EX-19.6 7 w02423bexv19w6.htm EX-19.6 exv19w6
 

SLM Private Credit Student Loan Trust 2004-B
Quarterly Servicing Report
Report Date: 8/31/2004 Reporting Period: 5/06/04 - 8/31/04

I. Deal Parameters

                                 
    Student Loan Portfolio Characteristics   5/5/2004   Activity   8/31/2004
A
   i   Portfolio Balance   $ 1,250,170,429.90       ($5,888,370.94 )   $ 1,244,282,058.96  
 
   ii   Interest to be Capitalized     32,404,010.46               47,353,017.57  
 
            
 		              
 		  
 
   iii   Total Pool   $ 1,282,574,440.36             $ 1,291,635,076.53  
 
            
 		              
 		  
 
   iv   Cash Capitalization Account (Cii)     232,575,519.00               232,575,519.00  
 
            
 		              
 		  
 
   v   Asset Balance   $ 1,515,149,959.36             $ 1,524,210,595.53  
 
            
 		              
 		  
 
   i   Weighted Average Coupon (WAC)     5.182 %             5.208 %
 
   ii   Weighted Average Remaining Term     205.92               201.84  
 
   iii   Number of Loans     121,190               120,693  
 
   iv   Number of Borrowers     109,001               108,589  
 
   v   Prime Loans Outstanding   $ 1,224,010,957             $ 1,234,313,225  
 
   vi   T-bill Loans Outstanding   $ 58,242,375             $ 56,979,507  
 
   vii   Fixed Loans Outstanding   $ 321,109             $ 342,345  
 
                                                         
                                    % of           % of
    Notes   Cusips   Spread   Balance 5/26/04   O/S Securities   Balance 9/15/04   O/S Securities
B
   i   A-1 Notes     78443CBL7       0.050 %   $ 635,000,000.00       42.121 %   $ 630,280,220.85       41.939 %
 
   ii   A-2 Notes     78443CBM5       0.200 %     378,000,000.00       25.073 %     378,000,000.00       25.152 %
 
   iii   A-3 Notes     78443CBN3       0.330 %     277,150,000.00       18.384 %     277,150,000.00       18.442 %
 
   iv   A-4 Notes     78443CBP8       0.430 %     100,000,000.00       6.633 %     100,000,000.00       6.654 %
 
   v   B Notes     78443CBQ6       0.470 %     49,242,000.00       3.266 %     49,242,000.00       3.277 %
 
   vi   C Notes     78443CBR4       0.870 %     68,182,000.00       4.523 %     68,182,000.00       4.537 %
 
 
   vii   Total Notes                   $ 1,507,574,000.00       100.000 %   $ 1,502,854,220.85       100.000 %
 
                         
            5/26/2004   9/15/2004
C
   i   Reserve Account Balance ($)   $ 3,206,436.00     $ 3,206,436.00  
 
   ii   Cash Capitalization Acct Balance ($)   $ 232,575,519.00     $ 232,575,519.00  
 
   iii   Initial Asset Balance   $ 1,515,149,959.36     $ 1,515,149,959.36  
 
   iv   Specified Overcollateralization Amount   $ 30,302,999.19     $ 30,302,999.19  
 
   v   Actual Overcollateralization Amount   $ 7,575,959.36     $ 21,356,374.68  
 
   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 June 15, 2009. At the Stepdown Date, principal payments made on the Class B and Class C Notes may begin to be paid pro-rata with the Class A Notes. See the prospectus for complete information concerning the Stepdown Date.

