EX-19.4 5 w02423bexv19w4.htm EX-19.4 exv19w4
 

SLM Private Credit Student Loan Trust 2003-C
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   $ 1,191,380,848.59       ($5,348,724.11 )   $ 1,186,032,124.48  
 
   ii   Interest to be Capitalized     51,103,120.52               50,020,280.80  
 
            
 		              
 		  
 
   iii   Total Pool   $ 1,242,483,969.11             $ 1,236,052,405.28  
 
            
 		              
 		  
 
   iv   Cash Capitalization Account (Cii)     102,811,061.00               102,811,061.00  
 
            
 		              
 		  
 
   v   Asset Balance   $ 1,345,295,030.11             $ 1,338,863,466.28  
 
            
 		              
 		  
 
   i   Weighted Average Coupon (WAC)     4.871 %             4.907 %
 
   ii   Weighted Average Remaining Term     185.00               183.32  
 
   iii   Number of Loans     131,998               130,825  
 
   iv   Number of Borrowers     89,819               89,057  
 
   v   Prime Loans Outstanding   $ 1,095,548,229             $ 1,093,674,344  
 
   vi   T-bill Loans Outstanding   $ 145,414,448             $ 140,952,520  
 
   vii   Fixed Loans Outstanding   $ 1,521,292             $ 1,425,541  
 
                                                         
                                    % of           % of
    Notes   Cusips   Spread   Balance 6/15/04   O/S Securities   Balance 9/15/04   O/S Securities
B
   i   A-1 Notes     78443CAY0       0.100 %   $ 572,226,487.66       43.408 %   $ 565,794,923.83       43.131 %
 
   ii   A-2 Notes     78443CAZ7       0.390 %     421,173,000.00       31.950 %     421,173,000.00       32.106 %
 
   iii   A-3 ARS     78443CBA1     ARS
     75,000,000.00       5.689 %     75,000,000.00       5.717 %
 
   iv   A-4 ARS     78443CBB9     ARS
     75,000,000.00       5.689 %     75,000,000.00       5.717 %
 
   v   A-5 ARS     78443CBC7     ARS
     70,000,000.00       5.310 %     70,000,000.00       5.336 %
 
   vi   B Notes     78443CBD5       0.800 %     43,965,000.00       3.335 %     43,965,000.00       3.352 %
 
   vii   C Notes     78443CBE3       1.600 %     60,875,000.00       4.618 %     60,875,000.00       4.641 %
 
 
   viii   Total Notes                   $ 1,318,239,487.66       100.000 %   $ 1,311,807,923.83       100.000 %
 
                         
            6/15/2004   9/15/2004
C
   i   Reserve Account Balance ($)   $ 3,124,915.00     $ 3,124,915.00  
 
   ii   Cash Capitalization Acct Balance ($)   $ 102,811,061.00     $ 102,811,061.00  
 
   iii   Initial Asset Balance   $ 1,352,777,122.47     $ 1,352,777,122.47  
 
   iv   Specified Overcollateralization Amount   $ 27,055,542.45     $ 27,055,542.45  
 
   v   Actual Overcollateralization Amount   $ 27,055,542.45     $ 27,055,542.45  
 
   v   Has the Stepdown Date Occurred?*   No
   No
 

*   The Stepdown Date is the earlier of the distribution date following the reduction of the Class A Notes to zero and September 15, 2008. At the Stepdown Date, principal payments made on the Class B and Class C Notes may begin to be paid pro-rata with the Class A Notes. See the prospectus for complete information concerning the Stepdown Date.

1

 

II. 2003-C Transactions from: 5/31/2004 through: 8/31/2004

                 
A   Student Loan Principal Activity        
 
   i   Principal Payments Received     14,052,958.69  
 
   ii   Purchases by Servicer (Delinquencies >180)     1,411,770.44  
 
   iii   Other Servicer Reimbursements     27,448.07  
 
   iv   Seller Reimbursements     —  
 
            
 		  
 
   v   Total Principal Collections   $ 15,492,177.20  
 
                
B   Student Loan Non-Cash Principal Activity        
 
   i   Realized Losses/Loans Charged Off   $ —  
 
   ii   Capitalized Interest     (9,506,536.21 )
 
   iii   Capitalized Insurance Fee     (636,979.00 )
 
   iv   Other Adjustments     62.12  
 
            
 		  
 
   v   Total Non-Cash Principal Activity   $ (10,143,453.09 )
 
                
C   Total Student Loan Principal Activity   $ 5,348,724.11  
 
                
D   Student Loan Interest Activity        
 
   i   Interest Payments Received   $ 5,830,705.16  
 
   ii   Purchases by Servicer (Delinquencies >180)     53,382.54  
 
   iii   Other Servicer Reimbursements     2,159.49  
 
   iv   Seller Reimbursements     (0.00 )
 
   v   Late Fees     78,655.83  
 
   vi   Collection Fees/Return Items     0.00  
 
            
 		  
 
   vii   Total Interest Collections   $ 5,964,903.02  
 
                
E   Student Loan Non-Cash Interest Activity        
 
   i   Realized Losses/Loans Charged Off   $ —  
 
   ii   Capitalized Interest     9,506,536.21  
 
   iii   Other Interest Adjustments     13,583.52  
 
            
 		  
 
   iv   Total Non-Cash Interest Adjustments   $ 9,520,119.73  
 
                
F   Total Student Loan Interest Activity   $ 15,485,022.75  

2

 

