EX-19.1 3 a2096273zex-19_1.htm EXHIBIT 19.1

SLM Private Credit Student Loan Trust 2002-A

Quarterly Servicing Report

Report Date:
 
11/30/2002
 
Reporting Period:    8/26/02-11/30/02

I.    Deal Parameters

 
   Student Loan Portfolio Characteristics
   8/26/2002
   Activity
   11/30/2002
  
A   i   Portfolio Balance   $ 663,415,806.01   $ 5,847,076.22   $ 669,262,882.23  
    ii   Interest to be Capitalized     26,918,580.10           21,024,060.14  
           
       
 
    iii   Total Pool   $ 690,334,386.11         $ 690,286,942.37  
    iv   Cash Capitalization Account (CI)     40,178,192.00           40,178,192.00  
           
       
 
    v   Asset Balance   $ 730,512,578.11         $ 730,465,134.37  
           
       
 
    i   Weighted Average Coupon (WAC)     5.518 %         5.529 %
    ii   Weighted Average Remaining Term     187.49           168.72  
    iii   Number of Loans     70,975           70,590  
    iv   Number of Borrowers     48,548           48,278  
                             
    vi   Prime Loans Outstanding   $ 592,779,809         $ 594,423,332  
    vii   T-bill Loans Outstanding   $ 95,902,922         $ 94,277,753  
    viii   Fixed Loans Outstanding   $ 1,651,655         $ 1,585,858  

 
 
Notes
 
Cusips
 
Spread
 
Balance 10/17/02
 
% of
O/S Securities
 
Balance 12/16/02
 
% of
O/S Securities
 
B   i   A-1 Notes   78443CAA2   0.150 % $ 340,000,000.00   46.777 % $ 328,994,882.81   45.958 %
    ii   A-2 Notes   78443CAB0   0.550 %   328,419,000.00   45.183 %   328,419,000.00   45.878 %
    iii   B Notes   78443CAC8   0.850 %   23,742,000.00   3.266 %   23,742,000.00   3.317 %
    iv   C Notes   78443CAD6   1.700 %   34,699,000.00   4.774 %   34,699,000.00   4.847 %
                   
 
 
 
 
    v   Total Notes       $ 726,860,000.00   100.000 % $ 715,854,882.81   100.000 %
                   
 
 
 
 

 
 
 
 
 
 
10/17/2002
 
12/16/2002
C   i   Reserve Account Balance ($)   $ 1,725,836.00   $ 1,725,836.00
    ii   Cash Capitalization Acct Balance ($)   $ 40,178,192.00   $ 40,178,192.00
    iii   Initial Asset Balance   $ 730,512,578.11   $ 730,512,578.11
    iv   Specified Overcollateralization Amount   $ 14,610,251.56   $ 14,610,251.56
    v   Has the Stepdown Date Occurred?*     No     No

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

1

II. 2002-A    Transactions from:    8/27/2002    through:    11/30/2002

A   Student Loan Principal Activity        
    i   Principal Payments Received   $ 9,045,364.96  
    ii   Purchases by Servicer (Delinquencies >180)     45,333.74  
    iii   Other Servicer Reimbursements     85.42  
    iv   Seller Reimbursements     166,322.44  
           
 
    v   Total Principal Collections   $ 9,257,106.56  

B
 
Student Loan Non-Cash Principal Activity
 
 
 
 
    i   Realized Losses/Loans Charged Off   $ —  
    ii   Capitalized Interest     (13,326,412.85 )
    iii   Capitalized Insurance Fee     (1,706,229.57 )
    iv   Other Adjustments     (71,540.36 )
           
 
    v   Total Non-Cash Principal Activity   $ (15,104,182.78 )

C
 
Total Student Loan Principal Activity
 
$
(5,847,076.22
)
           
 

