EX-19.2 3 w02423bexv19w2.htm EX-19.2 exv19w2
 

SLM Private Credit Student Loan Trust 2003-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   $ 915,463,207.98       ($11,374,709.50 )   $ 904,088,498.48  
 
   ii   Interest to be Capitalized     40,397,122.73               37,997,502.05  
 
            
 		              
 		  
 
   iii   Total Pool   $ 955,860,330.71             $ 942,086,000.53  
 
            
 		              
 		  
 
   iv   Cash Capitalization Account (CI)     58,502,550.00               58,502,550.00  
 
            
 		              
 		  
 
   v   Asset Balance   $ 1,014,362,880.71             $ 1,000,588,550.53  
 
            
 		              
 		  
 
   i   Weighted Average Coupon (WAC)     4.790 %             4.857 %
 
   ii   Weighted Average Remaining Term     168.98               167.74  
 
   iii   Number of Loans     115,486               113,715  
 
   iv   Number of Borrowers     73,339               72,341  
 
   vi   Prime Loans Outstanding   $ 702,253,552             $ 699,259,240  
 
   vii   T-bill Loans Outstanding   $ 248,731,435             $ 238,441,376  
 
   viii   Fixed Loans Outstanding   $ 4,875,344             $ 4,385,384  
 
                                                         
                                    % of           % of
    Notes   Cusips   Spread   Balance 6/15/04   O/S Securities   Balance 9/15/04   O/S Securities
B
   i   A-1 Notes     78443CAE4       0.110 %   $ 437,453,226.13       44.050 %   $ 423,678,895.95       43.263 %
 
   ii   A-2 Notes     78443CAF1       0.440 %     320,000,000.00       32.223 %     320,000,000.00       32.676 %
 
   iii   A-3 ARS     78443CAJ3     ARS
     76,600,000.00       7.713 %     76,600,000.00       7.822 %
 
   iv   A-4 ARS     78443CAK0     ARS
     76,600,000.00       7.713 %     76,600,000.00       7.822 %
 
   v   B Notes     78443CAG9       0.750 %     34,570,000.00       3.481 %     34,570,000.00       3.530 %
 
   vi   C Notes     78443CAH7       1.600 %     47,866,000.00       4.820 %     47,866,000.00       4.888 %
 
 
   vii   Total Notes                   $ 993,089,226.13       100.000 %   $ 979,314,895.95       100.000 %
 
                         
            6/15/2004   9/15/2004
C
   i   Reserve Account Balance ($)   $ 2,512,950.00     $ 2,512,950.00  
 
   ii   Cash Capitalization Acct Balance ($)   $ 58,502,550.00     $ 58,502,550.00  
 
   iii   Initial Asset Balance   $ 1,063,682,728.92     $ 1,063,682,728.92  
 
   iv   Specified Overcollateralization Amount   $ 21,273,654.58     $ 21,273,654.58  
 
   v   Has the Stepdown Date Occurred?*   No
   No
 

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

1

 

II. 2003-A Transactions from: 6/1/2004 through: 8/31/2004

                 
A   Student Loan Principal Activity        
 
   i   Principal Payments Received   $ 17,543,474.92  
 
   ii   Purchases by Servicer (Delinquencies >180)     1,539,447.39  
 
   iii   Other Servicer Reimbursements     1,435.46  
 
   iv   Seller Reimbursements     24,274.87  
 
            
 		  
 
   v   Total Principal Collections   $ 19,108,632.64  
 
                
B   Student Loan Non-Cash Principal Activity        
 
   i   Realized Losses/Loans Charged Off   $ —  
 
   ii   Capitalized Interest     (7,272,975.84 )
 
   iii   Capitalized Insurance Fee     (433,015.33 )
 
   iv   Other Adjustments     (27,931.97 )
 
            
 		  
 
   v   Total Non-Cash Principal Activity   $ (7,733,923.14 )
 