1

 

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

                 
A   Student Loan Principal Activity        
 
   i   Principal Payments Received   $ 9,982,999.67  
 
   ii   Purchases by Servicer (Delinquencies >180)     148,245.39  
 
   iii   Other Servicer Reimbursements     9,228.46  
 
   iv   Seller Reimbursements     176,715.71  
 
            
 		  
 
   v   Total Principal Collections   $ 10,317,189.23  
 
                
B   Student Loan Non-Cash Principal Activity        
 
   i   Realized Losses/Loans Charged Off   $ —  
 
   ii   Capitalized Interest     (3,909,610.89 )
 
   iii   Capitalized Insurance Fee     (537,371.26 )
 
   iv   Other Adjustments     18,163.86  
 
            
 		  
 
   v   Total Non-Cash Principal Activity   $ (4,428,818.29 )
 
                
C   Total Student Loan Principal Activity   $ 5,888,370.94  
 
                
D   Student Loan Interest Activity        
 
   i   Interest Payments Received   $ 2,509,588.16  
 
   ii   Purchases by Servicer (Delinquencies >180)     1,547.89  
 
   iii   Other Servicer Reimbursements     339.85  
 
   iv   Seller Reimbursements     9,454.56  
 
   v   Late Fees     17,448.43  
 
   vi   Collection Fees/Return Items     0.00  
 
            
 		  
 
   vii   Total Interest Collections   $ 2,538,378.89  
E   Student Loan Non-Cash Interest Activity        
 
   i   Realized Losses/Loans Charged Off   $ —  
 
   ii   Capitalized Interest     3,909,610.89  
 
   iii   Other Interest Adjustments     40,795.34  
 
            
 		  
 
   iv   Total Non-Cash Interest Adjustments   $ 3,950,406.23  
 
                
F   Total Student Loan Interest Activity   $ 6,488,785.12  

2

 

III. 2004-B Collection Account Activity 5/5/2004 through 8/31/2004

                 
A   Principal Collections        
    i  
Principal Payments Received
   $ 9,926,055.77  
    ii  
Consolidation Principal Payments
     56,943.90  
    iii  
Purchases by Servicer (Delinquencies >180)
     148,245.39  
    iv  
Reimbursements by Seller
     (13,855.54 )
    v  
Reimbursements by Servicer
     9,228.46  
    vi  
Other Re-purchased Principal
     190,571.25  
       
 
  
 		  
    vii  
Total Principal Collections
   $ 10,317,189.23  
                 
B   Interest Collections        
    i  
Interest Payments Received
   $ 2,508,380.08  
    ii  
Consolidation Interest Payments
     1,208.08  
    iii  
Purchases by Servicer (Delinquencies >180)
     1,547.89  
    iv  
Reimbursements by Seller
     0.00  
    v  
Reimbursements by Servicer
     339.85  
    vi  
Other Re-purchased Interest
     9,454.56  
    vii  
Collection Fees/Return Items
     0.00  
    viii  
Late Fees
     17,448.43  
       
 
  
 		  
    ix  
Total Interest Collections
   $ 2,538,378.89  
                 
C   Recoveries on Realized Losses   $ —  
                 
D   Amount from Cash Capitalizaton Account   $ —  
                 
E   Funds Borrowed from Next Collection Period   $ 820,415.20  
                 
F   Funds Repaid from Prior Collection Periods   $ —  
                 
G   Investment Income   $ 734,321.95  
                 
H   Borrower Incentive Reimbursements   $ 16,153.14  
                 
I   Interest Rate Cap Proceeds   $ —  
                 
J   Gross Swap Receipt   $ 5,150,366.10  
                 
    TOTAL FUNDS RECEIVED   $ 19,576,824.51  
    LESS FUNDS PREVIOUSLY REMITTED:        
       
Servicing Fees
   $ (1,674,749.24 )
K   TOTAL AVAILABLE FUNDS   $ 17,902,075.27  
                 
L   Servicing Fees Due for Current Period   $ 727,125.72  
                 
M   Carryover Servicing Fees Due   $ —  
                 
N   Administration Fees Due   $ 20,000.00  
                 
 
O   Total Fees Due for Period   $ 747,125.72  
 

3

 

IV. 2004-B Loss and Recovery Detail 8/31/2004

                         
A   i  
Cumulative Realized Losses Test
   % of Original Pool
   8/31/2004
       
 
            
