exv19w1

SLM Private Credit Student Loan Trust 2002-A
Quarterly Servicing Report
Report Date: 5/31/2004 Reporting Period: 3/1/04-5/31/04

I. Deal Parameters


A	Student Loan Portfolio Characteristics		2/29/2004			Activity			5/31/2004
	i	Portfolio Balance	$	645,807,190.81			($9,436,857.03	)	$	636,370,333.78
	ii	Interest to be Capitalized		11,361,408.00						11,555,787.93

	iii	Total Pool	$	657,168,598.81					$	647,926,121.71

	iv	Cash Capitalization Account (CI)		40,178,192.00						40,178,192.00

	v	Asset Balance	$	697,346,790.81					$	688,104,313.71


	i	Weighted Average Coupon (WAC)		4.927	%					4.939	%
	ii	Weighted Average Remaining Term		180.16						178.40
	iii	Number of Loans		67,478						66,634
	iv	Number of Borrowers		45,977						45,356

	vi	Prime Loans Outstanding	$	571,511,747					$	564,491,055
	vii	T-bill Loans Outstanding	$	84,442,724					$	82,358,985
	viii	Fixed Loans Outstanding	$	1,214,128					$	1,076,082


										% of					% of
B	Notes		Cusips		Spread			Balance 3/15/04		O/S Securities			Balance 6/15/04		O/S Securities
	i	A-1 Notes		78443CAA2		0.150	%	$	295,876,539.25		43.337	%	$	286,634,062.15		42.559	%
	ii	A-2 Notes		78443CAB0		0.550	%		328,419,000.00		48.103	%		328,419,000.00		48.763	%
	iii	B Notes		78443CAC8		0.850	%		23,742,000.00		3.477	%		23,742,000.00		3.526	%
	iv	C Notes		78443CAD6		1.700	%		34,699,000.00		5.082	%		34,699,000.00		5.152	%

	v	Total Notes						$	682,736,539.25		100.000	%	$	673,494,062.15		100.000	%


C			3/15/2004		6/15/2004
	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.

II. 2002-A Transactions from: 3/1/2004 through: 5/31/2004


A	Student Loan Principal Activity
	i	Principal Payments Received	$	11,137,774.80
	ii	Purchases by Servicer (Delinquencies >180)		1,154,017.33
	iii	Other Servicer Reimbursements		4.18
	iv	Seller Reimbursements		179.28

	v	Total Principal Collections	$	12,291,975.59

B	Student Loan Non-Cash Principal Activity
	i	Realized Losses/Loans Charged Off	$	—
	ii	Capitalized Interest		(2,733,615.66	)
	iii	Capitalized Insurance Fee		(122,553.21	)
	iv	Other Adjustments		1,050.31

	v	Total Non-Cash Principal Activity	$	(2,855,118.56	)


C	Total Student Loan Principal Activity		$	9,436,857.03


D	Student Loan Interest Activity
	i	Interest Payments Received	$	4,877,037.92
	ii	Purchases by Servicer (Delinquencies >180)		46,165.39
	iii	Other Servicer Reimbursements		24.62
	iv	Seller Reimbursements		0.00
	v	Late Fees		71,823.48
	vi	Collection Fees		0.00

	vii	Total Interest Collections	$	4,995,051.41

E	Student Loan Non-Cash Interest Activity
	i	Realized Losses/Loans Charged Off	$	—
	ii	Capitalized Interest		2,733,615.66
	iii	Other Interest Adjustments		5,914.53

	iv	Total Non-Cash Interest Adjustments	$	2,739,530.19


F	Total Student Loan Interest Activity		$	7,734,581.60

III. 2002-A Collection Account Activity 3/1/2004 through: 5/31/2004


A	Principal Collections
	i	Principal Payments Received	$	10,931,307.68
	ii	Consolidation Principal Payments		206,467.12
	iii	Purchases by Servicer (Delinquencies > 180)		1,154,017.33
	iv	Reimbursements by Seller		179.28
	v	Reimbursements by Servicer		4.18
	vi	Other Re-purchased Principal		0.00

	vii	Total Principal Collections	$	12,291,975.59

B	Interest Collections
	i	Interest Payments Received	$	4,876,062.55
	ii	Consolidation Interest Payments		975.37
	iii	Purchases by Servicer (Delinquencies > 180)		46,165.39
	iv	Reimbursements by Seller		0.00
	v	Reimbursements by Servicer		24.62
	vi	Other Re-purchased Interest		0.00
	viii	Collection Fees/Return Items		0.00
	ix	Late Fees		71,823.48

	x	Total Interest Collections	$	4,995,051.41

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		$	123,840.54

H	Borrower Incentive Reimbursements		$	53,668.20

I	Gross Swap Receipt		$	1,621,188.32

	TOTAL FUNDS RECEIVED		$	19,085,724.06

	LESS FUNDS PREVIOUSLY REMITTED:
		Servicing Fees	$	(751,345.26	)

J	TOTAL AVAILABLE FUNDS		$	18,334,378.80

K	Servicing Fees Due for Current Period		$	372,693.31

L	Carryover Servicing Fees Due		$	—

M	Administration Fees Due		$	20,000.00


N	Total Fees Due for Period		$	392,693.31

IV. 2002-A Loss and Recovery Detail 5/31/2004


A	i	Cumulative Realized Losses Test	% of Initial Pool					11/30/2003		5/31/2004
		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	$	2,812,928.75
	iii	Cumulative Interest Purchases by Servicer					$	41,237.10	$	87,402.49

	iv	Total Gross Defaults:					$	1,700,148.52	$	2,900,331.24

V. 2002-A Portfolio Characteristics


	Weighted Avg Coupon						# of Loans				%*						Principal Amount				%*
STATUS	2/29/2004			5/31/2004			2/29/2004		5/31/2004		2/29/2004			5/31/2004			2/29/2004		5/31/2004		2/29/2004			5/31/2004
INTERIM:
In School		4.490	%		4.582	%		2,257		3,537		3.345	%		5.308	%	$	19,932,796.97	$	33,997,531.06		3.086	%		5.342	%

Grace		4.753	%		4.809	%		5,457		3,570		8.087	%		5.358	%	$	49,921,618.62	$	31,066,034.27		7.730	%		4.882	%
TOTAL INTERIM		4.678	%		4.691	%		7,714		7,107		11.432	%		10.666	%	$	69,854,415.59	$	65,063,565.33		10.817	%		10.224	%
REPAYMENT
Active
Current		4.874	%		4.847	%		44,725		44,682		66.281	%		67.056	%	$	432,110,703.39	$	425,454,403.96		66.910	%		66.856	%
31-60 Days Delinquent		5.583	%		5.688	%		1,342		1,129		1.989	%		1.694	%	$	12,971,446.41	$	9,791,579.23		2.009	%		1.539	%
61-90 Days Delinquent		5.454	%		5.788	%		681		569		1.009	%		0.854	%	$	6,101,113.15	$	5,131,599.87		0.945	%		0.806	%
91-120 Days Delinquent		6.174	%		5.806	%		307		420		0.455	%		0.630	%	$	2,614,113.76	$	3,650,269.16		0.405	%		0.574	%
121-150 Days Delinquent		5.850	%		6.834	%		221		240		0.328	%		0.360	%	$	1,957,239.32	$	2,305,770.41		0.303	%		0.362	%
151-180 Days Delinquent		5.337	%		6.029	%		85		111		0.126	%		0.167	%	$	901,312.59	$	920,625.42		0.140	%		0.145	%
> 180 Days Delinquent		5.719	%		0.000	%		4		0		0.006	%		0.000	%	$	71,258.49	$	0.00		0.011	%		0.000	%

Deferment		3.938	%		4.032	%		946		943		1.402	%		1.415	%	$	12,912,869.35	$	13,064,763.27		1.999	%		2.053	%

Forbearance		5.263	%		5.363	%		11,453		11,433		16.973	%		17.158	%	$	106,312,718.76	$	110,987,757.13		16.462	%		17.441	%

TOTAL REPAYMENT		4.957	%		4.967	%		59,764		59,527		88.568	%		89.334	%	$	575,952,775.22	$	571,306,768.45		89.183	%		89.776	%
GRAND TOTAL		4.927	%		4.939	%		67,478		66,634		100.000	%		100.000	%	$	645,807,190.81	$	636,370,333.78		100.000	%		100.000	%

* Percentages may not total 100% due to rounding

VII. 2002-A Swap

Swap Payments

Swap Calculation

Notional Swap Amount — Aggregate Prime Loans Outstanding

571,511,747

Counterparty Pays:

3 Month Libor

1.11000

iii

Gross Swap Receipt Due Trust

1,621,188.32

Days in Period

3/15/2004

6/15/2004

SLM Private Credit Trust Pays:

Prime Rate (WSJ) Less

2.7000

1.30000

Gross Swap Payment Due Counterparty

1,867,562.98

vii

Days in Period

3/15/2004

6/15/2004

VIII. 2002-A Accrued Interest Factors

Accrued

Int Factor

Accrual Period

Rate

Class A-1 Interest Rate

0.003220000

(3/15/04 — 06/15/04)

1.26000

Class A-2 Interest Rate

0.004242222

(3/15/04 — 06/15/04)

1.66000

Class B Interest Rate

0.005008889

(3/15/04 — 06/15/04)

1.96000

Class C Interest Rate

0.007181111

(3/15/04 — 06/15/04)

2.81000

IX. 2002-A Inputs From Prior Data 2/29/04


A	Total Student Loan Pool Outstanding
	i	Portfolio Balance			$	645,807,190.81
	ii	Interest To Be Capitalized				11,361,408.00

	iii	Total Pool			$	657,168,598.81
	iv	Cash Capitalization Account (CI)				40,178,192.00

	v	Asset Balance			$	697,346,790.81


B	Total Note and Certificate Factor					0.93929579183
C	Total Note Balance				$	682,736,539.25

D	Note Balance 3/15/2004		Class A-1		Class A-2		Class B		Class C

	i	Current Factor		0.8702251154		1.0000000000		1.0000000000		1.0000000000
	ii	Expected Note Balance	$	295,876,539.25	$	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

X. 2002-A Note Parity Triggers


		Class A		Class B		Class C
Notes Outstanding	3/15/04	$	624,295,539	$	648,037,539	$	682,736,539
Asset Balance	2/29/04	$	697,346,791	$	697,346,791	$	697,346,791
Pool Balance	5/31/04	$	647,926,122	$	647,926,122	$	647,926,122
Amounts on Deposit*	6/15/04		53,906,366		53,787,445		53,538,267
Total		$	701,832,488	$	701,713,567	$	701,464,389

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		$	103,215,647.06	The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount

Class B Enhancement		$	49,309,251.56
Specified Class B Enhancement		$	69,670,561.76	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		$	20,643,129.41	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

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	3/15/2004	$	624,295,539.25
iii	Asset Balance	5/31/2004	$	688,104,313.71

iv	First Priority Principal Distribution Amount	6/15/2004	$	—
v	Is the Class B Note Parity Trigger in Effect?		No
vi	Aggregate A and B Notes Outstanding	3/15/2004	$	648,037,539.25
vii	Asset Balance	5/31/2004	$	688,104,313.71
viii	First Priority Principal Distribution Amount	6/15/2004	$	—

ix	Second Priority Principal Distribution Amount	6/15/2004	$	—
x	Is the Class C Note Parity Trigger in Effect?		No
xi	Aggregate A, B and C Notes Outstanding	3/15/2004	$	682,736,539.25
xii	Asset Balance	5/31/2004	$	688,104,313.71
xiii	First Priority Principal Distribution Amount	6/15/2004	$	—
xiv	Second Priority Principal Distribution Amount	6/15/2004	$	—

xv	Third Priority Principal Distribution Amount	6/15/2004	$	—

Regular Principal Distribution

i	Aggregate Notes Outstanding	3/15/2004	$	682,736,539.25
ii	Asset Balance	5/31/2004	$	688,104,313.71
iii	Specified Overcollateralization Amount	6/15/2004	$	14,610,251.56
iv	First Priority Principal Distribution Amount	6/15/2004	$	—
v	Second Priority Principal Distribution Amount	6/15/2004	$	—
vi	Third Priority Principal Distribution Amount	6/15/2004	$	—
vii	Regular Principal Distribution Amount		$	9,242,477.10

Class A Noteholders’ Principal Distribution Amounts

i	Has the Stepdown Date Occurred?		No
ii	Asset Balance	5/31/2004	$	688,104,313.71
iii	85% of Asset Balance	5/31/2004	$	584,888,666.65
iv	Specified Overcollateralization Amount	6/15/2004	$	14,610,251.56
v	Lesser of (iii) and (ii - iv)		$	584,888,666.65
vi	Class A Noteholders' Principal Distribution Amt - Before the Stepdown Date		$	9,242,477.10
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	5/31/2004	$	688,104,313.71
iii	89.875% of Asset Balance	5/31/2004	$	618,433,751.95
iv	Specified Overcollateralization Amount	6/15/2004	$	14,610,251.56
v	Lesser of (iii) and (ii - iv)		$	618,433,751.95
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	5/31/2004	$	688,104,313.71
iii	97% of Asset Balance	5/31/2004	$	667,461,184.30
iv	Specified Overcollateralization Amount	6/15/2004	$	14,610,251.56
v	Lesser of (iii) and (ii - iv)		$	667,461,184.30
vi	Class C Noteholders' Principal Distribution Amt - Before the Stepdown Date		$	—
vii	Class C Noteholders' Principal Distribution Amt - After the Stepdown Date		$	—

XII. 2002-A Waterfall for Distributions


					Remaining
					Funds Balance
A		Total Available Funds ( Sections III-F )	$	18,334,378.80	$	18,334,378.80

B		Primary Servicing Fees — Current Month plus any Unpaid	$	372,693.31	$	17,961,685.49

C		Quarterly Administration Fee plus any Unpaid	$	20,000.00	$	17,941,685.49

D		Gross Swap Payment	$	1,867,562.98	$	16,074,122.51

E	i	Class A-1 Noteholders’ Interest Distribution Amount	$	952,722.46	$	15,121,400.05
	ii	Class A-2 Noteholders’ Interest Distribution Amount	$	1,393,226.38	$	13,728,173.67

F		First Priority Principal Distribution Amount — Principal Distribution Account	$	0.00	$	13,728,173.67

G		Class B Noteholders’ Interest Distribution Amount	$	118,921.04	$	13,609,252.63

H		Second Priority Principal Distribution Amount — Principal Distribution Account	$	0.00	$	13,609,252.63

I		Class C Noteholders’ Interest Distribution Amount	$	249,177.37	$	13,360,075.26

J		Third Priority Principal Distribution Amount — Principal Distribution Account	$	0.00	$	13,360,075.26

K		Increase to the Specified Reserve Account Balance	$	0.00	$	13,360,075.26

L		Regular Principal Distribution Amount — Principal Distribution Account	$	9,242,477.10	$	4,117,598.16

M		Carryover Servicing Fees	$	0.00	$	4,117,598.16

N		Swap Termination Payments	$	0.00	$	4,117,598.16

O		Additional Principal Distribution Amount — Principal Distribution Account	$	0.00	$	4,117,598.16

P		Remaining Funds to the Certificateholders	$	4,117,598.16	$	0.00

XIV. 2002-A Distributions


A	Distribution Amounts				Class A-1		Class A-2		Class B		Class C
	i	Quarterly Interest Due			$	952,722.46	$	1,393,226.38	$	118,921.04	$	249,177.37
	ii	Quarterly Interest Paid				952,722.46		1,393,226.38		118,921.04		249,177.37

