10-K

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10-K

(Mark One)

ý	Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the fiscal year ended December 31, 2002 or
o	Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from                               to                              

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

Depositor of

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

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

20 HEMINGWAY DRIVE
EAST PROVIDENCE, RHODE ISLAND 02915
(Address of principal executive offices)

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

        Securities registered pursuant to Section 12(b) of the Act: None

        Securities registered pursuant to Section 12(g) of the Act: None

        Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o

        Documents are incorporated by reference into this Form 10-K: None.

        State the aggregate market value of the voting stock held by non-affiliates of the Registrant: None.

        This Annual Report on Form 10-K is filed in reliance upon certain no-action letters issued by the Office of Chief Counsel, Division of Corporate Finance of the Securities and Exchange Commission stating that the Division will not object if periodic reports filed by the registrant pursuant to Sections 13 and 15(d) of the Securities and Exchange Act of 1934 are filed in the manner set forth in such letters and the requests for such letters.

PART I.

Item 2. Properties.

        SLM Education Credit Funding LLC, is the depositor for 5 trusts, as of March 29, 2004. They are the SLM Private Credit Student Loan Trust 2002-A, the SLM Private Credit Student Loan Trust 2003-A, the SLM Private Credit Student Loan Trust 2003-B, the SLM Private Credit Student Loan Trust 2003-C and SLM Private Credit Student Loan Trust 2004-A (collectively, the "Trusts"). The property of the Trusts consists of pools of education loans to students and parents of students made under private loan programs which are not part of the Federal Family Education Loan Program, all funds collected in respect thereof and monies on deposit in certain trust accounts together with rights to receive payments under certain swap transactions.

        On an annual basis, each trust is required to provide statements of compliance of its servicers and administrators. The Annual Statements of Compliance for the SLM Private Credit Student Loan Trust 2002-A, the SLM Private Credit Student Loan Trust 2003-A, the SLM Private Credit Student Loan Trust 2003-B, and the SLM Private Credit Student Loan Trust 2003-C are attached as Exhibit 19.1 hereto. These statements are required by

•

the Administration Agreements, dated as of October 1, 2002, March 6, 2003, June 18, 2003 and October 2, 2003 among Sallie Mae, Inc., as the Administrator, Sallie Mae Inc., as the Servicer, JPMorgan Chase Bank, in its capacity as Indenture Trustee, the Trust's party thereto, as the Issuer, and the Registrant, as amended or supplemented (collectively, the "Administration Agreements").

Item 3. Legal Proceedings.

        The Registrant knows of no material pending legal proceedings involving the Registrant or its property.

Item 4. Submission of Matters to a Vote of Security Holders.

        Nothing to report.

2

PART II.

Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.

        The SLM Private Credit Student Loan Trust 2002-A, the SLM Private Credit Student Loan Trust 2003-A, the SLM Private Credit Student Loan Trust 2003-B, and the SLM Private Credit Student Loan Trust 2003-C did not issue Certificates.

Item 7. Other Related Events and Information.

        Nothing to report.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

        Nothing to report.

3

PART III.

Item 12. Security Ownership of Certain Beneficial Owners and Management.

        None.

Item 13. Certain Relationships and Related Transactions.

        Nothing to Report.

4

PART IV.

Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K.

        (a)    Exhibits.    The following documents are filed as part of this Annual Report on Form 10-K:

Designation	Description
Exhibit 19.1	Annual Statements of Compliance of the Administrator and the Servicer
Exhibit 19.2	Annual Independent Certified Public Accountant's Report

        (b)    Reports on Form 8-K.    We filed eight (8) Current Report on Form 8-K with the Commission during the period covered by this report. They are:

•

on January 2, 2003 in connection with the December 15, 2002 Quarterly Distribution Date;



•

on March 24, 2003 in connection with the March 15, 2003 Quarterly Distribution Date;



•

on April 1, 2003 in connection with the closing of SLM Private Credit Student Loan Trust 2003-A;



•

on June 24, 2003 in connection with the June 15, 2003 Quarterly Distribution Date;



•

on July 1, 2003 in connection with the closing of SLM Private Credit Student Loan Trust 2003-B;



•

on September 30, 2003 in connection with the September 15, 2003 Quarterly Distribution Date;



•

on October 14, 2003 in connection with the closing of SLM Private Credit Student Loan Trust 2003-C; and



•

on December 23, 2003 in connection with the December 15, 2003 Quarterly Distribution Date.

5

SIGNATURES

        Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: March 30, 2003	SLM EDUCATION CREDIT FUNDING LLC
	By:	/s/  JOHN F. REMONDI Name: John F. Remondi Title: President

        Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities indicated on the dates indicated.

Signature	Title	Date
/s/  JOHN F. REMONDI John F. Remondi	President (Principal Executive Officer) and Manager	March 30, 2003
/s/  C. E. ANDREWS C. E. Andrews	Chief Financial Officer (Principal Financial Officer) and Manager	March 30, 2003
/s/  TIMOTHY FITZPATRICK Timothy Fitzpatrick	Manager	March 30, 2003
Victor A. Duva	Independent Manager	March 30, 2003
Kennith J. Uva	Independent Manager	March 30, 2003

6

CERTIFICATION

I, John F. Remondi, certify that:

        1.     I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution or servicing reports filed in respect of periods included in the year covered by this annual report, of SLM Education Credit Funding LLC;

        2.     Based on my knowledge, the information in these reports, taken as a while, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this annual report;

        3.     Based on my knowledge, the distribution or servicing information required to be provided to the trustee by the servicer under the pooling and servicing, or similar, agreement, for inclusion in these reports is included in these reports;

        4.     Based on my knowledge and upon the annual compliance statement included in the report and required to be delivered to the trustee in accordance with the terms of the pooling and servicing, or similar, agreement, and except as disclosed in the reports, the servicer has fulfilled its obligations under the servicing agreement; and

        5.     The reports disclose all significant deficiencies relating to the servicer's compliance with the minimum servicing standards based upon the report provided by an independent public accountant, after conducting a review in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar procedures, as set forth in the pooling and servicing, or similar, agreement, that is included in these reports.

