third Priority Principal Distribution Amount   3/15/2004   $ —  
vii
   Regular Principal Distribution Amount       $ 7,495,560.00  
 
                
Class A Noteholders’ Principal Distribution Amounts            
 
                
i
   Has the Stepdown Date Occurred?       No
ii
   Asset Balance   2/29/2004   $ 697,346,790.81  
iii
   85% of Asset Balance   2/29/2004   $ 592,744,772.19  
iv
   Specified Overcollateralization Amount   3/15/2004   $ 14,610,251.56  
v
   Lesser of (iii) and (ii - iv)       $ 592,744,772.19  
vi
   Class A Noteholders' Principal Distribution Amt - Before the Stepdown Date       $ 7,495,560.00  
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   2/29/2004   $ 697,346,790.81  
iii
   89.875% of Asset Balance   2/29/2004   $ 626,740,428.24  
iv
   Specified Overcollateralization Amount   3/15/2004   $ 14,610,251.56  
v
   Lesser of (iii) and (ii - iv)       $ 626,740,428.24  
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   2/29/2004   $ 697,346,790.81  
iii
   97% of Asset Balance   2/29/2004   $ 676,426,387.09  
iv
   Specified Overcollateralization Amount   3/15/2004   $ 14,610,251.56  
v
   Lesser of (iii) and (ii - iv)       $ 676,426,387.09  
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)   $ 17,294,760.20     $ 17,294,760.20  
 
B
      Primary Servicing Fees-Current Month plus any Unpaid   $ 375,333.33     $ 16,919,426.87  
 
C
      Quarterly Administration Fee plus any Unpaid   $ 20,000.00     $ 16,899,426.87  
 
D
      Gross Swap Payment   $ 1,865,102.65     $ 15,034,324.22  
 
E
  i   Class A-1 Noteholders’ Interest Distribution Amount   $ 1,012,251.57     $ 14,022,072.65  
  ii   Class A-2 Noteholders’ Interest Distribution Amount   $ 1,427,892.83     $ 12,594,179.82  
 
F
      First Priority Principal Distribution Amount–Principal Distribution Account   $ 0.00     $ 12,594,179.82  
 
G
      Class B Noteholders’ Interest Distribution Amount   $ 121,229.29     $ 12,472,950.53  
 
H
      Second Priority Principal Distribution Amount–Principal Distribution Account   $ 0.00     $ 12,472,950.53  
 
I
      Class C Noteholders’ Interest Distribution Amount   $ 251,731.61     $ 12,221,218.92  
 
J
      Third Priority Principal Distribution Amount–Principal Distribution Account   $ 0.00     $ 12,221,218.92  
 
K
      Increase to the Specified Reserve Account Balance   $ 0.00     $ 12,221,218.92  
 
L
      Regular Principal Distribution Amount–Principal Distribution Account   $ 7,495,560.00     $ 4,725,658.92  
 
M
      Carryover Servicing Fees   $ 0.00     $ 4,725,658.92  
 
N
      Swap Termination Payments   $ 0.00     $ 4,725,658.92  
 
O
      Additional Principal Distribution Amount–Principal Distribution Account   $ 0.00     $ 4,725,658.92  
 
P
      Remaining Funds to the Certificateholders   $ 4,725,658.92     $ 0.00  

11

 

XIII. 2002-A Principal Distribution Account Allocations

                         
                    Remaining
                    Funds Balance
                   
A
       Total from Collection Account   $ 7,495,560.00     $ 7,495,560.00  
 
B
   i   Class A-1 Principal Distribution Amount Paid   $ 7,495,560.00     $ 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
  $ 1,012,251.57     $ 1,427,892.83     $ 121,229.29     $ 251,731.61  
    ii  
Quarterly Interest Paid
    1,012,251.57       1,427,892.83       121,229.29       251,731.61  
       
   
 		      
 		      
 		      
 		  
    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
  $ 7,495,560.00     $ 0.00     $ 0.00     $ 0.00  
    viii  
Quarterly Principal Paid
    7,495,560.00       0.00       0.00       0.00  
       
   
 		      
 		      
 		      
 		  
    ix  
Difference
  $ 0.00     $ 0.00     $ 0.00     $ 0.00  
    x  
Total Distribution Amount
  $ 8,507,811.57     $ 1,427,892.83     $ 121,229.29     $ 251,731.61  
                                     
B   Note Balances       12/15/2003   Paydown Factors   3/15/2004
    i  
A-1 Note Balance
  78443CAA2   $ 303,372,099.25             $ 295,876,539.25  
       
A-1 Note Pool Factor
        0.8922708801       0.0220457647       0.8702251154  
 
    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

                                                         
            12/01/03-02/29/04
   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   $ 648,773,639.91     $ 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   $ 10,762,886.70     $ 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)     592,702.67       441,925.07       347,273.28       384,621.89       439,757.44       45,333.74  
 
   iii   Other Servicer Reimbursements     492.55       133.03       —       11,164.22       421.46       85.42  
 
   iv   Seller Reimbursements     6,608.75       72,375.73       24,001.54       (3,814.18 )     3,407.85       166,322.44  
           
 
 
   v   Total Principal Collections   $ 11,362,690.67     $ 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     (7,438,000.51 )     (4,848,167.41 )     (3,797,482.62 )     (1,388,563.67 )     (8,501,240.03 )     (13,326,412.85 )
 
   iii   Capitalized Insurance Fee   $ (947,304.59 )   $ (240,381.76 )   $ (76,200.23 )   $ (250,766.36 )   $ (1,337,764.97 )   $ (1,706,229.57 )
 
   iv   Other Adjustments     (10,936.47 )     4,883.51       (293,962.78 )     (1,083,938.30 )     (192,551.55 )     (71,540.36 )
           
 
 
   v   Total Non-Cash Principal Activity   $ (8,396,241.57 )   $ (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   $ 2,966,449.10     $ 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   $ 4,726,323.30     $ 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)     20,767.38       13,500.90       8,851.48       4,319.12       13,763.73       801.87  
 
   iii   Other Servicer Reimbursements     8.56       1.66       —       137.90       178.06       14.58  
 
   iv   Seller Reimbursements     5.05       1,932.71       377.88       1,145.56       (105.11 )     10,055.09  
 
   v   Late Fees     66,813.45       63,560.72       61,745.44       59,880.28       58,477.07       53,062.07  
 
   vi   Collection Fees     —       —       —       —       —       —  
           
 
 
   vii   Total Interest Collections     4,813,917.74       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     7,438,000.51       4,848,167.41       3,797,482.62       1,388,563.67       8,501,240.03       13,326,412.85  
 
   iii   Other Interest Adjustments     14,990.30       1,745.38       348,830.25       1,031,166.63       106,611.19       67,264.86  
           
 
 
   iv   Total Non-Cash Interest Adjustments   $ 7,452,990.81     $ 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   $ 12,266,908.55     $ 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   $ 645,807,190.81     $ 648,773,639.91     $ 653,597,531.10     $ 659,765,001.35     $ 667,456,526.16     $ 669,262,882.23  
(+)   Interest to be Capitalized   $ 11,361,408.00     $ 15,890,518.90     $ 17,320,240.99     $ 17,892,755.02     $ 16,437,126.42     $ 21,024,060.14  
 
                                                        
(=)   TOTAL POOL   $ 657,168,598.81     $ 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     $ 40,178,192.00  
 
                                                        
(=)   Asset Balance   $ 697,346,790.81     $ 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 %
 
   Mar-04   $ 657,168,599       1.78 %

*   “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: 2/29/2004 Reporting Period: 12/1/03-2/29/04

I. Deal Parameters

                                 
    Student Loan Portfolio Characteristics   11/30/2003   Activity   2/29/2004
A
   i   Portfolio Balance   $ 939,963,063.42     $ (10,288,615.18 )   $ 929,674,448.24  
 
   ii   Interest to be Capitalized     39,829,607.08               38,468,568.88  
 
            
 		              
 		  
 
   iii   Total Pool   $ 979,792,670.50             $ 968,143,017.12  
 
            
 		              
 		  
 
   iv   Cash Capitalization Account (CI)     58,502,550.00               58,502,550.00  
 
            
 		              
 		  
 
   v   Asset Balance   $ 1,038,295,220.50             $ 1,026,645,567.12  
 
            
 		              
 		  
 
   i   Weighted Average Coupon (WAC)     4.806 %             4.786 %
 
   ii   Weighted Average Remaining Term     172.01               170.69  
 
   iii   Number of Loans     118,480               117,112  
 
   iv   Number of Borrowers     75,063               74,276  
 
   vi   Prime Loans Outstanding   $ 704,921,641             $ 703,771,055  
 
   vii   T-bill Loans Outstanding   $ 268,718,193             $ 258,984,314  
 
   viii   Fixed Loans Outstanding   $ 6,152,837             $ 5,387,648  
                                                 
                            % of           % of
    Notes   Cusips   Spread   Balance 12/15/03   O/S Securities   Balance 03/15/04   O/S Securities
B
   i   A-1 Notes   78443CAE4   0.110%   $ 461,385,565.92       45.366 %   $ 449,735,912.54       44.733 %
 
   ii   A-2 Notes   78443CAF1   0.440%     320,000,000.00       31.464 %     320,000,000.00       31.829 %
 
   iii   A-3 ARS   78443CAJ3   ARS     76,600,000.00       7.532 %     76,600,000.00       7.619 %
 
   iv   A-4 ARS   78443CAK0   ARS     76,600,000.00       7.532 %     76,600,000.00       7.619 %
 
   v   B Notes   78443CAG9   0.750%     34,570,000.00       3.399 %     34,570,000.00       3.439 %
 
   vi   C Notes   78443CAH7   1.600%     47,866,000.00       4.706 %     47,866,000.00       4.761 %
 
   vii   Total Notes           $ 1,017,021,565.92       100.000 %   $ 1,005,371,912.54       100.000 %
                         
      12/15/2003   3/15/2004
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: 12/1/2003 through: 2/29/2004

                 
A   Student Loan Principal Activity        
  i   Principal Payments Received   $ 16,674,807.08  
  ii   Purchases by Servicer (Delinquencies > 180)     737,588.04  
  iii   Other Servicer Reimbursements     44.51  
  iv   Seller Reimbursements     19,179.46  
           
 		  
  v   Total Principal Collections   $ 17,431,619.09  
 
                
B   Student Loan Non-Cash Principal Activity        
  i
ii
iii
iv 		  Realized Losses/Loans Charged Off
Capitalized Interest
Capitalized Insurance Fee
Other Adjustments 		  $ —
(6,549,770.46
(571,102.55
(22,180.89
)
)
)
           
 		  
  v   Total Non-Cash Principal Activity   $ (7,143,053.90 )
 
                
C   Total Student Loan Principal Activity   $ 10,288,565.19  
 
                
D   Student Loan Interest Activity        
  i   Interest Payments Received   $ 5,709,448.24  
  ii   Purchases by Servicer (Delinquencies > 180)     23,997.03  
  iii   Other Servicer Reimbursements     1.58  
  iv   Seller Reimbursements     460.67  
  v   Late Fees     66,703.72  
  vi   Collection Fees     0.00  
           
 		  
  vii   Total Interest Collections   $ 5,800,611.24  
 
                
E   Student Loan Non-Cash Interest Activity        
  i   Realized Losses/Loans Charged Off   $ —  
  ii   Capitalized Interest     6,549,770.46  
  iii   Other Interest Adjustments     26,748.44  
           
 		  
  iv   Total Non-Cash Interest Adjustments   $ 6,576,518.90  
 
                
F   Total Student Loan Interest Activity   $ 12,377,130.14  

2

 