III. 2003-C Collection Account Activity 5/31/2004 through: 8/31/2004

                     
A   Principal Collections        
    i   Principal Payments Received   $ 13,537,787.11  
    ii   Consolidation Principal Payments     515,171.58  
    iii   Purchases by Servicer (Delinquencies >180)     1,411,770.44  
    iv   Reimbursements by Seller     —  
    v   Reimbursements by Servicer     27,448.07  
    vi   Other Re-purchased Principal     —  
           
 
  
 		  
    vii   Total Principal Collections   $ 15,492,177.20  
                     
B   Interest Collections        
    i   Interest Payments Received   $ 5,827,850.21  
    ii   Consolidation Interest Payments     2,854.95  
    iii   Purchases by Servicer (Delinquencies >180)     53,382.54  
    iv   Reimbursements by Seller     —  
    v   Reimbursements by Servicer     2,159.49  
    vi   Other Re-purchased Interest     (0.00 )
    vii   Collection Fees/Return Items     —  
    viii   Late Fees     78,655.83  
           
 
  
 		  
    ix   Total Interest Collections   $ 5,964,903.02  
                     
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   $ 344,230.28  
                     
H   Borrower Incentive Reimbursements   $ 52,404.21  
                     
I   Interest Rate Cap Proceeds   $ —  
                     
I   Gross Swap Receipt   $ 4,255,596.23  
                     
    TOTAL FUNDS RECEIVED   $ 26,109,310.94  
    LESS FUNDS PREVIOUSLY REMITTED:        
        i  
Funds Allocated to the Future Distribution Account
   $ (6,986,422.78 )
        ii  
Funds Released from the Future Distribution Account
   $ 4,610,997.53  
J   TOTAL AVAILABLE FUNDS   $ 23,733,885.69  
                     
K   Servicing Fees Due for Current Period   $ 693,831.47  
                     
L   Carryover Servicing Fees Due   $ —  
                     
M   Administration Fees Due   $ 20,000.00  
                     
 
N   Total Fees Due for Period   $ 713,831.47  
 

3

 

IV. 2003-C Future Distribution Account Activity

                         
A   Account Reconciliation                
 
   i   Beginning Balance     6/15/2004     $ 2,264,692.92  
 
   ii   Total Allocations for Distribution Period           $ 4,721,729.86  
 
   iii   Total Payments for Distribution Period           $ (2,375,425.25 )
 
   iv   Funds Released to the Collection Account           $ (4,610,997.53 )
 
                    
 		  
 
   v   Total Balance Prior to Current Month Allocations           $ —  
 
                    
 		  
 
   vi   Ending Balance     9/15/2004     $ 2,338,059.91  
B   Monthly Allocations to the Future Distribution Account                
    Monthly Allocation Date     6/15/2004          
 
   i   Primary Servicing Fees           $ 696,331.37  
 
   ii   Admin fees           $ 6,666.66  
 
   iii   Broker Dealer, Auction Agent and Remarketing Fees           $ 38,225.00  
 
   iv   Interest Accrued on the Class A Notes and Swap Counterparty           $ 1,523,469.89  
 
   v   Interest Accrued on the Class B Notes           $ —  
 
                    
 		  
 
   vi   Balance as of     6/15/2004     $ 2,264,692.92  
    Monthly Allocation Date     7/15/2004          
 
   i   Primary Servicing Fees           $ 694,972.16  
 
   ii   Admin fees           $ 6,666.66  
 
   iii   Broker Dealer, Auction Agent and Remarketing Fees           $ 40,773.33  
 
   iv   Interest Accrued on the Class A Notes and Swap Counterparty           $ 1,657,959.24  
 
   v   Interest Accrued on the Class B Notes           $ —  
 
                    
 		  
 
   vi   Total Allocations           $ 2,400,371.39  
    Monthly Allocation Date     8/15/2004          
 
   i   Primary Servicing Fees           $ 695,671.70  
 
   ii   Admin fees           $ 6,666.66  
 
   iii   Broker Dealer, Auction Agent and Remarketing Fees           $ 38,225.00  
 
   iv   Interest Accrued on the Class A Notes and Swap Counterparty           $ 1,580,795.12  
 
   v   Interest Accrued on the Class B Notes           $ —  
 
                    
 		  
 
   vi   Total Allocations           $ 2,321,358.47  
 
                    
 		  
C   Total Future Distribution Account Deposits Previously Allocated           $ 6,986,422.78  
 
