8-K

QuickLinks -- Click here to rapidly navigate through this document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934

Date of Report (Date of earliest event reported): March 17, 2003

SLM EDUCATION CREDIT FUNDING LLC
(Exact name of registrant as specified in its charter)

Depositor of

the SLM Private Credit Student Loan Trust 2002-A and the SLM Private Credit Student Loan Trust 2003-A

Delaware	333-98169	04-3480392
(State or other Jurisdiction of Incorporation)	(Commission File Numbers)	(I.R.S. employer Identification No.)

20 Hemingway Drive
East Providence, RI 02915
(Address of principal executive offices)

Registrant's telephone number, including area code: (401) 438-4500

Page 1 of 3
Exhibit Index appears on Page 3

Item 5. OTHER EVENTS

        On March 17, 2003, the SLM Private Credit Student Loan Trust 2002-A made its second regular quarterly distributions of funds to holders of its Floating Rate Student Loan-Backed Notes. The trust also distributed its Quarterly Servicing Reports dated as of March 17, 2003 to its Certificateholders and Noteholders of record.

        The Registrant is filing the Quarterly Servicing Reports reflecting the Trust's activities for the period ended March 17, 2003 as an Exhibit to this Form 8-K.

Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL STATEMENTS AND EXHIBITS

        (c) Exhibits

        19.1    Quarterly Servicing Reports

SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: March 24, 2003

SLM EDUCATION CREDIT FUNDING LLC
By:	/s/  J. LANCE FRANKE Name: J. Lance Franke Title: Vice President

Page 2 of 3
Exhibit Index appears on Page 3

INDEX TO EXHIBIT

Exhibit Number	Exhibit	Sequentially Numbered Page
19.1	Quarterly Servicing Reports.	3

Page 3 of 3
Exhibit Index appears on Page 3

QuickLinks

SIGNATURES
INDEX TO EXHIBIT

EX-19.1

SLM Private Credit Student Loan Trust 2002-A

Quarterly Servicing Report
Report Date:	2/28/2003	Reporting Period:    12/01/02-02/28/03

I.    Deal Parameters

	Student Loan Portfolio Characteristics		11/30/2002		Activity			2/28/2003
A	i	Portfolio Balance	$	669,262,882.23	$	(1,806,356.07	)	$	667,456,526.16
	ii	Interest to be Capitalized		21,024,060.14					16,437,126.42
	iii	Total Pool	$	690,286,942.37				$	683,893,652.58
	iv	Cash Capitalization Account (CI)		40,178,192.00					40,178,192.00
	v	Asset Balance	$	730,465,134.37				$	724,071,844.58
	i	Weighted Average Coupon (WAC)		5.529%					5.105%
	ii	Weighted Average Remaining Term		168.72					170.80
	iii	Number of Loans		70,590					69,895
	iv	Number of Borrowers		48,278					47,797
	vi	Prime Loans Outstanding	$	594,423,332				$	590,485,323
	vii	T-bill Loans Outstanding	$	94,277,753				$	91,972,500
	viii	Fixed Loans Outstanding	$	1,585,858				$	1,435,829

	Notes		Cusips	Spread		Balance 12/16/02		% of O/S Securities		Balance 3/17/02		% of O/S Securities
B	i	A-1 Notes	78443CAA2	0.150	%	$	328,994,882.81	45.958	%	$	322,601,593.02	45.471	%
	ii	A-2 Notes	78443CAB0	0.550	%		328,419,000.00	45.878	%		328,419,000.00	46.291	%
	iii	B Notes	78443CAC8	0.850	%		23,742,000.00	3.317	%		23,742,000.00	3.347	%
	iv	C Notes	78443CAD6	1.700	%		34,699,000.00	4.847	%		34,699,000.00	4.891	%
	v	Total Notes				$	715,854,882.81	100.000	%	$	709,461,593.02	100.000	%

			12/16/2002		3/17/2003
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:    12/1/2002    through:    2/28/2003

