-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SJvP6Wyxi+z1dKxF6QZYpaHGU2mXC2Af8ttRtAZOlDbP/xPb214ZCiYvqLh4Gbtd 4HXuIeFlwzT7d9PYXQbv8w== 0001047469-03-022149.txt : 20030624 0001047469-03-022149.hdr.sgml : 20030624 20030624170923 ACCESSION NUMBER: 0001047469-03-022149 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030616 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030624 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SLM EDUCATION CREDIT FUNDING LLC CENTRAL INDEX KEY: 0001179550 STANDARD INDUSTRIAL CLASSIFICATION: FEDERAL & FEDERALLY-SPONSORED CREDIT AGENCIES [6111] IRS NUMBER: 043480392 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-98169 FILM NUMBER: 03755503 BUSINESS ADDRESS: STREET 1: 20 HEMINGWAY DRIVE CITY: PROVIDENCE STATE: RI ZIP: 02915 BUSINESS PHONE: 7038107677 MAIL ADDRESS: STREET 1: 20 HEMINGWAY DRIVE CITY: PROVIDENCE STATE: RI ZIP: 02915 8-K 1 a2113060z8-k.htm FORM 8-K
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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): June 16, 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 June 16, 2003, the SLM Private Credit Student Loan Trust 2002-A made its third and the SLM Private Credit Student Loan Trust 2003-A made its first regular quarterly distribution of funds to holders of their Floating Rate Student Loan-Backed Notes. The trust also distributed its Quarterly Servicing Reports dated as of May 31, 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 May 31, 2003 as an Exhibit to this Form 8-K.

Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL STATEMENTS AND 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: June 23, 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

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Item 5. OTHER EVENTS

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

SIGNATURES
INDEX TO EXHIBIT
EX-19.1 3 a2113060zex-19_1.htm EXHIBIT 19.1

SLM Private Credit Student Loan Trust 2002-A

Quarterly Servicing Report
Report Date:		5/31/2003		Reporting Period: 03/01/03-05/31/03

I. Deal Parameters

	Student Loan Portfolio Characteristics		2/28/2003			Activity			5/31/2003
A	i	Portfolio Balance	$	667,456,526.16		$	(7,691,524.81	)	$	659,765,001.35
	ii	Interest to be Capitalized		16,437,126.42						17,892,755.02

	iii	Total Pool	$	683,893,652.58					$	677,657,756.37
	iv	Cash Capitalization Account (CI)		40,178,192.00						40,178,192.00

	v	Asset Balance	$	724,071,844.58					$	717,835,948.37

	i	Weighted Average Coupon (WAC)		5.105	%					5.100	%
	ii	Weighted Average Remaining Term		170.80						182.60
	iii	Number of Loans		69,895						69,259
	iv	Number of Borrowers		47,797						47,313
	vi	Prime Loans Outstanding	$	590,485,323					$	585,853,954
	vii	T-bill Loans Outstanding	$	91,972,500					$	90,410,844
	viii	Fixed Loans Outstanding	$	1,435,829					$	1,392,958

	Notes		Cusips	Spread		Balance 03/17/03		% of O/S Securities		Balance 06/16/03		% of O/S Securities
B	i	A-1 Notes	78443CAA2	0.150	%	$	322,601,593.02	45.471	%	$	316,365,696.81	44.988	%
	ii	A-2 Notes	78443CAB0	0.550	%		328,419,000.00	46.291	%		328,419,000.00	46.702	%
	iii	B Notes	78443CAC8	0.850	%		23,742,000.00	3.347	%		23,742,000.00	3.376	%
	iv	C Notes	78443CAD6	1.700	%		34,699,000.00	4.891	%		34,699,000.00	4.934	%

	v	Total Notes				$	709,461,593.02	100.000	%	$	703,225,696.81	100.000	%

			3/17/2003		6/16/2003
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.

II. 2002-A Transactions from: 3/1/2003 through: 5/31/2003

A	Student Loan Principal Activity
	i	Principal Payments Received	$	10,022,821.21
	ii	Purchases by Servicer (Delinquencies ›180)		384,621.89
	iii	Other Servicer Reimbursements		11,164.22
	iv	Seller Reimbursements		(3,814.18	)

	v	Total Principal Collections	$	10,414,793.14
B	Student Loan Non-Cash Principal Activity
	i	Realized Losses/Loans Charged Off	$	—
	ii	Capitalized Interest		(1,388,563.67	)
	iii	Capitalized Insurance Fee		(250,766.36	)
	iv	Other Adjustments		(1,083,938.30	)

	v	Total Non-Cash Principal Activity	$	(2,723,268.33	)
C	Total Student Loan Principal Activity		$	7,691,524.81

D	Student Loan Interest Activity
	i	Interest Payments Received	$	4,461,556.77
	ii	Purchases by Servicer (Delinquencies ›180)		4,319.12
	iii	Other Servicer Reimbursements		137.90
	iv	Seller Reimbursements		1,145.56
	v	Late Fees		59,880.28
	vi	Collection Fees		0.00

	vii	Total Interest Collections	$	4,527,039.63
E	Student Loan Non-Cash Interest Activity
	i	Realized Losses/Loans Charged Off	$	—
	ii	Capitalized Interest		1,388,563.67
	iii	Other Interest Adjustments		1,031,166.63

	iv	Total Non-Cash Interest Adjustments	$	2,419,730.30
F	Total Student Loan Interest Activity		$	6,946,769.93

III. 2002-A Collection Account Activity 3/1/2003 through 5/31/2003

A	Principal Collections
	i	Principal Payments Received	$	10,022,821.21
	ii	Purchases by Servicer (Delinquencies > 180)		384,621.89
	iii	Other Servicer Reimbursements		11,164.22
	iv	Seller Reimbursements		(3,814.18	)

	v	Total Principal Collections	$	10,414,793.14
B	Interest Collections
	i	Interest Payments Received	$	4,461,556.77
	ii	Purchases by Servicer (Delinquencies > 180)		4,319.12
	iii	Other Servicer Reimbursements		137.90
	iv	Seller Reimbursements		1,145.56
	v	Late Fees		59,880.28
	vi	Collection Fees		—

	vii	Total Interest Collections	$	4,527,039.63
C	Recoveries on Realized Losses		$	—
D	Amount from Cash Capitalizaton Account		$	—
E	Funds Borrowed from Next Collection Period		$	—
F	Funds Repaid from Prior Collection Periods		$	—
G	Investment Income
	i	Collection Account	$	25,802.25
	ii	Reserve Account		4,977.90
	iii	Cash Capitalization Account		115,887.99
	iv	Principal Distribution Account		—
	v	Administrator Account		—

	vi	Total Investment Income	$	146,668.14
H	Borrower Incentive Reimbursements		$	55,394.77
I	Gross Swap Receipt		$	1,878,829.98
	TOTAL FUNDS RECEIVED		$	17,022,725.66
	LESS FUNDS PREVIOUSLY REMITTED:
	Servicing Fees		$	(777,211.47	)