                    
 		  
D   Current Month Allocations     9/15/2004          
 
   i   Primary Servicing           $ 693,831.47  
 
   ii   Admin fees           $ 6,666.66  
 
   iii   Broker Dealer, Auction Agent and Remarketing Fees           $ 38,225.00  
 
   iv   Interest Accrued on the Class A Notes and Swap Counterparty           $ 1,599,336.78  
 
   v   Interest Accrued on the Class B & C Notes           $ —  
 
                    
 		  
 
   vi   Allocations on the Distribution Date           $ 2,338,059.91  

4

 

V. 2003-C            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
                                                 
       
06/22/2004
   SLMPC TRUST 2003C A4     1.250000 %   28     05/25/2004       06/22/2004       72,916.67  
       
07/01/2004
   SLMPC TRUST 2003C A5     1.320000 %   28     06/03/2004       07/01/2004       71,866.67  
       
07/13/2004
   SLMPC TRUST 2003C A3     1.350000 %   28     06/15/2004       07/13/2004       78,750.00  
       
07/20/2004
   SLMPC TRUST 2003C A4     1.470000 %   28     06/22/2004       07/20/2004       85,750.00  
       
07/29/2004
   SLMPC TRUST 2003C A5     1.550000 %   28     07/01/2004       07/29/2004       84,388.89  
       
08/10/2004
   SLMPC TRUST 2003C A3     1.550000 %   28     07/13/2004       08/10/2004       90,416.67  
       
08/17/2004
   SLMPC TRUST 2003C A4     1.600000 %   28     07/20/2004       08/17/2004       93,333.33  
       
08/26/2004
   SLMPC TRUST 2003C A5     1.650000 %   28     07/29/2004       08/26/2004       89,833.33  
       
09/07/2004
   SLMPC TRUST 2003C A3     1.680000 %   28     08/10/2004       09/07/2004       98,000.00  
       
09/14/2004
   SLMPC TRUST 2003C A4     1.720000 %   28     08/17/2004       09/14/2004       100,333.33  
                                                 
    ii   Auction Rate Security Payments Made During Collection Period   6/15/04-9/15/04                   $ 865,588.89  
                                                 
    iii   Broker/Dealer Fees Paid During Collection Period   6/15/04-9/15/04                   $ 114,333.33  
    iv   Auction Agent Fees Paid During Collection Period   6/15/04-9/15/04                   $ 4,859.17  
    v   Primary Servicing Fees Remitted   6/15/04-9/15/04                   $ 1,390,643.86  
       
 
                                    
 		  
    vi   Total                       $ 2,375,425.25  
        - 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                       $ 2,375,425.25  
       
 
                                    
 		  
                                                 
C   Funds Released to Collection Account                       $ 4,610,997.53  
                                                 
D   Auction Rate Student Loan Rates   Jun-04
   Jul-04   Aug-04
                
                3.93449%
   3.93446%
   3.93846%
                

5

 

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

                                 
A   i  
Cumulative Realized Losses Test
   % of Original Pool
   5/31/2004
   8/31/2004
       
 
            
 		      
 		  
       
December 15, 2003 to June 16, 2008
     15 %   $ 187,494,909.22     $ 187,494,909.22  
       
September 15, 2008 to June 15, 2011
     18 %                
       
September 15, 2011 and thereafter
     20 %                
    ii  
Cumulative Realized Losses (Net of Recoveries)
           $ 0.00     $ 0.00  
                                 
    iii  
Is Test Satisfied (ii < i)?
   Yes
                
                                 
                                 
B   i  
Recoveries on Realized Losses This Collection Period
                        
                                 
    ii  
Principal Cash Recovered During Collection Period
           $ 0.00     $ 0.00  
    iii  
Interest Cash Recovered During Collection Period
           $ 0.00     $ 0.00  
    iv  
Late Fees and Collection Costs Recovered During Collection Period
           $ 0.00     $ 0.00  
                                 
    v  
Total Recoveries for Period
           $ 0.00     $ 0.00  
                                 
C   i  
Gross Defaults:
                        
    ii  
Cumulative Principal Purchases by Servicer
           $ 2,245,846.75     $ 3,657,617.19  
    iii  
Cumulative Interest Purchases by Servicer
           $ 75,468.39     $ 128,850.93  
       
 
            
 		      
 		  
    iv  
Total Gross Defaults:
           $ 2,321,315.14     $ 3,786,468.12  

6

 

VII. 2003-C 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
     4.782 %     4.784 %     44,976       37,323       34.073 %     28.529 %   $ 382,999,845.24     $ 309,124,211.02       32.148 %     26.064 %
 
                                                                                
Grace
     4.903 %     4.769 %     20,311       20,667       15.387 %     15.797 %   $ 193,610,879.67     $ 204,882,077.52       16.251 %     17.275 %
 
                                                                                
Deferment
     4.964 %     4.947 %     4,133       4,628       3.131 %     3.538 %   $ 34,677,518.35     $ 39,399,572.93       2.911 %     3.322 %
 