 		  
       
September 15, 2004 to June 15, 2009
     15 %   $ 227,272,493.90  
       
September 15, 2009 to June 15, 2012
     18 %        
       
September 16, 2012 and thereafter
     20 %        
    ii  
Cumulative Realized Losses (Net of Recoveries)
           $ —  
                         
    iii  
Is Test Satisfied (ii < i)?
           Yes
                         
                         
B   i  
Recoveries on Realized Losses This Collection Period
                
                         
    ii  
Principal Cash Recovered During Collection Period
           $ —  
    iii  
Interest Cash Recovered During Collection Period
           $ —  
    iv  
Late Fees and Collection Costs Recovered During Collection Period
           $ —  
                         
    v  
Total Recoveries for Period
           $ —  
                         
C   i  
Gross Defaults:
                
    ii  
Cumulative Principal Purchases by Servicer
           $ 148,245.39  
    iii  
Cumulative Interest Purchases by Servicer
             1,547.89  
       
 
            
 		  
    iv  
Total Gross Defaults:
           $ 149,793.28  

4

 

V. 2004-B Portfolio Characteristics

                                                                                 
    Weighted Avg Coupon
   # of Loans
   % *
   Principal Amount
   % *
STATUS 5/5/2004** 8/31/2004   5/5/2004**   8/31/2004   5/5/2004**   8/31/2004   5/5/2004**   8/31/2004   5/5/2004**   8/31/2004
INTERIM:
                                                                                
 
                                                                                
In School
     5.202 %     5.197 %     99,304       80,219       81.941 %     66.465 %   $ 1,069,290,147.99     $ 845,034,178.57       85.532 %     67.913 %
 
                                                                                
Grace
     5.395 %     5.308 %     12,493       24,316       10.309 %     20.147 %   $ 93,688,135.41     $ 265,015,191.42       7.494 %     21.299 %
 
                                                                                
Deferment
     4.335 %     4.747 %     1,416       1,340       1.168 %     1.110 %   $ 14,858,841.17     $ 12,973,903.01       1.189 %     1.043 %
 
                                                                                
TOTAL INTERIM
     5.207 %     5.218 %     113,213       105,875       93.418 %     87.723 %   $ 1,177,837,124.57     $ 1,123,023,273.00       94.214 %     90.255 %
REPAYMENT
                                                                                
Active
                                                                                
Current
     4.660 %     5.027 %     6,479       11,332       5.346 %     9.389 %   $ 58,265,005.16     $ 93,283,810.47       4.661 %     7.497 %
31-60 Days Delinquent
     5.230 %     5.557 %     200       744       0.165 %     0.616 %   $ 1,738,783.98     $ 5,164,928.83       0.139 %     0.415 %
61-90 Days Delinquent
     0.000 %     6.104 %     0       346       0.000 %     0.287 %   $ 0.00     $ 2,546,168.09       0.000 %     0.205 %
91-120 Days Delinquent
     0.000 %     5.735 %     0       141       0.000 %     0.117 %   $ 0.00     $ 1,100,252.65       0.000 %     0.088 %
121-150 Days Delinquent
     0.000 %     6.421 %     0       63       0.000 %     0.052 %   $ 0.00     $ 440,569.57       0.000 %     0.035 %
151-180 Days Delinquent
     0.000 %     5.422 %     0       22       0.000 %     0.018 %   $ 0.00     $ 188,638.09       0.000 %     0.015 %
> 180 Days Delinquent
     0.000 %     0.000 %     0       0       0.000 %     0.000 %   $ 0.00     $ 0.00       0.000 %     0.000 %
 
                                                                                
Forbearance
     5.179 %     5.256 %     1,298       2,170       1.071 %     1.798 %   $ 12,329,516.19     $ 18,534,418.26       0.986 %     1.490 %
 
