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): September 15, 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,
the SLM Private Credit Student Loan Trust 2003-A,
and the SLM Private Credit Student Loan Trust 2003-B

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 September 15, 2003,

•

the SLM Private Credit Student Loan Trust 2002-A made its fourth;



•

the SLM Private Credit Student Loan Trust 2003-A made its second; and



•

the SLM Private Note Credit Student Loan Trust 2003-B made its first

regular quarterly distribution of funds to holders of their Student Loan-Backed Notes. The trust also distributed its Quarterly Servicing Reports dated as of August 30, 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 August 30, 2003 as an Exhibit to this Form 8-K.

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

        (c) Exhibits

        19.1    Quarterly Servicing Reports

SIGNATURES

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

Dated: September 23, 2003

SLM EDUCATION CREDIT FUNDING LLC
By:	/s/  MARK L. HELEEN Name: Mark L. Heleen 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

SLM Private Credit Student Loan Trust 2002-A

Quarterly Servicing Report
Report Date:	8/31/2003	Reporting Period:    06/01/03-08/31/03

I.    Deal Parameters

	Student Loan Portfolio Characteristics		5/31/2003			Activity			8/31/2003
A	i	Portfolio Balance	$	659,765,001.35		$	(6,167,470.25	)	$	653,597,531.10
	ii	Interest to be Capitalized		17,892,755.02						17,320,240.99
	iii	Total Pool	$	677,657,756.37					$	670,917,772.09
	iv	Cash Capitalization Account (CI)		40,178,192.00						40,178,192.00
	v	Asset Balance	$	717,835,948.37					$	711,095,964.09
	i	Weighted Average Coupon (WAC)		5.100	%					5.085	%
	ii	Weighted Average Remaining Term		182.60						182.75
	iii	Number of Loans		69,259						68,720
	iv	Number of Borrowers		47,313						46,901
	vi	Prime Loans Outstanding	$	585,853,954					$	581,081,495
	vii	T-bill Loans Outstanding	$	90,410,844					$	88,288,776
	viii	Fixed Loans Outstanding	$	1,392,958					$	1,547,501

	Notes		Cusips	Spread		Balance 06/16/03		% of O/S Securities		Balance 09/15/03		% of O/S Securities
B	i	A-1 Notes	78443CAA2	0.150	%	$	316,365,696.81	44.988	%	$	309,625,712.53	44.455	%
	ii	A-2 Notes	78443CAB0	0.550	%		328,419,000.00	46.702	%		328,419,000.00	47.154	%
	iii	B Notes	78443CAC8	0.850	%		23,742,000.00	3.376	%		23,742,000.00	3.409	%
	iv	C Notes	78443CAD6	1.700	%		34,699,000.00	4.934	%		34,699,000.00	4.982	%
	v	Total Notes				$	703,225,696.81	100.000	%	$	696,485,712.53	100.000	%

			6/16/2003		9/15/2003
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: 06/01/2003 through: 08/31/2003

A	Student Loan Principal Activity
	i	Principal Payments Received	$	9,963,841.06
	ii	Purchases by Servicer (Delinquencies >180)		347,273.28
	iii	Other Servicer Reimbursements		0.00
	iv	Seller Reimbursements		24,001.54
	v	Total Principal Collections	$	10,335,115.88
B	Student Loan Non-Cash Principal Activity
	i	Realized Losses/Loans Charged Off	$	-
	ii	Capitalized Interest		(3,797,482.62	)
	iii	Capitalized Insurance Fee		(76,200.23	)
	iv	Other Adjustments		(293,962.78	)
	v	Total Non-Cash Principal Activity	$	(4,167,645.63	)
C	Total Student Loan Principal Activity		$	6,167,470.25
D	Student Loan Interest Activity
	i	Interest Payments Received	$	4,643,848.97
	ii	Purchases by Servicer (Delinquencies >180)		8,851.48
	iii	Other Servicer Reimbursements		0.00
	iv	Seller Reimbursements		377.88
	v	Late Fees		61,745.44
	vi	Collection Fees		0.00
	vii	Total Interest Collections	$	4,714,823.77
E	Student Loan Non-Cash Interest Activity
	i	Realized Losses/Loans Charged Off	$	—
	ii	Capitalized Interest		3,797,482.62
	iii	Other Interest Adjustments		348,830.25
	iv	Total Non-Cash Interest Adjustments	$	4,146,312.87
F	Total Student Loan Interest Activity		$	8,861,136.64

2

III.    2002-A    Collection Account Activity    06/01/2003 through    08/31/2003

A	Principal Collections
	i	Principal Payments Received	$	9,702,948.71
	ii	Consolidation Principal Payments		260,892.35
	iii	Purchases by Servicer (Delinquencies >180)		347,273.28
	iv	Reimbursements by Seller		2,454.74
	v	Reimbursements by Servicer		0.00
	vi	Other Re-purchased Principal		21,546.80
	vii	Total Principal Collections	$	10,335,115.88
B	Interest Collections
	i	Interest Payments Received	$	4,643,223.97
	ii	Consolidation Interest Payments		625.00
	iii	Purchases by Servicer (Delinquencies >180)		8,851.48
	iv	Reimbursements by Seller		0.00
	v	Reimbursements by Servicer		0.00
	vi	Other Re-purchased Interest		377.88
	viii	Collection Fees/Return Items		0.00
	ix	Late Fees		61,745.44
	x	Total Interest Collections	$	4,714,823.77
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		$	127,661.75
H	Borrower Incentive Reimbursements		$	40,307.47
I	Gross Swap Receipt		$	1,656,766.50
	TOTAL FUNDS RECEIVED		$	16,874,675.37
	LESS FUNDS PREVIOUSLY REMITTED:
		Servicing Fees	$	(769,015.39	)
J	TOTAL AVAILABLE FUNDS		$	16,105,659.98
K	Servicing Fees Due for Current Period		$	382,663.64
L	Carryover Servicing Fees Due		$	—
M	Administration Fees Due		$	20,000.00
N	Total Fees Due for Period		$	402,663.64

3

IV.    2002-A    Loss and Recovery Detail    8/31/2003

			% of Initial Pool		05/31/2003		08/31/2003
A	i	Cumulative Realized Losses Test
		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			$	869,713.07	$	1,216,986.35
	iii	Cumulative Interest Purchases by Servicer			$	18,884.72	$	27,736.20
	iv	Total Gross Defaults:			$	888,597.79	$	1,244,722.55

4

V.    2002-A    Portfolio Characteristics

			Weighted Avg Coupon				# of Loans		%*				Principal Amount				%*
STATUS
			05/31/2003		08/31/2003		05/31/2003	08/31/2003	05/31/2003		08/31/2003		05/31/2003		08/31/2003		05/31/2003		08/31/2003
INTERIM:
	In School		4.975	%	5.012	%	8,801	6,486	12.708	%	9.438	%	$	84,416,925.62	$	59,848,282.51	12.795	%	9.157	%
	Grace		4.822	%	4.760	%	6,239	7,530	9.008	%	10.958	%	$	62,866,388.34	$	80,718,853.81	9.529	%	12.350	%
TOTAL INTERIM			4.909	%	4.867	%	15,040	14,016	21.716	%	20.396	%	$	147,283,313.96	$	140,567,136.32	22.324	%	21.507	%
REPAYMENT
	Active
		Current	5.052	%	5.072	%	40,311	40,886	58.203	%	59.497	%	$	380,395,756.54	$	382,336,903.48	57.657	%	58.496	%
		31-60 Days Delinquent	5.849	%	5.678	%	892	1,267	1.288	%	1.844	%	$	7,455,399.10	$	11,417,705.38	1.130	%	1.747	%
		61-90 Days Delinquent	5.990	%	5.741	%	511	713	0.738	%	1.038	%	$	4,542,157.83	$	6,534,041.03	0.688	%	1.000	%
		91-120 Days Delinquent	6.151	%	6.376	%	242	222	0.349	%	0.323	%	$	2,240,510.67	$	1,836,015.98	0.340	%	0.281	%
		121-150 Days Delinquent	6.079	%	6.491	%	138	130	0.199	%	0.189	%	$	1,232,193.77	$	986,792.77	0.187	%	0.151	%
		151-180 Days Delinquent	5.646	%	6.777	%	8	37	0.012	%	0.054	%	$	93,336.03	$	292,779.32	0.014	%	0.045	%
		> 180 Days Delinquent	0.000	%	0.000	%	—	—	0.000	%	0.000	%	$	—	$	0.00	0.000	%	0.000	%
Deferment			4.174	%	4.017	%	1,115	796	1.610	%	1.158	%	$	15,510,414.63	$	11,025,652.68	2.351	%	1.687	%
Forbearance			5.599	%	5.443	%	11,002	10,653	15.885	%	15.502	%	$	101,011,918.82	$	98,600,504.14	15.310	%	15.086	%
TOTAL REPAYMENT			5.160	%	5.151	%	54,219	54,704	78.284	%	79.604	%	$	512,481,687.39	$	513,030,394.78	77.677	%	78.493	%
GRAND TOTAL			5.100	%	5.085	%	69,259	68,720	100.000	%	100.000	%	$	659,765,001.35	$	653,597,531.10	100.000	%	100.000	%