J	TOTAL AVAILABLE FUNDS		$	16,245,514.19

K	Servicing Fees Due for Current Period		$	385,762.80
	Less: Servicing ADJ [A iii + B iii]		$	(11,302.12	)
L	Carryover Servicing Fees Due		$	—
M	Administration Fees Due		$	20,000.00

N	Total Fees Due for Period		$	394,460.68

IV. 2002-A Loss and Recovery Detail 5/31/2003

A	i	Cumulative Realized Losses Test	% of Pool		2/28/2003		5/31/2003
		December 16, 2002 to September 15, 2007	15%		$	103,550,157.90	$	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			$	485,091.18	$	869,713.07
	iii	Cumulative Interest Purchases by Servicer			$	14,565.60	$	18,884.72

	iv	Total Gross Defaults:			$	499,656.78	$	888,597.79

V. 2002-A Portfolio Characteristics

			Weighted Avg Coupon				# of Loans		%				Principal Amount				%
STATUS			Weighted Avg Coupon				# of Loans		%				Principal Amount				%
STATUS			2/28/2003		5/31/2003		2/28/2003	5/31/2003	2/28/2003		5/31/2003		2/28/2003		5/31/2003		2/28/2003		5/31/2003
INTERIM:
	In School		4.917	%	4.975	%	12,558	8,801	17.967	%	12.708	%	$	126,141,077.04	$	84,416,925.62	18.899	%	12.795	%
	Grace		4.853	%	4.822	%	3,509	6,239	5.020	%	9.008	%	$	32,438,353.13	$	62,866,388.34	4.860	%	9.529	%

TOTAL INTERIM			4.904	%	4.909	%	16,067	15,040	22.987	%	21.716	%	$	158,579,430.17	$	147,283,313.96	23.759	%	22.324	%

REPAYMENT
	Active
		Current	5.108	%	5.052	%	39,459	40,311	56.455	%	58.203	%	$	374,749,113.27	$	380,395,756.54	56.146	%	57.657	%
		31-60 Days Delinquent	5.767	%	5.849	%	1,302	892	1.863	%	1.288	%	$	11,287,474.09	$	7,455,399.10	1.691	%	1.130	%
		61-90 Days Delinquent	5.520	%	5.990	%	765	511	1.094	%	0.738	%	$	6,832,286.46	$	4,542,157.83	1.024	%	0.688	%
		91-120 Days Delinquent	6.802	%	6.151	%	149	242	0.213	%	0.349	%	$	1,188,190.71	$	2,240,510.67	0.178	%	0.340	%
		121-150 Days Delinquent	7.228	%	6.079	%	94	138	0.134	%	0.199	%	$	762,396.70	$	1,232,193.77	0.114	%	0.187	%
		151-180 Days Delinquent	5.942	%	5.646	%	21	8	0.030	%	0.012	%	$	172,943.91	$	93,336.03	0.026	%	0.014	%
		> 180 Days Delinquent	0.000	%	0.000	%	—	—	0.000	%	0.000	%	$	—	$	0.00	0.000	%	0.000	%
Deferment			4.239	%	4.174	%	1,138	1,115	1.628	%	1.610	%	$	15,661,809.74	$	15,510,414.63	2.346	%	2.351	%
Forbearance			5.438	%	5.599	%	10,900	11,002	15.595	%	15.885	%	$	98,222,881.11	$	101,011,918.82	14.716	%	15.310	%

TOTAL REPAYMENT			5.173	%	5.160	%	53,828	54,219	77.013	%	78.284	%	$	508,877,095.99	$	512,481,687.39	76.241	%	77.677	%

GRAND TOTAL			5.105	%	5.100	%	69,895	69,259	100.000	%	100.000	%	$	667,456,526.16	$	659,765,001.35	100.000	%	100.001	%

*: Percentages may not total 100% due to rounding

VI. 2002-A Portfolio Characteristics by School and Program

LOAN TYPE	WAC		# Loans	$ Amount		%
-Signature Loans	5.234	%	40,712	$	330,615,649.00	50.111	%
-Law Loans	5.452	%	13,231		134,385,768.21	20.369	%
-Med Loans	4.550	%	8,709		95,307,365.51	14.446	%
-MBA Loans	4.728	%	6,607		99,456,218.63	15.074	%

-Total	5.100	%	69,259	$	659,765,001.35	100.000	%

*: Percentages may not total 100% due to rounding

VII. 2002-A Swap

Swap Payments
		Swap Calculation
i	Notional Swap Amount - Aggregate Prime Loans Outstanding		590,485,323
Counterparty Pays:
ii	3 Month Libor		1.25875	%
iii	Gross Swap Receipt Due Trust	$	1,878,829.98
iv	Days in Period 3/17/2003 6/16/2003		91
SLM Private Credit Trust Pays:
v	Prime Rate (WSJ) Less 2.7000%		1.55000	%
vi	Gross Swap Payment Due Counterparty	$	2,306,937.18
vii	Days in Period 3/15/2003 6/15/2003		92

VIII. 2002-A Accrued Interest Factors

		Accrued Int Factor	Accrual Period	Rate
A	Class A-1 Interest Rate	0.003561007	(3/17/03 - 06/16/03)	1.40875%
B	Class A-2 Interest Rate	0.004572118	(3/17/03 - 06/16/03)	1.80875%
C	Class B Interest Rate	0.005330451	(3/17/03 - 06/16/03)	2.10875%
D	Class C Interest Rate	0.007479063	(3/17/03 - 06/16/03)	2.95875%