D
 
Student Loan Interest Activity
 
 
 
 
    i   Interest Payments Received   $ 3,704,616.78  
    ii   Purchases by Servicer (Delinquencies >180)     801.87  
    iii   Other Servicer Reimbursements     14.58  
    iv   Seller Reimbursements     10,055.09  
    v   Late Fees     53,062.07  
    vi   Collection Fees     0.00  
           
 
    vii   Total Interest Collections   $ 3,768,550.39  

E
 
Student Loan Non-Cash Interest Activity
 
    i   Realized Losses/Loans Charged Off   $ —  
    ii   Capitalized Interest     13,326,412.85  
    iii   Other Interest Adjustments     67,264.86  
           
 
    iv   Total Non-Cash Interest Adjustments   $ 13,393,677.71  

F
 
Total Student Loan Interest Activity
 
$
17,162,228.10
 
           
 

2

III.    2002-A    Collection Account Activity    8/27/2002    through    11/30/2002

A   Principal Collections
        
    i   Principal Payments Received   $ 9,045,364.96  
    ii   Purchases by Servicer (Delinquencies >180)     45,333.74  
    iii   Other Servicer Reimbursements     85.42  
    iv   Seller Reimbursements     166,322.44  
           
 
    v   Total Principal Collections   $ 9,257,106.56  

B
 
Interest Collections
 
 
 
 
    i   Interest Payments Received   $ 3,704,616.78  
    ii   Purchases by Servicer (Delinquencies >180)     801.87  
    iii   Other Servicer Reimbursements     14.58  
    iv   Seller Reimbursements     10,055.09  
    v   Late Fees     53,062.07  
    vi   Collection Fees     —  
           
 
    vii   Total Interest Collections   $ 3,768,550.39  

C
 
Recoveries on Realized Losses
 
$
—
 

D
 
Amount from Cash Capitalizaton Account
 
$
—
 

E
 
Funds Borrowed from Next Collection Period
 
$
1,366,454.36
 

F
 
Funds Repaid from Prior Collection Periods
 
$
—
 

G
 
Investment Income
 
 
 
 
    i   Collection Account   $ 6,276.17  
    ii   Reserve Account     3,298.37  
    iii   Cash Capitalization Account     76,786.78  
    iv   Principal Distribution Account     —  
    v   Administrator Account     9,734.11  
           
 
    vi   Total Investment Income   $ 96,095.43  

H
 
Borrower Incentive Reimbursements
 
$
—
 

I
 
Gross Swap Receipt
 
$
1,786,005.85
 

 
 
TOTAL FUNDS RECEIVED
 
$
16,274,212.59
 
    LESS FUNDS PREVIOUSLY REMITTED:
        
        Servicing Fees   $ (186,518.70 )
           
 
J   TOTAL AVAILABLE FUNDS
   $ 16,087,693.89  
           
 

K
 
Servicing Fees Due for Current Period
 
$
390,403.35
 

 
 
Less:
 
Servicing ADJ [A iv + B iv]
 
$
(100.00
)

L
 
Carryover Servicing Fees Due
 
$
—
 

M
 
Administration Fees Due
 
$
20,000.00
 
           
 

N
 
Total Fees Due for Period
 
$
410,303.35
 
           
 

3

IV.    2002-A    Loss and Recovery Detail    11/30/2002

A
  i
  Cumulative Realized Losses Test

   % of Pool
    
   8/26/2002
   11/30/2002

 
 
 
 
October 15, 2002 to September 15, 2007
 
15%
 
 
 
$
103,550,157.92
 
$
103,543,041.36
        December 17, 2007 to September 15, 2010   18%                
        December 15, 2010 and thereafter   20%                
    ii   Cumulative Realized Losses (Net of Recoveries)           $ 0.00   $ 0.00

 
 
iii
 
Is Test Satisfied (ii < i)?
 