                                                                                
TOTAL INTERIM
     4.831 %     4.790 %     69,420       62,618       52.592 %     47.864 %   $ 611,288,243.26     $ 553,405,861.47       51.309 %     46.660 %
REPAYMENT
                                                                                
Active
                                                                                
Current
     4.757 %     4.853 %     50,404       53,750       38.185 %     41.086 %   $ 459,777,817.61     $ 489,127,130.59       38.592 %     41.241 %
31-60 Days Delinquent
     5.797 %     5.491 %     1,370       2,011       1.038 %     1.537 %   $ 11,094,786.08     $ 16,965,231.87       0.931 %     1.430 %
61-90 Days Delinquent
     6.121 %     5.764 %     610       992       0.462 %     0.758 %   $ 5,401,918.68     $ 9,555,835.48       0.453 %     0.806 %
91-120 Days Delinquent
     6.494 %     6.222 %     442       538       0.335 %     0.411 %   $ 3,735,121.13     $ 4,548,896.11       0.314 %     0.384 %
121-150 Days Delinquent
     6.163 %     6.783 %     225       300       0.170 %     0.229 %   $ 2,001,362.33     $ 2,313,025.12       0.168 %     0.195 %
151-180 Days Delinquent
     5.496 %     6.394 %     154       180       0.117 %     0.138 %   $ 1,256,248.52     $ 1,688,808.60       0.105 %     0.142 %
> 180 Days Delinquent
     0.000 %     6.000 %     0       2       0.000 %     0.002 %   $ 0.00     $ 9,986.41       0.000 %     0.001 %
 
                                                                                
Forbearance
     5.385 %     5.457 %     9,373       10,434       7.101 %     7.976 %   $ 96,825,350.98     $ 108,417,348.83       8.127 %     9.141 %
 
                                                                                
TOTAL REPAYMENT
     4.912 %     5.009 %     62,578       68,207       47.408 %     52.137 %   $ 580,092,605.33     $ 632,626,263.01       48.691 %     53.340 %
 
                                                                                
GRAND TOTAL
     4.870 %     4.907 %     131,998       130,825       100.000 %     100.001 %   $ 1,191,380,848.59     $ 1,186,032,124.48       100.000 %     100.000 %

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

7

 

VIII. 2003-C Portfolio Characteristics by School and Program

                                 
LOAN TYPE   WAC   # Loans   $ Amount   %
 
    
 		      
 		      
 		      
 		  

                               
-Signature Loans
     4.973 %     99,731     $ 859,888,051.90       72.501 %
-Law Loans
     5.116 %     19,742     $ 177,540,649.08       14.969 %
-Med Loans
     4.579 %     3,464     $ 31,607,010.23       2.665 %
-MBA Loans
     4.133 %     7,888     $ 116,996,413.27       9.865 %
     
 		      
 		    
 

                               
- Total
     4.907 %     130,825     $ 1,186,032,124.48       100.000 %

* Percentages may not total 100% due to rounding

8

 

IX. 2003-C Interest Rate Swap and Cap Calculations

                                 
A   Swap Payments                        
 
                   Counterparty A   Counterparty B
 
                  
 		  
 
    i   Notional Swap Amount — Aggregate Prime Loans Outstanding     547,774,114     $ 547,774,114  
    Counterparty Pays:                        
 
   ii   3 Month Libor             1.52000 %     1.52000 %
    iii   Gross Swap Receipt Due Trust   $ 2,127,798.12     $ 2,127,798.12  
 
   iv   Days in Period   6/15/2004   9/15/2004     92       92  
                                 
    SLM Private Credit Trust Pays:                    
 
   v   Prime Rate (WSJ) Less   2.6500%         1.35000 %     1.35000 %
    vi   Gross Swap Payment Due Counterparty   $ 1,858,840.03     $ 1,858,840.03  
 
   vii   Days in Period   6/15/2004   9/15/2004     92       92  
 
                                
B   Cap Payments                        
 
                   Cap Calculation        
 
                  
 		        
 
   i   Notional Swap Amount           $ 860,000,000.00          
    Counterparty Pays:                        
    ii   3 Month Libor (interpolated for first accrual period)     1.52000 %        
 
   iii   Cap Rate             4.00000 %        
 
                    
 		          
    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-C 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   0.004881111   (6/15/04-9/15/04)     1.91000 %
                     
C
   Class B Interest Rate   0.005928889   (6/15/04-9/15/04)     2.32000 %
                     
D
   Class C Interest Rate   0.007973333   (6/15/04-9/15/04)     3.12000 %

9

 

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

                                                                 
A   Total Student Loan Pool Outstanding                                                        
   
i
   Portfolio Balance           $ 1,191,380,848.59                                          
   
ii
   Interest To Be Capitalized             51,103,120.52                                          
   
 
                
