EX-19.1 2 w02423bexv19w1.htm EX-19.1 exv19w1
 

SLM Private Credit Student Loan Trust 2002-A
Quarterly Servicing Report
Report Date: 8/31/2004 Reporting Period: 6/1/04-8/31/04

I. Deal Parameters

                                 
    Student Loan Portfolio Characteristics   5/31/2004   Activity   8/31/2004
A
   i   Portfolio Balance   $ 636,370,333.78       ($8,903,530.82 )   $ 627,466,802.96  
 
   ii   Interest to be Capitalized     11,555,787.93               10,757,080.31  
 
            
 		              
 		  
 
   iii   Total Pool   $ 647,926,121.71             $ 638,223,883.27  
 
            
 		              
 		  
 
   iv   Cash Capitalization Account (CI)     40,178,192.00               40,178,192.00  
 
            
 		              
 		  
 
   v   Asset Balance   $ 688,104,313.71             $ 678,402,075.27  
 
            
 		              
 		  
 
   i   Weighted Average Coupon (WAC)     4.939 %             4.975 %
 
   ii   Weighted Average Remaining Term     178.40               176.62  
 
   iii   Number of Loans     66,634               65,827  
 
   iv   Number of Borrowers     45,356               44,738  
 
   vi   Prime Loans Outstanding   $ 564,491,055             $ 556,905,497  
 
   vii   T-bill Loans Outstanding   $ 82,358,985             $ 80,303,552  
 
   viii   Fixed Loans Outstanding   $ 1,076,082             $ 1,014,834  
 
                                                         
                                    % of           % of
    Notes   Cusips   Spread   Balance 6/15/04   O/S Securities   Balance 9/15/04   O/S Securities
B
   i   A-1 Notes     78443CAA2       0.150 %   $ 286,634,062.15       42.559 %   $ 276,931,823.71       41.720 %
 
   ii   A-2 Notes     78443CAB0       0.550 %     328,419,000.00       48.763 %     328,419,000.00       49.476 %
 
   iii   B Notes     78443CAC8       0.850 %     23,742,000.00       3.526 %     23,742,000.00       3.577 %
 
   iv   C Notes     78443CAD6       1.700 %     34,699,000.00       5.152 %     34,699,000.00       5.227 %
 
 
   v   Total Notes                   $ 673,494,062.15       100.000 %   $ 663,791,823.71       100.000 %
 
                         
            6/15/2004   9/15/2004
C
   i   Reserve Account Balance ($)   $ 1,725,836.00     $ 1,725,836.00  
 
   ii   Cash Capitalization Acct Balance ($)   $ 40,178,192.00     $ 40,178,192.00  
 
   iii   Initial Asset Balance   $ 730,512,578.11     $ 730,512,578.11  
 
   iv   Specified Overcollateralization Amount   $ 14,610,251.56     $ 14,610,251.56  
 
   v   Has the Stepdown Date Occurred?*   No
   No
 

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

1

 

II. 2002-A Transactions from: 6/1/2004 through: 8/31/2004

                 
A   Student Loan Principal Activity        
 
   i   Principal Payments Received   $ 11,164,773.25  
 
   ii   Purchases by Servicer (Delinquencies >180)     1,332,379.01  
 
   iii   Other Servicer Reimbursements     0.00  
 
   iv   Seller Reimbursements     0.00  
 
            
 		  
 
   v   Total Principal Collections   $ 12,497,152.26  
 
                
B   Student Loan Non-Cash Principal Activity        
 
   i   Realized Losses/Loans Charged Off   $ —  
 
   ii   Capitalized Interest     (3,507,903.30 )
 
   iii   Capitalized Insurance Fee     (86,322.88 )
 
   iv   Other Adjustments     604.74  
 
            
 		  
 
   v   Total Non-Cash Principal Activity   $ (3,593,621.44 )
 