 
 
Yes
 
 
 
 
 
 

B
 
i
 
Recoveries on Realized Losses This Collection Period
 
 
 
 
 
 
 
 
 
 
    ii   Principal Cash Recovered During Collection Period           $ 0.00   $ 0.00
    iii   Interest Cash Recovered During Collection Period           $ 0.00   $ 0.00
    iv   Late Fees and Collection Costs Recovered During Collection Period           $ 0.00   $ 0.00

 
 
v
 
Total Recoveries for Period
 
 
 
 
 
$
0.00
 
$
0.00

C
 
i
 
Gross Defaults:
 
 
 
 
 
 
 
 
 
 
    ii   Cumulative Principal Purchases by Servicer           $ 0.00   $ 45,333.74
    iii   Cumulative Interest Purchases by Servicer           $ 0.00   $ 801.87
                   
 
    iv   Total Gross Defaults:           $ 0.00   $ 46,135.61

4

V.    2002-A    Portfolio Characteristics

 
   Weighted Avg Coupon
   # of Loans
   %*
   Principal Amount
   %*
  
STATUS
  
  8/26/2002
   11/30/2002
   8/26/2002
   11/30/2002
   8/26/2002
   11/30/2002
   8/26/2002
   11/30/2002
   8/26/2002
   11/30/2002
  
INTERIM:                                              
  In School   5.329 % 5.423 % 9,346   13,804   13.168 % 19.556 % $ 107,767,812.25   $ 137,602,649.53   16.244 % 20.560 %
  Grace   5.488 % 5.514 % 31,295   10,413   44.093 % 14.751 % $ 284,658,699.30   $ 101,010,676.96   42.908 % 15.093 %
   
 
 
 
 
 
 
 
 
 
 
TOTAL INTERIM   5.444 % 5.462 % 40,641   24,217   57.261 % 34.307 % $ 392,426,511.55   $ 238,613,326.49   59.152 % 35.653 %
   
 
 
 
 
 
 
 
 
 
 
REPAYMENT                                              
  Active                                              
    Current   5.648 % 5.506 % 26,033   35,943   36.679 % 50.918 % $ 226,205,884.60   $ 335,383,699.83   34.097 % 50.113 %
    31-60 Days Delinquent   5.957 % 6.459 % 1,919   730   2.704 % 1.034 % $ 15,493,094.41   $ 6,239,071.55   2.335 % 0.932 %
    61-90 Days Delinquent   0.000 % 6.442 % —   362   0.000 % 0.513 % $ —   $ 2,773,359.47   0.000 % 0.414 %
    91-120 Days Delinquent   0.000 % 6.278 % —   233   0.000 % 0.330 % $ —   $ 1,994,958.40   0.000 % 0.298 %
    121-150 Days Delinquent   0.000 % 6.575 % —   250   0.000 % 0.354 % $ —   $ 2,051,751.43   0.000 % 0.307 %
    151-180 Days Delinquent   0.000 % 5.835 % —   17   0.000 % 0.024 % $ —   $ 109,288.90   0.000 % 0.016 %
    > 180 Days Delinquent   0.000 % 0.000 % —   —   0.000 % 0.000 % $ —   $ 0.00   0.000 % 0.000 %
Deferment   4.697 % 4.631 % 787   1,022   1.109 % 1.448 % $ 10,976,257.46   $ 14,003,715.51   1.655 % 2.092 %
Forbearance   5.717 % 5.885 % 1,595   7,816   2.247 % 11.072 % $ 18,314,057.99   $ 68,093,710.65   2.761 % 10.174 %
   
 
 
 
 
 
 
 
 
 
 
TOTAL REPAYMENT   5.631 % 5.566 % 30,334   46,373   42.739 % 65.693 % $ 270,989,294.46   $ 430,649,555.74   40.848 % 64.347 %
   
 
 
 
 
 
 
 
 
 
 
GRAND TOTAL   5.518 % 5.529 % 70,975   70,590   100.000 % 100.000 % $ 663,415,806.01   $ 669,262,882.23   100.000 % 100.000 %
*
Percentages may not total 100% due to rounding

