EX-19.3 4 w02423bexv19w3.htm EX-19.3 exv19w3
 

SLM Private Credit Student Loan Trust 2003-B
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   $ 1,173,427,505.40     $ (4,546,682.00 )   $ 1,163,803,196.65  
 
   ii   Interest to be Capitalized     50,900,994.85               51,369,803.81  
 
            
 		              
 		  
 
   iii   Total Pool   $ 1,224,328,500.25             $ 1,215,173,000.46  
 
            
 		              
 		  
 
   iv   Cash Capitalization Account (Cii)     102,590,156.00               102,590,156.00  
 
            
 		              
 		  
 
   v   Asset Balance   $ 1,326,918,656.25             $ 1,317,763,156.46  
 
            
 		              
 		  
 
   i   Weighted Average Coupon (WAC)     4.828 %             4.878 %
 
   ii   Weighted Average Remaining Term     180.32               178.59  
 
   iii   Number of Loans     138,721               137,257  
 
   iv   Number of Borrowers     100,326               99,350  
 
   v   Prime Loans Outstanding   $ 1,000,156,636             $ 999,081,179  
 
   vi   T-bill Loans Outstanding   $ 221,629,245             $ 213,773,292  
 
   vii   Fixed Loans Outstanding   $ 2,542,619             $ 2,318,529  
 
                                                         
                                    % of           % of
    Notes   Cusips   Spread   Balance 6/15/04   O/S Securities   Balance 9/15/04   O/S Securities
B
   i   A-1 Notes     78443CAL8       0.100 %   $ 536,800,246.77       41.295 %   $ 527,644,744.98       40.878 %
 
   ii   A-2 Notes     78443CAM6       0.400 %     440,506,000.00       33.887 %     440,506,000.00       34.127 %
 
   iii   A-3 ARS     78443CAN4     ARS
     109,000,000.00       8.385 %     109,000,000.00       8.445 %
 
   iv   A-4 ARS     78443CAP9     ARS
     109,000,000.00       8.385 %     109,000,000.00       8.445 %
 
   v   B Notes     78443CAQ7       0.700 %     43,871,000.00       3.375 %     43,871,000.00       3.399 %
 
   vi   C Notes     78443CAR5       1.600 %     60,744,000.00       4.673 %     60,744,000.00       4.706 %
 
 
   vii   Total Notes                   $ 1,299,921,246.77       100.000 %   $ 1,290,765,744.98       100.000 %
 
                         
            6/15/2004   9/15/2004
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   $ 1,349,870,574     $ 1,349,870,574  
 
   iv   Specified Overcollateralization Amount   $ 26,997,409.48     $ 26,997,411.48  
 
   v   Actual Overcollateralization Amount   $ 26,997,409.48     $ 26,997,411.48  
 
   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 June 15, 2008. At the Stepdown Date, principal payments made on the Class B and Class C Notes may begin to be paid pro-rata with the Class A Notes. See the prospectus for complete information concerning the Stepdown Date.

1

 

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

                 
A   Student Loan Principal Activity        
 
   i   Principal Payments Received   $ 11,056,344.74  
 
   ii   Purchases by Servicer (Delinquencies >180)     1,506,140.57  
 
   iii   Other Servicer Reimbursements     2.96  
 
   iv   Seller Reimbursements     4,629.15  
 
            
 		  
 
   v   Total Principal Collections   $ 12,567,117.42  
 
                
B   Student Loan Non-Cash Principal Activity        
 
   i   Realized Losses/Loans Charged Off   $ 0.00  
 
   ii   Capitalized Interest     (7,408,952.30 )
 
   iii   Capitalized Insurance Fee     (623,181.21 )
 
   iv   Other Adjustments     11,698.09  
 
            
 		  
 
   v   Total Non-Cash Principal Activity   $ (8,020,435.42 )
 
                
C   Total Student Loan Principal Activity   $ 4,546,682.00  
 
                
D   Student Loan Interest Activity        
 
   i   Interest Payments Received   $ 6,123,862.01  
 
   ii   Purchases by Servicer (Delinquencies >180)     59,377.92  
 
   iii   Other Servicer Reimbursements     27.28  
 
   iv   Seller Reimbursements     360.97  
 
   v   Late Fees     80,172.23  
 
   vi   Collection Fees     0.00  
 
            
 		  
 
   vii   Total Interest Collections   $ 6,263,800.41  
 
                
E   Student Loan Non-Cash Interest Activity        
 
   i   Realized Losses/Loans Charged Off   $ 0.00  
 
   ii   Capitalized Interest     7,408,952.30  
 
   iii   Other Interest Adjustments     7,338.73  
 
            
 		  
 
   iv   Total Non-Cash Interest Adjustments   $ 7,416,291.03  
 
                
F   Total Student Loan Interest Activity   $ 13,680,091.44  

2

 