*

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	5.238	%	40,416	$	328,457,924.88	50.254	%
—Law Loans	5.457	%	13,152		133,730,501.56	20.461	%
—Med Loans	4.419	%	8,598		93,597,111.30	14.320	%
—MBA Loans	4.731	%	6,554		97,811,993.36	14.965	%
—Total	5.085	%	68,720	$	653,597,531.10	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					585,853,954
Counterparty Pays:
ii	3 Month Libor					1.11875	%
iii	Gross Swap Receipt Due Trust				$	1,656,766.50
iv	Days in Period	06/16/2003		09/15/2003		91
SLM Private Credit Trust Pays:
v	Prime Rate (WSJ) Less	2.7000	%			1.55000	%
vi	Gross Swap Payment Due Counterparty				$	2,288,843.12
vii	Days in Period	06/15/2003		09/15/2003		92

VIII.    2002-A    Accrued Interest Factors

		Accrued Int Factor	Accrual Period	Rate
A	Class A-1 Interest Rate	0.003207118	(06/16/03 - 09/15/03)	1.26875	%
B	Class A-2 Interest Rate	0.004218229	(06/16/03 - 09/15/03)	1.66875	%
C	Class B Interest Rate	0.004976563	(06/16/03 - 09/15/03)	1.96875	%
D	Class C Interest Rate	0.007125174	(06/16/03 - 09/15/03)	2.81875	%

7

IX.    2002-A    Inputs From Prior Data    5/31/03

A	Total Student Loan Pool Outstanding
	i	Portfolio Balance	$	659,765,001.35
	ii	Interest To Be Capitalized		17,892,755.02
	iii	Total Pool	$	677,657,756.37
	iv	Cash Capitalization Account (CI)		40,178,192.00
	v	Asset Balance	$	717,835,948.37
B	Total Note and Certificate Factor			0.96748438050
C	Total Note Balance		$	703,225,696.81

D	Note Balance        6/16/2003		Class A-1		Class A-2		Class B		Class C
	i	Current Factor		0.9304873436		1.0000000000		1.0000000000		1.0000000000
	ii	Expected Note Balance	$	316,365,696.81	$	328,419,000.00	$	23,742,000.00	$	34,699,000.00
F	Interest Shortfall		$	0.00	$	0.00	$	0.00	$	0.00
G	Interest Carryover		$	0.00	$	0.00	$	0.00	$	0.00
H	Unpaid Primary Servicing Fees from Prior Month(s)								$	0.00
I	Unpaid Administration fees from Prior Quarter(s)								$	0.00
J	Unpaid Carryover Servicing Fees from Prior Quarter(s)								$	0.00

8

X. 2002-A    Note Parity Triggers

		Class A		Class B		Class C
Notes Outstanding	6/16/03	$	644,784,697	$	668,526,697	$	703,225,697
Asset Balance	5/31/03	$	717,835,948	$	717,835,948	$	717,835,948
Pool Balance	8/31/03	$	670,917,772	$	670,917,772	$	670,917,772
Amounts on Deposit*	9/15/03		51,192,376		51,074,223		50,826,987
Total		$	722,110,148	$	721,991,995	$	721,744,758
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		$	106,664,394.61		The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount
Class B Enhancement		$	49,309,251.56
Specified Class B Enhancement		$	71,998,466.36		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		$	21,332,878.92		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	6/16/2003	$	644,784,696.81
	iii	Asset Balance	8/31/2003	$	711,095,964.09
	iv	First Priority Principal Distribution Amount	9/15/2003	$	—
					—
	v	Is the Class B Note Parity Trigger in Effect?			No
	vi	Aggregate A and B Notes Outstanding	6/16/2003	$	668,526,696.81
	vii	Asset Balance	8/31/2003	$	711,095,964.09
	viii	First Priority Principal Distribution Amount	9/15/2003	$	—
	ix	Second Priority Principal Distribution Amount	9/15/2003	$	—
					—
	x	Is the Class C Note Parity Trigger in Effect?			No
	xi	Aggregate A, B and C Notes Outstanding	6/16/2003	$	703,225,696.81
	xii	Asset Balance	8/31/2003	$	711,095,964.09
	xiii	First Priority Principal Distribution Amount	9/15/2003	$	—
	xiv	Second Priority Principal Distribution Amount	9/15/2003	$	—
	xv	Third Priority Principal Distribution Amount	9/15/2003	$	—
					—
Regular Principal Distribution
	i	Aggregate Notes Outstanding	6/16/2003	$	703,225,696.81
	ii	Asset Balance	8/31/2003	$	711,095,964.09
	iii	Specified Overcollateralization Amount	9/15/2003	$	14,610,251.56
	iv	First Priority Principal Distribution Amount	9/15/2003	$	—
	v	Second Priority Principal Distribution Amount	9/15/2003	$	—
	vi	Third Priority Principal Distribution Amount	9/15/2003	$	—
	vii	Regular Principal Distribution Amount		$	6,739,984.28
Class A Noteholders' Principal Distribution Amounts
	i	Has the Stepdown Date Occurred?			No
	ii	Asset Balance	8/31/2003	$	711,095,964.09
	iii	85% of Asset Balance	8/31/2003	$	604,431,569.48
	iv	Specified Overcollateralization Amount	9/15/2003	$	14,610,251.56
	v	Lesser of (iii) and (ii - iv)		$	604,431,569.48
	vi	Class A Noteholders' Principal Distribution Amt—Before the Stepdown Date		$	6,739,984.28
	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	8/31/2003	$	711,095,964.09
	iii	89.875% of Asset Balance	8/31/2003	$	639,097,497.73
	iv	Specified Overcollateralization Amount	9/15/2003	$	14,610,251.56
	v	Lesser of (iii) and (ii - iv)		$	639,097,497.73
	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	8/31/2003	$	711,095,964.09
	iii	97% of Asset Balance	8/31/2003	$	689,763,085.17
	iv	Specified Overcollateralization Amount	9/15/2003	$	14,610,251.56
	v	Lesser of (iii) and (ii - iv)		$	689,763,085.17
	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)		$	16,105,659.98	$	16,105,659.98
B	Primary Servicing Fees-Current Month plus any Unpaid		$	382,663.64	$	15,722,996.34
C	Quarterly Administration Fee plus any Unpaid		$	20,000.00	$	15,702,996.34
D	Gross Swap Payment		$	2,288,843.12	$	13,414,153.22
E	i	Class A-1 Noteholders' Interest Distribution Amount	$	1,014,622.14	$	12,399,531.08
	ii	Class A-2 Noteholders' Interest Distribution Amount	$	1,385,346.60	$	11,014,184.48
F	First Priority Principal Distribution Amount—Principal Distribution Account		$	0.00	$	11,014,184.48
G	Class B Noteholders' Interest Distribuition Amount		$	118,153.55	$	10,896,030.93
H	Second Priority Principal Distribution Amount—Principal Distribution Account		$	0.00	$	10,896,030.93
I	Class C Noteholders' Interest Distribuition Amount		$	247,236.40	$	10,648,794.53
J	Third Priority Principal Distribution Amount—Principal Distribution Account		$	0.00	$	10,648,794.53
K	Increase to the Specified Reserve Account Balance		$	0.00	$	10,648,794.53
L	Regular Principal Distribution Amount—Principal Distribution Account		$	6,739,984.28	$	3,908,810.25
M	Carryover Servicing Fees		$	0.00	$	3,908,810.25
N	Swap Termination Payments		$	—	$	3,908,810.25
O	Additional Principal Distribution Amount—Principal Distribution Account		$	0.00	$	3,908,810.25
P	Remaining Funds to the Certificateholders		$	3,908,810.25	$	0.00

11

XIII. 2002-A    Principal Distribution Account Allocations

					Remaining Funds Balance
A		Total from Collection Account	$	6,739,984.28	$	6,739,984.28
B	i	Class A-1 Principal Distribution Amount Paid	$	6,739,984.28	$	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