                                                                                
TOTAL REPAYMENT
     4.762 %     5.119 %     7,977       14,818       6.582 %     12.277 %   $ 72,333,305.33     $ 121,258,785.96       5.786 %     9.745 %
 
                                                                                
GRAND TOTAL
     5.182 %     5.208 %     121,190       120,693       100.000 %     100.000 %   $ 1,250,170,429.90     $ 1,244,282,058.96       100.000 %     100.000 %

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

5

 

VI. 2004-B Portfolio Characteristics by School and Program

                                 
LOAN TYPE   WAC   # Loans   $ Amount   %
 
    
 		      
 		      
 		      
 		  

                               
-Signature Loans
     5.291 %     101,777     $ 995,788,575.09       80.029 %
-Law Loans
     5.843 %     7,077     $ 91,921,394.97       7.388 %
-Med Loans
     4.381 %     7,872     $ 73,034,664.26       5.870 %
-MBA Loans
     4.236 %     3,967     $ 83,537,424.64       6.714 %
     
 		      
 		    
 

                               
- Total
     5.208 %     120,693     $ 1,244,282,058.96       100.000 %

* Percentages may not total 100% due to rounding

6

 

VII. 2004-B Interest Rate Swap and Cap Calculations

                             
A   Swap Payments                    
                      Swap Calculation
                     
 
    i   Notional Swap Amount — Aggregate Prime Loans Outstanding   $ 1,224,010,956.64  
    Counterparty Pays:                    
  ii   3 Month LIBOR                 1.35250 %
    iii   Gross Swap Receipt Due Trust   $ 5,150,366.10  
  iv   Days in Period     5/26/2004     9/15/2004     112  
    SLM Private Credit Trust Pays:            
  v   Prime Rate (WSJ) Less     2.6430 %         1.35700 %
    vi   Gross Swap Payment Due Counterparty   $ 5,082,789.10  
  vii   Days in Period     5/26/2004     9/15/2004     112  
 
                            
B   Cap Payments                    
                      Cap Calculation
                     
 
    i   Notional Swap Amount   $ 975,000,000.00  
    Counterparty Pays:                    
    ii   3 Month LIBOR (interpolated for first accrual period)     1.35250 %
  iii   Cap Rate                 4.00000 %
                       
 		  
    iv   Excess (if any) of LIBOR over Cap Rate (ii-iii)     0.00000 %
  v   Days in Period     5/26/2004     9/15/2004     112  
  vi   Cap Payment due Trust               $ —  

VIII. 2004-B            Accrued Interest Factors

                     
        Accrued        
        Int Factor
   Accrual Period
   Rate
A
   Class A-1 Interest Rate   0.004363333   (5/26/04 - 9/15/04)     1.40250 %
B
   Class A-2 Interest Rate   0.004830000   (5/26/04 - 9/15/04)     1.55250 %
C
   Class A-3 Interest Rate   0.005234444   (5/26/04 - 9/15/04)     1.68250 %
D
   Class A-4 Interest Rate   0.005545556   (5/26/04 - 9/15/04)     1.78250 %
E
   Class B Interest Rate   0.005670000   (5/26/04 - 9/15/04)     1.82250 %
F
   Class C Interest Rate   0.006914444   (5/26/04 - 9/15/04)     2.22250 %

7

 

IX. 2004-B            Inputs From Prior Data 5/5/04

                                                         
A   Total Student Loan Pool Outstanding                                        
   
i
   Portfolio Balance   $ 1,250,170,429.90                                  
   
ii
   Interest To Be Capitalized     32,404,010.46                                  
   
 
                
 		                                  
   
iii
   Total Pool   $ 1,282,574,440.36                                  
   
iv
   Cash Capitalization Account (CI)     232,575,519.00                                  
   
 
                
 		                                  
   
v
   Asset Balance   $ 1,515,149,959.36                                  
   
 
                