	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			$	9,242,477.10	$	0.00	$	0.00	$	0.00
	viii	Quarterly Principal Paid				9,242,477.10		0.00		0.00		0.00

	ix	Difference			$	0.00	$	0.00	$	0.00	$	0.00

	x	Total Distribution Amount			$	10,195,199.56	$	1,393,226.38	$	118,921.04	$	249,177.37

B	Note Balances			3/15/2004	Paydown Factors			6/15/2004
	i	A-1 Note Balance 78443CAA2	$	295,876,539.25			$	286,634,062.15
		A-1 Note Pool Factor		0.8702251154		0.0271837562		0.8430413593

	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

XV. 2002-A Historical Pool Information


			3/1/04-5/31/04			12/01/03-02/29/04			09/01/03-11/30/03			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			$	645,807,190.81		$	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	$	11,137,774.80		$	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)		1,154,017.33			592,702.67			441,925.07			347,273.28			384,621.89			439,757.44			45,333.74
	iii	Other Servicer Reimbursements		4.18			492.55			133.03			—			11,164.22			421.46			85.42
	iv	Seller Reimbursements		179.28			6,608.75			72,375.73			24,001.54			(3,814.18	)		3,407.85			166,322.44

	v	Total Principal Collections	$	12,291,975.59		$	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		(2,733,615.66	)		(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		($122,553.21	)		($947,304.59	)		($240,381.76	)		($76,200.23	)		($250,766.36	)		($1,337,764.97	)		($1,706,229.57	)
	iv	Other Adjustments		1,050.31			(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	$	(2,855,118.56	)	$	(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		$	9,436,857.03		$	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	$	4,877,037.92		$	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)		46,165.39			20,767.38			13,500.90			8,851.48			4,319.12			13,763.73			801.87
	iii	Other Servicer Reimbursements		24.62			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		71,823.48			66,813.45			63,560.72			61,745.44			59,880.28			58,477.07			53,062.07
	vi	Collection Fees		—			—			—			—			—			—			—

	viii	Total Interest Collections		4,995,051.41			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		2,733,615.66			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		5,914.53			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	$	2,739,530.19		$	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	$	7,734,581.60		$	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		$	636,370,333.78		$	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		$	11,555,787.93		$	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		$	647,926,121.71		$	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		$	40,178,192.00
(=)	Asset Balance		$	688,104,313.71		$	697,346,790.81		$	704,842,350.81		$	711,095,964.09		$	717,835,948.37		$	724,071,844.58		$	730,465,134.37

SLM Private Credit Student Loan Trust 2003-A
Quarterly Servicing Report
Report Date: 5/31/2004 Reporting Period: 3/1/04-5/31/04

I. Deal Parameters


A	Student Loan Portfolio Characteristics		2/29/2004			Activity			5/31/2004
	i	Portfolio Balance	$	929,674,448.24			($14,211,240.26	)	$	915,463,207.98
	ii	Interest to be Capitalized		38,468,568.88						40,397,122.73

	iii	Total Pool	$	968,143,017.12					$	955,860,330.71

	iv	Cash Capitalization Account (CI)		58,502,550.00						58,502,550.00

	v	Asset Balance	$	1,026,645,567.12					$	1,014,362,880.71

	i	Weighted Average Coupon (WAC)		4.786	%					4.790	%
	ii	Weighted Average Remaining Term		170.69						168.98
	iii	Number of Loans		117,112						115,486
	iv	Number of Borrowers		74,276						73,339
	vi	Prime Loans Outstanding	$	703,771,055					$	702,253,552
	vii	T-bill Loans Outstanding	$	258,984,314					$	248,731,435
	viii	Fixed Loans Outstanding	$	5,387,648					$	4,875,344


										% of					% of
B	Notes		Cusips		Spread			Balance 3/15/04		O/S Securities			Balance 6/15/04		O/S Securities
	i	A-1 Notes		78443CAE4		0.110	%	$	449,735,912.54		44.733	%	$	437,453,226.13		44.050	%
	ii	A-2 Notes		78443CAF1		0.440	%		320,000,000.00		31.829	%		320,000,000.00		32.223	%
	iii	A-3 ARS		78443CAJ3	ARS				76,600,000.00		7.619	%		76,600,000.00		7.713	%
	iv	A-4 ARS		78443CAK0	ARS				76,600,000.00		7.619	%		76,600,000.00		7.713	%
	v	B Notes		78443CAG9		0.750	%		34,570,000.00		3.439	%		34,570,000.00		3.481	%
	vi	C Notes		78443CAH7		1.600	%		47,866,000.00		4.761	%		47,866,000.00		4.820	%

	vii	Total Notes						$	1,005,371,912.54		100.000	%	$	993,089,226.13		100.000	%


			3/15/2004		6/15/2004
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.

II. 2003-A Transactions from: 3/1/2004 through: 5/31/2004


A	Student Loan Principal Activity
	i	Principal Payments Received	$	16,672,468.03
	ii	Purchases by Servicer (Delinquencies >180)		788,272.01
	iii	Other Servicer Reimbursements		29,348.00
	iv	Seller Reimbursements		121,227.33

	v	Total Principal Collections	$	17,611,315.37

B	Student Loan Non-Cash Principal Activity
	i	Realized Losses/Loans Charged Off	$	—
	ii	Capitalized Interest		(3,281,180.36	)
	iii	Capitalized Insurance Fee		(121,505.97	)
	iv	Other Adjustments		2,611.22

	v	Total Non-Cash Principal Activity	$	(3,400,075.11	)


C	Total Student Loan Principal Activity		$	14,211,240.26


D	Student Loan Interest Activity
	i	Interest Payments Received	$	5,659,640.74
	ii	Purchases by Servicer (Delinquencies >180)		22,760.31
	iii	Other Servicer Reimbursements		2,360.70
	iv	Seller Reimbursements		4,145.35
	v	Late Fees		65,382.33
	vi	Collection Fees		0.00

	vii	Total Interest Collections	$	5,754,289.43

E	Student Loan Non-Cash Interest Activity
	i	Realized Losses/Loans Charged Off	$	—
	ii	Capitalized Interest		3,281,180.36
	iii	Other Interest Adjustments		15,890.58

	iv	Total Non-Cash Interest Adjustments	$	3,297,070.94


F	Total Student Loan Interest Activity		$	9,051,360.37

III. 2003-A Collection Account Activity 3/1/2004 through: 5/31/2004

Principal Collections

Principal Payments Received

16,487,573.25

Consolidation Principal Payments

184,894.78

iii

Purchases by Servicer (Delinquencies > 180)

788,272.01

Reimbursements by Seller

0.00

Reimbursements by Servicer

29,348.00

Other Re-purchased Principal

121,227.33

vii

Total Principal Collections

17,611,315.37

Interest Collections

Interest Payments Received

5,659,154.68

Consolidation Interest Payments

486.06

iii

Purchases by Servicer (Delinquencies > 180)

22,760.31

Reimbursements by Seller

0.00

Reimbursements by Servicer

2,360.70

Other Re-purchased Interest

4,145.35

viii

Collection Fees/Return Items

0.00

Late Fees

65,382.33

Total Interest Collections

5,754,289.43

Recoveries on Realized Losses

—

Amount from Cash Capitalization Account

—

Funds Borrowed from Next Collection Period

—

Funds Repaid from Prior Collection Periods

—

Investment Income

176,807.27

Borrower Incentive Reimbursements

106,645.45

Interest Rate Cap Proceeds

—

Gross Swap Receipt

1,996,363.90

TOTAL FUNDS RECEIVED

25,645,421.42

LESS FUNDS PREVIOUSLY REMITTED:

Servicing Fees

(1,081,924.01

)

Funds Allocated to the Future Distribution Account

(5,388,402.16

)

iii

Funds Released from the Future Distribution Account

3,757,200.81

TOTAL AVAILABLE FUNDS

22,932,296.06

Servicing Fees Due for Current Period

536,632.19

Carryover Servicing Fees Due

—

Administration Fees Due

20,000.00

Total Fees Due for Period

556,632.19

IV. 2003-A Future Distribution Account Activity


A	Account Reconciliation

	i	Beginning Balance	3/15/2004	$	1,807,906.49
	ii	Total Allocations for Distribution Period		$	3,580,495.66
	iii	Total Payments for Distribution Period		$	(1,631,201.35	)
	iv	Funds Released to the Collection Account		$	(3,757,200.81	)

	v	Total Balance Prior to Current Month Allocations		$	—

	vi	Ending Balance	6/15/2004	$	1,746,405.44

B	Monthly Allocations to the Future Distribution Account

	Monthly Allocation Date		3/15/2004
	i	Primary Servicing Fees		$	543,827.05
	ii	Admin Fees		$	6,666.66
	iii	Broker Dealer, Auction Agent and Remarketing Fees		$	27,505.78
	iv	Interest Accrued on the Class A Notes and Swap Counterparty		$	1,229,907.00
	v	Interest Accrued on the Class B & C Notes		$	—

	vi	Balance as of	3/15/2004	$	1,807,906.49

	Monthly Allocation Date		4/15/2004
	i	Primary Servicing Fees		$	542,310.09
	ii	Admin Fees		$	6,666.66
	iii	Broker Dealer, Auction Agent and Remarketing Fees		$	28,393.07
	iv	Interest Accrued on the Class A Notes and Swap Counterparty		$	1,293,842.23
	v	Interest Accrued on the Class B & C Notes		$	—

	vi	Total Allocations		$	1,871,212.05

	Monthly Allocation Date		5/17/2004
	i	Primary Servicing Fees		$	539,613.92
	ii	Admin Fees		$	6,666.66
	iii	Broker Dealer, Auction Agent and Remarketing Fees		$	25,731.22
	iv	Interest Accrued on the Class A Notes and Swap Counterparty		$	1,137,271.82
	v	Interest Accrued on the Class B & C Notes		$	—

	vi	Total Allocations		$	1,709,283.62

C	Total Future Distribution Account Deposits Previously Allocated			$	5,388,402.16


D	Current Month Allocations		6/15/2004
	i	Primary Servicing Fees		$	536,632.19
	ii	Admin Fees		$	6,666.66
	iii	Broker Dealer, Auction Agent and Remarketing Fees		$	26,618.50
	iv	Interest Accrued on the Class A Notes and Swap Counterparty		$	1,176,488.09
	v	Interest Accrued on the Class B & C Notes		$	—

	vi	Allocations on the Distribution Date		$	1,746,405.44
	vii	Plus: Additional Loan Account Deposits in the Amount of the Principal Distribution Amount		$	—

	viii	Total Monthly Required Allocations		$	1,746,405.44

V. 2003-A Auction Rate Security Detail

A Auction Rate Securities Paid During Collection Period


		Payment	Security	Interest				No. of
		Date	Description	Rate				Days		Start Date	End Date	Interest Payment
	i	3/18/2004	SLMPC TRUST 2003A A3		1.090000	%			28	02/19/2004	03/18/2004	$	64,939.78
		3/31/2004	SLMPC TRUST 2003A A4		1.090000	%			28	03/03/2004	03/31/2004	$	64,939.78
		4/15/2004	SLMPC TRUST 2003A A3		1.090000	%			28	03/18/2004	04/15/2004	$	64,939.78
		4/28/2004	SLMPC TRUST 2003A A4		1.090000	%			28	03/31/2004	04/28/2004	$	64,939.78
		5/13/2004	SLMPC TRUST 2003A A3		1.120000	%			28	04/15/2004	05/13/2004	$	66,727.11
		5/26/2004	SLMPC TRUST 2003A A4		1.100000	%			28	04/28/2004	05/26/2004	$	65,535.56
		6/10/2004	SLMPC TRUST 2003A A3		1.180000	%			28	05/13/2004	06/10/2004	$	70,301.78

	ii	Auction Rate Security Payments Made During Collection Period					3/15/04—6/15/04					$	462,323.57
	iii	Broker/Dealer Fees Paid During Collection Period					3/15/04—6/15/04					$	83,408.89
	iv	Auction Agent Fees Paid During Collection Period					3/15/04—6/15/04					$	3,544.88
	v	Primary Servicing Fees Remitted										$	1,081,924.01

	vi	Total										$	1,631,201.35
		– 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										$	—


B	Total Payments Out of Future Distribution Account During Distribution Period											$	1,631,201.35

C	Funds Released to Collection Account											$	3,757,200.81

Auction Rate Student Loan Rates

May-04

Apr-04

May-04

3.82563%

3.82554%

3.82754%

VI. 2003-A Loss and Recovery Detail 5/31/2004


A	i	Cumulative Realized Losses Test	% of Original Pool					2/29/2004		5/31/2004
		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					$	1,343,724.53	$	2,131,996.54
	iii	Cumulative Interest Purchases by Servicer					$	44,234.26	$	66,994.57

	iv	Total Gross Defaults:					$	1,387,958.79	$	2,198,991.11

VII. 2003-A Portfolio Characteristics


	Weighted Avg Coupon						# of Loans				%*						Principal Amount				%*
STATUS	2/29/2004			5/31/2004			2/29/2004		5/31/2004		2/29/2004			5/31/2004			2/29/2004		5/31/2004		2/29/2004			5/31/2004
INTERIM:
In School		4.707	%		4.744	%		31,063		11,965		26.524	%		10.361	%	$	248,705,843.21	$	98,175,537.33		26.752	%		10.724	%

Grace		4.834	%		4.703	%		5,924		23,706		5.058	%		20.527	%	$	48,611,288.46	$	188,203,023.73		5.229	%		20.558	%

TOTAL INTERIM		4.728	%		4.717	%		36,987		35,671		31.583	%		30.888	%	$	297,317,131.67	$	286,378,561.06		31.981	%		31.282	%
REPAYMENT
Active
Current		4.703	%		4.722	%		63,912		64,505		54.573	%		55.855	%	$	487,930,766.96	$	492,053,997.54		52.484	%		53.749	%
31-60 Days Delinquent		5.391	%		5.339	%		1,536		1,016		1.312	%		0.880	%	$	12,526,579.97	$	8,685,841.83		1.347	%		0.949	%
61-90 Days Delinquent		5.459	%		5.592	%		928		510		0.792	%		0.442	%	$	8,058,253.58	$	3,939,800.98		0.867	%		0.430	%
91-120 Days Delinquent		5.906	%		5.941	%		298		394		0.254	%		0.341	%	$	2,371,613.20	$	3,534,047.31		0.255	%		0.386	%
121-150 Days Delinquent		7.022	%		5.795	%		113		247		0.096	%		0.214	%	$	824,495.67	$	2,162,981.02		0.089	%		0.236	%
151-180 Days Delinquent		5.356	%		5.892	%		28		104		0.024	%		0.090	%	$	270,810.58	$	925,116.53		0.029	%		0.101	%
> 180 Days Delinquent		6.000	%		0.000	%		1		0		0.001	%		0.000	%	$	4,997.18	$	0.00		0.001	%		0.000	%

Deferment		4.683	%		4.713	%		108		111		0.092	%		0.096	%	$	1,462,355.10	$	1,500,506.37		0.157	%		0.164	%

Forbearance		5.122	%		5.131	%		13,201		12,928		11.272	%		11.194	%	$	118,907,444.33	$	116,282,355.34		12.790	%		12.702	%

TOTAL REPAYMENT		4.813	%		4.824	%		80,125		79,815		68.417	%		69.112	%	$	632,357,316.57	$	629,084,646.92		68.019	%		68.718	%
GRAND TOTAL		4.786	%		4.790	%		117,112		115,486		100.000	%		100.000	%	$	929,674,448.24	$	915,463,207.98		100.000	%		100.000	%