5

VI.    2002-A    Portfolio Characteristics by Program

LOAN TYPE
   WAC
   # Loans
   $ Amount
   %
  
-Signature Loans   5.721 % 41,437   $ 335,180,346.88   50.082 %
-Law Loans   5.705 % 13,382     132,312,665.55   19.770 %
-Med Loans   4.950 % 8,998     99,652,107.70   14.890 %
-MBA Loans   5.220 % 6,773     102,117,762.10   15.258 %
       
 
 
 
-Total   5.527 % 70,590   $ 669,262,882.23   100.000 %

6

VII.    2002-A    Swap

A   Swap Payments              
                    Swap Calculation
    i   Notional Swap Amount — Aggregate Prime Loans Outstanding     592,779,809
    Counterparty Pays:              
    ii   3 Month Libor             1.80776%
    iii   Gross Swap Receipt Due Trust           $ 1,786,005.85
    iv   Days in Period   10/17/2002   12/16/2002     60
    SLM Private Credit Trust Pays:              
    v   Prime Rate (WSJ) Less   2.7000%         2.05000%
    vi   Gross Swap Payment Due Counterparty       $ 1,964,293.64
    vii   Days in Period   10/17/2002   12/15/2002     59

VIII.    2002-A    Accrued Interest Factors

 
    
   Accrued
Int Factor
   Accrual Period
   Rate
  
A   Class A-1 Interest Rate   0.003262933   (10/17/02-12/16/02)   1.95776 %
B   Class A-2 Interest Rate   0.003929600   (10/17/02-12/16/02)   2.35776 %
C   Class B Interest Rate   0.004429600   (10/17/02-12/16/02)   2.65776 %
D   Class C Interest Rate   0.005846267   (10/17/02-12/16/02)   3.50776 %

7

IX.    2002-A    Inputs From Prior Data    8/26/02

A   Total Student Loan Pool Outstanding      
    i   Portfolio Balance   $ 663,415,806.01
    ii   Interest To Be Capitalized     26,918,580.10
           
    iii   Total Pool   $ 690,334,386.11
    iv   Cash Capitalization Account (CI)     40,178,192.00
           
    v   Asset Balance   $ 730,512,578.11
           
               
B   Total Note and Certificate Factor     1.00000000000
C   Total Note Balance   $ 726,860,000.00
               
D   Note Balance        10/17/2002
   Class A-1
   Class A-2
   Class B
   Class C
    i   Current Factor     1.0000000000     1.0000000000     1.0000000000     1.0000000000
    ii   Expected Note Balance   $ 340,000,000.00   $ 328,419,000.00   $ 23,742,000.00   $ 34,699,000.00
                                 
F   Interest Shortfall   $ 0.00   $ 0.00   $ 0.00   $ 0.00
G   Interest Carryover   $ 0.00   $ 0.00   $ 0.00   $ 0.00
                                 
H   Unpaid Primary Servicing Fees from Prior Month(s)   $ 0.00            
I   Unpaid Administration fees from Prior Quarter(s)   $ 0.00            
J   Unpaid Carryover Servicing Fees from Prior Quarter(s)   $ 0.00            

8

X.    2002-A Note Parity Triggers

            Class A
   Class B
   Class C
    Notes Outstanding   10/17/02   $ 668,419,000   $ 692,161,000   $ 726,860,000
    Asset Balance   8/26/02   $ 730,512,578   $ 730,512,578   $ 730,512,578
                           
    Pool Balance   11/30/02   $ 690,286,942   $ 690,286,942   $ 690,286,942
    Amounts on Deposit*   12/16/02     51,491,336     51,386,169     51,183,309
    Total       $ 741,778,279   $ 741,673,111   $ 741,470,252
                       
    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   $ 62,093,578.11            
    Specified Class A Enhancement   $ 109,569,770.16     The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount
                       