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

                     
A   Principal Collections        
    i   Principal Payments Received   $ 15,812,020.24  
    ii   Consolidation Principal Payments   $ 321,951.25  
    iii   Purchases by Servicer (Delinquencies >180)   $ 1,506,140.57  
    iv   Reimbursements by Seller   $ —  
    v   Reimbursements by Servicer   $ 2.96  
    vi   Other Re-purchased Principal   $ 4,629.15  
           
 
  
 		  
    vii   Total Principal Collections   $ 17,644,744.17  
                     
B   Interest Collections        
    i   Interest Payments Received   $ 6,117,324.76  
    ii   Consolidation Interest Payments   $ 6,537.25  
    iii   Purchases by Servicer (Delinquencies >180)   $ 59,377.92  
    iv   Reimbursements by Seller   $ —  
    v   Reimbursements by Servicer   $ 27.28  
    vi   Other Re-purchased Interest   $ 360.97  
    vii   Collection Fees/Return Items   $ —  
    viii   Late Fees   $ 80,172.23  
           
 
  
 		  
    ix   Total Interest Collections   $ 6,263,800.41  
                     
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   $ 346,614.13  
                     
H   Borrower Incentive Reimbursements   $ 79,896.33  
                     
I   Interest Rate Cap Proceeds   $ —  
                     
I   Gross Swap Receipt   $ 3,885,052.89  
                     
    TOTAL FUNDS RECEIVED   $ 28,220,107.93  
    LESS FUNDS PREVIOUSLY REMITTED:        
        ii  
Funds Allocated to the Future Distribution Account
   $ (6,978,075.02 )
        iii  
Funds Released from the Future Distribution Account
   $ 4,610,384.25  
J   TOTAL AVAILABLE FUNDS   $ 25,852,417.15  
                     
K   Servicing Fees Due for Current Period   $ 681,906.08  
                     
L   Carryover Servicing Fees Due   $ —  
                     
M   Administration Fees Due   $ 20,000.00  
                     
 
N   Total Fees Due for Period   $ 701,906.08  
 

3

 

IV. 2003-B            Future Distribution Account Activity

                         
A   Account Reconciliation                
 
   i   Beginning Balance     6/15/2004     $ 2,256,703.55  
 
   ii   Total Allocations for Distribution Period           $ 4,721,371.47  
 
   iii   Total Payments for Distribution Period           $ (2,367,690.78 )
 
   iv   Funds Released to the Collection Account           $ (4,610,384.25 )
 
                    
 		  
 
   v   Total Balance Prior to Current Month Allocations           $ —  
 
                    
 		  
 
   vi   Ending Balance     9/15/2004     $ 2,337,028.93  
 
B   Monthly Allocations to the Future Distribution Account                
 
    Monthly Allocation Date     6/15/2004          
 
   i   Primary Servicing Fees           $ 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   Balance as of     6/15/2004     $ 2,256,703.55  
 
    Monthly Allocation Date     7/15/2004          
 
   i   Primary Servicing Fees           $ 684,499.38  
 
   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           $ 1,679,195.04  
 
   v   Interest Accrued on the Class B & C Notes           $ —  
 
                    
 		  
 
   vi   Total Allocations           $ 2,410,763.75  
 
    Monthly Allocation Date     8/15/2004          
 
   i   Primary Servicing Fees           $ 684,551.56  
 
   ii   Admin fees           $ 6,666.66  
 
   iii   Broker Dealer, Auction Agent and Remarketing Fees           $ 37,877.49  
 
   iv   Interest Accrued on the Class A Notes and Swap Counterparty           $ 1,581,512.02  
 
   v   Interest Accrued on the Class B & C Notes           $ —  
 
                    
 		  
 
   vi   Total Allocations           $ 2,310,607.72  
 
                    
 		  
C   Total Future Distribution Account Deposits Previously Allocated           $ 6,978,075.02  
 
                    
 		  