III. 2003-A Collection Account Activity 12/1/2003 through 2/29/2004

                         
A   Principal Collections                
  i   Principal Payments Received   $ 16,369,851.09          
  ii   Consolidation Principal Payments     304,955.99          
  iii   Purchases by Servicer (Delinquencies > 180)     737,588.04          
  iv   Reimbursements by Seller     115.92          
  v   Reimbursements by Servicer     44.51          
  vi   Other Re-purchased Principal     19,063.54          
           
 		          
 
  vii   Total Principal Collections   $ 17,431,619.09          
 
                        
B   Interest Collections                
  i   Interest Payments Received   $ 5,708,487.24          
  ii   Consolidation Interest Payments     961.00          
  iii   Purchases by Servicer (Delinquencies > 180)     23,997.03          
  iv   Reimbursements by Seller     0.00          
  v   Reimbursements by Servicer     1.58          
  vi   Other Re-purchased Interest     460.67          
  viii   Collection Fees/Return Items     0.00          
  ix   Late Fees     66,703.72          
           
 		          
  x   Total Interest Collections   $ 5,800,611.24          
 
                        
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   $ 178,599.36          
 
                        
H   Borrower Incentive Reimbursements   $ 94,826.32          
 
                        
I   Interest Rate Cap Proceeds   $            
 
                        
I   Gross Swap Receipt   $ 2,084,805.76          
 
                        
    TOTAL FUNDS RECEIVED   $ 25,590,461.77          
 
                        
    LESS FUNDS PREVIOUSLY REMITTED:                
     i   Servicing Fees   $ (1,095,316.10 )        
     ii   ARS related fees, payments, and accruals (IV-A-v + IV-B-v)   $ (484,898.22 )        
     iii   ARS funds held in error previous distribution   $            
 
                        
J   TOTAL AVAILABLE FUNDS   $ 24,010,247.45          
 
                        
K   Servicing Fees Due for Current Period   $ 543,827.05          
 
                        
L   Carryover Servicing Fees Due   $ —          
 
                        
M   Administration Fees Due   $ 20,000.00          
 
                        
N   Total Fees Due for Period   $ 563,827.05          

3

 

IV. 2003-A Auction Rate Security Detail

     
A
  Auction Rate Securities Paid During Collection Period
                                             
        Payment
Date		   Security
Deposit		   Interest
Rate		   No. of
Days		   Start Date   End Date   Interest Payment
 
   i   12/26/2003   SLMPC TRUST 2003A A3   1.120000%   28     11/28/2003       12/26/2003       66,727.11  
 
       01/07/2004   SLMPC TRUST 2003A A4   1.220000%   28     12/10/2003       01/07/2004       72,684.89  
 
       01/22/2004   SLMPC TRUST 2003A A3   1.250000%   27     12/26/2003       01/22/2004       71,812.50  
 
       02/04/2004   SLMPC TRUST 2003A A4   1.150000%   28     01/07/2004       02/04/2004       68,514.44  
 
       02/19/2004   SLMPC TRUST 2003A A3   1.100000%   28     01/22/2004       02/19/2004       65,535.56  
 
                                            
    ii   Auction Rate Security Payments Made During Collection Period                       $ 345,274.50  
 
                                            
    iii   Broker/Dealer Fees Paid During Collection Period   12/16/03-2/29/04                   $ 59,152.22  
    iv   Auction Agent Fees Paid During Collection Period   12/16/03-2/29/04                   $ 2,513.97  
 
                                        
 		  
 
                                            
    v   Total Payments Out of Future Distribution Account During Collection Period                   $ 406,940.69  
 
                                        
 		  
     
B
  Payments Set Aside During Collection Period for Future Distributions
                                             
        Payment
Date		   Security
Deposit		   Interest
Rate		   No. of
Days		   Start Date   End Date   Total Payment
 
   i   3/3/2004   SLMPC TRUST 2003A A4   1.100000%   28     02/04/2004       3/3/2004       65,535.56  
 
                                            
    ii   Future Auction Rate Security Payments Set Aside   $ 65,535.56  
    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 Funds Remaining in Future Distribution Account   $ 77,957.53  
 
                                        
 		  

4

 

V. 2003-A Loss and Recovery Detail 2/29/2004

                                 
A
 
   i
 		   Cumulative Realized Losses Test
 		   % of Original Pool
 		       11/30/2003
   2/29/2004
 
                                
 
       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           $ 606,136.49     $ 1,343,724.53  
 
   iii   Cumulative Interest Purchases by Servicer           $ 20,237.23     $ 44,234.26  
 
                    
 		      
 		  
 
   iv   Total Gross Defaults:           $ 626,373.72     $ 1,387,958.79  

5

 

VI. 2003-A Portfolio Characteristics

                                                                                 
    Weighted Avg Coupon
   # of Loans
   % *
   Principal Amount
   % *
STATUS   11/30/2003   2/29/2004   11/30/2003   2/29/2004   11/30/2003   2/29/2004   11/30/2003   2/29/2004   11/30/2003   2/29/2004
INTERIM:
                                                                                
In School
     4.715 %     4.707 %     34,863       31,063       29.425 %     26.524 %   $ 278,151,076.43     $ 248,705,843.21       29.592 %     26.752 %
 
                                                                                
Grace
     4.886 %     4.834 %     6,562       5,924       5.538 %     5.058 %   $ 56,787,703.74     $ 48,611,288.46       6.041 %     5.229 %
 
                                                                                
TOTAL INTERIM
     4.744 %     4.728 %     41,425       36,987       34.964 %     31.583 %   $ 334,938,780.17     $ 297,317,131.67       35.633 %     31.981 %
REPAYMENT
                                                                                
Active
                                                                                
   Current
     4.757 %     4.703 %     64,445       63,912       54.393 %     54.573 %   $ 495,366,796.05     $ 487,930,766.96       52.701 %     52.484 %
   31-60 Days Delinquent
     5.678 %     5.391 %     829       1,536       0.700 %     1.312 %   $ 6,625,929.94     $ 12,526,579.97       0.705 %     1.347 %
   61-90 Days Delinquent
     5.663 %     5.459 %     284       928       0.240 %     0.792 %   $ 2,331,759.73     $ 8,058,253.58       0.248 %     0.867 %
   91-120 Days Delinquent
     5.799 %     5.906 %     183       298       0.154 %     0.254 %   $ 1,600,677.84     $ 2,371,613.20       0.170 %     0.255 %
   121-150 Days Delinquent
     6.001 %     7.022 %     183       113       0.154 %     0.096 %   $ 1,476,981.09     $ 824,495.67       0.157 %     0.089 %
   151-180 Days Delinquent
     4.866 %     5.356 %     35       28       0.030 %     0.024 %   $ 360,399.22     $ 270,810.58       0.038 %     0.029 %
   > 180 Days Delinquent
     6.000 %     6.000 %     1       1       0.001 %     0.001 %   $ 22,509.73     $ 4,997.18       0.002 %     0.001 %
 
                                                                                
Deferment
     4.764 %     4.683 %     92       108       0.078 %     0.092 %   $ 1,223,513.49     $ 1,462,355.10       0.130 %     0.157 %
 
                                                                                
Forbearance
     5.156 %     5.122 %     11,003       13,201       9.287 %     11.272 %   $ 96,015,716.16     $ 118,907,444.33       10.215 %     12.790 %
 
                                                                                
TOTAL REPAYMENT
     4.840 %     4.813 %     77,055       80,125       65.036 %     68.417 %   $ 605,024,283.25     $ 632,357,316.57       64.367 %     68.019 %
GRAND TOTAL
     4.806 %     4.786 %     118,480       117,112       100.000 %     100.000 %   $ 939,963,063.42     $ 929,674,448.24       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
     4.843 %     78,332     $ 651,741,546.21       70.104 %
- Law Loans
     4.598 %     30,247     $ 192,722,932.80       20.730 %
- Med Loans
     4.960 %     5,162     $ 41,022,229.46       4.413 %
- MBA Loans
     4.502 %     3,371     $ 44,187,739.77       4.753 %
 
    
 		      
 		      
 		          
 
                                
- Total
     4.786 %     117,112     $ 929,674,448.24       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       352,460,820     $ 352,460,820  
    Counterparty Pays:                
 
   ii   3 Month Libor                     1.17000 %     1.17000 %
 
   iii   Gross Swap Receipt Due Trust                   $ 1,042,402.88     $ 1,042,402.88  
 
   iv   Days in Period     12/15/2003       3/15/2004       91       91  
 
                                        
    SLM Private Credit Trust Pays:                
 
   v   Prime Rate (WSJ) Less     2.6100 %             1.39000 %     1.39000 %
 
   vi   Gross Swap Payment Due Counterparty     $ 1,218,731.90     $ 1,218,731.90  
 
   vii   Days in Period     12/15/2003       3/15/2004       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)       1.17000 %        
 
   iii   Cap Rate                     4.00000 %        
 
                            
 		          
 
   iv   Excess (if any) of Libor over Cap Rate (ii-iii)       0.00000 %        
 
   v   Days in Period     12/15/2003       3/15/2004       91          
 
   vi   Cap Payment due Trust                   $ —          

IX. 2003-A                      Accrued Interest Factors

                         
        Accrued        
        Int Factor
   Accrual Period
   Rate
A
  Class A-1 Interest Rate     0.003235556     (12/15/03 — 03/15/04)     1.28000 %
 
                        
B
  Class A-2 Interest Rate     0.004069722     (12/15/03 — 03/15/04)     1.61000 %
 
                        
C
  Class B Interest Rate     0.004853333     (12/15/03 — 03/15/04)     1.92000 %
 
                        
D
  Class C Interest Rate     0.007001944     (12/15/03 — 03/15/04)     2.77000 %

8

 

X. 2003-A Inputs From Prior Data 11/30/03

                                                         
A   Total Student Loan Pool Outstanding                                                
  i   Portfolio Balance   $ 939,963,063.42                                          
  ii   Interest To Be Capitalized     39,829,607.08                                          
           
 		                                          
  iii   Total Pool   $ 979,792,670.50                                          
  iv   Cash Capitalization Account (CI)     58,502,550.00                                          
           
 		                                          
  v   Asset Balance   $ 1,038,295,220.50                                          
           
 		                                          
 
                                                        
B   Total Note and Certificate Factor     0.96335589886                                          
C   Total Note Balance   $ 1,017,021,565.92                                          
 
                                                        
 