	Distribution Amounts		Class A-1		Class A-2		Class B		Class C
A	i	Quarterly Interest Due	$	1,014,622.14	$	1,385,346.60	$	118,153.55	$	247,236.40
	ii	Quarterly Interest Paid		1,014,622.14		1,385,346.60		118,153.55		247,236.40
	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	$	6,739,984.28	$	0.00	$	0.00	$	0.00
	viii	Quarterly Principal Paid		6,739,984.28		0.00		0.00		0.00
	ix	Difference	$	0.00	$	0.00	$	0.00	$	0.00
	x	Total Distribution Amount	$	7,754,606.42	$	1,385,346.60	$	118,153.55	$	247,236.40

	Note Balances			8/16/2003		Paydown Factors	9/15/2003
B	i	A-1 Note Balance	78443CAA2	$	316,365,696.81		$	309,625,712.53
		A-1 Note Pool Factor			0.9304873436	0.0198234832		0.9106638604
	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

			06/01/03-08/31/03			03/01/03-05/31/03			12/01/02-02/28/03			8/26/02-11/30/02
Beginning Student Loan Portfolio Balance			$	659,765,001.35		$	667,456,526.16		$	669,262,882.23		$	663,415,806.01
	Student Loan Principal Activity
i		Principal Payments Received	$	9,963,841.06		$	10,022,821.21		$	11,394,325.87		$	9,045,364.96
ii		Purchases by Servicer (Delinquencies >180)		347,273.28			384,621.89			439,757.44			45,333.74
iii		Other Servicer Reimbursements		—			11,164.22			421.46			85.42
iv		Seller Reimbursements		24,001.54			(3,814.18	)		3,407.85			166,322.44
v		Total Principal Collections	$	10,335,115.88		$	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		(3,797,482.62	)		(1,388,563.67	)		(8,501,240.03	)		(13,326,412.85	)
iii		Capitalized Insurance Fee	$	(76,200.23	)	$	(250,766.36	)	$	(1,337,764.97	)	$	(1,706,229.57	)
iv		Other Adjustments		(293,962.78	)		(1,083,938.30	)		(192,551.55	)		(71,540.36	)
v		Total Non-Cash Principal Activity	$	(4,167,645.63	)	$	(2,723,268.33	)	$	(10,031,556.55	)	$	(15,104,182.78	)
(-) Total Student Loan Principal Activity			$	6,167,470.25		$	7,691,524.81		$	1,806,356.07		$	(5,847,076.22	)
	Student Loan Interest Activity
i		Interest Payments Received	$	4,643,848.97		$	4,461,556.77		$	4,461,112.38		$	3,704,616.78
ii		Repurchases by Servicer (Delinquencies >180)		8,851.48			4,319.12			13,763.73			801.87
iii		Other Servicer Reimbursements		—			137.90			178.06			14.58
iv		Seller Reimbursements		377.88			1,145.56			(105.11	)		10,055.09
v		Late Fees		61,745.44			59,880.28			58,477.07			53,062.07
vi		Collection Fees		—			—			—			—
viii		Total Interest Collections		4,714,823.77			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		3,797,482.62			1,388,563.67			8,501,240.03			13,326,412.85
iii		Other Interest Adjustments		348,830.25			1,031,166.63			106,611.19			67,264.86
iv		Total Non-Cash Interest Adjustments	$	4,146,312.87		$	2,419,730.30		$	8,607,851.22		$	13,393,677.71
v		Total Student Loan Interest Activity	$	8,861,136.64		$	6,946,769.93		$	13,141,277.35		$	17,162,228.10
(=) Ending Student Loan Portfolio Balance			$	653,597,531.10		$	659,765,001.35		$	667,456,526.16		$	669,262,882.23
(+) Interest to be Capitalized			$	17,320,240.99		$	17,892,755.02		$	16,437,126.42		$	21,024,060.14
(=) TOTAL POOL			$	670,917,772.09		$	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		$	40,178,192.00
(=) Asset Balance			$	711,095,964.09		$	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	%
Sep-03	$	670,917,772	1.99	%

*

"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:	8/31/2003	Reporting Period:    06/01/03-08/31/03

I.    Deal Parameters

	Student Loan Portfolio Characteristics		5/31/2003			Activity			8/31/2003
A	i	Portfolio Balance	$	950,860,882.57		$	(8,929,570.26	)	$	941,931,312.31
	ii	Interest to be Capitalized		45,954,342.67						46,612,526.83
	iii	Total Pool	$	996,815,225.24					$	988,543,839.14
	iv	Cash Capitalization Account (CI)		58,502,550.00						58,502,550.00
	v	Asset Balance	$	1,055,317,775.24					$	1,047,046,389.14
	i	Weighted Average Coupon (WAC)		5.012	%					4.980	%
	ii	Weighted Average Remaining Term		174.13						172.65
	iii	Number of Loans		120,967						119,938
	iv	Number of Borrowers		76,503						75,897
	vi	Prime Loans Outstanding	$	701,552,123					$	703,416,218
	vii	T-bill Loans Outstanding	$	288,268,587					$	259,455,599
	viii	Fixed Loans Outstanding	$	6,994,515					$	25,672,023

	Notes		Cusips	Spread		Balance 06/16/03		% of O/S Securities		Balance 09/15/03		% of O/S Securities
B	i	A-1 Notes	78443CAE4	0.110	%	$	478,408,120.66	46.266	%	$	470,136,734.56	45.832	%
	ii	A-2 Notes	78443CAF1	0.440	%		320,000,000.00	30.946	%		320,000,000.00	31.196	%
	iii	A-3 ARS	78443CAJ3	ARS			76,600,000.00	7.408	%		76,600,000.00	7.468	%
	iv	A-4 ARS	78443CAK0	ARS			76,600,000.00	7.408	%		76,600,000.00	7.468	%
	v	B Notes	78443CAG9	0.750	%		34,570,000.00	3.343	%		34,570,000.00	3.370	%
	vi	C Notes	78443CAH7	1.600	%		47,866,000.00	4.629	%		47,866,000.00	4.666	%
	vii	Total Notes				$	1,034,044,120.66	100.000	%	$	1,025,772,734.56	100.000	%

			6/16/2003		9/15/2003
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: 06/01/2003 through: 08/31/2003

A	Student Loan Principal Activity
	i	Principal Payments Received	$	14,621,918.82
	ii	Purchases by Servicer (Delinquencies >180)		353,324.27
	iii	Other Servicer Reimbursements		885.93
	iv	Seller Reimbursements		49,467.03
	v	Total Principal Collections	$	15,025,596.05
B	Student Loan Non-Cash Principal Activity
	i	Realized Losses/Loans Charged Off	$	-
	ii	Capitalized Interest		(5,599,582.19	)
	iii	Capitalized Insurance Fee		(554,812.95	)
	iv	Other Adjustments		58,369.35
	v	Total Non-Cash Principal Activity	$	(6,096,025.79	)
C	Total Student Loan Principal Activity		$	8,929,570.26
D	Student Loan Interest Activity
	i	Interest Payments Received	$	5,278,543.75
	ii	Purchases by Servicer (Delinquencies >180)		10,839.32
	iii	Other Servicer Reimbursements		(51.74	)
	iv	Seller Reimbursements		468.06
	v	Late Fees		45,213.15
	vi	Collection Fees		0.00
	vii	Total Interest Collections	$	5,335,012.54
E
	Student Loan Non-Cash Interest Activity
	i	Realized Losses/Loans Charged Off	$	—
	ii	Capitalized Interest		5,599,582.19
	iii	Other Interest Adjustments		57,820.00
	iv	Total Non-Cash Interest Adjustments	$	5,657,402.19
F	Total Student Loan Interest Activity		$	10,992,414.73

2

III.    2003-A    Collection Account Activity    06/01/2003 through    08/31/2003

A	Principal Collections
	i	Principal Payments Received	$	14,414,044.09
	ii	Consolidation Principal Payments		207,874.73
	iii	Purchases by Servicer (Delinquencies >180)		353,324.27
	iv	Reimbursements by Seller		420.00
	v	Reimbursements by Servicer		885.93
	vi	Other Re-purchased Principal		49,047.03
	vii	Total Principal Collections	$	15,025,596.05
B	Interest Collections
	i	Interest Payments Received	$	5,274,192.83
	ii	Consolidation Interest Payments		4,350.92
	iii	Purchases by Servicer (Delinquencies >180)		10,839.32
	iv	Reimbursements by Seller		0.00
	v	Reimbursements by Servicer		(51.74	)
	vi	Other Re-purchased Interest		468.06
	viii	Collection Fees/Return Items		0.00
	ix	Late Fees		45,213.15
	x	Total Interest Collections	$	5,335,012.54
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		$	(434,615.86	)
G	Investment Income		$	182,594.46
H	Borrower Incentive Reimbursements		$	82,591.52
I	Interest Rate Cap Proceeds		$	—
I	Gross Swap Receipt		$	1,983,955.30
	TOTAL FUNDS RECEIVED		$	22,175,134.01
	LESS FUNDS PREVIOUSLY REMITTED:
	i	Servicing Fees	$	(1,109,319.07	)
	ii	ARS related fees, payments, and accruals (IV-A-v + IV-B-v)	$	(580,257.78	)
J	TOTAL AVAILABLE FUNDS		$	20,485,557.16
K	Servicing Fees Due for Current Period		$	552,136.24
L	Carryover Servicing Fees Due		$	—
M	Administration Fees Due		$	20,000.00
N	Total Fees Due for Period		$	572,136.24