IX. 2002-A Inputs From Prior Data 02/28/03

A	Total Student Loan Pool Outstanding
	i	Portfolio Balance	$	667,456,526.16
	ii	Interest To Be Capitalized		16,437,126.42

	iii	Total Pool	$	683,893,652.58
	iv	Cash Capitalization Account (CI)		40,178,192.00

	v	Asset Balance	$	724,071,844.58

B	Total Note and Certificate Factor			0.97606360650
C	Total Note Balance		$	709,461,593.02

D	Note Balance 3/17/2003		Class A-1		Class A-2		Class B		Class C
	i	Current Factor		0.9488282148		1.0000000000		1.0000000000		1.0000000000
	ii	Expected Note Balance	$	322,601,593.02	$	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

X. 2002-A Note Parity Triggers

		Class A		Class B		Class C
Notes Outstanding	3/17/03	$	651,020,593	$	674,762,593	$	709,461,593
Asset Balance	2/28/03	$	724,071,845	$	724,071,845	$	724,071,845
Pool Balance	5/31/03	$	677,657,756	$	677,657,756	$	677,657,756
Amounts on Deposit*	6/16/03		51,071,951		50,945,396		50,685,880
Total		$	728,729,707	$	728,603,152	$	728,343,636
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		$	107,675,392.26		The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount
Class B Enhancement		$	49,309,251.56
Specified Class B Enhancement		$	72,680,889.77		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		$	21,535,078.45		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

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	3/17/2003	$	651,020,593.02
iii	Asset Balance	5/31/2003	$	717,835,948.37

iv	First Priority Principal Distribution Amount	6/16/2003	$	—
v	Is the Class B Note Parity Trigger in Effect?			No
vi	Aggregate A and B Notes Outstanding	3/17/2003	$	674,762,593.02
vii	Asset Balance	5/31/2003	$	717,835,948.37
viii	First Priority Principal Distribution Amount	6/16/2003	$	—

ix	Second Priority Principal Distribution Amount	6/16/2003	$	—
x	Is the Class C Note Parity Trigger in Effect?			No
xi	Aggregate A, B and C Notes Outstanding	3/17/2003	$	709,461,593.02
xii	Asset Balance	5/31/2003	$	717,835,948.37
xiii	First Priority Principal Distribution Amount	6/16/2003	$	—
xiv	Second Priority Principal Distribution Amount	6/16/2003	$	—

xv	Third Priority Principal Distribution Amount	6/16/2003	$	—
Regular Principal Distribution
i	Aggregate Notes Outstanding	3/17/2003	$	709,461,593.02
ii	Asset Balance	5/31/2003	$	717,835,948.37
iii	Specified Overcollateralization Amount	6/16/2003	$	14,610,251.56
iv	First Priority Principal Distribution Amount	6/16/2003	$	—
v	Second Priority Principal Distribution Amount	6/16/2003	$	—
vi	Third Priority Principal Distribution Amount	6/16/2003	$	—
vii	Regular Principal Distribution Amount		$	6,235,896.21
Class A Noteholders' Principal Distribution Amounts
i	Has the Stepdown Date Occurred?			No
ii	Asset Balance	5/31/2003	$	717,835,948.37
iii	85% of Asset Balance	5/31/2003	$	610,160,556.11
iv	Specified Overcollateralization Amount	6/16/2003	$	14,610,251.56
v	Lesser of (iii) and (ii - iv)		$	610,160,556.11
vi	Class A Noteholders' Principal Distribution Amt—Before the Stepdown Date		$	6,235,896.21
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	5/31/2003	$	717,835,948.37
iii	89.875% of Asset Balance	5/31/2003	$	645,155,058.60
iv	Specified Overcollateralization Amount	6/16/2003	$	14,610,251.56
v	Lesser of (iii) and (ii - iv)		$	645,155,058.60
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	5/31/2003	$	717,835,948.37
iii	97% of Asset Balance	5/31/2003	$	696,300,869.92
iv	Specified Overcollateralization Amount	6/16/2003	$	14,610,251.56
v	Lesser of (iii) and (ii - iv)		$	696,300,869.92
vi	Class C Noteholders' Principal Distribution Amt—Before the Stepdown Date		$	—
vii	Class C Noteholders' Principal Distribution Amt—After the Stepdown Date		$	—

XII. 2002-A Waterfall for Distributions

					Remaining Funds Balance
A	Total Available Funds (Sections III-F + VI-D + VI-G-v + X-G-vii)		$	16,245,514.19	$	16,245,514.19
B	Primary Servicing Fees—Current Month plus any Unpaid		$	374,460.68	$	15,871,053.51
C	Quarterly Administration Fee plus any Unpaid		$	20,000.00	$	15,851,053.51
D	Gross Swap Payment		$	2,306,937.18	$	13,544,116.33
E	i	Class A-1 Noteholders' Interest Distribution Amount	$	1,148,786.51	$	12,395,329.82
	ii	Class A-2 Noteholders' Interest Distribution Amount	$	1,501,570.44	$	10,893,759.38
F	First Priority Principal Distribution Amount—Principal Distribution Account		$	0.00	$	10,893,759.38
G	Class B Noteholders' Interest Distribuition Amount		$	126,555.58	$	10,767,203.80
H	Second Priority Principal Distribution Amount—Principal Distribution Account		$	0.00	$	10,767,203.80
I	Class C Noteholders' Interest Distribuition Amount		$	259,515.99	$	10,507,687.81
J	Third Priority Principal Distribution Amount—Principal Distribution Account		$	0.00	$	10,507,687.81
K	Increase to the Specified Reserve Account Balance		$	0.00	$	10,507,687.81
L	Regular Principal Distribution Amount—Principal Distribution Account		$	6,235,896.21	$	4,271,791.60
M	Carryover Servicing Fees		$	0.00	$	4,271,791.60
N	Swap Termination Payments		$	—	$	4,271,791.60
O	Additional Principal Distribution Amount—Principal Distribution Account		$	0.00	$	4,271,791.60
P	Remaining Funds to the Certificateholders		$	4,271,791.60	$	0.00

XIII. 2002-A Principal Distribution Account Allocations

					Remaining Funds Balance
A	Total from Collection Account		$	6,235,896.21	$	6,235,896.21
B	i	Class A-1 Principal Distribution Amount Paid	$	6,235,896.21	$	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