D   Note Balance          12/15/2003   Class A-1   Class A-2   Class A-3   Class A-4   Class B   Class C
 
  i   Current Factor     0.9226401169       1.0000000000       1.0000000000       1.0000000000       1.0000000000       1.0000000000  
  ii   Expected Note Balance   $ 461,385,565.92     $ 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
  12/15/03   $ 934,585,566     $ 969,155,566     $ 1,017,021,566  
Asset Balance
  11/30/03   $ 1,038,295,221     $ 1,038,295,221     $ 1,038,295,221  
Pool Balance
  2/29/04   $ 968,143,017     $ 968,143,017     $ 968,143,017  
Amounts on Deposit*
  3/15/04     76,716,357       76,548,577       76,213,422  
Total
      $ 1,044,859,374     $ 1,044,691,594     $ 1,044,356,439  
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       $ 153,996,835.07     The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount
Class B Enhancement
      $ 69,139,654.58                  
Specified Class B Enhancement       $ 103,947,863.67     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       $ 30,799,367.01     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     12/15/2003     $ 934,585,565.92  
iii
   Asset Balance     2/29/2004     $ 1,026,645,567.12  
 
                
 		  
iv
   First Priority Principal Distribution Amount     3/15/2004     $ —  
 
                    
v
   Is the Class B Note Parity Trigger in Effect?           No
 
                    
vi
   Aggregate A and B Notes Outstanding     12/15/2003     $ 969,155,565.92  
vii
   Asset Balance     2/29/2004     $ 1,026,645,567.12  
viii
   First Priority Principal Distribution Amount     3/15/2004     $ —  
 
                
 		  
ix
   Second Priority Principal Distribution Amount     3/15/2004     $ —  
 
                    
x
   Is the Class C Note Parity Trigger in Effect?           No
 
                    
xi
   Aggregate A, B and C Notes Outstanding     12/15/2003     $ 1,017,021,565.92  
xii
   Asset Balance     2/29/2004     $ 1,026,645,567.12  
xiii
   First Priority Principal Distribution Amount     3/15/2004     $ —  
xiv
   Second Priority Principal Distribution Amount     3/15/2004     $ —  
 
                
 		  
xv
   Third Priority Principal Distribution Amount     3/15/2004     $ —  
 
                    
 
 
                    
Regular Principal Distribution                
 
                    
i
   Aggregate Notes Outstanding     12/15/2003     $ 1,017,021,565.92  
 
                    
ii
   Asset Balance     2/29/2004     $ 1,026,645,567.12  
iii
   Specified Overcollateralization Amount     3/15/2004     $ 21,273,654.58  
iv
   First Priority Principal Distribution Amount     3/15/2004     $ —  
v
   Second Priority Principal Distribution Amount     3/15/2004     $ —  
vi
   Third Priority Principal Distribution Amount     3/15/2004     $ —  
vii
   Regular Principal Distribution Amount           $ 11,649,653.38  
 
                    
Class A Noteholders’ Principal Distribution Amounts                
 
                    
i
   Has the Stepdown Date Occurred?           No
 
                    
ii
   Asset Balance     2/29/2004     $ 1,026,645,567.12  
iii
   85% of Asset Balance     2/29/2004     $ 872,648,732.05  
iv
   Specified Overcollateralization Amount     3/15/2004     $ 21,273,654.58  
v
   Lesser of (iii) and (ii - iv)           $ 872,648,732.05  
vi
   Class A Noteholders’ Principal Distribution Amt - Before the Stepdown Date           $ 11,649,653.38  
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     2/29/2004     $ 1,026,645,567.12  
iii
   89.875% of Asset Balance     2/29/2004     $ 922,697,703.45  
iv
   Specified Overcollateralization Amount     3/15/2004     $ 21,273,654.58  
v
   Lesser of (iii) and (ii - iv)           $ 922,697,703.45  
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     2/29/2004     $ 1,026,645,567.12  
iii
   97% of Asset Balance     2/29/2004     $ 995,846,200.11  
iv
   Specified Overcollateralization Amount     3/15/2004     $ 21,273,654.58  
v
   Lesser of (iii) and (ii - iv)           $ 995,846,200.11  
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 )       $ 24,010,247.45     $ 24,010,247.45
 
                        
B   Primary Servicing Fees-Current Month plus any Unpaid       $ 543,827.05     $ 23,466,420.40
 
                        
C   Quarterly Administration Fee plus any Unpaid       $ 20,000.00     $ 23,446,420.40
 
                        
D   Auction Fees Due   3/15/2004   $ 0.00     $23,446,420.40
    Broker/Dealer Fees Due   3/15/2004   $ 0.00     $23,446,420.40
 
                        
E   Gross Swap Payment due Counterparty A       $ 1,218,731.90     $ 22,227,688.50
    Gross Swap Payment due Counterparty B       $ 1,218,731.90     $ 21,008,956.60
 
                        
F
  i   Class A-1 Noteholders’ Interest Distribution Amount due   3/15/2004   $ 1,492,838.63     $ 19,516,117.97
  ii   Class A-2 Noteholders’ Interest Distribution Amount due   3/15/2004   $ 1,302,311.11     $ 18,213,806.86
  iii   Class A-3 Noteholders’ Interest Distribution Amount due   3/15/2004   $ 0.00     $ 18,213,806.86
  iv   Class A-4 Noteholders’ Interest Distribution Amount due   3/15/2004   $ 0.00     $ 18,213,806.86
  v   Swap Termination Fees due   3/15/2004   $ 0.00     $ 18,213,806.86
 
                        
G   First Priority Principal Distribution Amount – Principal Distribution Account       $ 0.00     $ 18,213,806.86
 
                        
H   Class B Noteholders’ Interest Distribution Amount due   3/15/2004   $ 167,779.72     $ 18,046,027.14
 
                        
I   Second Priority Principal Distribution Amount – Principal Distribution Account       $ 0.00     $ 18,046,027.14
 
                        
J   Class C Noteholders’ Interest Distribution Amount       $ 335,155.07     $ 17,710,872.07
 
                        
K   Third Priority Principal Distribution Amount – Principal Distribution Account       $ 0.00     $ 17,710,872.07
 
                        
L   Increase to the Specified Reserve Account Balance       $ 0.00     $ 17,710,872.07
 
                        
M   Regular Principal Distribution Amount – Principal Distribution Account       $ 11,649,653.38     $ 6,061,218.69
 
                        
N   Carryover Servicing Fees       $ 0.00     $ 6,061,218.69
 
                        
O   Auction Rate Noteholder’s Interest Carryover                
  i   Class A-3       $ 0.00     $ 6,061,218.69
  ii   Class A-4       $ 0.00     $ 6,061,218.69
 
                        
P   Swap Termination Payments       $ 0.00     $ 6,061,218.69
 
                        
Q   Additional Principal Distribution Amount – Principal Distribution Account       $ 0.00     $ 6,061,218.69
 
                        
R   Remaining Funds to the Certificateholders       $ 6,061,218.69     $ 0.00

12

 

XIV. 2003-A Principal Distribution Account Allocations

                         
                    Remaining
                    Funds Balance
A   Total from Collection Account   $ 11,649,653.38     $ 11,649,653.38  
 
                        
B
  i   Class A-1 Principal Distribution Amount Paid   $ 11,649,653.38     $ 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   $ 1,492,838.63     $ 1,302,311.11     $ 0.00     $ 0.00     $ 167,779.72     $ 335,155.07  
  ii   Quarterly Interest Paid     1,492,838.63       1,302,311.11       0.00       0.00       167,779.72       335,155.07  
           
 		      
 		      
 		      
 		      
 		      
 		  
  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   $ 11,649,653.38     $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00  
  viii   Quarterly Principal Paid (or allocated)     11,649,653.38       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   $ 13,142,492.01     $ 1,302,311.11     $ 0.00     $ 0.00     $ 167,779.72     $ 335,155.07  
 
                                                        
                                                   
B   Note Balances   12/15/2003   Paydown Factors   3/15/2004            
  i   A-1 Note Balance   78443CAE4   $ 461,385,565.92             $ 449,735,912.54              
      A-1 Note Pool Factor         0.9226401169       0.0232959987       0.8993441182              
 
                                                
  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     03/18/04
      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     03/31/04
      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

                                         
            12/1/03-2/29/04
   09/01/03-11/30/03
   06/01/03-08/31/03
   01/27/03-05/31/03
Beginning Student Loan Portfolio Balance   $ 939,963,063.42     $ 941,931,312.31     $ 950,860,882.57     $ 965,794,008.71  
    Student Loan Principal Activity                                
 
   i   Principal Payments Received   $ 16,674,807.08     $ 15,842,825.30     $ 14,621,918.82     $ 19,739,960.28  
 
   ii   Purchases by Servicer (Delinquencies >180)     737,588.04       173,809.48       353,324.27       79,002.74  
 
   iii   Other Servicer Reimbursements     44.51       724.31       885.93       41.49  
 
   iv   Seller Reimbursements     19,179.46       25,606.76       49,467.03       134,675.22  
           
 
 
   v   Total Principal Collections   $ 17,431,619.09     $ 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     (6,549,770.46 )     (12,602,082.87 )     (5,599,582.19 )     (4,391,385.55 )
 
   iii   Capitalized Insurance Fee   $ (571,102.55 )   $ (1,467,684.39 )   $ (554,812.95 )   $ (458,815.65 )
 
   iv   Other Adjustments     (22,180.89 )     (4,949.70 )     58,369.35       (170,352.39 )
           
 
 
   v   Total Non-Cash Principal Activity   $ (7,143,053.90 )   $ (14,074,716.96 )   $ (6,096,025.79 )   $ (5,020,553.59 )
(-)   Total Student Loan Principal Activity   $ 10,288,565.19     $ 1,968,248.89     $ 8,929,570.26     $ 14,933,126.14  
 
    Student Loan Interest Activity                                
 
   i   Interest Payments Received   $ 5,709,448.24     $ 5,331,516.12     $ 5,278,543.75     $ 7,321,995.25  
 
   ii   Repurchases by Servicer (Delinquencies >180)     23,997.03       4,181.44       10,839.32       5,216.47  
 
   iii   Other Servicer Reimbursements     1.58       (26.40 )     (51.74 )     0.07  
 
   iv   Seller Reimbursements     460.67       367.14       468.06       8,882.55  
 
   v   Late Fees     66,703.72       48,241.84       45,213.15       69,417.72  
 
   vi   Collection Fees     —       —       —       —  
           
 
 
   viii   Total Interest Collections     5,800,611.24       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     6,549,770.46       12,602,082.87       5,599,582.19       4,391,385.55  
 
   iii   Other Interest Adjustments     26,748.44       12,334.20       57,820.00       (11,117.42 )
           
 
 
   iv   Total Non-Cash Interest Adjustments   $ 6,576,518.90     $ 12,614,417.07     $ 5,657,402.19     $ 4,380,268.13  
           
 
 
   v   Total Student Loan Interest Activity   $ 12,377,130.14     $ 17,998,697.21     $ 10,992,414.73     $ 11,785,780.19  
 
(=)   Ending Student Loan Portfolio Balance   $ 929,674,498.23     $ 939,963,063.42     $ 941,931,312.31     $ 950,860,882.57  
(+)   Interest to be Capitalized   $ 38,468,568.88     $ 39,829,607.08     $ 46,612,526.83     $ 45,954,342.67  
 
(=)   TOTAL POOL   $ 968,143,067.11     $ 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     $ 58,502,550.00  
 
(=)   Asset Balance   $ 1,026,645,617.11     $ 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 %
Mar-04
   $ 968,143,017       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: 2/29/2004 Reporting Period: 12/1/03-2/29/04