Date: March 30, 2003

/s/ JOHN F. REMONDI
John F. Remondi
President
SLM Education Credit Funding LLC

CERTIFICATION

I, C. E. Andrews, certify that:

        1.     I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution or servicing reports filed in respect of periods included in the year covered by this annual report, of SLM Education Credit Funding LLC;

        2.     Based on my knowledge, the information in these reports, taken as a while, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this annual report;

        3.     Based on my knowledge, the distribution or servicing information required to be provided to the trustee by the servicer under the pooling and servicing, or similar, agreement, for inclusion in these reports is included in these reports;

        4.     Based on my knowledge and upon the annual compliance statement included in the report and required to be delivered to the trustee in accordance with the terms of the pooling and servicing, or similar, agreement, and except as disclosed in the reports, the servicer has fulfilled its obligations under the servicing agreement; and

        5.     The reports disclose all significant deficiencies relating to the servicer's compliance with the minimum servicing standards based upon the report provided by an independent public accountant, after conducting a review in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar procedures, as set forth in the pooling and servicing, or similar, agreement, that is included in these reports.

Date: March 30, 2003

/s/ C.E. ANDREWS
C.E. Andrews
Chief Financial Officer
SLM Education Credit Funding LLC

INDEX TO EXHIBITS

Exhibit Number	Exhibit	Sequentially Numbered Page
19.1	Annual Statements of Compliance of the Administrator and the Servicer	9
19.2	Annual Independent Certified Public Accountant's Report	12

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PART I.

Item 2. Properties.
Item 3. Legal Proceedings.

PART II.

Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.

PART III.
PART IV.

Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K.

SIGNATURES
CERTIFICATION
CERTIFICATION
INDEX TO EXHIBITS

EX-19.1

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Exhibit 19.1

SLM Student Loan Trust 2002-A
Officer's Certificate of the Servicer
Annual Statement of Compliance
As of December 31, 2004

TO:	Indenture Trustee	Trustee
	JP Morgan Chase Bank	Chase Manhattan Bank USA, National Association
	450 West 33rd Street 15th Floor	Christiana Center/OPS4, 500 Stanton Christiana Road
	New York, New York 10001	Newark, Delaware 19713
	Attn: Structured Finance Services	Attn: Corporate Trust Department
Copy:	JP Morgan Chase Bank	The Chase Manhattan Bank, N.A.
	4 New York Plaza, 6th Floor	450 West 33rd Street 15th floor
	New York, New York 10004	New York, New York 10001
	Attn: Institutional Trust Services	Attn: Corporate Trust Department

Pursuant to Section 3.2 of the Administration Agreement (the "Agreement"), we hereby certify that (i) a review if the activities and performance of the Servicer from January 1, 2004 through December 31, 2004 under this Agreement and under the Servicing Agreement dated as of October 17, 2002 has been made under our supervision, and (ii) to the best of our knowledge, the Servicer has fulfilled its obligations in all material respects under this Agreement and under the Servicing Agreement throughout such period.

SALLIE MAE Inc., as Servicer
11600 Sallie Mae Drive
Reston, Virginia 20193

/s/ ROBERT A. CRAWFORD Robert A. Crawford, Senior Vice President and Controller

/s/ C. E. ANDREWS C. E. Andrews, Executive Vice President, Accounting and Risk Management

SLM Student Loan Trust 2002-A
Officer's Certificate

Indenture Trustee	Eligible Lender Trustee
JP Morgan Institutional Trust Services	Chase Manhattan Bank USA, NA
4 New York Plaza	500 Stanton Christiana Rd
New York, NY 10004-2477	3rd Floor/OPS4
Attn: David Contino	Newark, DE 19713
(212) 623-5376	Corporate Trust Division
	(302) 552-6279

Pursuant to Section 3.2 of the Administration Agreement (the "Agreement"), we, the undersigned, hereby certify that (i) a review of the activities and performance of the Administrator from January 1, 2003 through December 31, 2003 has been made under our supervision and (ii) to the best of our knowledge, based on such review, the Administrator has fulfilled its obligations in all material respects under the Agreement throughout such period.

        February 11, 2004

Sallie Mae, Inc., as Administrator

/s/ MARK DALY Mark Daly Managing Director, Corporate Finance	/s/ J. LANCE FRANKE J. Lance Franke Sr. Vice President, Corporate Finance
Sallie Mae, Inc.	Sallie Mae, Inc.

SLM Student Loan Trust 2003-A
Officer's Certificate of the Servicer
Annual Statement of Compliance
As of December 31, 2004

TO:	Trustee	Indenture Trustee
	Chase Manhattan Bank USA, National Association	JP Morgan Chase Bank
	Christiana Center/OPS4, 500 Stanton Christiana Road	450 West 33rd Street 14th Floor
	Newark, Delaware 19713	New York, New York 10001
	Attn: Corporate Trust Department	Attn: Structured Finance Services
Copy:	JP Morgan Chase Bank 450 West 33rd Street 14th Floor New York, New York 10001 Attn: Structured Finance Services

Pursuant to Section 3.2 of the Administration Agreement (the "Agreement"), we hereby certify that (i) a review of the activities and performance of the Servicer from January 1, 2004 through December 31, 2004 under this Agreement and under the Servicing Agreement dated as of March 13, 2003 has been made under our supervision, and (ii) to the best of our knowledge, the Servicer has fulfilled its obligations in all material respects under this Agreement and under the Servicing Agreement throughout such period.