XIV. 2002-A Distributions

A	Distribution Amounts		Class A-1		Class A-2		Class B		Class C
	i	Quarterly Interest Due	$	1,148,786.51	$	1,501,570.44	$	126,555.58	$	259,515.99
	ii	Quarterly Interest Paid		1,148,786.51		1,501,570.44		126,555.58		259,515.99

	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	$	6,235,896.21	$	0.00	$	0.00	$	0.00
	viii	Quarterly Principal Paid		6,235,896.21		0.00		0.00		0.00

	ix	Difference	$	0.00	$	0.00	$	0.00	$	0.00

	x	Total Distribution Amount	$	7,384,682.72	$	1,501,570.44	$	126,555.58	$	259,515.99

B	Note Balances			3/17/2003		Paydown Factors	6/16/2003
	i	A-1 Note Balance	78443CAA2	$	322,601,593.02		$	316,365,696.81
		A-1 Note Pool Factor			0.9488282148	0.0183408712		0.9304873436
	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

XV. 2002-A Historical Pool Information

			03/01/03-05/31/03			12/01/02-02/28/03			8/26/02-11/30/02
Beginning Student Loan Portfolio Balance			$	667,456,526.16		$	669,262,882.23		$	663,415,806.01

	Student Loan Principal Activity
i		Principal Payments Received	$	10,022,821.21		$	11,394,325.87		$	9,045,364.96
ii		Purchases by Servicer (Delinquencies ›180)		384,621.89			439,757.44			45,333.74
iii		Other Servicer Reimbursements		11,164.22			421.46			85.42
iv		Seller Reimbursements		(3,814.18	)		3,407.85			166,322.44

v		Total Principal Collections	$	10,414,793.14		$	11,837,912.62		$	9,257,106.56
	Student Loan Non-Cash Principal Activity
i		Realized Losses/Loans Charged Off	$	—		$	—		$	—
ii		Capitalized Interest		(1,388,563.67	)		(8,501,240.03	)		(13,326,412.85	)
iii		Capitalized Insurance Fee	$	(250,766.36	)	$	(1,337,764.97	)	$	(1,706,229.57	)
iv		Other Adjustments		(1,083,938.30	)		(192,551.55	)		(71,540.36	)

v		Total Non-Cash Principal Activity	$	(2,723,268.33	)	$	(10,031,556.55	)	$	(15,104,182.78	)
(-) Total Student Loan Principal Activity			$	7,691,524.81		$	1,806,356.07		$	(5,847,076.22	)

	Student Loan Interest Activity
i		Interest Payments Received	$	4,461,556.77		$	4,461,112.38		$	3,704,616.78
ii		Repurchases by Servicer (Delinquencies ›180)		4,319.12			13,763.73			801.87
iii		Other Servicer Reimbursements		137.90			178.06			14.58
iv		Seller Reimbursements		1,145.56			(105.11	)		10,055.09
v		Late Fees		59,880.28			58,477.07			53,062.07
vi		Collection Fees		—			—			—

viii		Total Interest Collections		4,527,039.63			4,533,426.13			3,768,550.39
	Student Loan Non-Cash Interest Activity
i		Realized Losses/Loans Charged Off	$	—		$	—		$	—
ii		Capitalized Interest		1,388,563.67			8,501,240.03			13,326,412.85
iii		Other Interest Adjustments		1,031,166.63			106,611.19			67,264.86

iv		Total Non-Cash Interest Adjustments	$	2,419,730.30		$	8,607,851.22		$	13,393,677.71

v		Total Student Loan Interest Activity	$	6,946,769.93		$	13,141,277.35		$	17,162,228.10
(=) Ending Student Loan Portfolio Balance			$	659,765,001.35		$	667,456,526.16		$	669,262,882.23

(+) Interest to be Capitalized			$	17,892,755.02		$	16,437,126.42		$	21,024,060.14

(=) TOTAL POOL			$	677,657,756.37		$	683,893,652.58		$	690,286,942.37

(+) Cash Capitalization Account Balance (CI)			$	40,178,192.00		$	40,178,192.00		$	40,178,192.00

(=) Asset Balance			$	717,835,948.37		$	724,071,844.58		$	730,465,134.37

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	%
Jun-03	$	677,657,756	2.19	%

*: "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.

SLM Private Credit Student Loan Trust 2003-A

Quarterly Servicing Report
Report Date:		5/31/2003		Reporting Period: 01/27/03-05/31/03

I. Deal Parameters

	Student Loan Portfolio Characteristics		1/27/2003			Activity			5/31/2003
A	i	Portfolio Balance	$	965,794,008.71		$	(14,933,126.14	)	$	950,860,882.57
	ii	Interest to be Capitalized		39,386,170.21						45,954,342.67

	iii	Total Pool	$	1,005,180,178.92					$	996,815,225.24
	iv	Cash Capitalization Account (CI)		58,502,550.00						58,502,550.00

	v	Asset Balance	$	1,063,682,728.92					$	1,055,317,775.24

	i	Weighted Average Coupon (WAC)		5.069	%					5.012	%
	ii	Weighted Average Remaining Term		177.02						174.13
	iii	Number of Loans		122,161						120,967
	iv	Number of Borrowers		77,197						76,503
	vi	Prime Loans Outstanding	$	696,018,710					$	701,552,123
	vii	T-bill Loans Outstanding	$	301,294,062					$	288,268,587
	viii	Fixed Loans Outstanding	$	7,867,407					$	6,994,515

	Notes		Cusips	Spread		Balance 03/13/03		% of O/S Securities		Balance 06/16/03		% of O/S Securities
B	i	A-1 Notes	78443CAE4	0.110	%	$	500,071,000.00	47.368	%	$	478,408,120.66	46.266	%
	ii	A-2 Notes	78443CAF1	0.440	%		320,000,000.00	30.311	%		320,000,000.00	30.946	%
	iii	A-3 ARS	78443CAJ3	ARS			76,600,000.00	7.256	%		76,600,000.00	7.408	%
	iv	A-4 ARS	78443CAK0	ARS			76,600,000.00	7.256	%		76,600,000.00	7.408	%
	v	B Notes	78443CAG9	0.750	%		34,570,000.00	3.275	%		34,570,000.00	3.343	%
	vi	C Notes	78443CAH7	1.600	%		47,866,000.00	4.534	%		47,866,000.00	4.629	%

	vii	Total Notes				$	1,055,707,000.00	100.000	%	$	1,034,044,120.66	100.000	%

			3/13/2003		6/16/2003
C	i	Reserve Account Balance ($)	$	2,512,950.00	$	2,512,950.00
	ii	Cash Capitalization Acct Balance ($)	$	58,502,550.00	$	58,502,550.00
	iii	Initial Asset Balance	$	1,063,682,728.92	$	1,063,682,728.92
	iv	Specified Overcollateralization Amount	$	21,273,654.58	$	21,273,654.58
	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 March 17, 2008. At the Stepdown Date, principal payments made on the Class B and Class C Notes may begin to be paid pro-rata with the Class A Notes.