    Class B Enhancement   $ 38,351,578.11            
    Specified Class B Enhancement   $ 73,959,594.85     The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount
                       
    Class C Enhancement   $ 3,652,578.11            
    Specified Class C Enhancement   $ 21,913,954.03     The greater of 3% of the Asset Balance or the Specified Overcollateralization Amount
*
Amounts on Deposit in Trust Accounts for the Collection Period after Payment of Section XII Items B through E for the Class A, B through G for the Class B and B through I for the Class C

9

XI.    2002-A    Principal Distribution Calculations

    Priority Principal Payments (If Note Parity Triggers are not in effect, go to Regular Principal Distribution below):      
                   
    i   Is the Class A Note Parity Trigger in Effect?         No
                   
    ii   Aggregate A Notes Outstanding   10/17/2002   $ 668,419,000.00
    iii   Asset Balance   11/30/2002   $ 730,465,134.37
               
    iv   First Priority Principal Distribution Amount   12/16/2002   $
 —
—
                   
    v   Is the Class B Note Parity Trigger in Effect?         No
                   
    vi   Aggregate A and B Notes Outstanding   10/17/2002   $ 692,161,000.00
    vii   Asset Balance   11/30/2002   $ 730,465,134.37
    viii   First Priority Principal Distribution Amount   12/16/2002   $ —
               
    ix   Second Priority Principal Distribution Amount   12/16/2002   $
 —
—
                   
    x   Is the Class C Note Parity Trigger in Effect?         No
                   
    xi   Aggregate A, B and C Notes Outstanding   10/17/2002   $ 726,860,000.00
    xii   Asset Balance   11/30/2002   $ 730,465,134.37
    xiii   First Priority Principal Distribution Amount   12/16/2002   $ —
    xiv   Second Priority Principal Distribution Amount   12/16/2002   $ —
               
    xv   Third Priority Principal Distribution Amount   12/16/2002   $
 —
—
                   
    Regular Principal Distribution          
                   
    i   Aggregate Notes Outstanding   10/17/2002   $ 726,860,000.00
    ii   Asset Balance   11/30/2002   $ 730,465,134.37
    iii   Specified Overcollateralization Amount   12/16/2002   $ 14,610,251.56
    iv   First Priority Principal Distribution Amount   12/16/2002   $ —
    v   Second Priority Principal Distribution Amount   12/16/2002   $ —
    vi   Third Priority Principal Distribution Amount   12/16/2002   $ —
    vii   Regular Principal Distribution Amount       $ 11,005,117.19
                   
    Class A Noteholders' Principal Distribution Amounts          
                   
    i   Has the Stepdown Date Occurred?         No
                   
    ii   Asset Balance   11/30/2002   $ 730,465,134.37
    iii   85% of Asset Balance   11/30/2002   $ 620,895,364.21
    iv   Specified Overcollateralization Amount   12/16/2002   $ 14,610,251.56
    v   Lesser of (iii) and (ii — iv)       $ 620,895,364.21
    vi   Class A Noteholders' Principal Distribution Amt — Before the Stepdown Date       $ 11,005,117.19
    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   11/30/2002   $ 730,465,134.37
    iii   89.875% of Asset Balance   11/30/2002   $ 656,505,539.52
    iv   Specified Overcollateralization Amount   12/16/2002   $ 14,610,251.56
    v   Lesser of (iii) and (ii — iv)       $ 656,505,539.52
    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   11/30/2002   $ 730,465,134.37
    iii   97% of Asset Balance   11/30/2002   $ 708,551,180.34
    iv   Specified Overcollateralization Amount   12/16/2002   $ 14,610,251.56
    v   Lesser of (iii) and (ii — iv)       $ 708,551,180.34
    vi   Class C Noteholders' Principal Distribution Amt — Before the Stepdown Date       $ —
    vii   Class C Noteholders' Principal Distribution Amt — After the Stepdown Date       $ —