A	Student Loan Principal Activity
	i	Principal Payments Received	$	11,394,325.87
	ii	Purchases by Servicer (Delinquencies >180)		439,757.44
	iii	Other Servicer Reimbursements		421.46
	iv	Seller Reimbursements		3,407.85
	v	Total Principal Collections	$	11,837,912.62
B	Student Loan Non-Cash Principal Activity
	i	Realized Losses/Loans Charged Off	$	—
	ii	Capitalized Interest		(8,501,240.03	)
	iii	Capitalized Insurance Fee		(1,337,764.97	)
	iv	Other Adjustments		(192,551.55	)
	v	Total Non-Cash Principal Activity	$	(10,031,556.55	)
C	Total Student Loan Principal Activity		$	1,806,356.07
D	Student Loan Interest Activity
	i	Interest Payments Received	$	4,461,112.38
	ii	Purchases by Servicer (Delinquencies >180)		13,763.73
	iii	Other Servicer Reimbursements		178.06
	iv	Seller Reimbursements		(105.11	)
	v	Late Fees		58,477.07
	vi	Collection Fees		0.00
	vii	Total Interest Collections	$	4,533,426.13
E	Student Loan Non-Cash Interest Activity
	i	Realized Losses/Loans Charged Off	$	—
	ii	Capitalized Interest		8,501,240.03
	iii	Other Interest Adjustments		106,611.19
	iv	Total Non-Cash Interest Adjustments	$	8,607,851.22
F	Total Student Loan Interest Activity		$	13,141,277.35

2

III.    2002-A    Collection Account Activity    12/1/2002    through    2/28/2003

A	Principal Collections
	i	Principal Payments Received	$	11,394,325.87
	ii	Purchases by Servicer (Delinquencies >180)		439,757.44
	iii	Other Servicer Reimbursements		421.46
	iv	Seller Reimbursements		3,407.85
	v	Total Principal Collections	$	11,837,912.62
B	Interest Collections
	i	Interest Payments Received	$	4,461,112.38
	ii	Purchases by Servicer (Delinquencies >180)		13,763.73
	iii	Other Servicer Reimbursements		178.06
	iv	Seller Reimbursements		(105.11	)
	v	Late Fees		58,477.07
	vi	Collection Fees		—
	vii	Total Interest Collections	$	4,533,426.13
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		$	(1,366,454.36	)
G	Investment Income
	i	Collection Account	$	26,971.39
	ii	Reserve Account		5,511.05
	iii	Cash Capitalization Account		128,300.67
	iv	Principal Distribution Account		—
	v	Administrator Account		9.76
	vi	Total Investment Income	$	160,792.87
H	Borrower Incentive Reimbursements		$	—
I	Gross Swap Receipt		$	2,118,623.63
	TOTAL FUNDS RECEIVED		$	17,284,300.89
	LESS FUNDS PREVIOUSLY REMITTED:
		Servicing Fees	$	(589,273.28	)
J	TOTAL AVAILABLE FUNDS		$	16,695,027.61
K	Servicing Fees Due for Current Period		$	388,298.82
	Less:	Servicing ADJ [A iii + B iii]	$	(599.52	)
L	Carryover Servicing Fees Due		$	—
M	Administration Fees Due		$	20,000.00
N	Total Fees Due for Period		$	407,699.30

3

IV.    2002-A    Loss and Recovery Detail    2/28/2003

A	i	Cumulative Realized Losses Test	% of Pool		11/30/2002		2/28/2003
		October 15, 2002 to September 15, 2007	15%		$	103,550,157.92	$	103,550,157.90
		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			$	45,333.74	$	485,091.18
	iii	Cumulative Interest Purchases by Servicer			$	801.87	$	14,565.60
	iv	Total Gross Defaults:			$	46,135.61	$	499,656.78

