10-K

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, 2004 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, as the Depositor
(Exact name of registrant as specified in its charter)

SLM Private Credit Student Loan Trust 2003-B, as the Issuer

DELAWARE	(333-98169)	57-1176559
(State or other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. employer Identification No.)

12061 Bluemont Way, V3419
RESTON, VA 20190
(Address of principal executive offices)

(703) 984-6419
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 (i) 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 and (ii) the Registrant’s filing letter accompanying the Registrant’s Current Report on Form 8-K filed with the Commission on or about November 6, 1995 in which the Registrant described the manner in which it intended to file such periodic reports.

PART I.

Item 2. Properties.

SLM Education Credit Funding LLC is the depositor for the SLM Private Credit Student Loan Trust 2003-B. The property of the Trust consists of pools of private credit education loans to students and parents of students, 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, the SLM Private Credit Student Loan Trust 2003-B 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 2003-B are attached as Exhibit 19.1 hereto. These statements are required by:

•the Administration Agreement, dated as of June 1, 2003, among SLM Education Credit Funding LLC, as the Depositor, Sallie Mae Servicing L.P., as the Servicer, SLM Private Credit Student Loan Trust 2003-B, as the Trust, Sallie Mae, Inc., as the Administrator, JPMorgan Chase Bank, as the Indenture Trustee, and Chase Manhattan Bank USA, National Association, as the Eligible Lender Trustee; and

•the Servicing Agreement, dated as of June 27, 2003 among the Servicer, the Trust, the Administrator, the Indenture Trustee and the Eligible Lender Trustee.

Item 3. Legal Proceedings.

Nothing to report.

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

Nothing to report.

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PART II.

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

Nothing to report.

Item 7. Other Related Events and Information.

Nothing to report.

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

Item 9B. Other Information.

Nothing to report.

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PART III.

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

Nothing to report.

Item 13. Certain Relationships and Related Transactions.

Nothing to report.

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PART IV.

Item 15. 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.    The Registrant, on behalf of the SLM Private Credit Student Loan Trust 2003-B, filed four (4) Current Reports on Form 8-K with the Commission during the period covered by this report. They are:

•On March 29, 2004, in connection with the March 15, 2004 Quarterly Distribution Report;

•On June 28, 2004, in connection with the June 15, 2004 Quarterly Distribution Report;

•On September 28, 2004, in connection with the September 15, 2004 Quarterly Distribution Report; and

•On December 29, 2004, in connection with the December 15, 2004 Quarterly Distribution Report.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the SLM Private Credit Student Loan Trust 2003-B has duly caused this report to be signed, on its behalf by the undersigned hereunto duly authorized.

Dated: March 30, 2005	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	President (Principal Executive	March 30, 2005
John F. Remondi	Officer) and Manager
/s/ C.E. ANDREWS	Chief Financial Officer (Principal	March 30, 2005
C. E. Andrews	Financial Officer) and Manager
/s/ THOMAS J FITZPATRICK	Manager	March 30, 2005
Thomas J Fitzpatrick
	Independent Manager
Victor A. Duva
	Independent Manager
Kennith J. Uva

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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 Private Credit Student Loan Trust 2003-B;

2.     Based on my knowledge, the information in these reports, taken as a whole, 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, 2005

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

as the Depositor of the SLM Private Credit Student Loan Trust 2003-B

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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 Private Credit Student Loan Trust 2003-B;

2.     Based on my knowledge, the information in these reports, taken as a whole, 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, 2005

/s/ C.E. ANDREWS
C.E. Andrews
Chief Financial Officer
SLM Education Credit Funding LLC,
as the Depositor for SLM Private Credit Student Loan Trust 2003-B

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INDEX TO EXHIBITS

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

9

EX-19.1

Exhibit 19.1

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 the Agreement and under the Servicing Agreement throughout such period.

SALLIE MAE Inc., as Servicer

12061 Bluemont Way

Reston, Virginia 20190

/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

12061 Bluemont Way

Reston, VA 20190

Dan Brown

JP Morgan Institutional Trust Services

4 New York Plaza

6th Floor

New York, NY 10004-2477

John Cashin

Chase Manhattan Bank USA, NA

500 Stanton Christiana Rd, 3rd Floor/OPS4

Newark, DE 19713

SLM PC TRUST 2002-A

SLM PC TRUST 2003-A

SLM PC TRUST 2003-B

SLM PC TRUST 2003-C

SLM PC TRUST 2004-A

SLM PC TRUST 2004-B

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, 2004 through December 31, 2004 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.

/s/ Gregory A. Swartz	/s/ J. Lance Franke
Gregory A. Swartz, Managing Director,	J. Lance Franke, Sr. Vice President
Corporate Finance Operations	Corporate Finance
Sallie Mae, Inc.	Sallie Mae, Inc.

cc:	Chase Manhattan Bank USA, N.A.
	Eligible Lender Trustee

EX-19.2

Exhibit 19.2

March 25, 2005

Sallie Mae, Inc.

12061 Bluemont Way

Reston, VA 20190

and

Chase Manhattan Bank USA, National Association

Christiana Center/Ops 4

500 Stanton Christiana Road

Newark, DE 19713

and

JPMorgan Chase Bank

4 New York Plaza, 6^th Floor

New York, NY 10004

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.c, and 3.02.d of the Administration Agreement among the Company, Chase Manhattan Bank USA, National Association, JPMorgan Chase Bank and Sallie Mae, Inc., as Servicer, and as successor-in-interest to Sallie Mae Servicing L.P. (the “Agreement”) pursuant to the SLM Private Credit Student Loan Trust 2003-B, for the period January 1, 2004 through December 31, 2004.The Company’smanagement 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 that the Company complied with the aforementioned requirements during the period January 1, 2004 through December 31, 2004 is fairly stated, in all material respects.

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

McLean, Virginia

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.c, and 3.02.d of the Administration Agreement among the Company, Chase Manhattan Bank USA, National Association, JPMorgan Chase Bank and Sallie Mae Inc., as Servicer, and as the successor-in-interest to Sallie Mae Servicing L.P., (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 January 1, 2004 through December 31, 2004.

March 25, 2005

/s/ J. LANCE FRANKE

J. Lance Franke

Senior Vice President, Corporate Finance

March 25, 2005

Sallie Mae, Inc.

12061 Bluemont Way

Reston, VA 20190

and

Chase Manhattan Bank USA, National Association

Christiana Center/Ops 4

500 Stanton Christiana Road

Newark, DE 19713

and

JPMorgan Chase Bank

4 New York Plaza, 6^th Floor

New York, NY 10004

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 L.P., (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-B, for the period January 1, 2004 to December 31, 2004. 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 that the Company complied with the aforementioned requirements during the period January 1, 2004 to December 31, 2004 is fairly stated, in all material respects.

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

McLean, Virginia

Report of Management on Compliance by Servicer

I acknowledge that as a member of management of Sallie Mae Inc., as successor-in-interest to Sallie Mae Servicing L.P., (the “Company”), we are responsible for ensuring compliance 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 of the Servicing Agreement among the Company, Chase Manhattan Bank USA, National Association, JPMorgan Chase Bank and Sallie Mae, Inc., as Administrator, (the “Agreement”) pursuant to the SLM Private Credit Student Loan Trust 2003-B.  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 January 1, 2004 to December 31, 2004.

March 25, 2005

/s/ ROBERT C. BALLARD

Robert C. Ballard

Senior Vice President, Servicing