I. Deal Parameters

                             
  Student Loan Portfolio Characteristics     11/30/2003   Activity 2/29/2004
A
i   Portfolio Balance   $ 1,195,939,429.02   $ (9,442,958.73)   $ 1,186,496,470.28
  ii   Interest to be Capitalized     43,786,901.54         46,256,264.47
           
 		          
 		  
  iii   Total Pool   $ 1,239,726,330.56         $ 1,232,752,734.75  
           
 		          
 		  
  iv   Cash Capitalization Account (Cii)     102,590,156.00           102,590,156.00  
           
 		          
 		  
  v   Asset Balance   $ 1,342,316,486.56         $ 1,335,,890.75  
           
 		          
 		  
  i   Weighted Average Coupon (WAC)     4.832 %         4.821 %
  ii   Weighted Average Remaining Term     184.59           182.57  
  iii   Number of Loans     141,067           139,986  
  iv   Number of Borrowers     101,926           101,190  
  v   Prime Loans Outstanding   $ 999,095,021         $ 1,000,123,155  
  vi   T-bill Loans Outstanding   $ 237,389,207         $ 229,872,649  
  vii   Fixed Loans Outstanding   $ 3,242,102         $ 2,756,931  
                                                     
                                % of           % of
  Notes       Cusips   Spread   Balance 12/15/03   O/S Securities   Balance 3/15/04   O/S Securities
B		   i   A-1 Notes   78443CAL8     0.100 %   $ 552,198,077.08       41.983 %   $ 545,224,481.27       41.673 %
  ii   A-2 Notes   78443CAM6     0.400 %     440,506,000.00       33.490 %     440,506,000.00       33.669 %
  iii   A-3 ARS   78443CAN4   ARS     109,000,000.00       8.287 %     109,000,000.00       8.331 %
  iv   A-4 ARS   78443CAP9   ARS     109,000,000.00       8.287 %     109,000,000.00       8.331 %
  v   B Notes   78443CAQ7     0.700 %     43,871,000.00       3.335 %     43,871,000.00       3.353 %
  vi   C Notes   78443CAR5     1.600 %     60,744,000.00       4.618 %     60,744,000.00       4.643 %
  vii   Total Notes               $ 1,315,319,077.08       100.000 %     $1,308,345,481.27     100.000 %
                         
            12/15/2003     3/15/2004  
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: 12/1/2003 through: 2/29/2004

                 
A   Student Loan Principal Activity        
  i   Principal Payments Received   $ 15,003,126.63  
  ii   Purchases by Servicer (Delinquencies >180)     873,946.62  
  iii   Other Servicer Reimbursements     (1,322.52 )
  iv   Seller Reimbursements     116,421.08  
           
 		  
  v   Total Principal Collections   $ 15,992,171.81  
 
                
B   Student Loan Non-Cash Principal Activity        
  i   Realized Losses/Loans Charged Off   $ 0.00  
  ii   Capitalized Interest     (5,854,349.22 )
  iii   Capitalized Insurance Fee     (674,296.39 )
  iv   Other Adjustments     (20,567.47 )
           
 		  
  v   Total Non-Cash Principal Activity   $ (6,549,213.08 )
 
                
C   Total Student Loan Principal Activity   $ 9,442,958.73  
 
                
D   Student Loan Interest Activity        
  i   Interest Payments Received   $ 5,608,829.54  
  ii   Purchases by Servicer (Delinquencies >180)     28,138.44  
  iii   Other Servicer Reimbursements     (60.47 )
  iv   Seller Reimbursements     5,450.89  
  v   Late Fees     62,355.04  
  vi   Collection Fees     0.00  
           
 		  
  vii   Total Interest Collections   $ 5,704,713.44  
 
                
E   Student Loan Non-Cash Interest Activity        
  i   Realized Losses/Loans Charged Off   $ 0.00  
  ii   Capitalized Interest     5,854,349.22  
  iii   Other Interest Adjustments     35,994.82  
           
 		  
  iv   Total Non-Cash Interest Adjustments   $ 5,890,344.04  
 
                
F   Total Student Loan Interest Activity   $ 11,595,057.48  

2

 

III. 2003-B Collection Account Activity 12/1/2003 through 2/29/2004

                 
A   Principal Collections        
  i   Principal Payments Received   $ 14,678,825.57  
  ii   Consolidation Principal Payments   $ 324,301.06  
  iii   Purchases by Servicer (Delinquencies >180)   $ 873,946.62  
  iv   Reimbursements by Seller   $ 889.62  
  v   Reimbursements by Servicer     ($1,322.52 )
  vi   Other Re-purchased Principal     115,531.46  
           
 		  
  vii   Total Principal Collections   $ 15,992,171.81  
 
                
B   Interest Collections        
  i   Interest Payments Received   $ 5,607,087.12  
  ii   Consolidation Interest Payments     1,742.42  
  iii   Purchases by Servicer (Delinquencies >180)     28,138.44  
  iv   Reimbursements by Seller     0.00  
  v   Reimbursements by Servicer     (60.47 )
  vi   Other Re-purchased Interest   $ 5,450.89  
  vii   Collection Fees/Return Items   $ 0.00  
  viii   Late Fees   $ 62,355.04  
           
 		  
  ix   Total Interest Collections   $ 5,704,713.44  
 
                
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   $ 278,508.30  
 
                
H   Borrower Incentive Reimbursements   $ 68,133.56  
 
                
I   Interest Rate Cap Proceeds   $ —  
 
                
I   Gross Swap Receipt   $ 2,954,823.54  
 
                
    TOTAL FUNDS RECEIVED   $ 24,998,350.65  
 
                
    LESS FUNDS PREVIOUSLY REMITTED:        
  i   Servicing Fees   $ (1,393,778.61 )
  ii   ARS related fees, payments, and accruals (IV-A-v + IV-B-v)   $ (691,023.68 )
J   TOTAL AVAILABLE FUNDS   $ 22,913,548.36  
 
                
K   Servicing Fees Due for Current Period   $ 693,270.40  
 
                
L   Carryover Servicing Fees Due   $ —  
 
                
M   Administration Fees Due   $ 20,000.00  
 
                
N   Total Fees Due for Period   $ 713,270.40  

3

 

IV. 2003-B Auction Rate Security Detail

A Auction Rate Securities Paid During Collection Period
                                                         
    Payment   Security   Interest   No. of            
i   Date   Description   Rate   Days   Start Date   End Date   Interest Payment
 
     01/05/2004     SLMPC TRUST 2003B A3     1.180000 %     28       12/08/2003       01/05/2004       100,037.78  
 
     01/08/2004     SLMPC TRUST 2003B A4     1.220000 %     28       12/11/2003       01/08/2004       103,428.89  
 
     02/02/2004     SLMPC TRUST 2003B A3     1.180000 %     28       01/05/2004       02/02/2004       100,037.78  
 
     02/05/2004     SLMPC TRUST 2003B A4     1.140000 %     28       01/08/2004       02/05/2004       96,646.67  
 
                                                        
 
                                                        
ii   Auction Rate Security Payments Made During Collection Period           $ 400,151.12  
 
                                                        
iii   Broker/Dealer Fees Paid During Collection Period 12/16/03-2/29/04           $ 67,822.22  
iv   Auction Agent Fees Paid During Collection Period 12/16/03-2/29/04           $ 2,882.44  
 
                                                        
                 
 
                     
v   Total Payments Out of Future Distribution Account During Collection Period           $ 470,855.79  
                 
 

B Payments Set Aside During Collection Period for Future Distributions
                                                         
    Payment   Security   Interest   No. of            
i   Date   Description   Rate   Days   Start Date   End Date   Total Payment
 
     3/1/2004     SLMPC TRUST 2003B A3     1.080000 %     28       02/02/2004       3/1/2004       91,560.00  
 
     03/04/2004     SLMPC TRUST 2003B A4     1.100000 %     28       02/05/2004       03/04/2004       93,255.56  
 
                                                        
 
                                                        
ii   Future Auction Rate Security Payments Set Aside                   $ 184,815.56  
iii   Future Broker Dealer Fees Set Aside for Payment                   $ 33,911.11  
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                   $ 220,167.89  
                         
 

4

 

  V. 2003-B Loss and Recovery Detail 2/29/2004

                                     
A   i   Cumulative Realized Losses Test   % of Original Pool         1/27/2003
       2/29/2004
  
 
                                    
      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     $ 873,946.62  
  iii   Cumulative Interest Purchases by Servicer               $ 0.00     $ 28,138.44  
                       
 		      
 		  
  iv   Total Gross Defaults:               $ 0.00     $ 902,085.06  

5

 

VI. 2003-B            Portfolio Characteristics

                                                                                 
Weighted Avg Coupon
   # of Loans
   % *
   Principal Amount
   % *
STATUS 11/30/2003         2/29/2004   11/30/2003                   2/29/2004   11/30/2003   2/29/2004   11/30/2003   2/29/2004   11/30/2003   2/29/2004
INTERIM:
                                                                                                        
 
                                                                                                        
In School
     4.738 %             4.707 %     65,534                       59,743       46.456 %     42.678 %   $ 572,863,845.48     $ 525,444,563.03       47.901 %     44.285 %
 
                                                                                                        
Grace
     5.506 %             5.340 %     8,958                       8,919       6.350 %     6.371 %   $ 85,248,656.61     $ 78,690,042.48       7.128 %     6.632 %
TOTAL INTERIM
     4.837 %             4.790 %     74,492                       68,662       52.806 %     49.049 %   $ 658,112,502.09     $ 604,134,605.51       55.029 %     50.918 %
REPAYMENT
                                                                                                        
 
                                                                                                        
Active
Current
     4.736 %             4.730 %     55,712                       56,232       39.493 %     40.170 %   $ 451,133,924.45     $ 454,885,632.26       37.722 %     38.339 %
31-60 Days Delinquent
     5.384 %             5.612 %     1,097                       1,877       0.778 %     1.341 %   $ 8,437,762.78     $ 15,144,089.26       0.706 %     1.276 %
61-90 Days Delinquent
     5.450 %             5.337 %     339                       1,179       0.240 %     0.842 %   $ 2,888,540.10     $ 9,853,270.24       0.242 %     0.830 %
91-120 Days Delinquent
     6.010 %             5.571 %     110                       414       0.078 %     0.296 %   $ 893,954.37     $ 3,331,179.14       0.075 %     0.281 %
121-150 Days Delinquent
     5.882 %             5.914 %     214                       161       0.152 %     0.115 %   $ 1,713,193.41     $ 1,159,511.36       0.143 %     0.098 %
151-180 Days Delinquent
     5.320 %             6.422 %     43                       31       0.030 %     0.022 %   $ 468,611.51     $ 286,080.88       0.039 %     0.024 %
> 180 Days Delinquent
     5.064 %             0.000 %     3                       0       0.002 %     0.000 %   $ 27,088.00     $ 0.00       0.002 %     0.000 %
 
                                                                                                        
Deferment
     4.244 %             4.241 %     82                       106       0.058 %     0.076 %   $ 901,017.77     $ 1,098,515.64       0.075 %     0.093 %
 