4

V.    2002-A    Portfolio Characteristics

			Weighted Avg Coupon				# of Loans		%*				Principal Amount				%*
STATUS
			11/30/2002		2/28/2003		11/30/2002	2/28/2003	11/30/2002		2/28/2003		11/30/2002		2/28/2003		11/30/2002		2/28/2003
INTERIM:
	In School		5.423	%	4.917	%	13,804	12,558	19.556	%	17.967	%	$	137,602,649.53	$	126,141,077.04	20.560	%	18.899	%
	Grace		5.514	%	4.853	%	10,413	3,509	14.751	%	5.020	%	$	101,010,676.96	$	32,438,353.13	15.093	%	4.860	%
TOTAL INTERIM			5.462	%	4.904	%	24,217	16,067	34.307	%	22.987	%	$	238,613,326.49	$	158,579,430.17	35.653	%	23.759	%
REPAYMENT
	Active
		Current	5.506	%	5.108	%	35,943	39,459	50.918	%	56.455	%	$	335,383,699.83	$	374,749,113.27	50.113	%	56.146	%
		31-60 Days Delinquent	6.459	%	5.767	%	730	1,302	1.034	%	1.863	%	$	6,239,071.55	$	11,287,474.09	0.932	%	1.691	%
		61-90 Days Delinquent	6.442	%	5.520	%	362	765	0.513	%	1.094	%	$	2,773,359.47	$	6,832,286.46	0.414	%	1.024	%
		91-120 Days Delinquent	6.278	%	6.802	%	233	149	0.330	%	0.213	%	$	1,994,958.40	$	1,188,190.71	0.298	%	0.178	%
		121-150 Days Delinquent	6.575	%	7.228	%	250	94	0.354	%	0.134	%	$	2,051,751.43	$	762,396.70	0.307	%	0.114	%
		151-180 Days Delinquent	5.835	%	5.942	%	17	21	0.024	%	0.030	%	$	109,288.90	$	172,943.91	0.016	%	0.026	%
		> 180 Days Delinquent	0.000	%	0.000	%	—	—	0.000	%	0.000	%	$	—	$	0.00	0.000	%	0.000	%
Deferment			4.631	%	4.239	%	1,022	1,138	1.448	%	1.628	%	$	14,003,715.51	$	15,661,809.74	2.092	%	2.346	%
Forbearance			5.885	%	5.438	%	7,816	10,900	11.072	%	15.595	%	$	68,093,710.65	$	98,222,881.11	10.174	%	14.716	%
TOTAL REPAYMENT			5.566	%	5.173	%	46,373	53,828	65.693	%	77.013	%	$	430,649,555.74	$	508,877,095.99	64.347	%	76.241	%
GRAND TOTAL			5.529	%	5.105	%	70,590	69,895	100.000	%	100.000	%	$	669,262,882.23	$	667,456,526.16	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	5.236	%	41,076	$	334,133,673.52	50.061	%
-Law Loans	5.430	%	13,298		135,162,666.01	20.250	%
-Med Loans	4.615	%	8,833		96,993,333.13	14.532	%
-MBA Loans	4.726	%	6,688		101,166,853.50	15.157	%
-Total	5.105	%	69,895	$	667,456,526.16	100.000	%

* Percentages may not total 100% due to rounding

6

VII.    2002-A    Swap

Swap Payments
				Swap Calculation
i	Notional Swap Amount — Aggregate Prime Loans Outstanding				594,423,332
Counterparty Pays:
ii	3 Month Libor				1.41000%
iii	Gross Swap Receipt Due Trust			$	2,118,623.63
iv	Days in Period	12/16/2002	3/17/2003		91
SLM Private Credit Trust Pays:
v	Prime Rate (WSJ) Less	2.7000%			1.55000%
vi	Gross Swap Payment Due Counterparty			$	2,271,837.12
vii	Days in Period	12/15/2002	3/15/2003		90

VIII.    2002-A    Accrued Interest Factors

		Accrued Int Factor	Accrual Period	Rate
A	Class A-1 Interest Rate	0.003943333	(12/16/02-3/17/03)	1.56000	%
B	Class A-2 Interest Rate	0.004954444	(12/16/02-3/17/03)	1.96000	%
C	Class B Interest Rate	0.005712778	(12/16/02-3/17/03)	2.26000	%
D	Class C Interest Rate	0.007861389	(12/16/02-3/17/03)	3.11000	%

7

IX.    2002-A    Inputs From Prior Data    11/30/02

A	Total Student Loan Pool Outstanding
	i	Portfolio Balance	$	669,262,882.23
	ii	Interest To Be Capitalized		21,024,060.14
	iii	Total Pool	$	690,286,942.37
	iv	Cash Capitalization Account (CI)		40,178,192.00
	v	Asset Balance	$	730,465,134.37
B	Total Note and Certificate Factor			0.98485937155
C	Total Note Balance		$	715,854,882.81