See the prospectus for complete information concerning the Stepdown Date.

II. 2003-A Transactions from: 1/28/2003 through: 5/31/2003

A	Student Loan Principal Activity
	i	Principal Payments Received	$	19,739,960.28
	ii	Purchases by Servicer (Delinquencies ›180)		79,002.74
	iii	Other Servicer Reimbursements		41.49
	iv	Seller Reimbursements		134,675.22

	v	Total Principal Collections	$	19,953,679.73
B	Student Loan Non-Cash Principal Activity
	i	Realized Losses/Loans Charged Off	$	0.00
	ii	Capitalized Interest		(4,391,385.55	)
	iii	Capitalized Insurance Fee		(458,815.65	)
	iv	Other Adjustments		(170,352.39	)

	v	Total Non-Cash Principal Activity	$	(5,020,553.59	)
C	Total Student Loan Principal Activity		$	14,933,126.14

D	Student Loan Interest Activity
	i	Interest Payments Received	$	7,321,995.25
	ii	Purchases by Servicer (Delinquencies ›180)		5,216.47
	iii	Other Servicer Reimbursements		0.07
	iv	Seller Reimbursements		8,882.55
	v	Late Fees		69,417.72
	vi	Collection Fees		0.00

	vii	Total Interest Collections	$	7,405,512.06
E	Student Loan Non-Cash Interest Activity
	i	Realized Losses/Loans Charged Off	$	0.00
	ii	Capitalized Interest		4,391,385.55
	iii	Other Interest Adjustments		(11,117.42	)

	iv	Total Non-Cash Interest Adjustments	$	4,380,268.13
F	Total Student Loan Interest Activity		$	11,785,780.19

III. 2003-A Collection Account Activity 1/28/2003 through 5/31/2003

A	Principal Collections
	i	Principal Payments Received	$	19,739,960.28
	ii	Purchases by Servicer (Delinquencies > 180)		79,002.74
	iii	Other Servicer Reimbursements		41.49
	iv	Seller Reimbursements		134,675.22

	v	Total Principal Collections	$	19,953,679.73
B	Interest Collections
	i	Interest Payments Received	$	7,321,995.25
	ii	Purchases by Servicer (Delinquencies > 180)		5,216.47
	iii	Other Servicer Reimbursements		0.07
	iv	Seller Reimbursements		8,882.55
	v	Late Fees		69,417.72
	vi	Collection Fees		—

	vii	Total Interest Collections	$	7,405,512.06
C	Recoveries on Realized Losses		$	—
D	Amount from Cash Capitalizaton Account		$	—
E	Funds Borrowed from Next Collection Period		$	447,037.83
F	Funds Repaid from Prior Collection Periods		$	—
G	Investment Income
	i	Collection Account	$	24,962.15
	ii	Reserve Account	$	6,236.10
	iii	Cash Capitalization Account		145,179.61
	iv	Principal Distribution Account	$	8,657.29
	v	Administrator Account		10,445.40

	vi	Total Investment Income	$	195,480.55
H	Borrower Incentive Reimbursements		$	80,135.41
I	Interest Rate Cap Proceeds
I	Gross Swap Receipt		$	2,257,893.40
	TOTAL FUNDS RECEIVED		$	30,339,738.98
	LESS FUNDS PREVIOUSLY REMITTED:
	i	Servicing Fees	$	(686,981.72	)
	ii	ARS related fees, payments, and accruals (IV-A-v + IV-B-v)	$	(542,875.91	)
J	TOTAL AVAILABLE FUNDS		$	29,109,881.35

K	Servicing Fees Due for Current Period		$	772,385.93
		Less: Servicing ADJ [A iii + B iii]	$	(41.56	)
L	Carryover Servicing Fees Due		$	—
M	Administration Fees Due		$	20,000.00
N	Total Fees Due for Period		$	792,344.37

IV 2003-A Auction Rate Security Detail

		Payment Date	Security Description	Interest Rate	No. of Days	Start Date	End Date	Interest Payment
A	Auction Rate Securities Paid During Collection Period
	i	04/17/2003	SLMPC TRUST 2003A A3	1.280000%	35	03/13/2003	04/17/2003		95,324.44
		04/30/2003	SLMPC TRUST 2003A A4	1.260000%	48	03/13/2003	04/30/2003		128,688.00
		05/15/2003	SLMPC TRUST 2003A A3	1.300000%	28	04/17/2003	05/15/2003		77,451.12
		05/28/2003	SLMPC TRUST 2003A A4	1.300000%	28	04/30/2003	05/28/2003		77,451.11
	ii	Auction Rate Security Payments Made During Collection Period						$	378,914.67
	iii	Broker/Dealer Fees Paid During Collection Period		1/27/03-05/31/03				$	71,067.79
	iv	Auction Agent Fees Paid During Collection Period		1/27/03-05/31/03				$	3,020.37

	v	Total Payments Out of Future Distribution Account During Collection Period						$	453,002.83

B	Payments Set Aside During Collection Period for Future Distributions
		Payment Date	Security Description	Interest Rate	No. of Days	Start Date	End Date	Interest Payment
	i	6/12/2003	SLMPC TRUST 2003A A3	1.300000%	28	05/15/2003	6/12/2003		77,451.11
	ii		Future Auction Rate Security Payments Set Aside					$	77,451.11
	iii		Future Broker Dealer Fees Set Aside for Payment					$	11,915.56
	iv		Future Auction Agent Fees Set Aside for Payment					$	506.41
			Less: Auction Rate Security Payments and Fees due on the Distribution Date					$	—
	v		Total Funds Remaining in Future Distribution Account					$	89,873.08