                                                                                                        
Forbearance
     5.263 %             5.233 %     8,972                       11,324       6.360 %     8.089 %   $ 71,362,834.54     $ 96,603,585.99       5.967 %     8.142 %
TOTAL REPAYMENT
     4.825 %             4.854 %     66,575                       71,324       47.194 %     50.951 %   $ 537,826,926.93     $ 582,361,864.77       44.971 %     49.082 %
GRAND TOTAL
     4.832 %             4.821 %     141,067                       139,986       100.000 %     100.000 %   $ 1,195,939,429.02     $ 1,186,496,470.28       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
     4.891 %     106,938     $ 917,111,966.79       77.296 %
-Law Loans
     4.670 %     22,911     $ 163,421,396.14       13.773 %
-Med Loans
     4.344 %     6,406     $ 54,177,900.84       4.566 %
-MBA Loans
     4.488 %     3,731     $ 51,785,206.51       4.365 %
 
    
 		      
 		      
 		      
 		  
- Total
     4.821 %     139,986     $ 1,186,496,470.28       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     499,547,511     $ 499,547,511  
    Counterparty Pays:                
 
   ii   3 Month Libor     1.17000 %     1.17000 %
 
   iii   Gross Swap Receipt Due Trust   $ 1,477,411.76     $ 1,477,411.76  
 
   iv   Days in Period      12/15/2003      3/15/2004     91       91  
 
                        
    SLM Private Credit Trust Pays:                
 
   v   Prime Rate (WSJ) Less 2.6300%     1.37000 %     1.37000 %
 
   vi   Gross Swap Payment Due Counterparty   $ 1,702,471.68     $ 1,702,471.68  
 
   vii   Days in Period      12/15/2003      3/15/2004     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)     1.17000 %        
 
   iii   Cap Rate     4.00000 %        
 
            
 		          
 
   iv   Excess (if any) of Libor over Cap Rate (ii-iii)     0.00000 %        
 
   v   Days in Period      12/15/2003      3/15/2004     91          
 
   vi   Cap Payment due Trust   $ —          

IX. 2003-B            Accrued Interest Factors

                             
        Accrued        
        Int Factor
   Accrual Period
   Rate
A
   Class A-1 Interest Rate     0.003210278       (12/15/03—3/15/04 )     1.27000 %
 
                            
B
   Class A-2 Interest Rate     0.003968611       (12/15/03—3/15/04 )     1.57000 %
 
                            
C
   Class B Interest Rate     0.004726944       (12/15/03—3/15/04 )     1.87000 %
 
                            
D
   Class C Interest Rate     0.007001944       (12/15/03—3/15/04 )     2.77000 %

8

 

X. 2003-B            Inputs From Prior Data 11/30/03

                                                         
A   Total Student Loan Pool Outstanding                        
  i   Portfolio Balance           $ 1,195,939,429.02                                  
  ii   Interest To Be Capitalized             43,786,901.54                                  
                   
 		                                  
  iii   Total Pool           $ 1,239,726,330.56                                  
  iv   Cash Capitalization Account (CI)             102,590,156.00                                  
                   
 		                                  
  v   Asset Balance           $ 1,342,316,486.56                                  
                   
 		                                  
B   Total Note and Certificate Factor             0.97930050761                                  
C   Total Note Balance           $ 1,315,319,077.08                                  
D   Note Balance    12/15/2003   Class A-1   Class A-2   Class A-3   Class A-4   Class B   Class C
  i   Current Factor     0.9520656501       1.0000000000       1.0000000000       1.0000000000       1.0000000000       1.0000000000  
  ii   Expected Note Balance   $ 552,198,077.08     $ 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
   12/15/03   $ 1,210,704,077     $ 1,254,575,077     $ 1,315,319,077  
Asset Balance
   11/30/03   $ 1,342,316,487     $ 1,342,316,487     $ 1,342,316,487  
 
Pool Balance
   2/29/04   $ 1,232,752,735     $ 1,232,752,735     $ 1,232,752,735  
Amounts on Deposit*
   3/15/04     117,864,584       117,657,209       117,231,882  
Total
       $ 1,350,617,319     $ 1,350,409,943     $ 1,349,984,618  
 
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
       $ 131,612,409.48            
Specified Class A Enhancement       $ 200,301,433.61     The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount
Class B Enhancement
       $ 87,741,409.48            
Specified Class B Enhancement       $ 135,203,467.69     The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount
Class C Enhancement
       $ 26,997,409.48            
Specified Class C Enhancement
       $ 40,060,286.72     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   12/15/2003   $ 1,210,704,077.08  
iii
  Asset Balance   2/29/2004   $ 1,335,342,890.75  
           
 		  
iv
  First Priority Principal Distribution Amount   3/15/2004   $ —  
            —  
v 
  Is the Class B Note Parity Trigger in Effect?       No
vi
  Aggregate A and B Notes Outstanding   12/15/2003   $ 1,254,575,077.08  
vii
  Asset Balance   2/29/2004   $ 1,335,342,890.75  
viii
  First Priority Principal Distribution Amount   3/15/2004   $ —  
           
 		  
ix
  Second Priority Principal Distribution Amount   3/15/2004   $ —  
            —  
x
  Is the Class C Note Parity Trigger in Effect?       No
 
                
xi
  Aggregate A, B and C Notes Outstanding   12/15/2003   $ 1,315,319,077.08  
xii
  Asset Balance   2/29/2004   $ 1,335,342,890.75  
xiii
  First Priority Principal Distribution Amount   3/15/2004   $ —  
xiv
  Second Priority Principal Distribution Amount   3/15/2004   $ —  
           
 		  
xv
  Third Priority Principal Distribution Amount   3/15/2004   $ —  
 
 
                
Regular Principal Distribution
 
                
i
  Aggregate Notes Outstanding   12/15/2003   $ 1,315,319,077.08  
ii
  Asset Balance   2/29/2004   $ 1,335,342,890.75  
iii
  Specified Overcollateralization Amount   3/15/2004   $ 26,997,409.48  
iv
  First Priority Principal Distribution Amount   3/15/2004   $ —  
v
  Second Priority Principal Distribution Amount   3/15/2004   $ —  
vi
  Third Priority Principal Distribution Amount   3/15/2004   $ —  
vii
  Regular Principal Distribution Amount       $ 6,973,595.81  
viii
  Actual Principal Distribution Amount paid       $ 6,973,595.81  
ix
  Shortfall       $ —  
 
                
Class A Noteholders’ Principal Distribution Amounts
 
                
i
  Has the Stepdown Date Occurred?       No
 
                
ii
  Asset Balance   2/29/2004   $ 1,335,342,890.75  
iii
  85% of Asset Balance   2/29/2004   $ 1,135,041,457.13  
iv
  Specified Overcollateralization Amount   3/15/2004   $ 26,997,409.48  
v
  Lesser of (iii) and (ii — iv)       $ 1,135,041,457.13  
vi
  Class A Noteholders’ Principal Distribution Amt — Before the Stepdown Date       $ 6,973,595.81  
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   2/29/2004   $ 1,335,342,890.75  
iii
  89.875% of Asset Balance   2/29/2004   $ 1,200,139,423.06  
iv
  Specified Overcollateralization Amount   3/15/2004   $ 26,997,409.48  
v
  Lesser of (iii) and (ii — iv)       $ 1,200,139,423.06  
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   2/29/2004   $ 1,335,342,890.75  
iii
  97% of Asset Balance   2/29/2004   $ 1,295,282,604.02  
iv
  Specified Overcollateralization Amount   3/15/2004   $ 26,997,409.48  
v
  Lesser of (iii) and (ii — iv)       $ 1,295,282,604.02  
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 )     $ 22,913,548.36   $ 22,913,548.36
 
                  
B
  Primary Servicing Fees-Current Month plus any Unpaid     $ 693,270.40   $ 22,220,277.96
 
                  
C
  Quarterly Administration Fee plus any Unpaid     $ 20,000.00   $ 22,200,277.96
 
                  
D
  Auction Fees Due 3/15/2004     $ 0.00   $ 22,200,277.96
  Broker/Dealer Fees Due 3/15/2004     $ 0.00   $ 22,200,277.96
 
E
  Gross Swap Payment due Counterparty A     $ 1,702,471.68   $ 20,497,806.28
  Gross Swap Payment due Counterparty B     $ 1,702,471.68   $ 18,795,334.60
 
                  
F
  i Class A-1 Noteholders’ Interest Distribution Amount due   3/15/2004 $ 1,772,709.22   $ 17,022,625.39
  ii Class A-2 Noteholders’ Interest Distribution Amount due   3/15/2004 $ 1,748,197.01   $ 15,274,428.37
  iii  Class A-3 Noteholders’ Interest Distribution Amount due   3/15/2004 $ 0.00   $ 15,274,428.37
  iv Class A-4 Noteholders’ Interest Distribution Amount due   3/15/2004 $ 0.00   $ 15,274,428.37
  v Swap Termination Fees due   3/15/2004 $ 0.00   $ 15,274,428.37
 
                  
G   First Priority Principal Distribution Amount — Principal Distribution Account $ 0.00   $ 15,274,428.37
 
                  
H
  Class B Noteholders’ Interest Distribution Amount due   3/15/2004 $ 207,375.78   $ 15,067,052.59
 
                  
I   Second Priority Principal Distribution Amount — Principal Distribution Account $ 0.00   $ 15,067,052.59
 
                  
J
  Class C Noteholders’ Interest Distribution Amount     $ 425,326.11   $ 14,641,726.48
 
                  
K   Third Priority Principal Distribution Amount — Principal Distribution Account $ 0.00   $ 14,641,726.48
 
                  
L
  Increase to the Specified Reserve Account Balance     $ 0.00   $ 14,641,726.48
 
                  
M   Regular Principal Distribution Amount — Principal Distribution Account $ 6,973,595.81   $ 7,668,130.67
 
                  
N
  Carryover Servicing Fees     $ 0.00   $ 7,668,130.67
 
                  
O
  Auction Rate Noteholder’s Interest Carryover              
    i Class A-3 $ 0.00   $ 7,668,130.67
    ii Class A-4 $ 0.00   $ 7,668,130.67
 
                  
P
  Swap Termination Payments     $ 0.00   $ 7,668,130.67
 
                  
Q   Additional Principal Distribution Amount — Principal Distribution Account $ 0.00   $ 7,668,130.67
 
                  
R   Remaining Funds to the Certificateholders $ 7,668,130.67   $ 0.00

XIV. 2003-B            Principal Distribution Account Allocations

                           
                    Remaining
                    Funds Balance
A
  Total from Collection Account       $ 6,973,595.81     $ 6,973,595.81  
 
                        
B
  i Class A-1 Principal Distribution Amount Paid       $ 6,973,595.81     $ 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  

12

 

XV. 2003-B            Distributions

                                                                 
A   Distribution Amounts   Class A-1   Class A-2   Class A-3   Class A-4   Class B   Class C
  i   Quarterly Interest Due     $ 1,772,709.22     $ 1,748,197.01     $ 0.00     $ 0.00     $ 207,375.78     $ 425,326.11  
  ii   Quarterly Interest Paid       1,772,709.22       1,748,197.01       0.00       0.00       207,375.78       425,326.11  
                   
 		      
 		      
 		      
 		      
 		      
 		  
  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     $ 6,973,595.81     $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00  
  viii   Quarterly Principal Paid (or allocated)   6,973,595.81       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     $ 8,746,305.03     $ 1,748,197.01     $ 0.00     $ 0.00     $ 207,375.78     $ 425,326.11  
                   
 		      
 		      
 		      
 		      
 		      
 		  