D   Current Month Allocations     9/15/2004          
 
   i   Primary Servicing           $ 681,906.08  
 
   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           $ 1,610,578.69  
 
   v   Interest Accrued on the Class B & C Notes           $ —  
 
                    
 		  
 
   vi   Allocations on the Distribution Date           $ 2,337,028.93  
 
   vii   Plus: Additional Loan Account Deposits in the Amount of                
 
       the Principal Distribution Amount           $ —  
 
                    
 		  
 
   viii   Total Monthly Required Allocations           $ 2,337,028.93  

4

 

V. 2003-B 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
                                                 
       
06/21/2004
   SLMPC TRUST 2003B A3     1.250000 %   28     05/24/2004       06/21/2004       105,972.22  
       
06/24/2004
   SLMPC TRUST 2003B A4     1.350000 %   28     05/27/2004       06/24/2004       114,450.00  
       
07/19/2004
   SLMPC TRUST 2003B A3     1.470000 %   28     06/21/2004       07/19/2004       124,623.33  
       
07/22/2004
   SLMPC TRUST 2003B A4     1.500000 %   28     06/24/2004       07/22/2004       127,166.67  
       
08/16/2004
   SLMPC TRUST 2003B A3     1.500000 %   28     07/19/2004       08/16/2004       127,166.67  
       
08/19/2004
   SLMPC TRUST 2003B A4     1.550000 %   28     07/22/2004       08/19/2004       131,405.56  
       
09/13/2004
   SLMPC TRUST 2003B A3     1.700000 %   28     08/16/2004       09/13/2004       144,122.22  
                                                 
    ii   Auction Rate Security Payments Made During Collection Period   6/15/04-9/15/04                   $ 874,906.67  
                                                 
    iii   Broker/Dealer Fees Paid During Collection Period   6/15/04-9/15/04                   $ 118,688.89  
    iv   Auction Agent Fees Paid During Collection Period   6/15/04-9/15/04                   $ 5,044.28  
    v   Primary Servicing Fees Remitted   6/15/04-9/15/04                   $ 1,369,050.94  
       
 
                                    
 		  
    vi   Total                       $ 2,367,690.78  
        - 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                       $ 2,367,690.78  
       
 
                                    
 		  
                                                 
C   Funds Released to Collection Account                       $ 4,610,384.25  
                                                 
D   Auction Rate Student Loan Rates   Jun-04
   Jul-04   Aug-04
                
                3.88639%
   3.88735%
   3.93235%
                

5

 

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

                                 
A   i  
Cumulative Realized Losses Test
   % of Original Pool
   5/31/2004
   8/31/2004
       
 
            
 		      
 		  
       
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*
           $ 2,477,429.18     $ 3,983,569.75  
    iii  
Cumulative Interest Purchases by Servicer*
           $ 87,247.92     $ 146,625.84  
       
 
            
 		      
 		  
    iv  
Total Gross Defaults:
           $ 2,564,677.10     $ 4,130,195.59  
                                 
       
* REVISED 9/14/04
                        

6

 

VII. 2003-B 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
     4.706 %     4.702 %     48,641       41,692       35.064 %     30.375 %   $ 424,969,271.45     $ 363,018,163.19       36.216 %     31.192 %
 
                                                                                
Grace
     4.868 %     4.771 %     17,787       18,126       12.822 %     13.206 %   $ 156,042,133.45     $ 164,124,973.69       13.298 %     14.102 %
 
                                                                                
Deferment
     4.971 %     5.034 %     4,327       4,798       3.119 %     3.496 %   $ 33,223,447.74     $ 37,410,296.68       2.831 %     3.214 %
 
                                                                                
TOTAL INTERIM
     4.761 %     4.744 %     70,755       64,616       51.005 %     47.077 %   $ 614,234,852.64     $ 564,553,433.56       52.345 %     48.509 %
REPAYMENT
                                                                                