                
C   Total Student Loan Principal Activity   $ 8,903,530.82  
 
                
D   Student Loan Interest Activity        
 
   i   Interest Payments Received   $ 5,054,242.51  
 
   ii   Purchases by Servicer (Delinquencies >180)     58,186.47  
 
   iii   Other Servicer Reimbursements     0.00  
 
   iv   Seller Reimbursements     0.00  
 
   v   Late Fees     78,593.54  
 
   vi   Collection Fees     0.00  
 
            
 		  
 
   vii   Total Interest Collections   $ 5,191,022.52  
 
                
E   Student Loan Non-Cash Interest Activity        
 
   i   Realized Losses/Loans Charged Off   $ —  
 
   ii   Capitalized Interest     3,507,903.30  
 
   iii   Other Interest Adjustments     3,233.48  
 
            
 		  
 
   iv   Total Non-Cash Interest Adjustments   $ 3,511,136.78  
 
                
F   Total Student Loan Interest Activity   $ 8,702,159.30  

2

 

III. 2002-A Collection Account Activity 6/1/2004 through: 8/31/2004

                 
A   Principal Collections        
    i  
Principal Payments Received
   $ 11,033,325.86  
    ii  
Consolidation Principal Payments
     131,447.39  
    iii  
Purchases by Servicer (Delinquencies >180)
     1,332,379.01  
    iv  
Reimbursements by Seller
     0.00  
    v  
Reimbursements by Servicer
     0.00  
    vi  
Other Re-purchased Principal
     0.00  
       
 
  
 		  
    vii  
Total Principal Collections
   $ 12,497,152.26  
                 
B   Interest Collections        
    i  
Interest Payments Received
   $ 5,053,915.03  
    ii  
Consolidation Interest Payments
     327.48  
    iii  
Purchases by Servicer (Delinquencies >180)
     58,186.47  
    iv  
Reimbursements by Seller
     0.00  
    v  
Reimbursements by Servicer
     0.00  
    vi  
Other Re-purchased Interest
     0.00  
    viii  
Collection Fees/Return Items
     0.00  
    ix  
Late Fees
     78,593.54  
       
 
  
 		  
    x  
Total Interest Collections
   $ 5,191,022.52  
                 
C   Recoveries on Realized Losses   $ —  
                 
D   Amount from Cash Capitalizaton Account   $ —  
                 
E   Funds Borrowed from Next Collection Period   $ —  
                 
F   Funds Repaid from Prior Collection Periods   $ —  
                 
G   Investment Income   $ 152,078.48  
                 
H   Borrower Incentive Reimbursements   $ 60,431.92  
                 
I   Gross Swap Receipt   $ 2,192,734.14  
                 
    TOTAL FUNDS RECEIVED   $ 20,093,419.32  
    LESS FUNDS PREVIOUSLY REMITTED:        
       
Servicing Fees
   $ (740,842.54 )
J   TOTAL AVAILABLE FUNDS   $ 19,352,576.78  
                 
K   Servicing Fees Due for Current Period   $ 367,868.87  
                 
L   Carryover Servicing Fees Due   $ —  
                 
M   Administration Fees Due   $ 20,000.00  
                 
 
N   Total Fees Due for Period   $ 387,868.87  
 

3

 

IV. 2002-A Loss and Recovery Detail 8/31/2004

                                 
A   i  
Cumulative Realized Losses Test
   % of Initial Pool
   5/31/2004
   8/31/2004
       
 
            
 		      
 		  
       
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
           $ 3,405,631.42     $ 4,738,010.43  
    iii  
Cumulative Interest Purchases by Servicer
           $ 108,169.87     $ 166,356.34  
       
 
            
 		      
 		  
    iv  
Total Gross Defaults:
           $ 3,513,801.29     $ 4,904,366.77  

4

 

V. 2002-A Portfolio Characteristics

                                                                                 
    Weighted Avg Coupon
   # of Loans
   % *
   Principal Amount
   % *
STATUS   5/31/2004**   8/31/2004   5/31/2004**   8/31/2004   5/31/2004**   8/31/2004   5/31/2004**   8/31/2004   5/31/2004**   8/31/2004
INTERIM:
                                                                                
 
                                                                                
In School
     4.809 %     4.849 %     3,537       2,461       5.308 %     3.739 %   $ 31,066,034.27     $ 20,351,788.890       4.882 %     3.243 %
 
                                                                                
Grace
     4.582 %     4.606 %     3,570       4,007       5.358 %     6.087 %   $ 33,997,531.06     $ 39,741,988.64       5.342 %     6.334 %
 