B   Note Balances     12/15/2003     Paydown Factors     3/15/2004     Balances   Next ARS Pay Date                
  i   A-1 Note Balance 78443CAL8   $ 552,198,077.08             $ 545,224,481.27                                  
      A-1 Note Pool Factor     0.9520656501       0.0120234411       0.9400422091                                  
 
                                                                
  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                                  
 
                                                                
  iii   A-3 Note Balance 78443CAN4   $ 109,000,000.00             $ 109,000,000.00     $ 109,000,000.00       03/29/04                  
      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       04/01/04                  
      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                                  

13

 

XVI. 2003-B            Historical Pool Information

                                 
            12/1/03-2/29/04   9/1/03-11/30/03   5/12/03-8/31/03
Beginning Student Loan Portfolio Balance   $ 1,195,939,429.02     $ 1,200,884,933.59     $ 1,213,584,181.19  
    Student Loan Principal Activity
 
   i   Principal Payments Received   $ 15,003,126.63     $ 13,667,042.37     $ 17,100,588.84  
 
   ii   Purchases by Servicer (Delinquencies >180)     873,946.62       559,869.36       84,037.27  
 
   iii   Other Servicer Reimbursements     (1,322.52 )     (149.03 )     1,451.27  
 
   iv   Seller Reimbursements     116,421.08       367,922.80       351,510.41  
 
          
 
 
   v   Total Principal Collections   $ 15,992,171.81     $ 14,594,685.50     $ 17,537,587.79  
    Student Loan Non-Cash Principal Activity                        
 
   i   Realized Losses/Loans Charged Off   $ —     $ —     $ —  
 
   ii   Capitalized Interest     (5,854,349.22 )     (8,249,407.98 )     (4,262,967.89 )
 
   iii   Capitalized Insurance Fee     ($674,296.39 )     ($1,385,464.79 )     ($552,253.51 )
 
   iv   Other Adjustments     (20,567.47 )     (14,308.16 )     (23,118.79 )
 
          
 
 
   v   Total Non-Cash Principal Activity   $ (6,549,213.08 )   $ (9,649,180.93 )   $ (4,838,340.19 )
(-)   Total Student Loan Principal Activity   $ 9,442,958.73     $ 4,945,504.57     $ 12,699,247.60  
    Student Loan Interest Activity                        
 
   i   Interest Payments Received   $ 5,608,829.54     $ 5,027,397.61     $ 6,183,151.81  
 
   ii   Repurchases by Servicer (Delinquencies >180)     28,138.44       16,643.99       3,311.96  
 
   iii   Other Servicer Reimbursements     (60.47 )     439.55       109.11  
 
   iv   Seller Reimbursements     5,450.89       17,786.53       13,788.32  
 
   v   Late Fees     62,355.04       42,355.90       54,949.49  
 
   vi   Collection Fees     —       —       —  
 
          
 
 
   viii   Total Interest Collections     5,704,713.44       5,104,623.58       6,255,310.69  
    Student Loan Non-Cash Interest Activity                        
 
   i   Realized Losses/Loans Charged Off   $ —     $ —     $ —  
 
   ii   Capitalized Interest     5,854,349.22       8,249,407.98       4,262,967.89  
 
   iii   Other Interest Adjustments     35,994.82       14,061.15       66,512.42  
 
          
 
 
   iv   Total Non-Cash Interest Adjustments   $ 5,890,344.04     $ 8,263,469.13     $ 4,329,480.31  
 
          
 
 
   v   Total Student Loan Interest Activity   $ 11,595,057.48     $ 13,368,092.71     $ 10,584,791.00  
(=)   Ending Student Loan Portfolio Balance   $ 1,186,496,470.29     $ 1,195,939,429.02     $ 1,200,884,933.59  
(+)   Interest to be Capitalized   $ 46,256,264.47     $ 43,786,901.54     $ 42,721,528.57  
(=)   TOTAL POOL   $ 1,232,752,734.76     $ 1,239,726,330.56     $ 1,243,606,462.16  
(+)   Cash Capitalization Account Balance (CI)   $ 102,590,156.00     $ 102,590,156.00     $ 102,590,156.00  
(=)   Asset Balance   $ 1,335,342,890.76     $ 1,342,316,486.56     $ 1,346,196,618.16  

14

 

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%
Mar-04
   $1,232,752,735   2.35%

* “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-C
Quarterly Servicing Report
Report Date: 2/29/2004 Reporting Period: 12/01/03-02/29/03

I. Deal Parameters

                                 
A   Student Loan Portfolio Characteristics   11/30/2003   Activity   2/29/2004
 
   i   Portfolio Balance   $ 1,205,163,347.06     $ (4,008,129.08 )   $ 1,201,155,217.98  
 
   ii   Interest to be Capitalized     46,656,743.34               46,965,543.28  
 
            
 		              
 		  
 
   iii   Total Pool   $ 1,251,820,090.40             $ 1,248,120,761.26  
 
   iv   Cash Capitalization Account (Cii)     102,811,061.00               102,811,061.00  
 
            
 		              
 		  
 
   v   Asset Balance   $ 1,354,631,151.40             $ 1,350,931,822.26  
 
            
 		              
 		  
 
   i   Weighted Average Coupon (WAC)     4.855 %             4.861 %
 
   ii   Weighted Average Remaining Term     188.57               186.98  
 
   iii   Number of Loans     134,005               133,104  
 
   iv   Number of Borrowers     91,099               90,547  
 
   v   Prime Loans Outstanding   $ 1,095,432,582             $ 1,050,582,516  
 
   vi   T-bill Loans Outstanding   $ 154,558,030             $ 148,943,788  
 
   vii   Fixed Loans Outstanding   $ 1,829,479             $ 1,628,914  
                                                 
                            % of           % of
B   Notes       Cusips   Spread   Balance 12/15/03   O/S Securities   Balance 03/15/04   O/S Securities
 
   i   A-1 Notes   78443CAY0   0.100%   $ 584,318,981.74       43.922 %   $ 577,863,279.81       43.649 %
 
   ii   A-2 Notes   78443CAZ7   0.390%     421,173,000.00       31.659 %     421,173,000.00       31.814 %
 
   iii   A-3 ARS   78443CBA1   ARS     75,000,000.00       5.638 %     75,000,000.00       5.665 %
 
   iv   A-4 ARS   78443CBB9   ARS     75,000,000.00       5.638 %     75,000,000.00       5.665 %
 
   v   A-5 ARS   78443CBC7   ARS     70,000,000.00       5.262 %     70,000,000.00       5.288 %
 
   vi   B Notes   78443CBD5   0.800%     43,965,000.00       3.305 %     43,965,000.00       3.321 %
 
   vii   C Notes   78443CBE3   1.600%     60,875,000.00       4.576 %     60,875,000.00       4.598 %
 
   viii   Total Notes           $ 1,330,331,981.74       100.000 %   $ 1,323,876,279.81       100.000 %
                         
            12/15/2003   3/15/2004
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   $ 24,299,169.66     $ 27,055,542.45  
 
                        
 
   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: 11/30/2003 through: 2/29/2004

                 
A   Student Loan Principal Activity        
  i   Principal Payments Received     12,789,181.37  
  ii   Purchases by Servicer (Delinquencies >180)     1,151,451.03  
  iii   Other Servicer Reimbursements     1,819.35  
  iv   Seller Reimbursements     175,765.85  
           
 		  
  v   Total Principal Collections   $ 14,118,217.60  
 
                
B   Student Loan Non-Cash Principal Activity        
  i   Realized Losses/Loans Charged Off   $ —  
  ii   Capitalized Interest     (8,930,525.57 )
  iii   Capitalized Insurance Fee     (1,165,239.70 )
  iv   Other Adjustments     (14,323.25 )
           
 		  
  v   Total Non-Cash Principal Activity   $ (10,110,088.52 )
 
                
C   Total Student Loan Principal Activity   $ 4,008,129.08  
 
                
D   Student Loan Interest Activity        
  i   Interest Payments Received   $ 4,838,239.81  
  ii   Purchases by Servicer (Delinquencies >180)     40,125.17  
  iii   Other Servicer Reimbursements     61.76  
  iv   Seller Reimbursements     11,832.95  
  v   Late Fees     62,849.57  
  vi   Collection Fees/Return Items     0.00  
           
 		  
  vii   Total Interest Collections   $ 4,953,109.26  
 
                
E   Student Loan Non-Cash Interest Activity        
  i   Realized Losses/Loans Charged Off   $ —  
  ii   Capitalized Interest     8,930,525.57  
  iii   Other Interest Adjustments     33,539.19  
           
 		  
  iv   Total Non-Cash Interest Adjustments   $ 8,964,064.76  
 
                
F   Total Student Loan Interest Activity   $ 13,917,174.02  

2

 

III. 2003-C Collection Account Activity 11/30/2003 through 2/29/2004

                 
A   Principal Collections        
  i   Principal Payments Received   $ 12,517,173.22  
  ii   Consolidation Principal Payments     272,008.15  
  iii   Purchases by Servicer (Delinquencies >180)     1,151,451.03  
  iv   Reimbursements by Seller     2,550.61  
  v   Reimbursements by Servicer     1,819.35  
  vi   Other Re-purchased Principal     173,215.24
  
  vii   Total Principal Collections   $ 14,118,217.60  
 
                
B   Interest Collections        
  i   Interest Payments Received   $ 4,836,833.74  
  ii   Consolidation Interest Payments     1,406.07  
  iii   Purchases by Servicer (Delinquencies >180)     40,125.17  
  iv   Reimbursements by Seller     —
  v   Reimbursements by Servicer     61.76  
  vi   Other Re-purchased Interest     11,832.95  
  vii   Collection Fees/Return Items   —
  viii   Late Fees     62,849.57
  
  ix   Total Interest Collections   $ 4,953,109.26  
 
                
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   $ 2,192,324.64  
 
                
G   Investment Income   $ 269,407.80  
 
                
H   Borrower Incentive Reimbursements   $ 40,677.42  
 
                
I   Interest Rate Cap Proceeds   $ —  
 
                
I   Gross Swap Receipt   $ 3,239,741.86  
    TOTAL FUNDS RECEIVED   $ 20,428,829.30  
    LESS FUNDS PREVIOUSLY REMITTED:        
  i   Servicing Fees   $ (1,405,490.93 )
  ii   ARS related fees, payments, and accruals (IV-A-v + IV-B-v)   $ (764,715.01 )
 
                
J   TOTAL AVAILABLE FUNDS   $ 18,258,623.36  
 
                
K   Servicing Fees Due for Current Period   $ 700,133.45  
 
                
L   Carryover Servicing Fees Due   $ —  
 
                
M   Administration Fees Due   $ 20,000.00  
 
                
N
  Total Fees Due for Period   $ 720,133.45  

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
       12/18/2003   SLMPC TRUST 2003C A5   1.120000%   28   11/20/2003     12/18/2003       60,977.78  
 