V. 2003-A Loss and Recovery Detail 5/31/2003

A	i	Cumulative Realized Losses Test	% of Original Pool		1/27/2003		5/31/2003
		June 16, 2003 to March 17, 2008	15%		$	150,777,026.84	$	150,777,026.84
		June 16, 2008 to March 15, 2011	18%
		June ,15, 2011 and thereafter	20%
	ii	Cumulative Realized Losses (Net of Recoveries)			$	0.00	$	0.00
	iii	Is Test Satisfied (ii ‹ i)?		Yes
B	i	Recoveries on Realized Losses This Collection Period
	ii	Principal Cash Recovered During Collection Period			$	0.00	$	0.00
	iii	Interest Cash Recovered During Collection Period			$	0.00	$	0.00
	iv	Late Fees and Collection Costs Recovered During Collection Period			$	0.00	$	0.00
	v	Total Recoveries for Period			$	0.00	$	0.00
C	i	Gross Defaults:
	ii	Cumulative Principal Purchases by Servicer			$	0.00	$	79,002.74
	iii	Cumulative Interest Purchases by Servicer			$	0.00	$	5,216.47

	iv	Total Gross Defaults:			$	0.00	$	84,219.21

VI. 2003-A Portfolio Characteristics

			Weighted Avg Coupon				# of Loans		%				Principal Amount				%
STATUS			Weighted Avg Coupon				# of Loans		%				Principal Amount				%
STATUS			1/27/2003		5/31/2003		1/27/2003	5/31/2003	1/27/2003		5/31/2003		1/27/2003		5/31/2003		1/27/2003		5/31/2003
INTERIM:
	In School		4.976	%	4.972	%	54,292	42,877	44.443	%	35.446	%	$	443,109,521.63	$	348,091,897.08	45.880	%	36.608	%
	Grace		5.541	%	5.142	%	8,532	15,670	6.984	%	12.954	%	$	68,082,953.20	$	125,864,408.67	7.049	%	13.237	%
TOTAL INTERIM			5.052	%	5.017	%	62,824	58,547	51.427	%	48.400	%	$	511,192,474.83	$	473,956,305.75	52.930	%	49.845	%

REPAYMENT
	Active
		Current	5.055	%	4.924	%	52,307	53,755	42.818	%	44.438	%	$	393,836,488.82	$	402,344,582.83	40.779	%	42.314	%
		31-60 Days Delinquent	5.299	%	5.657	%	1,712	654	1.401	%	0.541	%	$	14,117,907.61	$	4,980,983.12	1.462	%	0.524	%
		61-90 Days Delinquent	0.000	%	5.712	%	—	178	0.000	%	0.147	%	$	—	$	1,230,368.40	0.000	%	0.129	%
		91-120 Days Delinquent	0.000	%	5.984	%	—	114	0.000	%	0.094	%	$	—	$	751,061.63	0.000	%	0.079	%
		121-150 Days Delinquent	0.000	%	5.955	%	—	58	0.000	%	0.048	%	$	—	$	399,287.63	0.000	%	0.042	%
		151-180 Days Delinquent	0.000	%	4.837	%	—	9	0.000	%	0.007	%	$	—	$	84,163.26	0.000	%	0.009	%
		> 180 Days Delinquent	0.000	%	0.000	%	—	—	0.000	%	0.000	%	$	—	$	0.00	0.000	%	0.000	%
	Deferment		4.971	%	4.920	%	53	59	0.043	%	0.049	%	$	704,707.10	$	733,177.75	0.073	%	0.077	%
	Forbearance		5.353	%	5.417	%	5,265	7,593	4.310	%	6.277	%	$	45,942,430.35	$	66,380,952.20	4.757	%	6.981	%

TOTAL REPAYMENT			5.092	%	5.005	%	59,337	62,420	48.573	%	51.601	%	$	454,601,533.88	$	476,904,576.82	47.070	%	50.155	%

GRAND TOTAL			5.069	%	5.012	%	122,161	120,967	100.000	%	100.000	%	$	965,794,008.71	$	950,860,882.57	100.000	%	100.000	%

*: Percentages may not total 100% due to rounding

VII. 2003-A Portfolio Characteristics by School and Program

LOAN TYPE	WAC		# Loans	$ Amount		%
-Signature Loans	5.076	%	79,540	$	642,782,579.20	67.600	%
-Law Loans	4.847	%	32,172		212,843,448.82	22.384	%
-Med Loans	5.105	%	5,730		48,009,610.60	5.049	%
-MBA Loans	4.746	%	3,525		47,225,243.95	4.967	%

-Total	5.012	%	120,967	$	950,860,882.57	100.000	%

*: Percentages may not total 100% due to rounding

VIII. 2003-A Interest Rate Swap and Cap Calculations

A	Swap Payments
			Counterparty A			Counterparty B
	i	Notional Swap Amount—Aggregate Prime Loans Outstanding		348,009,355		$	348,009,355
	Counterparty Pays:
	ii	3 Month Libor		1.22931	%		1.22931	%
	iii	Gross Swap Receipt Due Trust	$	1,128,946.70		$	1,128,946.70
	iv	Days in Period 3/13/2003 6/16/2003		95			95
	SLM Private Credit Trust Pays:
	v	Prime Rate (WSJ) Less 2.6100%		1.64000	%		1.64000	%
	vi	Gross Swap Payment Due Counterparty	$	1,469,838.96		$	1,469,838.96
	vii	Days in Period 3/13/2003 6/15/2003		94			94
B	Cap Payments
			Cap Calculation
	i	Notional Swap Amount	$	620,000,000.00
	Counterparty Pays:
	ii	3 Month Libor (interpolated for first accrual period)		1.22931	%
	iii	Cap Rate		4.00000	%

	iv	Excess (if any) of Libor over Cap Rate (ii-iii)		0.00000	%
	v	Days in Period 3/13/2003 6/16/2003		95
	vi	Cap Payment due Trust	$	—

IX. 2003-A Accrued Interest Factors

		Accrued Int Factor	Accrual Period	Rate
A	Class A-1 Interest Rate	0.003534290	(03/13/03-06/16/03)	1.33931%
B	Class A-2 Interest Rate	0.004405124	(03/13/03-06/16/03)	1.66931%
C	Class B Interest Rate	0.005223179	(03/13/03-06/16/03)	1.97931%
D	Class C Interest Rate	0.007466235	(03/13/03-06/16/03)	2.82931%