* Percentages may not total 100% due to rounding


A	Swap Payments

						Counterparty A			Counterparty B

	i	Notional Swap Amount - Aggregate Prime Loans Outstanding					351,885,528		$	351,885,528
	Counterparty Pays:
	ii	3 Month Libor					1.11000	%		1.11000	%
	iii	Gross Swap Receipt Due Trust				$	998,181.95		$	998,181.95
	iv	Days in Period	3/15/2004		6/15/2004		92			92

	SLM Private Credit Trust Pays:
	v	Prime Rate (WSJ) Less	2.6100	%			1.39000	%		1.39000	%
	vi	Gross Swap Payment Due Counterparty				$	1,229,484.19		$	1,229,484.19
	vii	Days in Period	3/15/2004		6/15/2004		92			92

B	Cap Payments					Cap Calculation

	i	Notional Swap Amount				$	620,000,000.00
	Counterparty Pays:
	ii	3 Month Libor (interpolated for first accrual period)					1.11000	%
	iii	Cap Rate					5.50000	%

	iv	Excess (if any) of Libor over Cap Rate (ii-iii)					0.00000	%
	v	Days in Period	3/15/2004		6/15/2004		92
	vi	Cap Payment due Trust				$	—

XI. 2003-A Inputs From Prior Data 2/29/04


A	Total Student Loan Pool Outstanding
	i	Portfolio Balance			$	929,674,448.24
	ii	Interest To Be Capitalized				38,468,568.88

	iii	Total Pool			$	968,143,017.12
	iv	Cash Capitalization Account (CI)				58,502,550.00

	v	Asset Balance			$	1,026,645,567.12


B	Total Note and Certificate Factor					0.95232096836
C	Total Note Balance				$	1,005,371,912.54

D	Note Balance 3/15/2004		Class A-1		Class A-2		Class A-3		Class A-4		Class B		Class C

	i	Current Factor		0.8993441182		1.0000000000		1.0000000000		1.0000000000		1.0000000000		1.0000000000
	ii	Expected Note Balance	$	449,735,912.54	$	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

XII. 2003-A Note Parity Triggers


		Class A		Class B		Class C
Notes Outstanding	3/15/04	$	922,935,913	$	957,505,913	$	1,005,371,913
Asset Balance	2/29/04	$	1,026,645,567	$	1,026,645,567	$	1,026,645,567
Pool Balance	5/31/04	$	955,860,331	$	955,860,331	$	955,860,331
Amounts on Deposit*	6/15/04		75,749,513		75,585,191		75,253,692
Total		$	1,031,609,844	$	1,031,445,521	$	1,031,114,023

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		$	152,154,432.11	The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount

Class B Enhancement		$	69,139,654.58
Specified Class B Enhancement		$	102,704,241.67	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		$	30,430,886.42	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

XIII. 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	3/15/2004	$	922,935,912.54
iii	Asset Balance	5/31/2004	$	1,014,362,880.71

iv	First Priority Principal Distribution Amount	6/15/2004	$	—
v	Is the Class B Note Parity Trigger in Effect?		No
vi	Aggregate A and B Notes Outstanding	3/15/2004	$	957,505,912.54
vii	Asset Balance	5/31/2004	$	1,014,362,880.71
viii	First Priority Principal Distribution Amount	6/15/2004	$	—

ix	Second Priority Principal Distribution Amount	6/15/2004	$	—
x	Is the Class C Note Parity Trigger in Effect?		No
xi	Aggregate A, B and C Notes Outstanding	3/15/2004	$	1,005,371,912.54
xii	Asset Balance	5/31/2004	$	1,014,362,880.71
xiii	First Priority Principal Distribution Amount	6/15/2004	$	—
xiv	Second Priority Principal Distribution Amount	6/15/2004	$	—

xv	Third Priority Principal Distribution Amount	6/15/2004	$	—

Regular Principal Distribution

i	Aggregate Notes Outstanding	3/15/2004	$	1,005,371,912.54
ii	Asset Balance	5/31/2004	$	1,014,362,880.71
iii	Specified Overcollateralization Amount	6/15/2004	$	21,273,654.58
iv	First Priority Principal Distribution Amount	6/15/2004	$	—
v	Second Priority Principal Distribution Amount	6/15/2004	$	—
vi	Third Priority Principal Distribution Amount	6/15/2004	$	—
vii	Regular Principal Distribution Amount		$	12,282,686.41

Class A Noteholders’ Principal Distribution Amounts

i	Has the Stepdown Date Occurred?		No
ii	Asset Balance	5/31/2004	$	1,014,362,880.71
iii	85% of Asset Balance	5/31/2004	$	862,208,448.60
iv	Specified Overcollateralization Amount	6/15/2004	$	21,273,654.58
v	Lesser of (iii) and (ii - iv)		$	862,208,448.60
vi	Class A Noteholders' Principal Distribution Amt - Before the Stepdown Date		$	12,282,686.41
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	5/31/2004	$	1,014,362,880.71
iii	89.875% of Asset Balance	5/31/2004	$	911,658,639.04
iv	Specified Overcollateralization Amount	6/15/2004	$	21,273,654.58
v	Lesser of (iii) and (ii - iv)		$	911,658,639.04
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	5/31/2004	$	1,014,362,880.71
iii	97% of Asset Balance	5/31/2004	$	983,931,994.29
iv	Specified Overcollateralization Amount	6/15/2004	$	21,273,654.58
v	Lesser of (iii) and (ii - iv)		$	983,931,994.29
vi	Class C Noteholders' Principal Distribution Amt - Before the Stepdown Date		$	—
vii	Class C Noteholders' Principal Distribution Amt - After the Stepdown Date		$	—

XIV. 2003-A Waterfall for Distributions


					Remaining
					Funds Balance
A		Total Available Funds ( Sections III-J )	$	22,932,296.06	$	22,932,296.06

B		Primary Servicing Fees — Current Month plus any Unpaid	$	536,632.19	$	22,395,663.87

C		Quarterly Administration Fee plus any Unpaid	$	20,000.00	$	22,375,663.87

D		Auction Fees Due 6/15/2004	$	0.00	$	22,375,663.87
		Broker/Dealer Fees Due 6/15/2004	$	0.00	$	22,375,663.87

E		Gross Swap Payment due Counterparty A	$	1,229,484.19	$	21,146,179.68
		Gross Swap Payment due Counterparty B	$	1,229,484.19	$	19,916,695.48

F	i	Class A-1 Noteholders’ Interest Distribution Amount due 6/15/2004	$	1,402,176.63	$	18,514,518.86
	ii	Class A-2 Noteholders’ Interest Distribution Amount due 6/15/2004	$	1,267,555.56	$	17,246,963.30
	iii	Class A-3 Noteholders’ Interest Distribution Amount due 6/15/2004	$	0.00	$	17,246,963.30
	iv	Class A-4 Noteholders’ Interest Distribution Amount due 6/15/2004	$	0.00	$	17,246,963.30
	v	Swap Termination Fees due 6/15/2004	$	0.00	$	17,246,963.30

G		First Priority Principal Distribution Amount — Principal Distribution Account	$	0.00	$	17,246,963.30

H		Class B Noteholders’ Interest Distribution Amount due 6/15/2004	$	164,322.73	$	17,082,640.57

I		Second Priority Principal Distribution Amount — Principal Distribution Account	$	0.00	$	17,082,640.57

J		Class C Noteholders’ Interest Distribution Amount	$	331,498.64	$	16,751,141.93

K		Third Priority Principal Distribution Amount — Principal Distribution Account	$	0.00	$	16,751,141.93

L		Increase to the Specified Reserve Account Balance	$	0.00	$	16,751,141.93

M		Regular Principal Distribution Amount — Principal Distribution Account	$	12,282,686.41	$	4,468,455.52

N		Carryover Servicing Fees	$	0.00	$	4,468,455.52

O		Auction Rate Noteholder’s Interest Carryover
	i	Class A-3	$	0.00	$	4,468,455.52
	ii	Class A-4	$	0.00	$	4,468,455.52

P		Swap Termination Payments	$	0.00	$	4,468,455.52

Q		Additional Principal Distribution Amount — Principal Distribution Account	$	0.00	$	4,468,455.52

R		Remaining Funds to the Certificateholders	$	4,468,455.52	$	0.00

XV. 2003-A Principal Distribution Account Allocations


					Remaining
					Funds Balance
A		Total from Collection Account	$	12,282,686.41	$	12,282,686.41

B	i	Class A-1 Principal Distribution Amount Paid	$	12,282,686.41	$	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

XVI. 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			$	1,402,176.63	$	1,267,555.56	$	0.00	$	0.00	$	164,322.73	$	331,498.64
	ii	Quarterly Interest Paid				1,402,176.63		1,267,555.56		0.00		0.00		164,322.73		331,498.64

	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			$	12,282,686.41	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	viii	Quarterly Principal Paid (or allocated)				12,282,686.41		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			$	13,684,863.04	$	1,267,555.56	$	0.00	$	0.00	$	164,322.73	$	331,498.64

B	Note Balances			3/15/2004	Paydown Factors			6/15/2004	Balances		Next ARS Pay Date
	i	A-1 Note Balance 78443CAE4	$	449,735,912.54			$	437,453,226.13
		A-1 Note Pool Factor		0.8993441182		0.0245618850		0.8747822332

	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

	ii	A-3 Note Balance 78443CAJ3	$	76,600,000.00			$	76,600,000.00	$	76,600,000.00		07/08/04
		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		06/23/04
		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

XVII. 2003-A Historical Pool Information


			3/1/04-5/31/04			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			$	929,674,498.23		$	939,963,063.42		$	941,931,312.31		$	950,860,882.57		$	965,794,008.71
	Student Loan Principal Activity
	i	Principal Payments Received	$	16,672,468.03		$	16,674,807.08		$	15,842,825.30		$	14,621,918.82		$	19,739,960.28
	ii	Purchases by Servicer (Delinquencies >180)		788,272.01			737,588.04			173,809.48			353,324.27			79,002.74
	iii	Other Servicer Reimbursements		29,348.00			44.51			724.31			885.93			41.49
	iv	Seller Reimbursements		121,227.33			19,179.46			25,606.76			49,467.03			134,675.22

	v	Total Principal Collections	$	17,611,315.37		$	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		(3,281,180.36	)		(6,549,770.46	)		(12,602,082.87	)		(5,599,582.19	)		(4,391,385.55	)
	iii	Capitalized Insurance Fee		($121,505.97	)		($571,102.55	)		($1,467,684.39	)		($554,812.95	)		($458,815.65	)
	iv	Other Adjustments		2,611.22			(22,180.89	)		(4,949.70	)		58,369.35			(170,352.39	)

	v	Total Non-Cash Principal Activity	$	(3,400,075.11	)	$	(7,143,053.90	)	$	(14,074,716.96	)	$	(6,096,025.79	)	$	(5,020,553.59	)
(-)	Total Student Loan Principal Activity		$	14,211,240.26		$	10,288,565.19		$	1,968,248.89		$	8,929,570.26		$	14,933,126.14
	Student Loan Interest Activity
	i	Interest Payments Received	$	5,659,640.74		$	5,709,448.24		$	5,331,516.12		$	5,278,543.75		$	7,321,995.25
	ii	Repurchases by Servicer (Delinquencies >180)		22,760.31			23,997.03			4,181.44			10,839.32			5,216.47
	iii	Other Servicer Reimbursements		2,360.70			1.58			(26.40	)		(51.74	)		0.07
	iv	Seller Reimbursements		4,145.35			460.67			367.14			468.06			8,882.55
	v	Late Fees		65,382.33			66,703.72			48,241.84			45,213.15			69,417.72
	vi	Collection Fees		—			—			—			—			—

	viii	Total Interest Collections		5,754,289.43			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		3,281,180.36			6,549,770.46			12,602,082.87			5,599,582.19			4,391,385.55
	iii	Other Interest Adjustments		15,890.58			26,748.44			12,334.20			57,820.00			(11,117.42	)

	iv	Total Non-Cash Interest Adjustments	$	3,297,070.94		$	6,576,518.90		$	12,614,417.07		$	5,657,402.19		$	4,380,268.13

	v	Total Student Loan Interest Activity	$	9,051,360.37		$	12,377,130.14		$	17,998,697.21		$	10,992,414.73		$	11,785,780.19
(=)	Ending Student Loan Portfolio Balance		$	915,463,257.97		$	929,674,498.23		$	939,963,063.42		$	941,931,312.31		$	950,860,882.57
(+)	Interest to be Capitalized		$	40,397,122.73		$	38,468,568.88		$	39,829,607.08		$	46,612,526.83		$	45,954,342.67
(=)	TOTAL POOL		$	955,860,380.70		$	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		$	58,502,550.00
(=)	Asset Balance		$	1,014,362,930.70		$	1,026,645,617.11		$	1,038,295,220.50		$	1,047,046,389.14		$	1,055,317,775.24

SLM Private Credit Student Loan Trust 2003-B
Quarterly Servicing Report
Report Date: 5/31/2004 Reporting Period: 3/1/04-5/31/04

I. Deal Parameters


	Student Loan Portfolio Characteristics		2/29/2004			Activity			5/31/2004
A	i	Portfolio Balance	$	1,186,496,470.28		$	(13,068,964.89	)	$	1,173,427,505.40
	ii	Interest to be Capitalized		46,256,264.47						50,900,994.85

	iii	Total Pool	$	1,232,752,734.75					$	1,224,328,500.25

	iv	Cash Capitalization Account (Cii)		102,590,156.00						102,590,156.00

	v	Asset Balance	$	1,335,342,890.75					$	1,326,918,656.25

	i	Weighted Average Coupon (WAC)		4.821	%					4.828	%
	ii	Weighted Average Remaining Term		182.57						180.32
	iii	Number of Loans		139,986						138,721
	iv	Number of Borrowers		101,190						100,326
	v	Prime Loans Outstanding	$	1,000,123,155					$	1,000,156,636
	vi	T-bill Loans Outstanding	$	229,872,649					$	221,629,245
	vii	Fixed Loans Outstanding	$	2,756,931					$	2,542,619


									% of					% of
	Notes		Cusips	Spread			Balance 3/15/04		O/S Securities			Balance 6/15/04		O/S Securities
B	i	A-1 Notes	78443CAL8		0.100	%	$	545,224,481.27		41.673	%	$	536,800,246.77		41.295	%
	ii	A-2 Notes	78443CAM6		0.400	%		440,506,000.00		33.669	%		440,506,000.00		33.887	%
	iii	A-3 ARS	78443CAN4	ARS				109,000,000.00		8.331	%		109,000,000.00		8.385	%
	iv	A-4 ARS	78443CAP9	ARS				109,000,000.00		8.331	%		109,000,000.00		8.385	%
	v	B Notes	78443CAQ7		0.700	%		43,871,000.00		3.353	%		43,871,000.00		3.375	%
	vi	C Notes	78443CAR5		1.600	%		60,744,000.00		4.643	%		60,744,000.00		4.673	%

	vii	Total Notes					$	1,308,345,481.27		100.000	%	$	1,299,921,246.77		100.000	%


			3/15/2004		6/15/2004
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	$	26,997,409.48	$	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.