       12/30/2003   SLMPC TRUST 2003C A3   1.130000%   28   12/02/2003     12/30/2003       65,916.67  
 
       01/06/2004   SLMPC TRUST 2003C A4   1.220000%   28   12/09/2003     01/06/2004       71,166.67  
 
       01/15/2004   SLMPC TRUST 2003C A5   1.200000%   28   12/18/2003     01/15/2004       65,333.33  
 
       01/27/2004   SLMPC TRUST 2003C A3   1.180000%   28   12/30/2003     01/27/2004       68,833.33  
 
       02/03/2004   SLMPC TRUST 2003C A4   1.170000%   28   01/06/2004     02/03/2004       68,250.00  
 
       02/12/2004   SLMPC TRUST 2003C A5   1.100000%   28   01/15/2004     02/12/2004       59,888.89  
 
       02/24/2004   SLMPC TRUST 2003C A3   1.090000%   28   01/27/2004     02/24/2004       63,583.33  
 
                                        
ii   Auction Rate Security Payments Made During Collection Period                   $ 523,950.00  
iii   Broker/Dealer Fees Paid During Collection Period   12/16/03-2/29/04               $ 91,000.00  
iv   Auction Agent Fees Paid During Collection Period   12/16/03-2/29/04               $ 3,867.51  
 
                                    
 		  
 
                                        
v
   Total Payments Out of Future Distribution Account During Collection Period             $ 618,817.51  
 
                                    
 		  

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 
       3/2/2004   SLMPC TRUST 2003C A4   1.090000%   28   02/03/2004     3/2/2004       63,583.33  
 
       03/11/2004   SLMPC TRUST 2003C A5   1.080000%   28   02/12/2004     03/11/2004       58,800.00  
 
                                        
ii   Future Auction Rate Security Payments Set Aside                   $ 122,383.33  
iii   Future Broker Dealer Fees Set Aside for Payment                   $ 22,555.56  
iv   Future Auction Agent Fees Set Aside for Payment                   $ 958.61  
      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                   $ 145,897.50  
 
                                    
 		  

4

 

V. 2003-C Loss and Recovery Detail 2/29/2004

                                     
A   i   Cumulative Realized Losses Test   % of Original Pool   11/30/2003
   2/29/2004
 
           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         $ 76,894.69     $ 1,228,345.72  
 
   iii   Cumulative Interest Purchases by Servicer         $ 487.74     $ 40,612.91  
 
                        
 		      
 		  
 
   iv   Total Gross Defaults:               $ 77,382.43     $ 1,268,958.63  

5

 

VI. 2003-C Portfolio Characteristics

                                                                                 
    Weighted Avg Coupon
   # of Loans
   %*
   Principal Amount
   %*
STATUS   11/30/2003   2/29/2004   11/30/2003   2/29/2004   11/30/2003   2/29/2004   11/30/2003   2/29/2004   11/30/2003   2/29/2004
INTERIM:
                                                                                
 
                                                                                
In School
     4.816 %     4.756 %     63,723       57,050       47.553 %     42.861 %   $ 561,558,697.35     $ 501,650,096.17       46.596 %     41.764 %
Grace
     5.257 %     5.509 %     14,379       11,345       10.730 %     8.523 %   $ 147,946,161.01     $ 108,856,447.54       12.276 %     9.063 %
TOTAL INTERIM
     4.908 %     4.890 %     78,102       68,395       58.283 %     51.384 %   $ 709,504,858.36     $ 610,506,543.71       58.872 %     50.827 %
REPAYMENT
                                                                                
 
                                                                                
Active
                                                                                
Current
     4.663 %     4.700 %     44,867       48,172       33.482 %     36.192 %   $ 396,945,840.34     $ 435,518,153.56       32.937 %     36.259 %
31-60 Days Delinquent
     5.831 %     5.558 %     992       1,632       0.740 %     1.226 %   $ 8,054,733.52     $ 14,371,790.20       0.668 %     1.196 %
61-90 Days Delinquent
     5.444 %     5.375 %     453       1,163       0.338 %     0.874 %   $ 3,791,120.94     $ 10,492,523.61       0.315 %     0.874 %
91-120 Days Delinquent
     5.286 %     5.654 %     317       303       0.237 %     0.228 %   $ 2,885,037.95     $ 2,735,299.58       0.239 %     0.228 %
121-150 Days Delinquent
     5.687 %     6.385 %     287       153       0.214 %     0.115 %   $ 2,334,172.86     $ 1,367,074.64       0.194 %     0.114 %
151-180 Days Delinquent
     4.786 %     5.219 %     49       65       0.037 %     0.049 %   $ 505,620.28     $ 561,437.36       0.042 %     0.047 %
> 180 Days Delinquent
     0.000 %     4.396 %     0       4       0.000 %     0.003 %   $ 0.00     $ 38,841.37       0.000 %     0.003 %
 
                                                                                
Deferment
     4.423 %     4.330 %     137       161       0.102 %     0.121 %   $ 1,960,803.77     $ 2,268,126.23       0.163 %     0.189 %
 
                                                                                
Forbearance
     5.151 %     5.137 %     8,799       13,053       6.566 %     9.807 %   $ 79,164,611.13     $ 123,272,342.14       6.569 %     10.263 %
TOTAL REPAYMENT
     4.773 %     4.831 %     55,903       64,709       41.717 %     48.616 %   $ 495,658,488.70     $ 590,648,674.27       41.128 %     49.173 %
GRAND TOTAL
     4.855 %     4.861 %     134,005       133,104       100.000 %     100.000 %   $ 1,205,163,347.06     $ 1,201,155,217.98       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
     4.959 %     100,943     $ 862,874,125.62       71.837 %
-Law Loans
     5.005 %     20,292     $ 182,951,066.34       15.231 %
-Med Loans
     4.242 %     3,631     $ 33,910,323.27       2.823 %
-MBA Loans
     4.124 %     8,238     $ 121,419,702.75       10.109 %
 
    
 		      
 		      
 		      
 		  
 
                                
- Total
     4.861 %     133,104     $ 1,201,155,217.98       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     547,716,291     $ 547,716,291  
    Counterparty Pays:                            
  ii   3 Month Libor                 1.17000 %     1.17000 %
    iii   Gross Swap Receipt Due Trust       $ 1,619,870.93     $ 1,619,870.93  
    iv   Days in Period 12/15/2003 3/15/2004             91       91  
 
    SLM Private Credit Trust Pays:                    
  v   Prime Rate (WSJ) Less 2.6500%             1.35000 %     1.35000 %
    vi   Gross Swap Payment Due Counterparty       $ 1,839,382.10     $ 1,839,382.10  
  vii   Days in Period 12/15/2003 3/15/2004             91       91  
 
B
  Cap Payments               Cap Calculation        
                     
 		          
  i   Notional Swap Amount               $ 860,000,000.00          
    Counterparty Pays:                            
    ii   3 Month Libor (interpolated for first accrual period)         1.17000 %        
  iii   Cap Rate                 4.00000 %        
                       
 		          
    iv   Excess (if any) of Libor over Cap Rate (ii-iii)         0.00000 %        
  v   Days in Period 12/15/2003 3/15/2004             91          
  vi   Cap Payment due Trust               $ —          

IX. 2003-C Accrued Interest Factors

                         
        Accrued        
        Int Factor
   Accrual Period
   Rate
A
  Class A-1 Interest Rate     0.003210278     (12/15/03 — 03/15/03)     1.27000 %
 
                        
B
  Class A-2 Interest Rate     0.003943333     (12/15/03 — 03/15/03)     1.56000 %
 
                        
C
  Class B Interest Rate     0.004979722     (12/15/03 — 03/15/03)     1.97000 %
 
                        
D
  Class C Interest Rate     0.007001944     (12/15/03 — 03/15/03)     2.77000 %

8

 

X. 2003-C            Inputs From Prior Data 11/30/03

                                                                 
A   Total Student Loan Pool Outstanding                                        
  i   Portfolio Balance           $ 1,205,163,347.06                                          
  ii   Interest To Be Capitalized             46,656,743.34                                          
                   
 		                                          
  iii   Total Pool           $ 1,251,820,090.40                                          
  iv   Cash Capitalization Account (CI)             102,811,061.00                                          
                   
 		                                          
  v   Asset Balance           $ 1,354,631,151.40                                          
                   
 		                                          
B   Total Note and Certificate Factor             0.98835002466                                          
C   Total Note Balance           $ 1,330,331,981.74                                          
 
                                                                
D
   Note Balance 12/15/2003   Class A-1   Class A-2   Class A-3   Class A-4   Class A-5   Class B   Class C
  i   Current Factor     0.9738649696       1.0000000000       1.0000000000       1.0000000000       1.0000000000       1.0000000000       1.0000000000  
  ii   Expected Note Balance   $ 584,318,981.74     $ 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
   12/15/03   $ 1,225,491,982     $ 1,269,456,982     $ 1,330,331,982  
Asset Balance
   11/30/03   $ 1,354,631,151     $ 1,354,631,151     $ 1,354,631,151  
Pool Balance
   2/29/04   $ 1,248,120,761     $ 1,248,120,761     $ 1,248,120,761  
Amounts on Deposit*
   3/15/04     113,134,135       112,915,201       112,488,958  
Total
       $ 1,361,254,896     $ 1,361,035,963     $ 1,360,609,719  
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
       $ 129,139,169.66                    
Specified Class A Enhancement       $ 202,639,773.34     The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount
Class B Enhancement
       $ 85,174,169.66                    
Specified Class B Enhancement       $ 136,781,847.00     The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount
Class C Enhancement
       $ 24,299,169.66                    
Specified Class C Enhancement       $ 40,527,954.67     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

XII. 2003-C            Cash Capitalization Account Triggers

                               
Cash Capitalization Account Balance (CI)*
   2/29/2004   $ 102,811,061.00                             
5.50% of Initial Asset Balance
       $ 74,402,741.74                  
Excess, CI over 5.5% of initial Asset Bal
       $ 28,408,319.26                  
Release above excess to Collection Account?**
   3/15/2004   DO NOT RELEASE
                
3.50% of Initial Asset Balance
       $ 47,347,199.29                  
Excess, CI over 3.5% of initial Asset Bal
       $ 55,463,861.71                  
Release above excess to Collection Account?**
   3/15/2004   DO NOT RELEASE
                

*   as defined under “Asset Balance” on page S-78 of the prospectus supplement
 
**   determined based on a comparison of pool balances to notes outstanding and CI, along with certain loan portfolio characteristics, as outlined on page S-58 of the prospectus supplement

10

 

XIII. 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   12/15/2003   $ 1,225,491,981.74  
  iii   Asset Balance   2/29/2004   $ 1,350,931,822.26  
               
 		  
  iv   First Priority Principal Distribution Amount   3/15/2004   $ —
 
  v   Is the Class B Note Parity Trigger in Effect?       No
  vi   Aggregate A and B Notes Outstanding   12/15/2003   $ 1,269,456,981.74  
  vii   Asset Balance   2/29/2004   $ 1,350,931,822.26  
  viii   First Priority Principal Distribution Amount   3/15/2004   $ —  
               
 		  
  ix   Second Priority Principal Distribution Amount   3/15/2004   $ —
 
                    
  x   Is the Class C Note Parity Trigger in Effect?       No
 
   xi   Aggregate A, B and C Notes Outstanding   12/15/2003   $ 1,330,331,981.74  
  xii   Asset Balance   2/29/2004   $ 1,350,931,822.26  
  xiii   First Priority Principal Distribution Amount   3/15/2004   $ —  
  xiv   Second Priority Principal Distribution Amount   3/15/2004   $ —  
               
 		  
  xv   Third Priority Principal Distribution Amount   3/15/2004   $ —
               
 		  
 