SALLIE MAE Inc., as Servicer
11600 Sallie Mae Drive
Reston, Virginia 20193

/s/ ROBERT A. CRAWFORD Robert A. Crawford, Senior Vice President and Controller

/s/ C. E. ANDREWS C. E. Andrews, Executive Vice President, Accounting and Risk Management

SLM Student Loan Trust 2003-A
Officer's Certificate

Indenture Trustee	Eligible Lender Trustee
JP Morgan Institutional Trust Services	Chase Manhattan Bank USA, NA
4 New York Plaza	500 Stanton Christiana Rd
New York, NY 10004-2477	3rd Floor/OPS4
Attn: David Contino	Newark, DE 19713
(212) 623-5376	Corporate Trust Division
	(302) 552-6279

Pursuant to Section 3.2 of the Administration Agreement (the "Agreement"), we, the undersigned, hereby certify that (i) a review of the activities and performance of the Administrator from March 13, 2003 through December 31, 2003 has been made under our supervision and (ii) to the best of our knowledge, based on such review, the Administrator has fulfilled its obligations in all material respects under the Agreement throughout such period.

        February 11, 2004

Sallie Mae, Inc., as Administrator

/s/ MARK DALY Mark Daly Managing Director, Corporate Finance	/s/ J. LANCE FRANKE J. Lance Franke Sr. Vice President, Corporate Finance
Sallie Mae, Inc.	Sallie Mae, Inc.

SLM Student Loan Trust 2003-B
Officer's Certificate of the Servicer
Annual Statement of Compliance
As of December 31, 2004

TO:	Trustee	Indenture Trustee
	Chase Manhattan Bank USA, National Association	JP Morgan Chase Bank
	Christiana Center/OPS4, 500 Stanton Christiana Road	450 West 33rd Street 14th Floor
	Newark, Delaware 19713	New York, New York 10001
	Attn: Corporate Trust Department	Attn: Structured Finance Services
Copy:	JP Morgan Chase Bank 450 West 33rd Street 14th Floor New York, New York 10001 Attn: Structured Finance Services

Pursuant to Section 3.2 of the Administration Agreement (the "Agreement"), we hereby certify that (i) a review of the activities and performance of the Servicer from January 1, 2004 through December 31, 2004 under this Agreement and under the Servicing Agreement dated as of June 27, 2003 has been made under our supervision, and (ii) to the best of our knowledge, the Servicer has fulfilled its obligations in all material respects under this Agreement and under the Servicing Agreement throughout such period.

SALLIE MAE Inc., as Servicer
11600 Sallie Mae Drive
Reston, Virginia 20193

/s/ ROBERT A. CRAWFORD Robert A. Crawford, Senior Vice President and Controller

/s/ C. E. ANDREWS C. E. Andrews, Executive Vice President, Accounting and Risk Management

SLM Student Loan Trust 2003-B
Officer's Certificate

Indenture Trustee	Eligible Lender Trustee
JP Morgan Institutional Trust Services	Chase Manhattan Bank USA, NA
4 New York Plaza	500 Stanton Christiana Rd
New York, NY 10004-2477	3rd Floor/OPS4
Attn: David Contino	Newark, DE 19713
(212) 623-5376	Corporate Trust Division
	(302) 552-6279

Pursuant to Section 3.2 of the Administration Agreement (the "Agreement"), we, the undersigned, hereby certify that (i) a review of the activities and performance of the Administrator from June 27, 2003 through December 31, 2003 has been made under our supervision and (ii) to the best of our knowledge, based on such review, the Administrator has fulfilled its obligations in all material respects under the Agreement throughout such period.

        February 11, 2004

Mark Heleen, Vice President

Sallie Mae, Inc., as Administrator

/s/ MARK DALY Mark Daly	/s/ J. LANCE FRANKE J. Lance Franke
Managing Director, Corporate Finance	Sr. Vice President, Corporate Finance

SLM Student Loan Trust 2003-C
Officer's Certificate of the Servicer
Annual Statement of Compliance
As of December 31, 2004

TO:	Trustee	Indenture Trustee
	Chase Manhattan Bank USA, National Association	JP Morgan Chase Bank
	Christiana Center/OPS4, 500 Stanton Christiana Road	450 West 33rd Street 14th Floor
	Newark, Delaware 19713	New York, New York 10001
	Attn: Corporate Trust Department	Attn: Structured Finance Services
Copy:	JP Morgan Chase Bank 450 West 33rd Street 14th Floor New York, New York 10001 Attn: Structured Finance Services

Pursuant to Section 3.2 of the Administration Agreement (the "Agreement"), we hereby certify that (i) a review of the activities and performance of the Servicer from January 1, 2004 through December 31, 2004 under this Agreement and under the Servicing Agreement dated as of October 9, 2003 has been made under our supervision, and (ii) to the best of our knowledge, the Servicer has fulfilled its obligations in all material respects under this Agreement and under the Servicing Agreement throughout such period.