10

XII.    2002-A    Waterfall for Distributions

 
    
    
    
   Remaining Funds
Balance
A   Total Available Funds (Sections III-F + VI-D +VI-G-v + X-G-vii)   $ 16,087,693.89   $ 16,087,693.89

B
 
Primary Servicing Fees-Current Month plus any Unpaid
 
$
390,303.35
 
$
15,697,390.54

C
 
Quarterly Administration Fee plus any Unpaid
 
$
20,000.00
 
$
15,677,390.54

D
 
Gross Swap Payment
 
$
1,964,293.64
 
$
13,713,096.90

E
 
i
 
Class A-1 Noteholders' Interest Distribution Amount
 
$
1,109,397.22
 
$
12,603,699.68
    ii   Class A-2 Noteholders' Interest Distribution Amount   $ 1,290,555.30   $ 11,313,144.37

F
 
First Priority Principal Distribution Amount — Principal Distribution Account
 
$
0.00
 
$
11,313,144.37

G
 
Class B Noteholders' Interest Distribuition Amount
 
$
105,167.56
 
$
11,207,976.81

H
 
Second Priority Principal Distribution Amount — Principal Distribution Account
 
$
0.00
 
$
11,207,976.81

I
 
Class C Noteholders' Interest Distribuition Amount
 
$
202,859.62
 
$
11,005,117.19

J
 
Third Priority Principal Distribution Amount — Principal Distribution Account
 
$
0.00
 
$
11,005,117.19

K
 
Increase to the Specified Reserve Account Balance
 
$
0.00
 
$
11,005,117.19

L
 
Regular Principal Distribution Amount — Principal Distribution Account
 
$
11,005,117.19
 
$
0.00

M
 
Carryover Servicing Fees
 
$
0.00
 
$
0.00

N
 
Swap Termination Payments
 
$
—
 
$
0.00

O
 
Additional Principal Distribution Amount — Principal Distribution Account
 
$
0.00
 
$
0.00

P
 
Remaining Funds to the Certificateholders
 
$
0.00
 
$
0.00

11

XIII.    2002-A    Principal Distribution Account Allocations

 
    
    
    
   Remaining Funds
Balance
A   Total from Collection Account   $ 11,005,117.19   $ 11,005,117.19

B
 
i
 
Class A-1 Principal Distribution Amount Paid
 
$
11,005,117.19
 
$
0.00
    ii   Class A-2 Principal Distribution Amount Paid   $ 0.00   $ 0.00

C
 
Class B Principal Distribution Amount Paid
 
$
0.00
 
$
0.00

D
 
Class C Principal Distribution Amount Paid
 
$
0.00
 
$
0.00

E
 
Remaining Class C Distribution Paid
 
$
0.00
 
$
0.00

F
 
Remaining Class B Distribution Paid
 
$
0.00
 
$
0.00

G
 
i
 
Remaining Class A-1 Distribution Paid
 
$
0.00
 
$
0.00
    ii   Remaining Class A-2 Distribution Paid   $ 0.00   $ 0.00

12

XIV.    2002-A    Distributions

A   Distribution Amounts
   Class A-1
   Class A-2
   Class B
   Class C
    i   Quarterly Interest Due   $ 1,109,397.22   $ 1,290,555.30   $ 105,167.56   $ 202,859.62
    ii   Quarterly Interest Paid     1,109,397.22     1,290,555.30     105,167.56     202,859.62
           
 
 
 
    iii   Interest Shortfall   $ 0.00   $ 0.00   $ 0.00   $ 0.00
                                 
    iv   Interest Carryover Due   $ 0.00   $ 0.00   $ 0.00   $ 0.00
    v   Interest Carryover Paid     0.00     0.00     0.00     0.00
           