 		                                  
B   Total Note and Certificate Factor     1.00000000000                                  
C   Total Note Balance   $ 1,507,574,000.00                                  
                                                         
 
D  
Note Balance 5/26/2004
   Class A-1
   Class A-2
   Class A-3
   Class A-4
   Class B
   Class C
 
   
i
   Current Factor     1.0000000000       1.0000000000       1.0000000000       1.0000000000       1.0000000000       1.0000000000  
   
ii
   Expected Note Balance   $ 635,000,000.00     $ 378,000,000.00     $ 277,150,000.00     $ 100,000,000.00     $ 49,242,000.00     $ 68,182,000.00  
E   Interest Shortfall   $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00  
F   Interest Carryover   $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00  
 
                                                         
G   Unpaid Primary Servicing Fees from Prior Month(s)           $ 0.00                                  
H   Unpaid Administration fees from Prior Quarter(s)           $ 0.00                                  
I   Unpaid Carryover Servicing Fees from Prior Quarter(s)           $ 0.00                                  

8

 

X. 2004-B Note Parity Triggers

                             
        Class A   Class B   Class C
Notes Outstanding
   5/26/04   $ 1,390,150,000     $ 1,439,392,000     $ 1,507,574,000  
Asset Balance
   5/5/04   $ 1,515,149,959     $ 1,515,149,959     $ 1,515,149,959  
Pool Balance
   8/31/04   $ 1,291,635,077     $ 1,291,635,077     $ 1,291,635,077  
Amounts on Deposit*
   9/15/04     238,045,941       237,766,739       237,295,298  
Total
       $ 1,529,681,018     $ 1,529,401,815     $ 1,528,930,375  
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
       $ 124,999,959.36                  
Specified Class A Enhancement       $ 228,631,589.33     The greater of 15.0% of the Asset Balance or the Specified Overcollateralization Amount
Class B Enhancement
       $ 75,757,959.36                  
Specified Class B Enhancement       $ 154,326,322.80     The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount
Class C Enhancement
       $ 7,575,959.36                  
Specified Class C Enhancement       $ 45,726,317.87     The greater of 3.0% of the Asset Balance or the Specified Overcollateralization Amount

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

XI. 2004-B Cash Capitalization Account Triggers

                     
 
       Cash Capitalization Account Balance (CI)*   8/31/2004   $ 232,575,519.00  
A
   i   10.00% of initial Asset Balance       $ 151,514,995.94  
 
   ii   Excess, CI over 10.00% of initial Asset Balance       $ 81,060,523.06  
 
   iii   Release A(ii) excess to Collection Account?**   9/15/2004   DO NOT RELEASE
B
   i   5.50% of initial Asset Balance       $ 83,333,247.76  
 
   ii   Excess, CI over 5.50% of initial Asset Balance       $ 149,242,271.24  
 
   iii   Release B(ii) excess to Collection Account?**   9/15/2004   DO NOT RELEASE
C
   i   3.50% of initial Asset Balance       $ 53,030,248.58  
 
   ii   Excess, CI over 3.50% of initial Asset Balance       $ 179,545,270.42  
 
   iii   Release C(ii) excess to Collection Account?**   9/15/2004   DO NOT RELEASE
D
   i   1.50% of initial Asset Balance       $ 22,727,249.39  
 
   ii   Excess, CI over 1.50% of initial Asset Balance       $ 209,848,269.61  
 
   iii   Release D(ii) excess to Collection Account?**   9/15/2004   DO NOT RELEASE

*   as defined under “Asset Balance” on page S-69 of the prospectus supplement
 
**   determined based on a comparison of pool balances to notes outstanding and CI, along with certain loan portfolio characteristics, as outlined on page S-48 of the prospectus supplement

9

 

XII. 2004-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     5/26/2004     $ 1,390,150,000.00  
 
   iii   Asset Balance     8/31/2004     $ 1,524,210,595.53  
 
                    
 		  