II. 2003-B Transactions from: 3/1/2004 through: 5/31/2004


A	Student Loan Principal Activity
	i	Principal Payments Received	$	15,817,587.68
	ii	Purchases by Servicer (Delinquencies > 180)		959,575.93
	iii	Other Servicer Reimbursements		0.00
	iv	Seller Reimbursements		133,025.56

	v	Total Principal Collections	$	16,910,189.17

B	Student Loan Non-Cash Principal Activity
	i	Realized Losses/Loans Charged Off	$	0.00
	ii	Capitalized Interest		(3,655,012.84	)
	iii	Capitalized Insurance Fee		(186,431.95	)
	iv	Other Adjustments		220.51

	v	Total Non-Cash Principal Activity	$	(3,841,224.28	)


C	Total Student Loan Principal Activity		$	13,068,964.89


D	Student Loan Interest Activity
	i	Interest Payments Received	$	5,775,774.65
	ii	Purchases by Servicer (Delinquencies > 180)		39,153.53
	iii	Other Servicer Reimbursements		0.00
	iv	Seller Reimbursements		7,793.30
	v	Late Fees		64,370.66
	vi	Collection Fees		0.00

	vii	Total Interest Collections	$	5,887,092.14

E	Student Loan Non-Cash Interest Activity
	i	Realized Losses/Loans Charged Off	$	0.00
	ii	Capitalized Interest		3,655,012.84
	iii	Other Interest Adjustments		23,748.14

	iv	Total Non-Cash Interest Adjustments	$	3,678,760.98


F	Total Student Loan Interest Activity		$	9,565,853.12

III. 2003-B Collection Account Activity 3/1/2004 through: 5/31/2004


A	Principal Collections
	i	Principal Payments Received	$	15,473,736.31
	ii	Consolidation Principal Payments	$	343,851.37
	iii	Purchases by Servicer (Delinquencies > 180)	$	959,575.93
	iv	Reimbursements by Seller	$	406.57
	v	Reimbursements by Servicer	$	—
	vi	Other Re-purchased Principal	$	132,618.99

	vii	Total Principal Collections	$	16,910,189.17

B	Interest Collections
	i	Interest Payments Received	$	5,774,613.20
	ii	Consolidation Interest Payments	$	1,161.45
	iii	Purchases by Servicer (Delinquencies > 180)	$	39,153.53
	iv	Reimbursements by Seller	$	—
	v	Reimbursements by Servicer	$	—
	vi	Other Re-purchased Interest	$	7,793.30
	vii	Collection Fees/Return Items	$	—
	viii	Late Fees	$	64,370.66

	ix	Total Interest Collections	$	5,887,092.14

C	Recoveries on Realized Losses		$	—

D	Amount from Cash Capitalization Account		$	—

E	Funds Borrowed from Next Collection Period		$	—

F	Funds Repaid from Prior Collection Periods		$	—

G	Investment Income		$	279,981.42

H	Borrower Incentive Reimbursements		$	75,369.87

I	Interest Rate Cap Proceeds		$	—

I	Gross Swap Receipt		$	2,837,016.02

	TOTAL FUNDS RECEIVED		$	25,989,648.62

	LESS FUNDS PREVIOUSLY REMITTED:
	i	Servicing Fees	$	(1,381,808.73	)
	ii	Funds Allocated to the Future Distribution Account	$	(7,097,295.32	)
	iii	Funds Released from the Future Distribution Account	$	5,048,200.68

J	TOTAL AVAILABLE FUNDS		$	22,558,745.25

K	Servicing Fees Due for Current Period		$	687,019.64

L	Carryover Servicing Fees Due		$	—

M	Administration Fees Due		$	20,000.00


N	Total Fees Due for Period		$	707,019.64

IV. 2003-B Future Distribution Account Activity


A	Account Reconciliation

	i	Beginning Balance	3/15/2004	$	2,530,983.42
	ii	Total Allocations for Distribution Period		$	4,566,311.89
	iii	Total Payments for Distribution Period		$	(2,049,094.63	)
	iv	Funds Released to the Collection Account		$	(5,048,200.68	)

	v	Total Balance Prior to Current Month Allocations		$	—

	vi	Ending Balance	6/15/2004	$	2,256,703.55

B	Monthly Allocations to the Future Distribution Account

	Monthly Allocation Date		3/15/2004
	i	Primary Servicing Fees		$	693,270.40
	ii	Admin fees		$	6,666.66
	iii	Broker Dealer, Auction Agent and Remarketing Fees		$	39,140.08
	iv	Interest Accrued on the Class A Notes and Swap Counterparty		$	1,791,906.29
	v	Interest Accrued on the Class B & C Notes		$	—

	vi	Balance as of	3/15/2004	$	2,530,983.43

	Monthly Allocation Date		4/15/2004
	i	Primary Servicing Fees		$	692,122.94
	ii	Admin fees		$	6,666.66
	iii	Broker Dealer, Auction Agent and Remarketing Fees		$	40,402.67
	iv	Interest Accrued on the Class A Notes and Swap Counterparty		$	1,619,850.51
	v	Interest Accrued on the Class B & C Notes		$	—

	vi	Total Allocations		$	2,359,042.78

	Monthly Allocation Date		5/17/2004
	i	Primary Servicing Fees		$	689,685.79
	ii	Admin fees		$	6,666.66
	iii	Broker Dealer, Auction Agent and Remarketing Fees		$	36,614.91
	iv	Interest Accrued on the Class A Notes and Swap Counterparty		$	1,474,301.76
	v	Interest Accrued on the Class B & C Notes		$	—

	vi	Total Allocations		$	2,207,269.11

C	Total Future Distribution Account Deposits Previously Allocated			$	7,097,295.32


D	Current Month Allocations		6/15/2004

	i	Primary Servicing		$	687,019.64
	ii	Admin fees		$	6,666.66
	iii	Broker Dealer, Auction Agent and Remarketing Fees		$	37,877.50
	iv	Interest Accrued on the Class A Notes and Swap Counterparty		$	1,525,139.75
	v	Interest Accrued on the Class B & C Notes		$	—

	vi	Allocations on the Distribution Date		$	2,256,703.55
	vii	Plus: Additional Loan Account Deposits in the Amount of the Principal Distribution Amount		$	—

	viii	Total Monthly Required Allocations		$	2,256,703.55

V. 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
		03/29/2004	SLMPC TRUST 2003B A3		1.090000	%	28		03/01/2004			03/29/2004		92,407.78
		04/01/2004	SLMPC TRUST 2003B A4		1.100000	%	28		03/04/2004			04/01/2004		93,255.56
		04/26/2004	SLMPC TRUST 2003B A3		1.090000	%	28		03/29/2004			04/26/2004		92,407.78
		04/29/2004	SLMPC TRUST 2003B A4		1.090000	%	28		04/01/2004			04/29/2004		92,407.78
		05/24/2004	SLMPC TRUST 2003B A3		1.130000	%	28		04/26/2004			05/24/2004		95,798.89
		05/27/2004	SLMPC TRUST 2003B A4		1.120000	%	28		04/29/2004			05/27/2004		94,951.11

	ii	Auction Rate Security Payments Made During Collection Period					3/15/04-6/15/04						$	561,228.90
	iii	Broker/Dealer Fees Paid During Collection Period					3/15/04-6/15/04						$	101,733.33
	iv	Auction Agent Fees Paid During Collection Period					3/15/04-6/15/04						$	4,323.67
	v	Primary Servicing Fees Remitted					3/15/04-6/15/04						$	1,381,808.73

	vi	Total											$	2,049,094.63
		- 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											$	—

B	Total Payments Out of Future Distribution Account During Collection Period												$	2,049,094.63


C	Funds Released to Collection Account												$	5,048,200.68

D	Auction Rate Student Loan Rates			Mar-04			Apr-04	May-04
					3.88342	%	3.88239%		3.88539	%

VI. 2003-B Loss and Recovery Detail 5/31/2004


A	i	Cumulative Realized Losses Test		% of Original Pool					1/27/2003		5/31/2004

			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	$	959,575.93
	iii	Cumulative Interest Purchases by Servicer						$	0.00	$	39,153.53

	iv	Total Gross Defaults:						$	0.00	$	998,729.46

VII. 2003-B Portfolio Characteristics


	Weighted Avg Coupon		# of Loans		%*		Principal Amount				%*
STATUS	2/29/2004	5/31/2004	2/29/2004	5/31/2004	2/29/2004	5/31/2004		2/29/2004		5/31/2004	2/29/2004	5/31/2004
INTERIM:

In School	4.707%	4.706%	59,743	48,641	42.678%	35.064%	$	525,444,563.03	$	424,969,271.45	44.285%	36.216%

Grace	5.340%	4.868%	8,919	17,787	6.371%	12.822%	$	78,690,042.48	$	156,042,133.45	6.632%	13.298%
TOTAL INTERIM	4.790%	4.749%	68,662	66,428	49.049%	47.886%	$	604,134,605.51	$	581,011,404.90	50.918%	49.514%
REPAYMENT
Active
Current	4.730%	4.755%	56,232	57,770	40.170%	41.645%	$	454,885,632.26	$	466,451,867.64	38.339%	39.751%
31-60 Days Delinquent	5.612%	5.483%	1,877	1,327	1.341%	0.957%	$	15,144,089.26	$	10,442,641.67	1.276%	0.890%
61-90 Days Delinquent	5.337%	5.984%	1,179	526	0.842%	0.379%	$	9,853,270.24	$	4,402,427.79	0.830%	0.375%
91-120 Days Delinquent	5.571%	6.436%	414	412	0.296%	0.297%	$	3,331,179.14	$	3,430,237.49	0.281%	0.292%
121-150 Days Delinquent	5.914%	6.437%	161	305	0.115%	0.220%	$	1,159,511.36	$	2,474,691.12	0.098%	0.211%
151-180 Days Delinquent	6.422%	6.274%	31	168	0.022%	0.121%	$	286,080.88	$	1,457,064.54	0.024%	0.124%
> 180 Days Delinquent	0.000%	0.000%	0	0	0.000%	0.000%	$	0.00	$	0.00	0.000%	0.000%

Deferment	4.241%	4.197%	106	103	0.076%	0.074%	$	1,098,515.64	$	1,164,675.49	0.093%	0.099%

Forbearance	5.233%	5.384%	11,324	11,682	8.089%	8.421%	$	96,603,585.99	$	102,592,494.76	8.142%	8.743%
TOTAL REPAYMENT	4.854%	4.905%	71,324	72,293	50.951%	52.114%	$	582,361,864.77	$	592,416,100.50	49.082%	50.486%

GRAND TOTAL	4.821%	4.828%	139,986	138,721	100.000%	100.000%	$	1,186,496,470.28	$	1,173,427,505.40	100.000%	100.000%

* Percentages may not total 100% due to rounding

IX. 2003-B Interest Rate Swap and Cap Calculations


A	Swap Payments
					Counterparty A			Counterparty B
	i	Notional Swap Amount — Aggregate Prime Loans Outstanding				500,061,577		$	500,061,577
	Counterparty Pays:
	ii	3 Month Libor				1.11000	%		1.11000	%
	iii	Gross Swap Receipt Due Trust			$	1,418,508.01		$	1,418,508.01
	iv	Days in Period	3/15/2004	6/15/2004		92			92

	SLM Private Credit Trust Pays:
	v	Prime Rate (WSJ) Less	2.6300%			1.37000	%		1.37000	%
	vi	Gross Swap Payment Due Counterparty			$	1,722,069.98		$	1,722,069.98
	vii	Days in Period	3/15/2004	6/15/2004		92			92

B	Cap Payments
					Cap Calculation

	i	Notional Swap Amount			$	870,000,000.00
	Counterparty Pays:
	ii	3 Month Libor (interpolated for first accrual period)				1.11000	%
	iii	Cap Rate				4.00000	%

	iv	Excess (if any) of Libor over Cap Rate (ii-iii)				0.00000	%
	v	Days in Period	3/15/2004	6/15/2004		92
	vi	Cap Payment due Trust			$	—

X. 2003-B Accrued Interest Factors


		Accrued Int Factor	Accrual Period	Rate

A	Class A-1 Interest Rate	0.003092222	(3/15/04-6/15/04)	1.21000	%

B	Class A-2 Interest Rate	0.003858889	(3/15/04-6/15/04)	1.51000	%

C	Class B Interest Rate	0.004625556	(3/15/04-6/15/04)	1.81000	%

D	Class C Interest Rate	0.006925556	(3/15/04-6/15/04)	2.71000	%

XI. 2003-B Inputs From Prior Data 2/29/04


A	Total Student Loan Pool Outstanding
	i	Portfolio Balance			$	1,186,496,470.28
	ii	Interest To Be Capitalized				46,256,264.47

	iii	Total Pool			$	1,232,752,734.75
	iv	Cash Capitalization Account (CI)				102,590,156.00

	v	Asset Balance			$	1,335,342,890.75

B	Total Note and Certificate Factor					0.97410842454
C	Total Note Balance				$	1,308,345,481.27


D	Note Balance 3/15/2004		Class A-1		Class A-2		Class A-3		Class A-4		Class B		Class C

	i	Current Factor		0.9400422091		1.0000000000		1.0000000000		1.0000000000		1.0000000000		1.0000000000
	ii	Expected Note Balance	$	545,224,481.27	$	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

XII. 2003-B Note Parity Triggers


			Class A			Class B			Class C
Notes Outstanding	3/15/04		$	1,203,730,481		$	1,247,601,481		$	1,308,345,481
Asset Balance	2/29/04		$	1,335,342,891		$	1,335,342,891		$	1,335,342,891

Pool Balance	5/31/04		$	1,224,328,500		$	1,224,328,500		$	1,224,328,500
Amounts on Deposit*	6/15/04			117,611,923			117,408,995			116,988,309
Total			$	1,341,940,423		$	1,341,737,495		$	1,341,316,809

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	$	199,037,798.44	The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount

Class B Enhancement	$	87,741,409.48
Specified Class B Enhancement	$	134,350,513.95	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	$	39,807,559.69	The greater of 3% of the Asset Balance or the Specified Overcollateralization Amount

XIII. 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	3/15/2004	$	1,203,730,481.27
iii	Asset Balance	5/31/2004	$	1,326,918,656.25

iv	First Priority Principal Distribution Amount	6/15/2004	$	—
				—
v	Is the Class B Note Parity Trigger in Effect?		No

vi	Aggregate A and B Notes Outstanding	3/15/2004	$	1,247,601,481.27
vii	Asset Balance	5/31/2004	$	1,326,918,656.25
viii	First Priority Principal Distribution Amount	6/15/2004	$	—

ix	Second Priority Principal Distribution Amount	6/15/2004	$	—
				—
x	Is the Class C Note Parity Trigger in Effect?		No

xi	Aggregate A, B and C Notes Outstanding	3/15/2004	$	1,308,345,481.27
xii	Asset Balance	5/31/2004	$	1,326,918,656.25
xiii	First Priority Principal Distribution Amount	6/15/2004	$	—
xiv	Second Priority Principal Distribution Amount	6/15/2004	$	—

xv	Third Priority Principal Distribution Amount	6/15/2004	$	—
				—


Regular Principal Distribution

i	Aggregate Notes Outstanding	3/15/2004	$	1,308,345,481.27

ii	Asset Balance	5/31/2004	$	1,326,918,656.25
iii	Specified Overcollateralization Amount	6/15/2004	$	26,997,409.48
iv	First Priority Principal Distribution Amount	6/15/2004	$	—
v	Second Priority Principal Distribution Amount	6/15/2004	$	—
vi	Third Priority Principal Distribution Amount	6/15/2004	$	—
vii	Regular Principal Distribution Amount		$	8,424,234.50
viii	Actual Principal Distribution Amount paid		$	8,424,234.50
ix	Shortfall		$	—

