EX-19.1 3 a2106002zex-19_1.htm EXHIBIT 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

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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