Active
                                                                                
Current
     4.755 %     4.883 %     57,770       60,295       41.645 %     43.929 %   $ 466,451,867.64     $ 486,042,998.40       39.751 %     41.763 %
31-60 Days Delinquent
     5.483 %     5.520 %     1,327       1,838       0.957 %     1.339 %   $ 10,442,641.67     $ 15,244,867.91       0.890 %     1.310 %
61-90 Days Delinquent
     5.984 %     5.550 %     526       1,012       0.379 %     0.737 %   $ 4,402,427.79     $ 8,471,793.93       0.375 %     0.728 %
91-120 Days Delinquent
     6.436 %     5.897 %     412       518       0.297 %     0.377 %   $ 3,430,237.49     $ 4,444,678.09       0.292 %     0.382 %
121-150 Days Delinquent
     6.437 %     6.497 %     305       280       0.220 %     0.204 %   $ 2,474,691.12     $ 2,442,009.33       0.211 %     0.210 %
151-180 Days Delinquent
     6.274 %     6.381 %     168       122       0.121 %     0.089 %   $ 1,457,064.54     $ 1,108,591.18       0.124 %     0.095 %
> 180 Days Delinquent
     0.000 %     0.000 %     0       0       0.000 %     0.000 %   $ 0.00     $ 0.00       0.000 %     0.000 %
 
                                                                                
Forbearance
     5.558 %     5.463 %     7,458       8,576       5.376 %     6.248 %   $ 70,533,722.51     $ 81,494,824.25       6.011 %     7.002 %
 
                                                                                
TOTAL REPAYMENT
     4.901 %     5.004 %     67,966       72,641       48.995 %     52.923 %   $ 559,192,652.76     $ 599,249,763.09       47.655 %     51.491 %
 
                                                                                
GRAND TOTAL
     4.828 %     4.878 %     138,721       137,257       100.000 %     100.000 %   $ 1,173,427,505.40     $ 1,163,803,196.65       100.000 %     100.000 %

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

7

 

VIII. 2003-B Portfolio Characteristics by School and Program

                                 
LOAN TYPE   WAC   # Loans   $ Amount   %
 
    
 		      
 		      
 		      
 		  

                               
-Signature Loans
     4.902 %     105,679     $ 911,825,921.21       78.349 %
-Law Loans
     4.871 %     21,952     $ 153,104,916.95       13.156 %
-Med Loans
     4.670 %     6,043     $ 49,674,335.74       4.268 %
-MBA Loans
     4.510 %     3,583     $ 49,198,022.75       4.227 %
     
 		      
 		    
 

                               
- Total
     4.878 %     137,257     $ 1,163,803,196.65       100.000 %

* Percentages may not total 100% due to rounding

8

 

IX. 2003-B Interest Rate Swap and Cap Calculations

                                 
A   Swap Payments                        
                  Counterparty A   Counterparty B
                 
 		  
 
    i   Notional Swap Amount — Aggregate Prime Loans Outstanding     500,078,318     $ 500,078,318  
    Counterparty Pays:                        
  ii   3 Month Libor             1.52000 %     1.52000 %
    iii   Gross Swap Receipt Due Trust   $ 1,942,526.44     $ 1,942,526.44  
  iv   Days in Period   6/15/2004   9/15/2004     92       92  
 
    SLM Private Credit Trust Pays:                
  v   Prime Rate (WSJ) Less   2.6300 %       1.37000 %     1.37000 %
    vi   Gross Swap Payment Due Counterparty   $ 1,722,127.63     $ 1,722,127.63  
  vii   Days in Period   6/15/2004   9/15/2004     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)     1.52000 %        
  iii   Cap Rate     6.00000 %        
                   
 		          
    iv   Excess (if any) of Libor over Cap Rate (ii-iii)     0.00000 %        
  v   Days in Period   6/15/2004   9/15/2004     92          
    vi   Cap Payment due Trust   $ —          

X. 2003-B Accrued Interest Factors

                     
        Accrued        
        Int Factor
   Accrual Period
   Rate
A
   Class A-1 Interest Rate   0.004140000   (6/15/04-9/15/04)     1.62000 %
                     
B
   Class A-2 Interest Rate   0.004906667   (6/15/04-9/15/04)     1.92000 %
                     
C
   Class B Interest Rate   0.005673333   (6/15/04-9/15/04)     2.22000 %
                     
D
   Class C Interest Rate   0.007973333   (6/15/04-9/15/04)     3.12000 %

9

 

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

                                                         
A   Total Student Loan Pool Outstanding                                        
   
i
   Portfolio Balance   $ 1,173,427,505.40                                  
   
ii
   Interest To Be Capitalized     50,900,994.85                                  
   
 
                
 		                                  
   
iii
   Total Pool   $ 1,224,328,500.25                                  
   
iv
   Cash Capitalization Account (CI)     102,590,156.00                                  
   
 
                
 		                                  
   
v
   Asset Balance   $ 1,326,918,656.25                                  
   
 
                