                
C   Total Student Loan Principal Activity   $ 11,374,709.50  
 
                
D   Student Loan Interest Activity        
 
   i   Interest Payments Received   $ 5,977,573.14  
 
   ii   Purchases by Servicer (Delinquencies >180)     53,213.19  
 
   iii   Other Servicer Reimbursements     0.01  
 
   iv   Seller Reimbursements     1,714.22  
 
   v   Late Fees     76,828.01  
 
   vi   Collection Fees     0.00  
 
            
 		  
 
   vii   Total Interest Collections   $ 6,109,328.57  
 
                
E   Student Loan Non-Cash Interest Activity        
 
   i   Realized Losses/Loans Charged Off   $ —  
 
   ii   Capitalized Interest     7,272,975.84  
 
   iii   Other Interest Adjustments     3,761.68  
 
            
 		  
 
   iv   Total Non-Cash Interest Adjustments   $ 7,276,737.52  
 
                
F   Total Student Loan Interest Activity   $ 13,386,066.09  

2

 

III. 2003-A Collection Account Activity 6/1/2004 through: 8/31/2004

                     
A   Principal Collections        
    i   Principal Payments Received   $ 17,180,826.89  
    ii   Consolidation Principal Payments     362,648.03  
    iii   Purchases by Servicer (Delinquencies >180)     1,539,447.39  
    iv   Reimbursements by Seller     0.00  
    v   Reimbursements by Servicer     1,435.46  
    vi   Other Re-purchased Principal     24,274.87  
           
 
  
 		  
B   vii   Total Principal Collections   $ 19,108,632.64  
                     
    Interest Collections        
    i   Interest Payments Received   $ 5,976,245.64  
    ii   Consolidation Interest Payments     1,327.50  
    iii   Purchases by Servicer (Delinquencies >180)     53,213.19  
    iv   Reimbursements by Seller     0.00  
    v   Reimbursements by Servicer     0.01  
    vi   Other Re-purchased Interest     1,714.22  
    viii   Collection Fees/Return Items     0.00  
    ix   Late Fees     76,828.01  
           
 
  
 		  
    x   Total Interest Collections   $ 6,109,328.57  
                     
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   $ 222,499.83  
                     
H   Borrower Incentive Reimbursements   $ 112,641.76  
                     
I   Interest Rate Cap Proceeds   $ —  
                     
I   Gross Swap Receipt   $ 2,727,864.90  
                     
    TOTAL FUNDS RECEIVED   $ 28,280,967.70  
    LESS FUNDS PREVIOUSLY REMITTED:        
        i  
Funds Allocated to the Future Distribution Account
   $ (5,417,855.60 )
        ii  
Funds Released from the Future Distribution Account
   $ 3,747,865.71  
J   TOTAL AVAILABLE FUNDS   $ 26,610,977.81  
                     
K   Servicing Fees Due for Current Period   $ 530,514.95  
                     
L   Carryover Servicing Fees Due   $ —  
                     
M   Administration Fees Due   $ 20,000.00  
                     
 
N   Total Fees Due for Period   $ 550,514.95  
 

3

 

IV. 2003-A Future Distribution Account Activity

                         
A   Account Reconciliation                
 
   i   Beginning Balance     6/15/2004     $ 1,746,405.44  
 
   ii   Total Allocations for Distribution Period           $ 3,671,450.15  
 
   iii   Total Payments for Distribution Period           $ (1,669,989.88 )
 
   iv   Funds Released to the Collection Account           $ (3,747,865.71 )
 
                    
 		  
 
   v   Total Balance Prior to Current Month Allocations           $ —  
 
                    
 		  
 
   vi   Ending Balance     9/15/2004     $ 1,822,906.61  
B   Monthly Allocations to the Future Distribution Account                
    Monthly Allocation Date     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   Balance as of     6/15/2004     $ 1,746,405.44  
    Monthly Allocation Date     7/15/2004          
 
   i   Primary Servicing Fees           $ 534,020.20  
 
   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           $ 1,300,656.46  
 
   v   Interest Accrued on the Class B & C Notes           $ —  
 
                    
 		  
 
   vi   Total Allocations           $ 1,869,736.39  
    Monthly Allocation Date     8/15/2004          
 
   i   Primary Servicing Fees           $ 533,578.77  
 
   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           $ 1,234,849.83  
 
   v   Interest Accrued on the Class B & C Notes           $ —  
 
                    
 		  
 
   vi   Total Allocations           $ 1,801,713.76  
 
                    
 		  