 		                                          
   
iii
   Total Pool           $ 1,242,483,969.11                                          
   
iv
   Cash Capitalization Account (CI)             102,811,061.00                                          
   
 
                
 		                                          
   
v
   Asset Balance           $ 1,345,295,030.11                                          
   
 
                
 		                                          
B   Total Note and Certificate Factor             0.97936608908                                          
C   Total Note Balance           $ 1,318,239,487.66                                          
                                                                 
 
D  
Note Balance 6/15/2004
   Class A-1
   Class A-2
   Class A-3
   Class A-4
   Class A-5
   Class B
   Class C
 
   
i
   Current Factor     0.9537108128       1.0000000000       1.0000000000       1.0000000000       1.0000000000       1.0000000000       1.0000000000  
   
ii
   Expected Note Balance   $ 572,226,487.66     $ 421,173,000.00     $ 75,000,000.00     $ 75,000,000.00     $ 70,000,000.00     $ 43,965,000.00     $ 60,875,000.00  
F   Interest Shortfall   $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00  
G   Interest Carryover   $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00  
 
                                                                 
H   Unpaid Primary Servicing Fees from Prior Month(s)   $ 0.00                                          
I   Unpaid Administration fees from Prior Quarter(s)   $ 0.00                                          
J   Unpaid Carryover Servicing Fees from Prior Quarter(s)   $ 0.00                                          

10

 

XII. 2003-C Note Parity Triggers

                             
        Class A   Class B   Class C
Notes Outstanding
   6/15/04   $ 1,213,399,488     $ 1,257,364,488     $ 1,318,239,488  
Asset Balance
   5/31/04   $ 1,345,295,030     $ 1,345,295,030     $ 1,345,295,030  
Pool Balance
   8/31/04   $ 1,236,052,405     $ 1,236,052,405     $ 1,236,052,405  
Amounts on Deposit*
   9/15/04     117,688,625       117,427,962       116,942,585  
Total
       $ 1,353,741,031     $ 1,353,480,367     $ 1,352,994,990  
Are the Notes in Excess of the Asset Balance?
       No
   No
   No
Are the Notes in Excess of the Pool + Amounts on Deposit?
       No
   No
   No
Are the Notes Parity Triggers in Effect?
       No
   No
   No
Class A Enhancement
       $ 131,895,542.45                  
Specified Class A Enhancement       $ 200,829,519.94     The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount
Class B Enhancement
       $ 87,930,542.45                  
Specified Class B Enhancement       $ 135,559,925.96     The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount
Class C Enhancement
       $ 27,055,542.45                  
Specified Class C Enhancement       $ 40,165,903.99     The greater of 3% of the Asset Balance or the Specified Overcollateralization Amount

*   Amounts on Deposit in Trust Accounts for the Collection Period after Payment of Section XIII Items B through F for the Class A; Items B through H for the Class B; and Items B through J for the Class C

XIII.2003-C Cash Capitalization Account Triggers

                     
 
       Cash Capitalization Account Balance (CI)*   8/31/2004   $ 102,811,061.00  
A
   i   5.50% of Initial Asset Balance       $ 74,402,741.74  
 
   ii   Excess, CI over 5.5% of initial Asset Bal       $ 28,408,319.26  
 
   iii   Release A(ii) excess to Collection Account?**   9/15/2004   DO NOT RELEASE
B
   i   3.50% of Initial Asset Balance       $ 47,347,199.29  
 
   ii   Excess, CI over 3.5% of initial Asset Bal       $ 55,463,861.71  
 
   iii   Release B(ii) excess to Collection Account?**   9/15/2004   DO NOT RELEASE

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

11

 

XIV. 2003-C Principal Distribution Calculations

                         
    Priority Principal Payments (If Note Parity Triggers are not in effect, go to Regular Principal Distribution below):
 
 
   i   Is the Class A Note Parity Trigger in Effect?           No
 
   ii   Aggregate A Notes Outstanding     6/15/2004     $ 1,213,399,487.66  
 
   iii   Asset Balance     8/31/2004     $ 1,338,863,466.28  
 
                    
 		  
 
   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     $ 1,257,364,487.66  
 
   vii   Asset Balance     8/31/2004     $ 1,338,863,466.28  
 
   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     $ 1,318,239,487.66  
 
   xii   Asset Balance     8/31/2004     $ 1,338,863,466.28  
 
   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     $ 1,318,239,487.66  
 
   ii   Asset Balance     8/31/2004     $ 1,338,863,466.28  
 
   iii   Specified Overcollateralization Amount     9/15/2004     $ 27,055,542.45  
 
   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           $ 6,431,563.83  
 
   viii   Actual Principal Distribution Amount paid           $ 6,431,563.83  
 
   ix   Shortfall           $ —  
 
    Class A Noteholders’ Principal Distribution Amounts                
 
 
   i   Has the Stepdown Date Occurred?           No
 
   ii   Asset Balance     8/31/2004     $ 1,338,863,466.28  
 
   iii   85% of Asset Balance     8/31/2004     $ 1,138,033,946.34  
 
   iv   Specified Overcollateralization Amount     9/15/2004     $ 27,055,542.45  
 
   v   Lesser of (iii) and (ii - iv)           $ 1,138,033,946.34  
 
   vi   Class A Noteholders’ Principal Distribution Amt - Before the Stepdown Date           $ 6,431,563.83  
 