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	06/12/2003	SLMPC TRUST 2003A A3	1.300000%	28	05/15/2003	06/12/2003		77,451.11
	06/25/2003	SLMPC TRUST 2003A A4	1.280000%	28	05/28/2003	06/25/2003		76,259.56
	07/10/2003	SLMPC TRUST 2003A A3	1.270000%	28	06/12/2003	07/10/2003		75,663.78
	07/23/2003	SLMPC TRUST 2003A A4	1.120000%	28	06/25/2003	07/23/2003		66,727.11
	08/07/2003	SLMPC TRUST 2003A A3	1.120000%	28	07/10/2003	08/07/2003		66,727.11
	08/20/2003	SLMPC TRUST 2003A A4	1.100000%	28	07/23/2003	08/20/2003		65,535.56
ii	Auction Rate Security Payments Made During Collection Period						$	428,364.23
iii	Broker/Dealer Fees Paid During Collection Period			06/01/03-08/31/03			$	71,493.33
iv	Auction Agent Fees Paid During Collection Period			06/01/03-08/31/03			$	3,038.47
v	Total Payments Out of Future Distribution Account During Collection Period						$	502,896.03

B    Payments Set Aside During Collection Period for Future Distributions

	Payment Date	Security Description	Interest Rate	No. of Days	Start Date	End Date	Total Payment
i	09/04/2003	SLMPC TRUST 2003A A3	1.090000%	28	08/07/2003	09/04/2003		64,939.78
ii	Future Auction Rate Security Payments Set Aside						$	64,939.78
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						$	77,361.75

4

V.    2003-A    Loss and Recovery Detail    08/31/2003

			% of Original Pool		05/31/2003		08/31/2003
A	i	Cumulative Realized Losses Test
		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			$	79,002.74	$	432,327.01
	iii	Cumulative Interest Purchases by Servicer			$	5,216.47	$	16,055.79
	iv	Total Gross Defaults:			$	84,219.21	$	448,382.80

5

VI.    2003-A    Portfolio Characteristics

			Weighted Avg Coupon				# of Loans		%*				Principal Amount				%*
STATUS
			05/31/2003		08/31/2003		05/31/2003	08/31/2003	05/31/2003		08/31/2003		05/31/2003		08/31/2003		05/31/2003		08/31/2003
INTERIM:
	In School		4.972	%	4.972	%	42,877	36,897	35.446	%	30.764	%	$	348,091,897.08	$	294,280,490.42	36.608	%	31.242	%
	Grace		5.142	%	5.024	%	15,670	16,046	12.954	%	13.379	%	$	125,864,408.67	$	137,845,009.94	13.237	%	14.634	%
TOTAL INTERIM			5.017	%	4.989	%	58,547	52,943	48.400	%	44.143	%	$	473,956,305.75	$	432,125,500.36	49.845	%	45.877	%
REPAYMENT
	Active
		Current	4.924	%	4.857	%	53,755	56,053	44.438	%	46.735	%	$	402,344,582.83	$	414,767,537.18	42.314	%	44.034	%
		31-60 Days Delinquent	5.657	%	5.672	%	654	1,187	0.541	%	0.990	%	$	4,980,983.12	$	9,805,516.32	0.524	%	1.041	%
		61-90 Days Delinquent	5.712	%	5.830	%	178	539	0.147	%	0.449	%	$	1,230,368.40	$	4,327,083.34	0.129	%	0.459	%
		91-120 Days Delinquent	5.984	%	6.820	%	114	114	0.094	%	0.095	%	$	751,061.63	$	1,002,618.29	0.079	%	0.106	%
		121-150 Days Delinquent	5.955	%	6.361	%	58	60	0.048	%	0.050	%	$	399,287.63	$	475,259.44	0.042	%	0.050	%
		151-180 Days Delinquent	4.837	%	6.924	%	9	7	0.007	%	0.006	%	$	84,163.26	$	38,176.46	0.009	%	0.004	%
		> 180 Days Delinquent	0.000	%	0.000	%	0	0	0.000	%	0.000	%	$	—	$	0.00	0.000	%	0.000	%
Deferment			4.920	%	4.958	%	59	69	0.049	%	0.058	%	$	733,177.75	$	996,295.15	0.077	%	0.106	%
Forbearance			5.417	%	5.406	%	7,593	8,966	6.277	%	7.476	%	$	66,380,952.20	$	78,393,325.77	6.981	%	8.323	%
TOTAL REPAYMENT			5.005	%	4.971	%	62,420	66,995	51.601	%	55.858	%	$	476,904,576.82	$	509,805,811.95	50.155	%	54.123	%
GRAND TOTAL			5.012	%	4.980	%	120,967	119,838	100.000	%	100.000	%	$	950,860,882.57	$	941,931,312.31	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	%	79,255	$	643,829,770.76	68.352	%
—Law Loans	4.729	%	31,631		206,266,026.78	21.898	%
—Med Loans	4.995	%	5,564		45,549,369.96	4.836	%
—MBA Loans	4.707	%	3,488		46,286,144.81	4.914	%
—Total	4.980	%	119,938	$	941,931,312.31	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					350,776,062		$	350,776,062
Counterparty Pays:
ii	3 Month Libor					1.11875	%		1.11875	%
iii	Gross Swap Receipt Due Trust				$	991,977.65		$	991,977.65
iv	Days in Period	06/16/2003		09/15/2003		91			91
SLM Private Credit Trust Pays:
v	Prime Rate (WSJ)    Less	2.6100	%			1.64000	%		1.64000	%
vi	Gross Swap Payment Due Counterparty				$	1,450,002.53		$	1,450,002.53
vii	Days in Period	06/15/2003		09/15/2003		92			92

B    Cap Payments

				Cap Calculation
i	Notional Swap Amount			$	620,000,000.00
Counterparty Pays:
ii	3 Month Libor (interpolated for first accrual period)				1.11875	%
iii	Cap Rate				4.00000	%
iv	Excess (if any) of Libor over Cap Rate (ii-iii)				0.00000	%
v	Days in Period	06/16/2003	09/15/2003		91
vi	Cap Payment due Trust			$	—

IX.    2003-A    Accrued Interest Factors

		Accrued Int Factor	Accrual Period	Rate
A	Class A-1 Interest Rate	0.003106007	(06/16/03-09/15/03)	1.22875	%
B	Class A-2 Interest Rate	0.003940174	(06/16/03-09/15/03)	1.55875	%
C	Class B Interest Rate	0.004723785	(06/16/03-09/15/03)	1.86875	%
D	Class C Interest Rate	0.006872396	(06/16/03-09/15/03)	2.71875	%

8

X.    2003-A    Inputs From Prior Data    5/31/03

A	Total Student Loan Pool Outstanding
	i	Portfolio Balance	$	950,860,882.57
	ii	Interest To Be Capitalized		45,954,342.67
	iii	Total Pool	$	996,815,225.24
	iv	Cash Capitalization Account (CI)		58,502,550.00
	v	Asset Balance	$	1,055,317,775.24
B	Total Note and Certificate Factor			0.97948021625
C	Total Note Balance		$	1,034,044,120.66