 		                                  
B   Total Note and Certificate Factor     0.96783629083                                  
C   Total Note Balance   $ 1,299,921,246.77                                  
                                                         
 
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     0.9255176668       1.0000000000       1.0000000000       1.0000000000       1.0000000000       1.0000000000  
   
ii
   Expected Note Balance   $ 536,800,246.77     $ 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                                  

10

 

XII.  2003-B Note Parity Triggers

                                         
            Class A   Class B   Class C        
Notes Outstanding
     6/15/04     $ 1,195,306,247     $ 1,239,177,247     $ 1,299,921,247          
Asset Balance
     5/31/04     $ 1,326,918,656     $ 1,326,918,656     $ 1,326,918,656          
Pool Balance
     8/31/04     $ 1,215,173,000     $ 1,215,173,000     $ 1,215,173,000          
Amounts on Deposit*
     9/15/04       119,912,643       119,663,748       119,179,416          
Total
           $ 1,335,085,643     $ 1,334,836,748     $ 1,334,352,416          
 
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           $ 197,664,473.47     The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount
 
Class B Enhancement
           $ 87,741,409.48                          
Specified Class B Enhancement           $ 133,423,519.59     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           $ 39,532,894.69     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-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     6/15/2004     $ 1,195,306,246.77  
 
   iii   Asset Balance     8/31/2004     $ 1,317,763,156.46  
 
                    
 		  
 
   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     $ 1,239,177,246.77  
 
   vii   Asset Balance     8/31/2004     $ 1,317,763,156.46  
 
   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     $ 1,299,921,246.77  
 
   xii   Asset Balance     8/31/2004     $ 1,317,763,156.46  
 
   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     $ 1,299,921,246.77  
 
   ii   Asset Balance     8/31/2004     $ 1,317,763,156.46  
 
   iii   Specified Overcollateralization Amount     9/15/2004     $ 26,997,411.48  
 
   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           $ 9,155,501.79  
 
   viii   Actual Principal Distribution Amount paid           $ 9,155,501.79  
 
   ix   Shortfall           $ —  
 
    Class A Noteholders’ Principal Distribution Amounts                
 
 
   i   Has the Stepdown Date Occurred?           No
 
   ii   Asset Balance     8/31/2004     $ 1,317,763,156.46  
 
   iii   85% of Asset Balance     8/31/2004     $ 1,120,098,682.98  
 
   iv   Specified Overcollateralization Amount     9/15/2004     $ 26,997,411.48  
 
   v   Lesser of (iii) and (ii - iv)           $ 1,120,098,682.98  
 
   vi   Class A Noteholders’ Principal Distribution Amt - Before the Stepdown Date           $ 9,155,501.79  
 
   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     $ 1,317,763,156.46  
 
   iii   89.875% of Asset Balance     8/31/2004     $ 1,184,339,636.87  
 
   iv   Specified Overcollateralization Amount     9/15/2004     $ 26,997,411.48  
 
   v   Lesser of (iii) and (ii - iv)           $ 1,184,339,636.87  
 
   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     $ 1,317,763,156.46  
 
   iii   97% of Asset Balance     8/31/2004     $ 1,278,230,261.76  
 
   iv   Specified Overcollateralization Amount     9/15/2004     $ 26,997,411.48  
 
   v   Lesser of (iii) and (ii - iv)           $ 1,278,230,261.76  
 
   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-B Waterfall for Distributions

                                 
                            Remaining
                            Funds Balance
A   Total Available Funds ( Sections III-J )   $ 25,852,417.15     $ 25,852,417.15  
 
                                
B   Primary Servicing Fees-Current Month plus any Unpaid   $ 681,906.08     $ 25,170,511.07  
 
                                
C   Quarterly Administration Fee plus any Unpaid   $ 20,000.00     $ 25,150,511.07  
 
                                
D   Auction Fees Due   9/15/2004       $ 0.00     $ 25,150,511.07  
    Broker/Dealer Fees Due   9/15/2004       $ 0.00     $ 25,150,511.07  
 
                                
E   Gross Swap Payment due Counterparty A   $ 1,722,127.63     $ 23,428,383.44  
    Gross Swap Payment due Counterparty B   $ 1,722,127.63     $ 21,706,255.81  
 