   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     $ 1,338,863,466.28  
 
   iii   89.875% of Asset Balance     8/31/2004     $ 1,203,303,540.32  
 
   iv   Specified Overcollateralization Amount     9/15/2004     $ 27,055,542.45  
 
   v   Lesser of (iii) and (ii - iv)           $ 1,203,303,540.32  
 
   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     $ 1,338,863,466.28  
 
   iii   97% of Asset Balance     8/31/2004     $ 1,298,697,562.29  
 
   iv   Specified Overcollateralization Amount     9/15/2004     $ 27,055,542.45  
 
   v   Lesser of (iii) and (ii - iv)           $ 1,298,697,562.29  
 
   vi   Class C Noteholders’ Principal Distribution Amt - Before the Stepdown Date           $ —  
 
   vii   Class C Noteholders’ Principal Distribution Amt - After the Stepdown Date           $ —  

12

 

XV. 2003-C Waterfall for Distributions

                                     
                                Remaining
                                Funds Balance
 
                                    
A   Total Available Funds ( Sections III-J )   $ 23,733,885.69     $ 23,733,885.69  
 
                                    
B   Primary Servicing Fees-Current Month plus any Unpaid   $ 693,831.47     $ 23,040,054.22  
 
                                    
C   Quarterly Administration Fee plus any Unpaid   $ 20,000.00     $ 23,020,054.22  
 
                                    
D   Auction Agent Fees Due   9/15/2004           $ 0.00     $ 23,020,054.22  
    Broker/Dealer Fees Due   9/15/2004           $ 0.00     $ 23,020,054.22  
 
                                    
E   Gross Swap Payment due Counterparty A   $ 1,858,840.03     $ 21,161,214.19  
    Gross Swap Payment due Counterparty B   $ 1,858,840.03     $ 19,302,374.18  
 
                                    
F   i   Class A-1 Noteholders’ Interest Distribution Amount due     9/15/2004     $ 2,369,017.66     $ 16,933,356.51  
    ii   Class A-2 Noteholders’ Interest Distribution Amount due     9/15/2004     $ 2,055,792.21     $ 14,877,564.30  
    iii   Class A-3 Noteholders’ Interest Distribution Amount due     9/15/2004     $ 0.00     $ 14,877,564.30  
    iv   Class A-4 Noteholders’ Interest Distribution Amount due     9/15/2004     $ 0.00     $ 14,877,564.30  
    v   Class A-5 Noteholders’ Interest Distribution Amount due     9/15/2004     $ 0.00     $ 14,877,564.30  
    vi   Swap Termination Fees due     9/15/2004     $ 0.00     $ 14,877,564.30  
 
                                    
G   First Priority Principal Distribution Amount — Principal Distribution Account   $ 0.00     $ 14,877,564.30  
 
                                    
H   Class B Noteholders’ Interest Distribution Amount due     9/15/2004     $ 260,663.60     $ 14,616,900.70  
 
                                    
I   Second Priority Principal Distribution Amount — Principal Distribution Account   $ 0.00     $ 14,616,900.70  
 
                                    
J   Class C Noteholders’ Interest Distribution Amount   $ 485,376.67     $ 14,131,524.03  
 
                                    
K   Third Priority Principal Distribution Amount — Principal Distribution Account   $ 0.00     $ 14,131,524.03  
 
                                    
L   Increase to the Specified Reserve Account Balance   $ 0.00     $ 14,131,524.03  
 
                                    
M   Regular Principal Distribution Amount — Principal Distribution Account   $ 6,431,563.83     $ 7,699,960.20  
 
                                    
N   Carryover Servicing Fees   $ 0.00     $ 7,699,960.20  
 
                                    
O   Auction Rate Noteholder’s Interest Carryover                
 
                                    
    i   Class A-3           $ 0.00     $ 7,699,960.20  
    ii   Class A-4           $ 0.00     $ 7,699,960.20  
    iii   Class A-5           $ 0.00     $ 7,699,960.20  
 
                                    
P   Swap Termination Payments   $ 0.00     $ 7,699,960.20  
 
                                    
Q   Additional Principal Distribution Amount — Principal Distribution Account   $ 0.00     $ 7,699,960.20  
 
                                    
R   Remaining Funds to the Certificateholders   $ 7,699,960.20     $ 0.00  

XVI. 2003-C Principal Distribution Account Allocations

                         
                    Remaining
                    Funds Balance
A   Total from Collection Account   $ 6,431,563.83     $ 6,431,563.83  
 