D	Note Balance        6/16/2003		Class A-1		Class A-2		Class A-3		Class A-4		Class B		Class C
	i	Current Factor		0.9566803927		1.0000000000		1.0000000000		1.0000000000		1.0000000000		1.0000000000
	ii	Expected Note Balance	$	478,408,120.66	$	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	6/16/03	$	951,608,121	$	986,178,121	$	1,034,044,121
Asset Balance	5/31/03	$	1,055,317,775	$	1,055,317,775	$	1,055,317,775
Pool Balance	8/31/03	$	988,543,839	$	988,543,839	$	988,543,839
Amounts on Deposit*	9/15/03		72,769,171		72,605,870		72,276,916
Total		$	1,061,313,010	$	1,061,149,709	$	1,060,820,755
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		$	103,709,654.58
Specified Class A Enhancement		$	157,056,958.37		The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount
Class B Enhancement		$	69,139,654.58
Specified Class B Enhancement		$	106,013,446.90		The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount
Class C Enhancement		$	21,273,654.58
Specified Class C Enhancement		$	31,411,391.67		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	6/16/2003	$	951,608,120.66
	iii	Asset Balance	8/31/2003	$	1,047,046,389.14
	iv	First Priority Principal Distribution Amount	9/15/2003	$	—
					—
	v	Is the Class B Note Parity Trigger in Effect?			No
	vi	Aggregate A and B Notes Outstanding	6/16/2003	$	986,178,120.66
	vii	Asset Balance	8/31/2003	$	1,047,046,389.14
	viii	First Priority Principal Distribution Amount	9/15/2003	$	—
	ix	Second Priority Principal Distribution Amount	9/15/2003	$	—
					—
	x	Is the Class C Note Parity Trigger in Effect?			No
	xi	Aggregate A, B and C Notes Outstanding	6/16/2003	$	1,034,044,120.66
	xii	Asset Balance	8/31/2003	$	1,047,046,389.14
	xiii	First Priority Principal Distribution Amount	9/15/2003	$	—
	xiv	Second Priority Principal Distribution Amount	9/15/2003	$	—
	xv	Third Priority Principal Distribution Amount	9/15/2003	$	—
					—
Regular Principal Distribution
	i	Aggregate Notes Outstanding	6/16/2003	$	1,034,044,120.66
	ii	Asset Balance	8/31/2003	$	1,047,046,389.14
	iii	Specified Overcollateralization Amount	9/15/2003	$	21,273,654.58
	iv	First Priority Principal Distribution Amount	9/15/2003	$	—
	v	Second Priority Principal Distribution Amount	9/15/2003	$	—
	vi	Third Priority Principal Distribution Amount	9/15/2003	$	—
	vii	Regular Principal Distribution Amount		$	8,271,386.10
Class A Noteholders' Principal Distribution Amounts
	i	Has the Stepdown Date Occurred?			No
	ii	Asset Balance	8/31/2003	$	1,047,046,389.14
	iii	85% of Asset Balance	8/31/2003	$	889,989,430.77
	iv	Specified Overcollateralization Amount	9/15/2003	$	21,273,654.58
	v	Lesser of (iii) and (ii - iv)		$	889,989,430.77
	vi	Class A Noteholders' Principal Distribution Amt—Before the Stepdown Date		$	8,271,386.10
	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	8/31/2003	$	1,047,046,389.14
	iii	89.875% of Asset Balance	8/31/2003	$	941,032,942.24
	iv	Specified Overcollateralization Amount	9/15/2003	$	21,273,654.58
	v	Lesser of (iii) and (ii - iv)		$	941,032,942.24
	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	8/31/2003	$	1,047,046,389.14
	iii	97% of Asset Balance	8/31/2003	$	1,015,634,997.47
	iv	Specified Overcollateralization Amount	9/15/2003	$	21,273,654.58
	v	Lesser of (iii) and (ii - iv)		$	1,015,634,997.47
	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)			$	20,485,557.16	$	20,485,557.16
B	Primary Servicing Fees—Current Month plus any Unpaid			$	552,136.24	$	19,933,420.92
C	Quarterly Administration Fee plus any Unpaid			$	20,000.00	$	19,913,420.92
D	Auction Fees Due		09/15/2003	$	0.00	$	19,913,420.92
	Broker/Dealer Fees Due		09/15/2003	$	0.00	$	19,913,420.92
E	Gross Swap Payment due Counterparty A			$	1,450,002.53	$	18,463,418.39
	Gross Swap Payment due Counterparty B			$	1,450,002.53	$	17,013,415.86
F	i	Class A-1 Noteholders' Interest Distribution Amount due	09/15/2003	$	1,485,938.95	$	15,527,476.91
	ii	Class A-2 Noteholders' Interest Distribution Amount due	09/15/2003	$	1,260,855.56	$	14,266,621.35
	iii	Class A-3 Noteholders' Interest Distribution Amount due	09/15/2003	$	0.00	$	14,266,621.35
	iv	Class A-4 Noteholders' Interest Distribution Amount due	09/15/2003	$	0.00	$	14,266,621.35
	v	Swap Termination Fees due	09/15/2003	$	0.00	$	14,266,621.35
G	First Priority Principal Distribution Amount - Principal Distribution Account			$	0.00	$	14,266,621.35
H	Class B Noteholders' Interest Distribuition Amount due		09/15/2003	$	163,301.24	$	14,103,320.11
I	Second Priority Principal Distribution Amount—Principal Distribution Account			$	0.00	$	14,103,320.11
J	Class C Noteholders' Interest Distribuition Amount			$	328,954.10	$	13,774,366.01
K	Third Priority Principal Distribution Amount—Principal Distribution Account			$	0.00	$	13,774,366.01
L	Increase to the Specified Reserve Account Balance			$	0.00	$	13,774,366.01
M	Regular Principal Distribution Amount—Principal Distribution Account			$	8,271,386.10	$	5,502,979.91
N	Carryover Servicing Fees			$	0.00	$	5,502,979.91
O	Auction Rate Noteholder's Interest Carryover
	i	Class A-3		$	0.00	$	5,502,979.91
	ii	Class A-4		$	0.00	$	5,502,979.91
P	Swap Termination Payments			$	0.00	$	5,502,979.91
Q	Additional Principal Distribution Amount—Principal Distribution Account			$	0.00	$	5,502,979.91
R	Remaining Funds to the Certificateholders			$	5,502,979.91	$	0.00

12

XIV. 2003-A    Principal Distribution Account Allocations

					Remaining Funds Balance
A		Total from Collection Account	$	8,271,386.10	$	8,271,386.10
B	i	Class A-1 Principal Distribution Amount Paid	$	8,271,386.10	$	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

	Distribution Amounts		Class A-1		Class A-2		Class A-3		Class A-4		Class B		Class C
A	i	Quarterly Interest Due	$	1,485,938.95	$	1,260,855.56	$	0.00	$	0.00	$	163,301.24	$	328,954.10
	ii	Quarterly Interest Paid		1,485,938.95		1,260,855.56		0.00		0.00		163,301.24		328,954.10
	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	$	8,271,386.10	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	viii	Quarterly Principal Paid (or allocated)		8,271,386.10		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	$	9,757,325.05	$	1,260,855.56	$	0.00	$	0.00	$	163,301.24	$	328,954.10

	Note Balances			8/16/2003		Paydown Factors	9/15/2003
B	i	A-1 Note Balance	78443CAE4	$	478,408,120.66		$	470,136,734.56
		A-1 Note Pool Factor			0.9566803927	0.0165404235		0.9401399692
	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	10/02/03
		A-3 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	09/17/03
		A-4 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

			06/01/03-08/31/03			01/27/03-05/31/03
Beginning Student Loan Portfolio Balance			$	950,860,882.57		$	965,794,008.71
	Student Loan Principal Activity
i		Principal Payments Received	$	14,621,918.82		$	19,739,960.28
ii		Purchases by Servicer (Delinquencies >180)		353,324.27			79,002.74
iii		Other Servicer Reimbursements		885.93			41.49
iv		Seller Reimbursements		49,467.03			134,675.22
v		Total Principal Collections	$	15,025,596.05		$	19,953,679.73
	Student Loan Non-Cash Principal Activity
i		Realized Losses/Loans Charged Off	$	—		$	—
ii		Capitalized Interest		(5,599,582.19	)		(4,391,385.55	)
iii		Capitalized Insurance Fee	$	(554,812.95	)	$	(458,815.65	)
iv		Other Adjustments		58,369.35			(170,352.39	)
v		Total Non-Cash Principal Activity	$	(6,096,025.79	)	$	(5,020,553.59	)
(-) Total Student Loan Principal Activity			$	8,929,570.26		$	14,933,126.14
	Student Loan Interest Activity
i		Interest Payments Received	$	5,278,543.75		$	7,321,995.25
ii		Repurchases by Servicer (Delinquencies >180)		10,839.32			5,216.47
iii		Other Servicer Reimbursements		(51.74	)		0.07
iv		Seller Reimbursements		468.06			8,882.55
v		Late Fees		45,213.15			69,417.72
vi		Collection Fees		—			—
viii		Total Interest Collections		5,335,012.54			7,405,512.06
	Student Loan Non-Cash Interest Activity
i		Realized Losses/Loans Charged Off	$	—		$	—
ii		Capitalized Interest		5,599,582.19			4,391,385.55
iii		Other Interest Adjustments		57,820.00			(11,117.42	)
iv		Total Non-Cash Interest Adjustments	$	5,657,402.19		$	4,380,268.13
v		Total Student Loan Interest Activity	$	10,992,414.73		$	11,785,780.19
(=) Ending Student Loan Portfolio Balance			$	941,931,312.31		$	950,860,882.57
(+) Interest to be Capitalized			$	46,612,526.83		$	45,954,342.67
(=) TOTAL POOL			$	988,543,839.14		$	996,815,225.24
(+) Cash Capitalization Account Balance (CI)			$	58,502,550.00		$	58,502,550.00
(=) Asset Balance			$	1,047,046,389.14		$	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	%
Sep-03	$	988,543,821	2.41	%