                                                                                
Deferment
     4.772 %     4.939 %     5,057       4,953       7.589 %     7.524 %   $ 45,006,167.84     $ 42,336,011.40       7.072 %     6.747 %
 
                                                                                
TOTAL INTERIM
     4.724 %     4.792 %     12,164       11,421       18.255 %     17.350 %   $ 110,069,733.17     $ 102,429,788.93       17.296 %     16.324 %
REPAYMENT
                                                                                
Active
                                                                                
Current
     4.847 %     4.915 %     44,682       45,085       67.056 %     68.490 %   $ 425,454,403.96     $ 431,188,187.25       66.856 %     68.719 %
31-60 Days Delinquent
     5.688 %     5.518 %     1,129       1,163       1.694 %     1.767 %   $ 9,791,579.23     $ 11,085,845.85       1.539 %     1.767 %
61-90 Days Delinquent
     5.788 %     5.652 %     569       782       0.854 %     1.188 %   $ 5,131,599.87     $ 7,011,903.84       0.806 %     1.117 %
91-120 Days Delinquent
     5.806 %     5.997 %     420       364       0.630 %     0.553 %   $ 3,650,269.16     $ 3,098,643.30       0.574 %     0.494 %
121-150 Days Delinquent
     6.834 %     5.890 %     240       325       0.360 %     0.494 %   $ 2,305,770.41     $ 2,854,886.30       0.362 %     0.455 %
151-180 Days Delinquent
     6.029 %     5.964 %     111       126       0.167 %     0.191 %   $ 920,625.42     $ 1,116,901.78       0.145 %     0.178 %
> 180 Days Delinquent
     0.000 %     0.000 %     0       0       0.000 %     0.000 %   $ 0.00     $ 0.00       0.000 %     0.000 %
 
                                                                                
Forbearance
     5.477 %     5.364 %     7,319       6,561       10.984 %     9.967 %   $ 79,046,352.56     $ 68,680,645.71       12.421 %     10.946 %
 
                                                                                
TOTAL REPAYMENT
     4.983 %     5.011 %     54,470       54,406       81.745 %     82.650 %   $ 526,300,600.61     $ 525,037,014.03       82.704 %     83.676 %
 
                                                                                
GRAND TOTAL
     4.939 %     4.975 %     66,634       65,827       100.000 %     100.000 %   $ 636,370,333.78     $ 627,466,802.96       100.000 %     100.000 %

*   Percentages may not total 100% due to rounding
**   PRIOR QUARTER DATA HAS BEEN REVISED

5

 

VI. 2002-A Portfolio Characteristics by School and Program

                                 
LOAN TYPE   WAC   # Loans   $ Amount   %
 
    
 		      
 		      
 		      
 		  

                               
-Signature Loans
     5.001 %     38,822     $ 315,115,908.99       50.220 %
-Law Loans
     5.454 %     12,778     $ 135,263,504.88       21.557 %
-Med Loans
     4.605 %     7,997     $ 85,643,685.50       13.649 %
-MBA Loans
     4.486 %     6,230     $ 91,443,703.59       14.573 %
     
 		      
 		    
 

                               
- Total
     4.975 %     65,827     $ 627,466,802.96       100.000 %

*Percentages may not total 100% due to rounding

6

 

VII. 2002-A Swap

                         
    Swap Payments                
   
 
                    
   
 
               Swap Calculation
   
 
              
 
    i   Notional Swap Amount — Aggregate Prime Loans Outstanding     564,491,055  
    Counterparty Pays:                
    ii   3 Month Libor     1.52000 %
    iii   Gross Swap Receipt Due Trust   $ 2,192,734.14  
   
iv
   Days in Period   6/15/2004   9/15/2004     92  
 
    SLM Private Credit Trust Pays:                
   
v
   Prime Rate (WSJ) Less   2.7000 %       1.30000 %
    vi   Gross Swap Payment Due Counterparty   $ 1,844,621.04  
   
vii
   Days in Period   6/15/2004   9/15/2004     92  

VIII. 2002-A Accrued Interest Factors

                     
        Accrued        
        Int Factor
   Accrual Period
   Rate
A
   Class A-1 Interest Rate   0.004267778   (6/15/04-9/15/04)     1.67000 %
                     