X. 2003-A Inputs From Prior Data 01/27/03

A	Total Student Loan Pool Outstanding
	i	Portfolio Balance	$	965,794,008.71
	ii	Interest To Be Capitalized		39,386,170.21

	iii	Total Pool	$	1,005,180,178.92
	iv	Cash Capitalization Account (CI)		58,502,550.00

	v	Asset Balance	$	1,063,682,728.92

B	Total Note and Certificate Factor			1.00000000000
C	Total Note Balance		$	1,055,707,000.00

D	Note Balance 3/13/2003		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	$	500,071,000.00	$	320,000,000.00	$	76,600,000.00	$	76,600,000.00	$	34,570,000.00	$	47,866,000.00
F	Interest Shortfall		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
G	Interest Carryover		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
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

XI. 2003-A Note Parity Triggers

		Class A		Class B		Class C
Notes Outstanding	3/13/03	$	973,271,000	$	1,007,841,000	$	1,055,707,000
Asset Balance	1/27/03	$	1,063,682,729	$	1,063,682,729	$	1,063,682,729
Pool Balance	5/31/03	$	996,815,225	$	996,815,225	$	996,815,225
Amounts on Deposit*	6/16/03		80,703,373		80,522,808		80,165,429
Total		$	1,077,518,598	$	1,077,338,033	$	1,076,980,654
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		$	90,411,728.92
Specified Class A Enhancement		$	158,297,666.29		The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount
Class B Enhancement		$	55,841,728.92
Specified Class B Enhancement		$	106,850,924.74		The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount
Class C Enhancement		$	7,975,728.92
Specified Class C Enhancement		$	31,659,533.26		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 F for the Class A; Items B through H for the Class B; and Items B through J for the Class C

XII. 2003-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	3/13/2003	$	973,271,000.00
iii	Asset Balance	5/31/2003	$	1,055,317,775.24

iv	First Priority Principal Distribution Amount	6/16/2003	$	—
v	Is the Class B Note Parity Trigger in Effect?			No
vi	Aggregate A and B Notes Outstanding	3/13/2003	$	1,007,841,000.00
vii	Asset Balance	5/31/2003	$	1,055,317,775.24
viii	First Priority Principal Distribution Amount	6/16/2003	$	—

ix	Second Priority Principal Distribution Amount	6/16/2003	$	—
x	Is the Class C Note Parity Trigger in Effect?			No
xi	Aggregate A, B and C Notes Outstanding	3/13/2003	$	1,055,707,000.00
xii	Asset Balance	5/31/2003	$	1,055,317,775.24
xiii	First Priority Principal Distribution Amount	6/16/2003	$	—
xiv	Second Priority Principal Distribution Amount	6/16/2003	$	—

xv	Third Priority Principal Distribution Amount	6/16/2003	$	389,224.76
Regular Principal Distribution
i	Aggregate Notes Outstanding	3/13/2003	$	1,055,707,000.00
ii	Asset Balance	5/31/2003	$	1,055,317,775.24
iii	Specified Overcollateralization Amount	6/16/2003	$	21,273,654.58
iv	First Priority Principal Distribution Amount	6/16/2003	$	—
v	Second Priority Principal Distribution Amount	6/16/2003	$	—
vi	Third Priority Principal Distribution Amount	6/16/2003	$	389,224.76
vii	Regular Principal Distribution Amount		$	21,273,654.58
Class A Noteholders' Principal Distribution Amounts
i	Has the Stepdown Date Occurred?			No
ii	Asset Balance	5/31/2003	$	1,055,317,775.24
iii	85% of Asset Balance	5/31/2003	$	897,020,108.95
iv	Specified Overcollateralization Amount	6/16/2003	$	21,273,654.58
v	Lesser of (iii) and (ii - iv)		$	897,020,108.95
vi	Class A Noteholders' Principal Distribution Amt—Before the Stepdown Date		$	21,662,879.34
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	5/31/2003	$	1,055,317,775.24
iii	89.875% of Asset Balance	5/31/2003	$	948,466,850.50
iv	Specified Overcollateralization Amount	6/16/2003	$	21,273,654.58
v	Lesser of (iii) and (ii - iv)		$	948,466,850.50
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	5/31/2003	$	1,055,317,775.24
iii	97% of Asset Balance	5/31/2003	$	1,023,658,241.98
iv	Specified Overcollateralization Amount	6/16/2003	$	21,273,654.58
v	Lesser of (iii) and (ii - iv)		$	1,023,658,241.98
vi	Class C Noteholders' Principal Distribution Amt—Before the Stepdown Date		$	—
vii	Class C Noteholders' Principal Distribution Amt—After the Stepdown Date		$	—

XIII. 2003-A Waterfall for Distributions

					Remaining Funds Balance
A	Total Available Funds ( Sections III-J )		$	29,109,881.35	$	29,109,881.35
B	Primary Servicing Fees—Current Month plus any Unpaid		$	772,344.37	$	28,337,536.98
C	Quarterly Administration Fee plus any Unpaid		$	20,000.00	$	28,317,536.98
D	Auction Fees Due 6/16/2003		$	0.00	$	28,317,536.98
	Broker/Dealer Fees Due 6/16/2003		$	0.00	$	28,317,536.98
E	Gross Swap Payment due Counterparty A		$	1,469,838.96	$	26,847,698.02
	Gross Swap Payment due Counterparty B		$	1,469,838.96	$	25,377,859.06
F	i	Class A-1 Noteholders' Interest Distribution Amount due 6/16/2003	$	1,767,396.07	$	23,610,462.99
	ii	Class A-2 Noteholders' Interest Distribution Amount due 6/16/2003	$	1,409,639.56	$	22,200,823.43
	iii	Class A-3 Noteholders' Interest Distribution Amount due 6/16/2003	$	0.00	$	22,200,823.43
	iv	Class A-4 Noteholders' Interest Distribution Amount due 6/16/2003	$	0.00	$	22,200,823.43
	v	Swap Termination Fees due 6/16/2003	$	0.00	$	22,200,823.43
G	First Priority Principal Distribution Amount—Principal Distribution Account		$	0.00	$	22,200,823.43
H	Class B Noteholders' Interest Distribuition Amount due 6/16/2003		$	180,565.30	$	22,020,258.13
I	Second Priority Principal Distribution Amount—Principal Distribution Account		$	0.00	$	22,020,258.13
J	Class C Noteholders' Interest Distribuition Amount		$	357,378.79	$	21,662,879.34
K	Third Priority Principal Distribution Amount—Principal Distribution Account		$	389,224.76	$	21,273,654.58
L	Increase to the Specified Reserve Account Balance		$	0.00	$	21,273,654.58
M	Regular Principal Distribution Amount—Principal Distribution Account		$	21,273,654.58	$	0.00
N	Carryover Servicing Fees		$	0.00	$	0.00
O	Auction Rate Noteholder's Interest Carryover
	i	Class A-3	$	0.00	$	0.00
	ii	Class A-4	$	0.00	$	0.00
P	Swap Termination Payments		$	0.00	$	0.00
Q	Additional Principal Distribution Amount—Principal Distribution Account		$	0.00	$	0.00
R	Remaining Funds to the Certificateholders		$	0.00	$	0.00