                        
B
   i   Class A-1 Principal Distribution Amount Paid   $ 6,431,563.83     $ 0.00  
 
   ii   Class A-2 Principal Distribution Amount Paid   $ 0.00     $ 0.00  
 
   iii   Class A-3 Principal Distribution Amount Paid (or allocated)   $ 0.00     $ 0.00  
 
   iv   Class A-4 Principal Distribution Amount Paid (or allocated)   $ 0.00     $ 0.00  
 
   v   Class A-5 Principal Distribution Amount Paid (or allocated)   $ 0.00     $ 0.00  
 
                        
C   Class B Principal Distribution Amount Paid   $ 0.00     $ 0.00  
 
                        
D   Class C Principal Distribution Amount Paid   $ 0.00     $ 0.00  
 
                        
E   Remaining Class C Distribution Paid   $ 0.00     $ 0.00  
 
                        
F   Remaining Class B Distribution Paid   $ 0.00     $ 0.00  
 
                        
G
   i   Remaining Class A-1 Distribution Paid   $ 0.00     $ 0.00  
 
   ii   Remaining Class A-2 Distribution Paid   $ 0.00     $ 0.00  
 
   iii   Remaining Class A-3 Distribution Paid (or allocated)   $ 0.00     $ 0.00  
 
   iv   Remaining Class A-4 Distribution Paid (or allocated)   $ 0.00     $ 0.00  
 
   v   Remaining Class A-5 Distribution Paid (or allocated)   $ 0.00     $ 0.00  

13

 

XVII. 2003-C Distributions

                                                                     
A   Distribution Amounts       Class A-1   Class A-2   Class A-3   Class A-4   Class A-5   Class B   Class C
    i  
Quarterly Interest Due
      $ 2,369,017.66     $ 2,055,792.21     $ 0.00     $ 0.00     $ 0.00     $ 260,663.60     $ 485,376.67  
    ii  
Quarterly Interest Paid
        2,369,017.66       2,055,792.21       0.00       0.00       0.00       260,663.60       485,376.67  
       
       
 		      
 		      
 		      
 		      
 		      
 		      
 		  
    iii  
Interest Shortfall
      $ 0.00     $ 0.00     $ 0.00     $ 0.00             $ 0.00     $ 0.00  
       
 
                                                            
    iv  
Interest Carryover Due
      $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00  
    v  
Interest Carryover Paid
        0.00       0.00       0.00       0.00       0.00       0.00       0.00  
       
       
 		      
 		      
 		      
 		      
 		      
 		      
 		  
    vi  
Interest Carryover
      $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00  
       
 
                                                            
    vii  
Quarterly Principal Distribution Amount
      $ 6,431,563.83     $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00  
    viii  
Quarterly Principal Paid (or allocated)
        6,431,563.83       0.00       0.00       0.00       0.00       0.00       0.00  
       
       
 		      
 		      
 		      
 		      
 		      
 		      
 		  
    ix  
Shortfall
      $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00  
       
       
 		      
 		      
 		      
 		      
 		      
 		      
 		  
    x  
Total Distribution Amount
      $ 8,800,581.49     $ 2,055,792.21     $ 0.00     $ 0.00             $ 260,663.60     $ 485,376.67  
       
       
 		      
 		      
 		      
 		      
 		      
 		      
 		  
B   Note Balances       6/15/2004
   Paydown Factors
   9/15/2004
   Balances
   Next ARS Pay Date
                
    i  
A-1 Note Balance
  78443CAY0   $ 572,226,487.66             $ 565,794,923.83                                  
       
A-1 Note Pool Factor
        0.9537108128       0.0107192730       0.9429915397                                  
       
 
                                                            
    ii  
A-2 Note Balance
  78443CAZ7   $ 421,173,000.00             $ 421,173,000.00                                  
       
A-2 Note Pool Factor
        1.0000000000       0.0000000000       1.0000000000                                  
       
                                                   
    iii  
A-3 Note Balance
  78443CBA1   $ 75,000,000.00             $ 75,000,000.00     $ 75,000,000.00       10/05/04                  
       
A-3 Note Pool Factor
        1.0000000000       0.0000000000       1.0000000000       1.000000000                          
       
 
                                                            
    iv  
A-4 Note Balance
  78443CBB9   $ 75,000,000.00             $ 75,000,000.00     $ 75,000,000.00       10/12/04                  
       
A-4 Note Pool Factor
        1.0000000000       0.0000000000       1.0000000000       1.000000000                          
       
 
                                                            
    v  
A-5 Note Balance
  78443CBC7   $ 70,000,000.00             $ 70,000,000.00       70,000,000.00       09/23/04                  
       
A-5 Note Pool Factor
        1.0000000000       0.0000000000       1.0000000000       1.000000000                          
       
 
                                                            
    vi  
B Note Balance
  78443CBD5   $ 43,965,000.00             $ 43,965,000.00                                  
       
B Note Pool Factor
        1.0000000000       0.0000000000       1.0000000000                                  
       
 
                                                            
    vii  
C Note Balance
  78443CBE3   $ 60,875,000.00             $ 60,875,000.00                                  
       
C Note Pool Factor
        1.0000000000       0.0000000000       1.0000000000                                  

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XVIII. 2003-C Historical Pool Information