B
   Class A-2 Interest Rate   0.005290000   (6/15/04-9/15/04)     2.07000 %
                     
C
   Class B Interest Rate   0.006056667   (6/15/04-9/15/04)     2.37000 %
                     
D
   Class C Interest Rate   0.008228889   (6/15/04-9/15/04)     3.22000 %

7

 

IX. 2002-A Inputs From Prior Data 5/31/04

                                         
A   Total Student Loan Pool Outstanding                                
   
i
   Portfolio Balance           $ 636,370,333.78                  
   
ii
   Interest To Be Capitalized             11,555,787.93                  
   
 
                
 		                  
   
iii
   Total Pool           $ 647,926,121.71                  
   
iv
   Cash Capitalization Account (CI)             40,178,192.00                  
   
 
                
 		                  
   
v
   Asset Balance           $ 688,104,313.71                  
   
 
                
 		                  
B   Total Note and Certificate Factor             0.92658016970                  
C   Total Note Balance           $ 673,494,062.15                  
                                         
 
D  
Note Balance 6/15/2004
   Class A-1
   Class A-2
   Class B
   Class C
 
   
i
   Current Factor     0.8430413593       1.0000000000       1.0000000000       1.0000000000  
   
ii
   Expected Note Balance   $ 286,634,062.15     $ 328,419,000.00     $ 23,742,000.00     $ 34,699,000.00  
F   Interest Shortfall   $ 0.00     $ 0.00     $ 0.00     $ 0.00  
G   Interest Carryover   $ 0.00     $ 0.00     $ 0.00     $ 0.00  
 
                                         
H   Unpaid Primary Servicing Fees from Prior Month(s)           $ 0.00                  
I   Unpaid Administration fees from Prior Quarter(s)           $ 0.00                  
J   Unpaid Carryover Servicing Fees from Prior Quarter(s)           $ 0.00                  

8

 

X.  2002-A Note Parity Triggers

                                         
            Class A   Class B   Class C        
Notes Outstanding
     06/15/04     $ 615,053,062     $ 638,795,062     $ 673,494,062          
Asset Balance
     5/31/04     $ 688,104,314     $ 688,104,314     $ 688,104,314          
Pool Balance
     8/31/04     $ 638,223,883     $ 638,223,883     $ 638,223,883          
Amounts on Deposit*
     9/15/04       54,337,652       54,193,854       53,908,320          
Total
           $ 692,561,535     $ 692,417,737     $ 692,132,203          
 
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           $ 101,760,311.29     The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount
 
Class B Enhancement
           $ 49,309,251.56                          
Specified Class B Enhancement           $ 68,688,210.12     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           $ 20,352,062.26     The greater of 3% of the Asset Balance or the Specified Overcollateralization Amount

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

9

 

XI. 2002-A Principal Distribution Calculations

                         
    Priority Principal Payments (If Note Parity Triggers are not in effect, go to Regular Principal Distribution below):
 
 
   i   Is the Class A Note Parity Trigger in Effect?           No
 
   ii   Aggregate A Notes Outstanding     6/15/2004     $ 615,053,062.15  
 
   iii   Asset Balance     8/31/2004     $ 678,402,075.27  
 
                    
 		  
 
   iv   First Priority Principal Distribution Amount     9/15/2004     $ —  
 
 
   v   Is the Class B Note Parity Trigger in Effect?           No
 
   vi   Aggregate A and B Notes Outstanding     6/15/2004     $ 638,795,062.15  
 
   vii   Asset Balance     8/31/2004     $ 678,402,075.27  
 
   viii   First Priority Principal Distribution Amount     9/15/2004     $ —  
 
                    
 		  
 
   ix   Second Priority Principal Distribution Amount     9/15/2004     $ —  
 
 
   x   Is the Class C Note Parity Trigger in Effect?           No
 
   xi   Aggregate A, B and C Notes Outstanding     6/15/2004     $ 673,494,062.15  
 
   xii   Asset Balance     8/31/2004     $ 678,402,075.27  
 
   xiii   First Priority Principal Distribution Amount     9/15/2004     $ —  
 
   xiv   Second Priority Principal Distribution Amount     9/15/2004     $ —  
 
                    
 		  