*

"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

SLM Private Credit Student Loan Trust 2003-B

Quarterly Servicing Report
Report Date:	8/31/2003	Reporting Period:    5/12/03-8/31/03

I.    Deal Parameters

	Student Loan Portfolio Characteristics		5/12/2003			Activity			8/31/2003
A	i	Portfolio Balance	$	1,213,584,181.19		$	(12,699,247.60	)	$	1,200,884,933.59
	ii	Interest to be Capitalized		33,696,136.79						42,721,528.57
	iii	Total Pool	$	1,247,280,317.98					$	1,243,606,462.16
	iv	Cash Capitalization Account (Cii)		102,590,156.00						102,590,156.00
	v	Asset Balance	$	1,349,870,473.98					$	1,346,196,618.16
	i	Weighted Average Coupon (WAC)		5.050	%					5.030	%
	ii	Weighted Average Remaining Term		189.07						186.24
	iii	Number of Loans		143,265						142,413
	iv	Number of Borrowers		103,358						102,785
	v	Prime Loans Outstanding	$	989,669,707					$	995,139,023
	vi	T-bill Loans Outstanding	$	253,845,947					$	245,027,186
	vii	Fixed Loans Outstanding	$	3,764,664					$	3,440,253

	Notes		Cusips	Spread		Balance 06/27/03		% of O/S Securities		Balance 09/15/03		% of O/S Securities
B	i	A-1 Notes	78443CAL8	0.100	%	$	580,000,000.00	43.183	%	$	560,497,885.12	42.346	%
	ii	A-2 Notes	78443CAM6	0.400	%		440,506,000.00	32.797	%		440,506,000.00	33.280	%
	iii	A-3 ARS	78443CAN4	ARS			109,000,000.00	8.115	%		109,000,000.00	8.235	%
	iv	A-4 ARS	78443CAP9	ARS			109,000,000.00	8.115	%		109,000,000.00	8.235	%
	v	B Notes	78443CAQ7	0.700	%		43,871,000.00	3.267	%		43,871,000.00	3.314	%
	vi	C Notes	78443CAR5	1.600	%		60,744,000.00	4.523	%		60,744,000.00	4.589	%
	vii	Total Notes				$	1,343,121,000.00	100.000	%	$	1,323,618,885.12	100.000	%

			6/27/2003		9/15/2003
C	i	Reserve Account Balance ($)	$	3,118,201.00	$	3,118,201.00
	ii	Cash Capitalization Acct Balance ($)	$	102,590,156.00	$	102,590,156.00
	iii	Initial Asset Balance	$	1,349,870,473.98	$	1,349,870,473.98
	iv	Specified Overcollateralization Amount	$	26,997,409.48	$	26,997,409.48
	v	Actual Overcollateralization Amount	$	26,997,409.48	$	22,577,733.04
	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-B Transactions from: 5/13/2003 through: 8/31/2003

A	Student Loan Principal Activity
	i	Principal Payments Received	$	17,100,588.84
	ii	Purchases by Servicer (Delinquencies >180)		84,037.27
	iii	Other Servicer Reimbursements		1,451.27
	iv	Seller Reimbursements		351,510.41
	v	Total Principal Collections	$	17,537,587.79
B	Student Loan Non-Cash Principal Activity
	i	Realized Losses/Loans Charged Off	$	0.00
	ii	Capitalized Interest		(4,262,967.89	)
	iii	Capitalized Insurance Fee		(552,253.51	)
	iv	Other Adjustments		(23,118.79	)
	v	Total Non-Cash Principal Activity	$	(4,838,340.19	)
C	Total Student Loan Principal Activity		$	12,699,247.60
D	Student Loan Interest Activity
	i	Interest Payments Received	$	6,183,151.81
	ii	Purchases by Servicer (Delinquencies >180)		3,311.96
	iii	Other Servicer Reimbursements		109.11
	iv	Seller Reimbursements		13,788.32
	v	Late Fees		54,949.49
	vi	Collection Fees		0.00
	vii	Total Interest Collections	$	6,255,310.69
E	Student Loan Non-Cash Interest Activity
	i	Realized Losses/Loans Charged Off	$	0.00
	ii	Capitalized Interest		4,262,967.89
	iii	Other Interest Adjustments		66,512.42
	iv	Total Non-Cash Interest Adjustments	$	4,329,480.31
F	Total Student Loan Interest Activity		$	10,584,791.00

2

III.    2003-B    Collection Account Activity    5/13/2003 through 8/31/2003

A	Principal Collections
	i	Principal Payments Received	$	16,823,366.32
	ii	Consolidation Principal Payments	$	277,222.52
	iii	Purchases by Servicer (Delinquencies >180)	$	84,037.27
	iv	Reimbursements by Seller	$	40,270.45
	v	Reimbursements by Servicer	$	1,451.27
	vi	Other Re-purchased Principal		311,239.96
	vii	Total Principal Collections	$	17,537,587.79
B	Interest Collections
	i	Interest Payments Received	$	6,178,153.91
	ii	Consolidation Interest Payments		4,997.90
	iii	Purchases by Servicer (Delinquencies >180)		3,311.96
	iv	Reimbursements by Seller		155.57
	v	Reimbursements by Servicer		109.11
	vi	Other Re-purchased Interest	$	13,632.75
	vii	Collection Fees/Return Items	$	0.00
	viii	Late Fees	$	54,949.49
	ix	Total Interest Collections	$	6,255,310.69
C	Recoveries on Realized Losses		$	—
D	Amount from Cash Capitalizaton Account		$	—
E	Funds Borrowed from Next Collection Period		$	2,110,469.00
F	Funds Repaid from Prior Collection Periods		$	—
G	Investment Income		$	203,790.88
H	Borrower Incentive Reimbursements		$	74,348.67
I	Interest Rate Cap Proceeds		$	—
I	Gross Swap Receipt		$	2,208,590.90
	TOTAL FUNDS RECEIVED		$	28,390,097.93
	LESS FUNDS PREVIOUSLY REMITTED:
	i	Servicing Fees	$	(799,500.20	)
	ii	ARS related fees, payments, and accruals (IV-A-v + IV-B-v)	$	(427,732.66	)
J	TOTAL AVAILABLE FUNDS		$	27,162,865.07
K	Servicing Fees Due for Current Period		$	702,814.22
L	Carryover Servicing Fees Due		$	—
M	Administration Fees Due		$	20,000.00
N	Total Fees Due for Period		$	722,814.22

3

IV.    2003-B    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	07/21/2003	SLMPC TRUST 2003B A3	1.130000%	24	06/27/2003	07/21/2003		82,113.33
	07/24/2003	SLMPC TRUST 2003B A4	1.120000%	27	06/27/2003	07/24/2003		91,560.00
	08/18/2003	SLMPC TRUST 2003B A3	1.100000%	28	07/21/2003	08/18/2003		93,255.56
	08/21/2003	SLMPC TRUST 2003B A4	1.100000%	28	07/24/2003	08/21/2003		93,255.56
ii	Auction Rate Security Payments Made During Collection Period						$	360,184.45
iii	Broker/Dealer Fees Paid During Collection Period			06/01/03-08/31/03			$	64,794.44
iv	Auction Agent Fees Paid During Collection Period			06/01/03-08/31/03			$	2,753.76
v	Total Payments Out of Future Distribution Account During Collection Period						$	427,732.66

B    Payments Set Aside During Collection Period for Future Distributions

	Payment Date	Security Description	Interest Rate	No. of Days	Start Date	End Date	Total Payment
i	9/15/2003	SLMPC TRUST 2003B A3	1.0700000%	28	08/18/2003	9/15/2003		90,712.22
ii	Future Auction Rate Security Payments Set Aside						$	90,712.22
iii	Future Broker Dealer Fees Set Aside for Payment						$	16,955.56
iv	Future Auction Agent Fees Set Aside for Payment						$	720.61
	Less: Auction Rate Security Interest Payments due on the Distribution Date						$	(90,712.22	)
	Less: Auction Rate Security Auction Agent Fees due on the Distribution Date						$	(720.61	)
	Less: Auction Rate Security Broker Dealer Fees due on the Distribution Date						$	(16,955.56	)
v	Total Funds Remaining in Future Distribution Account						$	—