 
   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     5/26/2004     $ 1,439,392,000.00  
 
   vii   Asset Balance     8/31/2004     $ 1,524,210,595.53  
 
   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     5/26/2004     $ 1,507,574,000.00  
 
   xii   Asset Balance     8/31/2004     $ 1,524,210,595.53  
 
   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     5/26/2004     $ 1,507,574,000.00  
 
   ii   Asset Balance     8/31/2004     $ 1,524,210,595.53  
 
   iii   Specified Overcollateralization Amount     9/15/2004     $ 30,302,999.19  
 
   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           $ 13,666,403.66  
 
    Class A Noteholders’ Principal Distribution Amounts                
 
 
   i   Has the Stepdown Date Occurred?           No
 
   ii   Asset Balance     8/31/2004     $ 1,524,210,595.53  
 
   iii   85% of Asset Balance     8/31/2004     $ 1,295,579,006.20  
 
   iv   Specified Overcollateralization Amount     9/15/2004     $ 30,302,999.19  
 
   v   Lesser of (iii) and (ii - iv)           $ 1,295,579,006.20  
 
   vi   Class A Noteholders’ Principal Distribution Amt - Before the Stepdown Date           $ 13,666,403.66  
 
   vii   Class A Noteholders’ Principal Distribution Amt - After the Stepdown Date           $ —  
 
   viii   Actual Principal Distribution Amount paid           $ 4,719,779.15  
 
   ix   Shortfall           $ 8,946,624.51  
 
    Class B Noteholders’ Principal Distribution Amounts                
 
 
   i   Has the Stepdown Date Occurred?           No
 
   ii   Asset Balance     8/31/2004     $ 1,524,210,595.53  
 
   iii   89.875% of Asset Balance     8/31/2004     $ 1,369,884,272.73  
 
   iv   Specified Overcollateralization Amount     9/15/2004     $ 30,302,999.19  
 
   v   Lesser of (iii) and (ii - iv)           $ 1,369,884,272.73  
 
   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     $ 1,524,210,595.53  
 
   iii   97% of Asset Balance     8/31/2004     $ 1,478,484,277.66  
 
   iv   Specified Overcollateralization Amount     9/15/2004     $ 30,302,999.19  
 
   v   Lesser of (iii) and (ii - iv)           $ 1,478,484,277.66  
 
   vi   Class C Noteholders’ Principal Distribution Amt - Before the Stepdown Date           $ —  
 
   vii   Class C Noteholders’ Principal Distribution Amt - After the Stepdown Date           $ —  

10

 

XIII. 2004-B Waterfall for Distributions

                                 
                            Remaining
                            Funds Balance
 
                                
A   Total Available Funds ( Sections III-K )   $ 17,902,075.27     $ 17,902,075.27  
 
                                
B   Primary Servicing Fees-Current Month plus any Unpaid   $ 727,125.72     $ 17,174,949.55  
 
                                
C   Quarterly Administration Fee plus any Unpaid   $ 20,000.00     $ 17,154,949.55  
 
                                
D   Gross Swap Payment due   $ 5,082,789.10     $ 12,072,160.45  
 
                                
E
   i   Class A-1 Noteholders’ Interest Distribution Amount due     9/15/2004     $ 2,770,716.67     $ 9,301,443.78  
 
   ii   Class A-2 Noteholders’ Interest Distribution Amount due     9/15/2004     $ 1,825,740.00     $ 7,475,703.78  
 
   iii   Class A-3 Noteholders’ Interest Distribution Amount due     9/15/2004     $ 1,450,726.28     $ 6,024,977.50  
 
   iv   Class A-4 Noteholders’ Interest Distribution Amount due     9/15/2004     $ 554,555.56     $ 5,470,421.94  
 
   v   Swap Termination Fees due     9/15/2004     $ 0.00     $ 5,470,421.94  
 
                                
F   First Priority Principal Distribution Amount — Principal Distribution Account   $ 0.00     $ 5,470,421.94  
 