C   Total Future Distribution Account Deposits Previously Allocated           $ 5,417,855.60  
 
                    
 		  
D   Current Month Allocations     9/15/2004          
 
   i   Primary Servicing           $ 530,514.95  
 
   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           $ 1,259,106.50  
 
   v   Interest Accrued on the Class B & C Notes           $ —  
 
                    
 		  
 
   vi   Allocations on the Distribution Date           $ 1,822,906.61  

4

 

V. 2003-A            Auction Rate Security Detail

                                                 
A   Auction Rate Securities Paid During Collection Period
    i  
Payment
   Security   Interest
   No. of                        
       
Date
   Description   Rate
   Days   Start Date
   End Date
   Interest Payment
                                                 
       
07/08/2004
   SLMPC TRUST 2003A A3     1.370000 %   28     06/10/2004       07/08/2004       81,621.56  
       
08/05/2004
   SLMPC TRUST 2003A A3     1.520000 %   28     07/08/2004       08/05/2004       90,558.22  
       
09/02/2004
   SLMPC TRUST 2003A A3     1.670000 %   28     08/05/2004       09/02/2004       99,494.89  
       
06/23/2004
   SLMPC TRUST 2003A A4     1.350000 %   28     05/26/2004       06/23/2004       80,430.00  
       
07/21/2004
   SLMPC TRUST 2003A A4     1.430000 %   28     06/23/2004       07/21/2004       85,196.22  
       
08/18/2004
   SLMPC TRUST 2003A A4     1.520000 %   28     07/21/2004       08/18/2004       90,558.22  
       
09/15/2004
   SLMPC TRUST 2003A A4     1.700000 %   28     08/18/2004       09/15/2004       101,282.22  
                                                 
    ii   Auction Rate Security Payments Made During Collection Period   6/15/04-9/15/04                   $ 629,141.33  
                                                 
    iii   Broker/Dealer Fees Paid During Collection Period   6/15/04-9/15/04                   $ 83,408.92  
    iv   Auction Agent Fees Paid During Collection Period   6/15/04-9/15/04                   $ 3,544.87  
    v   Primary Servicing Fees Remitted                       $ 1,067,598.97  
       
 
                                    
 		  
    vi   Total                       $ 1,783,694.09  
        - Less: Auction Rate Security Interest Payments due on the Distribution Date                       $ (101,282.22 )
        - Less: Auction Rate Security Auction Agent Fees due on the Distribution Date                       $ (506.41 )
        - Less: Auction Rate Security Broker Dealer Fees due on the Distribution Date                       $ (11,915.56 )
                                                 
       
 
                                    
 		  
B   Total Payments Out of Future Distribution Account During Collection Period                       $ 1,669,989.88  
       
 
                                    
 		  
                                                 
C   Funds Released to Collection Account                       $ 3,747,865.71  
                                                 
D   Auction Rate Student Loan Rates   Jun-04
   Jul-04   Aug-04
                
                3.82754%
   3.82744%
   3.88644%
                

5

 

VI. 2003-A Loss and Recovery Detail 8/31/2004

                                 
A   i  
Cumulative Realized Losses Test
   % of Original Pool
   5/31/2004
   8/31/2004
       
 
            
 		      
 		  
       
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
           $ 2,131,996.54     $ 3,671,443.93  
    iii  
Cumulative Interest Purchases by Servicer
           $ 66,994.57     $ 120,207.76  
       
 
            
 		      
 		  
    iv  
Total Gross Defaults:
           $ 2,198,991.11     $ 3,791,651.69  

6

 

VII. 2003-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
     4.703 %     4.707 %     23,706       18,730       20.527 %     16.471 %   $ 188,203,023.73     $ 147,388,178.18       20.558 %     16.302 %
 