 
   xv   Third Priority Principal Distribution Amount     9/15/2004     $ —  
 
    Regular Principal Distribution                
 
 
   i   Aggregate Notes Outstanding     6/15/2004     $ 673,494,062.15  
 
   ii   Asset Balance     8/31/2004     $ 678,402,075.27  
 
   iii   Specified Overcollateralization Amount     9/15/2004     $ 14,610,251.56  
 
   iv   First Priority Principal Distribution Amount     9/15/2004     $ —  
 
   v   Second Priority Principal Distribution Amount     9/15/2004     $ —  
 
   vi   Third Priority Principal Distribution Amount     9/15/2004     $ —  
 
   vii   Regular Principal Distribution Amount           $ 9,702,238.44  
 
    Class A Noteholders’ Principal Distribution Amounts                
 
 
   i   Has the Stepdown Date Occurred?           No
 
   ii   Asset Balance     8/31/2004     $ 678,402,075.27  
 
   iii   85% of Asset Balance     8/31/2004     $ 576,641,763.98  
 
   iv   Specified Overcollateralization Amount     9/15/2004     $ 14,610,251.56  
 
   v   Lesser of (iii) and (ii - iv)           $ 576,641,763.98  
 
   vi   Class A Noteholders’ Principal Distribution Amt - Before the Stepdown Date           $ 9,702,238.44  
 
   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     8/31/2004     $ 678,402,075.27  
 
   iii   89.875% of Asset Balance     8/31/2004     $ 609,713,865.15  
 
   iv   Specified Overcollateralization Amount     9/15/2004     $ 14,610,251.56  
 
   v   Lesser of (iii) and (ii - iv)           $ 609,713,865.15  
 
   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     8/31/2004     $ 678,402,075.27  
 
   iii   97% of Asset Balance     8/31/2004     $ 658,050,013.01  
 
   iv   Specified Overcollateralization Amount     9/15/2004     $ 14,610,251.56  
 
   v   Lesser of (iii) and (ii - iv)           $ 658,050,013.01  
 
   vi   Class C Noteholders’ Principal Distribution Amt - Before the Stepdown Date           $ —  
 
   vii   Class C Noteholders’ Principal Distribution Amt - After the Stepdown Date           $ —  

10

 

XII. 2002-A Waterfall for Distributions

                         
                    Remaining
                    Funds Balance
A   Total Available Funds ( Sections III-F )   $ 19,352,576.78     $ 19,352,576.78  
 
                        
B   Primary Servicing Fees — Current Month plus any Unpaid   $ 367,868.87     $ 18,984,707.91  
 
                        
C   Quarterly Administration Fee plus any Unpaid   $ 20,000.00     $ 18,964,707.91  
 
                        
D   Gross Swap Payment   $ 1,844,621.04     $ 17,120,086.87  
 
                        
E
   i   Class A-1 Noteholders’ Interest Distribution Amount   $ 1,223,290.48     $ 15,896,796.39  
 
   ii   Class A-2 Noteholders’ Interest Distribution Amount   $ 1,737,336.51     $ 14,159,459.88  
 
                        
F   First Priority Principal Distribution Amount — Principal Distribution Account   $ 0.00     $ 14,159,459.88  
 
                        
G   Class B Noteholders’ Interest Distribuition Amount   $ 143,797.38     $ 14,015,662.50  
 
                        
H   Second Priority Principal Distribution Amount — Principal Distribution Account   $ 0.00     $ 14,015,662.50  
 
                        
I   Class C Noteholders’ Interest Distribuition Amount   $ 285,534.22     $ 13,730,128.28  
 
                        
J   Third Priority Principal Distribution Amount — Principal Distribution Account   $ 0.00     $ 13,730,128.28  
 
                        
K   Increase to the Specified Reserve Account Balance   $ 0.00     $ 13,730,128.28  
 
                        
L   Regular Principal Distribution Amount — Principal Distribution Account   $ 9,702,238.44     $ 4,027,889.84  
 