SALLIE MAE Inc., as Servicer
11600 Sallie Mae Drive
Reston, Virginia 20193

/s/ ROBERT A. CRAWFORD Robert A. Crawford, Senior Vice President and Controller

/s/ C. E. ANDREWS C. E. Andrews, Executive Vice President, Accounting and Risk Management

SLM Student Loan Trust 2003-C
Officer's Certificate

Indenture Trustee	Eligible Lender Trustee
JP Morgan Institutional Trust Services	Chase Manhattan Bank USA, NA
4 New York Plaza	500 Stanton Christiana Rd
New York, NY 10004-2477	3rd Floor/OPS4
Attn: David Contino	Newark, DE 19713
(212) 623-5376	Corporate Trust Division
	(302) 552-6279

Pursuant to Section 3.2 of the Administration Agreement (the "Agreement"), we, the undersigned, hereby certify that (i) a review of the activities and performance of the Administrator from October 9, 2003 through December 31, 2003 has been made under our supervision and (ii) to the best of our knowledge, based on such review, the Administrator has fulfilled its obligations in all material respects under the Agreement throughout such period.

        February 11, 2004

Sallie Mae, Inc., as Administrator

/s/ MARK DALY Mark Daly
Managing Director, Corporate Finance /s/ J. LANCE FRANKE J. Lance Franke
Sr. Vice President, Corporate Finance

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SLM Student Loan Trust 2002-A Officer's Certificate of the Servicer Annual Statement of Compliance As of December 31, 2004
SLM Student Loan Trust 2002-A Officer's Certificate
SLM Student Loan Trust 2003-A Officer's Certificate of the Servicer Annual Statement of Compliance As of December 31, 2004
SLM Student Loan Trust 2003-A Officer's Certificate
SLM Student Loan Trust 2003-B Officer's Certificate of the Servicer Annual Statement of Compliance As of December 31, 2004
SLM Student Loan Trust 2003-B Officer's Certificate
SLM Student Loan Trust 2003-C Officer's Certificate of the Servicer Annual Statement of Compliance As of December 31, 2004
SLM Student Loan Trust 2003-C Officer's Certificate

EX-19.2

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Exhibit 19.2

March 10, 2003

Sallie Mae, Inc.
11600 Sallie Mae Drive
Reston, VA 20193

and

Chase Manhattan Bank USA, National Association
Christiana Center/Ops 4
500 Stanton Christiana Road
Newark, DE 19713

and

JPMorgan Chase Bank
450 West 33^rd Street, 14^th Floor
New York, New York 10001

Report of Independent Accountants

SLM Private Credit Student Loan Trust 2002-A

        We have examined management's assertion included in the accompanying report titled Report of Management on Compliance by Administrator, that Sallie Mae, Inc. (the "Company") complied, in all material respects, with the terms and conditions of Sections 2.03.a.i, 2.03.a.ii, 2.04, 2.06.b, 2.07.a, 2.07.b, 2.07.c, 2.08.ai, 2.08.a.ii, 2.09, 3.01.b, 3.01.c, 3.01.d, 3.02.a, 3.02.a, and 3.02.cof the Administration Agreement among the Company, Chase Manhattan Bank USA, National Association, JPMorgan Chase Bank, Sallie Mae, Inc., as the successor-in-interest to Sallie Mae Servicing Corporation and SLM Education Credit Funding, LLC, (the "Agreement") pursuant to the SLM Private Credit Student Loan Trust 2002-A, for the year ended December 31, 2003. The Company's management is responsible for the assertion. Our responsibility is to express an opinion on the assertion based on our examination.

        Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence supporting management's assertion and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion.

        In our opinion, management's assertion referred to above is fairly stated, in all material respects, based on the aforementioned requirements for the year ended to December 31, 2003.

        This report is intended solely for the information and use of management, the board of directors, Chase Manhattan Bank USA, National Association and JP Morgan Chase Bank and is not intended to be and should not be used by anyone other than these specified parties.

Very truly yours,

/s/ PRICEWATERHOUSECOOPERS LLP

Report of Management on Compliance by Administrator

        I acknowledge that as a member of management of Sallie Mae, Inc. (the "Company"), we are responsible for ensuring compliance with the terms and conditions of Sections 2.03.a.i, 2.03.a.ii, 2.04, 2.06.b, 2.07.a, 2.07.b, 2.07.c, 2.08.a.i, 2.08.a.ii, 2.09, 3.01.b, 3.01.c, 3.01.d, 3.02.a, 3.02.a, and 3.02.c of the Administration Agreement among the Company, Chase Manhattan Bank USA, National Association, JPMorgan Chase Bank, Sallie Mae, Inc., as the successor-in-interest to Sallie Mae Servicing Corporation and SLM Education Credit Funding, LLC, (the "Agreement") pursuant to the SLM Private Credit Student Loan Trust 2002-A. We are also responsible for establishing and maintaining effective internal control over compliance with the terms and conditions of the Agreement.

        We have performed an evaluation of the Company's compliance with the conditions of the Sections in the Agreement indicated above. Based on the evaluation, we assert that the Company complied, in all material respects, with the terms and conditions of the Sections in the Agreement indicated above for the year ended December 31, 2003.

March 10, 2004

/s/ J. LANCE FRANKE
J. Lance Franke
Authorized Agent
Sallie Mae, Inc.

/s/ GREGORY A. SWARTZ
Gregory A. Swartz
Authorized Agent
Sallie Mae, Inc.