D	Note Balance    12/16/2002		Class A-1		Class A-2		Class B		Class C
	i	Current Factor		0.9676320083		1.0000000000		1.0000000000		1.0000000000
	ii	Expected Note Balance	$	328,994,882.81	$	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	12/16/02	$	657,413,883	$	681,155,883	$	715,854,883
Asset Balance	11/30/02	$	730,465,134	$	730,465,134	$	730,465,134
Pool Balance	2/28/03	$	683,893,653	$	683,893,653	$	683,893,653
Amounts on Deposit*	3/17/03		51,269,213		51,133,580		50,860,798
Total		$	735,162,866	$	735,027,233	$	734,754,451
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		$	73,051,251.56
Specified Class A Enhancement		$	108,610,776.69		The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount
Class B Enhancement		$	49,309,251.56
Specified Class B Enhancement		$	73,312,274.26		The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount
Class C Enhancement		$	14,610,251.56
Specified Class C Enhancement		$	21,722,155.34		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	12/16/2002	$	657,413,882.81
iii	Asset Balance	2/28/2003	$	724,071,844.58
iv	First Priority Principal Distribution Amount	3/17/2003	$	—
v	Is the Class B Note Parity Trigger in Effect?			No
vi	Aggregate A and B Notes Outstanding	12/16/2002	$	681,155,882.81
vii	Asset Balance	2/28/2003	$	724,071,844.58
viii	First Priority Principal Distribution Amount	3/17/2003	$	—
ix	Second Priority Principal Distribution Amount	3/17/2003	$	—
x	Is the Class C Note Parity Trigger in Effect?			No
xi	Aggregate A, B and C Notes Outstanding	12/16/2002	$	715,854,882.81
xii	Asset Balance	2/28/2003	$	724,071,844.58
xiii	First Priority Principal Distribution Amount	3/17/2003	$	—
xiv	Second Priority Principal Distribution Amount	3/17/2003	$	—
xv	Third Priority Principal Distribution Amount	3/17/2003	$	—
Regular Principal Distribution
i	Aggregate Notes Outstanding	12/16/2002	$	715,854,882.81
ii	Asset Balance	2/28/2003	$	724,071,844.58
iii	Specified Overcollateralization Amount	3/17/2003	$	14,610,251.56
iv	First Priority Principal Distribution Amount	3/17/2003	$	—
v	Second Priority Principal Distribution Amount	3/17/2003	$	—
vi	Third Priority Principal Distribution Amount	3/17/2003	$	—
vii	Regular Principal Distribution Amount		$	6,393,289.79
Class A Noteholders' Principal Distribution Amounts
i	Has the Stepdown Date Occurred?			No
ii	Asset Balance	2/28/2003	$	724,071,844.58
iii	85% of Asset Balance	2/28/2003	$	615,461,067.89
iv	Specified Overcollateralization Amount	3/17/2003	$	14,610,251.56
v	Lesser of (iii) and (ii — iv)		$	615,461,067.89
vi	Class A Noteholders' Principal Distribution Amt — Before the Stepdown Date		$	6,393,289.79
vii	Class A Noteholders' Principal Distribution Amt — After the Stepdown Date		$	—
Class B Noteholders' Principal Distribution Amounts
i	Has the Stepdown Date Occurred?			No
ii	Asset Balance	2/28/2003	$	724,071,844.58
iii	89.875% of Asset Balance	2/28/2003	$	650,759,570.32
iv	Specified Overcollateralization Amount	3/17/2003	$	14,610,251.56
v	Lesser of (iii) and (ii — iv)		$	650,759,570.32
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	2/28/2003	$	724,071,844.58
iii	97% of Asset Balance	2/28/2003	$	702,349,689.24
iv	Specified Overcollateralization Amount	3/17/2003	$	14,610,251.56
v	Lesser of (iii) and (ii — iv)		$	702,349,689.24
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)		$	16,695,027.61	$	16,695,027.61
B	Primary Servicing Fees-Current Month plus any Unpaid		$	387,699.30	$	16,307,328.30
C	Quarterly Administration Fee plus any Unpaid		$	20,000.00	$	16,287,328.30
D	Gross Swap Payment		$	2,271,837.12	$	14,015,491.19
E	i	Class A-1 Noteholders' Interest Distribution Amount	$	1,297,336.38	$	12,718,154.81
	ii	Class A-2 Noteholders' Interest Distribution Amount	$	1,627,133.54	$	11,091,021.26
F	First Priority Principal Distribution Amount — Principal Distribution Account		$	0.00	$	11,091,021.26
G	Class B Noteholders' Interest Distribuition Amount		$	135,632.78	$	10,955,388.49
H	Second Priority Principal Distribution Amount — Principal Distribution Account		$	0.00	$	10,955,388.49
I	Class C Noteholders' Interest Distribuition Amount		$	272,782.34	$	10,682,606.15
J	Third Priority Principal Distribution Amount — Principal Distribution Account		$	0.00	$	10,682,606.15
K	Increase to the Specified Reserve Account Balance		$	0.00	$	10,682,606.15
L	Regular Principal Distribution Amount — Principal Distribution Account		$	6,393,289.79	$	4,289,316.36
M	Carryover Servicing Fees		$	0.00	$	4,289,316.36
N	Swap Termination Payments		$	—	$	4,289,316.36
O	Additional Principal Distribution Amount — Principal Distribution Account		$	0.00	$	4,289,316.36
P	Remaining Funds to the Certificateholders		$	4,289,316.36	$	0.00