                        
M   Carryover Servicing Fees   $ 0.00     $ 4,027,889.84  
 
                        
N   Swap Termination Payments   $ 0.00     $ 4,027,889.84  
 
                        
O   Additional Principal Distribution Amount — Principal Distribution Account   $ 0.00     $ 4,027,889.84  
 
                        
P   Remaining Funds to the Certificateholders   $ 4,027,889.84     $ 0.00  

XIII. 2002-A Principal Distribution Account Allocations

                         
                    Remaining
                    Funds Balance
A   Total from Collection Account   $ 9,702,238.44     $ 9,702,238.44  
 
                        
B
   i   Class A-1 Principal Distribution Amount Paid   $ 9,702,238.44     $ 0.00  
 
   ii   Class A-2 Principal Distribution Amount Paid   $ 0.00     $ 0.00  
 
                        
C   Class B Principal Distribution Amount Paid   $ 0.00     $ 0.00  
 
                        
D   Class C Principal Distribution Amount Paid   $ 0.00     $ 0.00  
 
                        
E   Remaining Class C Distribution Paid   $ 0.00     $ 0.00  
 
                        
F   Remaining Class B Distribution Paid   $ 0.00     $ 0.00  
 
                        
G
   i   Remaining Class A-1 Distribution Paid   $ 0.00     $ 0.00  
 
   ii   Remaining Class A-2 Distribution Paid   $ 0.00     $ 0.00  

11

 

XIV. 2002-A Distributions

                                             
A   Distribution Amounts
       Class A-1   Class A-2   Class B   Class C
    i  
Quarterly Interest Due
      $ 1,223,290.48     $ 1,737,336.51     $ 143,797.38     $ 285,534.22  
    ii  
Quarterly Interest Paid
        1,223,290.48       1,737,336.51       143,797.38       285,534.22  
       
       
 		      
 		      
 		      
 		  
    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
      $ 9,702,238.44     $ 0.00     $ 0.00     $ 0.00  
    viii  
Quarterly Principal Paid
        9,702,238.44       0.00       0.00       0.00  
       
       
 		      
 		      
 		      
 		  
    ix  
Difference
      $ 0.00     $ 0.00     $ 0.00     $ 0.00  
       
 
                                    
       
       
 		      
 		      
 		      
 		  
    x  
Total Distribution Amount
      $ 10,925,528.92     $ 1,737,336.51     $ 143,797.38     $ 285,534.22  
       
       
 		      
 		      
 		      
 		  
B   Note Balances       6/15/2004
   Paydown Factors
   9/15/2004
        
    i  
A-1 Note Balance
  78443CAA2   $ 286,634,062.15             $ 276,931,823.71          
       
A-1 Note Pool Factor
        0.8430413593       0.0285359954       0.8145053638          
       
 
                                    
    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          

12

 

XV. 2002-A Historical Pool Information

                                                 
                                    2003
   2002
            6/1/04-8/31/04
   3/1/04-5/31/04
   12/01/03-02/29/04
   12/1/02-11/30/03
   8/26/02-11/30/02
Beginning Student Loan Portfolio Balance   $ 636,370,333.78     $ 645,807,190.81     $ 648,773,639.91     $ 669,262,882.23     $ 663,415,806.01  
    Student Loan Principal Activity                                        
 
   i   Principal Payments Received   $ 11,164,773.25     $ 11,137,774.80     $ 10,762,886.70     $ 40,774,111.16     $ 9,045,364.96  
 
   ii   Purchases by Servicer (Delinquencies >180)     1,332,379.01       1,154,017.33       592,702.67     $ 1,613,577.68       45,333.74  
 
   iii   Other Servicer Reimbursements     —       4.18       492.55     $ 11,718.71       85.42  
 
   iv   Seller Reimbursements     —       179.28       6,608.75       95,970.94       166,322.44  
           