                                
G   Class B Noteholders’ Interest Distribuition Amount due     9/15/2004     $ 279,202.14     $ 5,191,219.80  
 
                                
H   Second Priority Principal Distribution Amount — Principal Distribution Account   $ 0.00     $ 5,191,219.80  
 
                                
I   Class C Noteholders’ Interest Distribuition Amount   $ 471,440.65     $ 4,719,779.15  
 
                                
J   Third Priority Principal Distribution Amount — Principal Distribution Account   $ 0.00     $ 4,719,779.15  
 
                                
K   Increase to the Specified Reserve Account Balance   $ 0.00     $ 4,719,779.15  
 
                                
L   Regular Principal Distribution Amount — Principal Distribution Account   $ 4,719,779.15     $ 0.00  
 
                                
M   Carryover Servicing Fees   $ 0.00     $ 0.00  
 
                                
N   Swap Termination Payments   $ 0.00     $ 0.00  
 
                                
O   Additional Principal Distribution Amount — Principal Distribution Account   $ 0.00     $ 0.00  
 
                                
P   Remaining Funds to the Certificateholders   $ 0.00     $ 0.00  

XIV. 2004-B Principal Distribution Account Allocations

                         
                    Remaining
                    Funds Balance
A   Total from Collection Account   $ 4,719,779.15     $ 4,719,779.15  
 
                        
B
   i   Class A-1 Principal Distribution Amount Paid   $ 4,719,779.15     $ 0.00  
 
   ii   Class A-2 Principal Distribution Amount Paid   $ 0.00     $ 0.00  
 
   iii   Class A-3 Principal Distribution Amount Paid   $ 0.00     $ 0.00  
 
   iv   Class A-4 Principal Distribution Amount Paid   $ 0.00     $ 0.00  
 
                        
C   Class B Principal Distribution Amount Paid   $ 0.00     $ 0.00  
 
                        
D   Class C Principal Distribution Amount Paid   $ 0.00     $ 0.00  
 
                        
E   Remaining Class C Principal Distribution Amount Paid   $ 0.00     $ 0.00  
 
                        
F   Remaining Class B Principal Distribution Amount Paid   $ 0.00     $ 0.00  
 
                        
G
   i   Remaining Class A-1 Principal Distribution Amount Paid   $ 0.00     $ 0.00  
 
   ii   Remaining Class A-2 Principal Distribution Amount Paid   $ 0.00     $ 0.00  
 
   iii   Remaining Class A-3 Principal Distribution Amount Paid   $ 0.00     $ 0.00  
 
   iv   Remaining Class A-4 Principal Distribution Amount Paid   $ 0.00     $ 0.00  

11

 

XV. 2004-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
      $ 2,770,716.67     $ 1,825,740.00     $ 1,450,726.28     $ 554,555.56     $ 279,202.14     $ 471,440.65  
    ii  
Quarterly Interest Paid
        2,770,716.67       1,825,740.00       1,450,726.28       554,555.56       279,202.14       471,440.65  
       
       
 		      
 		      
 		      
 		      
 		      
 		  
    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
      $ 13,666,403.66     $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00  
    viii  
Quarterly Principal Paid
        4,719,779.15       0.00       0.00       0.00       0.00       0.00  
       
       
 		      
 		      
 		      
 		      
 		      
 		  
    ix  
Shortfall
      $ 8,946,624.51     $ 0.00     $ 0.00     $ 0.00     $ 0.00     $ 0.00  
       
       
 		      
 		      
 		      
 		      
 		      
 		  
    x  
Total Distribution Amount
      $ 7,490,495.81     $ 1,825,740.00     $ 1,450,726.28             $ 279,202.14     $ 471,440.65  
       
       
 		      
 		      
 		      
 		      
 		      