March 10, 2004

Sallie Mae, Inc.
11600 Sallie Mae Drive
Reston, VA 20193

and

Chase Manhattan Bank USA, National Association
Christiana Center/Ops 4
500 Stanton Christiana Road
Newark, DE 19713

and

JPMorgan Chase Bank
450 West 33^rd Street, 14^th Floor
New York, NY 10001

Report of Independent Accountants

SLM Private Credit Student Loan Trust 2002-A

        We have examined management's assertion, included in the accompanying report titled Report of Management on Compliance by Servicer, that Sallie Mae, Inc., as the successor-in-interest to Sallie Mae Servicing Corporation, (the "Company") complied, in all material respects, with the terms and conditions of Sections 2.02, 2.03, 3.01, 3.02.a, 3.05.a, 3.06, 3.10 and 3.15 the Servicing Agreement among the Company, Chase Manhattan Bank USA, JPMorgan Chase Bank and Sallie Mae, Inc., as Administrator, ("the Agreement") pursuant to the SLM Private Credit Student Loan Trust 2002-A, for the year ended December 31, 2003. The Company's management is responsible for the assertion. Our responsibility is to express an opinion on the assertion based on our examination.

        Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence supporting managements assertaion and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with specified requirements.

        In our opinion, management's assertion referred to above is fairly stated, based on the aforementioned terms and conditions of the sections of the Agreement the Company complied, in all material respects, with the aforementioned requirements for the year ended December 31, 2003.

        This report is intended solely for the information and use of management, the board of directors, Chase Manhattan Bank USA, National Association and JPMorgan Chase Bank and is not intended to be and should not be used by anyone other than these specified parties.

Very truly yours,

/s/ PRICEWATERHOUSECOOPERS LLP

Report of Management on Compliance by Servicer

        We acknowledge that as members of management of Sallie Mae, Inc., as the successor-in-interest to Sallie Mae Servicing Corporation (the "Company"), we are responsible for ensuring compliance with the terms and conditions of Sections Sections 2.02, 2.03, 3.01, 3.02.a, 3.05.a, 3.06, 3.10 and 3.15 of the Servicing Agreement among the Company, Chase Manhattan Bank USA, National Association, JPMorgan Chase and Sallie Mae, Inc., as Administrator, (the "Agreement") pursuant to the SLM Private Credit Student Loan Trust 2002-A. We are also responsible for reviewing and ensuring implementation of, and ongoing compliance with, effective internal control over compliance with the terms and conditions of the Agreement.

        On an ongoing basis we evaluate the Company's compliance with the terms and conditions of the Sections in Agreement indicated above. Based on this management oversight and evaluation, we assert that the Company complied, in all material respects, with the terms and conditions of the Sections in the Agreement indicated above for the year ended December 31, 2003.

March 10, 2004

/s/ JOHN F. REMONDI
John F. Remondi
Executive Vice President, Finance

March 10, 2003

Sallie Mae, Inc.
11600 Sallie Mae Drive
Reston, VA 20193

and

Chase Manhattan Bank USA, National Association
Christiana Center/Ops 4
500 Stanton Christiana Road
Newark, DE 19713

and

JPMorgan Chase Bank
450 West 33^rd Street, 14^th Floor
New York, NY 10001

Report of Independent Accountants

SLM Private Credit Student Loan Trust 2003-A

        We have examined management's assertion included in the accompanying report titled Report of Management on Compliance by Administrator, that Sallie Mae, Inc. (the "Company") complied, in all material respects, with the terms and conditions of Sections 2.03.a.i, 2.03.a.ii, 2.04, 2.06.b, 2.07.a, 2.07.b, 2.07.c, 2.08.ai, 2.08.a.ii, 2.09, 3.01.b, 3.01.c, 3.01.d, 3.02.a, 3.02.a, and 3.02.c of the Administration Agreement among the Company, Chase Manhattan Bank USA, National Association, JPMorgan Chase Bank, Sallie Mae, Inc., as the successor-in-interest to Sallie Mae Servicing Corporation and SLM Education Credit Funding, LLC, (the "Agreement") pursuant to the SLM Private Credit Student Loan Trust 2003-A, for the period March 13, 2003 to December 31, 2003. The Company's management is responsible for the assertion. Our responsibility is to express an opinion on the assertion based on our examination.

        Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence supporting management's assertion and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion.

        In our opinion, management's assertion referred to above is fairly stated, in all material respects, based on the aforementioned requirements for the period March 13, 2003 to December 31, 2003.

        This report is intended solely for the information and use of management, the board of directors, Chase Manhattan Bank USA, National Association and JP Morgan Chase Bank and is not intended to be and should not be used by anyone other than these specified parties.

Very truly yours,

/s/ PRICEWATERHOUSECOOPERS LLP

Report of Management on Compliance by Administrator

        I acknowledge that as a member of management of Sallie Mae, Inc. (the "Company"), we are responsible for ensuring compliance with the terms and conditions of Sections 2.03.a.i, 2.03.a.ii, 2.04, 2.06.b, 2.07.a, 2.07.b, 2.07.c, 2.08.a.i, 2.08.a.ii, 2.09, 3.01.b, 3.01.c, 3.01.d, 3.02.a, 3.02.a, and 3.02.c of the Administration Agreement among the Company, Chase Manhattan Bank USA, National Association, JPMorgan Chase Bank, Sallie Mae, Inc., as the successor-in-interest to Sallie Mae Servicing Corporation and SLM Education Credit Funding, LLC, (the "Agreement") pursuant to the SLM Private Credit Student Loan Trust 2003-A. We are also responsible for establishing and maintaining effective internal control over compliance with the terms and conditions of the Agreement.

        We have performed an evaluation of the Company's compliance with the conditions of the Sections in the Agreement indicated above. Based on the evaluation, we assert that the Company complied, in all material respects, with the terms and conditions of the Sections in the Agreement indicated above for the period March 13, 2003 to December 31, 2003.