11

XIII.    2002-A    Principal Distribution Account Allocations

					Remaining Funds Balance
A	Total from Collection Account		$	6,393,289.79	$	6,393,289.79
B	i	Class A-1 Principal Distribution Amount Paid	$	6,393,289.79	$	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	$	1,297,336.38	$	1,627,133.54	$	135,632.78	$	272,782.34
	ii	Quarterly Interest Paid		1,297,336.38		1,627,133.54		135,632.78		272,782.34
	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	$	6,393,289.79	$	0.00	$	0.00	$	0.00
	viii	Quarterly Principal Paid		6,393,289.79		0.00		0.00		0.00
	ix	Difference	$	0.00	$	0.00	$	0.00	$	0.00
	x	Total Distribution Amount	$	7,690,626.17	$	1,627,133.54	$	135,632.78	$	272,782.34

B	Note Balances			12/16/2002		Paydown Factors	3/17/2003
	i	A-1 Note Balance	78443CAA2	$	328,994,882.81		$	322,601,593.02
		A-1 Note Pool Factor			0.9676320083	0.0188037935		0.9488282148
	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

			12/01/02-02/28/03			8/26/02-11/30/02
Beginning Student Loan Portfolio Balance			$	669,262,882.23		$	663,415,806.01
	Student Loan Principal Activity
i		Principal Payments Received	$	11,394,325.87		$	9,045,364.96
ii		Purchases by Servicer (Delinquencies >180)		439,757.44			45,333.74
iii		Other Servicer Reimbursements		421.46			85.42
iv		Seller Reimbursements		3,407.85			166,322.44
v		Total Principal Collections	$	11,837,912.62		$	9,257,106.56
	Student Loan Non-Cash Principal Activity
i		Realized Losses/Loans Charged Off	$	—		$	—
ii		Capitalized Interest		(8,501,240.03	)		(13,326,412.85	)
iii		Capitalized Insurance Fee	($	1,337,764.97	)	($	1,706,229.57	)
iv		Other Adjustments		(192,551.55	)		(71,540.36	)
v		Total Non-Cash Principal Activity	$	(10,031,556.55	)	$	(15,104,182.78	)
(-) Total Student Loan Principal Activity			$	1,806,356.07		$	(5,847,076.22	)
	Student Loan Interest Activity
i		Interest Payments Received	$	4,461,112.38		$	3,704,616.78
ii		Repurchases by Servicer (Delinquencies >180)		13,763.73			801.87
iii		Other Servicer Reimbursements		178.06			14.58
iv		Seller Reimbursements		(105.11	)		10,055.09
v		Late Fees		58,477.07			53,062.07
vi		Collection Fees		—			—
viii		Total Interest Collections		4,533,426.13			3,768,550.39
	Student Loan Non-Cash Interest Activity
i		Realized Losses/Loans Charged Off	$	—		$	—
ii		Capitalized Interest		8,501,240.03			13,326,412.85
iii		Other Interest Adjustments		106,611.19			67,264.86
iv		Total Non-Cash Interest Adjustments	$	8,607,851.22		$	13,393,677.71
v		Total Student Loan Interest Activity	$	13,141,277.35		$	17,162,228.10
(=) Ending Student Loan Portfolio Balance			$	667,456,526.16		$	669,262,882.23
(+) Interest to be Capitalized			$	16,437,126.42		$	21,024,060.14
(=) TOTAL POOL			$	683,893,652.58		$	690,286,942.37
(+) Cash Capitalization Account Balance (CI)			$	40,178,192.00		$	40,178,192.00
(=) Asset Balance			$	724,071,844.58		$	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%
Mar-03	$683,893,653	2.55%

*

"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