Class A Noteholders’ Principal Distribution Amounts

i	Has the Stepdown Date Occurred?		No

ii	Asset Balance	5/31/2004	$	1,326,918,656.25
iii	85% of Asset Balance	5/31/2004	$	1,127,880,857.80
iv	Specified Overcollateralization Amount	6/15/2004	$	26,997,409.48
v	Lesser of (iii) and (ii — iv)		$	1,127,880,857.80
vi	Class A Noteholders’ Principal Distribution Amt — Before the Stepdown Date		$	8,424,234.50
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	5/31/2004	$	1,326,918,656.25
iii	89.875% of Asset Balance	5/31/2004	$	1,192,568,142.30
iv	Specified Overcollateralization Amount	6/15/2004	$	26,997,409.48
v	Lesser of (iii) and (ii — iv)		$	1,192,568,142.30
vi	Class B Noteholders’ Principal Distribution Amt — Before the Stepdown Date		$	—
vii	Class B Noteholders’ Principal Distribution Amt — After the Stepdown Date		$	—

Class C Noteholders’ Principal Distribution Amounts

i	Has the Stepdown Date Occurred?		No

ii	Asset Balance	5/31/2004	$	1,326,918,656.25
iii	97% of Asset Balance	5/31/2004	$	1,287,111,096.55
iv	Specified Overcollateralization Amount	6/15/2004	$	26,997,409.48
v	Lesser of (iii) and (ii — iv)		$	1,287,111,096.55
vi	Class C Noteholders’ Principal Distribution Amt — Before the Stepdown Date		$	—
vii	Class C Noteholders’ Principal Distribution Amt — After the Stepdown Date		$	—

XIV. 2003-B Waterfall for Distributions


							Remaining
							Funds Balance

A		Total Available Funds ( Sections III-J )			$	22,558,745.25	$	22,558,745.25

B		Primary Servicing Fees-Current Month plus any Unpaid			$	687,019.64	$	21,871,725.61

C		Quarterly Administration Fee plus any Unpaid			$	20,000.00	$	21,851,725.61

D		Auction Fees Due Broker/Dealer Fees Due	6/15/2004 6/15/2004		$ $	0.00 0.00	$ $	21,851,725.61 21,851,725.61

E		Gross Swap Payment due Counterparty A Gross Swap Payment due Counterparty B			$ $	1,722,069.98 1,722,069.98	$ $	20,129,655.63 18,407,585.65

F	i	Class A-1 Noteholders’ Interest Distribution Amount due		6/15/2004	$	1,685,955.26	$	16,721,630.39
	ii	Class A-2 Noteholders’ Interest Distribution Amount due		6/15/2004	$	1,699,863.71	$	15,021,766.68
	iii	Class A-3 Noteholders’ Interest Distribution Amount due		6/15/2004	$	0.00	$	15,021,766.68
	iv	Class A-4 Noteholders’ Interest Distribution Amount due		6/15/2004	$	0.00	$	15,021,766.68
	v	Swap Termination Fees due		6/15/2004	$	0.00	$	15,021,766.68

G		First Priority Principal Distribution Amount — Principal Distribution Account			$	0.00	$	15,021,766.68

H		Class B Noteholders’ Interest Distribution Amount due		6/15/2004	$	202,927.75	$	14,818,838.93

I		Second Priority Principal Distribution Amount — Principal Distribution Account			$	0.00	$	14,818,838.93

J		Class C Noteholders’ Interest Distribution Amount			$	420,685.95	$	14,398,152.98

K		Third Priority Principal Distribution Amount — Principal Distribution Account			$	0.00	$	14,398,152.98

L		Increase to the Specified Reserve Account Balance			$	0.00	$	14,398,152.98

M		Regular Principal Distribution Amount — Principal Distribution Account			$	8,424,234.50	$	5,973,918.48

N		Carryover Servicing Fees			$	0.00	$	5,973,918.48

O		Auction Rate Noteholder’s Interest Carryover
	i	Class A-3			$	0.00	$	5,973,918.48
	ii	Class A-4			$	0.00	$	5,973,918.48

P		Swap Termination Payments			$	0.00	$	5,973,918.48

Q		Additional Principal Distribution Amount — Principal Distribution Account			$	0.00	$	5,973,918.48

R		Remaining Funds to the Certificateholders			$	5,973,918.48	$	0.00

XV. 2003-B Principal Distribution Account Allocations


					Remaining
					Funds Balance

A		Total from Collection Account	$	8,424,234.50	$	8,424,234.50

B	i	Class A-1 Principal Distribution Amount Paid	$	8,424,234.50	$	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

XVI. 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				$	1,685,955.26	$	1,699,863.71	$	0.00	$	0.00	$	202,927.75	$	420,685.95
	ii	Quarterly Interest Paid					1,685,955.26		1,699,863.71		0.00		0.00		202,927.75		420,685.95

	iii	Interest Shortfall				$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00

	iv	Interest Carryover Due				$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	v	Interest Carryover Paid					0.00		0.00		0.00		0.00		0.00		0.00

	vi	Interest Carryover				$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00

	vii	Quarterly Principal Distribution Amount				$	8,424,234.50	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	viii	Quarterly Principal Paid (or allocated)					8,424,234.50		0.00		0.00		0.00		0.00		0.00

	ix	Shortfall					0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00


	x	Total Distribution Amount				$	10,110,189.76	$	1,699,863.71	$	0.00	$	0.00	$	202,927.75	$	420,685.95

B		Note Balances			3/15/2004	Paydown Factors			6/15/2004
	i	A-1 Note Balance	78443CAL8	$	545,224,481.27			$	536,800,246.77
		A-1 Note Pool Factor			0.9400422091		0.0145245422		0.9255176668

	ii	A-2 Note Balance	78443CAM6	$	440,506,000.00			$	440,506,000.00
		A-2 Note Pool Factor			1.0000000000		0.0000000000		1.0000000000

										Balances		Next ARS Pay Date
	iii	A-3 Note Balance	78443CAN4	$	109,000,000.00			$	109,000,000.00	$	109,000,000.00		06/23/04
		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		06/24/04
		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

XVII. 2003-B Historical Pool Information


			3/1/04-5/31/04			12/1/03-2/29/04			9/1/03-11/30/03			5/12/03-8/31/03
Beginning Student Loan Portfolio Balance			$	1,186,496,470.29		$	1,195,939,429.02		$	1,200,884,933.59		$	1,213,584,181.19
	Student Loan Principal Activity
	i	Principal Payments Received	$	15,817,587.68		$	15,003,126.63		$	13,667,042.37		$	17,100,588.84
	ii	Purchases by Servicer (Delinquencies > 180)		959,575.93			873,946.62			559,869.36			84,037.27
	iii	Other Servicer Reimbursements		—			(1,322.52	)		(149.03	)		1,451.27
	iv	Seller Reimbursements		133,025.56			116,421.08			367,922.80			351,510.41

	v	Total Principal Collections	$	16,910,189.17		$	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		(3,655,012.84	)		(5,854,349.22	)		(8,249,407.98	)		(4,262,967.89	)
	iii	Capitalized Insurance Fee		($186,431.95	)		($674,296.39	)		($1,385,464.79	)		($552,253.51	)
	iv	Other Adjustments		220.51			(20,567.47	)		(14,308.16	)		(23,118.79	)

	v	Total Non-Cash Principal Activity	$	(3,841,224.28	)	$	(6,549,213.08	)	$	(9,649,180.93	)	$	(4,838,340.19	)
	(-)	Total Student Loan Principal Activity	$	13,068,964.89		$	9,442,958.73		$	4,945,504.57		$	12,699,247.60
	Student Loan Interest Activity
	i	Interest Payments Received	$	5,775,774.65		$	5,608,829.54		$	5,027,397.61		$	6,183,151.81
	ii	Repurchases by Servicer (Delinquencies > 180)		39,153.53			28,138.44			16,643.99			3,311.96
	iii	Other Servicer Reimbursements		—			(60.47	)		439.55			109.11
	iv	Seller Reimbursements		7,793.30			5,450.89			17,786.53			13,788.32
	v	Late Fees		64,370.66			62,355.04			42,355.90			54,949.49
	vi	Collection Fees		—			—			—			—

	viii	Total Interest Collections		5,887,092.14			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		3,655,012.84			5,854,349.22			8,249,407.98			4,262,967.89
	iii	Other Interest Adjustments		23,748.14			35,994.82			14,061.15			66,512.42

	iv	Total Non-Cash Interest Adjustments	$	3,678,760.98		$	5,890,344.04		$	8,263,469.13		$	4,329,480.31

	v	Total Student Loan Interest Activity	$	9,565,853.12		$	11,595,057.48		$	13,368,092.71		$	10,584,791.00
	(=)	Ending Student Loan Portfolio Balance	$	1,173,427,505.40		$	1,186,496,470.29		$	1,195,939,429.02		$	1,200,884,933.59
	(+)	Interest to be Capitalized	$	50,900,994.85		$	46,256,264.47		$	43,786,901.54		$	42,721,528.57
	(=)	TOTAL POOL	$	1,224,328,500.25		$	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		$	102,590,156.00
	(=)	Asset Balance	$	1,326,918,656.25		$	1,335,342,890.76		$	1,342,316,486.56		$	1,346,196,618.16

SLM Private Credit Student Loan Trust 2003-C
Quarterly Servicing Report
Report Date: 5/31/2004 Reporting Period: 3/1/04-5/31/04

I. Deal Parameters


	Student Loan Portfolio Characteristics		2/29/2004			Activity			5/31/2004
A	i	Portfolio Balance	$	1,201,155,217.98			($9,774,369.39	)	$	1,191,380,848.59
	ii	Interest to be Capitalized		46,965,543.28						51,103,120.52

	iii	Total Pool	$	1,248,120,761.26					$	1,242,483,969.11
	iv	Cash Capitalization Account (Cii)		102,811,061.00						102,811,061.00

	v	Asset Balance	$	1,350,931,822.26					$	1,345,295,030.11


	i	Weighted Average Coupon (WAC)		4.861	%					4.871	%
	ii	Weighted Average Remaining Term		186.98						185.00
	iii	Number of Loans		133,104						131,998
	iv	Number of Borrowers		90,547						89,819
	v	Prime Loans Outstanding	$	1,050,582,516					$	1,095,548,229
	vi	T-bill Loans Outstanding	$	148,943,788					$	145,414,448
	vii	Fixed Loans Outstanding	$	1,628,914					$	1,521,292


	Notes		Cusips		Spread			Balance 3/15/04		% of O/S Securities			Balance 6/15/04		% of O/S Securities
B	i	A-1 Notes		78443CAY0		0.100	%	$	577,863,279.81		43.649	%	$	572,226,487.66		43.408	%
	ii	A-2 Notes		78443CAZ7		0.390	%		421,173,000.00		31.814	%		421,173,000.00		31.950	%
	iii	A-3 ARS		78443CBA1	ARS				75,000,000.00		5.665	%		75,000,000.00		5.689	%
	iv	A-4 ARS		78443CBB9	ARS				75,000,000.00		5.665	%		75,000,000.00		5.689	%
	v	A-5 ARS		78443CBC7	ARS				70,000,000.00		5.288	%		70,000,000.00		5.310	%
	vi	B Notes		78443CBD5		0.800	%		43,965,000.00		3.321	%		43,965,000.00		3.336	%
	vii	C Notes		78443CBE3		1.600	%		60,875,000.00		4.598	%		60,875,000.00		4.618	%

	viii	Total Notes						$	1,323,876,279.81		100.000	%	$	1,318,239,487.66		100.000	%


			3/15/2004		6/15/2004
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	$	27,055,542.45	$	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.

II. 2003-C Transactions from: 2/29/2004 through: 5/31/2004


A	Student Loan Principal Activity
	i	Principal Payments Received		13,747,785.94
	ii	Purchases by Servicer (Delinquencies > 180)		1,017,501.03
	iii	Other Servicer Reimbursements		(32,006.81	)
	iv	Seller Reimbursements		93,452.56

	v	Total Principal Collections	$	14,826,732.72

B	Student Loan Non-Cash Principal Activity
	i	Realized Losses/Loans Charged Off	$	—
	ii	Capitalized Interest		(4,848,056.60	)
	iii	Capitalized Insurance Fee		(206,100.24	)
	iv	Other Adjustments		1,793.51

	v	Total Non-Cash Principal Activity	$	(5,052,363.33	)


C	Total Student Loan Principal Activity		$	9,774,369.39

D	Student Loan Interest Activity
	i	Interest Payments Received	$	5,369,428.80
	ii	Purchases by Servicer (Delinquencies >180)		34,855.48
	iii	Other Servicer Reimbursements		(1,906.22	)
	iv	Seller Reimbursements		7,807.48
	v	Late Fees		67,109.33
	vi	Collection Fees/Return Items		0.00

	vii	Total Interest Collections	$	5,477,294.87

E	Student Loan Non-Cash Interest Activity
	i	Realized Losses/Loans Charged Off	$	—
	ii	Capitalized Interest		4,848,056.60
	iii	Other Interest Adjustments		28,841.20

	iv	Total Non-Cash Interest Adjustments	$	4,876,897.80


F	Total Student Loan Interest Activity		$	10,354,192.67

III. 2003-C Collection Account Activity 2/29/2004 through: 5/31/2004

Principal Collections

Principal Payments Received

13,226,999.85

Consolidation Principal Payments

520,786.09

iii

Purchases by Servicer (Delinquencies >180)

1,017,501.03

Reimbursements by Seller

3,543.60

Reimbursements by Servicer

(32,006.81

)

Other Re-purchased Principal

89,908.96

vii

Total Principal Collections

14,826,732.72

Interest Collections

Interest Payments Received

5,366,434.71

Consolidation Interest Payments

2,994.09

iii

Purchases by Servicer (Delinquencies >180)

34,855.48

Reimbursements by Seller

—

Reimbursements by Servicer

(1,906.22

)

Other Re-purchased Interest

7,807.48

vii

Collection Fees/Return Items

—

viii

Late Fees

67,109.33

Total Interest Collections

5,477,294.87

Recoveries on Realized Losses

—

Amount from Cash Capitalization Account

—

Funds Borrowed from Next Collection Period

—

Funds Repaid from Prior Collection Periods

—

Investment Income

275,004.87

Borrower Incentive Reimbursements

46,841.26

Interest Rate Cap Proceeds

—

Gross Swap Receipt

2,980,152.40

TOTAL FUNDS RECEIVED

23,606,026.12

LESS FUNDS PREVIOUSLY REMITTED:

Servicing Fees

(1,399,242.62

)

Funds Allocated to the Future Distribution Account

(6,920,503.53

)

iii

Funds Released from the Future Distribution Account

4,847,153.14

TOTAL AVAILABLE FUNDS

20,133,433.11

Servicing Fees Due for Current Period

696,331.37

Carryover Servicing Fees Due

—

Administration Fees Due

20,000.00

Total Fees Due for Period

716,331.37

IV. 2003-C Future Distribution Account Activity


A	Account Reconciliation

	i	Beginning Balance	3/15/2004	$	2,326,366.47
	ii	Total Allocations for Distribution Period		$	4,594,137.06
	iii	Total Payments for Distribution Period		$	(2,073,350.39	)
	iv	Funds Released to the Collection Account		$	(4,847,153.14	)

	v	Total Balance Prior to Current Month Allocations		$	—

	vi	Ending Balance	6/15/2004	$	2,264,692.92

B	Monthly Allocations to the Future Distribution Account

	Monthly Allocation Date		3/15/2004
	i	Primary Servicing Fees		$	700,133.45
	ii	Admin fees		$	6,666.66
	iii	Broker Dealer, Auction Agent and Remarketing Fees		$	39,499.17
	iv	Interest Accrued on the Class A Notes and Swap Counterparty		$	1,580,067.19
	v	Interest Accrued on the Class B Notes		$	—

	vi	Balance as of	3/15/2004	$	2,326,366.47

	Monthly Allocation Date		4/15/2004
	i	Primary Servicing Fees		$	700,673.88
	ii	Admin fees		$	6,666.66
	iii	Broker Dealer, Auction Agent and Remarketing Fees		$	40,773.33
	iv	Interest Accrued on the Class A Notes and Swap Counterparty		$	1,712,300.37
	v	Interest Accrued on the Class B Notes		$	—

	vi	Total Allocations		$	2,460,414.24

	Monthly Allocation Date		5/17/2004
	i	Primary Servicing Fees		$	698,568.74
	ii	Admin fees		$	6,666.66
	iii	Broker Dealer, Auction Agent and Remarketing Fees		$	36,950.83
	iv	Interest Accrued on the Class A Notes and Swap Counterparty		$	1,391,536.59
	v	Interest Accrued on the Class B Notes		$	—

	vi	Total Allocations		$	2,133,722.82

C	Total Future Distribution Account Deposits Previously Allocated			$	6,920,503.53