March 10, 2004

/s/ J. LANCE FRANKE
J. Lance Franke
Authorized Agent
Sallie Mae, Inc.

/s/ GREGORY A. SWARTZ
Gregory A. Swartz
Authorized Agent
Sallie Mae, Inc.

March 10, 2004

Sallie Mae, Inc.
11600 Sallie Mae Drive
Reston, VA 20193

and

Chase Manhattan Bank USA, National Association
Christiana Center/Ops 4
500 Stanton Christiana Road
Newark, DE 19713

and

JPMorgan Chase Bank
450 West 33^rd Street, 14^th Floor
New York, NY 10001

Report of Independent Accountants

SLM Private Credit Student Loan Trust 2003-A

        We have examined management's assertion, included in the accompanying report titled Report of Management on Compliance by Servicer, that Sallie Mae, Inc., as the successor-in-interest to Sallie Mae Servicing Corporation, (the "Company") complied, in all material respects, with the terms and conditions of Sections 2.02, 2.03, 3.01, 3.02.a, 3.05.a, 3.06, 3.10 and 3.15 the Servicing Agreement among the Company, Chase Manhattan Bank USA, JPMorgan Chase Bank and Sallie Mae, Inc., as Administrator, ("the Agreement") pursuant to the SLM Private Credit Student Loan Trust 2003-A, for the period March 13, 2003 to December 31, 2003. The Company's management is responsible for the assertion. Our responsibility is to express an opinion on the assertion based on our examination.

        Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence supporting managements assertaion and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with specified requirements.

        In our opinion, management's assertion referred to above is fairly stated, based on the aforementioned terms and conditions of the sections of the Agreement the Company complied, in all material respects, with the aforementioned requirements for the period March 13, 2003 to December 31, 2003.

        This report is intended solely for the information and use of management, the board of directors, Chase Manhattan Bank USA, National Association and JPMorgan Chase Bank and is not intended to be and should not be used by anyone other than these specified parties.

Very truly yours,

/s/ PRICEWATERHOUSECOOPERS LLP

Report of Management on Compliance by Servicer

        We acknowledge that as members of management of Sallie Mae, Inc., as the successor-in-interest to Sallie Mae Servicing Corporation (the "Company"), we are responsible for ensuring compliance with the terms and conditions of Sections Sections 2.02, 2.03, 3.01, 3.02.a, 3.05.a, 3.06, 3.10 and 3.15 of the Servicing Agreement among the Company, Chase Manhattan Bank USA, National Association, JPMorgan Chase and Sallie Mae, Inc., as Administrator, (the "Agreement") pursuant to the SLM Private Credit Student Loan Trust 2003-A. We are also responsible for reviewing and ensuring implementation of, and ongoing compliance with, effective internal control over compliance with the terms and conditions of the Agreement.

        On an ongoing basis we evaluate the Company's compliance with the terms and conditions of the Sections in Agreement indicated above. Based on this management oversight and evaluation, we assert that the Company complied, in all material respects, with the terms and conditions of the Sections in the Agreement indicated above for the period March 13, 2003 to December 31, 2003.

March 10, 2004

/s/ JOHN F. REMONDI
John F. Remondi
Executive Vice President, Finance

March 10, 2003

Sallie Mae, Inc.
11600 Sallie Mae Drive
Reston, VA 20193

and

Chase Manhattan Bank USA, National Association
Christiana Center/Ops 4
500 Stanton Christiana Road
Newark, DE 19713

and

JPMorgan Chase Bank
450 West 33^rd Street, 14^th Floor
New York, NY 10001

Report of Independent Accountants

SLM Private Credit Student Loan Trust 2003-B

        We have examined management's assertion included in the accompanying report titled Report of Management on Compliance by Administrator, that Sallie Mae, Inc. (the "Company") complied, in all material respects, with the terms and conditions of Sections 2.03.a.i, 2.03.a.ii, 2.04, 2.06.b, 2.07.a, 2.07.b, 2.07.c, 2.08.ai, 2.08.a.ii, 2.09, 3.01.b, 3.01.c, 3.01.d, 3.02.a, 3.02.a, and 3.02.c of the Administration Agreement among the Company, Chase Manhattan Bank USA, National Association, JPMorgan Chase Bank, Sallie Mae, Inc., as the successor-in-interest to Sallie Mae Servicing Corporation and SLM Education Credit Funding, LLC, (the "Agreement") pursuant to the SLM Private Credit Student Loan Trust 2003-B, for the period June 27, 2003 to December 31, 2003. The Company's management is responsible for the assertion. Our responsibility is to express an opinion on the assertion based on our examination.

        Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence supporting management's assertion and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion.

        In our opinion, management's assertion referred to above is fairly stated, in all material respects, based on the aforementioned requirements for the period June 27, 2003 to December 31, 2003.

        This report is intended solely for the information and use of management, the board of directors, Chase Manhattan Bank USA, National Association and JP Morgan Chase Bank and is not intended to be and should not be used by anyone other than these specified parties.

Very truly yours,

/s/ PRICEWATERHOUSECOOPERS LLP

Report of Management on Compliance by Administrator

        I acknowledge that as a member of management of Sallie Mae, Inc. (the "Company"), we are responsible for ensuring compliance with the terms and conditions of Sections 2.03.a.i, 2.03.a.ii, 2.04, 2.06.b, 2.07.a, 2.07.b, 2.07.c, 2.08.a.i, 2.08.a.ii, 2.09, 3.01.b, 3.01.c, 3.01.d, 3.02.a, 3.02.a, and 3.02.c of the Administration Agreement among the Company, Chase Manhattan Bank USA, National Association, JPMorgan Chase Bank, Sallie Mae, Inc., as the successor-in-interest to Sallie Mae Servicing Corporation and SLM Education Credit Funding, LLC, (the "Agreement") pursuant to the SLM Private Credit Student Loan Trust 2003-B. We are also responsible for establishing and maintaining effective internal control over compliance with the terms and conditions of the Agreement.