                    
    Regular Principal Distribution            
 
                    
  i   Aggregate Notes Outstanding   12/15/2003   $ 1,330,331,981.74  
 
   ii   Asset Balance   2/29/2004   $ 1,350,931,822.26  
  iii   Specified Overcollateralization Amount   3/15/2004   $ 27,055,542.45  
  iv   First Priority Principal Distribution Amount   3/15/2004   $ —  
  v   Second Priority Principal Distribution Amount   3/15/2004   $ —  
  vi   Third Priority Principal Distribution Amount   3/15/2004   $ —  
  vii   Regular Principal Distribution Amount       $ 6,455,701.93  
  viii   Actual Principal Distribution Amount paid       $ 6,455,701.93  
  ix   Shortfall       $ —  
 
                    
    Class A Noteholders’ Principal Distribution Amounts            
 
                    
  i   Has the Stepdown Date Occurred?       No
 
   ii   Asset Balance   2/29/2004   $ 1,350,931,822.26  
  iii   85% of Asset Balance   2/29/2004   $ 1,148,292,048.92  
  iv   Specified Overcollateralization Amount   3/15/2004   $ 27,055,542.45  
  v   Lesser of (iii) and (ii — iv)       $ 1,148,292,048.92  
  vi   Class A Noteholders’ Principal Distribution Amt — Before the Stepdown Date       $ 6,455,701.93  
  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   2/29/2004   $ 1,350,931,822.26  
  iii   89.875% of Asset Balance   2/29/2004   $ 1,214,149,975.26  
  iv   Specified Overcollateralization Amount   3/15/2004   $ 27,055,542.45  
  v   Lesser of (iii) and (ii — iv)       $ 1,214,149,975.26  
  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   2/29/2004   $ 1,350,931,822.26  
  iii   97% of Asset Balance   2/29/2004   $ 1,310,403,867.59  
  iv   Specified Overcollateralization Amount   3/15/2004   $ 27,055,542.45  
  v   Lesser of (iii) and (ii — iv)       $ 1,310,403,867.59  
  vi   Class C Noteholders’ Principal Distribution Amt — Before the Stepdown Date       $ —  
  vii   Class C Noteholders’ Principal Distribution Amt — After the Stepdown Date       $ —  

11

 

XIV. 2003-C Waterfall for Distributions

                                 
                            Remaining  
                            Funds Balance
  
A   Total Available Funds ( Sections III-J )   $ 18,258,623.36     $ 18,258,623.36  
 
                                
B   Primary Servicing Fees—Current Month plus any Unpaid   $ 700,133.45     $ 17,558,489.91  
 
                                
C   Quarterly Administration Fee plus any Unpaid       $ 20,000.00     $ 17,538,489.91  
 
                                
D   Auction Fees Due   3/15/2004       $ 0.00     $ 17,538,489.91  
    Broker/Dealer Fees Due   3/15/2004       $ 0.00     $ 17,538,489.91  
 
                                
E   Gross Swap Payment due Counterparty A   $ 1,839,382.10     $ 15,699,107.81  
    Gross Swap Payment due Counterparty B   $ 1,839,382.10     $ 13,859,725.71  
 
                                
F   i   Class A-1 Noteholders’ Interest Distribution Amount due   3/15/2004   $ 1,875,826.24     $ 11,983,899.47  
    ii   Class A-2 Noteholders’ Interest Distribution Amount due   3/15/2004   $ 1,660,825.53     $ 10,323,073.94  
    iii   Class A-3 Noteholders’ Interest Distribution Amount due   3/15/2004   $ 0.00     $ 10,323,073.94  
    iv   Class A-4 Noteholders’ Interest Distribution Amount due   3/15/2004   $ 0.00     $ 10,323,073.94  
    v   Class A-5 Noteholders’ Interest Distribution Amount due   3/15/2004   $ 0.00     $ 10,323,073.94  
    vi   Swap Termination Fees due   3/15/2004   $ 0.00     $ 10,323,073.94  
 
                                
G   First Priority Principal Distribution Amount — Principal Distribution Account   $ 0.00     $ 10,323,073.94  
 
                                
H   Class B Noteholders’ Interest Distribuition Amount due   3/15/2004   $ 218,933.49     $ 10,104,140.45  
 
                                
I   Second Priority Principal Distribution Amount — Principal Distribution Account   $ 0.00     $ 10,104,140.45  
 
                                
J   Class C Noteholders’ Interest Distribuition Amount   $ 426,243.37     $ 9,677,897.08  
 
                                
K   Third Priority Principal Distribution Amount — Principal Distribution Account   $ 0.00     $ 9,677,897.08  
 
                                
L   Increase to the Specified Reserve Account Balance   $ 0.00     $ 9,677,897.08  
 
                                
M   Regular Principal Distribution Amount — Principal Distribution Account   $ 6,455,701.93     $ 3,222,195.15  
 
                                
N   Carryover Servicing Fees   $ 0.00     $ 3,222,195.15  
 
                                
O   Auction Rate Noteholder’s Interest Carryover                
 
                                
  i   Class A-3           $ 0.00     $ 3,222,195.15  
  ii   Class A-4           $ 0.00     $ 3,222,195.15  
  iii   Class A-5           $ 0.00     $ 3,222,195.15  
 
                                
P   Swap Termination Payments       $ 0.00     $ 3,222,195.15  
 
                                
Q   Additional Principal Distribution Amount — Principal Distribution Account   $ 0.00     $ 3,222,195.15  
 
                                

XV. 2003-C Principal Distribution Account Allocations

                                 
                            Remaining  
                            Funds Balance
  
A   Total from Collection Account           $ 6,455,701.93     $ 6,455,701.93  
 
                                
B
  i   Class A-1 Principal Distribution Amount Paid       $ 6,455,701.93     $ 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  

12

 

XVI. 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           $ 1,875,826.24     $ 1,660,825.53     $ 0.00     $ 0.00     $ 0.00     $ 218,933.49     $ 426,243.37  
  ii   Quarterly Interest Paid             1,875,826.24       1,660,825.53       0.00       0.00       0.00       218,933.49       426,243.37  
                   
 		      
 		      
 		      
 		      
 		      
 		      
 		  
  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           $ 6,455,701.93     $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00  
  viii   Quarterly Principal Paid (or allocated)             6,455,701.93       0.00       0.00       0.00       0.00       0.00       0.00  
                   
 		      
 		      
 		      
 		      
 		      
 		      
 		  
  ix   Shortfall           $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00  
                   
 		      
 		      
 		      
 		              
 		      
 		  
 
                                                                        
  x   Total Distribution Amount           $ 8,331,528.17     $ 1,660,825.53     $ 0.00     $ 0.00             $ 218,933.49     $ 426,243.37  
                   
 		      
 		      
 		      
 		              
 		      
 		  
B   Note Balances     12/15/2003     Paydown Factors     3/15/2004     Balances   Next ARS Pay Date                        
  i   A-1 Note Balance (78443CAY0)   $ 584,318,981.74             $ 577,863,279.81                                          
      A-1 Note Pool Factor     0.9738649696       0.0107595032       0.9631054664                                          
 
                                                                        
  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                                          
 
                                                                        
  iii   A-3 Note Balance (78443CBA1)   $ 75,000,000.00             $ 75,000,000.00     $ 75,000,000.00       03/23/04                          
      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       03/30/04                          
      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       04/08/04                          
      A-5 Note Pool Factor     1.0000000000       0.0000000000       1.0000000000       1.000000000                                  
 
                                                                        
  vi
vii 		  B Note Balance (78443CBD5)
B Note Pool Factor

C Note Balance (78443CBE3)
C Note Pool Factor 		  $

$		 43,965,000.00
1.0000000000

60,875,000.00
1.0000000000		       0.0000000000
0.0000000000		     $

$		 43,965,000.00
1.0000000000

60,875,000.00
1.0000000000		                                          

13

 

XVII. 2003-C            Historical Pool Information

                                                 
            12/01/03-02/29/03
   08/18/03-11/30/03
                        
Beginning Student Loan Portfolio Balance   $ 1,205,163,347.06     $ 1,202,893,173.22                          
    Student Loan Principal Activity                                        
 
   i   Principal Payments Received   $ 12,789,181.37     $ 13,196,464.40                          
 
   ii   Purchases by Servicer (Delinquencies >180)     1,151,451.03       76,894.69                          
 
   iii   Other Servicer Reimbursements     1,819.35       1,730.97                          
 
   iv   Seller Reimbursements     175,765.85       665,294.10                          
           
 
 
   v   Total Principal Collections   $ 14,118,217.60     $ 13,940,384.16                          
    Student Loan Non-Cash Principal Activity                                        
 
   i   Realized Losses/Loans Charged Off   $ —     $ —                          
 
   ii   Capitalized Interest     (8,930,525.57 )     (14,369,110.75 )                        
 
   iii   Capitalized Insurance Fee     ($1,165,239.70 )     ($1,810,969.76 )                        
 
   iv   Other Adjustments     (14,323.25 )     (30,477.49 )                        
           
 
 
   v   Total Non-Cash Principal Activity   $ (10,110,088.52 )   $ (16,210,558.00 )                        
(-)   Total Student Loan Principal Activity   $ 4,008,129.08     $ (2,270,173.84 )                        
    Student Loan Interest Activity                                        
 
   i   Interest Payments Received   $ 4,838,239.81     $ 4,365,636.18                          
 
   ii   Repurchases by Servicer (Delinquencies >180)     40,125.17       487.74                          
 
   iii   Other Servicer Reimbursements     61.76       15.64                          
 
   iv   Seller Reimbursements     11,832.95       46,145.91                          
 
   v   Late Fees     62,849.57       51,362.80                          
 
   vi   Collection Fees     —       —                          
 
            
 		      
 		                          
 
   viii   Total Interest Collections     4,953,109.26       4,463,648.27                          
    Student Loan Non-Cash Interest Activity                                        
 
   i   Realized Losses/Loans Charged Off   $ —     $ —                          
 
   ii   Capitalized Interest     8,930,525.57       14,369,110.75                          
 
   iii   Other Interest Adjustments     33,539.19       104,599.84                          
           
 
 
   iv   Total Non-Cash Interest Adjustments   $ 8,964,064.76     $ 14,473,710.59                          
           
 
 
   v   Total Student Loan Interest Activity   $ 13,917,174.02     $ 18,937,358.86                          
(=)   Ending Student Loan Portfolio Balance   $ 1,201,155,217.98     $ 1,205,163,347.06                          
(+)   Interest to be Capitalized   $ 46,965,543.28     $ 46,656,743.34                          
(=)   TOTAL POOL   $ 1,248,120,761.26     $ 1,251,820,090.40                          
(+)   Cash Capitalization Account Balance (CI)   $ 102,811,061.00     $ 102,811,061.00                          
(=)   Asset Balance   $ 1,350,931,822.26     $ 1,354,631,151.40                          

14

 

  XVIII. 2003-C           Payment History and CPRs

                 
    Distribution   Actual   Since Issued    
    Date   Pool Balances   CPR *    
 
                
 
   Dec-03   $1,251,820,090   2.20%    
 
                
 
   Mar-03   $1,248,120,761   2.03%    

 

 

 

* “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

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