XIV. 2003-A Principal Distribution Account Allocations

					Remaining Funds Balance
A	Total from Collection Account		$	21,662,879.34	$	21,662,879.34
B	i	Class A-1 Principal Distribution Amount Paid	$	21,662,879.34	$	0.00
	ii	Class A-2 Principal Distribution Amount Paid	$	0.00	$	0.00
	iii	Class A-3 Principal Distribution Amount Paid (or allocated)	$	0.00
	iv	Class A-4 Principal Distribution Amount Paid (or allocated)	$	0.00
C	Class B Principal Distribution Amount Paid		$	0.00	$	0.00
D	Class C Principal Distribution Amount Paid		$	0.00	$	0.00
E	Remaining Class C Distribution Paid		$	0.00	$	0.00
F	Remaining Class B Distribution Paid		$	0.00	$	0.00
G	i	Remaining Class A-1 Distribution Paid	$	0.00	$	0.00
	ii	Remaining Class A-2 Distribution Paid	$	0.00	$	0.00
	iii	Remaining Class A-3 Distribution Paid (or allocated)	$	0.00	$	0.00
	iv	Remaining Class A-4 Distribution Paid (or allocated)	$	0.00	$	0.00

XV. 2003-A Distributions

A	Distribution Amounts		Class A-1		Class A-2		Class A-3		Class A-4		Class B		Class C
	i	Quarterly Interest Due	$	1,767,396.07	$	1,409,639.56	$	0.00	$	0.00	$	180,565.30	$	357,378.79
	ii	Quarterly Interest Paid		1,767,396.07		1,409,639.56		0.00		0.00		180,565.30		357,378.79

	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	$	21,662,879.34	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	viii	Quarterly Principal Paid (or allocated)		21,662,879.34		0.00		0.00		0.00		0.00		0.00

	ix	Difference	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00

	x	Total Distribution Amount	$	23,430,275.41	$	1,409,639.56	$	0.00	$	0.00	$	180,565.30	$	357,378.79

B	Note Balances			3/13/2003		Paydown Factors	6/16/2003
	i	A-1 Note Balance	78443CAE4	$	500,071,000.00		$	478,408,120.66
		A-1 Note Pool Factor			1.0000000000	0.0433196073		0.9566803927
	ii	A-2 Note Balance	78443CAF1	$	320,000,000.00		$	320,000,000.00
		A-2 Note Pool Factor			1.0000000000	0.0000000000		1.0000000000
									Balances		Next ARS Pay Date
	ii	A-3 Note Balance	78443CAJ3	$	76,600,000.00		$	76,600,000.00	$	76,600,000.00	07/10/03
		A-2 Note Pool Factor			1.0000000000	0.0000000000		1.0000000000		1.000000000
	ii	A-4 Note Balance	78443CAK0	$	76,600,000.00			76,600,000.00	$	76,600,000.00	06/25/03
		A-2 Note Pool Factor			1.0000000000	0.0000000000		1.0000000000		1.000000000
	iii	B Note Balance	78443CAG9	$	34,570,000.00		$	34,570,000.00
		B Note Pool Factor			1.0000000000	0.0000000000		1.0000000000
	iv	C Note Balance	78443CAH7	$	47,866,000.00		$	47,866,000.00
		C Note Pool Factor			1.0000000000	0.0000000000		1.0000000000

XVI. 2003-A Historical Pool Information

			01/27/03-05/31/03
Beginning Student Loan Portfolio Balance			$	965,794,008.71

	Student Loan Principal Activity
i		Principal Payments Received	$	19,739,960.28
ii		Purchases by Servicer (Delinquencies ›180)		79,002.74
iii		Other Servicer Reimbursements		41.49
iv		Seller Reimbursements		134,675.22

v		Total Principal Collections	$	19,953,679.73
	Student Loan Non-Cash Principal Activity
i		Realized Losses/Loans Charged Off	$	—
ii		Capitalized Interest		(4,391,385.55	)
iii		Capitalized Insurance Fee	$	(458,815.65	)
iv		Other Adjustments		(170,352.39	)

v		Total Non-Cash Principal Activity	$	(5,020,553.59	)
(-) Total Student Loan Principal Activity			$	14,933,126.14

	Student Loan Interest Activity
i		Interest Payments Received	$	7,321,995.25
ii		Repurchases by Servicer (Delinquencies ›180)		5,216.47
iii		Other Servicer Reimbursements		0.07
iv		Seller Reimbursements		8,882.55
v		Late Fees		69,417.72
vi		Collection Fees		—

viii		Total Interest Collections		7,405,512.06
	Student Loan Non-Cash Interest Activity
i		Realized Losses/Loans Charged Off	$	—
ii		Capitalized Interest		4,391,385.55
iii		Other Interest Adjustments		(11,117.42	)

iv		Total Non-Cash Interest Adjustments	$	4,380,268.13

v		Total Student Loan Interest Activity	$	11,785,780.19
(=) Ending Student Loan Portfolio Balance			$	950,860,882.57

(+) Interest to be Capitalized			$	45,954,342.67

(=) TOTAL POOL			$	996,815,225.24

(+) Cash Capitalization Account Balance (CI)			$	58,502,550.00

(=) Asset Balance			$	1,055,317,775.24

XVII. 2003-A Payment History and CPRs

Distribution Date		Actual Pool Balances			Since Issued CPR *
Jun-03		$	996,815,225		2.20	%

*: "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.

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