        We have performed an evaluation of the Company's compliance with the conditions of the Sections in the Agreement indicated above. Based on the evaluation, we assert that the Company complied, in all material respects, with the terms and conditions of the Sections in the Agreement indicated above for the period June 27, 2003 to December 31, 2003.

March 10, 2004

/s/ J. LANCE FRANKE
J. Lance Franke
Authorized Agent
Sallie Mae, Inc.

/s/ GREGORY A. SWARTZ
Gregory A. Swartz
Authorized Agent
Sallie Mae, Inc.

March 10, 2004

Sallie Mae, Inc.
11600 Sallie Mae Drive
Reston, VA 20193

and

Chase Manhattan Bank USA, National Association
Christiana Center/Ops 4
500 Stanton Christiana Road
Newark, DE 19713

and

JPMorgan Chase Bank
450 West 33^rd Street, 14^th Floor
New York, NY 10001

Report of Independent Accountants

SLM Private Credit Student Loan Trust 2003-B

        We have examined management's assertion, included in the accompanying report titled Report of Management on Compliance by Servicer, that Sallie Mae, Inc., as the successor-in-interest to Sallie Mae Servicing Corporation, (the "Company") complied, in all material respects, with the terms and conditions of Sections 2.02, 2.03, 3.01, 3.02.a, 3.05.a, 3.06, 3.10 and 3.15 the Servicing Agreement among the Company, Chase Manhattan Bank USA, JPMorgan Chase Bank and Sallie Mae, Inc., as Administrator, ("the Agreement") pursuant to the SLM Private Credit Student Loan Trust 2003-A, for the period March 13, 2003 to December 31, 2003. The Company's management is responsible for the assertion. Our responsibility is to express an opinion on the assertion based on our examination.

        Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence supporting managements assertaion and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with specified requirements.

        In our opinion, management's assertion referred to above is fairly stated, based on the aforementioned terms and conditions of the sections of the Agreement the Company complied, in all material respects, with the aforementioned requirements for the period March 13, 2003 to December 31, 2003.

        This report is intended solely for the information and use of management, the board of directors, Chase Manhattan Bank USA, National Association and JPMorgan Chase Bank and is not intended to be and should not be used by anyone other than these specified parties.

Very truly yours,

/s/ PRICEWATERHOUSECOOPERS LLP

Report of Management on Compliance by Servicer

        We acknowledge that as members of management of Sallie Mae, Inc., as the successor-in-interest to Sallie Mae Servicing Corporation (the "Company"), we are responsible for ensuring compliance with the terms and conditions of Sections Sections 2.02, 2.03, 3.01, 3.02.a, 3.05.a, 3.06, 3.10 and 3.15 of the Servicing Agreement among the Company, Chase Manhattan Bank USA, National Association, JPMorgan Chase and Sallie Mae, Inc., as Administrator, (the "Agreement") pursuant to the SLM Private Credit Student Loan Trust 2003-A. We are also responsible for reviewing and ensuring implementation of, and ongoing compliance with, effective internal control over compliance with the terms and conditions of the Agreement.

        On an ongoing basis we evaluate the Company's compliance with the terms and conditions of the Sections in Agreement indicated above. Based on this management oversight and evaluation, we assert that the Company complied, in all material respects, with the terms and conditions of the Sections in the Agreement indicated above for the period March 13, 2003 to December 31, 2003.

March 10, 2004

/s/ JOHN F. REMONDI
John F. Remondi
Executive Vice President, Finance

March 10, 2003

Sallie Mae, Inc.
11600 Sallie Mae Drive
Reston, VA 20193

and

Chase Manhattan Bank USA, National Association
Christiana Center/Ops 4
500 Stanton Christiana Road
Newark, DE 19713

and

JPMorgan Chase Bank
450 West 33^rd Street, 14^th Floor
New York, NY 10001

Report of Independent Accountants

SLM Private Credit Student Loan Trust 2003-C

        We have examined management's assertion included in the accompanying report titled Report of Management on Compliance by Administrator, that Sallie Mae, Inc. (the "Company") complied, in all material respects, with the terms and conditions of Sections 2.03.a.i, 2.03.a.ii, 2.04, 2.06.b, 2.07.a, 2.07.b, 2.07.c, 2.08.ai, 2.08.a.ii, 2.09, 3.01.b, 3.01.c, 3.01.d, 3.02.a, 3.02.a, and 3.02.c of the Administration Agreement among the Company, Chase Manhattan Bank USA, National Association, JPMorgan Chase Bank, Sallie Mae, Inc., as the successor-in-interest to Sallie Mae Servicing Corporation and SLM Education Credit Funding, LLC, (the "Agreement") pursuant to the SLM Private Credit Student Loan Trust 2003-C, for the period October 9, 2003 to December 31, 2003. The Company's management is responsible for the assertion. Our responsibility is to express an opinion on the assertion based on our examination.

        Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence supporting management's assertion and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion.

        In our opinion, management's assertion referred to above is fairly stated, in all material respects, based on the aforementioned requirements for the period October 9, 2003 to December 31, 2003.