                                                                                
Grace
     4.744 %     4.695 %     11,965       12,580       10.361 %     11.063 %   $ 98,175,537.33     $ 105,891,352.31       10.724 %     11.712 %
 
                                                                                
Deferment
     5.013 %     5.025 %     4,598       4,965       3.981 %     4.366 %   $ 37,441,040.14     $ 41,151,047.79       4.090 %     4.552 %
 
                                                                                
TOTAL INTERIM
     4.751 %     4.747 %     40,269       36,275       34.869 %     31.900 %   $ 323,819,601.20     $ 294,430,578.28       35.372 %     32.567 %
REPAYMENT
                                                                                
Active
                                                                                
Current
     4.722 %     4.816 %     64,505       65,157       55.855 %     57.299 %   $ 492,053,997.54     $ 494,980,569.82       53.749 %     54.749 %
31-60 Days Delinquent
     5.339 %     5.367 %     1,016       1,458       0.880 %     1.282 %   $ 8,685,841.83     $ 12,250,643.32       0.949 %     1.355 %
61-90 Days Delinquent
     5.592 %     5.636 %     510       834       0.442 %     0.733 %   $ 3,939,800.98     $ 7,063,786.82       0.430 %     0.781 %
91-120 Days Delinquent
     5.941 %     6.598 %     394       380       0.341 %     0.334 %   $ 3,534,047.31     $ 3,116,449.49       0.386 %     0.345 %
121-150 Days Delinquent
     5.795 %     6.129 %     247       233       0.214 %     0.205 %   $ 2,162,981.02     $ 2,015,646.17       0.236 %     0.223 %
151-180 Days Delinquent
     5.892 %     5.664 %     104       98       0.090 %     0.086 %   $ 925,116.53     $ 823,643.53       0.101 %     0.091 %
> 180 Days Delinquent
     0.000 %     0.000 %     0       0       0.000 %     0.000 %   $ 0.00     $ 0.00       0.000 %     0.000 %
 
                                                                                
Forbearance
     5.179 %     5.215 %     8,441       9,280       7.309 %     8.161 %   $ 80,341,821.57     $ 89,407,181.05       8.776 %     9.889 %
 
                                                                                
TOTAL REPAYMENT
     4.812 %     4.909 %     75,217       77,440       65.131 %     68.100 %   $ 591,643,606.78     $ 609,657,920.20       64.628 %     67.433 %
 
                                                                                
GRAND TOTAL
     4.790 %     4.857 %     115,486       113,715       100.000 %     100.000 %   $ 915,463,207.98     $ 904,088,498.48       100.000 %     100.000 %

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

7

 

VIII. 2003-A Portfolio Characteristics by School and Program

                                 
LOAN TYPE   WAC   # Loans   $ Amount   %
 
    
 		      
 		      
 		      
 		  

                               
-Signature Loans
     4.862 %     77,182     $ 647,737,026.68       71.645 %
-Law Loans
     4.815 %     28,464     $ 177,543,696.80       19.638 %
-Med Loans
     5.151 %     4,798     $ 36,906,848.46       4.082 %
-MBA Loans
     4.562 %     3,271     $ 41,900,926.54       4.635 %
     
 		      
 		    
 

                               
- Total
     4.857 %     113,715     $ 904,088,498.48       100.000 %

* Percentages may not total 100% due to rounding

8

 

IX. 2003-A Interest Rate Swap and Cap Calculations

                                 
A   Swap Payments                        
 
                   Counterparty A
   Counterparty B
 
                  
 		  
 
    i   Notional Swap Amount — Aggregate Prime Loans Outstanding     351,126,776     $ 351,126,776  
    Counterparty Pays:                        
    ii   3 Month Libor     1.52000 %     1.52000 %
    iii   Gross Swap Receipt Due Trust   $ 1,363,932.45     $ 1,363,932.45  
 
   iv   Days in Period   6/15/2004   9/15/2004     92       92  
                                 
    SLM Private Credit Trust Pays:                    
 
   v   Prime Rate (WSJ) Less   2.6100 %        1.39000 %     1.39000 %
    vi   Gross Swap Payment Due Counterparty   $ 1,226,833.12     $ 1,226,833.12  
 