4

V.    2003-B    Loss and Recovery Detail    8/31/2003

			% of Original Pool		1/27/2003		8/31/2003
A	i	Cumulative Realized Losses Test
		September 15, 2003 to March 17, 2008	15%		$	187,092,047.70	$	187,092,047.70
		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	$	84,037.27
	iii	Cumulative Interest Purchases by Servicer			$	0.00	$	3,311.96
	iv	Total Gross Defaults:			$	0.00	$	87,349.23

5

VI.    2003-B    Portfolio Characteristics

			Weighted Avg Coupon				# of Loans		%*				Principal Amount				%*
STATUS
			5/12/2003		8/31/2003		5/12/2003	8/31/2003	5/12/2003		8/31/2003		5/12/2003		8/31/2003		5/12/2003		8/31/2003
INTERIM:
	In School		5.058	%	5.030	%	82,728	69,751	57.745	%	48.978	%	$	736,566,776.29	$	612,428,290.92	60.694	%	50.999	%
	Grace		5.705	%	5.367	%	12,389	17,326	8.648	%	12.166	%	$	84,486,783.83	$	154,388,007.51	6.962	%	12.856	%
TOTAL INTERIM			5.125	%	5.098	%	95,117	87,077	66.393	%	61.144	%	$	821,053,560.12	$	766,816,298.43	67.656	%	63.855	%
REPAYMENT
	Active
		Current	4.824	%	4.795	%	43,727	47,201	30.522	%	33.144	%	$	356,132,830.42	$	369,857,824.57	29.345	%	30.800	%
		31-60 Days Delinquent	5.087	%	5.638	%	913	1,382	0.637	%	0.970	%	$	7,393,176.14	$	10,644,284.91	0.609	%	0.887	%
		61-90 Days Delinquent	0.000	%	5.883	%	—	482	0.000	%	0.338	%	$	—	$	3,978,324.15	0.000	%	0.331	%
		91-120 Days Delinquent	0.000	%	5.801	%	—	267	0.000	%	0.187	%	$	—	$	1,827,710.39	0.000	%	0.152	%
		121-150 Days Delinquent	0.000	%	6.144	%	—	117	0.000	%	0.082	%	$	—	$	1,073,203.27	0.000	%	0.090	%
		151-180 Days Delinquent	0.000	%	4.972	%	—	18	0.000	%	0.013	%	$	—	$	170,693.44	0.000	%	0.014	%
		> 180 Days Delinquent	0.000	%	0.000	%	—	—	0.000	%	0.000	%	$	—	$	0.00	0.000	%	0.000	%
Deferment			5.100	%	4.453	%	9	50	0.006	%	0.035	%	$	107,635.92	$	565,945.03	0.009	%	0.047	%
Forbearance			5.567	%	5.456	%	3,499	5,816	2.442	%	4.084	%	$	28,896,978.59	$	45,917,155.96	2.381	%	3.824	%
TOTAL REPAYMENT			4.883	%	4.902	%	48,148	55,336	33.607	%	38.856	%	$	392,530,621.07	$	434,068,635.16	32.344	%	36.145	%
GRAND TOTAL			5.050	%	5.030	%	143,265	142,413	100.000	%	100.000	%	$	1,213,574,181.19	$	1,200,884,933.59	100.000	%	100.000	%

*

Percentages may not total 100% due to rounding

6

VII.    2003-B    Portfolio Characteristics by School and Program

LOAN TYPE	WAC		# Loans	$ Amount		%
—Signature Loans	5.124	%	107,990	$	915,612,665.27	76.245	%
—Law Loans	4.804	%	23,737		172,251,661.23	14.344	%
—Med Loans	4.411	%	6,817		59,239,068.59	4.933	%
—MBA Loans	4.720	%	3,869		53,781,538.50	4.478	%
—Total	5.030	%	142,413	$	1,200,884,933.59	100.000	%

*

Percentages may not total 100% due to rounding

7

VIII.    2003-B    Interest Rate Swap and Cap Calculations

A    Swap Payments

					Counterparty A			Counterparty B
i	Notional Swap Amount—Aggregate Prime Loans Outstanding					494,834,854		$	494,834,854
Counterparty Pays:
ii	3 Month Libor					1.00424	%		1.00424	%
iii	Gross Swap Receipt Due Trust				$	1,104,295.45		$	1,104,295.45
iv	Days in Period	6/27/2003		9/15/2003		80			80
SLM Private Credit Trust Pays:
v	Prime Rate (WSJ) Less	2.6300	%			1.62000	%		1.62000	%
vi	Gross Swap Payment Due Counterparty				$	1,757,002.66		$	1,757,002.66
vii	Days in Period	6/27/2003		9/15/2003		80			80

B    Cap Payments

				Cap Calculation
i	Notional Swap Amount			$	870,000,000.00
Counterparty Pays:
ii	3 Month Libor (interpolated for first accrual period)				1.00424	%
iii	Cap Rate				4.00000	%
iv	Excess (if any) of Libor over Cap Rate (ii-iii)				0.00000	%
v	Days in Period	6/27/2003	9/15/2003		80
vi	Cap Payment due Trust			$	—

IX.    2003-B Accrued Interest Factors

		Accrued Int Factor	Accrual Period	Rate
A	Class A-1 Interest Rate	0.002453867	(06/27/03-09/15/03)	1.10424	%
B	Class A-2 Interest Rate	0.003120533	(06/27/03-09/15/03)	1.40424	%
C	Class A-3 Interest Rate	0.000832222	(08/18/03-09/15/03)	1.07000	%
D	Class B Interest Rate	0.003787200	(06/27/03-09/15/03)	1.70424	%
E	Class C Interest Rate	0.005787200	(06/27/03-09/15/03)	2.60424	%

8

X.    2003-B    Inputs From Prior Data    5/12/03

A	Total Student Loan Pool Outstanding
	i	Portfolio Balance	$	1,213,584,181.19
	ii	Interest To Be Capitalized		33,696,136.79
	iii	Total Pool	$	1,247,280,317.98
	iv	Cash Capitalization Account (CI)		102,590,156.00
	v	Asset Balance	$	1,349,870,473.98
B	Total Note and Certificate Factor			1.00000000000
C	Total Note Balance		$	1,343,121,000.00

D	Note Balance        6/27/2003		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	$	580,000,000.00	$	440,506,000.00	$	109,000,000.00	$	109,000,000.00	$	43,871,000.00	$	60,744,000.00
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-B    Note Parity Triggers