                                
F   i   Class A-1 Noteholders’ Interest Distribution Amount due   9/15/2004   $ 2,222,353.02     $ 19,483,902.79  
    ii   Class A-2 Noteholders’ Interest Distribution Amount due   9/15/2004   $ 2,161,416.11     $ 17,322,486.69  
    iii   Class A-3 Noteholders’ Interest Distribution Amount due   9/15/2004   $ 0.00     $ 17,322,486.69  
    iv   Class A-4 Noteholders’ Interest Distribution Amount due   9/15/2004   $ 0.00     $ 17,322,486.69  
    v   Swap Termination Fees due   9/15/2004   $ 0.00     $ 17,322,486.69  
 
                                
G   First Priority Principal Distribution Amount — Principal Distribution Account   $ 0.00     $ 17,322,486.69  
 
                                
H   Class B Noteholders’ Interest Distribuition Amount due   9/15/2004   $ 248,894.81     $ 17,073,591.87  
 
                                
I   Second Priority Principal Distribution Amount — Principal Distribution Account   $ 0.00     $ 17,073,591.87  
 
                                
J   Class C Noteholders’ Interest Distribuition Amount   $ 484,332.16     $ 16,589,259.71  
 
                                
K   Third Priority Principal Distribution Amount — Principal Distribution Account   $ 0.00     $ 16,589,259.71  
 
                                
L   Increase to the Specified Reserve Account Balance   $ 0.00     $ 16,589,259.71  
 
                                
M   Regular Principal Distribution Amount — Principal Distribution Account   $ 9,155,501.79     $ 7,433,757.92  
 
                                
N   Carryover Servicing Fees   $ 0.00     $ 7,433,757.92  
 
                                
O   Auction Rate Noteholder’s Interest Carryover                
 
   i   Class A-3           $ 0.00     $ 7,433,757.92  
 
   ii   Class A-4           $ 0.00     $ 7,433,757.92  
 
                                
P   Swap Termination Payments   $ 0.00     $ 7,433,757.92  
 
                                
Q   Additional Principal Distribution Amount — Principal Distribution Account   $ 0.00     $ 7,433,757.92  
 
                                
R   Remaining Funds to the Certificateholders   $ 7,433,757.92     $ 0.00  

XV. 2003-B Principal Distribution Account Allocations

                         
                    Remaining
                    Funds Balance
 
                        
A   Total from Collection Account   $ 9,155,501.79     $ 9,155,501.79  
 
                        
B
   i   Class A-1 Principal Distribution Amount Paid   $ 9,155,501.79     $ 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-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
      $ 2,222,353.02     $ 2,161,416.11     $ 0.00     $ 0.00     $ 248,894.81     $ 484,332.16  
    ii  
Quarterly Interest Paid
        2,222,353.02       2,161,416.11       0.00       0.00       248,894.81       484,332.16  
       
       
 		      
 		      
 		      
 		      
 		      
 		  
    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
      $ 9,155,501.79     $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00  
    viii  
Quarterly Principal Paid (or allocated)
        9,155,501.79       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
      $ 11,377,854.81     $ 2,161,416.11     $ 0.00     $ 0.00     $ 248,894.81     $ 484,332.16  
       
       
 		      
 		      
 		      
 		      
 		      
 		  
B   Note Balances       6/15/2004
   Paydown Factors
   9/15/2004
   Balances
   Next ARS Pay Date
        
    i  
A-1 Note Balance
  78443CAL8   $ 536,800,246.77             $ 527,644,744.98                          
       
A-1 Note Pool Factor
        0.9255176668       0.0157853479       0.9097323189                          
       
 
                                                    
    ii  
A-2 Note Balance
  78443CAM6   $ 440,506,000.00             $ 440,506,000.00                          
       
A-2 Note Pool Factor
        1.0000000000       0.0000000000       1.0000000000                          
       
                                                   
    iii  
A-3 Note Balance
  78443CAN4   $ 109,000,000.00             $ 109,000,000.00     $ 109,000,000.00       10/13/04          
       
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       09/16/04          
       
A-4 Note Pool Factor
        1.0000000000       0.0000000000       1.0000000000       1.000000000                  
       
 
                                                    
    v  
B Note Balance
  78443CAQ7   $ 43,871,000.00             $ 43,871,000.00                          
       
B Note Pool Factor
        1.0000000000       0.0000000000       1.0000000000                          
       
 
                                                    
    vi  
C Note Balance
  78443CAR5   $ 60,744,000.00             $ 60,744,000.00                          
       
C Note Pool Factor
        1.0000000000       0.0000000000       1.0000000000                          

14

 