 		  
B   Note Balances       5/26/2004
   Paydown Factors
   9/15/2004
                        
    i  
A-1 Note Balance
  78443CBL7   $ 635,000,000.00             $ 630,280,220.85                          
       
A-1 Note Pool Factor
        1.0000000000       0.0074327231       0.9925672769                          
       
 
                                                    
    ii  
A-2 Note Balance
  78443CBM5   $ 378,000,000.00             $ 378,000,000.00                          
       
A-2 Note Pool Factor
        1.0000000000       0.0000000000       1.0000000000                          
       
 
                                                    
    iii  
A-3 Note Balance
  78443CBN3   $ 277,150,000.00             $ 277,150,000.00                          
       
A-3 Note Pool Factor
        1.0000000000       0.0000000000       1.0000000000                          
       
 
                                                    
    iv  
A-4 Note Balance
  78443CBP8   $ 100,000,000.00             $ 100,000,000.00                          
       
A-4 Note Pool Factor
        1.0000000000       0.0000000000       1.0000000000                          
    v  
B Note Balance
  78443CBQ6   $ 49,242,000.00             $ 49,242,000.00                          
       
B Note Pool Factor
        1.0000000000       0.0000000000       1.0000000000                          
       
 
                                                    
    vi  
C Note Balance
  78443CBR4   $ 68,182,000.00             $ 68,182,000.00                          
       
C Note Pool Factor
        1.0000000000       0.0000000000       1.0000000000                          

12

 

XVI. 2004-B Historical Pool Information

                 
            5/06/04 - 8/31/04
Beginning Student Loan Portfolio Balance   $ 1,250,170,429.90  
    Student Loan Principal Activity        
 
   i   Principal Payments Received   $ 9,982,999.67  
 
   ii   Purchases by Servicer (Delinquencies >180)     148,245.39  
 
   iii   Other Servicer Reimbursements     9,228.46  
 
   iv   Seller Reimbursements     176,715.71  
 
            
 		  
 
   v   Total Principal Collections   $ 10,317,189.23  
    Student Loan Non-Cash Principal Activity        
 
   i   Realized Losses/Loans Charged Off   $ —  
 
   ii   Capitalized Interest     (3,909,610.89 )
 
   iii   Capitalized Insurance Fee   $ (537,371.26 )
 
   iv   Other Adjustments     18,163.86  
 
            
 		  
 
   v   Total Non-Cash Principal Activity   $ (4,428,818.29 )
(-)   Total Student Loan Principal Activity   $ 5,888,370.94  
    Student Loan Interest Activity        
 
   i   Interest Payments Received   $ 2,509,588.16  
 
   ii   Repurchases by Servicer (Delinquencies >180)     1,547.89  
 
   iii   Other Servicer Reimbursements     339.85  
 
   iv   Seller Reimbursements     9,454.56  
 
   v   Late Fees     17,448.43  
 
   vi   Collection Fees     —  
 
            
 		  
 
   viii   Total Interest Collections     2,538,378.89  
    Student Loan Non-Cash Interest Activity        
 
   i   Realized Losses/Loans Charged Off   $ —  
 
   ii   Capitalized Interest     3,909,610.89  
 
   iii   Other Interest Adjustments     40,795.34  
 
            
 		  
 
   iv   Total Non-Cash Interest Adjustments   $ 3,950,406.23  
 
            
 		  
 
   v   Total Student Loan Interest Activity   $ 6,488,785.12  
(=)   Ending Student Loan Portfolio Balance   $ 1,244,282,058.96  
(+)   Interest to be Capitalized   $ 47,353,017.57  
(=)   TOTAL POOL   $ 1,291,635,076.53  
(+)   Cash Capitalization Account Balance (CI)   $ 232,575,519.00  
(=)   Asset Balance   $ 1,524,210,595.53  

13

 

XVII. 2004-B Payment History and CPRs

                 
Distribution   Actual   Since Issued
Date   Pool Balances   CPR *
 
                
Sep-04
   $ 1,291,635,077       2.24 %

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

14