 
 
 
    vi   Interest Carryover   $ 0.00   $ 0.00   $ 0.00   $ 0.00
                                 
    vii   Quarterly Principal Distribution Amount   $ 11,005,117.19   $ 0.00   $ 0.00   $ 0.00
    viii   Quarterly Principal Paid     11,005,117.19     0.00     0.00     0.00
           
 
 
 
    ix   Difference   $ 0.00   $ 0.00   $ 0.00   $ 0.00
           
 
 
 
    x   Total Distribution Amount   $ 12,114,514.41   $ 1,290,555.30   $ 105,167.56   $ 202,859.62
           
 
 
 

B
 
Note Balances
 
10/17/2002
 
Paydown Factors
 
12/16/2002
    i   A-1 Note Balance   78443CAA2   $ 340,000,000.00       $ 328,994,882.81
        A-1 Note Pool Factor         1.0000000000   0.0323679917     0.9676320083
                             
    ii   A-2 Note Balance   78443CAB0   $ 328,419,000.00       $ 328,419,000.00
        A-2 Note Pool Factor         1.0000000000   0.0000000000     1.0000000000
                             
    iii   B Note Balance   78443CAC8   $ 23,742,000.00       $ 23,742,000.00
        B Note Pool Factor         1.0000000000   0.0000000000     1.0000000000
                             
    iv   C Note Balance   78443CAD6   $ 34,699,000.00       $ 34,699,000.00
        C Note Pool Factor         1.0000000000   0.0000000000     1.0000000000

13

XV.    2002-A    Historical Pool Information

 
    
   8/26/02-11/30/02
  
Beginning Student Loan Portfolio Balance   $ 663,415,806.01  
       
 
  Student Loan Principal Activity        
i   Principal Payments Received   $ 9,045,364.96  
ii   Purchases by Servicer (Delinquencies >180)     45,333.74  
iii   Other Servicer Reimbursements     85.42  
iv   Seller Reimbursements     166,322.44  
       
 
v   Total Principal Collections   $ 9,257,106.56  
 
Student Loan Non-Cash Principal Activity
 
 
 
 
i   Realized Losses/Loans Charged Off   $ —  
ii   Capitalized Interest     (13,326,412.85 )
iii   Capitalized Insurance Fee   ($ 1,706,229.57 )
iv   Other Adjustments     (71,540.36 )
       
 
v   Total Non-Cash Principal Activity   $ (15,104,182.78 )
       
 

(-) Total Student Loan Principal Activity
 
$
(5,847,076.22
)
       
 
 
Student Loan Interest Activity
 
 
 
 
i   Interest Payments Received   $ 3,704,616.78  
ii   Repurchases by Servicer (Delinquencies >180)     801.87  
iii   Other Servicer Reimbursements     14.58  
iv   Seller Reimbursements     10,055.09  
v   Late Fees     53,062.07  
vi   Collection Fees     —  
       
 
viii   Total Interest Collections     3,768,550.39  
 
Student Loan Non-Cash Interest Activity
 
 
 
 
i   Realized Losses/Loans Charged Off   $ —  
ii   Capitalized Interest     13,326,412.85  
iii   Other Interest Adjustments     67,264.86  
       
 
iv   Total Non-Cash Interest Adjustments   $ 13,393,677.71  
       
 
v   Total Student Loan Interest Activity   $ 17,162,228.10  

(=) Ending Student Loan Portfolio Balance
 
$
669,262,882.23
 
       
 
(+) Interest to be Capitalized   $ 21,024,060.14  
       
 
(=) TOTAL POOL   $ 690,286,942.37  
       
 
(+) Cash Capitalization Account Balance (CI)   $ 40,178,192.00  
       
 
(=) Asset Balance   $ 730,465,134.37  
       
 

14

XVI.    2002-A    Payment History and CPRs

Distribution Date
   Actual Pool Balances
   Since Issued CPR *
Dec-02   $690,286,942   2.47%
*
"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.

15