D	Current Month Allocations		6/15/2004
	i	Primary Servicing		$	696,331.37
	ii	Admin fees		$	6,666.66
	iii	Broker Dealer, Auction Agent and Remarketing Fees		$	38,225.00
	iv	Interest Accrued on the Class A Notes and Swap Counterparty		$	1,523,469.89
	v	Interest Accrued on the Class B & C Notes		$	—

	vi	Allocations on the Distribution Date		$	2,264,692.92
	vii	Plus: Additional Loan Account Deposits in the Amount of the Principal Distribution Amount		$	—

	viii	Total Monthly Required Allocations		$	2,264,692.92

V. 2003-C 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
		03/23/2004	SLMPC TRUST 2003C A3		1.090000	%	28		02/24/2004			03/23/2004		63,583.33
		03/30/2004	SLMPC TRUST 2003C A4		1.100000	%	28		03/02/2004			03/30/2004		64,166.67
		04/08/2004	SLMPC TRUST 2003C A5		1.090000	%	28		03/11/2004			04/08/2004		59,344.44
		04/20/2004	SLMPC TRUST 2003C A3		1.130000	%	28		03/23/2004			04/20/2004		65,916.67
		04/27/2004	SLMPC TRUST 2003C A4		1.090000	%	28		03/30/2004			04/27/2004		63,583.33
		05/06/2004	SLMPC TRUST 2003C A5		1.090000	%	28		04/08/2004			05/06/2004		59,344.44
		05/18/2004	SLMPC TRUST 2003C A3		1.120000	%	28		04/20/2004			05/18/2004		65,333.33
		05/25/2004	SLMPC TRUST 2003C A4		1.130000	%	28		04/27/2004			05/25/2004		65,916.67
		06/03/2004	SLMPC TRUST 2003C A5		1.100000	%	28		05/06/2004			06/03/2004		59,888.89
		06/15/2004	SLMPC TRUST 2003C A3		1.250000	%	28		05/18/2004			06/15/2004		72,916.67

	ii	Auction Rate Security Payments Made During Collection Period					3/15/04-6/15/04						$	639,994.44
	iii	Broker/Dealer Fees Paid During Collection Period					3/15/04-6/15/04						$	114,333.33
	iv	Auction Agent Fees Paid During Collection Period					3/15/04-6/15/04						$	4,859.17
	v	Primary Servicing Fees Remitted					3/15/04-6/15/04						$	1,399,242.62

	vi	Total											$	2,158,429.56
		- Less: Auction Rate Security Interest Payments due on the Distribution Date					6/15/2004						$	(72,916.67	)
		- Less: Auction Rate Security Auction Agent Fees due on the Distribution Date					6/15/2004						$	(11,666.67	)
		- Less: Auction Rate Security Broker Dealer Fees due on the Distribution Date					6/15/2004						$	(495.83	)

B	Total Payments Out of Future Distribution Account During Collection Period												$	2,073,350.39

C	Funds Released to Collection Account												$	4,847,153.14

D	Auction Rate Student Loan Rates				Mar-04		Apr-04		May-04
					3.93449	%	3.93446%		3.93846	%

VI. 2003-C Loss and Recovery Detail 5/31/2004


A	i	Cumulative Realized Losses Test		% of Original Pool					11/30/2003		5/31/2004

			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	$	1,094,395.72
	iii	Cumulative Interest Purchases by Servicer						$	487.74	$	35,343.22

	iv	Total Gross Defaults:						$	77,382.43	$	1,129,738.94

VII. 2003-C Portfolio Characteristics


	Weighted Avg Coupon						# of Loans				%*						Principal Amount				%*
STATUS	2/29/2004			5/31/2004			2/29/2004		5/31/2004		2/29/2004			5/31/2004			2/29/2004		5/31/2004		2/29/2004			5/31/2004
INTERIM:

In School		4.756	%		4.782	%		57,050		44,976		42.861	%		34.073	%	$	501,650,096.17	$	382,999,845.24		41.764	%		32.148	%

Grace		5.509	%		4.903	%		11,345		20,311		8.523	%		15.387	%	$	108,856,447.54	$	193,610,879.67		9.063	%		16.251	%
TOTAL INTERIM		4.890	%		4.823	%		68,395		65,287		51.384	%		49.460	%	$	610,506,543.71	$	576,610,724.91		50.827	%		48.399	%
REPAYMENT
Active
Current		4.700	%		4.757	%		48,172		50,404		36.191	%		38.186	%	$	435,518,153.56	$	459,777,817.61		36.258	%		38.593	%
31-60 Days Delinquent		5.558	%		5.797	%		1,632		1,370		1.226	%		1.038	%	$	14,371,790.20	$	11,094,786.08		1.196	%		0.931	%
61-90 Days Delinquent		5.375	%		6.121	%		1,163		610		0.874	%		0.462	%	$	10,492,523.61	$	5,401,918.68		0.874	%		0.453	%
91-120 Days Delinquent		5.654	%		6.494	%		303		442		0.228	%		0.335	%	$	2,735,299.58	$	3,735,121.13		0.228	%		0.314	%
121-150 Days Delinquent		6.385	%		6.163	%		153		225		0.115	%		0.170	%	$	1,367,074.64	$	2,001,362.33		0.114	%		0.168	%
151-180 Days Delinquent		5.219	%		5.496	%		65		154		0.049	%		0.117	%	$	561,437.36	$	1,256,248.52		0.047	%		0.105	%
> 180 Days Delinquent		4.396	%		0.000	%		4		0		0.003	%		0.000	%	$	38,841.37	$	0.00		0.003	%		0.000	%
Deferment		4.330	%		4.363	%		161		169		0.121	%		0.128	%	$	2,268,126.23	$	2,397,110.71		0.189	%		0.201	%

Forbearance		5.137	%		5.291	%		13,053		13,337		9.807	%		10.104	%	$	123,272,342.14	$	129,105,758.62		10.263	%		10.837	%

TOTAL REPAYMENT		4.831	%		4.915	%		64,709		66,711		48.616	%		50.542	%	$	590,648,674.27	$	614,770,123.68		49.173	%		51.603	%

GRAND TOTAL		4.861	%		4.871	%		133,104		131,998		100.000	%		100.002	%	$	1,201,155,217.98	$	1,191,380,848.59		100.000	%		100.002	%

* Percentages may not total 100% due to rounding

IX. 2003-C Interest Rate Swap and Cap Calculations


A	Swap Payments
						Counterparty A			Counterparty B

	i	Notional Swap Amount — Aggregate Prime Loans Outstanding					525,291,258		$	525,291,258
	Counterparty Pays:
	ii	3 Month Libor					1.11000	%		1.11000	%
	iii	Gross Swap Receipt Due Trust				$	1,490,076.20		$	1,490,076.20
	iv	Days in Period	3/15/2004		6/15/2004		92			92

	SLM Private Credit Trust Pays:
	v	Prime Rate (WSJ) Less	2.6500	%			1.35000	%		1.35000	%
	vi	Gross Swap Payment Due Counterparty				$	1,782,545.74		$	1,782,545.74
	vii	Days in Period	3/15/2004		6/15/2004		92			92

B	Cap Payments

						Cap Calculation
	i	Notional Swap Amount				$	860,000,000.00
	Counterparty Pays:
	ii	3 Month Libor (interpolated for first accrual period)					1.11000	%
	iii	Cap Rate					4.00000	%

	iv	Excess (if any) of Libor over Cap Rate (ii-iii)					0.00000	%
	v	Days in Period	3/15/2004		6/15/2004		92
	vi	Cap Payment due Trust				$	—

X. 2003-C Accrued Interest Factors


		Accrued
		Int Factor	Accrual Period	Rate
A	Class A-1 Interest Rate	0.003092222	(3/15/04-6/15/04)	1.21000%
B	Class A-2 Interest Rate	0.003833333	(3/15/04-6/15/04)	1.50000%
C	Class A-3 Interest Rate	0.000972222	(5/18/04-6/15/04)	1.25000%
D	Class B Interest Rate	0.004881111	(3/15/04-6/15/04)	1.91000%
E	Class C Interest Rate	0.006925556	(3/15/04-6/15/04)	2.71000%

XI. 2003-C Inputs From Prior Data 2/29/04


A	Total Student Loan Pool Outstanding
	i	Portfolio Balance			$	1,201,155,217.98
	ii	Interest To Be Capitalized				46,965,543.28

	iii	Total Pool			$	1,248,120,761.26
	iv	Cash Capitalization Account (CI)				102,811,061.00

	v	Asset Balance			$	1,350,931,822.26

B	Total Note and Certificate Factor					0.98355385855
C	Total Note Balance				$	1,323,876,279.81


D	Note Balance 3/15/2004		Class A-1		Class A-2		Class A-3		Class A-4		Class A-5		Class B		Class C


i	Current Factor			0.9631054664		1.0000000000		1.0000000000		1.0000000000		1.0000000000		1.0000000000		1.0000000000
ii	Expected Note Balance		$	577,863,279.81	$	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

XII. 2003-C Note Parity Triggers


			Class A			Class B			Class C
Notes Outstanding	3/15/04		$	1,219,036,280		$	1,263,001,280		$	1,323,876,280
Asset Balance	2/29/04		$	1,350,931,822		$	1,350,931,822		$	1,350,931,822

Pool Balance	5/31/04		$	1,242,483,969		$	1,242,483,969		$	1,242,483,969
Amounts on Deposit*	6/15/04			115,176,614			114,962,016			114,540,423
Total			$	1,357,660,583		$	1,357,445,985		$	1,357,024,392

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	$	131,895,542.45
Specified Class A Enhancement	$	201,794,254.52	The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount

Class B Enhancement	$	87,930,542.45
Specified Class B Enhancement	$	136,211,121.80	The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount

Class C Enhancement	$	27,055,542.45
Specified Class C Enhancement	$	40,358,850.90	The greater of 3% of the Asset Balance or the Specified Overcollateralization Amount

XIII. 2003-C Cash Capitalization Account Triggers



Cash Capitalization Account Balance (CI)*	5/31/2004	$	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?**	6/15/2004	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?**	6/15/2004	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

XIV. 2003-C Principal Distribution Calculations

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

Is the Class A Note Parity Trigger in Effect?

Aggregate A Notes Outstanding

3/15/2004

1,219,036,279.81

iii

Asset Balance

5/31/2004

1,345,295,030.11

First Priority Principal Distribution Amount

6/15/2004

—

Is the Class B Note Parity Trigger in Effect?

Aggregate A and B Notes Outstanding

3/15/2004

1,263,001,279.81

vii

Asset Balance

5/31/2004

1,345,295,030.11

viii

First Priority Principal Distribution Amount

6/15/2004

—

Second Priority Principal Distribution Amount

6/15/2004

—

Is the Class C Note Parity Trigger in Effect?

Aggregate A, B and C Notes Outstanding

3/15/2004

1,323,876,279.81

xii

Asset Balance

5/31/2004

1,345,295,030.11

xiii

First Priority Principal Distribution Amount

6/15/2004

—

xiv

Second Priority Principal Distribution Amount

6/15/2004

—

Third Priority Principal Distribution Amount

6/15/2004

—

Regular Principal Distribution

Aggregate Notes Outstanding

3/15/2004

1,323,876,279.81

Asset Balance

5/31/2004

1,345,295,030.11

iii

Specified Overcollateralization Amount

6/15/2004

27,055,542.45

First Priority Principal Distribution Amount

6/15/2004

—

Second Priority Principal Distribution Amount

6/15/2004

—

Third Priority Principal Distribution Amount

6/15/2004

—

vii

Regular Principal Distribution Amount

5,636,792.15

viii

Actual Principal Distribution Amount paid

5,636,792.15

Shortfall

—

Class A Noteholders’ Principal Distribution Amounts

Has the Stepdown Date Occurred?

Asset Balance

5/31/2004

1,345,295,030.11

iii

85% of Asset Balance

5/31/2004

1,143,500,775.59

Specified Overcollateralization Amount

6/15/2004

27,055,542.45

Lesser of (iii) and (ii — iv)

1,143,500,775.59

Class A Noteholders’ Principal Distribution Amt — Before the Stepdown Date

5,636,792.15

vii

Class A Noteholders’ Principal Distribution Amt — After the Stepdown Date

—

Class B Noteholders’ Principal Distribution Amounts

Has the Stepdown Date Occurred?

Asset Balance

5/31/2004

1,345,295,030.11

iii

89.875% of Asset Balance

5/31/2004

1,209,083,908.31

Specified Overcollateralization Amount

6/15/2004

27,055,542.45

Lesser of (iii) and (ii — iv)

1,209,083,908.31

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

Has the Stepdown Date Occurred?