        This report is intended solely for the information and use of management, the board of directors, Chase Manhattan Bank USA, National Association and JP Morgan Chase Bank and is not intended to be and should not be used by anyone other than these specified parties.

Very truly yours,

/s/ PRICEWATERHOUSECOOPERS LLP

Report of Management on Compliance by Administrator

        I acknowledge that as a member of management of Sallie Mae, Inc. (the "Company"), we are responsible for ensuring compliance with the terms and conditions of Sections 2.03.a.i, 2.03.a.ii, 2.04, 2.06.b, 2.07.a, 2.07.b, 2.07.c, 2.08.a.i, 2.08.a.ii, 2.09, 3.01.b, 3.01.c, 3.01.d, 3.02.a, 3.02.a, and 3.02.c of the Administration Agreement among the Company, Chase Manhattan Bank USA, National Association, JPMorgan Chase Bank, Sallie Mae, Inc., as the successor-in-interest to Sallie Mae Servicing Corporation and SLM Education Credit Funding, LLC, (the "Agreement") pursuant to the SLM Private Credit Student Loan Trust 2003-C. We are also responsible for establishing and maintaining effective internal control over compliance with the terms and conditions of the Agreement.

        We have performed an evaluation of the Company's compliance with the conditions of the Sections in the Agreement indicated above. Based on the evaluation, we assert that the Company complied, in all material respects, with the terms and conditions of the Sections in the Agreement indicated above for the period December 11, 2003 to December 31, 2003.

March 10, 2004

/s/ J. LANCE FRANKE
J. Lance Franke
Authorized Agent
Sallie Mae, Inc.

/s/ GREGORY A. SWARTZ
Gregory A. Swartz
Authorized Agent
Sallie Mae, Inc.

March 10, 2004

Sallie Mae, Inc.
11600 Sallie Mae Drive
Reston, VA 20193

and

Chase Manhattan Bank USA, National Association
Christiana Center/Ops 4
500 Stanton Christiana Road
Newark, DE 19713

and

JPMorgan Chase Bank
450 West 33^rd Street, 14^th Floor
New York, NY 10001

Report of Independent Accountants

SLM Private Credit Student Loan Trust 2003-C

        We have examined management's assertion, included in the accompanying report titled Report of Management on Compliance by Servicer, that Sallie Mae, Inc., as the successor-in-interest to Sallie Mae Servicing Corporation, (the "Company") complied, in all material respects, with the terms and conditions of Sections 2.02, 2.03, 3.01, 3.02.a, 3.05.a, 3.06, 3.10 and 3.15 the Servicing Agreement among the Company, Chase Manhattan Bank USA, JPMorgan Chase Bank and Sallie Mae, Inc., as Administrator, ("the Agreement") pursuant to the SLM Private Credit Student Loan Trust 2003-C, for the period October 9, 2003 to December 31, 2003. The Company's management is responsible for the assertion. Our responsibility is to express an opinion on the assertion based on our examination.

        Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence supporting managements assertaion and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with specified requirements.

        In our opinion, management's assertion referred to above is fairly stated, based on the aforementioned terms and conditions of the sections of the Agreement the Company complied, in all material respects, with the aforementioned requirements for the period October 9, 2003 to December 31, 2003.

        This report is intended solely for the information and use of management, the board of directors, Chase Manhattan Bank USA, National Association and JPMorgan Chase Bank and is not intended to be and should not be used by anyone other than these specified parties.

Very truly yours,

/s/ PRICEWATERHOUSECOOPERS LLP

Report of Management on Compliance by Servicer

        We acknowledge that as members of management of Sallie Mae, Inc., as the successor-in-interest to Sallie Mae Servicing Corporation (the "Company"), we are responsible for ensuring compliance with the terms and conditions of Sections Sections 2.02, 2.03, 3.01, 3.02.a, 3.05.a, 3.06, 3.10 and 3.15 of the Servicing Agreement among the Company, Chase Manhattan Bank USA, National Association, JPMorgan Chase and Sallie Mae, Inc., as Administrator, (the "Agreement") pursuant to the SLM Private Credit Student Loan Trust 2003-C. We are also responsible for reviewing and ensuring implementation of, and ongoing compliance with, effective internal control over compliance with the terms and conditions of the Agreement.

        On an ongoing basis we evaluate the Company's compliance with the terms and conditions of the Sections in Agreement indicated above. Based on this management oversight and evaluation, we assert that the Company complied, in all material respects, with the terms and conditions of the Sections in the Agreement indicated above for the period October 9, 2003 to December 31, 2003.

March 10, 2004

/s/ JOHN F. REMONDI
John F. Remondi
Executive Vice President, Finance

QuickLinks

Report of Independent Accountants SLM Private Credit Student Loan Trust 2002-A
Report of Management on Compliance by Administrator
Report of Independent Accountants SLM Private Credit Student Loan Trust 2002-A
Report of Management on Compliance by Servicer
Report of Independent Accountants SLM Private Credit Student Loan Trust 2003-A
Report of Management on Compliance by Administrator
Report of Independent Accountants SLM Private Credit Student Loan Trust 2003-A
Report of Management on Compliance by Servicer
Report of Independent Accountants SLM Private Credit Student Loan Trust 2003-B
Report of Management on Compliance by Administrator
Report of Independent Accountants SLM Private Credit Student Loan Trust 2003-B
Report of Management on Compliance by Servicer
Report of Independent Accountants SLM Private Credit Student Loan Trust 2003-C
Report of Management on Compliance by Administrator
Report of Independent Accountants SLM Private Credit Student Loan Trust 2003-C
Report of Management on Compliance by Servicer