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.

1

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
 
           
 

2

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
 
           
 

3

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

4

V.    2002-A    Portfolio Characteristics

 
   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

5

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

6

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%

7

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

8

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

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   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       $ —

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)   $ 16,245,514.19   $ 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

11

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

12

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

13

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
 
       
 
 
 

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 %
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.

15

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.

1

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
 
           
 

2

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
 
           
 

3

IV 2003-A    Auction Rate Security Detail

A   Auction Rate Securities Paid During Collection Period              
 
    
   Payment Date
   Security Description
   Interest Rate
   No. of Days
   Start Date
   End Date
   Interest Payment
    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
                               

4

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

5

VI.    2003-A    Portfolio Characteristics

 
   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

6

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

7

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%

8

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

9

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

10

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       $ —

11

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

12

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

13

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          

14

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
 
       
 

15

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.

16