Asset Balance

5/31/2004

1,345,295,030.11

iii

97% of Asset Balance

5/31/2004

1,304,936,179.21

Specified Overcollateralization Amount

6/15/2004

27,055,542.45

Lesser of (iii) and (ii — iv)

1,304,936,179.21

Class C Noteholders’ Principal Distribution Amt — Before the Stepdown Date

—

vii

Class C Noteholders’ Principal Distribution Amt — After the Stepdown Date

—

XV. 2003-C Waterfall for Distributions


								Remaining
								Funds Balance

A		Total Available Funds ( Sections III-J )			$	20,133,433.11	$		20,133,433.11

B		Primary Servicing Fees-Current Month plus any Unpaid			$	696,331.37	$		19,437,101.74

C		Quarterly Administration Fee plus any Unpaid			$	20,000.00	$		19,417,101.74

D		Auction Agent Fees Due	6/15/2004		$	11,666.67	$		19,405,435.07
		Broker/Dealer Fees Due	6/15/2004		$	495.83	$		19,404,939.24

E		Gross Swap Payment due Counterparty A			$	1,782,545.74	$		17,622,393.50
		Gross Swap Payment due Counterparty B			$	1,782,545.74	$		15,839,847.76

F	i	Class A-1 Noteholders’ Interest Distribution Amount due		6/15/2004	$	1,786,881.68	$		14,052,966.08
	ii	Class A-2 Noteholders’ Interest Distribution Amount due		6/15/2004	$	1,614,496.50	$		12,438,469.58
	iii	Class A-3 Noteholders’ Interest Distribution Amount due		6/15/2004	$	72,916.67	$		12,365,552.91
	iv	Class A-4 Noteholders’ Interest Distribution Amount due		6/15/2004	$	0.00	$		12,365,552.91
	v	Class A-5 Noteholders’ Interest Distribution Amount due		6/15/2004	$	0.00	$		12,365,552.91
	vi	Swap Termination Fees due		6/15/2004	$	0.00	$		12,365,552.91

G		First Priority Principal Distribution Amount — Principal Distribution Account			$	0.00	$		12,365,552.91

H		Class B Noteholders’ Interest Distribution Amount due		6/15/2004	$	214,598.05	$		12,150,954.86

I		Second Priority Principal Distribution Amount — Principal Distribution Account			$	0.00	$		12,150,954.86

J		Class C Noteholders’ Interest Distribution Amount			$	421,593.19	$		11,729,361.67

K		Third Priority Principal Distribution Amount — Principal Distribution Account			$	0.00	$		11,729,361.67

L		Increase to the Specified Reserve Account Balance			$	0.00	$		11,729,361.67

M		Regular Principal Distribution Amount — Principal Distribution Account			$	5,636,792.15		$	6,092,569.52

N		Carryover Servicing Fees			$	0.00		$	6,092,569.52

O		Auction Rate Noteholder’s Interest Carryover
	i	Class A-3			$	0.00		$	6,092,569.52
	ii	Class A-4			$	0.00		$	6,092,569.52
	iii	Class A-5			$	0.00		$	6,092,569.52

P		Swap Termination Payments			$	0.00		$	6,092,569.52

Q		Additional Principal Distribution Amount — Principal Distribution Account			$	0.00		$	6,092,569.52

R		Remaining Funds to the Certificateholders			$	6,092,569.52		$	0.00

XVI. 2003-C Principal Distribution Account Allocations


					Remaining
					Funds Balance

A		Total from Collection Account	$	5,636,792.15	$	5,636,792.15

B	i	Class A-1 Principal Distribution Amount Paid	$	5,636,792.15	$	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

XVII. 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				$	1,786,881.68	$	1,614,496.50	$	72,916.67	$	0.00	$	0.00	$	214,598.05	$	421,593.19
	ii	Quarterly Interest Paid					1,786,881.68		1,614,496.50		72,916.67		0.00		0.00		214,598.05		421,593.19

	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				$	5,636,792.15	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	viii	Quarterly Principal Paid (or allocated)					5,636,792.15		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				$	7,423,673.83	$	1,614,496.50	$	72,916.67	$	0.00			$	214,598.05	$	421,593.19


B	Note Balances				3/15/2004	Paydown Factors			6/15/2004
	i	A-1 Note Balance	78443CAY0	$	577,863,279.81			$	572,226,487.66
		A-1 Note Pool Factor			0.9631054664		0.0093946536		0.9537108128

	ii	A-2 Note Balance	78443CAZ7	$	421,173,000.00			$	421,173,000.00
		A-2 Note Pool Factor			1.0000000000		0.0000000000		1.0000000000
										Balances			Next ARS Pay Date
	iii	A-3 Note Balance	78443CBA1	$	75,000,000.00			$	75,000,000.00	$	75,000,000.00	07/13/04
		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	06/23/04
		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	07/01/04
		A-5 Note Pool Factor			1.0000000000		0.0000000000		1.0000000000		1.000000000

	vi	B Note Balance	78443CBD5	$	43,965,000.00			$	43,965,000.00
		B Note Pool Factor			1.0000000000		0.0000000000		1.0000000000

	vii	C Note Balance	78443CBE3	$	60,875,000.00			$	60,875,000.00
		C Note Pool Factor			1.0000000000		0.0000000000		1.0000000000

XVIII. 2003-C Historical Pool Information


			3/1/04-5/31/04			12/01/03-02/29/03			08/18/03-11/30/03
Beginning Student Loan Portfolio Balance			$	1,201,155,217.98		$	1,205,163,347.06		$	1,202,893,173.22
	Student Loan Principal Activity
	i	Principal Payments Received	$	13,747,785.94		$	12,789,181.37		$	13,196,464.40
	ii	Purchases by Servicer (Delinquencies >180)		1,017,501.03			1,151,451.03			76,894.69
	iii	Other Servicer Reimbursements		(32,006.81	)		1,819.35			1,730.97
	iv	Seller Reimbursements		93,452.56			175,765.85			665,294.10

	v	Total Principal Collections	$	14,826,732.72		$	14,118,217.60		$	13,940,384.16
	Student Loan Non-Cash Principal Activity
	i	Realized Losses/Loans Charged Off	$	—		$	—		$	—
	ii	Capitalized Interest		(4,848,056.60	)		(8,930,525.57	)		(14,369,110.75	)
	iii	Capitalized Insurance Fee		($206,100.24	)		($1,165,239.70	)		($1,810,969.76	)
	iv	Other Adjustments		1,793.51			(14,323.25	)		(30,477.49	)

	v	Total Non-Cash Principal Activity	$	(5,052,363.33	)	$	(10,110,088.52	)	$	(16,210,558.00	)

(-)	Total Student Loan Principal Activity		$	9,774,369.39		$	4,008,129.08		$	(2,270,173.84	)

	Student Loan Interest Activity
	i	Interest Payments Received	$	5,369,428.80		$	4,838,239.81		$	4,365,636.18
	ii	Repurchases by Servicer (Delinquencies >180)		34,855.48			40,125.17			487.74
	iii	Other Servicer Reimbursements		(1,906.22	)		61.76			15.64
	iv	Seller Reimbursements		7,807.48			11,832.95			46,145.91
	v	Late Fees		67,109.33			62,849.57			51,362.80
	vi	Collection Fees		—			—			—

	vii	Total Interest Collections		5,477,294.87			4,953,109.26			4,463,648.27
	Student Loan Non-Cash Interest Activity
	i	Realized Losses/Loans Charged Off	$	—		$	—		$	—
	ii	Capitalized Interest		4,848,056.60			8,930,525.57			14,369,110.75
	iii	Other Interest Adjustments		28,841.20			33,539.19			104,599.84

	iv	Total Non-Cash Interest Adjustments	$	4,876,897.80		$	8,964,064.76		$	14,473,710.59

	v	Total Student Loan Interest Activity	$	10,354,192.67		$	13,917,174.02		$	18,937,358.86

(=)	Ending Student Loan Portfolio Balance		$	1,191,380,848.58		$	1,201,155,217.98		$	1,205,163,347.06
(+)	Interest to be Capitalized		$	51,103,120.52		$	46,965,543.28		$	46,656,743.34
(=)	TOTAL POOL		$	1,242,483,969.10		$	1,248,120,761.26		$	1,251,820,090.40
(+)	Cash Capitalization Account Balance (CI)		$	102,811,061.00		$	102,811,061.00		$	102,811,061.00
(=)	Asset Balance		$	1,345,295,030.10		$	1,350,931,822.26		$	1,354,631,151.40

SLM Private Credit Student Loan Trust 2004–A
Quarterly Servicing Report
Report Date: 5/31/04 Reporting Period: 02/24/04 – 05/31/04

I. Deal Parameters


	Student Loan Portfolio Characteristics			2/23/04		Activity				5/31/04
A	i	Portfolio Balance	$	1,213,231,182.32			($9,709,379.75	)	$	1,203,521,802.57
	ii	Interest to be Capitalized		38,927,109.41						46,171,852.00

	iii	Total Pool	$	1,252,158,291.73					$	1,249,693,654.57
	iv	Cash Capitalization Account (Cii)		90,638,804.00						90,638,804.00

	v	Asset Balance	$	1,342,797,095.73					$	1,340,332,458.57


	i	Weighted Average Coupon (WAC)		5.147	%					5.161	%
	ii	Weighted Average Remaining Term		193.48						190.69
	iii	Number of Loans		148,353						147,297
	iv	Number of Borrowers		104,834						104,035
	v	Prime Loans Outstanding	$	1,002,171,131					$	1,003,417,069
	vi	T-bill Loans Outstanding	$	248,697,351					$	245,015,187
	vii	Fixed Loans Outstanding	$	1,289,810					$	1,261,399


	Notes		Cusips	Spread	Balance 03/25/04		% of O/S Securities			Balance 06/15/04		% of O/S Securities
B	i	A-1 Notes	78443CBF0	0.060%	$	600,000,000.00		44.907	%	$	582,115,844.73		44.160	%
	ii	A-2 Notes	78443CBG8	0.200%		307,000,000.00		22.978	%		307,000,000.00		23.289	%
	iii	A-3 Notes	78443CBH6	0.400%		325,016,000.00		24.326	%		325,016,000.00		24.656	%
	vi	B Notes	78443CBJ2	0.580%		43,641,000.00		3.266	%		43,641,000.00		3.311	%
	vii	C Notes	78443CBK9	0.950%		60,426,000.00		4.523	%		60,426,000.00		4.584	%

	viii	Total Notes			$	1,336,083,000.00		100.000	%	$	1,318,198,844.73		100.000	%


				3/25/2004		6/15/2004
C	i	Reserve Account Balance ($)	$	3,130,396.00	$	3,130,396.00
	ii	Cash Capitalization Acct Balance ($)	$	90,638,804.00	$	90,638,804.00

	iii	Initial Asset Balance	$	1,342,797,095.73	$	1,342,797,095.73
	iv	Specified Overcollateralization Amount	$	26,855,941.91	$	26,855,941.91
	v	Actual Overcollateralization Amount	$	6,714,095.73	$	22,133,613.84

	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 March 16, 2009. 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.

II. 2004-A Transactions from: 2/23/2004 through: 5/31/2004


A	Student Loan Principal Activity
	i	Principal Payments Received	$	14,555,943.75
	ii	Purchases by Servicer (Delinquencies >180)		227,345.53
	iii	Other Servicer Reimbursements	—
	iv	Seller Reimbursements		1,450,959.90

	v	Total Principal Collections	$	16,234,249.18

B	Student Loan Non-Cash Principal Activity
	i	Realized Losses/Loans Charged Off	$	—
	ii	Capitalized Interest		(6,171,529.04	)
	iii	Capitalized Insurance Fee		(387,523.24	)
	iv	Other Adjustments		34,182.85

	v	Total Non-Cash Principal Activity	$	(6,524,869.43	)


C	Total Student Loan Principal Activity		$	9,709,379.75


D	Student Loan Interest Activity
	i	Interest Payments Received	$	5,083,095.36
	ii	Purchases by Servicer (Delinquencies >180)		4,983.10
	iii	Other Servicer Reimbursements		1.46
	iv	Seller Reimbursements		57,751.49
	v	Late Fees		68,613.01
	vi	Collection Fees/Return Items		—
	vii	Total Interest Collections	$	5,214,444.42

E	Student Loan Non-Cash Interest Activity
	i	Realized Losses/Loans Charged Off	$	—
	ii	Capitalized Interest		6,171,529.04
	iii	Other Interest Adjustments		59,757.30
	iv	Total Non-Cash Interest Adjustments	$	6,231,286.34


F	Total Student Loan Interest Activity		$	11,445,730.76

III. 2004-A Collection Account Activity 2/23/2004 through 5/31/2004


A	Principal Collections
	i	Principal Payments Received	$	14,240,505.00
	ii	Consolidation Principal Payments		315,438.75
	iii	Purchases by Servicer (Delinquencies >180)		227,345.53
	iv	Reimbursements by Seller		11,189.81
	v	Reimbursements by Servicer		0.00
	vi	Other Re-purchased Principal		1,439,770.09

	vii	Total Principal Collections	$	16,234,249.18

B	Interest Collections i Interest Payments Received		$	5,081,885.51
	ii	Consolidation Interest Payments		1,209.85
	iii	Purchases by Servicer (Delinquencies >180)		4,983.10
	iv	Reimbursements by Seller		5,753.69
	v	Reimbursements by Servicer		1.46
	vi	Other Re-purchased Interest		51,997.80
	vii	Collection Fees/Return Items		0.00
	viii	Late Fees		68,613.01

	ix	Total Interest Collections	$	5,214,444.42

C	Recoveries on Realized Losses		$	—

D	Amount from Cash Capitalizaton Account		$	—

E	Funds Borrowed from Next Collection Period		$	2,400,000.00

F	Funds Repaid from Prior Collection Periods		$	—

G	Investment Income		$	182,552.39

H	Borrower Incentive Reimbursements		$	41,716.50

I	Interest Rate Cap Proceeds		$	—

J	Gross Swap Receipt		$	2,526,449.48

	TOTAL FUNDS RECEIVED		$	26,599,411.97

	LESS FUNDS PREVIOUSLY REMITTED:
		Servicing Fees	$	(864,365.21	)

K	TOTAL AVAILABLE FUNDS		$	25,735,046.76

L	Servicing Fees Due for Current Period		$	702,657.20

M	Carryover Servicing Fees Due		$	—

N	Administration Fees Due		$	20,000.00


O	Total Fees Due for Period		$	722,657.20


IV. 2004-A Loss and Recovery Detail		5/31/04

Cumulative Realized Losses Test

% of Original Pool

5/31/04

June 15, 2004 to March 16, 2009

201,419,564.36

June 15, 2009 to March 15, 2012

June 15, 2012 and thereafter

Cumulative Realized Losses (Net of Recoveries)

iii

Is Test Satisfied (ii < i)?

Yes

Recoveries on Realized Losses This Collection Period

Principal Cash Recovered During Collection Period

0.00

iii

Interest Cash Recovered During Collection Period

0.00

Late Fees and Collection Costs Recovered During Collection Period

0.00

Total Recoveries for Period

0.00

Gross Defaults:

Cumulative Principal Purchases by Servicer

227,345.53

iii

Cumulative Interest Purchases by Servicer

4,983.10

Total Gross Defaults:

232,328.63

V. 2004-A Portfolio Characteristics


	Weighted Avg Coupon						# of Loans				%*						Principal Amount				%*
STATUS	2/23/04			5/31/04			2/23/04		5/31/04		2/23/04			5/31/04			2/23/04		5/31/04		2/23/04			5/31/04
INTERIM:

In School		5.425	%		5.410	%		70,479		55,983		47.508	%		38.007	%	$	531,010,147.36	$	416,592,528.17		43.768	%		34.614	%

Grace		5.642	%		5.469	%		20,691		28,640		13.947	%		19.444	%	$	157,832,480.45	$	221,303,295.21		13.009	%		18.388	%
TOTAL INTERIM		5.474	%		5.431	%		91,170		84,623		61.455	%		57.451	%	$	688,842,627.81	$	637,895,823.38		56.778	%		53.002	%
REPAYMENT

Active
Current		4.684	%		4.807	%		41,717		45,996		28.120	%		31.227	%	$	370,327,636.05	$	405,045,842.86		30.524	%		33.655	%
31-60 Days Delinquent		5.037	%		5.564	%		1,555		1,220		1.048	%		0.828	%	$	13,572,464.61	$	10,413,395.58		1.119	%		0.865	%
61-90 Days Delinquent		0.000	%		5.811	%		0		488		0.000	%		0.331	%	$	0.00	$	4,224,640.72		0.000	%		0.351	%
91-120 Days Delinquent		0.000	%		5.988	%		0		339		0.000	%		0.230	%	$	0.00	$	2,656,616.03		0.000	%		0.221	%
121-150 Days Delinquent		0.000	%		6.094	%		0		241		0.000	%		0.164	%	$	0.00	$	2,130,815.99		0.000	%		0.177	%
151-180 Days Delinquent		0.000	%		5.994	%		0		60		0.000	%		0.041	%	$	0.00	$	525,170.37		0.000	%		0.044	%
> 180 Days Delinquent		0.000	%		0.000	%		0		0		0.000	%		0.000	%	$	0.00	$	0.00		0.000	%		0.000	%

Deferment		4.755	%		4.162	%		2,354		2,313		1.587	%		1.570	%	$	28,568,162.60	$	27,882,876.39		2.355	%		2.317	%

Forbearance		4.850	%		5.053	%		11,557		12,017		7.790	%		8.158	%	$	111,920,291.25	$	112,746,621.25		9.225	%		9.368	%