   vii   Days in Period   6/15/2004   9/15/2004     92       92  
                                 
B   Cap Payments                        
 
                   Cap Calculation
        
 
                  
 		        
    i   Notional Swap Amount   $ 620,000,000.00          
 
   ii   Maturity Date   3/15/2006                    
    Counterparty Pays:                        
    iii   3 Month Libor (interpolated for first accrual period)     1.52000 %        
 
   iv   Cap Rate             5.50000 %        
 
                    
 		          
    v   Excess (if any) of Libor over Cap Rate (ii-iii)     0.00000 %        
 
   vi   Days in Period   6/15/2004   9/15/2004     92          
    vii   Cap Payment due Trust   $ —          

X. 2003-A Accrued Interest Factors

                     
        Accrued        
        Int Factor
   Accrual Period
   Rate
A
   Class A-1 Interest Rate   0.004165556   (6/15/04-9/15/04)     1.63000 %
                     
B
   Class A-2 Interest Rate   0.005008889   (6/15/04-9/15/04)     1.96000 %
                     
C
   Class A-4 Interest Rate   0.001322222   (8/18/04-9/15/04)     1.70000 %
                     
D
   Class B Interest Rate   0.005801111   (6/15/04-9/15/04)     2.27000 %
                     
E
   Class C Interest Rate   0.007973333   (6/15/04-9/15/04)     3.12000 %

9

 

XI. 2003-A Inputs From Prior Data 5/31/04

                                                         
A   Total Student Loan Pool Outstanding                                                
   
i
   Portfolio Balance           $ 915,463,207.98                                  
   
ii
   Interest To Be Capitalized             40,397,122.73                                  
   
 
                
 		                                  
   
iii
   Total Pool           $ 955,860,330.71                                  
   
iv
   Cash Capitalization Account (CI)             58,502,550.00                                  
   
 
                
 		                                  
   
v
   Asset Balance           $ 1,014,362,880.71                                  
   
 
                
 		                                  
B   Total Note and Certificate Factor             0.94068640838                                  
C   Total Note Balance           $ 993,089,226.13                                  
                                                         
 
D  
Note Balance 6/15/2004
   Class A-1
   Class A-2
   Class A-3
   Class A-4
   Class B
   Class C
 
   
i
   Current Factor     0.8747822332       1.0000000000       1.0000000000       1.0000000000       1.0000000000       1.0000000000  
   
ii
   Expected Note Balance   $ 437,453,226.13     $ 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                                  

10

 

XII. 2003-A Note Parity Triggers

                                         
            Class A   Class B   Class C        
Notes Outstanding
     06/15/04     $ 910,653,226     $ 945,223,226     $ 993,089,226          
Asset Balance
     5/31/04     $ 1,014,362,881     $ 1,014,362,881     $ 1,014,362,881          
Pool Balance
     8/31/04     $ 942,086,001     $ 942,086,001     $ 942,086,001          
Amounts on Deposit*
     9/15/04       78,570,562       78,370,018       77,988,366          
Total
           $ 1,020,656,563     $ 1,020,456,018     $ 1,020,074,367          
 
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           $ 150,088,282.58     The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount
 
Class B Enhancement
           $ 69,139,654.58                          
Specified Class B Enhancement           $ 101,309,590.74     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           $ 30,017,656.52     The greater of 3% of the Asset Balance or the Specified Overcollateralization Amount

*   Amounts on Deposit in Trust Accounts for the Collection Period after Payment of Section 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

11

 

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     6/15/2004     $ 910,653,226.13  
 
   iii   Asset Balance     8/31/2004     $ 1,000,588,550.53  
 
                    
 		  