XVII. 2003-B Historical Pool Information

                                                 
            6/1/04-8/31/04
   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   $ 1,173,427,505.40     $ 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   $ 11,056,344.74     $ 15,817,587.68     $ 15,003,126.63     $ 13,667,042.37     $ 17,100,588.84  
 
   ii   Purchases by Servicer (Delinquencies >180)     1,506,140.57       959,575.93       873,946.62       559,869.36       84,037.27  
 
   iii   Other Servicer Reimbursements     2.96       —       (1,322.52 )     (149.03 )     1,451.27  
 
   iv   Seller Reimbursements     4,629.15       133,025.56       116,421.08       367,922.80       351,510.41  
           
 
 
   v   Total Principal Collections   $ 12,567,117.42     $ 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     (7,408,952.30 )     (3,655,012.84 )     (5,854,349.22 )     (8,249,407.98 )     (4,262,967.89 )
 
   iii   Capitalized Insurance Fee   $ (623,181.21 )   $ (186,431.95 )   $ (674,296.39 )   $ (1,385,464.79 )   $ (552,253.51 )
 
   iv   Other Adjustments     11,698.09       220.51       (20,567.47 )     (14,308.16 )     (23,118.79 )
           
 
 
   v   Total Non-Cash Principal Activity   $ (8,020,435.42 )   $ (3,841,224.28 )   $ (6,549,213.08 )   $ (9,649,180.93 )   $ (4,838,340.19 )
(-)   Total Student Loan Principal Activity   $ 4,546,682.00     $ 13,068,964.89     $ 9,442,958.73     $ 4,945,504.57     $ 12,699,247.60  
    Student Loan Interest Activity                                        
 
   i   Interest Payments Received   $ 6,123,862.01     $ 5,775,774.65     $ 5,608,829.54     $ 5,027,397.61     $ 6,183,151.81  
 
   ii   Repurchases by Servicer (Delinquencies >180)     59,377.92       39,153.53       28,138.44       16,643.99       3,311.96  
 
   iii   Other Servicer Reimbursements     27.28       —       (60.47 )     439.55       109.11  
 
   iv   Seller Reimbursements     360.97       7,793.30       5,450.89       17,786.53       13,788.32  
 
   v   Late Fees     80,172.23       64,370.66       62,355.04       42,355.90       54,949.49  
 
   vi   Collection Fees     —       —       —       —       —  
           
 
 
   viii   Total Interest Collections     6,263,800.41       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     7,408,952.30       3,655,012.84       5,854,349.22       8,249,407.98       4,262,967.89  
 
   iii   Other Interest Adjustments     7,338.73       23,748.14       35,994.82       14,061.15       66,512.42  
           
 
 
   iv   Total Non-Cash Interest Adjustments   $ 7,416,291.03     $ 3,678,760.98     $ 5,890,344.04     $ 8,263,469.13     $ 4,329,480.31  
           
 
 
   v   Total Student Loan Interest Activity   $ 13,680,091.44     $ 9,565,853.12     $ 11,595,057.48     $ 13,368,092.71     $ 10,584,791.00  
(=)   Ending Student Loan Portfolio Balance   $ 1,168,880,823.40     $ 1,173,427,505.40     $ 1,186,496,470.29     $ 1,195,939,429.02     $ 1,200,884,933.59  
(+)   Interest to be Capitalized   $ 51,369,803.81     $ 50,900,994.85     $ 46,256,264.47     $ 43,786,901.54     $ 42,721,528.57  
(=)   TOTAL POOL   $ 1,220,250,627.21     $ 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     $ 102,590,156.00  
(=)   Asset Balance   $ 1,322,840,783.21     $ 1,326,918,656.25     $ 1,335,342,890.76     $ 1,342,316,486.56     $ 1,346,196,618.16  

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XVIII. 2003-B Payment History and CPRs

                 
Distribution   Actual   Since Issued
Date   Pool Balances   CPR *
 
                
Sep-03
   $ 1,243,606,462       2.25 %
 
                
Dec-03
   $ 1,239,726,331       2.34 %
 
                
Mar-04
   $ 1,232,752,735       2.35 %
 
                
Jun-04
   $ 1,224,328,500       2.40 %
 
                
Sep-04
   $ 1,215,173,000       2.42 %

* “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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