TOTAL REPAYMENT		4.732	%		4.857	%		57,183		62,674		38.545	%		42.549	%	$	524,388,554.51	$	565,625,979.19		43.222	%		46.998	%

GRAND TOTAL		5.156	%		5.161	%		148,353		147,297		100.000	%		100.000	%	$	1,213,231,182.32	$	1,203,521,802.57		100.000	%		100.000	%

* Precentages may not total 100% due to rounding

VII. 2004-A Interest Rate Swap and Cap Calculations

Swap Payments

Swap Calculation

Notional Swap Amount — Aggregate Prime Loans Outstanding

1,002,171,130.89

Counterparty Pays:

3 Month LIBOR

1.10677

iii

Gross Swap Receipt Due Trust

2,526,449.48

Days in Period

3/25/04

6/15/04

SLM Private Credit Trust Pays:

Prime Rate (WSJ) Less

2.6400

1.36000

Gross Swap Payment Due Counterparty

3,053,609.96

vii

Days in Period

3/25/04

6/15/04

Cap Payments

Cap Calculation

Notional Swap Amount

840,000,000.00

Counterparty Pays:

3 Month LIBOR (interpolated for first accrual period)

1.10677

iii

Cap Rate

4.00000

Excess (if any) of LIBOR over Cap Rate (ii-iii)

0.00000

Days in Period

3/25/04

6/15/04

Cap Payment due Trust

—

VIII. 2004-A Accrued Interest Factors


		Accrued
		Int Factor	Accrual Period	Rate

A	Class A-1 Interest Rate	0.002657643	(03/25/04 - 06/15/04)	1.16677%

B	Class A-2 Interest Rate	0.002976532	(03/25/04 - 06/15/04)	1.30677%

C	Class A-3 Interest Rate	0.003432087	(03/25/04 - 06/15/04)	1.50677%

D	Class B Interest Rate	0.003842087	(03/25/04 - 06/15/04)	1.68677%

E	Class C Interest Rate	0.004684865	(03/25/04 - 06/15/04)	2.05677%


IX. 2004-A Inputs From Prior Data		2/23/04


A	Total Student Loan Pool Outstanding
	i ii	Portfolio Balance Interest To Be Capitalized			$	1,213,231,182.32 38,927,109.41

	iii iv	Total Pool Cash Capitalization Account (CI)			$	1,252,158,291.73 90,638,804.00

	v	Asset Balance			$	1,342,797,095.73

B	Total Note and Certificate Factor					1.00000000000
C	Total Note Balance				$	1,336,083,000.00


D	Note Balance 3/25/04		Class A-1		Class A-2		Class A-3		Class B		Class C

	i	Current Factor		1.0000000000		1.0000000000		1.0000000000		1.0000000000		1.0000000000
	ii	Expected Note Balance	$	600,000,000.00	$	307,000,000.00	$	325,016,000.00	$	43,641,000.00	$	60,426,000.00

F	Interest Shortfall		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
G	Interest Carryover		$	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

X. 2004-A Note Parity Triggers


		Class A		Class B		Class C

Notes Outstanding	3/25/04	$	1,232,016,000	$	1,275,657,000	$	1,336,083,000
Asset Balance	2/23/04	$	1,342,797,096	$	1,342,797,096	$	1,342,797,096

Pool Balance	5/31/04	$	1,249,693,655	$	1,249,693,655	$	1,249,693,655
Amounts on Deposit*	6/15/04		108,973,719		108,806,047		108,522,959
Total		$	1,358,667,374	$	1,358,499,701	$	1,358,216,615

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		$	110,781,095.73
Specified Class A Enhancement		$	201,049,868.79	The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount

Class B Enhancement		$	67,140,095.73
Specified Class B Enhancement		$	135,708,661.43	The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount

Class C Enhancement		$	6,714,095.73
Specified Class C Enhancement		$	40,209,973.76	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 E for the Class A; Items B through G for the Class B; and Items B through I for the Class C

XI. 2004-A Cash Capitalization Account Triggers


Cash Capitalization Account Balance (CI)*	5/31/04	$	90,638,804.00

5.50% of Initial Asset Balance		$	73,853,840.27
Excess, CI over 5.5% of initial Asset Bal		$	16,784,963.73
Release above excess to Collection Account?**	6/15/04	DO NOT RELEASE

3.50% of Initial Asset Balance		$	46,997,898.35
Excess, CI over 3.5% of initial Asset Bal		$	43,640,905.65
Release above excess to Collection Account?**	6/15/04	DO NOT RELEASE

*as defined under “Asset Balance” on page S-69 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-49 of the prospectus supplement

XII. 2004-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	3/25/04	$	1,232,016,000.00
iii	Asset Balance	5/31/04	$	1,340,332,458.57

iv	First Priority Principal Distribution Amount	6/15/04	$	-

v	Is the Class B Note Parity Trigger in Effect?			No

vi	Aggregate A and B Notes Outstanding	3/25/04	$	1,275,657,000.00
vii	Asset Balance	5/31/04	$	1,340,332,458.57
viii	First Priority Principal Distribution Amount	6/15/04	$	-

ix	Second Priority Principal Distribution Amount	6/15/04	$	-

x	Is the Class C Note Parity Trigger in Effect?			No

xi	Aggregate A, B and C Notes Outstanding	3/25/04	$	1,336,083,000.00
xii	Asset Balance	5/31/04	$	1,340,332,458.57
xiii	First Priority Principal Distribution Amount	6/15/04	$	-
xiv	Second Priority Principal Distribution Amount	6/15/04	$	-

xv	Third Priority Principal Distribution Amount	6/15/04	$	-


Regular Principal Distribution

i	Aggregate Notes Outstanding	3/25/04	$	1,336,083,000.00

ii	Asset Balance	5/31/04	$	1,340,332,458.57
iii	Specified Overcollateralization Amount	6/15/04	$	26,855,941.91
iv	First Priority Principal Distribution Amount	6/15/04	$	-
v	Second Priority Principal Distribution Amount	6/15/04	$	-
vi	Third Priority Principal Distribution Amount	6/15/04	$	-
vii	Regular Principal Distribution Amount		$	22,606,483.34
viii	Actual Principal Distribution Amount paid		$	17,884,155.27
ix	Shortfall		$	4,722,328.08

Class A Noteholders’ Principal Distribution Amounts

i	Has the Stepdown Date Occurred?			No

ii	Asset Balance	5/31/04	$	1,340,332,458.57
iii	85% of Asset Balance	5/31/04	$	1,139,282,589.78
iv	Specified Overcollateralization Amount	6/15/04	$	26,855,941.91
v	Lesser of (iii) and (ii — iv)		$	1,139,282,589.78
vi	Class A Noteholders’ Principal Distribution Amt — Before the Stepdown Date		$	22,606,483.34
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	5/31/04	$	1,340,332,458.57
iii	89.875% of Asset Balance	5/31/04	$	1,204,623,797.14
iv	Specified Overcollateralization Amount	6/15/04	$	26,855,941.91
v	Lesser of (iii) and (ii — iv)		$	1,204,623,797.14
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	5/31/04	$	1,340,332,458.57
iii	97% of Asset Balance	5/31/04	$	1,300,122,484.81
iv	Specified Overcollateralization Amount	6/15/04	$	26,855,941.91
v	Lesser of (iii) and (ii — iv)		$	1,300,122,484.81
vi	Class C Noteholders’ Principal Distribution Amt — Before the Stepdown Date		$	-
vii	Class C Noteholders’ Principal Distribution Amt — After the Stepdown Date		$	-

XIII. 2004-A Waterfall for Distributions


					Remaining
					Funds Balance
A		Total Available Funds ( Sections III-K )	$	25,735,046.76	$	25,735,046.76

B		Primary Servicing Fees-Current Month plus any Unpaid	$	702,657.20	$	25,032,389.56

C		Quarterly Administration Fee plus any Unpaid	$	20,000.00	$	25,012,389.56

D		Gross Swap Payment due	$	3,053,609.96	$	21,958,779.60

E	i	Class A-1 Noteholders’ Interest Distribution Amount due 6/15/04	$	1,594,585.67	$	20,364,193.93
	ii	Class A-2 Noteholders’ Interest Distribution Amount due 6/15/04	$	913,795.22	$	19,450,398.71
	iii	Class A-3 Noteholders’ Interest Distribution Amount due 6/15/04	$	1,115,483.26	$	18,334,915.45
	vi	Swap Termination Fees due 6/15/04	$	0.00	$	18,334,915.45

F		First Priority Principal Distribution Amount — Principal Distribution Account	$	0.00	$	18,334,915.45

G		Class B Noteholders’ Interest Distribuition Amount due 6/15/04	$	167,672.53	$	18,167,242.92

H		Second Priority Principal Distribution Amount — Principal Distribution Account	$	0.00	$	18,167,242.92

I		Class C Noteholders’ Interest Distribuition Amount	$	283,087.65	$	17,884,155.27

J		Third Priority Principal Distribution Amount — Principal Distribution Account	$	0.00	$	17,884,155.27

K		Increase to the Specified Reserve Account Balance	$	0.00	$	17,884,155.27

L		Regular Principal Distribution Amount — Principal Distribution Account	$	17,884,155.27	$	0.00

M		Carryover Servicing Fees	$	0.00	$	0.00

N		Swap Termination Payments	$	0.00	$	0.00

O		Additional Principal Distribution Amount — Principal Distribution Account	$	0.00	$	0.00

P		Remaining Funds to the Certificateholders	$	0.00	$	0.00

XIV. 2004-A Principal Distribution Account Allocations
					Remaining
					Funds Balance
A		Total from Collection Account	$	17,884,155.27	$	17,884,155.27

B	i	Class A-1 Principal Distribution Amount Paid	$	17,884,155.27	$	0.00
	ii	Class A-2 Principal Distribution Amount Paid	$	0.00	$	0.00
	iii	Class A-3 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
	iii	Remaining Class A-3 Distribution Paid	$	0.00	$	0.00

XV. 2004-A Distributions


A	Distribution Amounts					Class A-1		Class A-2		Class A-3		Class B		Class C
	i	Quarterly Interest Due				$	1,594,585.67	$	913,795.22	$	1,115,483.26	$	167,672.53	$	283,087.65
	ii	Quarterly Interest Paid					1,594,585.67		913,795.22		1,115,483.26		167,672.53		283,087.65

	iii	Interest Shortfall				$	0.00	$	0.00	$	0.00	$	0.00	$	0.00

	iv	Interest Carryover Due				$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	v	Interest Carryover Paid					0.00		0.00		0.00		0.00		0.00

	vi	Interest Carryover				$	0.00	$	0.00	$	0.00	$	0.00	$	0.00

	vii	Quarterly Principal Distribution Amount				$	22,606,483.34	$	0.00	$	0.00	$	0.00	$	0.00
	viii	Quarterly Principal Paid					17,884,155.27		0.00		0.00		0.00		0.00

	ix	Shortfall				$	4,722,328.08	$	0.00	$	0.00	$	0.00	$	0.00

	x	Total Distribution Amount				$	19,478,740.93	$	913,795.22	$	1,115,483.26	$	167,672.53	$	283,087.65

B	Note Balances			3/25/04		Paydown Factors		6/15/2004
	i	A-1 Note Balance	78443CBF0	$	600,000,000.00			$	582,115,844.73
		A-1 Note Pool Factor			1.0000000000		0.0298069254		0.9701930746

	ii	A-2 Note Balance	78443CBG8	$	307,000,000.00			$	307,000,000.00
		A-2 Note Pool Factor			1.0000000000		0.0000000000		1.0000000000

	iii	A-3 Note Balance	78443CBH6	$	325,016,000.00			$	325,016,000.00
		A-3 Note Pool Factor			1.0000000000		0.0000000000		1.0000000000

	vi	B Note Balance	78443CBJ2	$	43,641,000.00			$	43,641,000.00
		B Note Pool Factor			1.0000000000		0.0000000000		1.0000000000

	vii	C Note Balance	78443CBK9	$	60,426,000.00			$	60,426,000.00
		C Note Pool Factor			1.0000000000		0.0000000000		1.0000000000

XVI. 2004-A Historical Pool Information


				02/24/04 - 05/31/04
Beginning Student Loan Portfolio Balance			$	1,213,231,182.32
	Student Loan Principal Activity
	i	Principal Payments Received	$	14,555,943.75
	ii	Purchases by Servicer (Delinquencies >180)		227,345.53
	iii	Other Servicer Reimbursements		—
	iv	Seller Reimbursements		1,450,959.90

	v	Total Principal Collections	$	16,234,249.18
	Student Loan Non-Cash Principal Activity
	i	Realized Losses/Loans Charged Off	$	—
	ii	Capitalized Interest		(6,171,529.04	)
	iii	Capitalized Insurance Fee		($387,523.24	)
	iv	Other Adjustments		34,182.85

	v	Total Non-Cash Principal Activity	$	(6,524,869.43	)
(-)	Total Student Loan Principal Activity		$	9,709,379.75
	Student Loan Interest Activity
	i	Interest Payments Received	$	5,083,095.36
	ii	Repurchases by Servicer (Delinquencies >180)		4,983.10
	iii	Other Servicer Reimbursements		1.46
	iv	Seller Reimbursements		57,751.49
	v	Late Fees		68,613.01
	vi	Collection Fees		—

	viii	Total Interest Collections		5,214,444.42
	Student Loan Non-Cash Interest Activity
	i	Realized Losses/Loans Charged Off	$	—
	ii	Capitalized Interest		6,171,529.04
	iii	Other Interest Adjustments		59,757.30

	iv	Total Non-Cash Interest Adjustments	$	6,231,286.34

	v	Total Student Loan Interest Activity	$	11,445,730.76
(=)	Ending Student Loan Portfolio Balance		$	1,203,521,802.57
(+)	Interest to be Capitalized		$	46,171,852.00
(=)	TOTAL POOL		$	1,249,693,654.57
(+)	Cash Capitalization Account Balance (CI)		$	90,638,804.00
(=)	Asset Balance		$	1,340,332,458.57


LOAN TYPE	WAC			# Loans		$ Amount		%

-Signature Loans		4.999	%		39,286	$	319,046,809.10		50.135	%
-Law Loans		5.455	%		12,890	$	136,455,082.26		21.443	%
-Med Loans		4.364	%		8,145	$	87,394,815.02		13.733	%
-MBA Loans		4.486	%		6,313	$	93,473,627.40		14.689	%


- Total		4.939	%		66,634	$	636,370,333.78		100.000	%


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%

Jun-04	$647,926,122	1.79%


LOAN TYPE	WAC			# Loans		$ Amount		%

-Signature Loans		4.847	%		77,831	$	648,394,033.59		70.827	%
-Law Loans		4.593	%		29,322	$	185,061,645.72		20.215	%
-Med Loans		4.987	%		5,014	$	39,058,696.96		4.267	%
-MBA Loans		4.504	%		3,319	$	42,948,831.71		4.691	%


- Total		4.790	%		115,486	$	915,463,207.98		100.000	%


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%

Jun-04	$955,860,331	2.62%


LOAN TYPE	WAC			# Loans		$ Amount		%


-Signature Loans		4.892	%		106,392	$	913,041,199.33		77.810	%
-Law Loans		4.670	%		22,461	$	158,251,603.55		13.486	%
-Med Loans		4.394	%		6,215	$	51,774,933.35		4.412	%
-MBA Loans		4.483	%		3,653	$	50,359,769.17		4.292	%


- Total		4.828	%		138,721	$	1,173,427,505.40		100.000	%

*		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.