                                         
            6/1/04-8/31/04
   3/1/04-5/31/04
   12/01/03-02/29/03
   08/18/03-11/30/03
Beginning Student Loan Portfolio Balance   $ 1,191,380,848.58     $ 1,201,155,217.98     $ 1,205,163,347.06     $ 1,202,893,173.22  
    Student Loan Principal Activity                                
 
   i   Principal Payments Received   $ 14,052,958.69     $ 13,747,785.94     $ 12,789,181.37     $ 13,196,464.40  
 
   ii   Purchases by Servicer (Delinquencies >180)     1,411,770.44       1,017,501.03       1,151,451.03       76,894.69  
 
   iii   Other Servicer Reimbursements     27,448.07       (32,006.81 )     1,819.35       1,730.97  
 
   iv   Seller Reimbursements     —       93,452.56       175,765.85       665,294.10  
           
 
 
   v   Total Principal Collections   $ 15,492,177.20     $ 14,826,732.72     $ 14,118,217.60     $ 13,940,384.16  
    Student Loan Non-Cash Principal Activity                                
 
   i   Realized Losses/Loans Charged Off   $ —     $ —     $ —     $ —  
 
   ii   Capitalized Interest     (9,506,536.21 )     (4,848,056.60 )     (8,930,525.57 )     (14,369,110.75 )
 
   iii   Capitalized Insurance Fee   $ (636,979.00 )   $ (206,100.24 )   $ (1,165,239.70 )   $ (1,810,969.76 )
 
   iv   Other Adjustments     62.12       1,793.51       (14,323.25 )     (30,477.49 )
           
 
 
   v   Total Non-Cash Principal Activity   $ (10,143,453.09 )   $ (5,052,363.33 )   $ (10,110,088.52 )   $ (16,210,558.00 )
(-)   Total Student Loan Principal Activity   $ 5,348,724.11     $ 9,774,369.39     $ 4,008,129.08     $ (2,270,173.84 )
    Student Loan Interest Activity                                
 
   i   Interest Payments Received   $ 5,830,705.16     $ 5,369,428.80     $ 4,838,239.81     $ 4,365,636.18  
 
   ii   Repurchases by Servicer (Delinquencies >180)     53,382.54       34,855.48       40,125.17       487.74  
 
   iii   Other Servicer Reimbursements     2,159.49       (1,906.22 )     61.76       15.64  
 
   iv   Seller Reimbursements     (0.00 )     7,807.48       11,832.95       46,145.91  
 
   v   Late Fees     78,655.83       67,109.33       62,849.57       51,362.80  
 
   vi   Collection Fees     —       —       —       —  
           
 
 
   viii   Total Interest Collections     5,964,903.02       5,477,294.87       4,953,109.26       4,463,648.27  
    Student Loan Non-Cash Interest Activity                                
 
   i   Realized Losses/Loans Charged Off   $ —     $ —     $ —     $ —  
 
   ii   Capitalized Interest     9,506,536.21       4,848,056.60       8,930,525.57       14,369,110.75  
 
   iii   Other Interest Adjustments     13,583.52       28,841.20       33,539.19       104,599.84  
           
 
 
   iv   Total Non-Cash Interest Adjustments   $ 9,520,119.73     $ 4,876,897.80     $ 8,964,064.76     $ 14,473,710.59  
           
 
 
   v   Total Student Loan Interest Activity   $ 15,485,022.75     $ 10,354,192.67     $ 13,917,174.02     $ 18,937,358.86  
(=)   Ending Student Loan Portfolio Balance   $ 1,186,032,124.46     $ 1,191,380,848.58     $ 1,201,155,217.98     $ 1,205,163,347.06  
(+)   Interest to be Capitalized   $ 50,020,280.80     $ 51,103,120.52     $ 46,965,543.28     $ 46,656,743.34  
(=)   TOTAL POOL   $ 1,236,052,405.26     $ 1,242,483,969.10     $ 1,248,120,761.26     $ 1,251,820,090.40  
(+)   Cash Capitalization Account Balance (CI)   $ 102,811,061.00     $ 102,811,061.00     $ 102,811,061.00     $ 102,811,061.00  
(=)   Asset Balance   $ 1,338,863,466.26     $ 1,345,295,030.10     $ 1,350,931,822.26     $ 1,354,631,151.40  

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XIX. 2003-C Payment History and CPRs

                 
Distribution   Actual   Since Issued
Date   Pool Balances   CPR *
 
                
Dec-03
   $ 1,251,820,090       2.20 %
 
                
Mar-03
   $ 1,248,120,761       2.03 %
 
                
Jun-04
   $ 1,242,483,969       1.77 %
 
                
Sep-04
   $ 1,236,052,405       1.71 %

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

16