 
 
   v   Total Principal Collections   $ 12,497,152.26     $ 12,291,975.59     $ 11,362,690.67     $ 42,495,378.49     $ 9,257,106.56  
    Student Loan Non-Cash Principal Activity                                        
 
   i   Realized Losses/Loans Charged Off   $ —     $ —     $ —     $ —     $ —  
 
   ii   Capitalized Interest     (3,507,903.30 )     (2,733,615.66 )     (7,438,000.51 )     (18,535,453.73 )     (13,326,412.85 )
 
   iii   Capitalized Insurance Fee     ($86,322.88 )     ($122,553.21 )     ($947,304.59 )     (1,905,113.32 )     ($1,706,229.57 )
 
   iv   Other Adjustments     604.74       1,050.31       (10,936.47 )     (1,565,569.12 )     (71,540.36 )
           
 
 
   v   Total Non-Cash Principal Activity   $ (3,593,621.44 )   $ (2,855,118.56 )   $ (8,396,241.57 )   $ (22,006,136.17 )   $ (15,104,182.78 )
(-)   Total Student Loan Principal Activity   $ 8,903,530.82     $ 9,436,857.03     $ 2,966,449.10     $ 20,489,242.32     $ (5,847,076.22 )
    Student Loan Interest Activity                                        
 
   i   Interest Payments Received   $ 5,054,242.51     $ 4,877,037.92     $ 4,726,323.30     $ 18,140,445.85     $ 3,704,616.78  
 
   ii   Repurchases by Servicer (Delinquencies >180)     58,186.47       46,165.39       20,767.38     $ 40,435.23       801.87  
 
   iii   Other Servicer Reimbursements     —       24.62       8.56     $ 317.62       14.58  
 
   iv   Seller Reimbursements     —       —       5.05     $ 3,351.04       10,055.09  
 
   v   Late Fees     78,593.54       71,823.48       66,813.45     $ 243,663.51       53,062.07  
 
   vi   Collection Fees     —       —       —       —       —  
           
 
 
   viii   Total Interest Collections     5,191,022.52       4,995,051.41       4,813,917.74     $ 18,428,213.25       3,768,550.39  
    Student Loan Non-Cash Interest Activity                                        
 
   i   Realized Losses/Loans Charged Off   $ —     $ —     $ —     $ —     $ —  
 
   ii   Capitalized Interest     3,507,903.30       2,733,615.66       7,438,000.51     $ 18,535,453.73       13,326,412.85  
 
   iii   Other Interest Adjustments     3,233.48       5,914.53       14,990.30       1,488,353.45       67,264.86  
           
 
 
   iv   Total Non-Cash Interest Adjustments   $ 3,511,136.78     $ 2,739,530.19     $ 7,452,990.81     $ 20,023,807.18     $ 13,393,677.71  
           
 
 
   v   Total Student Loan Interest Activity   $ 8,702,159.30     $ 7,734,581.60     $ 12,266,908.55     $ 38,452,020.43     $ 17,162,228.10  
(=)   Ending Student Loan Portfolio Balance   $ 627,466,802.96     $ 636,370,333.78     $ 645,807,190.81     $ 648,773,639.91     $ 669,262,882.23  
(+)   Interest to be Capitalized   $ 10,757,080.31     $ 11,555,787.93     $ 11,361,408.00     $ 15,890,518.90     $ 21,024,060.14  
(=)   TOTAL POOL   $ 638,223,883.27     $ 647,926,121.71     $ 657,168,598.81     $ 664,664,158.81     $ 690,286,942.37  
(+)   Cash Capitalization Account Balance (CI)   $ 40,178,192.00     $ 40,178,192.00     $ 40,178,192.00     $ 40,178,192.00     $ 40,178,192.00  
(=)   Asset Balance   $ 678,402,075.27     $ 688,104,313.71     $ 697,346,790.81     $ 704,842,350.81     $ 730,465,134.37  

13

 

XVI. 2002-A Payment History and CPRs

                 
Distribution   Actual   Since Issued
Date   Pool Balances   CPR *
 
                
Dec-02
   $ 690,286,942       2.47 %
 
                
Mar-03
   $ 683,893,653       2.55 %
 
                
Jun-03
   $ 677,657,756       2.19 %
 
                
Sep-03
   $ 670,917,772       1.99 %
 
                
Dec-03
   $ 664,664,159       1.80 %
 
                
Mar-04
   $ 657,168,599       1.78 %
 
                
Jun-04
   $ 647,926,122       1.79 %
 
                
Sep-04
   $ 638,223,883       1.82 %

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

14