		Class A		Class B		Class C
Notes Outstanding	6/27/03	$	1,238,506,000	$	1,282,377,000	$	1,343,121,000
Asset Balance	5/12/03	$	1,349,870,474	$	1,349,870,474	$	1,349,870,474
Pool Balance	8/31/03	$	1,243,606,462	$	1,243,606,462	$	1,243,606,462
Amounts on Deposit*	9/15/03		122,609,957		122,443,809		122,092,271
Total		$	1,366,216,419	$	1,366,050,271	$	1,365,698,733
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		$	111,364,473.98
Specified Class A Enhancement		$	201,929,492.72		The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount
Class B Enhancement		$	67,493,473.98
Specified Class B Enhancement		$	136,302,407.59		The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount
Class C Enhancement		$	6,749,473.98
Specified Class C Enhancement		$	40,385,898.54		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-B    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	6/27/2003	$	1,238,506,000.00
	iii	Asset Balance	8/31/2003	$	1,346,196,618.16
	iv	First Priority Principal Distribution Amount	9/15/2003	$	—
					—
	v	Is the Class B Note Parity Trigger in Effect?			No
	vi	Aggregate A and B Notes Outstanding	6/27/2003	$	1,282,377,000.00
	vii	Asset Balance	8/31/2003	$	1,346,196,618.16
	viii	First Priority Principal Distribution Amount	9/15/2003	$	—
	ix	Second Priority Principal Distribution Amount	9/15/2003	$	—
					—
	x	Is the Class C Note Parity Trigger in Effect?			No
	xi	Aggregate A, B and C Notes Outstanding	6/27/2003	$	1,343,121,000.00
	xii	Asset Balance	8/31/2003	$	1,346,196,618.16
	xiii	First Priority Principal Distribution Amount	9/15/2003	$	—
	xiv	Second Priority Principal Distribution Amount	9/15/2003	$	—
	xv	Third Priority Principal Distribution Amount	9/15/2003	$	—
					—
Regular Principal Distribution
	i	Aggregate Notes Outstanding	6/27/2003	$	1,343,121,000.00
	ii	Asset Balance	8/31/2003	$	1,346,196,618.16
	iii	Specified Overcollateralization Amount	9/15/2003	$	26,997,409.48
	iv	First Priority Principal Distribution Amount	9/15/2003	$	—
	v	Second Priority Principal Distribution Amount	9/15/2003	$	—
	vi	Third Priority Principal Distribution Amount	9/15/2003	$	—
	vii	Regular Principal Distribution Amount		$	23,921,791.32
	viii	Actual Principal Distribution Amount paid		$	19,502,114.88
	ix	Shortfall		$	4,419,676.44
Class A Noteholders' Principal Distribution Amounts
	i	Has the Stepdown Date Occurred?			No
	ii	Asset Balance	8/31/2003	$	1,346,196,618.16
	iii	85% of Asset Balance	8/31/2003	$	1,144,267,125.43
	iv	Specified Overcollateralization Amount	9/15/2003	$	26,997,409.48
	v	Lesser of (iii) and (ii - iv)		$	1,144,267,125.43
	vi	Class A Noteholders' Principal Distribution Amt—Before the Stepdown Date		$	23,921,791.32
	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	8/31/2003	$	1,346,196,618.16
	iii	89.875% of Asset Balance	8/31/2003	$	1,209,894,210.57
	iv	Specified Overcollateralization Amount	9/15/2003	$	26,997,409.48
	v	Lesser of (iii) and (ii - iv)		$	1,209,894,210.57
	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	8/31/2003	$	1,346,196,618.16
	iii	97% of Asset Balance	8/31/2003	$	1,305,810,719.61
	iv	Specified Overcollateralization Amount	9/15/2003	$	26,997,409.48
	v	Lesser of (iii) and (ii - iv)		$	1,305,810,719.61
	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-B    Waterfall for Distributions

						Remaining Funds Balance
A	Total Available Funds (Sections III-J)			$	27,162,865.07	$	27,162,865.07
B	Primary Servicing Fees—Current Month plus any Unpaid			$	702,814.22	$	26,460,050.85
C	Quarterly Administration Fee plus any Unpaid			$	20,000.00	$	26,440,050.85
D	Auction Fees Due		9/15/2003	$	720.61	$	26,439,330.24
	Broker/Dealer Fees Due		9/15/2003	$	16,955.56	$	26,422,374.68
E	Gross Swap Payment due Counterparty A			$	1,757,002.66	$	24,665,372.02
	Gross Swap Payment due Counterparty B			$	1,757,002.66	$	22,908,369.36
F	i	Class A-1 Noteholders' Interest Distribution Amount due	9/15/2003	$	1,423,242.67	$	21,485,126.69
	ii	Class A-2 Noteholders' Interest Distribution Amount due	9/15/2003	$	1,374,613.66	$	20,110,513.03
	iii	Class A-3 Noteholders' Interest Distribution Amount due	9/15/2003	$	90,712.22	$	20,019,800.81
	iv	Class A-4 Noteholders' Interest Distribution Amount due	9/15/2003	$	0.00	$	20,019,800.81
	v	Swap Termination Fees due	9/15/2003	$	0.00	$	20,019,800.81
G	First Priority Principal Distribution Amount—Principal Distribution Account			$	0.00	$	20,019,800.81
H	Class B Noteholders' Interest Distribuition Amount due		9/15/2003	$	166,148.25	$	19,853,652.56
I	Second Priority Principal Distribution Amount—Principal Distribution Account			$	0.00	$	19,853,652.56
J	Class C Noteholders' Interest Distribuition Amount			$	351,537.68	$	19,502,114.88
K	Third Priority Principal Distribution Amount—Principal Distribution Account			$	0.00	$	19,502,114.88
L	Increase to the Specified Reserve Account Balance			$	0.00	$	19,502,114.88
M	Regular Principal Distribution Amount—Principal Distribution Account			$	19,502,114.88	$	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-B    Principal Distribution Account Allocations

					Remaining Funds Balance
A		Total from Collection Account	$	19,502,114.88	$	19,502,114.88
B	i	Class A-1 Principal Distribution Amount Paid	$	19,502,114.88	$	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-B    Distributions

	Distribution Amounts		Class A-1		Class A-2		Class A-3		Class A-4		Class B		Class C
A	i	Quarterly Interest Due	$	1,423,242.67	$	1,374,613.66	$	90,712.22	$	0.00	$	166,148.25	$	351,537.68
	ii	Quarterly Interest Paid		1,423,242.67		1,374,613.66		90,712.22		0.00		166,148.25		351,537.68
	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	$	23,921,791.32	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	viii	Quarterly Principal Paid (or allocated)		19,502,114.88		0.00		0.00		0.00		0.00		0.00
	ix	Shortfall	$	4,419,676.44	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	x	Total Distribution Amount	$	20,925,357.55	$	1,374,613.66	$	90,712.22	$	0.00	$	166,148.25	$	351,537.68

	Note Balances			6/27/2003		Paydown Factors	9/15/2003
B	i	A-1 Note Balance	78443CAL8	$	580,000,000.00		$	560,497,885.12
		A-1 Note Pool Factor			1.0000000000	0.0336243360		0.9663756640
	ii	A-2 Note Balance	78443CAM6	$	440,506,000.00		$	440,506,000.00
		A-2 Note Pool Factor			1.0000000000	0.0000000000		1.0000000000
									Balances		Next ARS Pay Date
	ii	A-3 Note Balance	78443CAN4	$	109,000,000.00		$	109,000,000.00	$	109,000,000.00	10/14/03
		A-2 Note Pool Factor			1.0000000000	0.0000000000		1.0000000000		1.000000000
	ii	A-4 Note Balance	78443CAP9	$	109,000,000.00			109,000,000.00	$	109,000,000.00	09/18/03
		A-2 Note Pool Factor			1.0000000000	0.0000000000		1.0000000000		1.000000000
	iii	B Note Balance	78443CAQ7	$	43,871,000.00		$	43,871,000.00
		B Note Pool Factor			1.0000000000	0.0000000000		1.0000000000
	iv	C Note Balance	78443CAR5	$	60,744,000.00		$	60,744,000.00
		C Note Pool Factor			1.0000000000	0.0000000000		1.0000000000

14

XVI.    2003-B    Historical Pool Information

			5/12/03-8/31/03
Beginning Student Loan Portfolio Balance			$	1,213,584,181.19
	Student Loan Principal Activity
i		Principal Payments Received	$	17,100,588.84
ii		Purchases by Servicer (Delinquencies >180)		84,037.27
iii		Other Servicer Reimbursements		1,451.27
iv		Seller Reimbursements		351,510.41
v		Total Principal Collections	$	17,537,587.79
	Student Loan Non-Cash Principal Activity
i		Realized Losses/Loans Charged Off	$	—
ii		Capitalized Interest		(4,262,967.89	)
iii		Capitalized Insurance Fee	$	(552,253.51	)
iv		Other Adjustments		(23,118.79	)
v		Total Non-Cash Principal Activity	$	(4,838,340.19	)
(-) Total Student Loan Principal Activity			$	12,699,247.60
	Student Loan Interest Activity
i		Interest Payments Received	$	6,183,151.81
ii		Repurchases by Servicer (Delinquencies >180)		3,311.96
iii		Other Servicer Reimbursements		109.11
iv		Seller Reimbursements		13,788.32
v		Late Fees		54,949.49
vi		Collection Fees		—
viii		Total Interest Collections		6,255,310.69
	Student Loan Non-Cash Interest Activity
i		Realized Losses/Loans Charged Off	$	—
ii		Capitalized Interest		4,262,967.89
iii		Other Interest Adjustments		66,512.42
iv		Total Non-Cash Interest Adjustments	$	4,329,480.31
v		Total Student Loan Interest Activity	$	10,584,791.00
(=) Ending Student Loan Portfolio Balance			$	1,200,884,933.59
(+) Interest to be Capitalized			$	42,721,528.57
(=) TOTAL POOL			$	1,243,606,462.16
(+) Cash Capitalization Account Balance (CI)			$	102,590,156.00
(=) Asset Balance			$	1,346,196,618.16

15

XVII.    2003-B    Payment History and CPRs

Distribution Date	Actual Pool Balances		Since Issued CPR *
Sep-03	$	1,243,606,462	2.25	%

*

"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