 
   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     $ 945,223,226.13  
 
   vii   Asset Balance     8/31/2004     $ 1,000,588,550.53  
 
   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     $ 993,089,226.13  
 
   xii   Asset Balance     8/31/2004     $ 1,000,588,550.53  
 
   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     $ 993,089,226.13  
 
   ii   Asset Balance     8/31/2004     $ 1,000,588,550.53  
 
   iii   Specified Overcollateralization Amount     9/15/2004     $ 21,273,654.58  
 
   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           $ 13,774,330.18  
 
    Class A Noteholders’ Principal Distribution Amounts                
 
 
   i   Has the Stepdown Date Occurred?           No
 
   ii   Asset Balance     8/31/2004     $ 1,000,588,550.53  
 
   iii   85% of Asset Balance     8/31/2004     $ 850,500,267.95  
 
   iv   Specified Overcollateralization Amount     9/15/2004     $ 21,273,654.58  
 
   v   Lesser of (iii) and (ii - iv)           $ 850,500,267.95  
 
   vi   Class A Noteholders’ Principal Distribution Amt - Before the Stepdown Date           $ 13,774,330.18  
 
   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     $ 1,000,588,550.53  
 
   iii   89.875% of Asset Balance     8/31/2004     $ 899,278,959.79  
 
   iv   Specified Overcollateralization Amount     9/15/2004     $ 21,273,654.58  
 
   v   Lesser of (iii) and (ii - iv)           $ 899,278,959.79  
 
   vi   Class B Noteholders’ Principal Distribution Amt - Before the Stepdown Date           $ —  
 
   vii   Class B Noteholders’ Principal Distribution Amt - After the Stepdown Date           $ —  
 
    Class C Noteholders’ Principal Distribution Amounts                
 
 
   i   Has the Stepdown Date Occurred?           No
 
   ii   Asset Balance     8/31/2004     $ 1,000,588,550.53  
 
   iii   97% of Asset Balance     8/31/2004     $ 970,570,894.01  
 
   iv   Specified Overcollateralization Amount     9/15/2004     $ 21,273,654.58  
 
   v   Lesser of (iii) and (ii - iv)           $ 970,570,894.01  
 
   vi   Class C Noteholders’ Principal Distribution Amt - Before the Stepdown Date           $ —  
 
   vii   Class C Noteholders’ Principal Distribution Amt - After the Stepdown Date           $ —  

12

 

XIV. 2003-A Waterfall for Distributions

                                 
                            Remaining
                            Funds Balance
A   Total Available Funds ( Sections III-J )   $ 26,610,977.81     $ 26,610,977.81  
 
                                
B   Primary Servicing Fees-Current Month plus any Unpaid   $ 530,514.95     $ 26,080,462.86  
 
                                
C   Quarterly Administration Fee plus any Unpaid   $ 20,000.00     $ 26,060,462.86  
 
                                
D   Auction Fees Due   9/15/2004       $ 506.41     $ 26,059,956.44  
    Broker/Dealer Fees Due   9/15/2004       $ 11,915.56     $ 26,048,040.89  
 
                                
E   Gross Swap Payment due Counterparty A   $ 1,226,833.12     $ 24,821,207.77  
    Gross Swap Payment due Counterparty B   $ 1,226,833.12     $ 23,594,374.64  
 
                                
F   i   Class A-1 Noteholders’ Interest Distribution Amount due   9/15/2004   $ 1,822,235.72     $ 21,772,138.93  
    ii   Class A-2 Noteholders’ Interest Distribution Amount due   9/15/2004   $ 1,602,844.44     $ 20,169,294.48  
    iii   Class A-3 Noteholders’ Interest Distribution Amount due   9/15/2004   $ 0.00     $ 20,169,294.48  
    iv   Class A-4 Noteholders’ Interest Distribution Amount due   9/15/2004   $ 101,282.22     $ 20,068,012.26  
    v   Swap Termination Fees due   9/15/2004   $ 0.00     $ 20,068,012.26  
 
                                
G   First Priority Principal Distribution Amount — Principal Distribution Account   $ 0.00     $ 20,068,012.26  
 
                                
H   Class B Noteholders’ Interest Distribuition Amount due   9/15/2004   $ 200,544.41     $ 19,867,467.85  
 
                                
I   Second Priority Principal Distribution Amount — Principal Distribution Account   $ 0.00     $ 19,867,467.85  
 
                                
J   Class C Noteholders’ Interest Distribuition Amount   $ 381,651.57     $ 19,485,816.28  
 
                                
K   Third Priority Principal Distribution Amount — Principal Distribution Account   $ 0.00     $ 19,485,816.28  
 
                                
L   Increase to the Specified Reserve Account Balance   $ 0.00     $ 19,485,816.28  
 
                                
M   Regular Principal Distribution Amount — Principal Distribution Account   $ 13,774,330.18     $ 5,711,486.10  
 
                                
N   Carryover Servicing Fees   $ 0.00     $ 5,711,486.10  
 
                                
O   Auction Rate Noteholder’s Interest Carryover                
 
   i   Class A-3           $ 0.00     $ 5,711,486.10  
 
   ii   Class A-4           $ 0.00     $ 5,711,486.10  
 
                                
P   Swap Termination Payments   $ 0.00     $ 5,711,486.10  
 
                                
Q   Additional Principal Distribution Amount — Principal Distribution Account   $ 0.00     $ 5,711,486.10  
 
                                
R   Remaining Funds to the Certificateholders   $ 5,711,486.10     $ 0.00  

XV. 2003-A Principal Distribution Account Allocations

                         
                    Remaining
                    Funds Balance
A   Total from Collection Account   $ 13,774,330.18     $ 13,774,330.18  
 
                        
B
   i   Class A-1 Principal Distribution Amount Paid   $ 13,774,330.18     $ 0.00  
 
   ii   Class A-2 Principal Distribution Amount Paid   $ 0.00     $ 0.00  
 
   iii   Class A-3 Principal Distribution Amount Paid (or allocated)   $ 0.00          
 
   iv   Class A-4 Principal Distribution Amount Paid (or allocated)   $ 0.00          
 
                        
C   Class B Principal Distribution Amount Paid   $ 0.00     $ 0.00  
 
                        
D   Class C Principal Distribution Amount Paid   $ 0.00     $ 0.00  
 
                        
E   Remaining Class C Distribution Paid   $ 0.00     $ 0.00  
 
                        
F   Remaining Class B Distribution Paid   $ 0.00     $ 0.00  
 
                        
G
   i   Remaining Class A-1 Distribution Paid   $ 0.00     $ 0.00  
 
   ii   Remaining Class A-2 Distribution Paid   $ 0.00     $ 0.00  
 
   iii   Remaining Class A-3 Distribution Paid (or allocated)   $ 0.00     $ 0.00  
 
   iv   Remaining Class A-4 Distribution Paid (or allocated)   $ 0.00     $ 0.00  

13

 

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
      $ 1,822,235.72     $ 1,602,844.44     $ 0.00     $ 101,282.22     $ 200,544.41     $ 381,651.57  
    ii  
Quarterly Interest Paid
        1,822,235.72       1,602,844.44       0.00       101,282.22       200,544.41       381,651.57  
       
       
 		      
 		      
 		      
 		      
 		      
 		  
    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
      $ 13,774,330.18     $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00  
    viii  
Quarterly Principal Paid (or allocated)
        13,774,330.18       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
      $ 15,596,565.90     $ 1,602,844.44     $ 0.00     $ 101,282.22     $ 200,544.41     $ 381,651.57  
       
       
 		      
 		      
 		      
 		      
 		      
 		  
B   Note Balances       6/15/2004
   Paydown Factors
   9/15/2004
                        
    i  
A-1 Note Balance
  78433CAE4   $ 437,453,226.13             $ 423,678,895.95                          
       
A-1 Note Pool Factor
        0.8747822332       0.0275447490       0.8472374842                          
       
 
                                                    
    ii  
A-2 Note Balance
  78443CAF1   $ 320,000,000.00             $ 320,000,000.00                          
       
A-2 Note Pool Factor
        1.0000000000       0.0000000000       1.0000000000                          
       
                              Balances
   Next ARS Pay Date
        
    ii  
A-3 Note Balance
  78443CAJ3   $ 76,600,000.00             $ 76,600,000.00     $ 76,600,000.00       09/30/04          
       
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       10/13/04          
       
A-4 Note Pool Factor
        1.0000000000       0.0000000000       1.0000000000       1.000000000                  
       
 
                                                    
    iii  
B Note Balance
  78443CAG9   $ 34,570,000.00             $ 34,570,000.00                          
       
B Note Pool Factor
        1.0000000000       0.0000000000       1.0000000000                          
       
 
                                                    
    iv  
C Note Balance
  78443CAH7   $ 47,866,000.00             $ 47,866,000.00                          
       
C Note Pool Factor
        1.0000000000       0.0000000000       1.0000000000                          

14

 

XVII. 2003-A            Historical Pool Information

                                                         
            6/1/04-8/31/04   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   $ 915,463,257.97     $ 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   $ 17,543,474.92     $ 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)     1,539,447.39       788,272.01       737,588.04       173,809.48       353,324.27       79,002.74  
 
   iii   Other Servicer Reimbursements     1,435.46       29,348.00       44.51       724.31       885.93       41.49  
 
   iv   Seller Reimbursements     24,274.87       121,227.33       19,179.46       25,606.76       49,467.03       134,675.22  
           
 
 
   v   Total Principal Collections   $ 19,108,632.64     $ 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     (7,272,975.84 )     (3,281,180.36 )     (6,549,770.46 )     (12,602,082.87 )     (5,599,582.19 )     (4,391,385.55 )
 
   iii   Capitalized Insurance Fee     ($433,015.33 )     ($121,505.97 )     ($571,102.55 )     ($1,467,684.39 )     ($554,812.95 )     ($458,815.65 )
 
   iv   Other Adjustments     (27,931.97 )     2,611.22       (22,180.89 )     (4,949.70 )     58,369.35       (170,352.39 )
           
 
 
   v   Total Non-Cash Principal Activity   $ (7,733,923.14 )   $ (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   $ 11,374,709.50     $ 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   $ 5,977,573.14     $ 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)     53,213.19       22,760.31       23,997.03       4,181.44       10,839.32       5,216.47  
 
   iii   Other Servicer Reimbursements     0.01       2,360.70       1.58       (26.40 )     (51.74 )     0.07  
 
   iv   Seller Reimbursements     1,714.22       4,145.35       460.67       367.14       468.06       8,882.55  
 
   v   Late Fees     76,828.01       65,382.33       66,703.72       48,241.84       45,213.15       69,417.72  
 
   vi   Collection Fees     —       —       —       —       —       —  
           
 
 
   viii   Total Interest Collections     6,109,328.57       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     7,272,975.84       3,281,180.36       6,549,770.46       12,602,082.87       5,599,582.19       4,391,385.55  
 
   iii   Other Interest Adjustments     3,761.68       15,890.58       26,748.44       12,334.20       57,820.00       (11,117.42 )
           
 
 
   iv   Total Non-Cash Interest Adjustments   $ 7,276,737.52     $ 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   $ 13,386,066.09     $ 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   $ 904,088,548.47     $ 915,463,257.97     $ 929,674,498.23     $ 939,963,063.42     $ 941,931,312.31     $ 950,860,882.57  
(+)   Interest to be Capitalized   $ 37,997,502.05     $ 40,397,122.73     $ 38,468,568.88     $ 39,829,607.08     $ 46,612,526.83     $ 45,954,342.67  
(=)   TOTAL POOL   $ 942,086,050.52     $ 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     $ 58,502,550.00  
(=)   Asset Balance   $ 1,000,588,600.52     $ 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  

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XVIII. 2003-A Payment History and CPRs

                 
Distribution   Actual   Since Issued
Date   Pool Balances   CPR *
 
                
Jun-03
   $ 996,815,225       2.20 %
 
                
Sep-03
   $ 988,543,821       2.41 %
 
                
Dec-03
   $ 979,792,671       2.63 %
 
                
Mar-04
   $ 968,143,017       2.63 %
 
                
Jun-04
   $ 955,860,331       2.62 %
 
                
Sep-04
   $ 942,086,001       2.68 %

* “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.

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